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finantiat
reituti
Bank Ik Quotation Section
Railway Earnings Section
VOL. 116.
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, APRIL 21 1923
Electric Railway Sectiat
State and City Sectiew
NO. 3017
Money has been greully going back into business through the liquidation of corporate investPUBLISHED WEEKLY
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CHICAGO OFFICE —19 South La Salle Street. Telephone State 5594.
proved market for railroad securities. Gains have
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been slight but rather general. Downward tax reviWILLIAM B. DANA COMPANY, Publishers,
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sions, curiously enough, never affect the net yield
Published every Saturday morning by WILLIAM B. DANA COMPANY. from Government obligations to,quite the extent prePresident. Jacob Seibert; Business Manager. William I). Riggs; Secretary. Herber
D.Seibert; Treasurer. William Dana Seibert. Addressee of all. Office of Company. dicted, and ,a change in over-stringent -immigration
laws .will help,the labor situation. All of these lacCLEARING HOUSE RETURNS.
tors are serving to turn attention towards taxable
Returns of Bank Clearings heretofore given securities and the railroads should in the ordinary
on this page now appear in a subsequent part course of events receive full benefit.
of the paper. They. will be found to-day on pages
•
1728 and 1729.
It is unpleasant to admit, but would be weakness
to deny that there is a rather ominous pressure to atTHE FINANCIAL SITUATION.
tempt reversing the labor.deflation which has been
Under the leadership of the railroad shares and going on since the war. That there have been wage inthe sugar stocks, the stock market manifested grow- creases in some textile mills, and, very lately, in the
ing activity with substantial advances in prices until U. S. Steel and some of its subsidiaries, is known.
Thursday, when announcement of the filing of a peti- According to.a survey by the National Industrial
tion by the U. S. Governmentfor an injunction to pre- Conference Board, the month ending on the 14th
vent dealings in sugar on the sugar exchanges caused showed 229 cases of increase in industrial establish-Feb.
-Mar. 15 and 42 in Jan.
a slump in sugar prices and precipitated a break in ments, against 37 in Feb.
the sugar shares under which the whole market weak- 15, the latter being the largest number in the past six
ened. The merits of the Government application months. The Board ascribes this, a little vaguely, to
remain to be determined. In the meantime under- "improving industrial conditions" rather than a lalying conditions continue sound. Extraordinary in- bor shortage; yet the latter, which translates into an
dustrial activity in nearly every line of endeavor pro- increased public demand for goods, implies the forceeds apace. Railroad traffic for the first quarter mer, at least temporarily.
The amount involved in these increases is not
exceeded the predictions and taxed the resources of
the ablest managers, and the prices of commodities, stated, but there are distinct indications of a pretty
with the exception of cotton, continue to advance general effort to reinflate labor. In this the unions
almost daily. The expansion to a large extent finds are, of course, active. For example, railway and
its support in the facts of the situation. The coun- steamship clerks, freight handlers, and like employtry has many needs to satisfy, not the least of which ees, including perhaps a quarter-million in all, are
is the budget of the railroads. Improvements, exten- said to be moving to descend upon the Labor Board
sions and equipment, neglected during the hectic with a demand for return to the rates prevailing beactivity of war, have now become a vital and expen- fore July 1 of 1921. Just as the railroads are looking
sive necessity, and along every main and branch line forward to better times and in anticipation are givof the steel arteries the manufacturer, the farmer ing or contemplating orders for new equipment, Secand the distributer is feeling the same necessity—the retary Hoover, properly enough, asks business everyurge to recondition his factory and farm and to put where to co-operate with the roads so as to get the uthimself in a position to compete for the business he is most service from existing carrying plants, as the
greatest possible aid "to check inflation or increase
getting or hopes to get.
itteThronxcle.
1694
THE CHRONICLE
[VoL. 116.
in price levels." Per contra, one news story has it troops will be placed at the disposal
of General De-
that the roads "may have to" raise wage scales, as a
consequence of advances in outside industries, and
another news story reports, with undoubted correctness, that some slight increases in the pay of certain
common labor have already been made.
Perhaps under a suspicion that transportation is
certain to figure largely in next year's struggle, the
Inter-State Commerce Commission has called upon
fifty-one of the largest roads to file within a month
answers to a long list of queries in much detail about
equipment, car movement, and especially about last
year's strikes. This is preliminary to something;
what is the something to be? Apropos of rumors
that the principal brotherhoods plan another wage
drive, President Loree of the Delaware & Hudson
warns that such efforts will pretty surely have a reactionary tendency; as he hints,it may move towards
"a buyers' strike." It may be hard for the unionist
to conceive the possibility of a strike where there is
no organization, yet it is quite natural that a rise in
prices may cut consumption, now that we have
passed the silk-shirt folly and are at least contemplating return to normalcy. Mr. Gompers has solemnly assured us of his clear conviction that the
strike summer of last year was a boon, because it
checked the "policy of niggardliness" and restored
purchasing power to the workers in unions; as usual,
he confuses cause and effect. To reinflate wages
would reinflate prices and be a boomerang for the
heads of all the people.
A speech by Premier Poincare of France at Dunkirk on Sunday on the occasion of the unveiling of a
monument to the war dead, in which he defined
France's attitude toward Germany; a speech in the
German Reichstag the next day by Foreign Minister
von Rosenberg in which he made vigorous reply, and
the collapse of the German mark in Berlin on Wednesday were the outstanding events with respect to
German affairs. Rather persistent rumors that
Premier Bonar Law of Great Britain would resign were
denied officially. The British budget for the current
fiscal year, with reductions in the corporation and
income taxes, and in the duty on beer, was well
received. The Chester oil grant is still the subject
of
considerable discussion, both in European capitals
and in this country.
At the conference in Paris on April 13 between
Premiers Poincare of France -and Theunis of Belgium and Foreign Minister Jasper of the latter country, it was decided that "the Ruhr would be held until Germany paid." In an official communique it
was asserted that, to accomplish this, a "whole series of new measures" would be put in effect in the
Ruhr by France and Belgium. According to the New
York "Times" correspondent, "it developed that the
British Prime Minister did not accept M.Poincare's
invitation of the day before to assent to the FrancoBelgan formula that the Ruhr be occupied until reparations are paid. Mr. Bonar Law said that he
wished a 'more precise' formula. The effect of this
development appeared to unite the French and Belgians more closely." The "Times" representative
said that "the Premiers also discussed plans for the
further recruiting of railroad men for the Ruhr in
France and Belgium. For guarding the railroads
and the protection of the Germans working for the
occupying forces it is possible that 10,000 more
goutte in the Ruhr." He further stated that "it was
reported to the Premiers that the daily receipts by
France and Belgium of coal and coke from the Ruhr,
now 6,000 tons, would be 10,000 within a fortnight.
At present 900,000 tons of coke and 1,600,000 tons of
coal are under seizure in the Ruhr." In a Duesseldorf dispatch made public here a week ago this
morning it was reported that"in an effort to prevent
the French from transporting coke out of the Ruhr,
the Germans are increasing every day the number of
attempts to destroy the railroads and other means
of communication." The dispatch added that, at
one point, a car of explosives was turned loose, and
at another bombs were used to tear up railroad
tracks.
The Paris Conference of Premiers and their associates was concluded a week ago to-day. According
to an Associated Press dispatch from the French
capital they reaffirmed "the declaration adopted at
Brussels last month to the effect that the Ruhr would
be evacuated only when Germany pays reparations
and by stages proportionate to the payments." It
was suggested that "this is regarded in political circles as finally disposing of the questions raised by
the visit -to London of Louis Loucheur,former French
Minister of Reconstruction, and as bringing the situation back to where it was before the ex-Minister.
came on the scene with the consequent talk of new
settlement plans." Commenting on the results of
the Conference, the Paris correspondent of the New
York "Times" asserted that "the big result of the
Franco-Belgian conference which ended to-day was
a decision against the Loucheur project of an imme.
diate effort to reach an accord with England. After
hearing M. Loucheur, Premiers Poincare and The.
unis apparently decided that under the conditions
indicated by Prime Minister Boner Law the time
had not yet come to try a rapprochement with London,and that Franco-Belgian interests would be better served by pushing the Ruhr occupation." He also
claimed that "it is not the wish of the French and
Belgian Premiers that this should be regarded as a
rebuff to England." The "Times" representative
added that "another decision of the Premiers of
great importance was against immediate publication
of the Franco-Belgian terms for Germany. There is
a good deal of criticism of this move, but the Premiers seem to think it would only muddy the water
to enter now into a detailed discussion of figures,
taking the stand first of all that Germany must give
up her program of resistance in the Ruhr, and then
it will be time enough to talk figures."
Cabling from Essen under date of April 14, a special representative of the New York "Times" declared
that "no hope of a peaceful solution of the situation
between France and Germany is in sight. The former demands a direct reply from the German Government on payment of reparations, which the Administration at Berlin declines to do except on condition of the evacuation of the Ruhr and the release of
political prisoners." He added that "the general
impression here is that present conditions will continue another two months, when a crisis is expected,
which may be serious, as the shutting off of the Ruhr
has thrown thousands of men out of work. In cities
outside the Ruhr, but in ocCupied territory, like
Cologne, Duesseldorf and Duisburg, the number is
increasing daily. They have to rely on their own re-
APRIL 21 1923.]
THE CHRONICLE
1695
Even more prominence was given in cable dispatches from European capitals to the speech in the
German Reichstag on Monday by Foreign Minister
von Rosenberg than to that of Premier Poincare at
Dunkirk the day before. The German Minister's
speech had been eagerly awaited for some time and
was regarded as a direct reply to the French Premier, his Government and people. In part Herr von
Rosenberg said: "It is a fatality that for centuries
France and Germany have never attained a real
nation has
Much prominence was given in European cable dis- peace. First one and then the other
harder for the
patches to an address delivered at Dunkirk on April gained the advantage. Perhaps it is
German
15 by Premier Poincare, "in dedicating a monument French temperament than for the calmer
in holding the upto Dunkirk's 1,509 war dead." In summarizing what character to practice moderation
shorthe said, the Paris representative of the New York per hand, but lack of moderation was ever a
interest, rightly under"Times" said that the Premier "proclaimed Franco- sighted policy. The victor's
The peoBelgian determination to go through with the Ruhr• stood, points the way to an understanding.
France have only one choice—
occupation, and held up British aggressions against ples of Germany and
together.
this French Channel port over nearly three centuries either to live together or go down to ruin
against Ger- If France would make up her mind to recognize Geras giving justification for French action
many." M.Poincare added that "England had kept many's right to life and liberty and respect Gerhold of Dunkirk to protect herself against what she many's territories and rights of sovereignty and that
regarded as danger from France, and so France held her German neighbor does not dream of wounding
on to the Ruhr to protect herself against what she re- France's sensibilities or sense of honor, then the ice
garded as danger from Germany." Perhaps from the would be broken. Then might the dream of many
French point of view the following are the most strik- good Europeans be fulfilled who hope in a new era of
ing paragraphs: "For three years we constantly prosperity and happiness for Europe from co-operashowed patience, and patience brought us only dis- tion of the German and French peoples. So long as
appointment. To show more patience, to give Ger- France, however, cannot bring herself to take such a
many the moratorium she asked without guarantees, step there remains only one thing for us to do, and
meant only to be disappointed again. We entered that is to continue to grit our teeth, stand together
the Ruhr and we have learned much. We have seen and hold out, relying on our good right, supported by
Germany could have paid us the coal she owed, since the moral forces of our people—its will to live and
now she arranged to do without Ruhr coal. We have its love for the Fatherland." Commenting upon the
proof that she could have paid us in foreign values, address, the Berlin representative of the New York
since to-day she has foreign values with which to "Times" said that"a direct tender of the olive branch
make purchases abroad. We have been able to un- in an appeal for reconciliation was made in the
mask military organizations in the Reich. We have Reichstag to-day by Foreign Minister von Rosenberg,
become convinced that if we had given Germany the replying to Premier Poincare's speeceh at Dunkirk
moratorium she asked she would have replied at the on Sunday. His discourse created a profound imend of that time with a refusal and defiance. The pression on the House, which at its conclusion when
guarantee which Germany did not wish to give us he said that until France changed her attitude of
and which certain of our allies in good faith thought enmity the German people must stand firmly touseless, we considered necessary. What we have gether was approved with a great unanimous outseen in the Ruhr has convinced us we were right. burst of cheering and applause."
We hold these guarantees now; we hold them solidly,
Purporting to give the French attitude toward the
and we shall not give them up for mere promises. address, the Paris correspondent of the New York
We will quit the occupied regions only as we are paid "Times" cabled that "in high quarters in Paris the
what is due us. Be sure that in affirming her will impression prevails to-night [April 16] that Gerand in proclaiming to the world that she intends to many is moving toward making reparations proposenforce the peace treaty France has not lowered her- als. It* is known that the British Ambassador in
self in the esteem of the peoples of the world. She is Berlin on instructions from London has advised Bergrander in the eyes of all those who respect right, lin to try and open negotiations and the speech of
and those friends of ours in England and America Foreign Minister von Rosenberg in the Reichstag towho differed with us on the advisability of our action day is interpreted here as being a move in that direchave been obliged to approve our motives and the tion. It is considered that no other interpretation
can be put upon Baron von Rosenberg's speech than
legitimacy of our claims."
that it is an invitation to begin conversations on the
made at Duesseldorf on April basis of the offer the Foreign Minister says Herr
Announcement was
16 that "nine additional coal mines in the Ruhr have Bergmann intended to make to the Allied Premiers
been seized by the French and the Belgians, making last January. This offer as outlined by Berlin—for
a total of 31 mines and coke plants now in the hands it was never made known in Paris—provided for the
of the forces of occupation. There are approximately payment of 30,000,000,000 gold marks. But it pro260 coal shafts in all the Ruhr." It was added that vided for such payment after a moratorium of four
"at nine of the works seized to-day there were about years and without seizure of guarantees. Now that
160,000 tons of fuel, chiefly coke. All this was con- France and Belgium hold guarantees, the situation
fiscated. The French and Belgians, it was an- is different. And while France would not accept
nounced, will begin shipping to-day 10,000 tons of such a figure, there has been much talk here of the
sum of 40,000,000,000 or 50,000,000,000 as definite
coal and coke daily to France and Belgium."
reparations with the remainder left to be adjusted to
sources, as there are no millionaires sending funds to
their support."
A Berlin representative of the "Times" cabled under date of April 14 also, that "Germany,it is understood, will make a determined effort next week to enlist.America's good offices to bring about negotiations on the basis of the so-called.Hughes plan of an
international non-political commission of experts to
fix the sum total of Germany's reparations."
•
1696
THE CHRONICLE
inter-Allied debt settlements. If Germany can bring
forward definite proposals offering fair assurance of
fulfillment for the payment of 30,000,000,000, there
seems room for negotiations when the French talk of
definite arrangements for 40,000,000,000 or 50,000,000,000. It is held that when Rosenberg said,'I believe that the point of departure for the negotiations
will be found in the German project so badly received
in Paris,' he evidently expressed willingness to talk
on that basis."
firm. 116.
ernment and political circles. Stabilization around
20,000 marks to the dollar is an important factor in
the Government's strategy of Ruhr resistance. The
crash has accordingly upset all Chancellor Cuno's
calculations. The Cabinet early this afternoon held
a hurried session to discuss the situation and later a
conference took place between the members of the
Government and the Reichsbank." The New York
"Herald" representative in the German capital cabled that "the three days' debate in the Reichstag on
foreign affairs came to an end to-night without any
substantial progress toward negotiations for a reparational settlement, and consequently with the position of the Cuno Cabinet considerably weakened."
All the American correspondents declared that the
collapse of the mark might result in the overthrow of
the Cuno Ministry. Word was received Thursday afternoon that "representatives of the German Government and the directorate of the Reichsbank decided
at a conference this morning that the recent policy of
bolstering up the mark would be continued." The
Associated Press correspondent said that "the Government would continue to throw foreign currencies
into the market and that other measures will be
taken to keep the currency steady. These measures
includefar-reaching reductionsin foreign currencies."
Cabling the following day, the Paris correspondent
of the Associated Press said that"the official French
attitude toward the speech of Aaron von Rosenberg,
the German Foreign Minister, in the Reichstag yesterday is that the German position is not sufficiently
categorical." He also stated that "this was made
plain to-day, with an expression of doubt as to
whether the Cuno Cabinet was in a position politically at home to obtain the adoption of any plan leading to a settlement that it might put forward." According to the dispatch also, "in unofficial well-informed quarters the view was expressed that both
the Germans and the Franco-Belgian Allies seem to
be reaching toward practical plans to obtain a settlement. While official discussions may be many weeks
or even months distant, there is a feeling in neutral
circles that some plan eventually will be evolved by
According to reports received in Duesseldorf
mutual concessions?'
Thursday evening, Mulheim was "in a state of siege."
Under date of April 17 the Berlin representative The advices stated also that "a mob of unemployed
of the New York "Times" sent word that "Foreign whose number seems to have been greatly reinforced
Minister von Rosenberg's speech in the Reichstag since morning has completely blockaded the City
yesterday is being construed as constituting a bona Hall, where about 300 civil officials are befide formal reparations proposal by the German leaguered." In an Associated Press dispatch direct
Government to the Allies. The Democratic faction from Mulheim the same evening it was stated that
in the Reichstag held a caucus this morning and "the business section of Mulheim is in the hands of
agreed unanimously on this interpretation, throwing bands of armed idle workmen to-night. About 3,000
in a vote of confidence in the Cuno Cabinet." He unemployed, led by Communists, have thrown barrialso stated that "the view of the Democratic Parlia- cades across the principal streets. There have been
mentarians is that Baron von Rosenberg formally many clashes with the police and at least three men
offered a minimum of 20,000,000,000 gold marks, plus have been killed and from forty to fifty wounded,
whatever sum an international commission of ex- according to the German Red Cross. This brings the
perts might fix after due study of Germany's ability total dead since the demonstrations began yesterday
to pay. The fulfillability of this offer, according to to five." In an Associated Press dispatch from Multhe Democrats, 'naturally depends on obtaining an heim last evening it was stated that,"after being terinternational loan.'" According to the "Times" rep- rorized for three days by the unemployed and Comresentative, "the same view is shared by Stinnes's munist mobs which held it, Mulheim to-day is again
German People's Party and was expressed by its under control of the constituted German authorileader and spokesman, Dr. Stresemann,in the Reich- ties." It was added that "the force of 300 police and
stag this afternoon. His speech was awaited with city officials which had beed besieged in the Rathaus
even greater interest than Baron von Rosenberg's, as issued from this great fortress-like building this
authoritatively voicing the attitude of the big indus- morning, cut through the line of the besiegers, caught
trial interests."
them in the rear, arrested many, and again took control of the city."
One of the most important and striking developCommenting upon "Great Britain's informal efments in Germany was the collapse of the mark on fort to persuade the German Government to bring
Wednesday. In describing the event, the Berlin cor- forward a draft of a scheme for reparations payrespondent of the New York "Times" said: "There ments likely to serve as a basis for negotiations with
was a mark panic on the Boerse between noon and 1 France," the London correspondent of the New York
o'clock to-day which utterly eclipsed all political dis- "Herald" said that "the German Government only
cussions. Opening around 23,000 paper marks to the reiterated what Foreign Minister Rosenberg said in
dollar this morning, the mark was fluctuating be- the Reichstag: That Germany's capacity for paying
tween 31,000 and 33,000 to-night." He asserted that had been so reduced by the Ruhr occupation that she
"the Reichsbank was impotent to check the onslaught was unable to advance the proposals suggested. The
for the first time since the Cuno Government's stab- British, it is understood, advised a direct proposal to
ilization action started. So hopeless was the outlook France of 50,000,000,000 marks gold. But the Gerthat the bank did not even try to intervene by dump- man reply as now conveyed to this Government iming dollars and pounds sterling on the market." pels belief that the situation probably will remain
Continuing his account, the correspondent said that stagnant for some time." •
"this dramatic collapse came as a shock to the Gov-
APRIL 21 1923.]
THE CHRONICLE
1697
There have been renewed reports that a gigantic liver a series of lectures. Under date of April 16 the
industrial consolidation in Germany is in process of London correspondent of the Chicago "Tribune"
formation. The Berlin representative of the New cabled that "'former Prime Minister Lloyd George
York "Times" cabled that "Hugo Stinnes and his authorized to-night a denial of the report that he is
associates are organizing the greatest industrial contemplating a lecture tour of the United States
combination in European economic history. It is and Canada. He said he had no intention of delivernot yet completed, being still in evolution, but the ing any lectures in America under the auspices of
lines of development are clearly visible. The plan any agency."
involves the Upper Silesian coal, iron and steel inNaturally, there was keen interest in advance in
dustry on both the Polish and German sides of the
border, and through the Upper Silesian industries England in the British budget for the fiscal year
an interlocking of interests." Outlining the groups 1923-24, which Stanley Baldwin, Chancellor of the
of interests that would be embraced in the undertak- Exchequer, presented in the House of Commons on
ing the correspondent said: "The concerns getting April 16. Because of the surplus for the previous
together are, first, Stinnes; second, the Otto Wolf fiscal period it had been hoped that taxes for the curgroup; third, the Flick company; fourth, the Allge- rent twelve months would be reduced. When anmeine Electricitats Gesellschaft and the Linke-Hof- nouncement of the surplus was made little or no
mann group. There are strong connecting links to hope was held out for any important modifications
the Krupp and Thyssen interests and to interna- of previous tax schedules. .Accordingly, general and
tional interests also, including American." Going genuine surprise was expressed when it became
into further details, he said that "Germany's great known that several readjustments downward had
financier, Jakob Goldschmidt, head partner of the been decided upon. The Chancellor announced that
Darmstadter und National Bank,is the pivotal point "the corporation tax would be reduced by one-half
of the gigantic combination. Stinnes has a powerful and the income tax reduced from five shillings to
interest in this bank, one of the Big Four,or so-called four shillings six pence the pound sterling." He
D banks, the others being the Deutsche Bank, Dres- stated that "there will be no reduction in the sugar
dner Bank and Disconto Gesellschaft. He bought an tax, but he hoped that the condition of the world
almost controlling interest in the Berliner Handels- markets would permit such reduction at an early
gesellschaft, whose head, Karl Fuerstenberg, is date." Announcement was made also of "a cut in
among insiders generally regarded as the greatest the duty on beer so as to allow a reduction of a penny
German financial genius. Goldschmidt is credited per pint in the retail price." The Chancellor anwith having brought about the close understanding nounced in the House also that "the past year's surbetween Stinnes and Fuerstenberg." He also as- plus of £101,000,000 had gone to reduction of the
serted that "the Boerse and the financial world are debt," and added that "the financial year just closed.
hypnotized by the vision of this titanic combination, had become steadily better as it proceeded, trade at
which is credited in advance with being a decisive home and abroad had improved, and unemployment
had diminished considerably.' The Chancellor furpolitical as well as business factor."
ther explained that "last year's surplus came about
The report has persisted that Andrew Bonar Law through the best of all possible causes; namely the
would resign on account of ill-health and that he reduction of expenditure, including £27,000,000 for
would be succeeded by Earl Curzon. An official the nation's fighting services and £55,500,000 for
statement was issued from 10 Downing Street on civil expenses." He placed "the ordinary estimates
April 15 in which it was set forth that "the Premier for 1923-4 at £421,000,000, as compared with £473,has no such intention." It was added in a cablegram 000,000 last year," and "estimated the total expendito the New York "Times" that "the Prime Minister ture for the coming financial year at £816,616,000."
is not in robust health, and even before he accepted The Associated Press correspondent said that "the
office he knew that he might not be able to bear the total revenue for the new year on the basis of the
heavy burdens of the Premiership for long; but he existing taxation is estimated at £852,650,000, leavhas no reason to suppose that the moment when he ing a surplus of slightly more than £36,000,000."
will be forced to seek rest is near." The New York The correspondent also statd that the "Chancellor,
"Herald" asserted that "undoubtedly much is going referring in his budget statement to-day to the Ameron behind the scenes in the Conservative Party. It is ican debt, said he hoped shortly to settle the final
recognized that the Government is very weak, and form of the bonds to be given in replacement of the
the country at large recognizes that fact also. To demand obligations." It developed in the course of
really strengthen it it would be necessary to draft in debate in the House of Commons the next day that
such men as Austen Chamberlain, Sir Laming former Premier Asquith and Sir Robert Horne
Worthington Evans, Sir Robert Horne .and Lord would support the budget. The Chancellor of the
Birkenhead. But these Conservatives are in no Exchequer, in reply to questions, asserted that the
hurry to accept a position in the Bonar Law Cabinet Government could not reduce the tax on sugar.
just for the sake of strengthening a Government
The controversy over the so-called Chester oil
which has lately done much to discredit itself." In a
subsequent Associated Press dispatch it was stated grant has continued. Announcement was made at
that"Prime Minister Bonar Law's supporters among the Quai d'Orsay in Paris on the afternoon of April
the morning papers are indignant at what they call 16 that "Premier Poincare had sent Secretary
the 'conspiracy to weaken the Ministry' launched in Hughes a note saying that France would not recogthe Sunday press, which reported that the Premier nize the Chester concession in so far as it conflicted
with concessions already granted to French interwas about to resign because of ill health."
It was rumored early in the week that former ests, and asking the American Government not to
Premier Lloyd George had received invitations to support any of its nationals in claims to concessions
visit the United States and Canada next fall, and de- in Turkey falling within that category." The New
1698
THE "CHRONICLE
[vol.. 116.
York "Times" correspondent in the French capital in note circulation. The proportion of reserve to
added that "it is believed here that the British Gov- liabilities is 19.76%, as against 19.64% last week and
ernment has sent the American Goveriment a note 18.22% the week before that. At this time a year
stating that it cannot recognize any Angora conces- ago the ratio stood at 19.13% and at 143/i% in 1921.
sions to America involving claims to any part of the Contraction in public deposits of £13,000 was shown,
territory of Irak, which is under a British mandate." but "Other" deposits expanded no less than £3,943,He explained that "the part of the Chester conces- 000. Loans on Government securities increased
sion which conflicts directly with the French claims £2,855,000; although as against this loans on other
is the provision for the construction of a railroad securities were reduced £1,478,000. The Bank's gold
from Sivas to Samsun,on the Black Sea, and that for holdings aggregate £127,520,959, which compares
the construction of a modern port at Samsun, both with £128,876,773 in 1922 and £128,345,367 the year
of which were granted the French in 1914 in return before. Total reserve stands at £24,887,000, against
for a half-billion-franc loan." From London came £25,688,528 last year and £18,518,917 in 1921. Note
an Associated Press dispatch saying that "Great circulation is £121,080,000. Last year it totaled
Britain will interpose no objection to the Turks' re- £121,638,245 and in 1921 £128,276,450. The loan
cent ratification of concessions to an American de- total is £67,408,000, as against £78,101,751 and
velopment company except in the event of their con- £94,085,345 one and two years ago, respectively.
flicting with privileges already granted to British Clearings through the London banks amounted to
subjects. This statement was made in the House of £798,09,000, in comparison with £838,494,000 a
Commons to-night by Ronald McNeill, spokesman week ago and £577,406,000 last year. At the regular
for the Foreign Office." Washington sent word weekly meeting of the Bank directors, the minimum
that "State • Department spokesmen said to-day discount rate of 3% was left unchanged. We ap[April 17] that the United States would support any pend herewith comparisons of the principal items of
valid claim by American citizens in accordance with the Bank of England returns for a series of years:
the Open Door policy, but added that an examination
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
of the Chester agreements would be necessary before
1922.
1923.
1921.
1919.
1920.
April 18. April 19. April 20. AprU 21. April 23.
their validity under international law could be determined." The Associated Press correspondent Circulation
121,080,000 121,638,245 128,276,450 105,963.390 76.162,550
Public deposits
15,963,000 16,834,505 19,218,678 20.046,571 24,590.512
added that "the American Government so far is un- Other deposits
210,811,000 117,761,293 108,439,431 124,256,819 117,207,536
informed as to the facts involved in the Turkish con- Governm't securities 51.300.000 48,454,146 32.767,043 57,475,621 50,225,144
Other securities
79,612,868
cession to the Chester interests and will not formu- Reserve notes gc coin 67.408.000 78.101,751 94.085,347 24,907,116 81.793,065
24,887,000 25,688,528 18,518,917
27,403,827
bullion_ 127,520,959 128,876,773 128,345,367 112,420,506 85,116,377
Coin and
late a definite policy until further advices have been Proportion reserve
of
received."
19.76%
to liabilities
19.13%
14.51%
17.25%
19.30%
3%
4%
7%
7%
5%
• Word came from Paris Thursday morning that "it Bank rate
is understood that, in response to the French stateThe Bank of France in its weekly statement shows
ment concerning the Chester concessions, Secretary
a further small gain of 146,575 francs in the gold item
Hughes has informed the French Government that
the American State Department will make a careful this week. The Bank's gold holdings, therefore, now
examination of the conditions of the Chester project aggregate 5,536,604,900 francs, comparing with
5,526,602,933 francs at this time last year and with
and submit a formal reply after this inquiry." It was
added in the cable advices that "the interpretation 5,508,534,255 francs the year before; of these amounts
given here to Mr. Hughes's attitude is, that while the 1,864,344,927 francs were held abroad in 1923 and
American Government intends to support all legiti- 1,948,367,056 francs in both 1922 and 1921. Silver,
during the week, increased 194,000 francs, while bills
mate claims of American citizens, it will be necesdiscounted were augmented by 174,660,000 francs.
sary to examine the Chester concession before Washother hand, advances fell off 38,084,000
ington can take a positive attitude on the project as On the
francs, Treasury deposits were diminished 13,796,000
a whole." Rear Admiral Chester was quoted in a
Washington dispatch last evening as saying that the francs and general deposits were reduced 31,439,000
francs. Note circulation registered the further large
priority claims of the French "have not a leg to
contraction of 473,171,000 francs, bringing the total
stand on."
outstanding down to 36,823,777,000 francs. This
contrasts with 35,951,264,150 francs on the CorresNo change has been noted in official discount
ponding date last year and with 38,282,514,075francs
rates at leading European centres from 12% in
the year previous. In 1914, just prior to the out
Berlin; 53/2% in Belgium and Madrid; 5% in France,
break of war, the amount was only. 6,683,184,785
Denmark and Norway; 41
4% in Sweden; 4% in
francs. Comparisons of the various items in this
Holland, and 3% in London and Switzerland. The
week's return with. the statement of last week and
open market discounts in London were a shade
corresponding dates in both 1922 and 1921 are as
easier, being quoted at 1%@13'% for short bills,
follows:
against 1%@.23'%, and 2% for three months,
BANK OF FRANCE'S COMPARATIVE STATEMENT.
3i% last week. Money on call reagainst 23/8@2
Chances
Status as of
for Week.
April 19 1923. April 20 1922. April 21 1921.
mained unchanged at 19I%, the greater part of
Francs.
Francs.
Francs.
Gold Holdings—
Francs.
the week, but dropped to 13/2% yesterday. At In France
146,57.5 3,672,259.973 3.578,235.877 3,560,167,198
Inc.
No change 1,864,344,927 1,948,367,056 1.948,367.056
Abroad
Paris the open market discount rate continues to
Inc.
146,575 5.536,604,900 5,526,602,933 5,508,534,255
Total
be quoted at 438%, and at Switzerland 13/2%, Silver
Inc.
194,000
291,758,400
282,723,299
271.267,709
Bills discounted._ _ _Inc.174,660,000 2,533,350,000 2,621,043,362 2,655,590,975
the same as heretofore.
Dec. 38,084,000 2,140,712,000 2,335,367,373 2,209,746,489
Advances
Note circulation__ _Dec473,171,000 36,823,777,000 35,951,264.150 38,282.514,075
Treasury deposits_ _ Deo. 13.796,000
9,596,000
35,279,192
39,376.479
General deposits._ _Dec. 31,439,000 2,009,168,000 2.310,435,583 2,857,762.122
In its statement for the week ending April 19, the
Bank of England reported a further addition to gold
holdings of £3,902, while total reserve increased
The Imperial Bank of Germany's statement, issued
£534,000, in consequ ence of a reduction of £530,000 as of April 7, was featured by the smallest expansion
APRIL.21 1923.]
THE CHRONICLE
in note circulation in several weeks, namely, 106,193,331,000 marks. While, of course, a stupendous
amount, it may be said to be "small" when compared with increases running up to as high as 600,000,000,000 marks reported in recent weeks. Other
changes of the usual spectacular character included a
gain of 153,503,669,000 marks in Treasury and loan
association notes; an increase of 510,801,000,000
marks in bills of exchange and checks of 246,228,021,000 marks in discount and Treasury bills, of 131,370,091,000 marks in other assets, of 415,720,080,000
marks in deposits and of 2,075,011,000 marks in
total coin and bullion. Smaller increases were shown
in notes of other banks of 12,700,000 marks, advances
819,166,000 marks, investments 79,948,000 marks
and other liabilities 63,256,088,000 marks. A feature
of the statement was the absence of declines on any
items whatsoever. Gold remained unchanged, and
stands at 1,004,830,000 marks. Note circulation
outstanding is 5,624,109,973,000 marks.
The Federal Reserve Bank statement, issued on
Thursday afternoon, was noteworthy chiefly by
reason of a still further diminution"An 1)11 holdings
at the New York Bank, and an expansion for the
banks as • a whole. Aside from this, changes were
comparatively slight. The System reported a loss
in gold reserves of $3,000,000; although the local
bank in its operations with the interior added no less
than $21,000,000 to its gold holdings'. For the
System there were increases in rediscounts of all
classes of paper, as well as in open market purchases,
and total bill holdings moved up $23,800,000, to
$920,909,000, in comparison with $640,110,000 a year
ago. A parallel increase was shown in earning assets,
while deposits were $49,000,000 larger. In New
York rediscounting of Government and "all other"
paper decreased approximately $12,000,000, but bill
purchases were augmented by $4,000,000—the net
result was a lowering in total bill holdings of $8,500,000, to $220,487,000, as against $89,239,000 at this
time a year ago. There was a reduction of $6,500,000
in earning assets, although deposits expanded $27,600,000. Both locally and nationally,the volume of
Reserve notes in circulation was reduced $3,000,000
and $11,000,000, respectively. Member bank reserve accounts were materially enhanced—$48,000,000 for the System,and $31,000,000 at New York. As
the changes here shown largely offset one another,
reserve ratios remained practically stable. For the
System the ratio was 0.8 lower, at 75.5%, and in
New York 0.1 higher, at 83.8%.
Saturday's statement of New York Associated
banks and trust companies was in line with general
expectations and indicated a further reduction in
loans and, to a lesser extent, in deposits. Loans
and discounts declined $26,384,000. In net demand
deposits there was a decrease of $6,031,000, to
$3,721,347,000, which is exclusive of $126,093,000 in
Government deposits. Time deposits increased $1,951,000, to $492,956,000. Cash in. own vaults of
members of the Federal Reserve Bank was reduced
$1,347,000, to $50,907,000 (not counted as reserve).
Unimportant changes were recorded in the reserves of
State banks and trust companies in own vaults, which
declined $111,000, while the reserves kept in other
depositories by the same institutions decreased
$464,000. Member banks, however, added to their
reserve credits at the Reserve Bank $10,066,000,
1699
which in turn was mainly instrumental in bringing
about a gain in surplus reserve of $10,216,730, so
that excess reserves were increased to $12,493,300,
as against only $2,276,570 a week earlier. The
changes shown were said to reflect in some measure
additional liquidation on the Stock Exchange.
Surplus figures here given apply to 13% reserves
above legal requirements for member banks of the
Federal Reserve System, but do not include cash in
own vaults amounting to $50,907,000 held by the
Clearing House banks on Saturday last.
Irregularity was the chief characteristic of the
local call money market this week. Immediately
after the mid-month disbursements, including the
payment of New York State income taxes, the rates
were high. As the week advanced the trend was
downward, a 412
/% quotation being reached in
the afternoon of Thursday and 4% yesterday.
Time money was firm at 514% bid and
/
5 % asked. The withdrawals of Government
/
1
2
funds to the extent of approximately $25,000,000 was spoken of as a factor in the firmness
of call as well as time money during the early half
of the week. No change was made in Federal Reserve rediscount rates, and apparently none is expected in the immediate future. Washington dispatches continue to indicate that neither the Federal
Reserve Board nor Secretary of the Treasury Mellon
is of the opinion that the business situation and
credit position of the country justify higher rates
now or soon. Conditions throughout the country
are largely unchanged. Business is going forward
on a big scale, but the banks are meeting all require:
ments for funds without difficulty. A note of caution comes from many sources. The medium through
which the Government will refinance larger maturities next month is being discussed in local banking
circles. While definite information does not appear
to have been received, it is assumed that short term
securities will be used as far as necessary. The bond
market has not required a large sum of money in the
aggregate.
Referring to money rates in detail, call loans this
week have ranged between 4 and 6%, as compared
with 4@53/2% last week. Monday the high was
6%, with 41 % the low and renewal basis. On
A
Tuesday renewals were negotiated at 5%,the lowest
for the day; the high was 532%. Wednesday and
Thursday a range of 432@5% was reported, with
41 % the basis for renewals on both days. Call
A
funds renewed at 43 % on Friday, which was also
4
the maximum figure, although before the close there
was a decline to 4%, the lowest level for the week.
The figures given apply to mixed collateral and allindustrial loans without differentiation. Time money
after opening steady, relaxed slightly, with the
completion of the April 15th payments, and before
the close all maturities from sixty days to six months
were quoted at 51 1%, in comparison with 53t ®
/
53% a week ago. Trading, however, was quiet
with no large individual trades reported.
Commercial paper was in fair demand, but business
was restricted by light offerings. Country banks
were responsible for most of the business done. Sixty
and ninety days' endorsed bills receivable and six
months' names of choice character have not been
changed from 5(4)53j%, with names less well known
at 0.4%, the same as a week ago.
THE CHRONICLE
1700
Banks' and bankers' acceptances displayed a firm
undertone aad early in the week the predicted advance
became effective, when dealers marked up their rates
with a view to bringing them in accord with Government quotations. The advance which ranges from
to % of 1% applies to open market quotations.
Trading, however, was not active and both local and
country institutions were reported as being temporarily out of the market, owing to the firmness in call
funds. For call loans against bankers' acceptances
the posted rate of the American Acceptance Council
remains at 432%. The Acceptance Council makes
the discount rates on prime bankers' acceptances
eligible for purchase by the Federal Reserve banks
4% bid and 4%% asked for bills running for 30
41
/
/% bid and 41 1% asked for 60 to 90 days,
days, 43
454% bid and 43i% asked for 120 days and 4%%
bid and 43/2% asked for bills running for 150 days.
Open market quotations follow: .
Prime eligible bills
SPOT DELIVERY.
90 Days.
434@43i
60 Days.
434(014 X
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
30 Days
.
.
434(5434
4% bid
454 bid
As in the case of the Federal Reserve Bank of
Boston, which we stated last week had established
a 5% rediscount rate for agricultural and livestock paper having a maturity between six and nine
months, the Federal Reserve Bank of Philadelphia
on April 19 adopted a similar rate for paper of this
2
maturity. A 43, % rate for this paper is in effect
at the Federal Reserve banks of San Francisco,
Atlanta, St. Lou:s, Cleveland, Richmond, Minneapolis and Dallas. The following is the schedule of
rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
APRIL 20 1923.
Paper Maturing—
Within 90 Days.
FEDERAL RESERVE
BANK.
Com'rcial Secur. by
A gricul. U. S. Bankers
Accep&Livest'k Govt.
Paper. Obliga- Lances.
lions.
n.e.s.
After 90 After 6
Days, but
but
Within 6 Within 9
Months. Months.
Agricut.* Agricut.
and
and
Trade
Accep- Livestock Livestock
Lances. Paper. Paper.
416
434
5
414
Boston
434
434
i;i
434
434
New York
43f
414
434
5
434
414
43i
Philadelphia
434
434
414
414
434
Cleveland
434
414
434
43.4
434
414
Richmond
434
414
04
434
434
43.4
Atlanta
434
414
415
434
414
Chicago
434
414
434
434
i;i
Bt. Louis
434
434
414
434
434
414
43.4
Minneapolis
434
434
434
454
434
Kansas City
434
414
414
454
iii
43.4
Dallas
434
414
434
414
San Francisco
434
434
434
*Including bankers' acceptances drawn for an agricultural purpose and secured
by warehouse receipts, dec.
The sterling exchange market, following a short
spurt of relative activity last week, relapsed into
dulness and trading in the week under review has
been quiet and featureless. To some extent price
levels reflected the unsettlement felt over the European situation and demand bills hovered alternately
above and below 4 65. During much of the time
London cable rates displayed weakness, the result
of unsettling and conflicting reports regarding FrancoGerman affairs, also disturbing political developments at home. Later on a better feeling developed
and recoveries of a cent or more took place, carrying
the quotation up to 4 65%. Selling of sterling on
British account, while less in evidence, continues
more or less of a factor in depressing prices. Nevertheless, as the supply of commercial bills is still very
light, owing to the fact that a considerable propor-
[VoL. 116.
tion of the exports now passing are being financed
by means of dollar credits, the' decline has been
restricted to a few points and the undertone remains
about steady.
Fundamentally, there is as yet little or no change
in the foreign exchange situation. Operators maintain their attitude of watchful indifference, awaiting the breaking of the Ruhr deadlock and the resuit is more than usual inertia on the part of domestic interests. Even the speculative element, for
the time being at least, may be said to be more
deeply interested in the Continental currencies than
in sterling. Talk is heard concerning the underlying reason for the lowering of sterling rates. There
are some who attribute it mainly to the less favorable outlook in British labor and politics; others
claim that German reparations has been the chief
influence in depressing prices, while still others are
of the opinion that the preparations required to meet
Great Britain's debt payments to the United States
must inevitable exercise an influence on values here.
Attention was given to suggestions that the lowering of British taxes might make for improved business conditions, while operators are said to be looking forward with some eagerness to the meeting of
the American Debt Commission on April 30;at which
time the official signing of the British American
debt contract , is expected. Generally speaking,
bankers are not predicting any marked improvement in sterling price levels in the near future;
though the belief persists that settlement of the
Ruhr problem would go a long way toward restoring
international trade conditions to normal levels,
and, incidentally, foreign exchange rates.
Referring to quotations in greater detail, sterling
exchange on Saturday last was easier and demand
declined to 4 64 15-16@4 653', cable transfers to
4 65 3-16@4 65% and sixty days to 4 62 13-16@
/
4 633s; dulness continued to prevail. Monday's
market was irregularly weak and there was a decline
which carried prices down to 4 64%@4 65 3-16 for
demand, 4 65@4 65 7-16 for cable transfers and
4 62%@4 63 1-16 for sixty days; unsettling foreign
news was said to be responsible for the easing. Increased weakness developed on Tuesday and demand
sold down to 4 64%@4 653,, cable transfers to
2
4 64%@4 65% and sixty days to 4 623/@4 639'g;
lower London cable rates were held responsible for
the decline. On Wednesday better foreign news led
to improvement in values, so that the range was
4 65@4 65 9-16 for demand, 4 653.I(4).4 65 13-16 for
cable transfers and 4 62%@4 63 7-16 for sixty days.
No increase in activity was noted on Thursday and
after a firm opening, rates sagged slightly; demand
bills ranged between 4 653/2@,4 66 1-16, cable transfers at 4 65%@4 66 5-16 and sixty days at 4 63%@
4 63 15-16. On Friday trading was as dull as ever,
though the undertone was steady, at 4 6534@4 65%
for demand, 4 653/2@4 663/i for cable transfers and
/
4 631 g@4 633 for sixty days. Closing quotations
%
were 4 63 3-16 for sixty days, 4 65 5-16 for demand
and 4 65 9-16 for cable transfers. Commercial sight
bills finished at 4 65 1-16, sixty days at 4 62 5-16,
ninety days at 4 61 7-16, documents for payment
(sixty days) at 4 62 13-16 and seven-day grain bills
at 4 64 5-16 Cotton and grain for payment closed
at 4 65 1-16.
So far as could be learned, no gold either for
export or import was engaged this week.
APRIL 21 1923.]
1701
THE CHRONICLE
In the Continental exchanges reichsmarks, after sight bills on the French centre closed at 6.633',
cable transfers at 6.64, against
prolonged period of inactivity, once more came to against .67
a
the front and attracted widespread attention by 6.683/2; commercial sight bills 6.613/2, against 6.653/2,
a sudden sharp break that carried the quotation and commercial 60 days at 6.583/2, against 6.623/i last
down 15 points, to 0.0032, although later rally- week. Closing quotations for Antwerp francs were
ing to 0.0040 Following an opening quotation 5.733/ for checks and 5.743/2 for cable transfers,
of 0.00463/2, the level that has .recently been against 5.77 and 5.78 a week ago. Reichsmarks
maintained, heavy selling for account of foreign finished the week at0.0038% for both checks and cable
A
interests, precipitated the slump. Dealings attained transfers, which compares with 0.00475 a week
8
proportions and the claim was made that Berlin earlier. Austrian kronen remain at 0.00143/ unlarge
had again turned seller and was buying other cur- changed. Lire closed at 4.9434 for bankers' sight
rencies. It was, however, more generally believed bills and 4.9534 for cable transfers, as against 4.98
that Germany had withdrawn her support from the and 4.99 a week earlier. Exchange on Czechoslovamarket and that mark quotations were consequently kia finished at 2.9834, against 2.983/2; on Bucharest
at the mercy of speculators. What for a time lent at 0.48, (unchanged); on Poland at 0.0021, against
2
A
color to this belief was the fact that marks failed to 0.0023%, and on Finland at 2.761 , against 2.743/,
closed at
respond to "good" news in the form of intimations the previous week. Greek exchanges
that the Cuno speech could be construed as a feeler, 1.17 for checks and 1.18 for cable remittances. This
likely to be the forerunner of a bona fide reparations compares with 1.16 and 1.17 last week.
proposal to the Allies on the part of the German
The former neutral exchanges ruled dull and irregGovernment. Before the close most of the loss was
yon announcement that the Reichs- ular with only slight changes in rates. Some imrecovered, largel
bank had decided to resume its support. An inter- provement was shown following the drop in marks;
esting explanation of the flurry in marks was set but with intimations that support was to be resumed,
forth in a Berlin dispatch which stated that the slump corresponding declines were noted and guilders,francs
was the result of the Reichsbank's decision to cease and pesetas, as well as the Scandinavian exchanges,
the use of foreign funds to stabilize German exchange. all closed at slight net losses for the week, albeit on
It is learned that more than $40,000,000 has been dull, narrow trading.
spent in this manner in the last fortnight, and that
Bankers' sight on Amsterdam closed at 39.0834,
the operation is proving too costly. Other and against 39.11; cable transfers at 39.173/2, against
secondary reasons are the increasing difficulty of 39.20; commercial sight at 39.033/2, against 39.06,
maintaining resistance in the Ruhr, the huge increase and commercial sixty days at 38.783/2, against 38.75
in Germany's imports over exports and the pressure a week ago. Swiss francs finished at 18.153/2 for
brought to bear by German merchants who claim bankers' sight bills and 18.16 for cable transfers, in
that they ere unable to compete with other foreign comparison with 18.20 and 18.21 the week preceding.
manufacturers owing to the artificial level of the Copenhagen checks closed at 18.883/ and cable transmark. As was to be expected, considerable eon- fers at 18.92, against 18.84 and 18:88. Checks on
Sweden finished at 26.72 and cable transfers at 26.76
fusion existed for a time, with quotations wide apart against 2
while checks on Norway
6.573/2 and 26.61
and a sense of impending "panic" noted.
closed at 17.901 and cable transfers at 17.943',
A
French exchange, which was somewhat eclipsed by against 17.903/2 and 17.943. last week. Spanish
the movements in marks, made a better showing pesetas closed at 15.35 for checks and 15.36 for cable
and the quotation was maintained at around 6.67, remittances. A week ago the close was 15.3a
until Thursday when there was a drop to 6.48; al- and 15.34.
though later recovery set in and the close was 6.633/2, FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
all on comparatively light trading. Belgian exAPRIL 14 1923 TO APRIL 20 1923, INCLUSIVE.
change, as usual, followed suit; but Austrian kronen
Noon Marino Rate for Cable Transfers in New York.
Value in United States Money.
remain apparently unaffected by the gyrations in Country and Monetary Unit.
Apr. 14. Apr. 16. Apr. 17. Apr. 18. Ayr. 19. Ayr. AU.
German marks. The Bank of France disclosed
$
$
EUROPE$
$
$
$
materially better financial conditions, there having Austria, krone
$.000014 1.000014 $.000014 $.000014 1.000014 .000019
.0576
.0575
.0566
franc
.0576
.0569
.0576
a sharp contraction in note circulation, and Belgium, ley
been
Bulgaria,
.007743 .007793 .00785 .007711 .007757 .007671
.029805 .029775 .02977 .029793 .029805 .029838
this, together with persistent rumors that Germany Czechoslovakia, krone
.1891
.1893
.1889
Denmark, krone
.1883
.1884
.1885
England, pound swung_ 4.6542 4.6529 4.6560 4.6556 4.6596 4.6577
was contemplating formal reparations proposals in Finland, markka
.027444 .027597 .027672 .027644 .027619 .027756
.0666
.0665
France, franc
.0656
.0666
.0658
.0667
the very near future, led to a feeling of greater con- Germany, reichsmark_. .000047 .000047 .000044 .000032 .000035 .000038
Greece, drachma
.011561 .011639 .011611 .011567 .011617 .011689
.3919
.3920
.3919
.3915
.3914
fidence regarding the future of French exchange. Holland, guilder
.3915
Hungary,
.000223 .000226 .000224 .000222 .000225 .000213
The excitement in the larger Continental currencies Italy, lire krone
.0495
.0495
.0492
.0492
.0497
.0498
.1795
.1797
.1787
.1791
.1793
Norway, krone
.1794
was apparently without effect on either Greek or Poland mark
.000024 .000023 .000023 .000022 .000020 .000023
.0451
.0457
Portugal,
.0453
.0454
0459
.0458
the Central European currencies, which moved Rumania,escudo
leu
.004775 .004763 .004786 .004772 .004772 .00480e
.1535
.1534
Spain, peseta
.1532
.1536
.1534
.1533
.2677
.2661
.2667
.2658
.2658
within narrow limits at close to the levels of a week Sweden,krona
.2659
.1818
.1816
.1815
.1817
.1807
Switzerland, franc
.1821
.01028 .010225 .010223 .010195 .010148 .010118
ago. The recent conference of French and Belgian Yugoslavia, dinar
ASIA
.7625
.7633
.7654
.7779
.7633
* .7617
Premiers has not resulted in any definite progress :hug. Chefoo tadl
.7575
.7 83
.7600
.7725
" Hankow tael
.7583
.7567
.7411
.7421
.7456
.7441
" Shanghai tael
.7436
.7409
toward a solution of the Ruhr problem, and there " Tientsin tael
.7688
.7671
.7858
.7733
.7696
.7875
.5463
.5456
are some who claim that the steadiness in francs " Hongkong dollar_. .5340 .5457 .5484 .5365 .5466 .5465
.5349
.5373
.5427
" Mexican dollar
.5352
has been the result of buying on the part of the " Tientsin or Palms .5367 .5404 .5550 .5413 .5442 .5400
dollar
.5433
.5442
.5446
" Yuan
.5325
.5454
.5450
French Government for the purpose of supporting India,rupee dollar
.3141
.3140
.3137
.3137
.3133
.3134
.4866
.4862
.4861
.4862
.4861
.4863
Japan. Yen
price levels. Italian lire were more or less in neglect, Singapore (S. S.) dollar_ .5475 .5480 .5483 .5483 .5481 .5488
NORTH AMERICAwith the quotation steady at very close to the levels Oanada, dollar
.977102 .976406 .976461 .981563 .978305 .979961
.99975 .999688 .999938 .999681
Cuba, peso
1.00
1.00
ago.
prevailing a week
.484188 .483375 .483375 .483438 .46575
Mexico. peso
.4845
.975781 .977349
The London check rate on Paris finished at 70.00,
comparing with 69.47 a week ago. In New York,
Newfoundland, dollar
SOUTH AMERICA
Argentina, peso (gold)
Brasil, milreis
Chile, peso (paper)
Uruguay nest)
.974688 .973984 .974141 .979531
.8320
.1081
.1228
.8369
.8318
.1083
.1219
.8377
.8318
.1086
.1213
.8377
.8299
.1084
.1213
.8379
.8303
.1080
.1221
.8366
.8304
.1073
.1229
.8367
1702
THE CHRONICLE
As to South American quotations, the situation remains without essential change. Argentine currency
has been a trifle easier, closing at 36.70for checks and
36.75 for cable transfers, against 36.75 and 36.80 last
week, but Brazil finished at 10.85 for checks and 10.90
for cable transfers, against 10.90 and 11.00 a week
ago. Chilean exchange was also fractionally down,
at 12.40, against 12.45, but Peru remained at 4 29,
unchanged.
Far Eastern exchange was as follows: Hong Kong,
553@55%, against 54N@,54%; Shanghai, 74%@
74%, against 743/2@)74%; Yokohama, 48%@48%
(unchanged); Manila 499@50%, against 499(@
503i; Singapore, 54%@55 (unchanged); Bombay,
313/2@313I (unchanged), and Calcutta, 31%@,32
(unchanged).
[voL. 116.
Nearly two years ago, the U. S. Supreme Court gave
another piece of disproof of the charge that it is too
radical and too interfering by declining to reverse
the highest court of North Dakota, which had found,
in answer to earnest appeal for intervention, that
while some of the recent statutes there may be very
much "advanced" they are not ahead of or in conflict with the very rapid State Constitution. The
people have an inalienable right to act like fools and
are under an inalienable obligation to take the consequences; having locoed themselves by eating the socialistic jimson weed, they must proceed with their
jumps. They did proceed, in North Dakota, and
seemed at one time to have had enough, for in the
election of 1921 they turned against Governor Frazier, who had confidently declared, only about a year
before, that with one small State-owned mill "we
- The New York Clearing House banks in their can pay the farmer 12 cents a bushel more for wheat
operations with interior banking institutions have than the market price and sell flour 50 cents a barrel'
gained $3,124,550 net in cash as a result of the cur- cheaper and mill feeds $8 50 cheaper than other
rency movements for the week ending April 19. mills." His plurality for Governor in 1916 was 64,Their receipts from the interior have aggregated 699, which dwindled to 17,724 in 1918 and to
$4,219,050, while the shipments have reached $1,094,- 4,620 in 1920, and in 1921 the recall was discharged
at him and he was put out by over 9,000.
500, as per the following table:
The "Herald" correspodent finds the North DaCURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
kota farmer with his wheat'below the "dollar" which
was once a dream (many years ago) and, in market
Into
Out of
1 Gain or Loss
Week ending April 19.
Banks.
Banks.
to Banks.
vernacular,"a drug." But he only vaguely perceives
Banks'interior movement
31,094,500 Gain $3,124,550
$4,219,050
the reasons why. As he sees things, the industrial
As the Sub-Treasury was taken over by the Fed- worker still has war-time wages, the railroads oberal Reserve Bank on Dec. 6 1920, it is no longer struct agriculture by high rates, and nobody has
possible to show the effect of Government opera- done anything "for" him. His home taxes, says the
tions on the Clearing House institutions. The Fed- investigator, are extremely heavy, only five States
eral Reserve Bank of New York was creditor at the having a higher tax per capita; in Vermont that tax
Clearing House each day as follows:
is $25, but in North Dakota it is $47, far the greater
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK part because of such rainbow-chasing as a State bank
AT CLEARING HOUSE.
which has one depositor and has cost the people a
million, a flour mill and a co-operative store which
Awurdav, Monday, Tuesday, Wednesd'y, Thursday FrMay,
Aggregate
April 14. April 16. April 17 April 18 April 19 April 20. for Week.
yielded only losses, and sundry other schemes to lift
$
64,000,000 82,000,000 47.000,000 63.000,000 61,000,000 62,000,000 Cr. 379.000,000 one's self over the fence into
prosperity by tugging
Not..—The foregoing heavy credits reflect the huge mass of checks which come at one's own ankles.
to the New York Reserve Bank from all parts of the country in the operation of
she Federal Reserve System's par collection scheme. These large credit
All the farmers questioned by the correspondent
balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
agree that wheat is in a bad way and something ought
House institutions, as only the items payable In New York City are represented
in the dally balances. The large volume of checks on Institutions located outside to be done about it. Government, of course,
should
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 fix the price of wheat so as to raise the profit thereon
Bank for collection for the account of the local Clearing House banks.
to the level of that in other industries. It should reduce the tariff rate on things the farmer uses. It
The following table indicates the amount of bul- should open foreign markets to Dakota wheat. It
lion in the principal European banks:
should guarantee the wheat-grower against loss, as
it guarantees the railroads. He is mistaken in this
Apra 19 1923.
Apfil 20 1922.
Basks af
latter, and, of course, all such propositions are sheer
Gold.
Myer. I Total.
Gold.
Total.
quackery, nor is it true that Government has been
£
I
£
z
England__ 127,520,959
127,520,959128,876,773
128,876.773 neglectful of him. He is the one favored and exFrance
• 146,890,399 11,640,000 158,530,399 143.129,435 11, 80,000154,409,435
2
Germany- 50,110.130 3,676,128 53.786.258 49.991,830
879,700 50,871,530 empted man under the old law
of 1917, being left free
Ails -BUD. 10,944.000 2,369,000j 13,313,000 10,944,000 2.369,000 13,313.000
101,018,000 26,242,000 127,260,000 100,834,000 25,421,000 126,255,000
Spain
35,411,000 3.033.0001 38.444,000 34,308,000 2,998.000 37,306,000 to withhold and combine and exact all he could, and
Italy
530.000 49.013.000 50.496.000
Nethetrd _ 48,483.000
452.000 50,948.000
Nat. Deis 10,757.000 2,414,0001 13,171,000 10.663,000 1,622,000 12,285,000 he has been more petted and listened to than any
25.528,000 21,810,000 4.320,000 26,130,000
Switserl'd 21,329.00( 4,199
other person in industry. Mr. Townley, founder of
Sweden—. 15,198,000
15,198.000 15,241,000
15.241,000
222,000 12,901.000 12.684,000
Denmark _ 12,679.000
231,000 12,915,000
the Non-Partisan League, is quoted now as making
8,115,000 8,183,000
Norway.-- 8,115.000
8,183,000
Total week 8,455,488 54,325,128642.780,616587,161,038 49,572.700636,733,738 confession thus:
424,723 54.310.333642,735,056 587,149,231 49.578.700836,727,931
Prey. week
"We strove manfully, but I for one became conGold holdings of the Bank of France this year are exclusive of £74,573,797 held
a
vinced that there are forces in the economic system
abroad.
which make it impossible for State enterprises to
THE POLITICAL AND ECONOMIC FEELING succeed. Some of my friends—most of them, I fear
—cling to their old beliefs; they think that if the
AMONG FARMERS.
State cannot succeed the Federal Government can; I
A member of the "Herald" staff who is investigatdon't. I believe the only way price-fixing of
ing the political and economic feeling through the products can be successfully accomplished in farm
Amercountry finds North Dakota still following social- ica is by the farmers themselves."
istic marshlights, notwithstanding some dismal exThis is a part of the truth. The chief trouble of the
periences. State Socialism has been rank there, and farmer is that he has been led into bloc by not seeing
the worst of the latter-day fads have had full swing. that he is only taking his part in universal trouble,
APRIL 21 1923.]
THE CHRONICLE
1703
and that he has no worse enemy than the labor bloc. verer here, and especially more so at foreign ports;
"Save himself who can" is ever the motto of a selfish- but our greatest blunder as to the foreign-born is one
ness which is incapable of seeing or does not halt which all political parties have shared: failure to
long enough to see that we are all compelled to take discriminate between the natural right to protection
our part, though not with exact measure of justice, and the acquired right to citizenship; we have dein general trouble, and that there is no real and per- bauched our electorate because of eagerness for
manent escape for the world unless and until all votes.
One Washington correspondent believes the next
share measurably therein. As the "Chronicle" sought
to show, back in 1921, the real trouble with the Congress will be stiff for tightening rather than refarmer in particular is that since 1918 he has been laxing the restrictions of which so many large em"liquidated" somewhat more than others have been, ployers complain; the appearance in the late session
and is hurt by the dollar-price of the things he must of a bill for a further cut, and the talk of several
buy, not the dollar-price of what he has to sell; he Congressmen confirm this expectation. Mr. Johnhas to match low against high prices, as if he had to son of Washington State, head of the last Immigraallow his own product to be measured with a long tion Committee, says the Steel Corporation merely
yard-stick and those he receives in exchange to be wants more cheap men for its mills and that "if the
measured with a short one. None of the specifics immigration laws are relaxed for every immigrant
suggested would really help his case. Let the tariff who comes as a possible employee of the steel and
keep out foreign food and put up the dollar prices of other corporations nine will come to drag down the
his; let the railroads be forced to cut rates to the living standards of the United States; these corporakilling point; let taxes be taken off all agricultur- tions want cheap labor, but cheap labor makes a
ists; let the subsidy be granted to them;let anything cheap country." And so on; the same old flubdub
be done which will run up the dollar-price of food; which Mr. Gompers has been periodically emitting
and then? Any one of these desperate expedients in the last dozen years. The injuriously cheap counmight possibly increase the number of the farmer's try is one where Nature is kind and men are lazy;
dollars but it would reduce their size; he might have where work is listless and is low-paid because it does
as much material value for exchange as before, but it so little, also where the standard and scale of living
would shrink in exchangeable value. The laws of are really low. The happily cheap country is one
economics know no favorites; they may seem for a where personal ambition ,and initiative are keyed
time to do so, but they come back upon the favored high by the perception of opportunity and the resoparty in the end, and that end is liable to be not long lution to utilize it; where labor thinks of results
deferred. Action and reaction are eqUal, inevitable, rather than clock-hours; where abundance has
and in opposite directions. Our present troubles are brought and retains low prices, which means that
largely in our state of mind. We feel pressure, but the exchangeable value of the wage unit is large. For
do not realize that it is upon everybody and that some years now we have not been this kind of counnone can get relief by transferring his or a part of try; do we desire to become so again?
his to somebody else; the mass of it must be lessened
Every employer who knows enough to be sudessbefore any section or interest or class can have relief. ful knows that labor is cheap or dear according to
Once more it must be said that our only curative what it accomplishes; as plain as the Woolworth
specifics are industry, heroism, courage, patience, tower for all who have any mental sight has stood
cheerfulness,faith and time.
for many years the fact, shown by passing events,
that the worker who intends things and does things
THE IMMIGRATION "ISSUE."
does not long lack recognition on the pay-roll. The
If the politicians only had enough faith in the laggard, the prater about "equality," the unionized
underlying common sense of Americans to make ranter, the clock-watcher, the strike-threatener—
them dare appeal to it, they might possibly take as these are the ones who make it impossible to increase
an avowed "Issue" for next year that which will in- the number of wage-units and curse the employer
evitably burrow into it, namely the question of labor. for not increasing it. "An American standard of
If the President is correctly reported as now agree- living" forsooth! Deluded labor constantly tries to
ing with what Judge Gary lately said to the annual limit output by slowing speed and clipping the workstockholders' meeting of the U. S. Steel Corporation ing time; tries to increase thereby the number of perconcerning the shortage of common labor and the sons' employed, and yet (with a consistent inconsismischievous effects of our present restrictions upon tency, if such an expression be permissible) tries to
immigration, that is creditable to Mr. Harding's limit the number in the employment market by rebusiness sense and official independence.
stricting immigration. The living standard has alIt is noteworthy that his reported agreement with ways risen and always will rise, with abundance.
Judge Gary is attributed to a Cabinet report by Sec- The luxuries of one generation become or tend to beretary Davis which heatedly praised that restriction come the necessaries of the next. There was a time
as "one of the measures which helped put an end" to when even royalty had no glass windows, for glass
unemployment and re-echoed Mr. Gompers himself was not obtainable; yet still men whose organs of
in denouncing what he called "cheap" labor. "It is vision and hearing seem in the real sense merely exunnecessary," he says,"to point out the evil of throw- ternal follow their leaders towards the ditch by trying open the gates at a time of prosperity in order to ing to contest with all the world outside of their own
flood the country with workers and non-workers petty union for possession of what consumable things
whose very presence would serve to bring prosperity there already are instead of striving to produce
to an end; it is a short-sighted policy to seek cheap so much that all mankind could have enough and to
labor through immigration." This is sheer bugaboo, spare.
yet he is sound in all he incidentally said upon
This is at the bottom of the bloc to retain or stiffen
stricter tests of the physical and mental health of the line against immigration of common labor. That
proposing immigrants. Those tests should be se- sort is wanted, and so is skilled labor; there can
1704
T1TE CHRONICLE
[voL. 116.
extortion. On the other hand, it is sometimes
charged that the "Government" in addition to being
inherently unfitted for the service is also subject to
political influences and is seeking to quiet the public
clamor and discontent by its published findings. We
have lately had an alleged example in the case of
sugar. Whether there was a shortage or not is immaterial to our consideration. It needs no argument
to prove that errors spread broadcast by a Government agency may be as costly as any others.
After all, these suggestions merely cover the old
question of being forewarned and forearmed. And
we may say in passing that the firm that makes its
own investigations is entitled to the ordinary profits
that arise from superior knowledge. No cereal can
BOOMS AND SLUMPS—RECOMMENDATIONS be cornered over a new crop. Price cannot be dicOF THE UNEMPLOYMENT CONFERENCE.
tated for long by any monopoly. And it follows that
In 1921 at a National Unemployment Conference this side of these investigations can yield little lastin Washington a committee was appointed to investi- ing benefit. As for the publication of quantities in
gate causes of depression and unemployment: the hand and prospects, there are, we believe, sufficient
committee consisting of the following: Owen D. agencies now at work with burdening the Federal
Young, of the General Electric Co.; Joseph H. De- Government more than at present—the independent
frees, former President of the United States Cham- Chambers of Commerce of the country and the nuber of Commerce; Mary Van Kleeck, of the Russell merous independent trade journals. These may disSage Foundation; Matthew Woll, Vice-President of seminate information without incurring the charge
the American Federation of Labor, and Clarence M. made against firms that a pool is being created
Woolley, President of the American Radiator Co. against the people. They may sometimes be late with
This committee has submitted its report and it was their statistics since the cost of original investigarecently made public by Secretary of Commerce tions is too great to be borne, but this is not always
Hoover. It is the opinion of the committee that busi- a disadvantage, as may easily be shown.
ness "cycles" "can be reduced at least in degree" as
The main thought, however, we wish to add to the
follows: "By increasing the total of accurate trade subject is that, granting the desirability of accurate
information available to business managers; by bank- and widespread information, supply and demand
ing restrictions on credit expansions and by the con- contain elements that are beyond man's control and
trol of public and private construction projects that cannot be known in advance. It is clear that the
their progress may be accelerated in depressions and committee realizes this when it only suggests a "desloNved down in booms, it is possible to contribute to gree" of influence is possible over "booms and
general stability and lessen the evils." Mr. Hoover slumps." Extravagance and waste in times of prosattaches a foreword, summarizing the conclusions perity go farther than trade itself, farther than
advanced: "Broadly, the business cycle is a recur- credit extension, farther than any control of conrence of irregularly separated booms and slumps." struction. Manifestly, the social and economic edu"The general conclusion of the committee is that, as cation of the people at large to greater frugality
the slumps are in the main due to the waste, extrava- and thrift must exercise a sobering influence on bargance, speculation, inflation, over-expansion and in- gain and sale. Education in taxation will have its
efficiency in production developed through the influence on "construction." Statistics as guides in
booms, the strategic point of attack is the reduction trade for the merchant and manufacturer are secof these evils, mainly through provisions for such ondary (valuable as they are to safety) to the influcurrent economic information as will show the signs ence of madness in living and spending. These comof danger and its more general understanding and pel an unnatural supply and demand in which these
use by producers, distributers and banks, inducing factors find themselves and from which they cannot
more constructive and safer policies."
be extricated by their own wills.
This is "all well and good," as far as it goes. And
We accomplish little by these two patent generaliif we may be permitted to say so, there is nothing zations. We should not desire to make the Governnew in the finding of the committee. Information is ment custodian of all trade information. The causes
a valuable asset in any industry. And we are in ac- of booms and slumps, while not exactly obscure, are
cord with the opinion that this information "must be wider and deeper than plummets of investigation can
systematically recruited and distributed." But it is sound. True, in times of depression we can undervery important to the country at large that the "in- take public works, but under conditions of taxation
formation" preserve the business rights of the par- such as now prevail will this not make the depresties interested in production and distribution and sion greater or at least prolong the period before a
that it be unbiased as to any ultimate influence over healthy growth sets in? As for controlling the
prices. For if the object of the broadcasting be a re- "building boom" of the present—that is beyond the
duction in price in the interest of the consumer re- power of Government or beyond any other power we
gardless of the interest of the producer it is as con- know, save the common judgment of the builders as
tradictory of rights and benefits as if the interest of to want and need. We cannot do without the spur of
the producer or distributer were solely considered. big profits. Nothing venture, nothing gain! And
So that it is difficult to fix the proper medium of col- those who seek to win must sometimes lose. The
lection and dispersion of the facts. In the past when field is too large and complex for any absolute deduca given industry has undertaken the task in its own tions. Yet there is no harm in reasoning the matter
interest it has been met with the cry of monopoly and over!
hardly be too much of either, but when there is it will
again migrate, being fluid, and the common will develop into the skilled in individual cases; moreover,
the worker who competes in the labor market competes also in the consumer's market.
In this matter the country must combat its politicians, who are one plague that Pharaoh escaped.
They have developed the labor problem by fearing it
and bargaining with its orators. Is it not time for
employers to meet their workers, man to man, and
begin making them see that we are all in the same
class and that economic laws are real laws, which no
employer and no employee ever made or can ever
alter?
•
APRIL 21 1923.]
THE CHRONICLE
1705
The Act of Mar. 4 1923 prohibits the inter-State
NEW POWERS AND DUTIES IMPOSED UPON shipment of filled milk, but does not provide for its
THE GOVERNMENT BY THE LAST
enforcement by rules and regulations prescribed by
CONGRESS.
any particular department. Its enforcement, thereCongress the Gov- fore, falls upon the Department of Justice, which
At the close of each session of
ernment emerges with new powers and duties. This must enforce the criminal laws of the United States.
has become the usual thing, and the last session of The gist of that Act is that it is now a crime to ship
Congress, although short, was no exception to the filled milk, as defined by the Act, from one State to
rule. The most notable example of these are noted another. It may be here noted that Congress in this
Act categorically defined filled milk as being ddebelow.
The Veterans' Bureau, through amendments to the terious to health, regardless of the fact that the trend
War Risk Insurance Act, in passing on the question of the testimony taken on the bill tended to show that
of the disability of veterans, must hold that any tu- the chief brand of filled milk in question, known as
bercular disease developing within three years after "Hebe," was not harmful to adults or larger chilseparation from the service shall be considered a dis- dren, but was not considered proper food for infants
ability acquired while in the service. The original as a substitute for milk. The chief aim of the Act
Act limited the period to two years, and limited the appears, therefore, to be the protection of infants
disease to pulmonary tuberculosis only. This opens from the ignorance of their parents. This is real
paternalism!
up a wider field for the application of Federal aid.
The Act of Mar. 4 1923 reorganized and enlarged
The Second Deficiency Act provided that the Secretary of Agriculture, in approving any project for the Customs Service in order that it might adebuilding rural post roads, thereby imposes a con- quately enforce the Tariff Act of 1922. The duty of
tractual obligation upon the Federal Government carrying out this reorganization is imposed upon the
for the payment of its proportionate contribution Secretary of the Treasury.
The Agricultural Credits Act of Mar. 4 1923
thereto. This makes the payment of the moneys
through the Secretary of Agriculture mandatory and greatly enlarged the powers and duties of the Fednot subject to administrative control by the Presi- eral Farm Loan Board, and imposed additional dudent. The Secretary of Agriculture, under the Naval ties upon the Secretary of the Treasury and upon the
Stores Act of Mar. 3 1923, is also given authority to Federal Reserve Board. It also enlarged the work
enforce that Act, which defines and standardizes the of the Comptroller of the Currency and provided for
shipment and sale of all varieties of turpentine and a new Deputy Comptroller to perform the duties prerosin produced in the United States. The duties im- scribed under the Act. It provided also for two new
posed upon the Department ot Agriculture by this menaLcrs of the Federal Farm Loan Board and conAct will no doubt require the Secretary to set up a siderable additional personnel.
new bureau or activity. It is a regulatory Act of
In considering the above Acts of the national legislarge proportions, embracing the details of a great lature one cannot but be strongly impressed with the
industry in the South Atlantic and East Gulf States. thought that every attempt by Congress to legislate
The Secretary of Agriculture likewise required to for the benefit of the people as a whole, or for any
enforce the United States Cotton Standards Act of particular class, is inevitably followed by an expanMar.4 1923. This Act also imposes upon the Depart- sion of the Federal Governmental organization. Old
ment of Agriculture a large number of extremely bureaus must be expanded or new ones created to
technical powers and duties relating to the classifi- exercise the powers or to perform the duties imcation and standardization of grades of lint cotton. posed by the new laws. If the growth of national
Each of these Acts provides penalties for violations. legislation continues in the future as it has in the
In the Third Deficiency Act the Department of past the natural outcome will be a still greater enAgriculture is given $100,000 for the purpose of ex- largement and extension of the bureaucratic form of
plorations of the rubber producing regions of the government.
world and studies and experimentations with rubber
producing plants. From what we know of the history of the development of Governmental activities, Secretary Mellon Authorized to Sign Finland War
Funding Debt Agreement.
this initial appropriation may be regarded as the
The World War Foreign Debt Commission at Washington
beginning of a large undertaking. New duties are
on April 16 to sign the War
also imposed upon the Secretary of Agriculture by authorized Secretary Mellon
Debt Funding Agreement with Finland, the first foreign
the Agricultural Credits Act of Mar. 4 1923 in con- debt settlement, it is stated, to he signed. A Washington
nection with licensing persons to inspect live stock dispatch that date, published by the New York "Times",
as a basis for loans by the National Agricultural said:
The agreement, already ratified by the Parliament at Helsingfors, has
Credit Corporations created by the Act.
yet to be accepted by Congress, but members of the Commission expect no
Under the Act of Jan. 5 1923 the commercial sta- opposition from that quarter. It providesfor the payment ofthe 58,000,000
In principal and approximately $1,000,000 in interest in installments over
tistical work of the Department of Commerce is con- a period of sixty-two years. The terms as to interest provide for a rate
431
about four years ago, to Dec. 15 last.
siderably enlarged. The Secretary of the Interior ofrate% from the date of the loan,from Dec. 15 last year to Dec. 15 1932.
A
of 3%% interest will prevail
and a rate of 3% thereafter to the maturity of the funding agreements.
is authorized to prescribe rules and regulations for
The Commission, Mr. Mellon announced later,
again April
the enforcement of the Act of Mar.4 1923, which pro- 30, by which time it is expected the Czechoslovakianwill meetwill be ready
mission
to begin conversations relative to refunding that country's debt of about
vides for the adjustment and determination of claims $105,000,000.
Members of the American Commission were "highly gratified" at the
of citizens and corporations to oil and gas lands in
news from London that
Exchequer
Baldwin of the
are also expected soon to arrive atChancellor on the final form Britishbonds to be
the vicinity of Red River, Okla., which lands
of the
a decision
claimed by the United States. The Act also provides turned over to the United States. The Associated Press dispatch quoting
Mr. Baldwin to the effect that the British Government was making every
that the Secretary of the Interor may grant permits effort to rush its consideration of the funding debenture was received here
and leases for the exploration and development of with satisfaction.
Reference to the refunding of the war debts of Finland and
certain oil lands that lie south of the main channel
Czechoslovakia appeared in these columns last week, page
of Red River, Okla.
1598.
1706
THE CHRONICLE
[VoL. 116.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. would be increased about 12%.
It had a depressing effect
Friday Night, April 20 1923.
at the Cotton Exchange, although the March consumption
General trade is still giving a good account of itself. In- was at a high record of 623,000 bales. Meanwhile money
dustry is active and well in the van. Production shows some has been easier. Mail order business has been excellent.
high records. And it is in response to consumption, let it be Iron and steel are less active so far as new business is conunderstood. At the same time it is also true that there is cerned, but mills are working at high presure on old orders.
less buying for the distant future. Conservatism, in other Steel mills are working at over 90% of capacity and some
words, still rules. At the same time Western trade in job- are up to 95%. That is a very different story from the recbing lines is good. Also retail trade, favored by warmer ord of a year or so ago. In the automobile trade production
weather throughout the country, is better. To be sure, the is mounting to new high records. Copper mining would be
season for the crops is late, after a backward spring. Heavy larger but for the lack of labor, in spite of the higher wages
rains and abnormally cold weather have prevailed in differ- offered. Western shoe factories are busy. Building is at
ent parts of the South. The cotton crop is one to two weeks its peak. Wages have recently been advanced in textiles,
late. A good deal of replanting has to be done on account of Iron, steel, railroad transportation, packing houses, copper
rains and poor temperatures for germination. But replant- mines, building and many other lines of trade. The buying
ing, after all, is an incident of almost every cotton season. capacity is far greater than it was a year ago, when someThere is still time to catch up. And the warmer weather at thing like 4,000,000 men were unemployed, whereas now unthe Northwest favors the seeding of spring wheat, which had employment is a rarity. The consumption of goods is on a
recently been delayed by very low temperatures. There is larger scale, and this, by the way, partly explains the rise
some talk of a reduction in the spring wheat acreage. But in sugar consumption, although that is due in no small dethis must be taken with a grain of salt. No doubt the win- gree, as experts testify, to the prohibition laws and the fact
ter wheat area has suffered from cold weather. But with that beverages into which sugar enters largely have become
warmer conditions the plant will very likely revive. Export vastly more popular than they were in the old days before
buying of wheat has at times been quite liberal and latterly prohibition. General business is still in good shape. The
there has been rather more foreign demand for flour. Tak- fact that there is a fear of inflation is not a bad sign. It is
ing the grain markets as a whole, they are at the high mark a cautionary signal which the conservative will heed. There
of the season. On the other hand, cotton has declined, ow- are no signs of a buyers' strike, although there are those who
ing to better weather at the South, and, it must be added, predict that something of the kind may occur if prices conslowness of the sale for the actual cotton at the South and tinue to rise. In the main business of the country is
on a
smallness of exports. It also suffered from the fact that the conservative basis.
United States Government has asked for a permanent inThe labor question is coming to the front as it has not for
junction against the New York Coffee & Sugar Exchange, years past. There is a growing scarcity of labor
all over the
aiming to *put a stop to its trading in sugar futures on the country. Judge Gary, like everybody
else, recognizes that
ground that they are in the nature of a conspiracy and in it is due largely to the 3% immigration
restriction law, and
restraint of trade. May cotton has dropped over $5 a bale believes a serious shortage of labor is imminent.
President
within 24 hours. As to sugar, on the 19th inst. It broke some Harding has taken the matter up. It is now
being discussed
50 to 80 points on futures as soon as it was announced that at Cabinet meetings. Mr. Harding, it is stated, is convinced
the Government, through the Department of Justice, had that Judge Gary was correct in his statement that a labor
moved against the Exchange. On the whole, this action shortage is threatened. Secretary of Labor Davis, in a reseems to be of rather dubious justification. It is true that port, says that when the 3% restriction on immigration was
there is more or less speculation on the Sugar Exchange, as decided upon, 5,000,000 working people were idle. Industhere is everywhere else. But economists in these modern tries were closing for lack of markets, and wage scales were
times almost universally recognize that speculation is an falling in many industries. He claims that immigration reunavoidable accompaniment of trade and really has its own striction was one of the measures which helped to put
an
particular utility in business. It makes larger markets. end to what he terms industrial panic. He admits that
toAnd the fact may be recalled that many years ago a big cof- day unemployment has been reduced to a minimum and that
fee merchant of this country failed simply because there wages everywhere are rising; that within a year, even durwas then no Coffee Exchange where he could sell against ing the last few months, there have been wage
increases in
constantly arriving cargoes of coffee from Brazil for which practically all of the 43 industries reporting
to the Bureau
there was no immediate sale, but which sooner or later were of Labor Statistics. But he opposes a lifting
of the 3% imbound to have a market perhaps in the largest coffee con- migration ban on the ground that it would
flood the counsuming country in the world. In other words, the com- try with an undesirable class of workers
and non-workers.
modity exchanges are of the utmost utility for hedging pur- Also, Chairman Johnson of the House
of Representatives
poses, which are strictly legitimate in the ordinary conduct Immigration Committee says there
should be no relaxation
of trade. Of course, on hedges no actual delivery is con- in the restrictions of the Immigration Act and ascribes crititemplated. None is required. And there can be no criticism cism of the statute by large corporations
to a desire for
of the system because none is required. Apart from all this, cheaper labor. Senator Heflin (Dem., Ala.) also issued a
the consumption of sugar in the United States is put by the statement in reply to Mr. Gary, saying Congress, instead of
Department of Commerce itself at 5,500,000 tons as com- liberalizing the present
immigration law, should at its next
pared with ttie pre-war total of 3,800,000 tons. It is cer- session strengthen the Act. But these opponents of
relief
tainly taxing credulity to have the whole Exchange charged for an acute state of labor scarcity forget that it raises
the
with attempting to put up prices, whereas there is neces- cost of production and adds to the tax burdens of the people
sarily a division of interests, some being long and others of the United States, labor included. Some workers
have
short of the market.
been granted higher wages, but others have not. The condiBut some large speculators have been issuing bearish tion of the great farming population, especially in the grain
statements in regard to the position of the commodity mar- belt, is still unfortunate, and is the subject of general
rekets. Grain prices have suffered from the fact that the Su- mark throughout the country. It is taxed heavily by the 3%
preme Court of the United States has affirmed the constitu- immigration law. Undesirable aliens should, of course, be
tionality of the Grain Futures Act which recently passed, kept out of the country, but the present measure is harsh,
and whose validity was stoutly contested by the Chicago blundering and
oppressive. Worthless aliens could be
Board of Trade. And to-day the Agricultural Department, headed off at the port of embarkation.
contrary to its usual practice, issued a statement what it
F. I. Jones, the Director-General of the U. S. Employment
terms the intentions of the farmers of the South in the mat- Service, in his report for March, based on returns from 65
ter of the coming cotton acreage. Of course, nothing can industrial centres and 1,428 concerns, says that "present inreally be known about this for months to come. The Gov- dications point to a shortage of labor reaching serious proernment usually gives out an estimate at about the middle portions in some of the large agricultural sections shortly."
of the year and often revises it very sharply later on. The In Illinois the labor supply is small and wages have been adstatement yesterday was to the effect that cotton acreage vanced 11% for 80,000 packing house workers, benefiting
APRIL
21 1923.)
THE CHRONICLE
212,000 altogether; 12,000 building trades workers are to get
a wage advance of 10 cents per hour, effective May 31. Mechanics are scarcer and hard to get. Labor is scarce throughout Illinois and an increase of 2.1% in employment is reported for March by the Illinois State Employment Bureau.
It placed 20,000 workers in jobs last month among 1,152 employers. Farm labor is scarce, and this may make for a
smaller grain acreage. Several more Fall River mills increased wages 121 4%. At Cohoes, N. Y., the Batt & Shoddy
,
Mills have increased wages 1212
/
,%. At Willimantic, Conn.,
the American Thread Co., the Holland Silk Co. and Windham Silk Go. will increase wages on April 30, the amount
not stated. At Elizabeth, N. J., on April 19 the Singer Manufacturing Co. announced a general wage increase of 10% to
all employees workin on a piece work or hourly basis at the
plant. A similar wage increase was granted to the employees of the Rolling Mill recently. The Diehl Manufacturing
Co., affiliated with the Singer Co., also announced a 10%
Increase to its workers. The increase in both plants is retroactive to April 9. About 7,000 workers are affected. At
Cleveland garment workers ask an increase in wages of 15
to 25%. At South Manchester, Conn., 1,600 silk and velvet
weavers and white goods workers in the Cheney Bros. mills
are on strike. At Gilbertsville, Mass., four mills of the
George H. Gilbert Manufacturing Co. closed on the 17th inst.,
owing to a strike of their 1,500 hands. Despite the fact that
they have an agreement with their employers to submit any
differences to arbitration, about 1,500 operatives in Lynn
shoe factories went on strike April 16 demanding an increase
of 30% in wages. In Rhode Island and New Hampshire
there is an agitation for the 48-hour week in the cotton mills.
At Lowell, Mass., the loom fixers' union rejected the recent
Increase in wages of 12%%. At Lille, France, 14,000 cotton
and linen weavers are out on strike. There is general unrest
reported in the French textile industry. With increasing
orders and added output, the lumber mills on the Columbia
River, Oregon, for the first time in the history of the lumber
Industry there are obliged to operate 24 hours a day in order
to fill the demands. The Poulson Lumber Co. and the Westport Lumber Co. are two of the large mills that have been
working in three eight-hour shifts. These two mills generally sell the majority of their products to the export trade.
On April 14 a snow storm surprised the Middle Atlantic
States section. More than three inches of snow covered the
ground in Philaelphia and vicinity. Six inches fell at Altoona, Pa. In Baltimore, Md., winter returned on the night
of April 13 on the crest of a northeastern storm of snow and
rain, which continued throughout the forenoon of the following day. The snowfall at this time was unusual, Weather
Bureau experts said. The storm was reported mild in the
fruit zone of western Maryland, no snow having fallen, and
the temperature having remained well above the freezing
point. Of late the weather has been warmer in the West and
also on the Atlantic seaboard. Here it was fair and warmer
to-day, with the temperature up to 75, though it was cooler
in parts of the West.
March Production Makes New Records.
Record productive activity in both raw and finished products occurred in March, aeccrding to early figures received
by the Department of Commerce through the Bureau of the
Census, while an increasing consumptive demand apparently
digested the goods produced without an appreciable increase
in stocks. Cotton consumption and pig iron production
broke 9.11 previous records since data for these movements
have been available, exceeding even the high records made
during the war. Steel ingot production and locomotive
shipments were the highest since 1920, and unfilled orders
for locomotives made a new high record. Zinc production
was the highest since 1917. March production of bituminous coal was exceeded only twice since 1920, in January
1923 and March 1922. The production of anthracite coal
was the greatest since August 1918. Retail sales, both by
10-cent stores and by mail order houses, surpassed all previous records for this month since 1920, at the peak of the
high prices. Car loadings were the highest on record for
this time of year. The wholesale price index advanced two
points, being the highest since February 1921. Sales of life
insurance made a new high record since monthly figures
became available.
With newly established peaks in production, sales and consumption of goods, the future course of business conditions
is seen by the Department as determined largely by the adherence of the business community to the lessons learned in
1707
1920 and the correctives recommended by such reports as
that of the Committee on Unemployment and Business Cycles. The present situation is more advantageous thaa in
1920, as the index of wholesile prices is 35% below the 1920
peak, with production at least equal to the 1920 perk.
Furthe plaliculars foilow.
Consumption of cotton by textile mills in Mosch broke all records and
at 623,105 bales was about 8,000 bales greater than in May 1917, the previous high month. Total stocks of 4,413,000 bales at the end of March
were the lowest reported for this season of the year since 1914.
Pig iron production in March at 3,521.275 tons broke an previous records.
and steel ingot production, allowing for companies not reporting, amounted
to 3,888.897 tons in March. the highest since March 1920. Unfilled orders
of the U. S. Steel Corporation increased to 7,403,000 tons, the highest since
January 1921. Unfilled orders for locomotives increased to 2,316, a new
high record.
New high records since monthly figures were available were made in
March by bookings of steel castings and of fabricated structural steel.
Zinc production. at 97,462,000 pounds, was the highest since 1917. while
stocks on March 31 were very near the lowest on record.
Automobile shipments for March indicate a production of 346,000 cars
and trucks, the largest monthly production on record, being double March
of last year and 25% greater than February 1923.
The total value of building contracts awarded in 27 Northeastern States
in March was $334.000,000, or about 14% greater than a year ago. Residential construction, in point of value, was greater than any previous
month on record.
Production, shipments, new orders and unfilled orders for oak flooring
in March were the greatest on record, while stocks on hand were practically
the same as on Feb. 28. but 10% less than a year ago.
Railroad Loading Continues Unprecedented. .
Record breaking loading for this time of year of revenue
freight Continued during the week which ended on April 7,
for which the total was 895,767 cars, according to the Car
service Division of the American Railway Association.
This exceeded the corresponding week,last year by 189,754
cars and exceeded the corresponding week in 1921 by 200,886
cars. Due to Easter and Easter Monday, which are more
generally observed in the eastern part of the United States
and especially in the coal fields, loading of revenue freight
for the week was a reduction of 42,958 cars under the week
before. Coal loading for the week totaled 164,089 cars or
18,579 less than the week before. This was an increase
of 94,983 cars over the corresponding week last year, which
was, however, the first week of the miners' strike, and was
an increase of 37,648 cars over the corresponding week in
1921. Loading of merchandise and miscellaneous freight,
which includes manufactured products, totaled 556,028 cars.
While this was a reduction of 19,162 cars under the week
before, it was an increase of 46,685 cars over the same week
in 1922, and an increase of 105,782 cars over the same week
in 1921. Further details are as follows:
Loading of grain and grain products amounted to 39,353 cars. Compared with the week before, this was a decrease of 2,489. but an increase
of 7,870 cars over the corresponding week last year. It was also an increase of 5,921 cars over the corresponding week in 1921. In the Western
districts alone. 25,903 cars were loaded which was an increase of 5,551
cars over the corresponding week last year.
Live stock loading totaled 30,883 cars, or 843 less than the previous
week. This was, however, an increase of 6,108 cars over the same week
one year ago, and an increase of 5,408 over the same week in 1921. Tabulations showed 23,092 cars were loaded with live stock in the Western
districts alone during the week, which was 5,716 cars in excess of the
corresponding week in 1922.
Coke loading totaled 16,076 cars, 336 above the week before, and 7,478
in excess of the same week last year. Compared with the same week
two years ago it was an increase of 9,019 cars.
Forest products loading totaled 73,957 cars, 2,167 under the week
before. Compared with the same week one year ago it was an increase
of 19,586, and with the same week two years ago an increase of 26,496.
Ore loading totaled 15,381 cars, 54 below the preceding week, but 7.044
cars above the corresponding week one year ago, and 10,612 cars in excess
of the corresponding week in 1921.
Compared by districts, decreases under the week before were reported
in the total loading of all commodities in all except the Northwestern
district, which showed an increase. All districts, however, reported
increases over not only the corresponding week last year but also over the
corresponding week two years ago.
Loading of freight cars this year to date, compared with
those of the two previous years, follows:
1923.
3.380,296
3,366.965
4,583,162
895,767
Month of January
Month of February
Month of March
Week ended Apri17
Total for year to
date__ __- -
1922.
2,785,119
3,027.886
4,088,132
706,013
1921.
2,823,759
2,739,234
3,452,941
694.881
12,226,190
10,607,150
9.710,815
Wages Advanced by Cheney Silk Mills.
A strike of the 2,000 employees of Cheney Brothers' silk
mills of Manchester, Conn., came to an end on April 19
when a committee appointed by the strikers met representatives of the manufacturers. Both sides conceded certain
demands and an agreement was signed, whereby all those
out of work will return Monday morning. The strike, which
began on Monday in the silk weaving department and spread
to other departments, was in protest against the credit
rating system of the company. The committee which met
708
THE CHRONICLE
the mill officials consisted of two delegates from each
e four departments on strike and a general chairman.
requested abolition of the entire bonus system and
d for a 20% increase in wages. Concessions were made
both sides as to the bonus proposition and an agreement
was reached as to the increase in wages, which will vary
from 10 to 40%, which was far in excess of the expectations
of the strikers. Cheney Brothers had previously announced
they were going to readjust wages on April 30.
International Paper Mills Advance Wages.
An increase in wages for the 200 employees of the Franklin
mill of the International Paper Co. was announced in a
telegram from President Philip T. Dodge to D. T. McCormick, manager of the mill at Franklin, N.H.,on April 10.
The increase became effective April 15, but the amaunt was
not given. Loyalty of employees and increased costs of
living were cited as the reasons for the company's action.
Singer Sewing Machine Company Advances Wages.
Announcement was made at Elizabeth, N. J., on April 20
that the Singer Manufacturing Co. has advanced the wages
of 7,000 employees 10%, effective as of last Monday. All
workers, except the office force of the sewing machine
company are benefited by the raise, which, incidentally, is
said to be the first general advance made by the concern in
several years.
[VoL. 116.
In Chicago the increase will give employees now getting 37li cents an
hour a 5
-cent raise; semi-skilled workers will get 4 cents an hour more,skilled
workers 3 cents, and girls 5 cents.
Increases in other cities will depend somewhat upon local conditions. The
piece-work rates will be adjusted so as to be not more than the rate paid
Nov. 28 1921. or 10% more than the present rate.
"In our negotiations with the committees from the plant assemblies we
had a number of factors to bear very strongly in mind," G. F. Swift,
Vice-President of Swift & Co., said in commenting upon the increase.
"Our responsibility for protecting the investment of 45,000 shareholders
Is very great. In addition to that, there are producers of live stock on
one hand, anxious to obtain the highest cash price for their animals, and on
the other hand, the consumers of meat, eager to buy at the lowest possible
price.
"We believe that the increases given are such as will be fair to every one,
and we are gratified that we were able to negotiate directly with the committees from our plant assemblies on a matter of such great importance.
We believe it proves the value of this method of handling all matters
pertaining to our employees."
The Associated Press accounts from Chicago April 13 said:
The rates in Oklahoma City, Fort Worth and Denver for skilled employees
became 47 cents and over, 3 cents an hour increase, while semi-skilled and
common and female labor at these places will receive 2M cents an hour
increase.
Omaha press dispatches April 13 said:
Wage increases for all employees of the Cudahy Packing Co. plants in
Omaha, Sioux City, Wichita and Kansas City, effective April 15, ranging
from 3 to 5 cents an hour, with proportionate increases for those engaged in
piecework, were announced here this afternoon.
Announcement of the increases followed a two-day conference between
representatives of the company and employees held under an industrial relation plan.
-cent
Employees now receiving 3734 cents an hour or less are to get a 5
increase: those getting more than 3734 and under 47 are to get a 4
-cent ad-cent raise.
vance, while those receiving 47 cents or more are to benefit by a 3
Proportionate advance for pieceworkers restores them to the scale as in
effect on Nov. 6 1921.
Plasterers' Wages in New York Building Trades
In reporting the increase in packing wages in New York,
Advanced to $12 a Day.
building trades have granted, the,"Evening Post" of this city April 18 said:
Employers in the New York
As a result
effective May 1, an increase in wages to plasterers, bringing ing house of recommendations made to-day by joint committees of packworkers and plant executives,
increases have been granted to
up their pay to $12 a day, according to an announcement the employees of some five of the large wage packing plants located in the
meat
President of Plasterers' Greater New York district.
made on April 13 by M. J. Colleran,
These increases, which are retroactive to Monday. April 16. amount to
Union No. 60.
from 3 to 5 cents an hour, with relative adjustments for weekly and piece
workers.
These increases affect some 5.000 workers connected with the meat packing plants of United Dressed Beef Co., Wilson & Co., New York Butchers
Dressed Meat Co., Nagle Packing Co. and Joseph Stern & Sons. These
concerns dress a large part of the meat consumed in the metropolitan district.
All labor matters connected with these plants are handled by plant assemblies, conference boards, or employees' representatives' committees,
connected with each of the plants and composed of an equal number of
executives and employees, the employee representatives being elected by
popular vote of the plant workers.
Operatives in Shoe Mills Go on Strike.
On April 16 some 1,500 operatives in the Lynn, Mass.,
shoe factories struck for an increase of 30% in wages. The
strikers comprise the heel workers, edgemakers and Goodyear operators in what is termed the allied block of the Amalgamated Shoe Workers. The manufacturers held a meeting
as soon as the strike became effective and instructed their
attorney to bring action in the courts to enjoin the strikers
as having acted in violation of their agreement pledging
Wages Increased by Thread Mill.
themselves to peaceful work for another year and agreeing
to submit any differences to arbitration. The court denied
Notices of wage increases, effective April 30, were given
the application, but further measures will be taken by the out on April 14 at Willimantic, Conn., at the factories of the
employers.
American Thread Co., the Holland Silk Co. and the Windham Silk Co. The American Thread Co., with 2,600 emWage Increases in Packing Industry.
ployees, did not state the amount of increase, but said it
Wage increases of approximately 10% decided upon for would be equivalent "to those announced in other textile
workers in the Chicago packing plants on April 13, will, it is plants." The two silk mills, employing about 300 persons,
expected, eventually affect 200,000 employees in the packing gave the increase as 122
/
1%.
Industry. The decision respecting wage increases was
reached by representatives of the management and of the
Increase in Wholesale Prices in March.
workers functioning through representatives' plans in vogue
A further rise in the general level of wholesale prices is
at the Armour, Swift and Wilson plants, and known as "industrial democracies." It is pointed out that the system of shown for March by information gathered in representative
employee representation as an alternative for trade union- markets by the U. S. Department of Labor through the Buism received its first trial in November 1921, when the plant reau of Labor Statistics, according to the Bureau's stateassemblies voted a wage reduction of 10%. The representa- ment made public April 17, which we quote as follows:
The Bureau's weighted index number, which includes 404 commodities
tion plan was assailed at that time as a device for reducing
of 1 3j% over the February level.
price series, advanced
wages. The New York "Evening Post" of April 14 in refer- orBuilding materials and to 159, a gainshowed large increases over the premetals again
ring to the increases decided upon said:
ceding month, due to sharp advances in lumber, brick, paint materials,
"Industrial democracies" in the "big five" packing plants of the country
have restored directly to 80,000 workers—and indirectly to 120,000 more—
the 10% of their wages which the same "plant legislatures" took away in
November 1921.
Announcement last night that the plant assemblies had voted the pay
increase marks the second big step by these organizations instituted by
the packers as an alternative for industrial unionism.
The action of the packing house councils followed negotiations so quietly
conducted that the first public intimation of an upward readjustment of
wages was the announcement that it had been voted.
The five companies directly affected—Armour, with the Morris and Co.
plants it recently purchased; Swift, Wilson and Cudahy—employ 80,000
workers. Independent companies and subsidiaries, which aro expected to
follow suit, as the Big Five set the wage standard, will bring in another
120,000 men and women.
In addition to the average increase of 10% in wages, the plant assemblies
also agreed on vacations with full pay, or extra pay at the usual rate if the
worker chooses to remain at work during his vacation period.
Based on 54
-Hour Week.
-hour week, with overtime after ten
The wage scaie is based on a 54
paid for at the rate of time and a half. The
hours, in any one day, to be
-hour week guarantee is continued, and double pay promised for Sundays
40
and holidays.
The Increases will add more than $2,500,000 yearly to the payroll of
Armour & Co., with its 35,000 workers. Swift 8z Co. announced 6,000
employees here and 25,000 in other parts of the country will benefit..
structural steel, iron pipe, nails, roofing, tin, pig iron, steel billets, copper,
lead, tin, and zinc. The increases in these two groups averaged 3 and 7%,
respectively. Smaller increases were recorded for the groups of farm products, foods, cloths and clothing, chemicals and drugs, housefurnishing
goods and miscellaneous commodities. In the food group, raw sugar averaged 18.2% higher and granulated sugar 17.6% higher in March than in
February.
Prices of fuel and lighting materials continued downward, due to further
declines in bituminous coal. The decrease in this group averaged 23í%.
Of the 404 commodities or series of quotations for which comparable data
for February and March were collected, increases were shown in 189 instances and decreases in 79 instances. In 136 instances no change in price
was reported.
Index Numbers of Wholesale Prices, by Groups of Commodities (1913 = 100).
1922
1923
March
March
February
130
143
142
Farm products
143
137
141
Foods
201
172
199
Cloths and clothing
206
191
212
Fuel and lighting
149
109
139
Metals and metal products
198
192
155
Building materials
135
125
132
Chemicals and drugs
185
184
Housefurnishing goods
175
127
117
126
Miscellaneous
159
142
157
All commodities
APRIL 21 1923.]
THE
CHRONICLE
1709
Thirteen articles decreased in price as follows: Strictly fresh eggs, 17%;
Comparing prices in March with those of a year ago, as measured by
changes in the index numbers, it is seen that the general level has risen flour and raisins, 2%; pork chops, bacon, fresh milk, cheese, baked beans,
12%. Metals and metal products again showed the largest increase, prunes and bananas, 1%. Canned salmon, butter and wheat cereal
36, %. Building materials follow next with an increase of 274%. Cloths decreased less than five-tenths of 1%•
M
Thirteen articles showed no change In price during the month. They
and clothing have increased 16,‘%,farm products 10%, and miscellaneous
commodities 8.34% in price in the year. Food articles, fuel and lighting. are as follows: Plate beef, ham,leg of lamb, oleomargarine, lard, vegetable
chemicals and drugs, and housefurnishing goods all show smaller increases lard substitute, bread, corn meal, macaroni, rice, canned corn, canned
peas and tea.
compared with prices of a year ago.
For the year period, March 15 1922 to March 15 1923, the increase in all
articles of food combined was 2%•
Employment in Selected Industries in March 1923.
For the 10
-year period March 15 1913 to March 15 1923, the increase in
The U. S. Department of Labor through the Bureau of all articles of food combined was 46%•
Labor Statistics presented on April 16 preliminary figures
concerning the volume of employment in March 1923, from
5.453 representative establishments in 43 manufacturing industries, covering 2,135,564 employees, whose total earnings
during one week amounted to $54,538,778. In reporting increases in wages and,the number of employees the Bureau
says:
Identical establishments in February reported 2,092,285 employees and
total pay-rolls of $51,965,545. Therefore in March, as shown from these
unweighted figures for 43 industries combined, there was an increase over
February of 2.1% in the number of employees, an increase of 5% in the
total amount paid in wages, and an increase of 2.8% in the average weekly
earnings.
Comparing March with February, 39 of the 43 industries show increases
In employment, the greatest being in the fertilizer, brick, steel shipbuilding
and paper and pulp industries.
Glass, leather, slaughtering and meat packing, and chewing and smoking
tobacco show decreased employment.
Forty-two of the 43 industries show increased pay-roll totals, ranging
from fertilizers 19.5%, brick 14.9%,steel shipbuilding 13.1% and millinery
and lace goods 11.5% to pottery less than 1%. Smoking and chewing
tobacco alone reported a decreased pay-roll total.
Forty industries show substantial gains in per capita earnings as compared with 28 in February and only 10 in January.
Comparing March 1923 with March 1922, enormous increases in employment and total wages are shown in automobiles, car building and repairing,
cotton manufacturing and iron and steel.
A combined total of reports in the 43 industries shows that in March
87% of the establishments reporting were operating on a full-time basis,
12% on a part-time basis and 1% were not in operation. This is an increase over February of 4% and an increase over January of 7% in fulltime operation.
Twenty-six of the 43 industries were working over 90% of full-time as
compared with 22 in February and 16 in January.
Increases in rates of wages were reported by some 400 establishments
in 41 of the 43 industries. The leading industries in this respect were
foundries and machine shops, sawmills, furniture, iron and steel and lumber, millwork.
Altogether these reports indicate very substantial gains in employment
and earnings in March 1923 as compared with January and February 1923
and all the months of 1922.
Reports of the Inter-State Commerce Commission show an increase in
all employees on Class 1 railroads, excluding executives and officials, from
1,536,756 in January 1922 to 1,772,553 in December 1922, and a decrease
to 1,763,398 in January 1923. There was an increase in the monthly compensation of such employees from $198,741,729 in January 1922 to $240,964,277 in December 1922 and to $243,226,002 in January 1923.
Changes in Retail Prices of Food, by Cities.
During the month f,rom Feb. 15 1923 to March 15 1923, the average family expenditure for food decreased in 26 cities as follows: Butte, Houston,
Portland (Ore.) and San Francisco, 2%; Birmingham, Buffalo, Columbus,
Dallas, Denver, Los Angeles, New Orleans, St. Paul, Seattle, and Washington, D. C., 1%; Atlanta, Baltimore, Chicago, Fall River, Little Rock.
Louisville, Minneapolis, Norfolk, Philadelphia, Richmond, Rochester and
St. Louis decreased less than five-tenths of 1%. Twenty-four cities showed
an increase. Cincinnati, Indianapolis, Jacksonville, Manchester, Omaha.
Pittsburgh, Portland, Me., Salt Lake City, Savannah, and Springfield
Ill., 1%. The following decreased less than five-tenths of 1%; Boston,
Bridgeport, Charleston, Cleveland, Detroit, Kansas City, Memphis, Milwaukee, Mobile, Newark, New Haven, New York, Peoria and Scranton.
Providence showed no change during the month.
For the year period, March 15 1922 to March 15 1923, 45 cities showed
an increase: Bridgeport, 8%; Pittsburgh, 7%; Cleveland and Portland,
Me., 6%; Boston, Manchester, New Haven, New York, Providence and
Savannah, 5%; Denver, Detroit, Indianapolis, Little Rock, Newark and
Rochester, 4%; Baltimore, Chicago. Fall River, Kansas City, Milwaukee.
Minneapolis, Mobile and Philadelphia, 3%; Birmingham. Buffalo. Columbus, Dallas, Los Angeles, Louisville, St. Louis and Washington, D. C..
2%; Cincinnati, Jacksonville, Memphis, Norfolk, Portland, Ore., Richmond, St. Paul, Salt Lake City, Scranton and Seattle. 1%; Atlanta, Butte
and Charleston increased less than five-tenths of 1%. Five cities decreased:
Peoria and Springfield. III., 2%; Houston, 1%; New Orleans and San Francisco less than five-tenths of 1%. Omaha remained unchanged during
the year.
As compared with the average cost in the year 1913, the cost of food in
March 1923 was 53% higher in Richmond; 50% in Providence; 49% In
New York and Scranton;48% in Baltimore, Boston and Washington. D. C.;
47% in Detroit and Fall River;46% in Buffalo and Chicago;45% in Charleston, Manchester, Philadelphia and Pittsburgh; 44% in Birmingham and
New Haven; 43% in Milwaukee; 42% in Minneapolis; 41% in Newark.
New Orleans and St. Louis; 40% in Cleveland and Dallas;39% in Atlanta,
Cincinnati, Kansas City and Omaha; 37% in Indianapolis and Little Rock;
36% in Jacksonville; 35% in Memphis and San Francisco; 33% in Los Angles and Seattle; 32% in Louisville; 30% in Denver; 28% in Portland. Ore.,
and 22% in Salt Lake City. Prices were not obtained from Bridgeport,
Butte, Columbus, Houston, Mobile, Norfolk Peoria, Portland, Me., Rochester, St. Paul, Savannah and Springfield,
in 1913, hence no comparison for the 10-year period can be given for these cities.
Federal Reserve Bank of Boston on Increase in Retail
Trade.
The Industrial StAtistics Department of the Federal Reserve Bank of Boston had the following to say in a statement
issued April 19:
Retail trade in New England was exceptionally large during March. according to reports received by the Federal Reserve Bank of Boston. Net
sales in dollars in leading Boston stores were probably larger than in any
previous March—larger even than in March 1920, when commodity prices
were considerably higher than they are at present. Net sales of the eight
largest Boston department stores showed an increase of nearly 14% over
last March, while stores situated in other New England cities reported an
even greater improvement, their sales being more than 20% higher than in
March 1920.
Part of the increase shown in March over a year ago was duo to the fact
that Easter came on the first day of April this year, while it was about two
weeks later last year. Therefore all the Easter buying this year came in
During the month from Feb. 15 1923 to Mar. 15 1923, 17 articles on which March, while last year it was spread over into April. Nevertheless, premonthly prices are secured increased in price: Cabbage, 40%; granulated liminary reports indicate that the volume of trade so far this month has been
sugar, 17%; potatoes, 5%; nut margarine, 3%; onions and oranges. 2%; above the corresponding period in April a year ago, showing that the March
sirloin steak, round steak, chuck roast, hens, evaporated milk, rolled improvement was based on something more fundamental than the differoats. cornflakes, navy beans, canned tomatoes and coffee, 1%. Rib roast ence in the date of Easter. It was probably a reflection
the numerous
wage increases made throughout New England.
increased less than five-tenths of 1%.
Decrease in Retail Prices of Food in March.
The retail food index issued by the United States Department of Labor, through the Bureau of Labor Statistics,
shows that there was a decrease of two-tenths of 1% in the
retail cost of food to the average family in March 1923, as
compared with February 1923. In February 1923 the index
number was 142, in March 1923 142. In its further advices
April 18 the Department says:
Current Events and Discussions
largest decrease in gold reservesIforithe week, amounting to $10,100,000, is
The Week with the Federal Reserve Banks.
shown for the Cleveland
decrease
Aggregate increases of $20,800,000 in discounted bills and Richmond a decrease of bank; St. Louis reports a City a of $6,500,000.
$4.500,000, and Kansas
decrease of $4.of $3,000,000 in acceptances purchased in ()Tien market, as 300,000, while smaller decreases, aggregating $7,300.000, are shown for the
five remaining
nominal decline in United States security holdings, for the week. banks. Total gold reserves show a decline of $3,100,000
against a
are shown in the Federal Reserve Board's weekly consoliHoldings of paper secured by Government obligations increased during
dated bank statment issued as at close of business on April 18 the week from $327.400,000 to $334,600,000. Of the total held on April 18.
were secured by
bonds;$3,200,000, or
1923 and which deals with the results for the twelve Federal $182,300.000,or 54.5%,$139,100,000, United States Treasury notes, and
1%, by Victory notes:
or 45.5%, by
Reserve banks combined. Increased holdings of discounted about $10,000,000, or 3%, by Treasury certificates, compared with $184.paper are reported by all Federal Reserve banks, except those 200,000,$2,700,000, 8134,900,000 and $5.600,000 reported the week before.
The total of 8643,500,000 of discounted
on April 18 included
at New York, Philadelphia and Cleveland. Deposit lia- $21,800,000 of agricultural paper maturing bills held91 days and 6 months
between
bilities show an increase for the week of $48,900,000, while and $431,000 of like paper maturing between 6 and 9 months. San FranFederal Reserve note circulation decreased $10,800,000. cisco reports $237,000 of 9 months paper, St. Louis $121,000, while seven
other Reserve banks report a total of $73,000 of such paper.
Cash reserves fell off $5,900,000 and the reserve ratio deThe
preceding weeks
to 75.5%. After noting these facts the and statement in full in comparison with
clined from 76.3
with the corresponding date last year will be found on
Federal Reserve Board proceeds as follows:
subsequent pages, namely pages 1735 and 1736. A summary
Shifting of gold through the settlement fund accounts for the increase of
$21,100,000 in the gold reserves of the New York bank. Philadelphia ro- of changes in the principal assets and liabilities of the Res( rve
wels an increase of $8,500,000 and Minneapolis a nominal increase. The banks, as compared with a week and alyear ago, follows: •
1710
THE CHRONICLE
[Vol.. 116.
Increase (-I-) or Decrease (—)
Since
April 11 1923. April 19 1922.
Total reserves
—$5,900,000 +$58,900,000
Gold reserves
—3,100,000
+91,700,000
Total earning assets
+23,700,000
—13,400,000
+20,800,000
Discounted bills, total
+90,700,000
Secured by U. S. Govt. obligations— - +7,200.000 +133,400,000
+13,600,000
Other bills discounted
—42,700,000
+3,000.000 +190,100.000
Purchased bills
—100,000 —294,100.000
United States securities, total
—3,900,000
—95,200,000
Bonds and notes
+3,800,000
—198,900,000
U. S. certificates of indebtedness
+48,900.000 +138,100,000
Total deposits
+48.100,000 +163,600,000
Members' reserve deposits
—300,000
+7,100,000
Government deposits
+1,100,000
—32.600,000
Other deposits
—10,800,000
Reserve notes in circulation
+39,200.000
Federal
—77,900,000
F. R. Bank notes in circulation—net liability
taxation and in favor of some form of taxation of capital
and more effective reduction of the public debt. The
Laborites will also complain of the Chancellor's failure to
reduce or remove the tax on entertainments." Under Chancellor Baldwin's proposals the income tax is to be reduced
from 5 shillings to 4 shillings 6 pence in the pound; the
corporation profits tax will be reduced 50% to 6 pence in
the pound; the duty on beer is reduced to the extent of a
penny per pint and taxes on soft drinks, mineral waters,
are to be lowered; announcement, it is said, of a
number of small reductions in postal charges, telephone
rentals and telephone calls, was also made, and confirmation,
it is stated, was given of the understanding that the Government is considering a tax on betting. Chancellor Baldwin,
in concluding his speech in the House anent his proposals,
The Week With the Member Banks of the Federal is quoted in the New York "Times" cablegram (copyright)
as saying:
Reserve System.
I have gone to the utmost limit of my power to relieve the taxpayer
Net liquidation of $65,000,000 of loans secured by stocks without impairing the credit of the nation, for the future credit of the nation
and bonds and of $13,000,000 of investments, as against an and relief to the taxpayer are in the long run inexplicably interwoven. /
believe
still in a series
increase of $11,000,000 in other, largely commercial, loans already that, although we are of taxation, andof transition years, we have
passed the peak load
we may hope soon to have
and discounts, is shown in the Federal Reserve Board's left behind us the calamitous years of trade depression. But our hopes
weekly consolidated statement of condition on April 11 of may be frustrated by untoward events on the continent or untoward events
at home. Industrial
and reduced
777 member banks in leading cities. Liquidation of paper of peace, can do morepeace anything elesetaxation, which is the offspring
than
for the trade of this country.
secured by stooks and bonds was limited almost entirely to
The Chancellor in his remarks as to the reduction in the
member banks in New York City, which report reductions
country's debt, and his statement that the only important
of $81,000,000 in this class of loans and of $4,000,000 in
investments, as against an increase of $12,000,000 in other external debts outstanding are to Canada and the United
the following to say, according to the "Times"
loans and discounts. It should be noted that the figures for States, had
cablegram:
these member banks are always a week behind those for the
Last year's surplus was £101,500,000. That, the Chancellor explained,
Reserve banks themselves.
had already been given to a reduction of debt. To hold such a vast sum
For the period since Jan. 3 loans against stocks and bonds from the market would have created a crisis of the greatest severity, and so,
the money came in, it was
of the reporting banks show a reduction of $146,000,000, as"The term debt redemptionat once applied to reduction of debt. someis sometimes used as if it referred to
loans against Government securities a reduction of $34,000,- thing infinitely remote, and provision for that purpose tended to cripple
resources of this generation and to ease the circumstances of our grand000 and investments in corporate securities a reduction of the
from the
$72,000,000, while their other, mainly commercial, loans children," he said. "Nothing could be further deal with,truth. There
will be plenty of debt for our grandchildren to
but our debt
have advanced $386,000,000 and their investments in to-day is insistently knocking at the door of this generation. Each year
for many succeeding years, obligations are maturing,
Government securities about $15,000,000. Further com- since the war and if not
obligations which,
converted, must be paid off in cash. Now, we
ment regarding the changes shown by these member banks have to deal with hundreds of millions over a sequence of years, and we are
fortunate indeed if by a series of events unforseeen or unforeseeable the
is as follows:
Borrowings of the reporting institutions from the Federal Reserve banks
show a further reduction for the week from $469,000,000 to $396,000.000
or from 2.8 to 2.4% of their combined loans and investments. For membeil
banks in New York City a reduction from $151,000,000 to $127,000,000 in
borrowings from the local Reserve Bank and from 2.8 to 2.4% In the ratio
of accommodation is noted. April 12 figures differ but little from the
corresponding figures at the beginning of the year,ovhile for the same period
In 1922 accommodation of the reporting institutions at the Reserve banks
shows a reduction of $424,000,000.
An increase for the week of $39,000,000 in net demand deposits is offset
by reductions of $38.000,000 in time deposits and of $1,000,000 in Government deposits. Corresponding changes in the deposit account of the
New York banks comprise reductions of $28,000,000 in not demand deposits
and of $37,000,000 in time deposits. Reserve balances of the reporting
Institutions show a decline of $20,000,000, while cash in vault increased
by $6,000,000. For member banks in New York City increases of $7,000,000 in reserve balances and of $1,000,000 in cash are noted.
On a subsequent page—that is, on page 1736—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week and a year ago:
Increase (+) or Decrease (—)
Since
April 4 1923. April 12 1922.
Loans and discounts—total
—$55.000,000 +$968.000,000
Secured by U. S. Govt. obligations
+2.000.000
—95,000,000
Secured by stocks and bonds
—65,000,000 +641,000.000
All other
+9,000,000
+422.000,000
Investments, total
—13,000.000
+954,000,000
U. S. bonds
—5,000,000
+375,000,000
U. S. Victory notes and Treasury notes_ - +3.000,000
+458,000,000
Treasury certificates
—15,000,000
+65.000,000
Other stocks and bonds
+4,000,000
+56,000,000
Reserve balance with F. R. banks
—20.000.000
+76.000.000
Cash in vault
+6,000,000
+5,000.000
Government deposits
—1.000,000
+194,000,000
+39,000.000
Net demand deposits
+686,000,000
—38,000,000
Time deposits
+813,000,000
Total accommodation at F. R. banks
—73,000,000
+173,000,000
revenue of last year has done something to mitigate this year's anxiety.
That has and must be constant and sustained."
Passing on to the national debt, the Chancellor said the deadweight debt
March 31 1922 was e7.626,000,000 and March 31 1923 it was £7,773,000,000
Both figures were, of course, face value. It should not be inferred that
there had been an increase in the burden lof debt. If certain disturbing
factors were eliminated effective reduction of the debt amounted to more
than £149,000,000 face value.
A year ago the external debt stood at £1,109,018,400 at par of exchange.
On March 31 last it stood at £1,155,652,000, the apparent increase being
more than accounted for by the addition to the debt of three years' interest
in arrears on the American debt. In four years from March 31 1921
Britain had reduced her external debt by £209,198,000. The only important external debts now remaining were to Canada and the United States,
but for all practical purposes the Canadian debt might be regarded as settled,
while the debt to the United States stood at,a total of $4.600,000,000.
The sinking fund on the American debt was $23,000,000 and the amount
to be repaid this year in respect of the purchase of silver under the Pittman
Act was $30,500,000. The proposed provision for the sinking fund this
year was £40,000,000, increasing to E45,000,000 next year and to £50,000,000 as a maximum thereafter, a sum approximately equal to the yield of
the Heath duties.
Mr. Baldwin also spoke of the need of reducing interest on the debt. It
now amounted to £300,000,000, 50% more.than the total pre-war budget.
In the next seven years there would be some £1,300,000.000 of bond debt
maturing, in addition to the £2,100,000,000 war loan, which could be
redeemed in 1929.
Finds Purchasing Power Falling.
Passing on to revenue, the Chancellor pointed to signs that the purchasing
power of the masses was falling. There had been loss consumption of spirits
and beer, and to some extent of tobacco. He had considered, he explained.
making some reduction in the sugar tax, but he did not believe it would be
sound in the present state of world markets. "Sugar prices," he said,
"have risen owing to an anticipated shortage of the world's supply, and the
sugar market to-day Is a seller's market. In these circumstances, although
It is practically certain that a reduction of the duty would be at once accompanied by a proportionate reduction in price, I think It highly improbable that the consumer would be the gainer for more than a very short
time. A reduction in price would lead to an increased demand that would
increase the world's price, and the result would be that the money sacrificed
by the Exchequer would go into the hands of producers and dealers in
sugar."
Labor members cried "Shame" as the Chancellor announced his decision
to do nothing for sugar consumers.
As regards beer, an adjustment of duties has been made whereby the
price to the consumer willIbe a penny per pint less, the Treasury contributing toward this 24 shillings per bulk barrel and the brewers 4 shillings.
Chancellor Baldwin's Proposals Respecting Reductions in Great Britain's Taxes—Canadian and
United States Principal External Debts.
The following, outlining the proposed reductions, is also
The reduction in British Taxes looked for in the annual taken from the copyright cablegram to the "Times:"
Mr. Baldwin was able to announce a considerable remission in taxation.
budget introduced in the House of Commons on April 16 Last year the Treasury realized a surplus of £101,510,000, and, though he
the Chancellor of the Exchequer, Stanley Baldwin, did not expect that the taxes reckoned on the existing basis would produce
by
does not, it appears, meet with the entire satisfaction of more than £852,650,000, or £61,362,000 less than last year, his estimate of
was only
This gave
a margin of
the labor element. According to the Associated Press expenditureswith which £816,616,000. taxpayers. him income tax isabout
to relieve the
The
to be
£36,000,000
accounts, the reception of the budget on the whole was reduced by sixpense in the pound, from 5 shillings to 4 shilllings and sixbut, it is added, "the strongest oppo- pence; half of the corporation profits tax is to be remitted, a penny per pint
distinctly favorable,
is to be taken off beer, half the duty on sweetened mineral waters Is to go,
sition came from the Labor benches, where two lines of the duty on cider Is abolished, certain postal rates are to be lowered and
be made—for further reductions of indirect telephone charges are to be reduced.
attacks will
APRIL 21 1923.]
THE CHRONICLE
The final balance sheet of the nation, as the Chancellor estimates it, will
be: Revenue, £818,500,000; expenditure, £816,616,000, which will leave a
margin for contingencies of £1,884,000. No new taxes are to be imposed,
but Mr. Baldwin said that the "fact that exigencies of war finances have
compelled successive Chancellors to exhaust practically every method of
raising additional revenue made my task no easy one. As a result I am
greatly attracted by a tax on betting. It appears to me that at a time when
expenditure on so many of the necessaries as well as the amenities of life is
subject to heavy taxation, there is no reason why betting should escape."
He explained, however,that he had no time to consider in all its aspects a
question which involves more than mere taxation, and he would move for a
select committee of the House to undertake at once consideration of a betting tax in all its aspects.
The Chancellor added a word of warning that he was taking certain risks
In reducing taxes as he had. "This may very well mean, however, that
some new source of revenue will be necessary if we are to be safe in future
years and be able, as we all hope, to reduce still further the existing taxes.
I hope I may find this new source of revenue in taxes which I have described,
but if this hope proves Illusory it will then be necessary to consider very
seriously other alternatives."
Views Future Optimistically.
In describing general conditions, Mr. Baldwin was optimistic. "The
financial year through which we have just passed," he said, "was a year
which got steadily better as it proceeded. Trade, both home and foreign,
improved; unemployment, though still grievous, decreased; Government
securities steadily appreciated and a very striking indication of the general
tendency was in Post Office saving bank deposits. In January, February
and March of last year, withdrawals considerably exceeded deposits, while
In the corresponding three months of the current year deposits exceeded
withdrawals by £1,250,000."
1711
bonds are redeemable ten years hence, but buyers will have the option of
demanding their redemption in three or six years. After the three and
six years' interval the redemption price will be, respectively, 500 and 515
francs. The State also has the right to repay the bonds at any time after
five years.
It is generally thought in financial Paris that the offer of so high a rate
was unnecessary and that the success of the loan would have been assured
under terms much less onerous for the Treasury. The Minister of Finance,
however, was open-handed because he wished to make absolutely sure of
being able to meet the six billion two-year bonds which fall due June 8.
There are no other important security issues in preparation on the market
at present.
Stating on April 6 that the issue was intended to refund
about 7,000,000,000 francs of bonds now maturing,and raise
some new money for reconstruction purposes, the Associated
Press added that a later issue is planned, Parliament having
authorized a total of 13,000,000,000 francs.
$20,000,000 Paid Allies, Germany Alleges.
Associated Press accounts from Washington April 12 said:
Germany has paid the Allies in cash, ships, lands and materials of
various kinds a total of 100.000,000,000 marks, equivalent to about
$20,000,000,000, according to figures prepared by the German Treasury
Depa(tment and transmitted here.
Included in this total is an allowance for the relinquishment Of AlsaceLorraine. Other items included in the compilation are: For deliveries
from material on hand since the armistice, 29,394,000,000 gold marks
payments and deliveries from national capital and current production,
11.113,000,000 cash payments, 2.140.000,000 other payments and deliveries, 3,371.000.000 expenditures and losses within Germany. 10,482,000,000.
The audience before which the Chancellor presented his
first budget to the House included, it is said, four former
Chancellor's of the Exchequer, H. H. Asquith, Austen Chamberlain, Mr. Lloyd George and Sir Robert Horne, with a
crowd of distinguished personages in the galleries. ReferBelgium Cashes German Treasury Notes.
ring to the further attitude towards the proposals of ChanThe New York "Times" April 18 announced the following
cellor Baldwin in the House on the 17th, the Associated from Brussels April 1:
The third installment of German Treasury notes given to Belgium
Press said:
Most of the sitting was occupied with debate on the budget, and the Chancellor of the Exchequer. Stanley Baldwin, had no reason to be dissatisfied
with its reception, especially by two former Chancellors, Mr. Asquith and
Sir Robert Horne. Clearly, however, the controversy will centre on the
failure to reduce the sugar duty, as well as on the claims for reduction of
indirect taxation.
Mr. Asquith said he would have preferred relief in the sugar tax rather
than on beer, and this sentiment was greeted with enthusiastic cheers from
Lady Astor. Mr. Asquith joined issue with the Labor Party over the income tax, and argued that an income tax even of 4 shillings was a pernicious
form of capital levy, reacting adversely on British trade and industry.
under the reparation settlement of last August covering the payments
due Belgium for a period of six months, has been turned into cash by the
Belgian Government, it was announced to-day. A Dutch bank is said
to have discounted the notes. (These payments are approximately of
50.000,000 gold marks each.)
Ma Payment of $19,215.000 is to be made to the United States to-morrow by
Great Britain under the agreement for the debt incurred through the purchase of silver from this country during the war. Of the amount to be paid
to-morrow,$18,300,000 represents principal and $915.000 interest.
sThe April installment of principal and interest upon the Pittman silver
obligation is due on the 15th, but Great Britain has advised the Treasury
that the payment would be made on the 14th, as the 15th falls on Sunday.
.
J.P. Morgan & Co.of New York are to make the payment to the New York
Federal Reserve Bank in behalf of England.
This payment will leave a total of $52,700,000 remaining of the silver
debt, on which $12,200,000 of principal and $610.000 of interest will fall
due May 15, and the remainder of the debt, amounting to $30,500,000,
will be liquidated during the next fiscal year.
Under the liquidating agreement, the sum of $122,000,000 was considered
as obligations regarded as having been given for the purchns of Pittman
Act silver.
or to Bankers Trust Co., 16 Wall St., New York City.
Bond Drawing of Chinese Government 5% Gold Loan
1912.
The British Bank for Foreign Trade, Ltd., London,.gives
Reference to Great Britain's surplus of over 2100,000,000 notice that on March 1 the first annual drawing of 5% gold
and the demands for tax reductions was made in our issue of bonds of 1912 of the Chinese Government (for 5,000,000)
April 7, page 1476.
was effected, in accordance with the conditions set out on
the bonds of this loan, at the offices of the bank. The
Payment to United States by Great Britain ofilin notice says:
$19,215,000 Pittman Silver Obligations.
927 bonds, amounting nominally to £75,240, were drawn, and will
after which date
become due for repayment at par
Under date of April 13 the "Journal of Commerce" an- interest thereon will cease to accrue. on Sept. 30 1923,
nounced the following from its Washington bureau:
Printed lists of drawn numbers may be obtained on application to us
Subscriptions to New French Treasury Bonds.
Announcing the new issue of French Treasury 6% bonds
(redeemable in thre3, six and ten years) as a great success,
a copyright cablegram from Paris, April 15, said:
Total subscriptions will exceed 7,000,000,000 francs. As was expected.
however, the issue has brought very little fresh money into the Treasury
having been covered, in a proportion which is not yet exactly known, by
conversion of Treasury bonds of 1921, which will become redeemable on
June 8.
The greater part of the remainder also has been provided by defense
bonds which had matured and were not renewed. In substance, therefore,
this issue, like the previous ones, has really meant exchange of a shortdated loan for one of longer maturity.
The repayment last week by the Treasury to the Bank of France of
400,000,000 francs is partly connected with the highly favorable results of
current taxation. For the month of March the tax receipts were larger
by 123,000,000 francs than the original budget estimate. During the first
three months of the year the tax yield has exceeded the budget estimates
by 250,000,000 and is higher by 437,000,000 than the receipts of the first
three months of 1922.
The issue was placed on the market on March 5 and the
subscription books were closed April 7. On March 11 copyright advices to the New York "Times" from Paris said:
-franc bonds are issued at 495 francs, and the coupon payable
These 500
June 8 next will be the full 15 francs: that is to say, bearers will receive
six months' interest, although they will have paid for the bonds less than
three months before that date.
Taking into account this bonus and the premium resulthag from the issue
at 495, the income yield on the new loan works out at nearly 7%. The
New Issue of $75,000,000 Federal Land Bank Bonds.
Following the recent call on April 2 by the Federal Farm
Loan Board for the redemption and payment of $55,032,000
outstanding 5% Federal Land Bank bonds, as of May 1, a
new $75,000,000 issue of 42 Federal Land Bank bonds was
/
1
%
offered on Monday, April 16, by Alex. Brown & Sons of Baltimore, Harris, Forbes & Co., Brown Brothers & Co., Lee,
Higginson & Co., the National City Co., and the Guaranty
Co. of New York. The houses mentioned are the managers
of a group of approximately one thousand investment houses
throughout the United States, which, in conjunction with
the Federal Land banks, offer at intervals the bonds of the
banks. The closing of the subscription books occurred a few
hours after their opening, the banking group, it is stated,
announcing the oversubscription of the bonds shortly after
/
1
one o'clock on Monday. The bonds were offered at 1002
and interest, to yield about 4.45% to the redeemable date
and 4 % thereafter to redemption or maturity. The bonds
/
1
2
are exempt from Federal, State, municipal and local taxation, are dated Jan. 1 1923 and are due Jan. 1 1953. They
are not redeemable before Jan. 1 1933, but are redeemable
at par and interest at any time after ten years from date of
issue. They are in coupon and registered form, interchangeable, in denominations of $10,000, $5,000, $1,000, $500, $100
and $40. Interest is payable Jan. 1, and July 1, at any Federal Land bank or Federal Reserve bank. The Supreme
Court of the United States has held (a) that these banks
were legally created as part of the banking system of the
United States, and (b) that the bonds issued by the banks
are instrumentalities of the U. S. Government and are exempt from Federal, State, municipal and local taxation.
They are acceptable by the U. S. Treasury as security for
Government deposits, including Postal Savings funds, and
the Federal Farm Loan Act provides that the bonds shall be
1712
THE CHRONICLE
lawful investments for all fiduciary and trust funds under
the Jurisdiction of the United States Government. They are
eligible for Investment by savings banks in 35 States. The
-were organissuing banks
-the twelve Federal Land banks
ized with an original capital of $9,000,000, which has since
been increased to over $37,000,000. The official announcement says:
FoL. 116.
Offering of Southern Minnesota Joint Stock Land
Bank Bonds.
A $2,500,000 issue of 5% farm loan bonds of the Southern
Minnesota Joint Stock Land Bank was offered on April 17
by Dillon, Read & Co. and the Northern Trust Co. of Chicago
at 103 and accrued interest to net about 4% Vo to the optional
date and 5% thereafter to redemption. The bonds are dated
May 1 1923, will become due May 1 1953 and are redeemable
as a whole or in part by lot on May 1 1933 or any interest
date thereafter at 100 and interest. Principal and interest
(May 1 and Nov. 1) are payable at the Southern Minnesota
Joint Stock Land Bank, Redwood Falls, Minn., and at the
offices of Dillon, Read & Co., and at the Chase National
Bank in New York City, and the Northern Trust Co., Chicago, Ill. The bonds, coupon and fully registered and interchangeable, are in denominations of $1,000 and $10,000.
They are issued under the Federal Farm Loan Act and are
exempt from Federal, State, municipal and local taxation.
A decision of the Supreme Court of the United States rendered Feb. 28 1921,fully sustains the constitutionality of this
Act and the tax exemption features of these Joint Stock Land
Bank bonds. The bonds are offered when, as and if issued
and received by' the offering houses. It is expected that interim certificates of the Southern Minnesota Joint Stock
Land Bank will be ready for delivery about May 1. William H. Gold, President of the bank, in a letter under date
of April 16 to Dillon, Read & Co. and the Northern Trust Co.,
saysin part:
-These bonds, in addition to being obligations of the Federal
Security.
Land Banks, all twelve of which are primarily liable for interest and ultimately liable for the principal on each bond, are secured by collateral consisting of an equal amount of United States Government bonds, or mortgages on farm lands which must be:
(a) First mortgages, to an amount not exceeding 50% of the value of the
land and 20% of the value of the permanent improvements as appraised by
United States appraisers:
(b) Limited to $25,000 on any one mortgage;
(c) Guaranteed by the local National Farm Loan Association, of which
the borrower Is a member and stockholder. The stock of these Associations
carries a double liability.
(d) Reduced each year by payment of part of the mortgage debt.
Values.
-The conservatism of appraisals made for the Federal Land
Banks is indicated by the fact that, during the year ended Nov. 30 1922.
4,714 farms, against which the banks had made loans totaling less than
$15,000,000, were sold for approximately $40,000,000.
-In five years of active operation the twelve Federal Land
Operation.
Banks have been built up until on Feb. 28 1923 their capital was $37,574,477; reserve, $3,403,000: surplus and undivided profits, 82.600.036; and
total assets. $763,285,082. All twelve banks are on a dividend-paying
basis and every bank shows a surplus earned from its operations.
The United States Government,as of Feb. 28 1923, owned approximately
$3,000,000 of the capital stock of the Fedetal Land Banks. The Farm
Loan associations, during the year 1922, acquired approximately $8,500,000
of Federal Land Bank stock, 25% of the proceeds of which was used to
retire stock owned by the Government, as required by the Farm Loan Act,
The United States Treasury has purchased and now holds over $100,000,000
Federal Land Bank bonds. While these bonds are not Government obligations, and are not guaranteed by the Government, they are the secured
These bonds are secured by deposit with the Registrar of the Seventh
obligations of banks operating under Federal charter with governmental Federal Farm Loan District of an equal face amount of first mortgages
supervision, on whose boards of direction the Government is represented.
on farm lands at not exceeding 50% of the value of the land and 20% of
The following is the consolidated statement of condition of the value of the permanent insured improvements thereon as appraised
Federal Government appraisers, and(or) by deposit of United States
the twelve Federal Land banks at the close of business Feb. by
Government bonds or Certificates of Indebtedness.
28 1923 as officially reported by the Federal Farm Loan
All these farm mortgages are made on the Government amortization
plan, which requires a payment on the principal of not lass than 1% per
Board:
annum, thus assuring a constantly increasing equity behind the bonds.
LiablIfttes.
Assets.
The paid in capital stock of $1,300,000 and the reserve fund of $243,Net mortgage loans._ _8673.182,662 33
Capital stock, held by:
April 14 1923, provide additional protection. The capital
U. 8. Goveniment__ $3,088,070 00 987 55 as of
Accrued int. on mtge.
stock carries with it double steckholder's liability, as do national bank
Nat.Farm Ln.Ass'tis 34,354,097 50
loans(not matured)- 10,314,933 91
131,730 00 stocks.
U. S. Govt. bonds and
Borrowers thro. agts.
2,580 00
Individual subscrrssecurities
70,021,407 24
The intrinsic soundness of the whole situation is apparent from the
Accrued Int. on bonds
from the 1920 census:
Total capital stock_ $37,574,477 50 following figures derived
secur.(not mater.)
847,321 23
Total value of farm property in Minnesota and
earn'gs) 3,403,000 00
Reserve (from
Farm Loan bonds on
300,000 00
Surplus (from earn'gs)
$6,611,290,330 00
hand (unsold)
South Dakota on Jan. 1 1920
1,283,685 00
Farm Loan bonds authAccrued int. on Farm
817,027,042 00
Value of crops derived from this property in 1919
orized and issued__ 706,123,275 00
Loan bonds on hand
this property
Value of dairy products derived from
Accrued int. on Farm
(not matured)
12,178 57
94,682.705 00
(not mater.) 10,415,920 94
In 1919
Ln. bds.
Other accrued interest
Due borrowers on un74,640 02
(uncollected)
The loan statistics of the bank as of April 14 1923 were as follows:
completed loans. _ _
538,962 69 Total loans closed on books
Notes receivable, ac$17,551,350 00
Amortization installceptances, &c
250,083 87
387,380.50 acres
917,130 96 Acreage covered by closed loans
ments paid in adv....
Cash on hand and In
$4531
acre
Matured int. on Farm
banks
Loaned per
4,263,730 42
Loan bonds(coupons
Accounts receivable
264,554 30
36,323,636 00
Appraised valuation of land
267,653 30
not presented)
Installments matured
6,495,150 00
621,613 61 Appriased valuation of buildings
Res. for dlvs. unpaid_
(in process of coirn) 1,382,470 82
42,818,786 00
823,011 47 Total appraised value
'
Other liabilities
Banking houses
706,012 34
2,300,036 33 Appraised valuation per acre of land
93 77
Undivided profits
Furniture and fixtures
186,708 08
Other assets
514,693 67
110 53
Appraised valuation per acre of land incl. buildings
40.99%
$763,285,081 80 Per cent of loans to total appraised value
Total assets
Total liabilities
$763,285,081 80
Federal Land Bank bonds have been officially held eligible
for investment by savings banks in the following States:
History.
The Southern Minnesota Joint Stock Land Bank, of Redwood Falls,
Minn.. was chartered under the Federal Farm Loan Act on June 25 1919.
Alabama, Arkansas, Colorado, Delaware. Florida, Georgia, Idaho. The original capital stock was subscribed at par by W. H. Gold and assoIndiana, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Missis- ciates. Since the original subscription, stock has been sold to the investing
sippi, Missouri, Nebraska, New Hampshire, New Jersey, North Carolina. public at substantial premiums. There is $1,300,000 stock outstanding,
Ohio, Oklahoma. Oregon, Pennsylvania, Rhode Island, South Carolina.
on which dividends at the rate of 9% per annum are being paid.
South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington.
West Virginia, Wisconsin and Wyoming.
Territory.
Although the bank is authorized to make loans throughout Minnesota
This is the second $75,000,000 issue of Federal Land Bank
Dakota, two of the country's great agricultural States, its
bonds to be offered this year
-the previous one was referred and South (as heretofore) is to confine its business to Southern Minnesota
policy now
to in the "Chronicle" of Jan. 6, page-26; offerings in 1922 and Eastern South Dakota which aro a part of the celebrated corn belt.
The following figures assembled from the United States census of 1920
were noted In these columns as follows: Feb. 11, page 568;
May 13, page 2072 and Sept. 30, page 1483. The call for re- are significant:
The 53 Minnesota counties in which the bank operates constitute 64.63%
demption of Farm Loan bonds issued in 1918 was referred of the total farm lands in the State in area and yet they represent 78.79%
of the farm land values of the State. The average value per acre in the
to in our issue of April 7 last, page 1482.
53 counties was $152 76, as compared with $75 16 per acre for the balance
of the State.
The bank's South Dakota territory of 28 counties is only 35.43% of the
Federal Land Bank Bonds Outstanding Feb. 28 1923.
farm acreage in the State, but it comprises 66.40% of the farm land values
following list of Federal Land Bank bonds outstand- of the State. The average value per acre in the bank's territory was
The
ing Feb. 28 1923 has been made available by Alexander $153 20, against $42 19 for the balance.
Statement of Condition as of April 14 1923, Revised to Give Effect to the Sale
Brown & Sons of Baltimore:
of the Present Issue of Bonds.
Rate.
Date.
Optional.
Amount.
Due.
Assets
loans
$17,551,350 00
May 1 1917
May 1 1922
434%
$15,560,325 •
May 1 1937 First mortgage farm loans
279,207 51
Accrued interest on
Nov. 1 1917
414%
Nov. 1 1922
36,935.775
25,000 00
Nov. 1 1937 Farm Loan bonds on hand
1,869,740 15
5%
S bonds and certificates of indebtedness owned
May 1 1918
May 1 1923
55,032,000
May 1 1938 U.
47,128 23
Building, furniture and fixtures
Nov. 1 1918
Nov. 1 1923
4%
55,217.275
40,477 02
Nov. 1 1938 Interest accrued on U. S. Government securities
receivable
12,450 42
May 1 1919
May 1 1924
43i%
87,552.500
May 31939 Accounts due from banks
395,967 29
Cash and
Nov. 1 1919
Nov. 1 1924
4%%
417.700
Nov. 1 1939
$20,221,320 62
5%
Nov. 1 1919
Nov. 1 1924
591,000
Nov. 1 1939
.
Liabilities5%
$1,300,000 00
May 1 1920
May 1 1925
May 1 1940 Capital stock
1.927,000
243,987 55
Undivided profits and reserve
5%
May 1 1931
May 1 1921
May 1 1941 Amortization payments on principal of loans
100,354,800
125,739 32
42,793 00
5%
Nov. 1 1921
Nov. 1 1931
Nov. 1 1941 Deferred loans due borrowers
75,220.000
780 00
Coupons due-unpaid
4%
May 1 1932
May 1 1922
May 1 1942 Interest accrued on bonds
202,400,000
328,020 84
130,000 00
,
75 000,000
Jan. 1 1933
434%
Jan. 1 1923
Jan. 1 1943 Notes payable
18,050,000 00
Farm Loan bonds outstanding
$706,208,375 Total
$20,221,320 62
APRIL 21 1923.]
THE CHRONICLE
Associated with President Gold in the management of the
institution are his two sons, Glen W. Gold and Donald W.
Gold, and his nephew, Lee A. Gold. Previous references to
offerings of bonds of the Southern Minnesota Joint Stock
Land bank appeared in these columns Nov. 4, page 1994, and
Jan. 6, page 26.
Offering of Bonds of Illinois Midwest Joint Stock Land
Bank—Formerly Midwest Joint Stock Land Bank.
On April 18 a $750,000 issue of 5% bonds of the Illinois
Midwest Joint Stock Land Bank was offered by Halsey,
Stuart & Co., Inc., at 103 and accrued interest, to yield over
4.625% to the optional date and 5% thereafter. The bonds
are dated April 1 1923, are due April 1 1953, and are redeemable at par and accrued interest on any interest date after
ten years from date of issue. They are coupon bonds of
$1,000 denomination, fully registerable and interchangeable.
Interest is payable semi-annually, April 1 and Oct. 1. Principal and interest are payable at the Illinois Midwest Joint
Stock Land Bank, or through the bank's fiscal agent in Chicago at the holder's option. The bonds are acceptable as security for Postal Savings and other deposits of Government
funds and are exempt from Federal, State, municipal and
local taxation. The bank with a capital of $250,000 was
chartered by the Federal Farm Loan Board on July 25 1922
under the name of the Midwest Joint Stock Land Bank.
While by its charter it is permitted to operate in the States
of Illinois and Missouri, it is the present policy of the bank
to confine its loans to the State of Illinois, and with the
approval of the Federal Farm Loan Board it has changed
its corporate title to the Illinois Midwest Joint Stock Land
Bank to better identify its issues with its loan territory.
Charles Boeschenstein, the organizer and President of the
Institution, has been connected with the banking business in
Edwardsville since 1897. Frank Godfrey is Vice-President
and Treasurer and Joseph Pyle is Secretary. D. G. Williamson serves the bank as Attorney, director and member of the
loan committee. H. N. Landon is the bank's Appraiser. The
bank's loan committee is composed of Messrs. Boeschenstein,
Pyle, Williamson, Landon and Ernest Hoover. Mr. Hoover
is a director of the First National Bank of ,Taylorville. This
committee must give its majority consent before an application for a loan is approved, and where the loan is in excess
of $5,000, two independent appraisals are made. It is stated
that it is the policy of the bank to loan only against land
values, rather than against improvements, as the Act permits. It is announced that, as of Mar. 31 1923 the following
loan record was made:
Total applications received
$3,243,857
Loans closed
1,331,600
Loans awaiting closing
636.000
Loans awaiting approval
51,700
Loans rejected entirely
865,282
Reductions of amounts applied for
312,875
Loans awaiting appraisement
48,400
Appraised value of farms mortgaged
2,888,052
Amount of real estate pledged (acres)
24,262
Amount appraised per acre
119.90
Percentage of amount loaned to appraised value. real estate
only
39.22%
Number of loans. 156. Average loan
S8,535.90
A $1,000,000 offering of bonds of the bank was noted in
our issue of Jan. 27, page 363.
1713
agriculture for the purpose of carrying on aggricultural productions or defraying an indebtedness arising therefrom.
The term "Agricultural Credit Corporation" shall be held to mean a corporation organized under the laws of any State for the purpose of loaning
money for agricultural purposes as herein defined, or for the raising, breeding, fattening or marketing of live stock.
The term "Co-operative Credit Association" shall be held to mean a cooperative association organized under the laws of any State for the purpose
of procuring for its members credit for agricultural purposes as herein defined, or for the raising, breeding, fattening or marketing of live stock.
Agricultural Credit Corporations and Incorporated Live Stock Loan
Companies.
Any agricultural credit corporation or incorporated live stock loan company seeking a line of rediscount with an Intermediate Credit bank will be
required to file with such bank:
(a) Its application in writing for the establishment of such relation.
(b) A statement of its financial condition in such detail as the Intermediate Credit Bank may require, but which must in each case disclose its
actually paid-in capital stock, its total assets and liabilities, and the nature
of the securities in which its capital is invested.
(c) The written opinion of its counsel that the institution has power under the laws of the State to rediscount paper.
(d) A resolution of its Board of Directors authorizing such rediscount
(e) The official signature of the officers who are authorized to bind the
corporation.
(f) An agreement to report to the Farm Loan Board any time upon call
a detailed statement of its financial condition in such form as the Farm
Loan Board shall prescribe, and an agreement to submit to, at its own expense, at least two examinations each year by National Bank Examiners or
Land Bank Examiners. No rediscounts will for the present be accepted from
any such institution which has not a paid-up and unimpaired capital of at
least $10,000.
Corporations submitting debentures for discount with the Federal Intermediate Credit banks must deposit with the Farm Loan Registrars the securities upon which such debentures are based.
Co-operative Credit Associations.
Any co-operative credit association desiring to establish rediscount privilege will be required to file with the Intermediate Credit bank of its district:
(a) A copy of its charter or articles of association.
(b) A general statement of its plan of operation.
(c) A statement of its counsel that it has under the laws of the State in
which it exists authority to rediscount paper. These must in each instance
be submitted to and approved by the Farm Loan Board before the rediscount
privilege is granted.
No paper will for the present be rediscounted for co-operative credit associations except the types of paper which may be rediscounted for co-operative
producing or marketing associations, namely where the notes or other obligations representing such loans are secured by warehouse receipts or shipping
documents covering staple agricultural products or mortgage on live stock,
and such loans may not exceed 76% of the market value of such staple agricultural product or live stock.
Loans against warehouse receipts upon live stock must be accompanied by
collateral agreement to provide such additional security from time to time
as may be necessary to preserve the prescribed relation between the market
value of the security and the amount loaned.
The term "staple agricultural product" shall for the present be defined to
mean grain, cotton, wool, tobacco and peanuts. Dairy products, eggs, fruits
and vegetables subject to future determination.
•
State Banks, Trust Companies and Savings Institutions.
Any State bank, trust company or savings institution seeking the rediscount privilege shall make application therefor in writing to the proper
Intermediate Credit bank, acompanied by:
(a) A financial statement in such form as is required of it by the supervising authority in its jurisdiction.
(b) Its authorization in writing to the supervising authority to furnish to
the Intermediate Credit bank of its district upon request any report of condition or examination or other confidential information in the possession of
such supervising authority.
(c) A resolution of its Board of Directors authorizing such rediscount
(d) The official signature of the officers who are authorized to bind the
corporation.
(e) The certificate of its counsel that it has full authority under its corporate powers and the laws of its jurisdiction to make such rediscount
National Banks.
National banks seeking the rediscount privilege shall make application in
writing to the proper Intermediate Credit bank, acompanied by:
(a) A financial statement in such form as is required of it by the Comptroller of the Currency upon call.
(b) A resolution of its Board of Directors authorizing such rediscount.
(c) There of the officers who are authorised to bind the
official signatures
corporation.
Warehouse Receipts.
Intermediate Credit banks will acept the receipt of any warehouse licensed and bonded under the Federal Warehouse Act. In all other cases the
warehousing laws and regulations of the State controlling the same must be
submitted to the Federal Farm Loan Board for approval.
Maturities.
No loans may, under this Act, be made or paper acquired with a maturity
of less than six months from the date of the transaction, and for the present
no paper will be taken with a maturity longer than nine months.
Morris T. Phillips Elected Director New York and
New Jersey Joint Stock Land Bank.
Morris T. Phillips, President of the Farmers' Bank of
Parkesburg, Pa., member of the executive committee of the
American Guernsey Cattle Club,and director of the Pennsylvania State Chamber of Commerce, has been elected a
director of the New York and Pennsylvania Joint Stock
Land Bank,at 61 Broadway, New York City. Mr. Philiips
is also Piesident of the Pennsylvania Associsted and Consolidated Agricultural Interests; this roganization was recently
Previous reference to the regulations to govern the operaarranged at the instigation of Governor Pinchot.
tion of the Intermediate Credit banks appeared in our issue
of Mar. 31, page 1366.
Preliminary Regulations Governing Purchase of Paper
and Making of Loans by Intermediate Credit Banks.
Application to Organize the Central National AgriculBrief reference was made in our issue of a week ago (page
tural Credit Corporation of Atchison, Kansas.
1600) to the preliminary rules and regulations issued by the
The Comptroller of the Currency announced on April 9
Federal Farm Loan Board on April 6 for the purchase of that an application to organize the "Central National Agripaper and making of loans by Federal Intermediate Credit cultural Credit Corporation of Atchison," Kansas, to be
banks created under the newly enacted Agricultural Credits located in the City of Atchison, to have a capital of $250,000,
Act. The full text of the Board's regulations is given here- and to carry on its operations in the States of Kansas, Miswith:
souri and Nebraska, was received April 7. The application
Definitions.
is signed by the following:
The term "advanced in
the first instance for any agricultural purpose"
shall be held to mean advanced in the first instance to a person engaged in
Henry Diegal, President, First National Bank of Atchison.
Leo Nusbaum, Director, First National Bank of Atchison.
1714
THE CHRONICLE
Sheffield Ingalls, President, Commerce Trust Co., Atchison.
Ellsworth Ingalls, Treasurer, Commerce Trust Co. of Atchison.
J. C. Killarney, Director, Commerce Trust Co. of Atchison.
The Comptroller announcement also said:
The application was accompanied by a draft to pay the cost of the necessary invetigation and Mr. L. K. Roberts, Chief National Bank Examiner,
Kansas City, Mo., was directed to-day to make the required preliminary
investigation at once.
On the receipt of a report from Mr. Roberts the question of approval of
the application and furnishing of necessary organization papers will have
immediate attention.
Offering of Stock of Eastern Bankers' Corporation.
The Bankers' Capital Corporation of this city offered on
April 19 the unsold portion of the $5,000,000 authorized
capital of the Eastern Bankers' Corporation. The company's
capitalization consists of $2,500,000, 7% Cumulative
preferred stock, par $100, and $2,500,000 Common stock,
par $10. It is announced that with each share of preferred
stock the privilege of subscription to a limited amount of
common stock is extended. F. J. Sturges, President of the
Eastern Bankers' Corporation, in a letter to the Bankers'
Capital Corporation, says in part:
The [Eastern Bankers'l Corporation is organized for the purpose of
investing all its funds, with the exception of a small reserve, in the stocks
of selected national banks, State banks, trust companies, mortgage, insurance, title, surety, security and other sound financial corporations of a
similar nature. It does not buy or sell such stocks as a business nor does
it make loans, accept deposits or engage in any other business operations.
The stock of the Eastern Bankers Corporation is non-assessable.
Authorized Capitalization.
The company was incorporated under the laws of Delaware in 1922,
with an authorized capitalization of five million dollars ($5,000,000),
divided equally into preferred and common stock.
Over $250,000 of common stock was purchased by the directors, their
associates and others. Operations commenced on June 1 1922.
From time to time additional stock has been sold, so that among its
stockholders the company now numbers bank directors (including three
former Bank Commissioners), bank officers, professional men, substantial
business men and others.
No stock has been or will be issued except for cash, or stock of such
banks or other financial corporations, and then only at such prices, as
the company would be willing to purchase for cash.
Preferred Stock.
The preferred stock is a non-voting, 7% cumulative stock, par value
$100 per share, preferred both as to dividends and assets. In the event
of liquidation, it is redeemable at $100 per share and accrued dividends.
It is callable on any dividend date at $115 per share and accrued dividends.
Common Stock.
The common is of the par value of $10 per share. All net profits, after
deducting the preferred dividends and the comparatively small expenses
of conducting the business, will accrue to the common stock.
Repeal of Bank Deposit Guaranty Act in Oklahoma
Gov. Walton of Oklahoma on April 12 signed the bid repealing the State bank deposit guaranty law. The House on
March 19, passed by a vote of 59 to 28 the bill carrying the
repeal provision, and on March 29 the Senate passed it by a
vote of 34 to 2. Referring to the repeal of the law the
Oklahomoman," on April 13 said editorially:
[Vol,. 116.
Proposed Bank to be Formed by Durant Motor
Interests.
The plans for the formation in New York City of a National
bank by W. C. Durant, President of the Durant Motors,
Inc., are announced in a circular issued by Mr. Durant from
this city, which says:
Within a short time a national bank which will be owned by 300,000 shareholders will open its doors in New York City. From the point of number
of shareholders, this will be the largest bank in the United States. No individual will be permitted to subscribe to more than one share of stock.
This bank will be operated under a national charter and will be under
Government supervision. The Chairman of the board, the President of the
bank and the directors will serve without salary, fees or compensation of
any kind. In no instance will the Interest on loans exceed the legal rate.
No Commission,fee,or bonus in money,merchandise or stock will be charged
or accepted in connection with any loan made or negotiated. No associated, affiliated or controlled company (usually called securities company)
will be operated in connection with or as a part of this bank. No loans will
be made to officers or directors or to any company with which they are
officially connected. *The bank will be operated in the interest of all stockholders and not in the Interest of a few of its officers or directors.
This bank will be established on the principle of business comradeship,
organized and operated to render legitimate banking service.
Secretary Mellon Sees No Inflation.
In special advices from Washington April 16 the "Journal'
of Commerce" said:
Secretary Mellon took issue to-day with Charles M.Schwab of New York
over the question of the country being on the point of entering upon a period
of inflation. Mr. Schwab expressed the view that the probable limit of
economic expansion had been reached by the country, while Mr. Mellon
took the position that the outlook is as good as it ever is at any particular
time.
In Mr. Mello.a's opinion there are no dark clouds on the business horizon
and no signs of inflation. The rise of prices and wages he considers as none
too favorable signs, out nevertheless reflecting the pressure of demand,
while production is going ahead of consumption. Mr. Mellon sees no curtailment of the business boom in sight.
HI. feels that there is a limit to tne volume of expansion marked by the
limit of labor supply and railroad facilities and these two factors will work
to keep the growth of commercial activity this side of the danger mark.
In the present situation he relieves there is no occasion for an advance in
Federal Reserve discount rates.
While Mr. Mellon is of the opinion that there is no indication of developments in the business world, he quite deprecates his ability as a prophet.
For his part he regards predictions as to future business conditions as practically useless on the theory that the opportunity for one man to judge the
probable trend is as good as the opportunity given another.
The Treasury Secretary's habitual caution has been heightened by the
flood of appeals for guidance he has been receiving recently from business
men.
Merchants and business organizations have been writing In to the Secretary reporting alarm over the situation and expressing fear of a buyers'
strike looming up ahead of the present boom. As one letter expressed it,
the merchants are afraid lest they be caught again as they were in 1920
with large stocks of goods on hand which they might be unable to move.
Mr. Mellon is replying that he sees nothing alarming in the situation at
the present time, that the country is clear of la oor troubles and there are no
indications of a buyers' strike occurring, He is taking the position that
business activities are on a healthy basis and that progress will continue
as long as proper business judgment is exercised.
By signing the bill repealing the bank guaranty law, Governor Walton
Organization of The Mortgage Bond Exchange.
made effective a measure which will mean much for the banking system of
Arrangements for the organization of The Mortgage Bond
the State. A number of applications for State bank charters had already
been filed, conditional upon the signing of the repeal law by the Governor. Exchange, which has been incorporated under the law of
No doubt the number of State banks will increase steadily from now on.
York, were completed on April 16 at a joint meeting at
The guaranty law did nothing to prevent bank failures. It encouraged New
looseness in banking,because bankers knew that if their banks failed through the Waldorf-Astoria of the representatives of a group of
"errors of judgment" or even as a result of criminal methods, the losses mortgage companies and a group of investment houses.
would be placed, to a great extent, on the shoulders of the efficient and
With regard to its purpose an official announcement says:
honest bankers. It taxed tsrong banks in order to bolster up weak ones.
As a result of the operation of the bank guaranty law, many of the best
The purpose of the Exchange is to provide a place where mortgage bonds
banks left the State banking system. If the guaranty law had remained will be bought and sold just as the New York Stock Exchange is a place
effective much longer, the State banking system would have had so few where stocks are bought and sold. It is to be a common meeting ground
banks that it would have been nothing but a skeleton.
for those who wish to buy and those who wish to sell these bonds. This
will give a purchaser of listed bonds a place where he may at any time sell
them, thus making such bonds a "liquid" investment.
Charles M. Schwab's Warning Against Inflation.
Carefully selected mortgage bonds have always been considered a desirto many classes
they
The following observations by Charles M.Schwab caution- able investment, butof thehave notaheretofore appealedresale. The Exlack of ready market for
of investors because
ing against inflation appeared in the "Journal of Commerce" change will supply this long-felt want.
of the 17th inst.:
The bonds listed on the Exchange will be originated by mortgage comCharles M. Schwab, Chairman of the Bethlehem Steel Corporation, panies located in various sections of the country,and will be bought and sold
yesterday declared that the country has every reason to be satisfied with on the Exchange by a group of investment bond houses who will be memthe business and industrial situation, but he warned that care must be bers, and it is expected that each bond house will be given an exclusive
taken to avoid inflation.
franchise for a particular territory.
"Business is plentiful and industry is active throughout the country, and
An important feature of the Exchange will be that listed bonds will be
we have every reason to feel happy over the situation," he said. "The guaranteed not only by the issuing mortgage company, but also by a strong
indications are that we are entering into a period of expansion, and the surety company. These guarantees will be furnished mainly by the Nautmost caution must be exercised to prevent this from developing into a tional Surety Co.
secondary inflation, which would be disastrous.
Listed bonds will be in denominations of $100, $500 and $1,000, and
"Our job right now is to keep on an even keel and steer a straight course. under present market conditions will probably yield the investor from
Business is on a firm foundation, but it must be kept there."
5;4% to 6% interest. They will be secured in the first place, by first
Economic conditions abroad, Mr. Schwab stated, were not as promising mortgage on high-class residential, business and farm properties, and every
as he would have them. Ile added, however, that he was not at all dis- possible precaution will be taken to see tht these mortgages are made
couraged over the outlook, and thought that progress was being made and on a conservative and safe basis.
would be made the remainder of the year. He continued:
It is expected that the Exchange will open in the financial district within
"I have always found that the steel industry is a pretty accurate indicator a month and that it will become an important factor In the financial world.
industrial conditions. The Bethlehem plants are all working almost and will be the means of giving to these mortgage bonds a market comparing
of
to capacity, and I am sure that the same conditions apply to most of the favorably with high-grade railroad and industrial mortgage bonds listed
other steel mills.
on the New York Stock Exchange.
"It is a rather good sign that a large part of this steel is going into new
The total amount of mortgage bonds and notes purchased annually by
work and into railroad equipment. This indicates that the investors in this country is several billions of dollars, and it is expected
construction
business leaders are looking forward in an effort to meet the demands that that after the Exchange is well started a large part of the annual output
will be made on them for increased production and increased transportation. will be listed on the Exchange.
"If there is one word of advice I would give It would be that we proceed
The mortgage companies represented at Monday's meeting
carefully and place our confidence in the integrity and good judgment a
included
men."
American business
APRIL 21 1923.]
THE CHRONICLE
American Loan & Trust Co., Detroit, Mich.
Atlanta Trust Co., Atlanta, Ga.
Bankers Trust Co., Detroit, Mich.
City Bank, Kansas City, Mo. (associated with Commerce Trust Co.).
Charter Oak Bond & Mortgage Co., New York City.
Consolidated Bank & Trust Co.. Louisville.
Federal Guarantee Mortgage Co.. Norfolk, vo,
Guaranty Trust Co., Detroit, Mich.
Mortgage Security Corporation, Norfolk, Va.
Royal Trust Co., Montreal, Canada.
Secured Mortgage Corporation, Buffalo, N. Y.
Toledo Mortgage Co., Toledo. Ohio.
The investment bond houses represented included:
H. D. Robbins & Co., New York, N: Y.
Barclay, Moore & Co., Philadelphia, Pa.
W. W. Lanahan & Co., Baltimore, Md.
Watling, Lerchen & Co., Detroit, Mich.
Stanley & Bissell, Cleveland, Ohio.
•." Draper, Stevens & Co., Chicago, Ill.
Lane, Pipe & Jaffrey, Minneapolis, Minn.
Stifel-Nicolaus & Co., St. Louis, Mo.
Vice-President Luther E. Mackall represented the National Surety Co. It is announced that he conceived the plan
for the Exchange and has been instrumental in carrying it
out. It is understood that he will be its first President.
Opening of Amalgamated (Clothing Workers) Bank
of New York.
The first bank to be established in New York City by
organized labor began business on April 14 under the name
of the Amalgamated Bank of New York. As we have heretofore indicated in these columns (Feb. 10, page 500, and
April 7, page 1483), the institution has been formed by the
Amalgamated Clothing Workers of America. The first
day's deposits of the new institution, it is stated, amounted
to $500,000. A vast throng, some 5,000 people, it is estimated, inspected the bank's quarters at 103 East 14th Street
on the opening day, and 1,300 persons, it is said, were enrolled as depositors. Speeches by Sidney Hillman, President
of the Amalgamated Clothing Workers, and officers of the
bank were features of the opening day. Raymond L.
Redheffer is President and Leroy Peterson is Cashier of
the bank. Those who with Mr. Redheffer comprise the
bank's directorate are Hyman Blumberg, August Bellanca,
Joseph Gold, Sidney Hillman, Representative F. H. La
Guardia, Max Lowenthal, Abraham Miller, Raymond L.
Redheffer, Joseph Schlossberg, Murray Weinstein and Max
Zaritsky. President Redheffer is quoted in the New York
"Herald" as saying:
Nine months ago the Amalgamated Clothing Workers opened a bank in
Chicago. After the opening day we had $225,000 on deposit. In New
York we had more than $250,000 before the bank was formally opened at
all. The Chicago bank has now $1,750,000 on deposit. It is safe to say
that nine months from now the New York bank will have passed the $2.000,000 mark. Labor banks have come to stay. So far as this bank is concerned, we are going to combine service to workers with safety and financial security.
1715
dition to yielding up the wrongful possession,insist upon the erasures of any
Incriminating statements or upon some protection against their subsequent
use against him. And similarly, a man who puts incriminating statements
on his own property, whether it be books or any other kind of chattels, does
so with the knowledge that the title to that property may.by process oflaw,
be taken from him that,following the loss of the title, there necessarily will
follow the loss and the right of possessoin,and that when that time comes the
retention and possession are as wrongful as if the possession had been originally wrongfully acquired. His situation then is analogous to that of a their
who puts incriminating statements on the stolen property.
Every person is bound to know that under the Bankruptcy Act, should he
become bankrupt, title to his books and papers will pass eventually to the
trustee. If, with this knowledge, he makes incriminating statements on
these papers, the title to which he is chargeable with knowing will pass to the
trustee, he does so, in my judgment, at his peril.
But, on broader lines than these, it seems to me that the intimations of
the Supreme Court are—and I believe properly are—that the turning over of
the possession of these books is not a giving of evidence within the Constitutional protection.
In the Harris case the bankrupt resisted the limitation put upon the order
requiring him to deliver possession to the receiver as not broad enough to
secure him in all of his constitutional rights; and as the Supreme Court
said, if he had the constitutional rights that he claimed, it was not broad
enough, because it did not afford him protection against the use of the Incriminating statements that might be found in his books as a basis for securing other evidence; whereas the constitutional protection of not givina incriminating testimony would protect one from furnishing testimony which
would be the basis offurther evidence that might be incriminating.
I am of the opinion, therefore, that the ruling of the Referee was right:
the petition to revise must be dismissed.
Application is made to me for a stay of this order so as to furnish opportunity for appeal. If the result of my order would be to do irreparable damage pending the appeal,I should grant
the stay, because in my judgment it is
highly desirable that the specific question here raised be taken as promptly
as possible for final determination
by the Supreme Court. But I cannot see
that irreparable damage is done. In the Harris case the Supreme Court
refused protection against the use of the books as a basis for obtaining further
information. At the present time that is the only use that could be said to
damage the bankrupt, and I feel bound by the ruling of the Supreme Court
so far as that use is concerned.
As to the use of the books themselves as evidence in any criminal 'Proceedings, whether before the Grand Jury or on the trial, if such use under
the Constitution is violative of their Constitutional rights, the defendants
will be able, by proper objection, eventually to secure all of the protection
that they are justly entitled to In this respect. Ifit is not a violation of thier
Constitutional rights, then they cannot be damaged by it, and it is highly
Important,in the interest of justice, that the opportunity should be given to
the State authorities, at their risks as to a subsequent overruling of their
views as to the propriety of this use, that the use itself be permitted.
Therefore the motion for a stay Is denied.
The trial of E. M. Fuller, the former head of the bankrupt firm, on one of several indictments returned against
him for alleged "bucketing" and grand larceny, was begun
in the Court of General Sessions, before Judge Charles C.
Nott on Wednesday of this week, April 18. This is Mr.
Fuller's third trial, it is said, on the indictment; the jury in
his first trial disagreed and a mistrial was declared in the
case of the second because of the non-appearance of an important witness. According to the New York "Herald"
of April 19, when the present trial began on Wednesday,
it was found that three witnesses for the prosecution were
missing and that a fourth, under instructions from the
defendant's lawyers, had refused to confer with the District
Attorney. As a result Assistant District Attorney Hugo
Wintner, who was prosecuting, announced, it is said, that
a Grand Jury investigation would be made to determine
whether there is a conspiracy to obstruct justice. This
investigation, it is said, by request of Judge Nott, will not
be begun before the close of the present trial. At a hearing
before Harold P Coffin, the referee in bankruptcy, on April
18 (the day the criminal action commenced) C. G. Bourne,
a certified accountant, testified that he was unable to find
any record of stocks to the value of $6,612,000, which ought
to have been in the possession of the bankrupt firm. Mr.
Bourne, it is said, explained that the $6,612,000 was offset
by a debit of about $4,000,000, leaving liabilities of approximately more than $2,000,000. Yesterday (April 20) at
the request of Assistant District Attorney Wintner, the
trial of Mr. Fuller was adjourned until Monday (April 23)
by Judge Nott. Reference was made to the failure of E. M.
Fuller & Co. in the "Chronicle" of July 1 1922, p. 26 and subsequent issues.
Federal Judge Mack Renders Decision Which Gives the
District Attorney Access to Books of the Bankrupt
Firm of E. M. Fuller & Co.
Judge Julian W. Mack of the Federal Court on Thursday
of this week,(April 19) handed down an opinion under which,
it is said, State prosecutors can, hereafter, examine the books
of bankrupt brokerage firms for evidence of "bucketing"
and other forms of criminal convresion of their customers'
money. Judge Mack's decision was rendered on Thursday
evening after a two-hour hearing in his chamber in the Woolworth Building, in connection with the bankruptcy investigation of the brokerage firm of E. M. Fuller & Co., which
failed last June. On Thursday morning, it is said, Harold
P. Coffin, Federal referee in the Fuller case, had granted an
order transferring the failed firm's books from Samuel
Strassbourger, the receiver for E. M.Fuller & Co., to George
C. Sprague, the trustee selected on March 31 by 4,000 creditors of the firm. Counsel for E. M. Fuller and his partner,
William F. McGee, it is said, sought to obtain an order from
Judge Mack, staying the execution of Mr. Coffin's order. 5% Discount Rate on Nine Months Agricultural Paper
Adopted By Federal Reserve Bank of Philadelphia
Judge Mack in his decision upheld the Federal referee's
The Federal Reserve Bank of Philadelphia, announced
order, vacated his stay and refused a further stay pending
on April 19 that it had established a discount rate of 5% on
an appeal. His opinion is as follows:
am entirely clear that the intimations of the Harris case,(a United States agricultural and livestock paper, having a maturity from
Supreme Court decision, it is said, cited by counsel) although not the six to
nine months. This paper has been made eligible for
express decision, are against any right of the bankrupt to have any limitation placed upon the possession or use of his books by the trustee, and I feel rediscount by Federal Reserve banks under the recently
It to be my clear duty to follow these intimations rather than earlier deci- enacted agricultural credits
act. Previously the limit had
sions in the lower court. I may be influenced in this by my own clear con- been
six months. The new rate does not change the existviction, a conviction of many years'standing, that there is no Constitutional
right under the Fourth and Fifth Amendments to possession of property ing rate of 43.% on paper maturing within six months. Last
containing incriminating matter where there no longer is title In the person week (page 1603) we
reported the adoption by the Federal
having possession.
It seems to me that anybody who places incriminating statements on prop- Reserve Bank of Boston, of a 5% rediscount rate for agrierty which does not belong to him cannot resist the right of the owner of that cultural paper maturing between six and nine months and
property to re-obtain it. and I know of no method by which he can, as a con- reference to the
4%% rate established by the Federal Reserve
1716
THE CHRONICLE
Banks of San Francisco, Atlanta, St. Louis, Cleveland,
Richmond, Minneapolis and Dallas, was made by us March
31, page 1368; Aptil 7., page 1485, and April 14, page 1603.
State Institutions Admitted to Federal Reserve System.
The following institutions were admitted to the Federal
Reserve System during the week ending April 13:
Total
Surplus. Resources.
Capital.
District No.2—
Long Branch Banking Co., Long Branch,
$150,000 $100,000 $2,418,711
N. S
District No.4—
Lyons, Ohio
25,000
2,000
203,172
Farmers State Bank,
District No. 11—
25.000
156,669
First State Bank, IdaJou, Texas
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 Rockville National Bank, Rockville, Conn.
The Carlstadt National Bank, Carlstadt, N. J.
The First National Bank, Middletown, N. Y.
The National Bank of North Philadelphia, Philadelphia. Pa.
The Pennsylvania National Bank, Chester, Pa.
The American National Bank, Little Falls, Minn.
States Supreme Court Upholds Validity of
Grain Futures Act.
The United States Supreme Court upheld the constitutionality of the Capper-Tincher Grain Futures Act, in an
opinion rendered on April 16. The Act, which was to become
operative on Nov. 1 last, was enacted (as we indicated in
our issue of Nov. 11, page 2117) to take the place of the Futures Trading Act of Aug. 24 1921 following the decision of
the U. S. Supreme Court in May of last year declaring unconstitutional Section 4 of the 1921 Act. A temporary restraining order preventing the carrying into operation of
the Capper-Tincher Grain Futures Act was issued on Oct.
30 1922 by Judge Carpenter in the U. S. District Court at
Chicago, the issuance of the order growing out of the filing
of a petition by the Chicago Board of Trade. On Nov. 17 the
injunction proceedings were dismissed by Judge Carpenter,
who, however, continued the stay order preventing enforcement of the law until its constitutionality had been passed
upon by the U. S. Supreme Court. The Chicago Board of
Trade in its bill of complaint charged that the law sought to
regulate as inter-State commerce trade that was wholly
State, that it interfered with State rights to govern exchanges and that it sought to deprive Board members of their
property by admitting representatives of co-operative bodies
and permitting them to rebate commissions in violation of
rules observed by other members. Charges of unconstitutionality were also made on the ground that the law makes
violation of its provisions a crime "and constitutes the Secretary of Agriculture, the Secretary of Commerce and the
Attorney-General a commission with power to deprive offenders of their rights to thereafter pursue a lawful vocation, whereas such criminal laws are under the Constitution
enforceable only in court." Other sections, granting wide
powers of control to the Secretary of Agriculture, were also
attacked. The Supreme Court in its conclusions April 16
was divided—seven to two—Justices Sutherland and McReynolds dissenting from the majority opinion, which was delivered by Chief Justice Taft. In declaring that "Congress
has the power to provide the appropriate means adopted in
this Act to restrain the manipulation of the market for futures, the majority opinion said in part:
United
[VOL. 116.
prices on the futures market and in the cash sales. This is hardly consistent with the affidavits the plaintiffs present from the leading economists,
who say that dealing in futures stabilizes cash prices.
More than this, prices of grain futures are those upon which an owner
and intending seller of cash grain is influenced to sell or not to sell as they
offer a good opportunity to him to hedge comfortably against future
fluctuations.
Manipulations of grain futures for speculative profit, though not carried
to the extent of a corner or complete monopoly, exert a vicious influence
and produce abnormal and disturbing temporary fluctuations of prices
that are not responsive to actual supply and demand, and discourage not
only this justifiable hedging, but disturb the normal flow of actual con• signments. A futures market lends itself to such manipulation much
more readily than a cash market.
The fact that a corner in grain is brought about by trading in futures
shows the direct relation between cash prices and actual commerce on
the one hand, and dealing in futures on the other, because a corner is not
a monopoly of contracts only. It is monopoly of the actual supply of
grain in commerce.
If a corner and the enhancement of prices produced by buying futures
directly burden inter-State commerce in the article whose price is enhanced, it would seem to follow that manipulations of futures which
unduly depress prices of grain in inter-State commerce and directly influence
consignment in that commerce are equally direct.
The question of price dominates trade between the States. Sales of
an article which affect the country wide price of the article directly affect
the country wide commerce in it. By reason and authority, therefore,
in determining the validity of this Act, we are prevented from questioning
the conclusion of Congress that manipulation of the market for futures on
the Chicago Board of Trade may, and from time to time does, directly
burden and obstruct commerce between the States in grain, and that it
recurs and is a constantly possible danger.
For this reason, Congress has the power to provide the appropriate
means adopted in this Act by which this abuse may be restrained and
avoided.
Relative to the attack upon the provision of the Act which
forbids a grain exchange to exclude from membership cooperative associations, the Court, according to the New York
"Commercial," said:
The Board of Trade conducts a business which is affected with a public
interest and is, therefore, subject to reasonable regulation in the public
interest. In view of the actual Inter-State dealings in cash sales of grain
on the exchange, and the effect of the conduct of the sales of futures upon
Inter-State commerce, we find no difficulty in concluding that the Chicago
Board of Trade is engaged in a business affected with a public national
Interest and is subject to national regulation as such. Congress may,
therefore, reasonably limit the rules governing its conduct with a view
to preventing abuses and securing freedom from undue discrimination in
its operations.
Congress evidently deems it helpful in the preservation of the vital function which such a Board of Trade exercises in inter-State commerce in grain
that producers and shippers should be given an opportunity to take part
In the transactions in this world market through a chosen representative.
Nor do we see why the requirement that the relation between them and this
representative, looking to economy of participation on their part by a
return of patronage dividends,should not be permissible because facilitating
closer participation by the great body of producers in transactions of the
Board which are of vital importance to them.
A press dispatch from Washington to the New York
"Times" on the 16th regarding the Court's conclusions, remarked that it was shown that witnesses testified before
Congressional committees that while the Chicago Board of
Trade sold nearly 200,000,000 bushels of grain annually for
future delivery, not 1% of this was delivered. Associated
Press dispatches from Washington April 16 in reporting the
acceptance of the, Court's conclusions by the officials of the
Chicago Board of Trade, said:
American grain exchanges have now been given the stamp of Governmental approval, John J. Stream, President of the Chicago Board of Trade,
declared in a statement to
-night on the Supreme Court's decision upholding
the Grain Futures Act.
"We feel," he continued, "that this action will tend to encourage the
grain trade into greater use of the futures trading system for hedging and
for commercial price insurance purposes."
As the law is interpreted, the futures market will not be interrupted in
any way during the formalities incident to the application of grain exchanges
for designation as contract markets. The law specifically preserved the
futures market, grain trade leaders pointed out, and gives it official recognition as a necessary factor in the economic marketing of foodstuffs.
Mr. Stream made it clear that the Board of Trade would co-operate to
the fullest extent in the enforcement of the new law.
"Every provision of the Act," he said, "will be strictly conformed to
The Grain Matures Act which is now before us differs from the Future
members of the association. Should the law fail to accomplish the purTrading Act in having the very features the absence of which we held by
pose for which it is intended it will be through its own indeficicicies and not
In the somewhat carefully framed language of the foregoing decision preresult of any hindrance on the part of the grain exchange."
vented us from sustaining the Future Trading Act. As we have seen in as a
It will be impossible, according to Mr. Stream and other grain trade
the statement of the case, the Act only purports to regulate Inter-State
leaders, to determine what effect some of the provisions of the law will have
commerce and sales of grain for future delivery on boards of trade because
the orderly marketing of food commodities. "The future alone holds
it finds that by manipulation they have become a constantly recurring upon
he answer," President Stream stated.
burden and obstruction to that commerce. Instead, therefore, of being
Senator Capper was quoted to the following effect in Toan authority against the validity of the Grain Futures Act,it is an authority
In its favor.
peka press dispatches April 16:
In till Act we are considering Congress has expressly declared that
I think it will be welcome news to the millers and producers in this
transactions and prices of grain in dealing in futures are susceptible to
speculation, manipulation and control which are detrimental to the pro- part of the country. We believe the law will eliminate the vicious practices
ducer and consumer and persons handling grain in Inter-State commerce, which have been at the bottom of grain gambling, and will make it imposand render regulation imperative for the protection of such commerce sible for speculators and manipulators to bring about conditions which produce violent fluctuations in the market.
and the national public interests therein.
The law places grain exchanges under Government supervision. It
It is clear from the citations in the statement of the case of evidence
before committees of investigation as to manipulations of the future market does not, however, prevent future trading and speculation when carried
be unwarranted in rejecting the finding on by millers and others in the course of legitimate business.
and their effect, that we would
of Congress as unreasonable, and that, in our inquiry as to the validity
of this legislation, we must accept the view that such manipulation does Census Report on Cotton Consumed and On Hand, also
work to the detriment of producers, consumers, shippers and legitimate
Active Spindles, and Exports and Imports.
tealers in inter-State commerce in grain, and that it is a real abuse.
But it is contended that it is too remote in its effect on inter-State
Under date of April 14 1923 the Census Board issued its
commerce, and that it is not like the direct additions to the cost to the
regular preliminary report showing cotton consumed, cotton
producer of marketing cattle by exorbitant charges and discrimination
of commNsion men and dealers. It is said there is no relation between on hand, active cotton spindles and imports and exports of
APRIL 21 1923.]
TUE CHRONICLE
cotton for the month of March 1922 and 1923 and the eight
months ending with March. Cotton consumed amounted to
623,105 bales of lint and 51,745 of linters, compared with
519,761 of lint and 48,648 of linters in March last year, and
566,924 of lint and 77,611 of linters in February this year,
the Bureau announced. The statistics of cotton in this
report are given in running bales, counting round as half
bales, except foreign bales, which are in equivalent 500pound bales.
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN
OTHER ESTABLISHMENTS AND ACTIVE COTTON SPINDLES.
(Linters Not Included.)
Cotton Consumed I
Cotton on Hand
(Bales) DuringMarch 31 (Bales)
-
Locality.
Cotton
Spindles
Active
In Public During
Year
In
Eight
Months Consuming Storage and March
Establish- at C0771- (Number).
March. ending
presses,:
March 31. ments.x
United States
1923 *623,105 *4,462,608 *2,034,535 *2,377,799 35,500,518
United States
1922 519,761 4,003,754 1,557,023 3,752,258 31,872,842
Cotton growing States 1923 392,027 2,832,937 1,228,949 2,056,904 16,065,554
Cotton growing States 1922 337,497 2,461,877
767,166 3,333,948 15,532,124
All other States
805,586
320.895 19,434,964
11923 231,078 1,629,671
AU other States
789,857
418,310 16,340,718
11922 182,264 1,541,877
x Stated in bales.
Includes 27,407 Egyptian, 7,622 other foreign, 4,038 American-Egyptian and
358 sea island consumed; 92,617 Egyptian, 22,107 other foreign, 16,272 AmericanEgyptian and 3,001 sea island in consuming establishments, and 79,827 Egyptian,
18,652 other foreign. 26,405 American -Egyptian and 4,675 sea island in public
storage. Eight months' consumption 165,377 Egyptian, 50,567 other foreign,
49,783 American-Egyptian and 4,757 sea island.
Linters not included above were 51,745 bales consumed during March 1923 and
48,648 bales in 1922; 169,509 bales on hand in consuming establishments on March 31
1923 and 185,850 bales in 1922; and 48,434 bales in public storage and at compresset
in 1923 and 128,391 bales in 1922. Linters consumed during the eight months
ending March 31 amounted to 436,424 bales in 1923 and 420,360 bales in 1922.
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
Imports ofForeign Cotton During (500-1b. bales)
Country of Production.
March.
1923.
Egypt
Peru
China
Mexico
All other countries
Total
8Months end.Mar 31.
.
1922.
1923:
1922.
37,007
3,655
6,970
1,210
4,377
47,636
2,246
4,532
3,122
2,421
287,448
17,218
28,921
44,925
9,897
205,254
32,125
10,826
53,337
11,239
53,219
59,957
388,409
312,781
1717
Judge Gary at Annual Meeting of United States Steel
Corporation Criticizes Immigration Laws
Labor Scarcity in United States.
The enactment of present immigration laws of the United
States was described by Elbert H. Gary, Chairman of the
United States Steel Corporation as "one of the worst things
this country has ever done for itself economically," in his
address to the stockholders of the corporation at the annual
meeting in Hoboken on the 16th inst. Judge Gary, who returned a week ago from a trip to Europe, declared that
"there is a great abundance of labor on the other side of the
ocean," which, he said, "would be glad to come here and
work, but is restricted by these laws." Referring to the
scarcity of labor here, Judge Gary intimated, according to
the "Journal of Commerce," that the effect of the country's
restrictive immigration policy is being reflected in prices for
steel. If the corporation had the power to bring about
proper labor conditions, he said (we quote from the "Journal of Commerce") steel prices would be fair and profitable,
but never extortionate, and labor would always be paid
fairly and liberally. In another item we refer to reports
that President Harding is in accord with Judge Gary's views
as to the shortage in the ranks of labor. The following regarding Judge Gary's further remarks is taken from the
"Journal of Commerce":
Judge Gary told the stockholders that the corporation had added at
least $1,000,000,000 to its property values since it started. "Sooner or
later," he added, "we hope the stockholders will get the benefit of these
increased values."
Omitting any mention of future dividend policy, he stated that he did
not like to make promises in advance. "I would rather be charged with
being slow," Judge Gary explained, "than be charged with having made a
promise that was not kept."
"Some people think," he continued, "that we have a large surplus, anti
that we might pay larger dividends. While our surplus is large and hue
been increasing a good deal, it is not all in cash or in equivalent, cf cash.
It is invested in properties purchased and in extension of properties deemed
necessary to maintain our trade position. Furthermore, as business has
grown It has required more working capital to keep it going. As a rule we
have had plenty of cash to do business and to make it reasonably certain
we would not have to go to the banks to borrow at a high rate of interest,
and we have kept a little ahead so as to be provided with cash with which
to pay common dividends even though unearned.
Upholds Conservatism.
"We have made our securities intrinsically a little more valuable every
year. You may say that this has not been shown so far as dividends are
Country to Which Exported.
March.
8Monthsend.Mar.31. concerned, but let me tell you that we have maintained our dividends
during periods when most of the other steel companies were force& to sus1923.
1922.
1923. I 1922,
pend payments. This was made possible only through the conservatism
United Kingdom
1,118,714 of looking far ahead."
65 7121 109,853 1,221,079
,
France
534,912
64,122
540,614
26,260
"There are some things that the management of the corporation cannot
Italy
14,821
402,211
287,451
34,029
commodities
Germany
56,047
140,872 685,882 1,007,534 control," Judge Gary reminded the stockholders. "Prices of
Other Europe
544,858
500,083 manufactured and sold cannot be absolutely controlled by producers.
32,727
52,429
Japan
708,048 These prices are made by the sellers and purchasers together. They must
79,971
57,406
478,273
All other countries
227,452 agree. Unless there is some artificial control or influence selling prices
23,464
21,981
184,438
Total
*318,210 *461,484 *4,057.355 '4,384,194 depend upon active competition. Sometimes these prices are much larger
than they are at other times. That is because the demand is greater than
•Figures include 8,347 bales of linters exported during March in 1923 and 9,109 the supply and causes the higher quotations."
bales in 1922 and 30,288 bales for the eight months ending March 31 in 1923 and
Pointing out the big increase in the steel-producing capacity of this
86,590 bales in 1922. The distribution for March 1923 follows: United Kingdom, country in
the past several years, he said that the only thing for the United
394;France,357;Germany,3,998;Italy.645;other Europe,50;other countries,2,905.
States Steel Corporation to do was to keep its fair position in the trade.
WORLD STATISTICS.
-The preliminary estimate of the world's production of
commercial cotton, exclusive of linters, grown in 1922, as compiled from information
Labor Beyond Control.
secured through the domestic and foreign staff of the Department of Commerce.
"Labor is another element beyond control," asserted Judge Gary. "It
Is 17.604,000 bales of 478 lbs. lint, while the consumption of cotton (exclusive of
linters in the United States) for the year ending July 31 1922 was approximately depends upon the same influence as prices-willingness of a man to work
'
20,047,000 bales of 478 lbs. lint. The total number of spinning cotton spindles, at a certain price and consent of the employer to pay that price."
both active and idle, is about 157,000,000.
Regarding the welfare work, Judge Gary said that the corporation had
treated its men better than employees of any other big concern have been
treated. Since the war, he said, the efficiency of the men as individuals
has been better than ever before. He continued:
Annual Meeting of National Association of Cotton
"Our men would always be satisfied except for the unjustified and uncalled
for interference on the part of outsiders. When our men have the opporManufacturers in Providence April 24, 26 and 26.
tunity
their own judgment
The annual meeting of the National Association of Cotton always to passthe management." on the matters involved they have
upheld
"In my judgment," he added, "the only proper way to give an employee
Manufacturers will be held at the Providence-Biltmore
Hotel, Providence, R. I., on Tuesday, Wednesday and connection with the management of the affairs of a corporation is through
a stockholding interest."
Exports of Domestic Cotton and Linters During
(Running Bales)
-
Thursday of next week, April 24, 25 and 26. The business
50,000 Employees Hold Stock.
sessions will be held in the forenoon and afternoon Of TuesFifty thousand employees are now stockholders of the United States
day and Wednesday; Tuesday evening there will be a Steel Corporation. the Chairman said, and all the officers hold stock acsmoker, and Wednesday evening the annual banquet will cording to their means.
take place, in which the members of the Rhode Island atApproximately 100 stockholders attended the meeting, which was held
the company's offices, 51
represented
Textile Association and the Southern New England Textile in their own right or by proxyNewark Street, Hoboken. They and 1,337.2,178,297 shares of common stock
invited to participate. Wednesday after- 311 shares of preferred stock. All directors of the company were re-elected.
Club have been
Gary said
noon's session will be devoted to a joint meeting with the & JudgeInstitute he would reserve for the meeting of the American Iron
Steel
in May the discussion of his recent European trip, during
Providence section of the American Society of Mechanical which he was reported to have held conferences with Hugo Stinnes, Germany's industrial leader, and Premier Mussolini of Italy.
Engineers. On Thursday morning, under the direction• of
the Joint Entertainment Committee, visits will be made to
industrial plants in the neighborhood of Providence. On
United States Steel Stock Holdings.
Tuesday afternoon the general topic for discussion will be
Regarding the list of principal stockholders of the United
"Export Markets," and there will be addresses on "Brazil
- States Steel Corporation made public at the annual meeting
The Promising Land," by W. Irving Bullard, and "World of the
corporation on the 16th inst., the "Journal of ComMarkets," by John S. Lawrence. On Wednesday morning merce"
of April 17 had the following to say:
the general topic will be "Cotton," the addresses scheduled
One of the outstanding features of the statement of stockholdings made
being "Co-operative Associations," by A. H. Stone, and public by the United States Steel Corporation yesterday afternoon was
"Cotton Marketing," by W. L. Clayton, H. C. Meserve seen by traders in the greatly reduced holdings of the stock which appeared
to be afloat in the market. This seemed to verify the opinions which have
45 Milk St., Boston, is Secretary of the Association.
eon expressed in many quarters for a good while past to the effect that
1718
THE CHRONICLE
United States Steel was rapidly passing from the status of a "speculative
proposition" to that of an investment stock.
Brokers' Holdings Reduced.
In yesterday's statement confirmation of the opinions thus held were
seen in the fact that many financial houses in this city which formerly
held from 40,000 to 50,000 shares of United States Steel are now holding
a bare fraction of that number. In a number of cases the holdings have
been reduced to from 3,000 to 4.000 shares, one of the largest being a
block of 15,000 shares held by a concern which formerly was in the habit
of carrying about 50,000 shares This reduction does not reflect a lessening
in the general business of the concerns in question, as it is known that
most of them are doing a larger aggregate business than they did at the
time when the figures relating to United States Steel on the higher basis
held good. It represents simply a shifting of speculative activity from
United States Steel to other stocks.
Is Steel Being Sold to Public?
The question was under discussion in stock market circles whether
United States Steel is being disposed of to the public in the same sense
that Standard 011 is reported to have been distributed. As is well known,
it has long been the policy of United States Steel to enlarge the number
of its stockholders so far as possible, notably by disposing of shares to its
employees on a partial payment plan. The total number of its stockholders, now about 108,000, has in this way been greatly increased and
yesterday's figures seemed to show that the average holding has likewise
been enlarged. Yesterday's statement, however, shows that there are still
some very large-sized individual holdings representing the core of the
control of the enterprise. The company is evidently following the plan
of securing a large clientele among the public, while at the same time
retaining a substantial central body of large stockholders. This differs
from the policy reported as being that of Standard Oil during the hearings
before the oil commission of investigation in Washington.
Stability of United Stales Steel.
Brokers yesterday regarded the increasingly wide distribution of the
stock as the primary reason for the recent stability of United States Steel
In the market and its comparative freedom from extreme fluctuations.
While some of the large holders may be able from time to time,and doubtless
do, as in the case of other great industrial concerns, sell and buy extensively
in the market, the reduction of the stocks on hand In brokerage establishments and the recent decline in the volume of daily turnover is believed to
illustrate the gradual transference of the shares from a current speculative
status to the more permanent basis in which they reside largely in the
strong boxes of investors. In this is seen a primary reason for the failure
of the stock to recede in value owing to the lack of any early prospect of
an increase in the common dividend, notwithstanding the desire of holders
for such action.
Among the stockholders were the following:
Pref. I
Corn.
Corn
Pref.
58,550
G. F. Baker
500 I E.J. Buffington_ — _ 1,081
1.386
Filbert
W. J.
1,312
1,346'James A. Farrell..__ 2,787
4,350
Samuel Mather_ __ _
801
____ IE. H. Gary
3.757
5,279
Thos. Morrison_ _
1,000
4,000 I J. P. Morgan, Jr_ _ _
105
It. V. Lindabury- —
68
200 I Emma Gary
11
3,769
Palmer
W.P.
1.01911. P. Morgan & Co_
351
_ 105
Percival Roberts, Jr
1
1101E. H. Gary and
Robert Windsor_ - _ _
500
ii Richard Trimble_125,457 39,200
1
G. F. Baker, Jr_ _ _ _
____ IE. H. Gary and
I F. M.Waterman_ 61,000
[VOL. 116.
of a lifetime on a long sea voyage in order to find out whether he can enter
the United States.
One great result of moving our inspection machinery abroad to make selections among the applicants for admission would be to end the heartrending
scenes which every day confront our agents at Ellis Island and other ports of
entry. . . . So long as under the law we admit foreigners to this country
we could end all of these horrors if we could make our selections on the other
side, and transform our immigrant stations at the ports into gateways
of welcome.
This I call selective immigration. So long as the United States is to
admit foreigners. I would have our system function to bring us the best that
we can get from abroad, and to make their way into America easy and
comfortable.
It seems to me that the immigration laws of the future should be wholly
American, drawn by Americans, enforced by Americans for the benefit of
America to-day and in the future. This is clue to the native-born citizen
and to those immigrants who have, and who no doubt will continue to come
to contribute to this country's industry and commerce.
Chairman Johnson of the House Immigration Committee,
in a statement issued on April 17 in reply to Judge Gary's
contentions, said:
Most appeals those days for more liberal immigration laws are based on
the idea of selection. Selection for what? From Mr. Gary's standpoint
the answer is for work in the steel mills.
In spite of restricted immigration, the United States Steel Corporation
seems to have done very well with a net earnings of $410,000.000 in 1922 in
spite of a 20% increase in wages.
If the immigration laws are relaxed,for every one immigrant who would
come as a possible employee of the steel and other corporations, nine will
come to drag down the living standards of the United States. These corporations want cheaper labor. Cheap labor makes a cheap country. Common
labor works for 20 cents a day in Haiti and for 40 cents a day in Porto Rico,
where thousands are unemployed.
A few weeks ago Charles M. Sshwab, in an interview, said that he had
never seen such extreme misery as now exists in England through unemployment. Our restrictive immigration act helped to transfer 5,000.000
people in the United States out of work to work at good pay in fifteen months
time. If any selective law is enacted it should apply to the immediate blood
relative of those now here before we begin to take in new foreign laborers
without giving thought to the later necessary admission of their families.
Judge Gary's statement blaming the immigration restriction law for the present labor shortage was disputed by
Commissioner Husband of the Immigration Bureau at Washington on April 18, the Commissioner declaring that the 3%
quota could not be held responsible so long as the quota fixed
remained unexhausted. The New York "Evening Post," reporting this statement by Commissioner Husband, added:
Approximately 75.000 immigrants from Germany and other northern
European countries can be admitted between now and July 1, the Commissioner said, although the supply from Italy, Russia and other southern
countries has been shut off.
Referring particularly to the shortage of labor in the steel and iron
industry, Mr. Husband said the domestic labor supply had kept that
industry going in England and in Germany.
The difficulty here lay in the unwillingness of laborers to do the sort
of work required in a steel mill.
For that reason, he said, the industry had been compelled to a large
degree to use labor from Italy. Poland and some of the Slav countries.
The Department of Labor has no exact figures. It was said to-day, OD
labor shortage in the various industries. The information Secretary
Davis furnished to President Harding yesterday on the subject was said to
have come from information gathered In a general way through the press
and ftzm employers desiring the entry into the United States of skilled labor.
President Harding in Agreement with Judge Gary on
Labor Shortage—Secretary of Labor Davis Against
Removal of Immigration Restrictions.
While President Harding is said to be of the same opinion
as Elbert H. Gary as to the existence of a shortage of labor
in the United States, a stand against the letting down of the
immigration bars has been taken by Secretary of Labor
Davis. A report compiled by the Labor Department and
presented to the President on the 17th inst., in arguing Frank Morrison of American Federation of Labor in
Criticism of Judge Gary's Views on
against the removal of the present restrictions, says:
Immigration Laws.
Times have changed materially, Mr. President, since you entered the
Judge Gary's contentions regarding the immigration laws
White House. At that time when the 3% restriction on immigration
was decided upon we had more than 5,000,000 of our working people idle brought from Frank Morrison, Secretary of the American
and we faced what seemed almost certain industrial panic. Industries
Federation of Labor, a Statement on April 19 that "Mr. Gary
were closing because of lack of markets, wage scale were falling in many
does not want workers so much as he wants cheap labor."
industries, industrial strife was spreading.
Immigration restriction was one of the measures which helped to put Mr. Morrison's criticism of Judge Gary's statement, was rean end to the industrial panic. We have come a long way through wise
follows in the New York "Times" of yesterday
administrative and legislative measures since then. To-day unemployment ported as
has been reduced to a minimum; wages everywhere are rising. During (April 20):
the last year, even during the last few months, there have been wage
The American Federation of Labor is not opposed to immigration, with
increases in practically all of the forty-three industries reporting to the
this exception: It is opposed to the bringing of Orientals here. Our civiBureau of Labor Statistics.
cannot survive if Orientals are permitted to come here and take the
They have been very general in the basic industries, and have ranged lization
place of our workers.
from 2 to 20%.
Mr. Gary's representative during the war said that 4,000,000 Chinese
Under these conditions, with labor everywhere in demand, it is inevitable
be brought here to work on the farms when the boys were in the
that there should be agitation among some for the lifting of immigration re- could
trenches. He knew that if they went on the farms the Americans could
strictions. It is unnecessary to point out the evil of throwing upon the
compete with them, and the Americans would be driven to the steel
not
gates at a time of prosperity in order to flood the country with
workers mills. The packing houses wanted to bring in millions of men. They had
and non-workers, whose very Presence would servo to bring prosperity to
no thought of the millions of unemployed several years ago.
an end.
Mr. Gary does not want workers so much as he wants cheap labor. He
It is a short-sighted policy to seek cheap labor through immigration.
cannot get men, but he only wants to pay a certain wage. Labor
To-day, because of the demand for workers, there is a perceptible movement claims he
work for that wage, but Gary wants to bring in millions of men to
of common labor of a low grade from a contiguous country. Largo groups of will not
reduce the wages of the workers here. Those employers have in mind to
this nationality are finding their way into our mills and factories.
put us back to the condition we were in in 1914.
