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The
OIflflhI!ttjtl 3!
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rotud
Railway & Industrial Section
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SATURDAY, APRIL 28 1923
VOL. 116.
Xhe Throuirle.
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CLEARING HOUSE RETURNS.
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on this page now appear in a subsequent part
of the paper. They will be found to-day on pages
1861 and 1862.
THE FINANCIAL SITUATION.
Under ordinary circumstances the marking up on
Monday by the Bank of Germany of its discount
rate from 12% to 18% would have shaken the financial world to its foundation. But affairs in Germany
are now so abnormal that the markets expect nothing but the abnormal from that quarter, and the
event was without influence. Domestic conditions,
therefore, have continued to hold sway, and
additional demands for wage increases, following closely upon those mentioned last week
have been the most conspicuous feature. In
the transportation field, the maintenance-ofway employees and shop workers have filed with
the Labor Board a petition, affecting 28 roads and
175,000 employees, for a return to the wage scale
prior to July of 1921; the expressmen also ask an
increase of ten cents an hour, which would affect all
roads and amount to an estimated new load of over
17 millions. The "stone" men of this city, already
getting $9 a day, walked out on last Saturday, demanding what they call a "bonus" of $2 more, the
same as lately granted, under pressure, to the bricklayers. The Steamship Owners' Association has
lately advanced deck anl engine men to the prevailing Shipping Board scale, yet the owners face a demand for further increases ranging from 20% to
even 36%.
So the thing runs along the line, catching like
flame in dry f,:rests. It is a palpable fact -that the
Electric)Railway Sectice
State and Cul SectiOr
NO. 3018
money prices of commodities tend upward more than
downward. With men who possess the power of reasoning, and use that power, it is superfluous to point
out that to expect the dollar prices of goods to fall
while the wage-dollar increases in number and the
wage earner declines in efficiency and product is like
trying to quench fire by pouring oil on it. Several
European countries are repeating an unhappy experience in which the value of fiat currency declines as
its quantity increases, and this decline against increase is an accelerating process. Labor inflation
obeys the same immovable law: the more rapidly
men seem to be and think they are getting increased
wages the less they are really getting; the misery of
it and the call for more of the destructive exhilaration increase, and, by another twist in human nature,
the higher the nominal wage the less men are willing
to labor. And the whole process is said to be because
of the high cost of living!
Proceed on that line and we face and move towards
the war troubles from which we have come away a
little. Because recovering from debauch seems to
hurt, we call for reinflation. Observe, too, that the
thing is a "same as"; one set of men learn that some
other set have extorted an increase or are threateningly demanding one, and they fall into line; if some-body else, why not we, too? So,like much of the evil
in our troubled world, the thing grows by the very
means consented to in hope of lessening it
To try not to notice this would be the most fatal
weakness. To omit to justly measure its ominousness would rank next in folly. To get angry about it
and berate these unionized persons as champion,
idiots or as exceptionally selfish would be neither
helpful nor just. The truth is that they are victims
of appearances, in part, and of false teachings for
the rest. If some one man, anywhere in the line from
the richest down to the humblest, could get twice aa
many dollars in 1923 as he got in 1922 and everything
else should remain the same he would certainly be.
the gainer; equally, if all purchasable articles doubled in price, or were halved in price, and were perfectly sure to stay so permanently, every person's income would be halved or doubled. Put the case in
this elementary way, and probably there is not one
adult, even among the most ignorant on Ellis Island,
who cannot see clearly that the "size" and not thenumber of dollars is the thing, and that what we areall concerned for is really abundance and low prices,
not the arithmetical wage.
The question whatis to be done about it is the practical question. First and indispensably foremost,
the pressure to einflate nominal wages should be re-
1814
THE CHRONICLE
sited. It is idle to yield under protest; the protest
should be accompanied by standing firm. Certainly
this may involve injury and loss, but conflagration
is harder to deal with than a simple fire, and if a bad
movement cannot be halted early, when can it be?
The Chicago Federation of Clothing Manufacturers
has, filed with the special arbitration board a brief
asking rejection of a call for wage increase as an
"emergency," arguing that "the welfare of the workers no_ less than of the industry as a whole will be
immediately and permanently subserved by declining to disturb wages at this time"; so they ask adherence to the agreement of last May. Is not this
true generally, and is it not bad business and bad
citizenship and foresight also for employers to yield
to demands?
Yet those who make the demand are of like timber
with,the rest of us, unthinking, and what is worse,
vidims of long misteaching. Any and all of us would
like "more," and it takes some sense and some
thought to see that more may really be less. So the
"Chronicle" must renew its opinion that self-interesfand duty call upon large employers to meet their
Igen, as man to man, upon a common economic
groimd which men never made and men can never
alter. Show the men whence comes the money that
gots: on the pay-roll, and what conditions govern it.
Show them that"we cannot" pay more dollars means
precisely that, the inability being real; explain why.
Show that the entire "bloc" movement is not only a
general menace but also self-destructive. Show that
the.dollar is what it will purchase, and that labor is
worth according to its productiveness; therefore,
that the"more" which every one of us would like can
be realized only by larger dollars and larger dollars
con- only by greater abundance of production. It is
not very difficult to make a man see this in the abstract, for it is plain sense; it is harder to make him
seethe personal concrete side of it, yet even that can
be done.
It is not needful or possible to "coach" employers
how to do this; butdoes not the situation urge them?
A fact in point is that insurance experts now estimate that some two billions of "group" life insurance, carried by some 10,000 concerns, contributory
and non-contributory together, and covering from
1 to 2 million workers, are now outstanding. The
/
1
2
Union Pacific System is said to be in the lead with 70
millions in amount. A dozen or more large corporations.are cited, and one of them pronounces the plan
"a most valuable asset in the chain of co-operation
ye are making." This is certainly a step in getting
together, and certainly the railroads and the industrial concerns that have such insurance or have savings or other welfare schemes have a way opened for
a straight-out discussion of wages. Is not this a posnlble antidote to the poison of union teachings?
Imports of merchandise into the United States
continue heavy. The foreign trade statistics compiled by the Government at Washington are still
tardy in coming to hand, owing to the delay in reporting the figures of imports, said to be due to the
contuaion caused by the operation of the new customs law, which went into effect in September last,
and. the import report for February was issued only
yesterday. The delay has caused a great deal of inconvenience. February imports of merchandise are
now given at $296,000,000. These figures contrast
with. 329,843,000, the value of merchandise imports
[VOL. 116.
in January, and with $215,743,000, the value of imports for February 1922. Allowing for the fact that
February is a short month the February statement
.this year is within a million dollars of the figures for
January,and January imports exceeded in value any
month since November 1920.
There has been practically a steady increase in the
value of merchandise imports each month for about
one year and a half and the returns for January and
February this year clearly indicate that this increase
is well maintained. For the, eight months of the fiscal year ending with February, merchandi:e imports
are valued at $2,319,204,000, which figures contrast
with $1,621,600,000 for the corresponding period of
the preceding year. For the eight months the increase is 43.0%. For the same period of time the increase in the value of merchandise exports from the
United States gained only 6.3%. Naturally, the excess of exports over imports, which has always been
very largely on the export side, amounting each
month to many millions of dollars, now shows a considerable curtailment. For the month of January
this year the excess of exports was only $6,000,000,
and for February $11,000,000. For the eight months
of the current fiscal year the excess of exports over
merchandise imports is $317,860,000; for the corresponding period of the preceding fiscal year the excess was $868,422,000. The growth in the movement
of merchandise into the United States may have
greater significance than appears at first sight.
The reparations question will not down. Frederick
C. Goodenough, Chairman of Barclay's Bank, Ltd.,
of London, who arrived here a week ago to-day to
address the spring meeting of the Executive Council
of the American Bankers Association, was quoted as
saying,in the course of an interview on the European
situation, that "the most important point is, of
course, the settlement of the reparations problem."
The Central News of London cabled last Monday.
that "Germany is preparing another positive offer.
The Government will declare it is ready to negotiate
and discuss reparations and guaranties." 'Speaking
in the British House of Lords on April 20, Lord Curzon described the French and German Governments
in their struggle over the reparations question as
"two proud and powerful peoples arrayed against
each other in positive deadlock." It seems that "his
speech was delivered in reply to a formal challenge
on behalf of the Opposition by Lord Buckmaster."
Replying to suggestions that England should intervene in the Ruhr situation, Lord Curzon said in
part: "We have felt that until France and Germany could come together outside interference would
be of little avail, and that if we acted prematurely
we might do more harm than good. That this might
easily have happened is only too evident from the
speeches of the French Ministers, nor has Germany
so far shown any willingness to profit by external advice. It appears a certainty that if we had directly
intervened we should have failed and in certainty of
failure lies the justification of the policy to which we
are committed. One guiding consideration throughout has been that the Entente between France and
Britain and their allies should not be broken. We
are profoundly convinced that +he Entente is the basis of European recovery. If the Entente should be
brokep down I see no limit to the chaos and to the
perils to the peace of Europe."
Aram 28 1923.]
THE CHRONICLE
1815
The New York "Tribune" correspondent in Berlin, German Foreign Minister Rosenberg by quoting:Bisin a cablegram under date of April 20, said that marck to him and telling Germany that there was no
"terms which Germany is ready to offer for a settle- possibility of an understanding with France until
ment of the reparations question were presented to the German Government had learned to honor its
the 'Tribune' to-day by one of the foremost German bond. The Premier did not carry the situation much
statesmen, who is very close to Chancellor Cuno and further than when he spoke at Dunkirk last week. He
the recognized spokesman of Hugo Stinnes and big contented himself with a defense of French moderaindustry. My informant, who is the leading candi- tion and its contrast with Bismarck's attitude." M.
date for the Chancellorship in the event of a reor- Poincare was also quoted as saying that, "in spite of
ganization of the Government, is second to none this resistance and defiance, there were not wanting
among German politicians and wields a profound in- generous-minded people who advised France to treat
fluence on the German policy." The "Tribune" in- Germany with compassion, and the German
formant was quoted as saying by way of introduction Government itself proclaimed that without an
to his outline that "those who wish to obtain a clear entente between Germany and France the restoraidea of Germany's position must combine the chief tion of Europe would be imposssible. But the repoints of Von Rosenberg's recent speech in the sumption of normal relations and the restoration of
Reichstag with those of Stresemann. Herr Strese- Europe did not depend on France." He asserted,
mann's speech simply completed Baron von Rosen- however, that "the only condition wanting was that
berg's, and was submitted to and approved by him Germany should recognize that signed treaties-were
before delivery. Both speeches should be regarded sacred and should be fulfilled. Unless she.did :that
as presenting the German offer. Such an offer did and abandoned her policy of evasion, resistance and
not necessarily have to be made through diplomatic repudiation, there was no possibility of an entente.
• channels and should not be minimized simply because The sole conditions on which that could be made
it was made from the platform of the Reichstag." were always the same—that reparations should be
The terms, as outlined in the speeches of von Rosen- paid and that France's security should be assurer'
In a statement to the Associated Press in Beal])
berg and Stresemann, were summarized as follows:
"Germany undertakes to raise immediately 20,000,- on April 22 General Wilhelm Groener, Federal Min000,000 gold marks through an international loan, to ister of Transportation, asserted in substance that
be devoted exclusively to reparations payments, this "rust is forming on the wheels of approximately 64,to be followed later by other loans, to a total of 10,- 000 freight cars lying idle in the Ruhr and completely
000,000,000. Since it is impossible to determine be- withdrawn from traffic, in a district which was the
forehand to what extent and within what period in- busiest spot in all Germany before its occupation by
ternational finance will participate in this loan, Ger- the French and Belgians." He pointed out also that
many undertakes to begin interest payments on this "up to Jan. 11, when the troops arrived, the Ruin's
whole amount immediately. Both the capital raised daily demand for freight cars averaged 32,000, while
and the interest would be placed at the Entente's dis- now it amounts to only 6,000."
posal. Beyond this loan, however, and in order to
Cabling from Berlin on the evening of April 23,the
enable her to pay the interest on the loan, Germany
must receive a moratorium on reparations payments, New York "Herald" correspondent said that, "while
the terms to be such as would be determined by nego- high Government officials to-day refrained from
tiation. Germany's total reparations obligations comment upon the official version of Foreign Minisshould be determined by an international commis- ter Curzon's speech in the House of Lords Friday, it
sion of finance experts, as well as by further negotia- was plain that officialdom viewed the address as :the
tions between Germany and the Entente. This, how- most stimulating factor yet injected into the 'Ruhr
ever, should follow only upon Germany's obtaining situation." He said also that he was informed that
the 20,000,000,000 loan. The reparations figure Ger- "the speech is regarded as the most important politmany has in mind is between 30,000,000,0.00 and 35,- ical move yet made, tending toward a reparational
000,000,000 gold marks. The figure suggested by settlement." Continuing his observations he said
England is 40,000,000,000 and the latest Franco-Bel- that "Britain has spoken, but America is silent, and
gian proposal sets it at 50,000,000,000, from which Lord Curzon's speech, which was greeted yesterday
8,000,000,000 already paid by Germany is to be de- with enthusiasm, is regarded to-day in a different
ducted. So there appears to be little difference be- light." The New York "Tribune's" representative
tween Germany and the Entente on the question of made even more positive assertions. He said in part:
the reparations total." On the problem of guaran- "With receipt of the official text of Marquis Curties, the "Tribune's" informant expressed himself as zon's address in the House of Lords, the Cuno Govfollows: "Guaranties which Germany would sug- ernment to-day began an earnest discussion of the
gest include a national mortgage on various indus- situation resulting from the speech." He also astrial enterprises as well as the State's agricultural serted that "although no positive developments may
before the, middle of the week, it wRs no
holdings. Also, issue of new shares by German in- be expected.
dustry, which then would be transferred to any place longer open to doubt to-day that Germany will _make
suggested by the Entente, such as the Bank of Eng- some such move as suggested by the British Foreign
land, and would bear interest. The same idea can Secretary." According to the "Tribune" correspondbe applied with regard to agriculture, which will as- ent, "three propositions will be laid before the Cabisume a similar share of the burden on its capital. net by the Chancellor: First, a reply to Marquis CurGerman industry, finance and agriculture would zon through the semi-official Wolff Agency; second,
really assume these guaranties on condition that a new Government declaration in the Reichstag;
third, a diplomatic note embodying the new German
Germany's reparations debt finally be set."
proposals, addressed to all the Powers of the Entente
Premier Poincare, in an address last Sunday at and probably the United States." He further asVoid, in the Department of the Meuse, "replied to serted that "the third proposition, it was confidently
1816
THE CHRONICLE
believed to-day, will be the one adopted. This probability was particularly evident following Gustave
Stresemann's speech yesterday, in which Germany's
eagerness to negotiate was clearly visible among the
otherwise sharp tones used by the speaker regarding
French and British conduct and the fate of the Ruhr
and the Rhineland." The Associated Press correspondent in the German capital cabled Tuesday afternoon that "Ministers will occupy a few days in
consulting with party leaders and prominent industrialists, and then will decide whether to submit a
definite reparations offer to the Entente, and also
whether the offer will take the form of Chancellor
Cuno replying in the Reichstag to Lord Curzon or a
collective note to the signatories of the Versailles
Treaty." The London representative of "The Sun"
of this city said in a dispatch Tuesday evening that
"the British Government has intimated to the Berlin
Government that itcannot handle any offer that Germany might make to the Allies. It says that such an
offer must be sent direct to either France of Belgium." He also stated that "Chancellor Cuno has
been hoping that the British would convey such an
offer to the other Allies, but Bonar Law has definitely decided that he cannot do so."
[you 116.
escape the obligations assumed by former Turkish
Governments. The attitude of the Turks is the more
remarkable in that they say that the Chester concessions are not to be discussed here. They say they
have not even brought a copy, because it would have
been uselesss baggage. They argue that the concessions are a private matter between Admiral Chester
and the Angora Government, and that if an Englishman or Frenchman or any one else thinks his interests have been unfairly affected, recourse may be had
to the Turkish courts, to arbitration or to some other
system of settlement." He also asserted that, "however,in spite of their expressed purpose not to debate
the Chester concessions here the Turkish delegates
see no reason why the United States should not support them generally at Lausanne; for, they argue,
the more freedom they have from their old obligations the more concessions they will have to hand out
to Americans."
• In his account of the opening session of the Conference on Monday afternoon, April 23, the"Times" representative called attention to the different conditions under which it started from those prevailing
when the first Lausanne Conference was convened.
He said: "This time the peace conference resumed
The Lausanne Conference, supposedly to find a its session with a large part of the work of the first
way to establish peace with the Turkish Nationalists, Lausanne Conference standing valid. This conferwas resumed on April 23. Cabling from Lausanne ence starts with the Straits regime agreed upon, the
on the evening of the 21st, the Associated Press cor- home for Armenians abandoned and boundary quesrespondent asserted that "the Chester concession tions largely settled." The opening session was held
overshadowed all topics to-night, the general opin- in the Hotel Chateau. Special mention was made of
ion being that it gives a new American orientation of the fact that "Minister Grew, head of the American
the entire conference." The Turkish delegates, delegation, read a statement repeating the declaraheaded by billet Pasha, arrived that evening. When tions made by Ambassador Child at the beginning of
asked "if he had come back to make peace with Eu- the first Lausanne Conference in November. He said
rope," he was reported to have said: "There is no that the United States, not having been at war with
lack of good intention on our part." He added that Turkey, would take no part in making the treaty, but
"Turkey wanted a rational peace which would permit if American interests became involved American dipreasonable national development and the consumma- lomats would retain the right to depart from the role
tion of reasonable national aspirations. If the Allies of observers and speak for their Government." It
granted those principles, peace seemed probable." was added that "because of the excitement over the
Riza Nur Bey, another prominent member of the Chester concession more than usual interest was atTurkish delegation, in discussing the now somewhat tached by other diplomats to Mr. Grew's statement."
famous Chester oil land concession, was said to have Touching upon the prospects of a definite peace pro"laughed at what he termed the fuss over the Chester gram being agreed upon at the conference, the
concession, saying that Turkey was quite within her "Times" correspondent declared that, "generally
rights in granting this. Advertisements had been speaking, the prospects of making peace with the
put in the newspapers offering grants, and the Ches- Turks are really brighter than they seem on the surter company had submitted the most advantageous face. While the Turks are talking boastfully, an
terms. No country had objected until after the con- important consideration is that England and France
cession was ratified by the Angora Parliament!! He are now determined to stand together for a common
added that "we are not here to talk of concessions, program,a condition which did not exist at the openbut to make peace. Any protests over concessions ing of the first Lausanne Conference. If the two big
and any requests for new concessions should be sent Allies stand side by side, so that the Turks cannot
to the Angora Government!'
play one against the other, the situation will be
Describing what he claimed was the attitude of the easier. There are many indications that England
Turkish delegates upon their arrival for the second and France intend to be firmer this time."
Lausanne Conference, the New York "Times" correspondent said in part: "It is little short of pathetic
At Tuesday's session Sir Horace Rumbold, head
to see the implicit faith the Turks have in their idea of the British delegation, presided. The Associated
that, because the Angora Assembly has voted an Press correspondent pointed out that "the first work
American group of financiers a lot of concessions, the was to classify the questions before the political comAmerican Government henceforth stands with Tur- mittee under the general heads of territorial and
key as pal and bosom friend against every one else, judicial." He added that "in the discussion of the
and especially France. It is to be hoped that they territorial clauses the Turks maintained their preare greatly overestimating the chances of Washing- vious viewpoint on each of the disputed questions,
ton's backing, and certainly Minister Grew, the head and insisted that the first step in the procedure
of the American delegation, gives no impression that should be the evacuation of Turkish territory by the
he is going to helP the Turks in their new effort to Allied troops. Ismet Pasha, Turkish Foreign Min
APRIL 28 19211.1
T H t41 CHRONICLE
1817
ister and head of the Angora delegation, declared sion to the Fascisti Government and that therefore
this was a question of first importance for Turkey. membership in the party and its participation in the
Spokesmen for the Allies replied that the evacuation Cabinet were incompatible." In a cablegram from
depended logically upon solution of the question the Rome correspondent of the New York "Times"
Thursday morning the assertion was made that
pending before the conference."
Supplementing the foregoing outline the New "with Premier Mussolini's acceptance of the resignaYork "Times" correspondent the next morning said tions of the Catholic Party members of his Cabinet
that "the general opinion here is that the negotia- and his refusal to collaborate with the party, the
tions in Constantinople between representatives of split between the Fascisti and that group becomes
foreign interests in Turkey and those of the Angora complete." The further assertion was made that
Government will not succeed, and that the questions "Minister Cavazzoni and the three Under Secretaries
under discussion there must eventually come before who have resigned will not be replaced, but their
the Lausanne meeting." He added that "this would posts will be suppressed. Mussolini has often anmean that the Chester concession would come up for nounced his intention of reducing the bureaucratic
consideration here, since one of the claims put for- machinery by abolishing some of the less important
ward by the French interests in Turkey is for the con- Ministers and Under Secretaryships and he has
cession to build the Sivas-Samsun railroad, which therefore seized this opportunity for carrying out
the Turks have recently included in concessions his plan." Going still further, the correspondent
granted to Admiral Chester. It is probable that this asserted that, "as one of the first results of Mussoissue would be so handled by French diplomats and lini's resolute stand against the Catholic Party, seTurkish delegates as to call for declaration by the cessions from the party have begun, several deputies
American Government of its intentions regarding leading the way. There is also a movement to found
the concessions in dispute between the Chester group a new Catholic Party from elements recruited from
and French interests." Special attention was called the Right Wing of the present party. This new party,
to the fact that "Minister Grew and his colleagues according to the intention of its prospective foundtook no part in to-day's discussion." It was added ers, should have a distinctly pro-Fascisti. leaning
that "Mr. Grew is not discussing his instructions, and should be outside the control of Father Don
but it is believed here that Secretary Hughes has not Sturzo, who hitherto has shaped the policy of the
yet reached a decision whether or not to support that Catholic Party. The true importance of Mussolini's
part of the Chester concession which conflicts with break with the Catholics will not be known until the
the French claims. Naturally it is expected that all reopening of the Chamber, when some interesting deChester claims which are not contested will receive velopments may be expected. If the party passes to
the unqualified support of the State Department."
the opposition and if most of its deputies do not deThe New York "Herald" correspondent, in his ac- sert to the Fascisti it probably will have sufficient
count of that session, said: "The Allies gave the strength to bring about the fall of the Mussolini
Turks to understand to-day that they would not Cabinet. If that should happen, there is no doubt
evacuate Constantinople and the Dardanelles, even that Mussolini would immediately appeal to the
if a peace treaty be signed here, until the treaty had country for holding general elections."
been ratified by the Parliaments of Great Britain,
France and Italy as the principal Allied Powers. The
It is still about as difficult as ever to learn what
Turks insisted strongly that evacuation should take is actually going on in Russia and to form a definite
place as soon as Angora had ratified the treaty." opinion as to what will be the outcome of the presAccording to that correspondent also, "this refusal ent Soviet Government. The Associated Press corby the Allies to consent to the Turkish proposal evi- respondent at Moscow, in a cable dispatch under
dently displeased the Turks, and did not make easier date of April 20, said that "the program of the All
any understanding on this question. The Allies evi- Russian Communist Party, which is the power bedently wish to prolong ratification over an extended hind the Soviet Government, has been restated in its
period, to maintain their occupation while the new Congress now in session. As outlined in a resolution
Turkey will be on a sort of probation, to see whether offered by G. S. Zinovieff, Chairman of the Central
she carries out whatever is agreed upon here. This Committee of the Communist Party, and adopted by
was only one of several refusals to accept new sug- the delegates, the dictatorship of the proletariat is
gestions the Turks made in line with the demands of adhered to, as is the strict monopoly on foreign
the Angora Assembly."
trade; direction by the Communists of the economic
Some surprise was expressed over the announce- reconstruction of the country, and approval of the
ment in a London cablegram to the New York export of grain." He added that "this program ap"Times," dated April 25, that "Ronald McNeill, Un- pears to be that at least until the holding of the new
der-Secretary for Foreign Affairs, declared in the Congress Russia's policy at home and abroad will be
House of Commons to-day that Great Britain had no the same as last year, with no yielding on the prinobjection to the Chester concession in Anatolia, and ciples the Russians outlined at The Hague and Genoa
that it was not the intention of the Government to conferences. Meanwhile Russia will attempt to reinitiate any discussion on the subject at Lau- establish herself slowly rather than grant the desanne."
mands of the capitalists." In his account of the session at which the resolution was adopted the correA development of some significance in Italian af- spondent said: "During the debate prior to the
fairs was the acceptance by Premier Mussolini of adoption of the resolution Leonid Krassin, Commisthe resignations of the four Cabinet Ministers be- sar of Foreign Trade and Commerce, emphasized the
longing to the Popular or Catholic Party. It seems need for Russia to obtain recognition by countries
that at a recent congress in Turin of the members of abroad. Bitterness over Krassin's address vanished
that party a resolution was adopted which Premier under the iron discipline of the party which insists
Mussolini contended "did not embrace frank adhe- that when a decision is made the rule of the party all
1818
THE CHRONICLE
[VOL. 116.
members must abide by it. Krassin demanded a conThe assertion has been made in London cable distinuation of the foreign trade monopoly and less in- patches for some little time that there was need of
terference by the Communist Party in economic af- changes in the Bonar Law Cabinet. The correspondfairs. The only concession to Krassin's view in the ent at that centre of the New York "Tribune" cabled
resolution as passed is the decision that the Com- that it was reported there that "Lord Robert Cecil
munist Party 'shall decide economic questions only probably will be invited to join the Government on
when principle is involved.'" Krassin was reported his return from the United States." He added that
to have said also that "it is necessary to remember "the office for which he is slated is that of Lord Privy
that we shall not be able quickly to re-establish na- Seal, carrying with it leadership of the House of
tional economic stability by our own means. We Commons." Continuing to outline the Cabinet situamust not forget that our deficit has reached eight tion as he understood it, the "Tribune" representabillion gold rubles a year."
tive said that "Marquis Curzon is said hitherto to
In his account of the next day's session, the Asso- have opposed Lord Robert's inclusion in the Cabinet,
ciated Press representative said: "As the Commun- which was favored by Bonar Law, but the Foreign
ist Party Congress draws to an end it becomes ap- Minister is now reported to have withdrawn his obparent that the party is practically solidly in favor jection, partly because of the success of Lord Robof Soviet Russia standing on its own legs and taking ert's American tour and partly because of the necesa chance of obtaining favorable agreements with the sity for strengthening the Ministerial front bench
foreign Powers later, rather than pay its debts or and relieving Bonar Law of the routine work of leadany similar heavy price for recognition now."
ership." He further observed that, "whether the reWord came from Moscow Thursday evening that port that Lord Robert will be offered Cabinet rank is
"to-day the Communist Congress adjourned after ap- well founded or not, the fact that it is in circulation
proving without change Leon Trotzky's plan to take shows that reconstruction of the Government is still
over the heavy industries. The Congress also ap- the leading question here in politics, despite the Preproved Commissar Stalin's recommendation with re- mier's improved health and the official denial of his
gard to nationalities, Premier Lenin's scheme for impending resignation." According to a London
control of State apparatus, and M. Kameneff's pro- cable dispatch yesterday, Premier Bonar Law will
posal for the substitution of a partly monetary tax take a month's ocean voyage for the benefit of his
for the present levy on peasants. The Congress health. It became known through an Associated
elected a Central Committee, the personnel of which Press dispatch from the same centre last evening
will be virtually the same as last year's. A Control that "the Government's majority in the House of
Commission of 50 Communists to carry out Premier Commons was again reduced to 24 to-day, when the
Lenin's recommendation which would extend party second reading of the Laborite measure for the 'precontrol and supervision to all branches of the Gov- vention of unemployment'was defeated by 166 to 142.
ernment was named."
The Government opposed the bill, but did not make
Evidently the British have been greatly disturbed the vote a question of confidence."
by various recent acts of the Russian Bolshevists as
reported in London. The representative there of the
A cable dispatch from Berlin under date of April
New York "Times" cabled on the evening of April 25 23 announced that the Imperial Bank of Germany
that "the British Government without delay will had advanced its discount rate from 12% to 18%.
send a sternly worded note to Russia dealing with This is the highest figure ever recorded in the histhe long series of acts committed against the British tory of this institution. The previous rate of 12%
Government by the Soviet, Ronald McNeill, Under was in effect since January 18 last. Prior to that
Secretary•for Foreign Affairs, declared in the House date the rate was advanced successively from 5%,
of Commons to-day." He reported the Under Secre- the level existing since the beginning of the war petary as having said also that "these acts have excited riod, to 6% July 28 1922, 7% Aug. 28, 8% Sept. 21
the profound indignation of the Government and of and 10% Nov. 13, all in the same year. According
the country at large. They directly affect the rela- to cable advices from London on April 26, the Budations between the two Governments. The British pest Bank of Issue increased its discount rate from
representative at Moscow will not cease to exert his 4% to 12%. Aside from these changes, official disinfluence in the strongest possible manner, particu- count rates at leading European centres continue to
larly as regards the trawler seized by Bolshevist pi- be quoted at 5 % in Belgium and Madrid; 5% in
/
1
2
rates off the Murman coast. The action of the Soviet France, Denmark and Norway; 4 % in Sweden;
/
1
2
Government is regarded as being wholly without kis- 4% in Holland, and 3% in London and Switzerland.
tification."
Open market discounts in London were again re/
duced, short bills being now quoted at 134%,against
That the British House of Commons is far from 13
/ /
4@178%, and three months at 1 15-16%@2%,
ready to vote in favor of prohibition was clearly against 2% last week. Call money at the British
demonstrated at its session on April 20. Ned Scrym- centre was likewise easier, and closed at 11 8%, as
/
geour of Dundee, "Parliament's bone dry apostle, compared with 1 % a week ago. In Paris the open
/
1
2
who defeated Winston Churchill in last year's elec- market discount rate has not been changed from
tions," moved his prohibition bill for second reading 41 8%, while at Switzerland it is from 34 to 1%,
/
/
at that time. The London correspondent of the New" against 1 % previously.
/
1
2
York "Herald" said that "Scrymgeour spoke 80 minutes, and then the House of Commons was treated to
The Bank of England in its return this week
a series of stories by members who had studied the showed'a decrease of £1,636 in its holdings of gold,
effects of prohibition in America and found it far at the same time note circulation expanded £399,000,
from air-tight." The measure was lost by a vote of so that total reserve was reduced £401,000, to £24,236 to 14.
490,000, as against £26,015,763 a year ago and £18,288,445 in 1921. There was a further slight advance
APRIL 28 1923.]
THE CHRONICLE
in the proportion of reserve to liabilities to 19.96%,
which compares with 19.76% a week ago and 18.22%
the week of April 5. The highest reserve ratio thus
far this year was 20.17% in the beginning of February and the lowest, 13.87%, on Jan. 4 last. In the
corresponding week of 1922 it stood at 19.35% and a
year earlier at 12.94%. Deposits were reduced—
public deposits £97,000 and "other" deposits £3,174,_000. There was also a reduction in the temporary
loans to the Government by £3,093,000, but loans on
other securities increased £199,000. Gold holdings
now are £127,519,323, as against £128,872,818 last
year and £128,358,165 in 1921. Loans aggregate
£67,605,620, compared with £78,461,465 and £86,041,315 one and two years ago, respectively, while note
circulation is £122,779,000, in comparison with £121,307,055 in 1922 and £128,519,725 the year previous to
that. No change has been made in the Bank's official discount rate, which remains at 3%. Clearings
through the London banks for the week were £768,919,000. This compares with £798,059,000 last week
and £821,225,000 a year ago. We append herewith
comparisons of the principal items of the Bank of
England returns for a series of years:
1819
to deposits, namely 466,756,463,000 marks. Bills of
exchange and checks increased 163,365,906,000 marks
and other liabilities 53,410,407,000 marks. Other
lesser increases were 42,159,000 marks in notes of
other banks, and 3,460,562,000 marks in advances.
The further sum of 213,851,925,000 marks was added
to note circulation, bringing the outstanding total up
to 5,837,964,898,000, as against 132,682,054,000 marks
last year and 68,736,188,000 marks a year earlier.
There was a decline of 61,280,627,000 marks in Treasury and loan association notes, 344,222,000 marks in
investments and 16,546,493,000 marks in other assets. Total coin and bullion increased 2,566,343,000
marks, but gold remained unchanged, with the total
held 1,004,830,000 marks, compared with 999,865,000
in 1922 and 1,091,515,000 marks a year earlier. The
Bank's official discount rate, as is shown in a preceding paragraph, has been advanced from 12% to
18%, the highest rate in the history of the institution.
A survey of the Federal Reserve Bank statement
issued at the close of business on Thursday reveals
decided contraction in rediscounting operations,
with but little change in gold holdings. Analyzed in
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1919.
1920.
1921.
1922.
1923.
detail, the report for the System shows an increase
April 30.
April 28.
April 27.
April 26.
April 25.
of $2,000,000 in gold reserves, an addition of more
E
E
g
122,779,605 121,307,055 128,519,725 107,883,945 77,161,715 than
Circulation
$5,000,000 in discounts of Government paper,
15,986,335 14,668,589 15,291,989 17,902,788 21,930,277
Public deposits
108,641,032 119,698,251 125,968,268 122,478,225 124,721,090 but accompanied by a decline of $12,000,000 in "All
Other deposits
Governm't securities 48,206,200 47,534,146 54,627,043 59,804,621 55,088,144
with the
Other securities_ _ _ _ 67.605,620 78.461,465 86,041,315 75,164,428 82,227,318 other" and of $13,000,000 in bill purchases,
Reserve notes & coin 24,489,949 26.015,763 18,288,445 23,084.366 26,964,097 net result of a drop in the total of bills on hand of
Coin and bullion__ _127,519,323 128,872.818 128,358,165 112,518,311 85,675,812
Propostion of reserve
$10,000,000 to $910,638,000. At this time a year ago
12.94%
18.38%
19.35%
16.44%
to liabilities
19.96%
5% the bill holdings stood at $582,615,000. Earning as7%
4%
Bank rate
3%
834%
sets were sharply reduced, owing to the sale of U. S.
The Bank of France continues to report small gains certificates of indebtedness as well as the decrease
in its gold item, the increase this week being 159,050 in bill holdings, the falling off being in excess of
francs. This brings the total gold holdings up to $54,000,000. An even larger decrease was shown in
5,536,763,950 francs, which compares with 5,526,- deposits, namely $83,000,000, but the amount of Re877,933 francs on the corresponding date last year serve notes in circulation increased $2,000,000. At
and with 5,514,735,285 francs the year previous; of the New York bank very similar conditions prethe foregoing amounts 1,864,344,927 francs were held vailed. Gold reserves fell $3,000,000, and there were
abroad in 1923 and 1,948,367,056 francs in both 1922 reductions in the rediscounting of all classes of paand 1921. During the week increases were registered per, so that bill holdings fell $21,000,000 to $199,in the various items as follows: Silver, 45,000 francs; 294,000; which, however, compares with only $72,bills discounted, 106,104,000 francs; advances, 14,- 373,000 at this time a year ago. There were also de719,000 francs; Treasury deposits, 7,581,000 francs, clines in earning assets and deposits. Member bank
and general deposits, 79,745,000 francs. Note circu- reserve accounts were drawn down for the group
lation registered the further contraction of 275,795,- banks $71,000,000, to $1,853,935,000, and at the local
000 francs, reducing the total outstanding to 36,547,- bank $40,000,000, to $682,515,745. The reserve ratio
982,000 francs. This contrasts with 35,787,207,750 increased, that of the System showing an advance of
francs at this time last year and with 38,211,184,510 1.5%, to 77.0, while at New York the ratio moved up
francs in 1921. Just prior to the outbreak of war, in 2.6%, to 86.4%.
1914, the amount was only 6,683,184,785 francs.
The most noteworthy feature of last Saturday's
Comparison of the various items in this week's return
week and corresponding statement of the New York Clearing House banks
with the statement of last
and trust companies was an increase in deposits at
dates in both 1922 and 1921 are as follows:
the same time that loans were reduced $19,770,000.
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
In net demand deposits the gain was $48,398,000, to
Aprf126 1923. April 27 1922. April 281921.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold Holdings—
$3,769,745,000. This is exclusive of Government de159,050 3,672,419,023 3,578,510,877 3,568,368,229
In France
Inc.
the
1,864,344,927 1,948,367,058 1,948,367,058 posits to the amount of $107,740,000, a drop in
No change
Abroad
latter item of $18,353,000 for the week. Time de159,050 5,536,763,950 5,526,877,933 5,514,735,285
Inc.
Total
271,385.735 posits increased $1,417,000, to $494,373,000. Cash in
282,732.290
292,023,400
45,000
Inc.
Silver
Bills discounted—Inc. 106,104,000 2,638,454,000 2,580,265,334 2.883,548,860
Bank
2,295,110,592 2,182.903,850 own vaults of members of the Federal Reserve
Inc. 14.719,000 2,152,429,000
Advances
_Dec.275,795,000 36,547,982,000 35,787,207.750 38,211,184,510 declined $202,000, to $50,705,000 (not counted as
Note circulation_
71,539,832
53,962,318
17,177,000
Treasury deposits-Inc. 7,581,000
2,946,379,016 reserve). Reserves in own vaults of State banks and
General deposlts Inc. 79,745,000 2,088.909,000 2,358,045,926
trust compani s likewise fell $227,000, while the re,
statement serves of these institutions kept in other depositories
The Imperial Bank of Germany in its
with
issued as of April 14, showed another huge expan- increased $290,000. Member banks' reserves
which increased the Reserve bank increased $9,759,000, but owsion in discount and Treasury bills,
gain
.642,755,167,000 marks, also an enormous addition ing to the expansion of deposits there was a
1820
THE CHRONICLE
(VoL. 116.
The figures here given are for both mixed collateral
and all-industrials alike. For fixed date maturities
the situation remains without essential change. Up
until Thursday loans for all periods from sixty days
to six months continued at 53-1%, but on Friday
(yesterday) freer offerings were reported and sixty
and ninety day funds were available at 5@51 %.
4
For four, five and six months' money the quotation
Until Thursday the tone of the local call money was 53%, unchanged. The inquiry was light and
market was easy and the rates were low. For two the market a dull affair.
Mercantile paper rates have not been changed
days in succession loans were not only renewed at
/
but that was the only quotation throughout from 5@51 4% for sixty and ninety days' endorsed
4 %,
/
1
2
the business session. Even on Thursday there was bills receivable and six months' names of choice
no change, so far as renewals were concerned, but character, with names less well known at 5h%. A
before the day was over there was an advance to 6%. falling off in the demand was noted and trading was
Loans were said to have been called to some extent inactive. Country banks continue the principal
in preparation by the banks for special payments buyers.
Banks' and bankers' acceptances remain at the
yesterday and for the May 1 disbursements. A heavy
funds from this centre to Western points levels announced last week. Prime names, however,
outflow of
on Thursday was reported in banking circles. The were in good demand and the turnover was said to
Government withdrew the same day $6,000,000 from be larger than for quite some time. Liberal purchases
local depositaries, making the total for the week up by local and out-of-town banks were reported.
to that time $16,000,000. According to Washington Offerings were fairly liberal, chiefly against imports;
dispatches, Secretary of the Treasury Mellon is con- but the inquiry was said to exceed the supply. For
sidering the issuance of approximately $500,000,000 call loans against bankers' acceptances the posted
short term securities with which to take care of May rate of the American Acceptance Council has not
15 maturities. On April 25 the Federal tax collec- been changed from 4%. The Acceptance Council
tions for March were estimated at $533,542,000. A makes the discount rates on prime bankers' acceptfavorable interpretation was given to the figures and ances eligible for purchase by the Federal Reserve
it was suggested that they indicated prosperity in banks 434% bid and 4% asked for bills running for
8
%
the country. Through European cable dispatches it 30 to 90 days, 4%% bid and 43,i% asked for 120
has been reported that probably a part of the large days and 4% bid and 432% asked for bills running
international loan to Austria, recently approved by for 150 days. Open market quotations follow:
of only $3,503,440 in surplus reserves. Excess reserves now, therefore, total $15,996,740. The figures
g'ven here for surplus are for reserves above legal
requirements of 13% for member banks of the Federal Reserve System, but not including cash in own
vaults to the amount of $50,705,000 held by these
banks on Saturday last.
the League of Nations, would be offered in the
United States. Apparently the Mexican situation is
progressing quite rapidly. If the United States Government should grant recognition in the near future
to the Obregon Administration it is possible that
American money might be loaned to Mexico. A cal
for the deposit of the Mexican Government bonds embraced in the agreement entered into last June with
Finance Minister de la Huert is likely to be the next
important development in relation to Mexican affairs. Some liquidation of securities and reduction
in brokers' loans here are reported, but the demand
for money from other sources appears to be about the
same. The members of the Executive Council of the
American Bankers Association, in session this week,
sounded a note of warning about the danger of inflation. This warning has been given rather frequently
of late, and, if heeded, there should be no cause for
apprehension over the money or credit position in
this country. The strong position of the Federal
Reserve banks as a whole was further evidenced by
the increase in the reserve ratio from 75.5% last
week to 77.0% this week. The New York Federal
Reserve Bank ratio moved up from 83.8% to 86.4%.
Prime eligible Ilia
Eligibl
SPOT DELIVERY.
90 Days.
44(444
Co Daps.
44@4%
FOR DELIVERY WITHIN THIRTY DAYS.
er banks
n-member banks
30 Daps.
445)434
4% bid
44 bid
The Federal Reserve banks of Kansas City and
Chicago have put into effect a rediscount rate of
432% for agricultural livestock paper having a maturity between six and nine months. A 43/2% rate
for this paper now prevails at the Federal Reserve
banks of San Francisco, Atlanta, St. Louis, Cleveland, Richmond, Minneapolis, Dallas, Chicago and
Kansas City, while the Federal Reserve banks of
Boston and Philadelphia a 5% rediscount rate for
this particular paper. 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 27 1923.
Paper Maturing—
FEDERAL RESERVE
BANK.
Within 90 Days.
Alter 90 After 6
Days. but
Ind
Within 6 Within 0
Months. Months.
Conercial Secur. bp
Apricot.* Agricut
Apricot. U. S. Bankers' Trade
and
and
Amy Liveatock Livestock
&Divan Govt.
AMIDPaper. 001ipa- lances. MUM. Paper. Paper.
lions.
Dealing with specific rates for money, loans on
4444
44
434
6call have covered a range during the week of 4@ Boston
44
:g;i
434
44
New York
434
Philadelphia
44
434
44
434
434
1:
---414
6%. A week ago the range was 4@6%. As a ,Cleveland
44
44
44
44
4;i
44
44
Richmond
44
44
44
44
44
44
44
matter of fact, call funds remained almost stationary Atlanta
434
44
44
44
44
Chicago
rS1 44
ril
44
434
44
44
434
the greater part of the time. On Monday, Tuesday St. Louis
Minneapolis
:SI "Ig lti
i
K811-914.9
VS1 LI .t1
and Wednesday a flat rate of 43/2% was quoted, this Dallas City
44
414
44
44
434
414
44
44
434
414
44
having constituted the high, the low and the renewal San Francisco
414
figure on each of these days. Thursday renewals by*Including bankers' acceptances drawn for an agricultural purpose and sec
warehouse receipts, &c.
were still negotiated at 43/2%, and this was the low,
Sterling exchange has experienced still anot r
but before the close a maximum of 6% was reached.
Increased firmness developed on Friday and the quiet and uneventful week, trading having been (full
range was 53i@6%, with 53.i% the ruling rate. and the volume of business of unusually small pro-
APRIL 28 1923.]
TITE CHRONICLE
portions. Local operators took so little interest in
this class of remittance that the market at times was
almost stagnant, and the trend of quotations downward. Both export and import shipments are
to a very large extent being financed through dollar
credits; hence the inquiry for commercial bills is
light. Selling for British account is still in evidence; also buying of American securities continues unabated. This latter is accounted for by the
growing difference between monetary rates in the
London and the New York markets. The prevailing
low rates for money at the British centre, naturally,
tempt English holders to place some of their funds
elsewhere at more remunerative levels. All of this
serves to depress the Price of exchange and in the
absence of adequate buying support, quotations gave
way gradually until 4 621 was reached, a loss of
4
more than two cents in the pound, and the lowest
figure established this year. At the extreme close
the usual "natural reaction" occurred and there was
a rally which carried the rate back to 4 63 9-16.
Nearly all of the larger operators continue to hold
aloof pending settlement of the Ruhr dispute. Some
interest is being displayed in the new conference at
Lausanne, but thus far proceedings have had no
direct tangible effect on actual rates. The fact of
the matter is that attention for the time being is
centring almost solely on developments in Continental exchange, and sterling is more or less in
neglect. Banking opinion still is that the underlying
position of sterling is intrinsically strong, and that
the reactionary trend experienced in recent weeks
has no particular significance. There is no doubt
that rates would have made a better showing had it
not been for the large volume of loanable funds belonging to European interests which have been placed
on the market here. Purchases not only of Liberty
bonds but also of the securities of private corporations, have, according to reports, attained considerable proportions. Funds are being attracted to this
side by reason of the fact that call money in New
York is still ruling at very close to 5%, while in
London it is in abundant supply at 1
Offerings
of commercial bills by local dealers are light, which
undoubtedly prevented more pronounced declines;
but, on the other hand, the inquiry remains practically negligible.
As to the more detailed quotations, sterling exchange on Saturday last was easier and demand
2
bills declined -to 4 653g®4 653/, cable transfers to
4 65%@4 65%, and sixty days to 4 63@4 63 8; this
was attributable to heavy selling for British account
and to buying of Liberty bonds. • Monday's market
was irregular and after a firm opening weakness set
in on renewed selling and there was a recession to
4 643
%
/@4 65 8 for demand,4 64%@4 655 for cable
transfers and 4 6231@4 6331 for sixty days. Very
little change was noted on Tuesday and demand bills
%
ruled at 4 64%@4 65 1-16, cable transfers at 4 645
@4 65 5-16 and sixty-day bills at 4 6231@4 63 15-16;
trading was dull and uninteresting. On Wednesday
prices sagged off on light trading to 4 639®
4 64 11-16 for demand, 4 64@4 64 15-16 for cable
transfers and 4 61%@4 62 9-16 for sixty days.
Dulness continued to prevail on Thursday and there
was a further lowering in the demand rate to 462 15-16
®4 63 9-16;cable transfers were 4633-16@463 13-16,
and sixty days 4 60 13-16@4 61 7-16. On Friday
the undertone was irregular and weak and demand
bills were quoted at 4 623®4 63 9-16, with the
1821
range 4 62%@4 63 13-16 for cable transfers and
4 60®4 61 7-16 for sixty days. Closing quotations
were 4 611 for sixty days, 4 633( for demand and
%
4 633/ for cable transfers. Commercial sight bills
finished at 4 63, sixty days at 4 6031, ninety days
8
at 4 59%, documents for payment (sixty days) at
4 60%, and seven-day grain bills at 4 6231. Cotton
and grain for payment closed at 4.63.
Two shipments of gold were reported this week; a
consignment of 74 boxes, valued at $2,250,000 on
the Berengaria, and $450,000 on the Olympic, both
from England. There were no exports.
Trading in Continental exchange was characterized
by occasional spurts of activity, usually followed by
more or less prolonged periods when the market
would settle back into its former attitude of cautious
indifference. Attention most of the time was divided
almost evenly between developments in FrancoGerman affairs and what is going on at the Lausanne
meetings. Generally speaking, an undertone of
quiet optimism prevailed and rumors (not, however,
officially confirmed) continue to circulate to the effect
that negotiations looking to a, settlement of the Ruhr
difficulties are nearer than is generally known.
The belief also seemed quite widely held that the
outcome of the new Far East conferences would be
favorable to foreign exchange. In keeping with this,
French francs once more displayed marked firmness.
With an opening figure of 6.6331, there was subsequently a sharp upward movement which carried
the quotation up 17 points, to 6.8131, a new high on
the current upswing. Good buying was noted, mainly, it was said, for French account, adding to the
conviction that the Paris Government was bent on
sustaining rates. There were some, however, who
associated the rise with the favorable French Bank
statement issued on Thursday and the better feeling
entertained by speculative interests who view the
franc with more favor than a few weeks ago. Belgian
currency moved sympathetically, while lire ruled
steady at or near 4.95 for checks. Berlin marks,
on the other hand, despite formal announcement at
the close of last week that the Reichsbank had
resumed control, remained heavy and the quotation
after touching 0.003231, or merely a fraction above
the extreme low of last week,hoyered around 0.0034®
0.0035. The spectacular rise in the discount rate of
the Bank of Germany, which in normal times would
have exercised a powerful influence on foreign exchange, was without perceptible effect. It is reported
that the reason for the failure of the German Government's efforts to stabilize marks is the loss of confidence entailed by the recent unexpected slump which
has had the effect of causing a rush to convert
German bills into other durrencies. So many unsuccessful attempts to restrict the outward flow of
funds have been made by European Governments in
recent years that it would be surprising if this should
prove any exception to the general rule. Exchange
on the minor countries, notably Greek and the Central
European nations, continues without essential change.
The London check rate on Paris closed at 68.10,
against 70.00 last week. In New York sight bills
on the French centre finished at 6.773/, against
2
6.63; cable transfers at 6.783, against 6.643/2;
commercial sight at 6.753/2, against 6.613/, and
2
commercial sixty days at 6.723, against 6.58M a
week ago. Antwerp francs closed at 5.85 for checks
and 5.86 for cable transfers, in comparison with
1822
[VOL. 116.
THE CHRONICLE
5.73% and 5.743/ the previous week. Final rates
for Berlin marks were 0.00343/ for both checks and
cable transfers, as against 0.0038% the week before.
Austrian kronen have not been changed from
0 00143,. Lire finished the week at 4.913 for
.
bankers' sight bills and 4.923 for cable transfers.
Last week the close was 4.943' and 4.953. Exchange on Czechoslovakia closed at 2.97, against
2.9g3; on Bucharest at 0.48,(unchanged); on Poland
4
at 0.00213 , against 0.0021, and on Finland at
2.78, against 2.763/ a week earlier. Greek drachma
4
finished at 1.173 for sight and 1.189 for cable
transfers, as contrasted with 1.17 and 1.18 last week.
As to the neutral exchanges, formerly so-called, no
very important changes have been noted. Guilders
moved within narrow limits on quiet trading. Swiss
2
,
francs were forced down to 18.123/ 3 points under
the close of last week, though later recovering. In
the Scandinavian exchanges Norwegian remittances
fluctuated wildly in response to the banking troubles
revealed in Christiania. Swedish and Copenhagen
rates, however, were not greatly altered and the
same is true of Spanish pesetas.
Bankers' sight on Amsterdam finished at 38.96,
2
against 39.083/; cable transfers at 39.05, against
301173/2; commercial sight bills at 38.91, against
39:..032, and commercial sixty days at 38.66, against
38:783/ last week. Closing rates for Swiss francs
were-18.16for bankers'sight bills and 18.17for cable remittances, which compares with 18.153/2 and 18 63/i
.1
a week earlier. Copenhagen checksfinished at 18 733/i
.
and cable transfers at 18.773i, against 18.883/2
2
.
and 18.923/ Checks on Sweden closed at 26.72
and cable transfers at 26.76, against 26.72 and 26.76
last. week, while checks on Norway finished at 17.35
and cable transfers at 17.39, against 17.90 and 17.943/
a week ago. For Spanish pesetas the close was
2
15.263' for checks and 15. 73/2 for cable transfers.
This compares with 15.35 and 15.36 last week.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
HANKS TO TREASURY UNDER TARIFF ACT OF 1922,
APRIL 21 1923 TO APRIL 27 1923, INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
.
Coanlry and Mone5zrzj Unit.
Apr. 21. Apr. 4.5 APr. 55. Apr. 50. Apr. 26. Apr. 27.
. ...
$
$
$
8
$
$
EUROPE8.000014 5.000014 8.000014 5.000014 8.000014 5.000014
Austria. krone
.0583
.0588
.0577
.0585
.0589
.0575
Belgium, franc
.007757 .007696 .007711 .007514 .007496 .007486
Efulgaria ley
.029788 .029823 .02983 .029745 .029694 .04683
Czechosioiakia, krone
.1883
.1886
.1887
.1879
.1875
.1888
Denmark, krone
4.6552 4.6513 4.6491 4.6439 4.9338 4.6344
England, pound sterling
.027783 .027786 .027733 .027806 .027767 .027789
Finland, markka
.0674
.0678 • .0676
.0668
.0666
.0679
France,Irene,.
.000038 .000035 .000033 .000034 .000034 .000034
GermanyYreichsmark
.011711 .011681 .011717 .011783 .011719 .011728
Greece. dritefima
.3912
.3914
.3913
.3906
.3907
.3914
Holland. guilder
.000211 .000206 .000201 .000194 .000194 .000186
Hungary, krone
.0496
.0495
.0495
.0491
.0493
.0495
Italy. lire
.1746
.1777
.1726
.1773
.1735
.1790
Norway, krone
.000021 .000021 .000021 .000021 .000021 .000022
Polluid, mark
.0438
.0437
.0442
.0444
.0442
.0447
Portugal, escudo
.004811 .004807 .004764 .004783 .004789 .004794
Rumania.leu
.1534
.1535
.1535
.1529
.1526
.1534
Spain,peseta
.2671
.2676
.2672
.2674
.2673
.2674
Sweden.krona
.1823
.1820
.1822
.1814
.1815
.1814
Switzerland. franc
.010130 .010121 .01013 .010163 .01028 .010328
Yugoelayla dinar
A14
7646
.
.7642
.7663
.7658
.7650
China. Chefoo Mel
.7608
.7608
.7613
.7592
.7600
"- .Hankow tael
.7596
.7554
.7463
.7448
.7454
.7443
.7454
" Shanghai tael
.7407
.7742
.7738
.7733
•• Tientsin tael
.7725
.7725
.7658
.5484
.5502
.5479
.5494
.5475
" Hongkong dollar
.5471
.5375
.5381
.5367
.5373
.5373
Mexican dollar_ __ _ .5354
" Tientsin or Pelyang
.5421
.5400
.5125
.5421
.5421
dollar
.5400
.5463
.5458
" Yuan dollar
.5454
.5458
.5458
.5433
.3133
.3136
.3123
.3128
.3138
India.rupee
.3140
.4890
.4868
.4895
.4896
.4874
.4869
JaPal.l. yen
.5158
.5458
Singapore (S. S.) dollar _ .5481
.5450
.5467
.5450
NORTH AMERICA
9800
Canada;_ dollar
.980609 .982063 .982321 .981156 .978356 .
Cuba; peso
1.000063 1.000188 1.00025 1.000188 1.000188 1.000188
Mexico. peso
.484125 .483094 .484525 .483563 .484367 .482969
Newfoundland. dollar
.978516 .979609 .979766 .978125 .876094 .9775
SOUTH AMERICA
.8294
.8296
.8298
.8283
Argentina. peso (gold)._ _ .8300
.8268
.1074
.1077
.1066
.1059
.1077
Brazil..milreis
.1075
.1226
.1222
.1225
.1224
.1224
.1227
Chile. peso (paper)
.8363
.8368
.8326
.8334
.8313
.8369
UruguaY. Peso
36.50 and cable transfers at 36%, against 36.70 and
36.75 last week. For Brazil, however, the quotation
was maintained at 10.85 and 10.90, unchanged.
Chilean exchange was firm, finishing at 12.50, against
12.40, but Peru remained at 4 29, unchanged.
Far Eastern exchange was not materially changed.
Hong Kong closed at 553'@553/2, against 553@
5532; Shanghai, 75%@75%, against 7432@74%;
Yokohama,48%@49%,against 48%@48%;Manila,
49%.@503/ (unchanged); Singapore, 54%@54%,
against 54%@55; Bombay, 315s ®31%, against
/
313/@31%, and Calcutta, 31%@32 (unchanged).
2
The New York Clearing House banks in their
operations with interior banking institutions have
gained $2,627,399 net in cash as a result of the currency movements for the week ending April 26.
Their receipts from the interior have aggregated
$4,163,899, while the shipments have reached $1,536,500, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week ending April 26.
Banks'interior movement
Into
Banks.
Out of
Banks.
$4,163,899
Gain or Loss
to Banks.
51.536,500 Gain $2,627,399
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday, Tuesday, Wednesd'y, Thursday, Friday,
April 21. April 23. April 24. April 25. April 26. April 27.
Aggregate
for Week.
$
64,000,000 75.000,000 55,000,000 69,000,000 76,000,000 63,000,000 Cr. 405,000,000
Note.
-'The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
Federal Reserve System's par collection scheme. These large credit balances.
the
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented
in the daily balances. The large volume of checks on institutions located outside
of New York.are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
April 26 1923.
April 27 1922.
Banks of
-Gold.
Silver.
Total.
Gold.
Silver.
Total.
128,872,818
England 127.519,323
127,519,323 128,872,818
France_ a _ 146,896.761 11,680,000 158,576,761 143,140,436 11,280,000 154,420,436
Germany 50,110,130 3,804,440 53,914,570 49,991,480
892,700 50,884,180
Aus.-Hun_ 10,944,000 2,369.000 13,313,000 10,944,000 2,369,000 13,313,000
Spain __ 101,018,000 26.290,000 127,308,000 100,870,000 25,261,000 126,131,000
35,432,000 3,033,000 38,465,000 34,377,000 3,018,000 37,395.000
Italy
467,000 50,958,000
Netherl'nd 48,483,000
673,000 49,156,000 50,491,000
Nat. Belg_ 10,757,000 2,435,000 13,192,000 10,664,000 1,625,000 12,289,000
Switzeri• d 21.345,000 4,185,000 25,530,000 21,806,000 4.320,000 26,126,000
15,243,000
Sweden_ _ 15,194,000
15,194,000 15,243,000
231,000 12.915,000
Denmark _ 12,679,000
222,000 12,901.000 12,684,000
Norway8,115,000
8,183,000
8.115,000 8,183,000
Total week 588,493,214 54.691.440643,184.654 587,266,734 49,463,700636.730,434
Prey. week 588.455,488 54;325,128642,780,616 587,161,038 49,572.700636,733,738
a Gold holdings of the Bank of France this year are exclusive of £74,573,797 held
abroad.
A. MERCHANT MARINE.
At about the year 1914 we carried less than ten
per cent of our imports and exports in our own ships.
In the early years of the war, and before we engaged
in the contest, we increased this to the rate of fifteen
per cent. Now, we possess a "fleet"; and do not
know what to do with it. It has been operated at a
huge loss. The system of this operation has been
one of expediency and opportunism. The Shipping
Board may have done the best it could under the circumstances, but it has nothing to be proud of save
With regard to South American exchange dulness
continues to prevail with a slightly easier trend to its zeal in a losing venture. Congress would have
Argentine currency. The check rate finished at none of the subsidy plan. And it is proposed now to
APRIL 28 1923.]
THE CHRONICLE
1823
sell at a reduction on a."market price" to private ica—and we lose both old and new by the same opowners who will guaranty operation for a period of eration.
Now, a merchant marine is desirable but not imyears; or, as an alternative and last resort, to invoke
Government operation, and utilize fifty millions peratively necessary. It ought to be operated by prilately appropriated for "maintenance" in paying an- vate companies. A Government that could not operticipated losses. Such a pass is humiliating enough ate the railroads in war-time cannot successfully
—but it is likely to become more so! The subject is operate steamships builded in war-time for war uses.
brought up anew by President Harding's re-affirma- If it could economically and efficiently operate its
tion of his position in his speech the present own ships it would make more enemies than friends
by the merefact of directing trade routes by arbitrary
week.
We prospered in 1914; and had a "foreign trade" edict. Norway, Sweden, Denmark, may plow the
of natural proportions and positive benefits, though seas, since they have no soils to plow. England has
others carried ninety per cent of our exchanges. And an imperial trade with colonies. Germany had the
yet few will deny that "a merchant marine" should way and the will for foreign trade and sooner or
be of great advantage to the country. We have an later, we must suppose, will "come back." Japan,
extensive coast line. We have the forests and mines with seven-league-boot strides, is entering world comwith which to build ships. Three-quarters of a cen- merce convinced, we hope, that this is better than
tury, or thereabouts, before 1914 (take this as the war. When Russia obtains a fit Government and
last Aormal year in our foreign trade), we possessed has access to the warm waters of the world she will
the maritime spirit and almost dominated the high be a formidable competitor for all trade, especially
seas. That spirit somehow ebbed away, and with it that of the Orient. Even Argentina and Brazil will
went a promising merchant marine. Now we are have their own fleets. World-trade invites world
possessed, as a legacy of the great war, of a fleet competition. Every customer to every country is a
builded somehow or other as a war venture, or, if potential competitor, every friend a free agent. Inyou will, a war necessity, but we lack both the spirit tercoastal and coastwise trade in present conditions
and the skill to operate. More than this, we can't get may be profitable without insuring that foreign or
the requisite ocean-carrying trade, because there overseas trade will be. Because lumber can be
shipped via the Canal from Seattle to Baltimore
isn't enough to go round.
Chairman Lasker of the Shipping Board thinks cheaper than by rail is not an earnest that ocean
most of the steamship companies are losing money trade routes established by Government will not vioat the present time. And relatively speaking, this is late the equability of industrial energy at home and
probably true. For one thing, it will be admitted turn friendly buyerS abroad into enemies. Governthat "foreign trade" is not what it was expected to be ment cannot wisely undersell ship tonnage.
What then? What now? If this "fleet" is a
by the prognosticators in the first half of the war.
Then, it was confidently averred that a great com- "white elephant," why not sell it for what it will
mercial war would follow on the advent of peace. bring and credit the amount to war salvage? More,
We ourselves were to capture the seas with our argo- there is inevitable connection between steamship
sies. South American trade was to be ours for the lines and routes and the railways now in need of
taking. But alas for human conjecture, no one prop- honest and generous support. Can Government operly measured the debilitating influence of that war eration do justice here? Manufactures to South
upon all nations. Europe cannot buy because of pov- America and agricultural products to Europe would
erty. The dream of a "national" foreign trade has seem plausible factors in continental made trade
faded from our own vision and we have turned our routes! But we cannot fully, and by way of reciexcited minds to agriculture rather than manufac- procity, buy agricultural products from South Amer-ture. South America can no more sell Europe than ica; we can sell only a part of our manufactures to
can we, and is suffering in the general debacle of Europe, though fundamentally on a more equable
ocean-going trade.
base, since trade between peoples of like tastes and
And this brings us to consider the issue that lies advancement tends to grow equal. How much less
successful ope ation of a merchant ma- can Government direct the details of exchange, albehind the .
rine. And that is the fundamentals of a foreign ways the flower of individual and corporate free entrade. For unless we have products in surplus, and terprise. We mightgo on,butenough. The proposition
markets in objective, no "fleet" can be operated suc- to Governmentally own and operate this "fleet" is
cessfully. We have no unified purpose in the estab- simple folly. taxes are heavy enough without this
lishment of markets for our surpluses. More than form of adventure, which will only sink us deeper In
this, we are flouting the fundamentals of exchange debt.
for mutual good in that we are anxious to sell but
not inclined to buy. We are so enamored of our in- "THE FIRST YEAR OF THE U. S. BUDGET"—A
JOURNAL BY CHARLES G. DAWES.
ternal trade that we build walls around it to keep it
This volume of nearly 500 pages is a contemporadomestic. Seas are free, but not ports. We have
perhaps half of the world's gold; have changed from neous personal, administrative and documentary _hisa debtor to a creditor nation; have ten billions at tory of the establishment of the organization and
stake in the peace and perpetuity of Britain and Eu- procedure of the national budget system, June:29
rope, and yet we are afraid of "cheap goods" and 1921 to June 30 1922, written by General Dawes, the
"pauper" labor to such an extent that we ward them first Director of the Budget. It is not an analysis,
away in the interest of a domestic trade—a trade in but is a chrOnological arrangement of orders, official
itself the greatest in the world and economically un- statements, correspondence and impressions reflectassailable by any people, country or continent. And ing the day by day development and fruition of:the
since it is well never to forsake an old customer for a most far-reaching financial reform this country has
new we should note in passing that if Europe cannot seen. General Dawes was conscious of the supreme.
sell to the United States, it win sell to South Amer- importance of the work which he had been invited by
1824
THE CHRONICLE
[York 116. •
the President to undertake. Following the same would emanate from the President. How great
a
method he pursued in France when he was Chief of revolution this was in administrative procedure will
Supply Procurement in the American Expeditionary only be seen by future students of the history of the
Forces, he kept a daily record of all official proceed- administration of the Government.
ings and plans with personal notes of his contempoImportant as was the passage of the Budget Act,
raneous views and impressions. The book therefore General Dawes clearly shows that the basic budget
is a highly human document, and on account of the operations in the executive branch of
the Governpreservation of he papers in their historical setting ment are founded on the inherent powers of the Chief
—great as its value is to the present generation—will Executive. The constitutional powers of the Presiprove of interest to students and investigators in dent overflow all of the boundaries of the Budget
years to come. It is a vital contribution to the litera- Act, and from it he derives no substanti
ve grant.
ture of our financial history. Its information and The great value of that Act was.in the expressio
n of
its philosophy is authoritative and basic.
a new attitude of Congress towards the Executive.
It is fitting that the work begins with an excellent It recognized the principle of centralized executive
picture of President Harding. It was the President responsibility in the preparation of the budget.
It
who confronted an outworn and discredited system gave to the President an appropriation out of which
of Governmental business administration and upon he could employ personnel to assist him in the dehim was the responsibility for all of the decisions tails of executive business management. Furtherwhich ultimately brought order out of chaos. His- more, that Act was a part of a larger scheme
of reftory will record the establishment of the budget sys- ormation, Congress following it with resolutio
ns
tem as one of the high marks of the Harding Ad- changing its own procedure to conform to
the budget
ministration.
•
idea. The success, therefore, of the budget system
General Dawes at once saw very clearly that this from administration to administration will always
reform was a bigger thing than a literal application depend primarily upon the President.
of the terms of the Budget Act. It was deeper and
One cannot pick up this book without feeling its
more fundamental. It went to the very roots of.the very pages vibrate with the trenchant personali
ty of
management of the vast business of the Government. General Dawes. In so vividly
recording the experiIt was necessary for the President to assume respon- ences of the first year of the national budget
he has
sibilities and powers which, although granted to him performed another brilliant
service for his countryby the Constitution, had never before been assumed men.
by any President. He became the responsible administrative head, in fact as in theory, of the GovTHE DELAWARE & HUDSON CENTENNIAL.
ernmental business organization.
The Delaware & Hudson, "D & H," one of the
It is true that not all of the Presidents in the past
important and prosperous Eastern railroads, origingave a narrow construction to the constitutional lsnguage, "The executive powe shall be vested in a ally a canal, celebrated its hundredth birthday as a
President of the United States of America." Wash- corporation chartered by this State with a dinner on
ington considered this a positive and independent Monday, which was attended by a large assemblage
grant of power from the people and acted upon it. of invited guests prominent in all walks of life. At
He did not consider it necessary to put his finger the dinner President Loree—one of the most uncomupon a specifically enumerated executive power in promisingly businesslike of the railroad executives
the Constitution before he could act. He held the whom the strikers of last summer called "hardbroad view—so clearly expoun led by Hamilton and boiled"—sketched the rise of our transportation sysMadison—that the President may do whatever he tem and its gradual encounter with destructive "regdeems necessary to execute the functions of his office ulation." His sketch was historically correct, and
provided the power is not denied him by the Consti- we print it in full on subsequent pages—pages 1853
tution and the laws constitutionally enacted there- and 1854. After the Civil War we had lands to open
under. To this school of thought, among past Presi- and people to occupy and till them, and railroads
dents, belonged also Jefferson (in fact but not in were eagerly wanted. It is not to be denied—for hunature is weak and opportunity has always
theory), Madison, Jackson, Lincoln, Cleveland, man
ben temptation—that some wrong things were
Roosevelt and Wilson. Yet none of these made a
practical application of this doctrine to the problem done; a few memories go far enough back to be
stirred by the mere mention of "Credit Mobilier," but
of the business management of the Government.
It remained for President Harding to give a new to either adjust or punish any infractions of the
content to "the executive power." He initiated a de- moral law a half-century and more ago would be like
velopment by making the Presidential office anal- trying to settle with England for the defects of the
ogous to the executive in private business enterprise. Third George. Our new country was so eager for
This journal of General Daw,,q is replete with evi- rails that it was ready to yield anything and promise
dence that in the inauguration of the new budget sys- anything to get them, nor should it be forgotten that
tem the fundamental principles of corporate business there was a financial hazard which needed persuamanagement were applied—and for the first time— sion for overcoming it. But, said Mr. Loree, the old
to the routine of Governmental operations. The ten policy of encouragement with land grants, tax imexecutive departments and the thirty-three execu- munities, and other concessions, has turned into a
tive establishments, theretofore possessing a status stifling obstruction, a "rake's progress" of regulawhich has brought a threat of actual breakof quasi-independence,suddenly found themselves be- tion
down. Said he:
ing welded into a chain of administrative dependence
"The plan of regulation that developed the greatupon the Chief Executive. Accustomed to look to
Congress alone for instructions in the past (instruc- est popularity involved the creation of commissions,
tions often drafted by themselves), they were now the essential characteristic of which is that although
their members are usually appointed in the same
given the order to about face. Henceforth directions manner as the subordina
te members of the executive
APRIL 28 1923.]
THE CHRONICLE
1825
branch of their Governments they really exercise the disputed. Perhaps the Court, though an off-shoot of
the League, is not all some would like to have it, he
powers of a Legislature."
says, "but it is in a large measure the fulfillment of
The phrase "affected with a public interest" is
boasted." So he still
really a very dangerous one, for everything—from an aspiration we have long
thinks we ought to join in it. Apparently he does
the street newsstand up to a countrywide industry—
it and he seems to offer a
which is useful enough to be kept going by consum- not fear a party split upon
comes the fault will not be
ers may be deemed thus "affected"; if to be such is to hint that if such a thing
and would have better
be legally susceptible to regulation the only insur- his. Whether he has erred
enigmatical silence, or whether he has a
ance from disturbance is to be insignificantly small. kept even an
man in public life it
Mr. Loree did not say this, but he might have said it. better foresight than any other
would be hazardous to say; what is already evident
He did point out that in some recent years, when insides are in a flutter, with
dustries generally have been prosperous,"regulated" is that politicians on both
opinions divided and ready to shift as the ground
industries have been held "to a dead level of low earnthat the Democrats are
ings and of inability to provide normally for meeting currents are caught, and
elated. There is no political
increased demands for service." This statement of probably prematurely
weather bureau which can confidently be trusted.
degeneracy is undeniably correct:
Most of us will agree with Senator Borah in his
"It sets up a buyers' tribunal, controlled by no
objection to entering a tribunal "under the
standards of law and equity, certain to become the declared
and manipulation of the political forces of
advocate of those selfishly interested in depressing control
rates. With such a tribunal, the statutory basis of Europe." He says he is not and never has been an
its existence tends to become more drastic, powers "isolationist," nor was Washington. Yet Washingtend towards augmentation and fair and reasonable ton's last address was permeat d with warning
members tend to be replaced by partisans who are against any tying-up with Europe, and the jealous
not ashamed to be mere mouthpieces and agents of little Colonies were brought into the Union only by
those who make use of the regulated service. Politone by
ical pressure, strengthened and self-supported by the argument that Europe would devour them
short-sighted notions of self-interest, always and in- one if they stayed apart. As Washington saw it,
this was the situation in 1796:
variably promotes these results."
"Europe has a set of primary relations which to us
Is not this a fair sketch of the attitude and workings of the Inter-State Commerce Commission dur- have none or a very remote relation. Hence she must
causes of
ing most of its existence? That body has seemed to be engaged in frequent controversies, the
which are essentially foreign to our concerns. Hence,
deem itself guardian of the people against railway therefore, it must be unwise in us to implicate ourrapacity, always assuming the roads to be in the selves, by artificial ties, in the ordinary vicissitudes
wrong, always inclined to reduce rates or to resist of her policies or the ordinary combinations and colany raise, so that the roads were about the only par- lisions of her friendships or enmities. Our detached
ties in the country that could not pass along their in- and distant situation invites and enables us to purforego the advancreased expenses. Pretended arbitration always sue a different course. . . . Why Why, by internow we have tages of so peculiar a situation?
marked up wages somewhat, and even
weaving our destiny with that of any part of Europe,
one body to attend to rates and another to regulate entangle Our peace and prosperity in the toils of Euthe chief item in expenses.
ropean ambition, rivalship, interest, humor or caIt is hopeless to suppose that "charging what the price?"
traffic will bear" will ever be correctly interpreted
Our situation is still "peculiar," but far different
by the people at large, or that transportation can be from what it was then. We are no longer "detached
finally saved from some "Plumb" or other deadly and distant," but the contrary. The globe shrinks
scheme of public ownership except by some decent and shrinks in size, and it is manifest destiny that
regulation which will permit private ownership to its peoples, after making war their chief industry
continue and the service to keep pace with impera- since records began, must somehow learn to tolerate
tive demands. What our roads are, why they are, and agree with if not also to love one another or else
whose they are, how they serve, and what is needed there must finally come extermination, since that is
for their life and growth—these topics, parts of one
the end of following out the doctrine of unchecked
subject of vital consequence, need to be taken into force.
the public thought, notwithstanding we have other
In his series of addresses sine Congress closed,
problems. In the meantime only admiration can be Senator Borah has declared himself "thoroughly, enfelt for railroad executives who,like Mr. Loree, have
thusiastically in favor of the United States becoming
the courage to speak out the truth.
a member of an International Court, provided it is
a court and relieved from the control and domination
A "WORLD COURT," OR SOMETHING BETTER.
manipulators of Europe or any other
This subject has been frequently on the "front of the political
country." Referring to the existing tribunal known
page" since Congress closed, because of Senator Boas the Court of International Justice, he said:
rah's several addresses and of newspaper conjectures
"If the Court can be made or constituted to have
concerning its place as a campaign asset, and now
jurisdiction, such as was conferred upon it by Mr.
the President's address here on Tuesday has given it
Root and his associates, I believe the United States
renewed prominence. He dismisses the League as should become a member of it, and should adhere to
being "not for us," and declares that he does not now, it, and undertake to establish the reign of law
any more than in 1921, intend to enter it either "by throughout the continent of Europe as well as
the side door, the cellar door, or any other door." He throughout the world; but I am still of the opinion,
cites passages from the party platform as far back as I have been for the last four years, that if the
is
as 1912, giving them, however, it seems to us, an un- United States is asked to enter a tribunal which
under the control and manipulation of the political
due importance, inasmuch as all such utterances are forces of Europe the United States had better ponmainly bait for votes and in this matter have merely der long and well before it enters into that tribunal.
stated in careful generalizations what nobody has We are a tremendous power in the world to-day, and
1826
THE CHRONICLE
if the United States announces that it is in favor of
giving this Court this jurisdiction and that under
those circumstances it will become a part of the
Court and assist Europe in her reconstruction policy, in my humble opinion the great nations of the
world will conform to that wish."
Now,if there is to be, as Sen. Borah here suggests,
an international tribunal on the lines of our own Supreme Court, with "affirmative jurisdiction to hear
and decide all purely international controversies,"
there apparently must be a league or an understand
ing of some name and sort, backed by the permanent
instinct of self-preservation, for sustaining the findings of that body; no agreement in advance to make
a common defense is really necessary, for such defense was made in the late war and will be made
again if those dreadful circumstances are ever repeated. The alternative—the sole conceivable alternative—to enforcing peace against a nation which
causelessly breaks it, is the power of publicity and a
growing regard in mankind for truth and justice.
"Organized publicity," says Senator Borah, "will
bring more stable government than all the armies
and navies ever organized; if you rely on force alone,
without the element of justice entering into it, you
will nes* have peace on God's footstool."
What constitutes the supremacy of our Supreme
Court? A majority of nine men, who were fallible
at the bar and do not become less so by transfer to
the Bench, don appropriate robes, hear appealed
cases, and announce decisions. They make unexpected, unpalatable and sometimes clearly erroneous
findings; what sustains their action? Nothing except that all men realize that there must be a finality
as to disputes vested somewhere and that the only alternative to submission to law is a destructive anarchy; that we must somewhat subordinate our individual selves to society or turn backward and
revert to barbarism, which was the rule of the
stronger.
Now, the title, or the form, or the defined lines of
jurisdiction, are of minor consequence. But imagine
some tribunal analogous to this one of ours undertaking to settle questions of and between nations, its
"jurisdiction" could be enforced only by joint military power held in reserve for the sore need when
that came,or else—for there is no third alternative—
by right thinking in men's minds. To the former
public opinion in this country is unalterably opposed. But can we not rationally look forward to
the latter?
Everything else having been unsuccessfully tried,
democracy alone is left and mankind must surely
improve and establish it. After centuries of one-man
governing, France reached democracy a half century
ago and has maintained it. After centuries of horrible despotism, poor Russia is struggling on the
same upward course; is it not as clear as logic and
the destiny of man that the Central States also are
moving out of trouble through trouble? Is it not
reasonably sure that absolutism has finished its
term, that the turmoil of to-day is the agony of rebirth, that this latest war was really the last, and
that the foundations of the better structure are being
laid?
Now,the election of 1920 was not merely amandate
against needless involvement in Europe. It was unquestionably that above everything else. But it was
also a mandate against an unbalanced condition of
our Government, against semi-absolutism, against a
[VoL. 116.
prolonged suspension of the Constitution on the plea
of war emergency, against "Wilsonism," and for return to normalcy, including return to peace expenditures and taxes, this last having now begun but not
much more than begun. If "Article X" had the binding force which Mr. Wilson sometimes claimed and
was really, as he sometimes though not always declared, "the heart of the Covenant," its adoption
might naturally have led us into what Washington
called "the vicissitudes" of European politics; indeed, we might have been irresistibly borne into the
struggle over reparations and boundaries, and perhaps very embarrassingly into the Ruhr situation of
to-day or even so as to make a right solution of that
problem still more involved and costly. For that
reason the feeling against European commitments
that may involve serious consequences remains
strong. It may be that public sentiment in this country is not as enlightened as it should be as to the best
methods to pursue in dealing with the situation, but
at least it is far in advance of what it is in Europe.
For one thing it cannot be said that European countries have as yet a proper repugnance to the idea of
war. Suppose imagination were released to try to
visualize what the world would be to-day had the
mental and physical labor expended upon war during the last fifty years been directed to industrial
advance and human betterment. Consider the go-italone policy that France is pursuing to-day. When
Europe once gets to the point of abjuring resort to
force, as a means of settling controversies, full cooperation on this side will not be lacking. Until
that time arrives it will be idle to think that much
can be accomplished by a Court of Arbitration or in
any other way.
THE PRESIDENT OR THE SENATE IN FOREIGN RELATIONS.
There is no question in the conduct of the public
business over which there is more prolonged diversity
of opinion or more heat than the 'relative functions
of the President and the Senate in foreign affairs.
The Constitution says the President shall have
power with advice and consent of the Senate to make
treaties, provided that two-thirdi of the Senators
present concur. But there are many foreign relations in which the relative duties of the President
and Congress are involved, and over which there
have been constant debate, and many legal decisions,
since the inception of the Government. Very early
in our history Washington went before the Senate
with the project of a treaty to be negotiated. It was
so mutilated and kicked about that when he left the
Chamber he said he"would be damned if he ever went
there again"; and he never did.
The boot was on the other leg at a later date, when
in another matter President Jackson said: "John
Marshall has made his decision, now let him enforce
it." Wherein he laid himself open to possible impeachment. General Grant, when President, on two
occasions vetoed action by the Senate, once when it
replied to congratulations from a foreign Government, and again when it publicly discussed the terms
of a proposed treaty. John Hay, when Secretary of
State, after he had seen 17 treaties so mutilated in
the Senate that they could not survive, wrote in his
diary,"A treaty entering the Senate is like a bull going into the arena, no one can say just how or when
the final blow will fall—but one thing is certain, it
will never leave the arena alive."
APRIL 28 1923.)
T1TE CHRONICLE
. 1827
The whole subject is given in detail, with a record claims by or against the United States must come
of decisions, in the volume, which received the prize with approval of the Senate.
When local conditions of any kind stand in the
of $2,000 offered by the American Philosophical Society, written by Prof. Quincy Wright of the Univer- way of the nation's carrying out obligations incurred
sity of Minnesota, and now published by Mac- by treaty under international law the nation is responsible. When the United States offered the exmillan.
It is impossible for us to do more than to call at- cuse in the Louisiana lynching case that it had not
tention to the extent and interest of the investigation sufficient authority to prevent a repetition, or to act
within the State, Italy disregarded the excuse and
and give some of the conclusions reached.
The difficulty lies in the variety of questions that the United States paid the indemnity claimed. Obmust arise in our relations with foreign Governments viously, there is need that we modify our laws and
and the federated nature of the United States. The understanding of the Constitution so as fully and
authority of the national Government is limited by promptly to meet the obligations we incur under the
the Constitution. At the same time we are expected law of nations. "In the meeting of international reto act according to the requirements of international sponsibilities, international law is prior; in the maklaw. Authority may be settled at home, responsibil- ing of international engagements the Constitution is
ity lies outside. A treaty, for instance, may be valid prior."
National supremacy over the States has been gradas concluded, but its execution may be hindered or
blocked by constitutional limitation, as by the police ually extended in various relations, as in bankruptcy
powers of the States, or the failure of Congress to statutes, weights and measures, draft acts, televote the necessary funds. The House of Represen- graphs, railways, food and fuel control, supervision
tatives has twice determined that,even when a treaty of commerce, extension of Federal courts, protection
has been adopted in accord with the Constitution, it of game and fish, extradition of criminals, etc. In
will debate the expediency of carrying it into effect. the direction both of the States and of the nation reIf it were generally understood that national com- spect for local feeling has led at times to modified inmitments made by proper constitutional authority terpretations by the courts and their refraining from
and formally solemnized could be ignored or repudi- corrective action.
Chapters are devoted to Private Rights and States'
ated by some other organ of the Government or beRights, Power to Meet Responsibilities Under Intercause of some constitutional limitation unknown to
foreign Governments, negotiations would be impos- national Law, Power to Make International Agreements, and Political Decisions, including War, and
sible and international anarchy would prevail.
The situation has required resort to compromises to establish Agencies for Conducting Foreign Relaand understandings. The Executive has frequently tions, all with full discussion and ample reference
had to act in expectation that the other organs of the to authorities.
The supremacy of Congress, if its act is constituGovernment would approve. Understandings have
come to be based on the distinction between the pos- tional, is unquestionable, and the President and
session of power and the exercise of it; courtesy and courts are henceforth bound by it. In directions in
good-will are counted upon to secure formal action which such acts affect the inherent, and the foreignand avoid deadlocks which might otherwise become relations powers of the President he may hold them
chronic. Resolutions of either, or both, Houses of as merely advisory, or ignore them altogether; and
Congress not submitted to the President have not he has frequently done so. There are cases in which
been noticed by foreign States and, of course, are not the President should act without waiting for act of
law. Resolutions to interpret or amend treaties are Congress or even for decision of the Courts. He has
of this class. Officially the voice of the President is superior powers to settle claims with a foreign Govthe voice of the nation, and must be accepted abroad ernment by arbitration or otherwise. But as a rule
as such; but in reference to treaty-making power, he is apt to decline to consider cases already before
foreign nations may go back to constitutional law. the courts; and in turn the courts take similar posiWhenever the President discovers conflict or inval- tion in regard to controversies in process of diploidity in any law of the nation or State, his decision is ma tic settlement. When such decisions by the Presiconclusive to foreign Governments. This applies to dent are reached the courts follow them implicitly;
national or State action that is prima facie subject as he in turn is bound to enforce the laws and decito international cognizance. Foreign nations recog- sions of the courts.
nize their duty to know the organization of the full
The President needs to keep informed of the opintreaty power under the Constitution. In case home ion of Congress and cannot question the constitutionopinion changes between the preliminary agreement ality of acts of Congress; and in turn Congress ought
and the formal acceptance foreign States have felt not to pass acts instructing him or restricting his acjustified in holding the United States to them unless tion in negotiating treaties. While it is claimed that
the agreement was made under erroneous informa- Congress is under moral obligation to a strict fulfilltion, and the agreement in question is of sufficient ment of all pledges made by the treaty making power,
permanence and importance to constitute a "treaty." that power. is under moral obligation not to pledge
Where the President has acknowledged the justice the honor of the nation in doubtful conditions, and
of a foreign claim, the foreign nation has held the is under legal obligation not to infringe upon the
United States bound. In the Italian lynching cases power of another branch of the Government.
and the Panama Canal tolls controversy the acIn general the Departments of Government are
knowledgment by the President of the obligation to expected to join in carrying into effect international
pay damages and to charge equal tolls on American responsibilities. The United States has insisted on
vessels made the cases res adjudicata.
this principle in dealing with other nations, and forDecisions of Boards of Arbitration are final, as eign nations have judicially asserted it. Organs of
authorization and credentials were required, and the State must observe the fundamental obligations of
board would not sit otherwise. For such a court international law on penalty of exposing the State
1828 ,
THE CHRONICLE
to a responsibility which may paralyze its sovereignty and put obstacles to the reign of its national
law.
We have passed through three stages in our conduct of foreign affairs. When foreign problems have
come to the front concentrated authority has been
found necessary to deal with them. In the first period, 1789 to 1829, Presidents were chosen because
of their experience in diplomacy and their known
competency; and the policy of the President prevailed.
From 1829 to 1898 our problems were chiefly domestic, and Congress assumed leadership, though the
Presidents asserted prerogative in foreign affairs
which were occasional, and defeat was frequent.
Presidents were chosen chiefly for political availability.
After 1898, beginning with the Spanish War, foreign affairs were complicated and friction has been
constant. The direction of policy has been with the
Executive, and the Senate has been confined to checking and modifying his policy. This is the situation
to-day.
Constitutional change does not appear to be necessary. Great discretion must be vested in a single
head. Acts involving assumption of national responsibility must be final. Executive leadership
must be frankly recognized; but understanding must
be resorted to, that the President's wide discretion
will be exercised only after careful consideration, so
as to make Senatorial or Congressional veto extremely rare.
This may be secured by Congress agreeing to a permanent policy; by the development of an accepted
system of arbitration; or by a closer connection between the President and Congress, having the
Speaker of the House as well as the Vice-President,
and also the Chairman of the Foreign Relations Committees of both Houses made members of the Cabinet.
Meanwhile we are emphasizing by our experience
the imperative need of seeking -big men for leadership, men who live above petty personal and political
considerations, men pre-eminent in character and
ability.
Edmund Burke said at thg outset: "Constitute
your Government how you please, infinitely the
greater part of it must depend upon the exercise of
powers which are left at large to the prudence and
[You lit.
uprightness in Ministers of State. Without them
your Commonwealth is no better than a scheme of
paper, and not a living, active and effective organization."
Time has established the wisdom and the importance of the advice.
Bank Disturbances in Norway.
Reports of financial disturbances in Norway have been
current in the press cablegrams this week, the following being
reported from London by the "Wall Street Journal" of
April 26:
Shareholders of Andresens & Bergens ICreditbank of Christiania, which
is again in difficulties, must stand loss estimated at 820,000,000. Depositors,
It is understood here, are protected in full by Government's action In taking
over bank. Bank's original difficulties were due largely to attempts to
finance shipbuilding and other industries at inflated values. Bank is
largest in Norway. Norwegian exchange weakened in London, on receipt
of news,from 26.20 to 26.40.
Central Bank of Norway has applied for supervision under new bank
administration law, partly due to position created by similar application
by Foreingsbank before secret meeting of Parliament. It is believed
Parliament meeting behind closed doors will continue and it is understood
the Finance Committee will recommend State intervention in behalf of
both banks. Central Bank occupies leading position among Norwegian
Industrial banks.
Copenhagen dispatches say arbitration decision on claim of shareholders
of Private Loan Bank against Landmansbank awards former institution
55% of face value of their shares. Decision involves Landmansbank, which
is operating under State guarantee, in payment of from 6,000,000 to
2,000,000 kroner.
On April 26 the "Journal of Commerce" announced the
following advices from Christiania:
The Storthing by a vote of 104 to 40 this evening adopted the Government's proposals to guarantee the liabilities of the various banks which are
In distress, but which after a careful examination have been found solvent.
The Government announces that in view of the Parliament's decision it
will be able to relieve the situation, adding that prospects for paying creditors and depositors in full have been improved.
The Central Banken,one of those which requested that it be placed under
public administration, according to the new law dealing with State support
for banks in a weak condition, is one of the greatest private banking concerns in the country. At a stockholders' meeting last March, the bank's
losses were estimated at 38,000,000 kroner, due to failures of other banks
and engagements in great industrial and mining enterprises.
These misfortunes caused a run on the banks, but there was no general
panic and it is understood the depositors will be paid in full after a necessary
delay.
In its issue of last night (April 27) the "Wall Street
Journal" printed the following:
Arne Kilda!, official Norwegian press representative in this country.
has received a cable, which follows in part, explaining the present bank
situation in Norway.
"The Centralbanken has limited its payments and at its own request
was placed under public administration according to the new law dealing
with State support for banks in a weak condition. The bank continues
operation with a board of administration named by the Bank of Norway
and consisting of the bank's present board of driectors. Difficulties
of Andresen and Bergen Credit Bank have caused the step taken by the
Centralbanken, as a large number of depositors and creditors of the latter
claimed their money following suspension in the former. The Centralbanken's gross circulation in 1922 waft 15,000.000.000 kroner and the net
income over 12,000,000 kroner. Available capital with which to meet the
bank's obligations amount to 84,000,000 kroner and the bank is considered
solvent."
Radio received by Norwegian Consul-General in New York from Norwegian Foreign Minister states there is no question of general moratorium
being proclaimed as result of suspension of Adresens & 13ergens Kreditbank
and of Centralbank, as general public has accepted the crisis with calmness.
LONDON.—Regarded here that Norwegian Bank crisis is passed, and
danger of moratorium averted.
The New Capital Flotations in March and the
Three Months Since January .1
New capital flotations in this country continue large,
though falling much below recent maximums. Our compilations this time cover the month of March and, as usual, include the stock, bond and note issues by corporations and by
States and municipalities, foreign and domestic, and also
Farm Loan issues. The grand aggregate for March is $392,262,540. This compares with $380,187,119 for February and
with $879,268,265 for January, which latter, however, must
be regarded as a wholly exceptional total, the amount for
that month having been swollen to extraordinary proportions
by the bringing out of several issues of unusual size—the
Anaconda Copper Mining Co. alone by its financing having
then added $150,000,000 to the total and Armour & Co. $110,-
000,000; January as a consequence broke all records for new
capital flotations in the United States, the total, indeed, having been of such magnitude that it could not be said to have
been even closely approached in the past, the highest previous amount for any month of any year having been $655,817,946 for April 1922.
At this time a year ago new financing was proceeding on
a very large scale, and the present March total falls well below that for March 1922, the comparison being $392,262,540,
against $531,380,884. However, as this year's total is at the
h
rate of over 41 billion dollars a year, it cannot be looked
upon as small or even moderate. In March 1921 the new
offerings footed up only $200,000,887 and in March 1919 they
APRIL 28 1923.]
THE CHRONICLE •
were no more than $152,300,795, though, on the other hand,
in March 1920 the amount was $367,274,796.
It is to be noted that in Mar. 1923, as in Mar. 1922, a considerable portion of the new financing was for what we term
"Refunding," that is, to take up existing issues. This is a
matter of no small consequence, and it illustrates the importance of distinguishing between the two class of financing,
as we always do in our compilations. Obviously, security
offerings made to provide for maturing issues, or to convert
short-term into long-term obligations, or to replace high rate
bonds with new bonds bearing a lower rate of interest, belong in a totally different category from the ordinary offerings. Strictly speaking, they do not at all constitute appeals
for new capital. Of the grand total of $392,262,540 of flotations for March 1923 $53,262,633 was for the purpose of refunding, and of the $531,380,884 for March 1922, $83,449,919
was for refunding. In March 1921 the portion represented
by refunding was but $13,028,600, in March 1920 $20,574,718
and in March 1919 $16,670,700.
We wish also again to direct attention to the fact that
fears of further great expansion in municipal issues because
of their tax-exempt qualities are not being realized. The
amount of State and municipal bonds coming on the market
has for some time been running smaller than in the corresponding period of the year preceding when, however, the aggregates were unusually heavy. For March 1923 the awards
of new bonds by the States and municipalities of the United
States foot up $69,350,799, against $116,655,222 for March
1922, and for the first quarter of 1923 the total is $243,405,753 against $291,699,897 in the corresponding three months
of last year.
It is because of the smaller appeals to the investment market by States and municipalities and the fact that no foreign
Government issues were brought out in this country in the
month the present year, as against $77,000,000 in the month
last year, that the total of new financing for March 1923 has
fallen below that for March 1922. Offerings by corporations
were large in both years, the total being $296,295,741 for
March 1923 and $310,925,662 for March 1922. If allowance
be made for the fact that the refunding included last year
was larger than that of the present year, the strictly new
capital appeals in March 1923 were actually heavier than
those in March 1922, they having be n $245,938,068 this year
against $232,209,543 last. For the three months to March 31
the new flotations by corporations have aggregated no less
than $1,176,548,818 for 1923, against $729,773,912 for the
three months of 1922. This is inclusive of the amounts that
went to take up existing issues. Eliminating the portions
representing refunding, the new canital appeals on behalf of
corporations have aggregated $921,755,705 in the first quarter of the present year as against only $545,666,333 in the
corresponding quarter of last year.
Making a detailed analysis of the corporate flotations for
March, we find that financing on behalf of industrial corportations during the month totaled $117,596,941. This is
a decline of 20 millions from the February total and of over
300 millions from the record output in January and compares
with $162,111,662 in March 1922. The March total of industrial offerings was, however, again the largest of the
corporate sub-divisions, public utility issues having
amounted to $112,398,800, an increase of 3R millions over
February, and of almost 61 million over last year,
while offerings by railroads reached $66,300,000, or
almost 24 millions more than in February. The total of
all corporate issues, as already stated, was $296,295,741, of
which more than three-fourths, or $229,535,000, represented
long-term financing, only $2,225,000 short-term and $64,535,741 stock issues.
As noted above, the portion of
corporate flotations used
for refunding purposes in March
aggregated $50,357,673,
1829
and analysis shows that $18,977,500 of this was to refund existing long-term issues with new long-term issues, $4,137,300
existing short-term issues with long-term issues, $1,047,500
existing 7% preferred stock with a new long-term issue,
$142,800 short-term issue with a new short-term issue, $12,079,273 existing long-term issues with stock issues and $13,973,300 existing stock issues with new stock issues.
The largest single corporate issue offered during the
month was $31,500,000 Pennsylvania RR. General Equip.
Trust 5s, due 1924-38, which were brought out at a price to
yield 5.08%. Three other railroad issues of prominence to
come on the market were $10,000,000 New York Lackawanna
& Western Ry. Co. 1st & Ref.41 B,1973, offered at 96 ,to
/
3
4
,4s
yield about 4.70%; $6,750,000 Southern Railway Equip.
Trust 5s, 1923-38, offered to yield from 5% to 51
4%, and
$6,600,000 Seaboard Air Line Ry. Co. Equip. Trust 6s "V,"
1923-35, offered at par, yielding 6%. It is a fact of some
significance that with the exception of the $10,000,000 New
York Lackawanna & Western 4%s, which were issued to refund outstanding obligations, all the remainder of the railroad issues, amounting to $53,600,000, was to finance the purchase of equipment.
New public utility flotations of prominence included $15,000,000 1st 7% Cum. Class A Preferred stock of Duquesne
Light Co., offered at 103, yielding 6.80%; $10000,000 Southern California Edison Co. General & Ref. 51
As, 1944, offered
at 973, yielding about 5.70%, and $7,000,000 Consolidated
Power & Light Co. 1st Mtge. & Ref. 63s, 1943, offered at
991 yielding slightly over 6%%.
/i,
The most interesting industrial offering was that of $19,900,000 Oriental Development Co., Ltd., External 30
-Year 6%
Debentures, 1953. This loan is unconditionally guaranteed
by the Imperial Japanese Government as to principal and
Interest by endorsement and was offered at 92, yielding
6.62%.
Other industrial issues placed during March were $8,750,000 American Chain Co. 8% Cum. Participating Pref. stock,
which was offered at 25% per share (par value $25), yielding 7.84%, and $6,000,000 Lockwood, Greene & Co., Inc., Collateral Trust 7s, 1933, offered at par, yielding, therefore,7%.
Eleven farm loan issues totaling $23,500,000 were offered
at prices yielding from 4.62% to 4.70%.
The following is a complete summary of the new financing
—corporate, foreign Government and municipal, and Farm
Loan issues—for March and the three months ending with
March, of the last five years. We desire to point out that
we now further subdivide the figures, showing in the case of
the corporate offerings both the long term and the short
term issues for the bonds, and separating the common from
the preferred shares for the stocks.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT. FARM LOAN
AND MUNICIPAL FINANCING.
New Capital.
1923.
MARCH—
Corporate—Long Term Bonds and Notes
Short Term
Preferred Stocks
Common Stocks
Foreign
Total
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
United states Possessions__ _
Grand Total
3 MONTHS ENDED MARCH 31—
Corporate—Long Term Bonds and Notes
Short Term
Preferred Stocks
Common Stocks
Foreign
Total
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
United States Possessions
Grand Total
Reloading.
$
$
read.
$
185,472,700
2,082,200
25,733,127
12,750,041
19,900,000
24.162,300
142,800
25,317,573
735,000
209,635.000
2,225,000
51,050,700
13,485,041
19.900,000
245,938,068
50,357,673
296,295,741
66,445,839
3,000.000
116.000
2,904,960
69,350,799
3,000,000
116,040
338,999,907
53,262,633
392,262.540
647,379,386
40,748,200
123,784,247
89,943,872
19,900,000
172,769,714
16,366,800
62,604.839
3,051.760
820,149,100
57,115,000
186,389,088
92,995,632
19,900,000
921,755,705
69,000.000
131,500,000
254,793,113 1,176,548,818
75,000,000
6,000,000
131.500,000
238.019,793
21,15 .000
246,000
5,385,960 243.405.753
29.253.000
8.100.000
246.000
23,500.000
1.381.674.498
23,500,000
274.279.0e31.665.953.67
[VOL. 116.
THE CHRONICLE
1830
New Capital.
MARCH
Corporate-LongTerm Bonds and Not
Short Term
•
Preferred Stocks
Common Stocks
Foreign
Refunding
$
New Capital.
$
203,158,500
28,029,200
12,650.000
25,112,962
41,97 .000
132,422,381
28,029,200
12,650,000
17,132,962
41.975.000
70,736,119
232,209,543
77,000.000
10,550,000
78,716,119
310,925,662
77,000,000
10,550,000
114,171,422
9,000,000
5,000,000
2,483,800
2,250.000
116,655,222
11 250,000
5,000,000
447,930,965
83,449,919
3 MONTHS ENDED MARCH 31
Corporate-Long Term Bonds and Note 349,225,846
60.881,000
Short Term
45,865,000
Preferred Stocks
46.469,487
Common Stocks
. 43,225,000
Foreign
162.251,954
11.950,000
400,000
8,255,625
1,250,000
511,477,800
72,831,000
46,265,000
54,725,112
44,475,000
545,666,333
188,700,000
104,690,000
184,107,579
729,773,912
188,700,000
104,690,000
287,733,67
34.736,111
5,000
3,966,222
2,250,000
291,699,897
36,986,000
5,000,000
•
Grand Total
Total
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian_
United States Possessions_ _ _
•
• 1.166,526,008
Grand Total
1921.
MARCHOorporate-Long Term Bonds and Not
Short Term
Preferred Stocks
Common Stocks
Foreign
MARCH
Corporate-Long Term Bondsand No i
Short Term
Preferred Stocks
Common Stocks
Foreign
Total
Foreign Government
Farm Loan Issues
War Finance Corporation_
Municipal
Canadian
United States Possessions__
7,900,000
3,500,000
775,600
81,345,000
36,164,000
12,895.000
2,526,090
1,500,000
122,254,490
10.000,000
12,175,600
134,430,090
10,000,000
3 MONTHS ENDED MARCH 31
-Long Term Bonds and Note
Corporate
Short Term
W
Preferred Stocks
Common Stocks
Foreign
Total
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
United States Possessions_ _
853,000
51,570,797
3,500,000
500,000
186,772,287
Grand Total
50,517,797
3,500,000
500,000
13,028,600
312,284,020
104,617,166
19,316,800
65,640,090
14,150,000
119,811.980
12,000,000
775,600
432,096,000
116,617.166
20,092,400
65,640,090
14,150,000
516,008.076
79.000,000
132,587,580
648,595,656
79,000,000
201,966,021
11,222.000
500.000
2,490,895
204,456,916
11,222,000
500,000
808.696,097
Grand Total
Grand Total
3 MONTHS ENDED MARCH 31
-Long Term Bonds and Not
Corporate
Short Term
Preferred Stocks
Common Stocks
Foreign
Total
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
United States Possessions_•
135,078.475
2,023,755
12,250.000
695,083
48,675,000
11.5,795,000
63.663,550
59,302,380
16,000,000
288,467,092
14,968,838
303,435,930
58,232,986
605,880
5,000,000
58,838,866
5,000,000
20,574.718
367,274,796
193,493,245
144,113,752
210,772,117
207,787,132
19,760,000
30,055,755
68,507,248
19,871,933
9,066,500
223,549,000
212,621,000
230,644,050
216,853,632
19,760,000
775,926,246
50.000,000
127,501,436
903,427,682
50,000,000
171,207,238
3,000,000
2,865,880
7,498,000
174.073,118
10,498,000
1919.
MARCH
Corporate-Long Term Bonds and Not
Short Term
Preferred Stocks
Common Stocks
Foreign
137,865,316 1,137,998,800
36,292,800
15,625,600
12,075,000
20,511,000
10,875,000
5,200,000
47,167,800
20.825,600
12,075,000
20,511,000
84,504,400
16,075,000
100.579,400
49,625,695
595,700
50,221,395
135,630,095
16,670,700
152,300,795
195,251,800
96,303,600
35,396,900
88,499,946
33,009,000
122,525,600
210,000
228,260,800
218,829,200
35,606,900
88,499,946
415,452,246
155,744,600
28,179.000
571,196,846
28.179,000
3,500,000
100,997.668
5,705,300
5,241,601
106,239,269
5,705,300
525.655,214
189,165,201
714,820,41f
Total
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
United States Possession
Grand Total
3 MONTHS ENDED MARCH 31
Corporate-Long Term Bondsand Notes
Short Term
Preferred Stocks
Common Stocks
Foreign
Total
Foreign Government
Farm Loan Issues
War FI08000 Corporation
Municipal
Canadian
United States Possessions_
943.774.572
$
46,651,245
103,545,000
62,968,467
59,302,380
16,000,000
1,000,133,484
Grand Total
200,000,887
Total.
346,700,078
Total
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
United States Possessions_
190,323,801 1,356,849,809
73,445,001
32,664,001
12,119,400
2,526,091
1,500 111
$
1920.
531,380,884
Total
Foreign Government
Farm Loan Issues
War Finance Corporation- _ --Municipal_ _
Canadian
United States Possessions
7,980,000
Refunding.
$
Total.
$
1922.
Grand Total
1,500,000
1,500,000
3.500,000
We now add our detailed compilation of the corporate financing for March and the three months, the comparison
in this case covering three years.
STATEMENT OF NEW CAPITAL FLOTATIONS IN THE UNITED STATES.
1922.
1923.
March.
New Capital.
Long-Term Bonds and NotesRaProads
Public utilities
Iron. steel, coal, copper. dre
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total
Short-Term Bonds and Notes
Railroads
Public utilities
Iron. steel, coal, cop or. arc
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing_
011
Land. buildings, Ste
Rubber
Shipping
Miscellaneous
Total
Stocks
Railroads
Public utilities
Iron, steel, coal, copper. dre
Equipment manufacturers
Motors and accessories
Other industrial and•manufacturIng._
011
Land, buildings, /cc
Rubber
Shipping
Miscellaneous
Total
Total
Railroads
Public utilities
Iron, steel, coal, copper. dtc
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing_ _ _ _
011
Land, buildings, &or
Rubber
Shipping
Miscellaneous
Torsi roroorate securities
$
56,300,000
63,682,700
3,300,000
7.500,000
35,090,000
400,000
12,480,000
1,335,000
3,o t o
00
24,985,111
205,372,700
Refunding.
New Capital.
Total.
$
$
10,000,000
66,300,000
13,132,300
76,815,000
3,300,000
Refunding.
1921.
Total.
Refunding.
$
$
$
15,383,000
5.395,000
$
86.067,000
46,297,000
20,350,000
15.475,000
1,000,000
3,500,000
18.975,000
1,000,000
14,841,881
4,858.119
45,000,000
19,700,000
45,000,000
10,095,000
1,700,000
19,860,000
22,000,000
525,000
1,400,000
3,000,000
1,700,000
21,260,000
25,000,000
525,000
$
115,000
7.500,000
35,340,000
400,000
12,480,000
2,000,000
300,000
25,100,000
500,000
17,024.500
100,000
500,000
17,124,500
1,835,000
11,050,000
24.162,300
229,535,000
174,397,381
70,736,119
245,133,500
73,445,000
7,900.000
81.345,000
7,019,000
3,500,000
10,519,000
250,000
665,000
10,095,000
142.800
404,200
1,835,000
11,050.000
11,000,000
404,200
16,500.000
16,500,000
1,225,000
1,000,000
25,000,000
45,000
25.000,000
45,000
125,000
142,800
2.225,000
23,432.800
10.926,000
34,358,800
13,216,883
984,690
3,532,000
21,769,941
2,325,000
125,000
28,029,200
28,029,200
34,164,000
5,450,000
5,450,000
813,090
2,675,000
2,500,000
2,082.200
3,532,000
8,553,058
1,340,310
Total.
$
70.684,000
40,902.600
20,350,000
11.000,000
1,082,200
1,000.000
New Capital.
2,500,000
8,133,452
12,749,510
200,000
2.100.000
7,980,000
8,133.452
20,729,510
200,000
10,357,400
2,100,000
3,500,000
37,664,000
813,090
2,675,000
525,600
300,000
10,883,600
300.000
1,625.000
925,000
2,550,000
750,000
750,000
500,000
250,000
750,000
38,483,168
26,052,573
64,535,741
29,782,962
7,980,000
37,762.962
14,645,490
775,600
15,421,090
56.300,000
88,197,700
4,300.000
10,000,000
24,201,100
66,300,000
112,398,800
4,300,000
81,884,000
46,352,000
20,754,200
2,500,000
18,500,000
22.975,333
12,749,510
10,295.000
15,383,000
5.395.000
97,067,000
51,747,000
20,754,200
2,500,000
16,500,000
27,833,452
65,729,510
10,295,000
23,307,090
3,675,000
7.000,000
30,307,090
3,675.000
1,700,000
30,217,400
47,000.000
870,000
1.925,600
3,000,000
1,700,000
32,143,000
50,000.000
870,000
100,000
625,000
17,874,500
1.835,000
13,650,000
250.000
1,835,000
13,900,000
713.716.119
310.925.662
122.254490
12.175.600
134.430.000
11.032.000
4.1643,058
1,740,310
12,480,000
1,335.000
300,000
26,610,000
91K 024
one
13,466,883
984,690
665,000
1.040,000
, 1F7 47.2
n
11,032,000
67.109,941
2.725,000
12,480,000
2,000 000
300,000
27,650,000
011a
on. TAI I
625.000
17,774,500
020
ono
I.12
4,858,119
52,980,000
1831
THE CHRONICLE
Arum 28 19231
New Capital.
Refunding.
1921.
1922.
1923.
Three Months Ended March 31
Tend.
New Capital.
Refunding.
Total.
New Capital.
Refunding.
Total.
6,835,900
25,500.000
650,000
$
119,501,000
98,458,000
16,227,000
550.000
1,700,000
77,950,000
105,350,000
4,450,000
1,835.000
15,277.000
73,000
1,835,000
16.350,000
555,952,800
321,559,020
119.811,980
441,371.000
31,951,800
18,500,000
404,200
10,405,000
40,000,000
11,600,000
22,005,000
40,000,000
$
66,304,580
13,948,500
6,500,000
$
163,559.500
238,524,600
206.350,000
6,000,000
14,250,000
1,860,000
73,505.000
7.228,553
1,000,000
49,530,000
2,000,000
685,000
300.000
85,030.000
31,726,000
$
181,334,630
69,852,400
33,700.000
$
61,826,270
37,270,000
250,000
$
243,160,900
107,122,400
33,950,000
1,750,000
37,676,881
9,400,000
20,880,000
14.858,119
46,250,000
1,750,000
52,535,000
55,650,000
20,880,000
$
53,196,420
84,509,500
9.727.000
550.000
1,700,000
71,114,100
79,850,000
3,800,000
500,000
37,358,935
3.047,565
500,000
40,404,500
172.769,714
840,049,100
392,450,846
163,501,954
3,652,200
1,000,000
6,912,800
10,565,000
1,000,000
31,951,800
6,550,000
404,200
11,950,000
15,046,000
9,454,000
24.500,000
16,700.000
200,000
16,700,000
200,000
1,450,000
1,45(1,000
2,000,000
500,000
40,000,000
3,545,000
300,000
125,000
3,500,000
125,000
3.500.000
150,000
9,517,166
400,000
150,000
9.917,166
16,366,800
57.115,000
60,881,000
11,950,000
72,831,000
106,117,166
12,000,000
118,117,166
76,969.086
8,004,060
10,926,000
1,066,760
87,895,086
9,070,820
37,562.150
12,406,250
2.500.000
675.625
38,237,775
12,406,250
2,500,000
5,167,490
2,925,000
9,947,000
51,573,292
18.540,173
1,335,000
15,819,149
984,690
11,282,000
67,392,441
19,524,863
Long-Term Bonds and Notes
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturer,
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
$
139,656,500
177.704,300
159,783,139
6,000,000
12,190,000
66.276,447
1,000.000
49,530,000
1,335,000
300,000
53.304.000
3
23,903,000
60.820,300
46,566,861
Total
Short-Term Bonds and Notes
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
667.279,386
Total
Stocks
Railroads
Public utilities
Iron, steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing_
011
Land, buildings, &c
Rubber
Shipping
Miscellaneous
40,748,200
48,694,508
35,525,000
84,219,508
2,925,000
Total
Total
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing_
011
Land, buildings, &c
Rubber
Shipping
Miscellaneous
213,728,119
65,656,599
279,384,718
139,656,500
258,325,586
168,787.199
6.000.000
37,383,000
117,849,739
40,290,173
49,530,000
1,335,000
300,000
102,298,508
23,903,000
78,659,100
47,633,621
20,750,000
20,750,000
300,000
_
Total corporate securities
; 921.755.705
18,156,577
12,749,510
2,035,000
4,000,000
2,582,000
14,857,400
56,250,000
300,000
2,000.000
500,000
40,000,000
3.545,000
5,167,490
2,925,000
525.600
2,582,000
15,393,000
56,250,000
300,000
7,980,000
18.156,577
20,729,510
2,035,000
4,00(),000
2,925,000
6,250,000
250,000
6,500,000
92,334,487
8,655,625
100,090,112
88.331,890
775,600
89,107,490
163,559,500 213.286,430
336,984.686 113,964,550
216,420,820
46,510.450
6,000,000
2,500.000
5:.022,000
18.450,000
12,649,000
56,033,458
23,047,702 140,897,441
41,274,863
22,149,510
984,690
49,530,000
24,365,000
4.000.000
2,000,000
665,000
300,000
625,000
43,781,935
67,251,000 169,549.508
61,826,270
49,895,625
250,000
275,112,700
163,860,175
46,760,450
2,500,000
18,450,000
70.891.577
14,858,119
76,379,510
54,230,000
24,365,000
4,000.000
625,000
46,829,500
3,047,565
53,196,420
100,081,990
52,652,000
5".0,000
6,282,000
88,471,500
176,100,000
7,645,000
66,304,580
25,548,500
6,500,000
1,985,000
31,044,166
723.000
1,985,000
31,767,166
720_771_912
515.008 070
132_587_580
648.595.656
254.793.113 1.176.548,818
545,666.333
184.107.570
000
119.501.
125,630,490
59,152,000
550,000
6,282.000
00
93,833.0
7,361 .11
25,500,41 I 201,600.000
8,295.000
650,000
LONG TERM BONDS AND NOTES,
Amount.
Purpose of Issue.
Price.
Railroads
2,850,000 New equipment
2,700,000 New equipment
4,500,000 New equipment
(19%
200,000 New equipment
1,200,000 New equipment
100
10,000,000 Refunding
31,500,000 New equipment
6,600,000 New equipment
96%
99%
100
6,750,000 New equipment
To Yield
About.
Company and Issue and by Whom Offered.
5.20 Alabama Great Southern RR. Equip, Tr. 58, 1924-38. Offered by J. P. Morgan & Co., First
National Bank and National City Co.
5.20 Cincinnati New Orleans & Texas Pacific Ry. Equip. Trust 5s, 1924-38. Offered by J. P. Morgan
& Co., First National Bank and National City Co.
5.62 Denver & Rio Grande Western RR.Equip.Trust 5548, 1924-38. Offered by Kuhn, Loeb 4k Co.
and Blair & Co., Inc.
6.50 Live Poultry Transit Co.Equip.6445, due serially to 1933. Offered by Illinois Tr.& Sav. Bk..Clue.
5.40 Maine Central RR. Equip, Tr. 554s, 1923-38. Offered by Kidder, Peabody & Co. and Harris.
Forbes & Co.
4.70 New York Lackawanna 8c Western Ry. Co. 1st & Ref. Mtge. 4548,"B," 1973. Offered by J. P.
Morgan & Co.
5.08 Pennsylvania RR. General Equip, Tr. 58, 1924-38. Offered by Kuhn, Loeb & 00.
6.00 Seaboard Air Line Ry. Co. Equip, Tr. 65 "V," 1923-35. Offered by Ladenburg, Tbahnann & Co.:
Redmond & Co., Kissell, Kinnicutt & Co. and Freeman & Co.
5.00-5.25 Southern Ry. Equip. Trust 55 "X," 1923-38. Offered by Drexel & Co.
66.300,000
Public Utilities
5,000,000 Retire current debt: work. capital_
800,000 Refunding: additions & improvls_
7.0(10,000 Acq. assets predecessor company__
953.4
97
9954
3,000,000 Retire current debt; extensions__ _ _
01
1,000,000 Acquisitions
2,500,000 Refunding; additions
94
100
3,000.000 Additions, improvements, &c
142,000 Refunding
97
3,200,000 General corporate purposes
3,500,000 New construction
8954
97
4,500,000 Refunding; add'ns & betterments_
96
550,000 Refunding; hunts.. 0411113•. are-4,000,000 Additions
98%
974
1.000,000 Capital expenditures
89
. 1,500,000 Refunding
96
2,675,00
1,500.00
450,00
5,000,000
Construction; other corp. purposes
Acquisitions: working capital
Construction
-sRefunding: capital expenditure
97.29
98
9834
9434
950,00
Refunding; exts. & improvements_
9654
100
400,00 Capital expenditures
10,000,000 Acquisitions; capital expenditures_ 9754
6.000,000 Refunding: working capital
98
1,000,000 Additions & improvements
97
1,323,000 Refunding; capital expenditures.. 100
90
6,000,000 Additions, extensions, &c
825,000 Aid:tIons & extenCon3
89
6.25 American Power & Light Co. Debenture 65, 2016. Offered by Bonbright Is Co.. inn.
6.25 The Arizona Power Co. 1st Lien & Ref. Mtge.65"A," 1947. Offered by Stephens & So., San Fran.
6.50 Consolidated Power & Light Co. let Mtge. & Rel. Lien 634s "A," 1943. Offered by Tucker.
Anthony & Co., Spencer Trask & Co., E. H. Rollins & Sons, Biyth, Witter & Cu., Stroud Is Co.
and Otis & Co.
5.70 Eastern Connecticut Power Co. 1st Mtge. 55 "A," 1948. Offered by Estabrook & Co., Lee.
Iliggioson & Co., Bonbright & Co., Inc., and Putnam & Co., Hartford.
5.40 Electrical Securities Corp. Coll. Trust 5s, 16th Series, 1953. Offered by Bankers Trust CO.;
Jackson & Curtis and Parkinson & Burr.
7.00 Federal Light & Traction Co.(N. Y.) Convertible Debenture 7s "A," 1953. Offered by Widen
& Co. and J. G. White & Co.
6.25 Georgia Railway & Power Co. General Mortgage 65, 1948. Offered by Drexel & Co.
5.50 Harrisburg Light & Power Co. 1st & Ref. Mtge. 55, 1952. Offered by Bertron, Grisaora & 00.,
Inc., Reilly, Brock dt Co., Harper & Turner, Martin & Co., West Is Co., Graham, Parsons & CO..
W. H. Newbold's Sons Is Co., Reid, McClure & Co., Warts, Dulles & Co.. William Marriott
Canby and Commonwealth Trust Co.. Harrisburg, Pa.
5.80 Idaho Power Co. 1st Mtge.53. 1947. Offered by Harris,Forbes & Co.and Coffin Is Burr.Inc., N.Y.
6.25 Illinois Electric Power Co. 1st Mtge. 68 "A," 1943. Offered by Federal Set'ullffea Corp. and
Ames, Emerich & Co., Chicago, and E. W. Clark & Co., Philadelphia.
5.80 Indianapolis Water Co. 1st Lien dr Ref. Mtge. 5545, 1953. Offered by Drexel & 0o. and Brown
C
B° &ateE
7.20 Interstate olectric Corp.(N. Y.) Debenture 7s, 1932. Offered by R. E. Wilsey & Co., Chicago.
5.70 Los Angeles Gas & Elec. Corp. Gen. & Rel. Mtge. 53.4s "F," 1943. Offered by Bond & Goodwin
& Tucker. Inc., Mercantile Securities Co. of Cal., E. H. Rollins Is Sons, Harris, Forbes & Cu. and
Biyth, Witter & Co.
.5.77 Metropolitan Edison Co.(Pa.) 1st & Ref. mtge. Si,"C." 1953. Offered by Halsey, Stuart & Co..
Inc.
6.30 The Nevada-California Electric Corp. let Lien 65 "B," 1950. Offered by Spencer, Trask & Co.
and Blyth, Witter & Co.
6.20 The Ohio Public Service Co. 1st Mtge.& Ref.68"C," 1953. Offered by Halsey, Stuart Is CO.,Inc.
6.70 Penn Public Service Corp. Convertible Debenture 63.45, 1936. Offered by Horns, Forbes & CO.
5.12 Pennsylvania Water Sc Power Co. 1st Mtge. Si, 1940. Offered by Mensoh, Monell Is Co., N.Y.
534 Public Service Co. of Northern Illinois 1st Lien & Ref. Mtge. 534s "A," 1982. Offered by
Halsey. Stuart & Co., inc.
6.30 The Salina Light, Power & Gas Co. 1st Mtge. 61; "A," 1943. Offered by Taylor, Ewart & Co..
Inc., and Henry L. Doherty & Co.
7.00 San GOTg011ia Power Co. 1st Mtge. 78, 1924-47. Offered by Wm. R. Stoats Co.. Los Angeles.
5.70 Southern California Edison Co. Gen. dc Ref. Mtge. 5545, 1944. Offeredby Harris, Forbes & Co..
E. it. Rollins & Sons, First Securities Co., Los Angeles, Blyth, Witter & Co.. Bond & GoodiOn &
Tucker. inc., San Francisco.: Wm, R. Steals Co., Coffin &Burr, Inc.. First Securities Trust &
Savings Bank, Los Angeles. and Mercantile Trust Co. of California.
6.75 Standard Gas & Electric Co. Convertible 63.45, 1933. Offered by H. M. BYllcobY Is Co.. Ram'
bleton dc Co. and Janney & Co.
6.20 United Light & Rys. Co. 1st Lien <lc Cons. Mtge.6s "A," 1952. Offered by Bonbright de Co., Inc.
6.00 Western United Gas & Electric Co. Gen. Mtge.65, 1950. Offered by A. C. Allyn & Co., N. Y.
5.62 West Penn Power Co. 1st Mtge. 5s, "E," 1963. Offered by Halsey, Stuart & Co.. nc., Union
;34
Trust Co., Pittsburgh, W. A. Harriman & Co.,
, New York.
6.50 Wisconsin Ry.,Light & Power Co. 1st Mtge.& Inc.Ref. 55, 1933. Offered by Halsey. Stuart & CO..10e.
76,815,000
Iron, Steel. Coal, Copper, &c.
99
1,500,000 New capital
300,000 Add'ns, impts., working capital
9634
1,000,000 Retire current debt, work. capital 100
500,000 Acquire coal properties
96%
6.00+ Acme Steel Good Co. let Mtge. 65,"A," 1943. 0 fered by Marshall Field, Glom Ward dg Co.
Bank.
6.35 Atlantic SteelCos. let Mtge.6s, 1941. Offered by First Tr.& Says. Corp. and All.(Ga.) Nat.
Minn.:
7.00 Clement K. Quinn Ore Co. let Mtge. 75, 1935. Offered by Northern Trust Co.. Duluth.
First Wisconsin Co., Milwaukee. and Second Ward Securities Co., Milwaukee.
York.
7.50 Superior Anthracite Coal Co. 1st Mtge. 7s, 1933. Offered by Charles Wesley & Co.. New
:3,300,000
•
1832
THE CHRONICLE
Amount
To Yield
About.
Price.
Purpose of Issue.
Motors and Accessories
$
300,000 Additional capital
3,000,000 Working capital
(b)
7.500,000
Other Industrial & Mfg.
7,500,000 General corporate purpose
s00,000
6.30 American Chain Co., Inc., 10
-Year Debenture (is, 1933. Offered by Dillon, Read & Co. and
Hemphill, Noyes & Co.
6.50 Belden Mfg. Co.(Chicago) let Mtge. 634s, 1925-37. Offered by Chicago Trust Co. and National
City Bank, Chicago.
7.00 California Baking Co.(San Francisco) 1st Mtge. 7s, due serially to 1932. Offered by Bradford;
Kimball de Co., San Francisco.
6.50 (J. H. & C. K.) Eagle, Inc. (New York) 15
-Year 640, 1938. Offered by Equitable Trust Co.;
Spencer Trask & Co.. Hambleton dr Co. and Cassatt & Co.
c6.00 General Electric Co. Employees' Securities Corp. 50-Year 6% bonds, 1973. Offered to employees.
7.00 Globe Ice Cream Co. 1st Mtge. 7s, 1926-35. Offered by Hunter. Dulin & Co., Los Angeles.
7.00 (R. M.) Hollingshead Co. (Camden, N. J.) 1st Mtge. 7e, 1938. Offered by John Nickerson &
Co., New York.
6.15 Kalamazoo Vegetable Parchment Co. 1st Mtge. 6s, "A," 1938. Offered by Union Trust Co.;
Chicago, and A. B. Leach & Co., Inc.
6.00 Kelley Island Lime & Transport Co. Debenture 60. 1933. Offered by Union Tr. Co. of Cleveland.
6.15(M. W.) Kellogg Co.(N. Y.) 1st Mtge. 68, "A," 1938. Offered by Guaranty Co. of New York.
6.50 Kiel Furniture Co.(Milwaukee) 1st (closed) Mtge. 63.55, 1924-33. Offered by Hyney, Emerson
& Co.. Chicago.
7.00 Lockwood, Greene & Co.. Inc.. Coll. Tr. 7s, 1913. Offered by Lee, Higginson & Co.
674 Michigan Tanning & Extract Co. (Petoskey. Mich.) 1st (closed) Mtge. 6145, 1938. Offered by
Geo. H. Burr & Co., Chicago Trust Co. and Watling, Leronen & Co., Detroit.
634-7 Northern Illinois Cereal Co. 1st (closed) Mtge. (Iiis, 1924-33. Offered by Minton,Lampert &
Co., Chicago.
6.00 Northwestern Terra Cotta Co.(Chicago) 1st Mtge. 6s, 1923-32. Offered by Central Trust Co.
of Illinois, Chicago.
7.00 Richmond Hosiery Mills (Roseville, Ga.) let (closed) Mtge. 7s. 1938. Offered by Lowry Bank &
Trust Co., Atlanta, John Nickerson & Co. and Chandler & Co., Inc., New York,
7.00 Hamilton (Ont.) By-Product Coke Ovens, Ltd., lot Mtge. 75, 1943. Offered by Central Trust
Co. of Illinois, Powell, Garard & Co. and A. C. Allyn dc Co., Chicago.
9734
100
Working capital
400,000 Effect consolidation of constit. cos_ 100
5,000,000 Retire current debt, working cap'L 100
100
100
100
-5,000,000 General corporate purposes
250,000 Acquisition, additions,&o
750,000 Working capital
9834
1,750,000 New mill and power plant
100
2,000.000 Retire current debt, additions
981.4
1,000.000 Complete new plant, oth.corp.purp
400,000 Capital expenditures, work. cool_ 100
6.000,000 Acquire Greelock Co., retire cur.dt. 100
1,000,000 Retire current debt, working cap'l 961.5
300.000 Refunding, working capital
1.000.000 Retire part original corn. etock
100
100
800,000 Additional capital
1,690,000 Construction
100
35,340,000
Oil
• 400,000 Pipe line installation
100
Land, Buildings
225.000 Finance construction of building
Company and Issue and by Whom Offered.
%
7-7.15 Moline (HI.) Body Corp. 1st Mtge. 75, 1924.33. Offreed by Bard. Esch dr Co., Chicago.
7.70 National Motor Corp. let Mtge. 7345, "A," 1932. Offered by Moore, Leonard & Lynch, Wm.B.
Colvin & Co., Chicago, and Stroud & Co., Philadelphia.
Pierce-Arrow Motor Car Co. 20
-Year Debentures 8s, 1943. Offered by company to preferred and
common stockholders; underwritten by J. & W.Seligman & Co., Hayden, Stone & Co., Chase
Securities Corp. and O'Brien, Potter & Co., Buffalo.
100-99
9834
4,200,000 Retire bank loans, working capital
[VOL 116.
7.00 Amarillo 011 Co. 7s. 1925-32. Offered by Kansas Trust Co., Kansas City, Mo.
100
8.00 Arroyo Gardens Apts. (Daytona, Fla.) 1st Mtge. 8s, 1924-38. Offered by Salinities Sales Co.
of Florida, Jacksonville.
8.00 The Chatham, Inc., Cony. Deb. 8s, 1943. Offered by the Chatham Securities Co., Boston.
6.50 The Mae Realty Co. (Cleveland) 1st Mtge. Leasehold 6340, 1925-33. Offered by Stanley A: Bissell, Cleveland.
Realestate mortgage
100
6.50 The Alex Y. Malcomson Co. let Mtge. 640, 1926-38. Offered by Security Trust Co., Detroit.
Finance completion of building_ 100
7.00 Mount Tabor Apt. House(Portland,Ore.) 1st Mtge.70, 1924-33. Offered by Carsteas&Earles.Ino.
Finance construction of building
100
6.00 952 Fifth Ave., Inc.(N. Y. City) 1st (closed) Mtge. 62, 1926-35. Offered by Commonwealth Bond
Corp., New York.
Finance construction of building
100
6.00 150 Broadway Co.(Westinghouse Bldg.) 1st Mtge. 65, 1926-39. Offered by S. W. Straus & Co.
Finance construc'n of apt. hotel
100
6.50 The Orrington (Evanston, Ill.) 1st Mtge.6348, 1925-33. Offered by Peabody, Houghteling dc Co.,
Chicago.
Real estate mortgage
99%
6.00+ Park Row Bldg.(Park Row Realty Co.) 1st Mtge. Os, 1943. Offered by A. B. Leach dr Co., be.
Additional working capital
Price on applic'n. (A. M.) Ramer Co. (St. Paul, Minn.) let Mtge. It. E. 6s, 1925-33. Offered by
Mississippi Valley
Trust Co., St. Louts.
Finance construction of building. 100
6.50 The Yates Apt. Bldg.(Chicago) 1st Mtge.634s. 1926-35. Offered by the Straus Bros. Co., Chicago.
100
1,555,000 Finance construc'n of apt. hotel
360,000 Alterations, other corp. purposes.... 100
650,000
65.000
550.000
4,550.000
1,200,000
2,700,000
200,000
425,000
-
12,480,000
Rubber
2,000,000 Refunding, working capital
Shipping
300.000 Alterations to steamer
100
7.00 The Mason Tire & Rubber Co. 1st Mtge. 7s, "A," 1943. Offered by Brooke. Stokes dr Co. and
Hyney, Emerson dc Co., Chicago.
99
8.60-634 Baltimore & Carolina SS. Co. Pref. Ship Mtge. Equip. 634s, 1923-33. Offered by Mercantile
Trust & Deposit Co., Baltimore; Baker, Watts & Co. and Hambleton & Co.
Miscellaneous
.500.000 New grain elevator
250,000 Retire curr. debt; working capital_ 100
600.000 Retire current debt
100
150,000 Acquisitions
100
100,000 Acquisitions
100
2,000,000 Cdrporate requirements
19,900,000 Refunding; retire bank loans, &o
97%
92
225,000 Itfolg.: retire curr. debt: wkg. cap_ 100
225,000 New mill; working Capital,
850,000 Acquisition of constituent cos
100
99
300,000 Additions
25,100.000
6-634 The Bawlf Terminal Elevator Co., Ltd.(Winnipeg, Canada) 1st Mtge, 6345. 1924-38. Offered
by the Minnesota Loan dr Trust Co., Minneapolis.
7.00 Deer Park Lumber Co. (Stevens & Spokane Counties, Wash.) let (Closed) Mtge. 78, 1923-33.
Offered by Ferris & Hardgrove and Bond & Goodwin & Tucker, 117.
6.00 East Side Packing Co. let Mtge. 6s, 1926-37. BY Mercantile Trust Co.,St.Lo dr. Geo. H.Burr de
Co., First Nat. Bank in East St. Louis (III.), and Southern Illinois Nat. Bank. E. St. Louis, III.
8.00 Flint River Pecan Co. (Albany, Ga.) 1st Mtge. 8s, 1943. Offered by Securities Bales Co. of
Florida, Jacksonville.
6.00 Greeley-Loveland Canning Factories Co. 1st (Closed) Mtge. 68, 1920-33. Offered by James
N. Wright dr Co., Denver.
6.75 Hutchinson Lumber Co. 1st Mtge. friss, 1938. Offered by Blyth, Witter & Co.. the Detroit
Co., Detroit. and Bank of Italy, San Francisco.
6.62 The Oriental Development Co., Ltd. External Loan 30-Year Debenture 6s. 1953. Offered
by
•
National City Co.
7.50 Rigby Ranch Co. of Utah 1st (Closed) Mtge. 73.5s, 1926-37. Offered by Drake, Riley & Thomas,
Shingle. Brown & Co.
M. H. Lewis & Co. and
7.00 Stave Falls Lumber Co., Ltd. 1st(Closed) Mtge. 7s, 1933. Offered by G.E. Miller & Co.,San Fran.
7.10 Van Camp Sea Food Co., Inc. let (Closed) Mtge. 7s, 1937. Offered by Bend & Goodwin & Tuoker;
Inc., and Carstens & Earles, Inc., Los Anezles.
6-6.30 Wieland Dairy Co. (Chicago) 1st (Closed) Mtge. Guar. 6s, 1925-33. Offered by Dangler. Lapham & Co. and Thompson, Kent & Grace, Inc., Chicago.
SHORT TERM BONDS AND NOTES.
Amount.
Purpose of Issue.
Price
To Yield
Per Share. About.
Public Utilities
$
1,000,000 Capital expenditures; working cap_ 100
225,000 Refunding; retire curr. debt., &c.._
95
1,225,000
Iron, Steel, Coal, Copper, &c.
1.000,000 Additional capital
100
Company and Issue and by Whom Offered.
6.50 Chicago North Shore & Milwaukee RR. 3
-Year 6345 "C," April 1 1926. Offered by 'tarsal')
Stuart & Co. and National City Co.
6.35 Houghton County (Mich.) Electric Light Co. 1st M.55, 1927. Offered by Stone & Webster, Mo,
6.00 Eastern Steel Co. 68, Feb. 1 1924. Offered by Brown Bros. & Co.
STOCKS,
Per or No.
of Shares.
Purpose of Issue.
a Amount Price.
To Yield
Involved. Per Share. Aboul.
Public Utilities
$
2,000,000 Acquisitions; other corp. purposes.
2,000,000
1,732,500 Capitalexpenditures
2,922,000 Additions, extensions, dee
1,732,500 50 (par)
2,922,000 100 (par)
91 (flat)
15,000,000 Refunding; additions, horns., &e.. 15,000,000 103
*10,00081s. Construction; other corp. purposes
708.300 Additions and extensions
*12,000e1)e. ACQUISMODB
k 1,000,000
1,500,000 Refunding
Construction
0
500 ,000 General corporate purposes
2,000,000 Acquisitions; new construction
I
is
350.000 Corporate Purposes
Sol
*100,000511.
MOADIDeba.
1,000,000 100
708,300 100 (Par)
1,176,000
98
1,470,060 49
1,000,000 98
5,000,000 100
2,000,000 103
350,000
92%
Company and ISM and by Whom Offered.
7% American Water Works & Electric Co., Inc. 7% Cum. let Pref. Offered by Dominick & Dominick, W. A. Harriman & Co., Inc., and E. B. Smith de Co.
_ Blackstone Valley Gas & Electric Co. Common. Offered by company to stockholders.
Consolidated Gas Electric Light & Power Co. of Baltimore Common. Offered by
company to stockholders.
6.80 Duquesne Light Co. let 7% Cum. Class "A" Pref. Offered by Lee. Higginson dc CO.;
Ladeoborg, Thalmann & Co., and Hayden, Stone & Co.
8.00 General Gas & Electric Corp. Class "A" Pref. (cum. $8 per share). Offered by
Pynchon & Co., New York.
Manchester (N. H.) Traction, Lt. & Pr. Co. capital stook. Offered by company
to stockholders.
7.14 Metropolitan Edison Co.Panic.Pref.(corn.$7 per share). Offered by John Nickerson
Ss Co.and Eastman, Dillon & Co.
Philadelphia Co. Common. Offered by Dominick & Dominick, New York.
i:174 Portland By. Lt. & Pr. Co. 7% Cum. Prior Pref. Offered by National City Co.
7.00 Public Service Corp. of N. J. 7% Cum. Pref. Offered by company.
6.79 Puget Sound Pr. & Lt. Co. 7% Cum. Prior Pref. Offered by Stone & Webster, Inc.,
Parkinson & Burr and Estabrook & Co.
7.57 Wisconsin-Minnesota Lt. & Pr. Co.7% Cum.Pref. Offered by Paine, Webber & Co.
34.358,800
Motors & Accessories- •
Produce and market new model...
Acquisitions
*73,500sh8.f Additions, extensions, wkg. capital
800.000
1,850,000
8
37
882,000
12
3,532,000
Du Pont Motors, Inc., capital stock. Offered by Warner & Co.. New York.
McCord Radiator & mfg. Co. of Maine class "A" Common. Offered by John Burnham & Co., Chicago; McClure. Jones & Reed; Howe, Snow & Betties, Ina., and
Merrill, Lynch & Co.
Reynolds Spring Co. (Jackson, Mich.) Common. Offered by company to stockholders: underwritten.
APRIL 28 1923.]
Par or
No.ofShares
THE CHRONICLE
Purpose of Issue.
Other Industrial & Mfg.
8,750,000 Refunding; other corp. purposes-400,000 Effect reorganization of company__
2,000,000 Refunding ;other corp. Purposes-200,000 Working capital
2,000,000 Refunding; retire floating debt_ _ _ _
•15,000 shs. Additional capital
369,500 }Additional capital
*5,543 shs.
4,000,000 Refunding
•119,798shs Acquisitions; other corp. purposes_
1,180,200 }Acquisition constituent cos
*53,997 shs.
500,000 *New plant, acquisitions
011
*50.000shs. Refund.; acquisinis; working cap'l
Price. To Yield
a Amount
Involved. Per Share. About.
1833
Company and Issue and Si, Whom Offered.
7.84 American Chain Co. 8% Cum. Panic. Pref. Offered by Dillon, Read & Co. and
Hemphill, Noyes dc Co.
7.00 American Wringer Co. (R. I.) 7% Cum. Prof. Offered to Preferred and Common
stockholders of old company; underwritten by Brown, Lisle & Marshall and Richardson & Clark, Providence.
7.00 Bayuk Bros.,Inc.(Phila.) 1st 7% Cum.Partic.Pref. Offered by Company to Preferred
2,000,000 100
and Common stockholders; underwritten by S. B. Lewis & Co., Phila.: John Nickerson de Co.and Blake Bros. & Co., N.Y..and Howe, Quisenberry & Co., Chicago.
8.00 The Caradine Harvest Hat Co. (St. Louis) 8% Cum. Prof. Offered by Lorenzo E.
200,000 100
Anderson & Co., St. Louis.
7.14 Devoe & Reynolds, Inc.(N. Y. City) 7% Cum. let Pref. Offered by Hayden. Stone
2,000,000 98
& Co., Bond & Goodwin & Tucker, Inc., and Redmond & Co.
Dow Chemical Co.(Midland, Mich.) Common. Offered by Company to stockholders.
600,000 40
- -496,989 4 abs. Pref.), for The Icy Hot Bottle Co. (Cincinnati. 0.) 7% Cum. Prof. Offered by the L. H.
6 abs. Com.1$534
Ballinger Co.: Beaten & Chatfield; Benjamin D. Bartlett & Co. and W. A.
Daniels & Co., all of Cincinnati.
The Icy Hot Bottle Co.(Cincinnati, 0.) Common. Offered by the L. R. Bollinger
Co.; Beaten & Chatfield; Benjamin D. Bartlett & Co., and W. A. Daniels & Co.,
all of Cincinnati.
•
7.00 National Cloak & Suit Co. 7% Cum. Pref. Offered by Goldman. Sachs & Co. and
4,000,000 100
Lehman Bros.
Southern Phosphate Corp. Capital stock. Offered by Company to stockholders:
5
598,990
underwritten.
1 sh. Pref.1 For The United States Shoe Co.7% Cum.Pref. Offered by WE.Hutton & Co., Lewis S.
2,223,962
4; sh.s.Com.f3187
,
5
do
do
Rosensteil Co., Central Tr. Co.,
Common
do
Brighton Bk.& 'Tr. Co., Peoples' Bk.&
Says. Co.. Richards, Parish & Lamson,
Stacy & Braun, A. E. Aub & Co., Edgar
Friedlander, Channer & Sawyer, Benjamin D.Bartiett & Co., Van Leunan,Reynolds & Co., Breed, Elliott & Harrison;
Roberts & Hall,E.E.Galbreath, Ellis dr
Co., Lowenthal & Co. and Otis & Co.,
all of Cincinnati; and Mark C.Steinberg
& Co., St. Louis.
500,00
9834
7.10 Waterloo (N. Y.) Textile Corp. 7% Cum.Pref. Offered by Jackson & Curtis, Boston.
8,750,000
25%
400,000 100d
21,769,941
2,325,000
1,500,000 Refunding; working capital
4635
8.60 The Derby 011 & Refining Corp.Cony.Prof.
(Cum.$4 per share). Offered by Morgan;
Livermore & Co., New York.
300.000 1000
750.000 1234
Miscellaneous
300,000 Additional stores
*60,000 sits Working capital
8.00 Almar Stores Co.8% Cum. Pref. Offered by Paul & Co.. Philadelphia.
Douglas-Pectin Corp. (Rochester, N. Y.) Common. Offered by Lage & Co. and
Tobey & Kirk.
7.00 The Higbee Co. (Cleveland) 7% Cum. 1st Pref. Offered by Union Trust Co. of
Cleveland.
1,500,000 100
2,550,000
FARM LOAN ISSUES.
Amount.
Issue.
Price.
1,500,000 Atlantic Joint Stock Land Bank (Raleigh,
N. C.) 58. 1933-53
102%
2,000,000 Bankers Joint Stock Land Bank of Milwaukee 5s, 1933-53
103
5,000,000 Dallas (Tex.) Joint Stock Land Bank 55,
1933-53
10234
1,000,000 First Joint Stock Land Bank of Dayton,0.
55, 1932-52
103
1.000,000 Greensboro(N. C.) Joint Stock Land Bank
58. 1933-53
102;4
3,000,000 Kansas City (Mo.) Joint Stock Land Bank
55, 1932-52
103
1,500,000 Louisville (Ky.) Joint Stock Land Bank
5.1932-52
103
2,000,000 North Carolina Joint Stock Land Bank of
Durham 55, 1933-53
2,000,000 Oregon-Washington Joint Stock Land
Bank (Portland, Ore.) 55, 1932-52
3,000,000 San Antonio (Tea.) Joint Stock Land Bank
58, 1932-52
1,500,000 Union Joint Stock Land Bank of Louisville,
Ky. 55, 1932-52
To Yield
About.
Offered by
4.68 Wm.R. Compton Co., Halsey, Stuart & Co. and Harris, Forbes & Co.
4.62 First Wisconsin Co.. Morris F.Fox & Co., Henry C. Quarles & Co.,Edgar, Ricker & Co.,
Marshall & Ilsley Bank, Bankers Finance Corp. and Second Ward Securitie Co.,
all of Milwaukee.
4.70 Lee, Higginson & Co., Illinois Tr. & Says. Bk., Chicago; and Merchants Loan & Trust
Co., Chicago.
4.62 L. R. Ballinger Co. and Fifth-Third National Bank, Cincinnati.
4.68 Harris, Forbes & Co., Halsey, Stuart
Co., Inc., and Win. R. Compton Co.
4.62 Blair & Co., Inc., First National Co., Detroit. and Kelley. Drayton & Co.
4.62 Halsey, Stuart & Co., Inc., Wm. It. Compton Co.. Harris, Forbes & Co., Fidelity &
Columbia Tr. Co., Louisville, and Henning, Chambers & Co.. Louisville.
103
4.62 Dillon, Read & Co. and the Northern Trust Co., Chicago.
102%
4.68 Brooke, Stokes & Co., Philadelphia.
1023
4.70 Howe, Snow & Bertles, Inc., and Bolger, Mosser & Willaman.
103
4.62 Halsey, Stuart & Co., Wm.R. Compton Co., Harris, Forbes & Co., Fidelity & Columbia
Trust Co., Louisville, and Henning, Chambers & Co.. Louisville.
28.800,000
•Shares of no par value.
a Preferred stocks are taken at par, while In the case of Common stocks the amount Is based on
the offering price.
b At rate of $1,200 par value 8% Debentures and
434 shares Prior Preference stock for $1.200.
c The General Electria Co. agrees with the original holders of bonds that so long as they remain in the service of the company it will pay an
additional 2% per annum,
making a total of 8% yearly.
d With a bonus of 4 shares of Common stock accompanying each share of Preferred.
e With a bonus of 34 share of Common stock with each share of Preferred.
1
Indications of Business Activity
THE STATE OF TRADE
-COMMERCIAL EPITOME.
Friday Night, April 27 1923.
Better weather over much of the country has helped business and improved the crop outlook, notably in the Southwestern wheat section. Rains there have bettered the prospects for winter wheat yield, though on the other hand, to
be sure, they have delayed planting of cotton so that, it is
said, taking the cotton belt as a whole only about 12% has
been planted, as against 27% a year ago. Also, the weather
has been rather unfavorable for the seeding of spring wheat
in the Northwest. Snow storms have occurred in parts of
the West. In other words, winter still lingers in some sections. And after remarkably warm weather here a week ago
it has latterly been cooler. Yet in the main higher temperatures have prevailed and these have stimulated retail trade.
Jobbing business remains brisk. The great industries of the
country are still generally active and building activity is
especially notable with a hint of a new peak this spring.
Contrariwise, there is a noticeable disinclination to order
goods for the distant future. Merchants are not unduly venturesome. There has been a slackening in the iron and steel
trade and violent fluctuations in cotton have had a restrictive effect on new business in cotton goods. Collections,
moreover, are none too prompt. On the contrary, there is
some complaint in different parts of the country, due, no
doubt, to recent bad weather, and, for a time, a slowness of
turnover by retailers and jobbers, inevitable under such circumstances.
Prices of merchandise on the whole have drifted downward, although the grain markets as a rule are higher and
there has been a better export business in wheat, with a fair
European demand for rye and other grain. Cotton, moreover, has advanced some 50 to 140 points during the week,
largely, however, owing to bad weather at the South, for
exports lag rather far behind last year's total at this time,
,
and the actual cotton at the South is not selling at all
freely at the moment. The wool trade, too, is a little slow,
although the auction sales in England and Australia show
some advance in prices. Pig iron prices have weakened
somewhat, as also those of most other metals, while steel
mills are more eager for orders for future delivery. Woolen
mills are very busy and so are the cotton mills on old orders.
Anthracite coal is in brisk demand, but bituminous has been
dull and tending downward. Building materials in some
cases are commanding premiums for prompt delivery, though
In the steel trade premiums have for the most part, It seems,
1834
THE CHRONICLE
[VOL. 116.
disappeared. The West reports a good business in most port at present. Secretary of Marine Firemen's Union said
lines. Mail order reports show a larger demand. The auto- that if the demands of the International Seamen's Union for
mobile industry is still active, and the Central West is par- $15 more a month are not met by May 1 men will leave ships
ticipating in the excellent condition of the trade. Petroleum and seek more profitable occupations ashore. It is stated
prices have declined. From Western furniture and shoe fac- to-day that only 900 seamen are on strike here. Only eight
tories good reports are coming. But in the East those indus- small ships were affected by it. Some 2,700 men of the stone
tries are for the moment in less satisfactory shape. Mean- working crafts in the Metropolitan area struck for a wage
while consumption treads closely on the heels of production increase of $2 a day. Unless settled at once, contractors
in most lines of manufacture. And there is the ever-present said, this strike gradually will stop all building operations
scarcity of labor and the tendency of wages to rise, thereby In which stone is used. Yet stone cutters have been getting
increasing the cost of production, which is always charged $9 a day; planer men $8 and stone machine men (unskilled)
up to the ultimate consumer, who, needless to say, includes $6 50. Stone cutters now are demanding $11 a day, planer
the workingman himself as well as the great salaried classes men $10, and machine men $8 50, an average increase of 25%.
and farmers of the country. An apparently abortive strike The increases granted the bricklayers and derrick men run
of seamen was started here and at the West the other day, in the neighborhood of 25% also. Stone workers struck in
though the efforts, it appears, of the far-famed I. W. W. spite of an agreement signed last September that there would
The South still reports a noteworthy migration of negroes be no cessation of work without due notice before July 1 and
northward. Whether this will affect the raising of cotton arbitration upon points of disagreement. It was said also
remains to be seen. One thing is clear enough. The country that this is the first time in 20 years that the stone workers
needs a larger labor supply and the 3% immigration law have done such a thing. They were aroused by the success
should be either repealed or greatly modified. This is one of of the bricklayers, which union includes the stone setters
the crying needs of the times. Meanwhile money is a little and derrick men, in getting larger wages. Contractors said
lower, with wholesale trade in some lines somewhat less the shortage of bricklayers virtually compelled employers to
act -e. At times of late the stock market has declined. meet their demands, and as a result the Mason Builders'
There have been rumors that France and Germany would Association was permitted early this week to put in a new
soon get together for an adjustment of their differences in scale which gave stone setters $12 a day. While some derthe Ruhr, but news from that unhappy section is not alto- rick men are understood still to be on strike, many have gone
gether reassuring. President Harding has come out plainly back to work at $10 a day. Labor represents from 60 to 70%
for a World Court to adjust differences between nations and of the total cost of construction. The seriousness of a threat
obviate war. And there is no doubt that the sentiment of of a general increase of the foregoing proportions is clear
the country is on the whole reacting favorably to this idea. enough. The shortage of bricklayers, according to employBusiness men as a class do not wish to see the United States ers, is aggravated by similar shortages of plasterers, tile
drawn into the entanglements of European politics or into setters and plumbers. It was stated on the 26th inst. that
the League of Nations, but they do believe that the United the danger of a general strike in the building trade has
States should not stand idly by doing nothing to promote the passed; that a general walk-out has been averted by a raise
cause of peace in the world, and incidentally what it can In the form of bonuses. The workers wanted
agreements,
within reasonable limits to help Europe out of its dilemma but builders refuse this,asthey expect a labor slump in the
fall.
following the Great War. As for business, the sentiment in
The Rhode Island Senate has defeated the bill providing
this country Is still hopeful, but it is qualified by a disposi- for a 48-hour working week. At Concord, N. H., on April
tion to proceed in accordance with the motto of slow but 24th the Senate killed a bill providing a 48-hour week for
sure, avoiding undue advances in prices, and thus obviating women and minors in New Hampshire industries during
the
any danger of a buyers' strike, or anything savoring of harm- months of July and August. C. T. Plunkett, of W. T. Plunful inflation.
kett & Sons Co., Berkshire Cotton Manufacturing and Gray
Rising wages, it is pointed out, bring new trade problems. Lock Mills, Adams, Mass., a company 90 years old, is quoted
Manufacturers and others say they find difficulty in main- as expressing the opinion that inflation of cotton prices, if
taining profits on orders booked some months ago on a lower continued, can lead to only one result—another buyers'
wage basis. The demand for labor in the Chicago district strike. Leopold Morse Co. of Boston, clothing manufacturis sharp. Many industries are short of help. More wage ers, Wive advanced wages 5 to 10%.
advances have been reported. There is an abundance of
Living costs reached the index peak price of 204.5 in 1920,
work there for all common labor and mechanics at good as compared with 100 in July 1914; in September 1922 they
wages. A significant feature of these times is that workers were 155.6; in March 1923 they had risen to 159.2, against
use their own automobiles in going to the plants. At one 154.7 in March 1922. Food was at the peak of 219 in 1920;
moderate-sized plant 38 automobiles were counted in one fell to 139 in March 1922 and in March 1923 was 142. Shelday. Partly skilled labor, able to do certain kinds of car- ter in 1920 was at the peak of 166; rose to 170 in March 1923,
pentering and men handy with tools are in some instances against 165 in March last year. Clothing was
288 in 1920
getting the regular carpenters' wages, it seems, of $1 25 per and 168 in March 1923, against 165 in March
1922. Light
hour. Road builders in Illinois are paying higher than and fuel were 200 in 1920; 186 in March 1923,
against 174
farmers and are getting the laborers. In parts of Illinois in March 1922; sundries 192 in 1920 and 173
in March 1923,
farmers, it is stated, are paying hands $80 per month, fur- against 174 in March 1922.
nishing a house and part of the food, and even then not getThe American Newspaper Publishers' Association in sesting enough workers. Steel mills are short of help and the sion at the Waldorf-Astoria Hotel on April 26 decided to rePullman shops are employing 9,000 men, the largest number ject the new form of contract proposed by the International
since 1913. Car shops are unusually busy.
Typographical Union, I. e. they refused to negotiate conThe nation-wide strike called at midnight Tuesday by the tracts with printers and mailers jointly, decline to accept
Marine Transport Workers' Union, Local 510, of the Indus- agreement providing coincident expiration dates, and refuse
trial Workers of the World, failed to cripple shipping, ac- to sign contracts carrying sympathetic strike provisions. Incording to shipping interests in various ports. Union lead- creased production of lumber for the past week was reers said a dozen vessels were left without crews here, but ported by the National Lumber Manufacturers' Association.
this was denied by steamship officials, who declared that although shipments and orders declined somewhat. On top
fewer than a dozen ships were affected and that only one or of a labor shortage which makes it difficult for the industry
two had been delayed in sailing. San Francisco reported to meet current requirements, the I. W. W. Strike which
that the strike had little effect at any of the Pacific. Coast started on the 25th inst. in Oregon and Washington threatports. Seattle reported that only a few men were out. The ens a further curtailment. Yet production in the Northwest
United States Shipping Board's agent at Portland said there for the last week was 21% above the normal and for the
was no strike, so far as the Board was concerned, although country as a whole slightly above normal. On the whole
the union spokesman asserted the strike at that port would shipments were 97% and orders 94% of production. The
be 100% effective. Five steamers were reported tied up at Southern Pine Association barometer for last week shows
Everett, Wash., and 200 to 300 men were said to be idle. In orders received increased 7.6% over previous week, producWashington groups of loggers were reported as having par- tion decreased 2% and shipments decreased 4.8%. Reports
ticipated in the I. W. W. demonstration. Here the I. W. W. from 134 mills show 73,716,832 feet ordered, 75,583,056 feet
seamen on the New York water front struck on April 25 for shipped and 69,163,420 feet produced. Orders on hand at
-hour week. They end of last week were 356,454,896 feet.
-hour day and a 44
$20 more a month, an 8
Last Saturday it was 84 degrees here, after touching 81 on
they expected help from the longshoremen. Steamship
said
owners said that not over 30,000 seamen are employed in the Friday (official for the day). Middletown, N. Y., on April 21
APRIL 28 1923.]
THE CHRONICLE
reported that in some parts of the country the thermometer
that day reached 95. In parts of Sullivan County it reached
90 degrees, while less than a mile from the centre snow still
remained. At Providence, R. I., on the same day it was 83
degrees at noon, breaking all records for that date. At Boston on April 20 the sudden advent of summer which sent
the temperature to 78, established a new April record for a
24-hour minimum temperature, when it failed to go below 65
there. The highest April minimum previously recorded was
61, on April 20 1896. Spring thaws in the Northeast are beginning to be felt. At Augusta, Me., the Kennebec River on
Monday reached its highest level this year, being flooded by
the melting snow of its upper valley. The backwater, the
result of this high level, showed the water wheels of mills
along the river and necessitated a complete shutdown of the
Edwards Manufacturing Co. plant, leaving 850 workers idle.
The production was curtailed because of the high water at
the Cushnoc Paper Co. mill and also at the Lockwood Co.
cotton mill in Waterville. In New York it has latterly been
mild, but it is rather cooler to-night.
March Automobile Production Breaks All Records.
Automobile production increased in March and was the
highest on record, exceeding by 64,006 cars and trucks the
high production of last June, according to reports received
by the Department of Commerce through the Bureau of
the Census, in co-operation with the National Automobile
Chamber of Commerce. Output of passenger cars increased
from 254,650 in February to 318,424 in March, and truck
production increased from 21,815 in February to 34,593.
The following table, prepared by the Bureau of Census, gives
the total production for each of the last nine months, with
the corresponding figures for the same months of the previous year. With few exceptions, it is stated, the reports
each month are from identical firms and include approximately 90 passenger car and 80 truck manufacturers:
July
August
September
October
November
December
January
February
March
Automobile Production (Number of Machines).
Trucks
Passenger Cars
1921.
1922.
1922.
1921.
10,766
*21.837
224,770
165.574
13.080
*24,467
167,705
*248.122
13,648
*19,188
*187,661
144,669
12,813
21.512
134,734
216.099
10,010
21.683
106,042
*215,284
8,307
20,050
70.690
*207,269
1922.
1923.
1922.
1923.
9.416
*19,377
81,693
223.706
13.195
*21.815
109,171
*254,650
19,761
34,593
152,959
318,424
* Revised.
Steel Furniture Shipments Largest Since 1920.
Shipments of steel-furniture stock goods in March were the
largest since October 1920, according to figures received by
the Department of Commerce through the Bureau of the
Census, in co-operation with the National Association of
Steel Furniture Manufacturers. Except for the three months
August to October 1920, inclusive, when prices were higher,
the March shipments were the highest on record. Total
shipments of steel-furniture stock goods reported by 22
manufacturers amounted to $1,709,206 in March, as against
$1,307,173 in February and $1,087,228 in March 1922.
Comparisons of the shipments for the first three months
of 1923 and 1922 follow:
1835
striving particularly hard to keep a steady flow of brick and similar basic
materials coming into this market.
Instances have been reported of where employers in search of crude
Southern manpower have been detained when about to entrain with their
gangs of laborers for the North by ostensible process of police power, and
while a hearing is in process of being arranged, the gangs have been stampededin help.one way or another, and finally the would-be employer returns
without
The explanation is that the South is going to need all the help it has this
Year. But with a shortage of brick for New York delivery in particular
expected by the middle of May or the first of June, with stocks of cement in
the country to-day 450,000 barrels less than was on hand at the same time
last month, the pressure on labor supply is being kept up and, by way of
the "underground," somewhat similar to the famous slavery day routes.
the North is being supplied, but not with the calibre of labor that the employer himself would pick out.
On the other hand a general movement of Southern negro
farmers to Northern industrial centres, where high :wages are
obtainable, is indicated in a special survey of farming districts in the South made by the Department of Agriculture.
Press advices from Washington April 22 in giving details
of the survey said:
Unprofitable cotton growing, due to boll weevil conditions, unrest among
returned negro troops, who experienced more attractive living conditions
away from farms during and after the war,and the breakdown ofthe contract
-day, as contributory
labor system are cited in the report, made public to
causes of the migration.
Approximately 13%. or 32,000, of the total number of negro farmhands in Georgia is estimated to have moved North during the last twelve
months, and the movement continues, although crops for the present season
are already started.
A large abandonment of acreage is reported, and the labor shortage is expected to be a major factor in limiting acreage this season. The situation in
Georgia is declared to be much worse than that prevailing generally.
From South Carolina about 22,750 negro farmers, or about 3% of the
total negro farm population, have departed.
The movement from Florida is estimated at about 2% of negroes living
in or near farming communities.
Alabama reports that approximately 3%% of its negro farmers has
moved North since the last crop season.
Arkansas shows a movement of about 15,000 negro farmers, or about
3%% of the negro farm population.
Movementfrom Kentucky has been very small,and from Missouri, North
Carolina and Oklahoma no migration is reported.
Louisiana reports an exodus of about 1%. Tennessee about 4.500 negro
farmers,since April 1922, while in Texas the farm labor situation apparently
is not so serious as in the Eastern cotton-growing States.
Indications of the plentiful supply of labor in Southern
textile mills were given in the "Southern Textile Bulletin,"
according to advices from Charlotte, No. Caro., to the
"Journal of Commerce" from which we quote the following:
More new cotton spindles are in sight for North Carolina, for installation
this year or as quickly as projected textile plants can be built than were
in sight for the entire South on Jan. 1. Textile leaders and machinery
men in Charlotte estimate that more than 800,000 spindles will be installed
by mills under construction or projected in this State. as compared with
the estimate of 807,720 for the entire South in the annual statistical number of the "Southern Textile Bulletin" in January.
The estimate for North Carolina at that time was 583,760 spindles.
The estimate for South Carolina was 57,000. To-day approximately
150,000 is the estimate credited to South Carolina, and in addition to
this equipment there is a large expansion in weaving mills and bleaching
and finishing plants. Alabama, Tennessee. Georgia. Virginia and Texas
together have approximately 225.000 spindles, making an aggregate of
close to 1.200.000 new spindles in sight for the entire South.
Native Labor Plentiful.
The matter of an adequate supply of labor for the continued expansion of
the industry is giving no more concern than that of supplying men for higher
positions. There is, it is pointed out, a large reserve of native American
labor in the mountain counties of North Carolina at present earning a small
percentage of what it could earn in cotton mills or other industrial communities. It can be secured as rapidly as there is a demand for it and is being
constantly drawn upon to a limited extent as new mills are built.
Another source of labor is the mill settlements and farms of South Carolina. There has been a marked trend from the farm to the mill community
in South Carolina during the past two years, or since the advent of the boll
weevell. Those familiar with the situation declare that many South Carolina mills have done their utmost to take care of this "distressed"labor,some
of them resorting to night operation of their mills under circumstances that,
from a purely business point of view, were not warranted.
1922.
1923.
Textile men and other observers have every confidence that there is no
$983,834 danger of a halting of the expansion of the textile industry as a result of the
21.362.470
January
967.125 shortage of labor, or that they will have to resort to the importation of
1,307,173
February
1.087,228 immigrant labor. The people who turn from the farms to the millsseldom go
1,709,206
March
back. Although the industry in South Carolina is quite young, there has
already developed an industrial consciousness and the natural normal in- crease in the population of textile communities, augmented by the addition
Effect of Common Labor Shortage on Building Stocks
from the farms, and particularly from the rural districts of the mountain
Labor Supply in South.
counties, will supply every labor demand that is likely to develop, oven if
Building Reports, under date of the rate of expansion in the industry is still further accelerated.
The Dow Service Daily
April 21, referring to the effect on building stocks in New
York of the common labor shortage and the part played Federal Reserve
Bank of New York on Increasing Sales
therein by the efforts to retain labor in the South, had the
of Department and Chain Stores.
following to say in part:
March sales by department stores in this district were
Southern States labor supply is playing its part to keep 1923 construction costs high. There is no law preventing the employment in any one 13% above those of March a year ago and were larger than
State of any quantity of labor needed for work in another State. But there any previous March, according to a resume of department
might just as well be. if the experiences of building material manufacturers
store business which will appear in the May 1 issue of the
seeking help in certain Southern States this spring indicate anything at all.
Brick manufacturers and others are already convinced that States located "Monthly Review of Credit and Business Conditions" by
south of the Mason-Dixon line are prepared to go far this year to prevent the Federal Reserve Agent at New York. The "Review"
wholesale raids on their labor supply to make up for the scarcity of Slays,
Hungarians, Finns and others barred by immigration laws, normally pre- will say:
ferred for work on Northern brick yards, cement plants, steel mills, terra
cotta plants, quarries. arc.
Whole consignments of laborers are arranged for shipment, but some how
they do not arrive. It is the rule rather than the exception, according to
the experience of building material manufacturers, who at this time are
Increases occurred in all cities of the district and were especially large in
Bridgeport. Due to the early date of Easter this year. Easter purchases
were made in March, whereas last year many such purchases were not made
until April. The volume of Eastern sales was particularly evident in apparel
stores, which reported March sales 21% larger than in March a year ago
1836
[vol.. 116.
THE CHRONICLE
Stocks of department stores computed at the'sellinglprice show an increase increased in 11 industries and decreased in 2. The Bureau's
of only 2% over those held on the same date last year. As sales in the first
statement, made public April 23, follows:
quarter of 1923 have increased nearly 10%,a more rapid turnover of stock
The U. S. Department of Labor, through the Bureau of Labor Statishas resulted. During this period the turnover was at the annual rate of
tic here presents reports concerning the volume of employment in March
3.6 times, as compared with an annual rate of 3.3 times one year ago. The
1923 from 5,453 representative establishments in 43 manufacturing indusfollowing table shows the rate of stock turnover by quarters during the past tries,
covering 2,135,564 employees, whose total earnings during one week
four years. Turnover is usually more rapid in the second and fourth quaramounted to $54,538,778.
ters, because of sales of summer apparel and because of the Christmas
Identical establishments in February reported 2,092,285 employees and
business.
total payrolls of $51.965,545. Therefore in March, as shown from these
unweighted figures for 43 industries combined, there was an increase over
Annual Rate of Stock Turnover (Times per Year).
February of 2.1% in the number of employees, an increase of 5% in the
1921.
1920.
1922.
1923.
1919.
total amount paid in wages, and an increase of 2.8% in the average weekly
3.3
3.1
3.7
3.6
3.4
First quarter
earnings.
3.4
3.8
4.0
__
4.2
Second quarter
Increases in the number of employees in March as compared with em2.7
2.5
3.0
2.9
Third quarter
ployees in identical establishments in February are shown in 39 of the 43
4.7
4.3
5.0
__
4.5
Fourth quarter
Industries, and decreases in the remaining four only. The largest increase.
3.8
3.8
__
3.3
3.8
Entire year
Mail order sales were 35% larger in March than a year ago, the same per- 14.4%, is again shown in the fertilizer industry, followed by brick with
increase which was reported last month. Detailed figures are 8.1%, steel shipbuilding with 7.1%, and paper and pulp with 5.4%•
centage of.
Glass, leather and slaughtering and meat packing show small losses in
shown in the following table:
Stock on Hand April 1- employment, while chewing and smoking tobacco decreased 6.1%.
March Sales
Increases in the total amount of payrolls in March as compared with
(in Percenfaces)• 1919 1920. 1921. 1922. 1923. 1919. 1920. 1921. 1922. 1923.
.
7
8
95 100 102 February are shown in every industry except chewing and smoking tobacco.
All departm't stores 75 112 108 100 113
74 118
94 100 100 The increases range from 19.5% in fertilizers, 14.9% in
77 116 107 100 111
New York
brick, 13.1% in
84 124 111 100 103
85 118 116 100 117
Buffalo
74 131
96
96
100 109
95 100 106 steel shipbuilding, and 11.5% in millinery and lace goods, to less than
64
Newark
79 134 117 100 106 1% in pottery.
80 106 119 100 117
Rochester
76 115 113 100 111
90 137 110 100
96
Syracuse
For convenient reference the latest figures available relating to all em80 119
95 100
89 135 129 100 132
99
Bridgeport
Class 16 railroads, drawn from Inter-State Commerce Commis78 101
87 100 104 ployees on
Elsewhere in 2d Dist. 84 112 106 100 108
69
99 114 100 121
59
97
85 100 106 sion reports, are given at the foot of the first and second tables.
Apparel stores
Mall order houses
97
155
114
100
135
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS
DURING ONE WEEK IN FEBRUARY AND MARCH, 1923.
Concerning sales by chain stores, the "Review" says:
March sales of chain stores were 30% above those of March a year ago.
Some of this increase has been due to the opening of new stores, but with
the exception of grocery and cigar stores there were material gains in
average sales per store.
The large increase in the dollar value ofshoe sales was due partly to higher
prices, inasmuch as the average price per pair advanced 9.6% from $3 64
last year to $3 99 in March of this year. The number of pairs sold shows
a gain of 30%. Detailed figures follow:
P.C. Change in
No. on Pay-Roil
No.ol in One WeekEstablish- Feb. March
ments 1923. 1923.
Industry-
Agricultural impFts_
Automobiles
Automobile tlres_.
Baking
Boots and shoes
-No.or StoresMarch Sales
Sales per Store, Brick
March March
(In Percentages)
Type of
March 1922 to Carriages & wagons_
Car bldg• & repairing
1922. 1923. 1919. 1920. 1921. 1922. 1923. March 1923.
Store.
Carpets
373
438
58
77 113 100 144
Apparel
+22.9
Chemicals
205
241
72 122 144 100 143
Shoe
+21.7
Clothing, men's
1,720 1,800
76
96 103 100 138
+31.9
Ten-Cent
Clothing, women's
7,538 9,943
66 100
84 100 128
Grocery
-3.1
Cotton,finishing_ _ _ _
280
305
85 100 104 100 114
+4.3
Drug
Cotton manufactueg
2,412 2,732
75
97 106 100 108
Cigar
-4.48
Electr.cal mach'y,
- - appliances .33 suppl.
12,528 15,459
71
98
97 100 130
Total
+5.0
Fertilizers
Flour
Foundry & machine
shops
Gain in Wholesale Trade Reported by Federal Reserve Furniture
Glass
Bank of New York.
Hardware
knit
March sales by representative wholesale dealers in this Hosiery &steel goods
Iron and
district maintained the high level of January and February Leather
Lumber, millwork_
and were 22% larger than sales in March 1922, according to Lumber, sawmills...
Millinery &lace
an item on wholesale trade which will appear in the May 1 Paper boxes g'ds_
issue of the "Monthly Review of Credit and Business Con- Paper and pulp
Petroleum
ditions" by the Federal Reserve Agent at New York. The Pianos and organs_ _ _
Pottery
"Review" continues:
Printing. book &job_
For the entire first quarter sales by these dealers were also 22% larger Printing, newspapers
Shipbuilding, steel
In the first quarter of 1922. Sales of machine tools, which reflect Shirts and collars
than
activity in industrial plants, were three and a half times as large as those Silk
of March a year ago. Diamond and Jewelry sales also showed very material Slaughtering & meat
packing
advances. Detailed figures are shown In the following table:
Stamped ware
Dollar Sales During March
Stoves
1919.
1920.
1921.
(In Percentages.)
1922.
1923. Tobacco
chewing St smok'g
Machine tools
435
596
166
100
354
Cigars & cigarettes
173
Jewelry
294
115
100
173 Woolen manufae•g
Diamonds
Dry goods
Clothing
(a) Men's
(b) Women's
Hardware
Shoes
Drugs
Stationery'
Groceries
290
71
100
87
109
114
112
87
100
108
371
157
135
143
130
147
222
118
144
151
96
112
103
93
109
102
119
90
115
100
100
100
100
100
100
100
100
100
100
100
156
121
129
152
113
120
117
116
113
109
Total (weighted)
100
154
105
100
122
Sales by wholesale dealers in this district and the country as a whole
have fluctuated in a closely similar manner during the past four years, but
the recovery in trade In the past few months has been considerably more
pronounced in this district. The Federal Reserve Board has compiled a
weighted index of whole sale business of 700 dealers throughout the country
similar to that maintained by this bank for 122 dealers in this district.
A diagram compares the fluctuations in these two indices.
The "Review" continues:
Seasonal fluctuations are more pronounced in the New York district
than in the country as a whole, due largely to the importance of the clothing
industry in New York. In this industry a large part of the year's sales is
made in February and March and in August and September.
Employment in Selected Industries in March 1923.
According to the compilations of the Bureau of Labor
Statistics of the U. S. Department of Labor, there was an
increase in March 1923 as compared with the previous month
of 2.1% in the number of employees in 43 manufacturing
industries, and an increase of 5% in the total amount paid
in wages and an increase of 2.8% in the average weekly
earnings. In the comparison for March 1923 with March
1922 in the case of identical establishments in 13 manufacturing industries, the number of employees are shown to have
Railroads, Class I_
% of Amount of Pay-Roll
in One WeeltIncrease
March
or De- February
1923.
1923.
crease.
69 24,115 25,163
186 252,157 263,501
74 40,978 41,323
205 28,804 29,698
165 92,110 92,100
188 14,319 15,484
32
2,555 2,643
139 89,328 90,853
24 17,132 17,285
94 20,205 20,432
149 50,760 51,653
128 14,008 14,458
25 15,770 15,906
263 175,164 177,091
113
101
113
+4.3
+4.5
+0.8
+3.1
.
+8.1
+3.4
+1.7
+0.9
+1.1
+1.8
+3.2
+0.9
+1.1
$598,765
8,011,988
1,158,995
725,109
2,088,334
330,054
58,076
2,388,489
445,080
478,419
1,385,421
420,007
355.626
2,946,271
% of
InMGM
or De-
crease.
$646,639 +8.0
8,746,918 +9.2
1,222,663 +5.5
746,892 +3.0
2,138,640 +2.4
379,309 +14.9
59,118 +1.8
2,541,843 +6.4
457,073
+2.7
496,143 +3.7
1,449,596
+4.6
439,896 +4.7
362,312
+1.9
3,008,143 +2.1
83,305 85,888 +3.1 2,080,930 2,228,675 +7.1
9,407 10,765 +14.4
143,178
171,053 +19.5
8,123 8,139
+0.2
200,723
206,544 +2.9
372 130,679 135,122
268 41,336 41,502
113 32,568 32,500
33 20,153 20,494
221 66,937 67,996
189 237.039241,088
131 30 363 30,098
196 25,974 26,668
241 61,485 61,960
61 10,056 10,228
154 15,201 15,809
181 52,727 55,577
39 43,481 44,331
6,804 7,000
24
45 10,441 10,622
137 23,396 23,470
172 38,089 38,275
25 15,555 16,652
106 27,971 28,054
183 62,101 53,001
+3•4
--I-0.4
-0.2
+1.7
+1.6
+1.7
-0.9
+2.7
+0.8
+1.7
+4.0
+5.4
+2.0
+2.9
+1.7
+0.3
+0.5
+7.1
+0.3
+1.7
3,603,314
913,005
763,782
472,143
1,120,271
6.695,932
714,805
593,867
1,089,463
203,049
292,994
1,308,773
1.348,802
183,920
258,041
764,238
1,384,863
407,688
408,784
1.023,628
3,833,927 +6.4
937,656 +2.7
782,879 +2.5
486,156 +3.0
1.175,879 +5.0
6,870,026
+2.6
726,155 +1.6
621,534 +4.7
1,148,672 +5.4
226,390 +11.5
311,058 +6.2
1,386,390 +5.9
1,416,368 +5.0
193,306 +5.1
259.704 +0.6
777,173
+1.7
1,406,865 +1.6
460,898 +13.1
428,964 +4.9
1,067,143 +4.3
75
30
74
82,101 81,133
12,033 12,518
15,735 16,098
-1.2 1,824,368 1,850,843
+4.0
264,327
285,552
+2.3
421,027
449,814
+8.0
34
133
159
3.858 3,590
31,879 32,456
66,219 66,944
+6.9
55,621
53,348
+1.8
561,257
585,674
+1.1 1,472,118 1,495,048
-4.1
+4.4
+1.6
..... (a) 1,772,553
(b) 1,763,398
1-0.51
1
1
(a) 240,964,277
(6) 243.226.002
+1.5
+6.8
1+0.9
1
*Note -Increase of less than one-tenth o 1%.
(a) December, 1922. Comparison is for one month.
(b) January, 1923. Compensation is for one month.
Comparative data relating to identical establishments In 13 manufacturing industries for March 1923 and March 1922 appear in the following
table.
In this yearly comparison the number of employees increased in 11 industries and decreased in 2, as in the preceding month.
The largest increases were 52.8% in automobiles and 46.2% in cotton
manufacturing.
Hosiery and knit goods and men's clothing show decreased employment.
All of the 13 industries show increases in earnings, ranging from the
enormous percentages of iron and steel and automobiles, 86.8 and 84.5,
respectively, through cotton manufacturing, 64.9, to hosiery and knit
goods. 2.3%.
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS
DURING ONE WEEK IN MARCH, 1922 AND MARCH, 1923.
Industry-
No on Pay-Roll % of
InNo.of in One Weekcrease
Establish- March March or Dements 1922. 1923. crease.
Amoura of Pay-Roll
in One WeekMarch
1922.
March
1923.
% of
Increase
or De-
crease.
46 96,983 148,227 +52.8 $2,745,206 $5,065,318 +34.5
Automobiles
81 60,342 63,467 +5.2 1,339,7921,506,054+12.4
Boots and shoes
Car hide. de repairing 54 39,383 56,486 +43.4 1,062,197 1,600,328 +60.7
919,147 +12.6
39 30,192 29,130 -3.6
816,029
Clothing, men's
313,073 +27.3
17 12,441 13,936 +12.0
246,008
Cotton finishing_ _
Cotton manufacture 55 40,366 59,025 +46.2
845,522 1,064,704 +64.9
+2.3
567,667
80 32.657 32,300 -1.1
554,877
Hosiery & knit g'ds
117 121,485 163,056 +34.2 2,501,955 4,656,528 +86.1
Iron and steel
40 12,604 14,208 +12.7
330,300 +23.6
267,278
Leather
650,167 +22.3
73 23,263 25,921 +11.4
631,719
Paper and Pulp
301,104 +12.8
41 13,573 13,782
266,853
+1.5
Silk
Tobacco, cigars and
305,435 +14.2
55 15,333 16,478 +7.6
267,551
cigarettes
559,172 +26.0
443,775
Woolen manufacture 22 20,727 23,610 +13.9
Railroads (Clans 1)-
(a) 1,536,756 1+14.7 5
1
(6) 1.763.398 I
a January, 1922. Compensation b3 for one month.
6 January, 1923. Compensation is for one month.
a 198,741,729
6243.226.002
1+22.4
I
THE CHRONICLE
APRIL 28 1923.]
Another New High Record in Railroad Freight
Movement.
A new high record for freight shipments for this time of
year was established by the railroads during the week which
ended on April 14, during which time 946,759 cars were
loaded with revenue freight, according to the Car Service
Division of the American Railway Association.
This was not only the largest number loaded during any
one week since last November, but exceeded the corresponding week last year by 246,604 cars and the corresponding week
in 1921 by 244,643 cars. The total for the week also exceeded the corresponding week in 1920 by 345,164 cars,
when traffic, however, was affected by the unauthorized
strike of switchmen, while it also substantially surpassed the
same weeks in 1918 and 1919. Freight loading during the
week was also within 7% of the record week in history, which
was that of Oct. 15 1920. Compared with the week before,
when freight loadings dropped off somewhat, due to the
observance of Easter and Easter Monday, the total for the
week of April 14 was an increase of 50,992 cars. Not only
was the volume of freight during the week of April 14 the
biggest in the history of the railroads for this time of year,
but three other records were also established by the carriers.
In the first place, 77,313 cars were loaded with forest products, the largest number loaded during any one week in
history. There were also loaded during the week 583,132
cars with merchandise and miscellaneous freight, which includes manufactured products. This was the largest number ever loaded during any week at this time of year, and was
within approximately 3% of the record week in history for
those commodities, which was during the week of Oct. 27
1922, when the total was 602,018 cars. The following further facts are supplied:
Reports received by the Car Service Division showed that the railroads
of the country moved on April 18 910,140 freight cars. This included
both loaded and empty cars, and was the largest movement handled by
the carriers on any *se day since Oct. 28 1920. The total movement
for that day was within 7-10 of 1% of the largest number of cars ever
moved by the railroads in their history in any 24
-hour period.
Loading of merchandise and miscellaneous freight, which includes
manufactured products, during the week totaled 583,132 cars, 27,104
in MCCOSS of the week before. This was also an increase of 71,490 compared with the corresponding week last year, and an increase of 132,485
compared with the corresponding week in 1921.
Loading of forest products totaled 77,313 cars, an increase of 3,356
over the week before. This also was an increase of 22,513 over the same
week one year ago, and an increase of 29,715 over the same week two
years ago.
Coal loading totaled 182,356 cars, or 18,267 above the preceding week.
Due to the miners' strike last year, this was an increase of 118.185 cars
over the corresponding week in 1922, and an increase of 48,310 cars over
the corresponding week in 1921.
Loading of grain and grain products amounted to 39,329 cars, or 24
cars less than the week before, but an increase of 9,671 cars over the same
week last year. This also was an Increase of 5,775 cars over the same
week two years ago. In the Western districts alone, 25,714 cars were
loaded with grain and grain products during the week, or an increase of
6,945 cars over the corresponding week last year.
Live stock loading totaled 30,319 cars, 564 less than the preceding
week. This was, however, an increase of 5,560 or 225i% over the same
week one year ago, and an increase of 3,439 cars oviSr the same week
in 1921.
Ore loading totaled 18,296 cars. This was not only an increase of
2,915 cars over the preceding week, but increases of 11,244 cars over the
corresponding week .no year ago, and 13,291 cars over the corresponding
week in 1921.
Coke loading amounted to 16,014 cars. While this was a decrease of
62 cars under the week before, it was an increase of 7.941 above the corresponding week last year. It also was an increase of 11,628 above the
same week two years ago.
Compared by districts, increases over the week before in the total
loading of all commodities were reported In all districts. All districts
also reported increases over the corresponding week last year, and all
except the Southwestern district showed increases over the corresponding
week in 1921.
Loading of freight cars this year to date, compared with
those of the two previous years, follows:
Month of January
Month of February
Month of March
Week ended April 7
Week ended April 14
Total for year to date
1923.
3.380,296
3,366,965
4,583,162
895,767
946,759
1922.
2,785,119
3,027,886
4,088,132
706,013
700.155
1921.
2,823,759
2,739,234
3,452,941
694,881
702,116
13,172,949
11.307,305
10,412,931
Wages Advanced in Cleveland Cloak and Suit Industry.
Increases in wages ranging from 10 to 25%, effective May
1, were announced in the women's apparel manufacturing
industry of Cleveland, Ohio, on April 22 by the Board of
Referees appointed to consider wage and working conditions. The increases granted are on a graduated basis
being largest to those receiving the smallest pay and smallest
to thoso receiving the highest. The decision of the Board
of Referees restores in the Cleveland market the wage
scale of December 1919, with the additional increase to the
female operators involved in reducing the differential between
1837
men and women from 3732% to approximately 32% as
announced earlier in the decision. The rates for female
operators under the new scale will be as follows:
Cloak and Suit Industry: Thirty (30) dollars per week.
Dress Industry: Female skilled operators, thirty (30)
dollars per week. Female sample makers, twenty-eight (28)
dollars per week.
Skirt Industry: Twenty-eight (28) dollars per iveek.
Two Rochester Clothing Firms to Restore Wages to
Peak Levels
Announcement was made on April 19 that two of the
largest clothing manufacturers in Rochester, operating on
an open shop basis, would restore wages May 1 to their peak
levels. Other manufacturing clothiers of Rochester who are
members of the Clothiers Exchang3, and who operate on a.
closed shop basis, have not advanced wag3s yet, but they
are expected to follow the action of the two independent
firms. Michaels, Stern & Co. and the Keller-HeumannThompson Co. are the independents who announced wage
increases. A joint statement issued by them said:
The firms of Michaels, Stern & Co. and the Keller-Heumann-Thompson
Co. have decided, beginning the first full week in May (May 3) to restore
to their workers the rates prevailing a year ago, before the reduction in
wages took place.
It will be recalled that these two firms did not reduce their workers to
the extent prevalent in this market. This is a voluntary action on the
part of these two firms, and due largely to the harmonious relations and
the co-operation existing between employer and employee.
It is perhaps well to add that the prices on their output have been figured
without regard to this increase in pay, and no change is contemplated in
the season's prices.
Strikers Return to Work in Lynn Shoe Factories
Wage Increase Denied.
The strike of workers affiliated with the Amalgamated
Shoe Workers of America was ended on April 24 and work
was resumed in full in the 48 factories affiliated with the Lynn
Shoe Manufacturers' Association. At an all-night conference arranged by Judge Ralph W.Reeve of the District Court
officials of the Manufacturers' Association and of the Amalgamated reached an agreement on all points at issue. The
Association agreed to recognize the Amalgamated, it is
stated, which in turn consented to come under the terms of
the agreement which the Association has in operation with
the United Shoe Workers of America, providing for no strikes
or lockouts before April 30 1924. The striking unions of
Goodyear operators, heel workers and edgemakers, agreed
to waive their demand for a 30% wage advance. The
women stitchers agreed to return to work and the manufacturers promised to withdraw injunction proceedings. The
strikers were assured of reinstatement without discrimination. About 5,000 workers had been on strike since April
14 and an equal number had been thrown out of employment as a result.
Explanation of Credit Rating System for Employees of
Cheney Silk Mills.
In our issue of a week ago (page 1707) we referred to the
strike in the Cheney Brothers' silk mills of Manchester,
Conn.,in protest against the credit rating system of the company, and the adjustment of the differencies between the
strikers and the manufacturers.
From the "Journal of Commerce" of April 19 we take the
following relative to credit rating system:
Charles Cheney, Treasurer of Cheney Bros., in a statement regarding the
present walkout of employees at their plant in South Manchester, Conn., a
a protest against the so-called credit rating system, explained the system
and stated why the firm had stood for it in the interests both of the public,of
its employees and of the firm itself.
"The so-called credit rating," said Mr. Cheney, "is an extension of the
bonus idea and gives to the worker an extra amount above the regular wage
paid for a given Job on a basis which takes into consideration other facts
than merely the time given by the employee to the work and the quantity
and quality of his production."
The factors under which the credit rating is governed were set forth by Mr.
Cheney. Employees, in addition to receiving the Mfili11111M rate, are judged
as follows:
1. Length of service, 10 points maximum.
2. Record for quantity and quality of product, 50 points maximum.
3. Record for attendance and punctuality. 20 points maximum.
4. Citizenship, 10 points maximum.
5. Other points, 10 points maximum.
The maximum hourly rate will be given for a total of 100 points.
In special cases department managers have authority at their discretion to
grant additional points as follows:
1. Versatility,
2. Constant co-operation with the management in the:improvement:of
processes or methods.
3. Success in originating or developing new ideas.
Mr. Cheney said that figures indicated that the credit system had worked
ts the advantage of employees. During the six months ended March 31,he
stated there were figures for 720 employees in one department. Of these
67.9% showed increases in wages, while only 12.1% showed deductions.
THE CHRONICLE
1838
-Hour Bill Killed in Rhode Island and
Forty-Eight
New Hampshire.
The bill introduced in the Rhode Island Legislature, providing for a 48-hour week, was defeated in the Senate on
April 24.
A similar bill was defeated by the upper house of the New
Hampshire Legislature on the same day. The measure introduced ix the New Hampshire Legislature was applicable
only to the months of July and August.
[VOL. 116.
crease of eight cents an hour. The concerns represented at
the meeting on April 19 were the St. Regis Paper Co.,
Hannah Paper Co., Spanish River Paper Co., Abitibi Pulp
& Paper Co., Minnesota Paper Co., St. Francis Paper Co.,
Union Bag Co. and St. Maurice Paper Co.
Dairymen's League to Reduce Milk Prices May 1.
Announcement was made on April 23 by the Dairymen's
League Co-operative Association, representing the farmers,
that it would reduce the wholesale price of milk 1 cent a
Paper Workers Reject Offer of Four Cents Increase quart on May 1. This out probably will cause a reduction
in the retail price of milk in the city, according to Luther L.
in Hourly Pay.
Campbell, President of the Clover Farms, Inc., milk disUnion leaders representing 30,000 men in the paper-making
tributors. "In all probability, the retail price will go down,"
industry, employed in nine large paper companies, notified
Campbell said.
their employers on April 26 that they would refuse a proffered Mr.
increase of four cents an hour. They expressed willingness
Over-Confidence in Business Trend Feared by A. B. A.
to sign a new agreement from May 1 if wages were increased
Danger of over-confidence in the present business situafive cents an hour. The employees served notice several
weeks ago that they would expect an increase of eight cents tion, leading to a repetition of the mistakes committed by
an hour for unskilled men and ten cents for skilled men. It the business world in the period following the war, was
was reported that the Ontario Paper Co. had granted the pointed out in a report of the Economic Policy Committee
modified demand of five cents an hour above the present of the Executive Council of the American Bankers' Associawage scale. Floyd L. Carlisle, President of the St. Regis tion in session at Rye, N. Y., April 26. The report, which
Paper Co., said he had not heard of the reported action of was approved by the Executive Council, said:
The Economic Policy Committee of the American Bankers' Association
the Ontario company.
looks with concern on the strong upward swing of wages and prices in many
A wage increase of four cents an hour, or approximately lines and fears that over-confidence may lead to a repetition of some of the
10%, was offered to 20,000 paper makers of the United mistakes committed in the period following the war.
In some respects the economic situation of the country is out of balance,
States and Canada on April 19 by eight paper manufacturing due to compounded increases In commodity prices, artificial fixing of labor
concerns. The skilled men demanded an increase of approxi- hours and working conditions and uncertainties with respect to foreign
mately 11% over the wage of two years ago, when they took trade. these matters are adjusted,
Until
as we hope they will be at an early
a reduction of 10%. The unskilled men asked for an in- date, we cannot expect a really sound business situation.
Current Events and Discussions
The Week With the Federal Reserve Banks.
Reductions of $6,900,000 in discounted bills, of $3,400,000
in,acceptances purchased in open market and of $44,200,000
in United States securities, accompanied by a decline of
$82,400,000 in deposit liabilities and an increase of $2,300,000
in Federal Reserve note circulation, are shown in the Federal
Reserve Boaxd's'weekly consolidated bank statement, issued
as at close of business on April 25 1923, and which deals with
the results for the twelve Federal Reserve banks combined.
Cash reserves increased by $500,000 and the reserve ratio
shows a rise for the week from 75.5 to 77%. After noting
these facts, the Federal Reserve Board proceeds as follows:
Liquidation of discounted bills was largest at the Boston and New York
Reserve banks, these two banks showing an aggregate reduction in their
holdings of discounted paper of 331.600.000. Cleveland reports a reduction of about $400.000. while all the other Reserve banks report larger hold,.
ings of discounted paper than the week before. Reduction of acceptance
holdings was largest at the New York and Cleveland banks. Of the total
reduction 01'344.200.000 in United States securities, $42,300,000 represents
a decrease in Treasury certificates. At present six banks show practically
no holdings of Treasury certificates.
The banks show a total increase in their gold reserves of $1,900,000.
Shifting of gold through the settlement fund accounts mainly for the increases in gold reserves of$19,500,000 and $12.200,000 shown by the Cleveland and Boston banks. Smaller increases aggregating 81,700,000 are reported by the St. Louis and Dallas banks. The largest decrease in gold
reserves for the week, amounting to $5,400.000. is shown for the Minneapolis bank; Richmond reports a decrease of $5,300,000 and Philadelphia a
decrease of 35,200.000. while smaller decreases totaling 815,799,909 are
shown for the five remaining banks.
Holdings of paper secured by Government obligations increased during
the week from 8334,600,000 to $339,900,000. Of the total hold on April 25,
$187.500.000. or 65.2%. were secured by United States bonds, about $3.000.000. or 0.9%, by Victory notes, $139,700,000. or 41.7%, by Treasury
notes. and $9.700.000, or 2.8%, by Treasury certificates, compared with
$182200.000. 83,200,000. 8139.100,000 and 840,000.000 shown the week
before.
The Week With the Member Banks of the Federal
Reserve System.
Reductions in both loans and investments, aggregating
$4,000,000 and $18,000,000, respectively, accompanied by
decreases of $36,000,000 in Government deposits of $33,000,000 in net demand deposits and an increase of $15,000,000 in
time deposits, are shown in the Federal Reserve Board's
weekly consolidated statement of condition on April 18 of
777 member banks in leading cities. It should be noted
that the figures for these member banks are always a week
behind those for the Reserve banks themselves.
Following the substantial liquidation during the preceding
week, loans secured by stocks and bonds (other than U. S.
Government) show an increase of $14,000,000 for the week
under review; loans secured by Government obligations
increased by 5,000,000, while other, largely commercial,
loans and discounts, after a continuous increase for the
previous four weeks, declined by $23,000,000. Corresponding changes at the member banks in New York City comprise
an increase of $6,000,000 in loans secured by Government
obligations, as against reductions of $2,000,000 in loans
secured by other stocks and bonds and of $38,000,000 in
other loans and discounts. Further comment regarding the
changes shown by these member banks is as follows:
Of the total decrease of $18,000,000 in investments, $16,000,000 constitutes a decrease in Government securities. For the New York City banks
a total decrease of $20,000,000 in investments is shown,of which $16,000,000
represents a decrease in Government securities.
Borrowings of the reporting institutions from the Federal Reserve banks
show an increase for the week from $396,000,000 to $412,000,000, or from
2.4 to 2.5% of their combined loans and investments. For member banks
in New York City a reduction from $127.000,000 to $116,000,000 in borrowings from the local Reserve Bank and from 2.4 to 2.2% in the ratio of these
borrowings to total loans and investments is noted.
Reserve balances of the reporting banks increased by $51,000,000, while
their cash in vault shows a reduction for the week of 811,000,000. Corresponding changes for the New York City banks comprise an increase of
$26,000,000 in reserve balances and a reduction of $4,000,000 in cash.
The statement in full in comparison with preceding weeks
and with the corresponding date last year will be found on
subsequent pages, namely pages 1868 and 1869. A sumOn a subsequent page—that is, on page 1869—we give the
mary of changes in the principal assets and liabilities of the
contained in this latest
Reserve banks, as compared with a week and a year ago, figures in full of the Reserve System.weekly return of the
member banks
In the following is
follows:
furnished a summary of the changes in the principal items
Increase (+) or Decrease (—)
as compared with a week and a year ago:
Since
Total reserves
Gold reserves
Total earning assets
Discounted bills, total
Secured by U.S. Govt.obligations_ _
Other bills discounted
Purchased bills
United States securities, total
Bonds and notes
U.S.certificates ofindebtedness
Total deposits
Members'reserve deposits
Government deposits
Other deposits
Federal Reserve notes in circulation
F. R. bank notes in circulation—net liability
Apr. 18 1923.
Apr. 26 1922.
+500,000
+54.200,000
000
1.900.000,
—54.500.000
—45,300.000
—6.900,000
+136.500,000
+5.200.000
+160,900,000
—12.100,000
24,400,000
—3.400,000
+191,500,000
—44,200,000
—373,300.000
1.900.000
—93,100.000
—42,300,000
—280,200.000
—82,400,000
+75,300.000
—70.600.000
+105,200.000
—10,200.000
—10,500.000
—1 800.000
.
—19,400,000
+2,300.000
+65.000.000
—200,000
—77.200,000
Increase(+)or Decrease(—)
Since
Apr. 11 1923. Apr. 19 1922.
Loans and discounts—total
—$4,000,000 +$975,000,000
Secured by U. S. Govt. obligations
—81,000,000
+5.000.000
Secured by stocks and bonds
+560,000,000
+14,000,000
All other
—23,000,000
+496,000,000
Investments, total
+800.000.000
—18,000,000
U. S. bonds
+353,000,000
U. S. Victory notes and Treasury notee__--14,000.000
+435,000,000
ifi
—2,000,000
—8,000,000
Other stocks and bonds
—2,000.000
+19.000,000
balances with F. R. banks
Reserve
+51,000,000
+95,000,000
Cash in vault
—11,000,000
—1,000,000
Government deposits
—36.000.000
+57,000,000
Net demand deposits
—33.000,000
+589,000,000
Time deposits
+15.000,000
+794,000,000
Total accommodation at F. R. banks
+16,000.000
+202,000,000
APRIL 28 1923.]
THE CHRONICLE
Commissioners Representing United States and
Mexico to Further Mutual Understanding.
1839
Mexico Considering Measure to Legalize Oil Rights
Acquired Before May 1 1917.
The proposed appointment of commissioners representing
Under date of April 10 a dispatch .from Mexico City,
the United States and Mexican Governments with a view published in the "Journal of Commerce," said-.
The Chamber of Deputies, which is considering the articulation of a new
"to hasten the reaching of a mutual understanding" between
5, which confirms petroleum
petroleum law, last night approved
the two Governments, was announced on April 23 by Secre- rights legally acquired before May 1 Articlewhen the present Constitution
1917,
announcement became effective, stipulating, however, that the concessionaires must retary of State Hughes at Washington, his
validate their claims within three years from the promulgation of the new
being as follows:
With the view to hasten the reaching of a mutual understanding between
the Governments of the United States and Mexico, two American Commissioners and two Mexican Commlosioners will be appointed to meet
for the purpose of exchanging impressions and of reporting them to their
respective authorities. The hospitality of Mexico City has been offered
to the American Commissioners as the city's guests of honor, and the
Conunission will convene there. The names of the Commissioners will
be announced later.
law. The vote on the article was 102 to 23.
Article 5 is intended to satisfy the objections voiced by foreign oil men
against the alleged confiscatory nature of Article 27 in the present Constitution, which vests the subsoil rights in the nation.
The Deputies are continuing their debate in regard to regulation of
petroleum rights acquired since the new Constitution went into effect.
The proposed law has not yet been considered by the Senate.
The "Journal of Commerce," in referring in its Washington advices April 23 to the issuance of the announcement,
said in part:
While the formal announcement, made in identical statements issued
in Washington and Mexico City, means that recognition of the Obregon
Administration is more than a possibility, the warning was sounded in
high official circles that it was far from certain. Both nations are entering
Into the agreement with the understanding that all rights and freedom
of action are reserved, and that neither republic is to be bound by the
recommendations that are to be made by its representatives.
President Harding made known at the White House last Friday that
the Mexican situation was becoming more and more promising, while
other high officials have reflected the increasingly favorable attitude of
the Administration toward Mexico. The formal announcement made
by Secretary of State Hughes was not a surprise. . . .
Mr. Hughes would not comment upon the announcement, because it
was understood that the statements would be identic and he felt it unbecoming to enlarge upon it for this reason. However, it was learned that
prompt action by the Administration in the designation of the Commissioners and the opening of pourparlers at Mexico City is contemplated.
Hopes for a speedy adjustment, however, are not high, as it is believed
that conversations will extend over a period of weeks and perhaps months.
The two Governments will have to consider most carefully the recommendations that are made. However, there is a distinct impression of
optimism here as the result of the move on the part of the American
Government.
Obregon Approves Plan.
The proposal for the creation of a commission to talk over the present
barriers that prevent recognition, has been made several times during
the past three years. Senator Burstun of New Mexico made the most
recent suggestion in Administration circles for this step.
President Obregon, who has been in almost regular correspondence with
President Harding since the Republican Administration came into power,
sent a letter to the White House last Monday through Mexican Charge
d'Affaires Tellez hero, which is believed to have conveyed the approval
of the Mexican Government to the plan. President Obregon many times
in the past has given the most comforting assurances to Mr. Harding.
and, if nothing more were required to bring about recognition, there would
long ago have been an accord between the two nations. The President
and Mr. Hughes have insisted upon substantial action to back up these
Mexican Chamber Oil Vote Favorable.
The following Associated Press advices from Mexico City
appeared in the New York "Evening Post" of last night:
A new petroleum law designed to develop Article XXVII of the Federal
Constitution so as to satisfy objections raised by foreign oil interests against
the alleged confiscatory interpretation of that article was passed by the
Chamber of Deputies last evening. The vote was 169 to 2.
The Deputies approved a provision granting the Federal Government
exclusive control of the oil industry, but refused to adopt a clause giving
individual States the right to participate in the proceeds of oil taxes.
The most important provision of the new law confirms petroleum concessions legally obtained before May 1 1917, when the present Constitution
became effective. This article, which had previously been approved
by the Chamber, provides that such concessions must be revalidated within
three years from the date of the promulgation of the statute. The closing
debate was heated. The measure now goes to the Senate.
Frederick C. Goodenough of Birclay's Bank on
German Reparations and Need of Credits to
Germany by United States and Great Britain.
Frederick C. Goodenough of London, Chairman of
Barclay's Bank, Ltd., of England, who was the guest of honor
and principal speaker at this week's spring meeting of the
Exec tive Council of the American Bankers Association, devoted his remarks chiefly to German reparations and the
necessity of providing the .essential credits to Germany to
enable her to meet her obligations. "Whatever may be the
amount which has eventually to be paid by Germany, or the
plan by which Germany may decide to restore her currency
and balance her budget," said Mr. Goodenough, "credit will
be required if any substantial payments in cash are to be
made. If Great Britain and America are prepared to cooperate, as a purely commercial proposition, in finding at all
assuring words.
he had events a portion of the initial sums that may be required,"
The impression was given to-day that President Harding, if
not already done so, would appoint the two American Commissioners he continued, "in such case a satisfactory arrangement as to
within a few days. Former Senator Marion Butler of North Carolina the length of the moratorium should be a comparatively easy
conferred with the President last week, at which time he told Mr. Harding
"under
that conditions were better in Merles.° than they had been at any time matter." Mr. Goodenough expressed the belief that
during the past three years.
certain circumstances substantial sums would be provided
The conference at Mexico City is expected to bring other matters into by Great
Britain," and in propounding the query as to
the realm of discussion, including the possibilities of American capital
being invested in rubber plantations and certain tariff arrangements whether America will do the same he observed.: "She will
between the two republics that would work to mutual advantage. President decide what shall be her own policy, but I can unhesitatingly
Obregon referred to the tariff question in Mexico City Saturday when he
say that my personal opinion is that the commercial and inreceived a delegation of American business men. At that time he also
deplored the fact that American companies, after making millions out of vestment interests of the United States will lead her to apMexican developments, have used a part of this money in carrying on proach this problem from much the same point of view as
propaganda against the Government.
Goodenough, who also discussed the
On April 24 Secretary Iinghes announced that the Ameri- Great Britain." Mr.
Great Britain's war debt to the
can Commissioners to negotiate for a closer understanding effect of the repayment of
of the Obregon Government in Mexico United States, had the following to Say in part:
with representatives
City would be Charles B. Warren of Detroit, ex-Ambassador
to Japan, and John Barton Payne, ex-Secretary of the Interior, and now Chairman of the Red Cross. The Mexican
Government, a copyright cablegram from Mexico City to
the New York "Times" reports, has named as Commissioners
Ramon Ross, an intimate friend of President Obregon,
Acting Director of Beneficiencia Publica, and Fernando
Gonzalez Roa, a consulting lawyer of the Mexican National
Railways, who is also a director of the railways. According
to special advices from Washington to the New York
"Times" April 24, Secretary Hughes in an authorized statement of the attitude of the United States, said:
Our feeling toward the Mexican people is one of entire friendliness, and
we deeply regret the necessity for the absence of diplomatic relations.
We have no desire to interfere in the internal concerns of Mexico. It is
not for us to suggest what laws she shall have relating to the future, for
Mexico, like ourselves, must be the judge of her domestic policy.
We do, however,maintain one clear principle which lies at the foundation
of international intercourse. When a nation has invited intercourse with
other nations, has established laws under which investments have been lawfully made, contracts entered Into and property rights acquired by citizens
of other jurisdictions, it is an essential condition of international intercourse
that international obligations shall be met and that there shall be no resort
to confiscation and repudiation.
We are not insistent on the form of any particular assurance to American
citizens against confiscation, but we desire in the light of the experience of
recent years the substance of such protection, and this is manifestly in the
interest of permanently friendly relations. I have no desire to review the
history of the past. The problem is a very simple one and its solution is
wholly within Mexico's keeping.
Despite all this discussion of the world's problems, we have still a long
way to go before we return to normal—to sound monetary conditions, to
gold standards with their automatic regulation of price movements and to
regular channels of trade. I do not think, however,that this is because the
illness from which the world is suffering has been wrongly diagnosed,or that
the remedies generally prescribed are wrong. The fact IF that European
trade is suffering from unsound currency and that a return to satisfactory
monetary conditions involves a recognition of the necessity of re-establishing public finances on a sound basis and a determination to secure
equilibrium between State revenues and expenditures. The people of the
various countries must be prepared to submit to the Increased taxation which
such a reform may and usually will entail, while on the expenditure side all
necessary reductions in military and other charges must be made. Where,
for a time, borrowing is essential and the loam cannot be raised internally
from real savings, some measure of external assistance may become necessary, but the expedient of meeting recurring deficits by means of the
printing press must cease.
Statements such as these have been repeated many times and I have
nothing to add to them except to say that they are receiving increasing
recognition. The one essential preliminary to their adoption is a settlement of the reparations problem.
In these circumstances it would have been difficult for me to find a topic
but for one very important event. I refer to the fact that Great Britain
and America have come to an agreement in regard to funding the British
debt,
I am therefore proposing, in respose to your very kind invitation, to
offer a few opinions as to the effect of that event upon world problems.
Let me say in the first place, that this agreement is regarded in my,
country with great satisfaction, because it removes all doubt as to the desire
of each country to act in a fair and friendly spirit towards the other.
People in England are glad also that there can be no longer any ques
tion in the minds of Americans as to the desire and intention of Great
know that there was ever any doubt,
Britain to pay her debts. I do not
upon this point with Americans who know the British people.
1840
THE CHRONICLE
On the other hand, we realize that America has shown a generous disposition to meet the convenience of Great Britain in the time for making her
payments, and in other important matters of detail. She has also agreed
to an adjustment of the rate of interest on the debt to a level which is in
keeping with the current•rate of to-day.I have always held that America
would be prepared to meet us favorably on these points when the moment
'should arrive for coming to a settlement.
I think that this agreement will have a far-reaching effect. I think that
it may be regarded as the turning point in the discussions and negotiations
relating to the general financial settlement after the war. I believe that it
will lead to agreements in regard to other Inter-Allied debts, and also to a
final settlement of the reparation problem. Further than this, I believe
also that it will bring about closer co-operation between Great Britain and
America in the solution of the different problems in which they are both
deeply concerned. I think that this must be so because of the similarity of
their interests in the complex problem of international payments which will
follow reparation and debt agreements.
[VoL. 116.
that Great Britain and America as great creditor and overseas trading
nations would secure a substantial indirect benefit through taking part in
these financial operations, inasmuch as they by removing the present
deadlock, would stimulate trade, promote peace and prosperity and thus
conserve and consolidate their overseas assets. Moreover, some portion
of the amount realized should be returned to them in part payment of interAllied debts, and would thus enable them to reduce their own Government
internal debt.
There would, however,still be the problem of providing the credit needed
by Germany in order to enable her to tide over the interval, whilst she is
stabilizing her currency and taking measures to balance her budget. It
seems probable that a definite arrangement as to reparations would bring
into operation forces which would result in the foreign balances owned by
German nationals becoming available, and I think that very little, if any,
external aid would be required for this purpose. There would also be the
gold in the Reichsbank.
I should like to refer here to the case of Austria, as an example of cooperative effort. We consider the bonds to be issued by that country will
The Reparations Question.
form a very reasonable security, yielding a good rate of interest. The
The reparatiors question which concerns the whole world, seems at the placing of these bonds should enable Austria to recover from the desperate
moment to have been overshadowed by the question of "Guarantees." condition into which she fell, and again to become the financial centre of
i believe, however, that this is only a passing phase and I ami reasonably that part of the world. Should this result, great benefit would accrue to
confident that before long, negotiations as to the amount to be paid, and those interested in foreign trade.
the way in which payment is to be distributed, coupled with the question
The Effect of Debt Payments.
of what steps are to be taken to safeguard France in the future, will be
It has been suggested to me that I should express an opinion as to how
re-opened.
the industrial organization of Great Britain will be affected by the repayAt the meeting of Mr. Bonar Law and M. Poincare in 1922, two of the ment of our debt to
America, as to when Great Britain will again achieve
principal points of difference between the British and French view seemed
moratorium, and the value, if any, of the a free gold market, and as to the extent to which her debt obligations to
to be the length of time for the
America may retard this operation.
"0" bonds.
No one would suggest that the debt payment will not be a heavy burden
I do not believe that there is any insuperable difficulty in either of
upon us. Our taxation problem is already serious, since, in our determithese points.
that is likely to be required as being nation to follow a sound financial policy we have strained our taxable
I do not, myself, regard the amount
intrenched
anything very large, and I feel quite sure that, given stabilization by Ger- capacity to the very utmost—perhaps we have gone too far and
to some extent upon productive capital. It follows that an obligation
many, adequate security could be offered.
involving taxation equivalent to an income tax of 8d. in the pound cannot
The other point is that of the "C" bonds for 82,000,000,000 of Gold
marks which are hi the nature of a third mortgage ranking after the 50,- be regarded lightly. The effect must be reflected in the standard of living,
900,090,000 gold marks which is the amount of the "A" and "B" bonds. I which cannot be so high as would otherwise have been possible. The full
do not suppose that anyone will contend that these bonds can have much extent of the burden, however, cannot be estimated until it is possible to
If any, present or prospective value, and it seems to me that it Is open to measure more accurately the influence of factors which at present are unGermany to put forward a simple and comprehensive scheme contain- certain. For instance, although we are making payments under the
ing an offer for payment of an amount based on some modification of arrangements entered into, we have yet to receive payments from our
the original scheme,and that common sense would ensure an agreement debtors, and the burden of the amount we pay will obviously be lessened
being reached, because such an agreement would be so much in the inter- by any amounts received. Then, again, there is the question of prices.
If prices fall, the volume of commodities necessary to discharge our obliests of all parties, including Great Britain and indirectly also America.
I do not propose to say more than I have done upon the vitally im- gations will be increased, while if, as seems possible, the great aggregation
portant questions of security or of the gradual withdrawal of France from of gold in the United States, amongst other influences, results in an increase
the Ruhr, not as to the measures which should be taken to ensure a Franco- In prices, then the burden will be lessened.
The actual method of payment of this great sum of 84,600 million
German peace for a period so long as one can foresee. They would be
measures from which both France and Germany as well as the whole world plus interest cannot as yet be foreseen. The effect of the Forclney Tariff
would benefit. My belief is that a solution will be achieved. I assume will probably be to discourage the shipment of such of our manufactured
that an agreement will be reached in the matter of reparations, and I goods as may be likely to compete in your home markets. It is probable,
think that Great Britain and America, as the two great creditor countries therefore, that these goods, instead of being shipped to the United States,
<A' the World. can, by acting in co-operation upon commercial lines, carry will be shipped to British Colonies and other countries and will be in effect
the matter a long way towards a successful conclusion. I am of course, be used to pay for shipments of goods which the United States will take from
aware that any proposition of this kind must be a sound business proposi- them. This may mean that, to a considerable extent, the import into the
tion, but it seems to me that the reconstruction of Europe and the general United States, for example of rubber, will be paid for, not in American
trade and prosperity of the world must depend upon finance, and if the peo- goods, but in British goods and that, to that extent, American export trade
ple of Great Britain and America, as the creditor nations, are prepared to may suffer. This, however, may not necessarily be the consequence, for
find it, they will at the same time serve their own individual and common if the capacity to consume of the importing countries increases, America
may continue to ship here manufactures and to lend the proceeds to the
interests.
Let me endeavor to show the similarity of economic interest which I countries concerned. Briefly, the effect of this operation may be for
America to increase her investments in countries to which Great Britain has,
believe exists between Great Britain and America, and also why the debt
settlement which has taken place and the further settlements, which in the past, been in the habit of lending.
Until the details of the readjustment in foreign trade entailed by the
we hope will follow, will lead to that close, though perhaps unconscious,
financial co-operation between America and Great Britain to which I British payments to America are more clearly discernible, it is difficult
to indicate their effect upon the re-establishment of a free gold market
have just referred and from which I anticipate much good to the world
in London.
at large.
America has, since the war, attained the position of a great creditor
This involves a consideration of the influences brought to bear upon
remains also, on balance, a creditor nation, nota creditor nation, also of the problem of how debt and interest payments nation. Great Britain
withstanding her debt to America, and she retains her old position as a
can be made by debtor nations and in what form Great Britain and America
particularly as
are prepared to accept them. I need hardly say that payments between financial centre because of her knowledge and experience,
nations can only be made in the following ways, that is to say, in goods, regards foreign investments and foreign trade, whilst her financial and
in services, in gold, or in securities. Sc far, therefore, as America is Industrial position under her present economic system are dependent upon
not prepared to accept payment in goods, or services, or gold, she will of her relative cheapness.
I might briefly refer, also, to a question of great interest, viz.: the
necessity follow the experience of Great Britain and other creditor nations
ability of America's banking system to check upward price movements.
and accept payment in securities.
On the one hand America may continue to re-invest in whole or in part Under ordinary conditions the Federal Reserve system is very elastic,
such payments as are made to her by foreign debtors, increasing her and with the disappearance of automatic checks such as that supplied by
foreign investments and maintaining such a volume of trade as would London when its free gold market was operative and with the gold reafford her a surplus of visible exports. On the other hand she may avoid serves of America so far above legal necessity, there would seem to be a
foreign investments, and as far as possible, accept payment in goods, very real danger of inflation and of rising prices with consequent reaction.
or service, or gold, and in that case the position would be altered and Ignoring this danger, to which American bankers are fully alive, the subthere would be a surplus of visible imports. I think that America will, ject of rising pr ices in America would seem to be to bring the pound more
partly from choice and partly from force of circumstances, adopt a per- quickly to parity and even to place London once more in a position to
manent policy of foreign investment just as Great Britain has done in the draw gold from the United States.
Before the war, London with her free gold market could, according to
past. In that event, there will be a great community of interests between
supplies of credit upon a gold
the two countries. Both will have world-wide trading and world-wide her old plan, either contract or expand her
basis, so as to meet her needs and requirements from time to time, as they
Investment interests and both will be deeply Interested in furthering world
to control credit and price
peace and world prosperity. But if America should not, to a greater or might arise. The question is, will her old ability
returns to pre-war parity and
less degree, adopt a policy of foreign investment, it would take her many levels remain unaltered, when the pound
Will London. with the pound
years to collect the foreign debts now due to her and to convert them from when London can again attract gold.
external into internal assets. In the meantime, she will still be interested at parity, be able once more to establish a free gold market?
The question is a difficult one, for, under post-war conditions our curin conserving her foreign assets, though possibly not so strongly, and
rency is no longer based pound for pound on gold. It follows that, until
It will still be in her interests to promote prosperity in those countries
which are indebted to her and which are, as a matter of fact, at the same some definite, but steadily improving minimum, ratio is established between gold and currency, there is no certainty that a withdrawal of gold
Lime indebted to Great Britain.
for export would, by restricting the currency in circulation, bring that
It is understood that in the case of re-investment Groat Britain has in
country for investment in another contraction in credit and fall in prices which formerly served to check the
fthe past used what was due to her by one
outflow. It seems, therefore, that Groat Britain, before establishing a
as Wisdom and prudence may have dictated, and America would of course
free gold market, would have to adopt a ratio system, and even then
•do the same.
would require to have experience as to whether the cross currents of inThe question of investment in German securities must, however, be
ternational trade were being adjusted so as to enable the liability incurconsidered from the standpoint of the ordinary investor.
red towards America for payment of debt and the payments which will
German Reparation Bonds,
have to be made for food supplies and raw materials, to be met without
reparation bonds could be made attractive if the prin- an undue drain from America on gold reserves. In the matter of gold reI think German
ciple of the endorsed bond were accepted. I feel sure that to the in- serves,co-operation between America and Great Britain would undoubtedly
vesting public in Great Britain and America, in fact throughout the world, benefit both countries.
However, we approach these various problems both financial and ina bend given by Germany, specifically secured by German assets and
recipient nation which had received dustrial, it seems to me to be clear that the interests of America and Great
bearing also the endorsement of the
reparations, would prove a marketable security, when Britain in foreign markets must be closely allied.
it on account of
settlement is in sight.
Commerce during the last two years had adjusted itself to some extent
once a reasonably satisfactory
of commodities increases
rt is important to remember that Germany could not afford to default to changed world conditions,and every interchangenatural effect of the inwhatever she might do in regard to debts held the possibilities of further trade. Gradually the
on a widely held bond issue,
enemies. There is also the fact sistent pressure of all people to satisfy their minimum requirementslwill
her late
directly by the Governments of
APRIL 28 1923.]
THE CHRONICLE
restore once more a wider and more normal demand. But we must act
and not wait for the slow outcome of natural remedies.
Britain and America are already allied in sympathy. Our instincts
and our interests are the same as yours, while to a great extent, like you,
we are unhampered by merely political entanglements. We can, by action
together, do much good for the world.
Mr. Goodenough's address was made at Wednesday's
(April 25) session of the Council at the Westchester-Biltmore Country Club at Rye, N. Y.
1811
Before the Boerse opened on that day, sterling had risen to 115,000
marks, as against the recent stabilized price in the neighborhood of 99,000.
On the news that the Reichsbank had rationed buyers to 20% of their
demands, the rate rose without interruption to 145,000. Similarly the
dollar, which, under stabilization, had been ruling at 21,000 marks, rose
to 25,000, whereupon dollar exchange was rationed to 5% of the demands,
with the result that it was dealt in at 32,000 after the Boerse had closed.
Plot by "Industrialists" Doubted.
Stories current last week that the industrialists had forced the Cabinet
to encourage a new decline in the mark seem to be untrue. It is a wellknown fact, however, that all German industry wants the dollar to rule
around 30,000 marks, believing that this price would give a new impetus
to home and foreign buying. There is a suspicion that Becker. Minister
of Industry, has been supporting the industrialists, while the remainder
of the Cabinet, which thinks first of the bad effect of a falling mark on
the cost of living, did all that was possible to retain the 21,000 figure
of the last two months.
The mark's partial recovery at the end of the week was due to the
Cabinet's assurance of its purpose and its ability to prevent a fruther
fall. Of the two measures announced as impending by way of protection
of the mark, restriction of imports is considered an effective expedient,
whereas the proposed compulsion of citizens to report their holdings of
foreign currencies to the Government is regarded as futile.
Creation in American Universities of Henry P. Davison
Scholarships for British Students.
The creation by Mrs. Henry P. Davison of scholarships in
American universities for British students enrolled at Oxford and Cambridge, was announce^ simultaneously at New
1
York and London on April 24. Mrs. Davison in announcing
the establishment of these scholarships as a memorial to
her husband, the late Henry Pomeroy Davison, states that
they are "the fulfillment of a purpose of his own." Mrs.
German Government's Efforts to Bolster Mark—
Davison adds:
Proposed Restriction of Treasury Bills.
He believed, as I do, that the two English speaking peoples should work
-on-theAccording to special radio advices from Frankfort
in harmony for peace, order and enlightenment, and that anything tending
to improve their knowledge and understanding of one another was a con- Main, the German Government, in its measures to bring to
tribution to that desirable end.
affecting the value of
The President and faculties of Yale, Harvard and Princeton, where the an end the present critical conditions
British students are to be maintained, have given their cordial support to the mark, will endeavor to restrict the issue of Treasury
the plan and their sympathetic attitude offers encouraging assurance of bills. It was further said in these advices:
Its success.
As a further protective measure the Government intends to publish a
Under date of April 26 commendation in London of Mrs. decree calling for declarations of all private holdings of foreign bills and
Davison's action was reported as follows in press advices: . notes. This decree,it is hoped, will preventfurther speculation in currency.
It is understood that the decree may contain a warning of eventual GovIn order to aid in fostering good will between the United States of America ernment confiscation of private holdings of foreign currencies.
and Great Britain, and recognizing that mutual understanding is of the
In referring on April 19 to the efforts of Germany to
essence of such good will, Mrs. Henry P. Davison has established, in
memory of her husband,a trustfund to be known as "The Henry P. Davison bolster up the mark, the Associated Press advices from
Scholarship Fund." To afford an opportunity to young men from England Berlin that day said:
to obtain a portion of their education at three of our leading American
universities, appealed most strongly to Mr. Davison: the accomplishment
of which he would have assured had he lived. It is for this reason, as well
as for what seem to be the inherent merits of the plan, that Mrs. Davison
is establishing this fund. The income from this fund is to be devoted to
defraying the expenses of six English students who will pass at least one
year as undergraduates in three of the leading American universities.
Every year, committees at Oxford and Cambridge established for this
purpose, will each select the three applicants who, in their opinion, most
typically represent the highest type of university men, basing their choice
upon character and general standing. The scholarships will be'open to
any undergraduate or bachelor of arts in actual residence but preference will
be given to second year students insofar as they may qualify in the discretion
of the English committees. The three American universities, Harvard
Yale and Princeton, have agreed to furnish these scholars free tuition, each
admitting one man from Oxford and one man from Cambridge as undergraduates for one year. In the event that any student wishes to remain at
the American university for two years, he will be entitled to this scholarship
fund provided he has the consent of both his English and American universities.
Representatives of the 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. It was announced after the meeting that
the Reichsbank will continue to throw foreign currencies into the market,
and that other measures will be taken to keep the currency steady.
These measures include far-reaching reductions in imports and the
imposition of Government control of traffic in foreign correncies.
Dealings in exchange here were so sluggish this morning as to cause surprise, although it was pointed out that the dealers were probably wary lest
the Reichsbank immediately exert influence to counteract yesterday's
slump. In the early unofficial tradings the dollar was quoted as high as
31,800 marks.
It is said in some quarters that an attempt is now likely to be made to
stabilize the mark in the neighborhood of 30,000 to the dollar.
"The Reichsbank yesterday lost its Battle of the Marne," the Socialist
Deputy Dr. Hertz declared in the course of the debate to-day in the
Reichstag on the budget for the Ministry of Economics.
His reference was to the sudden weakening in the mark. He believed the
Reichsbank was caught napping, having failed to guard itself against recurring onslaughts by the industrialists and speculators who, he said, were
The following is the announcement of the creation of the out of sympathy with the efforts to stabilize the mark.
Replying to the Socialist's criticism, Minister of Economics Johannes
scholarships:
Becker announced that the Government did not intend to abandon its
act in founding a scholarship trust support of the mark and would not hesitate to adopt the most drastic
Eulogizing Mrs. H. P. Davison's
which will enable six British students to study for at least one year at measures to halt its further decline.
Harvard, Yale or Princeton, the London "Times" to-day says that the
donor's benefaction contains great possibilities and that the privilege of
Reichsbank's Gold Deposit in Bank of England.
benefiting by Mrs. Davison's bounty will certainly be coveted by those who
A special copyright cablegram from Berlin April 22
have just taken degrees at Oxford and Cambridge.
The newspaper asserts that the opportunities offered to the beneficiaries was published as follows by the New York "Times":
of obtaining first-hand knowledge of American institutions and culture will
The Reichsbank has raised its deposit of gold in the Bank of England
perhaps be more important to them than their strictly academic pursuits.
from 65,000,000 to 200,000,000 gold marks, meantime keeping 100.000,000
in Switzerland. Thus far these deposits are not pledged against loans.
"Mark Panic" as It Was Seen at Berlin—Cause Was If, however, the bear pressure on the mark which developed last week
should be renewed, the Reichsbank will undoubtedly borrow foreign
Reichsbank's Blunder in "Rationing" Foreign
exchange bills on the security of these gold balances.
Meantime the currency situation in general is unchanged. At Hamburg,
Exchange.
s new "gold mark bank" has been founded, under the title, "The Deutsche
Under date of April 22, copyright advices to the New York
Standard Bank." Max Warburg of Hamburg makes the suggestion that
"Times" from Berlin said:
an official market for discounting in futures for the new gold Treasury
The panic in mark exchange, 'which reached its crisis in the middle of bills should be established.
Alfred Lansburgh, whose discussions of the currency situation have
last week, has ended with a considerable recovery of the ground lost in the
week's earlier decline. The more hopeful financial observers now think attracted wide attention,last week took somewhat new ground regarding the
that the dollar during the next few weeks will remain around 25,000 marks, prospects of restoring gold currencies in Europe generally. He declares
as compared with the price of 32,000 momentarily reached on Wednesday that when the United States through its own deflation led to the fall in
and the recent stabilized price of something near 21,000. This view is prices during 1921 it materially increased the difficulty for paper-currency
expressed with some uncertainty, however, because in business and specu- countries to return to the gold standard.
His further conclusion is that America, by locking up gold, will in the
lative circles extreme nervousness over the situation still prevails.
The sole cause of the week's panic, as seen in this market, was the mistaken end injure herself, because she thereby raises the value of gold and increases
action of the Reichsbank, which was taken unawares, and which,instead of the quantity of goods which Europe must throw upon the market in order
permitting a moderate rise of the foreign exchanges and fall in the mark— to bring the European currencies to an equivalence with gold.
which had become inevitable—attempted to maintain the mark near the old
level by rationing foreign bills severely to would-be buyers. The result of League Council Approves $120,000,000 Loan to Austria
this action was that the public lost its head and began selling marks in quan—Part Expected to Be Floated in United States.
tity.
.Associated Press cablegrams from Geneva April 22 anWhere the Reichsbank Misjudged.
This blunder was made on Wednesday. Already, however, a week nounced the approval by the Council of the League of Nabefore, a distinctly increased demand for high-exchange currencies had tions that night of a loan to Austria of $120,000,000. In
developed, particularly for sterling. The causes of this were, first, the
would be floated in the
need for foreign exchange to pay for the increasing purchases of coal and indicating that a portion of the loan
raw materials on import; second, the illegitimate use by western German United States, the "Journal of Commerce" of April 24 said:
business firms of mark credits which had been granted them to enable
A commission appointed by the Austrian Government visited London
them to resist the Ruhr bolckade. These credits they used surreptitiously Yesterday and plans to go to other financial centres of Europe within a few
In purchase of foreign bills.
days to negotiate for the flotation of the proposed international loan for
But in addition to this, there was a general rush of speculators to obtain the:r country, according to messages received by J. P. Morgan & Co. The
"good money," a movement due to their conviction that the present commission hopes to visit New York, but if sufficient time is not available,
headlong inflation of the currency would ultimately send the mark sud- it is thought the details for financing the American share of the loan can be
denly down again. Wednesday morning the demand for sterling in this arranged by cable. News dispatches have referred incorrectly to the commarket, which in former days.had not exceeded half a million, jumped mission as representatives of the League of Nations.
to one and one-half million. In additoin, a considerable demand arose
Although it is not known how much if any,of the loan will be floated in the
for dollars, for Dutch guilders and for Swiss francs.
United States, international bankers believe some of it will be offered locally,
1842
THE CHRONICLE
If only for the "sentimental" effect. A total of £10,000,000 will be offered
this year, probably in June, according to one report.
Estimates of the amount of the loan have been varied: The latest is
£21,000,000. Previous figures have ranged between $120,000,000 and
$135,000,000.
The loan will have a several guarantee by Great Britain, Italy, France and
Czechoslovakia, each of which is to guarantee 20% of it. The guarantee
for the remaining 20% of the loan will be divided among other constituents of
the League of Nations.
A financial commission of the latter body decided on the loan last summer.
Its terms include the establishment of a bank of issue by Austria, the restriction of currency inflation, the balancing of the national budget within two
years, the pledging of customs receipts and the tobacco monopoly to pay
off the loan.
[vox,. 116.
Baron von Rosenberg made no definite reparations proposals on behalf
of the German Government. He said that all Germany's proposals up to
the present time had either been rejected or ignored entirely, and that the
offer of 30,000,000,000 gold marks which the Government had intended
to make to the Paris conference of Premiers last January was the utmost
it believed it would be able to carry out at that time.
"Germany is prepared and willing to work for the accomplishment of her
reparations obligations," said the Foreign Minister. "She is ready to
sacrifice and pay to the extent of her ability. This is the real meaning,but
also the limit, of her obligation. The question at issue is: What are the
sums which Germany is capable of supplying?"
Referring to the German proposals which Premier Poincare declined
to receive or consider when the Entente Premiers met In Paris, Baron
von Rosenberg declared that despite the altered economic situation due
program, as reflected in those proposals,
While copyright advices to the New York "Times" from to the Ruhr eruption the German or
would yet afford a usable basis
starting point for future discussions.
London April 23 stated that Thomas W. Lamont of J. P. He declared Germany was willing and prepared to work and to make
Morgan & Co. was expected to take part in the discussion sacrifices to pay what was in her power in order to fulfill her reparations
obligations.
of the loan, the same paper April 25 said:
Discussing the French policies toward the Rhineland and the demands
Thomas W. Lamont of J. P. Morgan & Co. will leave shortly for Europe
Minister said:
on a pleasure trip, contemplated long before the problem of the Ausrtian for securities, the Foreign
"In the light of the recently published memoirs and documents of exloan plans were discussed. According to present plans, he does not expect
President Wilson this invasion of the Ruhr and the projection of the
to visit Vienna. It was stated yesterday that the trip was purely of a perquestion of securities into the present crisis suggest a veiled recrudescence
sonal nature.
of the French policy of paralyzation which foundered on President Wilson's
It is understood that Mr. Lamont sails for Europe to-day opposition at Versailles."
(April 28). The following are the Geneva advices of the
It was impossible to estimate Germany's capacity to pay, the Foreign
Associated Press April 22 referred to above:
Minister declared, so long as the French war of destruction against GerThe loan to Austria of $120,000,000 was approved to-night by the Council many's economic life was not abandoned. He added that plans aiming
of the League of Nations at a meeting that developed optimistic reports at the formation of an independent Rhenish Federal State or the transfer
on the League's plan to put that country on a firm financial footing so that of administrative rights to an international organization could not be
she may be able to balance her budget within two years.
discussed by the German Government. It was in this connection that
Former Premier Salandra of Italy said that Austria was already showing he declared that the present Government was not prepared to sacrifice
conditions and that expenses had been reduced.
Improved
Germany's future in order to remove present difficulties.
Dr. Zimmerman, Comptroller of the Austrian loan, reported that busiIf France succeeded in bringing the weaponless population of the Ruhr
ness was better and unemployment less in Austria and expressed his confi- to its knees, militarism would triumph forever, and in matters of world
dence that the Austrian people would co-operate in the work of reorgani- 'politics the number of bayonets would henceforth be the decisive factor.
zation. Chancellor Seipel has pledged the aid of the Government and
"If, however," Baron von Rosenberg continued,"it.is shown, as we with
people to the League's representatives.
strong confidence hope, that the weaponless are invincible, that will prove
The Council's approval of the plan for a large loan came after an extended that the power of warlike preparations and military force have their
examination of the progress made since the reorganization was begun. A limits, and that the determined will of a people is stronger than tanks
preliminary loan of £3,500,000 sterling was authorized by the Council and machine guns.
last January.
"Our aim in the present struggle is purely defensive. We wish to
succeed to freedom—a freedom which will be burdened with obligations
taxing our utmost strength, but in the fulfillment of which the German
German Foreign Minister Baron von Rosenberg Says
people must believe in order to be able to fulfill them.
Contest Between France and Germany Is To
"France's invasion of the Ruhr has disturbed a return to real peace
Determine Whether Right and Peace Shall
and delayed the reconstruction of the world's economic system which has
been destroyed, and it is preventing Germany from working with all her
Prevail—Germany Ready to Enter Into
strength for reconstruction, as she is willing to do."
Peace Guarantee Agreements.
The Foreign Minister then recapitulated Germany's various proposals
The contest now in progress between France and Germany for a solution of the reparations problem and expressed regret over the
Germany's
on the banks of the Rhine and in the Ruhr was described rejection of that Baron recent offer to raise 20,000,000,000 gold marks.
von Rosenberg declared that the attempts of the
It was here
last week by the German Foreign Minister Baron von Rosen- Germans to submit this plan to the Allies were not considered worthy
berg, as a battle not for coal or wood, but a fight which would of answer.
of
determine whether the ideas of right and peace would progress ofThe speaker then dealt with the questionbe securities,saying that instead
speaking of France's security it would
better to examine Into how a
or lose ground. The Foreign Minister's statement to this repetition of attacks on Germany's sovereignty, such as the Ruhr invasion,
effect was made in his address to the Reichstag on the 16th could be hindered and what guarantee France was ready to give,in the interpacification of
inst., when he declared that Germany, to remove what he est of the economic life. Europe, to allow the peacable development of
Germany's
called pretended or real French anxiety, remained ready to
Germany's disarmament had been carried out and the 100,000 men left did
to secure
not suffice
enter into far-reaching arbitration treaties and peace guaran- insufficientevenattacking Germany's own frontiers, and certainly they were
for
France's military power. The Foreign Minister
tee agreements. Any solution leaving the Ruhr or other asserted that France aimed at the separation of the Rhineland from the
occupied districts in the lurch, however, or any suggestion Reich and the creation of an autonomous Rhine State, which no German
depriving the Rhineland of its rights, would not be acceptable Government could accept, for the Rhineland and Rhinelanders were and
would remain German.
to the German Government. Baron von Rosenberg stated,
Referring to Premier Poincare's speech at Dunkirk, the Foreign Minister
according to the Associated Press accounts of his speech, declared the French Premier "obstinately maintained his errors and false
arguments and
which report that likewise unacceptable would be the that Germany'shis well-known whims of force." The speaker emphasized
imperialism was "thoroughly
proposed evacuation of occupied territory by stages as Government was sending foreign currencies dead." He admitted that the
abroad to make purchases,
said this was necessary to protect the people from hunger. He wondered
decided on by the French and Belgians at the recent Brussels but
whether M. Poincare knew what it was costing Germany to meet her coal
meeting. Detailing further the Foreign Minister's address, needs by importing coal from England.
the Associated Press said in part:
Referring to the security police in the Ruhr, he said this organization had
The Foreign Minister voiced approval of the suggestion of Secretary of been sanctioned by the Allies and had nothing to do with the military.
State Hughes that the reparation problem be referred to a body of authori"When France determines to recognize Germany's right to freedom and
tative experts, and he also endorsed the conclusions on this subject recorded justice; to respect her territory and sovereign rights, and abandon her huIn the resolution adopted by the International Chamber of Commerce at miliation." declared Baron von Rosenberg, "the ice will be broken and the
dream fulfilled ofthe good Europeans who hope for Europe's revival
Its recent congress in Rome.
through
In view of the economic devastation wrought by the invasion of the Ruhr the economic co-operation of both peoples. As long, however, as France,
and what he characterized as France's avowed purpose to paralyze German lacks the strength to make this determination,only one thing remains for us,
economic productiveness, any attempt at present to appraise Germany's namely to clinch our teeth more firmly and stand together, and, trusting in
capacity for payment or establish the precise amount would be wholly our right and supported by our people's will to live and their patriotism,
hold out in opposition."
futile, he said.
Just how far Baron von Rosenberg, the Foreign Minister, succeeded in
The German Government had tried in various ways to get the reparation
question out of the "quagmire" in which this problem, together with all carrying the reparations discussion forward with his detailed review in the
Europe, was in danger of sticking fast. It had also tried to help put an Reichstag to-day of Germany's past efforts to achieve a definite readjustend to the daily increasing tension and economic chaos under which Europe ment of the question,Is a subject on which the opinions of the party leqciers
was suffering. Germany's efforts in these directions were designed to differed at the conclusion of to-day's debate.
Altogether the Foreign Minister is considered to have made out a good
facilitate the release of all possible forces of reconstruction, in which process
case for the Cuno Government, his speech being voted one of the most
Germany wished to co-operate.
Referring to Secretary Hughes's proposal at New Haven in December, effective official utterances since the advent of the Ruhr crisis.
In laying stress on Germany's approval of the suggestion that the 111Baron von Rosenberg reiterated the statements he recently made before
the Foreign Relations Committee of the Reichstag. In the German Gov- starred topic of reparations be definitely referred to a jury of authoritative
ernment's opinion, he said, an international commission of experts such as experts. Baron von Rosenberg again placed the Cuno Administration on
Mr. Hughes had suggested should determine, first, what Germany has record as favoring the plan put forward by Secretary of State Hughes
done so far on reparations; second, what could and should Germany do In his New Haven speech, which subsequently received support In a resoregarding them in the future, and, third, in what way could she do what lution adopted by the International Chamber of Commerce during its
was expected of her in the future. Germany and the Entente, he added, recent sessions in Rome.
This was not the only mention of American thought and initiative
would be represented on such a commission with equal rights.
If the problem were handled in this or a similar way, he repeated, Ger- In connection with the present European problems, as the German Minister
ready to seek the highest loan possible in the international apparently discovered a handy witness in former President Wilson, whose
many would be
financial market, and the proceeds of this loan would be available imme- recently published memoirs and documents were freely cited by him to-day
in support of the German assertion that French annexationist aspirations
diately as a cash installment to be turned over to the Allies or to France.
Premier Poincare's speech yesterday at Dunkirk, the Foreign Minister and insistence on securities along the Rhine date back to the days of
preachment of might which rendered poor service toward Versailles when the French "program of panic" temporarily foundered
declared, was "a
the needed attainment of international understanding and reconciliation." on former President Wilson's opposition.
The Reich.stag also approved Baron von Rosenberg's recitation of the
The German Government would not sacrifice or jeopardize Germany's
future merely for the purpose of overcoming or eliminating present com- German offer to placate the French apprehensions as provided for in the
-aggression compact which was rejected by Premier Poincare despite
anti
plications.
APRIL 28 1923.]
THE CHRONICLE
1843
to
Belgium to Borrow 1,000,000,000 Francs.
the fact that the trusteeship over the non-war accord was to be given
the United States.
Associated Press cablegrams from Brussels April 25 stated:
only so far
The Minister's defense of the German proposals, which got
of which
Paris last
Belgium is floating a loan of 1,000,000,000 francs, the proceeds
as M. Poincare's ante-room when the Entente Premiers met in
The
terms of that offer. The will be applied to the reconstruction of damage caused by the war.
January, was the first official reference to the
at an nation's note circulation is now 6,858,000,000 francs.
Minister declared that whatever be the future method of arriving
sent to
adjustment of Germany's reparation obligations, the proposals
discussion.
Paris would still afford a useful starting point or a basis for
constituted, because Irving Bank-Columbia Trust Co. Denies Report of
He believed the Hughes plan the more practically
and
"the ultimate sum to be paid by Germany would be put at the end
Purchase of Havana Bank.
events,
not at the beginning of the discussion." In the light of recent
Hughes
The Irving Bank-Columbia Trust Co. of New York, issued
said Baron von Rosenberg, the recommendations made by Mr.
statement:
at New Haven were almost prophetic.
Reich- on April 26 the following
morning
It was evident at the conclusion of the Minister's speech that the
The report published in two New York City newspapers this
would continue to support the Government In its war of unarmed (April 26) to the effect that the Irving Bank-Columbia Trust Co. has purstag
from
defense and that passive resistance would continue to be the fashion
incorrect. No such purchase
chased the Gomez Mena Bank of Havana, is
transacDuesseldorf to Dortmund.
has been made or is contemplated by the Irving-Columbia. Such a
The United Socilaists favor some action by Chancellor Cuno in the tion would be
policy of this institudirectly contrary to the well-established
through corof an offer which would provike discussion, believing that the
nature
tion concerning its foreign representation, which is maintained
present moment probably would be more auspicious than a later period.
respondence and individual representatives.
which might find the Entente front again solidified, should a new German
proposal which had provoked the approval of the United Socialists be
rejected. Then the united German working classes, says "Vorwaerts,"
Land Bank Bonds.
would resolve to show greater determination in continuing the fight along Offering of Kentucky Joint Stock
the lina3 na6V baing urged.
Bank of France Granted Seven-Year Period in Which
to Pay Debt to Bank of England.
On April 21 press cablegrams from Paris said:
France
The loan of E60.000.000 by the Bank of England to the Bank of
installments
on April 25 1910, which fell due this year, will be repaid in
announced tocovering a period of seven years from date, it was officially
of the two
night, under an agreement reached between representatives
of Finance.
banks, the British Treasury and the French Ministry
were conThe negotiations, which covered a period of several weeks,
ducted "in a most cordial spirit," the announcement says.
In our issue of March 24 (page 1237) we made reference to
the report that an arrangement had been entered into between the Bank of England and the Bank of France whereby
the latter had been granted a long term of years for the payment of its liabilities to the Bank of England.
Gold Hoards Sold to French Treasury.
following copyright cablegram came from Paris to
The
the New York "Times" April 23:
More than a thousand pounds' weight in gold coin is every week melted
down and sold to the French Treasury by traders in gold who buy coins
from the peasants. About tho same amount is sold abroad.
These statements have been made to "The Matin" by a French official
Who has been making an inquiry into the amount of gold In the country.
In some village, he says, he knows farmers who, instead of giving up
their gold when the war broke out, concealed as much as 100,000 francs.
practically every
Savings of 10,000 francs in gold coin are usual, and
is the
farmer or peasant has some idle gold hidden somewhere. What
loss has
total amount in the country it is impossible to estimate, but the
seems some
become so serious from the work of the gold traders that there
if they
likelihood that a bill which professes to remit 50% of one's taxes
are paid in gold may be passed by the Chamber.
offer their gold even to the
Hoarders of gold are always ashamed to
sell to
banks, so great has been the outcry against them, and so they
dealers
dealers who have a widespread net across the country. These
Govern-franc piece and resell it to the
pay 30 and 40 paper francs for a 20
-franc piece.
ment, melted down, at 60 francs, the weight value of a 20
paying nearly 70 francs for the English pound
Meanwhile France is
and 15 for the dollar.
On April 23 Harris, Forbes & Co. of New York and the
bond department of the Harris Trust & Savings Bank of
Chicago offered $1,000,000 5% bonds of the Kentucky
Joint Stock Land Bank of Lexington, Ky. The bonds were
offered at 103 and interest, to yield about 4.625% to the
redeemable date and 5% thereafter to maturity. The bonds,
issued under the Federal Farm Loan Act, are dated Feb. 1
1923, are due Feb. 1 1953 and are redeemable at par and
interest on any interest date on and after ten years from the
date of issue. Interest is payable semi-annually, Feb. 1
and Aug. 1, and principal and interest are payable at the
Kentucky Joint Stock Land Bank, Lexington, Ky., or the
fiscal agencies of the bank in Chicago or New York, at the
holder's option. They are coupon bonds, fully registerable
and interchangeable, in denomination of $1,000. They are
Exempt from Federal, State, municipal and local taxation,
and are acceptable as security for postal savings and other
deposits of Government funds.
The Kentucky Joint Stock Land Bank was chartered by
.
the Federal Farm Loan Board on April 1 1922 and has a
capital of $450,000 and surplus and undivided profits amounting to $157,757. Its operations are confined to the States
of Kentucky and Ohio. The greater portion of the bank's
loans, it is stated, have been made in the "Blue Grass"
section of Kentucky. The total loans in Kentucky to date
are reported as $4,841,000, and in Ohio $2,637,900. The
following statement of the Kentucky Joint Stock Land Bank
(as officially reported March 31 1923) is furnished in the
circular:
Acres of real estate security loaned upon
Total amount loaned
Appraised value of real estate security
Appraised value per acre
Amount loaned per acre
Percentage of loans to appraised value of security
154,784.98
$7.479.300 00
19,265,55400
124 47
48 32
38.84%
An offering of bonds of the Kentucky Joint Stock Land
Bank was noted in these columns Dec. 9 1922, page 2524.
Switzerland Repaid U. S. $10,000,000.
Under date of April 25 Associated Press advices from Offering of Bonds of First Colorado-Wyoming Joint
Berne (Switzerland) said:
Stock Land Bank (Formerly First Joint Stock
Land Bank of Cheyenne).
Switzerland has repaid the United States in the last year 610,000.000 on
account of loans floated in 1919 and 1920, according to an official announceA $1,000,000 issue of 5% farm loan bonds of the First
and the rement made to-day. One of these loans was issued at8% interest,
payment of the $10,000.000 is saving Switzerland 400,000 francs yearly Colorado-Wyoming Joint Stock Land Bank of Cheyenne,
owing to the cheaper money rates prevailing now.
Wyo., was offered on April 25 by Barr Bros. & Co., Inc., of
The national debt of the country, however, increased 90,000,000 francs
this city, and Stroud & Co., Inc. at 102y2 and accrued
last year and is now 2,110,000,000 francs.
interest to yield about 4.68% to optional maturity and 5%
Receiving Subscriptions to Swiss thereafter. The bank was formerly known as the First
Boissevain & Co.
Joint Stock Land Bank of Cheyenne, Wyo., having been
Railways Loan.
27) that chartered under that title on April 18 1922. Its present
Boissevain & Co. announced yesterday (April
paid-in capital is $250,000, which carries the usual double
they are receiving subscriptions up to April 28 to the new liability, and it reports undivided profits (based on its stateFederal Railways third
issue of 120,000,000 francs 4% Swiss
ment of April 15 1923) of $39,258. The bonds are dated
electrification loan of 1923, due 1933-1938, at the issuing April 1 1923, and become due April 1 1953. They are
rate of Swiss exchange, it
price of 94%. At the prevailing
callable at par on April 1 1933, or any interest date thereis stated, the equivalent of 5,000 francs bonds is about $860, after. The bonds, coupon, in $1,000 denomination, are
maturity is approximately
at which the yield to earliest
fully registerable and interchangeable. Principal and semiof
5.40% on the basis. normal exchange. The loan is a direct annual interest (April 1 and October 1) are payable at the
obligation of the Swiss Government.
First Colorado-Wyoming Joint Stock Land Bank of Cheyenne, Wyo., or the Chase National Bank, New York City.
National City Co. Denies Reports of Cancellation of The bonds are exempt from Federal, State, municipal and
Oriental Development Co. Loan.
local taxation, and are legal investment for all fiduciary and
National City Co. of New York stated emphatically on trust funds under the jurisdiction of the Federal Government.
The
C. L.
April 23 that there is no foundation whatever in the state- The bank operates in Colorado and Wyoming.
furnishes
ments contained in the morning press that the Oriental De- Beatty, President, in a letter to the offering houses,
Colovelopment Co. loan, guaranteed by the Japanese Govern- the following statement of the condition of the First
Wyo.,
ment, has been cancelled. The loan was referred to in our rado-Wyoming Joint Stock Land Bank of Cheyenne,
at the close of business, April 15 1923.
issue of Mar. 31, page 1363.