I have talked with employers who have taken on these men and in
every
The war stopped immigration. Under the present law the quotas from
GISO they admit that an upstanding American workman would do two
and a England, Ireland and the Scandinavian countries and Germany are not
half times the work that is accomplished by the individual of this racial
exhausted, but the quotas from the Balkan countries are.
group. That being so, it is quite apparent that it is cheaper to pay an
The American Federation of Labor favored stopping immigration for four
American worker twice the wages that the foreigners receive. It has been
the war. It was not successful in putting its policy through.
my experience since the days when I worked in the mills that cheep labor years after
adopted, and through this law we were able to get the assuris expensive labor both for the industry which employes it and for the A 3% law was
only those would be permitted to come here who could get emance that
community which houses it.
ployment and who would not displace men with jobs. That is a fair propoIn urging a plan of selective immigration, Secretary Davis, sition. We did not want to make greater unemployment.
In the building industry it is claimed that there is a shortage in some skilled
according to the New York "Times," said:
trades, but you know what a seasonal occupation is. It would be dangerous
I propose that we establish strict. but Just tests of physical and mental to bring in millions of workers to do in a few months what can be done in a
health and that we make those tests under the numerical restriction now year,so that when the work is done in the shorter time there would be great
placed by law on immigration. I would have those tests made abroad, in unemployment. I want to tell you that the immigration law will protect
order that the applicants for admission may not have to spend the savings those who are here and those who may come.
APRIL 21 1923.]
THE CHRONICLE
1719
raw sugar at New York,
Government's Injunction Proceedings Against New the petition states. "The price ofFeb.8 1923,from $3 65 to May delivery,
increased between Feb. 1 1923 and
$4 07 per cwt.
Sugar Exchanges, Inc.
York Coffee &
Thereafter prices gradually increased from day to day until April 1 1923,
Coincident with the presentation to President Harding when the peak of $5 97 was reached."
The following relative to the allegations in the petition
of a report by the United States Tariff Commission on
April 19 stating that increased sugar prices are "due to is taken from the "Journal of Commerce":
The extent of the rise in the price of refined sugar f. o. b. New York
causes not connected with the American tariff," the United appears
from a comparison of the quotation of $9 40 per cwt. on April 12
States Department of Justice filed a petition in the United 1923, with the quotation of $525 per cwt., which obtained on April 8 1922.
States District Court in New York for an injunction against
Price Rise Discussed.
the New York Coffee & Sugar Exchange, Inc., and the New
This rapid increase in the price of raw and refined sugar, beginning on
York Coffee & Sugar Clearing Association, Inc., and twenty- Feb. 7 1923, and in effect on the date of the filing of this bill, was and is
three members representing the two organizations. The the direct result of a combination and conspiracy between the New York
Government's petition, filed by United States District Coffee and Sugar Exchange, Inc., the New York Coffee and Sugar Clearing
Association, Inc. and the officers and members of those corporations and
Attorney Colonel William Hayward, asks:
their clients or principals, who, by means of purported purchases and sales
That the defendants and each of them be perpetually enjoined from
entering into or permitting to be entered into any transactions on said Exchange or elsewhere involving or purporting to involve the purchase, sale
and delivery of sugar, unless the person purporting to make such sale has
In his po ecsion or under his control a supply of sugar adequate to meet the
requirements of such transaction, and the person purchasing or purporting
to purchase shall in good faith intend to buy and pay for such sugar and
accept delivery as soon as same can be made.
In its petition the Government alleges that the maintenance and operations of the defendants "inevitably result in
the establishment of prices for raw and refined sugar which
are wholly speculative and artificial without proper regard
for the conditions which but for said unlawful and economic
operations would control prices." It also contends that
"said Exchange and Clearing Association serve no,legitimate
or useful purpose in the marketing in inter-State and foreign
commerce of the United States of raw and refined sugar";
that "they exist only as a means of contracting and speculating with reference to supplies of sugar which in many
cases do not exist." The New York "Times" reports the
petition as stating:
Cost to the Public.
"Sugar is a prime article of diet and a necessary of life," the petition sets
forth. "The annual per capita consumption of sugar in the United States
Is 102.86 pounds. Because sugar enters so largely into the daily life of the
people any artificial increase in the price thereof imposes a severe burden
upon each individual citizen. Every advance of 1 cent per pound in the
price of refined sugar costs the consumers in the United States approximately $2,000.000 a week."
Most of the sugar in the United States is refined in this country, and a
large part of it comes from Cuba, with which the present proceeding is
mainly concerned. Most of the dealings on the Exchange involve raw
sugar, the petition states, adding:
"Actually, transactions on the Exchange in an overwhelming majority
of cases do not involve and are not intended to involve the delivery of the
amount of raw sugar purported to be sold thereby. Such transactions are
completed on said Exchange by matching, ring settlements or payments
of difference and by clearing through defendant clearing association, where
settlements are reached by matching, payments of difference, &c., without
delivery of the amount of raw sugar stated in the contracts.
"On an average about 75% of all transactions are cleared through defendant clearing association. Of the total number of contracts cleared
through said agsociation in November 1922, .0018% were consummated
by delivery; of the total contracts cleared through said association in December 1922, .0023% were so consummated; of the contracts in January
1923, .0010%; February 1923, .0002%, and March 1923. .0010%."
Dealings Set Price for Sugar.
Although these dealings result in the actual delivery of very little sugar,
the transactions are carefully recorded and set a price for sugar transactions
all over the world, the petition sets forth.
"The prices thus established and published are taken by those who own
and sell sugar as the basis for prices in actual transactions," the petition
states, "and thus it is brought about that the defendant corporations and
individuals by their speculations and gambling in sugar for future delivery
control the prices of raw sugar paid by the refiner, who purchases it for
preparation for consumption; the prices of the wholesaler or jobber, who
purchases refined sugar for distribution: the prices of the retailer, who purchases it for direct delivery to the consumer, and the prices paid by millions
of consumers throughout the United States.
"The maintenance and operations of defendants' New York Coffee Sz
Sugar Exchange, Inc., and New York Coffee & Sugar Clearing Association, Inc., inevitably result in the establishment of prices for raw and refined sugar which are wholly speculative and artificial without proper regard for the conditions which but for said unlawful and uneconomic operations would control prices.
"Said Exchange and Clearing Association serve no legitimate or useful
purpose in the marketing in inter-State and foreign commerce of the United
States of raw and refined sugar. They exist only as a means of contracting
and speculating with reference to supplies of sugar which in many csaes
do not exist and for the purpose of manipulating the price of raw and refined sugar without regard to conditions actually obtaining in the industry
and regardless of the law of supply and demand, and solely for illegitimate
gambling or speculative profits, to the enrichment of the parties to such
operations and frequently to the injury and detriment of those actually
engaged in the business of producing and refining sugar, and at all times
to the serious injury of the consuming public."
No Shortage of Sugar.
To show that there was no reason because of supply for the increase in
the price of sugar the Government petition states that from Feb. 1 1923, to
the time of filing the bill, "the situation of the United States and of the
world in the matter of available stocks of raw sugar was more favorable than
at any time within the last three years. The production of cane and beet
sugar for 1921-22 was approximately 1,000,000 tons greater than in the preceding year, and the estimated production for 1922-23 was 521,000 tons more
than for 1921-22 when the total was 17,686.000 tons. The United States
Department of Commerce estimates the 1922-23 world production of sugar
at 19.511.000 tons, an increase of 1,800,000 tons over 1921-22."
"There existed during this period no economic justification for a sudden or
appreciable increase in the price of raw or refined sugar, or for any increase,"
of sugar, have sought to establish and have established artificial and unwarranted prices, not governed by the law of supply and demand, but based
wholly on speculative dealings not involving the delivery of the quantities
of sugar represented thereby, but altogether carried on for the purpose and
with the effect of unduly enhancing the price of sugar to the enrichment of
said defendants and their principals and to the detriment of the public.
As a result of these fictitious or paper transactions, carried out as aforesaid, the price of raw sugar in this country, and consequently the price
of refined sugar to the consumers, has been increased on an average of considerably more than $2 per cwt. These speculative operations, carried on
for the purpose and with the intent of undulyemhancing the price of both raw
and refined sugar, and which have accomplished that object, constitute and
are an unlawful combination and conspiracy in restraint of inter-State and
foreign trade and commerce in said raw sugar and refined sugar, both of
which are normally articles of inter-State and foreign trade and commerce,
and have resulted, and unless restrained by this Honorable Court will continue to result, not only in the continued enhancement of the price of raw
and refined sugar but also in a dinainihed demand for raw and refined sugar.
thereby lessening the traffic in those commodities in inter-State and foreign
commerce. Said combination and conspiracy, and all acts in pursuance
thereof, are in violation of the afroesaid acts of July 2 1890, and August 27
1894 (as amended), and contrary to the public policy of the United States
of America and in derogation of the common right of the people of the
United States.
The same paper indicates as follows the Government's
plea:
1. That writs of subpoena be issued directed to each and every one of
the defendants impleaded by name commanding them to appear herein
and answer for themselves and for those whom they represent, but not
under oath (answer under oath being hereby expressly waived), the allegations contained in this petition, and to abide by and perform such orders
and decrees as the court may make in the premises.
2. That the court order this cause to be heard on application for a
preliminary injunction (hereby made) within ten days after the service
of notice hereof on said defendants, and that the court upon such application and hearing issue its preliminary injunction against the defendants
(including those impleaded by representation as well as those impleaded
by name) enjoinging them, and all of them, from further engaging in the
unlawful combination and conspiracy above described, and from further
operating said New York Coffee and Sugar Exchange (Inc.) and said
New York Coffee and Sugar Clearing Association (Inc.), in so far as they
relate to sugar.
3. That upon final hearing It be adjudged and decreed that by-laws,
rules and regulations of said defendant corporations, in so far as they
elate to sugar. their adoption by said corporations and said individual
defendants and the concerted action of said defendants in carrying out
said rules and regulations as hereinbefore de.scsibed constitute a combination and conspiracy in restraint of inter-State and foreign trade and
commerce in raw and refined sugar in violation of the Act of July 2 1890,
known as the Sherman Anti-Trust Act, and are also in violation of Section
73 of the Act of Aug. 27 1894, as amended by the Act of Feb. 12 1913.
known as the Wilson Tariff Act, and are contrary to public policy and
detrimental to the people of the United States and in derogation of their
common right.
Would Abolish Exchange.
4. That defendants and each of them be perpetually enjoined from
maintaining and operating and from engaging in the operation of said
exchange and clearing house in so far as they deal in or purport to deal
In sugar and from establishing, maintaining, operating, or engaging in
the operation of any plan or scheme of like character or designed or intended
to establish artificial prices of sugar or to substantially affect prices of
sugar by artificial means or the necessary result of which would be to
so establish and affect the prices of sugar.
5. That said defendants and each of them be perpetually enjoined from in
any manner publishing or making public any price or prices of raw or refined
sugar as being or purporting to be the market price of such sugar as established by or observed in transactions on said exchange, and from attempting
to establish the prices named in transactions on said exchange as the market
Price of sugar to be observed in bona fide transactions actually involving the
purchase, sale and delivery of sugar.
6. That the defendants and each of them be perpetually enjoined from
entering into or permitting to be entered into any transactions on said
exchange or elsewhere, involving or purporting to involve the purchase.
sale and delivery of sugar, unless the person purporting to make such sale
has in his possession or under his control a supply of sugar adequate to
meet the requirements of such transaction, and the person purchasing or
purporting to purchase shall in good faith intend to buy and pay for such
sugar and accept delivery as soon as same can be made.
7. That petitioner have such other,further and general relief as the nature
of the case may require and the Court deem proper.
8. That the petitioner have its costs.
The defendants named in the petition, according to the
New York "Times," are:
New York Coffee and Sugar Exchange (Inc.), New York Coffee and Sugar
Clearing Association (Inc.). T. S. B. Neilsen, Manuel E. Rionda, Frank
C. Russell, C. H. Middendorg, J. H. Walter Lenkau, Justus Ruperti,
Louis V. Sterling, William S. Scott, C. H. Stoffregen. August Schilrenberg,
B. B. Peabody, E. L. Lueder, G. H. Finlay, Franklin W. Hopkins, John
H. Windels, C. B. Stroud, John A. S. Dunn, Hugh S. Carne) William
,
.
Dayne, E. F. Diercks, Leon Israel, Arthur H. Lamborn, Levis W.Minford,
in their own right and as representatives of all the members of said New
York Coffee and Sugar Exchange (Inc.). and New York Coffee and Sugar
Clearing Association (Inc.).
1720
THE CHRONICLE
[You 116.
In commenting on the institution of the present litigation,
Colonel Hayward, according to the "Journal of Commerce,"
said:
"There was such a narrow limitation of delivery that it offered an oppori•
tunity for speculative manipulation and imposed a disastrous burden upon
the natural flow of grain in normal inter-State channels. It was stated in
the opinion of Chief Justice Taft:
'It is not the sales and delivery of the actual grain which are the chief
"
It is the result of painstaking investigation by agents of the Department
of Ju.stice and Government attorneys, notably Major L'Esperance and subject of supervision of Federal agency by Congress in the grain futures act.
Roger Shale, and after many conferences and full consideration by the Pres- It is for the contracts of sales of grain for futures delivery, most of which do
ident and the Cabinet, in which Mr. Daugherty, the Attorney-General, not result in actual delivery but are settled by offsetting them with other
participated over the long distance telephone from Asheville. This is a contracts of the same kind, or by what is called ringing. The question is
united effort on the part of the United States officials charged with the en- whether the conduct of such sales is subject to constantly recurring abuses
forcement of the law and protection of the people of the country to make which are a burden and obstruction to inter-State commerce in grain.'
the gamblers in sugar remove their roulette wheel from the American
Says Deliveries Are Small.
breakfast table."
"During February and March of 1923, only one-thousandth of 1% of
The same paper added:
the number of contracts cleared through the New York Coffee and Sugar
The Government claims in its petition to the Court that the practices on Exchange (incorporated) were consummated by deliveries.
the exchange are in "violation of the Sherman Act, tho Wilson Tariff Act
"We now have under consideration the question as to whether we have
of 1894 and the public policy of the United States, and tend to the detri- the right to ask the court to annul all ofthese fictitious contracts and prohibit
ment and hurt of the people of the United States and in derogation of their any payments or settlements to be made between the parties to those concommon right."
tracts. We now believe that the court has the power to grant this relief, and
The petition declares that the existence cf the exchange has not been vital when we are sure that such a request is justified we will ask that additional
in this country. It is asserted that no relief. The prayer would be as follows:
to the proper distribution of sugar
trading in sugar was done there until December 1914, and that such trading
'That all transactions entered into on said exchanges between February
"
was suspended during the war period and until February 1920. "During — 1923. and the date of the filing of this petition, purporting to involve the
the enti:e history of tho United States,' 'the petition states, "trade and purchase, sale and delivery of sugar at some future date, but which do not
commerce in raw and refined sugar was conducted without the intervention have to specific reference to available supplies ofsugar in the hands of or unof the exchange and without the opportunity of speculation and manipula- der control of the purported seller, be declared null and void and of no
tion which the exchange and the allied clearing association afford, except effect, and that the defendants be enjoined from settling said transactions
during the three years preceding and the three following the World War."
or permitting them to be settled by the payment by one party thereto to the
which the purported sale was
The following statement was issued by the Coffee & Sugar other of the difference between the price atsugar was to be delivered.?"
made and the prevailing price on the day the
Exchange, according to the New York "Herald":
the Wilson tariff act relied upon by the GovThe anti-trust provisions of
At a meeting of the board of managers a committee consisting of the ernment are contained in Section 73 of that law and provide fines of not less
following gentlemen, Messrs. L. S. Bache, M. E. Blonde, E. L. Lueder, than $500 and not more than $5,000, together with imprisonment of not less
George W. Lawrence, Clarence A. Fairchild and Edward F. Diercks, was than three months and not more than twelve months in the discretion of the
appointed, in conjunction with William Mason Smith, the counsel of the court for every person guilty of a conspiracy in restraint of trade in conExchange, to take charge of the litigation brought against the Exchange nection with any article imported into the United States from any foreign
by the Attorney-General.
Commission is referred to else-
The report of the Tariff
It also reports the issuance of the following statement where in this issue.
Exchange:
. by William Mason Smith, counsel for the
The motion of the Attorney-General is returnable on April 30, at which
on Sugar—
time we will appear and defend it. Until then we will have nothing to say. United States Tariff Commission's Report
Increased Prices Due to Causes Other Than Tariff.
Earl D. Babst, President of the American Sugar Refining
The inquiry which was begun in March by the U. S. Tariff
Co., had the following to say on the 19th:
The American Sugar Refining Co. is not a member and does not operate Commission into recent increased sugar prices has resulted
on the New York Coffee & Sugar Exchange. So far as we know,the same in the presentation by the Commission of a report to Presiis true of all sugar refiners. We, as refiners, cannot provide against a
stampede or against a boycott. One is as bad as the other. Sugar comes dent Harding which states that advanced prices since Janufrom the tropics. The great fleet of sugar ships must be kept constantly' ary have been "due to causes not connected with the Amerimoving to the refineries. The refineries must give an uninterrupted supply
tariff." The inquiry was undertaken by the Commisto the country. The movement of sugar must ne kept going evenly or can
sion at the direction of President Harding, the latter having
there is trouble.
The housewives of the country are the one bright spot in the pi esent taken the matter up following a petition to him by Basil
sugar situation. They have not been stampeded. They remember too
Director of the People's Legislative Service, who
well the scramble and slump of 1920. Our advices show that the available M. Manly,
supply of refined sugar at present in the United States is ample. No one, charged "conspiracy to increase sugar prices and continued
or
of course, can foresee the final outturn of the sugar crops in the tropics,
manipulation." As we stated in our issue of March 31,
the amount of sugar that will be consumed in the United States this year.
page 1370, Cordell Hull, Chairman of the Democratic Nae speculative.
All predictions at
If the newspapers and the housewives of the country resist alarming tional Committee, at the same time issued a statement in
reports, the sugar situation will adjust itself. So, Mrs. Housewife, while which he declared that the President had "in his own hands
the newspapers are printing columns on sugar, too often under scare headpotential single remedy for the relines, it is largely in your power to regulate the whole matter. Don't the most immediate and
scramble don't hoard don't boycott. Buy your sugar as you need it.
lief of the sugar situation" in the cutting of sugar duties 50%.
Frank S. Lowry of E. Atkins & Co. said his firm did not With the announcement that the President had called upon
use the Exchange, but traded in actual raws and refined, the Tariff Commission to "make an immediate inquiry into
and that they looked on the Sugar Exchange the same as the relation of the sugar tariff to the current prices of that
the cotton, wheat and other exchanges. Reports that commodity," the President was reported as unconvinced
criminal prosecutions might follow the sugar injunction suit that the present Fordney-McCumbre tariff rates of 1.76
filed in New York were contained in press dispatches from cents a pound on Cuban raw and 2.20 cents on other sugars
Washington April 19, which said the first phase of the was to blame for the increased prices. As we also indicated
Government's action against the alleged sugar conspiracy in our reference to the investigation ordered by President
was completed with institution of the civil injunction pro- Harding (March 31, page 1368), the U. S. Department of
ceedings to prevent speculative trading on the New York Justice had made known on March 23 that the attention of
Sugar Exchange. The criminal phase was held in abeyance, the Department had been "called to the unusual condition in
but Acting Attorney-General Seymour announced that it the sugar market during the month of January," and that
was under serious consideration. According to advices from "a preliminary investigation has progressed to a point where
Washington to-the "Journal of Commerce" on the 19th inst., it is hoped that no embarrassment will be occasioned by prethe decision of the Supreme Court in the grain futures case mature publicity." The Tariff Commission's report deis relied upon by the Department of Justice heavily as fur- claring that "on the rapidly rising sugar market in the United
nishing persuasive authority for its petition. This account States which was witnessed after Jan. 27 of this year, price
stated further:
factors other than the tariff have been controlling." was
Mr. Seymour explained the relation between the principles involved in made public on the same day (April 19) that the United States
the two cases at length.
Government, at the direction of Attorney-General Daugh"The opinion," he said, "filed in the Supreme Court of the United States
Monday in the case of the Board of Trade of Chicago vs. Cline, known as erty, filed in the Federal District Court in New York injuncthe grain futures case, contains many features which are found in the sugar tion proceedings against the New York Coffee and Sugar
case. In that case the bill filed to contest the validity of the act of Congress
York Coffee and Clearing
was based on the contention that the boards of trade permiting dealings in Exchange, Inc., and the New
grain futures should not be interfered with, because a large part of the future Association, Inc. This is referred to elsewhere in this issue.
trading is done by speculators, who make a study of market conditions af- The report of the Commission says in part:
fecting prices and trade to profit by their judgment as to future prices.
Issues in Grain Case.
"The Government claimed that Congress was justified in its conclusions
the detriment to inter-State commerce from constantly recurring manipthat
ulations of sales for future delivery was so vicious and far-reaching that it
made governmental control necessary and those conclusions were reached
only after years of investigation.
"Witnesses testified before the Senate Agriculture Committee that the
number of bushels of grain sold for future trading on the Chicago Board of
Trade in a single year reached nearly twenty billions, and that the amount of
grain actually delivered under such contract was not 1% of this. It was
urged by the Government that the operations of the futures market were
sinister and dangerous in that they affect the prices of a market that are
World wide in their influence.
In the judgment of the Commission this report leads to the following
conclusion:
1. The increase in sugar prices which began toward the end of January
Jan.
1923, carrying the price of raw sugar.f.o.b. Cuba,from 3.165 cents on
24, to 4 cents on Feb. 9, 5.10 cents on Feb. 20, 5.60 cents on March 14
and 5.85 cents on April 10, and the price of granulated sugar from 6.47
cents on Jan. 31 to 7.15 cents on Feb. 9, 8.58 cents on Feb. 23, 9.11 cents
on March 14 and 9.21 cents on April 12, was due to causes not connected
with the American tariff. On the rapidly rising sugar market in the United
States which was witnessed after Jan. 27 of this year price factors other
than the tariff have been controlling.
2. The evidence which has been considered by the Tariff Commission,
including that reviewed in its earlier reports, indicates that the duty on
Cuban raw sugars, 96 degrees, of 1.7648 cents per pound imposed by the
APRIL 21 1923.]
THE CHRONICLE
Tariff Act of 1922 was,during February and March 1923,and is at the present time, included in the wholesale and retail prices of granulated sugar.
3. The statement that the American price of sugar for the time being
includes the duty on sugar is not equivalent to saying that if the tariff were
reduced or removed prices to the consumer would necessarily be lowered by
the full amount of the reduction. If the American sugar tariff were reduced
or removed, the tendency would be to reduce the domestic production of
sugar and to increase the importation of foreign sugar into the United States.
4. The question of the adequacy or inadequacy of the present tariff rate
on sugar, based upon the difference in the cost of production under the
flexible provisions of the Tariff Act of 1922, is not a part of the present inquiry. This question is being investigated by the Tariff Commission and
involves careful and extensive examination. The findings of the Commission based upon this investigation will be reported as speedily as possible to
the President for his consideration and action.
The report,it is learned from the New York "Commercial,"
also has the following to say:
Prior to the present rate of 1.7648 cents per pound on Cuban 96 degrees
raw sugar, the rate was 1.60 cents per pound. established by the Emergency
Tariff Act of May. 1921, which in turn replaced the rate of 1.0048 cents per
pound in the Tariff Act of 1913.
Between the enactment of the Tariff Act of 1913 and the current rise in
price nine years have elapsed during which period profound economic and
political changes have pecurred,so that the relation between the tariff rate of
1913 and the current rise is obscured. With respect to the relationship of
the increase established by the Emergency Tariff Act of May, 1921. of 60
cents per 100 pounds the evidence is clearer. The relation of the Mere se
of 16 cents par 109 pounds of the Tariff Act of 1922 to the current increase
in price Is mathematically ascertainable.
Cuba's 1922 Carry-over.
The market in 1921 was dominated almost exclusively by one factor-the
accumulation of large stocks in Cuba. which piled up by the end of the year
into a carry-over into 1922 of about a million long tons of raw sugar against
a normal carry-over of about 100,000 tons. Under the influence of this factor, the price of sugar, raw and refined, went down continuously throughout
the year 1921 from 4.50 cents per pound on Jan.6 1921. to 1.81 cents on Dec.
29. Under such conditions, the larger proporion of the duty was borne by
the Cuban producer. That the American refiner bore a part of the tariff is
Indicated by the rapid decline in his margin throughout the year from 2.38
Cents on Jan. 8 1921. to 1.48 cents on Dec. 29 1921, as shown in the report
In the Emergency Tariff Act published by the Tariff Commission in 1922.
With the growing marketing strength of the Cuban producer in 1922,
under the influence of the market factors described above, the price of raw
sugar increased from 1.91 cents on Dec. 29 1921, to 3.34 cents on Sept. 7
1922, Indicating that by that date the American buyer of raw sugar was Paying the whole or the major portion of the duty. The respective proportions
of the duty paid by the American buyer of raw sugar and the ultimate consumer of refined sugar are not determined by statistical methods.
To determine the relation of the increase of 16 cents per 100 pounds established by the Tariff Act of 1922 to the current price of sugar, it is necessary
to compare the movement of prices for raw and refined sugar from Jan. 1.
1922, to date. There was a steady rise in 1922, with occasional recessions,
in the price of raw sugar duty paid from 3.42 cents on Jan.3 to 5.36 cents on
July 25. A recessien occurred in August, continuing down to 4.61 duty
paid on Sept. 19. Such a recession commonly occurs in mormal times under
the influence of the anticipated movement of new crop beet sugars both in
the United States and abroad.
Did Not Absorb Tariff Increase.
In the week prior to enactment of the Tariff Act of 1922,raw sugars were
firm at 3 cents, sales being made at3 cents. cost and freight (4.61 duty paid),
sales at this price being made on Sept. 18, 19 and 20. On Sept. 22, the day
on which the new tariff rate went into effect, a sale was again made at 3 cents
cost and freight, so that there was no change in the Cuban price of raw sugar
immediately following the establishment of the new rate. The Cuban producer did not absorb the increase in the tariff. On Sept. 28 the c. and f.
quotation mounted to 3.09 cents and thereafter mounted to higher levels following cabled reports showing a European beet sugar crop less than previously estimated. American refiners made no purchase of raws for a few days
after the new rate was established. They were unwilling to pay the increased futy, while the Cubans were unwilling to offer raw sugar at a concession equivalent to the increase established in the Act.
Ir remains to be seen whether the refiners absorbed this increase or passed
it along to the consumer. The refiners' margin during July and August,
1922, ranged from the low of 1.26 on July 18 to the high of 1.735 on August
23. The price of refined dropped from 6.86 cents per pound on July 26 to
6.126 cents per pound on September 14, a decline of .735 cetns per pound.
While raw sugar, duty paid, dropped from 5.36 cents per pound on July 25 to
4.86 cents per pound on September 14, a decline of .50 cents per pound.
But although the price of raw sugars dropped further from 4.86 cents per
pound on September 14, to 4.61 cents per pound on September 19. a decline
of .25 of a cent per pound, no reduction was made in the price for grandulated. The refiners' margin, therefore, stood at 1.51 on September 19. as compared with the range of 1.26-1.735 noted above. If the usual trade practice
should be followed, the refiners' margin would have been reduced a few
days later to reflect the decline in the price of yaws from 4.88 to 4.61.
Prices Advance in September.
However, the enactment of the new rate on September 22, and the consequesnt increase in the price of raw sugar to the refiner from 4.61 to 4.77.
as explained above. interfered with the usual trade practice,and their reduction otherwise possible was not made. Such a reduction, even if made,
could have continued for only a few days, since the price of raw sugars as
shown above (f. o.b.. price, c.i& f. price, duty paid price, all began to rise at
the end of September and corresponding rises in the price of refined necessarily followed. No increase was made, however, subsequently by the
refiners during 1922 in the price of granulated to cover the increase in the
price of raws of 16 cents per 100 pounds of the new tariff. In 1923. under
the influence of a strong demand for sugar, owing to conditions described
above, refiners were enabled by the beginning of March to pass this increase
along as indicated in the following table:
-CentsHighest price paid for Cuban raws in 1923 (March 16)
7.41
Price for Cuban raws prior to enactment of Tariff Act (Sept. 19
4.61
1922)
2.80
Increase in raws. Sept. 19 to March
Highest price for granulated in March 1923
9.114
Price prior to the Tariff Act (Sept. 19 1922)
6.125
Increase in granulated, Sept. 19
2.989
-March 15
Excess of rise in granulated over rise of raws
.189
Increase by Refiners.
lerIt will be seen from the above figures that the refiner increased his price
189 cents per hundred pounds over and above the amount of increase in the
priceof ram. Allowing for the increased loss of the refiner in meeting
1721
the higher priced raw sugar (7% 012.80 equals .196) an increase in the price
of granulated is shown about equal to the increase in the price of raws.
Statistical evidence concerning the relation of the existing tariff rate of
1.7648 cents per pound to the current price ofsugar is afforded by thefigures
off, a. s., sales (free along ship) representing refiners' sales of refined sugar
for export. Table 4 compares for 1921, 1922 and 1923 to date the f. a. s.
price with the domestic prices of refined sugar. If the American consumer
pays the full tariff on sugar, the domestic price should exceed the export
price by the amount of the tariff rate itself, plus the loss due to refining,
which equals 1.897 cents per pound under the present tariff rate. or 1.720
cents per pound during the period when tha Emergency Tariff Act was
effective.
It will be noted, however, that there was no uniformity in the figures
showing the excess of domestic over f. a. s. price. On some dates the refiner, owing to a strong foreign demand or a weak domestic demand,
was enabled to obtain more for his sugar from the foreign buyer of sugar
than a:. other times. The table shows, therefore, that a reduction in the
tariff will not necessarily be followed by a decline in price to the American
buyer of refined sugar. It also shows that the American buyer pays more
for American refined sugar than the foreign buyer pays for it by an amount
which is not far differenct from the tariff rate.
Senator McKellar Would Have President Harding
Reduce Sugar Tariff 50% To Break "Sugar
Corner.
Following the issuance of the report of the U. S. Tariff
Commission on April 19 alleging the increased sugar prices
to be due to causes other than the tariff, Senator McKellar,
through the Democratic National Committee, issued on
April 19 a statement in which he asserted that as a step
toward breaking up the sugar corner and restoring a normal
price for this commodity, the President should order a 50%
reduction in the tariff. The New York "Times" of yesterday
gave Senator McKellar's statement in part:
There is no shortage of sugar in the United States or elsewhere in the
world. In "Facts About Sugar." March 21 1923 it is said: "It is generally
agreed by trade authorities that there is no prospect of a sugar shortage
in the present year.'
Says President is in Error.
The President is quoted as saying that the tariff does not affect the
price of sugar and that this is shown by the fact that the tariff in Canada
is less and that the price is greater there. To say that the price of an
article the production cost of which is three cents or less per pound and
the tariff thereon is 1% cents per pound is not affected by the tariff is
making quite a startling statement, to say the least of it That he is in
error does not omit of a doubt. Again the President apparently Is in
error in his contention that the Canadian tariff on sugar is less than the
American tariff. The American tariff on sugar works out 1.76 ecnts per
pound. I have before me a copy of the Sugar Tariff Act of Canada of
June 8 1922. in which the lowest duty is two cents per pound and the
highest duty 2.39 cents per pound, depending upon degrees of polarization.
Refined granulated sugar is quoted in New York at 9.25 to 9.40. Refined
granulated sugar is quoted in Canada at 10.59. The larger Canadian
tariff would seem to account fully for the larger Canadian price of sugar.
I want most respectfully and correctly to make some suggestions to the
President which, if followed, in my judgment will break up the sugar
corner and restore a normal price for this prime necessity of life.
First, the President has the authority under the Tariff Act of last
September to reduce the tariff 50%. This would reduce the price of
sugar at least one cent a pound.
Trade Commission Act.
The President can take action against the sugar trusts and gamblers
under the Federal Trade Commission Act of 1914. The Trade Commission has full power to Investigate this situation. It has full power
to prevent unfair competition or unlawful trade practices.
Section 3 of the Clayton Anti-Trust Act of 1914 will furnish the President and the Attorney-General ample authority to deal with the sugar
situation. These sugar people are beyond doubt operating in restraint
of trade. They have beyond doubt already created a monopoly. They
should be indicted and tried in the courts as by plain law provided. In
these three specific Acts the President has abundant authority to break
this corner in sugar. But he can even go one step further.
If he were to make a public statement that unless the grip of this trust
Upon sugar was released and prices restored to normal he would go before
the Congress at the December session and recommend to Congress that
an excess profits tax on sugar dealers be enacted into a law which will
recover in largest measure the unfair and unholy profits the sugar trusts
and other sugar gamblers are now making, the corporations and trusts
would be broken and "normalcy" in sugar prices
-to use the President's
own word-would be restored.
Daylight Saving Time Begins in New York City April
29
-Federal Reserve Bank's Announcement.
Daylight saving will begin automatically in this city on
Sunday April 29 at 2 o'clock in the morning and will end
at the same hour on Sept. 30, under an ordinance passed
by the Board of Aldermen in 1920 and amended in 1921.
Governor Strong of the Federal Reserve Bank of New
York issued on April 18 the following circular respecting the
change in time in New York City and Buffalo:
DAYLIGHT SAVING
-OPENING AND CLOSING TIME FOB
BUSINESS TO BE ADVANCED ONE HOUR.
To all Banks, Trust Companies, Savings Banks and Bankers in the Second
Federal Reserve District.
During the period beginning Monday April 30 1923 and ending Saturday
Sept. 29 1923, this bank will open and close for business in accordance
with local time in New York City and in the City of Buffalo. which will
be advanced one hour at 2 o'clock on Sunday morning, April 29 1923.
Clearings at the New York Clearing House will take place during the same
period at 10 o'clock a. m., local time, which will be the equivalent
of 9 a. in., present time.
Clearings at the Buffalo Clearing House will take place during the
same period at 11 o'clock on week-days and 10:15 o'clock on Saturdays,
local Buffalo time, which will be the equivalent of 10 a. in. and 9:15 a. m.
present time, respectively.
Very truly yours,
BENJ. STRONG. Governor.
1722
THE CHRONICLE
The principal financial and commodity markets of the
country will observe daylight saving time, beginning April
30. In New York City the markets affected are the New
York Stock Exchange, the Consolidated Stock Exchange, the
Curb Market Association, the New York Cotton Exchange,
the New York Produce Exchange, and the New York Coffee
and Sugar Exchanges. All of these open at 10 a. m. and
close at 3 p. m., except the Coffee Exchange and the Sugar
Exchange, which open at 10:30 and 10:45 a. m., respectively,
but which close with the rest at 3 p. m.
The Chicago Board of Trade and the New Orleans Stock
Exchange also will operate on daylight saving time.
Announcement of New York New Haven et Hartford
RR. and Central New England Ry. Regarding
Schedules Under Daylight Saving Time.
The New York New Haven & Hartford RR. Co. and the
Central New England Ry. Co. issued the following joint
statement in the matter April 12:
[VOL. 116.
Blocked by opposition of the Chamber of Deputies farm block against
summer time (daylight saving), the French Cabinet made the remarkable
decision to-day that the time wonld remain the same, but that everyone
and everything in France, between April 28 and Nov. 3, should start and
stop a half-hour earlier.
All good Frenchmen will be expected to get up at 7 o'clock instead of
7:30 go to work at 8:30 instead of 9 go to lunch at 11:30 instead of 12
get back at 2:30 instead of 3 eat dinner at 730 instead of 8 and go to bed
thirty minutes earlier than their usual time.
.
Noon ttains will leave at 11:30—they will thus be half an hour less late
than usual. Theatres will start at 8 instead of 8:30. The last subway
train wlli be at 12:30 instead of 1 o'clock, and the first ones in the morning
at 4:30 instead of 5.
The Minister of Public Works, M. Le Trocquer, who worked out the
scheme after the farm bloc had thrown over the project,to adopt the "Stra.sbourg hour," which would mean turning the clock ahead, is sure that it will
work out all over France. He may be able to "put it over" in the capital
and on the railroads, but skeptics say it remains to be seen whether the cock
will crow thirty minutes earlier or whether the cow will kick if milked a
half-hour before the barnyard clock strikes six. The Government,however.
is quite sure of its power to make Paris society stage "5 o'clock teas" at
half
-past 4.
The Cabinet decision was reached during the recess of Parliament and will
be promulgated as an Order-in-Council.
Effective 2:00 a. in. Sunday. April 29. and continuous until 2:00 a. m.
Dutch for Daylight Saving Time.
Sunday. Sept. 30 1923. the train schedules of the New York New Haven
In copyright advices from The Hague April 19 the New
dr Hartford RR. and Central New England By. will be changed to conform
to the Daylight Saving Law, State of Massachusetts, and Daylight Saving York "Times" said:
ordinances of the City of New York, and many other cities through which
The Dutch Senate to-day voted against the billiprohibiting summer time
we operate.
and the new schedule is now expected to take effect Juno I, the decision
The law requires the operation of trains upon a standard time as fixed by having fallen too late to begin May 1 like some neighboring countries.
Congress.
Summer time this year has been the issue in a hot political fight in HolEffective during the period of Daylight Saving, the hours of all offices, land, with the town inhabitants a-rayed against the land dwellers. The
including freight offices, shops, storehouses and other departments, will be agrarians, who are very numerous in the Netherlands. and are supported
set ahead one hour. In other words, offices now opening at 8:30 a. m.and by the Catholic party for internal political reasons, have strongly opposed
closing at 5:30 p.m.will open at 7:30 a. in. and close at 4:30 p. in., Eastern summer time, which they maintain is detrimental to farming operations.
standard time.
The opposite party got up petitions with long lists of names of those desiring the change, which undoubtedly helped to influence the Senate'F action.
Philadelphia Adopts Daylight Saving Time—Proposed
State Measure Prohibiting Daylight Saving Time.
A resolution to provide for "daylight saving during the
months of May, June, July, August and September" was
unanimously adopted by the Philadelphia City Council on
April 12. Business firms and individuals are requested to
advance clocks one hour at 2 a. m. on the last Sunday of
April of each year, and to turn them back one hour at 2 a. m.
on the last Sunday of September of each year. It is stated
that the resolution was drafted hurriedly as a result of a joint
letter from the Pennsylvania RR. and the Reading By.,
asking the Council to take steps on Daylight Saving to aid
the railroads in arranging their time tables and working schedules. Councilman Charles B. Hall, who introduced the resolution, explained it would not conflict with the Anti-Daylight Saving bill in the Legislature, which, he declared, could
be amended to exclude Philadelphia.
On March 27 Pennsylvania State Senate passed a bill
prohibiting municipalities from passing daylight saving
ordinances. The bill is now, it is understood, before the
House. Large delegations frem Philadelphia and Pittsburgh, it is stated, have opposed the measure.
Connecticut's Anti-Daylight Saving Bill.
An anti-daylight-saving bill passed by the House of
Representatives in Hartford, Conn., on April 4, would
impose a fine of $100 or a sentence of 10 days in jail for wilful
showing of any but standard time. A press dispatch from
Hartford to the New York "Times" also had the following
to say regarding the bill:
It would also forbid all public institutions which receive State aid to adjust
their time schedules to confortn with daylight saving.
The second section, which is regarded as most severe, provides that "no
person, firm or corporation, organization or association shall willfully,
publicly display any time measuring instrument or device intentionally set
so as to indicate any time other than Standard Time." This, according to
some members, will apply to watches of all kinds, whether carried by residents of the State or those passing through it.
The measure will encounter strong opposition in the Senate.
Daylight Saving in Great Britain Starts April 22.
Daylight saving time in Great Britain will begin this year
at 2 a. m., Greenwich mean time, to-morrow, (Sunday)
April 22, and will continue until the same hour on Sunday,
Sept. 16.
Governor Smith Signs Bill Exempting from Taxation
Dwellings in New York State Brought Under
Construction Before April 1 1924.
Governor Smith, of New York, signed on April 17 the bill
extending for one year, or until April 1 1924, the period
within which the construction of buildings may be commenced in New York State to avail of tho exemption from
local taxation until Jan. 1 1932. As was noted in our issue
of Saturday last (page 1608), the bill was passed by the State
Senate on April 10 and by the Assembly April 11.
Hearing on New York Tax Exemption Decision April 30.
The Cou .t of Appeals at Albany on April 17 fixed Monday,
April 30, as the date for the hearing of arguments on the
appeal from the Appellate Division ruling reversing the
decision ot Justice Tierney declaring unconstitutional the
New York Tax Exemption Law. Reference to the Appellate
Division's opinion was made in our issue of April 7, page
1489.
Hoover Asks Trade Associations to Co-operate
With Railroads.
Efforts to co-operate with the railroads of the country for
expeditiously handling the large volume of traffic expected
during the remainder of the current year are urged by Herbert Hoover, Secretary of Commerce, in a letter recently
sent out to all national and State trade associations. The
letter, which was made public by Mr. Hoover on April 14,
pointed out that railroads have made heavy investments in
increasing facilities and equipment, and declared that it was
vital that shippers assist by taking in winter coal supplies
during the summer, by loading cars to capacity and by reducing car reconsignment and refraining from demanding
excess car supply in operations. "The'full and smooth movement of all of the productivity of the country would be the
greatest contribution that could be made at the present time
in checking inflation or increase in price levels," the Commerce Secretary asserted. His letter follows:
Secretary
Due to the war and the long continued impossibility on the part of the
railways to finance the necessary betterments, both our production capacity
and consuming demands have now advanced beyond our transportation
facilities. The railway managers under the recent improved conditions
are making great effort, in finance and expansion of facilities, to meet
our necessities, but full recovery of lost ground must be slow and, if we
Belgium Adopts Daylight Saving.
are to maintain our present rate of productivity and employment, it is
Under date of April 10 a Brussels cablegram to the daily vital that there be co-operation with the railway management from both
producing and consuming industries to secure the most efficient operation
papers said:
The Belgium Cabinet has decided to adopt Summer daylight saving time of the railroads.
The railways have asked for this co-operation, and the trades can make
simultaneously with England,the clocks being advanced an hour on April 22.
a tremendous contribution to the orderly march of our prosperity if they
will undertake it seriously and in an organized fashion.
The principal directions in which such co-operation can be extended by
Daylight Saving Defeated in France—Cabinet Orders
the trades are:
French to Do Everything Half an Hour Earlier.
1. The advance storage of their winter coal during the light consuming
In reporting the defeat of the daylight saving system in season—that it, from now until Sept. 1, including the early movement
Lake traffic.
France, the New York "Times" had the following to say in of2. The loading of all cars to full capacity, their prompt loading and
cablegram from Paris March 31:
a copyright
discharge.
APRIL 21 11023.]
THE CHRONICLE
1723
the railroads to pay to it one-half of the excess earned by them over a certain percentage.
The p3wer of Congress to regulate inter-State and foreign commerce
Includes power to adopt measures to aid and encourage such commerce.
To promote those objects it may exercise the power of taxation. While
the exaction in question is not denominated a tax, it is. In effect, an excise
tax levied on all carriers subject to the Transportation Act, payable from
surplus earnings. In other words, the carriers are exempt from this tax
who do not earn a certain percentage on their invested capital and all are
exempt up to this percentage of net earnings. We see no reason why the
United States cannot measure this tax by the excess of profit realized over
a specified percentage.
That this levy applies to earnings ftom intra-State as well as from interState transportation is not a sound objection, the Court said, for the
reason that regarded as a tax levied by the Government it can be measured
by the entire profit of a railroad as well as by a percentage on that part of
the surplus net income derived from inter-State business.
"Indeed," the decision said, "this part of the net income of the road is
not collected by it absolutely as its property, but is earned and collected
under the terms of the Transportation Act to be held in trust for, and to
be paid to, the United States. It is not contended that the part of its net
income from its railway operations which, under the provision in question.
the complainant is permitted to retain, Is less than a fair and remunerative
return on its investment in road and equipment. So far as the comNew Orleans Court Upholds Recapture Clause of plainant is concerned, the practical result is the same as it would have been
If the rates and charges had been so fixed as to enable it to receive for such
Transportation Act.
service a compensation no greater
amount it is permitted to retain
Under a recent decision of three Federal Judges of the after deducting the sum required than the
by the Transportation Act."
Federal Court in New Orleans the constitutionality was
Regarding the contention of the railroad that its apparent net income
upheld of the provision in the Transportation Act generally for the period in question might be reduced by later payments on account
of litigation, such as for over-charges. the Court says that if the carrier has
known as the "recapture" clause. The New Orleans no right to the fund it cannot raise the question of constitutionality of this
"Times-Picayune" of March 18, in referring to the de- Part of the Act.
3. Reduction of reeonsignment shipments and restriction of to-order
bills of lading.
4. Demands for no more cars from the railways than can be promptly
used.
If we could secure the maximum efficiency in these directions we will
have added more effective commodity movement than would be brought
about by the addition of approximately 300.000 cars and 3,000 locomotives, and the addition of at least 10% to our track mileage and terminal
facilities.
The importance of this lies in more than simply the maintenance of
sontinuity of production and full supply of consumption, because any
strangulation in movement of commodities through car shortgages affects
the profits of every individual manufacturer by interruption in his production, and, furthermore, such strangulation affects price levels in the
most definite fashion.
The full and smoth movement of all of the productivity of the country
would be the greatest contribution that could be made at the present
lime in checking inflation or increase in pice levels.
Therefore, I earnestly hope that you will undertake to definitely organize your association, to bring about this co-operation through your
district or trade, and to establish co-operative contact with the railwaS
,
executives concerned.
cision (rendered March 17), said:
The suit was a test case and the result has been awaited with intense
interest by all railroads. It applies directly to every railroad whose
earnings amount to more than 6%•
Tho court handing down the decision was composed of Judges Walker
and King of the Federal Court of Appeals and District Judge Foster.
It was upon a petition for an interlocutory injunction filed by the DaytonGoose Creek Railroad Co. of Texas. This is a short line, only 26 miles
long, but traverses the rich Beaumont oil field.
Arguments were made Feb. 14 in New Orleans before the three judges.
The suit attacked the constitutionality of the right of the Government
to collect the excess tax under Section 15-2. pages 124-422 of the Transportation Act. This Act provides that all railroads whose annual reports
show net earnings in excess of 6% of the value of property used in transportation must pay one-half of the excess to the Inter-State Commerce
Commission, to be placed in the Federal railroad contingent fund. The
Injunction was directed against the United States Government.
The contingent fund is provided for in the railroad taxation Act to lend
money to railroads suffering from financial depression or railroads not
financially able to purchase equipment. This Act was passed at the time
the railroads passed from Governmental back to private control.
The actual amount involved in this suit was $16,000 covering earnings of
she last ten months In 1920 and the full year of 1921. It is estimated by
attorneys, however, that the total sum involved in all of the railroads of
the United States will approximate $75,000,000.
The case was filed originally in Federal Court at Beaumont, Tex. In
the arguments in New Orleans in February the Government was represented by Blackburn Rasterline, Assistant Solicitor-General, and P. P.
Farrell, Chief Counsel for the Inter-State Commerce Commission, both of
Washington, and the railroads were represented by Frank Andrews of
Houston,John C.Townes Jr. of Dayton and Robert H. Kelley of Beaumont.
Two Railroads Announce Wage Increases.
The Illinois Central RR. has increased the wages of its
mechanics 2 cents an hour. At the company's offices it was
said the increase applied to all mechanics, their helpers
and apprentices throughout the system, except car men on
passenger and freight car trucks and those working on bodies
where the use of edged tools is not required. The increase
was granted to the mechanics on the authority of Charles
H. Markham, President of the company, and was made
effective as of April 1. The increase, it is understood, will
affect about 7,000 employees and will amount to an approximate addition of $340,000 yearly to the company' payrolls.
An increase in the wages of maintenance of way employees
of the Big Four RR. has been decided on, it was announced
on April 1$ at Cincinnati by W. Newbarger, Supervisor of
the Wage Bureau of the road. Mr. Newbarger said the
increase of section laborers, section foremen and mechanics
had been agreed to, but he preferred not to make it public
until the entire scale had been properly worked out.
Spring Meeting of Governors and Ex-Governors of
Investment Bankers Association May 3, 4 and 5.
The "Railway Age" of March 24 had the following to say
Approximately 175 members of the Investment Bankers
in Washington adVices regarding the decision:
Association of America are expected to attend the usual
Copies of the decision have been received hero by counsel for the Inter- spring meeting of the Govern rs and ex-Governors, together
:Hate Commerce Commission and the United States who appeared in the with
representatives of various committees of the organizaease, and some surprise was caused when it was found that the court had
decided the case by treating the recapture provisions as an exercise of the tion, to be held May 3,4 and.5 at the Greenbrier Hotel, White
Government's taxing power. The Inter-State Commerce Commission in Sulphur Springs, W. Va.
For a number of years past it has
its brief had not even raised that point, although it had been discussed in
response to questions by the judges at the hearing. The decision was also been customary to call back for conference the men once
based on the broad wound that the Government had the power to aid roads active in directing the policies of the Association. These
needing help by allowing the roads as a whole to collect rates on a higher meetings
have now assumed an importance second only to
basis than some of them would require, and by creating a special fund
the annual meetings of the Association. The Association's
from such excess which could be used to help others.
While the recapture of excess earnings is not denominated a tax, the court announcement also says:
said it is, in effect, an excise tax levied on all carriers subject to the TransIn addition to the meetings of the Governors and ex-Governors, the Comportation Act.
mittees on Marine, Public Service, Municipal, Industrial and Real Estate SeAlthough newspaper reports of the decision have referred to it as re- curities, and the Legislation Committee will hold mid-year conferences simulquiring the railroads to pay to the Government approximately $75.000,000. taneously with the meeting of the Board. These meetings will enable the
the decision actually applies only to the application for an injunction by committee Chairmen to go over the work which has been carried on during
this company. No KUM of money was mentioned in the decision and no the time which has elapsed since
the convention in Del Monte last fall; they
authoritative estimate of the amount which the Government may attempt will enable the committees to co-ordinate their policies and present a comto collect has been made, for the reason that the valuations on which the plete and comprehensive outline
of what they propose to do before the an6% are to be determined have not been completed. In any event, there is nual meeting in Waxhington
this coming fall. Members are reminded that
no authoritative ultimate which even approaches such a figure for that any subjects which
should have the consideration of the Board of Governors,
part of 1920 during which the roads were not under guaranty and for the or any of the committees of
the Association should be transmitted to the
full year 1921. The company in its petition had said the Commission was Secretary's office in time to
be placed on the calendar for the meeting.
endeavoring to collect $10,833 for 1920 and $16.833 for 1921, based on the
The delegation from New York and vicinity will leave on
company's own report as to its value.
The court says that the Commission had demanded payment from this the afternoon of May 2 on a special train to be run direct to
road and had set the date for payment, although the Commission in its White Sulphur Springs over the Pennsylvania and Chesabrief had taken the position that it had not "demanded" payment, but
peake & Ohio railroads.
had merely admonished the company that the law provided for such payAs we indicated in our issue of Jan. 20, page 261, the Assoment. The court said in part:
"The Transportation Act of 1920 was passed by Congress to accomplish ciation will hold its twelfth annual convention in Washinga number of purposes. The Congress determined that its power to regulate
inter-State Commerce must now be exercised to a wider extent than before ton, D. C., next October.
in order that an adequate system of Inter-State transportation should be
preserved for the commerce of the country. It would not be seriously
questioned that, in returning the railroads to their owners, the United
States could have made an appropriation creating a revolving fund and American Bankers Association Establishes Headquarprescribed for its use in aiding railroads, as is now provided by the Trans-ters in Bowery Savings Bank Building,
portation Act of 1920. It would be a reasonable exercise of its right to
thus partly compensate for the use of their property during the Period
The American Bankers Association opened its new headof
Government opertion.Tho court also called attention to the fact that all railroads are post roads,
and said that the powers of the Government under the post road authority
of the Constitution would authorize aid to be extended in the manner
prescribed in the Transportation Act to keep up and make efficient such
railroads as needed the same. The only question left, it said, therefore,
is as to the Government's right to raise this fund so to be used by requiring
quarters on Monday last (April 16) in the Bowery Savings
Bank building, 110 East 42n,l Street, opposite the Grand
Central station. The Association occupies the entire eighteenth floor. It was formerly located for many years at 5
Nassau Street.
1724
THE CHRONICLE
[VOL. 116.
Reports on Sugar Purchases and Sales Asked From gressional Campaign Committee. The copyright advices
of the "Ledger" give ex-President Wilson's letter as follows:
Members of New York Coffee and Sugar Exchange.
F Prior to the filing of the injunction proceedings by the Gov- My Dear Mr. Rouse:— of March 29. let me say that I approve not of
In reply to your letter
ernment on April 19 against the New York Coffee and Sugar the "conditional" but of the unconditional adhesion of the United States
the auspices of the League of Nations,
Exchange, Inc., and the New York Coffee and Clearing As- to the World Court set up under consistent with the fame of the United
though I think it would be more
sociation, Inc., it was reported that the members of the States for candor and courage to become a member of the League of Nations
Exchange had been asked for a statement giving an account and share with the other members the full responsibilities which its covenant
of their sales and purchases from Jan. 1 to April 1. From involves.
Respectfully yours,
the New York "Herald" of the 15th inst. we quote the folWOODROW WILSON.
•
owing:
The same paper reports Mr. Rouse's letter to Mr. Wilson
While Mr. Hayward declined last night to discuss the investigation
as follows:
into the price of sugar, members of the Exchange exhibited letters they had
received from David L'Esperance, special assistant to Attorney-General
Daugherty, sent here from Washington to aid in the inquiry.
It "Please do not confine yourself to information regarding money balances,"
said the letters requesting the accounts of members, "but state in detail
the purchases and sales in each customer's account, the number of lots,
the month offuture delivery and prices. The names and addresses of these
customers also are desired. Like information also is desired on any and
all transactions of the same kind for your accounts."
The New York "Times" of the 17th said:
All the requests for data to date have been made on firms as individuals
and not as members of the Exchange. The Exchange has not been inormed officially of the investigation that is being made. If it is, it was
Intimated yesterday, every effort possible would be made to assist the
Department of Justice in its investigation, although officers of the Exchange
were of the opinion that the advance in sugar was due to a shortage of the
crop and not to speculation.
Estimate Cost of Ruhr Occupation—French Outlay
Calculated to be Over 440,000,000 Francs, With
Loss of Business to Allies of Over 500,000,000
Paper Francs.1
The following, credited to'Associated Press sources,'Paris,
April 11, appeared in the "Journal of Commerce" April 12:
Mr Dear Mr. President:
Since my return from Washington I have found a growing popular discussion of the Proposal by President Harding to have the United States join
the Permanent Court of International Justice established by the League of
Nations. There is, moreover, a very deep interest and there are numerous
inquiries as to what your views are with respect to the conditiontl adhesion
of the United States to the Court.
Among our Democratic friends the feeling is somewhat general that the
Republicans are coming by steady, even through reluctant, steps to repudiation of their policy which led to the wrecking of the world peace program by the Senate in 1919. There is no mistaking the growth of popular
sentiment for genuine American participation in international affairs to
re-establish the moral leadership which the Senate sacrificed. That the
Administration, notably Mr. Hughes, Is coming to recognize that fact, and
that Senator Borah is drawing much of his inspiration from it, are put down
as the factors responsible for the World Court concession to the public
feeling.
With the Republicans proposing to stage another family row over the
issue this summer, it has occurred to me that the Democrats ought to have
the benefit of a positive and clearly defined attitude around which they
might rally as a unified force: that we certainly ought not to overlook the
opportunity of reasserting our own leadership in this whole question. It
does seem that little by little the Administration is coming to the course
which your vision mapped out for America, though nothing really effective
has been done to date.
The proposal to devitalize the project, as far as possible, through the
medium of reservations means to some with whom I have talked that the
United States wishes a Court without a sheriff's office, the mere moral
Influence of which in its readiness to support a decision gives practical effect to the word of that Court. Others say it puts us in a position of never
doing a full duty, of seeking benefits of world co-operation while attaching
conditions to exempt us from a fair share of responsibility. The apparent
resentment against. the French proposal to attach reservations to the
naval limitations treaty is taken to reflect something of the world opinion
of our constantly attaching reservations to every commitment to the general
•
welfare.
If it is possible. I should like very much to have, for the guidance and
admiring supporters, some expression of your views.
counsel of your many
It would be most heartening and invaluable.
With constant wishes for your improved health, I am,
Most sincerely,
A. B. ROUSE.
The economic staffs attached to the Reparations Commission are keeping
books on the costs to Germany on the one hand and to France and Belgium
on the other of the occupation of the Ruhr. Complicated studies are being
made of the direct and indirect losses to both the economic belligerents and
to their neighbors.
The French experts are particularly interested in Germany's cash outlays
for her program of passive resistance. These are dealt with under several
main headings, such as her average monthly imports of 1,600,000 tons of
coal at from 32 to 35 gold marks a ton, or. roughly, 50.000,000 gold marks.
This average is struck upon the actual importations and prospective requirements of Germany.
German Expense Item.
FOther Items are the payment of half wages to some hundreds a thousands
of workmen in the Ruhr, the losses to the German export trade, which Is
the most difficult category to deal with at present owing to inadequate
figures, and the losses to Germany's internal trade.
These calculations satisfy the French that the German Government is
spending in actual cash abroad and in her reduced income of foreign moneys
First Irish Free State Budget.
sufficient to have met the cash reparation payments under the Cannes
The first budget of the Irish Free State was introduced in
agreement of 60.000.000 gold marks monthly. The conclusion is reached
by these experts that if Germany had shown the same zeal in making pay- the Dail Eireann7on April 13 by President Cosgrave, and
ments as she does in resisting them, she would have been able to continue according to the Associated Press advices from Dublin, the
meeting the Cannes program.
year's expenditures show that £46,500 000
,
It On the other side of the balance sheet it figured that the three months' estimates for next
occupation of the Ruhr has cost France and Belgium a direct outlay and must be found, more than half of which is required for the
losses in cash amounting to 441,000.000 francs. This figure includes the
u ..
...21ccep of the army and compensation for damages caused
budget allowances for the additional cost of maintaining the troops in the
was added:
Ruhr, which is about 50,000,000 francs monthly for France and 12,000,000 by the irregular campaign. It
francs for Belgium. Then there are added the sums paid for imported
Mr. Cosgrave estimated the receipts at £20,500,000 from taxes and
coal to replace that normally delivered by Germany, the expenses of oper- £6,000,000 from non-tax revenue, leaving a deficit of £20,000,000.
ating the Ruhr railways and payment of the Allied engineering staffs.
Losses to Allies.
The loss in business to the Allies is estimated by the reparation experts
as upward of 500.000,000 paper francs, while the loss to Germany exceeds
that estimate, and both are increasing rapidly. The economic loss to the
entire world is calculated in round numbers at 5,000.000,000 francs for the
three months' period.
The largest loss, the experts say,is that of lost production. Lack of coal
and coke from the Ruhr means that many blast furnaces in France and
factories in Germany cannot operate ,the lack of raw materials or finished
products ties up the product factories, and this in turn affects the sellers,
so that an endless chain of non-production ensues. . .
Germany apparently believes it cheaper to resist than pay full reparations.
In the opinion of the experts. In January she is estimated to have been
saving upward of40.000,000 gold marks monthly. Now,declare the French.
this sum is being eaten up by the cost of stabilizing the mark, by crippled
foreign credits, by increased costs in the delivery of reparations to other
countries and by decreasing exports.
Despite these adverse factors, the exports nevertheless are not willing
to express an opinion as to the date of the termination of German tesistance,
saying that the psychological factor that Germany has been used to defeat
for so many years, and her ability to adapt her business to such defeat,
must remain the main element in the consideration of her position.
• Former President Wilson Would Have Unconditional
Adhesion to World Court.
Former President Wilson, in reply to a request for an expmelon. of opinion regarding "conditional" adhesion of the
Milted States to the Permanent Court of International
—
"not of
Justice says that he...approves - — the 'conditional'
1:Ttit of the unconditional adhesion of the United States
Wilson's views, according to
to the World Court." Mr.
Philadelphia "Public Ledger"
a copyright dispatch to the
Washington correspondent, were
from Robert Barry, its
embodied in a letter addressed to Representative Arthur B.
of the Democratic ConRouse of Kentucky, Chairman
Ireland to Redeem Bonds Issued in U. S.
A Dublin (Associated Press) cablegram April 17 said:
President Cosgrave, replying to equestion by George Gavan Duffy'in the
Dail Eiraenn to-day, said he intended within a month to introduce a bill
authorizing expenditure on the redemption of Irish Dail bonds issued in
America and elsewhere.
Mr. Cosgrave, replying to criticisms that the taxes on tea, tobacco and
income should be reduced, said the nation should bear the cost of starting
the independent State and not pass it to the future. It had not yet been
considered whether it was possible to come to a final financial arrangement
must be postwttn Great Britain without arbitration, and the question
poned until conditions were normal.
Bulgaria to Make Communists Try Communism.
The New York "Times" on the 13th inst. reported the
following advices from Vienna:
The Bulgarian Prime Minister Stambullnsky announces a motion in
Parliament, according to which in districts with more than ten Communist
electors all the property belonging to Communists is to be expropriated
establish work settlements with
and the Communists will be compelled to
equal distribution according to the Communist tenets.
effectively to combat Communist ascenStambullnsky expects thereby
dency in Bulgaria.
Later advices (April 16) from Sofia stating that the practice of Communism by avowed Communists themselves
would be made compulsory by the passage of a measure
which the Government is soon to present to Parliament,
added:
Premier Stambulinsky,in speaking of the measure, said it would provide
for the expropriation of Communists' property in each locality in which
there were Communist creed. These would be compelled to live in colonies
established by the Government. Each member would be forced to share
equally in the labor of production as well as in its fruits.
APRIL 21 1923.]
THE CHRONICLE
172b
tem. The four, all of whom are young in years despite their
long period of service, are Charles M. Billings, Vice-President, Fifth Avenue Office; James M. Pratt, Vice-President,
Madison Avenue Office; Robert Macvey, Asisstant Manager,
London Office, and Walter Meacham, Assistant Secretary,
Announcement that 3,068 shares of stock of the Irving Fifth Avenue
Office.
Bank-Columbia Trust Co. of this city have been delivered to
members of the institution's staff was made on April 13,
A condensed statement of conditions of the Chemical Nawhen it was stated that approximately 900 persons, ranging tional Bank of New York at the close of business April 3
from office boys to Vice-Presidents, inclusive, participated 1923 has just been received. It shows total assets on that
in the benefits of this distribution, and have thus become date of $162,671,951, of which the principal items are loans
actual partners in the company's operations. Harry E. and discount, $93,851,811; cash due from banks and II. S.
Ward, President of the institution, in a letter accompanying Treasurer, $32,553,315, and U. S. bonds and certificates,
the delivery of the stock, said:
$20,876,106. On the debit side of the statement total deposIt is a distinct pleasure to congratulate you upon the qualities of enterprise its are given as $126,573,259, and combined capital, surplus,
and thrift which have brought you into the ranks of Irving-Columbia stockholders. As owners of stock in our company, we share jointly in its suc- undivided profits and reserve for taxes, etc., as $21,658,410.
cesses and in its responsibilities. It is my earnest hope that, through the Percy H. Johnston is President.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
A New York Stock Exchange membership was reported
posted for transfer this week, the consideration being stated
as $93,000. The last previous sale was $91,000.
spirit of practical co-operation, we may be able to advance still further its
Interests in usefulness and prosperity.
The announcement made by the company says:
No question of bonus entered into the transaction. It was a direct matter
of purchase and sale. The stock, which was delivered at par, $100 a share,
Is quoted on the market to-day at $238, milting the total distribution to date
represent a present value of approximately three-quarters of a million dollars, with several hundred shares not yet fully paid for to be delivered at a
later date. This plan for a closer identifying of employees with the interests
and activities of the institution through participation in stockholding was
developed three years ago by the Irving National Bank, which, in February
of this year, consolidated with the Columbia Trust Co. When, in June 1920,
the Irving's capital was increased from $9,000,000 to $12,500,000, the stockholders, at the request of the Board of Directors, waived their subscription
rights to approximately 5,000 shares of stock in the interest of making it
possible for all members of the bank's staff to acquire stock under conditions
ordinarily confined to stockholders of record. Naturally, to give proper expression to the intentions of the directors and former stockholders in this
plan—that is, to make it possible for each and every member of the entire
staff of the institution to secure at least one share of stock, it was necessary
to provide terms which would extend over a considerable period of time.
Payments were to be made monthly at the rate of $2 50 for each share subscribed for by the employees;
interest was charged for the use of the
money advanced in stock. In the meantime, dividends which were 12% per
annum during the purchase period, were applied to the reduction of the
principal. As a result, the stock paid for itself in part, through its own
earnings, the balance actually paid by the purchaser being only $77 50 a
share. The quarterly dividend paid on the second of this month completed
the final payment, leaving a small margin over for distribution among the
new stockholders. A still further benefit which comes to these new employeestockholders at this time, results from the consolidation of the Irving National Bank and the Columbia Trust Co. Under the terms of the consolidation, not all of the surplus and undivided profits of the two institutions were
put into the merger. The balances remaining naturally go respectively to
the stockholders of the two consolidating institutions. As a result, each of
the new shareholders to-day received his certificate of company stock, a dividend check and a beneficial certificate covering the stock purchased and entitling the holder to participation in Irving assets not included in the consolidation. These beneficial certificates have been quoted recently al from
$17 to $19 per share.
Announcement was made this week by F. V. Baldwin,
President of the Hudson Trust Co. of this city, that the
plans for the acquisition by the trust company of the Terminal Exchange Bank at 30th St. and 7th Ave. have been consummated and that the bank now operates under the name
of the Terminal Exchange Branch of the Hudson Trust Co.
The merger plans were referred to in our issues of March 3,
page 901, and March 17, page 1140. H. H. Revnan, who
was President of the Terminal Exchange Bank, is VicePresident of the Hudson Trust Co. The merger became
effective April 18.
Walter G. Robins, who has been in the loan department of
the Bankers Trust Co. of New York since 1912, was appointed Assistant Treasurer on April 16. Mr. Robins was
born in Brooklyn, and after finishing school started with the
Manhattan Trust Co. in 1901, coming to the Bankers when
that organization was merged with it. During the war Mr.
Robins was a First Lieutenant in infantry attached to the
Machine Gun Battalion at Camp Dix.
The bond department of the Mississippi Valley Trust Co.
of St. Louis has just opened an office in New York at 22 William Street for the wholesaling of investment securities,
particularly Middle Western municipal issues and industrial
securities. The office is in charge of John M. Bowlin, who
several years ago was connected with the Bankers Trust Co.
both in New York and in their Cleveland office. The Mississippi Valley Trust Co. also has a Chicago office.
•
Felix Fuld, Vice-President and Treasurer of L.
Bamberger
& Co., of Newark, has been elected a director of the Prudential Insurance Co. of America; he succeeds Forrest F. Dryden, resigned.
In furtherance of the plans for the merger of the Importers
& Traders National Bank of this city into the Equitable
Trust Co., a special meeting of the stockholders of the bank
will be held on May 4, when action will be taken on the matter of liquidation of the bank as a national institution and
The death was announced in Syracuse on April 10 of
Its organization as a State bank preliminary to the merger
Warren C. Brayton, Chairman of the board of directors of
with the Equitable. Reference to the merger plans was
made in these columns Feb. 24, page 777, and Mar. 10, page the City Bank Trust Co. of that city and one of itemost
prominent citizens. Death was due to pneumonia after a
1014.
few days' illness. Mr. Brayton was one of the founders of
Announcement is made of the addition of the following to the City Bank Trust Co. and its Vice-President
from 1909 to
the board of directors of the new Franklin National Bank in 1912, when he was elected President. In 1917 he retired from
New York: A. D. Farrell, H. K. McCann, Paul Plunkett, the Presidency and since that time until
his death was
W..T. Weller and F. A. Williams. Reference was made to Chairman of the board. He was in his 86th year.
the organization of the bank in our issue of Jan. 27 last,
Homer C. Pierson,formerly of the Franklin National Bank
page 377, As indicated therein the bank will be located
at Franklin and Hudson streets. Arthur P. Smith,formerly of Philadelphia, has been elected Treasurer of the Northern
an officer of the Irving National Bank, will be President Central Trust Co. of Philadelphia.
of the Franklin National, and T. K. Smith, formerly with
At the annual meeting of the stockholders of the Philadelthe National City and the Chase National Bank, will be
Vice-President, Nelson F. Fairweather, Cashier, and Edward phia Company for Guaranteeing Mortgages, at Philadelphia
Sanderson, Assistant Cashier of the new institution, which on June 18 1923 action will be taken on the question of inwill have a capital of $800,000 and surplus of $400,000. creasing the capital stock of the company from $2,000,000 to
Indications point to the bank being in active operation about $3,000,000.
May 1 or shortly after.
Wilred W. Fry has been elected a director of the First
The capital of the East River National Bank of this city National Bank of Philadelphia, Pa.
is to be increased from $1,000,000 to $1,500,000. The stock
Press dispatches from Honesdale, Pa., to the New York
is to be offered to present stockholders at $200 a share. The
daily papers on Mar. 16 reported the closing on the previous
stockholders will act on the proposal on May 29.
day of the Farmers & Mechanics Bank of that place by the
Four officers are celebrating this year their twenty-fifth State
Banking Commissioner because of alleged defalcations
year of service with the Guaranty Trust Co. of New York. and
irregularities of the bank's Cashier, Charles A. Emery.
One of them completes a quarter century of service with the The accused
Cashier, it was said, had been arrested and had
company's London office; the others were formerly members asked that no
steps be taken to secure bail for him. Accordof the staffs of companies which have been merged into the ing to the
Banking Department, it was said, the shortage in
Guaranty, and their service is reckoned as continuous in the bank's funds
amounted to about $50,000 and there were
accordance with the provisions of the ccmpany's pension sys- loans aggregating
$168,000 which the Department classsed as
1726
THE CHRONICLE
[VoL.
bad. The failed bank had a capital of $75,000, with surplus Bank, the first new national bank, it is said, to be organized
in that city in 18 years. Its banking quarters are at 70 Gay
and undivided profits of $35,000.
Street. J. J. Jennings is President; J. G. Parish, Vice-PresiThe new North York State Bank, organized in York, Pa., dent; 0. L. Thompson, Assistant Vice-President; W. A. Kumbegan business March 31. The officers are: President, ler, Cashier, and L. P. Leyshon, Assistant Cashier. "Service
Dr. Charles H. May; First Vice-President, Levi S. Shearer, With Smiles" is the bank's slogan.
Second Vice-President, Edward D. Jacobs; Secretary, M. H.
The Toledo Savings Bank & Trust Co. of Toledo, Ohio, has
Wolfgang; Cashier, R. F. Jones. The followirg are the
directors: Dr. Charles H. May, Millard H. Wolfgang, Levi increased its capital from $300,000 to $600,000. The addiS. Shearer, John Ness, F. G. Ucclegrove, H. S. Hershey, tional capital, provided for through a stock dividend deWilliam G. Appel, Eli W. Strine, E. D. Jacobs, McClean clared out of earnings, was authorized by the stockholders
Stock, Henry S. Kohr, Fred A. Shiodel and Henry Hartman. in December and became effective in January.
The bank has a capital of $40,000. Its stock (par $50)
A. H. Penfield, the former Cashier of the Springfield Nawas disposed of at $60 per share.
tional Bank of Springfield, Ohio, whose embezzlements
Clarence C. Strickland, associated with the National Bank amounting to approximately $1,000,000, caused the closing
of Elkton for 50 years, died on Mar. 27. For the past 10 of the institution on Mar. 6 was on April 10 sentenced by
Federal Judge Smith Hickenlooper to 21 years in the Fedyears he was Cashier of the institution.
eral prison at Atlanta. The former Cashier pleaded "guilty"
D. D. Kimmel, President of the Union Mortgage Co., has to seven of twelve counts in an indictment charging embezbeen elected President of the Midland Bank of Cleveland, zlement. In a press dispatch from Cincinnati printed in the
succeeding the late William P. Sharer, who died in February,
New York "Times" of April 11, Assistant United States Disas noted in our issue of Mar. 3, page 902. S. H. Robins, trict Attorney Dana Reynolds of Columbus, who prosecuted
President of the Youghiogheny & Ohio Coal Co., who has
Penfield, is reported as saying that the Government was
been acting President since Mr. Sharer's death, continues as
willing to nolle the last five counts of the indictment against
Chairman of the Board; Mr. Robins's election to that post
the ex-Cashier and also as saying that Me Federal authoriwas noted by us Mar. 17, page 1141. At the April 6 meeting
ties believed adequate punishment would be meted out un/
the board voted an initial dividend of 112% on the bank's
der seven counts. Under the law, it was said, the maximum
capital stock, payable May 1 to stockholders of record April
penalty that could have been imposed was 35 years and a
25. The undivided profits of the bank are now in excess of
fine of $35,000.
$250.000 and the present book value of its stock is $13250
A press dispatch from Cincinnati under date of April 12
per share. The bank began business in April 1921 with a
appearing in the New York "Times" of the following date,
paid-in capital of $2,000,000 and surplus of $400,000. A year
stated that on that date Judge Hickenlooper re-sentenced
ago its total resources were approximately $12,000,000. ToPenfield to serve three years in the Atlanta Federal prison
day they are upwards of $18,000,000, a growth of 50%. The
on each of the seven counts in the indictment charging embank will move from its present location about July 1 to the
bezzlement to which he had pleaded guilty. The re-sentencbanking rooms in the Williamson Building now occupied by
ing of the prisoner was necessary, it was said, because of a
the Federal Reserve Bank of Cleveland after the quarters
technical error. The error, it was said, was discovered by
have been remodeled. At present the Midland has about
Assistant United States Attorney Reynolds, who telephoned
5,500 depositors and approximately 1,300 stockholders. The
from Columbus to Cincinnati advising that the mistake be
new President of the Midland has been the chief executive
rectified before the prisoner was removed to Atlanta. Refofficer of the Union Mortgage Co. since its organization in
erence was made to the closing of the Springfield National
1914. It is one of the largest mortgage companies in the
Bank and the attempted suicide of Penfield in these columns
pountry, with resources of $17,000,000.
in our Mar. 10 issue.
Thirty-five thousand people attended a two-day houseAccording to the weekly bu- lletin Issued April 13 by the
warming in the remodeled building of the Broadway Bank
Federal Reserve Board, the Morton Park State Bank, Cicero,
Office of the Union Trust Co., Cleveland, Ohio, on April
Ill., has changed its name to the Cicero Trust & Savings
and 5. This housewarming, besides celebrating the opening Bank.
of the remodeled office, also celebrated the thirty-ninth anniversary of the founding of that office. The Broadway Bank
A consolidation of the Comm- onwealth National Bank and
Office is in the heart of Cleveland's foreign district and the Liberty Trust Co. of Kansas City, Mo., was officially anfamilies of almost every nationality were among the visitors. nounced in the Kansas City "Star" of April 8. The resultThis enormous attendance was not merely an accident. A ing institution is to be known as the Liberty National Bank
carefully worked-out advertising campaign was carried on and will permanently occupy the present quarters of the
for some time previous to the opening. The media used in Commonwealth National Bank at the northwest corner of
this compaign included street car cards, bill-boards, window Ninth and Walnut Streets, which are to be enlarged to meet
display, foreign language newspapers, personal letters, and its requirements. The Liberty Trust Co. will continue at its
a neighborhood newspaper distributed from house to house. present location, 919 Walnut Street, and carry on under the
This intensive campaign went far toward securing the at- same management as heretofore the Farm Mortgage Departtendance of 35,000. The vistors, besides being shown ment, the City Real Estate Loan Department and the Trust
through every department of the bank, were given souvenirs Department. A new safe deposit vault, it is said, which
of the occasion.
when completed will be one of the finest in the city, Is now
under construction in the Commonwealth National Bank
Growth of $21,799,416 in de- posits during the past twelve building and will be ready for use about June 1. Until then
months was evident upon examination of the current statethe Safe Deposit Department of the Liberty Trust Co. will
ment of the Guardian Savings & Trust Co., Cleveland, issued continue to be operated in the same place as heretofore. The
April 3. Deposits on that day were $94,551,816, as against
capital of the new bank, it is said, will be $500,000, with sur$72,752,400 on April 3 1922. Resources are now over the
plus of $100,000. The officers of the Liberty National Bank
$105,000,000 mark, with capital, surplus and undivided profare as follows: J. E. Hutt, Chairman of the board; P. W.
its totaling $9,635,867. The Guardian Savings & Trust Co.
Goebel, President; H. J. Coerver and J. T. Franey, Vicehas enjoyed a steady growth since its organization in 1894.
President; E. E. Rouse, Cashier, and J. G. Kennedy and E.
H. P. McIntosh is Chairman of the board of directors; J. A.
'Henderson, Assistant Cashiers.
W.
House is President. In fourteen business days the 600 employees of the Guardian Savings & Trust Co., in their annual
The Butler County State Bank of El Dorado, Kansas (capspring drive, secured 3,717 new accounts with initial de- ital $100,000, with surplus of $25,000), was closed by the
posits of $1,747,650. Employees of the bank set the quota at State Bank Commissioner, Carl Peterson, on Mar. 30. The
3,000 new savings accounts, purposing to end the contest im- failure of the bank, it is said, was due to "frozen" loans and
mediately upon reaching the goal. They went over the top the loss, it was estimated, would amount to $400,000, and
with such impetus April 4 that the excess totaled over 700 might be greater. The depositors, it Is said, are fully proaccounts. Employees of the bank brought in 9,774 new ac- tected under the Depositors' Guaranty Law of the State of
,
counts in 1922, with initial deposits of $2585,405, according Kansas.
to figures tabulated by the new business department.
George A. Held has been elected President of the JefferA new financial institution was opened for business in Co- son-Gravois Bank of St. Louis, succeeding the late C. II.
lumbus, Ohio. on April 9, namely the Columbus National Arendes. Anthony Coller has been chosen to succeed Mr.
APRIL 21 1923d
THE CHRONICLE
1727
Held as Vice-President . Mr. Coller also retains the post of
R. E. Ellis, formerly Manager of the Asia Banking CorCashier which he has heretofore held. Leo Osthaus, Jr., C. poration, New York, has been appointed New
York Agent
J. Meyer and E. Kramme, are Assistant Cashiers.
of the Banque Beige pour l'Etranger, as successor to W.
A.
The Guaranty Bank & Trust Co. of Lexington, Ky., will
increase its capital from $150,000 to $300,000. The issuance
of the new stock was authorized by the shareholders on Mar.
20 and the enlarged capital will become effective July 30.
The new stock if; tO be disposed of to stockholders at $120
per $100 share.
Hoehn, who is returning to Europe.
The annual general meeting of the Adriatic Bank, Ltd.,
Belgrade, was held on March 8 at the bank's temporary headquarters in Ljubljana. Of the 600,000 shares owned, 468,665 were represented. The printed annual directors' report
and statement of account were subiogitted to the shareholders
by the member delegated by the board of directors, Ciro
With reference to the amalgamation of the Merchants Kamenarov
ic. Advices to us April 7 state:
National Bank of Raleigh, N. C., with the Wachovia Bank
& Trust Co. (head office Winston-Salem, N. C.) noted in
these columns in our Mar. 17 issue, the following notice was
printed in the Raleigh "News" of April 9:
A special meeting of the stockholders of the Merchants' National Bank
will be held at the office of the company, 232 Fayetteville Street, at 4 p. in.
on Tuesday, May 8 1923 to take action upon the merger or consolidation
with the Wachovia Bank & Trust Co. and the consequent sale of the property
of the bank to the Wachovia Bank & Trust Co. the liquidation of the bank's
assets and such other businsee as may properly come before the meeting.
W. B. JRAKE, President.
April 5 1923.
The officers and directors of the Southwest National Bank
of Dallas, Texas, announce the election of Ed. Hall as VicePresident and director.
The Guaranty State Bank of Cleburne, Texas (capital
$100,000), was closed recently by State Bank Examiner H.
D. Wallace. A run on the bank which lasted two weeks and
reduced deposits more than $400,000, following the failure of
two crops in Johnson County, was responsible for the closing,
It is said.
The first part of the report deals with the course of dinar and takes an
optimistic view of the situation, since the recent change of personnel in the
financial administration of the State have also brought a change in policy
and new schemes for solving the question of the rate of exchange. All
business concerns, including banks, are suffering from the lack of ready
money and it is a mistake to think that the bank score when money is dear.
On the contrary, the banks lose, because, although interest increases, yet
this increase does not balance the loss caused by the falling of deposits and
the restriction of business. Following upon last year's report. the Adriatic
Bank increased its share capital from 30.000,000 dinars to 60,000,000 dinars
by -the issue of 30,000 additional shares at the nominal value of 100 dinars.
The entire issue was absorbed by home capital—indeed, whereas 30,000
shares were issued, 326,515 were subscribed for.
Owing to the unsatisfactory conditions of the money market.the Adriatic
Bank has not committed itself to any fresh enterprise of importance during
the last year. Exceptionally it took over 10,300 shares at 50 pesos of the
Banco Yugoslavo de Chile, thereby strengthening its ties with the prosperous Yugoslav colony in that country. Finally, the report stated that the
various commercial enteiprises in which the Adriatic Bank has an interest
and which were enumerated by name had done well during the past year
and were prospering satisfactorily. The iron,chemical, wood, building and
printing industries were represented, likewise breweries, &c.
The balance sheet shows that the whole turnover of the Adriatic Bank
during the past year amounted to dinars 29 milliards, 285.759.622.92.
The actual cash turnover alone amounted to dinars 4 milliards, 227,583,247.97. and the net profit to dinars 7,855,454.19.
The directors' and auditors' reports were unanimously passed by the
general meeting, and the board and auditors thereupon were absolved
from their functions. Upon the directors' proposal it was agreed that
out of the dinars 7.855,454.19 net profits for the year
a 5% ordkiary
dividend and a 7% super-dividend should be declared, and the balance of
dinars 24,245.14 carried over to the account of 1923. Consequently
. as
from April 10 of the current year. dinars 12
per share will be paid out for
share coupon 17 of the Adriatic Bank.
The regular surplus fund, which amounted to dinars
15,500,000 on
Dec. 31 1921. was during 1922 increased by dinars 17.015,000 and on
Dec. 31 1922 amounted to dinars 32.315,000. As
the total amount of
the surplus fund therefore exceeds 54% of the paid-up
shares, the board
deemed it unnecessary to propose an addition to
the surplus fund, such
addition being demanded by the statutes only in the case that the surplus
fund is not equal to at least 10% of the paid-up shares.
The members of the board and supervisory board were then unanimously
re-elected, and in addition to them the following new members: Edvard
Pajkuric of the Littoral Bank & Savings Society in Susak; Stane Uskokovie,
Director of the Co-operative Association in Belgrade; Dr. Miss Kolin.
Director of the "Rade" SS. Co., and Luka Milicic.
Prenident of the SorboAmerican Bank in Belgrade.
Selected, it is stated, by the American Institute of Architects as the finest commercial structure erected in Los Angeles during the past three years, the new Southern California headquarters of the Bank of Italy have been formally
opened to the public. The building is 156 feet high and includes twelve floors, mezzanine and safe deposit level. The
usable floor space totals more than 175,000 square feet, affording ample room for approximately 300 offices, in addition to the bank's quarters. The structure is executed in
16th Century Italian Renaissance period of architecture and
Is said to rank as one of the best examples of this type in
America. The opening of this new building gives the Bank
of Italy four offices in Los Angeles and 67 in the United
States. From a bank with $285,000 resources in 1904 it has
steadily forged ahead until to-day it ranks as one of the
largest banks in the West; its resources total $260,000,000
COURSE OF THE NEW YORK STOCK MARKET.
and it has more than 410,000 depositors. The system of
There has been little appreciable change in the general
State-wide branch banking has been a feature of the developtone of the security markets during the week now closing.
ment of the Bank of Italy.
The volume of business steadily increased, however, from
The New York agency of the Dominion Bank (head office) an unusually low total on Monday to nearly a million shares
announces it will occupy its new offices at.35 Wall Street on on Wednesday, while an average of more than $10,000,000
par value of bonds has changed ownership daily. Railway
April 23. The agency is now located at 51 Broadway.
stocks advanced in anticipation of increased March earnings
On Monday, April 9, S. H. Logan assumed the duties of and
both groups responded to an advance in raw sugar to
the highest price of the year.
On the other hand cotton dropped % cent of its recent
advance and wheat declined 3 cents per bushel, while the
demand for finished steel products is less pressing than it
recently was and it is reported that at the moment there
are "no buyers of pig iron in the market." Also the report
of cars loaded during the first week in April shows a total
substantially smaller than any week in March. The general bond market has been firm throughout the week, however, and a considerable number of well-known investment
Issued thelollowing advices regarding the amalgamation of issues have advanced to new high figures. The money
market is easier, call loan rates having dropped to 4%.
Cox's with Lloyd's Bank of London:
The amalagamation in London of the Bank of Cox k Co. with Lloyds Bank,
Sterling exchange is slightly lower while the German marks
considered one of the largest banking institutions in the world, is regarded
have dropped to 31% cents for 10,000.
by an authority on finance as the most important development
in Indian
First Agent of the Canadian Bank of Commerce as successor
to the late F. B. Francis. Mr. Logan comes from the head
office of the bank in Toronto. He has traveled throughout
the world in the interest of the bank in charge of the arrangements with foreign correspondents. C. J: Stephenson,
formerly Third Agent in New York, has been promoted to
Second Agent, while John Morton,formerly accountant, has
succeeded Mr. Stephenson as Third Agent. C. L. Foster
has been appointed Inspector at Toronto.
' The Department of Commerce at Washington on April 14
banking. Since Cox & Co. was already well established in India through eight
Important branches, this change marks the first establishment of one of the
great London clearings banks in that country, thus greatly increasing Indian
banking facilities. The Calcutta branch of the new firm will be known as
Lloyds Bank, Ltd., Cox's Indian Branch.
The Bank of Oox & Co., including its Indian branches, represented a paidup capital of £1,250,000 and deposits amounting to Z18,000,000, while
Lloyds Bank, with 60 London branches alone, has a paid-up capital of approximately £25,000,000 and deposits amounting to £347,000,000.
Previbus reference to the amalgamation appeared in the
"Chronicle" of Feb. 10, page 581, and Mar. 3, page 903.
Lloyds and National Provincial Foreign Bank, Ltd.. announce that a branch of the bank is now open at 59 Rue
Jeanne d'Arc, Rouen.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Mar. 28 1923:
GOLD.
The Bank of England gold reserve against its note issue
on the 21st
Inst. was £125,681,620, as compared
with £125,679,120 on the PrevioUs
Wednesday.
A considerable amount of gOld came
into the market, and a fair proportion was taken for India.
Gold arrivals in New York during the week amounted
to $3.000.000
all from Switzerland. It was reported
that gold to the value of $800,000
had been engaged in New York for shipment to India.
The following figures, Including bullion and rupee paper movements.
show the Indian monthly balance of trade in lacs of rupees—C 0ns.
denotes balance in favor of India and "minus" adverse balance):
1728
116.
THE CHRONICLE
Year 1922-23.
Year 1920-21.
Year 1921-22.
plus 13,87
minus 6.85
plus 4,17
plus
minus 2.00
plus 3,48
5.74
minus
minus 1.67
82
minus 1,11
minus 3,14
plus 1.35
plus
32
minus 9.36
plus 2,34
plus 2,96
minus 4.69
plus
plus
93
10
minus 10,32
minus 8.65
minus 3.86
minus 11,07
minus 9,22
plus 5.96
minus 9,02
minus 2,55
plus 5,62
minus 7,12
minus 8,97
plus
95
minus 7,03
minus 59
minus 32
minus 4,86
plus 1,42
• SILVER.
Often during the current month the price of silver has had a tendency
to fall away for a few days and rally after a day or so with considerable
energy. Such has been the case again this week. Indian demand has
not been much in evidence. The impetus of the recovery has been mainly
owing to inquiry from China, where speculation among the native Chinese
has been persistent. The speculative position built up in that country
Is now of substantial dimensions. America has been a poor seller, but
the Continent has offered some parcels, and the lately rising prices have
attracted sales from speculative quarters.
According to the Paris "Agence Economique & Financiere" of the 26th
Inst.. "the Anaconda Copper Co. has advised the mining concerns who
are in the habit of sending them silver ore for refining, that they will no
longer guarantee the price of one dollar per ounce for silver after the first
of April." This is certainly taking time by the forelock, though it is
easily to be understood that the Anaconda authorities prefer to conserve
as much as possible of the 50% profit (over the market price) for their
own production and that of their subsidiaries.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)Mar. 7. Mar. 15. Mar. 22.
Notes in circulation
17396
17433
17438
Silver coin and bullion in India
8637
8673
8678
Silver coin and bullion out of India
Gold coin and bullion in India
2432
-4-23
24--- 2 32
Gold coin and bullion out of India
Securities (Indian Government)
5743
---5743
5744
---Securities (British Government)
584
585
584
The coinage during the week ending 22d inst. amounted to 8 leas of
rupees.
The stock in Shanghai on the 24th inst. consisted of about 27,900,000
ounces in sycee and 34,000,000 dollars, as compared with about 27,900.000
ounces in sycee, 33.500,000 dollars and 290 silver bars on the 17th inst.
The Shanghai exchange is quoted at 3s. 2c1. the tael.
-Bar Silver per Oz. Std.Bar Gold per
QuotationsCash.
2 Mos.
Oz. Fine.
March 22
3234d.
3234d.
87s. 101.
March 23
32 7-16d.
32 5-164.
87s. 91.
March 24
323cl.
327-164.
March 26
323cl.
3234d.
87s. 104.
March 27
323cl.
32 11-16d.
875. 10d.
March 28
32 13-16d.
3234d.
88s. 24
Average
32.625d.
32.468d.
878.10.6.d.
The silver quotations to-day for cash and forward delivery are respectively
%d. and 5-16d. above those fixed a week ago.
April
May
June
July
August
September
October
November
December
January
February
March
-PER CABLE.
ENGLISH FINANCIAL MARKETS
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.
Mon. Tues.
Frt.
London,
Wed, Thurs.
Apr.
.14. Apr. 16. Apr. 17. Apr.
Week ending Apr. 20.
.18. Apr. 19. Apr.29.
3234
d 3234
32 7-16 32 5-16 32 5-16 3234
Silver, per oz
88.5
88.6
88.7
88.7
Gold, per fine ounce
88.9
88.8
____
Consols, 234 per cents
593-i
5934
5934
5934
5934
10334 10334 10334 10334 10334
British,5 per centsBritish 434 per cents
9934
9934
9934
9934
9934
French Relates (in Paris)__fr. 57.45 57.65 57.27 57.25 57.55 57.95
FrenchWarLoan(InParis)_fr. 74.40 74.60 74.95 75.30 75.20 75.30
The price of silver in New York on the same days has been:
Silver in N. Y., per oz.(eta.):
9934
Domestic
6634
Foreign
9931
6634
9934
67
9934
6634
9931
6631
9931
6631
THE CURB MARKET.
There was a generally firm market for Curb securities this
week, and despite reactionary movements at times prices
closed higher. Cleveland Automobile was a strong feature,
and on active trading sold up from 29% to 34% and reacted
finally to 33%. Peerless Truck Motor dropped from 55 to 50,
rose to 57, and to-day fell back to 53. Reo Motor gained
over a point to 18%. Schulte Retail Stores, after early loss
from 91% to 89%, advanced to 92%, the close to-day being
at 91%. Checker Cab Mfg. improved from 59% to 62%, but
sold down finally to 59. A dividend was declared this week,
payable in quarterly installments beginning with May 1.
Cuyamel Fruit advanced from 59% to 62% and sold finally
at 60%. Glen Alden Coal moved up from 68 to 75 and ends
the week at 73%. Oil shares were fairly active, though
price changes as a rule were comparatively narrow. Ohio
Oil was off from 72% to 66%, recovered to 73 and sold
finally at 70. Prairie Oil & Gas dropped from 221 to 215,
recovered to 224 and reacted to 213. The close to-day was at
214. Standard Oil (Indiana) lost about 2% points to 61%.
Gulf 011 of Pa. was active, and after an early rise from 63%
to 67%, fell to 62. Mammoth Oil on few transactions sold
up from 49% to 58 and at 56% finally.
COURSE OF BANK CLEARINGS.
Bank clearings show an increase over last year, but the
ratio of increase this time is small, due, however, entirely to
a large falling off at New York. Preliminary figures compiled by us, based upon telegraphic advises from the chief
cities of the country, indicate that for the week ending today (Saturday, April 21), aggregate bank clearings for all
We have also received this week the circular written under the cities in the United States from which it is possible to
date of April 4 1923:
obtain weekly returns will show an augmentation of 0.9%
GOLD.
The Bank of England gold reserve against its note issue on the 28th as compared with the corresponding week last year. The
ult. was E125,683,180, as compared with £126,681,620 on the previous total stands at $7,983,905,908, against $7,913,483,658 for
Wednesday.
the same week in 1922. Our comparative summary for the
A substantial amount of gold came on offer this week and a small proweek is as follows:
portion was acquired for India.
An article by M. Jules Descamps in the "Revue de Paris" describes
the way in which the mark is being replaced by various methods of calculating values. Industrialists, for instance, find It advantageous to pay
wages to some extent at least in kind, and leases and property change
hands in pric s calculated in goods. A quintal of coal is regarded as a
currency unit in Hanover and Westpnalia, whilst Oldenburg and Mecklenburg-Schwerin issue bonds reckoned in barley. He considers that
tnese diversions from the use of the mark as money are but temporary
expedients on the way to the adoption of a new gold standard, and that
during the period of transition wholesale bankruptcies and other disastrous
economic consequences may arise.
SILVER.
Owing to tne Easter holidays the market has been rather quiet.
An announcement was circulated by the United States Mint on the
31st alt. to tne effect that only 20,000,000 ounces of silver remained to be
purchased under toe Pittman Act, althougn at trie end of February 46,000.000 ounces still had to be purchased. (At the rate of the United
States production, about 5,000,000 ounces was the likely contribution
to be made in March, so that tne sudden addition to tne purchases was
about 21.000,000 ounces-representing an acceleration of production to
that extent.) The Mint added that it expected purcnases to be completed
by July.
Tais news reached here yesterday but did not have any immediate effect
In depressing prices, owing to some buying from China despatched probably
before the news reacned that country. The Indian Bazaars were sellers,
and also speculators, but not to any important extent. In the afternoon
America offered silver unsuccessfully, owing to lack of buyers. To-day,
however. both China and India sent selling orders, and as only bear covering
came to support the market, a fall of Md. took place.
No fresh Indian currency returns have yet come to hand.
The stock In Shanghai on the 3d inst. consisted of about 28,300,000
ounces in sycee. 34.000.000 dollars and 120 silver bars, as compared with
about 27,900,000 ounces in sycee and 34,000,000 dollars on the 24th ult.
The Shanghai exchange is quoted at 3s. 2d. the tee].
Statistics for the month of March are appended:
-Bar Silver per Oz. Std.Bar Gold per
Cash.
2 Mos.
Oz. Fine.
323d.
32 11-164.
Highest price
88s. 8d.
31 946d.
31 7464.
87s. 84.
Lowest price
32.310d.
32.1404.
Average price
88s. 1.24
-Quotations
3234d.
3234d.
88s. Od.
March 29
3234cl.
32 13-164.
88s. Id.
April 3
323d.
32 946.4
88s. 6d.
April 4
32.541d.
32.7084.
88s. 2.34,
Average
for cash and forward delivery are each
The silver quotations to-day
Ud. below those fixed a week ago.
Clearings-Returns by Telegraph.
Weelc ending April 21.
1923.
1922.
Per
Cent.
New York
$3,582,000,000
550,297,142
Chicago
Philadelphia
422,000.000
Boston
311,000,000
Kansas City
122.214,544
St.Louisa
San Francisco
137,500,000
Pittsburgh
140.621,659
Detroit
122,472,376
Baltimore
79.046,171
New Orleans
53,504,517
'
Ten cities, 5 days
$6,520,656,409
Other cities, 5 days
1,132,598,515
$4,048,500,000
457,100,000
397,000,000
248,000,000
110,586,200
a
119,800,000
*112,800,000
87,889,446
63,305,032
35,819,502
-11.5
+20.4
+6.3
+25.4
+10.5
a
+14.8
+24.7
+39.3
+24.9
+49.4
65,680,800,180
913,769,535
-2.8
+23.9
Total all cities, 5 days
All cities, 1 day
$6,594,569,715
1,318,913.943
+0.9
+0.9
Total all cities for week
17 cun Orin nog I 57.013.453.658
a No longer report clearings. * Estimated.
+0.9
$6,653,254,924
1,330,650.984
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ending April 14. For
that week the increase is 12.7%, the 1923 aggregate of the
clearings being $7,710,379,706 and the 1922 aggregate
$6,840,363,706. Outside of this city the increase is 24.4%,
the bank exchanges at this centre having recorded a gain of
only 4.2%. We group the cities now according to the Federal Reserve districts in which they are located, and again
the noteworthy feature of the return is that every one of these
Federal Reserve districts records an increase as compared
with the corresponding week last year. The Boston Reserve
District shows an improvement of 22.5%, the New York
Reserve District (including this city) of 4.3%, and the Phil-
APRIL 21 1923.]
THE CHRONICLE
adelphia Reserve District of 34.8%. In the Cleveland Reserve2Distriat the totals are larger by 22.9%,in the Richmond
Reserve District by 30.4% and in the Atlanta Reserve District by 31.7%. The Chicago Reserve District shows an
expansion of 23.9%, the St. Louis Reserve District of 32.4%
and the Minneapolis Reserve District of 29.5%. The Kansas City Reserve District has an increase of 12.4%, the Dal.
las Reserve District of 15.4% and the San Francisco Reserve
District of 21.0%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ending April 14 1923.
1923.
1922.
Federal Reserve Districts.
$
(1st) Boston
11 cities 431,985,684 352,607,354
(2nd) New York
9 " 4,197,513,971 4,023,625,7E6
(3rd) Philadelphia_ -- -10 "
519,909,999 385,594,925
(4th) Cleveland
395,256,294 321,530,386
10 "
(5th) Richmond
176,968,992 135,706,283
6 "
(8th) Atlanta
174,756,029 132,646,419
11 "
(7th) Chicago
862,471,347 696,196,643
19 "
(8th) St. Louis
75,666,565 57,143,247
7 "
(9th) Minneapolis_ _ _ _ 7 '•
121,094,910 93,497,550
(10th) Kansas CIty
249,564,945 222,095,864
11 "
(11th) Dallas
54,840,061 47,529.84
5 "
0
(12th)San Francisco
450,349,90 372,189,429
15 ••
lnc.ot
Dec.
+22.5
+4.3
+34.8
+22.9
+30.4
+31.7
+23.9
+32.4
+29.5
+12.4
+15.4
+21.0
1921.
1920.
324,248,619 493,004,007
,686,272,071 5,589,974,391
427,761,411 543,687,062
340,722,080 446,012,521
145,149,793 194,675,760
142,974,111 230,551,158
697,859,270 924,738,114
56,246,834 84,237,036
111,272,917 154,521,037
254,837,014 363,665,084
48,530,593 80,745,995
347,053,275 393,357,793
Grand total
121 cities 7,710,379,708 6,840,363,706 +12.76,582,927,988 9,500,169,958
Outdide New York City
3,188,344,673 2,881,869,128 +24.42,955,719,469 3,985,565,455
Canada
29 cities 304,770,228 285,517,706 +6.7 339,897,751 404,521,339
• We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week ending April 14 1923.
Clearings at
1023.
1922.
Inc.or
Dec.
1921.
1920.
1729
Week ending April 14.
Clearings at
1923.
1922.
Inc.or
Dec.
1921.
1920.
$
4
$
%
$
Seventh Fade al Reserve D strict-Chi cago
Mich.
-Adrian _ _
255,072 +8.2 *
175,000
276,038
299,443
Ann Arbor_ _ _
515.433
497,152 +34.5
625,693
668,725
Detroit
95,226,453 +29.2
92,400,952 156,830.928
123.015.727
Grand Rapids
6,212.795 +17.1
5,636,053
8.013.917
7,280,911
Lansing
1,500.000
1.854,080 +32.5
2.282,755
2,456.461
Ind.
2,364.435
-Ft. Wayne
1,484,662 +26.2
1,883,852
2,176,347
14.624,000
Indianapolis_ _
16,903.000 +22.3
19,098.000
d20,673.000
South Bend__
2,082,553
2,241,511
2,384,000
1,989.890 +19.8
Terre Haute_
6.070.794 Not included in total
28,430,833
29,467,451 +30.3
36,152,146
38,410,364
Iowa-Cedar Rat
2,142.658
3,403,185
2.438,613
2,095,887 +16.4
9,134,286
Des Moines_ _
13.820,498
9,079,793 +31.8
11,968,183
Sioux City....
5.857,522
10.888,455
5,589,01 +33.5
d7,459,000
1,941,103
Waterloo
2,195.826
1,291,151
+6.0
1.218,53
1,702,702
111.-Bloomingto
2,165,725
2,034,352
1,285,17 +58.3
Chicago
628,433,822 513,668,65 +22.3 519,798,099 651,330,568
Danvitle
a
a
a
a
a
Decatur
1,249,880
1.605,995
978,62 +37.8
1,348,303
Peoria
5,743,919
3.769.093
4,394,333
3,454.56 +27.2
2,822,394
Rockford
1.909,642
2,524,915
2,005,463 +25.9
3,040,809
Springfield_
3,105,609
3,058,614
2,544,377 +20.2
Total(19 cities
696,196,643 +23.9
697,859,270
924,738,114
Eighth Feder I Reserve Dis trict-St. Lo ills
Ind.
-Evansville
5,982,049
4,144,799 +44.3
Mo.-St. Louis_ •
a
a
a
Ky.-Louisville_ •
31,909,273
26,437,953 +20.7
Owensboro _ _ _ •
478,717
376.230 +27.2
Tenn.- Memphi 4
22,038,189
15,116,626 +45.8
Ark.-LittleRoc 4
13,448,291
9,636,822 +39.5
IU.-Jacksonvill
248,819
246,416 +1.0
Quincy
1,561,227
1,184,381 +31.8
4,359,881
a
25,824,876
408,632
14,304,778
9,615.621
332,437
1,400,609
5,754,890
a
30,811,389
846,607
29.538,425
15,007,889
495,120
1.782.716
56,246,834
84,237,036
Ninth FadersI Reserve Dis trict-Minn eapolisMinn.
-Duluth_ . d6,428,768
6,199,125
4,210,349 +52.7
Minneapolis_ _ . 73,636,572
65,784,628
52.594.876 +40.0
St. Paul
. 33,368,000
29,926,152 +11.5
32.388,823
N.D.
-Fargo .
2,527,216
2,251,480
2,051,704 '+23.3
S.D.
-Aberdeen.
1,325,260
1,163.700
1,146,013 +15.6
Mont.
-Billings .
575,067
602,603 -4.6
749,142
Helena
3,234,027
2,736,019
2.965,853 +9.0
7,788,472
90,341,095
47.745,919
3,491.017
1,907,427
1.310.371
1.936,736
Total(7 cities) .
862,471,347
75,664,565
57,143,227 +32.4
Total (7 cities). 121,094,910
93,497,550 +29.5 111,272,917 154,521,037
Tenth Federa I Reserve Dis tact- Kans as City+1.0
980,702
966,635 Neb.-Fremont_ •
d460,147
877,576
392,795 +17.1
489,427
-18.2
Hastings
2,400,000
2.500,000
572,392
539,316 +6.1
948,907
567,045
Lincoln
+23.6 283,535,865 437,477,284
•
4,524.216
6.385.952
4,021,870 +12.5
4,008,766
Omaha
+62.7
1,339,813
•
3,277,356
46,423,412
64.189.736
35,079.570 +32.3
36.413,757
Kan.
-Topeka .
a
a
d4,176,430
3.094,244 +35.0
3.245.135
2.686.223
+15.0
Wichita
1,434,046
1,200,000
• d10,405.679
10.611,208 -1.9
11,142,509
14.689.984
a
Mo.-Kans, Cit r 137,422,083 131,258,478 +4.7 158,401.011 234,254.863
a
a
St. Joseph __ _ .
+11.8
1,427.015
2,647,766
a
a
a
a
a
+18.2
4,467,491
4,841,010 Okla.-Muskoge
a
a
a
a
a
-9.8
Oklahoma Cit r d22,720,167
3.997,651
5,034,519
14.112,274
18,957,892 +19.9
23.396.984
+12.9
Tulsa
9,136,117
11,880,772
a
a
a
a
a
+27.4
5,312,665
7,142,019
Spg 3
1,368,874
1.415,972
939,423 +45.7
897,972
Denver
+22.2
10,451,300
16.802,600
20.477,345
16,484,158 +24.2
22,474,250
15.876.548
Pueblo
.
el.014,200
716,910 +41.5
956.152
1,050,635
Total(11 cities) 431,986,684 352,607,354 +22.5 324,248,619 494.004,007
Total(11 cities 1 249,564,945 222,095,864 +12.4 254,837,014 363.665.084
Second Feder al Reserve D istrict-New YorkEleventh Fed .f ral Reserve District
-Da has
N. Y.
-Albany._
4,934.906
5.918.175 -16.6
4,256,493
5,448,142 Texas-Austin__
2,929,615
2,200,000
2,280,786 +28.5
1,800,000
Binghamton...
c1.223.000
Dallas
960,874 +27.3
956,806
1,379,800
d27,700,000
44,576,381
24,658,354 +12.3
25,093,225
Buffalo
d46.413.265
Fort Worth . d10,946,788
39,142,363 +18.6
37,167.851
48,971,425
20.240.261
9,854.538 +11.1
11,155,332
Elmira
751,291 Not included In total
Galveston_
.
8,113.458
8.088,817
6,682,688 +21.4
6.394,552
Jamestown.,...
c1,266,615
Houston
1,169.138 +8.3
1,032,772
a
a
a
a
a
New York.... 4,124,035,033 3,958,494,578 +4.2 3,627,208,519 5,514.604,503 La.
-Shreveport.
5.150.200
5.660,536
4,053.474 +27.1
4,087.484
Rochester
11,663,394
9,846.999 +17.4
9,181,080
13,910,931
Syracuse
4,503,184
Total(5 cities). .54.840,061
5,381,664 -16.3
3,950,602
5.140,822
80,745.995
47,529,840 +15.4
48,530,593
Conn.- Stamford
c3,053,078
Twelfth Fede r al Reserve D istrict-San Franci *co-2,401,709 +27.1
2,138,915
N. J.
-Montclair
521,496
310,286 +68.1
379.033
518,768 Wash -Seattle. _
48,029,128
43,290,583 +10.9
35,873,911
50,449,5
Spokane
a
a
a
a
a
Total(9 cities). 4,197,513,971 4,023.625,786 +4.3 3,686,272,071 5,589,974,391
Tacoma
a
a
a
a
a
Yakima
1,338.097
1,862,405
1,401,416 -4.5
1,002.704
Third Federal Reserve Dist rict-Philad elphia Ore.
-Portland _. 38.368.676
43,919,445
34,794,382 +10.3
38,268,582
Pa.
-Altoona
_
1,523,182
-S.L.CU V
932,895 +63.3
955,870
1,013,976 Utah.
15,441,833
16,893,809
10,124,499 +52.5
13.000,000
Behtlehem _ _ _
4,429,375
Nev.-Reno._ _
2,475,757 +78.9
2,594.670
a
a
a
a
a
Chester
1,388,368
-Phoenix'
1,682,976 Ariz.
1,200,000
804,939 +72.5
a
_.
a
a
a
a
Lancaster
4,144,974
2,981,150 +39.0
2,886.076
4,155,904 Calif.-Fresno_ _
c4.350,497
5,950,114 -26.9
3,475,811
5.475,353
Philadelphia
490,000.000 364,000,000 +34.6 405.172,655 519,192,768
Long Beach.._
8,317,344
3.106,528
4,197,882 +98.1
3,658.382
Reading
3.850.178
Los Angeles_ _
2.606,313 +47.7
2,876,698
3,950,119
. 134,178,000
80.773,000
99.779,000 +34.5
84.373,000
Scranton
d5,333,768
Oakland
4,829,397 + 10.4
4,930,566
5,256.768
17,378,990
11,563,140
12,842.545 +35.3
11.234.014
Wilkes-Barre
d3,206,503
Pasadena_ _ _ _
2,544,000 +26.0
2,333.612
2,797,937
5,501,456
2,751,312
4,125,672 +33.3
3,550,999
York
1,642.653
Samitmento _ _
1,297,501 +26.6
1.513,202
1,766,434
d6,551,728
6,178,812
6.057.799 +8.2
5,157.921
N..0 -Trenton..
4,390,998
San Diego .
3,122,973 +40.6
3,298,062
3,870,180
3,617,331
4,196.090
3.313.985 +26.6
3.225.042
Del.-Wilm•ton _
a
San Francisco
a
a
a
. 160,000.000 141,000,000 +13.5 135.100,000 159.034,795
a
San Jose
2.518,360
1.788,005 +40.8
1,621.954
2,000.000
Total(10 cities) 519,909,999 385,594,925 +34.8 427,761,411 543,687,062 Santa Barbara 1,416,110
1,055,647 +34.2
1,076,43
Stockton
_
c2,762,600
5,700,300
2,467,900 +12.0
6,434,522
Fourth Fader al Reserve D istrict-Clev eland
Ohio-Akron _ _ _
d5,638,000
Total(15 cities
5,245,000 +7.5
6.603,000
13.821.000
) 450.349,909 372.189,429 +21.0 347.053.275 393,357,793
6,428,415
Canton
3,471,471 +56.4
4,225,798
6.573.181 Grand total (121
69,737,012
Cincinnati _
59,841,617 +16.5
cities)
56,054,918
.7,710,379,706 6,840,363,706 +12.7 6,582,927,988 9,500,1694958
74.368,026
_
d114,438,000
Cleveland
93,373,384 +22.6 112,121.505 153.192,180 Outside N.Y
SARA 21111. ADS 'S Q121 Ran 105 J_OA SO 055 710 AA0 1 051gARR-450
22,973,400
Columbus
17,937,800 +28.1
15,433,800
17,384,000
a
Dayton
a
a
a
a
Week ending April 12.
397.842
Lima
914,084 -56.5
Clearings at
963,290
1.078.987
Mansfield
1,805,793
1,275,310 +41.6
1,302,670
1,688,118
Inc.or
a
Springfield _ _
a
a
a
a
1923.
1922.
Dec.
1920.
1921.
a
Toledo
a
a
a
a
d5,338.956
Youngstown
3.558,613 +50.
Canada4,061,091
6,147,082
s
4
$
%
$
Pa -Erie
a
a
Montreal
a
a
a
94,255,101
99.508,745 -5.3 105,721.103 140,051,521
Pittsburgh- - -. 164,469,954 131,236,000 +25.
135,295.090 164,324,311 Toronto
100,360.372
89.215,716 +12.5 107,476,351 117,991,244
5,028,922
W.Va.-Wheeling
4,677,107 +7.5
4,660,918
7,435,636 Winnipeg
40.829,918
46,371.686
29.993.411 +36.1
49,275,853
Vancouver
14,530,836
18.298.086
12,648.086 +14.9
13,641,707
Total(10 cities) 395,256,294 321,530,386 +22.9 340,722,080 446,012,521 Ottawa
9,868,244
6,445,788
7,290,105 -11.6
7.743,461
Quebec
8,909.432
5,602,345
5,331,478 +5.1
6,408,638
Fifth Federal Reserve Dist rIct-Riches ondHalifax
5.043.493
2,957.725
3,283,442 -9.4
5,506 853
2.137,207
W.Va.-Ilunt'g'n
1,350,734 +58.2
1,858,998
1,990,597 Hamilton
8,254,767
5,455,890
4,062,611 +9.9
6,117.508
Va.-Norfolk... d6,996,118
7,605,025 -8.0
6,388,969
10,365,478 Ca!gary
8,694,906
4.608.898
4,879.114 -5.5
6,271,389
48.295,658
Richmond
42,213,206 +14.4
37,116,994
62.848,554 St. John
3,772,937
2,791,674
2.615,228 +6.9
2.734.001
e2,649,564
S.C.-Charleston
2.625,525 +0.9
2,400,000
4,800.000 Victoria
3,238,302
1,970.960
1,628,711 +21.0
2,760.929
94,091,132
Md.-Baltimore
63,479.226 +48.2
80,744,906
96,796,193 London
4,045,357
2,880.049
2,776.925 +3.7
3,357.749
22,799,313
D.C.-WashIng'n
18,432,567 +23.7
16,639,926
17,874.938 Edmonton
7,747,807
4,081.797
4,123,856 -1.0
4,635,943
Regina
4,856,934
3,397,450
2,857,559 +18.9
3,510.845
Total(6 cities). 170,968,992 135,706,283 +30.4 145,149,793 194,675,760 Brandon
685,012
508,138
534,624 -5.3
685,734
Lethbridge
968.3.57
566,000
428.527 +32.1
586.607
Sixth Federal Reserve Dist rict-Atlant a-Saskatoon
2,593,895
1,481.147
1,437,763 +3.0
1.776,046
416,136,497
Tenn.-Chatrita4,777.977 +28.4
5.487,787
9,110.355 Moose Jaw
1.884,492
1,148.517
946.235 +21.4
1,254.316
3,113,537
k Knoxville
2,347,974 +32.6
2.959,786
3,742,354 Brantford
1,507,512
1,012,402
1,070.024 --5.4
1,178,720
d20,794,000
Nashville
17,079,953 +21.8
18,000,711
26,545,433 Fort William _ _ _
841,969
716.092
530,251 +35.0
704,582
52,690.765
39,771,436 +32.5
Ga.-Atlanta42,696,973
77,152,606 New Westminster
849,387
601,513
452,669 +32.9
513.888
1,811,065
1,759,179 +3.0
• Augusta
2,015,002
6,197,401 Medicine Hat_ _
447,780
.
334.763
283,736 +18.0
382.589
1,516,928
Macon
1,119,793 +35.5
Peterborough...
1,300,000
1.495,168
760,000
744,568 +2.1
962.968
a
a
Savannah
a
a
Sherbrooke
a
1,083,112
895,211
1.167,821
785,357 +14.0
14,830,158
0,791,115 +51.5
Fla.-Jacksonv•le
11,707,259
1,225,462
13,651.700 Kitchener
1,167,830
1,081,348 +8.0
1.068,065
24,691,527
18.336.572 +34.7
Ala.-Birrainirm
17,795,167
3,275,081
23,236,706 Windsor
3.289,888
3,692,656 -10.9
3.120,116
Mobile
Prince Albert_ _ _ _
539,396
367,002
361.832
320,771 +14.4
992,261
Miss.
846,497 +17.2
-Jackson- 698.961
898.981 Moncton
1.182.768
1,507,417
978.137
21.5
386,557
339.052 +14.0
Vickaburg
292.504
563,220 Kingston
568,256
587,073 -3.2
La.-NewOrleans
47,792,734
36,476,871 +31.0
40,019,961
69,452,402
Total Canada_ 304.770.228 285.517.706 +6.7 339.897.751 404,521.339
Total(11 cities) 174,756,029 132,646,419 +31.7 142,974,111 230,551,158
a No longer report clearings. b Do not respond to requests for figures. c Week
ending April 11. d Week ending April 12. e Week ending April 13. •Estimated.
First Federal Reservellistr ict-Boston
Me.
-Bangor__ _ _
777,491
769,560
Portland
2,916,740
3,567,440
Mass.
-Boston_ _ 382,000,000 309,000,000
Fall River ___
2,994,551
1,840.621
Holyoke
a
a
Lowell
1,351,238
1,175,165
Lynn
a
a
New Bedford
1,709,328
1,528,476
Springfield
5,395,692
4,564,628
Worcester
3,856,000
4,274,641
Conn.
-Hartford.
11,068,441
9,804,10
New Haven,..
6,474,203
5,082,72
R.I.
-Providence d13,443,000 *11,000,00
Exports from-
grmxtturcial andWiscellantonsgewig
New York City Banks and Trust Companies.
AO prices dollars Per share.
Bid
Banks
Banks-N.Y. Bid
Ask
355
237 241 11111TIMALL
America
Amer Exch.- 290 295 Imp & Trad_ _ 750
Battery Park_ 133 138 Irving Bank
ColumbiaTr 237
440
Bowery*
146
Broadwayeen 115 140 Manhattan
Mech & Met_ 400
Bronx Boro._ 125
310
Mutual*
Bronx Nat.__ 150
Bryant Park' 140 150 Nat American 135
Butch & Drov 130 138 National City 348
New Neths__ 130
Cent Mercan_ 210
300
355 555 Pacific•
Chase
420
Chat & Phen_1 254 258 Park
297
95 Public
_
Chelsea Exch.
340
Chemical ____ 547 555 Seaboard _
165
Coal dr Iron__ 217 223 Standard •_
330
State*
Colonial ____ 375
Columbia_.___ 229 238 Tradesmen's• 200
Commerce... 295 298 23d Ward..._ 270
United States. 163
Com'nwealth• 270
200
Wash'n
Continental_ - 135
600
425 :118 Yorkville•
Corn Each.
Cosmoplans- 105 115
East ver__Brooklyn
Fifth Avenue.1000
230 255 Coney bland* 155
Fifth
320
1185 1200 First
First
.
260 270 Mechanics 5 130
Garfield
170
' 188 193 Montauk•
Gotham
225
Greenwich._ _1 290 310 Nassau
160
885 700 People's
Hanover
Ask Trust Co.'s Bid
New York
365
755 American _ _ _
Bank of N.Y.
240
& Trust Co 465
149 Bankers Trust 368
410 Central Union 455
Commercial.. 115
145 Empire
315
352 Equitable Tr_ 184
140 Farm L dr Tr_ 510
Fidelity Inter 200
427 Fulton
255
307 Guaranty 'Tr_ 273
350 Hudson
200
175 Law Tit & Tr_ 203
350 Metropolitan. 315
Mutual (West
cheater) ___ 120
Trust__ 344
N
Title Ou &
380
17 Mtg & Tr 315
'United State 1220
Westches. Tr. 180
165
BrootJyte
355
140 Brooklyn Tr_
Kings County
240 Manufacturer
People's
[Vol,. 11t
CHRONICLE
TH I
1730
Ask
475
373
460
130
320
186
520
210
265
276
208
325
130
347
390
325
240
475
BOO
260
390
500
•Henke marked w th (*) are State banks. I New stock. r Ex-dividend. C Exrights. I Ex-100% dock dividend.
Wheat.
Corn,
Flour.
Oats.
Total week 1923_ 3,492,052 733.575 318,708
1 5404 0A9 2 R1A 949 2F7 440
uu.s.su 1099
188,612 530,045 320,534
Ask
102 Lawyers Mtg
97 Mtge Bond__
285 Nat Surety__
68 N Y Title &
Mortgage__
98
Bid
160
113
161
190
Ask Realty Assoc
165
(Brooklyn).
116
S Casualty.
164
S Title Guar
Westchester
194
Title dr Tr.
Bid
175
110
133
Flour.
Exports for Week
Since
Week
and Since
Apr. 14 July 1
July Ito1922.
1923.
Barrels.
United Kingdom_ 56,618
210,190
Continent
So.& Cent. Amer_ 2,000
35,000
West Indies
Brit.No.Am.Cols.
Other Countries__ 14,900
Total 1923
Total 1922
Wheel.
Week
Apr. 14
1923.
Corn.
Since
July 1
1922.
140
210
Quotations for U.S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
June 15 1924 _.
Feet. 15 1924...
Mar.15 1925...
Mar. 151926...
June 151923...
Dec. 15 1925._
Sept. 15 1923 .
17$'t.
Rate.
Asked
Maturity.
101% •ePt.15 1926...
5,47. 101
554 7. 100% 101% June 15 1925...
,
48 i 99 he 10(Pu Dec. 161927...
99% 1 out
Dec. 15 1923 __
434.4
Sept. 15 V23.._
BM% 98% 100
99% Mar. 15 1924___
434% 99
99%
3,1% 99%
Rate.
Bid.
Asked
4g%
4;4%
4%%
4%
411%
4%%
93%
99%
9934
9911
99%
99%
98%
99%
93%
100
100
100
Breadstuffs figures brought from page I801.
-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
,b1s.1961bs lush.60 las bush.56 lbs. bush.32lbs. bush.4818s.bush.561bs.
238,001
466,001 1,303,000 1,010.000
117,01
Chicago
130,000
150.000
192,000
1,844,001
317,000
172,111
Minneapolis_
920,001
20,000
3,000
Duluth
73,110
440,000
54,000,
19,000
368,000
Milwaukee...
201.000
81,000
57,4 1 I
57,001
73,000
73,000
Toledo
6.000
36,000
25,000
.56.000
Detroit
53,000
302,000
176,000
Indianapolis371,000
460,000
678,000
95,000
16,$ 11
St. Louis_ _ _.
8.000
250,000
15,000
34,000
228,000
13,000
Peoria
1,000
868,000
472,000
450,000
Kansas City_
384,000
633.000
382,000
Omaha
178,00
169,000
28,000
St. Joseph.
Total wk. '23
Same wk. '22
Same wk. '21
386,000
329,000
397.000
5.246,001
3,206,000
5.054.001
4,167,000 3,602.000
2.803,0001 1,894,000
2,497
2,046.000
448,000
387,000
355 1 1 1
796.000
237,000
303,000
Since Aug.11922-23_ _ _ _ 18,242,000 348,367.000246,509,0001177,520,00031,577 1 i I 42,279,000
1921-22.... 18,036,000277.772,000303,573,000159,422,000 2,936.111 17,115 000
'
116 0011274 204 nno 171 QM nnn 147 040 WW1 9 71)11 nAul IA .....F nfsla
21 .
1090-91
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday April 14 1923 follow:
Receipts at-
Flour.
Wheat.
Bushels.
Barrels.
837,
260,000
New York__ _
793.iii
30,00
Portland, Me.
761,111
87,000
phpadelphia__
431,
32,000
Baltimore. _ _ _
4,000
NewportNews
80,
6,000
Norfolk
47,
78,000
Orleans•
New
149,111
Galveston_
25.
55,000
Montreal __..
524,111
47,000
St. John, N.13.
71,
29,000
Boston
Corn.
Bushels.
123,111
435,1,1
143.'''
43 1 o o
Oats.
Barley.
Rye,
Bushels.
Bushels, Bushels,
140,0001 296,000 327,000
38,000 125,000
43,000
' 97,0001
4,000
301.000
175,000
221.'''
22,000
10,111
58,000
48.000
48,000
4,000
72,000
33,000
979,000
752,000 526,000 549,000
Fatal wk. '23 628,101 3,718,11.
41
Since Jan.1'23 7.465,000 65,689.''' 25.045.011 9,799,000 2, 6,00012,951,000
573,000 2
946 11 I 2,700 1 i I
382,000
000
Week 1922
a eon nnn
61,000889.
48 644 111 65.712 111 11.668.000 3.008
99
-.•__- r.... 1, 7a01)
•Receipts do not include grain passing through New Orleans for foreign ports on
through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, April 14 1923, are shown in the annexed
statement:
Week
Apr. 14
1923.
Since
July 1
1922.
Barrels.
Bushels. Bushels. Bushels.
Bushels.
4,408,882 1,699,965 80,044,900 274,533 26,226,519
5,573,570 1,792,087 179,517,327 390,042 48,443,093
416,332
333.000
37,000
,
1.112, 00
31,000
69.000 1,518,700
,
3,000
37,700
2,340,830
18,000
766,390
318,708 12,280,974 3,492,052 262,226,057 733,575 76,281,012
363,449 11.857.947 1.894,952 235,791,628 2,815,242 118399761
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange for the week
ending Friday, April 13, and since July 1 1922 and 1921,
are shown in the following:
Exports.
4
180
200(1
The destination of these exports for the week and since
July 1 1922 is as below:
AB prices dollars Per sham
Bid
l
Alliance R'Ity97
Amer Surety_ 93
Bond & M G. 280
OM'Investing, 65
Preferred -_1 92
Barley. Peas.
701 460 R77 emu 225 9A1)
Wheat.
New York City Realty and Surety Companies.
Rife.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
856,052 171,575 185,701) 49,612 167,045 162.534
New York
38,000 43,000 125,000
793,000
30 000
Portland, Me
65,000
Boston
353,000
3,000
Philadelphia
457,000 286,000 3,000
50,000 820,000
Baltimore
6,000
80,000
Norfolk
43,000 4,000
Newport News_ _ _ _
5.000 17,000
2,000
Mobile
140,000 228,000 23,000
1,000
New Orleans
224,000
Galveston
47,000
33,000
48,000
St. John, N. B.... 524,000
1922-23.
Week
April 13.
Since
July 1.
Corn.
1921-22.
Since
July 1.
1922-23.
Week
April 13.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 6,544.000 362,080,000 343,648,000 810,000
17,000
Russ.& Dan. 136,000 5,815,000 3,728,000
Argentina... 4,470.000103.040,000 77,510,000 228,000
1,048.000 36,476,000 87,640,000
Australia_
640,000 8.420,000
712,000
India
0th. countr's
Total
Mere
July 1.
1921-22.
Since
July 1.
Bushels.
Bushels.
79,937,000 129,520.000
4,951,000 12,623,000
96.032,000 97,363,000
4,751,000 10,791.000
12,838,000515,831,0001513,238,000 1,055,000185,671,000250,297,000
Auction Sales.
-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Price.
Shares. Stoc
k.Price. Shares. Sloth.
$6 lot
25 Seaboard Metal Corp. corn
84 Yorkville Indep. Hygeia Ice Co.
common, $100 each
$10 per sh. 25 National American Bank.142% per sh
105 Buffalo & Lake Erie Trac. Co_ $2 lot 21825 Units Ctf. of Int. in Mc$60 lot
Claskey-Carter-Royalty
100 Buff.& Lake Erie Tr. Co., pi_
836 lot
4 Art Metal Construction
2000021, Fla. & Ala. By. Co.
3 Ryan Consol. Petrol. Corp. $14 lot
corn.: $5,000 Gulf. Fla. & Ala.
,
By. lst 55, 1961, ctfs. of dep.; $50 lot 5 City Service Co. pref. B stock_ 1234
50 Profit Sbar. Candy Mfg. ar
$12,500 Gull, Fla. de Ala. Ry.
20
Retail Stores Co
Co.6% note
50 The Borden Co.preferred_2102 per sh. 300 Eureka-Croems Mining Co ..$42 lot
Per cent.
Bowls.
40 Assoc. Dry Goods Co. 1st pf-8394%
20 AMC. Dry Goods Co. 26 p16.8934% $1,000 Long Beach Yacht Club 5s,
$235 lot
1943
30 Citizens Nat. Bk., Port Henry,
$2 25 per sh. $5,000 Imperial Wall Paper Co. 65,
New York
98
1926
1 300 Santa Fe Gold dc Copper
Mining Co., 'Cc. ea.; $5,000 $27 lot $2,000 Cleveland, Elyria & West.
Ry. let 5s, 1920, ext. at 7% to
Lehigh State Co., Ltd.,
Congo'.
65
1923. Certif. of deposit
6s, 1910
$25,000 New Orleans Drainage Co.
3,487 Anchor Ins. & Inv. Co.,
10 lot
bonds, ctf. of deposit
$200 lot
10 shillings each
$10 Cities Service Co. scrip for
98,016 National Tin Corp. 50e.
$5 lot
preferred stock
$27,500 lot
each
25 Seaboard Metal Corp. pref..$481 lot $1,000 Raritan Refining Corp.7s.$117 lot
By Messrs. Wise, Hobbs & Arnold, Boston:
Price.
Shares. Stocks.
5194
30 Ipswich Mills, common
100 Sierra Pacific Electric Co.,
common
794.734
2 Montpelier & Barre Light & Power
2%
Co., common
4 North Boston Lighting Proper9094
ties, preferred
Price.
Shares. Stocks.
10 American Glue Co., common.- 5334
2 Central Mass. Light & Power
10
Co., common
7994
8 Laconia Car Co., preferred
28 Manchester Traction, Light de
11194
Power Co
By Messrs. R. L. Day & Co., Boston:
Price.
.Shares. Stocks.
2 Grinnell Manufacturing Corp_ _ _140
Waltham Bleachery & Dye Wks_ _145
3
8-10 American Mtg. Co., common_ 10%
14 Canadian Conn. Cotton Mills,
794
common "A" ($10)
106
12 Lincoln Manufacturing Co
West Point Manufacturing Co_ __127
2
9934
71 Griffin Wheel Co., pref
10 Charieetown Gas dr El. Co.(50)1289j
10 Central.Mass. Power Co., pref._ 85
6.3.
450-381 Amesbury Elec. Light Co
Price.
Shares. Stocks,
5 American Glee Co., common.-- 53
22 Converse Rubber Shoe Co.,
preferred
82-8511-8534
45 Johnson Educator Co.. pref.--- 9094
10 Champion International Co.,
100 & di,.
preferred
79
10 Emerson Shoe, 3d prof
Price.
Bonds.
$10,000 International Cotton Mills
7s, 1929
trot-t00%
By Messrs. Barnes & Lofland, Philadelphia:
Price.
Shares. Stocks.
20 (rights) Market Street Title &
111%
Trust
20
6 Hillside Cemetery
43
5 Catawissa RR., let pref
Fifty-second Street State Bank,
2
5634
par 250
405
8 Philadelphia National Bank
410
8 Penn National Bank
600
1 Girard National Bank
25 East Falls Bank & Tr., par $50.-100
20 West Philadelphia Bank, par $,50 75m
50 First Federal Foreign Banking
75
Association
10 Bank of North America & Trust
292%
Co
10 Bank of North America As Trust
291%
Co
511
2 Fidelity Trust Co
18 Merchants Union Trust Co.,
10294
par $50
40 (rights) Market Street Title & 1 134
Trust Co
Shares. sweie.
Price.
2'lloga Trust Co., par $50
105
2 Real Estate Trust Co., pref
126
5 Hare Chaae, Inc., preferred
90
10 Abbotts Alderney Dairies, let pf 93
15 Phila. Germantown & Norris120
town RR
7 Little Schuylkill Navigation, RR.
41
& Coal
8 John B. Stetson Co., common,
2 Amer.'Thstre Bait,($10) ---- 794
no par
103
2 Fire Ase'n of Phila., par $50
3309(
45 Philadelphia Life
10
Bonds.
Price.
$1,000 Beneficial Loan Society 6s.
1939
9211
$3,000 Green Star Steamship Corp.
7e. 1924 (ctf. of deposit)
1294
$5,000 Green Star Steamship Corp.
7s, 1922 PAL of deposit)
1234
APRIL 211923.)
THE CHRONICLE
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
April 9
-The Pacific National Bank of Los Angeles, Calif
$500,000
Correspondent. Prod Swensen. 4360 S. Figueroa St., Los Angeles. Calif.
April 10
--The First National Bank of Truman, Ark
25,000
Correspondent, B. L. Harrison, Truman, Ark.
APPLICATIONS TO ORGANIZE APPROVED.
April 9
-The American National Bank of Wagoner, Okla
$50,000
Correspondent, R. M. Grimes, Pawhuska, Okla.
April 13
-The First National Bank of Kingman, Ariz
50,000
Correspondent, Geo. W. Miller. Kingman, Ariz.
-The West Englewood National Bank of West EngleApril 13
wood. N. J
50,000
Correspondent, A. Nelden, West Englewood, N. .1.
APPLICATIONS TO CONVERT RECEIVED.
-The Texas National Bank of Fort Worth. Tex
April 9
$300,000
Conversion of the Texas State Bank. Fort Worth, Tex.
April 9
-The Merchants & Miners National Bank of Ironwood.
Mich
100,000
Conversion of the Merchants & Miners State Bank, Ironwood, Mich.
April 10
-First National Bank in Drake, No. Dak
25,000
Conversion of the Merchants Bank of Drake, No. Dak.
April 11-The Citizens National Bank of New Brunswick, N.J
250.000
Correspondent, Dr. Charles E. Saulsberry, 75 Livingston Ave,
New Brunswick, N. J.
April 12
-The Bixby National Bank, Bixby, Okla
25,000
Conversion of the Bixby State Bank, Bixby, Okla.
CHARTERS ISSUED.
April 9-12351-Untted States National Bank of Kenosha, Wis_ _$100.000
Conversion of the Citizens Bank of Kenosha, Wis.
President, N. J. Werner; Cashier, E. T. 0 Brien.
April 10
-Liberty National Bank in New York, N. Y
-12352
500.000
President, A. F. Cronhardt; Cashier. Wallace Zvriener.
April 10
-12353
-The First National Bank of Onaga, Kan
50,000
Conversion of Citizens State Bank, Onaga, Kan.
President, Aug. F. Wegner; Cashier, 0. A. Grutzmacher.
April 11-12354
-The Coast National Bank of Seaside Heights,N.J. 25,000
President, H. Ross Turner.
April 11-12355
-The Citizens National Bank of Bolivar, Pa
50,000
President, W. B. Hammond; Cashier, F. J. Sutton.
April 13
-The American National Bank of Tonkawa. Okla. 25,000
-12356
Succeeds American State Bank of Tonkawa, Okla.
President, John R. White; Cashier, Ray See.
CHANGES OF TITLES.
April 12
-10039
-The Commonwealth National Bank of Kansas City,
Mo., to "The Liberty National Bank of Kansas City."
April 12
-11397
-The Farmers National Bank of Tonkawa, Okla., to
"The First National Bank in Tonkawa."
April 13
-9825
-The Yonkers National Bank. Yonkers, N. Y., to "The
Yonkers National Bank & Trust Co."
VOLUNTARY LIQUIDATION.
April 12
-12011
-The Miami National Bank. Miami,Fla.,capital $150,000;
Effective March 21 1923. Lig. Agent. George E. Nolan, Miami.
Fla.
Absorbed by the Miami Bank dc Trust Co., Miami, Fla.
CERTIFICATE ISSUED AUTHORIZING ESTABLISHMEN
T OF
ADDITIONAL OFFICE.
April 9
-10391
-The Mittel States National Bank of San Diego. Calif
permit No. 63, at Ocean Beach, San Diego, Calif.
APPLICATIONS TO ORGANIZE NATIONAL AGRICULTURAL
CREDIT CORPORATIONS.
April 9
-An application to organize the "Central National
Credit Corporation of Atchlaon," Kan., to be located in Agricultural
the city of
Atchison, to have a capital of $250,000, and to carry on its operations
in the States of Kansas. Missouri and Nebraska, was received April 7
1923. The application* is signed by the following: Henry Diegel, President First National Bank of Atchison; Leo Nusbaum. director First
National Bank of Atchison; Sheffield Ingalls. President Commerce Trust
Co. of Atchison; Ellsworth Ingalls, Treasurer Commerce Trust Co. of
Atchison; J. 0. Killarney, director Commerce Trust Co. of Atchison.
The application was accompanied by a draft to pay the cost of the necessary investigation, and Mr. L. K. Roberts, Chief National Bank Examiner, Kansas City. Mo., was directed to-day to make the required
preliminary investigation at once. On receipt of a report from Mr. Roberts
the question of approval of the application and furnishing of necessary
organization papers will have immediate attention.
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Alabama & Vicksburg
Reading Company, let pref. (quar.).......
Vicksburg Shreveport & Pacific, pref.
Per
When
Cent. Payable.
314 Apr. 18
*500 June 14 *Holders of rec. May 28a
5
Apr. 18
Public Utilities.
Brazilian Tr., Lt.& Pr.,ordinarY (gu.)... I
June
Cedar Rapids Mfg. & Power (guar.)._
3( May
•$1.95
Columbia Gas & Electric (guar.)
Connecticut Ry. & Ltg., cons.& pf.(qu.) '134 May
Detroit United Ry.(quar.)
134 June
Eastern Mass. St. Ry., acli. stook
$2.50 May
Fall River Gas Works(guar.)
*3
May
The. May
Illuminating & Power Becur., common
134 May
Preferred (guar.)
2
May
Kaministlquia Power (guar.)
June
Massachusetts Gas Companies, pref._ *2
Montreal L., H. dr Pow., Cons.(guar.). 134 May
May
Montreal L., H.& Pow. Co.(guar.). _ _ .. 2
134 June
Niagara Falls Power, common (guar.)._
134 July
Preferred (guar.)
Pacific G.& EL.let pf.& orig. pf.(cm.). 134 May
134 May
Pacific Power & Light. pref. (guar.). _ _ _
Portland (Ore.) Gas & Coke, prof.(qu.). 134 May
Public Service Invest.,common (gu.)...... 134 May
134 May
Preferred (quar.)
Sierra pacific Elec. Co., pref.(quar.)
134 May
May
Preferred (acc't accumulated diva.).. 113
134 May
Texas Power & Light, pref. (guar.)
United Rye.& Elec. of Bait., com.(qu.) •500. May
West Penn Company. Prel•(guar.)
I% May
Banks.
Bowery (guar.)
Extra
Chemical National (bi-monthly)
Pacific (guar.)
Extra
Books Closed.
Days Inclusive.
3
12
*4
2
2
May
May
May
May
May
1 Holders of rec. Apr. 30
15 Holders of rec. Apr. 30
15 *May 1 to May 15
1 Holders of rec. May 1
15 *Holders of rec. may 1
1 *Holders of rec. Apr. 21
15 Holders of res. Apr. 30
15 Holders of rec. Apr. 30
15 Holders of rec. Apr. 30
I *Holders of rec. May 15
15 Holders of rec. Apr. 30
15 Holders of rec. Apr. 30
15 Holders of rec. June 8
16 Holders of rec. June 30
15 Holders of rec. Apr. 30
I Holders of rec. Apr. 18
1 Holders of rec. Apr. 18
1 Holders of rec. Apr. 200
1 Holders of rec. Apr. 200
1 Holders of rec. Apr. 17
a
1 Holders of rec. Apr. 17a
1 Holders of rec. Apr. 18
15 *Holders of rec. Apr. 20
15 Holders of rec. May 1
1 Apr. 27 to Apr. 30
1 Apr. 27 to Apr. 30
1 *Holders of rec. Apr. 20
I Apr. 26 to Apr. 30
1 Apr. 26 to Apr. 30
Name of Company.
Trust Companies.
Farmers' Loan & Trust(guar)
Kings County (Brooklyn)(mar)
Fire Insurance.
Pacific Fire (extra)
1731
Per
Cent.
*6
*10
5
When
ayable.
aY
ay
Books Closed.
Days Inclu.sice.
1 *Holders of rec. Apr. 19
1 *Holders of rec. Apr. 25
pr. 18 Holders of rec. Apr. 17
Miscellaneous.
Acme Coal Mining ((new 010 Par stock)_
20e. June 5 Holders of rec. May 26 j
American Book (guar.)
1% Apr. 21 Apr. 19 to Apr. 22
Batchelder & Snyder, pref. (quar.)
May I Holders of rec. Apr. 20
2
Bigelow-Hartf. Carpet Corp.,corn.(gu.) es2
May 1 *Holders of rea. Apr. 18 I
•1% May I *Holders of rec. Apr. 18
Preferred (guar.)
v3
Bourne Mills (guar.)
May 1 *Holders of rec. Junell 9
Brunswick-Balke-Collender. corn. (gu.). .1.1% May 15 *Holders of rec. Mayill 5
Burroughs Adding Machine (guar.)-2
June 30 Holders of rec. June 20
Canada Cement, Preferred (guar.)
1,4 May 16 Holders of rec. Apr. 30a
Checker Cab Mfg.,Clam A (quar.)____• 83.33e May, 1 *Holders of rec. Apr. 25
Class A (guar.)
*31.25 Aug. 1 *Holders of rec. July 16
Class A (guar.)
•$1.25 Nov. 1 *Holders of rec. Oct. 15
Class A (guar.)
*01.25 Febl'24 *Holders of rec. Jan15'24
Chic Wilm & Franklin Coal, pref.(qu.)- •1,4 May 1 *Holders of rec. Apr. 21a
Cities Service Co.
Common (monthly,pay. in cash scrip) *034 June 1 *Holders of rec. May 15
Common (Payable in coin,stock scrip)
June 1 *Holders of rec. May 15
•34 June 1 *Holders of rec. May lb
Prof. and pref. B (payable in cash)_._
Clinchfield Coal, common (guar.)
May 15 Holders of rec. May 10
•1% May 15 *Holders of rec. May 10
Preferred (guar.)
Collins Company (quar.)2
Apr. 16 Apr. 4 to Apr. 15
•1% June 28 *Holders of rec. June 9
Davis Mills (guar.)
•1% July 2 *Holders of re3. June 25
Davol Mills (guar.)
Extra
*10
May I *Holders of rec. Apr. 12
Foulds Milling, common (quar-)
01
May 10 Holders of rec. May la
Goodrich (B. F.) Co., pref.(guar.)
114 July 2 Holders of rec. June 21
Gossard (II. W.) Co., corn.(monthly)... *25e. June 1 *Holders of rec. May 20
Common (monthly)
*25c. July 1 *Holders of rec. June 20
Common (monthly)
*25c. Aug. 1 *Holders of rec. July 20
Common (monthly)
•25c. Sept. I *Holders of rec. Aug. 20
•1,.4 May 1 *Holders of rec. Apr. 20
Preferred (guar.)
Harbison-Walker Refract., corn.
1% June 1 Holders of rec. May 21
Preferred (guar.)
114 July 20 Holders of rec. July 10
Hood Rubber, preferred (quar.)
•114 May 1 *Holders of rec. Apr. 20
Iron Products Corp., pref.(guar.)
2
May 15 Holders of rec. May la
Kellogg Switchboard & Supply (quar.).. 12
Apr. 30 Holders of rec. Apr. 23
Kinney (G. R.) Co., preferred (quar.).... •2
June 1 *Holders of rec. May 21
Lincoln Manufacturing (quar.)
*2
May 1 *Holders of rec. AM. 17
Lee Rubber & Tire Corporation (quar.) 50c. June 1 Holders of rec. May 15
Luther Manufacturing (quar.)
May 1 *Holders of rec. Apr. 17
*2
Martin-Parry Corporation (guar.)
750. June 1 Holders of rec. May 15a
Merchants Manufacturing (guar.)
*2
May 1 *Holders of rec. Apr. 24
Morris Plan Co. of New York (guar.)._ _
134 may 1 Holders of roe. Mar.28
National Lead, preferred (guar.)
*Ix June 15 *Holders of rec. May 26
National Refining (guar.)
*134 May 15 *Holders of rec. May 1
New Niquero Sugar CO
2
May 1 Holders of rec. Apr. 25
Postum Cereal, common (quar.)
411.25 May 1 *Holden of rec. Apr. 20
Preferred (quar.)
ay 1 *Holders of rec. Apr. 20
*2
Procter dr Gamble CO.,corn.(quar.)
5
May 15 Holders of rec. Apr. 250
Revillon, Inc., preferred (guar.)
2
May 1 Holders of rec. Apr. 19
Russell Motor Car, preferred (quar.)--- 134 May 1 Holders of rec. Apr. 21
St. Lawrence Flour Mills, cons. (quar.)
1% May 1 Holders of rec. Apr. 20
Preferred (quar.)
1% may 1 Holders of rec. Apr. 20
Scott Paper sinking fund prof. (guar.).134 May 1 Holders of rec. Apr. 21
*3
Scotten-Dillon Co. (quar.)
May 18 *Holders of rec. May 9
Shove Mills (guar.)
*134 May 1 *Holders of rec. Apr. 27
Southern States 011 Corp.(monthly)._ _ 4,1
May 20 *Holders of rec. May 1
Stewart-Warner Speedom., corn. (guar.) •02
May 15 *Holders of rec. Apr. 30
Common (extra)
550c. May 15 *Holders of rec. Apr. 30
Sugar Estates of Oriente, preferred
5 1-3 May 1 Holders of rec. Apr. 250
Wampanoag Mills (guar.)
*2
May 1 *Holders of rec. Apr. 17
Warwick Iron & Steel
*30c. May 15 *May 1 to may 15
Westmoreland Coal (in stock)
e33 1-3 May 15 *Apr. 29 to May 15
Will & Dimmer Candle, corn.(guar.)... •25c. May 15 *Holders of rec. May 1
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends
announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Railroads (Steam).
Ateh. Topeka & Santa Fe (guar.)
1% June 1
Cincinnati Sandusky & Cleve., pf.
$1.50 May 1
Great Northern Iron Ore
01
Apr. 30
Louisville & Nashville
2% Aug. 10
Stock dividend
e82.5 May 7
Morris & Essex Extension
May 1
2
New York Central RR.(guar.)
134 May 1
Norfolk & Western, adl. prof. (Qua?.)
I
May 19
Northern Pacific (guar.)
IK May 1
Passaic dr Delaware Extension
May 1
2
Pere Marquette. pref. (guar.)
114 May 1
Prior preferred (guar.)
114 May 1
Pittsburgh & West Virginia, pref.(qua- 1% May 31
Reading Co.. common (guar.)
May 10
01
Sharon Railway (semi-annual)
1.3734 Sept. 1
Syracuse Binghamton & N. Y.(guar.)... 3
May 1
Utica Chenango dr Susquehanna Valley. 3
May 1
Public Utilities.
Amer. Dist. Teleg. of N.J.(guar-)
114
American Gas & Electric. pref. (qua?.). 76o.
Amer. Light & Traction. corn.(quar.)_
I
Common (Payable In common stock). 11
Preferred (guar.)
134
Amer. Telephone dr Telegraph (guar.)
214
Amer. Water Wks.& El.,7% 1st PI.(qu.) 1,4
8% participating pref. (No. 1)
I
Bangor Ry.& Elec., corn. (guar.)
1
California-Oregon Power, pref.(qua?.).. IK
Cope Breton Electric Co., preferred.
- 3
Carolina Power & Light. corn.
34
(guar.).Colum bus(0.) HY.,P.& L.,pref.B
1.14
Commonwealth-Edison (mar.)
2
Commonwealth Pow.Corp..6% Pt
(qu.) 114
Consolidated Gas (N. Y.), Prof. (Qum%) 8734e
ConsumersPower(Mich.).7% pref.(qua
134
Six per cent preferred (guar.)
134
Dallas Power & Light, pref. (quar.)
1)4
Duquesne Light. 7% Prel• (guar.)
114
Edison Electric Ilium., Boston
(guar.).- 3
Edison Elec. III. of Brockton,corn.
(MO 2,4
Electrical Securities Corp.. pref. (qua?.) 134
Ft. Worth Power dr Light. pref.(mar.). 1%
Havana Elea. Ry., L.& P.,com.& pref. 3
Houghton Co. Elec. Light. Prof
750.
Idaho Power. Meferred
1;4
(guar.)
Illinois Northern Utilities. pref. (quar.)
114
Lowell Electric Light (guar.)
214
Massachusetts Gas Cos.. tom.
134
(guar.)
Middle West Utilities. pref. (quar.)__.
134
Milwaukee Elec. Ry.& Lt., pref.(qua?.) 114
Montreal Tramways(quar.)
214
Nevada-Calif, Elec. Corp., Pref.(qua?.) 114
Newport News & Hampton Ry. Gas &
Electric, common (guar.)
1,4
North Shore Gas. preferred (quar.)... 1,4
Preferred (guar.)
114
Northern States Power, corn.((Marl
2
Books Closed.
Days /naturist.
Heiden of roc. May la
Apr. 20 to May 1
Holders of reo. Apr. 16.
Holders 01 rec. July 170
Holders of rec. Apr. 18a
Holders of rec. Apr. 25
Holders of rec. Apr. 60
Holders of rec. Apr. No
Mar. 17 to Apr. 10
Holders of rec. Apr. 25
Holders of rec. Apr. 134
Holders of rec. Apr. 18a
Holders of rec. May Pa
Holders of rec. Apr. 174
Aug. 22 to Aug. 31
Holders of rec. Apr. 25
Holders of reo. Apr. 14
1
1
15
1
1
may 1
May 1
May 1
may 15
Apr. 30
May 1
Apr. 30
Holders of roe. Apr. 160
Holders of rec. Apr. 18
Apr. 14 to Apr. 26
Apr. 14 to Apr. 28
Apr. 14 to Apr. 26
Holders of rec. June 20
Holders of roe. May la
Holders of rec. May la
Holders of rec. Apr. 10
Holders of roe. Apr. 150
Holders of rec. Apr. 140
Holders of rec. Apr. 16
Holders of rec. Apr. 140
Holders of me. Apr. 14a
Holders of rec. Apr. 16
Holders of res. Mar.15a
Holders of rec. June 154
Holders of rec. Jane 1541
Holders of rec. Apr. 20
Holders of rec. Apr. 1
Holders of rec. Apr. I60
Holders of rec. Apr. 134
Holders of rec. Apr. 205
Holders of rec. Apr. 14
Apr. 18 to May 17
Holders of roe. Apr. 160
Holders of rec. Apr. 18
Apr. 15 to Apr. 30
Holders of rec. Apr. 140
Holders of rec. Apr. 16
Holders of rec. Apr 430
Holders of reo. Apr. 200
Holders of rec. Apr .19
Holders of roe. Mgr.3
00
May
July
Oct.
May
Holders of ree. Apr. 16.
Holders of res. June 20
Holders of roe. Sept.20
Holders of rec. Mar._315
Apr. SO
May 1
May 1
May 1
May 1
July 16
May 15
May 15
May 1
Apr. 2
may 1
MaY
May
May
May 1
May 15
July 2
July 2
May. 1
May 1
May 1
may 1
May
May
May
May
May
1
I
1
1
THE CHRONICLE
1732
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
76e. Apr. 30 Holders of rec. Apr. 2a
Philadelphia Co., common (guar.)
$1.50 May 1 Holders of rec. Apr. la
6% Preferred
75e. Apr. 30 Holders of rec. Apr. 16a
Philadelphia Rapid Transit (quard
Public Sort.Corp.of Nor.Ill.,corn.(qu.) 114 May 1 Holders of roe. Apr. 146
114 May 1 Holders of rec. Apr. 14a
Preferred (guar.)
Standard Gas & Electric, corn.(No.1) *6214e July 25 *Holders of rec. June 30
United Gas Improvement, pref. (guar.) 8734c June 15 Holders of rec. May 31a
134 May 1 Holders of rec. Apr. 16a
United Light & Rys., common (quar.)
% May 1 Holders of roe. Apr. I6a
Common(extra)
g July 2 Holders of rec. June 15a
Participating preferred (extra)
M Oct. 2 Holders of rec. Sept. 15a
Participating preferred (extra)
34 Jan2'24 Holders of rec. Dec. 15a
Participating preferred (extra)
3
July 20 Holders of rec. Dee. 31
Virginia Ry. & Power, preferred
West Penn Power Co.. 7% pref. (guar.) 144 May 1 Holders of rec. Apr. 16
Wisconsin River Power, pref.(guar.)... 114 May 19 Holders of roe. Apr. 30a
6234c Apr. 30 Holders of rec. Apr. 20a
York (Pa.) Railways. pref. (guar.)
Banks.
Corn Exchange (guard
5
May 1 Holders of rec. Apr. 30a
Fire Insurance.
Westchester Fire (guard
Extra
5
1
May 1 Apr. 21
May 1 Apr. 21
to
to
Apr. 30
Apr. 30
MIscellan.eous.
May 1 Holders of rec. Apr. 13
Allied Chem.& Dye Corp.. coin.(guard $1
May 15 Holders of rec. Apr. 24a
$1
Allis-Chalmers Mtg., corn. (guar.)
$1.25 May 15 Holders of rec. May la
American Bank Note, corn.(guar.)
1% May 15 Holders of rec. Apr. 306
American Can, corn.(guar.)
1% May 1 Holders of roe. Apr. 14a
American Cigar, common (guar.)
4
May I Apr. 11 to May 1
American Coal (guar.)
2
May .1 1 Holders of roe. Apr. 13
American Glue, preferred (guar.)
134 Apr. 25 Holders of rec. Apr. 60
American Ice, common (quar.)
1% Apr. 25 Holders of rec. Apr. (la
Preferred (guard
Amer. La France Fire Eng.,corn.(guard 25e. May 15 Holders of rec. May la
American Machine & Foundry (guar.)._ 134 July 1 Holders of rec. June la
Quarterly
1% Oct. 1 Holders of rec. Sept. la
Quarterly
134 Jan 1'24 Holders of roe. Dec la
American Pneumatic t•lervice, 24 pref.__ 50o. June 30 Holders of rec. June 9
June 30 Holders of roe. June 15a
$1
American Radiator, common (quar.)
144 May 15 Holders of rec. May la
Preferred(guar.)
American Shipbuilding. pref. (quar.)._.. 134 May 1 Holders of rec. Apr. 14
134 May 15 Holders of rec Apr. 30
AmericanSoda Fountain (guar.)
e700 June 15 May 29 to June 15
American Stores (payahle In stock)
75c. Apr. 23 Holders of rec. Mar. 170
Anaconda Copper Mining
25e. Apr. 30 Holders of rec. Apr. I30
Art Metal Construction (guar.)
May 1 Holders of rec. Apr. 14
Asswiated Dry Goods, corn. (guar.) - 1
1% June 1 Holders of roe. May 5
First preferred (guar.)
I% June 1 Holders of roe. May 5
Second preferred (guar.)
1% Apr. 25 Holders of rec. Mar. 190
Associated Oh (guar.)
144 May 1 Holders of reo. Apr. 16a
Atlantic Refining, pref. (guar.)
134 May 1 Holders of rec. Apr. 20s
Atlas Powder, pref. (guar.)
Austin, Nichols & Co.. pref.(guard__
114 May 1 Holders of rec. Apr. 160
BarnhartBros.&Spindierast&2dpf.(qu.) 134 May 1 Holders of roe. Apr. 26a
Beacon Oil, pref. (guar.)
1.8734 May 15 Holders of tel. May la
Bethlehem Steel. 7% cum. pref. (guar.) 144 July 2 Holders of roe. June 150
Seven per cent cum. pref. (guard).... 1% Oct. 1 Holders of rec. Sept. 15a
Seven per cent cum. pref. (guard.... 1% Jan2'24 Holders of rec. Doe. 15a
Seven per cent non-cum. pref. (guar.) 1% July 2 Holders of rec. June 15a
Seven per cent non-cum. pref. (quar.) 1)4 Oct. 1 Holders of rec. Sept. 150
Seven per cent non-rum. pref. (guar.) 154 Jan2'24 Holders of rec. Dee. 15a
July 2 Holders of roc. June 150
2
Eight per cent preferred (guar.)
(lct. 1 Holders of rec. Sept. 153
Eight per cent preferred (guar.)
2
Jan2'24 Holders of rec. Dec. 15a
2
Eight per cent preferred (guar.)
Blaw-Knox Co.. corn. (guar.)
May 1 Holders of rec. Apr. 20a
2
Preferred (guar.)
lg May 1 Holders of rec. Apr. 200
May 15 Holders of roe. May 8
Bond & Mortgage Guarantee (quar.)... 4
1% June 15 Holders of tel. June la
Borden Co.. preferred (guar.)
25e. July 1
Bridgeport Machine Co. ((Mar.)
Quarterly
25o. Oct. 1
Quarterly
25e. Jan1'24
Quarterly
25e. Aprl'24
134 May 1 Apr. 24 to Apr. 30
Brill (J. G.) Co.. preferred (guard
British Empire Steel, lot pref. B (guar.) 134 May 1 Holders of rec. Apr. 130
114 May 1 Holders of roe. Apr. 200
Brown Shoe, pref.(guar.)
31.75 June 15 Holders of rec. Apr. 21
Buckeye Floe Line (quar)
$2.50 May 15 Holders of rec. May la
Burns Bros.. core.. A (guar.)
50e. May 15 Holders of roe. May la
Common B (guar.)
114 May 1 Holders of roe. Apr. 23a
Prior preference (qier.)
California Packing Corp.(guar.)
*$1.50 June 15 *Holders of rec. May 31
Calumet & Hecht Mining
$10 June 15 Holders of roe. Apr. 14
144 May 15 Holders of rec. Apr. 30
Canadian Converters (guar.)
114 Apr. 30 Apr. 1 to Apr. 2
Canadian Explosives, Prof. (quar.)
134 Apr. 30 Holders of roe. Apr. 14a
Cartier, Inc., pref. (guar.)
May 1 Holders of rec. Apr. 25
Central 011 es Gas Stove,corn.& pt.(qu.) 2
$1
May 1 Holders of rec. Apr. 20a
Cerro de Pasco Copper
114 Apr. 25 Holders of rec. Apr. 140
Chicago Pneumatic Tool (guar.)
33 1-3e May 1 Holders of rec. Apr. 20
Chicago Yellow Cab (monthly)
33 I-3c June 1 Holders of rec. May 19
Monthly
10e. May 1 Apr. 11 to Apr. 19
Chief Consol Mining (riar.)
Cities Service
Common (monthly, pay, in cash scrip) *gyi May 1 *Holders of rec. Apr. 15
Common (payable in corn, stk. scrip) '134 May I *Holders of rec. Apr. 15
Prof. and pref. B (payable In cash)
*34 May 1 *Holders of rec. Apr. 15
114 May I Holders of roe. Apr. 20
Cluett, Peabody er Co., corn, (guard
134 May 1 Holders of roe. Apr. 16
Connecticut Mills Co., 1st pref. (guard_
134 Apr. 30 Holders of rec. Apr. 16a
Consolidation Coal (guard
75e. May 15 Holders of rec. May 4
Continental Can, common (guard
May 1 Holders of rec. Apr. 10
$1
Copper Range Co
21
may 1 Holders of rec. Apr. 30
Cosden & Co.. common (guar.)
Cosgrove Export Brew. (Canada) (q.) 134 May 15 Holders of rec. Apr. 30a
334 May 1 Holders of rec. Apr. 20
Cudahy Packing, 7% preferred
*3
May 1 *Holders of rec. Apr. 20
Six per cent preferred
144 May 1 Holders of roe. Apr. 120
Dominion Coal, pref (guar.)
Dominion Steel Corp., pref. (guar.)
154 May 1 Apr. 17 to May 1
50e. Oct.
Holders Of rec. Sept. 1
Dominion Stores, Ltd., common
Du Pont(E. I.) de Nemours Powder
134 Apr. 25 Holders of rec. Apr. 10a
Debenture stock (guar.)
144 may
Holders of rec. Apr. 200
Durham Hosiery. preferred (guar.)
Elsenlohr (Otto) & Bros., corn. (qua?.).. 134 May 1 Holders of tee. May la
134 May
Holders of rec. Apr .16
ElectricBond & Share, pref.(guard
2
May
Holders of rec. Apr. I9a
Elgin National Watch (guard
3
May
Holders of rec. Apr. 16
Eureka Pipe Line (guar.)
50e. Apr. 3 Holders of rec. Apr. 2I6
Exchange Buffet (guar.)
May
*Holders of rec. Apr. 30
The Fair, preferred (guar.)
234 May
Holders of rec. Apr. 20a
Fajardo Sugar, common (guar.)
may
Holders of rec. Apr. 16a
Famous Players-Lasky Corp., pref.(gu.) 2
Holders of roe. Apr. 200
Federal Sugar Refining. corn. ((Mari-, 114 May
Holders of rec. Apr. 20a
134 May
Preferred (guard
10e. May 1 Holders of roe. May 1
Avenue Bus Securities Corp
Fifth
Holders of rec. Apr. 20a
32 5) May
Fisher Body Corp., corn. (guar.)
134 May
Holders of roe. Apr. 20
Preferred (guar.)
500. July
Holders of rec. June 15a
Co., corn. (guar.)
Fleishmann
Holders of rec. Sept. 150
50e. Oct.
Common (quar.)
50r. Jan 1'2 Holders of roe. Dec. 154
Common (guar.)
*Holders of roe. Apr. 20
Franklin (H. H.) Mfg.. Pref.(guar)_ 1.1%f May
Holders of rec. Apr. 233
134 May
General Cigar, common (guar.)
134 June
Holders of rec. May 240
it/Preferred (guar.)
Holders of rec. June 25a
134 July
IrDebenture preferrad (guar.)
Holders of rec. Apr. 213
General Motors Corp.. prof. (quar.)...._ 134 May
Holders of ree. Apr. 210
Six per cent debenture stock (qua?.).. 114 May
134 May
Holders of rec. Apr. 210
Seven per cent deb.stock (guar.)
$3 June
Holders of rec. May 1
Gillette Safety Razor (guar.)
Holders of rec. May 1
June
e5
Stock dividend
Holders of rec. Apr. 15a
134 May
Gimbel Bros., prof.(guar.)
2
May 1 May 9 to May 15
Great Lakes Dredge & Dock (guard
lg July
Holders of rec. June 150
Gulf States Steel. 1st & 2d pref. (guar.
Holders of rec. Sept. 140
134 Oct.
(guard
6. First and second preferred (guard.... 134 an2'2 Holders of rec. Dee. 143
First and second preferred
134 Apr. 3 Apr. 25 to Apr. 30
pref. (qua?.)
Halle Bros., 1st & 2d
Name of Company.
[vol.. 116.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Harris Bros. Co.. pref. (quar.)
134 May 1 Holders of rec. Apr.d20a
Hinman Coal & Coke. 5% prof. (guar.) 114 Apr. 25 Apr. 15 to Apr. 25
7% preferred (guar.)
154 Apr. 25 Apr. 15 to Apr. 25
Hollinger Consolidated Gold Mines
1
Apr. 23 Holders of roe. Apr. 5
Holly Oil (No. 1)
*81
June 10
Homestake Mining (monthly)
50e. Apr. 25 Holders of roe. Apr. 200
254. May 1 Holders of rec. Apr. 14a
Hupp Motor Car, coin. (guar.)
Indiana Pipe Line (guar.)
$2
May 15 Holders of rec. Apr. 17
Int. Combus. Engineering Corp. (guar.) 50e. Apr. 30 Holders of rec. Apr. 200
Internat. Educational Publishing. pref
50e. May 1 Holders of rec. Mar. 1
134 May 1 Holders of rec. Apr. 16a
International Nickel, pref. (guar.)
500. May 1 Holders of rec. Apr. 14
International Shoe, preferred
25e. May 15 Holders of rec. May la
Intertype Corporation, corn.(guard Common (payable in common stock)_ /10
Nov. 15 Holders of rec. Nov. la
Iron Can Copper Co
•150. May 1 *Holders of rec. Apr. 16
2
Kr-By-Springfield Tire. pref. (guard
May 15 Holders of rec. May la
134 May 1 Holders of roe. Apr. 200
Kelsey Wheel, Ins., preferred (guard
1
Kress (S. H.) Co.,common (guar.)
May 1 Holders of rec. Apr. 200
1
May 15 Holders of rec. Apr. 28'
Leer/a Boston Theatres Co., common
May 1 Holders of rec. Apr. 190
Loose-Wiles Biscuit, second preferred_ 7
*151 June 1 *Holders of rec. May 19
Lord & Taylor, 1st pref.(guar.)
Macy (It. H.) & Co., Inc., pref. (guar.) 134 May 1 Holders of rec. Apr. 140
Mason Tire dr Rubber, pref. (quar.).... 134 Apr. 25 Holders of rec. Mar. 31a
25e. May 1 Holders of rec. Apr. la
McIntyre Porcupine Mines (guar.)
50e. May 15 Holders of rec. May la
Miami Copper (guar.)
*25e. Apr. 25 *Holders of rec. Apr. 15
Michigan Stamping (guar.)
134 June 30 Holders of rec. June 93
Midwest Oil, pref. (guar.)
50e. May 1 Apr. 16 to Apr. 30
Moon Motor Car, common (quar.)
$2
May 1 Holders of roe. Apr. 170
Mullins Body Corp., prof.(guar.)
141 May 1 Holders of rec. Apr. 20a
Nash Motors, preferred (guar.)
Nat. Automatic Fire Alarm of Ctn.(qu.) 1% May 1
75e. July 14 Holders of rec. June 300
National Biscuit, common (guar.)
144 May 31 Holders of rec. May 170
Preferred (guar.)
Nat. Department Stores, lot pref. (qu.) 1% May 1 Holders of rec. Apr. 20a
2 1-3 June 1 Holders of rec. May 20
Second preferred
Nat. Enamel. & Stamp., corn. (guar.)._ 1)4 May 31 Holders of roe. May Ila
114 June 30 Holders of rec. June 90
Preferred (guar.)
144 Sept. 29 Holders of rec. Sept. 10a
Preferred (guard
144 Dec. 31 Holders of rec. Dec. Ila
Preferred (guar.)
144 May 1 Holders of rec. Apr. 19
National Tea. pref. (guar.)
*25e. May 21 *Holders of rec. May 4
New Cornelia Copper Co.(guar.)
2
May 15 Holders of rec. Mar. 310
New Fiction Pub. Corp., pref. (guard
2
May 10 Holders of rec. Apr. 300
New Jersey Zinc (guar.)
81.50 Apr. 25 Holders of rec. Apr. 14
New River Co
21.4 Apr. 24 Holders of rec. Apr. 14
N. Y. & Honduras Rosario Mining
Packard Motor Car,common (quar.)... 20o, Apr. 30 Holders of rec. Apr. 160
Penman'', Ltd., common (guar.)
2
May 15 Holders of rec. May 50
Phillips-Jones Corp., pref. (qua?).... 114 May 1 Holders of tee. Apr. 200
May 1 Holders of rec. Apr. 20
Pierce, Butler dr Pierce, prof. (quar.)... 2
PittsburghCoal. common (oust.)
1
Apr. 25 Holders of roe. Apr. 90
I% Apr. 25 Holders of roe. Apr. 9a
Preferred (guar.)
Plant(Thomas G.) Co., let Prof.(guar.) 1% Apr. 30 Holders of rec. Arm 17
2
Prairie 011 & Gas (guar.)
Apr. 30 Holders of rec. Mar.310
Prairie Pipe Line (guar.)
2
Apr. 30 Holders of rec. Mar.310
Producers & Refiners Corp., pref.(guar.) 8734c May 7 Holders of roe. Apr. 23a
2% May 1 Apr. 17 to Apr. 30
Pyrene Manufacturing (guar.)
*234 May 31 *Holders of roe. May 1
Quaker Oats, common (guar.)
Preferred (guar.)
134 May 31 Holders of rec. May la
Remington Typewriter, 1st pref. (guard $5.25 May 1 Apr. 24 to May 1
First pref.. Series S (guar.)
$5.25 May 1 Apr. 24 to May 1
May 1 Holders of reo. Apr. 160
Salt Creek Producers' Aasociatipn (qu.). 2
2
May 1 Holders of rec. Apr. 16a
Extra
Savannah Sugar. pref. (In pref. stock).- 25 2-3 May 1 Holders of roe. Mar. 15
Schulte Retail Stores. com.(In pref. stk.) m$2 June 1 Holders of rec. May 15
Common (payable in preferred stook). m$2 Sept. 1 Holders of rec. Aug. 15
Common (payable in preferred stock). m$2
Dec. 1 Holders of rec. Nov. 15
Common (payable In preferred stock). m$2
Mr.1'24 Holders of rec. Feb. 15'24
May 1 Holders of rec. Mar. 20
Scott dr Williams, Inc.. pref. (guar.)___•_
3 I-3e May 1 Holders of rec. Apr. 154
Seaboard 011 & Gas (monthly)
Monthly
3 1-3e June 1 Holders of roe. May 150
Monthly
3 1-3e July 2 Holders of rec. June 150
144 Apr. 25 Holders of roe. Mar.310
Shaffer Oil dr Refining. pref.(guar.)
Shell Union 011. 6% prof.(MUM)
134 May 15. Holders of roe. May 90
lg May 1 Holders of roe. Apr. 14a
Simmons Co., med.(guar.)
Sinclair Consolidated Oil,corn.(qua?.).. 50e. May 15 Holders of rec. Apr. 200
2
May 15 Holders of rec. May la
Preferred (qua?.)
Spalding (A. G.) & Bros., let pref. (qu.) 134 June 1 Holders of rec. May 190
2
June I Holders of rec. May 19
Second preferred (guar.)
114 June 1 Holders of rec. Apr. 27
Standard Oil (Ohio). Prof. (guar.)
Steel Co. of Canada,common (qua?.)... 154 May I Holders of rec. Apr. 4
Preferred(guar.)
144 May I Holders of rec. Apr. 4
81
Sterling Products (guard
May 1 Holders of roe. Apr. 170
2
June 1 Holders of rec. May 150
Stern Brothers, preferred (guar.)
May 1 *Holders of roe. Apr. 20
Stover Mfg. St Engine. pref. (guard ____
May 15 Holders of rec. May 1
Superior Steel Corp.. 1st & 24 pref.(qu.) 2
Thompson (John It.) Co., corn.(mthly.) 1
May 1 Holders of rect. Apr. 230
1
Common (monthly)
June 1 Holders of roe. May 23
144 May 15 Holders of rec. Apr. 270
Tobacco Products, Class A (guar.)
7)4e. Apr, 21 Apr. 1 to Apr. 8
Tonopan Mining
4
May I Apr. 29 to May 1
Treat (Robert) Hotel Co., pref
3
Turman 011 (quar.)
May 20 Holders of rec. Apr. 30
1
Extra
May 20 Holders of rec. Apr. 30
*$1.80 Apr. 28 *Holders of rec. Apr. 10
Union 011 of California (guar.)
1)4 June 1 Holders of rec. May 50
Union Tank Car,common (guar.)
134 June 1 Holders of rec. May 50
Preferred (guard
2
May 1 Holders of roe. Apr. 180
United Cigar Stores,common (quard
8714e May 1 Holders of roe. Apr. 160
United Drug, 1st pref. (guar.)
Second preferred (attar.)
134 June I Holders of rec. May 15
144 July 2 Holders of rec. June 15a
United Dyewood, preferred (guar.)
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15a
1.54 Jan2'24 Holders of rec. Dee. 150
Preferred (guar.)
15e. Apr. 28 Holders of roe. Apr. 7
United Eastern Mining
$1
May 1 Holders of rec. Apr. 30
United Verde Extension Mining
U. S. Cast Iron Pipe & Fdy.. pref. (qu.) 11( June 15 Holders of rec. June la
Preferred (guar.)
11.4 Sept. 15 Holders of rec. Sept. la
1% Dec. 15 Holders of rec. Dec. la
Preferred (guar.)
500. Apr. 25 Holders of rec. Apr. 14
U.S. Glass.
Apr. 30 Holders of roe. Apr. 16a
2
Rubber, 1st pre!. (guar.)
U. S.
May 15 Holders of rec. May 12
810
Valvoline 011 (payable in stock)
75e. May 1 Holders of reo. Apr. 16
Ventura Consol. 011 Field (guar.)
50e. May I Holders of rec. Apr. 23
Wahl Co., common (monthly)
50o. June 1 Holders of roe. May 23
Common (monthly)
(monthly)
50o. July I Holders of roe. Juno 23
Common
1% July 1 Holders of rec. June 23
Preferred (quar.)
,
1
Warner (Charles) Co., Ist&2d pt.(qu.). 1) Apr. 26 Holders of rec. Mar.310
$1.75 Apr. 30 Mar. 30 to Apr. 10
Westinghouse Air Brake (guard
Apr. 30 Holders of rec. Mar.t29a
e35
In stock
Apr. 30 Holders of rec. Mar. 300
Westinghouse Elec.& Mfg.,corn.(guar.) $1
2
May 5 Holders of rec. Apr.d14a
Wilcox 011 dr Gas (guar.)
May 5 Holders of roe. Apr.d14a
1
Extra
Winchester-Hayden, Inc., pref. (guar.) 154 Apr. 25 Holders of rec. Apr. 254
2
June 1 Apr. 28 to May 16
Woolworth (F. W.) Co., com.(guard
Wrigley (Wm.) Jr. Co., corn. (monthly) 50e. May 1 Apr. 26 to Apr. 30
50e. June 1 May 26 to May 31
Common (monthly)
50e. July 2 June 26 to July 1
Common (monthly)
June 1 Holders of roe. May 22
WurlItzer(Rudolph)Co.. 8% prof. (gad 2
Yellow Cab Mfg., class B (monthly).. 50e. May 1 Holders of rec. Apr. 20
50e. June 1 Holders of rec. May 19
B (monthly)
Class
• From unofficial sources. t The New York Stock Exchange has ruled that stook
will not be quoted ex-dividend on this date and not until further notice. 0 The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable in stuck.
/ Payable in common stock. o Payable In scrip. h On account of accumulated
dividends. k Subject to approval of stockholders. 1 N. Y. Stook Exchange has
ruled stock will bo ex-stock dividend on Apr. 16. et Plyabl 3 In Prof. stock.
APRIL 21 19231
THE CHRONICLE
Stock of Money in the Country.
-Further below we
give the customary monthly statement issued by the United
States Treasury Department, designed to show the general
stock of money in the country, as well as the holdings by the
Treasury and the amount in circulation on the dates given.
The method of computing the figures has been changed with the
idea of eliminating duplications, especially in arriving at the
amounts of money in circulation. Under the new form the
per capita circulation April 1 1923 is found to be $41.98,
whereas by the old method the amount would have been
$52.38. The chalge dates from July 1 1922 and the notice
issued in connection with it by the Treasury Department
was given by us in publishing the statement for that date
in our issue of July 29 1922, page 515. The money and
circulation statement in its new form follows:
0
0
.
5.
§§88§
- ct q o 6o
..
1-- "1".0 csi
C.T)
O
"
CO
N DI
m
"
MONEY OUTSIDE OF THE TREASURY.
d
S.
r..
"C,
.-.
..
.00..0
mr .1. cl CI •-•
,
• •
4,655,675,790
•-•
o 4
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tr. At.
GO 4. .I. Is .4
0.-.ONN
0 PI " t F.
1. "
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.-. em GO .4.
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,
F. N .0 C.G .0 0
.
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.
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0000
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N
04.0000N
CD F. 0 C4 00
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40. 4 .sa 09 0 0
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":
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.
.00'0.t: c4 .4.
4.
i
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.-....-.
8 0" -.``'
,-9 '4
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228
Is CO 0
co o oi.
.
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V•IS 3 N 2
CO CO
CO
00 000
n 0 el 0
C '.G. ''. °
I
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.
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152,979,026 2,243,268,901
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,...V.
NEW YORK WEEKLY CLEARING HOUSE RE['URNS.
(Stated hi thousands of dollars-that is, three ciphers I0001 =Wad.)
New
Vital IProfits
Week ending
April 14 1923.
(000 omitted.)
Members of Fr
Bank of N Y
Trust Co_ _ _.
Bk of Manhaer
Mech & Met Nat
Bank of America
Nat City Bank
Chem Nat Bank
Nat Hutch & Dr
Amer Exch Nat
Nat Bk of Corn
Pacific Bank.._
Chat& Phen Na'
Hanover Nat Bk
Corn Exchange.
Imp & Trad Nat
National Park..
East River Nat.
First National,
Irving Nations'
Continental Bk
Chase National.
Fifth Avenue_
Commonwealth
Garfield Nat_ .
Fifth National.
Seaboard Nat..
Coal & Iron Nat
Bankers Trust
US Mtge & Tr.
Guaranty Trust
Fidel-InterTrusl
N Y Trust Co..
Metropolitan Tr
Farm Loan & Tr
Columbia Bank
Equitable Trust
Loans,
iscount
at% Dec 2 Invest8
merits.
tate, Mar.2
.Cos, Mar.27
etc.
.Res
Bank
4,000
10,000
10,
5.500
40,
4,500
50
5,000
25.000
1,000
10,5
5,000
9,075
1,
10,000
1,000
10,000
17,500
1,III
20,000
500
400
1,000
1.200
4,00
1,5 I
20,III
3.I I I
25.000
2,000
10.000
2,III
5.000
2.000
20.
11,813
13,288
17,182
4,676
51,071
16,244
203
7,890
37,437
1,72
9,316
20,84
12.006
8,836
23,882
800
51,584
10,55
915
22,057
2,618
930
1.645
1,125
7,079
1,364
22,781
4,332
18,289
1,910
18.062
3
.
15,807
2,068
9,190
Reserve
Net
Time Bant
wits
Legal Demand
De- arcsVault. Deposf Deposits. poets. !atortes.
non.
Cash
Its
Average Average Average
$
771 6,354
65,747
126,868 2,346 13.769
155,312 4,45 18,557
73,231 1,493 9,343
496,
6,805 55,078
121,530
5,539
3 8
, 10
99,505 1;1233 10 66961
320,612
974 32.303
24,386 1,103 3,481
152,518 5,42 17,537
122,116
346 14,207
175,428 5,04 21,535
37,655
507 3,460
162,601
913 16,742
14,512
372 1,660
311,888
485 20,894
268,314 4,976 34,995
7,898
139 1,038
343.832 4,48,5 40,850
22,751
632 2,938
10.024
551 1,175
15.65
440 2,063
21,52
21
2,164
77.978
7
9,798
15,119
61
1,721
265,361 1,101 28,777
59,649
834 6,938
379,695 1,40 38.803
22,559
346 2,395
141,462
403 15,491
533 4,39
39.8.50
130,513
49 13,122
33,758
759 3,762
195,689 1,317 21,390
Average
Average Avge.
45,83
101,854
144,283
70,517
.531,423
102,353
3,7
82.077
244,395
23,351
121,064
108,176
153.411
26,391
127,256
11,400
152,268
262,2
6,234
308.781
22,421
8.968
15,017
16,531
74,229
13,046
*226,085
52,015
*372,192
18,439
114,946
32,736
.93.102
28.342
'
'188,728
4
7,453
17.905
4,012
oii
3,342
62,614 2,112
7,091
346
17 299
6,951 4,873
11,250
1,177
23,361 5,971
100
23,841
51
58
6,259 7,738
50
2,560
36,490 7,415
14,616
389
27.972 1,092
324
17
744
1.886
706
29,983
4.674
55,414
1,356
14,536
3.136
27,666
2.382
29.676
-397
249
65
411
Total of averages 288.6751433.0424,517.986 53,388491,879 c3,641,145429,94831,963
Totals, actual condition Apr. 144,504,232 50,907495.517 3,619,048434.978 32,000
Totals, actual condition Apr. 74,531,633 52,254485,451 c3,625,783433,26131.816
Totals, actual condition Mar.31 4,611,326 50,110495,917 e3,682,387424,823 32,070
State Banks Not Members f Fed'i Res've Bank
19,058 1,757 1,795
Greenwich Bank 1,111 2.214
19,398
52
5,958
400
883
439
250
Bowery Bank__
3.059 2,105
85,751 3,402 1,910
2,500 4,750
State Bank_
29,035 53.046
Total of averages
3,750
7,847
110,767
5.559
4,144
51,490 55,203
Totals, actual condition Apr. 14 111,087 5,647 4,140
51,811 55,251
52,052 55,086
Totals, actual condition 'pr. 7 110,713 5.747 4,590
Totals, actual condition Mar.31 110.728 5,579 4,173
51,910 54,875
Trust Companies Not Membe a of Fed erat Reserve B ank.
52,758 1,476 3,567
33,626 1,991
Title Guar & Tr 10,000 13,208
16.160
943 1,563
707
Lawyers Tit& T 6,000 4.954 25.881
Total of averages 16.000 18,163
78.639
2,419
5,130
49.786
2,698
00 0 9 c?
. . .c
co qt 0 oti rj
,
78.903
78.240
78,172
2,401
2,412
2,292
5,213
5,227
5,135
50.488
49,543
49.318
2.729
2,659
2.690
88 8 2 N
Gr'd aggr., acel308.425459,054 .707,392 61,366 501,153 3,742.421 487.84931.963
Comparison with prey. week. _ -72,538 +1,254--9,178 --55,881 -165 +20
.-.
N!.0
28 5 5 5
8
'
•,.•
•gs, '',I. ;2 ° ''. 2 2 -41s4 • ,sgi
z,i.a...xic4 - • -.,a 3..41-
oi
13 ifito -- g
•The form of circulation statement was revised as of July 1 1922 so as to exclude
corn money In circulation all orms of money held by the Federal Reserve banks and
Federal Reserve agents, whether as reserve against Federal Reserve notes or otherwise. This change results in showing a per capita circulation on April 1 1923 of
$41 98, whereas under the form of statement heretofore used it would have been
$52 38. For the sake of comparability the figures for April 1 1922 and April 1 1917
have been computed on this statement in the same manner as those for July 1 1922.
a Does not include gold bullion or foreign coin outside of vaults of the
Treasury.
Federal Reserve banks and Federal Reserve agents.
S These amounts are not included in the total since the money held In trust against
Sold and silver certificates and Treasury notes of 1890 is Included under gold coin and
bullion and standard silver dollars. respectively.
C The amount of money held in trust against gold and silver certificates and Treasury notes of 1890 should be deducted from this total before combining It with total
money outside of the Treasury to arrive at the stock of money in the United States.
d This total includes $16,230.602 of notes in process of redemption, $186,004,712 of
gold deposited for redemption of F. R.notes, $16.031,464 deposited for redemption of
national bank notes. 821,180 deposited for retirement of additional circulation (Act
of May 30 1908). and $1,567,993 deposited as reserve against postal savings deposits.
-Gold certificates are secured dollar for dollar by gold held in the Treasury
Note.
for their redemption;silver certificates are secured dollar for dollar by standard sliver
dollars held In the Treasury for their redemption: U. S. notes are secured by a gold
reserve of 5152,979,025 63 held In the Treasury. This reserve fund may also be used
for the redemption of Treasury notes of 1890, which are also secured dollar for dollar
by standard silver dollars, held in the Treasury. F. R. notes are obligations of the
U.S. and a first lien on all the assets of the issuing F. R. bank. F. R. notes are secured by the deposit with F. R. agents of a like amount of gold or of gold and such
discounted or purchased paper as is eligible under the terms of the F. R. Act. F. R.
banks must maintain a gold reserve of at least 40%, including
the gold redemption
fund which must be deposited with the U. S. Treasurer, against F. R. notes in actual
circulation. F. R. bank notes and national bank notes are secured by U. S. Government obligations, and a 5% fund for their redemption is required to be maintained
with the Treasurer of the United States In gold or lawful money.
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 14. 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.
Totals, actual condition Apr. 14
Totals, actual condition Apr. 7
Totals, actual condition iMar.31
8,489,635,419 c3,730,819,076
8,108,976,196 c3,462,797,007
5,312,109,272 c2,942,998,527
3,738,288,871 c1,843,452,323
1,007,084,483 c212,420,402
Total.
Amt. Held in Res've Against
Trust Against United States
Notes
Goldand Silver
Certtficates (& (and Treasury
Treas'y Notes
Notes
of 1890).
of 1890).
Held for
Federal
Reserve
Banks
and
Agents.
MONEY HELD IN THE TREASURY.
AU
Other
Money
Noomoo
00 CI
.-.
256,338,974,5,820,964,648
280,322,638 5,637.204,164
105,219,416i5,053,910,830
186.273,444,3,402,015,427
90,817,7621 816,266,721
oo m oo ao
1733
Gr'd aggr., ate!cond'n Apr. 14 ,694,202 58.955804,870 3,721.347492,956 32,000
Comparison with prey. week,, -26.381-1,458 +9,602 -6.031 +1,950 +184
Gr'd aggr., acelcond'n Apr. 7 ,720,586
Gr'd mtge.. acelcond'n Mar.31 4,800,226
Gr'd °Arm., acricond'n Mar.24 4,718,814
Get' aggr., ace/cond'n Mar.17 4.731,662
Gr'd aggr., acelcond'n Mar.10 4,662,621
Gr'd aggr.. acelcond'n ,Mar. 34,728.768
60,413495,268 3,727.378 491.006 31,816
57,981505.22563,783.615482.338 32,070
58.369499.80263.738,131 481,58832.013
56,891 513,884 63.840.736 457,485 31,995
59,944 523,259 63,836,342 444.996 32,116
56.562519.265 63,952,760 408,164 31,925
Note.
-U. S. deposits deducted from net demand deposits in the general total
above web e as follows: Average total April 14, 8126.092,000: actual totals April 14,
$126,093,000: April 7, $126,126,000; Mar. 31, 5128,032,000; Mar. 24. $126,093,000
Mar. 17, $128.035.000: Bills payable, rediscounts. acceptances and other habit
Hies, average for the week April 14, 5497,665.000; April 7, 8538,473,000; Mar. 31,
$547,816,000; Mar. 24, $495,754,000: Mar. 17, 8502.147,000. Actual totals April
14.8505.683,000; April 7.5535.471,000; Mar. 31,8565,277,000; Mar. 24, $527,224,000: Mar. 17, 8467,101,000.
• Includes deposits in foreign branches not included In total footings as followsl
National City Bank, $129,229.000: Bankers Trust Co., 512,628,000: Guaranty
Trust Co.. $88,970,000: Farmers' Loan & Trust Co., $22,000 Equitable Trust Co..
834.882.000. Balances carried in banks In foreign countries as reserve for such
deposits were: National City Bank, $23,364,000: Bankers Trust Co.. $1,774.000:
Guaranty Trust Co.. $4,905,000: Farmers' Loan & Trust Co.. $22,000; Equitable
Trust Co., $3,704.000. c Deposits in foreign branches not Included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following two
tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
in Vault.
Members Federal
Reserve banks_
State banks.
Trust companies...._
5,559,000
2,419.000
Reserve
its
Depositaries
Total
&WV&
Reserve
Required.
$
$
491,879,000 491,879,000 486.247.290
4,144,000 9,703.000 9,268.200
5.130.000 7,549,000 7.4,37.900
Surplus
Reserve.
5,631.710
434,800
81,100
Total April 14,.,. 7,978,000 501,153,000 509,131,000 502,983.390 6.147,610
Total April 7,,_ 8,053,000 510,331,000 518,384,000 510,259.100 8,124,900
,
Total Mar 31-- 7,791,000 502,514,000 510,338.000 503.252,330 7,085,670
Total Mar.24_ _ _
7,865,000 504.588.000 512.453,000 507,521,120 4,931.880
• Not members of Federal Reserve Bank.
•This is the reserve required on net demand deposits In the ease of State banks
and trust companies.
of the Federal Reserve Bank
Includes also amount Inbut In the case of members dePosIts. which was follows:
reserve required on net time
"
April 14, 312,898,440; April 7. $12,910,820; Mar. 31, 812,800,610; Mar. 24. 612.-
618,630.
1734
THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
its
in Vault. Depositaries
Total
Reserve.
Reserve
Reguired.
Surplus
Reserve.
[Vori. 116.
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 weeks:
BOSTON CLEARING HOUSE MEMBERS.
Members Federal
Reserve banks
State banks*
Trust companies
$
$
$
495,517.000 495.517,000 483,525,520 11,991,480
461,020
5,647.000 4,140,000 9,787,000 9.325.980
2,401,000 5,213,000 7,614,000 7.573,200
40.800
Total April 14
Total April 7
Total Mar.31
Total Mar.24
8,048.000 504,870,000 512.918,000 500,424,700 12,493,300
8,159.000 495,268,000 503,427,000 501,150,430 2,276,570
7,871,000 505,225,000 513,096,000 504,196.500 4,999,500
7,969,000 499.802,000 507,771.000 502,214,540 5,556,460
•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 case of members of the Federal Reserve Bank in..
also amount of reserve required on net time deposits, which was as follows:
April 14, $13,049,280: April 7, $12,997.830; Mar. 31, $12,744,690; Mar. 24, $12,717,240.
April 18
1923.
Changes from
Previous week.
April 11
1923.
April 4
1923.
$
$
3
Capital
59,000,000 Unchanged
59,000,000 59,000,000
Surplus and profits
83,713,000 Unchanged
83,716300 83,679,000
Loans, disets & Investments. 850,375,000 Inc. 1,980,000 848.395.000 851,970,000
Individualdeposits,Inst. U.S 623,644,000 Inc. 27,929,000 595,715,000 596,360,000
Due to banks
120,574,000 Inc.- 2,876,000 117,698,000 116,129,000
Time deposits
114,630,000 Inc.
436,000 114,194,000 113,081,000
United States deposits
14,894,000 Dec. 974.000 15,868,000 15,814,000
Exchanges for Clearing House 29,512,000 Inc. 5,891,000 23,651.000 28,945,000
Due Irons other banks
79.998,000 Inc. 13,112,004) 66,886,000 67.181,000
Reserve In Fed. Res. Bank
69,990,000 Inc. 2,044,000 67,940,000 67.766.000
Cash in bank and F. R. Bank 8,912,000 Inc.
264,000 8.648,000 8,688.000
Reserve excess in bank and
2,256,000 Inc.
Federal Reserve Bank
858,000 1.3414 nno 1.889,000
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 14, 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
(Figures Furnished by State Banking Department.)
Difference from vaults" is not a part of legal reserve. For trust companies
April 14.
previous week.
$785,715,700 Dec. 54,874,300 not members of the Federal Reserve System the reserve
Loans and investments
2,904,500 Inc.
20.700 required is 10% on demand deposits and includes "Reserve
Gold
19,617,700 Inc.
Currency and bank notes
656.200
66,941.800 Dec. 336,300 with legal depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New York
823,203,500 Dec. 1,952,300
Total deposits
Deposits, eliminating amounts due from reserve deWeek ending April 14 1923.
positaries and from other banks and trust companies in N. Y. City exchanges and U.S. deposits 770,040,300 Inc.
835,900 Two Ciphers (00) mated.Membersof
Trust
121,170,000 Dec.
Reserve on deposits
218,000
F.R.Systern Companies Total.
Percentage of reserve, 20.3%.
RESERVE.
Capital
$39.125,0 $5,000.0 $44.125,0
-State Banks
--Trust Companies
- Surplus and profits
104,097.0 14,713,0 118,810,0
*$28,233,000 16.21%
S61,231.000 14.58% Loans, disc'ts & investmle 727,893,0 43,682,0 771,575,0
Cash in vault
De0091(8 in banks and trust cos____ 8,655,000 4.97%
23,051,000 5.49% Exchanges for Clear. House 28.957,0
673.0 29,630,0
105,989,0
Due from banks
27,0 105,816.0
Total
236.888,000 21.18%
$84,282,000 20.05% Bank deposits
124,109,0
835,0 124,944,0
Individual deposits
552,571,0 28,684,0 581,255,0
• Includes deposits with the Federal Reserve Bank of New York, which for the Time deposits
44,433,0
832.0 45,235,0
State banks and trust companies combined on April 14 was $66,941300.
Total deposits
721,113,0 30,351,0 751,464,0
U.S. deposits (not incl.) _
24.553.0
Res've with legal deposit's
3,911,0
3,9113
Reserve with F. R.Bank.. 56,574,0
56374,0
Banks and Trust Companies in New York City.
-The Cash in vault*
9,741,0 • 1,572,0 11,313,0
Total reserve and
71.798,0
averages of the New York City Clearing House banks and Reserve required cash held 68,315.0 5,443,0 62,192,0
57.829,0
4,363.0
trust companies combined with those for the State banks Excess res.& cash in vault_ 8.486.0 1,120.0 9,603,0
and trust companies in Greater New York City outside of •Cash In vault not counted as reserve for Federal Reserve
Aril 7
1923.
March 31
1923.
$44,125,0
118.854,0
762,907,0
35,084,0
105,033.0
125,647,0
576,917,0
46,002,0
748,566,0
24.543,0
4,068,0
57,971,0
11,508,0
73,547,0
61311,0
11.636.0
844,125.0
117,148,0
761,874,0
31,724,0
98,630,0
119,607,0
585,737.0
47,319,0
732,663.0
24,700,0
4,412,0
55,761,0
11,543,0
71,716,0
61,099,0
10,6173
members.
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Feb. lo
Feb. 17
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Mar. 31
AVM 7
a ....11 11
*Total Cash
in Vaults.
Reserve in
Depositories.
$
5,523,709.500
5,519,496,000
5330374.400
5,529.461,100
5,562.902.500
5.522,233.200
5,532,381,800
5,496.199.200
5392.303.000
5,483.962.900
6.513.445.100
5.475.408.000
5,479.843.100
5,512.494,700
5.537.333.300
5,570,520 000
I 40R 107 700
Week ended-Dec. 23
Dee. 30
Jan. 6
Jan. 13
Jan. 20
Jan. 27
Feb. 3
Demand
Deposits,
$
4.594348,100
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
4323.173.900
4.545,082.400
4,507,057,500
4.567.506,400
4 512 401 son
$
100.766.600
100,243.100
90,677.500
93,343.801)
84.046.900
83.614.700
82,113,900
83,018,000
81.336,300
81,328,900
81,535.300
81,540.500
80.732.900
80.172,800
81.393,300
81.957.300
Rs R522 enn
$
613,154.200
632,127,800
656,380,000
642.753,600
637.700.500
622.830.300
627,114,400
624,211300
631,693.900
627.981.800
631,333.800
614,759.800
620.097,100
601362.0011
596,099300
609,873,700
cnn onn
OAII
New York City Non-Member Banks and Ttust Cornpanies.-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.
Maud in thousands of dollars-that is three ciphers (0001 omitted.)
Net
CLEARING
apital.' Profits
NON-MEMBERNat.bks.Apr.
Week ending StatebksMar2
April 14 1923. Tr.oos. Apr.
Loans
Resort)
Di.Net
Net
Nati
counts. Cash
with Demand Time Bank
Legal
Investin
DeDe- Circumenu, Vault. Deport posits. posits. baton.
&c.
tortes.
Members of
Fed. Res. Bank
Battery Park Nat
Vir. R.Grasse Fe Ce
Average Average Avera Average Average Average
$
$
$
$
$
$
11,893
182 1,194
7,861
499
197
24
10,642
51
1,901 7,250
$
1
50
so i
Total
2.61
22,335
206
1,70
9,762
rs of ederal Reserve Bank
642
29, 4,955
35, 5,932
2.01 20,273 2,594 139
21,728
State Banks Not
Bank of Wash. H
Colonial Bank
Total
$
1,16
1,44
1,515
2,374 20,205
3,236
1,78
Trust Compani Not 31 - mbers of Fed. Reserve Ban
44
41
34: 9,054
13Mech.Tr.,Bayonn
34: 9.054
414
3. 44 5,33 57,594
Grand aggregate
Comparison with 4 .vious week __ +1.277
3,856
+200
Total
13
26.68
7,749
197
1,181
3,300
5,613
5.613
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
43,070,931
638,534,870
5,835,757
414,161,878
833,718,370
7,492,807
355,117,000
769,8141,000
10,000,010
Total gold reserves
110900/08 other than gold
1.081,441,559 1,060,372.854 1,134,998,000
13,418,777
14,032,597
29,289300
Total reserves
'Non-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations
All other
Bills bought in open ma *kat
1,034,833,336 1,074,395,451 1,164,287,011
10,303,372
11,034,116
131,014.553
36,531,401
50,911,367
137,336,696
44,838,955
46.839,692
41,759,0011
19,504,090
27,976,000
220,48,322
13,430,750
229,015.354
15,505.750
89,339,000
64,945,080
5,610,000
1,525,000
25,508,000
74,952300
239,528,072
Total earning assets
11,690,070
Bank premises
5% redemp.fund agst. FR.bank notes
Uncollected items
170,603,017
All other resources___.1,295,739
246,046,104
11,369,843
Total bills on hand
U. S. bonds and notes
U. El. certificates of indestednessOne-year certificates (Pittman Act).
All other
Total resources__
137,309.198
1,464,354
254,636,000
7,896,011
1,086,000
137,766,011
3,503,000
1 528,311.609 1,481,610.070 1,569,174,000
28,942,350
59,799,523
28,940,400
50,799,523
27,107,001
60,197,000
11.276,834
722,588,452
11,451,441
15,257,971
691,415,850
11,034,232
18,231,000
702,383,000
18,225,00*
745,314.727
Total
561,366.681
F. R. notes in actual circulation
F. R. bank notes in circu'n-net liability
129,537,019
Deferred availability items
3,351,307
All other liabilities
717,708,054
565,180329
738,839,000
621,684,080
19,508,000
97,829.000
4,010,000
Capital paid In
Surplus
Deposits
Government
-Reserve account
Member banks
All other
Total liabilities
106357.170
3,723,993
1 528,311,609 1,481,610,070 1,569,174,110
83.7%
85.6%
5.560,313
13,285,476
CURRENT NOTICES.
3,62: a39,74, 14,54
+155 +1,243
+653
197
-1
3, i i 5.05456,317 3,656 3,473 238,502 13,891
.
Ged aggn, Apr.
Ged aggr., mar.3
3,511 535 56.087 3,23i 3.346 a38,821 13,518
3,• 11 5,054 56.524 3,576 3,541i *39,17 13,492
Ged aggr., Mar.2
56.041 3,85
3,4374 a39,802 12,823
3," 5,05
ar'd ann. Mar-1
a U.S. deposits deducted, $442,000.
Ilablilt es. $1,860,000.
Bills payable, rediscounts, acceptances and other
Excess reserve. 5107,940 Increase.
198
197
193
195
April 181923. April 111923. April 19 1932.
Resources160,499.451 159,620,183 219,748300
Gold and gold certificates
Gold settlement fund-F. R. Board._ 276,571,479 254,541,713 135,369,000
Ratio of total reserves to deposit and
83.8%
F. R. note liabilities combined
Contingent liability on bills purchased
9,367,393
foreign correspondents
for
• Not shown separately prior to January 1923.
1,181
3, Ii
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 18 1923 in
comparison with the previous week and the corresponding
date last year:
-Parker, Robinson & Co., will move about May 1 to larger quarters on
the 29th floor of the Equitable Building, 120 Broadway, New York. The
street address and telephone number remain unchanged.
-John J. Daly,formerly with John Nickerson & Co.,is now in charge of
the bond department of Rollins, Kalbfleisch & Co., members New York
Stock Exchange, 52 Broadway, New York.
-The Mississippi Valley Trust Company of St. Leas. has opened a
Correspondent office at 22 William Street, New York, under the management of John M.Bowlin.
APRIL 21 1923.]
THE CHRONICLE
1735
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, April 19,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 1709, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS APRIL
18 1923
March 7 1923.1Feb. 28 1923. Apr11191922.
Apri1181923. A pri11.11923. April 4 1923.13far.28 1923.1Mar. 21 1923.121far.
1:1923.