1844
THE CHRONICLE
[VoL. 116.
Assets.
Net mortgage loans
13,367,114 50 Clash in Treasury Over Farm Credits—Secretary Mellon
Accrued interest on mortgage loans (not matured)
44,870 17
Will Intervene to Settle Differences Between the
Farm loan bonds on hand (unsold)
309,000 00
Farm Loan Board and Comptroller.
Accrued interest on farm loan bonds on band (not matured)_ _
8,170 94
Other accrued interest (uncollected)
76 50
The following from Washington, April 23, appeared in the
.
Cash on hand and in banks
2.733 64 New
York "Times" of the 24th:
Accounts receivable
2,381 38
Dual administrative provisions of the Agricultural Credits Act have
Installments matured (in process of collection)
Furniture and fixtures
1.903 62 brought about a clash as to policy between Federal agencies charged with
directing the new farm credit system. The situation has reached the stage,
Other assets
It was said to-day, where Secretary Mellon proposes to attempt to straighten
Total
83,736,250 75 out differences which have arisen between the Federal Farm Loan Board
and the office of the Comptroller of the Currency.
111
411
Liabilities.
Disagreement between the two units of the Treasury arose first, it wag
Capital stock paid in
$250,000 00 said, when the Loan Board issued a circular
suggesting that national banks
Farm loan bonds (authorized and issued)
2,600,000 00 might organize adjunct loan corporations
under State laws as an added
Accrued interest on farm loan bonds (not matured)
49,640 03 facility for those seeking to use the new credit
system. This suggestion,
Other accrued interest payable
1,573 50 it appeared, was thoroughly disapproved by
Comptroller Crissinger, who
Notes payable
325.259 60 was said to have viewed the action as a move by
the Loan Board to upset
Due borrowers on uncompleted loans
468.429 73 a long established policy of the Comptroller's office
which had discouraged
Amortization installments paid in advance
organization by national banks of any adjunct corporation which would
Matured interest on farm loan bonds (coupons not presented)
25 00 not be subject to supervision under the National
Banking laws.
Other liabilities
2,06446
Henry M. Dawes of Chicago is soon to take over the office of
Undivided profits
39,258 43 of the Currency, and it was suggested in some quarters to-day Comptroller
that in view'
of this nothing might be done at present about the situation arising from the
Total
$3,736,250 75
variance of policy. Secretary Mellon, however, was said to be prepared to
Previous references to offerings of the bank appeared in our determine whether anything detrimental to the general Treasury policy
issues of May 13 1922, page 2073; December 30, page 2850, had been done and whether the Lenroot-Anderson sections of the credit law
contemplated encouraging the formation of rediscounting corporations under
and January 6, page 27.
State laws and might prove "dangerous" to the national banking system.
The possibilities of confusing assets and liabilities of the national bank and
its subsidiary corporation are many, the Comptroller's office maintained.
Election of Morris T. Phillips as Director of Joint Stock and it therefore
opposed any action tending to remove any of the bank's
assets from the Federal jurisdiction.
Land Bank.
The Farm Loan Board has backed its stand with the assertion that such
While in our item of a week ago, page 1713, we indicated corporations were contemplated in the law and that the law
gave it control
that Morris T. Phillips had been elected'a director of the for examination purposes as complete as that now held by the Comptroller
over the national banks, and there was no reason to suppose that control
New York and Pennsylvania Joint Stock Land Bank, the
would not be as rigidly enforced.
heading to the item was misleading inasmuch as it incorA reference to the report that the Federal Farm Loan.
rectly gave the name of the bank as the New York and New
Board had suggested to banks the forming of adjunct loaningJersey Joint Stock Land Bank.
corporations under State laws was made in our issue of
March 31, page 1367.
Organization of Maryland-Virginia Joint Stock
Land
Bank.
The Maryland-Virginia Joint Stock Land Bank has been Application to Convert Del Rio Wool & Mohair Co:
Into a National Agricultural Credit Corporation.
organized in Baltimore by interests identified with the
Equitable Trust Co. of that city. The new Joint Stock
The Comptroller of the Currency's office made the folLand Bank will have a capital of $250,000 and surplus of lowing announcement april 24:
An application received to-day to convert the Del Rio Wool & Mohair
$25,000. Elmore B. Jeffery, President of the Equitable
Company, having capital
Trust Co., will be the President of the Maryland-Virginia Credit Corportation. under stock of 175.000 into a National Agricultural
the title "The Del Rio National Agricultural'
Joint Stock Land Bank, which will operate in Maryland and Credit Corporation." This Corporation is located in the County of Val.
Virginia. The incorporators are: John L. Alcock, Jacob Verde, State of Texas,and its operations are to be carried on within the limits
France, W. W. Lanahan, Stuart Olivier, A. W. Gieske, of the State of Texas.
Elmore B. Jeffery, R. W. Alexander, Sifford Pearre, C. H.
Buck and C. R. Evans.
Federal Reserve Bank of New York on Method of
Presentation of Federal Farm Loan Bonds
Called for Redemption.
Intermediate Farm Credits Banks to Open May 1.
On April 23 the Federal Reserve Bank of New York issued
The opening of the twelve new intermediate farm credits
banks, authorized under the recently enacted Agricultural the following circular (No. 545) regarding the method ofCredits Act, is scheduled for May 1. Announcement to presentation of Federal Farm Loan bonds dated May 1 1918,
this effect was made by the Federal Farm Loan Board at which, as we noted April 7, page 1482, have been called for•
Washington on April 22, when it was stated that all of the redemption May 1 1923:
intermediate banks had been chartered and will be pre- To All Banks, Trust Companies, Savings Banks, Bankers, Investment Dealers,
Principal Corporations and Others Concerned in the Second Federal'
pared, with their opening, to consider applications for loans
Reserve District.
A115% Farm Loan bonds dated May 11918,issued by the twelve Federal
under the provisions of the new law. The press dispatches
Land banks, have been called for redemption on May 1 1923, and payment
from Washington April 22 said:
of them will be made through the Federal'Reserve banks
A uniform discount rate of 51 % has been fixed by all of the banks.
,
6
guaranteeing to farms credit at not exceeding 7%, with the possibility of
slightly lower interest charges.
With the announcement that the Government's part of the program for
extending new loaning facilities to the farmer is ready, the problem now appears to be one of organization among those who will seek Government
money. Certain provisions of the law require that the producers individ.
ually shall not obtain funds direct from the loan banks but must First group'
themselves into one of several kinds of organizations through which the producers'obligations may be rediscounted and passed on to the credit banks.
' Among such organizations are co-operative marketing associations, livestock loan companies and agricultural credit corporations, each with certain limitations and restrictions upon its powers to handle paper for the
farmers.
as fiscal agents of
the United States or at any Federal Land bank. There aro about $55,000,
000 of these bonds outstanding. We aro prepared to receive them in both
coupon and registered form for payment on May 1 1923. as follows:
Method of Presentation.
Coupon Bonds.
The coupon bonds must have the Nov. 1 1923 coupon and all subsequent
coupons attached upon presentation. The coupon duo May 1 1923 and •
any past-due coupons should be detached and collected in the regular way.
Registered Bonds.
si`A
The registered bonds are to be assigned in blank, the assignment to be
attested by any person or officer who may attest the assignment of Government bonds, or by a notary public. The interest due May 1 on the registered
bonds will be paid as usual by the respective Federal Land banks.
You will facilitate the redemption of these bonds by presenting them to
us well in advance of May 1 with the application forms we have prepared,
copies of which are enclosed. Separate applications should be used for
coupon and for registered bonds.
Very truly yours,
BENJ. STRONG, Governor.
The Farm Loan Board is optimistic, although Commissioner Lobdell said
to-day the development of the system necessarily would be slow during what
he termed the experimental stage. The Commissioner predicted that tho
new facilities would be readily grasped, and the opportunities presented
quickly accepted by those for whom they were designed.
Proper warehousing appears to the Farm Loan Board as the chief problem
confronting the co-operative marketing associations. This, however, does
Minnesota Legislature Passes Bill Establishing System.
not seem to be of an unsurmountable character.
Farm Loan Board members have instructed the credit bank officers and
of Rural Credits.
the system personnel generally to give every sort of advice and render any
A bill establishing a system of rural credits was passed by
assistance within their power In starting the lending machinery in operation.
It is said to be impossible to start the system without some disappointments both branches of the Minnesota Legislature before the latto early applicants for loans, but the belief is that thorough acquaintance
ters adjournment April 18. From the Minneapolis "Journwith the law's provisions and the possibilities opened up by it soon will be
al" of April 19, we quote the following regarding the features
acquired by the agricultural industry, and the benefits to be derived
will
follow in natural course.
of the measure and the proceedings leading up to its passage:
For the starting of the banks, the Treasury has turned over $1,000,000 to
There was much travailover the rural credits act principally in the House.
each of the twelve institutions, although the law allows to each a maximum
Following the overwhelming mandate ofthe voteres In passing the Christianof 15,000,000. Members of the Loan Board expect that nothing like the
son rural credits amendment to the State Constitution last November, by a
maximum capital permitted will be required for many months. Th.morrT,
r- 11 1" e ”01'7 -` •-•••7!
,
' ,
.
' ;"•.• r •
APRIL 28 19231
THE MIRONICLE
Rural Credits Early Issue.
10,named by
The job was tackled by a special pre-session committee of
conference of
I.
Speaker W. Nolan under a resolution passed at the pre-session
al district,
House members. There was one member for each Congression
Dakota law
with Colonel R. A. Wilkinson as Chairman. It took the South
adapted to Minneas a model and spent several days working out a model
Committee on
sota. Their bill was introduced Jan. 3 and referred to the
sailing, The proMarkets, with 31 members. The bill had far from easy
and each time the comvision for three board members came under attack
Nels T. Moen
mittee met there was a new fight started. 0. K. Dahle and
some of the
finally framed a substitute bill. Their idea was to utilize
-committee
present State officers and create only one new official. A sub
after several failures a
tried to bring the two elements toge,her, and finally
commitcompromise was reached and a new bill, II. F. 875, presented as a
attorney
tee bill. It provided for a commission of three, with an assistant
other
general acting as one member, handling the question of titles. The
farmer and the
two members are to be named by the governor, one to be a
other an expert farm loan man. They are to draw $4,500 each.
1845
The repayments received by the Corporation from Jan.
1 1922 to April 15 1923 inclusive, on account of all loans,
totaled $223,102,530.
Advances by War Finance Corporation Account of
Agricultural and Live Stock Purposes.
On April 23 the War Finance Corporation announced that
from April 1 to April 15 inclusive, the Corporation approved
26 advances, aggregating $457,000, to financial institutions
for agricultural and live stock purposes.
Bill Opens Purse Strtngs.
The bill as finally passed allows loans to be made up to 60% of the apof
praised value of the land, and 33 1-3% on improvements. with a limit
loan. The
$8,000 on valuation of improvements and of $15,000 on the total
presboird is now allowed to sell not more than $10,000.060 in bonds for the
ent, the interest rate not exceeding 5%,and may add from X to X of I%
costs.
In its interest charge to the borrower, to take care of "overhead"
amortization.
The borrower also is to pay an additional I% each year for
Champions
which will clean up the principal of the loan in about 34 years:
for a long
of the plan say it will give farmers a chance to fund their leans
eventually paying
term and pay no more than ordinary current interest,
loan rates
off the loan. Whether this is possible remains to be seen. Farm
% or lower
have gone down, and the State will have to sell its bonds at 4X
to compete with private loan agencies.
Re-Financing of Sun Maid Raisin Growers of California
to Meet Requirements of Co-operative Marketing Act.
In our issue of March 31, page 1367, we made mention of
the proposed reorganization of the Sun Maid Raisin Growers
of California on a plan which appeared to meet the cong
ditions of the Capper-Volstead Co-operative Marketin
date of April 25 we have received official adAct. Under
vices from Fresno of the successful re-financing of the Sun
Maid Raisin Grbwers—styled the greatest co-operative
marketing association in the world—as announced by Managing Director Ralph P. Merritt at a mass meeting of growers on the 25th. These advices state in part:
New York Senate Passes Bill for Taxation of National
Bank Shares—Conferences Looking to Compromise
on Tax—Tax Reform Association's Criticism
of Tax on Moneyed Capital.
The Senate at Albany passed on April 24, by a vote of
27 to 15, the bill introduced by Senator Sheridan on April 12
legalizing, ratifying and confirming taxes imposed, levied
and assessed upon the shares of national and State banks
in the years 1920, 1921 and 1922. The introduction of
the bill, which, it was stated, was designed to meet the views
of City Comptroller Craig of New York with respect to the
collection of these taxes, was referred to in our issue of
April 14, page 1601—the proposed legislation being intended
to meet the situation which resulted from the decision of
the Court of Appeals at Albany last December holding invalid the State law imposing a 1% tax on shares of national
banks. In referring to the adoption of the Sheridan bill
by the Senate on April 24 the "Journal of Commerce" in an
Albany dispatch April 24 said:
The bill would refund the income taxes Raid on dividends of such shares
in those years, and would impose a 1% tax during the same period upon
the value of the moneyed capital owned, held or employed in this State
In the banking business in competition with capital so employed "by
every person, firm, partnership and corporation, other than national.
banking associations, State banks and trust companies organized under
the laws of the State."
The bill provides for a refund of interest and penalties on taxes heretofore
paid upon the shares of national and State banks in the past three years
and an extension of the time of payment of any such taxes not yet paid
to Dec. 31 next. The bill was made necessary by the recent decision of
the United States Supreme Court Invalidating the I% tax on national and
State bank shares on the ground that it resulted in double taxation. If
the measure is not passed New York City will have to refund to the banks
about $20,000,000 which it has collected in the I% tax in the last three
years. All the money from the tax goes to the localities.
Senator Sheridan, the introducer, declared that the banks had made no
the
effort to compromise with the localities on the taxes they had lost until
bill was introducei ant that his measure would result in a saving of $20,-
The entire $2,500.000 of new financing required to place the 15,000
was
raisin growers of the San Joaquin Valley on a firm financial footing
raised by public subscription in which the business interests of the whole
State of California voluntarily joined. The subscription of $2,100,000
was
offered by raisin growers and business men of the San Joaquin Valley
Commerce and insupplemented by $150,000 raised by the Chamber of
the business men of
vestment bankers of Los Angeles, and $250,000 by
of ComSan Francisco under the leadership of the San Francisco Chamber
not only
merce. Under the plan worked out, the raisin growers have
but
maintained the most desirable principles of co-operative marketing,
corporation 000,000 to New York City.
will have the benefit under the law of the most modern form of
to-day in the
Senator John ICnight, who acted as Republican leader
by Managing Director Merritt
control. Under the new system, devised
objected to the measure on the ground that the
approval, the requirements of the Capper-Volstead Act absence of Senator Lusk,
with Government
had been invalidated by the
accepted a Legislature could not re-enact a law that
have been met and it is expected that the new set-up will be
had introduced a bill to
ns courts, as applied to past years. He said that he
the standard pattern for other co-operative marketing organizatio
invalidating of the 1% tax on bank shares
and Middle Western as- make up the money lost by the
throughout the United States. Many Eastern
and believed that it would better meet the situation than the Sheridan
sociations are already planning to proceed along similar lines.
It provides
he intended to make a fight for his measure.
of this reorganization and refinancing is the epic struggle of 15,000 bill. He said that
Back
for a tax of 4 X % on the net income of banks, and it is understood that the
growers of California to save their great industry from dissolution and
banks are not opposed to this measure.
to salvage the good will of twelve years of successful co-operative effort.
It is doubtful whether the Sheridan bill will pass the Assembly in its
To-morrow—Raisin Day—a great celebration will be held in Fresno and
compromise measure will probably be agreed to.
other cities of the San Joaquin Valley in honor of obtaining the neces- present form. Some
In all
New York "Times"
sary financial support to permit the organization to continue and in prepara- ' According to Albany advices to the
-night at which delegations from
tion a mass meeting is being held here to
conference there on that date of Comptroller
April 25, a
all San Joaquin Valley cities are present.
leaders and representatives of banking
The last ten days has been a time of stress, for every grower in the valley Craig, Legislative
n
and every business man has realized that on the success of the present cam- institutions failed to agree on a compromise in connectio
paign depended the entire financial structure of the heart of California.
City of New York of taxes collected
business conditions with the refund by the
Failure of this campaign would have endangered the
which have been invalidated by
throughout tho entire West. Thore is much still to do, but the provision on national bank shares
of the necessary money has relieved one of the principal difficulties in the the courts. These advices stated further:
completion of the campaign.
A compromise was proposed on the basis of a refund of 50 cents on the
The outstanding stock of the California association will now be converted dollar of taxes collected in 1920, 1921 and 1922. The bankers, it is understock of a Delaware corporation, the non-par stood, in return for.this demanded that the Knight bill providing for a 4 X%
into 7% cumulative preferred
Raisin Growers as a tax
on the income of banks should be passed. The legislative leaders turned
common stock of which will be owned by the Sun Maid
s trustees. In this way
California association and voted by its directors
down this demand, on the ground that it would cut in two the tax to which
the Delthe manufacturing and packing operation will be handled under
such institutions have been subjected.
will remain under the
It was stated aftm the conference that the Sheridan bill, passed in the
aware corporation, while the ownership of the raisins
e California marketing organization. The Senate yesterday, which is designed to validate and confirm the taxes on
control of a purely co-operativ
will issue one share of stock, of $1 par value, to- banks collected for the last three years, would be put through the Assembly.
California corporation
, to each grower who belongs to the and that the
tax of
gether with a certificate of membership
Legislature also would pass the Walker bill, imposing a
surrender his one share of stock 1% on all
with
association, and this grower must, in turn,
moneyed capital employed by the banks or in competition
association at any time he ceases to
and certificate of membership in the
them.
organization, while the California Association will
Howard Bissell, President of
Those attending the conference included
deliver his raisins to the
Delaware corporation. The pre- the State
the Bank of the
own and vote the non-par stock of the
Bankers' Association; Stephen Baker, President of
only as payment for the
Exchange Bank;
tarred stock of that company will be used, not
Manhattan Company; Walter Frew, President of the Corn
for issuance to the growers in
E. McLaughlin.
also
Comptroller Craig, Superintendent of Banks Gsorge
82.500,000 in subscriptions raised, but
stock. The Sun Maid Raisin Martin E.
Lansing P. Reed,
Saxe, representing several national banks:
Payment for their outstanding California
bond issue on the $4,000,000 worth of representing trust companies; Franklin B. Lord, representing investment
Growers will also float a $2,000,000
thus giving the reorganPlants and property now owned by the association,
bankers, and Senators Walker, Sheridan and Davenport.
ization a proper financial background.
On April 26 Albany advices to the daily papers said:
As the result of a series of conferences between legislative leaders and
ion. parties interested in the proposed legislation, the Walker Bank Tax bill
Repayments Received by War Finance Corporat
ed by Comptroller
is to
amended. The original measure, recommend
announced on April 23 Craigbe the City of New York, to remedy a financial muddle resulting from
The War Finance Corporation
of
repayments an adverse court decision on the legality of taxing national bank stock, wan
that from April 1 to April 15 inclusive, the
al and intended to provide for a tax of 2% on the net'assets of the banks. The
received by it on account of its advances for agricultur
amendment reduces the tax to 1% of net assets.
New York
follows:
live stock purposes totaled $4,421,291, as
The 1% levy, it is said, will yield not more than $7,000,000 in
budget.
City and will leave the city about $5,000,000 short on the 1922
$2,603,363
From banking and financing institutions
the State.
The same shortage will apply in lesser degree in other cities of
1,153.904
live stock loan companies
From
It was learned to-day that the banks are planning to start legal proceed664,024
From co-operative marketing associations
$4,421,291 ings within the next few days in every municipality to obtain judgments
1846
THE CHRONICLE
against the localities for taxes illegally levied upon them. In New
York
City the amount of such levies is said to be nearly $14,000,000.
The New York Tax Reform Association in a statement
or/ April 20 bearing on the bill which the Senate passed on
the 24th inst. said in part:
A tax of 3% on the principal value of"moneyed capital"(1%
for each of
the years, 1920. 1921 and 1922. to be paid this year) is the
most recent tax
proposal before the Legislature.
The bill providing for this tax was introduced Monday evening. It
has
been reported favorably by the Senate Committee on Taxation,
without a
hearing, and is now on the Third Reading calendar of the Senate. It is
being pushed by Comptroller Craig of the City of New York.
It would require every owner or holder of "moneyed capital" to
file a
sworn report with the local assessors within 60 days showing the value
of
what he owned or held in each of the three past years. There is no
provision
for offset of any indebtedness against the value ofsuch capital owned
or held.
This would apply not only to private bankers, but to all persons, firms.
or corporations, who accept any deposits of money, discount notes,
deal in
negotiable securities, make loans on collateral; and it may easily be held to
Include even permanent investments in bonds, notes and evidences of in
debtedness (as will be shown further on).
The kind of property made taxable by this bill, was exempted from assessment and taxation on principal by the law of 1919, which Imposed a tax on
Its income. The exemption of principal value was confirmed by a
1920
amendment of the income tax article, and by the addition of a new section
4-a to the Tax Law the same year,exempting all intangible personal property
except bank shares, and naming specifically money,bonds and notes, which
make up "moneyed capital."
Now it is proposed that this Legislature shall say: "We do not like the
income tax plan, therefore we will refund the tax which has been paid on
Income, and instead will impose a new and heavier tax for these past
three
[Vot.. 116.
What is not desirable, however, is that politics shall ever find a place in
its counsels or management. There is the real danger. And it is the duty
of every banker and business man in this country to hit on the head any
and every suggestion that tends in that direction.
It is unfortunate that the word "politics" should ever be used in connection with the determination of our banking policies. We cannot
get away from the political flavor of our Federal and State institutions,
but it does seem that the time is here to protest most vigorously against
the dictation by politicians of the personnel and the policies of a body
whose decisions vitally concern the affairs of every business and every
individual in the country. It is an ominous sign that certain groups or
blocks can bring about legislation that seats on the Federal Reserve Board
men, who by inference if not in fact, are pledged to serve the interests of
a particular industry or class. The policies of the Federal Reserve System
should be dictated by only one consideration, namely, the best interests of
all. If special interests are to receive special consideration the death
knoll of the Federal Reserve System may well be struck now, for the Federal Reserve Board is destined to make Important decisions in the future
and if these are Influenced by political expediency the general condemnation should be prompt and effective.
The dinner held at the Hotel Astor was tendered Mr.
McGarrah by the New York Chapter of the American
Institute of Banking and was given in observance of his
fortieth year as a banker in New York; in his counsellings to
the members of the Chapter, Mr. McGarrah said in part:
It is hardly fair, with this intelligent body, I presume, to suggest that
there may exist the feeling that opportunities are not as great to-day in our
profession as formerly. My answer to such a suggestion would be that the
opportunities are greater than they have ever been before. The essential
thing is to make the right start. And by that I mean to start with the
right ideas and ideals. Do not listen to idle talk about the unprincipled
methods of Wall Street and the "Interests." By the way, did you ever
stop to think or ask what the demagogue means by the "Interests?" I
do not know of any body of men, outside of professional politicians, whose
daily occupation is planning to plunder people. I know what the demagogue thinks he means by the interests. But those individuals and corporations are busy from ten to fourteen hours a day looking after their
own business and attending to the management of properties which extend
from coast to coast and make this country what it is to-day.
Do not let any one tell you that all the Ills of humanity and bad crops
can be cured by legislation. We have more laws on the statutesbooks
now, Federal and State, than can be enforced. What we need this very
minute in this country is not more legislation, but more hard conscientous
work. It would be difficult to overestimate the benefit to this country of
an adjournment of Congress for two years and one•term of six years for
President. It makes me indignant to hear so much talk about "overtime."
Never lose sight of this fact, that the men who have done the real constructive things in this and every other country never worried about an eight
hour day or about overtime. They worked all the time, daytime and nighttime and,strange as it may seem, on Saturdays and holidays when necessary.
This is one of the most extraordinary proposals that ever received serious
consideration by the Legislature of this State, and that such a bill
should be
advanced without even a hearing indicates a hostility to capital exceeding
that of States with the most stringent personal property tax laws.
Even
those States have not attempted to "back tax" property that had
been
exempt by statute but have confined such legislation to taxable property
that had been omitted from assessment rolls.
This bill is an attempt to validate the bank share tax which was
held
Illegal by the Court of Appeals and the United States Supreme Court.
It
reimposes the 1% tax on holders of bank shares for the past three years,
and to meet one of the grounds of illegality, proposes to refund the
income
tax on bank dividends.
But the main reason for illegality was, that competing moneyed
capital
was taxed on income only, while bank shares were taxed on both
principal
and income, thus violating the equality of treatment which
Congress requires as a condition of permitting the taxation of National bank
shares.
Therefore, in a further effort to overcome the judgment of the Court.
this bill now proposes, despite the exemption of intangible
personal Property
by the acts of 1919 and 1920, to tax the owners of "moneyed
capital" 1%
on principal value for each of the years 1920, 1921 and 1922; allowing
such
owners to claim a rebate for whatever State income or corporation
franchise
Referring to banking affairs forty years ago, Mr.McGarrah
Sax may have been paid on the income from such property.
There is no definition of "moneyed capital" in the bill, but if this
said:
tax Is
to comply with the Federal statute demanding equality of taxation for
I presume you would not be very keenly interested in the details and
bank
shares, the terms must be held to include all such capital as the courts
routine of the banks in the 1880s, but I would touch on the lack
have general
held to be "competing" within the meaning of the Federal law as it
was in of co-operation and unnecessary losses which at that time followed the
force during those years.
narrow policy of officers being fearful of losing valuable accounts by comparing credits and accommodations granted. One of the greatest forces,
Moneyed Capital Defined by Supreme Court.
to my mind, in overcoming this reluctance and want of co-operation was
"The words 'moneyed capital,'" said the United States Supremo Court the manner in which the Bankers' Trust Company was formed in 1903.
in the Richmond case (1921), "includes not only moneys invested In pri- The constitution ofthe original board of directors of that institution, brought
vate banking, properly so called, but investments of individuals in securi- around the table the presidents and vice-presidents of twelve New York
ties that represent money at interest and other evidences of indebteednss banks, and a comparison of credits and a co-operation sprang up which
such as normally enter into the business of banking." And the court was not only of great financial benefit to the stockholders of all the banks
quoted with approval the language of the Mercantile Bank case, which, and trust companies, but to the customers of those institutions as well,
so far as applicable to the proposed tax,defined the term "moneyed capital" the author and supporters of the Clayton Act to the contrary notwithstandas including "interests owned by individuals in all enterprises in which the ing. And right here it seems appropriate. in commenting on the growth of
Capital employed in carrying on its business is money, where the object of financial New York, to testify to the matchless genius of Henry P. Davthe business is the making of money by its use as money. . . . It ison. I knew him intimately, and the story of his progress from Troy,
includes money in the hands of individuals employed in a similar way, Pennsylvania, to the house of Morgan, is one of the romances of business
invested in loans, or in securities for the payment of money, either as an' achievement in this country and should be an inspiration to every youth.
investment of a permanent character, or temporarily with a view to sale or We must not pass over the troubled times referred to a moment ago without a tribute to the men who handled the financial problems of those years.
repayment and reinvestment."
(The amendment this year to the Federal statute, excluding bonds, notes They were as difficult, in proportion, as any of those Incidental to the
and other evidences of indebtedness representing merely "personal invest- Great War. The men I refer to—Morgan, Tappen, Edward H. Perkins,
ments not made in competition" with the banking or investment business, Williams, Stillman, Woodward, Hepburn, Nash—were staunch leaders
does not apply to taxes for past years. That statute specifically provides of their day; they had vision and confidence in their country that carried
that any violation of bank tax, the test of oquatity must be that prescribed them through may trying periods. It is in times of financial trouble that
your real leaders stand out, and you can always count on a large percentage
by the Federal statute before its amendment.)
of timidity and selfishness; experience will teach you where to find it. Men
Future Years.
Two Per Cent Tax for
of courage are needed to stand up and be counted. Those men never
Another bill is pending in both Senate and Assembly, imposing a 2% hestitated. I am happy to say that we still have one of the stalwarts to
annual tax on bank shares, trust companies, and "moneyed capital." look to for counsel, that great believer in this country and its institutions—
Several hearings have been held on this proposal, which was described in Mr. George F. Baker.
our bulletin No.592;the tax proposed would be for 1923 and annually therePanics not only try men; they try systems. With all its disasters and
after. (Senate Bill Int. 1499. last printed No. 1770; by Mr. Walker, problems, 1907 led to two other marked accomplishments of which I would
Assembly Bill Int. 1653, last printed No. 1929; by Mr. Donohue. If again sneak. The system of Clearing House examinations is one of these, and the
Investigation and study which resulted in the formation of the Federal Reamended, there will be a now printed number.)
The date for adjournment of the Legislature has been fixed for May 4th. serve System is the other.
In these last two wetics of the session there will be practically no opporThose charged with the administration of Clearing House affairs in 1907
tunity for general public discusslion of these and other tax proposals. Those were impressed with the lack, on the part of officers of banks in trouble, of
Interested should communicate with their Senator and Assemblyman at once. an appreciation of their responsibility to depositors and stockholders.
And they were impressed with the further fact—which is elementary—that
good management cannot be legislated into an institution. In other
Gates W. McGarrah—Latter words,just because banking laws in those days called for a 15% or 25%
Testimonial Dinner to
reserve, there was no assurance that those requirements would be observed.
Says Politics Should Not Find Place in Federal
It was found that something besides weekly reports and superficial examReserve System—Tribute to Financial
inations were necessary. At that time the State and the Comptrollers
Leaders.
examinations were more or less superficial, and a long step forward was
taken by the formation of the Clearing House examination staff. The
At the testimonial dinner tendered on April 25 to Gates result has spoken for itself. Records will show that there has been no Clear.
W. McGarrah, Chairman of the Board of the Mechanics & House bank failure since 1907.
Metals National Bank of New York, Mr. McGarrah addressed the gathering and in a reference to the Federal Stock Transfers of Members of New York Stock Exchange to Be Handled by New Department of
Reserve System stated that its assistance to the Government
Stock Clearing Corporation.
during the war cannot be over-estimated, and that "all
Announcement of the approval on April 25 by the Governthings considered, it has functioned well since." Adding
that "we probably all agree that some amendments are ors of the New York Stock Exchange of amendments to the
desirable," he continued:
by-laws of the Stock Clearing Corporation, to provide for
APRIL 28 1923.]
TTITI CHRONICLE
the inauguration of a stock transfer department, which will
handle stock transfers for members, was made as follows
by the Exchange:
Assignable stock transfer receipts will be issued by the Stock Clearing
Corporation of the New York Stock Exchange at their regular meeting today.approved amendments to the By-Laws and Rules of the Stock Clearing
Corporation providing few the inauguration of a Stock Transfer Department, which will handle stock transfers for member houses and issue receipts
for stocks in transfer acceptable as collateral by lending banks.
The Stock Transfer Department will issue receipts for a limited number
of listed securities at first, adding to the list from time to time until all
Issues are included. This is in line with the policy of the Stock Clearing
Corporation in the inauguration of its various departments.
The plan for the issue of transfer receipts was prepared in conference
with the various lending banks. Receipts will be issued in an assignable
form so that lending institutions will accept them in loan envelopes as freely
as the certificates they represent.
The new Stock Transfer Department will be at the Day Clearing Branch
of the Stock Clearing Corporation, No. 2 Broad Street. It will start active
operations on a date (probably during the month of May) to be announced
by the Board of Directors of the Stock Clearing Corporation.
Stock Exchange circles have for a number of years endeavored to find a
way whereby securities could be placed in transfer and still serve as collateral in loans. It very often happens that Stock Exchange houses will
have occasion to place in transfer a considerable amount of stock prior to
the books closing for dividends. Hitherto securities thus placed in transfer were temporarily withdrawn from the assets of the house, available
for use in collateral loans. There did not seem to be any way in which
the difficulty could be Overcome until the formation of the Stock Clearing
assignCorporation, which now is able to act as an intermediary and issue
in
able transfer receipts which the banks will readily accept as collateral
place of the original certificates.
1847
change authorities, but it was generally believed to be because of the dove).
opment of abuses which had crept into the trading in this class of paper
during recent years. It was pointed out by one member of the Exchange
of
yesterday that there is very little profit to the broker in the execution
a put or a call and that his responsibility in executing this order frequently
or
very much outweighs the commission he may expect to make by putting
calling the stock.
It is hardly likely that the exchange of puts and calls between members
of the New York Stock Exchange will be abandoned as a regular practice,
in large
because of the convenience of this cog in the financial machinery
it will
market operations in particular stocks. It is likely, however, that
execution of commissions from outbecome a general practice to decline the
the
siders, wherein there is any risk involved to the house which accepts
commission houses
commission. As an illustration of the risk taken by
by the head
in accepting "paper" from customers, it was recalled yesterday
shares of
of one house that one of his customers purchased a call on 500
vacation
United States Steel common and before leaving for an extensive
it be called when '
deposited the stock with the house with instructions that
not called
the paper showed a profit. Through some mixup the stock was
sts.
us
and t
te e awappniroeximnecaestesaly $5xohe hoe to reimburse its customer to the
necessary for t
r
The communication of the Stock Exchange to members rerdengppa sand
gaarih 3, ut 885.calls was referred to in these columns
March page
Resolution of New York Curb Market Association
Calling Upon Members to Report Transactions
as Promptly as Possible.
The following is from the New York "Times" of April 18:
At a special meeting of the Committee on Clearing House of the New
an
York Curb Market Association yesterday a resolution was adopted that
committee
exchange of exchange tickets shall constitute a comparison. The
also adopted a resolution to the effect that it shall be the duty of every member to report each of his transactions as promptly as possible to his office.
It shall be the duty of the seller of exchanged tickets to report at the office
of the buyers not later than 4:30 p. m. on Monday, Tuesday, Wednesday
and Thursday and on Saturday at 1:30 p.m. If not so exchanged by the
time designated, the Clearing House sheet can be closed and the transaction
becomes ex Clearing House.
Jason Westerfield in Defense of Policy of New York
Stock Exchange in Opposing "Corners."
Jason Westerfield, Secretary of the Committee on Library
of the New York Stock Exchange, in addressing tL Biwanis
Club in Brooklyn on April 24, defended the policy of the Exchange in dealing with'corners. According to the "Journal
of Commerce," Mr. Westerfield, citing the attitude of a
Reserve Banks May End Free Services.
considerable section of the public toward the Stock Exchange
The following from Washington April 25 appeared in
in the suppression of corners as illustrating the tendency of the
"Journal of Commerce" of April 26:
by Federal
the public to be swayed by its emotions instead of being govElimination of the free services rendered member banks
Federal
erned,by fact and reality, said:
Reserve banks, it was disclosed to-day,is under consideration by the
the system to
change in policy by
Some of our States have passed laws forbidding corners,as contrary to pub- Reserve Board as a part of the genearl
Comptroller of the Currency.
lic welfare and public policy. I submit,therefore, that it follows that those ho decided upon after D. R. Orissinger,
on May 1.
who create a corner are acting contrary to public welfare and public policy, assumes office as Governor of the Board
expenses borne
Investigation of the possibility of putting an end to the
and that those who defeat or frustrate corners are aligned with justice.
the collections of notes, drafts, the
It is amazing to find any considerable body of public opinion and press by Federal Reserve banks in handling
detail work for member banks has been in
applauding the engineers of a corner and denouncing the Stock Exchange, storage of securities and other
and the matter was laid before the
permitting its machinery to be perverted to a wrong use, is act Progress by the Board for some time
which, in not
here
Governors of the twelve Reserve banks at their recent conference
tog in the interests of the public.
do with with the Board.
Undoubtedly, public prejudice against "short selling" has much to
was apAs a result of those discussions a committee of the Governors
clouding the true issues involved in "corner." The "short seller" or
and make recommendations to the Board
"bear," has, due largely to ignorance of his usefulmess, become the villain of pointed to study the subject
after Mr.Crissinger takes office and the
the Wall Street drama. He has been persistently represented as the ruthless which would come up for action
permanent policies for the administration
destroyer of values. And yet, how does he differ from the "bull," other Board is in a position to formulate
than the pessimist differs from the optimist? The "bull" buys in expecta- of the Reserve System.
the proposal
Par collection of checks, however, is excepted wholly from
tion ofselling later at a profit. If the market were left entirely to the"bulls"
by Federal Reserve banks. Par
values, whereas in the exclusive hands of the to put an end to the free services rendered
we would have prices above
fixed feature
all means collection, it is recognized by the Board, has become virtually a
"bears" prices would be below values. Of the two,the latter is by
part of
and there is no inclination on the
the better alternative from the public standpoint, as disappointment comes of Federal Reserve operations
would arise if an
Board members to precipitate the controversy which
from paying too much—never from paying too little.
attempt were made to charge for check collections.
the proposal in
As to the other services performed by Reserve banks,
system whereby
Wire Service of New York
Its present shape contemplates the establishment of a fee
Proposed Extension of
notes and drafts, parcharges could be made for hanCling ch.. collection of
Curb Market.
than at banks, and for
ticulany where payable at business offices rather
In referring to the proposed extension of the wire service the use of Mace in the Reserve banks for the safekeeping of valuable
accompanying such storage.
of the New York Curb Market Association, so as to include securities and the insurance charges in handling a largo volume of membanks
Expenses borne
important cities of the country, the New York ber bank businessby the Reserve of charge have become a considerable
all of the more
transactions free
virtual necessity
burden to the Reserve System, so that it is considered a
"Times" of April 19 said:
basis of these services be made, although
for extending the quotation service of the New York Curb Market that some rearrangement of the
Plans
caution
network of leased the matter has been approached by the Board with considerable
Association are being formulated and It is expected that a
investigation now under way into the reasons
wires will connect it with all the principal cities of the country before the end in view of the Congressional
Reserve
Bos- for the failure of so many small country banks to enter tho Federal
of the year and that tho service to such important centres as Chicago.
about the System.
ton, Philadelphia, Detroit and Pittsburgh will be inaugurated
In connection with the general economic condition of the country the
first of Juno. It is planned to connect these wires directly with the Curb.
rediscount rates is very much in the air
A lino will be installed in the sending room of the Exchange to forward the question of a further advance in
at the Federal Reserve Board. In somo quarters the view is held that the
quotations as they aro officially approved by the committee in charge.
begin a gradual easing forward of rates.
Chicago and Pittsburgh will be the first of the large cities to be connected present is the opportune time to
the present general level
New York Curb Market but it is expected that Phila- It is believed that an advance of Si of 1% above
directly with the
by the Chicago of 43 % would place the system more in lino with commerciai rates.
delphia, Cleveland, Detroit and Cincinnati also will be served
wire. Officials of the Curb Market Association said yesterday that more
than 100 brokerage firms in both Chicago and Pittsburgh have contracted State
Institutions Admitted to Federal Reserve System.
for the ticker service, and that many applications are on file from brokerage
The following institutions were admitted to the Federal
firms in other financial centres.
correThere has been considerable agitation for some time by Western
April 20:
service. These houses have been Reserve System during the week ending
Total
spondents of Curb firms for a direct ticker
wires from their New York branches for Curb
obliged to rely upon leased
Resources.
Surplus.
Capital.
District No. 2—
quotations, with many delays in transmitting the reports. The
Market
$65,000
$15,000
Amherst Bank, Williamsville, N. Y..
$50,000
new arrangement will relieve this congestion and enable out-of-town traders
4
District No. 11—
market.
to keep in closer touch with the
TIT 305,769
6,000
First State Bank, Rochester, Texas_
25,000
Some Stock Exchange Houses Said to Have Decided to
Board to
Discontinue Puts and Calls Trading With Outsiders. Institutions Authorized by Federal Reserve
Trust Powers.
Exercise
From the New York "Times" of April 24 we take the folThe Federal Reserve Board has granted permission to
lowing:
the following institutions to exercise trust powers:
It was learned yesterday in the financial district that several large brokerage houses which aro members of the New York Stock Exchange have dedded to execute no more orders in the market based on puts and calls.
The action has been taken by only a few of the large houses. It grows
out of the investigation ordered about a month ago by the Business Conduct Committee of the New York Stock Exchange into puts and calls.
No official explanation for this investigation ever was given by Stock Ex-
The Clement National Bank of Rutland, Vt.
Bergen National Bank of Jersey City, Jersey City, N. J.
The First National Bank of Summit. Summit. N. J.
The State of Now York National Bank, Kingston, N. Y.
The Second National Bank of Parkersburg, ParkersDurg, W. Va•
The First National Bank of Santa Ana, Santa_ Ana, California.
1848
THE CHRONICLE
[Yu. 116.
J. R. Mitchell Withdraws from Federal Reserve Board. the League Assembly, but in the appraisal now I do not hesitate to say
that if other great Powers can accept without fear the voting strength of
The withdrawal of John R. Mitchell of St. Paul from the British dominions, when they are without ties of race to minimize interFederal Reserve Board was presented to President Harding national rivalries and suspicions, we ought, in view of the natural ties of
English-speaking kinship, feel ourselves reasonably free from danger.
by Secretary Mellon yesterday (April 27), according to a
The President observed that he "Indulged the dream—nay,
Washington dispatch published in the New York "Evening
I have indulged the justified hope--that out of the internaPost" of last night, which added:
The resignation of Mr. =thee11, which was due to a desire to return tional court might come the fulfillment of our larger aspirato private business, create.1 a second vacancy on the Board, the place tions. In the proof of its utility and a spirit of concord
held by the late Milo D. Campbell, the "dirt" farmer member, having
not yet been filled. The President is expected to announce appoint- among nations might come that voluntary conference of naments to both vacancies early next week.
tions out of which could be expected a clarified and codified
The place made vacant by Mr. Mitchell's resignation, it was said international law to further assure
peace under the law and
to-day, will be filled by a representative of the South, which now has no
member on the Board. Mr. Mitchell has served about two years on the bring nations that understanding which is ever the first and
Board, having been appointed by President Harding in 1921.
best guarantor of peace."
Reference to his recommendations to Congress for the
43% Discount Rate on Nine MonthereAgricultural building up of a merchant marine were made by the Presi. Paper Adopted by Federal Reserve Banks of
dent in his address of this week. "Since we cannot hope for
Chicago and Kansas City.
Government aid of private ownership," he said, "we proA rediscount rate of 434% has been established by the pose to do our best to organize and consolidate our lines and
Federal Reserve banks of Kansas City and Chicago on agri- services, applying the lessons of experience which cost us
cultural and livestock paper having a maturity of between hundreds of millions in operation alone, and then offer them
six and nine months. This rate for this class of paper now for sale. If we cannot sell, we are going to operate, and
prevails in the case of nine of the Federal Reserve banks, viz.: operate aggressively, until Congress inhibits such a course."
Alluding to the lack of party loyalty which has made
the Reserve banks of Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas and San "party sponsorship in Government less effective than it was,"
Francisco; at two of the Reserve banks—Boston and Phila- the President among other things said: "I like the party
delphia—the rate is 5% for agricultural and livestock paper government where purposes are reached in the reasoning of
maturing between six and nine months.
honest representation, and I like a party which is commissioned to govern, to strive in good conscience and all loyalty
President Harding Reiterates Stand of United States to keep the pledges which brought it popular approval."
"Our drift to-day," said the President, "is toward pure deAgainst League of Nations—Renews Plea for
mocracy and no pure democracy ever long survived." The
Joining of World Court.
President Harding in an address in New York City on President's declaration that the United States does not proApril 24 at the annual luncheon of the Associated Press at pose to enter the League of Nations now, "by the side door,
the Waldorf-Astoria indicated anew his position with re- or the back door, or the cellar door," comes during the camspect to affiliation by the United States with the Permanent paign in the United States of Lord Robert Cecil in behalf of
*Court of International Justice of the League of Nations. the League, a reference to which appeared in our issue of
Just before the adjournment of Congress in March the Presi- April 7, page 1486. President Harding's message asking the
dent asked the Senate to consent to adherence by the United Senate to consent to adherence by the United States to the
States to a protocol establishing the Permanent Court. Re- protocol of the International Court was given in these colferring this week to his message to the Senate and the mys- umns March 3, page 889. The following is the President's
tery and misunderstanding and "protest and approval, . . . address of April 24:
of threatened muddying of the political waters" which had
Mr. President, Members of the Associated Press and Guests: It is ingrown out of his proposal, Mr. Harding undertook further evitable that the President, who happens to be a newspaper man,appearing
before a newspaper gathering, must talk some kind of shop. I am willexplanation of his suggestion. The President recalled the ing to make the confession that I would rather talk newspaper shop to
various party pledges since 1904, one of which (in 1916) you than anything else. I believe I could do it helpfully sometimes, besaid "we believe in the peaceful settlement of international cause I have had my viewpoint about journalism broadened while twisting
around occasionally in the Executive chair. Frankly,I have never squirmed
disputes and favor the establishment of a world court for under the criticism, but I have sometimes been appalled at inaccuracy of
that purpose" and another in 1920 which pledged "the com- statement, and if 1 were going to lecture on journalism my theme would
and much more of accuracy."
ing Republican administration to such agreements with other be "a little less eagernessreturned from a Southern vacation and picked up a
Not so very long ago I
nations of the world as shall meet the full duty of America copy of a very friendly publication, and in a story on the first page was
to civilization and humanity, in accordance with American the statement that during my trip South I had broken eight of my
replaced. Now, that
sticks and was
ideals, without surrendering the right of the American peo- golf not very seriousin the process of having them out of the duffer class
to the country, but it put me
was
ple to exercise its judgment and its power in favor of jus- and in amoung the dubs, and I resented it. Nobody breaks eight golf
sticks in five weeks. It cannot be done. And yet, as one of the three
tice and peace."
-playing Presidents, I have been crucified as a destroyer of sticks, eight
golf
Indicating that by these pledges there was no intention on In number in five weeks.
the part of the Republican Party of having the United States
During the closing days of the last session of Congress I sent to the Senbecome a party to the League of Nations, President Harding ate a communication asking its advice and consent to the adherence by the
Government of the United States to a protocol establishing an InternaIn his address of the 24th said:
tional Court of Justice. Out of ,this simple, natural, normal proceeding
In compliance with its pledges the new Administration which came
into
Power in March 1921 definitely and decisively put aside all thought of the
United States entc.ing the League of Nations. It does not propose to
enter now, by the side door, the back door, or the cellar door. I have no
unseemly comment to offer on the League. If it is serving the Old World
helpfully, more power to it. . . . But it is not for us. The Senate has
so declared, the Executive has so declared, the people have so declared.
Nothing could be stamped more decisivelyovith finality.
"Excessive friends of the League," said the President,
"have beclouded the situation by their unwarranted assumption that it (adherence to the court protocol] is a move toward Leagne membership." Let them," he said, "disabuse
their minds, because there is no such thought among us who
must make our commitments abroad. And the situation is
likewise beclouded," he continued, "by those who shudder
excessively when the League is mentioned and who assume
entanglement is unavoidable." Any entanglement, he said,
"would first require an assent of the Senate and if by any
chance the Senate approved of any entanglement the present
Administration would not complete the ratification."
Frankly admitting that "there is one political bugbear," the
President alluded to his contention while a member of the
Senate "for equal voting power on the part of the United
States with any nation of the world," and he said:
In view of the fact that no nation can have more than one judge, it is a
has developed so much of mystery and so much of misunderstanding and
so much of protest and approval and so much of threatened muddying of
the political waters that I welcome this opportunity on so appropriate an
occasion to reveal to the American people both the purpose and the motives
Impelling.
Ours is popular Government through the agency of political parties, and it
must be assumed that the course of the successful party, which is at the
same time an honest party, must be fairly charted by the platform of
that party and by the utterances of its candidates when appealing for
popular approval. And on that assumption it is seemly to recall now
the declarations of the party in power relative to the promotion of international relationships. As a matter of fact, our Republic began its expansion of influence and participation in world affairs under the gentle and
martyred McKinley, and in his days political parties were beginning to
speak of arbitration and promoted international friendships and expanded
influence.
In 1904 the national platform of the Republican Party said. "We favor
the peaceful settlement of international differences by arbitration." Four
years later, in the national convention of 1908, tho party in its platform
alluded to the progress made in keeping faith with the previous declaration,
and said—I quote:
"The conspicuous contributions of American statesmanship to the cause
of international peace so strongly advanced in The Hague Conferences are
occasions of just pride and gratification. . . . We endorse such
achievement as the highest duty of a people to perform and proclaim the
,
obligation of further strengthening the bonds of friendship and good-will
"
with all the nations of the world.
Then, in 1912, the Republican platform—the national platform—made a
very substantial declaration relating to an international court of justice.
I quote again from the party covenant of faith:
"Together with peaceful and orderly development at home, the Republican Party earnestly favors all measures for the establishment and proless formidable objection than when applied to the League as a super power, tection of the peace of the world, and for the development of closer relations
between the
dealing with priablems likely to abridge a member's national rights. I the peaceful various nations of the earth. It believes most earnestly in
settlement of international disputes and in the reference
appraise the objection as one who voted against this disparity of power in of all controversies between nations to an international court of justice."
APRIL 28 19231
UTE CHRONICLE
quote again:
The next formal and solemn pledge was made in 1916. I
courageous
Republican Party believes that a firm, consistent and accordance
"The
Presidents in
foreign policy, always maintained by Republican
way, to preserve
with American traditions, is the best, as it is the only trueWe believe in the
peace and restore to us our rightful place among nations. the establishment
peaceful settlement of international disputes, and favor
of a world court for that purpose."
acute. The
In 1920 the question of our foreign relationship was very
Nations pact.
Senate had rejected the Versailles Treaty and the League of
but was unThe convention at Chicago voiced its approval of the rejection
said in its platwilling to pledge aloofness from the world. Therefore It
1849
The Pfesident could propose no solution to the signatory powers, because
the world had witnessed in disappointment the spectacle of an Executive
proposing and the Senate disposing. It was not desirable to make some
none would be
proposal abroad that could not be carried out. Indeed,
considered, and it was not pleasing to think of asking the Senate's consent
not agree. So. very
to a program to which the nations concerned would
period of time, the
informally and very discreetly, and over a considerable
that there was an appropriate
situation was felt out, and when satisfied
provided the Senate
course of action without connection with the League,
and asked the
consented, I proposed adherence to the court protocol,
Senate's consent.
pointed out that no rights
The documents speak for themselves. It was
would be incurred, but
under the League and no obligations of the League
of the Secretary of
to make certain that we would not be involved, the letter
guaranty.
State suggested suitable reservations to afford ample
with platform pledges,
There is the complete recital. It is in harmony
with American
with candidatorial promises, and, I believe, in harmony
to be expected amid the
aspirations. The Senate's decision was hardly
closing weeks of the short
enormous pressure of business incident to the
and the friendly nations
session. But I felt that the Senate. the country,
to know that our gestures
whose counsel we had sought, were entitled
know that there are
abroad were eincere, and that our own people should
no secrets about our purposes at home, once they are matured.
Not a Move Toward Joining League.
the situation by their
Excessive friends of the League have beclouded
toward League membership.
unwarranted assumption that it is a move
thought among
Let them disabuse their minds, because there is no such
situation is likewise
us who must make our commitments abroad. And the
the League is menbeclouded by those who shudder excessively when
entanglement
tioned, and who assume entanglement is unavoidable. Any
Senate
would first require an assent of the Senate, and if by any chance the
Administration would not
approved of any entanglement, the present
uttered with full
complete the ratification. If, in spite of these statements,
objections on the one hand
deliberation, there are excessive and unfounded
apprehensions on the other, I know of no words
form pronouncement:
agreements
"We pledge the coming Republican Administration to such
America
with other nations of the world as shall meet the full duty of without
ideals
to civilization and humanity, in accordance with American
surrendering the right of the American people to exercise itsjudgment
and its power in favor of justice and peace."
as the
As a participant In the making of some of these platforms, and
banner bearer in one campaign, I have the right to believe they spoke
the party conscience so plainly that it is not easy to misconstrue.
But there are other utterances which it is seemly to recall. I allude to the
Interpretation of the platform by the candidate in 1920. On Aug. 28 1920.
speaking on the League of Nations proposal, I said frankly and very definitely I did not favor the United States entering the League of Nations.
It was declared then that the issue, as defined between the candidates, involved the disparity between a world court of justice, supplemented by
the
world association for conference, on the one hand, and the Council of
I recall
League on the other. And quoting further from the same address
that I said:
definite prin"The one is a judicial tribunal to be governed by fixed and
of
ciples of law, without passion or prejudice. The other is an association
influenced
and politicians whose determinations are sure to be
diplomats
and national selfishness. One a
by considerations of honest expediency
Government of laws and one a Government of men."
One
And in that same address I commended The Hague Tribunal.
quote:
paragraph is particularly appropriate to quote afresh. I
t appstilla
ttlyunjuly.
international asso- or utterlyounjustifiable
"I believe humanity would welcome the creation of an
on justiciable fittingly
ciation for conference and a world court, wnose verdicts be willing and
we discussed the League
all nations, would
Frankly, there is one political bugbear. When
questions this country, in common with court, or the recommendations of
political
of force, with its superpowers through a
able to uphold. The decision of such a
or of Nations and its rule
sacrificing on our part
Senator for equal voting
such a conference, could be accepted without anyits nationality."
Council and Assembly, I myself contended as a
world. With
Power to sacrifice one iota of
nation in the
asking any other
Power on the part of the United'States with any
in her
the British Empire will
So much for political party history. I have quoted it because I believe
Dominions members of the League Assembly,
do not mean what they say, and if have six votes in that branch of the court electorate, but it has only one
keeping the faith. If political parties
Govern- in the
of the fact that no nation can
political candidates do not mean what they say, then our form of
electorate of the Council. In view
objection than when apment, our form of popular Government, is based on fraud and cannot hope have more than one judge, it is a less formidable
problems likely to abridge
plied to the League as a superpower, dealing with
long to endure.
who voted against
a nation's rights. I appraise the objection now as one
Does Not Propose to Enter League by Any Door.
the appraisal now
in the League Assembly, but in
the new Administration which came into this disparity of power
accept without fear
In compliance with its pledges,
I do not hesitate to say that if other great Powers can
March, 1921, definitely and decisively put aside all thought of
these great Powers are
ower in
the voting strength of the British Dominions, when
rivalries and suspicions,
I <United States entering the League of Nations. It does not propose to without
the ties of race to minimize international
feel ourenter now by the side door, or the back door, or the cellar door.
in view of the natural ties of English speaking kinship,
If it is serving the we ought,
I have no unseemly comment to offer on the League.
selves reasonably free from danger.
more power to it. I would welcome the demonstraOld World helpfully,
Prefers Law to Politics.
tion of its utility in a condition which loudly calls for help. But it is not
. I earnestly comfor us. The Senate has so declared, the Executive has so declared, the
The perfected court must be a matter of development
direction toward peaceful
people themselves have so declared. Nothing could be stamped more mend it because I think it is a step in the right
the elimination of frictions
decisively with finality.
settlement of judiciable questions, toward
international justice through the
And in further keeping of the faith, the Administration made a treaty which lead to war, and a surer agency of
which is influenced
of peace with Germany, a just treaty, which so impressed our war-time application of law than can be hoped for in arbitration
politics.
enemy that when we came later on to set up a mixed claims commission by the prejudices of men and the expediency of
adherent than
We can do vastly more to perfect it in the capacity of an
to settle the claims of American national against Germany, that Nation
right to say to the world:
named one Commissioner, we named one, and then, for the first time in an aloofness in which we arrogate to ourselves a
of our rights: none
in the history of international relationships, Germany asked us as a con- "We dictate, but never comply." I would yield none
influence and Our Cotending Nation to name the umpire, the third member, whose vote would of our nationality, but would gladly give of our
in operation to move forward and upward toward that world peace and that
decide all differences. I know of no like tribute to a nation's fairness
rule of national honor
reign of justice which is infinitely more secure in the
all the records of history.
l than in
Then in the fulfillment of the pledge of free conference, the internationa
national or International force.
hope, that
beI have indulged the dream. nay. I have indulged the justified
conference on the Limitation of Armaments was called, not in haste, not
of our larger
cause some one was prodding, but as early as the barriers to success could out of the international court might come the fulfillment
concord among
be removed. The spirit of that conference and the achievements wrought aspirations. In the proof of its utility and a spirit of
which could
have been written Into history and will grow immeasurably beyond the nations might come that voluntary conference of nations out of
assure
almost universal popular favor already accorded. There was not alone be expected a clarified and codified international law to further
ever
the triumph of reducing naval armaments, and ending competition which peace under the law, and bring nations that understanding which is
bur- the first and the best guarantor of peace.
was leading to oppressive naval strength, and adding staggering
I would not have it thought that I hold this question paramount to all
dens to the treasuries of competing powers not alone the removal of every
to the
war cloud and every reason for conflict in the Pacific, so that now accord others confronting our Government. I do not hold it a menace
question.
and concord abide, where suspicion and fear had previously dwelt, but unity of any political party. It is not to be classed as a party
be rendered
we give an example to the world of the conference way to peace, which time but if any party, repeatedly advocating a world court, is to
by the suggestion of an effort to perform in accordance with its pledges.
will appraise as the supreme accomplishment.
Hardly had that gratifying work been accomplished before the Adminis- It needs a new appraisal of its assets.
Our problems at home invariably call for our first consideration. Our
tration began its endeavors for further fulfillment. Meanwhile an interto world
national Court of Justice had been established. It was an agency of peace- own house must be kept in order before we can be large contributors patience
ful settlement which had long been sought. Its establishment previously Progress or measurably helpful to humanity. But I have little
advantages
of with the
had failed because no agreement had been possible over the methods
contention of those who believe that large commercial
solution. will attend our larger assumption of world responsibilities. Nations are
electing judges. The existence of the League of Nations offered a
fellowships.
Almost all the members of the League had signed the protocol establishing not engaged in bartering their trade advantages for larger
give. Comthe court. The members of the Council .in which the larger powers have We do not do it ourselves, and we need not ask what we do not
the mem- merce is the very life blood of every people's existence, and a nation's
permanent representation.afforded one voting body with a veto on
security of its
bers of the Assembly, consisting of representatives of all nations, and mem- commercial opportunities are valued little less than the
bers of the Assembly could have a veto on the larger powers permanently citizenship.
judges which
A restored Europe, with less consumption in conflict and more production
represented in the Council. Here was a device for electing
add to the
• removed the heretofore unsolvable problem of a satisfactory means of select- and consumption in hopeful peace and banished hate, would restoration.
vote in volume of world
commerce,and we would gladly acclaim such a avail, but
ing them. Not the Council, but the nation members thereof, must
Assembly vote Our influence and our helpfulness are ready whenever they will
majority for the same Candidates for which members of the
way to an we cannot intrude where we ourselves would resist intrusion.
in majority, else the election is void until a conference points the
from
Our position commercially is gaining in strength, because we are free
agreement.
designs. In
judge sits tpoelit
h
political nfnwe
o
entanglements and can be charged with no selfish
The court was established and is functioning. An American
going on,
making
pacts and the remaking of old, which is ever
on the court, though we had no part in choosing him.
States can apply we ask no more and we expect no lass than the equal part which we are
Under the provisions of its establishment the United
nation partici- eber ready to grant to others, and that position is absolutely unassailavle The
.
for a court decision on any justiciable question, even as any
the world
some
nation which grants justice may confidently ask it, and
in the court's establishment. perhaps the court is not all that
pating
is in a large measure —social, political and commercial—which would.promote justice through
advocates of the court plan would have it to be, but it
transfor the United States a
association or judgment of its court must practice justice in its daily
iatlon
t
the fulfillment of an aspiration we long have boasted
ought to be a party to the
of America, so I thought and I still think we
relations I have
and give to it the benefit
In reciting the progress of the fulfillment in our foreign
agreement and assume our part in its maintenance
may prove to be of omitted to make reference to one, and that is to enlarged and fuller underof such influence as our size and wealth 'knd ideals
And I like to
standing with all the republics of the Western Continent.
use to it.
the various
Our Method of Entrance.
say that your Government has been instrumental in wiping out -day but
has to
to the court nothing was needed. But It causes of contention and conflict in the Western world and
its
For mere eligibility to appeal
that with Mexico is nearing
one diff
.
did not seem fair to seek its advantages without accepting all becoming solnttonicult situation left, and happily
we
responsibilities, and here developed the stumbling block. Naturally,
faith of
electors desigI made allusion in the beginning to political charts and the good charted
should wish to partizipate in selecting the judges, and the
the
must'be a variation from
nated were members of the League. We had no thought of joining the Political parties. Sometimes there
impassable shoals. This
development of
League, we sought none of its offerings and will accept none of Its obligations, course, because of the unexpected
• 1850
THE CHRONICLE
[vol.. 116.
Administration, pledged by a sponsoring party for more than a quarter of posal and if the President continued to
advocate American membership in
a century of reiteration to the building up of a merchant marine, was unable the Court the Republicans would
lose the advantage of a contest with the
to secure the enactment which was believed to be the way to fulfillment. Democrats over the League of Nations.
•
But it would be a pitiably small Administration which would surrender the
According to what Mr. Wood said afterward, he told the President that
aspiration for an American merchant marine and scrap or sacrifice our great while he was presenting only his own
views he was sure that they were shared
merchant fleet in a pique of disappointment over the Senate's failure to by many in the party. He said a recent visit
to Indiana had furnished evigive approval.
dence that in that State and elsewhere in the Middle West opposition was
Merchant Marine.
strong to American participation in any organization created by the League
For security of defense, for the avoidance of such extravagant and of Nations. To the newspaper men, after he had left the President, Mr.
ineffectual outlay in the case of future wars as we experienced in the last, Wood said that he did not see how the World Court could be separated from
and for the promotion of our commerce and our eminence on the seas, I the League in the minds of the American people. He conceded that many
believe still a great merchant marine to be an outstanding American require- believed in an international tribunal for the settlement of disputes between
ment. And since we cannot hope for Government aid to private ownership, nations, but these were of the opinion that such a tribunal should be a body
we propose to do our best- organize and consolidate our lines and services, independent of the League.
to
applying the lessons of experience, which cost us hundreds of millions in
What President Harding said to Mr. Wood was not disclosed, but the unoperation alone, and then offer them for sale. If we cannot sell, we are derstanding is that he countered Mr. Wood's argument with the assertion
going to operate and operate aggressively until Congress inhibits such a that opposition to American participation in the court was due largely to.
misunderstanding, particularly of the conditions of American membership.
course.
Confessedly, this is a contradiction of the proposal to have less govern- The impression was given that the President would soon make a statement
ment in business and more business in government; but if we cannot get or a speech that would clarify the conditions under which this Government
out of the shipping business in a practical way and be assured of privately would obtain membership and prove that joining the Court would leave the
owned and privately operated shipping, it is the business of Government to United States free from connection with the political functions of the League.
conserve our shipping assets and make for our self-reliance on the high seas.
What Representative Wood was told at the White House is in accord with
the understanding of President Harding's position. He has refused to be
Lack of Party Loyalty.
swerved from advocacy of American participation in the Court by the oppoOne more thought, little expected on this qccasion, I am sure, but particularly appropriate before a highly representative body of the American sition that has developed among prominent Republicans. Efforts to persuade
press. I know from experience how a newspaper man confidently prints the President that he should not press the court issue have found him more
opinions on public affairs. He has a marked advantage because he is seldom determined to accept full responsibility for the proposal.
called upon to make good unless he happens to be elected President, and
A reversal of the above Senatorial attitude toward Presiapparently no newspaper man was ever put to that test before. You
have dent Harding's views was reported in a Washington dispatch
been saying a lot about the failure of Congress and the lack of team
work to the New York "Times"
of April 25, from which we quote
between the Executive and the Congress, and many of you have
deplored
that there is not some strong man in the White House to make
Congress the following:
do his bidding.
President Harding's World Court speech in New York yesterday has had
But a great change has taken place, vitally influencing the work
of a remarkable over-night effect. According to the talk of some Republican
administrative and legislative fulfillment. This effectiveness is no
longer Senators beforehand, the party was about to be split to pieces over the
court
influenced by war stress or Presidential personality. The great
change has issue. To-day there is a different feeling. Some of those who saw party
come about unawares, and as molders of public opinion you have
ignored disaster coming think now that there has been a good deal of a tempest
in a
the fundamental reason. It is the change in our political system, the
rulec
of the primaries, the drift toward pure democracy, and the growing im- teapot.
President's stand for American participation in the World Court has.
The
potence of political parties. We have got away from the
representative frightened some of the pronounced party critics of this policy. Apparently
system, we have reached a point where the lack of party loyalty
has made those who were predicting a party split had the idea that they
had conparty sponsorship in government less effective than it was. We have
come vinced the President that he should modify his proposal. But the President
to the time when a party platform is regarded by too many men in
public has shown that he intends to stick to his World Court policy through
life as even less important than a scrap of paper, and groups or blocks
thick
turned to serve group interests, and many individuals serve their are and thin. He has demonstrated the efficacy of a courageous stand and justiown, fied what some friends have been saying—that he will get further
while contempt for party conference or caucus has sent party
politically,
loyalty inside his party and out, by a square stand-up fight than by
pretty much into the discard.
showing his characteristic consideration for the feeling of opponents.
I believe in political parties. They were the essential agencies
of the
So marked was the change of sentiment in Senate circles to-day that prepopular Government which made us what we are. We were never
perfect, dictions were heard that the protocol sanctioning
American membership in
but under our party system we wrought a development under
sentative democracy unmatched in all proclaimed liberty and repre- the World Court would be adopted by a large majority.
human
One Republican Senator, who has been foremost in contending that the
advancement. We achieved under the party system, where
parties were party faced a serious breach over the World Court
proposal, acknowledged
committed to policies and party loyalty was a mark of honor and
inspiration that the opposition was subsiding. There was not likely
toward accomplishment. Nowadays, In many States, party
to be a split, he
adherence is said. He found some comfort in the suggestion that
the
flouted, loyalty is held to be contemptible and nominations for
office are tled by compromise, meaning, it was understood, that issue might be setoften influenced by voters enrolled under an opposing party
the protocol would
banner, and have a considerable number of reservations attached
to it
platforms are sometimes the insincere utterances of expediencey,
influenced
by nominees rather than by advocates of principle.
Let no one misconstrue me. I am not advocating the abandonment
of David Jayne Hill Says World Court Advocated by
the primary which gives to every voter a voice in nominating men for
President Harding Is Not Court to Which
office and determining party policy. I would carefully preserve and
safeguard it against the old time abuses which impelled its adoption, but I
Republican Party Pledged Itself.
would make it an agent of indisputable party expression rather
than a
The following special dispatch from Washington April 19.
means of party confusion or destruction. I like the inculcation of loyalty,
the pride of association, and the inspiration to accomplishment. I like the appeared in the New York "Herald" of the 20th inst.:
party government where purposes are reached in the reasoning of honest
The International Court into which President Harding and Secretary of
representation, and I like a party which is commissioned to govern
to strive State Hughes advocate the entry of the United States is not the universal or
in good conscience and all loyalty to keep the pledges which brought
World Court of Justice to which the Republican Party pledged itself in its
it
popular approval.
last platform. It is subsidiary to the League of Nations and limited by the
Drift Toward Democracy.
League.
Our drift to-day is toward pure democracy, and no pure democracy
This was the verdict on the Harding-Hughes proposal given to the New
erelong survived. We talk solemnly and earnestly about preserving
York "Herald" to-day in a statement prepared by Dr. David Jayne Hill, one
our world
civilization. I have every confidence in its survival, but it may
only be of America's best known authorities on Governmental and juridical affairs
assured by human kind reaching the proper appraisal of the secure
avenues and one of the country's leading lawyers.
of twenty centuries of human progress. In our America we have the
Dr. Hill was American Ambassador to Germany in 1908-1911 and a memfreest and the best press in the world. In its power of to-day only
the ber of the permanent administrative council of The Hague Tribunal. He
press can sound the warning and reason to that conviction which will
takes the position that the Court proposed in the protocol sent to the Senate
enable
us to play our full part in this work of preservation.
is limited in jurisdiction by the fact that the League of Nations is a limited
organization and not a universal one. To apply the name "world" court to
this body is to misname it Adhesion to this protocol, he said, while the
Senatorial Attitude Toward President Harding's
Court itself might have some utility, would mean that the United States had
Advocacy of World Court Adhesion.
adopted a "secondary proposal" and had abandoned the American ideal for a
Stating that Representative Wood of Indiana, Chairman world court in the proper sense of the term. It would mean, in effect, the
abandonment of American leadership in the development of international
of the Republican Congressional Campaign Committee, had law.
called on President Harding on April 20 in the hope of perUrges Real World Court.
Dr. Hill would regard this as a "humiliation," as it would mean acceptsuading him that it was bad politics to advocate American
the United
in the
a
membership in the League of Nations Permanent Court of ance by world courtStates ofbe. placebelieves rearisof its own conceptions of
incumbent on President
it
what a
should
He
International Justice, but that he found the President as de- Harding to abandon *all half-way measures and compromises and assume leadership in establishing a real world court as proposed in the last Republican
termined as ever to press his proposal, srecial Washington ad.
platform. There is still time, he said, to adopt this course.
vices to the New York "Times" on the 20th inst. added:
So far as involving connection with the League of Nations is concerned, Dr.
Wood admitted after his visit that the President had not weakened in Hill takes the view that American entry into the Court under this protocol
Mr.
his advocacy of American participation in the Court.
probably would be the signal for the beginning of a new campaign of pressureLater Elihu Root called on President Harding. He was in Washington to to get us into the league on the assumption that "if this, why not more?"
attend the annual meeting of the Executive Committee of the Carnegie en- He does not, however, regard this as the most important phase of the quesdowment for international peace. He stayed with President Harding half an tion.
hour, but all he cared to say about his call was that he had come to pay his
Dr. Hill's statement on the Harding-Hughes protocol follows:
respects. As a member of the commission appointed by the League of Na"I was always, since I began to think upon the subject, favorable to the
tions to prepare a plan for the Permanent Court of Justice, Mr. Root's views organization of a world court, but in my opinion a world court would be of
are of value to the President in his plan to press his proposal of American little value without a world law sufficiently developed and sufficiently clear
participation in the Court.
to be generally recognized as binding.
Although the President will not start on his tour to Alaska for two months
Would'Unite AU Powers.
already begun gathering material for the speeches he is to make, and
he has
"Such a law can never be produced by a few nations acting apart from the
is supposed that he took advantage of Mr. Root's call to obtain data to sup- others. International law is a matter of general consent and ought to be a
it
port the arguments he will advance in favor of this Government joining the matter of universal assent. This implies the existence of a world organizaCourt.
tion including all generally recognized sovereign Powers. They alone are
Representative Wood in his talk with Mr. Harding insisted that the Presi- capable of establishing world law and they alone are
capable of establishing
continued advocacy of American participation in the World Court a world court in the true and proper sense.
dent's
cause a split in the party or deprive it of a clean-cut issue next year.
political alliance, the League of Nations under its present covenant
would
"As a
The Democrats, he said, seemed generally favorable to the President's pro- is not a world organization in the juridical sense, and while its court may
APRIL 28 1923.)
THE CHRONICLE
1851
The same advices also stated that in another telegram sent
not be without utility, it is not and cannot be the world court to which the
policy of the United States has aspired.
to the same firm on April 21, Mr. Wannamaker says that
"It would have been well after the promises made in the last Republican
either human or divine, justifying
platform if the present Administration had availed itself of its opportunity he can find "no law,
morning
to take the lead in establishing a world court and a world law in continua- action of the Government in issuing reports this
tion of the policy of the party and the country as previously proposed.
showing acreage increase in cotton of approximately 12%."
Wants America to Lead.
The Associated Press accounts in the Raleigh paper of the
"In soy opinion it may not now be impossible for that leadership to be 24th
also had the following to say:
asserted. Personally, I greatly desire it to be and I believe it to be the desire
Would Cut Acreage.
of the great majority of my fellow citizens. I cannot in good conscience, at
this time, repudiate the tendency manifested toward the attainment of this
In the telegram proposing calling of a national conference, Mr. Wannaof inter- maker says that he has received urgent requests from all cotton growing
ideal, but I should deeply regret to have it recorded in the history
national progress that the United States has so far lost its leadership and so States that he make an appeal to the cotton producers that they plow out
far agreed to a secondary proposal as to lose sight of our great ideal. It 33% of the cotton already planted and plant such lands in food crops.
would be to me a humiliation to see the United States take a place in the It is also proposed, he says, that one-third of any additional land they may
rear of its own conceptions by attaching itself in some manner to a plan intend to plant in cotton be diverted to food crops "so as to drastically
that has been repudiated by a great part of the American electorate.
reduce cotton acreage."
"I am, therefore, in favor of abandoning now all half-way measures and
Other protests received, he says, state that cotton is selling below the
compromises and of stating fully and clearly the aspirations for a world or- cost of production, "regardless of the fact that we are facing acute cotton
ganization and a world court, which I believe would meet the full approval famine"; that the law of supply and demand is not allowed to function;that
of an overwhelming majority of both the legislative parties."
the action of the Government in issuing the acreage report is illegal, and
that labor migration has increased, pointing to the inevitable certainty
that it will be impossible to cultivate and harvest the crop that"the GovernUnited States Advised by British Lecturer to Stay Out ment has indicated as a guess by the report will be planted."
of Europe—France Described as "Greatest
Gets Co-operation.
"I have assurance," he continues, "that I can secure co-operation of the
Armed Camp of Europe."
The following is from the New York "Times" of April 22: agricultural West and co-operation of agricultural interests from other
sections of the nation for a Joint national conference in Washington as a
Shaw Desmond, British lecturer, sailed for home yesterday on the "Ohio"
protest against the Government policy of interfering with prices of agriof the Royal Mail Line, after a tour which took him to the principal cities
cultural products. The grain-growing West Urges joint co-operation in
of this country. He described Europe as an armed camp.
reduction of acreage West and South as a matter of mutual protection, it
"They are at work night and day in almost every country of Europe pre- being realized that the price of cost plus a reasonable profit is necessary for
paring for another war," he said. "Civilization is seriously menaced. The the very existence of our agriculture. Have assurance full co-operation
next war will be a more or less passionless one in which deadly gases and of leaders in various organizations and prominent representatives from varidirigibles will play a predominant part."
ous lines of industry."
Mr. Desmond said the greatest armed camp in Europe was France, which
In the other telegram he asserts that "the agricultural department of
was determined that Germany should pay all she owed.
the United States practically• forces the cotton-producer of America to
"The only hope of the world is the United States," he said, "but she must comply with the mandates of the foreign spinner wherein he protests
stay out of Europe. She must be careful not to be ensnared by diplomats."
against the statement that the white women of the South should not be
forced to produce cotton for the purpose of furnishing the world with cheap
Census Bureau's Report on Cotton Spinning for March. cotton by issuing a report on acreage without previous notice, without precedent and without law. Such a report is purely a guess, it being absolutely
The Department of Commerce at Washington on April 21 impossible to secure accurate information at this time as to the amount
announced that, according to preliminary figures compiled of acreage to be planted in America in 1923."
Action Is Denounced.
by the Bureau of the Census, there were 37,308,713 cotton
Government officials in making public the crop and
The
spinning spindles in place in the United States on March 31 acreageaction of eighteen economists to the Department of Agriculture.
reports of
1923, of which 35,500,518 were operated at some time during in which planting intentions of farmers were forecast, was denounced as
the month, compared with 35,307,707 for February, 35,240,- a measure "in behalf of the gamblers," who faced heavy losses through
cotton they did not own, in a statement by Mr. Wannamaker.
853 for January, 1923, 34,968,440 for December 1922, selling
"These economists must be mind readers," Mr. Wannamakers aid,
84,664,630 for November, 32,499,324 for August, and 31,- "because they profess to tell us what the farmers 'intend' to plant and
in addition they must be readers of the future, because they tell us what
872,842 for March 1922.
scheduled to do in connection with the crops during the coming
The aggregate number of active spindle hours reported for nature is
months."
the month was 9,531,002,951. Based on an activity of 27
Making public a Government forecast at this time, the cotton assounprecedented in
days, for 8.74 hours per day, the average number of spindles ciation head asserted, isforecast not being this country for at least 50
due until July. Last year,
years, the first regular
operated during March was 40,339,029 or at 108.3% capacity he continued, Department of Agriculture officials refused the requests
probable decrease in acreage be estimated
on a single shift basis.. This number compared with an of cotton interests that the
average of 40,847,845 for February, 40,008,203 for January, early in the year. questioned the authority% with which these"economists,
Mr. Wannamaker
37,658,116 for December, 39,469,039 for November, 34,041,- prophets and mind readers" spoke in regard to the crops, declaring that
028 for August, and 33,076,804 for March 1922. The aver- he doubted them having sufficient information upon which to base a
age number of active spindle hours per spindle in place for dependable statement of conditions.
Natural Corner.
the month was 255. The total number of cotton spinning
There exists now, be declared. a "natural corner" in cotton due to the
spindles in place, the number active, the number of active law of supply and demand, which law is governed in this case by the conspindle hours and the average spindle hours per spindle in sumption and production factors. Consumption is overlapping producplace by States, as reported by the Census, are shown in tion, he said. The visible supply of American cotton is only 1,974,528
bales, acording to Mr. Wannamaker, while, he asserted, the mills of the
the following statement:
world are using it at the rate of a million bales a month. The result is
Active Spindle Hours for the "natural corner," he said.
March
—Spinning Spindles—
"The problem of those who sold cotton that did not exist and were
Arge. per making
Active
frantic efforts to secure it, while realizing the inevitable failure of
Spindle
In Place
During
their efforts to do so through exhaustion of the supply, and who, therefore,
State—
its Place.
Total.
March.
March 31.
were facing enormous losses," the cotton association President asserted.
United States
255
37,308.713 35,500,513 9,531.002.951
"has been solved by this action of the Government In behalf of the gambler."
Cotton-growing States 16,313.166 16.065,554 5.116,534,762
314
Mr. Wannamaker charged that European influences are working to deAll other States
210
20,995,557 19.434,964 4,414.468.189
press the price of cotton. "The statement has been made by one of the
291
Alabama
1,271.365
386.689,258
1,328.602
highest tex:he officials In Europe," he said, "that it is necessary for Europe
229
1,319,410
Connecticut
315,417,147
1.375.840
to secure cheap American cotton in order that European Governments may
Georgia
323
2.643,673
869.681,186
2.692.601
pay their enormous debts to the United States, and that individuals of
233
Maine
265,723,622
1,140,840 1,132,291
Europe may be able to pay their obligations to the American individuals
197
Massachusetts
11.993,961 10.925,388 2,361.882,758
and corporations. Ho declared that they would not pay a price for cotton
New Hampshire
192
278.206,681
1,449.319 1,349.231
which would enable us of the South to take our women and children out of
New Jersey
431.812
204
91.346,927
446.884
the fields and put them into the homes and schools."
New York
966,082
277
284,308.549
1.024,916
Secretary Wallace's reply to these criticisms was reported
North Carolina
324
5.438,458 5,378.465 1,763,627,733
Pennsylvania
153,898
34.888,519
173
201.495
as follows in special advices from Washington to the "Journal
Rhode Island
679,327.790
235
2.886.518 2.729.717
of Commerce," April 24:
South Carolina
317
5,116,599 5,078,421 1,619,432,566
Secretary of Agriculture Wallace, answering criticisms directed against
Tennessee
118,315,904
270
437,832
432,036
the action of the Department of Agriculture in issuing for the first time a
Virginia
156,875,664
250
628,058
609,313
forecast of the intended plantings of farmers of the principal spring-sown
266
All other States
1,146,790
305,278,647
1.079.411
crops, declared that these estimates would prove most helpful to the farmers
because they would tend to show well in advance the likelihood of profitable
J. S. Wannamaker's Protest Against Agricultural cultivation.
"The forecasts will enable the farmers to adjust their plantings in such a
Department's Cotton Acreage Report—Answer
way as to avoid sustaining losses if it is apparent that there will be an overof Secretary Wallace.
production and will inform them of prospects of a short crop," Secretary
A proposal for a national conference of iepresentatives of Wallace said. "It is the Department's belief that the dissemination of this
from farmers, will work
agriculture and friendly allied interests to meet in Washington information, based, upon thousands of reportsconsumer."
both to the advantage of the producer and the
to protest against the Department of Agriculture report on
secretary Wallace said that the Department desires to give the farmers
the probable acreage of principal crops was made in a tele- more and more information, not only as to the probable acreage in dpmestric
outlook. In this way it is hoped that
gram sent to Norman Mayer & Co., of New Orleans, by crops, but as to the world agriculturalthe collapse in prices which has been
the agricultural industry can escape
Wannamaker, Presidant of the American Cotton felt in recent years, when the foreign market did not absorb the exportable
J. S.
Association, and made public at St. Matthews, S. C., on surplus.
He indicated that the innovation was in line with the Department's inApril 23, according, to Associated Press advices published in tention to broaden the scope and improve the usefulness of Its crop-reportand Observer" of the 24th:
ing work.
the Raleigh "News
1852
TFEE CHRONICLE
Taking notice of the statement appearing in the newspapers by J. S. Wannamaker of South Carolina, Secretary Wallace said that he was informed
Mr. Wannamaker was urging the Southern planters to reduce their acreage
at the present time. He said it was ridiculous to charge that the Government had as its purpose the depressing of the price of cotton.
It was pointed out that the Department,in its semi-monthly surveys and
In other official statements, had Indicated that the world would be able to
consume a 13,000,000 bale crop. Not long ago the Department stated that
It appeared that cotton and wool could be expanded by farmers with the
prospect of a profitable return.
•
The planting estimates were issued when Assistant Secretary Pugsley was
in charge of the Department, but Secretary Wallace has made known that
he is in hearty sympathy with the innovation.
Standard Oil Company AllegedirtoZbe Controlling
Production, Price, Distribution,l&c.AbylLouisiana
Public Service Commission.
The conelusion that "aslwe'oriew the oil situation the Standard Oil Co. is the controller of production, price, distribution,
market,and if it so desires can become the monarch, dictating
the purposes and causes for which oil/may be used," is
expressed by the Louisiana Public Service Commission in an
opinion filed on April 14. Regarding the opinion of the
Commission we quote the following from the New Orleans
"Times-Picayune" of April 15:
The Standard Oil Co. of Louisiana has controlled and is now in a position
to control production, transportation, refining and distribution of oil in
the State, has strangled the independent oil industry, frozen out producers
In a number of fields, manipulated prices of crude oil, and destroyed independent Jobbers, refiners and distributing stations, the Louisiana Public
Service Commission declares in an opinion filed in its office at Baton Rouge
last night by Huey P. Long, Chairman. Conunissioners Francis Williams
and Shelby Taylor concur in the findings of fact contained in the opinion.
The opinion further declares that the Public Service Commission will
enter orders in each case resulting from its findings of facts relative to the
operation of the Standard 011 Co. in the State, and will bring such
proceedings as are in its power, and in its opinion Justified.
The opinion recites the history of Standard 011 Co. operations in Louisiana, summarizing the alleged manner in which it Is charged with
obtaining
control of the oil industry in the State by the alleged strangulation of the
business of the independent oil producers.
The opinion was rendered in Case No. 197 in regard to the citation
to
show cause why pipe lines should be decreed common carriers,
divorced
from producing oil properties and required to provide common
storage
incident to the business of transportation, and for prescribing
reasonable
rates and regulations.
Opinion Covers Wide Range.
The preface to the opinion reads:
"1—Monopoly of the Standard 011 Co. over production,
transportation,
storage, refineries, markets, distribution, prices and the xnethoas
by which
such control has been perpetuated in Louisiana.
"2—Strangulation and destruction of the independent oil
industry in
Louisiana by the Standard 011 Co.. since the time the institution
was
expa]ed from the States of Texas and Kansas and was locate‘ in
Louisiana.
"3—The alleged 'freeze outs' by the pipe line interests
pendent oil operators and farming interests in Evangeline, against the IndeVinton, Edgerly,
Crichton. Caddo No. 1 and Pine Island Oil fields.
"4—How markets and prices (with storage and transportation
facilities
barred to independents) were so regulated that a 16 gravity oil was
the coast of California for $1 85 per barrel.whilst a 28 gravity oil wassold on
wasted
In the rivers of Louisiana with only 20% being sold at less than 60
cents
per barrel.
"5—Destruction to independent jobbers, refineries and filling
.
stations
by control of prices and margins of profit."
Pipe Line Deal Explained.
The opinion goes into detail explaining pipe lino proceedings before
it, and then states:
"Inasmuch as this Commission must in this proceeding prescribe proper
orders, rules and regulations, all of which cannot be prescribed at one time,
or in one order, we find it necessary to make a basic statement or finding of
fact, requiring and justifying the proceedings heretofore taken and the
orders hereafter to be given."
The "basic statement" then relates that "The Standard 011 Co. of
Louisiana is in fact the Standard Oil Co. of New Jersey, 99.97% of the
capital stock of the Standard Oil Co. of Louisiana being owned' by the
Standard Oil Co. of New Jersey. (The eighty-five independent shares out
of a total of 300,000 are merely distributed for the purpose of qualifying
officials of the separate corporation which in reality is a fiction as segregated from the New Jersey concern.)"
Continuing the statement charges that the Standard 011 Co. of Louisiana
entered the State at about the time the Evangeline oil field near Jennings,
La., was discovered "through the efforts of independent prospectors."
It asserts the Standard Oil Co. built pipe lines to the field and such a
value
was placed upon the oil that it encouraged the widening and
complete
development of the field. Then the price of oil was gradually
decreased
until it resulted in financial destruction for the independents and
the
Standard came into the ownership virtually of all of the oil, after which
the
price of oil was advanced and transportation facilities offered for the
entire
field, asserts the opinion.
• Situation in Caddo Reviewed.
A similar policy towards the Caddo Parish oil fields is related in the
next
paragraph, which tells of how oil was reduced to 40 cents a barrel and
that
after the Standard had obtained domination of the field the price ascended
to $2 25 a barrel. Next is related of a like condition in the Crichton field
of Red River Parish, where oil was dropped to 30 cents a barrel and after
the Standard Oil group emerged with ownership it advanced to 31 85.
"It is needless to multiply the examples which the foregoing
illustrates,"
reads the opinion. "Suffice it to remark that the oil fields of Vinton,
Edgerly, Spindle Top and all others prior to the year 1919 usually met the
same fate as the fields which we mentioned above.",410
41/
The opinion then is devoted to the history of the famous Pine Island
which came into prominence in 1918.
oil field,
The opinion'recites that prior to this year "the land upon which the
oil field was discovered was controlled by the Standard 011 Co. group who
pronounced it worthless, surrendered and abandoned it. The independents
who later acquired the property uncovered a valuable mineral deposit so
that in the latter part of the year 1918 the daily production of the field
amounted to approximately 28.000 barrels, the oil being ordinarily twentyeight gravity Baume. Approximately 90% of the production was owned
by 113 independent oil operators."
[Vol. 116.
Independent MITRefused.
It is then recited that the field became fully discovered and developed
largely through the encouragement of the pipe line concerns, who pronounced the oil of a valuation of not less than $1 55 a barrel, but that on
the first day of December the Standard Oil Co. posted a notice that after
Dec. 10 they would not take the oil of any Independent operator in the field.
"The Texas Company and the Gulf Refining Company, the other two
'pipe line concerns in the field, followed the example of the Standard Oil
Company of Louisiana. resulting in a complete embargo on the Pine Island
field. The price of the oil was reduced to about fifty cents per barrel, the
pipe line companies declined to purchase or transport more than 20% of
the entire production even at that price. . . . When the interests
affiliated with the Standard Oil Company succeeded in gaining control of
the field, the oil was raised from sixty cents to $3 25 per barrel and storage
and transportation was offered for it all."
The opinion continues in detail of various other phases in which it is
alleged the company strangled production and Sale of product by the
independents until it gained control of the respective fields and markets.
Standard Branded Dictator.
In its concluding paragraphs the opinion states:
"As we view the oil situation, the Standard Oil Company is the controller of production, price, distribution, market and. If it so desires, can
become the monarch, dictating the purposes and causes for which oils may
be used and the enterprises which will be allowed to use the same.'
It states that the Standard 011Co. has yielded to the citation of the
Commission and divorced its pipe line from its oil producing properties,
together with a large quantity of storage, incorporating a separate concern
owned by the Standard Oil Co. of Louisiana, known as the Standard Pipe
Line Co. of Louisiana, and transferred certain properties to it.
"The Commission has not yet passed upon the segregation nor rendered
such orders as it may find necessary connected therewith, nor has it approved the identity of interests," reads the opinion inc onclusion.
Such
will be dealt with in the orders to be issued by the Commission hereafter."
Robert L. Welch, of American Petroleum Institute,
Criticizes La Follette Oil Report.
A reply in behalf of the petroleum industry to the recent
report of the La Follette Sub-Committee of the Senate Committee on Manufactures on conditions and prices in the
oil industry, was made by Robert L. Welch, Secretary of the
American Petroleum Institute, at a meeting of the Association of Natural Gasoline Manufacturers at Tulsa, Okla., on
April 24. Mr. Welch, according to press advices from Tulsa,
declared that both the figures quoted and the analytical
methods used in the report were marked by "serious inaccuracies," and the table relating to crude oil he characterized
as "fatally defective" The press advices to the New York
"Times" from Tulsa state:
Taking up the prediction of "$1 gasoline if a few groat oil companies
are permitted to manipulate prices for the next few years," as the outstanding charge in the report, he pointed out that the price of crude oil
reached the peak price of 53 50 In 1920 and quickly ft.11 from that figure
to $1 in 1921.
The prices of "all commodities" similarly rose to high-water marks in
1920 and declined in 1921. according to Mr. Welch, who charged that
the La Follette Committee did not include "a syllable, word, line or paragraph in the entire report suggesting that this inflation or deflation of
prices of all commodities had the slightest effect on the movement of
petroleum prices."
While the La Follette report laid emphasis on the probable high price
of gasoline, Mr. Welch pointed out that the most important product of
petroleum in point of volume was not gasoline or kerosene. but fuel oil.
He said that in the two years in question 2H times as much fuel.oil was
consumed as gasoline.
He said that inquiry as to the price of fuel oil was of paramount importance and that the subcommittee easily could have compiled information
on that base of the industry if it had so desired.
Scores Delay in Making Report.
Mr. Welch also blames the sub-committee for delay in making its report,
because the answers to its questionnaires were "seasonably returned in the
Summer of 1922," while the report was not filed until Mar.4 1923.
He further maintained,that "in general the price of fuel oil has been governed by the price of coal." He admitted, however, that in times of scarcity
4.1
the prices of fuel oil prevailed due to "its superior uses."
As for the peak price of$3 50 a barrel for crude oil reached in May and December, 1920, he urged that that price prevailed in the Mid-Continent region
where hundreds of Independent refiners are in competition with one another.
"The power which pulled the price of fuel oil up to approximately $3 50 in
the Mid-Continent field was competitive bidding to obtain it," said Mr.
Welch, who pointed out that fuel oil dropped to $1 80 a barrel before there
was any recession of the price of crude.
"On the other hand, the fact that fuel oil fell off one-half in value before
there was any change in the price of crude was the clearest possible indication
that if the other products weakened, the whole petroleum structure was
headed for collapse.
"The table relating to crude oil, for example, purports to show that on
May 1 1920,the number of days'supply of oil was 105, but that on Dec. I it
had declined to ninety-seven days'supply. Presumably, if the table means
anything, the petroleum price structure ought to have been stronger in December than it was in May.
Statement Fatally Defective
"As a matter of fact, the table statistically is incorrect from beginning to
end. Furthernore, it is fatally defective in other respects."
Mr. Welch asserted that the committee claimed that in March, 1920.
stocks amounted to 151,000,000 barrels, daily consumption to 1,390,000,
and the supply to 112 days; while in February, 1921, the stocks amounted
to 156.000.000 barrels, an increase of 5,000,000; the daily consumption to
2,000,000, an increse of 610,000, and the supply to seventy-three days, a
decrease of thirty-nine days. Continuing, Mr. Welch said:
"The price was reduced to $2 on Feb.4 and to $1 75 on Feb.9.
"In substance, therefore, the sub-committee charges that the price was
cut from $3 50 per barrel to $1 75 per barrel, although consumption had increased 610,000 barrels per day, thus reducing the days'supply from 112 to
73, a reduction of 39 days'supply on hand.
"In fact, the precise opposite of what the sub-committee charged was true.
During February. 1921. the consumption of oil was at the lowest, not the
highest, level, and the number of days' supply of oil on hand was the
largest not the smallest, up to the date mentioned by the sub-committee."
APRIL 28 1923.]
THE CHRONICLE
1853
great regions that were held by Indian tribes which had the status of "distinct, independent, political communities," not controlled by the legislative •
authority of Congress or of any State, claiming and exercising the right to
exclude citizens of the United States from their borders.
We are met to celebrate the one hundredth anniversary of the birth of
the Delaware & Hudson Company. Something may, then, appropriately
be said of the reasons for its being and the circumstances of its youth.
In 1814 there were engaged as drygoods merchants in Philadelphia four
brothers, William, Maurice, Charles Stewart and John, born in Flanders,
N. J., between 1783 and 1792 of a Swiss family named Wurts. They occupied an important and highly respectable position. For, although the
fuel value of anthracite had been demonstrated more than fifty years previously, its qualities were known to few and no stable market in which it
could be sold existed.
About this time William Wurts began an exploration of Pennsylvania
streams and forests in a search for anthracite,finally locating and purchasing lands in the Lackawanna Valley. They established their headquarters
the name to the place about the year 1822 here they
and the replies at Carbondale, giving
The report of the La Follette Committee
opened a rude mine, which afterwards became the nucleus of the first mines
New of this company, which they did so much to form. During that year they
thereto by W. C. Teagle of the Standard Oil Co. of
tons of anthracite, but found themselves shut out from
Jersey, and others, were referred to in these columns March mined nearly 1,000 the only market, by the Lehigh coal, nearer and with
Philadelphia, then
therefore, to
10, page 1012, and March 17, page 1136.
better transportation facilities. For a market they turned,
Moosic mountains
the City of New York, and formed a plan to cross the
Lackawaxen River and to build a
through Rix's Gap to the waters of the
Address of President L. F. Loree at the Delaware & canal thence to the Hudson River at Rondout.
The Duke of Bridgewater had completed his canal between Worsley and
Hudson Centennial.
by
in England in 1761, and it had been visited that year
is no longer a business, it has Manchester Schuyler of Albany, who,upon his return,advocated similar
Declaring that "railroading
General Philip
South Hadley & Montague Canal,
become a calamity," L. F. Loree, President of the Delaware enterprisesin thiscountry,and in 1792theConnecticut River at South Hadrapids of the
& Hudson Co., at the dinner at the Hotel Astor this city, on five miles long, around thethe first American canal. This led to the Erie
ley, Mass., was opened as
Monday night, April 23, given to commemorate the centen- Canal, work on which was begun in 1817, an enterprise of national imporof
nial of the chartering of the company, sharply criticized the tance, that fixed popular imagination upon this means transportation,
having already been successfully accomregulation which has developed. steam navigation of deep waters initial voyage of the "Clermont" up the
system of Government
plished by Robert Fulton in the
"This system of control," he said,"so repugnant to the genius Hudson River from New York to Albany on Aug. 11 1807.
The introduction of railroads as a substitute for common roads at Newof American political ideals and institutions, gradually debetween the years 1602 and 1649, probably a
eaten like a cancer into castle-on-Tyne took place the latter year. By 1750 there was scarcely an
veloping for the past fifty years, has
considerable time prior to
The
the stability of railway industry, and at this moment seri- important English mine but was served by its own railroad.woodenonly
rail
long as the
was
for
ously threatens its economic efficiency and the general wel- motive poweruse, a long time load horses, and as was 4,704 lbs. At first
for one horse
confined to continued in sothe generalafford an easy draft for the wagons, whether
fare of the American people." "It is no longer
light as to
the'grades were
the railway industry," Mr. Loree continued, "but now af- loaded or empty,but later inclined planes, with rope or chain haulage,using
were freely adopted.
fects every undertaking in the so-called 'public utility' a winding drum actuated by stationary engines,both a source of coal supThe Wurts brothers, therefore, had available
field." "It is not alone the railroads that are being de- ply and the means of transportation. Their problems were to raise money
stroyed," said Mr. Loree; "the very vitals are being torn for the enterprise and to create a market for the product.
On April 23 1823 they secured the passage of an Act by the Legislature
from the body of our liberties, while the temptation held out
the
of New York incorporating "The President, Managers and Company of
to the producer to loot the savings of those who have invested Delaware and Hudson Canal Company." Pressing forward to create a
in railroads is destroying the foundations of justice and market, on Dec. 10 1824 their first shipment of coal arrived in New York
Advertiser" of that date commorals upon which alone our orderly government can be on the sloop "Tripler," the "Commercial
menting, "our citizens will have an opportunity of examining and testing
urged that we "take heartfrom the the quality of this coal, the rich mines of which it is intended to open to the
maintained." Mr. Loree
adventures of our forefathers." "Let us," he said, "be New York market by means of a canal."stock of the company were opened
subscription books for
guided by their experience and aspirations, not because they In On Jan. 7 1825
the Tontine Coffee House, located at the northwest corner of Wall and
ever young. Retracing our Water 'streets, in New York City, at the Middle District Branch Bank in
are ancient, but because they are
Bank in Goshen. The stock was
steps from the morass into which we have wandered, let us Kingston, and at the Orange County was by the influence of Governor
as
not because we wish to look back, largely over-subscribed, assistedchiefit
return to the solid land,
engineer of the Company, Benjamin
Clinton and the prestige of the
but because we are determined to go forward. Guided by Wright, who was the chief engineer of the Erie Canal. Adopting a pracsubscriptions were accepted in full and
their example, let us set out anew upon the course they so tice that is still followed, the smaller of their subscriptions. It is curiously
to themselves and to the larger subscribers allotted 84%
long pursued with enormous advantage
amount then
interesting that the stock now outstanding is 28M times the
us, their descendants, that we may hand on to our successors issued, and is distributed among 28% times as many holders, so that there
sharea heritage at least as rich as the one we received." The has been substantially no change in the participation of the average
road's hundredth anniversary is the first centennial to be holder.
by the stockOn March 8 1825 the first board of managers was elected
observed by an American railroad; its charter was granted holders at a meeting held in the Tontine Coffee House, and three days
later the organization was completed by the election of Philip Hone as
April 23 1823. Mr. Loree's address in full follows:
Bolton as Treasurer. The namq of Philip Hone gave
The progress of the United States during the century we commemorate President and John
to the company, at once, a great distinction and prestige. Then 44 years
has no parallel in any other time or clime. The young giant, Steam, at
of age, in his full prime, he had alreadY acquired a reputation for those
its beginning, just becoming cognizant of his own powers, here found a
fame of which has been handed down to us.
abounding in natural resources, in rich virginity, substantially unoccu- rare personal qualities the
field
He had retired some years previously from active business with an ample
pied, awaiting his tillage. Enterprising boldly and with over advancing
fortune.
aspiration, industries were established, cities founded and States organized
a
Under Judge Wright's direction Colonel John S. Sullivan had made
In regions in which the yell of the raiding savage mingled with the whistle
subsequently, on March 14 1927,
By successive stops there grew, within the cen- reconnaissance survey in 1823, and
of factory and locomotive.
made chief
John B. Jervis, who had follwed with the location servey, was
tury, a nation increased by more than one hundred million inhabitants,
engineer of the enterprise and took active charge of construction.
founded upon the liberty of the individual, the sanctity of the family and the
construction
On July 13 1825, contracts were let for 17 miles of canal
right to private property; a nation rich in its literature and art, strong in
and ground was broken at Mamakeating, now Wurtsboro; Philip Hone.
its spiritual traditions, in wealth greater than any other,in productive power
the President of the company, turning the first spade full of earth and
amazing the world, capable of dictating peace to embattled Europe and endelivering an address, setting forth the object of the canal and the benefits
forcing its arbitrament by an army of three millions moved across three
expected to follow from its completion.
thousand miles of sea.
On Dec.5 1828 a squadron of boats each carrying ten tons arrived at
The Delaware & Hudson Company has borne its prominent part at every
company's anthracite reaching New York
the use Rondout, the first cargo of the
period of this development. Created to market coal, it established
five days later on the sloop Toleration.
of anthracite in New York City, northern New York and New England.
The railroad, 16 miles long, crossing the Moosic Mountains between
It imported the first locomotive that was ever operated in this country,and it
Honesdale and Carbondale, was operated by horses on the moderate
has built up a railway system that traverses three States and a Canadian
by rope haulage with the use of winding drums, actuated
province. It has aided agriculture and manufacturing, stimulated and gradients, and
water power, on the inclined planes.
and marketed steel. by stationary steam engines or by
undertaken forestry development, mined iron and made
The first car of coal passed over this lino on Oct. 9 1829.
Its steamboats ply the waters of Lake Champlain and Lake George, on the
During the period of construction the proprietors sent Horatio Allen.
shares of which stand its hotels; its traction lines and its electric power
to purchase four locoplant serve the Capital District of New York. The multitude of its loyal one of their engineers, to England, with authority
America, was built
and deserving employees, liberally provided for in the scales of remunera- motives for use on the railroad. One of these, the
the Stourbridge
tion, is guarded against losses from the major hazards oflife—injury,illness, by Stephenson & Co. at Newcastle. The other throe,
Rastrick &
unemployment, superannuation, death—by a generous system of pension Lion, the Delaware, and the Hudson, were built by Foster,
Co. at Stourbridge, near Birmingham. The Stourbridge Lion, arriving
and by insurance secured through the corporation and carried in part
set up and demonat its expense. In short, it is and has been for a hundred years, a "going in New York on the ship John Jay on May 13 1829, was Foundery Co. on
West Point
concern," diverse in its activities, progressive in its methods, strong in its strated on May 28 at Kimbles Works of the
York on July 4 1829.
integrity and credit, laboring to discharge its full duty to the communities Beach St. It reached Rondout by water from New
Allen at Honesdale. Mr.
it serves, sharing in the labor and justly expecting to share in the gains of and on Aug. 8 it was operated by Horatio
Jervis had stipulated that the weight of the locomotive should not exceed
national development.
and was found so to
It Is not easy to visualize the conditions of April 23 1823. New York, 53.‘ tons. When delivered it weighed seven tons,
make it impossible
just superseded Virginia as the most populous State, had fewer crush the strap rail into the soft hemioek stringers as to
which had
•
inhabitants than are now found in Connecticut or Maryland. Florida had to put it into regular service.
The purchase of these locomotives was a conspicuous example of forebeen acquired but not assimilated; Texas and California were still Mexican;
locomotires
Oregon was a no-man's land not yet deemed worth claiming. The Union sight and courage, for although there had been some use of
on the Stockheld twenty-four States, of which only two—Louisiana and Missouri— in transport in England since 1811 and a number were in use
their claims of
extended west of the Mississippi River. Within its nominal area were ton & Darlington Railway, there was sharp denial of
in the
After pointing out what he charged were other glaring inaccuracies
report of the sub-committee, Mr. Welch said:
charging
"I fully realize that in making the foregoing statement I am
tables and
the most serious inaccuracies both In the sub-committee's
them, but
method of statistical analysis and in counsel's quotations from
glad to
I am making the charges after full investigation and I shall be
that every stateappear before any impartial statistical body and prove
stocks,
ment made by counsel in his examination which referred to the
that
consumption and days' supply was untrue and that every statement
Bureau
the
I have made is correctly founded upon the official statistics of
official Governof Mines, the United States Geological Survey and other
ment agencies.
errone"These agencies are in nowise responsible for the sub-committee's
ous combination of the official figures.
apparently
"The extraordinary errors to which I have referred and which
led the committee to the belief that there was manipulation, occurred
because counsel did not even quote correctly his own incorrect tables."
1854
THE CHRONICLE
[VoL. 116.
superiority to the horse and their supremacy was not decisively demon- closely restricted,
to make rules of conduct no longer general but applicable
strated until the Rainhill trials on Oct. 8 1829. some months after the only to
particular cases. These bodies do not interpret or apply law, they
order was placed.
are sham legislatures, and make whatever special laws their members
The railroads are the instrument that have enabled national extension consider
desirable to meet the exigencies of particular situations. These
beyond the boundaries of early days and welded an immense area into a special rules of conduct,
applicable to the parties summoned and to no others,
compact political and economic entity,united in patriotic spirit,in industrial are the consummation
of inter-parte proceedings begun by complaint or
and commercial interest, in sympathetic understanding. In their compre- by an initiative in
the nature of a complaint. Parties are heard as though
hensiveness they may indeed be considered as works of nature wrought in court, and a decree entered,
but this decree controls the future rights of
by man. Without commerce, that "calm health of nations," which the parties,
not as an adjudication determining rights under pre-existing
would be impossible except for railway transportation, there could have law, but as legislative
a
declaration of what shall be permitted in the future.
been no United States in the present world-wide and potent significance
The degeneracy of such a system is inevitable. It sets up a buyers'
of that name. The power and majesty of the nation of to-day are founded, tribunal, controlled by
no standards of law or equity, certain to become
as may be seen by all, upon railroad efficiency, an efficiency developed the advocate
of those selfishly interested in depressing rates. With such
out of the potentialities of economic incentives, individual initiative and a tribunal the statutory basis of its
existence tends to become more drastic,
freedom of contract. Without these factors there could have been no powers tend towards augmentation,
fair and reasonable members tend to
American railroad system, as it is known to us, and without such a system be replaced by partisans, who are not
ashamed to be the mere mouthpieces
the American people and tuition. as they are known to the world, could and agents
of those who make use of the regulated service. Political presnever have come into existence.
sure, strengthened and supported by short-sighted notions of self-interest,
We may divide this century of surpassing progress into two parts of always and invariably promotes
those results.
almost equal duration. The first is the period of the pioneer, of indomAll such regulation is inevitably ineffective to satisfy the hopes and
itable courage and rude adventure, of the strong will to overcome obstacles prejudices
of those by whom it is sustained. It cannot succeed, in this
and to create a new civilization upon the basis of individual rights and sense,
because these prejudices and the hopes and the motivation of shortfreedom; a period of bold exploration, courageous experimentation and of sighted self-interest, when not subject to
the check of responsibility for
sturdy growth. The second half is no less a period of achievement and financial results, are
without limit. In consequence, every successive
growth, but it has been more the achievement wrought by the relatively addition to the regulatory power results in
renewed disappointment and
few and the inevitable response to the vast potentialities of recognized this disappointment,
exploited by the official body,is easily translated into
but latent resources. It has become, increasingly and unfortunately, a pressure for
still further power. In this way the failures of regulation beperiod of doubt: of somewhat popular denial of political and economic come, instead
of recognized evidences of error leading to repeal, stops
principles that were once commonly deemed established, the grounds for
towards more drastic regulation. The end of such a progression is not
which, no less immutable than before, seem to have passed from the
difficult to foresee; in the case of railway regulation, it is plainly within the
recollection of groat masses of the people. It has perhaps become, in
range of vision and takes the form of the disaster of government ownership
some quarters, a period of weasiness from the rapid pace of progress, of and
operation. This calamity, if it comes, will be the price paid for the
refusal to regard its benefits as the equivalent of the effort necessary
Incapacity of leadership that is apparently unable to find any escape from
for its maintenance, of envy and distrust of those agencies that have most
the grotesque and monstrous futility of adding every year to the superefficiently contributed to national wealth, security and the diffusion of
structure of regulation, although its very foundations have been tested and
human effort. These respective phases of national existence find record
shown to be unsound and unsafe.
in the archives of this corporation as well as upon the statute books of the
Moderation in the terms of regulation does not necessarily imply higher
State and the Union.
rates or returns to investors. Either might well be demanded at this time,
It is characteristic of new countries that their industrial growth is
but they ought not to be confused. It is not certain that a mitigation of
rhythmic rather than regular; there are wave-like periods of intense activity
the rigors of regulation would result in enhanced rates or earnings; the only
and rapid progress, followed by similar periods of depression, the crest
certain result of such mitigation would be a commensurate restoration of
of each period of progress rising higher than that which went before. An
industry. Managements would regain initiative and hope;
extraordinary period of activity, in this country, followed the Civil War. freedom to the
Government artificially stimulated this by carrying out what was in reality anticipation of the confiscation of achieved economies would disappear;
confidence that reward would follow successful endeavor would be renewed.
(although not understood as such at the time) a gigantic land-jobbing
Investors would be less exacting in respect to immediate returns if relieved
scheme for the settlement of the trans
-Mississippi region. To this end
railroads were aided by land grants, tax immunities and other concessions, of the limitations, actual or threatened, which undermine or destroy conland was given to settlers, immigration (both inter-State and foreign) fidence in the future.
To what condition, then, have we been brought? On Nov. 22 1920
was encouraged. In 1873. and again in 1884, serious losses were
realized; I was a witness before the Inter-State Commerce Commission in the New
agrarian discontent was widespread throughout the newly settled
areas; England rate case. I called the attention of the Commission to the fact
those who suffered looked, without the keenest of vision, for a reason and
thought they found it in railway practices, this conclusion being more that the index figures of 15 representative railroad stocks was given by the
easily reached because the railways were mainly owned in the East and press at the culmination of the market advance on Nov. 3 1919 at $119 62,
in Europe. Of course, dealing with so large and complex an industry, and that it then stood 40% lower; that the corresponding index figure for
15 representative industrial stocks had similarly declined from $112 44 by
there was no difficulty in supplying a bill of particulars, but this
was 40%. At the present time the decline in the index figure stands In the railmerely a list of grievances, some real and more imaginary, that could
be road list at about 46%, a position even lower than two and one-half years
made up at any time and in respect of any large section of the
economic ago, while in the industrial list it is no more than 12%.
order.S It is important to note, however, that the basis of
unrest was
That is, to express it in another way, the confidence of the investing
much more fundamental than any abuse of railway administration
and public in industrial organizations is unimpaired, their values reflecting
that the railways were in no degree responsible for this underlying
cause. the general condition of business: railroad values are unresponsive to the
In reality, the railways were fellow sufferers in the general depression
and general conditions of business: the investing public has lost all confidence
shared in the common loss. The feeling engendered was used
by the In them.
politicians to organize what was known as "the Granger
Movement."
Railroading is no longer a business, it has become a calamity.
Leaders whose shallow minds honestly shared the popular view,
and
But it is not alone the railroads that are being destroyed; the very vitals
others, inspired by selfish ambitions, who pretended to share it.
wore are being torn from the body of our liberties, while the temptation held
thrust to the fore. The panacea they offered was railway regulation.
The plan of regulation that developed the greatest popularity involved out to the producer to loot the savings of those who have invested in railroads is destroying the foundations of justice and morals upon which alone
the creation of commissions, the essential characteristic of which
is that, an orderly government can be maintained.
although their members are usually appointed in the same manner
as the
Has Russia no meaning for us? Must we also suffer the nightmare of•
subordinate members of the executive branch of their
governments, they Utopian intoxication?
really exercise the powers of a legislature. The distinctions
among the
Has Italy no meaning for us? There a people energetically struggle
three classes of governmental power are that (1) the legislature
establishes to prevent the destruction of civilization, resolved that mankind shall not
the rules of conduct, (2) the judiciary interprets and applies these
rules, have again to begin the weary round of development, already in the last
(3) the executive enforces them. But these commissions make
rules of 5,000 years seven times undertaken, even if in avoidance of catastrophe
conduct for the future which are distinguishable from those made
by a
legislature only by the fact that the former are special rules applicable only they are forced to employ extra-legal methods.
For us, in the providence of God,the middle of the road still lies open.
to the conduct of the parties to a proceeding before the commission,
while
Lot us take heart from the adventures of our forefathers. Lot us be
true legislation must always fix rules of general application. Thus
those • guided by their experience and aspirations, not because they are ancient
subject to such commission rule are no longer controlled by general rules
of but because they are ever young. Retracing our steps from the morass
conduct applicable to all similarly situated, but, in case after case,
these into which we have wandered, let us return to the solid land, not because
commissions set up special rules of conduct controlling only the parties
to
the particular proceeding and no more, therefore, than the rule of the case. we wish to look back,but because we are determined to go forward. Guided
by their example, let us set out anew upon the course they so long pursued
Unlike judicial determinations, these commission proceedings are not
the
Interpretation and application to the special facts of a controversy of a pro- with such enormous advantage to themselves and to us, their descendants,
that we may hand on to our successors a heritage at least as rich as the one
existing rule of conduct.
This system of control, so repugnant to the genius of American political we received.
Ideals and institutions, gradually developing for the past fifty
years, has
eaten like a cancer into the stability of the railway industry, and
at this Banking and Transportation—Address of J. S. Alexmoment seriously threatens its economic efficiency and the general
welfare
ander, President National Bank of Commerce in
of the American people. It is no longer confined to the railway
industry,
but now affects every undertaking in the so-called
New York, at the Centenary Celebration of
"public utility" field;
those in which the capital used is held. in law, to be "charged
the Delaware & Hudson Co.
with a public
interest." In recent periods of prosperity, when all other
American industries have been active and successful, drastic
"Banking and Transportation" formed the theme of the
laws have held these
"regulated" industries to a dead level of low
earnings and inability to pro- address by J. S. Alexander, President of the National Bank
vide normally for meeting increased demands for
service. The "rake's of Commerce, in New York, upon the occasion of the cenprogress" of regulation which has produced these
serious consequences and
threatens others still more serious, began as most
similar episodes in national tenary celebration of the Delaware & Hudson Company
history have begun by slight and insidious departures
from the principles at the Hotel Astor on April 23. The success of the Ameriof government that have approved themselves to
liberty-loving peoples can railway, Mr. Alexander pointed out "like that of any
since Magna Chaste.
The fundamental achievement of those who wrung that
immortal document from a reluctant king aspiring to personal control is that all
control
of conduct by government shall be by general rules applicable to all alike.
Such a government is a government of laws and not a government
of men.
It was the ideal of Samuel Adams and Benjamin Franklin and George
Washington and of those who formulated and approved the Federal
Constitution. It was supposed to have been firmly intrenched in the bills of
rights of all American constitutions fsom 1776 onward. But after 1873
She States began to set up commissions with authority, at first slight and
1' For what it is worth, this list of grievances is well stmunarized by
McPherson ("Railroad Freight Rates," p. 245-7) and by Judge Cooley
("First Annual Report of the Inter-State Commerce Commissios," p. 4-10)•
other great machine of productive efficiency, depends to a
great extent upon a sufficient capital supply." He added:
"The new capital which railways need constantly for extension and
pssysmess must come largely from the investing public. Whether that
public be the large army of citizens represented by the life insurance companies, the savings bank, &c., whether it be the large body of small individual investors, or whether it be the more well-to-do and the richer classes,
the proper financing of American railways at the reasonable capital charge
consistent with low transportation rates is impossible unless the earnings
of the railways are such as absolutely to guarantee the payment of interest
and reasonable dividends on capital.
"It is not sufficient that investments in railway bonds be safeguarded.
If railway transportation is to be extended in the future to moot growing
APRIL 28 1923.]
THE CHRONICLE
1855
Our ability to meet the full needs of business depends upon one very
important factor—namely, the maintenance of the liquid character of our
business transactions. No commercial banking system that has ever been
devised could continue to finance such a tremendous volume of businesc
unless the character of business remained liquid.
Credit is used in a vast number of ways in this country. It is used to
Mr. Alexander's remarks in full follow:
finance the marketing of one set of products, then called into the banks
the founding of a
The celebration of the ono hundredth anniversary of
and used to finance another set. Credit finances the movement of agrigreat American railway company is an occasion in which one connected with cultural products; is then diverted to the financing of the shipment of ores,
American industry should feel honored to participate. When your Presi- and of coal, and to the manufacture of steel, automobiles, textiles, &c.
dent extended to me the invitation to represent banking interests at your from there it flows into the building indutries and so on successively into
centennial I felt gratified.
various jobbing and commercial transactions. Under our highly complex
There is a special reason, however, why I take great pleasure in partici- Industry, hundreds of thousands of bank loans continually are being paid
pating in this occasion. When I entered the banking world as a junior off by various business units as they market their products, and these credclerk in the National Bank of Commerce, nearly forty years ago, tasks its are being Immediately reloaned to other business units.
assigned to me had to do with the account of the Delaware & Hudson
Unless American business can be regularly liquidated and the credit.
Canal Company. Although the growing responsibilities of the passing years returned periodically, to be used over and over again, the supply of credit
have required me to give attention to many clients and many affairs. I is never large enough to finance more than a comparatively small part of
have always had a special interest in your Company and great respect and our business. All commercial credit should be revolving and nothing
regard for your officers.
like the normal volume of business could be carried on without the continThe close relationship between our institutions, however, has not been ued circulation of this credit from one industry to another as it is needed.
limited to the period of the business activity of any of the present officers Especially in times of expanding business when profits are rapidly accruand directors of your company or of ours. Although your institution Is ing is it necessary that credit should be used with its utmost efficiency.
a little older than ours, dating from 1823, while ours dates from 1839, the
The key to the situation is the railways. Unless each industrial unit
lives of both have covered substantially the same period of the development can move its product to market and sell it at the proper time,it must underof the country. In a way we have grown up together; we have witnessed go groat losses. It is not sufficient that goods be moved some time. They
the same marvelous changes in American industry and commerce and we must be moved promptly.
have developed and extended contemporaneously with the development of
The prompt movement of goods rests with the railroads and wherever
the country. This period of development has witnessed many extraordi- the railroad system breaks down, whether It be through inability to bring
the one that stands above all others, is the marked raw materials at the proper time or to move the goods from the factory,
nary advances, but
improvement in the standard of living of the masses of the people.
or whether it be inability to move crops, this breakdown of transportation
We are often told that this new standard of living has been made possi- prevents the liquidation of the loans and thereby prevents the banks from
ble by the specialization and localization of industry and by the efficiency reloaning the same credit to the next division of industry that must have
of large-scale production. But upon what does large-scale production It if the business is to be carried on.
rest? It rests primarily upon three institutions—ready communication.
The important point that should never be forgotten is that railway
adequate transportation and large capital investment, the latter of which transportation touches every business in every part of this country, that
In turn is rendered possible by our facilities for the mobilization of sav- this business constitutes an endless chain of operations:and that if you break
ings. These are the cornerstones of modern industrial life, and, there- the chain at one point it is followed by a series of impediments which,
fore, of the high standard of living of the democracy of America.
if they cannot be removed quickly, may lead to ultimate disaster to AmeriI believe it to be of particular importance to emphasize this point, be- can business.
cause we are confronted to-day with now conditions, radically different
No matter how enterprising your industrial leaders, no matter how efficifrom those under which the railroads and the industry of this country at- ent your labor and no matter how sound your banking system, if your transgreat development.
tained their
portation system does not render it possible for the business of the country
An attempt to discuss the importance of transportation to American to liquidate and to meet its bank loans,so that this credit can be used over
business would be like an attempt to explain the importance of the circula- and over again, you can have no assurance of sound and prosperous busitory system in the life of a human being. Transportation, as a matter ness in the future. Commercial banking, the business of the country
of fact, is the circulatory system of modern industrial life, and to the de- and railway tansportation are all interdependent. The profitable carrying
gree that it is reduced in efficiency, so must the industrial life of the nation on of business and, indeed, the very safety of our credit structure are tied
languish.
up with adequate transportation.
Consider for •-a moment the change that has taken place in the great
The future of American business and of American commercial banking,
Middle West. In a few years from a country uncultivated and almost unin- therefore, becomes very largely one of adequate transportation facilities.
habited, it has developed into the richest granary of the world. What and it is of highest importance that we come to an agreement as to the conmade this development possible? Not the railroad alone, because the in- ditions under which such facilities can be provided. To provide these
vention of the harvester and the reaper and of other agricultural machinery facilities is not a question of decision from month to month. The buildall contributed. Nevertheless, the indispensable contribution to this ing up of proper transportation is a problem of years and the maintenance
accomplishment was the great American transportation system which, of it is always a problem of foresight and of well-planned preparation
with its growing efficiencies, rendered it possible to unload the agricultural years in advance. There is no such thing as adequate transportation
products of this region into the markets of the world at a comparatively prepared on short notice. When the time comes that we begin to feel
low cost. The resulting agricultural development in turn created the ex- the pinch of insufficient transportation it is too late fully to remedy the evil.
tensive domestic market for industrial products and thus led to the great The damage is already done and nothing but time given to the consistent
development of American manufacture that has occurred in the last half development of a constructive program can bring transportation back to
century.
its normal condition. In the meantime, tremendous losses will have been
It is necessary only to mention the building up of the great industries of suffered.
iron and steel, copper, textiles, &c., to recall the vast distances that raw
The success of the American railway,like that of any other great machine
materials in this country must be transported to manufacturing centres, of productive efficiency, depends to a great extent upon a sufficient capital
must be carried—
extension
and in turn the groat distances that finished products
supply. The new capital which railways need constantly for
these all emphasize the indispensable character of railway transportation and improvement must come largely from the investing public. Whether
In the building up of American industry.
represented by the life insurance
that public be the large army of citizens
But as adequate transportation was the prerequisite to the building up
small
companies, the savings banks, &c., whether it be the large body of
of this country, so the maintenance of adequate transportation must be
investors, or whether it be the more well-to-do and the richer
the condition of preserving the industries. The farmer, more than any Individual
proper financing of American railways at the reasonable capital
other class in America, is dependent upon foreign markets. His market classes, the
with low transportation rates,is impossible unless the earnis, indeed, the world and it is in the world market that his prices are deter- Charge consistent
of
ings of the railways are such as absolutely to guarantee the payment
mined. A few years ago the American farmer had an advantage over
dividends on capital.
almost every other agricultural group because the Mississippi Valley was Interest and reasonable
It Is not sufficient that the investments in railway bonds be safeguarded.
the only really great virgin area competing with the agricultural production
in the future to meet growing
of Europe. The richness of the American soil rendered the position of the If railway transportation is to be extended
must be protected and those who
American farmer impregnable in the competitive markets of the world. It business, the full capital of the railway
know that in the future they
is not entirely so to-day. The products of the virgin soils of Argentina, invest their money in railway stocks must
their investment. Under no other
Australia and other countries actively compete with the agricultural out- can expect an adequate return upon
put of America. It is vital to the American farmer, therefore, that he have policy can the railways be properly financed.
other
The transportation system of America, perhaps more than any
not only transportation commensurate with his needs, but also low cost
organized industry, stands for the introduction of democracy in capital'
transportation.
railroad systems is to an hn
We might passfrom the situation ofthe American farmer to the production istic enterprise. The ownership of the great
in the hands of the people. When we consider that a million
of our metals, to our large-scale manufacture in the interior part of the coun- portant extent
and that an important part of the investtry, &c., and show that in every important case the orderly development individuals own railway securities
back of the seventy million life insurance policies in force
and profitable maintenance of our industries require not simply transpor- ment standing
In this country is in railroad securities, and that the same is true of the great
tation but adequate transportation and at low cost.
the twenty million depositors in this country;
But there is another aspect of the railroad problem that I conceive to savings funds represented by
and when we consider the substantial holdings of railway securities by benevbe of highest importance. I refer to the relation of transportation to comschool and charitable institutions, it becomes
mercial banking and the absolute dependence of the business of the country olent associations, colleges,
clear that the interest of the democratic army of small, thrifty savers, as
liquid character of our commercial credits.
upon the maintenance of the
as the interests of our chief social institutions, are directly tied up with
There is carried on in this country in prosperous years a volume of busi- well
ness exceeding one thousand billion dollars, an amount so vast that it is the adquate earnings of the railroads.