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R. Board
324.630.000
657,410.000
326,375,000
659,837,000
3
325.484,000
677.216,000
320.401.000
653.708.000
323,572,0001 313.211.000
648,226,000 638,208,000
311,550.0601 302.611.000
645,285.000 604.008.000
326,625,000
509,619,000
Total gold reserves
Reserves other than gold
936,262,000 982,040,000 1,602.700.000 974.109.000 971.798,000 951.419.000 956,83500 906.619,000 836,244,000
2,036,490,000 2,041,509,000 2,013.538.00G 2,034,099.000 2,052,103,000 2.004,613.000 2,074,043.00ti 2.108,767.000 2,094,362,000
57,427,000
60,317,000
52,783,000
53.257,000
55,586,000
50.400.0001
58,262,000
62,210,000
59.870.000
— —
3,032,622,000 3,085.759,000 3.069,495.000 3,063,794,000 3,074.301,00013.078.294.000 3,083.641.000 3,072,813.000 2,990,923,000
95,920,000
93,680,000 103,522,000 112.494.000 118.323.000: 113.275.000 117,633,0001 128.787,000 128,742.000
Total reserves
•Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in open market
3,178,542,000 3,184,439,000 3,173,017.000 3.176.288.00&3,192,624.0003,191i,569.001.3,291,274.000 3,201.600.000 3,119,665,000
70.144,0001 45,824.000
69,451,000
67.917.000
66.663,060
65,815.000
67,225,000
; 66,258,000
334,611,000 327,412,000 380.785,000 388.238.000 351,861,000, 361,286,000 330.1193.000 356.039,000 231,257,000
303,851,000 295,233,000 314.445.000 311,781.000 278.126,000, 251.773.000 241,394.0001 239.721.000 351,526,000
87,327,000
277,447,000 274,339.000 259.879,000 254,251,000 237,905,000 225,416,060 218,886,000, 207,678,000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
Total bills on hand
U. S. bonds and note*,
17 S. certificates of Indebtedness
Other certificates
Municipal warrants
920,909,000 897,039.000
158,910,000 162.326,000
79,097,000, 75,323,000
41,000
41,000
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
8'38,475.000
160.679.000
184,034,000
790.373,000, 803.438,000
157,976.000 173.975.000
186,911,000 189,099400
610,110,000
234.079,000
278,057,000
41,000
1
102,000
Total earning assets
1,153,957,000 1,135.234.000 1,194.299,600 1,203.720.000 1,159.904,000 1,183,188.000 1.135.260.000 1,166.512.090 1,172,348.000
39,446.000
47,363,000
47,937.0001
48,761,0001 48.168.000
48.938.000
48,847.000
Bank premises
49,692,000. 49,298.000
7,727,000
311.000,311.600
201.000
191.000
redemp. fund mot. F. R. bank notes
191,600
291,00
01
191.000
191,000,
645,874,000 639.039,000 618,956,000, 608.167.000 596.126,000
Uncollected items
723,336.000 633,391,000 621,458,000 559,481.000
17,608,000
17,113.000, 10.799.000
17.318.600
14.439.000
13,588.000
13,434,006
All other resources
13,871,000. 13.627.000
5,191,814.000 5.087,348,000 5,118,000,000 5,037,930,000 5,131,344.000 5,202,4 4,000 5.090,995,000 5.087.076.000 4,952,920,000
Total resources
LIABILITIES.
Capital paid In
fittrphis
Deposits—Government
Member hank—reserve account
Other deposits
108,649,000 103,683.000 108.647,000 108.623.000 108,563,000 108,483.000 108,852.000, 108,867,000 104,221,000
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
37.833,000
38,773,000
42,442000
43,401.000
85,432.000
98,627,600
74,423.000
44,936,000' 45,218.000
1,924,525,000 1,876,414.000 1.894,035.030 1.871.373,000 1.866.475.000 1.932.711.000 1,879.697.000 1,887.552.000 1,761`,942,000
24.392.0001
21.364.000
5,,085,000
,
19.465.000
19.931.000, 20,633,000
20.118.060
21,540,0001 20,499,000
Total deposits
1,991,001,000 1,912,13'1.000 1.988.606.000 1,976,270,000 1.985,033,000 1.095.789.000 1.942.862,000 1.952,317.000 1,852,860,000
F. R. notes In actual circulation
2,220,251.000 2,231 n 11 .1031) 2,240,951000 2,232.482.000 2.231.487,0602.242.992.000 2,259,302,000 2,246.913,000 2,181,090,000
2.599.000
2.788.000
89,304,000
2.368,000
2.645.000
2,435.000,
2.488.000
V. It. bank notes In tireniation—net Bah
2372.000
2.443.000
17
Deferred availability items
635,966,000 569 .72,0/0 544,3, 091) 515.298,009 572,000.000 621,433 A00; 549,513.000 546.254,000 498,921,000
12,309,000
12.885,000
20,126,000
14.4113.000
13.524,000
11.681,000
All other liabilities
14,572.000
15,3..0.000
15,135,000
-Total liabilities
5,191,814,000 5.087,348060 1,118,000,000 5,047,930,000 5,131,344,000 5.202,460.000 5,090,995,000 5.087,076,000 4,952,926,000
Ratio of gold reserves to deposit and
72.6%
73.4%
72.7%1
73.2%
74.1%
72.9%!
F. It, note liabilities combined
72.5%
73.2%
73.9%
Ratio of total reserves to deposit and
75.4%
75.7%1
70.2%
76.2%
75.5%'
77.3`;',
75.0%
F. R. note liabilities combined
76.3%
75.5%
Distribution by Maturities
1-15 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. 8. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought In open market_
31-60 days bills discounted
81-60 days U. S. certif. of Indebtedness_
81-60 days municipal warrants
61-80 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 00 days bills discounted
Over 90 days certif. of itadebtedness
Over 90 days municipal warrants
Federal Reserve Noted—
Outstanding
Held by banks
73,519,000
117,929,000
5,905,000
41.000
41,299,000
41.850,000
80,670,000
433,598,000
1,584,000
41,000
45.052,000
42,008.000
79,702.000
81,027,000
60,462.000
493,438.000
1,449,000
$
73,178,000
68.201,000
66.55
9,000
513.267.0001 457,147.000 453.609.600
2,819.000i
1.700,000, 58,300,000
$
61,624.000' 58.137.000
419,826.000 455,438.000
68,620,000
61,405,600
i
39.323.000
42.253.000
33,993,000
32,457,000
35.000
3
31,631,000
293,474,000
2,200,000
102,000
14,524,000
64,492,000
500,000
53,095,000
47.391.000
50,121.0001
42,899.000'
43,874,000
40.184,000
41,627.000
36.384.000
67,678,000
73,744,000
41.000
61,977.000
78.906,600
57,897,000
71.245,000
63.421,000
66.358.000
60,442,000
60.086.000
64,662.000
59,752.000
57.810,000
54.321.000
21.398,000
98,092,000
41.229,000
68,510,000
50.435,000
267,000
68,045,000
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
18.603,000
59,417,000
7.570,000
11,417,000
22,221,000
72.925.000
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
3,933.000
20.051.000
125.506.000
10.689.000
21.025.000
120,444.000
1,171.000
37,308,000
226,558,000
41.000
63,829.000
51.772.000.
14,203.000'
20,836.000
74.382.000)
2,595,432,000 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 2,534.997,000
375,181,000 382.031.000 377.748.000 368,597.000 386,052.000 394.580,000 393.881.000 400 619,000 353,907,000
2,220,251,000 2,231,041,000 2.240,951.000 2.232,482,000 2,231,487,000 2,242,902,000 2.256.3(i2400'2.248.943.000 2,181,090,000
In actual circulation
Amount chargeable to Fed. Rea. Agent 3,427,962,000 3,443,457,000 3,447,496.000 3,463,617,000 3.473.336.060 3.487.449,000 3,503.305.000 3,512.304,000 3,352.973,000
In hands of Federal Reserve Agent
832.530,000 830,385.000 020.797.000 862,538.000 855,797,000 849.987.000 853,122.000 864.742.000 817,976,000
Issued to Federal Reserve banks
2.595.432,000 2413,072.000 2,610499.000 2,801,079,000 2.617,539.000 2.637,482.000 2450.183,000 2.847,562,0002,534,997.000
How Secured—
by gold and gold certificates
By eligible Palter
Gold redemption fund
With Federal Reserve Board
314,899,000 314,899,000 314,899,000 314.899,000 314,899,000 312.399,0001 322.399.000 317,399.000, 404,713,000
558,942,000 571,563,000 605.161.000 596.980400 565.436,000 568.869400 576.140,000 538.795.000, 440,635,000
123,761,000 130,285,000 128,062,000 129,141,000 123,544,00(1 126.836,000 124.765.000 136.023,000 118,361,000
1,597,830,000 1,596,325,000 1,570.557.000 1,590.059,000 1,613,660.000 1,629,378,000 1.626,879.000 1,65.5,345,000 1,571,288,000
2,595,432,000 2,613,072,000 2.618.699.000 2.601.079,001) 2.617,539,000 2.637,482,000 2.650383.000 2.647.582,000 2,534,997,000
Total
Eligible paper delivered to F. It. Agent.
879,878,000
.
Nes shown separately prior to Jan. 1923.
861.802.000
910.978.000
907.160.000
813.671,000
789.610.000
756,301.000
749498,000. 623,951,000
WEEKLYSTATEMENTOF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 18 1923
7'sv ciphers (00) omitted.
Boston Nato York Phila. Cleveland Richmond Atlanta Chicago St. Louis Mistime). Kan. City Dallas San Fran.
Total
Federal Reserve Bank of—
$
RESOURCES.
17,574,0
Gold and gold certificates
Gold settlement fund—F.R. 1.Vrd 56,090,0
Total gold held by banks
Gold with F. It. Ascots
Gold redemption fund
Total gold reserves_
Reserves other than gold
Total reserves
cash
Bills discounted:
Secured by U.S.Govt.oblige
Other bills discounted
Bills bought in open market
Non-reserve
_
$
S
$
$
$
3,197,0 7,921,0 3,065,0 10,562,0 20.314,0
9,679,0 21,242,0 31.573,0 9,341,0 35.052,0
73.664,0 437,070,0 57,483.0 70,023,0 26,766,0 26,179,0 143,131,0 12,876,0
166,385,0 638,535,0 165.193,0 206,265,0 52,294,0 99,501.0365,588,0 65,610,0
13,280.0
5,836,0 9,683.0 1,091,0 2,939,0 1,958,0 13,090,0 2,448,0
---_
253,329.0 1,081,441,0 232,359,0 277,379.0 81,999.0 127,638.0 521,809,0 80.934,0
7.639,0
13.447,0 3,418,0 6,338,0 8.850,0 8,673.0 14,705,0 18,722,0
_
260,968,0 1,094,888,0 235,777,0 283.717,0 90,849,0 136,311.0 536,514,0 99,656,0
11,029,0
10,306,0 3,380,0 5,3313,0 2.715,0 7,359,0 6,9104 4,986,0
15,825,0
34,505.0
19,595,0
-69,925.0
Total bills on hand
5,3934
U.S. bonds and notes
TT. S. eertIfIcates of Indebtedness. 4,989,0
Municipal warrants
Total earning assets
$
$,
$
$
$
$
160,499.0 23,477,0 12.944,0 7,673,0 5,960,0 53,189,0
276,571,0 34,006,0 57,079,0 19,093,0 20,219.0 89,942,0
80.307.0
131,015,0 35,432,0 22,733,0 24,020.0 4,0124 43.128,0
38,561.0 14,515,0 24,907,0 32,907.0 19,840,0 40,583.0
50,911,0 24,915,0 51,251,0 1.778,0 28,581,0 33.853,0
—
220,4874 74,862,0 98,891,0 58,705,0 52,433.0 117,564,0
13,431,0 24,438,0 12,348,0 1,341,0
524,0 6,808.0
5410,0
2,001,0 35,887,0
979,0 9,018,0
41,0
239 595
n 100 220 0 120 2.,A
An 046 II
Ad 025
$
326,375,0
659,887,0
29,163,0 34,638,0 19,903.0 55,366,0 986,262,0
47,959,0 50.710,0 12,668,0 165,782,02,036,490,0
2,378,0 2,378.0 1,019,0 3,770,0
59,870,0
79,500,0 87,726,0 33,590.0 224.918,0 3,082,622,0
1,103.0 3,638,0 4,427,0 4,960,0
95,920.0
—
80,603,0 91,364,0 38,017,0 229,878,0 3,178.542.0
1,498.0 3,285,0 3,988,0 6.433,0
67,2254
14,550,0 4,633,0 11,193,0 2,650,0 25,420,0
15,294,0 15,982,0 17.840,0 20,588,0 33,329.0
11,966,0 1,669,0
75,0 15,586,0 37,267,0
334,611,0
308,851,0
277,447,0
41.810,0 22,284,0 29,108,0 38,824,0 96,016,0
15,238,0 15,064,0 33,331.0 3,379.0 27,617,0
6,942,0
5114 4,535,0 8,625,0
920,909.0
158,910,0
79,097.0
41,0
n Tan 957 0 63.990.0 37.859.0 66.974.0 50 323 0 123.633.0 1.158.957.0
1736
FOL. 116.
THE CHRONICLE
RESOURCES (Conctuded)Two ciphers (00)
Wed.
Bank premises
5% redemption fund
F. R. bank notes
Uncollected Items
All other resources
Boston
New
$
4,434,0
against
63,069.0
155,0
Total resources
LIABILITIES.
Capital paid in
Stuplus
Deposits: Government
Member bank-reserve acc't
Other deposits
York
$
11,690.0
Phila.
S
712,0
Cleveland Richmond Aaanta
s
$
8,027,0
$
2,617,0
Chicago Si. Louis Minneap. Kan. City
$
2,421,0
8,715,0
8
$
940,0
1,152,0
Dallas
s
$
4,867.0
1,937,0
Total
San Fran.
$
2,180,0
65,0
100,0
26,0
170.603,0 63,819.0 78,746.0 59,284,0 28,895,0 91,945,0 43,484,0 15,640,0 40,946,0 24,556,0 42,349,0
1,296,0
419.0
530,0
402,0
323,0 1,771,0 1,188,0 2,073,0 4,565,0
773,0
376,0
$
49.692,0
NIA
191,0
723,336.0
13,871,0
419.982,0 1,528,311,0 404,427,0 496,613,0 215,913,0 230,320,0 805,179,0 213,379,0 138,523,0 208.724,0 121,425,0 409.038,0 5,191.814,0
8.053.0
16,312,0
2.625,0
127,962.0
477,0
28,942,0 9,483.0 11,995,0 5,677.0 4.422.0 15,007,0 4,925,0 3,574.0 4,603,0 4,191,0 7,777,0 108,649,0
59,800.0 18,749.0 23,495,0 11.288,0 8,942,0 30,398.0 9,665.0 7,473,0 9,488,0 7,496.0 15,263,0 218,369,0
11.277,0 1,288,0 2,473.0
352,0 5,620,0 3,771,0 2,805,0 3,715,0 2,593,0 2,346,0 6,071.0
44,936.0
722,586,0 118.525.0 161,780,0 61,642.0 56,699,0 281,988,0 70,643,0 50,642.0 82,504,0 50,373.0 139,181,0 1,924,525,0
11,452,0
344,0 1,248,0
158,0
572,0 •
565.0
523,0 1,682,0
561,0
21,540,0
2 14,0 3,744,0
Total deposits
131.064,0
F.R.notes in actual circulation 203.780,0
F. R. bank notes in circulation
net liability
Deferred availability items
60,004.0
All other liabilities
749.0
745,315,0 120,157.0 165.501.0 62,152,0 62.842,0 287,441,0 74.020,0 54,922,0 85,658,0 52,933,0 148,996,0 1,991,001,0
581,366,0 197,788,0 228,359,0 82,195,0 126,951,0 395,506,0 80,512,0 56,386,0 61.889,0 28,723.0 196,796,0 2,220,251,0
554,0
1,458,0
431,0
2,443,0
129,537.0 57,247,0 65.928,0 53.940,0 26,325,0 74,751,0 43,409,0 15,238.0 44,989.0 25,855,0 38.743,0 635,966,0
3,351,0 1,003,0
1,335,0
848,0
930,0
661,0
838.0 1,522,0
639,0 1,796,0
1,463,0
15,135,0
Total liabilities
419,962,0 1,528,311,0 404,427,0 496,813,0 215,913,0 230,320,0 805,179,0 213,379,0 138,523,0 208,724,0 121,425,0 409,038,0 5,191,814.0
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities com77.9
83.8
74.2
bined, per cent
72.0
64.5
72.4
78.6
61.9
62.9
71.8
46.6
66.5
75.5
Contingent liability on bills pur
9,367,0 2,745,0 3,447,0 1,660,0
chased for foreign correspond'ts 2,394,0
1,309,0 4,436,0 1,404,0 1,085,0 1,372,0 1,149,0 2.266,0
32,634,0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS APRIL 13 1923.
Federal Reserve Agent at-
Boston. New York Phila. Cleverd Richm'd Atlanta Chicago &louts Minn. K. Mit Dalai San Fr.
Resources(In Thousands of Dollars)
$
Federal Reserve notes on hand
86,000
Federal Reserve notes outstanding
220,872
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
25,300
13.085
Gold redemption fund
128.000
Gold Fund- Federal Reserve Board
Eligible paper'Amount required
51,487
lExcess amount held
15,438
Total
$
$
$
$
$
318,340 46,000 34.320 29,270 75.688
726.903 231,560 246.662 90,163 132,232
$
$
$
3
$
$
$
104,060 26.190 12,205 19,643 19,829 60,985 832,530
440.463 99,364 59,905 69,824 32,503 244.981 2,595,432
235.531 7,000 13,275
2,400
32.004 14,303 12.990 4,499 3,601
371,000 143,890 180.000 47,795 93,560
88,368 66,367 40.397 37,869 32,731
104,070
435 57,182 17,690 19,606
11,880 13,052
____ 6,461
____ 314,899
15,944 4,230 1,907 3,350 2,207 15,641 123,761
349,644 49,500 33,000 47,360 4,000 150,141 1,597,830
74.875 33,754 11,946 19.114 19,835 79,199 558,942
42,685 7,935 9,831 9,992 18,943 16,529 320,938
Total
543,182 1.876,216 509,555 585.426 227,286 359,758 1.027,671 232,853 141,846 169,283 103,778 567,476 6,344.330
Liabilities-Net amount of Federal Reserve notes received from
Comptroller of the Currency
306,872 1,045,243 277,560 280,982 119,433 207,920 544,523 125,554 72.110 89,467 52,332 305,966 3,427,962
Collateral received fromf Gold
166.385 638,535 165.193 206,265 52,294 99,501 365.588 65,610 47,959 50,710 12,668 165,782 2,036,490
Federal Reserve Bank(Eligible paper
69,925 192,438 66,802 98,179 55,559 52,337 117,560 41,689 21,777 29,103 38,778 95.728 879,878
Total
543.182 1,876,216 509.555 535.426 227,286 359,758 1,027,671 232,853 141.846 169,283 103,778 567,476 6,344,330
Federal Reserve notes outstanding
Federal Reserve notes held by banks
220,872
17,092
440,463 99,364 59.905 69,824 32,003244,981 2,595.432
44,957 18,852 3,519 7,935 3,780 48,185 375,181
203,780
Federal Reserve notes In actual circulation
726,903 231.560 246.662 90,163 132,232
165.537 33,772 18.303 7,968 5.281
561,366 197,788 228.359 82.195 126.951
395,506 80.512 56,386 61.889 28.723 196.796 2.220.251
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 hanks,from which weekly returns are obtained. Those 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 1710.
I. Data for aU reporting member banks in each Federal Reserve District at close of business April II 1923. Three c pliers
(009) omitted.
Federal Reserve District.
Boston
New York
Phila.
Cleveland Richmond Atlanta
Chicago St. Louis Minneay. Kan.City
Dallas
San Pmts.
Total
Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Govt.obligations
Secured by stocks and bonds
All other loans and discounts
103
55
$
3
13,086
91,660
236,692 1,641.552
609,325 2,509,632
84
$
18,467
276,308
332,765
77
2
31,896
379,514
684,167
$
10,080
128.102
324,271
45,814
7.541
63.379 558,007
337,893 1,135,494
16,163
136,034
301,334
7.991
51,494
191,056
8.515
77,443
363,845
5,257
49,869
209,447
15,946
272,416
164,228 3.762,622
790.719 7,789,998
Total loans and discounts
U. S. pre-war bonds..
U. S. Liberty Notes
U. S. Treasury Notes
U. S. Victory notes & Tress' notes_
U.S. Certificates of Indebtedness
Other bonds, stocks and securities
859.103 4,242,894
12,722
48.472
78.382 455.361
5,272
37,184
23.876 507,720
5,630
66,258
173.138 720,447
627,540 1,095,577
11,464
47,967
47,927 119.147
4,180
8.195
53,433
57,024
7,344
15,727
180,878 288,240
462,453
30.500
30,568
5,000
9,605
3,905
50,619
403,813 1,739,315
24,790
14,369
92,873
14,104
12.471
2.045
6,993 124.251
25,022
8,298
36,028 368,339
453,531
15,323
24.420
9.033
24,414
5,815
86,793
250,541
8,776
11,645
1,319
25,809
4,193
30,724
449,803
12,091
47,105
4,732
21,251
6,922
59,374
264,573
19,556
15,487
2,764
15,992
7.887
9,652
970,893 11,825,038
36,176
282,206
97,995 1,035,014
13,068
105,263
50,372
920.740
16.110
173.112
155,714 2,159,946
Total loans & disets Jr Investm'ts 1,158,123 6,078,336
81,753 625.499
Reserve balance with F. R. Bank_ _ _
84.632
19,211
Cash in vault
803,708 4,730,139
Net demand deposits
250,510 891,120
Time deposits
19,253 153,498
Government dempoeits
Bills payable and rediscounts with
Federal Reserve Bank:
4,809 116,524
Secured by U.S. Govt. obligations
23,011
38,701
AU other
932,766 1,631,877
69.356 111.245
16,148
30,779
706,410 918,877
88,304 547,826
26,859
24,539
592,651
34.040
15,884
335,157
154,146
9,705
490,650 2,387,061
31,944 204,974
54,261
10.924
282,478 1,503,845
167,957 770,011
29,831
11,017
619,329
42,403
8,385
369,215
183,194
10,322
333,007
24,079
6,107
213,958
84,280
5,400
601,278
46,152
12,220
458,552
126,039
6,913
335,911 1,340,328 16,501,317
26,201
89,806 1,387,452
9,357
21,242
289,200
237,503 691,217 11,251,109
75,290 612,685 3,951,382
14,827
24,204
330,368
27,920
15.597
3,510
7,614
2,815
3.001
6.618
5.071
46
20,486
10,877
18,361
14,435
15,187
17.856
$
39
565
4.648
a
108
$
36
$
30
$
78
s
62
115
2.772
$
66
22,173
13.137
s
777
239,083
156.720
2. Data of reporting member banks in Federal Reserve Bank and branch cities and all other reporting banks.
New York City
Three ciphers (000) omitted.
City of Chicago
All P. R. Bank Cities F. R. Branch CitteslOthsr Selected Cities.
Total.
April 11. April 4 April 11. April 4. April 11. April 4, April 11. April 4. April 11 April 4. apritl 1'23 April 4'23 4pr:112'22
.
63
Number of reporting banks
64
48
49
208
208
310
777
310
77
259
801
Loans and discounts. gross:
3
s
3
5 259
a
5
$
$
$
$
1
$
s
82,684
79,780
35,638
Secured by U.S. Govt.obligatio.
37,150
48,917
272,416
49,522
40,246
40,493
270,651
181,488
182,401
367,700
1,459,826 1,540.852 423,273 415,552 2,723,258 2,797,280 5515,987 '552,736 482,377 477,913 3,762,622 3,827,92' 3,121,398
stocks and bonds
Secured by
2,199,654 2,190,368 667,155 680,875 4,827,799 4.825,413 1,571,395 1.568.6821,390,804 1,386,944 7,789,998 7,781.03 7,367,627
All other loans and discounts
Total loans and discounts
3,742.164 3,811,000 1,126,066 1,133,577 7,733.458 7 804 181 2,177,904 2,170,3351,913.674 1,905,103 11.825.03611,879.81910.856.725
,
',
U. S. pre-war bonds
3,474
77.0911 105,552 108,195
3,413
282.206
283,082
77.067
99,587 '99:796
388,31' 388,864
36,123
U. S. Liberty bonds
37,544
617.074
619,388 250,007 251,017 167,933 168,07. 1,035,014 1.038,483 1,047,472
27,255
28.197
25.6791 23,068
5,428
U.S. Treasury bonds
22,370
5,45
26,187
105,263
105,793
56008
7
5 744
,
81.183 85,137
U.S. Victory notes di Treasury note. 475,077 468.649
81.624
920.740
918,042
462,414
697.749
693,536 141,910 142.8821 81.081
61.499
72,263
10,261
47,009
25,951
11,283
26,893
U.S. Certificates of Indebtedness
40,678
173,112
188,060
108,584
100,433
114,158
520,808 518,942 190,866 188,714 1,164772 1,1 2376 572,391 570.994J 422.783 422,707 2359.946 2.156,07 2,104,097
Other bonds, stocks and Focqrlties
6
4
Total loans & dlietS & le'marts,5,252,948 5,325,740 1,453,401 1, 65,12710,469,131 10,551.179 3,292,144 3,285,007 2,740.042 2.732,970 16,501,317 16,569,156 14,570,292
578,292 571,197 141.793 145,211
Reserve balance with F. R. ;Sank
986,968
995,889 231,065 235,1911 169,419 175.913 1,387,452 1,406,993 1,311,739
69,704
69,204
28,871
59.225
80,432
Cash in vault
29,405
60,095
78,578
289.200
283.491
148,673
145,688
283,968
4.230,1124.257.8051.009.822 998,211 7,642644 7,632.2591.904,981 1, ,
887 852 1.703.4841,692,196 11,251.109 11,212,307'10,664,778
Net demand deposits_
627,070 663.879 372,366 376,407 1,957 245 1,998.063 1,168,9251,166,84
6 825,192 824,338 3,951,362 3,989,247 3,138,077
Time deposits
140,867 140,867
15,663
30,359
Government deposits
83,123 63,544
15,713
30,478
242,
336,368
13,060
337,082
142,718
2886
Bills payable and recititounts with
F. R. Bank:
99,546 124,092
48,955
17,150
28.2021 28,039
42,457
25.245
204,787
281,781
82,579
239,083
170.424
See'd by U.S. Govt.obligations
27,367
27,100
9,213
32,457
27,96
22,623
26.250
27,898
126.722
All other
187,077
140,596
102,501
156.720
Ratio of bills payable dr rediseoun
with F. R. Bank to total loans
2.4
2.8
2.5
1.8
2.01
3.3
2.1
2.0
2.4
3.1
2.3
1.5
2.6
and investments per cent
•Revised lineal.
APRIL 21 1923.]
THE CHRONICLE
tankers' 05azettt
Wall Street, Friday Night, April 20 1923.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.
Week ending
Apra 20 1923.
Shares.
Railroad.
itc..
Bonds.
Par Value.
367.8101 536,200.000
666,9011 69,500,000
873,3221 84,700,000
933,850 92,600.000
795,747 79.000,000
957,500 93,000,000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
State, Mun.
and Foreign
Bonds.
$2 609,000
4 767,000
5293,000
6 360,500
6 475,000
7,188.000
$882,500 $1,105,900
1,438,000 3.734,100
1,933,500 3,308,750
1,798,500 3,533,620
1,703,500 2,393.100
1.211.000 1.925 000
.
4.593.130 5455.000.000 532.692.500 58.967.000 $16,000,470
Sales at
New York Stock
Ecchange.
Week ending April 20.
1923.
1922.
Jan. 1 to Apra 20.
1922.
1923.
Stocks
-No. shares___
75,344,236
4,593,130
78,727,914
8,828,416
Par value
$455,000,000 $788,082,700 $7,209,000,000 57,009.073,096
Bonds.
Government bonds__ _ $16,000,470 $53,540,150
$666,995.400
$238,804,555
State, mun.& for. bds_
205,498,000
8.967,000 18,134,000
152,796,900
RIt,and misc. bonds
32.692.500 62.484.500
613,658.100
545,299,700
Total bonds__
____ 557,659.970 $134,158,650
$936,900,755 $1,486,151,500
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week ending
April 20 1923.
Saturday
Monday
Tuesday
Wednesday
'Thursday
Fr1612.7
Total
Boston
Philadaphia
Baltimore
Shares. Bond Sates Shares. Bond Sales Shares. Bond Sales
128,241
8,700
*11,019
22,100
1211,118
39,260
*11,674
28,600
Pa triot's Day-Closed
12.297
13,000
54,349
111,650
11,101
9,708
13,118
8,274
8,183
6,736
9,000
36.900
39,750
98,200
77,600
23,000
825
1,370
1,558
716
1,383
894
23,100
20,500
39,600
20,900
31,000
21,100
57,120
284,450
6,746
156,200
Prey, week revised
90,608
169,750
44,565
301,800
6,708
171.000
•Inaddition there weresalesofrights: Sat.,791;Mon..1.695:Tues.,1,075 Wed..745.
Daily Record of U.S. Bond Prices. Apr. 14 Apr. 16 Apr. 17 Apr. 18 Apr. 19 Apr. 20
First Liberty Loan
High 101233 101.81 101233
334% bonds of 1932-47__ Low_ 101133 101233 101233
(First 354,)
Close 101231 101.33 101233
Total sales in $1,000 units...
53
94
194
Converted 4^1; bonds of High
- --- 972233
1932-47 (First 45)-- Low.
---- 97"31
---Total sales in $1,000 units _ _ _
-Converted 434% bondsrlgi 9722n 972233 971233
of 1932-47 (First 414s) Low_ 9722n 972
.33 972231
Close 971.13 972233 97223
Total sales in $1,000 units...
14
57
80
Second Converted 454% High
___
____
__
bondr of 1932-47 (First( Low.
---------Second 454 )
,
Total sales in $1,000 units._ _
------_-__
Second Liberty Loan
___ 972
righ
.13 972231
____ 971231 97,,
Low.
4% bonds of 1927-42_
,,
(Second 4s)
Close
---- 971233 971231
Total sales in $1,000 units-.
---31
0 9.723,, Irma
,
Converted 454% bonds(High 9717
of 1927-42 (Second
Low. 972231 972On 972231
414s)
Close 972231 972231 972233
Total sales in $1,000 units....
94
351
302
Third Liberty Loan
{High 981233 931033 98231
454% bonds of 1928._
Low. 9823r
982u
98233
(Third 434s)
Close 981.33 9823t
98231
Total sales in $1,000 units__
193
466
475
Fourth Liberty Loan
{High 972181 972231 972231
434% bonds of 1933-38 Low_ 972233 97223
972233
(Fourth 414s)
Close 972.33 97223
972232
Total sales in $1,000 units.....
527 2,180 1,056
Victory Liberty Loan
1111gb 100.00 100.00 1001u
454% notes of 1922-23.- Low_ 100.00 100.00 100.00
(Victory 454s)
Close 100.00 100.00 100.00
Total sales in $1,000 mfrs.__
11
17
26
Treasury
(High 09.rt
991:t
99422
454s, 1947-52
(Low. 99.00 982,1
99 ::
,
Close Ws, 99.00 99 11
,
Tatal sales in $1,000 units....
149
455 i064
101233 101233 101.33
101233 10141 10123,
101.33 101231 101233
1,379 1,057
95
----
----
--
972233
972211
9722r1
61
9738,.
972213
972231
971231
9722u
43
9.7o„
972232
98.00
972133
972111
81
1
___
36
97223
----
_-__
97223
---
---
9.731., art, 97",,pro
972
.31
972233 97223
971233 97123
972231
512
266
961
981st
98233
98233
97123.
97221, 9724
98213
98.00 98.0C
433
ISO
469
97223.
972233 97233
.3
97933 97223
972
97n.
972233 97243
472
528
456
100.00 100.00 100.0(
100.00 100.00 99223
100.00 100.00 100.0(
12
12
10
992ss
99231
99121
99.00 99'n
99122
993
:: 99' 1
99 12
,
,
456
251
249
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
108 lot 314s
1 15t 45
7 1st 43413
18 2d 454s
100.00 to 10113; 84 3d 454s
97.33
168 4th 4346
(nun
2 Victory 4545
971433 to 971231
972233 to 9823r
972213 to 972231.
9922rt
Foreign Exchange.
-Sterling exchange moved within
narrow limits on quiet trading. In the Continental exchanges the feature was a sharp slump in reichsmarks,while
francs displayed a better tone.
To-day's (Friday's) actual rates for sterling were 4 6354@4 63% for
sixty days, 4 653@4 6534 for cheques and 4 6554@4 6654 for cables.
Commercial on banks sight 4 651g4 65% ,sixty days 4 62% 4d54 63y3.
6
ninety days 461462 and documents for payment (sixty days) 4623/
%04
4 63%. Cotton for payment, 4 65@4 65% and grain for payment 4 5
To-day's (Friday's) actual rates for Paris bankers' francs were 6.57%@
6.6354 for long and 6.6034 ®6.66% for short. Germany bankers' marks
are not yet quoted for long and short bills. Amsterdam bankers' guilders
were 38.7894038.81 for long and 39.0334 @39.06 for short.
Exchange at Paris on ,London, 70 francs; week's range, 69.75 francs high
and 71.20 francs low. The range for foreign exchange for the week follows:
Sterling, ActualSixty Days.
Cables.
Cheques.
High for the week
463 15-16
4665.16
4 66 1-16
Low for the week
46254
4 6434
4 6434
Paris Bankers' Francs
High for the week
6.6834
6.6934
6.6334
Low for the week
6.43
6.49
6.48
Germany Bankers' Marks
High for the week
0.004754
0.004754
Low for the week
0.0032
0.0032
Amsterdam Bankers' Guilders
High for the week
38.82
39.21
39.12
Low for the week
38.68
39.13
39.04
Domestic Exchange.
-Chicago, par. St. Louis, 15©25c. per $1,000
discount. Boston, par. San Francisco, par, Montreal. $20 per $1,000
discount. Cincinnati, par.
The Curb Market.
-The review of the Curb Market is
given this week on page 1728.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Sales
Week ending March 24. for
Week.
U.S.
Bonds.
1737
Range for Week.
Lowest.
Highest.
I
Range since Jan. 1.
Lowest.
Highest.
Railroads.
Par. Shares $ per share. $ per share. $ per share $ per share.
Ann Arbor
Apr 14 1434 Jan 2414 Feb.
Apr 14 19
Bangor & Ar pref._ _ _199
Jan 9454 Jan
1
Apr 18 91
Apr 18 91
199 19
100 91
Buff Roth &Pittsb_l
Jan
Apr 18 61% Apri 68
32 6154 Apr 19 62
C RR of New Jersey_100
Apr231
Apr 16 201
Feb.
100208 Apr 16 208
Cleveland & Pittsb___ I
Apr
Api 70
r
l
Apr 20 70
Apr 20 70
191 70
Duluth 55 dr A pretlIs
534 Feb
900 5 Apr 17 554 Apr 18 3% Ap
Illinois Central pref
Jan 11834 Mar
Apr 19 13
200 11434 Apr 17 116
Int & Gt No Ry(w 6_100
Jan( 2554 Feb.
Apr 17 22
Apr 17 24
100 24
Iowa Central
151
654 Feb
300 454 Apr 17 414 Apr 17 414 la
Man Elev mod guar.1uS 3,6001 4154 Apr 16 4554 Apr 17 39% Ap 4554 Apr
M St P & El 8 M met100, 200 98
Jan 10034 Mar
Apr 18 86
Apr 18 98
M K & T pref
Jan
Aprl 12
1001 100 10
Apr 18 10
Apr 18 10
Full paid
Feb 3854 Fete
100 3654 Apr 16 304 Apr 16 35
Rapid Transit Sec w L 5139,34511554 Apr 17 1834 Apr 19 15% Al2 1894 Apr
Prof w 1
Apr
Apr 16 49
Apr 19 4354 Ap 49
'Twin City R T pref _ _1 99 7 7 0 91 Apr 16 97 Apr 16 90
Mar
Feb 98
1
'
1
44
Un Rys Investment rgts- 3,2001-32 Apr 18 1-16 Apr 16 1-32
Apr
Apr1-16
West Penn
Ayr
Apr 14 46
Apr 18 3854 Arai 46
1,400 39
Preferred
Apr
400 75% Apr 14 76% Apr 17 7534 Aph 80
Amalg Sugar lst preLl
Apr 9634 mar
400 95
A 19 9554 Apr 16 95
Am Chain Cl A
Al 2554 Mar
251 3,100 2354 Apr 14 2414 Apr 1 23
American Chicle pref.lO
Apr
Fe 37
440 3154 Apr 18 37
Apr 19 22
Amer La France Fire E
7% cum pref
1001 100 9554 Apr 19 955.4 Apr 19 96
Feb 9854 Mar
Am Rolling Mill preLl
Apr100% Jail
100 9754 Apr 21 98
Apr 20 97
Am Teleg dr Cable...1001 100 52
Feb
Apr 16 52
Apr 58
Apr 16 52
Am Woolen Res
54 Apr(
Art.
22.500
34 Apr 14
34 Apr 17
Arnold Constable
1834 Apr
M
'I 5,200 1754 Apr 16 1854 Apr 14 16
Am Metal tern at pf.100
Feb
100 11554 Apr 1611554 Apr 16 115
Jan 117
AtlFrultColTctfofdepj 1,000 2 Apr 19 234 Apr 20 I% Jan' 234 Feb
Atlas Powder
100 1,100170
Apr 1417554 Apr 20 150
Apr 17594 Apr
Automatic Hoslery...*i 8,600 2554 Apr 21 2854 Apr 18 2294 Aprl 2854 Apr
Auto Sales pref
501 100 1254 Apr 14 1254 Apr 14 1234 J0.0 1454 Feb.
Barnett Leather prof.1001 200 9654 Apr 18 9654 Apr 18 9654 Apri 99
Mar
Brown Shoe Inc pref.10
200 96
Apr 16 96
Jan
Apr 16 9554 Jan 99
Bush Term Bldgs p1.1001 200 9454 Apr 14
9554 Apr 18 9234 AO 9534 Apr
Century Rib Mills
'I 4,300 3534 Apr 16 3634 Apr 19 32
36% Apr
M
Cluett Peabody pref.lOOj 100 103
Apr 19 103 Apr 19 102
Feb
Apr110
Coca-Cola pref
100 400 96
Apr
Apr 5 9654 Apr 18 92% Ja 97
Col Gas & Elec w I
I 2,300 3654 Apr 21 3754 Apr 19 36% Ap 37% Apr
Corn Solvents A
'I 1,000 25
Apr
Apr I 32 Apr 20 25
AP 46
B
• 300 18
Apr 19 19
AP 2734 Feb.
Apr 19 18
Comp Tab Rec rgts
54 Apr
54 Ap
3,200
54 Apr 1!
% Apr 19
Conley Tin Foil
300 1554 Apr I 1554 Apr 17 1554 Ap 2214 Jan.
Cont Can Inc pref__ _1
20010634 Apr 1710054 Apr 17 106
Jan 11054 Feb
Cosden&Copref...j0s
100104 Apr 20104
Jan 10934 Feb
Apr 20 01
Crex Carpet
Apr 17 30
1001 250 30
Apr
Apr 17 2434 Feb 30
Cuban Derain Sugar.. 'I 4,300 9% APr 19 1054 Apr 18 834 Feb 1214 Mar
Deere di Co pref
1001 200 73 Apr 19 7354 Apr 18 70
Marl 7334 Jan
Durham Hos M B pf _100
100 80 Apr 14 80
Apr
Apr 80
Apr 14 80
Elk Horn Coal pref....54
100 30 Apr 19 30 Apr 19 30
Am 31% mar
Fairbanks Co
2
300 10 Apr 2 1014 Apr 20 934 Mar' 13
Feb.
Fide-Phoenix Fire lca 251 154 121
Apr 1712454 Apr 19 102
Feb.
Jan 138
Fisher Body rgts
6 10934 Apr 20 15
4 1g, 00 3734 Apr 18 4
, 00 18
7
4
Apr
Apr 21
Ap 17
FleLschmann Co
3754 Jan 41% Mar
OenAmTCar7%pf,1001 300 9914 Apr 17 100
Apr 16 9934 Apr103% Mar
General Baking Co_ • 100 78
Apr 1 78
Jan 89
Jan
Apr 18 73
Gimbel Bros pret_ _ _ _100
Jan 102% Feb.
200 99 Apr 1 994 Apr 20 90
Goodyear Tire pref_.b0
goo 5054 Apr 17 5054 Apr 14 60
Apr
Aph 51
Prior prcferresL..jO00,700 9634 Apr 20 9654 Apr 17 9854 API 99
Feb.
Great West Sug pref _100 800 105
Apr 1410554 Apr 18 105
Jan 10854 Mar
GulfStatesSteel 1st pf 1
Apr 14 105
100105
Jan 105% Feb.
.101
Apr 14
Hayes Wheel_
Apr 20 36
MO 4314 Apr
Household Products...4 ri: 00 3 11 Apr 20 4351 Apr 111 35% M
* 3
. 6
9
7
38
39% mar
Hydraulic Steel pref_100
Apr 16 15 Apr 1 10
300 10
Jan
Aq 34
Inland Steel w 1
• 2.250 46
Apr 19 4654 Apr 18, 46
Ap 4694 Apr
Preferred WI
100 700 10454 Apr 18 105
Apr
Apr 181 10434 Apr105
International Shoe' 300 71
Apr 1 71% Apr 17 6534 Jan 7154 Apr
Intertype Corp
• 2,150 2834 Apr 19 35
Apr 1 2854 Apr 4054 Mar
Iron Products pref_ _ _1
100100
Apr 16 100
Apr 1 9954 Jan110% Feb
Kan City Light lst pref.
100 9354 Apr 21 9314 Apr 20 9334 Apr 9334 Apr
Kelsey Wheel Inc pf..1
100 104 34 Apr 1810454 Apr 1 100
Jan 10434 Apr
• 500 4054 Apr 1 43 Apr 2 3534 Apr 43
Kinney 0 R
Apr
Preferred
100 95
1
Apr 1 95
Apr
Mar 95
Apr 1 92
Kresge (SS) Co preLl
200111% Apr 18 112
Apr
Apr 19 Ill% Apr112
LIggett&MYers Tob serB
NO 190% Apr 19 19034 Apr 19 19054 Apr21954 Feb
Loose-W Disc 1st PL1
500 106
Apr 18 106
Apr
Apr106
Apr 1 106
Lorillard pref
1
100 112 Apr 17 112
Jan
Apr119
Apr 17 112
100 300 113
Apr 16 113
Feb,
Apr 1 11234 J 115
4,400 3534 Apr 14 3634 Apr 1 2834 M
3634 Ayr
1%M tilraParElo rSr
M y la eCfe etipply.1 *
iaa
100 8954 Apr 16 89% Apr I 8834 M
mar
90
Mallinson pref
1
300 85% Apr 21 8854 Apr 2 , 85% Ap 9054 Feb
Met Edison pref
Apr 19 97
pr 4
Apr 14 1 9354 Ja 9951 Mar
Montana Power pref.1 *
81219127
112
Apr 11 108
Ja 112
Mir
Nat Bank of Comm.._1
r 7
1,0 2 5 Apr 1029754 Apr 1 296
20 98
8
Mar
Feb 309
Nat Cloak & Suit pf.1
Feb.
96
Apr 1 . 95
AP 104
Nat Dept Stores
10,500 39% Apr 16 4234 Apr I 3634 Ap 4254 Apr
Preferred
1
400 9754 Apr 17 9754 Apr 1 9434 M
9734 Apr
North American
23
24, 0000 Apr 2 2454 Apr 11 2134 M
r 18
1
2434 Apr
Otis Elevator pref_ .144
Apr
100
Ap 100
Apr 1z 100
Otis Steel pref
1
200 64
Apr 213 65
7234 Mar
J
Apr 20 47
Packard Motor pref.].
Apr 14 9334 Apr 19 92
400 92
Feb.
Ap 99
Poem, Coal dr Coke.
1,300 4194 Apr 17 4234 Apr 16 4034 Ap 4254 Apr
10 12, 00 41% A pr 24 1934 Apr 14 1634 Ap 1954 Mar
700 16
0 ,
A r 10
Phoenix Hosiery
y
Ap sm Mar
42 Apr 16 41
Preferred
97 Apr 16 96
mar
Ap 100
Phila Co 6% pref
100 43% Apr 19 4374 Apr 19 4234 Fe 4594 Feb
P10111Ps-Jones Pref.„109 "4 96
1
100 9034 Apr 20 9094 Apr 20 89
Jan
Fe 96
Aix* 17
Pierce-Arrow pr pref._• 600 68 Apr 20 72
Apr 18 63
7254 Mar
M
Pittsburgh Steel pref.100 200 98
Apr 19 98
Apr
Apr 19 92
Jan 98
Porto Rican Am Tob.100 100 78
Apr 16 78
Mar
Apr 16 60
Fe 96
Prod & Ref Corp pf__
200 47 Apr
Fe 4934 Mar
P S Corp of N J pref.._.. 600 103 Apr 20 4734 Apr 19 45
Ap 10854 Feb.
1710354 Apr 17 103
New
Apr 20 5154 Apr 16 49
6,600 49
Ap 5134 Air
1
100102% Apr 1910254 Apr 19 10234 Ap 10254 Apr
Rj.% el S asli pf...1
Ster r epring
700 11734 Apr 19,11734 Apr 17 11514 Feb 12134 Mar
Rels(Bolit)&Co let Pt1001 200 7934 Apr 1 8034 Apr 14 7654 Fe 82
Jan
Shell-Union Oil pref.
00 9134 Apr 19
Apr 18 91
Mar, 9854 Apr
1001 4
Simms Petroleum_ _10 7,800' 1294 Apr 2 92
Jan
16
14
Apr 16 1234 Jaijan
Simmons Co
• 7,9001 3154 Apr 2 3254 Apr 16 2454 Jan 3494 Mar
34
Preferred
1
200 9754 Apr 1 98% Apr 20 97% AP 10154 Mar
Sinclair 011 pret_____ 1
1,100 9714 Apr I 9834 Apr 19 96
Mail 9954 FebSo Porto Rico SUR Pf-1
72301 93 .i Apr 1 97 Apr 16 9294 Jan 100 Mar
100 7
Stan 011 (Cal) rights_•
Apr 191 334 Apr 14 354 Apr 454 Mar
Tobacco Prod pref.._10(
200108% Apr 2010834 Apr 19 10454 Feb11314 Feb
Transue-Williams
Apr
Apr 181 40
333i Jan 40
U SR & Imp full Paid__ 2,10113 54 Apr 110754 Apr 20 10254 Feb 10854 Feb.
91
04
Apr 20
U S Tobacco
Feb
Apr 14j 66
Jan 69
Apr 141 57
Preferred
1 * 2
2 68% Apr 1610854 Apr 1610834 Apr 112
00 6
9910
Feb
Van Raalte
• 200 4634 Apr 1 47
Feb
Apr 64
Apr 17, 43
Waldorf System
01
Mar
Apr °I 4254 Apr 10 41
Mar 47
West Eicc 7% cum 1411
Apr 19 11154 Mar11494 Feb
1..0004"141114 Apr 16 112
Aph 15.4 Apr
% Apr 14 1
West133s E&M lst pi.ill3,1001 7334 Apr 17 74 Apr 14 7274 Jan! 78
ilig9'
1e
Mar
150
Apr 18
Worthington prof A-1
Mar
150. 7334 Apr 17 74
Jan 78
Apr 181 72
Youngstown Sheet& T-• 1,8001 71
Apr 17 7334 Apr
7054 Aph 80
Jan
•No par value.
Quotations for U.S. Treasury Notes and Certificates
of Indebtedness._Se page 1730.
Railroad and Miscellaneous Stocks.-Sco
page 1727,
New York Stock Exchange-Stock Record Daily, Weekly and Yearly
1738
OCCUPYING FOUR PAGES
For sale", during the week of stocks usually Inactive. see nn-edIng page
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday.
April 14
ki,rides,
April 16
Tuesday.
April 17
Wednesday. Thursday,
April 18,
April 19 1
Friday,
Apr° 20
Salsa
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SE
Range since Jan. 11923.
On Oasis of 100
-share tots
Lowest
I
Highest
per share $ per share Shares
Per share I $ per share
per share
$ Per share
Railroads
Par $ per share $ per share
3
42
42 14 4214 43 4313 42
42
4314 43 4 4334 42
4312 1,900 Ann Arbor preferred
100 3213 Jan 10 45 Feb 23
10114 10134 1011z 102
10118 102
10112 1023 10214 1027 10114 102
4
4
8,700 Atch Topeka & Santa Fe__100 100 Jan 16, 10514 Mar 3
90
89
89
8914 89[4 883 89 .883 8913
4
8913 8913 •89
4
700
Do pret__
100 8814 Jan 171 90% Mar 6
24 214 *214 212
235 23
4
24 24
214 IN
234 238 1,500 Atlanta Dam & A['antic_ _100
113 Jau 31
34 Feb 21
118 118
118% 118% 118 11814 11812 119
11834 11914 *11714 11812 1,400 Atlantic Coast Line RR
100 11014 Jan 171 127 Feb 26
7
5114 52 4 5113 523
4 5234 5314 5313 53
3
53
537
52
53
38,500 Baltimore & Ohio
100 4014 Jan 17 6614 Mar 21
3
5812 5312 584 5811 583 5812 59
59
5814 59
1
*58
59
800
4
100 673 Jan 24, 607 Mar 21
Do pref
4
13
112 134
13
3 2
1%
134
21
314 44
23
3 33 60,800 B cook13 n Rapid Transit,.. 100
112 Apr 14 1614 Jan 2
4
112 1%
13a
1%
113 113
112 23
4
3
413
234 312 31.800
3.3 Apr 16 13 Jan 12
4
Certificates of deposit
149 4 151
3
15113 15234 152% 1541 1543 160
4
15613 159
156 157
58,900 Canadian Pacific
100 14014 Jan 17. 160 Apr 18
7112 713
4 714 724 713 721 7014 72
/
1
707 71% 7118• 717
3
4
/
4
4,700 Chesapeake & Ohio
100 69 Jan 171 983 Jan 30
3
*1024 10212 •10214 10212 1024 10212 310214 10212 10212 10212 102 10214
400
4
Preferred
100 1017 Jan 22, 104% Feb 23
2% 23
3
234
234 *214 212
24 234
23
4 23
3 *214 212
700 Chicago & Alton
Jul
2 Jan 4,
/
1
4
33 Feb 13
4
43
3 41* *44 43
*4
44
3
4
43
4 43
4 *44 5
/
1
.44 5
33 Jan 121
400
100
Preferred
6% Feb 8
35 35
354 38
*353 3812 3513 3614 1,600 Chic & East 111 RR (new)
4
3515 3513 *3514 36
264 Jan 161 883 Feb 13
4
62
62 62 14 613 617
3
61% 813
3 414 6112 62
4 6112 6112 1,800
61 Jan 171 6214 Mar 26
Do pref
*411 0
6
*67
8 6
'5% 8
534
534 *13
3 6
6
4 Jan 18'
530 Chicago Great Western.
.100
7 Feb 7
13
13% 1314 1314 133 138 137 14
8
4
133 13%
3
137 1373 2,200
813 Jan 18 17 Feb 6
100
Do prat
23% 241
24
7
23
2338 22% 23 4 234 24
237 11,400 Chicago 13111w & St Paul__100 2034 Jan 15 263* Mar 5
241z 23
42 1 4113 423
j 397 413* 41
3974 4038 4038 417
3 4014 413 18,400
4
100 3213 Jan 13 4512Mar 5
Do pre/
82
82
82
8312 83
84 1 82
81
3113
4 814 82
8318 6,400 Chicago & North Weetern.100 77 Jan 23 88 Mar 5
11
115 11611 *11512 117
11515 1164 115 11513 *3 118
118 118
1,144
100 115 Jan 4 11814 Mar 21
Do pref
3315 133 a 1141 34
3334 344 34
347
4 3413 35% 33% 35
4
7
12,900 Chic Rock Isl & Pao
100, 3113 Jan 15 377 Mar 21
4
90 4 91
3
*90 4 913
3
4 903a 92
*92
9212 *914 92
*9012 91
500
7% preferred
100 893 Jan 18 95 Feb 9
4
8013 80
/ 803
1
4
30
4 807 8112 814 8212, 182
/
1
80
80
821
100 79 APr 10 85 Mar 5
1,600
6% preierred
71
72
72
76
*69
73
*70
74
*70
7314. *70
71 1
400 Chic St P Minn & Om
100 71 Jan 9 78 Mar 5
40
40
39
39
*39
*383 40 I 384 3812
4
*39
14 4) *39
100 38 Apr 2 4512 Feb 13
200 Colorado & Southern
113 114
1113 1133 112 1124 1.800 Di!aware h Hudson
4
4
*111 111 1511¼ 11113 112 112
100 103 Jan 11 12412 Feb 13
12014 12014 121 1213 12114 122
4
1214 1213 120 4 1203
4
120 120
3
4' 1.400 Delaware Lack & V.(stern_ 60 119 Apr 12 1304 Feb 8
1134 12
117 1212 124 12% 12
1112 1138 113 117
4
1214 11.500 Erie
100, 1012 Jan 18 1313 Feb 13
j 1812 1914
1814 193
4 19
193
1812 183*1 1813 187
3 18% 183
4' 5,800
Do Ist Prof
100 15 Jan 17 20% Mar 21
133
4 133 134 *1212 1314
.1214 1312 *1212 1312 •1212 13
8
1314
100 11% Jan 22 15 Mar 5
800
Do 2d pref
4 75
744 75% 743 7514 7412 757
4
76 1 7334 75
743* 75
100 71 Jan 23 80 Mar 5
6,700 Great Northern pref
/
1
33
33 I 313 324 3113 324 314 32
4
317 32141 3112 32
5,600
Iron Ore proLertiee-No Par 80 Jan 18 36 Mar 19
*16
1612 *16
•1614 17 I *1513 1612 *1512 17
1612 *16
4
164
Gulf Mob & Nor a eti2_100 123 Jan 12 20 Mar 5
58
*57
58 I 5513 57
.53
58
*5312 57
55 4 55 4 *58
3
3
100 44% Jan 2 623 Feb 21
400
Do pref
4
114 114
1133 1143 1143 1147, 1133 113
4
4
4
111314 1134 1134 114
4
/ 2.100 Illinois Central
1
4
100 110 Jan 17 11713 Feb21
la Jell 17
---- ---- ---- ---- ---- ---- ---- ---Interboro Cons Corp__No par
3 Jan 4
8
_ _ -- -----100
14 Mar 2
Do pref
7 Jan 5
1,
4 18 4 1913 1813 1834 2.400 Interboro Rap Tran w 1......100 15 Jan 16 227 Mar 14
7
3
;i8f2
5, 18 4 193
194 197
3
214 n
23
2212 *2214 23 I 221z 2238 2212 2212 22
2212 2,100 Rause City Southern...AO° 1812 Jan 12 2414 Mar 3
*5313 55 *63
*5312 54
*53
55
*53
55
5313 5312I
55
100 52% Jan 1$ 578 Mar 5
100
Do pref
3111 *30
*30
3013 30
30
32
*26
*30
311 *30
9
3012
100 30 Apr 19 34 Jan 2,
50 Lake Erie & Western
6812 6914 6914 170
*88
6813 1638
6812 .62
*68
70
71
74 Mar 28'
100 6)1 Jan 11
100
Do pref
6614 6012 66
66
6534 663
4 854 66
6512 66
65
65331 6,100 Lehigh valley
ao 8312 Apr 2 7133 Feb 7
4
144. 144
144 1444 144 1443 143 1433
/
1
4
14313 144
144 144
/
1
100 1304 Jan 30 155 Feb 26
1,500 Louisville & Nashville
•5413 593 *55
55 55
8
68
60
5512 57
554 57
4
59
100 4514 Jan 25 60 Apr 17
900 Manhattan Ry guar
Eq Ti Coot NY MI dep_100 35% Jan 25 44 Feb 13
MI-- --1612 If"
11
1
17Gt 1(13 - ; "iiTz
17
-aoo Market Street 717
84 Jan 23 20 Mar 10
100
*40
*51
58
*50
54 54
58
68
55
*
51
507 507
3
5
100 39 Feb 27 6813 Mar 12
200
Do pref.
78
734 783 *77
7812 *78
78
78
4
7812 7813 79
78
5
100 667 Jan 10 87 Mar 12
Do prior prat
1,000
*40
*39
44
*39
.4,1
44
42 *30
44
44
*3812 44
_
100 2112 Jan 81 5614 Mar 12
Do 20 pref
7% 7%
7
74
/
1
7
74 74
7
74 *7
544 Jan 8
913 Feb 13
ii55 Minneap & St L (netr)__100
094 6912 7012 703
1639
7112 *68
4 70
713 *70
4
7012
70 4 1,100 Minn Eit P & S S Mar:cf.-100 6014 Jan 4 73I2Mar 5
7
9
9
*9
9
*9
1013
9
9
9
1014 •
1312 10
0 .,‘5r 14 12 Feb 6
1,000 Missouri Kansas it Tegae_.100
13% 144 12% 144 1312 14
1312 1434 137 1434 133 1414 10,890 Mo Ran de Texas(nee)
4
4
1312 Jan 16 17 Feb 15
3714 37 2 37% 3914 3814 38
36!8 47,(
19 4 104
/ 3814 41
1
4
7
7
4
37 Jan 9 4513 Feb 1410.000
Do pref (rote)
1618 1812 1612 17
16
1614 1614 16%
33 1064 8,100 Miasmal Pac fie trust ot12.100 1513 Jan 18 194 Feb 14
1633 3'
1011
3
.
424 4.93 42% 4:312 43.4 434 4314 41
3
43% 4414 43
100 4134 Jan 9 49 Feb 10'
Do pref trust etre
43% 7.100
.
*312 4
*313 4
*31
4
4
4
45 Feb 15
4
23 Jan 17
3
1,200 Nat Rya of Mel 2d pref-100
994 9914 1013 130 1024 *1004
99% 99
4
9812 99% 99
New Ori Tex & Max v t 0_100 84 Jan 16 105 Mar 26
94 4 9434 954 9412 9534 94% 95,4 9418 91% 14,700 New York Central
3
94 943
4 94
100 93 Jan 22 10014 Mar 5
*7513 78
*7512 78
*7512 78
76
*7513 78
782 *78
86
300 N Y Chicago & St 101113_100 744 Apr 9 84 Jan 29
85 .80
87
•80
87
85 85
•80
85
88 ! *80
88
100 7612 Jan 2 904 Feb 17
Do 2t1 prat
200
1914 194 2013 1934 204 183 1913 17,900 N Y N H dr Hartford
18% 193
3
4 1834 19 8 19
4
100 1612 Jan 15 2212 Jan 30
*1812 187 •1812 19
1915 '1914 1833 1874
•181z 1913 •184 19
7
100 184 Apr 3 21% Feb 13
400 N Y Ontario it Western
*1414 15
*15
16
16
1614 .15
15
*14
1713 *15
100 14 Feb 1 18% Feb 9
Noriolk Southern
111 11114 112 11218 112 1123* *111 112
110 11012 11034 111
100 1094 Apr 2 117% Feb 9
2, 00 Norlolk & Western
200
7
78
78
78
*77
79 •77
79
7714 774 98
*77
79
100 754 Mar 10 78 Jan 29
Do pref
300
751s 753
4 7514 7614 78
7834 764 773* 75
/
1
74 4 75
3
767
100 72 Jan 23 8113 Mar 6
4 8,500 Northern Pacific
3
4
45% 4814 453 464 4534 457
4
4513 45 z 45 4 4538 453 46
3
g
3 7,300 Pennsylvania
50 453 Apr 9 47% Jan 29
•14
16
114
16
*14
16
18
133 14
*14
*13
100 12 Jan 17 17 Mar 21
4
12
5 32.700 Peoria & Eastern
20
0
4034 413a 41
413
4 413 4234 413 4234 41
4
4
403 41
4
100 36 Jan 11 42% Apr 19
Pere Marquette
*7112 7212 713 713
4
4 72
72
*71
73
71
71
*71
100 71 Apr 19 763 Mar 5
4
73
Do prior pref
300
6813 *64
6812 6613 6612 67
67
/ 1635
1
4
.65
64
312. *64
Do pref
100 8412 Apr 12 7012 Jan 9
87
300
4112, 393 403
4
/
4
40
4 4012 411 4012 41
4113 40
40
100 337 Jan 17 4112 Apr 14
4
407 22,500 Pittsburgh & West Va
3
1110131 8912 90
90 90
90
894 90
90
.88
*88
100 8712 Mar 29 93 Jan 9
90
Dding
900 Rea o pref
77% 7734 78
76 4 77
3
7612 773
77
77
7834 77
60 75 Apr 2 814 Feb 7
7813 15,100
4
*6012 513 *504 513 .5012 518
4
513 52
*51
52
51
60 50 Apr 2 5612 Feb 7
51
Do 1st prof
300
5313 .52
5312 53 5312 *5213 5312 5212 5212
*
52
53Ia *51
50 50 Apr 3 585 Jan 30
4
Do 2d pref
400
*25
30
*28
30
*28
30
*26
311
29
3
25
*26
100 30 Ala 3 3714 Jan 10
Rutland RR pre/
/
4
24
247
4 24% 2513 25
244 24% 241 25
251
24
24
23
3
5,000 St Louis-San Fran tr otig..100 21 Jan 12 267 Mar 6
*44
47
*45
4612 48
4634 46% 4612 4612 4512
46
45
100 3212 Jan 3 50 Mar 5
nig
Do pref A trust etfe
800
3
324
333 34
4
3312 344 3312 34
3313 34
3212 334 5,600 St Louis Southweetern
100 28 4 Jan 12 38% Feb 10
3
4 604 603
4 60
/ 8114 8013 6114 60
1
4
594 601g 604 603
100 58 Jan 4 637 Mar 21
4
803
Do pref
4 3,600
714 • 714 715
7
13 74 .715 714 *7
714
714
100 04 Jan 2
7
7
rer d ne co
fa
713 Feb 10
500 Seaboard Air Line
13% 12% 13
13
134 1314 •12 4 13
3
12
/ 13
1
4
12% 12% 1,400
100
814 Jan 18 131a Feb 14
9233 90% ‘.2113 904 9114 18.400 SoDo p
9014 91
9014 9114 91
9012 91
10(1 87 Jan 9 954 Feb 21
uthern
/
1
334 3413
3312 34% 86,900 Southern Railway
3414 347
7A3
3 344 354 344 347
100 243* Jan 8 354 Mar 2
6774 6814 68
884 674 69i2 7,800
88 4 6711 674 674 6712 68
3
100 648 Jan 8 707 Mar 2
4
Do pref
3
26% 2614 27% 2
74 65
2634 28
2513 283
3 24
27% 66
100 1938 Jan 16 2912 Mar 2
2
8
2812 5,900 Texas & Pacific
66
65
157
15
15
15
*1412 15
154 1513 1512 154 1,400 Third Avenue
*1412 15
100 144 Jan 10 1914 Feb 1
4 85
85 4
3
0412 85% *644 (3A, *844 653
1
Transit 100
66 Apr 2
3
13812 112
1403 14212 1394 14012 21,230 UTwnlionnCPiticilird
4
13714 137 1 1373 13814 13814 139
7
133: an 12 144% Feb 2
55 j pr 3
11 A
30
0
7314 73 4 7314 7314 73
3
7313 7315 74
*73
7314 72100 72 Apr 20 764 Jan
72
1,000
Do pref
1412 1513 15
15
12 153
4 1414 15
15
154 1512
1434 143
4 1,800 United Railways Inveet_100 118 Jan 2 2173 Mar
4
44
437 437
43
4413 40
/ 4212 42
1
4
45
45
4343
43
100 2612 J
Do pref
2,300
2.300
62 Mar
97
10
1014 10
10
10
10
1014
10
1014 103* 7,300 Wabash
IN
100
7 Mar 10 11I2Mar 2
3114 32
3138 32
32
32 14 313 3214 3134 3214 18,300
304 314
100 2314 Jan 17 344 Mar 2
Do pref A
194 1912 *2012 22
*21
22
*21
22
*194 21
21
100 164 Jan 18 22I2Mar 2
8
1212 124 1213 134 12% 1238 12
1212 12% 123 127
1213 8,700
1038 Jan 16 15 Feb
ernM B
2150 Wc11:o proft Maryland (new)..
5
254 2434 2434 25
24 4 25
3
254 24% 28
24
254 25
100 22 Apr 2 263 Mar 2
4
8,800
Do 2d pref
17
18
4 174 177
18
s 17
1634 183
163 167
4
1713 1814 2,500 Western Pacific
100 16 Jan 2 2014 Mar
.
474 687g *
57
/ 571 583 583
1
4
/
4
58
59
5712 58
4
4 5813 584
100 5812 Jan 8 63% Mar
Do pre/
600
9
9 18
94 934
838 94
9
9
014 2,000 Wheeling & Late rale HP-100
84 Jan 18 1013 Feb 1
16
16
1
.1512 1613 1612 177 1 13 " 13312 1414 1.200
8 4
•I5
16
17
100 134 Apr 20 19 Feb 1
Do Pref
3314 343
4 34
32
32
•32
33
323 33
3
34
100 26 Jan 10 3512 Feb 2
*3113 334 2,400 Wisconsin Central
-1- - .i5iz
6
Industrial & Miscellaneous
75
78
76
75
*73
•74
744 75
76
74
100
74
*73
500 Adams Express
16
*1512 183 *15
4
16
18
*154 16
•16
17
15
100
1514
300 Advance Rumely
1146
49
*48
49
52 •45
*45
50
49
*1413 1512
100
*46
Do prof
4
7014 89 4 69
3
8g 7014 7113 4,100 Air Reduction. Inc__No Par
.8912 7012 693 701z 89% 69% 70
1415 14
4 13% 1414 14
50
1414 135 14
1414 144 1378 143
4,200 Max Rubber, Inc
14
14
*14
*14
14
%
3
3
10
14
*14
313
*14
300 Alaska Gold Mines
3
4
14 113
114
114
*14 1%
13
3 13
114
114
*114
18
500 Alaska Juneau Gold Mm.. 10
7313 7434 74
744 734 7418 7,400 Allied Chem & Dye
72% 9212 7212 73
--No par
7212 73
4
101)
109 109
4
*1083 110 *10812 110 *109 1093 *109 10912 109 109
200
Do reef
483 487
4
481 487
49% 4913 4812 48% 483 49
100
4812 488
4 2,400 Allis-Chalmers Mfg
9512 *9212 9513 *92
*92
95
*92
9512 *92
100
95
*92
Do pr f
9512
5 274 274 2814 27
7
4 2714 27 4 2713 2712 2713 277
26% 267
2;i65 Amer Agricultural Chem_ _100
56% 56% *54
5612 53
8 5334 534 5312
100
55 4 554 66
3
*55
600
Do pref
89
*88
89
*86
1, 8
8
89
*88
89
ao
*88
89
American Bank Note
89
*86
*51
54
*51
*52
54
54
53
ao
*51
54
5312 53
100 Am Bank Note pre/
*51
454 4512 4512 463
4 45
47
45
-100
*44
45
44
44
4412 3,800 American Beet Sugar.
5114
7
4814 52
10,800 Amer Bosch Maaneto_No par
4912 49% 4914 50% 504 5112 *7412 52 4 5113 535
7934 1,7812 79
3
-No par
78
300 Am Brake 51100 18 F
7813
*7814 79
% 79% 79% *7814 79 4
4
4
100
4
12
Do prof
4
*10712 109 1107 1088* *10711 1083 *10712 1083 .10712 1083 *10712 1083
9712 98 4 9812 984 9
100
3
7
0612 97% 9632 973 96% 9714 97
814 48:588 American Can
109 109 *10713 109
100
1083 108 4 10812 10812 109 109
4
3
Do pref
600
108 108
18012 18012 *177 180
180 181 *178 181 *17812 180
600 American Car & Foundry_100
17813 180
119 1197 1193 120
100
4
4
*11914 120 *1194 120 *11914 120
Do prof
300
*1194 120
No par
8
8
81
4 83
814 8%
4 *
84
3
8
600 American Chicle
812
*8
8 4 *8
3
this day. 1 Es-rights I Less than 100 shares. i3 Ex-divldend and rights
•BRI and asked prloeso no Bahia on
Coal Co at $5 Der Share and es-dividend 100% in Moak (Aug. 22).
share tar snare to Moak Of Glen Alden
68
Jan 2
1212 Jan 2
464 Jan 18
574 can 10
1213 Jan 9
14 Jan 4
1 Feb 16
714 Jan 16
109 Jan 30
45 Jan 10
9413 Mar 26
213 API 12
51 Apr 6
77 Jan 8
53 Apr 16
38 Jan 31
37 Jan 9
70 Jan 3
107 Apr 13
7312 Jan 2
107 Apr 13
178 Jan 17
11914 Mar 22
5 4 Jan 30
3
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
per share
277 Jan
911* Jan
84% Jan
54 Jan
83 Jan
834 Jan
524 Jan
6
Jan
54 Jan
1194 Jan
64
Jan
100% Dec
1% Jan
314 Jan
12
/ Jan
1
4
3114 Jan
35 Dec
7 Dec
Per Mars
52 Aug
1084 Sept
954 Aug
54 Apr
1247 Sept
2
604 Aug
684 Aug
29 June
5
247 June
15134 Aug
79 Aug
10534 Oat
1234 May
20 3 May
7
43 4 Aug
3
644 Atte
10 4 5843
3
241k May
171 Jan
4
29
Jun
Jan
59
Jan
100
804 Dee
8314 Jan
701 Jan
4
51
Jan
38 Jan
1003 Jan
4
108 Feb
7 Jan
114 Jan
74 Jan
704 Jan
2818 Nov
5 Jan
16
Jan
974 Jan
is Dee
3 Deo
3
17 4 Dec
3
17 Nov
5214 Nov
10 Feb
2614 Feb
565* Jan
108
Jan
85
Jan
444 Aug
34 Jan
17
Jan
35
Jan
53 Jan
3
5 Jan
55 June
la Jan
7 Jan
12
244 Jan
15 Nov
/
1
4
) Nov
234 Nov
547a Jan
723 Jan
4
6114 Jan
618 Jan
4
1213 Jtex
1812 Dec
834 Jan
9614 Ja
72
Jan
73 Dec
3314 Jan
1034 Jan
19 Jan
8633 Aug
5514 Sept
951a Sept
125 Aug
50 Sete
105 Sete
95 Sept
90 Sept
53 Apr
12
1414 Sept
143
Oet
18 4 May
3
284 Aug
2014 May
957 Oct
s
453* Apr
19 May
47
Oct
11538 Sept
5 Apr
12% Ara
3214 Aug
804 Apt
694 Apr
897 June
2
77 Sept
72 Sept
1447 Om
2
68 Aug
5511 Aug
11 Mar
504 Are
76 Nov
82 AM
1413 Apr
75 4 Oot
3
154 Dee
19% Aug
48 Aug
/
1
4
36 4 Apt
1
833 Sete
4
74 May
1
1
87 Dee
10113 Oct
9112 Oet
98 Sept
38 Aug
3012 Apr
'2312 June
12512 Sept
87.
Oct
,
901 Aug
49 4 Oct
3
26 1 Aug
/
1
4
40 3 A115
3
82 Aug
74 4 Aug
3
al% Aug
95 Nov
87% Oct
67 May
6912 May
624 June
1
32 2 Ang
3
66 Aug
367 Nov
1
63
5013
23
76
714
43
45
174
2014
84 4
3
20 3
3
Jan
Jan
Jan
J
Jan
Mar
JIM
Feb
Dec
Nov
J
324 Jan
82 Mar 3
48
Jan
191z Mar 6
107 Jan
a
54% Jan 14
81% Jan
72% Mar 49
41512 Jan
14% Mar 14
94 July
%Mar 9
la Deo
134 Mar 9
1 Jan
14
80 Jan 2
55% Jan
112 Mar 2 101
Jan
4
5114 Feb 16
373 Jo
884 Jan
9712 Jan 27
38% Feb 21
274 Nov
56
Jan
687 Feb 21
4
9112 Mar 7
58 Jan
51 July
65 Feb 7
494 Feb 13
5
318 Jae
314 Jan
60 Mar 6
Jan
51
83 Mar 21
110 Jan 14
984 Jan
108 Mar 6
8214 Jan
115 Feb 20
9314 Jan
Jan
189 Mar 7 141
1257 Jan 18 11512 Jan
*
5 Nov
93 Feb 24
4
a Ex-dividend.
69% Nov
2% Jan 10 Apr
44 Jan 1438 Apr
7814 Jan 961 Oat
4
174 Jan 28% Aug
46
Jac 71
Oct
183 Nov 313
4
Apr
131 Nov 253* May
Jan 6212 Sept
34
125
Jan 15434 Sept
7114 Jan 80 Aug
7 Jan 19% Apr
12
201 Jan 364 Ara
4
6
Jan
14% May
19 Jan 3512 Aug
1214 Jan 247 Aug
2
84 J
174 Aug
13 J
284 Dec
134 Jan 2471 Apr
514 Mar 647 Sept
4
6 Feb 1612 June
94 Jan 291 June
4
25
Jan 331 Mal
4
83
Clos
23 Aug
304 Aug
613
Oct
18% Apr
7 May
1
2 May
91% Sept
1154 Sept
593 Sept
4
104 Sept
42 4 June
7
724 Sept
)1 Dee
654 Dec
69 June
69 Apr
884 Sept
113 Oct
7612 Nov
113% Dec
201
Oct
1284 Nov
14 Mft7
b Es-rights (June 15) to Inlbaerm o
New York Stock Record-Continued-Page 2
1739
Wee sales during the week of stocks usually Inactive. see second page preceding
RIOS AND LOP? 13AL5 PRIM-PER SNARL NO7 PER CENT.
Saturday.
Aprtf 14
Monday.
April 16
Tuesday.
Apr1117
eanesaay. Thursday;
April 19
April 18
Friday.
Aoll 20
Bales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 11923.
-share lots
On baste of 100
Lowest
Highest
PER SHARE
Range for ?resigns
Year 1922.
Lowest
1 Htehest
$ per share 3 Per share $ Per share $ per share 5 per share $ per share Week. Indus. & Miscall.(Con.) Par $ Per share $ per share
per share per share
14
134 1312 133 14
14
8
1314 133
8 134 1312 134 1313 3,400 American Cotton Oil
1414 Nov 804 May
1
8
100 125 Apr 9 20 4 Jan 4
24
2514 2514 .
*24
27
2513 2512 2512 233 24
2334 2412 1,200
4
Do pref
334 Nov 61 May
4
100 23 Apr 10 383 Jan 4
6
64
6
6
*6
6
900 Amer Druggists Syndicate.
73 Feb 23
8
*5 8 64 *5 8 614
7
7
5
4 54
714 Aug
57 Air 9
44 Jan
8
.10
*127 128 *128 129 *128 12912 129 129 *128 129
128 128
300 American Express
100 123 Apr 12 1434 Mar 2 128 June 162 Oct
1114 10 8 101
111
•11
11
3
: 1012 1053 10 8 10 4 104 107
3
8 1,100 American Hide & Leather.100 1038 Apr 17. 133 Mar 7
3
4
104 Dec 173 Apr
8
6218 671/ 59
6112 6112 59
4 58
583 591
563 58
3
4
60
6.300
4
Do pref
Jan 7434 Sept
58
100 5634 Apr 18 743 Mar 7
107 10713 1053 1064 106 10814 106 106 *106 1064 10414 106
4
1,600 American Ice
:
Jan 122 Sept
41
78
100 9813 Jan: 1101 Mar 23
*8512 8614 *851 8614 854 8512 8513 854 84
•8512 86
:
85
60
Jan 9514 Aug
Do pref
72
100 84 Apr 20 89 Feb 21
8 305 303
8 3012 313
303 313
8
3
3013 8.00 Amer International Corp_ _10
3
4 3053 30 4 3012 3153 29
243 Dec 50 8 June
8
8
3
8
243 Jan 30 327 Mar 21
1212 1212 123 1212 *1214 125
3
4
8
4 123 12 4 1,30 American La France F E__1
8 12% 1252 123 123
4
Ws Jan 14 July
1114 Jan 17 13 Mar 1
314 3112 *31
3112 311
3212 3114 323
4 3212 323
3
4 32 4 34 • 2,400 American Linseed
28 Nov 421s Oct
100 30 Jan 2 38 Mar 5
5012 511
5012 504 50
5012 5113 5318 53 5314 52 4 .5412 3.300
8
48 Nov 1144 Oct
Do pref
100 49 Apr 13 59 Feb 15
13312 13514 13413 13512 135 13534 1343 13512 13314 13412 8,100 American Locomotive
13411 135
4
8Mar 19 102
Jan 1861 Oct
4
100 1204 Jan 17 1393
1164 1163 •11514 11714 *11514 11714 •115 117 *115 117
4
117 117
200
Do pre:
100 11614 Apr 12 122 .Feb 9 112 Jan 12214 Dee
4914 5012 5014 504 497 51
493 50
2
51
g
5114 4912 5114 3,600 Amer Metal temp ctfte_No par 493 Apr 14 557 Mar 5
44 Bent 53 Dee
3
14
8
*8312 85
8414 8414 8413 85
85
881s 6,400 American Radiator
877
4 87
884 87
82 Jan 129 Oat
25 76 Jan 2 8812 Apr 19
S's 81g
8
818 83
8
8 14
4.900 American Safety Razor
7
7
74 8
8
8
8
8s Oct
7
334 Jan
672 Jan 6, 918 Feb19
25
•174 1712 17
17
144 1714 154 16
15 4 164 1512 16
3
15,300 Am Ship & Comm
514 Jan 2414 May
No par 17 Apr 11 213 Jan 5
8
644 6414 625 644 6313 6312 64
8
643
8 633 655
1
4
3
8 63 4 655 11.700 Amer Smelting & Refining. 100 53 Jan 17. 6912 Mar 2
43 g Jan 674 May
3
*9912 100
994 9934 9913 100
*9912 100
•9912 100
100 100
700
Do pre?
3Mar 6
861 Jan 1044 Oct
4
3
100 78 8 Jan 18 1023
•14213 145 *14212 145
14312 14312+143 145
14518 14518 •143 145
110 American Snuff
100 140 Jan 10 15214 Feb 14 1094 Jan 159 Bent
40
4012 3978 4013 3938 4018 40
/ 404 10,100 Am Steel Fdry taro ctfs_33 1-3 354 Jan 17 407 -Mar 21
1
4
403
3 39
404 40
464 Sept
8
*100 102 *100 10112 *100 102 :•100 102 *100 102 *100 102
Feb 103 4 Oct
Do prat taro Ws
1
100 10013 Apr 9 10514 Feb 9
79
8012 8012 8012 817
79
8 81
80
82
8,400 American Sugar Refining_ 100 76 Jan 17. 85 Feb 13
8014 813
4 79
357 Aug
2
0106 107
10614 10614 1054 1063 *106 107 *106 10712 106 106
4
400
Do pref
112 Aug
2
100 1057 Apr 17 10834 Jan 3
*3018 313
4 294 30 8 30
134, j 1
5
*293 3112 •29
31 2 jjj. 47 May
4
315
8 315 32
4
8
31
1.800 Amer Sumatra Tobacco..
a
8
.100 2414 Feb 1 363 Feb 14 113411. Febn:si
.5712 617 *57
2
63
*574 62 1 *5718 63
*5712 63
*574 62
Jan
Do pref
524 Feb 71
4
8
100 553 Jan 16 653 Feb 13
1227 123
2
1227 1234 1223 123
4
4
3
12212 123
1223 123
1223 1227
8
8 9,200 Amer Telephone & Teleg...100 12114 Apr 3 12512Mar 5
12814 Aug
•15211 15414 15418 155
15418 15412 1541 1551 15434 15513 153 15514 3,300 American Tobacco
/
4
16913 Bent
100 150 Jan 17 1614 Feb 13
•10112 102 *10112 102 *101 102
1L2 102 *1013 102
102 102
4
200
Do pref (mew)__ _ _100 101 Mar 16 10718 Feb 2
3
96% Jan 108 4 Oct
1617 152
8
152 16212 1513 1527 152 152
1517 152
8
4
151 15112 1,600
Do common Claes B.._100 148 Jan 10 1593 Feb 9 126
1
Jan 165 4 Sept
8
4
347 347
8
8 3378 337k 35
3913 40
4
40
393 407
39
393 10.200 Am W at Wks & Ely t e__ _100 271 Jan 29 384 Apr 10
4
3314 NOv
:
.
91
9118 9118 91*1 9114 92
913 913
4
917 9l7
8
8 90 4 9t14 2.800
3
Do lat pref(7%) v t c..100 853 Jan 3. 93 Jan 16
Jan 93% Sept
n
67
2
57
615
8 6112 613
571
5714 5714 5713 6012 61
4 60
61
6.400
Do panic pf(6%) v to 100 481: Jan 3, 594 Apr 9
174 Jan 0.514 Oct
*97 100
*97
*97 100
99
*97 100 .97 100
*97 100
Jan
Amer Wholesale, pre(
95
100 9314 Jan 2: 9814 Jan 31
101 1011 100 1015
4 995 10034 993 10012 •100 1003 16,000 Amer Woolen
8
8 99 1003
4
3
Oct
96314 OctJ I 105
8Mar 21
7
1095
100 93 Jan
1053 1053 1057 1057 10512 106
4
1057 106
8
8
1063 107 *10613 109
8
1.300
Do prat__
1111 Dee
4
Jan23.
0
4
_
_
100 10518 Apr 13 1113 Jan 3 121
:
274 274 263 273 *261 273 *2612 274 26
*2712 281
8
4
26
1,500 Amer Writing Paper pref__100 28 Jan 24: 32 Mar
Jan 554 Sept
16
165
8 16
16
1514 131 *16
15
15
1613 *16
1612 1.100 Amer Zino, Lead & Smelt_ _2
121 Jan 21 Beet
8
16 Jan 23 1914 Feb 16
53 .52
53 53
*52
54
54
54
34
*52
64
54
400
Do pref
Jan 57 Sept
36
,6
25 484 Jan 29, 5814 Feb 27
494 497
49
4834 491
50
8 494 491
4914 50
49
50
26.900 Anaconda Copper Mining_SO 45's
57 May
Jau 18' 5312 Mar 6
83
83
83
831 834 84
*8212 831 83 83
81
817
8 1.800 Aseoclated Dry Hoods_ _100 8214 Jan 5 88 Mar 15
s
43 Jan 707 Dee
88
88 .83
*83
*83
87
88
*83
*84
87 I •83
87
Oct
Do 1st prof
75 Jar 86
100 8213 Jan 18 89 Feb 13
*8912 92
*894 92
*8913 92
93
•
89
*8912 92 •90
92
s
ac
Do 2d Prat
90 j
76 Jan 911 Oot
100 884 Jan 9 9312 Feb 28
1143 11412 113 11312 114 114 •112 114
8
11213 11212' 11214 1124
900 Atsoclated 011
136s May
Apr 11 183 Jan 12
100 111
213 212
24 212
24 212
2
212 23
2 I
8
214 213 1,000 A Bantle Fruit
512 Apr
101,14
312 Feb 14
13 Jan 17
4
No par
2714 2712 25
2718 24
28
28
2512 25
26
25
26
4,800 Atl Gulf & W I SS Line-100 1812 Jan 30 3314 Mar 17
Dee 434 May
20
19
20
2018 19
21
21
19
*19
19
2012 19
/
4
700
15 Dee 311 May
Do pre!
s
100 147 Feb 2 27 Mar 19
925 120
128 128
1283 129 *130 134
4
130 130 *125 130
Oct
700 Atlantic Refining
100 119 Jan 2 15312 Jan 10 117 Dec 1575
*1151 110 .114 116 *115 116 *115 116 *115 11512 11513 116
:
300
Jan 11912 Dee
Do pre'
:
1151 Apr 9 120 Jan 18
100
1618 1618 *10
167
8 163 163 *1612 167 *163 1712 •1614 167
8
8
8
8
8
200 AtlasNo Dar 153 Jan 2 204 Feb 14 113 3 Fjj
184
2212 MaY
4
2918 2914 293 293
4
4 293 293
8
4 293 3012 30
4
30
3114 29
3.800 Austin Nichols & Co
40 8 Rent
3
-No ear 29 Feb 7 3513 Jan 12
*8114 85 •80
.
8114 85
84
843
4 84
.84
84
844 84
800
Jan 91 Sent
Do prof
100 84 Apr 18 8913 Jan 23'
13912 14018 10814 140
13914 1407 14014 14118 140 1404 1384 1404 49,100 Baldwin Locomotive Wks-100 12914 Jan 17 14414 Mar 19
8
931j Jan 1423 Oct
4
a
6893
•111 113 *11114 113 •111 113 *111 113
113 113 *112 113
100
Oot
Do prof.100 113 Feb 28 1163 Jan 41 104
4
Jan 118
414
50
*44
50 .44
50
*44
50 .45
50 •45
50
Barnet Leather
Jan 674 Sent
40
No Par 47 Jan 12 55 Feb 16
245 2618 2512 26
8
25
251: 254 25 4 254 2614 253 26
3
4
3.700 Barnsdall Core,Class A ___25 2414 Apr 7 35 Mar 23' 108 Jan 554 Apr
173 173
4
4 174 174 175 173* 18
8
18
1812 184 18
1814
39
1,700
Apr
Do Chu B
174
25 17 Apr 7 22 Jan 2
18
*14
3
8
*14
014
as
*14
3
3
*14
3
8
*14
3
8
Dec
Batopilaa Mining
14 Feb 26
8
12 Jan 2:
15 Mar
20
*5914 60
5914 5914 5878 587 *573 5914 5734 5734 *573 60
8
4
300 Bayuk Bros
504 Feb 7 6214 Aar 4
83 Apr 85 Seta
No Par
7534 7712 77
751
77
75
754 751
7512 73
75
7512 3.800 Beech Nut Packing
u
sn
j
30 July 5333 Dec
51
20 51 Jan 2 8414 Mar 26
647 6512 65
8
657
1 654 66's 66
661
66
3
66 8 643 66
3
35,100 Bethlehem Steel Corp
79 May
100 594 Jan 22 70 Mar 3
Do Class B common
8Mar 3
33t2 Jan 824 May
100 8014 Jan 16 717
‘6513 317
;9311 97 /
4
;id 05
Do pref
907 Mar no Nov
2
100 9314 Feb 1 964 Jan 2
•10712 1084 *10713 108
13 108'1 1081290812 100*4 1083 1084.10812 109
8
300
8
Do sum cony 8% PreI-100 1073 Feb 2 11118 Feb 9 194
Jan 1165 June
8
9414 0414 11413 944 93 8 943 *0414 95
7
95
4
9412 944
*94
800
Oct
Preferred new
94 Nov 101
:
100 934 Jan 31 971 Mar 9
*512 512
1.200 Booth Fisheries
54 54
54 55
8
512 512
54 5 5
5
4 53
7
4
4 leov 104 Aug
74 Jan 18
5 Jan 3
No par
/
1
4
*712 812 *74 84 •712 8 1 .74 812 *713 8121 *74 84
British Empire Steel
713 Mar 23
94 Mar 2
85 .en 15 Sent
3
100
•_
70 *___ _ 70 •_ ___ 70 •_ _
68 •_ _ __ 70 • _ _ 70
Do let pref
38 Mar 7644 Apr
100 6612 Feb 5 6912 Mar 13
*22
*213 23
4
23
*2134 2234 *20
2212 *2114 2212 *213 223
8
_
s
Do 2d pref
23 Apr 12 2613 Feb 20
1918 Mar 39 Sept
10
Ill 111
11114 11114 112 112
1,100 Brooklyn Edison, Inc
112 112 *11013 1113 11012 112
4
Jan 124% Aug
100 109 Jan 23 12112 Jan 9 100
•I16 110
11713 1174 118 118
1174 11712 11712 11712 1163 117
4
/
1
4
800 Brooklyn Union Gas
Jan 1244 Nov
100 1094 Jan 19 128 Feb 7
70
•
62
6312 *62
6313 63
03 4 633 6418 *623 6414 64
3
8
6412 2,500 Brown Shoe Inc
4
8
Jan 647 Sept
42
8
100 594 Feb 27 657 Apr 2
*17
8 212 •14 Ala *17
178
200 Brunswick Term & Ry Sec 10
2
17
g
8 212
2
•13
4 2
538 June
17 Apr 18
8
113 Jane
25 Jan 25
8
1404 14012 14112 14113 •1404 142
140 141
1417 142
4
8
1393 14012 2.200 Burns Brew_
4
100 138 Feb 23 1443 Mar 23 1134 Jan 147 Deo
38
3812 37
3818 *37
*3612 3712 *364 373 .36 4 3712 1,400
3
38
Do new Clue B corn
Oct
4
3613 Mar 17, 43 Jan 2
283 Jan 63
8
914 94
94 912
9
9 18
814 81: 6,000 Butte Copper & Zino v t a__ 6
8 8 918
7
8
84
818 Apr 14 1134 Feb 14
51 Mar 1012 Dee
4
1814 1814 *18
19
•18
18
19
19
*18
200 Butterick
*18
10
18
16 Nov 34 Feb
4
100 1712 Feb 11 213 Jan 4
32
32
3113 32
314 32
3112 32% 3214 33
5,200 Butte & Superior Mining_ _10 2912 Jan 17 377 Mar 1
323 33
4
1
8
3
20 8 Jan 85 4 Oat
*7
714
63
4 7
*7
714
000 Caddo Central°UMW NO Par
64 61
:
7
7
*63
4 7
Pe Dec 1612 Apr
918 Feb 16
5 Jan 24
•8212 8312 83
83 .8213 8314 8314 8312 8212 84
837 34
8
1,600 California Packing
Jan 864 Sept
68
No Par 7912 Jan 24. 87 Feb 9
93 933
4 92
93 4 9214 9434 94
3
964 47.500 California 1 etroleum
954 944 967
94
8
4
8Mar 22
100 684 Jan 3 1023
4314 Jan 717 Jan
1013 102
4
10114 10312 10212 10212 10212 1031 102 10212 102 103
2.600
Do prof
3
100 94 4 Jan 2. 110 Mar 2
83 Jan 984 Apr
94 9
912 9 4
3
94 93
52 7.100 Callahan Zinc-Lead
4
9 4 94
3
912 95
94 9 4
8
3
10
914 Apr 20 125 Feb 20
8
514 Feb 114 May
*60
0013 60
7 577
80
581 60
:
5818 5814
700 Calumet Arizona Mieing
*58
00
57
2
64 June
50% Nov 6
10 52 Jan 23' 66 Mar 1
712
7
83
_
____ Carson Hill Gold
8 • __
713• .
64 Dec 16 Mar
/
1
2
1
9 8 Feb 19
5
74 Jan 41
-;"24 3l -;214 "314 *212 312 *212 31
*212 312 *212 34
Case (J I) Plow
94 June
3 Mar
3 Jan 2
43 Feb 21
4
No Par
083
86
*834 85
•831: 84
8312 834 84
84 .83
200 Case (J I) Thresh M.Platt
84
08 Feb 9314 Aug
4
10
0 693 Jan 41 85 Apr 9
344 3412 3414 3434 34
34
34
341
4.200 Central Leather
3414 3518 341 35l
4
4
100 3213 Jan 4 4013 Mar 7
294 Jan 441 fleet
• •7312 75
723 721
4
4 724 7212 *73
1.500
731
7314 75
7314 75
Do pref
4
634 Jan 823 Sept
100 67 8 Jan 8 793 Mar 7
5
4
484 4918 484 49
487 49
8
48 3 48
3
47
: 10,700 Cerro de Pasco CoPper.No
1
3
48 8 494 47
3
32 4 Jan 4638 Dee
3
Par 424 Jan 17 5012 Mar 28
.
42
4312 .42
44
*
42
44
•42
42
44 .42
100 Certain-Teed Prod__ .No par 4014Mar 1 45 Mar 14
4312 42
5318 June
34 Fe
714 704 707
71
4 7014 71
71
71
704 5,600 Chandler Motor Car__ _No par 617 Feb 1 76 Mar 14
7012 70 4 6
3
94
7914 Apr
475 Jan
8
4
83
833
4 83
86
8353 .84
833 843
4
84
2,300 Chicago Pneumatic Tool....100 825 Jan 10 903 Mar 21
8 843 8478 84
8
00
5
Jan 89 8 Sept
8
4
2818 28
2818 2818 28
2818 28
2814 13.100 Chile Copper
281
28
2818 28
8Mar 1
25 273 Jan 2 303
1518 Jan 294 Nov
4
2718 273
2734 28
4 2718 2712 274 2712 2714 283
5,600 Chino Copper
8 274 2818
333 June
8
a 243 Jim 29 317 Mar 2
224 No
8
8
72
72
*7212 75
72 14 7214 *7214 75
200 aunt. Peabody & Co__.100 6534 Jan 6 7614 Mar 28
*73
73 8 *7114 73
7
/
4
Jan 701 Dee
43
8
7714 77
76
8 77
767 767
76
4 6,400 Coca Cola
8 7718 773
4 773
4 7714 777
Jan 82 4 Oct
No par 74 Jan 16 81 Jan 3
41
3
2934 29
2918 *29
28
*2714 28
29
294 304 29 4 3113 6.100 Colorado Fuel & Iron_. __ _100 2514 Jan 17 313 Feb 16
3
4
24
Jan 37 May
10812 109
4
1
10814 10812 108 4 1107 1103 11218 111 11238 10912 1113 29,200 Columbia Gas & Electrio__100 103% Jan 17 1133 Feb 15
4
3
2
4
634 Jan 1143 Sella
2
2
2
17
8 2
2
2
16,100 Columbia Graphophone No pa
2
134 2
13
4 2
134 Apr 19
53* June
27 Feb 6
8
14 Jan
yiz 7 4 1.800
72
4 8
8
812 84
8 14 •712 8
3
812 8 4
3
Do pref
21 June
74 Apr 20 1212 Jan 15
100
5 Fe
785 79
794 81
803 81
3
80 8 81
4
5
4 3,700 Computing-Tab-ReeordNo Dar 69 Jan 8 8312 Apr 9
79
7914 7813 783
7944 Apr
5514 Jan
4
334 3313 333 33 4 •33
3
4
3312 *323 33 4 *324 334 *3214 3212
3
300 Consolidated Cigar__ _No pax 3134 Apr 12 3938 Jan 3
18% Feb AA Oct
78
*78
79
78
78
80
800
78
*78
79
80
78
*78
Do prat
100 78 Apr 10 83 Feb 17
47 Feb 3714 Nov
3
*14
Coneol Distributora.Ine No pa
*14
3
8
3
8
*14
*14
*14
3
8
*14
14 Mar 7
14 Feb
214 Mar
3 Feb 20
4
Consolidated Gas (N •Y)- -100 120 Jan 2 137 Jan 26
8512 Jan 1454 SePt
-11818 Wit; -661- 16
4
1a 6614 67*8 667 6714 657 iff" 47.800
4 66', 67
*
When issued
No pa
60 Jan 2 69% Feb 7
574 Dec 6234 Dee
1112 1112 1114 1112 11
1114 10 8 1114 20.900 Connolidated Textile__ No pa
113
4 114 1138 11
3
3
107 Jan 31 1412 Feb 9
2
9 July 155 Apr
Continental Can, Inc
100 115 Jan 2 1313 Jan 31
4
4514 Jan 1154 Dec
-474 13 2 "
47i4 4814 "
"ii- 474 16:800
47f4 48
.1- iiis 481- -iii iiii "
When issued
4
s
No pa
43 8 Jan 2 6018 Feb 19
3
*93 100
*9813 100 •98 100
1
*0812 100 1 18 100
*98 100
Continental Insurance
2
92 Jan 6 1034 Feb 16; 66
Jan 934 Aug
28.400 Continental Motors_ __No pa
912 10
1012 1012 1014 104
Ai 1012
8
93 10
93
4
4 97
94 Feb 26 1214 Jan 19' 1114 Dec 1858 Dec
:
24,200 Corn Products Refining_ _100 12312 Jan 16 13914 Feb 6
12634 127
8
8
1284 1293 1281 131
12612 127% 12718 1285 12734 128
4
914 Jan 1343 Oct
•11614 1173 *11614 1174 *11614 1173 •l1614 1173 .11614 1173 •117 1171
Do pref
4
4
4
4
100 118 4 Jan 5 122% Feb 24 111
Jan 1224 Nov
3
3
5512 5618 5434 5512 555 565g 5512 564 53 8 553* 26,465 Cowden & Co
55 4 56
3
8
No pa
603 Jan 4 634 Feb 17
4
313 Jan 54 Dec
8
813 37.200 Crucible Steel of America.100 681 Jan 11 8433 Mar 8
4
814 823
8113 823
82
4 813 8212 80
4 814 8314 81
4
4
:
4
523 Feb 983 Sept
500
9134 913
3
*91
4
Do pref
4 9158 9158 913 913*
9112 914 9113 *913 92
100 884 Jan 2 9413Mar 2
89 Jan 100 Bent
:
17
17
17
8
1712 173 18
*167 17
8
1714 1814 161 171 12,800 Cuba Cane Sugar
3
5
No Par 12 3 Jan 17 20 Feb 13
818 Jan 19 4 Mar
7
604 6118 6218 6178 6313 6112 644 584 613 41,600
60
Do Ore!
6012 60
4
100 3718 Jan 17 6414 Mar 15
1814 Jan 4172 July
3478 3412 3518 3478 3612 35
343 3434 34
4
3714 3414 354 85,200 Cuban-American Sugar._..10 2312 Jan 16 373 Feb 13
144 Jan 28 Aug
3
*95 101
1,000
*99 101
100 100
Do pre!
*97 101
99
.99 101
99
100 99 Apr 18 106 Apr 5
7818 Jan 10212 Dec
1,200 Davison Chemical v t e_No par 29 Feb 1 334Mar 6
3214
32
*3012 32
324 3312 32
*3012 3112 3012 3013 *30
23% NoV 6633 Apr
1.000 De Beers Cons Mince_ No par 23 4 Jan 24 28 Mar 1
274 274 2713 2714 *2738 2734 *2712 273 *274 273
27
27
4
5
1512 Jan 25 8 Sept
3
700 Detroit Edison
10712 10712 *106 10814 10513 10512 *106 10712 10618 1084 106 1061
100 106 Apr 5 111 Mar 2 1003 Jan 1184 Aug
8
4 4,200 Dome Mines, Ltd
: 42
4212 423
4112 4212 4112 4213 414 411
424 *427 43
8
184 Jan 464 Nov
10 393 Feb 1 444 Jan 4
4
1114 11212 112 11212 1117 11214 112 112
7,200 Eastman Kodak Co_ _ _ .No par 89 4 Jan
10712 1117
8
904 Dec
112 112
70 July
4
1153 Apr 3
3
64,600 IC I du Pont de Nem & Co_ _100 10614 Jan 1
12718 12812 127 13214 13234 13913 139 146
138 14211 1374 141
146 Apr 18 105 Dec 189% Nov
4
88 88
877 877 *8712 88
8
6% carnal preferred__ _..100 8112 Apr 1
8814 884 874 874 1,100
*8712 88
80 June 9013 Sept
8812 Feb 28
64 64
6418 6412 644 65
641
644 64
5,500 Electric Storage BatteryNo par 34 Jan 1
6412
648
4
6312
404 June 584 Dee
6718 Mar 21
*144 15
16
143 143
15
1,400 Elk Horn Coal Corp
•141
8
.4 15
8 14
1412 93 4 15
3
1413 Jan 2412 Dec
50 14 Apr 19 2034 Jan 2
*478 513 *47
8 5
•478 512 *47
51
8 512 *47
3 512 *47
Ernerson-Brantingham_ _ _100
5 Feb 26
712 Feb 20
252 Jan 1118 June
78
2,100 Endicott-Johnson
72 8 727
727 734 73
3
8 727 727
73
8
8
73
8 717 721
2
50 7113 Apr
9414 Jan 2, 7614 Jan 947 Dec
Do ore?
1117 112
300
8
•11214 11212 11212 11212 •112 1124'112 11212'11134 115
8
Jan 119 Dee
100 1117 Apr 30 118 Jan 81 104
•BI41 and asked =lees: no Balm on this day.
Eg-diV. and HOW. •Atelessment Paid. s Hz-rights, s
tEx-900% stook div. e Par value $10 Der share
New York Stock Record-(,ontinued--Page 3
1740
For sales during the week of stocks usually inactive. see third page preceding.
HIGH AND LOW BALE PRICE
-PER SHARE, NOT PER CENT.
Sattirday.
A9r11 14
Monday.
April 16
Tuesday. Wednesday. Thursday.
April 19
April 17 I April 18
Friday
April 20
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 11923.
On batt 0/ 100
-share lots
4
PER SHARE
Range for Previous
Tear 1922.
Lowest
Highest
Highest
Lowest
per share
Per share $ Per share $ per share $ per share $ per share Shares Indus.& Miseell.(Con.) Par $ per chore $ per share $ per share $ per share
27
27
*26
*261 27
/
4
27
*2612 27
2612 2612 .2612 27
200 Exchange Buffet
No par 26 Jan 4 31 Jan 10
Dec 3112 Oct
883
88
8 87
883 887
/ 8818 8612 8712 7,100 amous Players-Laaky_No par 82 4 Jan 19 93 Jan 2
4
1
4
8812 8712 8812 88
5
7518 Jan 107 Sept
*97
977 *9514 9614 *95
s
/
1
9614 964 9614 *9412 96 2 *95
9614
,
100
Do preferred (8%)_.__ 100 944 Jan 16 99% Feb 14
/
1
911 Jan 107% Sent
/
4
11
*7
*8
12
11
*8
11
*8
11
*10
*73 12
4
Federal Mining & Smelting 100
8 4 Jan 23 123 Feb 16
4
4
Jan
1612 May
9
5314 5314 6312 533
52
3
534 5412 533 53 4 5312 5312 51
/
1
1,600
Do pref
100 44 Jan 23 6012 Feb 13
/
1
4
3713 Mar 62 Sept
87
8 878
83
4 94 12,500 Fifth Avenue Bus
9
83
4 914
914
812 8 8
9
7
94
No par
7% Jan 17 10% Jan 2
/
1
84 Dec 104 Dee
4
1683 1683
*160 180 *160 180 •160 170 *160 17012 *160 180
4
4
200 Platter Body Corp
No Par 150 Feb 1 21214 Jan 11
Jan 218 Dee
75
99
99
99
8
99
99
99
9812 9812 987 99
9812 99
1,200 Fisher Body Ohio, prat_ _.100 96% Jan 24 10112 Feb 19
764 Jan 10314 June
*133 14
1323 13h 1212 133
4
1312 131
133 14
4
133 14
4
s 7,500 Fisk Rubber
No par 1212 Apr 20 1612 Feb 13
1912 Apr
10% Nov
•
s
1914 181s 1812 177 1818 6,100 Freeport Texas Co
18
s
1712 18
18 s 177 18
3
173 Apr 12 22 Jan 13
4
No par
1214 Jan 2714 Oct
6612 *6612 674 663 663
;ail.' 68
s
6624 663
4 6612
s
4 6 4 663
65
900 Gen Am Tank Car
No par 66 Jan 5 7178 Feb 20
45% Jan 80
Oat
4818 484 47
48
8 481s 49
48h 4713 483
483
4 4513 4712 11,200 General Asphalt
100 414 Feb 1 54 Mar 7
/
1
4
37 Nov 73 July
/
1
4
78
78
79
*78
*78
79
*78
80
79
78
8012 78
400
Do pref
100 76 Feb 1 83 Mar 7
69 Nov 111 July
89
89
89
89
883 89
89
9012 9012 8912 897
4
s 89
1.300 General Cigar, ino
8
100 815 Jan 4 94h Mar 14
65 Mar 33114 Dec
*107 10912 1073 1073 •107 10912 *10712 10912 *10712 10913 *10712 10912
4
4
100
Debenture pre/
100 1044 Jan 2 10912 Feb 24
Jan 109
94
Oct
18012 18012 1794 1793
180 181
1794 181
18018 181
18012 181
4 2,800 General Electric
100 178 Apr 5 19018 Feb 2 136
Jan 190 Dec
1118 1114 1118 1118 *111s 1112 115 113
*1114 1112 1114 113
8
11
600
Special
10 11 Mar 31 12 Jan 2
104 Oct 12 Sept
1638 171 17
/
4
1712 163 174 1612 17 242,300 General Motors Corp_ _No par 134 Jan 17 1712 Apr 18
4
1512 15 4 15 s 1614
5
3
8 Jan
/
1
4
/
1
154 July
*88
*884 89
89
.86
8812 89
*88
*87
89
89
89
300
Do pre/
100 83% Jan 20 89 Apr 17
69
Jan 86 Sept
8
8912 894 8912 893 898 89
8912 8712 8712 2,100
*89
8912 89
Do Deb stock (6%)_ _ J00 8312 Jan 9 90 Apr 7
874 Mar 9614 Oct
4
4
8
4
4
*104 1043 104 104h 104 1043 1043 1043 *104 1043 10312 10312 1,000
s
Do Deb stock (7%)__ _ 100 967 Jan 10 105 Apr 10
/
7914 Mar 100 Sept
45
*444 4512 46
4512 4512 454 4512 45
4012 1,100 Gimbel Bros
•4512 46
No par 41 Jan 3 4812 Mar 15
381s Oct 451s Oot
10
10
10
10
10
10
10
93 April 1244 Feb 9
10
*93 10
4
*93 10
4
800 Ialldderi Co
No par
9h Nov
1814 June
5g 6
7
6
84
618
6
64 612
6s 12,600 Goldwyn Picture,
6
618 61s
No par
7% Mar 9
4% Jan 2
4% Dee
8
/ Oct
1
4
7 38
3812 384 39
38
38
12 38
*38
3812 37
2,600 troodrich Co(3 F)
No par 34 Jan 4 4014 Mar 15
284 Nov 447 May
1
9612 97114
3
0
90
3 2
•90
0
903
4 9014 9014 9014 904 904 9014 90
700
Do pref
100 84 Jan 3 9212 Mar 6
794 Nov 91
Apr
3012 3012 3012 3012 303
4 3014 3114 3012 3118 3,400 Granby Cons M.Elm & Pow 100 23 Jan 25 33 Mar 23
293 303
4
s 30
22 Nov 35 May
4
18
4
4
4 2 12 283
2
1214
123 123 •1212 123 *1212 123 *1212 123 *1212 123
8
2
s
200 Gray & Davis Inc
Vo par 11 Jan 23 15% Mar 7
8 Nov in May
29
2814 2814 2814 2814 29
29
284 284
29
800 Greene Cananea Copper__ 100 234 Feb 1 3418 Mar 8
22 Nov 845 May
8
4
8 10
4
10 4 10 4 103 10 4 10, 1012 103 113
3
3
3
4
*1012 11
1012 7,300 Guantanamo Sugar----N Dar
9% Jan 5 141 Feb 14
/
4
,
7 Feb 1414 Mar
99
993
4 98h 10012 99
993
8 96 4 99
3
99h 10014 98s 100
16,300 Gulf States Steel tr
_ 100 78 Jan 10 1045 Mar 21
8
44 Jan 94% Oct
/
1
4
112 *114
11 •114
/
4
112 *114
Ps •114
114
112
114
500 Harbishaw Eieo Cab _No par
%Mar 5
212 Jan 12
3% Mar
3 Jan
4
*8812 8912 *8813 90
883 90
8812 8812
s
*8812 90
*8812 90
400 Hartman Corp
100 8312 Jan 4 9514 Jan 26
8014 July 103 Mar
.1914 1912 1912 1912 *1913 193
19
194 194 19
1914
4 19
800 Hendee Manufacturing
100 18% Jan 8 233 Feb 16
15 Jan 23% Sept
6934 *68
70
*68
70
*674 69
.68
*68
69,
4 6914 69h
200 Homestake Mining
100 88 Mar 5 797 Jan 2
8
Jan 82 Nov
55
6318 6412 62
64
63h 63
63 4 64s *63
6412 5912 63
3
5,800 Houston 011 of Texas
100 5912 Apr 20 78 Feb 16
6114 Nov 91% Oct
/ 2918 28s 29
1
4
293
8 28
283 29
s 29
29
/ 293
1
4
28s 29
13,100 Hudson Motor Car__No par 254 Jan 10 323 Mar 8
4
4
194 Aug 264 Dee
8
s
27
27
27
27
4 277 28
.2612 273
27 4 2714 2612 2612 1,900 Hupp Motor Car Corp_ _
,
10 22% Jan 11 3012 Apr 2
10% Jan 26 8 De6
,
2
212
23
8 23
4
17
8 312
3
3h
318 312
11,900 Hydraulic Steel
I% Apr 14
No par
612 Jan 8
34 Feb 141a Jute
14
*1318 14
14
*1312 14
14
14
133 13h *13
3
13 8
34
:
600 Indlabotna Refining
13 Jan 3 19 Mar 19
314 Jan
15% Dee
7
7
7
712 712
7
*63
4 7
713
63
4 63
4
700 Indian Refining
10
54 Jan 24
4
812 Apr 6
5 Jan 11% June
8 3718 373* 3714 373
4 374 3918 38
3712 3712 3714 375
39
4.700 Inspiration Cons Copper._ 20
33 Jan 18 43h Mari 1
31 Nov 45 Jure
*614 8
*614 7
*614 814 *614 8
*614 8
*614 8
Corp
00
200 Innter at
7 Jan 4 11 Feb 20
/
1
4
u0 p
/
4
553 Dec 111 May
31
*29
*29
31
3112 30
31
*29
.31
3112 *31
31
100 30 Apr 5 397 Feb 23
pref..
s
284 Nov 431s Mar
4012 407
4018 40,
8 en 407
/
1
8 4014 41
*404 41
8
g 405 414 4,900 International Cement. No par 3411 Jan 2 44 Mar 19
26 Jan 382 May
4
s
2612 261s 2614 2612 271
3
3
, 26
25 4 25 4 253 25 4 26
3
2612 6,800 Inter Combos Eng
No par 24 Feb 3 274 Apr 8
204 June 304 Sept
913
8912 8912 90
90
88 883
90
4 8812 881
89
89
1,800 lnternat Harvester (neto)_4100 87% Jan 17 9812 Feb 7
s
79% Jan 1157 Aug
11112 11112 112 112
*11114 115 *111 113 •111 113 '111 113
200
Do pref (new)
100 11111 Apr 19 11614 Jan 4 10512 Feb 119 Sept
9
9,4
812 9
9
9 14
84 93
94 93
*
8
94 91s 3,800 int Mercantile Marine...4100
/
1
8% Jan 13 11% Feb 14
84 Dec 274 May
4
4
35
4 343 37
3614 3614 3712 3514 3614 29,400
35 s 373
3
8 3631, ;73
Do pre:
100 343 Apr 17 47 Jan 5
4
413 Deo 874 May
s
4 1412 14h 1412 14h 1412 1413 4.600 International Nickel (The) 25 14 Jan 2 1814 Feb 16
•14% 14% 1412 1412 1412 143
/
1
4
1114 Jan 19 Apr
/ 7612 *7312 7612 7513 7512 .
1
4
7714 *73
*75
7512 753
4 7513 7513
200
100 1395 Jan 4 784 Feb 14
Preferred
4
4
60 Jan 85 Jan
4712 45 s 4612 46
483
4 45
3
464 443 46
s
4914 49 8 48
3
14,900 International Paper
100 44% Apr 20 5^,1 Mar 8
434 Mar 63
/
4
/ Oct
1
4
6914 *6912 697
69
8 6812 6914 *6812 69
69
69
68
6814 1,400
100 68 Apr 20 754 Jan 5
Do stamped pref
59 Mar 80 Sept
/
1
4
3
s 1614 173
•1714 173
/ 164 1512 15 4 25,800 Invincible Oil Corp
1
4
8 1614 16 4 1618 16h 15
3
50 1414 Jan 17 1914 Mar 7
124 July 201/4 Apr
533 5414 5112 53
5
5212 53
53
523 524 5112 524 12,400 Iron Products corp___-No Par 4112 Jan 17 5814 Mar 8
4
53
Jan 53
24
/ Oct
1
4
h
12 4,700 Island Oil & Tranep v t o
1
3
.3
12
3
8
3
8
3
8
*3
8
'2
h
12
10
14 Jan 2
4 Nov
53 Feb 24
3
Jan
211 2112 214 211g 21
/
4
21
s 2112 22
2012 21
217 217
s
2,400 Jewel Tea, Inc
100 17% Jan 24 24 Mar 15
Jan 2211 May
10
*73
74
73
.71
73
73
7312 .71
73
*71
•70
73
100 894 Jan 29 82 Feb 28
100
Do pref
3
381s Jan 763 Dec
597 607
s
593 6012 594 60 8 593 6014 59
8
.597 607
8
8
8
8
3
5912 2,900 Jones Bros Tea, Inc
100 50 Jan 17 8348 Mar 16
344 Feb 677g Sept
8.'10714 10712 *10714 107, *1074 1071
s
8
8
•10714 1075* 1073 1073 1073 1073
2
/
4
400 Jones & Laughlin St. pref 100 107 Mar 19 109 Feb 23 1074 Dec 109% Dee
1*4
13
4
8
8 13
1.3
8
15, 13
13
4
4
4 .13
13
4 13
112 lh
1,400 Kansas & Gulf
10
14 Jan 2
112 Leo
3 Jan 12
/
1
4
74 Jan
3
4
39
4 393 39
3918 394 3912 4012 3914 393
3912 38 8 3812 3,000 Kayser (J) Co, (um)
3
38 Apr 3 45% Feb 23
--No Par
34 May 48% Aug
102 102 •101 10214 *101 10214 101 101
.101 102
98 101
800
93 Apr 20 104 Mar 23
let preferred (neto)__No par
94 May 10612 June
/ 601 593 6118 60
1
4
8
/
4
8
593 6012 593 6014 59
8
607
s 584 593 24,700 Kelly-Springfield Tire
4
25 46% Jan 4 624 Mar 22
3
3414 Jan 63 4 May
*105 107 *105 107 ^105 107 '105 107 *105 107 •105 107
Temporary 8% pref____100 1023 Jan 2 108 Jan 18
4
9012 Jan 10734 May
10214 103 •103 109 •103 109
104 104 •103 108
•106 110
600 Kelsey Wheel. Ino
100 101 Jan 23 1144 Feb 20
Feb 11611 Dec
61
/
1
3
3
405* 413
8 4012 407
4 40 s 403
3
4 40'2 413 27.200 Kennecott Copper
40 s 40 s 40 8 403
3
3
0
No Pi/ 35 Jan 18 445 Mar 3
8
a
2512 Jan 395 May
95
912 10
933 10
1014 1012 104 1012
1014
912 9 4 11,800 Keystone Tire & Rubber__ 10
3
4% Nov 244 May
85* Jan 17 11 18 Mar 24
1
235 235
3
245 245
0216 23014 *22012 225 4 22112 22112 •225 230
100 177 Mar 2 2474 Feb 16 110 Jan 1891s Nov
400 Kresge (E3 8) Co
81
81
/
1
*8012 81
*804 81
*80 4 81
3
8112
.80
*8012 81
Laclede Gas (St LOU1/)___ _100 8012 Apr 11 87 Feb 21
43 Jan 9411 Aug
*3014 31
.3014 307
s 30, 3014 297 303
3018 304 *3014 34
4
8
4 1,0 0 Lee Rubber dr Tire.,_ _No par 2754 Jan 16 3142 Mar 22
10
3414 Nov 354 Mar
*192 200 *192 196 •19112 200 *19112 200 •190 200 •190 198
194 Apr 11 222% Feb 9 15314 Feb 235
Liggett & Myers Tobacco..100
Oct
114
112 112 *112 114 *113 114 •113 114
•112 11412 •112
100 11134 Apr 4 1181, Jan 8 108 Jan 12312 Nov
100
16.71000
Do pref
/
4
71s 725* 70
4 723 723
4
71% 71% 711 7215 7114 723
7112
Lima LocoWkstempottsNo Par 58,Jan 17 744 Mar 20
4
/
1
4
/
1
52 Nov 117 May
18h 187
s 183 184 183 187
4
185 19
8
19
4
1, 183 187
19
4
s 7.300 Loew's Incorporated__ _No par 1814 Jun 17 21 Feb 15
/
1
4
10% Jan 23 Sept
8h 8h
812 84
/
1
8 812
*812 83
84 812 *813 83
/
1
4 .83
8 Mar 15 114 Jan 5
300 Loft Incorporated
No Par
4
9 Jan 1114 May
54
53 53
*5312 5412 5312 5312 *53
*53
54
*53
54
100 517 Jan 4 6314 Mar 2
-Wiles Biscuit
230000 Loose
/
1
4
36
Jan 67 Sept
*163 168 *163 168 •164 168 *164 167
•163 165
16314 16312
100 1814 Jan 8 1781* Feb 9 14714 Jan 180 Selig
Lorillard (1')
*112 11212 113 113 *112 115 *112 115 *112 115 *112 115
100 105 Jan 22 121 Feb 8
Mackay Companies
Jan 117 Dee
72
67
*6612 67
67
8
663* 665 .67
68
68
.67
6712 6712
100 1385 Apr 18, 7013 Feb 16
8
500
Do pref
57 Jan 70 Not'
91
917
9112 923
8 9112 9214 88
9112 9212 904 92
9112 12,500 Mack Trucks, Inc
No par 5818 Jan 2 9312 Apr 6
2512 Jan 811 Sept
/
4
*95 4 96
8
3
957 96
8
953 953 *95
4
957 957 *95h 96
8
96
100 924 Jan 3 9914 Mar 12
Do 1st pref
68 Feb 9412 Dee
88
88 .87
88
90
88
*87
88
88
*88
*85
88
100 84 Jan 3 92 Mar 5
Do 2d pre!
54
Jan 87% Sept
68 68
674 6812 *673 68h 67
68 4 687
3
4
8 6712 68
67
No par 614 Jan 8 7112 Jan 20
1,000 Macy
00
59 Nov 62 Dec
8
363
353 3612 357 3612 36
4 352 36,
4
35 s 36
3
8 347 3714 13.400 Mallinson(H R)& Co No par 3312 Apr 2 40 Jan 2
1.511 Jan 40 Aug
72
s
69
69
70
7212 68
*69
,
694 697 70 2 71
6912 7,200 Manati Sugar
100 4312 Jan 17 7514 Mar 14
3014 Jan 52 Mar
87
87
*83
87
*83
87
*83
*83
*83
87
*83
87
100 82 Feb 3 90 Feb 26
Preferred
/
1
4
7314 Apr 84 Sept
*57
59
58
*58
*56
59
*56
5912 5
59
912 *5712 59
100 Manhattan Elea Supply NO Dar 514 Jan 3 66 Mar 21
41 Mar 693 Airr
4
4512 45 4 4512 4512 448 453g *4412 4512 4412 443
3
8 4412 44,
25 4314 Feb 2 477 Jan 5
2 1,200 Manhattan Shirt
32 Mar
58 4 Oct
5
493* 523
51
4812 503
8 515* 533
50
50
4 49
4 4914 5212 202,000 Marland Oil
No par 2714 Jan 6 59h Apr 2
464 June
/
1
225 Jan
a
*912 12
12
*10
*10
13
13
*10
13
*10
No par
13
*9h
912 Feb 1 16 Feb 26
Marlia-Rockwell
/
1
4
54 Mal 26 Mar
35 s 357
373
3
3513 36
363 37
4 363* 37
3
8 36
s
/ 353 363 15,800 Martin-Parry Corp__ _ _No par 274 Jan 31 373 Apr 17
1
4
4
2014 Jan 3614 June
*55
57
57 .55
56
56
55
*55
5514 57
57
55
/
1
4
300 Mathierron Alkali Works__ 50 49% Jan 2 64 Mar 14
Jan 54 Nov
22
58
58
57
581 58
/
4
58
58
587
8 57
5812 553 5712 6.100 Maxwell Mot Class A
100 4334 Feb 2 631413lar 8
4
411 Nov
/
4
745 May
4
1914 1912 1912 20
19
193 20
20
4
1914 193
/
4
s 1834 19
11
Feb 257 June
7,800 Maxwell Mot Class 13.-NO Par 141 Feb 1 21 API' 5
4
74
7414 7514 74
7412 74
717 7212 73
74
.100 1375 Jan 5 78% Jan 13
s
733 74
s
6512 Dee 174% Dec
4,400 May Department Store,.
i
•19l4 1938 181s 1918 188 183 •1813 19
183 187
4
183 187
17% Feb 1 20 Mar 22
8
4
s 2,400 McIntyre Por Mine,
10% Jan 21% Mar
*260 285 *250 285 *2.50 285 *260 282 *250 282 *260 280
100 265 Mar 2 293 Jan 2 10644 Jan 322 Dec
Mexican Petroleum
100 10014 Feb 28 10514 Mar 16
•100 108 •100 108 *100 108 *100 108 *100 108 *100 108
Preferred
7914 Jan 108 Dec
8
15
173 173
*17h 18
1614 Jan 12 195 Mar 19
8
4 1733 173
2
Oct 344 July
4 173 173
8 17 4 173
8 4,300 Mexican Seaboard 011__No par
,
4 1714 177
.17
1712 167 17
g
12
154 Jan 17 193a Nine 20
Oct 324 July
16 4 167
177 *17
3
8 16 4 16 4 •167 178
Voting trust ctfe
3
3
800
,
293 297
5 2854 Feb 1 304 Feb 23 25 NON 311 May
2912 30
29 4 30
3
4
4 29 2 293
,
4 2914 293
8 29 2 293
/
4
4 5,200 Miami Copper
11
113
1118 1114 1118 1114
s 1118 1114 11
11 Nov
1114 •11
18 Apr
Ills 25,700 Middle States Oil Corp.__ 10 11 Jan 24 1214 Jan 12
5 33
2618 Dec 4514 May
321s 32h 3214 32% 3214 327
4
8 323 333
3314 3214 327 35,400 Midvale Steel & Ordnance. 50 27 Feb 1 33% Apr 18
*6712 68
100 6512 Jan 24 75 Mar 8
673 68
*6712 68
4
677 678 67 ,4 67 8 6712 6712
8
63 Jan 764 Sept
7
7
/
1
500 Montana Power
10 20% Jan 17 28 Feb 13
8
233 233
4
8
4 2312 23h 233 233
4 233 2414 24
243
8 233 24
12 Feb 2 4Aug
8
10,100 MontWard & Collis Corp
61
2712 27
28
277 2812 27 4 283
g
8
2812 27h 28
No par 17% Jan 17 293 Mar 22
3
8 2718 273 16,600 Moon Motors
13 Aug
Ms Des
8
1112 1114 113
1114 118 11
5 11
4 1118 113
1112 11
9% Nov
1112 24,900 Mother Lode Coalition _No par 11 Jan 2 14 Feb 20
12 Dec
/
1
4
26
26
27
*2612 27
*26
*26
27
*26
27
No par 22 Jan 24 29% Mar 15
1714 Dec 34 Mar
*26
2612
100 Muiiins Body
10712 10712 10814 1084 10914 10914 109 109
*1073 108
4
108 1087
No par 754 Jan 2 11412 Jan 12
8 1,600 Nash Motors CO
70 Dec 525 July
9812 *98
(*98
9813 9812 9812 *9814 5512 963 96 4
9812 *98
4
100 963 Apr 20 1014 Jan 17 10111 Aug 108 Dee
4
4
3
Preferred A
200
144 1412 1414 15
/
1
*14
15
15
•14
1412 1412 1414 1412 1,400 National Acme
50 11 Jan 30 1818 Feb 19
94 Nov 2114 Apr
4214 42h 42
423
8 42
423
8 42
p 42 9 42
5
4214 4114 421 4,700 National Biscuit
100 38 Jan 6 43 4 Mar 19
/
4
367 Dec 270 Dec
s
*12014 12012 12014 1203 *120 12012 •120 12012 *120 12012 *120 12012
8
100 12014 Apr 9 125 Feb 2 11312 Jan 126
Do prof
200
Oct
60
6212 *56
6212 *58
4
..5712 6012 *56
*60
62 .60
61
26 Jan 667 Sent
National Cloak & 8ult____100 5811 Mar 27 6714 Feb 21
1
7
8
1
/ Apr 19
1
4
118
118
114
1
114 114
1
1
112 Feb 24
118
112 1,600 Nat Conduit & Cable_ _No yar
1 Dec
41s Apr
8 6912 6912 70
70
70
701s 69
69
/ 695
1
4
8 6914 697
0 6514 Jan 9 73 Mar 14
693
4 1,500 Nat Enam'g & StamW8---10
3041 Jan 681s Oct
12712 12814 127 131
•129., 12912 1284 130 •1274 128
12812 12812 4,900 National Lead
100 1234 Jan 25 13614 Mar 20
85 Jan 1294 Dee
11112 1113 11112 11112
4
L111 111 •11112 112 •1114 1125* *Ill 112
100 11044 Mar 31 114 Jan 4 108 Jan 117
Do pref
400
Oct
151s 1514 1514 1512 1512 15 4 15 4 6,000 Nevada Consol Conner
h 1518 151s 1514 1512 15
144 Jan 29 183 Mar 5
4
,
191s June
5
131s Nov
39
39
3912 3914 3914 39
383 383
4
12
4 39
384 39
/
1
3918 3,300 N Y Air Brake (new)
-No Par 265 Jan 2 3912 Feb 13
,
241 Nov 415 Sept
,
495 493
8
4 1,300
4 4912 4912 4912 4912 494 4912 4913 493
*495 493
8
No par 48 Jan 9 5112 Feb 13
454 Nov 5114 Oct
Class A
8
2314 2314 2234 2314
2314 *2314 247 *2314 24
100 2112 Jan 16 26% Mar 18
4 23
k *2314 233
900 New York Dock
20 Nov 40 June
*4812 50 •484 50
*4812 50
/
1
*4812
*481 50
100 46 Jan 31 511 Mar 15
/
4
*4812 50
/
4
46 Nov 684 June
Do pre:
50 1004 Jan 16 11912 Feb 24
op pmerican Co
444 Jan 10614 Dec
o
1:600 N rtb A mi
4514 ' - 15 4 .. .4i. 5 6
1,6
4- 2 .
. i&T4
.3. 4.
45 - 1- *45
5
414
50 444 Jan 17 4841 Feb 14
46
*45
38 Jan 4714 Aug
*2512 26 4 2512 2512 *2112 2412 *21
,
26
/
4
2512
/
1
4
*2512 26h 26
200 Nova Scotia Steel & Coal 100 251 Apr 12 29 Mar 3
20114 Feb 40 Sent
912 912 *912 10
93
8 93g
*912 10
95* 9 8
94 Jan 5 104 Feb 9
5
4
400 Num:tally Co (The).__ _NO Par
8 July 123 Mar
952 95
7
7
•718 73
4 73
7
7
6 Jan 2 104 Jan 29
/
1
4
74 714 *63
8
400 Ohio Body & Blow.. No par
5 Nov 1414 Apr
7
•6h
2s 28
3
3
23
8 24
3
2 s 2s
3
2h
2 8 2,
3
1% Jan 2
234 12,000 Oklahoma Prod & Ref of Am 5
34 Feb 8
4 June
/
1
4
1% Dec
8
2
/ 27
1
4
4 •613 63
4 *612 64 *612 63
4 *612 63
,
5 Jan 6
4
7 Apr 5
Ontario Silver Mining_ -100
9% Mar
412 •Jan
•612 63
4 *6 2 63
4 1934 197
4 19h 193
193
4 19h 193
1 174 Jan 5 2114 Feb 16
8 19
8 3,800 Orpbeum Circuit, Ina
Oct
19h *1918 193
12% Jan 28
•19
139 139
13812 13812
100 135 April 153 Feb 16 116
4
400 Otte Elevator
Jan 1885 Oct
138 138 •138 142 *137 140 •138 142
Leos than 100 shares. a Hz-dividend and rights. s Ex-dividend. "Hz
-rights,
•Bid and asked Price!: no saes Ma day.
New York Stock Record-Concluded-Page 4
1741
For sales during the week of stocks usually Inactive. see fourth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE
Saturday.
April 14
Monday.
April 16
Tuesday.
April 17
Wednesday. Thursday.
April 19
A pill 18
Friday.
April 20
Sales
for
the
1Veek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1923.
-share lots
On basis of 100
Lowest
Highest
PER SHARE
Range for Freeform
Year 1922.
Lowest
Highest
Indus.& Miscall.(Con.) Par $ per share $ Per share S per share $ per share
77 Jan 4 1434Mar 21
6 Nov
164 Apr
Otis Stcel
No Par
24% Jan 42% Sept
8
Owens Bottle
8
25 363 Jan 2 513 Mar 28
12 Dec 1418 Apr
214 Mar 5
4 Jan 2
Pacific Development
Jan 9118 Sept
60
100 7834 Apr 12 85 Jan 5
Pacific Gas & Electric
19 June
Jan
11
914 Apr 20 124 Feb 8
Pacific) Mall SS
5
4212 Nov 69% May
PacIfic Oil
384 April 48% Jan 4
10 Dec 21 Noy
Packard Motor Car
10 1018 Jan 8 15127.1ar 22
487 Jan 100% Dec
4
Pan-Am Pet & Trans
4
50 683 Apr II 9313 Feb 7
4
4012 Feb 953 Der
Do CifteS B
50 65 Apr 11 86 Feb 7
3 Dec 1213 Jan
614 Apr 5
Panhandle Prod & Ref_No Par
4 Jan 16
Apr
17
74 Nov
Parish & Bingham
No par 11% Jan 25 1512 Mar 13
132 May
8
2% Dec
6 Apr 4
Penn-Seaboard St'l v t c No par
212 Jan 2
59% Jan 99 Sept
People's G. L & C (Chic)__100 89 Apr 3 944 Jan 30
3112 Jan 45% Sept
Philadelphia Co (Pittsb)__ 50 4114 Jan 2 50 Mar 15
7314 Oct 10518 Jan
Phillip-Jones Corp
6812 Apr 20 80 Apr 4
No pa
2814 Jan 5914 June
698 Apr 5
Phillips Petroleum
4712 Jan 2
No pa
8 July 24% Apr
Pierce-Arrow M Car_ No Pa
1118 Jan 27 1514 Jan 14
Apr
49
18% Jul
Do prat
4
100 273 Jan 27 355 Jan 9
Jan
3% Dec 12
Pierce 011 Corporation
6 Feb 13
2
4 Jan 25
Jan
Sept71
32
Do pref
*35
37
100 3412 Apr 18 45 Jan 4
39 Nov5918 Der
1
Plgg WignStor Inc"A"No par 595:441%3;a: 17 124 Mar 20
8
55 Nov723 Sept
;633.
4
1,500 Pittsburgh Coal of Pa
-61- 64
2
4 64 2 6312 64
287 7
;631-2 Ii2 -E14- 641- ;633. - ,
1100 58 Jan 16 677 M
*93
*9812 99
904 Feb10012 5eP1
*93
99
99
99
Do pref
*98
*98
99
*93
9
100 98 Feb 7 100 Apr 5
Dec
1414 Feb41
Pond Creek Coal
477 Feb 15
2
10
Oct
'119 120
85% Apr 120
119 116 4 11812 119'! 119 119 •I17- 119 '116 n1- -1;656 Postum Cereal
3No par 13 Jan 8 134 Feb 6
loo
*1117 113
8
8% preferred
111% 111% *112 113 *1117 113 '111% 113 *1104 111%
8
100 1018 Jan 3 11414 Jan 25 1054 Apr 11214 Oct
4
*66
500 Pressed Steel Car
*6512 66
68
6618 6614
68
63 Jan 95 Sent
Jan 2
6712 .66
*6512 68
*6512
100 58 Feb 2 8112
Feb 106 Sept
95
303
90
*90
95
90
*90
Do pret
91
*90
95
95
*90
95
*90
100 8i3 Jan 22 993 Jan 5
523 .5314 5034 523 44.400 Producers& Refiners Corp_ 50 4714 Jan 16 5818 Mar 20
8
5218 527
8 5112 524 51 8 5212 5218 53
4
,
2418 Jan 51 Sept
Jan 1(80 Nov
100 10012 9812 997
3 Jan 6 104 Mar 21
3,800 Public Service Corp of N J_100 93
10114 10112 10114 10214 101 1014 •10912 101
66
,
12612 1263 12612 12612 128 12812 12712 12712 127 12714 12533 126 8 2,000 Pullman Company
4
100 25 Apr 12 134 Mar 8, 1051s Jan 13914 Sept
31
4
Jan 5314 June
6614 6634 64 8 66
4
8 663 6818 663 6914 6514 663 71,600 Punta Alegre Sugar
,
4
658 667
Jan 18 6914 Apr 19
50 43
8
8 263 27 8 14,900 Pure Oil (The)
4
2738 27
2714 2718 273
27
273 277
3
8 2718 28
,
2613 Nov 383 Jan
25 2634 Apr 11 32 Feb 13
4
9612 9612 9634 983
98
400
*96
8% preferred
98
98
97 97
*96
*97
100 96 Apr 12 100 Mar 9, 94 July 1028* Apr
117 117
116 116
700 Railway Steel Spring
Jan 12814 Sept
11718 11718 118 118
1174 118 118
1173
4
94
100 11012 Jan 30 123 Mar 17
100 Rand Mines Ltd
8
3112 3112
4
*3014 31
194 Jan 3612 Send
*297 303 *313 32% *313 324 *313 32
8
4
No par 304 Mar 27 343 Feb 19
4 1414 147
19 May
8 2,803 Ray Consolidated Copper_ 10 1312 Jan 25 1714 Mar 1
1412 14% 147 147
8
8 1434 14% 1413 141z 1412 143
1218 Nov
45
4312 44
1,700 Remington Typewriter v 10100 3312 Jan 11: 4818 Mar 6
4 4418 451s *44
4312 43
*42
433
43
43
24 Jan 42 Mar
•97 101
*97 101
lot preferred v t 0
*97 101 *100 104 *100 101
Jan 105 Dec
*97 104
55
100 100 Mar 5 104 Feb 13
9314 *91
504 Feb 8034 Dec
95
25 preferred
9314 .91
9814 *90
9814 *91
9814 *90
*90
100 Fig Jan 3 90 Mar 20
4 253 263
267 2712 2814 263
4
8 6.100 Replogle Steel
261 27
4
8
4
E,263 263
4
4 263 27
91 Nov 384 May
No par' 2314 Jan 2 313 Feb 16
61
64% 6213 64, 16.600 Republic Iron & Stec(
8 64
65
4
2
64
4
4 633 647
6518 633 643
434 Novl 784 Mat
4
47 Jan 31 663 Mar 21
Lb
100
9412 2,200
96
9614 *943 9514 94
4
95
95
*95
96
*9412 99
Do pref:
'
74 Feb 9534 May
100 89 Jan 9 96% Mar 21
297
8 25
2334 75,400 Reynolds Spring
4Ja53
2 2714 2978 2334 393
263 273
8
4 29
253 27
4
par
163 Jan 23 2714 Feb 21
1214 Nov 5o3
2
613 27,903 ReynoldsR J) Tab Cl B_o
4
8 603 66
4
6534 657
6514 663
s 65 6512 64
6512 66
(
8
N
47 Jan 10 653 Apr 16
43 Mar C334 Nov
116 116
8
300
1157 1157 *115 116 *115 116 *11514 116
8
4
*11512 116
7% Preferred
188 1147 Jan 19 118 Feb 9 111 18 Apr 1183 Oct
50l 5114 5,800 Royal Dutch Co(N Y shares)
8
8 5114 51,
513 5218 5114 5112 517 517
8
2 5133 52
4213 Jan 31
55 Feb 16
4734 Jan 67 June
8 1,000 StJoseph Lead
*2012 21
8 20 4 203
,
2012 20, *2012 207
*2012 21 I *2012 21
2
12% Jan 204 Sept
11
18 Jan 2 223 Mar 9
8
33
2 334
318 318
800 San Cecilia Sugar v t o.No par
33
8 318
4
314 314
814 Mar
14 Jan
8 *34 33
33
8 33
2 Jan 17
5 Feb 14
*2712 2813 *2712 2312 1.500 Savage Arms Corn
8 273 28
2832 2838 283
233 283
2
1 28
1812 Jan 3 30 Apr 5
101
11) Aug 24% Apr
853 88146
8
4
8612 8512 86
2,100 Seat,. Roebuck et Co
8612 868 8518 86
•861z 87
8
100 8312 Jan 17 92% Feb 13
3933 Feb 947 Aug
*108 11218 903 112 *103 112 *108 112 *108 112 *108 112
Preferred
Jan 112 Aug
100 11014 Mar 23 11312Mar 12
91
10
10
10
10
*10
10
10
1018 10
10
93
93
4 10
. 00 Seneca 0.)pper__ ______ No pa
Oct 234 Jan
7% Jun 17 1212 Mar 3
6
92
9
9
9
600 Shattuck A risona Copper.... 10
*83
4 9
9
9
9
914
918 94
12 June
818 Jan
1072 Mar 2
84 Nov
8 1,200 Shell Transp & Trading_ E
394 3913 3912 *39
3833 3812 *39
3933 3934 39% 3932 393
34% Jan 31 4114 Mar 7
3412 Dec 484 May
173 18
2
177 18
8
1714 18 I 1712 13
8
28,100 Shell Union 011
8 173 18
1712 177
1238 Jan 8 18% Apr 9, 1218 Dec 1314 Dec
No pa
3 115.900 Sinclair Cons Oil Corp.No pa
4
8 31
4
347 3518, 343 347
1
35
31
8
313
4 343 3512 323 34
31% Jan 19 393 Mar 19, 183 Jan 38% June
2
4
30
15.403 Skelly 011 Co
8
2934 3014 297 301
8
2933 3018 2914 2934 2913 293
* 28
1
9 8 Jan 2 35 Mar 311
3
834 Nov 117 Oct
...,
567 56% 5512 56
8
4 5612 57
5913 57
56
573
5718 57
Sloss-Sheffield Steel &Iron 100 42 Jan 3 5(312 Apr 161 3412 Mar 5413 May
•83
400
87
*83
84
87
84
86
*84
86
Do pref
86
86
86
100 68 Jan 13 90 Mar Hi, 66 Mar 80 Aug
60
6214 7.600 So Porto Rico Sugar
62
60
.58
613
61
61
61
59
637
59
33 Nov 5714 Mar
100 40 Jan 13 643 Apr 19
234 2314 2314 233
4 2212 2333 9,203 Spicer Mfg Co
2313 2414 2433 243
4 2333 243
No par 19 Jan 17 2714 Feb 16 81
15 Nov 21 June
,
9712 *93
500
96
95
95 95
*94
9' *93
95
9614 4 95
Preferred
Apr 96 Sept
100 90 Jan 3 975s Feb 21 84
83
*80
*80
83
83
83 .80
*8014 8412 *81
Standard Milling
83 '
381
100 8012 Apr 11 9013 Jan 231 843 Deo 141 Sept
4
oat
4
8
523 5314 5218 533
52,
4
8 50, 5118 71,303 Standard 01101 Cal
8 5218 5314 513 52'z 51
25 5014 Apr 30 12312 Jan 2
918 Jan 115
35,200 Standard 011 of N
8
8 383 39
3912 393
4 3918 397
8
4 3918 393
4 3912 393
8 3852; 393
21 383 Apr 20 4414 Mar 211 381, Dec 2501, Oct
3
1164 Nov
Do pref non voting _ _ _100 116 Mar 24
1183 116% 11614 1163 11614 11614 11614 11812 11612 11612 11612 11613 2,200
8
s
1132 Jan
8
118 Feb
903 Steel & Tube of Am pref_ _100 85 Jan 21 1077 Jan 12, 68 Max 90 May
*96
9612
99
961
9613 9653 9612 96121 93
•96% 9612 .96
,
6118 3,000 Sterling Products
6112 617
8 61
8 6112 62
6212 623
63
63
6312 633
8
8
454 Ma, 6 % Dec
3
No Par 583 Feb 13 673 Mar 2
*11212 116 *11212 116
100 Stern Bros pref(8%)
*11212 116 •11212 1141 11212 11212 *11212 116
Jan 109 Dec
------100 10912 Jan 2, 115 Jan 5, 81
79 Dec
118 12212 116 11912 37,900 Stewart
4
12013 1213 13112 123
-Warn Sp Corp_No par 7914 Jan 2, 12312 Mar 23
123 12412 1213 124
4
2413 Jar
6,700 Stroinberg Carburetor_No par 824 Janie 94', Mar 6, 354 Jan 71 Dec
8912 8518 871 1
8714 8714 8613 8734 87
8712 8612 9014 88
4
4
12314 1243 122% 1233 123 1233 12312 124181 12314 1238 1218 12314 7,400 Studebaker Corp (The)___100 11218 Jan 16 12513 Mar 19, 7918 Jan 14134 Dee
8
.
Do pref
*113 11312 *113 11312 •113 11312 *113 11312'113 11312 *113 1131
4
100 112 Jan 41 1133 Feb 16' 100 Feb 11814 Nov
87 Nov
34 Jan
8
1414 143
4 14% 14% 144 1412 1418 14141 1414 1412 1318 14, 13,400 Submarine Boat
Vs par
7 Jan 31 15 Apr 6
1,500 Superior Oil
4
43
4 43
4 48
*434 478 *44 5
43
4 478! *43
43
4 434
434 Apr 7.
634 Feb 15
4 Nov1014 June
32
*30
32
32 1 *31
32
Superior Steel
32
*30
32
*30
Jan 3912 Apr
*30
*30
2914 Jan 3 34 Mar 22
26
15
8
112
134
15
8 6,700 Sweets Coot America No 1p0ar
I%
8
13
5 Mar
13
4 17
4
13
4
112 Apr 4
13
4
17
8
13 Nov
8
27 Jan 12
2
10
0
1134 3,000 Term Copp St C tr ctfs.No par 10% Jan 2 128 Feb 21
4
1118 1118 1112 1114 1118 1184 114 11.3
2 113 113
4
4 11
2
4
83 Nov 123 May
493
8 484 493 36.760 Texas Company (The)
4814 49
4814 487
483 49
4
8 49
493
8 4918
42 Mar 524 Oct
8
8
25 473 Jan 17 527 Mar 20
603 807
4
4 6234 633 21,000 Texas Gulf Sulphur
617
21 63 633
8 6114 627
8 63
643
3 61
10 5712 Apr 12 65 Jan 15
3812 Jan 5788 No,
183 187 16.200 Texas Pacific Coal & 011_ 10 177 Apr 1S 24 Feb 17
4
8
193 1912 19% 1912 18
8
8
194 177 183 1 187 10,
8
8
8
1814 Nov 323 June
Oct
•126 127
125 125 *126 127
4
Tidewater 011
1263 127 *125 130 '125 131)
100 120 Jan 2 144 Mar 2 10184 Ma 154
42% 43
45 14112 12,500 Timken Roller Bearing_No par 3318 Jan 2 45 Mar 8
22
42% 433
31
8 423 43
4
42% 43
4233 43
2812 Sept35 Oct
8'
.58% 583
4 5314 59
5814 583
4 584 587
2 Ws 587
8 5712 .587 18,600 Tobacco Pt oducta Corp
4914 Nov844 June
100 5018 Jan 17 60 Mar 7
7.330
833 83% 8353 8334 8333 837
8
8312 84
84
8312 84
Do CIA (since July 15) 100 793 Feb 2 85 Mar 2
8 833 8
767 Aug8912 Elan
4
4
11% 1053 1114
11
1112 11
74 Mar 20's May
9721 107
1018 1034 1014 10538 34,103 Transcontinental 011_ __No Par
1018 Apt 19 1412 Jan 5
73% 7414 7312 7312 7213 7212 7312 731
75 1 2,230 Union Bag & Paper Corp 100 6012 Feb 19 7712 Mar 28
73 2 7412 74
,
55 Mar 78 Sept
14
*18
"5
84
Union 011
84
84
"8
*18
Dec 25 June
84
84
*85
"8
14 Jan 3
No par
Is Jan 4
95
*92
95
*92
*92
9' •93
95
1191
9' *92
95
4
Union Tank Car
Dec 1343 Dee
100 81 Feb 1 9934 Mar 19
1093 10934 .109 10912 *109 1091 10914 10914 *109 110
8
200
•109 110
Preferred
s
100 1087 Jan 3 112 Jan 19 102 Feb 113 Sept
37
363 363 *3612 37
4
700 United Alloy Steel
•363 37
3612 37
37
37
37
Jan 4114 May
No par 3318 Jan 5 3912Mar 21
25
78
78
*77
78
Oct
80
7914 821
82
*77
8414 8312 8312 4,000 United Drue
8
100 7714 Apr 12 85 Feb 23
807 Mar 85
463 *4612 463 *4612 461 *4612 4712
4
4712 *45
4712 *45
*45
1st preferred
8
50 4614 Feb 14 48 Mar 1
41 18 Feb 517 Oct
4
17312 175
17212 1763 174 175
1743 1743 174 174% 1,500 United Fruit
4
Oct
*176 177
*
100 1524 Jan 17 183 Mar 2 1191 Jan 182
2
83% 811
823 8418 8118 8318 31,200 United Retail Stores__ _No par 64% Feb 1
8
8 823 84
8218 827
8 8212 833
4312 Feb 8712 Oct
84 Mar 3
30
3214 2,300 US Cast Iron Pipe & Fdy_100 29 Jan 31 3412 Mar 2
30
32
303 32
4
30 2 301 *3012 31
,
3012 301
1615 Jan 39 Aug
*68
6912
70
69
*6812 70
69
*69
100
*69
Do pref
691 *6812 70
Jan 78 Aug
100 69 Jan 25 723 Jan 3
50
5
.412 5
700 US Food Products Corp_100
*43
2 5
5
518 51s
*43
8 5
35 Jan 30
433 5
1018 Jan
4
612 Mar 19
23 Feb
19
1918 19
*1878 1914
19
187 187
8
8
700 USHoffruanMachCorp No par
1914 191
*1918 191
2
177 Apr 6 25 Jan 27
181 Nov 25% May
8
8
13,630 U 8 Industrial Alcohol..
6733 6814 8612 63
674 Ws 673 681
68
68's 6714 681
8
Jan 727 Oct
37
100 623 Jan 22 7'314 Mar 16
2
Oct
*93 100
*98 100 .98 100
100
*98 100
Do pref
100 100
*too lot
7214 Dec 102
100 98 Jan 2 101 Mar 28
8
994 99's 1003 1011 100% 102.14 102 1021 101 10212 10118 10318 9.800 US Realty &Improvement 100 8812 Jan 24 106 Mar 5, 56
Jan 92% Oct
61%6233 613 6214 6012 613 14.900 UnIte- States Rubber
4
4
1
6133 6214
6114 6Is 61 18 817
*
46 Nov 674 Apr
100 55 Jan 10 647 Mar 221
103 103
10212 10212 1.100
1024 103
Do 1st prat
103 103
10112 102
104 104
91 Sept 107 July
100 99 Jan 2 105 Jan 13
31
355
34
345 36
3114 2,900 US Smelting, Ref & M _ _ _ _ 50 34 Apr 19 433 Mar 2
35
35
3312 3413 3512 36
33 Feb 488* Oct
8
4412 4412 *437 4112
3
Aug
8
500
4412 4412 *437 441
Do pre(
4412 441
4412 441
4214 Feb 49
50 444 Apr 6 484 Jan 3
'
4
1065* 10718 10633 1071 10634 10719 10- 12 1061 76.300 United States Steel Corp 100 104 Jan 31 109% Mar 21
10612 10604 106 107
Jan 11112 Oct
82
1193 119% 1,703
11918 1191 120 120
Do pref
4
119 11914
1183 11812 1183 119
8
8
2
100 11778 Apr 9 12312 Jan 15, 1133 Feb 123 Sent
7118 723
8 7018 723
7012 71
9,400 Utah Copper
7112 Sept
70% 71
7013 7114 7053 71
10 6212 Jan 18 7612 Mar 5: 59 Nov
19
193
8 1912 197
8 194 1933 19
1914 2,800 Utah Securities v to
97 Jan 234 Sept
4 193 20
8
1812 183
*
100 15% Jan 28 243 Feb tel
4012 4034 3812 40
2,700 Vanadium Corp
4012 403
8
1
41
41
4034 4012 4014 403
No par 337 Feb 1 44 Feb 18
3014 Jan 53 4 Aug
2
*90
Oct
93
*90
93
93
Van Raalte 191 prat
*90
93
93
•90
98
*90
Jan 100
*90
02
100 92 Mar 22 98 Jan 25
k
154 5,100 Virginia-Carolina Cherb_100 124 Apr 6 2612 Feb 23
4 151s 1533 15
8 1514 153
14% 153
•1412 1453 147 15
2314 Nov 367 Mar
46% 4634 4414 45
2,000
Oet
Do pref
4633 4634
45
453
4 4614 4612 •4514 46
58 July 83
100 45 Apr 14 69 Mar 15
*63
66
*6312 67
Virginia Iron. C & C
*6312 68
*6312 66
67
*6312 67 •63
100 534 Jan 31 68 Mar 5' 43 Mar 9414 Jan
Oct
_
____ .83
____ *83
Preferred
.83
85
*83
86 Mar 86
*83
*83
85
100 80 Jan 29 84 Mar 16
217 2234 9,200 Vivaudou (V)
3
8 2214 221
16 Dec
2214 2214 2214 223
618 Jan
4 224 228
2212 223
No par
1514 Jan 17 23 Mar 22
Apr
*14% 15
400 Weber & Ifellbroner_No par 1214 Jan 27 153 Mar 8
14% 113
4
8
12 Oct 17
*143 1518 •1412 1518 •1412 15
15
15
10
8
4413 45
603 Wells Fargo Express
4512 451
46
46
46
*45
4612 4512 46
.46
6614 Jan 98% 0431
100 4112 Apr 20 105 Mar 2
8
1123 11314 113% 1133 112, 11213 1.900 Western Union Telegraph_ 100 109 Jan 22 11912 Feb 20
1133 114 *11212 114
4
4
89 Feb 12114 Aug
•11212 114
117% 11712 1171 11653 11653 1,700 Weetiaghowe Air Brake
00
118
1
4 38
11712 1178 11734
s jan
11718
118 118
50 107 J813 20 120 Feb 17 I Mar 103L 1 1,
3 577
5712 573
4 8,700 Westinghouse Elea & Mfg. 50 5712 Apr 20 6718 Feb 16
57
.5814 58
5818 5753 58
58
58% 59
4
2714 27% 5,200 White Eagle 011
274 2712 2714 27% 27% 28
25 May 3334 Nov
8 2712 277
279 277
Jan 16 3034 Mar 20
Vo pa
245
557 57
8
4.300 White Motor
57
53
57
573
57
57
57
57
3518 Jan 54 Sept
8Mar 19
5712 58
50 485 Jan 3 607
35
312 313 3,900 White Oil Corporation.No pa
312 31
218 Dec 12 May
312 37
313
378 4
33
4 33
4
57 Feb 19
3 Jan 24
1,700 Wickwire Spencer Steel
4
1012 107
11
•1034 1112 107 11
Sls Nov 217 May
11
10% 11
17
11
11
1012 Apr 20 133* Feb
77
g
74 8
3
73
16,500 Willys-Overland (The)
77
71
412 Feb 10 May
73
734 7 8
818
7
7% 818
84 Jan 5
25
6% Jan 2
6312 2,100
Do Preferred (nere)
6612 6618 6618 6312 6312 63
24 Feb 4912 July
6614 6614 66
66
66
100 424 Jan 2 69% Am' 8
300 Wilson & Co. Inc. v t o_No Pa
354
35
354 *35
354 35
*3513 36
35
*35
2714 Jan
WI Sept
4
*3514 36
3412 Apr 2 423 Mar 7
Jan 91 Sept
300
66
82
*81
81 •____ 81
8112 81
82
81 •_
83
•82
Preferred
100 81 Apr IS 87 Jan 3
Jan 223 Nov
21312 214
214 21612 216 216
215 215% 215 21612 1,250 Woolworth Co (F W)
214 214
10 19918 Jan 24 2244 Jan 5 137
2
Nov 557 June
3733 3712 37
3
400 Worthington p&Mvt c 100 3034 Jan 30 393 Feb 17
3612 3612
4
267
4
65
374f *3 8 3713 3712 3712 *3612 37
5
II Aug
Jan
103
2 3,300 Wright aeronaUtleal._ _No pa
6
978 10
1012 10
10
10
10
912 912 *912 934
814 Jan 17 1012 Apr 19
per share $ per share
8
13
1314 125 1314
48% 4938 4338 4912
1
1
118 14
*7814 7812 7812 7812
*5
1012
•10
11
8
39% 4118 393 4138
4
14% 1518 143 15,
8
4
703 72 4 693 7112
4
,
8
67% 69,
4 6653 683
851, 6
6
*5
1312 1312 *13 2 1312
,
512 57
,2
53
4 57
8
90
90
90
90
4814 43 s 47% 4814
3
*70
80
*70
80
615/ 6314
3
6214 63
13
13
13
131
•32
33
33
33321
418 41
413 41
37
373
8 37
371
$ per share
123 13
8
4812 483
4
1
118
*783 79 2
4
,
*9
12
3912 40
147 1514
8
68
7012
66
67 8
,
5 4 5,18
,
133 133
4
4
512 53
4
893 9012
8
475 4778
8
*70
73
6212 633
4
127 13 4
8
,
3214 323
4
418 414
$ Per share $ per share $ per share Shares
1212 9,800
127 1314 12
8
1234 13
4 4818 483
483 483
4
s 4712 4814 5,200
118 2,600
118 •1
118 *1
1
300
*79
80
*7812 80
783 783
4
4
614 014
12
100
*9
*9
12
40
37,800
3914 4014 3915 393
4 39
143 15, 33,500
s
4
1514 15
15
1514
4
687 713
8
4 7012 7319 6912 703 80,700
4
66 8 681
,
673 637
4
8 6612 673 125,100
s 514 2,600
55
8 58
,
5
514 *47
8
400
•1314 14
9
137 137
s
8 137 137
,
4
53
8 53
53
8 53
4 *5 8 53 37,600
89
903
90
8 2,60
90
90
90
47
4712 48
4712 7,00
4772( 481
50
75
6812 7012
*70
78
*73
633 653
4
s 643 653
4
4 6314 66 125,70
8 3.40
,
s
123 1341 123 12 8 1218 127
8
31
1,60
30
30
3212 *3112 32
4
418 1,90
414 414
418 418
14 3514 3518 3514 1,10
3412 3512 35
•Rid and asked prices; no salad on this day. 11 Gess tban 100 shares
t Es rights, a Ex-dividend and rlirtite.
Itange since merger (July 15) with United Retail Stores Corp. b E2-div. 01 25% In common stook
Ex-dividend. (Reduced to basis of $25 par
1742
New York Stock Exchange—Bond Record Friday, Weekly and Yearly
/aes 1 lam) ihe grchange method of guoting bonds was esan led 21.(1 prices are nme—"and toirren"—ereem or 02,me
and 44faeire3
113,3
,
r.
BONDS.
Week's
Price
Range
• I
022
BONDS
•• 1
Price
Rang.
Weeic's
o7
N.Y. STOCK EXCHANGE
Range or , o ,1
Friday
Since
N. Y.STOCK EXCHANGE
.?3
Friday
811•3
Range or
0
22.3
Laid Salo
April 20
Week ending Aril 20
Jan. 1
Week ending April 20
April 20
Jos, 1
Last Sale
No. Low High
ma
High
Ask Low
Bid
Ask Low
U. S. Government.
Ateb Top & S Fe—(Concluded)
VIM Liberty Loan
Cony 49 issue of 1910
01 18
1960 J I) 189147,,Sate 10012 A 178:117 7_:i 6966381,
.
4
1895 2 p0:145
01
2, 143 23 509_. :878,7
0
8780
00 0 1
,63
2 :91. 7:1.1 L 333844 l1 ;
2
ID 10142 Sale 10142 10142 2842 100.92 101.90
434% of 1932-1947
East Okla Div lit it 4s
1928 M 9
1 971322 98 90
Cony 4% of 1932-1947
• D 97142 972322 97142 971822
Rocky Mtn Div let 48
7913 . 7
1.
196.51.1 3 83 _ii44 8913
3
7913
42 98.00 341 961522 99.08
Cony 41 of 1932-1947
3D 97542 Sale 970
/
4%
Trans
-Con Short L 1st 49_1958 J .1
26 cony 44% of 1932-1947
3D 97.00 98.00 97'131 97242 32 97.00 99 00
Cal-Aria let dr ref 4)48"A" 1962 Si 9 8918 904 89
/
1
_1 727:3 88384
Ape231 _2 87 3 93
83
11mnd Liberty Loan
Atl & Birm 30-yr let g 48..e....1933 NI S 65
6712 6512 Apr'23 ----, 65 6134
971322 9722„ 332 96142 98.60 At Knoxv & CM Div 4s
4% of 1927-1952
MN 9742 975532
1955 M N
,
Cony 432% of 1927-1942
MN 971522 Sale 97 42 97242 2186 96242 98.88 AtIlenox & Nor lot g 5s
19453 D 983 102
4
984 Apr'23'- -.- -1 983 99'2
4
Third Liberty Loan
All 53 Chad AL 1st A 4349_1944 J .1 88
/ 9134 '
1
4
3 88
92
92
MS 975542 973122 971122 981222 2196 97132299.18
64% of 1923
1st 30
-year bs Ser B
19443 1 96 4 9912 96
,
Apr'23 ----1 96 100
Fourth Liberty Loan
All COMt Line let gold 49_51952 NI 9 85 86
844
/
1
85 1 13 82
/ 89
1
4
Sale 971122 97342 5221 96542 99.18
A 0 975322
43(% 01933-1938
10
-year secured 723
/
4
1930 M N 1061 Sale 10613 1841 19 102 18 53
0/
643! 8 86 1
1
72
Victory Liberty Loan
General unified 134e
1964 .1 JD 84 Sale 84
100
Q D 100.00 Sale
61 Notes of 1922-1923
/
4%
9921,22 100.30
L & N coil gold 49
01952 NI S 7834 7912 7818
79141 38 1 77
982%
82
9', 992 283 98122 100.04
2
1
, 89
2
A 0 99522 Sale
Treasury 44e 1947-1952
AU & Dany 19t g 4s
19483 .1 7512 Sale 7512
/ 77
1
4
75121
1 73
10212 Apr'221--As consol reglei:ered
41930
2d 49
72
19483 .1 61
6118 Mar'23
,---- 6118 654
10314 11 1ar'221---Se con9o1 eoutum
.
41930 Q J
Atl & Tad let g guar 42
80
1949 A o 77
7718 Feb'23;---- 775, 7714
10212 Dee'22 -te regLstered
1925 Q F
A & N W Ist gu g 58
/
1
'3
1271',.,
1941 2 .1 954 - - -- 9512 Jan'23.--. I
5
10318 Jan'231---- jQ3t 10318
fai coupon
,.2222 & Ohio prior 3423
1925 Q F
1925 J .1 9534 Sale 9512
0712 126 I 9318 96
100 July'21 ---Panama Canal 10-30-yr 2a...51936 Q F
Registered
-51925 Q J 94
9618 0418 Apr'23 ----1 93 2 9413
,
95 Feb'23 -- 95
Panama Canal 39 gold
1901 QM
9.5
let 50
-year gold 49
51918 A 0 764 Sale 761.
77
68
53 80
1961 QM 9413 -Pe12 9412 Apr'23 ---- 9312 9112
teg1etere0
Registered
743 76
:3
7414
3.1948 Q .3
7414
2 744 784
/
1
10
-year cony 4349
1933 M 8 793 Sale 7853
4
8013 201 7712 8212
Foreign Government.
Refund & gen 58 Series A_ .1991.3 D 817 Sale 8138
8
8212 101 7812 85
10
-year 69
8
.,_1029 J .1 1007 sale ow
! 101 1 124 9914 1011
/
4
/ 103
4
Argentine (Govt) 78
1927
A_ 10212 Sale 1021
153 100 10318
.*
P June AM Div 1st a 348_1925 MN
93
941 94
/
4
94 ' 20 91
/
1
4
94
/
1
4
II 771 82
/
4
,
80
Argentlee Treasury 59 of DOD__ _ ifl 8 7712 79 4 784
74 Sale 734
PL NA W Va Sye ref 48_1941 M N
481 911 102
102 Sale 1002 102
Belgium 25-yr ext 9 I 734e g 1945 J D
/
4
Southw Div let gold 330_1925 J J 941 Sale 9418
/
4
9412' 64 9173 947
3
983,
964 182 93
/
1
5
-year 6% notee
Jan 1925 3 J 964 Sale 9514
Tol & CM Div let rotes A_ _1959 J .1 6314 Sale 63
102 Sale 101
-year e I 89
1023 185 9414 10234 Battle Cr & Stur 1st gu 3s____1998 J 0 5618 6012 5718 Apr'23 -4 ,
20
63'2
91
109
10814
Bergen (Norway) a f 8o
109
1316
.1
rl
nn 10712 10912 Beech Creek let gu g 4,-----1936 J J 8714 90
,
863 Apr'23 -8
4
Berne (city of) a 1 Se
112
1945 M N 1113 Sale 1114
. 1104 11314
. /
4
1
Registered
1930 J 1 8612 8712 86
Feb'23 ___ 86 86
Bolivia (Republic of) 823
93
1947 M N 92 Sale 9112
25
.2 8934 94
2d guar gold Is
1936 3 .1 9412 ____ 134 May'16,—
Bordeaux (City of) 15-yr 6s 1934 MN
SO Sale 7811
/
4
8014 I/ 691 8014 Beech Cr Ext lst g 349____51951 A 0 684 18 _ __ 16
8917 .:6.
, .
8004 2 21v:22;-..:.._ .-. -_-- .-. :
013 02 22
:
, 2
-- -:
4
Brasil. TJ 9 external So
9612 312 913 99
1941 J 11 96 Sale 933
4
dellev & Car lot as
1923 .1 D
75
864 Big Sandy lot 43
2
8213 12() 80
1952 .11 D 821. Sale 81,
9 A o
1944 .1 D
- 11 -iik,8 1
1011 Sale 1013
/
4
4
T341
10214 38 963 10412 BA NY Air Line 1,1 48
4
6212 7212 7512 Mar'23 ..._ 7512 7512
1955 F A
Canada (Dominion of) g 523_1926 A 0 10038 Sale 993
4
100 8 65 9918 10112 Bruns & W let gu gold 4s
,
4
1938 J J 873 __-- 89
Feb'23 --- 89
89
do
100
do
do
59_1931 A 0 100 Sale 9913
75 99 102
Buffalo R & P gen gold 59
8
1937 MN 97 4 _ ___ 1014 Mar'23 ____ 101 1011
/
4
8
142 100 1023
8
10
-year 534a
102
1929 F A 1017 Sale 1013
824
4
Coneol 4413
4
89 i 10 87
1957 M N 88 Sale 874
99 Sale 985
8
170 977 102
68
9914
1952 MN
8
Burl C R & Nor lst 59
1934 A 0 9614 97
/ 9614 Apr'23 ----1 964 9912
1
4
Chile (Republic) eat 5 I 8e
/
4
1941 F A 10314 Sale 1024 103121 83 10214 1041
1
External 5
-year a f Se
1926 A 0 10214 Sale 10214
/
4
103'41 78 1O1's 1021 Canada Sou cons RU A 5s____1962 A 0 967 9614 957
3 94 10012
8
9614 1
s
9618, 57 933 97
75
4
4
1942 M N 9534 Sale 053
Canadian North deb 9 f 79_1940 2 D 2114 Salo 11314
/
4
11438 64 113 1141
25
-year 8 f 8g
103121 37 10212 10413
194SMN 103 Sale 103
25-year s f deb 648
1916 3 3 31124 Sale 11112 11238 81 1101 11312
/
4
434341 89 47
Chinese (Huknang Ry) be of 1911 J D 17 Sale 47
523
4 Canadian Pat Ry deb 49 stock__ 2 3 79 Sale I 78
137,1 76 2 81
,
79
Christiania (City) e f Ss
1
1945 A 0 11112 sale 11118
1111 27 10734 113
/
4
..:arb & Shaw let gold 4e
1932 M 9, 804 90
924 SePt'22 ---2.--- _ —
Colombia (Republic) 634e_ _1927 A 0 93 Sale 93
4 Caro Cent let con g 4s
931 24 8812 943
/
4
1949 .1 21 704 7312
Apr'23 ____' 68
70
9112 63 E0314 oils Car Clinch & Ohio 1st 3-yr 59 1938 .1 DI 90 Sale 1 68
Copenhagen 25-year s I 5349 1944 J .1 91 Sale 9014
9112 13 8814 92
9038
98
Cuba be
97
1 9014 97
1944 M 8 96
6s
1952 .1 0 00 Sale 1 9C1
/
1
4
88
Eater debt of 59 1914 Ser A.1949 F A
90 88 Mar'23 ---- 88
1981 3 D 7634 8312 811 De01 '2_7 1-- - 9722
9314 Cart & Ad let gu g 49
9
/
4
9 22 _6j 8.
'
External loan 448
4.
8
84 1 2 8110 87
0
1949 F A 833 8312 835
Cent Br U P 1st g 48
1948 3 0 6614 73 1 7058 Deo'22 ----'- z- 58_ _
, .
54e
9914 108 99
1953 3 J 9914 Sale 9914
'rut New Eag let go 49
1961 3 3 6714 Sale 5518
9912
575
8 18 , 50'a
90i2 265 75
Csechoelovak (Repot) at) 8e 1951 A 0 90 Sale 8838
9012 Central Ohio 434e 1930
1930 51 S 92, - --- 9334 Dec'22
8
Danish Coo Municipal ffe "A"1948 F A 109 Sale 10814
109I 35 107 1093
4 Central of Ga let gold 62_91945 F A 100 103 10112 Mar'23 ____' 1014 102
Series B
1946 F A 10812 Sale 10818
10858.
0 107 10913
Consol gold .58
1945 MN 39018 Sale 954
95,
2
I 931 98 2
/
4
,
Denmark external e 188
1945 A 0 109 Sale 0814
/
1
10941 50 1074 110
-year temp eecur 6s_June 1929 3 D 9912 Sale 9913 J. 0
10
10,,3.8. ..i Li94: 1 2_
022_27 9.,:i 04
,
20
-year 68
97 Sale 97 22
/
1
4
,
9712
1942 3 J
9514 99
Chatt Div pur money g 4s.1947 ., D 734 80
1 51 J J
81
Jan'23 --__ 81
81
Dominican Rep Cane Adm e I 5958 F A
961 23 9514 100
/
4.
9612 Sale 96
Mae & Nor Div lat g be
1946 1 J 945 s,.. -_ - 9,35344
90:034 -_ - °
i5„ 0.
8
549
.
88 1 n171 84
91
1942 M 8 371 Sale 87
Mid Ga & Atl Div be
Dutch East Indica eat 6e___ _1947 J 2 9514 Sale 941
/
4
9514' `
56 9214 9512 Cent RR & B of Ga coil g 59_1937 NI
941
/
4
-year Re
951 672. 0214 9518 Central of N 2 gen gold 59_ A987 j N 104 1043 1034 Apr'23 ---/
4
40
/
1
1
1962 DI 8 944 Sale
3
4
4.0.2 108
5349 trust rote
0010 345 87
/ 9010
1
4
1953 51 El 90 Sale 894
51987 Q 2 103 10812 103
Apr'23 -..„ 103 103
3011 8812 100
French Republic 25-yr ext 61_1945 M $ 995 Sale 983
8 100
8
4
Cent Pao let ref gu g 4e
4
1919 F A 843 Sale I 833
85 I > , 7018 878
60
4
20
-year external Man 749_1941 J D 943 Sale 9414
95
719, 81
4
95
Mort guar gold 3349
51929 J D
Groat Brit & Ireland (UK of)
82 1 50, 80 84
7. 1 9 4 A 2
ohP1' 22%h Sts 1241 ri uh 7. ...1950 J 0
,v 3 ga
- 1 110 d2 la . 492
..
3
7
20
-year gold bond 534e
18971'22 : 1189401
/
1
4
: 1: 1
12 2 8031
Apr'23Oe91 41 15 :
1937 F A 10418 dale 0378 10414 3341 102 10413
:3
: i' 7
2 8803
: 9:.
.' ;'88
10
32
-year cony 634e
11434 234 113 116
4
1942 F A 1143 Sale 114%
629
9614
4,7 . 0sl:::
clam'& Ohio fund & Inapt 521_1929 1 J 96
8 :
9 9:
9-1793 143, 65
4
793
4
Greater Prague 734e
7912 Bale 7713
99 4
8
99 4
4
/
4
1 973 1031
1939 M N 993 100
hat consol gold 59
Haiti (Republic) 6s
4
953 Sale 9512
06 1 36 95
98
Registered 4 .42
82
7
1939 hi N 86:2 sa i_
M s 93 8 _ _ o_ 9 14 Mar'23 ____ 97
'4 974
Italy (Kingdom of) Ser A 63491982 F 0 9612 Sale 9613
/
4
9613
6 911 9612
A 4
19
25
1992
General gold
34
931 146 92
/
4
9318 Sale 92
Japanese Govt—£ loan 4349_1925 F A
9412
_7
1992 m 8 --------8014 Ape23 __7_
Registered
84
925 Sale 9238
Second aeries 43.4e
8
933 177i 92
8
935
8
10253 J
1930 F A 8712 Sale 87 2
-year convertible 449
20
,
88 2 219 85 8912
,
8113 817 8114
Sterling loan 4e
8
824 132 80
1931 3 .1
30
/
4
-year cony secured 58_1916 A 0 881 Sale 874
8312
881 141 8714 9614
/
4
Lyons (City of) /5
8012 100 6914 8012
-year 6e
Craig Valley lst g 55
1934 M N 80 Sale 7814
1940 3 3 907 - - -- 905 Apr'23 __-- 9013 95
8
4
Marseillee (City of) 15-yr 08_1934 MN
SO Sale 78 4
,
8012 50 6913 8012
7
22
Potts Creek Branch lot 48_1046 .1 ..1 N12 N14 p) z
, 346s
Mexican Irrigation 449
40 I 30 3212 40
1943 NI N 3812 Sale 3918
a 783
1989 3 J
& A I)Iv 131 con g 4a
4
Jie:24R
Mexico—Extern loan e be of 1899 Q 3 5312 Sale 5314
1999 3 3 724 763 774 Doce22
159 49
56
574
/
1
4
/
1
2d consol gold 19
Gold debt 48 of 1004
37
_
1954 J D 3418 Sale 34
Warm Springs V tel a 58_1941 M 9 8912 9213 80 4 Deo'21
3613 37 33
8
Montevideo 79
20 85
4
8612 Sale 853
87
911 Chic & Alton RR ref g 3
/
4
.
/
4
1913 A 0 513 Sale1 511
4
62 8 53 504 5412
5
Netherlands 68 War priced)._ 1952 61S 9914 Sale 994
9934' 25 9714 10138
972 3 D
Bellamy let lien 34e
1950 2 3 2814 Sale 2712
29,
28 14 106 25
2
Norway externals f Sc
4 Chic Burl A, Q-111 Div 334919 9 j j 873 8,2 8 13 Apr'23 _
781 83
/
4
1940 A 0 11114 Sale 11012 11212 28 109 1123
94 3 .1 8 ,2 83
0 8712
0
01
8
68
/
1
4
98 Sale 9712
9812 149 96 100
a 8512 993
4
Illinois Division D3
Oriental Develoentent 6e
92 Sale 92
9214 88 92
9214
19 3 A 9
96
1 9512 9714
952 M 9
8
Nebraska Extension he__ _ 1927 MN
92 m N
9612 9612
964
Porto Alegre (City of) 8s
96 1
1 93 100
1961 J D
Registered
OcC123
Queen-land (State) eat, I 75_1941 A 0 10613 Sale 10613 1067
8 47 10512 10912
1958 M S 8614 Solo 804
General 45
.3 gi 8471
8614 2
25-year 69
76 100 1023
100 4 Sale 10012 101
3
4
1947 F A
1971 F A
9813 Sale 9814
45 9638101',
lot & ref 59____ __.
99
Rio Grande Do Salt,
96
15 9112 100
1946 A 0 95 Sale 9418
1927 A 0 5712 5812 5912
Chle City & Conn Rye 59
2 47
8953
6212
filo de Janeiro 25
-years f Re lose A 0 9332 Sale 03
934 19 90
/
1
97
/ Chicago & East Illinois let 68_1031 A 0 10214 ---- 105
1
4
105 10612
Apr'23
fle
923
4
3947A 0 9312 Sale
93 2 36 9014 9712 C & E 111 RR (new Cr) gen 59_1951 MN
,
7912 Sale 7818
774 8112
7934
San Paulo (La)') a f 89
983
8 43 96
99
98
9914 Chia & Erie let gold 59
1952 M S 98
91 Sale 9012
1982 M N
4
5 873 9712
91
Ian Paulo (State) eat 9 I Se. 1936 J ./ 98 Sale 98
/
1
4
99
15 9512 10014 Chicago Great West let 18
1959 M s 51 Sale 50
50
56
Seine (Franoe) ext 7s
8758 750 , 75
1942 J 3 8714 Sale 8612
875
8 Chic Ind .1c I.oulsv—Ref 69_ _1947 3 J 1064 1073 10512 Apr'23 _ _7_ 1047 107
8
_8
81
4
Serb,. Croats & Ellevenee 8e 1962 14 N 67 Sale 6712
/
1
4
6914 188 54
703
4
1947 3 3 94
9518 9514
95
/
1
4
5 9212 9712
Solssons (City) 68
7912 24 661 7912
7913 Sale 79
/
4
1936 M N
4919 M
9 7 3,1 .1
8,66
82
Refunni ng g9 Serlee C___1466 3 N3 8014 9685 134 90,i Apr'23 —5 794 8238
R i dl
i
1
8
4/sedan 20
-year 08
1939 1 D 105 Sale 10412 10514 49 10312 106
81
84
General 5s A
lines Conterere 20-yr 81 88_..1940 J .1 117 118 118
11814 28 11712 11914
9412 98
95
Gen era.,
ind d, lI
Tokyo City So loan of 1912
,
M S 77 7718 75 4
/
4
775, 108 711 774
ou 1ville hat gu 481956 j 3 7112 76
8919 3
78
Jan'23 --_ 78
78
Uruguay Republic ext 89____1916 F A 105 Sale 105
105
13 103 107
Chic Ind & Sou 50-year 4s_1956 3 3 79
Apr'23 -2 8112 8412
8312 84
Soden (City of) 9 194
113
16 111 1137
1945 A 0 11212 Sale 112
8 CW L 8 & East 1st 4349
4
1969 .1 D 8713 ---- 863 Mar'23
- 864 863
4
•
681
/
4
4 62
C 51 & Puget Sd let gu 19.....1949 .1 J 621 2 Sale 62,4
63
6 70 7424
72
/
Ch 51 & St P gen 948 Sec A.e1989 J .1 713 Sale 711
4
4
State and City Securities.
7112
General gold 348 Set B..91989 J 1 6214 63
/ 62,
1
4
4
7112
3 62
/
4
8112 39 781 83
/
1
4
General 4348 Series C__e1989 J J 8012 807 8018
8
ff Y Cit9-4 )113 Corp stock.._1960 MS 10018 10038 1004 Apr'23
100 101
623
4
(6,17.: 221 56
167
Gen & ref Serlee A 43.4e02014 A 0 61 Sale 6058
43(8 Corporate /deck
10038 10114 101
7 1005 1027
1904 M
101
8
8
111 64
70
Gen ref cony Ser B 59___ _222014 F A 6714 Sale 67 4
,
6421 Corporate stock
8
1960 AO 1005 10114 1014 Mar'23
1013 10211
4
63 68
Convertible 4SO
1932 J D 684 Sale 6514
6449 Corporate stock
8
3D 10512 1063 108
1971
Jan'23
10714 108
84
37
63,2 295 76
82
8
49
1925 J , 825 Sale 8214
0
4319 Corporate stock_luly 1967 3 1 10512 10618 105
Apr'23
105 10712
/
1
62 Sale 004
25-year debenture 4e
4348 Corporate stook
1965• D 10512 106 1054 Apr'23
1054 10718
9
6
07
2 8419 97'12
83 2
,
Chic A Mo Itly Div be_ _ _193 J 3 96
96 4 97
92
6
10512 106 1054 1053
4423 Corporate etock
/
1
1903 MS
8
10518 1073
8 Chic& N'west Est 49__ _1886-1926 F A 96
9814 9514 Mar'23 ___ _ 941/4 96 ,
4% Corporate etock
984
/
1
/
1
N 9712 9818 984
1959
9712 10014
8
/
4
Registered
/
1
4
1886-1926 F A 941 - - -. 9338 Jan'23 -.__ 933 93
6% Corporate stock
1958 MN 9712 981s 9914 Mar'23
9914 10312
4 704 77
7218
7218 7212 724
General gold 3348
1987 MN
4% Corporate (nook
1957 MN 9712 984 984 Mar'23
/
1
983 10014
4
Registered
*666 ---- 7319 Dec'22 —__ -„; _lir
4
91987 Q 13
4% Corporate eteck re8_1956 MN 97
98
9719 Apr'23
974 9912
27 801
L.2:32
General 13
8
1987 M N
9 N1 N 8412 Sale 3143
5
2 105 10712
1957 MN 105 1058 100
New 449
105
Stamped 45
/
1
4
1957 MN 105 105 1054 Mar'23
64% Corporate etock
10514 10714
1987 m N i(ift- 1021- 101 12
2
7 1007112 10057113,
4
102
General 58 stamped
334% Corporate siock1954 MN 88
89
8914 Apr'23
:3;8 E
8812 9114
8
1879-1929 A 0 102 105 10314 Mar'23 ______ 1_0 2 1_8 4_
Sinking fund 68
-48
1024 Apr'23
New York State
1961 MS
102 10312
/
1
4
/
4
1879-1929 A 0 10014 103 1011 Apr'22 —
Registered
10312 Jan'23
Canal Improvement
196i4
./
1034 10312
/
1
1879-1929 A 0 93 ____ 9812 Mar'23 _.......
Sinking fund be
il91 A pr:2
Highway !mercy': 434a,,1963 MS
121
:
1
9712 Mar'23
1879-1929 A 0
Registered
Highway Improv't {Ste__ _11385 ▪ S
1
/
4
1033 M N 9188 -901 99 Mar'23
Sinking fund deb be
/ — 71 4 Oet'20
1
4
,
Virginia 2-33
1991 J J 72
_9 — 1 _1
9 _9
/
4
941 May'22 __
1933 M N
Registered
37 1,51 1781 82
-7 2
1930 .1 D i0 -1- Bide- 10612 109
9 4 10
778386
:
0
:
10
-year secured 78 g
Railroad.
15
-year secured 6 4e g__ _ _1966 M 9 10812 Sale 10812
1084
/
1
__2_182_,
J
Chic D / & p____kad20228 gen 1s 1988 .1 3
4
933
4
933
4
3 933 96
4
Ala Ot Sou let cols A Se__...1943 J D 933 99
74 ._1°_ 78 Jan7'82'32
7 14 7 , 878
8
Registered
9938231/4
3
4
997 Mar'23
1928 M N 10014 Ala Mid let guar gold Ls
1934 A 0 7818 Sale 771
/
4
Refunding gold 48
/
1
7812 253 764 8312
1946 A 0 79 2 Sale 79 2
,
,
791
.
2
Alb & Beau cony 348
1951 .1 I) 9912 10212 100
Chic St I. & N 0 gold 58
4 9734 1015,
100
83 Mar'23
1998 A 0 7614 84
Alleg & West lot g 441 gu
83 83
09 Aug '21
oegd t344s
lloi4 ered
guar 9 48
1942 M S 8712 8918 89
89
Alleg Val gen
3 89
90
1951 .1 D 77 __ .. 7912 Mar'23 ____ 7912 7932
51995 Q J 63 Sale 6212
6278
Ann Arbor let R 43
Joint let ref bs Series A__ _1963 J D 94
95
927
8
933
8
4 67 913 97
/
1
4
116 31614
/
1
4
87
•ich Top & Fo—Gen g 48_1995 A 0 8612 Sale 85
10513 I) 81
Memph Div lilt g 4s
84
83
81 Mar'23 --__ 81
833 . pr'23 ---- 81
4
193)5 A 0
Registered
8712 C 82 L & p let cons g 59
___ _
1932 A 0 99 _ --- 100 May*22 .......
/
1
4
78
82
78
51995 Nov
Apr'23 ---- 714 824 Chic St PM & 0 cons 69
Adjustment gold 4e
1930 .3 D 103 10(1 105
/
4
---Apr'23 --__ 1043 1071
4
4
79
34 7638 827
51995 Nov 783 Sale 78
8
Stamped
9210 921 Mar'23___1 9212 9
Cons 6s reduced to 3345_ _1930 .1 I) 91
/
4
94
80
78
1955 1 D 78
7812
(
-kelt gold 49 1909
,
1930 M 9 95
Debenture 59
96
96
7912 7812
1955 J D 78
?
7812 3
Cony 4s 1905
111, I ii h HO Kam tat 58_ 19603 D 765 767 77
8
8
Apr'23 _ __8 92%78 98
931
_' 7
8
8134
*No price Friday; lateet bid and &Owl. a Dos Jan a Doe Awn c Due May. a Due June. 5 Due July. It Due Aug. o Duo Oct, p Due Nor. Due Doe, tOPtion sale.
r
A
4 N
21:: Va
S854
,771, gTz
BONDS
N. Y.STOCK EXCHANGE
Week ending April 20
Lte
e
c
New York Bond Record - Continued-Page 2
4,
g
Price
FrMae
April 20
Week's
Range or
Loot Sale
Range
Since
Jan. 1
litoh No Low High
Dfd
Ask Low
3 874 924
88 3
8
ChieUn Sta'n lst gU 9340 A-11163
1 88 Sale 88
095 9838
8
99
5 98 10012
19632 .1
be 13
115
8
2 1127 1154
1963.7 .1 11312 11412 115
lat Ser C 640
Apr'23
10412 105
_ 105
01932 @ 81 105
Cble & West Ind gen g 6e
734 32 70
754
1952 J .1 7214 Sale 7218
Conso150-year 48
1027
8
8
4 10112 1024
1935M S 1027 ____ 10212
15-year s f 740
9512 98
9512 Apr'23
8
1952 MN 953 97
Choc Okla & Gulf cone 5s
---- 88 Mar'17
C Find ea Ft W lat gu 4s g__ _1923 MN
8618
§61
8818
3 - ;
1937.7 .1 8618 88
Cin H & D 2d gold 440
4
8712
1 8618 863
8712
k1936 Q F 864 88
0 I St L A C let g 4s
9012 Oct,"22
k1936 Q F
Registered
-g5 4 854
.-3
813 _
s
853 Mar'23
4
1942 MN
Cin Leb & Nor gu 4e g
_ ___
99 Aug'22
983 99
8
1928.1
CtnS&Clconsletg5s
9012 Jan'22
967 ___
8
Clear, & Mali let gu g 58___ _1943 J J
8218
79
17 76
Cleve CM Ch & St L gen 40_1993 J D 7814 Sale 7712
92
21 9014 9312
913 9212 903
4
4
1931 J
20-year deb 4 1.111
9812 100
8
, 9712 Apr'23
1993 .1 D 963 97
General bs Series B
4 101
10034 Sale 1003
47 100 10218
J
Ref & impt Oa Series
10114 Mar'23 ____ 1014 10114
3
1941.1 J 1008
0.0
8512 88
81
8612 8812 Feb't3
Cairo Div let gold 48
1939 J J
7514 788s
7514 Apr'23
7512 76
Cin W & SI Div lst g 4s
1991 J
8
7618 17 744 813
St L Div 1st coll tr g 4s
1990 MN 7618 Sale 754
Apr'23
__ 8212 83
e3
84
Spr & Col Div let g 4s
1910 M S 80
5
80 4 ____ 813 Nov'22
3
1940.1 J
W W Val Div let g 4s
10310 10628
pr'23
10318
1033 _
8
CCCA Igenconsges
1934 J
8
Cloy Lor & W con let g 58
1933 A 0 0615 ____ 974 Feb'23,____ 963 9712
95 95
9112 __lit, Jan'23
CI& Mar let gu g 4440
1938 M N
93
94
93 Mar'23
Cleve de Mabon Vail g 5e
1938
J 85
91 Nov'21,____
1942 1 .1 944 _
CI & P gen gu 440 Ser A
67 104 Dec'15
1942 A 0 95
Series B
__
9612 Feb'12
1942 A 0
Int reduced to 340
904 Dec'12
Series C 340
1948 MN
Jan'21
_ __
1950 F A 7612 ____ 67
Series D 3345
98
02'z
9212 15 90
Cleve Sher Line let gu 430_1961 A 0 0215 93
10241 49 101 106
Olirre Union Term 5440
1972 A 0 3102 Sale 10134
85
8
1945 1 I) 8118 827 8314 Mar'23'____ 83
Coal River By let gu 45
9258 25 903 9312
4
8
1929 F A 923 95 t 0212
Colorado & South let g 4s
8312 24 813 874
8
1935 M N 8314 Sale I 834
Refunding ea eaten 444e
8
1948 A 0 807 84 ' 8312 Nov'22
Col&HVlstextg4e
-863- -8764
4
1955 F A 8012 854 804 Mar'23
Cal & Toilet ext 40
853
4
8312
82 4
,
9 82
84
Cabs RR 1st 50
-year 55 g
1952• .1 10412 841 10412
,
Sale
10514
7 10312 105 2
J D
1938
let ref 740
Apr'23 ____ 91
923 91
4
923
4
Day & Mich let cone 440-1931 '.7 91
oesaware & Hudson
86
24 833 90
8
N 8512 Sale 8512
1943
let & ref 45
4
4
94
16 9014 98
1935 AO 923 9334 923
SO-year cons 51
984 20 98 1024
2
1937 MN 98, Sale 98
844
4
4
3 105 1113
1930 3D 10818 1083 10812 10812
1.0-year secured 75
87 May'22
- -o R RR ABdgelet gu 40 9_1936 FA 8814
73
21 7214 76
Den & It Cr-let cons g Le..1936 J J 724 Sale 7212
7712 Sale 7712
774
5 7712 80
1938 J
Consold gold 440
84 I 35 82
88
1928 3D 84 Sale 831a
Improvement gold Se
8
504 265 493 57
4
1955 P A 497 sale 4934
let & refunding be
____ 4912 Aug'20
do Registered
43 _
47
Apr'23 ___ 47
52 2
,
Bankers Tr 8tmp ells Feb '22
48
5314
54
Sl3s Mar'23
Farmers Ldar recta Aug '55_
--------_
46_
_________
Bankers Tr ctfs of deD--do Stamped
*44 ____ 46 Mar'23
"46" 46"
.
Am Ex Nat Bk Feb '22 Mrs_
4712 _ _
do Aug '22 Ws
4278
-_-_-_-_ 42
45
Dee M & Ft D let gu 48
1935
8614 _ _ 9314 Sept'221.___
___
Dee Plaines Val let fru 440 1947 M
754 FelY23
__ 754 7518
80
1995 ID 65
Del A Mack-let lien g ds
65
Gold es
1995 ▪ D *60 _65 Apr'23.. 65
-7
854
863
41 12 85
903
4
N 8614 814
Del Riv Tun 440
1961
4
,
.1 983 ____ 9814 Apr'231 ___- 984 99 2
Dui Missabe & Nor gen 5s
1941
8
99
3 9812 100
Dui A Iron Range let 58
1937 AO 984 Sale 987
984 Jan'23 __-_ 984 9812
Registered
1937 AO
77 Mar'23 ____ 75
79
80
Dul Sou Shore & Ati g 5s
1037 • J 76
89 Mar'231 ____ 88
90
a Minn Nor Div let it 48,
1948 AO 8612 90
_ 9112 ,epr'23
_ 9112 9184
E Tenn reorg lien g 58
1938 MS 964
_ 99
Jan'23
99 99
E T Va Oa Div g 5s
1930 ii 96 _
98
1 9612 9912
Cone let gold be
1956 MN 9628
Apr'23
998 10 12 99
974 1004
9
1 98
Elgin Joliet dr East let g 5e 1941 MN
10312 14 103 1043
4
MS 103 Sale 103
Erie let coneold gold 7e ext 1930
8
8
1
5712 70 543 587
let cone e 4e prior
1996 J J 87 Sale 55,
_
57 Mar22 __t
56
Regletered
1996 1.1 -464 179 43
12 494
' 4612 Sale 4518
3
let confetti gen lien is 46_1998
Registered
1996'.7
Apr'23 ____ 1 82
2 44
858
4
Penn coll trust gold 4e_1951 F A -851- 8484 84
49
48
69 ' 411e 52
50
-year cony 4e Ser A
1953 A0
49
8 Sal
47 424 52
4 l
do Series B
1953 A 0 49 Sa e 48
.51
106 43 4 5412
3
Gen cony 45 Series D
1953 A 0 50 Sale 494
8812
5 86
897
a
J 8812 Sale 8812
terie & Jersey lets f 68
1955
_
4
833 8384
833 Mar'23
4
Fele & Pitts gu g 340 B
1940.1 J 82
Apr'23 ___ 82
82
8314
Series C
1940.1 .1 82
88 Apr'21 __ 1I ____ _ _ _ _
EvaneATil let gen g 513_1942 A 0
6918 Apr'21 __
et eel Co Branch let g be
193n A 0
999942
22
63
9
Fargo A Sou Gs
1924 .1.7 9 12
Mar'23
-662 100
1
'
I
Bin Cent di Pen let ext 6e
lea:
4
88
034 AA,1,,'22 -----------.13
lst land grant ext g
913
4
91 Mar'23
91
93
Conseil gold be
1942 1
87 Mar'23 ___ 8512 89
D 8118 87
Florida E Coast 1st 444e
1951
70
79
711. 70
72
30 65
Fonda .1 & Cloy 440
1952 MN
79
7847ar'23
9 Mar'23
79
eort St U Co 1st g 4440_1941 1 .1 100
993 103
4
12 Sal 10012 10012
D
Ft WA Den C let g
874
90
874 Feb'23 ____ 85
J 84
Ft Worth & Rio Or lot g 4s....192e
03 4 , 2
_ 107 109
9
:
Frees Elk & Mo V let 6s_ ,J932 • 0 1972 1064 107 Mar'23
N 9611 Sale 96
01.1ASAMAP 1st 5e
1931
9312. Ape23 33 9612 9768
9 7
68
2 9 6 99
3
1931 1 J
2d exten Ss guar
87
87
4 854 8712
1933 AO 8612 87
Galv Roue & Bend lot Se
87
1 8212 8812
87 Sale 85
1957 1
Geneesee River let s f 8s
7912
5 7912 814
Ga & Ala By 1st con 158___o 194! 3 .3 7912 8012 7911
914 Apr'23
9912 9112
8
1926 j j 893 90
Ga Car A No let gu g 511
614 81
Apr'23 ____ 6034 65
1941 AO 60
Ga Midland let 34
4
9934
993
4
1 0912 993
4
1924 MN 993 100
Gila VG&N 1st
g be
1942 3D 964 _
Gouv & Osewgatch bs
66 SO Apr'23___ 89 92
194 I ii 86
(BRA lax 18t eu g 440_
11418 120 112 115
Grand Trunk of Can deb 76_1940 A 0 114 Sale 11314
,
1043
8 94 10214 105
193e MS 104 4 Sale 10312
15-years f fle
_ 10112 Apr'07
J O 8318
Grays Point Ter be
1947
1 -1-11 2
1083 ---4 111
1938 ii 1081a 'Site 1074
ureat Nor Gen 73 uer A
,
92
92
6 87
9212
./ 88 8 92
let A ref 4311 891,68 A
,1961
,
Oct'22
93
82
.1
11181
Registered
rs
99
117 96's 1(527-8
540
1952 '.1 987 Sale 98
75
65
Apr'23
Green Bay& W Deb ctfe "A"
---- Feb 60
934 10
94
10
8054 ig18
Feb
Debenture Ws "B"
8412
• N
69
Apr'21
Greenbrier By let gu g
7812 80
SO
,
79
841s
Apr'23
Gulf & S I let ref A t a 50_b1952 .1 1
7378
1 7212 7812
734
Harlem R-Pr(Mee let 0____1954 MN 734 75
8212 46 80 854
040_1999 3 J 82 Sale 82
Hocking Val let cone g
7312 June'18
1999 J
Registered
9712 __ 954 Mar'23_ 9585 9728
le37 j
Ifl & T C lst g 5a int Ku
4 912
3
Houston Belt A Term let 5e_1937 J J 893 6 - 9028 Apr'23 -- 89 4 92
9514 98
1933 MN 9514 ____ 9514 Apr'23
Heue el & IV T 1st g be
9412 May'22 _1933 MN 9514 _
let guar be red
- 87 "if"
1937 MN 8012 _ _ __ 87 Mar'23
Housatonic By cons g 5e
5
1957 F A
&Ai Sale 8012
81
82 793 844
Had A Manhat be eer A
65
1957 A0 574 Sale 5612
573
4 95 56
Adjust income be
90
9212
95 90
Apr'23
=note Central let gold 48_1951 I' 90
1951 3.1
8912 8318 Sept'21
Registered
_ "fifi 83
1951 .1 J
81
81 Mar'23
78
let gold 340
oct'22
14151 J
„.. 80
76
Registered
"ii"
1951 A0 784 -81
83 Feb'23
Extended let gold 340
1951 AO 76
Registered
1951 MS ---- 72
8318 Mar'22
let gold 3s sterling
s
S 8214 827 82
8
83
6 8028 857
Collateral trust gold 4e __1052
1952 A 0
9538 Sept'19 ----------Registered
1955M N
8
8412
let refunding 48
4 834
8438 84
-g634
-
BONDS.
N. Y.STOCK EXCHANGE
Week ending April 20
1743
Ptice
Fitdati
April 20
Weak's
Range Or
Las! Sala
;
cull
High No. Low High
Rid
del Low
Illinois Central (Concluded)
773 Mar'23
8
Pu,
based Roes 344s
7714 79
1952 J J
79
39 773 83
7012 Sale 78's
4
Collateral trust gold 40__1953 MN
82 Aue'22_ _
Registered
1953 MN
982 103 9812 9912
8
Ref 5e
1055 MN 9812 Sale 9812
101
42 100 1024
10(3 Sale 10014
4
..e-year secured 6 54 8
1934 .1
,
10814
0 10718 111
15
-year secured 81-65 g
1936 J J 10714 10812 10718
Cairo Bridge gold 4s
1950 J o 8312 8514 8212 Mar'23 ____1 824 87
69 Mar'23694 73
1 6614 72
.•
Litchfield Div let gold 38..1951
7612 Apr'23
7312 794
Loulev Div & Term g 34.9_1953 J 1 7418 76
683 Mar'23
4
I 683 694
4
Omaha Div 1st gold 3t3_ _1951 FA
Feb'23 _-__ 71
71
St Louis Div A Terra g 3e 1951 .1
.1 754 794 71
7512 __-- 7334 Apr'23 --- 7312 80
Gold 340
1951 j
__
7812 July'22
Springt Div 1st g 340
1951
J
1. 83
83
83 Sale 83 t 83
Yestern Lines let g 4s
1951 P A
Registered
1951 FA
s
End B & W 1st pref 41
_ - 854 Mar'23 ____ 857 8712
1940 * 0 834
8315 854
834 857 8318 Mar'23
8
nd III A Tows let g 45
195( .7
954 Apr'23
953 100
8
9512 96
Ind Union By 58/a
1965
44 4, 105 41
3
.ot, (
4914
;rest Nor Adjust 6s_ _1952 J J 4418 Sale 44
963
4
971r 17 97
9614 97
974
Ist Mtge 6s
19522
6112 Dee'221--64
TrustCo certificates 3
-year 5s__
6812 Apr'23
68
7312
,
Iowa Central let gold Ss
1938 31113 68 8 70
3OIsi la 3514 413
4
4
Refunding gold 4s
1951 MS 353 3614 353
83181
a. 8214 87
:ernes Frank & Clear let 4s_ _1)159 • 1) 83
833 834
8
Ka A A
R let gu g 55
11)38 J J
6, 74
797
s
77 8
3
Kan &
lat gu g 4s
1990 AO 7618 7712 7618
964 97
_
26 20
-year 5f3
1927 J J 95 9914 9638 Feb'23
4
2 10012 1022
102 I
K C Ft IS & /41 cons g 60
N 102 ____ 102
1928
76
20 734 7912
KC Ft 8k M Ry ref g 4s_
1936 AO 754 Sale 1 7518
.1 924 95
9014 9412 944 Mar'23
K C&
R dr 13 1st gu .__1929 AO
6612 30 65
687
e
Kansas City Sou let gold 3a 1950 AO 38614 Sale 6614
85 I 36 83
834
894
Ref & !rept Se
Apr 1950 J
787
s, 68 764 834
787 Sal
8 le
Kansas City Term let 4s____1960 '3.1 8434 Sae 7818
82 I
3 82
834
82 Sale 82
Kentucky Central gold is____ 1987 J
92
72
91 65
74
65
Keok & Des Moines let 5e___1923 AO 70
1003 101 8
4
,
Knoxv A Ohio let g be
1925 J J 101 ___ _ 1004 Mar'23
934 92
Apr'23 ____ 9114 97
take Erie & West let g 5s
3.7 92
1937
814 24 814 86
2,1 gold be
1941 J J 814 83 I 81 14
77
2 , 7218 7912
78
7684
Lake Shore gold 340
1997 -3D 75
7312 73 2
,
Regletered
1997 ▪ D 711s 7512 734 Apr'23
9412 19 92
96
Debenture gold tle
1928 MS 944 Sale ill
934- ill 9918 9312
25
-year gold 45
MN 924 Sale . 9218
1931
__
854 July'21 ---.1
Registered
1931 MN
19 914 97
94
Leh Val N Y let go g 4413_1940 3 .1 933 944 934
4
Jan'23 --__I 90 90
90
Regletered
11140 J J
784! 6 7614 8112
Lehigh Val (Pa) cone g 40_2003
N 784 7812 78
9214
S8
85
General cons 414e
2003 MN 88 Sale 861s
10 7 1 i
00 8 6
: ll!