To assure ample earnings, railways must be operated by those who underimpossible for the human mind fully to grasp its magnitude. Never in
stand them. Great institutions,including railways, have resulted only from
any other country has such a tremendous volume of business been attained.
ideas that have existed for a long time back and that have been devioped
From this tremendous volume of business arise our huge national income,
and improved through constant effort and countless experiments. No
our great capital savings and the high standard of living in America.
by chance. It IS
How is it possible to carry on such a volume of business transactions? great achievement in modern organization has arisen
number of human beings
Although we have nearly one-half of the total gold supply of the world, we the product of the long experience of the large
who have given special thought to its development.
have less than five billions of specie or hard money, and after including all
Progress consists, therefore. In building upon the work of those who
our paper money, we have less than nine billions of money, or a total
improvement rests
amount which is less than 1% of the total annual volume of payments in have gone before us; and the chief value of any given
capacity to be adthis country. Even after allowing for the frequent circulation of this not so much upon its own individual merit as upon its
existing and
money, we have enough to carry on only a very small part of the total busi- justed to the intricate and complex machine that is already
in operation. This principle I believe to be of very first importance in the
ness of this country.
any great instiThe secret of our ability to finance this tremendous volume of business consideration of the policy that should be adopted toward
steps are taken by
lies in the perfection of modern commercial banking facilities. Commercial tution. It is sometimes suggested that great forward matter of mechanthe
bank credit is the medium of exchange without which industries in this revolutionary measures. To some extent this is true in
ical invention. It is seldom true, however, with regard to the organization
country must languish.
competent business man recognizes the importance of credit to and building up of great social institutions.
Every
It has not been uncommon to think of revolutions as if they changed
his own particular business, and he knows that nearly all of the great busito the roots. A
nesseeof America were built up with the aid of bank credit. What he often the processes of business and other human activity down
fallacious are such condoes not appreciate, however, is the condition sunder which it is possible close study of revolutions, however, discloses how
or economic
clusions. Most revolutions, whether in political administration
to extend adequate credit for all sound business.
business, the full capital of the railways must be protected and those who
invest their money in railway stocks must know that in the future they can
expect an adequate return upon their investment. Undcr no other policy
can the railways be properly financed."
1856
TFrE CHRONICLE
[vox,. 116.
- administration, represent little more than a change of the form of things men ofithe
organization, making a total annual increase of
on the surface.
What I have just said I think applies with particular relevancy to the slightly more than $17,000,000, which would affect every
present railroad problem. Under private ownership and private manage- carrier in the country.
ment there had been built up during the seventy-five years before the
great war the most efficient railway system in the world. This achievement was possible because the incentive of private ownership secured and Last Order Affecting Railroads Issued
During Coal
developed the ablest railroad brains in the world. However excellent the
Shortage Is Rescinded by Inter-State Commerce
equipment,the final test of the efficiency of the organization and,therefore,
Commission,
of the character of the service that it can render is the personnel. It is
the brains and the ability of the personnel that makes the organization.
Beginning April 22, railroads were no longer required by
An efficient personnel, however, is not a thing that can be developed In a
year nor is it a thing that can fully be devloped in several years. The the Inter-State Commerce Commission to route freight
heritage of experience and training which is handed down from one gen& shipments over the most direct lines from
their point of
ration of officers and employees to another is a thing that, once allowed origin
to their destination. The orders requiring such
to be displaced or lost, cannot be regained without many years of effort.
There is no revolution in the control or operation of transportation that routing vacated by a decision on April 21, were the only
can make the railways more efficient. The railways must be kept in the remnants of the emergency measures taken
during the coal
hands of those who understand them and their problems. Moreover,
and rail strikes of 1922 to avert a transportation tie-up.
these men must be given a hand sufficiently free to enable them to operate
transportation in the way which long experience has proved to be not only The original emergency orders by which car supply, railroad
the most efficient from the operating point of view but the one that will routing and priorities in service were
put under a degree of
give to the public the best service. This means that we must set our determination firmly against government ownership or an extreme degree Federal control had been gradually modified until only the
of government control that will render impossible the highest efficiency direct routing requirement remained. Shippers and railroad
of the railways.
officials may now exercise an unhampered discretion in routThis, of course, does not mean that we should not have government
regulation. The railway system is a public service and we must never ing freight.
forget that the main function of the railway is to serve the public. Regulation is necessary to contribute to this end and to the extent that it is an
Judge Gary's Views on Immigration.
intelligent regulation is, of course, proper.
Any intelligent regulation, however, must be predicated upon a forwardBecause of the assumption in some quarters that he was
looking policy on the part of the government. It is just as necessary for
the government consistently to maintain a forward-lookng policy toward opposed to all restriction against immigration, Elbert. H.
• railways as it is for the railways thentselves to maintain such a policy.
Gary, Chairman of the United States Steel Corp., sought
As we look back over the last one hundred years and see the accomplish- to
make plain his attitude in the matter in a statement to
meets in the development of transportation and industry and in particular
as we think of the centennial of the Delaware & Hudson Company and note newspaper men on Monday of this week. In taking up
the splendid achievements,the question naturally arises, what of the future? the subject the current week, Judge Gary enlarged upon his
What shall we look forward to as the accomplishment of the next one
remarks made last week at the annual meeting of the corhundred years to be reviewed when others assemble to celebrate the two hundredth anniversary of the founding of the Delaware & Hudson Company?
Will it be a development of transportation facilities, step by step with the issue of Saturday last,
page 1717. His explanation to the
• needs of industry, that will disclose a growth as remarkable as that of this
past century; will it be one in which an intelligent public opinion, foresee- newspapermen on the 23d, as given in the New York
ing the need of transportation keeps it at all times adequate to the needs "Times," follows.
of e ,pally growing industry; or will It be a halting, inconsistent fpolicy,
Mr. Gary said: "I wanted to talk to yongentlemen for a few minutes—
resulting from a well-moaning but insufficiently informed public? If it is about a subject that I think is one
of the most important under consideration
former, we may look forward to an industrial development in the by the public mind at the present
to be the
time, and that relates to immigration.
future and to a rise in the standard of comfort and well-being of the masses, Full production, particularly of the necessities of
life, koessential to the
perhaps approaching the progress that has taken place in the last one min- prosperity and comfort and happiness
of the people, and it is the one thing
dred years. If it is to be the latter, we may see a long period of struggle most needed at the present time throughout the
world to restore business
and strife, inadequate transportation, great losses in industry and much conditions to a proper equilibrium.
unhappiness for the people. Upon what does the choice of those two out"A few of the editorial writers of the great newspapers have expressed
comes depend?
opinions concerning my remarks at the stockholders' meeting a week ago
I believe, gentlemen. that this question is one of the most important to-day, which,I think,were based on a misconception resulting
from lack of
that confronts us to-day and the answer to it depends largely upon one knowledge as to exactly what I said. Some of the writers referred
to have
thing, namely, the extent to which the education of the public is carried, assumed that I expressed an opinion in favor of unrestricted
immigration.
Concentration of effort upon perfect technical operation of the railroads, But there is no justification, I think, for that conclusion.
I have before me
although of highest importance, is in itself not sufficient. Democracy is a stenographic report of what was said on that occasion and
which exactly
growing. The control of railway policy in the future is not going to rest represents what was said.
In the hands of experts In transportation. Railway policy is going to be
What Mr. Gary Did Say.
largely the outgrowth of the Judgment of the masses of the people.
"This is a correct statement of what I said:
In the long run the judgment of the average citizen is a fairly safe guide
"
'You are aware of the fact that in recent years Congress has passed a law
and where it is possible, with regard to a public question, to place before
which restricts immigration. In my Judgment the law as passed was one
him the complete facts in understandable form, we need not be fearful of
of the worst things this country has ever done for itself economically.'
the outcome. Unfortunately, however, in the life of modern complex
"Some of the writers," continued Mr. Gary,"evidently overlooked or were
industry, the relation between cause and effect is often indirect and apparnot aware that the language contained the words 'as passed.' I think there
ently so remote that it Is impossible to get the facts of a situation fully
Is nothing in what I said that would justify the conclusion that I was opbefore the people until it is too late to prevent a great loss and often much
posed to the passing of any law which restricts immigration. I have never
suffering. This is particularly true with regard to transportation.
The entertained, nor do I now entertain, the opinion that there should
be no
most important problem that we have before us, therefore, is the education
restriction in regard to immigration laws. On the contrary, I believe there
of the people in order that they may understand the full interest that they
should be restrictions. I do not think our immigration laws should permit
have in the protection of transportaion system and that they may sufficiimmigration that could reasonably be construed as inimical to domestic
ently appreciate the absolute prerequisites to its maintenance.
labor of anykind,to our Government or to the public welfare."
In summary, I would say: The problem of the last one hundred years
Judge Gary then called attention to the remarks he made at the last Ochas been the creation of modern transportation, the spreading of transpor- tober
meeting of the American Iron and Steel Institute on the subject, which
tation facilities throughout this entire country and the technical improvesubstantiated the views he still holds. "I am not finding fault with
the
ment and maintenance of transportation service. In the next one hundred
newspapers or with any editor," he continued. "They have been too fine
years technical improvement must go on, but, perhaps, the greatest problem
in their treatment of me to Justify any feeling of that kind. I am under
Is to be that of educating the rising democracy to an intelligent understandpersonal obligations to every one of them, and I should hate to be coning of the functioning of this great engine of industrial progress in modern
sidered as unappreciative or ungrateful.
life.
"If the public generally should believe that I favor an unlimited immiI feel, gentlemen,that it is particularly appropriate to dwell on this
point gration, it might be harmful to the steel industry, to the masses of workmen
this evening because the Delaware & Hudson Company, its officers and
and to the general public. What we need and desire is harmony in Industry
your President in particular, have been among those hwo have given most
thought and attention to bringing the facts of the transportation problem as applied to every branch; and what we need most is a disposition on the
individual to promote the public inteeests, to consider them of
to the public. In participating in this centennial of the foundation of the Part of every
importance than private interests. What is especially desired at this
Delaware & Hudson Company, therefore, I am gratified because I am able more
time is a recovery of prosperity throughout the world,constructive work that
to say not only that the Delaware & Hudson Company has had a notable
will increase and permanently secure prosperity to every one. What we
history, but that it is a well-organized, well-managed and efficient system
bring about, if possible, would be a diminution of a disto-day. It is officered and manned by those who are not only technically would desire and
position on the
efficient,but by those who recognize the growing needs of the public, the even officials ofpart of any one to unreasonably criticise public officials, or
private interests.
necessity for further improvement, and the needs of keeping the public
Interests of Steel Employees.
education, with regard to transportation, abreast of the development of the
"As you know, our corporation employs about 275.000 men, sometimes
system. I feel, therefore, gentlemen, that, for the banking interests of
America, who are deeply interested in your progress and prosperity, I may more, and about 50,000 to 60.000 of them are stockholders in our corpora
say we congratulate you, not only upon your past and your present achieve- tion. We are expending for their welfare, as a matter of business, immense
ments, but we congratulate you most heartily upon the outlook for your sums of money every month. Can it be reasonably supposed that I would
intentionally say anything which looked like favoring a restricted immi
future.
gration that might be harmful to the best interests of our employees, who
Maintenance of Way Men and Railroad Expressmen have served us so loyally and so faithfully?
"Now,if the language I have uttered can possibly be construed as favoring
Ask Labor Board for Wage Increase,
such an attitude," he said, "then I would be willing to apologize to our
Request for a return to wages in effect prior to July 1 workmen for using it. That would be no embarrassment to me."
In commenting on world conditions, Mr Gary called attention to the
1921 was made of the Railroad Labor Board on April 24 that he had repeatedly stated that he would not discuss his European fact
trip
by the United Brotherhood of Maintenance of Way Era_ until the meeting of the American Iron and Steel Institute to be held next
Railway Shop Laborers. The petition affects month. "I do not know whether I shall talk about it then or not," he
ployees and
added. "I have not yet decided. At any rate, I am going to modify my
twenty-eight railroads and 175,000 employees. A formal sta Anhnportant manpartcuinialar
n
. ement in one
,
important country, who lately came into power
pay increase has also been filed with the Board
and influence, made this remark to me: 'All
by the Order of Railroad Expressmen. The request is for that represents an idea that seems manifestthe people are at work.'. And
among the people of all the
a ten-cent-an-hour advance for each of the 70,000 express- countries I visited—an apparent realization of the fact that the time is come
APRIL 28 1923.]
THE CHRONICLE
essential to the recovery and the rewhen work on the part of every one is
the hope of the world, for
habilitation of economic conditions. Therein lies
have often said, to the health
economic conditions are fundamental, as I
every single country, as the result of
and happiness of every one. When
possible, in that proportion and to that
Industry. produces for use everything
the idea proceed in the direction of
extent will the country living up to
poverty produced by war.
recovery from the ravages,the destruction and the
States, every country in the
"One other thing: Outside of the United
hope and expectation and confiworld is looking to the United States with
the financial support which are
dence for the moral and in some instances
the misery which has
beneficial in the recovery from a despondency and
Therefore, the responsiresulted from the conflicts of the last few years.
greater than ever before.
bilities of the United States at the present time are
by the President and every member
I believe this is fully and clearly realized
of his Administration."
Senator Key Pittman on Director of Mint's Proposal to
Discontinue Silver Purchases—Suggests
Meeting of Those Interested.
rEeferring to the recent statement of Director of the Mint
pur-
ScobeArelative to the proposed discontinuance of silver
chases under the Pittman Act, the "Wall Street Journal" of
April 20 printed a letter to the Director from Senator Key
Pittman, in which the latter expresses the view that Mr.
Scobey is not "personally familiar with the silver mining industry and the mining,reduction and refining and marketing
ofTsilver"and that he "no doubt relied on the advice of the
representatives of the7ine1ters. Senator Pittman in his
of
advices to Director Scobey states that "the administration
Act through your department is of vital importhe Pittman
terming
tance to a great many producers of silver," and in
action of Mr. Scobey as a "regrettable occurrence," the
the
of
Senator urges the calling by Director Scobey "of all those
whom you have a record who are interested in the administration of the Pittman Act." The statement of Director of
the Mint Scobey on March 30 said:
that the amount of silver
14 The Director of the Mint to-day announced of April 23 1918,commonly
under the Act
purchased;that the producers of5% of the silver bullion in the United States
of
are entitled to as much consideration as those who produce 95%thethe bulsilver bullion in
United
lion; that, in fact, the smallest producer ofall
of the other producers put
to as much consideration as
States is entitled
protogehter; that your policy will result in the smelters obtaining a larger than
portion of the benefits of the Act during the remaining days of its life
will the independent producers.
"I am satisfied that you are not personally familiar with the silver mining
of silver.
industry and the mining, reduction, refining and marketing smelters
the representatives of the
You, no doubt, relied on the advice of largest marketers of silver bullion,
by reason of the fact that they are the
and believing that the representatives of such smelting interests were best
of knowlInformed with regard to the proper policy to pursue. Your lac,c you to be
referred to
edge, however, of the facts that I have beforethe conflict caused
of interest that I
anticipate
In a position where you could not
have refmred to. the dangers of such a policy, and the injustices and preferences that might arise thereunder.
"The administration of the Pittman Act through your department is
of far
of vital importance to a great many producers of silver—in fact, of the
more importance than to the smelters. Silver is only a by-product
it is the principal product of a number of mines throughout the
smelters;
prosper on 68%
country. The smelters would continue to operate and to close down.
silver, while a number of our mines would be compelled that prompted
suggested the reasons
"While I understand and have
you In acting after a conference with the smelter representatives. I am
all friendship,
forced to suggest that it was a regrettable occurrence. In those of whom
of
I earnestly urge you to immediately call a meeting of all on of
the Pittman
You have a record who are interested in the administrati
that due
Act; that said meeting be held at the earliest possible date, and as shown
those interested
notice be given by wire of such meeting to all of
by the records of your office."
bullion remaining to be purchased
fine ounces. Purknown as the Pittman Act, is now about 20.000,000
provided by the Act,
chases at the fixed price of Si per ounce. 1.000 fine, as
purchased, and since
will stop as soon as the required amount has been
seven million
the production of domestic silver amounts to between six and
1 1923.
ounces per month,the probabilities are that this will be about July
As we indicated in our issue of April 7, page 1484, the
statement further set out:
1857
Pittman Deliveries to Extend into Fall.
The following is from the "Wall Street Journal" of Apri117:
Handy & Harmon point out that misunderstanding is resulting from the
fact that purchases under the Pittman Act will cease about July 1. They
point out that while this is literally true It does not mean that the silver
will all have been delivered by that date. Instead, the Government in
order to put all miners on an equal basis, no matter whether process of
treating their ore and refining their bullion be long or short, as the date
of expiration approaches will make purchases of the silver as delivered in
the ore at reduction works, paying for this silver at the date of its delivery,
which may be as much as four months later.
Handy & Harmon state that as the silver from ores treated by cyanidation
comes upon the market much quicker than from smelted ores, and silver
from most lead smelteries in its turn earlier than from copper plants, there
will be only a gradual appearance of American silver on world market as
a result of the expiration of purchases under the Pittman Act.
They say that there has been considerable stimulation of silver mining in
the United States as a result of the Pittman Act. and that, therefore, while
copper output is increasing, with a larger amount of by-product silver
resulting, American output of silver will probably drop somewhat with the
expiration of the Pittman Act. It is said that a large part of the Mexican
output comes from ores mined primarily for silver and that any considerable
drop in price of silver would result automatically in reducing output. In
final analysis, however, they show that demand from the Orient seems to
have more effect upon the price of silver than does output.
Oklahoma Bank Deposit Guaranty Law Dead—State
Reverts to Agent System—Failed State Banks.
The Dallas "News" of April 17, in referring to the death
of the Oklahoma bank deposit guarantee law (the repeal of
tions.
was noted in our issue of a week ago, page 1714),
...April 7 which
The remainder of the statement was givenln our
prints a statement by the Secretary of the State Oklahoma
issue. The following is the item referred to above, which Bankers' Association W. R. Samuel, in which it is stated
appeared in the "Wall Street Journal" of April 20:
that the total outstanding indebtedness of the guaranty fund
Senator Pittman's letter will cause
In bullion circles it is not believed that
approximately $7,500,000, and that of this
Director. It is pointed out that the at this time is
any change of position on the part of the
represents outstanding Bank Board
silver producers alluded to by the Senator grow out of the fact amount $1,300,000
protests of
Act will end sooner than
The amount of assets in the hands of liquidating
that they have discovered the life of the Pittman
was understood to be 40,000.- warrants.
they expected. Only a short while ago there
is reported as approximately
the required 208,000,000 ounces. agents in charge of failed banks
000 ounces yet to be purchased to complete
will finally be realized
Director has reallocated 9,000.000 ounces formerly intended for $14,000,000, and the amount which
But the
subsidiary coinage and,at the recent conference,accepted 12,000,000 ounces on these assets is estimated at $5,600,000, "or practically
In other words, producers
from the smelter companies for future delivery.
enough to liquidate the outstanding indebtedness to the
suddenly find their prospective $1 market has been cut to half.
nt by Director of the Mint Scobey that only 20,000,000 depositors' guaranty fund." It is stated that a new plan
Announceme
ounces of silver remained to be purchased under the Pittman Act and that will be adopted in the liquidation of the assets of failed banks
that amount would probably be contracted for by July 1, has caused someagent being named for all failed banks on
thing of a stir in silver mining and bullion circles, and the Director has —a liquidating
probably not hoard the last of it: The statement created some misunder- a salary basis instead of on a commission basis. The article,
standing regarding the termination of the Pittman Act and caused Handy
which also gives the number of failed banks since the guar& Harman to point out "it must be borne in mind that actual deliveries of
effect in 1908, is taken as follows
refined silver against these sales will not take place for several months to anty system went into
come and the Director has set the final date for such deliveries as late as from the "News" which credits the information to its OklaOct. 1 of next year.
City bureau April 18:
Director made this announcement after a conference with repre- homa
Act to
Every effort will be made in closing purchases under the Pittman
of the Act up to the
make sure that American miners receive the benefits
miners continue to
latest possible date, and that so far as practicable the
silver until the same date in all
get the fixed price of Si per ounce for their
as between different secsections of the country, without discrimination
The
sentatives of the smelter companies. He evidently sought to be fair in the
matter; that is, to give the silver producers, big and little, equal benefit
of the law. "Every effort," he said, will be made in closing purchases
under the Pittman Act to make sure that American miners receive the benefits of the Act up to the latest possible date and that so far as practicable
the miners continue to get the fixed price of $1 an ounce until the same
date in all sections without discrimination."
But evidently Senator Key Pittman does not think Directoi Scobey has
done the right thing by the small mine owner. In a letter to the Director
he accuses him of several indiscretions, among them relying too much on the
advice of the representatives of the smelters. Ile maintains that by allowing the smelter companies to contract for future delivery they will obtain
a larger proportion of the benefits of the Act during the remaining days of
its life than independent producers. The Senator requests the Director
to call a meeting of those interested in the silver situation as early as possithan
ble to afford "a free discussion of the subject in your own office, rather
through the press and at public meetings." Senator Pittman's letter, in
part, follows:
"I am in receipt of letters and telegrams from a number of producers of
contained
American silver protesting bitterly against the proposed plangrounds of
various
In your letter of proclamation. These letters assert no authority in the
objection, embracing such contention as that there is
of
the
Pittman Act to contract for future deliveries of silver; that and method to
subject
offer and acceptance Is very indefinite, unfair, preferential.
to formufraud; that it was improper and unfair for the Director of the Mint
smeltlate a policy after a conference solely with the representatives of themining
the
ers; that there is a conflict of interest between the smelters and it would be
and milling companies who are directly producing bullion; thatof the silver
just as fair to permit the miner to tender the estimated value
companies to
In the ore broken down in his mine as to permit the smelter ores they had
tender for future delivery the estimated amount of silver in
flat failure,
After a changing career of adversity to success and then a
deposit guaranty
over a period of fifteen years, Oklahoma's State Bank
other form. With
in
law now is dead, never to function again, unless some
the last breath
the signature of Governor Walton to House Bill No. 13-A,
that the bill went
escaped the old law. It was the general impression
House, where
through without the emergency as it was passed by the
of the session of
it originated, but it was discovered that in the last hours
that the emergency
the Legislature the bill was so amended in the Senate
House and the
was attached and this amendment was concurreil in by the
the approval of the Govmeasure passed in the shape that when receiving
ernor it becomes operative at once.
idea of guarOklahoma was the first State in the Union to adopt the
brain of
anteeing bank deposits, "which idea originated in the fertile
Jennings Bryan," says
that illustrious stateman of Nebraska, William
the OklaW. R. Samuel, editor of the State Banker, official publication of
action
homa State Bankers' Association. This idea was "crystallized into
fundaby the first Governor of Oklahoma, Charles N. Haskell. While the
there is a diversity
mental principles back of this idea are debatable, and
plan put
of opinion regarding the same, the fact remains that the
'deposinto operation in Oklahoma in 1908 was impractical, in that the
last, thereby
itors' guaranty fund' was made the first aid, instead of the
failure
taking away the moral support of the community in which the of the
violation
occurred, both in the prosecution of the officers for any
bank."
banking laws and the liquidation of the assets of the said failed
Principle Sound.
"guaranteeing" unMany agree that the principle of underwriting or
greater mass of
secured deposits, and these represent the savings of the
this is to be done in
the depositors of any bank, is Sound, but just how
1858
THE CHRONICLE
the most successful way is yet to be
found. During the discussions in the
lower House of the Oklahoma Legislature
of the different measures affecting the banking situation in Oklahom W.
a,
S. Vernon of Waggoner County,
proposed to make it passible for the banks to secure
all deposits by fidelity
bond. The fact that banks are required to give this
sort of guaranty in
accepting public funds on deposit was used as an argumen
t that the same
plan could be applied to deposits from the people.
This was accepted as a
businesslike way, if any guaranty plan was to be continued,
but
became apparent that the guaranty law was to be repealed, nothingwhen It
further
was done.
The Legislature of 1908 enacted the guaranty law following
a campaign
for election of State officials and members of the Legislatu
re, the first
after the constitutional convention. The guaranty plan
was made one
of the foremost issues of the campaign. Democrats
were elected to every
State office and controlled both houses of the Legislatu
re. Enactment
of the guaranty law was one of the first acts of the
Legislature in carrying
out a campaign promise.
Failures Strike Law.
The first severe setback, or the most serious test the law
has received,
came almost a year after the enactment of the law in the
failure of the
Columbia Bank & Trust Company of this city, and then
Night & Day Bank and the Planters' and Merchants', the followed the
old First State
Bank. The Columbia Bank & Trust Company took more
than a million
dollars from the fund to straighten its affairs, some of
which
restored by the assets of the bank. For several years followin was later
g the strain
was heavy on the funds, all the State banks being assessed
to support the
fund.
[Vol.. 116.
Failed State Banks.
"Since the guaranty law went into effect
in 1908, to Ian. 1 1923 the following State banks failed, were consolida
ted or converted to national banks:
Failed 121, liquidated 57, consolidated
124, nationalized 251. Of the 251
banks that nationalized during this time,
95 left the State banking system
In 1922. However, the general
opinion among the banking fraternity is
that with tte r3peal of the depositor
s' guaranty law a great number of the
banks that previously nationalized will
come back into the State system
under the new order of things and that
the State banks will increase both
in number and deposits and eventually
exceed
for the reason that the bankers generally the highest mark yet attained
throughout the United States
prefer to operate under a State system
than a national system."
Under Senate resolution 408. passed by
both Houses of the Legislature
and signed by the Governor, a special
election is called for June 5 1923 for
the submission of an amendment to
the Constitution providing ways and
means for the paying of depositors in State
banks that failed prior to the
adjournment of the Legislature, using only
such funds as are derived from
fines, fees, penalties, forfeitures, licenses
and privileges that may be collected by the State other than from a direct ad
people believe strong enough to vote for this valorem tax. Whether the
that the State is under any
moral obligation to pay these depositors is a
question. 'The State is certainly under no legal obligation to do so.
Material for Debate.
This principle furnished material for considera
ble debate in the House
and Senate in discussing the banking measure.
The State was never
legally behind the guaranty fund; never, and
could not bind itself in any
way to insure deposits of any kind. But the
From the very start, almost, the guaranty fund was
strained to the
fact that it was called the
utmost. Within two or three years many of the State
banks converted State Bank Guaranty Fund and the methods of some bankers in advertising
Into National banks to escape the responsibility of
sustaining the fund, how their depositors were insured against loss led people to believe that the
and this occurred at times throughout the life of the law.
State was really giving its assurance to the
end that all depositors would
Conditions changed for a time,fewer banks failed,
and the banking be secured.
department, realizing on assets of banks that had
The effect of the repeal of the guaranty law will be
previously failed, sucto relieve all banks
ceeded in liquidating claims against the fund, until
finally about six years of any further obligation to depositors, is the general belief. However, it
ago the fund cleared every claim against it and began
to accumulate a Is contended that the banks are obligated to redeem the $1,300.000 warrants
surplus. This does not mean that depositors had
to wait on their money that are yet outstanding. These are binding against the fund, for which
when a bank failed, but they were all paid promptly
and in full. But the the banks are yet responsible. Other than this, however, the banks are
fund was behind and could not overcome the demand
relieved, so far as the guaranty'fund is concerne
upon its resources.
d.
Aside from repealing the depositors' guaranty
Just Ceased To Function.
law and the discontinuance
of the issuing of banking board warrants, as
At one time, in 1913 and 1914. the outstanding
well as the annual assessment
indebtedness of the of the one-fifth of 1%,
fund reached about $800,000. This represented
House Bill 13a provides for the manner in which
warrants that had been failed banks shall be
Issued against the fund in lieu of cash. This
liquidated in future, and limits the amount of margin
amount was gradually re- on collateral securing
duced until at one time just prior to 1921
rediscounts or bills payable to 25%, except on the
there
$500.000 in the fund. Following this, however, was a surplus of about written consent of the Bank Commissioner,approved by the Banking Board.
reverses came, heavily and and in no event
can the Bank Commissioner give permission for
rapidly, and the burden became so great
an excess
that the guaranty fund just margin of more
than 50%.
ceased to function, the last warrants issued
against the fund being in the
fall of 1921. when they reached the amount
Increases Penalty.
of $2,190,000. Since that time
no warrants have been issued against
the fund. Since then, when a bank
The bill also increases the penalty for any
officer borrowing the bank's
failed, Its assets were used to pay depositors
funds, either directly or indirectly, and makes
as best as could be done.
the person receiving such
However, there has been an effort to
redeem the outstanding warrants loan equally guilty with the officer making the same.
The bill also allows
that were issued against the fund, for they
acted as a first lien on the fund, an increase in the amount a State bank may invest in its
building, furniture
and this warrant indebtedness has been reduced
until now there is about and fixtures over and above 33 1-3% by consent of the Bank
Commissioner
$1,300,000 outstanding. That this will
be wiped out in due course of time and the approval of the Banking Board. This, it is
claimed, will be helpis believed. In fact, it is promised that
all depositors will be paid in full ful tea great many banks who have not been able to erect
suitable quarters.
In time from the assets of banks that
have been taken over by the Banking Another provision of the law is one allowing surety
companies writing
Department,but there will be no guaranty
fund,consequently no guarantee- public depository bonds to participate with the depoistors and
other crediting deposits. If the Banking Department is
successful in realizing enough ors in the assets of failed banks. This would have a tendency
to relieve
money from the assets of a failed bank
to pay all obligations aganist it, the bonding situation on public funds and encourage the
companies to be
dollar for dollar, all right, but if not, then
there will be no more guaranty more liberal in the writing of these bonds in future.
fund to fall back on.
The failure of the bank guaranty law in Oklahom
a may not permanently
Facts of Guaranty Fund.
discourage the principle of thus guaranteeing deposits,
but if any other
Giving some facts relative to the cperation of the
system Is tried in future it probably will be one In which
guaranty law and
the depositor must
banking conditions under it, W.R. Samuel, Secretary of the
State Bankers' pay for it like he does other insurance.
Association, says:
"The banks operating under the State system have paid into
the depositors' guaranty fund since this law went into effect in 1908
the total sum of Nebraska Bank Deposit Guaranty Law Amended—
33.765,696 83. This does not
ide outstanding banking board warrants
Commission Will Be Appointed by Govern
amounting to 31,300,000, which makes a grand total of $5,065,6
or to
96 83.
Save Weak Banks and Administer Fund.
"The total outstanding indebtedness of the depositors' guaranty
fund
at this time is approximately $7.500,000. Of this amount 31.300.0
00 repreThe following from Lincoln, Nebr., appeared in the
sents outstanding banking board warrants, which were issued
"Wall
in
organization of failed banks and the payment of depositors therein the re- Street Journal" of April 24:
prior to
A newly enacted law, now in effect by reason of having
the Okmulgee failure in 1921, when the depositors' guaranty
fund
carded 'the emerto function. Deducting the amount of these outstanding banking ceased gency clause, requires the Governor to appoint within
ten days a commisboard sion of bankers
warrants, which will likely be paid off by the banks remainin
to administer and conserve the State
g in the sysdeposit guaranty fund.
They are to be chosen by seven banking groups,each
tem. as well as those that have converted, the depositors'
of which submits three
guaranty fund
names from which the Governor is to pick one.
would still be indebted to the depositors in failed State
banks now in the
These serve without pay
process of liquidation approximately $6,000,000. The
but draw their expenses from a $15,000 fund
amount of assets
contributed through assessment by the State Bank.
in the hands of the liquidating agents in charge of these failed banks
amounts
This Commission has under its control a fund
to approximately $14,000.000. And while there is a diversity
based upon a percentage
of opinion
of deposits which will this year total about 3700,000
as to the amount that may be realized on these assets, from the
. If the Banking Comvarious missione
estimates made and the statement of Commissioner Strain
r finds a bank failing, he calles this Commiss
that every dollar
ion into consultation,
and it has full power to examine all books and
will be collected at the least possible expense, and that these assets
records. From this special
will be fund, which
conserved and used for the benefit of the depositors, it is a
is not assembled at any time, but remains
safe guess to
with each bank as a
credit to the Commission and subject to draft.
say that under the new order of things that at least 40% over
It may make a special deposit
and above
In the institution.
the liquidating expense will finally be realized on these assets, which
will
amount to approximately 35.600.000. or Practically enough to
Bank to Be Taken Over.
liquidate
the outstanding indebtedness to the depositors' guaranty fund."
This is expected to save most of the weak banks with
their frozen and depleted assets from being closed. Before it is deposite
Name Liquidator.
d, however,the owners
Bank Commissioner). H. Strain has announced a new plan in liquidating must hand it over to the Commission, which administers It through
its
own agent. At the end of a year the owners may have
the assets offailed banks. Instead of this work being done on a,commissi
it back again by
on
basis, he will select a liquidating agent for all the failed banks on a salary, giving satisfactory evidence of their ability to continue it; if not, it is
to be
sold. Taking over the bank, however, does not relieve
holding this agent to a strict accounting of the work as it progresse
stockholders of
s. This
their liability or officers of any prosecution for violations
process of handling failed'banks will, it is claimed, do the thing
of the law they
that has
been advocated by many in suggestions for amendments to the banking may have committed.
If the Commission finds it impossible to keep the bank
laws and especially the guaranty fund, previous to the session of the Legisgoing, the law
requires the courts to make it the receiver. In case of
lature. One of these was to make the fund a second aid instead of
failure, the deposit
first. from the special fund
shall be repaid from the Guaranty
This would have allowed the Bank Commissioner to take immediate charge
Deposit fund.
of the assets of a failed bank and proceed then to realize on them, leaving Holders of time certificates will not be paid until maturity. The receiver
the money in the fund to be available for future use if it became necessary. may hypothecate assets by means ofspecial certificates to realize ready cash.
Depositors would have waited longer to get their money, but they
Heavy Assessments.
would
finally get it all. The principle, however, in the inauguration of the sysDuring the last two years. to keep the Guarant
y Fund going, State
tem was to make it possible for depositors to get their money Immediately banks contribu
ted in excess of 34,000,030, and since
1918, when the trouble
a bank failed. It has been seen that conditions may arise that will make first began, contribution has been
In excess of 35,000.000.
They stood to
this impossible. Therefore the serious question arises as to whether or not lose originally, through operatio
n of the law, more than $8,G00,0
00, out
such a plan will ever become practical.
collections of assets have reduced the amount, and
the remainder has been
Mr. Samuel gives some more figures in the history of th3 guaranty fund cared for by loans on paper made
by an association of bankers, both State
and the State banks under it:
and National.
"In May 1908, at the time the guaranty law went into effect, there were
In spite of the fact that more than $2,200,000
was levied in assessments
banks with deposits of $20,700.00). On call of Jan. 7 1911 there were In 1922, the slowness with which
494
some banks met drafts on them and the
695 banks with deposits of $62,000,000. On call of Feb. 28 1920 there were piling up oflosses has put it four
months behind in its payments to &post606 banks with deposits of 3195,000,000. On April 1 1923 there were ers in failed banks. Assessments on
banks last year averaged more than
444 banks remaining in the system with deposits of $74,000,000.
$2.300. which in many instances ate up all profits.
APRIL 28 1923.]
•
THE CHRONICLE
1859
References to the failure of a bank deposit guaranty bill in
iliiinesota, the proposed reduction in the guarantee fund
assessment in Omaha, and the effect of the failure of the
State Bank of Eldorado, on the Kansas guaranty deposit
fund,appeared in our issue of April 7, pages, 1482 and 1483.
The New York Trust Co., the main office of which is
at 100
Broadway, this city, will open on May 15 its new office
at
the southeast corner of 40th Street and Madison Avenu
e. It
will be equipped to provide a complete banking service
for
corporations, firms and individuals located in this important
uptown business centre. The 40th Street office will be under
$775,000,000 Uncalled Victory Notes Outstandin
g.
the direction of a Vice-President, who will give his person
Secretary of the Treasury Mellon announceq on April
al
25
that under the Treasury's general offer to redeem uncalled attention ta the requirements of the depositors.
Victory notes before maturity, at the option of the holder
,
Henry A. Howarth, connected with the real estate depart
these notes are now being presented for advance redem
ption
at the rate of about $1,000,000 a day. The uncalled Victor ment of the Long Island RR Co. for the past 22 years, has
y been elected Comptroller
of the Broadway Savings Institunotes bear the distinguishing letters G, H, I, IJ,
K, or L, tion of this
city and will assume his duties in the near future.
prefixed to their serial numbers, and will matur accord
e,
ing Mr. Howarth
has for some years been a trustee of the Broadto their terms, on May 20 1923. The TreasVry
Depart- way Savings
Institution and he is also a director of the Bond
ment's announcement of this week also says:
& Mortgage Guarantee Co.
About $775,000,000 of these notes
are still
outstanding.' Redemptions
are being made at Federal Reserve banks
and branches, as welt as the
Treasury Department, Washington,
ad banks and trust companies generally are assisting their customers In efTetin
g redemption.
Of the called Victory notes, which cest-,ed
to bear interest on Dec. 15 1922.
about 569.000,000 are still outstan
dLnY: Holders of called notes should
present them promptly for redemption
In order to avoid further loss of
Interest.
A preliminary report of the accountants employed by
Miss
Bertha Rembaugh, the Receiver for the bankrupt steamship
agency and private bank of V. Tisbo & Brothe
rs, this city
(reported in these pages in our Mar. 17 issue) showe liabili
d
ties of approximately $200,000—instea
d of $2,000,000 as at
ITEMS ABOUT B- ANKS, TRUST COMPANIES,
ETC. first supposed—and assets of about $65.000, according to the
The directors of the Fifth National Bank of New York City New York "Times" of April
4. Miss Rembaugh was quoted
voted on April 19 to transfer to lurplus account $100.0
,
00 of as saying:
the profits of the bank, increasing the surplus to $900,0
It is possible that additional creditor
00.
s will come forward with claims and
increase the liabilities substantially.
On Dec. 31 last the directors added $200,000 of profit
It is very likely that there are many
s to immigrants who deposited money
with the steamship agency who have negsurplus fund, increasing it at that time to $800,000.
lected to file their claims up to now.
On the other hand, it is equally probable that we may discover additio
nal assets. We cannot tell yet what the
Guaranty Trust Co. of New York announces
The
actual liabilities and assets are.
the apIn the assets are included real estate owned
by the Tisbos
pointment of Hugh R. Johnston, Assistant Treas
urer of the cluded among outright or real estate in which they had an interest. Also inthe assets are office fixtures and account
company, to be Treasurer, succeeding the late N. Dever
s receivable.
eux
Press dispatches from Bari, Italy,
Putnam. Mr. Johnston has been with the
under date of April 16,
Guaranty since
appearing in the New York daily
1911, and has served in practically all depar
papers, report that the
tments of the
court in that Place had proclaimed
company since that time.
the Tisbo Bank at Bitonto bankrupt and ordered the
arrest of Ricardo Tisbo for
R. E. Jones, First Vice-President of
the Bank of the Man- alleged absconding with the bank's money
. The dispatches
hattan Co., New York, has been electe
d to Advisory Manage- further stated that the court had order
ed Francisco Tisbo,
ment Committee of the First Federal
Foreign Banking Asso- who was arrested in Naples on Mar. 22
after his flight from
ciation in place of the late F. B. Franci
New York, to be brought to Bari
s.
for trial. We last referred
to the affairs of the failed firm in
Col. J. Frank Supplee, Resident Secretary of
these columns in our Mar.
VI) New York 31 issue.
City branch office of the United States Fideli
ty & Guaranty
Co., died suddenly on April 16. Colone
l Supplee had been
The Glen Cove Bank of Glen
connected with the company practically since
Cove, N. Y., has elected
its organiza- Thomas J. Watkins and Dr.
Joseph D. Sayre directors to fill
tion 27 years ago. He was one of the origin
al directors and the vacancies caused by
the death of Daniel J. Hegeman and
assistant to its late President, John R. Bland. He
had been F. E. Willits. Mr. Watkins,
who for several years has been
Resident Secretary at its New York office for the
last twelve Cashier, has been elected
Second Vice-President; Frederick
years.
E. Montfort, who has been
Assistant Cashier, has been
elected Cashier, and Ruskin M.
At the executive committee meeting of the Nation
Van Cott and Edwin Swenal City
son have been elected Assistant
Bank of New York on April 24 Gordon
J. Campbell and VinCashiers.
cent DeP. Jamme were appointed Assist
ant Cashiers.
The Comptroller of the Currency
has approved an application to organize the National Bank
The Manufacturers Trust C-o. annou
nces that on and after
of America in Paterson,
N. J., with a capital of $200,000.
Tuesday, May 1, the principal office
A surplus of $110,000 will
of tl4e company will be
.
be created through the sale of
located at 139 Broadway, Manhattan,
the stock at $155 per $106
at, which office the
main executive business of the compa
share. The officers chosen are:
ny will be transacted.
William E. Walter, President; Wilmer A. Cadmus and
The headquarters of Nathan S. Jonas,
President, and James
Albert H. Slater, Vice-PresiH. Conroy, Vice-President, will also be
dents, and William W. Stalter,
at that office.
Acting Cashier.
The Corn Exchange B -this city has
lank of
adopted a special
pay-roll service whereby the depositors may
issue to their
employees special pay-roll checks which may
be cashed at its
main banking house or any of its branches.
In a notice in
the matter issued to its depositors t e bank
says:
Apri/ 12 1923.
To Our Depositors:
In reply to numerous inquiries from depositors why
it is unwilling to deliver money for pay-rolls or to receive deposits at
their
the Corn Exchange Bank desires to announce it has been places of business,
advised that it cannot legally perform such service, as same constitutes
doing
which the law requires to be performed only at a place banking business
of business of the
bank. Such advice has been Oven by:
Hon. George V. McLaughlin. Superintendent of Banks
of thq State of New
York; Hon. Francis M. Scott, ex-Justice
of the Supreme Cou0 and Appellate Division; Hon. Frank C. Laughlin, ex-Justice
of the Suprethe Court and
Appellate Division; Hon. James W. Gerard,
ex-Justice of the Supreme Court.
Our depositors will realize in addition to violatin
g the law, it' would be a
violation of the trust on which we hold their
moneys and might imperil their
Interests.
We can, however, within the law, relieve
our depositors of the iisks attendant upon the transportation of large sums
of money for pay-roll purposes and
at the same time afford their employe
es practically the same accommodation
as if they received cash, by a special
payrated, whereby the depositors may issue roll service which we have inauguto
checks which may be cashed at any time, their employees special pay-roll
including Saturdays, between the
hours of 9 a. m. and 5.30 p. in. at a
special Paycheck Window at our main
banking house or at any of our 53 branche
s located in all parts of the city
and on all the main lines of travel.
We respectfully invite our patrons to
avail themselves of this service.
WALTER E. FREW, President.
John B. Bolles has become
Assistant Secretary of the
Travelers Bank & Trust Co. of
Hartford, Conn. G. Harold
Humphrey, who has been Assistant
ers Bank & Trust Co. has become Secretary of the TravelAssistant Treasurer of the
company.
On April 11 the following chang
es were made in the personnel of the Commercial Trust
Co. of New Britain, Conn.:
John C. Loomis, Treasurer of the
institution since its organization in 1915, was elected a
Vice-President and Charles W.
Hawkins of Brooklyn, who for
the past eight years has been
Manager of the new business
National Bank of this city, was department of the Chemical
chosen to succeed him. E. R.
Snelgrove and Victor Domijan,
both of whom have been connected with the Commercial
Trust Co. for some time, were
made Assistant Treasurer
and W. H. Stevenson, formerly
with the Aetna Insur
ance Co. of Hartford, was named as
Manager of the insurance
department, succeeding in that capacity Normal Morrill.
Mr. Hawkins will take up his new
duties on April 23.
Herbert K. Hallett, Presid
ent of the Fourth-Atlantic National Bank, of Boston,
has been made a member of the
Clearing House Committee
of the .Boston Clearing House
• Association, following the
adoption on April 8 of a new con-
1860
THE CHRONICLE
membership by two, one
stitution increasing the committee's
The
nt of the Association, ex-officio.
of whom is the Preside
nt of the Second National
latter is Thomas P. Beal, Preside
the Association. Other
Bank, who was re-elected President of
all re-elected, are Philip Stockmembers of the committee,
Trust Co; Daniel G. Wing,
ton, President of the Old Colony
National Bank; Alfred L. Aiken, PresPresident of the First
Bank; Charles G. Bancroft,
ident of the National Shawmut
International Trust Co., and Alfred L. RipPresident of the
National Bank. Frank H.
ley, President of the Merchants
l Bank, has been
Cashier of the Second Nationa
Wright,
of the Association.
elected Secretary
of the First National Bank
John S. Brayton, President
Co. of Fall River, died on the
the B. M. C. Durfee Trust
and
also President of the Troy Cot.20th inst. Mr. Brayton was
Co. and of the Union Cotton
ton & Woolen Manufacturing
tions,
a director in various manufacturing corpora
Mills, and
Sagamore Manufacturing Co., the Foster SpinIncluding the
Mills. He was 58 years of
ning Co., Charlton and the Durfee
The Missouri State Banking Department has issued a
charter for the West Side Bank of Commerce of Kansas City,
Mo., which began business April 7 with a capital of $100,000.
E. W. Zea will be President; A. E. Keeney, Vice-President,
and V. A. Newman,Cashier. The directors will be E. W.Zee,
A. Newman, Louis Oppenstein, James Ketner, A. E. Keeney,
d of
G. W. Dillon and V. A. Newman. The stock was dispose
per $100 share.
at $110
age.
With regard to recent official changes in the Atlas Trust
have come
ng
Co. of Springfield, Mass., the followi advices
to us:
as President of this instituOn March 28 Herbert A. McElwain resigned
his place. The Vice-Presidents are
tion. Charles A. Frazer was elected in
The office of Treasurer, now
Dr. Charles J. Downey and Alvin H. Phillips.
Assistant Treasurer, now held by Arheld by Joseph E. Hayes, and that of
n of the three Vice-Presithur L. Bowen, remain the same. The resignatio
were inactive and we felt that
dents really meant nothing, inasmuch as they
necessary.
two Vice-Presidents were all that was
in the hands of
The control of the bank has not changed, and still remains
surplus and undivided
the board of directors. We have a capital of $300,000,
of around $1,500,000.
profits of around $100,000 and deposits
At a meeting of the board of directors of the Market Street
National Bank of Philadelphia, held on April 25, a semiannual dividend of 5% was declared, payable May 1 1923 to
stockholders of record at the close of business April 30.
.
A press dispatch from Jeffe son City under date of April
13, printed in the Kansas City "Star" of the same date, reported that the State Director of Finance, Frank C. Millspaugh, on that day closed the Bank of Ethel, Macon Co., Mo.,
and placed its affairs in the hinds of Samuel Sharp, a State
Bank Examiner. Mr. Millspaugh's action, it was said, was
on request of the board of directors of the bank. The bank
had a capital of $15,000. J. R. Heaton was President and
F. L. Summers, Cashier.
The closing of the First National Bank of Adrian, Mo., on
April 11 "for investigation and reorganization," was reported in a press dispatch on that date from Adrian appearing in the Kansas City "Star" of the same date. Earlier in
the day, it was said, the bank suffered a run and its Presiin
dent, George B. Wyatt, hurried to Butler, Mo., an unavail
to obtain funds to pay the depositors. At the time
ing effort
l
of the olosing, it was said, S. L. Fogel, a Deputy Nationa
Bank Examiner, was in charge of the institution, having
when
be n placed in control, it was said, a short time before,
The dispatch
a shortage was discovered in the bank's funds.
further stated that on April 10, the day before the bank
closed, R. G. Wilson, former Cashier of the bank, had been
arrested on a Federal warrant for the alleged embezzlement
The
of $4,000, and later was released on a bond of $5,000.
Examiner, who checked the books, it is said, estimated the
shortage to be from $15,000 to $20,000.
It is planned to increase the capital of the Ohio Valley
Bank of Portsmouth, Ohio, from $100,000 to $150,000. The
new stock was authorized by the stockholders on Feb. 8 and
the increased capital will become effective July 15. The additional stock (par $100) will be disposed of at $160 per
share.
According to the Detroit "Free Press" of April 21, Charles
D. Ransom, Vice-President of the Grosse Pointe Savings
Bank of Detroit, on Friday morning, April 20, presented himself at the office of Sheriff Walters and asked to be locked
up, declaring that he had appropriated to his own use money
Intrusted to his institution to the amount of $15,000. Some
hours later, it is said, he made a complete confession to E. R.
Nellis, the Assistant Prosecutor, in which he is understood
to have implicated Albert E. Kirby, the bank's Cashier, and
that official was arrested the same night. He,too, it is said,
confessed to having taken not less than $10,000 of the bank's
funds for his own use. In his confession to Mr. Nellis in the
county jail, it is said, he stated that he had discovered by
accident that Ransom had been taking money and decided to
do likewise, although they had tacitly agreed to work independently. Until Sheriff Walters got in touch with the bank
officials, it is said, they were not aware that anything was
wrong, although the State Banking Commission had started
an examination of the books on the preceding day, April 19.
It was this, Ransom was reported as saying, which led him
to give himself up, as he was sure his shortage would be discovered. He stated, it is said, hat he first began taking
money back in 1918, when stock in an automobile body concern in which he is interested started to go down. At first
he took small sums, intending to pay them back, but as the
stock continued to tumble he was forced to take more until
he became so deeply involved he was unable to return what
lie had taken. Kirby declared that he, too, had invested in
stocks and that he had taken $1,600 within the last two
months in a desperate effort to recoup his deficit. The
bank's loss is covered by insurance, it is said.
A charter for the Southwest National Bank of Wichita,
Kans., with a capital of $200,000 has been issued by the
Comptroller of the Currency. The new bank represents a
conversion to the 'National System of the Southwest State
Bank, Wichita, Kans. The National bank began business
April 5. Its officers are L. S. Naftzger, President; M. C.
Naftzger, Vice-President; H. M. Pickler, Cashier, and W. L.
Feldner, Assistant Cashier.
[Vou lit
Following the approval by the Comptroller of the Currency
l Bank of
of an application to organize the Southern Nationa
Memphis, Tenn., the institution was opened for business on
0;
stock
April 9. The institution has a capital of $300,00 its
S. H. But(par $100) is being disposed of at $110 per share.
Vice-President and
ler is.President and A. J. Williams is
,
Cashier.
George T. Rives, formerly Assistant Cashier of the Inter, has been elected
state Trust & Banking Co., of New Orleans
ent of the First National Bank of Crowley, La.
Vice-Presid
retirement
Mr. Rives has been with the Interstate since his
the army after the war, although he had been in Clarksfrom
he repdale, Mass., for the past few months. For two years
resented the Interstate Bank in Merida, Yucatan, Mexico.
Claude G. Rives. Jr., Vice-President of the Interstate Trust
Rives,
& Banking Co., New Orleans, and brother of George
recently elected a director of the Louisiana Farm Buwas
reau Rice Growers' Association.
The following special press dispatch from Fort Worth,
Tex., April 6, printed in the Dallas "News" of April 7, reby
ported the acquisition of the Arlington (Tex.) State Bank
the Farmers' National Bank. It read:
National Bank of
Sale of the Arlington State Dank to the Farmers'
Bank purchased fixArlington was announced here Friday. The National
of the State Bank.
tures, assets and good-will as well as the building
the Farmers' National
Arrangements are being made for the removal of
by the State Bank, it was an.
Bank to the quarters formerly occupied
from their bank activities.
flounced. Officials of the State Bank are retiring
The Farmers' National Bank has a capital of $50,000.
Vice-President
W. H. Thomson, who was recently elected
First National Bank of Los Angeles, is a native of
of the
career in 1908, when
New York City. He began his banking
Bank of Pasaentered the employ of the First National
he
to 1916 he was employed by the Nadena, Cal. From 1911
which in 1917
tional Bank of California, Los Angeles,
Merchants' National Bank. In 1916 Mr.
merged with the
of the Phoenix
Thomson accepted the position as Cashier
of Phoenix, Ariz., later becoming Vice-PresiNational Bank
nt. He was also
dent and Cashier and then Vice-Preside
& Trust Co., an
-President of the Phoenix Savings Bank
Vice
He was the first President Of the
affiliated organization.
nt of the Phoenix
Maricopa Bankers' Association, Preside
Association, and Vice-President of the AriClearing House
zona Bankers' Association. He was also director and Treas.
APRIL 28 1923.]
TUE CHRONICLE
urer of the Phoenix Chamber of Commerce, Treasurer of the
Central Arizona Chapter of the American Red Cross, etc.
While in Los Angeles in 1915 Mr. Thomson became the first
President of the Los Angeles Chapter of the American Institute of Banking, which is affiliated with the American Bankers Association, and in which chapter he maintains his
membership. It is stated that it was under his administration that the Los Angeles Chapter began the educational
features which have since made the Los Angeles unit one of
the largest in the United States.
1861
London,
Sat.,
Mon., Toes., Wed., Thurs., Frt.,
Week ending Apra 27.
Apr.21. Apr.23. Apr.24. Apr.25. APT.26. Apr.27,
Silver, per oz
323-16 327-16 329-16 32 11-163234
3234
Gold, per fine ounce
88.8
88.8
88.5
38.8
88.10
89.1
Consols, 234 per Cents------ -593i
,
5934
5934
6934
5934
British 5 per cents
10334
10334
10334 10134 10154
British 434 per cents
9934
9914
9934
9834
9834
French Rentes (in Paris)-fr.
57.35
57.97
57.70
57.50
57.50
French WarLoan(inParis)_fr.
75.45
75.65
75.70
75.75
The price of silver in New York on the same day has been:
Silver in N
.Y per oz.(eta.):
Domestic
9934
°reign
6634
993-i
673.i
9934
67
9934
6734
9934
67
9934
6734
COURSE OF THE NEW YORK STOCK MARKET.
The twenty-ninth annual convention of the California
As a whole the securities market has been dull, colorless
Bankers Association will be held at Hotel Virginia, Long and uninteresting during the greater part of the week.
Beach, May 23 to 26. F. H. Colburn is Secretary of the Asso- There have been some fractional advances and declines in
ciation. Henry L. McKee is President.
railroad stocks, but nothing worthy of special note. Trading
throughout the week has not been up to normal, the total
sales being somewhat lower than last week.
THE ENGLISH GOLD AND SILVER MARKETS.
Considerable interest was aroused by the report of the
We reprint the following from the weekly circular of
Union Pacific RR., which shows for the first quarter an inSamuel Montagu & Co. of London, written under date of
crease of 17.1%, amounting to $1,049,241 in net income
April 11, 1923:
as compared with the first quarter of 1922. Steel shares
GOLD.
The Bank of England gold reserve against its note issue on the 4th dropped to 1043. on Monday but quickly recovered to 106,
Inst. was 1125,683,290, as compared with .1125,683,180 on the previous
remaining steady for the balance of the week. Reports from
Wednesday.
A fair amount of gold came on offer this week and a moderate amount the steel industry, however,show that the slackening demand
was taken for India.
noted last week continues. Orders for structural purposes
Gold valued at $2,250,000 has arrived in New York from London.
have notably diminished, premiums for quick delivery are
The Southern Rhodesian gold output for February 1923 amounted to
49,424 ounces, as compared with 56,630 ounces for January 1923, and rarely offered and established prices are less firmly adhered
51,422 ounces for February 1922.
to.
It is stated in the press that plans to recover the bullion from the SS.
Sterling exchange continues its downward trend, the latest
Egypt, sunk in i35 fathoms off Usbant, are nearing completion and that
the salvage premium works out at 55%.
quotations being 4.63, the lowest since Jan. 30, while the
The following remarks in the "Times of India" of March 24 draw French
franc is gradually gaining ground. The latter is
attention to the heavy import of bullion which obviously represent a
quoted to-day at 6.80, which is nearly as high as the January
purchase for luxury:
"The figures of India's oversea trade in February show a balance against rate. The German mark dropped to 33-10,000 of a cent in
India of 32 lace in spite of an increase in the exports. It is mainly due
late quotations.
to the huge treasure imports of 1,070 lace which is a record for any one
month, and is accounted for by the marriage season, and the conversion
Railroad car loadings for the second week in April indicate
of the proceeds of high-priced cotton into gold in the Oomra cotton a larger total than at any time since November 1922. In
districts. . . .
"The refusal of the Assembly to pass the Salt Duty leaves a deficit fact, the present total is within 7% of the record.
of Rs. 3.86 crores to be filled in the budget, and the efforts of the Government to pass the duty through the Council of State, and if necessary to
pass It by certification by the Governor-General shows their anxiety to
avoid a deficit. The business community thoroughly sympathizes with
the Government in its efforts to create a balanced budget, and the opinion
Is gathering strength that the opposition to the salt duty is mainly
political
and sentimental, and that economically the duty is sound. A country
that can import and absorb a thousand lace worth of the precious metals
In one month, as India did in February, ought to be able to stand an
Increase in the salt duty, especially as it tends to a more even distribution
of the burden of taxation."
SILVER.
There has been a considerable amount of selling during the
week from
India. the Continent and America, arising no doubt from the
news as to
the Pittman Act, purchases likely to ho completed earlier than was generally
anticipated. The Indian Bazaars have been fairly good
buyers for this
-the settlement
week's
-steamer, but there has been a tendency to sell
an equivalent quantity for forward delivery. There has been an outbreak
of plague in the Bombay Presidency, but not yet serious enough
to be a
factor of real importance in the silver market. The Bazaars, however,
are always ready to seize anything, however slight, that confirms a view
already taken, and therefore they would naturally consider it a
bear point.
China, on the whole, has been inactive, but has prolonged such bull
commitments as fell due.
A cablegram was despatched to New York from the Hague on March
15 to the following effect:
"Another Instance of exporting of German gold and silver from
the
Fatherland was the arrival in Holland yesterday of five railroad
cars
of silver from the Reichsbank. This silver, it appears, is not sent in
the way of business to Netherlands banks, nor for export, but merely for
deposit in the Netherlands State Bank."
INDIAN CURRENCY RETURNS
(In Lacs of Rupees)Mar. 15. Mar. 22. Mar. 31.
Notes in circulation
17433
17438
17470
Silver coin and bullion In India
8673
8678
8706
Silver coin and bullion out of India
Gold coin and bullion in India
2432
2432
2432
------Gold coin and bullion out of India
_
Securities (Indian Government)
5743
5748
5744
Securities (British Government)
58'
584
584
The coinage during the week ending 31st ult. amounted
to 8 lace of
rupees.
The stock in Shanghai on the 7th inst. consisted of about 28,600,000
ounces in sycee, 36.000.000 dollars and 1.020 silver bars, as compared
with about 28,300,000 ounces in sycee, 34.000,000 dollars
and 120 silver
bars on the 3d lost.
The shanghai exchange is quoted at 3s. 13d. the
tael.
-Bar Silver per Oz. Std.Bar Gold per
QuotationsCash,
2 Mos.
Oz. Fine.
3234d.
April 5
31 15-16d.
88s. 3d.
April 6
32 116d.
33 13-16d.
88s. 3d.
April 7
32 1-16d.
32d.
April 9
32 146d.
31 13-16d.
88s. 3d.
April 10
31 11-16d.
88s. 10d.
3134d.
April 11
31 1346d.
313.4d.
88s. 6d.
Average
32.010d.
31.760d.
88s. 5d.
The silver quotations to-day for cash and forward delivery are respectively
Xd. and Hd. below those fixed a week ago.
COURSE OF BANK CLEARINGS.
Bank clearings show an increase over last year, but the
ratio of gain is again small, due, however, entirely to the
large falling off at New York. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ending to-day
(Saturday, April 28) aggregate bank clearings for all the
cities in the United States from which it is possible to obtain
weekly returns will show an augmentation of 6.7% as compared with the corresponding week last year. The total
stands at $7,953,574,436, against $7,452,475,964 for the
same week in 1922. Our comparative summary for the
week is as follows:
Clearings-Raurna by Telegraph.
Week ending April 28.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
Ban Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
$3,400,000,000
531,188,951
283,000,000
328,000,000
116,872,012
a
134,100,000
148,592,193
124,932,644
74,078,276
49,211,016
-7.1
$3,659,197,564
461.635,047 +15.1
347,000,000 +10.4
259,000.000 +26.6
94,439,771 +23.8
a
a
113,500.000 +18.1
*98,100,000 +51.5
79,651.882 +56.8
57,619,587 .4-28.6
35,503,761 +38.6
Ten cities, five days
Other cities, five days
$5,289.975,092
1,338,003,605
55,205,647,612
1,004,749,025
+1.6
+33.2
Total all cities, five days
All cities, one day
$6,627,978,697
1,325,595,739
86.210,396,637
1,242,079,327
+6.7
+6.7
$7,953,574,436
87.452,475,964
+6.7
Total all cities for week
a No longer report clearings.
1923.
1922.
Per
Cenr.
•Estimated.
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 21. For
that week the increase is only 1.5%, the 1923 aggregate of
the clearings being $8,025,175,567 and the 1922 aggregate
$7,908,823,503. Outside of this city, however,,the increase
is 21.7%, the bank exchanges at this centre having recorded
a decrease of 11.1%. We group the cities now according
to the Federal Reserve districts in which they are located,
ENGLISH FINANCIAL MARKETS
-PER CABLE.
and from this it appears that the Boston Reserve District
The daily closing quotations for securities, dm,at London, shows an
improvement of 31.1%, but the Philadelphia
as reported by cable, have been as follows the past week:
Reserve District of only 8%, while the New York Reserve
District (because of the falling off at this centre) shows a
loss of 10.6%. The Cleveland Reserve District reports an
expansion of 34.8%,the Richmond Reserve District of 17.6%
and the Atlanta Reserve District of 30%. In the Chicago
Reserve District the improvement is 22.5%; in the St. Louis
Reserve District 28.2% and in the Minneapolis Reserve
District 17.7%. The Kansas City Reserve District has
added 12.6% to its totals of last year, the Dallas Reserve
District 15.2% and the San Francisco Reserve District 22.8%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
1922.
1923.
Week ending April 21 1923.
$
Federal Reserve Districts.
10 cities 449,177,788 342,668,456
(1st) Boston
,424,731,688 4,948,367,121
10
(2nd) New York
530,635,113 491,252,680
(3rd) Philadelphia___ _10
10406,507,562 301,550,782
(4th) Cleveland
175,919,327 149,538,598
6
(5th) Richmond
192,270,869 147,922,468
12
(6th) Atlanta
901,593,128 735,973,354
.9
(7th) Chicago_
74,737,829 58,283,912
7
(8th) St. Louis
122,446,739 104,063,608
7
(9th) Minneapolis.
245,040,809 217,585,728
11
(10th) Kansas City_
53,498,272 46,445,807
5 ..
(11th) Dallas
448,616,443 365,170,994
16
(12th)San Francisco
Inc or
Dec.
1921.
1920.
+31.1 295,816,633 411,689,789
-10.6 3,377,128,354 5,259,192,754
+8.0 408,415 385 530,664,703
+39.8 130,453,402 431,821,893
+17.6 140,654,916 187,970,708
+30.0 141,909,917 219,484,614
+22.5 654,915,933 850,010,978
+28.2 50,377,917 76,946,349
+17.7 107,025,488 148,406,206
+12.6 233,005,575 344,280,534
+15.2 45,282,351 59,210,629
+22.8 325,584,535 382,979,233
123 ettlei 8,025,175,567 7,908,823,503 +1.5 6,110,570,406 8,902,658,390
Grand total
3,679,339,456 3,022,124,245 +21.7 2,790,796,804 3,709,058,430
Outside New York City
29 cities 315,819,576 235,698,288 +34.0 344,542,187 371,280,304
Canada
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week ending April 21 1923.
Clearings al
1923.
1922.
Inc.or
Dec.
$
3
First Federal Reserve Dist rice-Boston605.147
639,940 -5.4
Maine-Bangor _
Portland
-Boston .._ 402,000,000 302,000,000 +33.1
Mass.
2,172,176
1,899,958 +14.3
Fall River _
a
a
Holyoke
1.184,963
'
1,190,216 -0.4
Lowell
a
a
a
Lynn
1.389,829
1,288,590 +7.9
New Bedford_ _
5,076,880
Springfield _ _
4,179,779 +21.5
3.529,000
3,429,480
+2.9
Worcester
Coun,-Hartford
13,392.366
10,665,686 +25.6
6,040,427
New Haven_
5.874.807 +2.8
R.I.-Providence
13,787,000 *11,500,000 +19.9
Total (10011188)
449,177,788
342,668,456 +31.1
1921.
1920.
857,656
862,824
261,024,278
1,168,615
a
967,466
a
1,069,410
3,606,121
3,348,746
8,614,241
5,000,000
10,160,158D
366,946,091
2,803,708
a
1,275,784
a
2,028,582
4,769,082
4,321,743
9,592,199
5,919,276
13,170,500
295,816,633
411,689,789
Second Feder al Reserve D istrict-New York
N. T.
-Albany_
6.909,389
5,153,724 +14.7
4,500,000
4,360,915
Binglatmton
el.002,100
966,800
+3.7
820,700
1,253,500
d51,287.265
Buffalo
38,456,725 +33.4
35,702,125
43,658,505
657,006
Elmira
510,034 +21.7
Jamestown _
c1,186,170
1,204,471 . -1.5
901.190
New York_ _ _ _ 4,345,836,111 4,886,699,258 -11.1 3,319,773,602 5,193.599,960
10,387,108
Rochester
8,916,091 +16.5
8,601,328
10,962,937
4,771,262
3,737,276 +27.7
Syracuse
3.931,962
4,720,574
-Stamford
c3,209,920
2,298,702 +39.6
Conn.
2,537.062
-Montclair
485,357
394,040 +23.2
J.
N.
360,385
636,363
Total(10 cities) 4.424.3i.688 4,948,367,121 -10.6 3,377.128,154 .5,259,192,754
Third Federal Reserve Dis trict-Phila delphi a-1,351,013
Pa.
-Altoona 1,107,201 +22.0
856,835
Bethlehem _
4,428,642
3,452,153 +28.3
2,682,331
1,379,134
1,038,612 +32.8
Chester
1,036,598
Lancaster
3,320,863
3,233,649 +2.7
2,421,425
Philadelphia
499,000,000 467.000,000 +6.9 386,686,278
Reading
3,367,282
3,067,521
+9.8
2,554,632
Scranton
d6,134,613
4,103,244 +49.5
4,546,751
d3,787,315
Wilkes-Barre
2,610,000 +45.1
2,776,552
York
1.582,518
1.561,715 +1.3
1,370,999
N. J-Trenton_ _
6,283,733
4,078,585 +54.1
3,482,984
a
Del.-Wilraingt'n
a
a
a
Total(10 cities)
630,635,113
491,252,680
+8.0
Fourth Feder al Reserve D strict-Clev elandOhlo-Akron___ _
d6,318,000
6,085,000 +3.8
Canton
5.046,935
3,251,205 +55.2
Cincinnati
77,595,802
58,521,045 +32.6
Cleveland
el18,719,052
85,125,920 +39.5
Columbus
15,262,300
12,567,200 +21.4
Dayton
a
a
a
386,291
Lima
825,905 -53.2
d2,010,244
Mansfield
1,337,619 +50.3
Springfield ___ a
a
a
a
Toledo
a
a
Youngstown
d3,946,969
2,739,220 +44.1
Pa-Erie
a
a
a
Pittsburgh _ _ _ _ 171.807,366 124,900.000 +37.6
W.Va.-Wheeling
5,414,603
6,197,668 -12.6
408,415,385
1,008,028
1,612.515
3.019,668
507,877,429
3,172,748
5,755,758
2,769,778
1,580,493
3.868.266
a
530,664,703
6,293,000
3.389,674
57,880,695
101,351.673
13,191,500
a
732,141
1,300,490
a
a
3,118,179
a
138,780,922
4,415,128
13,344,000
5,449,136
67,809,286
141,159,574
12,743,600
a
992.408
1,856,381
a
a
3,852,226
a
178,087,660
6.527,622
301,550,782 +34.8
330,453,402
431,821,893
Fifth Federal Reserve Dist rict-Richm ondW.Va.-11unt'g'n
2,070.966
1,4.50,291 +42.8
Va -Norfolk __
d7,625,987
6,637,047 +14.9
Richmond _ _ _ _
49,856,000
44,313,483 +12.5
S.C.
-Charleston
2,651.747
2,138,255 +24.0
Md.-Baltimore _
92,289,115
75,525.609 +22.2
D. C.-Wash•to
21.425,512
19.473,913 +10.0
1,544,029
6,490.258
37,865,635
2,350,000
75,219,065
17,185,929
1,806,700
10,764,748
61,873,722
4,800,048
91,840,811
16,884,679
149.538,598 +17.6
140,654,916
187,970,708
Sixth Federal Reserve Dist rict-Atlant aTenn.-Chatt'ga. d7,092,007
5,220,926 +35.8
2,975,661
Knoxville
3,305,241 -10.0
21,026,294
Nashville
19,463,780 +12.7
53,323,338
38,468,048 +38.6
Ga.-Atlanta...
1,969,445
Augusta
1,752,119 +12.4
1,397,439
1,040,753 +34.3
Macon
a
a
Savannah
a
15,601,737
11,402,279 +36.8
Fla.-Jacks'ville32,299,883
21,146,751 +52.7
Ala.-Elirm'ham_
2,164,151
1,808,875 +19.6
Mobile
940,705
709,105 +32.7
-Jackson
Miss.
284,468
221,052 +28.7
_
Vicksburg
52,295,741
43,383.539 +20.5
-New Orleans
La.
5,027,700
2,578,830
17,331,255
40,074,458
1,945,386
1,071,151
a
10,904,026
18,971,254
2,000,01)0
5,50.247
228,515
41,227,095
10,122,817
2,928,405
24,500,000
73,229,017
4,351,716
a
13,705,286
21,377.819
2,476,857
738,603
363,212
65,690,882
Total(12 cities)I 192,270,8691 147,922.468 +30.01 141,909,917
219,484,614
Total(10 cities)
Total(6 cities)-
[VoL. 116.
THE CHRONICLE
1862
406,507,562
175,919,327
Week ending April 21 1923.
Clearings a:
1923.
1922.
Inr.or
I Dec.
1921.
1920.
I
$
Seventh Feder al Reserve D istriet-C h Cago219,583
300,797 -27.0
Mich.
-Adrian _ _
717,961
509,126 +41 0
Ann Arbor.... _
146,249,326 106,316,229 +37.6
Detroit
7,271,543
22.4
5,942,720
Grand Rapids..
2.604,759
1,948,609 +33.7
Lansing
1,734,111 +29.8
2,250,423
Ind.
-Ft. Wayne
15,726,000 +33.3
20,966,000
Indianapolis_ _ _
2,339,620
1,882,200 +24.3
South Bend__
5,671,935 Not inc.. in to tai.
Terre Haute__
35,709,565
28,272,082 +26.3
Wis.-Milwaukee
2,369,901
1,794,565 +32.1
Iowa-Cedar Ran
9,188,934 +35.9
12,486.016
Des Moines....5.116,644 +41.7
7,250,436
Sioux City1,570,534 +20.9
1,898,917
Waterloo
1,629,466
1,328,315 +22.7
111.-13loom'gton_
646,911,958 545,680,048 +18.6
Chicago
a
a
a
Danville
887,789 +48.2
1,315,449
Decatur
3,460.679 +26.4
4,374,938
Peoria
1,814,943 +25.6
2,279,723
Rockford
2,499,029 +9.9
2,747,544
Springfield
200,000
030,664
91,723.792
5,515,383
1,300,000
1,786,884
13,849,000
2,014,094
202,915.
496,040
131,834,371
7,571,760.
1,764,154
1,864,848
15,709,000
2,241,073
26,005,303
2.078,824
3,851,914
5,813,887
1,275,942
1,303,463
483,761,442
a
1,109,936
3,478,566
1,715,935
2,600,904
31,572,31 V
5
3,123,588
13,088,746
10,071,063
2,146,135
1,534,955
014,883,456
a
1,428,678
5,269,510
2,640,000
2,568,328
735,973,354 +22.5
654,915,933
850,010,978
Eighth Federa I Reserve Die trict-St.Lo uds-4,219.611 +26.0
5,315,810
-Evansville.
Ind.
a
a
a
Mo.-St. Louis_ _
26,700,711 +27.1
33,943,784
Ky.-Louisville....
336,024 +38.1
463,994
Owensboro_ _ _ _
16,399,147 +28.4
21.057,920
-Memphis
Tenn.
9,255,425 +29.7
12,003,277
-Little Rock
Ark.
249,725 +72.6
431,065
111.-Jacksonville
1,123,269 +35.5
1,521,979
Quincy
3,985,284
a
23,260,909
399,442
12,909,375
8,367,868
313,988
1,141,051
5,102,265
a
30,767,722
672,622
25,160,300
13,072,678
547,562
1,623,200
58,283.912 +28.2
50,377,917
.76,946,349
6.560,860
61,232,251
32,596,984
1,727,917
1,163.628
689,819
3,054,029
7,778,227
85,959,714
47,020,410
3,051,909
1,714,126
1,164,879
1,716,941
107,025,488
148,406,206
678,933
386.072
3,233,625
34,393,622
2,308,830
10,571,561
139,432,864
a
22,850,110
a
863,064
17,548,583
738,311
700,399
740,807
5,472,897
60,436,938
3,536,302
14,408.009
225,955,060
a
a
13,035,278
a
1,120,882
18,026,030
847,872
233,005,575
344,280,534
1,053,978
24,264,881
10.047,972
6,394.522
a
3.520,998
1,800,000
29,224,743
16,599,765
6,226,477
a
.5,359,644
45,282,351
+15.2
Franc isco31.228.967
+29.8
9,607,622
+9.4
a
a
1,149,975
-11.4
32,450,213
+12.7
10,000,000
+8.3
a
a
a
-2.9
3
;06.671
+104.6
3.379.070
80.725,000
+39.7
+16.5
10,002.938
3,116,252
+40.9
+17.4
4,717,008
2,637,282
+20.6
+13.8 125.800,000
1,476,942
+8.8
857,595
+33.7
4,629,000
+19.1
59,210,629
Total(19 cities)
Total(7 cities).
901,593,128
74,737,829
Ninth Federal Reserve Dist rict-Min ne
4,110,376
d7,069,652
Minn.
-Duluth.._
65,740,494
73.081,760
Minneapolis......
27,472,118
35,481,364
St. Paul
1,944,291
2,045,371
No. Dak.-Fargo
1,449.242
1,430,317
So. Dak.-Aberd'n
521,299
472,881
Mont.-Billings_
2,825,788
2,865,394
Helena
apolls
+72.0
+11.2
+29.2
+5.2
-1.3
-9.3
+1.4
Total(7 cities)- 122,446,739 104,063,608 +17.7
Tenth Federal Reserve Dist rict- Kansa S City
d472,151
288,027 +63.9
Neb.-Fremont...
511,142
411,582 +24.2
Hastings
3,212,750 +29.1
4,149,226
Lincoln
31,573,646 +45.2
45,853,369
Omaha
2,575,149 +44.3
d3,717,014
Kansas-Topeka10,302.121 -1.9
d10.106,305
Wichita
Mo.-Kans. City 143,181,621 131,019,990 +9.3
a
a
St. Joseph__ _
a
a
a
Okla.
-Muskogee
19,204.458 +19.8
Oklahoma CRY d23,014,720
a
a
a
Tulsa
980,260 +29.9
1,273,701
-Colo. SPgs
Colo.
17,317,063 -31.6
11,846.205
Denver
700,677 +30.6
e915,355
Pueblo
Total(11 cities) 245,040,809 217,585,723 +12.6
-Da has
Eleventh Fede cal Reserve District
e2,723,951
1.255,781 +116.9
Texas- Austin_
e29,221,788
23,871,806 +22.4
Dallas
10,826,166 -12
Fort Worth_ .. _ d10,692,624
5,211,227 +10.4
e5,751,519
Galveston
a
a
a
Houston
5.280,827 -3.3
5,108,390
La.
-Shreveport..
53,498,272
46,445,807
Total(5 cities) _
Twelfth Feder al Reserve District-San
39,955,790
30,792,700
-Seattle__
Wash.
10,388,000
Spokane
a
a
Tacoma
1,321,106
1,490,803
Yakima
32,311,622
36.408,953
-PortlandOre.
13,413,599
14,530,879
-S.L City
Utah.
a
a
Nev.-Reno
a
a
_
Ariz
c4,048,167
4,170,199
Calif.-Fresno_ _ _
8.566,151
4,186,934
Long Beach...
135,010,000
96,676.000
Los Angeles
15.705,714
13,476,792
Oakland
5,205,828
3,693,729
Pasadena
5,601,197
Sacramento- d6,576,024
3,696,494
3,064,128
Diego_ _
San
San Francisco_ 160,000,000 140,600,000
2,229,392
2.048,597
San Jose
1,092.445
817,094
Santa Barbara..
c2,905,500
2,439,600
Stockton
a
43.057,372
14,611,156
a
1,919,685
42,826,184
16,120,934
a
a
4,879,101
3,009,8.57
77,502,000
10,511,220
2,318,072
5,608,804
2,814,788
161,411,070
1,800,000
4,588,900
Total(16 cities) 448,616,443 365,170,994 +22.8 325,584.535 382,979,233
Grand total (123
8,025,175,567 7.908.823,503 +1.5 6,110,570,406 8,902,658,390
cities)
Outs de N.Y.... 3,679,339,456 3,022,124,245 +21.7 2,790.796,804 3.709,058,430
Week ending April 19.
Clearings al
1923,
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William.....New Westminster
Medicine Hat.....
Peterborough__ _
Sherbrooke
Kitthener
Windsor
Prince Albert_ _
Moncton
Kingston
a
110,876,021
95,660,785
40,588,114
14,226,065
6,914,349
5,288.238
2,957.772
5,735,092
4,817,903
2,658,654
1,889,445
2,739,103
3,667,750
3,472,159
573,651
504,858
1,497,291
1,312,709
1,049,301
794,045
566,558
333,064
700,590
851,468
984.252
3,083,486
350,805
1,092,048
*625.000
1922.
$
71,874,027
66,003,939
39,704,654
10,043,204
6,440,103
4,224,067
2,201,907
4,625,984
4,145,654
2,360,444
2,056,647
2,350.307
4,179,733
2,667,710
729,639
481,569
1,403,389
992,789
975,373
504,577
440,658
221.003
679,705
618,710
796,313
2,956,301
281,956
1,120.092
617,834
inc. OT
Dec.
%
+54.3
+44.9
+22
+41.7
+7.4
+25.2
+34.3
+24.0
+16.2
+12.0
-8.1
+16.5
-12.2
+30.2
-21.4
+4.8
+0.7
+32.2
+7.6
+57.4
+28.6
+50.7
+4.4
+37.6
+23.6
+4.3
+24.4
-2.5
+1.2
1921.
$
115,119,273
104,842,305
44,960,182
15,577,924
7,338,136
6.295,715
3,574,661
6,433,717
6,876,455
3,104,376
2,335,968
3,467,777
4,665,304
3,523,313
704,241
716,451
1,920,273
1,491.333
1,402,573
793,076
596,465
434,555
923,863
1,174,889
1,003,474
3,787.556
314,814
1,173,518
1920.
$
121,204,311
110,539,556
46,053,795
17,386,905
9,328,800
7,273,037
4,550,585.
7,716,143
8,321,838
3,500,549
2,928,371
4,148,806
6,224,118
4,359,435
823,147
1,015,277
2,426,852
1,863,467
1,574,781
913,953
787,247
483,546
1,085,580
1,360,989
1,308,902
3,622,629
477,685
Total(29 cities) 315,819,576 235,698,288 +34.0 344,542,187 371,280.304
a No longer report clearings. b Do not respond to requests for figures. c Week
ending April 18. d Week ending April 19. e Week ending April 20. * Estimated.
41
APRIL 28 1923.]
THE CHRONICLE
1863
The destination of these exports for the week and since
July 1 1922 is as below:
THE CURB MARKET.
Trading in the Curb Market this week was comparatively
quiet with prices moving in uncertain fashion. Selling Exports PT Week
Flour.
Wheat
.
Corn.
and Since
pressure in the early part of the week carried values down
July 110Week
Since
Week
Since
Weak
Since
somewhat and while some improvement followed, the list
Apr.21 July 1
Apr. 21
July I
Apr. 21
July 1
1923.
1922.
1923.
1922.
1923.
1922.
generally was heavy. Oil shares in particular were adBarrels. Barrels.
Bushels.
Bushels. Bushels.
versely affected by the reductions in the price of gasoline. '
United Kingdom_ 59,452 4.468,334 1,415,026 81,459,926 239,627 Bushels,
Continent
Prairie Oil & Gas advanced from 211 to 219 and fell to 215. So.& Cent. Amer_ 104,220 5,677,790 1,969,070 181,488,307 969,604 26,466.146
49,412,757
424.332
8,000
35,000
368,000
37,000
Standard Oil (Indiana) rose from 61% to 633%, dropped to West Indies
19,000 1,131,800
31,000
14.000 1,532,700
Brit.No.Am.Cols.
3,000
37,700
6134 and closed to-day at 61%. Standard Oil (Kansas)from Other Countries__ 5,150 771,540 158,000 2,498,830
18.000
483i weakened to 463 . Standard Oil of New York gained
4
Total 1922-23._ 195,822 12,476,796 3,577,096 265,844,153 1,223,291 77,504,303
Total 1921-22._ 257.88711.915,484
about a point to 433',fell back to 42% and ends the week at
981,375236,773.003 3.213.459 121313220
423%. Vacuum Oil moved up from 483% to 50% and sold
The world's shipment of wheat and corn, as furnished by
down finally to 49. Gulf Oil of Pa. advanced from 613% Broomhall to the New York Produce Exchange for the week
to 653% and reacted to 633.4 finally. Humble Oil & Ref. ending Friday, April 20, and since July 1 1922 and 1921,
after early loss from 34 to 31, moved up to 353%, with the are shown in the following:
final transaction to-day at 3332. Magnolia Petroleum
Wheat.
Corn.
declined at first from 140 to 135, then advanced to
Exports.
1922-23.
1921-22.
1922-23.
1921-22.
146 with the close to-day at 145.
Mammoth Oil on few
Week
Since
Since
Since
Since
Week
transactions improved from 51 to 56, then reacted to 52%.
April 20. July 1.
July 1. April 20. July 1.
July 1.
Maracaibo Oil Exploration sold up from 203 to 22% and
4
Bushels. I Bushels.
Bushels. Bushels.
Bushels.
Bushels.
back to 203 , the final figure to-day being 213%. In the North Amer_ 6,193,000368,273,000349,788,000 1,151,000 81,088.000 132,895,000
4
Russ. di Dan.
I 5.815.000 3,768,000
4,951,000 12,698,000
industrial list motor stocks were prominent. Durant Argentina... 4,148,000 107,188,000 81,785,000 444,000 96.478,000 98,003,000
Australia.912,000 37,388,000 90,488.000
Motors after an early decline from 535 to 52%,rose to 573% India
%
672,0001 9,092,000
712,000
and closed to-day at 57. Peerless Truck & Motor from 53 0th. countr'
4,751,001 11,368,000
sank to 47, recovered to 50 and reacted finally to 473"2.
Total
11,925,000527,756,000526,541,000 1.595,000187,206,000254,964.000
Cuyamel Fruit eased off from 61 to 593%, then recovered to
New York City Banks and Trust Companies.
64. Glen Alden Coal weakened at first from 733% to 73,
All prices dollars per share.
sold up to 753 and finished to-day at 75%. Bonds were
4
Saoks-N.Y. Bid Ask
Banks
Bid
Ask
quiet and without feature.
!merles *____ 238 243 Harriman__ 350 360 Trust Co.'s Bid Ask
New York
&mar Exch
292 297 Imp & Trad__ 750 755 American.-A complete record of Curb Market transactions for the Battery Park- 133 138 Irving Bank
Bank of N.Y
Bowery*
440
Columbia
week will be found on page 1882.
236 239
& Trust C 465 475
BroadwayCen 115 140 Manhattan 8_ 146 149
gmunterciai andAlt
Wan:monsgyvtig
Breadstuffs figures brought from page 1918.
-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. I corn.
Oats.
Barley.
Rile•
bls.196lbs.,ush.60 lbs. bash. 5615s.bush,32 lbs ush.48lbs. ush.66Ib5.
Chicago
269,00#
540.000 1,264.000 1,201,000 184,000 112,000
Minneapolis
1,541.000
73,000
225.000 217,000 202,000
Duluth
265.000
18,000
116,000 527,000
3,000
Milwaukee..
19,00#
35,000
176,000
279,000
74,000
78,000
Toledo
135.000
55,000
163,000
30,000
Detroit
21.000
40,0001
56,000
Indianapolis_
61.000
252,000'
202,000
St. Louis86.1 # #
544,000
404,000
614,000
16,000
3,000
Peoria
39,111
30,000
341,000
356,000
16,000
1,000
ansas City
878,000
451.000
354,000
Omaha
310.000
384.000
376,000
St. Joseph._
156,000
145,000
58.000
Total wk. '2
413,000 5,016,000 3,608.000
623,000 1,084,000
Same wk. '2 ., 373.4 t I 3,716,000 3.182,0OO 3,750,0
Same wk. '21
377,001 5,631,000 2,102,000 2,043,0001 357,000 293,000
2.244.000 456,000 600,000
Since Aug.1
1922-23.... 18,655,000353,383,00
1921-22. ___ 16.409.000281,488,000250,117,000 181,270,00032,200,000 3,363,000
0306,755,000 161.465,001J123,293,000 17.408,000
1920-21- 21,692.000279.925,000 1
74,052.000150,190,000 22,556,00014,747.00
0
Bankers Trust 366 370
Bronx Home_ 125
Mesh & Met_ 400 410 Central Union 354 358
Bronx Nat.__ 150
Mutual*
310
Commercial.. 115 130
Bryant Park* 140 150 Nat Amer
135 145
315 320
Butch & Drov 130 138 National City 348 352 Empire
Equitable Tr 185 188
Cent Merean 210
New Neths
130 140 Farm L & Tr 510 520
Chase
350 588 Pacific•
.
300
Fidelity Int 200 210
Chat & Phen_ 254 258 Park
420 427 Fulton
250 260
Chelsea Each*
95 PubUo
297
Chemical ____ 547 555 Seaboard.... 335 307 Guaranty Tr 274 277
Hudson
200
Coal & Iron__ 217 223 Standard
165 175 Law Tit & Tr_ 205
Colonial *____ 375
State*
330 350 Metropolitan 315 325
Columbia
228 238 rrradesmen's' 200
Mutual(W
Commerce ___ 295 298 234 Ward'... 270
cheater)
120 130
Com'nwealth 270 __- United States* 163
N Y Trust.. 344 347
Continental-- 135 __- Wash'n lits•_ 200
Title On &
380 390
Corn Each
425 435 YorkvUle *
600
U S Mtg &
315 325
Coemoplane 105 115
United Sta
1220 1235
East River_
Westches. Tr 180
Fifth Avenuee1000
Brooklyn
Filth
230 iii Colley Island* 155 165
Pint
1185 1200 First
320 355
Brooklet,
Garfield
260 270 Mechanics' *- 130 140 Brooklyn Tr 475 500
Gotham
189 195 Montauk *- 170 - Kings Count
800
Greenwich -- 290
,
Nassau
225 240 Manufacturer 260
Hanover
680 650 People's
_ _
160
390
People's
'Banks oil&rhed W th( are State banks. I New stock. z Hi-dtvldend. r FS'
5
rights e Ex-100% stock)
dividend.
li
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday April 21 1923 follow:
Receipts atNew York__
Philadelphia_
Baltimore
N'port News
Norfolk
New Orleans
Galveston_
Montreal._ _
St.John,N.13
Boston
Flour.
Wheat.
Corn.
Barrels.
Bushels,
Bushels.
235,000
717,000
162,000
77,0011
906.000
435,000
34,005
291,000
73,000
3,00cJ
3,00q
16,000
43,000
78,00q
64.000. 317,000
164.000
45,00?,
588,000
16.000
25,00(1
360,000
37,006.
63,000
2,000
Oats.
Barley.
Rye•
Bushels.
Bushels. Bushels.
138,000 170,000 447,000
225,000
136,000
211,000
269,000
55,000
100.000
92,000
120,000
70,000
23,000
3,000
New York City Realty and Surety Companies.
Bid
Alliance Why 97
t
i
tmer Surety_ 94
Bond & M G_ 2r3
City Invest'
65
Preferred,, 92
All prices dollars per
Ask
Btd
102 Lawyers Mtg 160
97 Mtge Bond__ 113
288 Nat Surety__ 161
68 N Y Title &
98
Mortgage._ 190
Mare.
Ask Realty Assoc
165
(Brooklyn)
116 USCasualty.l
164 USTItleGuarl
Westchester
200
Title & Tr.
Ask
---
Bid
176
10
133
140
210
-
Quotations for U.S. Treas. Ctfs. of Indebtedness, &C.
Maturity.
int.
Rate.
BUJ.
Liked
Maturity.
June 15 1924_
Sept. 15 1924_
Mar.15 1925
Mar 15 1926
June 15 1928
Dec. 15 1925...
Sept 15 1923
53,17,
534'S
45(7.
414%
314%
44%
31i%
101
100%
100
100
99q
99
99%
1013'
1013'
1003'
1003'
99%
9911
9934
iept 15 1926
June 15 1925...
Dec. 15 1927
Dec. 15 1923 -Sept. 15 1 23.__
Mar. 15 1924_
Rate.
Bid.
Asked.
9831
411% 94%
454% 9919 9911,
454% 9954
9914
4%
99% 100
10011,
45.1% 100
454 56 100
1003'
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 18
Total wk. '2'
-Farmers National Bank of Troy, Idaho
537,000 3,169,000 1,148,000
$25,000
941,000 263,000 855,000
Since Jan.1'2 8,002,000 68,858,000 26,193,000
Correspondent, Clarence Larson, Troy, Idaho.
10.740,000 2.679,00013,806.000 April 19
-The First National Bank of Indianola, Okla
25,000
Succeeds the Indianola State Bank, Indianola,
Week 1022
537,000 1,392,000 1.736,000
Okla.
Correspondent. Scott Hendon, Indianola, Okla.
Since Jan.1'2 7.933.000 49.038 000 07.448.000 1,129,000 277,000 582,000
12.795 000 3283.000 5.382,000 April 20
-First National Bank in Burbank, Calif
60,000
*Receipts do not Include
Succeeds Farmers & Merchants Bank
of Burbank, Calif.
On through bills of lading. grain passing through New Orleans for foreign ports
Correspondent, F. F. Scribner, Burbank, Calif.
April 20
-The Fort Scott National Bank,
100,000
Succession of Fort Scott State Bank, Fort Scott, Kan
The exports from the several seaboard ports for the week
Correspondent, Frank Cunningham, Fort Scott. Kan.
ending Saturday, April 21 1923, are shown in the annexed
Fort Scott, Kan.
statement:
CHARTERS ISSUED.
April 17
-12357
-First National Bank in Two
$50,000
Succeeds First State Bank of Two Harbors, Harbors, Minn
Minn.
I Wheat,
President, John A. Barton; Cashier, A.
Corn, Flour,
Rye, Barley, Peas.
M. Peterson.
Exportsfrom- Inas/leis. Bushels, Barrels. Oats,
April 18 12358
-Paoli National Bank, Paoli, Pa
Bushels. Bushels. Bushels. Bushels.
$50,000
President. Edward F. Bracken; Cashier,
A. M. Passmore.
New York
April20 12359
822,096 261,291 104,822 169,846 373.379 194,309
-TheSouth Boston National Bank of Boston.Mass. 200,000
Roston
41.000
Conversion of Smith Boston Trust Co.,
with main
Philadelphia
1 402,000 107,000 2,000 89,000
branch located in the City of Boston, Mass. office and one
9,000
Baltimore
477,000 231.000 7,000 2,000 190,000
President Theodore M. Logan: Cashier, Geo. L. Whitehouse.
,
Norfolk
April 20
16,000
43,000 3,000
-12360
-The Valley National
100.000
Newport News
President, Frank M. Burris: Cashier,Bank of Sonoma. Calif3.000
New Orleans
83.000 581,000 51,000 7,000
April 20 42361-The Labor National Jesse Burris.
26,000
Bank of Montana at Tnree
Montreal
Forks, Mont
25,000
69.000
St. John, N. B_._.I 360,000
Succeeds the First National Bank of Three Forks, Mont.
25,000 92,000
23,000
President, A. E. Barnes; Cashier, E. J. Armstrong.
Total week 1923- 3,577,096 1,223,291 195,822
April 21-12362
-State National Bank in Lynn, Mass
$200.000
359,846 657,379
Week 1922
981,575 3,213,459 357.537 624,194 1.064,833 217,309
Succeeds the State National Bank of Lynn, Mass.
290.035
President, Theodore M. Logan; Cashier. Paul F. Wadleigh
APPLICATION TO ORGANIZE APPROVED.
$100,00
April 21
-Pasadena National Bank, Pasadena, Calif
CorresPondent, William R. Fee, San Gabriel, Calif.
RECEIVED.
APPLICATION TO CONVERT
April 21
-The First National Bank of Rowena, Texas
Conversion of the First State Bank, Rowena, Texas.
APPLICATION TO CONVERT APPROVED.
April 21
-The Leonard National Bank, Leonard, Texas
Conversion of the First State Bank of Leonard, Texas.
APPLICATIONS FOR PERMISSION TO ESTABLISH ADDITIONAL
OFFICES.
-The Harriman National Bank of the City of New
April
N.
York, N. Y., in the Williamsburg Bridge Section near the Bowery,C.,Y.
at
April 17
-The American Security & Trust Co. of Washington, D.
W., Washington. . C.
1140 Fifteenth St., N.
-The Capitol National Bank of New York, N. Y., at
April
southeast corner of Prospect Ave. and Longwood Ave., Borough of
Bronx, New York, N. Y. Corner of Eastern Parkway and Hopkinson
Ave., designated as 1641 Eastern Parkway, Borough of Brooklyn.
New York, N. Y.
$35,00
850,00
17-9955
19-12213
-Among other securities, the following,
Auction Sales.
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller Sr Sons, New York:
Price.
Price. Shares. Stock.
Shares. Stock.
303 Goldeliine Oil Corp.,25 ea.1$2,533 45 11-40 General Motors Corp. Corn. $5 lot
(stock warrant)
Compania Mere. Mexicana.
60
$233 75 per eh. 100 Charcoal Iron Co., corn.,
50 Columbia Bank
$175 lot
1 Lawyers Mortgage Co-- _ _163% per sh. $10 each Coast
Fisheries Co..
163 per ah. 80 Atlantic
Mortgage Co
5 Lawyers
common,$100 each
$25 lot
1110 Nitro Products Corp., corn.)
3220 lot 200 Columbia Sugar Co., $10 each.
no Par
25% per oh.
Products Corp., pref.._ r
25 Nitro
4 Fisher Body Ohio Co.,corn., no
1,000 West N.Y.Silk Mills_
$111 per sh.
par
2,500 Alliance-Holt DYe
140 Torbensen Axle Co., no par_
Works,Inc.,common__
22635 Per all.
2,500 Alliance-Holt Die'
60 Cities Service Co., Pref. "B,"
Works. Inc., preferred__
$10 each
$534 Per sh.
2,000 D.G.Dery Corp., Did
663 Taunton River Mills__ 18187,89843 88 50 Cities Service Co., corn.(
cash scrip
2-3 Interest in note of theJ
$2125 Cities Service Co., corn. $313 lot
Bethlehem Motors Corp.
stock scrip
dated May 4 1920, audI
$5 Cities fiery. Co., pref. stock'
due Sept.71920,the origiscrip
nal amount of whith wool
10 Goodyear Tire & Rubber Co.,
$50,000
corn. stk. trust ctf. no par_ _ _$30 lot
100 Mexican Pacific Canning Co.,
$45 lot 5 American Zinc Lead & Smelt.
Common
Co., pref., $25 each
-Johnson Corp.,
4854 per sh.
5-10 Endicott
$25 lot 200 Continental Candy Corp_ _ ...$313 lot
common. scrip
Nat. Refining Corp,$25 ea.$41 per oh 40 Acadia Sugar Refining, corn_.836 lot
25
3,100 Allied Oil Corp., $1 each_ _232 lot
Per cent.
Bonds.
10 Durant Motors of Canada,Ltd.,
281 lot $500 North Shore Country Club Is,
$IO each
1964
7
4,000 High Gravity Oil Co., $1 ea_15 lot
$1,000 Sunningdale Country Club
65,000 Utah Revenue Mines Corp.,
5s, 1967
815 lot
3
$1 each
$250 Harmonie Club Is, 1955.... 66
400 Manhattan Transit Co., $20
$80 lot 22,000 Criterion Club 45, 1954_ 53
each
$5 lot $6,200 Amer. Chicle Co.65, 1927_7634
600 Hart-Bell Mfg. $10 each
$39 lot $5,000 Amer. Chicle Co.68, 1927_7631
100 Ajax 011 Co.. 110 each
$11,000 South Carolina Gas &
100 Denver az Rio Grande RR.,
Elec. Co., 6s, 1942
$2 lot
72%
preferred, ctf. of deposit
$2,000 South Ferry RR.Co.55, ctf.
200 United States Ship
2201ot
of deposit
3534
Corp.'
cert. $10 each
I
I
_1I
_I
I
1
1
By Messrs. R. L. Day & Co., Boston:
Price.
Shares. Stocks.
.
I First National Bank, Boston.- -319
American Trust Co., Boston_ _339%
1
130
54 Bates Mfg. Co
160
5 Androscoggin Mills
80
% Cornell Mills
8434
5 Merrimack Mfg. Co., prof
2 Naumke,ag Steam Cotton Co---268
4 Bigelow-Hartford Carpet, com_-150
25
32 Potter Knitting Co.. pref
45
9Peterborough Railroad
2 Johnson Educator Co.. 1st pref._ 9131
Shares. Stocks.
Price.
55 Malden Housing Corp.. Pref--354-354
I Boston Athenaeum
500
10 B. B.& It. Knight, Inc., pref-- 5554
10 Grater,& Knight Mfg. Co.:pref. 6134
15 Easterrf Mfg. Co., lot prof
6834
78 Manchester Trac., Lt.& Power-109
20 Essex Co
18054
Bonds.
Price.
$1,000 Illinois Vail. fly. 1st 58, 1935 8534
$1,000 Quincy fly. 1st 59, 1932.-- 723/i
By Messrs. Wise, Hobbs & Arnold, Boston:
Price.
Shares. Stocks.
21054
10 National Shawmut Bank
2 Arlington Mills
11234
5 Union Mills, corn
4954
4831
4 Ipswich Mills, corn
$70 New Hampshire Elec. Rys.
55
' lot
common scrip
2 George E. Keith Co., pref
10034
120%
80 Lawrence Gas Co
Shares. Stocks.
Price.
2 North Boston Lighting Properties,
preferred
90%
3 Collateral Loan Co
10534
10 American Glue Co., corn.„52%-52N,
.
35 Fall River Gas Works_204% ex-div.
15 American Mfg. Co., pref
85%
4 Manitoba Power Co., Ltd
2231
10 Pollock Pen Co
4%
By Messrs. Barnes & Lofland, Philadelphia:
Price.
Shares. Stock.
40 Ins. Co. of No. Amer., par $10. 4634
71%
6 Lehigh Coal & Navigation
29 Camden Fire Ins. Assoc, par 85. 1154
13 United Gas Inuit., common.-- 5131
2 Burlington County Trust Co-__ _245
69%
5 American Railways, pref
50 Locust Gap lmpt. Co, par $50.- 554
32 Fourth St. National Bank
35934
405
7 Philadelphia Nat. Bank
412
10 Penn National Bank
55 Union National Bank
236
.
10 Phila. Co. for Guar. Mtges_ _20134
50 East Falls Bk.& Trust, par $50-100
50 (Rights) Market St. Title & Tr_11534
5 Land Title * Trust Co
655
11 Girard Trust Co
898
1 Real Estate Title Ins. & Trust_ _465
10 Girard Ave.Title & Tr.. par $50.135
4 Phila. Bourse, corn., par $50....- 12%
25 Matson Mfg. Co
$2 lot
6 Bessemer Motor Truck, class
"13," par $10
$1 lot
Shares. Stock.
Price.
10 RockhIll Coal & Iron, pref
70
54
12 Welsbach Co.,common
2 Southern Transportation, com
50
2 Hare & Chase, Inc., pref. "B"
(with 1 share common "A")
105
Bonds.
Per cent.
2100 Copley Cement Mfg. Co. 68
1941
10
$1,620 American Rys. 6s, 1947.... 66
$5,000 Birdsboro St.fly. Co.58,'34 8011
$8,000 Reading Co. and Phila. &
Reading Coal & Iron Co.4s, 1997 80
$15,000 Asbestos Corp. of Can. 55,
1942
81331
810,000 Asbestos Corp. of Can. 55.
1942
86
$4,000 IIotel Traymore of Atlantic
City, N. J., 138, 1927
9954
$5,000 National Properties Co.
4-65, 1946
81 lot
82,000 Choate Oil Corp. 75, 1922.88 lot
$1,000 Green Star 139. Corp. 7s.-- 10)1
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.
Per
When
Cent. Payable
Railroads (Steam).
4,3
Atlanta Ar West Point
*2
Central RR. of New Jersey (quar.)
& Pittsburgh, guar. (quar.). •141
Cleveland
•1
Special guaranteed (guar.)
231
•
Delaware dr Hudson Co.(quar.)
2.34
Elmira dr Williamsport, common
.
Ft. Dodge Des Moines & Sou., pf. (qu.) *1%
154
Illinois Central, cons. (guar.)
$10
Mahoning Coal RR., COM. (extra)
*IA
Western, corn. ((Star.)
Norfolk &
750.
Pennsylvania (guar.)
[VOL. 116.
THE CHRONICLE
1864
Books Closed.
Days Inclusive.
*Holders of rec. June 30
May 15 *Holders of rec. May 9
June 1 *Holders of rec. May 10
June 1 *Holders of rec. May 10
June 20 *Holders of rec. May 230
May 1 Holders of rec. Apr. 200
May 1 *Holders of rec. Apr. 14
June 1 Holders of rec. May 46.
May 9 Holders of rec. May 5a
June 19 *Holders of rec. May 31a
May 31 Holders of rec. May la
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities.
Appalachian Power, 1st pref. (guar.).- 13.1 May 1 Holders of rec. Apr. 210
Bristol & Plainville Elec. Co.(guar.)... 231 May 1 Holders of rec. Apr. 23a
2
June 1 Holders of rec. May 18
Brooklyn Edison Co.(guar.)
May 15 Holders of rec. Apr. 300
Central Arizona Light & Pow.,com.(qu.) 2
2
May 15 Holders of rec. Apr. 300
Preferred (guar.)
Central HI. Pub. Serv., pref. (guar.)._ *154 July 14 *Holders of rec. June 30
*2
May 25 *Holders of rec. May 10
Colorado Power, pref. (quar.)
Commonwealth Gas dr El. Cos., pf.(qu.) $1.25 Apr. 16 Holders of rec. Apr. 26
Consolidated Gas of N. Y., corn.(guar.) 41.25 June 15 *Holders of rec. May 10
Consolidated Utilities, pref. (guar.).- 134 May 1 Holders of rec. Apr. 200
Eastern Shore Gas az Elec., pref.(guar.) *50c. June 1 *Holders of rec. May 150
8731c May 15 Holders of roe. Apr. 806
Montreal Water ,Ir Power, corn
334 May 15 Holders of rec. Apr. 300
Preferred
258. Apr. 27 Holders of rec. Apr. 15
Municipal Service Co., corn
134 May 1 Holders of rec. Apr. 15
(quar.)
Preferred
. $2
May 15 Holders of rec. Apr. 30
New England Co
858. May 1 Holders of rec. Apr. 30
New Hampshire dr Mass. Electrics
Reading Transit & Light, class A (guar.) 134 May 1 Apr. 25 to Apr. 30
131 May 1 Apr. 25 to Apr. 30
Class B (guar.)
May I Holders of rec. Apr. 200
Union Street fly.(New Bedford)(guar.) 2
$3.50 May 1 Holders of rec. Apr. 180
United Electric Securlt.es, preferred_
Washington(D. C.) By.& Elec., corn_ •131 June 1 *Holders of rec. May 19
*134 June 1 *Holders of rec. May 19
Preferred (guar.)
Miscellaneous.
50c. May 1 Holders of rec. Apr. 20a
American Brick. preferred (guar.)
*758. June] 1 *Holders of rec. May 18
American Metal, common (guar.)
*134 June, 1 *Holders of rec. May 20
Preferred (guar.)
Amer.Smelting & Refining, pref.(guar.) 154 June 1 Holders of roe. May Ila
Junea 1 Holders of rec. May 100
American Tobacco,corn. & corn. B (qu.) 3
134 May 1 Apr. 21 to Apr. 30
Amer. Vitrified Products, pref.(guar.)._
*75c. Maya 2 *Holders of rec. Apr. 24
Amosteag Mfg., common (guar.)
3c. May 10 May 1 to May 10
Amparo Mining (guar.)
4634e. May 15 Holders of coup.No.25
Anglo-American 011 Ltd
334 May 1 Apr. 21 to May 1
Atlantic Steel, preferred
•75c. June 15 *Holders of rec. May 31
Auto-Knitter Hosiery (guar.)
2
May 1 Holders of rec. Apr. 200
Barnard Manufacturing (guar.)
134 May 1 Apr. 26 to Apr. 30
Berkey & Gay Furniture, pref.(guar.)_ _
Bethlehem Steel, corn. & corn. B (guar.) *131 July 2 *Holders of rec. June 1
*2
Brompton Pulp & Paper, preferred
134 May 1 Apr. 26 to May 1
Bunts Brothers, preferred (quar.)
*334 May 15 *Holders of rec. Apr. 28
Butler Brothers (quar.)
July 1 Holders of rec. June 22
2
Canadian 011, preferred (guar.)
May 2 Holders of rec. Apr. 30
2
Casein Co.of America, prof. (quar.)
231 May 15 Holders of rec. May 1
Casey-Hedges• Co., corn. (quar.)
Maya 1 Apr. 10 to May 1
2
Charlton Mills (guar.)
6234c. June 30 Holders of rec. June 2
Chili Cooper (guar.)
12340. May 1 Holders of rec. Apr. 20
Conlagas Mines, Ltd.(quar.)
154 May 1 Holders of rec. Apr. 258
Christy (H. C.) Co.(quar.)
•131 June 1 *Holders of rec. May 15
Cosden & Co., pref. (guar.)
Diamond Ice & Coal, preferred (guar.)._ 134 May 1 Apr. 27 to Apr. 30
May 15 Holders of rec. Apr. 300
1
Dominion Bridge (guar.)
May 15 *Holders of rec. May 5
*21
Dow Chemical, corn. (guar.)
*154 May 15 *Holders of rec. May 5
Preferred (guar.)
144 May 1 Apr. 27 to Apr. 30
Emerson Shoe, preferred (guar.)
131 May 1 Holders of rec. Apr. 25
Esmond Mills, pref. (guar.)
May 1 Holders of rec. Apr. 240
6
Everett Mills
Firestone Tire & Rubber,7% pref.(qu.) 141 May 15 Holders of rec. May 1
•134 May 1 *Holders of rec. Apr. 23
Mills (quar.)
Granite
2
May 1 Holders of rec. Apr. 260
Gray & Davis Co., preferred (guar.)._
134 Apr. 30 Apr. 24 to Apr. 30
.
Halle Bros. Co.. pref (guar.)
5
May 22 Holders of rec. May 150
Hall(C.M.) Lamp Co
1
Mayj 1 Apr. 25 to Apr. 30
Hamilton-Brown Shoe (monthly)
154 May 1 Holders of rec. Apr. 260
preferred (guar.)
Harmony Mills,
Hillman Coal & Coke Co., corn.(guar.). 131 Apr. 25 Apr. 16 to Apr. 24
154 Apr. 25 Apr. 16 to Apr. 24
Preferred (guar.)
*75c. May 31 *Holders of rec. May 15
Household Products, Inc.(No. 11)
*6234c June 1 *Holders of rec. May 15
Inland Steel, common (guar.)
*134 July 1 *Holders of rec. June 15
Preferred (guar.) (No. I)
4
.154 May 1 *Holders of rec. Apr. 20
Ipswich Mills, preferred (guar.)
Kidder-Peabody Acceptance
$2.50 May 1 Holders of roe. Apr. 14
Class A
Corporation, pref..
•131 May 1 *Holders of roe. Apr. 27
Lancaster Mills, pref. (quar.)
May 31 *Holders of rec. Apr. 30
•21
Lehigh Coal & Navigation (guar.)
Apr. 30 Holders of rec. Apr. 300
2
Lessing's, Inc. (quar.)
June 1 *Holders of rec. May 15
Liggett& MyersTob.com.& corn.13(qu.) *3
June 1 Holders of rec. May 150
Lima Locomotive Works, corn.(quar.)_. $1
151 Junel 1 Holders of rec. May 150
Preferred (guar.)
•131 Mayj 8 *Holders of rec. may 5
Lindsay Light, preferred (guar.)
•131 Aug. 10 *Holders of rec. Aug. 7
Preferred (guar.)
'154 Nov. 8 *Holders of rec. Nov. 5
Preferred (guar.)
.
eb11 24 Holders of rec. Feb.7'24
*154
Preferred (quar.)
134 May 1 Holders of rec. Apr. 24a
Manomet Mills (quar.)
May 10 Holders of rec. Apr. 24a
3
Massachusetts Cotton Mills (quar.)
May 1 Holders of rec. Apr. 23a
2
Mechanics Mills (guar.)
500. May 1 Holders of rec. Apr. 270
Melville Shoe. common (quar.)
134 May 1 Holders of rec. Apr. 276
Preferred (guar.)
131 May 1 Apr. 22 to Apr. 30
Merchants Refrigerating. pref. (guar.)._
Monarch Knitting, preferred (guar.)... 154 May 1 Holders of rec. Apr. 23
May 10 *Holders of rec. May 3
•$2
Motor Products Corporation
134 Maya 1 Holders of rec. Apr. 240
Narragansett Mills (guar.)
Man 1 Holders of roe. Apr. 24
2
Nashawena Mills(quar.)
'Nat. Automatic Fire Alarm of Ohlo(qu.) 134 May I 1 Apr. 29 to Apr. 30
May 1 Holders of rec. Apr. 230
2
National Carbon, pref. (guar.)
5
National Supply Co. of Del., corn.(qu.) 75e. May 15 Holders of rec. May 24
134 May 1 Holders of rec. Apr.
Nonquitt Spinning (guar.)
134 May 1 Holders of rec. Apr. 25a
Pacific Mills (guar.)
May 10 Holders of rec. May 7
$1
Pennsylvania Coal & Coke (guar.)
50C. June 30 Holders of rec. June 15
Phillips Petroleum (guar.)
June 30 Holders of rec. June 15
$1
Extra
June 30 Holders of rec. June 16
e50
Stock dividend
•131 May 15 Holders of rec. May 4
pref.(guar.)
Phillipsborn. Inc..
roe. Apr. 23
Pick (Albert) & Co., common (guar.)... 334 May 1 Holders of roe. Apr. 250
134 May 1 Holders of
Pocasset Manufacturing (quar.)
May 15 Holders of roe. Apr. 300
2
PULIMMI Company (guar.)
50e. June 1 Holders of reo. May 10
Pure Oil, common (guar.)
131 May I Holders of roe. Apr. 28
Roxbury Carpet, preferred (guar.)
Holders of re*. June 150
Sherwin-WIlliams Co.. Can., corn. (qu.) 134 June 30 Holders of rec. June lik
131 June 30
Preferred (quar.)
*500. May 15 Holders of roe. Mir. 80
Sherwin-Williams Co., common (guar.).
•131 June 1 Holders of roe. May 15
Preferred (guar.)
May 15 Holders of roe. may 1
Smith (A.0.) Corporation, corn.(guar.) 250. May 1 Holders of rec. Apr. 16
154
Stafford Mills (guar.)
131 May 31 Holders of reo. May 19
common (guar.)
Standard Milling,
134 May 31 Holders of rec. May 19
Preferred (guar.)
15 Holders of rec. May 30
Standard Sanitary Mfg., corn. (guar.).- 131 May 15 Holders of rec. May So
(guar.)134 May
Preferred
Aug. 15 Holders of rec. July 16
•90e.
Swift International
Apr. 16 Holders of rec. Apr. 2
3
Tremont & Buffo k Mills
134 May 1 Holders of rec. Apr. 20a
Troxel Mfg. Co., pref. (qua:.)
*134 May 1 *Holders of rec. Apr. 25
Union Cotton Co.(guar.)
810. Apr. 28 Holders of rec. Apr. 10
Union Oil Associates
United Engineering & Fdy., corn.(au.). *3
4.134
(qua:.)
Preferred
*31.50 May 14 *Holders of rec. May 3
United Retail Stores
May 30
131
United States Steel Corp., corn.(guar.). 134 June 29
May 1
May 29
Preferred (guar.)
*81034
Utah-Idaho Sugar, pref
•134 June 1 *Holders of rec. May 18
Van Raalte Co., Inc. pref.(quar.)
50c. June 15 Holders of rec. June la
Vivaudou (V.) (Oust')
154 May 1 Holders of rec. Air. 25a
WaYPoYset Mfg., common (guar.)
154 May 1 Holders of rec. Aim. 250
Preferred (quar.)
134 May 1 Holders of rec. Apr. 25a
Weetamoe Mills (Qua:.)
•21.25 June 20 *Holders of rec. May 19
Wells Fargo & Co.
50c. May 15 Holders of rec. Apr. 30
Westfield Mfg., common
2
May 15 Holders of roc. Apr. 30
Preferred equar.)
(J.(i.) Co., Inc., pref.(guar.)... 131 June 1 Holders of rec. May 15
White
White(J. G.)Engineering Corp,Pf.(41u) 154 June 1 Holders of rec. May 15
White(J. G.) Manage't Corn,PL (au.). 1)1 June 1 Holders of rec. maylia
25e. May 31 Holders of rec. May 15
Wright Aeronautical Corp.(guar.)
APRIL 28 1923.]
THE CHRONICLE
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).
Atch. Topeka & Santa Fe (guar.)
134 June 1
Cincinnati Sandusky & Cleve., Pt.(qu.). $1.50 May 1
Great Northern Iron Ore
$1
Apr. 30
Louisville Az Nashville
2% Aug. 10
Stock dividend
e62.5 May 7
Morris At Essex Extension
May 1
2
New York Central RR.(quar.)
May 1
Norfolk & Western, adj. pref. (guar.)._
1
May 19
Northern Pacific (guar.)
154 May 1
Passaic & Delaware Extension
May I
2
Pere Marquette, pref. (guar.)
131 May I
Prior preferred (guar)
131 May 1
Pittsburgh & West Virginia, pref. (qu.). 134 May 31
Reading Co., common (guar.)
May 10
51
Reading Company, let pref.(quar.)
50c. June 14
Sharon Railway (semi-annual)
$ 1.3735 Sept. 1
Syracuse Binghamton & N. Y.(guar.).- 3
May 1
Utica Chenango & Susquehanna Valley. 3
May 1
Books Closed.
Days Inclusive.
Holders of rec. May 40
Apr. 20 to May 1
Holders of rec. Apr. 16a
Holders of rec. July 170
Holders of rec. Apr. 16a
Holders of roe. Apr. 25
Holders of rec. Apr. 60
Holders of rec. Apr. 300
Mar. 17 to Apr. 10
Holders of rec. Apr. 25
Holders of rec. Apr. 135
Holders of rec. Apr. 13a
Holders of rec. May 90
Holders of rec. Apr. 17a
Holders of rec. May 28a
Aug. 22 to Aug. 31
Holders of rec. Apr. 25
Holders of rec. Apr. 14
Public Utilities.
Amer. Dist. Teleg. of N.J.(guar-)
134 Apr. 30 Holders of rec. Apr. 16a
American Gas & Electric, pref. (guar.). 75e. May 1 Holders of rec. Apr. 13
Amer. Light & Traction, coin. (quar.)
May 1 Apr. 14 to Apr. 26
May 1 Apr. 14 to Apr. 26
Common (payable in common stock). 11
Preferred (guar.)
134 May 1 Apr. 14 to Apr. 26
Amer. Telephone & Telegraph (guar.).231 July 16 Holders of rec. June 20
Anaer.Water Wks.& El.,7% 1st Pf (qu.) 111 May 15 Holders of rec. May la
May 15 Holders of rec. May la
6% Participating pref. (No. I)
May 1 Holders of rec. Apr. 10
Bangor Ry.& Elec., com.(guar.)
June 1 Holders of rec. Apr. 30
Brazilian Tr., Lt. & Pr.,ordinary (qu.)_ _
1
May 1 Holders of rec. Apr. 140
Cape Breton Electric Co.. preferred
3
Carolina Power es Light, com. (quar.)_
54 May 1 Holders of rec. Apr. 16
May 15 Holders of rec. Apr. 30
Cedar Rapids Mfg. & Power (quar.)._
)1
Columbia Gas St Electric (guar.)
$1.95 May 15 Holders of rec. Apr. 30a
Columbus(0.) Ry.,P.Sz L., pref.B (qu.) 131 May 1 Holders of rec. Apr. 14a
May 1 Holders of rec. Apr. 14a
2
Commonwealth-Edison (guar.)
Commonwealth Pow. Corp.,6% pf.(qu.) 134 May 1 Holders of rec. Apr. 16
Connecticut fly. & Ltg., corn.& pf.(qu.)
154 May 15 May 1 to May 15
Consolidated Gas (N. V.), pref. (guar.) 87350. May 15 Holders of rec. Mar. 15a
ConsumersPower(Mich.).7% pref.(qu.) 1% July 2 Holders of rec. June 150
Six per cent preferred (guar.)
154 July 2 Holders of rec. June 15a
1% May 1 Holders of rec. Apr. 20
Dallas Power & Light, pref. (quar.)
1% June 1 Holders of rec. May la
Detroit United Ry.(guar.)
Duquesne Light, 7% pref. (quar.)
1% May I Holders of rec. Apr. 1
Eastern Mass. St. fly., adj. stock
$2.50 May 15 Holders of rec. May la
Edison Electric Ilium.. Boston (guar.)._
3
May 1 Holders of roe. Apr. 160
Edison Elec. 111. 01 Brockton, corn. (an.) 2% May 1 Holders of rec. Apr. 130
Electrical Securities Corp., pref. (guar.) 154 May I Holders of rec. Apr. 200
Fall River Gas Works(guar.)
May 1 Holders of rec. Apr. 21a
3
Ft. Worth Power & Light, pref. (guar.). 1% May 1 Holders of rec. Apr. 14
Havana Elea.fly., L.& P.,com. de pref. 3
May 15 Apr. 18 to May 17
Houghton Co. Elec. Light, pref
75e. May 1 Holders of rec. Apr. 16a
Idaho Power, Preferred (guar.)
154 May 1 Holders of rec. Apr. 18
Illinois Northern Utilities, pref. (guar.). 154 May 1 Arr. 15 to Apr. 30
Illuminating & Power Secur., common_
75e. May 15 Holders of rec. Apr. 30
Preferred (guar.)
1% May 15 Holders of rec. Apr. 30
KaministIquia Power (guar.)
2
May 15 Holders of rec. Apr. 30
Lowell Electric Light (guar.)
254 May I Holders of rec. Apr. 140
Massachusetts Gas Cos., corn. (guar.)._
15( May 1 Holders of rec. Apr. 16
Massachusetts Gas Companies, pref._ _
June I Holders of rec. May 15
2
Middle West Utilities. pref. (quar.)
1% May 15 Holders of rec. Apr. 300
Milwaukee Elec. fly.& Lt., prof.(guar.) 154 Apr. 30 Holders of roe. Apr. 200
Montreal L., H.& Pow., Cons. (quar.)_
134 May 15 Holders of rec. Apr. 30
Montreal L., H.& Pow. Co.(quar.)___ _ 2
May 15 Holders of rec. Apr. 30
Montreal Tramways (guar.)
234 May I Holders of rec. Apr. 19
Nevada-Calif. Elec. Corp., Pref. (guar.) 1% Apr. 30 Holders of rec. Mar.300
Newport News (lc Hampton fly. Gas &
Electric, common (guar.)
May 1 Holders of rec. Apr. 16a
Niagara Falls Power, common (quar.)_
135 June 15 Holders of rec. June 8
Preferred (guar.)
154 July 16 Holders of rec. June 30
North Shore Gas, preferred (quar.)
July 1 Holders of rec. June 20
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 20
Northern States Power, corn. (quar.)_
2
May 1 Holders of rec. Mar. 310
Pacific G.& El., let pt.& orig. p1.(qu.) _
154 May 15 Holders of rec. Apr. 30
Pacific Power & Light, pref. (quar.)
131 May 1 Holders of rec. Apr. 18
Philadelphia Co., common (guar.)
75e. Apr. 30 Holders of rec. Apr. 20
6% preferred
$1.50 May I Holders of rec. Apr. la
Philadelphia Rapid Transit (guar.)._ Mc. Apr. 30 Holders of rec. Apr. 160
Portland (Ore.) Gas & Coke, pref.(qu.)134 May I Holders of rec. Apr. 18
Public Serv.Corp.of Nor.Ill., corn.(ate.) 1% May 1 Holders of rec. Apr. I40
Preferred (guar.)
134 May 1 Holders of rec. Apr. 14a
Public Service Invest., common 0110134 May 1 Holders of rec. Apr. 20a
Preferred (guar.)
1% May 1 Holders of rec. Apr. 20a
Sierra Pacific Elec. Co., pref. (quar.)
134 May 1 Holders of rec. Apr. 17a
Preferred (acc't accumulated divs.)... h3
May 1 Holders of rec. Apr. 17a
Standard Gas & Electric. corn.(No. 1) *6234c July 25 *Holders of rec. June 30
Texas Power & Light, pref. (guar.)
1% May 1 Holders of rec. Apr. 18
United Gas Improvement. pref. (guar.) 8735e. June 15 Holders of rec. May 31a
United Light & Rye.. common (guar.). It( May 1 Holders of rec. Apr. 160
Common (extra).
.•
34 May 1 Holders of roe. Apr. 180
Participating preferred (extra)
July 2 Holders of rec. June 15a
Participating preferred (extra)
Oct. 2 Holders of rec. Sept. 15a
Participating preferred (extra)
51 Jan2'24 Holders of rec. Dec. 15a
United Rye.& Mee. of Bait.. com.(qu.)
50c. May 15 Holders of rec. Apr. 20a
Virginia fly. & Power. Preferred
3
July 20 Holders of rec. Dec. 31
West Penn Company, pref. (guar.)
134 May 15 Holders of rec. May la
West Penn Power Co., 7% pref. (guar.)
May 1 Holders of rec. Apr. 16
Wisconsin River Power, pref. (guar.)... 151 May 19 Holders of rec. Apr. 300
York (Pa.) Railways, pref. (guar.)
6234e. Apr. 30 Holders of rec. Apr. 200
Banks.
Bowery (guar.)
Extra
Chemical National (hi-monthly)
Corn Exchange (qUar.)
Pacific (guar.)
Extra
3
12
4
5
May
2
2
May
May
Apr. 27 to Apr. 30
Apr. 27 to Apr. 30
Holders of rec. Apr. 20a
Holders of rec. Apr. 300
Apr. 26 to Apr. 30
Apr. 26 to Apr. 30
10
May
May
1 Holders of rec. Apr. 19a
1 Apr. 26 to Apr. 30
5
1
May
May
1 Apr. 21
1 Apr. 21
May
May
May
Trust Companies,
Farmers' Loan dr Trust (guar.)
Kings County (Brooklyn) (guar.)
Fire Insurance.
Westeheater Fire (guar.)
Extra
to
to
Apr. 30
Apr. 30
Miscellaneous.
Acme Coal mining ((new $10 par stock).
Allied Chem.& Dye Corp., com.(guar.)
Allis-Chalmers Mfg., com. (guar.)
American Bank Note, com.(guar.)
American Can,corn.(guar.)
American Cigar, common (guar.)
American Coal (guar.)
American Glue. Preferred (guar.)
Amer. La France Fire Eng.. corn,(guar.)
American Machine & Foundry (guar.)._
Quarterly
Quarterly
American Pneumatic Service, 2d pref_
20e
$I
Si
$1.25
151
June 5
May 1
May 15
May 15
May 15
May 1
4
May 1
2
May I
25c. May 15
1% July 1
134 Oct. 1
Jan 1'24
50c. June 30
Holders of rec. May 26
Holders of rec. Apr. 13
Holders of rec. Apr. 24a
Holders of rec. May la
Holders of rec. Apr. 300
Holders of re*. Apr. 140
Apr. 11 to May 1
Holders of rec. Apr. 13
Holders of rec. May la
Holders of rec. June la
Holders of rec. Sept. la
Holders of roc. Dec. la
Holders of rec. June 9
Name of Company.
1865
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued)
June 30 Holders of rec. June 16a
American Radiator, common (guar.)-__ $1
1% May 15 Holders of rec. May la
Preferred (guar.)
15i May I Holders of rec. Apr. 14
American Shipbuilding, pref. (quar.)._
134 May 15 Holders of rec. Apr. 300
American Soda Fountain (guar.)
e700 June 15 May 29 to June 15
American Stores (payable in stock)
25e. Apr. 30 Holders of roe. Apr. 130
Art Metal Construction (guar.)
May I Holders of rec. Apr. 14
Assoziated Dry Goods, com. (guar.)... 1
1% June 1 Holders of rec. May 5
First preferred (guar.)
131 June 1 Holders of rec. May 5
Second preferred (guar.)
Atlantic Refining, pref. (guar.)
154 May 1 Holders of rec. Apr. 16a
134 May 1 Holders of rec. Apr. 200
Atlas Powder, pref. (guar.)
Holders of rec. Apr. 160
Austin, Nichols & Co., pref. (guar.)
134
A1
1
Holders of rec. Apr. 26a
BarnhartBros.&Spindler.lstdc2dpt.(qu.) 154 1‘ ay
May 1 Apr. 21 to Apr. 30
Batchelder & Snyder, pref. (guar.)
Beacon Oh, pref. (guar.)
1.87% May 15 Holders of rec. May la
Bethlehem Steel, 7% cum. pref. (guar.) 1% July 2 Holders of rec. June 15a
Seven per cent cum. pref.(quar.)_
ljd Oct. 1 Holders of rec. Sept. 150
Seven per cent cum. pref. (quar.)____
1% Jan2'24 Holders of rec. Dec. 156
Seven per cent non-cum. pref. (quar.) 1% July 2 Holders of rec. June 15a
Oct. 1 Holders of rec. Sept. 156
Seven per cent non-cum. pref. (guar.)
Seven per cent non-cum. pref. (guar.) 1% Jan2'24 Holders of rec. Dec. 15a
July 2 Holders of rec. June 150
Eight per cent preferred (guar.)
2
Oct. 1 Holders of rec. Sept. 156
Eight per cent preferred (guar.)
2
Jan2'24 Holders of rec. Dec. 150
1
Eight per cent preferred (guar.)
2
Holders of rec. Apr. I8a
Bigelow-Hartf. Carpet Corp.,com.(qu.) $2
May
.
Preferred (gear.)
134 May 1 Holders of rec. Apr. 180
Blaw-Knox Co., corn. (guar.)
May 1 Holders of rec. Apr. 20a
2
Preferred (guar.)
134 May 1 Holders of rec. Apr. 200
Bond & Mortgage Guarantee (guar.)
May 15 Holders of rec. May 8
Borden Co.. preferred (guar.)
134 June 15 Holders of rec. June la
May 1 Holders of rec. dApr.18a
Bourne Mills (quar.)
Bridgeport Machine Co. (guar.)
25c, July 1
Quarterly
25c. Oct. 1
Quarterly
25c. Jan1'24
Quarterly
25e.
iaa l
Pr '24
Apr. 24 to Apr. 30
Brill (J. G.) Co., preferred (guar.)
ljd
Holders of rec. Apr. 130
British Empire Steel, let pref. B (guar.) 14
Brown Shoe, pref. (guar.)
ljd May I Holders of rec. Apr. 200
Brunswick-Balke-Collender, com. (qu.). 134 May 15 May 5 to May 15
Btrdreye Pipe Line (guar.)
$1.75 June 15 Holders of rec. Apr. 21
Burns Bros.. corn.. A (guar.)
$2.50 May 15 Holders of rec. May la
50c. May 15 Holders of rec. May la
Common B (guar.)
Prior preference (guar.)
1% May 1 Holders of rec. Apr. 23a
June 30 Holders of rec. June 20
Burroughs Adding Machine (guar.).
- 2
51.50 June 15 Holders of rec. May 31a
California Packing Corp.(guar.)
Calumet & Hecla Mining
$10 June 15 Holders of rec. Apr. 140
May 16 Holders of rec. Al/r. 300
Canada Cement, preferred (guar)
May 15 Holders of rec. Apr. 30
Canadian Converters (guar.)
Canadian Explosives. Pref. (guar.)._
131 Apr. 30 Apr. 1 to Apr. 2
Cartier, Inc., Prof. (guar.)
131 Apr. 30 Holders of rec. Apr. 140
May 1 Holders of rec. Apr. 25
Central Oil & Gas Stove,Corn. & p1.(an.)
May 1 Holders of rec. Apr. 200
$1
Cerro de Pasco Copper
Checker Cab Mfg., Class A (guar.)
83.33c May 1 Holders of rec. Apr. 25a
$1.25 Aug. 1 IIolders of rec. July 16a
Class A (guar.)
Class A (guar.)
$1.25 Nov. 1 Holders of rec. Oct. 15a
$1.25 Febl'24 Holders of rec. Jan15'24a
Class A (guar.)
Chic Wilm & Franklin Coal. pref.(au). 134 May 1 Holders of rec. Apr. 21a
Chicago Yellow Cab (monthly)
33 1-30 May 1 Holders of rec. Apr. 20
33 1-3e June 1 Holders of rec. May 19
Monthly
Chief Consol Mining (guar.)
100. May 1 Apr. 11 to Apr. 19
Cities Service
Common (monthly, pay. In cash scrip) 534 May I Holders of rec. Apr. 15a
May I Holders of rec. Apr. 15.9
Common (payable in corn, stk. scrip)
Pref. and pref. B (payable in cash)._
! May 1 Holders of rec. Apr. 15a
,
5
Common (monthly, pay.In cash scrip) 034 June 1 Holders of rec. May 150
Common (Payable in com,stock scrip) 1% June 1 Holders of rec. May 15a
Pref. and Prof. B (payable in cash)._
3-4 June 1 Holders of rec. May 15a
May 15 Holders of rec. May 100
Clinchfield Coal, common (guar.)
1% May dl Holders of rec. dApr.25a
Preferred (guar.)
Cluett, Peabody & Co., corn. (queer.).. 14 May 1 Holders of rec. Apr. 200
May 1 Holders of rec. Apr. 16
Connecticut Mills Co., let pref. (quar.)
134 Apr. 30 Holders of rec. Apr. 160
Consolidation Coal (queer.)
756. May 15 Holders of rec. May 4
Continental Can, common (guar.)
May 10 Holders of rec. Apr. 10
$1
Copper Range Co
May I Holders of rec. Apr. 30
Cosden dc Co.. common (quar.)
$1
May 15 Holders of rec. Apr. 30a
Cosgrave Export Brew. (Canada) (qu.)
3% May 1 Apr. 21 to Apr. 30
Cudahy Packing, 7% preferred
May I Apr. 21 to Apr. 30
Six per cent preferred
3
Davis Mills (guar.)
135 June 28 Holders of rec. June 9a
135 July 2 Holders of rec. June 25a
Havel Mills (guar.)
Extra
May 1 Holders of rec. Apr. 12a
10
131 May 1 Holders of rec. Apr. 120
Dominion Coal, pref. (guar.)
134 May 1 Apr. 17 to May 1
Dominion Steel Corp., pref. (quar.)
Dominion Stores, Ltd., common
50c. Oct. I Holders of rec. Sept. 1
May 1 Holders of rec. Apr. 200
Durham Hosiery, preferred (guar.)
Elaenlohr (Otto) & Bros.. COM. (queer.). 131 May 15 Holders of rec. May la
134 May I Holders of rec. Apr .16
ElectricBond & Share, pref. (guar.)...
May 1 Holders of rec. Apr. 190
Elgin National Watch (guar.)
May 1 Holders of rec. Apr. 16
Eureka Pipe Line (guar.)
3
A pry 1
Exchange Buffet (guar.)
50e. i‘ia. 30 Holders of rec. Apr. 210
The Fair, preferred (guar.)
134 May dl Holders of rec. Apr.d20a
Fajardo Sugar, common (guar.)
234 May 1 Holders of rec. Apr. 20a
May 1 Holders of rec. Apr. 16a
Famous Players-Lasky Corp., pref.(qu.) 2
Holders of rec. Apr. 20a
Federal Sugar Refining, corn. (guar.)._
14
1% May I Holders of rec. Apr. 200
Preferred (guar.)
Fifth Avenue Bus Securities Corp
16c. May 15 Holders of rec. May la
Maher Body Corp., com. (guar.)
$2.50 May I Holders of rec. Apr. 200
1.% May 1 Holders of rec. Apr. 20
Preferred (guar.)
Fleishmann Co.. corn. (guar.)
50c. Tuly 1 Holders of rec. June 150
Common (guar.)
50c. Oct. 1 Holders of rec. Sept. 150
Common (guar.)
m a 1 10
50c. Jany'24 Holders of rec. Dec. 150
Foulds Milling, common (guar.)
Holders of rec. May 16
Si
Franklin (H. H.) Mfg„ pref. (guar.)_ *IX May 1 *Holders of rec. Apr. 20
General Cigar, common (guar.)
134 May 1 Holders of rec. Apr. 230
Preferred (guar.)
June 1 Holders of rec. May 246
Debenture preferred (guar.)
1'% July 2 Holders of rec. June 250
General Motors Corp., pref.(guar.)
134 May 1 Holders of ree. Apr. 210
Six per cent debenture stock (quar.).... 13-4 May 1 Holders of rec. Apr. 210
Seven per cent deb. stock (quar.)
May I Holders of rec. Apr. 210
Gillette Safety Razor (guar.)
$a June 1 Holders of rec. May 1
Stock dividend
e5
June I Holders of rec. May 1
Gimbel Bros., pref.(guar.)
1% May 1 Holders of rec. Apr. 15a
Goodrich (B. F.) Co., pref.(guar.)
1
331 July 2 Holders of rec. June 210
Gossard (H. W.) Co., corn.
Holders of rec. May 20
25c. June
(monthly)C
Holders of rec. June 20
256.
(monthly)
Common (monthly)
A ly
u
Holders of rec. July 20
25c.jug.
Common (monthly)
25c. Sept. 1 Holders of rec. Aug. 20
Preferred (guar.)
is' May 1 Apr. 21 to Apr. 30
Great Lakes Dredge & Dock (guar.).
May 15 May 9 to May 15
2
Gulf States Steel, 1st (Cc 2d pref. (quar.) 1% July 2 Holders of rec. June 150
First and second preferred (quar.).
Oct. 1 Holders of rec. Sept. 140
First and second preferred (quar.)_
1% Jan2'24 Holders of rec. Dec. 14a
Halls Bros., lot & 2d pref. (guar.)
1% Apr. 30 Apr. 25 to Apr. 30
Harbison-Walker Refract., corn. (qu.)131 JJ, anyye 21001 Holders of rec. May 210
June 1
Mu
Preferred (guar.)
Holders of rec. July no
Hermits Bros. Co.. pref. (guar.)
Holders of rec. Apr. 200
1%
Holly Oil (No. 1)
*51
Hood Rubber, preferred (quar.)
1% May 1 Apr. 21 to May 1
Hupp Motor Car, corn. (guar.)
25e. May I Holders of rec. Apr. 140
Indiana Pipe Line (guar.)
May 15 Holders of rec. Apr. 17
$2
Int. Combus. Engineering Corp. (quar.) 50e. Apr. 30 Holders of rec. Apr. 200
Internat. Educational Publishing. prof
50c. May 1 Holders of rec. Mar. 1
International Nickel, pref. (guar.)
134 May I Holders of rec. Apr. 180
International Shoe, preferred
50e. May 1 Holders of rec. Apr. 14
IntertyPe Corporation,corn.(guar.)250. May 15 Holders of roe. May la
Common (payable In common stock). flO
Nov. 15 Holders of rec. Nov. la
a
1
Iron Cal) Copper Co
Holders of rec. APr. 160
15e. May
Iron Products Corp., pref.(guar.)
May 15 Holders of rec. May la
2
Kellogg Switchboard & Supply (guar.).- 2
Holders of rec. Apr. 23
Apr. 30
Kelly-Springfield Tire. pref. Mar.).
May 15 Holders of rec. May la
- 2
Kelsey Wheel. Inc., preferred (quar.)
134 May 1 Holders of rec. Apr. 20a
1
1866
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Kinney (G. R.) Co., preferred (quar.)__ 2
June 1 Holders of rec. May 210
Kress(S.H.) Co.,common (guar.)
1
May 1 Holders of rec. Apr. 200
Lee Rubber dc Tire Corporation (guar.)- 50c. June 1 Holders of rec. May 15a
Lincoln Manufacturing (guar.)
May 1 *Holders of rec. Apr. 17
*2
Loew's Boston Theatres Co.. common
May 15 Holders of rec. Apr. 28
I
Loose-Wiles Biscuit, second preferred
May 1 Holders of rec. Apr. 19a
7
Lord& Taylor.1st pref.(guar.)
134 June 1 Holders of rec. May 19a
Luther Manufacturing (quar.)
May 1 *Holders of rec. Apr. 17
*2
Macy (R. H.) & Co., Inc., pref. (guar.) 131 May 1 Holders of rec. Apr. 140
Martin-Parry Corporation (qua?.)
75c June 1 Holders of rec. May 150
McIntyre Porcupine Mines (guar.)
250. May 1 Holders of rec. Apr. la
Merchants Manufacturing (guar.)
May 1 Holders of rec. Apr. 29a
2
Miami Copper (guar.)
500. May 15 Holders of roe. May la
Midwest Oil, pref. (guar.)
131 June 30 Holders of rec. June 9a
Moon Motor Car, common (quar.)- 500. May 1 Apr. 16 to Apr. 30
Morris Plan Co. of New York (quar.)
131 May 1 Holders of rec. Mar.28
Mullins Body Corp., pro!.(guar.)
May 1 Holders of rec. Apr. 17a
$2
Nash Motors, preferred (quar.)
131 May 1 Holders of rec. Apr. 200
National Biscuit,common (quar.)
750. July 14 Holders of rec. June 300
Preferred (guar.)
151 May 31 Holders of rec. May 17a
Nat. Department Stores, 1st pref. (qu.) 131 May 1 Holders of rec. Apr. 20a
Second preferred
2 1-3 June 1 Holders of rec. May 20
Nat.Enamel. & Stamp., corn. (quar.)
131 May 31 Holders of rec. May ha
Preferred (guar.)
131 June 30 Holders of rec. June 90
Preferred (guar.)
Sept.29 Holders of rec. Sept. 100
Preferred (guar.)
i3( Dec. 31 Holders of rec. Dec. lla
Lead, preferred (guar.)
National
13( June 15 Holders of rec. May 25a
National Refining (guar.)
131 May 15 Holders of rec. May 1
National Tea, pref. (guar.)
May 1 Holders of rec. Apr. 19
New Cornelia Copper Co.(guar.)
25c. May 21 Holders of rec. May 9a
New Fiction Pub. Corp.. Prof.(quar.)
2
May 15 Holders of rec. Mar.310
New Jersey Zinc (guar.)
2
May 10 Holders of roe. Apr. 300
New Niquero Sugar Co
2
May 1 Holders of rec. Apr. 25
Packard Motor Car,common (quar.)
20e. Apr. 30 Holders of rec. Apr. 18a
Penmans, Ltd., common (guar.)
2
May 15 Holders of rec. May 50
Phillips-Jones Corp.. pref. (guar.)._
131 May 1 Holders of rec. Apr. 200
Pierce, Butler & Pierce, prof.(qua?.). 2
May 1 Holders of rec. Apr. 20
Plant(Thomas G.) Co., 1st pref.(quar.) 151 Apr. 30 Holders of rec. Apr. 17a
Postum Cereal, common (guar.)
$1.25 May 1 Holders of rec. Apr. 20a
Preferred (guar.)
2
May 1 Holders of rec. Apr. 20a
Prairie Oil & Gas (illar.)
.
.
2
Apr. 30 Holders of rec Mar.310
Prairie Pipe Line (guar.)
2
Apr. 30 Holders of rec. Mar. 310
Procter & Gamble Co.. corn.(quar.)__
May 15 Holders of rec. Apr. 25a
5
Producers& Refiners Corp., pref.(guar.) 8745c May
7 Holders of rec. Apr. 2,10
Pyrene Manufacturing (guar.)
231 May 1 Apr. 17 to Apr. 30
Quaker Oats, common (guar.)
*245 May 31 *Holders of rec. May 1
Preferred (guar.)
131 May 31 Holders of rec. May la
Remington Typewriter, 1st pref. (guar.) $5.25 May • 1 Apr. 24 to May 1
First Prof.. Series S (guar.)
$5.25 May 1 Apr. 24 to May 1
Revll1on, Inc., preferred (quar.)
2
May 1 Holders of rec. Apr. 19
Russell Motor Car, preferred (quarJ--- 141 May 1 Holders of rec. Apr. 21
St. Lawrence Flour Mills, corn. (quar.)
144 May 1 Holders of rec. Apr. 20
Preferred (guar.)
1% May 1 Holders of rec. Apr. 20
Bait Creek Producers' Association (qu.)- 2
May 1 Holders of rec. Apr. 160
Extra
May 1 Holders of rec. Apr. 160
2
Savannah Sugar, pref. (in pref. stock)
25 2-3 May 1 Holders of rec. Mar. 15
SchulteRetail Stores. corn.(in prof.stk.) m$2
Juiie 1 Hooters of rec. May 15
Common (payable in preferred stock)_ 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 stack)- m$2
Mr.1'24 Holders of rec. Feb. 15'24
Scott Paper, sinking fund pref. (guar.)_
IM May 1 Holders of rec. Apr. 21
Scott & Williams,Inc., pref.(quar.)
Holders of rec. Mar. 20
May
2
Scotten-Dillon Co. (guar.)
May 16 May 9 to May 16
3
Seaboard 011 & Gas (monthly)
31-30 May 1 Holders of rec. Apr. lba
Monthly
31-3c une 1 Holders of rec. May 15a
Monthly
3 1-3c ulY 2 Holders of rec. June 15a
Shell Union Oil,6% pref. (guar.)
131 May 15 Hosiers of rec. May 40
Shove Mills (guar.)
13.4 May 1 Holders of rec. Apr 4210
Simmons Co., pref.(guar.)
131 May 1 Holders of rec. Apr. 140
Sinclair Consolidated Oil,coin.(quar.)., 50e. May 15 Holders of rec. Apr. 200
Preferred (guar.)
May 15 Holders of rec. May la
2
Southern States Oil Corp.(monthly)._ _
May 20 Holders of rec. May 1
1
Spalding (A. G.) & Bros., 1st pref.(qu.) 134 June 1 Holders of rec. May 190
Second preferred (guar.)
June 1 Holders of rec. May 19
2
Standard Gil (Ohio), pref.(guar.)
June 1 Holders of rec. Apr. 27
Steel Co. of Canada,common (quar.)
1,1( May 1 Holders of rec. Apr. 4
'Preferred (guar.)
151 May 1 Holders of rec. Apr. 4
Sterling Products (guar.)
May 1 Holders of rec. Apr. 170
$1
Stern Brothers. preferred (guar.)
June 1 Holders of rec. May 15a
2
Stewart
-Warner SPeedom., corn.(guar.) $2
May 15 Holders of rec. Apr. 300
Common (extra)
50c. May 15 Holders of rec. Apr. 30a
Stover Mfg.& Engine, pref.(guar.)_ _
131 May 1 Apr. 21 to Apr. 30
sugar Estates of Oriente, preferred
5 1-3 May 1 Holders of rec. Apr. 230
Superior Steel Corp., 1st & 2d pref.(qu.) 2
May 15 Holders of rec. May 1
Thompson (John R.) Co., corn. (mthly.) 1
May 1 Holders of rec. Apr. 230
Common (monthly)
June 1 Holders of rec. May 23
1
Tobacco Products, Class A (guar.)
May 15 Holders of rec. Apr. 270
Treat (Robert) Hotel Co., pref
4
May 1 Apr. 29 to May 1
Turman Oil (guar.)
May 20 Holders of rec. Apr. 30
3
Extra
1
May 20 Holders of rec. Apr. 30
Union Oil of California (qua?.)
$1.80 Apr. 28 Holders of rec. Apr. 100
Union Tank Car,common (qua?.)
Holders of rec. May 50
134 June
Pre/erred (guar.)
Holders of rec. May 5a
154 June
United Cigar Stores,common (guar.) _
2
May
Holders of rec. Apr. I8a
United Drug, 1st Pref. (guar.)
8/3 May
1c
Holders of rec. Apr. 160
Second preferred (guar.)
Holders of rec. May 15
13.4 June
United Dyewood, preferred (quar.)
Holders of rec. June 15a
151 July
Preferred (guar.)
Holders of rec. Sept. 15a
134 Oct.
Preferred (caw.)
134 Jan2'2 Holders of rec. Dm. 150
-United Eastern Mining
15e. Apr. 2 Holders of rec. Apr. 7
United Verde Extension Mining
May
Holders of rec. Apr. 30
$1
U.S. Cast Iron Pipe & FdY.• pref. (qu.) 134 June 1 Holders of rec. June la
Preferred (quar.)
Holders of rec. Sept. la
131 Sept. 1
Holders of rec. Dec. la
Preferred (guar.)
14/ Dec. 1
U. B. Rubber, 1st pref. (quar.)
2
Apr. 3 Holders qf rec. Apr. 16a
Valvoline Oil (payable in stock)
May 1 Holders of rec. May 12
el0
Ventura Consul. Oil Field (guar.)
Holders of rec. Apr. 16
75c. May
Wahl Co., common (monthly)
Holders of rec. Apr. 23
50c. May
Common (monthly)
Holders of rec. May 23
500. June
Common (monthly)
Holders of reo. Juno 23
50c. July
Preferred (qunn)
Holders of rec. June 23
151 July
Wampanoag Mills (guar.)
Apr. 18 to Apr. 30
2
May
'Warwick Iron & Steel
300. May I May 1 to May 15
Westinghouse Air Brake (guar.)
$1.75 Apr. 3 Mar. 30 to Apr, 10
In stock
e35
Apr. 3 Holders of rec. Mar.t29a
Westinghouse Elec. dr Mfg..com.(guar.) $1
Apr. 3 Holders of rec. Mar. 30a
Westmoreland Coal (in stock)
e33 1-3 May 1
Apr. 29 to May 15
Will & Baumer Candle, corn.(quar.)
25c. May 1 Holders of rec. May 10
Wilcox Oil tk Gas (quar.)
2
May
Holders of rec. Apr. Itia
Extra
I
May
Holders of rec. Apr. 140
Woolworth (F. W.) Co., coin.(quar.)- 2
June
Apr. 28 to May 18
Wrigley (Wm.) Jr. Co.. corn. (monthly) 500. May
Apr. 26 to Apr. 30
Common (monthly)
50cJune
May 26 to May 31
Common (monthly)
50cJuly
June 26 to July 1
Wurlitzer(Rudolph)Co., 8% pref. (qu.) 2
June
Holders of rec. May'22
Yellow Cab Mfg., class B (monthly)
500. May
Holders of rec. Apr. 20
Class B (monthly)
500. June
Holders of rec. May 19
151
151
151
151
•From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. I 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. 6 Correction. e Payable in stock.
Payable in common stock. g Payable in scrip. h On account of accumulated
dividends. k Subject to approval of stockholders. 1 N. Y. Stock Exchange halt
ruled stock will be ex-stock dividend on Ape. 1.0. M PAyabl3la pref. stock.
[VOL. 116.
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 21. 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.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers 10001 matted.)
New I
Capital Profits Loans,
Reserve
Discount. Cash
with
Week ending
Na
Time Bank
175
Legal Demand
De- CirceApril 21 1923. gat% April 3 Invest
State, Mar.27 motifs.
Deport Deposits. posits. LoAbr.
tortes.
lion.
(000 omitted.) Pr.Cos, Mar.27
Members of Fe S. Res.
$
Bank of N Y de
Trust Co_ ___ 4,000
Bk of Manhat'n 10,000
Mech&Met Na 10,000
Bank of America 5,500
Nat City Bank. 40,000
Chem Nat Bank 4,500
500
Nat Butch dc Dr
Amer Each Nat 5,000
Nat Bk of Cora. 25,000
Pacific Bank_ _ _ 1,000
Chat& Phen Nat 10,500
Hanover Nat Bk 5,000
Corn Exchange_ 9,075
Imp & Trad Nat 1,500
National Park... 10,000
Eaat River Nat. 1,000
First National_ 10,000
Irving National 17,500
Continental Bk _ 1,000
Chase National _ 20,000
500
Fifth Avenue_ _
400
Commonwealth.
1,000
Garfield Nat_ _
Fifth National. 1,200
Seaboard Nat__ 4,000
Coal & Iron Nat 1,500
Bankers Trust_ 20,000
118 Mtge & Tr. 3,000
Guaranty Trust 25,000
Fidel-InterTrust 2,000
N Y Trust Co_ _ 10,000
Metropolitan Tr 2,000
Farm Loan & Tv 5,000
Columbia Bank 2,000
Equitable Trust 20,000
Bank
$
11,813
13,288
18,894
4,876
50,362
16,438
171
7.662
37,511
1,729
9,092
21,082
12,006
8,511
23,291
843
55,430
10,550
915
22,508
2,618
930
1,585
982
7,109
1,300
22,781
4,332
18,289
1,910
18,062
3,900
15,607
2,088
9,190
Average Average Averag Average Average
$
85,614
753 6,411
46,730 7,824
125,966 2,164 14,659
102,209 17,982
157,968 4,253 19,92
146,676 3,661
71,962 1,397 9,277
70.097 3,259
488,222 6,877 54,506 *528,678 64,516
119,300 1,089 13,808
101,040 7.107
5,462
66 . 585
3,763
17
90 11,33
100,078
82,482 7,886
883 32,555
326,516
247,548 14,317
24,342 1,192
24,551 1,036 3,591
122,171 23,453
154,703 4,990 18,280
337 14,549
106,517
119,879
152,646 23,968
176,173 4,593 22,509
26,296
521 3,431
47
37,070
124,977 6,977
873 16,470
161,503
12.371 2,603
345, 1,763
14,785
167,255 35,182
437 22,785
317,088
264,680 14,002
268,64
4 4,644 35,255
389
6,256
939
147
7,925
300,730 29,152
334,743 4,333 41,587
579 2,938 . 22,316
22,489
-337
8,995
9,869
503 1,244
17
14,878
417 2,170
15,442
762
17,345
21,114
191 2,340
74,806 1,884
7
9,892
78,137
796
13,180
634 1,898
15,139
261,557 1,062 28,578 *222,942 29,695
50,527 5,411
825 6,538
58,747
373,109 1,277 38,649 *368,544 53,973
18,552 1,359
316 2,467
22,742
118,428 14,450
437 15,939
141,581
32,254 3,083
532 4,287
38,895
•144,075 27,079
485 13,107
130,857
29,156 2,280
682 3,871
34,053
196,061 1,268 21,485 *188,703 28,315
Avg..
980
2,124
342
298
4,588
5,961
100
--ia
7,729
50
7,427
1:656
397
247
84
411
Total of averages 288,675435,4504,497,744 50,615499.621,c3.640.087 432,95531,849
Totals, aaual condition Apr. 214.484,584 50,705 505,276c3,667,620 436,246,31,863
Totals, actual condition Apr. 144,504,232 50,907 495,517c3.619,048434,97632,000
Totals, actual condition Apr. 74,531,633 52,254485,451 c3,625,783 433,2801,816
State Banks Not Members • f Fed'i Res've Bank.
19,415
10
19,083 1,630 1,868
Greenwich Bank 1,000 2,214
346
371
2,930 2,101
5,889
250
883
Bowery Bank__
29,046 53,208
2,500 4,750 85,874 3,397 1,927
State Bank _ _
Total of averages
3,750
7,847
110,846
5,373
4,166
51,391 55,31
51,551 55,388
Totals, actual condition Apr.21 110,821 5,471 4,180
51,811 55,251
Totals, actual condition pr. 14 111,067 5,847 4,140
52,052 55,086
Totals, actual condition Apr. 7 110,713 5,747 4,590
Trust Companies Not Members of Fed eral Re serve flank,
34,509 1,984
53,685 1,438 3.754
Title Guar & Tr 10,000 13,208
747
16,340
938 1,577
Lawyers Tit& T 6,000 4,954. 25,822
Total of averages 18,000 18,163
79,487
2,376
5,331
50.849
2,731
Totals, actual condition pr. 21
Totals, actual condition Apr. 14
Totals, actual condition Apr. 7
79,027
78,903
78,240
2,350
2,401
2,412
5,463
5,213
5,227
50,574
50,488
49,543
2,739
2,729
2,659
Gr'd aggr., eel308,425461,462 4,688,077 58,364509,118 3,748,327491,00531,849
+5,906 +3,1561-114
Comparison with prey. week __ -19,315-3,002+7,965
Gr'd aggr., aa'l cond'n Apr. 214.074.432 58,526 514,919113,769,745 494,373 31,863
Comparison with prey week__ -19,770 -429 +10049 +48,398 +1, 1 -137
417
Gr'd
Gr'd
(led
Gr'd
Gr'd
Gr'd
aggr.. act!cond'n
aggr., eel cond'n
usgr.. act cond'n
agar.. act'l cond'n
aggr., act'lcond'n
aggr.. act'l cond'n
Apr. 144,694.202
Apr. 74,720,586
Mar.314,800,226
Mar 24 4,718,814
Mar.174,731,662
Mar.104,662,621
58,955504.870 3,721,347492,956 32,000
60,413495,268 3,727,378 491,008 31,816
57,981 505,225113,783,615 482,38832,070
S8,369499,80263,738,131 481,58832,013
56.891513,534 63,840.736 457,48531,995
59,944 523.25953,836.342 444,99632,110
Note.
-U. S. deposits deducted from net demand deposits in the general tots,
above were as follows: Average total April 21, $114,747: actual totals April 21,
$107,740,000; April 14, $126,093,000; April 7, $126,128,000; Mar. 31, $128,032,000;
Mar.24,$126,093,000. Bills payable, rediscounts, acceptances and other liabilities.
average for the week April 21. $485,045,000; April 14, $497,665,000; April 7, 1538,473,000; Mar. 31, $547,816,000: Mar. 24, $495,754,000. Actual totals April 21,
.
0
.. .
$465,242,000; April 14. $505,683,000; April 7, $535,471,000; Mar. 31,1565,27240 „
•Includes deposits in foreign branches not included In total footings as follows
National City Bank, $129,262,000; Bankers Trust Co., $12,691,000; Guaranty
Trust Co., $89,303,000; Farmers' Loan & Trust Co., $22,000; Equitable Trust Co..
$34,780,000. Balances carried in banks in foreign countries as reserve for such
deposits were: National City Bank, $21,250,000; Bankers Trust Co., $1,738,000;
Guaranty Trust Co.. $6,787,000; Farmers' Loan dr Trust Co., $22,000; Equitable
Trust Co., $3,524,000. 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 COM PA NIES.
Averages.
Reserve
Cash
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks_ _
State banks*
Trust comPanieS.--Total
Total
Total
Total
April 14_ _ _
April 14_ _ _ _
April 7_ _ _ _
Mar. 31_ _
5,373,000
2,376,000
Total
Rearm
Reserve
Required.
Surplus
Reserve.
499.621,000 499,621,000 486,979,960 12,841,040
288,620
4,166,000 9,539,000 9,250,380
79,650
5,331,000, 7,707,000 7,627,350
7,749,000 509,118,000 516,867,000 503,857,690 13,009,310
7,978,000 501,153,000 509,131,000502,983,390 6,147,610
8,053,000610,331,000 518,384,000 510,259,100 8,124,900
7,794,000 502,544,000 510,338,000 503,252,330 7,085,870
* Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
includes also amount in reserve required on net time deposits which was as follows.
Apr.21, $12,988,650; Apr.14, $12,898,440; Apr.7. $12,910,820; Mar.31,$12,800,610'
APRIL 28 1923.]
THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Total
Reserve.
Reserve
Resuired.
Surplus
Reserve.
1867
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----
$
$
.505,276,000 505.276,000 489,877,980 15,398,020
371,820
5,471,000 4,180,000 9,651,000 9,279,180
226,900
2,350,000 5,463,000 7,813,000 7,586,100
Total April 2L
Total April
Total April 7
Total Mar. 31_ _ _
7,821.000 514.919,000 522,740,000 506,743.260 15,996,740
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
7,871,000 505.225,000 513,096,000 508,196,500 4,899,500
3
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the ease of State banks
and trust companies, but in the case of members of the Federal Reserve Bank Includes also amount of reserve required on net time deposits, which was as follows:
Apr.21, $13,087,380: Apr.14,$13,049,280; APr.7, $12,997,830; Mar.31,$12,744,690.
April 25
1923.
Changes from
Previous week.
April 18
1923.
Aprll 11
1923.
Capital
59,000,000 Unchanged
59,000.000 59.000,000
Surplus and profits
82.985,000 Unchanged
82,985,000 83,716,000
Loans. disc'ts & Investments, 846,520,000 Dec. 3,855,000 850,375,000 848.395,000
Individualdeposits, incl. U.13614,064,000 Dec. 9,580,000 623,644,000 595,715.000
Due to banks
120,840.000 Inc.
266,000 120,57 ,000 117,698,000
Time deposits
115.576,000 Inc.
946,000 114,630,000 11 ,194,000
United States deposits
12,924,000 Dec. 1,970.000 14,894.000 15.868,000
Exchanges for Clearing House 26.395,000 Dec. 3.147,000 29,542,000 23.651,000
Due from other banks
76,080,000 Dec. 3,918,000 79,998,000 66.886,000
Reserve in Fed. Res. Bank
70.732,000 Inc.
742,000 69.990,000 67,946,000
Cash in bank and F. R. Bank 9,091,000 Inc.
179,000 8,912,000 8,648,000
Reserve excess in bank and
Federal Reserve Bank
3.202.000 inc.
946,000 2,258,000 1,398.000'
State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
figures showing the condition of State banks and trust comPhiladelphia Banks.
-The Philadelphia Clearing House
panies in New York City not in the Clearing House as follows: return for the week ending April 21, with comparative figures
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
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
Difference from to be kept with the Federal Reserve Bank. "Cash in
April 21.
previous week.
vaults" is not a part of legal reserve. For trust.companies
Loans and investments
$780,555,300 Dec.$5,160,400
Gold
2,920,500 Inc.
16,000 not members of the Federal Reserve System the reserve
Currency and bank notes
18,932,900 Dec. 684,800 required is 10% on demand deposits and includes "Reserve
Deposits with Federal Reserve Bank of New York
67,694,200 Inc.
752,400 with legal depositaries"
and "Cash in vaults."
.Total deposits
816,248,000 Dec. 6,955,500
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y. City exchanges and U.S.deposits 764,420,600 Dec. 5,619,700
Reserve on deposits
25,200
121,144,800 Dec.
Percentage of reserve, 20.6%.
RESERVE.
----State Banks
- -Trust Companies
Cash in vault
*$27,980,700 16.30%
S61,566,900 14.82%
Deposits in banks and trust cos_
7,092.700 4.69%
23,604,500 5.68%
Total
$35,973,400 20.99%
885,171,400 20.50%
• Includes deposits with the Federal Reserve Bank of New York. which for the
State banks and trust companies combined on April 21 was $67,694,200.
Banks and Trust Companies in New York City.
-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week endedDec. 30
Jan. 6
Jan. 13
Jan. 20
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Mar. 31
April 7
April 14
April 21
Demand
Deposits.
*Total Cash
in Vaults.
Reserve in
Depositories.
5,519,496,000
5,630.574,400
5,520,461,100
5,562.902.500
5,522.233,200
5.532,381,800
5,496,199.200
5,492.303.000
5.483,962.900
5.513,445.100
5.475.408.000
5,479.843,100
5,512,494,700
5.537,333,300
5.570.520.000
5.493.107,700
5,468,632,300
4,733,584.900
4,802.407,700
4,774.730.400
4.760,083,200
4.734.896.900
4,731.427,200
4,718.679.400
4,722,504,900
4,715.552,100
4.733.493.300
4.644.941.800
4.623,173.900
4,545,082.400
4.507,057,500
4.567.506,400
4,512,461,300
4,512,747,600
$
100.243.100
90.677.500
93.343.800
86.646.900
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
83,888,200
80,217,400
$
632.127.800
656.3130,000
642.753.600
637,700.500
622.630.300
627,114,400
624.211,400
631.693.900
627,981.800
631,333.800
614.759.800
620.097,100
601.462.000
598,099,900
609.873,700
599.800.800
608,409,400
New York City Non-Member Banks
and Trust Companies.
-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING
HOUSE.
(Mated In thousands of &glary-Mgt is. three ciphers 10001 omitted./
Na
L mu
LEARING
pilot 1 Profits DUReserve Net
Nat'l
Net
NO T-MEMBER'
counts Cash
with Demand' Time Bank
Nat.bks.Apr. 3 Investin
Legal
DeDe- Circueek ending -. tatebloMar27 'cents, Vault. Depniposits. posits. I lation.
A vil 21 1923. Tr. cos. Apr. 3 *Ir.
tortes.
hilembers of
Average Average Average Average Averag Average
Fed Res. Bank. $
$
$
3
3
$
3
$
Bat cry Park Nat_ 1,
1,167 11,515
179 1,153
49
7,653
197
W. t. Grace& Co50
1,447 11,188
28
.539
1,879 7.879
- -- Tcotal
2,000 2,614 22,703
207 1,692
9,532 8,374
197
State Banks Not I. embers of Federal Reserve Bank
Ban t of Wash.II
201
352 5,961
627
247
Col alai Bank_ _
800 2.017 20,500 2,590 1,453
TC cal
1,000
Tcotal
500
2,370 26,461
3,217 1,700
Tru it companies Not Me mbers .f Fed.Reserve Bank
500
Mec a.Tr,Bayo...
348 8.993
34:
125
4,970
21,570
1,201
----
26,540
1,201
_-
3,132
5,621
3,132
5,621
----
3,772 3,517 239,204 15,196
-84 -111 -541 +653
197
----
3,511 5.059 57,594 3,856 3.628 239,745 14,543
(led aggr., Arr. 1
3 11 .5.05 56.317 3.656
(Jed aggr., Apr.
238,502 13.890
Gra aggr., Mar.31 3.501 5,059 56.08 3,236 3,473 238,821 13,518
3,3461
63rd aggr.. Mar.24 3,51/ 5.059 56.524 3.575 :.1 sail ...zo 179 12 482
•U. S. deposits deducted, $347,000.
Bills payable, rediscounts. accep ances and other liabilities. $2,128,000.
Excess reserve. $133,910 decrease.
197
198
197
103
348
8,993
Grasid aggregate- 3,500 5.333 58,157
Corn parison with previous week... +563
348
125
Week ending April 21 1923.
Two Ciphers (00) omitted. lifembersof
Trust
F.R.System Companies
April /4
1923.
April 7
1923.
$44,125,0
118.810.0
771,575.0
29.630,0
105,816.
124,944,0
581,255,0
45.265.0
751,464,0
24.553.0
3.911,0
56.574,0
11.313,0
71,798.0
62.192.0
9.608.0
members.
$44.125.0
118,854,0
762,907,0
35,084,0
105,033.0
125,647,0
576,917,0
48,002,0'
748,566.0
24,543,0
4,0680
57,971,0
11.508,0
73,547,0
61.911,0
11.636.0
Total.
Capital
339,125,0 $5,000,0 344,125,0
Surplus and profits
104.418,0 14,713,0 119,131,0
Loans, disc'ts & investm'ts 725,639,0 43,878,0 769,517,0
Exchanges for Clear. House 28,036,0
938,0 29,024,0
Due from banks
105,030,0
t40,0 105,070,0
Bank deposits
121.686.0
869,0 122,555,0
Individual deposits
559,486,0 29,080,0 588,566,0
Time deposits
44,318,0
845,0 45.163,0
Total deposits
725,490,0 30,794,0 756,284,0
U. S. deposits (not Intl.).,
20,814,0
Res've with legal deposit's
4,073,0
4,075.0
Reserve with F.R.Bank., 58.826,0
58,826.0
Cash in vault*
9,518,0
1,410,0 10,958,0
Total reserve and cash held 68,374,0
5,485,0 73,859,0
Reserve required
58,494,0
4,387,0 82.881,0
Excess res & cash in vault
9.880,0
1.098,0 10,978,0
•Cash in vault not wanted as reserve for Federal Reserve
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 25 1923 in
comparison with the previous week and the corresponding
date last year:
ResourcesGold and gold certificates
Gold settlement fund-F. R. Board
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
Total gold reserves
Reserves other than gold
April 25 1923. April 181923. April 26 1922
$
156,953,631 160.499,451 218,524,000
274,635.662 276,571,479 105,573,000
431,589,294
638,387.770
8.915,107
43.,070,931
838,534,870
5,335,757
324,097,000
799,699,000
10,030,000
1,078,892,172 1,081,441,559 1,133,796,000
12,634,359
29,408,000
13,446,777
Total reserves
1,091,526,531 1,094.888.336 1,163,204,000
*Non-reserve cash
9,499,583
10,308,372
Bills discounted:
Secured by U.S. Govt. obligations... 123,133,616 131,014.553
30,932,000
All other
30,999,525
38,561,401
16,160,000
Bills bought in open market
45,181,315
50.911,367
23,281,000
Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtedness
One-year certificates (Pittman Act).
All other
199,294,456
11,148,750
Total earning assets
Bank premises
5% redemp.fund agst. F.R.bank notes
Uncollected items
All other resources
210,443,206
11,890,078
239,528,072
11,690,070
139,885.161
1,403,369
170,603,017
1,295.739
Total resources
220,48..322
13,430.750
72,273,000
58,223,000
5,610,000
24,000,000
103,647.000
233,243,000
7,927,000
1,011,000
111,599,000
4,003,000
1,464,447,909 1,528,311.609 1.545,987,000
Liabilities
Capital paid in
27,107,000
28,942,350
28,942.350
Surplus
60,197,000
59,799,523
59,799,523
Deposits
Government
17,905,000
10,681,937
11,276,834
Member banks
-Reserve account.... 682,515,745 722,588,452 701,016,000
All
10.930,000
10,808,058
11,451,441
Total
704.003,738 745,314,727 729,851,000
F. R. notes In actual circulation
615,475,000
F. R. bank notes in eircu'n-net liability 5.59,220,212 561,366,681
18,833,000 '
Deferred availability items
90,416,000
109,012,740 129,537,019
All other liabilities
3,469,345
3,351,307
4,108,000
Total liabilities
1 464,447,909 1.528.311,809 1,545,987,000
Ratio of total reserves to deposit and
F. R. note liabilities combined
86.4%
86.5%
83.8%
Contingent liability on bills purchased
for foreign correspondents
13,728,612
9,818,371
9,387,392
•Not shown separately
prior to January 1923. .
CURRENT NOTICES.
-Joseph F. Hartley. of 15 Broad St., N.
Ir., specialist in railroad
securities, is issuing on April 26 a booklet showing in detail the result of
one year's operations in railroad
common stocks guided by the Index numbers which are compiled weekly by Mr. Hartley.
These index numbers,
which take into consideration the current earnings, ten-year dividend
record, book value and maintenance expenses of 48 railroads, have accurately forecasted relative fluctuations during the year. The booklet includes
a chart and tables covering the entire twelve months.
[VOL. 116.
THE CHRONICLE
1868
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, April 26,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
toed appears on page 1838, being the first Item zn our department of "Current Events and Discussions."
25 1923
COMBINED RESOURCES AND LIABILITIES OP THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS APRIL
Apr1125.1923. April 181923. April 111923. April 4 1923. Var.28 1923. Mar.211923. Mar.14 1923. March 71923. April 26 1922
S
323,822,000
695,630,000
RESOURCES.
Clold and gold certificates
Cold settlement fund, F. R.Board
$
326.375,000
659,887.000
$
324,630,000
657,410,000
5
325,484,000
677,216,000
$
a
320,401.000
653,708,000
323,572.000
648,226.000
$
313,211,000
638,208,000
3
311,550,000
845,285,000
$
326,638,000
453,974,000
Total gold held by bankq
Gold with Federal Reserve agents
fold redemption fund
1,019.452,000 986,262,000 982,040.000 1,002,700,000 974,109,000 971.798,000 951.419.000 956,835.000 780,612,000
2,007,555,000 2.036,490.000 2,041.509,000 2,013,538,000 2,034,099,000 2,052.103,000 2.068,613,000 2,074,043.000 2,154,510.000
60,080,000
50,400,000
58,262,000
52,763,000
55,588,000
59,870.000
57,562,000
53,257,000
62,210,000
Total gold reserves
Beberves other than gold
3.084,569.000 3.082,622,000 3.085.759,000 3,069.495.000 3.063,794,000 3,074,301,000 3.078.294.000 3,083,641,000 2,995,202,000
95.920,000
94,473,000
98,680,000 103,522,000 112,494,000 118,323,000 118,275,000 117.633,000 129,637,000
Total reserves
•Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in open market
3,179,012,000 3,178,542,000 3,184,439,000 3,173,017.000 3,176,288,000 3.192,624,000 3,196,569,000 3.201,274.000 3,124,839,000
.
70.144,000
67.917.000
69,451,000
65,815.000
67,225,000
66,663,000
70,691.000
66,258,000
339,830,000 334,611,000 327,412.000 380,785,000 388,238.000 351,861,000 361.2E6,000 330,093.000 178.991,000
296,717,000 308,851,000 295,238,000 314,445,000 311,781.000 278,126,000 251,773,000 241,394,000 321,106,000
82,51.8,000
274,041,000 277.447,000 274,389,000 259,879,000 254,251,000 237,965,000 225.416,000 218,886,000
910,638,000
157,030,000
36,780,000
920,909.000
158,910,000
79,097.000
897,039,000
162,826,000
75,328.000
955,109.000
164,586,000
74,563,000
41,000
Total bills.00 band
H. B. bonds and notes
U. S. certificates of indebtedness
Other certificates
Municipal warrants
41,000
41,000
41,000
954,270,000 887,952,000
172,208,000 163,589,000
77,201,000 128,322,000
41.000
838,475,000
160,679,000
184,034,000
790.373.000
157,976.000
186,911,000
582,615,000
250.185,000
316,948,000
102,000
41.000
1,104,489,000 1,158,957,000 1,135,234,000 1,194,299,000 1,203,720,000 1,159,904,000 1,183,188,000 1,135,260,000 1,149,850,000
Total earning assets •
47.937,000 39,568,000
48,108,000
48,761,000
48,847.000
48,938,000
49,692,000
49,208.000
49,945,000
Bank premises
7,601,000
311,000
291.000
291,000
191,000
191,000
191,000
191,000
191,000
agst. F. R. bank notef
5% redemp. fund
559.481,000 645,874.000 689.039.160 818,956.000 519,627,000
622,644,000 723,336,000 638,391,000 621.458,000
Uncollected items
18,587,000
17.113,000
17.348,100
14.439,000
13,588,000
13.434.00C
13,871,000
13,627.000
14,085,000
All other resources
5,041,067,000 5,191,814,000 5,087,348,000 5,118,000.000 5,067.930,000 5,131,344,000 5.202,460.000 5.090,995,000 4,860,072,000
Total resources
LIABILITIES.
Capital paid In
Surplus
Deposits—Government
Member bank—reserve account
Other deposits
108,857,000 108.649,000 108,683,000 108.647,000 108.623,000 108,563,000 108,483.000 108.852,000 104,311,000
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
45,194,000
38,773.000
42,442,000
98,627,000
85,432.000
74,423,000
44.936,000
45,218,000
34,692,000
1,853,935,000 1,924,525,000 1,876.414,000 1.894,035.000 1.871.373,000 1.866,475.000 1.932,714,000 1,879,697,000 1,748,733,000
39,281,000
24,392.000
20,633,000
19,931.000
19,465,000
20,148,060
21.540,000
20,499,000
19,916,000
1,908,543,000 1,991,001,000 1,942,131,000 1,988.606,000 1,976,270,000 1,985,033,000 1,995,789,000 1,942.862.000 1,833,230,000
Total deposits
2,222,588,000 2,220,251.000 2,231,041,000 2,240,951,000 2,232.482,0002,231,487.000 2,242.902,000 2,256,302.000 2,157,568,000
F. R. notes in actual circulation
79,497,000
2,788,000
2,599,000
2,435,000
2,368,000
2.488,000
2.472,000
2,443,000
2,287.000
P.R.bank notes In circulation—net nab
564,398,000 635,966.000 569,272,000 544,367,000 515,298,000 572,000,000 621,433,000 549,513,000 449,347,000
Deferred availability items
20,721,000
12.885.000
13,524,000
14.453.000
12,309,000
14,572,000
15,380,000
15,135,000
16,025,000
All other liabilities
5,041,067,000 5,191,814,000 5.087.348,000 5,118,000,000 5.057,930,000 5.131.344.000 5,202,480.000 5.090,995.000 4,860,072,000
Total liabilities
Ratio of gold reserves to deposit and
73.4%
72.6%
75.05%
72.7%
72.9%
72.5%
73.2%
73.9%
74.67%
combined
F. R. note liabilities
Ratio of total reserves to deposit and
78.2%
75.4%
75.7%
78.3%
75.5%
75.0%
75.5%
78.3%
77.0%
F. R. note liabilities combined
Contingent liability on bills purchased
35,396,000
33,08,5.000
for foreign correspondents_
—
—
—
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
18-30 days bills bought In open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
81-60 days bills bought In open market_
51-60 days bills discounted
51-60 days U. S. certif. of Indebtedness_
51-60 days municipal warrants
51-90 days bills bought in open market_
51-90 days bills dLscounted
51-90 days U. S. certif. of Indebtedness_
51-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
Federal Reserve Notes—
Outstanding
Reid by banks
$
27,916,000
236,579,000
1,900,000
102,000
15,688,000
56,961,000
500,000
$
$
68,201,000
60,462,000
493,438,000 513,267,000
2,819.000
1.449.000
$
88,559,000
457,147,000
1.700,000
$
73,178,000
453,609,600
58.300,000
$
61,624,000
419,826,000
61,405,000
53,095,000
47,394,000
50,121.000
42,899,000
43.874,000
40.184,000
41,627,000
36,384,000
39.323,000
33,993,000
67.678,000
73,744,000
41,000
61.977,000
78,906,000
57,897,000
71,245,000
63,421,000
66,358,000
60.442,000
60.086.000
64,862,000
59,752,000
22,480,000
92,693,000
46,096,000
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
37,885.000
15,775,000
54,222,000
7,437,000
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
8,933,000
11.201,000
20,051.000
21,009.000
125,734,000 125,506,000
659,000
39,642,000
261,015,000
$
IC
73.519,000
61,703,000
431,439,000 447,929,000
20,000
5,905,000
41,000
41,000
44,299,000
41,600,000
46,760.000 . 41,850,000
$
80.670,000
433,598.100
1,584,000
41,000
45.052,000
42,008,000
96,885.000
83,264,000
670,000
79.702,000
81.027.000
65,005,000
50,585.000
8,848.000
24,749,000
36,090,000
41,000
63,629,000
51,772,000
14,203,000
20,838,000
74,382,100
12,001,000
20.487,000
72,498,000
2,536,895,000
2,601,820,000 2.595,432,000 2,613,072,000 2,618,699,000 2,601,079,000 2,617,539,000 2,637,482,000 2,650,183.000 379,327,000
379,232,000 375,181,000 382,031,000 377,748,000 368,597,000 386,052,000 394.580,000 393.881,000
2,157,568,000
2,222,588,000 2,220,251,000 2,231,041,000 2,240,951,000 2,232,482,000 2,231,487,0002.242,902.000 2.256.302,000
In actual circulation
3,487,449,000 3,503,305,000 3,335,056,000
chargeable to Fed. Res. Agent 3,417,345,000 3,427.962,000 3,443,457,000 3,447,496,000 3,463,617,000 3,473,336,000 849,967.100 853.122,000 798,161,000
Amount
815,525,000 832,530,000 830,385,000 828,797,000 862,538,000 855.797,000
In hands of Federal Reserve Agent
2,650,183,000 2,536,895,000
Issued to Federal Reserve banks
2,601,820,000 2,595,432,000 2,613,072,000 2,618.699,000 2,601,079.000 2,617,539,000 2,637,482,000
—
•
How Secured—
404,714,000
314,899,000 314,899,000 314,899,000 312,399,000 322,399.000 382,385,000
By gold and gold certificates
314.899,000 314,899,000 314.899,000
576,140,000
By eligible paper
594,265,000 558,942,000 571.563,000 605.161,000 566,980,000 565.436,000 568,869,010 124,765.000 133,791,000
Gold redemption fund
119,082,000 123,761,000 130,285,000 128,082,000 129.141,000 123,544.000 126,836,000 1,626,879,000 1,616,005,000
With Federal Reserve Board
1,573,574,000 1,507,830,000 1.596.325.000 1,570,557.000 1,590,059.000 1.613,660,000 1.629.378,000
2.650,183,000 2.536,895,000
Total
2,601,820,000 2,595,432,000 2,613,072,000 2.618,699.000 2,601,079,000 2.617,539,000 2,637.482,000
756.301.000 566,380,000
Eligible paper delivered to F. R. Agent_ 877.448.000 879.878.1100 M1.802.690 010.978.000 907.160.000 813.671.000 789.610.000
'
•Not shown separately prior to Jan. 1923,
OF BUSINESS APRIL 231923
WEEKLYSTATEMENTOF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE
Two ciphers (00) omitted.
Federal Reserre Bank of—
Boston
Total gold held by banks
Gold with F. R. Agents
Gold redemption fund
Total gold reserves
Reserves other than gold
86,647,0
174.672,0
4,218,0
265,537,0 1,078.893.0 227,209,0 298,889,0 76,738,0 124,259,0 521,404,0 81,877,0 74,098,0 83,188,0 34,356,0 220,121,0 3,084,569,0
94,473.0
12,634,0 3,767,0 6,812,0 7,760,0 8,727,0 14,179,0 18,648,0 1.215,0 3,463.0 4,284,0 5,117.0
8,067,0
132,986,0 535,583,0 100,525,0 75,313,0 86,651.0 38,640.0 225,233,0 3,179,042,0
273,664.0 1,091,527,0 230,976,0 303,501,0 84,498,0
70,691,0
14,783,0
9,499,0 3.713.0 4,496.0 2,529.0 7,297,0 7,012,0 5,014,0 1,786,0 3,407,0 4,396,0 6,759,0
Total reserves
Non-reserve cash
Bills discounted:
Secured by U.S.Govt.oblIga'ns 16,695,0
17,450,0
Other bills discounted
20,979,0
Bills bought In open market
55,124,0
Total bills on hand
5,408.0
U.S. bonds and notes
20,0
certificate4 of indebtedness.
U.S.
Municipal warrants
TOM!earning 688et8
Total
Dallas SanFran.
Phila. Cleveland Richmond Atlanta Chicago St. Louis Minneap. Kan. Ciig
$
$
$
5
$
$
$
$
$
$
$
$
20,494,0 323,822,0
156,954,0 23,796,0 12.797,0 7.961,0 5,997.0 53,601,0 3,271,0 7,938,0 3,103,0 10,521,0 33,563,0 695,630,0
274,836,0 33,595,0 74,228,0 24,819,0 22,514,0 90,237,0 14,171,0 16,174,0 32,480,0 9,965,0
54,057,0 1,019,452.0
431,590,0 57.381,0 87,025,0 32,780,0 28,511,0 143,838.0 17,442,0 24,112,0 35,583,0 20,486,0 101,849,0 2,007,555,0
638,388,0 165,117,0 207,152,0 40,552,0 93,498,0 359.569,0 61,564,0 47,421,0 45,096,0 12,677,0 4,215,0
57.562,0
17,997.0 2,871,0 2,585,0 2.509,0 1,193,0
8,915,0 4,711,0 2,712,0 3,408,0 2,250,0
New York
3
RESOURCES.
17,389,0
Gold and gold certificates
Gold settlement fund—F.R.B•rd 69,253,0
an RR9 0
123,134,0 38,188,0 24,335,0 24,459,0 4,969,0 43,563,0
31,000,0 13,503.0 22,856,0 34,481,0 21,610,0 46,183,0
45,161,0 24.680,0 47,110,0 2,129,0 32,065,0 36,320.0
—
—
199,295,0 76,371.0 94,301,0 61,069,0 58,644,0 126,086.0
11,149,0 24,438.0 12.343.0 1,341.0
527,0 7,188,0
2,0 18,625,0
348,0 5,246,0
41,0
15,757,0 4.038,0 12,378,0 2,574,0 29,790,0
15,835,0 17,685,0 18.766,0 21,952,0 35,396,0
14,461,0 37,010,0
12,909,0
1.217,0
339,880,0
296,717,0
274,041,0
44,501.0 22,940,0 31,144,0 38,937,0 102,196,0
15,214.0 15,314.0 33,111.0 3,380,0 27,617,0
24,0
3.441,0
50,0 3,021,0 6,000,0
010,638.0
157,030,0
36,780,0
41,0
210 444 11 101 1080 Iii Ron n an Aln n icn 171 n 151 8700 an 1R0 CI RR 104 11 117 270 n AR 107 0 120 R37 0 L104 4800
APRIL 28 1923.]
RESOURCES (Concluded)
Two ciphers (00) omitted.
lank premises
1% redemption fund
F. It. bank notes
7neollected items
ill other resources
Boston
New
York
Phila.
Cleveland Richmond Atlanta
$
8,195,0
3
712,0
3
11,690,0
$
4,434,0
against
3
s
s
Dallas
San Fran.
s
Chicago St. Louis Minneap. Kan.City
s
3
s
$
Total
$
2,245,0
49,945,0
26,0
100,0
65,0
139,885,0 53,667.0 65,324,0 51,530,0 22,211,0 82,236,0 35,412,0 13,746,0 39,041,0 26,575,0 37,963,0
511,0
307,0 1,811,0 1,059,0 2,076,0 4,542,0
502,0
517,0
845,0
368,0
1,403,0
55,054,0
124,0
Total resources
LIABILITIES.
)apital paid in
lupins
3eposits: Government
Member bank-reserve acc't
Other deposits
1869
THE CHRONICLE
191,0
623,644,0
14,065,0
2,617,0
2,441,0
8,715,0
940,0
1,152,0
4,867,0
1,937,0
408,551,0 1,464,448,0 390,783,0 493,917,0 204,086,0 224,476,0 786,335,0 205,357,0 132,112,0 202,401,0 122,017.0 406,584,0 5,041,067,0
28.942,0 9,642,0 11,994,0 5,678,0 4,418,0 15,007,0 4,925,0 3,573,0 4,602,0 4,180,0 7,801,0 108,857,0
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
34,692,0
10,682,0 2,438,0 1,840,0 1,527,0 3,272,0 1,965,0 2,395,0 1,942,0 2,293,0 1,908,0 4,068,0
682,516,0 110,652,0 163,484,0 57,748,0 53,900,0 271,744,0 70,508,0 47,978,0 79,988,0 50,676,0 140,208,0 1,853,935,0
19,916.0
180,0 3,511,0
172,0
974,0
496,0 . 539,0
160,0 1,802,0
588,0
356,0
10,806,0
8,095,0
16,312,0
1,212,0
124,533,0
332,0
Total deposits
82,820,0 52,764,0 147,787,0 1,908,543,0
P, R.notes In actual circulation 126,077,0 704,004,0 113,496,0 166,298,0 59,447,0 56,432,0 275,511,0 73,491,0 50,416,0
199,451,0 231,179,0 80,513,0 132,463,0 394,382,0 78,241,0 56,011,0 61,379,0 28,160,0 196,294,0 2,222,588,0
F. It. bank notes in circulation 205,295,0 559,220,0
net liability
2,287,0
419,0
1,285,0
583,0
3eferred availability items
52,008,0 109,013,0 48,366,0 59,544,0 46,433,0 21,327,0 68,755,0 38,138,0 13,670,0 42,112,0 27,167,0 37.865,0 564,398,0
111 other liabilities
16,025,0
715,0 1,831,0 1,574,0
727,0
894,0 1,699,0
969,0
397,0
3,469,0 1,079,0 1,407,0
764,0
Total liabilities
408,551,0 1,464,448,0 390,783,0 493,917,0 204,086,0 224,476,0 786,335,0 205,357,0 132,112,0 202,401,0 122,017,0 406,584,0 5041.067.0
Memoranda,
tatio of total reserves to deposit
and F. R. note liabilities combined, per cent
77.0
65.5
47.7
60.4
70.4
73.8
76.4
60.1
86.4
80.0
66.3
82.6
70.8
lontingent liability on bills purchased for foreign corresponcl'ts 2.394.0
33,085,0
9.318.0 2.745.0 3.447.0 1,660,0 1,309,0 4.436.0 1.404.0 1.085.0 1.372.0 1.149,0 2,266,0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS APRIL 25 1923.
Boston. New York Phila. Clevel'd Richm'd Atlanta Chicago St.Louis Minn. K. City Dallas San Fr.
Federal Reserve Agent at-
Resource,S
(/n Thousands of Dollars)
Federal Reserve notes on hand
82,200
Federal Reserve notes outstanding
222,959
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
25,300
Gold redemption fund
11,372
Gold Fund-Federal Reserve Board
138,000
Eligible paperf Amount required
48.287
'Excess amount held
6,837
s
Total
S
E
f
$
318,340 44,800 30,620 28,870 76,643
728.513 230,684 247,550 88,821 137,274
g
$
$
$
3
$
$
96,100 26,190 12,765 19,643 19.529 59,825 815,525
442,404 98,519 59,367 69,210 32,311 244,208 2,601,820
235,531 7,000 13,275
_
2,400
31,857 12,228 13,877 2,757 6,098
371,000 145,839 180,000 37,795 85,000
90,125 65,567 40,398 48,269 43,776
86,661 4,927 52,793 10,384 14,732
_-_ 314.899
11,380 13,052
____ 6,461
15,924 4,184 1,369 2,736 2,216 14:464 119,082
343,645 45,500 33,000 42,360 4,000 147,385 1,573,574
82,835 36,955 11,946 24,114 19,634 82,359 594,265
43,214 7,364 10,675 7,030 19,163 19,401 283,181
Total
534,955 1,862,027 511,095 578,513 216,896 365,923 1,024,122 230,592 142,174 165,093 103,314 567.642 6,302,346
LiaSilittesNet amount of Federal Reserve notes received from
Comptroller of the Currency
305,159 1,046,353 275,484 278,170 117.691 213,917 538,504 124,709 72,132 88,853 51,840 304.033 3,417,345
Collateral received from'Gold
174,672 638,388 165,117 207,152 40,552 93,498 359,569 61,564 47,421 45,096 12,677 161,849 2,007,555
Federal Reserve Bank(Eligible paper
55,124 176,786 70,494 93,191 58.653 53,508 126,049 44,319 22,621 31,144 38.797 101,760 877,446
Total
534,955 1,862,027 511,095 578,513 216,896 365,923 1,024,122 230,592 142,174 165,093 103,314 567,642 6,302,346
Federal Reserve notes outstanding
Federal Reserve notes held by banks
222,959
17,664
442,404 93,519 59,367 69,210 32,311 244.208 2,601,820
48,022 20,278 3,356 7,831 4,151 47,914 379,232
205.295
Federal Reserve notes in actual circulation
728,513 230,684 247,550 88,821 137,274
169,293 31,233 16,371 8,308 4,811
559.220 199.451.231,179 80.513 132.463
394.382 78.241 56.011 61.379 28.160 196.294 2.222.588
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources and
liabilities of the 777 member banks,from which weekly returns are obtained. These figures are always a week behind those
for the Reserve Banks themselves. Definitions of the different items in the statement were given in the statement of Oct. 18
1917, published in the "Chronicle" Dee. 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 1838.
I. Data for all reporting member banks in each Federal Reserve District at close of business April 18 1923. Three c pliers (000) omitted.
'
Federal Reserve District,
Boston
New York
Phila.
Cleveland Richmond
Number of reporting banks
Loans and discounts. gross:
Secured by U.S. Govt.obligations
Secured by stocks and bonds
All other loans and discounts
108
55
84
5
3
13,679
97,792
240,986 1,647,085
615.368 2,471,574
5
18,494
269,816
332.183
$
32,021
379,603
690,393
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
870,033 4,216,451
12,719
48,586
78,510 452.406
5,159
35,249
23.805 497.181
5,398
65,442
175,427 716,552
Total loans & disc'ts & investin'ts, 1,171,051 6,031,867
Reserve balance with F. R. Bank..
87,533 654,764
Cash In vault
18,926
79,727
Net demand deposits
817,873 4,732,787
Time deposits
251,372 900,791
Government demposIta
16,887 137,884
Bills payable and rediscounts with
Federal Reserve Bank:
4,194 110,805
Secured by U.S. Govt.obligations
28,832
All other
32,110
46
Atlanta
Chicago St. Louis Minneap. Kan. City
Dallas
78
62
San Fran.
Total
66
15,809
138,264
303,404
8,346
50,913
190,781
8,087
79,695
361.182
$
5,383
49,337
206,985
777
$
$
16,727
277,838
169,354 3,776,046
791,099 7,767,227
620,498 1,102,017
11,464 -43,067
47,894 119,943
8,039
4,553
53.764
60.402
13,895
7,783
182,865 287,536
43,156
10,708
7.636
65,109 562,074
123,810
323.165 333,498 1,147,590
457,683 406,243 1,752,820
24,883
14,381
30,310
94,247
14,710
30,709
12,385
2,045
5,000
6,762 115.875
9,391
24,621
4,118
8,258
50,982
36,138 371,005
457,477
15,323
23,376
9,045
24,928
5,720
86,618
250,040
8,761
11,710
1,219
25,899
3,458
30,732
448,964
12,052
47,230
4,926
21,562
7,907
57,343
261,705
20,056
16,437
2,229
17,517
8,553
8,657
977,180 11,821,111
35,675
282,277
99,213 1.036,385
13,187
103,036
50,144
907,230
16,047
171,200
153,916 2,157,771
928,821 1,639,399
74,703 108,578
16,097
30.846
685,782 930.726
88.633 544,022
23,698
22,665
588,193
36,693
13,819
325,346
156,885
8,399
622,487
41,278
8,391
365,509
182,614
9,076
331,819
24,325
5,678
208,905
84,558
4,683
599,984
49,133
11,174
451,486
126,894
5,518
335,154 1.345,362 16,479,010
25,839
90,952 1,438,241
8,852
278,631
20.569
231,865 690,962 11,217,805
75,388 613,296 3,966.813
13,956
300,105
21,739
7,446
SI 901
4,270
7 nAt
10,380
7 652
15,044
10.975
11,878
19.835
s
77
16,252
19.642
39
*
$
106
488,537 2,395,836
34,289 210,154
10,391
54,161
278,372 1.498,192
168,371 773,989
9,995
2,5,605
2,288
fl 775
31,371
17 cow
s
36
$
30
s
515
1.712
21,976
17 ccc
236,41
17000
2. Data of reporting member banks in Federal Reserve Bank and branch cities and all other reporting banks.
New York City
City of Chicago
All F. R. Bank Cities F. R. Branch Cates Other &lewd Cities.
Total.
April 18. April 11. April 18. April 11. April 18. April 11. April 18. April 11. April 18. April 11. Apr.18 '23 Apr.11 '23'Apr.19 '22
Number of reporting banks
64
64
48
48
259
259
208
777
800
208
310
310
777
Loans and discounts, gross:
$
s
s
71
s
$
$
$
s
$
$
$
$
Secured by U.S. Govt. obligations
88,659
82,684
33,014
35,638
186,682
182,401
49,992
358,925
49,522
41,164
40,493
277,838
272,416
1,459,826 428,323 423,273 2.732,968 2,723,258 556.744
Secured by stocks and bonds
1,457,747
556,987 486,334 482,377 3,776,046 3.762,622 3,215,688
All other loans and discounts
2,161,953 2,199,654 677,102 667,155 4,803,291 4,827,799 1.569,676 1,571,395 1,394,260 1,390,804 7,767,227 7,789.998 7,271,246
Three ciphers (000) omitted.
Total loans and discounts
3,708,359 3,742,164 1,138,439 1,126,066 7,722,941 7,733,453 2,176,412 2,177,904 1.921,7581,913,674 11,821,111 11,825.03610.845,859
3,567
U.S. pre-war bonds
3,474
37,826
99,400
37,935
99,587
76.966
77,067 105,911 105,552
232,277
282,206
37,638
36.123
U.S. Liberty bonds
615,057
385,105 388,319
617,074 253,032 250,007 168,296 167,933 1,036.38. 1,035,014 11,068,128
5,437
5,428 ' 54,444
U.S. Treasury bonds
27,255
25,320
56.003
26,067
26,187
103,036 .104,928
22,525 .22,733
17.S. Victory notes & Treasury note* 464,994 475,077
81,183 675,222
69,332
697,749 149,712 141,910
471,925
81,416
907,230 *921,075
82,296 '
,
U. S. Certificates of Indebtedness
9,809
10.261
61,499
100,191
60,612
100,483
45,471
179,386
46,678
173,112
171,200
25,538
25.951
316,487 620,808 163,360 190,866 1,165,274 1,164.772 569,814
Other bonds, stocks and remittal
572,391 422,683 422,783 2,157,771 2,159,946 2,138,777
Total loans & dIsets & Ivrespts 519S,812 5,252,918 1,457.582 1,453,401 10,432,529)10,469,131 3,297,474 3,292,144
142,226
2,749.007 2,740,042 16,479.010 16,501,317 14,701,075
Reserve balance with F R. dank
604,757 578,292 146,051 141,793 1,027,344
986,968 236,877 231,065
,
, . 1,438,241 1,387,452 1,343.583
Cash in vault
28,371
29,70i
65,435
69,704
148,673
58,880
279,895
60,095
289,200
77,525
80,432
273,631
Net demand deposits_
4,220,324 4,230,112 1,009,1071,009,822 7.601,779 7.642,644 1,903.770 1,904,981 1,712,256 1,703,484 11,217,805 11,251,109 10,628,997
Time deposits
372,366 1.966,684 1,957,245 1,167,396 1,168,925 832,733 825,192 3,966,813 3,951,362 3,172,586
636,372 627,070 372,602
13,22;
15,663
Government deposits_
216,776
126,494 140,867
243,260
242,886
56,230
63,123
336,368
27.099
30,359
300,105
Bills payable and redlitounts with
F. R. Bank:
Sec'd by U.S. Govt.a Lligations
17,766
17,150
164,954
93,772
99,546
170,424
80.071
239,083
47,516
42,457
236,419
23,949
26,202
All other
21,970
27,367
9,863
9,213
115,598
102,501
129,590
156,720
32,074
26,250
28,319
27,969
175,991
Ratio of bills payable & rediscounts
With F. It. Bank to total loans
,and investments per cent _____ .._
2.2
2.7
1.3
2.41
1.9
2.8
1.4
2.4
2.4
2.1
1.9
2.0
2.5
- ---- . •
Man-kers'
azette,
Wall Street, Friday Night, April 27 1923.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 1861.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Railroad,
&a.,
Bonds.
Stocks.
Week ending
Aril 27 1923.
Shares. I Par Value.
622,4251 857,400.000
943.7501 91,300,000
632,460 58.000,000
687.1901 63.500,000
1345,99.5 59.800,000
662,000 64,000,000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange,
State, Arun.
and Foreign
Bonds.
$2 994,000 81,102,500
5 012,500 2,484,000
5 014,000 2,582,000
5228.500 2,999,000
5 221,700 2,547,500
6,018,000 1,943,000
U. S.
Bonds.
$919,250
3,162.250
2,041,350
2,140,800
2.462.000
2,535.000
4,173,820 8394,000,000 $29,488,700 813,658.000 813 380 VA
Jan. 1 to April 27.
Week ending Apr.1 27.
1922.
1923.
1923.
1922.
7,054.452
82,901,734
4,173,820
-No. shares__
Stocks
82,398,688
• Par value
$394,000,000 $607,401,500 $7,603,000,000 87,618,474,596
Bonds.
$252,165,205
Government bonds_ _ _ $13,360.650 $46,310,800
$713,306.200
166.455.700
State, mun.& leen bds 13,658,800 15,151,000
220,649,000
574,788,400
29,488,700 63,841,500
RR.and misc. bonds
677,499,600
*56,507,350 8125,303,300
Total bonds
8993.409,305 81,611,454.800
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia
Boston
Baltimore
Week ending
Shares. Bond Sales Shares. Bond Sales Shares, Bond Sales
April 27 1923.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
[VOL. 116.
THE CHRONICLE
1870
*9,384
*19,144
•14,205
*12,199
*17,575
10,724
12,100
32,050
43,850
16,350
25,750
33,000
2,559
5,595
5,807
5,585
6,635
9,149
8,500
15,900
22.000
45,000
35,000
30,000
567
1.642
1,424
1,883
1,214
1,328
9,000
30,500
31,300
15.700
9,900
24,000
83,231
163,100
35,330
158,400
8,056
120,400
Total
118,600
58,417
55,613
286,750
Prey, week revised
6,755
156,200
•In addition there were sales of rights: Saturday 1,746; Monday 2,939; Tuesday,
5,142; Wednesday, 10,897; Thursday, 10,873.
Daily Record of U. S. Bond Prices. Apr.21 Apr. 23 Apr.24 Apr.25 Apr.26 Apr. 27
High
First Liberty Loan
3%% bonds of 1932-47_ Low.
Close
(First 3)45)
Toted sales in $1,000 units..
Converted 4.* bonds of fHIgi.
1932-47 (First 48)____ Low
Clan
Total sales in $1,000 units_
Converted 436% bonarigi
of 1932-47 (First 436s) Low
clog.
Total sales in $1,000 units._
Second Converted 426% Hie
bondr of 1932-47 (First Low.
ICloss
Second 4)1s)
Total sales in $1,000 units__
{High
Second Liberty Loan
4% bonds of 1927 42- _ _ Low
Clop*
(Second 48)
Total sales in $1.000 units__
Converted 4)4% bonds HIgt,
Low
of 1927-42 (Second
Cies(
4348;
Total sales in $1,000 units..
Hist
rhird Liberty Loan .
.
436% bonds of 1928_ LON%
Clos.
(Third 4345)
Total sales in $1,000 units__
(H Id
Fourth Liberty Loan
431% bonds of 1933-38_ Loa
Cies(
(Fourth 4)4s)
Total sales in 51,000 units_ _
High
Victory Liberty Loan
4,1% notes of 1022-23_ Low
Clow.
(Victory 431s)
Total sales in $1,000 units_ _
11110
rreasury
I
, Low
436s, 1947-52
(Clog,
Total sales in $1.00) units
101.ss 101oss 10124n 10122ss 1011in 101 3,ss
101212 10 '31 101*31 101% 101'33 bit,,
101.ss 101un 10124n 10112s2 1011112 Mt%
449
52
53
298
118
98
%
972
97list
971.ss
15
971
%
97fis
9722
.:
80
97%
::
972
97222
-- --
9712n 97"ss
97",,97.n
97uss 9721,
19
155
97%
96",,
97.00
92
97,2
:i
973:1
97fss
46
7
- 9 -2;r
972rs
977
2% 972% 972231 97%
971% 9/
97%
97%
97fas
97.3s
972n
962
% 97.00
97.32
97%
97%
972n
98342 973n
429
586
93
179
657
442
,
3
95,
08.00 98.00 ogr,,
982ss
,
98 ss
% 972
% 972
% 9723n 972
993
% 0781.,
% 972% 973032 9$l
93.00 973
9.3.00
272
496
267
352
169
164
972.ss 9722n 971332 9713n 971e., 97,0„
9712,2 97",, 97"32 97.n
973n
9758,
28
971% 972
% 97
072
% 973
:2
972
968
684
358
812 1,083 1,975
10041 100.00 100.00 100.00 100.00 1002ss
100.00 100.00 160.00 100.00 100.00 100.00
100.00 100.00 100.00 100.00 110.00
23
23
47
31
128 100‘r'
213
09'31
,2
997
09%
,
98 4s 982.32 982232
99.00 98nn 982.n 9822ss 9322,
9941
982.52 9833n 9823:1 982 s
:2
992
99nn
.
252
205
76
393
204
538
Note.
-The above table includes only sales of coupon
)onds. Transactions in registered bonds were:
8 let 3365
15 1st 4318
5 2d 45
121 2d 44s
1012n to 101.32 70 3d 431/3
% 125 4th 436s
97.00 to 972
5 Treasury 434s
%
980
%
962%to 972
972 to 98.00
%
97% to 972
%
982%
Quotations for U.S.Treasury Notes and Certificates
-See page 1863.
of Indebtedness.
-Sterling continued dull and the
Foreign Exchange.
trend downward. On a small volume of business, quotations
-the lowest level of the year.
declined to a trifle over 4 62
Continental exchange, on the other hand, was steadier, and
francs made a moderate recovery.
To-day's (Frida's) actual rates for sterling were 4 60@4 61 7-16 for
sixty days, 4 62 (44 63 9-16 for cheques, and 4 62;4(44 63 13-16 for
cables. Commercial on bunks, sight 4 6134(44 635-16,
sixty days 459)4
(44 60 9-16, ninety days 4 58 ki(44 59 11-16, and documents for payment
(sixty days) 4 593404 61 1-16. Cotton for payment 4 61)4@4 63 5-16,
and grain for payment 4 613404 635-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 6 70k @
6 76g for long and 6 733406 79g for short. Germany bankers' marks
are not yet quoted for long and short bills. Amsterdam bankers' guilders
were 38.66(438.69 for long and 38.91@)38.94 for short.
Exchange at Paris on London. 68.10 francs; week's range, 68.10 francs
high and 70.10 francs low.
The range for foreign exchange for the week follows:
Sixty Days. Cheques.
Sterling ActualCables.
46 g
463 15-16
465)4
High for the week
4 60
4 62%
4 6234
Low for the week
Paris Bankers' Francs
6.76k
6.81k
6.82g
High for the week
6.58%
6.6334
6.64%
for the week
Low
Germany Bankers' Marks
0.00383'
0Am g
High for the week
0.0032g
0.0032k
Low for the week
Amsterdam Bankers' Guilders
38.78
39.08
39.17
High for the week
38.92
38.62
39.01
Low for the week
-Chicago, par. St. Louis. 15@i25c. per $1 000
Domestic Exchange.
'
discount. Boston, par. San Francisco, par. Montreal, $2000 per
$1,000 discount. Cincinnati, par.
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.
Week ending April 27.
Sales
for
Week.
Range for Week.
Lowest.
I
Highest.
Range since Jan. 1,
Lowest.
Highest.
Par. Shares! per share. I $ per share.
per share.S per share.
Railroads.
100, 9036 Apr 24 0036 Apr 2 9036 Apr 9431 Jan
Bangor & Aroostook pre
Bklyn Rap Tran warrants 2,600 1736 Apr 23 18% Apr 2 17)4 Apr 1836 Apr
Jan
100 65 Apr 24 65 Apr 24 6136 Apr 68
Buffalo Roth & Pitts_100
26 51 Apr 25 51 Apr 2' 51
Apr 5234 Mar
Canada Southern_ _ _ _100
100 9836 Apr 27 9836 Apr 27 9836 Apr 9836 Apr
C St P M &0 pref._ _100
pr 23 5 Apr 23 336 Apr 536 Feb
100
Duluth S S& Atl pref 100
Manh Elev Mod Gtd 100 2,600 42 Apr 23 4536 Apr 26 393-4 Apr 454 Apr
600 476 Apr 23 431 Apr 2
4% Jan 43-4 Feb
Scrip
100 0636 Apr 23 9636 Apr 2. 85
pref_100
Jan 10036 Mar
M St P Jr S
800 936 Apr 26 9% Apr 23 934 Apr 12
Jan
Mo Kan & Tex pref_ _100
400 8 Apr 23 8% Apr 2
634 Jan 9% Mar
Nat Rys Mex 1st pref 100
12 98 Apr 27 98 Apr 2 98
Apr10036 Apr
N Y Lack & Westenx_ _
100 10 Apr 26 10 Apr 2 10
100
Mar
Apr 13
Pacific Coast
19,606 1636 Apr 21 17% Apr 2 1536 Apr 18% Apr
Rapid Transit Corp_ __
100 4,200 4531 Apr 21 4734 Apr 23 434 Apr 49
Apr
Preferred
Industrial &
100 104 Apr 23 104 Apr 23 100% Apr 106
Jan
All America Cables_ _ 100
100 954 Apr 23 9536 Apr 23 95
Apr Ng Mar
Amalg Sugar Ist pref.100
Apr 25% Mar
Amer Chain,Class A._25 1,400 2336 Apr 23 2436 Apr 2. 23
Feb 40
300 38 Apr 24 40 Apr 2 22
Apr.
American Chicle pref 100
1
Amer-La France Fire En
Feb 98% Mar
100 95 Apr 24 95 -Apr 2 95
100
7% cum pref
4 Apr 21
36 Apr
4 Apr 25
36 Apr
American Woolen rights_ 10,684
Mar 18% Apr
1,500 1636 Apr 23 1734 Apr 26 16
Arnold Constable
Jan 18
Mar
100 17 Apr 23 17 Apr 23 16
Art Metal Construe'n_10
Ap 177
Apr
100 177 Apr 23 177 Apr 23 150
100
Atlas Powder
Ap 117
Feb
200 114 Apr 21 114% Apr 21 114
Am Metal tern elf pref 100
Ap 1004 Jan
i
_100 ____ 9836 Apr 23 100 Apr 27 97Amer Rolling Mill pf.
25 136 Jan 236 Feb
21 2 A
600• 2 A
All Fruit Col T Co ctf deD
13,80 25% Apr 21 28 Apr 20122% AD 28% Apr
Auto Knit
Jan 434 Feb
3 Apr 23 3 Apr 23, 2
1
50
Auto Sales
AD 14)6 Feb
12 Apr 23 124 Apr 26' 12
2
50
Preferred
Jan
944 Apr 23 944 Apr 23 9431 Ap 99
1
Brown Shoe Inc, pref 100
111107)4 Apr 26 1074 Apr 20100k M 107% Mar
1
Burns Bros pref
Ma 36% Apr
36 Apr 24 36% Apr 2 32
* 1,2
Century Rib Mills
Feb
Apr 110
-Teed Prod 1st p1100 4 102 Apr 24 103 Apr 24 102
Cart
Apr
100 96 Apr 27 96 Apr 27 9236 Jan 97
Cluett,Peab & Co pf_100
Apr 37% Apr
36 Apr 27 36% Apr 2 36
3,9
Columbia G & E w _
• 200 144 Apr 26 1436 Apr 26 1431 Apr 22% Jan
Conely Tin Foil
Apr
Apr 46
700 30 Apr 21 32 Apr 21 25
Commercial Solvent A.*
Apr 27% Feb
300 15 Apr 21 1736 Apr 24 15
36 Apr
31 Apr
34 Apr 24
36 Apr 21
7,700
Comp-Tab-Rec rts
Jan 110% Feb
20010736 Apr 26 10734 Apr 26 106
Cont Can Inc pref__ -100
2
600 9% Apr 23 10 Apr 21 8% Feb 12% Mar
Cuban DOI111111011 Sug_ _.
100 600 504 Apr 23 52 Apr 23 504 Apr 584 Mar
Preferred
18,300 6436 Apr 26 68% Apr 27 64% Apr 68% Apr
Cuyamel Fruit
100 73 A
23 73 Apr 23 70
1
Mar 7336 Jan
Deere & Co pref
Jan
100 1736 Apr 27 174 Apr 27 1736 Apr 18
Durham Hos Mills B._
Jan 138
Feb
of N Y.25
2512434 Apr 251244 Apr 25102
Fid Phen F
12,950 15% Apr 24 18% Apr 23 15
Ap 21
Apr
Fisher Body rts
*91,700 38% Apr 21 46% Apr 27 3731 Jan 4636 Apr
Fleisehmann Co
1,900 704 Apr 26 71% Apr 27 704 Ap 71,a Apr
Foundation Co
1,900 14 Apr 26 1434 Apr 26 14
Ap 14% Apr
Gardner Motor
100 994 Apr 26 9936 Apr 26 9936 Apr10336 Mar
G Am Tk Car 7% pf_l
400 78 Apr 24 78 Apr 24 73
Jan 89
Jan
Gen Baking Co
Feb
100 108 Apr 23 108 Apr 2310434 Jan 110
Gen Cigar Inc pref.-100
Jan 02% Feb
2.200 9834 Apr 27 99% Apr 21 90
Gimbel Bros pref_ _ _1
9.7
Apr 6136 Apr
50% Apr 21 6134 Apr 27 50
Goodyear Tire pref_ _1
Feb
Prelor preferred_ _100 5,200 9634 Apr 21 97% Apr 21 96% Apr 99
Jan 1084 Mar
300105 Apr 25105% Apr 23105
(It Western Sugar Pt.100
100 8836 Apr 21 884 Apr 21 8336 Jan 95% Jan
10
Hartmann Corp
Househ Prod tern ctfs_ _• 13,300 37% Apr 27 3836 Apr 25 35% Mar 39% Mar
Apr124)6 Mar
30 119 Apr 25120 Apr 21119
1
Ingersoll Rand
Jan
Apr 34
100 15 Apr 27 15 Apr 27 10
Hydraulic Steel pref_100
• 2,100 4436 Apr 25 48 Apr 23 4436 Apr 464 Apr
Inland Steel w I
Apr
500104)4 Apr 21194)4 Apr 21 104% Apr105
Preferred w I
International Shoe _ ..• 400 7134 Apr 21 734 Apr 26 654 Jan 7334 Apr
Mar 1204 Mar
100 116% Apr 2611634 Apr 26 115
100
Preferred
Apr 7136 Apr
1,700 70 Apr 27 7136 Apr 26 70
Internal Tel& Tel
300 30% Apr 25 30% Apr 25 2836 Apr 40% Mar
Intertype Corp
200 100 Apr 23 1004 Apr 27 99% Jan 11034 Feb
_ _1
Iron Product,pref_
Apr
100 96 Apr 25 96 Apr 25 934 Apr 96
K C Pr & Lt 1st pref_*
1001 89 Apr 27 89 Apr 27 84% Jan 924 Mar
100
Kelly 8% Ord
Jan 104% Apr
10 10231 Apr 2 10231 Apr 2 100
Kelsey Wheel Inc pf-1
44 Apr 21 5234 Apr 27 3.5% Ap 5236 Apr
2,2
Kinney Co
Apr
111111)4 Apr 2111134 Apr 21111)4 AD 112
Kresge (S S) Co pref..100
10011436 Apr 2611434 Apr 2 112
Ap 119
Jan
1
Lorillard pref
loo mg Apr 2 1114 Apr 2 11134 ADr 115 Feb
100
Macy (R H) pref
• 3,400 33% Apr 26 35% Apr 21 28% Mar 36% Apr
Magma cooper
1
200 894 Apr 2 8936 Apr 23 8836 Ma 90
Mar
Manila Eleatric
Jan 112
Apr
os n
Natao
Montana ,im p ef
M nt o
ri t Bc noa. Power erpeof.__ 100 1 WO 110 Apr 24 110 Apr 24 108
16 295 Apr 24 296 Apr 21 29.5
Apr309
Mar
f
,300 95 Apr 23 96 Apr 21 95
Ap 104
Suit
Feb
Cloak
* 1,400 40% Apr 23 4134 Apr 24 36% Ap 4236 Apr
Nat Dept Stores
300 95% Apr 23 9536 Apr 21 9434 Ma 97% Apr
I
200 95 Apr 26 97 Apr 23 95
Apr 102
Feb
einr in &
trE eared Stirs pt.100
P
Na
10 18.300 22g Apr 2. 234 Apr 23 2134 M
24% Apr
North American
Mar
Ohio Fuel Supply__ 25 4,300 3136 Apr 24 34 Apr 2 3134 Apr 67
600 4736 Apr 27 50 Apr 26 4736 Ap 50
Apr
Onyx Hosiery temp ctfs_
Apr
98
A
700 98 Apr 2 98 Apr 26 98
Temporary etits prof_
89 Apr 24 9534 Apr 2 8436 Jan 954 Apr
Orpheum Ore Inc 14_100 2,2
Apr
200 99% Apr 2 100 Apr 24 99% AD 100
Otis Elevator pref___100
Ja 7234 Mar
100
100 65 Apr 24 65 Apr 24 47
m oto
PackardSteel prefr
Otis
Feb
AD 99
pref_10
100 93 Apr 23 93 Apr 2 92
6
Penn Coal & Coke__ _50 10,300 41% Apr 23 432 Apr 26 40% AD 4336 Apr
1 1,050 1734 Apr 21 18% Apr 2 1636 AP 1936 Mar
Philip Morris
AD 58% Mar
51 500 40 Apr 21 40 Apr 21 40
,
Phoenix Hosiers
Mar
Ap 100
1
100
98 Apr 2 96 Apr 2 96
300 43 Apr 26 434 Apr 2 424 Fe 45% Feb
50
ila Cr 6%
Prefeoted pref
Ph
Ma 724 Mar
4
883‘ Apr 24 68 Apr 21 63
Pierce-Arrow prior pref.•
Jan 98
Apr
1
pntsburga steel pref_100
97% Apr 2 97% Apr 2 92
Feb 96
Mar
Porto Rican-Am Tob 100 ____ 80 Apr 24 86% Apr 2 60
Apr 10836 Feb
103 Apr 21 101 Apr 2 103
P S Corp of N J pref 8%
48% Apr 23 40% Apr 2 4834 AP 5136 Apr
P 8 of N J new corn _ _• 2,1
1001174 Apr 2111734 Apr 2 11531 Feb 1213.4 Mar
Ry Steel Spring pref_100
Jan 19% Mar
• 800 16 Apr 23 164 Apr 2 16
Reis (Robt) & Co
Apr 9136 Apr
Schulte Retail Stares__ 2,000 90 Apr 26 9136 Apr 26 90
Jan
1234 Apr 23 1334 Apr 24 1236 Jan 16
Simms Petroleum____1 21,9
• 8,700 31 Apr 25 32% Apr 21 2436 Jan 34% Mar
Simmons Co
Mar 98% Apr
800 92 Apr 21 9234 Apr 2 91
011 pref..100
Shell Union
9034 Feb
M
Apr 26 98 Apr 2 96
Mar
7
ire 9 h.
100 93 Apr 27 98 Apr 2 ing Jan 100
i l iro ltl Pret
So Port oil eo Sug p1.100
r
Jan
100 1024 Apr 23102% Apr 23(10234 Apr 105
Spalding(AG) 1st pref100
4% Mar
AP
Standard 011 of Calif rts 86,592 3 Apr 21 3% Apr 25 3
450108% Apr 25110 Apr 26110434 Feb 11336 Feb
Products 0(.100
Tobacco
Apr
Transue & W'ms Steel.* 2,400 35% Apr 2 3834 Apr 2 3334 Jan 40
100 45 Apr 2 45 Apr 2 40
Ma 504 Feb
United Dyew'd Corp 100
Feb
Ap 69
• 500 55 Apr 25 55 Apr 2 55
IReabaeeo
US Tolty dr lmp full pd 1,200 10636 Apr 24108)4 Apr 24(102)4 Feb 10831 Feb
100, 74 Apr 23 736 Apr 2
74 AD 1631 Feb
Va-Carolina Chem B *
Ap 64
Feb
100 4636 Apr 23 464 Apr 2 43
100
Van Raalte
West Elec 7% cum 91 1001 400 112 Apr 21 11236 Apr 24 11136 M 114% Feb
Mar
1 2,200 40% Apr 23 42. Apr 2 4034 AD 47
Waldorf System
3,700 4336 Apr 21 51% Apr 2 3834 Ap 514 Apr
West Penn Power
Apr
300 78% Apr 21 80 Apr 27 7536 Ap 80
7534
1% Apr
36 Ap
% Apr 21
34 Apr 241
''
preh se E
West ferred & M rights_ 25,334
Jan 78
Mar
100 75 Apr 2 75 Apr 25 72
50
200 874 Apr 2 68 Apr 25 664 Jan 714 Mar
ls nator pref B_1
Worthiprefenred
Jan
200 714 Apr 23 72 Apr 23' 7034 AD 80
Younstown Sheet & Tu
•No par value.
-The review of the Curb Market is
The Curb Market.
given this week on page 1863.
New York Stock Exchange-Stock Record Daily, Weekly and Yearly
1871
OCCUPYING POUR P.‘GES
For sales during the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICE--PER SHARE, NOT PER CENT.
Sal,
,rday
Monday. I T14614011.
April 21 ' Apri123 I April 24
Wednesday., Thursday.
April 25 I April 20
Friday.
Apr11 27
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Per share $ per share I s per share S per share $ per share 1 3 per share Shares
*42
*4012 42
43
*40
4312 *41
43 I *40
43
43 I *41
10112 10214 1013 1014 10112 1013 10114 101% 10112 1017 1017 101 8 4,900
4
4
8'
,
8812 8812 89 893
4 8814 8814 887 89
8
893 898 89
1,300
8
89
238 23
8
214
212
2l4 1,703
24 24 *218 212
218 218
2
11612 11714 11612 1167 11614 11614 11614 117
8
1,700
116 11614 116 116
51
513
4 5034 513
4 514 524 513 523* 513 5212 513 517 20.000
4
4
4
8
•58
59
583 583
4
4 59
59
5812 58, •58
583*
300
585* *58
2
2 8 212
,
178
234
2
2%
23
4 33
27
8 318
8
23
4 3 4 41,700
,
214 212
2
23
8
214 23
8
23
4 34
3
3
23
4 23 11.300
4
155% 157
155 15614 15512 15614 155 15512 1543* 158
15412 15514 15.000
695 70
8
6912 704 693 693 *6912 70
4
4
4
2,200
693 70
70
69
1013 1013 *10112 10218 10218 10218 101.3 1018 *10112 10218 *102 10218
4
4
400
4
*214 212
2% 23*
23* 23*
3
28 2 e
2 4 28
,
214 2 4 1.100
,
*414 5
*418 5
*414
5
5
*414
*418 5
*418 6
3512 3512 35
g
3512 337 3414 333 3334 *333 35
8
4
1.100
347 347
8
4
6014 6014 593 593 *60
4
4
614 .60
7001
61
60
60
60
6012
*57
8 6
57
3 57* *512 57
8
2001
512 512 *53
8 57
8 *558 57
1312 1312 12% 13
123* 123* *1212 13
*1212 13
*13
1312 1,5001
228 23
2212 221
4 23
4 3,600
23 I 223 23
223 223
4
4 2212 223
4
393 4012 3912 4014 40
4
403* 40, 407
8 404 4118 3914 403
8 9.500
4
80
8012 8018 8012 8012 8114 8214 833
8 81
803 81
81
4
4.100
*112 117 *1,12 117 *112 117 *115 118 •11412 116
100
11412 11412
323 3318 3214 397
4
3212 328 32 4 33 1 3212 327
8 3218 3212 10.900
,
91
91
*9114 9214 *9112 924 9114 9114 *91
91
300
913
4 91
8112 82
81
81
813
41 31
*8112 82
*81
803 80%
81
8
500
*71
74
*70
7314 *70
7312 *70
74
74 I *70
74
*70
3
812 38% *37
38
37
37
837
*37% 39
*37
39
39
700
1117 112
8
11112 112% 11218 11214 1123* 11212 *11212 11312 11212 11212, 1,700
•11912 120 *120 12012 •120 12012 119 120 I 120 120
119 11912,
800
1134 12
114 113* 1112 115* 1138 117
8 1112 113
4 1134 1134i 3.700
183* 1812 1734 1814
181
18
3*' *18
18
18% 18%
18 1 3.600
1318 1318 1212 1212 *12
4
4
123 *125 1314 *123 13
8
•12
13
200
7314 7334 7314 7312 733 733
4
4 7312 737
4 733 733
7314 733
4 3,500
4
3114 3112 31
3112 3112 31 8 317
3E% 31% 315
,
4
4 313 313
4 2,400
1512 154 *15
16
17
*14
*1418 16
*15
*15
17
17
200
55
55
551 543
*54
57
5412 5412 *54
57
55
500
*53
112 11318 112 1123 11212 113
113 114 *113 11438 4.000
113 113
-11
.
..3T2 19
4
-181
2118 2114 22
•53
53
54
*30
*30
31
*70
71
703
4
65
65
644
14012 14012 *141
*544 593 *544
4
-ibT2
.
77
*39
*7
*69
bs
78
45
714
70
10
14
39
1634
4212
4
99
9114
86
86
13 8
,
3812
1614
413
8
*312
983
4
9334
*76
*80
1812 19
•1814 19
*14
1712
111 111
*77
79
4 75
4534 457
8
•12
15
4014 403
4
*7112 73
*6512 67
393 40
8
11I8S
90
76
76%
50
50,
8
•
25
30
' 30
25
2212 2312
44% 45
32
32
583 59,
8
4
cir, 71„,
1218 1218
89% 0018
33
3312
663 67
4
2514 2512
•14
15
O6514 66
13718 13812
7114 7114
13 8 14
,
4214 4214
8
97 10
303 3112
4
•
20
22
12
12
*24
25
1612 16%
*573 59
4
*83
4 9
144 1412
*31
33
- - -119 2
2218 2118
53
53
*30
31
68
704 .
6514 643
4
14212 *14112
50 .3412
- - -1 -11112
19;
22
2112
53
5318
3012 *30
70
*68
64% 64%
142
14112
59 •
5412
- 2
1812112
54
3012
70
8418
142
59
"1514 1514 1434 16
15
15
*50
58
51
*47
51
53
78
*77
78
78
77
77
*3812 44
40
40
40
40
7
7
•63
4 6%
*03
4 7
6714 *6712 70
67
*6712 69
83
4 8%
9
*83
4 9
13% 14
1312 133
4 1314 13%
373 385
4
374 33
377 38 2
8
,
16
16
161
153 157
8
16
4
42
4218 424 4218 427
43
8
*33
4 4
4
37
4 414
4
9734 9834 973 99
4
93 4 9912
3
91% 91
4 94
943
9314 033
8
79
*78
139 •78
80 .78
•
80
86
86
*80
*80
86
183 133
8
4
1834 19
18
54 1918
*1814 1812 18
1814
1812 18,
2
•14
1712 *14
1712 *14
1712
110 11012 "110 111
110 11034
78
78
78
77
*7712 79
7412 743
4 7412 75
743 75,
4
8
4512 437
8 45% 46
45% 457
8
*13
15
•13
*13
15
15
3912 407
2 40
41
404 403
4
*7112 73 .
71
73
.7114 73
*65
67 .
65
67
*65
66
49
40
40
417
8 4912 42
87
87
887 89
2
*89
90
75% 7612 7614 763
4 765 774
8
.48
51
*48
51
*48
51
*25
30 .28
30
*28
30
827
29
*28
30
*28
30
2214 234 23
2312 2314 2312
4418 445
8 44
4418 44
4414
32
3214 *324 3212 3212 32%
5814 5918 5814 5812 5812 5812
7
7
63
4 67
8
63
4 67
8
1114 113 •1112 12 .12 .1212
4
893 9012 9014 91
4
903 91
8
323 33% 33
8
33$8 3314 333
663 67% 673 673
4
4 6714 6714
4
25
2514 2512 2613 25 4 26 I
3
*1434 15
*15
15
18
44 157
*6112 67
*6514 6818 .
6514 6614
1363 13812 13714 1373 13718 1 375*
4
4
7112 72 4 72
,
723
8 7212 7212
14
4
133 1414
4
14% 133 14
42
4112 4112 42
4212 4212
97
97
94 93
9% 10
4
30 3012 3014 30 8 303 31
2
,
•1912 2112 *1912 20
*1912 22
8
1112 117
3 1112 1218 115 115*
2418 24112 243 25
4
2412 244
1612 1612 1612 163 *1634 17
4
5812 WE *5814 683 *577 58 4
3
8
4
*834 9
*85
8 88
• 4 9
83
1412 1434 •1412 15
1434 15
33
*31
31
33 .
33 .31
194 1934
-182 19
-*2112 22
2114 2114
55
*53
55
*53
3012 3012 *3012 3112
*68
70
*68
70
*6414 645
64
8 63
142 142 *1413 143
4
*541 59
.
*5412 59
-19- - -143
4
*4618 58
76
76
38
3812
7
7
*6712 6812
814
1318 13%
3714 38
153 153
4
4
423 4278
4
4
4
99% 100
933 9414
4
*77
79
85
*80
4
183 19
18
1814
1612
*14
11014 11012
•7714 79
743 743
4
4
4512 4534
*13
15
4012 4034
73
73
*65
66
41
42
89
90
763 7718
4
50
50
*51
52
*25
30
2314 233
4
44
44
*323 323
4
4
585 59
8
63
4 7
•1134 Ills
9012 91
4
338 333
*67
6712
25
25
•15
16
*6518 6618
13712 13834
7214 7214
137 14
4012 42
912 97
8
3054 303
4
*1912 2112
1134 1134
*2414
163
4
*573
4
.85
8
133
4
*31
2478
4
183
583
4
4
83
84
13
34
14
*46
75
*3614
*63
4
*67
141
48
75
37
6
4
69
13
1314
37% 3712
153 16
4
4214 423
4
*358 4
*99
9914
9314 9312
78
78
85
*80
185 19
8
19
*18
•14
16
11014 11012
*7714 79
7418 743
4
45% 457
8
*13
15
403 401
8
74
*72
*85
66
4114
40
89
*88
,
7612 76 8
50
50
*51
52
*25
30
*23
231
4412 443
323 323
4
587 537
7
7
*1112 121
904 903
3314 333
67 67
251
25
1512 163
*6414 661
13712 1371
7212 721
1212 131
37% 401
9 4 93
,
3012 3(11
•1912 211
*113 12
4
2434 243
1612 161
*573 58
4
812 85
8
13% 141
*31
33
Railroads
Par
Ann Arbor preferred
100
A[eh Topeka & Santa Fe 100
Do prat_
100
Atlanta B1rm & Atlantle_100
Atlantic Coast Line RR_ 100
Baltimore & Ohio
10
0
Do pref
100
B:ooklyn Rapid Transit
Certificate& of deposit
Canadian Pacific
100
Chesapeake & Ohio
100
Preferred
100
Chicago & Alton
10b
Preferred
100
Chic & East III RR (stew)
Do pre!
Chicago Great Weatern
100
Do pref
200
Chicago Milw & St Paul__100
Do pref
100
Chicago & North Western_100
Do pref.
100
Chic Rock Isl & Pac
100
7% preferred
100
6% preierred
100
Chic St P Minn dt 0tn____100
1 olorado & Southern
100
Delaware & Hudson
100
Delaware Lack & tt estern. 50
Erie
100
Do let peel
100
Do 2d pref
100
Great Northern pref
100
Iron Ore propertleedge par
Gulf Mob & Nor tr ctts
100
Do pref
100
Illinois Central
100
Interbcro Cone Corp_No par
Do prat
100
4,200 Interboro Rap Tran w I
100
1,500 Kansas City Southern
100
800
Do pref
100
100 Lake Erie & Western
100
400
Do pref
100
3,200 Lehigh Valley
50
500 Louisville & Nashville
100
Manhattan Ry guar
100
Eq Tr Coot N Y at dep_100
_ 1,100 Market Street Ry
100
100
Do pref
100
600
Do prior pref
100
Do 2d pref
400
100
1,100 Minneap & St L (new)___.100
400 Minn St P & S S Marle
100
1,800 Missouri Kansas dr Texas 100
12,200 Mo Kan & Texas(new)
4.900
Do pref (new)
3,600 Missouri Pac.fic trust afs_100
3,900
Do pre) trust ctfs
100
2,300 Nat Rys of Ni es Id pref
100
2,900 New Orl Tex & Mex v t 0.100
10,400 New York Central
100
100 N Y Cblcago it: St Lculs
100
Do 2d pref
100
6,8001 N TN H & Hartford
100
800 NY Ontario & Western
100
1 Norfolk Southern
100
3,300 Norfolk & Western
100
600
Do pref
100
4,000 Northern Pacific
160
6,400 Pennsylvania
50
Peoria di Eastern
100
11,100 Pere Marquette
100
Do prior prat
700
100
Do pre
100
29,800 Pittsburgh & West Va
100
Do pref
200
100
5,100 Reading
50
1,100
Do 181 pref
50
Do 2d nref
50
Rutland RR pref
100
4.300 St Louis-San Fran tr ctia_100
1.400
Do pref A trust etfs
100
1,300 St Louis Southwestern__..100
2,500
Do pref
100
h.70O Seaboard Air Line
100
7001 Do prof
100
10,600 Southern Pacific Co
100
35.200 Southern Railway
100
2,500
Do Prof
100
3,000 Tessa & Pacific
100
1,100 Third Avenue
100
Twin City Rapid Transit__100
10.900 Union Pacific
100
1.200
Do pref
100
2,000 United Railways Invest100
4,400
Do pref
100
4.600 Wabash
100
6,700
Do prof A
100
Do prell3
100
3,200 Western Maryland (sea)...100
1,300
Do 2d pi-et
100
1,400 Western Pacific
100
100
Do pref
100
400 Wheeling & Lake Elle Ity_100
1,000
Do pref
100
Wisconsin Central
100
Industrial & Miscellaneous
75
72
*7212 75
*7312 75
73
75
*73
•72
75
500 Adams Express
100
151
1412 14
.14
14
16
*13
157 •14
8
1514 1'14
200 Advance Runaely
100
49
4712 4712 *4612 99
47 .46
49
4778 4778 47
400
Do peel
100
711.2 697 7114 6914 693
8
69
*6312 683
633 69
4
2,400 Air Reduction, lne ___ _No par
4 69
133
4 1312 13% 13% 14
•137 14
4
1312 13% 134 133
3,300 Max Rubber, Inc
50
14
14
3
8
*14
200 Alaska Gold Nfines
3
8
*14
3
8
3
8
*14
3
8
*14
10
114 114 *114 138
13
8 13
11
3
8
1,700 Alaska Juneau Gold Min
118
13
114 *114
114
10
723 73% 7218 733
4
8 7212 73
721
71
7212 7234 7214 73
9,700 Allied Chem & Dye._..No par
•109 10912 109 10912 110 110 •110 11012 11018 11018 *110 1101
900
Do prof
100
4814 4812 4813 4812 4718 4712 4714 4714 47
463 47
4
2.100 Allia-Chalmers Mfg
47
100
9512 •92
•92
9512 *92
95
94
*92
9412 *92
Do pr .f
9412 •92
100
26
263
4 2814 2614 26
2612 26
26
24
244 264 4,900 Amer Agricultural Cbem 100
26
513 5214 5112 5112 50% 5212 5012 5112 9934 51
4
400
4512 46
Do Prel
100
*86
89
*86
88
87
87
*84
87
250 American Hank Note
87
*86
*86
87
50
•51
54 '
5112 5112 *514 54
54
Si
100 Am Bank Note pref
54
•52
*52
54
50
*4412 45
4312 4413 44% 44 4 4414 4414 4618 4612 4412 415
3
8 1,600 American Beet Sugar
49
8 4812 4912 *4812 4912 4818 4912 3,600 Amer Bosch MagnetoNo 100
4912 48 8 5014 4914 495
par
78
7918 78
7814 *78
78
400 Am Brake Shoe & F___Na
*775 793 *773 793 *773 7812
8
4
4
8
4
par
•10712 108 *10712 108
108 108
108 108 *108 10934 108 108
300
Do pref
100
953 96% 94
8
963
8 9514 9614 9512 973
4 9612 9734 984 9714 67,900 American Can
100
•108 109
10712 10712 10712 10712 10714 10714 10712 10712 10714 10712
800
Do pref
100
*176 1793 175 176
176 178
17812 179
4
1,900 American Car & Foundry.100
17814 17812 *17712 178
*1194 121 •11914 121 *1193 121 •11934 12114 *11934 12112'1193 12114
4
Do peel
4
100
•8
81.
8
10
1018 11
8,
4
83
4
7,700 American Chicle
912 97
81
* 91 1
87
No par
•131d and asked prices; no sales on this day. $ Ex-rights.
Less than 100 shares. a Ex-dividend and rights.
share tor share to stock of Glen Alden Coal Co at $5 per share and ex-dividend 100% in stock
(Aug. 22).
PER SH A RE
Range since Jan. 1 1923.
-share lots
On Oasis of 100
Lowest
Highest
PER SHARE
Range for Previous
Year 1922.
LOW6n
B(Ohal
share $ per share 5 per share $ per shar4
277 Jan 52 Aug
Jan 10 45 Feb 23
8
913 Jan 10812 Sept
4
Jan 16 10518 Mar 3
8
843 Jan 9512 Aug
8
Jan 17 905 Mar 6
Jan' 3
512 Apr
1 Jan
314 Feb 21
4
8
33 Jan 1247 Sept
Jun 17 127 Feb 26
3312 Jan 8014 Aug
Jan 17 5818 Mar 21
Jan 24 60% Mar 21
5218 Jan 6134 Aug
Jan 29 June
6
Apr 14 1814 Jan 2
8
192 55 Jan 247 June
Apr 16 13 Jan
Jan 17 160 Apr 18 119% Jan 151% Aug
Jan 7 ,4 M
54
Jar,
12 Aug
9
Ja 17 76% Jan 30
Apr 21 1047 Feb 23 100% Dec 105% Oct
8
4
11 Jan
Jan
33 Feb 13
4
4
,
4 ? M0
0
8
Jan 12
318 Jan 23, Aa1
63 Feb 8
121 Jai.
Jan 16 383 Feb 13
4
4
3118 Jar, 6412 Alla
Jan 17 62141tiar 26
10 May
33 Dec
4
Jan 18
7 Feb 7
7 Dec 24 4 Ma ,
Jan 18 17 Feb 6
55 2 sepy
:
8
1714 Jan 383 Aug
203 Jan 15 203 Mar 61
8
8
Jan
29
3212 Jan 13 4512Mar 5
59
Jan 9514 Sept
88 Mar 51
77 Jan 2:
11412 Apr 27 11818 Mar 21 100
2
Jan 160 sevit
5 Au i
31 12 Jan L5 377 M ar 21
3012 Dec
8
8113 Jan 18 95 Feb 9
4
8314 Jan 105 Sept
79 Apr 10 85 Mar 5
701 Jan 95 Sera
4
71 Jan 9 78 Mar 5
Jan 90 Seed
61
37 Apr 24 4512 Feb 13
38 Jan 5312 Apr
103 Jan 11 12412 Feb 13 1063 Jan 14112 Sept
4
119 Apr 12 13012 Feb 8 108 Fcb 143
Oct
1012 Jan 18 1312 Feb 13
7
183* Ma1
Jan
15 Jan 17 20% Mar 21
1112 Jan 284 Aug
114 Jan 22 15 Mar 5
718 Jan 2014 MaY
71 Jan 23 80 Mar 5
7014 Jan 9572 Oct
30 Jan 18 36 Mar 19
2818 NOV 455* Apr
4
123 Jan 12 20 Mar 5
5
Jan 19 May
447 Jan 2 623 Feb 21
8
4
16
Oct
Jan 47
110 Jan 17 11712 Feb 21
974 Jan 1153* Sept
18 Jan 17
38 Jan 4
5 Apr
Is Dec
14 Mar 2
7 Jan 5
8
15 Jan 113 227 Mar 14
8
1784 Dec 32 i Aug
38 pee 121 4 AP
:
1812 Jan 12 244 Mar 3
17 Nov . 3014 AP2
527 Jan 13 573 Mar 5
8
4
521 Nov1 5012 Apr
4
30 Apr 19 34 Jun 2
2
10 Feb307 June
60 Jar) 11
74 Mar 26
2618 Feb77 Sept
63 2 Apr 2 711 Feb 7
8
,
565 Jan 72 Sept
8
130l2 Jan 30 155 Feb 26 108 Jan 14472 Oct
9514 Jan 25 60 Apr 17
35
Jan 68 Aug
3518 Jan 25 44 Feb 13
4412 Aug55% Aug
814 Jan 23 20 Mar 10
318 Jan 11 Mar
39 Feb 27 6812 blar 12
17
Jan 5014 Ap:
867 Jan 10 87 Mar 12
8
35
Jan 78 Nov
2112 Jan 31 5614 Mar 12
55* Jan 32 Apr
53 Jan 8
4
912 Feb 13
5
Jan 1412 Apr
6014 Jan 4 7312 Mar 5
65 June 75 4 Oct
3
84 ,,pr 26 12 Feb 6
1 Jan
8
1514 Dec
13 Apr 27 17 Feb 15
712 Jan
193* Aug
37 Jan 9 454 Feb 14
2412 Jan 483 Aug
4
154 Jan 18 193 Feb 14
154 Nov
2514 Apr
413 Jan 9 49 Feb 10
8
60 Nov
533 Sent
4
28 Jan 17
414 Feb 16
23* Nov
74 May
84 Jan 16 105 Mar 26
547 Jan 873 Dec
4
8
93 Jan 22 10014Mar 5
723* Jan 10118 Oet
7412 Apr 9 . 4
99
9114
Ja
764 Jan 2 901s Feb 17. 1351.11:
Bait
1612 Jan 15 2212 Jan 30
1214 Jan 38 Aug
18 Apr 24 213 Feb 13
8
1812 Dec 3012 Apr
14 Feb 1 183 Feb 9
8
83 Jan 2212 June
4
10914 Apr 2 117% Feb 9
9614 Jan 12518 Sept
7514 Mar 10 78 Jan 29
72
Jan 82. Oat
72 Jan 23 8112 Mar 5
73 Dec 903* Aug
8
453 Apr 9 473 Jan 29
8
334 Jan 49 Oct
34
12 Jan 17 17 Mar 21
105 Jan 26% Aug
38 Jan 11 425 Apr 19
5
8
19
Jan 40 Aug
71 Apr 19 763 Mar 5
4
63
Jan 82 Aug
6412 Apr 12 7012 Jan 9
6018 Jan 743 Atli
4
337 Jan 17 42 Apr 25
23
Jan 615* Aug
87 Apr 23 93 Jan 9
70
Jan 95 Nov
75 Apr 2 8118 Feb 7
71% Jan 8714 Oct
50 Apr 2 6612 Feb 7
43 Mar 57 May
50 Apr 3 563 Jan 30
4
Jan 594 Map
46
30 Apr 3 373 Jan 10
4
171s Feb 5314 June
21 Jan 12 267 Mar 5
8
204 Dec 323 Aug
8
13 Jan 3 50 Mar 5
32
34 4 Nov 68 Aug
3
2811 Jan 12 363 Feb 10
4
8
20 8 Jan 387 Nov
3
8
56 Jan 4 637 Mar 21
8
323 Jan 597 Nov
8
8
514 Jan 2
74 Feb 10
33 Jan
8
10 Apt
85 Jan 18 131 Feb 14
8
44 Jan
14% Apr
,
87 Jan 9 9514 Feb 21
7814 Jan 9814 Oat
243 Jan 8 3514 Mar 20
4
1714 Jan 285* Aug
643 Jan 81 707 Mar 22
8
4
48
Jan 71
Oct
193 Jan 16 2912 Mar 21
4
1814 Nov 38
Apr
144 Jan 10' 1914 Feb 10
1318 Nov 265 May
*
5814 Jan 19 66 Apr 20
34
Jan 6212 Sept
13518 Apr 2 1447 Feb 26 125
8
Jan 1541 Be%
4
7114 Apr 21 7612 Jan 6
7114 Jan 80 Ault
113 Jan 2 2178 Mar 6
4
712 Jan
197 Apr
2
2612 Jan 17 62 Mar 5
2014 Jan 3612 Apr
7 Mar 10 11 12 Mar 22
6
Jan 143 Ma/
S
2314 Jan 17 3418 Mar 22
19
Jan 3512 Aug
1612 Jan 18 2212 Mar 22
1214 Jan 247 Aug
8
10 8 Jan 16 15 Feb 9
5
814 Jan
1714 Aug
22 Apr 2 263 Mar 22
4
13
Jan 2814 Dec
16 Jan 2 2014 Mar 5
2
133* Jan 247 Apr
564 Jan 8 633 Mar 5
8
511 Mar 6474 Sept
,
814 Jan 18 1012 Feb 13
6 Feb164 June
1312 Apr 20 19 Feb 13
914 Jan
295* June
26 Jan 10 3512 Feb 23
25
Jan 5314 Mat
$ per
3212
100
8814
112
11014
4018
573
4
112
13
8
14014
69
1013
4
214
4
33
261s
51
4
81e
O73
1412
*474
7012
1312
*14
88 Jan 2
1212 Jan 2
4618 Jan 18
5714 .an 10
1212 Jan 9
14 Jan 4
1 Feb 15
71 Apr 27
109 Jan 30
45 Jan 10
9412 Mar 26
21 Api 26
4512 Apr 27
77 Jan 6
5112 Apr 24
36 Jan 31
37 Jan 9
70 Jan 3
107 Apr 13,
7312 Jan 2!
107 Apr 13
175 Apr 23
11914 Mar 22.
58 Jan 30
82 Mar 3,
1912Mar (1
'
5438 Jan 14
723 Mar 19,
14% Mar 14,
%Mar9i
13 Mar 9'
4
80 Jan 21
112 Mar 21
6114 Feb 16
9712 Jan 27
367 Feb 21
8
687 Feb 21
8
9112 Mar 71
55 Feb 7
4912 Feb 13
60 Mar 6
83 Mar 21
110 Jan 14
108 Mar 6
115 Feb 20
189 Mar 7
12578 Jan 18
11 Apr 25
48
Jan
,
107 Jan
313* Jan
954 Jan
912 July
18 Dec
re Jan
553 Jan
8
101
Jan
373 Jan
4
86% Jan
274 Nov
Jan
58
58
Jan
51 July
311 Jan
4
3114 Jan
Jan
51
9814 Jan
3214 Jan
9314 Jan
Jan
141
1154 Jan
5 Nov
83
Got
23 Aug
3012 Aug
68
Oct
181 Apr
4
7 May
8
2 /Way
9114 Sept
11512 Sept
5104 Bent
104 Sept
4
527 June
7214 Sept
Dee
)1
5512 Dec
49 June
49 Apr
884 Sept
Oct
113
7812 Nov
1137 Dec
8
Oct
201
1261 Nov
,
14 May
Ex-dividend. b Ex-rights (June 15) to subscribe
1872
New York Stock Record-continued-Page 2
page preceding
Foe sales during the week of stocks usually Inactive, see second
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Friday.
edriesday. Thursday,
11•11.111,
Sa1 VidaY. 1
April 27
April 26
April 25
April 24
Apill 23
April 21
Bales
for
the
Week..