0 0
Leh Term By let gu g 5s_ _1941 A0 1003a ____ 10012 Apr'23
_3 _
112 Apr'23 _ _ _8 _38 8512
_
Rev 'ered
1941 AO
103
Leh vs! RR 10-yr coil 617_441928 86 S 101': 103 103
84
Leh dr N Y 1st twat it, Id 4e_ _1945 MS
884
7
9
00
I ex A Feet let SO-yr be gu_ 9)15 * 0 9712 18714 9 78 Apr'23 ___ 974 9912
Little Miami 4s
1962 MN 9018 __-- 70 Dee'20
Long Deck consul g 85
1935 AO 1o418 __-- 10872 no,•22 _
9618 ____ 953 Apr'23
8
-1;E e 98
,Long 'aid 1st cons gold 58_61931 Q
9014 92
894 June 22 let consol gold 4s
51931 Q
831 851i
Apr'23
85
General gold 48
1938'ID 834 88
8112 8112
-- 8112 Mar'23
Gold 4s
1932 ID 814
7512 81
774 78
77
77
Unified gold 48
1949 M
94 94
92 Mar'23
ID 9012 95
Debenture gold Sc
1934
8312
3 834 864
8
8312
1937 MN 837 85
ZO-yearpmdeb6s
8
7712 784 764
774 14 767 83
Guar refunding gold 4e____1949 M
95 Nov'22
Nor Sh 13 1st con g CU 55._61932 Q J 901z 93
944 Mar'23 ____ -187 -9 1
94
0 -41
Louisiana .4 Ark let g be
1927 M S 91
80
79
77 Mar'23 -- 77
Lou dr Jeff Bdge Co gu g 45 1945 MS 77
10134 103
Louisville & Nashville 5s._ 1937 MN 10018 103 1024 Apr'23
90
904 -21 8714 92
Unified gold 4e
1940 J J 9018 91
Registered
1940 J J
- 99la ;731 ,
8
Collateral trust gold be_ __ _1931 MN -667 -6i7 973g j" 22 -349738 16f10834
10712 109 10712
1084
10
-year secured 7s__
' 104
1930 MN
1st ref 540
2003 A0 103 10314 10212 1034 17 101 105
1014 1013
4
N 0 & M 1st gold Os
1013 Jan'23
4
1930 J J 10218
/014 10112
_ 10112 Feb'23
26 gold 6a
1930 J J 9812
8612 84 Mar'23
Paducah A Stem Div 4s
1946 FA 84
St Louis Div 2,1 gold 35_ _1980 MS 5834 613 594
4
60
7
6
Aa 3
LANAMAM lstg440-1945 M S 9012 .___ 9312 Slpri:3
8014
9 75
LA N South joint 81 4s__ 1952 J J
7614 Sale 754
76,
4
7312 7312
Registered
51952 Q J ---- -Louis' CR da Lex gold 434e__1931• N
95, ____ 9612 Mar'23 ----I 9612 97i,
s
Aation CI RR 1st 68_ _ _____1934
993 Dec '42
4
'
3
96
Manila RR (Southern Lines)_1939 MN 6912 Sale 6714
9
96t4
642 2 6412 71's
14
9512 9714
Manitoba Colonization 58_ ,A934 3D
Man G Bea N W 1st 34413
:35_1 _8_2_, 70 Mar'21
!
1941 1.7
elex Internal 1st cons g 413_ _ _1977 M S
77 Mar'10
dichlgan Central Se
00122 -----1931 M S 9812 ____ 100
Registered
96
i 7te 974
8
0
973 Feb'23
8 64
1931 @ M 87 100
45
86
1 go
88
Registered
87
7414 Scpt'20
1949 11 2 83
9 0
. -1
J L S lat gold 340
7912 80
Feb'23
1951 M S 77
let gold 340
-78
84
20-year debenture 4e
sirs 93
\,191 of N J let ext be
4
Milw L S & west imp g bs
t gels 1193
92 A
194259 MA N00
111 99929 F .4.
Ashland Div let g 88
1925 111
Mich Div let gold Os
2
c7
: i_
11 :99344
86905N:2:99
6778AP23
18a61161:1
1612N°2- Ri-- 1007
s
103
;
1007 Mar'23
1924 1 J
'Mew & Nor let ext 430
88
90
9012 Feb'23 --It 8814 93
:134
t, 895, 92
Cone extended 4 44s
854 91
893 Mar'23
8
1934
MII Spar A N W let gu
85
8412 89
1' 11:3 8518 8614 8412
1 4
A
Milw & L 1st gu 340
743 86
4
6618 Aug'21
1941 3 J
Minn & St Louis let 713
003 ---. 101
4
Apr'23
101 301
1927
71
let coneol gold 58
6714 69
6812 .pr'23 6812 7
"
87 40
1st A refunding gold 4811
38
4 Ell
X9 kl
393
4
Ref A ext SO-'r 55 Ser A__ _1962 Q F 3711 374 337712
3 ; 38
7
374 11 35
M StP ASSMcong 4sintgul938
8
874 11 844 90
J 8614 873 8614
2 98
994
let cons Sa
98 Sale 98
98
1938 J
10
17 10112 108
104 Sale 10234
104
-year coil trust 8401931 M
17 got 10512
s
6s A
8
8
102
1946 J g 10034 1017 993
let Chicago Term s f 4e_ _ 1941 M
88
9213 Dec'22
- _ 964 9612
M 8S M dr A let g 4s Int gu1926 J .1 963
s..__ 964 Mar 23
8814 92
903 Apr'23 ---- 904 9063
8
M1,9
6881991 Central 1st 513._ _1949
94
M K A Okla let guar S&,1942 MN
92 924 94
Jan'23
94
8
Mo Kan A Tee -let isold 48,19903D
753 Sale 7534
4
763
4 711 755 8014
774
76
Columbia Tr etfe of deD
7812 ____ 754
10 74
__
774
do Stamped Dec 1921 lot -----7712 10 73
7712
7711 2d gold 4s
6814 Au'22
p199
8
Trust Co centre of del)08
7312
7312 10 70 75
0
8912
1st A ref 48 Tr eerrits
_
II 89
894 Jan'23
7212
Gen 440 NY Tr Co ctfs_ _1914
7118
711s
2 6
834
823 Mar'23
4
certfe for notes "ext"_ -833
1
Mo K T Re-Pr I be Ser A 1982
78 Sale 7718
783
4
6712
40ryear 4s Series B
615 881e 61 5
5
,
664
1982 J
4
4:1! 6682 42
2- 9 7 3782,1'8
10
-year (le Series C
95 Sale 9414
95 -2 3 92 4 963
63
56
Cum adjust Sc Series A _ _ _ _1932 .1 .3 554 Sale 55
67
1 9 j .1
1!
Missouri Pacific (reorg Co)
119 52
8 66
1st & refunding Sa Ser A_,.1965 F A
8214 8312 8214
834 1°65 I 85:: 864
let di refunding Se Ser C
9515 964
953 Sale 951s
8
9512 621 9
1928 F A
9
lot & refending 6s Ser D 1949 F A
212 99
96
9512 Sale 94
6314
General 4s
8
58
MS 574 Sale 573
1975
Missouri Pacific.
794 8134
3e1 7s extended at 4%
7712 8012 7912 Mar'23
Slob & Bir prior lien g be
7314 Mar'23 ____I 7314 734
94 M N
35
19 8 JJ 89 _
734 734
67
7212 72 Mar'23
Mortgage gold 4s
4
Apr'23 ____' 102 1043
Mobile Ohio new gold 6s _1947 J 1:1 10214 10414 104
192 6j -1
let ext gold 6s
10014 102 10314 Apr'23 ___ 1004 1034
51927 Q
4
73
Apr'23
73
General gold 43
7212 74
4
Apr'23 _- 9012 943
M onouo nip
t L tg Lg
91
Montgomery
93
let g bs_ _1947 811 A
1 9 F S 91
33
953
4
94
St
9412 95
9412 Apr'23
Se
1927
4
1 754 793
7512
& Ohio cell tr g 4a
4
788
12 81 S '754 773 7512
824 834
23
Mob & Mal let gu g
1991 M S 80 ____ 824 Feb
698,
___ I 96 2,1
•NI:1 Dries Friday: latest bid and asked this week. a Due Jan, 8 Due Feb. c Due June, 5 Due July, a Due Sept. 0 Due Oct. a Option sale.
Range
Since
Jan. I
New York Bond Record-Continued-Page 3
1.744
r.
BONDS
N.Y.STOCK EXCHANGE
Week ending Apr11 20
Price
Friday
April 20
Week's
Range or
Last Sale
Range
Since
Jan. 1
Bid
Ask Low
High No. Low High
Mont C let an if Oa
1937 .1.1 109 112 114
/
1
4
Jan'23
111 114
Registered_
1937 S i
_ 13814 May'06 -let guar gold 5e
1937 J J 664 farls 9638
loo
5 664 1013*
Si&Eletgu3148
5s 7434 76
2000.10 75
2 743 7814
4
Nashy Matt & St L let 5.9
1928 AO 9912 Sale 9912
9912 11 983 101
8
N Fla & S 1st gu g 50
1937 FA
98
Apr'23 ---- 98
98
NatBy of Mex pr lien 434e
31 Sept'22
1957.7.1
July coupon on
30 -567 30
8
3012
7 28 "ii
So off
29 Mar'23 -.- 29
29
General 4s (Oct on)
2618 Jan'23
1977 AO
264 2618
April coupon on
110
off
30
274 Feb'23 -- 274 28
Nat of Mex prior lien 4He___1926• J
3814 June'22
July coupon on
-Ws 3934 3934 Apr'23
-561, 3934
45
do
off
27
let coneol 4s (Oct on)____1951 AC
Apr'23
- 253 27
8
26
April coupon on
Feb'23
-274 "277; 2712 Apr'23 ---- 2412 2614
do
off
- -- 26
2712
Naugatuck RR lst 481
1954 MN 68
87 July'14 9012 9012 Mar'23 _- -- 89
New England cone 56
1945 J J 85
9012
Consol49
1945 J J 73 _
70 Sept'17
761g_
NJ June RR guar let 49
1986 FA
82
Jan'23 _
82 82
NO & N E lot ref & imp 454s A '52 J J 7714 793 78
4
Apr'23 -76
814
7412
7412
New Orleans Term lot 4s._ 1953 ii 744 76
/
1
7318 793
4
N 0 Texas de Mexico let 6o _1925 J D 1003 Sale 10014
8
10038 28 100 1014
Non-cum income 5e A
1935 AC 7914 Sale 79
80
36 7712 837
8
N & C Bdge gen gu 43
8
-is
1945.7, 893 _
8912 Jan'23
8914 fig12
N YB &M B lot con g 5s
1935 AO 9512 Sale 94
94
5 94
94
N Y Cent RR cony deb 6s
1935 MN 10312 Sale 103
1033 201 101 1063
4
8
Consol 4e Series A
8
1998 FA 787 Sale 7714
78% 63 7638 82%
Ref &!mot 4140 "A"
2013 AC 865 Sale 85
863
8 11 8414 887
8
Ref & inapt to
2013 AC 9514 Sale 948
9538 366 927 983
8
4
'N Y Central & Hudson River
Mortgage 3348
1997 S i 7418 Sale 7312
743
4 58 72
772,
Registered
1997 .7.8
_
78 Dec'22 Debenture gold 4e
1934 MN 8812 Sale 88
8978 50 8612 -91%
Registered
1934 MN
8912 Nov'22
- 30
-year debenture 48
1942 J J 8614 Sale 8614
8612
5 86
9014
Lake Shore toll gold 3149.._1998 FA
713 7212 71312
4
11 684 76
717
Reglatered
1998 FA 6814 _
7112 Feb'23
7112 72
Mich Cent coil gold 3)0_1998 FA
7114 Sale 7114
7114 10 71 14 77
Registered
70
1998 FA ---_ 74
7014 17 7012 73
a Y Chic dr St L let 3 le
1937 AC 87
88 87
11 83% 9014
87
Registered
1937 AC
8612 Jan'23 8612 8612
Debenture 48
1931 MN 85
87
857
8714 31 83 8 87%
8
,
2d (Se A
8
1931 MN 997 Sale 9912 100
35 9812 1007
8
ild 63 B
_ 100 Mar'23
1931 MN
100 100
NY Connect let gu 4)ts A 2983 P A 8512 863 8514
8
19 83 88%
86
0 Y & Erie let ext g 4s
1947 MN
87 July'22
3rd ext gold Vie
1923
S
9912 Jan'23
9914 -9912
4th ext gold 58
1930 AO
914 Nov'22
5th ext gold 4e
1928'ID
911 Nov'15
/
4
NY & Green L gu g 5o
1946 MN
864 N1 nv122
'
NY&Harlemg 33-1s
2000 MN 733 ____ 7312 Mar'23
4
7312 7712
NY Lack & Western 5e
1923 P A 997 10014 100 Mar'23
8
9812 10014
Terminal& improve't481923 MN 9938 ---_ 993 Feb'23
4
9914 994
lq Y L E & W let Te ext
1930 MS 10314 Sale 10314
10314
10314 10312
Dock & Imp 58
1943 J J 9612
98 Mar'23
94
984
N Y & Jersey 1st to
1932 FA 9512 99
943 Mar'23
4
94
/ 984
1
4
/
1
X Y & Long Br gen g 48
1941 M
8518
91 July'22
M Y N H & Hartford
Non-cony deben 4e
1947 M S 4714 49
49
Apr'23
49
57
Non-cony deben 314s
4612 47
1947 St 8 44
Fe1,'23
40
444
Non-cony deben 3)-ie
1954 A 0 4218 453 43 Apr'23
4
40
47
Non-conv deben 4s
477 46
1955 J .1 43
4612
6 45
5112
Non-cony deben 4s
4778 4714
1956 MN 47
4712
3 43
51
Cony debenture 3As
42
1956 J J 4218 43
Apr'23
40
48
Cony debenture Sc
1948 1 J 6612 Sale 6514
6738 76 654 7314
4% debentures
1 38
1957 MN 4012 4112 4012
4012
4312
70 European Loan
1926 A 0 74 Sale 73
704 8134
7e France '
45
64
7
712 208 60
1925 A 0 6618 sale 664
(112
Cons Ity non-cony 46
44
44
1930 P A
2 4014 44
Non-cony 4s
44
44 m e:22 _ -5
012 Dec'22
1954 J .1
2
Non-cony deben 48
1955 J J
44
44
Non-conv &ben 4e
4418 48
49 Dec'22
1958 J .1
N Y & Northern let g 5s__1927 A 0 9814 ____ 09
Oer'22
N Y 0& W ref let g 4s._ g1992 M S 63 63I2 64
65
28 64
7Q7
Registered 35.000 only__g1992 M 8
59 Nov'20
General 45
1955 .1 D 554 554 55
55
3 15
7038
N Y Prov & Boston 4e
83 A1g'13 74
1942 A 0
IT Y & Pu let cons gu g 49_1998 A 0 811 85
/
4
818 Mar'23
4
8224
N Y & R B let gold 5s
99
95
1927 M S 95
Apr'23
05
05
W Y Busq & W let ref 5e
1937.1 J 56 Sale L6
56
3 51
60
gel gold 4140
487 48
8
1937 F A 45
Apr'23
8
495
42
General gold 5e
46 46
1940 F A 45
46
5 45
49
Terminal let gold 5e
1943 M N 844 ____ 845 Mar'23
8
8438 93%
NY W'ches& B lstfier I 4)8e'46 J .1 43 Sale 4212
4418 126 41
5014
Norfolk Sou let & ref A 56_1961 F A 6418 Sall 6113
101 61 12 71
65
Norfolk & Sou let gold 5s
1941 M N 884 01% 887
8
887
8
8' 887 9312
8
Wort & West gen gold 6s
1931 MN 106 107
Mar'23
10812 10812
Improvement & extra
1 184 Mar
8
100
1934 F A 1063
10R34 110
New River let gold
1932 A 0 10614 108 1063 Mar'23
4
1063 1063
4
4
N & W Ry let cons g 49
19116 A 0 874 Sale 8714
88
25 8,512 9314
Registered
1996 A 0 81
86
8912 Feb'23 _
884 90
Die' lot lien & gen g 48_1944 J 1 8414 84 4 8413
3
8412
3 82% 803
4
10-25 year cony 4u8..,.1938 M S 107 __ 10714 Apr'23
10714 1051
10
-year cony 69
1929 M 5 111 Sate 110
11214 145 10714 1173
4
Pocah C & C joint 48_1941 J D 85
8614 85
8518
6 85 8838
North Ohio lot guar g 5e
1945 A 0 79
8518 83
Jan'23
83 83
'Northern Pacific prior lien railway & land grant g 419
1997 Q 1 8312 Sale 824
84
49 813 87
4
itegietered
1997 Q .1 8114 _
8112 Apr'23
81
8312
General lien gold 35
02047 Q F 5 4 Sale 594
93
60
20 59 6214
Registered
583 _
8
bg, Mar'23
a2047 Q F
2
584 593
4
Ref &!mot 6e ser B
2047.1 .i 10714 Sale 1068
10714 197 106 1093
4
Bell imp 6141 SerA
2347 .1 i 8438 884 8412
8538 10 82
/ 9012
1
4
SIC
2047J .1 9412 9514 943
4
9514 171 9212 100
581)
8
2047.1 -I 943 sale 94
9,5
187 9212 9914
St Paul-Duluth Div g 40 (996.1 D 85
__ 89
Feb'23
RA
89
St Paul & Duluth lot Se_,. 1931 Q F 9 3
7 4
0
8
84
9842 Apr'23
9812 9812
let coma!gold 40
1988.1 D
844 8414
Pac Term Co lot g 6e
2933 gi g 1083 10912 10811
Nor
8
10812
3 108 110
,
No of Cal gu. g 58
1938 A 0 loo ____ 102
Jan'23
102 102
North Wisconsin let Se
1930 J J 1043 ____ 118 Nov'16
4
-8012
og& L Chem let gu 4e g
1948.1 .7
Ohio Conn Ry 4s
1943 M S
Ohio River RR let g 513
1936 .1 D
General gold 55
1937 A 0
1927 J .1
Ore & Cal let guar g to
1948.1 I)
Ore RR & Nay con g is
Ore Short Uncle consol g .5.5
1946 .1 J
Guar eon 5s
1946 .1 J
1929 J D
Guar refund 4s
1961 .1
Oregon-Wash 1st le ref 413
.1
Pacific Coast Co let g 5a
1946 .1 D
no RR of Mo 1st ext g 413.1938 F A
1938 J .1
2d extended gold fes
Paducah & Ills 181 a 1 410_ A955 .1 .1
1958 F A
Parbi-Lyone-Med RR Se
Pennsylvania RR let g 4e_1923 M N
1943 M N
ceneolgold 48
1948 MN
Consol gold 431
1960 F A
0
Congo!4)
1965 .1 D
General 4)8e
1968 J D
General 50
1930 A 0
10-year secured 7e
1936 F A
-year secured 6140
13
6618 6712
87
907
8 _
9514
9918 Sale
86
8812
66
69
8614 Apr'23
9638 Mar'23
0512 Feb'23
987
9918
86
86
101 102 1007
8
10112 Sale 10118
924 93
92
78 Bale 77
7822 7912 7812
8612
9318 _
954
8918 9112 91
76 Sale 7412
993 ____ 993
8
4
8812 9314 9014
89
89% 8814
958 Sale 933
4
9012 Sale 9012
993 Sale , 993
4
8
1083 Sale 1084
4
/
1
10712 Sale 10712
66
72
864 863
4
9512 9818
9512 9512
5 983 100
4
2 843 874
8
101
9 99 10412
10138 39 997 105
8
923
4 15 90% 9312
78
61 7512 82
Apr'23
76
79%
Mar'23
8612 863
8
Mar'23
9,52, 97
Mar'23
9012 91
763 510 6312 763
4
4
Dec'22
Apr'23
-gi- -93 4
.18978 37 8714 91
953
8 27 9212 983
8
9214 156 88
927
8
995
88 98 1013
4
1097
8 47 107 1103
4
10812 57 106%11118
r. .
,
H
BONDS
N. Y.STOCK EXCHANGE
Week ending April 20
Price
Friday '
April 20
Week's
Range or
Last Sale
I311
Ring.
nce
szA ; Jan. 1
Pennsylvania Co
Bid
Ask Low
High N 0.,Lots High
Guar 334s coil trust reg A_1937 M S 83 --1 8412 Nov'22
Guar 33-4s coil trust Ser 13.1941 F A 824 _ _ __I 82
Apr'23 __._1818 83
4
Guar 33,4s trust ctfe C__1942 .1 D 813 85
4
83 July'22
Guar 334s trust etfe D____1944 J D 813 8212 8312 Nov'22
4
-25-year gold 48_1931 A 0 9012 91 1 903
Guar I5
4
3 9012 93
903
4
-year guar &Jeffs Ser E__1952 M N 85
40
88
8412 Apr'23 ___- 1 8412 87
Peoria & East let cons 4s___1940 A 0 7212 Sale 7218
9212 28 93 9778
7
,
4 7
2
7
8
Income 45
1990 Apr, 26
2734 2538 Apr'23 --„ ' 2538 30
Pere Marquette let Ser A 5s_ _1956 J .1 96 Sale 78
78
7818 94
let Series B 40
1956 J .1
7812 16 . 76
8212
Phila Balt & W 1st g 42
1943 M N 864 87
8814 Mar'23 --,,,'; 8814 9212
Philippine By let 30-yr s 1 4s 1937 .1 J 4612 Sale 4612
47
18 463 497
8
8
PCC&StLgu 4lds.A
1940A 0 9412 Sale 04
9414
4 94 97
/
1
4
Series B 4345 guar
1942 A 0 9412 95
9412
9412
3 9412 9478
Series C 4345 guar
1942 M N 94 ____ 94
Apr'23 ----li 94 94
/
1
4
Series D 45 guar
1945 M N 89 ._-- 893 Feb'23 ----1 1 893 893
4
4
4
Series E 3)4s guar gold
1949 F A 595g --- 8412 Apr'23 ---- 8412 894
Series F guar 48 gold
1953 1 D 893 ---_ 89
4
Feb'23 --- 89
8912
1957 SIN 8912 -___ 895* Mar'23 __-- 8912 8938
Series 045 guar
Series I cons guar 43-4s
1963 F A 9212 95
945* Feb'23 --- 9412 95
1964 M N 9218 ___- 9414 Nov'22 -Series J 41is
4
96
General 5s Series A
8 935 992
1970 J 1) 96 Sale 943
?Itte & L Erie 2d g 58....__a_1928 A 0 9514 _--- 99 Nov'22 ---Pitts Mai & Y let gu 6s
1932 .7 .1 103 ___ 105 Dec'22 -2d guaranteed (is
1934 .1 .1 10018 _--- 9514 Juoe'20 -Pitts Eth & L E let g be
1940 A 0 100 ____ 100 Mar'23 _--- -6E7 14 idr
let consol gold 5s
1943 .1 J 6638 ____ 100 Feb'23 ---- 100 100
98 June'22 ---- ____ _ _ _ _
9814
Pitts Y & Ash lot cons 5s_. 1927 M N
42
382 Mar'23 ---- 3838 383*
.
3rovidence Secur deb 481
11157 M N 35
Providence Term lat 48
1956 M 8 744 --- - "
53
8312
Beading Co gen gold 45
1997 .1 J 8312 Sale 83 Pe" -ii8
8012 Apr'23 ___ 8012 844
Registered
1997 .1 .1
83 Sale 81
83
7 80
86
1951 A 0
Jersey Central roll g 4s
-tense 1 Saratoga 20-yr fie _1941 MN 112 114 ___- ______ ..-- _;.;_ .. .,
7
.
;
:
23
8
r
.
9.9._ 1_0_0...
Rich & Dan 5s
1948 A O 97 8 9 8 9 74 mm ee222 - - -. .
27 m N 96 4 , 618 Daar 233
6714 ____ 72
Rich fir s , eck 181 -, 55
1952.3 J
Rich Ter 58
89
84 Mar'23 ---- 84
878
4
1939 J D 85
ago Or June let go 5e
1012 Dec'22 -'tio Gr Sou let gold 48
1949 .1 .1
.
Guaranteed_
1940J 1 1218 . _ 11118 Feb 22 -.. _ _ _ _
7318 24 727 78
8
72
1939 J J 7314 74
Co Or West let gold 40
6212 12 6138 6712
Mtge & coil trust 45 A.
1949 A 0 6218 SIM 61 12
8
7718 19 764 81
R I Ark & Louis 1st 4)85
1934 M 8 7718 Sale 763
7312 70
1949 J ,1 65
Jan'23 ---- 70
Rut-Canada 1st gu g 4e
70
793 80
4
Apr'23 ---- 80
lutiand lot con g 4 SO
1941 J J 77
8012
737 73
8
Apr'23 ---- 72
754
St Jos & Grand lel let g 4o,.1947.3 .1 72
8814 9212 91
Apr'23 ---- 91
it Lawn & Adir let g 5e
1996
9212
8
1990 A 0 953 .. __I 984 Mar'23 --- - 9814 984
st2d 4, Ca16:0
r gold
,
8
guar g 45
.1 883 8914 8812 Apr'23 ---- 87
1931 .1
90
1931 A 0 96 Sale
St L Ir M & 8 gen eon g 5s
9912
102'4 July)6 1, --! :
95
1 1f
- 95
1
1931 A 0 _. __
Gen con Stump cue 5e
88 I 57 -823- -gli7;
4
Unified & ref gold 4.11
1039 on N 86 Sale 8512
923 J J
7812 Sale 7714
7812 90 76
Riv & G Div let g 4s
86
8
99
St L M Bridge Ter gu g Ls
1930 A 0 954 987 9614 Apr'23 ---- 98
St Louis & San Fran (reorg Co) 0
67 1 177 65
6638 Sale 6618
702
8
Prior lien Ser A 45
7 i
8
4
8112 3
0 80
Prior lien Ser B 52
_1950 J 1 813 Sale 803
847
2
Sale
1912 .1 J
51-40
887'8 Sale983
118 4
88 4
883
991; 2291 874 100
9
8
Prior llen Ser C 6s
9313
4
7312 102 72
.
51929.1 0 723 Sale 7238
1955A 1
Cum adjust Ser A Os
80 8
3
633
4Sale 6218
64
51960 Oct
Income Series A fis
!a_.1 .. 10212 10212I 22g 1412 19934
! 0,
.
62
01
6
4 0538 :1
St Louis & San Fran gen 6e__1931 J J
.
0
General gold 5s
99 J .1
6
St L & 13 F RR cons g 4a1931 j 1 8212 ____ 8212 Apr'23 ---- 8213 8212
Southw Div 1st g 58------347 A 0 8514 -----00 Feb'22
4
------------il
1948 1 J 0834 1003 9914 Apr'23 -cls8714
St L Pee & N W let gU 5s
____ 861s 00'22 .._ ...
1931 81 S
it Louis Sou lot gu g 4s
7434 Sale I 7438 75 8 74 -fi".
j
,
1989 MN
St L SW 1st g 4s bond etfs
7024 7112 6912 7014 16 69 7228
2d g 4s income bond n11,1_91989 J 1
70 1 57 734 773
1932 ..I 13 7514 Sale ; 7514
4
Cowie] gold 4s___.
757 ' 17 734 824
8
4
lot terminal& unifying 5e 1952 J .1 753 Sale I 7412
7712 16 7
54 8112
St Paul & K C Sh L lst444s 1941 F A
77
9
3
71
Apr'23 -- 9114 94
1933 J J 9124 8ale 98
It Paul M & Man 4s
1 108 1098
108 ;
108 Sale 108
8
let consol g Os
10612 110 ' 99 Sept'20 -Registered
4
8
Reduced to gold 4)411
19313 .1 jj 953 9612 951 Apr'23 --- -68'5; "ail;
99333 3-1 J
4
7
Registered
1033 .1
93 .1D.; 933 ---- 97 Aug'22 -1 -ii8 -93
9012
893 0012 893a
4
3.
Mont ext 1st gold 4s
Registered
1937 J D 864 91 , 80 Mar'21 ----1
1940 J J 84l8 ____ 84 Mar'23 ---- -tif - -gi
Pacific ext guar 48
714 73 ' 727
8
93 I
9 71
753
4
PI A & A Paso let au g 4s
Feb'23 ----I 99
I
IM i S 9012 ____ 99
99
Santa Fe Pres & Ph Ss
8012 14 7818 834
1990 A 0 80 Sale 7912
San Fran Terml let 48
1934 A 0 100 ____ 10812 Nov'22 ----'
Say Fla& W 6s
1934A 0 994 -- 100 Nov'22 ----I
58
Apr'23 ----I 56- 5738
1989 M N 8512 ---- 86
Solo V & N E let gu g 4s
58 Mar'23 ----1 53
1950 A 0 544 58
58
Seaboard Air Line g 4e
55 Sale 533
8
54141 23 52
1950 A 0 304 sale 3114
Gold 4s stamped
3 1 282 3 3 58
2
2 4 36 4
0
2
Adjustment 55
01949 F A
42
7,
0
4534 130 5834 68
6
44 Sale 44
Refunding 45
1959 A 0 65 8ale 6514
1945 M S
let & cons 6s Series A
987 ____ 063 Apr'23 ----1 935 9532
8
4
8
Seaboard & Roan lot 5e
10.28 1 I
1943 1 1:1 3614 --- 3712 Apr'23 ----I 3712 3712
Sher Sb & So 1st gu g 58
S & N Ala cons gu g 5s
1936 F A 964 ____ 10018 Mar231---- 98 10138
8
1 9612 99
9812
1963 A 0 993 10014 9812
Gen eons guar SO-yr 58
91
Southern Pacific Co
811
7712 84
Gold 45(Cent Pao coll)___11949 7 D 81 Sale 8012
913 167 9014 9232
4
20-year cony 48
81929 M S 9138 Sale 914
6 1003 10212
8
8
1003
8
8
20-year cony 5e
1934 .1 D 10012 1007 1003
So Pao of Cal-Go g 55
1937 M N 101 12 ._-- 101 14 Apr'23 ----I 101 10114
8 22
8914 Jan5113 -- --' 894 91
38
,
19373 j 874 92
So Pan Coast let gu 4s g
1955.3 J g5i2
So Pao RR lot ref 45
. 92 1 8944
9/ 9 11
r23
4
0
9
0
023i 0le 0414 Ap943 _137 034,4 0 :
SoUthern-let cone g 5,3
3
8
19913 J .. Sa2
Registered
sale 663
8
6714 116 68
/ 891
1
4
/
4
De
& gen 40 Ser A ___1956 A I
tered99 j O 67
1 4
l011
9le 0
Apr,,, ____; 1_07:.0 :
7
/
4,
:99
1 :
.
2
Temporary
I 0 1:1 Sa9 197
A .7
9312 16
9312 Sale 9312
97
Mem Div let g 4)18-5e____1199266
614e9
I gat, 83
,
75121
752 7/7 75t2
8
8
St Louts div 1st g 4e
)
1 2
9
j
So Car & Ga let ext 5 5o__1921 MN
1
96
09312 Fa b 23
8
3
Spokane Internal lot g 5e____1959 .8 I 9218 8712 862 141 ey: 211 8312 8312
Oet'20,---1043 1 D 7318 ____ 80
Staten Island Ry 434e
Sunbury & Lew 4s
Superior Short L let 5s g____ 6193 1. M j
9
191 93 S
:
r'13 1
.
2
625814 -797 7414 A7 6 : 23 i7)67
92: ; 9 4
.
Term Assn of '-zt L lit g 434o.1939 A 0 -773 ;1;8 973 M 709291- : 1 -iiiti
99
: 44 i A
9 3F i
9
lst eons gold 5s
82
1953 1 3
Gen refund s f g 44 .
90
Apr'23 ----:
9018 95
98
Tex & N 0 con gold 5e
36
__ 34
Jan'23'.-..- 34
34
Texas & Okla lot gu g 5s._ 1943 M S 35
2000 1 1) 9338 Sale 93
964
Texas & Pa- et gold to
60
401p Jan4 - 413112 401
- 0
9 23 18 9 1
'
2
52000 Mar 54
2d gold Income 5s
8912
8812 894 8912
2 883 92
4
La Div 13 L let g 5e
98 I 11 964 984
19 1 ..T J
/
1
Tol & Ohio Cent let gu 58_1935 1 3 98 Sale 98
9312
2 9214 go
1935 A 0 934 __ __ 9312
western Div 1st g 5e
874 Mar 23 ---- 87
/
4
MI5 I 0 861 91
/ 87
1
4
/
1
4
General gold 58
Ii
31
Apr'23 ----I 26
32
West 4s
Tol Peo &
9412 ---- 93
Apr'23 ---- 9315 944
1927
/
1
Tol St L & W pr lien g 3lie 1915 jJ
711 2
/
4
8 6e1 754
1030 1 O 7014 Sale 6912
95 1 A i
/
4
1
50 year gold 49
Nov9'52 -4-I _9_5_4_
9
rol w 9 & 0 uu 4Sis A
5
142,1
19333 1 95 Sale 9511:
"614
Series B 4145
1942 M S 83
86% Nov'22I----I __
Series C 45
4
Tor Ham At Buff tat g 40_11946 J D 784 793 82 Mar'23 ----1 7812 82
9512
2 94
954
Ulster & Del tot 0008 g 53._ 1928 J D 9512 Sale 9512
1952 A 0 63
65
70 Mar'23 ----' 66
70
let refunding g 40
1947 J .1 903 Sale 90
8
904 95 884 951
rthion Pacific lot g 413
1947 J J 854 90
8812 Apr'23 ----' 897 92
Registered
8
95[2 98 9414 951
19273 .1 941 Sale 9412
8
2
20-year cony a
8338 69 804 88
0008 M El 834 Sale 8212
let & refunding 48
10334 33 100 1054
10
-year perm secured Se.....1928 .2 .8 103 Sale 103
/
1
1944M S 88
934 8012 June'2l ---- '----. ____
U NJ RR & Can gen 48
-827i, -gi-
i02,
•No price Friday; lilted bid and seked this week. oDue Jan 1 Due Feb. 9 Due June. 3 Due July. I Due Aug. o Due Oot. y Due Nov. a Due Dec. *Option
-
Bola
New York Bond Record-Continued - Page 4
BONDS
N. Y.STOCK EXCHANGE
Week ending Aixii 20
Price
Friday
April 20
Week's
Range or
Last Sale
1/1
CO
Range
Since
Jan, 1
1745
ti>3
Price
Week's
Range or
Last Sale
Range
i
‘ .Friday
,...1
Since
0
453
Jan. 1
Hob NO. Low High
Ask Low
Bid
9134 68 85% 94
9114 Sale 907
8
"3
Cuba Cane Sugar cony 76_1930
182 9014 9814
96
4
8
Cony deben stanthed 8% _1930• J 943 Sale 947
4
10712 Sale 1073
8
10712 27 10612 107%
Cuban Am Sugar let coil 8s__1931 M
914 917 91
Apr'23 -- 91
964.
Camb T & T let & gen 5s...1937 J J
9712 June'20 ---AO
Uenver Cons Tramy Se
4
8612 11! 831i 60Dent Gas& E L let & ref ef g 53 3 MN 85% 853 854
1953
' 1
67
55. 99
68
65
5
M S 65
Dery Corp D 0 75
971
5 943 10012
Jetrolt Edison let coil Cr 59_1943 J J 97 Sale 96
19
33
9334 22 915 98 A
8
let & ref 5s ser A
11940 MS 933 Sale 931l
10334
8
2
49 101 101 I
68
8 12 l
3
ee
83 8
3
let & ref &tootles 11
11940 MS 101„8 S: 101,8
85l4.
81
,
./et United let cones 415._1932 ▪ J
107 8 28, 1053 10
8
8 84.
Diamond Match s f deb 7 AVL1936 MN 10612 Sale 10612
57
5314
5418
11 4912 84
Distill Sec Cor cony let g 55_1927 A0 53
: 1, 8
9
10714 22 44 63 1
54
5418 Sale 534
8
4
Trust certificates of deposit____
80 4
3
5 80
8514.
Dominion Iron & Steel 5s____1943 JJ 8014 Sale 80
Donner Steel 7s
1942.9, 88 Sale 88
4
4
E I du Pont Powder 41s
1936 3D 8614 883 873 Apr'23 --,,,1 873 90
4' 98 :0614 10 84
4
1078
4
08
%1 8
%
3
du Pont de Nemours & Co 71e'31 MN 1063 Sale 1063
102% 100 101 105 2
1023 Sale 10214
8
iuquesne Lt 1st & coil 65_1949.9'
27
8
Deben,ure 71e
1936• J 10714 Sale 1065
1134
East Cuba Sug 15-yr s f g 7161937 MS 107 Sale 10612' 10878 581 93
8713 Apr'23 ---- 867 91 4
8
8
Ed El 111 Bkn let con g 45_1939 ".9 867 90
Apr'23 ---- 100 1018
8
_ 101 100
Ed Elee Ill let cons g 55
1995 J J
99 Mar'23 -,,,, 99 991298
Elk Horn Coat cony 68
J O
4
9314 119 923 9818
93 Sale 923
Anpire Gas & Fuel 718
1192376 MN
9
:
4
- 95 Mar'23 --,, 95 95
Eq G Light 5s
1932 MS 923
18 0414 8 12
6
107121 5 183 10134
8
9
-8
Flak Rubber let 51 135
11/41 MS 10714 Sale 10614
---- 7018 Mar'23 ---- 701e 7018
ft Smith Lt & Tr let g Is...,11)31 MS
Framerle Ind & Dev 20-yr 713s '42'.9 89 Sale 88
7 00 103
102
1942 MN 102 Sale 102
Francisco Sugar 714s
94
9318 Mar'23.---- 9318 9312
,ias& El of Berg Co cons g be .1949 3D 92
100 10112 9912 Apr'23 ---- 994 101
General Baking let 25-er 8/
1-1936 3D
763e 80
763
8
7735 12 763 804
8
Gen Electric deb 5 315
1942 P A
95
3 9 2 1!
8
0
:4
81784 15 8144 :2
18
10148 154, 19 14 10 7
MS 10018 Sale 100
Debenture 5s
_ -___ 10518 Jtu2'23'----I
4105
20
-year deb 6e
Feb 1940 FA
.
GenRefr let s f g Se Ser A 1952 FA -69 Sale 98
l
1634 58,
16 4
0;
1947 .1 .11 1C034 Sale 10 3
Goodrich Co 634s
Goodyear Tire .9 Rub let sf8,'41 MN
06 9 106
,
1102
4
94 92
9%
el93I P A 10412 dale 10312 19978 169' 9
10
-year s f deb g 8e
1 9112 92
92
'Irac 2 Cdne M & Peon 6e A '28 MN
s 8 yveo
Feb'23
92 92
1928 MN 93 --_- 92
11 964 100
99
1925 MN 984 Sale 9818
deben 85
4
Gray & Davis is
1932 P A 9518 953 9813 Apr'23 ---- 96 100
9738
4 97 100
4
9712
CfAnt. Falls Power let 6 f 5s.._1940 MN 973 ;
Feb'23 ---- 8113 82
1952.9' 8012 821 82
Hackensack Water 46
8712 Apr'23 ---- 87
91
Havana Eine cense) g be.._ 1952 A 8738 88
8318' 2 81
854
ua
Hersheyna E R y L ,3 1/ 2: 8510 A.254 MS 83 Sale 83
cbo8 18 228 2 6
21
9812
7 97 100
98 Sale 9712
1942 MN
9112 45 5712 92
91 Sale
Holland-Amer Line de (flat)_1947 MN 9314_ 9013
9314--- 9338
94 , 149 92% 9412
Hudson Co Gas let it 5a...._1949 MN
9818
e 973
984
5 973 99
.• 1
Humble 011.9 Refining 518 _1932
4
913
671 88
9812
1940 * 0 9018 903 90
Illinois Steel deb 44311
8012 814 Oct= 32 ____ ____
78
1936 MN
Ind Nat G & 0 5s
4 1004 26 99 1014
MN 100 Sale 993
indlana Steel let .5s
96 Nov'22 ---9
Ingersoll Rand let gold 59,,_ 1935 J J
918 Apr'23 --__ -- "fir
ii
aterboro Metrop coil 418_1956 * 0
5
b 1
5 5
912
,
erritiectee of derersit
6838
114
868914,1 192 688778 77321
178' 93
08
„5 14
Guar Tr Co Ws 16% stamped_
-6g4;1;
e..erooro Rap Iran let 68_4966
BONDS.
N. Y.STOCK EXCHANGE
Week ending April 20
April 20
Ask Low
Itici
High NO.' Low High
994 997
8
1926 .1 .1 9818 ____ 997 Jan'23
Utah & Nor gold 56
2, 9112 9134
9112
l933;J .1 9112 Sale 91%
extended 45
let
Apr'92
'F A 82% ____ 86
1955
Vandalla cones 4.6 Ser A
1957IM N 82% ____ 851A Nov'22
Consol 45 Series B
3713
3712
'Mar'23 --- 34
1934 J J
Vera Crum & P let gu 44e
4 34
45
45
45 Sale 36
July coupon on
2714
July coupon off
98
98 Mar'23 ____l 98
1926 M IS
Verdi V I & W lets be
96 9814
9814 Mar'23 99
1926 M 8 98
Virginia Mid Ser E be
95l 9884
M N 9618 9712 9512 Mar'23
1936
General 5s
9412 93 Mar'23 ---- 93 934
2003'.1 .1 92
Va de So'w'n St gu be__
5 7513 81
775
8
7738
1958 A 0 741s 78
let eons 50-year be
5
9512 19 9012 98
1962 M N 94% 9512 93
Virginian let be Series A
24 9414 99
953
4
4
1939 M N 9514 953 943
Wabash let gold 55
9214
4 83
87
865 Sale 8518
8
2d gold be
1939,F A
35 684 69
69
68
let lien 50-yr g term 4s
195411 J 8814
94 Mar'23 - 94 9612
Det & Ch Ext lst g 56
1941 J .1
3
7338 Jan'23 ---- 7314 73 8
Dee Moines Div 1st g 49
1939 .1 J 65% 79
6412 Apr'23 ---- 63% 8614
63
Om Div let g 3 Ais
1941 A 0 60
4
723
4
727 ---- 723 771e
a
Tol & Ch Div g 48
1941,M S 727 75
-704
_ 7418 Nov'22
Warren let ref gu g 31e
20001F A
7412 79
8
845 May'22-----------Wash Cent let gold 4e
1948 Q M
97l Ang'22
975
8
W 0 & W let cy gu 4s
- --1924,F A
Wash Term 1st gu 316
1945I IF A 7718 7912 7612 Mar'23 ---- 784 798
____
8438 Nov'22
let 40
-year guar 414
1945 F A 8112 __
Mar'23 -- 8314 89
874
W Min W & N W let gu be1930 F A 76% 85
9
4
8112 3 60 653
West staryla d let g 4s
1952 A 0 6118 Sale 6014
9513 100
964 Apr'23
West N Y & Pa let g 6e
1937.1 J 95% 07
81
1 76
76
76
77
Gen gold V
_1043 A 0 76
8 55 795 85
805
Western Pao let Ser A be._ __1946 M S 8013 Sale 80
80
27 77
83 e
7
West Shore let 4a guar
2361.1 .1 80 Sale 78
82
77
Apr'23 ---- 75
Registered
2301 .1 .1 7612 78
99
9712
5 97
Wheeling & L E let e 5e
1926 A 0 9712 Sale 9713
3 99
99 Feb'23
95
Wheeling Div let gold 58..1928 J .1
F-xten & Impt gold 56
1930 F A 90% 97% 94 Sept'22 -5018
527
8 79 50, -ji
8
51
52
Refunding 411e Series A
1966 M S
6518
6 67
5912
RR let consol 45
1949 M 5 5812 5912 53
51
8 50 60
54
55
Wilk & East let gu g 56
1942.1 D 53
Jan'23 --- 101 101
WM &El F let gold be
1938 .1 D 98% - - 101
8112
7914' 3 76
Winston-Salem S B let 43
1960 J 1 7814 793 76
757
2
76
23 74
82
Wia Cent 60-yr let gen 4s
1949 J .1 75% 77
764
4 763 8038
4
76
763 763
Sup & Del div & term let 45'36 M N
65 May'22
4
W & Con East 181 4 45
1913 .11 I 543
INDUSTRIALS
8014
80
9 80
811 Sale 80
Adams Express coil erg 412._-1948 M
98
25 9512 9912
Ajax Rubber ee
1930 .1 D 971 Sale 97
6
713 612 Mar'23
64 8
Alaska Gold M deb tie A__1925 M 8
6
678 818 Apr'23 -- 614 64
Cony deb 6s series B
4 85 96% 97
8
9712 Sale 965
973
%
,,
Amer Chain Os
9612 Sale 9612
96 10012
9713
Am Agile Chem let be
1921 A V
102
74 99 104%
8
8
ist rote f 73111 g
F is 1013 sale 1007
1941
66
67
65
67
17 59 8012
Am Cot 011 debenture be
1931 al Is
1057 Dee'22 -Am Dock & Inapt gu 55
1038.1 1 10614 _
12 90
9012
89
Amer Republics68
1937 A 0 8912 8938 8912
8813 3
2412 88
394 244 86% 92
%
Am.Sea & R let 30-yr be tier A 1947 A 0
4
1027
8 89 10012 104
American Sugar Refining 65_1937 .1 J 1023 Sale 102
121 907 923
2
92
4
4
Am Teton & Teleg coil tr 4s_1929 J .1 913 Sale 9113
3
90
88
86,
8
86'8 . 88
Convertible 45
1936 IN S 86
101 12
20
-year cony 41e
3 10014 10312
1933 M S 101 102 101
Stamped
4
973 200 95 101
4
30
-year temp coil tr 5e
1946 J 0 973 Sale .9614
67
6813 66
88
35 664
% 73
1932 A0 8812 8818 87521
-year (le
10
4
4
7
11614 29 11412 117%
-year convertible fle
1925 F A 1153 Sale 1153
91 Sale 893
4
913
8 55 8914 948
4
M,
75
8412 20
AmWat Wks & Else 55
1934 A 0 8414 Sale 83
76 Sale 76
77 1
5 7438 8112
1 3
38 81
82
8513 Ent Aerie Corp let 20-yr 56_1932 MN
Am Writ Paper s f 7-6e
1939 J J 81 Sale 81
8
87 Sale 865
8738 60 8414 903
4
953 Sale 9638
9714 503 9612 98% Inter Mercan Marine 113s__1941 A0 84 salt 834
Anaconda Copper (11
1953 F A
85 i 13 834 8812
1
1023 337 100 1043
4
4 International Paper 5e
75
1938F A 10212 Sale 102
J J 8 4 Sale 83
152 84 90
let & ref 521B
4
87
Armour & Co let real cat 416 121393 D 863 Sale 8438
8844
4 .--9..i 83
e171 _9 ____ -2 32
1994477 • D 10313 ____ 95 Jun8
1926
40
35
35
4012 Jeff Clear C & I 58
Atlantic Fruit cony deb 75 A.1934 .1 D 31
8238 Sale 82
823
4' 27, 76
83%
18 29
8
35
34,
3918 Jerome Wks de Oat price)_1947 J
Trust certificates of detweit___ ---- 3418 37
1s
4
9538 18 9312 97
1952 MS 9512 Sale 943
Kan G & El as
3612 40
44
3912
3912
29
do
stamped
8812 Sale 873
4
8812 81 87
8838
1952 IsO S
Kansas City Pow & Lt 5e
98 Nov'22
Atlanta Gas Light fa
1947'1 D 9412
10512 47 10338 10738
• A 105 Sale 105
98 Sale 9714
Kayser & Co 76
9812
Atlantic Itels deb be
1937iJ J
10012 39 1063 110
4
3
1942 MN 10918 Sale 109
91
Kelly-Springfield Tire 8s
4
1003
4
Baldw Loco Works let 5&
1004 103
1940,M N 100 101 1003
----- --- - 944 July'21
1935 J
10214
Keystone Telep Co let 5e
Barnedall Corp 6 f cony 8% A.19311J .1 10214 Sale 10178
99
1937 A 0 9614 9714 98 Mar'23 -__ 98
Kings Co El L & P g 511
10712 Apr'23
Bell Teleph of Pa a f 7e A
A. 0 19451
4
1' 10812 1113
A 0 10812 109% 10812 1084
4
98
9-79f74 1-199; Purchase money Os
9,51 98-3
: -99
56
9
19483 J 973 Sale 9758
10534 ---- 10514 Apr'23 ----1
1925 M
997
4
5 98
983
Convertible deb (94
985 Sale 9838
8
Beth Steel let ext 5 I 55
9912
1926 .1 J
7212 Mar'23 -- -iffi'5"
71
73
16 9012 971s Binge County E 1st g 4a
1940 P A
927 Sale 927
9414
8
8
let & ref 56 guar A
1042M N
7114 73
7114 Apr'23 ---- 7114
FA
Stamped guar 4s
8912 Sale 89
893
4 29
20-yr p m & imp s f 56
1936 J .1
804 Feb'23 -74 ___
Kings County Lighting 5e-1944 J J
95
9
973 -ale 97
4
6a A
97% ,
89
1948P A
994
97
9712 98
Apr'23 ---- 97
8684 s
ale 8911
9012 +138 : :
1954 .1 1
6118
891 100 4
988
: 9993938
5115
1963 F A
:
0
9
1012
3 994 1014
1936 Jo 101 Sale 19172 m88. 13 ____ 9978 100
703 703
8
8 Kinney Co 71e
703 Mar'23
s
Booth Fisheries deb e f ea.__ .1926 A 0
-_
9914 0912 99
9912 29
Lackawanna Steel 1st g be
1928 A0
33
Braden Cop M coil Cr a f as_ _1931 F A
92%
903
8 64 89
let cons 5e series A
1950 MS 8918 Sale 8912
92% 36 914 9714
Brier Hill Steel let 515 __..1942 A 0 9212 Sale 9213
4
4
95 I
2 9214 904
Lac Gas L 01St L ref & ext be 1934 A0 933 Sale 933
8 1 8 87 18
6
B'way & 7th Av let cg 56
19431J 0 65,2 6872 65571344
9114 9112 Mar'23 --- 9112 914
91
Apr'23
Lehigh CA Nay e f 41e A
I954 3 J
Brooklyn City RR Se
1941 J .1
99
Apr'23 ---- 99 10214
48 :412 681' Lehigh Valley Coal be
89
9
7
954
957
aklyn Edison Inc gen 56 A...1949 .1 .1 954
1933 J J 99 101
- - 588 -4847
1
C21,...._8 _9495 -- -69 -8
, 18 10012 1044
J J 894 ____ 8318 0e95
45
0 05
General tie aeries B
083
1930.1 .1 19312 Sale 10312 1041
Feb'231__-- 44
44
45
44
Lex Av & P F let au g be
General Te merle,/ C
10513
1933 M
93
9
1930.1 J 10514 Sale 10514
115
10 112 1174
108
General 75 series D
Liggett & Myers Tobac 79_1944 A0 115 Sale 11412
17 106 109
1940 J D 108 Sale 10758
95 Sale 95
5s_
66
Skin Qu Co& Sub con gtd 5,3_1941 MN 80 8
6972 Mar'23 :---1 58
2
6
1951 P A
,
88
4
8
11134 10 1117 1188
4
Nov'22
let Os
Lorillard Co (P) 7s
1944 A0 11414 IIV 1143
1041 J .1
94
931
948
7 9318 974
77
79
arooklyn Rapid Tran g 52_1945 A 0 7512 Sale 73
59
5
1951 FA 93
12
12 0 116
11612
31
14
14
763 Sale 74
8
Trust certificates__________________
Magma Cop 10-yr cony g 7e 193 • D
77
1 5
668
3
60 5
4
7
9
9912 71 98 102
64, Salo 62
2
6412 77 84 68
let refund cony o
Maeati Sugar 71s
4_
A0 -617 §8a6,11-: 9814
60
61% 80
1-yr 7% secured
danhat fly(N
_k1921 J 1 9212 Sale 9038
4
9314
cons g 4s 1991 AC
97
557
3571 85
8
9
0
9212 Sale 9114
7
5538,
4 9113
5
93
• Certificates ofnotes__2d 45
deposit
3D 61/4 56
9712
9712' 6
8734 Sale 8588
8914 167, 82
Cents of
951a Manila Elec 7s
.
MN
812; 81
9;
82
10 81.914 8,
873 86
91 8 9712 813 Mar'23' - • -151 54 - 54
83
82
let g 4-5e
Aanlla Eine
82
Bklyn On El deposit'18819e81656 1-& Lt 51 53_1952'' M
994
13
95 I 82
947 Sale 9413
8
, 827 Apr'23
814 85
8
Stamped guar 4-56
1970 F A 8212 82
Market St fly let cone 58.. 1924 M
94, 0 :
9 8 19967
0
Sale 98
/
1
4
98141 19 917 :
814
5
akiyn Un Gas let cons g be..1940 M N 96 Sale 96
-year 6% notes
9612
1924 * 0
149 I 102
8
1 10 1167
Is
1932 M N 111 1137 11412 11412 13 195 198 e %Harland 011e 185 with waente '31 A0 147 Sole 143
06
103
10 11 4 87
10
18
95 8
10638 52:011 101%
3 102 1051e
without warrant attached_ _ * 0 1063
let lien & ref 6 Sallee A _ _ _ _1947 M N 103 10414 10312 104
61
146
110 117
1929 M N 112% 113 11134 Apr 23
71e /tern
79
1931 Fit 13518 147 137
101
83
2
79 Aug'21
101 Sale 99%
do without warrants
1932 1 D 90, _ _ Buff & Susq Iron s f be
9N12
997
8 10
101/4 101
1952 A 0 80 831 80 Apr'23 --- 89 87
Merchants & Mfrs Each 73..1942
Bush Terminal let 45
4
4
844
2 824 8912 hletr Ed Ist&ref g 66 Ser B.-1952 P A 9912 9978
1955 .1 j 843 Sale 848
Consolbs
11 98959 4
9
8912 10
11 4
4
1
lalal 111 9986 1094
vtexlean Petroleum s f 8s._ _103( MN 10818 Sale ( 434
7
Building 08 guar tax ex....11)80 A 0 8912 Sale 89
5
943
8
95
997
9 9538 9 34 Mich State Teleph let be__ _ _1924 A 99% Sale 991
84
1 4
1,
8 35
1937 MN 9, 8 95
Cal G & E Corp be
99
42 954 99
8
6
541dvele Steel & 0',env 5 1 55.1936 MS 8778 Sale 87
87% 79 87
_1942 A 0 9818 Sale 984
Camaguey Sue lets f g 7e
86%
877
8 42
943 94
9412 25 9212 9712
Certificates of deposit
Canada SS Linea let coil 5179 1942 M N 94
_.
1936
4
9814
9812
4 18 100 10313 1111w El.'.' Ry& Lt cone g 55_1921 Fit
2
1942 F A 1018 Sale 10112 1013
Canada Gen Elec Co 6s
9818
9818
887784 99889099 1
9899
888
8
1
7 100
7 8092
9
8
9
9 89
Apr'23
-: 8
Refunding & exten 416_1931 .1 .1 89 91
:
91:47114
Cent Diet Tel let 30
-year Se_ 1943 J 112 9814 99
90
94
Apr'23
3
9012 14
8813 9914
1931 A 0 90
Gen Is A
Cent Foundry let 6 f 6e
1951 J o 90 Sale 59 4
8
99
62 9812 100%
84 Sale 84
8412 24
let 59 B
J
Cent Leather 20
-year g Se_ 1925 A( 985 Sale 9838
944
14412 67, 130 100
9112 94
934
Milwaukee Gas L let 4s
94 I
1931 I j 142 sew 1414
Cerro de Pasco Cop 821
MN
95 Mar'23 ----1 9514 963
6 Montana Power let
9684, 24
9313 Sale 95
9 2
'
6
Ch G L & Coke 1st gu g 68_1937 .1 j 8938 94
A
19963 J
10471
1 2
82 Sale 8112
82
88
9834
47, 764 837
8 .4ontreal Tram let & ref 5e....1941 J J 897 Sale 8834
90
35 9312 91
8
1927 F A
4thleago Rye let tie
903 Apr'23 4
9912 1004 Morris & Co let e 15%9
812
79
71 77
1923 J D 993 --1931 .1 -I 78 Sale 77
06
Chicago Tel be
1082 11 51
11214 95 11112 121% Mortgage Bond he
83
Apr'11
A 0
Chile Copper 10-yr cony 711_1923 M N 101,1 .„a2, 11112
10014 125 964 10314
100
iiii 934 Apr'23 -- -6,71; "gii
1932 A 0
▪ 0 "iiiColl tr & cony 66 ser
974
8 9618 9912 Situ Fuel
9312 Mar'23 -- 934 95
tr eiGaeletx 5%5s._ 1947 Si N 8914 93
g7d bdso
ref661956 A 0 9718 Sale 97
5
0Incin Gas& Elec let &A_8
9718 21 9512 9812 Slut
938 _- 101 12 Sept'17,_. 8
1961 A 0 9618 965 964
MN
51s Ser B due Jan 1
67¼
874
87 8912 8714
1' 8512 89
62
63 I 15 5
'Isamu Elec gear gold 16
6214 63
1943 F A
94
5
4 1• J
Colo F & 1 Co gen slits
767
8
13 75
7612 Sale 753
97
Nat Fllnarn & Stanthe let 5& _1929 ▪ D
777
Jan'23
Col Indite 1st & coil be gu___ _1934 F A
964 24 95
97
Nat Starch 20
95 Sept'22'---935
8
1927 .1 j 9614 sale 96
Columbia0& E let 5e
-year deb 5s..,1930 J
7 - 16
E1
1- 2
9613 25 95% 97
sratIonal Tube let 59 . .._1952 MN 99
9912 18
1927 .1 J 9618 Sale 953
9912 98
Stamped
20
17
8 14
30
20
7 8 97
5
New England Tel & Tel its 1952 j 0 984 Sale 97%
9814 104 9 5 100
001 & 9th Av .1st gu g 513_1993 M S 15
Feb'23 ----, 92
92
93
slew On fly & Lt gen 448
50
Feb'211---1932 .1 J 71 J J 61
Gas let gold 5s
Columbus
-1935
7114
2 7114 7512
78"
7114 714
101%
8 165
Y Air Brake let cony 68_1928 M N 10112 i(113- 101
4
Commercial Cable let g 46_2397 0 .1 70
8712 29 84
RON N Y Dock 50-yr let g 4e
76 Mar'23
1947 M N 8612 Sale 86
75
77
1951 • A
OilMmonwealth Power 68
8
4
1003
4 44 984 10112 BY Edison let & ref 61e A_I 51 A 0 110 Sale 109
69 10712 1712
1s 9
110
4
Y
1937 J 1 10014 1003 993
194
Comp Azu Bars 715
973
21 964 9918 NYGEL&Pgbe
9814,
7 9512 100
_1941 J • 9712 Sale 9612
.1 D 9814 Sale 97%
Computing-Tab-Bee e f
Feb'23 84
875
8
Purchese money g
8012 16 7918 5.3%
415
1948 F A 8012 Sale 8018
049
& List & ref g6e_- 1951 J J 8114 --__ 84
Conn fly
76
99
76
81 14
1 8114 8314 I Y Miir,le By 151s 55 A_1986 .1 J 80 ____ 76
Jan'23 -- 96
1951 .1 J 8114 81% 8114
Stamped guar 4148
8638 37 8412 90
9612
9612,
1
8
F A 957 99
NYQFaL&Plets4e
Cone Coal of Md 1st & ref 6s.1950.9 D 86 Sale 8538
1 8912 954
31 I 10
8912
8912
Rys let R E ref 45_1 9 8 .1 .1 3012 323 3012
1 8938 93
4
1942
3
Con G Cool Ch let 1111 If 58-1936 J
38 4
6
9
0
5
3
40 8412 9213
88
30
31 I 71 39 3 71a
31
1052 M N 87 Sale 89
29
Certificates of deposit
Consumers Power
10-year ad) Inc Is
4
514
9
1931 MN 99 10014 993 Mar'23 --• 9938 99%
5
512 5
01942 AO
Corn Pro dRefg e f g Is
43
4
45
2 44 51x
2 9812 101
9812
M N 9812 9912 9813
1934
413 5
Certificates of deposit
let 25-Year s I 58
_
90 95
914
3
9112 91
1943,F A 91
Crown Cork & Seal 6a
123 'AA 0'
:9
____1 ___
76
mg so%
iii
'No pries FrIdayillatest told and asked, a Doe jam. a Dee April. •Doe Mar. •Due May, I Due June
5 Due July
5 Des
Aug.•Due OM,
Due Dec *Option Sale
1746
New York Bond
THE CHRONICLE
Record-Concluded-Page 5
(Vol,. 116.
Quotations for Sundry Securities
All bond prices are "and Interest" except where marked '1.*
BONDS.P
21
Price
Week's
Range
Standard 011 Stocks Par Bid. Ask. RR, Equipments
-Per CI, Basis.
N. Y.STOCK EXCHANGE
Friday
Range or
#k
A
Since
Anglo-American 011new_ El .17
1714 Atlan Coast Line 65
5.70 5.35
Week endlng April 20
--,a,
co
April 20
Jam 1
Last Sale
Atlantic Refining new .100 125 130
5.45 6.15
Equipment 6345
Preferred
100 115 116 Baltimore & Ohio 68
5.80 6.40
Ask Low
High No. Low High Borne Serpi:03er Co
Bid
100 130 135
Equip 431s <IL 5s
5.50 5.10
NY State Rya let cons 448.1962 af IS
617
8
65
14 617 69
623 63
4
/
1
4
8
Buckeye Pipe Line Co.
50 •588
89 Buff Koch & Pitts equip 68._ 5.45 6.20
et Y Steam 15t 25-yr(la Ser A _1947 M N 94
94
9514 94
2 94
fig
Chesebrough Mfg new..10(3 227 232 Canadian Pacific 43Es dr Ile. 5.50 5.00
4
N Y Teiep let .1 gen a 1 4%8_1939 M N
9314 47 9083 9
93 Sale 9214
Preferred new
100 113 115 Central RR of N .1 8e
5.65 6.30
30
-year deben e f 613....-Feb 1949 F A 10412 Sale 104%
105
73 10314 1083
8 Continental 011 new.
25 *4318 44 Cheaapeake & Oblo 88
5.80 5.40
20
-year refunding gold 6s__1941 A 0 10412 Sale 104
10434 02 10112 10714 Crescent Pipe Line Co
50 *19
20
5.50 5.25
Equipment 6345
,Niagara Falls Power let 58_ A932 J J
58
98
9812 98
98
5 954 101
/
1
Cumberland Pipe Line new. 112 113
5.50 5.25
Equipment Se
4
Ref dr gen Us
103
01932 4 0 103 Sale 1023
8 10112 106
Eureka Pipe Line Co_ _100 .112
5.60 5.36
Niag Lock & 0 Pow let 55_1954 M N
9714 9914 9712 Apr'23 __ ., 9712 9814 Galena Signal 011com.....100 67 114 Chicago Burl & Quincy 6s
68 Chicago & Eastern Ill 5345-., 6.00 5.50
925 Sale 9238
8
No Amer Edison Ss
93
1952 IN 5
36 92
96
Preferred old
100 112 114 Chicago dr NW
5.30 6.10.
Nor Ohio Trao & Light Os__ _1947 M S 91
43411
92
91
92
8 90 95
Preferred new
100 108 110
5.70 5.40
Equipment 6s
/ 22 8718 93
1
4
89
Nor States Power 25-yr 58 A_1941 A 0 8912 Sale 89
Illinois Pipe Line
100 165
67
5.50 5.15
Equipment 6348
11 9812 102
100
let & ref 25
-year Us Ser B.A941 A 0 100 Sale 100
Indiana Pipe Line Co
50 *98
00 Chic R I & Pac 4345& 58
5.60 5.15
101 10714 108
8
/ 108
1
4
Northweern Bell T jet 718 A_1941 F A 1077 Sale 107
International Petrol (no par) 82013 2034
5.80 5.40
Equipment 65
NorthW T let fd g 434e gtd_1934 .1 1 9112 Sale 9138 Apr'23 -_-- 9138 9118 National Transit Co_12.50 `".5
25 1 Colorado & Southern 65
,
, 5.75 5.40
Ohio Public Service 7301„-1946 A 0 102 106 10612 Apr'23 --;, 101 108
New York Transit Co __ _ 100 128
32 Erilawars && Hudson Os
De a 444e
5.70 6.30
9418 Sale 94%
Ontario Power N F let 5e.__ _194.3 F A
9514
6 923
4 9914 Northern Pipe Line CO._100 1e6
07
6.25 5.50
96
3 94
9412
9412
9312 94
Ontario Transmission 55_ _ _1945 al N
25 86912 71
6.25 5.75
Equipment 68
9912 100
100
10 9711 10112 Ohio Oil new
1941 F A 99
Otis Steel 85
01148822 Hprkiagovaloni:s
Oreat N rth ley e
5.65 5.35
/
1
98
963
4 Penn Mex Fuel Co
17 92
1947 F A 934 Bale 9314
1st 25-yr s f g 7 s Sec B
212
Prairie 011 & Gas new..
5.80 5.40
.
1942 J J 8913 897 8912
Pacific G & El gen dr ref 5s
8973 38 88 9314 Prairie Pipe line new _ _100 107 2
,
1111nols Central 434e tic 5a
5.40 5.10
90 Sale 9118
915
8
3 897 94
8
Pao Pow & Lt 1st & ref 20-yr 55'30 F A
Solar Refining
95
9(17
8 20 9514 995
Equipment 69
5.65 5.35
1937 3 J 9612 Sale 96
Pacific Tel & Tel let 58
8 Southern Pipe Line Co_ _10 10
1 0 9
0
9
10
5.40 5.15
Equipment 75 dr 6348
,
1952 MN 89 4 Sale 89
90
68
9218 South Penn 011
92 88
100 157
Packard Motor Car 10-yr 8e_ _1931 A 0 --------10718 Apr'23 -,.- 107 10812 Southwest Pa Pipe LInes.100 85 60 Kanawha & Michigan 68..... 5.85 5.40
86
Equipment 4%s
5.50 5.10
Pan-Amer P & T 1st 10-yr 78_1931 F A 10212 Sale 10213 10234 18 102 1055
8 SMn dhrd 011 (California) 25 .503 50%
8
Riga ,.
Louieville & Nashville 61
5.30 6.10
96
94
Jan'23 ---- 94
Pat & Passaic GIs Ekons g 5s 19491W El 91
94
d
318 314
Equipment OS
5.65 5.35
Apr'23 _- -, 107 108
Poop Gas & C 1st cons g 68_ _1943 A 0 105 108 108
Stanuard 011 (Indlana) 2. .6114 6112
5.40 5.15
Equipment 6350
Sale 88
Refunding gold 5s
1947 M S.
883
4 22 87
9312 Standard 011 (Kan) new 25 .47
48
5.50 5.15
Michigan Central 55, 68._
100
1944 F A , 4 Sale 100
Philadelphia Co 68 A
1007
8 55 9812 102
Standard 011 (Kentucky) 25 .95
96
MbanSt P.& SS M 4Atidcfm 5.60 5.15
1943 M S 7614 Sale 76
Pierce-Arrow 83
79
822
4 Standard 011 (Nebraska) 100 235
109 76
45
5.75 5.45
Equ1pment 6348 dr 7FL
95
1931 J D -„- 95
95
Pierce 011 e f 8a
3 94
98
Standard 011 of New Jen. 25 *3811
Missouri Kansas & Texas 58 8.70 5.30
Pleasant Vol Coal let get 58_1928 J J 88 -- -- 89 Fe13 2 --- 89
'3
9()
100 11618 316854
Preferred
5.75 5.35
901
Focal! Con Colliers let s f 58_1957 J J 9014 91
90Is
i 5018 941$ Standard 011 of New Y'k. 25 .42 2 423
,
4 MorilurI Paelo e 4e, ig.-- 5.75 6.20
is e & Ohi n46s tel
4
Portland Gen Elea let 58._ _1935 J 5 933 95
9.5 Mar'23 --- 93
9512 Standard 011 (Ohio) new _. 295 300 New York
6.50 5.20
Central 4,4e,5e
Wit 90 8612 Mar'23 __ __ 8414 88
Portland Ry 1st & ref 58_
1930 MN
118
Preferred
5.70 5.36
843 Sale 843
8
1942 F A
Equipment 6s
Portland Ry Lt & I. let ref
s
8618 50 833 87
4
16
7
39
1101 3
"
Swan & Finch
5.55 5.25
Equipment 78
94
95
96
911 B
1947 IN N 94
11 93
96 3 Union Tank Car Co _ _ _ 100 91
,
.
9.5
5.30 5.00
Norfolk de Western 4345
let & refund 7;iii Set A_ 1946 M N 1041$ Sale 10418
10413 13 104 10714
100 109 14 44 Northern Pacific 75
Preferred
5.45 5.20
10
0
Porto Rican Am Tob 86
1931 M N 10512 Sale 10512 10512
1 103 10512
Vacuum 011 new
5.50 5.20
Pacific Fruit Express 76_
Prod & Eels f 8e(with war'nts)'31 J D 132 13312 13212 133
3 123 13312 Washington 011_
27 Pennsylvania RR equip 68- 5.50 6.10
10712 Sale 107
without warren% attached_ _. 1 D
1073
4 2 106 1083
8
4
011 Stocks
Other
5.50 5.20
62254:.: PIttsi gLa oe Eree 630
Rewi
: t 4m l
c
Pub Sem Corp of NJ gen 50_1959 A 0 84 Sale 8314
84
50 811 86
4r5
12
)
55
Atlantic Lobos 011 (no p1220
pieferred
5.75 5.40
Equipment Os
Punta Alegre Sugar 71
1937 J 3 119 Sale 11818
123
231 10514 124
5.30 4.95
731$ Sale 723
Rapid Tran See 64
1968
4
7414 2440 703 7414
8
1937 la isi 9318 9312 9213
St Louis dr San Francisco 5s_ 5.75 5.30
Remington Arms 65
9312 18 907 9812 Gulf 011 (new)
'
new _ 2°.
52 5 .
5 I
4
Health 1 & S 10-30-yr 585 f_ _1940 A 0 90 Sale 891
9038 30 89
9614 Humble 011 & Ref
' ' '361241'123841597:1581 ,432 333 Seaboard Air Line Cis& 5e_ 5.30 5.10
Imperial Oil
6.25 5.00
/
4
11312
5348
9014 86 89
1953 J J 901 So" 8918
941
4 Magnolia Petroleum_ _100 142 144 Southern Pacific Co 430
5.40 5.15
Robbins & Myers s f 7s
1952 1 D -_- - 9714 97
EquIpment 75
97 2
,
2 97
99
9
10 Southern Ry 4345 & 55
Merritt 011 Corporation_ 10 .
5.60 5.15
WI ---- 983 Jan'23-,. 9838 983
Hoch dc Pitts Coal & Iron 58_1946 MN
8
8 Mexican Eagle 011
10
5 *0
5.85 5.50
Rogers-Brown Iron Co 7s.._ _ _1942 IN N 90 Sale 90
Equipment 6s
9912
3 8914 93
2214 Toledo & Ohio Central Os..
Salt Creek Prodneerq__ _ 40 .22
5.76 6.36
tit Joe Ry. L,H dr P 6e
1937 MN 77 ---- 7512 Sept'22
Public Utilities
5.35 6.10
8
St Joseph Stk Yds 181 g 4%8_1930 J J 847
85% Dee'22
•373 3912 Union Pacific 7e
4
Amer Gas & Elec new.._ _(3)
OIL Rock Mt dr P 5estmpd 1955 J J 8218 9418 82 Mar'23 --- 82 ill'42 43
Preferred
Eit Louis Transit 5e
._
1924 A 0 --------62 Mar'23 --2 62 62
t,414 9514
M&N
Deb 68 2014
1942 as 8 1903 10118 10084 10118
4
Saks Co 75
Tobacco Stocks
O10018 10214
Amer Light &'Frac,com _100 120 123
Amen,all unser common.100 81
84
94
Bt Paul City Cable 55
84
1937 J J 82
Apr'23 ---1 93
94
93
100 90
Preferred
Preferred
San Antonio Pub Ser 88
100 8012 91
2 93
1952 J J 93
981 93
93
9484 Amer Power & Lt. com 100 17412 176
Amer Machine & Fdry_ _100 135
150
s
Sharon Steel Hoop let 8s ser A1941 IN S 99, Sale 9814
9914 49 9714 104
Preferred
100 83 85 British-Amer robe° ord. CI .
21
Sierra & San Fran Power 5s_A949 F A 8213 8412 8212 Apr'23 - --- 8212 8712
22
96
MEI 94
Deb lis 2016
Brit-Amer Tobac, bearer fl *21
Sinclair Cons Oil 15
22
4 10014 157J 99 10112
-year 7s 1937 131 S 978 Sale 997
31
Amer Public UHL Corn..100 29
Sinclair Crude 011 534s__
61
Elelme(Geo Mr) Co. new. 25 •58
.ice's A 0 977 Sale 977
s
8
9813 75 9714 1002
4
100 4612 49
Preferred
Preferred
68
10,) 113 118
Fob 1926 P A 9814 Sale 98
99
216 98
8812
9912 BlackstoneVaiG&E.com 50 •
*20
21
Imperial'rob of G B &
Sinclair Pipe Line 5s
8614 109 83
1942 A 0 8513 Sale 8512
8912 Carolina Pow & Lt,cool..100 xo7
70 Int. Cis. Machina•y
60
South Porto Rico Sugar 7e.,. _1941 J 11 1003 Sale 100%
4
101
100 55
33 99 102
Cities Service Co. corn. i00 166 168 Johnson Tin Foil & Met _100 75 100
4
South Yuba Water as
1923 J J 913 ___ 112 July'04 --I
100 60
Preferred
6912 MacAndrews & Forbes_ _100 136 138
South Bell Tel & T 1st s f 58_1941 1 3 93 Sale 92
_
93
17 904 -1i6 4
.
-3
1712
4
Stand 1....% & El cony 4 f 6s__ _1926 J 0 983 Sale 9812
Preferred
99
100 98 101
23 967 997
8
3 Cities Service BankersShares *17
23
Colorado Power, corn_ _ _100 22
34
Mengel Co
Standard Milling 1st 58
100 32
97
973 97
4
1930 M N
9713
933 97 4
4
8
100 01
Preferred
94
Standard 011 of Cal 7e
Porto Rican-Amer Tob_ _100 76 85
01931 F A 10514 Sale 105
1053
4 58 103 10712
Com'neth Pow.RI & Lt 100 3
4
35
*75 100
Scrip
/ 101
1
4
Steel & Tube gen a f 70 ser 0_1951 1 .1 101 Sale 100
11 100 106
6912 Schulte Ret Stores_(no par) *9012 9114
4
Sugar Estates (Orient!) 78_1942 NI S 99, Sale 9914
9934 49 98
993
4 Com'w'th Pow.Corp.pref100 65
86
88
Preferred w I
_ 9111 Jan'23 ____ 911 9112 Consumers Power pref..
Syracuse Lighting let g 58_1961 j D 9018 _
100 115 125
3 ; 312 Universal Leaf Tob com_100 111 114
1 2
9
845 Apr'23
5
Light dr Power Coco!tr sf 58'54 J 3 841$ 86
8412 8682 Elee Bond & Share. pref,Its; . 12 F
Federal Light & Tree
8
Preferred
100 98 100
98
/
1
4
Tenn Coal I dr RR gen 5s____1951 J .1 985 - - - - 981$
i 2512 101 12
71
Preferred
100 70
Tennessee Cop lst cony 68,...,.1925 MN 101 102 10112 Apr'23 -- -- 100 10112
Young (3 S) Co
100 112 118
Lehigh l'ow Sec_(no par) .
:
23
2312
Preferred
4
Tennessee Eleo Power Oa
100 105 108
_ 1947 J D 94 Sate 923
94
52 92
9458 NIIsslalIppl Itly Pow.com100 23 25
Rubber Stocks (Cierel and irr ices)
8
Third Ave let ref 48
555 gale 555
8
1900 J J
5912 19 58
6212
Preferred
100 80 83 Firestone Tire & Rub comb .80
4
Adjincome 55
81
56
01960 A 0 553 Sale 5514
79 53% 6314
First Mtge 55, 1951_ A &J 8912 91
96
6% preferred
Third Ave RI let g 65
9212
1937 3 J 92
98
100 95
9212
2 9212 9
514
02
S f g deb 78 1935_ _NI&N 100
7% preferred
Tide Water Oil 6348
100 9612 98
10314 13 102 105
1931 F A 10314 Sale 103
0
53 Gena Tire & Rub,corn.._50 *180 185
Nat l'ow & 1.., coin _(no par) *5
4
Tobacco Products e f 78
1931 J 0 1043 Sale 10458
1043
4 12 1023 106
4
(no par) '82
84
Preferred
Preferred
Toledo Edison 71
100 99 100
10638 31 105% 1071$
1941 M $ 106 Sale 106
J&J 8912 91
Inc is 1972
4
4
Goodyear The & 11, com.100 1413 1484
9814
Tol Trac,L dr P 65
1925 F A 973 9818 973
8 97'2 9912
10
Northern Ohio Elec (no par) .7
Trenton 0& El let 868
95
19491W S 91 __ _
Preferred
100 60
Jan'23 ---- 95
50 4
,
96
100 26
28
Preferred
undergr of London 4%s.._,,1933 J J 9318 ____ 9314 Mar'23 ---- 907 9314
Goody'r T&R of Can, pf..100 88
94
8
1948 j j 873 89
States Pow. corn,100 96
98
4
Income 138
8814 Mar'23 93
1(40 91
Miller Rubber
88 4 8814 North
,
100 91
93
Preferred
Union Bag & Paper 68
98
1942 MN 9712 Sale 971
Preferred
100 105 107
31 96
99
78
Nor Texas Elee Co.com_100 73
4
Union Elea Lt & P ist g 5e
1932 M S 9412 953 9514 Apr'23 -- 95
Mohawk Rubber
18
101) 16
9714
100 74
Preferred
77
17nion Elev (Chic) 5e
1945 A 0 --------86 Elept'22
68
Preferred
70
pref
91
90
Pacific Gas&
97
947
5
Union 01158
1931 J J 9
iii i(i "ii" Power Secur, El, lot(no 100 .2 92 Swlneharl,Tire& R,com_ Ion 15 21
.
Corn.., p
)) ' 15
13
7
_1942 F A 100 Sale 100
10014
50
9 9978 1025
Preferred
100 40
8
par)
Second pref
Union Tank Car equip 7e____1930 F A 10313 104 103% 10312
2 10214 104
76
Coll trust 65 1949 __J&D 71
United Drug cony 88
19413 D 111 Sale 111
11112 23 110 11312
Sugar Stocks
47
Incomes June 1949_ _F&A 142
United Fuel Gas let a I 68_ _1936 1 J - - -- 9512 95
20
Caracas Sugar
9512 16 95
22
50 •
98
00 40 ,
8
6
,3 Cent Aguirre Sugar corn. 20 *98 100
0
6s
United Rye Inv 59 Pitts issue 1926 MI N 9 , Bale 96
9 14 95 8714 9314 Puget Sound Pow dc Lt_ _ 100 8
6
61,
6% preferred
4
United Rye St L let g 48 . _1934 J 5 60 Sale .593
6014 66 5812 63%
Central Sugar Corp.(no par)
2
100 101 103
7% preferred
1
United EIS Co Ltd (The) Copen4
Preferred
100
100 0
6
0512
Gen M 7!.3s 1941_ __M&N 144 148 Fajardo Sugar
19 -M12 92
92
hagen int rots 15-yr a 1 6s 1937 M N 92 Sale 91
100 x118 122
4
4
993
4 46 9818 10114 Republic RI & Light__.100 163 173 Federal Sugar Ref. com_100 67
1942 A 0 9912 Sale 99
United Stores Us
70
Preferred
10018
5 10018 10313
19323 3 10012 101 10018
U El Hoffman Mach 8s.
Preferred
100 90 108
US Realty & I cony deb s 51_1924 J J 100 10012 10012 10012
,
28
2 99 10012 South Calif Edison. com_ 100 10214 10312 00(1C111111% Sus, Inc_(no par) .24
100 118 122
Preferred
8712 154 85
8943
US Rubber 1st dr ref 58 sec A.1947 J .1 87 Sale 8612
92
Preferred
100 89
31
Standard Gas & El (Del) 50 *30
/
1
21 10513 109
10
1930 F A 10714 Sale 1074 108
-year 7S4s
90
Great Western Sag new-. 25 *85
TennesseePreferredmar
50 .50
51
10012 21 100 102
U Oilmen Ref & M eons 68_1926 F A 100 10018 100
40
Holly Bug Corp,com.(nopar) *35
Pow la o par ) 4812 47
na
):5
1
18
102
227 1003 104
41963 MN 10112 Sale 10114
90
Preferred
100 85
17 El Steel Corp'coup
4
2d preferred
41963 MN --------101 Mar'23 _._ 100 103
s f 10-60-yr 561reg
Juncos Central Sugar _100 110 125
,.
United Lt & Rys. corn.100 13
5 140
0
83
Utah Light & Traction 58_ _ _ _1944 A 0 0 4 Sale 8134
29 8114 88
National Sugar Refining _100 99 101
let preferred (6%) - _100 85
873 Sale 873
4
90 Santa CecillaSueCorp.pf.100 11
4
Utah Power & Lt 1st 58
1944 F A
8814 32 863 9214
15
4
3612 Savannah Sug,cook(no par) •
Western Power Corp_ _ _100 34
J 95 --- 95 Mar'20
Utica Elec L & Pow let s f 54 19503_
53
58
Preferred
100
4
1987 J 3 8811 913 90 Mar'23.
Utica Gas & Klee ref 58
83
Preferred
id Iii14 Short Term Securities-Pc r 82 84
100 81
Ccn1
s
56 Nov'22 __
_
1953 .1 J 60, 65
Victor Fuel Co let s f 55
West India Sus Fln.com_100 40 60
91
4
100
12 9,4 Am Cot 01143 1924__M&S2 89
Va-Caro Chem let 15-yr Si..,.1923 J D 100 Sale 993
Preferred
6 4 ilk7
55
3
100 48
1
3
el924 A 0 --------9914 Apr'23 - -Cony deb 68
9912 10012 Amer Tel & Tel(is 1024 _F&A 10012 00 4 Industrial&MIseellaneous
Anacandat7opMinfts'29J&J 101 14 0113 American Hardware._ _ _100 *55
922 104 88
1947 J D 901e Bale 9012
78
57
98
1937 j j 8412 Sale 83
.8&3 10318 10334 Amer Typefounders.com.100 78
78 1929 Series B
/
1
4
84% 69 803 9818
12-year 5 f 73411
82
4
Anglo-Amer 01171 0125 A&O 102 3 103
.
,
83
833
4 13 80
without warrants attached__ .1 1 8212 84
Preferred
100 08 101
9312 Arm'r&C,o7sJuly15'30J&J15
1047
4
9512 9214 Apr'23
Atlas Powder
. 9214 9512
80
Vs Iron Coal& Coke let g 58_1949 M 5 92
100 176
Deb 6s J'ne 1521 J&D15 100
19343 3 8514 Sale 8514
86
va RI Pow lst & ref 511
Bliss(EW)Co,new_(no par) .2412 2512
7 84
87
/942 3 D 983 Sale 9812
4
Deb (Is Joe 15'24_J&D15 100
99
97 96
Vartientea Sugar 78
60
63
Preferred
50 •
983
4
Beth St 7% July 15'23J&J15 10014 100 8 Borden Company,oorn....100 115 117
2
1941 J D 10314 Sale 10212 10314 12 102 106
Warner Sugar 75
1939 j j 9813 99
/
1
9812 Apr'23
05
Preferred
100 103
9818 9912 Canadian Pac 6q 1924 5,16rS2 1004 10014
Wash Wat Powers 158
4
95
1 9478 9714 Federal Sug Ref fai'24.1M &N 1008 10118 Celluloid Company
Westches Ltil g 58 strand gtd _1950 J 0 05 Sale 95
100 93 98
1
s
Hocking Valley lis 1924 M&S 1003 109 4
91
4
4
1946 6,1 13 8 / Sale 883
8918 24 885 94
Preferred
100 106 110
8
West Penn Power See A 5s
9812 Childs Co,common
l&S 97
10014
43
8 10018 10214 Interboro 11 T fis 1922.1\
-year 65 Series C__ -.1958 J D 10014 10014 10018
100 140
let 40
K C Term RI 6.'23 al,c7.115 10014 10 8
105
r1948 F A 1032 10412 105
05
Preferred
1 104 106
100 109 1104
let series D 78
J&J 10314 104
61
, July 1931
0
99
16 96
Hercules Powder
100 107 112
Western Union coil tr our 58._ 1938 J .1 99 Sale 97
9911
9014
6 8912 9212 Lehigh Pow See Os '27_F&A 9314 94
Preferred
100 10212 10412
Fund dc real estate g 4ge_ _19 I al N 8912 Sale 8913
962 International Salt
4
10812 28 106 111% Sloss Shelf S & I 6s'29_ F&A 96
1938 F A 1074 Sale 10712
100 7814 90
15
-year 8348 8
8
US Rubber 714s 1930_F&A 10612 10713 International Silver, pt...100 108 112
.
Westinghouse E & M 7s._ _ _1931 51 N 1667 Sale 10612 10738 53 10612 110
Joint Stk Land ilk Bond
9512 Sale 9413
Ma 30 9313 98
82
Lehigh Valley Coal Sales. 50 .80
Wickwire Sinn Steel 1st 718_ _1935 1 J
I
Chic Jt Stk Land Ilk 5s_ 1951 10213,10314 Phelps Dodge Corp
100 180 190
99 4 55 883 102
,
4
Wilson & Co 1st 25-yr a f 68_1941 A 0 98 Sale 98
10213,103, Royal Baking Pow,com_100 130 143
941s Sale 94
531 1952 opt 1932
947
8 35 9214 97,
1928 J D
4
1
-year cony 8 f 6a
10
105 11053
5348 1951 opt 1931
4
1001
4 63 963 105
1931 R A 10018 Sale 100
100 99 102
Preferred
4
Temnors 7 7348
,
1003 10112 Singer Manufacturing_ -100 117 119
432 1952 not 1932
4
1941 A 0 10114 Sale 101
10112 15 10013 404
Winchester Arnie nia
• Per share. t No par value. 0 Basis. 4 Purchaser also pays accrued dlylFlat Moe. S Last sale. is Nominal. afiz-dl
1.4
a/optics Friday; latest bid and asked a Due Jan. d Due Apr. c Hue Mar, 6 Doe I dend. e New stoat
Due June. I Due July, S Due Aug. o Due Got. I Due Den. Option Sale. rights. I Ex-stook dlv. si Ex cash and stock dividends.
,IZ
s•
BOSTON STOCK EXCHANGE-Stock Record se..7:tp:.,.
8
-PER SHARE, NOT PER CENT.
BlOH AND LOW SALM PRICE
Saturday.
Aprtd 14
MOndaf.
Tuesday.
April 16 I April 17
Wednesday. Thursday.
April 18 1 April 19
14413 14412 14413 1444 14412 145 *145 146
7912 soia
80
80
7934 793
80
80
4
97
96
9634 963
4 96
96
*97
__
120 120
120 120
•120 121
4
4
3
•101 10112 1003 1003 1003 101 *100 4 101
4
4 1812 1812 1812 19
1814 184 1813 183
27
_
•
26
27 "26 ___ 27
30
30
304 3012 3012 31
*27- 304 3112
_
*42
45
42
424 434 4412
.
42-- - *38
40
40
39
4018 40
40
*38
55
543
4 53 53
57
*63
57 57
•1574
3
15712
__ *1574 ____ *15712 159
3212 32
313
32's 3214 33 4
3113 - - 4 32
,
70
*____ 69
69
69
•60
63 .60
63
60
601 *60
63
*45 ____
44
44
44
44
443 45
4
4212 423 *4213 43
42 4 423
3
4212 445
4
*37
12 38
38 38
38
38 .37
12 38
•
184 19
1912 19q *19
1911 193 201
,
*75
81 I •75
80
*74
8)
*90
_ .90
*90
'7514 79
79
80
79 •__ 80
79
•-__ 314•-- 311s
;55- 91 '88 91 .88 91
Sales
for
the
Week.
Friday.
April 20
5TOG KS
BOSTON STOOK
EXCHANGE
1747
Range sines Jan. 1 1923. 1
Lowest
Hightst
Shares
Railroads
145 146
Jan 91
35 Boston & Albany
100 143 Apr 3 149
Jan 51
794 80
235 Boston Elevated
100 7912 Apr17 84
963 97
4
Apr16 100 Mar 6
43
Do pref
100 96
Jan 2 122 Mar 7
55
Do 1st pre!
100 118
i05 4 114-. 8
41
Do 2d pref
100 9913 Mar22 106 Mar 5
1818 19
683 Boston & Maine
4
ani
Do prat
7
2
---- ---i 0 1.712 j rla !
0 0 2 4 ai
00
prec
Mar 1
158
24
----Do Series A 1st
Feb 8
91
Jan17 48
---- --Do Series 51 let pref_ 100 40
51
Jan22 42 Mar22
Do Series C let pref_100 36
98
Do Series D 1st pref
100 53 Apr16 59 Feb 7
Boston & Providence
100 15712 Mar21 1604 Jan25
-iii2 33-Sao East Mass Street By 0o 100 18 Feb15 35 Mar22
69
69
40
Do 1s1 prof
_100 67 Feb24 72 Jan10
623 623
3
3
45
Do prof B
45
45
80
IU =1!
-5
33
Do adjustment
100 Ills
0
1,082 East Mass St By Or ett0.100 3413 Feb1545 Mardi
433 4334
4
15 Maine Central
43 Jan 2
100 3713 Mar
"iiiiz
620 N Y N H & Hartford
4
100 163 Jan15 224 Jan30
Apr 4 84 Feb 3
Northern New Hampshire_100 75
PER SHARE.
Range for Preston'
Year 1922.
Louvre
13014 Jan
734 Feb
9414 Max
116 June
1014 Nov
Y412 VeaLl 13 Jan
3213
Jan
22
Jan
36
30
40
12158
D'eelb?
66
51
28
28
Mar19 100
274
124
89
58
Tic,
---- ---
1
90
22 () Colont W°2°22122:
N
ITich
P262-1°°
Rutland pref.
ma8ssommetto.188 N
3
(
0
)
Vermont &
90
1
Mar 8
Apr10
Jan 3
eb
ag
:113 rcel
98 Janll
1175
78
Jan
Jan
Jell
Aug
July
July
Jan
Jan
Jan
Jan
Jan
162 May
8913 Sent
105 Sept
126 Sept
109 Sept
3113 May
37
Apr
444 Apr
62 May
64 May
7713 may
163 July
26 3 July
3
77 July
60 Nov
47 Aug
47 Aug
Oct
65
347 May
3
96 July
1038 Dee
4
981 Ma,
4
524 June
100 Aug
Miscellaneous
44 Jan
24 212
213 Dec
200 Amer Pneumatic dervIce_ 25
*23
8 28
218 213 *214 24
3 Jan 9
13
24 Feb21
27
Do prof
1813 *18
1812 1813 •18
1812
so 16 Mar 7 20 Jan10 13 Feb 204 Aug
Aug
2.180 Amer Telephone & Teleg_100 12133 Jan31 1254 Mar14 11433 Jan 12814 Dee
1229k 123
122% 12354
1223 123
12213 123
±
Jan 121
9613 9612
30 Amoskeag Mfg
Jan 5 104
*9014
Jan 8 112
*9614
No par 588
91 Aug
84
80 80
Do pref
.80
80 Nov
80
81
80 Apr 3 88 Jan 5
No pa
2011 May
14 No
17
...... Art Metal Construo Inc_ 10 15 Mar 1 164 Mar14
*516
17 "515
17 •±15
...... Atlas Tack Corp
13 Jan 22 May
17 •16
17
*13
17
"16
No par
17
Feb 2 204 Feb14
_
15 uoston Cons Gas Co, pref..100 105
107 107
____
108 106
Jan22 10813 Feb24 1044 Aug 107 Dee
.50 May
Boston Mex Pet Trus_No par .10
Jan25
.10 Sept
7 -- ii 'do .15 '.10 .15 *.10 .15
.14 .
Jan18 .30
3
24
24
-Dia Connor (John 1')
2412
3
1558 Jan 307 Dee
24
*2418 2413 2458 24 3 24
24
Jan13 27 Mar19
10 20
c
Apr
33
3 3 34
7
300 Bast Boston Land
*33
4 4
3% 3%
3
3 Jan
3 4 *3 4 4
3
4 Jan 2
1
314 Mar 3
1113 1112
485 Eastern Manufacturing_
1113 11
1112
74 Jan25 1418 Mar 5
7 Deo 1414 Feb
111 *11
1113 111z *11
115 115
640 Eastern SS Lines Inc
114 115
384 Jan 594 Oct
115 117'z 115 116
1144 115
25 8118 Jan10 1274 Mar22
16412 165
390 Edison Electric Ilium
105 165
16458 165
187 16711 ±16414 165
Jan 3 156 Mar 186 Belot
100 516414 Apr16 172
50 Elder Corporation
*7
8
712 71
7
13 7
12 •7
8
54 Mar 5 107 Jan 2
3 Mar 13 May
3
No pox
5 Galveston-Houston Eleo_100 19
19
19 •____ 20 •____ 20
•
____ 21
Apr18 294 Feb 5
28 Deo 39 Aug
161 Air
4
_
*13
14
100 Gardner Motor
1314 •13
14
•13
14
13
1044 Jan 2 15 3 Mar 3.
3
9 Nov
No par
19
191
342 Greenfield Tap & Die
18
18
19 I
17
*17
•
17
18
17
17 Dec 274 Feb
25 17
Apr18 24 Feb101
59 •58
5912 *58
5912
60 Rood Rubber
58
43 Mar we Dee
59
59
No par 54
Jan 8 634 Mar13
4
130 internat Cement Corp-No Par
41
41% 411
40q 4911,
*40
Jan 383 May
53913 41
Jan 2 44 Mar19
20
35
Jan
16__ _
15
90 Internat Cotton MIMI
15
16
15
15
15
60 15 Ayr12 22 Feb191 20 Nov 33
'
100
58
60
60
60
•60- 8212
56
Do prat
56
Aug 8,5 Dec
60
100 56 Apr14 794 Jan10
814 Max
*24 3
.258 3
• .24 3
*23
4 32
,
International Product,
14 Dec
2 Jan15
3 klar20
-No Par
---id& Do purl
712 *6
712!
4 *6
713 •6
658 63
100
6 Feb27
8 Mar15
54 Dec 17 Apr
11.13 June
45 Libby, McNeill & Libby__ 10
634 634
64 64
3
3
63
4 63
4
63
4 63
41
64 Jan 2
8 Apr 6
14 AV
1011 164
271 Loow's Theatres
10
10
1014 1013 1014 1012 103 1034,
8
Jan
3
8 July 13
25 10 Feb 8 10 4 Jan 4
8158 82
8214 8214
489 Mansachusette Gas Cos_100 5413 Apr16 8713 Jan 2
8314 833 3813 82
4
4
813 8214
4
63 Jan o04 Nov
4
694 6912 693 70
46
6912 6912 *6913 70
69, 69
4
Do pref
4
Jan25
82 Jan 74 Oct
100 6914 Apr20 73
Oct
165 165
•185 169
166 166
167 167 •165 187
32 Mergenthaler Llnotype
Jan 6 130
Jan 181
100 165 Apr20 179
1112 113
•11
12
*1114 1214 *11
124 114 1112
65 Mexican Investment Inc- 10
4
11 Dec 274 June
3
7 4 Jan31 14 4 Feb19
3
24
24
24
24
2314 2114
166 Mississippi River Power
2412 2412 25
25
13 Jan 34 Ault
100 23 Mar27 284 Jan31
80 80
15
.80
811 *80
811
.80
Do stumped prat
814
Jan16 84 Feb14, 7213 Jan 5511 Oct
100 80
294 National Leather
7
7
7
67
3 7
67
3 7
714
"Wi
s
834 Dec 113 Jan
612 Apr 3
84 Feb131
10
5
Jan
.60 .75
508 New England 011 Corp
.75 .9
.50 .9
.75 .75
.50 .65 Patriot's
.22 Deo
.25 Feb 3 .97 AprIg
110 117
133 New England Telephone-100 116 Feb 1 122
•11612 117
11612 116's 117 117' 1167 117
8
Jan 125 Sent
Jan 3 199
Oct
19% 19%
510 Orpheum Circuit Inc
19% 191 •19
19% *19
1912 1958 194
Dag
I
174 Jan 6 21 Feb15
13 Jan 28
944 9518 1,077 Pacific Mills
95
9578 95
954 95
95
96
9512
8
9412 Apr20 190 Jan 2 154 4 Oct 192 Dee
Di July
*1614 17
Exchange
20 Reece Button Hole
•1614 17
1614 1658 .16
17
10 154 Jan 4 18 Mar14
124 AD
Map
------ Reece Fouling Mach
*313
_ •212
*23
4 3
*23
4 3
138 Dec
Jan11
34 Mar15!
10
2
74 Apr
Closed
*1
112 *1
112 *1
112 *1
112
Timms Magneto
2 Feb20
.50 No
a
2 Feb20
105 1058*
4611 witt & Co
1104 Sent
10511 105 1051:l 1044 10514 105 1051
105
10( 10418 Apr111 1091p Jan 6
9214 Jar
gill June
49
4914
534 Torrington
48
47 3 481i473 48
4
4
.
4714 48
4358
Jan 2 50 Mar 9 439 July
26 48
1414 Feb
25 Orden Twist Drill
9
9
*812 10
*813 10
*81z 10
•812 10
5
74 Jan19 11 Mar 7
8 Mar
4958 5012 5,730 United Shoe Mach Corp- 25 447 Jan 2 55 4 Max 3
8
504 5114
50
50 4 5013 5113 503 51
3
37 Jan 45 Mar
3
3
2612 2612
233
Do Prof.------Jan 274 July
26
2612 26
261 *2613 2612
*2612 27
25 25
Jan25 281 Janll
4
25
26
264 2.4321 Ventura Ccnsol 00 Fleide- 5 26 Apr17 30 Jan 2
264 264
3
26
267
27
274 263 27
214 Jan 334 June
42
66 Waldorf System Inc__
42
4
4
*42
4212 413 4211 *41% 421 "413 4214
Unit) 4414 Mar19
10 36
264 Jan 33 Dec
144 Apr
4
1012 11
323 Waltham Watch elB comNopar
1012 1012
104 101
1012 104 •1012 11
5 Feb15 13 Mar17
214 Nov
21
*2513
26
25
25
Preferred trust cite
*2512 2612 26
11 Nov 49 Apr
100 1513 Mar 6 2912 Mar19
13. Oct
1812 26Iz-iii2 -1-83-8
163
4
164 1613 164 164 1618 161
695 Walworth Manufacturing_ 20 1114 Jan 5 174 Feb17
758 Fet
3213
883 Warren Bros_
32
32
32
321s
3212 32
32
3214 32
174 Jan 354 Sept
50 2512 Jan31 3413 Mar14
85
-___ __
384 001
Do let prof
364 3613
364 364 37
37
*364 37
Jan17 3913 Marl(
50 33
804 Jan
4434 July
40
Do 2d pref__
39
40
*38
40 .38
•40
41 .
50 36
Jan25 42 Mar15
31 Feb
21 May
____ _--- ------ Wickwire Spencer Steel
111 *11
1112
•11
111 *11
83A NON
5 1118 Feb 6 1213 Feb21
1112 *11
Mining
/
Apr
20 Alimeek
408 AdventureConeolidated... - 25 .25 Feb16
•.50 .80 •.50 .80 •.50 .8
".50 .80.50 .50
.30 Jan
1 Feb28
78
77
17
79
*75
7512 77
77
*77
77
25 58
Jan27 87 Mar 1
ae Nov 68 Mal
.60 Apr
".30 .60
•.30 .6
*.30 .60 *40 .6
".30 .60
Algomah Mining
25 .30 Feb19 .50 Mar 2
.03 Sept
27
274
2713 274 2613 27
27
27
150 Allow
3213 Jan
*2612 2713
19
25 19 Feb 5 34 Mar 1
35 Arcadian Consolidated
1313 3
1a
*213 3
24 21
.
29a 3
4 11dh
6
,
*212 32 1243
44 M
Mar 5
25
212 Mar29
2 Mar
1,795 Arizona Commercial
13
104 June
1314 13% 13
131
13
13
13
8 Nov
6
7 3 Jan 6 1413 Mar 2
3
1713 18
1151 utrighaza Mines
•17
174 17
17
17
5
18 4 SeDI
3
17 "17
1712
1017 Apr 2 19 Feb 19
13 Jan
359 360
359 360
158 Calumet & Hada
360 362
355 355
359 365
Jan 9 420 Mar 1 248 Nov 801 Aug
25 285
.
74 5
74 71
:
210 Carson Hill Gold
*714 8
4
678 Nov 161 Mar
1
7 Apr20
93s Feb 13
1112 •10
1111 *10
114
•10
1314 Feb
*10
1113 410:2 13711'12
Centennial
8 Nov
25
7 Jan18 15 Mar 1
2
401k
3
40 4 4112 40 4 40 4 40
8
40
40 4 ---i5i Conner Range Co
3
3913 4311
3
354 Dec 461* May
25 353 Jan'20 483 Mar 1
4
4
34 34
3
3
318 313
313 312
300 Davls-Daly Copper
34 34
94 Jan
10
24 Jan 5
218 Nov
5 Feb23
84 833 1,349 East Butte Copper Mining- 10' 7 4 Jan29 1113 Mar 1
81s 812
8
83
8
814 81
812
74 Nov 124 Jab
3
4 2
•14 2
aq Apr
*144 2
•133 2
13
4 1% *13
30 Franklin
1
Apr
3
25
1
Jan18
23 Mar 5
34 Mar
3
3
a 3 *3 31
*3
312
*3
34
300 Hancock Con.olidated- 26
214 Jan10 4 Mar 5 113 Aug
394 2913 3012 297 33
4 1,655 Hardy Coal Co
2914 2913 29
3
*2914 223
2434 Mar28 3012 Apr17
..50 .75
.50 .50 ' 50 .75
24j Apr
1%
•.50 .75
50 tielvetia
'.50 .75 4
./51
114 Feb20 -- )Dec
26 .50 Apr17
110 111
8
110 1103
109 111
1,368 island Creek Coal
111 1113 110 112
814 Jan 116% June
1 10112 Jan 4 11512 Apr 7
993 99 4 o9aq 100
4
1
100 100
73
*9912 100
100 100
Do pre:
38 Feb o714 Nov
1 9313 Feb15 10012 Mar28
28
274 2813 38
2712 271
28
2812
339 Isle Royale Copper
28
28
3
25 21
Janll 3314 Mar 3
18 Nov 26 4 May
*24 3
•27
8 3
50 Kerr Lake
8
*23
4 311 *215 3
3
47 Apr
3
3 3 Jan 2
3
3 Feb
6
27 Feb t
4
,
*113
3 Keweenaw copper
34 Apr
14
Ile
112 *118 1 8 414 143 •112
133
1 Feb
2
14 Jan 5
214 Mar 5.
34
4 344
418 44 •4
41
37
3 4
534 May
150 Lake Copper Co
4
4 12
214 Feb
2
3 Jan 9
514 Mar 1
2
2
214
2
2
2
2
102 La Salle Copper
24 Apr
*2
24 *2
314 Mar 1
1 Nov
25
14 Jan29
*2
24 '2
7% May
21
*2
212
*24 212 "214 21
Mason Valley Mine
3
2% Mar27
18 Jan
13 Jan 8
8
.3
31
43 Apr
4
*3
314 *3
31
3
3
3
3
130 Mass Consolidated
14 Dec
2
113 Feb 1
414 Mar 3
44 41
*44 413
614 Apr
44 412
4% 412
769 Mayflower-Old Colony.- 28 . 312 Jan 2
412 4 4
3
7
leb10
2Ia D
214 3
7 Apr
3
*214 3
*214 2 4 "24 2.8 *
•2
3
3
Michigan
Jan 8
4 M ar17
.75 Jail
2
2
59
60
59
60
601
60
8014 61
60
8012
564 Mohawk
82 Nov 88 Rine
2
5414 Feb 1 71 Mar 2
20
201
2012 21
•10 4 2014 2013 201
3
3
454 Dec 2011 June
2012 20 4 1,145 New Cornelia Copper
163 Jan 1 244 Mar 2
2
.05
• ___
24 Mar
.05
_
New Idria Quioludiver.-..06 Dee
.05 Mar23 .05 Mar23
37
35
37
96 New River Company
•__-- 37
37
37 Jan 40 Feb
Apr18 364 Jan18
100 35
56
Orst
*58013 ____
130
8013 80 4
3
*578
-- - 794 801
Do pref
73 Jan
100 77 Mar 6 84 Marld
* 4
52
54 54
3
3
53
4 534
.35 4 6
3
7 Jan
330 NhasIng MInee
4
a 512 Jan 4 63 Feb2(1 6 July 15 May
94 91
94 91
9 4 10
3
10
421 North Butte
10
85* 001
1
4
15
9 Jan 9 123 Mar
414 2
13
8 1 8 *1% 218
,
20 0j1bway Mining
•113 2
41 AP:
4
14 Deo
24 Mar 5
3
25
114 Janll
28
•27
271 *27
26
•27
28
2712 281
154 Old Dominion Co
10 Nov 27 Jan
25 184 Jan 5 3213 Mar 1
34% 35
36
34 4 -- - 36
3 36
36
38
38
321 Osceola
*35
38 Aug
/
1
4
25 Nev
25 2913 Jan27 48 Mar 1
3 3 3% '34
,
20 Nov
4
600 Park f Ity Min 6 8Meltlbil- -5
Ws *314 34
•
314 3 8
,
"314 3 8
5
24 June
4 Mar 5
3 Jan 9
15
15 8 1514 15% 154 1514
3
15
1518 1514 1,490 Pd Creek Pocahontas Co no par
15
15 Mar23 1614 Mar23
*4213 4312 *4212 44
4311 434
44
4313 44
e42
80 Quincy
30 Nov oo May
25 3213 Jan30 50 Mar 2
4812 4812 *48
4913 *47
4712 471
20 Fit Mary's Mineral Land
49
*4712 49
37 Nov 4814 MAY
Janll 5313 Mar 1
25 39
.80 .80 •.75 .85
.0.75 .90
.80 .9
4
'
270 Shannot
.80 .80
.25 Mar , 14 May
112 Mar 5
Jan 9
10 .40
14 May
1..45 .75
.
.45 .75
•.45 .75 *.45 .75 •.45 .75 '
South Lake
.25 Dec
Jan 5 .75 Feb20
25 .45
4h July
2 4 *2
3
234 "2
14 Dec
32
*2
23
2% *2
234
Superior
314 Mar 3
13 Jan20
3
25
2
214
24 *2
2% Oct
218 21
2
2 18 *2
445 Superior & Boston Copper_ 10
24
.90 Mar
113 Mar28
3% Feb23
1
1 •.99
1
1
pi Dec 34 Apr
1
PA.
1j-1
4
1
1
1,075 Trinity Copper Corp
112 Feb15
6 .75 Apr 2
.42 .43 •
.92 May
.40 .45
..45 .4
.45 .45
.42 .42
400 Toulumne Copper
.40 Nov
3Feb16
5 .40 Mar29 .65
4 Mar
512 5%
6
3a 6s
11 Oct
4
54 5% 4,257 Utah-Apex Mining
3
5
58
3
6
Apr13
5% 5
%
234 Jan 9
6
34 June
*24 212 "214 212
1 Feb
214
21
2
24 24
260 Ltah Consolidated
3 Mar 5
112 Jan19
1
213 Apr
lls "1
.50 Dec
113
1
.98
1
695 Utah Metal & Tunnel
1
*1
14 •1
1 8 Feb27
,
Jan31
.85
24 Jan
114 13
•114
1,
8
3 •11
v14
14 '
13
.75 Nov
4135
3 *114
2 8 Feb28
,
Victoria
118 Feb 6
21
24 Apr
4
112 •1
112 "1
113
100 Winona
.25 Jan
lie
13 Mar 5
4
14 *1
Jan22
25 .65
16 May
74 Nov
*94 1012 *913 1012 *9
812 -II_
10
45 Wolverine
10
10
23
712 Jan30 13 Mar 1
•Bid and &skid vetoes; wawa, on this day. .Et-rignts. 0Ez4.valaud and 114nts IBS dividend, r ii,-stoca dividend a Au
863168 961d•
"
•
212
18
1323
4
9614
*80
3
18
123
9614
81
sem 17
*1612 18
1748
THE CHRONICLE
Friday
Sales
Last Week's Range for
of Prices.
Sale.
Week.
Stocks (Concluded) Par. l'ilte. Low. High. Shares.
Outside Stock Exchanges
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange April 14 to April 20, both inclusive.
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale.
Price. Low. High. Amount
Bonds
Atl Gulf & W 1 SS L 581959
Cars Hill gold ev notes 78'27
Chic Jet & U S Y 58_ _1940
East Mass St RR B 58_1948
Hood Rubber 75
1936
Mass Gas 434s
1929
4348
1931
Miss River Power 5s_ _1957
New England Tel 5&..1932
Swift & Co 58
1944
Western Tel 58
1932
56
98
8931
73
10134
93
9031
90
8934
9834
92% 9234
94
56
5734
98
90
74
102
93
9014
9014
9634
93
9434
[VOL. 116.
Range since Jan. 1.
Low.
High.
318,000 5134 Jan 62
6,000 97
Mar 100
4,000 8934 Apr 95
2.900 73
Mar 7734
2,000 10034 Jan 102%
Apr 96%
2.000 92
Apr 92
10,000 89
12,500 89
Apr 95
1,000 9614 Mar 99%
Apr 98
23,000 91
6,000 94
Mar 98
Mar
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Warwick Iron & Steel_ _ _10
W Jersey & Sea Shore_ __50
York Rys. Prof
50
Bonds
Amer Gas & Elec 5s2007
Atlantic City El 1st 5s 1938
Consol Trac of N J 1st 58'32
Elea & Peop tr ctfs 45_1945
Equit Ilium Gas L 55_192
Inter-State Rys coil 45 1943
Keystone Tel 1st 58_ _1935
Peoples Pass tr etfs 45_1943
Phila Co 55 cons stmpd1951
pun Eine 1st 58
1966
1947
5155
1941
fis
Schuylkill River E 8431925
United Rys Invest 55.1926
1930
Weisbach Co 55
1928
West Fenna 45
• No par value.
834
3714
814 834
3744 37%
36
36
201
313
6
Range since Jan. 1.
Low.
8
33
35
High.
Jan
Jan
Jan
9
Feb
43
Mar
3814 Jan
91
85
95% $19,600 85
Jan 9514 Apr
10034 100% 10014 1,000 10034 Apr 100% Apr
78
78
12,000 78
Apr 8244 Jan
65
66
12,500 81
Mar 7114 Jan
102% 10231 2,000 10134 Mar 10214 Feb
4734 4734 4,000 4734 Apr 49
Jan
73% 73% 2,000 73% Apr 80
Jan
69
69
1,000 69
Jan
Apr 73
9134 9134 3,000 91% Jan 93% Mar
9734 -97% 99
88,900 96
Apr 103
Jan
100% 10034 10134 28,500 99
Feb
Apr 103
103% 103% 105
34,100 102% Mar 10614 Jan
97
97
2,000
96
96
3,000 88
97
lig a14 2rIFtI'
t
.
t
9934 9934 99% 1,000 99
Jan 9934 Jan
9414 94% 4.000 9414 Apr 9414 Apr
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange April 14 to Apru 20, both in-Record of transactions at
Chicago Stock Exchange.
clusive, compiled from official lists:
Chicago Stock Exchange April 14 to April 20, both in,....,
clusive, compiled from official sales lists:
Last Week's Range for
Range since Jan. 1.
Stocks-.
Sale.
Week.
of Prices.
Par. Price. Low. High. Shares.
Alabama Co
100
1st preferred
100
2d preferred
100 65
Amer Wholesale, pref...100
Arundel Sand & Gray 100
Bait Electric, pref
50
Baltimore Tube
100 24
Preferred
100
Central Teresa Sug.corn 10
Preferred
10
Chat & Pot Tel of Balt.100 110
Commercial Credit
25 61
Preferred
25
Preferred B
25
Cons Gas EL & Pow__100 11734
7% preferred
100 10431
8% preferred
100 118
Consolidation Coal__ _100
Continental Trust
100
Eastern Rolling Min
•
8% preferred
100
Fidelity & Deposit
50 14434
Finance Co of Amer_ .25
Houston Oil pf tr etre_ _100 86
Manufacturers Finance_25
2d preferred
25
Maryland Casualty Co..25 85
Mer & Min Transp C0_100 120
Merenatile Trust Co
_50
Monon Val Trae, pref_ _25
Mt V-W'db'y M v t r_ _100 1634
Preferred v t r
100
New Amsterd'm Cas Co100 38
Northern Central
50
Penna. Wat & Power_ __I00 108
Pitts Oil. pref
10
United Ry & Electrie-50 18
CT S Fidelity & Guar_ __.50 15534
Wash Bait & Annan_ _50
Preferred
50
BondsBalt Spar Pt & C 4%5_195.3
7onsolidated Gas 5s.._1939
General 414e
1954 8614
7onsol Gas E L & P 4%8'35
Series E 51411
1952 9744
Series A 135
1949 101
Series C 78
1931 10614
Donsol Coal refdg 55.1950
Davidson Sulphur 68_1927
dd Elec Ry 1st 55
_1931
Penna Vial & Pow 5.5_1940
Petersburg Class A 50_1928
7nited Ry & El 4s___ _1940 73
Income 45
1949
Funding 81
1936
es
1927
68
1949 10034
rfash Balt & AMID 5s 1941 7511
• No par value.
Low.
High.
9 60
64
65
10 82
90
90
65
64
75 60
5 95
9634 9634
4434
206 40
44
104 42
42
42
125 1734
2231 24
125 46
60
6231
100
2
131
2
3% 334
214
100
49 10834
110 110
322 58
6034 61
638 2534
2534 2534
118 26
2634 2634
11614 11734 1,093 108
31 10434
10434 10431
75 11534
11734 118
82 8634
8634 8851
190 190
75 170
18 25
41
41
9214 9234
20 80
144 14434
226 120
43
9 3831
43
86
50 85
86
142 54
54
54
25
25 2434
25
85
63 83
8511
120 121
32 120
250 250
10 233
75 18
1834 1834
109 1434
16
1634
87
98 54
6734
38
3814
204 3534
7834 7634
34 76
107 108
31 10531
100
134 131
134
18
1834
853 18
155 15534
274 147
140 1034
1034 11
30
3034 '202 29
Mar
Jan
Mar
Apr
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Apr
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Apr
Apr
Mar
Jan
Apr
Jan
Feb
Feb
Jan
Jan
Jan
Mar
Jan
Apr
Jan
Mar
Jan
68
91)
67
98
4534
4234
25
64
214
414
11031
6134
27
2714
118
108
120
98
190
51
100
14434
4434
95
5734
2034
90
121
251
1834
1931
7314
3834
77
10831
2
2014
184
15
3134
Mar
Apr
Mar
Feb
Mar
Mar
Feb
Apr
Mar
Feb
Mar
Feb
Jan
Jan
Mar
Mar
Jan
Jan
Apr
Mar
Mar
Apr
Mar
Jan
Jan
Jan
Jan
Apr
Apr
Feb
Mar
Mar
Apr
Jan
Mar
Jan
Jan
Jan
Feb
Feb
88
88
10014 10034
8614 8634
91
9131
9714 9734
101 10134
10634 10834
86
8631
9734 9714
9334 9334
9534 9534
9814 9834
73
7334
5234 5231
7344 7334
97
97
100 10034
75
7A 1,f
88
100
864
8734
9731
10034
106
86
96
9331
9434
9834
72
5234
7314
9634
100
Apr
Jan
Apr
Feb
Apr
Apr
Jan
Apr
Feb
Apr
Mar
Apr
Jan
Jan
Mar
Mar
Mar
7.1 A,
A rst•
88
101
88
9234
100
10334
10814
90
9734
9831
9734
9814
7414
55
7714
98
10234
.7.11 e
Apr
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Apr
Mar
Feb
Apr
Jan
Jan
Jan
Jan
Jan
v...
$3,000
1,000
4,000
9,000
10,000
38,000
12,000
8,000
3,000
1,000
1,000
1.000
7,000
8,000
2.100
4,500
8.000
1001511
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange April 14 to April 20, both
inclusive, compiled from official sales lists:
Stocks-
,rsuaV
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Amer Elec Pow Co
50
Preferred
100
American Gas of N J_ _ _100
American Ship
•
American Stores
•
Baldwin Locomotive---100
Brill(JO) Co
100
Cambria Iron
50
Cambria Steel
50
Congoleum Co Inc
•
Consol Trac of N J__ _ _100
Cramp (Wm) es Sons_ A00
100
Eisenlohr (Otto)
100
Preferred
100
Mee Stor Battery
•
General Refractories
Insurance Co of N A _ _ _ _10
Lake Superior Corp____100
50
Lehigh Navigation
Lehigh Valley
50
Lehigh Val Transit, pref.50
10
Lit Brothers
Midvale Steel & Ord _ -- _50
Minoan'& Schuyl Hav--50
•
Penn Cent LC & Power...
North Pennsylvania---.50
Pennsylvania Salt Mfg__50
50
Pennsylvania RR
Plana, Co pref 6% cum__50
Phi's Electric of Pa-___25
25
Preferred
Warrants w I
•
Phila. Insul Wire
Phila Rapid Transit_ ___50
.50
Philadelphia Traction.
50
?hilt & Western
boo-Belmont Deve1-1
1
Vonopah Mining
50
7nlon Traction
50
7n1ted Gas ImPt
Prafappriel
50
2534
2334 2514
70
72
7834 7831 79
1544 1534
18534 18531 18734
13844 14031
7534 7534 77
42
42
42
200 200
197
17914 201
4734 4634 4734
57
57
75
75
9834 9834 99
6434 65
55
5334 55
46
4531 46
731
734 8
7114 71
7214
6631 6634
3834 3834
2034 21
3334 3354
51
51
57
57
57
80
80
88
88
4531 4831
4334 44
3031 2931 3034
3034 3031 3034
314
314 334
4931
4934 49
31
3034 3131
6234 8334
1234 1034 1234
134
134 154
134 1 11-16 134
39
3834 39
5134 5134 5214
5511 5534 5514
Range since Jan. 1.
Low.
3,369 15
446 83
11 78
80 1514
825 163
100 13144
40 49
42 40
5 80
2,597 143
105 44
100 50
110 75
215 98
105 54
1,405 4231
981 4231
4,620
534
488 70
100 6534
7 35
70 20
10 2734
27 50
80 5434
20 79
5 82
3,528 4514
204 42
5,849 2934
1.026 303-4
17,822
3%
70 46
1,039 30
293 82
2,708
8
2,475
134
6601 11-16
237 3834
1,212 50
215 4434
Feb
Feb
Feb
Apr
Jan
Jan
Jan
Jan
Mar
Feb
Mar
Jan
Apr
Feb
Jan
Feb
Jan
Jan
Apr
Mar
Jan
Feb
Feb
Mar
Apr
Mar
Jan
Apr
Jan
Apr
Apr
Apr
Mar
Jan
Mar
Jan
Apr
Apr
Feb
Jan
Jan
High.
30
78
82
20%
194
14234
91
45
200
201
49
59
85
100
6831
5944
46
1031
75
71
40
2234
3334
53
58
8114
92
4734
4514
3334
3334
4
5034
33
67
123-4
134
231
4031
5434
EA S4
Apr
Apr
Jan
Feb
Mar
Mar
mar
Jan
Apr
Apr
Jan
Apr
Jan
Jan
Mar
Mar
Jan
Feb
Jan
Feb
Feb
Jan
Apr
Feb
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Apr
Jan
Feb
Jan
Apr
Jan
Jan
Jan
Feb
Fah
Stocks-
Friday
Last Week's Range
of Prices.
Sale.
Par Price. Low. High.
Sales
for
Week,
Shares.
Range since Jan. 1.
Low,
High.
120 86
Mar 97
8744 89
Amer Pub Serv, pref._ -100 89
Feb
10 120
125 125
Jan 125
Amer Radiator. pref _100
Apr
Apr 74
66
60 66
66
American Shipbuilding-100 66
Jan
Mar 100
Armour & Co (Del). pf..100 9334 9134 9331 1,440 90
Feb
8331 2,295 80
Apr 9631 Jan
Armour & Co. Pref._._100 8334 80
15
228
8
8%
Apr 10
8
Armour Leather
Jan
12 85
100
85
Apr 8714 Mar
85
Preferred
3734 7,600 2734 Feb 39% Mar
Bassick-Alemite Corp.._ -• 37
36
16% 16% 17
Jan 17
88 15
Jan
Beaver Board 181 pref at_ _
40 31
35
35
Jan 3614 Jan
Booth Fisheries, pref..III
3114 3,105 25
3011 30
Jan 32% Mar
Bork & Beck
.
2,540 14% Apr 1514 Apr
Bridgeport Mach, corn.. 5 14% 1434 15
i0 10
0% Apr 11
10
250
10
lbante Bros
Mat
3%
100
334 314
100
3
Feb
514 Feb
Case (J I), 2d pref
88
240 86
87
Jan 90
Mar
Central Pub Serv.Pref.100 88
pt 8h pf.
•
7%
7
5
834 1,275
Feb 10
ChleCy&Con Ry
Mar
4
4
250
334 Jan
Chicago Elev Rys,Pref_100
8% Mar
30 10134 Apr 102
Apr
Chic Mill&Lumber Co,pref 101% 10134 102
17
17
10 10
Jan 2414 Mar
Chic Rye Part Chl Series 1.
2% 234
100
2
Jan
Part C31 Series 2
344 Mar
289 290
Mar 290
95 250
Chicago Title & Trust_ _100 290
AM'
Commonwealth Edison.100 12934 128 12934 1,127 128
Apr 131
Jan
8
8
10
Consumers Co, cbm.._100
6
Feb
634 Jan
100
65
65
Preferred
25 63% Jan 70
Feb
934 1034 4,680
9% Feb 12
9%
Continental Motors __AO
Jan
112 112
389 109% Apr 115
Crane Co, preferred
Feb
61
82
250 61
Cudahy Pack Co, com_100 61
Apr 6434 Jan
Daniel Boone Woolltfilht 25 4034 40
4054 6,885 3114 Jan 8234 Jan
20
20
70 15
Jan 20
Decker (Alf) & Cohn,Ine_• 20
Ap
100
88
88
46 70
Preferred
Jan 88
Apr
100
72
734
235 70
Deere Jr Co, pref
Apr 7414 Jan
115 116
100 115
775 115
Diamond Match
Apr 121
Jan
34 I
330
34 Jan
Dui Motors Co
134 Feb
34
%
Certificates
250
34 Mar
14 Mar
3,610 2214 Jan 3214 Jan
Eddy Paper Corp (The)._• 2634 2544 27
103 10431
.183 103
370 100
Fair Corp (The). pref.
Jan 106
Jan
* 26,
253-4 2634 10,700 25% Apr 2634 Apr
Gill Nlanufacturing
• 21% 21% 22
Godchaux Sugar,corn....
850 15
Jan 2614 Apr
Gossard (H VV), pref..A00 3234 3244 3514 7,850 24% Feb
88
88
75 81% Feb 94% Feb
Great Lakes D St I). _100
cora.10
31
31
Harnmermill
300 30
Apr 31
Mar
8944 893-4
150 84
Hartman Corponttion__10
Jan 95% Jan
42% 40
4334 8,030 37
Hayes Wheel Co
Jan 433.4 Apr
10 27
27
28
5,090 2134 Jan 29% Mar
Hupp:Motor
13,435 18% Jan 32% Apr
Hydrox Corp, pref.__.100 2214 2234 25
80
'100 80
8041
225 78
Jan 96% Jan
Illinois Brick
85% 84
8634
205 84
Illinois Nor Inn, pref
Apr 86% Nfar
2834 19,425 28
28% 28
Apr 2814 Apr
Int Lamp Co
46
25 48
4734
420 43
Inland Steel
Jan 50% Mar
Kuppenheimer At Co,(13) 5
29% 30
110 26
Jan 30
Inc, corn
Mar
94
100 94
94
50 93
Preferred
Jan 95
Jan
634
Bit 634 1,555
8% Jan
Libby. McNeil& Liblrg-10
834 Apr
334
314 334
10
125
3)i Feb
Lindsay LAMA
Jan
• 47
43
47
650 43
Apr
43447
Los Angeles Sub Gas
Apr
99
99
135 99
Apr 101% Mar
Lyon et Healy. Inc, Pref.__ 99
11,657 32% Apr 39
McCord gad Mfg "A"._.• 38
3234 39
Apr
• 25% 25
2534 1,780 25
McQuay-rforris Mfg, w I.
Apr 20
Apr
47%
380 4534 Jan 53
Middle 117est 0th,com_100 46% 46
Feb
100 8434 8334 8431
930 8314 Apr 8614 Jan
Preferred
100
908 • 9934 Mar • 104
9934 100
Prior lien preferred
Jan
•
fi
31 1% 1,360
Mitchell Motor Co
234 Feb
31 Apr
6%
634 7
777
5% Jan
National Leather, new.
834 Feb
()oke...100 89% 89% 8934
10 89% Apr 94
People's G
Jan
23
Fidlipeborn's, Inc.corn _ _.5 23
23
100 23
Apr 38
Jan
90
90
10 90
Apr 9834 Jan
Preferred
10 22% 22
23
2,725 22
Mar 38% Mar
Pick (Albert) & Co
;
10114 102%
251 101
Mar 10334 Apr
Pub Serv of Nor In,eonaii„ 102
02
101% 10234
Common
349 100% Mar 104
Jan
93
93
94
130 9214 Mar 99
Apr
preferred
100 220
220 220
Mar 236
10 210
Jan
Quaker Oats Co
100 99
9834 99
225 96% Jan 100
Jan
Preferred •
10 1834 17% 1834 16,910 11% Jan 1814 Apr
Reo Motor
:
26% 2614
38 22% Mar 26% Apr
Reynolds Spring, corn, 5
30
52
Apr
Standard Gas & Electrie.50 30
3031 1,888 17% Jan 31 44 M ar
5014 50
Mar
5034 1,080 48
preferred
Jan 12444 Apr
Stew IagSpeed.corcag 116% 11614 124% 90,175 79
105% 104% 10634 1,415 10434 Apr 10914 Jan
Swift
15 log 19
Feb 2134 Jan
1914 4,360 18
Swift International
Feb 51% Jan
Thompson,J 11,corn. _ _ _25 46% 4634 4714 1,853 45
Union Carbide Carb_ _10 6234 6134 6414 17,325 61% Apr 6731 Jan
:
8
Jan 1334 Feb
135
10
1014 10%
n
United Iron Works v t e.5
Jan 145
902 71
137 145
Apr
United Lt & Rys,corn_.100 143
Jan 94
2,902 75
89
8614 85
Apr
First preferred
Feb
482 91
98
96
Participating Pref.-100 96
Jan 9834 Mar
70 16
19% Apr
1814 1834
Unit Pap Board, corn...111
Jan 7514 Mar
120 61
70
69
69
50 104
Jan 106
10434 104% 10434
Mar
403 9834 Apr 9844 Apr
9814 98% 9834
17 S Stores Corp. pref
32
25 26
Jan 36
32
Mar
,
t Battery Corp.cora.: 32
i
a
Z,;T
630 5334 Feb 5834 Jan
5344 5334 5331
111% 111%
53 95% Feb 111% Mar
VVard, Montg & Co, pf20 23% 23% 24% 6,260 20% Jan 2534 Feb
VVhen issued
102 104
Jan 104
270 93
• 104
Apr
Class -A"
695
734 8
731
Mills.
7
Feb 1034 Mar
TO71=51=9
-* 32% 32% 32% 1,145 2834 Feb 35% Mar
112
112 11314 1,935 100
Jan 114
Apr
Wrigley Jr. corn
3,605 223
280 292
Jan 296
Apr
Yellow Cab Mfg,C3"B".10 280
32,680 7034 Jan 95
88% 85% 90
Mar
'Yellow Taxi Co
0
..•
100
uIMgiggf
100
2:
Bonds
Armour & Co of Del
20
-year gold 534s.__1943
Cade City & Con Itys 50'27
Chicago Rye 45, Ser -113"'27
Commoner Edison 50_ _1943
Mich T & E 1st 8348_ _1938
That; Serv Co 1st ref g 58'58
Swift & Co ist s e 58-1044
No pax value.
5214
96
89%
59
52%
96
96%
86
9214
90 $33,000
60
8,000
53
9,000
9814 3,000
98% 4,000
86
10,000
92% 2,000
88%
47
44
96
98
86
92%
Mar
Jan
Jan
Apr
Mar
Apr
Apr
98
6534
56
99
98%
87%
9734
Feb
Mar
Mar
Jan
Mar
Mar
Jan
APRIL 21 1923.]
THE CHRONICLE
Pittsburgh Stock Exchange. Record of transactions at
Pittsburgh Stock Exchange April 14 to April 20, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
Am Vitrified Prod, com_25
74 74
7
50
Am Wind Glass Mach_ _100 85
85
85
240 7-9
Preferred
100
944 1074
210 93
Arkansas Nat Gas. com_10
7%
7%
7% 854 2,810
Carnegie Lead & Zinc___ _ 5
44 5
100
34
Indep Brewing, com_ __ _50
4
4
10
3%
4
Preferred
50
6
9
175
6
Jones & Laughlin Steel, pf_
10744 10734
35 106%
Lone Star Gas
25
24 244
280 24
Mfrs Light & Heat_5_100 53
53 5354
512 53
Marland Refining
5
534 5334
30 45
Nat Fireproofing, corn. _50
74
7% 7%
30
Preferred
60
19 li 194
100 18%
Ohio Fuel 011
1
15
16%
29' 1534
Ohio Fuel Supply (new)_25 32
314 32
955 3134
Oklahoma Natural Gas_ _25 20
1934 204
290 1934
Pittsburgh Brew, pref _ _ _ 50
6
13%
255
6
Pittsburgh Coal, co m_ _100
64
64
100 584
Preferred
100
99
99
00 97
Pittsb 5t Mt Shasta Cop__ I
23c
210 23c 25,250 210
Pittsburgh Oil& Gas_ _100
84 8%
100
SA
Pittsburgh Plate Glass__10 170
170 17034
135 165
Salt Creek Consul 011
11%
1144 12
100 10
Tidal Osage 011
•
11
130 1044
1234
Union Natural Gas_ _ _ _100 254 254 274
240 2334
U S Glass
100
27
28
610 244
West'house Air Brake _50 87
87
8834 1,700 87
W'house El & Mfg,com_50 5744 58
40 58
5834
West Penn Tr & P,com 100
40
4414
235 30
Jan
Feb
Feb
Jan
Jan
Jan
Apr
Mar
Jan
Apr
Mar
Jan
Jan
Jan
Apr
Jan
Apr
Jan
Jan
Apr
Jan
Jan
Jun
Jan
Feb
Mar
Apr
Apr
Jan
84
95
1074
10
6
4
044
1094
27
60
564
834
21
1834
3634
27
8
664
100
280
1034
205
1654
134
275
.
4
28
120
694
44%
Apr
Mar
Apr
Jan
Feb
Jan
Jan
Mar
Feb
Feb
Mar
Feb
Feb
Feb
Mar
Jan
Mar
Mar
Mar
Jan
Feb
Jan
Feb
Feb
Ma'
API
Feb
Mai
API
BondsIndep Brewing 6s
DA...1..,....1. ta..... a.
Apr
Feb
71
RI
Jaz
Jai
1955
'man
65
en
65
sal
86,000
99 (11111
65
RA
• No par value.
New York Curb Market. Official transactions in the
New York Curb Market from April 14 to April 2),inclusive:
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Week ending April 20.
Stocks-
Indus. & Miscellaneous.
Acme Coal Mining
1 53o
Acme Packing
10
Allied Pack prior pref_..10
Amalgam Leatner. eona. •
Preferred
100
Amer Cotton Fabric pf_100
Amer Drug Stores class A..1
134
Am G&E,corn, new, w1.' 37%
Old common
50
Preferred
50
American Hawaiian S 8_10 1934
Amer Lt & '1'rac tom..100
Prefeired
100
American Stores
•
American Thread
5
Armour & Cool Del. Pt 100 9444
Armour & Coot Ill, pf_100
Atlantic Fruit Co
•
134
Bassick-Alemite Corp....'
Borden Co. corn
100 1165.4
Bridgeport Machine Co..' 1434
Brit
-Amer Tob ord bear_ £1 2134
Ordinary
El 21%
British Int Corp "A" stk_• 1454
Class "II"
Brooklyn City RR
10
934
Buddy-Buds,Inc
•
14
Campbell Soup pref.. _ _100
Car Lighting & Power..
.25
Celluloid Co, corn
100
Preferred
100 109
Central Aguirre Sugar. 20
Central States Llec rem 100
Cent Teresa Sug. com__10
134
Centrifugal Cast I Pipe_
Checker Cab Mfg, class A• 59
Chic Nipple Mfg 1 A_ --*I 1334
_10
434
Chicago Steel Wheel corn 5
l'referred
10
744
Cities Service corn
100 168
Preferred
100 69
Cities Serv, bankers' eh_• 1734
Cleve Automobile. own__• 3334
Preferred
100 85
Colombian Emerald Syncl90
Columbia Gas & LI new_ •
Columbian Carbon v t a_ _• :4744
Congoleum Co common 100
Coegrave Export Brew'y 10
954
•Cox's Cash Stores
6
354
Curtiss Aeropl & M.coma.
•
8
Cuyamel Fruit Co
• 6044
Davies (William) Co
• 31
Del Lack & Walt Coal.
.60
Douglas-Pectin Corp_
• 1434
Dubiller Condenser & Had' 13
Durant Motors, Inc.
• 5354
Durant Motors of Ind__ -10 144
Eastern Steel Casting_
•
Lie trie Bo .d & .-hare_100
Equitable Tr Coot NY 100 186
Federal Tel & Tel
5
5
Foundation Co
•
Preferred
Gardner Motor Co
Garland Steamship
3
Gillette Safety Razor....' 288
Glen Alden Coal
• 7334
Goodyear Tire & R corn 100 1454
Great West Sugar
25
Griffith (D W) Inc, el A.*
Hoyden Chemical
•
2
llocking Valley Products 10
254
Hudson Cos preferred__100
Bud & Manhat RR com100
Hydros Corp. corn
• 22
Imperial Tobacco of Can_5
6
Imperial Tob of G B & I_El 2044
n45
Inland Steel Co
Preferred
100
Intercontinental Rubb_100
554
Internat Telep & Teleg _100 6934
Kup'h'tner(11)&Co.com 100
Lake Torpedo B, let pt 10
Lehigh Coal & Nay
50
Lehigh Power Securities_ •
Lehigh Valley Coal Salcs.50
Liggett Internat pref._ 110
Lou & Nash RR new w 1_ ......
iucey Mfg, Class A__ _50
Lupton(FM)Pub. CI A.•
Range since Jan. 1.
Low.
500
.57c 59,300 400
22o
23c 5,000 19c
15
16
200 15
1714 1914 3,100 1414
64
65
300 4814
100 101
200 9934
1%
1% 7,000 550
374 384 2,800 324
183 183
25 165
45
45
100 42
1934 2234
1,500 1534
111 125
580 111
9044 90%
25 904
190 190
25 186
4
4
900
3%
914 9414 5,00
90
82
82
10 82
134 2% 2,000
154
36% 37
300 31
114% 110%
100 110
14% 15% 7,100 14%
21% 22% 15,000 194
21% 2214 3,700 19%
14% 15
400 144
11% 114
200 11%
3.200
7%
94 10
1.111 114 8,000
106 107
400 106
14 14 1,700
75e
9254 9234
20 90
107% 109
30 10734
97
994
520 97
100 1044
1634 16%
1% 2
5,000
134
13
13%
1,800 10
59
624 6,400 504
4% 434 4,300
254
154
1,500
194
23.4
534
544 734 9,000
165 169
755 163
68
1,300 67
6934
mg
1634 174
1,600
2934 34% 25,700 29
84
160 42
87
9c
12c 17.000
83
364 374
1,100 36
x474 494 4,600 4.134
190 197
20 145
844 94
700
5
3% .35.4
1,600
344
8
854
700
5
59
624 6,100 • 5514
31
31
200 31
87
904
150 82
1334 1434 8.900 124
1254 1334 47.000
4%
534 6094 9,500 40
1454 15
800 1234
20
20
400 18
974 974
10 974
184 188
130 183
5
6
3,300
5
6944 6934
45 58
93
04
60 9134
13
1334
600
1031
900
90c 1,500 70c
280 290
820 259
68
75
20,100 56
144 15
2,400
94
100 77
8534 854
44 44 1,000
33-1
2
244 1,900
134
234 2%
100
1%
1534 16
300 1434
10
10% 2.400
9%
22
25
24,000 20
544 6
300
544
20
2044 2,200 17
4534 4634
1,700 45
101% 10454
100 10494
554
55.4 3,300
414
69
704 35.700 6854
29
29
100 26
334
200
154
344
70
70
100 70
23
2334
300 18
7934 7934
25 7934
48
48
40 48
8934 90
800 8734
9
9
100
7
1634 17
600 13
High.
Mar 85c
Mar 35c
Apr 20
Mar
193.4
Jan 65
Mar 102
Mar 1%
Feb 464
Feb 193
Apr 46%
Jan 254
Apr 140
Apr 96
Apr 193
Feb
4
Apr 994
Apr 94
244
Jan
Mar 4j
Mar 122
Apr 15%
Jan 21%
Jan 22%
Apr 17%
Apr
124
JaIl
10
Apr
154
Apr 1094
154
Mar
Feb 100
Apr 11044
Apr 994
Jan
16%
Jan
22-4
Jan
15
Mar 6654
Jan
534
Mar
3%
Apr
9%
AM' 195
Jan
70
Apr 19%
Apr 344
Jan
89
Apr
45c
Apr 374
Feb 494
Jan 197
Mar
944
Feb
b
Jan
83.4
Jan 6434
Apr 3534
Jan
9034
Apr
144
Jan
1334
Feb84
Feb2534
Mar 2054
Apr 99
Apr 194
Feb
7
Apr 6)44
Apr 95
Jan
1534
Feb
13.4
Jan 290
Jar. 75
Mar 164
Jan 91
Jan
5
Jan
254
Jan
334
Jan
1744
Jail
1234
Jan 25
Apr
634
Jan 2034
5034
Apr
Apr 10434
Jail
65.4
Apr 72
Jan 30
44
Jan
Apr 70
Jan 25
Apr 90
Apr 48
Apr 90
Mar 20
Jan 22
Jan
Jan
Jan
Apr
Apr
Mar
Abe
Mar
Mar
Feb
Mar
Feb
Jan
Mar
Apr
Feb
Feb
Feb
Mar
Jan
Apr
Apr
Apr
Feb
Jan
J49
Feb
Feb
Jan
Feb
Mar
Apr
Apr
Mar
Feb
Feb
Apr
Feb
Feb
Feb
Mar
Feb
Apr
Jan
Jail
Mar
Apr
Apr
APr
Mar
Mar
Feb
Jan
Apr
Apr
Apr
Jan
Jan
Mar
Mar
Mar
Jan
Apr
Apr
Feb
Mar
Apr
Apr
Feb
Mar
Mar
Feb
Feb
Feb
Feb
Apr
Mar
Apr
Apr
Apr
Jai,
Apr
Mar
Apr
Apr
Mar
Jan
Apr
Mar
Jan
Jan
1749
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale.
Stocks (Concluded) Par. Price. Low. High. Shares.
Mercer Motors
•
1%
Class A stock w I
NIesabi Iron Co
•
9%
Midvale Co
• 1734
National Leather new...10
NatSupp Co(of Del)corn 50 6454
New Mexico & Ariz Land.1
374
N Y Canners, Inc,corn..
32
N Y Tei 65I% pref____100 110
Onyx Hosiery, common • 4794
Oselda Corp
•
4
Paige-Det Motor Car___10
Patterson Bros Tob A__
Peerless Truck & Motor_50 53
Prima Radio Corp
1 650
Pyrene Mfg
10
Radio Corp of Amer coin_•
33-4
Preterred
5
37ts
Reo Motor Car
10 184
Repetti, Inc
5
1%
Roseub'm Gr Corp. pf..-50 5034
Saguenay Pulp & P corn _50
Schulte Retail Stores.com.• 9134
Shelton Looms common..'
Southern Coal & Iron_ _5 370
Southwest Bell Tel 7% Pr-Springfield Body class A _
50
Standard Mot Constr_ _10
Stutz Motor Car
• 19
Swift & Co.
100
Swift International
15 19
Technical Products Corp_5
734
Technicolor Inc
•
Tenn Elec Power, corn_ •
Timken- Detroit Axte___10 123-4
'lob Prod Exports Corp_ -•
5%
Todd Shipyards Corp- •
Torbenson Axle
2934
Triangle Film Corp v t 0.5
United Bakeries Corp
Preferred
89
United Profit Shaeg.new_l
645
Un Retail Storm Candy..'
7
Founders shares
United Shoe Mach Com _ _25
U Light dt Heat,com_ 10
154
Preferred
10
134
Utah-Idaho Sugar
10
4
Waring Hat Mfg
2174
Wayne Coal
5
134
Ward Baking pref
100
West End Chemical
I 40c
Western Feed Mfrs,In
Western Knitting Mills- •
Western Pow Corp COM 100 35
WIllys Corp let Pref---100
Yale & Towne Mfg new_25
Yellow Taxi Corp. N Y •
Rights
Mercer Motors
Former Standard 011
Subsidiaries
Anglo-American 011____11
Buckeye Pipe Line
so
Continental Oil. new__ _25
Crescent Pipe L, new sti 25
Cumberland Pipe Line_ IOU
Galena stignal 011 corn.
.100
Illinois Pipe Line
100
Indiana Pipe Line
50
National Transit_ ___12.50
New York Transit
100
Northern Pipe Line_ _ 100
Ohio 011. new
25
Penn Mex Fuel
25
Prairie Oil & Gas
100
Prairie Pipe Line
100
South Penn 011
100
Southern PIDe Line
100
South West Pa Pipe L.
.100
Standard Oil (Indiana)__25
Standard 011 (Kan)
25
Standard 011 (Ky)
25
Standard Oil of N Y
25
Stand 011 (Ohio),corn. _100
Swan& Finch
100
Vacuum 011
25
lc
13-4
434
9%
17%
651
64%
354
32
10954
4734
3
23
144
SO
670
x9%
3%
154
4%
1034
20
7
66
4
3234
110
49
5
21
15%
57
71c
10%
4
3%
174 1845
14, 134
504 53
85c
850
894 924
25
25
40c
35e
102% 1024
50
514
24 2%
184 19%
104 106
18% 194
74 74
9
9
154 154
12% 134
ski sq
52% 52%
29
294
290
35c
32
314
874 89
64 64
64 7
64 644
494 52
14 14
14 2
3% 4
21
22%
1% 2%
1044 104%
400
44c
54 5%
8
8
314 3544
944 9%
62% 62%
141 1504
le
2
6,200
100
2.200
4,700
300
1,900
5,200
600
450
500
1,000
500
1,800
3,200
4.200
2.000
18.000
13.200
6,800
1,000
4,600
100
14,200
20
51,000
100
3.20
100
5,200
35
2.200
1,400
100
100
1.200
3,200
400
1,20
2,000
800
400
2,801
8,10
20
700
6,600
6,900
1.200
3.100
3,300
25
1,200
2,100
100
420
300
100
2,300
2.000
Range since Jan. 1.
Low.
High,
134 Apr
434 Apr
93( Apr
12
Apr
654 Apr
54
Jai,
2% Mar
Jan
28
10854 Mar
40
Feb
Apr
3
14
Feb
1434 Apr
Apr
51
55c
Feb
Mar
9
34 Jai.
24(8 Jan
13% Feb
1% Jar.
50
Feb
850 Apr
Jan
53
Apr
25
24c Mar
10234 Apr
453( Mar
244 Jan
18
AP
Apr
104
Fe
18
.13,
7
Jan
7
14% Jan
Jan
10
4% Jan
Apr
55
24
Mar
Jan
So
Apr
32
874 Apr
44 Jan
Jan
5
311 Jan
4854 Apr
Jun
1
90e
Jan
Jan
3
21
Apr
14 Mar
1024 Feb
30c
Jan
5
Apr
Apr
8
3134 Jan
74 Jan
1834 Jan
los
Feb
4
Jan
434 Mar
12,
4 Jan
2154 Apr
844 Feb
7054 Mar
4% Apr
34
Mar
112
Jan
52
Mar
15
Jan
24
Apr
1544 Apr
50
Jan
1
Jan
11
Jan
44 Mar
3 5i Apr
,
1834 Apr
I•an
8134 Mar
1
Jan
Apr
93
27% Mar
50
Mar
1024 Apr
5144 Apr
3% Jan
24% Jan
109
Feb
Jan
21
94 Feb
Jan
10
Mar
19
1344 Apr
Mar
5934 M.ir
294 Apr
38o
Apr
37
Apr
9044 Apr
Apr
7
8
Mar
Mar
9
56
Mar
13( Apr
24 Feb
44 Apr
2254 Apr
234 Jan
104% Apr
490 Apr
57 Apr
%
934 Jan
424 Jan
1134 Jan
64
mar
15234 Apr
le
16
17% 9,705 87
1734
2 0 16
7
90
x88
x88
434 4344 434
194 20
320 391
700 1
112
112 113
4 5 1 147
2
,7
005 r655
674 6714 69
1654 167
166
994 99 101
220 95
25% 2544 254
1,700 25
130
130 133
,
13 10 1
85 1 25
106
106 107
6654 73
70
1744 18 " 8751
480 16
0
213 224
1,800 211
214
108 110
109
1.035 117
310 7 7
153
157 161
110 111%
110
270 6
13
04
0 47
85
85
85%
96.300 611%
61% 6154 64
47s. 48%
1.200 41%
95% 94
9644 3,700 1480
42% 42% 44% 7.000 424
300 3043i
300
70 274
39
39
35
135 21
49% 49% 5144 11,600 434
Other 011 Stocks.
Amer Fuel Oil, corn
10
50
5c
Ark Natural Gas, corn__10
734 8%
Atlantic Lobos Oil, com__•
454
454
Big Indian Oil dc Gas
20c 24e
Boston-Wyoming 011_ _ _1
1
1711
171.
Brit Controlled Oil Fielas
217i. 27714
Calif Petrol, new corn..
.25 ..2334 239-4 2454
Cardinal Petroleum
734
6
73.4
Carib Syndicate
644
634 04
Columbia Petroleum
80c 80c
Creole Syndicate
5
7
7%
73.4
Derby Oil & Ref Corp,com• 177
% 173.4 1854
Preferred
4634 4634 4834
Dominion Oil
10
7
7
Duquesne Oil
134 134
Engineers Petroleum Co.
.1 12e
11c 13c
Equity Petrol Corp pref... 1434
14% 14%
Federal 011
81e
80o 880
Gilliland 011, corn
544
5% 8%
Glenrock 011
10
1
1
134
Granada Oil Corp el A 10
154
1%
Gulf 011 Corp of Pa
25 62
615.4 67%
Harris Conseil Petrol Corp_
75c
2
Hudson Oil
1
14e
13c
14c
Humble 011 AC Ref
25 33% 33
36
Humphreys Oil
35
33
3344
Imperial Oil (Canada) coup 113
113 116
Independent 011 & 0 ____* 12%
1134 1334
International Petroleum... 20% 205-4 2134
invader Oil of Delaware___
25e
17e 25c
Keystone Ranger Devel__1 26c
24e 290
Kirby Petroleum
•
2% 234
Lafayette 011 Corporation_
1% 2%
Lance Creek Royalties...1
2c
20
Livingston 011 Corp
1
60
60
Livingston Petroleum_ __.•
1
13,4
144
Lowry 011 Corporation.._5 810
780 81e
Lyons Petroleum
85c 85c
Magnolia Petroleum..
.100 142
142 147
Mammoth 011, Class A _- 564 4934 57
Maracaibo 011 Explor
• 20%
1954 2134
Marine Oil
1
4% 454
Marland 011
3
334
Marland Refining
5
5
544
544
Mexican Pa Iwo 0.1_10
1%
1
2
Mexico 011 Corn
10
134
l'ia
Midwest Texas Oil
1 25e
230 25c
Mountain & Gulf 011
14.4
144
1
1%
Mountain Producers...
.10 1654
164 1744
Mutual 011 vet trust ate__
12
1236
124
Apr
15c
Apr
Apr
Mar
Feb
Apr
Jail
Jan
Mar
Jan
Mar
Lin
Feb
Apr
Jan
Apr
Apr
Apr
.141
Jae
.151
Jan
Jan
Apr
Jan
Jan
Jan
1954
94
50
2634
168
7954
171
103
29
138
110
854
25
224
333
196
116
8834
6934
57
133
49%
317
39
554
Jan
Jan
Feb
Feb
Jan
mar
Feb
Mar
Feb
Apr
Feb
Feb
Feb
Apr
Jan
Feb
Feb
Mar
Mar
Feb
Jan
Jan
Apr
Feb
Mar
1.000
To Feb
7o Feb
714 Ja
1,800
Mar
10
400
45( Jan
74 Jan
25,00
Jan 3134 Mar
15o
27,100
Jan
1
134 Feb
20
14 Feb 25 5i Apt
r
2'
1,100 2234 Apr
200
6
Apr
8% Mar
11,400
4% .1
734 Apr
100 65e
r
Jan 80
Apr
,
148.100
254 Jan
2,300 1734 Mar 1834 Ayr
100 45% Mar 49% Mar
200
Feb
7
Feb
7
400
134 Apr
Jan
2
52.000 lie
Apr 250
Jan
1.900 144 Feb
26.000 690
Jan
1751H MarMarJan
14.400
Jan
3
22,900
Jan
2518 Jan
1
1.500
mar
Feb
14 Jan
43,700 55% Jai
68
3%
50,300
271 APT
4
75c Apr
Jan
53,00
Jai
10c
18c
3,28
2434 Jan 121% Mar
43
30
Feb
30
2.13 110% Jai
15A Feb
9
4,100 11% Apr 3 % Mar
20% Apr 2434 Feb
18.50
25e
A
6,00
17c
AP
.1.11
98.000 220
2,500
Fe
2
2,30
131 Apr 404
Atr
2
4 ja
jc a
1.000
Jan
20
marF
1.00
Apr 2
01 Meaeli•b
12
60
5,500 753 .Tal
60
62e Mar
Jan
700 77c Mar
125 142
Apr 18250714 AprAJn
Apr
1.900 45
54,800
934 Jall
5pr
A
5
331 Feb
44 Apr
200
Feb
1.000
14 .1111
200
3% Feb
mar
3
8.300 70c Ma
23.200 80e
Jan
21 ‘ Mar
,
303 Jan
Jan
19.000
53
2.400
134 Jan
174 Feb
2.700 1634 Apr 204 Mar
1134 Apr
47.100
153.4 Mar
1750
Sales
Friday
Last Week's Range for
Other 06
of Prices.
Week.
Sale.
Stocks (Cow:ailed) I. Price. Low. High. Shares.
New England Fuel OR
New York 011
Noble(Cheap)ON& Clas_l
1
Preferred
1
Northwest OR
Omar Oil& Gas
10
•
Peer 011 Corp
Pennok 011
10
Pennsylvania-Pray., 011_1
Royal Can 011 Syndicate_
Salt Creek Consol 011
Salt Creek Producera-10
Santa Fe Oil& RetinIng 5
Sapulpa Refining
6
Seaboard Oil & Gas
5
South Petrol & Refining
Southern States 011
5
Tex-Ken 011 Corp
1
Texon 011 & Land
Turman Oh
Ventura Control Ott Iffera_
5
Vulcan Oil
Western States Oil & Gas_l
6
Wilcox Oil & Gas
1
''Y" Oil & Gas
16
jS
1314
34
64
114
2214
514
334
34
So
24
38e
254
46
15
21c
65c
10c
14
6
124
3%
6%
11%
22%
5 5%
3%
3%
30
234
75c
380
134
25%
1
270
46
164
23c
650
10c
1hr
614
144
354
754
12
234
54
4
34
40
254
750
40c
154
253.4
1
280
14c
Ific
73.4
200
200
27,500
500
3,000
13,500
500
14,900
19.400
22,400
1,100
3,600
6,900
11,800
17,800
34,000
15,200
400
78.000
10,600
100
600
2,000
23,600
7.000
Mining Stocks.
214 7,600
2
2
Alaska Brit Col. Meta.il
54 54
100
54
.tIvaradoMln de MIR_._ ..
2,000
70
7c
Amer Comm-.
154
1
14
1,700
American Exploration ____
274 28
300
Anglo-Amer Corn S Afr-LI
70e 70c
100
ergunant Gold (old)
Mc 60c 95,700
.1 580
Arizona Globe Copper..
42e 45c
4,500
Consolidated
I 42c
Beaver
30
2c
2e
5,000
1OeJ
Belcher Divide
Sc
3c
30
3,000
1
Belcher Extension
2c 23,000
be
2.3
Big Ledge Canner Ca_ ___5
Sc
Sc
1,000
Blackhawk Cons Mines1
190 19,000
130
Boston & Montana Dev_5 150
2,000
20c 230
1 20e
Butte & New York
2
24
234 21,400
Butte St West MID CO.- 1
600
34 334
5
Delayer:1e Copped
1,000
7c
7c
1
Caledonia Mining
2ill 3,400
2
214
1
Canario Copper
190 256.000
15c
1 180
Candelaria Silver
10c
110
2,000
Cash Boy Consolidated...
4% 4%
100
Consol Mining(JO.........
Chief
53c 60c 10,600
60e
Obloo Extension
19c 23c 61,000
220
Comatook Tunnel
34 34 48,600
34
Comm!Copper Mines new5
14e
lie
6,000
Consol Nevada Utah Corp 140
44 54 4.200
I
Continental Mines. Ltd
lie
I3c
12,000
Cork Province Mince_ __ _1
70c 9I0 31.600
1 730
Cortez Silver
Sc
3c
3c
1,000
Crackerjack Milling
24 354 5.750
34
Cresson Con Gold M & 56.1
620 720
2.400
1 700
Crown Reserve
9c 51,000
70
go
1
Divide Extension
14
1",. 14 4,100
5
Dolores EsPeranza
65c 73e 25,700
Dryden Gold Corporation. 69c
3c 101,000
lc
lo
El Salvador Silver Mines-1
2c 125,000
lc
lc
1
EMMA Silver
180 21e 99,000
1 190
Eureka Crofters
me
be 260 160,000
F01111113 Cons Minhig_____
24e 390
4,000
1
Forty-Nine Mining
4,700
780. 740 76c
Gold Coin Mines
44c 50c 37.000
500
Golden State Mining
Sc
Sc
8,000
Goldfield Conaol Minee_10
Sc
18,000
7e
Goldfield Deep Mines Co be ' 7e
fie
14.000
Sc
7c
Goldfield Development43c 470 33,000
1 430
Goldfield Florence
430 440
11,000
1 940
Goldfield JackPot
20
le
6,000
Goldfield Oro
7c
50
Sc
6.000
Gold Zone Divide
Sc
Sc
1
4,000
Hard Shell Mining
Sc
1
Sc
1,000
Hasbrouck Divide
94 93-4 9,500
94
260
Flecla Mining
2Clei
200 20e
1,000
Henrietta Myer
1hr 14 23,200
1111
ElllItoo-Nevada Mining_ _ _
Hollinger Con Gold Mines b 134 124 1354 2,000
6,700
630 68c
Homestake Ext MInIng__1 630
34
1
314 34 5.900
Howe Sound Co
35c 370 35.000
Independence Lead Mtn _i 36c
300 32e 10,000
Iron Bloaaom Cons M_-I 320
214 3
3
5,400
1
Jerome Verde Devel
liir 4,700
96c
96c
Consol Mining
Jib
4c
4c
1,000
1
Jim Butler Tonopah
1,400
3
3
3
6
Kerr Lake
4e
Sc
7,000
1
Kewanus
4e
30
3,000
100
Knox Divide
23c 23c
1,000
La Rose Consol Mhae_ _ 5
Sc 52,000
So
3c
Lone Star Consolidated_.1
4c 20,000
lc
lo
MacNamara CresoentDevl
40
1,000
4c
1
MacNamara Mining
13o 200 13,000
13e
Mammoth Divide
130 14c 12,000
Marsh Mining
6
24 23.4 4,680
Mason Valley Mines
100
211 2%
Mining Co of Canada
4c
1,000
4c
mizpah Extension of Tono
650 84c 30,000
1 800
Mohican Copper
4e
3,000
40
Nabob ConsolMboing
24c 85,000
16c
50c 210
National TM Corp
4.000
18e
17e
1
Nevada OPhir
2e
1,000
20
Nevada Silver Horn
194 214 1,000
21
New Cornelia
314 4,' 7,400
44
New Dominion Copper.. 5
90
1754 177
100 176
New Jersey Zinc
88e
630 67e 31,000
N Y Porcupine Mining__
1,800
54
5% 534
6
Mph/sing Mines40
40
1,000
Nixon Nevada Mining On.
85c 94c 59,000
1 880
Ohio Copper
13.4 34,400
14
14
6
Hercules. Inc
Ray
60 66,000
Sc
Sc
Red if1115 Florence
50c 650 19,400
0c
5
Red Warrior..
70
5c
5,000
717
Reorg Div Ann M
60 23.000
Sc
Rex Consolidated Alining.'
220 240 36,000
Coo M & Day.. 23e
Richmond
15,500
67c 68e
St AnthonY Gold M
72c 26,000
68e
720
Sande Mines
2c 25,000
lc
Kendall
Sandstorm
lin, 1,100
1
Shaw Minas Corp
lie, 1% 5,200
1)4
Sliver King Cons
160 250 136,000
17c
Sliver King Divide Reorg
15c 210 11,000
Silver Mines of America- 17o
5,000
60
fic
Sc
Silver Pick Consol
6.000
43c 440
430
Silver Queen Mining Corp_
2.000
46c 470
Mining
Silversmith
410 460 10,000
1
Simon Silver Lead
1,200
900 950
95e
Snow Storm Silver Lead_ _
34 2.900
3
Plat...1
34
South Amer Gold dr
90 120 65,000
10e
Spearhead
60 20,000
5e
1
Stewart Mining
3,000
56c
52c
52c
Success Mining
5,000
be
6e
Superstition Cons
18,000
70
Sc
Tarbox Mining CO
22,800
1%
1
Tack-Hughes
1,000
450 45c
Tenolskaming Mining
1.000
45e 450
Tonopah Belmont Dev...l
650 78o 54,000
1 660
Divide
Tonopah
11.900
2"s. 3
1 21h
Tonopab Extension_
5r
3.000
An
[vol.. 116.
THE CHRONICLE
Friday
Saks
Last Week's Range for
of Prices.
Sale.
Week.
Mining (Concluded) Par. Price. Law. High. Shares.
Range since Jan. 1.
Low.
40
14
210
600
10c
Feb
Mar
Mar
Feb
Jan
6
914
?
54
Pig
204
54
2%
.5v,
2c
13%
65c
38.
860
254
62c
230
634
80
Apr
Jan
Ian
Mar
Jan
Mar
Jan
Ian
Mar
lam
Feb
Apr
Mar
Apr
Jan
Jan
Jan
Jan
2
23-4
Jan
Jan
50o
22
70c
100
360
2c
20
IC
8c
90
15c
900
24
Sc
1
15o
10o
34
500
150
334
80
Feb
Mar
Apr
Feb
Feb
Feb
Mar
Jan
Apr
Feb
Apr
Mar
-an
Mar
Apr
Apr
Feb
Feb
Mar
Mar
Feb
Feb
High.
52
214
sfu•
780
22c
6
,
111
13
144
5
74
14
254
64
44
4
1:4.•
264
780
89°
114
30
14
30c
1014
200
Mar
Feb
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Mar
Feb
Feb
Mar
Mar
Apr
Mar
Apr
Feb
Apr
Jan
Mar
Feb
Jan
Mar
24 Mar
64 Mar
11,
43.4
44,1
110 Feb
700 Apr
2c
Jan
2
Apr
32c Feb
7o Apr
Ph, Apr
.
Apr
lo
Apr
1 • Apr
15c
Apr
20, Mar
Jan
60
62e Feb
300 Feb
60 Apr
70 Apr
.0
.11{11
290
350
lc
5c
Jen
.se
Jan
Apr
II
Mar
Jan
Feb
30
8
15c
114 Feb
580 Feb
..au
14
28
700
85 •
50c
Sc
6o
hr
jee
,
22
me
33
4
10c
2%
as,.
130
5
780
230
44
15e
Apr
Apr
Apr
Feb
Apr
Mar
Jan
Ja,
Jan
Jan
Apr
Jan
Apr
Mar
Jan
Apr
Mar
Mar
Apr
Mar
Jan
214 Apr
Feb
-ic
Jan
10c
Jan
4c
150 Apr
lc
Big
04
1683.4
30e
.4
3c
117e
I
,
2
400
Sc
Jan
J..,
Jai,
Ja.,
Jan
•
Jan
Feb
Mar
Apr
1(1
19 •
46c
45c
lc
1
50o
Sc
Apr
Mar
Mar
Apr
Apr
Mar
Feb
/I(
'CI
Sc Mar
Jan
350
.6.3
Fen
21n
Feb
Apr
90c
Jan
4
•lo Mar
4311
Se
ni
4ne
Jan
Be
60 Apr
'4t''.1
30e Mar
14 Apr
640 Feb
24 Apr
3c Feb
,
111
Feb
Jan
mar
15c
Jan
314 Apr
72c
Apr
1.10
Jan
214 Jes
,l.
Feb
io
Jan
4,
17c
Jan
434
15c
we
760
eoe
lle
240
34s
76e
sie
6e
11c
13o
7e
9%
66e
i
14
740
Jilfi43-4
30.
280
24
960
40
24
2c,
20
230
3c
lo
30
7e
60
ii
Jae
Mar
mar
Apr
Mar
Feb
Jan
Jan
Jan
Jan
Mar
Apr
Mar
sg,
age
34
13i
Sc
3%
80
70
40c.
Mar
Apr
Mar
Jan
Jan
Jan
Feb
Mar
Jan
Feb
Jan
Mar
Apr
Feb
Feb
Feb
Mar
Mar
Mar
Ja
Feb
Apr
Jan
Jan
Jan
Apr
Feb
Sc
Jan
7c
Jan
210 Apr
15o
Jan
714 Mar
214 Apr
4c Feb
84c Apr
60
Jan
sze
lie mar
2c
Jan
2144 Mar
44 Mar
180)4 Mar
070 Apr
64 Mar
80 Feb
13. Mar
24 Mar
8c
Apr
68o Apr
7c
Apr
,
0Feb
o Feb
Apr
6843
720
Apr
50
Jan
1',. Apr
14 Apr
25o
Apr
40: Ifeb
9c
Jan
50e
Feb
5(e,
950
134
130
Apr
Apr
J.5I,
.1110
(
40
nin
16c
Feb
Apr
mar
430
Apr
11i Jae
890 Mar
4
Mar
56 Feb
80
IM
14
1
Tonopah Mining.
Tr -Bullion 8 & D_
5
Tuolumne Copper
1 44c
it"
United Eastern MinIng___ I
United Imperial Mines. I 860
United Verde Extension-50 37
U S Coat Mines
18e
Unity Gold Mines
5
Utah Apex
54
100
Victory Divide
West End Consolidated_ _5
1,'
2c
West End Extension Min__
We-tern Utah Copper-I
15e
Wettlaufer Lorrain
Wilbert Mining-See Note below
Yukon-Alaska trust certifs. 31
Yukon Gold Co
154
5
Bonds
Allied Pack cony deb 138'39
Certificates of deposit..
1939
SsSeriesBwi
Aluminum Mfrs 7s__ _1933
1925 1034
be
Amer Cotton 011(19._ _1924 88
Amer G & E deb 6s_ 2014 944
Aruer Lt & Tree 6s._ A9251
Without warrants
Amer Rolling Mill Ofr._19381 99
Amer Sumatra Tob 78_1938- 974
Amer Tel & To1.63_ _ _ _19241 1004
Anaconda Cop Min 73_1929,
6% notes Series A...1929 1014
Anglo-Amer Olf 74a_ _1925 103
Armour & Coo? Del 546'43 904
Armour & Co 7% notes-'30 1044
414
Atlantic Fruit 8s
Atl Gulf & W 155 L 681959
1933 80%
Beaver Board 86
Beaver Products 746_1942 100
Bethlehem Steel 75-1923
Equipment 7s_ _ _1935 1024
Canadian Nat Rya 78-1935 1074
1925
5s
Canadian Pacific 6a..._1924 1004
1941 10814
Central Steel 8s
Charcoal Iron of Am 8s-'31 954
Cities Sery is, Ser 11_ _1966
1966
7s, Series C
1966
78 Series D
Columbia Giphone 138_1925
Certificates of deposit__ _
Cons GEL&P Balt 63'49 1013.4
1931
75
1952 9714
54s Series E
1941 98
Consol Textile 88
1941 1054
Cuban Tel 7340
1931 1014
Deere & Co 7411
_1E147 994
Detroit City Gas
Detroit Edison 6s..._1952
Dunlop T&Slot AM 71.1941) 9814
Fell Lt & Trac law 1_1953
1924 1014
Federal Sugar 68
Fisher Body Corp fla_ _1924 1004
1925 994
fle
1926 984
(is
1927
68
1928 96
fla
Gait (Robert) Co 7s._1937 964
3alena-Signal 011 7s_ _1930
1930
Gen Asphalt 871
Grand Trunk RV 614d-1936 1044
Gulf Oil of Pa 5m.. .,1937 95%
Hocking Vail RR 68..1924
Hood Rubber 7% notes-'36
Interb R T Se J PM rect._
Kansas City Term 60_1923 100,4
Kennecott Copper 711_11130 105
Libby McNeill& Libby 76'31 1004
Liggett-Winchester 7a_1942
Loulay Gas & Elee 5s _1952 87
Maracaibo Oil Exp 76 1925 204
1930 99%
Morris dr Co 74a
Nat Acme Co 7Sis_ _ _1931 96
National Leather 8s...1925 100%
New On Pub serv 54..1952
N Y Chic & St L RR
1931
Series C (is
Y Lack & West 4481973
N
1952
Ohio Power Se
1941
Phila Electric 6a
1947
5Hs
Phillips Petrol 74s.. _ 1931 133
Without warrants
Public Say Corp 75w 1.'47
,
Pub Seri El Pow 6,1_ _1948 9714
Sears, Roebuck de Co 7E1.'23 1004
Shawsheen Mills 78...-1931 1044
Sheffield Farms648_ _1942
Sloss-Sheffield S& I Bs 1929
1927
Solvay de Cie 85
South Calif Edison 58_1944 894
Stand 011 of N Y 6481933 1054
7% serial gold deb_ _1925 1034
7% serial gold deb-1926
7% serial gold deb_ _1927
7% serial gold dab..1928
7% serial gold deb...1929 107
7% aerial gold deb._1930
7% serial gold deb_ _1931 109
1931 1024
Sun Co 78
Swift & Co 58 .Oct 15 1932 904
Union 011 of Calif 6s B 1925 100
United 011 Produe8s 1931 1034
United Rye of Hay 740'36 1064
1936 107
Vacuum 011 7s
1937
Valvoline 011 68
11114
Sc
42c
14
86c
37
16o
4%
54
3c
1
2o
300
110
Range since Jon. 1.
Low.
14
10c
44c
1% Jan
2,900
Jan
ile
2,000
Apr
4,000 42c
24 27,500
i
880
1,600 afic Mar
38% 2,800 264 Jan
19c 14,000
151 Mar
54 7,700
354 Jan
6
3
4.400
Feb
3e
IC
I:111
1,000
1',, 12,300
Apr
1
3c 25,000
20 Feb
30e
1,000 20e Jan
18c 26,200
40 Mar
304 34
2,400
1% 21a 30.000
604 63
33,000
49
49
1.000
'44 764 44,000
108 106
12,000
1034 1034 15,000
88
9034 44,000
944 95
15,000
1074 108
2,000
101 101
4.000
99
99
12.000
974 9714
1,000
1004 10014 31,000
10354 1034 10;000
10114 1014 32,000
1024 103
39,000
894 904 642,000
1044 1044 5,000
414 414 5,000
57
5714 8,000
80
81
34,000
100 100
2,000
1004 1004 2.000
1024 10214 37,000
1074 1074 8.000
994 993.4 loya
looi 10014 12,000
1074 1084 11,000
954 954 6,000
123 123
1,000
94
954 11,000
904 9054 2,000
274 284 6,000
22
22
3,000
1004 1014 24,000
105 105
1,000
974 9714 7,000
98
9934 25,000
1054 1054 3.000
1014 102
18,000
994 100
63,000
1024 103
15,000
954 964 114,000
100 100
4,000
1014 1014
1,000
1004 1004 2,000
991e 9913 148,000
984 984 20,000
97
9714 7,000
964 32,000
96
9634 97
14.000
6,000
10334 105
1034 1034 7,000
10414 105
24,000
9434 954 43,000
10034 100% 3,000
14,000
10134 102
984 9854 24,000
1004 1004
1,000
1044 105
34,000
100 1004 16,000
1014 1014 2,000
26,000
864 87
190 266 128,000
98 100
44,000
964 14.000
95
1004 1004 13,000
884 89
21,000
994 994
964 964
8514 87
1034 104
1004 10034
130 1354
10114 1024
10234 103
974 9734
10034 101
1044 1054
1004 10034
97
974
1044 10414
89% 894
105 1054
1034 1033.4
1044 1044
105 1054
1064 1061(
1064 107
10614 1064
10854 109
1024 1024
90% 904
100 100
100 10334
106 1064
1064 107
1024 103
8,000
1,000
18,000
8,000
11,000
4,000
39,000
55,000
51,000
41,000
21,000
1.000
5,000
11,000
25,000
46,000
15,000
8,000
11,000
8,000
14,000
14.000
29.000
10,000
91,000
5,000
25,000
10,000
15,000
5,000
194 Mar
76e
Jan
60
47
744
1034
1024
85
ing
1074
1004
99
954
iir..4
106
101
109
8854
1044
38
514
654
100
t.034
1094
1074
984
1004
WA
94
123
91
904
20
22
1004
105
97
106
984
14/44
1024,
95
100
10014
994
064
9734
KIM
944
96
10354
103
1034
984
100
191114
9514
100)4
.03
994
Apr
liar
Apr
mar
Mar
Feb
Apr
apr
Mar
Mar
Jan
Mar
Aur
Apr
Mar
Apr
Apr
Feb
Jae
Feb
Jan
Mar
Jan
Apr
Mar
Mar
gob
'an
Apr
Jan
Apr
Mar
Apr
Apr
Apr
Apr
Jan
Jan
Mar
Apr
Jan
Feb
Ale
Mar
Mar
Mar
Mar
Feb
Mar
Apr
Mar
Apr
Apr
Mar
Mar
Jan
Jan
Apr
Ort111
Inn
883.6
Mar
Mar
Mar
Apr
Apr
Mar
Apr
98
9654
8414
1024
084
120
1014
102
974
'00%
104
99)4
96
104
87
1044
1024
103
103
1064
104
10144
1084
1014
114
8
100
9644
10144
1064
1024
Mar
Mar
Apr
Mar
Apr
Jan
Mar
Apr
Apr
Apr
Mar
Apr
Feb
Mar
Mar
Apr
Mar
Apr
Apr
Apr
Apr
Feb
Apr
Feb
Mar
Apr
Jan
Apr
Mar
Jan
101%
86
106
98
96
100
Foreign Government
and 511UnIcloalltles
Argentine Nation 70. 1923 1004 1004 1004 :15,000 100
1945 394 394 41 111,000 364
Mexico 48
574
5776 594 50,000 11534
-year series A
fla 10
Netherlands(Kingd)603'72 994 98% 994 132.000 974
9,001) 97
9934 100
Peru(Republic) 88 w 1_1932 100
93-4
1234 123-4 17,000
Russian Govt Sy 3.. _ _ _ 1919 124
12
12
12
35,000
Certificates
7,000
1134 , 1234
114
Russian Gott 514s_ _ _ _1921
Switzerland Govt 548.1929 1024 10216 10334 114,000 102
High.
214
18e
,
67
2%
Jae,
Feb
Feb
Feb
384
43c
54
64
5.1
11i
Sc
Mc
28e
Apr
Jan
Mar
Apr
Mar
Jai,
Jan
Fob.
Apr
344 Apr
21
. Alm
10
6478
54
;.
J
P
Mar
14 j a
696
: M ar
a
110
Jan
1014 Feb
.•,
Mar
10991Hsz
94
10311
1034
964
1054
4134
62
Feb
Jar,
Jan
In"
Apr
Mar
Mar
104
18119 Aeb
03
Fpr
1084 IC,,
1104
99
10114
1084
97
130
9396u4
9634
Jae
Feb
Jan
Apr
Mar
Mar
Feb
Jan
30
313
1'1
a
e
F
814 Feb
10
1(4
100
Jan
110703m
1014
104
97
1900
1 14
1004
1004
100
991.1
9814
((94
1154
10
105
107
lan
Feb
Jan
Jar,
'an
Apr
Apr
Apr
Feb
Feb
Feb
Feb
lat.
Mar
Jan
Jan
02
19947'1 :"
1
. aan
7 st,
Wig Mar
101
Jan
10.14
1024 Jan
19031% jar
Jan34
A
.:Le
106
210
34
974 Mar
Jan
102
894 Mar
1004 Feb
9634 Mar
,,,
911/
1054 Jan
er
Jan
11400
Mar
1034 Feb
1044 Jan
9714 Apr
10144 Jan
06
1904
9844
10534
9744
10794
1064
11(734
119607r4
10734
110%
1094
110
r
A9
lan
Feb
Jan
Jan
Jan
Feb
Jan
an
"
Mar
Jan
Jan
Feb
94
103
Fa
Met;
100
Apr
10634 Mar
107
Jan
10734 Jan
1034 Mar
Jan 10044
Jan 42
Mar 594
Mar 10034
Feb 100
Jan
164
16%
Jan
16
Jan
Mar 104
Jan
Apr
Apr
Fee
Apr
Feb
Feb
Feb
Jan
• Odd lots. • No par value. 1 Dollars per 1.000 marks. is Ex-100% stock dividend. g Marks. ft Corree ion. in Dollars per 1,000 lire flat. 1 Lleted on the Stool'
Exchange this week, wiele additional transactions will be found. a Ex-speclal
diyideral ui $25. is Ex-extra dividend 01 120. o New stock. p Ex-special dividend
of $80 and regular dividend of $3. r Ex-100% stock dividend. a Ex-W'7 stook
-200% stock dividend. a Ex-06 2-3% stock dividend. o Ex-stook
dividend. t Ex
-dividend. y Es-rights. • Ex-stock dividend.
w When issued. a El
div of 40%
-Record of sales on Wilbert Mining for week ending April 6 should have
Note.
read 2.000 shares at 4+80. Range for year 3e. Jan., 8c. Feb. 4,000 shares reported
at 8+9e. was en error, being Intended for White Caps Mining.
pmestnxent an Ardireati gntellignree.
1751
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular
monthly returns
Gan be obtained. The first two columns of figures give the gross earnings for the latest week weekly or and the last two
or month,
solumns the earnings for the period from Jan. 1 to and including the latest week or month.
The returns of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
:Jan. 1 to Latest Date.
Previous I Current
Year.
Year.
Previous
Year.
$
Akr Can & Youngst February
201.917 159.019
393,460
314,535
Alabama & Vicksb_ February
249,306 230,051
568,217
469.791
America n Ry Exp_- December 13932847 10390310 152503171 184896761
Ann Arbor
151 wk Apr
67,834
98.196 1,114.518 1.240,098
eLteu Topeka & S Fe February 14170447 12375461 30.619,347 24,774.102
Gulf Colo & S Fe_ February 1,624.530 1.497.761 3.694,404 3.113.092
Panhandle S Fe February
517.732 .530.142 1,141.040 1,058,626
Atlanta firm & Atl_ February
374.1615 274.1187
517.839
777,591
Atlanta & West Pt.. February
223,255 160.008
463,931
341,570
Atlantic City
February
225,343 215.099
468.729
436,740
atlantic Coast Line_ February 7.266.476 5,016.',09
14,382.2.17 11.30.325
Baltimore & Ohio- February
18692393 15033672 39,249,363 29,303.432
B & 0 Ch Term February
262.787 209,522
410.607
556,518
Bangor & Aroostook February
490.118 698.080
987.067 1.376.649
Bellefonte Central February
12,449
6.472
22.209
13.573
Belt Ry of Chicago_ February
552,255 495,621 1,173,070
932.055
Bessemer & L Erie February
920,607 579,020 2.101.927 1,138,520
Bingham & Garfield February
32,994
9,618
65.183
19.500
Boston & Maine.. February 5.931.101 5,927,074 12,244.15 11.708.447
Bklyn E 0 Term_ _ _ February
129,790 127,168
268,023
242.078
Buff Rosh & Pittsb_ 2d wk Apr 438.071 240.241 5.163.93 3.617,514
Buffalo & Susq---- February
237.179
364.195
Canadian Nat Rya_ 2d wk Apr 4,656,011 3,280.819 35.445.598 32.516.497
Canadian Pacific- 2d wk Apr 3,120.000 2,719.000 42,995.000 40.969.000
Caro Clinch & Ohio- February
652.784 583.132 1.380.368 1.182.212
Central of Georgia February 2,157,738 1,647,207 4.317.485
Central RR of N J February 4,055,034 4.045.016 8.419,606 3,154,094
8,014.923
Cent New England_ February
511.986 615.168 1.032.625 1,143.241
Central Vermont_- February
603,328 524,510 1,219.12 1.018.133
Charleston & W Oar February
31)6,420247,621.
617,4.4i
487,
Ches & Ohio Lines February 6,819,789 6,980,645 14,462,470 12,870.187
Chicago & Alton
February 2.420,878 2,561,439 5,363,020 4,988,919
Chic Burl & Quincy- February
13126287 12082472 28,310.32423.744,616
Chicago & East Ill- February 2,230,408 2,085.918 4,876,540 4,141.553
Chicago Great West February 1,882.970 1,745,349 4,006,188 3,375,837
ChM Ind & Loubw
March
1,611.5351.397,685 4,374,446 3,748,235
Chic MIlw & St Paul February
12346882 10402775 26.816,921 21,275.022
Chic & North West.. February
11448293 9,897,064 23,978,873 19,871,881
Chic Peoria & St L_ February
101.180 202.9431 261,871
394.120
Chicago River & Ind February
567,099
_ _ ..1 1,207,306
Chic R I & Pacific- February 8.563.8578,532.715 18.930,248 17,100.951
Chic R I & Gulf.... Feoruary
354.456436.801
832960
907.113
Chic St P M & Om- February 2,066,761 1,921,077i 4,487,681 3,893.668
Chic Ind & Western February
367.913 349.416
794,840
669,495
Cob & Southern.- February
906.624 978,526' 2,014,836 1.880.358
Ft W & Den City_ February
646,819 679,0071 1,379,471 1.351,838
Trin & Brazos Val February
128,329 327,787
293,953
791.599
Wichita Valley_ _ February
92.553
92,929
201.655
198,810
Delaware & Hudson February 2,954,654 3.808.103 6,204.170
7,217,716
Del Lack & Western February
585 6.072.94912.905.042 12,266,540
Deny & Rio (Irande February 2,377,163„
4,546,092
, .
Denver & Salt Lake February
160,045 134.881
303,003
249,450
Detroit & Mackinac February
121,969
91.953
195.217
247.10
Detroit Tol & Iront February
680.955 616,586 1,450,626 1.056.022
Del & Tol Shore L.. February
275,582 361.3971 646,13
629,256
Dul & Iron Range_ February
199,6.53
93,282: 374,8C5
193,070
Dul Misaabe & Nor February
146,192
224.685
98,4301
279,19.
Dul Sou Shore & All 1st wk Apr 111.713
71,067 1,344,38
905.233
Duluth Winn & Pac February
229,884 148,115.11 443.357
316,427
East St Louis Conn February
205.448
408,413
263.115
Elgin Joliet & Past_ February 2.016,488 131,302 4,299,146
1.614,366
3,112.006
El Paso & Sou West February
939,120 788,235 1.975,737 1,542,104
Erie Railroad
February 9,816.3097,658,078 18,968,634 14,835.328
Chicago & Erie February
946,194 842,538 1,967,666 1.692,916
NJ&NYRE February
117.438 113,553
242,330
228,507
Evan lad ft Terre ii February
137.179 11)9.872
298,858
208.622
Florida East Coast_ February 1.724.118 1.443,149 3,222.390 2,652,695
Fonda Johns & Glov March
145.405 127,542
408,520
365,388
Ft Smith & Western February
119,065 107.493
260,861
216,844
Galveston Wharf
February
106,263 101.0411 232,597
205.938
Georgia Railroad._ _ February
680.417
Georgia & Florida_ _ 1st wk Apr 439.099 336,035' 912.028
29.500
26.227
345.281
473.727
Grand Trunk Syst ad wk Mar 2,222.865
1.930,11828.244.920 20,861.357
Atl & St Lawrence February
277,746 323,2221 626,676
600.234
ChDetCanGTJet February
2
52,035 180.694
382.395
478.392
Det G 11 & Milw_ February
429.371 319.848
862,662
645.283
Grand Trk West., February 1,2a1.11 `1 1,059.640'
2,6.11,312 2,093,422
Great North System 28 wk Apr
Green Bay & West.. February 1,931.767 1,528.075 28.530.758 22.347.465
88,245
97,939
203,498
195.202
Gulf Mobile & Nor- February
420.670 314.1371 905,141
643.964
(lull tt Ship Island_ February
228,915 215,h&il 487.218
434 944
Hocking Nri Iley_ _ _ _ February 1.124 371 1.058.042
2.431,833 1,997,937
Cent(whole sys)_ February
14748987 12817287 31,344,108 25,425,970
Illinois Central._ February
18334620 11516003
Yazoo & Miss Val February 1.414.367 1,301,284 27,966.479 22,715101
3,377.629 2.710.869
Internet Ry of Me_ February
11.9o9 283,1171 646,722
544.022
Internal & Grt Nor.. February 1,025,829 1,001,669 2.253,277 2,038.020
Ka n City Meg & Or February
106,2.15 113,3171
220,759
209,572
K C Mex &0 of Tex February
108,630 113.087, 233,034
219.718
Kansas City South.. February 1.477,488 1,318 82a 3.262,571 2,715.925
7: 79
Tetcark & Pt Sm_ _ February
191 503
412,504
343,822
Total system
February 1,669.082 1.548,599 3,675.125 3.059.757
Kan Okl t & Gulf....,. February
227,7(
189.5.'6
397.836
49.:,869
Lake Sup & Ishpem_ February
10 29
3
1,0148
.
.087
Lake Terminal Ry February
75.379
87,524
169,370
157,818
Lehigh & Ilud River February
208,/i8 23.98i4-8,7,4
426.0
Lebb..1
New Eng_ February
19i 1' 0 3/61,91111
796.5(.7
741.835
Lehigh Valley
February 4,708,230
.
Los Aug & Salt Lake February 1.543,042 5,401,042 9.831,317 10,535,127
1,367.178 3.273,942 2.840,718
Louisiana & Arkan_ February
334,949 237,518
455.940
605.292
Louisiana Ry & Nay February
289,684 949,944
643,649
489,144
Louisville & Nashv_ February 9,781.490 9,078,606 20,814.617 17,678,068
Louisv 'lend & St L February
254.296 200,915
413,158
539,383
Maine Central
February 1.406,849 1,550,834 2,923,398 3,073.446
Midland Valley
February
347.165 323.986
643.481
732,214
Mineral Range
1st wk Apr
9,194
4,711
124,797
48 804
ROADS.
Latest Gross Earnings.
Week or
Month.
Current Previous
Year. I Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
S
1
Minneap & St Louis 2d wk Apr 330.366 283.136 4.892.725 4.581,102
Minn St P & 88 M.. February 3,291,034 2.427.119 7,392.937 5.089.248
Mississippi Central_ February
228.854
310.541
152.325 113,879
Mo Kan & Tex Syst February 4,043.918 3,737,071 8.732,815 7.589.738
Missouri Kan & Tex February 2.441.0792,116.922 5,311,111 4.256,292
Mo K & T Hy of Tex February 1,517,91711,510.108 3.238.839 3.003.835
& North A rlian_ February
216.791 Not in on.
191,785 No' mop.
Missouri Pacific..___ February 7,601,442 7,424.424 16,373,470 14,910,408
Mobile & Ohio
4.782.567
26 wk Apr 402,279 357.95 6.133.
Colum & Greenv_ February
216,852
246.089
105.524
95.704
Monongahela Golan_ January
93,186
205.123
205,123
93.166
Montour
167.434
February
260,791
116,474
90,652
Nashv Chart & St L February 1.820,018 1.501.493 3.749,141 2,957.616
Nevada-Cal
-Oregon 1st wk Apr
47.662
64.002
4.065
3,922
Nevada Northern _ February
36,270
109.126
58,621
18.890
Newburgh & Sou Sh February
268,529
321.843
162.020 169,045
New Orb Great Nor_ February
388,484
448,250
213,044 194,261
N 0 Texas & Mex.. _ February
434.486
533,982
258,750 216,863
Beaum S L & W February
333.753
375,731
191,364 179.959
St L Brownsv &M February
905.123
393.347 454.112
826.121
New York Central February 29284565 25787057 63.749.275 51.655,739
Ind Harbor Belt_ February
845,510 728.
092 1.842,946 1.407.499
Michigan Central February
5.532.241 14.622.371 10.809,285
C C C St Louls_IFebruary 6,747.799 6.478.725 15.466,970 12,516.846
&
7,091,158
Cincinnati North.. February
547,075
846,801
411,629
Pitts & Leke Erie February 3.324.913 299.3811 6.861.797 3.698,588
N Y Chic & St Louis February 3,125.989 1,832,315 6.739,164 5.695,997
2,980.006
N Y Connecting
February
465,599
441.681 250,408
537.067
NYNH& Hartf_ -'February
19.190.04917.301.526
N Y Ont & Western February 9,278,493 8,577,023 1,807,968 1,766,229
846,129
N Y Susq & West February
372,994 337.200
760.368
Norfolk Southern.._ February
696,651 620,240 1.380.288 1,140;105
Norfolk & Western_ February 6.595.565 6.325.621 13.494.474 12.353,292
Northern Pacific
February
11,847,825
Northwest-am Pae February 6.534.900 5,859.499 14.422,913
1,21
69
. .
Pennsylv RR & Co.. February 49476813 45664997 1,5125743 91,192,068
Balt Ches & Atl February
148.946
73,854
158,988
77,662
Long Island
February 2,082.771 1.863,172 4,404,127 3,784,475
Marrrl Del & Va., February
112,373
46,921
113.677
55.415
MonongAhela
February
347.023 436,038
806,668
787,782
Tol l'eor 5: West_ February
270,039
151,899 146,9141 317.881
W Jersey & Seash February
839.239 794.765 1,791.246 1,515.097
Penn RR(entlre sys) February 52702591 48562
262 111971909 97.091,171
Peoria & Pekin Un_ February
135,281
816.766
299,046
Per Marquette_ --- February 2,998.522 172.398
2.683.836 6,509.104 5.122,023
Perklomen
February
83.658
172.046
84,419
188,304
Phila & Reading
February
13,044.326
1'40,6 a: Shawmut February 8,177,517 6,923,568 17.428,565
.(2,1,u fro 131..312
27u.7751 232.447
Pitts Shaw & North FebruarY
131,973 108,485
202,954
293.975
Pittsb & West. Va..... February
244.155 257.824
484,451
509,727
Port Reading
February
255,063 227,242
405,471
679.883
Pullman Co.npany_ February 5.101.273 4,216.373 10,673.4961 9,639.772
Quin - Om & t, C
,
February
86.363
152,295
89:17
214.031
Rich Fred & Patens_ February
876,991 776.432 1.840,687 1.527.58$
Rutland
February
457,884 424.611
834,373
956.1182
St Louis-San Fran 2d wk Apr 1,716.772 1.598,546 24.509.254 22.123.917
Ft W & Rio Grand February
91,1(11
93.033
210,198. 198.277
St L-S F of Texas_ February
105.055 119.454
241.413, 258,351
St Louis Southwest_ February 2,227.932 1,760.148
4.8911,673 3,705,468
St L SW of Tax_ February
558,872
1,274,123 1.150.110
Total System_ _ 2d wk Apr 547.543 526,597 8.452.161 6.753,38
0
449.526
St Louis Transfer February
76.074 105,000
212,087
148.288
San Ant & Arm Pass February
753.599
359,718 388,790
773,261 I
San Ant Uvalde & G February
76.236
66,259
157.264
132 083
.
Seaboard Air Line.... February 4.542.476 3,409.246
9.030.207 6,997.816
Southern Pac Syst February
19208874 17332355 40.449,256 35,968.006
Southern Ptetfic Co 7,
13,795.506
a•bruarY 13245,117
Atlantic S S Lines February 1,078,638 11363771 27.475,969 1.888,314
996,091 2.201.663
Arizona Eastern_ February
279.103 200,567
678,6671 382.952
Galv Harris & S A February 1,676,989 1,655.847
3,568.315 3,285,439
Hens & Tex Cent.. February
975,807
2.203.194 2.504.229
Hous E & W Tex.. February
193,5251 .
428,107
212,452
437.816
Louisiana Western February
326,2721 374,439
719,234
759,603
Morg La & Texas February
690,845 627,047 1.585,869 1.235.437
T •xas & New Orb.. February
628,789
1.378.393 1.549,639
Southern Railway_ _ 2d wk Apr 3.900,698 720,825 55,725,304 45.143.760
3.3110.683
Al t
t south_ Fermi .ry
449.191
1.7111,714 1,329.100
.
Cin N 0& Tex P. February
Georgia Sou & Fla February 1,741.934 1,261,953 3.615,943 2.566.559
390093 337,01
748.765
New On & Nor E_ February
964.068
537.848 473.305 (.146.151
Northern Ala......_ February
117,926
167,987
82.921
267.703
Spokane Internat.... February
91.048
17J,966
80,137
192,337
Spok Port]& Seattle February
:531.162 486,54' 1,154.844 1,019.295
Staten Island 11 T__ February
152.889 166,508
325,194
330,623
'yen tieg.:.*e Ventral__ February
934.885 1.;9. Il
336.545
474.818
Term RRAssnofStL February
364,416 362.718
753.931
767,112
St L Mer Bdge T.. February
615,926
864.571
Texas & Pacific_ _ 1st wk Apr 410.297 311,255
578.813 532,671 8,243.905 7,804,676
Toledo St L ar West.. February
971,1416 735,3A) 2,061,3T- 1,455.468
Ulster & Delaware.._ February
99,478
83,534
204.183
170.
Union l'amile
February 7.489.781 6.957.254 15.731.781 13,771,287
Total system
Feoruary
13596085 12853195 29.029.695 25,745.267
Oregon snort Line February
Oro-Wash HR &N February 2.628.899 2084.141 5,7J7,097 5,131.5
St Jo & Grd Isrd_ February 1.933,861 1,944.622 4,313,856 3,982,762
739.327 238,495
472,806
515,6148
Union RR (Penn)._ February
770.825 646.296 1.716,975 1,306,995
Utah
February
127,621 140.757
247.436
277.948
Vicks Shreve & Pac_
825.531 279,812
569.752
686.173
Virginian Railroad_ February 1.511.968 1.537,133
February
3.12.1,117 2.952.293
Wabash RR
Western Maryland_ February 4.610.494 4,532,121 9.481.732 8.834.612
1st wk Apr 454.547 290.478 5.893.973 4.776,000
Western Pacific,
February
795.1171
737.997 1.657,672 1,517.737
Western Ry of Ala February
228,320
343.011
466,686
Wheel & Lake Erie_ February 1.039,119 161,678
1,064,541 2.127.860 2,031,913
Wichita Falls & NW February
84.923 110,040
239.610
182,865
AGGREGATE OF GROSS EARNINGS
-Weekly and Monthly
Current
Year.
Previous
Year.
Increase or
Decrease.
Current 1 Previous
Increase or
Monthly Summaries.
%
I
Year.
Year.
Decrease.
%
3
Mileage.
1
S
S
Curr.Yr. Prev.Yr.
1st week Feb (16 roads)-- - 12,813,150 11.8i 9.434,'
$
I
$
$
+993.723 7.56 April
234,955 234.338 416.240.237 432,106.647 -15.866,410 3.87
26 week Feb (15 roads).- 12,194,710
+773.779 6.48 May
234.931 234,0.51 447.29J.150 443.229.399 +4.069.751 0.92
3d week Feb (18 roads)__-_ 12,673.832 11.460.9611
June
235,310 234.568 472.38:1.903 460,007.081 +12.376.822 2.69
4th week Feb (17 roads).-15.774.740 13.509.329 +2.265,411 16.76 July
935,082 234.556 442,736.397 4112,696.986 -19,960,589 4.31
1st week Mar (10 roads) -15,904,378
235,294 235,090 472.242.561 504.154.075 -31.911,054 6.35
26 week Mar (20 roads)....,.. 15,578.825 14.177.334 +1.727,044 12.18 August
14.729.356
+840,469 5.76 September -235.280 235.205 498,702.275496.978.503 +1.723.772 0.33
3d week Mar (15 roads1---- 15,491,516 14,7)9,456
+772.11601
233.872 232,882 545,759,2061532.684.914 +13.074.292 2.45
4th week Mar (16 roads).- _ 22.271,250 20,482,659 +1.788.591 5.25 October
8.73 November -235,748 235,679 523,748,483'466.130.328 +57.618.15512.3
5
1st week Apr (16 roads)_ _ _
18,152.238 15.489.168
26 week Apr (10 roads)_ _ 18.846.507 15.351,981 +2,663,070 17.19 December_ _235,290 236,121 512.433.733 434,698.143 +87.735.59020.66
+3.494.526122.76 January ......235,678 235,827500,816,521 395.000.157 +70.803.47221.°°
• Grand Rapids & Indiana and Pitt. Clin. Chic. & St Louis included in I
enusylvania RR z Lake Erie & Western Included In New York CentraL
Ilreekly Summaries.
-In the table which
fir Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the second week
of April. The table covers 10 roads and shows 22.76%
increase over the same week last year..
Second Week of April.
1923.
I
$
438.071
Buffalo Rochester & Pittsburgh
Canadian National Railways__ _ 4,656.011
3.120.000
Canadian Pacific Ry
1.931.767
Great Northern Railway
330.366
Minneapolis & St Louis RR_ __ _
402.279
Mobile & Ohio
1.803.000
Northern Pacific
1.716.772
St. Louis-San Francisco Ry
547,543
St Louis Southwestern
3.900,698
Southern By System
Total (10 roads)
Net increase (22.76%)
1922.
'
1 Increase. Decrease.
$
$
240.241 I 197.830I
3.280.819 1,375.192
2.719.000 401.000
1,528.075 403.692
47.230
283,136
44,324
357.955
1.504.000 299.000
1,598.546 118,226
98.017
449.526
3.390.683 510,015
$
18,846.507 15,351.981 3.494,526
I
3,494.526
In the following we also complete our summary for the
first week of April.
First Week of April.
1923.
I
1922.
Increase. Decrease.
$
.
$
$
Previously reported (11 roads)-- 15.583.477 13,436.877 2,146.600
98.196
67,834
Arbor
Ann
3,2/3
26.227
29.500
Georgia & Florida Ry
2,012.815 1.633.468 379,347
Great Northern
3,922
143
4.065
California & Oregon___
Nevada
290.478 164.069
454.547
Western Maryland Rallway____
Total (16 roads)
Net increase (17.19%)
18.152.238 15,489,168 2,693.432
12,663,070
$
30,362
30,362
-The table
Net Earnings Monthly to Latest Dates.
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies
reported this week:
-Grossfrom Railway- -Net from Railway- -Na after
1922.
1923.
1923.
1922.
1923.
$
$
$
s
$
Fonda Johnstown & Gloversville
58,315
*59,664
65,080
127.542
145,405
March
157,246 *155,752
171,630
365,388
From Jan 1_ 408,520
Taxes
1922.
$
*52.730
*147,034
Electric Railway and Other Public Utility Net
-The following table gives the returns of
Earnings.
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
-Gross Earnings--Na Earnings_
Current
Previous
Prcaota
Current
Year.
Year.
Year.
Year.
3
Mar 1,776,487 1,313.680 01,498.057 01.090.745
Cities Service Co
12 mos ending Mar 31__15.643,278 12.736.276012.691.239010.136.945
Columbia Gas & El Co--Mar 1.994,281 1.707.947 *1.237.303 *1,035,988
12 mos ending Mar 31_- 6,083.384 5,321.981 *3,805.179 *3,222,245
a83,303
138.669
062,729
Georgia Lt. Pr & Rys_Feb 154,837
282.791 0170.465 0127.025
2 mos ending Feb 28---- 317.512
c2,508
34.845
33,547
c5,143
Helena Lt & Rys Co..__ _Mar
390.987
c48,469
c32,047
12 mos ending Mar 31-- 413,962
c85,403
284,576
Electric Corp___Mar 287,568
c81,940
Manila
12 mos ending Mar 31-- 3.587.564 3.659.574 c613.979 c704,282
Pub Ser Corp of N L __ _Mar 7.021.877 6.503.195 0414.572 0554,161
12 mos ending Mar 31_ _80,036,088 76,113.791 05,470.894 04,529.278
260.476
c79.100
c20,050
Southern Utilities Co---Mar 277.985
12 mos ending Mar 31-- 2,495.514 2.653,097 c352,944 c236,623
Companies.
a Net after taxes. c Balance, surplus.