•
STOCKS
NEW YORK STOCK
EXCLIANGE
PER SHARE
Range since Jan. 1 1923.
On Oasts of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
Per ehare,5 Per Shari
Per share
per share $ per share 5 per share Week. lactua. ac M1SCeii• (Con.) Par $11 18 Apr27I $ per share
per share $ per share
Per share
1514 Nov 304 May
2054 Jan 4
100
4 6,400 American Cotton ()II
4 1118 113
8
117 123
4
4
,
.1314 1312 1318 13 8 123 1312 123 13
334 Nov 61 May
..... 100 224 Apr 26, 3854 Jan 4
1,300
Do pref
4
/
2212 2318 *221 23
,
4
3
233 23 4 2312 2312 2314 23 4
*2312 25
714 Aug,
44 Jan
74 Feb 23
554 Apr 23
57
900 Amer Druggists Syndicate__10
4 6
*53
6
*5h 6
sy, 6
*578 6
5,4 57
Oct
100 123 Apr 12 14312Mar 2 126 June 162
400 American Express
126 126 •123 126 •124 125 •123 127
,
12614 126 4 126 126
10h Dec 177* Apr
4
14 1114 *1112 1134
600 American Hide & Leather_ 100 104 Apr 17 135 Mar 7
4 11
8
1078 107 *1012 11,
11
103
4 11
*10
4
4
100 563 Apr 18 745 Mar 7
58 Jar, 741 Sept
Do pref
6I5 617 *6012 6112 1,600
8
597 598 6018 61
60
,
,
57 4 57 2 *58
78 Jan 122 Sent
100 981g Jan 31 1101g Mar 23
2,100 American lee
104 104
10412 10412 105 105
s
10414 10412 10314 1043 104 105
72 Jac 9514 Aug
100 84 Apr 20 89 Feb 21
*825 84
500
Do pref
84
84 • *82
84
84
84
*8212 84 .82
84
8
244 Dec 505 June
Jan 30 324 Max 21
28
8,600 Amer International Corp_..100 244
2818 28
4
2914 273 2914 28
29
8
8 283 29
2814 293
14 July
94 Jan
,
1214 1214 1212 11 s 12h 3,800 American La France F E.10 1114 Jan 17 13 Mar 1
s 1214 1212 12
8
1214 1214 123 123
42h Oot
28 Nov
100 30 Jan 2 38 Mar 5
Linseed
32
1,900 American
33
32
*32
8
s
3214 33h 327 327 *3214 33
3214 33
48 Nov 6412 Oct
100 49 Apr 13 59 Feb 15
630
Do pre/
*5212 54
55
*54
*5412 55
*5412 56
*5312 56
5412 55
Jan 13054 Clot
23,200 American Locomotive _ _ _ _100 12018 Jan 17 1394 Mar 19 102
4
4
13312 13412 134 1343 13414 1353 1343* 135
4
4
132 1323 1313 134
Jan 12214 Deo
100 1161t Apr 12 122 Feb 9 112
Do pref
100
117 117 *116 118 *115 117 *115 117 *116 117
7
•117 118
8Mar 5
44 Sept 5314 Dec
48 4 8,100 Amer Metal temp etfsNo par 49 Apr 14 557
4
4 473 47h 48
47h 473
48
47
49
48
49
Oct
49
Jan 129
82
--25 76 Jan 2 8812 Apr 19
Radiator_
1
/
854 8512 8514 85'2 8512 8614 2,600 American
s 8514 86
85s 867
*8612 88
7
8 2 Oct
67 Jan 6
91s Feb 19
25
4
33 Jan
77
8
7 8 77
778 2,500 American Safety Razor
8
78 73
7
7 8 7s
3
4 74
73
7
2414 May
2
,
7 4 7s
14 Apr 23 213 Jan 5
512 Jar
280 par
1514 1514 6,800 Am Ship & C'omm
1518 1518 151s 1512
151ii
15
15
15
1512 14
1
/
434 Jan 671k May
4 6212 623* 19,800 Amor Smelting & Refining.100 53 Jan 17 6912 Mar 2
6214 623
63
8
,
64h 623 63 8 62
,
62 8 6412 63
804 Jan 1041g Oct
100 7838 Jan 18 1024 Mar 6
Do pref
9912 1,100
*99
99
99
7
,
9914 99 4 93 8 09
3
98 4 99
9912 9912
100 140 Jan 10 1524 Feb 14 10911 Jan 159 Sept
American Snuff
145
8
*143 144 *143 145 *143 145 *143 145 *143 145 *143
304 Jan 4014 Sept
Jan 17 407 Mar 21
39
2 8,000 Am Steel Fdry tern ctfs_33 1-3 354 Apr 26 10514 Feb 9
39,
4
/
8
91
Feb 10814 Oct
4
383 3918 383 397* 391 393* 393* 3912 398 3912
100 1001s
Do prof.tern Mrs
100
*100 100 2 •100 10012 10018 10018 *100 10012
,
13
5418 Jan 857 Aug
*100 102 *100 102
17 85
*7912 8012 5,800 American Sugar Refining_ _100 76 Jan 26 1083 Feb 3
s 8014 815* 7914 8119
803
7914 8012 80
Jan 112 Aug
4 Jan
84
7812 80
100 1054 Apr
Do pref
1
350
4
4
,
2314 Feb 47 May
*10514 106 *10514 10712 *10514 107 8 10618 10618 1053 1053 *10514 107 4 2,900 Amer Sumatra Tobacco_ ,.A00 241 Feb 1 383 Feb 14
4
/
8 29h 3118
8
2912 29
293
4 285 29h 2912 315
Jan
524 Feb 71
283* 2912 *29
100 555 Jan 16 655 Feb 13
Do pref
100
61 •____ 63
61
62
*59
*5718 63 .5718 62
Jan 12814 Aug
5
*5718 63
5,600 Amer 'I elephone & Teleg /00 12114 Apr 3 12512 Mar 13 1144 Jan 16912
4
1223 123
s
1227 123
13
1227 123
4
1223 123
4
4
Sept
1294
1223 122h 1223* 123
100 150 Jan 17 1613 Feb
15214 15312 2,000 American Tobacco
8
15312 15312 15312 1537
15218 153 *15212 153
9612 Jan 108% Oct
15218 153
100 101 Mar 16 10718 Feb 2
Do pref (new)
400
8
4
8
10178 1017 1013 1017 *101 102
4
Jan 16544 Bern
102 102 .1013 102
*101 102
Do common Class B__ _100 148 Jan 10 1.59h Feb 9 126
8 2,600
151 1527
4
Jan 3314 Nov
8
4
6
443 Apr 26
8
150h 1507 1503 1503* 15018 151 *151 15212 1513 152
8 4112 6,500 Am Wat Wks & El v t 0_100 2712 Jan 29 93 Jan 16
4 423
401 4 4014 443
Jan 934 Sept
4 3912 3912 40
39
393
67
3818 39
(7%) v 1 0.100 85h Jan 3
Do 1st pref
4 9112 9112 1,100
8
1714 Jan 5514 OM
91 14 9112 9112 9112 *9114 917 *9112 913
91
91
Do partio pf(6%) v t a 100 4812 Jan 3 6318 Apr 26
6,600
4
631s 613 62
61
6118
Jan
5912 6012 60
Oct 95
86
5912 5912 5912 81
100 9314 Jan 2 9814 Jan 31
300 Amer Wholesale, pref
*943 97
97
9712 97
*97
Oct
97
97
7814 Jan 105
*97 100 .97 100
100 93 Jan 19 1095*Mar 21
20,000 Amer Woolen
3
8 968 97
4
/
9612 9712 971 977
Jan 11114 Don
9612 963* 97
95
4
9514 96
100 104 Apr27 1113 Jan 3 102
Do pref
104 104 4 1,100
,
224 Jan 554 Sent
106 10614 1053* 10512 10412 10514 *103 104
*10614 108
Paper prof _ _100 26 Jan 24 32 Mar
27s 1.704) Amer Writing
,
2714 27 2 2718 2712 2712 2712 27
1218 Jan 21 Sept
16
26
*2512 268 26
18
4 2,400 Amer Zinc, Lead & Smelt_ _ .25 15 Jan 23 1914 Feb 27
163
163
8 16
Jan 57 Sept
8
36
1518 153 153* 1512 153
25 4818 Jan 29 5814 Feb
1518 1518 15
Do pref
52
1,800
81 52
527
8 52
s
505 503
115 Nov 57 May
5212 5012 52
52
53
Mlning_.50 4518 Jan 18 5312 Mar 6
53
4
473 488 15,900 Anaconda Copper
4
4 4812 483
g
4 4814 483
483
Jan 707 Dee
48
43
49
15
48
4812 49.
7912 7912 3,200 Acsociated Dry Goods._ _100 8214 Jan 51 88 Mar
7914 7914 78's
80
8018 78
80
Oct
Jan 86
75
100 0212 Jan 18! 89 Feb 13
Do Ist pref
85
8512 *83
*83
85
*83
85
Jan 914 Oct
*83
76
*8312 86
87
100 8818 Jan 9 93h Feb 26
*84
100
Do 2d pref
*9112 95
93
*91
92
9112 92
Jan 13514 May
9212 *89
99
*90
100 111 Apr 11 133 Jan I/
*9012 92
110 11112 1,200 Associated Oil
112 112
51 Apr
114 114
Dr Dec
312 Feb 14
14 Jan 17
•112 113 .111 114 •111 114
1.300 AtlanticFruit...No par
2l4
2
4
212 /3
212 212
4
214 2l4
214 214
194 Dec 43, May
214 2 4
4,200 All Gulf 4 14 I S S Line.,..100 18h Jan 30 3314 Niar 17
4
4
243 •2312 2412 *233 24
23
25
*24
3114 May
15 Dec
235* 25
8
247 25
100 147s Feb 2 27 Mar 19
Do pre!
600
*1712 20
20
18 .18
,
Oct
18 8 18 s 18
,
8
8 18 • 18
18' 187
100 119 Jan 21 15312 Jan 10 117 Dec 1575
300 Atlantic Refining
128 128 *126 128
Jan 1191g Dee
12514 12514 *125 128 *12614 128
*125 128
100 11512 Apr 91 120 Jan 18 113
100
Do pre!
*115 116 *115 116
134 Feb 224 May
116 116 *115 116 •115 116 •115 116 .16
No par 154 Jan 2 2014 Feb 14
100 Atlas 'lack
8
173 *1612 17
1612 *1618 1612 1618 1618
*16
12
,
8
9 4 Jan 405s Sept
•163 17
2
4 2918 28, 2812 1,100 Austin Nichols & Co...-No par 2812 Apr27 3512 Jan 23
Jan 91 Sent
2914 •2812 2912 *2812 2912 283 85 .82
68
4
283 2914 29
100 84 Apr 18, 8912 Jan
Do pref
84
85 .82
*82
84
*82
84
4
*82
84
934 Jan 1425 OM
*79
61,800 Baldwin Locomotive Wks_ 100 12914 Jan 17i 14414 Mar 19
4
1373 13918
8
8
Oet.
Jan 118
136 13814 1375 13812 1367 1383* 1378* 13914 *112 113
Jan 4 104
13714 1387*
4
100 112 Apr 23' 1163
Do pre/
100
8
8
,
112 112 •111 8 113 •1117 113 .1117 113
Jan 6733 Sept.
40
•112 113
180 par 46 Apr27 55 Feb 16
*50' 505
4 1,300 Barnet Leather
50
46
50
*44
50
*44
50
*44
s
195 Jan 564 Apr
50
*44
Clam A__..25 21 Apr27 35 Mar 23
1,500 liarnadall Corp,
25
2514 24
2512 *25
2412 241z 25
Apr
25
39
17 Nov
4
243 2512 25
25 17 Apr 7 22 Jan 2
500
Do Class B
17
17
18
•17
18
14 Mar •
Dec
4 17h 173 •17
4
173 178
12 Jan 2
173 173
14 Feb 26
20
12 3,900 Batopilas Mining
8
5
2
,
12
8
3
8
3
•14
8
5
8
5
8
5
33 Apr 65 Seed •
7 6214 Apr 4
4
,
.
NO par 5912 Feb
400 Day uk Bros
57
5642 *58
57 .56
57 .56
8 57
30 July 534 Dec
.5712 5914 5712 573
20 51 Jan 21 8414 Mar 26
4 7214 7214 4.700 Beech Nut Packing
7412 7312 743
73
72
72
Jan 79 May
73
51
7312 7312 70
100 5912 Jan 221 70 Mar 3
4
8 633 6418 44,000 Pethlehem Steel Corp
641s 653
7
6212 6412 633 64s 63 8 647
8
554 Jan 8214 May
7178Mar 3
4
643
114
Do Class 13 common__ _100 6014 Jan 16
-----904 Mar 106 N07
100 9314 Feb 1 9612 Jan 2
200
Do pref
97
5.
5 - 95 "ori- 95 - - 108'8
;5i- 97 ;55- 95 ;55- - -5 1081s, 10812 *10812 1088- ;55- 10834 400 Do cum cony 8% pref..100 10728 Feb 2: 1114 Feb 9 104 Jan 110% June
*10812 109 *10812 109 •10812 109
001
94 Nov 101
100 93h Jan 311 9712Mar 9
700
Preferred new
95
95
95 95
9412 941
1012 AU 01
95
4 Nov
9412
95
7h Jan 18
95
95
5 Jan 3
No par
95
fin
5
1,200 Beoth I 'eries
5
53*
5
5
5
15 Sept
97 Mar 2
.an
5h 5s
8
514 53,
712 Mar 23
100
6
3
8
*53
200 British Empire Steel
2
8,
,
814 8 4 *7 4 812 *75
4
58 Mar 763 Apr
6912 Mar 13
8 *712 814
,
8s 8
100 6612 Feb 5
,
*712 8 2
Do 1st pref
67
68
*65
6934 *65
4
191s Mar 39 Sept
693 •65
*65
100 23 Apr 12 2612 Feb 20
70 •_ _ 70
Do 2d prof
2238
2212 *21
*21
23
Jan 1244 Aug
2214 *21
*21
23
*21
100 109 Jan 23 12112 Jan 9 100
22
*20
11118 1115* 4,100 Brooklyn Edison, Inc
4
4
Jan 1244 Nov
11012 1103 1103 112
70
Feb 7
109h 11012
100 10914 Jan 19 128
110 11012 10918 110
1,700 Brooklyn Union Gas
119 120
11914 120
118
s
42 Jan 647 Sept
8
100 5912 Feb 27 657 API* 2
11514 11514 11514 11514 11514 11614 62
Shoe Inc
11514
700 Brown
4
62
62, ,
8
613 62
848 June
62
112 June
63
28* Jan 25
*62
lh Apr 18
63
64h 63
Brunswick Term &Ry See 100
*63
*112 2
*112 2
*112 2
4
*112 2
100 138 Feb 23 1443 Mar 23 11314 Jan 147 Del
4 2
*13
4 2
*13
100 Burns Bros
Oct
142 *139 142 *13912 142
s
283 Jan 53
an 2
3612 Mar 17 43
13912 13912 *139h 142 *13912
•1391.2 141
Do new Class B corn
600
363* 363*
37
37
1015 Dee
4
/
51 Mar
1154 Feb 14
363* 37
813 Apr 14
*36h 37
37
37
4
*363 37
8 4,900 Butte Copper & Zinc v 10.... _5 1712 Feb 1 214 Jan 4
812 85
8
Feb
8 87
83
15 Nov 34
8
88* 85
,
812 8 8
100
8h 87
812
Butterlek
500
1712 *1714 18
4 *17
204 Jan 3514 Oct
Mining ___10 29h Jan 17 377 Mar 1
*1712 173 1712 1712 1712 173
18
18
4
303 304 2,200 Butte & Superior
30s 31
654 Dee 1514 Apr
30s 3012 31
5 Jan 24 ' 918 Feb 16
par
,
3112 3112 3018 31 8 30,2
618 1,700 Caddo Central Oil&Ref No par 7912 Jan 24 87 Feb 9
6
4
4
/
61 6,
Jan 8(14 Sept
68
,
*618 6 4
6
6
No
612 612
62 6 2
,
,
4 85
,
85 2 4,000 CalifornIt.PaCkIng
8612 8514 853
434 Jan 71s Jan
84
8
100 6614 Jan 3 1023 Mar 22
4
833 835
4 8312 8312 8312 84
9418 35,700 California I etroleutn
9512 92
8 94
Mar
83 Jan 9811 Apr
100
s 95h 963
4
,
pref
9314 94 2 9212 9412 933 953
Do
3,200
8
,
2
20
514 Feb 118 Ma3
102 10212 102 10214 10112 102
44 j pn 2
0,
10 993 Aa r 20 112 8
,
10012 10I3* 100 8 102
10112 102
914
15,400 Callahan Zinc-Lead
834 9
87
504 Nov 6812 June
84 914
52 Jan 23 66 Mar I
8 912
87
8
812 93
84 913
300 Calumet Arizona Mining_ 10
60
*57
60
71 Jan 4
614 Dee 164 Mar
*5714 5812 *58
8
93 Feb 19
59
1
*57
80
*57
11111 Gold
5712 57%
Carson
mg June
43 Feb 2(
3 Mar
3 Jan 2
No par
712
1
Case (J 1) I'low
68 Feb 9314 Aug
,
3 2 *212 312 *212 3 2
4
693 Jan 4 85 Apr 9
1
22 3
*212 312 *212 312 ., - 2
200 Case (J I) Thresh M. pf ett 100
*7812 83
81 1 *791 83
81
82
82
84
84
*83
.83
294 Jan 444 Sept'
lob 3212 Jan 4 4012Mar 7
4,800 Central Leather
34
34
34
34
033r Jan 824 Bent
4
100 67h Jan 8 793 Mar 7
8
333 3412 3314 34
,
4
/
4
333 341 33 8 343
Do prof
4 3,220
4
7514 743 743
75
32h Jan 4658 1)00
par
Jan 17 5012 Mar 28
7314 7414 75
72
73
7318 731s 72
0 Cerro de Pasco Copper_No par 4212 Mar 1 45 Mar 14
4512 451* 9,90
Feb 534 June
4512 46
34
46
4014
4 4518 4612 4512 4614 46
4618 463
100 Certain-Teed Prod_ __ _No
8
*407 44
44
4
*40
475 Jan 7914 Apr
44
1 76 Mar 14
*41
44
Motor Car_ -NO Par 617 Feb
4
403 4034 *41
44
*40
4
,
6712 683 15.700 ChandlerPneumatic Tool 100 82:4 Jan 10 9054 Mar 21
Jan 89 12 Sept
60
4
4
683 695* 673 6914 6712 69
8
685 70
4
683 70
Chicago
500
83
4
/
a6 273 Apr27 303 Mar 1
83
1518 Jan 291 Noy
84
*83
8
8
4 8312 83h *8314 84
4
838 823 823
.83
8
8
2214 Nov 334 June
8 273 277 20,600 Chile COI)Pur
277
2
274
8Mar
8
277 28
5 24h Jan 20 317
4
273 2818 2734 28
s
275 28
6,900 Chino Copper
7014 Dee
Jun
8
43
2712 26, 27
4 27
4
Peabody & Co_ .... 100 65' Jan 5 7614 Mar 28
8
8 267 277* 263 27h 267* 263
273
27
900 Cluctt,
4
Jr.,' 821 Oct
4
/
41
701
*70
70
70
74 Jan 16 81 Jan 3
3
'Jo ow
68 4 69
7012 71
71
8 71
71,
71
7,000 Coca Cola
Jan 37 May
24
7614 77
773
,
77 8 77
100 2514 Jan 17 317 Apr 26
4 77
763
4 76
7612 7612 755* 763
Colorado Fuel & Iron
8
6354 Jan 1143 8ePt
4
8
4
/
324 341 3312 348 335 343 53.300 Columbia Gas & Electric_ _100 103h Jan 17 113h Feb 15
8
2912 29h 297 34
29h 30
554 June
s 5,600
114 .lan
,
2 8 Feb 6
1095* 11012 108h 1093
lh Apr 19
Graphopuone No par
8
1085 11014 10918 10912 1095* 110
10914 110
17
5 Feb 21 June
14 4,700 Columbia
13
7 Apr27 1212 Jan 15
lh
100
i
4
/
11
184
4 13
13
lh
pre/
154
4
13
134
4
5514 Jan 795 Apr
712 1,100 'Do
7
8 8312 Ape 9
*712 8
*712 8
712 71, •71, 8
. 8
•71
Com puting-Tab-RecordNo par 69 Jan
4
185s Feb 425 Oct
4
,
8
8
8
787 7918 783 783 *773 78 4 4.300 Consolidated Cigar......N0 pp, 284 Apr 20 394 Jan 3
798
8
7818 7812 773 781s 78
47 Feb 8714 Nos
30s 4,700
29
8
3112 283 30
31
100 78 Apr 10 83 Feb 17
32
8 32
3112 317
*3112 3212
DO Mei
214 Mar
14 Feb
*7812 745
4
3 Feb 20
79
Mar 7
*78
79
79 .78
14
*78
79
Conned Distributors,Ine No par
*7814 7912 .78
3.54 .fan 145h Bent
Jan 26
8
5
14
8
5 '
14
"
8
5
*14
,
*14
Cowielidated Cis..9 (11 Y)_100 120 Jan 2 137 8 Feb 7
*14
h
*14
7
57 g Dec 62h Dee
,
Jan 2 69
No
When issued
,
6114
- - 62.800 Consolidated Tetrile._ _No par 60 s Jan 31 1412 Feb 9 9 July 15 s Apr
4
-55.
par
107
6
- 6 - 66 663*
-655*
45h Jan 11514 Dec
100 115 Jan 2 13154 Jan 31
2
1038 1012 10, 78 1034 114 1112, 1134 1118 113* 12,900 Continental Can, Inc
10'8 1034
_
par 434 Jan 2 5014 Feb 19
No
-4/18 46l4 493* --7:566 When issued
4
Jan 9 4 Aug
66
35
. 4 -14"
if- -484 - -7 -45Ts 15- -i5f2 473*
462 25 92 Jan 6 1034 Feb 15
Continental Insurance
1
/
1114 Dec 184 Dee
*98 100
9912 •98 100
94 Apr27 1214 Jan 19;
*98
98 100
*98 100 .
Continental Motors_..NO par
*98 100
4
4
/
01 911 Jan 1343 Oct
4
4
614 63
,
018 9 4 19,600
1
/
94 93*
4 93*
9,
Products Refining...100 12313 Jan 6 139 Feb 24 111
9,2 93
,
4
912 9 2
Jan 1223 Nov
8
129 "13178 1317 13312 13212 1337 47,400 Corn
100 1174 Apr 21 1224 Feb
s
1304 12812 1313 130 13114 •117 119 *117 1183 *117 1183
Do Prof
,
128 s
200
3l5* Jan 54 Dec
4
No par 504 Jan 4 634 Feb 17
Co
*117 120 *117 1193
4
11712 1173
71,300 Cosclen &
4
523 Feb 984 Sept
,
50 8 53
51%53
5212 51
4
523 54
Arnerica_100 684 Jan 11 844 Mar
,
Steel of
4 5118 53 4
5212 533
80 Jan 100 Sent.
8
797 26,600 Crucible
4
100 884 Jan 2 941sMar 2
8 783 8014 7914 805* 79
5
79h 782 803
Do pref.
7812 79,
4 78
4
818 Jan 195 Mar
400
4
/
124 Jan 17 20 Feb 13
No par
9112 9112 9112 911 915 *9012 92
Sugar
*9012 9112 *91
91
4
91
4
/
151 Jan 417 July
1612 16h 7,900 Cuba Cane
171
8 17
173
17
Jan 17 6414 Mar 15
100 3718
4
/
171
,
4
163 17 8 17
Do Wel
,
16 * 17
141g Jan 28 Aug
624 6112 6278 6014 6112 23.800 Cuban-Amerlean Sugar....10 2312 Jan 16 375 Feb 13
4 62
6112 623
4
6014 62 4 613 83
,
8
7818 Ian 1024 Dee
357
8 353 373* 3512 357 59,200
,
35 s 367
100 9814 Apr 23 106 Apr 6
,
8
345 36 4 3518
Do pre:
200
231s Nov 054 Apr
34h 353
/Mar 6
4
4
/
9914 99,
100 .95 100
Chemical v t c_No par 29 Feb 1 381
,
9814 98 4 *98 100 .95
*96 101
1512 Jan 255* Sept
4
/
4
/
311 311 35s 328 3112 3214 3,950 Davison Cons Mines_ _No par 233 Jan 24 28 Mar 1
4
8
307 32
30e 31
600 De Beers
8
8
8
3012 31
273 273 *2718 275*
27
25 111 Mar 2 1003 Jan 1184 Aug
100 1054 Apr
8 27
26 8
8 . , 267
8
,
400 Detroit EdisonLtd
1812 Jan 464 Nov
2714 27 4 267 273 10612 10612 105h 1057 *105 10612 *105 10812
8
4
10 393 Feb 1 44h Jan 4
MIncel,
10612
10612
70 July 901g Deo
4 4012 41 14 6,200 Dome
8
106 106
8 413 413
414 417
4
Par 893 Jan 2 11534 Apr 3
42
4
Kodak Co__ _ _NO
4212 413
4
3
Dec 1693 Nov.
2,500 Eastman
8
8
*4212 42 4 4214 110
8
8
1097 1097 11012 11012 1103 1107 110 11014 34,600 El du Pont de Nem & Co 100 10614 Jan 17 146 Apr 18 105 June 904 Sept
10812
80
144 148
14112 145
Apr 12 8812 Feb 28
109 110
139 14114 13912 143
6% ournul preferred__..100 8112
137
600
4011 June 888 Dee,
4
88
8712 8712
13612 1394 *8712 140
874 88
par 54 Jan 17 6718,Mar 21
,
Storage BatteryNo
873
4 8712 87 8 *8712
241, Dee
8712 8712
1414 Jan
4 63
633
63
63,2 3,100 Electric Coal Corp
4
6312 64
50 133 Apr 23 20h Jan 2
63
,
63 2 63
700 Elk Horn
2h Jan 114 June.
*1412 15
*1412 15
6338 633 63
7h Feb 20
14
14
5 Feb 26
14
14
Emerson-Brantingtum---- 100
134 14
s
7
5h *47
7614 Jan 947 Deo
8 52
14
,
•47
Jan 2
512 *4
50 7012 Apr 23 9414
*13h
*478 512
-Johnson
Jan 119 Dec
7114 71
7112 4,000 Endicott
71
512 *478 512 71
*4h
100 1114 apt 24 118 Jan 3 104
4 70% 71
71,
Do pref
8
300
7012 717
72
112 *111 11112'111 11112
71h
111h 112 *111
112
ii3v-4100% stock dlv. g Par value 310 Per share
1. I Ev-div.
. X P1 1
natl
,
. 4011,
*111 11. *111h
,
'
.‘,. 4 17 "fr.
68's10
New York Stock Record-Lontinued-Page 3
1873
For $ales during the week of stock. usually Irraerire...ee third peg. precedlag•
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Itatitracto
April 21
51084141/
April 23
Puccini, t it eanestlay. Thursday,
,
April 24 ; April 25
April 26
Sale.
for
the
/Peat.
STOCKS
NEW YoRK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1923.
-share lots
On Oasis of 100
Friday,
April 27
I
Highest
Lowest
per share $ per share $ per share $ per share S per share Share. Indus. es
$ per share S
Mi.ceri.(Con.) Par
Per share 5 per share
26
27
27 .26
.26
26
*253 27
4
*2614 27
*26
27
200 Exchange Buffet
No par 26 Jan 41 31 Jan 10
8
8534 8518 86
4 845 8612 85
8614 863
855 86% 8534 86
.3
9,400 burnous Players
-Lasky _No pa? 823 Jan 19' 93 Jan 2
9418 9418 *9314 96
94
94
95 95
*9312 96
*9312 96
300
Do preferred (8%)_100 94 Apr 21 994 Feb 14
*734 11
*73 11
4
11
*8
*73 11
4
*74 11
*73 11
Federal Mining & Smelting 100
83 Jan 23 123 Feb 16
4
51
51
*49
53
51
*51
*48
53
*4913 53
50
50
200
Do pref
100 44 Jan 23 6012 Feb 13
83
4 83
83
4
4 83
4
83
4 87
83
834 9)4
914
9
913 10,600 Fifth Avenue Bus
73 Jan 17 103 Jan 2
No par
8
165 165
155 162
*15712 165
155 157
16012 161
165 165
1,700 hisner Body Corp
No par 150 Feb 1 21214 Jan 11
993 993
4 993 994 993 997 *9912 100
*98% 100
4
4
4
900 Fisher Body Ohio, prof.... -_ 100 9618 Jan 24 10112 Feb 19
9913 9912
8 1212 13
1213 125
13
135 . 123 13
4
13
1314 1234 13
2,500 Fisk Rubber
1212 .pr 20 1612 Feb 13
No Pat
8 17
175
8 163 17
173 177
4
17
17
17
17% 1714 173
4 5,500 Freeport TeXas Co
4
No par
163 Apr 24 22 Jan 13
64
6412 6413 63
60
63
59
62
6112 6113 60
61
4,600 Gee Am Tank Car
No pa
59 Apr 25 717 Feb 20
44
46
45
453
4 4514 4614 4512 4634 4518 46
4412 45 4 15,000 General AsphaJt
,
54 Mar 7
100 4113 Feb 1
75
75L
75
7514 *7513 77
*75
77
76
76
*7512 77
700
Do prof
100 75 Apr 21 '83 Mar 7
*86
88
88
88
*86
87
85
87
8712 8713 *87
88
800 General Cigar, Inc
8Nlar 14
100 815 Jan 4 943
•10712 10934 10712 10712 *10514 10912 *10514 10912 *10514 10912 *10534 10912
100
Debenture prof
100 10412 Jan 2 109 2 Feb 24
,
17818 179
17712 17814 17834 17812 17714 1783 178 17912 178 17814 3,100 General
4
Electric
17714 Apr 28 19015 Feb 2
•/118 118 1134 1134 1134 113
8 1114 11'
11% 113 *1118 1114
1134
8
500
Special
1
12 Jan 2
11 Mar 31
16
16'z 16
163
8 1614 1612 16% 167
1634 17
168 1714 89,730 General Motors Corp_ ../V o pa
1318 Jan 17 1713 Apr 18
.87
88
8712 8712 *87
8S
*8612 8712 87
4
873 *87
500
874
Do pref
__IOC 833 Jan 20 89 Apr 17
4
8712 8734 8712 87
87
8713 87
87
874 8712 8714 87121 1,900
Do Deb stock (65 )__ _100 834 Jan Ii 90 Apr 7
•10214 103
10214 10214 10212 103
103 103
103 103
10278 103
2,000
Do Deb stock (75 )_. _100 967 Jan 10 105 Apr 10
8
4612 48
483 50
8
4913 5112 4812 4934 4813 4812 47
20,900 Glmbel Bros
48
No pa? 41 Jan 3 5112 Apr 24
913 913 *9,2 92 .
*912 10
913 10
*912 10
.94 10
100 Glidden Co
92 Apr 11
No par
1238 Feb 9
6
57
6 14
57
6
6
6
6
512 57
512 558 11,800 Goldwyn Pictures
No par
8
77 Mar 9
47 Jan 2
8
36
3634 3614 363
4 3634 373
4 3714 37,
4 3612 37
37
37
2,800 Goodrich Co (B FL_ No par
34 Jan 4 4014 Mar 15
•90
9014 90 90
*895 90
8
90 90
•8912 90
*8734 90
300
Do prof
100 84 Jan 3 9212Mar 6
2912 2912 ,3014 3014 2912 293
30
30
2934 293 *2913 30
1,200 Granby Cons M,Elm & Pow100 23 Jan 25 33 Mar 23
*1214 1212 12
1214 *11
1212 1212 127
1218 121
1212 1212
800 Gray & Davis Inc
No par
11 Jan 23 155
8Nlar 7
•2712 28
2712 2712 *2712 28
2712 2712 *26
271 .26
2712
200 Greene Calumets Copper_ _ 100 2318 Feb 1 3418 Mar 6
10
10
1014 1012 1014 103
8 10 4 10 3 1014 1012 10
,
,
1014 3,600 Guantanatuo Sugar........No par
94 Jan 5 1412 Feb 14
9512 9612 9434 964 957 971
3
9612 977
9614 97
96
4
963 21,800 Gulf States Steel tr ctfs___100 78 Jan 10 1045 Niar 21
8
*115
113 *118
114
114
114 *Ds
114
114 *14
*118 14
100 Harbishaw Flea Cub.. No par
3 Mar 5
4
212 Jan 12
417 4234 4134 427
8 4212 43)4 4233 43
4
423* 4318 4218 423 18,800 Hayes Wheel
100 36 Mar 2 437 Apr 20
8
19
19
18
18
183*
18
1812 *18
*18
•18
19
19
500 Hendee Manufacturing
100 18 Apr 24 235 Feb 10
*6713 6912 *6812 6912 6914 691 .6712 6914 *6712 6812 *6912 697
200 Bomestake Mining_
8
100 68 Mar 5 797 Jan 2
6118 62
5918 6112 6034 6014 81
62
617 623
8 60
8
6114 5.400 Houston 011 of Texas
100 5918 Apr 23 78 Feb
284 283
4 2712 28
2714 273
274 27% 273 2814 28
4
2834 15,200 Hudson Motor Car_ __No par 253 Jan 1U 323 Mar 16
4
8
*2612 2712 26
2634 2612 2634 2612 2612 267 2734 265 2634 1.500 Hupp Motor'Car Corp
8
10 225 Jan 11
8
3012 Apr 2.
32
3
3
3
3
3
3
3
*3
3
38
5
2.100 Hy draulic Steel
3
No par
17 Apr 14
8
613 Jan 8
1314 1314 *1314 147
1314 1334 13 4 1314 13, 134 1234 13
,
1,000 Indlahorna Refining
4
5 13 Jan 3 19 Mar 19
.612 68
614 612 '63
4 712 '63
4 7
600 Indian Refining
64 63
*612 712
10
812 Apr 6
53 Jan 24
4
38
3818 377 38
377 38 .3712 38
2,200 Inspiration Cons Copper
•38
38
38
39
33 Jan 18 433 Mar I
20
4
*614
7 f •614 7
(Ps 84
6
6
7
*513 7
7
500 Internat Agricul Corp .100
6 Apr 25 11 Feb 20
3/ *__ _ _ 31
3Ø34('____ 3012 *___ _ 3034• _ _ _ _ 31 •__
Do pref
100 30 Apr 5 397 Feb 23
-4012 4012 404 40% 403 41% 4114 41 4 41
8
,
4133 .4012 4113 5,800 International Cement._ Na Pal 3412 Jan 2 44 Mar 10
2
2512 2534 25 4 25 4 2513 26
3
2534 253
253 253
4
2512 253
4 2,400 Inter Combos Lag
24 Feb 3 2718 Am- 6
No Pa
87
8 8814 8712 8814 8814 8814 8814 8814 8914 8978 .88
1,900 Internal Harvester (new)__ 100 873 Jan 17 9812 Feb 7
8914
112 112 *III 112
•11214 115
111 111 *11012 112 .11012 112
200
Do pre t (new)
100 111 Apr 25 1)614 Jan 4
9
9
.918 914 *914 912
9
9 18
9
918
9
1,500 let Mercantile M az me_ _..100
9
.
83, Jan 13 115* Feb 14
3512 357
8 343 353
4
4 3514 3534 3414 3514 343 35
4
3418 34% 11,500
Do pref
100 3418 Apr 27 47 Jan 5
1418 1412 14
144 1418 143
4 14
1414 1434 1412 1418 143 10,000 International Nickel (The) 25 14 Jan 2 1614 Feb 18
8
76
7512 7512 *7512 7612 7612 7612 7612 77
76
77
700
77
Preferred
100 693 Jan 4 783 Feb 14
4
4
435 443
8 4212 444 44
445
8 4334 4514 46
463
4 4514 45% 9,700 International Paper
100 4212 Apr 23 584Mar 6
673 673
4 663 663
4 67 67
4
*67
69
6714 671 1
6912 1,300
68
Do stamped prof
100 663 Apr 23 7518 Jan 6
4
1434 1512 15
1533 1514 1512 1514 153
4 15
4
104 143 1514 21,700 Invincible 011 Corp
60 144 Jan 17 1914Mar 7
5112 52
4914 5114 5014 53
525 53
8
*51
52
12,700 Iron Products Corp___. No par
51% 54
4113 Jan 17 5814Mar b
12
12
3
3
313
3
8
3
8
3
3
3
8
3
8
*3
8
3
8
12 2,000 Island 01104 Transp v t c
10
34 Feb 24
14 Jan 2
2014 2012 20
2012 2014 205
2112 2112 2112 2212 2214 2213 8,100 Jewel Tea, Inc
8
100 175 Jan 24 24 Mar /5
8
*70
71
73
71
70
7112 72
7218 717 717
8
7258 1,350
8 72
Do pref
100 6914 Jan 29 82 Feb 26
5812 5918 59
6014 595 6078 60
8
8 60. 6012 604 613
607
9,200 Jones hies Tea. Inc. . _.100 50 Jan 17 633 Mar 18
4
8
10712 1075 10734 10734 *1073 108 .1073 108
8
4
4
108 108 *1073 108
4
600 Jones & Laughlin St, pref_100 107 Mar 19 109 Feb 23
•112 13
4
134
13
4
113
112
112 *112
112
15
8 *112
900 Kansas & Gulf
15s
311 Jan 12
112 Jan 2
10
363 3833 363 3712 37
4
4
37
37
3714 3712 3712 3613 3612 3.400 Kayser (.I) Co, (raar). _No par
3612 Apr 27 45713 Feb 23,
9814 9814 100 100
*9812 10112 *9812 10112 *9813 10112
*9812 102
200
lot preferred (nr a)__ No par
98 Apr20 104 Mar 23'
5734 585
8 574 5834 5818 5914 5818 587
8 575 583
8
4 57% 59, 22,200 Kelly-Springfield Tire
8
25 465 Jan 4 6218 Mar 221
105 105
104 104
103 105 *103 105 .103 105 .103 105
200
Temporary 8% prof.
.__l00 1023 Jan 2 108 Jan 18
4
*10234 108 *10212 108 •10212 10713 •103 106 •10212 106 *10212 106
Kelsey NA heel. Inc
100 101 Jan 23 114% Feb 20
4018 4012 391.3 403
,
8 39% 404 3958 4018 395 4018 3914 391 21,600 Eennecott copper
No par
35 Jan 18 4458 Mar 3
93
8 93
913 9%
914
4
912
012 912
9 8 10
,
9
913 6,800 Keystone Tire & Rut bar__ 10
83 Jan 17 1118 Mar 24
8
241 241
245 245 *245 251 *245 250
2473 24812 0245 250
500 Kresge(88) Co
100 177 Mar 2 24812 Apr 26
.80
81
*80
81
*8012 81
*8012 81
81
82
*81
81
100 Laclede Gas (St 1..oule)
100 8012 April 87 Feb 21
*29
2934 283 293
4
8 3018 3018 30
4 294 297
2912 293
30
1,800 Lee Rubber & Tire.. _..NO Dar 275 Jan 16 31% Mar 22
8
•190 198
19913 200 *200 209 •200 209 .190 209 *190 209
200 Liggett & Myers Tobacco_100
194 Apr 11 222% Feb 9
•113 114
1134 113 8 •113 114 .11312 114
,
11312 11312 *112 114
200
1115 Apr 4 11818 Jan 8
Do pref
693 698 68% 70
8
697 707
8
s 69% 714 707 72
711 27,500 Lima LocoWkatempctfeNo 100 583 Jan 17 747 Mar 20
71
8
par
8
8
185 18% 1812 185
8
8 1819 18 4 1812 18% 1812 185* 1812 181
,
6,800 Loew'a Incorporated_ __No par
1814 Jan 17 21 Feb 15
•812 83
4
812 812
814
814
84 8 4 *8
8
814
,
1,000 Loft Incorporated
8
8 Mar 15 1134 Jan 5
No par
*5212 53
5112 5212 51
5118 51
51
*5013 5113 *5012 511
700 14"e-LorillaIrVdilesBiscult
(N)
100 51 Apr 24 6314Mar 2
*160 164 *160 164
16012 16012 1614 16114 .163 165
500
100 16012 Apr 24 1785 Feb 9
8
•112 115 *112 116 *112 115 *112 115 *112 115 *164 166
*112 115
Mackay Companies
100 105 Jan 22 121 Feb 8
*6712 6812 *6712 6814 *6713 6814 *6712
68
6712 6713 *6712 68
Do pref
100
100 6634 Apr 18 7013 Feb Hi
8712 89
864 8812 8712 8914 8712 8914 86
8913 88
881 14,200
k Trucks, inc------No par 5818 Jan 2 9312 Apr 6
y
*95
96
*94
06
*94
96
*95
96
•94
96
*94
98
Do 1st pref
100 9213 Jan 3 9914 Mar 12
. *86
8712 86
86 .86
8712 .87
8713 *87
8712 8712 871
200
Do 26 pref
100 84 Jan 3 92 Mar 5
*6514 6634 657 66
657 6814 .66
8
6712 663 663 *663 671
4
4
1,500 MacyNo par 6118 Jan 8 714 Jan 20
36
3713 3614 373* 37
37% 36% 37% 365 367
8 3612 363 12,600 Mallinson (11 R)& C,o__No par 3313 Apr 2 40 Jan 2
6812 6912 69
6978 69% 71% 70
72
71
72
71
71
9,200 Mama!Sugar
100 4312 Jan 17 7514 Mar 14
*83
87
*83
87
•83
87
*83
87
.83
87
*83
87
Frefe,Ted
100 82 Feb 3 90 Feb 26
56
53
56
557
8 5613 56% *55
59
*57
59
*57
59
1,200 Manhattan Flee Supply No pa? 5118 Jan 3 66 Mar 21
44
44 .43
44
4414 44,4 4412 4413 *444 45
4513
45
900 Manhattan Shirt
. 25 4314 Feb 2 477 Jan 5
495 50 4 488 5018 495 503
8
,
8
4 5012 517
5018 5112 483 503 102,600 Mailard OIL._ ______ No par 2714 Jan 6 5934 Apr 2
8
f
•10
*912 13
13
*912 13
•10
13
.10
13
*10
13 1
Marlin-Rockwell
16 Feb 26
No vat
934 Feb I
34% 3514 3 1.1 3512 3534 355
8 36
3614 355 36
8
3512 35 1 3.900 Martin-Parry Corp.._ No par 2713 Jan 31 375 Apr 17
5
.5234 523
5312 5313 533
4 '
5314 53
4 5312 5312 54
56
3,600 Matbicson Alkali Works__ 50 49% Jan 2 6412Nlar 14
54% 55% 54
56
6512 57
56
5712 558 563 *551 563
4 7,000 Maxwell Mot Class A
100 438 Feb 2 6314Mar 8
18
1818 19% 1878 1954 1812 1914
1834
183
4 18
19
19121 11,600 Maxwell Mot Class H....No
. 1413 Feb 1 21 Apr 5
7212 7413 7413 7514 1434 75
74
74
743 75
4
747 7512 3,300 Moy Department Stores.. VW
875 Jan 5 783 Jan 13
8
8
183
4 184 1858 18
185 183
185
185 .
8
8
8
4 1813
183
8 1814 1812 4,100 McIntyre Par Mines
175 Feb 1
8
20 Mar 22
*250 280 •260 280 *260 280 *260 275 *260 280 *260 280
Mexican Petroleum
100 265 Mar 2 293 Jan 2
*100 108 *100 108 •100 108 *100 108 *100 103 *100 108
Preferred
100 10014 Feb 28 10514 Mar 16
* 1713 175
1714 17% 1718 173
8 1712 171* 173 1712 1734 1712 6,000 Mexican
8
Seaboard Ctil _ _No par
1614 Jan 12 195 Niar 19
8
167 167
8
1613 168 163 16
8 1633 17
4
3 *1612 177 *1612 178 2,200
Voting trust Ws
1518 Jan 17 193 Mar 20
8
293 293
4 293* 295
29% 203
4
8 2934 2912 2933 2912 2914 2912 3,500 Miami
Copper
5 2634 Feb 1 3012 Feb 23
11
1118 11
1118 11
1118 11
1118 11
11 18 11
1118 22,600 Middle States 011 Corp_
10 11 Jan 24 124 Jan 12
31% 3218 3114 32
3113 3234 313 3214 32
4
3 32
3213 31
54,700 Michale Steel & Ordnance_ 60 27 Feb 1
3334 Apr 18
•6714 07 4 .6714 68
,
*674 673 *673 673
8
6712 675* 683 6833
8
300
100 654 Jan 24 75 Mar 8
23 8 23 4 234 233
,
4 234 2312 23% 244 2414 2514 2414 247g 34,900 Montana Power
,
MontWard & Collis Corp
10 2034 Jan 17 26 Feb 13
26
275
8 2612 2712 263 27
263 27% 27
4
27
263 2712 8,000 Moon Motors
Vo par
173 Jan 17 263 Niar 22
8
4
107s 11
107 11
8
107 11
8
107 11
8
10% 11
11,400 Mother Lode Coalition_No
10s 11
8
14 Feb 20
par 107 Apr 21
*24
27
267
8 22
*26
22
*23
26
*2212 26
*2312 26
400 Mullin: Body
,
No par 22 Jan 24 297 Niar 15
8
10612 10612 10612 1063 106 108
1063 107
4
4
1063 1063 1065 10712 1,900 Nash Motors Co
4
4
No par 754 Jan 2 11412 Jan 12
,
4
*9614 96 4 9612 963 *9612 0678 *95
97
*9512 97
97
9718
500
Preferred A
100 9612 Apr 23 1013 Jan 17
4
1412 147
8 1412 15z 1512 1312 15
1512 1514 1512 1512 1512 3,200 National Acme
60I 11 Jan 3U
184 Feb 19
4078 4112 413 4112 4112 415
4114 4134 4018 417
8
4112 18,400 National Biscuit
40
100 38 Jan 5 4334 Mar 19
12012 12012 120 120 .11912 121
121 121 .120 121 .120
300
Do pref
100 120 Apr 23
58
•5712 503 .55
593 59% 5S
4
60
*56
.56
200 National Cloak dr Suit_ ....100 58 Apr 23 125 Feb 2
60
-- - 4
593
6714 Feb 21
7
*7
118
711
.7
8
*1
1
118
118
578
"74
100 Nat Conduit & Cable_.Ho
1 14
7 . 19
8
pr
112 Feb 24
Var
8 68
6712 677
6S3
6718 68
6934 70
69
5,700 Nat Enanfg
683 693
693
Starup'4._ _100 6514 Jan 9 73 Mar 14
12712 12712 126 12612 .12612 129
128 128
1274 12712 127 127
1,900 National Lead
251 13614 Mar 20
100 12312 Jan
11112 11112'111 11212 .111 11212 11111 11114 111 111
400
111 111
Do pref
100 11034Nfar 31 114 Jan 4
,
1518 15 4 1518 1512 1514 1512 147 15
154 153
8 3,000 Nevada Cense! Copper_
8
1454 147
5 1418 Jan 29 183
8Mar 5
3818 39
3812 39
39
3918 3912 41
4012 41
10,500 N Y Air Brake (new)_ _No par
4
393 41
2634 Jan 2 41 Apr 25
494 4914 494 4914 493 498 4912 51
4,900
50% 51
50% 51
Clan A
No Par 46 Jan 9 514 Feb 13
27
263 263 *2312 26
4
2312 2514 24
2312 2313 *23
3,400 New York Dock
25
100 214 Jars 16 268 Mar 18
4
50
5012 5012 5012 51
50
50
50
*4812 5012 *4813 5013
Do .
500 NontiA refrican co
p e
100 46 Jan 31 5112Nfar 15
.
50 1001 Jan 18 11912 Feb 24
i8 ili- '4472 :ff- -iiis 4472 -,41*iii2 6- - - -- -46- - - -- - -0
8045
Do prof
45
60 4413 Jan 17
Feb 14
2478 25
25
.2112 25
25
*2114 25
400 Nova Scotia Steel dr Coal_ _100 2512 Apr 12 4812 Mar
247 2478 .213 253
4
4
297
8
3
.
912
.912 _ _ ___ __- Nunnally Co (The)___
4 *912 9% *912 10
*9,
1 93
_No par
912 Jan 5 1018 Feb 9
•63
4 73
8 .63
4 714 *63
4
734
200 Ohlo Body & Blow_ __No par
7
7
718 - -18
7
• 4 /
14
63
613 Jan 2 104 Jan 29
25*
212
4
2% 23
25
4
23
4
234 23
25* 23
23* 2% 21,000 Oklahoma Prod & RefofAm 5
318 Feb 8
17 Jan 2
8
654 *612 6%
612 612 *6
*612 634 *61
612
800 Ontario Silver Mining-ADO
6
6
6 Jan 6
7 Apr 5
1912 19% 195 193
8
191 195
193 2012
10,300 Orpheum Circuit, Inc
8
1 1712 Jan 5 215 Apr 26
1.1 inor, 204 2155 20% 2112
inn 1211. AM.DzI 103 Poll IR
•13Id and asked prices: no sales thle day. 4 Lew than Hai anares. a F.x-dividend WA mania. . nx-olvt.n..., .• .....,“,•.
PER SHARE
Range for Previous
Year 1922.
Lowest
I Highest
par saarej4 Per share
2612 Dec 3112 Oct
7518 Jan 107 Sept
9112 Jan 107% Sent
164 May
9 Jan
3713 Mar 82% Sept
834 Dec 1034 Dee
Jan 218 Dec
75
7612 Jar, 111314 June
105 Nov
8
1912 Apr
124 Jan 2714 Oot
453 Jan 80
Oct
3714 Nov 731 July
e
69 Nov 111 July
65 Mar 835 Dec
Jan 109
Oct
94
Jan 190 Dec
136
1013 Oct12 Sept
814 Jar /514 July
86 Sept
69 Jan
9614 Or 1
673 Ma
4
7914 Ma 100 Sent
454 Oct
,
38 8 OCT
U13, NOV
1814 June
84 Oct
434 Dec
4478 May
2811 Nov
Apr
7912 Nov 91
22 Nov 35 May
197 May
4
8 Nov
343 Mar
2
22 Nov
7
143 Mar
2
Feb
4
44% Jan 947 Ott
3% Mar
3 Jan
4
- -_
15 Jan
28% Bern
Jan 82 Noir
55
6114 Nov 913 Oct
4
8
1912 Aug 283 Dee
2
107 Jan 264 Dee
312 Feb 1414 June
153 Dec
4
314 Jan
2
5 Jan 113 Jun.
31 Nov 45 Jure
51 Dec
2
2812 Nov
25
Jun
204 June
79% Jai.
10512 I eb
834 Dec
41% Dec
1114 Jan
Jan
60
4313 Mar
59 Star
1218 July
Jan
24
14 Nov
Jan
10
381s Jan
3412 Feb
,
1071 Dec
14 Dec
34 May
94 May
344 Jan
904
61
2511
43*
110
43
2414
15314
108
52
1034
9
38
14714
72
67
2513
68
54
59
1512
3014
7314
41
32
225
8
54
2014
22
414
11
Jan
Feb
Jan
Nov
Jan
Jan
Nov
Feb
Jan
Nov
Jan
Jar
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Nov
Jan
Jan
Apr
Mar
NMI
Jan
Mar
Jac
Jan
Nos
Feb
Dec
Jan
Jan
Jan
Oct
Oct
Not
Nov
Dec
Jan
Feb
Aug
Nov
Dec
Dec
113 May
4
4318 mar383 may
.
3013 Sept
1157 Anil
8
119 Sept
2712 May
873 M ay •
8
1914 Apr
85 Jan
8
637 Oct
S013 Bent
2014 Aim
534 Oct
Jan
3
224 May
76% Dee
577 Bent
1,
10933 Dec
712 Jan
48% Aug
1064 June
533 May
4
1073 May
4
11512 Dec
,,
392 Mar
243* May
1814 Nov
9414 Aug
3518 Mn.
,
235
Oct
12312 Noy
117% May
233 Sept
4
1414 May
677 Sept
180 Sept
117 Del.
70 Nov.
617 Sept
8
9413 Dec
873* Sept
82 Deo
40 Aug
52 Mar
8414 Sept
69% Apr
58114 Oct
46% June
263 mar
8
3614 June
54 Nov
74% May
25% June
1743 Dec
4
6513
215 Mar
8
10%
106%
322 Dec
794
108 Doe
3412 July
15
3218 July
12
25
313 May
3
16 Apr
11
264
454 may
63
76% Sept
25% Aug
12
19% Dec
13
9%
1214 Dec
1714
34 SIB'
70
529 July
10113 Aug 108 Dec
2114 Apr
Nov
94
3878 Dec 270 Dec
Oct
1134 Jan' 126
,
Jan 667 &vs
26
44 Apr
1 Dec
303* Jun 6813 Oct
4
Jan 1291 Dec
85
Oot
108 Jan 117
191s June
1312 Nov
244 Nov 413* Sept
4512 Nov 5114 Oct
20 Nov 48 Juno
443 Nov 6813 June
443818 an 14414 Ass
n 01 Dea
Jan
3
20 4 Feb 40 Sept
4
8 July 123 Mar
194:
JanNov
5
43a June
Mar
23 005
4's121
DecJ
.T.. Mad Owe
..
New York Stock Record-Concluded-Page 4
For sales during the week of stocks usually Inactive, see fourth page preceding.
PER SHARE
PER SHARE
Range for Previous
Range since Jan. 1 1923.
STOCKS
CENT.
Sales
HIGH AND LOW SALE PRICE--PER SHARE. NOT PER
Poor 1922.
-share lots
On basis of 100
for
NEW YORK STOCK
•
the
Friday.
. EXCHANGE
Tuesday. Wednesday. Thursday.
Monday.
Saturday,
Highest
Lowest
Highest
Lowest
Week.
AprIl 27
April 26
April 24 I April 25
April 23
April 21
per share $ per share $ per share
per share Shares Indus.& Mi;cell.(Con.) Par $ Per share
Per share 3 per share S per share
1613 Apr
P Per share 3 per share
6 Nov
4
s
77 Jan 4 143 Mar 21
No par
1214
1138 1218 1112 11% 8,100 Otis Steel
3 12
123
3 12
1113 123
12
3
12
24% Jan 423 Sept
8
25 365 Jan 2 513 Mar 28
8
46
4714 7,200 Owens Bottle
8
47% 467 4714 4638 47
4714 47
4714 46
47
13 Jan 2
12 Dec 1418 Apr
214 Mar 5
*7, 1
1
2
*7
300 Pacific Development
1
*72
1
3
1
*7
2
7
1%
•1
Jan 91% Sept
60
100 788 Apr 12 85 Jan 5
8 7812 783
785
4 1,400 Pacific Gas & Electric
7812 7312 7838
8 783 783
4
7812 785
79
79
19 June
Jan
914 Apr 20 1212 Feb 8
11
5
400 Pacific Mail SS
*1018 12
10
10
10
8 10
933 93
4 *913 12
s
*912 10,
4212 Nov 693 May
8
3814 Apr 11 487 Jan 4
s
4
393 393 24,000 Pacific 011
g 397 4014 4014 40% 393 403
4
g 3912 397
8
3912 397
10 Dec 21 Nov
10 1013 Jan 8 1512 Mar 22
Motor Car
147 15
8
147 15
10,300 Packard
4
143 148
1438 15
4
143 15
3
1438 147
487 Jan 1007 Deo
50 6834 Apr 11 9312 Feb 7
& Trans
8
8
958 Der
7238 7112 7312 733 7412 7312 741s 7212 7418 71 14 727 79.000 Pan-Ain Pet B
70
4013 Feb
50 05 Apr II 86 Feb 7
, 667 681s 102,000
8
Do Class
2
63% 693 683 6914 673 691
4
673 69
6638 69
3 Dec 13% Jan
614 Apr 5
4 Jan 16
7
& Ref_No par
100 Panhandle Prod
4 4
*43
s 5
8 518 *47
47
4 *48 514 '47
s `47
3 53
47
71 Nov 17
Apr
No par
1138 Jan 25 1512 Mar 13
4
1,000 Parish & Bingham
113 1214 *113 12
1138 12
13
,
13 2 13
1212 1212 "13
3
6 Apr 4
212 Jan 2
29* Dec 133 May
47
5
47
32,200 Penn-Seaboard SDI v t c No par
47
514
5,2
s
47
538
533
s
47
513 53
4
593 Jan 99 Sept
89 Apr 3 9413 Jan 30
4
8938 2,400 People's G. L & C (Chle)_100
*89% 8912 8812 8812 8812 8812 833 8912 86
89
89
3112 Jan 458 Sept
8
2,000 Philadelphia Co (Pittsb)__ 50 41 14 Jan 2 50 Mar 15
4712 4714 4712 465 47
8 47
2 47 473
8
465 46% 4614 49,
7314 Oct 10518 Jan
No par 65 Apr 24 80 Apr 4
"65
*63
75
300 Phillip-Jones Corp
75
70
65 "63
65
6814 69% *__ 68
8
2814 Jan 5914 June
2 695 Apr 5
No par 4712 Jan
62% 5914 618 100.100 Phillips Petroleum
8 62
4 6112 627
8 6214 6414 605s 633
8
625 635
8 July 2438 Apr
11, Jan 27 1514 Jan 14
1
12% 12
3 5,400 Pierce-Arrow M Car_ No pal
123
1214 1213 12
1138 123
1213 • *1134 12
12
18% July 49 Apr
273
101)' . 4 Jan 27 355 Jan 9
Do pref
3014 304 31
•
3014 3014 3012 *29
30
3012 "2913 30
37 Dec 12
30
Jan
6 Feb 13
4 Jan 25
25
4
4
4
1
4
2,400 Pierce 011 Corporation
3
4 ,
4
4
Jan
32 Sept 71
100 3412 Apr 18 45 Jan 4
3312
Do pre
34
600
3414 32
3418 3418 *3414 36
3412 3412
35
35
0
39 Nov 3318 Dec
Figg Wigg Stor Inc -A- No par 5514 Jan 17 124 Mar 2
8
55 Nov 723 Sept
s
100 58 Jan 16 677 Mar 7
64
6474 6 6313 -63Ts
6
;65- --4" 6338 99 *9819 99 ;65i2 9812 *9813 --51; '65 65(2 - YJOE, Pittsburgh Coal of Pa
9018 Feb 100% &Pi
100 98 Feb 7 100 Apr
99
*9813 99
Do pre/
200
9812
*9812
*9812 99
8
14% Feb 41 Dec
914 Mar 1 477 Feb 15
10
Pond Creek Coal
Oct
3
655 Apr 120
No par 113 Jan 6 134 Feb
lig- fii- 11612 12 - 3,500 lost= Cereal
-612
115 11712 iii" 118
115 115
115 116
10513 Apr 112% Oct
100 110% Jan 3 11414 Jan 2
8% preferred
100
,
110 a 1101s •110 113 *11014 113 •11018 113 *110 113
*Ho 112
63 Jan 95% Bent
58 Feb 2 8112 Jan 2
100
*66
6614
66
300 Pressed Steel Car
67
66
6612 "65
"65
65 65
67
*65
91 Feb 106 Sent
4
100 80 Jan 22 993 Jan 5
91
91
Do pref
"90
92
100
92
*90
92
9212 *90
*90
95
hlar 2
241s Jan 51 Sept
1
*90
5014 69.300 Producers & Refiners Corp. 50 47 Jan 16 5818 hlar 2
4 48
493 503
4
4
8 493 503
s
433 497
5012 4813 50
Jan 100 Nov
49
66
6 104
4
1,100 Public Service Corp of N J.100 933 Jan
99
9814 '9712 99
98
18 98 9812 "98
9812 9812 9714 98
10512 Jan 13934 Sept
4
100 1233 Apr 23 134 Mar
1253 1261
8,900 Pullman Company
4
12512 126
12414 126
4
4
31
Jan 53% June
12514 1253 1233 125'z 124 125
50 43 Jan 18 6914 Apr 19
4
4 6612 6818 6618 663 35.700 Punta Alegre Sugar
6612 673
4 664 677
261s Nov 38% Jan
6538 67% 661s 673
25 2614 Apr 27 32 Feb 13
8, 2614 2613 14,900 Pure 011 (The)
2612 267
27
8
2638 26% 2613 267 ,27
94 July 102% Apr
2638 27
100 96 Apr 12 100 Mar
preferred
8%
200
972
97% 98 "103 104 I "95
98
93 '92
Jan 12614 Sept
98 '95
*96
94
100 11011 Jan 3( 123 Mar I 7
4
Railway Steel Spring
4
3
*114 115 4 *115 117 *11412 117 *114 117 '114 1173 '114 1173
19% Jan 3612 Sept
No par 3013 Mar 27 348 Feb 1
200 Rand Mines Ltd
"31 18 32
32 ' "31 1s 32
"31
19 May
1218 Nov
"3138 32
*3112 32
Copper. 10 1312 Jan 25 17% Mar
1513 1514 15
1.5% 9.900 Ray Consolidated
8
2 147 1514
15% 144 15,
Jan 42 Mar
24
8
145 151s 15
48% Mar
*44
45
3,400 Remington Typewriter v t c100 3311 Jan 11 104 Feb 13
8
43
434 443 4612 4514 46
42
Jan 105 Dee
55
4312 4313 42
100 100 Mar 5
*____ 104
let preferred v t c
"90 104 '93 100
4
*913 104
,
*87 100 *__ 102
501 Feb 80% Dee
100 80 Jan 3 91 1 1 Apr 24
2d preferred
9514 *91
98
100
4
98, *91
911, 9114. *91
94
21 Nov 381s May
"91
95
4
*91
No par 2314 Jan 2 313 Feb 1
4
8 24% 247
9,500 Replogle Steel
243 255
3
25 3 24% 24%, 2113 25
43% Nov 7813 May
4
2514 2512 24
100 47 Jan 31 663 Mar 2
Iron & Steel
,
4
4
3 6014 618 61, 6214 613 63 4 621s 6314 6138 6218 22.200 Republic
623
61
74 Feb 95% May
s
100 89 Jan 9 967 Mar 2
Do pref
95 95 : *9412 957
800
95
*94
4
4 9234 9314 *923 94
9314 933
4
1214 Nov 503 Juno
8
No par 163 Jan 23 2812 Al,? 27
8, 265s 2813 28,600 Reynolds Spring
2714 2613 2712 2618 267
8 253
273
26
%
16
43 Mar 03 Nov
3
2513 27
6412' 6114 658 12,600 Reynolds (It J) Tab Cl D__ 25 47 Jan 10 663 Apr
4
4
6412 64
,
64 2 6418 6512 643 6514 6412
64
,
100 1147 Jan 19 118 Feb 9 111 18 Apr 1183 Oct
3
400
81
1163 1163 11614 11614
7% preferred
11614 11014 "116 117 ,"116 117
2
•11514 117
473 Jan 67 June
Feb
4912 493
4 4,100 Royal Dutch Co(NY eharee). 4218 Jan 31 55 Mar 16
3
s 50% 50% 495 50
2 5038 507
3 5038 .50,
12% Jan 2014 Sept
5018 503
9
10 18 Jan 2 225s
Lead
900 St Joseph
2014 2014 2014 2014
20
014 Mar
,
,
*20 4 20 2 2014 2012 20
1% Jan
*2014 21
5 Feb 14
2 Jan 17
3
314
3
1,100 San Cecilia Sugar v t o.No par
3l4
314 *3
3
3
s
3% 318
s
10 Aug 247 Apr
*314 33
100 1812 Jan 3 30 Apr 5
2612 1,200 Savage Arms Corp
4 26
2614 263
27
27
27
2713 27
26
2
28
*27
59% Feb 947 Aug
100 8312 Jan 17 9238 Feb 13
Co
8614 863
4 9.000 Sean., Roebuck &
863 88
8512 86
8514 8438 8514 8.512 86
Jan 112 Aug
85
91
100 11014 Mar 23 11312 hlar 12
p0,2
Oct 2314 Jan
O108 112 "108 112 *103 112 *108 114 "108 112 *108
73 Jun 17 1212 Mar 3
0
Na var
91
9
913 91_
4 914 2,100 Seneca Copper
9
4 "83 113fe
9,
913 938
95s 95
61s Nov 12 June
8
818 Jan 2 107 Mar 2
9
300 Shattuck Arizona Copper__ 10
2
8 8 812
,
8 4 84 *3734 38,2 *38: 30
,
4 94
*S3
4 9
*83
9
4
*83
34% Deo 4811 May
Mar 7
0
k e l T11 13 , ll
steli u010sP3& Trading_ _ _ £2 341 Jan 31 4114 Apr 9
2 39
8 3813 3812 *383
3914 3914 *3812 393
1213 Dec 13% Dec
2
8
No par 123 Jan 8 187
17% 17% 26.79008
4
173 18
4
173 18
4
173 18
177
8 17
17% 173
15% Jan 38% June
8
341, 3338 3414 327 337 90,300 Sinclair Cons 011 Corp.No par 317 Jan 19 3933 Mar 19
,3
4
1172 Oat
95 Jan 2 35 Mar 31
2
83 Nov
3238 3314 3238 3338 323 3338. 3313 29
10
27% 273 14,300 Skelly Oil Co
4 29
283
4
8
281s 2813 2612 28% 275 2914 28
34% Mar 6412 May
Iron 100 42 Jan 3 60 Apr 26
60
.58
59
581, 58
11,200 Sloss-Sheffield Steel &
57
5512 53% 5514 541 57
55
66 Mar 80 Aug
100 68 Jan 13 90 Mar 16
87
86
86
300
87 "54
Do Val
87 '83
8314 8314 '83
87
"84
33 Nov 5714 Mar
40 Jan 13 64% Apr 19
1,600 So Porto Rico Sugar
4 6112 61 12 '5912 62
6214 62,
62
*60
62
60
5812 60
15 Nov 24 June
19 Jan 17 2714 Feb 16
ho par
22
22
2138 22
6,800 Spicer Mfg Co
221s 2138 22
2112 2212 22
Apr 96 Sept
21 1s 22
84
8
100 90 Jan 3 975 Feb 2
Preferred
96
•92
96
"93
96
96 '92
96 .92
*93
96
*93
84% Dec 141 Sept
100 SO Apr 23 9012 Jan 23
80
*7714 79
*77
80
82 '771 80 '78
80
Oct
83
*80
4
913 Jan 135
8
25 493 Apr 23 12312 Jan 2
eal
nrd
0
30 Standard
54 I 5238 5118 53% 532 "5314 5338 77.300 14da Oil ox R
493 5012 5012
8
5018 51
38% Dec 250% Oot
25 367 Apr 27 4414 Mar 3
8
8
I 385 39% 3338 393g 36% 3812 54,200 Standard 011 of N J
4
4 3814 383
4 3818 383
3813 383
118 Feb 21 1133a Jan 11611 Nov
100 116 Mar 24
Do prof non voting
11612 117 '116(2 11714 1105s 116% 2,100
11612 11613 11614 11612 '11634 117
68 Mar 90 May
4 961,3 961s "9618 97
1,100 Steel et Tube of Am pref_100. 85 Jan 2 107% Jan 12
3 96 96 1. 9614 97 . 9612 963
973
451s May 63% Dec
1)7
No par 5838 Feb 13 6753 Mar 2
6118 6013 6012 1,
Sterling Products
6112 61
4
900
Jan 109 Dec
81
604 6014' 593 60131 593 6018 61
%).--. __100 10912 Jan 2 115 Jan 5
116 *113 116
Stern Mos pre((8
,
13112 116 '112 110 *113 116 •"113 116 "113
241 Jan 79 net
-Warn Sp Corp_No par 7914 Jan 2 12312 Mar 23
8
8
117 117 1 1173 1183 1177 11938 120 12112 16,200 Stewart
Jan 71 Deo
116 11712 116 118
Stromberg Carburetor_No par 6214 Jan 10 9414 Mar 6, 3514 Jan 141% Dec
86
86
4
86
2,000
8512 863 "85
8
85% 857 86
8614 8614 84
7912
Corp (Tbe)__ _100 112% Jan 16 12512 Mar 19
8
4
4
1193 1213 121 1213 1203 12212 12114 12234 1215 12312 147,900 Studebaker
12012 121
KO 112 Jan 4 114 Apr 201 100 Feb 11814 NOv
Do prof
11314 114 *114 11412
400
8% Nov
3% Jan
*113 11312 113 113 *113 11314 '113 11314
7 Jan 3 15 Apr 6,
No par
Boat
4
123 13
4
123 13
13'3
20,000 Submarine
13
8
4 127 13
1214 133
nog June
4 Nov
1253 13
412 Apr 23
4
No par
63 Feb 15,
412 4,
412 412
438 45* *412 45*
2 1,200 Superior 011
412 452
Jan 39% Apr
4
4 43
43
100 291, Jan 3 34 Mar 22' 26
Superior Steel
31
31
*31
100
32
32
32
"3012 33 '30
‘...:
5 Mar
32
8
I5 Nov
*30
10
112 Apr 4
2% Jan 12
1% 4,500 Sweets Cool America
1%
I%
4 *I%
13
I%
16s
15*
8
15
8
.1.5
D2
112
s
83 Nov 12% May
4
8
11
11
11
1118 11
4,500 Tenn Copp & C tr ctfs...No par 105 Jan 2 123 Feb 21
11
Ills 11 18 1114
11
11
25 4714 Apr 27 5272 Mar 20, 42 Mar 6214 Oct
Company (The)
4814 4714 481,3 36,800 Texas
3 48
483
8 48
8
2 477 483
483
s 48
483
48
10 5712 Apr 12 65 Jan 151 3812 Jan 6712 Nov
64
63
635 12.900 Texas Gulf Sulphur
8
6212 6318 63
3 6214 638 6218 627
8
623 627
13% Nov 32% June
10 177 Apr 18 24 Feb 17
8
,
18 2 1812 3,600 Texas Pacific Coal & 011_
4 1814 1812 1812 1912 187 19
1813 . 183
Oct
4
*183 19
100 120 Jan 2 144 Mar 2' 109% May 154
Tidewater Oil
129 *125 129
*125 130 "125 130 *125 1297 *125 129 *125
2812 Sept 35 Oct
41% 4214 13.400 Timken Roller Bearing_No par 3312 Jan 2 45 Mar 8
414 4212 4213 43
4153 41% 4113 414 4138 41
49% Nov 84% June
Products Corp_ _100 &Pa Jan 17 6112 Api 27
4 6012 6112 64,600 Tobacco
4 5614 5738 56% 5712 571s 58% 5838 61,
573
1
3
57
767 Aug 89% Sent
4
Do CIA (since July 15) 100 79 Feb 2 85 Mar 2
83% 8312 833 8414 8212 8314 7,400
83
8
,2 827 8318 83
,
83 4 83
712 Mar 2013 may
912
1014
95 103
4
93 1018 29,300 Transcontinental Oil__ _No par 61 All 23 1412 Jan 5
3 1014 1012 10
913 1018
1013
10
55 Mar 78 Sept
Feb 5 7712 Mar 28
Paper Corp_100
8 6,800 Union Bag &
4
733 738 74
4 75% 767
753
74
7313 *73
73
7314 74
Dee 25 June
11
14 Jan 3
No /,.*
*13
14
14
14
*is
•i8
•13
14
Union 011
24
sit
14
.18
4
Dec 1343 Dee
Feb
9934 Mar 19
pr n Tred
8
905 9053 "9013 92 '90
9218
0
94
10
6 0 Unloefe a nk Car
*90
94
*90
95
*90
2 111/ : .1
1 .
I 112 Jan 19 102 Feb 113 Sept
3
10912 10912 "109 110 '109 10938 109 109
Jan 4114 May
10914 10914 "109 110
0(70r
25
Mar 21
3913
*3612 37
4
3712 363 37
37
2.300 United Alloy Steel
4
2 363 363
Oct
3612 36% 3
60% Mar 85
,
7:714 ,1a r 2
4 : . pn 1 4 85 Feb 23
8212 8212 5,000 United Drug
4
8312 '823 8312 83 83
82
*
4 823 8
4 41
41 1s Feb 517 Oct
8312 843
Feb
48 Mar 1
e
litt pr, fu u
*4612 4712
10 0 un sed i r er red
Oct
4712 "4612 4713 *4613 4713 "4612 47% 1734 17413 4714 4714 1,160
4
*4612
100 15212 Jan 17 183 Mar 2 1193 Jan 162
173 17378
12 173 17314
,
4312 Feb 8712 (Set
*173 175 *17218 174 *173 s 173
8 8218 83
825
12,500 United Retail Stores__ No par 6438 Feb 1 84 Mar 3 " 1618 Jan 39 Aug
82% 8312 82
2
81, 83
4
8038 8114 803 82
3413 Mar 2
Pipe & Fdy.100
31
3138 "31
700 U S Cast Iron
3112
*2912 32
31
'29
31
*30
Jan 78 Aug
31
*30
a
Ap
50
100 n12 1 1 N
72% Jan 3
'
Do pref
6812 6812
*6812 69
100
2
1013 Jan
35 Jan 30
24 Feb
*6812 6912 '6312 6912 "6812 69, *6812 09
612 Mar 19
8 458
800 U S Food Products Corp,100
438 413 '43
4
43
2 "412 43
412 4,
3
412 '41
1812 Nov 257 May
42
8
18
,
18
187 •183 1834 *0614 10014 1,100 USHoffmanMachCorp No par 1778 Apr 6 25 Jan 27
18 '18
, 181s 1813 18
,
Jan 727 Oct
1818 187
37
00 02 .Ian 2
100 68% . 22 7314 Mar 16
J n
Industrial Alcohol
7 663
6534 66
11,400 US
65
6512 66
4
Oat
3
6512 6612 6412 66 4 6514 66
721J Dec 102
101 Mar 28
eapitrye1,12
"9614 100
"9614 100 '96% 100
Jan 92% Oat
*9614 100 '9614 100
56
Improvement 100 8812 Jan 24 106 Mar 5
1
102 103
4
4
2
10114 1017 10114 1023 10112 1023 10114 10214 597 608 015* 10218 12,500 U SDK° States Rubber
40 Nov 6712 Apr
8
100 55 Jan 10 647 Mar 22
6018 61
604
15,700 Unite
4 5912 60$3 60
5913 6012 5838 593
91 Sept 107 July
100 99 Jan 2 105 Jan 13
Do 1st pref
,
4
4
1023 1023 '10112 102 2 1021s 10214 102 10218 10218 10214 31,300 u 8 smelting. Ref & M
10212 103
33 Feb 489* Oct
50 33 Apr 25 43% Mar 2
35
9,600
35
34
34
33
4 33
2
33, 333
4
4
333 333 *333 35
4214 Feb 49 Aug
50 4414 Apr 6 4818 Jan 3
Do prof
4
4
4
700
4
1 4412 '4414 443 *44% 443 *4414 443 *442 443 *4414 443
4
*43
82 Jan 11111 Oct
Corp 100 104 Jan 31 109% Mar 21
105 10614 10512 106
105% 10538 86,500 United States Steel
8
3
1043 10512 10418 10538 1047 106
3
*
100 1177 Apr 9 123% Jan 15 1133 Feb 123 Sept
pref
1 193, 1195, 1,000
a
Do
1197 120
s
1197 120
4
4
4
1194 1193 11912 1193 1193 120
59 Nov 7112 Sept
10 6213 Jan 18 76% Mar 5
4 6313 6834 7,700 Utah Copper
693
4 69
693
69
97 Jan 231 Sept
4 6852 7012 6914 70
703
70
4
100 153 Jan 20 24% Feb 16
Securities v 10
19
20
2014 1,700 Utah
20
s 1812 1812
4 1818 18,
18,
, 18
181s 131
3014 Jan 53% Aug
No par 33% Feb 1 44 Feb 16
8 37% 3734 12,600 Vanadium Corp
82383
3712 3812 375
s
4 35
383
38% 373 33
38
Jan 100 Oat
92
100 92 Mar 22 98 Jan 25
Van Raalte lst prof
93 '90
93 "90
93
93 '90
93 '90
*90
93
23114 Nov 36% Mar
100 121s Ayr 6 2613 Feb 23
L*90
1318 143
8 6,900 Virginia-Carolina Cheni
1414 1438 1414 147
Oat
14% 1413 1418 1414
8
1414 15
58 July 83
100 415 Apr 27 69 Mar 15
pref
Do
45
45
41% 433
45
4518 45
4 1,600
4512 45
45
43
43 Mar 9412 Jan
43
100 53% Jan 31 68 Mar 5
67
66
66
1,100 Virginia Iron, C & C
66
,
66 2 "64
Oct
6412 66
67
66 .64
66 Mar 86
100 80 Jan 29 85 Apr 23
*63
___
Preferred
___ •83
*83
100
____
85 '85
10 Dec
85
618 Jan
*83
No par 1514 Jan 17 23 Mar 22
s
8
5,800 Vivaudou (V)
8
213 2112 21% 2112 215 2138 215 213
Oct 17 Apr
4 2114 217
3
153 Mar 8
105
8
21141 213
70
No 1,ar 42 8
0 12;4
1412 "14
600 Weber & Hellbroner
1412
1418 *14
,
1412 1412 14 4 1414 14
Apr 23 105 Mar 2
66% Jan 98% Oct
7
*1412 15
4512 46
lt n uo
46
45
46
200 el er
46
1:00 0 Wes s Fargn
44
43
12114 Aug
8
423 44
*44 1 45
e
on Te
lExPrelsgraph_100 109 Jan 22 11912 Feb 20, 89 Feb 114 Dec
112 112 "11112 113
112 112
'112 113
Brake_ _ 50 107 Jan 20 120 Feb 171 80 Mar
.
112 1121g 112 113
300 Westinghoum Air
4918 Jan 65% Aug
11612-.11612 1141s 11518 "114 1183 *114 118 *115 11612 "115 118
Flee & Mfg_ 50 57 Apr 21 6718 Feb 161
5712 5712 8,600 Westinghouse
5
572 57 3 5712 575
57
2
5714 57
No par 24% Jan 16 3038 Mar 201 25 May 333 Nov
57% 5712 57
,
5 26% 274 2712 2712 278 275* 4,600 White Eagle 011
273
50 485 Jan 3 607s Mar 19, 3513 Jan 54 Sept
8
264 2714 2638 278 27
'
5512 4,700 White Motor
5514 5512 5514 5512 5.5
3
55 4 5314 56
54
21s Dec 12 May
par
3 Jan 24
Vs Feb 19'
.56
CorporatIon_No
55 4
33
338 312
31, 338
38
3% 35s 1,300 White 011
2
ing Nov 217 May
3% 35*
3
Steel.- 5 10 Apr 24 133 Feb 17
338 312
1014 1014 1014 1014 1014 1,300 Wickwire Spencer
1014 '10
8 10
4% Feb 10 May
814 Jan 5
25
67 Jan 2
3
103 1038 " 1038 103
77
75
77
7,200 Willys-Overland (Tbe) __ _100 421, Jan 2 6972 Apr 6
75*
712 75
738 73
4
24 Feb 4912 July
738 72
7
738
75s
Do Preferred (nets).
677
6713 677
8 07
7.300
65 12 665
6412 65
,
63% 66
27 4 Jan 6012 Sept
4
o_No par 3412 Apr 2 423 Mar 7
6314 66
4
500 Wilson & Co.Inc. v t
4 3412 34 2 *343 34% 34'2 3412
Jan 91 Sept
66
3413 3413 .3414 343
100 81 Apr 18 87 Jan 3
35
35
Preferred
84
*81
100
81
84 '80
*80
Jan 223 Nov
84
"80
81
100 19912 Jan 24 22413 Jan 5 137
81
81
8,500 Woolworth Co (F W) t
222 223
21818 220
218 2217
s
s
4
26% Nov 557 June
3
4
215 218 4 2183 220
P & M v c_100, 303* Jan 30 393 Feb 17
210 210
700 Worthington
3713 3514 3512 '3518 3514
11 Aui
Jau
6
4
3514 363 364 *36
_No par'
17 1012 Apr 19
eronantleal__
8% Jan
35% L 3533 3514 10
8
8 103 1012 1012 10,2 1.209 Wrfeht A
1038 1038 1014 103
10
10
Par
10
Reduced to basis Of $25
Ex-dlvidend.
Ex-dividend and rights.
no sales on this day. § Less than 100 shares. f Ex-righ 8. a common stool.
•Bid and asked prices;
Retail Stores Corp. b Ex-div. of 25% In
k Range since merger (July 15) with United
No r5
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan 1 lom ltd Erch't,e method of onotino bonds was Men wo and 914 es are 'ear—and interest"—eicepr for inwme !nal eeProited
,
BONDS.
N. Y. STOCK EXCHANGE
Week ending Alril 27
P.
I
,4
Price
Friday
April 27
Week's
Range OT
Last Said
, ,1
O
sc
/tango
Since
Jan 1
Ask Lao
50
MO No, Low High
U. S. Government.
sirst Liberty Loan
; D 10110,, Sale 10l233 101"sr 1058 100 92 10190
854% of 1932-1947
92 Apr'23 971233 98 90
97.00 97233 919
Cony 4% of 1932-1947
D 97233 Sale 961133 973132 907 96,23399.08
/
4%
Cony 41 of 1932-1949_........
97.00 99 00
28 cony 454% of 1932-1947...... 3D 97.00 98 00 97,233 Apr'23
Second Liberty Loan
MN 97.00 97544 97.34
/
43
97233„„.9 9611 98.80
8% of 1927-1942
MN 97144 Sale 96213 97,1" 962.33 98.88
/2 M
4
/
4
/
4%
Cony 41 of 1927-1942
Third Liberty Loan
MS 98334 Sale 972233
.899.18
98211 1730 97,3
914% of 1928
fourth Liberty Loan
4880 ,9833,2 99.18
AO 071,44 Sale
854% of 1933-1938._ ..
Vlatory Liberty Loan—
I
I
if) 100134 Sale 10 .. 173 : 1668 994044 100.30
£5(% Notes of 1922-1923
980
„
, 465
4
98144 1(10.04
Treasury 414e 1947-1952.
A0 982
.31Sale
D cone() registered
10212 Apr'22 -81930
Is consol coupon
10314 Mar'22 -81930 Q J
regIxterecl
10212 Dec'22
1925 Q F
M coupon
1031s Jan'23;---- 11)315 idics
1925 Q F
Panama Canal 10-39-Yr 2.5_ .81936 Q F
100 July'21,---9
941
.
9412! . 941. 95
Panama Canal 7s gold
5
1961 QM
tegietered
:
- 9312 9412
9412 9514 941 Apr'23
1961 QM
•
Foreign Government.
BONDS
N. Y.STOCK EXCHANGE
Week ending April 27
Price
Fridav
Aprt. 27
1875
994*
Week's
Range or
Last Sale
,
;
,
, rt1,
4
Samy•
Alm
Jaw 1
Ad Low
Bid
Mat No • Low High
Atch Top & S Fe--(Canclu fed)
1
/
1
4
1003
4 SO 100 104
Cony 48 issue 011910
1960 3D 10012 102 10014
6 9334 9612
9512
96
95
95
East Okla Div let g 4s__1928 M
6 771 83
/
1
4
/
4
793
4
Rocky Mtn Div let 4s_
1965 ▪ J 7912 ____ 79
Apr'23
82
863
4
8
Trans
-Con Short L let 4s 1958 J J 83 843 83
90 I 19 8712 93
9078 90
Cal-Aria let & ref 444s"A" 1962 MS 90
6712
2 65
681g
6712 66
Atl & Birm 30-yr 1st g 4e_e 1933 61 8 65
4
:
At Knoxy dr CM Div 4s
8
1955 MN 8214 837 821 Apr'23 ---- 803 86
984 Apr'23
/
1
4
At!Knox & Nor lot g 5s
983 9912
4
1946 J O 983 102
Apr'23
92
88
913 92
4
Atl & Char! A L let A 4).0_1944.1' 91
971 13 116 100
/
4
9912 97
1st 30
-year 55 Ser B
1944 .1 J 97
s
86 I 75 823 89
AU Coen Line 1st gold 45_ _81952 MS 8314 8374 8414
3 106 1071
10619
10
:
/
4
8
-year secured 78
1930 MN 1061 1065 10614
89
/
1
4
5 82
84 I
:
841 84
General unified 4 54s
1964 3D 84
82
9 77
7812
L & N coll gold 4e
7814
7812 79
a1952 M
/
1
1 734 77
7612
Atl & Deny late 45
7712 7612
1948 J J 75
6412
2 6118 6514
al 45
1948 3, 6214 72 62
/
1
4
7734 77
All ar Tad let g guar 4s
/
4
1049 AO 7512 80 I 771 Feb'23
:
I 9512 951
A & N W 1st gu R 5s
1941 .1.1 9514 ---_ 9512 Jan'23
‘alt & Ohlo prior 34.4e
/
4
954 116 931 96
/
1
1925 J J 9593 Sale 95
/
4
9312 941
/
4
Registered
924 961 9418 Apr'23
/
1
k1925 Q
let 50
-year gold 4s
95 7471 80
/
1
77
81918 AO 7612 Sale 764
/
1
4 7418 784
75 8
5
8
Registered
8
753 Sale ; 755
k1948 Q
797 130 7712 82 2
8
,
10
-year cony 454s
s
793 Sale I 79
1933 NI
45 7812 85
82
Refund & gen 55 Serie./ A 1995 J o 813 Sale I 8114
8
/
4
10
-year 6s
1004 104 9914 1011
8
/
1
1929 3, 1005 Sale 10014
5 91
944
/
1
94
PJunc & 94 Div 1st g 340_1925 MN
9314
9314 94
7912
4414 50 73
P L E & W Va Sys ref 4e__ _1941 MN 73 Sale 731
: .
/
1
4
/
4
Southw Div 1st gold 354s,,1925 J J 94 Sale 94
/
4
/
4
941 110 911 941
/
1
4
Tol & CM Div let ref 48 A_ _ 1959 ▪ J 63 Sale 623
8 13 6112 67
635
4
Battle Cr & Slur let gu 3s
5118 60
/
4
1998 J O 561 6012 5718 Apr'23
8
Beech Creek let go g 43
/
4
4
8912
1 863 8912
1936 J J 871 91, 8913
86
86
Regletered
Feb'23
/ 86
1
4
1936
J 8612 88
2d guar gold 55
1938 I J
Beech Cr Ext 1st g 34.0____01951 AO 684 ____ 60 jUiY‘22
/
1
-4elley & Car let 6s
/
4
1023 ▪ D 9918 ---_ 1901 Oct-") ----, --------Big Sandy let Is
802 84
84
Apr'23
4
1944 3D 813 86
B & N Y Air Line 1st Is
2
7512 75,
195)1 FA 6212 7212 7512 Mar'23
Bruns & W let gu gold It,__ _1938 J J 87 ---- 89 Feb'23 -- 89
/
1
4
89
Buffalo R & P ten gold Se,,,_,1937 MN 87, -8714 1013 Mar'23 —55 87101 102 Z
9I
sss
7
,
8
3
4
97, -_ 874
Consol 4 tie
"
1957 U,
Burl C It & Nor let 531
/
4
/
4
97 2
1934 A 0 6712 99
,
1 961 991
9712
argentine (Covt) 7e
1023
4 94 100 1031
4
/
4
1927 F A 1023 Sale 10218
79
32 7712 82
Argentine Treasury 53 of 1909___ M 0 7813 7914 781
/
4
Belgium 25-yr ext a f 7945 g..19453 D 1013 Sale 1002 102
4
/
4
134 911 102
97
983
8
111 93
14
5
-year 6% noteaJan 19253 .1 97 Sale I 96
20
10214 99., 9414 10234
-year a f 8e
:
1941 F A 1011 Sale 10114
1071 1091
/
4
/
4
109
Bergen (Norway) e f 8
NI N 108 109 10194
.
1945
11214' „19 11012 113 4
,
Berne (City of) a f 8e
4
4
194551 N 1113 Sale 1113
00 893 94
92 .
:
4
091191a (Republic of) 8s
1947
'M N 901 Sale 9014
83
273 6914 83
4
Bordeaux (City of) I5-yr 6o 1934 MN 823 Sale 80
97
156 913 99
Brazil, U 8 external 85
4
1941 J 13 97 Sale 96
8314 115' 80
70
8614
19523 13 83 Sale 8212
10178 42 963 10412
4
The
4
4
1962 A 0 1013 Sale 1013
10014 57 9918 10112
.,'anada (Dominion of) g 5s MC A 0 10018 Sale 9934
/ 100 , 129 99 102
1
4
8
do
do
do
Le 1931 A 0 995 Sale 99
4
10-year 534s
/
1
1929-F A 102 Bale 1014 10214 139 100 1023
991 200 977 102
/
4
8
M
9918 Sale 99
1952,M N
/
1
10312 96 19214 10413
4
Chile (Republic) ext s I 8e_1941 F A 103 Sale 103
,
/ 103, ‘,, 10118 10312 Canada Sou cons gu A 04 _ _ _1962 A 0 95 9612 9512
4
/
:
4
External 5
-years (88
1926'A 0 1021 3 ,- ale 1021
971 38 94 1001
2 66
,
96
932, 97
8
Canadian .a rdt by
953 Sale i 95 2
4
NorthNo t e deb at 7e,,,1940 .8 D 1135 Sale 1133
711
,
1942 M N
8
fe a
11414 65 113 1147
,
4
4
1033
1123
4 66 10212 10412
4 96 110 3 1131
25
-year El f 88
5/
1946 M N 1033 Salo 103
:
3 11214 Sale 112
.4
26-3 7
47
5204 Canadian
79 45
1
Chinese (Huktiang Ry) 511 of 1911 .1 DI 4612 Sale 45
7918 198 7612 81
8
787 Sale 7858
6
dAe4e 30889 _ j
1 _46 J
/
1
4
11178 40, 107 113
Carb & Shaw let gold 49
Chrletianta (City) 5 f 88
194.5 A 0 11111 Sale 110
80
/ 90 9212 Sept'22 -----1
4
94 I 551. 8812 9 / Caro Centlr o
Colombia (Republic) 691s_ _ _1927 A 0 9312 Sale i 93
41
4
i
• (17s 91 8,7,
7 . 18 7 ,2 81i42 Ap1 4 __2:
diit co g a
012
7
7 _
911 Sale I 90 4
/
4
Copenhagen 26
3
913
4 8611 8812 913
-year a f5I45._1944 J 1
4
Ohio let 3-yr 58 1938 j DI
94392 M
9 J
/
4
9618
1 991 117
Cuba 53;
/
4
97 1 961
1944 M S 96
1952.1 13 91
:
9314 Care d; Ad let gu g 4s
Eater debt of 5,e 1914 Ser A.1949 F Al 871 88 1 89
89 , 10 88
6t
External loan 414t3
,eenirrNaalle U
en
8341
/
1
fhPnait et 4
1949 F A' 8118 84 - 8148
6: 811s 87 ;rint i3r.04e
l g 15
srg6,9:3d0486e_..pl.3 2j g lar1 il 12_ 78°15'82
!r, As Zs:
i 2: J
g:
: i4
4
9912
991 94 99
/
4
1953 9 y
9914 Sale 00,
19 j j 5538 573 575 geee°4 :1"11:---- -;-;-.
61
51.413
8
8 Apr'23 ---4 Zol
—91 993 . 268 75
113
Osechosloyak (Repub o!) 88..1951 A 0 93 sale 8912
io
Daniell Con Munialpal 8e "A"1946 F A 1091 Sale 1083
:
1091
: 18 107 1093
4
4
Series 13
4
,
Consol gold as
1083
4 16 107 109 2
_518 9612 1'91% 114 /12 ----.:i li :12512 il 12
1946 F A S109 Sale 1083
35124
i
1945 M N
:1
g -1 9
8
7 1
:1
Denmark external a f 89._ _1945 A 0 109 Sale 108 2 10912 59 1074 110
10
: 8_9, 1929 .8 D 100 Sale 9912 10014 83 99 102
-year teme semi 6
/
1
.
n
,
98
220 9514 99
20
-year 6s
4
Chat Div pur money g 40_1951 J D 733 80 1 81
1942 3 J, 973 Sale 97
8
Jan'23 ---9714 31, 9514 100
DominIcan Rep Cons Adm a f 5858 F AI 9714 Sale 9614
Nae G a A111DileI g 58_1946 .1 .1 941 - - -- 961 83
m etaN or 44 v r te
/
4
/ .93.2
4
21---- !---- ---8712 25 84
91
51411
9434 ----, 9512 June = --,'10 - 103r .88 ' 87
_1942 M 8' 87
.
-,-3 ,
407, 921 97
/
4
97
Dutch East Indies eat 6s_ _1047 1 J' 961 Sale 9519
CentrR ef 13 ofona cldlu5o 1:937
t aiR &N j ir G geoi g : 9 7 j i 9334
8
9334 Apr'23 ____ ' 925 94
/
4
9 7M
8 j
4
0614 895 921 '9614
/
4
40
-year 88
96 Sale 947
Sale 104
4 10312 108
104
8
104
1962 M S
913 443 87
/ 9134
1
4
514e trust rcts
8
: ,
4
4
Registered
Apr'23 -1953 M El 903 Sale 1 897
81987 Q .1 1021 108 2 103
rrench Republic 25-yr ext 89.1945 NJ S 1001 Sale 991 101
5 8812 101
77
.
4
1949 F A 833 Sale 835
/ 8744
1
4
Cent Pac let ref gu is 48
/
4
8
841 62 79
/
4
96% 1318 84
963
8
20
-year external loan 7)46_1941 J D 96 Sale . 947
8
Mort guar gold 344s
9012 91, 9012 Apr'23---- 90
2
9112
Great Brit & Ireland(UK of)—
I
0
8712 81
9_‘ , 84
_8 :._
Through St L let gu 48 2924 j 10 81
0e13 16
,9
19.59 A
I
8
/ Charleston dr Savannah 7i3_ _1938 J .1 11278 ____ 11412
1
4
20
-year gold bond 544e_..1937 F A s10418 dale 1037
8
1043 994 1023 104
4
10
-year cony 54s
(Ines& Ohio toad & Rapt 413_1929 .1 1 9612 -_--! 9614 Apr'23 --_ 043 961
4
1143 366 113 116
8
/
4
1929 F A 11414 Salo 11414
991, 40 97 10314
Greater Prague 74:a
07 65 8112
let consol gold Se
/
1
4
8112 3
81, Sale ' 78
4
RI
1939 M N 99 Sale 1 99
953
4 84 95
98
daft! (Republic) Is
Registered
/
4
1952 A 0 951 Sale ' 95
1052
1939 M N 9618 - - _ 9714 Mar'23 -___ 97'4 9714
8
9612 24 913 9612
Italy (Kingdom of) Sec A 6!4a1925 F A 9612 Sale 96
8338 123 804 883
General gold 44a
87
2
/
1
4
/
1
1,7.i 4, S:1:: 1,
4
i
1 9939
902
. :___19 2 M s 8318 s
.
9, 1
0
9411
apanetie Govt—I loan 418_1925 F A 1 93 Sale 93
_988131_42 Sale._ . .._.i 837,,442 Apr'23 — 33 80 2, 854
933
8 61 92
0
,
1
8391. -- 8907;4 9,0 2
Registered
/
4
935
8
9314 55 92
8912
/
1
Second series 49.4s1926 J J:92
20
873
4 82 85
-year convertible 4
/ 924 9258
1
4
8312
Sterlin9 loan 4s
30
82 . 97 80
-year cony secured lie_ _1946 M 0
.1931 .3 .1 1 82 Salo 8112
F
A
:
Lyons (City of) 15-year tie_ _ .1934 51 N 823 Sale 8014
Crate Valley let R 5s__ _. 1940 1 J
83 ! 310 8918 83
4
83 I 239 6912 83
idaren11)09 (City of) 15-yr Se,11)74 lkl P4 8212 Sale 80
Potts Creek Branch let 48.1941 J J 7614 7814 79 June'22 ---- -,,9- -z..Mexican Irrigation 4148
/ 7678 Apr'23 -- PA 784
1
4
4
A989 j j 783 99
/
1
Et de A Div let eon s 4,
405 Sale 3858
4
8
41 I 13 3212 41
I943. M N
58
569 49
2d
%Mal:a—Extern loan E 51 of 1899 Q .1 1 573 Sale 5413
8
58
763 7712 Dec'22 ----,,---- - --.
4
73
1999 1 J
393 362 33
41
4
Gold debt 4s of 1904
4
891 9212 803 Dee'21 -. '- - - .
:
4
1994 .1 D:393 Sale 35
19 1 M S
911 Ch__a&E17&91.71t s nir 3o ref g 8 : 49 A 0
/
4
Sale
Montevideo 7e
2 85
8
e°n i , l4 l 3
I t ggRlvd g
87
/
1
4
19523 D 87 Sale 85
194
" t l2
i
Netherlands 1331 (fat 9,14(3)_1972M S 993 Sale 9918
I V8
14
°
IV18
Nis 9 ff fil1
/
4
10018 188 9714 1011
8
istcz1119. !.'.'''
/ 83
1113, 21 109 1123
1
4
81 ! 14 78
4 Chlall
worway externals f se
ic
804
/
1
8
1113 Sale 111
,
195" J
1940 A 0
4 v 3446_1949 J j 80 8 83
4.31e
If,, .
88 I
/ 875
1
4
2 8512 90
8
aska y1:1o 1
l e l)1E 4 1
/
4
/
1
4
1952 A 0 98 Sale 98
6
983 145 96 100
4
1949.1 J 861 89
Oriental Development 68__ _1953 M 8 9314 Sale 92 s
931 860 92
0312
:
IlIlinr
l eb e
,
Extension 4e__ _1927 m N 961 8.1e , 9573
/'
4
96'2 28 953 957
------9534
r orto alma'(city oil 85_ .1961 ./ D 96
8
4
957
US
8 31 93'2 974
94
Registered
Apr'23 - - 93 199
1927 M N
1063 103 10512 10912
4
Queen-land (SUL) eat *1 73_14/41 A 0 1063 Sale 10612
4
General 413
89°534
25
4
-year 6e
181k ref 69 __
77 100 1023
101
1947 F A 101 Sale 10014
197
510 Grande Do Sul fas
10 911: 100
97
Chic City de Conn Rya 5s_ _ _ _19 8 M 0 359‘r;781244 &L:81'14 °8:
:
19 6 A 0 961 Salo 9 /
4
51
4
1957 F 9
21 A
: A°98r8545834 —872- : 8
Rio de Janeiro 26
05
97
/ Chicago 1
1 (c.,3,4,41icla,oiEl tkoriirteEeRamlitnIt 11 dr,tok glst 8 : lt A N 1031 ._ _ _ 105 Apr'23 ___ 1849638 106 '
4
-years 1 88_1946 A 0 94 Sale 9311
34 90
:
94
6°9211i
t lt1008 le . Jo
e . in
4
mt
e 6
7 1 30 4 56
A 0 94 Sale 9314
1947
79 4 69 773 8112
313
3
914
7 4 Sale 70
941 56 9014 97%
7,0
93
/
4
Can Paulo (City, Z.I i 85
99
37, 96
9914
1952 111 8 9812 Sale 9 2
90
/
1
4
2 8714 9712
883 911 9012
4
/
4
8,
Ian Paulo (State) ext s f 819.1938 J .1 993 8010 99
28 9512 10014
Sale
100
4
2rt t 6
Re 4s
e
i
; 19 7'W r'l
,2 M i
9411
8
5
8
Seine (France) ext 7s
____ 1047 107
1942 J .1 89 Sale • 861
90
Chic Ind & Loulev
3
99 75
/
4
90
68
0
07
J 1 18 , 1_07_3 10512 Apr'23
Serbs, Croats & Slovenes 8e 1962 M N 6893 Sale 1 6 2
683 181.1 54
70
/
1
4
Refunding gold as
6,
4
1947
1936 m N s 83 Sale 7912
&Among (City) 6s
85
176' 681
:
95
Refunding 48 Series C_ _1947 j j
J J
1939 3 D 105 Sale '105
Sweden 20-yoar tie
126 10312 106
106
General Is A
Males Conferee, 20-yr e f Els_ _1940 .1 J 11712 118 11712 1183
/
4
i 7092
5
9! Sale I 9558:44 A P96 — 2-6 941422 9842
88903 8 Sal:551e 8860
5 42
1
86'1:1354 12 89 2 889674
8r
4 32 11712 1191
,j
Tokyo City M loan 011912
al 5 707 7712 77
8
7714 37 713 7714
8
Generalne drIcIl is 1-111e let go 4s_ _11995886 M N
Jan'23 ____ 78
78
'
u i3
4
J .1
3 7112 733 78
4
Uruguay Republic eat 8e____1946 F A 10412 1051 1044 10514
4 6L
: /
17 103 107
1
Chic Intl & Sou 50
Apr'23 _____1 911 :2
-year 4a_ a9 : J J
_ 195
6
Surfeit (City of) s f 8s
7 111 1131/4 Chic L S & East let
1945 A 0 11112 114 112
/ 11334
1
4
4
4 yia_1969 J D 8712 — - 843
I $5=8
il 62 6818
6212
C M & Puget 8d let gu 4e
/
1
1949 .1 J 624 Sal; 6214
Ch M & St P gang 4s Her A _81989 J J 72 Sale 7114
7214 13 70
793
4
State and City Securftles.
General 9910 3 kis Sec B._e1989 J J 6214 63
7112
/ 6214 Apr'23 ____ 62
1
4
General 44413 Series C _ _,.1989 .1 J
II Y City-41 stockGen& ref Series
/ Corp stock 1960 list 83 10018 100 10013
4e
/
1
4
3 100 101
10018
83 e
60 3 22 56
8W1 89 78'1 62374
/
4
al
: 70
A 4 Ise.....a2014 A 413 Ei Laie 6978
A
41-(eCor9orate
,
1984 M 5 100 8 101 101
8
/
4
6712 84 64
Gdee efrebin %er 63____a2914 F
en rer o ey4 eB ,
Apr'23 ____ 1003 1021
70
67
t1 Corporate stock. _
/
413
1966 A 0 1003 101 1011 Mar'23 __-- 1013 10212
8
4
/
4
179 63 68
66
65 8
5
1932 .1 D
8)4i' Corporate loon_ _ _ 1971 .1 13 10512 106 108
Jan'23
84
, 107
82
82
/ 99 76
1
4
!-.!..!.
414a Corporate titoek__Juiy1967 J .1 10518 103% 10314
1031, ---3 105 11-1111
4
r5-year debenture 45
61'834 Sale 6114
852
617s 20 64
6312
j D 10518 1057 10512
4 As Corporate stock
a
10512
2 10518 10718
Chic de Mo Riv Dly 5s_ _ _ _19326 jj Dij 99 Sale ,714 Ivii417 ____3 , 934.358 6338
6
96
:
5 6
97
9 2233 : 9, 18 996,
r:
72
99245 J
144e Corporate stock
1983 139 8 105 1053 105
4
/ 1053
1
4
5 10518 107
% Chick N'west Ext 4s___1886-1926 F A
4
8% Corporate stock
971 98
:
1959 M N
9712 10014
9838 Apr'23
9434
3lie
93
/
1
4
1886-1026 F A
41% Corporate stock
9914 10312
195881 N 9712 98
9914 Mar'23
General fold
723 7312 721
4
14 7014 77
:
73
l% Corporate stock
1957 M Iv 10412 1051a 983 Mar'23
4
1987
664 -,
/
1
7318
9718 199 2
9 4
8
19/6 a4 19 963 9712 9718 Apr'23
6% Corporate stock reg
' 9914
4
9 087 81 I: 831.2 833 r,2 Apr'23 ___,
:
9
QM N
General 4v
87
:4 31
. 1957 m N 10412 10518 105
412s
Apr'23
Stamped 4s
1 8 38 8312
h(T4
19 7 M P. --- — _
1
432% Corporate stock_ _1957 M N 1041 10518 105,
:
05
2
15 10 14 1074
4
10514
General Se stamped
:A N 16112 Bale 10112
6 101 10512
102
544% Corporate st0ck__1954 M N 87
/ 883 8914 Apr'23
1
4
4
8811 911
/
4
Sinking fund 68
/
1
4
1879-1929 A 0 102 105 103 Mar'23 ____ 1031a 10614
New York State-4s_ _______11)6 M 8 - ._. ___ 1021a Apr'23
2
102 103,
8
1899-1929 A 0 10014 1037 10178
Canal Improvement M.__ _190 J ./ __- - ___. 10312 Jan'23
10312 10312
Bin nig fu
irle elernd as
97
3 97
99
1879-1929 A C 9512 ---- 97
Highway Itaprov't 4Ae___ 1963 M 8 ____ ___ _ 1091 A Pr'22
:
— — -Registered
9712 97,2
9712 Mar'23 __
1879-11129 A 0 97
trighway Improv't 444e1065 141 al __-_ _ _. 104 2 Apr'22
-__. -_...
,
998
8 91 981 101
Sinking fund deb Ss
:
99, 99
4
1933 M N
/ 9812
1
4
v119011133 2 3s
1991 J J 72 8 - _ - - 7114 Oet920
,
Registered
1933 m '2,; 97
9914 9413 May'22 ____ - -,... - _10-yearr&occur67:4198
p—
4
10714 St' 107
10712 15 1053 110
Railroad.
i pj
hs
secured
1899338861) : 1-1 10812 109 10814
1085
8 15 10614 11014
Chic R;
ye
12
13:e- -4*
4
Ala (It Sou let cons A As_ _ _ _ 1943 J 13 933 96
933 Apr'23
4
933 96
4
Registered
61
54 : 11
.77 773
8
I 77374 Jan'23 -;
88
j 7'81%
. 9918 Mar'23
1928 M h 9934
Ala Mld lot guar gold 59
I 995 99
8
/
1
4
Refunding gold 4s
8
7814 ..80 765 8311
....le
4
1934 A 0 78 Sale 773
k lb & Sums Amy 39.5
1946 A 0 79
81
7912
7912
8213 Chic St le & 0 gold 5
ll 78
Regiet .redN
4
Apr'23 ____, 973 10112
1951 J I: 9912 10212 100
Alleg & West 1st g 4s au
1998 A‘ 763 84
4
83 Mar'23
! 83 83
J D
—
/
1
883
1942 At 8 884 sale 883
, 2 8838 1)0
\Ileg Val gen guar g 45
8
14
/
4
79
7912 Mar'23 __ _ ' 7912 791
1951 .1 D 77
819115 Q J 62 4 8312 823
3
Assn Arbor let g 48
6593
4
6312 11 81
Joint plh Di : 5: eries A
3 se
8t r
/
4
4S
13 911 97ls
95
4
4
1961 J 0 943 9512 943
8
me 94 8414 9013
etch Top h Fe—Gen g 4e _ 1995 A 0 863 Sale 8612
53 s
93
7
1 g 4s
2 1
81 18
11
1951 J D /11 18 84
1995 A 0 81 . _
Registered
8712 C St L & P let cons g 58
833 Apr'23
4
' 81
1932 A 0 997
_ 100 afoy'22
78
81995 Nov
Adluettnent gold 45
82
7814
4
,
2 713 82 2 Chic St PM & 0 cons fis
7814
4
10518 1053 105
Apr'23
1691 107 3
/ '
4
193 .1
Stamped -----81995 Not
7814 Sale 78
8
/
1
9 764 827
9212 9212
Cons 68 reduced to 344e._193 J D 883 9212 021: Mar'23
4
19.5h
cony gold 48 1909
1) 7812 80
8212
7814
4
2 76
77T142
1 9238 903
9512
Debenture 5s
2
1930M 8 95 95, 9512
1955 J D 7))
Cony 4s 1905
9
7912 78 4
79':
771: 89
,
4 76¼8
H A RI. East let 511
78,4
/
4
78
764
/
1
771
195.:1.1 0 77
*NO PrIee Friday; lataet bid sad towed. a Due Jan 6 Duo AprIl a Due May. 0 Due June. lb Due
.
JUly. I Due Aug. iDue Oct, 9 Due Nov. / Due Dee. 8091101111919
,
.n 7011 .,
,„,, t.
---
SIC
AParr:
--
--
1876
BONDS
N. Y. STOCK EXCHANGE
Week ending April 27
New York Bond Record
Price
Fridag
April 27
Weet's
Range or
Lag Sale
'3'1
(21A
Range
Since
Jun. 1
NW No. Low High
Ask Low
Bid
4
1
/
31 875 925
8
8
8814
Chic UnSta'n let go 4 Ms A_1963 J .1 8814 Sale 87
8
983
8
0 9718 10012
8
59 B
10633 J 983 Sale 977
11312
1 1127 1157
8
8
let Ser C 6 Ms
19633 J 11212 113 113
10412 105
Chic & West Ind gen g 68_....31932 Q M 10412 .___ 105 Apr'23 _
7212 68 70
754
10523 J 72 Sale 7112
Conso150-year 4e
10314
1 1011 10314
4
/
1935 M S 10313 ____ 10314
-years f 7M8
15
8
9512 98
1952 M N 953 ____ 9512 Apr'23
Choc Okla & Gulf cons 5s
SR Mar'17
C Find & Ft W 1st gu 4s g__ _1923 M N
8714
1937 3 J 8614 8012 87
Cln H & D 2d gold 4 Me
3
8618 863
4
k1936 Q F 863 8712 8712 Apr'23
0 I St L & C 1st g 4s
9013 Oct'22
21936 Q F
Registered
4
4
813 _-_- 853 Mar'23
1942 M N
Cln Leb & Nor gu 48 g
8
1928.3 J 984 0912 99 Aug'22
CID S & CI cons let g 5a
9678 _ __1 9019 Jan'22
1943 .1 J
Clear! & Mali let gu g 59
4
1
/
78
2 76
Els
Cleve Cin Ch & St L gen 4s...1993 J D 7758 7814 77
93
8
38 9014 9312
1931 J J 92 Sale 917
10
-year deb 434e
8
4
17 9612 100
97
1993 J D 96% 983 963
General be Series B
191
4
53 100 1021
1929 J J 1003 Sale 10014
4
/
Ref & Impt 68 Serlea A
10114 101 14
1041.3 J 100 ____ 10114 Mar'23
110
8118
1 8118 88
1939 ./1 J 814 83 I 8118
Cairo Div let gold 45
753 77
4
754
8
7.57
1 7514 784
1991 J J
1
/
Cin W & M Div let g 48
7818 774 7612
7812
1 747 8138
8
1990 M N
St L Div let coil tr g 45
84
1940,81 S 801s ____ 84
2 8212 84
(horde Col Div let g 43
3
194013 e 804 .___ 8134 Nov'22
W W Val Div 1st g 4s
4
1
/
4
/
1934.3 .1 103 ____ 1031 Apr'23 _
4
/
1031 1061
4
/
OCC&IgenconegOs
97
8
1 963 9712
con let g &s___ 1933 A 0 97 ____ 97
Clev Lor & W
8
Jan'23
95
1936 MN 915 ____ ISo
95
CI & Mar let du g 4 Sis
94
93
Cleve & Mahon Vail g 59.... 1938 J J 85 8 ____ 93 Mar'23
1842 J J 943 ____ 91 Nov'21
CI dr P gen gu 4M9 Ser A
1942 A 0 9514 97 104 Dec'15
_
Series B
964 Feb'12
1942 A 0
lot reduced to 33s
4
773
9018 Dec'12
1948 MN
-es
Series C 31
4
763
67
Jan'21
_ _ _ __
1950 F A
Series D 314s
921
4
/
2 90
98
Sbor Line let gu 43.0_1961 A 0 9218 Sale 9218
Cleve
s
4
/
1031s, 27 101 106
1972 A 0 1021 10212 1023
Cleve Union Term 5145
827 8314 Mar'23 _
8
83 85
1945 .1 D 81
Coal River Ry let gu 49
4
/
9218 50 903 9312
4
Colorado dz South let g 4a__ _1929 F A 911 9214 9218
835
8
8 36 814 1374
1935 M N 833 Sale 814
Refunding & eaten 4Sie
4
/
1
/
1_
1948 A 0 801 ____ 834 Nov'22
COI& 13 V lat ext g 03
3
80 4 Mar'23 _
1955 F A 80's
I 803 5084
4
Col & Tol 1st ext 49
4
/
843
4 11 82
J 8412 844 841
4
8.53
Cuba RR 1st 50-year 58 g.__1952
8
1043
4
1936J D 10428 Sale 1043
4 10312 10512
liat ref 714a
4
923 91
Apr'23 ___11 91
Day & Mich lit eons 4;35-1931 .1 J 91
4
923
Delaware & Hudaon4
853
4 31 835 90
8
1943 M N 853 Sale I 85
lit & ref 49
9314
1935 A 0 93 Sale 93
9 904 98
110-year cony 521
9813 37 98 1024
1937 M N 9812 Sale 98
5345
1930 J 13 10818 Sale 1084 1084
7 105 1113
-year secured is
4
10
1936 F A 8814 ____ 87 May'22_
DR RR & Bdgelst gu 4a g
727 Sale 725
9
73
H 7214 78
Dan & R Gr-lat email 68_19315 J .1
1936 J J 7713 7814 7712 Apr'23_ 7712 80
Consold gold 454e
4
1
/
8412 i8 82
88
1928 .8 I) 8412 Sale 83
Improvement gold be
4814
4814
4 481 57
4
/
1935 F A 4812 50
lit & refunding Si
4912 Aug'20
do Registered
46 -4734 47
-Apr'23 ___I 47
Bks Tr Amp ars Feb '22 Int _
.5272
513 Mar'23 __I 48
4
Farmers L&Tr rects Aug '55 _
4
53,
Bankers Tr etfs of den
8
417
do Stamped
"40"
"46 46
Am Ex Nat Bk Feb '22 ctfs_
74/
' 12
do Aug '22 etfs
4
432
2 42
1935.3 J 4312 Sale 4312
45
Des M & Ft Diet gu 49
9314 SePt'22
_
Dee Plaines Val 151 go 414s 1947 M S 8614
80
7518 Feb'23
7518 75,
a
Det & Mack-let lien g 49._1995 J D 65
60
65 Apr'23.
65
1095.3 D
65
Gold 49
3
8718
2 85
1961 MN 85 4 8714 874
904
Det Riv Tun 4 Ma
4
9814 991
Dui MIssabe & Nor gen liti 1941 J J 9918 ____ 98, Apr'23
4
/
8
9812 100
1937 A 0 985 9912 987a Apr'23
Dal A Iron Range let Is
9812 Jan'23
1937 A 0
Registered
9812 98 9
,
76 Sale 76
76
1937 .11 1
I 75
80
Elnl Sou Shore .4 Atl g 55
88
1948 A 0 8612 ____ 89 Mar'23
90
44 Minn Nor Div lig g 4e
1938M S 9112 9312 9112 (..pr'23 ____ 944 9104
E Tenn reorg lien g 59
Jan'23 ____ 99
1930.3 .1 98_ 99
99
E T Va & Ga Div g 58
982 10014 98
4
'
1956 M N
9612 99
4
1
/
Cons let gold be
Apr'23
2
973 100'4
Elgin Joliet dr East let g 69_1911 MN 10212 10312 99
10314 10 103 1043
4
Erie let eonsold gold 75 ext_1930 M S 103 10312 103
57
1996 J J 551 4 5.512 8814
29 545 584
8
let cone g 45 prior
_
56
57 Mar'22
1996 .1 J
Registered
7
8
4618 71 -43 a 4814
,
let consol gen lien g 45_1998 .1 .1 45 - Sale 4512
443 51
4
Aug'22
1996 .1 1
Registered
_ - 4
/
8 4
8312
7 82
.53Penn coil cruet gold 48_1951 F A 83% 834 831
481
4le
7
3 411, 52
-year cony 4s Ser A.._1953 A 0 4812 Sa8iz 43
90
4712
487
8
1953 A 0
3 42% 52
do Series B
8 29 43 4 544
503
1
/
1953 A 0 50 sale 494
3
Gen cony 45 Series D
1955 J .1 875a 8914 8719
8812
5 8(1
8
897
Erie & Jersey let 5 f 6s
3
83 4 Mar'23
1940.3 .1 82
833 8354
4
Erie& Pitte gu g 33Se B
Apr'23 _
19403 .3 82 ____ 82
82
8314
Ser1e43C
88 Apr'21
Evans & T EI let gen g 55_1942 A 0
694 Apr'21
Aril Co Branch let g Se,...,1930 A 0
9912 Dee'22 -1924 J J
Fargo
9912 ____ 99, Mar'23
2
9912 100
Fla Cent & Pen 1st ext 64_1923 J J 885
_ 9313 Al1g.
8
22 -1930 J J
let land grant ext g 58
_ 91 Mar'23 -- 91
4
1943 J 1 913 _
93
cense'gold 59
87 Mar'23.
87
1959 1 D 85
_ 8512 89
Florida E Coast let 4 Me
71
70
71
7918
195281 N
79
6 65
Fonda J & Cloy 4349
79
79 Sale
79
79
79
Fort St 17 D Co let g 4349_1941 J J
4
993 103
Ft W & Den C 1st g 5 Me...„1961 J D 100 101 10012 Apr'23
8612 87% Feb'23
85
4
1
/
87
Ft Worth & Rio Or let g de_ A928 J .3 82
109,2 107 Mar'23
107 109
From Elk & Mo V let 89_ _1933 A 0 _
6
- 4
_ 96
Apr'23
9512 99
1931 illl N 9 34
1
/
G H & S A M & P 1st 58
9312 6614 9313 Apr'23
1931J J
931 97
4
/
2d erten 58 guar
4
883
8612
6 8.514 871
Galv Hous & Head let 521-__ .1933 A 0 8612 80
4
/
8412
1557.3 J 8412 8518 8412
1 8212 8812
Geneeeee River 1st 9 f tia
7912 82
2
79, Apr'23
7912 8118
Ga & Ala Ry 1st eon 58___o_1945 J J
19203 J 8912 9113 9112 Apr'23 _ • 9812 9113
Ga Car & No 1st gu g bs
6112 6112
6112
4
603 65
1946 A 0 60
(3a Midland let 35
1
4
9914
2 99,4 993
4
Gila V G & N 1st gu g 59.......1924 M N 99,4 993 99 4
1
/
1042.3 D 964
Gouv & Osetvgatch 5s
89 -- 125
A1;
8 - 92
- -9
Or R & I ex 1st gu g 4;0_1941 .11 .3 88,2 00
8
1(414 34 112 115
Grand Trunk of Can deb 75_1940 A 0 1134 Sale 1137
4
/ 10934 133 10214 105
1938 M S 10414 Sale 1041
15-year s f lili
1947 J D 834 _ _ 10113 Apr'07
_
Grays Point Ter Is
s
10812 162 "ci6- 1114
8
1036 J .1 1083 Sale 1074
Great Nor Gen 79 aer A
90
4
90
a 87 9212
let Jr ref 41g9 Series A__1961 J .1 883 93
82
93
Oct'22
1961 J J
Registered
99
1952.3 J 99 Sale 9812
78 -i612
MO
65
75
Apr'23
_ 65
75
Green Bay & W Deb etfa "A"____ Feb 60
3
9 4 10
4
93
4
93
Feb
93 1314
4
9
ctfs "B"
Debenture
69
8412 _
Apr'21
Greenbrier Ry let gu g 43._ __1940 8.1 N
Apr'23
79
844
GM!& S I let ref & t g 5s_51952 J .1 7812 7912 80
734
/
734 75
7212 7812
Harlem R-Pr dies let 45____1954 M N 811 8212 821 Apr'23
4
/
8212 - -16 80
853
4
Hooking Val let cons g 049_1999 J .1
7312 June'18
1999 J J
Registered
11373 .1 91 Sale 954 Mar'23
8
95% 975
H & T C let g (Saint gil
91
4
7 893 92
Houston Belt & Term let 59_1937 3 J 8834 9012 9012
4
/
,
9718
4
/
1933 M N 961 98 2 971
1 9514 98
Roue E & W T lat g 5s
8
1933 M N 965 9712 9412 May'22
let guar be red
4
/
87
87
Houaatonic Sty Cone g 58.--1937 MN 811 IAA '87 Mar'23
8.012 Sale 80 8
81
3
1957 F A
4
/
62 79'e 841
Rua & Manhat Is eer A
5734 34 .56
1957 A 0 5714 Sale 574
65
Adjust income 55
9012 95; 90
Apr'23
90
1
/
924
Illinois Central 1st gold 4s__ .1951 11 J
_ 884 83% Sept'21
1951 J ./ _
Registered
78 81 81 8.1ar'23
7714 83
1/51 .3 J
let gold 3145
78 ____ 80 ,Oct'22
1951 .1 J
Registered
1951 A 0 7813 81. 83
eb'23
83
83
let gold 334e
Extended
_
1951 A 0 76
Registered
1\11722
-7
1951 M S
gold 3s sterling
let
8212 24 80
80
857e
Collateral trust gold 49._1952 M S
_ 95se SePt'19
1952 A 0
Registered
4
8412 31 82
831 84, 833
4
/
2
4
883
19.55 M N
45
lat refunding
a -861- -893;
8
•No Price Friday; fatten bid
and asked UM Week.
a Due Jan,
Due Feb.