Net afterFixed
Gross
Earnings.Taxes.*Chares.
g
3
179.969
95.416
564.874
Adirondack Power Mar '23
182.950
88.292
440.956
'22
& Light Corp
12 mos ending Mar 31 '23 6.163.741 1,733.966 1,064.196
'22 4,992.450 1.346.979
961.222
Amer Wat Wks & El Co
812,648
Feb '23 2,760.333 *1.249,710
(incl
& Subs
'22 1,662.766 *767,580
511,822
West Penn Co)
12 mos ending Feb 28 '23 26.579.733+11.660.151 8.025.063
'22 19.731,803 *8,496.056 5,756,993
59.086
126,153
23.653
Bangor By & Elec Feb '23
48,835
120.144
23.868
. '22
Co
757.979
284.369
12 mos ending Feb 28 '23 1,508,187
651.792
283.407
'22 1,426.428
39.880
81.170
9.823
Citizens Trac Co tc Feb '23
31,526
9,877
63,591
'22
Subs
352.968
852,479
118,146
12 mos ending Feb 28 '23
299.664
116.260
759.174
'22
*24.366
b8,200
87.324
Mar '23
City Gas Co of
*31.387
b8.7.50
85.251
'22
Norfolk
*79.033
b25.236
255.340
3 mos ending Mar 31 '23
b27.089
266,350 *104,116
'22
8.522
13.675
52,078
Feb '23
Clem Painesv &
13.107
13.675
49,143
'22
East RR System
16.840
27.350
109,741
2 mos ending Feb 28 '23
25,994
103.214
'22
27.355.
140,836
63.401
310,378
Feb '23
Cumb County Pr
106,973
58.948
269,295
'22
& Lt Co
728.454
12 mos ending Feb 28 '23 3.554,409 1.505.693
703.650
'22 3.324,748 1,263,108
903.440
362.202
Detroit Edison Co Mar 23 2.817.982
664,322
341,785
'22 2.252,849
3 mos ending Mar 31 '23 8.456,401 2.639,249 1.064.631
'22 6.816.732 2,151.846 1,003,887
225.184
117.454
Mar '23 1.006,553
Eastern Mass Si
131,940
891.337
138.643
'22
By
647,693
355,868
3 mos ending Mar 31 '23 2,874.680
649,024
'22 2.630.386
396.484
16.848
43,283
8,545
Eastern Shore Gas Feb '23
14,317
38.945
7,345
& Elec Co & Subs '22
169.431
508,876
98,470
12 mos ending Feb 28 '23
161.831
463.013
81,561
'22
65,886
13,878
134,613
Feb '23
Erie Lighting Co
44,130
15,067
97.121
'22
& Subs
518.663
167.372
12 mos ending Feb 28 '23 1.242,979
401,915
185.911
22 1,001.951
93,279
Feb '23 1.086,417 0609,967
Havana Elec Ry
88.983
'22 1,077.896 0579.452
Pr Co
Lt &
186.564
'23 2,214,251 01,212.027
2 mos ending Feb 28 '22 2,217.945 01,143,440
177.970
455.626
340.889
999,493
Mar '23
Hudson & Man434,010 , 342,950
954.751
'22
batten
2,845,725 1,294,352 1.018,565
3 mos ending Mar 31 '23 2,765,544, ,
1,021.640
22
51.629
10,162
119.260
Huntington Devel Feb 23
43.270
18.973
97.525
AGas Co
228,751
506,038
'23 1,240,197
12 mos ending Feb 28
213,662
425.920
'22 1,053,930
[vol.. 116.
. THE CHRONICLE
1752
Balance,
Surplus.
84.553
94,658
669,770
385.757
437.062
255,758
3.635,088
2,739,063
35.433
24,967
473.610
368,385
30,057
21.649
234,822
183,404
16,166
22.637
53,797
77,027
--5.153
--568
--10,510
--1,361
77,435
48,025
777,239
559,458
541,238
322,537
1,574.618
1,147,959
107,730
-6.703
291,825
252,540
88:397032
0 6
7 :271
809 0
52.008
29.083
33 291
21A:004
516,688
490.469
1,025.463
965,470
114.737
8
95 767
271..0 0
213.719
32.467
24,297
277,287
212,258
Gross
Earnings.
Net after
Taxes.
Interboro Rap Tran Jan' 23 4,940.155 *1.748.493
'22 4.674.392 *1.690.806
Co
Jan '23 1,622.217 *474.603
T Elevated
'22 1.542.974 *340.441
Division
I T Subway Div Jan '23 3.317,939 *1.273.890
'22 3,131.418 *1,350.365
35.988
199.328
Feb '23
Lake Shore Elec
'22
29,790
166.314
Ry System
415.050
78,059
2 mos ending Feb 28 '23
'22
67.896
354.457
843.173 *215.728
Market Street By Mar '23
'22
803.079 *176,255
Co
277.634 *140.908
Nevada-California Feb '23
22
'87,260
194.448
Electric Corp
12 mos ending Feb 28 '23 3.511.651 *2.013,134
'22 3,089.358 *1,681.727
163.678
Feb '23
*42.247
Newport News &
159.242
*49.562
Hamp Ry, G & El '22
*78,539
332,615
2 mos ending Feb 28 '23
'22
330.239 *101.382
N Y Consol RR Co Jan '23 2,067.206 *584,576
'22 1.910.139 *530.492
(Receiver)
*4.205
748.263
New York Railways Jan '23
725,954 *-4.072
'22
Co (Receiver)
37.261
113,034
North Carolina Pub Feb '23
25.427
98.327
'22
Service Co
354.458
12 mos ending Feb 28 '23 1,259.083
321,281
'22 1,156.303
126.871
260.704
Penn Central Lt & Feb '23
97,328
197,165
'22
Power Co
mos enritng Feb 28 '23 2,635.448 1.139.827
12
968.625
'22 2,252,518
27.736
69,128
Mar '23
Phila & Western
.. .
61.891
'22
R Co
79,075
197.738
mos ending Mar 31 '23
3
68.443
178.720
'22
Mar '23 3.903,356 *1.102,791
Phila. Rap Tran
'22 3.611.313 *1.082.343
Co
3 mos ending Mar 31 '23 10.945.444 *3,145,902
'22 10,198.018 *3.071.571
350.716
863,228
Portland By, Lt & Feb '23
308,187
787.122
'22
Power Co
12 mos ending Feb 28 '23 10,266.123 3,873.755
'22 9,871.293 3.641.960
335.960
748,443
Tenn Elec Pow Co Feb '23
Feb 28 '23 5.661.524 2%510.1426
8 mos ending
875.421 *343.562
Mar '23
Ry &
Virginia
'22
713.693 *221,760
Power Co
3 mos ending Mar 31 '23 2,619.640 *1.057,525
'22 2.078.328 *650.386
Feb '23 1.904.861 *706.175
West Penn Co &
'22 1.206.714 *412.120
Subs
2 mos ending Feb 28 '23 18,733.502 *6,639,165
'22 14,109.607 *4,585.786
*3,160
22.020
York Utilities Co Mar '23
*6.716
'22
19.831
*7,421
59,940
3 mos ending Mar 31 '23
57.373
*18.327
'22
I
*Allowing for other income received.
Fixed
Charges.
$
1,608.268
1,832,679
574,715
796.947
1,033,553
1,035.733
35.532
31,630
71,001
69.530
61.554
62,624
84.274
78.102
950.438
892.930
20.656
28.297
41.316
56.705
466.811
445,684
20.253
24.071
14.862
13.996
175.549
167.833
31.386
29.629
362.015
357.717
b15.564
b15,139
645.515
b45.426
830.835
818,389
2.501.727
2.456,740
174,483
179.886
2.120.783
2,125.388
141.953
1,142.216
227,571
219.008
667.746
657.344
437.350
287.579
4.663.537
3,105.117
4,112
7.346
15,625
21,986
Balance.
Surplus.
140.225
-141.873
-100,112
-456.506
240,337
314,632
456
-4.840
-1.634
154,174
113.631
56.634
9.158
1,062.696
788.797
21,591
21.265
37.223
44.677
117.765
84.808
-16.045
--28,143
22,399
11,431
178.909
153.448
95,485
67.699
777.772
610,908
12.172
8.306
33.560
23.017
271.956
263.954
644.175
.
176.233
128.301
1.752,972
1.516.572
194.007
1,368.610
115.991
2.752
389.779
-6.958
268,825
124.541
1,975.628
1,480,669
--952
--630
--8,204
-3.659
b Includes taxes.
FINANCIAL REPORTS.
-An index to annual reports of steam
Financial Reports.
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 he found in the issue of
March 31. The next will appear in that of April 28.
Delaware & Hudson Company.
-Year Ended Dec. 31 1922.)
(93d Annual Report
The remarks of President L. F. Loree, together with a
comparative income account for years 1922 and 1921, are
given on subsequent pages of this issue.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
Federal.
-Corporate- Combined.
1919.
•1920
1921.
1922.
No.tons carr.(rev.fgt.). 17.559,253 23,304,775 27.260,813 23.644.678
No.tons carried 1 mile--2844618.519 3203759.305 4265734.874 3531432.611
S.00835
$.00918
$.01236
8.01084
Av. rev, per ton per.mile
Fgt.rev, per mile rd.op. 333.963.25 $43,584.86 $43,079.58 $33,216.29
loads in tons (rev.
Train
782.80
841.59
752.74
756.367
freight)
4,044,408 4,626,877 5,129,314 5,086.660
No. passengers carried
pass. carried 1 mile_115,901,530 119.696.843 130,971.551 132,884,475
No.
8.0245
$.0288
8.0337
3.0328
Av. amt. per pass. mile_
Pass.rev.per mile of road $4,530.59 $44,802.06
50.96
mile
48.99
Av.No.pass. per tr.
and
•Including two months Federal control, six months guaranty period
four months private operation.
The usual income account was published in V. 116, p. 1640.
GENERAL BALANCE SHEET DECEMBER 31.
1922.
1921.
1922.
$
$
AssetsCapital stock... 42,503,000
wtate
Coal lands & real 7,084,442 6,829,654 Funded debt.- 70,605,200
Inv.inRR.&ecet. 74.357,220 73,623.432 Loans and bills 1,883,034
payable
Imp.on leas.11nes 9,568,023 8,770,868 Traltic, &c., bal. 1,002,678
1,775,741
Sinking funds Audited acc'ts &
wages payable 9,131,469
291,200
. 292,200
oritg in lop
De m tsed.prieu 1,818,735 1,995,762 Miscell. accounts
moc.phys.prop.
256.803
payable
inv.In Mill.cos. 53.354.509 54,333,887 Int., divs., &d.,
e
hr investeta 4,918,247 4,829,546 due & accrued 1,069.611
2,127,208 2,646,807
Cash
801,572
5,000 Other liabilities_
4,000
Dem. loans, As.810,355 Due to U.S.RR.
232.310
Special depositsAdmInistrat'n
426
426
Loans& bills rec.
565,069
1505
:0 5 2 2 3,:47069 Deferred Habit's,
192 9
Traffic & car bal. 982 783 3:784 7294 Tax liability _
212,125
Agents' balances
569,074
Oper. reservesaccts. roc- 3,895,256
Misc.
2,908,703 4,226,153 Accrued depree..
Mat'is & wool_
equipment... 7,074,918
211,891
163,702
Int. & diva. rec.
992,211
90,235 Unaal. credits_.
91,767
Rents receivable
17,51563:753169 Addla to prop'y
13:3589
710 35
otheretur.assets
through inc.&
.
m
Admi0_ .
from U. 8
Due
6,904,201
surplus
Profit and loss 21,330,029
18,065
v
work tuna fa
rns.a;otherad: 879,357
144:4 8
829 168
23,689
Other def. assets 2,107.434 2,613,900
UnadJust. debits
165,744,076
165,744,076 187,787,667 Total
Total
-v.118, p. 1640,934.
1921.
42,503.000
67,894,800
2,793,034
498,442
8,523,969
476,113
1.492,690
576,342
19,994,781
673,527
713,200
584,143
6.325,125
2,659,056
6.893,280
25,186,384
187,787.667
APRIL 211923.]
THE CHRONICLE
Chicago Rock Island & Pacific Railway Co.
(Report for Fiscal Year Ending Dec. 31 1922.)
The remarks of President J. E. Gorman, together with the
comparative balance sheet and income account, will be found
under "Reports and Documents" on a subsequent page of
this issue. The usual comparative tables were published in
V. 116, p. 1405.
GENERAL STATISTICS FOR CALENDAR YEARS.
Revenue Freight Traffic- 1922.
1919.
1921.
1920.
Average miles operated_
8,116
8.055
8,123
8,102
Tons carried
25,939,134 25,924,576 29,867,233 26,605,458
Revenue for tons carried.287.718,340 898,830,547 294,451.558 $77,153,311
Av.rate per ton per mile
1.32 cts.
1.10 cts.
1.20 cts.
1.44 cts.
Aver,load in tons p. mile
402.12
421.42
430.78
400.41
Revenue Pass. Traffic-.
No,of passengers carried 17,662,942 18,772,514 22,475,350 20,932.318
Rev,for pass. carried -127,650.134 $30,584,985 $35,472,937 232.502,435
Aver.rate p. m.per pass. 3.17 cts.
3.20 cts.
2.69 cts.
2.87 cts.
-V. 116, p. 1648, 1405.
Illinois Central Railroad Co.
(73d Annual Report
-For Year Ended Dec.31 1922.)
The report of President C. H. Markham, together with
the general statistics, income, profit and loss account, balance
sheet and other tables, will be found under "Reports and
Documents" on subsequent pages.
GENERAL TRAFFIC STATISTICS FOR YEARS ENDED DEC. 31.
Calendar Years1922.
1921.
y1919.
x1920.
Avge. miles operated
4,784.52
4,793.22
4,799.44
4,799.37
Freight Traffic
Tons freight carried_
47,670,424
38,235,714
40,415,089
49,233,079
Tons fgt. earn. 1 mile.14,151,817,246 11,084,093,960 13,724,232,886 9,994,435,480
a Revenue from fght. $119,849,020 $107,092,091 $106,178,886
575,831,459
Average revenue per
ton per mile
.847 eta.
.966 eta.
.759 eta.
.774 cts.
Rev. pass. carried... _
33,454,751
31,002,734
32,612,358
35,036,448
Rev, pass. care, 1 m_ 815,614,300
946,075,908
810,063,728
982,729,413
a Revenue from pass. $24,255,957
124,730,881
$24,291,154
$27,029,803
Avge. rev, per pass.
per mile
2.974 eta.
3.053 cts.
2.568 eta.
2.750 eta.
a Including bridge tolls and miscellaneous. x Includes combined corporate and
Federal statistics, exclusive of Federal lap-overs subsequent to Feb.29 1920. y Federal control period -V. 116, p. 1649, 1532.
Vicksburg Shreveport & Pacific Railway.
(23d Annual Report
-Year Ended Dec. 31 1922.)
Pres. Larz A. Jones, New Orleans, Mar. 10, wrote in brief:
A settlement has been reached with the U. S. Railroad Administration
covering the use of the property during the period of Federal control. In
addition to settlement of the running accounts, the company received
$318,119. The greater part of this sum represents under-maintenance of
the roadbed.
No settlement has yet been reached covering the guaranty by the Government of the standard return for the six months following the return of the
property to private control.
STATISTICS FOR CALENDAR YEARS.
1922.
1921.
1919.
1920.
No.of passengers carried
703.281
851.211
937,696
695,107
No. of pass. carried 1 m- 31,438.184 31,792,817 40,734,053 34,102.321
Avge. rev, per passenger
$1.17
21.58
$1.56
21.27
Avg.rev, per pass, per in. 3.54 cts.
2.85 eta.
2.93 cts.
3.40 cts.
Total No. of tons carried 1,373,532 1,644,397
1,431,044
1,843,264
Total number of tons carried one mile
125,100,490 162,842,160 184,245.161 142,502.213
Average revenue per ton
$1.69
21.72
$1.45
$1.70
Avge.rev, per ton per in. 1.86 eta.
1.46 cts.
1.70 cts.
1.74 cts.
1753
Alabama & Vicksburg Railway.
(34th Annual Report
-Year Ended Dec. 31 1922.)
Pres. Larz A. Jones, Jackson, Miss., wrote in brief:
Thp settlement effected with the V. S. Railroad Administration covering
the period of Federal control resulted in payment to the company of the
running amounts, and in addition payments aggregating 2394,890. The
greater part of this amount represents under-maintenance.
No settlement has yet been reached for the guaranty period.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1922.
1920.
1921.
1919.
No. of passengers carried
452.733
428.241
642,811
612,856
No. pass. carried 1 mile_ 19,805.587 20.410,480 28,626,222 26,639,632
Avge. revenue per pass__
$1.38
21.61
$1.63
21.26
Av.rev, per pass. per m_
3.09 cts.
2.91 cts.
3.53 cts.
3.56 cts.
Total No. tons carried__ 1,400,025
1,540 688 1.711.922 1.408.575
Total tons carried 1 mile.129.868,039 155,338.503 173.704.150 134,919.702
Avge. earnings per ton__
$1.53
21.44
$1.60
$1.29
Av. earn. per'ton per m_
1.43 cts.
1.58 eta.
1.36 cts.
1.65 cts.
INCOME ACCOUNT FOR CALENDAR YEARS.
Corporate
Federal.
Combined.
1920.1922.
1919.
Miles of road operated.141
i41
141
141
Revenuefrom Operation
Passenger
2774.485
2884.179
$727.608
$699,737
Freight
1,828,832
2,472.850 2.459.319 2.148.854
Mail. express, &c
191,239
288,574
210.217
215,044
Total railway op. rev_ 22.794,556 23,645.603 $3,397 144 23 063.635
Oper.Expenses & TaxesMaint. of way & struc__ 2505.792
2582,164
$716,365
2584,742
Maint, of equipment....
592.749
760.470
670.756
604,115
Traffic
27,063
83.384
99,710
97,825
Transportation_ _ _
1,611,011
1 117.258
1,415.613
1.153.686
Miscellaneous operations
25,033
35,507
26,F32
22.833
General
107.761
138.261
141,003
140,992
Transp'n for investment
Cr.241
Cr.17
Taxes
136,817
153,727
x229 676
3235,470
Total
$2,512,473 23,498.730 $3.165.213 22.839.488
Railway operating income
2231.931
8224.147
Non-operating income
151,756
194.456
Gross income
2383.686
2418.603
Interest. rents. &c
197.845
183.184
Dividends paid (7%)
147.000
147.000
Balance. surplus
238.842
288.418
2 Includes uncollectible revenues of $884 in 1922 and $224 in 1921.
BALANCE SHEET DECEMBER 31.
1922.
1921.
1922.
1921.
Assets
Investment in road
Common stock._ 2,100,000
and equipment_ 6,816,372 6,501,175 6% 5-yr.gold notes 1.936,900 2,100,000
1,936,900
Misc. phi's. prop..
764
764 Equip, trust notes.
34,470
80,430
Inv.in affil'd CO3.. 195.800
195,800 TraftD,&c.,bal.pay. 151,392
136,610
investments. 253,120
Other
237,120 Aud.accts.,&c.,Pav. 309,587
289,129
Cash
809,524
775,502 Misc. accts. pay..
5.983
12,102
Time depositc__20,000
20,000 Int. mater, unpaid
70
83
Special deposits...
270
4,683 Divs. mat'd unp'd.
1,085
6,916
Traffic, &c., bal..
84,691
103,904 Fund.dt.mat.unp'd
200
4,600
Net balance receiv.
Unseat, int. accr'd
29,054
29,054
from agents__ _ _
95,436
89,499 Unmat.rents seer_
320
322
Misc.accts. reedy. 120,656
164,712 Other cur. habil_ _
81,899
103,814
Material & supplies 227,588
313,871 U.S. RR. A tmln.
2,632,893
Interest receivable
1,148
1,721 Other oef'd
4.805
6,585
Other curr't assets. 100,354
95.886 Tax liability
77,476
70.720
U.S. RR. Admin.
2,484,794 Operating reserves
48,048
91,075
U.S. Government. 215,443
215.443 Acer. depr.,equip_ 546,637
5.56,317
Other def'd assets_
459 •
356 Other unadj. crod_
97,232
162,648
Insurance premium
Add'ns to property
prepaid
3,559
3,930 thro.Inc.& Burp.
91,246
330.230
Disc.on fund. debt
7.333
7,593 Fund, debt retired
Other unadj.debits
81,821
138,112 through surplus.. 350,035
59,985
Profit & loss bal 8,167,850 2,744,452
Total
9,034.338 11,354,865 Total
9,034,338 11,354.865
-V. 115, p. 540.
Wabash Railway Co.
INCOME ACCOUNT FOR CALENDAR YEARS.
(Seventh Annual Report Year Ended Dec.31 1922.)
Federal.
Combined. -Corporate
1919.
1922.
1920.
1921.
President J. E. Taussig reports in substance:
Miles of road operated__
171.5
171.5
171.5
171.5
Stock.
-During the year $2,359,600 5% Convertible
Revenue from Operation
stock B
was surrendered and exchanged for $1,179,800 5% ProfitPreferredPreferred
Passenger
$998.789 $1,193,489 21,081,475 $1,112,717
Sharing
Freight
2,075.838 3,135,399 2.833.058 2.326,927 stock A and $1,179,800 Common stock. The total amount of 5% Convertible Preferred stock B surrendered and exchanged since Aug.
Mail. express, &c
248.702
278,326 Li $40,156,400
353,522
1 1918.
237,019
for which $20,078,200 5% Profit Sharing Preferred stock A
Total °per.revenues__ $3,323,329 $4,682,410 $4,151.552 $3,717,970 and 220.078,200 of Common stock was issued.
Funded Debt.
Operating Expenses-The funded debt was increased during the year 24,688.800
by the issue and
Nfaint. of way and struc_ $542,331
$907,644
$631,902 Equipment Trust retirement of the following obligations: (1) 24,245,000
$704,477
Maint. of equipment__ _
722.051
945,344
655,579 2826). (2) Note Certificates issued 24,245,000 (see offering in V. 114,10.
734.117
2
Traffic..
54,681
98,045
118,101 for additions and given to the Director-General of Railroads, $1,500.000
119.490
Transportation
betterments made to the property during the Federal
1,223,695
1,897,482
1,421.490 control, dated
1,542.419
Miscellaneous operations
Aug. 1 1922. maturing March 1 1930, with interest at the
32,571 .
44,521
32,466
27,978 rate of
General
per
118.091
154,496
161,567 056.0006%the annum. total 25,745,000. There was a reduction of $1.164,546
Transp'n for investment.
in
funded debt due to the retirement of (a) $1,007,200 EquipCr.3(i
Cr.354
Cr.259
Taxes
149,127
177.598
x233,094 ment Trust of 1920, and (5) 249,000 Detroit & Chicago Extension bonds.
x211.928
Road & Equipment.
-Road and equipment expenditures made during the
Total
22,842.511 21,225,130 $3,509,184 $3,249,354 year aggregating 21.487,087 as follows: Road, $708.259. Equipment.
steam locomotives. $8,503; freight train cans, 2807,836; work
equipment.
Railway operating income
2468,616 231,672.
2642,369
Federal
Non-operating income
-The valuation by the I.
-S. C. Commission has
92.917
87,702 progressed Valuation.
during the year. The appraisal of the land was completed
Gross income
$735.286
$556,318 and progress has been made in comparing the inventoried quantities as
Interest, rents, &c
417,323
333.778 assembled by the Government and the company's engineers. Further data
Preferred dividends
(23%)53,570(5%)107,140 Is being collected and assembled for the purpose of checking the reports
made by the Commission, as well as its tentative valuation when
they
Balance, surplus
$264,393
8115.400 are served upon the company.
Operating Revenues.
--Operating revenues for 1922 show a decrease of
x Includes uncollectible railway revenues amounting to $1,775 in 1922 and $1.555.195 as compared with 1921. The strikes of the coal miners and of
the railway shop crafts seriou.sly affected revenues
$644 in 1921.
a reduction of approximately $2.700.000. The during the year causing
BALANCE SHEET DECEMBER 31.
decision of the I.-8. C.
Commission in the Western Hay &
Case reduced the rates on the
1922.
1921.
1922.
1921.
lines West effective Jan. 1 1922, Gra,n Rateand its
products 13%,ether
LiahilUiesAssets$
$
grain 22%. and the 10% reductionon wheat
on products of the farm made effective
Common stock-. 2,856,500 2,855,500 Jan. 1 1922. where
Investment in road
and equipment_ 9,909,70S 9,753,362 Preferred stock.-- 2,142,800 2,142,800 been made, caused areductions equal to that amount had not previously
Misc. phys. prop__
10.837 Prior lien bonds-- 1,323.000 1,323,000 The 10% reduction loss in revenues of about $1,225,000 during the year.
37,903
July
Inv. In MM.co's__ 175,800
175,800 Gen. mtge. bonds. 1,922,000 1.922,000 prior thereto resulted in 1 on all commodities that had not been reduced
Equipment trusts.
U. S. securities__ _ 140,000
31,072
129,•579 for the last six months ofa loss in revenues of approximately 21.500,000
the year. Other
90,000 Traffic, &e., bal.- 126,339
Other investments.
110,345 were made on Pacific Coast traffic due to reductions and readjustments
water competition.
425,360 Audited accts, and
Cash
575,830
Operating
-Operating expenses decreased $2,464,872 or 5.13%
3,255 wages payable._ 273.044. 343,658 as comparedExpenses.
2,430
.
Special deposits__
with 1921. The ratio of expenses to revenues was 83.31%.
122,507 Misc. accts. payde
92,918
Traffic, &e., bat
52,575
48,970 compared with 85.29% for 1921,
a decrease in
Int. matur. unpaid
Net bal, receivable
2,430
3,255
Taxes.-Tates for 1922 were $2,262,675 as the per cent of 1.98.
compared with 21,860.487
62,013 Divs, mat. unpaid
from agents__ _
20 for 1921, an Increase of $402,188.
. 86,030
Approx,mately $234,000 18 due to
160,027 Unmat'd int. accr.
Misc. accts. receiv. 125,844
27,054
27,081 increase in tax rates assessed by the
various States for road and school Pur469,806 Other eurr. Habil__
13,168
Material & supplies 378,712
17,412 poses and 530.000 to Increase in
U. S. Income taxes. The remaining In27,322
26,306 U.S. RR. Admits_
Other curr. assets.
2,353,243 crease Is due to adjustment of
51
164 Other def'd habil__
Working fund adv.
4,723
17,624
Settlement faith Government. taxes for the years 1920 and 1921.
2,334,620 Tax liability
U. S. RR. Admin.
198,951
188,327 with the Director-General of-Final settlement was made on April 21,
Railroads for the period of Federal control,
259,010 Operating reserves 158.231
U.S. Government. 259,010
168,516 Jan. 1 1918 to Feb. 28
Other def'd assets487 Acer. dem.,equip_ 462,576
485,813 the terms of settlement 1920, and was approved by tne directors. Under
the company received $1,500,000 in cash in addiOther unadj. cred_
Insurance premium
61,232 tion to the amounts received during previous
58,053
years as advance payments.
5,087 Add'ns to property
4,718
prepald
There was included
48,648
51,376 thro.inc.& surp. 139.599
Disc. on fund. debt
127,825 against the companyin this settlement all claims of the Director-General
for additions and betterments made to the property
Other unadj. debits
97,562
131,658 Profit & loss, bal.. 2,170,370 1,745,477 during the period of control. The excess of
the company's current accounts
payable over current assets on Jan.
Total
11,962,486 14,081,677 Total
11,962,486 14,081,677 paid by the Director-General and all 1 1918, aggregating $4,299,587 was
other transactions chargeable to the
-V. 115, p. 755.
company.
THE CHRONICLE
1754
Guaranty Period.-8618,288 was received on Aug.2in final settlementwith
the U. S. Government on account of guaranty of net earnings for operation
of the property during the guaranty period March 1 to August 31 1920.
Contracts.
-There was entered into -between the company and the Illinois
Terminal RR. contract dated Dec. 1 1921. covering the right of perpetual
Joint use of tracks and facilities of the respective companies between Edwardsville Junction and Alton. Ill.
Contract was entered Into between the American Car & Foundry Co.
and Wabasn By., dated May 10 1922, covering inirchase of 25 steel passenger train cars. The total cost of these cars is $657.089 of which 3300,000
Is to no paid In cash and 3357.089 in 10 equal semi-annual installments
of $35,709, payable on March 1 and Sept. 1, in each year, with interest
at the rate of 5% per annum, first payment due March 1 1923, and last
eat Sept. 1 1927. The delivery of these cars will be made early in
GENERAL STATISTICS FOR CALENDAR YEARS.
1921.
1920.
1919.
1922.
Freight carried (tons)___ 18,018,193 17.164,855 19,424.055 17,012.594
4.231,885
4.879,703
4.279,618
(OH) 4,226,468
(carr.1in.
Frt.(tons
8.011748
3.009484
3.008754
3.01171
Aver.rev. per ton per m_
4,324.282
3.703.376
5.283.952
5,193,765
Passengers carried
Pass.carried one mile-269,829,629 294,215,733 371,436,704 370,888.498
$.03368
3.03375
$.03020
3.02735
Rev. per pass. per mile-INCOME ACCOUNT YEARS ENDED DEC. 31.
Corporate- -Combined
x1921.
1920.
1919.
1922.
2,472.96
2,472.96
2.472.96
2,472.96
Aver, mileage operated_
343.911.074 345.688,528 343.324,699 135.255,547
Freight revenue
9.931,246 11,218.051 10,143,356
9.087,804
Passenger
1,146.484
1,853.988
905,714
689.502
Mall
541,160
1,697,769
1,493.995
1,376,960
Express
1.910.274
1,887,774
2,263,819
1,381,719
Miscellaneous
Total oper.revenues_ _357,662,496 $59,217,692 $59,982,282 $48,847,085
Expenses/8,270.927 39,210.291 $10,541,360 $8,086,880
Maint.of way & struct
12,282,949 11,843,729 14,735,801
9,358,676
Maint. of equipment
1,341,678
1,169.383
1,378.262
657,109
TraMc
24.086,905 25.726.606 30,023,953 24,610.615
Transportation
376.110
297,998
389.083
276.179
Miscellaneous operations
2.007,754
1,724,256
1,999,814
1,597,569
General
Total oper.expenses_ _548,041,297 350.506.169 358.859,395 $44.587,029
9,621,199 8.711.523
1,122.886 4,260,056
Net rev. from ry. oper
1,860.487 1,574.472
2,262.675
1.445,726
Tax accruals
4,232
24,871
3,354
9,176
Uncollectibles
Operating income-- 87,334.653 36,846,804 def$454,940 $2,805,153
335,759
360,136
300.837
348.286
Other income
1,483,564
562.454
1,165.159
380,422
Non-operating income
18,835.571 18.690.504
Gross income
1,349,405
1.673.894
Hire of freight cars
1,753,139
1,677,026
Joint facility rents
285.765
250,462
Rent for leased roads_
3,629,804
Interest on funded debt_ 3,689.392
241.057
212,071
Rent of equipment
149,974
122.338
Miscellaneous
Total deductions
Balance
5408,351 $3,533,861
1,701,263
676.676
1,769,700
1,813,593
232,788
214,322
3,660,796
3,081,653
192,604
169,917
221,022
126.658
$7,625,183 57.409,144 $7,778,177 $6,082,812
1,281,361 df 7,369,826df 2,548,951
1,210,388
x Includes unaudited guaranty perioditems aggregating $509,018 In
accordance with order of .-S. C. ommlssion datedDec. 1 1921.
GENERAL BALANCE SHEET DECEMBER 31.
1922.
1921.
1921.
1922.
Assets3
$
S
Capital stock_ --138,492,967 138,492,967
Invest.In road &
equipment_ _ _224,310,884 222,823,797 Funded debt-- 78.872,759 74,183,959
54,671 Traffic,,Stc.,
Sink. fund Inv1,578
payable
1,690,628 1,566,686
Inv. in misc.
phys. prop_ _ _ 1,998,406 2,024,434 Accts. At wages
payable
5,454,197 6,097,737
Inv.in sail.cos_ 3,303,473 2,920,006
486,199
Other Invest_ _ _ _ 1,527,259 1,982,038 Misc.accts. pay.
517,708
237,108
3,827,609 3,265,896 Int. mat. unpaid
231,927
Cash
1,290
900 Fund. debt mat.
Special deposits_
unpaid
1,200
66,850
Loansat blIts rec _ 2.849,125
3,200
980,714 1,203,005 Unmatured int_ 1,025,912
933,872
Traffic bids. rec_
Unmatured rents
184,028
175,272
Net bal, due fr.
721,872
635,983 0th.curr. nab_
447.147
agts.& cond.._
352,317
Misc,accts. rec. 2,475,855 2,132,584 Due to U.S. RR.
admin
Matl.& supp__- 3,925,327 5.150,410
21,318,053
70,614
60,466 Adv. by U. S.
Int.& div. ree_ Government,
18,530
18,100
Rents receivable
a6,577,000
231,179 Other def. liab_ 32,039
307.209
0th. curr. assets
48,186
Unadj. credits_ - 8,377,972 7,666,442
Due fr. U. S.
6,757,721 Addlis to prop78,823
RR. Admln_
53,779
debt ret__
Fund,
342,210
Due fr.U.S.Gov.
342,210
a9,309,008 Profit Si loss bal. 16,988,699 13,847,886
acct.guar.per.
Due from U. S.
11,410,999
RR. Admin_
56,163
165,004
Work,fund adv.
5,580
5,824
Ins.& oth.funds
1,872
3,397
Other def. assets
IInadj. debits__ 6,219,441 2,238,013
Total
252,711,887 272,349,202
252,711,887 272,349,202
a Due from U. S. Govt. Acc't Guaranty Period, $9,309,008; less amt.
advanced by U. S. Govt., $6,577,000; balance due. 32,732,008.-v.
115, 1I• 761.
Brooklyn Rapid Transit Company.
Total
P
(Report of Receiver on Properties and Their Earning * ower.)
Lindley M. Garrison, Receiver, in a report to Albert H.
Wiggin, Chairman of the stockholders' committee regarding
results accomplished during the receivership, and the
improvements shown in the earnings of the properties, says
in substance:
-At the time of the sale by the comIssuance of Receiver's Certificates.
-Year 5% notes in 1912, it was estimated that their proceeds
pany of its 6
would be sufficient to meet all the company's obligations for construction,
reconstruction and equipment under Contract No. 4. However, these
funds proved inadequate, and before the time of my appointment the
company's funds and credit bad become exhausted. Funds were also
known to be imperatively needed at that time to complete the Williamsburg
power house annex, which was being constructed in order to provide the
additional power facilities required by the putting into service of the
additional rapid transit lines as they were completed under Contract No. 4.
Immediately after my appointment as receiver, as a result of a survey,
would be required for this purI t was estimated that at least 318,000.000 me
to obtain the needed funds
pose and thereupon the court authorized
by the sale of receiver's certificates to the amount above mentioned.
With the funds thus raised, together with additional funds derived from
earnings of the properties operated by New York Consolidated RR., and
from the realization upon company assets, I was enabled as receiver to
continue to carry towards completion the company's obligations under
its contract with the city. Since then I have been able to pay or repurchase $6,000,000 of such certificates so that there are now outstanding
1
only $12,000.000 (extended to Aug.on1923). Transit Lines and
Rapid
Additional
Expenditures During Receivership
-During the receivership there has been expended by
power Facilities.
receiver of Brooklyn Rapid Transit Co., New York Municipal
me to date as
RR.,$25,860.160 in connection
Railway Corp. and New York Consolidated city and
of the
company
with the construction and equipping has been expended by owned rapid
transit lines. In addition 33.765.375 the completim of the me as receiver
Williamsburg
of Brooklyn Rapid Transit Co. for
of equipment therein and incidental
power station annex, the installation
the power house facilities
in connection with the enlargement of
work
of the system.
FoL. 116.
-contract
Rapid Transit Lines Placed in Operation During Receivership.
No. 4 provides for a rapid transit system of approximately 300 miles of
single track, of which 136 miles will be owned by the city and 164 miles
by the company. Prior to Dec. 31 1918, approximately 228 miles of
track had been placed in operation, of which 157 miles were company
owned. During the receivership approximately 35 miles of track have
been completed by the city and the company, and equipped and placed
in operation by the company. Of the 37 miles of track still to be placed
in operation, 18 miles consist of trackage rights on the Corona and Astoria
extensions in Queens of the Interborough Rapid Transit Co. Operation
over this trackage has been delayed for the reason that the space between
the rails and station platforms on these extensions, as built by the city.
was not of sufficient width to accommodate the subway type of cars
operated by New York Consolidated RR. Through the Joint efforts
of the Transit Commission, the Board of Estimate and Apportionment of
the City of New York and myself, provision has been made for the temporary operation of the elevated type of cars of New York Consolidated
RR. Co. over the Corona and Astoria lines. This temporary operation
is expected to begin about April 1923.
-In addition to the permanent
Lines Still to be Constructed by the City.
trackage rights on the Corona and Astoria extension in Queens, there
still remains to be placed in operation the 14th Street-Eastern line and the
Nassau St. line. The subway portion of the 14th Street-Eastern line,
extending from 6th Ave. in Manhattan to Meserole St. in Brooklyn,
has been constructed, but the elevated section of this line, extending from
Meserole St. to a connection with the other rapid transit lines of the system
at East New York. has not been started by the city; nor has construction
work on the Nassau St. line been started and plans for this line are only
now being drawn.
In 1922. as receiver. I brought a suit in the U. S. District Court against
the City of New York claiming damages in the amount of approximately
330.000.000 for the delay in the completion of the lines as provided in
Contract No. 4 and specifically for the delay in failure to construct the
-Eastern line and the Nassau St. line and the failure to provide
14th Street
trackage rights on the Corona and Astoria extensions in Queens. The
filed its answer to this suit but as yet the issue has not been brought
city has
to trial.
-As stated above, I have expended
Expansion of Power House Facilities.
1.3,765,374 in the enlargement of the power house facilities of the system.
The B. R. T. Co., prior to receivership, had commenced the construction
of an annex to the Williamsburg power station to provide the additional
power house facilities needed to meet its requirements, but only about
10% of the work had been completed prior to Dec. 31 1918. The completion of the annex to the Williamsburg power station and the installation
of the new electrical equipment required is now practically completed.
Two 35,000 k. w. turbine units have been installed in the annex and the
switch board entirely reconstructed on account of the additional units,
and also because of the proposed change of voltage from 6,600 to 11.000
volts. The annex can readily be arranged to accommodate five 35,000
k. w. units, being three units additional to those now installed. The rated
generator capacity of the Williamsburg power station is now 182,500
k. w. and that of the Central power station is 21,600 k. w. The Ninth
St. power station provides a reserve capacity of approximately 5,000 k. w.
The present peak load of the system is between 125,000 and 135,000 k. w.
The efficiency of the Williamsburg power station, as now equipped, cornpares favorably with the other large power generating stations in Now
York City.
--400 steel subway cars have been placed in
Additional Subway Cars.
service and paid for by me as receiver since Dec. 31 1918. Of these. 100
on order at the beginning of the receivership, but the delivery
cars were
and equipment of these cars for service wss completed after my appointment. Approximately $10,000,000 of receivership funds have been used
the purchase and equipping for service of theme 400 cars
-A type of multiple door control or doorImproved Operating Methods.
operating apparatus which will permit one trainman to operate a train of
three cars which are permanently coupled together to form one articulated
unit has been installed upon approximately 650 subway cars. In addition,
approximately 100 cars have been equipped with a door-operating
mechanism which will permit the adding of any number of single car
units to an articulated unit of three cars. so that train lengths of any
number of cars of multiple door control may be operated. The work
on the balance of the subway cars is now in progress.
A six-car elevated train is now being equipped for the purpose of testing
the
the practicability of this type of multiple door control on of elevated
automatic
line type of car. Work is in progress for 84 installations lines.
These
-you-enter devices at stations on the rapid transit
pay-as
installations reduce the expense of station control and are being made at
locations where it is clearly desirable to install them.
-At the beginning of the receivership of the surface
Surface Lines.
companies on July 14 1919. Brooklyn Heights RR. operated under lease
comprising
all the properties of the Brooklyn City RR.Early in the approximately
receivership it
one-half of the surface mileage in Brooklyn. '
became evident that the receiver could not continue to pay the rental
required under this lease, and on Oct. 19 1919, under instructions from
the court. I surrendered possession of the property of Brooklyn City RR.
to its owners and since that date Brooklyn City RR. has been operating
Its property independently. Under the lease it was provided that Brooklyn
City RR. should pay upon the termination of the lease the actual cost
of certain improvements, additions and betterments to its lines, which,
according to the books of the Brooklyn Rapid Transit System, amounted
to approximately 310.000.000, exclusive of interest and also exclusive
of the.cost of a large number of cars. Pursuant to the order of the court,
I commenced a suit in the U. S. District Court for the Southern District
of New York to enforce this claim against Brooklyn City RR. The
latter company denies its liability, and the suit is still pending. The
surface companies of the Brooklyn Rapid Transit System In receivership
have for the past year been showing a decided improvement in their net
earnings.
Cars Purchased for Surface Lincs.-During the receivership, there have
been purchased an aggregate of 300 'safety and trailer cars for the surface
lines, 200 of the total being safety cars and the remaining 100 trailer cars.
Of this total number, 162 were taken over by Brooklyn City RR. upon
Its severance from the B. R. T. System. The remaining 138 cars were
purchased for the surface companies in receivership at an aggregate cost
The ownership of these 138 cars is disclf approximately 3908.000. receivership companies as follows: Nassau
tributed among the several
Electric RR.. 73 safety cars and 37 trailer cars; Brooklyn, Queens Co. &
Suburban RR., 11 safety cars and 5 trailer cars; Coney Island & Brooklyn
RR.. 8 safety cars and 4 trailer cars.
The purchase of the safety cars was financed by manufacturer's car lease
warrants issued under the usual manufacturer's conditional bill of sale
agreement, the lease warrants maturing in monthly installments over a
period of three years. The lease warrants issued by the receiver of BrookConey Island St Brooklyn RR.
lyn Queens County & Suburban RR. andonly•about $28.000
remains unhave been purchased by the receiver and
hands of the public on the safety car lease warrants issued by
paid in the
the receiver of Nassau Electric RR. The trailer cars purchased for the
Brooklyn Queens County Si Suburban RR. Co. and those purchased for
the Coney Island & Brooklyn RR. Co. have been paid for in full. The
trailer cars for Nassau Electric RR. were financed through the issuance of
receiver's certificates, of which 3165.000 still remain unpaid.
Track and Car Reconstructim-In 1922 I began the work of paving and
during the past
track reconstruction for the surface lines, and of surface track year completed
of the receiverthe reconstruction of approximately 17 miles
ship lines at a cost of approximately $650,000.
Court has also authorized me to reconstruct an aggregate of 150
The
double-truck surface cars into cars of the safety type, so they can be operatod by one man. This work will cost approximately $325.000. but the
saving In operating expenses resulting from the use of these safety cars
Is expected to off-set the cost of reconstruction within a comparatively
short period of time. This reconstruction work has been completed on
the first group of 50 cars and they are now in service. of the receivershid
Increase in Passenger Traffic.-DurIng the period
there has been a substantial increase In the total number of passengers carof 1918. Just prior to
ried annually on the system. In the calendar yearnumber of
the commencement of the receivership, the total
numbers 285,870,08r:ITOT
carried on the rapid transit lines was in round
the surface lines (exclusive of the lines of Brooklyn City RR.)_ was 239.192.000, making an aggregate annual total of 525,062,000. During the
calendar year 1922, the total number of passengers carried on the rapid
transit lines was 460,682,000 and on the surface lines (exclusive of the lines
of Brooklyn City RR.) was 256,431.000, making an aggregate total of 717.113.000. This shows an increase of more than 192,000,000 passsengers
carried on all the receivership lines in 1922. as compared with 1918. Approvimately 175,000,000 of this increase was on the rapid transit ,lines.
APRIL 21 1923.]
THE CHRONICLE
Further substantial increases in the total number of passengers carried
on the rapid transit lines may reasonably be anticipated, in addition to such
increases as may be expected from the growth of the communities served.
It is estimated by the operating officials that the delay in putting into operation the lines still to be constructed by the city under Contract No. 4
results in a loss of not revenue of at least $1.000,000 per year.
Increased Operating Revenue.
-For the fiscal year ended June 30 1918 the
total street railway operating revenues for the B. R. T. system (excluding
Brooklyn City
lines) were approximately $22.500,000, as compared
with approximately $34,500,000 for the fiscal year ended June 30 1922,
RR.
showing an increase in the annual operating revenue during the receivership
period of approximately $12,000,000.
Reduced Operating Ratio.
-In conjunction with the increased revenues of
the receivership properties during the fiscal year ended June 30 1922.
there was also a substantial reduction in operating expenses as compared
with the two years previous. This improvement in operating conditions
is indicated by the operating ratio (percentage of earnings used for operating
expenses). For the year ending June 30 1922 the operating ratiofor the
receivership properties decreased to 63.80% from 85.32 oin 1921 and
78.17% in 1920. In this connection it should be borne in mind, of course,
that the operating ratio for the fiscal year ending June 30 1921 was increased
by the protracted and costly strike in the late summer of 1920. and that a
wage reduction of approximately 10% became effective in Aug. 1921. The
average wage scale now in effect, however, is still approximately
25% in
advance of that prior to the receivership.
A digest of the reorganization plan was given in V. 116, p.
1646.
1755
GENERAL STATISTICS DECEMBER 31.
Electric Properties1921.
1922.
1920.
1919.
Kilowatt hours sold_ _ _ _862,066.092 647,751,497 703,729,856 586,764,531
K. W.installed capacity
387,260
390,390
387,105
301.415
K. W. connected load.._
627.794
711.453
607.201
494.255
Customers
231,114
247.961
213.210
189,508
Population served
1.450.000
1.450,000
1,450,000
1.398,445
Electric Railways
Passengers
93,492,405 95,274.280 112,964.771 112.586,749
Miles of track
308
306
308
409
Number of cars
725
748
776
900
Population served
600,000
600,000
650,000
597.285
Artificial Gas
Sales (1,000 Cu. ft.)
7.271.382
5,849,050
6.617.358
5.957,787
24
-hour capacity(cu.ft.) 24,495,000 23,568.000 22,603.000 22,533.000
Customers
113,332
108.506
112,426
103,537
Mains(miles)3
-in. basis_
1.776
1.762
1.794
1,721
Population served
1,100,000
1.100,000
1.093,914
1,100,000
Natural GasGassold (1.000 Cu. ft.).._ 38,606.628 36.133,082 39,841,693 40,225.008
Oil produced (bbls.)
10,044,648 11,565.993 14,898.228 13,195.036
Wells owned
3,475
1.995
3.807
2.199
Gas mains owned (miles)
4.570
4,548
5,564
5,604
Population served_
1.000,000
1,500.000
981.151
1,650,000
-V. 116, p. 1280,1182.
-
Allis-Chalmers Mfg. Co., Milwaukee, Wis.
COMPTROLLER'S STATEMENT OF GROSS OPERATING REVENUE,
(10th Annual Report
-Year ending Dec. 311922.)
FISCAL YEAR.
The remarks of President Otto H. Falk, together with
[Brooklyn Rapid Transit System. Excluding the Brooklyn City RR.]
1913
$15,934.363 1917
$21,286,512 1920
$30,941,255 income account and comparative balance sheet, as of Dec. 31
1914
17,428,103 1918
22.508,711 1921
30,972,085 1922, will be found on subsequent pages.
1915
18,563.530 1919
24,883,579 1922
34.544,092
1916
19.876,686
INCOME ACCOUNT FOR CALENDAR YEARS.
The foregoing figures exclude Coney Island & Brooklyn RR. prior to
1919.
1922.
1920.
1921.
Jan. 11914, as that company was operated independently and not as a part Sales billed
$20.794,046 524.685.258 $31,516.209 530.224.083
of the B. R. T. system until after that date. The tabulation includes for
Cost (incl. deprec.,&c )_ 16,571,784 19.996.810 24,315.809 22.311,760
the period from 1913 to 1920 certain items previously eliminated as intercompany items in the system statements, which included operations of
Factory profit
$4,222,262 $4,688,448 $7,200,400 $7,912,323
Brooklyn City RR,
Other income
920.375
571.189
487.121
549,659
Estimated Capitalization and Annual Charges After Proposed Readjustments.
Net profit
(Excluding All Charges under Brooklyn City RR. Lease Since Terminated.)
55.142.637 85,238,107 57,687,521 $8,483,512
Selling, publicity, &c.,
Amount.
Annual Charge.
expenses
2.515,798
2,862.639
3,023,272
$46.512,000 Underlying bonds undisturbed or reinstated
$2,117,570 Reserved for Federal 2.634,087
92,697.207 New 6% bonds
5,561,832
taxes & contingencies_
300,000
2,368,000
1.100,000
160.000
Preferred dividends_ _ 1,154 811
1,780 174
1,154.811
$139,209,207 Fixed interest charges
1.143 920
$7,679,402
Rate
(770
23,955,407 New 6% Preferred stock.
(%)
(11%)
t770)
1,085,809 Stocks of N. Y. Consolidated, Nassau, and C. I. & B. held Common dividends_ _(4%)1,030,830(4)1,030,830 (3)773.121
by public if not exchanged.
Balance, surplus_ _ __ _
$22,908
$29,827 $1,647,208 $1,819,540
-V. 116, p. 938, 617.
$164,250,423
766,530 Shares of New Company Common stock without par value.
Atlantic Refining Co. and Subsidiary Companies.
Sinking fund payments at the rate of 2-3% per annum on the maximum
amount of new 6% bonds outstanding are to commence not later than
(Report for Fiscal Year Ending Dec. 31 1922.)
Jan. 1 1927. One year's payment based upon the estimated amount of
new 69' bonds to be issued in reorganization as set forth above
INCOME ACCOUNT FOR CALENDAR YEARS.
would be
$617.981.
1922.
1921.
1919.
1920.
The above estimated capitalization of the new company includes not
only
$
$
$
$
the underlying securities to remain undisturbed or to be reinstated
and the Gross income
116,507,586 104.521.083 169,272,131
new securities to be issued in exchange for the securities to be readjusted Raw materials,operating
under the plan, but also the provision of $5,000,000 for the capital
and general expenses-100,160.711 98.353.128 156.704.987 Figures not
ments of the rapid transit lines, and the provision of additional requireavailable.
capital, neither of which is included in present capitalization of the working Net income from oper'n-$16,346
system.
,875 $6,167.955 $12.567.143
Other income
Earnings for Last Fiscal Year, Ended June 30 1922.
1.080,178
1,474,818
1.209.243
Consolidated earnings of B. R. T. system (excluding Brooklyn
Profits, before Fed.taxes$17.427,053 $7,642,773 $13,776,386 $13,623,669
City RR., but including Brooklyn Queens County & Suburban
Interest on funded debt_
864,495
ER.).for the last fiscal year ended Juno 30 1922, after deduct856.060
Depreciation & depletion 7,860,365
ing all operating expenses, taxes and all fixed charges (other
7,122,437
Inventory adjustment..
2,625,106
than interest on bonds, notes and other debt in hands of pub255.221
Insur. and other reserve_ 1,056,531
lic), and after excluding interest accrued on funds provided
779,432
924.798
Fed.inc.& exc. prof. tax
570.000
for construction and equipment of rapid transit lines not in
2,337.894
4,752.623
operation and interest on the claim against Brooklyn City
Balance, surplus
7.075.662def3,740.261 10.258.473
RR.Co. and on securities in the guaranty fund, amounted to-$11,151.366
8.871.046
Previous surplus
61.427,899 66.190,852 56,324.454 50.126,208
Deducting ono-year's interest on underlying bonds undisturbed
Deficit of subsidiaries..
or reinstated
(x)
(x)
Deb.171.222
(x)
2.117,570
Total surplus
68,503.561 62.450.591 66,411.705 58.997.254
Leaves
59.033.796 Preferred diva.(7r
1.400,350
Deducting one year's interest on new 6% bonds
1,405.600
1.376.851
5.561,832 Common divs.(20 0)- , 1,000,000
1,000,000
1,000,000
1.000,000
Stock div. on com. 900%)45,000,000
Leaves available for sinking fund and dividend purposes
$33,471,964 Fed, tax for prey. year..
Cr.2.155,997
If deduction be made for one year's sinking fund payment, of $617,981, Adj. previous
years
Cr.45,235 Cr.1,382.908
1,672,800
and one year's dividend of 6% on the new Preferred stock.
of $1,437,324.
amounting In the aggregate to $2,055,305, there would remain $1,416,659.
P.& L.surp.. Dec.31.x21,148,447 61.427,899
66,190,852 56.324.454
-V. 116, p. 1273. 1646.
x Deficit of minority interests in 1922
the profit and loss surplus would totalamounted to $171,173 without which
821.319,620, and in 1921 deficit of
Standard Gas & Electric Co.
minority interests amounted to $281,150, and in
of 1918). $826,673, was deducted as deficit of 1919(from previous surplus
(Report for Fiscal Year ending
minority interests.
Dec. 31 1922.)
The remarks of President H. M. Byllesby, together with
the income account, balance sheet and various statistical
tables, will be found on subsequent pages of this issue.
CONSOLIDATED BALANCE SHEET DECEMBER
31.
1922.
1921.
1922.
1921.
AssetsLiabilities$
$
Securities owned._50,403,406 44,798,263 Preferred stock_ _
x15,076,750 12,379,850
Sinking funds..__
174,073
93,951 Common stock_ _y10,600,000 10,600,000
Cash
316,244
367,105 Cony. 6% sinking
Sec.held under confund bonds
5,605,500 6,388,500
tract for re-saleoSte 910,237
277,633 20
-year 6% gold
Notes receivable:
notes
15,000,000 14,594,600
Subsidiary co's_ 1,632,371
260,000 Sec. 7Ji% gold bds 3,133,000 3,475,200
,
Sundry notes..
1,084,669 Cony.7% bds.sec. 2,663,500
Accts. receivable:
7% gold notes, due
•
Subsidiary co's__ 2,198,556 1,952,485
1941
2,072,500
261,800
Sundry debtors__
384,225 Notes payable __
108,988
940,500 1,195,178
Accr. int. & dive_ 350,690
334,065 Accounts payable_
23,647
434,553
Sub. co's special__
a697,931 Accrued int., &e_
465,971
387,402
Office turn.& fixt.
1
1 Divs.acer. pretstk 100,512
82,532
Deterred charges__ 4,692,025 3,965,482 Sub. C08., special_
2697.931
Surplus
5,104,711 3,718,253
BALANCE SHEET DECEMBER 31.
1922.
1921.
1922.
1921.
LiaMlitles-•
$
$
Plant account_x52,873,183
45.247,715 Common stock_ 50,000.000 5.000.000
Inv.in assoc.cos 6.837,796 11,866,238 Preferred stock_
20,000,000 20,000,000
Res've for impt.,
Patauco Bost. Oil
construe.,&o. 4,155,972 4,773.481
Co. 1st M.7s_
28.500
28,500
Cash
1.065,459
959,264 Debentures_ _ _ 15,000,000 15,000,000
.
U.S. Govt. see- 9,324,903 6.227,872 Cap. stk.
of sub.
Accr. Int.'vele_
136,792
cos. not held
Other securities_ 3,388,863
1,578,993
by A.R. Co__
279,200
279.400
Accts.receivable 10,700,706 11,262,765 Accts. payable__ 6,771,652 4,207,573
Notes receivable 1.422,244
785.683 Fed. taxes (est.)
570,000
Mdse. & man__ 28,648,780 26,990,582 Notes payable__
6,122
5,182
Prepaid insur'ca,
Mtge. payable10.000
150.000
Atc
579,740
1,032,169 Accrued items_
576,629
289,259
Other advances,
Insurance, &c_ 5,035,071
4,147,697
&c
534,371
352,609 Profit and loss__ 21,148,447 61,427,899
Appr.surp.,&c_
393.750
391,500
Total
119.668.810 111,077,370
Total
119,668,810 111,077,370
x After deducting $29,917,802 for depreciation
and $2,062,482 for depletion.
-F. 116, p. 724, 1 99.
.
'
Assei3-
Sinclair
Consolidated Oil Corporation.
60,786,592 54,215,801
Total
60,786,592 54,215,801
(Annual Report Year ended Dec. 31 1922.)
a The company held in 1921 8697.931 subsidiary and affiliated
companies'
obligations arising from notes endorsed and notes discounted, per contra.
Chairman H. F. Sinclair writes in substance:
x Not including $1,423,250 stock in treasury.
Results.
-The operations of the corporation through subsidiary comy Inclusive of $141,650 issued for dividend on Preferred stock not yet panies
during 1922, were characterized by greater earnings, increased
claimed by stockholders.
financial strength and stead y expansion
of business and facilities, domestic
Note.
-The company was contingently liable at Dec. 31 1922 as guarantor and foreign
.
of the principal and interest of the 1st M.cony.6% sinking fund gold bonds
Net earnings available for interest
of Shaffer Oil & Ref. Co., of which $9,884,600 par value wore then outwere $30.943,794, compared with
standing and on account of surety bond and notes endorsed guaranteed or 810.785,313 in 1921. This does not include undistributed surplus earnings
of foreign or domestic companies
such as the Sinclair Pipe Line Co., the
discounted for various subsidiary and affiliated companies in the amount Sinclair Crude
Oil Purchasing
of 51,450.000.-V. 116. p. 1660, 1542.
Belgium and other companies Co., distributing companies in France and
is owned by the corporation. 50% or less of the capital stock of which
Net income available for surplus and reserves
Cities Service Co., New York.
in 1922 was $26.507,984.
compared with $5,151,556 in 1921.
(13th Annual Report
Dividends paid on Common shares during 1922 totaled $4,329,094
-Year Ending Dec. 31 1922.)
and on •Preferred shares
$204,382.
Current Assets.
On subsequent pages will be found the remarks of President
-Current assets on Dec. 31 1922 were $70,375,335
Henry L. Doherty, in addition to the 12-year comparative more than eight times the amount of current liabilities.
No Bank Leans.
-All bank loans and commercial paper outstanding
income account of Cities Service Co., the consolidated in- Dec. 31 1921. aggregating 511.075.000, were paid during 1922.
New
come account, including all subsidiary companies for 1922, retired.Finaneing.-Short term 7547 notes aggregating $46.434,600 Were
219,677,600 being converted into Preferred stock, and a
and the consolidated balance sheet, including subsidiary issue of $50,000,000 7% 15-Year bonds was sold. The increase refunding
in funded
debt and purchase money obligations from Dec. 31 1921 to Dec. 31 1922
as of Dec. 31 1922.
was $3,562,382.
Total
1756
THE CHRONICLE
Refineries, dc.
-The capacity of refineries is now being increased, and
additional units of the Isom cracking process (owned by your refining
company) are being installed. Upon the completion of improvements
now under way, the gasoline output will be increased approximately 200%.
Marketing facilities are continuously being extended.
Production.
-Crude oil produced by the subsidiary producing companies within the United States during the year 1922 was 10.305,938
barrels. compared with 8,069,831 barrels in 1921, or a daily average in
1922 of 28,235 barrels, compared with a daily average in 1921 of 22,109
barrels.
Sinclair Pipe Line Co.-Thls company (50% of the stock of which is
owned by corporation and 50% by the Standard 011 Co. of Indiana) is
doubling its main line from the Mid-Continent field to Chicago: is extending
Its main line to the Gulf of Mexico, and is constructing a main line approximately 900 miles long from the Wyoming fields to a connection with
the main line near Kansas City. When these extensions and additions
are completed the total delivery capacity of the Sinclair Pipe Line Co.'s
system will approximate 100,000 barrels daily.
Sinclair Crude Oil Purchasing Co.
-This company (50% of the stock
of which is owned by corporation and 50% by the Standard 011 Co. of
Indiana) purchased during the year 27,903,530 barrels of crude oil and
sold 10,964,542 barrels.
Mammoth Oil Co.
-Corporation purchased 500.500 of Class "A" and
1,500 of Class "B" shares (or slightly more than 25%) of the stock of the
Mammoth Oil Co., and paid therefor 250,000 shares of Common stock
of the Sinclair Consolidated Oil Corp., and has an option on a sufficient
number of additional shares to give it control. The Mammoth Oil Co..,
under a contract with the U. S. Government, is developing the so-called
"Teapot Dome" naval oil reserve In Wyoming. Work already done has
practically defined the structures, and the drilling program for the summer
of 1923 calls for the completion of an additional 100 wells.
-In Moxico, operations have been confined largely
Mexican Operations.
to the heavy oil districts, the production from which is sold as fuel oil
to our customers in Cuba, Central America, and elsewhere. Present
operations in the development of an additional supply of heavy crude
continue with satisfactory results.
Other Foreign Operations.
-Corporation is making progress in its activities
in Portuguese West Africa, in the Far East and in other foreign fields.
Expansion Program May Be Completed During 1923.
-When the Sinclair
company wits organized in 1916, the program adopted by the management
called for a complete petroleum organization, balanced in all departments, and international in scope; including extensive crude oil reserves:
a pipe line system extending from the Great Lakes to the Gulf of Mexico,
connecting the Wyoming field to the markets of the world, drawing from
the country's most important oil fields, and serving refineries in various
large consuming centres; and an extensive system of domestic and foreign
distribution. It Is anticipated that this program will be accomplished
by the end of 1923.
CONSOLIDATED STATEMENT OFINCOME FOR YEARSEND.DEC.31
(Sinclair Consolidated Oil Corp. and Subsidiaries.)
1922.
1921.
1920.
1919.
Gross earnings, excl. of
inter-company sales &
charges for transp'n_3131,016.7453122,529,188$166.648,931 $76,970,958
Purchases. oper. & gen.
exp., maint., insur.,
ordinary taxes. &c_ _ _100,072,951 111,743,875 131.068.516 54,300,060
Net earnings
$30,943,794 $10,785.313 $35,580,415 122,670,898
Daucl-Int. & disc.4,435,809 a5,633,756 a5,192,198 a3,069,662
Income available for surplus and reserves
$26,507,984 $5,151,557 $30,388,217 $19,601,236
Reserve for deprec'n and
depletion, &c
11.746,242 12,038.335 11,829,637 10,010,772
Prof. div.(8% cash)__204.382
21,232
4,812
Common diva in cash_(W4.329,094
do in stock (2%)..
x787,836
758,661
Approp. for rod, of pref.
stock
56,516
4,127
[VOL. 116.
The total connected load of commercial, railroad, railway and other
utilities increased the equivalent of 1,309.200 50
-watt lamps, making a total
connected load for the system at the end of the year 571,288 k. w., or the
equivalent of 11,425,760 50-watt lamps.
New Construction.
-Considerable new construction work was undertaken
during the year, consisting of the installation of an additional 30.000 k. w,
turbo-generator with all auxiliaries in the Delaware station, Phila., the
building and installation of necessary equipment in the new A. C. substations situated at Sixth and Federal streets and 56th and Race streets,
Phila., and general extensions and improvements to transmission and distributing systems, as well as to other incidental equipment.
Tnc management is making provision during the current year for a substantial increase in facilities in order to properly serve all customers. We
are accordingly proceeding with the erection of the second half of the
Delaware Station, including the installation therein of two 30,000 k. w.
turbo-generators with necessary boilers and auxiliaries. (Provision will be
made so that a third unit can be installed.) Construction budget for the
year also provides for additions, extensions and improvements to substations and to toe general transmission and distributing systems and
related incidental equipment.
-The stockholders during the year increased the limit of
New Financing.
Indebtedness from $60,000.000 to $150,000,000. Management issued on
June 1 1922, under tie First Lien and Ref. Mtge., created Dec. 1 1921,
due 1947. There were pledged under this issue $3,750.000
$7,500,000
Philadelphia Electric Co.5% 1st Mtge. Sinking Fund Gold Bonds due 1966
and $5,000,000 Delaware County Electric Co. 8% First Mtge. Demand
BOnds.
To provide a portion of the funds necessary to carry out the 1923 construction program, the holders of Common stock of record May 18 will be
given the right to subscribe at par ($25 on or before June 15 to approximately $10,000.000 of Common stock. The stockholders on April 11 increased the authorized Capital stock from $65,000,000 to $100.000,000 (all
of the increase being Common stock).
As of March 15 1923 there had been converted into Common stock,
265,564 shares of Pref, stock, making the total outstanding Common stock
as of that date, 36.639,100: leaving the total outstanding Pref. stock
38.360,900. There are at the present time 15.644 oolders of Common stock,
9.164 holders of Prof. stock and 16,862 holders of bonds. About 94% of the
Preferred and Common stock is held by residents of Pennsylvania, and
77% by residents of Philadelphia.
CONSOLIDATED INCOME FOR CALENDAR YEARS.
1920.
1922.
1921.
1919.
$23,520,612 $21,445,651 $19,734,234 816,014,257
Operating revenue
Oper. exp., incl. current
maint., taxes and res.
for renewals & replace. 15,477,396 14.182.219 14,668,139 11,035,171
Operating income_ _ _ _ 48,043.217 $7,263,433 $5,066,095 $4,979,082'
287,134
127,538
309,101
264.982
Non-operating income
$8.330,350 47,390,970 $5,375,196 $5,244.064
Gross income
Int. charges and amort'n
3,297,062 2,474,938 2,605.027
of debt disc. and exp..- 3,050,442
... $5,279,908 $4,093,908 $2,900,259 $2,639,038Net income
Approp.for sk.fd.reeve
396,663
254,192
88,333
Insurance fund reserve__
86.696
36,057
725.996
100,837
Cash divs. on Prof. stock 1.143,065
do Com.stock_ _ _(7fi)2,325,759(7)2,100.C86(7)2,099,558(7)1,932.110
$1,327,726
$977,577
$706,927
Surplus for year
$611,530
Total surplus Dec.31
$7.079.591 $5.797.084 $4.919.908 $4,309,757
CONSOLIDATED BALANCE SHEET DECEMBER 31.
(Including Phila. Elec. Co., Delaware Co. Elec. Co., Bala & Merlon Elec.
Co., Cheitham El, Lt., Ht. & Pow. Co., with all inter-co. Items eliminated.]
1921.
1922.
1922
1921.
Liabilities$
$
$
$
AssetsProp'y & plant_109,340,277 102,025,181 Common stock_ 30,095,450 30,000,000
455,653 Prof. 8% stock_ 14,904,550 11,000,000
47,250
Stocks & bonds66,150 Ph.El.Co.lst M.
80,285
do P.E.Co_
16.110
71,110 4% bonds__ _ _ 1,871,700 1,871,700
Other investrn'ts
Surplus
$10,171.750df$7.699.973 $17,795,107 $9,590,464 Int. special ace't
5% bonds__ __ 38,663,300 36,663,300
83,077
5,295,605 2,451,432 1st Lien & Ref
Cash
a Includes Federal taxes.
12,380,400
6s
Acels, &o., rec_ 2,732,894 2,260,662
x In May 1920 there being outstanding 3,757,593 shares of no par value
534s
do
Common stock, there were declared payable in Common stock, four Material 8.supp. 2,552,979 3,145,193 Del. Co. El. 58_ 7,500,000
300,000
,
119,738
86,114
quartniy dividends of 2% each, payable on the Common stock July 15 and Prepaid accounts
Bonds pledged
debt
Oct. 15 1920 and Jan. 15 and April 15 1921 to holders of record at the end Unamort'z exp. 4,184,717 3,189,883 accounts
38,665,000 21,665,000
disc. and
of the preceding quarters, respectively. There are included in 1920 two Deterred charges 1,000,290
12,500,000'
735,407 P. E.6% notes_
of these dividends aggregating 151,732 shares, and in 1921 two of these
70,000
416,506 Steal est. mtges_
500,040
dividends aggregating 157,567 shares, whicn are rated at the arbitrary S.F.amort.sect
Matured int. on
S.F.Del. Co.El.
"stated" or "declared" value of $5 a share used in the balance sheet.
-Ed.
83,692
80,813 funded debt__
Co. 1st M.5%
Notes payable__ 1,175,000 3,340,000.
CONSOLIDATED BALANCE SHEET DEC. 31.
S. F. P. E. Co.
235,088.
288,073
243,775 Consumers' dep.
471,688
1st M.4s & 58
(Sinclair Consolidared Oil Corp. and Stbsidiaries.)
216,457 Ace'ts payable__ 2,810,736 2,880,394
209,232
Trustees deposit
1922.
828,169,
598,576
744,489 Accr. liabilities_
1921.
806,674
Ins.,dre., funds_
Assets270 do taxes_ _ _ _ 1,243,975 1,147,507
$
1,270
Unmat. int., dre
Real eat., oil & gas leases, oil wells & equip., pipe
Reeve for renewBonds Pledged'
lines,steamships & steamship charters, tank cars,
als & replac'ts. 7,883,682 7,482,651
P.E. Co. lat M.
terminals,refineries, distributing stations & fadlS. F.5% bds. a8,750,000 b5,500,000 Other res. misc.
Ities, &c
253,094,583 243,555,676
1,726,583 1,532,267
c12,915,000 d3,665,000 accounts
do
do
Investments in & advances to affiliated cos
48,457,539 30,637,745 Del. Co. El. Co.
520,450,
Deferred credits.
499,210
Specific funds
2,036,307
220,855
332,109'
a15,000,000 12.500,000 Sink.Id.(1st 1%.4)
bonds
Casn in banks and on hand
29,458,558 6.232,640
Approp.surplus.
733 809
.
Accounts and notes receivable, less reserves
11,925,775 28,738,362
Corporate surp_ 7,079,591 5,797,084
Inventories
,382,957 22,244,868
Marketable securities, at cost (incl.. in 1921, Deb.
164,073,307 137.895,720 Total
184,073,307 137,895,720'
Total
bonds of Mexican Seaboard 011 Co.)
3,608,045 8,759,149
Deferred charges to oper. 8c other items in susp
5,265,694 2,034,258
a Pledged with Girard Trust Co., account First Lien & Ref. Mtge. gold
Pledged with Girard Trust Co., account of 2
-year 6% secured
Total
379,229,458 342,423,553 bonds. b
gold Notes. c Deposited with Girard Trust Co. d Undisposed of, in.
1922.
1921.
-V. 116, p. 1659. 1541.
treasury.
Liabilities
Common stock
a204,052,441 193,018,441
-R & V Motor Co. and
Surplus
30.904,178 27,114,190 Root & Van Dervoort Corp.
Preferred 8% Cumulative stock
20,000,000
322.400
Root & Van Dervoort Engineering Co.
Minority stockholders' interest in subsid. cos
,
110.090
Reserve for depreciation, depletion & amortization 60.578,466 49,276,193
(Report for Fiscal Year Ended Dec. 31 1922.)
Reserve for miscellaneous (incl. specific funds)_
1,190.689
In our issue of April 14, p. 1659, we gave a digest of the
15-Yr. 7% 1st L. coll. bonds
50.000,000
5
-Year 731% Cony. Gold notes
45.441,600
letter of President H. A. Holder, in which he outEquip. trust notes & purchase money obligations-- 4.855,073 4,736,952 circular
companies.
Oil & gas certificates
1,114,139 lined the situation of the
Notes payable
EARNINGS YEARS ENDED DECEMBER 31.
6,740,970
Accounts payable
[Root & Van Dervoort Corporation and Subsidiary Companies.]
Accruals and miscellaneous
1,988,239 2,286.908
1921.
1920.
1922.
1919.
Suspended earnings and unadjusted credits
935,496
$1.459,306 $2,760,846 86,156,600 $5,395,416
Net sales
1,345,420 2,728,526 5.377,948 4.647,454
Total
379,229,458 342,423,553 Cost of sales
1:214:722
$32.321
$113.886
a Common stock represented by 4,491,892 shares of no par value.
Gross profit
304.170
237,459
V. 116, p. 525.
Selling & gen. expenses_
loss$123,572 loss$271.849
Philadelphia Electric Co.
Net profit
58.629
72,058
Miscell. earnings
(Report for Fiscal Year Ended Dec. 31 1922.)'
President Joseph B. McCall, April 11, wrote in substance:
$778,652
438.133
$747,962
215,198
8340.519
81,700
$532,764
35.705
def.$64,944 def.$199,791
$422.219
$568,469
Total income
154,112
205.1131
Interest charges
423,756
750,362 J
994,263
176,228
Rates.
-Effective May 11922,company put in effect reductions in various Extraor. chgs. & expense
rates, establishing a saving to customers on an annual basis of more than
$642.812 81.155.268
$572,044sur.$392,241
$1,000,000.
Total deficit
Notwithstanding this reduction in rates, there was an increase in operating
CONDENSED CONSOLIDATED BALANCE SHEET DEC. 31.
revenue over the preceding year, due to a continuance of growth in residen1921.
1922.
1921.
1922.
Assetstial business, and to a substantial increase in commercial lighting, together
Notes
with a decided increase during the last few months of the year in the use Cash in banks and $19,880 $43,176 Accts. pay. & amp- $130,058 $130,812
payable, achand
electrical energy for commercial power purposes.
on
of
Dividends.
-Dividends on Preferred stock increased, due to the payment Notes & accts. rec.. _ 235,297 456,998 crued taxes, &c___ 264,581 376,709
80,000
819,264 1,423,258 Res. for losses, ke
of dividends for the full year 1922 on the $5,000,000 of stock Issued May 2 Inventories secur_
4,532 Bank debt, per agree.
$4,000,000 of stock from Feb. 15 U. S. Govt.
1921 and the payment of dividends on
43,439 with cred'r banks.1,897,269 2,555,892
Prepaid expenses. _ _ 13.024
1922. the date of issue.
2,410,000 2,410,000
2,338.141 3,004,354 Capital stock
Dividends on Common stock increased, due to change in rate from 7% Investments
1,195.377 1,195,453
Special surplus
Property, plant and
to 8% per annum, effective with dividend paid June 15 1922.
1,564,669 902,032
907,010 871,077 General deficit
equipment
-New customers added to the system during the year
Customers, &c.
New
1922 amounted to 45,126, making the total number of customers upon the
14,332,61835,846,835.
14,332,61855,846,835 Total
Total
system Dec. 31 1922, 241,386.
APRIL 21 1923.]
THE CHRONICLE
1757
IThe two remaining unpaid dividends on this stock for the year 1922, as
well as the one which was due Jan. 1 1923, have been declared payable
May 1 to holders of record April 23. This leaves 1 % due April 1 1923
still unpaid. Second pref. dirs. unpaid Dec. 31 1922 amounted to 14%.
or $699,160.1
No Bank Loans.
-Company now has no outstanding bank loans; is in a
comfortable cash position; has receivables of $4,354,812, as against accounts
payable of only $759,455, and its current assets amount to 811,316,666
-the ratio being about 8 to 1.
compared with current liabilities of 51.438,913
Typewriter Models.
-The sale of the portable typewriter has demonstrated
$4,785,327 the public favor
$4,785,327
Total
Total
accorded this sturdy little machine with its full standard
-and steady growth of
keyboard-one of its unique and popular features
x Consisting of (1) Moline Plow Co. 7% debentures (par $1,247,375). the extent and volume in its distribution seems assured.
7% Cum. Pref. stock (par $1.247,275) and 6.236.38 shares of non-par
On Nov. 1 1922 the management brought before the public the new
Common stock, *$2,255,062; (2)R.&V. Motor Co. Common stock, 50,000 Quiet Model No. 12 standard machine with immediate and all expected
shares of $10 each, at cost, *$1,289.200; note receivable due Feb. 28 1923. success.
*$1,134,220; accrued int. on note receivable, *$23.062; (3) R.&V.-Wagner
In spite of complications and as yet far from settled conditions abroad.
Ordnance Co. 125 shares of stock of $100 each, $12,500; (4) Marquette
foreign saes areeshep g growth and contributed a substantial
ed
sales
rowl .
Improvement Association 50 shares of stock of $100 each. $5,000; (5) East Pwrmoppoarntrons ot enet
the
Moline Land Co. equity in houses, $950.
y Notes payable maturing Feb. 28 1923 secured by investments and other
The usual income account was published in V.116, p.1190.
assets (marked * above), and also by 10,000 shares Series A 8% Cum.Pref.
stock of R.&V. Motor Co. (owned by Root & Van Dervoort Corp.).
BALANCE SHEET DECEMBER 31.
z Held for the account of the R.&V. Corp. in terms of contract dated
june 16 1919 with that company.
1921.
1922.
1922.
1921.
a Subject to accrued divs. on Pref. stock since March 1 1921.
$
$
AssetsLiabilities$
$
Real estate. buildCO.).
1st pref. stock_c__ 5,209,400 5,209,400
BALANCE SHEET AS AT DEC. 31 1922 (R. & V. MOTOR
ings, &c
53,856,836 4.166,814 20 pref. stock_c__ 4,994,000 4,994,000
[After giving effect to sales of certain assets to Yellow Sleeve-V.E.W.. Inc.]
Good-will, patents,
Common stock_c_ 9,996,000 9,996,000
Assets
Liabilities
&c
14.181,383 14,181.383 First mtge. bonds_ 1,403,500 1.487,500
Cash
$369,880 Notes pay. & mdse. accept__ _ $130,058 Inventories
1,650.000
5,594,869 6,766,555 Notes payable_ _
197,731 Accounts receivqe,
Customers' accts. de accts. rec
186,906 Accounts payable, &c
689,615
759,455
Accounts payable_
Sundry trade accounts, &c__ _
10,945 R.& V.Eng. Co.,note due Feb.
44,625
less reserves.._ _ 4,354,813 3.720,227 Interest accrued__
42,2,65
Advances
216,220
28 '23 & accr. int. thereon...1,157,283 Cash
61,366,985 1,531,270 Prov. for U.S.and
1,230,000 Prepaid charges...
Inventories
606,420 8% preferred stock
669,221
taxes_ _ _ 637,203
50,828
foreign
121,279
500,C00 Insurance fund... 370,925
Prepaid premiums, &e
13,024 Common stock
268,178 Sundry reserves_ .._ 2,096,953 2,171.893
1,276,844
Property, plant & equipment
534,832 Deficit
4,702,371 3,843,451
Surplus
BALANCE SHEET DEC. 31 1922 (R. & V. ENGINEERING CO.)
Liabilities
Assets
Notes & accts. rec., less res've_ $6,522 Accts. payable & accrued exp__ $70,727
32,528 Bank debt secur. by collateraL1,897,270
Inter-co. current accounts
z Net avails of Govt.contracts 176,301
Inventories of gas engines and
1,180,000
229 8% preferred stock
machinery for resale
1 137,300
Hotel property in E. Moline,III. 26.051 Common stock
273,726
a Surplus
x Invest. di other assets(Pledged
4 719,996
in whole or in part)
$1,938,229
Total
$1,938,229
Total
The conversion of the fixed assets and inventories involved in this sale
Into cash and accounts receivable, together with the addition to the surplus
deficit of the difference between book figures and inventories converted
into cash and accounts receivable, result in the above balance sheet for the
R.&V. Motor Co.
-V. 116, p. 1659.
Twin City Rapid Transit Co. and Subsidiaries.
-Year ended Dec. 31 1922.)
(Annual Report
President Horace Lowry Jan. 23 wrote in substance:
Total
29,776.637 30.755,708
Total
29,776,637 30,755,706
a After deducting in 1922 $2.545,908 reserve for depreciation. b Includes
cash on hand in banks in United States and in foreign countries at current
rates of exchange. c After deducting $7,600 1st Prof.. $1.006.000 2d Prof.
and $4.000 Common stocks held in treasury.
-V. 116,9. 1190.
General_ Baking Company.
(Annual Report
-Year ending Dec. 30 1922.)
President William Deininger, N.Y.,Feb. 15, wrote in brief:
Results.
-Net profits after depreciation, bond interest and income taxes
During the year proceedings were commenced in the District Court of amounted to $4,701,422. This with the surplus at Dec. 31 1921 made a
Hennepin County, Minn., attacking the validity of the law passed by the total of 87,714,537. Dividends amounting to $5,983,750 have been paid
Minnesota Legislature in 1921 putting the rate-making power and authority as follows: (1) General Baking Co. Pref. stock ($8 per share). $703,796;
to approve the issuance of securities of street railway companies under the (2) Kolb Bakery Co. 7% Pref. stock, $13,989; (3) General Baking Co.
jurisdiction of the Railroad and Warehouse Commission of Minnesota. Common stock ($8 per share). $1,108,624. General Baking Co. stock
The Court held this law constitutional.
dividend on Common Dec. 28 1922 of 2 additional shares for each one share
During the year engineers employed by the cities of Minneapolis and St. outstanding (or 277.156 shares). $4,157,340; leaving undistributed surplus
Paul have been engaged in the work of completing the valuation of the'prop- at Dec. 30 1922 of $1,730.787.
erties of your subsidiary companies for presentation to the Railroad and
Expenditures and Acquisitions.
-The sum of 81,050,042 was expended
Warehouse Commission, but at this date have not completed their work.
during year for additions to plants and charged to the property accounts.
The subsidiary companies have completed the valuation of the property This stun includes the cost of the acquisition of a bakery in Syracuse, N.Y.,
and have for some time been ready to submit their case to the Commission and the expenditure for the erection of a new bakery in N. Y. City (comas soon as a date for a hearing shall be fixed. The determination of the fair pleted since the end of the year and now in operation). Arrangements have
value of the properties as operating systems is offirst importance to both the been concluded for the purchase of the property and business of Dexter's
public and the companies, and it is hoped that this may be finally deter- Bakeries in Springfield, Mass., and Waterbury. Conn.. the cost of which
mined at an early date.
will be reflected in the accounts of the current year.
Pending such determination, the officers of the subsidiary companies
Reserres.-The sum of $571,050 was charged off against the profits for
have explained to the cities of St. Paul and Minneapolis the impossibility the year for depreciation of the plants and equipment. Total reserves for
of spending for extensions, betterments and renewals any sum in excess of th preciation .
dee earnings amount to $3,138,533, all of which have been created out of
the amount charged to operation for depreciation reserve.
It has been made clear to the authorities of the two cities that the officers
Merger of Kolb Bakery Co.
-The merger of Kolb Bakery Co. was effected
of the subsidiary companies are trying to accomplish as much as possible during the year for which purpose $1.758,000 of its Pref. stock was exwith the funds available from this source, but that such funds so used to changed for 17,580 shares of the Prof. stock of General Baking Co. and the
pay for capital additions to the property must be repaid to the depreciation remaining $242,000 of Kolb Bakery Co.Pref.stock was redeemed in cash.
reserve when the Commission shall have finally fixed the value of the propListed.
-Both the Preferred and Common stocks have been listed on the
erties and authorized the financing necessary to refund outstanding mort- N. Y. Stock Exchange (V. 115, P. 2800)•
gage bonds and provide for additional capital expenditures and future betterments.
The usual comparative income account was given in
INCOME STATEMENT FOR CALENDAR YEARS.
1919.
1920.
1922.
1921.
Rev, passengers carried_226,543.924 227.727.748 238,388.782 222,186,823
Rev,from transporta'n_$13.659,955 $13,734,117 $12,879,281 $11,351,739
90.705
Other revenue
107,125
112,693
131,464
Total oper. revenue_ _813,772.647 $13,865.582 $12,986.406 $11,442,444
Way and structures_ __ _ $1,303,587 81,389,612 $1,234,266 $1,102,568
1,245,070
Equipment
1,475,075
1,240.967
1,495,920
Power
1,175,293
1.446,542
1,185.182
1,395.174
Conducting transporta'n 4,558,838
3.788.711
4,652,777
5,330,539
Traffic
62,450
30.362
43,560
41,851
General & miscellaneous 1.334,027
1,070,967
1,337,439
1.203.972
Total oper. expenses_ - 59,914.324 510.990.535
Net operating revenue__ 53,858,323 $2,875,046
Taxes
1,251,925
1,139,637
Operating income_ _ _ _ 82,606,398 81.735.409
Non-oper. income
69.242
55,732
$9,794,834 88,445.059
$3,191,572 $2,997.368
1.126,338
1,161,506
$2,030,065 $1,871,047
51,034
84,332
Gross income
$2.675,640 $1,791,142 $2.114.397 81.922.081
Interest on funded debt. 31,091,255 $1,073,229 $1,080,684 $1.087,447
Miscellaneous
19,183
20,608
46.283
34.613
Prof. dividends (7%)
210,000
210,000
210,000
210,000
Common dividends_ .._ _(4%)880,000(2%)440.000(3%)660,C00(234)550,000
Balance, surplus
$475,201
$47,305
8129.100
CONSOLIDATED BALA NCR SHEET DEC. 31.
1921.
1922.
1922.
LiabilitiesASselsRoad & equipm1_56,304,96.3 54,712,526 Common stock-22,000.000
Preferred stock.- 3,000,000
Devoe. in lieu of
173,012 Funded debt unintgd. prop. sold
matured
19,888,000
Misc.Phys. prop__ 1,122.440 1,122,805
Other investments 1,330,032
463,831 Loans & notes pay.
Cash
806,983 Audited acc'ts and
340,503
wages payable
29,947
Loans & notes rec._
108,196
26,098
7,124
Misc. acc'ts reole. 106,499
113,000 Misc. acc'ts pay
Material & suppl- 986,451 1.299,614 Accr. Int.(not due) 389,727
Rents & insur. paid
2% illy. on Common stock
in advance
11,493
18,085
1,249,417
Tax liability
Ital.& dam.reserve 273,810
Depree'n reserve_ _10,594,138
40,790
Miscel. reserves
32,770
Unadjust. credits.
1,722,736
Profit &loss
828.352
1921.
$
22,000,000
3,000,000
20,163,000
119,608
55,541
12,295
382,927
V. 116, p. 727.
CONSOLIDATED BALANCE SHEET.
Dec.30'22 Dec.31 '21
Dee.30'22 Dec.31 21
$
Assets-$
$
LiabilitiesReal estate, buildPreferred stock__ _b8,815,800 7,057,800
ings, &c
•11,744,985 11,244.429 Common stock_ _ _1)7,557,340 3,400,000
Good-will, &c_ ___ 5,000,000 5,000,000 Kolb Bak. Co., pf_ See test
2,000,000
Cash in sink.fund.
Bonded debt
0
42,624
c4,276,500 4,419.70
871,301
Cash
488,904
852,265 Accounts payable_ 883.148
Notes & acc'ts rec. 531,516
18,127
489,783 Accrued interest__
16,879
Inventories
2,084,170 1.251,394 Federal taxes
774,009 1.500,000
U.S. Lib. bonds_ _a3,593,795 3,095,930 Pref. dlv. payable
Co. bonds purch'd 451,021
183,012
428,427
Jan. 1
Deferred charges__
411,730,737 3,013,115
117,451)
100,825 Surplus
Total
24,054,464 22,463,054
Total
24.054,464 22,463.054
*Land, buildings, machinery and equipment, based on appraisals representing reproductive costs as at Oct. I 1921. together with additions since,
$14.883,518; less reserves for depreciation, $3,138,533. a U. S. Liberty
bonds and notes (par value $3.700,000) at cost, $3.593,795; b Capital
stock: $8 cumulative dividend Prof. stock (auth. 100,000 shares, no par
value), issued and outstanding, 88.158 shares; Common stock, auth.
500.000 shares of no par value, issued and outstanding, 415,734 shares.
c First mortgage bonds of General Baking Co.,6%,due Juno I 1936; issued.
$3,700,000; less redeemed and canceled by sinking fund, $1.269,500. Kolb
Bakery Co. 5% bonds, due Jan. 1 1937; issued, 82.000,000; less redeemed
and canceled by sinking fund. $400,000; Diliman Bakery Inc., 6%. due
Inc.,
March 1 1935; issued and outstanding, $246,000. d After deduction'
$4,157,340. in respect of stock dividend of 277,156 shares of common stock
(no par), being at rate of two shares for one.
-V. 116, p. 727.
British Empire Steel Corporation, Limited.
(Report and Statement
-Year ending Dec. 31 1922.)
Pres. R. M.Wolvin, Montreal, Feb.21, wrote in substance:
Balance Sheet.
-The item, cost of properties, shows a net decrease of
$2,774.083. • During the year $853,116 was expended for additions and
improvements upon the properties of the constituent companies, and
$3,627.799 was added to reserves for depreciation. exhaustion, &c., and
440,000 deducted from cost of properties. This amount is much larger than is
1,132,389 usually reserved in a single year's accounts, directors having applied
277,289 $2,000.000 to the amortization of the cost of the plate mill out of the pay9,954,442 ment received in settlement of the claim of Dominion Iron & Steel Co. for
34,790 damages due to the cancellation of the Government contractfor steel plates.
34,569 The total amount now standing at credit of depreciation reserve Is $27,009.1,211,202. 896.
The aggregate amount of funded and mortgage debt against these proper59,228.459 53,818,052 ties is $36,645,491, which includes an amount formerly carried in deferred
Total
Total
59,228,459 58,818.052
payments on properties which is now funded in payments extending over
-V. 116, p. 411.
a period of 15 years. The only addition to mortgage debt was caused by
the issue of $4,645,000 5% Consul. Mtge. Bonds of Dominion Iron & Steel
Remington Typewriter Company.
. Ding fund
sinkonds to the amount
of $528,241 were paid off through
Co.ope aLronberf
the tn ;c m o
te
-Year Ended Dec. 31 1922.
(30th Annual Report
The relation of current and working assets to current liabilities has been
greatly improved. the excess
having increased from
Chairman B. L. Winchell, N. Y., March 17, wrote in sub.: $14.364,860 to $17,789,049. of assets over liabilitiesassets at Dec. 31 1922
Current and working
Dividends.
-Progress is being made in the payment of accrued dividends were nearly 4% times the amount of current liabilities and in addition they
upon the First Prof. stock. Dividends Nos. 60 and 61 of $1 75 each, being were of a more liquid character. At Dec. 31 1922 receivables and cash
those accrued for the periods ended June 30 1921 and Sept. 30 1921. were together amounted to over $10.000,000, an increase of 25%. During the
ther
ad
ase ofs2
paid on Dec. 15 1922. and since the close of the year dividends Nos. 62 and year a
amount
523 was effected in the amot of Inventory
lo.
63 of $1 75 each, covering the periods ended Dee. 31 1921 and March 31 counts. The chief improvement in current liabilities is a re uetion of
1922, were paid on March 5 1923.
5.128 in bank
1758
THE CHRONICLE
Reserves for relining furnaces and other current operating services,
accrued dividends and contingencies amount to 32.154,948, a sum which is
sufficient for these purposes. The amount carried in special reserve at the
end of the previous year, $2,500,000, supplemented by 31,500.000 received
during 1922 as final payment in settlement of the claim of the Dominion
Iron de Steel Co. for compensation for cancellation of its contract with the
Government has been transferred to surplus account.
Surplus Account
-After provision of amount required to pay all dividends
accrued upon 1st Preference Stock of Corporation and the Preference and
Preferred shares of constituent and subsidiary companies outstanding there
remained a balance of 31.024,197 at credit of surplus account on Dec. 31
1922. This amount added to surplus of constituent companies
forward. $21,784,870, makes the consolidated surplus 322.809,068.carried
Operations.
-The operations of the constituent companies were subject
to unfavorable conditions during the greater part of the year. The demand
for coal during the first six months was limited and shipments were far
below normal. Although there was a marked improvement
summer months when large shipments were made to the St.during the
Lawrence
District and to the United States where unusual conditions existed, the total
quantity disposed of was only slightly greater than last year.
A considerable tonnage of iron ore was shipped from the mines at Wabana
to Germany. The price obtainable for these initial shipments was not
sufficient to yield any considerable profit, but it was hoped that they would
lead to the development of a satisfactory market for the surplus output of
the mines. The success that has attended this year's operations and the
willingness of the managers of large German works to continue to use
Wabana ore seems to assure the possibility of creating a large and
business. Existing relations between France and Germany mayprofitable
have the
effect of temporarily retarding this development.
The demand for steel remained dormant until near the close of the year.
Except for limited quantities of l•alls made for Canadian roads and of
products for export, the movement of Iron and steel, though better thanwire
last
year, was still greatly restricted and prices were depressed. Costs of
production, chiefly because of low output, did not improve.
-The prospects for the current year are.more favorable.
Outlook.
There
is promise of greater activity in the demand for Iron and steel and already
a
number of contracts have been made for pig iron and various kinds of
steel,
railway cars and other railroad supplies.
Although active competition is expected from producers in the
States it Is anticipated that shipments of coal to the St. Lawrence United
District,
which have now been re-established, will be maintained in volume, and
that
increasing industrial activity will result in larger demand
territory which your companies can most readily supply. throughout the
The usual income account was published in V. 116, p. 929.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1922.
1921.
1922.
1921.
Assets
Liabilities3,
$
Cost of prop's_x132,920.672 135,695,355 7% Cumul. 1st
Invest. & adv.659,904
622,777 Pref. "B"..__- 7,640,200 6,833,920
Cash with trust_
1,892
80,300 7% Cum.26 PI- 49,958,575 49,930,075
274,926
Sink,fund bonds
314,342 Common stockInventories _ 12,646,893 15,061,416 Preference stock 21,30.5,400 21,293,400
Trade sects and
of constit. cos.y12,145,600 12,944,700
bills receivable
Acadia Coal Co.
(less reserves). 6,727,871 5,637,530 stock
113,300
114,300
Other acc'ts rec.
516,636
722.261 Cap.stk. res've_ z164,200
171,380
Inv. in war bds
62,736
514.880 Funded & mtge.
Cash & call loans 2,693,242 1,080,673
debt
36,645,491 31,167,900
Disc, on securs.,
Deferred paym'ts
328,000 1,604,000
devel.exp.,&c. 1,146,628
387,405 aAmount rec. from
Maur., &c., exp.
Dominion Govt.
2,500,000
prepaid
471.711
409,552 Bank loans
1,016,695 4,682,024
Curr. accla pay.
wages,&c
3,269,882 3,471.648
Accrued interest
571,752
498,229
Reserves
2,154,948 2,774,209
Consord surplus 22,809,068 22,540,797
Total
168.123,111 160,526,581
Total
158,123,111 160,526,581
x Representing the ore and coal properties, plant, buildings,
machinery
and equipment, &c., of the constituent companies, the aggregate
value of
which is supported by independent appraisals (less reserves for
depreciation
and exhaustion of minerals). y Preference stock of contsituent
companies
Includes: 7% Dominion Coal Co., Ltd.. $2,803,500; 7%
Steel Co., Ltd.. $3,665,200; 6% Dominion Steel Corp., Dominion Iron &
Ltd., 34,729,100;
8% Nova Scotia Steel & Coal Co., Ltd., $821.000; 6% Eastern
Ltd., 3126.800. Z Capital stock reserve: Par value of 7% Cum.Car Co.,
stock Series "B" reserved for exchange of outstanding Preference 1st Pref.
stocks of
constituent companies,
par value
companies outstanding,312.309.800. less Balance of Pref. stock of these
$12,145,600. a
of amount received from
Dominion Govt. In respect of cancellation of contract for
ship plates.
-V. 116. D. 1055. 1280.
Allied Packers, Incorporated.
(Annual Report-Fiscal Year ended Oct. 28 1922.)
President J. A. Hawkinson, Jan. 24, reports in
substance:
Results -While a loss was suffered during the year,
due
conditions of the industry in Canada, we are nevertheless principally to
able to present
a sound and liquid position.
Acguisilion.-The increase in property account is largely
the result of
the purchase of the business and plant of the Western Packing
& Provision
Co. of Chicago, where we have recently completed a central office
enabling
us to consolidate advantageously our
executive organization. We feel
confident that the addition of this important unit in the
industry will aid the company in its future developmentheart of the packing
ing out our slaughtering and manufacturing locations. by properly roundOperations of Plants in the U. 8.
-Operations of the plants at Detroit,
Wheeling. Buffalo and Topeka were generally satisfactory.
Macon remains closed due to the existing shortage of hogs The plant at
in
and we continue to use the Richmond property for purposes of the South,
We made progress during the year in the standardization of distribution.
our product
and the development of our distributing methods and territories.
Canadian Business.
-The business in Canada was not satisfactory.
The
Dominion has been somewhat slower in its recovery from the
period, and this has been particularly true of the packing readjustment
Outlook.
-The outlook, h.owever, shows improvement due industry.
largely to an
increase in the supply of hogs and a readjustment of prices.
effected and are effecting economies in our organization, all of We have
to reduce the cost of operation and with the industry graduallywhich tend
more normal basis we look forward with confidence to a more reaching a
satisfactory
year in 1923.
CONSOLIDATED BALANCE SHEET.
Oct 28 '22. Oct. 29 '21.
Oct. 28 '22. Oct. 20'21.
Assets-Liabilities$
Property & plant-13,824,844 11,709,614 Prior preference
Good will, brand?
particle. stock__ 5,935,000
trade-marks__ 3,467,624 3,467,624 Senior pref. 7%stk. 5,952,900
&
955,881 3,358,409 Pref. 7% stock....118,100 5,952.900
Cash
118,100
Notes & accts. rec.x2,682,869 2,538,514 Common
y3,584.803 3,754.708
Inventories
4,438,400 3,974,564 Bank loans
1,364,000 2,641,342
59,925 1,359,136 Trade accep., accts.
Can. Govt. bonds.
Customs delMs. &
pay.& aeon sects 896,405
828,801
drawback(Can.)
65,106
98,151 Minor. st'kholders
8,386
Unexp.ins.prem.,&c. 100,054
78,391 Can. Inc. tax (est.)
43,000
Prepaid Interest
4,583
8,393 let M. & coll. tr.
British Minister of
cony. ii. t. 8s._ _ 5,935,000
Food claim
110,948 Coll.tr.notes5%ser.
101,674
17,855
Collat. trust fund_
Debenture bonds_ 3,121,000 15,239,000
77,708
30,362 West. P. & P. Co.
Other assets
Deterred charges 2,158,287 2,047,987
let M. Os
800,000
Res. for coding.,
auto. Ins.. &c
145,927
94,182
27,853,135 28,782,093
Total
Total
27,853,135 28,782,093
x Includes notes receivable after allowances, $5,577, and accounts receivable. $2,913,660. less allowance for doubtful, $236,367. y Represented
by 100,500 shares of no Filar value.
Notc.
-( )since Oct. 28 1922 all of the Coll. Trust notes have been paid
a
and the excess of the realization from the deposited securities returned to
company. (b) No dividends have been declared or paid on any class
the
-V. 116, p. 413.
of stock.
[Vol,. 116.
Atlas Powder Co., Wilmington, Del.
(Annual Report Year ended Dec. 31 1922.)
President W. J. Webster, Wilmington, Feb. 15, wrote in
substance:
Results.-Whlle business depression continued in the earlier months of
1922, conditions improved materially during the last half of the year, so
that the net sales for the entire year amounted to $16,723,735, and indications are very favorable for 1923.
Net income after all charges incident to manufacture and selling, repairs,
accidents, depreciation of property, ordinary and Federal taxes and Interest and amortization on outstanding bonds, represents a return of 7.1% on
total investment and net income for the year represents a return of 321 42
per share on the average amount of Common stock outstanding during the
year, after paying'6% diva. on Pref. stock. Gross income represents a
return of $18 93 per share on the Common stock outstanding Dec. 311922,
after Preferred stock dividends.
Financing.
-Company issued 32,000 shares of Common stock in Aug.
1922 to retire 34,000,000 15
-Year 7j4% Convertible gold bonds dated Aug. 1
1921. $500,000 of the bonds were converted into 4,000 shares Common stock at _par for the bonds and at a price of $125 per sharefor the Common
stock. • The remaining 28,000 shares of Common stock were offered to the
Common stockholders at $127 50 per share and promptly taken up by the
stockholders and underwriters. $3,500,000 of the bonds were redeemed in
cash at 105 (see V. 115, p. 186. 649, 872). Surplus was increased $279,546
through the issuance of the 32,000 shares of Common stock at a premium,
less the unamortized bond discount and expense as of Aug. 1 1922, and
redemption premium of 5%, incident to retiring the bonds.
The authorized capital stock remains $20,000,000, consisting
000 6% Cumul. Prof. and 310.000.000 Common stock. Thereof $10,000.is now
standing 39.000.000 6% Prof. stock and 38,714,625 Common stock. outListed.
-The Prof. and Common stocks were listed on the N. Y.
Exchange April 12 1922. The additional 32,000 shares of Common Stock
stock
issued in August were also listed.
Acquisition.
-In July 1922 the entire properties and business
McAbee Powder & Oil Co. were acquired. This acquisition gives of G. R.
the company a high-explosives plant at Tunnelton in the Pittsburgh district and
better facilities for distribution of products.
Reserves.
-Reserves for depredation of plant values, uncollectible accounts, accidents and other contingencies have been set aside from earnings.
The amount of $3,903,441 reserved to date is wholly adequate.
Employees Stockholders.
-Of the total of 2,245 employees as of Dec. 31
1922, 796, or 35.5%, were stockholders.
The Prof. and Common stock is owned by 3,313 stockholders.
Resume of History of Company.
-Began business Jan. 11913,thus completing ten years of operations in the explosives and chemical industry. Be-ginning with the 3 high-explosives plants and 4 black blasting powder plants
and a total capitalization of $33,000,000 capital stock and $33.000,000 6%
Income bonds (subsequently exchanged for $33,000,000 8% Cumul. Pref.
stock), the manufacturing facilities have been increased through extensions
to original properties and by acquisitions. There are now in operation
5 black blasting powder plants and 6 high explosives plants (the latter fully
equipped with sulphuric and nitric acid units). Also, a complete plant for
the manufacture of blasting caps and electric blasting caps and plants for
the manufacture of Zapon leather cloth, lacquers, enamels, bronze liquids
and nitro cellulose. Company also maintains research and development
laboratories.
Company is also affiliated with other interests in the explosives industry
in Canada and Chile and in the U. S. Fleshless Powder Co.,
offleshless smokeless powder, and in the International Carbonmanufacturers
Corp.,produeers of Darco (see V. 114, p. 2723).
In 1922 company acquired approximately 50% ownership in the Northern Explosives, Ltd., with high-explosives plant in Quebec, Canada. Subsequently the Northern Explosives, Ltd., and the Giant Powder Co. of
Canada, Ltd.. wholly owned by Atlas Powder Co.. and whose operations
were heretofore included as a subsidiary company, were consolidated as
Northern Giant Explosives, Ltd.. and the investment that the Atlas Powder
Co. now has in Canada is carried as securities of affiliated companies.
The usual comparative income account was given in V.
116, p. 724.
BALANCE SHEET DEC. 31 (INCLUDING SUBSIDIARY COS.)
1922.
1921.
1922,
1921.
Assets$
$
Liabilities$
$
Plantprop.,equip..
Preferred stock_ 9,000,000 9,000,000
good-will. &c__017,800.125 15,223,074 Common stock.....c8,714,625 • 5,515,985
Cash
1,124,585 1,466,271 Cony. 734% bonds
3,898,300
Bank acceptances_
200,000 Purch.moneynotes 450,000
Notes & accts. rec.. 2,789,879 2,547,168 Notes & accounts
Notes & accts. rec.
pay., incl. div.
(other)
309,639
110,762 on pref. stock &
Finished product 1,227,001 1,305,304
Federal taxes... 2,222,219 1,736,590
Materials & supp_ 4,020,302 3,992,483 Res. for deprec.,
Security investm't b702,143 1,474,934
uncoil. accts. &
Deferred items. _ _ 298,728
706,178
contingencies__ 3,903,441 3,786,509
Surplus
3,982,117 3,088,790
Total
28,272,402 27,026,174
Total
28.272,402 27,026,174
a Plant properties and equipment. 311,682.502, good-will, patents, &c.,
33.178,823. and securities of affl toted cos., 32,938,800. b Security
investments include acquired socurit es of Atlas Powder Co. c Common
stock includes $6.225 of fractional warrants.
-V. 116, D. 724.
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
lust past, together with a summary of the items of greatest
interest which were published in lull detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
I. C. C. Report on Rail Wages.-Rallroads paid 32,669.180,772 to average
of 1,645,244 employees during 1922. Figures include labor payments of
all Class 1 roads which control more than so% of mileage. "Times"'
A
Central RR. Increases Wages.
-Increase of 2 cents an hour, effective April 1, ffranted between 10.000 and 12,000 shopmen. "Philadelphia
'
News Bureau April 18, P. 3.
Rumored That Rail Workers Plan to Ask Higher IVages.-Demand involving
250,000 employees and an increase of $80,000,000 expected. "Times"
April 18_,
30.
s
I. C. C. Order to Give Data on Condition Resented by Roads.
-Questionnaires
sent 51 leading railroads regarding labor conditions and efficiency of rolling
stock will meet with resistance. "Times" April 20, p. 19.
Hearings on Express Rates Before I. C. C.
-Representatives of fishing industry argue for 10% reduction of present express rates. "Boston Financial
News" April 14, P. 3.
Vice-President Lutz, of American Railway Express Co., shows necessity
,
for an increase in present rates. "Financial America" April 19, p. 2.
Memphis Tied Up by Street Car Strike.
-700 carmen walk out demanding
increase of 7 cents per hour. The company offered an increase of 2 cents
an hour. "Sun" April 17, p. 22.
Transit Commission Shows 315,724,808 Passengers Came Into and Went
Out of New York City During 1922.
-"Times" April 15.
.-The Car Service Division of the American RailServiceable Locomotives
way Association authorizes the following statement:
'Reports filed by the carriers as of April 1 1923 showed that the railroads
of the United States had 50.107 serviceable locomotives on that date. This
is the largest number the railroads have ever had, according to the records
of the Car Service Division which go back as far as August 1920. The
nearest approach to that figure was on July 1 1922, the date on which the
strike of railway shopmen began, at which time there were 50,003 serviceable loco oftufroemo
Repairmo ives."
tives.-"Locomotives in need of repair on April 1 this
year numbered 14.452. or 22.4% of the total number on line. This was a
APRIL 21 1923.]
THE CHRONICLE
decrease of 1,179. compared with the total on March 15, at which time there
were 15,631, or 24.2%. The total number in need of repair on April 1 was
practically equivalent to July 1 1922.
"Of the total number. 12,801. or 19.8% of the number on line, were in
need of repairs requiring more than 24 hours. This was a decrease since
Mar. 15a 1.129. In accordance with the program adopted by the railroads
of the country in New York on Apr. 5, locomotives awaiting heavy repair
are to be reduced by Oct. 1 1923 to the normal basis for the entire country
of 15%.
"Locomotives in need of light repairs totaled 1,651, or 2.6%, which was a
decrease of 50 locomotives in neon of that class of repairs since Mat. 15.
"From Mat. 15 to April 1 a total of 18.021 locomotives were repaired and
turned out of the shops, an increase of 1,180 over the number repaired
during the preceding semi-monthly period."
-The following is authorized by the Car Service Division
New Equipment.
of the American Railway Association:
"A total of 8,242 new freight cars of various classes and 208 new locomorives were installed in service during the semi-monthly period from Mar. 15
to April 1, according to reports just filed by the carriers.
"This brought the total number of new freight cars installed from Jan. 1
to April 1 1923 to 39,172, while 935 locomotiveswere placed in service during
the same period. Of the new freight cars installed, 2,197 refrigerator cars
were placed in service by railroad-owned private refrigerator companies.
"New freight cars on order on April 1 totaled 107,453, or an increase of
1.117 over the total number on order on Mar. 15. There were also 1,974
locomotives on order on April 1 compared with 2.113 on Mar. 15.
"Of the total number of freight cars put in service during the first three
months this year, box cars numbered 17.300, coal cars 14,895, and refrigerator cars 4,743."
Repair of Freight Cars.
-"Fewer freight cars are now in need of repair
than at any time since Feb. 1 1921, according to reports just filed by the
carriers with the Car Service Division of the American Railway Association.
On April 1 1923 these reports showed 206.312 freight cars, or 9% of the cars
on line, were in need of repairs, a decrease of 6,241 compared with the
number on Mar. 15.
Freight cars in need of heavy repair numbered 154,302, or 6.7% of the
cars on line, a decrease of 2,427 compared with the number in need of such
repairs on Mar. 15. Freight cars in need of light repairs totaled 52,010, or
2.3% of the cars on line, a decrease of 3,814 within the same period.
Car Loadings.
-Record-breaking loading of freight for this time of year
continued during the week ended April 7 for which the total was 895,767
cars, the American Railway Association announced to-day. This exceeded
the same week last year by 189,754 cars and the week in 1921 by 200,886
cars.
Coal loading for week totaled 164,089 cars, or 18,579 less than the week
before. Merchandise and miscellaneous freight, which included manufactured products totaled 556,028 cars, while a reduction of 19,162 cars
under the week before was an increase of 46,685 cars over the week in 1922.
Grain and grain products amounted to 39,353 cars, being 2,489 less
than the week before, but 7,870 cars over the same week last year.
Livestock loadings of 30,883 cars were 843 less than previous week,
but an increase of 6.108 cars over same week a year ago.
Coke loadings were 16,076 cars, 336 above the week before.
Matters Covered in "Chronicle" April 14.-(a) Railroad gross and net earnings for February, p. 1590-1594. (b) Locomotive shipments largest since
1920. p. 1595. (c) Railroads move to carry out program for meeting demands of freight traffic; comments of Samuel Rea, President of Pennsylvania RR., p. 1612.
1759
with the Bureau of Building for the 3 months ended March 31 last is
$100,795,227, a total unprecedented in the annals of Brooklyn and exceeding
the total of any other city in the United States. The total in March was
$41,940,897, as compared with $32,937,946 for the entire year of 1917,
and $49.301.965 for the year 1916. During 1921 and 1922 19,075 buildings
were completed in Brooklyn to house 28,301 families.
The Brooklyn Rapid Transit lines, both elevated and subway, are the
backbone of a system which covers Brooklyn completely with distributing
outlets in the business section of Manhattan where the company also
operates the remunerative Broadway line.
The tremendous building development in Brooklyn and consequent growth
of the population, has already increased the gross operating revenue of the
system from about $16,000,000 in 1913 to over $34,000,000 in 1922. an
increase of more than $18,600,000. or 116%. Passengers carried increased
from 525.000,000 in 1918 to 717.113,000 in 1922. It would appear that
the increase has only Just begun as nowhere is New York City growing
numerically as it is in Brooklyn. The population increase there between
1910 and 1920 was 374,000, or 22%, while the population of Manhattan
stood still.
In conjunction with the increased B. R. T. operating revenue there has
been a substantial reduction in the operating expenses. This improvement
in operating conditions is indicated by the operating ratio (percentage of
earnings used for operating expenses). For the year ending June 30 1922
the operating ratio for the receivership properties decreased to 63.80%
from 85.32% in 1921 and 78.17% in 1920. The average wage scale now in
effect, however, is still approximately 25% in advance of that prior to the
receivership.
It is believed that the great growth of traffic cannot fail to be reflected
In future revenues of the reorganized system, especially in view of the
fact that the system is already built, well maintained and in a splendid
position to grow with the community it serves.
Extends Service to Corona and Astoria, &c.
Effective April 8, the company began operating its trains over the two
branches of the Queensboro subway, running to Astoria and Corona.
The B. R. T. put on 100 new steel cars to replace the wooden cars on the
Jamaica
-Richmond Hill line to Ole Chambers Street terminal on April 1.
Compare reorganization plan in V. 116, p. 1646.
-Bonds Called.
Camaguey (Cuba) Co., td., Montreal.
All of the outstanding 5% 1st Mtge. Gold bonds, due June 1 1946, have
been called for payment May 1 at par and int. at the Commercial Trust
Co.. Ltd., Montreal, Que., Canada.
-V. 115, p. 2904. laLV,
Jitatit:Al
Cambria & Indiana RR.
-Equip. Trusts Offered.-Brown
Brothers & Co. and W. H. Newbold's Son & Co., Philadelphia, are offering at prices to yield from 5
to 5.60%, according to maturity, $1,700,000 Equip. Trust 53% Certificates Series "G," issued under the "Philadelphia Plan."
Dated May 11923. Maturing $113,000 annually May 1 1924 to May 1
1933. incl., and $114,000 annually May 1 1934 to May 11038 incl. Divs.
payable M.& N. Denom. $1.000c5 Pennsylvania Co. for Ins. on Lives,
.
& Granting Annuities Philadelphia, trustee.
These certificates will be secured on standard railroad equipment consisting of 1,000 all-steel hopper coal cars of 110,000 pounds capacity each and
4 consolidation type steam locomotives, having an aggregate cost of approximately $2,155,000, or $455,000 more than the aggregate certificates
to be issued.
Atchison Topeka & Santa Fe Ry.-Lease of Line.
The I.
-S. 0. Commission on April 4 authorized the company to acquire
Earnings for Calendar Years.
control of the Rio Grande El Paso & Santa Fe RR., by lease. The railroad
Gross Income. sOper. Eros. Net Income. Int. Charges
of the Rio Grande company extends from a connection with the Atchison 1918
$179,249
$996,947
$555.503
$441,444
road at the New Mexico-Texas State line in a southerly direction to El 1919
771,430
166.203
1,139,545
368,115
Paso, Texas. 20.22 miles. All of the $200,000 Rio Grande company's 1921
1,517,606
1,145,687
150,605
371,919
capital stock, excepting directors' qualifying shares, has been owned by 1922
1.351,404
139,613
867,180
484,224
the Atchison since before 1900, and its funded debt, represented by one
x Operating expenses, depreciation and taxes.
-V. 114, p. 2822..
bond of the par amount of $500,000, is also owned by the Atchison.
V. 116, p. 1646, 1531.
Capital Traction Co. of Washington.
-Wages.
A new agreement was executed on Mar. 26 between the company and its
Boise Valley Traction Co.
-Abandonment.
employees to remain In
Mar.30 1926.
The I.
-S. C. Commission on April 6. dismissed the company's application cal with the agreement force until been in force for This agreement is identiwhich has
the past three years with
to abandon a lino of railroad in Ada County, Idaho, extending from On- the exception of the new
wage scale for trainmen entering the service after
weller's Jct. in a westerly direction to McDermott, a distance of approxi- Mar. 30 1923.
mately 4 miles. The Commission held that the application was not within
The rate of wages for conductors and motormen and bus operators in the
the scope of Paragraph (18) of Section 1 of the Inter-State Commerce Act. employ of the company on Mar.30 1923,shall be as
follows: 1st 3 months,
-V. 115, p. 2478.
51 cents an hour; next 9 months, 54 cents an hour; thereafter 56 cents an
hour.
Boston & Maine RR.
-Equip. Trust Authorized.
The rate of wages for conductors and motormen and bus operators emAt the annual meeting the stockholders approved the creation of an ployed after Mar. 30 1923, shall be as follows: 1st year, 50 cents an hour::
equipment trust which is to cover about $3,000,000 worth of rolling stock, 2nd year, 52 cents an hour; 3rd year, 54 cents an hour. and 4th year and
part of which has already been ordered, including 10 new Santa Fe freight thereafter, 56 cents an hour. Motormen and conductors acting as instrucengines and 10 Pacific type passenger engines.
tors or as 1-man car operators shall receive 5 cents an hour in addition to
-V. 116, p. 1525.
their regular rate of wages.
The wages and working conditions of shop, substation and other emBrooklyn Rapid Transit Co.
-Time for Deposits Under ployees,
except
bus operators, now in the company's employ.
Plan Expire April 23.
-The stockholders' committee, shall remain as trainmen andEmployees in the shop shall receive time and
at present.
Albert
Wiggin, Chairman, in a notice to the holders of one-half for all overtime and Sunday time, and time and one-half for all
-V. 115, p. 1320.
securities of or claims against Brooklyn Rapid Tt:ansit System holidays if compelled to work.
(see advertising pages) says:
Carolina & Yadkin River Ry.-No Sale.
-
Judge T. B. Finley ha. declined to confirm the sale of the road to business
Foreclosure decrees have already been entered in the mortgage foreclosure
proceedings pending in the U. S. District Court for the Southern District men of High Point, No. Caro., and other communities along the line, who
of New York, and all of the properties of Brooklyn Rapid Transit Co. and bid $125.000 for the properties.
-V. 116, p• 1531.
of its rapid transit subsidiary companies, New York Consolidated RR.
Chesapeake & Ohio Ry -New Directors.and New York Municipal Ry.
have been ordered to be sold under
W.A. Colston. Cleveland, and *alter L. Ross, Toledo, have been elected
such foreclosure decrees on May 11 1923.
Corp'
The time fixed for the deposit of the stock, bonds. notes or claims under directors. This increases the board from 9to 11 members.
-V.116,1/• 1639..
the reorganization plan expires April 23. Those who desire to participate
Chicago & Interurban Traction Co.
in the reorganization should take immediate action.
-New Officer.
A. G. Nelson has been elected Secretary and Treasurer succeeding W. W.
Holders of securities or claims who have not heretofore deposited with
the respective protective committees representing their securities, and who Crawford.
-V. 115, p. 2045.
desire to participate In the reorganization and receive the benefits thereof,
Chicago & North Western RR.
must deposit their securities or claims before the close of business on that
-Kuhn,
-Bonds Sold.
date with their respective depositaries.
Loeb & Co. have purchased $2,233,000 Gen. Mtge. Gold 5s,
Holders of stock of Brooklyn Rapid Transit Co. or of certificates of
due Nov. 1 1987 which they have placed privately.
deposit therefor, Issued by Seaboard National Bank, New York, [or by
A. At vsgu 6, p 'eea
. b
Its predecessor, Mercantile Trust Co.] under the deposit agreement dated Huiber .._Spr ne has933, elected a director to suemed the late E. D.
Jan. 2 1919, who desire to participate in the reorganization and become
entitled to obtain the issue of participation warrants in accordance with
Chicago Milwaukee & St. Paul Ry.-New Officers.
the plan must deposit their stock [ certificates of deposit] with Chase
or
Effective April 10, W. W. K. Sparrow and J. W. Taylor have been
National Bank, New York [or at its Hamilton Trust Branch, No. 191
Montague St., Brooklyn, or with Seaboard National Bank, New York elected Vice-P'residents. No successor was appointed to succeed the late
[Mercantile Branch] No. 115 Broadway, before April 23 1923. and must E. D. Sewell as Vice-President.
-V. 116, p. 822.
pay at the time of deposit the first installment, namely. $15 per share.
Chicago Rock Island & Pacific Ry.-Notes Offered.
called for by the participation warrants. The balance [$201 of the total
payment of $35 per share required of such holders will be payable as provided J. A. Sisto & Co., New York, are offering at 100 and int.
in the plan.
a block of
Foreclosure Sales, &c.
-
Default having been made in the principal of the $465,000 6
-year 5%
secured notes and the $57,253,700 3
-Year 7% Gold notes. the Central
Union Trust Co., trustee of both issues, will sell at public auction to the
highest bidder at the Exchange Salesrooms, 14 Vesey St., N. Y. City, on
May 12, by Adrian H. Muller & Son, Auctioneer,$57,735,000 1st Mtge.
5% Sinking Fund Gold Bonds, Series "A," of New York Municipal By.
Corp., dated July 1 1912, with Jan. 1 1919 and all subsequent coupons
attached.
The sale at foreclosure of the B. R. T. properties. the New York Municipar Ry. Corp. and New York Consolidated R' R. will be held at the Kings
County Court House, Brooklyn, N. Y., on May 11 next. The sale will
'
be conducted by E. Henry Lacombe, special master.
The stockholders' committee, Albert H. Wiggin. Chairman, has made
offers to the general unsecured contract creditors, respectively, of Brooklyn
Rapid Transit Co., New York Municipal Ry. Corp. and Now 'York Consolidated RR. Co. for the readjustment of their claims. Copies of offers and
printed forms of applications and assignments for use In depositing the
claims may be obtained upon application to Otis Everett, Elec. of the
Committee, or to the Reorganization Department of Chase National Bank,
New York. Claims must be deposited with Chase National Bank on or
before April 23.
Committee Looks for Period of Prosperity for Company.
-
In estimating the future earning prospects of the company in connection
with its reorganization, the stockholders' committee has learned that the
total of new construction in the Borough of Brooklyn under the plans filed
$711,0006% Equip. Trust Gold notes, Series "I,"
stamped subordinate in lien to $4,329,600 Prior Lien notes
now outstanding. The offering does not constitute any'
new financing. The notes mature serially each year from
1926 to 1935, both inclusive.
Originally authorized: First lien, $5,412,000; stamped lien, $2705.250
total. $8.117.250. Less amount paid and outstanding to date: First lien,
$4.329,600; stamped lien, $2,164,200; total, 86,493,800.-V. 116, p. 1648.
Columbus Electric & Power Co.
-New Secretary.-
pierce. y. 11Cra. 215 has been elected Secretary, succeeding George A.
Wn11aln T 5, vwford
.
.
8.
Columbus Ry. Power & Light Co.
-Tenders.-
The Harris Trust & Savings Bank. trustee, 115 West Monroe St..
Chicago. Ill., will until May 10 receive bids for the sale to it of Ref. Mtge.
8118 2 .- . .61%16,SePr•ies153te 1941, to an amount sufficient to exhaust
G0 Vondsv,
1
5
-Listing, &C.
Cumberland County Power & Light Co.
The Boston Stock Exchange has authorized for the list 14,940 additional
shares Preferred stock (par $100). These additional shares are issued for
the purchase of the property, franchises and rights, as going concerns, of
the York County Power Co. and the Westbrook Electric Co.. the purchasing
company assuming the obligations, contracts and liabilities of those companies. For the 'York County Power Co., 13,830 Preferred shares are
1160
VTR CHRONICLE
ssued and for the Westbrook Electric Co. 1,110. These two companies
were already under the control of the Cumberland company through stock
ownership.
This action was in accordance with votes of the stockholders and directors
of the three companies, the action including the increase of the Preferred
Capital stock of the Cumberland on March 2 1923 from $2.530.000 to
$4.230.000. The Maine P. U. Conuniasion has approved the consolidation
and the additional Preferred shares.
Balance Sheet December 31 1922.
Assets
Liabilities
Plant, prop. & franchises $9.984,167 Capital stock, Preferred_ $2,530,000
Investments
1,579.635 Capital stock, Common_ 1.348,400
Supplies
232.155 Funded debt
6,997.500
Bills and accts. reedy__ 196,345 Accr'd int. and taxes_ _
202,360
Cash
83,664 Bills & accts. payable.__
99,697
Special funds
5.976 Portland Railroad Co-__
369,837
Unadjusted debits
53,833 Operating expense res___
20,166
Prepaid accounts
10,308 Depreciation reserves_ _ _
386.388
Disct. on secarities sold_
355,227 Unadjusted credits
25.976
Total (each side)
$12,501,311 Profit and loss
520,987
-V. 116, p. 1176. 822.
Delaware & Hudson Co.
-To Approve Leases.
-
The stockholders will vote May 8 on approving a new lease, dated June 1
1922. by the company to the New York Ontario & Western Ry. of the railroads of the Utica Clinton & Binghamton RR. and the Rome & Clinton
RR. in place of the expired lease under which the New York Ontario &
Western Co. has operated these prop:a:ties for many years. The stockholders of the latter co. have approved the lease.
New Interlocking Plant-100th Anniversary, &c.
The company recently placed in service an electric interlocking
at Schoharie Jct., N. Y. which provides facilities for interchange plant
with
the Schoharie Valley RR. and for deflecting traffic to the Delaware &
Hudson's third track extending north. See article entitled "New Electric
Interlocking on the D.& H. Co." in thd "Railway Review" of March
,
31.
p. 580.
On April 23 next the management will celebrate the 100th anniversary
of the incorporation of the concern as the Delaware & Hudson Canal
Co.
By special Act of the Legislature on April 28 1899, the name was
changed
to the Delaware & Hudson Co.
Effective April 1 1923, P. W. Leamy has been appointed Assistant
to
the President, with headquarters in N.Y. City,succeeding W.B.
Schofield.
-V.116. p. 1648, 1640.
Delaware Lackawanna & Western RR.
-Report.
-The company on April 20 issued its pamphlet
report for the calendar year
1922. Our usual comparative income account table was given in
V.
The remarks of W.H. Truesdale. President, and the balance 116,
sheet
will be given another week.
-V.116.p. 1411.
p.820.
Denver & Rio Grande Western RR.
-Equip. Trusts.
The I.
-S. C. Commission on April 12
authorized the company
obligation and liability in respect of$4,500,000 Equipment Trust to assume
certificates.
Series A. to be issued by the Bank of North America & Trust Co.
under
an agreement to be dated March 1 1923, and sold at not less
than 96
In connection with the procurement of certain equipment.
See offering
In V. 116, p. 1275.
Denver Tramway Co.
-Foreclosure.
A petition
has been filed in the Federal Court at Denver
Trust Ce., New York, trustee, of 39,871.975 1st & Ref. bonds by Bankers
Interest has been paid for three years, to foreclose the mtge.-V.on which no
116. p.1176
Eastern Massachusetts St. Ry.-Initial Dividend.
-
The trustees have declared an initial dividend of 2
in cash
Adjustment stock. payable May 15 to holders of record May on the
1.-V.
116. p. 1649. 117.
Great Northern Ry.-To Protest Valuation.
-
The company will enters protest against the recently announced
tentative
valuation by the I.
-S. C. Commission on the grounds that,
the value of property owned for transportation purposes on while it shows
June 30 1915.
the valuation date, in excess of the book value thereof on the
it is incorrectly based, gives too low an allowance for working same date,
capital and
value of materials and supplies, and falls far short of presenting
a true
value of property or the cost of its reproduction.
President Budd in connection with the Commission's announcement said:
The tentative valuation upon property of the company found by the
I.
-S. C. Commission shows the value of the property owned for transportation purposes to be 3386.175.302 as of June 30 1915. This corresponds
with the company's published investment at the same
In addition, the Commission allowed $5,565,000 for date of $382.045,268.
working capital, and
for value of materials and supplies for operation. This amount is not considered an adequate allowance. The company finds it necessary currently
to have an average of about $20,000,000 invested in its materials and supplies and in working cash.
In addition to the property owned for transportation purposes. the Commission shows the company owned and carried on its books $227,076,313
stocks and bonds of other companies upon which the Commission has not
found a value. In this stock ownership is approximately 49% of the stock
of the Chicago Burlington & Quincy. a half Interest in the Spokane
& Seattle. and 604 miles of road which the Great Northern ownsPortland
through
subsidiary companies in Canada.
The Commission states there is outstanding $607,755,422 of Great Northern stock and bonds which include 3215.227.000 of bonds issued against
Chicago Burlington & Quincy stock, one-half of which was a liability of the
Northern Pacific Ry. Deducting one-half of these joint bonds leaves $500,141.922 of stocks and bonds of Great Northern outstanding, compared with
3638,816.615 value arrived at by taking Inter-State Commerce Commission's
tentative valuation. plus the value It found for non-carrier property, plus
book value of stocks and bonds of other companies owned, and compared
with $643,508.265 which represents the company's book investments
an adequate allowance for materials and supplies and working capital. and
Since June 30 1915 the Great Northern increased its
and bonds by $40,836,397. and added to its investment outstanding stocks
382,375,878, making its capitalization as of Dec. 31 1922 $540,978,319, and its
investment
$725,884,144. It should be borne in mind that the cost of reproducing
Great Northern's property would be very much in excess of its
property
Investment.
Budget for 1923 Amounts to 330,000,000.
-
[VoL. 116.
This property was sold at,foreclosure June
19... for $330.500 and the
sale was conf rmed by order of the U. S. District Court for the District of
liansas, dated Oct. 11 1922, and payment of Lie purchase price completed
about Dec. 11 1922. After payment of receiver's certificates and other
obligations, taxes, &c.. allowed by the Court. there was a net balance
avahaole from the purchase price for distribution to bondholders sufficient
to pay $71 on each $1,000 bond.
-V. 115. p. 1837.
Kansas City Southern Ry.-Construction.The I.
-S. C. Commission on April 4 issued a certificate authorizing the
construction of a line of railroad in Cherokee County. Kan.. between Lawton and Military Junction, about 8.6 miles.
-V. 116, p. 1626.
Lima & Defiance RR.
-New Company Formed.
-
See Indiana Columbus & Eastern Traction Co.above.
-V.116, p. 1411.
Louisiana & Pacific Ry.-Abandonment.-
The I.
-S. C. Commission has authorized the company to abandon a line
of railroad in Beauregard Parish. La., now under trackage rights, which
extends from a connection with its line at Longacre in an easterly direction
to Hoy, a distance of 6 miles.
-V.114, p. 1766.
Manila Electric Co.
-Tenders.
The Equitable Trust Co., trustee, 37 Wall St., N. Y. City. will until
April 24 receive bids for the sale to it of let Ref. Mtge. gold bonds, 7%
series, duo 1942. to an amount sufficient to absorb $25,000 and at prices
not exceeding 115 and int.-V. 116. p. 935.
Morgan's Louisiana & Texas RR. & SS. Co.
-
R. C. Watkins has been elected Vice-Pres. & Gen. Mgr. of this company.
the Louisiana Western RR., the Iberia and Vermilion RR. and the
Charles & Northern RR.. succeeding J. H. R. Parsons.
-V. 111. p. 74.
New Orleans Public Service Inc.
-President.
See United Rys. & Electric Co. of Baltimore below.
-V.115. P. 2379.
New York Chicago & St. Louis RR.
-Officers.
Temporary officers of the new corporation include: Chairman. 0.P. Van
Sweringen; President, J. J. Bernett: Eleanor Vice-President, Walter L. Ross;
Vice-Presidents. M. J. Van Sweringen, J. It. Nutt, C. L. Bradley, Otto
Miller. John Sherwin, C.E. Den,ney, and W.A. Colston; Secretary, George
S. Ross; Treasurer, L. B. Williams. See also V. 116, p. 1650.
New York Consolidated RR.
-Foreclosure Sale.
-V. 116. p. 1650.
See Brooklyn Rapid Transit Co. above.
-Foreclosure Sale.
New York Municipal Ry. Corp.
-V. 116. p. 1650.
See Brooklyn Rapid Transit Co. above.
New York New Haven & Hartford RR.
-New Financing.
At the annual meeting on April 18, the stockholders authorized the
company to issue 1st & Ref. Mtge. bonds or notes not exceeding .$5.000.000
to reimburse the treasury for expenditures for additions and betterments.
Charles F. Choate Jr.. Southboro, Mass.; Frederick C. Dumaine,
Concord. Mass., and George Dwight Platt, Springfield, Mass, have been
-V. 116, p 1640.
added to tile board.
New York Ontario & Western RR.
-Transfer of Lease.
At the annual meeting, the stockholders approved the transfer of the lease
of the Utica Clinton & Binghamton RR. and the Rome & Clinton RR.
rom the Delaware & Hudson Co. to the New York Ontario & Western RR.
Income Account for Calendar Years.
-Federaland Corporate---Corporate1919.
1920.
1921.
1922.
Total railway oper. rev_310,910,027 313.154,689 314,127,867 $12,341,912
Total railway oper. exp- 9,841,748 12.684,317 12.067,086 10.985,547
Net railway oper. rev- 31.068,279
Taxes & uncollec. rev__
Non-operating income
$470,372 32.060.781 31.356.365
$459,658
$457,431
$455,285
Cr.761.814 Cr.349,268
Gross income
32,365,163 $1,250,348
Interest
1,170.382
1,164,721
Rent for road & equipment and hire offreight cars Dr.410,587
706.083
Miscellaneous deductions
147.735
127.642
(33.4•%)
Preferred dividends
210
210
(2%)1,162,146
Common dividends
Balance, deficit
V. 115. p. 2478.
$525,896
$748,309
Norfolk & Western Ry.-Equipment Trust Authorized.
-S. C. Commission March 31 authorized the company to assume
The I.
obligation and liability, as guarantor, in respect of 38,000.000 4,4% equipment trust certificates, Series of 1923, to be issued by Commercial Trust Co.,
Philadelphia, under an equipment trust agreement dated Feb. 1 1923, and
to be sold so as to net not less than 95%% and dividends.
The certificates are to be issued in connection with the procurement of the
following equipment, which is to cost about 39,249,968:
DescriptionNo. of Units. Unit Price.
Total Cost.
1.000
32.130
$2,130,220
50-ton all-steel underframe box cars
all-steel hopper coal cars
1.000
1.882
1,881, 30
70-ton
500
-ton all-steel hopper coal cars
1,869
70
934,385
-ton all-steel hopper coal cars
500
1,897
70
948,605
Class K-3 passenger locomotives
12
65,574
786.888
30
Mallet compound locomotives
85,608
2,568.240
The equipment trust agreement will be dated Feb. 1 1923, payable
3800.000 annually Feb. 1 1924 to 1933, both incl. Denom. 31.0000.
Dividends payable F. & A. Unconditionally guaranteed principal and
dividends by company.
No contracts, underwritings or other arrangements for the sale of the
certificates have been made, but such securities will be offered for sale by
the Virginia Holding Corp. so as to net not less than 95A and dividends.
-Ar. 116. p. 1269.
Northern Texas Tr. Co., Fort Worth,Tex.
-Acquisition
The company announces that negotiations have been completed whereby
it will take over and operate the independent road operated by the Southwestern Baptist Seminary Line.
The company has also filed notice with the City Commission that it will
soon begin work on extensions on the Riverside and Sycamore Heights lines.
The two extensions will represent a cost of more than 3500.000. Money for
making the extensions is being raised by the sale of7% Cumulative Preferred
-V. 93, p. 164.
stock to employees and patrons.
President Ralph Budd announces that the company is
000,000 for improvements and extensions during 1923. to spend $30.Of
-Equipment Trusts Authorized, &c
Pennsylvania RR.
$20.000,000 represents new capital investment. A large amountthis sum,
of second
-S. 0. Commission on April 6 authorized the company to assume
The I.
track is to be laid, and several terminals are to have their
facilities ex- obligation and liability in respect of $331,500,000 Equip. Trust certificates
panded. Several other improvements are
contemplated. Thegnldsu,wfortive
4eolother to be issued by the Fidelity Trust Co. under an agreement dated Mar. 1
and
equipment.
-V. 116, P. i649.
1923 and sold at not less than 97( in connection with the procurement
of certain equipment (see offering in V. 116. p. 1178).
Greenwich & Johnsonville Ry.-New Officer.
Edward T. Am1tter has been appointed Vice-President In charge of the
J. T. Loree has been elected VIce-President, succeeding F.P. Gutelius.- Northwestern region of the system, with headquarters at Chicago, to suc-V. 116, p. 1523, 1412.
V. 107. 13. 803.
ceed the late J. O. Rodgers.
Indiana Columbus & Eastern Traction Co.
-New
Co.
C. G. Taylor of Lima, Ohio, has been appointed by the Federal Court
as trustee to reorganize the Lima & Defiance Division of the company.
The new company, known as the Lima & Defiance Wt., will
long, private right-of-way entire distance, connecting Lima, be 42 miles
through to
Defiance. Ohlo.-See also V. 116, p. 1411.
Interborough Consolidated Corp.
-Stricken from
Lid.
The Preferred stock and Common stock (without par value has been
stricken from the New York Stock Exchange list.
-V. 116, p. 822.
Philadelphia Rapid Transit Co.
-Earnings.
Income Account for March and 3 Months Ending March 31.
1923
-March-1922.
1923-3 Mos.-1922.
79.422,257 71.625,943 222,850.564 202,286,650
33.827,672 $3.525.522 $10.758,622 $9,972,001
3,903.356
3.611.312 10,945,444 10,198.018
_ 2,848.324
7,933.409
2,577.361
7.255,833
No.of pass. carried
Passenger revenue
Operating revenue
Operation and taxes_
Operating income_ _ _ _ 31,055.032 $1,033.951 $33,012,035 32.942.185
47.758
48.392
133.866
Non-operating income-129.386
31,102.790 31.082.343 $33,145,902 $33,071.571
Gross income
Inter-State Public Service Co.
-Acquisition.
-830,835
2,501,727
818.389
2.456,740
President Harry "told announces that negotiations for the sale to the Fixed charges
company of the electric plants at Monon, 'Francisville and Medaryville,
3271,955
Net income
$263.955
$644.175
3614.831
Ind. owned by the Continental Utilities Co.. for $90,000, have been corn- -Nr. 116,
P. 1644. 1276, 1050.
pleted.-V. 116. P. 1411.
Kansas City Outer Belt & Electric RR.
-Distribution to
Bondholders.
-
Philadelphia & Reading Ry.-New Officer.
-
Edgar D. Hilleary has been elected Vice-President in charge of freight
-V.116 p. 616.
traffic.
APRIL 211923.]
THE CHRONICLE
Portland Railway Light & Power Co.
-Bonds Offered.
The National City Co. and Halsey, Stuart & Co., New
York, are offering at 943' and int., to yield 6.45%, $2,000,000 1st Lien & Ref. Mtge. Gold Bonds SeriesB, 6%,due 1947.
Dated May 1 1922, due May 1 1947. A circular shows:
Calendar Years
12 Mos. to
Mar.31'23.
Earnings1920.
1922.
1921.
Gross earnings
$9,542.678 $9,902,520 $10,100,007 $10,304,411
Net, after rnaint. & taxes 3,334,936
3,872.125
3,752,902
3,633,006
Bond int. charges
1,915,947
1,576,970
1,895,576
1,740,291
Balance
$1,757,966 $1,892,715 $1,857,326 61,956,178
Capitalization Outstanding With Public Upon Completion of Present Financing•
Common stock
$1,117,215
611.250,000 5
-year 8% notes
2d Preferred stock
5,000,000 1st Lien & Ref. 7;iii---- 4,915,000
1st Preferred stock
4,500.000
do Series B 6s
6,250,000
Prior Preference stock_ -_ x2,955,700 1st & Ref. Mtge. 5s
y13,198,700
z15.569.000
I Underlying divis. bds.
1761
-Park to Be Sold.
Southwestern Traction Co.
Notice of sale of a portion of the assets of the company, has been posted
at Temple, Tex. The property to be sold consists of a tract of $37.64
acres of land midway between Temple and Belton. Tex., now used as a
pleasure park. The sale is to be made to satisfy a judgment of 56.000.
"Electric Railway Journal."
--V. 115. p. 1533.
Sugarland RR.
-May Purchase Road.
p. 1746.
-New Director.
Terminal RR. Assn. of St. Louis.
-V. 94.
See San Antonio Uvalde & Gulf RR. above.
L. W. Baldwin, President of the Missouri Pacific RR. has been elected
a director to succeed the late Alexander Robertson.
-V. 116, p. 1412.
'
-Distribution to Bondholders.
Texas & Oklahoma RR.
The committee for the 1st Mtge. 5% 40-Year Gold bonds, R. Walter
Leigh, Chairman, has notified the holders of certificates of deposit that
it received from the reorganization managers under the plan of Missouri
Kansas & Texas Ry. the 'Preferred and Common stock of the reorganized
Missouri-Kansas
-Texas RR. and the cash contemplated by the agreement
of adjustment, made March 1 1922. between the comm.ttee and the reorgan.zat,on managers, and the Preferred and Common stock and cash are
x Does not include sales made by company locally since March 311923.
y In addition, $9,380,000 pledged under tne 1st Lien & Ref. Mtge. and now ready for distribution to the holders of certificates of deposit issued
$3,100,300 neld alive in a sinking fund. z 81,532.000 additional bonds of under the deposit agreement of Feb. 14 1916.
After deducting the expenditures of the committee, there will be payable
one of these issues held alive in a sinking fund.
Purpose.
-A large part of the proceeds from the sale of these bonds and and deliverable to certificate holders in respect of each certificate for $1.000.
ofrecent issues of Prior Preference stock will be used to finance the construc- the following: $117 20 cash, 4 shares of Preferred stock of new company
and 7 shares of Common stock of new company.
tion of a new hydro-electric generating station.
-V. 116, p. 153.
Holders of certificates of deposit are notified to surrender their certificates
to Bankers Trust Co. depositary, 16 Wall St., New York, for exchange.
Public Service Corp. of N. J.
-New Officers, cfcc.Dudley Farrand and John L. O'Toole have been elected Vice-Presidents Bankers Trust Co. willreceive until June 1 1923 additional deposits of Texas
succeeding Randall Morgan and Col. Anthony R. Kuser. Messrs. Morgan & Oklahoma bonds under the deposit agreement, and will be prepared to
and Kuser retain their memberships on the board. Judge William H. Speer make distribution in respect thereof in cash and stock of the new company
as above.
-V. 115, p. 437.
has been elected a director succeeding Samuel T. Bodine.
A certificate amending the charter of the corporation has been filed with
Tr -City Railway & Light Co.
-Abandonment.
the Secretary of State of New Jersey, under which provision is made for
The company has applied to the Illinois Commerce Commission for perchanging the par value of the Common stock from $100 to no par. Two
new shares of Common stock, no par value, will be exchanged for each share mission to abandon about 3 miles of track in Rock Island and Moline,111.now held. Temporary certificates will be issued upon surrender of the V. 116. p. 1276.
outstanding shares at the home office of the corporation. 80 Park Place,
United Gas & Electric Corp.
-Capital Readjustment
Newark, N. J., or at the Guaranty Trust Co., 140 Broadway. N Y. City.
It was recently announced that in order to provide for service extensions Plan.
-The stockholders' readjustment committee, named
during the current year, the railway and electric subsidiary companies of the
corporation have placed orders for 4,000,000 pounds of copper, virtually below, formed at the request of a number of stockholders
all of which will be in the form of wire and cables.
representing a large amount of each class of stock for the
See Public Service Electric Power Co. below.
-V. 116, p. 1650.
Puget Sound Power & Light Co.
-Hearing Denied.
-
The U. S. Supreme Court on Apr. 16 denied the application of the company for a rehearing of its suit against the City of Seattle. The company
sought to compel the city to maintain a special fund to pay interest on $15,000,000 city funds given to the company for the Seattle street railway lines,
which have been taken over by the city.
-V. 116, p. 1276.
Quebec Ry., Light, Heat & Power Co._, Ltd.
-Report.
PeriodGross earnings
Operating expenses
Cal. Year 18 Mos. to -Years ending .Tune 301922.
Dec. 31 '21.
1919.
1920.
$2,858,606 $4,139,320 $2,372,034 $2,077,621
2,010.814
1.444.516
3.104.840
1,769,563
Net earnings
$847.792 $1,034,480
$602,471
Other income
Not stated Not stated Not stated
Fixed charges, taxes and
deprec. of equipment_
761,690
x932,772
x647,174
$633,105
Cr.27,722
726,101
Balance
Ysur$86.100 sur3101,708 def$ 44,703 def$65,273
x Stated after deducting "other income"(amount not shown.)
y Subject to income tax.
-V. 115. P. 1732.
St. Louis-San Francisco Ry.-Explains Assets.
-
Officers of the company have taken issue with the I.
-S. C. Commission
which recently declined to pass upon the company's application to issue
$1,047,900 Adjustment Mtge. bonds on the ground that the margin of
capitalizable assets over capitalization of the road was too small. This
surplus, according to the Commission's accountants, amounted to only
$3,655,816, but the company contends that the surplus should be carried
at $15724,969, and has written to Chairman E. N. Brown of the I. S.C.
Commission to this effect.
The letter states that there are included in current assets in the form of
cash and special deposits amounts totaling $8,069,152 representing cash
specifically set aside for the purchase of equipment under contract, and
which the company says should be treated as a capitallzable asset. The
letter also says that bonds issued or assumed pledged, amounting to $4,000,
000, were pledged as collateral for the U. S. Government loan of $3,000,000.
and that inasmuch as cash expenditures of only 83,000,000 have been made.
represented by the above loan, this amount only should be taken up as a
fixed liability.
Accountants insist that, in view of tho facts brought out above, the
comparison between capitalizable assets and capital liabilities should be
as follows:
Capitalizable Assets
Net book investment in road and equipment
$349,226,342
Deposits in lieu of mortgaged property sold
53,041
Investment in affiliated companies
435,113
Working capital
10.000.000
Amount set aside to be expended on new equipment
8,069,152
Total
$367,783.649
Less Actual
Funded debt
$297,770,454
Less: Prior lien bonds held as collateral to loan,
the loan already being incl. in the above figure_
4,000,000
$293,770454
Stock
58,288.226
352.058.680
Excess of book value of capitalizable assets over capitalization $15,724,969
-V. 116, p. 1650.
San Antonio Uvalde & Gulf RR.
-Sale Probable.
w. C. Eldridge, Pres, of the Sugar Land RR., has announced that he
will exercise an option to purchase the San Antonio Uvalde & Gulf when
It is released from the present receivership. Plans are under consideration
to build a branch of the road from Fowlerton. Tex., to a mint in the lower
Rio Grande valley-("Railway Age").
-V. 107, p. 1194:
Savannah & Southern Ry.-Sale.-
This road has been sold at receivers' sale as a going concern to G. T.
Tuten, the sale to become effective May 31. The price is $50.000 and $1.
limited by certain conditions. Confirmation of sale has been made by
Judge Walter W. Sheppard.
-V. 115. p. 2380.
Schenectady (N. Y.) Ry.-To Operate Buses, &c.
The company announces that it will operate passenger automobile buses
in districts which are not now sufficiently served by trolley cars.
The New York P. S. Commission in a recent ruling, ordered the company
to purchase 6 now interurban cars for use on the Albany-Schenectady line,
and the Troy-Schenectady line, to be in operation by Sept. 1, and an additional 12 cars for use in the city of Schenectady. The company is also
instructed to secure one new double-truck snow plow before .Nov. 1.-V.
116, p. 2687.
Scranton (Pa.) Ry.-Fare Rate Upheld.
-
The State Supreme Court of Pennsylvania has upheld the ruling of the
Pennsylvania P. B. Commission in placing a valuation of $9,000,000 on
property of the company as a basis for 8
-cent fares. The city of Scranton,
Pa., appealed against the ruling of the Commission 16 months ago, which
resulted in the present decision.
-V. 115, p. 74.
Seattle & Rainier Valley RR.
-Fares.
-
An interchangeable weekly pass is now being sold by the company for
$1 25.-V. 113, p. 2722.
Sewell Valley RR.
-Notes.
-
The I.
-S. 0. Commission on Apr. 9 granted authority to issue $253.920
notes in payment for certain construction,
-V. 113, p. 2819.
purpose of devising a plan of recapitalization which will
meet the existing difficulties and will, at the same time, be
fair and equitable to all classes of stockholders, has proposed the following plan. The committee, in a circular to
the stockholders, says in substance:
Impairment in Capital Through Losses in American Cities Co. and International Traction Co.
-The last two annual reports have indicated very
plainly a serious impairment in capital account brought about by the for&
closure of the mortgages of the International Traction Co. and the AllariCan
Cities Co., which resulted in the complete loss of the large stock interest
of the corporation in these two companies. Upon the acquisition by the
corporation of its holdings of 155,555.5 shares of Common stock (par
vow of the American Cities Co., it issued in payment therefor 116,665
shares of 2d Pref. stock (par $100) and 38.879 shares of Common stock
(par 8100).
Defaults in the mortgages of the American Cities Ce. and the International Traction Co., followed by foreclosure proceedings rendered
valueless the investment in the stocks of these companies. The resulting
book loss to the corporation caused by war conditions beyond the corporation's control, is estimated to be $23,512,393. The remaining properties owned by the corporation, according to the reports of its officers.
are in excellent physical condition and earnings applicable to dividends
have been constantly increasing. However, as long as the aforesaid
capital impairment exists, the requirements of the law render it impossible
for the corporation to pay dividends.
Capital Readjustment Necessary.
-It is evident that a long period will
be required to make good the capital impairment through earnings. It
is, therefore, apparent that a capital readjustment is necessary in order
that the shareholders may receive some distribution of earnings and that
the outstanding capital stock may reflect a true measure of the present
assets. After deducting the aforesaid book loss from the book value of
the present capital stocks, a balance of 39.686.406 would remain and the
capital stock should be adjusted accordingly.
Plan Must Be Equitable to all Classes of Stock.
-The committee realizes
that a plan must be devised which will be equitable to all three classes of
stock. It appreciates that the 1st Preferred stock is entitled to the full
amount due it before the junior securities are entitled to receive anything,
but on the other hand no plan can be put through without the consent
and co-operation of the junior stocks.
To Consolidate Other Cornpanies.-Whilo the committee was considering
a plan for a fair and reasonable recapitalization, interests affiliated with
the corporations' properties were negotiating for the purchase of three
electrical companies operating in and adjacent to Lancaster County. Pa.
These interests have now organized The Berkshire Corp. in Connecticut.
which has acquired these three electrical companies. This corporation
has outstanding 18,000 shares of stock (par $10) and $125,000 3
-Year
notes. As these properties can be operated advantageously In connection
with the Lancaster County Ry. & Light Co., a subsidiary, the committee
has entered into negotiations with these interests looking to consolidation
of the Berkshire Co. with the United Gas & Electric Corp. a
New Company and Capitalization.
-The name of the consolidated corporation shall be the United Gas & Electric Corp., which will have an
authorized issue of $6.499,360 Preferred stock (par $100) and 52.500.640
Common stock (par $10).
Terms of the Proposed Exchange of Stocks and Consolidation.
-Will Receive
Existing StockOutstanding. Pref. Stock. Corn. 82.
U.G.& El.Corp.lst Pt. stk.
$649,930
(par $100)_39,284,800 $6,499,860
Each 10 shares
7 shs.
7 shs.
U.G. & El.Corp.2d Pf. stk.(par $100)_11.663,500
$1.166,350
Each 1 share
1 sh.
U.G.& El. Corp.Corn. stk.(par $100)-12,250.000
$408,350
Each 1 share
1-3 sh.
Berkshire Corp. capital stock (par $10) 180,000
180,000
Each 1 share
1 sh.
Total
36,499,860 $2,404,636
After the plan is consummated, there will remain for the future uses
$96,004 unissued Common stock. The committee shall have the right
to provide for Common stock without nominal or par value, in which event
the number of shares of Common stock of no par value shall not exceed
250,064, and of this stock 240,464 shares will be Issued, leaving 9.600 shares
unissued.
Description of Preferred Stock.
-Preferred as to dividends and assets in
liquidation. Will bear 5% cumulative dividends the first two years, 6%
cumulative dividends for the succeeding two years ,and 7% cumulative
dividends thereafter. Redeemable all or part at 105.
Capital Surplus of 8962,000 After Adjustment.
From the foregoing it appears that the book value of the present
capital stocks of the corporation should be adjusted to an
amount not in excess of
$9,686,407
That the book value of the stock of the Berkshire Co. over and
above its obligations amounts to
180,000
Total____
.19,866,407
And as the pail'- - 1uic ilce
17.; -;ails:Weil icapit7a71 itWeii 4
.of
the consolidated corporation will be
8.903,996
A capital surplus will remain of
8962,411
Outlook for Dividends. etc.
-The 1st Preferred stockholders are justified
in the expectation of dividends from the start on the Preferred stock of
the consolidated corporation which they will receive according to the
plan, as the committee has been assured by the management of the ability
of the consolidated corporation to earn such dividends.
As the Preferred stock of the consolidated corporation in all probability
will be on a dividend paying basis, it will have a much wider and more
stable market than the existing 1st Preferred stock,and as a further result
1762
THE CHRONICLE
[vol. 116.
the consolidated coporation will be in a much stronger position to secure
Washington Water Power Co.
-Rights, &c.the financing necessary for its proper development than the existing
The stockholders of record Apr. 24 1923 will be given the right to subcorporation.
scribe on or before June 15 to about $1,833,020 net stock at par, to the exDeposits Asked.
-In order to obtain the necessary assurance, holders tent of 10% of their holdings.
The purchasers of the new stock will reof the 1st Preferred, 2d Preferred and the Common stock are requested ceive the dividend of July 14. The
proceeds of this sale of stock will be used
to deposit their certificates with the Fidelity Trust Co., Philadelphia, as for capital expenditures and
reduction of short-time debt.
depositary, or with one of the sub-depositaries: Chase National Bank,
Earnings for Three Months ended March 31.
New York And Lancaster Trust Co., Lancaster, Pa. ..Stocks must be
deposited by May 12.
1922.
1922.
Committee.
-Joseph Wayne Jr., Pres. Girard National Bank, Chairman: Gross revenue
$1.330,228 $1,223,398
W. W. Griest. Pres. Lancaster Co. By. & Lt. Co.: Wm. B. Joyce. Pres. Net after operating expenses and taxes
$711,806
$670.720
National Surety Co.: F. M. ICirby, V.-Pres. F. W. Woolworth Co.; E. Net after interest, replacements,reserves, &c
$499,379
$429.153
R. Tinker, Pres. Chase Securities Corp.: S. R. Bertron, Pres. Bertron,
There were included in the gross revenue for 1922 street railway receipts
Griscom & Co.. Inc., with T. H. Atherton, Sec., 1431 Chestnut St. amounting to $193,091, whereas there are no street railway revenues inPhiladelphia.
-V. 116, p. 1412.
-V. 116, p. 1277.
cluded in the 1923 figures.
United Rys. & Electric Co. of Balt.-Resignation.Herbert Baker Flowers recently resigned as Vice-President & Gen.
Mgr. of this company to become President of the New Orleans Public
-V. 116. p. 1651
Service Co.
-Time Extended.
United Railways Investment Co.
-
Pursuant to the powers given by the deposit agreement dated March 16
1923, of which the First National Bank, New York, is depositary, Ladenburg. Thalmann & Co. as managers, have extended the time of making
-Year Sinking Fund 5% Gold bonds, Pittsdeposits of Collateral Trust 20
burgh issue, until May 1 1923, and extend the time within which the
conditional offer to pay par therefore may be declared operative to May 15
1923.-V. 116, p. 1651.
-Final Settlements.
U. S. RR. Administration.
-
The U. S. Railroad Administration announces that final settlements of
claims growing out of the period of Federal controLhave been made with the
following roads:
Florida East Coast RR. $750.000: Galveston Houston & Henderson
RE.. $34,000: American Refrigerator Transit Co. $210.000: Detroit &
Toledo Short Line. $65,000: Gulf Ports Terminal Ry., $1,000; Waynesburg
it Washington RE.. $2,300, and Marlon Ry. Corp., $1,000.
The Railroad Administration has received $1,250.000 from the Minneapolis & St. Louis and 8250,000 from the Grand Trunk Ry. of Canada in
-V. 116, p. 1052.
final settlement of claims.
Virginia Railway & Power Co.
-Earnings Statement.Gross earnings
Operating expenses
-Calendar Years-8.Mos.
Year
1922.
1921.
Dec. 31 '20..furie 30 '20.
$9,513,096 310,173,334 $5,314,034 $9,908,006
5,202,659
6,457.262
3,577,154
6,115,670
Net earnings
Other income
84.310,437 $3,716,072 $1,736,880 $3,792,336
236,035
235,457
72,606
161,424
Gross income
$4,546,472 $3,951,529 $1,809,486 $3,953,760
licenses
Taxa and
668,589
698.112
328,653
686,380
Interest on bonds
963.804
963,052
481,700
995,000
Sinking fund payments_
168.785
168.785
64,386
168.785
Rentals
335.828
332,715
183,664
333.613
Miscellaneous interest
51,084
95,894
45,564
103,685
Direct charges
38.813
92,472
193,343
150,657
Surplus for year
$2,319.568 $1.600,499
$512,176 31.515,640
surplus
Previous
1,783.437
1,301.071 a1,587.689
1.165,453
Total surplus
34,103,005 $2,901,570 $2,099,865 $2,681.093
Preferred dividends_ _(6%,$537,738 x(6 507,738 x(6)479,952
Depreciation reserve_ _ _ 1,422.500
610,400
318.842
594,480
Adjustment reserve_..y1,500,000
Balance, surplus
$642,767 $1,783,437 31.301,071 $2,086,613
a $498,914 transferred to surplus of City Gas Co., which company had
previously been consolioated with Virginia By, & Power Co. x Stock
dividend payable in 6% Preferred stock. y The property account has
been adjusted to "Stone & Webster's" appraisal as of Jan. 1 1920, less
25% for reduction in unit prices, which adjustment resulted in a reduction
in property account of $2,454,661, of which amount $1.500,000 has now
been charged to surplus. The balance, $945,661, is being carried as a
suspense charge in property adjustment account to be hereafter charged
to surplus as directors may determine.
Balance Sheet December 31.
[Virginia B.& Power Co. and Norfolk By. & Light Co. charges between
companies eliminated.]
1922.
1921.
1922.
1921.
Assets$
Liabilities$
8
$
Prop., fran., &c...47,566,773 47,701,695 Common stock...-13,600,500 13,600,500
Work In progress_- 694,786
501,677 Preferred stock___ 8,962,500 8,462,400
Investments
1,274,364 1,265,764 Preferred scrip_ __ _
24,590
16,952
S.F.bonds redeem. 2,632,000 2,253,000 Funded debt
23,476,626 23,326,626
Cash in sink.fund_
42,148
31,411 Bills payable
372,265 1,359,938
Proceeds sale of
pay-rolls and se
property depos. 125,965
120,189
counts payable_ 883,077
745,445
34
Dep.to red.bd scrip
34 Mater.int. on bds. 365,025
360,400
Der. charges, &c__ 1,396,085
428,120 Dividends payable 638,531
508,566
Material & supp__ 588,002
588,372 Cons.& empl.cred,
. 24,565
Bills receivable_ _
52.132 Sze
115,457
110,450
Accts.receivable__ 575,652
546,563 Interest accrued
60,367
87,843
Deposits to pay inTaxes& rent. accr. 231,979
199,542
terest coupons.... 365,149
360,524 S.F. Inst. accr., &e
15,951
13,484
793
828 Allied co. accounts
Dep. to pay diva__
4,606
7,235
968,137
Cash
827,650 Drpr.& renew. res 4,115,592 1,625,810
Other reserves_ - _ _
170.428
182,884
S.F. bond retirem't 2,674,182 2,284,445
Tot.(each side) 56.254.453 54.675.960 Surplus account__ 642,767 1,783,437
Mayor Ainslie has signed an ordinance extending the 6
-cent fare privilege
team company for a period of 6 months from April 11 1923. The company
has accepted the terms of the ordinance.
-V. 1.16, P. 1534.
West Penn Co.
-Annual Report (Incl. Subsidiaries).-
Calendar Years1922.
1921.
1920.
19'9.
Gross earnings
$17,323,089 $14,189,777 $13,607,949 $10,634.611
Operating expenses
9.736,651
8,571,542 8,807,927
6,411,208
Depreciation
1,002.334
1.000,000
802,553
402,553
Ordinary taxes
f
425,494
357,,,95
Federal taxes estimated_} 1.0..9,060
673,1361
214,468
192.686
Net earnings
$5,465.045 $3,945,100 $3,357,547 $3.270,869
Miscellaneous income_ _ _
638.216
566,158
550,294
453,200
$6,103,..61 $4.511,258 83,907,801 $3.724,069
xInt. & amort. of(Eget_ $3,377,843 82 438.561 32.113,050 82,009,298
Divs.accr. on Pref.stock
of subsidiaries in hands
of public
946,875
608.188
538,255
527,657
Income of subs, applied
35,456
to minority interest_ _
Divs, on pref. stock_ --(6%)483,282
y808.282 (6)483,282 (6)482,282
Balance, surplus
$1,259,805
$656,226
8773.213
$7 3,832
x Excluding interest charged to improvement account, $115,083 in 1922,
$227,151 in 1921. 8273.889 in 1920 and 8201.389 in 1919.
y These dividends on the Preferred stock include:(a) Four regular quarto ly dividends of 114% paid during the year out of surplus and net profits;
(b) three dividends of 1 j, % each upon 65,000 shares of the 6% Cum. Prof.
stock which were outstanding March 16 1914 on account of unpaid dividends accumulated upon said shares, aggregating at the beginning of the
year 16 M %•
-Name of company changed by appropriate action of stockholders
Note.
June.21 1922, and includes West Penn Monongahela Co.from June 14 1922.
-V.,116. p. 1651, 722.
Washington Baltimore 8c Annapolis Electric RR.
The Annapolis Public Utilities Co., a subsidiary, has purchased for $25,the municipal electric light plant at Laurel, Md.
000
C. M. Mason, New York, has been elected a director to succeed the late
James A. Hemenway.-Y. 116, p. 1651.
Waterloo, Cedar Falls & Northern Ry.-New Sec.
W.H.Burk, Crew.& Auditor, has been elected Sec'y.-V. 116, p.1412.
INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important developments in the industrial world during the past week, together with a summary of similar news published in full
detail in last week's "Chronicle" either under "Editorial
Comment" or "Current Events and Discussions."
Steel and Iron Production, Prices, &c.
The "Iron Age" April 19 said:
"There is increasing evidence of moderation in prices of finished steel
and in the attitude of buyers. Pressure on the mills is just as great, but
there is less offering of premiums to get early delivery steel and less effort
to place contracts covering third quarter months.
The Steel Corporation s operations continue at 93% or somewhat better, and independent companies have made a slight increase in the'r recent
running rate. It is appreciated, however, that the test is yet to come of
the ability of steel companies to hold their forces intact in the face of the
high wages offered for some forms of outdoor work.
"Some manufacturing consumers of steel also are paying considerably
less for common labor than are the building trades, and the effect of this
inequality is yet to be seen. Foundries, too, are short of men because of
the high rates paid by outdoor jobs.
"Early delivery plates, shapes and bars have sold in the past week at
prices somewhat below the extremes of two and three weeks ago, and with
this tendency there is less concern over the possibilities of speculative
buying.
'The shortage in semi-finished steel is unrelieved, but as the finished
material market is quieting down, mills that buy their sheet bars or billets
are less exercised. An Ohio mill having its own steel supply is trying to
buy 8.000 tons of sheet bars, but none is offered.
'A few price changes are yet to come in connection with new buying for
forward delivery. Some pipe producers look for higher prices, but the Steel
Corporation's policy is not yet made known. There is an expectation that
wire products of the Steel Corporation will find a higher level.
"The Carnegie Steel Co. opened its books this week for cotton ties for
1923 at 81 60 per bundle of45 lb., as against 8110 last year. Other makers
have adopted the 51 60 price, which is nearly equivalent to 3c. per lb. for
steel hoops.
"Fabricated steel business is not running at the rate of March, but that
month established a high point, with sales aggregating 235,000 to 240,000
tons. The past week's known contracts totaled 25,000 tons and inquiries
17,000 tons.
"The week's railroad equipment business is a surprise, seeing how much is
booked ahead. Purchases of cars exceeded 6.300 and there were 83 locomotives.
"New steel rail inquiry, chiefly in the Chicago district and the South,
amounts to 250.000 tons, and some of it has been booked by Steel Corporation mills which cannot deliver before late in the year. Chicago mills
have taken large orders for track fastenings, including 30,000 kegs of spikes
and bolts, 5,000 tons of angle bars and 1,200 tons of tie plates.
"Automobile buying of alloy steels has been considerable, and recent
minimum prices cannot now be had, one maker's advance being as much as
jiC. per lb.
"Steel foundries had a remarkable month in March. Practically two
months' capacity of railroad castings were ordered and about 15% over
rated capacity in miscellaneous commercial castings, or 143,564 tons of
both classes. It was by a wide margin the best month in three years.
"Buyers of pig iron have been almost entirely absent from the market,
making the dulness more pronounced than for a long time. On the whole,
prices are being well maintained and strength is shown in some centres,
particularly in the Chicago district. Some concessions have been made at
Buffalo and in Virginia.
"Two advances of $2 50 each in the price of British ferromanganese have
come in the past week, bringing it to $120, Baltimore. High fuel and
.
reasonsm
ore co
ast an
ghE oreerre
h
Iron
ponies have made some sales, but are meeting
strong competition in foreign ores and prices have not been definitely established. Lake Superior producers are selling rather slowly at Cleveland.
"Suspensions of a number of Pittsburgh district coal mines because of
low prices has halted the decline. Coke production is still in excess of contract requirements, and with export business held up by car congestion in
the East, low prices have been made, to move the surplus. Furnace coke
has been offered at $6, and in a few cases sold at $5 50.
"Some of the coke sold to Europe in the Ruhr emergency may not go out
of the country. Time limits in connection with payments may expire before the freight congestion on the seaboard can be relieved.
"The 'Iron Age' pig iron composite price stands this week at $30 79,
compared with $30 86 for the four preceding weeks. One year ago it was
820 40."
Coal Production, Prices, &c.
The United States Geological Survey April 14 1923 estimated production
follows:
as
"The closing of mines in union districts on Eight Hour Day-April 2
reduced production on that day to about 42% of the average of recent
Mondays. The estimated total of coal raised during the week April 2-7
is 9,725,000 net tons, and the indicated daily average output for the week
of 5.42 days is 1.794,000 tons. The present week. April 9-14, opened with
38,188 cars loaded on Monday and on each of the next three days loadings
were between 30.000 and 31.000 cars. The total output for the week will
probably be about 10,500,000 net tons.
"Preliminary estimates indicate that the cumulative production in the
present calendar year to April 7 was 148,867,000 net tons. The production
during the corresponding periods of the six preceding years was as follows
(In net tons):
142,452,00011920
1917
149,437,000
144,876.000 1921
109.288,000
1918
118,054,000 1922
133.123,000
1919
"Thus it is shown that soft coal production in 1923 now stands 4.5, 2.8,
26.1. 36.2 and 11.8%, respectively, ahead of production at corresponding
dates in 1917, 1918, 1919, 1921 and 1922, and 0.4% behind 1920.
-as a holiday at the anthra"The observance of Eight Hour Day-April 2
cite mines was responsible for complete suspension of work and production
declined sharply in the week ended April 7. Using as a basis the 30,637
cars reported as being shipped by the anthracite carriers, the total output
was estimated at 1,602.000 net tons, a decrease of 20% over the week preceding. The suspension on Monday was not responsible, however, for the
entire loss, as shipments did not reach normal until Thursday. The corresponding week in 1922 witnessed the outbreak of the miners strike and
production was but 9,000 tons.
"The cumulative output during 1923 to date now stands at 27,470,000
net tons, an increase over the corresponding period of 1922 of 5,684,000
tons, or 26%.
"The revised estimate of anthracite production in March, based on final
data of shipments in that month, is 9.382,000 net tons, including mine fuel,
local sales and dredge and washery output. , This figure equals the previous
high record of monthly production made In March 1918 An output of
9,000,000 tons per month has heretofore been attained only in the months
of March, June, August and October 1917, and in March, July and August
1918, which were years of maximum anthracite production, and also times
of very largo washery output.
"The total production of anthracite in the coal year 1922-1923 was 56,576,000 net tons. 36.4% less than in the coal year 1921-1922, and 38.3%
less than the average for the past nine coal years
APRIL 21 1923.]
THE CHRONICLE
Production in Net Tons of Anthracite in March and Total Production for
the Coal Year.
Coal Year- March. *Coal Year.
Coal Year- March. *Coal Year.
1913-1914---6,863.000 88,323.000 1918-1919a--5,190,000 92,790.000
1914-1915----6,654.000 90,298,000 1919-1920-7,935,000 91,790,000
1915-1916____7,964.000 93,318,000 1920-1921----7,677,000 91,130,000
1916-1917.-9,026,000 87,949,000 1921-1922____8,757.000 88,909,000
1917-1918a___9,382.000 100,372,000 1922-1923----9,382,000 56,576,000
a Years of very large washery production.
* Cumulative production during coal year to March 31.
Esitmated United States Production in Net Tons.
1923
1922
BituminousWeek.
Week. Cal. Yt. to Date.
Cal. Year to Date.
March 24
10,424.000
118.801,000
128,712,000
11.448,000
March 31
129,270,000
10,430.000
10,469,000
139,142,000
April
7
135,105,000
9,725,000
148,867,000
3,835,000
Anthracite
March 24
20,869,000
2.126,000
2.095,000
24,048,000
March 31
22.765,000
2.008,000
1,896.000
26,056,000
April
7
22,774,000
1,602,000
9,000
27,658,000
Beehive Coke
March 24
1,618,000
384.000
4,321,000
175,000
March 31
1.809.000
388,000
191.000
4,709,000
April
7
1,984,000
427,000
5,136,000
175.000
The "Coal Trade Journal" April 18 reviewed market conditions as follows:
"Developments of major importance were conspicuous by their absence
from the bituminous coal markets of the country during the second week
In April. While there was more contracting in evidence, the spot trading
was generally of a hand-to-mouth variety. In some of the districts that
have complained most bitterly of car shortage there was an improvement
In transportation that weakened price levels and encouraged open market
purchasing agents to further procrastination.
"One of the principal factors in the present soft situation is the delay in
the opening of navigation. With reports of vanishing stocks at the head
of the Lakes to bolster up hope, the operators in the fields normally. supplying dock tonnage to the Northwest have been led to believe that the movement in that direction would be particularly heavy this season. Ice in the
channels has held back shipping and the dock men are making an issue of
prices. Cargo dumpings at the lower Lake ports up to April 9 totaled
193,343 tons.
"Baltimore is the only market at the present time that is setting any
great store by the export revival. In other markets and in the producing
fields that revival threatens to become a closed incident. While dumpings
at the Virginia piers last week were the highest for the year, it was New
England, and not foreign buyers, who were taking the bulk of the tonnage.
This coal, however, was moving through regular channels of trade and so
had little effect upon the spot market.
"Compared with the quotations for the week ended April 7, spot prices
last week showed changed in 61% of the list. Of these changes, over 80%
represent reductions ranging from 5 to 75 cents and averaging 25.4 cents
per ton. The average advance was 18.7 cents and the range from 5 to 50
cents. The straight average minimum on the coals quoted below was
$2 47 per ton, as compared with $2 56 during the first week in April. The
average maximum was $2 92, a decrease of 10 cents. A year ago the averages were $2 01 and $2 46. respectively.
"The anthracite trade during the week showed no noteworthy changes.
Demand for domestic sizes continues at a rate that taxes the facilities of
the producers. Beehive coke output is still gaining, with spot Connellsville
quotations slightly weaker. By-product output in March reached 3.250.000
net tons, which is far in excess of the monthly average for the past six years."
Oil Production, Prices, &c.
The American Petroleum Institute estimates the daily average gross crude
oil production in the United States for the week ended April 14 as follows:
(In Barrels.)
Apr. 14 '23. Apr.7'23. Mar. 31 '23. Apr. 15 '22.
Oklahoma
436,850
433.750
421.400
363,200
Kansas
81.400
81,350
81,600
81,000
North Texas
66,000
63,000
60,050
52,300
Central Texas
129,650
130,600
122,250
153,800
North Louisiana
69,950
69,200
90,500
69,850
Arkansas
120,100
118,650
113,750
37,950
Gulf Coast
100,000
101,300
114.950
101,350
Eastern
105,000
106,000
106,000
115,000
Wyoming and Montana_
127,700
122,300
123,200
72,150
California
715,000
720.000
705,000
330,000
Total
1.951,650
1,410,850
1.908,450
1,942,150
Gasoline Price Reduced.
-Standard 011 Co. of California reduced price
lc. per gallon effective April 10 (official).
Standard Oil Co. of Indiana reduced price 1 c. to 16)4 c. a gallon.
"Wall St(eet Journal- April 18, p. 1.
Standard 011 Co. of NOW Jersey reduced price lc. a gallon in its territory
to 22)4c. per gallon, tank wagon price. No changes were made in North
and South Carolina. "Financial America" April 12.
Crude Oil Price.
-Standard 011 Co. of California issues new schedule
of prices ranging from 60c. to $1 04 per barrel, according to gravity.
effective April 10. Heavy crude price remains unchanged. (Official.)
Texas Co. reduced price of Smackover crude oil 10c. a barrel, effective
April 14. "Financial America" April 14, p. 1.
Standard 011 Co. of Louisiana reduced Bellevue crude 10c. per barrel.
"Financial America" April 21.
Kerosene Price.
-Standard 011 Co. of New Jersey reduced kerosene
Mc. a gallon in its territory except in North and South Carolina. "Financial
America" April 21.
Standard Oil Co. Grants Vacations.
-Begins new practice by granting
1 week's vacation with pay to every worker in manufacturing departments,
who has been with company one year. "Financial America" April 21.
Prices, Wages and Other Trade Matters.
Sugar Prices.
-On April 14 Cuban raw sugar reached 6c. f.o.b., or
6.15 c.&.f., a new high record for the year.
The following advances in refined were reported: April 17, Pennsylvania
Sugar Co., 20 points to 9.60c.; April 18. American, National, Revere
and Warner companies. 20 points to 9.60c.; Arcuckle, 20 points to 9.50c.;
Federal, 30 pots to 9.60c., and Pennsylvania, 25 points to 9.850. for
in
immediate delivery in 100-1b. bags.
Government Intervenes in Sugar Speculation.
-Enjoins members of N. Y.
Coffee and Sugar Exchange and N. Y. Coffee and Sugar Clearing Assn.,
Inc.. from transactions under certain conditions. "Times" April 20, p. 1.
-Hupp Motor Car Corp. advanced prices
Motor Car Price Advanced.
ranging from $50 to $75 per car. "Financial America" April 19, p. 1.
Tire Price Higher.
-Firestone Tire & Rubber Co. advances prices about
10% to compare with recent general increase. Effective May 1. "Wall
Street Journal" April 17, p. 16.
Lead Price Declines.
-American Smelting & Refining Co. reduced price
25 points to 8c. a pound. "Financial America" April 20. p. 2.
Copper Price Lower.
-Quotations have generally been
a pound. "Engineering & Mining Journal-Press" April 21,reduced to 17c.
p. 734.
Wage Increases.-Statdard Steel Car Co. advances wages 5c. an hour
for its 400 employees. "Financial America" April 21.
Belding Brothers silk manufacturers, increase wages 12 3i %. "Wall
Street Journal" April 14, P. 3.
Singer Mfg. Co. Increases wages of its 7,000 employees 10%, effective
April 16. "Sun" April 19, p. 27.
Twenty-one trades covered by 10% pay increase in Brooklyn Navy
Yard. "Times" April 17, p. 36.
Garment trades in Baltimore ask 10% increase effective May 1. "Wall
Street Journal" April 13. P• 3.
Garment workers in New York ask for 10% increase effective May 14.
Similar demands in Chicago, Philadelphia, Boston and Rochester. "Sun"
April 19, p. 3.
Packing trades increase wages 10% to 80,000 men and indirectly to
120,000 more. "Evening Post" April 14, p. 2.
Paper mills generally throughout United States and Canada increas
wages 40. an hour, or about 10% to about 20,000 employees. "Times'
April 20, p. 19.
Gulf Refining Co. advanced wages of 200 employees effective May 1,
amount not stated. "Times" April 20, p. 19.
Schwarzenbach-Huber Silk Mills (Bayonne) advances wages of 550
employees from 5 to 10%. "Times" April 20, p. 19.
Plasterers' Union announces after May 1 wages will be $12 a day.
"Wall Street Journal" April 14, p. 3.
General Electric Co. increases wages at Erie (Pa.) and Lynn (Mass.)
plants 10%. "Boston News Bureau' April 17. p. 9.
1763
Beacon 011 employees threaten strike unless 15% wage increase is granted
The company (at Everett, Mass.) offered 5% increase. "Boston New
Bureau" April 16. P. 3
.
Textile Situatton.-United Textile Workers in Fall River stand firm
for 2915% increase and condemn action of those unions which have accepted
the 12)4,0 increase. "Times" April 16, p. 3.
Tire Fabric Company Moves.-Manhassett Mfg. Co. will close plant at
Taunton, Mass., and reopen in Putnam, Conn., because company can
-hour week than in Massaproduce more economically in State with a 54
chusetts. "Bosthn News Bureau" April 18,P. 3-2.000 emCheney Bros. Silk Mills (Conn.) Compromise with Strikers.
ployees struck in protest against credit rating system of wage readjustment.
Will return next Monday after differences were settled in conferences,)
strikers winning wage increases varying from 16 to 40% and bonus concessions. "Times April 20,P. 19.
-"Sandhog" strike on New York
Vehicular Tunnel Workers End Strike.
and New Jersey Vehicular Tunnel ends as tunnel miners win $1 50 a day
increase (wage now $8 50 per day) and helpers receive 50c. a day incras e
(wage now $7 00 per day). Precaution against further suspension of
work by insertion of clause providing arbitration of future disputes.
"Times" April 17, p. 23.
-20 indi"Potteries Combine" Guilty of Violation of Anti-Trust Laws.
viduals and 22 companies convicted by Grand Jury. "Times" April 18.p.25
-Rivalry between United
Lynn (Mass.) Shoe Industry Tied Up by Strike.
Shoe Workers of America, who are standing with the manufacturers,
and the Amalgamated Union causes strike of 3.000 stitchers besides 5,000
additional workers. "Boston News Bureau" April 19. 13• 13.
-New schedule
-Hour Day.
New England Telephone Operators Demand 7
of hours and wages to be presented. "Times" April 19, p. 12.
Matters Covered in "Chronicle" April 14.-(a) Course a wages: interferences with the law ofsupply and demand,p. 1587. (b)U.S. Supreme Court
Passes upon minimum wage laws, p. 1588 and 1608 to 1612, inclusive.
(c) The Herrin affair moves on, p. 1589. (d) Building operations continue large. p. 1595. (e) Wage advances by U. S. Steel Corp. and other
steel companies, p. 1596. (f) Wage advances in Canadian textile mills,
.
1 1595 (g) Building Trades Employers' Association of New York refuses
3any wage advances, p. 1597.
(h) Offering of $2,500,000 5% bonds of Chicago Joint Stock Land Bank,
p 1599. (i) D. G. Dery Corp., New York, in hands of receivers. p. 1602.
(i) Purchase of Ford cars possible with initial deposit of $5, p. 1608.
-Dividend of
Acme Coal Mining Co., Philipsburg, Pa.
20e. Declared-Par Value Changed to 510 Per Share.
A dividend of 20 cents per share has been declared on the new stock
(Par $10). payable June 5 to holders of record as of May 26.
A notice to stockholders says in substance: "The par value has been
changed from $1 to $10 per share and all stockholders should forward
their certificates to the transfer agent, the Empire Trust Co., 120 Broadway, N.Y.City, which will issue new stock in exchange therefor on the basis
of one new share of $10 par for each 10 shares of $1 par held. Only the
stock of the new par value of $10 per share will participate in the dividend
mentioned above."
The company was incorporated in Pennsylvania in 1919 and has an authorized capitalization of $1.000,000 ($695.000 outstanding at Sept. 30
1922). The company acquired the entire capital stock of the Bear Run
Coal Co.Inc., the Frelin Coal Co., Inc., and the Holler Coal Co., Inc.,
and also 'the leasehold interest, mining equipment and personal property
of the Beaver Run Mining Co. The company further holds an option to
develop the property of the Webster ds Union Coal Co. of Kentucky.
M. Ward Fleming is President.
Air Reduction Co., Inc.
-Tenders.
-
The Mechanics & Metals National Bank, trustee, 20 Nassau St., N. Y.
City, will until May 10 receive bids for the sale to it of 7% Cony. Gold
Debenture bonds due Apr. 1 1930, to an amount sufficient to exhaust
$52,228, at prices not in excess of 105 and int.-V. 116, p. 1414.
-Sale.
American & British Mfg. Corp.
It is reported that the Bridgeport Iron & Metal Co. has ptirchased the
Bridgeport, Conn., plant for $183.250. The property includes 7 acres.
manufacturing units and a considerable quantity of machinery. The property located in Rhode Island is being sold at public auction by G. L. &
Gross and Joseph Feldstein, auctioneers, at the Providence plant.
V. 116, P. 15.35.
American Linseed Co.(N. Y.).
-Annual Report.Pres. R. H. Adams April 10 1923 reports in substance:
We are glad to report that the new tariff bill is as fair as could be expected
and that we ire not now at the great disadvantage we were under the
temporary tariff in meeting competition with imported oil. Linseed oil
is, of course, still being imported.
Although last year did not come up to our expectation, the first three
months of the present year show very handsome increases. In the late
summer of 1922, we added a new product to our food line, known as Gold
Medal Mayonnaise. This item has been added to our business without
increasing our overhead for the reason that it is manufactured and sold
by the same organization which manufactures and sells our older product.
Nucoa Nut Margarine.
Consolidated General Balance Sheet Dec. 31 (Including Subsid. Cos.)
1921.
1922.
1921.
1922.
s
Liabilities
$
Property acct.- _x36,198,389 36,582,545 Preferred stock._16,750,000 16,750.000
Inventories
7,362,253 6,582,248 Common stock___16,750,000 16,750,000
Accts. rec. (cust.,
328.500
323,000
Mortgages
less reserves)
287,789
1,619,020 1,188,299 Curr. accts. pay._ 626,155
Misc. accts. rec.... 246,033
Notes payable__ 3,994,044 5,030,000
Notes & tr. accept.
Bankers' accepts__ 3,325,999 2,079,914
receivable
133,953
111.992 Drafts in transit.
600,000
Sundry mark.secs. 186,595
23,048
130,875 Adv. by consigns
Cash
127,656
2,036,957 2,326.736 Taxes accrued__ 73,894
Inv. in & adv. to
6,241
Miscellaneous_ _
3,136
MM.comapnies. 436,727
760,825
594,528 Sundry yes. funds_ 811,538
Misc. rec-bles ds
Sur.& undiv. prof_ 5,654,618 4.863,499
investments
436,580
169,119
Deferred charges
Tot.(each side).48,912,385 47.905,474
255,880
219,133
x Properties owned by the severe companies: Mills, stations, equipment, goodwill, trade marks brands, foreign patent rights, &c.
16Note.-Contingent liabilities, letters of credit. $1,165,392.-V. 116. P.
52
.
American Motor Body Co.
-Proposed Plan of Reorganization.
-The following proposed plan of reorganization
(much condensed) has been issued with a circular to the stockholders of the Hale & Kilburn Corp. (see that company):
New Company.
-The certificate of incorporation of a new corporation.
The Motor Body Corp., organized in Delaware. Is to be amended so as to
Increase the total authorized capital to 825,000 shares, no par value.
The Motor Body Corp. is to acquire by purchase, merger, consolidation
or otherwise, all the property and assets of the American Motor Body Co.
and the Wadsworth Manufacturing Corp. (Mich.), and is to assume and
agree to pay and discharge all their debts, obligations and liabilities.
Bond Issue.
-The Motor Body Corp. is to
-Year
Gold bonds, secured by a mortgage upon thecreate $5.000,000 6% 30 by
Detroit plant, now owned
Wadsworth Manufacturing Corp., and the Philadelphia plant, now owned
by American Motor Body Co., subject as to the latter plant to the lien of
the mortgage made by Hale & Kilburn Corp. dated
1919, and subsequently assumed by American Motor Body Co. June 1
New Note Issue.
-Motor Body Corp. Is also to create an issue of $1,076.600 promissory notes, 25% in principal amount of which are to mature each
6 months after the date thereof so that all of said notes will mature not
later than 2 years from such date.
Purpose of Bond and Note Issue.
-The stockholders of American Motor
Body Co., other than American Can Co. and Hale & Kilburn Corp.. are to
receive $3,154,800 in 6% bonds,$682.1006% promissory notes and 255,804
shares of the stock of Motor Body Corp., and $102 99 in cash, in exchange
for, and in consideration of the surrender of, 85.268 shares of the Class A
k and veting trust co fit cates for 400,000 shares of the Class B stock of
rican lotor uod ycer .
American
American Can Co. is to receive $1,233,300 in 6% bonds. $266,600 in 6%
promissory notes, 100,002 shares of the stock of Motor Body Corp. and
$150.107 71 in cash, in exchange for, and in consideration of the surrender
of, 33,334 shares of the Class A stock and voting trust certificates for 550,000
1764
THE CHRONICLE
shares of the Class B stock of, and all claims for services against, American
Motor Body Co.
Hale & Kilburn Corp. Is to receive 8591,900 in 6% bonds. $127,900 in
6% promissory notes, and 57.646 shares of the stock of Motor Body Corp.
and $189 30 In cash, in exchange for, and in consideration of the surrender
of, 16,000 of the Class A stock and voting trust certificates for 50,000
shares of the Class B stock of American Motor Body Co.
-Chase Securities Corp. and Blair & Co.,
Bankers to Buy Notes and Bonds.
Inc., are to purchase forthwith from Hale & Kilburn Corp. for cash, at par,
$30,000 of the notes of Motor Body Corp. to be received by Hale & ICilare to be made for marburn Corp. as above. Appropriate arrangements
keting the bonds of Motor Body Corp. to the extent that the stockholders
of American Motor Body Co. shall desire to sell the same, under the management of Chase Securities Corp. and Blair & Co. Inc., for the pro rata
'
account of such stockholders, and the sale of such bonds by stockholders
separately is to be restricted for a limited period of time.
-Charles M. Schwab is to
Charles M. Schwab to Assume Management.
become the executive head of Motor Body Corp. and supervise its mant
stock t
;Tement iseto purchase acot re he oTsan to pi;rc se romofasconi any
p
imr atic r
t
frgT t anco o ny lOO 0 shlyes t
300.860 additional shares of stock at $10 per share at any time within
s
three years after the acquisition by the company of the property and assets.
-V. 113. p. 186.
-Annual Report.
American Public Service Co.
1922.
Calendar Years1921.
1920.
Gross earnings
$2 865.221 $2,665,304 $2,088,065
Operating expenses, including taxes_ - 1,586,352
1.573.207
1,417,349
Net earnings
Holding co. expense (net)
Bond and note interest
Depreciation reserve
Amort. disc. & exp. on bds. & notes
$1,278,868 $1,092.097
90.383
94,296
476,894
416.594
142.010
154.100
67,822
54.970
Net income
Previous surplus
Adiustment (net)
Preferred dividends(7%)
Common div. (in stock)
$501,759
51.947
Dr.9.847
185.839
239,660
Profit and loss, surplus
-V. 116, v. 298.
$118,360
:670,716
63.552
256.160
66,726
23,611
$372,136
466,933
$260,665
256.883
66.402
720.720
50.615
$51,947'
$466,933
American Stores Co., Phila.-Stock to Employees.
The company is offering to employees 200.000 shares of Capital stock,
no par value, at $20 per share. Any employee is entitled to subscribe
for up to 100 shares. Initial payment for the stock will be $2 for each share
subscribed for; the remaining $18 will be paid in monthly installments of
30 cents each, payments stretching over a period of 5 years.
-V. 116.
p. 1535. 1279.
American Telephone & Telegraph Co.
-Quarterly Report.-Pres. H. B. Thayer, N. Y., April 16 wrote in SUbSt.:
The stockholders on March 27 1923 voted (4,472,629 shares in favor to
255 shares opposed) that the authorized capital stock available for issue
when required. should be increased to $1,000,000,000 (V. 116. p. 1414).
From inquiries, it appears that the proposal to increase the authorized
capital stock although explained in the annual report (V. 116, p. 1064)
was not clearly understood
As shown by the report, the company is growing more rapidly than ever
'
before in its history, in response to a substantial and steadily increasing
demand for service.
From time to time the amount of stock which could be legally issued
has been increased in anticipation of the future requirements of the business.
The last previous vote raised the authorized stock to $750,000,000. and
while all of that amount has not yet been issued, less than $50,000,000
would have been available to meet the conversion of bonds and the subscriptions of employees, if the increased amount available for future issues
had not been authorized.
The increase in the capital stock authorized amounts to a license to
keep on growing. No offer of stock is contemplated in 1923. An offer
will be made only when the growth of the company's business calls for
it and not until then. When a new Wile of stock is made, the proceeds
will be invested in additional plant to take care of the constantly increasing
demand for telephone service, and this increased plant will produce additional revenues. Notwithstanding the large new issues of the past two
years, neither the property value nor earnings per share have materially
changed in that period. The conservative financial policy of the past
40 years which has made this possible will be maintained. '
The question has been raised as to how new issues of stock are likely
to affect the dividend rate. They have not adversely affected it in the
past; and for the reasons given, it would appear that they will not do so
in the future.
Earnings for the Three Months ending March 31.
Earningsx1923.
1922.
1921.
1920.
Dividends
$12,401,664 $10,788,493 $8,894,427 $8.570,215
Interest
3,192.705
3.116,224
3.223,445
3,073 M66
Telephone oper. rev_ --- 17.885,107 15.443,368 14,205,396 13,800,635
Miscellaneous revenues 103,612
43,602
33,514
55,545
Total
$33.583.088 $29,391,688 $26,356,782 $25,500,062
Bap.,incl. prov.for Fed.
10,298,788
9,272,833 8,270,858
and other taxes
7.689,874
523.284,300 $20,118,855 $18,085,924 $17,810,187
Net earnings
3,203,126
4,123,328
Deduct interest
4,993,127
4.757.741
15.096,787 12,493,993 0.868.556 8,839.874
Deduct dividends
[You 116.
Atlantic Fruit Co.
-Annual Report (Incl. Subsids.).Calendar YearsOperating profit
Expenses, interest, &c
Other charges
Federal tax reserve
1920.
1922.
1921.
$513,741 1°3337.720 52.084,418
$919,730
51,838,520 $1,721,024
x936,118
106,069
Net loss
Profit & loss deficit
$2,260,897 51.728,744 sr$1,058,619
336,900 sr1,796,439
2,597,797
x Includes $731,976 Atlantic Navigation Co. investments and advances
written off and $204,141 miscellaneous adjustments (net) including reduction in value of live stock, reserve on Colones, &c.
-V. 115. p. 2070,
1944, 1841.
-New Director.
Atlas Tack Co.
B. G. Robbins was recently elected a director, succeeding N. A. Middleton.
-V. 116. p. 1054.
-Earnings.
Barnet Leather Co. Inc.
Results for Three Months Ended March 31.
1923.
1922.
1921.
1920.
550,665 $57,580 $83.630 $317,452
x Net earningsfrom operations
Dividends on Preferred stock and
54.750
provision for sinking fund
46,500
47,900
49,414
Balance, surplus
def.$4,085 511,080 $35.730 5268,038
x After deducting charges for maintenance and repairs of plants, depreciation and estimated amount of Federal and State taxes, &c.
-The result is subject to adjustment at the end of the year when
Note.
accounts are finally audited, and to change incident to income tax rulings.
-V. 116, p. 724.
-New Officers, &c.
Bay Sulphite Co., Ltd.
A. M. Irvine, Chairman of the executive committee, announces that arrangements are now completed for the reorganization of the board of directors, which will consist of the following: SIT' Frederick Becker, President.
London; Victor E. Mitchell, K.C., Vice-President and General Counsel,
Montreal; Arthur C. Hastings, Vice-President and member of the executive
committee. New York; G. R. Hall Caine, C.B.E., M.P., Vice-President,
London; and John W. Ross, Montreal; J. H. Gundy, Toronto.
R. 0. Sweezey, A. M. Irvine and G. Sureth, all of Montreal, have been
-V. 116. D. 1536.
elected members of the executive committee.
-Stockholders' Rights.Bayuk Bros., Inc.
'
The Common and 2d Preferred stockholders of record April 5 are given
the right to subscribe at par, on or before April 27, to (new) 1st Preferred
stock on the basis of 0.234 shares of 1st Preferred stock for each share of
Common and 2d Preferred stock held. The stockholders on Feb. 13
authorized the sale of $2,000,000 new 7% 1st Preferred stock (see V.
116, p. 826).-V. 116, p. 1653.
-Bonds
Bear Mountain Hudson River Bridge Co.
-W. A. Harriman & Co., Inc., are offering at 9834
Offered.
and int., $3,000,000 1st Mtge. 7% 30-Year Sinking Fund
Gold bonds.
Dated April 11923. Due April 11953. Interest payable A. & 0. at
W, A. Harriman & Co., Inc., New York without deduction of Federal
-May Issue Stock.
Anglo-American Oil Co., Ltd.
-
Income tax not exceeding 2%. Pennsylvania and Connecticut taxes
not exceeding 4 mills, and Massachusetts income tax not exceeding 6%
per annum, refundable. Denom. 31.000, $500 and 3100c*. Redeemable
as a whole, or in lots of not less than $100,000. or in part for sinking fund,
on any interest date. on 60 days' notice, at the following prices: up to
and incl. April 1 1928 at 10734 and mist.: from April 2 1928 to April 1 1938
both ml., at 105 and int.; thereafter the premium decreasing 35% each
year to and including April 11947; thereafter at 100 and int. A cumulative
sinking fund payable semi-annually commencing July 1 1926, provides
for the retirement of the entire issue by maturity. Chase National Bank,
New York. trustee.
Capitalization Authorized anc4Oustandting After Completion ofPresent Financing
1st Mtge.7% 30-Year Sinking Fund Gold bonds (this issue)_$3,000.000
-Year Sinking Fund Gold Debenture bonds__ 1,500,000
Income 8% 30
12.500 shs.
Common stock, no par value
[It is stated that subscriptions have been received for the entire Income
8s and the Common shares.)
Data from Letter of Pres. E. Roland Harriman, New York, April 19.
-Incorporated March 1922 in New York, and will construct
Company.
and operate a highway toll bridge across the Hudson River between
Anthony's Nose and Fort Clinton. The bridge will be a main artery
for traffic crossing the river south of Albany, will afford an avenue of
approach to Bear Mountain Park, and will offer material time saving
to the large commercial traffic between New England, southern New
York, ahd points west of the Hudson.
The bridge will be of the suspension type with roadway ofsufficient width
for four lines of vehicle traffic. Approaches will connect with the Albany
Post Road on the east and State Route No.3 on the west.
The State reserves the right to purchase the bridge at any time at cost
plus 10% leas earned amortization, or for amounts fixed by the charter
ranging from $4,500,000 during the sixth year after completion to 52,000.000
during the 26th year. If not putchased by the State prior to the expiration
of 30 years after completion, the bridge will become the property of the
State without cost. Rates of toll are subject to regulation by the Public
Service Commission.
-Company has contracted with the Terry &
Construction Contract.
Tench Co., Inc., for construction of the bridge and approaches at a fixed
price. The construction schedule callstfor completion within 24 months.
-Net revenue from operation during the first year, is estiEarnings.
mated at $547,400 by W. A. Welch, Chief Engineer, Palisades Inter-State
Commission, based upon actual counts of highway and ferry traffic.
Park
This is equivalent to over 234 time annual interest charges and 1 7-10
times combined annual interest and sinking fund requirements on this issue.
-New Director.
Atlantic Gulf Oil Corp.
The company has changed its fiscal year to end. April 30, instead of
-V.115. p. 2383.
Dec. 31, due to seasonal nature of company's business.
$4.984.388 $3,501.534 $44_,224,241 $4,212,572
Balance
x Subject to minor changes when final figures for March are available.
-V. 116, 13. 1414.
George F. Baker Jr. has 13een elected a director.
Reports state that the company will probably issue some new 8% preference stock soon.
-V. 116, p. 1653.
Andrew J. Miller has been elected a director, succeeding George B.
Dyer.
-V. 115, p. 1324.
-Annual Report.
Atlantic Lobos Oil Co.
Calendar YearsNet earnings
Depreciation, depletion. &c
Federal tax es,Jke
Net profit
-V. 115. P. 1636
.
1922.
1921.
1920.
$659,128 $3,527,349 $1,678,629
2,776,349
2,554,303
540,044
70,000
86,670
loss$1.895,175
$681,000 $1,051,915
Austin-Nichols Co.
-Annual Report.
Income & Surplus Account Years Ending Jan. 31.
Profits for the year
Previous surplus
Total surplus
Federal taxes
Preferred dividend (7%)
Transferred to capital
1923.
$648,764
288,646
$937,410
347,543
1922.
$24,698
631,454
1921.
1920.
$391,024 $1,616,469
625,430
NOW CO.
$656,152 $1,016,454 $1,616,469
Not shown
352.000
367.507
385,000
257,826
381,212
$288,645
$631,454
Profit & loss surplus-- $589,866
Consolidated Balance Shea Jan 31.
1922.
1923.
1923.
Assets-7% Cum.Pt. stk. _ 4,844,900
Plant & equip.,less
depreciation__ 4,069,058 4,000,627 Common (150,000
sh.s., no par val.) 3,221,015
5,838,765 5,334,671
Inventories
5,722,500
Acct's rec.,lea res. 3,568.029 3,081,818 Bills payable
46,222 Amts. payable_
10,339
604,933
Bills receivable
13,700 Special deposits_
13,450
75,458
Misc. investments
1,384,474 1,200,218 Surplus
589,866
Cash
135,643
charges- - 174,487
Deferred
Total
15,058,672
15,058,672 13,812,899
Total
-V. 116, P. 818•
$625.430
1922.
5,114,900
3,221,015
4,545,000
586,787
56,552
288,646
13,812.899
-Fiscal Year Changed.
Booth Fisheries Co., Chicago.
-New Director.
Borden Co.
-V. 116, p.
U. N. Bethel' has been elected a director to fill a vacancy.
1527.
-Foreclosure Suit.
Boston Montana Corp.
A suit in equity has been filed in the Federal Court at Butte, Mont.,
by the New England Trust Co. of Boston, to foreclose a mortgage of $5,000,000. The company has defaulted in payment of $150,000 interest
-V. 116, p. 1415.
on bonds which was due last Sept.
-Notes Offered.
-Ames,
Boston Store of Chicago, Inc.
Emerich & Co. and A. G. Becker & Co., New York and Chicago, are offering at prices ranging from 100 to 100% and
int., to yield from 5.29% to 6%, according to maturity,
$3,750,000 Guaranteed 6% Serial notes (see adv. pages).
Dated April 1 1923. Due serially $470,000 each year from Jan. 1
1924 to 1930 incl. and $460,000 Jan. 1 1931. Redeemable on and after
Jan. 1 1928 on 60 days' notice by the payment of principal and interest
and a premium of 34 of 1% for each year, or part thereof, which any
unmatured notes have to run before maturity. Interest payable J. &
at First Trust & Savings Bank, Chicago, trustee, or at First National
Bank, New York, without deduction for normal Federal income tax not
in excess of 2%. Denom. $1,000, $500, and $100c*..
Data from Letter of Pres. Charles Netcher, Chicago, April 14.
-The tioston Store, the second largest department store in
Company.
Chicago and the second largest strictly cam store in America, was established in 1873. The store building consists of 17 stories and 3 basements,
over 1,000,000 sq. ft., or over 23 acres of floor space. The store employs
3,500 people. It is tne policy to merchandise for cash only. Business
was incorporated in Illinois in June 1903. All the stock is owned by
Mollie Netcher Newbury and the Netcher Estate, of which Mrs. Newbury is sole executor and trustee. The business is now being incorporated
in Delaware.
Newbury.
Ouaranty.-Guaranteed, principal and Interest, by Mollie Netcher
The estimated present value of the assets owned by the
APRIL 21 1923.1
THE CHRONICLE
1765
guarantor (exclusive of stock in the company)Is approximately 610,000,000. struction by the same company for prompt delivery. The 25 cars now
Included in this property is one of the State St. buildings now occupied owned and under construction have been leased to Canadian Salt Co.,
by the Boston Store.
Ltd.,for a period of 10 years. Ptentals will fully provide during the tern
Sales.
-Gross sales Increased from $5,500,000 in 1903 to over $28,500,000 of the notes for maturing installments of principal and Interest and other
in 1922.
expenses incidental to the operations of the issuing company in connection
Earnings.
-In no year since its Incoporation has the Boston Store failed with the eqmpment note issue.
to earn a profit. The Netcher Estate is worth about.$20,000,000 (exclusive
The Canadian Salt Co. Is the largest Canadian producer of salt in
of the ownership of stock in the Boston Store). Mrs. Newbury is worth Canada, and the only producer in Canada of bleaching powder, caustic
about $10,000,000. This wealtn has come primarily from the Boston soda and liquid chlorine for sale. Plants, located at Windsor, Ont.. and
Store and represents its earning power.
Sandwich, Ont., have a capacity for salt production greater than the
The audited combined income aecount of the predecessor corporation combined capacities of all other salt producers in Canada. During the
and the guarantor, shows average net income during the past five years, past 5 years the company produced over 55% of bleaching powder and
before Federal income taxes, of $1,533.967, or equal to more tnan 7 times caustic soda consumed in Canada.
the maximum annual interest requirements on these Notes.
Carson Hill Gold Mining Co.
-Earnings.
Combined Net Income-Years ended Jan. 31.
Calendar Years1922.
1921.
1920.
1919.
1923.
1922.
1919.
1921.
1920.
Operating
$458,179
$406.639
$560,850
$601.668
Net income $1,367,868 $1,289,344
$755,236 $2,507,348 $1,750,041 Expense; earnings
167,710
116,164
182,216
157,345
Depletion Si depreciation
212,000
123.964
113.089
141.447
Brandram-Henderson, Ltd.
-Annual Report.
Earns. Cal. Pre: 1922.
1921.
1921.
Earns. Cal. Yrs.: 1922.
Net profit
$78,468
$166,509
$265,541
$302.875
Net profits
$163,704 $147,742 Previous surplus__ $828,360 5897.507 -V. 115, p. 2797.
Bond interest
35,000
59,581
60,444 Pref. diva.( %)._
35,000
Deprec'n reserve
7,500
7,500 Common
_(3%)35,397(5%)58,945
Central Maine Power Co.
-Notes Sold.
-Bond &
Other reserves_
55,000
Balance, surplus $06,623
-V. 114, p. 1411.
$24,798 Profit & loss surp_ $854,586
$828,360
Brier Hill Steel Co.
-Dissolution, &c.
To act on proposals to reduce the number of shares of Common stock,
a special meeting of stockholders has been called for May 5. The meeting
will also act on other matters incidental to liquidation and dissolution.
-V.
116, p. 1280. 1528.
Brooklyn (N. Y.) Borough Gas Co.
-Bonds Oftered.Bodell & Co., New York, are offering at 984 and int., to
yield 6.10%, $1,000,000 Gen. & Ref. Mtge. Gold Bonds,
Series "A," 6%. (See adv. pages).
Dated April 1 1923. due April 1 1963. Int. payable A. & 0. at Title
Guarantee SC Trust Co., New York, trustee. Denom. c*, $1,000 and $500
& r*, 61,000. Callable on any Int. date upon 60 days' notice at 110 up to
and incl. April 11943; thereafter at 10734 up to and incl. April 11953. and
thereafter at 105 less Si of 1% for each fulf year which elapses subsequent
to May 311953. in every case plus accrued interest. Company covenants
to pay int. without deduction for the normal Federal income tax up to 2%
and will refund the Penn. 4 mills tax, and Connecticut personal property
tax not exceeding 4 mills per $1 per annum.
Issuance.
-Subject to authorization by New York P. S. Commission.
Capitalization after this financingAuthorized. Outstanding.
1st M.5% Gold bonds, due Mar. 1 1938 (closed). $500,000
$5 .
00 000
Gen. & Ref. Mtge. Gold 6s (this issue)
1.000,000
% Participating Preferred stock
300.000
500,000
Common stock (inv. rate $2 per share per annum)_ 50,000 shs. 40,000 shs.
Data from Letter of Richard L. Austin, New York April IS.
Company.-Incorp. in New York in 1898. Has franchises in terms ex•clusive and of unlimited duration, and serves gas to the 31st Ward of the
Borough of Brooklyn. In area the 31st Ward is equal to 45% of the
area of Borough of Manhattan. It is almost entirely residential, most
gavorably located and subject to extensive development. This Ward also
includes Coney Island, Sheepshead Bay, Manhattan Beach and Brighton
Beach. The permanent population is estimated at about 100,000, an
increase of 300% in ten years. In addition there is a very large summer
population. The territory is developing rapidly.
Owns a modern water gas plant and has an adequate transmission and
'distribution system. The value of the property has been passed upon
by the P. S. Commission, and according to its findings and subsequent
,
expenditures approved by it, there is property value in excess of $2,900,000
Earnings Year Ended Feb. 28 1923.
,
Gross earnings
$1,297,469
'Operating expenses, incl. maint., taxes & reserve
974,763
Net earnings
Annual interest on 1st 5s and 63
.Amortization of franchises and int. on meter deposits
$322,706
85.000
61.0.7
Goodwin, Inc., have sold at 99 and int., yielding 64%,
$600,000 6% Gold Coupon notes. A circular shows:
Dated April 2 1923. Due April 1 1926. Denom. 61.000. Int. payable
A. & 0. without deduction for any normal Federal income tax not exceeding
2%. Callable all or part on not less than 30 days' notice prior to April
1 1924. at 101 and int.: thereafter, and prior to April 1 1925 at 10034
ahd int.; thereafter at 100 and int. State Street Trust Co., Boston. trustee.
Company.
-System is comprised of hydro-electric plants with a developed capacity of approximately 32,000 h. p., augmented by sufficient
steam stations to take care of emergency requirements, the whole system
being interconnected by 510 miles of transmission lines. Tnese hydroelectric properties are ideated principally on the Kennenee River and
are susceptible of much greater development. The operations of the
company's system cover many of the most Important communities in the
State, serving almost one-tnird of the entire population.
Capitalization as of Feb. 28 1923Authorized. Outstanding
.
Common stock (paying 2%)
$2,500,000
$2.500,000
Preferred stock 6% cumulative
660.800
660.800
Preferred stock 7% cumulative
7,339,200
6,100,100
1st Mtge. 63, 1939
dosed
4,556.000
unlimited
1st & Gen. Mtge. "A" 7s, 1941
3,000,000
unlimited
1st & Gen. Mtge. "B" 6s, 1942
811,500
closed
Divisional bonds
8.11,500
600.000
6% Gold Coupon notes (this issue)
600,000
Purpose.
-To reduce floating debt and for other corporate purposes.
Consolidated Earnings-Year ended Feb. 28 1923.
Gross earnings
$3.444,180
Net, after oper. exp., taxes, deprec. & guaranteed dividend
1,371.616
Int. on funded debt, $736,453; other interest, $62,267
798.719
Balance
$572.896
Issuance.
-Subject to approval of the Maine P. U. Comnalasion.V. 115. p. 1432.
-Initial Dividend, &c.
Checker Cab Mfg. Co.
-
The directors have declared a dividend of 83.33 cents per share on the
Class"A" participating stock, payable May 1 to holders of record Apr. 25.
being at the rate of $5 a share per annum for the period from the date of
issuance to May 1 (see offering in V. 116. p. 86). Three quarterly dividends of $1 25 a share were also declared on the stock, payable Aug. 1 and
Nov. 1 1923 and Feb. 1 1924 to holders of record July 16 and Oct. /5 1923
and Jan. 15 1924, respectively. V. 116. p. 1055.
-
Chino Copper Co.
-Annual Report.
-
The company on April 20 issued its pamphlet report for 1922. The consolidated income account for 1922 was given in V. 116. p. 725 and the
balance sheet as of Dec. 31 1922 mV. 116. p. 1055.-V. 116, p. 1537. 1280.
Cities Service Co.
-Dividends.
The directors have declared the regular monthly cash dividends of M of
1% on its Preferred and Preference "B" stocks and 34 of 1% in cash scrip
and 134% in stock scrip on the Common stock, all payable June 1 tie
holders of record May 15. Like amounts are also payable May 1.-V. 118,
p. 1280.
Balance ------------------------------------------ --- $176,639
Purpose.-Procoods of this $1.000,000 Gen. & Ref. Mtge. Gold Bonds,
-March Production.
Cole Motor Car Co..
Series "A" 6%, and of the sale of the $300,000 Participating Preferred
Production figures for March as given out by President J. J. Cole show a
stock will be used to redeem $500,000 Gen. Mtge. 5% Gold bonds, due gain of more than 300% over the production during February and the
1945; $300,000 10-Year 734% Cony. Gold debentures (and or the 8% schedule of cars to be built to satisfy the demand during April, it is stated,
Pref. stock into which these debenture bonds are convertible), and will will be far in excess of all anticipations.
-V. 115, p. 2909.
provide funds for the larger part of the 1923 requirements for capital
-Dividend Increased.
Columbia Gas & Electric Co.
expenditures.
-V. 116, p. 1536.
The directors have declared a quarterly dividend of $1 95 per share on
(Edward G.) Budd Mfg. Co., Phila.-Sub. Co.
the present capital stock. par $100, payable May 15 to holders of record
The stockholders of the Budd Wheel Co., a subsidiary. will vote June Apr. 30. This rate is equivalent to 65 cents per share on the new no-par
15 on increasing the authorized Common stock from 50.000 shares to stock to be issued in exchange on June 1 for the present shares on the buds
of 3 new shares for each share now held. Previous dividends were at the
-V. 116. p. 414, 81.
100.000 shares, no par value.
rate of 66 per annum ($1.50 quarterly).
Buffalo General Electric Co.
President P. G. Gossler says in substance: "This rate of dividend was
-Balance Sheet Dec. 31.fixed to correspond to a quarterly dividend of 65 cents per share on the
1922.
-1921. I
1922.1921
no par value stock when issued. The shares without par value will be exAssets3
$
I Liabilities$
$
Property accts._ _ _27,261,551 25,123,243 Capital stock
13,024,500 8,629,200 changed for the present outstanding shares on the basis of three shares of
new stock
Other permanent
Bonded debt
11,659,500 13,799.800 ready for for one share of the old. Certificates for the new stock will be
exchange June 1 next.Investments__ 1,056,281 1,060,981 Customers' dynes_ 263.050
216,918
H. G. Scott has been elected a Vice-President. Harold Stanley, PretiInventories
677,315
638,347 Curet& accr. liab. 1,001,970 1,048,187
872,780
656,268 Reserves
Accts. receivable
3,359,232 3,061,338 dent of the Guaranty Co., has been elected a member of the committee.
1,637,476
303,823 Surplus
Cash
2,975,900 1,925,795 -V. 116, p. 1653.
147,423
Prepaid ins.& taxes 175,771
Consolidated Mining & Smelting Co. of Can., Ltd.
335,225
253,380
Other assets
The annual report for the calendar year 1922 says:
Sinkingfund. Total(each side)_ _32,284,152 28,681.238
The stockholders in May last authorized an issue of $7.500.000 of bonds
See income account in V. 116, p. 619.
to refund tne then existing issue of $3.000,000, and to provide $3,000,000
to take care of certain past capital expenditure.: and to pay for the conButte 8c Superior Mining Co.
-Earnings.
struction of tne concentrating mill at the Sullivan Mine
-the remaining
1922.
1921.
Calendar Years1919.
1920.
$4,861,170 61,500.000 of the authorized Issue to be subject to the action of the Board.
revenue
Total
$3,779,276
Nearly all of the 53,000,000 issue have been exchanged par for par for
2,807,234
'
825.665
3,944,897 bonds a the new issue-S1,000,000 of the new issue
Operating costs & deprec $2,902,633'
3,682,019
for the Sullivan Mill
have been sold
expense
$95,399 loss$825,665
$916,273 The remaining at par and interest without anyto tne to the company.
Net income
$97,257
62.000.000
bank rather than
95,402
72,713
126,266 sold, as directors considered have been pledged
Other income
98,433
it best to retire these gradually from depreciation and depletion accounts.
$190,801 loss$752,952
Total income
$195,690 $1,042,539
Income Account-Calendar Years.
480,652
Res.for tax.,conting.,&c
177,549
7,761
• 1922.
1921.
1920.
.22 611
Balance,surplus
loss$289,850 def3752,952
$7,516.865 $719 7..
$864,990 Sales
$187,929
Inventories
2,02 : 64
2 743
62
3
2,779.434 3,336.463
x The company's mines resumed operations on Jan. 10 1922 after being Otner revenue
8575
Power Co. dividend
128,480
24287
3
1,844
shut down since Nov. 10 1920.-V. 116, p. 940.
256,.960
Total
California Wine Association.
$11,754,688 $10,561,834 510.837.205
-Distributions from Cap- Ore previous year
$2,779,434 $3,336,463 62,987,297
ital Assets.
Custom ore
1,747.402
1.194.389
385,998
No dividends have been paid on the Common stock since Aug. 1922, Freight
517.029
634,873
645.809
When a payment of $5 per share was made.
General expenses
4,381,424
5,270.372 4,971,003
A distribution of $20 per share from capital assets was paid Feb. 13 1923, Development expenses
203.278
232.693
306,773
was paid on April 10 1923, the latter to holders of Deprec ation
and a like distribution
105,116
405.145
105,357
record March 28.-V. 115, p. 440.
Depletion
320,751
Directors' fees
3,800
3.550
3,300
-New Director.
Callahan Zinc-Lead Co.
Written off
10.928
22.736
10,336
L. E. Hanson has been elected a director.
-V. 116, p. 1536.
Bond interest
251,023
239.198
231.596
Interest on loans
239,549
Canadian Salt Equipment Co., Ltd.
-Equip. Notes. Government taxes
99.618
67.725
252,882
Royal Securities Corp., Ltd., Montreal, recently offered $100,000 Dividends
790,027
67 Equip. Trust notes. A circular shows:
0
Dated March 1 1923. Maturing In series of 210,000 annually from
Balance
sur$1,228,330 def$270.723 def$849,319
March 1 1924 to March 1 1933 incl. Interest payable M.& S. in Canadian Profit and loss balance
$809,014
$2,055,185 51,147,462
gold coin at Royal Trust Co., Montreal or Toronto. Denom. $1,000c*.
The balance sheet as of Dec. 31 1922 shows total assets of $21.341.879.
Royal Trust Co, trustee.
This includes total fixed assets. &c., $17,526,766; accounts receivable,
Authorized.,Issued. $247,659: cash. $4,134; inventories, $2,534,747. Offsets include capital
CapitalizationCommon shares
635,000 stock. $10,533,200: bonds, $4,000.000: special loan, 62,000.000: other
$100,000
Equipment Trust notes (this issue)
100.000 bank loans and overdraft, $1.271,087:_ interest, taxes, &c., accrued,
100,000
Company owns 15 new "Class V" liquid chlorine tank cars, constructed $363,000; accounts payable, $1,118,908. and proft and loss surplus.
• by the American Oar & Foundry Co., and has 10 similar cars under con- $2.055.185.-V. 116, p. 1653.
1766
THE CHRONICLE
[Vol,. 116.
In business during the past few years, and the expected growth of business
-Rights.
Computing-Tabulating-Recording Co.
in the immediate future, with a consequent demand for further equipment.
The stockholders of record April 27 will be given the right to subscribe the management has contracted for the construction of 2 high-class, comon or before May 18 to 19,655 shares of Clapital stock of no par value at bined passenger and freight steamers for the Boston and New York service.
$75 per share in the ratio of 15 new shares for each 100 shares held. The It is deemed wise for the present to apply a large part of tne present reoffering has been underwritten. Payment of subscriptions must be made sources and earnings to the acquirement of those new steamers, and it is
at the office of Empire Trust Co., 120 Broadway, New York City, in believed that tease resources and earnings will, in the very near future,
New York funds.
provide in full for said cost.
Application will be made to list the new stock upon the New York Stock
"As this expenditure will mean an application of surplus and earnings
Exchange.
to capital account, it has been considered fair that the Common shareholders should at tne time of the reclassification of the stock receive, by
April 17, says:
Pres. Thomas J. Watson,
the surplus
way
The directors on April 17 decided that it was to the best interests of the and of a stock dividend, something to represent such part of
may be applied to capital account. Accordingly it is
earnings
stockholders that the company should be supplied at this time with addi- suggested thatas
provision be made in the reclassification for 90,000 no-par
of additional capital stock.
tional working capital through the issuance
value Prof. shares, entitled to cumulative dividends at the rate of $3 50
All of the cash received from the sale of this stock will be used to pay off per share per annum. There are
no-par value
the company's current loans. This will reduce the interest charges at the Common stock now authorized, of90,000 shares of present outstanding,
are
rate of about $85.000 per year, and will leave the company free of debt and it is proposed to issue as a stockwhich 85,254 snaresof the new no-par
dividend one share
for current merchandise accounts and the Computing-Tabulating
except
value Prof. stock upon each share of present no par value Common stock.
Recording Co. sinking fund bonds maturing in 1941.-V. 116. p. 1537.
"Both the 1st Pref stock and tne no-par value Pref stock will be made
retirable: the 1st Pref. at 105 and dividends, and the no-par value Pref.
-Sale.Continental Utilities Co., Lansing, Mich.
-V 116, p 941.
stock at $55 per share and dividends.
See Interstate Public Service Co.under "Railroads"above -V.96,p.421.
-Annual Report.
Crane Co., Chicago.
-Hunter, Dulin
-Bonds Offered.
Earl Fruit Co. of Calif.
& Co. and Bond & Goodwin & Tucker, Inc., are offering at
President R. T.Crane Jr., April 16, wrote In brief:
On Dec. 1 1922 we paid in full all outstanding $4,900,000 1st Mtge. 554% 99 and div., to yield about 6.60%, $3,800,000 1st (Closed)
bonds [funds for which purpose were provided through the sale of$5,000,000 Mtge.63'% Sinking Fund Gold bonds(see advertising pages).
in
2584.]
7% Cum. Pref. stock. See offeringand V. 114, p.stock were
Common
earned with
Dated April 1 1923, due June 11938. Denom. $1,000. $500, $100 c*.
The dividends on both Preferred moderately
productive. For the first Callable on any int. date on 30 days' notice at 105 and int. to and incl.
margin, but the year was only
some
at a loss, but
three months plants operated to increase thethe active demand for building June 1 1928, at 104 and int. to and incl. June 1 1933: at 103 and int. to
output and make some money. and incl. June 1 1934, and thereafter at a prendum decreasing t of 1%
material thereafter enabled us
We charged offfor depreciation $841,468 and added in new machinery and for each succeeding year. Int. payable T. & D. at Pacific-Southwest
Trust & Savings Bank, Los Angeles (trustee), Bank of California N. A.,
equipment $1.157,930. making a net increase in this account of $316.461.
-Merchants Trust Co.. Chicago. and Chatham &
The surplus account shows a decrease of $1,512,757. owing to the decla- San Francisco: Illinois
Pheas National Bank, New York, without deduction for normal Federal
ration of a stock dividend of $2,059,325 in December 1922.
income tax not exceeding 2%.
Profit and Loss Statement for 1922.
Company.-Incons. In Calif. in 1887. Is one of the oldest institutions
Balance to surplus after deprec., taxes, and Prof. and Corn. diva_ $546,568 of the kind in the West. Originally company was a marketing organization,
8.638,211 but in the last decade has expanded to include practically all co-ordinated
Previous surplus
of the fruit business. The scope of operations of the company extends
$9.184,779 lines the entire United States and Canada and also includes a very considerTotal surplus
2,059,325 over European export business. Through the controlling ownership of
Stock dividend (5i%)
able
two of the largest auction companies on the Atlantic Coast. powerful in$7,125,454 fluence is exerted in every field of distribution. Extensive facilities for
Profit and loss surplus
Balance Sheet Dec. 31.
fruit packing for ordinary and cold storage and warehousing provide for
1921.
1922.
1922.
the products of the company properties as well as for those of many inde1921.
$
Liabilities8
pendent growers under contract. Under the consolidation, the company
$
Assets
Preferred stock_ --13,811,000 8,228,700 with its affiliations is an integrated institution covering every phase of the
Real estate, mach.
equipmenty24,438,390 23,378,531 Common stock_ -.43,258,950 41,199,625 fruit business from the soil to the retail merchant.
-Secured by a first mortgage on 13,745 acres of fruit and farm
Security.
inv.In assoc. cos_ _14,803,978 13,255.053 Accounts payable. 3,698,917 1,895,716
1st Mtge. 514%
lands and numerous packing houses and warehouses strategically situated
let mtge. 515%
4.000
bonds
4,904,000 in the States of California, Washington, Oregon and Idaho: also a sawbds.In treasurymill and box factory at Klamath Falls, Ore.
Pref. stk.subscrip. 975,743 1,993,299 Reserve for Maur..
taxes, &c
20,324,044 15,373,410
z1,875,821 1,420,568
-Total resources of company,including subsidiaries,
Assets and Earnings.
Inventories
2,986,021 3,408,913 Contingencies res. 4,324,290
are in excess of 1512,500,000, without taking into consideration good-will,
Cash
7,125,454 8,638,211 trademarks, patents, contracts, &c. In 1922 the turn-over was in excess
Notes& accts.rec.:10,244,067 7,401,424 Surplus
of $44,000.000.
U.S. Govt. secur_ 322,190 1,472,190
Average annual net earnings before interest and Federal taxes for the
74,094.433 66,286.820 Total
74.094,433 66.286,820 past 5 years, 1918 to 1922. inclusive, have been $903,688, or 3.66 times
Total
deducting $155,879 reserve for doubtful accounts. _y After de- Interest requirements on this issue of bonds.
After
-A sinking fund, beginning Dec. 11924, will retire approxiSinking Fund.
ducting $11.751,965 for depreciation reserve. z Includes Federal tax
-V. 113. p. 2619.
mately $1,975,000 bonds before maturity.
-V. 115, p. 1434.
reserve.
-Suit.
Davis-Daly Copper Co.
Suit against the company and its subsidiary, the Smokehouse Mining
Co., was filed in the Federal Court at Butte, Mont. March 31, by Daniel
N. Dellinger of St. Paul, and David F. Roach of Bate, alleging the interlocking directorates of the two companies deprived the stockholders in the
latter company of profits from mining operations for five years prior to
Jan. 20 1923. The plaintiffs alleged that ores to the value of $700,000
-Daly and no achave been taken from the Smokehouse ground by Davis
counting made.
In regard to this suit for an accounting, 0. G. Schirmer, Treas., of the
company says:
"In 1899 the Smokehouse Copper Mining Co. was organized and owned
a seven-ninths undivided interest of the Smokehouse Lode mining claim,
the other two-ninths being owned by various interests.
"The seven-ninths interest was capitalized by the issue of 268.960 shares.
-Daly now owns 237,121 shares or about 90%. Davis
of which Davis
Daly also owns over 1-9th undivided interest in Smokehouse lode claim.
"The 31,839 shares outstanding are owned by 8 or 10 different stock-Daly
holders, including the Anaconda Copper Mining Co. The Davis
Copper Co. has offered to buy these shares but some of the holders, includ-y.
ing the plaintiff Roach, are asking exorbitant prices for their share."
116. p. 613.
-Extra Div.
Davol(Cotton) Mills, Fall River, Mass.
The directors have declared the regular quarterly dividend of 15i% and
an extra cash dividend of 10%. The extra casir dividend is payable May 1
to holders of record April 12 and is to be provided for by the sale of Liberty
bonds acquired during the war. The quarterly dividend is payable July 2
to holders of record June 25.-V. 110. P. 2660.
-Stock to Employees, &c.
Electric Storage Battery Co.
The stockholders have approved (1) a plan to sell 6,000 shares of stock
to employees at $53 per share and (2) a plan for pensioning certain classes
of employees (see V. 115, p. 550).
Operations at the new Crescentville plant are about two-thirds of
-V. 116, p. 1173, 1057.
capacity.
-To Increase Capital.,&c.Fall River Electric Light Co.
The stockholders will vote April 26 (a) on increasing the authorized
common stock from $3,500,000 to $5,250,000 and (b) on changing the par
value of the stock from $100 to $25 per share.
It is proposed to spend an amount not to exceed $2,625,000 in acquiring
stock of the Montauk Electric Co.. which proposes to construct a large
-V. 113, P• 1776.
power distributing plant in Fall River, Mass.
-Sale of Cars Possible With
Ford Motor Co., Detroit.
Initial Deposit of $5.
See Under "Current Events" in last week's "Chronicle". page 1608.V. 116, p. 1654.
-Bankruptcy.
Frontenac Motor Co.
This company, organized in 1922, has filial a voluntary petition in bankruptcy in the District Court at Indianapolis, listing assets at $425 and liabilities at 888,164.-V. 115, p. 765.
--Earnings.
Robert Gair Co.
There has been a substantial gain in the earning power of the company
so far during 1923, according to the bankers Identified with the company.
The net profits after depreciation and taxes in tee March quarter were
$336.000, or at the annual rate of $1.344.000 as compared with actual
-Personal Receiver for President.
(D. G.) Dery Corp.
profits in 1922 of $519.492. In other words, the current business of the
Francis J. Gildner. personal receiver for D. George Dery of the D. G. company is running at a rate sufficient to produce net profits 150% larger
Dery Corp. in Pennsylvania, and Abraham Benedict were appointed than in 1922 and equal to better than 45i times interest requirements
ancillary receivers for Mr. Dery personallyiby U. S. District Judge Mack on its 1st Mtge. bonds.
Results for Calendar Years.
April 18.
1919.
-In connection with the substantial quantity of personal assets alleged
1920.
821921.
7 8:991 41
192
to have been turned over by Mr. Dery prior to appointment of equity Net profits
$788,991 41.577.207 $3,150,585 $1,345,160.
receivers for the corporation (V. 116, p. 1417) to the corporation, to his Depreciation
$386.309
$871,028 :$1.060,956
$269,498
wife and to various individuals. It was agreed at a conference between Bond interest
277.151
165,000.
131.606
the personal receivers and the corporation receivers at a conference April Federal. &c., taxes
134.078
Not shown
203.811
399,525
18 that such assets ishould be placed in escrow pending court decision Preferred dividends_
536.378
as to their final disposition, or pending some agreement between the
$590,040.
-11. 116, p. 1537. 1417.
personal and corporate receivers.
$242,341 df$3.118.691 $1,558,498
Balance, surplus
-Sells Plant.
Diamond Match Co.
a Loss. x Includes $500,000 reserve for contingencies.
The Oshkosh, Wis., plant of the company, it is reported, has been sold
Balance Sheet.
-V. 116, p.
to the Wisconsin Match Corp., with headquarters at Oshkosh.
Dec.3122 Jan.6'22
Dec.31 '22 Jan.6 '22.
1417, 1280.
Liabilities
$
Assets833,200
1st Pref. stock__
Dominion Canners, Ltd.
-Amalgamation.
Land, buildings,
4,000,000
mach.& equip.x13,969,898 13.948,226 2d Prof.7% stock_ 4,000,000 2,375,000.
According to Hamilton, Can., dispatches, the amalgamation of between
1 Common stock.- _y2.375,000
1
and 40 independent canning factories with Dominion Canners, Ltd., Goodwill
35
Capital surplus__ 8,264,168 8,335,321
has been consummated. Promoters are not just yet prepared to state, Cash for rot. of 1st
Obilg. for red. of
(see contra) 428,248
in Its entirety, the list of factories that now join forces with Dominion
Pf stk.
1st PI.7% Cum.
Canners. There are still possibly 2 or 3 more concerns to be included. Galt' Realty Corp.
833,200 stk. (see contra) 428,248
obligation
and some that, while it is fully expected they will come in, have not given
75
2,032,586 1,882,393 let Mtge.contr.for 4,000,000 4,000,000
-V. 114. p. 1539.
their final decision.
Inventories
Oblig. on
Accts. & notes rec.
Douglas-Pectin Corp., Rochester, N. Y.
-Earns, &c. (less reserve) _ 1,646,946 1,348,457 pur. of Quincy 440,000 440,000.
plant
Net earnings for the quarter ended March 31 last were approximately Stocks and bonds
20,942 Accts. pay., incl.
47,496
$260,000 after reserve for interest and taxes. Sales are running ahead of
(at cost)
1 046,588
953,730
payroll
903,403 1.076,958
1922.
Cash
37,159
352,041 Accr. int. & taxes_ 189,899
The Equitable Trust Co. has been appointed registrar of the Common Deferred charges
.
364 398
1 397.951 1,560,192 Divs, pay. on 2d
-V.116,1p. 1417.
stock.
Deficit
47,025
48,000.
Pref. stock
_ 20,790,927 21,022.410
Tot.(each side)
Eastern Steamship Lines, Inc.
-Recapitalization, &c.
y 475,000 shares of
The stockholders on April 18 approved the plan to reclassify the stock
x After deducting $3,878,140 for depreciation.
to the 90,000 of no par value Common shares no par value at $5 Per share.
by authorizing in addition
be called
-An agreement is in force under which the company mayquarterly
Note.
now authorized an additional issue of 35,000 shares of 7% cuinul. 1st
the 2d Preferred stock at par in
Pref. of $100 par and 90,000 shares of no-par Cumul. Pref. entitled to upon to redeem $735,000 of
installments of 375,000 or 25% of the quarterly not earnings,
cumulative
receive dividends at rate of $3 50 per share per annum.
,
Agreements also provide that until $1,135.000
It is proposed to issue as a stock dividend one share of the new no par whichever Is the lower. shall be redeemed, the holders thereof shall receive
value pref. stock upon each share of present no par value Common. Presi- of the 2d Preferred stock
lieu of dividends. No dividends have
6% per annum on the par value in Preferred 7% Cumulative stock since
dent Calvin Austin in a letter to stockholders. says:
"The 1st Pref, stock will be available for acquiring additional properties been paid on 28.650 shares of 2d
1057.
and lines, and increasing and developing the property and business of June 1 1921.-V. 116, p.
the corporation.
Gates Rubber Co., Denver, Colo.-Pref. Stock Offered.value Prof. stock. The very satisfactory earnings
"As to the non-par
in the absence of any requirements for
James H. Cause_y & Co., Avery, 13ordman & Traylor and Edwin M.
of the company for 1922 would,
a price to yield over
extraordinary expenditure, warrant placing the present Common shares Bosworth & Co., Denver, Colo., recently offered at of 1923 (Par $100)
Cumul. Pref. (a, & d.) stock, Series
Having in mind, however, the increase 7% $350,000
upon a substantial dividend basis.
'
APRIL 21 1923.]
THE CHRONICLE
1767
Dividends cumulative from Mar. 1 1923 and payable Q.
-M. Red. all
(H. W.) Gossard Co., Inc.
-Common Divs.-Earnings.--or part at 110 and diva, on 30 days notice. Registrar, Bankers' Trust Co..
The directors have declared a dividend of $1 a share on the Common
Denver: transfer agent, Gates Rubber Co., Denver.
-Property consists of a modern rubber manufacturing plant. stock, payable in quarterly installments of 25c. a share on the first day of
Company.
comprising 16 unit buildings containing approximately 375,000 sq. ft. of June, July, Aug. and Sept., to holders of record on May. June. July and
floor space, located in Denver. The company manufactures cord tires, Aug. 20., respectively. The directors also declared the regular quarterly
,
dividend of 13
, on the Preferred stock, payable May 1 to holders of record
1%
fabric tires, tubes, fan belts and radiator hose.
-To purchase and install new equipment and to provide addi- April 20. The only distribution on the Common stock in 1922 was $1 a
Purpose.
share paid Dec. 28.
tional working capital.
Earnings for the first quarter of this year. after all charges, including
Earnings.
-Net earnings for 1922. after depreciation and Federal taxes.
amounted to $369.790. or more than 7;4 times the dividend requirements Federal taxes, it is reported, were $127.954 greater than the total for the
first six months of 1922.-V. 116. P. 1184.
on the Preferred stock, including this issue. Average net earnings for the
past six years. after depreciation and Federal taxes, based on 1922 rates,
(W. T.) Grant Co.
amount to $253.608 per year, or more than 5 times the Preferred stock
-Sales.
leers ended Jan. 31- 1922-23.
dividend requirements, including this issue.
1921-22.
1920-21.
-V. 116, p. 621.
1919-20.
Sales
$15.382.631 $12,728,412 $10,192.535 $7.941.688
General American Tank Car Corp.
x Net profits
-Annual Report.
$651.781
$557,880
$1.010,927
$632,099
Calendar Years1922.
1919.
1921.
1920.
x Before taxes and bonuses and after inventory adjustment.
Gross sales & rentals_ _ _ _ Not stated $21,755,724 Not stated $20,975.808
The volume of sales for the first quarter of the calendar year 1923 was
Net oper. profits
$3,131,068 $2,907,473 $3,838,363 $4,459,594
Depreciation
905,584,
762,816
547,635 $3,734,223. an increase of 50.92% over the same period last year.
-V.115.
Interest on Tank Car
13. 550.
Equipment notes
353.074
661,456
543.160
662.871
Green Star Steamship Corp.
Taxes
-Modifications to Reorgan185,000
1,263,331
418,604
184,404
First Pref. dividends__ - . 500,330
237.174 ization Plan-Operating Agreement.
302,431
345,652
Second Prof. dividends....
Retired
70,000
23,300
The
Serial 1st Mtge. bonds
Common dividends
-Year 7% Marine
299,961 and 5 committee for the 5
760.203
605,738
760,710
-Year 7% Marine Equip. Sink. Fund Equip.
1st Mtge. bonds has notified
Balance to surplus_ _ - $261,262
$1,237,606 $1,688.419 the holders of certificates of deposit of the adoption of certain modifications
$48,252
to the plan of reorganization dated Oct. 1 1922 (V. 115. p.2273).
Balance Sheet December 31.
The committee in a circular dated Apr. 5 gives a brief outline of an oper1922.
ating agreement for the operation of the steamships, executed with the
1921.
1921.
1922.
Assets
Planet Line, Inc. The committee says in substance:
Liabilities
Rolling stock (tank
The seven vessels which, under the plan, are to oe acquired by the new
Preferred stock_ __ 8,843,900 4,871,700
cars)
14,325,032 15,154,098 Corn.stk.equity_ _10,663,035 10,551,002 company, have been sold at marshal's sales and have been bought in on
Real estate, plants
behalf of the committee and are about to be transferred to the Planet
Tank car equip.
& machinery__ _ 5,466,210 5,372,632
notes
9.192,000 11,855,000 Steamship Corp. The reorganization managers and the new company
Pats. & goodwill
2,960,0001 720,284 have executed an agreement for the operation of these seven vessels with
2 Notes payable__
1
Investments
Planet Line, Inc., asubsidiary of the Seas Shipping Co., Inc.(Arthur Lewis,
Accounts payable_ 1,568,991J
211.750
Cash
1,628,783 1,313,888 Accr.taxes,int.,&c 648,902
294,370 President). The Seas Shipping Co. Inc. which has been engaged in the
Notes receivable 5,302,908 4,209.466 Divs. payable_ _ _ 534,842
466,968 successful operation of a fleet of steamships for many years, guarantees
Trade acceptances
the performance of this agreement.
Res. for cooling.
12,000
Accounts rec
2,122,797 1,488,364 & Federal taxes_ 295,000
300,000
Under the terms of this agreement, the ships will be
Inventories
5,615,400 1,736,224 Other reserves.... 834,212 1,001,602 promptly placed in operation. The agreement providesreconditioned and
a fixed
to
Other assets
168,218
the new company of approximately $188,000 per annum, which income be
should
618,034
Prep.int., ins., &c 796,001
Tot.(each side)_35,480,883 30,060.926 ample to pay interest on and partially amortize the indebtedness incurred
A. H. Mulliken has been elected a director, succeeding C. H. Coyle.
- In terminating the receivership, removing the maritime liens, transferring
the vessels to the new company, reconditioning the same, and the other
V. 116, p. 1418.
expenses of reorganization. and to pay initially a small dividend on the stock
to be issued under the plan to the depositing bondholders.
General Asphalt Co.
-Tenders.
The operating agreementfurther provides for the payment to the new comThe Bankers Trust Co., 10 Wall St., N. Y. City, will until April 26
receive bids for the sale to it of 8% 10
-Year Sinking Fund Cony. Gold pany of 50% of the net profits of the operation of the vessels after deduct% of the gross operating income, which 7;4% is retained by the
bonds dated Dec. 1 1920, to an amount sufficient to exhaust $50.760. ing
'
Planet Line, Inc.
and at a price not exceeding 105 and interest.
-V. 116. P. 1654.
After the new company shall have received out of the net profits of the
General Baking Co.
-Sales-Earnings,
operation of the vessels a sum equal to the value of the seven vessels covered
Sales in the first quarter of this year have been approximately 15% by the operating agreement, at the rate of $30 per d. w. ton,
comin excess of 1922. Earnings, it is stated, are about the same as last year. pany agrees to deliver to the Planet Line. Inc., an amount ofthe newstock
A bakery has been acquired in New Haven, Conn., with five ovens, of the new company which will equal 51% of the total capitalcapitalof the
stock
which will soon be increased to 10. A new 12
-oven bakery in the Bronx. new company issued and outstanding after such delivery shall
costing about $1,000,000, started in February. It is producing over made. The stock issued to the Planet Line, Inc., under these have been
provisions
100.000 loaves daily. Present plans include a bakery in Brooklyn, N. Y. will not be entitled to share in the earnings of the.new company received
Land has been bought and construction will begin this year.
-V.
la• or accrued prior to the delivery of such stock. It is provided, in effect,
In the operating agreement that, at the time the 51%
1057.
of the capital stock
is delivered, all liens or
General Electric Co., Schenectady, N. Y.
-Orders. the operating agreementencumbrances upon the seven vessels covered by
shall have been discharged.
According to a statement made by President Gerard Swope, orders reThe operating agreement will remain in force for a term of five years, but
ceived by the company for the three months ending March 31 1923 totaled the Planet
Line, nc., has
$80.010,045, as compared with $51,335.300 for the corresponding quarter ther periods of five years the option to renew the agreement for two fureach. In case the new company shall not have
in 1922. or an increase of 56%.-V.116, p. 1654. 1527.
received, before the operating agreement shall terminate or expire, as its
share of the net
the vessels, a sum equal to
General Motors•Acceptance Corp.
-Capital Increased.
- $30 per d. w,tonprofits from the operation ofby the operating agreement,
on all of the vessels covered
The company has filed a certificate at Albany, N. Y.,showing an increase the Planet Line, Inc., shall
not receive or be entitled to receive any of the
in the capital stock from $4,800,000 (all outstanding and owned by the capital stock of the new
company.
General Motors Corp.) to $6,000,000, par $100. The New York State
Modification of Reorganization Plan.
Banking Dept. has approved the increase.
-V. 116, p. 613.
By reason of the provisions of the above operating agreement,
the committee has approved and adopted on Apr. 5 1923 an agreement
General Motors Corp.
-New Subsidiary Co., &c.
of modificaThe corporation has organized a subsidiary, General Motors Chemical Co., tion of the plan of reorganization. The principal features of the modificawhich will market through gasoline filling stations, refiners and large tion are as follows:
In view of the fact that two of the vessels have been sold for cash, In order
distributors of gasoline, what is essentially a modified type of gasoline.
This new type of gasoline contains an "anti-knock" compound which has to provide a portion of the funds necessary for reorganization, and of the
been developed after many years' experiment by the General Motors fact that the operating agreement makes it unnecessary for working capital
to be furnished by the new company, the committee has determined to reResearch Corp. at Dayton, Ohio.
To fill vacancies existing on the board, John L. Pratt, Vice-President of duce the amount of bonds to be authorized oy the new company from $2.General Motors in charge of accessory companies, and DeWitt Page, Pres. 000.000 to $800,000.
The securities to be authorized by the new company will
and Gen. Mgr. of New Departure Mfg. Co., have been elected directors.
be as
(1) First Mortgage Income bonds, $800.000; (2) Common stock, fo.lows:
V. 116, p. 1654, 1538.
140,000
shares of no par value.
General Petroleum Corp.
-Note Issue Authorized.
The amount of the capital stock to no issued in exchange for the
Serial
The stockholders on Apr. 17 authorized an issue of $10,000,000 5
-Year and Sinking Fund First Mortgage bonds as provided in the plan remains
6% Gold notes, proceeds of which will be used for the construction of storage unchanged, and the balance of the authorized
capital stock
placed
facilities in Californ1a.-V. 116. p. 521. •
in escrow under an agreement providing that such amount will be capital
stock as may be necessary for such purpose shall be deliveredof the
to the Pranet
General Refractories Co.
-Acquisition.
Line. Inc., as and when that company
Negotiations for the purchase of the American Refractories Co. have under the provisions of the operating shall oe entitled to receive the same
agreement.
been concluded and the merging of the two companies now awaits the formal
The purchase at par and accrued int. ofa sufficient
approval of the stockholders of the two companies. The American com- bonds to insure the termination of the receivership number ofthe $800,000
and the transfer of the
pany has plants in Danville and Joliet, Ill., and Baltimore, the combined vessels to the new company, and to provide
for the reconditioning of the
capacity of which is approximately 36,000,000 brick annually. It also vessels, has been underwritten.
has foreign magnesite properties, but it is stated that these are not involved authorized, 67,370 shares are to Of the 140,000 shares of Common stock
be presently issued for
lathe deal.
-V. 116, p.
holders of Sinking Fund bonds, 27,77i, shares:(5) to holdersdelivery: (a) to
of Serial
39.600 shares. (A portion of this stock is to be held in escrow as bonds,
above
Gill Manufacturing Co. of 111.-Stock Sold.
-Paul H. provided.)
-V. 116, P. 302. 1057.
Davis & Co. and Lamson Bros. & Co., Chicago, have sold
Greenwald Packing Corp., Baltimore, Md.-Stock
at $25 per share 35,000 shares Common stock of no par value. Offered.
-The Baltimore Trust Co. and the Commerce Trust
Application will be made to list stock on Chicago Stock Exchange.
Transfer agent, Central Trust Co.of Illinois, Chicago;registrar, Continental Co., Baltimore, are offering at $28 50 per share 20,000 shares
& Commercial Trust & Savings Bank, Chicago.
Capitalization.
-Common stock (no par value), 70,000 shares. No Class"A" capital stock of no par value. A circular shows:
preferred stock or bonds.
Company.-Incorp. in Illinois In 1917. Manufactures and distributes the
well known Gill piston rings, which are extensively used In replacement
work by automobile garages, repair stations and accessory dealers located
throughout the United States. Company owns and operates through
affiliated organizations 28 branch sales establishments situated in the
various distributing centres of the United States, and in addition Gill
piston rings are regularly sold by many thousand dealers in all parts of
the country.
During 1922 company manufactured and sold over 4,000,000 rings.
Putpose.-Procee& will be used to retire a small outstanding issue of
Preferred stock, to pay all bank debt and to provide working capital.
Earnings.
-Estimated net profits for 1923 should be in excess of $3300,000.
or more than twice dividend requirements. Net earnings available for
dividends on this issue before deducting special bonuses
to officers and
employees and Federal income taxes paid,
all other
charges, including depreciation, amortization but after deducting allowance
of patents and after
for Federal taxes at the 1922 rates, for 1919 (7 months), 1920
and 1921.
averaged $235,847, or 33 39 per share on 70,000 shares of stock.
During
1922 company suffered a loss of $128,521.
Dividends.-Dlrectors have indicated their intention
of
placing stock on an annual dividend basis of not less than immediately
payable in quarterly installments, beginning July 1 1923. $2 per share,
Class "A" stock is entitled to cumulative preferential dividends at the
rate of $2 per share per annum and in the event of liquidation is preferred
as to assets over Class "B" stock up to $40 per share. Red. all or part on
60 days' notice at $45 per share and div. Convertible share for share into
Class 'B" capital stock. Divs. payable Q.
-J. Transfer agent. Baltimore
Trust Co., Baltimore. Registrar, Commerce Trust Co., Baltimore,
CapitalizationAuthorized.
Outstanding.
Class "A" capital stock (no par value)
20.000 shares 20,000 shares
Class "B" capital stock (no par value)
40,000 shares 20,000 shares
Company.
-Organized in Maryland. Is a consolidation of the Greenwald
Packing Co. and the partnership of Haas & Fox. These concerns have been
successfully engaged In the meat packing industry over a long period of
years. Their business has shown a steady increase and since 1916 their
'combined sales have been in excess of $4,000.000 annually.
-Average annual net earnings of Haas & Fox for 6 years ended
Earnings.
Dec. 31 1922. available for distribution among the partners, and the
average annual net earnings of the Greenwald Packing Co. for 10 years
ended Dec. 31 1922, adjusted to a corporation basis, after Federal taxes
computed at 1923 rates, and before depreciation, were $110,529. or 2 times
the annual dividend requirements on the Class "A" capital stock.
Listing.
-Application will be made to list stock on Baltimore Stock Exch.
Gulf States Steel Co.
-Earnings.
-
Gilliland Oil Co.
Earnings for the first quarter are understood to have been $533,978.
-Reorganization Plan.
Judge Morris in the U. S. District Court at Wilmington. Del., approved -V.116. p. 1057.
the reorganization plan. The plan has been consented to by the creditors.
Hale & Kilburn Corp.
-Reorganization Planfor American
See V. 116. p. 727. 1184.
(B. F.) Goodrich Co.-Pref. Stock Retirement-Busine
ss.
The stockholders on April 18 voted to retire 11,880 shares of Pref. stock.
President Work reported that the volume of business for the first quarter
of the present year was satisfactory and showed a marked increase over tile
same period for the previous year.
,
The regular quarterly dividend of $1 75 cents per share was declared on
the Pref.stock, payable July 2to holders ofrecord Juno 21.-V.116, p.1538.
Motor Body Co.
-Chairman W. D. Baldwin in a letter dated
April 14 to holders of Preferred stock and voting trust certificates announces a plan of reorganization of American
Motor Body Co., to which the plant and property of Hale &
Kilburn Corp. were sold in Nov. 1920(V. 111, p. 797). The
stockholders of Hale & Kilburn Corp. (which owns alto
1768
THE CHRONICLE
gether 17% of the outstanding stock) will vote Apr. 25 on
approving the plan. Chairman Baldwin says in substance:
[VoL. 116.
-Earnings.
Hydrox Corporation.
President T. H. McInnerney states that gross earnings for the first
quarter of this year exceeded by 30% those of the same period last year,
and it is estimated that the net earnings for 1922 will exceed $600.000, or
eguivalent to more than $5 a share on the Common stock after Preferred
-V. 116, p. 1184, 417.
dividends.
Hale & Kilburn Corp. holds the following shares of American Motor
Body Co., these shares constituting the entire assets of the corporation:
(1) 16.000 shares of Class A stock, having a total par value of $1,600.000;
(2) 50,000 shares of Class B stock, having a total par value of $250,000,
-To Increase Capital.
Illinois Bell Telephone Co.
represented by voting trust certificates.
No dividends have ever been paid on the Class A stock of American
The company has petitioned the Illinois Commerce Commission for auMotor Body Co. during the 234 years of its existence, and its balance thority to increase the authorized capital stock by *10,000.000 to 570,sheet as of Dec. 31 1922 shows a loss for 1922 of $328,727. Inasmuch as 000,000. The company plans to spend about $17,400.000 for new constructhe business of the company has not been successful, a reorganization is tion this year. See also annual report for 1922 in V. 116.p. 1529, 1538.
deemed advisable.
-Annual Report (Incl. Subside.)
Indian Refining Co.
Charles M. Schwab has offered to undertake the management of the
1919.
1920.
1922.
1921.
business now carried on by American Motor Body Co., provided the proCalendar Yearsposed plan of reorganization can be effected and he is allowed to purchase Net earns,from oper___loss$402,538loss$3557117 52,663.072 *3,398,968
118,172
353,744
277,991
226,566
S substantial interest in the business.
Deduct-Interest paid__
-has accordingly been organy966,217 z1,537.816
A new corporation-the Motor Body Corp.
Deprec., deple., &c_
197,902
210,000
x19,429
ized in Delaware. This corporation will acquire the entire property,
180,177
Prof. diva.(7% p. a.)_
(16)721,170 (12)360.000
assets and good will of American Motor Body Co. and its subsidiaries, the
Common dividends_
Wadsworth Manufacturing Corp., by purchase or otherwise, and securities
def$648,533df$4,015.285 sur$424,039 sr$1,172,980
of the new corporation, consisting of 6% bonds,6% notes and no-par-value
Balance
shares of stock, all of one class, together with certain amounts of cash, wlll Prof.& loss sur,or def._df$2,071,464df$1,425,931 sr$2,592,354 sr$2,168,316
' x Central Refining Co. to Dec. 31 1922. y Includes taxes, $285,000;
be delivered to the present stockholders of American Motor Body Co.
Hale & Kilburn Corp. holds slightly less than 12% of the outstanding Inventory shrinkage, $281.431: Central Rerg. Co..(loss), $60,250; dry holes.
Class A stock of American Motor Body Co. and exactly 5% of the outstand- leases, &c., written off, $339,538. z Includes deprec. & deple., $812,816,
ing Class B stock. Under the reorganization plan it is proposed to give and taxes, 3725.000.-V. 115, p. 1319.
the holders of Class A stock of American Motor Body Co. their respective
-New Officers.
Indiana Hydro-Electric Power Co.
pro rata share of the bonds and notes of the new corporation. Each stockHarry Reid, formerly Vice-Pros, and Gen. Mgr.. has been elected Presiholder will also receive three shares of stock of the new corporation for each
share of Class A stock now held by such stockholders, except that 9,646 dent, succeeding Samuel Insult, who has been elected Chairman of the
shares of new stock will be given to Halo & Kamm Corp. in addition to its Board. Ernest Van Arsdel, a director, has been elected Vice-President.
pro rata (48.000 shares) of such new stock. Hale & Kilburn Corp. will V. 115. p.2484.
thus receive 5591.900 of bonds.$127.900 of notes and 57.646 shares of stock,
-New Control.
Industrial Fuel Supply Co.(Calif.).
there being a small cash adjustment on account of fractional amounts.
A director of Hale & Kilburn Corp. will be elected to the board of directors
See Los Angeles Suburban Gas Corp. below.
of Motor Body Corp.
-Transfer Agent-Listing.
Inland Steel Co.
It is also proposed to pay American Can Co.(one of the stockholders of
American Motor Body Co.) $150.000 in cash in consideration of its surThe U. S. Mtge. & Trust Co. has been appointed Transfer Agent in New
render of more than a majority of the Class B stock of American Motor York for the Preferred and Common stocks of the company.
Body Co. and in consideration of services In connection with the manageThe 7% Cum. Pref, stock, when Issued, and Common stock, no par value,
ment of that company rendered without charge during the past 234 years.
when issued, have been admitted to the list of the New York Stock Br
is hoped that the new management directed by Mr. Schwab will prove change.
It
-V. 116. p. 1655, 1538.
beneficial to the business.
-Annual Report.
For further details of proposed plan of reorganization of American Motor
International General Electric Co.
1920.
1921.
above.
-V. 111, p. 2143.
1922.
Body Co. see that company
Calendar Years520.212.258 $38,359,012 *32,774,812
Net sales billed
-New Control.
2,581,649
2,642,421
Hanover (Pa.) Power Co.
4,621,273
Other income
-V. 116. p. 1184.
See Metropolitan Edison Co. below.
524,833,531 540,940,661 535,417,233
Total income
-Annual Report. Cost of merch. sold & exps. (deprec.
Hayden Chemical Co. of America, Inc.
$22,229.189 $37.714.544 $32.436,549
In 1922) incl. taxes
-Years End. Dec. 31- 15 Mos.End. Year End.
573,726
1,253.044
338,864
1921.
1922.
Dec. 31 '20. Sept. 30'20. Interest paid
700,000
700.000
700.000
$899.931 $1.311.922 $4.484.854 $4,114.199 Preferred dividends (7%)
Net sales
1,170.927
sales
745,761
3.751,857
Cost of
3.366.563
Surplus avillable for Common.___ $1,565.477 51.273,072 51.706,958
Unfilled orders on the books of the company on Jan. 1 1923 amounted
$140,995
Gross profit on sales_ _ *154,170
$732,997
*747.636
to upwards of $13.800,000.-V. 116, p. 1655. 1419.
Administrative expense_
123,6691
117.384
164.968
119.125
I
Selling expense
148.955
333,740
287,129
-New Sub. Co. Officer:
International Harvester Co.
Gen.
T. J. Maloney has been elected Vice-Pros, &A. G. Mgr. of the Illinois
Net profit on sales _ _ _
$234.2S8
$30,500 loss$125.344
$341.382
Hueldn.-V. 118. p.
a subsidiary, to succeed the late
Miscellaneous credits_
2,031
31.192
•
26.773 Northern By.,
Discounts allowed
Dr.4.967 Dr.24.516 Dr.22.860 1045.
Inventory adjustments
110,515
-Earnings.
Invincible Oil Corp.
1921.
1922.
Years Ended Dec. 31Net inc. from orier
530,500 1055$238.794
$3,971,576 51,130,0213
$240,964
$345.294 Earnings from operations
-V. 114, 17. 1896.
43,504
185.949
Other Income
Hingham (Mass.) Water Co.
-Bond Issue.
$4,157.526 $1,173,531
Totalincome
The company has applied to the Massachusetts Department of Public Interest, &c
661,686
422,585
Utilities for authority to issue (at par) $225,000 1st Mtge. 534% bonds, Development, including drilling expense, &c.,
819,200
payable June 11943. Of the proceeds $120.000 will be applied to refunding
1,344,842
lawfully deductible for taxation purposes
an equal amount of bonds now outstanding. and $105,000 to pay for additions to plant. The company has an authorized capital of $500,000, of
Net income, before depletion, depreciation, &c_ $2,390,099 def5307,355
6,721,328 13,511,835
which $440,000 is outstanding.
-V. 76, p. 1251.
Previous surplus (adjusted)
Bond discount & prem., org. exp.,comm., &c.---Dr1.994.198
746.248
1,071.686
-Bonds Offered. Propor.'n of surplus applic. to minor. int Int..
Houston (Tex.) Lighting & Power Co.
239.844
at
and int., Dividends paid by subsidiaries to minor.
-Halsey, Stuart & Co., Inc., are offering
893
to yield 53 %,S2,000,000 1st Lien & Ref. Mtge. Gold bonds,
4
"A"5% (see advertising pages).
Series
x$6.370.982 $11,892,949
Profit and loss, surplus
-V. 116, p. 1655.
x Before depletion, depreciation, &c.
-Bonds Offered.Iowa Packing Co., Des Moines,Iowa.
Dated March 1 1923. Due March 1 1953. Int. payable M. & S. in
Central State Bank of Des Moines is offering at 100 and int. $300.000
New York without deduction for Federal income taxes not in excess of 2%.
15
Denom. c* $1,000. $500 and $100. and r* $1,000 and authorired multiples. 1st Mtge. Coll. 7% Sinking Fund Serial Gold bonds dated Mar.M.1923,
& S.
and 1930. Int.
Red, all or part upon 4 weeks' notice on or before March 1 1928 at 105 and due $100,000 each March. 1926. 1928trustee. Denom.payable $500 and
$1.000,
of Des Moines,
int, and at 1% less for each 5-year period thereafter to and incl. Mar. 11948; at Central State Bank
any int, date at 102 and
thereafter until and incl. March 1 1950. at 10034 and int., and thereafter $100 0. Red. all or part upon 3(1 days' notice on sinking fund is provided
-mill tax refundable. Guaran tee Trust Co.. N.Y.,trustee. int, up to Mar. 15 1924 and at 101 thereafter. A
at par. Penn. 4
Listed.
-Listed on the Boston Stock Exchange.
for the retirement by maturity of approximately 55%. 52% and 66% of
respectively.
Data from Letter of Pres. Edwin B. Parker, Houston, Texas, April 5. the 1926, 1928 and 1931) maturities. T. Fuller. March 15.
Data From Letter of President F.
Company.-Incorp. Jan. 8 1906 in Texas and succeeded to the business of
in Iowa. Does a considerable export business with
a corporation of similar name, operating under a franchise which, In the the British Isles and Continental Europe and maintains foreign sales agenCompany.-Incorp'
opinion of counsel, is without limitation as to time, granted in 1882.
cies to which regular shipments of cured meats and lard are made. Has
The present generating plant of the company has an installed capacity in operation 50 modern refrigerator cars, which carry its products to its
of 32.500k, w., incl. a 10,000 kw. unit placed In operation in 1922. Rapsales branches in the Middle West and South. Plants located at
idly growing business has required an Increase in capacity of this plant of own Moines.
more than 200% in the last 5 years. An extensive system of transmission Des
-Proceeds will be used to retire current liabilities and increase
Purpose.
and distribution lines, aggregating 488 mIles, radiates from the centre of working capital.
the city and extends Into the surrounding territory.
--Secured by pledge of 5500,000 1st Mtge.8% 10-Year ConvertSecurity.
Company has under construction at present Its Deepwater station
bonds.
designed for an ultimate installation of 150,000 k.w. The initial installa- ible Gold -Actual net operating profits available for interest on total
Earnings.
tion will consist of two 20,000 k.w. turbo-generators with the necessary funded debt,for the year 1022 wore more than $90.000. or 2.21 times interauxiliary machinery. The site of this plant is advantageously located on
est requirements, including this issue. Company's current operations are
the Ship Channel (which extends from Houston to the Gulf), just outside showing a profit.
the city limits and ten miles east of the centre of Houston, Texas.
Authorized. Outstand'g.
Capitalization After This Financing$500,000
5492,400
Capitalization after Proposed FinancingAuthorized, Outstanding. Common stock
1,786,000
2,000,000
a
1st Lien & Ref. Mtge. Series"A"58, 1953 (this les.)
$2,000,000 Preferred stock(7% non-cumulative)
300.000
300,000
1st Mtge. Sinking Fund 5s, 1931
(Closed)
Collateral 7s (this issue)
172,403.000 1st Mtge.
250,000
750.000
Preferred stock
-Year Cony. Gold bonds
2,000.000 1.250,000 1st Mtge. 8% 10
Common stock
2,500,000 2,500,000
-Hoagland
-Bonds Offered.
Utilities Co.
a Authorized issue limited by the restriction of the mortgage. b In addi- Illtlowa Southern
9%,
tion, there will be pledged under the First Lien & Ref. Mtge. $2,100,000 of & Co., Inc., are offering at 93 and int., to yield 6/
these bonds, exclusive of $497,000 bonds that have been retired and can- $1,000,000 1st & Ref. Mtge.6% Gold bonds, Series of 1923.
celed through the sinking fund.
-Proceeds will be used to reimburse the treasury for expendi- A circular shows:
Purpose.
$1,000. $500 and
tures Incurred in the enlargement and extension of its property and for other
Dated Feb. 1 1923. Due Feb. 1 1943. Denom. 105 to July 11933,
to Jan. 11928;
corporate purposes.
$5100 c*. Red.on any int. date at 10734 lz A. in New York and Chicago,
thereafter. Int. payable F.
Earnings for 12 Months ended Jan. 31 1923.
and 10234
any Federal income tax not to exceed 2%.
Gross earnings (including other income)
$2,131,900 without deduction for operates 2 modem steam central power stationt3,
-Owns and
Company.
Net, after operating expenses. maintenance and taxes
716,694
competition, electric light and power at wholesale and
furnishing without
Annual interest on 54.403,000 bonds outstanding with public.
towns and cities in the agricultural section of Southern Iowa.
including this issue, requires
220,150' retail to 40 estimated 75,000. Company owns and operates the electric
Population
-V. 116. P. 183.
supplies
interurban railway connecting Centerville. Mystic and Albia. and
Centerville. Of the net earnings 80%
Humble Oil & Refining Co.
-Annual Report.
gas and steam heat to the city ofand power business, 17% from railway
electric light
1922
Calendar Years1921
is derived from the
1920
heat.
$26,490.523 $2
Total income
4,247,867x$32,538,070 and 3% from gas and steam
Earnings Year ended Feb. 28 1923.
19,760,643 17,147,236 21.564,611
Cost of operation and interest
$954.797
2.239.853 5.243,524
Depreciation
earnings
See x
Gross
5,646.506
Depletion
3.000,000
2.500,000 Operating expenses. incl. taxes, maintenance and improvements_ -- 610,189
Estimated Federal taxes
1,000.000
• $344.607
Net earnings
def.$1..156,479dr$1,142,893sr$7,473,459 Annual interest requirements on all bonds outstanding Including
Balance
3165.906
this issue and divisional bonds
Security.-Socured by a direct first mortgage on the central power station
-V. 116, p. 1184.
x After deducting depreciation.
Creston. Cromwell.
at Creston and transmission lines and properties at
station
-Not To Enter Merger.Hydraulic Steel Co.
Orient and Afton. Also secured by mortgage on the central poweronly to
over 300 miles of transmission lines, subject
Pres. James H. Foster states that the company has decided not to enter at Centerville and
merger with the Parish & Bingham Corp. of Cleveland and $1,765,000 divisional bonds, for the retirement of which provision has
tne proposed
He
been made.
the Detroit Pressed Steel Co. of Detroit.take says: in
-Proceeds will be used to reimburse company for additions to
part
Purpose.
the three-cornered
"Our directors have decided not to
corporate purposes,
consolidation. We nave made arrangements for certain necessary financing the properties. for improvements and for other
-V. 116, p. 1655, 522.
V. 108, p. 2245.
and will continue to operate alone."
APRIL 211923.]
THE CHRONICLE
Jones Bros. Tea Co., Inc.
-March Sales.
Increase.
Increased 1923-3 Mos.-1922.
-March-1922.
1923
$1,517,174
551,710
$1,590,225
54.289,208
573,051164,340,918
These figures do not incl. wholesale or jobbing depts.-V.116,P.1655, 1419.
Kelly-Springfield Tire Co.
-To Retire Notes.
-Year 8% Sinking Fund Gold notes, dated May 151921. aggreCertain 10
gating $500,000, have been called for redemption May 15 at 110 and interest
at the Central Union Trust Co.of New York,80 Broadway,New York City.
-V. 116, P. 1539.
(G. R.) Kinney Co., Inc. New York.
-Back Dividends.
The directors have declared a dividend of $2 ;per share on the Preferred
stock (on account of back dividends), payable June 1 to holders of record
May 21.-V. 116, p. 1655, 1420.
Los Angeles Gas & Electric Corp.
-Definitive Bonds.
It is announced that definitive 5%% Gen. & Ref. Mtge. bonds, Series
"F," are now ready for delivery in exchange for outstanding interim certificates at the offices of any of the bankers who participated in the offering.
See V. 116, p. 1186.
Los Angeles Suburban Gas & Electric Corp.
-Bonds
Offered.
-Central Trust Co. of Illinois, H. T. Holtz & Co.,
Chicago, and Hambleton & Co., New York, are. offering at
100 and int. $4,000,000 1st (Closed) Lien Coll. Trust 7%
Sinking Fund Gold bonds.
Dated March 1 1923. Due March 1 1938. Int. payable M. & S. in
Chicago or New York without deduction for normal Federal income tax
not in excess of 2%. Red. all or part on any int, date up to and incl.
Sept. 1 1927 at 105 and int., the premium decreasing % of 1% on each
March 1 thereafter until a redemption price of 101 and accrued interest is
reached which continues to maturity. Penn. and Conn. 4
-mill tax, present
Maryland securities tax and Mass,income tax not in excess of6% refunded.
Denom. $1,000, $500 and $100 c5 Central Trust Co. of Illinois, Chi.
cago, trustee.
Data from Letter of President Rufus C. Dawes, April 16.
Los Angeles Suburban Gas Corp.
-Inc. In Del. Apr 9 1923 Will own 14.989
shares, being the entire amount, except 11 directors' qualifying shares, of
the outstanding Common stock of the Southern Counties Gas Co. of Calif..
and $1,250,000 1st Mtge. 6% Gold bonds and 20,000 shares of Common
stock, being the entire outstanding bonded debt and capital stock of the
Industrial Fuel Supply Co.
Operating Companies.
-The Southern Counties Gas Co. is a distributing
system with over 1.400 miles of mains and ranks third among the gas companies of California In the number of consumers served. It serves without
competition 52 communities In the prosperous suburban and agricultural
district surrounding Las Angeles. Company has 102,732 meters installed
and serves an estimated population of 450.000. The Industrial Fuel
Supply Co. owns a gathering and transmission system in and adjacent to
the territory served by the Southern Counties Gas Co. and is engaged in
the purchase and sale of natural gas. Neither operating company has any
investment in natural gas producing properties, being assured an ample
hro tic nntracts an eslongsoittirn alvsin r relations with the
prugh log eonip anid in es eisheg orn
principal
Security.
-Secured, through pledge of all outstanding first mortgage
bonds and capital stock, by first lien upon the fixed properties of the
Industrial Fuel Supply Co. and by pledge of the entire Common capital
stock, less directors qualifying shares, of Southern Counties Gas Co. of
Calif. The pledged securities are conservatively valued at over $8,000,000.
Earnings -Gross revenues of the operating companies have shown a
remarkable and continuous growth. The sales of the Southern Counties
Gas Co. have increased over sevenfold in seven years and those of the
Industrial Fuel Supply Co. almost fourfold in three years.
Combined surplus earnings for the past three years. after all operating
expenses, taxes, maintenance, depreciation and interest and dividend
charges upon outstanding securities not owned by the parent company.
have averaged $731,000, or approximately 2% times interest requirement
upon the present bond issue. Surplus earnings for 1922 are in excess of
4% times such annual interest charge; and over 3 times the fixed annual
Interest and sinking fund charges combined. Net earnings for 1922 of the
properties upon which the bonds area first lien through deposits of securities
as above stated were $629.539. or approximately 2% times annual interest
charge upon the present bond issue.
Sinking Fund.
-Indenture obligates company to pay to the trustee semiannually, first payment to be made Sept. 1 1923. an amount equivalent to
$400,000 annually, such payments to be used as far as necessary to pay
interest and the balance to retire bonds either by purchase in the open
market or call at not exceeding the redemption price.
CapitalizationAuthorized. Outstanding.
First Lien Collateral Trust 7% Sinking Fund Gold
bonds (this issue)
$44,000.000 $4,000,000
Common stock (no par value)
54,000she 54,000 shs.
In addition there are outstanding in the hands of the public $1,250,000
Preferred stock and 57.827,200 funded debt of Southern Counties Gas Co.
of California.
;P&p
Lowell (Mass.) Electric Light Corp.
-Annual Report.
-
Calendar Years.1922.
1921.1919.
1920.
Gross earnings
51.363,077 51,180.510 $1,235,878
$995,953
Oper. & maint. exp_ _ _ _
5743.873
$636.615
$703,666
$863.987
Taxes
152.198
107.504
71,731
81,227
Interest charges
9,801
16,542
24,365
31,359
Divs. paid ($10 sh.)
250.133
205.870
117,640
117,640
Net direct charges to
reserves Si surplus...,.,
16,322
Cr.5.857
2,627
12
Replacement reserve.100,000
100,000
75,000
125.000
Balance, surplus
Prior surplus
Current surplus
-V. 114, p. 1541, 1293.
$90.751
814,937
$52.786
762.151
$16.653
745,498
$67,976
677,522
$905.689
$814,937
$762,151
5745,498
MacAndrews & Forbes Co.
-Stock to Employees.
-
The stockholders will vote May 9 on approving the sale to officers and
employees at par ($100) of 7,500 shares of unissued Common stock.V. 116, p. 1283.
-Sales.
-McCrory Stores Corp.
1923
-March-1922.
51.772,284 51,205,238
-V. 116, p. 1656, 1186.
Increased
1923-3 Mos.-1922.
8567.046 I 64,258.119 $3,211,039
Increase.
51.047,080
-Status,
Mammoth Oil Co.
See Sinclair Consolidated Oil Corp. under "Reports" above.
-V. 116. p.
830.
Manufacturers' Aircraft Association, Inc.
-Suit.
--
Alleging conspiracy to destroy his business, James V. Martin, of the
Martin airplane factory, Long'Island, filed suit under the Clayton Act at
Washington, April 4, to recover 651,510,000 from the Association, 27 other
corporations and 38 individuals.
The plaintiff declared that his business had been damaged to the extent
of $17,000,000, and he claimed triple damages plus an attorney's fee of
$510.000. He charged that the defendant corporation and Individuals had
conspired to monopolize the aircraft trade, and told the court that whereas
he had worked as a contemporary of the Wright Brothers and Glenn H.
Curtiss, and had invented indispensable parts of present-day airplanes,
none of the defendants had invented any airplane or airplane device.
Among the corporations named are: Curtiss Aeroplane & Motor Co.,
New York; Dayton Airplane Co.: Fisher Body Corp., Detroit; Goodyear
Tire & Rubber Co., Akron; Mitsui & Co.. Ltd., New 'York; Packard Motor
Car Co.. Detroit; St. Louis Aircraft Corp.; J. G. White & Co.; Wright
Aeronautical Corp., New York. (See also New York "Times," April 5,
p. 22.)-V. 105, p. 611.
-Annual Report Cal. Year 1922.
Martel Mills, Inc.
-
This company succeeded to the business of 8 predecessor companies as
of Apr. 1 1922. Earnings for the period of 9 months ending Dec. 31 1922
amcunt to $259,525. but the combined results of operations by the predecessor companies for the first three months of 1922 and by Martel Mills
are given as follows for the last 9 months:
1769
Earnings Year Ended December 31 1922.
Net sales (incl. $69,219 other Income). $4,510,292; cost of sales,
51.069.812
$3,440,481; gross profits
Gen. selling & adm. exp.. $472,217; int. on bonds, loans, Sic.,
619,107
$146,890
57.034
Provision for Federal income tax
Pref. div. allowance(7%),$74,998; Common divs. paid,$150,000 224.998
$168,672
Balance to surplus
The balance sheet as of Dec. 31 1922 shows capital assets (less reserve
for depreciation of $1.603.858), $44,431.042; current assets, $2.941.596,
and deferred charges, $31,061: total, 67,403,701. Offsets include 7% Pref,
stock, $1.071,400; Common stock (100,000 shares of no par value). $3.710.823; 1st Mtge. 15
-Year 7% Sinking Fund Gold bonds, 52,000,000; current
liabilities, 5621,478.-V. 115, p. 1329.
--Dividend Increased-Earnings.
Martin-Parry Corp.
The directors have declared a quarterly dividend of 75 cents a share,
payable June 1 to holders of record May 15. This is an increase of 25 cents
a share as compared with dividends a 50 cents per share paid quarterly
from Mar. 1920 to Mar. 1923, incl.
Net profits during the first quarter this year amounted to approximately
-V. 116.
$172.000, as against 572.000 needed for dividend requirements.
p. 1283.
Calendar Years.
Mason Val ley Mines Co.
-Earningsfor
1919.
1920.
1921.
1922.
$124.038
Gross profit
$13,229
loss$630
loss55,541
35,337
Other income
28,544
119,603
138,482
Total income
Expenses, taxes, &c
Balance, surplus
-V. 114, p. 1772.
$132,941
68,754
$64,187
541.773
101,838
$159.375
68,600
$11,330 def$60,065
$90,775
$118.973
107,643
Maverick Mills, Boston.
-Bond Issue,
The stockholders on April 18 (a) authorized an issue of $1,500,000 let
Mtge. 7% Sinking Fund Gold bonds; (b) authorized the retirement of the
Preferred shares from time to time, at a price not exceeding par and diva.
-V. 116, p. 1657.
Maxwell Motor Corp.
-Status-Earnings.
Chairman Chrysler says in substance; "The corporation is at present in
a very strong position, with no bank loans. Manufacturing plants have
sufficient capacity to produce quantities as scheduled at low cost.
"Cash and sight drafts have increased from $4,449,220 on Jan. 1 1923 to
approximately $6,000.000 at present.
"Net earnings for the first quarter of 1923 approximated $1,026,000.
compared with a loss during the corresponding period of last year of $611.438."-V. 116. p. 1657.
Mercer Motors Co.
-Subscriptions.
-
Irving Bank-Columbia Trust Co.(Columbia office), 60 Broadway, New
York, will receive subscriptions to 6400,000 Class A stock of the Mercer
Motors Co. under plan dated Mar. 15 1923. See V. 116, p. 1420.
Metropolitan Edison Co.
-Acquisitions.
-
It is announced that the company has acquired control of the.Hanover
Power Co.and the Gettysburg Electric Co. See also V. 116, p. 1186, 1657.
Metropolitan Power Co.
-New Financing Shortly.
-
This company is being incorporated in Pennsylvania, to build and operate
a large steam electric power generating plant at Middletown, on the Susquehanna River. The Initial capacity of the plant will be 30.000 k. w., but
it will be designed for extension to an ultimate capacity of 200,000 k. w.
The entire power generated in the plant will be sold to the Metropolitan
Edison Co., which will then be in a strong position to meet the demand for
electric power and lighting service in the extensive industrial district of
Reading, Lebanon and sections In the vicinity of Middletown and Steelton.
Metropolitan Edison Co. will be enabled to use this steam power in conjunction with the full capacity of the present hydro-electric power station
of York Haven Water & Power Co., t'he control of which it owns.
Provision was made so that prior to the company being incorporated a
well-adapted site could be acquired for the plant and borings for the foundations started. A contract for a 30,000 k. w. turbine generator, together
with boilers and accessories has already been made, and delivery will be
during the early part of 1924.
The plant of the Metroioolitan Power Co. will be connected by 110.000
volt tower transmission lines with the present large generating plant of
Metropolitan Edison Co. at Reading, which is now being connected by
110,000 volt tower transmission line with the system of the Pennsylvania
Edison Co.. which supplies the territory in Easton and adjacent thereto.
It is understood that there will be issued in connection with the initial
development approximately 40.000 shares no par value common stock,
12,000 shares no par value Preferred stock, and 53.000.000 First Mtge.
bonds. The Preferred stock has been purchased by a Philadelphia banking
syndicate and a public offering will shortly be made.
Miami Copper Co.
-Earnings.
-
Calendar YearsGross income
Expenses, taxes, &c_ Depreciation
Depletion
1919.
1921.
1922.
1920.
$8,767,260 56,758,640 59.869,520 $10,533,737
8.951,036
6,561,559
6,610.051
6,008,287
295.696
286.257
336.267
404,601
1.806.748
x
x
1.807.483
Balance
Other income
$1,801,100
172,344
5414.086 51,165.729 def$519.743
207.850
248.466
515,898
Total income
Dividends
do rate
$1,973,444
1,494.228
40%
$929,984 $1,414,195 def$311.893
1,867.786
1,494.228
1,494.228
50%
40%
40%
Balance, surplus
$479,216 def$564,244 def$80.033dfk,2179.678
x No depletion charge made against 1922 income. but $2,138,904 is
charged against surplus account and for 1921 51,719.288.-V. 115, Ii• 2387
.
Middle West Utilities Co.
-New Director,
B. E. Sunny, Chairman of the Board of the Illinois Bell Telephone Co..
E.
has been elected a director to sacceed the late Frank J. Baker, John F.
Gilchrist, Vice-Pres. of the Commonwealth Edison Co. has been elected
a member of the Executive Committee.
-V. 116. Ix '
1421.
Midland Counties Public Service Corp.
-Earnings.
-
Calendar YearsGross earnings
Operating exp., maint.. taxes, &c_ _
Int., bond discount and expenses-.
Balance
-V. 115, P. 2054.
1922.
$837.483
629,069
149.493
1921.
$8800,386
566,496
115.144
1920.
$648,248
463,504
103,237
158.921
1118,745
$91,506
Midvale Steel & Ordnance Co.
-Stricken from List.
The New York Stock Exchange has stricken from the list the capital
stock of this company to take effect April 28.-V. 116, p. 1186.
Midway Gas Co.
-Annual Report.- .
Calendar Years1919.
1922.
1920.
1921.
Gross revenue
$2,623,303 52.370,947 51.728.510
Op.exp.,taxes,depr.,&c. $2,690.774
984,884
1,782,342
2,076.328
1.913,386
Int., bond disc. & exp.126.980
158,676
126,502
172,485
Balance, surplus
6616,645
$429.930
$537,432
$487,944
-V. 115. p. 1845.
National Breweries, Ltd.
-New Officer, &c.-
Lieut-Col. Geo. R. Hooper has been elected 1st Vice-President, succeeding Vesey Boswell, A. W. H. Buchanan has been elected a director, succeeding Mr. Boswell.
-V. 116, p. 1657.
National Cloak & Suit Co.
Retire.Pref
-To .
The stockholders will vote May 1 on reducing the 7% Cumul. Pref. stock
from $8,330.000 to $7.757.500. par $100.-V. 116. P. 1421.
National Motors Corp.
-Withdraw Bond Offering.
Moore, Leonard & Lynch, Wm. H. Colvin & Co., and Stroud & Co..
Inc., announce that they have withdrawn the offering of $3,000,000 154
1770
THE CHRONICLE
mtge. bonds recently offered for subscription by a syndicate of which they
were the managers on a when, as and if issued basis.
The bankers authorired this statement: "It is understood that the company Is making other arrangements to take care of its financial requirements.
See V. 116, p. 1284.
-Capital Increase.
Nebraska Gas & Electric Co.
This company, a subsidiary of Continental Gas & Electric Co. has
increased its authorized Capital stock from $5,000,000 to $8,000%000.
- 115. p. 654.
V.
-Annual Report.
Nevada-California Electric Corp.
[Vol.. 116.
The New York Stock Exchange has admitted to the list $255,000 additional common stock, making the total amount listed 135,632,400.-V. 116,
p. 1658, 1061.
-Annual Report
Panhandle Producing & Refining Co.
(Including Subsidiaries).
1920.
1921.
1922.
Calendar Years54.522,451 $4,810,172 $6,901,587
Gross earnings
5,431,245
3,424,785
3,689,391
Oper., gen. & adm. exp., and taxes
Cr9,267 Cr329.607
Cr7,949
Other income credits
39,151
47.373
29,306
Interest, discount, &c
316,917
73,435
Inventory adjustments(crude oil, &c.)
414.641
511.401
270.119
Depreciation
577,502
889.875
355,895
Depletion and amortization
293.474
261,300
243.500
Preferred dividends(8%)
Consolidated Income Account for Calendar Years Including Subsidiary Cos.
[Inter-company transactions eliminated.)
1921.
1922.
$632,211 sur$475,180
$131,247
Balance, deficit
13,344,447 13.177,109 13P71
1 .
,517
Gross operating earnings
1,257,442
1.304,198
1,221.612 -V. 115, p. 2154.
expenses
Operating & general
249.676
283.891
210.569
-Sale.
Taxes
Parenti Motor Corp., Buffalo.
7,127
6,776
3,410
Uncollectible accounts
Assets of the company were sold at Buffalo April 12 to the Hanover
5,996
4,135
8,338
Total non-operat ng expenses (net)
(Pa.) Motor Car Co. for 11225,000 at a receiver s sale. Claims against
$1.745,446 $1,656,868 31.630.588 the company filed in Federal court total $500,000.
Total income
11,303,258 $1,321,243 11.193.453
-To Establish Sinking Fund.
Interest charges, am
Pathe Exchange, Inc.
The stockholders will vote April 24 on amending the certificate of incor$437,135
$442,190
$335.625
Available furplus for year
poration so as to include therein such provisions with regard to the establishTotal surplus Jan. 1 plus appr. dur ng
the purcnase or retirement of the Preferred stock.
3,608,662
2.946.642 ment of a sinking fund for
current year for bond redemptions_ 4,153,974
V. 115, p. 1542.
$4.596,163 13.944,287 13,383,777
Total
-Stockholders' Rights.
Penn Central Light & Power Co.
109
127,568
521
Dividends declared
Stockholders of record April 27 will be given the right to subscribe en
before May 12 to no par value Preference stock to the extent of 10%
Total profit & loss, surplus, Dec.31 $4,468.595 13.944.179 $3,383,256 or their holdings at $54 50 per share. See also V. 116, p. 1285.
-The corporation has an interest in profits of other operating of
Note.
companies not included in above statement. In 1921 and 1922 the opera-March Sales.
(J. C.). Penney Co.
tions resulted in a loss and a consequent reduction in the combined surplus
Increase.
Increased 1923-3 Mos.-1922
-March-1922
1923
of those companies. The corporation's proportion of this loss in 1921
$4,386.913 13.153.020 11,233,893)110.009.581 $7,713,177 $2,296,404
amounted to $105,233,and in 1922 it amounted to 14,047.-V. 116, p. 1421, - 116, p. 1189, 1061.
V.
1060.
•
-Annual Report.
Nevada Consolidated Copper Co.
[The mine was shut down April 8 1921 but opened April 1 1922.1
1920.
1921.
1922.
1919.
Calendar Year53.400.961 51,280.147 $9,067,025 58.535,728
Total revenues
8,438.903
1.263.744
4,205.836
7,411,991
Operating expenses
822.540
857,341
879.194
787,713
Depreciation
Cr.34,121 Cr.430,322 Cr.889,332
Miscellaneous income.- Cr.560.446
358,242
Dividends
$122.338 sr$1,225,357
$840.938
11.123.623
Balance, deficit
Profit and loss surplus... 13.781,816 $4,905,438 $6,538,602 $8,160,533
- 116, p. 1060.
j
-In unction Denied.New Brunswick Power Co.
Chief Justice Hazen at St. John, N. B.. has denied the application of
the company for a temporary injunction restraining the city of St. John
from duplicating the lighting system. The decision does not affect proceedings for a permanent injunction, which will be heard April 27.V. 115, p. 2590.
-Decision.
New England Oil Corporation.
The U. S. Circuit Court of Appeals at Richmond. Va., has held that the
Island Oil Marketing Corp., New York. is entitled to recover from the New
England Oil Corp Boston (now the New England Oil Refining Co., per
reorganization plan. V. 116. p. 523). $1,161.835 twin first paying to the
Boston concern within 40 days a rebate of 1240.000. The decision affirms
a judgment of the Norfolk District, Court. Otherwise the case will be sent
back for new trial. The Island Oil sued the New England company for
alleged breach of cnotract for purchase of approximately 2,000.000 bbls. of
crude petroleum, to have been delivered at Tampico, Mex., between
Dec.-1 1920 and Dec. 1 1921. at Si 50 a hbl. The alleged contract was
. breached when the price of oil fell to 90c. a bbl. The opinion of the Appellate Court neld that the defendant corporation was entitled to a credit of
400,000 bbls. on the quantity of oil it contracted to buy at $1 50 a bbl.,
with the allowance of 60c. on the bbl., which amounts to $240,000.V. 116, p. 523.
-Capital Increase, ctc.Newmarket Mfg. Co. Boston.
The stockholders on April 11;increased the authorized capital stock from
$1.800.000 (all outstanding) to 52,700,000, par $100. Stockholders will be
given the right to subscribe, at par, on or before May 18 to the new stock
on the basis of one new share for ,each share held.2 Part of the proceeds
will be used to acquire by purchase the former No. plant of the Bigelow-V.116. v. 1657.
Hartford Carpet Co. at Lowell, Mass.
-2% Cash Dividend.
New Niquero Sugar Co.
The directors have declared a dividend of 2% on the Common stock,
payable May 1 to holders of record April 25. On Dec. 29 last a 200% stock
dividend was paid on the Common stock. On Dec. 1 last a semi-annual
-V. 115. p. 2903. 2913.
disbursement of 314% was made.
-Indebtedness.
Pennsylvania Coal & Coke Corp.
The stockholders on April 5 increased the indebtedness from nothing to
$525,000 to provide in p:rt for purchases of property from the Clearfield
-V. 116. p. 1658.
Bituminous Coal Corp. and the Garrolltown Coal Co.
-Tenders.
Pennsylvania Lighting Co.
The Bank of North America & Trust Co., trustee, Philadelphia. Pa., up
to April 19 received bids for the sale to it of First Mt.e. 5% sinking fund
gold bonds, dated July 11910, to an amount sufficient to exhaust $20.059.
-V. 109, p. 277.
and at price not exceeding 105 and Interest.
-Sales Increase.
Pennsylvania Rubber Co.
Sales for the first quarter of this year. it is stated, show an increase o
more than 40% over the corresponding period of 1922.-V. 116. ro• 187.
-To Increase Capital
Pennsylvania Water & Power Co.
Stock-Issuance of Bonds and Stock Proposed.
Tae stockholders will vote May 15 on increasing the authorized Capital
stock from 18.500.000 (58.495.0(10 outstanoing) to $13.500,000, par $100.
In the annual report for the year
President Charles E. F.Clarke says:
1922(V. 116. p. 528) attention was called to the rapidly increasing demand
for hydro-electric energy and to the expediency of considering the advisability of installing two additioni.1 generating units at Holtwood.
The company has contracted to sell a large additional block of power,
delivery of which will begin late this year. As a consequence it will be
necessary to install two new generating units of a capacity of 19.000 h.p.
each, together witn required auxiliary apparatus and some 60 odd miles
of transmission lines. The revenue from this new business will result in
.a substantial net return to the company and will be safeguarded by suitable
long term contracts.
It is estimated that the needed extensions to the Holtwood plant will
require $2.500.000 of new money, and as there are but $910,000 of bonds
available. It is proposed to finance the balance by an issue of stock, which
will be offered to the stockholders at par.
Capitalization Upon Completion of Present Financing.
Authorized. Outstanding.
111,878,000
First Mtge. 5% Sinking Fund Gold bonds 1940-- Closed
$13.500,000 10,194,000
Capital stock (par $100)
V. 116, p. 1061.
-
-To Issue Bonds, &c.
People's Gas Light & Coke Co.
The company has applied to the Illinois Commerce Commission for authority to issue 15,496,000 of bonds and 12,432,000 additional Capital
stock, par $100. At the present time the company has total funded debt,
Including bonds and assumed obligations of companies absorbed, amounting
to 146,177,000. Of an authorized issue of 150.000,000 capital stock, par
1100, there is now outstanding 138,500,000. Compare annual report in
V. 116, p. 614.
-1923 Sales,
Piggly Wiggly Stores, Inc.
Total.
March.
February.
January.
Month of53.579,273 83.615,889 54,425.173 $11,620,336
Sales
Net profits for the first three months, it is stated, amounted to 5329.700.
-Production, Earnings, &c.
Nipissing Mines Co.,Ltd.
The stockholders will vote May 1 on increasing the Class "A" stock
The company in March mined ore of an estimated net value of $189.784, from 200,000 shares to 500.000 shares of no par value.
and shipped 253,783 ounces of silver, valued at $173,431. Cobalt outClarence Saunders, President. tas opened a national newspaper adverput was 33.501 lbs.
tising campaign offering at $55 per share 50,009 shares of Class "A"stock.
1921
1920
1922
1919
Calendar Years7 variety stores.
1935.187 $1,835.185 $1.845.099 Company has 667 grocery stores in operation, and
$1.120.092
Total income
p. 1421.
30.589
34.939
40.739
38,404 V. 116,
Expenses
900.000
1,080.000
1,800,000
1.800.000
-Dividends
-Redemption.
Pittsburgh & Westmoreland Coal Co.
Fitly ($50.000) First Mtge.5% bonds, due Nov. 11925. have been called
dot $647 del 11.402
$246
56.69.5
Balance, surplus
1 at par and interest, at the Girard Trust Co., trustee,
May
$8.816
$10,219
$8.169
$9,973 for redemption -V. 115, p. 1846.
P.&I.surplus Dec. 31..
Philadelphia, Pa.
-V. 116. p. 1284. 1060.
-Officers Resign.
North American Oil Co.
Lawrence Chamberlain, Chairman of the Board: George H. Hutchins,
secretary, and Charles A. Roberts. General Counsel, have resigned their
-V. 116, p. 524, 305.
positions with the company.
-New Officers.
Old Dominion Transportation Co.
Calvin Austin has been elected President, Josiah W. Hayden, Treasurer
-V. 116, p. 945.
.and John R. Dillon, Secretary.
-Balance Sheet Dec. 31.
Pacific Gas & Electric Co.
(Pacific Gas & Electric Co. and Mt. Shasta Power Corp.)
1922.
1921.
1921.
1922.
$
Assets
Plants dr prop-200,250,878 182696,017 Common stock_ --34,688,034 34,004,058
Other investments 1,680,344 1,840,278 First Pref. stock-y51,178,273 41,128,810
488,238 Original Pt. stock_
37,100
47,600
Sinking funds____ 176,071
31,580 Stock of sub. cos.
Prepaid tares. &a..
not held by co..
78,780
Cash with trustee&c
20,584
22,598
Construe. funds in
hands of trustees 383.496 4,314,494 Funded debt-- _111,700,700 113495,700
Acc'ts payable.&c. 1,886,976 2,078,619
Discount & exp. on
699.091
751,206
capital stocks- 8.326,097 7,056,916 Meter, &c., dep
Material &supplies 3,709,041 4,092,745 Accrued interest 1,600,106 1,872,729
9.777 Accr. tax. not due- 2,101,630 1,796,363
6,143
Interest accrued__
3,642,551 Deprec. reserve _13,049,321 11,048,954
Acela & bllle rec__ 3,881,792 8,044,270 Other res.
funds...x2,161,545 1,992,838
5,300,716
Cash
Deferred charges- - 5,827,442 6,039,386 No. Cal. Pow. Co. 1,648,266
reserve
1,648,137
Install. rec'd from
Unpaid diva., &c.. 823,473
626,852
subscriptions to
512.170 Drafts outstand'g_ 592,011
643,545
stock_ _ 1,155,696
1st Pref.
129,4011 Surplus
8,593,388 7,946,336
Liberty bonds
6,543
subscrip'e_
EMPi.
Total
230,778,497 218902.345
Total --------230.776.497 218902.34!
against "amounts charged during 1913.
x Includes 11,820.134 reserved
rates
1916 and 1917 to consumers in excess of fully allowed by city
1914. 1915.
but not
paid and issued.
.ordinances." y Includes stock subscribed for
-Succeeds Green Star Line,
Planet Steamship Corp.
-y. 116. p. 1061.
See Green Star Steamship Corp. above.
-To Offer Common Stock.
Philadelphia Electric Co.
Common stockholders of record May 18 will be given the riga to subscribe on or before June 15 to 110,258,900 Common stock at par ($25)
to the amount of 28% of their holdings. Subscriptions will be payable at
15
the Land 1'tie & Trust Co., hila . either in full on Julie 50 or in installper share on
ments as follows: $12 50 Per snare on June 15 and $12
per
Sept. 15. Interest will be allowed at the rate of 6% The annum on the
new stock will
1923 to Sept. 15 1923.
first installment from June 15
-V.116. p. 1659.
be entitled to participate in dividends thereafter declared.
-Hearing Adjourned.
Porto Rican American Tobacco Co.
The hearing on the Injunction restraining the company from proceeding
-Chancellor
with the capitalization plan scheduled for April 17 before Vice
Backes at Newark has been adjourned to April 24. The stockholders'
scheduled for April 20 has also been adjourned until after the
meeting
-V. 116. p. 1285, 1659.
court hearing.
-Reduces Rates.
Providence Gas Co.
The company has announced a reduction of Sc. per 1,000 cu. ft. in price
of gas, effective June 1. This is the third reduction within 11 months, a
-V. 116, v. 1659.
total cut of 20c. per 1,000 Cu. ft.
-Stock Increase.
Public Service Electric Co.
The company has increased its authorized capital stock from 350.000,000
to $200,000,000. The new capital structure consists of $100.000,000
6% Cumulative Preferred stock and $100,000,000 of Common stock. According to the last annual report the outstanding capital stock amounted to
136,000.000. V. 116, v. 1659.
.
Public Service Electric Power Co.-Pref Stock Offered.Bonbright & Co., Inc., are offering at 983 and div. (from
May 11923), to yield about 7.10%, $6,000,000 7% Cumul.
Pref. (a. & d.) stock (see advertising pages).
-F. Red. as a whole on any div. date after 3 years
Dividends payable Q.
from date ofissuance, upon at least 30days' notice at 115 and diva. Transfer
APRIL
211923.]
THE CHRONICLE
1771
agents: Bankers Trust Co., New York, and Public Service Corp. o New
St. Louis Rocky Mtn. & Pacific Co.
-Annual Report.
Jersey. Registrars: Central Union Trust Co., New York, and Fidelity
Calendar Years1921.
Union Trust Co., Newark, N. J.
1920.
1922.
1919.
Listins.-Application will be made to list Preferred stock on New York Gross earnings
$3.896,958 $3,595,330 $5.147,636 $3,837.353
Cost, expenses & taxes
Stock Exchange.
2,758,840 2,852,910 3.812.385 2.888,055
Guaranty.
-Unconditionally guaranteed as to dividends by endorsement
Net earnings_ _,.
$742,420 $1,335.249
by Public Service Corporation of New Jersey.
$1,138,118
$949,298
-Proceeds from sale of this Preferred stock, together with that Other revenue
Purpose.
146,762
115,626
86,073
55,105
from the sale of $14,000,000 1st Mtge. Gold. bonds and 300,000 shares
Total net income
$858,046 11.482.011 11.035,371
of no par value Common stock, already underwritten, will provide funds
11.193,223
equal to the estimated cost of the now power plant, and any excess cost will Deduct int. charges, &c_
438,028
419.401
493,969
259,060
be paid by the lessee. Additional bonds to the extent of $1,000,000 may Reserve for depreciation
216.584
219.720
195,879
218,426
50,00050.000
50.000
be issued to the lessee against such excess payments, in which event there Pref. div.5% non-cum
50,000
*will be a corresponding increase in rental (see offering of bonds, &c., in Common dividends_ _ _ -(4%)400,000(5%)500.000 %)400.000(4%)400.000
(4
V. 116, p. 1659).
Balance, surplus
The company was incorporated in Delaware April 14 1923 to build and
5377.399
5130.433
530,828 def$331,075
Profit and loss surplus $1,859,866 $1,851,877 $2.152,102 $1,840.081
operate one or more electric power generating stations.
The formal organization has been completed by the election of the fol- -V.114, p. 2010.
lowing officers: Richard,E.Danforth, Pres.; Henry D. Whitcomb. V.-Pres.;
Savage Arms Corp.
William H. Feller. Sec.; Frederick A. Nets, Treas. Martin White, William
-Further Data.
In connection with the offering of $500.000 7% Cumul. 1st Pref. stock
H. Pettes, Matthew R. Boylan. Henry G. Donecker. Edward H. Fernat 97% and div. by Allred & Co., Curtis & Sanger and Gorrell & Co.(V. 116,
show and John A. Clark have been chosen directors.
-V. 116, p. 1659.
1660), a circular issued by the bankers shows:
P.
Pullman Co.
-Balance Sheet Dec. 31.
Capitalization after this financing
Authorized. Outstanding
(As reported to the Masaachusetts Department of Public Utilities.)
7 Cumulative 1st Preferred stock
$500.000
$500.000
6% Non-cumulative 2d Preferred stock
222.200
1922.
500.000
1921.
1921.
1922.
Common s
stock
Assets10.000.000 7.748.000
1
Liabilities(Cond.) $
$
S
Cost of property
Earnings.
Divs, not called
-Consolidated earnings of the Savage Arms Corp., including
& equIpment_195.268.982 178.178,359
for
23,382 .J. Stevens Arms Co.. on sporting arms and ammunition for a period of 10
23,220
Stocks owned.- 1,555,837 1,808,465 Miscellaneous
1.437,894 1,164,866 years ending Dec. 31 1922, before depreciation and
taxes and
Fd.debt owned- 30,580,410 6,037,399 Deprec. on cars_ 8,011,806 9,472,342 excluding all earnings of the Utica plant during the warFederal and subseperiod
Lands owned_ _ _
quently, show an average of over $270,000 per year or nearly 8 times 1st
6.651
6,650 Res. for accrued
Cash
5,870.427 31,874.707 dep. equip....O163.946,689 57.924,110 Pref. dividend requirements. For the 6 months ending Dec. 31 1922
Bills receivable_
excluding losses on plants now eliminated and before depreciation and
900,000 2,000.009 Bldgs., appurt's
Due from agents
& grounds _ _ _Cr1.195,705 1,082,673 interest charges, net earnings of the sporting arms business alone were
& conductors_ 1,732,611 1,192,104 Vacuum cleaners
approximately $200.000.
Due fr. solvent
From the orders for sporting arms so
credit
45,591
43.705
entered this year and a detailed
cos.& indiv's_ 1.943,623 1,236.092 Res.for doubtful
survey of the condition of jobbers stocks far
offirearms, together with statistical
0th. cash assets 3,000,000
accounts
95,993
100,000 data as to the probable amount of fall business to be cared for, it is conEquip. trusts... 3,083,419 3.817.354 Res. for deferred
servatively estimated that the earnings for 1923 should show at least
Mat'is & suppl- 8,732,056 9,205,894 repairs
1,750,000 1400,000 applicable to Preferred dividends or over 10 times the 1st Pref.
Sinking,insur.&
Insurance res. &
dividend requirements.
other funds__
693,358
580.509 death benefits
684,666
598,192
Diridends.-Dividends on both the 1st and 2d Pref, stock have been
Sundries
1,190,035 1.365.788 Miseoll. reserve_
431,010
51,320 declared payable quarterly July 1 and Oct. 1 for the remainder of 1923.
U.S.Govt.guar.
Guar'ty period;
Dividends on the 1st Prof. stock are cumulative from April 1 1923.
compen. under
suits & claims
Conversion Privilege.
-Any holder of 1st Pref. stock may, at his option.
Transp'n Act,
suspense
690,881
635,860 at any time prior to April 11926, exchange the let Pref. stock held for Corn.
1920
5,905.544 5,905,544 Guar'ty period
stock, at the rate of two shares of Com,for one share of the tat Pref.
under-mal nt _ 2.706,999
Purpose.
2,708,999
-Proceeds will
used for additional working capital to care
Total
260,480,933 243,208,874 U. S. Govt. def.
for the increasing business be sporting arms and for the development and
in
assets & Bab.
marketing of new products.
1922.
1921.
(net)guar. per. 5,035,255 5,035.255 Consolidated Balance
Sheet Dec. 31 1922 (Giving Effect to Present Financing)•
Liabilities$
$
Divs.accrued on
AssetsCapital stock_ _135,000,000 120,000,000 capital stock_ 1,789.416 1,588.992
Liabilities
Cash
Aud. vouchers'
$728,451 Accts. & notes payable.
Profit& loss__ 27,355,472 25,496,818
.11
Accts. $: notes receivable.. 695.196 Deferred purchase notes__
accounts
11,081,908 14.439.292
85,664
Wages & salaries 1.028.486 1,095.068 Total
76,651
1.773,536 Other deferred items
260.460,933 243.208,874 Inventories
The Illinois Merchants' Trust Co. su-ceeds the Merchants' Loan & Trust Investments
175.000
23,348 Reserves
Fixed assets
Co. as Chicago registrar of the stock.
500.000
-V. 116, p. 717.
4,446,528 7% 1st Pref. stock
Deferred assets
222.200
234.496 6% 2d Pref. stock
Pats., !teen's, goodwill,&c 2,662,633 Common stock
Ray Consolidated Copper Co.
-Annual Report.
7.748,000
Total (each side)
[The mine was shut down April 8 1921. but opened April 1 1922.1
510,564.189 Surplus
5.)5,774
-V. 116, p. 1660.
1922.
1921.
1920.
1919.
Copper produced (lbs.)_ 27.953,408 10.110.131 47.062.030 46.011.371
Savannah (Ga.) Electric & Power Co.
Operating revenues
-New Officer.
$3.821.957 $1,337,570 $8.254,021 $8,252,504
Norman
Operating expenses___.. 3,600.661
-V. 113.
1.659.063 7,597,567 7.185,986 p.2081. W. Mumford was recently elected a Vice-President.
Operating profit___.. $221,297 loss$321,493
$656.454 $1,066,518
Schulte Retail Stores Corp.
-Dividend Dates.
Other income
122.418
93.758
255,221
300.124
The dividend of $8 per share on the Common stock announced last week
Gross income
$343,714 loss$227,735
$911,675 $1,366,642 (V. 116, A. 1660) Is payable in 8% Cumul. Pref. stock In four quarterly
installments as follows: June 1, Sept. 1, Dec. 1 1923, and Mar. 1 1924.
Depreciation,&c
776.828
1,370.583
Other credit
299.628 to holders of record May 15, Aug. 15, Nov. 15 1923, and Feb. 15 1924.
Dividends
-V. 116. p. 1660.
(10)1577.179(20)3154.358 respectively.
Sharon (Pa.) Pressed Steel Co.
-Plant Closed.Deficit
4433,114 $1,598,318
$665,504 $1,488,088
The receivers have been ordered to close the plant by the Federal court
x Exclusive of any deduction for depletion.
-V. 116, p. 1062.
at Pittsburgh.
-V. 116. p. 1190, 947.
Ray-Hercules Mines, Inc.
-To Increase Capital.
-
Sheriff Street Market & Storage Co., Cleveland.
The stockholders will vote May 7 on increasing the capital stock
$6,000.000 to 17,500.000 and changing the par value from $5 to $15. from Bonds Offered.
-The Union Trust Co., the Herrick Co. and
Balance sheet as of Mar. 21 1923: Assets-Cash. $120,041: accounts receivable, $232,269; materials, supplies, &c., $75.515; construction and Hayden, Miller & Co., Cleveland, are offering at par and Mt.
equipment, development, &c.. $7,261,935: total. $7,689.760. Liabilities
-Year 1st Mtge. 6% Sinking Fund bonds (see
- $1,000,000 15
Capital stock. $4.471,455; contributed
able, $94,577; accounts payable, $891; surplus, $2,122,836; vouchers pay- advertising pages).
1st M.8% Convertible bonds, $1,
Dated April 1 1923. due April 1 1938. Int. payable A. & 0. at Union
000,000; total, $7,689.760.-V. 116, p. 1659.
Trust Co.. Cleveland, trustee, without deduction for normal Federal
income tax up to 2%. Denom. 51.000. $500 and $100 c*. Red. all or
Republic Iron & Steel Co.
-Quarterly Earnings.
part at any time upon 30 days' notice at 10234 and int.
8 Mos.ending Mar.31- 1923.
1922.
1920.
1921.
Sinking Fund.
a Net earnings
--Sinking fund commencing April 1 1925 provides for the
$2,234,988 loss$277,064
$470.242 52,353.021 retirement annually of not
Other income
of bonds by
less than
112,873 open market up to 10234 and Int., $30,000 at that price.purchase in the
51.255
or by call
Total income
52.234.988 loss$277,064
8521.497 $2,465.893 Data From Letter of 0. M. Stafford, President of the Company.
Depreciation & renewals_ $350.625
Company.
$153,856
$398.820
-Organized In 1890 and is the oldest and much the largest
$177.797
Exhaustion of minerals
102.961
59,404
64,845
104.165 company in this line of business in the city of Cleveland. Company's cold
Interest charges
247.559
221.758
185.591 storage facilities, consisting of 5,000,000 cu. ft. of storage space. with all of
184.244
the most modern equipment for insulation, refrigeration, lighting, heating
Balance. surplus
$1.533.843 def$712,082
$104.611 $1,777,317 and ventilation, are the largest between New York and Chicago. ComPreferred diva. (I 3
437,500
437,500 pany derives substantial revenue from rentals paid by approximately 100
437.500
Common diva.(1
450.000
450.000 regular tenants of the Sheriff Street Market at Huron Road, Bolivar Road
and East Fourth
Balance, Bur. or def_sur$1.096,343 def$712.082 def$782,889 sur$889.81.7 modern ice plantsSt. Company also manufactures ice in one of the most
in the country, having a capacity of 80 tons per day.
a These are the net earnings from operations, after deducting
Earnings.
-Net earnings for the five years ended Jan. 31 1923, after
charges for
maintenance and repairs of plants, amounting to $1,015,541 in 1923. 5455.- depreciation and all other expenses except Federal taxes, and after giving
credit for
391 In 1922. $704.059 In 1921 and $1,518,717 in 1920. respectively,
and also $161,222.interest up to the amount saved by this financing, have averaged
after provision for excess profits.
which is equivalent to more than 2.68 times maximum interest
taxes. In 1920.
Unfilled orders on hand (finished and semi-finished): March 31 1923. charges on this Issue of bonds.
&c.'
332,795 tons. This compared with 219,948 tons on Dec. 31 1922 and
Company has regularly shown a profit every year for 30 years, and it is
estimated that with the new warehouse unit which has just been completed.
130.651 tons on March 311922.-V. 116. p. 1286, 611.
and in view of the Increasing demand for the company's facilities, profits
Rogers Milk Corp.
In the future will increase appreciably.
-Receivership.
Harry Bijur has been appointed receiver by
Purpose.
-Proceeds shall
repayment
Liabilities are said to amount to about $675,000. Judge Augustus N. Hand. principally incurred in the be used in theof additionsof bank indebtedness,
construction
with assets about 5500,000.
to fixed property.
Corporation is capitalized at $700,000 and operates condensories at Altmar,
Capital Stock.
-Capital stock outstanding, $2,500,000; surplus as of
Pulaski, Booneville and Green, New York. and has shipping stations
at Jan. 311923, $493,285.
Fernwood and Mapleview. Company, it is said, endeavored
Dirldends.-Co
to effect an from time to time mpany has paid cash dividends on the amount of capital
adjustment with creditors last
outstanding
pay 50%
and 50% in Preferred stock of Dec., offering to Products within one year 2 • 1908. 3'7; 1909-14, 4%;in every year for 23 years. as follows: 1900-07.
0
the Rogers Milk
1915-17, 5%; 1918, 7%; 1919, 65.1%; 1920,
Co.. Inc.
1
63-4%: 1921-22, 7%; 1923 (to date). 7%.
R.& V. Motor Co.
f icers.-0. M.Stafford, President; George N. Shervrin, let V.-Pres.:
-Balance Sheet.
George if. Hodgson, 2d V.-Pres.; M. E. Wager, Sec'y; Homer McDanuel.
See under "Annual Reports" above and see V. 116.
p. 1659.
Tress. & Mgr.: George F. Desnoyers, Asst. Sec.
-V. 100. p. 1677.
Root & Van Dervoort Engineering Co.
-Report.
Sherwood Distilling Co.
See under "Annual Reports" above.
-Receivers Asked.
-V. 116. p. 1659.
Charging provisions of a deed of trust agreement had been violated, the
Fidelity Trust Co.of Baltimore, in equity court, at Towson.
Roxbury Carpet Co.
-Balance Sheet.appointment of receivers for the company. In its bill ofMd., has asked
AssetsSept. 3022 Dec.31 '21
Liabilities-Sept. 3022 Dec.31 '21 'T'rust Co. says that on Jan. 2 1907 the company executed complaint the
Plant account_ ...51,747,420 51,704,902 Capital
a deed of trust
stock
$1,000,000 51,000.000 to it to secure the issue of 5300,000 1st mtge. 5% gold bonds, of which
Inventories
849,523
904,104 Accounts & notes
5133.000 outstanding.
Cash & debts rec. _ 453,038
309,733 payable
•
1,050,685
894.130
Prepaid items
18,615
23,693 Accrued items_ _ _ _
40,286
Sierra Pacific Electric Co.-Pref. Stock Offered.
Empl.acct.,&c__ _
-Cyrus
.
1,087
2,745 Surplus
894,492 Peirce
1,135,167
& Co., San Francisco, and Stone & Webster, Inc.,
Total
$3,069,583 $2,945.177 Total
$3,069,583 82,945,177 New York, are offering at 80 (es. div.), to yield 734%,
--V. 115, p. 2804.
(A. L.) Sayles & Sons Co.
-Suits.
-
$1,643,800 6% Cumul. Pref. (a. & d.) stock. Red. at
115.
Divs. payable Q.
-F. A circular shows:
Two suits were brought by stockholders
Capitalization Outstanding
dence, April 13, for injunction against the in the Superior Court at Provisale of the mill property of the Bonds of subsidiary
company at Warren, Mass., and also asking that a
companies (closed)
alleging insolvency. Complainants state that at receiver be appointed, 6% Cumul. Pref. stock (authorized 3c outstanding)
recent annual meeting Common stock (authorized & outstanding)
OT00.
stockholders voted to sell company's woolen rnill at Warren
for $225,000,
Cotnpany.-Owns all the Capital stock of Truckee River Po 054(}°0770C
::
whereas, it is estimated to be worth In excess of
83 er
$900.000 (Boston "News which does the entire electric lighting and power business in Reno, 8parkos
Bureau").
-V. 113, p. 2828.
Virginia City, Carson City and Minden, Nevada. and furnishes poste.
1772
[VOL. 116.
THE CHRONICLE
to the surrounding mining district of Western Nevada. That company
and its subsidiary also do the entire gas business in Reno, Sparks and
Carson City and supply water for domestic purposes in Reno and Sparks.
Power is supplied by hydro-electric plants with a combined capacity of
.‘4
8,600 k.w. - high tension transmission line to be completed this fall will
connect this system with the Pacific Gas & Electric Co.
Earnings of Properties for 12 Months Ending Feb. 28.
1922.
1923.
$886.889
3928.594
Gross earnings
404 377
436.893
Net. after operlting expenses & taxes
75.181
62.299
Interest charges
210.000
210.000
6% Cum. Pref. stock._
Required for diva. on the
3165,594
$119,195
Balance
-Company has been under Stone & Webster management
Management.
since organization in 1909.
Dividend of$3 per Share Declared on Acc't of Accumulations.
The directors have declared the regular quarterly dividend of 31 50
per share and a dividend of 33 per share on account of accumulations on
the Preferred stock, both payable May 1 to holders of record Apr. 17.V. 111. p. 1089.
-Directors, &c.
Silversmiths Co.
The stockholders at the annual meeting amended the by-laws, reducing
the number of directors from 15 to 6. Edward B. Aldrich, Florrimon M.
Howe and Thomas West, Jr., Providence, were elected directors to reprewith
sent the stockholders who have deposited their stock1923. the stockholders'
Other directors
protective committee, which was organized Feb. 1
elected were Henry J. Fuller. John S. Holbrook and Franklin A. Taylor.
The company has been in financial difficulties since 1920 and on July 1
1922 defaulted in the payment of $724,000 certificates of indebtedness and
3245.000 secured notes. On Feb. 1 1923 a noteholders' protective committee was formed to protect the interests of the noteholders. The Silver7
0
smiths Co. controls the Gorham Mfg. Co. through ownership of 99 of
Gorham common stock. The Gorham Mfg. Co. in turn controls the Gorthrough ownership of all of the latter company's
ham Co. of New York
-V. 116, p. 1542.
common stock.
-Sale, &c.
Simplex Automobile Co., Inc.
See Mercer Motors Co. in V. 116, p. 1420, and compare V. 115, p. 2804.
-Tenders.
(A. 0.) Smith Corp.
The Irving Bank-Columbia Trust Co., 60 Broadway, N. Y. City, will
until April 30 receive bids for the sale to it of Preferred stock, to an amount
sufficient to exhaust 3109,682, and at a price not exceeding $110 per
-V. 115. p. 1847.
share.
-Earnings.
South Penn Oil Co.
1920.
1919.
1921.
1922.
Calendar YearsGross income for year--.-313.363,426 315.183.827 $24.829,401 $18,766,767
Op. exp., tax., depr., &c. 14,628,763 14,779,174 19.339.810 16,098.531
(20)4000,000
(13)2600,000(20)4000,000
Dividends
(434 %)900.000
Dated Jan. 1 1923. Due $40,000 annually July 1 1924 to 1933. Denom.
31.000 c*. Interest payable J.& J.at the office of Security Trust & Savings
Bank, Los Angeles. Callable by lot at 103. Normal Federal income tax of
2% paid by company. Security Trust & Savings Bank and L. H. Roseberry, trustees, Los Angeles, Calif. Indenture provides a sinking fund of
15c. per ton for the first 350.000 tons mined and sold during each calendar
year, and 10c. per ton for each ton in excess thereof. by leases more
Company.-Incorp. in 1913. Owns in fee and controls
each of'
than 3,100 acres of coal land having two seams of high-grade coal,marketwhich is from 8 to 16 ft. in thickness. A conservative estimate of
able tonnage contained in these lands amounts to 70,050,900 tons. Property is located in Carbon County, Utah.
-Net earnings, after charging off depreciation, &c., for the past
Earnings.
five years have averaged eight times the maximum interest charge on outbonds.
standing
-Proceeds will be used to acquire the valuable coal lands owned
Purpose.
by the Rio Grande Fuel Co. adjoining, and to retire all funded debt.
-Notes Called.
Standard Gas & Electric Co.
All of the outstanding 7% gold notes have been called for redemption
May 10 at 10734 and int. at the First National Bank,2 Wall St., N. Y.City.
or at the option of the holder at the Continental & Commercial Trust Oic
116. p. 1660.
Savings Bank, 208 So. La Salle St., Chicago,
-Obtain Licenses.
Standard Oil Co. of New Jersey.
According to the official Netherlands "Indian. Government Gazette."
the Netherlands Colonial Petroleum Corp. a subsidiary, and the American
Petroleum Co., another American corporation, have been granted licenses
-V. 116. p. 1542.
to explore for and develop oil in Southern Sumatra.
-Hearing on Injunction.
Steel & Tube Co. of America.
Final hearing on the sale of assets of the company to the Youngstown
Sheet & Tube Co.will start on June 8 before Chancellor Walcott, of Wil-V. 116, p. 1542.
mington. Del.
-Extra Dividend=
Stewart-Warner Speedometer Corp.
Dividend Rate Increased-Earnings for First Quarter.
An extra dividend of 50 cents per share and a quarterly dividend of $2
pffl• share has been declared on the outstanding capital stock, no par value,
both payable May 15 to holders of record April 30. On Feb. 15 last, a
quarterly dividend of $1 50 per share was paid. (Compare V. 115. p. 422.)
Net profits before taxes for the quarter ending March 31 1923 were
$2,072,400, against $516,480 in corresponding period of 1922.-V. 116.
p. 833.
-Incorporated.
Submarine Signal Corp.
This company was incorporated in Delaware April 14 1923 with an
authorized capital „of 33,000,000 Preferred stock and 60,000 shares of
no par value Common stock, in accordance with the plan of the Submarine
Signal Co. in V. 116, p. 1543.
-Annual Report.
Superior Oil Corp.
1920.
1921.
1922.
Calendar Years31.869,398 $1,818.893 33,015,656
Gross income
$485,773
$672,561
3684.371
Operating expenses &c
181,390
278,525
194.371
General and administrative expenses_
47,225
Adjustments of warehouse inventory_
580,990
1,138,530 1,546.563
Depletion
418.132
822,049
606,477
Depreciation
1,125,741
Dividends paid
Bal., sur. or deficit _ def$2.165.337df$2.195.347sal.489,591 df$1.331,764
14.046.230 16,241.578 14,751,987 a16,083,751
Previous surplus
Prot&loss sur.Dec. 31 311,880.893 $14.046,231 $16,241,578 $14,751,987
a Includes restoration of $10,159,090 excessive depreciation charged off
prior to Mar. 1 1913.
Balance Sheet Dec. 31.
$754,352 $1,550,032 sur.$17,629
1921.
1922.
Net loss
1921.
1922.
__Ar, 115, p. 2057.
$
$
Liabilities-$
$
Assets20,000,000 20,000,000
Property acc'ts_12,660,168 14,215,837 Capital stock
-Tenders.Superior Water Light & Power Co.
8,058,573 5,691,333
Cash & acc'ts rec_ 2,496,056 2,989,450 Acc'ts payable
114,214
79,681
The U. S. Mtge. &Tinst Co., 55 Cedar St., N. Y. City, will until May
Rmerve for taxes_
Acc'ta receivable
11,880,893 14,046,230 1 receive bids for the sale to it of 1st Mtge. bonds, to an amount suffrom sub. cos_ _ _ 2,774,000 2,560,000 Surplus
ficient to exhaust 328,584.-V. 114, p. 1774.
Material & mer. &
14,023,609 11,530,899
stock oil
-Business Increased.
Timken Detroit Axle Co.
Stock In other cos.,
Volume of business for the first three months of 1923, it is stated, was
bonds, mtges ,
over $8,000,000, compared with 33,000.000 in the corresponding period of
notes receivable. 7,912,034 8,409,428
1922.-V. 115. p. 2592.
Def'd charges to
146,162 Total(each side)_ _40,019,147 39,851,777
future operaMs_ 153,281
-Annual Report.
Tonopah Belmont Development Co.
-V. 115. p. 445.
1919.
1920.
1921.
1922.
31.793,660 $1.796.142 $1,231.483
Gross value of production 31,390,903
-Annual Report.
Southern California Gas Co.
141.338
106,626
147,702
75.346
1921.
Losses in treatment_....
1922.
Calendar Years1.252,396
742.861
1,153.964
984.931
$5,739.154 34,268.335 Operating expenses
Operating revenue
4.208.089 3.151.534
& taxes
Operating expense
3381.996
3402.408
3491,994
3330.625
Net earnings
28.104
55,419
23.857
125,007
31,531.065 $1,116,801 Net of other plants
Net operating income
204,352
201.532
56,150
64.422
38,294 x Other income
50.336
Non-operating income
$814,452
3572,001
$662,358
$520,054
Gross income
$1,581.401 $1,155.095
Gross income
44,645
59.212
7183,220
z61.976
392.882. Adm.,expi., taxes, &c
534.274
Interest, bond discount & expense
371,640
305,324
344,100
238.982
209.099 Depletion charges
295.600
Depreciation
(20%)300.000 (10)150.000 (10)150.000 (25)375.000
Dividends paid
$553.114
$751.527
Balance,surplus
Balance. sur. or def-- def.$80,904 def.3105.320sur.3147,823 def.$176,833
-V. 116, p. 628.
X Includes dividends from Belmont Surf Inlet Mines, Ltd. y Includes
-New Control.
$130.750 expenses and losses occasioned by labor strike. z Includes 322.286
Southern Counties Gas Co. of Calif.
-V. 116. p. 86.
depreciation, &c.
-V. 116. p. 188.
See Los Angeles Suburban Gas Corp. above.
-An
-Preferred Stock Offered.
Southern Worsted Corp.
issue of $500,000 7% Cumul. Pref. (a. & d.) stock, par $100,
is being offered by Lockwood, Greene & Co., New York,
A. M. Law & Co., Spartanburg, S. C., and Alester G. Furman Co., Greenville, S. C., at $96 and div., yielding 7.30%,
with a participating feature giving possible yield up to 10.40%
(see adv. pages). A letter to the bankers states:
-Annual Report.
Tonopah (Nev.) Mining Co.
1021.
1922.
Calendar Years$339,148
3615, 55
Net earnings
(30%)300.000 (10)100,000
Dividends
Deprec'n, depletion, &c-- 315,061
1919.
1920.
$402,206
$4410.399
(5)50,000 (30)300,000
$102,206
336...,399
3239.148
36
Balance, surplus
Profit and loss surplus_ _x$3,301,947 $5,025,431 34,642,131 34,381,247
x After charging off as uncollectible, loans of $2,024,100 to Eden Mining
-V. 116, p. 1287, 1063.
Corporation has been organized as the Southern subsidiary of the Water- Co.
York, which has manufactured woolen goods since
loo Textile Corp. of New
-Bond Issue.
Union Apple Co., Inc.
1836.
The Empire Trust Co. has been appointed trustee for $140,000 1st &
The earnings of the parent company for the last 7 years have averaged
Ref. Mtge. 7% Gold bonds dated July 11922, due July 11932.
$_1.64,000 before Federal taxes. When the net earnings of the Southern
Worsted Corp. for any year exceed 7% on the outstanding Common and
United States Glass Co.-Listing---Earnings.-64,000 new
Preferred stocks, the holders of the Preferred stock will be entitled to adExchange has authorized the listing of
The Pittsburgh
ditional dividends in excess of 7% up to 10%. which dividends, if not paid. shares(par $25)ofStock stock.
capital
shall be cumulative.
Income Account Year Ended Dec. 31 1922.
indebtednasss of any description, and
The corporation has no funded
none can be created without the consent of the holders of at least 75% of Gross income from oper. (sales, &c.). Incl. $3,222 other income,
-J. Red. all or part upon 60
34,554.571
the Preferred stock. Dividends payable Q.
$4,589,288: less discount on sales, 334,717
days' notice at $110 and divs. 'franslor agent, American Bank & Trust Less oper. charges, incl. all labor, materials, gen.repairs. maint.,
4,054,094
Co., Greenville, S. C.
$212,675 selling exp. charged to factories)
&c.(incl.
Authorized, Outztand'g, Adm. exp., general, sales, legal and gen. mfg. exp.(net of $212,Capitalization187,702
3500.000
7% Cumul. Participating Pref. stock (this issue)..... 3600,000
675 selling exp. charged to factories)
13,214
600,000 Losses on accounts
600.000
Common stock
Interest on funded debt. $19,435: bit, on floating debt, $26.737,
33,344
-Earnings for 1st Quarter.
(less discount on purchases, 312.828)
Manufacturing Corp.
Spicer
$46,172
Depreciation chargeable to oper. on basis of actual cost of propPreliminary Income Account for the 3 Months ending March 31.
erty. $120,472: losses on property abandoned during year, 154.187
1922.
1923.
$33,715
33.588,380 31,570,654
9,533
Sales
Glassport Land Co.for year
1,201.350 Lossadjustment charges (accrued items. &c.)
2.867.709
13,593
Deduct: Coot of sales
106.057 Net
163.696
Administrative, selling and general exp
Deduct:
388,903
Net gain for year ended Dec. 31 1922
3263,247
3556.974
to loss in year 1921 no provision has been made for Federal
Note.
Cr.37.855 Cr.10.022 taxes. -Due
Add: Miscellaneous income
-V. 116. p. 526.
87.235
83.403
Deduct: Interest and discount
3186,034
3511,426
Profit first quarter
net available
After deducting Federal taxes at rates now in effect, the 23 per share,
stock was equivalent to SI
for the 313,750 shares of Common
compared with $0.32 per share earned in the first quarter of 1922. See
also V. 116, p. 1660.
-Banks,
-Bonds Offered.
Standard Coal Co. of Utah.
Huntley & Co., M.H. Lewis Co., and Drake, Riley &
4
Thomas, Los Angeles, are offering, at prices to yield 63 %
$400,000 First Mtge. Serial 6s. A circular shows:
-Financing Not Contemplated.
United States Rubber Co.
the company is
At annual meeting Pres. Charles B. Seger stated thatis
In a sound financial condition and that no new financing incontemplated.
closing paraIn his remarks he said: "The encouragement expressed
fully justified
graph of annual report for 1922 (V. 116, p. 1171) has beenbusiness generby the results for the first quarter of 1923. The company's
ally has shown substantial improvement since the close of last year.
'The tire business has shown substantial gains over the corresponding
period of last year. AS a result of the remarkable increase In automobile
prediction, trade conditions among tire dealers indicate a largely increased
demand for our products over last year. 'I he constantly increasing demand
for Royal Cord tires and Royal tubes continues to reflect the high quality
APRIL 21 1923.]
of the company's products.. This is especially true with respect to sales to
dealers in which there has been an increase of over 80%, compared with
the same period last year. Generally spealdng, conditions in the whole
tire industry are much improved.
"Business for the first quarter of 1923 in mechanical rubber goods shows
very substantial increases over last year, but no indication of a cessation
of the demand. This situation clearly reflects improvement in general
business conditions, particularly the number of orders calling for rush
delivery. Mechanical goods mills are operating at the highest rate of production in the company's history.
"Footwear business for the first quarter shows an increase of about
30% over the same period in 1922 and advance orders for summer and fall
delivery have been received in very encouraging volume. Tae outlook for
branch of the business is most satisfactory since the severe winter Just
closed has reduced dealers' stock to minimum.
-V. 116. p. 1171.
U. S. Industrial Alcohol Co.-Consol. Bal. Sheet Dec. 31.
1922.
1921.
Assets
Properties owned_42,765,741 42,249,283
1,752,192 1,100,221
Cash
Liberty bonds_ _-50,000
51,600
Acc'ts & bills rec.- 3,432,271 3,811,585
Inventories
4,051,183 5,196,660
Prepaid insurance,
taxes, &c
220,300
126,641
1922,
1921.
Common stock. _24,000,000 24,000,000
Preferred stozk_ - 6,000.000 6,000,000
Cuba Distilling do. 1,836,600 1,836,600
78,500
73,500
Purity Dist. Co.5s
Acc'ts payable__ 1,426,271 1,442,372
Notes payable_ _ _ _ 2,547,500 3,450,000
831,508
Acceptances pay.- 834,129
105,000
Pref. div. payable_ 105,000
Deprec. Sr special
amort. reserve__ 4,316,200 4,396,737
Total (each side)_52,281,687 52,535,989 Surplus
11,142.487 10,395,273
The usual income account was published in V. 116, p. 1544.
United States Steel Corp.
-Properties Enhanced More
Than a Billion Dollars Since Incorporation.
-Chairman Elbert H.Gary at the annual meeting April 16 told stockholders
that the properties of the U. S. Steel Corp. have enhanced
more than a billion dollars since incorporation.
Mr. Gary added that "the officers hope that the stockholders will get
some extra 'benefit as a result of this growth, but we make no promises."
Further details under "Current Events" above.
-V.116,1661 p1544.
-New Director.
Virginia Iron, Coal & Coke Co.
Henry K. McHarg was recently elected a director to succeed A. V. Roe.
-V. 116, p. 1063.
Waldorf System, Inc.
-February Sales-Change in Par
Value Proposed-Results for First Quar.-Bal. Sheet Dec. 31.
Total sales in February, from 104 stores, were $1,028,990, an increase of
19% over the same month of last year. Net income after all expenses.
including reserves for taxes was $88.177, an increase of 25% over Feb., 1922.
The company has notified the New York Stock Exchange of proposed
change in Common stock from 250,000 shares, par $10, to 500.000 shares
of no par value.
It is expected that a special meeting of stockholders will be held in the
near future at which approval will be asked of a plan whereby the par value
of the Common stock will be changed from $10 to no par and 2 shares of no
par stock issued for each $10 share outstanding.
Quar.end.Mar.31:
1923,
1922.
1922.
Quar.end.Mar.31•
1923.
No.of customers_ _11,835,168 10,308,987 Net profits
$332,697 $285,715
Bales
32,841
$3,334,600 $2,800,376 Preferred dive_ _
32,592
Gross income
100,402
496,835
432,510 Common diva_ _ 100.402
Deprec'n dr res'ves 115,132
105,979
Federal taxes
49,006
40,810
Surplus
$199,703 $152,472
Balance Sheet Dec. 31.
Assets1922.
1921.
1921.
LiabUfSfes1922.
Land, bidgs., &c_ _55,229,818 $3,906,192 Mtge. notes pay.. 8696,500 5304,000
Deposits on leases_
76,029
17,540
Res. for sink. fund 113,586
Sinking fund (1st
882,791
Res. for deprec'n. 1,127,685
pref. stock
.
8
7 Reserve for plate
Treasury stock. _
24,600
40,243
glass insurance_
5,856
4,536
856,410
Organiz. de under1st Pret. stock__ 783,500
writing expenses 129,222
696,100
846,100
137,652 Pref. stock
Good-will
692,912
636,186 Common stock... 2,008,050 1,874,250
Cash
489,422
442,469 Premium on corn60,250
Accts.receivable
60,250
24,707
mon stock
46,208
Notes receivable__
252,070
2,898
40,212 Accts. payable... 344,324
Inventories
28,910
38,588
543,186
452,893 Wages accrued...
71,884
Investments
12,040 Exp. & taxes accr_ 100,620
334,542
Deferred charges
116,430
110,447 Fed, taxes accrued 166,857
Total (each sidc).$7,270,744 85,824.549 Surplus
381,457
980,149
For consolidated inome account for years ended Dec.31 1922 and Dec. 31
1921..(ee V. 116, p. 949, 1544.
-MerWaring Hat Manufacturing Corp.
-Stock Sold.
rill, Lynch & Co. and! S. Bache & Co. have placed privately
.T.
30,000 shares of Common stock of no par value at $22 per
share. The bankers state:
Company.
-Business was founded 75 years ago in Yonkers, N. Y., and
the same family has been interested in it since its inception. The output
In 1922 was 2.621.436 hats, a production in excess of any other hat manufacturer. The plants are a complete manufacturing unit. comprising every
process from the importation of the raw fur to the production of the finished
at.
Sales, &c.
-Sales for the first quarter of the current year show an increase
of 28% and unfilled orders a gain of more than 200%. On this basis earnings available for the Common stock in 1923 should be at the rate of $6 per
share on the entire 54,000 shares to be outstanding.
Listing.
-It is expected that application will be made to list this stock on
the New York Stock Exchange.
Purpose.
-Proceeds will be used to retire a 5215.000 funded debt now outstanding and to provide additional working capital.
Capiialization After Present FinancingAuthorized. Outstancrg.
lit Mtge.6% bonds, due serially 1923-35
$897,000
$1.000,000
Prof.stock 8% cumulative (par $100)
1,080,000
2,000,000
z Common stock (no par value)
100,000 shs. 54,000 shs.
x Common stock was recently increased from 70,000 no par value shares
to 100,000 no par value shares.
Balance Sheet Dec. 31 1922 (After Giving Effect to Present Financing).
Liabilities.
Assets.
Cash
$747,500
$434,816 Notes payable
173,497
Notes receivable
22,798 Accounts payable
8,886
Accounts receivable
414,472 Other current assets
10,000
Advances
62.926 Reserve for contingencies__
864,333
Inventories
1,298,064 First Mortgage 65
Prepaid ins., int. & taxes....
1.080.000
32,863 8% Preferred stock
x1,532,606
Land, buildings, &c
1,387,384 Common stock
Deferred charges, &c
13,500
84,416,823
Good-will
Total (each side)
750,000
x Represented by 54,000 shares of no par value.
Directors.
-A. R. Demory, Chairman; W. V. Campbell, President;
Lewis Roberts, V.-Pres. & Treas.; .1. M. Faehndrich, Comptroller; E. C.
Lynch (Merrill, Lynch & Co.), C. E. Merrill (Merrill, Lynch & Co.);
Edward Wise (j. S. Bache & Co)..
-V.116, p. 1661.
Waterloo (N. Y.) Textile Corp.
-New Subsidiary.
See Southern Worsted Corp. above.
-V. 116, p. 1192.
Welsbach Co., Philadelphia.
-New Vice-Presidents.
Townsend Stites and E. L. Knoedier succeed Randall Morgan and Walton
.-V 116, p..1661.
.
Clark as Vice-Presidents
Westinghouse Electric & Mfg. Co.
-Bookings, &c.
Quarter ending March 31Bookings
Billings
-V. 116, p. 1544. 949.
1922.
1923.
(est.) $45,741,000 $30,155,189
22,712,700
(est.) 39.537,000
Westmoreland Coal Co.
-33 1-3% Stock Dividend.
-
The directors have declared a 33 1-3% stock dividend on the outstanding 57.500,000 tock, par $50, payable May 15 to holders of record April 28.
Bee also V. 116, p. 1544. 423.
1773
THE CHRONICLE
-Quarterly Earnings.
Western Union Telegraph Co.
Results for Three Months ended March 31 (March 1923 Estimated).
1923.
1922.
1921.
Gross rev., incl. diva, and interest-1527,589,846 $24,114,955 $26,225,070
Maint., repairs & reserve for deprec__ $4.461,984 $4,299,522 $4,483,196
Other operating expenses, incl. rent
of leased lines and taxes
18,783,581 17,225.837 19,539,964
Balance, net earnings
Deduct interest on bonded debt
$4.344,281 $2,589.596 52.201.910
576.713
332,962
576.713
$3,767,568 $2,012.883 $1,868.948
Net income
This company and the Commercial Cable Co. have announced reductions
in cable rates between this country and European countries, ranging from
2 to 5 cents a word, effective April 20.-V. 116. p. 1527.
-Bonds
Wheeler Timber Co. of San Francisco, Calif.
Offered.
-Baker, Fentress & Co., Chicago, and WellsDickey Co., Minneapolis, are offering at 96.36 and int.
$800,000 1st Mtge. 10-Year bonds. A circular shows:
Dated April 2 1923. Due April 1 1933. Denom. $1,000, $500 and
$100 c*. Callable on 30 days' notice on any Int. date all or part at 102 and
int. Int. payable A. & 0. at Continental & Commercial Trust & Savings
Bank. Chic., trustee, without deduction for any U. S.income tax up to 2%•
Security.
-A closed first mortgage on approximately 34,000 acres of timber
lands, owned in fee simple, in Sonoma and Mendocino counties, Calif., and
estimated to carry in excess of 1.070,000.000 feet of virgin timber, largely
redwood. This tract, which is the nearest important holding to San Francisco. is valued in excess of $2,500.000, or over 3 times the amount of bonds.
Revenue.
-From their interest in lumber manufacturing companies and
other sources, the funds received by the principal stockholders of the company and available for the payment of interest or retirement of principal of
this issue of bonds, have averaged over the past three years in excess of
$250,000, or an amount over 5 times the interest on this issue of bonds.
-V. 112. p. 753.
Willys-Overland Co.
-To Create Bond Issue.
The stockholders will vote May 8 on authorizing the creation, issuance
and disposal by the company, or by any affiliated company or companies,
of an issue or issues of bonds, notes or obligations limited to 515,000,000 at,
any one time outstanding, same to be of such denominations, &c., payable
not later than 20 years from date thereof, to bear such rate of interest, not
exceeding 7% per annum, and contain such provisions for the redemption
or payment in whole or in part, as the directors shall from time to time determine.
-V. 116, p. 1661, 1408.
(The) Winchester Co. and Subs.
-Annual Report.
Calendar Years1919.
1922.
1920.
1921.
Sales
518,146,200 513,243.311 518,042.247 $24,910,904
xNet profits
$247,880df$1,165,514 51,048,683 $1,408,860
x After expenses, interest charges, taxes, &c.
-V. 115, p. 306.
Woods Manufacturing Co., Ltd.
-Har-Bonds Offered.
ris, Forbes & Co., Ltd., Montreal, are offering at 9E44 and
int., yielding at 6
$1,0002000, 1st Mtge. 20-Year Sinking Fund 6% Gold bonds, Series A. A circular shows:
Dated Apr, 1 1923. Due Apr. 11943. Int. payable A. & 0. in Montreal, Toronto, Ottawa and Winnipeg. Callable as a whole only except
for the sinking fund, on 60 days' notice on any int, date, through Apr. 1
1933 at 103 and hit, thereafter through Apr. 1 1938 at 102 and int., and
thereafter until maturity at 101 and int. Denorn. $1,000 and $500 cs&r*.
Royal Trust Co., Montreal, trustee.
•
Company.
-Is the largest manufacturer of Jute and cotton bags in Canada.
supplying such basic industries as the flour and cereal mills, the sugar refineries and the salt and cement manufacturers. Owns a cotton mill
which, in addition to furnishing its own cotton cloth requirements, produces
the more standard lines of cotton duck and sheetings. Company also manufactures lumbermen's and contractors' tents, clothing and supplies. The
various mills and factories are located in Montreal, Hull, Toronto, Welland
and Winnipeg.
Capitalization After This FinancingAuthorized, Outstand'g,
Common stock
$2,500,000 $1,718,600
7% Cumulative Preferred stock
1,546.500
2,500,000
1st M. 20
-Year Sink, Fd. 6s (this issue)
1,000.000
2,000,000
Security.
-Upon completion of the loiresent financing these bonds will
constitute the company's only funded debt and will be secured by a direct
first mortgage on all the company's real estate, plants, machinery, &c.
Bonds will be further secured by a floating charge upon all the current assets of the company.
Earnings.
-Annual net earnings, after all operating charges, during the
past 7 years averaged 8.93 times the annual interest charges on the company's presently to be outstanding 1st Mtge. 20
-Year Sinking Fund 6%
bonds. For 1922 net earnings were 7.32 times the annual interest charges
on these bonds.
-V. 116, I). 1559
.
CURRENT NOTICES.
-Harry H. Polk, President of Harry H. Polk & Co.; John S. Corley
formerly manager of investment department of the Iowa Loan & Trust Co..
and S. M. Lorenz have organized the firm of Polk;Corfey & Co., Inc., to
deal in bonds and investment securities with offices at 1215 Hippee Building,
Des Moines, Ia. The officers are Harry H. Polk, President; John S. Cor
ley, Vico-President, and S. M. Lorenz, Secretary.
-Guaranty Trust Co. of New York has been appointed trustee, registrar
and paying agent under the Temple Furnace Co. first mortgage deed of
trust, dated March 1 1923, securing an authorized issue of $300,000 par
value first mortgage 7% gold bonds, dated as of March 1 1923. and due
March 1 1938.
Comparative earning charts of various lines of business over a four-year
period show the greatest percentage of increase for public utility companies,
also the most stable growth in earnings. These charts are contained in the
weekly bulletin published by Gilbert Eliott & Co.
Harris, Ayers & Co.,investment securities, 100 Broadway, New York,
announce B. N. Freeman, formerly manager of the bond department of
Henry L. Doherty, has become associated with them as manager of wholesale distribution.
-The Mississippi Valley Trust Co. of St. Louis has opened a correspondent office at 22 William Bt., New York, under the management of
John M. Bowlin.
Edward F.Ladin,formerly with W.J. Wellman & Co.,is now manager
of the industrial bond trading department of Edward Clucas & Co., 74
Broadway, New York.
-The H. D. Fellows Co. have moved their offices to larger and more
commodious quarters on the third floor of the same building in which
they have been located right along.
-Eldredge Sz Co. announce the removal of their offices to 14 Wall St.,
New York.
-The Lawyers' Title & Trust Co. has been appointed Trustee of an issue
of $500.000 First Mortgage 6% Serial Gold bonds of Sigmund Ullman Co.
Walter M. Groshon has recently become associated with the bond department of Garrison & Co., Philadelphia.
-The Roial Securities Corporation have moved their New York offices
to 44 Pine Street.
-The New York Trust Co. has been appointed registrar of Clarion River
Power Co. preferred, participating and common stocks.
-F.S. Shaw has been admitted to the firm of J. K. Rice Jr. & Co.
[VoL. 116.
TTIE GELEONICLE
1774
Neports anti Documents,.
THE DELAWARE AND HUDSON COMPANY
-FOR THE YEAR ENDED DECEMBER 31 1922.
NINETY-THIRD ANNUAL REPORT
New York, N. Y., April 2 1923.
To the Stockholders of
The Delaware and Hudson Company:
The following presents the income account of your company for the year 1922, arranged in accordance with the
rules promulgated by the Interstate Commerce Commission,
with comparative results for the year 1921:
1922.
1921.
Increase(-I-) or
Decrease(-).
Railway operating revenues___37,823,256 36 45,776,859 41 -7,953.603 05
Railway operating expenses___35,615,053 38 38.825,52911 -3,210,47573
Net railway operating rev__ 2,208,20298 6,951,330 30 -4.743,127 32
Operating Income Credits
-credit bal Dr.65,052 12
Hire of freight cars
73.779 06
Rent from locomotives
81,011 00
Rent from passenger-train cars
69.589 22
Rent from work equipment
122.803 97
Joint facility rent income
Total credits
915,595 24
81,131 03
78.114 04
24.998 36
167.055 68
-980,647 36
-7,351 97
+2.89696
+44.590 86
-44,251 71
282,131 13 1.266.894 35
-984,76322
Gross railway oper. income_ 2,490,334 11
Operating Income Debits
Railway tax accruals
Uncollectible railway revenues
Rent for locomotives
Rent for passenger-train cars
Rent for work equipment
Joint facility rents
Total debits
879.053 23
11,361 10
23,364 40
52,813 89
606 34
356,922 84
8,218.224 65 -5,727,890 54
993.973 96
16,731 56
26,065 95
55.482 21
2,364 71
364.489 49
-114.920 73
-5,370 46
-2,701 55
-2.66832
-1,75837
-7,566 65
1,324,121 80 1,459,107 88
-134,98608
Netrailway operating income 1,166.212 31 6,759.116 77 -5,592,904 46
Non-operating Income
Income from lease of road_ _ _
101,832 41
88.124 39
Miscellaneous rent income-- 49,410 47
68,151 43
Miscellaneous non-operatinit
physical property
10,672 95
12.148 98
Dividend income
1,282,295 09 1.327.616 98
Income from funded securities_ 197,127 50
202,547 19
Income from unfunded securities and accounts
139,431 65
108.888 85
Income from sinking and other
reserve funds
74,181 15
57,258 46
Miscellaneous income
1,856,421 88 1,569,868 89
-16,922 69
+286,552 99
Total non-operating income. 3,713.191 37 3.432,786 90
+280,404 47
Gross income
+13,708 02
+18,740 96
-1.47603
-45,321 89
-5,419 69
+30,542 80
4,879,403 68 10,191.903 67 -5,312,499 99
Deductionsfrom Gross Income
1.836.94869 1.771.929 41
Rentfor leased roads
1,71600
3,255 14
Miscellaneous rents
3,427,065 71 3,284,579 63
Interest on funded debt
178,272 37
70,601 68
Interest on unfunded debt
17,954 10
17,532 56
Miscellaneous income charges_
+65,019 28
+1.53914
+142,486 08
--107,670 69
--421 54
5.355,403 78 5,254,451 51
+100,952 27
Total deductions
Net income
-The Delaware &
Hudson Company carried to
loss476,000 10 4.937.452 16 --5,413,452 26
general profit and loss
Percentage to capital stock--
•
No
11.62
FINANCIAL.
The capital stock of The Delaware and Hudson Company
on December 31 1922 was $42,503,000, there having been no
change during the year.
The total funded debt on December 31 1922 was $70,605,200, an increase of $2,710,600 as compared with December
31 1921. There was issued on June 1 1922 $7,500,000 principal amount of The Delaware and Hudson Company's fifteen-year five and one-half per cent gold bonds to provide
funds to pay at maturity, on July 1 1922, the company's
first lien equipment four and one-half per cent fifteen-year
gold bonds which were outstanding in the principal amount
of $6,024,000, and for other corporate requirements. The
Issue of six per cent gold notes under the equipment trust,
provided to pay for 1,500 freight cars allocated to your company by the United States Railroad Administration, decreased $265,400 by the payment of that amount which maturned on January 15 1922. The total issue was $3,981,000,
of which the balance outstanding on December 31 1922 was
$3,450,200.
The sum of $422,040, being one per cent of the par value of
the first and refunding mortgage gold bonds outstanding on
June 1 1922, was paid during the year to the trustee under
the mortgage securing that issue, making the total paid to
December 31 1922 $4,480,310. The sum paid was expended
in additions and betterments to the mortgaged property in
accordance with the trust agreement.
There was accumulated in the Coal Department sinking
fund during the year, in accordance with the ordinance
passed on May 9 1899 and amended on May 10 1910, $190,-
228, which has been used in the acquisition of coal lands
and unmined coal in Pennsylvania.
Final settlement with the United States Government for
all transactions incident to the occupation and use of your
company's properly during the period of Federal Control,
from January 1 1918 to the close of business on February 29
1920, was consummated on September 22 1922, your company agreeing to pay $1,500,000 to the United States Railroad Administration, for additions and betterments to your
property made during the period of Federal Control. This
payment was secured by a six per cent note, in favor of the
Director-General of Railroads, payable on March 1 1930.
Nothing was received from the United States during the
year on account of the guarantee of net earnings provided
for by the Transportation Act, 1920, covering the Guaranty
Period, from March 1 to August 31 1920. Final settlement
of this account is still pending.
Under date of January 11 1923 a statement reading as
follows was mailed to all stockholders:
"On the basis of the actual figures for the first eleven
months, and estimating the results for the month of December *1922, the Company will probably fall short by about
$500,000 of the amount necessary to meet its Operating Expenses and Fixed Charges. These results are directly attributable to the decrease in the volume of traffic and the
extraordinary expenses resulting from the strike in the coal
mines and the strike of our shop employees.
"In view of the established earning capacity of the property and the temporary nature of the conditions which reduced the earnings during the year 1922, it is the opinion of
the Board of Managers of the Company that no change in its
dividend policy should be made at this time, especially as
the Company has a large accumulated surplus created in former years the use of which to meet emergencies such as confronted the Company during 1922 is one of the purposes for
which it has been conserved."
The months of January and February 1923 were characterized by low temperature and heavy snowfall, weather
that was continuously and extremely unfavorable to railway
operations throughout the whole region traversed by your
lines. The tonnage of trains was necessarily reduced, enhancing the relative cost of operation. These conditions
changed during March and the earnings for that month were
normal. In the absence of unexpected developments of an
unfavorable character, the hope is entertained that the operations of succeeding months of the year will result in a
satisfactory balance of net income.
COAL DEPARTMENT.
The anthracite produced by your affiliated corporations
during the year 1922, including the product of washeries,
aggregated 4,423,864 long tons; a decrease of 4,698,544 tons
or fifty-two per cent below 1921. This output was eleven per
cent of the year's total production of all Pennsylvania anthracite mines and washeries, estimated at 42,159,375 long
tons.
This extraordinary drop in production was the result of a
strike of mine employees lasting from April 1 to September
10, inclusive, one hundred and sixty-three days, or only one
day less than the strike of 1902. The wages contract with
the mine employees expired on April 1 1922. On March 15
preceding, a date selected by the President of the United
Mine Workers, the operators met officers of the union in New
York City to consider the terms of a new agreement. At that
meeting the union officers presented nineteen demands, all
of which would have resulted, if granted, in an increase of
over fifty per cent in the pay roll. The operators replied
that, under the conditions of the times, a deflation from war
labor costs was demanded by the consuming public and
should be conceded by the men. Negotiations were referred
to sub-committees representing the union and the operators,
but while these negotiations were in progress the employees
walked out and work ceased on April 1. This was the first
refusal of the employees. since 1902, to continue production
APRIL 21 1923.]
THE CHRONICLE
during the conferences necessary to the formulation of a new
agreement.
In the course of the negotiations the operators proposed
reductions • in wages averaging approximately twenty-one
per cent, calHng attention to the fact that the cost of living
had been reduced 22.9 per cent, and proposed that the new
schedule should run for five years, with annual readjustments of wage rates by negotiation, or by arbitration should
negotiations fail. These proposals were flatly rejected by
the union officers. Thereupon the operators proposed that
the President of the United States be requested to appoint a
commission to determine all questions concerning wages and
conditions of employment at issue between the two parties.
This proposal was also rejected, the union officers continuing to insist upon increases in wages. Consequently, on
June 14 negotiations were discontinued.
On July 1 1922 President Harding invited representatives
of the anthracite operators and the striking employees to attend a conference in Washington, at which he urged them
to compose their differences and agree upon resumption of
production. This recommendation not being accepted, the
President urged that work be resumed under the former
scale of wages, future wages to be determined by a commission which he would appoint. The operators accepted
this proposal; but it was rejected by the union officers. In
his address to Congress on August 18, the President referred
to this incident in the following words: ". . . The simple but significant truth was revealed that, . . . the country is at the mercy of the United Mine Workers."
Much later, the employees modified their demands to the
extent that they undertook to resume work under the old
wages scale and to continue until September 1 1923. This
proposal was at once accepted by the operators and work
was resumed on September 11 1922.
The 1902 strike settlement was constructive. It settled
the points then in contention and established a basis of
agreement under which there was but one general strike and
no prolonged interruption of production for twenty years.
The 1922 agreement settles nothing. Work was provisionally
resumed under pre-existing conditions and for a limited.time
only, that is until September 1 1923. Since 1902 there have
been constant efforts by mine employees to break away from
the working conditions determined by the Anthracite Coal
Strike Commission of 1902-03, and there have been repeated
increases in wages. As a result, wage rates have increased
162 per cent; a minimum wage rate has been established;
and the work-day has been reduced from nine hours to eight
hours. The prices of powder and supplies purchased by contract miners from the producers have been fixed at an unvarying level, and in recent years have been less than cost,
although the contract rates paid to the miners for performing their work have been on an ascending scale. Means of
adjusting grievances have been amplified, but there has been
no diminution in the number of grievances presented.
In 1902 the fourth demand of the mine employees was as
follows:
"The incorporation in an agreement between the United
Mine Workers of America and the anthracite coal companies
of the wages which shall be paid and the conditions of employment which shall obtain, together with satisfactory
methods for the adjustment of grievances which may arise
from time to time, to the end that strikes and lockouts may
be unnecessary."
The Anthracite Coal Strike Commission complied with this
demand in all respects, except that it declined, for reasons
fully set forth in its opinion, to direct an agreement between
the United Mine Workers of America and the anthracite
operators. Since 1902 wage agreements have been based on
the award of this commission and grievances have continued
to be adjusted by the Conciliation Hoard, for which it provided. At each negotiation, the employees have demanded
recognition of the Unitea Mine Workers of America. This
demand was granted when the agreement of September 2
1920 was signed by the Vice-President of the United Mine
Workers of America and by the Presidents of Anthracite
Districts Nos. 1, 7 and 9. Since the 1920 agreement, therefore, the mine employees have had everything which they
sought under the fourth demand of 1902, then represented
to have been made "to the end that strikes and lockouts may
be unnecessary." Nevertheless, when the agreement of 1920
expired on April 1 1922 a general strike ensued which was as
long and as detrimental to the public and to the anthracite
industry, including these employees, as that which occurred
In the year 1902. The public may well inquire whether anything was gained when the formal recognition of the United
Mine Workers which the great commission selected by President Roosevelt denied, was conceded by the operators in deference to what they believed to be the trend of public opinion.
The strike in the anthracite mines coincided with the
walkout in the bituminous region, which lasted about the
same period. The extent of concerted action to insure the
success of the soft-coal strike by creating a fuel famine may
be the subject of conjecture.
During the strike of 1922, property had to be maintained,
water pumped, and ventilation continued. Those regularly
engaged in operating the boiler plants and in pumping and
ventilating remained at work, but throughout the strike
their removal was repeatedly threatened, so that it was necessary always to be prepared to fill their places in order to
1775
avoid irreparable damage to or destruction of the properties.
For such protection and for maintenance, the cost to your
affiliated corporations during the strike was approximately
$2,800,000.
Shortly after the termination of the strike President
Harding, in puisuance of Federal legislative action, appointed a United States Coal Commission of seven members
to investigate all phases of the anthracite and bituminous
coal industries and to report within a year. This commission is now actively engaged in its work.
Anthracite mining is at all times subject to unusual hazards. Cloudbursts in the Carbondale, Pa., region on June 3,
17 and 28 an don July 2, resulted in floods which damaged
your property, entering the mines and filling them with
water faster than pumps could remove it, so that the pumps
were flooded and ruined by the action of the acid water.
Extraordinary measures were necessary to repair the damage and remove the accumulated water, requiring expenditures of approximately $800,000.
The report for last year referred to several statutes adverse to the anthracite industry of the State, enacted in 1921
by the Legislature of Pennsylvania. The taxing statute, effective on July 1 1921, which established a new and special
tax of one and one-half per cent of the value of all anthracite
prepared for market, was recently declared constitutional by
the Supreme Court of the United States. Suits are now in
progress in the State courts of Pennsylvania embodying objections to the validity of this tax which were not presented
by the first suit, and these may ultimately reach the Supreme
Court of the United States. The "Kohler" Act, imposing
penalties for causing subsidence of surface resulting in injuries to persons or property, was declared invalid by the
United States Supreme Court. The "Fowler" Act, exempting
from punitive provisions of the "Kohler" Act all operators
who, in terms, accept that legislation and agree to pay to the
State mine cave reimbursement fund two per cent of the
value of the coal they prepare for market, was in general
rejected by the operators, as permitted by the law, and has
not been the subject of judicial inquiry. The decision of the
Supreme Court, with reference to the "Kohler" Act, was an
effective affirmation of property rights.
The tonnage tax of one and one-half per cent above referred to, on a normal year's production of the entire industry, would produce about $8,000,000. Taxes imposed on
coal lands by local municipalities are constantly rising. Increases are made both by raising the tax rate and by increasing the valuations. In 1921 the total value for taxation purposes placed upon anthracite coal property in Schuylkill
County was more than seven times the value assigned for the
precedipg year, while in Northumberland County the value
assigned more than doubled. The taxes on anthracite and
anthracite property have assumed extremely burdensome
proportions.
RAILROAD 'DEPARTMENT.
Operating Revenues.
Gross operating revenues of your railway for the year
1922 amounted to $37,823,256, which is $7,953,603, or seventeen per cent less than in 1921. • This reduction was due to
three principal causes: First, the national strike of the
United Mine Workers; second, general and miscellaneous
reductions in freight rates ordered by the Interstate Commerce Commission; and third, the increased divisions of fifteen per cent allowed most of the New England railroads by
the Interstate Commerce Commission.
The national strike of the United Mine Workers, which
lasted from April 1 to September 11 1922, 163 days, in the
anthracite fields, and from April 1 to August 15, 136 days, in
the bitmuinous coal fields, is entirely responsible for the
reduction in anthracite tonnage of 6,132,069 tons and the
loss in bituminous traffic of 634,770 tons. Freight receipts
from coal for the year were $9,559,437 less than in 1921, of
which approximately $637,000 was due to reductions in rates
and $8,922,437 to the interruption of coal mining.
Reductions in freight, switching, demurrage, and miscellaneous rates by the Interstate Commerce Commission diminished operating revenues substantially $2,011,000. There
was a general reduction of ten per cent in freight rates, effec
tive on July 1 1922, which applied to all commodities except
sand, stone, gravel and other road building material, iron
ore, products of agriculture, etc.; the exceptions mentioned
having been subjected to prior decreases. As the major Portion of the decreases were operative throughout a part of the
year only, the loss stated does not by any means measure the
loss on an annual basis. This is particularly true of the reduction in anthracite rates of ten per cent, effective on July
1 1922, the loss in 1922 being restricted to substantially
$556,000 owing to the absence of any movement from the
mines until the resumption of Mining about the middle of
September. Coal moved from storage points, during the period of the strike, accumulated prior to the effective date of
this reduction and therefore moved at the former rates. The
general reduction of ten per cent covering switching, storage, reconsigning, stop and transit privileges, all effective
on July .1 1922, reduced 1922 operating revenues substantially $29,000. The reduction in demurrage rates, in January 1922, reduced 1922 earnings about $394,600. On an annual basis it is estimated that these reductions are equivalent to a loss, in coal transportation earnings, of .approxi-
1776
THE CHRONICLE
mately $2.487,000 and, in merchandise transportation earnings of $1,471,000, or a total of substantially $3,958,000. These
figures will be exceeded in any year to the extent that traffic
movement exceeds that of the year 1921.
The order of the Interstate Commerce Commission increasing the divisions of New England carriers was effective on
April 1 1922, and reduced the earnings of your company approximately $360,000. On an annual basis the loss will be
about $480,000. Combined, the reductions ordered by the
Interstate Commerce Commission, during the year 1922, exceed, on an annual basis and with traffic moving in about
the volume of 1921, the sum of $4,861,000.
The average receipts per ton-mile from revenue freight,
during 1922, was 1.084 cents, which is to be compared with
1.236 cents in 1921, a reduction of slightly over twelve per
cent, largely the consequence of the reductions in freight
rates and divisions above mentioned. While the average
loading of revenue freight per car during 1922 decreased
slightly, from 30.98 tons in 1921 to 29.12 tons in 1922, a decrease of 1.86 tons per car, the average haul of revenue
freight in 1922 was 162 miles compared with 137.47 in 1921,
an increase of 24.53 miles.
Revenue freight transported during 1922 aggregated 17,559,253 tons, of which traffic originating and terminating
on your railway contributed twelve per cent; traffic originating on your railways and destined to points on other railways contributed thirty-eight per cent; traffic on which your
railway performed an intermediate service, thirty-two per
cent; and traffic received from other carriers destined to
points on your railway, eighteen per cent. The total revenue tonnage was 5,745,522 tons less than the previous year,
the reduction in carload traffic being 5,712,079 tons and in
less-than-carload traffic 33,433 tons. Notwithstanding decreased rates and divisions, earnings from freight transportation, exclusive of anthracite and bituminous coal, increased $847,362 over 1921, or approximately six per cent.
This was due to an increase in such traffic of 1,021,317 tons,
largely made up of high grade tonnage; manufactured and
miscellaneous articles increasing 782,420 tons and products
of agriculture 113,515 tons.
Passenger receipts were less than in 1921 by $229,203, or
six per cent, the number of passengers carried being 582,469
less. The total movement was 115,901,530 passenger-miles
as against 119,696,843 in 1921, a decrease of three per cent.
Passenger-train mileage increased seven-tenths of one per
cent over 1921 and passenger-car milts increased two per
cent. The average passenger paid 3.28 cents per mile traveled, as compared with 3.37 cents in 1921, the average journey in 1922 being 28.66 miles compared with 25.87 miles in
1921, and the average revenue per passenger being 93.945
cents as compared with 87.072 cents in 1921. Gross receipts
per passenger-train mile averaged $161 in 1922 and $1 72
In 1921, a decrease of six per cent. The average receipts
per passenger-car mile was eight per cent less than in 1921.
Receipts for mail transportation amounted to $223,588, an
apparent decrease from the preceding year of $12,008, or live
per cent, due, however, to the fact that $17,841 mail pay
applicable to previous years was included in the figures for
1921. The mail revenue actually attributable to the respective years shows an increase in 1922 resulting from increased
space required by the Post Office Department.
There was an increase in express revenue during the year
1922, the earnings being $606,866, as compared with $392,402
In 1921, an increase of $214,464, or fifty-five per cent. Approximately $63,000 of the increase resulted from adjustments by the American Railway Express Company covering
operations previous to January 1 1922 and approximately
$18,000 from similar adjustments included in 1921. Exclusive of these adjustments there was an increase of $169,464.
The receipts from demurrage,for the year, increased $273,578 over the previous year, principally owing to the accumulation of loaded cars awaiting orders for north-bound movement, particularly at Carbondale, during January and February, augmented by a general increase in the detention of
loaded equipment, particularly in April and June.
Miscellaneous revenue increased one hundred fifty-nine
per cent, principally in revenue from coal storage, which
aggregated $572,643, as compared with $60,573 in 1921.
Operating Expenses.
The decrease in operating expenses of $3,210,476 must be
attributed chiefly to the decrease in traffic handled, reductions in wages ordered by the United States Railroad Labor
Board, reduced prices of materials and supplies, and curtailment of the freight car retirement program.
As a consequence of the heavy falling off in coal traffic, a
smaller aggregate of labor was required from Transportation Department employees, resulting in a decrease in operating expenses of nearly $935,000; the saving in cost of fuel
consumed amounted to approximately $230,000; and other
transportation expenses, such as expenditures for lubricants,
other train and locomotive supplies, heating, light, etc.,
decreased about $275,000. On account of the greater volume
of coal handled from storage, however, the cost of operating
coal-storage plants increased $140,000. Conditions resulting
from the coal strikes, therefore, brought about a net decrease
In operating expenditure of approximately $1,300,000,
On June 6 the United States Railroad Labor Board ordered wage reductions for shop employees of from five to ten
[VOL. 116.
cents an hour, to take effect on July 1. The Federated Shop
Crafts refused to accept this decision, and in contempt of
the Labor Board began a nation-wide strike on July 1, demanding that the railroads ignore the direction of the official body and continue to pay the wage rates previously in
effect which had been found to be excessive and hence unjust to the railways and to those dependent upon railway
services. They also demanded that certain working rules
which also had been condemned by the Labor Board should
be restored and that contracting for work with non-affiliated
shops should be abolished. It was a strike, not against the
railroads, but against Federal authority.
The walk-out was recognized as a failure almost immediately, and the demand for restoration of pre-existing wages
was dropped. The strikers insisted, however, on reinstatement with full seniority rights, notwithstanding that the
railroads had hired skilled workers every day since the
strike began, promising them steady work at the new rates.
The railroads could not restore the seniority rights which
the strikers had abandoned without violating their pledges
and obligations to the new men. By the middle of September the failure of the strike was complete and negotiations
by the strikers for separate agreements with each company
began.
The walk-out affected practically the entire personnel of
the Motive Power and Car Departments of your company,
only 266 of the normal force of approximately 4,000 men
remaining in service, of whom 191 were foremen. Immediately upon this defection of the regular organization, an
emergency force was recruited and installed. Your company, faithful to its obligations to these new shop men, refused to consider re-employment of the strikers except as
new men.
After recruiting the new shop forces, your management
entered into negotiations with representatives of the local
shop-craft unions both with regard to rates of pay and working conditions. An a result, agreements were signed with
the Car Department employees, effective on November 1
1922; with the Locomotive Department employees, effective
on November 16 1922; and agreements in connection with
overtime rules were entered into with all departments, effective on December 1 1922. These agreements provide for the
basic rats of pay established by the Labor Board's decision,
with adjustments and allowances in recognition of factors of
experience and the relative importance of the work involved.
The working day has been fixed at eight hours during slack
time, and at nine or ten hours when business improves and
conditions warrant; work in excess of the regular day will
be paid for at the rate of time and one-half. Piece work,
which was unwisely discontinued under Federal Control, is
being re-established wherever possible. The agreements
will,.furthermore, afford the shop workers opportunities for
direct dealing with your management and for greater earnings through efficient and diligent work.
The direct cost to your company of the shopmen's strike
aggregated $1,665,000.
As a partial offset to the reduction of tariff rates on various commodities, the United States Railroad Labor Board
issued, during the years 1921 and 1922, decisions which resulted in reductions in rates of pay, which, for your company, accounted for about $1,375,000 of the decrease in expenses as compared with 1921. These wage reductions, it
will be observed, fell very far short of the loss in gross earnings resulting from the reductions compelled by the Interstate Commerce Commission.
A further decrease in operating expenses of substantially
$1,350,000 was due to reduced prices of materials and supplies, the major changes due to this cause being a decrease of
about $491,000 in the cost of fuel consumed; $405,000 in ties,
rails, and other track material; and $445,000 in equipment
material. The cost of maintaining rails and ties decreased
$318,474, although there were 3,051 tons more rails, and 38,138 more ties applied in maintenance in 1922 than in the preceding year.
Your company's program of retirements of freight cars
was held in abeyance during the year on account of the labor
difficulties and other adverse conditions. This accounts for
$873,464 of the decrease in operating expenses as compared
with 1921.
The cloudbursts at and in the neighborhood of Carbondale
during June and July washed out your company's roadbed
just south of Forest City and inundated portions of tracks
for several miles, causing a temporary suspension of traffic.
Nine hundred carloads of cinders and a large number of ties
were required to fill the openings caused by the wash-outs.
To summarize operating costs for the year 1922: Maintenance of Way expenditures decreased $369,768 or seven per
cent, largely on account of reductions in the prices of the
materials applied. Maintenance of equipment charges decreased $1,210,873 or nine per cent, mainly on account of
less work performed owing to the decreased force resulting
from the strike of shopmen. Traffic expenses increased
$32,393 or seven per cent, chiefly on account of outside traffic agencies re-established at the end of Federal Control for
the recovery of traffic diverted during that period. Transportation expenses decreased $1,794,736 or ten per cent,
largely as a result of reduced freight movement on account
of the coal miners' strike and reductions in rates of pay of
enginemen, trainmen and yardmen, as well as decreases in
APRIL 21 1923.]
THE CHRONICLE
cost of fuel and other supplies. General expenses decreased
$109,933 or six per cent.
Hire of Freight Cara.
The change in the freight car situation during the current
year resulted in a net charge to dperating income of $65,052
compared with a credit balance of $915,595 in 1921, a reduction of $980,647. This net decrease represents a reduction
of $848,307 in receipts from other roads for the use of your
freight cars and an increase of $132,340 in payments for the
use of cars belonging to other carriers. As the rate of one
dollar per car per day was in effect throughout the whole of
both years, the figures also represent the reduction in cardays of your company's equipment on other roads and the
Increase in car-days of foreign roads' equipment on your
railway. This adverse result is a natural consequence of the
decrease in open-top car loading, involving the use of homeline cars, with a corresponding increase in box-car loading
on overhead traffic, involving the use of foreign cars. The
less-productive use of your company's cars resulted from the
suspension of operations in the anthracite fields during the
national strike of the mine employees.
Federal Valuation.
During 1922 a revised engineering report, purporting to
show for your company's properties the cost of reproduction
new as it stood on June 30 1916 and the cost of reproduction
less depreciation, as of the same date, was issued by the Interstate Commerce Commission, Bureau of Valuation. A former report had been submitted by the Bureau late in 1920 and
detailed objections to it were filed early in 1921, your officers
maintaining that the methods employed were unwarranted
and produced absurd and inadequate results. The revised
engineering report reflected concessions to very few of these
objections and although increases were allowed under a few
accounts others were arbitrarily reduced, effecting substantial and unjustifiable reductions in the totals. Many revised
pages of the preliminary accounting report were received
from the Interstate Commerce Commission during 1922, embodying changes conceded in response to the objections to
the preliminary report that was received in 1921. The "tentative valuation" of your company's property has not yet
been issued and the "value" which will be allowed cannot be
stated.
Tentative valuations of the Greenwich & Johnsonville
Railway Company and the Cooperstown and Charlotte Valley Railroad Company were served during the year, showing
the following amounts:
Greenwich & Johnsonville Railway Company
Cooperstown & Charlotte Valley Railroad Company
$901.912
531,427
Objections have been filed with the Interstate Commerce
Commission protesting against these valuations as being incorrect and insufficient. The statute provides for formal
hearings on these protests.
The cost of valuation work on your company's properties,
to the end of 1922, aggregated $613,040, of which $476,468
was charged to corporate operating expenses, and $136,572
to the operating expenses of the United States Railroad Administration.
Industrial Department.
Your Industrial Department has continued its active cooperation with Farm Bureau organizations and all other
Federal, State and co-operative agencies and organizations
that are .endeavoring to promote agricultural and commercial prosperity in the regions adjacent to your line.
Sixty-three new industrial plants were located along the
tracks of your company during 1922 as compared with
ninety-four during the preceding year. In addition, there
were eight extensions to plants already established, which
corresponds with thirty in 1921. The decrease in the location of new industries in your territory was largely because
all industrial properties were under full utilization and few
concerns would undertake new construction at the present
high costs. During 1922 twenty new industrial side tracks
were authorized or built and three enlarged, at a cost of
$46,807, of which $15,845 was borne by your company and
$30,962 by the industries served.
Additions and Betterments.
During the year 1922, your company's investment in added
property amounted to $2,091,507, property abandoned was
valued at $560,564, leaving a net increase in road and equipment of $1,530,943. The following constitute the major items
of improvement during the year.
The new interlocking plant at Schoharie Junction, construction of which was commenced during 1921, was completed and placed in operation at a final cost of $102,239, of
which $87,096 was charged to capital and $15,143 to operating expenses. At Schenevus, the construction of a new electro-mechanical interlocking plant was begun, on which, to
the close of the year, $24,719 had been charged to capital and
$4,145 to operating expenses. This work is about one-half
completed. The construction of a new electric interlocking
plant at "XO" Tower, Mechanicville, to replace the mechanical plant in use at that point, was also commenced, the cost
to be borne equally by your company and the Boston and
Maine Railroad, but no charge to capital will be made until
1923.
The new grade and realignment of the track between
Cobleskill and Barnerville Summit was completed during the
1777
year, resulting in charges of $202,235 to capital and $52,124
to operating expenses. To eliminate the present difficulties
of maintaining the south-bound main track at proper grade,
operations were commenced to widen the cut at Kelley's, permitting realignment of the track at this point. To the close
of the year $99,848 had been charged to 'capital for this
project.
During 1922, improvements were made to the scrap dock
and foundry layout at Colonie. Expenditures for this work
amounted to $28,593, of which $26,765 was charged to capital and $1,828 to operating expenses.
At South Junction, the erection of a five-hundred-ton capacity road coaling-station with appurtenances was commenced. The cost of this work, which was approximately
eighty-five per cent completed on December 31 1922,
amounted to $97,913, of which $97,772 was charged to capital and $141 to operating expenses.
By order of the Public Service Commission of the State
of Pennsylvania, the construction of an overhead viaduct, to
eliminate the grade crossing at Dundaff Street, Carbondale,
was begun. This was approximately one-fourth completed
on December 31 1922 at an expenditure of $49,071, of which
$48,181 was charged to capital and $890 to operating ex-
penses.
The Dickinson passing siding at Port Crane was extended 1,400 feet at a cost of $11,822, of which $10,627 was
charged to capital and $1,195 to operating expenses. A passing siding 4,475 feet long, with a capacity of one hundred
cars, was constructed at South Junction, in connection with
the new coaling plant, at a total cost of $39,307, of which
$39,182 was charged to capital and $125 to operating expenses. On the North Creek branch, the weight of rail was
increased from sixty-two and sixty-seven pounds to eighty
and ninety pounds for a distance of approximately twentythree track-miles, at a total cost of $90,270, of which $32,155
was charged to capital and $58,115 to operating expenses.
During the year the condition of the track was improved by
the application of a large number of tie plates and rail anchors where not previously applied.
Land was purchased at Glenville for a proposed enlargement of the freight yard, at a capital expenditure of $33,185,
and at Scranton, for future development, at a capital outlaY
of $15,263. Between Albany and Whitehall your
company
purchased certain abandoned canal lands under and in the
vicinity of seven bridges at a cost of $30,965. When the old
canal beds are filled in and the structures removed, the cost
of maintaining these bridges will be eliminated. At Whitehall, land was acquired, at a capital cost of $10,296, for the
purpose of eliminating the tunnel at that point. At Fort Edward, additional right-of-way 'was purchased at a capital
expenditure of $5,075, for future development.
During the year seventy-five locomotives were equipped
with strainers for air compressors; eighty were equipped
with additional water glasses; twenty had classification
lamps on the rear of tenders wired in connection with electric headlight installation; eleven had flange oilers applied;
twenty were equipped with steel bumper-beams; four were
equipped with superheaters; one had power reverse gear applied; and four were equipped with U. S. R. A. standard
water columns. Locomotive No. 1002 was converted from
consolidation, type 2-8-0, to switcher, type 0-8-0. The improvements thus made amounted to $16,152. Betterments
were also made in a considerable number of freight
and pas
,
senger cars by the application of improved
appliances at a
net capital outlay of $185,429. There
was also expended in
the conversion of work equipment $67,600.
One new Bucyrus steam shovel, with a dipper of three
yards capacity,
was purchased at a cost of $21,982. Thirty Western,
automatic, all steel, air dump cars, of twenty yards
capacity,
were purchased at a cost of $63,320.
The coal storage plant at Glenville, which was destroyed
by wind storm on February 26 1918 during
the period
eral Control, and not replaced by the Government, of Fedwas written out of the capital account during
the year, involving a
reduction of $372,068.
Leased Lines.
Effective on June 1 1886 your company, as lessee of the
railway properties of The Utica, Clinton and Binghamton
Railroad Company and the Rome and Clinton
Railroad Company, made a sub-lease bf those properties to the New York,
Ontaria and Western Railway Company for a period
of
thirty-five years, to and including May 31 1921. This lease
was subsequently extended for one year. A
new sub-lease
has been negotiated, to continue during
the life of the charters of the respective corporations and all renewals thereof,
and will be submitted for your consideration
and action.
This new contract provides for maintenance and payment of
taxes by the sub-lessee, which is also to pay rent to your company in the annual sum of $67,000 for the first five years, or
until June 1 1927, and thereafter in the annual sum of
$83,875, in equal quarterly payments on the first of March, June,
September and December. The usual remedies for default
in payment of rent are stipulated and it is provided that no
assignment can be made without the consent of your company, that the structures shall be insured against fire, and
that additions and betterments may be capitalized according to the terms of the respective leases of these railroads
and subject to authorization by proper public authority.
1778
THE CHRONICLE
[VoL. 116.
The action in the Supreme Court of New York, heretofore
reported, in which the Rensselaer and Saratoga Railroad
Company has sought to compel pro rata deductions by your
company from the dividends paid to the stockholders of the
former in order to pay the Federal income taxes assessed
against that corporation,•has proceeded to final judgment
which was entered in Rensselaer County during November
1922. By that judgment The Delaware and Hudson Company was directed to make the necessary deductions from
the dividends payable on January 1 1923; to provide for the
arrears of these taxes for past years, including 1921, to the
extent that deductions had not already been made from the
stockholders under their voluntary assents or under the injunction pendente lite which went into effect in 1920 and in
so far as the stockholders of record on past dividend dates
were entitled to dividends on January 1 1923. The judgment
also directed current deductions from the semi-annual dividends of all Rensselaer and Saratoga stockholders, regardA. Additional life or total and permanent disability insurance:
to provide for future taxes.
1. Five Hundred dollars additional insurance at a cost of sixty cents less of assent,
a month.
2.2Additional insurance, In multiples of $200. to bring the total up to
GENERAL REMARKS.
the employee's average annual compensation for the preceding
Despite the efforts to prevent restoration, of those who
two calendar years, but not to exceed $5.000. at a cost of six cents
a month for each one hundred dollars of insurance over the first brought about and manipulated the coal and railroad strikes
$1,000.
and similar interruptions of the orderly methods of indusB. Health insurance:
1. Sick benefits of fifteen dollars a week for twenty-six weeks, at a try, and the common damage which they were unfortunately
cost of $I 26 a month.
in a position to inflict, the year 1922 was one of renewed and
O. Accident insurance:
1. Accident benefits of fifteen dollars a week foe twenty-six weeks, marked activity in the general business of the country. The
at a cost of twenty-four cents a month.
2. Accidental death and dismemberment insurance equal to the extent of this activity and of railway participation is inditotal life insurance subscribed for under the company's plan, at cated by the figures which represent the loading of revenue
a cost per month of thirty-three cents for each $1,000 protection.
freight for movement by rail, as follows:
Employees who subscribe to at least two of the three forms
Number of Cars Loaded
All Commodities
of additional insurance offered are automatically insured, at
Total.
Coal.
Except Coal.
4,676,276
the company's expense, against unemployment resulting from 1920—January 1 to Juno 30
21,471.723
16,795,447
23,646.749
5.406.174
July 1 to December 31- —18,240,575
dismissal for any cause, in the amount of fifteen dollars a
week for not to exceed six weeks, or for so much of that time
45,118,472
10,082,450
35,036,022
Total
as they are unable to find employment, except that if their
18,685,921
3,880,189
14,805.732
1921—January 1 to June 30
average annual compensation for the preceding two calendar
20,637.237
4,095,152
July 1 to December 31—..16,542,085
years of service has not been more than $1,000 they will be
39.323,158
7.975,341
31.347,817
Total
paid only ten dollars a week for the same period.
20,248,392
3,443,982
16,804,410
Your company entered into a contract, dated December 30 1922—January 1 to June 30
23,465,127
4.004,359
July 1 to December 31----19.460.768
1921, renewable from year to year, under which the Metro43.713,519
7,448,341
36,265.178
politan Life Insurance Company writes all the foregoing
Total
forms of insurance, except that covering unemployment.
During the last two months of the year, 8,072,245 railway
Under the terms of the offer 11,837 employees subscribed cars were loaded with revenue freight, which may be comfor an aggregate of $16,363,350 life and total and permanent pared with 7,309,642 in the corresponding period of 1920, the
disability insurance. Advantage was also taken of the other previous year of maximum activity, the comparison showing
forms of protection offered as follows:
an increase of ten per cent.
•
7,296 policies covering health insurance,
These figures suggest, although they cannot measure, the
8,067 policies covering accident benefits, and
to which prosperity returned during the year to the
extent
311420.400 accidental death and dismemberment insurance.
general productive industries of the United States. This
During the first year's operations the premiums paid by prosperity was not shared by the railway industry, without
your company amounted to $85,980. During the same period
the efficient services of which it would have been impossible.
487 claims were filed aggregating $145,098.
issued by the Interstate Commerce Commission
company's pension rolls on December 31 1922 included A statement
Your
on February 23 1923 shows the net railway operating income
219 former employees, a net increase of eleven during the
for the year 1922 as $777,000,000, and comments as follows:
year.
"When it Is considered that the interest, rents and similar
ALLIED STEAM RAILWAYS.
deductions commonly known as fixed charges, of these roads
The operating revenues of the Greenwich 8c Johnsonville are around $669,000,000, it will be seen that, regardless of
Railway Company for the year 1922 decreased. $892 or one- any disputes about valuations, the roads did not earn enough.
half of one per cent below 1921; operating expenses decreased in 1922, even if account be taken of the non-operating income,
$3,476 or three per cent below 1921; and net operating reve- which before Federal Control averaged about $200,000,000.
nues amounted to $42,092, which was $2,584 or six per cent A substantial margin above fixed charges is obviously necesmore than in 1921. The freight movement, in ton-miles, was sary in any business."
The Commission shows, in the same statement, that, comonly four tenths Of one per cent less than in 1921. Passenpared with the year 1916, the operating revenues of Class I
ger miles decreased twenty-two per cent.
The operating revenues of The Quebec. Montreal and railroads (which includes all the principal corporations) inSouthern Railway Company, for the year 1922, increased creased only a little more than fifty per cent, while operat$7,493 or one per cent, while the operating expenses in- ing expenses increased eighty-eight per cent and taxes increased $27,563 or three per cent. Income from rent of creased ninety-two per cent. Two of these items, revenues
freight car equipment increased $60,294 or twenty-three per and taxes, are wholly under political control and the third,
cent, and the net deficit, before deducting interest due your operating expenses, is under such control to the considerable
company was $65,080 or a decrease in the net deficit of $37,- extent to which its aggregate is influenced by rates of wages
plainly
384. The freight movement increased 2,577,319 ton-miles or and conditions of employment. It is, therefore,
of the
fifteen per cent, and freight revenues increased $22,077 or within the bounds of truth to assert that the failure
five per cent. The passenger movement decreased 367,722 railways to participate reasonably in the general prosperity
of their
passenger-miles or nine per cent, and passenger revenues of the country's business is due to political control
affairs and to nothing else. The issue must be squarely met
$15,253 or ten per cent.
The operating revenues of the Napierville Junction Rail- and the conclusion stated is inescapable unless it is to be beway Company decreased $6,189 or one per cent; operating lieved that for some occult reason which has never been exexpenses decreased $105,989 or twenty-two per cent; and net plained, the American business men in charge of railway
finances and operation are distinctly inferior in capacity to
Income increased $94,811.
•
American business men engaged in other industries. EviLITIGATION.
dently Mr. Secretary Hoover is not of that opinion, for he
The Supreme Court of the United States, on February .19 has recently and officially said:.
"We must find a way out of the cycle of systematic starva1923, rendered its decision in The New lingland Divisions
mileage and the denudacase, affirming the decision of the District Court of the tion of a large part of our (railway)
s
United States for the Southern District of New York, which tion of our railway managers of their responsibilitie and
sustained the order of the Interstate Commerce Commission Initiative."
The unmistakable truth is that the system of political conmentioned in the last annual report. The decision is of imas exemplified
portance, primarily because it sustains a socialistic principle, trol of railway rates, services and operation,
1920 is on trial.
taking revenue from one group of carriers and transferring in the Federal Acts of 1887, 1906, 1910 and
for in the Transit to another upon grounds of supposed financial expediency Particularly, the experimentation provided
wholly without regard to the respective services per- portation Act, 1920, must be the subject of close scrutiny
and
formed or the separate rights of independent corporations. and those elements which are found not to be conducive to
rejected; otherwise,
The ultimate effect of this decision upon your revenues is the general welfare must be promptly
uncertain. The Court concludes its decision by observing disaster far wider than the industry directly affected canthat the way is open to apply to the Commission for a modi- not be long delayed.
By order of the Board of Managers,
fication of the order if it is believed to operate unjustly In
L. F. LOREE, President.
the special case of any carrier.
Employees Group Insurance and Pensions.
On January 1 1922 your company announced a plan of insurance affording comprehensive protection to its employees
in case of death, sickness, accident and unemployment, under an arrangement whereby your company and the employees participate in the cost. This plan, with the pension
system already in effect, affords protection against the five
major hazards of life. Under it, all employees in service
continuously for two years or more are offered $500 insurance against death or total and permanent disability, the
entire cost being borne by your company. Half of this
amount, or $250 is made available on completion of six
months continuous service. Those insured for $250 have the
option of subscribing to $250 additional at a cost to them of
eighteen cents a month, while those who qualify for $500
free insurance are offered any or all of the following options:
APRIL 21 1923.]
THE CHRONICLE
1779
ILLINOIS CENTRAL RAILROAD COMPANY.
SEVENTY-THIRD ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 81 1822.
To the Stockholders of the Illinois Central Railroad Company:
The Board of Directors herewith submits the following report of the operations and affairs of your company for the
year ended December 31 1922.
•
The number of miles of road
operated as of Dec.31 1921 was
4,799.37
Additions for year:
Jan. 1 1922: Rechaining line Fulton, Ky.. to
Lou sv lle, Ky
.06 m les
June 13 1922: Track changes at Rantoul, Ill
.03 "
Oct. 1 1922: Track changes at Kensington, Ill
.02 "
Nov. 1 1922: Track at West Frankfort, Ill
1.49
1.38 "
Less:
4.800.86
Jan. 1 1922: Rechaining line East Cairo. Ky., to
Fulton, KY
Jan. 1 1922: Trackage rights, Metropolis. III., to .01 miles
Paducah, Ky
.
14.92 "
Feb. 1 1922: Remeasurement at 67th Street, Chicago.
.01 "
Oct. 28 1922: Track retired near Monticello, Miss
1.28 "
16.22
The number of miles operated as of Dec.31 1922 was
4.784.64
The average number of miles of road operated during the year was-4,
784.52
INCOME.
A summary of the income for the year ended December 31
1922 as compared with the previous year is stated below:
1922.
Average miles operated during the year
4.784.52
Railway operating revenues:
Freight (including bridge
tolls and miscellaneous
freight)
119.849,020 19
Passenger (incl, bridge
tolls and miscellaneous
passenger)
mn
24,264.250 &3
2.158,42002
Express
3,570.474 46
Other passenger train
1.029,237 60
Other transportation- - 1,709.548 75
Incidental and Joint facility
2,279.435 91
Total railway operating revenues
154,860,387 46
Railway operating expenses:
Maintenance of way and
structures
20.538.117 07
Maintenance of equipment
36,236.119 65
Traffic
2,314.554 49
Transportation
55,934.968 78
Miscellaneous operations
997.772 66
General
3.606.447 59
Transportation for investment—Cr
Cr.498,710 92
Total railway operating expenses
119,129,269 32
Net Revenue from railway operations
35,731,118 14
Railway tax accruals
11.208,96728
Uncollectible railway revenues
15.413 11
1921.
4,799.37
$
Increase(+)
Decrease(—)
—14.85
$
107.092.090 55 +12,756.929 64
24,740,350 62
2.505,671 37
2,326,832 50
880.517 13
1,413,52402
—476.100 09
—347.251 35
+1,243,641 96
+148.720 47
+296.024 73
2.168,07952
+111.35639
141.127,06571 +13.733,321 75
22,437.587 08 .-1.899,470 01
34,591,449 68 +1.644,669 97
+426,843 14
1,887.711 35
5.3.603,43942 +2.331,52936
1.009.049 13
—11.27647
—72.575 36
3.679,022 95
Cr.355,926 57
—142,784 35
116,852.333 04
+2.276.936 28
24,274,732 67 +11,455,385 47
8.119,03545 +3.089,931 83
24.31881
—8,90570
Railvrayoperatingincome 24.506,737 75 16,131,378 41 +8,375.35934
Equipment rents—
Net credit
725,590 81
1,614.02669
—888.435 88
Jointfacility rent—
Net debit
111,200 64
—91.976 90
203.177 54
Net railway operating income
25,121,127 92 17,542,227 56 +7,578.90036
Non-operating income
4,104.464 81 5.039.238 05
—934,773 24
Gross income
29,225.592 73 22.581,465 61 +6,644.127 12
eductions from gross income
13.135,91681 12,880,671 47
+255,245 34
Net income
16.089.675 92 9,700,794 14 +6,388.881 78
Disposition of net income:
Income appropriated for
investment in physical
property
34.786 13
44.519 31
—9,733 18
Total appropriations of
income
34,786 13
44,51931
—9,733 18
Income balance transferred
to credit of profit and loss 16.054.889 79 9.656,27483 +6,398.61496
Note.—To afford a proper comparison of the
income for the two years,
the results for 1921 have 1.x
-en restated by omitting
at ng Expenses" credits, and from "Deductionsfrom from "Railway Opel`
amounting to $6,854,541 96, due to cancellation of Gross Income"charges.
Guaranty Period maintenance reserves in that year, as explained elsewhere.
RAILWAY OPERATING REVENUE
S.
"Railway Operating Revenues" amounted to $154,860,88746 this year as compared with $141,127,065 71 last year,
an increase of $13,733,321 75, or 9.73 per cent.
There was an increase of $12,756,929 64, or 11.91 per cent,
in "Freight Revenue" due to the larger volume
of traffic
handled, offset in part by decreases in rates during the year,
a considerable proportion of which was due to a
ten per cent
reduction ordered by ,the Interstate Commerce Commission
,
effective July 1 1922. The tons of revenue
freight carried
one mile were 14,151,817,246, an increase
of 3,067,723,286
ton miles, or 27.68 per cent, as compared
with last year. The
average rate per ton per mile was .847 cent,
a decrease of
.119 cent, or 12.32 per cent, compared with
last year. There
was a substantial increase in the tonnage of practically all
classes of commodities transported, particularly bituminous
coal, building materials, forest products, asphaltum and refined petroleum and its products. There was a material
decrease in the tonnage of wheat..
"Passenger Revenue" for the current year decreased $476,100 09, or 1.92 per cent, as compared with the previous year.
There was a decline in the volume of through passenger
traffic but a substantial increase in the Chicago suburban
traffic. As a consequence there was registered an increase
in the number of revenue passengers carried one mile of •
5,518,060, or 0.68 per cent, and a decrease in the average
revenue per passenger per mile of .079 cent, or 2.59 per cent,
due to the lower rates prevailing for Chicago suburban traffic as compared with through traffic.
There was a decrease of $347,251 35, or 13.86 per cent, in
"Mail Revenue," due in part to the inclusion in the "Mail
Revenue for the previous year of a portion of the back mail
paiy for 1916 to 1919, inclusive, awarded under an order of
the Interstate Commerce Commission in December 1919, and
in part to a reduction in mail pay, owing to the Post Office
Department's arrangement for the transportation of mails
between railway stations and post offices at a number of
stations along the line of road, a service previously performed by your company.
The increase of $1,243,641 96, or 53.45 per cent, in "Express
Revenue" was due to the increased volume Of express business handled.
The increase of $148,720 47, or 16.89 per cent, in "Other
Passenger Train Revenue" was occasioned In part by increased milk shipments and in part by a larger amount received from the operation of Pullman sleeping cars.
The increase of $296,024 73, or 20.94 per cent, in "Other
Transportation Revenue," was due to increased switching
receipts, partly offset by a decrease in "Special Service
Train Revenue."
The increase of $111,356 39, or 5.14 per cent, in "Incidental and Joint Facility Revenue" consisted of increases in
"Dining and Buffet Revenue," "Station, Train and Boat
Privileges," "Demurrage," and "Miscellaneous Revenue,'
offset in part by decreases in "Hotel and Restaurant Revenue," "Storage—Freight," and "Storage—Baggage."
RAILWAY OPERATING EXPENSES.
"Railway Operating Expenses" amounted to $119,129,26932 this year as compared with $116,852,33304 last year,
an increase of $2,276,936 28, or 1.95 per cent. For the purpose of suitable comparison of the railway operating expenses for the two years, there has been eliminated from the
figures of last year a credit of $6,854,541 96, of which $2,744,69784 was credited to "Maintenance of Way and Structures Expenses" and $4,109,844 12 was credited to "Maintenance of Equipment Expenses, in connection with the cancellation of reserves for maintenance because the Interstate
Commerce Commission, in an order dated December 15 1921,
prescribed a different method for adjusting maintenance expenses of the Guaranty Period.
The decrease of $1,899,470 01, or 8.47 per cent, in "Maintenance of Way and Structures Expenses" was primarily on
account of decreased wages, reductions in costs of materials
and supplies used and a decrease in the renewal of bridge
and switch ties due to the inability to secure full requirements.
The increase of $1,644,669 97, or 4.75 per cent, in "Maintenance of Equipment Expenses" was on account of increased
depreciation charges by reason of additional equipment
acquired, an increase in charges for equipment retired
and additional expenses incurred by reason of labor troubles.
There was an increase in "Traffic Expenses" of
$426,843 14, or 22.61 per cent, due in part to heavier outlays for
advertising, to a larger volume of tariffs
issued during the
year and to increased forces of the Traffic Department, including outside soliciting agencies.
There was an increase of $2,331,529 36, or 4.35 per cent, in
"Transportation Expenses" primarily due to an increase in
freight service on account of a greater volume of traffic
transported this year as compared with the previous year.
1780
THE CHRONICLE
There was a decrease of $11,276 47, or 1.12 per cent, in
"Miscellaneous Operations."
The decrease of $72,575 36, or 1.97 per cent, in "General
Expenses" was due primarily to decreases in salaries and
expenses of clerks and attendants, valuation expenses, stationery and printing, and other expenses, which were offset
in part by increases in law expenses and pensions.
The decrease in expenses by reason of the increase of $142,-Credit" was on
78435 in "Transportation for Investment
account of the increase in the volume of construction work
carried on during the year.
RAILWAY TAX ACCRUALS.
"Railway Tax Accruals" amounts to $11,208,967 28 this
year as compared with $8,119,035 45 last year, an increase of
$3,089,931 83, or 38.06 per cent. The increase was due to
Increased Federal income taxes caused by an increase in the
tax rate from 10 per cent to 1216 per cent of the taxable Income; to an increase in taxable income by reason of the increased volume of business during the year and the inclusion in taxable income of the amount allowed in the Federal Control settlement for undermaintenance, materials and
supplies, etc., and by additional accruals for 1917 income
taxes in connection with the filing of consolidated returns
for that year as required by the Act of Congress passed in
1921. There was also a substantial increase in the Illinois
charter tax due to increased earnings on charter lines this
year as compared with last year.
UNCOLLECTIBLE RAILWAY REVENUES.
"Uncollectible Railway Revenues" were $15,413 11 this
year as compared with $24,31881 last year, a decrease of
$8,905 70, or 36.62 per cent.
-NET CREDIT.
EQUIPMENT RENTS
-Net Credit" amounted to $72559081
"Equipment Rents
this year as against $1,614,026 69 last year, a decrease of
$888,435 88. This was due to a substantially increased use
of freight cars, by reason of the heavier volume of business
handled, which resulted in increased per diem outlays and
reclaim allowances to other companies.
-NET DEBIT.
JOINT FACILITY RENT
-Net Debit" amounted to $111,200 64,
"Joint Facility Rent
a decrease of $91,976 90 as compared with last year.
[Vou lit
-Loss" and "Miscellaneous.
"Separately Operated Properties
Accruals" of $67,06346; and an increase in other miscelTax
partly
laneous deductions of $1,183 41. The foregoing was
reduction of $563,288 02 in deficit "Net Railway
offset by a
fully exOperating Income" for the Guaranty Period, as
the report for last year, and a decrease of $691,plained in
Company of a
555 49, resulting from the assumption by your the lease of
deficit of $383,477 42 from the operations under
repaid to the
the Dubuque & Sioux City Railroad last year,
extent of $308,078 07 this year.
FINANCIAL.
finanThe General Balance Sheet, Table No. 4, shows the comas
cial condition of your company on December 31 1922,
pared with the pievious year.
CAPITAL STOCK AND FUNDED DEBT.
At your annual meeting, held in Chicago on April 19 1922
you authorized an issue of $50,000,000 00 par of preferred
shares for the purpose of providing funds for the electrification of your company's lines within Chicago; the reconstruction of its principal passenger station and freight terminals,
the improvement of lands acquired under contract ordinance
other
with the City of Chicago, passed July 1 1919 and for
lawful purposes, such preferred shares to be issued in series7 per
and to be entitled to dividends at a rate not exceeding
cent per annum non-cumulative and convertible into common
shares, as shall be determined from time to time by the
Board of Directors. In accordance with the foregoing, the
Board of Directors at a meeting held April 27 1922, authorConverized the issue of $10,929,600 00 par of Six Per Cent
tible Preferred Shares, Series "A." The preferred shares
were subscribed and paid for in full and dividends began to
accrue thereon as of June 26 1922. During the year preferred shares of the par value of $208,300 00 were converted
into common shares.
Illinois Central Equipment Trust Certificates, Series "H,"
amounting to $3,255,000 00 were issued and sold February
1 1922.
Illinois Central Equipment Certificates, Series "I,"
amounting to $6,645,000 00 were issued and sold October
1 1922.
Obligations under equipment contract with The Pullman
Company, amounting to $1,748,50000, were issued to that
company January 17 1922.
Under the terms of the Illinois Central Railroad Company
and Chicago St. Louis & New Orleans Railroad Company
Joint First Refunding Mortgage there were issued to your
company in June 1922 $1,924,400 00 Five Per Cent Bonds,
Series "A," in reimbursement for improvements made to the
mortgaged properties. Under the same mortgage, $8,500 00
par value of Series "A," or Dollar Bonds, were issued in exchange for £1,700 Sterling Bonds, the equivalent of $8,24500
of Series "B," or Sterling Bonds upon payment of the difference of $25500 in cash.
Under the terms of the trust agreement $296,000 00 Illinois Central Railroad Company One to Fifteen Year Secured Gold Notes matured and were retired.
There were retired and canceled under the terms of the
respectivetrust agreements Illinois Central Equipment Trust
Certificates, Series "A," $800,000 00; Series "B," $350,000 00;
Series "C," $198,000 00; Series "D," $190,000 00; Series "E,"
$550,000 00; Chicago St. Louis & New Orleans Railroad Company Equipment Trust Certificates, Series "A," $570,000 00;
.
Government Equipment Trust No. 33,$647,10000; and under
the equipment contract with The Pullman Company, $66,49500, a total of $3,371595 00.
NON-OPERATING INCOME.
"Non-Operating Income" this year amounted to $4,104,464 81, as against $5,039,238 05 last year, a decrease of $934,773 24. This decrease was due to $113,270 44 received last
year covering additional compensation allowed by the Director-General of Railroads in final settlement for the period
of Federal Control, whereas there was no similar income
during the current year; non-receipt of dividends from the
Madison Coal Corporation, whereas $900,000 00 was received
last year from this source; a decrease of $124,287 21 in interest on funds on deposit with bankers and others; and a decrease of $387,596 87 in miscellaneous income, the major
portion of which was due to the cancellation during the current year of a portion of the Guaranty Period claim under
Section 209 of the Transportation Act, 1920, disallowed by
the Interstate Commerce Commission in settlement as effected June 27 1922. These decreases were partly offst by
an increase of $291,205 00, consisting mainly of interest received on United States bonds purchased during the year,
and interest on additional holdings of The Yazoo & Mississippi Valley Railroad Company's Five Per Cent Gold Improvement Bonds; an increase of $258,732 76 in interest on
advances to affiliated corporations, the major portion of
SECURITIES OWNED.
which was received from the Yazoo & Mississippi Valley
There were purchased during the year $2,017,200 00 par
& Sioux City Railroad
Railroad Company and the Dubuque
value United States Second Liberty Loan Four and One-Company; and other minor increases of $40,443 52.
quarter Per Cent Bonds of 1927-1942; $5,000,000 00 par value
United States Third Liberty Loan Four and One-quarter
DEDUCTIONS FROM GROSS INCOME.
Per Cent Bonds of 1928; $4,000,000 par value United States
"Deductionsfrom Gross Income"amounted to $13,135,916 81 Victory Liberty Loan Four and Three-quarters Per
this year, as against $12,880,671 47 last year, an increase of Cent Notes of 1923; $2,000,000 00 par value United States
$255,245 34. There has been excluded from the figures for Series "A"; and $1,313,000 00 par value United tSates Treasthe previous year $6,854,541 96, covering the cancellation of ury Four and One-quarter Per Cent Notes of 1926, Series "B."
income accrued during 1920 In connection with the Guaranty
There was received from The Yazoo & Mississippi'Valley
Period, resulting from the cancellation of reserves for main- Railroad Company in settlement for advances made for imtenance, referred to under the head of "Railway Operating provements to its property $5,034,000 00 of its Five Per Cent
Expenses" on page 6 [pamphlet report]. The increase for Gold Improvement Bonds.
the year consisted in part of rental payments to the Dubuque
One million three hundred thirty-eight thousand dollars
& Sioux City Railroad Company of $715,648 48, whereas no par value of Tennessee Central Railroad Company Four Per
payment was reported in the previous year; an increase in Cent Prior Lien Bonds were charged to "Profit and Loss" as
"Interest on Funded Debt" of $411,943 96 due to the inclu- worthless for the reason that the property of the Tennessee
sion of interest during the entire year on securities issued Central Railroad Company was sold under foreclosure durlast year, and, in addition, interest for portions of the year ing the year and it was realized there would be very little
on securities issued during the current year, less interest on remaining for the bondholders from the proceeds of the sale
Equipment Trusts and other securities retired, as compared after the various claims of the receivership had been setwith a part year's interest on securities issued during the tled.
previous year, a comparison of which may be made by referThe Peoria & Pekin Union Railway Company redeemed
ence to Table No. 7[pamphlet report] of the report this year, $12,500 00 par value of its Five Per Cent Debenture Bonds
corresponding table for the previous year; an in- maturing August 1 1922.
and the
crease of $406,902 00, covering an adjustment of interest
ADDITIONS AND BETTERMENTS-EXPENDITURES.
accrued on open accounts with the Director-General of RailThere was expended during the year for "Additions and
has been offset in part by
roads in the previous year, which
nts on subsidiary propa decrease of $84,166 67 in interest paid on loans from banks Betterments" (including improveme
a classified stateand trust companies and $8,485 79 in miscellaneous interest erties) $17,742,565 30. The following is
charges this year as compared with last year; an increase in ment of these expenditures:
THE CHRONICLE
Apaii, 21 1923.]
Additions and
Betterments
on Owned
Lines.
$669,827 32
Advances for
Adaitions and
Betterments
to Lines of
Subsidiary
Companies.
$145,213 04
Total
Expended.