Continued-Page 2
BONDS.
N. Y. STOCK EXCHANGE
Week endtng April 27
t
Nice
Filday
A p -I, 27
Weik's
Range or
Lag Sall,
is
4,
3
Range
Since
Jan, 1
Ililnole Central (Concluded)
High No, Low High
A 4 Low
Bid
7714 75
Pa . based ilnes 3 +.2
1952
78
4 75 Mar'23
783
8
55 773 83
4
collateral trust gold 45
1953
80
8
793 Sale 7814
N
.t.411stered
1953 cc 111
4
983 411 9814 9912
Ref Is !nterim ctfs
1955 1\1 N 981 Sale 9814
4
/
4
1
/
...-year secured b sts
1934 J
10912 Sale 10014
4 76 100 102
1003
lb-year secured 6558 9-- 1936 1
4
/
10814 Sale 10814
4 29 1071 111
1083
823 87
Cairo Bridge gold 45
1959 J
83 .
s
8212 Mar'23
s
Litchfield Div let gold 38_.195 e J 6614 72 1 69 81ar'23-__ 693 73
Loulsv Div & Term g 3)45.3953 Ii 7418 794 7612 Apr'23'_--- 7312 797
8
5
4
3maha Dlv lst gold 39
19.51 FA 68
__ 683 Mar'231____ 683 69 8
4
St Louis Div & Term g 3a 1951
71
8
Feb'231____ 71
J 6714 693 71
Gold 3%e
1951
J 7512 ____ 7334 Apr'23__.. 7313 80
__ _
Springf Div 1st g 354:
1951
J
7812 July'22 .-_
83
4
Western Lines let g 4s
1951 FA 803 82
3 80
80
8
803
FA
Registered
92
W 1st prof 4s
8
9
1944 A0 8334
(nd B
,
8
- - 85 8 Mar'23 ____ 857 8712
.0r1 111 dr Iowa let g 49
4
1
/ 857 8318 Mar'23,_
1959 .1 1 83
8
8312 854
1
/
1965 1.3 9.514 9612 953
4
Ind Union Ry Is A
9534. 10 954 100
1
/
1
/
4412' 91 41
(ir,141 \for adjust65_ _1952
J 4338 Sale 434
4914
8
975
328 95
3
97
' Oils Sale 95
let Mtge (39
1952
8113 Dee'22
TruetCo certificate)3
59. _
-year 1,38
--8
685 70
70
7312
4 68
Iowa Central let gold 511
70
13 35% 40
MS 36 Sale 3512
36
Refunding gold 45
8
9 1
8312 83
8312 11 8214 87
lames Frank & Clear 1st 45_ _1955 ii) 83
Ka A &
R 1st gu g 58
.1
9
938
19 0
Kan & M 1st go g 48
A0 7518 7712 7618 Apr'23 :::: --4 -797
7 .s
954 97
8
963 Feb'23 - - - _ 9638 97
2d 20-year 54
1927 J
Apr'23 ____ 10012 1023
K C Ft S & NI cons g 6s
4
1928 MN 101 12 ____ 102
4
1
/
7534
8 735 7912
8
FC C Ft 8 & 51 Ry ref g 48_ _ 1936 A0 7512 Sale 75
9412 944 Mar'23 ___ _I 925 95
1
/
9
KCAMR&B 1st gu Se._ 1929 A0 90
Sale65
66
6612 61 65
(ansas City Sou let gold 3s_ _1950 AO
687
e
85
8
47, 83
835
Ref & impt be
Apr 1950 .1 .1 8328 84
89%
4 54 765 8354
783
7812 Sale 7818
8
-Canals City Term let 48....._1969 J J
82
Apr'23 ._..l 82
8
837
Kentucky Central gold 4s. ___1987 J J
73
75
74
21 65
92
Kook & Des Moines let 58...,1923 A0 74
10114 Sale 10114
101 14
0% 10134
1 10
Knoxv k Ohio 1st g 68
1925 .1
4 9114 93
93
9218
.ake Erie& West let g 5s
J 9212 93
1937
8
815 83
8114 Apr'23,.._ 8114 86
2d gold 513
1941 .8 J
•D
Lake Shore gold 354e
p1
3
31
13
3
31 s 5
D 78, 77,2 76: APr.:2233 _--_-_-_ 721'2 781
Registered
4
943 J 11 _90 _96_1.2
92_52_ 9_3
4
.
Debenture gold 4s
11928
19999 77 St S 943 Sale 92
8
9234: 31
4
MN 913 923 92
11 rgo
1931
-year erld 4s
26
4
/
MN 5 9314 _-__ 851 July'21!----1
Apr'23 --__ 9112 97
4
Leh Val N Y let gu g 4%a...1 9 1 .1 .1 933 94 94
193
40
90
90
Registered
1944)
Lehigh Val (Pa) cons g 49_2003 MN
1 78
7731( 14 8514 811
88
8
7
2
9
7712 7812 87s
MN 87 87
General cone 4%e
8
5 1004 1017
8
1017
8
Leb Term Ry let go g 5s
1 41
2983 A0 10018 1017 1014
112
Apr'23
Rev.'iced
80
25 1004 103
102
Lett Val RR 10-yr colt 69_•194 1 MS 10112 10134 10112
1928
83% 8512
Apr'23
Leb & N Y 1st cuar g,dcl 4s_ _1945 MS 7712 8714 84
9718 9913
9018
9918
se & East let 50-yr 5, gu_.'96.5 A0 9918 100
8018 ___ - 70 Dee'20
MN
Little Miami 48
Long Dock consol g 65
A0 10412 ____ '0812 ,,,,,'22
955 98
4
/
4
1
/ Apr'23
Long Bold let cone gold 55,61931 Q J 961 ___ _ 95
11993662
let consol gold 45
61931 Q J 8914 9112 8914 Jun.'22
8
8312 8512
3
8
835
General gold 48
1938 ID 83 4 845 8334
8111 814
81 12 Mar'23
ID 8118
Gold 4s
77
764 81
Apr'23
Unified gold 4s
1932 MS 7718 78
949
92 Mar'23 - I 94
04
ID 9012 95
Debenture gold be
34
119937
8418
4
1, 8312 851
4
/
MN 833 85 8418
-year p m deb Se
20
4
773 sale 773
4
7734
12 767 83
8
Guar refunding gold 4s
1949 M
_
.......
96 Nov'22
Nor Sh B let con g gu 59._0932 Q J 9012 93
94' 94
0
, 9
1, 77
6 93 8 8412
94
1927 M S 91
Louisiana A Ark let g be
77
Lou & Jeff Bilge Co gu g 4e 1945 MS
7714 ale 7714
10214
1 10014 103
1937 MN 100 S79i2 1110
Louisville & Nashville be
9034 Sale 9018
903
8 37 8714 92
Unified gold 49
1940 J
.... . _ . . 9015 Jun.
022
.1
Registered
4
/
8
Collateral trust gold 59__.1848 81 N 9812 9913 971 Apr'23 ---- 973 101
1931
7 194 108%
8
10-year secured 75_ ___ _ 2930 MN 10712 108 10712 1083
13
10,
milt 20 101 105
4
A0 1023 Sale 19234
let ref 545
4
1
/
N 0 & M let gold 69
1930 J J 10218 -_-- 1013 Jan'23 -11014 10154
2d gold 65
1930 J J
91
8
' -612 184 M ar.23 ---_-_-_, 1°111 18412
9 '
9111 Fe'
b 23
Paducah & lie,,, Div 49_1946 FA 8458 8
8
4
/
591
4
/
8
591
2 593 63
St Louis Div 2d gold 38...1980 MS 593 61
97
MS 0012 ___- 96 Mar'23 _ 1 98
LAN&M AM 1st g 4148_1945
12 75
7614
3
80 4
77
.; 7612 77
LA N South Joint 51 45_ _ _1952
7312 Apr'23 -- 7312 7711
Registered
21952 Q J
4
Louise Cln & Lex gold 4 14e__ 10 4 MN 9518 973 9618 Mar'23 --- - 9812 9711
1931
3
99 4 Dee'22 --1
aon
dti Cl RR let 5s
68
68
3 16: !11
i_lis i :
Manila RR (Southern Linee)_1939 MN 6611 68
1
1:
Manitoba Colonization be__ .1939 3D 9512 9612 9614 Apr'23 ___ 9512 9714
7518 82
70 Mar 21 ___
J
Man GBANW 18t 3Ae
1941
77 Mar'10 .-hex Internal 1st cons g 4s__ _1977 88 S
11,122 .__.
9812 ____ 100
dichigan Central be
1931 M
973 Feb'23 ..... 973 9734
4
4
Registered
1031 QM 97 100
88
8814 86
Apr'23 __. 86
'3 86
_ 87
7414 Sept'20
Registered
940
194 '3
9
7912 80
Feb'23
J LA S let gold 3%9
so 80
1951 M S 77
79
78
Apr'23
let gold 34.4s
84
78
1952 MN 77
91 ..pr'23
92
4
1
/ 3
-year debenture 45
89 9
20
1929 A 0 91
1 87
87
87
91
87
1940 A 0 86
AM of NJ latest be
4
993 10012 9934 Apr'23
Milw L 5.4 West 1mpg 58.„1929 y A
9818 991
4
/
1011
_ 10112 No%'22
4
/
Div let g 65
Ashland
1925 M S
f6V7i 1007
2
8
Mich I)Iv let gold 68
1924 J .1 19034 ____ 1007 Mar'23
83% 91
89%12 F
90
8634 90
88% 93
541Iw at Nor let ext 4 Ma
894R 92
Mar'23
Cone extended 44e
8
mil Spar & N W let gu 421......1 99444
8412 89
S
DD 843 8512 8412 • pr'23
119337
__ _ .-4
6618 Aug'21
Mllw & S L 1st gU 35is
19413 J 743 86
903 ____ 101
Apr'23 - _ r r 101 101
Minn & St Louis let 7s
6912 16 i 65
1 3812 39
6912 Sale 69
7 .4
6
1st consol gold be
40
8 37
3814
4
1
/
4
1
/ 3814 37
let & refunding gold 4s___ _1 99329 M DN
119447 Nji S 37
38
38
Ref & ext 50-yr 58 Bee A._ _1982 Q F 3712 38
4
/
8612 15 1 845 9
8612 Sale 861
8 0
51 StP&8S NI eon g 45 int gul938
99
99
99
1 , 98
4
1
/
1st cons be
1938
8
.
25 10112 106
104
10314 Sale 103
-year coil trust 6%e
10
8
4
1
/ 1003 ___2_ , 095 10512
4
4
/
10012 1011 100
846 NI
1931 J
6s A
ee
1
/
884 _
9212 D'22
let Chicago Term s f 4e___ _1941 M
-iiii- -WI;
8
4
1
/
96 ____ 9618 Mar 23
NISSM&A 1st g 4a Int gu._19223 J
8
1 8814 905
8814
8814 --__ 8819
athogssippi Central 1st 69___ _1949 J
92
9212 11
9218 93
M K& okia let guar 69. _1942 M N
8 90 9218 8414
755
75
8
9
0
Ti's- let gold 418_ _1990 J D 753 Sale 7518
Mo Kan A
743
Apr'23
7714
74
Columbia Tr etre of dep
7712
g it _. --- 7714 - - - - 7712 Apt'23 _... 73
do Stamped Dec 1921 i n 990 1F A
6814 Aug'22 -__
g ul2t
2der ro d
75
- ---- 7312 Apr'23
Co
48 certits of deposit.
--- -8919 Jan'23
89
894
2004
let & ref 49 Tr eertife
71 18 Apr'23 ____ 6232 83
8814 7%13
Gen 450 N Y Tr Co ctfs. _1936 :T.:
8214 Mar'23
6% certie for notes "ext".. _
f 8;
6
7734 Sale 7712
NI
1
/
784 249 -77is 83.
Mo K & T By-Pr I 5s Ser A 1962
4 98 63 6712
653
1962 J J 6412 sale 11112
40-year 4e Series B
268 9234 963
95
4
1932 J J 9438 Sale 9412
Series C
-year 69
10
03
5114 Sale 54
4
553 691 54
Cum adjust Is Series A_ _1967 J J
'Missouri Pacific (reora CO)
1
/
864
82% 14 82
82
8412 82
let 44 refunding bs Ser A...1965 F A
4
/
96 Sale 96
9 9518 961
964
let & refunding be Ser C._.1926 F A
9512 49 92 2 99
1
/
954 Sale 9412
,
refunding 69 Ser D_1949 F A
1st &
4
1
/
128 5612 83
58
1975 M 14 5718 Sale 57
General 44
Missouri Pacific
4
7912 813
8012 7912 Mar'23
78
1938 51 N
3d 75 extended at 4%
7314 Mar'23 --- 7314 7314
Mob dr Air prior lien g 58._ _1945 J J 89 _
7318 73 4
7212 72 Mar'23
5
1945 J .1 67
Mortgage geld 43
4
1 102 1041
4
/
1031
Mobile & Ohio new gold 68_._1027 .1 D 10318 10414 10318
8
10012 1037
61927 Q J 10014 10112 10314 Apr'23
let ext gold 65
7814
Apr'23 -- 73
_ 73
4
1
/
1938 M S 72
General
1 9012 9434
9412
9012
93
91
i
gr( D
me 1,48 iv 1at g 5a _ _1947 F A
9514
1927 J D 9412 Bale 9412 Apr'23 -- 94
St Louts Dly Se
1 7512 793
4
77
4
773 77
75
1038 M
Mob & Ohio coil tr g 45
8018 86 , 8238 Feb'23 - 8234 8314
1991 M
Moh & Mal 1st gu g 411
,
Due June, 6 Due July.
a Due Sept.
a Due Oct. s Option sale.
New York Bond Record—Continued—Page 3
:1
BONDS
N.Y.STOCK EXCHANGE
Week ending April 27
Z3
22 ..
21;4r.
Price
Friday
April 27
Week's
Range or
Lan Sale
1
4
cp,
a
Range
Since
Jan. 1
BONDS
N. Y.STOCK EXCHANGE
Week ending April 27
1877
trz
Price
Friday
Apri/ 27
Week's
Range or
Last Sake
62,
4
Range
Since
Jan. 1
LOSS
Lou
Pancasylvania Co
-BO
Ask Loto
High No• low High
B092703734
8412 Nov'22 _ __ __ _ _ __ _ _
Guar 3 Sin coil trust reg A.1937 M S 83
Mont C let tor g (is
1937 l .1 109 11112 114
Jan'23 -- 111 114
Apr'23 :::: :::: ::::
Guar 314a coil trust Ser B_1941 F A 8214 ___ 82
Registered_
1937 J .1 --------13614 May'06 ---83 Juiy'22
Guar 31is trust Ws C___ _1942 .1 D
4
8
let guar gold bs
8
1037 J J 997 1003 993 Apr'23 --- -664 jai's;
0
0 22
_
8 4 _5 _ 8 14
Guar 334s trust ctfs D___1944 J D 5;3% _5 ' 0342 No‘044
4
Apt'23 -- 743 7814
Li & E 1st gu 3348
76% 76
2000.3 D 75
1 9012 93
4
8
Guar 15 -year gold 49_,.. A931 A 0 903 91
-25
Nash, Chatt & St L let 5s_1928 A 0 995 1023 9912 Apr'23 ---- 085 101
8
4
6
-96 97412 878
8413 Apr'23 - , 832
9777a
88
1.0-year guar 48 etre Ser E__1952 M N 86
Apr'23 ---- 98 98
N Fla & S let go g be
1937 F A 9818 -___ 98
72
_
Peoria & East let cons 4s_ _1940 A 0 7018 72
Nat Ry of Met pr lien 434s _1957 J J -------31 Sept'22 -7g
744 A H6 32 -_N_ _-_ 4 25% 30
32
11r.
Income 45
H 26
32
July coupon on
2 5
p22
;
% 30 4
3
: :::1:*
972
:
79964813%4 H998287231114211
3112
Jelethser ie B o Ser A 53i_ _ 1198 . .J
Sale 9334
r tar cirtte lst
3112 ---- 29
311,
5)J 11
5 1
( /
6 '1
do off
General 48 (Oct on)
1977 A 0 ____ ____ 261s Jan'23 -- 2618 Ms
27
Philo Bait & 1V let g 45
27
8814 Mar'23
27
April coupon en
27
4612 14 46
49%
12
P c ppind 2
ptiilic e Itig st 3-yA 8 1 48 1947 14 2 46 Sale 46
7
off
lu 4 2, r
do
28
5 2712 28
26
33 1' " 5
30
94% ___ i 904412 004474
Nat of Men prior lien 41.4e___1926 .1 J --------3814 June'22 ---,
1949 A 0 94% Sole 94%
89%
1 12
Series B 4145 guar
July coupon on
40
4014 40
3 3613 "ici"
1942 A 0 94% 95% 9414 Apr'23 ____
Series C 43.4s guar
off
do
45
89% Fe r 23 7:::, 889412 8899,1,2
4
A pb 2
:
8934
Series D 4s guar
let consol 45 (Oct on)___ _1951 A 0 --------28
7 i6•
28 --- " 57i 28
.
Series E 314e guar gold_
April coupon on
89911 .-IL
26
Feb'23 ---- 2412 2614
119452 F "N 89458 Sa e
I9449 1'7'11 A
89
Feb'23 ___i. 2820,4 890843
Series F guar 45 gold
2712
do
off
26
293 2712 Apr'23 -- 26
8
_
__ 8953 Mar'23
Naugatuck RR let 48
Series 0 4e guar
:
02 z ...05
892 P4 8914 :
87 July'14 -1954 IVIN 6818 _
9212
9212
.
Hew England cone 58
Series 1 cons guar 4;48
9012 9012 Mar'23 ---- "Fifi- -461;
1945.3 J 85
19553 jFN1 4DA
9963
7
8
Consol4s
Series J 416s
8
1964 M N 9218 ____ 9414 Nov'22
8
3 747 747
747
1945.3 j 747 Sale 747
9512 5
93% 913
94%
82
NJ June RR guar let 49
4
General 5s Series A
Jan'23 --- 82
: 82
1986 F A 76% 801
Pitte & L Erle 2d g bsa1 2( j D 95114 -- _ 99 Nov'22
8113
NO& N E let ref & imp 434sA '52 J J 7614 8013 78
6
9 0 9
Apr'23 :- 78
9
1978 A O
Pitts McK & Y let 1311 es
New Orleans Term let 4s.
75
25 7315 7934
741
1932 J J 103 _-- 105 Dee'22
8
1953 J J 745 76
2d guaranteed 65
NO Texas .t Mexico let (Is_ _1925 J D 101 Sale 10018
101% 31 100 101 1e
1934 J J 10018 ---- 9514 Jeue'20
7912 39 7713 83%
Pitts Sh & L E let g bs
100 Mar'23 ____ -ifili 100
Non-cum income 58 A___ A935 A 0 79114 7914 7914
194 A 0
1 8914 8912
100 100
N & C Bdge gen gu 43e
23
2
let 000soi gold 53
98
8912
1943 J ./ 9612 ----100 JFuneb,: 2
8912 9212 8912
1945.3 J
---- ____ ____
Pitts Y & Ash let cons Ss__ _1027 M N 98% ____ 38 June
N Y B & Al 11 let con g 5s
Apr'2222 94 94
1935 A 0 9112 ____ 94
10 33% 3853
8
ff Y Cent RR cony deb 6e...1935 M N 10212 Sale 102,
38
Providence Secur deb 45
10312 93 101 1063
2
8
- - - - - __
8
7834 34 76% 825
Providence Term 1st 45_ _,_1957 M N 74 _42 _ 885 Feb IA -Consol 48 Series A
19 6 M S 3514 _
7818 Sale 78%
1998 F A
3
38 8414 38%
8512 138 827- 86
Ref & trent 434e "A"
Reading Co gen gold 4s
87
8
1997 J .1 853 Bale 8318
2013 A 0 8514 Sale 8518
4
8212 81
Registered
1997 J j 8114 _;_2 6012 Apr'23 ___ 8011 84%
Ref & Inlet be
95% 325 92% 983
4
0 95 Sale 943
2013 A
8514
8514 ---, 79
U Y Central & Hudson River
Certificates of deposit
85% Sale 80
e
7754
8314I
Mortgage 31.4e
Jersey Central coil g 49__
4 80 86
8211
8
7412 41 72
A 0
1997 J J 741 Sale 74
lanes A Saratoga 20-yr (is ___1941 M N 10618 .. _ _ _
Registered
1997.3 J --------78 Dec'22 ---; Rich & Dan be
50 "861; '915
67
89
,
Debenture gold 45
11)34 M N 89 Sale 88's
1927 A 0 96 4 98 - -31 ----------- --"i -97% 97%
dell A
eel 151 be
72
8912 Nov'22-Registered
1948 M N 6712 ____ 72 Mar'231---- 72
1934 MN
12 "gicz -96
86
9814 Mar'23 ---- 99 100
; Rich Ter be
1
.1 9618 98
SO-year debenture 48
1952
1942 .1 J 8418 8512 8413
till Or June let go 5e
84 Mar'23---- 84 87%
Lake Shore coll gold 330_1998 F A 71
3
718 12 681e 76
723 70.4
4
do Or Sou let gold 45
1012 Dec•22'---- __—__.
7112 Feb'23-- 7113 72
Registered
40
1930 .1 0
049 .1 .1
9 J J
1998 F A 6814 79
24
.
i72 ..i
4
12% _ _ _ .y11 1 Fe144 21„i3 1_7 .. _7 .
Mich Cent coil gold 33413_1998 F A 708 7212 7118
71%
6 7114 77
tio Or West 1st gold 48
Sale
Apr'23 --,,, 7012 75
Registered
74
70
1998 F A
193" 0 23'44
4
Mtge & colt trust 48 A
a I' Chic & St L let g 4s 1937 A 0 8614 8734 8612 88 lb 83% 90,
613
4
1949 A j
6331 ,.,
/' 14 613 671
,
3
:
77 1 .3.3 78
65 Sale 76
76
.2
81
Registered
1937 A 0 ---- ____ 8812 Jan'23 -- 86% 8612 R I Ark & Louis let 4 511.1 it .1
11g3 lk
1
11 83% 87%
87
Rut-Canada lstgu g 48
r.v 70
Jan'231---- I 70 70
Debenture 48
1931 MN 87 Sale 8618
82 9512 1007
1
8
100
tutland let con g 414e
77
7934 80
-1
Apr 23 ---- 80 8012
24) ee A
1931 M N 99 4 Sale 99
3
5
7212 73
72
Apr'23 ---- 72
St Jos & Grand 1/11 let g 4s...,.1947 j J
3416813
75
4
1931 M N 9914 993 100 Mar'23 --22 100 100
It Lawr & Adir 1st g bs
8814 9214 91
Apr'23 ---- 91
X Y Connect let gu 45411A 1903 F A 854 Sale 85 4
9213
3
86
13 83 88%
1996 J .
11
24) gold es
8
ff Y& Erie let ext g 4e
1998 A 0 953 ___ _ 9814 Mar23 .--• 9814 98 4
1947 MN --------87 July'22 ,
5913rd ext gold 4345
4
1931 J J 883 891.1 88% A1)r'23 --,, 87
90
9912 Jan'23 ---- 9914 -. 2 St L & Cairo guar g 411
1923 M S
ith ext gold Is
St L Ir M & Seen con g 53_1931 A 0 9514 Sale I 95 8
,
96 I 20 95
1930 A 0 93 ____ 9112 Nov'22
99'2
5th ext gold 48
Gen con stamp gu g be_1931 A 0 ___
ext
_1102 July 14 ---1928 J I) -,
4
- ____ 948 Nov115 ---N Y & Green L gu g be
Unified & ref gold 45
1946 MN 75
1929 3 i 8513 8612 8514
8613 Nov'22 --- 78131 100
86
23
"ii13
05
0 78
0
1933 M N 77% 0 14
RI,& G Div let g 4s
9786,4
R Y& Harlem it 334a
7312 Mar'23 ---20110 MN 7414 77
ff Y Lack & Western 58
Apr'23 ----II 96
1930 A 0
1923 F A 991a 10014 100 Mar'23 --- 9813 100% St L NI Bridge Ter gu g 5s
Terminal& improve't 4s
4 St Louis & San Fran (reorg Co)
1923 M N 99% ____ 998 Feb'23 ---- 9914 993
4
1950 J .1 6718 Sale 6618
N Y L E & W let 7e ext
Prior lien Ser A 45
6714 186 65
10314 10312
1930 M S
707
10314 10314 Apr'23 9818
Dock & Imp 5s
Prior lien Ser 11 be
04
813
8 4, 27 I
9
1950.3 J 8134 Sale 8114
98 Mar'23
1943.3 J 9612
17 V
93
84
%
4
J
2
3
Y & Jersey let be
943 98%
4
534e
1928 J 0 8384 Satile 828%
042 A . 79884 8a9le 07 8
1932 F A
9512 99
943 Mar'23 99 I 30 9714 10018
N Y& Long Br gen g 4e
Prior lien Ser C es
1941 M S 851s
91 July22 - Cum adjust Ser A es
IllYNII& Hartford73% 143 72
h1955
80 8
3
/Ton-eon, deben 42
6418 Sale 63
4
643*
Income Series A fis
473
4
1 473 57
51960 Oct
1947 M 13 4714 4734 4734
447
4
8 St Louis & San Fran gen es._1931 J J 102% ---_ 1023
1035
Non-conv deben 334e
8 37 102% 10353
40
44
44
49
1947 M 8 44
1931 j j 9712 __-_ 9612 Apr'23 -1- 6 2 673
47
-84 953 99 4
8
Non-conv deben 3148
General gold 5s
453 4214
1954 A 0 37
4
4214
1 40
1 45
5112
St L & S F RR cons g 45 _1996 3 J 8212 ____ 8212 Apr 23 ____ 8212 8212
Non-conv deben 48
2
1955 .1
.1 4818 477 46,
4618
100 Fe00
9
51
peo NW 12s t g 52 :: 1048 J 0
otitr DivS
1b'22,--- .
Non-oonv deben Is
: :1947 A J
e
1t gu 5
47
.
1.: 43
1956 M N 4612 Sale 46
.
100 nil 85'4
St L
48
Cony debenture 344s
40
43
g iiii4 iciii8
42
Apr'23 --z- 40
1956 1
8613 Oet'22 -4t Louis Sou let sue 413
bl N 8714 90
m S
64 6514 73 4
67
Cony debenture es
_ __
,
1948.3 J 6512 Sale 651s
743 7512 7418
4
0 38
4313 St2d E3 W Incomes bond cett;_..;1099883091
7512 35 -72
L g 421et g
4113
4.% debenturee
784
b0 d t a
0 [
1957 MN 4114 41t2 4112
J J 6918 70
69%
7014
6 69 '7112
Ts European Loan
14 7014 8134
74
1025 A 0 7234 Sale 724
7512 Sale 75
Ill!
757
Consol gold 48
48 7312 7734
Ts Franca
8
6618 44 60
657 657
8
1925 A 0 62
4014 44
76 I 15 7312 8212
let terminal & unifying 5s_ _1952 j 13 75 Sale 75
Cons Fly non-conv 46
Apr'23 ---19311 g A -------- 44
1932 J
it ptu m
7712 21 1 7514 81 12
76 4 7714 765
,
8
- St,PA ulier K CSh0 Ist4;48._ 1941 F A
Ia LA2
Non-conv 4s
5012 Dee'22 ---- _
1954.3 .1 ---_ 49
1933 J j 91
93
90
90 I
44
1 i 9114 94
Non-conv deben 45
44 Mar'23 --- 44
1955 J
1933 j j 10753 1083 108
4
Apr'23 ---- 108 1093*
let consol g 13s
Non-cony deben 4e
49 Deo'22 ---48
1956 .1
1933 j 3 10613 110 i 99 Sept'20 ---- __ _5i _1;01_
Registered
Oct'22 01 Y & Northern let g 53._ 1927 A 0 99 ____ 99
2
4
8
Reduced to gold 44e
7TO & W ref let g 4s_
•
1933 3 J 953 9612 957 Apr'23 ---- 95
s
65,4 4 64 "i6 8
g1992 M 8 65 Sale 04,
_1721 87 4 Au8 4 —7- _ .2 _tia
9
0
'24
40. .._
-0 2
4
Registered S5.000 only. 01992 M S --------59 Nov'20 ---•
Registered
1933 J .1 2% _0
37 55
Mont ext let gold 4s
58
General 4s
f6 ,
59
.
1955 J 0 58 Sale 5518
ii.
1937 j D 89
D
91
80 Mar'21
N Y Prov & Boston 45
Registered
85
1942 A 0 74
83 Aug'13 ---•
r23. ii, 84
1°33 J21 S 8418 -___ 84 bia78 _
9447 8 I
90
71
7,53,
Pacific ext guar 45
It Y & Pu let cons gu g 411_1998 A 0 813 85
2
- -801- -824
813 Mar'234
4
R A & A Pees 1st gu g 45
95
If Y & It B let gold 55
Apr'23 -- 05
95
1927 al S 9514 99
-1 7 :
)
7612 8818 79
Santa Fe Pres & Ph Is
91 Y Susq & W let ref 5e
60
Apr'23 --. 51
50
1937 .1 3 5518 56
1942 A 0 93 -- - 92'2 Feb'23 —8 ! 11 as
791 80 4 80
. 3
4953 -1,0 vran Terml let 45
3C1 gold 414e
Apr'23 --- 42
45
487 48
1937 F A
8
109 ____ 10812 Nov'22
____ __ _ _
General gold be
Say Fla & W 6s
49
1940 F A
45
46
Apr'23 --- 45
40
1934
Nov'22
Terminal let gold be
5s
8
8
1943 M N 8418 ____ 845 Mar'23 --,- 84% 935
.... 884 -g(3 -1181
853
-7-i -i(i- iii
-4
LW Y Weber'& B let Ser I 4;4s. '46J
SOO V & N E let gu g 4S
5014
43 Sale 424
433
4
'AV: 41
1119998359141 5A1"10
58
Norfolk Sou let & ref A be
Seaboard Air Line g 45
1961 F A 6412 Sale 61
65
2 6112 71
(
1950 A 0 5353 -::- 5S
Norfolk & Sou 1st gold 55
88% 9312
Gold 48 stamped
8814 91 3 90
1941 MN
Dm A 0 5412 Oa
90
1
53 3
'
s
3558 12293 24 3212
5 1'2
30
"tort & West gen gold es
304 31
2
23 2
2
1931 M N 106 10812 107
107
Adjustment 59
i 107 10812
o1949
64541,42
Sale
Improvement & extg
4
1934 F A 10618 ____ 110 Mar'23 —• 1083 110
Refunding 4s
1959 ,
t
4
New River let gold
1st & cons es Series A
1932 A 0 10614 108 1063 Mar'23 ---• 106% 106%
4
N & W Ry let cons g 45
21 8512 93 4 Seaboard & Roan let be
1996 A 0 8712 Sale 8712
,
881
1926 F A
Registered
371s 3712
1996 A 0 81% 8518 8814
Sher Sh & So lot gu g 55
8814
, 8814 90
1
Div'l let lien & gen g 48_1944 J
8414 8434 845
4 8 & N Ala cone gu '
8
8418
' 8238 863
i
r9 4
10-25 year cony 43-5e
99
1938 M S 108
--1:
93 : : '3
10714 Apr'23 ---, 10714 108
1F 43 9 8 -;g -: 9 6 A D9 23 ---- 14Ai, 99
A 811 930697
11934463
be_ _ _ _ 1 99985
3
8012
813
8 31 7712
1929 kt 5 110 112 11012
10
-year cony 69
11114
2 10714 117% So Pac Co-48 (Cent Pac col) k1949 J D 8012 82
1007 164 10014 85
913
1
1 901 19 %
Pocah C & C joint 48_1941 J D 8418 Sale 845
1 84% 883
85
s
8
0 12
2
gi9
North Ohio let guar g As.._ 1945 A 0 79
83
20
0
0
0
85
-year cony 5e
83
28 51 D 101 12 Sale_ 100,2
14 N : f 91 114
11 S 9 4 Sa__I
Jan'23 --- 83
1934
Apr'23 ____ 101 1011,
Northern Pacific prior lien railSo Pac of Cal-Gu g 5s
way & land grant g 48
8318 Sale 8318
1997 Q
4
8334 51 813 87
So Pac Coast let gu 4e g
1637 J J 8818 89% 8918 Jan'23 -22 8918 91
937
Registered
8312 So Pao RR 1st ref 411
8504 61 83
8
1997 Q J 813 8313 8112 Apr'23 ---• 81
8812
1955 a j 85% Sale 8514
5! 59
6214 Southern-let cons g 55
60
General lien gold 38
a2047 Q F 60 Sale 5934
943 132 90,4 9814
4
8
1994 J .1 9412 Sale 9418 A02.23 _ 26 923 038
Registered
62047 Q F 60 Sale 60
60
' 5812 60
Registered
10714 Ill 106 109 4
Ref le impt es ear 11
8
3
Develop de gen 45 Ser A
2047 J J 1067 Sale 106,2
IL3 'I 11 67 Sale 6624 Ap2.2 _1
4 A
67
' 99 6638 6818
: 1
,
,
4
8514 2 823 90
Ref &imp 445 SerA
2947 .1 .1 84 4 Sale 8414
10112 1 100 102
Temporary 63.4e
1956 A 0 101 Sale 101
9514 1. 9212 100
64 '0Mem Div 1st g 4;48-58___ _19116 J J
2047 .1 J 9412 Sale 9412
90
97
9434 101 9212 99%
58 D
St Louis city let g 4e
9 '2 93 4 Apr'23 ---, 7518 80
21)47.3 .1 94% Sale 94
7
9
75 2
1951 j j 92
76
St Paul-Duluth Div g 49 1998 J D 85 ____ 89
So Car & Ga let ext 63-4e
Feb'23 --. 81) 89
3
983
4
983
4
99
2 96 8 99
,
1929MN 08
„
92 a elnn erR yt4 i 58_ _ _ 1955 J J 82
3
9812 9812 . trenni
(it Paul & Duluth let 58_1931 Q F 99 ____ 9812 Apr'23 —
83% Feb'23 __-- 83 2 832
86
tl na listag
,
8414 8414
let consol gold 4e
1968 J D 791g ____ 8414 Jan'23 -Oct 20 ---- :::: __.
I::
J D 73% _-__ 80
1943
8
108 110
Mr Pao Term Co let g 65_1933 .1 J 1083 10912 10812
Sunbury & Lew 4s
10812
1936. . -------- 92 May'22 ---1 1
s
Jan'23 --- 102 102
NO of Cal guar g Sq
Superior Short L let Is is__ _ .41931) m 8 98'8,-- - - 95
1038 A 0 100, ____ 102
M .18 --- 4
"
'is; "ii,"
i .
„
4
North Wisconsin let es
11)30.3 j 1043 ____ 118 Nov'16 --- _
t . 1-t g 440_1931) A 0 92% 9418 9414 Apr'23 _ ___ '1
5 1.,
66
66
71
Og &',Chem 1st gu 4s g
Apr'23
Teret ern sagootld.
lm
3
7
1948 J J 6618 6712
6
A p2:23 ________ 97
r 2
82
99
1944 F A 9312 9712 96
8614 863
4
Ohio Conn Ry 48
773
8
Gen refund s f g 49
1943 M 5 873 _ ___ 8614 Apr'23 -9512 98 s
,
Ohio River ItR let g Le
Tex & N 0 con gold be
1936 .1 D 90% ____ 96% Mar'23
95% 9513 Texas && Opakia let dudg 5s_ 13 .11 S 37 8
General gold be
1937 A 0 9514 ___ 9512 Feb'23 —
et gg l 58
- -8
2 33 5 I 901457 4 -79951- 9340
1
110 3
Ja: -2- " 984 4
1199 83 14 9 , 396
3 2
0
4
,
941, 9918 41 98% 100
Ore & Cal let guar g 58
8%
8
1927 J .1 987 Sale 9
94 Sale 94
843 5712
4
86
Ore RR & Nay con g 48
2d gold income 59
1946 J I) 8604 8812 86
60
4012 Jan'23
4012 40 2
Ma
? 54
,
52000 j l
Ore Short Line
La Div B L lets be
1931 1 j 8913 Sale 8912
3 884 92
894
10112 ' 99 10412 Tol dr Ohio Cent 1st gu 55_1935 J .1 9712 --__ 98
let consol g 58
1946.3 J 10018 102 101
Apr'23 ---- 9684 9884
Guar eon be
10118 3l 99% 105
1940 .1 J 101 10134 101
liv 18t g be
52
1935 A 0 9312 __ __ 9312 Apr'23 ---- 9214 96
0eetea1 geld
W
9218 13, 90% 0313
Guar refund 48
ener r nD
O
92 Sale 92
1929 J D
875 Mar 23 ---- 875 87%
8
8
1035 .1 D 8718 91
9 17J J
81 7513 82
Tol Peo & West 4s
781
Oregon-Wash let & ref 4s
1961 J J 78 Sale 7712
32
Apr'23 ---- 26
31
793
3
Pacific Coast Co let g be_
Col St LA W pr lien g135is_ _1925 J 1 9412 95
: 7812
1 76
1946 J D
781
7812 83
93
Apr'23 ---- 9318 9412
81312 8658
4s754
7 8012 Mar'23 -- Pao RR of blo let ext g 4s
50-year gold
24 6o53190
1938 F A 85
85
A 0 6912 Sale 68 4
,
71
9512 97
Tol WV & 0 gu 4345 A --- _ - 11,a1 J J 9514 _ ___ 9318 Nov'22 ---,
2d extended gold be
1938.3 J 9318 ____ 9513 Mar'23 -Paducah & Ills let e 1 4149_1055 J J 9018 ___ 91 Mar'23 --, 9012 91
Series B 430
95% ' - - -9i3
8
3 6E14
1933 J 1 9514 9618 953
;
773 58' 831s 7 34
Parla-Lyons-bled RIO es
4
Series C 45
1958 F A 7712 Sale 76
867 N'OV 22 ---- ---- -- - 8
.
1942 M S
Penneylvanla RR let g 45
Tor Ham & Buff let g ea _k1946 .1 0 783 82
1923 M N 9918 ___ 993 Dee'22 ---.
4
82 Mar'23 ---- 7812 82
4
89 "9314
Consolgold4e
dieter & Del let cones ge
l943tM N 9314 Sale 9314
9314
'
9553
1928 J D 95
9512 Apr'23 ---- 94
96
Consolgold 4e
let refunding g 45
1: 87% 91
1948 M N 8834 Sale 8818
89
;3
'
2
70
2
ir7 jj 0 , 85535613 9 l e 980%N Ma89580 N38
t9 2 A 3,
5
2
748
45 stampedMay 1 1908 M N
89
85
%lion Pacific let 4; 41;
_ 87
Apr'23
1947 3 J 89'8 8 1 5954
1111
1960 F A 94
94
93%
945s 11 9212 98%
_
,. General 4 he
20
-year con, Is.,
1905.3 D 905 Sale 9013
ereCi
92%
8
905s 91 88
9434 Sale
/*General be
1968.3 0 9913 993 9912
let & refunding 40
4
10018 121 98 1013
4
2 80
83
P 83 Sale 824
.
_9700 M '
1428
MID-year secured 79
'Os
'u -year perm secured es_
1930,A 0 10712 Sale 10712
19199 4
1 8126' 98868481424 1
3' 107 '
109
8 J 1 103 Sale 103
10312 -75'9 100 10 1
4 011,1 as, •li•
"1•8
•
tete n•. sig
wit. lone'21
60
5
7g48867s
9
----
DI
---.
1 411,
6enyecaornes0:74r850-yr
20.
141 N., :1
0
Apr'23:1-:
,,,170:82
99:
3'
to
'415,3
---.
sCousoi4546
NO Price Friday: bawd bid sad asked Dile week. oDue Jae. j Due per. •Due 311119. 3 Due July
Due Aug. eDee.oet. sIDee Noe, i Due Deo • 8 01,11018 male
New York Bnnd Rnrord—Cnntinued—PaRe 4
187s
BONDS
N. Y.STOCK EXCHANGE
Week ending April 27
17,'`.
Price
Friday
April 27
Week's
Range or
Last Bale
11
naa,,e
a
' ,1 /Tn. 1
I
.
High No Law High
Jan'23 ..--- I 994 997
Apr'23 -_-_--,1 914 911
apr'22
Nov'22 ---1____ ... _
Mar'23
3712
6,34
38
45
Ask Low
1811
I
Utah & Nor gold Se
1928 1 J 94 ____ 997
let extended 48
1933 J J 8818 ____ 9112
4
Vandalla cons g 48 Ser A__1955 F A 823 __-_ 88
Consol 48 Series B
1957 M N 824 --- 8514
Vera Crux & P 1st gu 448.._ _1934 J .1 ---- ---- 374
3714 3812
July coupon on
8
3
July coupon off
374 -- - 2
98
----11Verd, V I & W let g 58
98
1938 M S 934 ..__ - .- Mar'23 .....1 98
9818
1 96
9818
Virginia Mid Sec E 52
9814
1928 M S 984 99
9712 10 964 983
4
General :a
1936 MN 9838 ___ - 9712
9413 93 Mar'23 .....1 93
Va A So 'n st gu 5s__ _20031.1 J 92
,
.
7734 Apr'23...
L.) 7512 81 4
let cons 50
19581A 0 7418 77
93
-year 5e
90% 98
9512 38
4
1982 M N 9514 96 943
Virginian let 5e Series A
3
95 4 35 9414 99
9518 Sale 95
19391W N
Wabash let gold 56
863g 10 83 9214
86 sale 88
1939 F A
2d gold Se
68
Apr'23,
8814 89
let lien 50-yr g term Mt__ _ _1954 J 1 13814
94 Mar'23.... • 94 96%
Del & Cb Ext let g 5a__1941 J J 884 97
7334 Jan'23 ____ ; 734 7334
Des Moines lv let g 40_1939 J J 8614 79
1941 A 0 8112 63 8412 Apr'23 ___ I; 63 4 8614
3
,
Om Div iota 331e
723 Apr'23 __ - i 723 77%
4
19411W 8 704 75
Tol & Ch Div g 411
2001) F A 704-- 7411 Nov'22
Warren let ref gu g 3Se
8434 May'22, -_1948 Q MI 7412 79
Warm Cent let gold 48
.
1924F A 9734____ 974 Aug'22' W 0& W 1st ay gu 4e
Ma Mar'23,..7612 79%
1945 F A 7714 79
Wash Term lot gu 3346
1945 F A 8112 ---- 84% Nov'22
4
I
8712 Mar'23 ____I' iiiii 'iv'
W Mln W & NW lot gu 56.-1930 F A 76% 85
8114 27' 60 653
4
1952 A 0 6012 Sale 6012West “aryla d let g 4s
3
8
1937 J J 955 9612 98 4 Apr'23 __ ' 954 109
Y & Pa let a 54
Weal N
4
i 7,53 81
76 1
4
_1943 A 0 753 Sale 753
Gen gold 4s
8
8012' 22 7934 85
Western Pao let Ser A 5s___1948 IN El 7912 Sale 793
4
4
7912 29 77
2381 .11 .1 783 793 783
2
837
West Shore let 48 guar
77
Apr'23 ____, 75 82
3361 J J 78% 78
Registered
9712 Apr'23 --__I 97 99
1938 A 0 9714 99
Wheefing & L E let -, 58
99 Feb'23 ___ 95% 99
Wheeling Div 1st gold 6e...1928 J 1 95
3 1- 7
1930,F A 90 4 -3f- 94 Sept'22
8
Eaten & Impt gold 60
3
51
4
15 ifila 83
198BM II 503 Sale- 50 4
Refunding 434s Series A
594 11 57 6512
1949 M S 584 5914 5812
RR let coned 95
8
527
1 59 69
1942 J D 52% Sale 527
Wilk & East lot gu g 58
101
Jan'23
1938 J D 99
Will& S F let gold 6e
1101 101
Winston-Salem El 13 let 40-1980 1 1 7714 -76 4
378
8113
3 77 75 8
5
78 , 35 74
Wis Cent 150-yr let(en 48__,.,,1949 1 J 75
82
764
1 7814 80 8
7714 7814
Sup & Dui div & term let 40'36 M N 70
3
,
.
5 MaY'22 .....
W & Con test let 49 ..... - ---1943i./ J 54%-- 6
INDUSTRIALS
80 1 15
Adams Express coil Ira 4a......1948/111 El 80 Sale 80
973
4
9812 16 1 8
193811 0 -- -8 P814
512
Ajax Rubber 8e._
12
8
812 Mar'23 ......'
1925 M 8
&leeks °old M deb Be A
818 Apr638 8% 96
8
1928iM S
,
'23
Cony deb Bs series B
8
8
9614 70012
8
6
14
8
1933 A 0 9712 973 96
2 32 9
Amer Chain Bs
634 9734
18 96
19281A 0 9614 97.1
Am Avec Chem let Co
8
0
16212 27i1 8
8
87 9
19411F A 102 Sale 1013
9 0 ,
0 1837
let ref e f 7)48 g
22
8 Sale BB
Oil debenture Sa
1931,61 N 0
Am Cot
,
19361J J 106 8 _
1057 Dec,'22 — 1
Am Dock & Inlet gu Be
0
45:8 - - 2
1937'A 0 90 Sale 8913, 00
Amer Republica 68
1501
8
10.112 319 8418 9234
2
8
%
Am.Efin & R 1st 30-yr 58 Eler A 1947A 0 87 Sale 8418
American Sugar Refining 88,_ 1937 J 2 10212 Sale 101%
i98 10012 03
009014 043412
:
Am Telep & Teleg coil tr 4a 1929 J .1 91 12 We 91%
-39
8
7 92
r
02
1'1
p80138
Convertible 4e
1936 IN S 88% Sale 8618 A19252:3
po
8 88
4
1933,161 113 1013 Sale 0134
-year cony 4348
29
4
D 97 Sale 963
98
1
-year temp roll tr 5s
80
1948,
1823 95 101
-year convertible Be
7
19251F A 11512 Sale 1512 11618 44 11412 1j718
1934 A 0 85 Sale 84
Am Wat Wks & Elec Se
76,82 85
8014 37 i 797 8512
1939 J J 8014 Sale 79%
Am Writ Paper 8 f 7-88
8
e
97 491 , 964 9
57a
4
1953 F A
Anaconda Copper Oa
1938 F A 102 Sale I 09813584
7a
VI 100 10442
88%
Armour & Co let real est 4340 1939 .1 D 8514 Sale 85
33
40
33
AtiantIc Fruit cony deb le A_1934 J D 31
35
3518
' 1 224 1
Trued certificates of deposit____'____ 34
14 3
1.1
' 89
4 11
3:
36% 312 3712
I
NI4
12
stamped
do
5 „... 98 Nov'22 -- 11 29
1947 J D 9
Atlanta Gas Light 55
9812 55 if 44
9812 Sale 98
49371J J
Atlantic item deb 65
- iiii,,
4
_1940M N 1013 Bale 10012 10034 11 1004 103
Baldw Loco Works let 53
Corps I conv 8%
14 997 10312
Barnsdall
8
7_
2 2 i8 24
- ,_
18234 8516- 13 14 Apr2
.
55
Bell Telepb of Pa s f 75 A__A Itt1.
07 1083
4
17
1948 J J - -14 Sale 9714
98
Se
133 9 14 99
5
8
9
9:
1
91
4
988
4
8
192131J J 9812 987 973
Beth Steel 1st ext at 5s
5
19421te N 9312 Sale 93
9414 20 9
let & ref 55 guar A
04 9718
8958
19381J .1 8912 Sale .89.
20-yr pm & imp et 68
19481F A 971 lime 9714
4
973
61A
4
91
1953 F A 91 Sale 893
146 8912 9°3142
99 7
07 888
5Y211
93
3
703 Mar'23
8
Booth Fisheries deb of Bs_ _ 1126 A 0 ---9914 13
Braden Cop M coil trot 6e__1931 F A 994 Sale 9918
77
% 75138
9314 40 954 100 4
4
5348 -___1942 A 0 92% 1314 923
Brier Hill Steel let
9111 9714
8
B•way & 7th AV let c g 50___1943 J D 665 8812 6714 Apr'23 ----I 82 89
4
1941 J 1 We 883 85 4 Apr'23 --,,,g1 8512 874
3
Brooklyn City RR Se
8 J 95 9512 95
9538
iliklyn Edison Ine gen 6e A 1949
4 '71 100
1033
1936 j J 10212 104 10314
General tle series B
9512 101%
,
98
...... 1930 J J 10412 106 105
General 7s series C
10534 21 1,6 10 14
6 05
9
8
0
4
108
3
General 7s series D _____ 1940 .1 D 1073 Sale 107 4
Skin Qu Co & Sub con gtd 58_1941 MN 68 ---- 88 Mar'23
J .1 8034 ---- 7912 Nov'22
1941
let I'm
8
767
Brooklyn Rapid Tran g Se..,. 1945 * 0 77 ____ 75
7712 7.512
77
2 23 54
767
79
Trust certificates
64
64
let refund cony gold 4s____2002 3 2 6418 85
2
:48 s"; - t1 83
9314 174 -i
96
87
11-yr 7% secured notee____k1921 Ii 9314 Sale 9212
2
933 194
9314 9312 9212
Certificates of deposit
8512 9512
88% 8914 88%
8914 148 82
Certfe of deposit stamped
8212 15 8014 9618
1950 PA 8212 Sale 8212
Bklyn Un El 1st g4-So
83
8212
8318
1960 FA
Stamped guar 4-6e
9112 100
8
85
96
Elklyn Un Gas let eons g 5s.A945 MN 9514 Sale 9514
4
4
MN 1133 Sale 1134 1133
1933
70
1 12 10
10
0
1274
3
N 10412 Sale 103 4 10412
lst lien& ref 8 Series A .,..1947
8 114
1929 MN 114 Sale 1127
1113 110 117
79
357
904 ____ 79 Aux -21
1932 1
Buff & Sum iron of So
Apr'23
1953 *0 80 8312 80
Bush Terminal let 4e
ii
" " 87
85 Sale 843
4
85
C0[160158
1956 J
7 8234 8912
4 18 85
893
1960 * 0 8912 Sale 8914
Building 5s guar tax ex
933
4
9512
8
1937 MN 95 9512 947
Cal G & E Corp 5s
2 94%
4
9834 79 9512 98%
Camaguey Sue ist s f g 7e _ _1942 AO 983 Sale 9814
99
4 17 9212
943
Canada SS Lines let coils 17,1942 MN 9412 Sale 9414
9712
102
1942 P A 101 102 101
Canada Gen Elec Co Be
19 197 10312
00
00
9818 Apr 23
-year 5s...1943 JO ____ 99
Cent Diet Tel let 30
90
1931 A. 0 9014 96
Apr'23 Cent Foundry let s f (is
8812 9914
2 63,
987
192.5 * 0 9834 Sale 9834
-year g 5a
20
Cent Leather
1931 12 14018 :xi, 140
141
Corrode Pasco Cop 88
50
10T8
5
8
95 Mar'23
C120 L & Coke let gu g 54_1937 J J 903 94
9514 98%
8212 Sale 815
8
83
1937 FA
,ThIcago Rye let 58
7814 837
8
8
1933 J D 993 997 9934 Apr'23 - 7_ 9912
Mosso Tel 56
_4
1004
111
Chile Copper 10-yr cony 7a 1923 MN 109 Sale 109
105 109 1214
4
100:
Ilk! 100
'
1932 * 0 18014 ,
Coll tr & cony Se ser A
5
97
Clncin Gas& Elec let& ref 58 1958 * 0 9634 Sale 98
a12
1:
1,5 :Po S 14
967
1981 AO 9834 Sale 9614
5%s Ber B due Jan 1
22 9512 9818
8912
87 ____ 894
1943 P A
Colo F & I Co gen s f de
1934 P A 77
78
7818
let & coll 5170
78
Col Indus
1111 I 4771,1
s
2
9612 44' 95
Columbia CI & E lit 5e
1927 33 9612 Sale 96,
97
Stamped
1937 J 1 9614 9812 96
9812 31 954 97
16
20
Apr'23 ___. 14
30
001 & 9th Av let gu g 58_1993 M
20
columbus Gas let gold St... 1932I, 71 .
92 Feb'23 ____
I 7:01z Es
7012
7012
Commercial Cable let g 4e_2397 Q
70
71
2
2
COmmonwealth Power 6bi—...1947 M N 8714 Sale '8
2
871e 19
,
4
8,
1937 J J 100 Sale 10 8.4,3 23...11 84 10111
4
11 1141 12_ 9812
Comp Asu Bare 73417
Computing-Tab-Rees f 6e_1941 .1 J 98 Bale
,- 0201 Ry & L let & ref g 4349 1961.1 J
;
8114 .814 , 8112, 3 81112 83 2
81
Stamped guar 414o
1951 .1 J
913 4 1915114
88 1 33 5434 99
Cons Coal of Md 1st & ref 5e..1950 J 0 8514 88 854
5
89 8 91 8912 Apr'23 __ 1 8912 9512
0Co of(1) ist gu g 58_1936
Con
8812 36 8412 924
1952 M N 8818 Sale 87
Consumers Power
1931 1W N 99 10014
9934
99
Corn Prod Refits f g 58
99 Sale 0812
1034 m N
-year s 5/1
99 I
3 9812 101
15t 25
914 _111 99 95
9214 9012
1943 F A 91
Crown Cork dr Seal 68
----,
6'
12"
BuNDS.
N. Y. STOCK EXCHANGE
Week ending April 27
rice
.
1
1
i
,
'
1 ...4
/10;iday
Apra 27
Wiwe's
Range or
Lust Bale
I 1311
i
1 51
.4L4e8
Jan. 1
..;:'
1— Bid
AM Law
i; Lgig High
High 94
914 46 8538: 98 4
Cuba Cane Sugar CODV 7s___1930 J J 91188ale 9034
8
5
9534 170 9Qi
e
4
Cony deben stamped 8%_1930 J J
19712 36 10512 1077
Cuban Am Sugar lot coil 83_1931 he 9 107 10712 107
91312
71 91
9214
93
19 3 A 3
Cumb T gc T let & gen 58_1 37 J 0 9112 9218 914
Denver Cons Tramy 5e
8512 2 83% 90
4
514 Sale 861s
Dens Gas & E L 1st & ref 81 g 59'51 M N 8
,8
3 , 55 99
M j
674
1942 6 5 6518 8672 6518
Dory Corp D 0 78
e MY
51 9434100¼
97141
yrs
3
01943 :z. ,4„..197
Jetrolt Edison let mill It 68_19 0 1,161
let & ref Sc set A
18 92
2
4. 1011'.1 1924 40' 9132 104
39 101
04
98
lei & ref 88 series B
81940
83
1933 J „I 8234 8312 83
Jet United let cons g 434e
51
%
4 41 1% it:
1163
Diamond Match s f deb 7348_1938 MN 106 Sale 106
524
5412 20, 4912 64
Distill See Cor cony let g 58_1927 A o 5314 Sale
'
8 23 _8 49 8 4
5412 M 18 Apr036 —1 _1 80 64
6
Trust certificates of deposit—_- ---- 53
3
1943 J .1 80 8 Sale 80
Dominion Iron & Steel fa
Donner Steel 78
3
8
98
, 0 5 ' 84 4 93
4 187741 6141 1063 10874
8 87 90
8
194 .1 2
E I du Pont Powder 4318____1932 2 D .818 8 e 188388
9
1 Sale
: j 06
g
N 11111
du Pont de Nemours & Co 734a'31
1034 Sale 102
10312 75!101 10514
1949
Juquerne IA let & coil ds
1936 j j 10718 Sale 197
107% 48 10814 1083
4
u
07 1 em 7187112 Apr'231,. ::2:ag9314
1 88j 6,748 l 1
8
10,3 21:95 103 1 12
p ben uflug 5
Eat7Lu ba e 211-yr el f g 7301937 MS 1871 ::
Ed El III Bkn let con g 4'5_1939 J .1
100 101%
1995 .7 J 97 101
Ed Elee Ill let eons g 50
9912
6 g7
971
98 97
1925 1 D 97
Elk Horn Coal cony Be
9
3
9 24
2
8
9
2
34 96
4
98
6
2
93
1 32 s, s
iempire Gas & Fuel 7M-19 7 M N 9 7 SaIe 9 % iviar, 13 _122 9 % 08
7
19 54 s
41
Fisk Rubber 1st of de
1936 IS a
n 13 th n t 32Tr iota 50
Eg t3miLi2Lt &
Frameric Ind Ji Dev 20-yr 7Ss'42 J .1
1942 IS N
Francisco sugar no
Jae& El of Berg Co cons g be .1949 J D
General Baking 1st 25-yr 88_1938 J D
96 F s
1942 61 A
Gen Electric deb g 334o
Debenture Se
Feb 1940 F Al
-year deb Be
20
GenRefr 1st s f a de Sec A-1952 P A
1947 j 2
Goodrich Co 6328
Goodyear Tire & Rub let e 1 Se '41 Al N,
el931 F A
f
10
-year, deb g 88
,
aranby Cone M SAP con 130 A '28 M N
1928 M N
Stamped .
(1002 deben 80
2
932 IN A
Gray & Davis 70
....... —19 5 F N
',rest Falls Power let 0 f 5s...1940 M pi
,
1952 .1 .1
Haoketurack Water 48
1952 F A
Havana Elm consol g Se
Havana E Ry LS:P gen Se A_'54
1942
Hershey Choc 1st efg Be
aa ine tis Ular)A94409 81A 0
C
119947 M N
Holland-Amer Ll ot a u
N
M
li
107
e
3_0 19799633:22 182;
107 Sale 1063
: 0 1 :2
1108 2
75% __-- 701s Mar'23 --__ 9 1a 9 ::
7 s 7
3
0
3
0
Sale
884 192
1018
109/17484
024
a
2
1
1( 0 10112 10112 10112 ..66
23
r1
77% Aru'
80
77
100 8010 100
--- - ---- 1054 Jan'23 ---- 106 1054
8 9712 1011
3
98 4
8
975 9812 9712
4
/
101 Sale 10
012 1111 .
.
4
51 993 102
11712 Sale 117
78
1572
10 5
8
10538 dale 1033
51 9112 9212
,,,
2
92 Fea'23 --._ 92 92
'
94 8 -8
9872 4'4556 19691214 11100°61778
2 9518 100
96
9818
5
9 5
98718 Sale 15
971
9734
1 97. 100
4
97114 ---814
2 804 82
8012 ____ 8012
17 87 91
88
8
4
8212 .833 873
8514
4 81
3
83 4
4
793 -___ 8.3
8
9
9114 41 8 4 100
50 97 92
9738 Sale 9112
, 9
9
6113 l!al_. _ 81
4
Apr'23.. .1 927a 944
Otils 68 9714 99
97% Sale 9714
88, 88 964
92
9238 9134
92
1
80
8
0 80102 8112 Oct'22 ----I
7
10
10014 68 - - IV1114
993
2
Ili
:
918
96 Nov'22 -_-_-.
Fe
- - "ir
:::: -_-_-_-:
5 Apr'23 ---114 Apr'23 ---8 1
57
1 2
%
_,.,14 721
38 8 5
R
69
-. '
-8-6- titit 68 4
(18% Sale 88/8
87844340:44 989:11
4 2Z 11I ( 8 H
61
28033 6
1
0876711,22,
06
1
7
1)3
8
706 Sa61 3 97734
9
8 % 861:8 6
s
Hurable 011 & Refining 534. _1932 J •
filinole Steel deb 4Se
82
9 6 ai
103 m N
Ind Nat 0 & 068
Indiana Steel let 68
Ingersoll Rand let gold 5e-1935 J J
warboro Metrop toll 432e....1966 A 0
_ . .-__
Certificates of deposit
Guar Tr Co cti's 18% stamped.
,noorboro Rap Trim let 58-1966 :3- -.Stamped
9 2A s
1932 64,Co
-year de
10
71
let Agile Corp let 26-yr 58_1932 IS N
4
1 9 7 4 .1
Inter Mercan Marine a f de_ 1941 6 0 8614 Bale 86
18 83
5
6
8 14 69 8 14 883
8414
8414 85
1
:
88
International Paper Se
1947 J 1
1st & ref 5s B
2 135!- 9854 J1,115e.17 -1926 J D 10814114 -2
Jeff Clear C & I 58
7
Jurgen. Wks 60 (flat mice) 1947• 2 82 8 Sale 2C2%
974 214 - - 9
187 1
05 8 a
18
9
Kan G & El 13s
96
99
5
9 2 81
1952M S 86 Sale 89
Kansas City Pow dc Lt fe
10614
2 103% 1073
4
1942 F A 106 10518 105
Kayser & Co 70
7
.
ly911 .
0912
4
Kelly-Springfleld Tire 8o,...,.1931 M N 1094 Sale 194 Jul0.22 _9 1181 110
1935 J J
Keystone Telep Co let 5s
ir
4
1937 A 0 -6E1- -4V714 98 Mar'23 -- _ "ir
Kings Co El L & P g 50
2 0997 12 11129,114
.1422 199998; 100132
3
. 9 84 09 4
2
Purchase money 13e
Convertible deb (le
7312 71
2
49
95 F
,9 MI 8 71
County E Iota 0—.194 F A
Kings
1 714 76
72 1
Stamped guar 48
8014 Feb'23 --__ 8018 8018
Kings County Lighting 58-1954 J .1 74 80
8Se
f
2
74
A P1 7?9
; A9r;23'214
-83938 00
0
:1 .
1: 71970 1 :79
1997 A 0 19707539 1_248 Sale 197269 m101 3I — 2 - I- 71Kinney Co 7 Vie
5
2
9964 A il
Lackawanna Steel let g 58_1933 23 O
37 89
90
92%
8
893 sal, 891s
19.50 al 8
lot eons Se aeries A
1 0n_
94
9141 18 924 911
93%
:
98
um Gas L of St L ref & ext 59 1934 A 0 9212 94% 90
1 4lie A__ .1954 J J ---- 9112
Lehigh C & Nav e
19332 1 99 10034 10012 10012
Lehigh Valley Coal Lei
3
4 - is
418 Oit 2
8.3 Fe .21 :12 --4 - - -.
_6 4
8
93
1 9 6 i .
4:
14 A 0 A F F 1st go g 88_2 3 317 s . 9_ _4
-IL;
11512 20 112 11714
Liggett & Myers Tobac 7a. _1944 A o 115 11512 115
9612 17 9412 9814
95 Sale 9412
1951 E A
58
11 137 9 3
15
194Is 34 1914 11714
4
10 1334
616
82
8
911 A
1944 F og 14114 F412 19 ,4
Lorillard co (P) 79
50
117
1154
5 113 129
115
(
Magma Cop 10-yr cony 70..1932 J I)
3
99 4 61 96 Ho
1942 A 0 99 Bale' 99
%
Manatl Sugar 7he
29 594 647
82
8
g
t4anhat sty(N Y)cone g 4a 1990 A 0 62 Bale 813
9706
3
504 Apr2 ---5 555 9:
87
1461 551
2013 J D 6114 66
Id 46
.
8
915
1942 m N 8738 S_a_1!_
Manila Elec is
Mar'23 --__ 813 864
4
'walla Elm Ely & Lt 81 61$ 1953
95 1 58 91
4
963
1924 M s 9412 Sale 9414
.farket St Ry let cone 55
j
984 11 947 9812
_1924 A o gala Salo 98
-year 1% notes
5
148 1 31 11112 16134
garland 011e f 8s with war' Ma '31 A 0 1444 149 148
8 100 10712
107
without warrant attached... A 0 108 107 10612 149
6 108 159
1931 13 A 1354 144 140
7345 Ser B
4 42 911g 1017
1003
1004 Sale 10014
do without warrants
99% Apr'23 ----1 1 9
9934
6
D 10034 101
Merchants & Mfrs EX011 78-1942
9
9818
1
11
7, 4 64 100
84
Metr Ed IstArref g Bs Sec 13_1952 J A ____ 9838 108
08
1874, 63 187 190 8
4
4
097
Mexican Petroleum f 80____1936 ra N 108 Sale
7
6 9 4 99 8
3
99 4
%
Mich State Teleph let Se.... _1924 F A 09% Sale 99
87
Midvale Steel & 11 cony e f 68-1938 Ms 87 Sale 864
6812 69 8634 8834
87 Sale
1936
Certificates of deposit
99
Aim Eke Hy & Lt cons g 68_1926
9
8 914
-11 9
19
4 878 Apr'23 ---8 8
9 8918 89
i-i 9
Refunding & eaten 4he__ _1931 j j 8812 907 9
8
9011 90 apr'23 ---' 887 92
1951 J II 90
C3en Se A
844 30 8134 89%
1981 J D 844 Bale 83 k
1st 59 B
2 9112 944
94
937
1937
L 101 48
Milwaukee
95
96% 27 93
988g
j
N
1943
let 58 A_
ontana Power
10 884 91
90
4
893
.loutreal Tram let & ref 5s...1941
80
68
35 77
Sal, 78
1939
Co let 014348
Morris &
Apr'14
—n
3
1988 2 ci -78-99:5-84 -9' 113
Mortgage Bond 48
3
2
9
61 N 9
1932 ,4 O 8 16 9 12 9312 Apr'23 ---- 9112 934
Ca
9312 Mar'23 ----1 934 95
Cu 14—.1947
Mu Fuel Gas let
1
- - 10112 Sept'17
1941 MN 9333
Mut(In gtd bdsext 5%
6334 27 68
13734
8
1951 J J 618 833 814
Nassau Elec guar gold 4e
97
6 _97
97
97
J D 97
Nat Enam Sr Starling let 58,.1929
_
95
-year deb 68._ _1930
Nat Starch el)
99
9912 10 97 1014
12
j 99
19.52 2 N 9338
National Tube 1st 50
984 120 Me 100
4
Saler
_1952 0 98 Sale 973
New England Tel & Tel
On i Ry & Lt gee 432e-1935 J J 61
law
8 100 1044
101%
10112
N Y Air Brake let cony 88_1928 M N 10112 101% 75
79
2 75
75 1
76
1951 F A 73
N y Dock 50-yr 1st g 4,8
110 I 30 10715 11212
4
8
0 14
let & ref 8329 A_1941 A 0 199 Sale 1083
N Y Edison
7 9512 100
98%
984
1948 J D
NYGEL&Pg5s
8013 13 794 8334
1949 F A 8012 Sale 8014
Purchme money 4it
78
Jan'23 --- 11 78
_ _ 76
N y Mthalo Ry let of 130 A-1966 J „I 80
99
3 96
97 1
1930 F A 97 Sale 97
N Y Q El I.& P 1st g 415
3814
28 30
34
E & ref 48-1942 J 1 3312 Sale 30121
Y Rys 1st
164 30
35
8
387
34 Sale 31
Certificates of deposit
9
814 120 5
5
01942 .:42 )
.
. 6 Sale
)29,year ad/ Inc 551
53
80 i 4IJ 61J.
6
3
44
5
Certificates of deposit.......
II
1
274
7 Sra Sale
*Ne Woe DrIllikilakkest bid aeg egged. a Du Jp• 4 Due April. 'Doe Mar. •Due May.•Due June. •Due JubL 8 Dee Aug.•Due Oct. g Due Dee 'Option male
1879
THE CHRONICLE
APRIL 28 1923.]
New York Bond Record-Concluded-Page 5
Oil;
Pried
Friday
April 27
Quotations for Sundry Securities
All bond prices are "and interest" except where marked '1.*
-Per Cl. Basis.
Ask. RR. Equipments
Standard 011 Stocks Par fitti
5.70 5.35
Anglo-American Oil new. El *1714 1712 Atlan Coast Line 6e
5.50 5.15
Equipment 8148
Atlantic Refining new __100 126 128
5.80 6.40
Baltimore & Ohio 65
Preferred
100 115 116
6.50 5.00
High Borne Scrymser Co
Bid
High N
Ask Low
Equip 4;30 & 58
100 133 138
5.60 5.10
6312
N Y State Rye let cone 4;49.1962 M N 83 Sale 63
Buckeye Pipe Line Co_ _ _ 50 *8712 8812 Buff Roch & Pitts equip 68
98
1 94
9412
11 Y Steam 1st 25-yr(1,, Ser A _1947 MN 9318 9514 9412
Chesebrough Mfg new_ _100 225 232 Canadian Pacific 454e & 85_ 5.50 5.20
13 905 94
5.80 5.30
8
923
4
N Y Telep let & gone!444s-1939 M N 9212 93 9214
Preferred new
100 113 115 Central RR of N 388
5.85 5.45
80
-year deben of 88_ _ _Feb 1949 F A 105 Sale 10414
10514 58 10314 10838 Continental Oil new__
25 *4212 4312 Chesapeake & Ohio 65
5.55 5.25
-year refunding gold 68._1941 A 0 1041 Sale 10414
/
4
10514 83 1014 1074 Crescent Pipe Line Co
20
Equipment 654o
20
50 019
5.50 5.25
Niagara Falls Power let 5s_1932 J J 9S12 Sale 98
9853
Equipment &
Cumberland Pipe Line new. 114 116
22 95 2 01
01932 A 0 1024 Sale 10212
103 45 101 1'4 108
Ref & gen 65
Eureka Pipe Line Co.
..l00 109 110 Chicago Burl & Quincy es_ 5.80 5.30
8.00 5.50
Niag Look & 0 Pow 1st 58_1954 M Is 9814 9914 9712 Apr'23 - _- 9712 9814 Galena Signal 011 coin_ _100 6512 8612 Chicago & Eastern ill 04855 93
5.30 5.10
No Amer Edison 6s
1952 1111 9 93 Sale 9214
93
96
Preferred old
100 11112 11212 Chicago & N W4140
5.75 5.40
Nor Ohio Trim & Light 6e_1947 M 8 01
92
92
91
Equipment Os
Preferred new
100 108 110
5.50 5.20
93
Nor States Power 25-yr 58 A_1941 A 0 893 Sale 8938
8
90%
Illinois Pipe Line
Equipment 61.48
100 169 171
14
1001
5.55 5.30
let & ref 25
-year 6e Ber &_1941 A 0 10012 Sale 100
Indiana Pipe Line Co_
,
99 Chic R & PBC 4 Wld 54
50 098
4423 1230970781'8 199233
510
5.80 5.40
Northweern Bell T let 7e A.1941 F A 10753 Sale 10712
108
108
Equipment 68
International Petrol (no par) .20
20'8
5.80 5.40
NorthW T let fd g 440 gtd_1934 1
9138 Apr'2 _. - 9158 91% National Transit Co_ _12.50 •2513 28 Colorado & Southern 66
9112 _
5.6 5.30
Ohio Public Service 730
19413 A 0 102 106 10612 Apr'23 - 101 108
New York Transit Co_ _ _100 129 131
Delaware & Hudson ea
941
Ontario Power N F let 5e_ _ _ _1943 F A 9118 Sale 9418
3 923 994 Northern Pipe Line Co_ _100 104 106 Er1e4140& 58
4
6.30 5.30
10 93
96
94
6.30 5.30
Ontario Trans/Mogen 5e__ _ _1945 MN _ ___ 9458 93
Ohio 011 new
Equipment 6s
25 .6912 7012
6 9712 10112 Penn Mex Fuel Co
5.6 5.35
Otis Steel &
993
4
4
1941 F A 993 Sale 9912
25 •1713 1812 Great Northern &
15 90
5.8 5.40
let 25-yr of g 7;48 Ser B_ _ _1947 F A 9312 Sale 90
94
95 4 Prairie 011 & Gas new._101 214 216
3
Hocking Valley 8e
41 88
9314 Prairie Pipe Line new .100 108 109
Pacific0& El gen & ref 60_ 1942 J J 9014 Sale 91%
5.5 5.15
91%
Illinois Central 4341 5
1& •
Pao Pow & Lt let & ref 20-yr 60'30 F A 92 9212 91
1 897 94
91
8
5.7 5.35
Solar Refining
Equipment 68
100 193 197
9612 11 9514 99
Pacific Tel 4g Tel let 5a
/ Southern Pipe Line Co_ _100 107 108
1
4
1937 J J 96 Sale 98
Equipment 78 &
-.- 5.50 5.20
90 88
91
5s
9212 South Penn Oil
5.8.5 5.40
1952 MN 9012 Sale 89
100 159 160 Kanawha & Michigan 60
Packard Motor Car 10-yr 8e_ _1931 A 0 ---- -___ 10738 Apr'23 _ - 107 10812 Southwest Pa Pipe Lines.100 84
5.50 5.10
86
Equipment 4;48
Pan-Amer P & T let 10-yr 78_1930 F A 10212 Sale 102
/ 1025
1
4
8 28 102 105
/ Standard 011 (California) 2 *5314 53 8 Louisville & Nashville Si...
1
4
5.30 5.10
5
94
Pat & Passaic GI & Elcons g 58 1949 M S 91
9412 94
Jan'23 _ -- 94
5.85 5.35
31238
Rights
Equipment 65
5
Poop Gas & C let cone g 69_1943 A 0 105 107 108
Apr'23 _ -- 107 108
5.50 5.20 •
4
Standard 011 (Indiana)_ _ 25 *613 62
Equipment6;is
8012 8812
Refunding gold 55
8912
5.50 5.20
1947 M S 89
Standard Oil (Kan) new 25 *46
47
Michigan Central 58, 68
4 9
6 75
5 8
02:: Standard Oil (Kentucky) 25 *95
93
1004 87 8712 182
Philadelphia Co 65 A
1944 F A 1008 Sale 100
96 MInnSIP&SSM41io&Se 5.60 5.15
75
7614
6.80 5.45
Pierce-Arrow 88
1943 M 13 754 76
Standard 011 (Nebraska) 100 230 240
Equipment 835e &
92 94
98
9614
Pierce Oil e f 85
1931 J D 9614 Sale 95
8
Standard 01101 New Jet. 25 *373 3712 Missouri Kamm & Texas Si] 5.75 5.30
Feb'23 - _- 89
90
/
1
4
Pleasant Val Coal let g of 5e..1928 .1 .1 88 - - -- 89
/
1
100 1164 11714 Missouri Pacific 6e& 11)48-- 5.75 5.35
Preferred
3 9018 944 Standard 011 of New Y'k. 25 *4218 423 Mobile & Ohio 4;4e.55
/
1
92
90 8
5
9058
5.65 5.25
Pocall Con Colliers let e f 68_1957 J 1 90
8
512 Standard Oil (Ohio) new.
9412
9
93
4
54 95 9412
1, 83
Portland Gen Elea let Se.._1935 J .2 93
.. 295 300 New York Central 4 As,5e
- 5.50 5.25
8618
8618
54l 88
Portland By let & ref 58...A930 M N 8612 90
5.75 5.40
z
rr
Prefeed
l • 16 117
Equipment ne
861g
Portland By Lt de P let ref 59 1942 F A
833 84
4
6.60 5.20
833
4
38
Swan & Finch
100 33
Equipment 78
21 93 9
9412 85 83% 8712 Union Tank Car Co....100 90
9412 Sale 94
6
1947 10 N
5.40 5.00
135 B
92 Norfolk & Western 4440
5 104 10714
105 Sale 10414
105
5.50 5.25
let & refund 7 Me Ser A _ _ _1946 MN
Preferred
100 109 110 Northern Pacific 70
1 103 10512 Vacuum Oil new
5.55 5.25
1931 M N 1054 ____ 1054 10518
Porto Rican Am Tob Se
25 549
494 Pacific Fruit Express 75
5.6 5.25
13312
Prod & Ref at 88(wIth warnte)'31 J D 12414 132 132
Washington Oil
27 Pennsylvania RR equip 85
10 •25
32 023 1033z
6 1 8 38 4
3
5.5 5.15
1074
without warrants attached_ _ _ 1 D 107 Sale 107
Other Oil Stocks
Pitts & Lake Erie 6He
25 814 86
85
5.7 5.30
Pub Sere Corp of N J eon 55_1959 A 0 8414 Bale 834
3
Atlantic Lobos 011 (no par) 0412 4 4
Equipment 85
8
1937.3 J 1193 Sale 11812
Punta Alegre Sugar 78
12212 228 10514 124
5.35 5.00
50 •13
18 Reading Co 4)40
Preferred
74 Sale 7312
8
8 Gulf Oil (new)
Rapid Tran Sec 65
1968 743 1440 703 743
8
25 *83
834 St Louis & San Francisco 56- 5.8 5.30
8
9312 16 907 981s Humble 011 & Ref new. 25 '33
Remington Arms fle
1937 RI N 9312 Sale 93
34 Seaboard Air Line 4346 & 5s- 8.00 5.50
34 89
9614 Imperial 011
/
1
4
91
Repub I & El 10-30-yr See f_1940 A 0 9012 Bale 90
25 •113 114 Southern Pacific C• 4449
6.5 5.10
1953 3 2 9012 Sale 90
90 12 143 89
94 4 Magnolia Petroleum_._.l00 140 145
3
5.50 5.15
534a
Equipment 75
97 2
8
8
Robbins & Myers s f 7s
1952 J D ---- 967 967
2 90 99
5.65 5.25
103 Southern By 434e & Si
4
Merritt 011 Corporation_ 10 *9
Hoch & Pitts Coal& Iron 5e...1946 MN 91 ---- 98
4 9 4, Equipment85
/ Jan'23 ---- 9818 9818 Mexican Eagle 011
1
4
5.85 5.50
5 *83
3
12 894 93
Rogers
-Brown Iron Co 7s_ _ _ _1942 M N 90 Sale 90
2118 Toledo & Ohio Central 6&..... 5.80 5.35
Salt Creek Producers_...10 *21
----St Joe Ry,L,H & P68
1937 MN 77 -___ 7512 Sept'22 5.40 5.15
UnionPacific 7s
&Joseph Stk Yds let g 445_ 1930 1 J 847
8
857 Deo'22 ---8
eublic Utilities
St L Rock Mt & P 55 atmpd_ _1955 J 1 831 943 82 Mar'23 ---- 82 85
/
4
8
4
Amer Gas & Elec new_ _(t) *373 3814
St Louie Transit 54
43
1924 A 0 --------62 Mar'23 --- 62 62
Tobacco Stacks
50 *z42
Preferred
9512 American Cigar common.
4
84
Bake Co 7s
81
1942 M 8 1028 Sale 101
1023
4 611 10012 10214
M&N 94
Deb 60 2014
1937 i 2 92
St Paul City Cable Se
2 93
94
91
94
93
100 89
93
Preferred
Amer Light& Tree,corn _100 121 125
1 93
San Antonio Pub Ser ths
943
4
93 Amer Machine & Fdry_100 125
1952 1 J ---- 93
93
93
100 90
Preferred
2212
Sharon Steel Hoop let 8s aer A1941 M 8 99 Sale 99
British-Amer Tobac ord_ El
9912 28 974 104
com_ _100 174 178
Amer Power & Lt.
4 8212 8712
Slerra & Ban Fran Power 55_1949 F A 8312 8413 8312
8312
100 83 84 Brit-Amer Tobac, bearer El *2112 2212
Preferred
el
Sinclair Cons 01115
-year 7e_ _1937 ?A 5 10018 Sale 993
95 Flelme ((leo W)Co.new. 25 058
4
10014 140 99 10112
Mad; 94
Deb 65 2018
_1925 A 0 981s Sale 9778
68 9758 1004 Amer Public Util, corn._100 36
Sinclair Crude 011 540_
40
100 112 115
Preferred
166 973 9912
21
4
Feb 1926 F A 977 Sale 973
98
55 Imperial Tob of GB & Irerd 020
4
100 50
Preferred
3
183 83 8912 BlackstoneVaIG&E,com 50 *681
80
1942 A 0 85 4 Sale 8514
86
100 56
Sinclair Pipe Line 5s
Int. Cig. Machinery
South Porto Rioo Sugar 7e-1941 J D 10012 Sale 1003
68 Johnson Tin Foil & Met_100 75 100
8
10112 35 99 102
Carolina Pow & Lt. com_100 z65
1923.3 J 913 ____ 112 July'04.
4
South Yuba Water 65
MacAndrewe & Forbee 100 135 138
Cities Service Co. com_ _100 163 164
32 904 955g
South Bell Tel & T late!58_1941 J J 93 Sale 9213
93
100 99 101
Preferred
4
100 881 683
Preferred
33
Stand Cal& El cony a f 68__.1926.3 D 9812 983 9812
4
8 Cities Service BankeriShares *163 17
lii 31
Mengel Co_
9958 32 9678 997
92
1 95$4 974 Colorado Power, corn.
,
Standard Milling let 511
1930 NI N 97 4 973 9714
22 Porto Rican-Amer To _100 80
4
21
9714
..l00
*75 100
Standard 0110!Cal Is
01931 F A 10518 Sale 105
95
105 8 60 103 1074
3
Scrip
100 91
Preferred
Steel & Tube gene!7e oar 0.1951 J J 101 Sale 101
341 354 Universal Leaf Tob com_100 112 115
1013
4 28 100 106
Com'w'th Pow,Ry & Lt_10
Sugar Estates (Orient1) 78.„1942 M S 9913 Sale 9914
993
4 Com'w'th Pow.Corp.pref100 89
100 99 101
71
9912 65 96
Preferred
82
,
/ 967 9118 7 , 23 .
1
4
100 112 115
Syracuse Lighting let g 50_ _ _1961 J D 90
9112 9112 Consumers Power pref 100
88
Young (3 B) Co
8
843 Apr'23 8
100 105 108
Light & Power Co col trot 58'54 J J 842 88
8412 86% Elec Bond & Share, pref _100 397
98
Preferred
Tenn Coal I & RR eon 5e_ _ _1951 J J 99 ____ 9838 Apr'23
9812 10112 Federal Light & Trac
83
*61
Rubber Stocks (Clete! and Pr ices)
Tennessee Cop let cone 60 _1925 M N 101 103 10112 Apr'23 •
100 10112
80
Firestone Tire & Rub,00aL10 *79
100 6912 71
Preferred
12 2314
44 92 94%
Tennessee Elea Power tle___1947 J D 934 102
9312
941
6% Preferred
100 9512 98
Lehigh Pow Sec_ _ _ (no par) *22
9712
Third Ave let ref 4s
1960 J .1 60 Sale 5813
13 58
60
624 Mississippi Riv Pow,com100 23
25
7% preferred
100 97
553 116 5312 6314
Adjincome 58
a1960 A 0 5513 Sale 5413
Gen'l Tire & Rub,cem__-50 0180 185
100 80
Preferred
Third Ave By let g 6a
1937.3 J 92
96
9213 Apr'23 ___ 924 9514
9112
100 99 100
Preferred
First Mtge 55, 1951._J&J 90
Tide Water Oil 644e
1931 F A 1024 103 103
15 8 1614
7
10314 34 102 105
S f g deb 78 1935_ _M&N 100 102 Goodyear Tire & R,com.lII
1931 2 0 10412 Sale 10414
Tobacco Products .170
9 10214 106
105
/
1
4
4
Preferred
lii 603 131
Nat Pow & L, com(no Par) *4912 51
Toledo Edison 7s
1941 M
1061
/
4
94
10658 20 10518 1074
4
(no par) .823 84 Goody'r T&R of Can. 91-100 88
Preferred
Tol Trac, L & P 85
/ 98 8 9813
1
4
1925 F A 97
3
94
9858 11 974 9912
894 91
Miller Rubber
100 93
J&J
Inc 7s 1972
Trenton 0& El let g 5s
1949 M S 93 --- 95
*9
Jan'23
10
Preferred
100 105 106
Underfgr of London 444e
1933 J J 931 -- -- 9314 Mar'23 --- 90 8 9 14 Northern Ohio Elec (no Par) 32
957 9
/
4
3
6
18
33 Mohawk Rubber
100 16
Preferred
100
Income 65
1948 J
873 ___- 8814 Mar'23
4
8814 8814 North States Pow, com.100 96
70
62
98
Preferred
Union Bag & Paper Os
1942 MI N 9714 Sale 9714
99
973
4 28 96
20
94 SwInehart Tire &R,com_1(10 15
100 92
Preferred
Union Elec Lt & P let g 58_,_1932 M S 95 Sale 95
1 95
973
4 Nor Texas Elec Co,com
95
50
75
Preferred
100 40
100 70
Union Elev (Chic) Se
1945 A 0 --------86 Sept'22 -- - 76
Preferred
100 72
_ _ 90 95
Union 011 5e
97
1931 J J 95
90
Apr'23
Pacific Gas & El, let pref 100 901 9114
fie
_1942 F A 10013 Bale 100
28 997 1025
8
101
8 Power Secur, com__(no par) .3
7
Sugar Stocks
4
Union Tank Car equip 70._ _ _1930 F A 1033 Sale 10312 1037
8 16 10214 104
16
Second pro!
(no par) *13
112% 82 110 1134
•20
United Drug cone 8e
1941 J D 11 113 Sale 11114
22
74
78 Caracas Sugar
Coll trust lis 1949 __J&D
United Fuel Gas let 5 f (is__ _1935 1 J 95 Bale 95
2 95
98
9512
47 Cent Aguirre Sugar cam- 20 •98 100
Incomes June 1949_ _F&A J43
United Rye Inv Se Pitts issue 1926 M N 9458 Sale 9358
9612 140 8714 9814 Puget Sound Pow & Lt_ _100 47
49 Central Sugar Corp.(no par)
•
Is
1 5812 6318
4
United Rio St L 1st g 48. _ _ _1934 J J 593 60
6018
4
604
83
6% preferred
Preferred
100
100 80
United SS Co Ltd (The) Copen7% preferred
100 120 123
100 al01 103 Fajardo Sugar
17 8812 93
93
hagen int rote 15-yr e f 68_ _1937 MN 93 Sale 92
70
Gen M 7)4e 1941_ _ _M&N 104 10512 Federal Sugar Ref, c0111-100 87
1942 A 0 99 Sale 99
United Stores 6e
9912 20 9818 10114 Republic Ry & Light
18
Preferred
100 90 105
100 17
24 10018 1031:
101
1932.3 g 101 Sale 10012
U 13 Hoffman Mach 8s23
48 Godchaux Suff. In.
(no par) •19
Preferred
100 48
100
8
9 99 10012 South
US Realty & I cone deb g 58_1924 J J 994 1007 997
93
Preferred
Calif Edison,com.100 1031 105
100 89
106 85
894
U S Rubber 1st & ref be ser A _1947 1 J
8714 Sale 863
4
8752
Preferred
100 114 118 Great Western Sug new.. 25 *87 91
1930 F A 10712 Sale 107
10
1073
4 63 10512 109
-year 714e
42
Standard Gas & El (Del) 50 02912 3012 Holly Sug CorP.
0003•( 10Por) *37
U il Smelt Ref & M cony 85_1926 F A 100 Sale 100
1004 22 100 102
SS
.5012
Preferred
Preferred
100 82
50 *49
41993 MN 10112 Sale 101
4
184 1003 104
U 13 Steel Corpfcoup
102
16 Juncos Central Sum_ _ _100 110 125
Tennessee Elec Pow (no Par) •15
100 103
61963 MN --------101 Mar'23 _
If 10-80-yr 5elreg
99 101
2d preferred
50
National sugar Refining-100
(no par) •47
17 81% 88
83
Utah Light & Traction 58_
1944 A 0 83 Sale 82
14
11
United Lt & Rye, com_100 150 161) SantaCecillaSugCorp.pf.1
4
Utah Power de Lt let 5e
4
1944 F A 88 Sale 873
8814 53 863 9214
59
let preferred (8%) _ _100 88
91 Savannah Sug,com.(no par) •53
_
Utica Elec L & Pow 1316 f 55 _1950 1 J 95 - -- - 95 Mar'20
83
Western Power corp___ _100 32
34
100 81
Preferred
92l
90
913 90 Mar'23
4
Utica Gas & Elec ref 55
1957 .1 2 89
Preferred
84
Wt India Sug Fln.com-100 40 60
es
100 r 80
1953 .1 J 6018 654 58 Nov'22
Victor Fuel Co 1st s f 5e
53
Short Term Securities-Pe ('en!
100 50
Preferred
4
14 993 10014 Am Cot
100
Va-Caro Chem let 15-yr 55_1923 .1 D 100 Sale 100
Oil 68 l924..M&S2 87
90 Ind ustrIal&Miscellaneous
9912 1004
Cony deb 68
*1924 A 0 --------9958 Apr'23
56
Amer Tel & Tel 681924.F&A 10012 100 4 American Hardware.._180 414
3
98
4
913 219 88
4
78
1947 J D 913 Sale 903
82
Anaconda Cop M in 68'29 J&J 1013 10212 Amer Typef000ders,ca1n.100 78
4
4
8458 74 803 951s
12-year s f 7341
1937 J J 8212 Sale 82
1
7s 1929 Series B
100 98 101
Preferred
8
J&J 10318 1033
9312
16 SO
without warrants attached..... J J8212 Sale 8312
84
4
100 170 180
,
9212 9512 Anglo-Amer 011714525 A&O 1023 103 8 Atlas Powder
92
9512 924 Apr'23
Ye Iron Coal & Coke 1st g 58_1949 al
Bliss(NW)Co,new-(e0 Par) .2412 254
Arm'r&Co5s2ne15'23J&D15 100
87
18 84
853
Vis By Pow 1st & ref 5e
3
1934 I 1 85 4 Sale 8514
63
Deb 6s J'ne 15'24...1&1315 100 ___50 *60
Preferred
983
4
984 97 98
1942 3 D 9812 Sale 984
Vertientee Sugar 7s
Beth St 7% July 15'23.12,315 10018 1025 Borden Company,com_100 116 118
8
23 102 106
1941 J D 10212 10314 10253 1031
Warner Sugar 75
Canadian Par (is 1924 M&S2 10018 1025
100 103 105
8
Preferred
9818 994
9813 Apr'23
1939 J 2 9712 99
Wash Wet Power e f 58
100 93
2
2 944 9714 Federal Sug Ref 6s'24 _M&N 10018 1023 Celluloid Company
95
95
Weetches Ltg g 58 sitmpd 914_1950 J D 9412 97
Hocking Valley 68 1924 M&S 10
100 108 110
Preferred
034 1005
15 884 94
8
89
Wait Penn Power Sec A 15e _1946 M S 885 Sale 8814
Interboro R T 88 1922 _M&S
100 140 142
1
5 1004 1023
1001
-year 85 Series C_ _ _1958 3 D 10018 10012 10012
let 40
K C Term Ry 6.'23 513eN15 1001 100 Cb9d terred
100 108 110
88
8812
.
Pres C6 c*mmon
1; 104 108
8
104
F A 1033 10414 104
*1948
let series D 7e
(Itis July 1931
100 109 113
J&..1 l03'4 104 Hercules Powder
7; 96
9915
991
4
Western Union coil tr our 5e 1938 J 2 983 Sale 9858
Lehigh Pow Sec 88'27.F&A 93
100 103 105
933
4
Preferred
15 887 9215
s
90
8
Fund & real estate g 4 Xs_ _1950 M N 90 Sale 887
100 7812 90
8 Sloss Shelf S & I es'29.F&A 9614 97 International Salt
28 106 1117
1936 F A 10814 Sale 1073
1081
8
-year 6)45 g
15
U 14 Rubber 714s 1930 _F&A 1063 10714 International Silver, p1.. _100 108 112
99 10612 110
1931 N.1 N 10612'die 10612 107
,
Westinghouse E & M 78
84
.81
Joint Stk Land Bk Bond,
8 9318 98
8
95
Wickwire Spell Steel let 78_1935 1 .1 947 Sale 9438
Chic JtStk Land lik 58.1951 1021 103 Pe lp6Dolley C iSsies.10 180 190
059
La igs Vadge COarp
991
4
44 883 102
8
Wilson & Co let 25-yr of 8e 1941 A 0 985 Sale 97
55 1952 opt 1932
10212 103
Pow,com_100 125 135
Royal Baking
941
/
1
79 9214 974
93
1928 J D
934 9334
10
-year cony s f (le
100 99 102
5'-4s 1951 opt 1931
105 1053
Preferred
4
4
92 963 105
1931 F A
99 4 Sale 9912 1001
3
Temporary 7145
45i 1952 fmt 1932 ----1003 10112 Singer Manufacturing- 100 116 118
4
54 10012 104
1941 A 0 10312 Sale 10212 104
Winchester Acme 730...
• Per share. t No par value. b Basle. 4 Purchaaer also pays warned MelNominal. 2En-die. V El
•No price Frtday; latest bid and asked e Due Jan. el Due Apr. c Due Mar. Due dend. e New nook I Flat Price. k Last sale. n
May, •DueJtnie. 6 Due July. 6 Due Aug. o Due Oct. 1 Due Dos. *Option Sale. rights. I Ex-stook die. NE:mob and stock dividends.
BONDS
N.Y.STOCK EXCHANGE
Week ending April 27
1t
.... a.
Week's
Range or
Last Sale
Range
Since
rn 1
7
9
mt,10. Lo05Ja8 .6
1
oo
.2112
est,
es
se
ss
sale 10614
5
es
BOSTON STOCK EXCHANGE-Stock Recordse.B.T:Le
1880
MISR AND LOW SALE PRICE
-PER SHARE, NOT PER Ua'N
Marital:
April 21
MorVay.
Aril 23
Tue,day.
April 24
Wednesday. Thursday.
April 25 I April 26
145 145
14314 145
'
143 143
144 144131 1143 144
793 80
79
4
7912 7914 7912 79
793
4 793 SO
4
•963 98
4
9634 963
963 963 *963
4 963 97
4
4
4
4
-11912 11912 120 120 *120
____ *120-_ 119 110
•10034 101
1003 1003 1003 1003 100 4 101
101 101
3
4
4
4
4
•
18
17
17
18
2
18
8
183 183 •1712 18
*27
.2612 28
•27
_
•27
2912 2912 29
*2612--29 19 - 28 18 - 28
28
29
43
424 *4212 424
43
42
43 43
4012 42
38 38
_
*38
•38 ___
38
38
38
38
•
57
*53
53 •_ _ _ _53
53
____
53
53
*H7 2
7
'
*15712 159 •15712 158 1 15712 158 *15712 158
31
3112
31
30
31
*31
31
32
33
32
•
68
69
69
*68
69
69
69
.68
69
69
61
62 62
6012 6012 *6012 63
61
*6012 63
44
44
*44
45
46
44
43
44
43 .43
43 .42
43
43
44 •_ _ _ _ 44
4212 43
44
36
36
36
37
3712 3712 3712 3712 36
37
*1812 19
1858 1858 _18_14
8
19
.7 5 1912 19
15 8
__
•75
*75 ____
80
.
90
90
-- " -7 .-2 - ; 22 80 7514 75I 7514 7513
86 7 1 fit; 7
3018 s____ 3112 29 29
•8,8,
90
'88
90
____
88
88
Friday,
April 27
143
80
97
120
10112
16
27
143
8014
97
120
10112
17
27
1-E7 2
-1313 3134
4
69
69
-42T2
.
185 1834
*
75
75
90
90
75
7512
-
Sales
for
ihe
Week, I
STOCKS
BOSTON STOCK
EXCHANGE
Shares
Railroads
140 Boston & AlbanY
100
298 Boston Elevated
100
73
Do pref
100
19
Do 1st pref
100
97
Do 2d pref
100
247 Boston & Maine
100
5
Do prat
100
148
Do Series A 1st pref
100
155
Do Series B 181 prof. .100
75
Do Series C 1st pref_ 100
42
Do Series D 1s1 prof...
.J00
6 Boston & Providence
1130
233 East MUSS Street Ry Co 100
100, Do tot prof
100
351 Do pref B
100
321 Do adjustment
100
70 East [Mass St Fly (tr ctfs)_100
311 Maine Central
100
593 N Y N H & Hartford
100
10 Northern New Hampshlre_100
5 Norwich & Worcester pref_100
53 Old Colony
100
2 Rutland prof
100
135 Vermont de Massaehusetts_100
Range ante Jas. 1 1923,
Lowest
143
79
96
118
9912
16
2112
27
13
40
36
53
15712
18
87
53
3413
3113
36
164
/
1
75
90
73
29
88
Apr 3
Apr23
Apr18
Jan 2
Mar22
Apr27
Jan 2
Jan24
Jan17
Jan22
AprI6
Mar2I
Feb15
Feb24
Feb24
Feb13
Feb15
Apr24
Jan15
Apr 4
Mar19
Jan20
Apr20
Apr26
Higher(
149
84
100
122
106
2012
27
3213
48
42
59
1604
35
72
65
46
45
43
224
84
100
81
3812
98
PER SHARE
Range for Preston,
Year 1922.
Letcerl
Jan 9 13014 Jan
Jan 5
7313 Feb
Mar 6
9414 Mar
Mar 7 118 June
Mar 5 10113 Nov
Mar 2
14
Jan
Feb13
Jan
20
Mar 1
22
Jan
Feb 8
36
Jan
Mar22
30
Jan
Feb 7
40
Jan
Jan25 125
Jan
Mar22
18 July
Jan113
66
Aug
Mar19
51 July
Mar22
28 July
Mar21
29 July
Jan 2
2712 Jan
Jan30
1214 Jan
Feb 3
69
Jan
Jan 3
58 Jan
Feb14
57
Jan
Feb20
15
Jan
Janll
78 Jan
High488
152 May
891s Seta
105 Sept
126 Setd
,
109 Sent
3112 May
Apr
37
4412 Apr
62 May
54 May
774 May
163 July
264 July
/
1
77 July
60 Nov
47 Aug
47 Aug
Oct
55
34 May
/
1
4
96 July
103 Dee
/
1
4
98', May
52 June
/
1
4
100 Aug
Miscellaneous
50 Amer Pneumatic Service__ 25
213 Feb21
34 Jan 9
213 Dee
414 Jan
97
Do pref
50 16 Mar 7 20
Jan10
13 Feb 2014
3,070 Amer Telephone & Teleg 100 1215 Jan31 125 4 Mar14 11453 Jan 12814 Aug
2
3
Ails
115 Amoskeag Mfg
No par z88
Jan 8 112
Jan 5 104
Jan 121 Dee
Do prof
No Par 80 Apr 3 88
Jan 5
80 Nov
91
Aug
72 Art Metal Construe Inc__ 10 15 Mar 1
164 Mar14
14 Nov
2012 May
5 Atlas Tack Corp
No par 163 Apr23 2018 Feb14
4
13
Jan 22 May
78 Boston Cons Gas Co, prof.100 105
Jan22 10812 Feb24 1043 Aug 107 Dee
4
499 Boston Met Pet Trus No par .10
Jan18 .30
Jan25
.10 Sept
.50 May
966 Connor (John T)
10 20
Jan13 27 Mar19
1534 Jan 30 2 Dee
7
150 East Boston Land
314 Mar 3
10
4
Jan 2
3 Jan
8 Apr
280 Eastern Manufacturing_ _ _ 5
74 Jan25 1412 Mar 5
7 Dec 1414 Feb
1,055 Eastern SS L11:109 Ina
25 8112 Jan10 12712 Mar22
384 Jan 894 Oat
565 Edison Electric Ilium
100 163 A pr21 172
Jan 3 156 Mar 185 Sept
310 Elder Corporation
No par
513 Mar 5 104 Jan 2
/
1
3 Mar
13 May
5 Galveston-Houston Elee__100 18
Apr27 2913 Feb 5
28 Dec 39 Aug
815 Gardner Motor
No par 10+4 Jan 2 154 Mar 3
/
1
9 Nov
164 Apr
1,320 Greenfield Tap & Die
25 17
Apr16 24 Feb10
17 Dec 274 Feb
1,328 Hood Rubber
No par 54
Jan 8 634 Mar13
43 Mar 543 Dee
s
Internal Cement Corp_No par 35
Jan 2 44 Mar19' 26
Jan 381 May
/
4
2 Internat Cotton Mills
50 15 Apr12 22 Feb19
20 Nov 32
Jan
45
Do prat
100 56
Apr1.1 7913 Jan10
80 Aug 85 Dee
125 International Products_No par
2
Jan15
3 Mar20
112 Dee
612 Mar
Do pref
-----_100
5 Feb27
8 Mar15
54 Dec 17
Apr
63 Libby, McNeill & Libby__ 10
6
kpr23
8 Apr 6
11 Apr
/
4
Ills June
97 Loew's Theatres
25 10 Feb 8 11
Apr26
8 July 13
Jan
354 Massachusetts Gas Coe
100 81
Apr27 8711 Jan 2
03 Jan 9018 Nov
139
Do pref
100 69 Apr23 73
Jan25
62
Jan 74
Oct
30 Mergenthaler Linotype
100 165 Apr20 179
Jan 6 130
Jan 181
Oci
16) Mexican Investment Inc_ 10
7 4 Jan31 143 Feb19
3
4
11 Dec 27 June
/
1
4
92 MtasissIppi River Power
4
100 223 Apr23 2814 Jan31
13
Jan 34
Aug
37
Do stamped pref
100 80
Jan18 84
Feb14
7213 Jan 854 Oet
1.705 National Leather
53 Apr27
3
10
83 Feb13
4
82 Deo 111 Jan
4
/
4
432 New England 011 Corp
.25 Feb 3 .97
Apr16
.22 Dec
6
Jan
193 New England Telephone-100 118 Feb 1 122
Jan 3 109
Jan 125 Sept
6,315 Orpheurn Circuit Ino_____ 1 174 Jan 6 2113 Apr'26
13
Jan 28
Oot
1,180 Pacific Mills
92
Apr25 190
Jan 2 1543 Oct 192 Doe
4
95 Reece Button Hole
10 Ws Jan 4 18 Mar14
131 Apr
,
16 July
Reece Folding Mach.
2
314 Mar15
10
Jan''
,
Vs Dec
Mar
Simms Magneto____
2 Feb20
6
2 Feb20
.50 Nov
71a AD,
5651 Swift & Co
100 10412 AprIl 10912 Jan 6
9214 Jan 110 Sept
12
872 Torrington
25 46
Jan 2 50 Mar 9 r39 Jul
8112 June
10 Union Twist uriii
74 Jan19 11 Mar 7
5
8 Mar
1414 Feb
3,732 United Shoe Mach corp.. 25 444 Jan 2 ss% Mar 8
/
1
37
Jan
45 Mar
471
Do pref
25 25
Jan25 2814 Janll
25
Jan
2713 July
4,088 Ventura Como! Oil Fields_ 5 2513 Apr24 30
Jan 2
213* Jan 3312 Jane
1.097 Waldorf System Inc
10 36
Jan10 4414 Mar19
2612 Jan 39 Dee
243 Waltham Watch cIS comNoprr
5 Feb15 13 Mar17
214 Nov
14
/ Apr
1
4
90
Preferred trust etre
100 1512 Mar 6 2913 Marti/
11 Nov 49
Apr
1.000 Walworth Manufacturing_ 20 1114 Jan 5 174 Feb17
74 Feb 13
Oot
1,214 Warren Bros
so 2513 Jan31 3412 Mar14 1712 Jan 35 Sept
/
1
4
180
Do 1st prof
so 33 Jan17 3912 Mar14 3012 Jan 3814 Oct
Do 28 pref
so 36 Jan25 42 Mar16 31 Feb 442 July
4
Wickwire Spencer Steel
5 1113 Feb 6 121s Feb21
8 Nov
/
1
4
21 May
Mining
O.90 .80 •.50 .80 •.50 .80 •
.50 .80 •.50 .80 •.50 .80
Adventure Consolidated___ 25 .25 Feb16
1
Feb28
.50 Jan
1
Apr
75
74
7712 80
7612 7812 79
7812 79
76
7712 7712
685 Ahmeek
25 56
Jan27 87 Mar 1
66 Nov 66 May
.30 .60
.60 3
%30 .60 •.30 .60 •.20 .60
•.20 .60 •
Algomah Mining
25 .30 Feb19 .50 Mar 2
.03 Sept
*2512 27
.60 AIM
•26
27
294 27
*26
2614 27
27 •26
2613
120 Allouz
25 19 Feb 5 34 Mar 1
19 Dec 8211 Jan
2
/ 23
1
4
2 •214 212
23
2 212
2 4 23
,
13 2%
4
8
21
4 213 1,155 Arcadian Consolidated
25
144 arpr26
414 Mar 5
2 Ma
123 121 123 12
434 May
4
4
13
/
4
/ •1213 123
1
4
13
/
1
4 124 124 1212 12121
825 Arizona Comrnerctal
5 73 Jan 8 1413 Mar 2
2
0 Nov 1011 June
9712 13
•1712 18 .1712 18 .1712 18
*1712 18 .1712 18
Stagnant Mines
10 17 Apr 2 19 Feb 19
13
Ja
184 &Pt
350 355
358 390
377 395
376 394
354 360
386 394
832 Calumet & Hecla
25 285
Jan 9 420 Mar 1 248 NON 801 Au
644 7
• 3 7 4 •63, 7
67
7
7
7
7
,
61z 6%
520 Carson Hill Gold
I
612 Apr27
932Feb 13
5 Nov
/
1
4
18 Mar
/
1
4
1112 •I0
1112 •11
1112 *10
•10
1112 *11
1112 11
11
20 Centennial
25
7 Jan18 15 Mar 1
8 Nov
131s Feb
4
3914 40
3912 383 3912 3912 40
38
39
39
3812 39
1,425 Copper Range Co
25 353 Jan20 464 Mar 1
4
/
1
351 Dec 461 May
/
4
4
314 3 2
3
314 312
4
•
34 33
34 3 4
313 34
3
312 312 1,080 Davis
-Daly Copper
10
253 Jal 5
5
Feb23
212 Nov
914 Jan
814 .8
84 814
8
8
81 8 4
/
4
814
814
,
84 818
870 East Butte Copper Mining_ 10
7
/ Jan29 1112 Mar 1
1
4
712 Nov
1214 Jan
112 *113 2
122
11
112 13
14
4 *14 13
4
112 112
505 Franklin
25
I
Jan18
2 Mar 5
/
1
4
1
Apr
3 Apr
/
1
4
4,3
31
3
3
3
3
3
312 *3
313 *3
312
285 Hanoock Consolidated
25
214 Jan10
4 Mar 5
112 Aug
312 Mar
/ 29
1
4
/ 29
1
4
29 4 2812 283
/
1
3
2912 2912 29
4 284 29
29
2914
1,060 Hardy Coal Co
1 2434 Mar28 3012 Apr17
•.50 .75 •.50 .75 *.50 .75'
.50 .75 •.50 .75 *.50 .75
Helvetia
25 .50 Apr17
Dec
- 50
.
24 -AP;
114 Feb20
108 10812 10814 109
13
/ 109 10912 10912 111
1
4
108 109
11014 111
606 Island Creek Coal
1 10112 Jan 4 11512 Apr 7
814 Jan 11653 JUDI)
99
99
99
.99 100
100 100 .100
99
*99 100
230
Do pref
1 9312 Feb15 10012 Mar28
88 Feb 974 Nov
•2712 2812 *2611 28
28
2812 2712 28 •
27
28
27
27
390 Isle Royale Copper
25 21
Janll 3314 Mar 3
2654 May
18 Nov
.
273 3
.2
/ 3
1
4
*234 3
*23
.4 3
23
4 3
2
/ 2
1
4
/
1
4
70 Kerr Lake
5
2 Feb 6
/
1
4
3
/ Jan 2
1
4
3 Feb
4
/ API
1
4
112 •11 11 •11 15
/
4
/
4
2
/
4
3 •13
11 •133
/
4
11 *11 11
/
4
112
/
4
/
4
165 Kevieenaw Copper-25
1
34 Aps
Feb
214 Mar 5
113 Jan 5
32
4 4
334 3
' 3 12 .3
3
/ *312 4
1
4
•
34
4
224 Lake Copper Co
25
24 Feb
3
514 Mar 1
Jan 9
M4 May
2
.2
214 *2
172
214
2
11 *13
/
4
2
4 2
165 La Salle Copper
25
1 Nov
14 Jan29
314 Mar 1
214 Apr
212 •212 23
212 .2
*2
4 *214 23
4 *214 212
212 212
.50 Mason Valley Mine
11 Jan
8
153 Jan 8
2 Mar27
/
1
4
23 May
4
3
3
*3
3
314 *3
3
3
314 *3
3
290 Mass Consolidated
314
25
112 Feb 1
414 Mar 3
14 Dec
als Apr
412
4
4
/
4
4
/ *4
1
4
4
/
4
4 12
412
41 41
412 418
312 Mayflower-Old Colony
25
7 Feb10
2 Dec
/
1
4
34 Jan 2
612 Apr
114
11 *2
/
4
114
PR
3
.2
3
*
2
3
2
214
210 Michigan
114 Apr21
25
4 Mar17
.75 July
7 Apr
58
5812 5412 58
56
58
5712 58
58
5812 5612 5612
345 Mohawk
25 644 Feb 1
71 Mar 2
52 Nov 88 June
193 20
4
194 20
19 4 193
3
4
4 1934 20
1113 20
193 20
4
550 New Cornelia Copper
5 1653 Jan I 211j Mar 2
1514 Dec 204 June
---New Idria Quicksilver. _ _ _ 5 .05 Mar23 .05 Mar23
.05 Dec
21a Mar
38
.37
*37 ---- *37 ---- *37
*37
3
8
3613 40
152 New River ComPanY
100 35 Apr18 40 Apr27
37
Jan 40 Feb
80
82
•78
+78
82
85 •x____ 82 •z78
•z80
*80
82
100 77 Mar 5 84 Mar16
Do pref
73 Jan 85
an
61 618
/
4
5
/ 5
1
4
/
1
4
54 5 4
/
1
53
3
4 6
•552 6
5 4 5`,i'
3
1,277 Niplastail M113°8
5
512 Jan 4
83 Feb20
4
5 July
7 Jan
912 912 *914 93
*64 10
914 912
9
/ 9
1
4
/
1
4
4
912 914
945 North Butte
15
9
Jan 9 1214 Mar 1
84 Oct 16 May
*112 2
14 112 *112 2
112
112 112
112 .112 2
25
114 Janll
275 Olibway Mining
2 Mar 5
/
1
4
14 Dec
412 Apr
/
1
2612 264 2612 2812 2612 27
274 264 27
27
27
27
25 1813 Jan r 3212 Mar 1
495 Old Dominion Co
16 Nov 27
Jan
35
3612 38
38
3612 .
3613 3714 3714 3714
*35
36
38
25 294 Jan27 46 Mar 1
315 Osceola
384 Aug
25 Nov
.
52 *314 3
314 3
/ *314 3
1
4
'2 *314 3
/ *33
1
4
/ *34 3
1
4
8 3
Mln & Smelting_ _5
3
Jan 9
/
1
4
Park City
4 Mar 5
24 June
34 Nov
4
15
1512 151a
15
144 15
1514
/
1
15
1412 1434 1,430 Pd Creek Pocahontas Co no par
1.113 Apr27 1614 Mar23
,
154 15 4
42
42 .42
42
4312 4113 42
42
42
*4212 4312 41
25 3213 Jan30 50 Mar
221 Quincy
NovONov; 50 May
*48
4612 46
4612 454 46
45
46
.4512 464
47
47
25
280 St Mary's Mineral Land
Janll 534 Mar I
2309
3
481t May
.81 .81 •.80 .90
.80 .80
.75 .85
•.8,0 .90 •
.80 .80
220 Shannoi
113 Mar 5
10 .40 Jan 9
.25 Mar
14 May
1.45 .75
25 .45
•.45 .7
5 ..45 .75 •.45 .75 33.45 .75 +.45 .75 '
Jan 5 .75 Feb20
South Lake
.25 Dec
114 May
*2
23
4 •2
+2
23
4 *2
23
4
23
4 *2
.2
23
4
23
4
25
Superior
11 Jan20
/
4
314 Mar 3
43 July
4
112 Dec
2
2
21 1
2
*2
24
213 •
21a
2
2
2
113 Mar28
2
670 Superior & Boston Copper_ 10
33 Feb23
4
.90 Mar
2
/ Oct
1
4
.99
.91 .99
.94 .99
1
Ps
I
.85 .95 1,969 Trinity Copper Corp
1
1
Apr 2
113 Feb15
IN Deo
3 Apr
/
1
4
5 .75
.40 .50 •.40 .50
.40 .40
.40 .48 •
.45 .45 1,850 Toulumne Copper
.45 .45
.40 Nov
.92 May
5 .40 Mar29 .05 Feb18
5 3 512
3
514 5%
5
/ 5'4"6
1
4
53‘1 5
/
1
4
514 514 8,325 Utah-Apex Mining
23 Jan 9
4
6
5
/ 532
1
4
Apr13
4 Mar
114 Oet
5
2
•112 13
112 112
2
2
4
24
13
4
13
4 1,395 Utah Consolidated
112 Jan19
•2
212
3 Mar 5
Feb
1
34 June
I
.90 .90
.90 .90
.90 .90
.90 .96 3,500 Utah Metal & Tunnel
.90 .91
.0.913 .99
.85
Jan31
11 Feb27
/
4
.80 Dee
24 Apr
13
2 •114
•114
.11
14
/
4
11 •114 2
11 •1r4
/
4
21
112 Feb 6
Victoria
*114
.75 Nov
25 Feb28
11
/
4
8
211 Jan
.75 .75 •.75 .90 1,104 Winona
.75 .85
.85 .85
25 .85
.85
1
Jan22
11 Mar 5
/
4
.25 Jan
2 Apr
/
1
4
914 10
*9
*9
93
4 *9
10
912
•9
10
_ 21
30 WolvorInr.
74 Jan30 13 Mar 1
1.9
10
714 Nov
10 May
elm and asked /ninon Dolmas On thie day. sEx-rights. 5Hz-4lividend and rights, /Ex-dividend. Et-stock dividend. a
Assessment paid.
24 213 *214 212 •212 212 •212 212
5
*212 2 2
1812 18
*18
18
1812 •18
*1712 1812 1712 1712
18
18
/
1
4
/
4
/ 1225 123
1
4
8
122 123
2
12212 1227 12212 1221 122 122
1223 123
4
98
9612 *x96
.96 -- 9612 9612 •29612
_ _ 96
98
*80
____ *80
•80
_17 •x16
17
1612 1612 *315
1415
17 •z15
-177.163 163 •16
4
17 .16
17
•
16
4
17
•18
17
107 107
107 107
107 107
iod" 10884
•.10 .15
*AO .15 •.10 .15
.10 .10
23
2312 233
238
3
2314 2312
2 234 2312 2312 233
4 2312 244
.4 3
33
/
1
4
353 3
/ *312 31 *34 333
1
4
312 312
33
4 33
4
/
4
1012 103
•10
4 1012 1012 10s 11
11
1012 11
112 11312 113 11512 11412 11512 11.512 116
/
1
4
110 112
114 11434
(2
163 1633 16312 16412 163 164
4
164 16412 1633 165
4
16312 164
7
7
7
7
*6
84 •
3
8
83
4
_6 1 "
_3
: 20
*20
19
18
18
•13
1312 12
•13
143
3 1412 1412 •14
15
19
18
/ 19
1
4
1914 19
1834 194 1912 1973 19
1119
/
1
19
57
56
58
56
57
57
57
59
59
60
59
59
3912 41
*40
41
*41
4014 4014 •
42
•4012 4112 _
•15
•15
_ •15
•
15
•
15154 1512
60 - 60
6
9
' 62
60
30
60
60 I *60 ---6212
312 .252 312 •252 312 *253 34
3
3
212 3
6
712 .
•6
712 •I5
713 •6
712 '
18
7
613 613
63
4 63
4
6
612
614 84
614 614
10
10, 10 4 104 194 1012 11
10
4
3
11
11
811 811 8114 811 8114 8112 8114 8112 81
/
4
8112 82
/
4
/
4
8114
6:114 •69
6914 69,
4 69
70
69
6912 69
6913 69
69
•____ 1663 •____ 1663 •_...- 167
166
1874
85
4
4
168
1012 1013 104 1014 10
11
11
1032 •10
12
23
4
223
2313 23
23
4
- 223 23
25
25
2312 2312
8114 .
80
4
8114 81, •80
81,
4 8114 8114 *80
8114 83
83
612 6 4
3
6,
4 6
612 812
614 6
/
1
4
/
1
4
5
/ 64
1
4
5
/ 64
1
4
.50 .75
.75 .75
.60 .75
.50 .75
.50 .75
.40 .50
117 117
11613 117
11612 1164 11612 117
116 11612 11613 11613
1913 193
4 194 1912 1952 19
/ 1934 20
1
4
32 2012 2112 204 2112
/
1
9412 95
95
94
94 12 92
95
9212 92
93
9212 9314
164 17
*18
*16
17
016 4 17
,
17
*1614 1714
•23
4 3
*234 3
*23
4 3
•23411 3
*23
4 3
134 O1
112 *I
•1
112 •1
11
2 •1
14
3 (A)
3
104 4 10512 104 4 16514 106 10512 104 4 10512 105 105 2 1043 10514
3
3
4
2614 492 4914
49
4912 49
494 49
49
49
49,
2
•812 10
10
812 10
10
*812 10
*812 10
.
4912 6014 4912 50
4 4914 50
4914 493
4912 50
-49- --7
49
2612 26 3 2613 264 261 2814 264 2614 2612 2812 263 27 3
4
,
4
2512 Me 26
253 26
4
2612 2512 2614 2512 26
2512 26
4114 41
413
2 4114 411 413 411
4113 4112 4012 404 .41
/
4
2
/
4
104 104 .105 11
•10
8
•1072 11,
/
1
11
4
1114 1114 11
11
25
25
2512 .2513 2612 •2513 2612 27
2512 2512 25
27
2 1814 1612 1614 183
4 1614 16,
*1614 163
4 1612 163
4 1684 16
/
1
4
31 14 3112 3112 31
31
313
4 3112 311 303 311s
3114 3114
/
4
4
86
•36
3612 38
37
36
*36
36
O36
3612 36
36
*38
•38
.38
46
40
39
40
39
•10
1012 •10
1012 *10
1012 *10
•10
1012
11
THE CHRONICLE
APRIL 28 1923.]
Outside Stock Exchanges
-Transactions in bonds at Boston
Boston Bond Record.
Stock Exchange April 21 to April 27, both inslusive.
Bonds
-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low. High. Amount
Range since Jan. 1.
High.
Low.
Mar
52
55 $50,000 51% Jan 62
Atl Gulf & WI SS L 551950 52
Feb
7931 80
3,000 7931 Apr 84
Chic June & U S Yds 45'40
Mar
1940 90
Apr 95
89
90
4,000 89
55
Mar 7731 Jan
73
734
5,650 73
Mass St RR ser B 5048
East
Jan 98% Mar
98
98
100 98
Series SC 68___ _1925-29
1936 102
10134 102
5,000 10034 Jan 1024 Jan
Hood Rubber 78
1929 9231 9231 924 5,000 92
Apr 964 Mar
Mass Gas 4345
Jan
1931
Apr 92
904 90% 5,000 89
414s
Apr
1925
Apr 95
95
95
1,000 95
M 11 & 0 6s
Jan
Apr 95
8931 904 6,000 89
Miss River Power 55_ _1957
97
9731
7,000 9631 Mar 99% Jan
New England Tel 55_ _1932 97
Jan
1944 9334 9234 9331 18,000 91
Swift & Co 5s
AM 98
Mar
Warren Bros 7315___ _1937 108
10734 108
14,000 10531 Feb 115
Feb
1932
Mar 98
Western Tel 5s
9431 944 2,000 94
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange April 21 to April 27, both inclusive, compiled from official lists:
Range since Jan. 1.
High.
Low.
Jan
Jan
Apr
Jan
Feb
Jan
Apr
Jan
Jan
Jan
Mar
Mar
Jan
Apr
Feb
Apr
Jan
Jan
Jan
Feb
Jan
Apr
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Ma
Jan
Ap
Jan
Ap
Jan
94
94
9134 9134
101 10131
106 106%
97
974
86
86
9634 974
81
81
8831 8831
100 100
94
94
934 934
9631 9631
100 100
73
7334
5234 5231
7331 74
9734 9731
100 10134
$1,000
2,000
37,000
9.000
2,000
1,000
3,000
1,000
1,000
2,000
5,000
2,000
1,000
1,000
12,000
5,000
3,100
3,000
17 000
.
'
94
8731
10034
106
97
86
96
81
8834
100
94
0334
9634
100
72
5231
7334
964
100
AP
Feb
Apr
Jan
Apr
Apr
Feb
Apr
Apr
Jan
Apr
Apr
APr
Apr
Jan
Jan
Max
Mar
Mal
• No par value
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange April 21 to April 27, both
inclusive, compiled from official sales lists:
414
C4
W
>WW000...-.40....0WON00000WC.W.000:o4.0.1.20W
American Elec Pow Co_.50 2734 244 2734
7134
70
100 71
Preferred
79
80
American Gas of N J._ _100 80
American Stores
• 19031 182 192
Baldwin Locomotive__ _100
13731 13731
Brill (J G)Co
75
73
100 73
42
Cambria Iron
42
50
Cambria Steel
200 200
50 200
Congoleum Co Inc
* 21431 19231 220
Consol Traction of N J_100
47
47
Cramp(Wm)& Sons_ ,..100 57
56
57
Eisenlohr (Otto)
714 7334
100
Electric Storage Batt'y _100
6334
63
•
Erie Lighting Co
2434 2434
General Asphalt
100
4334 4534
General Refractories
•
5431 55%
Germantown Pass Ry.. _ _50
81
81
Insurance Cool N A__ _ _10 4731 46
474
7
Keystone Telephone... _50
7
7
50 2714
27
Preferred
2731
Lake Superior Corp__ _ _100
831
731 834
Lehigh Navigation
50 72
71
72
Lehigh Valley
50
6434 6434
10
2
Lit Brothers
034 2034
32
Midvale Steel & Ord__ _50
32
51
Minehill & Schuyi Hay--5
51
0
• 57
57
574
Penn Cent Light & Pow..