Road$815,040 36
Engineering
Land for transportation
184,799 76
122,446 01
62,353 75
purposes
1,525.928 05
513,629 11
1,012,298 94
Grading
986,925 04 1,302.769 67
315.844 63
Bridges, trestles & culverts_
461.381 01
210,887 00
250,494 01
Ties
686,382 47
360,738 13
325.644 34
Rails
633,409 27 1,075,453 28
442.044 01
Other track material
426,368 99
243,449 42
182,919 57
Ballast
670.215 57
313,689 99
356,525 58
Track laying and surfacing_
17,329 45
6.173 15
11,156 30
Right of way fences
Snow and sand fences and
1.853 25
1,853 25
snowsheds
161,487 56
98,088 14
63,399 42
Crossings and signs
649.315 93
304,759 82
344.556 11
Station and office buildings65,740 06
29.117 08
36.622 98
Roadway buildings
324.834 00
153,804 18
171,029 82
Water stations
8.964 98
3,891 88
5,073 10
Fuel stations
336,350 74
255.878 75
Shops and enginehouses- _
80,471 99
30,874 42
30,874 42
Grain elevators
13,358 66
7.784 84
Wharves and docks
5.573 82
31.226 87
12,016 16
Telegraph & telephone lines_
19,210 71
280,702 39
120,004 60
and interlockers_
79
Signals
160,697
7.161 88
6,908 88
Power plant buildings
253 00
63252
Cr.325 32
Power transmission systems..
957 84
35.408 93
25,520 15
Power distribution systems..
9,888 78
6.317 89
6,131 95
Power line poles & fixtures
185 94
Cr.17 43
Cr.17 43
Underground conduits
132 55
132 55
Miscellaneous structures..
17,103 80
ff.W64
Cr.353 16
Paving
23,617 19
3,151 14
20,466 05
Roadway machines
Cr.142 '74
Cr.254 17
111 43
Roadway small tools
Assessments for public Im276,775 10
161,506 67
115,268 43
provements
Revenues and operating ex900 00
900 00
penses during construction
Cr.88,1528 10
Cr.6,419 84
-Road.. Cr.82.108 26
Other expenditures
455.982 41
250,444 31
205,538 10
Shop machinery
12,912 99
12,912 99
Power plant machinery
Cr.1,463 43
Cr.1,463 43
Power substation apparatus..
6.
$4,788,838 14 $5,028.332 89 $9,817,171 03
Total
EsuipmentSteam locomotives
Freight train cars
Passenger train cars
Floating equipment
Work equipment
Miscellaneous equipment
$226,058 72
7,071,097 26
Cr.13,726 14
Cr.54.800 00
10.819 04
17,333 75
$7,256,782 63
IkTotal
General
Organization expenses
Law
Interest during construction
$8,323 91
10,277 30
'77--81
-, 77 ,
1, 6
$234.382 63
7.081.374 56
Cr.13,726 14
Cr.54,800 00
15,595 58
17,333 75
$23,377 75 $7.280,160 38
Grand Total
$543 18
6,16202
28,93592
$271,586 00
246,48094
127,16895
$609,592 77
Total
$271,042 82
240,318 92
98,231 03
$35,641 12
$645.233 89
$12,655,213 54 $5,087,351 76 $17,742.565 30
The following shows the amount advanced during the year
to each of the subsidiary companies, these amounts being
Included in total advances shown in Table No. 6 of this
•[Pamphlet] report:
Batesville Southwestern Railroad Co
Benton Southern Railroad Co
Blue Island Railroad Co
Canton, Aberdeen & Nashville Railroad Co
Chicago. St. Louis & New Orleans Railroad Co
Chicago, Memphis & Gulf Railroad Co
Dubuque & Sioux City Railroad Co
Fredonia & Reeds Railroad Co
,
Golconda Northern Railway
Johnston City Southern Railroad Co
Kensington & Eastern Railroad Co
Memphis Railroad TerminalCo
South Chicago Railroad Co
The Yazoo & Mississippi Valley Railroad Co
$247 77
78,794 95
12,522 72
4,580 51
3,158,528 67
61.341 22
626.611 92
Cr.3.154 02
25.474 55
Cr.581 35
16,841 48
Cr.10.000 00
38,627 33
1,077,516 01
$5.087.351 76
Total
PHYSICAL CHANGES.
The following is a summary of the more important improvements during the year, the cost of which was charged
wholly or in part to "Road and Equipment":
•
ADDITIONS AND BETTERMENTS
-ROAD.
Work under the "Lake Front Ordinance," passed by the
City of Chicago, providing for the reclamation of submerged
lands, electrification of the Illinois Central lines within the •
city, the construction of a new passenger station and facilities at Roosevelt Road and the reconstruction of freight facilities at South Water Street continued throughout the year.The Electrification Commission appointed for the purpose
of determining the best system of electrification to be used
has recommended, and a 1,500-volt D. C. overhead construction has been adopted. The lowering of tracks between 26th
Street and 45th Street and the elevation of tracks between
45th Street and 51st Street have been started. Changes in
city sewers made necessary by the lowering of the tracks
have been made. In addition to the foregoing, considerable
progress has been made on the plans for the rearrangement
preparatory to the electrification of suburban, passenger and
freight tracks, the proposed 18th Street railway connection
and the new passenger station at Roosevelt Road.
Three hundred thirty-eight company sidings, covering 74.40
miles of track, and 110 industrial sidings were built or extended.
The construction of second main tracks from Scottsburg,
Ky., to Princeton, Ky., a distance of 4.02 miles; Eddyville,
Ky., to a junction one mile north of Kuttawa, Ky., a distance
of .77 mile; and from Clarks, Ky., to Paducah, Ky., a distance of 2.77 miles, was completed.
A third main track from Tucker, Ill., to Kankakee, Ill., a
distance of 4.60 miles, was completed. The construction of
a third main track from Matteson, Ill., to Peotone, Ill., a distance of 8.24 miles, and on a fourth main track from Matte-
1781
son, Ill., to Monee, Ill., a distance of 3.21 miles, was practically completed during the year.
Reduction in grades of .3 of 1 per cent on the two northbound main tracks south of Tucker, Ill., was completed, and
similar work through Monee, Ill., was started, the excess
filling material being used for separation of grade crossings
with the Michigan Central and Elgin Joliet & Eastern railroads at Matteson, Ill.
New subways eliminating street grade crossings at Main
Street and Elliott's Park, Matteson, Ill., were built.
The grading for Markham Yard, located between Harvey,
Ill., and Homewood, Ill., referred to in the report.of the previous year, was continued.
The erection of a reinforced concrete viaduct to carry McLemore Avenue over the tracks of the Illinois Central and
The Yazoo and Mississippi Valley railroads at Memphis,
Tenn., referred to in the report of the previous year, was
completed.
The construction of a brick freight house and driveways
and the conversion of the present freight and passenger station into a passenger station at West Frankfort, Ill., referred
to in the report of last year, Were completed. A new passenger station at Marissa, Ill., and combination passenger and
freight stations at Gilman, Ill., Zeigler, Ill., and Belmont,
Miss., were completed. Work was started on the construction of new passenger stations at Mexico, Ky., Mercer, Ky.,
Glenwild, Miss., and Ponchatoula, La.
Improvements were made to the icing facilities at Centralia, Ill.
The interlocking plant at the crossing with the Waterloo
Cedar Falls & Northern Railway at Waterloo, Ia., referred
to in the report of the previous year, was completed. New
cross-over interlocking plants for three-track operation were
constructed at Manteno, Ill., and Tucker, Ill. The construction of similar plants at Monee, Ill., and Peotone, Ill., and
the electrification of the interlocking plant at Kankakee, Ill.,
were started.
The erection of a car repair shed at McComb, Miss., referred to in the report of the previous year, was completed.
The construction of a 300-ton coal chute at McComb, MISS.,
and the installation of a train air testing plant at Dubuque,
Ia., were begun.
A 62
-foot, 200-ton plate fulcrum track scale was installed
in the hump yard at Centralia, Ill. Two 60-foot, 150-ton
track scales were installed at Clinton, Ill., and one at Paducah, Ky., and work was started on the installation of similar
track scales at Kankakee, Ill., Cairo, Ill., and Evansville,
Ind.
Improvements were made to the water facilities, of which
the major projects consisted of the erection of 100,000-gallon
creosoted water tanks at Ramsey, Ill., Pana, Ill., Du Quoin,
Ill., Herrin, Ill., Poseyville, Ind., Caneyville, Ky., Princeton,
Ky., two 50,000-gallon tanks at Memphis, Tenn., and one
50,000-gallon tank at Parkersburg, Ia.; the construction of
water treating plants at Amboy, Ill., La Salle, Ill., Fort
Dodge, Ia., Rockwell City, Ia., Wall Lake, Ia., Denison, Ia.,
Dunlap, Ia., Logan, Ia. Council Bluffs, Ia.; and improvements to the water treating facilities at Scales Mound, Ill.,
Galena, Ill., and Manchester, Ia. The pumping station at
Birmingham, Ala., was electrified.
The extension of automatic block signals south through
Paducah, Ky., a distance of 3.6 miles, referred to in the report of last year, and the construction of block signals between Fox Run, Ky., and Ilsley, Ky., a distance of 4.2 miles,
were completed. Work was begun on the construction of signal bridges with color light signals between Matteson, Ill.,
and Kankakee, Ill., a distancesof 28 miles, replacing lower
quadrant semaphore signals, and on the extension of block
signals from Fox Run, Ky., to Graham, Ky., a distance of 17
miles. At the close of the year, 2,488.6 miles of track were
equipped with block signals.
Five thousand one hundred ninety-two lineal feet of permanent bridges and trestles were constructed, replacing pile
and timber bridges and trestles; 132 lineal feet of permanent
bridges and trestles and 14,108 lineal feet of pile and timber
bridges and trestles were rebuilt or replaced by embankment.
Twenty-five miles of track were ballasted and brought up to
standard, and the embankments were widened on fifteen
miles of track preparatory to placing ballast.
ADDITIONS AND BETTERMENTS
-EQUIPMENT.
Ten 8
-wheel switching locomotives were added and nineteen locomotives of various types were disposed of, resulting
in a decrease of nine locomotives. Forty-three locomotives
of various classes were superheated. The increase in tractive power of locomotives for the year was 162,696 pounds.
Eleven passenger cars were retired or transferred to other
service.
Five thousand four hundred thirty-five freight cars were
added, and 8,488 cars were retired or transferred to other
classes, resulting in a net decrease of 3,053 cars.
GENERAL REMARKS.
A general revival in business was in evidence during the
latter part of the year throughout the territory served by
your lines of railroad. The labor unrest, culminating in the
strike of the coal miners and later the strike of the railroad
shop men, was a disturbing factor that retarded the growth
of business. However, with the settlement of the coal strike
1782
THE CHRONICLE
in August, business gained considerable momentum, and
during the balance of the year the traffic handled by your
company showed a substantial increase. Due to the heavy
expenditures made by your company in recent years to provide for added facilities, including rolling stock, your company was readily enabled to meet the increased public demands for service, and the results attained, as reflected in
the income account, showed a decided improvement as compared with the previous year.
On January 3 1922 an agreement was made with the Director-General of Railroads under which your company paid
in full settlement of all accounts and claims between the
Director-General of Railroads and your company, the Chicago Memphis & Gulf Railroad Company, the Dunleith &
Dubuque Bridge Company and the Central Elevator & Warehouse Company, the sum of $7,750,000 00. After allocating
to the Chicago, Memphis & Gulf Railroad Company, the Dunleith & Dubuque Bridge Company, and the Central Elevator
[VoL. 116.
& Warehouse Company the amounts accruing to those companies, there remained a credit balance of $9,146,465 08 accruing to your company under the Federal Control settlement
covering undermaintenance, the difference between the value
of materials and supplies taken over at the beginning and
returned at the conclusion of Federal Control, etc. Under
the instructions of the Interstate Commerce Commission this
amount was credited to "Profit and Loss" and is shown in
Table No.3 on page 17 of,this [pamphlet] report.
Settlement was effected with the United States on July 27
1922 for amounts due your company under Section 209 of the
Transportation Act, 1920, being for the so-called "Guaranty
Period," covering the six months ended August 31 1920. Under the terms of this settlement the amount allowed was
$11,783,256 65, consisting of one-sixth of the test period net
railway operating income, $8,155,310 43; one-half of the annual interest provided in Section 4 of the Federal Control
Act, $1,117,074 12, which represented an interest return on
-INCOME STATEMENT FOR THE YEARS ENDED DECEMBER 31 1922 AND 1921.
TABLE 2
Average miles operated
Railway Operating Revenues
Rail Line Transportation:
Freight
Bridge tolls and miscellaneous freight
Passenger
Bridge tolls and miscellaneous passenger
Excess baggage
Parlor and chair car
Mall
Express
Milk
Oth3r passenger-train
Switching
Special service train
1922.
4.784.52
Per Cent
of Total
Operating
Revenues.
1921.
4,799.37
Per Cent
of Total
Operating
Revenues.
Increase.
Decrease.
14.85
1113,970,422 70 73.60 1102,983,034 86 72.97 310,987,387 84
1.769.541 80
5.878,597 49 3.80 • 4309.055 69 2.91
24.471,18546 17.34
24,005.564 49 15.50
269.165 16 0.19
258,686 04 0.17
7.748 18
174.051 28 0.12
181,799 46 0.12
6,47520
30,275 02 0.02
36.750 22 0.02
2,505.671 37 1.78
1.39
2.158,42002
1,243,641 96
2.326,832 50 1.65
3.570.474 46 2.30
27,679 25
558.806 60 0.40
586,485 85 0.38
106,817 84
117,384 23 0.08
224,202 07 0.14
323,777 67
1,314,09643 0.93
1.637,874 10 1.06
99.427 59 0.07
71,674 65 0.05
Total rail-line transportation revenue
Incidental Operating Revenue
Dining and buffet
Hotel and restaurant
Station, train and boat privileges
Parcel room
Storage-freight
Storake-baggage
Demurrage
Rents of buildlngs and other property
Miscellaneous
Total incidental operating revenue
Joint Facility Operating Revenue
Joint facility-Cr
-Dr
facility
Joint
Total Joint facility operating revenue
347,251 35
27.75294
1152,580.951 55 98.53 $138,958,986 19 98.46 813.621.965 36
Total railway operating revenues
Railway Operating Expenses
Maintenance of way and structures
Maintenance of equipment
Traffic __ _ ------- _ - _
Transportation-rail line
7
Miscellaneous operations
General
Transportation for investment-Cr
1465,620 97
10,479 12
1154,860,387 46 100.00 1141,127,065 71 100.00 $13,733,321 75
Total railway operating expenses
Net revenue from railway operations
8618,410 31
302,061 33
221.194 60
41,412 20
168,777 94
17.801 28
420,812 09
59,104 52
396,199 27
0.40
0.19
0.14
0.03
0.11
0.01
0.27
0.04
0.26
$600,437 32
332,095 89
192.020 75
41,560 50
228,103 49
19,217 61
387.630 20
59.693 59
271,442 98
0.43
0.24
0.14
0.03
0.16
0.01
0.27
0.04
0.19
12,245.773 54
1.45
12,132,20233
117.972 99
1.51
199.714 26 0.06
Dr.66.061 89Dr.0.04
133,662 37
0.02
$99.622 77 0.07
Dr.63,745 58Dr.0.04
135.877 19
148 30
59,325 55
1,41033
33,181 89
589 07
124,756 29
$91 49
12.306 31
0.03
820.538317 07 13.26 *$22,437,587 08 15.90
36,236.119 65 23.40 *34,591.449 68 24.51
1.887,711 35 1.34
2,314,554 49 1.50
53,603,439 42 37.98
55.934,968 8 36.12
1,009.049 13 0.71
997,772 66 0.64
3,679,022 95 2.61
3.606,44759 2.33
Cr.355,928 570r.0.25
0%498,710 92Cr.0.32
$119,129,26932 76.93 $116.852,33304 82.80
$35,731,118 14 23.07
130.03456
29,173 85
12,214 82
11.899,47001.
11,644,66997
426,843 14
2,331,529 36
11,276 47
72.575 36
142.784 35
$2,276,93628
124,274,732 67 17.20 811,456,385 47
Railway tax accruals
Uncollectible railway revenues
111,208,967 28
15.413 11
18,119:03545
24.318 81
$3089,93183
Railway operating income
Additions to Railway Operating Income
Hire of freight cars-credit balance
--------from locomotives- _ ---------------Rent
Rent from nassenger-i rain cars
Rent from floating equipment
Rent from work Equipment
Joint facility rent income
Total additions to railway operating income
124.506.737 75
116,131,378 41
18.375,35934
1155.150 75
800.669 74
3,600 00
57,129 69
1.382,254 51
8704.890 38
200,014 38
827.594 76
2,685 00
59,964 96
1,273.304 79
$2.398,804 69
Deductions from Railway Operating Income
$95,674 24
Hire of freight cars-debit balance
30,104 61
Rent for locomotives
147,101 19
for nassenger-train cars
Rent
6250
Rent for floating equipment
17,4543
Rent for work equipment
1.493.455 15
Joint facility rent deductions
$14784.414 52
Total deductions from railway operating income
125.121.127 92
Net railway operating income
Non-Operating Income
Income from lease of road-standard return adjustment
61,138 34
Income from lease of road-miscellaneous
483,508 72
Miscellaneous rent income
82.500 70
Miscellaneous non-operating physical property
1,164.737 00
Dividend income arable 5, pamphlet report)
Income from funded securities (Table 5, pamphlet report)
from capital advances to affiliated companies (Table 6.
Income
430,867 08
pamphlet report)________________________________________
0
,
Income from unfunded securities and accounts
Dr.282,799 37
Miscellaneous income
ting income
14.104,464 81
Total non-opera
129.225.592 73
Gross income
Deductions from Gross Income
11.915,240 26
Rent for leased roads (Table 8, pamphlet report)
8,124 68
Miscellaneous rent deductions
3,409 11
tax accruals
Miscellaneous
-lass
113,674 82
Separately operated properties
11,340,602 61
Interest on funded debt (Table 7, pamphlet report)
27,304 69
Interest on unfunded debt
525 00
Maintenance of investment organization
Cr.272,964 36
income charges
Miscellaneous
$13,135,916 81
Total deductions from gross income
Net income _______________________________________________ 116.089.675 92
Disposition of Net Income
134,786 13
Income appropriated for investment in physical property
134.786 13
Total appropriations of income
to credit of Profit and Loss
116,054.889 79
Income balance transferred
$8.905 70
$704,890 38
94,863 63
26,925 02
1915 00
2,83527
108,949 72
83.068,454 27
$669,649 58
$95,674 24
$30.830 79
132,342 72
.
1,340 70
16.608 58
1.476.482 33
$1.657,605 12
117.542,227 56
113,270 44
57.099 48
447,104 06
90,537 81
2,064.737 00
1.410,156 14
172,134 32
587,438 41
96.760 39
$5.039,238 05
$22,581,465 81
11.199,926 18
8,248 77
1,931 36
48,089 11
10.928.658 65
Cr.288,944 85
561 00
x980.201 25
312.880,671 47
19.700,794 14
• $44,519 31
$44,51931
$9.656,274 83
14,758 47
$726 18
715 70
845 75
16.972 82
1126.809 40
17,578.900 36
4,038 86
36,404 66
291,205 00
1113.27044
8.037 11
900,000 00
258,732 76
124,287 21
379,559 76
3934.773 24
$6,644,127 12
$715,314 08 '
$124 09
1,477 75
65,585 71
411,943 96
314,249 54
3600
1,253.165 61
$255,245 34
86,388,881 78
39.733 18
$9,733 18
36.398,614 96
canceled in accounts for 1921, referred to on a previous page.
•Not including reserve for maintenance stated in accounts for 1920 and connection with Guaranty Period, as explained on a previous page.
Excludes charge covering cancellation of income accrued during 1920 In
APRIL 21 1923.]
THE CHRONICLE
expenditures for improvements made from July 1 1917 to
February 29 1920; and an allowed operating deficit during
the Guaranty Period of $2,510,872 10.
There were received from The Pullman Company and
placed in service during the year 650 refrigerator cars. The
cost of this equipment was $1,748,500 00, and the payment
therefor was arranged by the execution of an equipment
lease agreement with The Pullman Company.
There were contracted for and delivered during the year
350 refrigerator cars and 2,000 gondola cars at an approximate cost of $4,071,500 00. The purchase of this equipment
was financed in part by the issue of Illinois Central Equipment Trust Certificates, Series "H," amounting to $3,255,00000, and the balance was paid for in cash by your company.
Your company contracted for the purchase of 25 Central
type freight locomotives, 25 Mikado type locomotives, 15
eight-wheel switching locomotives, and 3,000 50
-ton cornpOsitc coal cars, to cost approximately $8,310,000 00. In or-
1783
der to finance the purchase of this equipment there were
issued during the year Illinois Central Equipment Trust Certificates, Series "I," amounting to $6,645,000 00. The balance of the purchase price is payable in cash by your company. There were received and placed in service during the
year 10 of the 15 eight-wheel switching locomotives included
under this trust.
The number Of stockholders as shown on the books of your
company at the close of the year was 19,427, of whom 14,776
were holders of common shares and 4,651 were holders of
preferred shares. There were 15,175 stockholders last year.
There were 686 pensioners at the close of the year. and the
amount of pensions paid during the year was $282,664 36, an
Increase over the previous year of $22,416 03.
The Board of Directors takes pleasure in expressing its
appreciation to the officers and employees for their loyal
and efficient services during 1922.
By order of the Board of Directors.
C. H. MARKHAM,President.
TABLE 4—CONDENSED GENERAL BALANCE SHEET DEC.31 1922 AND COMPARI
SON WITH DEC. 31 1921.
ASSET SIDE.
Investments—
Road and equipment to June 30 1907
Road and equipment since June 30 1907
Total road and equipment
Miscellaneous physical property
Investments in affiliated companies:
Stocks
Bonds
Notes
Advances (Table 6. pamphlet report)
Other investments:
Stocks
Bonds
Notes, advances, etc
Total investments
Current Assets—
Cash
Special deposits
Loans and bills receivable
Traffic and car service balances receivable
Net balance receivable from agents and conductors
Miscellaneous accounts receivable
Material and supplies
Interest and dividends receivable
Total
United States Railroad Administration:
Material and supplies, December 31 1917
Federal control rental
Amount received on account
Assets of corporation taken over
Depreciation of equipment
Equipment and other property retired
Total
Total current assets
Deferred Assets—
Working fund advances
Other deferred assets
Total deferred assets
Unadjusted Debits—
Discount on funded debt
Other unadjusted debits
Total unadjusted debits
Grand Total
Dec. 31 1922.
Dec. 311921.
Increase.
1109.002.970 68 1109.002,970 68
j9.251,84739
126,596.633 8,5 112.655.213 54
1248.254.818 07 1235,599.604 53 312.655.213 54
11.523.856 17
31.704.575 71
137.644,144 74 $37.546,515 63
47,363,577 24
42.342,077 24
16,644,814 50
16,957,220 99
115.719.149 22
115.639,265 04
1217,371,685 70 8212.485.078 90
1180.719 54
*97,629 11
5,021.500 00
79.884 18
14.886.606 80
$312.406 49
351.050 00
*51,050 00
7,472,490 80
1.817.093 30 15.655,397 50
7,511.972 03
140,725 52
7.371,246 51
315.035,512 83
12,008.868 82 *13,026.64401
1482,185.872 77 8451.798.127 96 $30.387.744 81
110,469,752 29
7,418.667 92
37.644 48
2,670.880 89
4,068,137 04
5.172,902 20
13,022,309 91
702,123 48
843,562.418 21
$8,021,081 94
334,377 69
42,216 72
1,880,284 05
2,798,211 28
15.638.081 72
13,477.496 51
525,400 57
$42,717,150 48
$2,448,670 35
7,084.290 23
790,596 84
1.269.925 76
176.72291
$845.267 73
34.572 24
10,465.179 52
455.186 60
*13,184,279 90
$37,691,746 46
30,900.000 00
$43.562.418 21
$32,291 09
94.897 70
*127,188 79
*2.519,308 35
4.311,476 04
$6,830,784 39
$532.706,264 16
LIABILITY SIDE.
Stock—
Dec. 311922.
Common stock _____________________________________________________________ 1109.504,300 00
Less; Common stock held in treasury
133 33
Total common stock outstanding
1109.504,166 67
Preferred stock, series "A.
10.721,300 00
Total stock outstanding ____________________________________ _
8120.225.466 67
Governmental Grants—
Grants in aid of construction
$32.2i2 14
Long-Term Debt—
Funded debt
8321,461,145 00
Less; Funded debt owned by the Company (Table 7, pamphlet report)
48.447.100 00
Total long-term debt outstanding (Table 7. pamphlet
report)
*273.014.045 00
Current Liabilities—
Loans and bills payable:
United States Government
Traffic and car-service balances payable______•_________________________________
Audited accounts and wages payable __________________________________________ 83.834.162 44
13. 0 :03 04
8 6 6 355 38
. 7 6
4
Miscellaneous accounts payable
Interest matured unpaid
1.940,789 25
'Dividends matured unpaid
52,698 35
Funded debt matured unpaid
104,766 16
Unmatured dividends declared
2,237,951 75
Unmatured interest accrued
1,717,685 70
Unmatured rents accrued
39,000 62
Other current liabilities
269,702 42
Total
832.260,648 11
United States Railroad Administration:
•
Material and supplies. February 29 1920
Payments for corporation
Additions and betterments
Interest accrued on open account
Total
United States Government:
Guaranty under Section 209 of Transportation Act 1920- - -$12,082.056 58
Amount received on account
12,376,000 00
Total current liabilities
832,260,648 11
Deferred Liabilities—
Other deferred liabilities _____________________________________________________
$107,018 41
Total deferred liabilities _____________ _ ___________________________________
8107.028 41
Unadjusted Credits—
Tax liability _______________________________________________________________
Insurance reserve ___________________________________________________________ 37,163,266 66
2,877,886 57
Operating reserves ____ —
___ _ ____________________________________________
1.404.702 16
Accrued depreciation—Eciap
-ment ____________________________________________
Other unadjusted credits _____________________________________________ 35.005,312 76
7,085.868 42
unadjusted credits ________________________________________________
Total
$53.537.036 57
Corporate Surplus—
Additions to property through income and surplus
$7.897.314 37
Profit and loss (Table 3, pamphlet report)
45.632,452 89
Total corporate surplus_________________ _
853.529.767 26
Grand total
$532,706,264 16
Decrease.
813,184,279 90
6,791.746 46
23,266,683 01
10,342,435 80
1,782.869 59
*55,368.014 76
$98,085,165 24
6.791,74646
23,266,683 01
10.342,435 80
1.782.869 59
355,368.014 76
*54.522,74703
$31,530 59
49.509 40
*81.03999
$5,966,870 37
$5,966.870 37
$555,931,203 56
Dec. 311921.
$1.09,296,000 00
133 33
1109.295.866 67
$760 50
45.388 30
346.148 80
32.519,308 35
*1.655,39433
*863,91402
323.224.939 40
Increase.
$208,300 00
Decrease.
$208,300 00
10.721.30000
8109.295.866 67 810.929.600 00
$37.272 14
$311,555,585 00
46.592.700 00
$264.962,885 00
81,550,000 00
2.092.19963
16,985.455 33
883.118 79
1,945,361 01
53,034 55
111.786 16
1,912,680 00
1.596,57443
39,000 62
•
244.298 41
827.413 508 93
*5.00000
*9.905.56000
1.854.400 00
*8,051.16000
$1,741,962 81
1,421,900 05
2,773,417 25
325,271 75
121,111 27
31.550.000 00
4,571 76
336 20
7,020 00
25.404 01
*4.847.139 18
*13,096,891 75
33,030,869 63
24,482,517 90
655,756 33
871.266,035 61
113,096,891 75
33.030,869 63
24,482,517 90
655.756 33
*71.266.03561
*293,943 42
898.973.487 96
*293.9434 .
*66.712.83985
137.115 36
$37.115 36
$69,913 05
869,913 05
*3.918.843 10
2,781.M2 93
1.404,702 16
31.788,882 68
6,476,261 35
$46,370,232 22
83,244.423 56
96.343 64
3,216,430 08
609,607 07
*7.166.80435
87.836,953 17
860,361 20
28.417.391 04 17.215.061 85
836,254.344 21 $17,275,423 05
8555,931,203 56
123,224,939 40
THE CHRONICLE
1784
[VOL. 116.
ANY
THE CHICAGO ROCK ISLAND AND PACIFIC RAILWAY COMP
AND SUBSIDIARY COMPANIES
DEC. 311922.
FORTY-THIRD ANNUAL REPORT—FOR THE FISCAL YEAR ENDED
To the Stockholders:
We take pleasure in submitting reports of the operation
of your Company for the year 1922.
After the payment of all fixed charges and taxes, the Company showed a balance of income available for dividends of
$4,285,378 72. Full dividends on the preferred stocks
amounted to $3,567,335, leaving a surplus of $718,043 72,
which was credited to profit and loss. In view of the adverse conditions under which we had to operate during the
year, we regard this as a very satisfactory showing.
STRIKE OF SHOP EMPLOYEES. •
By far the most important feature of the year was the
strike of the shop employees. On July 1 1922 the Federated
Shop Crafts on all the railroads of the United States, dissatisfied with a decision of the United States Labor Board
fixing their wages and working conditions, ceased work
without notice to the carriers, and of 11,500 men employed
In the Mechanical Department of the Rock Island, practically all abandoned their employment and left the service
of the Company. Since the law compels us to continue publie service, we were forced to operate the road as best we could
under this handicap, and after unavailing efforts to induce
our old men to return to work in compliance with the order
of the Labor Board, proceeded to employ and organize a
new force of shop and mechanical department employees.
All the new men we employed were, of course, employed at
wages prescribed by the Labor Board, and while it has been
a long process, and while the effect of the cessation of work
In the mechanical departments necessarily put us somewhat
behind in our maintenance of equipment, nevertheless the
situation has been of great benefit to the Rock Island.
Notwithstanding the efforts of strike leaders to prevent us
from obtaining new men, and in spite of repeated violence
on the part of strikers, not only against the property of the
Company, but against the new employees and the loyal foremen who refused to leave the service, we succeeded in building up a force of more than 10,000 men. With these men
we were able to put into effect a new basis of working conditions, relieving the shop work of many burdensome restrictions and unfair working conditions inherited from Federal control, so that we expect eventually to get along with
a force of approximately 9,500 men, instead of 11,500 as
formerly, and working under conditions conducive to individual efficiency and personal initiative, which practically
had been destroyed under the old conditions. This improved
situation in our shops is enabling us rapidly to make up the
maintenance deferred during the summer, and should be of
great benefit to your Company during the present and all
future years.
There is a great deal of misunderstanding in the minds of
the public and of some high public officers concerning the
nature of this strike and the issues involved. While the strike
Is over, so far as this Company is concerned, the issues were
so important and have been the snbject of so much misrepresentation in the press, and on the part of those whose interest lay in confusing the real issues, that we regard it as
our duty to call to your attention the true facts in the matter, so far as they affected your Company.
First and foremost, the men struck not on account of anything your Company had done, or had not done, but because
they were dissatisfied with an order of the United States
Labor Board, which was established by Congress for the purpose of settling labor controversies on the railroads, and
thereby avoiding interruptions to the public service. The
object of the strike was so to cripple the service that the railroads would be forced to pay greater wages than those'which
the Labor Board had found to be just and reasonable. On
July 5, five days after the strike was called, we asked all of
the men to come back, promising restoration of their pension,
free transportation, and seniority privileges if they should
return by July 10. Only twenty-five old men returned, and
some of these were forced to quit work by threats and intimidations of their families. We thereupon began to employ new men as rapidly as we could, and, in order to keep
traffic moving, many of our supervisory officers and employees from other departments put on overalls and took the
places of striking shopmen, doing it so effectively that we
never had to annul a single train.
Later on the striking employees on the Rock Island and
on the other roads, through their organizations, stated that
they would return to work if the carriers would restore their
seniority, which meant in practical application that we would
displace the men whom we had hired to run the railroad, and
who had been loyal to the Company in its hour of need.
This was the seniority issue, which was an after-development and had nothing to do with the issue on which the strike
was called.
We declined to displace either the loyal employees or the
new men who had entered our service to fill the places of
strikers. This was the rock upon which we stood, and shall
stand. We made it plain to our former employees that we
would welcome them back, giving them their old jobs as far
as possible, but that we could not displace the new men.
On September 18, the following announcement was made
on behalf of your Company and its subsidiary, the Chicago
Rock Island and Gulf Railway Company:
ANNOUNCEMENT.
"These companies are not negotiating a settlement of the
ahopmen's strike with the officers of the shop craft organizations.
"An Association of Rock Island Shop Employees is being
formed by those now in the service, with which all future
negotiations will be conducted.
"The men who were in the service July 10 1922 will head
the seniority list, and those employed since July 10 will
follow on that list in the order of their employment.
"There are vacancies to be Tilled and our officers will give
preference to former employees who apply for work and whose
record is satisfactory to the employing officer, and while
such former employees cannot be given their old places on the
seniority list, they will have restored full pass and pension
privileges. As to such former employees returning to serwill
vice before October 1 1922, pension continuity of service of
d without regard to any breaks on account
be compute
strikes.
"Employment for those not now in the service will not reto arrange
sult from waiting for some other person or persons
ion of
for it, but will be given only on the personal applicat
who wants the work."
the one
was
The so-called "Baltimore Plan" of strike settlement
announced in September. It provided for the restoration
within thirty days of all the men who had left their jobs,
except those who had committed acts of violence, and where
positions were not available for all it provided that after the
payroll
thirty days old employees were to be carried on the
their former rates, regardless of whether work could be
at
the
found for them. At the time this plan was announced,
new
Rock Island had in its shops a working force of 4,500
ore Plan,"
men. When approached to settle on the "Baltim
Committee of the Federated Shop
we made it plain to the
although we
Crafts that we could not displace these men,
to take back the old men up to the limit of the
would be glad
at this interview, which
force required. The Committee they were limited in their
was on September 14, stated that the "Baltimore Platt";
authority to a settlement under through the interview.
consequently, no progress was made
continuously urged their
On the other hand, the strike leaders
g of our force to the
men not to come back, and the recruitin of their efforts to
strength stated above has been in spite to their old jobs.
prevent their adherents from coming backcompleted with an
On November 22 an agreement was
organization formed among our new employees, known as
Mechanical and Power
the "Rock Island Association of its membership practiEmployees," comprising in
Plant
cally all of our present shop forces. agreement, and getting
We are now operating under this
relieved from
excellent results from it, in addition to beingcrafts leaders.
constant interference of the former shop
the
of foremen
The new men willingly accept the direction their
charged with the responsibility of supervisingdid. work,
which the old men since Federal control never and thanks
We cannot too strongly record our appreciation who
for the services of those officers and employees longserved
hours
worked
in the place of the striking shopmen and keep_traffic moving
order to help.us..
at unfamiliar duties, in hti
Ihma. tkl,
through this crisis. L.
APRIL 21 1923.]
THE CHRONICLE
Naturally, the end of the year found us with some deferred
.maintenance on our equipment, but it is rapidly being restored, and by the time of our heavy traffic movement in
1923 we shall be in normal condition.
COAL STRIKE.
We also were affected in 1922 by a strike in the coal industry, which began April 1 and lasted until October. While
the strike to a certain extent was anticipated, we nevertheless felt the effect severely, not only in diminution of coal
traffic, but in the high prices which later in the summer we
were compelled to pay for fuel. We estimate that the increased fuel bill in 1922 amounted to $1,512,000 over what
it would have been had there been no coal strike.
RATE REDUCTIONS.
The greater part of the loss in freight revenues in 1922 is
accounted for by reductions in freight rates ordered by the
Inter-State Commerce Commission. The principal rate reductions became effective January 1 1922, being approximately 17% on grain and grain products and 10% on live
stock and other products of agriculture. Other substantial
reductions became effective July 1 1922. The aggregate
effect of these reductions was about $10,000,000. In other
words, if the Inter-State Commerce Commission had not reduced the rates, we would have had about $10,000,000 more
revenue on the same volume of traffic, notwithstanding the
railway and coal strikes.
FINANCING DURING THE YEAR.
•
We have concluded settlement with the Government of all
matters arising out of Federal control. This includes not
only the Federal control period proper, which ended February 28 1920, when the roads were handed back to their
owners, but the so-called "guaranty period" of six months
immediately following Federal control, when the Government guaranteed to each company accepting in advance a
return at the same rate as during Federal control.
The balance of accounts between the Company and the
Director-General of Railroads, which related only to the
Federal control period, showed that we were indebted to the
Government on this account in the sum of approximately
$7,900,000. After much negotiation and consideration of
our claims for under-maintenance, the Director-General
agreed to reduce this amount to $2,500,000, and accept in
settlement our eight-year 6% collateral trust note due
March 1 1930 for this amount.
Under the funding provisions of the Transportation Act,
we were allowed to fund certain of the expenditures made by
the Railroad Administration for additions and betterments
to our property during Federal control. By conference with
the Director-General this amount was fixed at $5,500,000,
which we borrowed from the Secretary of the Treasury
under the provisions of the Transportation Act, giving our
eight-year 6% collateral trust note therefor.
After much discussion of the amount necessary to make
good the Government's guaranty for the six months' period.
ended August 31 1920, we agreed to accept approximately
$2,000,000 in full settlement of the balance due us.
With the approval of the Inter-State Commerce Commission, we sold in September $5,500,000 First and Refunding
bonds. This was the first direct sale of First and Refunding
bonds in many years. The proceeds of the sale amounted
to $4,673,760.
On the other side of the ledger, we paid in full our notes to
the War Finance Corporation, aggregating $10,430,000,
covering indebtedness originated during Federal control.
The results of these transactions may be summarized:
Borrowed from Secretary of Treasury through funding provisions of Transportation Act on account of additions and
betterments during Federal control
$5,500,000 00
Received in settlement of claims for guaranty period (estimated amount necessary to bring operating income during
that period to same rate as during test period)
2,000,000 00
Proceeds of sale of $5,500,000 First and Refunding Bonds
4.673.760 00
Total
312,173,760 00
Less
Company's notes to War Finance Corporation paid in full_ 10,430,000 00
Balance—applied against additions and betterments
$1,743,760 00
The total additions and betterments to road and equipment
during the year amounted to
$2,590,533 12
The remainder of the funds necessary for their financing was, o course
derived from current assets.
The Company has no unfunded obligations.
NEW EQUIPMENT.
We have ordered and will place in service during the year
1923 the following equipment:
60 Mikado type freight locomotives.
20 Mountain type passenger loccnnotives.
Total Cost
50 Steel suburban cars.
500 Coal cars.
500 Box cars.
250 Flat cars.
500 Automobile cars.
250 Refrigerator cars.
Total Cast
Totml Cost. Ali Equipment
34.742,420 00
36,022.327 50
310,764.747 50
DEPRECIATION.
The Company has revised its depreciation charges to
figures based on the actual experience of the Company with
respect to the life of its equipment. The officers are giving
constant attention to this subject, and, in the event that
experience should prove the present rate of depreciation
charges is inadequate to reflect properly the depreciation
due to the wearing out of the equipment, proper corrections
will be made.
1785
DEFERRED MAINTENANCE.
We estimated that the cost of making up the maintenance
of equipment deferred, as a result of the strike, would
amount to about $1,600,000. We would have liked to set
this up in the income account as a monthly operating reserve,
but the rules of the Inter-State Commerce Commission do
not provide for so doing. The actual work of making up,
the deferred maintenance was well under way at the end
of the year and now is almost completed.
NEW WORK IN CONTEMPLATION.
The most important item of new work in contemplation
is the double tracking of the line between Topeka, Kansas,
and Herington, Kansas, a distance of approximately seventy
miles. About one-half of this will be completed during the
coming summer.
We have also authorized the use of oil as fuel on the lines
in Arkansas and Louisiana. This will necessitate a substantial capital expenditure, but, on account of the saving
resulting from the use of oil, as compared with coal, it will
be a very productive expenditure. Studies are being made
to convert other divisions to the use of oil as rapidly as
conditions justify it.
PROPOSED CONSOLIDATION OF RAILROADS.
The Transportation Act of 1920 required the Inter-State
Commerce Commission to group the carriers of the country
into a number of large systems, with a view to an equality
of competitive and financial strength, and with the limitation
that existing channels and routes of trade should be preserved
so far as possible. The Commission has prepared a tentative
plan, putting the Rock Island into its group known as
No. 17, which is based upon the Rock Island, El Paso &
Southwestern and Southern Pacific, with certain less important lines; the principal competitor of this group being
based on the Santa Fe System. At the hearing on our case,
we stated that, while we are opposed to any consolidation
by law, if we are to be grouped, we consider this grouping
the natural one.
It should be borne in mind that the Commission's grouping
plan is only tentative, and does not mean an actual consolidation of the properties. It simply means the consolidations
of railroads in the future must be along the lines approved
by the Commission in its plan. There is nothing compulsory
about the consolidations authorized by the Transportation
Act. We mention this here, only to advise you of our
position with respect to the hearings now being conducted.
SEVENTIETH ANNIVERSARY.
On October 10 1922 we celebrated the Seventieth anniversary of the running of the first train on your railroad.
On that day, we ran a special train from Chicago to Joliet,
following the route and time of the first train. A remarkable
incident was that one of the passengers, Mrs. W. W.Stevens,
of Hubbard Woods, Illinois, was a passenger on the first
train seventy years ago. The celebration attracted interest
all over the United States. Fifty-four commercial clubs
and Rock Island employees clubs located at various points
on the system joined in the festivities. One hundred and
two memorial trees were planted along the Company's lines,
commemorating the services of past officers and employees
who were conspicuous by their devotion to the Company's
interest. Service medallions were presented to every
employee, and medals of honor were presented to fourteen
employees who had been continuously in the service of the
Company for more than fifty years. It was a great occasion,
and we feel that the celebration helped to cement the friendly
feeling which we are inculcating between the Company and
its employees on the one hand,and its patrons on the other.
GENERAL.
As in former years, we renew our insistence that you as
stockholders take an active interest in all matters of public
regulation affecting your property. Perhaps the next year
will be the most crucial in the history of Government supervision. The Transportation Act of 1920 was the first piece
of constructive railway legislation ever enacted by Congress.
For the first time Congress attempted to prescribe a definite
rate of return, and while so far the purpose of the Act has
not been realized, we feel that it must be supported, and
that those charged with its administration must be aided
and encouraged in their efforts to apply to the railway
situation its constructive mandates. Efforts are constantly
being made by interested parties to break down the principles
upon which the Act is based. For instance, an Act passed
by the last session of Congress directed the Inter-State
Commerce Commission, after a hearing, to require the
railroads to establish an interchangeable mileage hook
arrangement;and the Commission, pursuant to this direction,
has just ordered the carriers to publish and sell a scrip
coupon book at 20% reduction from the regular passenger
tariffs. The effect of this is that $90 worth of transportation
is sold in coupon form for $72, so that any man who has $72
to invest in transportation at one time may ride for 20%
less rate than the man who wishes, or is able, to purchase
only a single ticket. It is a vicious piece of regulation,
unfair to the person in moderate circumstances, and it
legalizes discrimination, which in itself is contrary to the
whole purpose of the Act. Moreover, the carriers must pay
the bill, not only sustaining a loss of revenue, but being
placed under a heavy burden with respect to accounting
[VoL. 116.
THE CHRONICLE
1786
charges in the administration of the Commission's order.
There is no difference in principle between this law and one
which would permit postage stamps to be sold in quantities
at 20% discount.
We cite this as an illustration of the constant pressure
being brought upon your representatives in Congress and
upon the inter-State and State commissions, to regulate the
•carriers with reference to the rights of their owners. It is
a tendency which, if not checked, will end in disaster, for,
.
as we have pointed out to you so often, unless the carriers
are allowed to conduct their business in such a manner that
they can obtain new capital from private investors on
system of this country
attractive terms, the transportation. to keep _pace with
will break down through its inability
ng
the growing demands of the public. The public is demandi of
more transportation every year; but the representatives
the public in the regulatory bodies are making it more and
more difficult for the carriers to provide that transportation.
One of the most vicious obstacles to overcome is representaWe
tion by the uninformed and the misinformed publicist. are
which
are constantly trying to correct misstatements need your
used as the basis of further attacks, and we
help. Your interest as a stockholder, as well as a citizen,
demands your constant attention to this question.
It is often said that the carriers are not operated efficiently.
We submit herewith a few comparisons between the Rock
Island performance in 1922 and its performance in 1912. It
should be borne in mind that 1912 might be considered a
normal year, whereas 1922, as we have pointed out above,
was distinctly a subnormal year, so far as ability to obtain
efficient operation was concerned.
1922
1912.
25,939.134
18,969.251
Total tons carried
2.56.39
242.46
Average miles knelled per ton
819,418
572.340
Ton hauls per mile of road
Freight Service
30.7
25.8
Cars per train
840
1.161
Gross tons per train
455
348
Net tons per train
21.2
18.6
Net tons per loaded car
2.540
2,016
Net tons per mite of road per day
69.9
72.6
Per cent loaded of total car miles car
55.6
46.9
miles.
Per cent east-bound of totaa loaded
49.7
48.9
Per cent east-bound of tote car miles
29.2
24.6
miles per car day
Oar
Pounds of coal per 1.000 gross ton miles (ex205
*286
cluding locomotive and tenners)
Passenger Service
2.3
2.3
Passenger cars per tabn
5.9
5.4
Passenger train cars per train
49.84
52.27
to freight train mileage_
Ratio passenger train
55.5
51.2
Number revenue passengers per train
14
13.5
Number revenue passengers per passenger car
*2.051
2,004
Pounds of coal per 100 car miles
* Based on year ended June 30 1912.
We do not mention this as a perfect performance, because
we think it is susceptible of improvement, and we are
improving it; but it is indicative of what the operating staff
of the Rock Island has accomplished in ten years. When
it is reflected that those ten years have included twenty-seven
months of receivership, twenty-six months of Federal control,
with its consequent demoralization of railway operating
organizations throughout the country, a period of readjustment following the world war, a general coal strike and
a general strike in the mechanical department of your
Company, we submit that it refutes any suggestion of
inefficient operation.
It is always a pleasure to acknowledge the loyalty and
faithful service of officers and employees; and, as in former
years, we again invite every stockholder to take an interest
in the affairs of the Company. Information about the
Company's activities will be cheerfully supplied.
By order of the Board of Directors.
Respectfully submitted,
J. E. GORMAN, President.
Cable Address "Retexo"
Telephone Franklin 0976
England
New York
TOUCHE, NIVEN London. Birmingham
Chicago
& CO.
Cleveland
Canada
Public Accountants
St. Louis
Montreal, Toronto
Minneapolis
Winnipeg, Calgary
10 South La Salle Street
Edmonton, Vancouver
Chicago
Sir George Touche,Bart..O.A.
J.B.Niven C.A.,C.P.A.
South America
A. W.Tait,0.A.
Buenos Aires, Rosario
Rio de Janeiro, Sao Paulo
H.E. Mendes, C.P. A.
Montevideo
F.J.Clowes,C.A.,C.P.A.
Valparaiso, Santiago
Wagner, C.P. A.
E. H.
V. H.Stempf. C.P.A.
C.A. H.Narllan, C.P.A.
AUDITOR'S CERTIFICATE.
We have audited the books and accounts of the Chicago
Rock Island & Pacific Railway Company and Subsidiary
Companies for the year ended December 31 1922 and
certify that the annexed balance sheet and relative income
and profit and loss accounts are in accordance therewith
and exhibit, in our opinion, a true and correct view of the
financial position of the Company at the date stated and
of the operations of the System for the year then ended.
TOUCHE, NIVEN & CO.,
Public Accountants.
Chicago, Illinois, March 21 1923.
ROCK ISLAND LINES.
1
-CORPORATE INCOME ACCOUNT.
S YEAR.
YEAR ENDED DECEMBER 31 1922 COMPARED WITH PREVIOU
,
-1922.
Amount.
)perating ROVEMIOD:
Freight revenue
Passenger revenue
Mail revenue
Express revenue
'Other transportation revenue
Dining and buffet car revenue
Miscellaneous revenue
Total railway operating revenue
$87,718,339 65 $99,000,440 36
27,650,133 52 30,579,092 41
2,866,199 22
2,556.606 77
3,378.742 73
3,799,099 44
1,692.333 51
1,515,528 09
642.224 92
631,390 91
1.112.990 86
1.215,134 95
$125,086.233 33 $139.272,024 01
.
)perating Expenses:
$15,701,141 84 820,790.434 92
Maintenance of way and structures
26.103.921 78 28.582.509 86
Maintenance of equipment
2.238,11385
32 22
Traffic _ _------------------------------------2,299,2
57,637,629 61
52.871,90_
_
Transportation
802,483 52
2,37717
Miscellaneous operations82
3,095,133 63
2,984,821 23
__________________
General _ __ _____ - ___ - ___
193,248 20
212,476 41
t-Cr
Transportation for investmen
$100,570,925 85 $112,953,057 19
operating expenses
Total railway
fet revenue from railway operations
tallway tax accruals
Incollectible railway revenue
Total railway operating income
Other Income:
Rent from equipment (other than freight cars)
Joint facility rent income
Miscellaneous rent income
Income from lease of road
Miscellaneous income
Total other income
Total income
oeductionsfrom Income:
Hire offreight cars-debit balance
Rent for equipment (other than freight cars)
Joint facility rents
Miscellaneous rents
Rent for leased roads
Interest on funded and unfunded debt
Other income charges
Total deductions
Balance of income (available for dividends)
ividends:
7 Preferred
6% Preferred
Total dividends
Balance surplus (carried to profit and loss)
Percent. on common stock
824.515,307 48 826,318,966 82
5,663.722 36
6,163,175 59
21,235 10
21.788 18
Decrease
Increase
1921.
Per
Cent.
8590.737 85
511,523 55
244,282 51
37,853 10
1.033.424 98
$420,356 71
12.44
102.144 09
9.18
82.492.258 86
927.585 32
1,871,475 68
9,69457
422,970 84
10,876,197 70
671,389 16
815.810.50556 817.271,572 13
$4,285,378 72 85.780.25922
176,805 42 10.45
1.69
10.83401
$14,185.790 68 10.19
35,089,293 08 24.48
2.478,58808 8.67
861,118 37
2.73
19,893 65
2.48
4,765,721 59
8.27
110,312 40
19.228 21
3.56
9.95
$12,382,131 34 10.96
81,803,659 34
$499,453 23
553 08
6.85
8.82
2.60
82,303.665 65 11.16
$41,573 47
$44,885 61
2.151 94
7.04
8.77
5.68
66,595 01 27.26
591,150 49 57.20
8652,281 42 26.98
$1.765,540 57 $2,417.821 99
820,095,88428 $23,051,831 35
$1,990,279 55
800.301 44
1,988.766 53
9,033 66
432,682 56
10.365,843 61
223,598 21
Per
Cent.
$11,282,100 71 11.40
2,928,958 89 9.58
309,592 45 10.80
$18,330,343 71 $20,634,009 36
$.549,164 38
556,409 16
177,687 50
40.005 04
442.274 49
Amount.
$2,955,947 07 12.82
$501,979 31 20.14
127,283 88 13.72
8117.290 85
6.27
9,711 72
2.30
660 91
6.82
510,354 09 4.69
447,790 95 66.70
81.461.06657
8.48
81.494.88050 25.86
82.059,547 00
1,507,788 00
$3,567.335 00
$2.059,547 00
1.508.148 00
838000
.02
83.567.69500
838090
.01
$718,043 72
.96
52.212,564 22
2.95
81,494.520 50 67.55
1.99 67.48
APRIL
21 1923.]
1787
THE CHRONICLE
ROCK ISLAND LINES.
2
-PROFIT AND LOSS.
516.587,017 79
Credit balance. December 31 1921
2718,043 72
Surplus after dividends for year ended December 31 1922
610 40
Recovery of portion of losses charged off in previous years
27,485 74
Profit and loss on property and securities (excluding C. & A. stock) sold-----------------------------------------6.031.37434
Federal control final settlement adjustments
114,413 58
Sundry credit adjustments, &c., not affecting current fiscal year __________________________________________________
$6,891.927 78
Less:
Depreciation on:
Tracks removed
374.507 27
Structures sold, removed or destroyed
57,572 19
279,281 24
Equipment sold, dismantled or destroyed
Discount on funded securities sold _______________________________
826,240 00
Expenses in connection with issuance of funded securities
13,433 10
Chicago and Alton RR.Co.
-Common and preferred stock: reduction in book value of holdings written
down to current quotations and stock sold _________________________ 1,514,361 75
Guaranty period final settlement adjustments
1,197,464 96
Sundry debit adjustments, &c., not affecting fiscal current year
215,964 33
2.713,102 94
4,178,824 84
Credit balance, December 31 1922--------------------------------------------------------------------------------- 519.300.120 73
3-CONDENSED GENERAL BALANCE SHEET.
DECEMBER 31 1922 AND COMPARISON WITH PREVIOUS YEAR.
ASSETS.
1922.
1921.
LIABILITIES.
Inc. (+) or
Dec. (-).
$
1922.
$
1921.
Increase(±)or
Decrease (-).
$
StockInvestments
•
Capital Stock:
Investment in road and
373.328,521 78 370,220,248 84 +3,108.272 94
7% Preferred
equipment
29,422,189 00 29,422,189 00
-1,500 00
Improvements on leased
*6% Preferred
25,134,300 00 25.135,800 00
+52.396 52
647.595 56
railway property
699,992 08
Common
75,000,000 00 75.000.000 00
Miscellaneous physical prop-1,500 00
Total
+47,012 86
129,556,489 00 129,557,989 00
erty
4,523,861 38 4.476,848 52
517.477 50
Less held in treasury
517,477 50
Investments in affiliated
companies:
Total outstanding in
+1,99999
2.316,268 47 2,318,268 46
Stocks
-1,50000
hands of the public- 129,039,011 50 129,040,511 50
+45.121 77
7,014,960 83 6,969.839 06
Bonds
-685,203 26
Notes and advances.-- 9,795,843 07 10,481,046 33
Other investments:
Long Term Debt
Stocks
135.388 89 2,246,982 94 -2,111.594 25 Funded debt unmatured_298,322,300 98 293.866,414 71 +4,455,886 27
Less held in treasury
Bonds
91.100 00
91,100 00
59,148,000 00 60.897,000 00 -1,749,000 00
Notes and advances..___
-12.44815
124.896 28
137,344 43
Total outstanding in
Total investments--- _398.030.832 58 397,589,274 14
+441.55844
hands of the public 239,174,300 98 232,969,414 71 +6.204.886 27
Non-negotiable debt to
-495,000 00
608,178 59
affiliated companies_ _
113,178 59
Current Assets
6.349,652 26 10,259,633 24 -3,909.980 98
Cash
+5,709,886 27
Total long term debt_ ___239,287,479 57 233,577,593 30
-10,00000
Time drafts and deposits
10.000 00
Special deposits
168,547 78 1.236,884 78 -1.068.337 00
Total capital liabilities_ _368,326.491 07 362,618.104 80 +5.708,386 27
-88,939 24
Loans and bills receivable
124,089 07
213.028 31
Traffic and car service balCurrent Liabilities
-3,055 28
ances receivable
899.747 39
896,692 11
Loans and bills payable_
11,430,000 00 -11,430.00000
Net balance receivable from
+86.286 91 Traffic and car-service
agents and conductors__ 1,172,121 10 1,085.834 19
+71,89383
balances payable
1,650,753 63 1,578,85980
Miscellaneous accounts reAudited accounts and wages
ceivable:
payable
10,238,933 95 11.304,39401 -1,065.460 06
United States Governtn't
10,982,706 11 -10.982,706 11
Miscellaneous accounts
Other miscellaneous ac-144,800 78
payable
467,252 39
322.451 61
counts receivable
4,012,188 24 5,195,846 50 -1,183.65826
-19,550 35
1.028,010 53
Material and supplies
10,221,775 49 11.834.78495 -1,613.009 46 Interest matured unpaid.. 1,008,460 18
Dividends matured unpaid
-150 00
496 00
646 00
Interest and dividends receivable
-9,883 78 Funded debt matured un82.064 24
91,948 02
paid
-12.00000
Rents receivable
+49.886 68
200,000 00
188,000 00
91,007 93
41.121 25
-557,781 58
Other current assets
+212.865 81 Unmatured interest accrued 1,991,766 65 2,549,548 23
916,743 13
703,877 32
-145,70994
Unmatured rents accrued__
916,639 41
770,929 47
Total current assets
24.034.881 35 42,555,412 06 -18.520,530 71
Total current
16.171.791 49 29.475,350 37 -13,303,558 88
Deferred Assets
Working fund advances_ _ _
-168,262 26
186,757 39
355,019 85
Deferred Liabilities
Other deferred assets:
United States Government
19,374 86 47,487 117 12 -47.467,742 26
United States Governm't
20,774 54 28.055,360 21 -28,034.585 67 Federal assets
Federal liacollected
$19,374 86
bilities paid $20,774 54
Other deferred liabilities__ _
-81.60732
898,482 19
980,089 51
63.107 82
-10,657 90
Other deferred assets_ _ _ _
73,765 72
Total deferred liabilities_
917,857 05 48,467,206 63 -47.549,349 58
270,639 75 28,484,145 58 -28,213.505 83
Total deferred assets_ _ _ _
Unadjusted Debits
Rents and insurance premiums paid in advance__
193,443 54
223,793 70 , -30,350 16
Other unadjusted debits:
Estimated Government
guaranty for guaranty
period
725,578 49 7,028,099 94 -6,302.521 45
Other unadjusted debits_ 7.665,11049 14.150,14899 -6,485,038 50
Securities issued or assumed
1921.
1922.
Unpledgod:
334,638,477 50 38.817,477 50
Pledged:
25,027,000 00 52,597,000 00
Total unadjusted debits_
Grand total
8,584,132 52 21.402.042 63 -12,817.910 11
430,920,486 20 490,030,874 41 -59.110.388 21
Unadjusted Credits
Tax liability
+584,854 51
4,302,754 19 3,717,89968
Insurance and casualty reserves
-50,400 02
50,400 02
Operating reserves
513.651 32 6,286.688 39 -5,773,037 07
Accrued depreciation
Equipment
16,742,431 32 14,666,245 33 +2.076,185 99
Other unadjusted credits__ 4,310,352 23 8,140.002 12 -3.829,649 89
Total unadjusted credits 25,869,189 06 32,861,235 54 -6,992.04648
Corporate Surplus
Additions to property
through income & surplus
335,036 80
21.959 28
Profit & loss: credit balance 19,300,120 73 16,587,017 79
+313,077 52
+2.713,102 94
Total corporate surplus.- 19,635,157 53 16.608.977 07
+3,026,18046
Grand total
430,920,486 20 490.030.874 41 -59,110,388 21
-In stating the assets and liabilities of the companies forming the Rock Island Linos, the holdings of The Chicago Rock Island and Pa-.
NOTE.
Railway Company in the bonds and capital stock of the auxiliary lines,together with loans between the various companies,have been eliminated
from the liabilities and a like reduction made in the assets pertaining thereto; the figures shown, therefore, represent the book value of the assets and
the liabilities without duplication.
* Under the final decree in the receivership cause, 310,000,000 six per cent preferred stock was reserved to be issued in settlement of such claims
as might be allowed by the Special Master. Up to December 31 1922 $134,300 of this stock had been issued.
GYM
THE CHRONICLE
1788
[VOL. 116.
STANDARD GAS & ELECTRIC COMPANY
REPORT FOR THE YEAR ENDED DECEMBER 31 1922.
Office of Standard Gas & Electric Co.
208 South La Salle Street
Chicago, Illinois
April 11 1923.
To the Stockholders of the
Standard Gas and Electric Company:
The year 1922 was in all respects the most satisfactory
year in the history of your Company. The balance of earnings, after interest charges and 8 per cent dividends on preferred stock, was $1,736,457, equal to 16.38 per cent (or $819
per $50 par value share) on the common stock. For the previous year the comparative figures were 11.37 per cent and
$5 68, respectively.
Your Company includes in its earnings only amounts actually received or in the process of collection. No so-called
applicable earnings—that is, amounts retained for surplus
• and reserves by the companies in which your Company holds
investments—are included in the earnings statement.
Standard Gas and Electric Company's earnings compare
as follows for the four-year period ended December 31:
1922.
Gross Revenue $4,759,702 13
Net Revenue___ 4,652,126 10
Interest Charges 1,840,703 52
2.811,42258
Balance
Preferred Divi1,074.964 84
dends
1920.
1919.
53.153,689 62 53,040,987 91
3,076,612 23 2,960,896 13
1.282.539 30
993,781 40
1.794.072 93 1,967,114 73
939,668 56
990,388 00
990,388 00
1921.
53,632,745 35
3,564.120 99
1.367.752 79
2,196,368 20
1.736,457 74 1,205,980 20
Balance
Amortization of
Debt Discount
125,000 00
350,000 00
and Expense
1.386,457 74 1,080.980 20
Surplus
803,684 93 1,027,546 17
90.000 00
713.684 93
65,000 00
962,546 17
Effective April 3 1923, the stockholders approved reclassification of the common stock of your Company from shares
of $50 par value to shares without par value, and authorized
the Increase of common stock from 300,000 shares to 600,000 shares, and also authorized the exchange of the previously outstanding common stock for shares without par
value, share for share. There will be outstanding 212,000
shares common stock when this exchange has been completed.
The improvement of business and agricultural conditions
throughout the country, the increasing large public demand
for additional electric and gas services, and the ability to
finance and construct property additions and extensions,
caused large increases in the gross and net earnings of the
operated public utility companies. The combined gross earnings of these companies during the year increased $2,485,483,
or 7.11 per cent, and the net earnings increased $1,599,119
,
or 12.95 per cent.
of the operated public utility comCombined earnings
panies compare as follows for the four-year period ended
December 31:
1922.
1921.
1920.
1919.
•
Gross Earnings-37,413,158 42 34,927,675 71 32,352,232 19 27,158,137 39
Net Earnings-_ A3,946.718 17 12,347.605 97 11.230,741 54 9,980,446 50
Aggregate Gross
Balance of
Earnings Retained in Surplus or Allocated to Depredation Re2,066.361 05 1,587,272 53 1.593.22702 1,166,369 06
serve
Shaffer Oil and Refining Company during 1922 had gross
earnings of $8,163,463 92, while operating expenses, including Federal taxes and maintenance, amounted to $6,158,416 03, leaving net earnings of $2,005,047 89; fixed charges
and annual dividends at the rate of 7 per cent on the preferred stock amounted to $1,340,569 85, leaving a balance of
$664,47804 for depletion, depreciation, amortization and surplus. The prospect for considerably increased earnings by
Shaffer Oil and Refining Company during 1923 is excellent.
Added to the general improvement in the market for petroleum products, the Company, through its affiliated companies, has the benefit of a highly efficient cracking process
of four units now in successful operation at its large refinery
at Cushing, Oklahoma, and also additional oil producing
properties.
The Byllesby Engineering and Management Corporation,
which is owned by Standard Gas and Electric Company,
greatly increased its business and resultant earnings during
1922. Still further marked advances are assured by the
heavily increased volume of construction and operating activities in the present year.
New property construction by the operated public utility
companies in 1922 greatly exceeded that of any previous
year, the total cost exceeding $18,000,000. For 1923 the
construction budgets for new power stations, gas plants, enlarged capacities, sub-stations, line and main extensions,
etc., aggregate about $30,000,000. This remarkable growth
of physical equipment is urgently required by present and
prospective demands for service; in part it reflects construction deferred during periods of excessively high money
rates and temporarily halted commercial and business development.
During 1922 in addition to increased earnings certain definitely favorable progress was made in various ways by practically all of the operated public utility companies. A brief
summary of the most important developments is of interest.
The name of The Arkansas Valley Railway, Light and
Power Company was changed to Southern Colorado Power
Company, to more adequately express the scope of the Company's operations, centring at Pueblo; its funded debt was
consolidated by the issuance of long term bonds. The territory served by the Company is recuperating rapidly. from a
severe depression, and earnings are showing a satisfactory
increase.
Fort Smith Light and Traction Company acquired the
Mississippi Valley Power Company, which serves a large
agricultural, fruit growing and coal mining territory. Also
the Company, through inter-connected transmission lines,
provided for an ample and more economical supply of electric power by a contract with the Oklahoma Gas and Electric
Company.
Louisville Gas and Electric Company greatly strengthened its position by the refinancing of its funded debt, at
materially lower interest rates, through the issue of thirtyyear bonds; business and earnings showed a decided gain,
and new plant and line capacities are being provided to care
for the demands.
Mobile Electric Company continued its steady progress in
Improved earnings.
Improvement in the earnings of Mountain States Power
Company was pronounced; the necessary transmission lines
were completed to enable the delivery of purchased hydroelectric power to the Company's Willamette Valley Division
under a favorable contract. Arrangements have been virtually consummated for the merger of the Tacoma Gas and
Fuel Company and the Puget Sound Gas Company with the
Mountain States Power Company; these two companies increased net earnings during the year. Consolidation of these
companies will provide a larger unit that will facilitate future financing and effect further operating economies.
Northern States Power Company had a 'most satisfactory
year; after payment of interest, 7 per cent preferred stock
dividends and dividends on.the common stock at the rate of
8 per cent, a balance of $1,134,526 19 was left for amortization, depreciation and surplus. Preliminary permits were
granted by the Federal Water Power Commission for the
development of the Company's water power sites on the
Mississippi and St. Croix Rivers, and it is expected that construction of one of these developments will be started during
1923. The Company announced a ten-year construction program to provide upwards of 300,000 additional horsepower to
supply the requirements of Minneapolis, St. Paul and vicinity. A part of this program is the immediate construction
of a new steam turbine power station in St. Paul, the ultimate capacity to be 200,000 horsepower.
Oklahoma Gas and Electric Company had a remarkable
growth in 1922. This Company now serves a very large
area of Oklahoma with electricity. Transmission lines were
completed linking the entire system, and connecting Muskogee, Oklahoma, and Fort Smith, Arkansas. Two new modern power plants are under construction, one near Muskogee, with an initial capacity of 30,000 horsepower, and the
other near Oklahoma City, with an initial capacity of 20,000
horsepower. During the past year many new communities
and large industries were connected with the Company's
lines.
Steady growth in business and earnings characterizes the
operations of the California companies. Satisfactory increases in net earnings were recorded by the San Diego Consolidated Gas and Electric Company. Western States Gas.
and Electric Company advanced materially. The new El
Dorado water power, which will supply energy replacing
purchased power in the Stockton Division, was more than
half completed, and it is expected it will be in operation the
latter part of 1923.
All the properties are being maintained in a high state of
efficiency.
Continued operation of the customer ownership policy of
equity financing by the operated public utility companies
met with increasing success. The properties now have approximately 40,000 shareholders, including those purchasing
stock on the partial payment plan. During 1922 there were
18,992 separate sales of securities at the operated properties,
the total par value of securities thus sold being $10,768,550.
Your attention is called to the condensed general balance
sheets, earnings statements, etc., of the operated properties,
to be found on pages 13 to 48 of this [pamphlet] report, and
to the report of the Treasurer of Standard Gas and Electric
Company, on pages 6 to 12, inclusive [pamphlet report].
Your Company had at the close of the year 7,630 preferred
stockholders and 3,060 common stockholders, the total, 10,-
APRIL 21 1923.]
690, representing an increase of 3,051 stockholders during
the year.
Your Directors again express their appreciation to the executives and employees of the operated companies for their
loyal, able and experienced services.
By order of the Board of Directors,
H. M. BYLLESBY, President.
REPORT OF TREASURER.
Chicago, Illinois, April 10 1923.
H. M. Byllesby, Esq.,
President, Standard Gas and Electric Company,
Chicago, Illinois.
•
Dear Sir:
I beg to submit herewith consolidated income account for
the year ended December 31 1922 and consolidated balance
sheet at December 31 1922 of Standard Gas and Electric
Company and Utilities Investment Company, by Haskins &
Sells, certified public accountants.
The 81,736,457 74, remainder of net income before deduction of $350,000 00 for amortization of debt discount and expense, was equal to 16.38% on the $10,600,00000 common
stock outstanding on December 31 1922, or $8 19 per share.
The figures given in the audit are the collectible income
of Standard Gas and Electric Company, and do not include
any earnings of Shaffer Oil and Refining Company applicable to common shares of that company owned by Standard
Gas and Electric Company, nor any of the contingent interest of the Company in the $2,066,361 05 "Undistributed
Gross Balance of Earnings Retained in Surplus or Allocated
to Depreciation Reserve" by the operated public utility companies.
In order to present, solely for the purpose of comparison
with previous years and similar statements of other utility
companies, there is shown on page 12 [pamphlet report] the
so-called applicable income of Standard Gas and Electric
Company, which includes the collectible income as well as
the contingent interest in the $2,066,361 05 of "Undistributed Gross Balance of Earnings Retainet in Surplus or Allocated to Depreciation Reserve."
Immediately following the certified audit report will be
found statements of capitalization and securities owned, as
well as other relative information, all of which should be
read in conjunction with the data contained in the certified
.balance sheet.
Respectfully yours,
ROBERT J. GRAF, Treasurer.
STANDARD OAS & ELECTRIC COMPANY
AND UTILITIES INVESTMENT COMPANY.
SUMMARY OF CONSOLIDATED INCOME AND PROFIT & LOSS
FOR THE YEAR ENDED DECEMBER 31 1922.
Income Credits:
Interest on Bonds Owned
$553,222 62
Interest on Notes and Accounts Receivable
218,462 22
Dividends on Preferred Stocks Owned
1,020,991 87
Dividends on Common Stocks Owned-Public
Utility Companies, 13yllesby Engineering &
Management Corporation, &c
2,071,898 94
Net Profit on Securities Sold
895,126 48
Total
$4,759,702 13
Income Charges:
General Expenses and Taxes
$107,576 03
Interest:
On Funded Debt
$1,769,067 64
Miscellaneous
71.635 88
1,840.703 52
Total
1.948,279 55
Net Income, before Deducting Amortization of Debt Discount
and Expense
$2,811,422 58
Dividends on Preferred Capital Stock
1,074.964 84
Surplus for the Year, before Deducting Amortization of Debt
Discount and Expense
$1,736,457 74
Amortization of Debt Discount and Expense
350,000 00
Surplus for the Year
Surplus December 31 1921
$1,386,457 74
3,718,253 41
Surplus December 31 1922
$5,104,711 15
CONSOLIDATED GENERAL BALANCE SHEET DEC. 31 1922.
ASSETS.
Securities Owned
$50.403,406 14
Sinking Funds:
Convertible 6% Sinking Fund Gold Bonds_
$148,872 92
73% Sinking Fund Gold Bonds
25,199 72
Total Sinking Funds
174,072 64
Current Assets:
Cash
$316,244 43
Notes Receivable, Subsidiary and Affiliated
Companies
1,632,371 18
Accounts Receivable:
Subsidiary and AfPliated Companies_ _ _ _ 2,198,555 78
Sundry Debtors
108.988 13
Security Sales Accounts-Installment Contracts (the Securities Sold being Held as
Collateral)
910,237 19
Accrued Accounts:
Interest on Bonds Owned
187,537 68
Dividends on Preferred Stocks Owned_ _
83,149 23
Dividends on Common Stocks Owned_ _
78.545 00
Interest on Notes Receivable
1.45833
Total Current Assets
5,517.086 95
Office Furniture and Fixtures
100
Deferred Charges:
Unexpired Insurance
$1,208 16
Prepaid Capital Stock Tax
8.21748
Discount and Expenses:
Preferred Capital Stock
224,117 25
Bonds and Gold Notes-Unamortized
Portion
4.458,482 18
Total Deferred Charges
Total
1789
THE CHRONICLE
4.692.025 07
$60,786,591 80
LIABILITIES
-8% Cumulative:
Preferred Capital Stock
Issued-330,000 Shares of $50 00 each ---$16.500.000 00
1,423,250 00
Less Treasury Stock
$15,076.750 00
Outstanding
-Amount outstanding after deduct,
Common Capital Stock
ing Stock in Treasury, but including $141,650 00, issued
for dividend on Preferred Stock, not yet claimed by Stock10,600.000 00
holders
-212,000 shares of $50 00 each
Funded Debt:
Convertible 6% Sinking Fund Gold Bonds.
due December 1 1926 (secured by deposit
$5.605,500 00
of securities owned as collateral)
•
Twenty-Year 6% Gold Notes, due October
15.000,00000
1 1935
Bonds, due March 1
Convertible 7% Gold
1937 (secured by deposit of securities
owned and notes receivable, as collateral) 2,663.500 00
7% Sinking Fund Gold Bonds, due
September 1 1941 (secured by deposit of
securities owned and notes receivable, as
3,133,000 00
collateral)
7% Gold Notes, due Novem
3,335.000 00
ber 1. 1941
1,262,500 00
Less Treasury Notes
2,072.500 00
28,474.500 00
Total Funded Debt
Current Liabilities:
Notes Payable:
Loan from Affiliated Company (secured
by deposit of securities held as collateral
$411.500 00
to installment contracts)
529,000 00
Sundry Notes
Accounts Payable:
1,996 90
Affiliated Companies
21,85000
Sundry Creditors
Accrued .Accounts:
417,679 98
Interest on Funded Debt
8,391 45
Interest on Notes Payable
9,978 50
Taxes
29.922 16
Miscellaneous Expenses
Total Current Liabilit'es
Accrued Dividends on Preferred Capital Stock
Surplus, per Accompanying Summary
1,430,118 99
100,511 66
5.104,711 15
$60,786,591 80
Total
The Standard Gas and Electric Company was contingently liable, at
December 31 1922. as gmarantor of the principal and interest of the First
Mortgage Convertible 6% Sinking Fund Gold Bonds of the Shaffer 011 and
Refining Company, of which 19,884,600 00, par value, were then outstanding: and on account of surety bond, and notes endorsed, guaranteed
or discounted for various subsidiary and affiliated companies, in the amount
of 11.450,00000.
CERTIFICATE.
We have audited the books and accounts of the Standard Gas and Electric
Company and the Utilities Investment Company, Chicago, Illinois, for the
year ended December 31 1922.
The amount shown in the accompanying Consolidated General Balance
Sheet December 31 1922. for Securities Owned, represents the accounts
for such securities on the books of those two companies without adjustment
to the underlying asset valuations of subsidiary companies.
The amounts shown for Income and Surplus, which reflect results without
inter-company eliminations applicable to subsidiary companies, include
income arising from charges made against subsidiary companies for engineering services rendered in connection wita construction work. watch charges
have in turn been capitalized in the accounts of the subsidiary companies.
The amount shown by the Company for Net Profit on Securities Sold. $895.126 48, includes an item of $745,281 87 arising from the redemption of
subsidiary company bonds and consisting of $300,000 00 cash received and
$445.281 87 representing the excess of the Company's valuation of new
bonds received over the book value of the bonds redeemed.
We certify that, on the bases above stated, the accompanying Consolidated General Balance Sheet and Summary of Consolidated Income and
l'rofit & Loss, exalbit, respectively, the consolidated financial condition of
the two companies at December 31 1922, and their income results for the
year so ended.
HASKINS & SELLS.
Chicago, April 3 1923.
STANDARD GAS & ELECTRIC COMPANY.
BONDS AND NOTES OWNED DECEMBER 31 1922.
Face Value
Description.
Owned.
Company1st S. F. 5s, 1936
1$760,000
Fort Smith Light & Traction Co
2d Mtge. 8s, 1931
.100,000
Fort Smith Light & Traction Co
2d Mtge. 6s. 1939
250,000
Mobile Electric Co
Convertible 7s, 1930
125,000
Mobile Electric Co
let & Ref. 5s, 1938
1.050,000
Mountain States Power Co
Convertible 8s, 1930
Mountain States Power Co
Convertible 8s, 1924
461; 0
2 0
0° 280
Shaffer Oil & Refining Co
ef
2d Mtge. Ss. 1947
Southern Colorado Power Co
3,000,000
1st & Ref. S. F.6s. 1931
362,000
Southwestern General Gas Co
Real Estate 6s, 1928
35,000
Tacoma Gas Co
1st & Ref. 5s. 1941
14.000
Western States Gas & Electric Co
Total
$7,357,200
promissory Notes
Fort Smith Light & Traction Co
150,000
Promissory Notes
Mountain States Power Co
100,000
Shaffer 011 & Refining Co
Promissory Notes
750,000
Southern Colorado Power CO
Promissory Notes
400,000
go.nno
Southwestern General Gas Co
Promissory Notes
Grand Total
an,si r.200
STANDARD GAS & ELECTRIC COMPANY.
PREFERRED AND COMMON STOCKS OWNED DECEMBER 31 1922
Par Value
Par Value
of Preferred of Common
CompanyStocks Owned. Stocks Owned.
Fort Smith Light & Traction Co
1950.000
$881.500
Louisville Gas & Electric Co.(Del.)
3,705,900
6,506,100
Mobile Electric Co
897,200
278,000
Mountain States Power Co
1.200,000
Northern States Power Co.(Del.)
2,113,400
Oklahoma Gas & EleCtric Co
4.499,700
2,835,800
Oklahoma General Power Co
75.000
Puget Sound Gas Co
772.100
182.900
San Diego Consolidated Gas & Electric Co
2.955,000
Shaffer Oil & Refining Co
1.196,900
Southern Colorado Power Co.:
First Preferred
405,000
Second Preferred
840,000
Southwestern General Gas Co
3 1.388
i1
Tacoma Gas & Fuel Co
Western States Gas & Electric Co.(Del.)
3,253,200
259,500
irig:288
Totals
Other Sundry Investments
Grand Totals
0
114,979,800 121.770,00
809,900
$15,766,900 $22,579,900
Shares Ownea
Without
Par Value or
with Nominal
Par Value.
100,000
Byllesby Engineering & Management Corporation
36.571
Mountain States Power Co
158,000
Shaffer 011 & Refining Co_
35,000
Southern Colorado Power Co
1,605
Other Sundry Investments
331.176
Total
[Volk 116.
THE CHRONICLE
1790
Northern States Power Co. Option Warrants
Miscellaneous Investments:
410 Shares
Preferred Stock
7,256 Shares
Common Stock
OPERATED PUBLIC UTILITY COMPANIES
OF
STANDARD GAS & ELECTRIC COMPANY.
Number Owned.
4.226
STANDARD GAS & ELECTRIC COMPANY.
APPLICABLE INCOME.
As in preceding reports, there is submitted herewith the
so-called applicable income of Standard Gas and Electric
Company and Utilities Investment Company. This is submitted solely for the purpose of comparison with previous
years and similar statements of other public utility holding
companies.
FOR THE YEAR ENDED DECEMBER 31 1922.
Collectible Gross Revenue (as shown on page 7 [pamphlet
34,759,702 13
report!)
Add-Contingent interest of Standard Gas & Electric ComEarnings
*. pany in the "Undistributed Gross Balance of Reserve,"
P Retained in Surplus or Allocated to Depreciation companies
,
Ir of $2,066.361 05, of the operated public utility
for the year 1922 (as shown on page 14 [pamphlet report]),
1,274,589 99
to
amounting
Making for the year ended December 31 1922 what is commonly desi ated as Applicable Income of Standard Gas
$6,034,292 12
& Electric o
Deduct for the year 1922:
Standard Gas & Electric Company's
$107,576 03
General Expenses and Taxes
1,840,703 52
Interest Charges
1,948,279 55
$4,086,012 57
Balance
On the basis of Applicable Income, Standard Gas & Electric •
Co. would show for the year ended Dec. 31 1922 as follows.
1.074.964 84
Dividends paid on Preferred Stock outstanding at 8%
$3,011,047 73
Leaving a balance of
or the equivalent of 28.41% on the 310.600.000 Common
Stock outstanding Dec. 31 1922.
350,000 00
Amortization of Debt Discount and Expense
Depreciation Reserves
$3.755.363 49
Depreciation reserve balance on December 31 1921
Additional depreciation reserve during year 1922:
81.363,093 89
From current earnings
22,222 43
From previously accumulated surplus
1,385,316 32
85,140,67981
Total
..
Charged against the foregoing for replacements, renewals and
1,503.973 59
equipment retired from service during the year 1922
Leaving the total depreciation reserve; on Dec. 31 1922-- $3,636,706 22
Surplus Account
Surplus balance December.31 1921
Add amount credited to surplus for the year 1922
Total
Deduct:
Dividends on Preferred Stock, Louisville
Gas & Electric Company, cumulative
from prior period
Provision for depreciation & other reserves_
$2,684,812 26
703,267 16
$3,388,079 42
$272.675 00
37.222 43
309,897 43
Surplus balance on December 31 1922
$3,078,181 99
On December 31 1922
The total depreciation reserves of
and surplus balance of
33,636,706 22
3.078,181 99
make an aggregate amount of
36.714,888 21
which has been Invested in extensions and enlargements of the properties.
Maintenance and Replacement Charges
The companies have been maintained at highest operating
.
efficiency, and the cost of this maintenance, which is
included in the operating expenses of the various companies
$2,765,945 26
for the year ended December 31 1922 was
There were also made during the year replacements,renewals,
adjustments, &c.. net, out of the previous depreciation
1,503,973 59
reserves aggregating
84.269,918 85
Total
$2,661,047 73
Balance
-The above figures do not include any earnings of Shaffer 011 &
Note.
Refining Company applicable to common shares of that company owned
by Standard Gas & Electric Company.
Expenditures for Improvements
During the year ended December 31 1922 the net additions,
Improvements and betterments to the properties, after
deductions for replacements and renewals, aggregated_ _ _ 318,307,453 95
OPERATED PUBLIC UTILITY COMPANIES
OF
STANDARD GAS & ELECTRIC COMPANY.
Taxation
The total taxes charged through operation in the
year $3,289,552 17
1922 were
EARNINGS AND OPERATING EXPENSES FOR THE YEAR ENDED
DECEMBER 31 1922.
Gross Earnings
827.284,603 76
Electric Department
8,110,170 19
Gas Department
694,348 46
Steam Department
Telephone Department
151.605 94
1,035.596 28
Street Railway Department
Water Department
68,913 62
67,920 17
Ice Department
Total Gross Earnings
$37.413,15842
Operating Expenses
$17.410,942 82
Operating Expenses
2.765,945 26
Maintenance Charges
3,289.552 17
Taxes
Equal to 8.79% of the aggregate gross earnings.
Increase in Taxes Charged Through Operation.
Amount. YearAmount.
Year$319,828 00 1917
8273,602 54
1922
391,267 24 1916
131,261 93
1921
548.672 01 1915
60.946 68
1920
339,607 54 1914
83,973 91
1919
253.762 48 1913
102,211 67
1918
Increase in ten years
82.505.133 91
OPERATED COMPANIES OF STANDARD GAS & ELECTRIC CO.
CAPITALIZATION OUTSTANDING DECEMBER 31 1922.
Funded
Preferred
Common
Stock.
Debt.
Stock.
Fort Smith Light & Traction Co..
Including Mississippi Valley Power
$4.550,000 $1.460,000
$950,000
Co
Louisville Gas & Electric Co. (Del.
23,500,000 14,616.000 6,496.900
and Subs.)
950.000
2,489,550
852,500
Mobile Electric Co
No Par
3,965,100 2,132,500
Mountain States Power Co
Total Foregoing Interest, Dividend Disbursements and
Amortizations
11.880.357 12 Northern States Power Co.(Del. and
Subs.)
48,728.000 27.835.800 6,175,000
82.066.361 05 Oklahoma Gas & Electric Co., includBalance for Reserves and Surplus
411.:00 5,562.000 4,575,000
9
151,
ing Oklahoma General Power Co
however, of declaring in dividends all of the unInstead,
225,000
950,000
Puget Sound Gas Co
distributed gross balance of earnings, the Directors of the San Diego Consolidated Gas &
Electric Co
9,930,000 4,125,600 3,0245,000
companies have allocated such undistributed gross balance Southern Colorado Power Co
No Par
9,000,000 2,960,700
25,000
1,001,000
362.000
Southwestern General Gas Co
on the books of the respective companies as follows:
Tacoma Gas & Fuel Co
510.000 2,125,000
479,500
Depreciation Reserves
81,363.093 89 Western States Gas & Electric Co.
Undistributed Surplus
703,267 16
(Del. and Subs.)
13.193,000 3.148,000 3.503,000
Total
$2,066,361 05 Shaffer Oil & Refining Co
No Par
11,487,800 6,000,000
and in consequence of this, the collectible income of Standard
Totals
$143.599.050 $69,453.100 829.750,900
Gas and Electric Company, as shown on page 7 [pamphlet 13yllesby Engineering & Manage't Corp_
100,000
Shares without par valuel 50,000
Mountain
report], is $1,274,589 99 less than its so-called applicable in- Shaffer OilStates Power Co
& Refining Co
or with nominal par value I 160,000
come; the $1,274,589 99 representing Standard Gas and Elec- Southern Colorado Power Co
1 35,000
tric Company's contingent interest in the $2,066,361 05 trans345.000
Total
to Reserves and Surplus.
ferred
Northern States Power Co. Option Warrants_Number Outstanding 78,050
23,466,440 25
Total Operating Expenses
813,946,718 17
Net Earnings
Deduct
Interest on Funded and Floating Indebtedness $6,437.851 72
Preferred and Common Stock Dividends-- 4.969,942 84
472.562 56
Amortization of Bond Discounts
OPERATED PUBLIC UTILITY COMPANIES OF STANDARD GAS & ELECTRIC COMPANY.
COMPARATIVE STATEMENT OF GROSS AND NET EARNINGS FOR YEARS ENDED DECEMBER 31.
GROSS EARNINGS
Company
1919.
1920.
1921.
1922.
Fort Smith and Sub
8850.364 73
$1.070,390 69
$1.059.147 89
$1,158,245 94
Louisville
3,594,345 27
4,469,316 60
4,891,706 45
5,571.192 83
758,707 57
Mobile
737,446 37
764,221 84
825,320 52
770.779 21
Mountain States
928,923 39
992,932 21
1,133.612 83
9,875.934 34
Northern States
12,963.222 30
11.798,778 84
13,881,919 01
4,289.673 75
Oklahoma
5,070,656 34
5.135,937 65
5,736,912 04
456,267 20
Ottumwa
513,467 49
142,455 98
163,985 02
168,964 25
Puget Sound
171.134 49
2,257,264 65
2,661,045 93
3,814,918 17
San Diego
3,771,526 62
1.579,020 15
1.865,743 05
Southern Colorado
1,755,525 73
1,839,460 02
205,394 12
286,470 34
Southwestern
251.085 81
80,622 19
476,127 25
561,098 24
Tacoma
582,843 77
545,828 11
1,901,303 17
2,224,909 89
Western States
2,547,164 64
2,697,383 82
Totals_
Company
Fort Smith and Sub
Louisville
Mobile
Mountain States
Northern States
Oklahoma
Ottumwa
Puget Sound
San Diego
Southern Colorado
Southwestern
Tacoma
Western States
Totals
•Eleven menthe to December 1 1920.
$37,413,158 42
834,927,675 71
1922.
$308,409 41
2,639.744 84
283,200 67
371,966 48
5,781,092 07
1,472,921 04
1921.
8302.181 85
2,243,413 05
250,923 85
299,925 28
5,207,543 82
1,316,110 35
43,593 92
1.254,313 23
712,795 67
49,726 01
111,259 22
917,695 81
29,261 34
1.109,481 06
599,084 89
35,649 57
95,453 65
858.577 26
813,946.718 17
812,347,605 97
832,352,232 19 • 827.158,137 39
NET EARNINGS
1920.
1919.
8280,387 47
8300.793 14
2.095,48984
1,820,430 05
214,081 33
193,619 75
294,292 03
254,143 69
4,466,938 23
4,117,312 69
1,276,114 64
1,008,83037
*105.18483
113,947 73
25,915 72
18,031 75
883.42702
768.870 75
608.632 30
536,598 70
39,677 31
19,241 54
104.90901
78,131 86
815,286 34
782,900 15
811.230,741 54
$9,980.446 50
1918.
8693,980 84
3.176.477 80
547,689 57
673.168 56
8,392,664 40
3.415,558 26
402,162 14
114,622 81
2.185,738 96
1,480.547 62
176,603 38
456,071 33
1.828,99586
323,344,236 53
1918.
3230,930 12
1,642.676 83
149.056 88
236,678 20
3,542.974 08
821,403 46
135,255 04
11,836 53
702,848 19
805,070 83
35.881 54
91.65583
643,593 73
88,849.861 24
APRIL 21 1923.1
THE CHRONICLE
1791
CITIES SERVICE COMPANY
ANNUAL REPORT TO STOCKHOLDERS—FOR YEAR ENDED DECEMBER 31 1922.
The Thirteenth Annual Report of your Company for the
year 1922 is herewith submitted.
The business of the Company improved materially over the
preceding year as shown by the combined net earnings from
operation, which increased from $23,704,554 to $27,589,481.
Preferred stock dividends were earned 2.41 times and the
balance accruing to the Common stock was $1488 per share.
The diversity of your Company's investment and earning
power is indicated by the division of the net earnings of the
Company and its subsidiaries. Of these net earnings 67%
were from public utility properties, 45% of which were from
utilities other than natural gas and 22% from natural gas
properties. The Oil Division contributed 33% of the total
earnings and of this 23% was from oil production and 10%
from the other branches of the oil business. Disregarding
any earnings from the Oil Production Division, earnings
from other sources were more than sufficient to pay all fixed
charges and the Preferred stock dividends on the Company
and its subsidiaries.
This shows very clearly the strength and stability of the
combined earning power and how the other branches of the
Company's business protected the combined situation during
a year of severe depression in the Oil Production Division.
It also indicates plainly that the Company is in such a position that either its Utility or Oil Divisions will carry its
total overhead, fixed charges and Preferred dividend requirements.
The oil industry did not share in the general business recovery—in fact, the average prices of petroleum and its products during the year were lower than in 1921. However, towards the close of the year, and since January 1, substantial
price advances have resulted in materially larger earnings
for the oil production division of.your Company. With the
continuing improvement in the utilities, refineries, pipe lines
and other divisions, a much larger earning power is forecast
for the year 1923. •
On September 1 and October 1 your Company redeemed
the scrip previously issued on its Preferred and Preference
stocks, and monthly cash dividends on these shares are being
paid. Holders of scrip were offered the option of taking
either cash or a new Series "E" 8% Debenture. Those who
took advantage of the latter opportunity have since seen the
market value of such Debentures advance materially.
A policy was inaugurated during the year to stimulate the
conversion of the Company's Debentures. On December 4,
$500,000 of Series "B" were called for redemption, and since
the first of the year a call of $500,000 additional Series "B"
was made. Tenders were also asked for $1,000,000 of Series
"E." Included in this [pamphlet] report is a reprint of a
published statement which fully sets forth the policy of your
Board of Directors in regard to its Debentures.
As you have been previously advised by special communications, the authorized capital stock of the Company was
Increased on December 28 from $350,000,000 to $650,000,000.
Attention is again called to your Company's explained
consolidated balance sheet on pages 14 and 15 of this [pamphlet] report, which shows the effect of the year's financial
.
operation of the Company and its subsidiaries. The current
assets total $58,075,238 or over 29, times the total current
liabilities of $20,730,120.
Further progress was made during the year in strengthening the individual credit of subsidiary companies, and in
placing them in a position to obtain capital for their own requirements. The most important financial operation of this
character was that of the Empire Gas and Fuel Company,
which eliminated approximately $30,000,000 of short-term
funded Notes and current obligations, and increased the
Company's working capital through the sale of 15-Year
Bonds. With the elimination of the early maturities of the
Denver Gas and Electric Light Company, Toledo Traction,
Light and Power Company and Cities Fuel and Power Company, your Company and its subsidiaries have practically
removed short-term issues from their schedule of outstanding
obligations.
PUBLIC UTILITIES.
General business conditions have improved in practically
every territory where your companies operate. This is refleeted in added requirements for power, lighting and gas
service. The earnings of properties in this division. were the
largest in the Company's history.
An extensive construction program is in progress in Ohio.
Work has progressed rapidly in tying together with high
voltage transmission lines the properties consolidated last
year under the name of the Ohio Public Service Company.
These transmission lines will complete the inter-connection
not only of the various properties of the Ohio Public Service
Group, but will also connect with the transmission lines of
two other large operating companies in that section. The
benefits from this inter-connection will be of considerable
importance, and will make surplus capacities available at
any one station for use at other points on the distribution
system.
Large amounts of business are still being offered your
companies serving the Ohio territory, and contracts have
recently been signed to supply all the power requirements of
the Cleveland & Southwestern Railway Company and the
Stark Electric Company, both interurban railways operating
in the districts served by the Ohio Public Service Company.
The steel mills in this district are operating at capacity and
the coming year will see connection to our lines of additional
load from these plants, as well as from industries allied with
the steel and automobile business.
The growth of the electric light and power business in
Colorado served by the Denver Gas & Electric Light Company and the Western Light and Power Company has made
it necessary to provide additional generating capacity. Plans
are being completed and work has started on a large generating plant, which will provide increased facilities to take
care of the growth of this district.
During the year work was commenced on the installation
of a 30,000 K.W. turbine at the Acme Plant of the Toledo
Edison Coinpany, a 20,000 K.W. turbine at Lorain, Ohio, and
a 10,000 K.W. turbine for the Empire District Electric Company, Joplin, Mo. To provide for more efficient generation
and also to take care of an increasing load a new plant is
being built at Sedalia, Mo., and additional generating facilities are also being provided at Salina, Kansas, and Amarillo,
Texas.
The street railway properties have shown some improvement in earnings during the year, generally through the reduction of operating costs. An intensive educational campaign conducted by the American Electric Railway Association, which your companies have actively supported, has
been beneficial in pointing out to public officials and to the
public the necessity for the removal of burdensome franchise
restrictions, particularly as to track and paving requirements.
Your Company has sold its interest in the Montgomery
(Ala.) Light and Water Power Company and the Lincoln
(Neb.) Gas and Electric Light Company. Since January 1
1923 your company has purchased the property of the Niagara Falls Gas and Electric Light Company, and also has options to purchase two other public utility properties.
The development of this branch of your business was
greatly augmented during the year by the activity of the well
developed New Business Department, now composed of more
than 250 trained salesmen, who are actively engaged in selling the various classes of service to a population of more
1792
THE CHRONICLE
than 3,000,000 people served by your public utility subsidiaries. This Department is an important factor in the maintenance of the very satisfactory relations which your Companies enjoy with the public. Over 20,000 revenue producing
devices were placed on the lines during the year. The gross
appliance sales aggregated $3,500,000 for the year, and for
the past five years the appliance sales amounted to more
than $17.500,000.
At Denver, the New Business Department is now selling
artificial gas for house heating, and very satisfactory results
have been obtained from this utilization of gas. With the
application of the rational Three Part Rate method of charging. discussed elsewhere in this report, we anticipate substantial increases in sales for this class of business, as well
as in sales for industrial purposes.
NATURAL GAS.
The Natural Gas properties show a decided improvement
in earnings over the preceding year. Not only were the
earnings of this branch of the business the largest in the
history of the Company, but we are assured 1923 will show
still further substantial increases.
The most important single development in this branch of
the business was the progress made in establishing the Three
Part Rate, the universal acceptance of which we believe is of
fundamental importance to the industry. The adoption of
this rate makes possible the lowest charge for the widest
variety of service, which will undoubtedly result in the
broadest expansion of the business to the mutual benefit of
the Company and the community. After three years of actual operation at Ottawa, Kansas, the State Public Utility
Commission, following a hearing at Ottawa, ordered the
Three Part Rate established, and in its decisions recognized
it as the only practical solution of the problem for the pipeline company, distributor and consumer. A noteworthy feature of this ease was that the Commission received hundreds
of written requests from the citizens of Ottawa asking that
the Three Part Rate be permanently established. The people were almost unanifnous in their support of this rate. The
Commission has since ordered that this method of charging
be made effective throughout the State of Kansas. This
form of rate was inaugurated and developed by your Organization as the only practical and equitable means of rendering adequate service at a fair return.
The discovery of additional gas fields during the year,
coupled with the rational methods of charging above referred to, warrant the belief that the rapidly increasing
demands which are being made on the gas system of your
Company can be supplied for many years to come.
PETROLEUM PRODUCTION.
The operations of this Department for the year were influenced, as in the preceding year, by the price of crude oil.
From a price of $200 per barrel for Mid-Continent crude on
January 1, the price receded to $1 25 per barrel by August,
where it remained until November 22. On this date the purchasing companies announced a new scale, based on the
gravity of the oil, ranging from $090 a barrel for oil below
28° Baume to $1 80 a barrel for oil of 39° Baume and higher.
The establishment of this scale of prices for the various
grades of oil resulted in an average increase of 25 cents per
barrel on your Company's total production in these fields.
Since the close of the year additional increases have been
posted and added to grades specified which brought the average price received per barrel by your companies on February 17 up to about $2 15.
Due to the price situation, which obtained through a
greater part of the year, only sufficient drilling was done to
protect leaseholds and offset production. However, the
drilling operations proved highly satisfactory as new reserves were proved up which are estimated to exceed more
than three times the oil extracted during the year. Profitable production was encountered on 21 new leases. Deeper
drilling in the El Dorado Pool in Kansas has indicated production from another sand of considerable extent which has
heretofore been untouched. To-day your Company has
more proven locations undrilled than ever before and when
It is indicated that a price will obtain for a substantial duration of time that will justify more intensive drilling activities, your production can be greatly increased.
[VOL. 116.
During the year many new leases were acquired which
possess a potential value yet to be developed. The most important block of producing acreage was acquired through
the purchase of the capital stock of the Planet Petroleum
Company which holds acreage in the Electro Pool in Texas
and in the Duncan Pool in Oklahoma, having a fairly well
settled production of about 3,000 barrels daily.
During the latter part of the year a contract was closed
with the Mexican Sinclair Petroleum Corporation under
which they will aggressively develop a large block of your
Company's acreage in the Panuco field in Mexico. Exteniive drilling operations are now being carried on by them
on this property and wells brought in to date have proven
the existence of a vast amount of oil on this acreage. Additional pipe line and transportation facilities are being installed by them to transport this oil to terminal facilities
already owned by your Company. We feel sure that the
returns from the developments under this contract will justify your investment in this property. The rapid decline in
light oil production in Mexico during the past year has materially improved the value and marketability of the heavy
oil produced in the Panuco field.
A substantial business has been built up in the purchase
and sale of crude oil in addition to the handling of our, own
production. Stocks of crude oil on hand at the end of the
year were approximately 2,000,000 barrels.
The Pipe Line Department passed through one of its most
successful years and has constantly increased its runs. Extensions amounting to 75 miles of pipe line were made to the
system during 1922, and further extensions of over 100 miles
have either been completed since the close of the year or are
In process of construction. The Company's pipe line system
is now gathering find transporting in excess of 30,000 barrels
of crude oil daily.
MARKETING AND REFINING.
In this Department special attention was given to the
extension and development of marketing facilities. Filling
stations have been added in Wilkes-Barre and Lancaster,
Pa.; St. Paul and Minneapolis, Minn.; Des Moines, Iowa;
Rock Island, Ill., Temple, Fort Worth, Dallas, Waco and
Austin, Texas; Oklahoma City, Bartlesville and Tulsa,
Okla.; St. Joseph, Mo.; Wichita and Topeka, Kan.; Cleveland, Elyria, Canton and Columbus, Ohio, and Denver, Colo.
Tank and filling stations were also acquired in Columbus
and Canton, Ohio.
During the year storage facilities were acquired in Antwerp, Belgium, which will be operated under the name of the
Cities Service Oil Storage Company of Antwerp and will import oil from the different producing sections of the world
and market it in Belgium, Holland and the Rhine Country
of Germany.
Your Company is now marketing petroleum products in
twenty-two States, featuring Cities Service oils and their
nationally adopted trade marks. Entire sales through all
your marketing facilities during the past year exceeded by
50% the output of your refineries.
The expansion of the marketing facilities of your Company has made possible more uniform and continuous operation of your refineries. Improved efficiency in these plants
during the year resulted in very satisfactory increases in
the earnings of this division.
Additional equipment was installed at the Ponca City refinery, which completed and balanced this plant as a refining unit. Substantial appropriations for further improvements in the other plants have been made, and work will
be completed during the current year. •
Your Board is desirous of expressing its appreciation of
the co-operation of its stockholders and employees in bringing about the most satisfactory situation disclosed by this
report. Your Directors have endeavored during the year to
further strengthen the financial position of the Company by
the conservation of its cash resources, and feel sure that
future achievements will justify this policy.
Respectfully submitted,
BOARD OF DIRECTORS.
By HENRY L. DOHERTY, President.
APRIL 21 1923.]
THE CHRONICLE
CITIES
1793
SERVICE COMPANY-EARNINGS STATEMENT.
•
Gross
Earnings.
Year ending
December 811911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
$965,876 11
1.190,766 80
2,172.411 11
3,934.453 37
4,479,800 44
10.110,342 90
19,252.492 84
22.280,067 17
19.977,550 77
24.698,039 43
13,461,770 13
14.658.970 81
Net
Earnings.
Expenses.
543.843 52
77,034 19
85.347 95
116,908 29
172.855 15
239,389 70
357.229 09
521,485 59
703.835 08
700.472 70
517.054 25
453.296 38
Interest.
$922.032 59
1,113,732 61
2,087.063 16 5123.062 27
3,817,545 08 420.000 00
4,306,944 29 490.000 00
9.870.953 20 258.960 44
2,861 74
18.895,263 75
21.758.581 58 272,579 52
19,273,715 69 1,922.861 17
23,997,566 73 1,941.628 22
12,944,715 88 2.098.130 67
14.205.674 43 2.358.555 34
Net to Stock.
Dividends
Preferred
Stock.
$922,032 59
1,113.732 61
1.964.000 89
3.397.545 08
3,816,944 29
9.611,992 76
18.892.402 01
21.486.002 06
17.350.854 52
22.055.938 51
10.846,585 21
1L847.119 09
5521,387 09
605,875 79
908.777 60
1,635,993 50
1.570,005 00
2.409,690 92
3.712,695 15
4.0.34.274 50
4.215,264 40
4.685,474 90
4.856.631 60
4.917.517 30
No. of Times % of Earnings
the Preferred
on Average t
Net to
Common Suw
Dividend
Common Stock
and Reserves. Was Earned. Outstanding.
1.77
1.84
2.16
2.07
2.43
3.99
5.09
5.32
4.12
4.71
2.23
2.41
5400.6 50
45
507,856 82
1,055.223 29
1.761.551 58
2.246,939 29
7.202.301 84'
15,179,706 86
17,451.727 56
13.135.590 12
17.370.463 61
5.969.953 71
6.929.601 79
8.23
9.29
10.71
11.28
15.27
36.74
60.73
61.67
39.09
43.09
13.04
14.88
DIVISION OF GROSS EARNINGS OF CITIES SERVICE COMPANY PUBLIC UTILITY AND OIL OPERATIONS.
1922.
1921.
1920.
1916.
1919.
1917.
1918.
From Public Utilities
$8.347,546 20
6,918.740 77 54.609.911 85 54.655.945 26
65.573.116 29
54,742,651 79
34,229,563 15
From Oil Operations
$6.311,424 61
6.543.029 36 20.088,12758
4.537,22661
15,321.605 51
14,509,841 05
18.050,50402
$13,461,770 13 $24,698,039 43 519.977,550 77 $22,280,067 17 $19,252,492 84 $10.110,342 90
$14,658,970 81
CONSOLIDATED BALANCE SHEET CITIES SERVICE COMPANY
AND SUBSIDIARIES, DECEMBER 31 1922
-INTERCOMPANY ITEMS ELIMINATED.
ASSETS.
Capital Assets
Plant and Investment
$378,868,745 38
Represents cost of fixed property. (All
Inter-company securities deducted at
Sinking
4,365,478 90
Amount of bonds or funds deposited with
Mortgage Trustees, and debenture
fund investments.
Employees' Subscriptions
783,686 00
Amount due on employees' Stock SubscrAption Contracts.
Total Capital Assets
8384,017.910 28
Current Assets
Cash
$12,189,883 35
Money on hand and on deposit.
Securities Owned
540,961 27
Miscellaneous temporary investments.
Receivable for Subsidiary Securities Sold
(since received)
8,258,450 04
Bills Receivable
1.793,535 41
Notes received in settlement for sales of
gas, electricity, oils and merchandise.
Accounts Receivable
17.957.759 21
Due from customers in payment for gas,
electricity, gasoline, lubricating oils,
crude oil, &c.
Oils in Stock
7,838,100 55
Market value of crude and refined oils on
hand.
Materials and Supplies
9,496,548 32
Construction materials, operating Slipplies and merchandise.
Total Current Assets
558,075.238 15
Other Assets
Payments Made in Advance
$3,253,142 96
Expenses paid in advance and chargeable
to future operations.
Discount on Bonds. Debentures, &c
14,169,109 87
Difference between par value and sale
price: to be amortized over the life of
the securities.
Special Deposits
685,281 71
Miscellaneous funds on deposit for specific purposes.
Total Other Assets
18,107,534 54
TOTAL ASSETS
U60,200,682 97
LIABILITIES.
Capital Stocks Outstanding
Cities Service Co. Preferred Stock
$78,805,114 89
Cities Service Co. Preference B Stock
3,452,220 00
Cities Service Co. Preference BB Stock
80.000 00
Cities Service Co. Common Stock
46,594,161 15
Subsidiary Stocks Outstanding
Preferred Stocks
17.059.225 50
Common Stocks
6,396,159 00
Total Capital Stocks
$152,386,880 54
Bonds and Funded Notes Outstanding
Cities Service Co. Debentures, Series A,
B,C,D and E (Due 1966)
$36,508,341 50
Subsidiary Bonds and Funded Notes
154,988,623 53
Subsidiary Securities in Sinking Fund
3,637.777 47
Total Bonds and Funded Notes
5195,134,742 50
Current Liabilities
Bills Payable
810,481,346 46
Notes given for money borrowed, materials, supplies. &c.
Accounts Payable
5,704,841 81
Current wages, operating accounts, supplies, &c.
Taxes Accrued
1,899.067 99
Amounts set aside from earnings for taxes
due at future dates.
Interest Accrued
2.459,093 68
Amounts set aside from earnings for interest payments at future dates.
Preferred and Preference Scrip (not presented)
100,718 35
85,052 11
Miscellaneous Unclassified Items
Total Current Liabilities
Other Liabilities
Cities Service Co. Common Cash Scrip.._ _
Cities Service Co. Stock Scrip
Amounts of dividends declared for which
scrip certificates have been issued.
Customers' Deposits
Amount of cash deposited by customers
to Ruarantee payment of bills.
Total Other Liabilities
Depreciation and Other Reserves
Amounts set aside for depreciation, &c.
Surplus
Amount of earnings accumulated to date
which have not been declared as dividends.
Total Surplus and Reserves
20.730,120 40
$4,416,232 30
11.040,581 07
1,485.163 20
$32,949.141 82
16,941,976 57
42,057.821 14
75.006.962 96
TOTAL LIABILITIES
$460.200.682 97
Contingent Liability: Guarantee by Empire Gas and
Fuel Company of $2,125,000 Empire Tank Line Co.
8% Notes, due 1931.
The above statement shows the financial position of the Company and
its subsidiaries, all inter-company items having been eliminated.
The above statement shows the financial position of the Company and
its subsidiaries, all inter-company items having been eliminatel.
COMBINED STATEMENTS OF EARNINGS CITIES SERVICE
COMPANY AND SUBSIDIARIES, WITH INTER-COMPANY
EARNINGS ELIMINATED, YEAR ENDING DEC. 31 1922.
Gross Earnings
$99,194,394 27
Operating Expenses, Maintenance and Taxes
71,604.913 42
Net Earnings
627.589,480185
Interest, Charges
14,490,575144
Net to Stock
$13,098,905 41
Preferred Stock Dividends
5,796.491 67
Net to Common Stocks
$7,302.413 74
SUMMARY OF CAPITAL STOCKS AND FUNDED DEBTS OF
SUBSIDIARY COMPANIES.
Common Stocks
Owned directly by Cities Service Company
.
5163,025.703 00
*Inter-company, being securities owned by sub-holding
companies
87,863,434 00
Outstanding in hands of the Public
6,396,159 00
8257,285.296 00
Preferred Stocks
Owned directly by Cities Service Company
$32,770,012 00
*Inter-company, being securities owned by sub-holding
companies
1,699.400 00
Outstanding in hands of the Public
17.059,225 50
$51,528,637 50
Bonds and Funded Notes
Owned directly by Cities Service Company
54.431,94324
*Inter-company, being securities owned by sub-holding
companies
9.918,200 00
Bonds and Funds in Sinking Funds
3,637.777 47
Outstanding in hands of the Public
154,988,623 53
•The securities of operating companies which are owned8 727642
l
4 4
4 9 5 ding
companies are referred to above as inter-company securities. sib-he
Such subholding companies are Toledo Traction, Light & Power Company, Empire
Gas & Fuel Company (Del.), Dominion Gas Company, &c.
GENERAL STATISTICS FOR THE YEAR 1922.
Oil and Refineries.
Barrels of Oil Produced
10 044,648
,:
Number of Oil Wells O
Owned
Daily Refining Capacity (Barrels of Crude Oil)
:
2
22 800418
34 0
4, 3
Oil Storage Capacity in Barrels
..102,000
7.102.000
Number of Tank Cars Owned and Leased
Number of Distributing Stations (Excluding Foreign
Countries)
Gas,
Gas Sold in Cubic Feet
Number of Gas Wells Owned
Miles of Gas Mains Owned
Casinghead Gasoline Produced (Gallons)
Population Served
8r
38.666.62 a
1
41:863650:066m
Artificial Gas.
Sales in Cubic Feet
Twenty-four Hour Capacity in Cubic Feet
Number of Customers
Miles of Mains on 3
-inch Basis
Population Served
5,957,786,800
24,495,000
103,537
1,721
1,100.000
Electric Properties.
Kilowatt-hours Sold
Kilowatts Installed Capacity
Kilowatts Connected Load
Number of Customers
Population Served
862,066,092
390,390
711,453
247.961
1,450.000
Electric Railways.
Number of Passengers Carried
Miles of Track
Number of Cars Owned
Population Served
93.492,405
308
776
650,000
CAPITAL STATEMENT CITIES SERVICE COMPANY DEC.31 1922.
Preferred Stock,6% Cumulative
Preference 13 Stock,6% Cumulative
Preference BB Stock, 6% Cumulative
Common Stock
Convertible Debentures
Series A 5%
Series B 7%
Series C 7
Series D 7
Series E 8 o
Authorized.
Outstanding.
$150,000,000 $78,805,114 89
3.452.220 00
40,000,000
80,000 00
60,000,000
400,000,000 46,594,161 15
Closed
30,000,000
25,531 50
5.128.75000
16.460.530 00
9,676,200 00
5,217,330 00
TRANSFER AGENTS.
HENRY L. DOHERTY & COMPANY_ -60 Wall St., New York, N. Y.
THE STATE SAVINGS BANK AND TRUST CO--- _Columbus, Ohio
THE INTERNATIONAL TRUST COMPANY
Denver, Colo.
REGISTRARS.
GUARANTY TRUST COMPANY OF NEW YORK, New York, N. Y.
COMMERCIAL NATIONAL BANK
Columbus, Ohio
THE FIRST NATIONAL BANK OF DENVER
Denver. Colo.
1794
THE CHRONICLE
[vol. 116.
ALLIS- CHALMERS MANUFACTURING COMPANY
TENTH ANNUAL REPORT—FOR THE Fl SCAL YEAR ENDED DECEMBER 31 1922.
Milwaukee, Wis., April 10 1923.
DIVIDENDS.
To the Stockholders:
During 1922 there were declared four quarterly,dividends
On behalf of the Board of Directors, there is submitted of 1%% each on the preferred stock. There were also deherewith a report on the affairs of the Allis-Chalmers clared four quarterly dividends of 1% each on the common
Manufacturing Company for the fiscal year ended Decem- stock. The total of these dividends was $2,185,641 00.
ber 31 1922, together with a Profit and Loss Account and
MARKETABLE SECURITIES.
Balance Sheet as of December 31 1922:
The Company at the close of the year owned the following
$20,794,045 69
Sales Billed
Cost, including Depreciation and Development Expenditures 16.571,784 10 securities:
$4,222,261 59 U. S. Certificates of Indebtedness, Liberty Bonds and TreasFactory Profit
2,634,086 96
$5,158,281 25
ury Notes
Selling, Publicity, Administrative and General Expenses_
4,262,324 60
Manufacturing Profit
$1,588,174 63 Sundry other securities
Add—Other Income:
$9,420,605 85
Royalties, Commissions, &c
Interest, Discounta,
920,374 54
INCREASE IN PLANT AND WORKING CAPITAL.
Total Profit and Income
$2,508,549 17
Deduct—Provision for 1922 Federal Income Taxes and ConThe net capital additions during the year for buildings,
tingencies
300,000 00
Net Profit carried to Balance Sheet
$2.208,549 17 machinery and equipment amounted to $159,658 30. This
BALANCE SHEETS AT DECEMBER 31 1922 AND 1921.
ASSETS.
Dec. 31 1922. Dec. 31 1921.
Proper-Factory Sites, Buildings, Machinery, Equipirt, tatents, Patterns, Drawings and
wi
$40.329.215 95 $40,169,557 65
Deduct—Reserve for depreciation of Buildin,gs. Machinery and Equipment
8.890.308 80 8.397,114 29
$31.438,907 15 $31.772,443 36
Current and Working Assets—
Inventories of Work in Process, Manufactured Stock, Materials and Supplies
$10,009,029 69 $12,504,188 13
Accounts and Notes Receivable
7,237.955 37 6.781,033 14
Treasury Certificates, Liberty Bonds and
pm other Marketable Securities
9,420,605 85 7,592,278 08
Cash in Banks and on hand
970,872 89 1,152,769 12
$27,638.463 80 $28,030,268 47
Miscellaneous Assets—
Land Sales Contracts, Outside Real Estate
tur Przertr
nd
ienst required for manufac$525.868 33
$586.415 07
Prepa
irlInsuranos
26,602 33
42,826 17
$552,470 66
$629,241 24
$59,629,841 61 360,431,953 07
LIABILITIES.
Capital Stock Issued—
Preferred
Common
316,500.000 00 $16,500,000 00
26,000,000 00 26,000,000 00
342.500.000 00 342.500,00000
Current Liabilities—
Accounts Payable and Pay-rolls
3985.106 68
$936,788 31
Advances received on Contracts
283.774 30
708,007 42
Reserve for Erection and Completion of Contracts Billed
898,180 00 1.095,033 86
Accrued Taxes (including provision for Federal Income Taxes)
1.082,171 75
699,318 89
Mortgage obligation on property acquired..
4,800 00
4,80000
Dividends Payable:
Preferred—Jan. 15._
3288,702 75
Common—Feb. 15
257.707 50
546,41025
546.410 25
23,800,442 98 $3,990,358 53
Reserves—
General Oont
$1,065,6 92 31.714.74639
53
accident compenEmploy's
er
sation
274.331 49
260,226 10
$1,339,868 41 31,974,972 49
-Profit mei Loss Amami
Balance January I
311,966,622 05 311.936,795 24
Add—N.t Profit for year ending Dec. 31...— 2.208,549 17 2,215,467 81
314,175,171 22 314,152,263 05
Deduct—Dividends declared during year,
being 7% on Preferred and 4% onCommon Stock
2.185,641 00 2,185.641 00
$11,989 530 22 $11,966,622 05
359.629,841 61 $60,431,953 07
Litt2gmfor
INCOME ACCOUNT.
The net prefit for the year 1922 after provision for Federal
taxes and all known liabilities was $2,208,549 17, compared
with $2,215,467 81 for the preceding period.
At the close of the year there was transferred to earnings
$524,619 12, representing the balance of reserves on certain
contract guarantees which had expired; also $175,000 00 received in part settlement of a foreign contract, which
amounts are included in the profit mentioned above.
During the year,in accordance with the policy of the Company, liberal reserves for various purposes were established
before arriving at the foregoing results. To provide for new
lines of apparatus and expand existing ones, there was expended for standard development the sum of $339,449 75,
which amount was absorbed in earnings. There was also
expended and charged off during the year the sum of $900,52046 for maintenance and general upkeep of buildings and
machinery. The amount set aside for depreciation of buildings and machinery was $647,824 33.
As is customary, a complete verification of all inventories
of finished and semi-finished stock, raw materials and supplies was made prior to closing the books, said inventories
having been priced substantially at cost or market, whichever was lower. In addition to this any obsolete or superseded stock has been reduced to appropriate values. This
revaluation of inventories resulted in a write-off of $333,90286, which amount was charged against the contingency
reserve established in prior years for such purpose. The
total value of all inventories December 31 1922 was $10,009,029 69, compared with $12,504,188 13 the year before.
outlay was principally in connection with the new mill shop
at West Allis Works and miscellaneous purchases of equipment.
The net working capital as at December 31 1922 comprising cash, marketable securities, receivables and current inventories, less accounts payable, pay rolls, taxes, dividends
and other current obligations, amounted to $23,838,020 82, as
compared with $23,994,841 76 the year before. It will be
noted from the balance sheet that the total current and
working assets are $27,638,463 80 and the total current liabilities $3,800,442 98; further, that the surplus on December 31 1922 was $11,989,530 22.
UNFILLED ORDERS, BOOKINGS AND BILLING.
The unfilled orders on hand at the close of the year
amounted to $8,215,54534, as compared with $7,300,57416
on January 1 1922. The total bookings for 1922 were $21,709,016 87, while the total billing for the same period, as indicated by the Profit and Loss statement, was $20,794,045 69.
DIRECTORS.
It is with deep regret that announcement is made of the
death, during the year, of Mr. William T. Abbott, of Chicago,
who had served as a member of the Board of Directors for
a number of years and whose counsel and co-operation were
of great value to his associates and to the Company.
On July 7 1922 Mr. George M. Moffett, of New York City,
was elected to fill the vacancy caused by Mr. Abbott's death.
GENERAL.
While the amount of unfilled orders on hand December
31 1922 is not largely in excess of the year before, the prospect for 1923 is favorable and there is good reason to believe
that the volume of new orders during 1923 will show a substantial increase over the preceding year.
Following the policy heretofore inaugurated of concentrating its manufacturing plants in order to effect economies
and improve efficiency of operations, the Company during
the year completed the closing of its Reliance Works, the
transferring of the operations of that plant to West Allis,
and in this connection erected and equipped an additional
building for mill work at the latter Works.
The books and accounts have been examined by Price,
Waterhouse & Company, Chartered Accountants, and their
certificate is appended hereto.
The annual meeting of the Company will be held at its
principal office in Wilmington, Delaware, at 12 o'clock noon,
on May 3 1923.
The relations between the Company and its employees
have been cordial and there has prevailed a spirit of co-operation throughout all departments which has contributed
In a substantial measure to the results achieved during the
year.
OTTO H. FALK,President.
By Order of the Board of Directors.
PRICE, WATERHOUSE & CO.
United States, Canada, Mexico, Great Britain.
•
South America,
Continental Europe, &c.
Price, Waterhouse, Faller & Co.
Price, Waterhouse, Peat Sc Co.
First Wisconsin
Also Great Britain,
National Bank Building,
W. B. Peat & Co.
Milwaukee, March 6 1923.
To the Directors of the
Allis-Chalmers Manufacturing Companu:
We have examined the books and accounts of the Allis-Chalmers Manufacturing Company for the year ending December 31 1922, and certify
that the attached Balance Sheet and relative Profit and Loss Account
are correctly, prepared therefrom.
We have satisfied ourselves as to the propriety of the charges to Property Account during the year and that adequate provision has been made
for depreciation. All expenditures incurred for experimental and development work have been charged off as operating expenses.
The inventories of work-in-process, manufactured stock, materials and
supplies, as certified by the responsible officials, have been valued at
cost or market or estimated realizable prices, whichever were the lowest.
We have verified the cash and securities by actual inspection or by certificates obtained from the depositaries, or other satisfactory evidence of
ownership.
Full provision has been made for bad and doubtful debts and for all ascertainable liabilities, and
WE CERTIFY that, in our opinion, the Balance Sheet is properly drawn
up so as to show the true financial position of the Company as at December
31 1922, and that the relative Profit and Loss Account fairly and correctly
sets forth the results of the operations for the year ending as of that date.
PRICE, WATERHOUSE & Co.
•
APRIL 21 1923.]
THE CHRONICLE
rT
1795
he Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-WOOL-ETC.
-DRY GOODS
PETROLEUM-RUBBER-HIDES-METALS
COMMERCIAL EPITOME.
[The introductory remarks formerly appearing here will be found
to-day in an earlier part of the paper, immediately following the
editorial matter, in a new department headed "INDICATIONS
OF BUSINESS ACTIVITY.1
crop was about three weeks in advance, but now, unless
there is a cessation of rains planters will be backward. The
cane is growing rapidly with good stands reported from all
districts and prospects for a good crop continue favorable.
Havana cabled April 18 that 52 sugar centrals had completed
-turn of 3,843,079
their new crop grinding, reporting an out
bags. This total represents a falling off of 23% from the
estimate, which was 5,018,000 bags. It became known
there that 50,000 bags of sugar have been sold this week on
a basis of 6 546e. c. & f. The heavy rains which have
prevailed this month throughout the island have, it is said,
seriously interfered with grinding operations and have
compelled the.
growers to finish the harvesting. Five more
sugar estates in Cuba stopped grinding, making about 60
mills that have finished to date out of 182 that operated.
Receipts at Cuban ports for the week were 157,696 tons,
against 122,568 tons in the previous week, 194,759 in the
same week last year and 151,687 two years ago; exports,
108,318 tons, against 98,464 tons in the previous week, 115,564 in the same week last year and 94,704 two years ago;
stock, 727,174 tons, against 677,796 in the previous week,
930,463 in the same week last year and 908,480 two years ago.
Centrals grinding numbered 137,against 161 in the previous
week, 178 in the same week last year and 196 two years ago.
To-day prices advanced slightly and are 15 to 18 points higher
than last week. The close was as follows:
Friday Night, April 20 1923.
COFFEE on the spot quiet; No. 7 Rio, 11% ®11%c.;
No. 4 Santos, 143's ®15e.; fair to good Cucuta, 153'@16c.
Futures declined. Of course the outstanding feature of the
recent trading has been drastic liquidation with the most
conspicuous decline in the near months, owing to the increase
m the New York stock and what is considered its undesirable quality. Lack of buying power was a striking facto!,
and a lack of any great short interest. Brazil, it is true, did
not fully meet the early decline. Liquidation seems to have
been of a very thoroughgoing sort, and some maintain that,
with other commodities so high, new-crop months are m.a
pretty good position. On the 16th inst. coffee was lower in
sympathy with the weakness in Brazilian exchange and a drop
in Rio and Santos futures. May and July are selling, it is
computed, much below the parity of the spot market. May
coffee at times reflected this idea by rising when other months
declined. There is not enough speculative interest to maintain an equilibrium between the spot prices and futures.
The Banque Francaise at Italienne of Sao Paulo, it is stated,
estimates the next crop at 13,257,000 bags, including 12,t (unoffici6lk_1 13rY
a 0 :0
5.93® --2 e0temberA.27:6 25Decem
marchber
.4
3
377,000 Sao Paulo, 16,000 North Parana and 720,000 Minas. May
4.90@--To-day prices advanced 38 to 42 points and show a rise for
LARD lower; prime Western 11.85©11.95o., refined to
the week of 52 points on May and 23 on July. Closing prices: Continent 12.75c., South American 13o., Brazil in kegs 14c.
IDecember-_8.17018 20 Futures declined on large fortnightly stocks, lower prices for
Spot (unotr0-134 ®1% IJulY
9 51
May _____ __g
9-90 I September_ _ 8.35@ - I March
hogs with
6d. to Is.,
raws advanced sharply on a good de- a decline inlarge receipts, a drop in Liverpool ofliquidation.
SUGAR.
-Cuban
irrespective Yet at one grain on the 18th inst., and scattered German inmade from refiners for the actual sugar, wholly
of speculation, due to a tendency to reduce the Cuban crop quiry, fair time prices were steadied a little by a interests.
exports and some
from
estimates on the basis of disappointing returns from numerous Liverpool rallied on the 18thdemandcomingtrade
unchanged to
inst.,
centrals and also on further rains in Cuba. Wall St. raised 6d. up. The average weight of hogs for the week was 253
19th inst., lbs. against
the price to 6%c. and 63/sc. c.i.f. Then on the
,
ago.
week and 245
like a bolt from the blue, came an announcement that the To-day prices249 the previous but are 53 to 58 a yearlower
ended unchanged
points
Department of Justice at Washington had asked for a per- for the week. The close was as follows:
manent injunction in the Federal District Court of New DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
York restraining the New York Coffee & Sugar Exchange
Frt.
Sat.
Mon. Tues.
Wed. Thurs.
May
cts _11.55
11.12 11.12
11.40
11.40 11.25
from dealing further in sugar on the ground that its business July delivery
delivery
11.77 11 62 11.60 11.50
11.37 11.37
was purely speculative, a conspiracy and in restraint of trade. September delivery----11.97 11.85 11.87 11.75 11.62 11.62
The effect was electrical. Prices collapsed falling in 10
PORK dull; mess, $27 50 to $28; family, $32 to $38;
minutes some 50 to 78 points on futures in which there was short dear, $23 to $29. Beef quiet; mess, $16 to $17;
a big long account. Later there was a rally and at the close packet, $17 to $17 50; family, $21 to $22; extra India mess,
the net decline was 21 to 33 points after transactions esti- $32 to $35; No. 1 canned roast beef, $3 25; No. 2, $5 25;
mated at 90,000 tons. Refined was 9.60 to 9.85c. and 6 lbs., $15; sweet pickled tongues, $55 to $65 nom. per bbl.
business almost ceased for the time being. Cuban raws were Cut meats dull. Pickled hams, 10 to 20 lbs., 163i to 17Y2c.;
said to have sold ealy at 63-ic. for May, c.&.f Early in pickled baffles, 6 to 12 lbs., 14 to 143/se. Butter, creamery,
.
the week Cuban spot raws advanced to 6c. c.&f. with firsts to high scoring,
443 to 46c. Cheese, flats, 20 to 29c.
renewed buying, the sales early in the week reaching 100,000 Eggs, fresh gathered seconds to extra, 27 to 32
bags for late April and first half of May shipment. Later
OILS.
deliveries,
-Linseed in good
63/sc. was asked. The United Kingdom was quiet but firm. but little or no interest is demand for nearby months.
shown in the distant
Other transactions here included 3,250 tons Philippines for Consumption continues heavy and stooks of spot oil are still
May arrival at 7.78c. c.i.f.; 1,000 tons Cuba, May loading to scarce. Spot car lots, $1 17 to $1
less than
Amsterdam at 30s. 53jd. c.i.f.', and 16,000 bags Porto car loads, $1 20 to $1 23; less than20; tanks, $1 15;
Cocoanut
5 bbls., $1
Ricos for April shipment at 7.78c., 10,000 bags Santo Do- oil, Ceylon bbls., 10%(4)10Mc.; Cochin, llo.26.
Corn, crude
mingos for second half April and first half May shipment tanks, mills, 103c.; bbls. spot, New York, 13%o. refined,
•
at 6e. c.i.f. St. John, N. B.
bbls. 14c. Olive, $1 15
'winter,
On the 18th inst. Cuban raws on a big business and a New York, 1330.; extra, to $1 17. Lard, strained, to 70c.;
'
/
133/so. Cod, domestic, 68
sudden spurt ran up to 63ie. e. & f. or a new "high" for the Newfoundland, 71
turpentine, $1 48.
season, with Porto Rico 8.06c. and refined 9.60 to 9.850., Rosin,$6 15 to $8. to 74c. Spirits ofto-day, 19,700 bbls.,
oil
with sales reported of 2.50,000 bags of which about 100,000 including switches. Cottonseed E. sales
Crude, S.
100,000. Prices closed:
bags were Porto Rico. Philippines sold at 8.03 to 8.06o. Spot
11.40111.75IJune
11.35 11.451September.11.31111.33
April
11.40 11.75 July
11.41 11.42 October---10.23 10.25
May and June. The mainspring of the market evidently May
11.38 11.41 August----11.39 11.40 November_ 9.30 9.32
was a rumor that Himely, who is now on the way to New
PETROLEUM.--Garol ne rather qu et and ea..er. The
York, will reduce his Cuban crop estimate of 4,100,000 tons. recent cut- al
Eastern and Caldcrma crude oils had a deThat is much higher than most reports. Also reports of pressing
heavy rains in Cuba electrified the market here. On the is bound effect on gasoline. And while it is true consumption
to increase shortly, the recent unseasonable weather
18th inst. one refiner raised prices 20 points to 9.50e. On
the 19th inst. futures suddenly broke 100 points, owing to the has hurt business. And stocks aro said to be very large.
The Standard Oil Co. of Indiana made a reduction of lc.
fact that the U. S. Government had asked the U. S. Court a gallon
in the tank wagon price of gasoline in Chicago
here for an injunction against the New York Coffee and and
Kansas to 15
and 14
respectively. Kerosene
Sugar Exchange to restrain it from further transactions in dull and
weaker. New York prices: Gasoline, oases, cargo
sugar as being, it was alleged, in the nature of a conspiracy lots,
29.750.; U. S. Navy specifications, bulk, 163/so.; export
to and in restraint of trade, &c. It will be news to most
naphtha, cargo lots, 19c.; 63 to 66 deg. 22c.; 66 to 68 deg.,
people if the Exchange has conspired to put up prices. They 23c.
Kerosene, cases, cargo lots, 164c.; motor gasoline.
thought it was due to a disappointing Cuban crop and increased consumption. On the 20th inst. the trade showed garages (steel barrels), 24%e. The Standard Oil Co. of
New Jersey reduced the tank wagon price of gasoline le. a
more confidence in the present sugar price. An encouraging gallon
in New Jersey, Maryland, Virginia, West Virginia
factor was the buying of 40,000 bags of Cuba by the American and
Me. in
Sugar Refining Co. for April-May shipment at 6%e. 0. & f. the the District of Columbia. Kerosene was outRefining
The contention in the trade is that supply and demand are Co. same territory. The Texas Co. and the Gulf
governing the price of sugar; that no combination could of met these reductions in prices. The Standard Oil Co.
Louisiana, for the first time since February, reduced the
control it.
The Louistna "Planter" said: "Heavy rains during.the price of Bellevue crude oil 20c. a barrel to $l 15.
Penn
Si 10 IllinoIs
20 75 Ragland
'week have interrupted field work on practically all Louisiana Corning
rnins
2 5 Cilebton
2 15 Wooster
$1 40
2 8527
2 4/1 Currie
41 Lima
4520
sugar plantations. The rains have been heavy for this Somerset..
1 65
princna
Indlaeton
2 28 Plymouth
season of the year. A few weeks ago field work on this year's Somerset. light
2 00
2 27 Merl&
222
1796
THE CHRONICLE
[Vol.. 116.
RUBBER declined with London. Trade is quiet. BusiTIN lower;spot,443'c. London prices have also declined.
ness is confined to small tonnages. Large dealers are playing There is a rather better business here. Straits shipments to
a waiting game. Buying for factory account is absent. this country in the first half of the month were 1,580 tons,
First latex crepe and ribbed smoke sheets spot and May, against 3,995 in the first half of March.
323ge.; June, 3231c.; July-Sept., 32%c.; Oct.
-Dec., 33c.
LEAD quiet and lower; spot, New York, 8.00@8.10c.;
In London on April 16 rubber was Md. higher. Plantation East St. Louis, 7.90@8.00c. The fact that Spanish lead
standard closed at 163/gd. There was a decrease of 1,598 can be imported at 7.76@7.90c. had a depressing effect here.
tons at the end of last week in the stock there. It was 61,724
ZINC lower; spot, New York, 7.55@7.60c.; East St.
tons, against 63,322 tons in the previous week, 67,215 in the Louis, 7.20@7.25c. Rapidly increasing production offsets
same week last year and 65,915 tons two years ago. In heavy consumption.
London on the 18th inst. rubber was weak, closing at 16d.
STEEL
for plantation standard. Singapore exports for the 2 weeks prices havehas been in smaller demand and occasionally
eased somewhat.. And
ended March 31 were 750 to Great Britain, 225 to European- to pay premiums for early delivery. there is less disposition
Continental ports and 6,070 to the United States. Crude is a steady demand. The output At the same time there
hardly keeps up with it.
rubber importations into the United States for March 1923 There is still •it shortage of semi-finished
product. The
totaled 33,916 tons, against 28,702 in the same month last foundries need more labor. They
year according to the Rubber Association of America. The workers to outdoor employment. fear they will lose their
The U. S. Steel Cortotal'importations for the first quarter of the year amounted poration is operating at fully 93%.
to 89,333 tons, against 79,542 tons in the same period last have latterly sold at rather lower Plates, shapes and bars
quotations than were
years.
current a short time ago. But cotton ties are $1
HIDES were tending downward, in country hides espe- bundle against $1 10 last year. Railroads bought 60 per
on an
cially. Carlots of all weights of New York State hides it unexpectedly large scale, taking 85 locomotives and 6,300
seems, sold at 11Mc. City packer hides were dull. Packers cars. Chicago and the South report a good inquiry in difappear much more disposed to sell. Dry hides dull. Ori- ferent lines from various consumers. Alloy steel has sold
nocos were in rather better demand, and the last sales were freely to automobile makers and prices are above the recent
made at 19%c. Bogotas also seemed to attract rather more minimum. Ford, it is said, wants 15,000 tons of
attention, and importers are asking around 22c. Frigorifico steel. And automobile sheets, it is reported, havestructural
sold at as
hides were dull here at the River Plate. Nominally they are high as 7c. per lb. Heavy melting steel it lower in Youngsaround 23 to 233'c. In Chicago on the 16th inst. country town, 0. Birmingham, Ala., is setting only small orders.
hides were quiet but firm, with as high as.14Mc. asked for In the West it is said that inability to get steel as
choice extreme weight stock and buffs at 13 to 133c. Calf is causing some restriction in plant operations. It needed
is said
leather was readily salable in the low grades at 18e. to 30c. that Thyssen of Germany recently bought 20,000 tons of
per foot as to quality. Oak sole leather was reported active steel plates in Scotland to be delivered at Hamburg. It is
at 53c. per lb. for steer backs from frigorifico hides. Later also reported that the invasion of the Ruhr has
frigorificos were more active. News from the River Plate advance of £3 in steel billets, latterly quoted at £9caused an
8s.
section showed that large United States buyers were operatPIG IRON has been quiet, in fact the quietest for some
ing. Sales including 20,000 Sansinena frigorifico steers, at
around 20
2,000 Campana frigorifico steers at 21 11-16c. time past, and prices of Buffalo and Virginia iron in some
c.&f. and also 12,000 Sansinena extremes at 15%c. Com- cases have, it is intimated, been reduced. Yet in the main
'
mon dry hides remained dull. Rumors were current that quotations have been fairly steady. Eastern Pennsylvania
Orinocos had sold at 193/2c. Most holders ask 193 0. has been quoted at $31 and Buffalo in some cases at $2950,
/
Birmingham $27. At St. Louis there is
Chicago $32 and .
Coastal Bogotas held at 203'c., choice about 22c.
OCEAN FREIGHTS have been quiet and coke tonnage said to be an inquiry for 5,000 tons of foundry iron for May,
to the French Atlantic ports declined. Grain and sugar June and July delivery for an Indiana melter and there is
cargoes were firm. Berth room was in good demand early a moderate inquiry from Kansas City. But taking the pig
in the week and firm. Grain rates from Montreal to Italy iron district as a whole sales are small. Coke has declined
sharply. It is even said that furnace coke could be had at
fell later to 22e.
Charters included grain from Montreal to Mediterranean 23c. not east $6. Connellsville and foundry coke was quoted at $7 75.
of West Italy, May; from Atlantic range to Mediterranean 21c. not east It is said, too, that some of the coke sold to Europe, owing
of West Italy, May; sugar from Cuba to United Kingdom 23s. option of to the invasion of the Ruhr, may after all not be shipped,
Denmark 25s. May; sugar from Cuba to United Kingdom 22s. 6d. May;
lumber from Gulf to Villa Constitution or Rosario, 162s.6d. June;coke from owing to the possibility that time limits on payments may
Atlantic range to French Atlantic $525 April; grain from Montreal to west expire before freights can be had on the Atlantic Seaboard.
coast of Italy 23c. option of Greece at 26c. April; grain from Montreal to
Mediterranean not east of West Italy, 23c. May; sugar from Cuba to
WOOL has been steady but less active. Dealers are not
United Kingdom 22s. 6d. May; lumber from Gulf to Villa Constitution or inclined to endorse the recent relatively high western prices;
Rosario, 1625. 6d. June; grain from Montreal to west coast of Italy, 22c.
May; from Montreal to west coast of Italy, 45. 9d. May; coke from Balti- it is declared that they leave little profit here in the East.
more or Philadelphia to French Atlantic, $5 25 April; 35,000 qrs. grain from The scarcity of merinos and their dearness may cause a
Atlantic range to Genoa or Naples, 22c. April; grain from Atlantic range to
French Atlantic. $5 30 prompt; coal from Hampton Roads to River Plate, shifting of demand, it is contended, to fine crossbreds.
195. May;grain to West Italy rose to 22c.; grain from Montreal to Mediter- Lake Views sold freely at 43c. The Jericho Utah wool clip
ranean not east of Italy, 23c. second half May;from Atlantic range to west
coast of Italy, 19c. second half May; from Montreal or Quebec to west was sold to the American Woolen Co. and Hallowell, Jones
coast of Italy, 23c. May;from Montreal to Naples direct, 45. 73id. May; & Donald recently. It included a number of clips and was
coal from Hampton Roads to Marseilles, $4 early May.
sold, it is stated, for 510., which means a clean cost landed
COAL.
-Northern bituminous and coke prices have been Boston of about $1 45. Last year Hallowell, Jones &
depressed. A southern smokeless pier price of $6 50, how- Donald bought the wool at 40c.; in 1920 the wool was sold
ever, was agreed upon on the 17th inst. for Poais 1 and 2. on the sheeps' backs at 71o., shortly after which came the
Southern mines have shown less anxiety to get northern great collapse of prices and similar wool dropped to around
railroad orders. Anthracite has been steady on domestic 15c. to 16c. In 1921 the Jericho pool was sold at 193o.
sizes and weak on steam. Later on bunker coal was firmer, In Boston quotations have recently been as follows: Ohio
owing to high prices at English ports.
and Pennsylvania fleeces: Delaine unwashed, 56e. to 58e.;
TOBACCO has been in fair demand and steady. Some fine unwashed, 50c. to 51c.; M blood combing, 57e. to 58e.;
Havana new crop forced cured has been on the market. 3/ blood combing, 55e. to 56e. Michigan and New York
But what everybody wants to see is a general marketing of fleeces: Delaine unwashed, 55c.; fine unwashed, 48e. to
the new crop. Trade in the manufactured product makes 50e.; M blood unwashed, 53e. to 54c.; 3 blood unwashed,
A
a fair showing. Washington wired April 15 that the cigar 54c. to 55c•; Yi blood unwashed, 52e. Wisconsin, Missouri
and cigarette manufacturing industry was one of the few and average New England, M blood, 50e. to 52e.;
blood,
in the country which increased the value of its products 55c. to 56e.; Yi blood, 50e. to 51e. Scoured basis: Texas
between 1919 and 1921. The Census Bureau announced fine, 12 months,$1 38 to $1 42;fine 8 months,$1 25 to 31 28.
the value of cigar and cigarette manufactures in 1921 at On April 16 at Sydney, Australia, there was general demana
$806,749,000, compared with $773,062,000 in 1919 and at the resumption of the auctions, witn a good clearance of
$314,884,000 in 1914. There was an increase of 4% in the wools offered at firm prices, mostly on weft wools.
value of products in the two years 1919 to 1921 while in
London cabled April 17 that wool in stocks and afloat on
the 7
-year period from 1914 the increase was 156%. Salaries March 31 was officially reported at 663,571 bales, as follows:
and wages paid in the industry totaled $128,962,000 in 1921 Merino, Australian, 25,616 bales; New Zealand, 389,013
to 149,461 persons, which is an increase as compared with bales; Crossbreds, Australian, 1,300 bales; New Zealand,
1914 of 56% in wages, although the number of persons 155,778 bales; slipes, New Zealand, 47,611 bales; scoured,
employed in that year was 178,954. New York and North New Zealand, 44,253 bales. Half of the Australian wool
Carolina in 1921 were the leading States in the value of listed above and all the New Zealand grades belong to the
products.
Government. The other half of the Australian belongs to
COPPER has been rather quiet and easier; electrolytic, the Realization Association. London cabled that the quan163/8@17e. Exports are increasing. According to the Gov- tities available for the third series of London Colonial wool
ernment exports in February were the lowest recorded for auctions, commencing April 24, are as follows: Australian
two years past. However, it is pointed out that February free, 56,000 bales, and of Bawra, 31,000 crossbreds; New
is usually a light month, especially so when January shows Zealand, 43,000 free wools, and of Bawra 31,000 crossbreds;
heavy shipments. France took 10,000,000 pounds during Cape, 13,000 free wools, and South American, 13,000 free
February while Germany took only 7,153,000 pounds, which wools.
The Boston "Commercial Bulletin" in its issue of April 21
is less than half its usual quota. Exports of products consisted mostly of rods, the bulk going to England. The will say:
"The wool market is gradually but surely broadening, although what
American Brass Co. has purchased considerable second-hand
wholly on worsted
business is being done in the seaboard markets
copper and this caused a somewhat better tone late in the descriptions, woolen wools being still very dullis almost on the easy side
and rather
for price. The mills, both worsted and woolen, appear to
week. Copper shipments for the first quarter reached steadily and are consuming a large quant ty of wool. be running very
Topmakers are
600,000,000 pounds,the greatest total reported in peace-time. asking more money, especially on the finer qualities.
APRIL 21 1923.1
THE CHRONICLE
"The foreign markets are very strong and advances of 5 to 10% over
the last series closing are expected at London on Tuesday. Sydney closed
very strong at about 10% rise on the best wools.
"In the West buying has become more general and prices are apparently
very firmly fixed as a result of the Jericho sale at a clean basis of $I 40 to
151 45. landed Boston, for fine and medium wools.
"The mohair market is slow but strong and more inquiry is reported
uring the last week or so for mohair nons.
'
COTTON
Friday Night, April 20 1923.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
34,681 bales, against 34,990 bales last week and 63,854 bales
the previous week, making the total receipts since the 1st of
August 1922, 5,330,211 bales, against 4,972,753 bales for the
same period of 1921-22, showing an increase since Aug. 1
1922 of 357,458 bales.
SW.
Galveston
Houston
New Orleans.....
Mobile
Jacksonville
Savannah
Brunswick
Charleston
Wilmington
Norfolk
New York
Boston
Baltimore
Mon.
638
Tues.
456
1,264
604
2.301
637
I
90
5.296
231
Total.
Fri.
1,568
2,019i 1,149
706
I
4
195
I5
611i
391
127
I
150
1831
328
183
191
50
141
345
224
I
1,3561
45
1,032
168
6
423
119
643
2.799 14.844
Totals this week_
4011
1,216
142
4
64
Thurs.
Wed.
1,521
1,333
9,832
1,883
1
4.6031 3,950
6,098
9,832
7,429
200
5
5.298
150
1,004
79
1,160
119
2.275
1.032
3,189 34.681
The following tables shows the week's total receipts, the
total since Aug. 1 1922 and stock to-night, compared with
the last year:
1922-23.
Receipts to
April 20.
1921-22.
This Since Aug This Since Aug
Week. 1 1922. Week. 1 1921.
Galveston
6,098 2,232,896
Texas City
69.692
Houston
9,832 700,775
Port Arthur, &c
New Orleans
7,429 1.266,603
Gulfport
Mobile
200
81,548
Pensacola_
_____ 8,820
Jacksonville
_5
9,149
Savannah
5,298 390,205
Brunswick
150
27.912
Charleston
1,004 106,355
Georgetown
Wilmington _,. _
79
88,617
Norfolk
1,160 259,559
N'port News, &c_
New York
5,997
119
Boston
2,275
60,875
Baltimore
1.032
16,337
Philadelphia
4.871
28,080 2,173.515
1.228
24.805
13,586 380,161
10,305
22,608 997,276
8.123
4,819 122,118
975
2,045
3,178
12,811 605,461
1,900
24,546
6.929
95.558
Stock.
1922.
1923.
113,178 255,947
7,827
612
256,983
2,423
6.587
6,579
40,683
152
39.134
1,757
117,613
5,782
73,742
86,84$
298,723
583
21,019
37.055
52,291
29.143
10,747
67,577
25,372
109,246
57,075
11,808
2.567
4.603
82.753
13.623
2.743
6,606
34,681 5,330,211 101,999 4.972.753
Totals
134.014
491,152
966,581
951
5,371
1,520
232
839
150
In.order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1923.
1922.
1921.
Galveston_ __ _
Houston, &c..
New Orleans
Mobile
Savannah _ _ _
Brunswick _ _ _
Charleston _ _ _
Wilmington _ _
Norfolk
N'port N.,&c.
All others_ __ _
60,098
66.832
v.429
200
5,298
150
1,004
79
1,160
3,431
17,302
1,682
1,140
5,166
67
1.916
Total tots wk_
34.681
101.999
J3,803
Since Aug. 1
28,080
1,228
22.608
4,819
12.811
1.900
6,929
951
5,371
49,529
10,640
17,465
1,312
10,886
1920. I
24.048
1,503
24,927
1,288
15,816
1.000
25.458
2,160
3,508
3,816
1919.
1
33,814
98
25,868
4,487.
12,469
2,500
2.967,
2,476
5,023
28
593
1918.
11,151
4,287
15,738
12
20,859
1,000
1,610
887
3,663
173
8,688
62,068
90,323
5,330,211 4,972,753 5,106,97316,242,717 4,371.691 5.157.182
103.524
The exports for the week ending this evening reach a total
of 64,448 bales, of which 2,250 were to Great Britain,
14,571 to France and 47,627 to other destinations. Below
are the exports for the week and since Aug. 1 1922.
Weekending A pril 20 1923.
Exported toExports
from-
From Aug. I 1922 to April 201923.
Exported to_
Great
Great
Britain. France. Other. Total. Britain. France.
Galveston _ _
Houston _
Texas City.
New Orleans
Mobile
Jacksonville
Pensacola _ _
Savannah _ _
Brunswick
Charleston _
Wilmington
Norfolk _ _ _ _
New York_ _
Boston
Baltimore _ _
Philadelphia
Los Angeles
Ban FranBeattie
Other.
Total.
7,898 14,517 23,169 414,799 290,779 1,046,648 1.752,226
3,675 8,157 9,832 234,633 144,239 319,128 698,000
3.765
3,765
;715 8,305 12,07 189,349 87,389 436,004 692,742
1,OOO 223,67
4,745 28.759 57,179
75
300
375
7,960
860
8.820
4,410 96,799 228,797
114 127,588
-ioo
14
21,257
6,850 27,907
1,094 18,718 50,168
3,228 3,414 30,356
-lin
70,800 82,400
15,000 15,000 11,600
923 32,530 127,007
93,554
-153 285 -566
738 52,890 41,450 131,807 226,147
3,898
7,041
3,143
167
1,646
1,479
610
719
109
3,925 17,916
1,977
12,014
_
200 88,337 68,537
8.882
8,882
100
100
Total....
2,250 14,571 47.627 64,448 1,224,372 557,31 2,278,5874,080,274
756
Total'21-'22 52,253 28,372 50,199 130,824 1,248,518 578,544 2,775,8924,600,954
Total'20-21 5.389 1,158 43,881 50.4281,310.909 439,410 2,212,431 3,982,750
-It has never been our practice to Include In the
NOTE-Exports to Canada.
above table exports of cotton to Canada, the reason being that virtua ly all the
cotton destined to the Domin.on comes overland and it is impossble to get returns
concernmg the same from week to week, while reports from the customs districts
on the Canadian border are always very slow in coming to hand. In view, however.
of the numerous inquiries we are receiving regarding the matter, we will say that for
the crop year from Aug.1 to Mar.31(no later returns are as yet available) the exports
to the Dominion the present season have been 150.481 bales. In the corresponding
Period of the preceding season the exports were about 136,240 bales.
1797
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
On Shipboard, Not Cleared for
Leaving
Other CoastGerGreat
Stock.
April 20 at
- Britain. France. many. ICont'nt. wise. Total.
98.142
Galveston
2,000 2.000 7,536 3.000 15.036
500
New Orleans_ _
860 1.580 2,745 6,460 3,692 15.337 118,677
1,000 3.000
37,683
Savannah
2,000
39.134
Charleston
2,423
Mobile
67.577
Norfolk
84.643
9.500
Other ports *_ _ 5,200
300
500 3,500
Total 1923--448,279
6,560 4,080 10,245 14,296 7.692 42.873
Total 1922-- 47,287 26,707 13,979 38,313 9,865 136,851 829,730
Total 1921__ 31,250 9,491 17.654 37,839 3,983 100.217 1.364.952
* Estimated.
Speculation in cotton for future delivery has been active at
lower prices, although from time to time there have been
sharp rallies. On Thursday prices broke 70 to 82 points, the
latter on July, with May down about 80 points, largely owing to warmer weather and the action of the U. S. Government in applying for a permanent injunction in the Federal
District Court here against the New York Coffee & Sugar
Exchange with a view of putting a stop to its trading in stigar futures on the ground that they were "solely for illegitimate gambling or speculative profits." When sugar futures
dropped 30 to 75 points at the opening that day and sugar
stocks about 2%, the cotton market took the alarm. It was
reasoned that this action against the Sugar Exchange and
the fact that some days previous the Supreme Court of the
United States had affirmed the constitutionality of the
Grain Futures Act might have far-reaching consequences
and possibly in some way involve the cotton exchanges of
the country, though there is no hint of anything of the kind
at the present time. Cotton, indeed, is in different case. In
recent years it has been as high as 43 cents. And now it is
down around 28 to 29 cents. Besides, the boll weevil is
known to have cut down the yield for some years past and
thus afforded a sound economic reason for the rise of
prices. In addition, consumption is large. And much of the
week the weather has been bad. It has been too wet and
cold over vast tracts of the cotton belt. Indeed, pretty much
the whole cotton country of the South has suffered from unfavorable conditions for field work, for planting or for cultivation where the cotton was up. And in parts of Texas
and also, it appears, in Georgia, there has been a good deal
of replanting. In Texas the progress has been slow on account of continued cool wet weather. In Oklahoma heavy
rains have interrupted field work. That was the case also
In Louisiana, Mississippi, Alabama and Tennessee, not to
mention parts of Georgia. But by Wednesday and Thursday
the rains had fallen off very noticeably. In fact, Thursday
reports showed no rain at all in Texas, Oklahoma and Arkansas. And the early map revealed more seasonable temperatures. Moreover, the forecast was for fair and warmer
weather east of the Misssissippi River and warmer and only
partly cloudy weather to the westward. Spot markets have
been quiet for the most part, although on Tuesday there was
a brief spurt when the total for the South somewhat exceeded 14,000 bales. That was seven times as large as they
had been on many previous days. Also, for a time, spot cotton was more active in Liverpool, with daily sales of 8,000
to 10,000 bales. But on Thursday they dropped to 7,000.
Manchester, Fall River and Worth Street have been dull;
they furnished no stimulus to the raw cotton market. Fall
River, after the dullest week on record last week, has remained sluggish. Worth Street has been cautious. And
Manchester, although it has reported a somewhat larger
Inquiry for various goods, has added that the bids were in
very many cases unworkable. It is true that it has been doing a fair business in fancy goods with the Far East. But
taking it by and large, Manchester has been anything but
encouraging.
Exports from this side have continued small. Not that we
have a great deal of cotton to spare, but daily reports of exports of only 4,000 or 5,000 bales, as has been the case on
many days during the week, certainly have no very cheering
effect. Yet on one day, it is true, Wilmington cleared 15,000
bales for Italy. The trouble is that trade on the Continent
Is still backward and in England, despite some improvement,
anything but satisfactory. Unemployment there is still very
large. In this country the question arises whether when
goods made from high priced cotton come to be offered to
the public it will balk or not. Some fear there may be
a
buyers' strike at prices for goods on the basis of 30-cent cotton. That remains to be seen. But glancing
tive side of the market, there has certainly at the specula.
been very heavy
selling of late. That is to say, on Thursday
uptown interests sold, it is understood, some 40,000
to
bales of
July. Wall Street and Chicago, as well as 50;000
the South, were
also heavy sellers. Southern wire houses flooded the market with selling orders, as soon as the news
of the sugar injunction became known. Everybody was nervous. The
question arose, Who next? or What next? With spots dull,
exports small, cotton goods neglected, the
better and Liverpool dropping, it was small weather mapNew
that
York fell some $35o to $4 a bale and over.wonder
On the other hand, the action of the May delivery may be
significant. Recently the May premium over July dropped
[vol.. 116.
THE CHRONICLE
1798
to 56 points. But latterly it has been mounting. On Monday last it was 64, by Wednesday it had got up to 94, and in
spite of all the flurry on Thursday, May ended at 97 points
over July. It is understood that there is a considerable
short interest in May, partly, it appears, for trade account.
There was a rumor last Saturday that shorts in May delivery had made a private settlement. But it proved to be
baseless. The question arises just where the May option
may go. Recently it was assumed when the heavy liquidation was on that a selling of May would be steady and large
until April 25, the first notice day. But after a time liquidation died down. And now with notices close at hand it
seems that big interests want May cotton so much that the
premium over July has got back to nearly the 100 points
which ruled for a considerable period earlier in the season.
And the crop is not getting an early start. It may catch up.
That is very possible. But a wet May would be a decided
drawback.
The March consumption in this country was 623,000 bales.
The world is using up American cotton, it is estimated, at
the rate of about 1,000,000 bales a month. At times there
has been considerable said about the fact that the mills have
on hand a supply of 2,035,000 bales, or some 475,000 bales
more than a year ago. This will keep them going for a certain length of time undoubtedly. But there are those who
believe that many mills have yet to buy a good deal of cotton to tide over until the new crop becomes available in
quantity some four months from now. The March consumption was the largest on record. In regard to the sugar injunction, it is worth recalling that the U. S. Government has
never taken action against the New York Cotton Exchange
or any other recognized cotton exchange in this country.
Acts against cotton exchanges in this country have been introduced from time to time in Congress, but they have always died a natural death. The boll weevil explains the rise
in cotton prices within the last year and the failure of the
crop for twoyearsin succession. Latterly trade interests have
been calling cotton on a considerable scale. To-day prices
fell 45 to 104 points, the latter on May, the aftermath of
Thursday's break on the action of the Government against
the Sugar Exchange. An early advance was lost, despite
rains in Texas, a better tone later in Liverpool and bullish
weekly statistics. Spot cotton closed at 27.60c. for middling,
showing a decline for the week of 175 points.
The following averages of the differences between grades,
as figured from the Apxil 19 quotations of the ten markets
designated by the Secretary of Agriculture, are the differences
from middling established for deliveries in the New York
market on April 26, 1923.
.91 on *Middling "yellow" tinged
Middling lair
oil
fStric
good middling
.63 on
Good middling
47 on
Strict middling.
26 on
Strict low middling
27 oft
Low middling
66 off
*Strict good ordinary
1 15 off
*Good ordinary
1.70 Off
*Strict good mid."yellow" tinged .40 on
Good middling "yellow" tinged_ eve,
Strict middling "yellow" tinged._ .38 olf
*Strict low mid."yellow" tinged_1.3938 o
*Low middling "yellow" tinged..1.88 off
Good middling "yellow" stained_ .66 off
*Strict mid."yellow" Stained. __l.24 off
*Middling "yellow" etalned
1 71 off
*Good middling "blue" stained_ .95 off
*Strict middling "blue" stained...1.33 off
*Middling "blue" stained
1 73 off
•These ten grades are not deliverable
upon future contracts.
THE VISIBLE SUPPLY OF COTTON to-night, as made
up,by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
April 20Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Antwerp
Stock at Ghent
Total Continental stocks
bales
1920.
1921.
970,000 1,132,000
10.000
2,000
96,000 194,000
.
1923
749,000
5,000
69.000
1922.
870,000
723.000
930,000 1,068,000 1,336,000
29.000
46.000
283,000 165,000
139,000 167,000 348,000
11,000
12,000
66,000
148,000 122,000
22,000 191.000
22,000
67.000
105,000
13,000
104,000
16.000
2.000
10.000
317,000
60,000
16,000
33.000
665.000
6550,000
05,000
1,040,000 1,595,000 1,618,000 1,941,000
Total European stocks
58,000
47,000 106,000
India cotton afloat for Europe.._ _ 184,000
American cotton afloat for Europe 154,000 430,000 231,372 422,160
75,000
68,000
66,000
Egypt, Brazil, Ste.,afloat for Eur'e 87,000
239,000 301,000 243.900 123,000
Stock in Alexandria. Egypt
922,000 1,181,000 1,323,000 1,100.000
Stock in Bombay.India
491,152 966.581 1,465,169 1,224,542
Stock in U. S. ports
631.756 1,043,089 1.609,714 1,169,597
Stock in U. S. interior towns
18,384
8.780
7,791
U. S. exports to-day
3 748.908 5,668,054 6,614.035 6,160,090
Total visible supply •
Of the above, totals of American and other descriptions are as follows:
American
bales_ 392.000 460,000 575.000 902,000
Liverpool stock
80,000 168,000
43,000
44,000
Manchester stock
305,000 538,000 462,000 504,000
Continental stock
154,000 430.000 231,372 422,160
American afloat for Europe
491,152 966,581 1,465,169 1,224,542
U. S. port stocks
631,756 1,043,089 1,609,714 1,169,597
U. S. interior stocks
8,780
7,791
18,384
U. S. exports to-day
2,017.908 3,499,054 4,432,035 4,398,090
Total American
East Indian, Brazil, &c.
357.000 410,000 395,000 230,000
Liverpool stock
10,000
2.000
5,000
London stock
26,000
16,000
17,000
25,000
stock
Manchester
88,000 101,000
12,000 127,000
Continental stock
47,000 106,000
58,000
184,000
India afloat for Europe
66,000
68,000
75,000
87,000
Egypt, Brazil, &c.. afloat
239,000 301,000 243,000 123,000
Stock in Alexandria. Egypt
922.000 1,181,000 1,323,000 1,100,000
in Bombay.India
Stock
1,731.000 2,169,000 2,182,000 1,762,000
Total East India, Sic
2.017.908 3.499.054 4,432,035 4,398,090
Total American
3,748.908 5.668,054 6,614,035 6,160.090
Total visible supply
7.24d. 26.18d.
15.18d. 10.11d.
Middling uplands, Liverpool
12.10c, 41.75c.
27.60c.
18.05c.
Middling uplands, New York
18.55d. 20.25d. 19.25d. 87.000.
good sakel‘ Liverpool
Egypt.
12.00d. 50.006.
Peruvian, rough good. Liverpool_ 18.758. 12.75d.
7.201. 22.358.
9.658.
12.25d.
Broach fine, Liverpool
7.701. 22.600.
10.558.
13.40d.
Tinnevelly, good, Liverpool
Continental imports for past week have been 35,000 bales.
The above figures for 1923 show a decrease from last week
of 155,638 bales, a loss of 1,919,146 from 1922, a decline
of 2,865,127 bales from 1921 and a decrease of 2,411,182
bales from 1920.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
The official quotation for.middling upland cotton in the corresponding periods of the previous year-is set out in
New York market each day for the past week has been:
detail below:
April 14 to April 20Sat. Mon. Tues. Wed, Thurs. Fri.
Middling uplands
28.75 28.25 28.75 29.00 28.20 27.60
Movement to April 211922.
Movement to April 20 1923.
NEW YORK QUOTATIONS FOR 32 YEARS.
Receipts.
Ship- Stocks
Ship- Stacks.
Receipts.
Towns.
The quotations for middling upland at New York on
meats. April
ments April
Week. Season. Week. 21.
April 20 for each of the past 32 years have been as follows:
Week. Season. Week, 20.
1023
10.45c. 1907
27.606. 1915
11.20c. 1899
180 5,071
501
8,210
29.289
40,011
1.452j
179
.2
73
6..4. Aia.,Birming'm
5,843
8,287
2
50
100 3,550
.I 3,025
Eufaula
489 7,429
991 45,871 2,1961 21,846
123 58,572
Montgomery.
7.94c.
7
44 2,198
39,124 1,0781 9,201
17 54,128
Selma
7.00c.
1' 30,684
3171 12,390
25 34,361
167 10,998
7.56c. Ark., Helena
183 168,909 2,311 27,455 1,3,1 169,326 4,5811 62,827
Little Rock_
7.94c.
588 127,661 2,395 36,334 1,481 119,174 1,6751 51,782
Pine mot_ _..
7.25c.
:
6,002
1511 2,956
6,251 .__ 2,120
____
Albany._
FUTURES.
-The highest, lowest and closing prices at Ga.,
88,11
490 19,422
66
3,2001 32,617
273 44,189
Athens
1,474 267,513 3,229 56,618 2,321. 209,910 3,6001 36,576
Atlanta
New York for the past week have been as follows:
2,356 278,117 6,347 33,456 5.59 314.738 0,605109,791
Augusta
49,925
9721 14,381
70
Columbus... 1,325 119,617 1,734 8,727
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
33,748
52
8901 12,418
119 12,421
14 54,904
Macon
19. April 20. Week,
31 29,638 ___ 10,012
April 14. April 16. April 17, April 18. April
450 4,997
262 42,781
Rome
59,313 1,1001 35,200
3
72,400 ___ 2,000
La., Shreveport ___
April
19,481
8
2911 3,515
63 2,308
3 24.676
Miss.,Columbus
Range
226 129,812 2,9351 36,444
1,209 128,272 1,622 33,290
Clarksdale
Closing
28.43 -27.93 -28.45 -28.70 - 27.90 -27.30 - - - Greenwood.176 88,900 1,2891 29,330
590 29,455
28 106,129
Hay
24, 31,526 1.1911 10,949
301 4,727
144 33,967
Meridian....
Range
28.55-115 27.75-138 28.13-.56 28.43-.84 28.00-.62 27.96-129 27.75-138
11 31,018
783 10,818
Na chez --------32,396 ___ 4,105
Closing
28.55-.60 28.02-43 28.53-.56 28.79-.81 28.00-.03 27.38-.42--4
26,076
29 5,698
509 8,046
_- 23,009
Vicksburg.June
1
30,089
843 11,954
5 28,102 1,416 11,743
Yazoo City
Range
5t. Louis_ 6,755 645,722 6,430 15,594 6,01 724,206 6,030 26,858
Closing
28.15 -27.70 -28.15 -28.32 -27.50 -26.95 - - Mo.,
832 50,819 1,590 20,465
- H.C.,Gre'nsboro 1,082 103,467 1,381 28,562
July
21
257
9,670
250
324
11,050 __-____
Raleigh
Range
27.75-145 27.05-.65 27.38-.80 27.63-.97 27.03-.66 26.18-e38 26.18-145 Okla., Altus
131 4,603
333 81,912 1,280 8,450
16 102,723
Closing
27.75-.88 27.36-.39 27.77-.80 27.85-.88 27.03-.10 26.51-.55--17 2,181
19
57,907
488 6,435
4 81,257
Chickasha...
Auous/551 5,391
16
59,441 1,740 14,251
22 78,078
Oklahoma...
Range
27.00-.22 26.00-42 26.33 -26.45-.63- - 25.37-.90 25.37-e22
C.,Greenville 1,417 160,759 3,501 51,687 2,500 139,182 3,000 28,966
Closing.- 26.60 -26.30 -26.65 -26.70 -25.95 -25.60 - -- 5.Greenwood._
___ 8,824
___ 7,260
__
8,100
13,066
___
September
6;460 1,042,370 9;205 79,278 10:066 805,996 19.448188.511
Range
- - 25.00-.27 25.45 - --24.98-100 24.60 -24.60-/45 Tenn.,Memph
664
34
328
88 .__
287 ____
Nashville.... ___,
Closing
25.55 -25.20 -25.65 -25.70 -24.85 -24.60 - -664
705
____
968
784 81,005
2 45,701
Texas, Abilene_
October
18,303 ____ 3,972
---- 12,841 .-__ 3,667
Brenham.._l
Range
25.15-.52 24.50-107 24.68400 24.79-110 24.20-.75 23.75461 23.75-152
316
10
821
35,411
-- 27,058
Austin
26.16-.24 24.66-.73 24.95-.99 24.89-.92 24.20-.26 23.96-100--awing
I
489 5,013 1,053 160.977 3:178 27.034
47 82,985
Dallas
November
__. 11.403
19,700
_
110
Honey Grove_
Range
Houston _ _ _ - 3,5192,632,765 18:i52 96,007 27,7370 ,358,793 44:778 188.615
24.90 -24.43 -24.71 -24.66 -23.98 -23.74 ---Closing
679 4,729
29
920
225 50,389
71,838
___
Paris
December
41,143
195
____
152 1,244 48,027 1,181 1,448
San Antonio_
24.65-102 24.03-.58 24.24-.50 24.37-.53 23.75-426 23.28-114 23.28-102
Range
21 62,553 ____ 3,870
844 61,219 1,197 9,177
Fort Worth
Closing__ 24.65 -24.20-.21 24.48-.50 24.42 -23.75 -23.51-.54--./asuarv67.7981.350.085121,2261043089
24.30,71 23.75-623 23.93-116 24.03-.25 23.45-.98 23.16-.90 23.16-671 m‘...1 at towns 7.6036.978,624 62,217131.766
Range
Closing
24.30-.43 23.85-.90 24.16 -24.13 - 23.45-.50 23.20-.25
FetnuaryThe above total shows that the interior stocks have deRange
24.20 -23.75 -24.05 -24.02 -23.39 -23.12 - -- creased during the week 34,614 bales and are to-night 411,333
Closing
•
March
less than at the same time last year. The receipts at
24.25-45 23.75-603 23.90-.82 24.05-.07 23.45-.65 23.15 -23.15441 bales
Range
24.10 -123.60 -23.93 -23.91 -23.31 -23.05
all towns have been 40,195 bales less than the same week
Oltiolnir
last year.
/29e. 123e 4250. 124c, e 27c.
1922
1921
1920
1919
1918
1917
1916
17.95c.
12.15c.
42.75c.
28.60c.
30.75c.
19.85c.
10.45c.
1914
1913
1912
1911
1910
1909
1908
12.15c.
11.95c.
14.95c.
15.15c.
10.85c.
9.90c.
1906
1905
1904
1903
1902
1901
19J0
1 . 5c.
7.80c.
14.15c.
10.35c.
9.44c.
8.38c.
9.81c.
1898
1897
1896
1895
1894
1893
1892
Amax,211923.]
THE CHRONICLE
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
----1922-23---Since
Week.
Aug. 1.
6,430 644,920
1,200 217,028
7,393
473
52,487
4,112 141,891
9,562 362,243
Total gross overland
Deduct Shipments
Overland to N. Y.. Boston, &c
Between interior towns
Inland, &c..from South
----1921-22----
21,777 1,425,962
April 20Shipped
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
22,566 1,633,566
Week.
6.030
3,440
135
1,457
4,582
6,922
Aug. 1.
706.102
315.692
7,858
68.122
202,575
333,217
2,741
601
6,729
144.488
22,282
322,865
537,796
10,071
489.635
888,166
12,495 1,143.931
3,426
543
4,302
88,500
21,729
427,567
Total to be deducted
8.271
Leaving total net overland *
13.506
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 13,506 bales, against 12,495 bales for the week last
rear, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 255,765 bales.
In Sight and Spinners'
Takings.
Receipts at ports to April 20
Net overland to April 20
Southern consumption to April 20a
Total marketed
Interior stocks in excess
1922-23-- -----I921-22
Since
Since
Aug. 1.
Aug. 1.
Week.
5,330,211 101,999 4,972.753
888,166
12,495 1.143,931
3,069,000
72,000 2,621,000
Week.
34,681
13,506
94,000
142,187
*34.614
9,287,377
264,472
Came into sight during week..
...107,573
Total in sight April 20
Nor.spinners'takings to April 20_ 35,299
8,737,684
*74.159
186,494
*53.428
133 066
'
2,041,270
8,683,525
19,567
1,151,003
* Decrease during week. a These figure are consumption; takings not
available.
Movement into sight in previous years:
Week1921-April22
-April 24
1920
1910
-April 25
Bales. Since Aug. 1173,70411920-21-April 22
188,51011919-20
-April 24
166.26711918-19-April 25
Bales.
8,968,929
10.567.487
9.330.034
QUOTATIONS FOR MIDDLINC COTTON AT
OTHER MARKETS.
-Below are the closing quotations for
middling cotton at Southern and other principal cotton
markets for each day of the week:
Week ending
April 20.
Closing Quotations for Middling Cotton on,
Saturday. Monday. Tuesday. Wed'day. Thursd'y
Galveston
28.50
New Orleans_ 28.68
Mobile
28.50
Savannah
28.05
Norfolk
28.13
Baltimore
Augusta
28.13
Memphis
29.25
Houston
28.50
Little Rock_ --- 28.50
Danes
27.55
Port Worth_ _
27.95
28.00
28.50
27.53
27.50
28.75
27.75
29.00
28.00
28.25
27.00
27.20
28.50
28.00
28.50
28.00
28.00
28.00
28.19
29.00
28.50
28.25
27.55
27.70
28.75
28.38
28.25
28.30
28.25
28.50
28.19
29.00
28.75
28.25
27.65
27.85
27.95
28.13
28.00
27.50
27.38
28.50
27.41
28.75
28.00
28.00
26.85
27.00
Friday.
27 35
27.50
21.50
27.5d
26.75
28.25
27.00
28.50
27.50
27.50
26.35
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
markets for the past week have been as follows:
Saturday,
April 14.
Monday,
April 16.
Tuesday, Wednesday, Thursday,
April 17, April 18. April 19.
Friday,
April 20.
April
27.70 bid 27.30 bid 27.76 bid 28.02 btd 27.18 bid 26.51 bid
May
27.80-27.S/27.42-27.45 27.80-27.88 28.12-28.15 27.28-27.30 26.61
July
27.84-27.68 27.17-27.20 27.60-27.63 27.77-27.80 26.90-26.95 26.30 26.34
October
24.62-24.65,24.12-24.15 24.48.24.50 24.33-24.38 23.63-23.68 23.00-23.45
December_ 24.22-24.25123.74-23.75 24.07 -- 23.91 23.20-23.27 22.99-23.00
January - 24.04 bld123.57 bid 23.92 bid 23.77 bid 23.10 bid 22.82 bid
March_ _ _ _ 23.79 bid I 23.32 bid 23.67 bid 23.52 bid 22.94 bid 22.50 bid
Tone
spot
Quiet
Steady I Quiet
Steady
Dull
Steady
Options_ _ _ Steady
Steady
Steady
Steady
Steady
Steady
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Market
Closed.
Futures
Market
Closed.
SALES.
Spot.
Contr't. Total.
Saturday..._
60 pts. dec- Weak
Monday..-_
et, 50 pts. dec_ _ Steady
Tuesday _ _
.50 pts. adv.. Steady
Wednesday. Steady, 25 pts. adv_ Barely steady
Thursday -- Quiet. 80 pts. dec- Weak
Friday
Quiet, 00 pte. dec.. _ Steady
LMady
Total
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph from the South this evening denote that
rainfall was heavy in most sections of the cotton belt. Temperatures have been about normal in all parts of the cotton
belt except in central and western Texas, where they have
been considerably below normal.
Texas.
-Progress and condition of early planted cotton
rather poor on account of cool, wet weather. Cotton. planting has made fair progress in the north and west, but poor
elsewhere.
-Cotton planting has made fair progress although
Mobile.
the ground is too wet and the weather has been generally too
cool.
1799
Rain. Rainfall.
2 days 0 72 In.
.
0.02 in.
1 day
2 days 0.49 in.
0.20 in.
1 day
1 day 0.20 in.
0.04 in.
1 day
dry
3 days 0.68 in.
3 days 1.56 in.
dry
2 days 0 84 In.
.
3 days 0.33 in.
0.20 in.
1 day
Galveston, Texas
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Huntsville
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
Amite
Shreveport
Okolona. Miss
Columbus
Greenwood
Vicksburg
Mobile, Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Savannah,Ga
Athens
Augusta
Columbus
Charleston, S.0
Greenwood
Columbia
Conway
Charlotte, N. C
Newbern
Weldon
Dyersburg, Tenn
Memphis
2 days9.24 In.
3 days 0.60 in
1.12 in.
1 day
1 day 0.02 in.
1 day 0.55 in.
3 days 0.45 in.
3 days 0.93 in.
2 days 1.30 in.
2 days 0.83 in.
3 days 0.77 in.
2 days 0.80 in.
2 days 2.76 in.
3 days 2.61 in.
2 days 0.13 in.
2 days 0.77 in.
2 days 1.95 in.
2 days 2.39 in.
3 days 2.87 In.
2 days 0.90 in.
3 days 1.63 in.
3 days 1.33 in.
3 days 1.65 in.
2 days 0.34 in.
1 day 0.06 in.
3 days 1.25 in.
2 days 0.93 In.
3 days 0.92 in.
2 days 1.15 in.
3 days 1.77 in.
3 days 0.58 in.
3 days 0.31 in.
0 days 0.67 in.
3 days 0.80 in.
8 daYs 2.13 in.
1 day
1.50 In.
2 days 0.11 In.
ThernionuMer
high 80 low 58 mean 69
high 72 low 48 mean 60
high 79 low 53 mean 66
high 88 low 62 mean 75
high 86 low 58 mean 72
high 75 low 52 mean 64
high 83 low 44 mean 64
high 77 low 46 mean 62
high 76 low 45 mean 61
high 74 low 50 mean 62
high 80 low 52 mean 66
high 80 low 42 mean 61
high 76 low 48 mean 62
high 81 low 47 mean 64
high 82 low 56 mean 69
low 46
high 79 low 44 mean 61
high 77 low 45 mean 61
high 79 low 41 mean 60
high 79 low 39 mean 59
high 76 low 39 mean 58
high 75 low 40 mean 58
high 77 low 42 mean 60
high 73 low 47 mean 60
high 77 low 40 mean 59
high 86 low 48 mean 67
high 81 low 42 mean 62
high 76 low 51 mean 63
high 71 low 41 mean 56
high 78 low 40 mean 59
high 81 low 42 mean 62
high 76 low 51 mean 64
high 79 low 46 mean 65
high 73 low 38 mean 56
high 77 low 43 mean 60
high 73 low 39 mean 58
high 85 low 43 mean 64
high 84 low 47 mean 64
high 80 low 39 mean 60
high 83 low 44 mean 64
high 80 low 42 mean 61
high 80 low 48 mean 64
high 77 low 40 mean 58
low 44
high 80 low 41 mean 61
high 74 low 37 mean 55
high 80 low 44 mean 62
high 81 low 37 mean 59
high 74 low 40 mean 57
high 70 low 46 mean 58
The following statement we have also received by telegraph, showing the height of rivers at the points named
at 8 a. m. of the dates given:
New Orleans
Memphis
Nashville
S-reveport
Vicksburg
ApriI2019. Aise4121 1922
Feet.
17.i
22.1
27.9
41.2
19.2
31.7
14.3
24.8
44.7
54.3
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge..
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through the
outports.
Week
end
Receipts as Ports.
19231922
1921
Boob at
muttony's.
1923.
1922.
1921.
irafrom Plantationi
1922
1923
1921
Feb.
2. 38.32 66453 149,43 1.150,906 1,488.28 1.738,11 65.66 38,081 133,645
9._ 87 381 81
118.122 I 089756 1.450,77: 1.728.47. 26,261 44,484108,479
l6... 83.079 82,2731 83,2921017 5681.418.643 1,723.22 10,:: 50.128 78,040
.
23__ 8.3,536 78,28 84,823 . 8
9 . I 49,092 98,849
943,689 1.391,4 8 1.737 4
Mar.
2_. 96,8261 86,817 88,1161 876.948!1.360.l34 1,716.021 29.60 45 48 66.687
9.. 83 38 84,833 92.8
44 41% 79,511
8
835175 1. . 2 1,702.642 41.5
16._ 82,00
,
65,46 69,858
75,384l,800.678 1,261,501 1,697.13!47,.
23-.. 88,641102.891 72.89 775 517 1,230.1521486,593 43.543 71.259 42.352
;
30__ 62,83 90.932 92,96 742 9981.203382 1.663,79. 30.115\ 63.962 90.105
'
April.
' . .
6._ 63.854 115,100
690.62511 145 088l 646.686 11,441 58,988, 86,088
.
13._ 34,9 114.106 103,288 665 834 1,096,517 1,623.685 10.199 85,55.51 72,538
95,437
20._ 34.6811101.999 99.403 lisi 758 1.043.089 1.609.714 87.000 48,571 85,837
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1922 are 5,4.53,747 bales,.
in 1922 were 4,801,470 bales, and in 1921 were 5,856,746
bales. (2) That although the receipts at the outports the
past week were 34,681 bales the actual movement from
bales,
plantations was 67,000 bales,
at interior towns having
decreased 34.641 baLs during the w tek. Last year receipts
from the plantations were 48,571 bales and for 1921 they
were 85,832 bales.
•
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
1922 23.
Week.
Season
1921-22.
Season
Visible supply April 13
3,904,546
3.713.971
Visible supply Aug. 1
6.111.250
3.760,450
American in sight to April 20_
107.573 9,551.849 133.066 8,663,525
Bombay receipts to April 1986.000 2,828.000
77.000 2.576.000
Other India shipmla to April 8.000
19
253,5501
149,000
11,000
Alexandria receipts to April 18..
10,000 1.270,800
631.000
9.050
Other supply to April 18_ *b_ --290.000,
9,000
290.000
7,900
Total supply
4,125,119 17.954,6495.951,087 18,420,775
Deduct
Visible supply April 20
3,748,908 3,748.908 5.668,054 5,668.054
Total takings to April 20_a
376.211 14.205,7411 283.033 12,752.721
Of which American
174,211 9,498.191 145.983 9,238.701
Of which other
202,000 4.707,550 137•050 3,514,020
Week
*Embraces receipts in Europe from Brazil, Smyrna. West Indies, &c.
a This total embraces since
Aug. 1 the total estimated consumption by
Southern mills, 3.069,000 bales in
1922-23 and 2,621.000 bales in 1921-22
takings not being available
-and the aggregate amounts taken by Northern
and foreign spinners. 11,136 741 bales
in 1922-23 and 10,131.721 bales in
1921-22. of which 6 429 191 'bales and 6,617,700 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay
and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
[VOL. 116.
THE CHRONICLE
Week.
1920-21.
1921-22.
1922-23.
April 20.
Receipts at-
Since
Aug. 1.
Week.
Since
Aug. 1.
Since
Aug. 1.
Week.
88,000 2,828.000 77,000 2.578.000 72.000 1.904.000
Bombay
Since August 1.
For the Week.
Great Conti- Japan&
Britain. neat. China. Total
Exports.
Bombay
1922-23 _
1921-22
1920-21_ _
OtherIndia
-23__
1922
1921-22_ _
1920-21__
Great
Britain.
3.000 18,161 128,000147,1 1.
58,000 58,000
1.000 9,5. I 4,000 14,000
8,000
8 I Is
.
. 0 10,000 11,511
3,16.
....
______
______
______
Contineat.
Japan &
China.
I
Total.
99,000 495,500 1,480,5002,075,000
26,000 344,000 1,
298,000 1,688,000
19,000 407,000 605,0001,031,000
58.000 195,550
8.000 125,1.
.
20,000 149,000
253,550
18.000 149,000
22.0001 191,000
Total all
.328,550
-23_ _ 3,000 26 .1 I 126.000155.III 157,000 691,0.1 1,480,
1922
32,000 489,0001,318,000 1,317,000
1921-22_ _ _ _ _ _ 1,I.. 68,000 89,11 $
1920-21... 1.000 12.000 4.000 17,000 39,000 558.111 627,00011,227.000
-Current rates for cotton from
COTTON FREIGHTS.:
New York, as furnished by Lambert & Burrows, Inc., are
as follows, quotations being in cents per pound:
High StandDensity. ard.
Liverpool _ _ .200. 32c.
Manchester_20c. 32c.
Antwerp..._2236c. 3531c.
Ghent
2234c. 3736c.
Havre
Rotterdam_ .22I6c. 3736c.
30c. 3536c.
Genoa
Christiania...37 A c. 800.
High
Density.
Stockholm_ _ _50c.
Trieste
50c.
Flume
502
Lisbon
50c.
Oporto
75c.
Barcelona _40c.
Japan
50c.
Shanghai_ _ _50c.
.
Standard.
65e.
65c.
65c.
852
90c.
55c.
65c.
65c.
High
Density.
Bombay... _ _50c.
Vladivostok
Gothenburg _ 50c.
20c
Bremen
Hamburg.. _ .20c.
60c.
Piraeus
Belot:ilea_ _ - _60c.
.
Stand
ard.
65c.
65c.
30c.
30c.
75c.
75e.
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, &c., at that port:
Mar. 30.
17.000
10.000
3,000
33,000
808,000
449,000
37,000
11,000
142.000
44,000
Sales of the week
Of which American
Actual export
Forwarded
Total stock
Of which American
Total imports
Of which American
Amount afloat
Of which American
Apri. 6. April 13. April 20.
41.000
37,000
34,000
23,000
16.000
19,000
6,000
13,000
4,000
52,000
44,000
45,000
802,000 781,000 749,000
437,000 417,000 392,000
45,000
43,000
19,000
14,000.5,000
114,000
91,000
94.000
32,000
12,000
14,000
According to the foregoing, Bombay ap'pears to show an
increase compared with last year in the week's receipts of
The tone of the Liverpool market for spots and futures
9,000 bales. Exports from all India ports record a gain of
86,000 bales during the week, and since Aug. 1 show an in- each day of the past week and the daily closing prices of
spot cotton have been as follows:
crease of 1,011,550 bales.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Saturday. Monday. Tuesday. Wednesday. Thursday. I Friday.
Spot.
now receive a weekly cable of the movements of cotton at
A fair
following are the receipts and Market, {
Alexandria, Egypt. The
Good
business
Moderate
Quiet.
Good
12:15
shipments for the past week and for the corresponding week
demand. demand.
doing,
demand,
P. M.
of the previous two years.
15.47
15.55
15.37
15.38
15.18
Mid.Upl'
Alexandria. Egypt,
April 19.
Receipts (cantors)
This week
Since Aug. 1
1922-23.
50,000
6 .346.771
To Liverpool
To Manchester, Ste_
To Continent and India_
To America
1921-21.
70,000
4.846.447
95,000
3.700,211
Since
Week. Aug. 1.
Since
Week. Aug. 1.
3.000205.510--- 137,150
9,00 150.921 2,500 114,128
3,000 263,285 . 800 170,943
- 153,755
1,000 197,737
4,750 87,622
5,000 71.005
2,000 106,209
700 39.073
Since
Week. Aug. 1.
Exports (bales)-
1921-22.
16,000817.453 3,300575,976 12,450 303,909
Total exports
-A cants/. is 99 lbs. Egyptian bales weigh about 750 lbs.
Note.
This statement shows that the receipts for the week ending April 19 were
50.000 cantars and the foreign shipments 16,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both cloths and yarns is steady. Demand for both home
trade and foreign markets is poor. We give prices to-day
below and leave those for previous weeks of this and last
year for comparison:
1922-23.
325 Cop
Twist.
10,000
Sales
10,000
10,000
7,000
5,000
Futures. HOLIDAY Steady Quiet tutch. Q't but sty Quiet unch. Steady
35 to 41p18. to 8 points 8 to 17 pts. to 5 points 13 to 19pte,
Market {
advance, advance.
dezline.
decline.
decline.
opened
Easy
Steady Closed feet Barely st'y Steady
48 to 56pts. 10 pte.adv. 4 to 10 pts. 7 to 21 pts. 1 to 6 pts.
advance.
decline.
decline. to2pte.dec. advance,
Market, {
4
P.M.
Prices of futures at Liverpool for each day are given below:
Sat.
April 14
to
April 20.
Tues.
Wed.
Thurs.
Fri.
d.
d.
d.
d.
d.
d.
d.1d.
d. 1 d.
14.88 14.74 14.82 14.84 15.0014.93 14.92 14.76 14.6314.82
14.86 14.73 14.8014.82 14.98 14.91 14.90 14.74 14.61 14.80
14.8 14.52 14.58 14.59 14.78 14.89 14.89 14.52 14.3514.53
14.68 14.51 14.5714.5 14.75 14.88 14.8 14.50 14.3414.52
14.3 14.2514.30 14.31 14.4 14.41 14.41 14.23 14.07 14.26
HOLI- 14.03 13.92 13.92 13.93 14.04 13.99 13.94 13.7: 13.6113.86
DAY. 13.81 13.50 13.51113.51 13.62 13.57 13.52 13.36 13.19 13.41
13.4 13.30 3.31113.31 13.42 13.37 13.32 13.16 12.98 13.23
13.21 13.11 3.12 13.11 13.22 13.18 13.13 12.67 12.7913.01
13.12 13.01 3.02'12.99 13.1013.06 13.02 12.86 12.68 12.92
13.0 12.92 2.93'12.92 13.01 12.9712.93 12.78 12.59 12.84
12.9 12.8312.84112.8 12.93 12.89 12.8. 12.70 12.51 12.76
d.
April
May
June
July
August
September _
October
November
December
January
February
March
Mon.
1234 1236 1236 4:00 12361 4:00 1236 4:00 1234 4:00 1231 4:00
P. m P. m.P. m.P. m.P. m.p• m.P. m.P. m.P. m.P. m.P. m.n• m •
d.
1921-22.
836 lbs. Shirt- Corn
Inas, Common Mid.
UpFs
to Finest.
32.1 Coy
Twist.
814 it,, Shirt- Corn
ism Common Mid.
UPI's
to Finest.
BREADSTUFFS
Friday Night, April 20 1923.
Flour has been quiet, with supplies liberal. The output
s well ahead of consumption. The inevitable result is that
arkets are well supplied, while at the same time the deand is slack. Wheat is up one day and down the next.
2231 16 7 017 3 16.44 17
15 1361516 136 9.98
0
15 1836
lour buyers hardly know what to expect. It is hard to sell
0 1836 15 1361516 13.6 10.57
0 2336 17 1 017 6 18.60 17
0 1836 15 535 016 3 10.75
0 24 17 1 017 6 16.55 17
lour. Stocks at New York are liberal. Nearby markets
0 1831 15 4311516 3 10.69
0 2414 17 1 017 8 16.08 17
0 2436 17 1 @17 6 14.80 1731 15 1814 15 4551516 3 10.89 . re also pretty well stocked. Mills seem disposed to sell.
nder the circumstances the trend is taken to be towards
15 2436 17 0 017 8 15.88 1736 0 1814 15 436016 3 10.45 .
0 2436 17 0 017 4 15.95 1736 15 1834 15 434018 3 10.23 . ower prices. That is nothing surprising, especially as the
0 2334 17 0 017 4 15.18 1734 0 1831 15 434(516 OM 10.11 , xport demand is far from being a sustaining factor. To
make matters worse
-As shown on a previous page, the Canadian flour here there Is said to be quite a large stock of
SHIPPING NEWS.
which can be had for shipment at relaexports of cotton from the United States the past week have tively lower prices than those prevailing for American flour
reached 64,448 bales. The shipments in detail, as made
of very similar quality. It is true that there is a certain
up from mail and telegraphic returns, are as follows:
Bales. amount of export business daily, but it is small. At Minne-Adriatic, 63___April 17
-April 13
-To Liverpool
NEW YORK
apolis there has been a fair demand. At times business
153
Union
90
200 there has been stopped by reactions in wheat. Mills there
-George Washington, 200
To Bremen-April 13
285 have averaged about 50% of capacity. At times directions
To Havre-April 18-Rous,Wlon, 285
100
-Angela, 100
To Barcelona-April 18
,
1,684 have fallen off noticeably, but rye flour advanced 10 to 25
-To Venice-April 13-Ophis, 1,684
NEW ORLEANS
206 cents last week, with offerings moderate and the demand
-Yucatan, 206
-April 13
To Vera Cruz
854
-April 14-Eldena, 854
To Liverpool
201 good, and Durum flour last week was up 20 cents in symTo Manchester-April 14-Eldena, 201
4.677 pathy with wheat. Wheat flour was unchanged to 10 cents
-West Ira, 4,677
To Bremen-April 14
2,665 higher. But the tone at Minneapolis was not aggressive and
To Havre-April 17-Ellmorn, 2,665
50
To Dunkirk-April 17-Elknorn, 50
latterly it is understood trade has been anything but strik-Elkhorn, 889..-April 17-Lieut. Jean
-April 17
To Ghent
1.338 ing. At Kansas City trade has been slow and prices for the
Laurent, 449
400
To Copenhagen-April 18-Gorm, 400
GALVESTON-To Genoa-April 13-Jacona, 3,556
3,556 most part unchanged. Taking the flour trade as a whole it
acona, 1,700- April 17
-West CheTo Barcelona-April 13
has been in no very satisfactory shape in this country. Six
1,800
-Delaware, 1,955
.
To Gothenburg-April 14
1,955 leading railroads report 2,157 cars of flour at their terminals
-Delaware, 300
To Christiania-April 14
300 here, against 2,253 a week ago. Later export business in-Seattle Maru, 4,040
To Japan-April 16
4.040
-Hegira, 292
-April 14
To Liverpool
292 creased with wheat up. It was estimated that sales had
To Mane ester-April 14- egira, 464
464 been made of about 35,000 barrels for shipment to Baltic
To Havre-April 14-Federal, 7,896
7,896
To Antwerp-Apn114-Federal,200
200 ports, mostly to Danzig, and further sales to the Mediter-April 14-Federal,300
To Ghent
300 ranean, possibly 10,000 barrels, with some business with
To Bremen-April 14-Tomalva, 2,266
2,266
To Rotterdam-April 14-Tomalva, 100
100 other foreign markets. The "Northwestern Miller" said:
-Tulsa, 50
CHARLESTON-To Liverpool-Aril 13
50 "Flour buyers appear to feel that the advance in wheat is
-Tulsa, 136
1
, To Mancnester-April 13
soundly based on actual prospects for the 1923 crop, and that
ni To Bremen-April 18-Magmenc, 2,900
32:639170 23586
To Hamburg-April 18-Magmeric, 328
the present flour price is likely to continue if it does not ad-West Munham, 3,678
HOUSTON-To Havre-April 14
-West Munham, 100
100 vance."
To Antwerp-ARril 14
-West Munnam, 300
-Apr 14
Wheat advanced 3 cents on May early in the week, on bad
300
To Ghent
5,407 weather, covering and
To Bremen-April 14-Conness Peak, 5,407
a fair export demand. But on the
14-Conness Peak 350
-A
350
To Hamb
PHILADELPH A- o Rotterdam-April 6-Burgerdijk, 6
6 10th inst. it dropped, owing to the decision of the U. S. Su11-IIawall Marts, 100_
100 preme Court upholding
PORT TOWNSEND-To Japan-April
legislation regulating grain ex14
SAVANNAH To Bremen-April 16-Magmeric, 14
100 changes as amenable to the Inter-State Commerce Acts and
To Liverpool-April 18-Philadelpitia, 100 VII, 16,000
15,000 therefore subject to
WILMINGTON To Genoa-April 17-Ansaldo,
Federal supervision, It is fair to sup64,448 pose that the law will hamper tralinr! In fn'Trrs cr t''n
Total
Feb. d.
9 22
16 2136
23 22
Mar.
2 22
9 2236
16 23
23 2336
29 2336
Apr.
6 2336
13 2331
20 2234
d.
0 23
0 2214
0 223
s. d.
a. d.
17 0 017 4
17 0 017 4
170 @174
d. d.
d.
15.74 16 36 0 1736
15.93 1636 0 18
16.3417
0 1814
e. d.
e. d.
15 0 016 0
14 9 015 9
15 0 016 0
d.
9.47
10.01
10.25
APRIL
21 1923.]
THE CHRONICLE
Chicago Board of Trade would not have fought it, and the
price would not have fallen 2 to 3 cents on the 16th inst.
It brings the grain exchanges under Government control.
Also, the visible supply in the United States increased last
week 98,000 bushels, against a decrease last year of 789,000.
The total is now 45,476,000 bushels, against 32,884,000 a year
ago. But on the 17th inst. prices advanced 2 cents on bad
crop reports. Selling fell off. Traders thought less of the
Futures Act. Export sales in two days were 800,000 bushels,
mostly Manitoba, but including a little Durum. The estimate of the wheat crop in Canada was cut down about 25,000,000 bushels. Liverpool, too, was firmer. On the 17th
inst. prices advanced on-a better technical position after recent heavy liquidation and the Futures Act was less dreaded.
And winter wheat crop reports were not good; quite the contrary, especially from Nebraska and Ohio. The weather
was warmer in the Northwest and also in Canada. Moreover, the official estimate on the Argentine crop was increased 26,000,000 bushels. True, the Northwestern Grain
Dealers' Association reduced their estimate on the Canadian
crop about 24,000,000 bushels. But export business was
small, sales for the day being only about 200,000 bushels.
Inquiries came from Italy for shipment covering a period of
about four months and the Greek Government was expected
to be in the market for about 750,000 bushels of Manitobas
or American hard winters on April 24. On the 18th inst. it
was much warmer all over the West and also in Canada, and
May, after touching 1.26% in Chicago dropped to 1.25 at the
close. The warmer temperatures will naturally hasten seeding at the Northwest. Cash markets were dull with flour
trade poor. Exporters took only 300,000 bushels of Manitoba. Soing bad crop reports from the winter wheat belt
were ignored. On the 19th inst. prices advanced with crop
news unfavorable and export sales of 1,000,000 bushels, including 250,000 bushels of Durum and a moderate quantity
of hard wheat at the Gulf. The Clement Curtis report indicating a decrease of 15.2% in acreage and an indicated
crop of 547,000,000 bushels compared with the last Government report of 572,000,000, was a bullish factor. But the
weather was warmer throughout the country and advices
from the Northwest were more favorable to the progress of
spring wheat seeding. Liverpool cabled: "The plague situation in India is less serious, with mortality cases abating.
Weather reports are improving and harvesting is again proceeding. In Western Europe the weather Is generall
y favorable, and we are receiving only a few complaints of crop
damage. In the Balkans the weather recently has been
very wintry and farmers have been hindered in their field
work. Several districts in South Africa are badly infested
by locusts." To-day prices declined 1% to 214c., but for the
/
week they end'irregular, being 'ric. higher on May and
.
/
C.
lower on July.
1801
day prices fell %to %e., and show a decline for the week
of % to %c.
DAILY CLOSING PRICES OF' OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
cts- 574 574 574 574 574 67
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_ 4634 4534 4534 454 451 4534
July delivery in elevator
46
4634 46
4634 46
46
September delivery in elevator.--46
44
45 4 45
45
4434
Rye advanced and receded with other grain. Sales for
export were reported early in the week of 450,000 bushels.
The American visible supply decreased last week 18,000
bushels, against 25,000 last year. The total is now 18,413,000
bushels, against 8,675,000 last year. On the 17th inst. prices
advanced. Of barley 50,000 bushels were taken by Germany
on the 16th. The visible supply of barley in the United
States decreased 3,000 bushels last week, against an increase
in the same week last year of 13,000 bushels. The total is
2,478,000 bushels, against 1,680,000 a year ago. On the 16th
Inst. cash rye fell Y. to %c. in Chicago, but it was firm
at
Minneapolis. On the 17th and 18th insts. exporters took in
all 350,000 bushels, partly for Germany. Prices at one time
on the 18th inst. were somewhat higher, but they reacted
later with those for wheat. To-day prices declined
4c. and
11
are %c. to 1%c. off for the week.
DAILY CLOSING PRICES OF RYE FUTURE
S IN
Sat. Mon. Tues. Wed.
May delivery in elevator
cts _ 8734 8534 87
8634
July delivery in elevator
8834 8634 88' 8734
September delivery in elevator_ _ 88
87
8834 8834
The following are closing quotatio
CHICAGO.
Thurs. Fri.
8634 8534
8834 87
8834 8734
ns:
WheatNo. 2 red
No. 2 hard winter__
CornNo. 2 yellow
Rye
-No.2
GRAIN
Oats
$1 4734
No. 2 white
14134
No. 3 white
Barley
9934
Feeding
95
Malting
57
56
Nominal
85@386
FLOUR
Spring patents
$6 85($7 25 Barley goods
.
Winter straights, soft
a 90 625
No. 1, 1-0, 2-0
$5 75
Hard winter straights 6 40t 675
Nos. 2.3 and 4 pearl_ 650
First spring clears
6 00 6 25
Nos. 3-0
5 90
Ryeflour
4 90
525
Nos. 4-0 and 5-0_
600
Corn goods, 100 lbs.:
Oats goods
-carload:
Yellow meal
2 15@ 225
Spot delivery
285@2924
Corn flour
2 150 220
For other tables usually given here, see
page 1780.
The visible supply of grain, comprising the
stocks in granary at principal points of accumulation at lake
and seaboard
ports Saturday,.April 14, was as follows:
GRAIN STOCKS.
Wheal,
Corn.
Oats
Rye,
Barley.
bush,
bush,
bush,
bush.
bush.
1,629,000 1,930,000 1,147.000
392,000
297,000
2,000
2,000
20,000
3.000
970,000
440,000
811.000
47.000
3.000
462,000
914,000
381.000 2,530,000
43.000
Newport News
101,000
New Orleans
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
1,089,000
802.000
88,000
56,000
12,000
1,288,000
Sat. Mon. Tues. Wed. Thurs. Fri. Galveston
103,000
Buffalo
No. 2 red
1,461,000
324.000
cts-151
587,000
422 000
14734 14934 14834 1494 14734 Toledo
426,000
656,000
121,000
277,000
14.000
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAG
1,000
24,000
O. Detroit
32,000
72,000
21.000
Sat. Mon. Tues. Wed Thurs. Fri. Chicago
2,409,000 16,391,000 5.258,000
843,000
May delivery in elevator
300,000
cts_126
' afloat
12,000
126
12434 126_ 126
12434
407,000
131,000
216,000
July delivery in elevator
123w 121
158.000
12434 122% Milwaukee
899,000
974,000
September delivery in elevator_ _ _ _122% 120% 123% 123
169,000
203,000
11,609.000
121% 12034 122
119% Duluth
271.000
588,000 9,718.000
398,000
Joseph, Mo
982,000
Indian corn advanced slightly at first with the weather St.
284,000
88,000
3,000
3,000
Minneapolis
14,503,000
418.000 8,929,000 3,281,000
cold, wheat up, and shorts covering. The decision upholding St. Louis
765,000
565,000
510,000
599,000
13,000
5,000
4,747,000 1,180,000
the Grain Futures Act by the U. S. Supreme Court had a de- Kansas
738,000
139,000
2,000
138,000
148,000
pressing effect on the 16th inst., especially as cash demand Peoria is
Indianapol
154,000
131,000
86,000
was slow. Liquidation was general. Exporte
Omaha
2,006,000
944.000 1,633,000
378,000
rs
407,000
335,000
200,000 bushels. But on the 17th inst. prices took about Sioux City River
365,000
56,000
rallied with On Canal and
381,000
10,000
those for wheat. The American visible
32,000
supply decreased
Total April 14 1923.__A5,476,000 26.574,000 22,926,000
last week 789,000, against 897,000 a year
Total April 7 1923_ _ _45,378,000 27,471,000 23,222,000 18,413,000 2,478,000
ago. It leaves the
total only 26,574,000 bushels, against 41,749,0
Total April 15 1922-33,129,000 43,146,000 61,933,000 18,431,000 2,481,000
8,675,000 1,680.000
Note.
-Bonded grain not
this time. On the 17th inst. 300,000 bushels 00 last year at
above:
sold for export Boston, 63,000; Baltimore, included Buffalo.Oats, New York, 446,000 bushels;
382,000;
532,000; Duluth, 36.000; Toledo.
to England and Germany and shorts covered
freely. On the 48,000 Toledo afloat, 153,000; total, 1,680,000 bushels, against 146,000 bushels in
18th inst. warmer weather and a drop in wheat
1922. Raney, New York, 224,000 bushels; Buffalo, 689.000;
Duluth, 72,000; total.
put
down, especially for May, on which large deliveri prices 985,000 bushels, against 53,000 bushels in 1922. Wheal, New York, 2,812,000
were bushels: Boston, 176,000: Philadelphia, 940.000; Baltimore, 1,324,000; Buffalo.
es
predicted. But there was quite a good export
1,701,000; Duluth, 251,000; Toledo. 241,000: Toledo afloat,
inquiry
834,000; Chicago,
the actual sales to Europe were estimated at 300,000 and 261,000; total. 8,540.000 bushels, against 2,215,000 bushels in 1922.
Canadian
bushels. A total of 600,000 bushels in two days, it was
Montreal
956,000
245,000
364,060
153,000
221.000
William dr Pt. Arthur_35,682,000
was not doing so badly. To-day prices declined thought, Ft."
1 to 1%c.
afloat
163,000
5,158.000
and are
3,734,000
1%c. lower than last Friday.
Other Canadian
2,824,000
709,000
651.000
DAILY CLOSING PRICES OF CORN IN NEW
Total April 14 1923_ _ _39,625.00
YORK.
245,000 6.231,000
Sat. Mon. Tues. Wed. Thurs. Fri.
153,000 4,606.000
Total April 7 1923_ _ _ _38,663,000
0
149,000 5,716,000
No. 2 yellow
cts_1034 101
154,000 4,413,000
101.4 100
Total April 15 1922_ _ _ _34,906.000
1004 9934
986,000 9,999,000
18,000 2,992,000
Summary
DAILY CLOSING PRICES OF CORN FUTURES IN
CHICAGO. American
45,476,000 26,574,000 22,926,000 18,413,000
Sat. (on. Tues. Wed. Thurs. Fri.
Canadian
2,478.000
May delivery in elevator
as- 81)34 79_
39,625,000
80
79
245,000 6,231,000
7934 78'
153,000 4,606,000
July delivery in elevator
8234 81% 82% 81g 82
Total April 14 1923_ _ __85,101,000
September delivery in elevator_ - _ - 82% 82% 82% 81% 824 80
26,819,000 29,157,000 18,566,000 7,084,000
81
Total April 7 1923_ _84,041.0
00
Total April 15 1922_ _68,035,000 27,620,000 28,938,000 18,585,000 6,894,000
Oats early in the week advanced somewhat, but reacted
44,132,000 71,932,000 8,693,000 4.672,000
United StatesNew York
Boston
Philadelphia
Baltimore
1y, to
on Monday with wheat, only to rally on Tuesday with that
cereal. Oats are a mere echo of wheat and corn. The outlook for warmer and more seasonable weather had some
effect, especially on the distant months. The American
visible supply last week decreased 296,000 bushels, against
1,673,000 in the same week last year. The total is now only
22,926,000 bushels, against 61,933,000 a year ago. But if the
visible supply is small the visible demand is generally quite
as small. On the 17th inst. futures fell for a time with the
weather better, but they rallied with those for wheat and
cash oats were noticeably steady at all times. On the 18th
inst. exporters took about 500,000 bushels of Canadian oats.
The idea seemed to be that they will be shipped both from
the Atlantic seaboard and from Montreal to English ports
and that the prices were eased to help the deal through
. To-
WEATHER BULLETIN FOR THE WEEK
ENDING
APRIL 17.
-The general summary of the weather bulletin
issued by the Department of
Agriculture. indicating the
influence of the weather for the
week ending April 17, is
as follows:
The outstanding feature
of
unseasonably cool weather in the week ended April 17 was a continuation of
issippi Valley thus making Central and Northern States east of the Missthe
temperature conditions in this fifth consecutive week with unfavorable
area and resulting in further retardation of
vegetative development.
Temperatures were normal in the cotton belt.
except in the extreme
western
normal. From the Rocky portions where they were considerably below
normal warmth was receivedMountains westward somewhat more than
which made conditions generally favorable
for agriculture, especially
for live stock interests.
Rainfall was heavy in much
of the South, particularly in the northwest
Gulf districts, and it
nessee and the middle was rather heavy in the immediate Ohio Valley, TenAtlantic Coast area, with considerable snow and sleet
In Maryland, Pennsylva
nia and
occurred in Oklahoma, eastern some adjoining sections. Beneficial rains
New Mexico and in the northern, western
and Rio Grande Valley sections
of Texas, but in other portions of Texa
1802
THE CHRONICLE
there was too much moisture. Rains were helpful also in Florida. Severe
drouth. however, continued in the central western Great Plains and more
moisture was needed generally.
The week was mostly favorable for farm work from the Great Plains
westward and was somewhat more favorable than the preceding week in
the upper Mississippi ValIfy, but there was considerable delay in much of
the south and east.
-Temperatures averaged nearly normal in the central, eastern
Cotton.
and portions of the cotton belt, but were considerably below normal in
central and western Texas, rainfall was frequent and heavy in most cotton
growing districts, particularly in the central and west Gulf States and planting made mostly slow progress.
Progress and condition of early planted cotton was poor in Texas because
of continued cool weather while heavy rain interrupted field work in Oklahoma where planting progressed slowly.
Conditions were somewhat more favorable in Arkansas, where planting
made very good progress except where it continued too cool in the northern
portion and it was too wet in localities. Conditions were generally unfavor
able in Louisiana, Missippi. Alabama and Tennessee, where it was too wet
for much field work. Some cotton was planted in extreme southwest
Tennessee.
Heavy rain delayed field work in central and northern Georgia, but was
more favorable in the southern portion where much cotton was up, but
growth was slow and stand mostly unsatisfactory. The crop was up to a
generally good stand in Florida and chopping out progressed there. The
week was mostly favorable for field work in South Carolina and planting was general, although growth was slow on account of cool nights. Some
early planted cotton had come up in extreme southern North Carolina
and planting was in progress in the southern coastal plains.
-Corn planting made slow progress because of unfavorable weather
Corn.
conditions in most sections east of the Mississippi, although fairly good
advance was made in this work in the South Atlantic Coast section including southern Georgia. Some corn was planted as far north as South Carolina.
This work made better progress in the Central Great Plains area and in
Arkansas and was well advanced in Texas, although the stand was poor
and the crop late in part of the latter State. Planting was retarded by rains
in Oklahoma, but germination of the early planted in the southern portion
was satisfactory. Much ground was prepared for corn in Missouri, but
scarsely any planting was done and considerable plowing of sod and uplands
was accomplished in Iowa. Generally unfavorable conditions of corn
prevailed in the Central Gulf States.
-Cool weather for the season prevailed in the central and
Small Grains.
eastern portion of the winter wheat belt and rainfall was rather heavy in
the immediate Ohio Valley section, but only light to moderate west of the
Misssissippi except in Texas and Oklahoma. The growth of wheat was
slow in the Ohio 'Valley States because of cool weather, but the crop was
greening up slowly and showing improvement in some localities. There
was little growth during the week In the upper Mississippi Valley, but
some advance was shown in Missouri, where the general condition was reported fair.
-Moisture was still deficient in Nebraska and the conditions of
Wheat.
the crop remained uncertain in that State. Wheat showed good growth
eastern half of Kansas, but continued very poor in the western third,
in the
.
where much had not come lIP Rainfall during the week was favorable for
winter cereals in Oklahoma. Iowa and Texas, where a general improvement
in condition was reported. The weather conditions were generally favorable throughout the Rocky Mountain section and in Montana, but in the
winter wheat crop was reported as uneven and spotted in the latter State.
Grains made good growth in Pacific Coast States, while warmth and showers were beneficial in the plateau district of the West. They did fairly
well in most of the Atlantic Coast area and the Southeast, although there
was increase complaint of rust in Georgia.
Conditions were most favorable for seeding spring wheat in South Dakota
and the more Northwestern States, where temperatures were generally
favorable and the soil mostly in satisfactory condition. It continued
unfavorable, however, for field work in North Dakota and the Eastern
States of the spring wheat belt. The ground remained frozen in many
portions of North Dakota, but there was some seeding done in the extreme
eastern part, which was also the case in extreme south Minnesota.
-Oatsseeding made poor advance in most sections of the Mississippi
Oats.
River, but conditions in south Iowa improved where seeding of this crop
made better progress. Conditions were favorable for seeding in Nebraska.
Oats were reported as generally in poor condition in the south Great Plains,
but as fair to good in Texas, while conditions were favorable in Arkansas.
Little preparation had been made for planting rice in Arkansas because of
continued unfavorable weather and seeding was much delayed in Louisiana
and Texas. Rice seeding made splendid progress in California.
AGRICULTURAL DEPARTMENT'S REPORT ON
-The Crop Reporting
CROP ACREAGE ESTIMATE.
Board of the Department of Agriculture issued on April 20
for the first time the following special report of the acreage
farmers intend to plant of the principal spring-sown crops
in 1923, compared with the acreage of such crops grown in
1922, also with the five-year average 1918-1922. This report
is based largely on reports received the first 10 days in April
from many thousands of crop reporters, giving actual acreage
of crops grown on their own farms in 1922 and acres intended
to be planted in 1923 on the same farms.
The intended plantings this year as a percentage of last year's planted for
the various cotton States are as follows: Virginia. 150%; North Carolina,
102%; South Carolina. 103%; Georgia, 101%; Florida, 130%; Alabama,
113%;Mississippi, 110%;Louisiana. 110%;Tennessee,119%;Texas,114
Arkansas, 111%; Missouri, 200%; Oklahoma, 120%; Arizona. 121 o •
Weather conditions since April 1 have been very unfavorable for cotton
planting.
Spring wheat intentions have been affected by late spring. Minnesota
and South Dakota show 12% decrease compared with 1922: North Dakota,
4%, The Far Western States show about the same; Montana reports 6%
less and Washington 10% more.
An increase in Nebraska is due to planting of spring wheat on some of the
abandoned winter wheat acreage. In Minnesota, North and South Dakota
there will apparently be a strong shift to flax.
Corn.
-Intended acreage of 2.6% for corn over 1922 is due to have
Increase in the Western portion of the corn belt and in the Far Western
States. A part of the increase will replace winter-killed wheat, especially
In Kansas and Nebraska. The East North Central States show an increase
of3%,the West North Central States8%. The increase in the Far Western
group, 20%; slight decreases are shown for most Southern States.
Oats.
-Intended increase in the United States of 2.6% in acreage of oats
over 1922, results from increases of 6% in the East North Central States;
2% in the West North Central; 7% in the South Atlantic; 13% in the Far
'Western; 1% in the North Atlantic; with a 7% decrease in the South
Central division.
-The United States show an intended increase of 5% in barley
Barley.
acreage compared with 1922; the East North Central States showing an
Increase of 10% and the West North Central States an increase of 8%.
The Far Western States show a decrease of 1%, a tendency to increase in
the Mountain States being offset by decreases in California,
-The 1923 flax acreage in the United States will be almost double
Flax.
the 1922 acreage according to early Intentions. Minnesota showing 190%.
North Dakota 200%.South Dakota 225%,respectively,compared with last
year's period. The change in Montana and other States is moderate.
-The intentioned acreage of 10% in tobacco over 1922 is the
Tobacco.
result of proposed material increases in practically all States. Kentucky
and Tennessee show an increase of 14%; Virginia. 2%; North Carolina,
61 South Carolina, 20%: New England. 17%; Ohio, 15%; Wisconsin,
12 0, and Pennsylvania, 8%.
The following table shows the percentage of acreage for the principal
spring-sown crops in 1923 compared with the acreage of such crops in 1922;
also the five-year average for 1918-1922 and 1909-1913:
1922.
1909-13.
1918-22.
112%
1097
108.7%
Cotton of planted area
94.5
83.8
96.5
Spring wheat of harvested area
102.6
103.2
100.9
Corn of harvested area
102.6
97.8
111.9
Oats of harvested area
105.7
100.5
102.5
Barley of harvested area
189.0
99.3
162.7
Flax of harvested area
90.9
99.6
107.0
White potatoes of harvested area
97.5
175.8
107.6
of harvested area
Sweet potatoes
110.0
108.9
155.1
Tobacco of harreqed area
[VOL. 116.
THE DRY GOODS TRADE.
Friday Night, April 20 1923.
Textile markets continued to rule quiet during the past
week, and prices in some divisions developed an easier undertone, this being particularly true in regard to cotton
goods. The sharp downward tendency of raw cotton caused
hesitation among buyers and prompted sellers to lower selling prices on some unfinished lines of goods. There is very
little likelihood, however, that finished goods prices will be
disturbed to any great extent by the present decline, as price
advances have not been as pronounced as those in gray
cloths. Other factors responsible for the present quietness
are the facts that mills are well covered with business for
the next sixty days and therefore not willing to make further pride concessions, and the amount of re-sale goods in
the market continues smaller than usual. There are still
many staple finished cotton goods.for fall use to be priced,
but owing to the uncertainty concerning distribution at
higher levels, agents are hesitating. They could name higher
prices and secure a limited business, but they much prefer
to wait and see if there is any chance of a general recovery
In retail demand within the next few weeks, when weather
conditions become more normal. On the other hand, there
appears to be increasing evidence of a more conservative attitude spreading among buyers throughout the country, and
there is less inclination to stock up at prevailing prices. Furthermore, a fact which is being pointed out now as having a
great bearing on merchandising, Is that three years ago,
when mills were running at full capacity, there was an admitted scarcity of production in many lines, while the large
production that is now seen through the textile world is rapidly filling up the gaps of scarcity in various lines. Export
demand is dull and Jobbers are making an effort to hold
down their stocks, which throws the burden on the mills.
If the mills continue to operate at present capacity when
their current orders expire it will no doubt result in accumulations. This is a prospect which is clearly in the minds
of conservative merchants during the present quiet period.
DOMESTIC COTTON GOODS: Domestic cotton goods
markets have been generally inactive during the past week,
and prices in second hand trading have shown further softening. The lower cotton markets for late months suggest
lower cloth prices, and while a few mills are said to be open
to accept contracts at concessions, they have not as yet found
a level attractive enough for large operators to move, while
jobbers are not pressed to buy more, and many can wait for
another three or four weeks. Sheetings are reported as
showing continued easing, and the absence of export demand is felt very much, particularly in cases where overtime operations are making small lots of spots available.
Mills as a rule are more willing to sell ahead than they were,
but in some instances agents will not consider the low offers/
)
any more than buyers will pay attention to them. Thenhave been reports of second hand sales at material concessions from some of the local quotations, but in most cases
they represented nothing more than exchange of weak holdings or the unloading of some small speculative lots. Slowly
Improving weather, however, is making for a more active
distribution of percales and ginghams. Two weeks of good
weather no doubt will change the situation for the better.
During the latter part of the week the further instability
of the cotton market made buyers more timid and until the
staple shows improvement, traders do not look for much increase in activity. Print cloths, 28-inch, 64 x 64's construc-inch, 64 x 60's, at 7%c.
tion, are quoted at 8%c., and the 27
Gray goods in the 39-inch, 68 x 72's, are quoted at 12%c., and
the 39-inch, 80 x 80's, at 14c.
WOOLEN GOODS: Markets for woolens and worsteds,
unlike the market for cotton goods, maintained a firm tone.
Price advances are heard frodi time to time. Where the
output of certain staples is not sufficient to meet the demand, prices are firmer, while some fancies have been
bought up so quickly that needy buyers are willing to bid
higher in the hope of bringing out more goods. Buyers in
great numbers have been about the houses dealing in the
better grades of dress goods, and while complaints are heard
about the higher prices, the latter do not appear to deter
them from making purchases wherever they can. One reassuring feature of the woolen goods situation is the fact
that the market was thoroughly deflated before the current
boom commenced. There were no surplus goods lying about
In the hands of distributers, and it now appears that it will
take more or less time before production catches up with
consumption.
FOREIGN DRY GOODS: There has been no increase in
activity in markets for linens during the past, week, the
market continuing quiet. There have been fewer out-oftown buyers in the market, and while men on the road continue to book orders, they are smaller in size than recent
commitments of retailers. An interesting feature in the
market, however, is the absence of complaint among buyers
concerning prices, which pontinue to be well maintained.
Household linens appear to have suffered most in the decline of activity, but a new buying movement is expected to
develop within a few weeks. In the absence of demand, burlaps have been quiet with the tendency of prices downward.
Easier advices from Calcutta and heavy arrivals have encouraged buyers to hold off. Light weights are quoted at
7.00 to 7.15c.. and heavies at 8.15 to 8.25c.
APRIL 21 1923.]
THE CHRONICLE
ffitatt anti Tidy ptiaartuunt
NEWS ITEMS.
Chattanooga, Tenn.
-Annexation of East Chattanooga
Voted-East Lake Defeats Annexation.
-At an election held on
April 10 the annexation of East Chattanooga to the City of
Chattanooga was voted by 391 "for" to 371 "against." On
the same day the people of East Lake, by 506 to 318, voted
against becoming part of Chattanooga.
It is estimated that the joining of East Chattanooga to
the city will increase the city's assessed valuation by about
418,000,000 and the population by about 18,000.
Dallas, Tex.
-The City
-Trinity Heights Annexed to City.
Commission April 12 passed an ordinance providing for the
annexation of Trinity Heights.
New Hampshire.
-Doubtful Tax Bills Passed by House.
In an effort to frame a new taxation system to replace the
levies recently declared unconstitutional by the State Supreme
Court (V. 116, p. 1682), the House of Representatives is
giving consideration to proposed taxation measures. On
April 17 that body passed four tax bills, the constitutionality
of three of which is declared to be doubtful. The Boston
"Transcript" in its issue of April 18 published the following
Concord dispatch regarding the matter:
The State House of Representatives yesterday passed throe tax bills
whose constitutionality is considered doubtful. One of these bids provides
for a gasoline tax of one cent per gallon, though the Ways and Means Committee of the House had previously reported that the.Supreme Court of the
State might consider such an Act unconstitutional.
Two inheritance tax bills were also passed on which there is a question of
constitutionality. The first provides for a flat rate direct inheritance tax
a2% with the same exceptions now existing in this State. A new grade was
added consisting of collateral heirs, brothers, sisters, nieces and nephews.
It imposes on this class a fiat rate of 6%. All other collateral heirs must
pa7 10% on their inheritance.
I he second Act applies only to personal estates. The State will collect a
tax of one-half of 1% on inheritances in excess of $50,000 and less than
$100,000, of 1% from inheritances from $100,000 to $250,000, and of 3%
on all in excess of the latter figure.
The inheritance tax bills require the payment of the tax upon the decree
of the Judge of probate. The tax must be turned over to the State Treasurer for the use of the State.
A fourth bill passed reduced the tax on savings bank deposits from three
fourths of 1% to one-half of 1%. It does not change the distribution of
the tax.
New York City, N. Y.
-Injunction Against Jubilee Bonds
Sustained.
-On April 13 the injunction granted by Justice
Mullan of the Supreme Court to Wm. J. Schieffelin, of the
Citizens Union, preventing the Mayor and Board of Estimate
from appropriating special revenue bonds for New York
City's twenty-fifth anniversary celebration, was sustained
by the Appellate Division, to which an appeal had been taken
by the City.
-The 1923
Tennessee (State of).
-Legislature Adjourns.
session of the Legislature came to an end at 8:15 a. m.
April 3. During the session an excise tax law was enacted.
This measure provides for a tax levy of 3% on net incomes
of corporations doing business in Tennessee. Another tax
measure passed provides for a gasoline levy of 2 cents a
gallon. Counties must now receive the approval of the
• voters before issuing bonds, under one of the new laws.
A bill proposing the repeal of all laws permitting the issuance
of tax-free securities by counties and municipalities was
introduced,. but met defeat early in the session.
BOND CALLS AND REDEMPTIONS
Cleburne, Johnson County, Texas.
-D.F.
-Bond Call.
Howell, Mayor, is calling for payment all outstanding
optional bonds, which will be paid at par and accrued interest
upon presentation to the Seaboard National Bank, N. Y.
City, provided said bonds are not presented later than July
1 1923, and all other outstanding bonds of Cleburne, bearing
5% will also be paid at par and accrued interest if presented
prior to July 1.
The official notice of the call of these bonds may be found elsewhere in this
Department.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
ABBEVILLE,Vermilion Parish,La.
-BOND SALE.-Sutherlin, Barry
& Co. Inc. of New Orleans, purchased $45,000 6% water works and electric Hight bonds on April 9 at a premium of $135,equal to 100.91. Denom.
$1,0®. Date Jan. 15 1923. Int. semi-ann. Due 1924 to 1931, incl.
ADAMS, Berkshire County, Mass.
-BOND SALE.
-According to
newspaper reports. $60,000 street bonds, dated May 1 1923 and maturing
from 1924 to 1933, incl., were purchased by Merrill, Oldham & Co., Boston,
at 100.21. on an interest rate bid of 43i%.
AKRON, Summit County, Ohio.
-BOND OFFERING.
-F. A. Parmelee, Director of Finance, will receive bids until 12 in. May 14 for the purchase at not less than par and int, of the following 5% coupon (with privilege
of registration) special assessment street 1mpt. bonds,Issued under authority
of Sec. 3914, Gen. Code:
$42,300 West North Street bonds. Denom.81.000 and $300. Due yearly
on Oct. 1 as follows: $4,300, 1924: $5,000, 1925 to 1929, inclusive:
84,000, 1930; $5,000. 1931, and $4,000, 1932.
10,000 Springdale Street bonds. Denom.$1,000. Due yearly on Oct. 1
as follows: 81,000, 1924 to 1931, incl., and $2,000_, 1932.
79,100 Bellows Street bonds. Denom.$1,000 and $100. Due yearly on
Oct. 1 as follows: $8.100, 1924; $9,000, 1925 to 1931, incl., and
$8.000, 1932.
7,6p0 Annadale Ave. bonds. Denom. 81.000, $800 and $600. Due
yearly on Oct. 1 as follows: $1,000, 1924; $800, 1925: 81.000,
1926; $600, 1927; 81.000, 1928; $600, 1929; $1,000, 1930; $600.
1931, and $1,000. 1932.
8,400 Hite Street bonds. Denom. $1,000 and $400. Due yearly on
Oct. 1 as follows: 81,400, 1924; $2,000, 1925; $1,000, 1926, and
82,000, 1927 and ins.
3,400 Rothrock Ave. bonds. Denom. $700 and $600. Due yearly on
Oct. 1 as follows: $600, 1924,and $700, 1925 to 1928,inclusive.
1803
$10,900 Baird Street bonds. Denom. $1,000 and 5900. Due yearly on
Oct. 1 as follows: $2,900. 1924, and $2,000. 1925 to 1928. incl.
4,200 Brown Street bonds. Denom. $1.000 and $800. Due yearly on
Oct. 1 as follows: 31,000. 1924, and $800, 1925 to 1928, incl.
6,300 Crosier Street bonds. Denom. $1,000, MOO and $300. Due
yearly on Oct. 1 as follows: $1,300." 1924: $1.500. 1925: $1,000.
1926; 81,500, 1927, and $1,000, 1928.
27,200 Cuyahoga Falls Ave. bonds. Denom. $1,000 and $209. Due
yearly on Oct. 1 as follows: $5,200, 1924; 86,000, 1925; 85.000,
1926; 86,000, 1927, and 85,000, 1928.
31,600 Cuyahoga Falls Ave. bonds. Denom. $600 and $1,000. Due
yearly on Oct. 1 as follows: 56,600, 1924; 86.000, 1925; $7.000.
1926„ and 86,000, 1927 and 1928.
12,400 South Bates Street bonds. Denom. 81.000 and $400. Due
yearly on Oct. 1 as follows: $1,400, 1924:$1,000. 1925 and 1926;
$2,000, 1927; $1,000, 1928; $2,000, 1929; 51.000. 1930; 82.000.
1931, and $1,000. 1932.
25,500 Cuyahoga Falls Ave. bonds. Denom. 81.000 and $500. Due
yearly on Oct. 1 as follows: 55,500, 1924. and 55.000. 1925 to
1928, inclusive.
18,600 Lakemont Ave. bonds. Denom $1,000 and $600. Due yearly
on Oct. 1 as follows: $3,600, 1924; 84.000. 1925 to 1927, incl.,
and $3,000, 1928.
30,200 South Arlington Street bonds. Denom. $1.000 and $200. Due
Yearly on Oct. 1 as follows: 86.200. 1924. and $6,000. 1925 to
1928,inclusive.
Date April 1 1923. Prin, and semi-ann. int.(A. & 0.), payable at the
National Park Bank, N. Y. Cert. check for 2% of amount of bonds bid
for, payable to the Director of Finance, required. Bonds to be delivered to
to purchaser at Akron.
ALMA CONSOLIDATED SCHOOL DISTRICT NO. 5 (P. O. Alma),
-Sealed bids will be received
Lafayette County, Mo.-BOND OFFERING.
by E. B. Becker, Secretary, Board of Education, until 1:30 p. in. April 30
for 828,0005, 53i or 6% 15
-year serial school bonds. Denom. to be agreed
upon. Int. semi-ann. A cert. check for 2% required. Bidder to name
rate of int. Assessed valuation of District, $1.915.015.
-Edward B.
ANAHEIM, Orange County, Calif.
-BOND OFFERING.
Merritt, City Clerk, will receive sealed bids until April 26 for 8160,0005%
sewer construction bonds. Denom. $1.000. Date April 15 1923. Principal and semi-annual int. (A.-0.) payable at the City Treasurer's office.
Due $40,000 on April 1 from 1924 to 1963 incl. A certified check for 5%
of amount bid, payable to the City Treasurer. required.
-The $188,000
-BOND SALE.
ANNISTON, Calhoun County, Ala.
% coupon street impt. bonds offered on April 17-V. 116. p. 1683
Were awarded to Ward, Sterne & Co. of Birmingham at par. Date April 2
1923. Due April 2 1933.
ASHEBORO GRADED SCHOOL DISTRICT (P. 0. A:heboro),
Randolph County, No. Caro.
-BOND SALE.-Geo. H. Burr & Co. of
St. Louis have purchased the $60.000 coupon or registered school bonds
offered on April 16-V. 116, p. 1683
-as 51/0 at a premium of 83.000.
ugtPgabis of about
icI.
nar cn
Vah?aflio
/Pa 13r
l.192104ic,gdO 94e l
81
a
9
-Sealed
ASHLAND, Ashland County, Ohio.
-BOND OFFERING.
proposals will be received until 12 m. April 28 by Lotto Westover. Director
of Finance and Public Record, for the purchase at not less than par and
accrued interest of $5,600 534% (property owners' portion) Vesper Street
and Evergreen Street improvement bonds, issued under the authority of
law of the State of Ohio. and Section 3914 of the General Code. Denoms.
7 for $600 and 2 for $700. Date April 15 1923. Int. A. & 0. Due yearly
on Oct. 1 as follows: $600. 1924 to 1927, inclusive: 8700. 1928; $600, 1929
to 1931. inclusive, and $700, 1932. Certified check for 5% of the amount
of bonds bid for, payable to the City of Ashland, required. Bonds to be
delivered and paid for within ten days from time of award.
-A. T.
-BOND SALE.
ASHLAND COUNTY (P. 0. Ashland), Ohio.
Bell & Co. of Toledo, purchased the 2 issues of5
bonds offered on April
18(V. 116. p. 1569). The bonds are describe" as follows:
$87.000 Mansfield-Wooster I. C. H. No. 146. Sections "A" and "Mifflin."
road impt. bonds. Date April 11923. Due yearly on Oct. 1 as
follows: $8,000, 1924 to 1926,lad.,and $9,000. 1927 to 1933.Incl.
132,000 Mansfield-Wooster I. C. H. No. 146, Sections "B" and "Hayesyule," road impt. bonds. Due yearly on Oct. 1 as follows: $13,000
1924 to 1931, incl., and 814.000, 1932 and 1933.
Prin e.
offic and semi-ann. int. (A. & 0.), payable at the
.
Treasurer
-BOND SAI.E.-The
ASHLAND COUNTY (P. 0. Ashland. Ohio.
$100,000 road bonds which were offered for sale on April9(V. 116. P. 1450
were awarded to A. T. Ball & Co. of Toledo. Date April 1 1923. Due
$10,000 yearly on Oct. 1 from 1920 to 1933 inclusive.
ATLANTA, Ga.-$9,000.000 BOND ISSUE BARRED UNDER CITY
LAWS.
-The Atlanta "Constitution" of April 14 says:
"Advocates of a new $9,000,000 bond issue for Atlanta to be expended
for additional school facilities, water-works extension and development of
the proposed central park project were given a rude shock Friday (April 13)
when Comptroller Graham West submitted figures showing that under the
City's bonding limitation, only $7.363,000 in additional bonds can be issued.
The total bonding limitation of Atlanta, based on 7% _of the city's tax
assessments, amounts to $20,300,000, according to Mr. West's figures. or
7% of the total tax assessments which aggregate $290,000,000. Already
the city's bonded indebtedness amounts to 512,937.000. which leaves only
87.363.000 that can be issued•in order to reach the maximum limit as proan
vided by the State Cof
bonded in
he to 7% onstitutit,whlch limits bonddebtedness of cities
dcounties
assessments,"
&venues.
Must Increase
"If any more bond issues are floated in Atlanta," declared Mr. West in
commenting on his figures, "the city will unquestionably have to increase
its revenues to take care of sinking funds and interest. This year we are
already at a stage where there are practically no funds with which to carry
on improvements and municipal expansion."
Under the proposed new bond issue plan as outlined recently by Mayor
Walter A. Sims, Superintendent of Schools Willis A. Sutton and other representative city officials, the new issue would include 86,000.000 for school
improvement bonds; $2,000,000 for development of the central park project, and $1,000,000 for water-works extension.
-BOND OFFERING.
-B. E.
AUDUBON, Audubon County, Iowa.
Rice, City Clerk, will receive sealed bids until 7 p. In. May 1 for the purchase of $50,000 5% coupon tax-free Liberty Memorial Building construction bonds. Date May 1 1923. Denom. to suit purchaser. Principal
and semi-annual interest (M.& N.) payable at place of purchaser's choice:
Due on May 1 as follows: $4,500, 1928; $1500, 1929 and 1930: $2,000. 1931
to 1935, inclusive; $2,500, 1936 to 1940, inclusive: $3,000. 1941 and 1942;
and 2.3.600. 1943 to 1946, inclusive. The approving opinion, as to the
legality of issue, of Chapman, Cutler & Parke., will be furnished the purchaser. The official circular offering these bonds states that there is no
controversy or litigation pending or threatened affecting the validity of
these bonds, the corporate existence or boundaries of this municipality or
the title of the present officials to their respective offices, and that the principal and interest on all bonds previously issued have been promptly paid
at maturity. These bonds were voted at the election held on Jan. 17.
Notice of the bonds being voted was given in V. 116. P. 537
.
Financial Statement.
True value (estimated) of ail taxable property in municipality-$2,236.534 00
Assessed valuation ofreal estate, personal and all other taxable
properfor 1922
8859.131 00
Moneys Ind credits (not included In above)
2.521,632 00
Total b ebt debt, including bonds now offered
Water cisnded
138.850 00
42.000 00
Special a.....sment debt
Cash value of all sinking funds on hand
Water debt sinking fund
I ert
P ;
Municipality's power to tax is limited to5%factual value of al131 38Yif4n
Legalnt ebtimatet,,0.407. Population Cu.(U S. Census). 1920, 2,208.
pres dest limi. 2 53.
e
28
0
boa.tot
-BOND SALE
BAKERS HAULOVER DISTRICT,Dade County,Fla.
-The 8150.0006% municipal bonds offered on April 16-V. 116. p. 1569
were awarded to the G. B. Sawyers Co. of Jacksonville at a premium of
89.900. equal to 106.60, a basis of about 5.36%. Date April 1 1922. Due
on April 1 as follows: 83.000. 1924 to 1927 incl.; 84,000. 1928 to 1931 incl.;
85,000, 1932 to 1934 incl.; $6,000. 1935 and 1936 :87,000. 1937 and 1938;
$8,000. 1939 to 1941 incl.: 89,000, 1942 and 1943; 510,000. 1944 and 1945:
89.000, 1946. and 810,000, 1947.
O
1804
THE CHRONICLE
-NO BIDS RECEIVED.
-No
BARBERTON, Summit County, Ohio.
bids were received for the $2,623 50 6% water works bonds, which were
offered for sale on April 16.-V. 116, p. 1569.
-BOND SALE.
BARN WELL COUNTY(P.O. Barnwell), So. Caro.
J. H. Hilsanan & Co. of Atlanta have purchased the following 2 issues of
53(% bonds:
$40,000 funding bonds. Due $2,000 yearly from 1924 to 1943, inclusive.
50,000 road and bridge bonds. Due as follows: $2,000. 1924 to 1938,
incl., and $4.000. 1939 to 1943, inclusive.
Denom.$1,000. Date April 1 1923. Prin. and semi-ann. int.(A. & 0),
payable at the Hanover National Bank. N. Y. City.
BATTLE GROUND HIGH SCHOOL DISTRICT (P.O. Vancouver),
-A special election, to vote on issuing $28,000
-BOND ELECTION.
Wash.
high school bonds, will be held on April 28.
-In
BAYARD, Morrill County, Nebr.-NO BONDS TO BE ISSUED.
answer to our inquiry regarding the result of the election, to vote on issuing
$1,500 park bonds held on April 3 (V. 116, p. 1327) James Burns, City
Clerk, says: "No bonds will be issued, but warrants for $1,500 to draw
7%.
BERGEN SPECIAL SCHOOL DISTRICT, McHenry County, No.
-During the month of March the State of North
Dak.-BOND SALE.
Dakota, purchased 18.000 4% funding bonds at par. Date Aug. 11920.
Due Aug. 1 1940. Although bonds are not subject to call, they may be
redeemed 2 years from date of issue.
-BOND OFFERING.
-Forest F.
BLASDELL, Erie County, N. Y.
Glezen, Village Clerk, will receive bids until 8 p. m. April 30 for the purchase
at not less than par and interest of $119,229 sewer and sewage disposal plant
bonds, to bear interest at a rate not to exceed 5%. Denoms. $1,000 and
$769 16. Date April 1 1923. Int. A. & 0. Due 14,769 16 yearly on
April 1 from 1928 to 1953, Incl. Certified check on an incorporated bank
or trust company for 3% of amount of bonds bid for, required.
BOONE INDEPENDENT SCHOOL DISTRICT (P. 0. Boone)
-Sealed bids for the purchase
Boone County, lowa.-BOND OFFERING.
of $225,000 04% school bonds will be received until 8 p. m. April 27 by
R. T. Duckworth, Secretary, Board of Directors. Date May 1 1923.
Prin. and semi-ann. int., payable at the District Treasurer's office. Due
on May 1 as follows: $5,000. 1926 to 1930, incl.* $10.000, 1931 to 1934,
incl.: $20,000, 1935 to 1941. incl., and $10,000, 1942 and 1943. A cert.
check for $1.000, on a local bank, required. Bonds and attorney's opinion
to be furnished by purchaser. A like amount of bonds was offered on April
20.-V. 116. p. 1683.
BRISTOL COUNTY (P. 0. Taunton), Mass.
-TEMPORARY LOAN.
-On Aril 17 S. N. Bond & Co. were awarded, it is stated, $50,000 tuberculosis ospital maintenance notes, dated April 18 and maturing April 18
1924, o a 4:45% discount basis plus a $1. 75 premium.
-BOND OFFERING.
BRONXVILLE, Westchester County, N. Y.
Jerry C. Leary, Village Clerk, will receive bids until 8 p. in. May 1 for the
% bonds:
urchase at not less than par of the following
10,000 refunding bonds. Denoms.(9)$1,000,(2)1500. Due May 1 1953.
75,000 street impt. bonds. Denonis. (55) $1.000, (10) $2,000. Due
yearly on May 1 as follows: $12,000, 1928 and 1929:111,000, 1930;
$9,000, 1931; $7,000. 1932: $6,000, 1933; 15,000, 1934; $4,000,
1935 and 1936; 13.000, 1937; $1,000, 1938 and 1939.
7,750 sewer bonds. Delimits. (4) $1,000, (3) 11,250. Due yearly on
May 1 as follows: $2,250, 1928 1929 and 1930. and $1,000, 1931.
Date May 1 1923. Int. semi-ann. Certified check for 5% of amount
of bonds, payable to the Village Treasurer, required. Legality approved
by John C. Thomson, New York City.
BROOKHAVEN SEPARATE SCHOOL DISTRICT (P. 0, Brook-The National Bank of
-BOND SALE.
haven), Lincoln County, Miss.
Commerce of St. Louis, has purchased $150,000 5Ii% school bonds. Denom. $1,000 and $500. Date Dec. 5 1922. PAn. and semi-ann. Int.
payable at the National Bank of Commerce, St. Louis. Due serially on
Dec. 5 from 1923 to 1947.
Financial Statement.
Actual value of all taxable property (estimated)
$6,500,000
3,017,908
Assessed value. 1922
Total bonded debt (this issue only)
150,000
Total bonded debt less than 5% of assessed valuation.
Population. 1920 Census, 4,706.
-At the election
-BONDS VOTED.
BRYAN, Brazos County, Texas.
held on April 10-T. 116, p. 1451-the $25,000 street improvement bond
issue carried by a vote of 147 to 24.
-Proposals for the purchase,
-BOND OFFERING.
BUFFALO, N. Y.
at not less than par and Int., of the four issues of 4% coupon or registered
bonds listed below will be received by Ross Graves, Commissioner of
Finance and Accounts, until 11 a. in. Apr. 25:
$200,000 park bonds. Due $10,000 yearly on May 1 from 1924 to 1943 incl.
100,000 Bird Island pier (amt. bonds. Due $5,000 yearly on May 1 from
1924 to 1943 incl.
800,000 J. N. Adam Memorial Hospital bonds. Due $40,000 yearly
on May 1 from 1924 to 1943 incl.
1,700,000 water bonds. Due May 11953.
Denom.$1,000. Date May 11923. Prin. and semi-ann. int.(M.& N.)
payable at the office of the Commissioner of Finance and Accounts, or at
the Hanover National Bank, New York, at holder's option. Cert. check
on an incorporated bank or trust company for 2% of amount of bonds bid
for, payable to the Commissioner of Finance and Accounts, required.
Bonds to be delivered and paid for at the office of the Commissioner of
Finance and Accounts on May 1 or as soon thereafter as the bonds are
prepared. Legality approved by Caldwell & Raymond, New York.
BUHL INDEPENDENT SCHOOL DISTRICT NO. 3 (P. 0. Buhl),
Twin Falls County, Idaho.
-G.E. Miller & Co. of Port-BOND SALE.
land have purchased $35,000 5A% school bonds at par.
BUTTS COUNTY (P. 0. Jackson), Ga.-BOND SALE.
-J. II. Tinsman & Co. of Atlanta have purchased $150,000 5% road bonds at $169,775
(113.17). a basis of about 4.22%. Date Mar. 1 1923. Int. semi-ann.
Due Mar. 11953. Notice of this sale was given in V. 116, p. 202; it Is given
again as additional information has come to hand.
-BOND SALE-The
CANANDAIGUA, Ontario County, N. Y.
% bonds offered for sale on April 17-V. 116, ja. 1684
$75,000
-were
awarded to 'Union National Corp. of N. Y. at 101.25. a basis of about
4.31%. Date April 1 1923. Due $5,000 yearly on April 1 from 1924 to
1938 inclusive. The following bids were received:
NameBid.
Name-Bid.
Union Nat. Corp., N. Y_ .... _101.25 Farson, Son & Co., N. Y_ --101.06
O'Brian, Potter & Co..
B. Gibbons & Co., Inc.,
Geo.
Buffalo
101.07
100.619
New York
Sherw'd&Merrif'd,Inc.. N.Y.101.192 Clark, Williams & Co., N. Y.101.213
-NOTE OFFERING.
CANNON COUNTY (P.O. Woodbury),Tenn.
Sealed bids will be received until 1 p. m..April 23 by B. F. Wood, Clerk of
the County Court. for 350,000 6% coupon tax-free school notes. Denom.
11,000. Prin. and semi-ann. int, payaole at any bank in Woodbury.
Date May 11923. Purchaser to bear expense of investigation as to legality
of notes and also cost of having notes prepared by printer. A certified
• check for $1.000 required.
-BOND SALE.
-The InterCANON CITY, Fremont County, Colo.
% refunding
national Trust Co. of Denver has purchased $160,000
water bonds.
-BOND SALE.
County, Conn.
-The $40,000
CANTON, Hartford
sale on April
bonds
434% coupon refunding Barnesoffered forHartford, at 18 (V. 116, p. 1451)
& Co. of
101.211. Date May
were awarded to R. T.
yearly.
1 1923. Due $2.000
-BOND SALE.
-Samuel E. Barr,
CANTON, Starke County, Ohio.
Auditor, informs Us that the Sinking Fund purchased three Issues of
City
par and accrued int. The bonds are described as
534% bonds on Mar. 1 at
follows:
Denom. $1,000 and $500. Due
114,500 00 land purchase bonds. Denom. $575. Due 1925 and in 1938.
1926.
1,15000 street impt. bonds. 1922" bonds. Denom. $1,000. Due in
"unpaid light bill of
29,005 27
1934.
S.
Date Mar. 1 1923. Int. M. &
(P. 0. Canton), Stark County,
CANTON SCHOOL DISTRICT
-The $295.000 434% building bonds offered on
SALE.
-BOND
Ohio.
awarded to Richards, Parish & Lamson of
April 18 (V. 118, p. 1451) were & Co. of Detroit, for $295,767. equal to
Cincinnati, and Keane, Higbie
t
[VOL. 116.
100.26, a basis of about 4.48%. Date April 20 1923. Duo 313,000 on
April 20 in each of the odd years from 1925 to 1937, incl: $12,000 on April 20
in even years from 1926 to 1936, Incl., and $12,000 yearly on April 20 from
1938 to 1948, inclusive.
CARBON COUNTY SCHOOL DISTRICT (P. 0. ?rice), Utah.
-The $225.000
% bonds awarded as stated in V. 116.
DESCRIPTION.
P. 1327, are described as follows: Denom. $1,000. Date April 1 1923.
Prin. and semi-ann. int. (A.-0.) payable in N. Y. City. Due April 1 1943.
CARPIO SPECIAL SCHOOL DISTRICT, Ward County., No. Oak.
BOND SALE.
-The State of North Dakota purchased $10.000 4% building
bonds at par during the month of February. Date July 1 1920. Due
July 1 1940. Although bonds may be redeemed 2 years from date of
issue, they are not subject to call.
-The
CASS COUNTY (P. 0. Logansport), Ind.
-BOND SALE.
$56,000 5% bridge bonds which were offered for sale on March 23-Y. 116.
p. 1091-were awarded to J. F. Wild & Co. of Indianapolis, for $57,204,
equal to 102.167. Date Oct. 15 1922. Due serially beginning may
15 1924.
CASTLEROCK SCHOOL DISTRICT (P. 0. Castlerock), Cowlitz
-INTEREST RATE.
-The 150.000 school bonds awarded
County, Wash.
at par to the State of Washington as stated in V. 116, p: 1451. bear 474%
interest.
CATHAY SCHOOL DISTRICT NO, 10, Wells County, No, Dak.-The State of North Dakota purchased $10,000 4% funding
BOND SALE.
bonds at par during the month of March. Date July 1 1922. Due July 1
1942. Bonds are not subject of call, but may be redeemed 2 years from
date of issue.
CHAMBERS COUNTY ROAD DISTRICT NO. 4 (P. 0. Anahuac),
-An election will be held on Apr. 28 to vote
-BOND ELECTION.
Texas.
on the question of issuing $100.000 554% road bonds. T. F. Willson,
County Judge.
-BONDS AWARDED.
CHAMPAIGN COUNTY (P. 0. Urbana), Ill.
-Of the three issues of 5% bonds, aggregating $2,500,000, which
IN PART.
were offered for sale on Apr. 18 (V. 116, p. 1684), the $500,000 issue was
awarded to the Wm.R. Compton Co.and the Harris Trust & Savings Bank
of Chicago for $517,951. equal to 103.5902, a basis of about 4.56%. Date
May 1 1923. Due $125,000 May 1 1924 and 125,000 yearly oa May 1
from 1929 to 1943 incl.
CHANCELLOR, Turner County So. Dalc.-BOND OFFERING.Bids will be received until 7 p. m. Apri123 by A. N. Berens. Town President.
for $10,000 6% electric light bonds. Date March 11023. Due March 1
1943, payable at the First National Bank, Minneapolis. A cert. check
for 5% of issue required. The town will furnish the legal opinion of Lancaster, Simpson, Junell & Dorsey as to the legality of the bonds and also
will furnish the blank bonds.
-BOND SALE.
CHARLOTTE, Mecklenburg County, No. Caro.
The $300,000 coupon (registerable as to principal) water extension bonds
-were purchased by Geo. B. Gibbons
offered on April 16-V. 116. p. 1569
& Co., of New York, at 100.81, a basis of about 4.69%. Date Feb. 1 1923.
Due on Feb. 1 as follows: 55,000 1925 to 1938. incl.: $7,000 1939 to 1952.
incl.; $10,000 1953 to 1958. incl., and $12,000 1959 to 1964, incl.
The following bids wore received:
$302.439 00 4
George B. Gibbons & Co.. New York_
301.84500 4h
Prince & Whitely. New York
301,710 00 4M
Independence Trust Co., Charlotte, N.0
301,630 00 45i
Bonbright & Co., New York
301.197 00 4j0
Bankers Trust Co.. New York
W. A. Harriman & Co., New York, and Taylor, Ewart
301,014 75
& Co., Chicago
300.904 00 4
American Trust Co., Charlotte. N.0
300,279 00 4
Wachovia Bank & Trust Co., Winston-Salem, N. CI
Stacy & Braun, Toledo, and Kaufman, Smith. Emery
309,240 00 5%
8c Co., Toledo
St. Louis, and Illinois
National Bank of Commerce,
308,775 00 5%
Merchants Trust Co., Chicago
306,270 00 5%
Wm. R. Compton Co., New York
Providence Savings sank & Trust Co., Cincinnati. 303,935 00 5%
and Seasongood & Mayer, Cincinnati
-OFFERED
CHESTER, Thayer County, Neb.-BONDS VOTED.
-the two issues submitted
At the election held on April 10-V. 116. p. 1327
to a vote of the people at that time carried.
$6,000 bonds. Date July 1 1923. Due July 1 1943.
25,000 bonds. Date May 11923. Due May 11943.
E. A. Garvin, Village Clerk received blds for those bonds until April 18.
Denom. $500. Prin. and semi-ann. int. payable at the County Treasurer's
office in Hebron.
-On
-BOND SALE.
CLARK COUNTY (P. 0. Jeffersonville, Ind.
April 16 the 118.500 5% Louis Spelestersbach et al. Charlestown & Owed
-were
-V. 116, p. 1684
Twps. eighway impt. bonds offered on that date
awarded to the Meyer-Kiser Bank of Indianapolis' for $18.761 1101.41)
and interest, a basis of about 4.73%. Date April 2 1923. Due $925
each six months from May 15 1924 to Nov. 15 1933 incl. Other bidders
were:
Premium.1 NamePremium.
NameWild
mWer & Co., Indianap__$223 00 Fletcher Sav.&Tr.Co., Ind_ _$1814 80
J.
Fletcher Am. Co., Inclianap_ 191 00 Clark Co. State Bank, Jeffer. 98 00
-BOND SALE.
CLEVELAND HEIGHTS, Cuyahoga County, Ohio.
-On April 7 the following two issues of 5% bonds, offered on that date
-were awarded to Richards, Parish & Lamson for $75,196
V. 116, p. 1570
:
(101.36) and interest, a basis of about 4.83%
$55,000 city hall bonds, second series. Denom. $500. Due $2,500 yearly
on Oct. 1 from 1924 to 1945 inclusive.
19,184 (city's portion) street improvement bonds, first issue of 1923.
Denom. 11.000, except one for $184. Due yearly on Oct. 1 as
follows: 31,184, 1924, and $2,000, 1925 to 1933 inclusive.
Date April 11923.
CLEVELAND SCHOOL DISTRICT NO. 8, Rolette County, No,
-The State of North Dakota purchased $6,000 4%
Dak.-BOND SALE.
building bonds at par during the month of March. Date Aug. 1 1920.
Due Aug. 1 1940. Bonds are not subject to call but may be redeemed
2 years from date of Issue.
COLFAX COUNTY SCHOOL DISTRICT NO. 42 (P. 0. Raton),
-Ralph Calley, County Treasurer, will reN. Mex.-BOND OFFERING.
calve bids until 10 a. m. May 14 for $20.000 6% 10-30-year (opt.) school
building bonds. Bids for less than 90 will not be considered.
-BOND OFFERING.
COLUMBIANA, Columbiana County, Ohio.
Alfred Barrow, Village Clerk, will receive bids until 12 m. Apr. 27 for
76 5% street impt. bonds. Denoms. $500 and $250 64. Date
$20,255
Nov. 15 1922. Int. semi-ann. Due $2,250 64 yearly on Nov. 1 from 1924
to 1932 incl. Cert. check for 1% of amount of bonds bid for, payable to
the Village Treasurer, required.
CONDE, Spink County, So, Dak.-BOND SALE.-Tho $35,000 6%
water-works bonds offered on Apr. 13 (V. 116, p. 1327) were awarded to
-Dickey Co.of Minneapolis as 5s at a premium of $452, equal to
the Wells
101.29. Date Apr. 1 1923. Duo 1 to 20 years,
-BOND SALE.
CORNELIUS, Mecklenburg County, No. Caro.
Rumpus. Hull & Co. of Detroit have purchased the $30,000 6% coupon
-at a
or registered street bonds offered on April 16-V. 116. p. 1684 April
premium of $431. equal to 101.43, a basis of about 5.85%. Date
1 1923. Due on April 1 as follows: $1.000, 1926 to 1031 incl., and
12,000, 1932 to 1943 incl.
CONKLIN COMMON SCHOOL DISTRICT NO, 3 (P. 0. Conklin
-An issue of $8,000
-BOND SALE.
R. D. 1), Broome County, N. Y.
5% school bonds was recently awarded to O'Brian, Potter & Co. of Buffalo.
-NO BIDS RECEIVED.
CORPUS CHRISTI, Nueces County, Texas.
-The $350.000 5% gas plant construction bonds offered on March 23-were not sold, as no bids were received.
V. 116, p. 1327
-On April 6
-BONDS VOTED.
CORVALLIS, Benton County, Ore.
the City Council voted to issue $50,000 sewer extension bonds.
COUNCIL BLUFFS SCHOOL DISTRICT (P. 0. Council Bluffs),
-The State Savings Bank.
Pottawattamie County, lowa.-BOND SALE.
of Council Bluffs purchased $225,000 school bonds at a premium of $3,700.
equal to 101.64.
APRIL
21 1923.]
THE CHRONICLE
CUMBERLAND COUNTY (P. 0. Fa3retteville), No. Caro.
-BONDS
AWARDED IN PART.
-Of the $455,000 5% coupon road and bridge
bonds offered on April 12-V. 116. p. 1211-$245.000 were awarded to a
syndicate composed of Taylor, Ewart & Co., Inc., and A. B. Leach & Co.,
Inc., of New York, and the Detroit Trust Co. of Detroit
premium of
$3,430, equal to 101.40, a basis of about 4.82%. Dateat a
March 1 1923.
Due on March 1 as follows: $5,000, 1926 to 1930. incl., and $10,000,
1931 to 1951, incl.
1805
Due July 1 1940. Although bonds are not optional they may be redeemed
two years from date of issue.
BOND SALE.
-During the month of February the State of North Dakota
purchased $12,000 4% building bonds at par. Date July 1 1920. Duo
July 1 1940. Bonds are not subject to call but may be redeemed two
years from date of issue.
ENNIS, Ellis County, Texas.
-BONDS VOTED.
-On April 10 $60,000
paving bonds were voted by a count of 430 "for" to 75 "against.'
ERIE, Erie County, Pa.
-BOND OFEFRING.-Sealed proposals will
be received until 10 a. m. May 1 by Thomas Hanlon, city' Clerk, for the
Purchase at not less than par and int, of the following 3 issues of 45i%
coupon, with privilege of registration as to principal, bonds:
$55,000 railroad grade crossing eliminationbonds, Series A. Due $1,000,
May 151925.and $2,000 yearly on May 15from 1926 to 1952,incl.
45,000 railroad grade crossing elimination bonds. Series, B. Duo yearly
on May 15 as follows: $1,000. 1925 to 1935. incl., and $2,000,
1836 to 1952, inclusive.
325.000 intercepting sewer and sewage disposal works bonds. Due yearly
on May 15 as follows: $8,000, 1925 to 1929, incl., and $10,000,
1930 to 1938, inclusive, and 313,000. 1939 to 1953. inclusive.
Date May 15 1923. Prin. and semi-ann. lot (M. &N. 15). Payable in
lawful money of the U. S. at the City Treasurer's office. Bonds are advertised as free from Pennsylvania State taxes. Cert. check for 1% of amount
of bonds bid for payable to the City of Erie, required. Bonds are to be
delivered and paid for at the City Treasurer's office. The official circular
states that there is no litigation pending, or threatened, affecting the corporate existence of the City of Erie, the present boundaries thereof. the titles
Erie no
present officers to their respective offices, the validity of these or any
ofhte
ti
EUREKA SCHOOL DISTRICT NO. 76, Williams County, No. Dak.
-BOND SALE.
-During the month of March the State of North Dakota
Purchased 33,500 4% building bonds at par. Date Aug. 1 1920. Due
Aug. llm
years
te of
Bondsare not subiect to call. but may be redeemed two
from date
issue.
EVERETT, Snohomish County, Wash.
-No bids were
-NO BIDS.
received for the $100,000 market revenue bonds offered on April 7-V.
116. p. 1452. Date April 9 1923. Due- follows: $5,000, 1927 to 1936,
as
incl., and $16.000. 1937 to 1941, incl.
FELICITY, Clermont County, Ohio.
-Sealed
-BOND OFFERING.
proposals wil, be received by Ray Canter,
until 12 m. April 23
for the purchase at not less than par and Village Clerk,
interest of $4,130 6% deficiencY
bonds. Auth. Section 3916 of the General Code. Denom. $500 and $630.
Date Sept. 6 1919. Int. M. & S. 6. Due yearly on Sept. 6 as follows:
3500. 1924 to 1930, incl: 5630, 1931. A certified check for 3% of the
amount of bonds bid for, payable to the Village Treasurer, Is required.
Bonds to be delivered and paid for within'10 days from time of award.
FORT GIBSON, Muskogee County,Okla.
-BONDS VOTED--BONDS
MAY BE CON TESTED.
-At the election held
the $45,000 negotiable coupon bonds for heon April 3-V.116. p 1212
purpose of providing funds
for the construction of a sanitary sewer system were voted. The "Oklahoman" of April 10 says'
"Validity of $45,000 bonds voted for sewer purposes will be contested In
the courts if city officials make an effort to proceed with the work, it has
been announced by attorneys for tax-payers, who contend the bonds are
illegal. Those who insist the bonds did not carry maintain the issue
requires 60% of the total vote cast, while others who contend the issue is
legal assert the Attorney-General's office has hild a bare maiorlti is
all
that is necessary. The official vote on the bonds shows they carried by a
majority of 12. That disqualified,persons were permitted to participate
In the election will be one of the questions also advanced in the
proposed
suit to invalidate the issue."
FOSTORIA,Seneca County, Ohio.
-BOND OFFERING.
proposals will be received until 12 m. May 2 by J. A. Bradner, -Sealed
Auditor.
for the purchase at not less than par and accrued interest Cityfollowing
of the
5 q% special assessment street-improvement bonds:
$18,000 bonds. Denom. $1,000. Auth., Laws of Ohio, and especially
Sections 3881. 3914, 3914-1 and 3939 of the General Code. Due
32.000 yearly on Sept. 1 from 1924 to 1932, inclusive.
34.000 bonds. Denom. $500. Auth. Laws of Ohio and especially Sections 3881. 3914, 3914-1 and'
3939 of the General Cede. Due
34.000 in the even years and $3,500 in the odd years frem Sept. 1
1924 to 1932, inclusive.
3,975 bonds. Denom. $500, except one for $475. Auth., Laws of Ohio
and especially Sections 3881. 3914, 3914-1 and 3939 of the General
Code. Due yearly on March 1 as follows: $475. 1925. and $500.
1926 to 1932, inclusive.
4,000 bonds. Denom. $500. Auth.. Laws of Ohio and especially Sections 3881. 3914, 3914-1 and 3939 of the General Code. Due $500
yearly on March 1 from 1925
10.750 bonds. Denom. $500, exceptto 1932, inclusive.
Laws of Ohio
one for $750.
and especially Sections 3914.3914-1 and 6559 Auth.,
General Code.
Due yearly on March 1 as follows: 31,250.of the 81,500. 1926:
1925;
$1.000, 1927 and 1928; $1,500, 1929; $1,000, 1930 and 1931;
31.500, 1932, and 31.000, 1933.
6,300 bonds. Denom. $700. Auth. Laws of
Ohio and especially Sections 3914, 3914-1 and 6959 of the General Cede. Due $700
yearly on March 1 from 1925 to 1933. inclusive.
19,650 bonds. Denoms. 18 for $1,000, 2 for
$650. Auth.
Laws of Ohio, and especially Sections$500 and 1 for
3881. 3914, 3014-1 and 3939
of the General Code. Due yearly on
Sept. 1 as follows: $2,650.
1924; $2.000, 1925 to 1927, inclusive; $2,500, 1928: $2,000, 1929
and 1930: $2,500, 1331.
1932.
17,500 bonds. Denom. $1,000.and $2,000, for $500. Auth., Laws of
except one
Ohio and especially Sections 3881, 3914, 3914-1 and 3939 of the
General Code. Dueyearly on Sept. 1 as follows: 32.000, 1924 to
1931, inclusive, and
20,800 bonds. Denoms. 3631,500, 1932. $300 and
for $500, 8 for
$400. Auth..
Laws of Ohio and especially Section 3939 of1 for General Code.
the
ro 19 earlyelusive
Due y2, in on Sept. 1 as follows: $2,400. 1924. and $2,300. 1925
3
Date March 1 1923.
amount of bonds bid for, Int. M. & S. Certified check for 1% of the
to be delivered and paid payable to the City Treasurer, required. Bonds
for within ten days from time of award.
FRAMINGHAM, Middlesex
-The issue
-BOND SALE.
of $150,000 431% coupon sewerCounty, Mass.
bonds
o aro arde5s White. Weld & Co. ofoffered on April 17 (V. 116, p. 1685)
v
I aw s 419d t"oin.
r ton
a
Boston, at 100.937 and int., a basis
eiusive.
Date April 1 1923. Due $5,000 yearly on April 1 from
CUSTER COUNTY SCHOOL DISTRICT NO.28(P.O.Broken
Bow),
Nebr.-BOND ELECTION.
-An election
on the question of issuing $36,000 school will be held on Apr. 30 th vote
bonds. In V. 116,
1684, we reported that an election woujd bebuilding Apr. 23; apparently P.
held on
the
election has been postponed. E. J. Crawford, Director.
CUYAHOGA COUNTY (P. 0. Cleveland), OhIa.-BOND SALE.
The $100,000 5% sewer bonds which were offered for sale on
April 11
-V. 116, p. 1452
-were awarded to the
Milwaukee at a _premium of $4.010, equalSecond WardaSecurities Co. of
to 104.01,
4.52%. Date May 1 1923. Due $5,000 yearly on Oct. basis of about
1 from 1924 to
1943 incl. The following bids were also received:
NamePremium.
NamePremium.
Otis &
Cleveland_ ___$2,480 00
Prov. S. B.5c Tr. Co., Cin.. 2.680 00 Richard. Parish dr Lamson,
Co..
Cleveland
$2,456 00
N.S. Hill & Co., CM
1,503 20 Seasongood & Mayer, CM_ 1,707 00
A. T. Bell & Co., Toledo
00 Wm.
Hayden, Miller & Co., Cie_ 2,383 00 L. R.Compton Co.. Chi. 2,183 00
2.910
S. Rosenstiel Co., Cin__ 2,012 50
Guardian Sav.&Tr.Co.,Cle. 3.07000 Detroit Tr. Co.,
Detroit__ 1.763 00
BOND SALE.
-The $10,000 5% coupon sewer bonds which were offered
for sale on April 11-V. 116, p.
-were awarded to the Second Ward
1452
Securities Co. of Milwaukee for $10.340. equal to 103.14. basis
a
of about
4.61%. Date May 1 1923. Due $500 yearly on Oct. 1 from
1924 to 1943
incl. The following bids were also received:
NamePremium. NamePremium.
Otis & Co., Cleveland
00 GuardianSay.dar.Co., Cleve_207 00
Prov. S. B. & Tr. Co., Cin $52 00 Richard. Parish Lamp,
237
Cle.216 00
&
N. S. Hill & Co.. Cincinnati.. _155 00 Seasongood & Mayer,
an_ _ _ _ 50 00
BOND OFFERING.
-Sealed bids will be received by
Board of County Commissioners, until 11 a. m. Apr. 25A. J. Hieber, Clerk
for the purchase of
$100,000 5% coupon sewer district No. 1 assessment bonds. Auth. Sec.
6602-20 of the General Code. Denom. $1,000. Date June 11923. Prin.
and semi-ann. int. (A. & 0.) payable at the County Treasurer's office.
Due $5,000 yearly on Oct. 1 from 1924 to 1943 incl. A cert. check
of the amount of bonds bid for, payable to the County Treasurer,is for 1%
required.
DAYTON, Armstrong County, Pa.
-BOND OFFERING -Bids will
be received by Lewis Davis, Secretary of Borough Council until
May 1
for the purchase of $25.0004;i% coupon street impt. bonds. Denom.
$500.
Date May 11023. Prin. and semi-ann. int.(M.& ,
)sayable in Dayton.
Due on May 1 as follows: $2,500 1928; $3,000 193_N. ,500 1938;
,3'
$5,000
1943: 35,500 1948 and 1953. A cert. check for O 0 is required.
i
DEER LAKE SCHOOL DISTRICT NO. 40, Stutsrnan County,
No. Dak.-BONb SALE.
-During the month of March the State of North
Dakota purchased $7,000 4% building bonds
Due Aug. 1 1930. Bonds are not subject to at par. Date Aug. 1 1920.
call, but may be redeemed
two years from date of issue.
DELAWARE COUNTY (P. 0. Delaware), Ohio.
-BOND SALE.
-An
Issue of $63.400 5% Franklin-Delaware
recently sold to Weil. Roth & Irving Co. ofroad improvement bonds was
Cincinnati on a bid of 103.
DICKINSON COUNTY (P. 0. Iron Mountain), Mich.
-BONDS DEFEATED.
-At the election held on April
-the proposition to issue $90,000 infirmary bonds was2-V. 116, p. 743
defeated.
DODGE COUNTY (P. 0. Juneau), Wisc.-BON
D OFFERING.
Sealed proposals will be received until 12 m.May
1 by E.F.Becker, County
Clerk, for the following 5% coupon highway
bonds:
$800,000 bonds. Denom. $1,000. Due Apr. 11938.
179,000 bonds. Denom. $1,000. Due Apr.
106,000 bonds. Denom. $1,000. Due Apr. 11942.
200,000 bonds. Denom. $500. Due Apr. 1 11924.
1925.
200,000 bonds. Denom. $500. Due Apr. 11929.
200,000 bonds. Denom. $1,000. Due Apr. 1 1934.
A cert, check for 2% of bid, payable to the County Treasurer,
required.
Purchaser to pay accrued int. Int.
Bonds to be paid for and
delivered as follows: $200.000 as soonsemi-ann. and
as printed
signed;$200,000 July 1
1923: $200,000 Aug. 11923; $365,000 Sept. 1 1923.
DOUGLAS COUNTY SCHOOL DISTRICT NO. 33 (P. 0. Valley).
Neb.-BOND SALE.
-The $85.000 5% registered school bonds offered
on April 2-V. 116, p .1327
-were awarded to the Omaha Trust
Omaha at a premium of $1.330, equal to 101.56, a basis of about Co. of
Duo on March 1 as follows: $2,000, 1924 to 1926 incl.; $3,000, 4.83% •
1930 incl.,• $4,000, 1931 and 1932; $5.000. 1933 to 1939 incl., and 1927 to
$6,000.
1940 to 1943 incl.
DOVER SPECIAL SCHOOL DISTRICT (P.O. Dover), Dela.-BOND
SALE.
-The William R.Compton
5% gold coupon bonds. Denom. Co.of New York has purchased $185,000
$1,000. Date
1923. Prin. and
semi-ann. int. (A. & 0.) payable at the Farmers'Apr. 1 of Dover,
Bank
Dover.
Due yearly on Apr. 1 from 1924 to 1946
incl.
DUQUESNE SCHOOL DISTRICT (P. 0.
Duquesne), Allegheny
County, Pa.
-PRICE PAID.
-The bid
were awarded the $300,000 4Si% coupon on which Glover & MacGregor
school bonds on Apr. 10 (V. 116,
1685) was $318,781 (106.26) and interest,
a basis of about 4.09%. Other
idders were:
Harris, Forbes & Co., N.Y3311,727 Graham,
Parsons & Co.,
A. B. Leach & Co., Phila.- 318,090
Philadelphia
Union Trust Co., Pittsburgh 312,258 Redmond
& Co.. Pittsburgh 313,710
Mellon Nat. Bank, Pittsb_ - 316,172 Hill, Wright
& Frew, Pitts- 313,602
DURBIN SCHOOL DISTRICT NO. 12, Cass County,
No.
BOND SALE.
-The State of North Dakota purchased $8,800 4% Dak.building
bonds at par during the month of March. Date Aug.
Due Aug. 1
1
1930. Although bonds are not subject to call, they 1920. be redeemed
may
two years from date of issue.'
EASTWOOD, Onondaga County, N. Y.
-BOND OFFERING.
-Earl
A. Bence, Village Treasurer, will receive bids until
for the
purchase at not less than par of $60.000 street paving8 p. m.May 1interest
bonds,to bear
at a rate not to exceed (17,. Denom. $1.000. Date May 1 1923. Prin.
and semi-ann. int.(M. & N.) payable at the First Trust & Deposit
Syracuse. Due $3,000 yearly on May 1 from 1927 to 1946 incl. Co. of
Cert.
check on a national bank for 2% of amount of bonds bid for, payable to the
Village Treasurer. required. Legality approved by Caldwell & Raymond,
FRANKLIN COUNTY SCHOOL DISTRICT NO. 13 (P. 0. CampNew York, and Chas. F. McKay, Syracuse.
bell), Neb.-BOND SALE.
-The $10.500 school bonds offered on April
ELECTRA INDEPENDENT SCHOOL DISTRICT (P. 0. Electra), 12-V. 116, p. 1452
-were purchased by Henry L. Henriux, as 5 at par.
Denom.
Wichita County, Texas.
-BONDS VOTED.
-At the election held on eays „ir $1,000. Date April 14 1923. Int. A.-0. In answer to our
.
es nin 5 ys be
April 9-V. 116, p. 1329
-the $196,000 school bonds were voted by a query "Cabond earsTired before maturity? When?" the district official
count of 507 to 82. These bonds, which bear 5% interest, have already
been disposed of to a Little Rock (Ark.) firm at par. Notice of the sale
FREMONT COUNTY (P. 0. Sidney), Iowa.
-BOND OFFERING.• was given in V. 116. p. 1092.
R. R. Armstrong. County
for $47,000 6% Missouri Auditor, will receive bids until 2 p. m. April 25
ELKHART COUNTY (P. 0. Goshen, Ind.
River Bank Protection District No. I drainage
-BOND OFFERING.- bonds.
Sealed bids will be received by Roy M. etark, County Treasurer, until
10 a. m.April 30 for the purchase at not less
GAGE
4t% Isaac J. Grimes et al. road bonds. than par and interest of $38.000 -During COUNTY SCHOOL DISTRICT NO. SO, Nebr.-BOND SALE.
Denoms. $500 and $450. Int.
the
M. & N. 15. Due $950 each 6 months from May 15 1924 to Nov. 15 school bonds month of March the State of Nebraska purchased $8.000 5%
at par. Date Mar,1 1923. Due Mar. 1 1943; optional Mar.
1943, incl.
1 1931.
ELLWOOD CITY, Lawrence County, Pa.
-BOND OFFERING.
GALT SCHOOL DISTRICT NO. 39, Walsh County, No. Dak.Sealed bids will be received by Goo. S. RothmeYer,
Borough Secretar.Y. BOND SALE.
until 12 m. April 27 for the purchase of $135.000 43j% improvement bonus. bonds at par -The State of North Dakota purchased $40,0004% building
during the month
Date Aug. 1 1920. Due Aug. 1
Denom. $1,000. A certified check for $1,000 is required.
1940. Bonds are not subject of March. may be
to call but
redeemed 2 Years from
ELYRIA CITY SCHOOL DISTRICT (P. 0. Elyria), Lorain County, date of issue.
Ohio.
-BOND OFFERING.
-B. S. Rockwood, Clerk, Board of Education,
GALVESTON COUNTY (P. 0. Galveston), Texas.
-BONDS DEwill received sealed bids until 12 m. April 30 for the purchase at not less FEATED.
-A special telegraphic dispatch from our Western correspondent
than par and accrued int. of $175,000
% school bonds. Auth.. Sees., electses us thot Ahe $1.
held an t pri1 14 1, 0 hiep w1212ond issue failed to carry at the
001, . 11 h a y b
00
.
56494 and 7630-1 of the Gen. Code. Denom. $1,000. Date April 2 1923.
ion
Prin. and semi-ann. bit (A. & 0.), PaYable at the Savings Deposit Bank &
Trust Co. of Elyria. Duo yearly on Oct. 1 as follows: $7,000, 1924, and
GARFIELD HEIGHTS, Mahoning County, Ohio.
-BOND SALE.
$8,000, 1925 to 1945, incl. Cert. check on some solvent bank for $5,000, On April 10 the Tillotson & Wolcott Co., of Cleveland, was awarded for
Payable to the Clerk. Board of Education. required.
$115,398 29, equal to 102.06, fourteen issues of 534% bonds, aggregating
$113,065
ENGLEVALE SCHOOL DISTRICT NO. 14, Ramson County, $7,410 29. in which the following ten issues are included:
00 Rexwood Ave. sewer bonds. Denom. $750 and 3740. Date
No. Dak.-BOND SALE.
-The State of North Dakota purchased $10.000
Oct. 1 1922. Due yearly on Oct. I as follows: IMO, 1923, and
%•bullding bonds at par during the month of March. Date July 11920.
$740, 1924 to 1932, inclusive.
E.
1806
THE CHRONICLE
$9,245 00 Alvin Ave. water main bonds..13Denom. $900 and $1,145. Date
Oct. 1 1922. Due yearly on Oct. 1 as follows: $1,145, 1923, and
1900. 1924 to 1932. inclusive.
3,102 48 Melgrove Ave. water main bonds. Denom. 5402 48 and $300.
Date April 1 1923. Due $402 48 Oct. 1 1924, and $300 yearly
on Oct. 1 from 1925 to 1933, inclusive.
5,450 00 Alvin Ave. sewer bonds. Denom.$550 and $500. Date Oct. 1
1922. Due yearly on Oct. 1 as follows: 1500, 1923, and $550,
1924 to 1932, inclusive.
3,490 00 Saybrook Ave. sewer bonds. Denom. $350 and $340. Date
April 1 1923. Due yearly on Oct. 1 as follows: $340, 1924, and
$350, 1925 to 1933, inclusive.
$1,000 and E1.40,066 15 Rockwood Road pavement bonds. Denom.Oct. 1 as
follows:
066 15. Date April 1 1923. Due yearly on
$4,066 15. 1924: 14,000. 1925; $5,000. 1926; 14.000. 1927 and
$5,000. 1932.
1928; $5,000, 1929; $4,000. 1930 and 1931: and $665 and $700.
6,965 00 Boxwood Ave. water main bonds. Denoms.
Date Oct. 1 1922. Due $665 Oct. 1 1923. and $700 yearly on
Oct. 1 from 1924 to 1932, inclusive.
1,440 00 East 139th Street water main bonds. Denoms. $140 and $100.
Date April 1 1923. Due yearly on Oct. 1 as follows: $140, 1924:
$100, 1925; $200, 1926; 1100. 1927: $200, 1928; $100, 1929;
1200, 1930; 1100. 1931 and 1932: and 8200. 1933.
21,333 91 Birchwood Ave. paving bonds. Denoms. $1,333 91 and 51,000.
Date April 1 1923. Due yearly on Oct. 1 as follows: $2,333 91,
1924; 32,000, 1925; 13,000. 1926; 12.000. 1927 and 1928; $3,000,
1929; 12.000, 1930 and 1931; and 13,000. 1932.
1.046 80 East 126th Street water main construction bonds. Denom.$100
and $46 80. Date April 1 1923. Due on Oct 1 as follows:
146 80, 1924: 1100, 1925 to 1932, inclusive, and $200, 1933.
-At
-BONDS VOTED.
GERMANTOWN, Columbia County, N. Y.
.
an election held on April 4 issues of $95,000 school bldg. bonds and $6,000
bonds were voted by a count of 144 "for" to 17 "against.'
land
-BOND OFFERING.
GIBSON COUNTY (P. 0. Princeton), Ind.
Proposals will be received by Earl M. Miller, County Treasurer, until
11 a. m. April 30 for the purchase at not less than par of $.33.000 5%
coupon E. E. Whitney et al. highway bonds. Denoms. 40 for $500 and
40 for $325. Date April 151923. Int. M.& N. 15. Due each six months
beginning May 15 1924.
-The $37,500 5%
GRAHAM, Tazewell County, Va.-BOND SALE.
-were
street and sidewalk bonds offered- on April 10-V. 116, p. 1453
awarded to Spitzer, Rorick & Co. of Toledo. Date March 1 1923, Due
March 1 1953.
GRANADA DRAINAGE DISTRICT (P. 0. Lamar), Prowers
-The $90,000 drainage bonds offered
-BOND SALE.
County, Colo.
-were awarded as 6s to Bosworth. Chanute
on April 9-V. 116. j3. 1328
& Co. of Denver at 97.63 flat, with a deposit arrangement.
-BOND SALE.
-Our
GRAND JUNCTION, Mesa County, Colo.
Western representative advises us in a special telegraphic dispatch that the
166.000 Paving District No.7 bonds offered on April 18-V.116, p. 1686were awarded jointly at 100.41 to Bosworth, Chanute & Co. and the International Trust Co., both of Denver.
-BONDS
GREAT SCOTT (P. 0. Kinney), St. Louis County, Minn.
-The 860.000 5% refunding bonds offered on March 22-V.
NOT SOLD.
-were not sold as no bids were received. Date May 14 1921.
116, p. 1212
John V. Erickson, Town Clerk. says: "Bonds will be put on sale at a
later date, which is not set yet."
-Bide
-BOND OFFERING.
GREENWICH, Huron County, Ohio.
will be received until 12 m. May 11 13y F. H. Daniels, Village Clerk, for the
purchase at not less than par and interest of $6,000 6% water works impt.
bonds issued under authority of Section 3939. Gen. Code. Denom. $500.
Date Feb. 1 1923, Int. A. & 0. Due $500 yearly on Oct. 1 from 1924 to
1935 incl. Cert. check for 5% of amount of bonds bid for, payable to the
Village Treasurer, required. Bonds to be delivered and paid for within 10
days from date of award.
HAMLET SCHOOL DISTRICT NO.10, Renville County, No. Dak.BOND SALE.
-During the month of March the State of North Dakota
purchased $20.000 4% building bonds at par. Date July 1 1920. Due
July 1 1940. Bonds are not subject to call but may be redeemed 2 Years
from date of issue.
-Sealed bids
-BOND OFFERING.
HAMMOND, Lake County, Ind.
will be received until 1 13. m. May 16 by H. BroertJes, City Comptroller,
for 538,0005% coupon fire station and equipment bonds. Denom. $1.000.
Date May 15 1923. Prin. and semi-ann. int. payable at the City Treasurer's office. Due yearly on May 15 as follows: $2.000 1924 to 1930.
0
incl.. and $3,000 1931 to 1938. Incl. Certified check for 23.7 required.
Purchaser to pay for printing of bonds.
-BOND SALE.HANCOCK COUNTY (P. 0. Bay St. Louis), Miss.
CORRECTION.-Sutherlin, Barry & Co., Inc. of New Orleans. have purchased $400,000 5% road and bridge bonds. In V. 116. p. 1213 we incorrectly reported the amount of this sale as $4,000.
HEBRON SCHOOL DISTRICT NO. 13, Morton County, No. Dak.BOND SALE.
-During the month of March, the State of North Dakota,
purchased 520,0004% funding bonds at par. Date Oct. 1 1920. Due Oct.
1 1940. Bonds are not subject to call, but may be redeemed 2 years from
date of issue.
HEMING FORD, Box Butte County, Neb.-BOND ELECTION
-The election which was to have taken place on April 3POSTPONED.
-to vote on tte question of issuing 15.000 6% 10-20 year
V. 116. p. 1329
(opt.) water bonds was postponed because of failure to post notice of
election in time. These bonds have been sold to Benwell, Phillips & Co.
of Denver subject to being voted at the election.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 19 (P. 0.
-BOND SALE.
East Rockaway), Nassau County, N. Y.
-The $175,500
43 % coupon school bonds offered for sale on Apr. 18 (V. 116, p. 1676),
were awarded to the Union National Bank of N. Y. C. at 101.65, a basis or
about 4.35%. Date May 10 1923. Due yearly on May 1 as follows:
$4,500 1925 to 1928 incl. and 87,500 1929 to 1949 incl.
-BOND OFFERING.
HENDERSON, Vance County, No. Caro.
Sealed proposals will be received by S. B. Burwell. City Clerk, until 10 a. m.
May 2 for the following issues of bonds:
$18'0.000 street and sidewalk impt. bonds (composed of $130.000 street and
150.000 sidewalk). Due yearly on March I as follows: $10,000,
1924 to 1933, incl., and $8.000, 1934 to 1943, incl.
20,000 sewer bonds. Due $1,000 yearly on March I from 1926 to
1945. inclusive.
Denom.31,000. Date March 1 1923. Prin. and seml-ann.int.(M.& S.)
payable in gold in N. Y. City. Interest rate not to exceed 6%,to be named
by bidder. A certified check upon an incorporated bank or trust company
(or cash) for 2% of amount of bonds bid for, payable to the City Treasurer,
required, The bonds are to be prepared under the aupervision of the
United States Mortgage & Trust Co., New York City, which will certify
as to the genuineness of the signatures of the officials and the seal impressed
thereon. Legality will be approved by Chester B. Massllch. Bids to be
made on blank forms to be furnished by above Clerk or said trust company.
Bonds will be delivered on or about May 23 1923, in New York City, or,
at purchaser's cost for delivery and exchange, at the place of his choice.
No bid of less than par and accrued interest will be considered.
-BOND OFFERING.
HIGHLAND COUNTY (P. 0. Hillsboro), Ohio.
-J. S. Kerns, Clerk Board of County Commissioners, will receive sealed
bids until 12 m. May 7 for the purchase at not less than par and accrued
interest of $32,000 5% colvon Road Improvement No. 66 construction
bonds. Denom. $1,000. Date May 1 1923. Principal and semi-annual
interest (M. & B.) payalcde at the County Treasurer's office. Due $4,000
yearly on Sept. 1 from 1924 to 1931. inclusive. Certified check for $500
required. Bonds are issued under the authority of the General Laws of
Ohio, particularly Sections 6906 to 6956. inclusive, of the General Code.
-BOND OFFERING.
HOLMES COUNIY(P.O. Millersburg),Ohio.
receive sealed proposals until 1 p. m.
T. D. Glasgow, County Auditor, will par and accrued interest of$45,000
at not less than
1128 for the purchase
Navarre-Berlin Road I. C. H. No. 79 in
Apr
514% coupon Section C-2 of the $4,500. Date May 1 1923. Int. M.& 8.
Paint Township bonds. Denom. 1924 to 1928, inclusive. Certified check
Due $9,000 yearly on Sept. 1 from
Holmes County for $2,250, payable to the
or cash on some solvent hank in to be delivered and paid for within ten
above official, required. Bonds
issued under the authority of the
from time of award. The bonds are
days
mon?. espesdilly under Section 1223
General Laws of the State of Ohio, and
[VOL. 116.
and under authority of a certain resolution adopted by the Board of County
Commissioners of Holmes County, on April 2.
Sealed proposals will be received by T. D. Glasgo, County Aud., until
1:30 p. m. April 28 for the purchase at not less than par and int. of $24,000
5% 0 coupon Kilbuck-Shreve road impt. bonds. Auth.. Sec. 6909, 695a,
of the Gen. Code. Denom. $2.400. Date May 1 1923. Int. M. & S.
Due $4.800 Sept. 1 1924 and Sept. 1 1925. and $2,400 each 6 months from
March 1 1926 to Sept. 1 1928, incl. A cert. check for 5% of the aggregate
amount drawn on some solvent bank in Holmes County and payable to
the County Auditor is required. Bonds to be delivered and paid for within
10 days from time of award.
-Ac-TEMPORARY LOAN.
HOLYOKE, Hampden County, Mass.
cording to newspaper reports, the city has awarded $200,000 revenue loan
notes, due Nov. 7 1923, to S. N. Bond & Co. on a 4.24% discount basis
plus $1 75 premium.
-BONDS VOTED.-According to the
HOUSTON,Harris County, Tex.
Houston "Post" of April 10, the result of the election on April 9 was as follows: $150,000 in bonds for the construction of Buffalo bayou drive,
For this the vote was 2.311 "for" and 1.197 against.'
The total vote on the other issues was: For $200,000 in bonds for gravel
pavement, 3,169: against. 1.733. For 1500,000 in bonds for permanent
pavement, 3.243: against. 1,623. For $250.000 for storm sewers, 3,040;
against. 1,461. For $150,000 in bonds for White Oak bayou drive, 2.963:
against, 1.762. Notice of this election was given in V. 116, p. 1213.
-Sealed
-BOND OFFERING.
HUDSON, Columbia County, N. Y.
bids will be received by the Chairman of the Finance Committee until
Apr.26 for the purchase of the following 4%% coupon or registered
5 p. m.
bonds:
as follows: $10.000
$110,000 street improvement bonds. Due on Aug. 1incl.
1928 to 1932 incl. and $20,000 1933 to 1935
16,000 sewer construction bonds. Due $4,000 yearly on Aug. 1 from
1927 to 1930 incl.
Denom. $1,000. Date June 11923. Int. semi-ann. A cert, check for
2% of the par value of the bonds bid for, payable to the City Treasurer,
required.
Dak.HUDSON SCHOOL DISTRICT NO. 10, Dickey County, No.building
0
-The State of North Dakota purchased $8,000 47
BOND SALE.
Due
bonds at par during the month of March. Date Aug. 1 1920. years
two
Aug. 11940. Bonds are not subject to call but may be redeemed
from date of issue.
-BOND OFFERING.
HUNTINGTON BEACH,Orange County,Calif.
by N. R. Wright,
-Sealed proposals will be received until 8 p. m. April 30 for $300,000 5%
City Clerk, and ex-officio Clerk Board of Trustees, Prin. and semibonds. Denom. $1,000. Date May 1 1923.
municipal
office. Due $15,000
ann. int.(M. & N.) payable at the City Treasurer'scheck on a responsible
early on May 1 from 1924 to 1943,incl. A certified Treasurer, required.
$3,000, payable to the City
in California for
that there has been no
The official circular offering these bonds states litigation or controversy
default in the payment of bonds or coupons; no boundaries nor the title
pending which affects the corporate existence or
office or the validity of these bonds. There are no
of any official to hisprogress or contemplated. These bonds were at first
more bond issues in
-but due to an error
scheduled to be offered on April 9-V. 116, p 1572
p. 1686).
in publication the offering was postponed until April 23 (V. 116,
It has now been postponed until above date.
-The
SALE.
-BOND
HUTCHINSON, McLoed County, Minn.
-were
5150.0005% street-impt. bonds offered on April 10-V. 116, p. 1572 Co.
& Trust Co and the Minneapolis Trust
awarded to the Minnesota Loan
a basis or about 4.72% •
as 44s at a premium of $456, equal to 100.30, $7,000, in all even years
Date April 1 1923. Due on April 1 as follows:
to 1943,incl.
from 1924 to 1942. incl., and $8,000 in all odd years from 1925
-BONDS OFFERED
-BOND SALE APPROVED
INDIANA (State of).
% State fair ground bonds,
BY BANKERS.-Tne sale of tne 51,000,000
and
awarded on Marco 20 to the Fletcher American Co. of Indianapolis has
about 4.86%,
Northern Trust Co. of Chicago at 97, a basis of the bonds are now
the
by toe State Board of Agriculture, and
been approved
registerable as to
being offered to Investors. Toe bonds are coupon,
1923. Prin.
principal, in denomination. of $1,000 each. Date May 1Co., Chicago,
roztyable at the Northern Trust
and semi-ann. int. (J. & J.) ndianapolis, at holder's option. The bonds
Fletcher American Co.,
or
4.407 and 4.507 as follows:
are being offered at prices'to yield 4 35%,
Maturity. Y eld. Price.
Amount. Maturity. Yield. Price. Amount. July' 1 1933 4.35 101.23
July 1 1925. $75,000
25,000
4.50 100.00 75,000 July 1 1934 4.35 101.32
25,000 July 1 1926
July 1 1935 4.35 101.41
25,000 July 1 1927 4.50 100.00 100,000 July 1 1936 4.35 101.49
50,000 July 1 1928 4.50 100.00 100,000 July 1 1937 4.35 101.58
50,000 July 1 1929 4.50 100.00 100,000 July 1 1938 4.35 101.66
50,000 July 1 1930 4.40 100.61 100,000
1 1939 4.35 101.73
50,000 July 1 1931 4.40 100.68 125,000 July
50,000 July 1 1932 4.40 has been approved by Chapman, Cutler &
of these bonds
Legality
& Smith, and Matson.
Parker, Chicago; Smith, Remster, Hornbrook the Attorney-General of
and
Carter, Ross & McCord of Indianapolis,
Indiana.
INDIANAPOLIS SANITARY DISTRICT (P. 0. Indianapolis), Ind.
-Proposals will be received until 12 m. May 8 by
-BOND OFFERING.
for the purchase of all or any part, at not
Jos. L. Hogue, City Comptroller,454% coupon bonds,second issue of 1923.
int., of $375,000
less than par andDate May 11923. Int. semi-ann. (J. & J.). Duo $7,500
$500.
Denom.
are not sold on May 8
yearly on Jan. 1 from 1925 to 1974 incl. If bonds the entire issue is disuntil
the offering will be continued from day to day bills of exchange and shall
Bonds shall be negotiable as inland
posed of.
authorized
be payable at the office of the County Treasurer or one of the
depositories of the city. These bonds are not an obligation of the City of
Sanitary District as a special taxing district. Cert.
Indianapolis, but of the
bank or trust company for 3% of amount of bonds
check on an IndianapolisDistrict Treasurer, required.
bid for, payable to the the bonds which on Feb. 20 were awarded to the
Apparently these are
this, was desigHarris Trust & Savings Bank of Chicago for that issue, like completed.
not
nated "Second Issue, 1923." It seems that that sale was
-It is reported that there
-NO BIDS RECEIVED.
IOWA (State of).
State Soldiers' Bonus bonds
were no bids received for the $22,000,000 44% 11922. Due $1,100,000
Date Dec.
offered on April 16-V. 116, p. 1329.incl.
Yearly on Dec. 1 from 1923 to 1942,
-In answer
-BOND SALE.
IOWA CITY, Johnson County, Iowa.
$35,767 95 paving bonds. Geo. J. Dohrer,
to our request for a description ofwere sold locally to residents or Iowa City;
City Clerk. says: "These bonds
some have already been paid off."
-On April 18 tne
-BOND SALE.
JACKSON, Jackson County, Mich.
for sale on that date
following four issues of bonds, wnicn were offered
-were awarded to Wm. R. Compton Co. of Chicago on a
3. 1686
V. 116.
to 100.783, for 414s, a basis of about 4.41%:
equal
bid of $240,782.bones. Due yearly on April 16 as follows: $5.000. 1930
135,500 water incl.; 110,000, 1939 to 1946 incl., and 110,500, 1947.
to 1938
bonds. Due yearly on April 16 as follows:
80,500 Paving and sewer
$3,500, 1930; $5,000, 1931: 55.500, 1932: 36,000, 1933 to 1936
$7,000. 1937: 55.000. 1938 and 1939; $5,500, 1940;
inclusive:
$5.000, 1941 to 1944 inclusive.
yearly on April 16 from 1930 to
15 000 sewer bonds.. Due $1.000
inclusive
1
'
8 000 p914ping station bonds. Due $1,000 on April 16 in each of the
years 1932, 1935, 1937, 1939, 1940, 1941. 1942 and 1944.
April 16 1923. Prin. and semi-ann.
Denom. $1,000 and $500. Date at the Central State Bank of Jackson„
int. (April 16 and Oct. 16) payable
of Commerce, New York.
and tne National Bank
-AMOUNT OF BONDS
JACKSON COUNTY (P. 0. Walden), Colo.
CHANGED.-Tne amount of the 44% court house and jail bonds awarded
Denver as stated in V. 116, p. 1686, has been changed
to Este & Co. of
from $14,400 to $14.000. as $400 have been retired.
JAMESTOWN INDEPENDENT SCHOOL DISTRICT, Stutsman
-The State of North Dakota purchased
County, No. Dak.-BOND SALE.
the month of March. Date
340,000 4% building bonds at par during bonds are not subject to call,
1922. Due Jan. 1 1942. Although
Jan. 1
from date of ssue.
they may be redeemed two years
BOND SALE.-DurIng the month of February the State of North Dakota
1 1922.
purchased $60,000 4% building bonds at par. Date Jan.redeemed Due
two
Jan. 1 1942. Bonds are not subject to call but may be
years from date of issue.
APRIL 21 1923.]
THE CHRONICLE
JEFFERSON WATER CONSERVANCY DISTRICT, Jefferson
-BOND SALE.
County, Ore.
-The Morris Bros. Corp. of Portland,
have purchased $5,000,000 6% gold coupon bonds and is now offering to
investors $4,910,000 of this issue, which is described as follows: Denom.
$1,000. Date June 1 1922. Prin. and semi-ann. int. (J. & J.). payable
at the County Treasurer's office in Madras, or at the fiscal agency of the
State in N. Y. City; at option of holder. The $4,910,000 bonds, which
are being offered mature as follows: $45,000, 1933: $145.000. 1934;
$150,000. 1935: $160,000. 1936; $170,000. 1937; $185.000, 1938: $195,000.
1939; $205,000, 1940: $215,000, 1941: $230,000. 1942: $245,000. 1943;
$260,000. 1944; $275,000, 1945: $290.000, 1946: 8310.000. 1947: $325.000,
1948;$345.000, 1949:$365,000, 1950;$385,000, 1951, and $410,000, 1952.
JENNINGS, Jefferson Davis Parish, La.
-BOND SALE.-Sutherlln_,
Barry & Co.. Inc., of New Orleans, have purchased the $135,000 535%
coupon street paving bonds offered on Apr. 16(V.116, p. 1453)at a premium
of $2,727, equal to 102.02, a basis of about 5.34%. Date Nov. 1 1922.
Due on Nov. 1 as follows: $1,000 1923 and 1924; 82,000 1925; $1,000 1926:
82.000 1927 to 1933
l.' 83,000 1934; $2,000 1935: $3,000 1936 to 1940
l.* $4,000 1941 and 1942; $3,000 1943; $5.000 1944; $4,000 1945: 85.000
inc.
inc.to 1949 incl.; $6,000 1950 to 1952 incl.; $7,000 1953 and 1954, and
1946
$8,000 1955 to 1957 incl.
JERRY KILPATRICK SPECIAL ROAD AND BRIDGE DISTRICT,
Hernando County, Fla.
-BOND OFFERING.
-L. B. yarn, Chairman
Board of County Commissioners (P. 0. Brooksville), will receive sealed
bids until May 7 for $75,000 6% road and bridge bonds. Denom. $1,000
or $3,000. Prin. and semi-ann. int. (J. & J.) payable at the office of the
Clerk, Board of County Commissioners, or at the National Park Bank.
N. Y. City. Due $3,000 yearly from
amount
of bonds was offered on Feb. 3(V. 116, 1924 to 1948 incl. A like
p. 204).
JOHNSTON COUNTY SCHOOL DISTRICTS, No. Caro.
-BOND
OFFERING.-Sealed bids will be received until 11 a. m. May 1 by H. B.
Marrow. Supt. Board of Public Instruction (P. 0. Smithfield), for the following 2 issues of 6% school bonds:
$25,000 Wilson's Milts School District bonds. Due $1,000 yearly on May 1
from 1929 to 1953 inclusive.
20,000 Micro Graded School District bonds. Due $1,000 yearly on
May 1 from 1934 to 1953 inclusive.
Denom.$1,000. Date May 1 1923. Prin. and semi-ann. int.(M.& N.)
payable at the National Bank of Commerce, N. Y. City. A cert. check
for 2% of amount of bonds bid for, payable to W. G. Wilson, Chairman,
required. Bonds are to be prepared under the supervision a the TJ. EL
Mtge. & Trust Co., of N. Y. City, which will certify as to the genuineness
of the signatures of the county officials and the seal impressed thereon. The
approving opinion of Caldwell & Raymond of N. Y. City as to the legality
,
of the Wilsons Mill School District issue and of Peck, Shaffer & Williams of
Cincinnati as to the legality of the Micro Graded School District issue
will be furnished the purchaser without charge. Bids to be made on blank
forms to be furnished by above Clerk or said trust company. Bonds will
be delivered to the purchasers at the office of the TJ. S. Mtge. & Trust Co.,
N. Y. City, on May 15, and must then be paid for in New York funds.
JOPLIN SCHOOL DISTRICT (P.O. Joplin), Jasper County, Mo.BOND OFFERING.
-Sealed bids will be received until 3 p. m. May 1 by
Jesse A. Zook, Secretary, Board of Education,for $75,000.5% school bldg.
reparing bonds. Denom.$1,000. Date May 1 1923. Prin. and semi-ann.
int.(M. & N.), payable at the Conqueror Trust Co., Joplin. Due May 1
1933; optional May 1 1928. Bonds will be furnished by school district.
A cert. check for 81,5000 payable to J. G. Stare, District Treasurer, required. The official circular states: Prin. and int, of all previous issues have
been promptly paid. No previous issue has been contested, and there is
no litigation pending or threatened concerning the validity of these bonds.
ICALISPELL, Flathead County, Mont.
-At the
-BONDS
election held on April 2-V. 116. p. 1453-the $5,000VOTED.
water bond
issue carried by a vote of 133 "for" to 59 "against. 5% G. Swaney,
A.
City Clerk.
KELSO, Cowlitz County, Wash.
-BOND OFFERING.
-M. J. Lord,
City Clerk, will receive sealed bids until 8 p. m. April 24 for 825.000
coupon city bonds. Denom. $1,000. Date Nov. 1 1922. Prin. and
semi-ann. int. payable in Kelso. Int. rate not to exceed 6%. Due in
20 years; optional after 5 years. A certified check for $500
required.
KENMORE, Summit County, Ohio.
-BOND OFFERING.
-Sealed
proposals will be received by P. E. Waxier, City Auditor, until 12 m.May 5
(Central Standard time) for the purchase at not less than par and interest
of $11,000 5 ji% city's portion sewer-construction bonds. Denom.$1,000.
Date Feb. 15 1923. Principal and semi-annual interest payable at the City
Treasurer's office. Duo $1,000 yearly on Oct. 1 from 1924 to 1934, inclusive. A certified check for 5% of the amount of the bid, payable to the City
Treasurer, required. Bonds to be delivered and paid for within ten days
from time of award.
KINYON SPECIAL SCHOOL DISTRICT NO. 75, Cass and Traill
Counties, No. Dak.-BOND SALE.
-The State of North Dakota purchased $10,000 4% building bonds ar par during the month of February.
Date Dec. 311920. Due Dec. 31 1940. Although bonds are not subject
to call, they may be redeemed two years from date of ssue.
LAKE COUNTY (P. 0. Painesville), Ohio.
-The
-BOND SALE.
8200,000 5% coupon Lake County hospital bonds, offered on April 5V. 116. p. 1213
-have been sold to Hayden, Miller & Co. of Cleveland
for 8205.677, equal to 102.83, a basis of about 4.67%. Date AprIl 1
1923. Due $10.000 yearly on Oct. 1 from 1924 to 194-incl. A bid of
$205.000 was also received from the Tillotson & Wolcott Co. of Cleveland.
Word as to whether the 8150,000 5% Madison Sewer
No.
offered for sale at the same time, were sold has not Districtbeen 1 bonds,
received
as yet
by us.
LAKE COUNTY (P. 0. Tiptonville), Tenn.
-BOND OFFERING.
-A
special wire from our Western correspondent, advises us that bids will be
received until May 15 for $75.000 5% 25
-year school bonds.
LAKEWOOD,Cuyahoga County, Ohio.
-BOND OFFERING.
Guild, Director of Finance, will receive bids until 12 m. May 7-A.0.
the
purchase at not less than par and interest of $41,000 5% street for
-opening
bonds. Denom. $1,000. Date April 1 1923. Principal and semi-annual
interest (A. & 0.) payable at the office of hte Director of Finance. Due
yearly on Oct. 1 as follows: $1,000, 1924 to 1930, inclusive, and $2,000,
1931 to 1947, inclusive. Certified check for 5% of amount of bonds,
payable to the City of Lakewood, required.
LAKE OF THE WOODS COUNTY (P. 0. Baudette), Minn.
BOND SALE.
-The $10,000 6% coupon 10
-year bonds offered on March
15-V. 116. p. 1094
-were purchased by the First National Bank of
Baudette at par.
LAMAR, Darlington County, So. Caro.
-BOND SALE.
-The
835,000 water-works and $30,000 sewerage 6% bonds offered on April 3V. 116, p. 1454
-were purchased by J. H. Hilsman & Co. of Atlanta.
Denom. $1,000. Date April 1 1923. Prin. and semi-ann. int. (A. &
payable at the Mechanics & Metals Nat. Bank, N. Y. City. Due0.)
on
April 1 as follows: $1,000, 1929 to 1933. incl.; $2,000, 1934 to 1938,
incl.;
$3,000, 1939 to 1948, incl., and $4,000, 1949 to 1953. incl.
LA PORTE COUNTY (P. 0. La Porte), Ind.
-BOND SALE.
-The
City Trust Co. of Indianapolis has purchased and is now offering to investors at prices to yield 4.251, 4.30%, 4.35% and 4.40%, according to
maturities, an issue of $125, 00 5% tax-free bridge bonds. Denom.
$1,000 and $1,250. Date March 15 1923. Due $6,250 yearly on Nov. 15
from 1924 to 1943, inclusive.
Financial Statement.
Assessed valuation _ ------------------------------ -----$94,861,661
Total debt, including this issue
364,500
LARIMER COUNTY SCHOOL DISTRICT NO. 60 (P. 0. Laporte),
-BOND SALE.-Sublect to being voted at an
Colo.
-BOND ELECTION
election to be held on May 7 $10,000 5) % refunding 10 -year (opt.)
‘
,
-20
bonds have been purchased by the International Trust Co. of Denver.
LAR1MORE SPECIAL SCHOOL DISTRICT (P. 0. Larimore),
Grand Forks County, No. Dak.-BOND OFFERING.
-A.P.Lord, Clerk
Board of Education, will receive sealed bids until 7:30 p. m. April
all or any part of $20,000 refunding bonds, subject to the bonds 27 for
being
authorized by the voters. A certified check for $500 required. Bids to be
submitted both on a straight 10
-year bond and on a 10
-year serial bond.
Bonds to be furnished by purchaser.
LA SALLE PARISH SCHOOL DISTRICT (P. 0. Jana), La.
BOND SALE.-Sutherlin, Barry & Co., Inc., of New Orleans, have purchased $40,000 school bonds.
1807
LIBERTY SCHOOL TOWNSHIP (P. 0. Liberty R. F. D. 5), Union
County, Ind.
-BOND OFFERING.
-Sealed proposals will be received by
Byron B. Nickels, Township Trustee. until 3 p. m. May 7 for the purchase
at not less than par and interest of $28,500 5% school bonds. Denom.
$712 50. Date May 11923. Principal and semi-annual interest (J. & J.),
payable at the Citizens Bank of Liberty. Due $712 50 each 6 months from
July 1 1924 to Jan. 1 1944. incl. A certified check for $300, payable to
the Township Trustee is required.
LINCOLN, Lancaster County, Nebr.-BOND SALE.
-T=OM
2 issues of bonds offered on April 12(V. 116, p.1330) were awarded, we are
advises in a special telegraphic dispatch from our Western correspondent,
to the State of Nebraska:
$192,790 issued for paying for improvements in several paving Districts.
Denom. to suit purchaser. Due 1-10th yearly on April 1 beginning 1924.
46,110 issued for paying cost of improvements in several water Districts.
Denom. to salt purcnaser. Due 1-5th yearly on April 1 beginning 1924.
Date April 11923.
LINDEN SCHOOL DISTRICT NO. 1, Cavalier County, No. Dale.
BOND SALE.
-During the month of March the State of North Dakota
purchased $25,000 4% building bonds at
Date Dec. 311920. Due
Dec.311940. Although bonds are not subject to call they may be redeemed
par.
2 years from date of issue.
LINDSAY, Platte County, Nebr.-BOND SALE.
-The $12,000 water
bonds offered on Mar. 22(V. 116. p. 1214) were awarded to James Wactiob
& Co.of Omaha,at a premium of $58, equal to 100.48.
LOGAN,Cache County, Utah.
-BOND OFFERING -Sealed bids will
be received until 5 p. m. April 26 by J. L. Montrose, City Recorder, for
$65,000 5% coupon refunding bonds. Denom. 81.000. Date May 1 1923.
Prin. and semi-ann. int.(M.& N.). payable at the Guaranty Trust Co., N.
Y. City. Due $5,000 yearly on May 1 from 1925 to 1937, incl. A cert.
check on a reliable bank or trust company for 3% of issue, required. The
City will furnish blank bonds and also the approving opinion of John C.
Thomson, N. Y. City, without cost to the purchaser.
BOND ELECTION.
-An election, to vote on the question of issuing
$300,000 5% serial electric plant rebuilding bonds will be held on May 15.
LOS ANGELES, Los Angeles County, Calif.
-BONDS REOFFERED.
-Robert Dominguez, City Clerk, will receive sealed bids until 10:30
a. m. April 24 for $2,000,000 sewage disposal and 12.500,000 fire protection bonds. Interest rate not to exceed 434%. These bonds were
offered on April 16-V. 116, p. 1330
-but were not sold as the only bid
received was rejected, as it came after the time appointed for receiving bids.
LOS ANGELES CITY SCHOOL DISTRICT, Los Angeles County,
Calif.
-BOND SALE.
-The $2,540,000
% school building bonds
offered on April 16-V. 116, p. 1687
-were purchased by a syndicate
composed of the Anglo-California Trust Co., California Co California
Security Co., Citizens National Bank of Los Angeles, all of Los Angeles,
Merchants Security Co. of San Francisco. Cyrus Peirce & Co., Security
Co. of Los Angeles, Wm. R. Staats Co. and R. H. Moulton & Co. of
Los Angeles, and the Northern Trust Co. of Chicago, at a premium of
$32,315, equal to 101.27. a basis of about 4.67%. Date Sept. 1 1922.
Due on Sept. 1 as follows: $63,000, 1923 to 1942 incl., and 164,000.
1943 to 1962 incl.
LOS ANGELES CITY HIGH SCHOOL DISTRICT, Los Angeles
County Callf.-BOND SALE.
-A syndicate composed of the AngloCalifornia Trust Co., California Co. California Security Co.. Citizens
National Bank of Los Angeles, Security Co., Wm. R. Stoats Co. and
R. H. Moulton & Co.. all of Los Angeles; Merchants Security Co. of
San Francisco, Cyrus Peirce & Co. of Los Angeles, and the Northern
Trust Co. of Chicago, has purchased the $1,000,000 4X% school building
bonds offered on April 16-V. 116. p. 1687
-at a premium of $12,750.
equal to 101.27, a basis of about 4.67 o. Date Sept. 11922. Due $25,000
yearly on Sept. 1 from 1923 to 1962 inclusive.
McCULLOCH COUNTY COMMON SCHOOL DISTRICT NO.7. Tex.
-BONDS REGISTERED.
-On April 2 the State Comptroller of Texas
registered $12,000 5% serial bonds.
McKENZ1E COUNTY (P. 0. Schafer), No. Dak.-BOND SALE.
-Dickey Co. of Minneapolis purchased 820.000 6% feed and
The Wells
seed grain bonds on April 6 at par. Denom. $1,000. Date April 1 1923.
Int. A.& 0. Due $10,000 on April 1 in 1939 and 1940.
MADISON INDEPENDENT SCHOOL DISTRICT NO. 1 (P. 0.
Madison), Lake County, S. Dak.-BOND OFFERING -Sealed bids will
be received 8 p. m. April 27 by H.H.Holdridge,Clerk, Board of Education,
for the following school bonds:
$45,000 bonds. Int. rate not to exceed 534%. Due Apr. 1 1943; optional
April 11928. A cert. check for 3% of issue riquired. The District will furnish blank bonds and approving opinion of Wood &
Oakley of Chicago.
65.000 bonds. Int, rate not to exceed 5%. Due Apri. 1 1943. A cert.
caeck for $1,950, payable to the above official, required.
Date April 1 1923. The official notice of sale states that there is no controver,y or litigation over these issues and District has never defaulted in
payment of principal and int. when due.
MALCOLM, Lancaster County, Nebr.-BONDS VOTED.
-At an election neld on Aprl 10 an issue of $6,500 transmission line bonds was voted.
MANDAN SPECIAL SCHOOL DISTRICT, Morton County, No.
Dak.-BOND SALE.
-The State of North Dakota purchased $50,000 4%
building bonds at par during the month of March. Date July 1 1922.
Due July 1 1942. Bonds are not subject to call, but may be redeemed
2 years from date of issue.
MARBLE ROCK INDEPENDENT CONSOLIDATED SCHOOL DISTRICT(P.O. Marble Rock), Floyd County,Iowa.
-BOND ELECTION.
-A special election will be held on May 11 to vote on the question of issuing
$45,000 school bldg. and site purchasing bonds. E. W. Garber, Secretary,
Board of Directors.
• MARION, McDowell County, No. Caro.
-BIDS.
-The following is a
list of the bids received for the 8100.000 6% water works and sewerage
bonds on April 9:
Seasongood & Mayer--*8106,860 00 W. K. Terry & Co., T0l_$104,447 50
W.L. Slayton & Co., Tol 105,910 00 Sidney Spitzer & Ob.. Tol
Spitzer, Bolick & Co.,Tol 103,184 50 Prudden & Co., Toledo__ 105,711 55
Kinsey & McMahon, Tol 106,610 00 Ryan,Bowman & Co.,Tol 190,02500
105,467 00
Well, Roth & Irving, Cin 105,100 07 Keane, Higbie & Co.. Chi 105,300 00
Hanchett Bond Co.,Chic 104.137 00
•Successful bidder; for previous reference see V. 116, p. 1687.
MARION COUNTY (P. 0. Ocala), Fla.
-BOND SALE.
-The Ocala
National Bank of Ocala, purchased $15,000 6% school bonds
on April 10. Denom. $1,000. Date Jan. 1 1923. Int. J. &at 102.67
J. Due
serially.
MARQUETTE INDEPENDENT SCHOOL DISTRICT (P. 0. Marquette), Clayton County, lowa.-BOND OFFERING.
-Sealed bids
were received until 8 p. m. April 20 by Belle J.Ferris, Secretary, Board of
Directors, for $29,000 school bldg. bonds. Bonds and attorney's opinion
to be furnished by purchaser. Rate of int. and maturities to be determined
at time of sale.
MARSHALL COUNTY (P.
-BOND SALE.
An issue of $248.000 5% county0. Plymouth), Ind.
unit road
the City Trust Co. of Indianapolis, which bonds has been purchased by
is now offering the bonds to
investors at a price to yield 454%. Denom. $1,000 and $400. Due
812.400 each six months from May 15 1924 to Nov. 15 1933, inclusive.
MARYSVILLE SCHOOL DISTRICT (P. 0. Marysville), Marshall
County, Kan.
-BONDS VOTED.
-At the election held on April 3-V,116.
p. 1214
-the Foposition to issue school
carried by a vote a 691
'for" to 105 against." The amount of bonds
the issue is 850,000.
MASSACHUSETTS (State of).
-BOND OFFERING.
-Sealed proposals
for the purchase of the 4 issues of4% gold registered bonds listed below will
be received until 12 m. April 30 by James Jackson, Treasurer and ReceiverGeneral.
$550.000 Metropolitan Parks Loan, Series 2. Due yearly on Jan. 1 as
follows: $28,000, 1924 to 1933,incl., and $27,000, 1934 to 1943,
Inclusive.
150,000 Metropolitan Sewer Loan, North System Due yearly on Sept.
1 as follows: $4,000, 1923 to 1952, incl., and
1953 to
.
1962, inclusive.
1808
THE CHRONICLE
$80,000 Metropolitan Sewer Loan. South System. Due $2,000 yearly on
Sept. 1 from 1923 to 1962. inclusive.
100,000 Metropolitan Water Loan. Due yearly on Jan. 1 as follows:
£3,000, 1924 to 1943, incl., and $2,000, 1944 to 1963, inclusive.
Prin. and semi-ann. hat, payable in gold coin or its equivalent. The bonds
are advertised as "exempt from taxation in Massachusetts, including the
Federal Income tax." Cert, check on a national bank or trust company in
Massachusetts or New York City, for 2% of amount bid for, payable to the
Treasurer and Receiver-General, required. Purchaser to pay accrued hat.
MAYBELL IRRIGATION DISTRICT (P. 0. Maybell), Moffatt
-Sealed bids will be received until
-BOND OFFERING.
County, Colo.
6 D. m. May 12 by W. T. Stillings, Secretary and Treasurer Board of
Directors, for $80.000 6%, coupon irrigation bonds. Date May 1 1923.
Denom. $500 and $100. Due serially from 1928 to 1942, incl. All bonds
will be payable upon call of the district and at its option any time after
5 years from its date.
MAYWOOD SCHOOL DISTRICT, Los Angeles County, Calif.
-The *78.000 5% school bonds offered on April 16-V. 116,
BOND SALE.
-wore awarded to the First Securities Co. of Los Angeles at a
1687
P.
premium of $736. equal to 100.94, a basis of about 4.91%. Date April 1
1923. Due on April 1 as follows: $3,000. 1924 to 1941 inclusive, and
$2.000. 1942'to 1953 inclusive.
-A
-TEMPORARY LOAN.
MEDFORD, Middlesex County, Mass.
1923,
temporary loan of $150,000 ,maturing $75,000 Dec. 7 and Dec. 21
was awarded to the First National Bank of Boston, on a 4.16% discount
basis.
-BOND SALE.
-On
MEDINA COUNTY (P. 0. Medina), Ohio.
April 17 the $9,000 534% Medina-Norwalk Road I. C. H. No. 29, Sec. P.
-V. 116, p.
in Litchfield Township, road bonds, offered on that date
-were sold to W. L. Slayton & Co. of Toledo at 100.40 and interest,
1573
a basis of about 5.415%. Date April 1 1923. Due $1,000 yearly on Oct. 1
from 1924 to 1932 inclusive. Otis & Co. of Cleveland bid $9,028.
-An election
-BOND ELECTION.
MEMPHIS, Shelby County, Tenn,
will be held on May 10 to vote on the question of issuing the following bonds:
$1,500,000 water bonds.
100,000 Cassitt library bonds.
150,000 general hospital bonds.
100,000 tuberculosis hospital bonds.
100,000 fire station and equipment bonds.
250,000 viaduct bonds.
1,250,000 Board of Education bonds.
750,000 street construction and sewer bonds.
The official notice of the election states that "ordinances for all or portions
of above amounts will be passed. The sale will be 4eld by sealed bids
June 12." Notice of the election was given in V. 116. p. 1687; it is given
again as additional data have come to hand.
The official notice of this election may be found on a subsequent page of
this issue.
-NOTE SALE.
-The $500,000
MEMPHIS, Shelby County, Tenn.
-were awarded
6% revenue notes offered on April 10-V. 116, p. 1330
jointly to Caldwell & Co. of Nashville, Bankers Trust Co. and Curtis
&ISanger of New York on a 4.95% basis. Date Jan. 11923. Due Sept.
1,1923.
-BOND OFFERING.
MERCER COUNTY (P. 0. Celina), Ohio.
Sealed bids will be received by H.J. Kriegel. Clerk Board of Commissioners,
until 12 m. April 23 for the purchase of $2,500 534% Elfert Road improvement bonds. Auth. Section 6929 of the General Code. Denom. $500.
Date April 11923. Principal and semi-annual interest (A. & 0.) payable
at the County Treasurer's office. Due yearly on Oct. 1 as follows: $500
1924 and 1925;$1,000 1926.$500 1927. .A certified check for $100 required.
Sealed bids will be received by the same official at the same time for
the purchase of the following 53i% coupon highway bonds, issued under
authority of Section 1223 of the General Code:
646,000 Celina Van Wert Road No. 262, Section A, I. C. II. highway
bonds. Due yearly on Oct. 1 as follows: $9,000 1924 and 1925,
$10,000 1926. $9,000 1927 and 1928.
17,000 Celina-Greenville Road No. 211, Section II-2. I. C. H. highway
bonds. Due $3.000 on Oct. 1 in 1924, 1926 and 1928, and 14,000
on Oct. 1 in 1925 and 1927.
Denom. $1,000. Date April 11923. Principal and semi-annual interest
(A. & 0.), payable at the County Treasurer's office. A certified check for
$200 required.
-BONDS VOTED.
MERIDEN, Cherokee County, Iowa.
-By a count
of 65 "for" to 51 "against," a 114,500 water works bond issue carried when
submitted to a vote of the people on April 10. Notice of this election was
given in V. 116. p. 1214.
-BOND OFFERING.
MIAMI COUNTY (P. 0. Peru), Ind.
-Sealed
bids will be received by C. E. Reyburn, County Treasurer, until 11 a. m.
April 30 for the purchase at not less than par and interest of the following
free gravel road bonds:
coupon
$19,200 W. Volpert-Fred Brown et al.. Peru Township No. 29 road bonds.
Denom. $960. Due $960 each 6 months from May 15 1924 to
Nov. 15 1933. inclusive.
18.500 Archie Moore et al., Peru Township No. 27 road bonds. Denom.
$925. Due $925 each 6 months from May 15 1924 to Nov. 15
1933, inclusive.
12,300 Ben M. Clowd et al., Richland Township No. 10 road bonds.
Denom. $615. Due $615 each 6 months from May 15 1924 to
Nov. 15 1933, inclusive.
Marshall Jackson et al., Butler Township No. 13 road bonds.
7,000
Denom. $350. Due $350 each 6 months from May 15 1924 to
Nov. 15 1933, inclusive.
Date April 15 1923.
-BONDS VOTED.
-At the election held
MIAMI, Dade County, Fla.
-the $2,730,000 improvement bond issue
on March 20-V.• 116, p. 540
carried.
MIAMI COUNTY (P. 0. Troy), Ohlo.-BOND SALE
.-The State
Industrial Commission was awarded the following 3 issues of 536% coupon
bonds offered for sale on April 16-V. 116, p. 1573:
$5,200 Series "A" County bonds. Due yearly on Oct 1 as follows: $1,000,
1930 and 1931.
3,700 Series "B" Township bonds. Due yearly on Oct. 1 as follows:
*200, 1924, and $500, 1925 to 1931 inclusive.
3.700 Series "C" Land Owners' bonds. Due on Oct. 1 as follows: $200,
1924. and $500, 1925 to 1931 inclusive.
Date April 1 1923.
-BOND SALE.
MIDVALE, Salt Lake County, Utah.
-On April 16.
an issue of $100,000 5 % 1-15-year serial water bonds was sold to a syndiheaded by the Central Trust Co. of Salt Lake City, at par. Total
cate
bonded debt (incl.this Issue) 1135,000. Assessed valuation, 1923, 13,000,000.
-BOND SALE.
-Battles
MIFFLIN COUNTY (P. 0. Lewistown), Pa.
& Co.of Philadelphia, have purchased $280.0004% bridge bonds. Date
May 1 1923. Duo yearly on Nov. 1 as followsf $60,000, 1933; 19,000,
1934 to 1951, incl., and $58,000, 1952.
Financial Statement.
625,000.000
Real vauation (estimated)
14,399.470
Assessed valuation
-280,000
------------------------------Net debt_ _ --Population (Census of 1920), 310139. Present population ------------33.0W.
-LOAN OFFERING.
-Sealed proMILTON, Norfolk County, Mass.
posals were received until 4 p. m. April 20 by J. Porter Holmes,Town Treasurer, for the purchase of $240,000 414% coupon "Tucker School Loan of
1923" bonds. Denom. $1,000. Date May 11923. Prin. and semi-ann.
First Nat. Bank of Boston. Due $12,000
t. (m. & N.) payable at the
incl. These bonds,it
yearly on May 1 from 1924 to 1943 are engraved under is said, are exempt
the supervision of
in Massachusetts and
from taxation
genuineness by the First Nat. Bank of Boston; their
and certified as to
will be approved by Messrs. Ropes, Gray. Boyden & Perkins, whose
legality
purchaser. All legal papers incident to this
opinion will be furnished the
bank where they may be inspected at any time.
Issue will be filed with said purchaser on or about May 1 1923 at the First
delivered to the
Bonds will be
Nat. Bank of Boston, Boston.
[Vor... 116.
-The $52555733 special park
-BOND SALE.
MINNEAPOLIS, Minn.
and parkway acquisition and impt. bonds offered on April 17 (V. 116_, p.
1454) were awarded Jointly to Hamilton A. Gill & Co.and J. A.Sisto & Co.,
%
both of New York, at 100.04, as 45 s. Date May 1 1923. Of the $525,557 33 purchased, 6520.000, which matures 657,000 yearly on May 1 from
1924 to 1928, incl.. and $47,000 on May 1 from 1929 to 1933, incl., are now
being offered to investors by these firms at prices to yield from 4.40% to
4.30%, according to maturities.
-Sealed
-BOND OFFERING. p. in.
MITCHELL Lawrence County, Ind.
proposals will be received by Stella Edwards, City Clerk, until 1 bonds.
$14,0005% coupon
April 27 for the purchase at not less than par of
Denom. $500. Date April 16 1923. Principal and semi-annual interest
(J. & J.) payable at the City Clerk's office. Due $500 each six months
from July 1 1926 to Jan. 1 1940, inclusive. A certified check for $100 on a
Mitchell bank required.
MITCHELL SCHOOL CITY (P. 0. Mitchell), Lawrence County,
-Proposals will be received by the School Trus-BOND OFFERING.
Ind.
tees,(0. L. Roberts, Sec.) until 1 p. m. May 10 for the purchase of $5.000
scnool bonds. Denom. $500. Date May 1 1923. Int. J. &
5% coupon
J. Due $500 each 6 months from July 1 1926 to Jan. 1 1930, incl. Cert.
check for $200 required.
-L. A.
-BOND OFFERING.
MODESTO, Stanislaus County, Calif.
Love.City Clerk, will receive sealed bids until8 p. m. April 25 for $20.777 22
& J. A certified
7% improvement bonds. Date Feb. 20 1923.
Int.'
check for 10% of bid, payable to the Mayor, required.
-NOTE OFFERING
MONMOUTH COUNTY (P. 0. Freehold), N. J.
-C. A. Francis, County Treasurer, will receive bids until 11 a. m.April 2;
for the purchase at not less than par of $500,000 highway notes. dated
May 1 1923 and maturing $200,000 Aug. 1 1924 and $300,000 Aug.1 1925.
Notes to be registered, bearer without coupons, or coupon with privilege
of registration. Denom. $1,000 or multiples, but if coupon notes are
desired only one denomination may be specified in bid. Prin. and semiann. int. (F. & A.) payable at Freehold, Philadelphia, or N. Y., to suit
purchaser. Bidders are to state rate of interest. Certified check for
$5,000, payable to the County, required. Notes to be delivered to pur
chaser on May 10 at Freehold, Philadelphia or N. Y., to suit the successful
bidder. Legality approved by Caldwell & Raymond, N. Y.
The official advertisement of these notes may befound on a subsequer t page.
-BONDS DEFEATED.
MONTCALM COUNTY(P.O.Stanton),Mich.
The proposition to issue $200,000 road construction bonds failed to carry
when submitted to a vote of the people on April 2-V. 116. p. 320.
-Harry
-BOND OFFERING.
MONTCLAIR, Essex County, N. J.
Trippett, Town Clerk, will receive bids until 4 p. m. April 24 for the purtwo issues of 434%
chase at not less than par and interest of the following
coupon (with privilege of registration as to principal and Interest, or principal only) bonds, no more bonds of either issue to be awarded than will
produce a premium of $1,000 over the amount of bonds offered:
$85,000 permanent impt. bonds. Denom. $1.000. Due yearly on May 1
as follows: $3,000, 1924 to 1938, incl.; and $4,000, 1939 to 1948.
incl.
assessment bonds. Denoms. (1) $475 and (15) 21,000. Due
15,475
*1.475 May 1 1924 and 12,000 yearly on May 1 from 1925 to
..
3
19 11 c13 Prin. and semi-ann. int.(M. dc N.) payable in U. S.
Date Ma y ir92
gold coin of or equal to the present standard of weight and fineness, at the
Bank of Montclair or the Town Treasurer's office, at holder's option.
Certified check on an incorporated bank or trust company for 2% of
amount of bonds bid for required. Purchaser must take up the bonds
within 48 hours after notice to do so is given by the town. Legality approved by John C. Thomson of N. Y. Bids are required to be on forms
furnished by the Town Clerk.
-BOND OFFERING.
MORGAN COUNTY(P.O. Martinsville), Ind.
Proposals will be received by John S. Whitakt.r. County Treasurer, until
1,.) a. m. April 30 for the purchase of 18.800 5% Elijah Johnson et al.
free gravel road bonds. Denom. $440. Date April 10 1923. Principal
and semi-ann. int:(M. & N. 15) payable at the County Treasurer's office.
Due $440 each 6 months from May 15 1924 to Soy. 15 1933. incl.
MORGAN COUNTY SCHOOL DISTRICT (P. 0. Morgan), Utah.
-The Palmer Bond & Mtge. Co. of Salt Lake City. has PurBOND .SALE.
-year serial school bonds.
chased approximately $45,000 5% 1-20
MULTNOMAH COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Port-R.E. Fulton. School Clerk, will receive
-BOND OFFERING.
land), Ore.
sealed bids until 12 m. May 1 for the following bonds:
1 1923. Due on Fob. 1 as follows: $5,000
$438,000 bonds. Date Feb.
1926. *41.000 1927. 138.000 1928. *39.000 1929. $40.000 1930.
130.000 1931. 139.000 1932. 338.000 1933. $30,000 1935. 1936
and 1937. 613,000 1938,$30,000 1939,$5,000 1940.620,000 1941
and $10.000 1942.
1,000,000 bonds. Date May 1 1923. Due on May 1 as follows: 355.000
1926 to 1941, incl., and $60.000 1942 and 1943.
424,000 bonds. Date Feb. 1 1923. Due on Feb. 1 as follows: $5,000
1926, $38,000 1928, $36,000 1930, $39,000 1932, $30,000 1935
and 1937, *20,000 1939 add 1941, $41,000 1927, 139.000 1929.
$30.000 1931, $38,000 1933, $30.000 1936, 1113,000 1938, $5,000
1940 and $10,000 1942.
1,000,000 bonds. Date May 11923. Due on May 1 as follows: $55,000
1926 to 1941, incl., and *60.000 1942 and 1943.
Denom.$100 to $1,000, at option of purchaser. Prin,and semi-ann.int.,
payable at the County Treasurer's office or at the fiscal agency of the State
of Oregon in N.Y. City, at option of purchaser. Interest rate not to exceed
6%. A certified check for 5% of amount of bonds bid for required. The
notice of the offering of these bonds states:
"These bonds are part of an issue of $3,000,000 authorized by a vote of
the people at the general school election held the 17th day of June 1922.
by the
for building purposes, and their validity has been determinedof Teal,
Supreme Court of the State of Oregon. Approving opinion
Portland, Oregon, will be furnished the
&
Wfnfree, Johnson , McCulloch,
successful bidder."
-At the
-BONDS DEFEATED.
MUNISING, Alger County, Mich.
-the proposition to Issue 230,000
election held on April 2-V. 116, p. 1454
bonds failed to carry.
-BOND SALE.
MUSKEGON COUNTY (P. 0. Muskegon), Mich.
sale
The $48.000 Road No. 14 bonds which were offered forof on April 16Toledo on a bid
-were awarded to W. K. Terry & Co.
p. 1573
V. 116.
of $48,307 77, equal to 100.641, for 53s. Due from 2 to 10 years. The
following bids were also received:
Int. Rate,
Premium.
182 22
2,006 51
4
Howe, Snow & Bertles, Detroit
5
6 %
{
7501)
5%
Keane. Hight° & Co., Detroit
534%
5800
Detroit Trust Co., Detroit
NATCHITOCHES PARISH SCHOOL DISTRICT NO. 3 (P. 0.
-0. B. }Teener. Secretary of
-BOND OFFERING.
Natchitoches), La.
the School Board, will receive sealed bids until 11 a. m. May 1 for 325.000
T.
school bonds. A cert, check for $750, payable to Z. to Genital), Pres, of
be delivered
purchaser on day
the School Board, required. Bonds will than par and accrued interest.
of sale. Bonds will not be sold for less
COUNTY HIGH SCHOOL DISTRICT (P. 0. Casper),
NATRONA
-The $500,000 5% school bldg. bonds offered on
Wyo.-BOND SALE.
April 14 (V. 116,p. 1331) were awarded to a syndicate composed ot Lane,
Piper & Jaffray, Inc. of Minneapolis: Stern Bros. & Co. of Kansas City,
Bosworth Chanute & Co. of Denver, and Ferris & Hardgrove of Spokane.
Date Jan. 11923. Due 825.0013 yearl, from 1924 to 1943, incluslive.
-BONDS VOTED.
NEWAYGO COUNTY (P. 0. White Cloud), Mich.
-A proposition to issue 115.000 jail bonds was approved by the voters at
the election held on April 1.-V. 116, p. 541.
-BOND OFFERNEW PHILADELPHIA, Tuscara was County, Ohio.
ING.-Saaled•bids will be received by W. C. laiser, City Auditor, until
12 in. April 28 for the purchase of the following 514% coupon sewer bonds:
$3,300 00 Sanitary sewer bonds. Due yearly on April 1 from 1925 to 1931,
itolusive
12,572 70 sncrm seWer bonds. Due yearly on April 1 from 1925 to 1931,
inclusive.
. Principal and send-ann. int.(A. & 0.) payable at the
in i
Datepric
City
Treasurer's office. Certified check for $100. payable to the City
Auditor, required.
APRIL 21 1923.]
THE CHRONICLE
1809
NEWPORT BEACH, Orange County Calif.
-BOND SALE.
-Frank
H. Greene, a contrastor, of Los Angeles,,
has been awarded $75,000 Jail,
fire-hall and comfort-station bonds.
NORTH ADAMS,Berkshire County, Mass.
-TEM
According to newspaper reports, the city has awarde PORARY LOAN.a temporary revenue
loan of $100,000. dated April 18 and maturing Nov. d 1923, Estabr
3
to
ook &
Co., on a 4.21% discount basis.
PHILLIPS COUNTY SCHOOL DISTRICT
NO. 15, Colo.
VOTED.
-BONDS
-At a recent election $3,000 10
-20
school bldg.
bonds were voted. These bonds have been -year Opts,
of Denver, subject to being voted at said sold to Benwell, Phillips & Co.
election. Notice of the electio
and sale was given in V.116. p. 1096.
n
PHOENIXVILLE, Chester County, Pa.
-BOND OFFERING.
bids will be received by Wm.
-Sealed
May 8 for the purchase at not E. Knapp. Jr., Borough Clerk, until 12 in.
NORTH FARGO,(P. 0. Fargo), Cass County
less than par and
, No. Dak.DEFEATED.
-By a vote of 81 to 47 the votere turned down the BONDS coupon (with privilege of registration and interest interest of $150,000 431%
or principal only) highway
tion to issue $44,5b0 school bonds. The Minneapolis "Journ proposi- improvement bonds. Denom. $1,000. Date
May 1 1923. Int. semi-atm.
al" says: Due $5,000 yearly on
"By a vote of 81 to 47, residents of the
May 1 from 1924 to 1953. incl. A certifie
d check
the city of Fargo, turned down a school village of North Fargo, adjoining for 2% of the par value of the amount of the
bond isuse of $44,500 and in the Burgess
loan bid for, payable to the
opinion of serversl prominent residents of
& Town Council required. Bonds are
the village thus
said to be free of Penndesire to unite with the city of Fargo, rather than continu indicated their sylvania State taxes. Legality approved by
John Haviland of Phoenixe a separate exist- ville, and Townsend,
ance. Several months ago the city Commission of
Elliott & Munson of Philadelphia.
Fargo voted to annex a
portion of the village at the request
PIKE COUNTY (P. 0. Petersburg), Ind.
fought through the State Supremeof residents there. The annexation was
-BOND OFFERING.
Court by
-ProFargo and the city was denied the right to the Village Board of North posals will be received by H. H.Harmeyer, County Treasur
annex the territory."
er, until 2 p. m.
April 24 for the purchase at
OAKLAND, Burt County, Nebr.
highway construction bonds. not less than par and interest of $35,870 5%
Denoms. $770 and $900. Int. M.& N.
-At the election
held on April 3(V. 116, p. 1095) the . -BONDS VOTED.
$10,000 park bond issue was voted by Due $770 May 15 1923 and $900 each 6 months thereafter to Nov.15.
a count of 299 "for" to 123 "against.'
1942, incl.
15
OCEAN COUNTY (P. 0. Toms River),
N. J.
-BOND OFFERING.
David 0. Parker, Clerk of the Board
Chosen Freeholders, will receive
bids until 12 in. May 1 for the purchasofof
e
an issue of 5t4% coupon (with
privilege of registration as to principal)
road improvement bonds, not to
exceed $75,000. no more bonds to be
of $1,000 over $75.000. Denom. awarded than will produce a premium
$1.000. Date June 1 1922. Prin.
and semi-ann. int. (F. & A.), payable at
the
Toms River. Due Aug. 1 1926. Certifi Ocean County Trust Co. of
bank or trust company for 2% of amounted check on an incorporated
of bonds bid for, payable to
the County Treasurer required. Bonds
County Treasurer's office. Legality to be delivered and paid for at the
approved by John C. Thomson
of New York.
PITTSFIELD, Berkshire County
-TEMPORARY LOAN.
A temporary revenue loan of $200,00 , Mass.
0 dated
15 1923, has been awarded, it is stated, to April 17 and maturing Nov.
Bateman Bros. & Hutzler on
a 4.21% discount basis plus $7 premium.
PLAQUEMINE PARISH ROAD DISTR
ICT NO. 1 (P. 0. Pointe a la
Hecht), La.
-BOND SALE.
-The $50,000 6% road bonds offered on
April 10-V. 116, p. 1331-were awarde
d to W.L. Slayton & Co. of New
Orleans at a premium of $439, equal
to 100.87. Date Sept. 2 1922. Due
serially 5 to 14 years.
PLEASANT VALLEY SCHOOL DISTRICT
NO. 35, Wells County,
No. Dak.-BOND SALE.
-Duri
North Dakota, purchased $44,00ng the month of February, the State of
0
1920. Due July 1 1940. Bonds 4% bldg. bonds at par. Date July 1
issue, although they are not subjectmay be redeemed 2 Years from date of
to call.
PORT CLINTON, Ottawa County,
Sealed proposals will be received by Wm. Ohlo.-BOND OFFERING.
H.
until 12 m.April 24 for the purchase at not less Williamson, Village Clerk.
534% coupon special assessment street impt.than par and Int. of $25.000
bonds. Auth.. Sec. 3914,
of the Gen. Code. Denom. $1,000 and
and semi-ann. int. (M. & S.), payable $500. Date Sept. 1 1923. Prin.
Due $2,500 yearly on Sept. 1 from 1924at the Village Treasurer's office.
to 1933,
57' of the amount of bonds bid for, payable to the incl. A cert, check for
Village Treasurer, is required.. Bonds to be delivered and paid for within
10 days from time of
award.
OLDHAM INDEPENDENT SCHOOL
Oldham), Kingsbury County, So. Dak.- DISTRICT NO. 9 (P. 0.
BOND ELECTION.
-A special
election will be held on May 5 to vote
oluestion of issuing $50,000
school bonds to be dated May 1 1923. on the ,
Geo. N. Houk. District Clerk.
OROVILLE - WYANDOTTE IRRIGATION
DISTRICT, Butte
County, Calif.
-BOND SALE
-CORRECTION
-BONDS ALL SOLD.
.1. R. Mason & Co. ef San Francisco have
bonds at 92.50, a basis of about 6.61%. purchased $700,000 6% coupon
Denom
1923. Prin. and semi-ann. int. (J. & J.) payabl . $1,000. Date Jan. 1
e at the District Treasury,
or through the offices of J. R. Mason &
Jan. I as follows: $40.000, 1944 and 1945; Co. of San Francisco. Due on
1948 to 1951, incl.; $100,000, 1952, and $60.000. 1946 and 1947;$80,000,
$80,00
sale (V. 116, P. 1215), due to a typographical 0 1953. In reporting this
error the amount was given
as $70,000. We are advised by .1;
PORTER COUNTY (P.
-BOND OFFERING.
all of the bonds have been disposed R. Mason & Co. of San Francisco that Proposals will be receive 0. Valparaiso), Ind.
of.
d by J. G. Graissl
a. in. April 27 for the purchase at not less e, County Treasurer, until 10
ORRVILLE, Wayne County, Ohio.
than par of the following 434%
-BOND OFFERING.
-Sealed gravel road bonds:
proposals will be received until 12 in. (Centra
l Time) May 15 by A. Jenny, $30,000 Horace Payne et al., Westchester Townsh
Village Clerk,for the purchase
ip bonds. Denom.
$1,
5% (village portion) general at not less than par and accrued int. of$6,750
street impt.
19,000 Chas. '0. Carlson et al.. Westchester
May 15 1923. Int. F. & A. 15. Prin. bonds. Denom. $750. Date
Township bonds. Denom.
payable at Orrville. Due $750
$950.
yearly on Aug. 15 from 1924 to
3,500 Edward Esserman et al., Liberty
amount of bonds bid for, payable to1932. Incl. Cert. check for 2% of the
and Westchester Townships
road bonds. Denom. $175.
Laws of Ohio, and Sec. 3939 of the the Village Treasurer,required. Auth..
General Code.
23.000 Edward Esserman et al., Liberty and
Westchester Townships,road
bonds. Denom. $1,150.
ORRVILLE, Wayne County,
-BONDS NOT SOLD.
47,000 Theodore Glayeske et al., Liberty
$25,000 5% sewage bonds which wereOhio.
-The
Township road bonds. Denom.
offered for sale on April 10-V. 116,
$2,350.
p. 1215
-were not sold, as no satisfactory bids
Date April 16 1923. Int. M. & N.
were received.
15.
each six months from May 15 1924 to Nov. Due one bond of each issue
OTTAWA COUNTY (P. 0. Port Clinto
15 1933. inclusive.
n), Ohio.
-BOND SALE.
Three issues of 5% road improv
PORTLAND, Ore.
-BON
-Robertson & Ewing of Portland
awarded on April 16 to A. T.Hellement bonds. aggregating $100,000 were have purchased the $150,0 D SALE.
& Co. of Toledo, for a poremium of $413,
00 5Si% reconstruction bonds offered on
equal to 100.413. Denom. $1,000. Date
April
-at 106.71. a
April 16 1923. Int. A. & 0. 13-v. 116, p. 1574
1923. Due on April 1 as follows: basis of about 4.94%. Date April 1
$8,000, 1926 to 1940 inclusive, and
OWASSO, Shiawassee County, Mich.
-BOND SALE.
-An issue of 310,000. 1941 to 1943 inclusive.
$18,000 5% water bonds was awarded on March
1 to the Sinking Fund at
par. Danom. $1.000. Date March
PORTSMOUTH,
1 1923.. Int. M. & S. Due March man White, Chairm Norfolk County,Va.-BOND OFFERING.
1 1927.
an of the Finance Committee, will receive -L.Gehrsealed bids
until 12 in. April 23 for $200,0005% coupon
OWATONNA, Steele County, Minn.
Date May 11923. Prin. and semi-ann. in market bonds. Denom.$1,000
-BOND OFFERING.
-Sealed N. Y. City.
bids will be received by C.J.
(M.& N.), payable in gold in
reservoir system bonds untilServatius, City Clerk,for $28,000 water works N. Y. City. Due May 11953. Legality approved by Jno. 0. Thomson,
7:30 p. in. May 1. A cert. check for
A
required.
5%. urer,required. cert. check for 2%, payable to H. L. Hudgins, City TreasOWEN COUNTY (P. 0. Spence
PREBLE COUNTY (P. 0. Eaton), Ohio.
r), Ind.
-BOND OFFERING.
bids will be received until 2
-Sealed Sealed
-BOND OFFERING.
proposals will be received until 12 m.
par of $9,750 5% coupon p m. April 30 for the purchase at not less tnan less
than par and accrued interest of $91,00May 3 for the purchase at not
bonds. Denom. $487 50. dilt Schroer et al. in Morgan Twp. highway Hunt.
0 534% road bonds, by S. C.
Date
County Auditor. Denom. $1,000. Date May
$487 50 each 6 months from May April 15 1923. Int. M. & N. 15. Due semi-an
1 1923. Prin. and
n. int. (M. & N.) payable at the County
15 1924 to Nov. 15 1933 incl. A certified
check for $500 is required.
Treasury. Due yearly
on Nov. 1 as follows: $12,000, 1924:311.000,
1925:31
PALMYRA UNION FREE SCHO
1927; $12,000, 1928, and $11.e1e, 1929 to 1931 incl.2.000, 1926; $11,0019.
OL DISTRICT NO. 2 (P. 0. Pal- 61.000 on a local
Certified check for
myra), Wayne County,
bank, payable to
-BOND SALE.
-The $60,000 school bonds Sec. 1223 of the General Code. the County Treasurer, required. Auth..
offered for sale on AprilN. Y.
Bonds to be
2
Bank of Palmyra on a bid (V. 116. p. 1215), were awarded to the State Treasury on or before May 1 1923. Bidders delivered at the County
of 101.128 for4.35 s.
will be required to satisfy
-a basis of about 4.24% • themselves of the legality of this issue
Date Jan. 1 1923. Due yearly
of bonds.
inclusive; $3,000, 1934 to 1946,on Jan. 1 astollows: $2.000, 1924 to 1933,
inclusive; and $1,000, 1947. This report
PRINCE GEORGES COUNTY (P. 0. Upper
corrects the one given in
Marlboro), Md.V.
BOND OFFERING.
-Bids
bidders and the interest rate116, p 1688. The following are the
other County Commissioners forwill be received until 12 in. May 1 by the
bid by each:
$36,000 20
-year coupon 434% lateral road
•
bonds. Denom. $1,000. Int. J. & J. Certified
Int.Rate.
Stevens & Co.. New York
431% Union National Corp N. Int Rate. to the County Commissioners, required. Thesecheck for 3500, payable
C. W. Whitis & Co., N.
bonds, it is said, are
Y4% exempt from State, county and municipal
taxation.
Sherwood & Merrifield,Y_ _ _ -4ti% Geo. B. Gibbons 3; Go Inc
Inc.,
New York
New York ,
PUEBLO COUNTY SCHOOL DISTRICT NO.
4.5%
4
28 (P. 0. Pueblo)
Parson. Son & Co., New York_43.6% Sage, Wolcott & Steel, Roch'r-4 % Colo.
-ELECTION DATE CHANGED.
-The date
3
4%
will decide whether or not $100,000 funding, $450,00on which the voters
PARKRIVER SCHOOL DISTRICT
$50,000 site 5% 20 year bonds will be issued has been 0 school building and
(P. 0. Park
County, No. Dak.-BOND
changed from April 17
River),
OFFER
of Education, will receive bids until ING.-Dunean McLean, Clerk,Walsh (V. 116, p. 1455) to May 7.
Board
1
bonds. Date Jan. 11523. Interest p. In. May 1 for 165.000 5% funding
PULASKI COUNTY (P. 0. Winamac), Ind.
payable semi-annually.
-BOND SALE.
-The
yearly on Jan. 1 from 1934 to 1943, inclusiv
e. A certified cneckDue $6,500 613.2005% road bonds, which were offered for sale on April 10(V. 116, p.
payable to toe Treasurer. Board
for $1,500, 1332) were awarded to J. F. Wild & Co. of
prepared to furnisn preliminaty of Education, required, Bidders must be equal to 101.45, a basis ofabout 4.72%. Due Indianapolis, for $13,391 50.
opinion of their own attorne
$660 each 6 monthsfrom May
legality of tne issue and also blank
y as
bonds reacy for execution to the 1 1924 to Nov. 15 1933, incl. The following bids were also received:
expense to the Board.
Name.
without
Premium
Name.
Premium.
Thomas D.Sheerin &Co.,1nd.$153 00 Fletcher
PAULS VALLEY, Garvin Count
Amer.0o.,Indplis_ _$141 00
-BONDS VOTED -At an Fletcher Sa.dt Tr.Co.,Indplis. 135 10
election held en April 5 an issue of y, Okla.
$15,000 park impt. bonds was.
BOND OFFERING.
-Proposals will be
voted.
PAW PAW AND ANTWERP TOWNS
Treasurer, until 3 p. in, April 24 for the received by A. B. Diggs, County
HIP FRACTIONAL SCHO
purchase at not less than par of
DISTRICT NO, 1 (P. O. Paw Paw),
OL $1,800 5% John M.
Van Buren County, Mich.
SALE.
-An ifigUe of $215,000 431
-BOND $180. Date May 15Long et al., Van Buren Twp. Road bonds. Denom.
% coupon school bonds offered for
1923. Int. M.& N. 15. Due $180 each 6 months
on April 11 was awarded to
the Hanchett Bond Co. of Chicago at par sale from May 15 1924 to Nov. 15 1928,inclusive.
a premium of $1,376, equal
and
to
RANDOLPH COUN
1923. Int. semi-annual. The 100.64. Denom. $1,000. Date April 16
Detroit Trust Co. bid premium
-BOND SALE.
On March 15 Steiner TY (P. 0. Wedowee), Ala.
for 431s. Premiums offered
Bros. of Birmingham purchased 325.00
on 5s were: Hanchett Bond Co.. of $26 road improvement
Detroit Trust Co., 290.g,
bonds at par plus a premium of $260, equal 0 534%
$6,127; a basis
$1, 34 411
Lerchen & Co., $2,263; Keane, Ribto 101.04,
of about 5.42%. Denom.
ble & Co.,
$1,000. Date July 1 1922. Int. .7. &J.
Due July 1 1942.
PEABODY, Essex County,
Mass.
-TEMPORARY LOAN.
RANDOLPH COUNTY (P. 0.
-It is reported that S. N. Bond &
Asheboro),
-BOND SALE.
no 4. a23% discount basis Co. has purchased a temporary loan of $200,000 -Sidney Spitzer & Co. of Toledo have purchas No. Caro.
plus a premium of $325, payable Dec.
ed the $122,000 5% coupon
or registered funding bonds
11923.
PE ELI., Lewis County . Wash.
premium of $1,588, equal offered on April 16-V. 116, P. 1689
-BOND ELECTION.
to 101.301, a basis of about 4.89%.-at a
to vote on the question of issuing
-An election April 15 1923. .Due
Date
$29,500
on April 15
PERRY AND CASTILE (TOWNS)water bonds will be held on May 1. $4,000, 1932 to 1937 incl.* $5,000,as follows: $3,000, 1926 to 1931 incl.:
1938 to 1943 incl.; $6,000. 1944 to 1949
UNION FREE SCHOOL DIS- incl., and $7,000, 1950 and
TRICT NO. 6 (P. 0. Perry), Wyomi
1951.
-BIDS REJECTED.
-All the bids received for the ng County, N. Y.
RARITAN TOWNSHIP
for sale on April I7
-V. 118. P. 1888 $263,0005% school bonds,offered Middlesex County, N.J. SCHOOL DISTRICT (P. 0. Bonhamtown),
-were rejected.
-BOND SALE.
-The issue of695.0005% coupon
school bonds offered for sale
PERTH AMBOY, Middlesex County
on April 16-V. 116, p. 1574
-was awarded
,
-BOND OFFERING.
- to the Perth Amboy Trust Co.
Prank Dorsey, City Treasurer, will receive N. J.
bids until 1 p. in. May 4 for 1923. Due yearly on May 1 as of Perth Amboy at 104.50. Date May I
the purchaso at not less than par and
interest of an issue of 5% coupon 1949 to 1962 incl., and $3,000,follows: $2,000, 1924 to 1948, incl.; 33.000.
(with privilege of registration as to princip
1963.
al and interest or principal
only) school bonds, not to exceed $50,000
RED HOOK UNION FREE
SCHOOL DISTRICT NO. 4, Dutch
than will produce a premium of $1,000 , no more bonds to be awarded County, N. Y.
*"
-BOND OFFERING.
over $50,000. Denom. $1,000.
-Proposals will be received until
Date May 1 1923. Prin. and semi-ann.
p. m. April 30 by William
int.
J. Seism, District Clerk, at the First National
City Treasurer's office. Due $1,000 yearly (M. & N.) payable at the Bank, Red Hook, for
on May 1 from 1925 to 1954 $40,000
the purchase at not less than par and interest of
incl. Certified chock on an incorporated
bank or trust company, for $1,000. 4j % coupon (with privilege of registration) school bonds. Denom.
2% of amount of bonds bid for, require
Date April 1 1923. Prin. and semi-an
n. int. (A. & 0.). payable
the supervision of the U. S. Mtge. & d. Bonds to be prepared under in lawful money of the United
Trust Co., N. Y.; legality to be Hook.
States at the First National Bank of Red
approved by Caldwell & Raymond, N. Y.
Due $1,000 yearly on April 1 from
1924 to 1963. inclusive. Cert.
check on an incorporated bank
or trust company for 2% of amount of
1810
THE CHRONICLE
[VOL. 116.
equal
were awarded to the Scottsburg State Bank of Scottsburg, for $17,276,
bonds bid for, payable to the District Treasurer, required. Legality to 101.62, a basis of aboat 4.69%. Date April 7 1923. Due $850 each 6
bids were
approved by Hawkins, Delafield & Longfellow, New York.
months from May 15 1924 to Nov. 15 1933, incl. The following
County. Calif.
Pronium.
REDWOOD CITY SCHOOL DISTRICT, San Mateo April 16(V. 116,
Premium. Name.
Name.
-The 556,0005% school bonds offered on
201
-BOND SALE.
$276 Thomas D.Sherrin At Co.,Indpls.$176
an Francisco, Scottsburg State Bank
P. 1689), were awarded to the Anglo-London-Paris Co., of 4.76%. Date Fletcher-American Co..Indpis
Trust Co.,Indpls.
170 Fletcher Say.
at a premium of $1.428. equal to 102.55-a basis of about
207
City Trust Co., Indianapolis_
1 from 1924 to 1951. inclusive.
July 1 1923.1.Due $2,000 yearly on July
OFFERING.
St. Louis
SCOTT COUNTY (P. 0. Davenport), lowa.-BOND
RITENOUR CONSOLIDATED SCHOOL DISTRICT,
for
-Freedman, D'Oench & Duhume of St. Jos. Wagner, County Auditor, will receive bids until 2 p. in. April 23
County, Mo.-BOND SALE.
bonds on Mar. 28. Denom.$1,000. $550,000 434% refunding bonds. A cert. check for $10,000, required.
Louis. purchased 165.000 534% school
1926, and $30,000,
-son. int(M.& S.). payable at the First Int. M. & N. Due on May 1 as follows: $40,000,
Date Jan, 3 1922. Prin. and semi
Treasurer's office.
1 as
National Bank, St. Louis. Due on Mar.1931, follows: $1,000. 1923; 1927 to 1943, incl., payable at the County
1932 and
to
SCHOOL
$3.000, 1924 to 1927, incl.: $4,000, 1928 1936 and incl.; $5,000.
1937.
SCOTT AND LE SUEUR COUNTIES INDEPENDENT
-The
1934 and 1935, and 17,000.
1933; 16,000.
-BOND SALE.
73 (P. 0. New Prague), Minn.
-The $40,000 DISTRICT NO.
-BONDS DEFEATED.
building bonds offered on April 10-V. 116, p. 1574 1
Fisher County, Tex.
school
ROBY,
submitted to a vote of the people at the $20.0004% to the Minneapolis Trust Co. of Minneapolis. Date Jan.
5_,4% water works bond issue
were awarded
$10,000
-failed to carry.
Due on Jan. 1 as follows: $2,000 1933 to 1937, incl.. and
election held on April 14-V. 116, p. 1455
1923.
-On April 1938.
-BOND ELECTION.
ROMEO, Macomb County, Mich.
-An
SEDGEWICK COUNTY (P. 0. Wichita,, Kans.-BOND SALE. of
24 a special election will be held to vote on $26,000 bonds for improve% road bonds was awarded to D. E. Dunne & Co.
ment of Main Street.
Issue of $202,462
of S1,000, equal to 99.50.
DISTRICT NO. 1 (P. 0. Romu- Wichita, at a discount
ROMULUS TOWNSHIP SCHOOL SALE.
-The $40,000 5% school
-BOND
lus), Wayne County, Mich.
SHEBOYGAN, Sheboygan County, Wisc.-BOND OFFERING.
sold to Bumpus-Hull
City
bonds, voted on April 2(V. 116. P. 1574) have been
Bids will be received until 4 p. m. April 30 by Edwin Mohr, DeputyDate
sewerage impt.6% bonds.
of Detroit.
& Co.
C.erk,for $22.400_paving impt. and $1,750
May 15 1928. A cert. check
ROUND VALLEY UNION SCHOOL DISTRICT, Mendocino Coun- May 15 1923. Due May 15 1930; optional
-The Bank of Italy of San Francisco, has pur- (or cash) for 15% of bid required. list. semi-annually.
-BOND SALE.
ty. Calif.
chased the $37,500 5;4% school bonds offered on April 10(V. 116, p. 1574)
SHERIDAN SCHOOL DISTRICT, La Mauro County, No. Dak.at a premium of $1,491 60, equal to 103.97.
-During the month of March the State of North Dakota
SALE.
-The $150,000 BOND
-BOND SALE.
Aug. 1 1920. Due
ROYAL OAK,Oakland County, Mich.
purchased $45,000 4% building bonds at par. Date be redeemed 2 years
sanitary trunk line sewer, $100,000 storm trunk sewer, $50,000 city's share Aug. 1 1940. Bonds are not subject to call, but may
$50,000 water supply bonds offered on April 16-V. 116, from date of issue.
paving and
-were awarded to the Royal Oak Savings Bank of Royal Oak on
p. 1689
6, Burke
SHORT CREEK SPECIAL SCHOOL DISTRICT NO. purchased
a bid of $364,210, equal to 104.08. for 5% bonds.
-The State of North Dakota
County, No. Dak.-BOND SALE.
OAK TOWNSHIP SCHOOL DISTRICT NO. 8 (P. 0. $10.000 4% building bonds during the month of March at par. Date
ROYAL
-BOND
to call, but may be
Royal Oak, R. No. 7, Box 168), Oakland County, Mich.
Oct. 11920. Due Oct. 1 1940. Bonds are not subject
-Sealed bids will be received by John Dower, Secretary of redeemed two years from date of issue.
OFFERING.
until 8 p. m. April 24 for toe purchase of $170.000 43. %
the School Boara,
Spartansburg),
SPARTANSBURG SCHOOL DISTRICT (P. 0.5% school bonds
% or 54% school bonds. Denom. $1,000. Date April 24 1923.
5
-The $8.000
Principal and semi-annual interest, payable at the Royal Oak Savings Crawford County Pa.-BOND SALE.
30 years from date. A certified check for 3% which were offered for sale on Sept. 2 1922-V. 116. p. 1014-were sold
'
Bank of Royal Oak. Due
July 1 from 1927 to
of bid payable to the District Treasurer, required. Bidder to furnish locally at par. Date July 1 1922. Due yearly on
blank bonds with coupons ready for execution.
1934, inclusive.
(P. 0. Flour.
-BOND SALE.
-The
SPRINGFIELD TOWNSHIP SCHOOL DISTRICTissue of $200,000
RUSH COUNTY (P. 0. Rushville), Ind.
-The
which
-BOND SALE.
$7.280 5% James Heffner et at., Repley Township road bonds, to the town), Montgomery County, Pa.
awarded
-were awarded
offered for sale on April 16-V. 116. p. 1216
coupon school bonds offered on April 17(V. 116. p. 1574) was mt.. a
were
%
at 103 and
Peoples National Bank of Rushville. for $7.363, equal to 101.14, a basis to the Chestnut Hill Title dr Trust Co. of Philadelphia,May 1 as follows:
on
of about 4.78%. Date April 15 1923.. Due $364 each 6 months from May basis of about 3.99%. Date May I 1923. Due and 1948.and $34,000,
15 1924 to Nov. 15 1933. inclusive.
$33,000. 1928 and 1933: 134.000, 1938; 138.000, 1943
-Will L. 1953. Other bidders were:Premium. Name.
Premium.
RUTLAND, Rutland County, Vt.-BOND OFFERING.
Name.
100.58
Davis, City Treasurer, will receive bids until 4_p. m. April 26 for $50,000 Penn Trust Co
102.349 A. B. Leach & Co
102 20
% coupon gold street improvement bonds. Denom.$1,000. Date May Lewis & Snyder
101.764 Biddle & Henry
1 1923. Prin. and semi-ann. int. (M. & N.) payable in U. S. gold coin Townsend, Whelen & Co- - - _102.01 Jenkintown Bank & Trust Co_101.08
the present standard of weight and fineness at the First National Bank Edw. B.Smith & Co
of
102.465
of Boston. Due $10.000 yearly on May 1 from 1936 to 1940 incl. Certified
-J.J.
-BOND OFFERING.
SPRING HOPE, Nash County, No. Caro.
check for 1% of amount of bonds bid for required. Bonds are engraved
$75,000
the supervision of the First National Bank of Boston; their legality Proctor, Mayor, will receive sealed bids until 12 in. April 23 for Denom.
under
int. street impt. bonds.
will be approved by Storey. Thorndike. Palmer & Dodge. All legal papers 6% coupon. registerable as to prM. and
payable
incident to this issue will be filed with said bank where they may be in- $1,000. Date May 11923. Prin. and semi-ann. int.(M. & N.), 1942.
spected at any time. Bonds will be delivered to the purchaser on or about in gold in N. Y. City. Due on May 1 as follows: $4,000, 1926 to
for $1.500 required. Purchaser
May 1 at the First National Bank of Boston.
incl.. and $7,000, 1943. A cert. check
approving opinion of Reed. Dougherty & Hoyt,
- will be furnished vrith the
-BOND SALE.
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.
2 issues of 5% coupon road impt. bonds offered on that date N.Y.City.
On April 14 the
-BOND SALE.
STEUBEN COUNTY (P. 0. Angola), Ind. issues of 5% -The City
(V. 116, P. 1456) were awarded to the Fletcher-American Co. of Indianaporoad bonds
lis, as follows:
Irust Co. of Indianapolis was awarded the two
County Unit Road bonds for $141.633 whic.i were offered for sale on Apr. 12(V. 116. p. 1456) as follows:
$140,000 Solomon H. Thornton
Township, highway improvement
(101.166) and int., a basis of about 4.70%. Denom. $1,000. $14.000 Frank Harmon et al • In Scott
about 4.77%.
Due $14,000 yearly on May 15 from 1923 to 1932, inclusive.
bonds for $14,164 90 (101.177) and int.. a basis of15 1933 incl.
Due $700 each six months from May 15 1924 to Nov.
26.000 Andrew Beutter et al.. in Penn Twp. Free Gravel Road bonds
townships,.iighwav improvefor 126.291 (101.119, and int., a basis of about 4.757. Denom.
30.000 Geo. Asfall et al., in York and Scotts and int. a basis of about
ment bonds for 830.337 50 (101.125)
$650. Due $1.300 each 6 months from May 15 192k to Nov. 15
to Nov. 15
'
1932. inclusive.
4.78%. Due $1.500 eacn six months from May 15 1924
Date April 15 1923. Int. M.& N. 15.
The Fletcher Savings & Trust Co. of Indianapolis
33 r1
19 . 2
Date Mar 9 1923.
issue and a premium
-BOND OFFERING.
ST. LOUIS COUNTY (P. 0. Duluth), Minn.
bid, offering a premium of 3153 30 for the smaller
Sealed bids will be received until 1.30 p. in. May 8 by W. H. Borgen, also
80 for the larger issue.
County Auditor, for 31,500,000 5% gold coupon road bonds. Denom. of $328
-BONDS OFFERED PRIVATE-J. Due Jan. 1 1931. A certified
STURGIS,St. Joseph County, Mich.
11.000. Date Jan. 1 1921. Int. J.
the purchase at private
check or bank draft on any national or State bank, payable to G. H. Vivian, LY.-F.W. Wait, Mayor, will receive proposals for
% coupon hospital bonds voted on April 2-V. 116,
the 375.000
Treasurer, for 2% of issue required.
County
sale of
Date July 1 1923. Prin. and semi-ann. hit.
. 1575. Denom. 31.000.
-In
July 1 1943, and $19,000
-BONDS ABSORBED BY SINKING FUND.
ST. PAUL, Minn.
& J.), payable in Sturgis. Due $18,000
answer to our request regarding the $500,000 coupon or registered tax free July 1 1944. 1945 and 1946. Certified check for $1,000, payable to the
-Jesse Foote,
water works bonds offered on April 11-V. 116, p. 1456
e
s rm
City Comptroller. says: "$500,000 water works bonds absorbed by the cityu
-The
-BOND SALE.
TER COUNTY (P. 0. Sumter), So. Caro.
ciilired.
Smiting Fund of the city." Date April 1 1922. Due April 11953.
on
5% registerable as to principal road and bridge bonds offered
SALEM, McCook County, So. Dak.-BOND SALE NOT COM- $500.000(V. 116, p. 1690) were awarded to a syndicate composed of the
-According April 19
and Taylor, Ewart
& Co.,
PLETED-ISSUE MAY BE RESUBMITTED TO VOTERS.
Detroit Trust Co. of Detroit, A. B. Leach equal toInc.,
101.01-a basis of about
to newspaper reports, the purchasers of an issue of $10,000 water filtration & Co.,of Chicago, at a premium of15.085.
plant bonds have not completed the contract of sale because of alleged 4.91%. Date Jan. 11923. Due $20,000 yearly on Jan. 1 from 1928 to
legal irregularities and bonds may be submitted again to the voters.
.
uE A
clus ve
u
1952,s
-BOND OFFERSALEM INDEPENDENT SCHOOL DISTRICT (P. 0. Salem),
SUSQUEHANNA COUNTY (P. 0. Montrose), Pa.
-The $79,500 coupon school ING.-Setaed proposals will be furnished by John J. Birney Clerk, Board
McCook County, So. Dak.-BOND SALE.
$170,006 44 coupon
-were awarded to McNear,
bonds offered on April 10-V. 116. p. 1574
County Commissioners, until 2 p. m. May 7 forbonds, Series% 1923.
of
B,
Heeter & Co.. of Minneapolis, at a premium of $1,680, equal to 102.11. (with privilege of registration as to prin.) road
Due on May 1 as follows: $25,000,
(Interest rate not stated.) Date April 1 1923. Due April 1 1943.
Date May 1 1923. Int. semi-ann. 840.000, 1943. and 1948. Cert. check
1933: 835,000. 1938:
-The 19,0005% coupon 1928; $30,000.
-BOND SALE.
SALEM, Salem County, N. J.
bonds bid for. required. Official announcefire apparatus bonds, which were offered for sale on Feb. 26-V. 116, for 2% of the par amount of
int, will be free of any tax or taxes, except succes-were awarded to the City National Bank of Salem, for $9,045, ment says: "Prin. and now or hereafter levied by the Commonwealth
p. 853
tax
equal to 100.50, a basis of about 4.89%. Date March 15 1923. Due sion or inheritance This issue will be subject to the favorable opinion
of Pennsylvania.
$1.000 yearly on March 15 from 1924 to 1932. inclusive.
Townsend, Elliott & Munson. Philadelpnia.
SANFORD SPECIAL SCHOOL DISTRICT FOR THE COLORED of
), GloucesSWEDESBORO SCHOOL DISTRICT (P. 0. Swedesboro
-BOND OFFERING.
Clerk,
RACE (P. 0. Sanford), Lee County, No. Caro.
-BOND OFFERING -Norris A. Denny, Districtbonds.
Sealed proposals will be received by A. L. Boykin, Chairman of the District ter County, N. J.
coupon school
535% coupon (register- will receive bids until 7p. m. May 1 for $50,000 5% Mar. 1 as follows:
Committeemen, until 12 m. April 30 for $12,500
1 1923. Due yearly on
Mar.
able as to prin. and int.) school bonds. Denom. $500. Date April 1 1923. Denom. $500. Date incl., and 51.500. 1944 to 1963. incl. Cert. check for
Prin. and semi-ann. int.(A. & 0.), payable in gold at the National Park $1.000, 1924 to 1943,
Bank, N. Y. City. Due $500 yearly on April 1 from 1930 to 1954, Incl. 2% of amount of bonds bid for. required.
-According to
A cert. check upon an incorporated bank or trust company (or cash) for 2%
-BONDS PURCHASED BY STATE.
TEXAS (State of).
of amount of bonds bid for, payable to the school committeemen, required. the Dallas "News" of April 10, the State Board of Education at its regular
bonds aggregating
Purchaser to pay accrued int, from date of bonds to date of delivery.
raeetlmg (April 9) purchased the following 52. $1,000; Denton
monthly
District No.
- $84,400: Cass County Common School 85.000; Fayette County Common
-BOND OFFERING.
SAN1LAC COUNTY (P. 0. Sandusky), Mich.
38.
Proposals will be received until 1:30 p. m. April 26 by the Board of County County Common school District No.
District No. 46, 11.000; Floyd County Common School District
Road Commissioners for the lourchase of approximately $84.000 Assess- School
of $4,500 each; Freestone County Comment District Roads Nos. 28, 30 and 32 bonds obligations of Washington, No. 21, $8,000, and No. 4, 2 issues
24. $2,000, and No. 36, $1,500; Harris County
Sanilac. Custer and Speaker Twps., Sanilac County and Assessment Dis- mon School District No. No. 9. $3.000. and No. 45, $10,000: Henderson
District
tricts. Nos., 28 30 and 32. Bidder to name int. rate, not to exceed 6%• Common School School District No. 55,$1,500; Johnson County Common
Denom.to suit purchaser. Int. semi-ann. Due from 1 to 10 years. Cert. County Common
$3,000; Mitchell County Common School District
School District No. 44.$1,000, No. 4, 13,000, No. 7, 81.400, and No. 27
check for $2,000 required.
$1,000. No. 16,
-BOND OFFER- No. 2. Panola County Conunon School District No. 4, $2.000; RosenSARATOGA COUNTY (P. 0. Ballston Spa). N. Y.,
Sherman Common School Dis-Will W. Blackmer, County Treasurer, will receive proposals until $2.000;
ING.
berg Independent School District. $4.500; Common County Line School
3:30 p. m.(standard time) May 1 for the following 5% coupon bonds:
No. 12. $1,500; Scurry and Fisher
No. 23.
90,000 nignway improvement bonds. Due $5,000 yearly on Feb. 1 from trict
No. 36, a,000; Taylor County Common School District District
District
County Common School
1925 to 1942. inclusive.
$1.000, and No. , $1,000; Van Zandt Coty
60.000 Saratoga Lake bridge bonds. Due $3,000 yearly on Feb. 1 from No. 5. 31.500; Waller County Common School District No. 14, 810,000
1925 to 1944, inclusive.
BOSQUO County Common School District No. 64, $2,000.
Denom. 31.000. Date Feb. 1 1923. Principal and semi-annual interest and
-The following bonds have been registered by the
BONDS REGISTERED.
payable at the County Treasurer's office in New York excnange. Certified
Comptroller of Texas:
A R
at
cneck for 2% payable to the above official, required. Legality approved State
Due. Int.Rate. Deri C1.
Place.
Amount.
by Clay & Dillon, of New York.
Freestone Co. Corn. S. D. No. 24 10-20-yr. 5% Apriil 2
$2,000
April 2
5-20-yr. 6
44
Johnson Co. Corn. S. D. No.
3,000
SARGENT SCHOOL DISTRICT, Sargent County, No. Dak.51Yr.
Maud Ind. School District
-During the month of Morels the State of North Dakota
4,500
BOND SALE.
April 3
Aug. 1 1920, Due
Kaufman Co. Cons. S. D. No. 38 5-0-5-Yr: 5
2,000
purchased $15,000 4% banding bonds at par. Date be
April 3
Linestone Co. COM, S. D. No. 16 10-20-yr. 5
redeemed 2 years
1000
1 1940. Bonds are not subject to call but may
.Aug.
April 4
Wilbarger Co. Cons. S. D. No. 5 5-20-yr.
2.000
from date of issue.
April 4
5
serial
11
CO. Cons. S. D. NO.
Ellis
4,000
Ind.
-BOND SALE.
5 o
April 4
Co. Com. 5. D. No. 84 serial
SCOTT COUNTY (P. 0. Scottsburg), on April 7(V. 116, -The
Ellis
2,500
P. 1216)
coupon road bonds offered or sale
117,0005%
APRIL 21 1923.]
THE CHRONICLE
1811
THERMALITO IRRIGATION DISTRICT, Butte County, Mont.
-BOND OFFERING.
WATERLOO, Seneca County, N. Y.
-Sealed
DESCRIPTION -The $270,000 irrigation bonds awarded as stated in proposals will be received by Adelbert R. Moore. Village Clerk, until 7.30
V. 116, p. 1690, are described as follows: Denom. $1.000. Date March 1 P• m. April 30 for the purchase at not less than par and interest of $26,000
1923. Prin. and semi-ann. int. (J. & .7.) payable at the office of the Dis- paving bonds, to bear interest at a rate not to exceed 5%. Denom. 31.000.
trict Treasurer in Oroville. Due serially on Jan. 1 from 1934 to 1953, incl. Date April 1 1923. Int. A. & 0. Due $1,000 yearly on April 1 from
Due to a typographical error the district name was spelled incorrectly as 1923 to 1948, inclusive.
"Thermslite" instead of "Thermalito."
WATERTOWN, Middlesex County, Mass.
-TEMPORARY LOAN.
THOMASVILLE, Davidson County, No. Caro.
A temporary revenue loan of $150,000 maturing Dec. 27 1923 was sold to
-BOND SALE.
The $125.000 5% school bonds dated April 1 1923 and maturing $5,000 the Union Market National Bank of Watertown at 4.23% discount, plus
from 1929 to 1953 incl., offered on April 16-V. 116, P. 1457
-were sold $1 25 premium.
at par to the First National Bank of Thomasville.
WATERVILLE SCHOOL DISTRICT (P. 0. Waterville), Lucas
THREE FORKS, Gallatin County, Mont.
-Sealed bids will be received by Merle
-BOND OFFERING.
-By a County,Ohio.
-BONDS VOTED.
wate of 66 "for" to 46 "against" $30,000 community building and school Van Fleet, Clerk Board of Education, until 6.30 p. m. April 25 for the
bonds were voted.
purchase of $8,000 534% school bonds, Auth. Sec. 7620-1 of the Gen. Code.
Principal and
April 2
Denom.
THURSLEY BUTTE SPECIAL SCHOOL DISTRICT NO. 37. Mc (M.& $500. Date the office 1923. Treasurer of thesemi-annual interest
Board of Education.
S.), payable at
of the
Henry County, No. Dak.-BOND SALE.
-The State of North Dakota
1924 to 1939, inclusive. A certified check
purchased $30.000 4% building bonds at par during the month of March. Due 3500 yearly on Sept. 1 fromCanada bonds required.
for 2% of the par value of the
Date Oct. 11920. Due Oct. 11940. Although bonds are not subject to
call, they may be redeemed two years from date of issue.
-BONDS VOTED.
-At
WELLINGTON, Collingsworth County, Tex.
TUJUNGA SCHOOL DISTRICT, Los Angeles County, Calif.
- an election held on April 2 550,000 school building bonds were voted by a
count of 235 to 90.
BOND OFFERING.
-L. E. Lampton, County Clerk (P. 0. Los Angeles)
will receive sealed bids until 11 a. m. April 23 for 338,0005% school bonds.
-BONDS PURCHASED.
WHITESBORO, Grayson County, Tex.
Denom. $1,000. Date April 1 1923. Prin. and semi-ann. int. payable
at the County Treasurer's office. Due $1,000 yearly on April 1 from SUBJECT TO BEING VOTED.-Breg, Garrett & Co. of Dallas, have pur1924 to 1961 incl. A certified check for 3% Payable to the Chairman chased 350.0006% serial sewer bonds at 194.60. subject to their being voted
at an election to be held on April 30. Notice of the election was given in V.
Board of Supervisors, required.
116, p. 1691.
TWIN BUTTE SCHOOL DISTRICT NO. 1, Bowman County,
-TEMPORARY LOAN.
No. Dak.-BOND SALE.
WATERTOWN, Middlesex County, Mass.
-The State of North Dakota purchased $20,000
4% funding bonds at par during the month of February. Date Dec. 31 The temporary loan of $150,000 maturing Dec. 27 1923. offered for sale on
1920. Due Dec. 31 1940. Bonds are not subject to call, but may be April 16(V. 116, p. 1694) was awarded to the Union Market Bank National
redeemed two years from date of issue.
of Watertown, on a 4.23% discount basis, plus a premium of $1 25.
-BOND
WHEATLAND (P. 0. Scottsville), Monroe County, N. Y.
UMATILLA COUNTY UNION HIGH SCHOOL DISTRICT NO. 1
(P. 0. Helix), Ore.
-The 326.000 6% coupon Mumford Water Dist8tct bonds offered
-Sealed bids will be received SALE.
-BOND OFFERING.
until 12 m. May 2 by A. C. McIntyre, Chairman of the School Board, for for sale on April 9-V. 116. p. 1457-were awarded to Sage, Wolcott &
$12,000 school bonds. Denom. $1,000. Date July 1 1923. Interest Steele of Rochester at 103.53, a basis of about 5.52%. Denoms. $1,000 and
rate not to exceed 6%. Due $1,000 on July 1 from 1926 to 1937 inclusive. St:300. Date May 1 1923.• Due $1.300 yearly on May 1 from 1924 to
A certified check for 5% required.
1943 Inclusive.
WILLARD SCHOOL DISTRICT (P. 0. Willard), Huron County,
UNDERWOOD SCHOOL DISTRICT NO. 8, McLean County,
-An election will be held on May 15 to vote
-BOND ELECTION.
No. Dak.-BOND SALE.
-During the month of February the State of Ohio.
North Dakota purchased 332,0004% building bonds at par. Date Dec.31 on the proposition of issuing $175,000 school bonds.
1920. Due Dec. 31 1940. Bonds are not subject to call but may be re-BOND OFFERING.
WILLIAMSTOWN, Martin County, No. Caro.
deemed two years from date of issue.
-Sealed bids will be received until 10 a. m. May 2 by G. H. Harrison,
UNION, Union County, N. J.
-NOTE SALE.
-The 1100.000 tax Town Clerk, for $50,000 6% street improvement bonds. Denom. $1.000
anticipation note which was offered for sale on Apr. 16 (V. 116. p. 1575) Date May 1 1923. Prin. and semi-ann. int, payable at the Hanover
was awarded to the Weehawken Trust Co. of Weehawken at par and int. National Bank. N. Y. City. Due on May 1 as follows: $2,000, 1926 to
The note bears 6% interest and will mature Dec. 31 1923. There were no 1937 incl.:$3,000. 1938 and 1939. and $5,000. 1940 to 1943 incl. A certified
check for 2% of bonds bid for, payable to the Town Treasurer, required.
other bidders.
Legality approved by Storey, Thorndike, Palmer & Dodge of Boston.
VALE SPECIAL SCHOOL DISTRICT NO. 10, Burke County, No.
WILLOUGHBY, Lake County, Ohio.
-BONDS WITHDRAWN
Dak.-BOND SALE.
-During the month of February the State of North
-The 310,500534% light bonds which were to be offered
FROM MARKET.
Dakota purchased $8.000 4% funding bonds at par. Date July 11920.
-V. 116, n. 1691-were withdrawn from the market. Robert O.
Due July 1 1940. Bonds are not subject to call, but may be redeemed 2 to-day
Burton. Village Engineer, says: "We will later advertise this issue in a
years from date of issue.
different form."
VALLEY COUNTY SPECIAL SCHOOL DISTRICT NO. 16 (P. 0.
WINSTED, McLeod County, Minn.
-Sealed
-BOND OFFERING.
Barnard), Mont.
-BOND OFFERING.
-Bids will be received until May
12 by T. V. McBee, District Clerk, for 31,0006% school equipment bonds. bids will be received until 2 p. m. April 30 by the Village Clerk for $30,000
-year water bonds. A. certified check for 10% required.
Bids for lass than par will not be considered.
5% 20
WOODLAWN SCHOOL DISTRICT (P. 0. Woodlawn), B
r
VAN BUREN COUNTY (P. 0.Paw Paw), Mich.
-BOND OFFERING.
-BOND SALE.
-The 5439 000 434% coupon school bonds
-Sealed bids will be received until 2 p. m.(Central Standard Time) April County, Pa.
25 by the County Road Commissioners for $22,000 Assessment District offered for sale on April 2-V. 116, p. 1334-were awarded to the Union
NO. 52 road bonds. Denom. 31,000. Int. M. & N. Due $2,200 yearly Trust Co. of Plattsburgh. Denom. $1,000. Date April 1 19-3. Int.
on May 1 from 1924 to 1933, incl. Certified check for $1,000, payable to A.& 0. Due $55.000 April 1 13 J and $16,000 yearly on April 1 from 1330
the County Road Commission required. The successful bidder shall pay to 1953 inclusive.
for all the printing of the bonds, including coupons and all attorneys' fees.
-TEMPORARY LOAN.
WORCESTER, Worcester County, Mass.
A certified copy of the manuscripts will be furnished to the successful The city, according to reports, has awarded 3500,000 revenue notes, dated
bidder. Purchaser to pay accrued interest. Bonds shall be made payable April 1S and maturing Nov. 6 1923, to F. S. Moseley & Co. on a 4.13%
at the Paw Paw Savings Bank, Paw Paw.
discount basis plus a $5 premium.
VANDERBURGH COUNTY (P.0. Evansville), Ind.
-BOND OFFERZALMA CONSOLIDATED SCHOOL DISTRICT (P. 0. Zalma),
ING.
-Sealed bids will be received by Walter Smith, County Treasurer. Bollinger County, Mo.-BONDS VOTED.
-Newspapers report that an
until 10 a. tn. May 15 for the purchase at not less than par and int. of issue of $12,000 bonds to build a consolidated high school building were
$06.000 5% John Sauer et al., road impt. bonds. Denom. $1,000. Int. voted at an election held on April 3.
M.& N. 15. Due $3,000 yearly on May 15from 1924 to 1943, inclusive.
YERMO SCHOOL DISTRICT, San Bernardino County, Calif,
BOND SALE.
-The $16,400 43§% toad bonds, which were offered for
-The 38,000 534% school bonds offered on April 9 11.4 16,
,
sale on April 10 (V. 116, p. 1333) were awarded to a local investor at par BOND SALE.
and interest. Due $410 each 6 months from May 15 1924 to Nov. 15 1943, p. 1457) were awarded to Freeman. Smith & Camp Co. of Los Angeles,
ate
at a premium of $933. equal to 100.115, a basis of about 5.49%.
inclusive.
-The issue of $212,000 5% Geo. Saunders et al Henderson April 1 1923. Due $500 yearly on April 1 from 1924 to 1939, inclusive.
BOND SALE.
road bonds offered on April 16-V. 116, p. 1333
-was awarded to the Fletch-BOND OFFERING.-Blds wil
ZELIENOPLE, Butler County, Pa.
l
er American Trust Co. of Indianapolis for $217,503 (102.124) and interest, be received by A. 0. Eicholtz. Borough Treasurer, at the People's Nat*
a basis of about 4.74%. Due $10,600 yearly on May 15 from 1924 to 1943 Bank,Zellenople, until Apr. 27 for the_purchase of all or any part of $25,000
Inclusive.
434% tax-free construction bonds. Denom. $500. Int. semi-ann. Due
VENTURA, Ventura County, Calif.
-BOND SALE.-Blyth, Witter $1,000 yearly.
& Co. and R. H. Moulton & Co. have jointly purchased $250,000 5%
municipal water bonds at a premium of $7,065, equal to 102.82. These
bonds were recently voted-V. 116. p. 1575. According to the San Francisco "Chronicle" of April 14: "Other bidders and premiums offered were
a syndicate composed of William R. Staab; Co., Cyrus Peirce & Co. and
BRANYSTON, Ont.-DEBENTURE SALE.
to the
E. H. Rollins dr Sons. bid. 36.092: the bond department of the Bank of Toronto "Globe," A. E. Ames & Co. of Toronto -According an issue
were awarded
Italy bid, 35.324. and the Citizens National of Los Angeles bid $5,283."
of $65,000 30 annual installment school debentures at 102.17 for 534s,
received were as follows:
WALNUT COVE, Stokes County, No. Caro.
-BOND OFFERING.
- a basis of about 5.29%. Bids5%
534%
5%
534%
Until 11 a. m. April 30 sealed bids will be received by M. T. Chelton,
96.77 R.C.Matthews & Co.100.741 95.376
Town Clerk, for $100,000 6% water, electric light, and sewer system A. E. Ames & Co_ -102.17
96.016 Dom. Sec. Corp----100.55
95.02
bonds. Denom. $1,000. Date April 1 1923. Prin. and semi-ann. int. Wood,i:lundy & Co_101.43
95.71 A. Jarvis & Co
95.91
payable at the Guaranty Trust Co., N. Y. City. Due on April 1 as follows: C. H. Burgess & Co_101.31
1926 to 1955 Incl., and $5,000, 1956 to 1963 incl. A certified
-DEBENTURE SALE.-Waghorn, Gwynn & Co.
BURNABY, B. C.
check for 2% of bonds bid for, payable to the Town Treasurer, required. of Vancouver have purchased an issue of 825.000534V15
-year installment
Legality approved by Storey, Thorndike, Palmer & Dodge of Boston. water-works debentures at a price of 97.50. a basis of about 5.75%.
Bids to be on forms furnished by Town Clerk.
-DEBENTURE SALES.
-This town during July
MIDDLETON, N. S.
WARREN COUNTY (P. 0. Williamsport), Ind.
-BOND OFFERING. last sold the following 5% debentures:
-Sealed proposals will be received by D. H. Moffitt, County Treasurer. $15,000 electric light extension bonds on July 6 to Johnston & Ward at
until 2 p. m. May 7 for the purchas at not less than par and int. of $20.500
93.26. Date May 151922. Int. M.& N. 15. Due May 151942.
434% coupon John Hamilton and Jesse Weaver et al., Jordan Twps.highway
5,500 sewer construction debentures.on July 28 to the Nova Scotia Trust
impt. bonds. Denom. 31.025. Date April 2 1923. Prin. and semi-ann.
Co. at 92.85. Date June 15 1922. Int. J. & D. 15. Due June 15
1952
.
int., payable at the County Treasurer's office. Due $1,025 each 6 months
from May 15 1924 to Nov. 15 1933, inclusive.
Denom. $500.
WARRENSBURG SCHOOL DISTRICT (P. 0. Warrensburg),
MIDLAND, Ont.-DEBENTURE SALE.
-An issue of $73.000 534%
Johnson County, Mo.-BOND ELECTION.
-A special wire from our
debentures was sold last October to Bell, Gouinlock & Co. of Toronto
Western representative advises us that an election will be held on May 6 sewerprice of
at a
98.50. Denom. $1,000 and odd amounts. Date Sept. 15
to voile on issuing $200,000 school bonds.
1922. Int. M. & 8. 15. Maturing from Sept. 15 1923 to Sept. 15 1943.
inclusive.
WARRICK COUNTY (P. 0. Boonville), Ind.
-BOND OFFERING.
Bids will be received by Wm. W. Tayler, County Treasurer. until 1 p. m.
MONTREAL ROMAN CATHOLIC SCHOOL DISTRICT, Que.May 7 for the purchase at not less than par and int. of 337,000 434%
-Sealed bids will be received by Ayme La
coupon Louis Tyring et al, county unit road in Hart Twp. bonds. Denom. DEBENTURE OFFERING.
Fontaine. Secretary of the School Commissioners, until 12 m. April 30 for
$370. Date Apr,3 1923. -Tin. and semi-ann. int.(M.& N. 15) payable the purchase of
$1,500.000 5 and 534% school bonds. Denom. to suit
at the County Treasurer's office. Due $1,850 each 6 months from May 15 purchaser. Date
May 1 1923. Principal and semi-annual interest (M.&
1924 to Nov. 15 1933 incl.
N.), payable in Montreal. Due May 1 1943. A certified check for I%
WASHINGTON, Beaufort County, No. Caro.
-BOND SALE.
- of the amount of the bonds required.
The First National Bank of Washington has purchased the $35.000 coupon
NORTH VANCOUVER, B. C.
-On April 16
-DEBENTURE SALE.
(with privilege of registration as to principal only, or both principal and the three issues of
interest) street improvement bonds, offered on April 16-V. 116. p. 1691. the Royal Financialcoupon debentures described below were awarded to
Corp. of Toronto at 100.17:
Date May 1 1923._ Due on May 1 as follows: $2,000, 1926 to 1935 812.000
% water works debentures. Int. F. & A. Due Feb. 11942.
inclusive, and 83,000. 1936 to 1940 inclusive.
9,000 534% sewer outfall debentures. Int. F. & A. Due Aug. 1. 1932
67,000 6% school debentures. Int. J. 30 & D.31. Due June 30 1948.
WASHINGTON SCHOOL TOWNSHIP (P. 0. Pierceton), Kosciusko County, Ind.
-BOND OFFERING.
-Curtis S. Lenwell, Township
NOVA SCOTIA (Province
-Tenders
-DEBENTURE OFFERING.
Trustee, will receivo bids until 2 p. m. May 18 for the purchase at not less will be received until 2p. m. of). by D. A. Cameron, Provincial TreasApril 25
than par and interest of 189.500 534% school bldg. bonds. Denoms. urer, for
as to princinal)
$2,500,000 coupon
81,000 and $500. Date May 15 19. Int. semi-ann. Due each six debentures. Date May 1 (with privilege of registrationint.. payable in
1923. Prin. and semi-ann,
months as follows: 83000. July 1 1924 to July 1 1935 incl.: $COW. Jan. 1 Halifax. Montreal or Toronto:
or in New York. Halifax, Montreal or
1936 to July 1 1937 incl., and $4,500, Jan. 1 1938. Prin. and interest Toronto, as successful bidder
elects. Due May 1 1943. Interim debenthe State Bank of Pierceton. Bonds will be ready for delivery tures to be delivered to
payable at
purchaser about May 1 at the Provincial Treasurer's
July 1. Legality approved by Smith, Remster, Hornbrook & Smith
office, where the definitive debentures will also be delivered.
-Tenders will be
OAKVILLE, Ont.-DEBENTURE OFFERING.
WASHTA, Cherokee County, Iowa,
-BOND ELE"TION.-On received
Percy A. Bath. Town Clerk, until 8 p. m. April 23 for the
May 3 a special election will be held to vote on the question of issuing Se.000 purchase by the following 534% debentures:
of
bonds to pay tor the in.sta ling do a d:stribution system.
120.000 20 installment public school debentures.
CANADA, its Provinces and Municipalities.
mom
Indianapolis.
or
(Vet,. 116.
THE CHRONICLE
1812
58,500 20 installment water works debentures.
2910020 installment concrete road debentures.
15,700 10 installment Farois road debentures.
SASKATCHEWAN SCHOOL DISTRICTS, Sask.—DEBENTURES
AUTHORIZED.—The following, according to the "Financial Post" of
Toronto, is a list of authorizations granted by the Local Government
Board. from March 17 to March 31:
Franklin, $1,000: Evesham, $1,000; Mount Everest. $3,000: Heiberg,
$1,000; Orolow, $1.300: Lilyvale. $1,500; Osier, $1.500: Pinto Valley,
$10.000; Lacadena. $4,000; Harris Village, $10,000: North Star, $1,000.
DEBENTURE SALES.—The following ,we learn from the same source, is a
list of debentures reported sold during the same period:
Schools-'—Elk Range, 51,500, 10 years. 73‘%, Regina Brokerage & Investment Co.; Warminster, $1.000 10 years, 7%,Sutherland Sinking Fund:
Wheaton. 53.000. 10 years, 7%, Cross & Co., Regina; Salamis, $3,000 10
years, 8%, Regina Brokerage & Investment Co.
QUEBEC CATHOLIC SCHOOL COMMISSION (P. 0. Quebec),
Que.—BOND SALE.—On April 16 the 5700.000 coupon bonds, notice of
the offering of whicn was given in V. 116. p. 1692, were awarded to the
-year bonds bearing 5%
National City Co., Ltd.. at 96.897 for straight 37
interest. Data May 1 1923. Prin. and semi-ann. int.(M.& N.) payable
at the Bank of Montreal, St. Rock Branch, Quebec, or the Bank of Montreal in Montreal. Toronto or Hamilton, at option of holder. The city of
Quebec will guarantee payment of both principal and interest. Bids were
submitted on the following propositions:
-year, maturing May
37 year. maturing May 1 1960, at 5%; or, 37 annual (not equal) 1 1960,
installat 534%; or, 1-37-year (serial), maturing in
-year (serial) bonds, maturing
int. rate 5%; or, 1-37
ments, 1924-1960,
in annual (not squat) installments, 1924-1960, int. rate 534%•
The Montreal Gazette" on April 17, with regard to the successful
bid, said:
"This was tne highest price of the 12 tenders received, and the Board
decided on taking straight bonds in preference to serial bonds, as it was
argued that the Board will be able to invest its sinking fund in bonds of the
city or the Province of Quebec, bearing interest at 5%, instead of leaving
the fund In the bank at 3% interest."
The tenders received, according to the same newspaper, were as follows:
Serial
-Year
37
Straight, 5%.
534%.
5%.
101.928
96.68
96.897
National City Co
Rene T. Leclerc and R. 0.
101.52
95.872
95.541
102.53
Matthews dr Co
Wood, Gundy & Co. and.
102.31
96.68
96.59
Gourdeau & Garneau
103.46
L. G. Beaubien & Co. and
Dominion Securities Corp
96.095
95.795
Corp. des Obligations Minitel
pales, Miller & Co. and Hel94.38
100.13
95.83
ler & Smith
96.387
Aemilius Jarvis & Co
103.70
Nesbitt. Thomson & Co., Gairdner, Clark & Co. and Bell,
96.177
96.217
Graham & Co
101.67
102.04
McLeod, Young, Weir & Co— 94.43
95.43
96.06
Geo. Beausoleil & Co
A. E. Ames & Co. and Credit
95.899
Anglo-Francais
96.19
95.448
United Financial Corp
Hanson Brothers and Harris,
94.52
101.52
94.17
Forbes & Co
STURGEON FALLS, Ont.—DEBENTURF. OFFERING.—Tenders are
being received by L. R. Vaunter, Treasurer, for the purchase of $25,000
-year installment debentures.
-year installment and $20,000 6% 20
6% 10
No definite date has been set to receive tenders.
SALE.—Wood, Gundy & Co. of
TIMMINS, Ont.—DEBENTURE
Toronto have purchased an issue of $75,000 534% 20-year installment
debentures at a price of 100.41. a basis of about 5.44%. The bonds are
guaranteed by the Province of Ontario. Tenders were as follows: Wood.
Gundy & Co., 100.41; Aemilius Jarvis & Co., 100.28: Canadian Bank of
Commerce.99.65; Dyment, Anderson & Co.,99.37; Mackay-Mackay,99.07,
and A. E. Ames & Co., 98.75.
WELLAND, Ont.—DEBENTURE OFFERING—Tenders will be received by Robert Cooper, County Clerk, until April 23 for the purchase of
-year installment highway debentures.
$100,000 5)4% 10
MI
We Specialize in
BOND CALL
NEW LOANS
CALLED BONDS
NEW LOANS
$500,000
County of Monmouth, New Jersey,
CITY OF SULPHUR SPRINGS, TEXAS
City of Philadelphia
By resolution of the City Commission of the City
of Sulphur Springs, Texas, said City has exercised
its option and now calls for payment on April 1st.
1923, on which date interest will cease, the following Bonds:
STREET IMPROVEMENT.—Dated June
10th. 1899, 4343', maturing June 10th, 1939,
48
optional June 10th, 1919, Bonds Nos. 1 to 10.
inclusive, $500.00 each. $5,000.00, payable at
National Park Bank, New York.
WATERWORKS.—Dated June 10th, 1899,
434%, maturing June 10th, 1939, optional
June 10, 1919, Bonds Nos. 1 to 16. inclusive,
$500.00 each, 58,000.00, payable at National
Park Bank, New York.
WATERWORKS.—Dated January 1. 1903.
434 %,_maturing Jan. 1, 1943, optional January 1,
1923. Bonds Nos. 1 to 40, Inclusive, $500.00 each,
$13.000.00, payable at Hanover National Bank,
New York.
REFUNDING BONDS.—Dated June 10th
1899. 434 %, maturing June 10th, 1939. optional
104 South Fifth Street
June. 1919, Benda Nos. 1 to 6, inclusive, $500.00
each, and $250.00—$2,750.00
--payable at NaPhiladelphia
tional Park Bank, New York,
SCHOOLS.—Dated June 10th. 1899, 434%.
Private Wire to New York
maturing June 10th, 1939. optional June 10th,
Call Canal 8437
1919, Bonds Nos. 1 to 5, inclusive, $500.00 each,
$2,500.00, payable at National Park Bank, New
York.
WATERWORKS.—Dated May 1st. 1908, 5%,
maturing May 1st. 1948, optional May 1st, 1918.
Bonds Nos. 1 to 20, inclusive, $500.00 each,
59,000.00, payable at Hanover National Bank,
New York.
WATERWORKS.—Dated October 1, 1909,
5%, maturing October 1, 1949, optional October 14. 1919, Bonds Nos. 1 to 20, inclusive.
-5°
$' "° each. $8.300.00. payable at Hanover
BONDS
National Bank. New York.
JOHN NI. BIGGERSTAFF,
The undersigned will sell at 10 A. M. MAY 1.
City Secretary.
1923. at the Court House, Houston, Texas, to
not less than
the highest bidder, for cash, and
par and accrued interest, $450,0(10.00 worth of
bonds of Drainage District No. 12, Harris
County. Texas, 6%, semi-annual, maturing
$15,000.00 per annum in May, 1925-1954, denomination $1.000.00, acreage of District, 33.949,
valuation. 53.000,000.00. Bid to be accompanied by certified or cashier's check for 3% of
bid. Bid to be signed, sealed, plainly marked on
outside and delivered to undersigned not later
than hour and date mentioned. The right is
reserved to reject any and all bids. Financial
The City of Cleburne, Texas. has called for
statement of District can be obtained from
g, L. Washburn. County Auditor, Houston, payment all outstanding optional bonds which
will be paid at par and accrued interest upon
Texas.
presentation to the Seaboard National Bank,
CHESTER H. BRYAN,County Judge,
blew York City, provided said bonds are preCourt House,
sented not later than July 1, 1923. Any or all
Houston, Texas.
other outstanding bonds of said City bearing
5% will also be paid at par and accrued interest
if presented td said Seaboard National Bank for
payment prior to July 1. 1923.
For any further information regarding said
bonds, holders will kindly communicate with the
Brown-Crummer Company, Wichita, Kansas,
or with the City direct.
Giving caption of Act, amount of bonds,
CITY OF CLEBURNE, TEXAS.
time, place, and manner of sale, serial, and
By D. F. Howell, Mayor.
officials having charge of sale, covering one
hundred and fifty Bond Acts passed by
Assembly which
North Carolina General
has recently adjourned.
3s
2
31/ 8
/
41 45
/
41 28
5s
/
5148
/
51 28
Biddle & Henry
$480,000
Drainage District No. 12
Harris County, Texas
CITY OF CLEBURNE, TEXAS,
BONDS CALLED
FOR PAYMENT
List North Carolina
Bond Acts for Sale
Price $10.00.
RALEIGH LETTER WRITERS
Raleigh, N. C.
SIMON BORG & CO.
Members of New York Stock Exchange
United States and Canadian
Municipal Bonds
ON ORD0.4r
WADDELL
Ground Floor Singer Building
59 Liberty StreetCortland& New York
3183
Telephone
No. 46 Cedar Street -
-
TEMPORARY NOTES
Sealed bids will be received by the County
Treasurer of the County of Monmouth, at the
Courthouse in Freehold, New Jersey, until
.
eleven o'clock A. M. on Friday, the 27tn day of
April, 1923. for 3500,000.00 Temporary Notes
of the County of Monmouth, New Jersey. to be
dated May 1, 1923, and to mature $200,000.00
on August 1, 1924, and $300.000.00 on August
1, 1925, with interest payable August 1, 1923,
and semi-annually thereafter. The requirements
of the purchaser will be met as to place of delivery (Freehold, N. .1., Philadelphia or New
York City). Place of payment of interest and
principal (Freehold, Philadelphia or New York),
denomination (51010 or multiples thereof) and
form (registered, bearer without coupons or
coupon with privilege of registration). If coupon
notes are desired only one denomination mayibe
specified.
Purpose of issue is to provide funds for the
construction of certain parts of the State Highway System, for which rebnbursement is promised by the State Highway Commission, but the
full faith, crecia and taxing power of the County
will be pledged for the payment of the notes and
interest. Unqualified approving opinion of
Caldwell and Raymond as to legality will be furnished to the purchaser without charge.
Delivery will be made on May 10, 1923.
Bids must state rate of interest, denomination,
place of delivery, place of payment and whether
coupon or registered notes desired, must be for
not less than par, must assent to delivery on the
date above specified and must be accompanied
by certified check for 85,000 payable to County
of Monmouth.
Freehold, N. J., April 18. 1923.
C. ABA FRANCIS,
County Treasurer.
ANNOUNCEMENT
MEMPHIS, TENNESSEE
April 14th. 1923.
For information of interested parties we desire
to announce the following programme for bond
elections and sales for the City of Memphis
during the next sixty days:
Election on May 10th. for:
$1,500,000.00 Water bonds
100,000.00 Cossitt Library Bonds
150.000.00 General Hospital Bonds
100,000.00 Tuberculosis Hospital Bonds
100,000.00 Fire Station and Equipment
Bonds
250,000.00 Viaduct Bonds in Joint Cost
with State of Arkansas and
Federal Government rot two
and one-half miles of viaduct
Arkansas
in
Immediately
opposite Memphis
1,250.000.00 Board of Education Bonds
750,000.00 Street Construction and Sewer
Bonds
Ordinances for all or portions of above amounts
will be passed. Detailed information will be
given by advertisement and circulars sent to all
Interested in the sales.
The sale will be held by sealed bids June 12th,
New York Delivery, and payment principal and
interest. John 0. Thompson's opinion.
0. 0.PASHBY, City Clerk.
New York
HIGH-GRADE
INVESTMENT SECURITIES
BALLARD & COMPANY
Members New York Stock Exchange
HARTFORD
Connecticut Securities
@FedFRASER