North Pennsylvania__ _50
80
80
Pennsylvania Salt Mfg_ _50 9331 87
9334
50
Pennsylvania RR
4534 46
534
534
Penns) Seaboard Steel__ •
,
46% 4611
Philadelphia Co(Pitts)-5
0
43
44
Preferred (cumul 6%)_50 43
Phila Electric of Pa
25 3034 3034 3031
25 3031 3034 3031
Preferred
..,
0..,. q.„.
m
Stocks-
,may
Sales
Last Week's Range for
of Prices.
Sale.
Week
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
15
63
78
163
13131
49
40
80
143
44
50
7134
54
23%
42%
4234
81
4234
7
2634
54
70
6431
20
274
50
5431
79
82
4511
531
41
42
2934
3031
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Mar
Feb
Mar
Jan
Apr
Jan
Jan
Jan
Feb
Apr
Jan
Feb
Jan
Jan
Apr
Apr
Feb
Feb
Mar
Apr
Mar
Jan
Apr
Apr
Jan
Jan
Apr
Apr
High.
30
78
82
194
142%
91
45
200
220
49
59
85
6634
27
5334
594
81
474
8%
344
1034
75
71
2231
3331
53
58
8131
9334
474
531
4934
4534
3334
3331
Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices.
High Shares.
Stocks (Conclid?d) Par. Price. Low.
Range since Jan. 1.
Lino.
60 46
49
Phila Insulated Wire
49
•
746 30
Phila Rapid Transit___50 30% 3031 31
324 62
Philadelphia Traction_ _ _50 62
6234
62
8
260
1234
Phila. Sz Western
50 124 12
100 89
89
Pitts & W Va pref
100
89
15 7634
Reading Company
50
7634 7834
1
805
Ms
Tono-Belmont Devel___1
1
131
1nze
370
Tonopah Mining
1.1114 131
1
238 3831
Union Traction
3831 39
50 39
14 1964
United Cos of NJ
19631 198
100
768 50
United Gas Impt
50 5114 5134 52
274 5531
Preferred
50 5534 554 5531
8
15
Warwick Iron & Steel_..10
834 831
23 80
87
Westmoreland Coal
87
50
10 3431
York Railways pref
3434 3434
50
BondsAmer Gas& Elec 5s_ __2007 90% 9031 91 $15,000 85
500 8631
Small 59
8631 8631
2007
13,000 9731
Bell Tel 1st 58
1948
9734 98
14,500 61
Elec & Pee tr ctfs 45..1945 6431 6431 66
Keystone Tel in 5s__ _1935
7234 7231 8,000 724
Leh Val gen cons 448_2003
8531 8534 2,000 8434
1.000 100
Phila Co let 58
100 100
1949
CODS & stamped 5s_1951
9034 9014 1,000 9034
42,400 96
Phila Electric 1st 55_ _ _1966 98
99
98
20,500 99
5315
1947 10034 1004 102
13,000 10234
68
1941 10331 10331 104
Reading gen 4s
8334 844 12,000 8334
1997
1.000 83
83
Jereey Cent coil 4s_ _1951
83
2000.100
inn zoo
Roams» Arm,Trnn Re 1097 inn
•No par value.
High..
Mar 504
Jan 33
Mar 67
Jan
1234
Apr 89
Apr 80
131
Apr
Apr
254
Feb 4034
Apr 200
Jan 5434
Jan 5634
9
Jan
Jan 87
Apr 384
•
Jan 9534
Apr 87
Apr 99
Mar 7131
Apr 80
Apr 90
Apr 10034
Apr 9334
Apr 103
Apr 103
Mar 10634
Apr 86 i
Apr 83 I
Jan 10031
Jan
Feb
Jan
Apr
Apr
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Apr
Jan
Apr
Apr
Jan
Jan
Jan
Jan
Apr
Mar
Jan
Feb
Jan
Jan
Apr
Jan
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange April 21 to April 27, both inclusive, compiled from official sales lists:
,pwowv...P.mot..EsEEP msEEEEPzPtvoz",,VAVAEIVP.V.EliVOnnWancigig
40
9434
41
1731
46
2534
.26
24
10834
58
2534
26
108
1044
11531
8634
170
25
80
4631
120
48
3834
16
8
8431
54
2531
244
83
132
11831
233
54
3531
76
1053.4
131
1731
147
1034
29
. .
411
10
5
163
85
450
409
910
106
257
295
557
269
101
41
82
35
675
416
43
20
60
33
82
147
37
10
25
70
251
20
211
47
194
331
3
127
600
85
137
70
28
.
4334 44
98
98
41
41
24
25
61
64
26
264
.30
.35
331 314
10931 110
61
61
2531 254
2634 2631
11634 117
10434 105
118 1184
8634 87
190 190
4931 60
93
96
4734 4735
144 14434
48
48
43
43
16
16
8
9
8434 85
54
M
2531 2511
2431 25
85
85
135 135
11834 120
250 250
62
6334
38
384
76
76
107 10734
2
2
174 184
15411 15534
1031 104
30
304
...w
JC,C,..4D,4Q000000WCOQ0002OD
4WW,IN&WWWW.00W..40WWW.70.
XXXX
XXX
XX
ZX
Arundel Sand & Gravel_100 4334
100
Preferred
25
Bait Amer Ins
100
Baltimore Tube
100 64
Preferred
25 26
Benesch (1) pref
1
Celestine Oil
334
Cent Teresa Sug pref _ _ _ _10
Ches & Po Tel of Balt_100 110
25 61
Commercial Credit
05
Preferred
25 2634
Preferred B
Como!Gas E L & Pow_100 11631
100 10434
7% Preferred
100
8% preferred
Consolidation Coal_ _ _ _100 87
100
Continental Trust
• 55
Eastern Rolling Mill
100 96
8% preferred
Equitable Trust Co
25 4731
Fidelity & Deposit
50
Fidelity Securities Corp_50 48
Mace Co of America 25
Finance Service Cl A_ -10
10
Preferred
Houston 011 pf tr Ws_ _100 8431
Manufacturers Finance_25
1st preferred
25 2531
2d preferred
25
Maryland Casualty Co_ _25 85
Maryland Trust Co_ _ _100
Mer & Mln Transp Co-100
Mercantile Trust Co_ _..50 250
Mt V-Woodb M pf v t r 100 62
New Amaterd'm Cas_ _100 38
.
Northern Central
50
Penna Water & Power_100 107
Pitts Oil pref
10
United Ry & Electric„..50
US Fidelity & Guar_ _50
Wash Bait & Annap_ _50
Preferred
60
BondsChes & Po Tel of Va 5s.._'43 94
ConsGEL&P 448_1935
Series A 6s
1949 10131
Series C 75
1931 10634
Series E 511s
1952 97
Con.sol Coal ref 5s.._ _ _1950
Davidson Sulphur 68_ _1927
Georgia & Ala cons 5E1_1945
Ga South & Florida 5s_1945 8834
Roust Oil div etre 65'23-'25
Indlahoma Ref 8s....1029 94
Md Elec Rya 1st 5s_ _1931
North Ball Trac 5s_ _ _1942
Public Service Bldg 55.1940
United Ry & Elec 45..1949 73
Income 45
1949 5231
Fundings 5s
1936
es
1927
68
1949 100
o.
, .
.—. ... ... .....
t.,..+
w
1..,
0•4W...10NDW0NOme
0 ...1.4.4000N0.,WN0.... ON0N.P.00>
W.ON
..0oPOWW-..1WW,—.WOWC...400000WOWW.,10"—.01O.004.WWWW
XXXXX
X
XXX
XX
X X XX
.
Stocks-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
1881
Apr
Apr
Jan
Mar
Mar
Mar
Jan
Apr
Apr
Jan
Apr
Jan
Mar
Feb
Mar
Mar
Apr
Apr
Feb
Mar
Feb
Jan
Feb
Jan
Apr
Feb
Jan
Jan
Apr
Jan
Feb
Mar
Feb
Jan
Jan
Stocks-
'flues
Last Week's Range for
Week.
Sale,
Of Prices•
Par, Price. Low. High. Shares.
Range since Jan.1
Low.
High.
Feb
Mar 97
124 86
Amer Public Serv, pref_100 88
8734 89
Jan
Apr 74
375 65
66
American Shipbuilding_100 65
65
Feb
Mar 100
1,062 90
0
Armour & Co (Del), pf_100 94
9334
Jan
Apr 96
2,990 80
Armour & Co, pref____100 8454 8334 86
Jan
Apr 10
8
120
8
8
Armour Leather
15
143 8431 Apr 87341 Mar
Preferred
100 8434 8434 85
Bassick-Alemite Corp __* 3711 3631 3834 13,190 2734 Feb 39%,Mar
6341 Jan
Apr
5
200
Booth Fisheries,new
554
5
•
Apr 36314 Jan
20 23
23
Preferred
23
100 23
Jan 32361 M&
Borg & Beck
2931 3034 3,135 25
• 3034
1,560 144 Apr 1534, Apr
144 15
Bridgeport Mach, com__ * 1431
Mar
931 Apr 11
309
10
Bunte Bros
10
10
Mar
Jan 90
112 86
Central Pub Serv, pref _100
8734 88
Chic City & Con Ry pt sh
Mar
5
Feb 10
140
*
74 8
Preferred
8)( Mar
331 Jan
200
44
Chicago Elev Ry, pref _100
4
431
Jan 2434 Maz
35 10
18
17
Chicago Rys Part Ctf Ser 1
Jaz
Apr 131
779 128
128 129
Commonveth Edison..100 129
64. Jan
Feb
6
200
634
6
Consumers Co, com_ _ _100
Felt
95 833,‘ Jan 70
654
65
Preferred
100
Jar
931 Feb 12
94 934 8,990
Continental Motors .__ _10
934
Fel)
121 10931 Apr 115
Crane Co, preferred
1114 11134 11231
Apr 64%.J Jam
185 60
61
60
Cudahy Pack Co, coca_ 100
4331 7,825 3131 Jan 6234i Jam
40
Daniel Boone Wool Mills 25 42
Apt
Jan 20
10 15
20
Decker (Alf) & Cohn,Inc_•
20
Api
Jan 90
150 70
90
90
Preferred
100
Apr 74341 Jar
335 70
7231
Deere & Co, pref
72
100
Jam
Apr 121
70 115
11534
Diamond Match
115
100 115
136 Fet
3.1 Jan
424
1
34
34
s
Earl Motors Co
Eddy Paper Corp (The)_ _• 3334 2631 3334 60,095 2234 Apr 3131A Jar
Jar
Jan 106
120 100
Fair Corp (The), pref__100 10334 103 10334
283.1 17,454 2534 APr 284 Api
Gill Manufacturing Co__ ..• 2754 26
Jan 2634 Api
860 15
2134
Godchaux Sugar,com* 21
21
1,430 2431 Feb 3531 Apt
Gossard, H W,pref_ _ _100 33
3134 333.4
560 814 Feb943,4 Fet
88
88
Great Lakes D & D _ _100 88
Jan 9534 Jar
25 84
89
Hartman Corporation_ _100
89
Hart, Schaffner & Marx
Fet
Jan 107
150 98
10631
Common
100 10831 10631
Mal
Apr 31
100 30
31
Hammermill Paper,coma°
31
Jan 434 Apl
2,570 37
Hayes Wheel Co
42% 4134 43
*
Jaz
Feb 66
60 64
66
Bibb,Spen, Bart & Co_ _25
66
Hupp Motor
10 26% 2634 2731 3,385 2136 Jan 2931 Ma
Hydrox Corp,pref
234 3,665 1834 Jan 3234 Al)
100 2334 22
Apr 9654 Jai
210 10
Illinois Brick
80
60
100 80
Ap
Apr 32
Internal Lamp Co
19,620 28
3034 2934 32
Jan 5034 Ma
1,010 43
Inland Steel
47
46
25 46
831 Ap
631 Jan
Libby, McNeill & Libby 10
631 631 1,220
64
.
434 Jar
334 Apr
415
Lindsay Light
354 34
10
Jai
9
731 Jan
180
Preferred
731 831
834
10
Apr 101% Ma
70 98
Lyon & Healy,Inc,
98
98
Ap
McCord Karl Mfg pref__- ----- 3731 2,670 3234 Apr 39
* 37% 37
Ap
1,130 2454 Apr 26
McQuay-Norris Mfg, w L. 25
2431 2534
Fel
147 4534 Jan 53
Middle West Util, cona_100 4634 4
636 47
38S 8334 Apr 8634 Jai
Preferred
8434
100 8431 84
Jai
352 9931 Mar 104
Prior lien preferred
9931 100
100
234 Fel
4 Apr
1,950
Mitchell Motor Co
1
34
31
*
Ap
Apr 123
75 118
Nat Carbon, pf (new)_ _100
118 121
84 Fel
54 Apr
1,73
National Leather, new....
54 614
54
JAI
500 8834 Apr 94
People's Gas Lt &Coke.100
8831 89
Jar
Apr 38
380 18
Philipsborn's,Inc,com_ _5 18
23
18
Apr 9834 Jai
280 90
92
Preferred
90
Mar 3631 Ma
296 22
Pick (Albert) & Co
22
23
10
Mar 10334 Al
78 101
Pub Serv of Nor Ill, com..•
10131 102
Ja
247 10034 Mar 104
Common
100 10131 10131 102
Al)
505 9234 Mar 99
Preferred
9231 93
100
Ja
385 9631 Jan 100
Quaker Oats Co, Pre!__100 99
9834 99
Reo Motor
1731 1934 20,220 1134 Jan 1934 Al)
10 19
Fe
20 844 Mar 93
Sears Robuck corn
84% 87
100
1,525 1734 Jan 324 Ms
Standard Gas & Elec__50 29% 294 30
Mar 5131 Al)
800 48
Preferred
4934 50
50 50
Jan 1244 Al
Stew Warn Speed,corn _100 12134 116 121% 40,345 79
Swift & Co
100 10534 104% 105% 1,169 10434 Apr 10934 Ja
Feb2131 Ja
Swift International
18
1854 19% 5,875
15 1934
Feb 514 Ja
Thompson, J R, com.....25
290 46
4654 47
Union Carbide & Carbon 10 634 6174 634 8,373 6134 Apr 6731 Ja
United Iron Works v t c.50 10
Jan 1334 Fe
6
875
10
10
Al
United Lt & Rya,com_ _100 160
Jan 163
2,115 71
140 163
1st preferred
Al
Jan 94
4,145 75
85
91
100 90
Feb 9934 Me
Participating pref
494 91
100 9434 9431 9534
US GYPsum
Jan 7531 Me
204 61
68
69
20 68
U 8 Stores Corp, pref
185 9831 Apr 9934 Al
9834 9834 9894
Wahl Co
Apr 5894 J5
5335 2,900 51
• 5134 51
Ward (Mont) Az Co,14_100
75 95% Feb 11131 MI
1113611134
When issued
2034 Jan 2531 Fe
20 244 2354 253/ 17•77
4
Class "A"
Jan 10434 Al
135 93
• 102
101
10431
Western Knitting Milts_ _•
Feb 1031 MI
7
1,10
734 8
731
Wolff Mfg Corp
1.963 2834 Feb 3534 MI
• 3154 3134 3234
Al
Wrigley. Jr, common_ _ _25 112
Jan 114
1,27 100
11134 11211
Yellow Cab Mfg,Cl"B" 10 2794 270 235
Al
Jan 296
3,600 223
MI
Yellow Taxi Co
42,200 7031 Jan 95
924 814 93
Bonds
Chic City & Con RYs 5s'27
Jan 6531 MI
'
58 512,000 47
58
MI
Jan 56
Chicago Rys 4s, Ser "11,'"27 5231
5231 21,000 44
52
J5
Commonw Edison 53 1943
10,000 9531 Apr 99
'
9531 96
Iowa Southern Utilities
Al
lot ref 6118
Apr 93
22,000 93
93
93
1943 93
Alich T & E 1st 6%a_ _1938
Mar 9634 MI
1,000 96
9631 9631
South Side Elev 445_ _1924
4,000 88% Feb 9234 MI
92
92
9734 Jg
091.4 0254 30001 9234 AD
Swift &en ist s t ,,, ra ICU&
• No par value.
1882
THE CHRONICLE
-Record Apr.21 to Apr. 27:
Pittsburgh Stock Exchange.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Stocks (Concluded)
-
[Vol.. 116.
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
N Y Transponation_ _ _ _10 29
29
29
Feb 30% Mar
300 24
Onyx Hosiery:common_ _•
47% 48%
Feb 52
Mar
300 40
5
5
3
Apr 15
Feb 95
725 79
400
Jan
Mar Oselda Corporation
Amer Wind Glass Mach 100
85
8511
10 93
Feb 24
Feb 107% Apr Paige-Det Motor Car_.10 2334 2314 23%
500 14
Apr
93
93
Preferred
100
14% 15
734 Jan 10
2,305
Jan Patterson Bros Tob A._ _.* 15
Arkansas Nat Gas, com_10
1,300 14% Apr 1514 Apr
7% 8
7%
501g 3,100 47
250
Apr 80
334 Jan
Jan
6
Feb Peerless Truck & Motor_50 4714 47
5
5
Carnegie Lead & Zinc
_5
90% 91
Jan 36
75 26
Jan Phillipsborn, Inc, pref_100
26
26
200 9034 Apr 91
Apr
Consolidated Ice, prat_ _50
67e 71e
Mar 118
60 102
1
Jan
118 118
Hard-Walk Refrac. com100
Apr Prima Radio Corporation _1 70e
4,100 550 Feb
10% 1054
Apr 115
60 101
Mar 11
101 102
Jan
9
100
Mar Pyrene Manufacturing_ _10
Preferred
100
3%
20
3% 334 11,300
6
Apr
414 Mar
3% Jan
9% Jan Radio Corp of Amer.oom*
831 8%
Indepen Brew, prof
50
3%
3
715 3316 10,900
Preferred
31515 Apr
21311 Jan
Jones & Laughlin Steel, p1. 10834 107% 108% 1,170 10634 Mar 109% Mar
10 1914 1734 19% 14,900 1334 Feb 19% Apr
550 23% Apr 27
2334 24
Feb Reo Motor Car
Lone Star Gas
25 24
114 1%
5
700 5234 Apr 60
800
2
Jan
1% Jan
Feb Repetti, Inc
Mfrs Light & Heat_ _ _ _100 5231 52% 53%.
50% 51% 1,900 50
734 Jan
170
7% 714
714
Feb 5415 Mar
8% Feb Rosenb'm Gr Corp. pf_ _50
Nat Fireproofing, coin_ _50
75o 85e
Saguenay Pull)& Power-5
290 18% Jan 21
19
19
400 75e Apr
1
Feb
50
Jan
Preferred
2
Preferred
5
2
235 15
15
15
Apr 1815 Feb
1 15
100
1
Mar
2
Jan
Ohio Fuel 011
90
91% 5,400 53
Apr
Jan 93
Ohio Fuel Supply (new)_25 3314 31% 33% 4.990 31% Apr 36% Mar Schulte Retail Stores,com.*
24
• 24
25
320 1934 Jan 27
19% 20
500 24
Apr 2734 Mar
Jan Shelton Looms, corn
Oklahoma Natural Gas_ _25
100 97
9515 97
7% preferred
230
5% Apr
5% 6
300 95% Apr 98% Mar
8
Mar
Pittsburgh Brewing
28e 35c 43,000 24e Mar 50c Mar
_
32e
22e 23e 27,400 21e Apr 28e
Jan Southern Coal &
Pitts & Mt Shasta Copp_ A 22c
Iron_.
814 Jan 1014 Feb Southwest Bell Tel, 7% pf. 10354 102% 103% 1,000 102% Apr 103% Apr
625
814 9
9
Pittsburgh 011& Gas_ _ _ 100
50
170 171
98 165
7,100 4514 Mar 51% Apr
Jan 205
Jan Springfield Body, Class A. 4734 47
Pittsburgh Plate Glaes_ _10
214
234 215
615 10
Jan 1615 Feb Standard Motor Constr_10
11% 1114 12
800
214 Apr
334 Jan
Salt Creek Consol Oil
* 1934 1834 19% 3,500 18
11
340 10
Apr 1314 Feb Stutz Motor Car
• 1035 10
Apr 24% Jan
Tidal Osage 011
105 106
100
797 2334 Feb 27% Mar Swift & Co
25 104
2534
Apr 109
Union Natural Gas_ _ _100 25% 25
Feb
15 1934 1934 19%
Swift International
27
28
28
100
1,695 24% Mar 28
100 18
Feb 21
Apr
Jan
U S Glass
714
714 7%
85
573 85
87
600
7
Apr 120
Jan
Feb Technical Products Corp_5
West'houee Mr Brake_ _50 86
9% Feb
1534 15% 1514
75 57% Apr 69% Mar Tenn Elea Power, corn._
200 14% Jan 19
W'house El & Mfg.com _ SO 58% 5731 5834
Mar
215 30
Jan 1314 Apr
Jan 4934 Apr Timken-Detroit Axle-..10 12% 1234 12% 1,900 10
W Penn'Tr & W P.corn 100 51% 40% 51%
5% 534 3,600
Tob Prod Exports Corp...*
5%
4% Jan
Bonds•
634 Mar
53
53
65
$6,000 65
65
100 52
Apr 59% Max
Apr 71
Independ Brew 65-1955
Jan Todd Shipyards Corp__ •
29% 30
Torbenson Axle
30
1,200 24
Mar 30
Apr
No par value.
•
24c 34c
Triangle Film Corp v t c.5
80 Jan 38e Apr
3.000
-Official transactions in the United Bakeries
31% 3114 33
800 317$ Apr 37
New York Curb Market.
Apr
Corp...150
Preferred
575 8734 Apr 93
Apr
New York Curb Market from April 21 to April 27,inclusive: United Profit Shar'g, new.1 614 89 93
615 611 5,000
414 Jan
7
Apr
Friday
Sales
6% 7
6%
Un Retail Stores Candy..
5
Jan
3.700
8
Mar
Last Week's Range for
Week ending April 27.
Range since Jan. 1.
United Shoe Mach,com_25 493.4 4934 4914 5.300 4854 Apr 56
Mar
Sale.
of Prices.
Week.
1% 114 28,000
Light & Heat. com _ _10 11315
1
Jan
US
111 Apr
Par. Price. Low. High. Shares.
StocksLow.
10
1% 314 6.100 90e
3%
Preferred
High.
Jan
3% Apr
18
Universal Pipe dc Rod, w I. 20
20% 11,800 18
Apr 20% Apr
Indus. & Miscellaneous.
6934 6911 72
Preferred
Apr 72
Apr
3,700 70
1 55c
510 55e 58,000 40o Mar 85c
10
Acme Coal Mining
314 4
Jan Utah-Idaho Sugar
3
Jan
800
431 Apr
10 23e
21e 23e
5,000 190 Mar 35c
Acme Packing
31% 4.400 31
Jan Wanner Malleable Cast...* 31% 31
Apr 31% Apr
*
200 2134 Feb 2234 Jan Waring Hat Manufacturing 2134 21
Aluminum Mfrs, corn.
2234 2214
Apr 22% Apr
22% 2,400 21
Amalgam Leather, corn *
1734 18
500 1434 Mar 1934 Apr Warren Bros
32
32
Apr 32
10 32
Apr
100 63
61
63
Preferred
300 4834 Jan 65
5
Apr Wayne Coal
1% 2% 3,200
13.4
234 Jan
114 Mar
100 101
Amer Cotton Fabric, pf.100
400 9914 Mar 102
1
42e 42c
Jan 49e Apr
Mar West End Chemical
5,000 30e
154
134 131 2,200 55c Mar
Amer Drug Stores class A_1
134 Apr Western Feed Mfrs. Inc_
6
514 6
5
Apr
6
Apr
6,400
38
42
Am G&E,coin, new, w I...* 38
2,200 3234 Feb 4634 Mar Western Knitting Mills_ *
714 731
100
915 Jan
711 Apr
50
Old common
190 190
25 165
Feb 195
Mar Western Pow Corp,com.100 3214 3231 35%
325 31% Jan 42% Jan
American Hawaiian El 8_10 17% 1754 18
400 15% Jan 2534 Mar Willys Corp, let pref _..100
9
934
200
734 Jan 1114 Jan
Amer Lt & Trate, rem._100 124% 118 126
135 111
Apr 140
Certificates of deposit_ _ _
9%
934
Feb
8
800
5% Mar 10% Jan
•
American Stores
185 185
25 185
Apr 193
Mar Yale dr Towne mfg. new_25 60% 6014 62%
Mar
500 58% Jan 64
4
4
American Thread
5
100
311 Feb
140 145%
4
Apr Yellow Taxi Corp, N Y..* 141
900 100
Feb 15214 Apr
Archer-Daniels--Mid Co_* 3934 3934 4034 3,400 39% Apr 4034 Apr
RightsArmour & Co of Del. P1.100 94
9334 95
5,200 90
Apr 99% Feb Phila Electric Co
87e
1%
400 870 Apr
114 Apr
85
Armour & Coot Ill, pf_ _100
85
50 82
Apr 94
Former Standard Oil
Feb
•
Atlantic Fruit Co
2%
1% 214 2,100
134 Jan
Subsidiaries
214 Feb
*
Basslek-Alemite Corp_
200 31
_ £1 1734 16% 18
Mar 40
Mar Anglo-American
Apr 19% Jan
12,200 16
Beth Steel, new, oom_ _100
100 6354 M
Mar 68
50 873.4 87% 89
Mar Buckeye Pipe Line
Mar 94
170 87
Jan
16357% 163175
Borden Co,common_ -100
16 H 8
500 110
42% 43%
Mar 122
Jan Continental Oil, new.. _25
300 3814 Feb 50
Feb
Preferred
100 103
103 105
45 100% Jan 10634 Apr Crescent Pipe L
25
20
20
25 1934 Apr 2634 Feb
Bridgeport Machine Co_ _• 1434 14% 15
2.900 1434 Apr 1514 Apr Cumberland Pipe Line.100 115
112 115
125 r85
Jan 168
Jan
-Amer Tob ord bear..£1 22
Brit
2134 22
5,700 1934 Jan 2234 Apr Eureka Pipe Line
100
109 109
35 95
Apr
Jan 117
Ordinary
£1 2114 2114 22
1,900 19% Jan 2234 Apr Galena Signal Oil, corn-100 65
65
6714
895 57% :ran 7914 Mar
British lot Corp "A"stk_• 1454 1414 15%
300 14% Apr 1714 Feb Illinois Pipe Line
100 170
166 170
95 164
Mar .171
Feb
10
Brooklyn City RR
934 10
2,000
98
734 Jan 10% Jan Indiana Pipe Line
99
50
65 95
Jan 103
Mar
114
1.51, 114 27,600
Buddy-Buds,Inc
•
P16 Apr
1% Feb National Transit_ _ _ _12.50 2534 25% 25% 1.000 25
Mar 29
Feb
Campbell Soup, prig_ _100
107 107
100 106
129 129
100
pr 10934 Feb New York Transit
Jan 138
10 129
Apr
Gar Lighting & Power- _25
1
1
1%
700 750 Mar
105 106
90 105
Feb 110
134 Jan Northern Pipe Line-- -100
Feb
100
Celluloid Co, corn
9314 9334
25 90
25 7014 6914 71
Feb 101)
1.300 66% Apr 85% Feb
Feb Ohio 011
100 110
108 110
Preferred
60 107% Apr 11014 Mar Prairie Oil& Gas
211 219
100 215
1,090 211
Apr 224
Apr
Central States Elec,com100
100 1034 Jan 1634 Apr Prairie Pipe Line
1834 1831
108 109
100 109
310 1107
Apr 333
Jan
1% 114 4,600
100
Cent Teresa Sugar. cOm-10
134 Jan
195 195
10 180
Jan 21234 Feb
234 Mar Solar Refining
3% 314
10
400
Preferred
15414 156
100
234 Feb
90 154% Apr 196
Feb
5
Feb South Penn 011
Centrifugal Cast Iron Pipe* 13
13
13% 2,900 10
107 109%
Jan 15
105 97
Feb
Jan 116
Feb Southern Pipe Line__ -100
57
5814
Checker Cab Mfg,Class A• 57
700 5414 Mar 66% Feb South West Pa Pipe L._100
85
85
20 66% Jan 8811 Mar
4%
434 414 3,400
Chic Nipple Mfg Class A.10
234 Jan
5% Apr Standard Oil (Indiana)-25 617-4 6131 63% 110,300 6014 Jan 69% Mar
10
234 211
Class B
100
46% 4811
2h Apr
600 41% Jan 57
Feb
4% Apr Standard Oil (Kansas) _25
114 134 3,300
Chicago Steel Wheel,com _ 5
94% 96% 2,400 u80
114 M
25 95
Mar
Jan 133
3% Feb Standard Oil (KY)
Jan
734
7
8
10
27,700
Preferred
240 244
Jan 285
534 Apr
9% Feb Standard 011(Neb)_ _100
30 186
Feb
...100 163
16214 167
Cities Service, corn.
4214 42% 43% 13,100 4214 Apr 49% Jan
8
05 16214 Apr 195
Feb Standard OH of N Y. _ _25
100 6834 6811 69
Preferred
2,200 67
36
100
37
Jan 70
Jan 39
20 21
Feb
Mar Swan & Finch
Cities Serv, bankers' sh--• 1634 1651 1734 2,900 1651 Apr 1914 Feb Vacuum Oil
48% 50% 24,990 43% Jan 5534 Mar
25 49
Cleve Automobile, corn_ _* 3234 3231 33% io.aoo 29
Apr 3414 Apr
Other Oil Stocks.
100
84
84
Preferred
100 42
3e
10
30
Jan 89
3c Feb
Jan Amer Fuel Oil, corn
5.000
7c Feb
Sc
Colombian Emerald Synd.
4c
9e 18,01)0
4e Apr 45o
714 73-4 1.400
711 Jan 10
Jan Ark Natural Gas, com_ _10
Mar
2131 22
Colorado Power, com 100
30 21
•
45-4
434 434 1,609
Mar 25% Mar Atlantic Lobos Oil, Corn..
4% Apr
731 Jan
47
49
Columbian Carbon v t c _• 49
2.300 40% Feb 49% Apr
16
50
16
Preferred
Apr 2434 Feb
200 16
210 210
Co, Corn.. 100
Congoleum
10 145
210
20e 24o 24,500 15e
Jan 210
Apr Big Indian 011 & Gas
Jan 30c Mar
Coegrave Export Brew_ _10
9
8% 934
600
5
1
Mar
1115 1,300
9% Apr Boston-Wyoming 011_ _1
1
Jan
13.4 Feb
3%
Cox's Cash Stores
5
314 4% 1.500
354 Feb
2111i 3
400
3 Apr
114 Feb
8
Mar Brit Controlled 011 Fields_ _ _
8
8
Curtiss Aeropl dr M,cora..*
800
5
2334 2434 2,100 22% Apr 25
Jan
8% Mar Calif Petrol, new, corn. 25
Apr
5934 64
Cuyamel Fruit Ce
•
7,100 55% Jan 64% Feb Carib Syndicate
531
551 611 13,300
714 Apr
4% Jan
88
89
225 82
Del Lack & West Coal_ _50 89
.
Jan 90% Apr Consolidated Royalties_ _
1% 1%
114 Feb
1% Mar
100
Douglas-Pectin Corp....* 1334 1334 1431 4,000 1231 Apr 14% Apr Creole Syndicate
___63.4
511 73.4 64,100
71 Apar
%
r
211 Jan 41983, MA pr
1211 12.500
Dubilier Condenser & Rad• 1234 12
4% Jan 13% Apr Derby Oil& Ref Corp,com• 173.4 1714 1734 1.000 17% Mar
734 715 18.400
Du Pont Motors, Inc__ -*
714
46
* 46
734 Apr
4614 1,300 45% Mar
Preferred
714 Apr
52% 5714 13,900 40
* 57
Durant Motors, Inc
90
Feb 8
8c 12c 51,000
Jan
Sc Apr 25e
4
Jan Engineers Petroleum Co_ _1
14% 1,000 1214 Feb
Durant Motors of Ind_ _ _10 1434 14
1434 1414 1,360 14% Feb 15
Mar
Equity Petrol Corp, pref._ ______
Equitable Tr Co of NY_100 18434 18434 187
90 183
780
76c 85e 22,500 69e
1
Jan
Apr 194 ' Mar Federal 011
Jan
54
2
61
61
Federal Light& Trao,eom.* 61
10 48
Apr 3894 Apr
Jan 61'Mar General Petrol Corp cora
3814 2,200 36
3814 36
314 414 4.200
Federal Tel & Tel
5
Apr 25
331 Apr
24
Apr
25
200 24
Preferred
7
Jan
96
96
Firestone T & Rub,pf_ _100
10 92
5
Jan
5% 5,800
7% Mar
3
Feb 96
Apr Gilliland 011, corn
441 441
Ford Motor at Canada.100
10 400
1
Jan
13-4 30,400
1%
Jan
1
10
Jan 460
Mar Glenrock 011
•
70
71
Foundation Co
350 58
134 1%
300
3a" Feb
2
114 Jan
Apr 71
Apr Granada Oil Corp. Cl A_10
• 10
9
10
Preferred
200 9134 Apr 95
25 6311 6134 6534 9,800 55% Jan 68% Mar
Apr Gulf 011 Corp of Pa
13
•
Gardner Motor Cs
1434 5,300 10% Jan 1514 Feb Harris Consol Petrol Corp.
1% 114
200 75c Apr
1%
2"i. Apr
90c 900
100 70c Feb
Garland Steamship
110 14e 42,000 10e
Jan 39% mar
1 110
ISo
Jan
Hudson Oil
Gillette Safety Razor_ _ --• 289% 288 290
735 259
3531 3,300 31
Apr 41% Mar
Jan 290
" ar Humble Oil & Refining_ _25 3314 31
M
Ap
7 % 10,600 56
• 7534 73
300 30
Glen Alden Coal
Feb
35 34% 3354 343.1
Jan 7554 Apr Humphreys Oil
Goldwyn Pictures, new w L 2214 2211 2414
111 115
200 2214 Apr 24% Apr Imperial 011(Canada) coup 112
1.535 110% Jan 123
Feb
Goodyear Tire & R,com100 1634 14% 1614 25,500
954 Mar 16% Apr Independent Oil& Gas_ _ _• 11% 1134 1234 2,700 1134 Apr 15% Feb
4% 5
20
20
Griffith (.13 W).Inc. Ci A_•
600
21
23,200 20
Apr 24% Feb
334 Jan
5
Mar International Petroleum..
93
_100
9531
15e 300 10,000 15e Apr 25e Apr
26e
Hanna(MA)Co. pref.
500 93
Apr 102
Jan Invader 011 of Delaware_ _ _
; 2
134 2% 5,000
;c
200 27e 168,300 20e
Apr 40e
151 Jan
Hoc den v.bemal ducts 1
eykirig Callepro
Jan
2% Feb Keystone Ranger Devel_ _1 270
234 211
2
2
2% 1.800
•
200
2
Feb
4
Petroleum
111 Jan
Jan
314 Feb Kirby
10
1034
111 234 2.000
500
223414
1% Apr
Bud dc Manhat RR,com100
914 Jan 1214 Feb Lafayette 011 Corporation_
22
* 23
24% 5,400 20
88e
134 9,600 75e
Jan
Hydrox Corp, corn
Mar
Jan 25
Apr Livingston Petroleum_ _ .* 880
614 6%
90c
1
114 Feb
Imperial Tobacco of Can _ 5
500
3,500 62e Mar
515 Apr
6% Mar Lowry 011 Corporation_ _5
1915 20% 2,900 17
81e
80e 85e
Imperial Tob of GB & Lit
135 Jan
2,100 77o Mar
Jan 20% Apr Lyons Petroleum
6
....°
6
135 146
300
Apr 168
Industrial Fibre Corp.
5
135
Jan
Apr 1031 Jan Magnolia Petroleum_ --100 145
600
5
5
554 5.100
51% 56
Intercontinental Rubb_100
Apr 57
Apr
300 45
434 Jan
674 Jan Mammoth Oil, Class A....
6854 7114 3,500 68% Apr 72
Internat Telep & Teleg_ 100
934 Jan 2234 Apr
Apr Maracaibo Oil Explor___ ..• 21% 2011 2211 40,100
•
2214 23
.
1,700 18
Jan
1
Lehigh Power Securities. 5
Jan 26
111 114
700
Mar Margay Oil Corp
80
81
100 79% Apr 90
214 214 3,400
311 Fen
1
1% Jan
ja b
Lehigh Valley Coal Sales.50
Jan Marland 011
614 674
6
6
6
100
5
M
Apr
6
3% Feb
Libby, McNeill & Libby.10
Refining
200
Jan
834 Apr Mariand
1%
87% 88
1
200 87% Apr 90
3
114 1,100 70e Mar
Louis & Nash RR new, w 1_
Mar Mexican Panuco OIL - -10
9% 9%
90e
10 95e
200
Jan
2316 Mar
114 81,500 800
7
Mar 20
Jan Mexico 011 Corp
Lueey Mfg. Cli tb, a. A50
t8 A
.* 17
17
500 13
1
1734
24e 24e
Jan 30e
5e
Jan 22
Jan
1,000
Jan Midwest Texas 011
Lupton(FM)
3234 3215
100
1
100 3234 Apr 32% Apr Mountain & Gulf Oil
134 13-4 1,700
115 Mar
134 Jan
Mengel Co
I%
5.
1
114 2,800
1
Apr
4
Mercer Motors
Jan Mountain Producers--..l0 16% 1614 1634 6.300 1614 Apr 20% Feb
9
•
9
914
800
9
Apr 12% Jan Mutual 011 vot trust etfs_ _ 11% 1194 1234 48,600 1131 Apr
Mesabi Iron Co
• 1634 1614 1834 3,000 12
153 Fe r
Mar 21 4 Mab
15% 16
Apr 2134 Apr New York Oil
200 14
Midvale Co
25% 25%
20 2214 Apr 27
20e 22e 30,000 20e Apr 30e
Miss River Pow, COOL._100
Jan
Feb Noble(Chas F)011 dr Gas.1 20o
1
6
6
7
1,200
65e 65e
6
Preferred
Apr
Jan
500 we Feb 78e
8% Feb
National Leather, new--10
65
2.200 54
1 10e
10e lee
Jan 22e
Jan 7034 Mar Northwest 011
Jan
1,100 10e
Nat Supp Co(of Delicom 50 6434 64
314 43-4 13,600
2c
1
251 Mar
43-4
Jan
2e
70 Feb
2e
2c) • 1,000
434 Apr Ohio Ranger
New Mexico & Ariz Land.!
25
800 28
Jan 34
3134 3114 32
1834 19
Mar Oklahoma Nat Gas
Feb
200 18% Apr 20
N Y Canners. me,coal-275 10814 Mar 112
10
1
Jan
1
Pis 23.400
Pre Mar
Jan Omar Oiler Gas
N Telep 6% Pref- - --100 10934 10934 109%
Stocks-
Low.
High.
APRIL 28 1923.]
THE CHRONICLE
Range since Jan. 1.
Low.
High.
Friday
Sales
Last Week's Range for
•
of Prices.
Sale.
Week.
Mining (Concluded) Par. Price. Low. High. Shares.
1.883
Ronde Awe Jan. I.
Lew.
MO.
-
2.000
15,500
10,300
1,000
5400
200
1,300
3,900
7,200
12,100
20,200
23.000
16,100
4,000
104,000
200
49,700
100
1,000
40.600
9,000
534
934
131
3934
534
4
1034
2034
531
231
214
2c
1331
lc
380
9
86e
2534
62e
631
Sc
Apr
Jan
Apr
Apr
mar
Apr
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Apr
Apr
Mar
Apr
Jan
Jan
Jan
13
1434
5
4134
734
63.4
14
2531
634
414
4
13e
2654
20
890
12
134
30
151
1031
20e
Mar
Apr
Mar
Apr
Ma
Mar
Feb
Feb
Mar
Mar
Apr
Jan
Mar
Jan
Feb
Mar
Apr
Jan
Mar
Jan
Mar
23.4 Mar
154 Apr
2,500
100
636 Mar
234 „ran
Jan
Jan 110
5e
1,000
114 Apr
Feb
100 50e
Apr
Apr 70c
200 70e
135,700 10c Feb 85e Feb
1,000 360 Feb 500 Apr
5c Mar
Feb
2c
2,000
Jan
6c
2,060
2c Mar
Jan
4c
Jan
15,000
lc
Apr
100 1634 Apr 17
Jan
Apr 16e
4c
1,000
23,000
9e Feb 22c Mar
Apr
$3
13,300 900 Ma
Mar
4
234 Jan
900
4,000
6c Mar 10c Feb
Jan 22c Feb
2,000 11c
231 Jan
Apr
3,200
2
Jan
Apr 38e
479 100
9c
Jan
Apr 13e
3.000
9c
14,400 50e Mar 750 Mar
Jan
Sc
1,000
Jan
2c
Apr
21,000 150 Mar 25c
Jan
Sc
2,000
le Apr
414 Mar
3,100
331 Feb
434 Mar
3,100
334 Feb
Jan
15e
Feb
10,000
8e
1,800
431 Jan
531 Feb
200 36
Jan 4331 Mar
Jan
9.000 11c
Feb 15c
91,900 62e
Apr
134 Mar
Jan
10,000
2c
Jan 150
18,500
2
334 Apr
Apr
4,500 32c
Apr
Feb 72c
Jan
59.000
Apr 13c
7c
10,800
231 Jan
Pisa Apr
10,100 60c
Feb
Apr 81e
Jan
4c
lc
Apr
5
3,000
56,000
Jan
lc
4c
Apr
Jan
41,000 15c
Apr 37c
1,000 45e
Apr 80e Mar
Jan
219,500 20c Mar 74c
Jan 500 Mar
5,000
6c
Jan 97e Mar
500 60c
Apr
5,200 62e Feb 76c
24,000 30e Feb 50c Mar
Jan
Ile
16,000
6c Apr
Jan
Apr 24c
96,000
7c
Jan
Jan 34e
44,000
4c
Jan 760 Feb
33,000 29c
6,000 35c
Jan 57e Mar
Jan
60
Jan
29,000
lc
3,000
70 Feb 10e mar
Jan
Jan 130
7.000
3c
Jan 100 Mar
15,000
Sc
934 Apr
4.100
Jan
8
31,000 150 Feb 660 Feb
11111 Feb
30.300
174 Jan
Feb
800 1174 Feb 14
4,000 58e
Feb 74c Mar
431 Mar
7,300
214 Jan
58,000 30e
Jan 48e Mar
Jan
10,000 280
Jan 38e
1,800
374 Feb
234 Jan
8,200 95e
Apr
136 Apr
1,000
Jan
Jan 100
Sc
Apr
Apr 70e
30.400 68e
700
394 Jan
274 Apr
Jan
2.000
8c
2c Mar
Apr
2.000 The
Apr 81e
9,000
Jan
3c Mar 10e
5,000
Jan
6e
le Mar
6,000
Jan
70
30
Apr
5,000
Apr
7c Mar 210
Jan
150
30,000
Jan
6e
3.000
231 Mar
134 Jan
'25,2,, 10e
Apr
Jan 89c
1,1.1
Apr 130 Apr
130
8,000
Jan
4c
le
Jan
Jan
6c
1.000
Apr
3e
26,000 150
Jan
Apr 32e
1,000
Jan
2e
lc
Jan
500 1631 Jan
2431 Mar
7,300
431 Mar
231 Jan
221) 16831 Jan 18074 Mar
32,200 30e
Apr
Jan 680
3,750
651 Mar
531 Jan
13 0
, 00
3, Jan
ge Feb
72.800 37c
1.11* Mar
Jan
i
4.900
3
Apr
336 Apr
2,000
90 Apr 120 Apr
i 22.700
1
231 Mar
Feb
46,000
8c Mar
2c
Jan
6.400 40e Mar 68e
Apr
3,000
5c
Apr
70
Apr
38.000
80 Feb
Apr
40
27,000 19e
Apr 29e Feb
7,800 460 mar 680 Apr
5,700 45c Mar 73e
Apr
Jan
35,000
50
Apr
le
6,000
40 Feb
2e
Apr
1,600 90e
Ms Apr
Apr
4 14.600 50e Ma
1% Apr
Apr
2
Apr
2
100
87.000
Apr
60 Feb 25e
13.000 14e
Jan 40e Feb
3,000
50 mar
Jan
90
2,000 350
Jan 50c Feb
4,000 430
Jan
Apr 530
13,000 21e Feb 50e Apr
2,500 900 Apr
Apr
1
i
3.600
Jan
3
474 Jan
52,800
Jan
40 Mar 13e
16.000
Jan
8c
Sc
Jan
8.400 39c
Apr 68c
Jan
1,000
30
Jan 16e Feb
5,000
lc
Jan 150 Apr
6.000
Apr
Sc
Sc
Apr
9.100 Ale
Jan
110 Mar
_
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54
•
Peer Oil Corporation
10 1334
Pennok 011
Pennsylvania-Beaver 011-1
234
- 3934
Phillips Petrol new w I_
Royal Can 011 Syndicate_•
634
*
574
Ryan Consolidated
1114
Salt Creek Consol 011
Salt Creek Producer8-10 21
536
Santa Fe Olt & Refining_ _5
331
5
Sapulpa Refining
5
Seaboard Oil & Gas
334
40
South Petrol & Refining_ _1
10 2434
Southern States 011
5
Texas Ranger
1 380
Taxon Oil & Land
Tidal-Csage 011 non-vot._. 10
Turman Oil
1
last
Ventura Cons Oil Fields_5
Vulcan 011
5
Wilcox Oil& Gas
5
734
.Y" 011 & Gas
1
14c
Mining Stocks.
Alaska Brit Col Metals- -1
Alvarado Min & Mill_ _20
534
American Commercial
American Exploration__ _ _ ______
Argonaut Gold (old)
Arizona Globe Copper___1 62e
Beaver Consolidated
Belcher Divide
10c
Belcher Extension
10c
Big Ledge Copper Co__ __5
20
Bingham Mines
10
Booth Mining
Boston & Montana Dev_ _5 12e
Butte & West Min Co_ _1
234
Calaveras Copper
5
Caledonia Mining
60
1
Calumet & Jerome Cop Co_
16c
Canarlo Copper
234
1
Candalarla Silver
1 120
Cash Boy Consolidated .l
Chino Extension
600
Combination Fraction__ .._ __
_
Comstock Tunnel
ii
"
le
Consol Arizona
Consol Copper Mines -.5
354
Consol Cop Mines (new)_5
331
(lonsol Nevada Utah Corp_
Continental Mines, Ltd_
Copper Range
3934
Cork Province Mines_ _1
Cortez Silver
1 670
Crackerjack Mining
Cresson Con Gold M & M.1
334
Crown Reserve
1 72e
Divide Extension
80
1
Dolores Esperanza
171s
5
Dryden Gold Corporation_
El Salvador Silver MInes_l
le
Emma Silver
1
le
Eureka Croesus
19c
1
First National Copper_ .5
Fortuna Cons Mining
2Ie
Forty-Nine Mining
1
Gladsden Co slier
1
Gold Coln Mines
750
Golden State Nlining
470
Goldfield Consol MInes_10 10e
Goldfield Deep Mines Co 5c 13e
Goldfield Development
11c
Goldfield Florence
1 450
Goldfield Jackpot
1
Goldfield Oro
Green Monster Min__ _50e
Hard Shell Mining
1
Rarmill Divide
50
10c
Recta Mining
931
25c
Henrietta Sliver
30e
Hilltop-Nevada Mining
131
Hollinger Con Gold Mines 5
Homestake Ext Mining_ 1 65e
Howe Sound Co
331
1
Independence Lead Min_ _1 31e
Iron Blossom Cons Min_ _1 ,, 32e
Jerome Verde nevelt_ __ _1
231
Jib Consol Mining
1%
Jumbo Extension
1
Kelly Extension Inc
700
Kerr Lake
3
5
Kewanus
40
1
Keystone Mining
81
Lone Star Consolidated_ _1
MaeNamaraCreseentDev.1
30
MacNamara Mining
1
Mammoth Divide
Marsh Mining
15e
Mason Valley Mines
5
24
Mohican Copper
1 890
Montana Tonopah
60
Morington Mining
be
Nabob Consol Mining-_ -- __
5
National Tin Corp
-(ic 19e
Nevada Sliver Horn
New Cornelia
New Dominion Copper- -5
331
New Jersey Zinc
ioo
N Y Porcupine Mining__ _65c
Nipissing Mines
$
5%
Nixon Nevada Mining Co_
Ohio Copper
1 77e
Premier Gold
334
Prince Con M sk S
Ray Hercules, Inc
Iii
5
5o
Red Hills Florence
490
Rod Warrior
Reog Div Ann Id
50
Rex Consolidated MinIng_l
20e
Richmond Cop M & Day._
680
St Anthony Gold M
60e
Salida Mines
he
Sandstorm Kendall
I
2o
San Toy Mining
Shaw Mines Corn
IN
Silver King Consol
Silver King Coalition
Silver King Divide Reorg_. 180
16e
Silver Mines of America-Silver Pick Consol
Silver Queen Mining Corp_
45e
Silversmith Mining
1
Simon Silver Lead
1
Snow Storm Silver Lead__
South Amer Gold tz Plat_l
lle
Spearhead
130
1
Stewart Mining
1 44e
Success Mining
Superstition Consol
Sutherland Divide
Sc
Tarbox Mining Co
Teek-RDahnia
1
Ih
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i
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Other 00
Week.
Stocks (Concluded) Par. Price. Low. High Shares.
Temiskam1ng Mining
44e 450
5,000 30e M
45e Apr
111, Apr
Tonopah Belmont Dev___1
111. 134 2.200
Ilse
Piz Jan
I 590
Tonopah Divide
58c Apr
89c Mar
580 67e 51.300
Tonopah Extension
231 A.
1
4
234 234 20,800
27s4
Mar
Tonopah Mining
1.14* Jan
1
234 Jan
Ms 131 2.800
Du
Tonopah North Star
3c Feb
6c
5e
5.000
Apr
6c
1(34
Trl-Bullion S & D
Jan
60
Feb
5
2,000
90 100
Trinity
131 Jan
200 99e Apr
990 990
5.000 400 A.
67e Feb
Tuolumne Copper
400 450
1 43e
131 Jan
2Ise Feb
13,700
United Eastern Mining__ -1
131 2
1 Iss
,
United Imperial Mines_ _ _1 86c
1,100 60e Mar 89e
Apr
860 89e
United Verde Extension_50 3734 37
3734 1.600 2634 Jan 3836 Apr
131 Apr
United Zinc Smelt
2.400 75e Feb
1
134
13.4
Apr 23e
Jan
US Cont Mines
130 180 14,000 13e
18c
331 Jan
534 Mar
Unity Gold Mines
531
5
434 534 4,400
Feb
3
634 Apr
900
Utah Apex
534
5%
53.4
Sc Mar
Victory Divide
Jan
20
2,000
10
20
10e
144 Jan
A.
1
West End Consolidated_ _5
111* lIs 15,500
Ills
20 Feb
Jan
lie
West End Extension Min__ ____
6.000
30
2e
Western Utah Copper. __I
Jan 550 Feb
6,000 200
30c 35e
__
Apr
28e
40 M
4,000
Wettlaufer Lorrain
13c 13e
130
Jan
Ja' 120
White Caps Min Co_ _10c
20
3,000
90
80
Apr
35
Yukon-Alaska trust certifs..
600 1934 M
35
31
Viz Apr
Jan
Yukon G0:c1 Co
131 16,300 750
1%
131
5
Bonne
Apr 7634 Jan
Allied Pack cony deb 65'39 62
6134 6134 $4,000 60
Apr 8434 Jan
8.9 Series B
16,000 71
1939 71
75
71
Jan
Aluminum Mfrs 7s
1925 10334 10334 10311 4.000 10234 Mar 104
Mar
75
13.000 10531 Mar 107
1933 10531 10534 106
Amer Cotton Oil(35._ _1924 8834 88
Feb 9634 Jan
10,000 85
8834
Amer G & E deb 68_ -2014 9434 9434 9434 16,000 933.4 Apr 9831 May
Jan
Amer Lt & Trac 6s_ _ _1925
10734 10734 2,000 10734 Apr 110
Without warrants
101 10134 203,000 10034 Mar 10134 Fel
101
Amer Rolling M111613_ _1938 9934 99
Mar 10031 Jim
9931 _18,000
Amer Smelt & Ref 65_1947 9931 9934 9934 17 0
lIc 9974 API
. 00 9934
Amer Sumatra Tob 78_1938 96
96
9751 6,000 9534 Jan 9934 Mai
Amer Tel & Tel6s_ .1924 10054 10034 10034 10,000 10034 Mar 10134 Jar
Amer Thread th
2.000 10134 Apr 10334 Mai
1013.4 10134
1928
Anaconda Cop Mln 75.1929 10334 10334 10334 11,000 103
Apr 1043.4 Joy
6% notes Series A..1929 10134 10134 10234 44,000 101
Apr 10334 Fel
Anglo-Amer 0117165_1925 10234 10231 103
10334 Jai
M
22,000 102
Armour & Co of Del 5145'43 9034 8934 9034 409.000 8836 Apr 9634 Jai
Atl Gulf & W 1 SS L 55.1959 • 53
Ma
5231 54
18,C00 5154 Jan 62
Beaver Board 8s
30,000 6534 Feb 8134 Ma
1933 8031 8034 81
4 1,000 9934 Apr 103
3
Beaver Products 7345_1942
AD
9931 99
Bethlehem Steel 7s.... _1923 10034 10054 10031
5.000 10034 Mar 10534 Jat
Equipment 7s
Fel
1935 10234 10231 10234 3
0,000 10214 Jan 104
Canadian Nat Rys 78_1935
10734 10734 11.000 10734 Apr 11031 Jai
5.5
1925 9931 98% 9914 15,000 98% Mar 9934 Fel
Canadian Pacific 6s_ _ _1024
Apr 1013.4 Jal
100 10031 18,000 100
Central Steel 85
Feb 10834 Ap
10754 108
22,000 106
1941
Charcoal Iron of Am 851931
Ma
Jan 97
9531 9651 10.000 94
Cities Service 75, Ser C 1966 93% 9354 9431 9.000 91
Jan 9634 Ap
7s, Series D
Apr 9334 Fe
9034 10,000 90
90
1966 90
Columbia G'phone 88_1925
Ja
Mar 30
19,000 20
24
22
Jai
Certificates of deposit_ __
2,000 22
Apr 35
22
22
22
Cons G,E L.k P Balt 65'49
10151 10131 25,000 10034 Apr 10334 Ja
7s
Apr 10831 Fe
1931 10634 10634 10634
1,000 105
5348, Series E
Jo
Apr 100
9751 973.4 2,000 97
1952
Consol Textile 8.5
Fe
Jan 106
31.000 98
1941 99
9834 99
Cuban Tel 734s
Ja
Jan 107
6,000 105
1941
10594 106
Deere & Co 7345
15.000 9834 Mar 10334 Fe
1931 10141 10134 102
Detroit City Gas6s_ _ _1947 9931 9934 9934 28,000 9934 Apr 10144 Ja
Detroit Fdlson 6s._ _1952 103
Ja
30,000 10234 Jan 104
10234 103
DunlopT&Rof Am 78_1949 9731 9634 9714 94,000 95
Feb 9734 Alsr
Federal Land Bank 431s'42
Apr 10076 Ja71
100 10034 3.000 100
Federal Sugar 6s
1924 10134 1013.4 10131 11,000 10031 Mar 10131 Atin
65 w 1
1933 98% 9831 9841 36,000 9834 Apr 98% Alin
Fisher Body Corp 6s 1924 1004 10051 100% 15.000 9914 Mar 10034 Al
65
1925 9911 98% 9914 74.000 98% Apr 10031 Fe
68
Fe
9934 39,000 9734 Mar 100
98
1926 98
(is
1927
9751 9734 2,000 9634 Feb 9934 Fe
•
13s
96
1928 96
9634 13.000 9431 Mar 9814 Fe
Gals* (Robert) Co 78_1937 97
Apr 9934 Jain
9731 10,000 96
97
Galena-Signal 011 75_1930 10431 10434 105
9.000 10331 Mar 10554 MIsr
General Asphalt 85_1930 104
Jain
Apr 105
11,000 103
10351 104
General Petroleum 68.1928 9734 9736 98
in
Al
10,05)0 9734 Apr 98
Grand Trunk Ry 6368_1936 10376 10331 10434 17,600 103% Apr 107
Js
,n
Gulf 01101 Pa 5.5
22,000 9334 Mar 9736 Jain
1937 9434 9436 95
Hocking Vail RR (3s_ _1924
Mar 10034 Al
10031 100% 10,000 100
Hood Rubber 7% notes_'36 10134 1013,4 10174 3.000 10034 Jan 102
Ja
Interb R T 85 J P M reets
11,000 9551 Jan 9934 M:
9834 99
99
Kansas City Term 68_1923
J5
10034 10034 12.000 10094 Apr 101
Kennecott Copper 78_1930 10434 10496 105
23,000 103
Jan 10534 Jg3n
Libby McNeill& Libby 78'31 100% 100 10011 32,000 9934 Jan 102% J
,
Liggett-Winchester 78_1942
102 1023.6 6.000 10134 Mar 10354 Jt
Loulsv Gas& Elee 5.5. _1952 8731 88% 8731 52,000 86
Mar 9134 J: 71
Maracaibo Oil Exp 78_1925 212
Mar 22334 Al
104,000 105
203 22354
Morris & Co 716s
Apr 10634 Js
41,000 98
1930 10131 100 102
Nat Acme Co 7%8__ _ _1931 96
Air 9731 l' 1 ar
3
96
9614 14.000 95
.1/ ii
National Leather 88_1925 10074 10031 100% 10,000 100
Mar 102
New Orl Pub Serv 5s_ _1952 8334 8234 8534 168,000 8234 Apr 8936 M in
N Y Chicago & St L RRSeries C 6s
Mar 10036 Fl
7.000 9$
9914
99
1931
-11in
Ohio Power 58
50.000 8434 Apr 92
1952 8554 8531 86
Penna P & L 5s B.__ -1952
Apr 9074 .11
7.000 86
8634 87
87
Phila Electric 6s
1941 10331 103% 10334 13.000 10234.Mar 10534 J: ii
M ar
Philips Petrol 730_1931
Jan 140
4,000 120
133 133
Without warrants
102 10236 29.000 10174 Mar 10336 F,
102
Public Serv Corp 75 w 11947 1023.4 10231 103
Apr 10454 3
30.000 102
11
Pub Serv Elm Pow 65_1948 9731 973 9731 94,000 9734 Apr 9731 A pr
Sears, Roebuck k Co 75'23
5.000 10034 Apr 10114 11an
10031 10034
Shawsheen Mills 7s_._1931 104% 1043.4104% 17.000 104
Mar 10514 A pr
Sloss-SheMeld S& I 681929 97
9711 7 000 96
97
.
Feb 9891 Feb
Solvay & Cie 50
Mar 10531 I
an
1927 104% 10431 104% 7.000 104
South Calif Edison 55_1944
24.000 87
Mar 9734 5an
8931 90
Stand 011 of N 'Y 630_1933 10534 10531 105% 38,000 10454 Apr 10754 Jan
7% serial gold deb_ _1025 103% 10314 10334 6 000 102% Mac 106% Feb
.
_
7% serial gold deb_ _1926 10494 10434 104% 11,000 103
AP 10531 sAn
Apr 10734 JAD
7% serial gold deb._1927
5,000 103
10431 105
7% serial gold deb_ _ 1928 106
10436 Apr 10716 MInc
15,000
10436 106
7% serial gold deb_ _1929 10634 10634 10631 11.000 104
Apr 11034 . AD
1
7% serial gold deb_1930 105
7.000 10114 Feb 10931 J1121
105 106%
7% serial gold den_ _1031 10731 1074 108% 6,000 10634 Apr 110
Feb
Sun Co 7s
NI ar
102 10231 2,000 10134 Feb 103
1931
Swift & Co 5s_ _Oct 15 1932 9231 90% 923.4 92,000 8931 Mar 9
Eeb
4
Tidal Osage Oil 78_ _ _ _1931
15,000 10234 Mar 10394 Jan
103 163
Union 011 of Calif68 B.1925
Apr 10051 3 pr
100 10054 21.000 100
United Oil Produc 88-1931 103
8,000 9634 Jan 1063.4 9 1Ear
10231 104
.
'United Rys of Hay 7%8'36 10634 106 106% 18,000 10414 Apr 107
J an
Vacuum 011 78
1936 107
29,000 10634 Mar 107% J an
10634 107
Valvoline 011 Os
10231 10231
1,000 10254 Jan 10334 NI ar
1937
Foreign Government
and Municipalities
Argentine Nation 75_ _1923 1009.4 10034100% 48.000 100
Jan 10034 J an
Mexico 48
1945 4251 3974 4294 612.000 3634 Jan 4241 A Pr
65 10
-year Series A
A Pr
6154 .5834 62 1145000 5511 Mar 62
Netherlands(Kingd)603•72 9974 99 100 278,000 9734 Mar 10014 E eb
Peru( Republic) 8s w1_1932
Feb 100% .A pr
9931 10031 19,000 97
Russian Govt6%8_ _ _1919
1634 1 eb
934 Jan
1134 11% 32,000
Certificates
1634 1 eb
11
Jan
11
9
1154 50,000
Russian Govt 5145.___1921 1034 1034 1014
16
1,000
E eb
934 Jan
11.^Ear
Certificates
16
Jan
1074 11% 20,000 10
witrerland Govt 5%8.1929 10234 10294 10314 111,000 102
.1 an
Mar 104
•Odd lots. •No par value. 4 Dollars per 1,000 marks. a Mx 100% atI ok
dividend. g Marks. k Correction. m Dollars per 1,000 lire flat. Misted 0711 he
Stock Exchange this week, where additional transactions will be found. b Ex BP& ial
dividend of 825. n Ex extra dividend of 820. o New stock. p x special divide no
of $80 and regular dividend of $3. r Ex 100% stock dividend
lex 50% sit ck
dividend. I Ex 200% stock dividend. a Ex 66 2-3% stock dividend. , Ex stc ck
di., nf ano
.., xxn,-- 1....., .r.• di.,10mi ti Ex debts. 2 EX stook divides
1884
Inoestutent and gailtolut intelligazte.
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or..month. The returns of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan.1 to Latest Date.
Current
Year.
Previous
Year.
r.....1
$
St
24,917 14,019
393.460
314,535
.
Akr Can & Youngst February
013
272,471 262,
840,688
731,804
Alabama & Vicksb_ March
American Ry Exp__ December 13932847 10390310 152503171 184896762
98.196 1,114,518 1,240.098
67,834
1st wk Apr
Ann Arbor
19028.013 1662411454,641520 45,705,822
Atch Topeka & S Fe March
Gulf Colo & S Fe_ February 1,624,530 1,497,701 3.694.404 3,113,092
517,732 530,142 1.141,040 1.058.626
Panhandle 5 Fe February
374,665 274,087
777,591
547,839
Atlanta Birm 3c Atl_ February
223,255 160,008
463,931
341,570
Atlanta & West Pt_ February
323,165 285,346
March
791,894
722,086
Atlantic City
Atlantic Coast Line_ February 7,266,476 6,016,209 14,382,207 11,321,325
22747280 18614749 61.996,643 47,918,181
Baltimore & Ohio _ _ March
262,787 209,522
556,518
410,607
B &0Chic Term_ February
490,118 698,080
987,067 1,376,649
Bangor & Aroostook February
6,472
12.449
22,209
13.573
Bellefonte Central February
552,255 495,621 1,173,070
932,055
Belt Ry or ohicago_ February
1,231,792 774,971 3,333.719 1,913.491
Bessemer & L Erie March
9,618
32,994
65.183
19.500
Bingham & Garfield February
February 5.931.100 5.927,074 12,244,159 11.708.447
Boston & Maine
129.790 127,168
268.023
242.078
Bklyn ED Termin. February
Buff Roch & Pittsb_ 3d wk Apr 439,332 240,241 5,603.269 3,857.755
March
275,346 174,207
784,759
538.402
Buffalo & Susq
Canadian Nat Rys_ 3d wk Apr 4,804.614 3.265.467 67.013.935 59.199,947
Canadian Pacific_. 3d wk Apr 3,174,000 2.925.000 46.169.000 44.192.000
802,067 679,136 2.182.435 1.861.348
Caro Clinch & Ohio_ March
2.478,682 1,982.465 6,796,167 5.136,559
Central of Georgia March
5,058.274 4,895.718 13,477,880 12,910.641
Central RR of N J March
511,986 615.168 1,032,625 1,143.242
Cent New England_ February
March
705,062 608,459 1,924,185 1.626,592
Central Vermont
306,420 247,621
Charleston & W Car February
617.456
487,914
7.979,408 7,832.296 22,441,878 20,702,483
Ches & Ohio Lines March
_ February 2.420.878 2.561.439 5,363,020 4,988,919
Chicago & Alton_ _
Chic Burl & Quincy_ February 13126287 12082472 28,310,324 23,744.616
micago & 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
1,611435 1,397,685 4,374,446 3,748.235
Chic Ind & Louisv March
Chic Milw & St Paul February 12346682 10402775 26.816.921 21.275.022
13453884 1169848437.432,75731.570.365
Chic & North West_ March
101.180 202.943
261,871
Chic Peoria & St L. February
394.120
567,099
Chicago River & Ind February
1,207.306
McRI & Pacific_ February 8,563.857 8,532,715 18.930,248 17,100,951
Gulf February
354.456 436,801
Chic RI &
832,960
907.113
Chic St PM & Om.. February 2.066,7611.921,077 4,487,681 3,893,668
367,913 349.416
794.840
Chic Ind & Western February
669.495
906,624 978,528 2,014.836 1,880.358
Colo & Southern__ _ February
646,819 679,007 1.379,471 1,351.838
Ft W & Den City_ February
128,329 327,787
Trin & Brazos Val February
293,953
791,599
Wichita Valley _ _ _ February
92,929
92,55:1
201.655
198.810
3,836.136 4,120,525 10,040,306 11.338.241
Delaware & Hudson March
7.533.389 7,084.536 20.438.431 19,351,076
Del Lack & Western March
Deny & Rio Grande Fenruary 2,377.163 2,214.113 5,027,566 4,546.092
160.1245 134.881
Denver & Salt Lake February
303,003
249,450
91.953
121,969
Detroit & Mackinac February
247,1(j0
195,217
680,955 616.586 1.450,626 1.056,022
Detroit Tel & trent_ February
275,582 361,397
Det & Tol Shore L February
646.136
829,256
93.282
199,653
Dul & Iron Range February
374.805
193,070
146,192
98,430
272.195
Dul Missabe & Nor_ February
224,685
73.801 1,446.023
Dul Sou Shore & Atl 2d wk Apr 101,614
999,034
229,884 148,250
Duluth Winn & Pac February
443,357
316,427
205,448 131.302
East St Louis Conn.. February
408,413
263,115
Elgin Joliet & East.. February 2.016.488 1,644,366 4.296.146 3,112,006
1,043,830 883,995 3,019,567 2,426.099
El Paso & Sou West March
March
11057 119 9,055.128 30,025,753 23,890,456
Erie Railroad
Chicago tt Erie February
946,194 842,538 1,967.666 1.692.916
NJ&NY RR February
117.438 113,553
242,331) 228.507
137.179 109,872
Evan Ind & Terre H February
298.858
208,622
Florida East Coast_ February1,724.118 1.443.149 3.222,390 2,652.685
145,405 127,542
408.520
Fonda Johns & Glov March
365.388
140,124 127,636
400,985
Ft Smith & Western March
344.480
111,783 165,890
Galveston Wharf__ - March
344.380
371,828
March
532.995 416,512 1,445,023 1 096 929
Georgia Railroad
And '197 '.2an.cio 1
24 WI
.n.z....,,..,4. ii,. FInrida 2d wk Ant. an Ann
wk Mäi 2,2
23,
1.
20,
277,746 323.222
Atl & St Lawrence February
626,676
600.250
ChDetCanGT.Ict February
252,035 180.6941 478,392
382,305
Milw_ February
429.374 319,848. 862,662
Del G
645,283
Grand Tar West.. February 1.291,600 1.080,640 2,691,342 2,093.422
Great North System 3d wk Apr 1,861,184 1.543,942 30,391,952 23,891.416
97,939
88,245
Green Bay & West.. February
195,2021 203.498
420,670 314.1371 905,141
Gulf Mobile & Nor_ February
643.964
228,915 215.650
487,218
Gulf & Ship Island_ February
434,944
Hocking piney_ _ February 1,124.374 1,058,942 2,431,833 1.997.237
March
16677486 13937396 48,021,594 39,393,584
M Cent(whole sysj_
Illinois Central.. February 13334620 11616003 27,966,479 22.715,101
Yazoo & Miss Val February 1,414467 1.301,284 3.377,629 2.710,869
311,959 285,117
Internet Ry of Me__ February
646,722
Internat & Grt Nor_ February 1,025,829 1,001,660 2,253.277 2,038,020
106.2051 113.317
209,572
Kan City Mex & Or February
220,759
108.6301 113.087
233,034
ICC Mex &0of Tex February
219.718
Kansas City South_ February 1.477,4881.386.829 3,262,571 2,715,925
191.593 161,770
412,594
in Texas & Ft Sm__ February
343.832
1.863.613 1.728,859 5,538.779 4,788,616
Total system__ March
227,701 189.556
490,869
Kan Okla & Gulf__ February
397.836
1,088
10,323
19,225
Lake Sup & Ishpem_ February
2,987
87,524
75,379
157.818
169,370
Lake Terminal Ry__ February
208,728 223,984
Lehigh & Hud River February
428,716
428,902
325.109 388,969
786,507
XVI
Lehigh & New Eng.. February
March
6,196.228 6,738.221 16,027,545 17,273.348
Lehigh Valley
Los Ang & Salt Lake February 1,543,542 1,367,178 3.273,952 2,840.718
334,949 237,518
Louisiana & Arkan_ February
665,292
455.940
289,684 249.944
643,649
Louisiana Ry & Nay February
489,144
Louisville & Nashv_ February 9,781,490 9.078,606 20,814,617 17,678,068
254,296 20.915
& St L February
539,583
Louisv Bend
413,158
March
1,819.443 1.854,309 4,742,841 4,927.755
Maine Central
392,577 379,410 1,124,791 1,022,891
March
Midland Valley..
9,836
2d wk Apr
5.479
134,633
Mineral Range
54,283
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year,
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
$
Minneap & St Louis 2d wk Apr 33.366 283,136 4,892.725 4,581,102
Mimi St P & 88 M_ February 3,291,034 2,427,119 7,392.937 5,089,248
Mississippi Central_ February
228.854
152,325 113.879
310,541
Mo Kan & Tex Syst February 4,043,918 3,737,071 8,732,815 7,589,738
Missouri Kan & Tex February 2,441.079 2,116,922 5,311,111 4,256,292
Mo K & T Ry of Tex February 1,517,917 1,510,108 3,238.839 3,003,835
Mo & North Arkan_ February
101,785 Notinop.
216,792 Not in op.
Missouri Pacific........ February 7,601,442 7,424,424 16,373,470 14,910,408
3d wk Apr 403.790 346.041 6,537,206 5,128,608
Mobile & Ohio
Colum & Greene,. February
105.524
216,852
95,704
246.089
Monongahela Connrch
229,385 149.722
350,711
626,123
March
Montour
182.841 122,900
443,632
290,334
Nashv Chatt & St L February 1,820,018 1,501,493 3,749,141 2,957,616
Nevada-Cal-Oregon 2d wk Apr
3,619
3,922
67,621
51.584
Nevada Northern February
58.621
18.890
109.126
36,270
Newburgh & Sou Sh March
180.303 176.423
502,146
444,952
New Orl, Great Nor_ February
213,044 194,261
448,250
388.484
258,750 216,868
N 0 Texas & Mex February
533,982
434,486
Beaura S L & W February
191,364 179.959
375.731
333,753
St L Brownsv & M February
393,347 454,112
826,121
905,123
New York Central.. _ March
36898954 29167831 100648 229 80,823,570
Ind Harbor Belt_ February
845,510 728.092 1,842,946 1,407.499
Michigan Central February 6,747,799 5,532,241 14.622.371 10,809,285
COO & St Louis_ February 7,091,158 6,478.725 15.466,970 12,516,845
Cincinnati North_ February
411.629 299.389
846,801
547,075
Pitts & Lake Erie March
3.758.899 2.358,823 10,620.696 5,967,411
NY Chic & St Louis February 3,125,9892,980,006 6.739,164 5,695,997
441,681 250.408
537,067
N Y Connecting_ February
465,599
NYNH& Hartf March
11288630 10202920 30.478.679 27,504,446
NY Ont & Western March
1,133,505 1.180.438 2.941.473 2,946,667
NY Susq & West March
509,192 422,996 1.269,560 1,084.636
Norfolk Southern March
914,108 793,266 2,294,396 1,933,371
Norfolk & Western_ March
7,772,801 7.497.899 21,267,275 19,851,191
Northern Pacific
March
8,201.602 7,608,200 22,624.515 19.455,525
Northwestern Pac February
983.269
509,200 475,870 1,043,504
Pennsylv RR & Co_ February 49476813 45604997 105125743 91.192,068
Balt Ches & At!.... March
270,320
258,753
111,332 109,807
Long Island
March
2,490.352 2,252.899 6,894,479 6,037,374
Mary Del & Va.... March
192,882
79,248
80,509
192,925
Monongahela _
February
347,023 436,038
787,782
806,668
To! Peor & West.. February
270,039
151,899 146.904
307.881
W Jersey & Seash February
839,239 794,765 1,791,246 1,515,097
Penn RR (entiresys) February 52702591 48562262 111971 909 7,091,171
March
Peoria & Pekin Um. m
491,102
153.124 174.336
452.170
Pere Marquette...._ _ March
.838.932 3.362.333 10,348,036 8,484,356
Perkiomen
82.238
91,277
263,323
270,542
March
Ptdla & Reading_
9,437.962 8,450.424 26,866,527 1,494,750
Pittsb & Shawmut February
120.005 131,342
232,447
270,775
Pitts Shaw & North February
130.973 108,485
202.954
293,975
mar
Pittsb & West Va.... March
319,893 301,340
829,621
785,790
Port Reading
271,753 307.738
713,209
851,636
Pullman Company_ February 5,101.273 4,216.373 10,673.496 9439,772
Quincy Om &IC 0_ February
86,363
80.077
214.031
152.895
Rich Fred & Potom_ February
876,991 776,432 1.840.687 1,527,588
March
Rutland
621,240 498.473 1.577,322 1,332.846
St Louis-San Fran_. 3d wk Apr.736,488 1,478,828 26,033,630 3,602,745
Ft W & Rio Grand February
91,101
93.033
210,198
198,277
St L-5 F of Texas February
105.055 119.454
241,413
258,351
St Louis Southwest_ February,227,932 1,760.148 4,890,673 3.705,468
SW of Tex February
St L
558.372 526.597 1.274,123 1,150,110
Total System_ — 3d wk Apr 527,624 391,904 8,891,981 7,145,464
76,074 105.000
St Louis Transfer February
148.288
212,087
359,718 388.790
San Ant & Aran Pass February
773,261
753,599
66.259
San Ant Uvalde & 13 February
76.236
157.264
132,083
Seaboard Air Line March
4.886.727 4,124.559 13.016,934 1,122.374
2922089 20446928 63,371,345 56,414,935
Southern Pac Syst March
Southern Pacific Co February 13245917 11363771 27.475,969 23,795,506
Atlantic SS Lines February 1,078.638 996.091 2.201.663 1,888,314
Arizona Eastern February
279,103 200.567
578,667
382,952
Galv Harris & S A February 1.676,989 1.655.847 3,568,315 3,285,439
Hous & Tex Cent February
975.807 1,090.3482,203.194 2,504,229
Hous E & W Tex_ February
193,525 212,452
437.816
428,107
LouisianaWestern February
326,272 374,439
759.503
719,234
Morg La & Texas February
690.845 627.047 1,585.869 1,235.437
Texas & New On.. February
628.789 720,825 1,378,393 1,549,639
Southern Railway.... 3d wk Apr 3,921.8403.253,696 59.647.144 48.397,456
arch
A14 G o s Sex h
,
942,537 809,539 2.653,251 2,138,939
C 1 N reat Toutp ebruer
.741.934 1,261.953 3415.943 2,566,559
Georgia Sou & Fla February
390,093 337.019
827.165
748,765
New Or!& Nor E_ February
537,848 473,305 1,146.151
964,066
Northern Ala_ _ _.. February
117,926
82.921
267.703
167,987
Spokane Internat.... February
91.048
80.137
192,337
170.966
Spelt Portl & Seattle February
534,162 486,542 1,154,844 1,019,295
186,857 202.844
517.480
528,038
Trnessee C ntral: Fea ruary
St a IalandeR T M nrch
234,885 169,011
474.848
336,545
Term RR Assn ofStL February
364,416 362,718
767,112
753,931
St L Mer Bdge T_ February
410,297 311,255
864,571
615.926
3d wk Apr 060.195 542.099 9.367,537 8,875,
Texas & Pacific
062,302 1,455,4
Toledo St L & West_ February
971.196 735,320 2.
Ulster& Delaware... March
300,102
,8
3 9892
33 7
February 7,489,782 6.957:254 15,734, 5 13,770,287
Union P
syste
16109459 15104929 45,139,154 40.850,196
Total aclficm-- March
Oregon Short Line February 2,628.899 2,584,141 5,707,097 5,151,500
Ore-Wash RR &N February 1,933.861 1,944,622 4,313.856 3.982,762
505,698
239.327 238.495
472,806
St Jo & Grd Isl'd_ February
898,809 713.460 2,614,884 2,020,405
Union RR (Penn)._ March
277,948
127.621 140.757
February
247,436
Utah
361.512 310.837 1,047.685
Vicks Shreve & Pac_ March
880,589
2.087,197 1,937,194 5,207.344 4,889,487
Virginian Railroad.. March
March
5,501,2785.163.547 14,983,010 13,998,159
Wabash RR
Western Maryland_ 2d wk Apr 447.227 290,478 6,341.200 5,066,478
795,070 737.297 1,657.672 1,527,737
Western Pacific...._.. February
228.320 161.678. 466.686
Western By of Ala February
343,011
Wheel & Lake Erie_ February 1.039.119 1,064,541 2,127,860 2,031,913
84,9231 110,0401
182.865
239,610
Wichita Falls Sz NW February
AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
Increase or
Current
Previous
Year.
Decrease.
Year.
I
8
Curr.Yr. Prey.Yr.
f
I
8
Mileage.
$
1
$
234.955 234,338 416,240.237 432,186,647 —15,866,410 3.87
eecg.--; 12,194.740 11,460.9611
2d week Feb 15 rcks ,__ _ 12,673,832 12.074.590! 1773.779 6.48 April
234,931 234.051 447,299,150 443.229,399 +4,069.751 0.92
599,242 4.96 May
week Feb 18
3d
235.310 234,568 472.383,903 460.007.081 +12.376.822 2.69
15.774.740
4th week Feb 17 roads)__-- 15.904.378 13.509.329, + .265,411 16.76 June
235.082 234,556 442.736.397 462.696.986 —19.960,589 4.31
let week Mar 19 roads)........ 15.578.825 14.177.334! +1.727.04412.18 July
235.294 235,090 472,242.561 504,154.075 —31.911,054 6.35
14.729.3561
+849,469 5.76 August
week Mar 20 roads).—
2d
September _235,280 235.205 498,702,275 496.978.503 +1.723.772 0.33
roads)..--.
3d week Mar 15 roads)____ 15.491.51614.719.456+ 2,06 1 5.2
233.872 232.882 545,759,206 532,684,914 +13.074.292 2.45
22,271.250 20,482,659 +1,788,891 .7
October
16
4tt w uek
leh we
Mar il6 roads)_ ._. 18,152,238 15,489.168 +2,663.070 17.19 November 235.748 235,679 523,748,483 466.130.328 +57.618.155 12.85
Apr
0
December-235,29 236,121 512.433.733,434.698,143
20.66
week Apr (16 roads)---- 20,002.867 16,279,045 +3,723.822 22.87 January —....235.678 235.827 500.816.521,395.000.157 +87,735,590 21.00
2d
+70.803.472
roads)........ 17.429.067 13.987.218 +3.441,849 24.61
3d week Apr ( 9
Otte. Oln. Oble. & St. Louie Included In Pennsylvania RR z Lake Erie & Western Included In New York Central,
•Grand Rapids & Indiana and
Weekly Summaries.
Current I Previous
Year.
Year.
Increase or
Decrease.
Monthly Summaries.
APRIL 28 1923.]
THE CHRONICLE
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the third week
of April. The table covers 9 roads and shows 24.61%
increase over the same week last year.
Third Week of April.
1923.
1922.
Increase. Decrease.
Buffalo Rochester & Pittsburgh_
439,332
240,241 199.091
Canadian National Railways__ 4,804,614 3,265.467 1,539.147
Canadian Pacific RR.Co
3,174,000 2.925.000 249.000
Great Northern
1,861,184 1.543.942 317.242
Mobile & Ohio RR
57.749
403,790
346,041
St. Louis San Francisco Ry__ _ _ 1,736,488 1.478.828 257,660
St. Louis Southwestern Ry
391,904 135,720
527,624
Southern Railway System
3,921,840 3,253,696 668,144
Texas dr Pacific Railway
542,099
18.096
560,195
Total (9 roads)
Net increase (24.61%)
17,429.067 13,987.218 3,441.849
3,441,849
In the following we also complete our summary for the
second week of April:
Second Week of April.
1923.
1922.
Increase. Decrease.
Previously reported (10 roads)-- 18,846.507 15,351,981 3,494,526
Duluth South Shore & Atlantic_
73,801
27,840
101,641
Georgia & Florida Railway__
30.600
24.550
6.050
Mineral Range
9,836
5,479
4.357
Nevada-California-Oregon
3.922
3,619
Texas & Pacific Railway
528.834
34,603
563,437
Western Maryland
290,478 156.749
447,227
Total (16 roads)
Net increase (22.87%)
20,002,867 16,279,045 3,724,125
3,723.822
303
303
Net Earnings Monthly to Latest Dates.
-The table
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- -Net after Tares
1922.
1923.
1922.
1923.
1922.
1923.
5
Alabama & Vicksburg
March
272,471
41,877
262,013
46,044
64,240
24,651
From Jan 1_
840,688
731,804
56,905
185,082
117,506
112,265
Atch Topeka & Santa Fe
March
19,028,013 16,624,114 5,285,751 3,463,725
From Jan 1_54,641,520 45,705,822 15,096,319 7,921,596
Atlantic City
March
323,165
285,346
20,147 -33,766
39,735
-8,913
From Jan 1
791,894
722,086 -72,533 -28,918 -131,281 -92,291
Baltimore & Ohio
March
22,747,280 18,614,749 5,597,541 4,161,171 4,754,750 3,413,591
From Jan 1_61,996,643 47,918,181 14,293.565 9,618,729 11,798,531 7,551,166
Beesemer & Lake Erie
March
1,231,792
261,562
16.374
49,086
774,972
290,764
From Jan 1_ 3.333,719 1,913,491
551,402 -147,976
639,018 -49,671
Buffalo & Susquehanna
March
275,346
29,108
44,221
174,207
61,821
25,858
From Jan 1
784,759
147,114
82,202
102.013
72,452
538,402
Carolina Clinchfield & Ohio
March
212,306
802,067
679.136
189,689
From Jan 1_ 2.182,435 1,861,348
475,436
495,851
Central of Georgia
March
2,478,682 1,982,465
550,141
444,347
From Jan 1_ 6,796.167 5,136,559
1,281,542
698,698
Central RR of New Jersey
March
5,058,274 4,895,718
487,096 1,147,951
From Jan L13.477.880 12,910,641
863,142 1,694,381
Central Vermont
-March
705,062
608,459
4,992
52,986 -15,527
35,351
From Jan 1_ 1,924.185 1,626,592 -66,761
79,214 -128,395
26,383
Chesapeake & Ohio Lines
March
7,979,408 7,832,296 1,650,476 1,960,508 1,345,612 1,691,937
From Jan E22,441,878 20,702,483 4,564,930 4,826,006 3,652,017 4.020,325
Chicago & North Western
March
13,453,884 11,698,484
1,268,841 1,669,317
From Jan 1_37.432,757 31.570.365
2,711,191 1,991,144
Delaware & Hudson
March
3,836,136 4,120,525
399,840
691,565
314,263
598,750
From Jan 110,040,306 11.338,241 -100,673 2,171,330 -356,544 1,907,123
Delaware Lack & Western
March
7,533,389 7,084,536 1,214,926 1,939,104
802,317 1.462,346
From Jan 1 20,438,431 19,351,076 2,163,554 4,527,384
927,571 3,096,322
El Paso & Southwestern
883,995
March
1,043,830
245,614
228,639
145.353
132,657
From Jan 1 3,019,567 2.426,099
726,075
689,411
474,821
401,043
Erie Railroad
March
11.057.119 9,055,128
1.644,631 1,621.860
From Jan 1_30,025,753 23,890.456
2,645,748 2.784.889
Ft Smith & Western
March
140,124
127,636
30,146
12,490
24,317
6,665
From Jan E 400,985
344,480
67,411
17,615
49,822
98
Galveston Wharf
March
165,890
111,783
27.370
30,006
10,312
13,002
From Jan 1
344,380
371,828
100,782
9,463
49.724 -43,573
Georgia Railroad
March
532,995
416,512
136,139
63,606
129.572
56,517
From Jan 1_ 1,445,023 1,096,929
245,303
79,328
225,907
58,171
Illinois Central (whole system)
March
16,677,486 13,937,396
2.387,874 2,313,794
From Jan 1 48,021,594 39,393,584
7,573,467 6,127,191
Kansas City Southern (total system)
1,863,613 1,728,859
March
472,941
322,757
433,498
373.522
From Jan 1 5,538.779 4,788,616 10528,413 1,226,865 1,233,293
894,640
Lehigh Valley
6,196,228 6,738,221
March
157,402 1,261,900
From Jan 1_16,027,545 17,273,348
-1,525,649 2,286.123
Maine Central
1.819,443 1,854.309
March
250,184
109,539
From Jan 1_ 4,742,841 4,927,755
379.907
-283.521
Midland Valley
392,577
379,410
March
139,150
136,169
148,352
123,672
IF From Jan 1_ 1,124,791 1,022,891
395.753
349,638
321,909
357,689
Mobile & Ohio
1,874,309 1,465.124
March
269,387
368,896
From Jan 1_ 5.379,859 4,083,079
1,030,440
637,349
Monongahela Connecting
149,722
March
229,385
32,308
51,152
29,652
48.860
From Jan 1_ 626,123
350,711
73,177
98,229
67,105
91,894
1885
-Grossfrom Railway- -Net from Railway- -Na after Taxes
1922.
1923.
1922.
1922.
1923.
1923.
Montour
23.773
48,819
March
59.788
18.615
122,900
182,841
22,292
From Jan 1
114,096
32.750
87,389
290,334
443,632
Newburgh & South Shore
70,146
22.374
56.212
March
35,232
176,423
180,303
111,828
148,411
30,824
68.498
From Jan E 502,146
444,952
New York Central
March
36,898,954 29.167,831 8,857.528 6.358,229 6,759,111 4.545.647
From Jan E 100.648,229 80.823,570 20,305,144 16.712,516 14.807,323 11,626,568
Pittsburgh & Lake Erie
975,194
191,308
March
3.758,899 2,358,823
2,646.261 -537.347
From Jan 1_10,620,696 5,967,411
N Y New Haven & Hartford
March
11,288,630 10,202,920 2,227,896 2.553.241
From Jan L30,478,679 27,504,446 3,873,902 5,951,654
N Y Ontario & Western
230,328
73.500
March
268,544
1,133,505 1,180,438
116.123
290.074
From Jan 1. 2,941,473 2,946,66.7 -112,633
404,297 -240.494
N Y Susquehanna & Western
79,498
70,406
March
509,192
422,996
118,728
From Jan 1_ 1,269,566 1,084,636
-2,596
Norfolk Southern
172,695
March
232.282
205,169
914,108
270,616
793,266
205,857
From Jan 1 2.294,396 1,933,371
406.046
289.228
521,326
Norfolk & Western
March
7,772,801 7,497,899 1,885,982 2,110.412 1,410,196 1,659,795
From Jan 1_21,267,275 19,851,191 3,869,198 5,145,521 2,433,447 3.793,557
Northern Pacific
March
1,259,720 1,637,148
8,201,602 7,608,200
From Jan E22,624,515 19,455,525
2,567,655 1.931.229
Pennsylvania RR
Baltimore Ches di AtlMarch
111,332
109,807 7-40.845 -713,313 7-43.870 7-16,186
From Jan 1_
270,320
258,753 7-96.132 -766.038 7-96,170 7-66,042
Long Island
March
299,687
2,490,352 2,252.899
300,172
360,783
359.806
From Jan 1. 6,894,479 6,037,374
603,534
745,367
615,605
733,851
Maryland Del & Virginia
March
79,248
80,509 -13,194 -19,410 -14,694 -20,940
FromJan 1_
192.925
192.882 -91,169 -65.483 -91,170 -65,489
Peoria & Pekin Union
March
153,124
174,336
37,706
45,325
60.325
25,206
From Jan 1_
452,170
491,102
122.327
133,556
96,056
163.827
Pere Marquette
March
3,838,932 3,362,333
775,925
872,159
From Jan E10,348,036 8,484,356
1,957.639 1,541.256
PeridomenMarch
82,238
91,277
31,070
26,595
35.618
24,937
From Jan 1
270,542
263,323
123,290
77,568
95,334
104,891
Philadelphia di Reading
March
9,437,962 8,450,424 3,369,085 2,954,599 3,104.647 2,755,907
From Jan 1 26,866,527 21,494,750 8.474,086 5.735,690 7,682,881 5,149,483
Pittsburgh & West Virginia
March
319,893
301,340
88,667
77.732
From Jan 1
829,621
785,790
194,660
165,547
Port Reading
March
271,753
307,738
146,691
211,116
194,821
132,537
From Jan 1
851,636
713,209
453.005
435,119
411,703
390,078
Rutland
March
621,240
498,473
105,270
48,288
From Jan E 1.577,322 1,332,846
124,121
13,073
St Louis-San Francisco
March
7,466,288 6,761,441 1,961.025 1,598,001
From Jan E20,950,422 18,960,071 5,529.031 4.570,027
St Louis Southwestern
March
558,990
396.353
301.329
2,567,663 2,124,896
438,760
From Jan 1_ 7,458,336 5,830,364 1,547,991 1.045.206 1,236,157
797,845
Seaboard Air Line
March
939,321
764,028
4,886,727 4,124,559 1,027,273
851.855
From Jan 1_13,916,934 11,122,374 3,024,224 2,019,443 2,496.709 1,513,591
Southern Pacific (whole system)
March
22,922,088 20,446.928 5.983,494 4,927,628 4,427.535 3,348.395
From Jan L63,371,345 56,414,935 14,121,724 11,086.876 9,455.946 6.546,874
Southern Railway
2,836,097 2.092,848
March
13,186,302 11,038,651
7.170,879 4,178,428
From Jan L36.355,682 29,275.870
Alabama Great Southern
278,547
March
224,608
809,539
942,537
From Jan 1_ 2,653,251 2,138,939
665,599
376,258
Staten Island Rapid Transit
2,809 -36,860 -12,557
March
202,844 -19,260
186.857
From Jan 1
528.038 -65,675 -71,494 -118,417 -119,742
517,480
Union Pacific-Total system
March
16,109,459 15,104,929 4.236,092 4,272,732 3,138,716 3,136,051
From Jan 1 45,139,154 40,850,196 10,557,643 10,112,719 7,267,339 6,710,195
Union RR (Penn)
117,266
March
152,346
141,346
713,460
104,256
898,809
From Jan E 2,614,884 2,020,455
372,522
485,229
452,229
333,522
Vicksb Sbrevep & Pacific
March
109,470
74,193
310.837
81,935
53,017
361,512
From Jan 1_ 1,047,685
150,211
292,901
215,330
104,039
880.589
Virginian RR
March
844,623
707,379
2,087.197 1,937,194
From Jan 1_ 5,207,344 4,889,487
1,626,359 1,654,314
Wabash RR
March
961.211
5,501,278 5,163,547 1,284,815 1352,001 1,093.853
From Jan 1_14,983,010 13,998,159 2,866,291 2,504,650 2,294,512 1,936,249
Western Maryland
March
423,270
255,724
305,724
853,270
2,011.685 1.503,216
- Deficit. c After fixed charges have been deducted.
Electric Railway and Other Public Utility Net
Earnings.
-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year,
$
$
$
$
Alabama Power Co
207,736
264,210
Mar
608,615
399,411
12 mos ending Mar 31 _ _ 6,176,145 4.606.759 2.820.353 2,385,384
Beaver Val 'Frac Co_ _ Mar
12,576
15.852
63,132
54,320
3 mos ending Mar 31 __
34.201
51,263
154,641
179,077
Boston Elevated Ry
0335.937 0204.332
Mar 3,097,259 2.868.518
3 mos ending Mar 31_ -- 8,798.633 8.237,027
a581,475 0448,201
Brooklyn City RR
a197.744
Mar 1,043,446 1.017,139 0221.831
9 mos ending Mar 31.. 9,021,187 8.712.542 01.540,498 01,147,795
*43,082'47.899
Colorado Power Co
Mar
82,362
87,373
*438,988
12 mos ending Mar 31__ 1,042,183
*551,818
960,513
615,760
Duquesne Light Co
c619.608
Mar 1,667,256 1.380,024
12 mos ending Mar 31__ 5,087,498 4,246,386 c2,078,410 1.873,484
047,094
East Penn Elec Co
058,328
Mar
238,440
212,958
a450.989
12 mos ending Mar 31.. 2.321,263 2.367,181
a392.446
Phila Co & subsid natural
577.153
gas companies
927,913
Mar 1,635,667 1.222,675
3 mos ending Mar 31-- 4,928,407 4.103,569 2,480,559 2,124.364
Companies,
THE CHRONICLE
1886
-Net Earnings
-Gross Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Companies.
$
$
$
19,353
68,880
88,029
Philadelphia Oil Oo_ _ _ _Mar
44,459
62,292
216,326
283,573
3 mos ending Mar 31-124,364
138
-1,406
3,065
17th St Ind Plane Oo_ _ _Mar
2.898
-465
1.710
8,587
3 mos ending Mar 31_ _
8,030
396,163
420,901
823,108
Southw Pr & Light Co Feb 923,354
12 mos ending Feb 28-10.068,147 9,784.492 4.790.848 4,572,769
*Allowing for other income received. a Balance, surplus. c Net,
after taxes.
Fixed
Balance,
Net after
Gross
Charges.
Surplus.
Taxes.
Earnings.
$
37.057
14,046
51,103
Ark L&P Cl•(Ind Mar'23 *143.550
11.539
33.600
45.139
Pine BluffCo)
'22 *129.917
763.959
420,214
343.735
12 mos ending Mar 31 '23 *1,958,036
381,039
209.132
590.171
'22 *1 719 880
441,613
722.927
Bklyn Rapid 'Fran Mar '23 3.173.820 *1.164,440
.
834,530
350,341
'22. 2,962.297 11 1'.194,871
9 mos ending Mar 31 '23 27,016,021 *8,809,048 6,634.927 2,174.121
'22 25.448.985 *8,598,662 6,586.621 2,012.041
40.211
53.897
13,686
125,581
Erie Ltg Co and
Mar '23
14,543
26,543
41,086
93,915
'22
subsidiaries
531,473
364.959
166.514
mos ending Mar 31 '23 1.274.645
12
229,989
415,148
185.159
'22 1,006,936
18.814
98,905
249.990 *117,719
Feb '23
Ft Worth Power
*109,488
16.706
92,792
200,361
'22
5r Light Co
227.102 1,121.89'
12 mos ending Feb 28 '23 2,659,310 *1,349,989
200.687 1,069.353
'22 2,498.293 *1.270.040
373.062
211.511
161,551
589.171
Mar'23
Great Western Pr
207.976
155.898
363.874
598.499
'22
Co
149.585
370,100
221,515
799.918
Mar'23
Kansas City Pr &
190.5113
133.888
324,391
'22
Light Co
653.128
12 mos ending Mar 31 '23 8.267,958 3.811.671 1,675.298 2,146.373
'22 6,995,819 3.362,700 1,520.239 1,842,461
69.019
510,604 *185.973
Kansas Gas & Elec Feb '23
116,954
131 .199
59.761
496,353 *190.960
'22
Co
814.147
963.399
12 mos ending Feb 28 '23 5.176.731 *1,777,546
'22 4,805.818 *1.535,533
746,293
789.240
843.173 *215.728
Mar'23
61.554
Market Street By
154.174
803.079 *176.255
'22
Co
113.631
62.624
184,618
360.095
3 zoos ending Mar 31 '23 2.374.439 *544.713
175,972
Municipal Serv Co Feb'23
437.001
73.015
101.057
214.836
89,366
'22
Sr subsidiaries
39.432
49.934
784.169
761.306
12 mos ending Feb 28 '23 4.112.475 1,545.475
'22 2,488,483
868.760
469.182
399.578
Nebraska Power Co Feb '23
315.000 *177,847
54,932
122.915
'22
285.929 *141.235
50.207
9
01.09
12 mos ending Feb 28 '23 3.614.260 '1,491.906
629.407
862.490
'22 3,099.064 *1,213,445
590,127
623,318
Y Dock Co
Mar'23
298.327
151.967 b109.079
49.099
'22
331.837
172,893 b119.213
53.670
839.451
3 mos ending liar 31 '23
124.762
449,238 b394,476
'22
968.960
508,189 b353.361
154.828
Feb '23
Pacific Power &
233,292 *101,259
M.194
47.065
Light Co
'22
235.827
*95,190
56,958
38.212
12 mos ending Feb 28 '23 3.001,641 *1,425.285
662.901
762.394
'22 2.891,195 *1,349.027
672,699
676.328
Pine BluffCo
Mar'23
9.495
*62,249
24,415
14.920
'22
26.181
9.291
*59.116
16 goo
12 mos ending Mar 31 '23 *949,400
330.820
0
109. 34
221.896
'22 *787,088
314,852
119.390
195,462
Portland Gas &
Feb '23
34.638
304,090 *104,240
69.602
Coke Co
'22
*85.675
40,231
282.455
45.444
12 mos ending Feb 28 '23 3,396,774 *1.229,288
795,174
434.114
'22 3.412,676 *944,122
456,662
487,460
Texas Power &
Feb '23
469,164 *177,192
58.541
118.651
Light Co
'22
418,420 *168,678
60.636
108.042
12 mos ending Feb 28 '23 5.038,604 *2,068.044
758.541 1.300.503
'22 4.779,446 *1,821.090
755.494 1,065.596
Third Avenue By Mar '23 1.203.434 *241.180
18.640
222.540
System
'22
.'244.645
221,129
23,516
9 mos ending Mar 31 '21 10,657.901 *2,167,999 2.019,740
149.259
'22 10,441.202 *2,027.291 2.007,075
20.216
United Gas & Elec Mar '23 1.191.187 *392,026
143.795
248,231
'93 1,012,686 *340,837
Corp
195.556
145.281
1.359 *4,515.754 1,712.191 2,893.561
12 mos ending Mar 31 '23 12.974
'22 11,672./35 *4,014,190 1,715.183 2,299.007
267,736
328,635
Mar '23 1,065,502
United Light &
60,999
'22
936.422
220.229
287.646
Rys Co
67,417
797.595 3.143.174
12 mos ending Mar 31 '23 12,152,961 3,940,769
'22 11.202,610 3,423.353
860.766 2,562.597
Mar'23
Western Power
224,011
589.171
149.051
373,062
143.399
'22
Corp
9
2 0,476
363,874
599.499
54)3,173
672,704
3 coos ending Mar 31 '23 1,859,949 1,175,977
438,294
'22 1,822,866 1.100,212
661,918
*Allowing for other income. 1) Includes taxes.
New York Street Railways.
-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Companies.
s
$
$
$
204,825
Brooklyn City RR
946,194
230.439
987,925
Brooklyn Heights (rec)
4.617
963
5.601
7,222
Bklyn Queens Co & Sub(rec.) 217,896
37.852
207.641 --34.120
Coney Island & Bklyn (rec)_
44.151
208,675
52,552
218,251
Coney Island & Gravesend__
-2.646
-1,183
5.506
4,502
Nassau Electric (rec)
76.975
437,606
394,297
83,412
N Y Consol (rec)(HHT)---- 2,067.206 1.910.138
484.641
501.359
South Brooklyn
26.808
100.514
74.712
1.470
New York Railways (rec)
748.263
725,953 -17,465 -25,971
Eighth Avenue RR
1.410
98,114
99,238 -27.040
Ninth Avenue RR
43,183
44,191 -12,362 -14,295
Interboro R T SystemSubway Division
3,317,939 3,131,418 2,043.823 1,305,033
Elevated Division
1.622.217 1.542.973
969.535
335.449
Manhattan Bridge 3c Line._
22.857
22.284
2,876
-115
Second Avenue (rec)
79.741
73,215
-4,999 -15.499
NY & Queens County (rec)..
57,534
106.357
-7.130 -17,668
Long Island Electric
25.880
25.383 -18.582
-1.536
Ocean Electric
15.423
14.353
1,364
-1,129
Manhattan Sc Queens (rec)
31,208
26.708
6,020
611
Harlem (city line)
131.486
NY &
131,295
6.793
13,239
37.347
41.524 -19.975 -12,690
N Y & Long Island
Richmond Light Sr RR (rec)_
65.429
59.037
2,342 -24.512
-Above net earnings are after the deduction of taxes.
Note.
FINANCIAL REPORTS.
-The following is an index to all
Annual, &c., Reports.
annual and other reports of steam railroads, street railways
and miscellaneous companies published since and including
March 31 1923.
[Wt.11&
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Bold face figures indicate reports published at length.
Page.
Page. IndustrialSteam Roads1766
1753 Gair (Robert) Co
Alabama dr VicksburgR Y
1654
1642 General Asphalt Co
Bangor & Aroostook RR
1757
1525 General Baking Co
Boston & Maine RR
General Electric Co__ _1418, 1527, 1557
Buffalo Rochester dr Pittsburgh
1418
1523, 1550 General Motors Corp
Railway
1418
1759 Gimbel Brothers, Inc
Cambria dr Indiana RR
1767
1404, 1435 (W.T.) Grant Co
Canadian Pacific RP
1538
Central of Georgia Ry_ _1523, 1639, 1668 Harrisburg Light & Power Co
1639 Hartman Corporation, Chicago____1419
Chesapeake & Ohio Ry. Co
Chicago Great Western RR 1531, 1639 Hayden Chemical Co.of Amer.,Inc_1768
Heywood-Wakefield Co., Mass., &
Chicago Rock Island & Pacific
1405, 1753, 1784
1538
Subsidiaries
Railway
1768
Delaware & Hudson Co.1640, 1752, 1774 Humble Oil & Refining Co
1642 Illinois Bell Telephone Co
1529
Erie RR
1419
Grand Trunk Ry.(Jo. of Canada. .1644 Indlahoma Refining Co
1753, 1779 Indian Refining Co
1768
Illinois Central RR
1526 Inspiration Consol. Copper Co
1655
Kansas City Southern Ry
1643 International Cement Corp
1419
Long Island RR
1419
Louisville & Nashville RR_ _ _1522, 1545 International Cotton Mills
1406 International General Electric Co..
.1768
Maine Central RR
1405 International Paper Co
1655
Missouri KallSILS & Texas Ry_,
1539
N. Y. New Haven & Hartford RR 1640 International Salt Co
1655
New York Ontario & Western RR1760 IntertyPe Corporation
1639 Invincible Oil Corp
1768
Northern Pacific Ry. Co
1523 Iron Products Corp
1539
Pennsylvania RR
1412 Island Creek Coal Co
1419
Pere Marquette Ry
1419
Vicksburg Shreveport 6c Pacific Ry_1753 Jones Brothers Tea Co
1753 Kennecott Copper Corp
1655
Wabash Railway Co
(G. R.) Kinney Co., Inc
1420
Electric RailwaysAugusta-Aiken Ry. & Elec. Corp_.1531 Lehigh Coal& Navigation Co.,PhIla.1528
1409 Libby, McNeill & Libby
1656
Boston Elevated Railway
1754 Lowell (Mass.) Electric Light Cor9_1769
Brooklyn Rapid Transit Co
1409 Loew's, Incorporated
1656
Chicago City Railway Co
1648 R. H. Macy & Co., Inc
1420
Chicago Railways Co
1532 Magnolia Petroleum Co
1420, 1656
Eastern Pennsylvania Rys
1649 Mahoning Investment Co
1656
Eastern Wisconsin Electric Co
1411 Marland 011 Co. (Del.)
1420, 1656
Joplin & Pittsburgh Ry
Lake Superior District Power Co._ _1649 Mason Tire & Rubber Co.(Kent,0.)1645
1769
1533, 1644, 1666 Mason Valley Mines Co
Market Street Ry
1656
1649 Massachusetts Gas Cos
New Bedford & Onset St. Ry
.l408
Northern Ohio'frac. & Light Co. 1650 Maxwell Motor Corp. & Subs.
1539
Philadelphia Co., Pittsburgh_1407, 1437 Mexlcan Seaboard Oil Co
1769
Philadelphia Rapid Transit Co1644, 1760 Miami Copper Co
1657
1761 Middlesex Water Co.(N. J.)
Lt.& Power Co
Portland Ry.
1769
1650 Midland Counties P. S. Corp
Porto Rico Rys. Co., Ltd
1769
_1405, 1425 Midway Gas Co
Public Service Corp. of
Quebec Ry. Lt. Ht. & Pr. Co., Ltd_1761 Mississippi River Pr. Co., Keokuk,
16E7
1650 Ia
Republic Ry.& Light Co
1657
San Francisco-Oakland Term. Rys.1650 National Breweries, Ltd
1540
Southern Indiana Gas & Elec. Corp.1533 Natomas Co.(of California)
1412 Nevada California Electric Corp_...1770
Tide Water Power Co
1757 Nevada Consolidated Copper Co_ _1770
Twin City Rapid Transit Co
.1421
Union St. Ry., New Bedford, Mass_1651 New England Co., Power System.
1412 New York & Richmond Gas Co._ A540
United Gas & Electric Corp
1657
United Rys.& Electric Co.(of Bait.) 1651 Niagara Falls Power Co
1651 Nipisaing Mines, Ltd
1770
United Rys. Investment Co
Virginia Ry. & Power Co____1534, 1762 North Atlantic Oyster Farms, Inc_ _1657
Wash. Bait. & Annapolis Elec. RR_1412 Northern Ontario Lt.& Pr.Co., Ltd.1657
1762 Northern States Power Co.(of Del.
Washington Water Power Co
1661
& Subsidiaries)
1644, 1671
West India Electric Co., Ltd
1658
1762 Ohio Fuel Gas Co
West Penn Co
Ohio Fuel Supply Co
1655
Industrial1540
Ohio 011 Co
Advance-Rumely Co.,La Porte,Ind.
1407, 1439 Ottawa Light, Heat & Pr Co., Ltd.1658
1658
1652 Otis Elevator Co
Ajax Rubber Co,Inc
1770
1527 Pacific Gas & Electric Co
Allied Chemical & Dye Corp
1758 Panhandle Producing & Refill. Co..1770
Allied Packers, Inc
1658
Peerless Truck & Motor Corp
Allis-Chalmers Mfg.Co.,Milwaukee,
1755, 1794 Pennsylvania Coal & Coke Corp_ _ _ _1658
Wks
1658
Amalgamated Leather Cos., Inc_ _ _ _ 1414 Penn Seaboard Steel Corp
1659
.
Amer. Brake Shoe & Fdy Co.(Del.)1409 Phelps-Dodge Corporation
1756
1652 Philadelphia Electric Co
American Chain Co., Inc
1541
American District Telegraph Co_ ___1652 Pond Creek Pocahontas Co
1659
1535 Providence Gas Co
American Glue Co
1763 Public Service Co.(of Oklahoma)._ _1659
American Linseed Co.(N. Y.)
1771
1535 Pullman Co
American Milling Co
1422
1764 Radlo Corp. of America
American Public Service Co
1771
1652 Ray Consolidated Copper Co
American Ry.Express Co
1775
1414 Remington Typewriter Co
American Republics Corp
1771
1535 Republic Iron &Steel Co
Safety Razor Corp
American
1541
1535 Reynolds Spring Co
American Sales Book Co., Ltd
1541
American Ship & Commerce Corp_1528 (Wm. A.) Rogers, Ltd
1530 Root &Van Dervoort Corp.
-R V
American Steel Foundries
American Telephone & Telegraph Co 1764 I Motor Co.& Root& Van Dervoort
1535 I Engineering Co
,
1756
American Wire Fabrics Corp
1414 Roxbury Carpet Co
1771
American Writing Paper Co
1653 Safety Car Heating dc Lighting Co_ _1660
Appalachian Power Co
1415 St. Louis-Rocky Mtn.& Pacific Co_1771
Arnold, Constable & Co., Inc
1764 Simms Petroleum Co
1542
Atlantic Fruit Co
1764 Sinclair Consolidated Oil Corp
1755
Atlantic Lobos Oil Co
1660
Atlantic Refining Co. & Sub. Cos_.1755 Skelly 01lCo •
1660
Atlas Powder Co., Wilmington, De1.1755 Sloss-Sheffield Steel &Iron Co
1764 (Howard) Smith Paper Mills, Ltd.
Austin-Nicholas Co
1542
1415 (Montreal)
Auto Knitter Hosiery Co., Inc
1772
1415 South Penn Oil Co
Babcock & Wilcox Co
1764 Southern California Edison Co.1527,
l
i
n
Bernet BLeaeotthierrooCtoo.r, Colne
1645, 1662
1536
1772
Southern California Gas Co
Booth Manufacturing Co. (New
1423
1653 Southern Phosphate Corp
Bedford, Main.)
1527, 1554 Southern Utilities Co_________ _ _ __Jail()
Borden Co. and All Subs
1542, 1660, 1772
Ltd
1765 Spicer Mfg. Co
1755, 1788
1528 Standard Gam dc Elee. Co
Brier Hill Steel Co
1542
British Empire Steel Corp., Ltd. 1757 Standard 011 Co.(of Ohio)
1660
1765 Standard Screw Co
Buffalo General Electric Co
1423
1536 Steel &Tube Co. of America
F. N. Burt Co., Ltd
1542
1765 Stover Mfg. Co
Butte & Superior Mining Co
1542
1536 Submarine Boat Corp
Butterick Co.(New York)
1543
1415 Submarine-Signal Co
Coke Corp
By-Products
1772
Caddo Central Oil & Refining Corp_1416 Superior Oil Corp & 011 Co
1543
1416 Texas Pacific Coal
California Petroleum Corp
1530
1416 Tide Water Oil Co
Calumet & Arizona Mining Co
1418 Tonopah Belmont Development Co_1772
Calumet & Heela Mining Co
1772
Westinghouse Co., Ltd_ _1416 Tonopah (Nev.) Mining Co
Canadian
1543
1765 Union Carbide &Carbon Co
Carson Hill Gold Mining Co
Central Steel Co., Massillon, O....1536 Union Sugar Co., San Francisco_.._1543
1653 United Alloy Steel Corp., Canton,0.1543
Ribbon Mills, Inc
Century
1529
Certain-Teed Products Corp., N. Y_1653 United Fruit Co
Cities Service Co.(N. Y.). .1755, 1791 United States Glass Co Alcohol Co.1772
1416 United States Industrial
Colorado Power Co
1544, 1773
Computing-Tabulating-RecordingCo
1528, 1556 United States Smelting, Refining &
1424
1537
Mining Co
Connecticut Power Co
1661
Utah Copper Co
Consolidated Gas Electric Light &
1544
1416 Vulcan DetInning Co
Power Co.(of Baltimore)
1424
Wagner Electric Corp
Consolidated Mining & Smelting Co.
1773
1765 Waldorf System, Inc
Ltd
of Canada.
1661, 1773
Consolidated Textile Corp_ _1537, 1645 Waring Hat Mfg. Corp
1424
1766 Weber & Heilbroner
Crane Co., Chicago
1417 Western Union Telegraph Co., Inc_
Dennison Manufacturing Co
1527, 1552, 1773
1417
Diamond Match Co
1424
Westinghouse Air Brake Co
DUalle8210 Light Co., Pittsburgh,
1407, 1438 White Motor Co. (Cleveland. 0.)
Pa
1408, 1433
Bay Water Co.,Oakland, Callf_1417
East
1424
1537 Wickwire-Spencer Steel Corp
East Butte Cooper Mining Co
1645 Willys-Overland Co., Toledo, 0.(5:
Eastman Kodak Co
1408
Illuminating Co. of
Subsidiary Cos.)
Edison Electric
1773
1418 Winchester Co.& Subsidiaries
Boston
1559
1418 Wright Aeronautical Coro
Horn Coal Corp
Elk
1530
1418 Yale & Towne Mfg. Co
Famous Players-Lasky Corp
APRIL 28 1923.]
THE CHRONICLE
New Orleans Texas & Mexico Ry. (Gulf Coast Lines).
(7th Annual Report-Year ending Dec. 311922.)
Pres. J. S. Pyeatt, April 16, wrote in brief:
1887
CONSOLIDATED BALANCE SHEET DECEMBER 31.
(Including the companies above mentioned.)
1921.
1922.
1921.
1922.
Liabilities (Cone.)
Assets& equIpml_39.181,125 38,766,897 A. C. & F. Co.
Road
passenger cars_
150,000
Deposits in lieu of
161,680
19,990 Traffic, &c., bal__ 230,674
mtge. property_
1,466
188,110 Accounts & wages
Misc. phys. prop__ 392,590
1.305.071 1,171,111
unpaid
Invest. In attn. ON 1,803,864 1,794,532
344,458
965,121 Misc, accts. pay'le 324,531
92,896
Other investments
189,056
833,012 Interest matured_ 138.153
Cash
1,208,445
383,407
850,000 Interest accrued_ _ 373.963
Time drat & dep_ 1,681,000
774 Non-negotle debt
Loans & bills rec
6,408
43,046
182,895 affiliated cm..
Spe gal deposits_ _ _ 181,992
74,157
74,167
187,985 Divs. accrued _ _
Bal. from accts., &c 132,872
39,494
25,206
Materials & supp_ 1,026,849 1,166.187 Other liabilities._ _
99,289 Condl sale purch.
Other assets
26,357
3,008.975 3,308.495
notes
96,375
Traffia, &c., bat
203,735
234.000
Misc. accts. releiv 1,128,212 1,421.843 U. S. Govt. adv..
733.885
27,208 Deferred liabilities 902,158
Int.si dive. receiv_
30,587
3,617
20.730
52,666 U. S. RR. Admin_
28,796
Other det'd assets_
64,456
79,187
1,183 Tax liability
U.S. RR. Admin..
35,982
156,853
2,384,784 Operating reserves 171.717
Unadjusted debits 2,443,704
977,351
Accrued depreen_ 1,198.432
643,251
Total
49,607,878 49.038,880 Unadjusted credits 676,085
500,000
Adv.on compens'n 500,000
Add.to prop. thro.
3
Liabilities15,005,300 income& surplus 2,542,567 1.920,960
15,005,300
Capital stock
1st Mtge. bonds_ _"5,870,000 5,870,000 Approp'd surplus
235,000
not invested _ _ _ _ 235,000
Income bonds 5%
non-cumulative_13,579,500 13,579,500 Profit and loss_ _ 3.130,813 2,893,951
224,000
Equip, trust notes 112,000
49,607,873 49,038,880
Total
100,000
87,500
U. S. Locomotive.
-V. 116, p. 616.
-Settlement for the guaranty period operation March 1
Guaranty Period.
-S. C Commission. All necessary
to Aug.31 1920 is still pending with the I.
data required by the Commission has been in its possession several months,
roach settlement some time during 1923.
and we expect to
-During the year $620.000 St. Louis-San Francisco By.
Financial.
Series "A" Preferred stock and $486,000 St. Louis-San Francisco By.
Income Mortgage Gold bonds pledged during 1921 with the Treasurer of
the United States to secure loan of $926,000 made by the Government, and
with the Guaranty Trust Co.. trustee, to secure loan of $1,389,000 made
through the National Railway Service Corp. were released from the pledge
and returned to the company's treasury, and in lieu thereof $371,500
New Orleans Texas & Mexico By. Series "A" 1st Mtge. bonds substituted
as collateral. There was also delivered to the company's treasury $24.100
Third Issue Liberty Loan bonds, being a distribution of receivership funds
remaining in tho hands of the special master at New Orleans.
Summary of Transactions Regarding Securities Disposed of During Year.
•
St. I..-S. F. Liberty St.L.-S.F.
Income 6s. Loan. 1st Pl. .
In treasury beginning of year
$9.900 $19,550 $11.500
24.100 620.000
Released from pledge & received during year 486,000
43,650 631.500
495,90()
Total in treasury unpiedged
43,650 461.500
495,900
Sold during year
43,680 234.369
therefor
367.963
Cash received
170,000
In treasury end of year
company purchased
-On Sept. 30 1920
Equipment Trust Obligations.
10 steel passenger coaches and 5 steel baggage cars from American Car &
Foundry Co., the agreed purchase price being $293,050. The initial cash
payment was $93,050, balance being payable in 8 equal installments of
$25,000 each, maturing on March 30 and Sept. 30 1924. with int. at rate of
7% per annum. All of these notes were mot on maturity date, and in
Sept. 1922 all of the remaining five notes, aggregating $125,000, were paid
Atchison Topeka & Santa Fe Railway.
In full.
-S. C. Commission certified
-On March 11 1921 the I.
Government Loan.
(28th Annual Report Year ending Dec. 31 1922.)
to the Secretary of the Treasury for a loan of $234.000, maturing in 10 years.
President W. B. Storey, New York, April 3, wrote in
with interest at 6% per annum, payable on March and Sept. 1 of each year.
This loan was paid in full on Sept. 1 1922. Collateral pledged with the substance:
U. S. Treasury consisting of $500.000 New Orleans Texas & Mexico By.
-During the year $400,000 in cash was
Receipts from Sale of Land.
Income 5s was released and deposited in the treasury of the company.
-The tentative valuation has not yet been received. received as the net proceeds of sale of land embraced in the Santa Fe Pacific
Federal Valuation.
engineering and land reports were served upon all the lines. Land Grant, but this was directly written off the book value of road and
but preliminary
equipment and the transaction does not appear in the income account.
and tentative valuation should be announced during 1923.
-Total charges to
Capital Expenditures & Reduction of Book Values.
-The increase in charges on account of taxes for the year amounted
Taxes.
capital account at Dec. 31 1922 aggregated $896.197,417, as compared
to $123.637.
-S. C. Commission, early in the year, ordered with $848,331,494 at Dec. 311921. an increase during the year of 347,865.-The I.
Rate Adjustments.
reduced rates on farm products, later taking similar action with respect to 923, which analyzes as follows:
rates on a large volume of forest products moving from and over these lines. Construction & acquisition of new mileage, incl. acquisition of 33.681.833
bonds and stocks of other railway companies
following this in July with an order lowering the general level of all freight
21,754.321
rates that had not previously been reduced. In addition to these and other Additions & betterments, fixed property & equipment
1,450,368
-S. C. Commission, the rates on a number of Investments in Terminal dc Collateral companies
reductions ordered by the I.
a.1.204.912
moving in volume were voluntarily lowered, these voluntary Miscellaneous physical property
commodities
22.627.041
including sinking fund
reductions being necessary,for the most part,in order that those linos might Other investments,
442.727
meet commercial, rail or water competition, direct or indirect. Among Reduction of book values
the rates reduced to meet competitive conditions were the rates on iron and
Net Increase in capital account
steel articles and on petroleum and its products. The lower level of rates
$4 celesist
-The outstanding Capital stock on Dec. 31 19217 65V1
Capital Stock.
throughout the year, as compared with recent previous years, explains the
decreased freight revenues as against the increased tonnage handled. of: Common, $225,397,500: Preferred, $124.173,700. Issued during the
Freight rates had, in the aggregate, by the close of 1922 been reduced from year: Common stock issued in exchange for Convertible bonds retired.
12 to 15% below the level of rates at the close of 1921. There were no S1,655,000: Capital stock outstanding Dec.31 1922:Common,$227.052,500:
Preferred, $124,173,700.
material changes in passenger rates during the year.
-The number of holders of the company's Capital stock
Stockholders.
Labor.
-July 1 1922 all employees of the locomotive and car departments
discontinued service on strike without previous notice beyond press reports were as follows:
Preferred
Common
given out by officers of the various mechanical crafts organizations at
Inc.for Yr.
Inc.for Yr.
Chicago that the strike was ordered on all class one rAdroads as a protest to
1.771332447
18.749
.223
2
30,892
the decision of the U. S. Labor Board ordering certain reductions in the 1918
5.188
36,469
rates of pay of mechanical crafts, effective July 11922. With the assistance 1920
2221..367987
2,231
41.845
of officers, and employees in other departments, normal freight and passen- 1922
ger service was maintained throughout the strike, which ended Oct. 1,
-The following changes in the funded debt occurred
Funded Debt.
the management agreeing to take back as new men, with seniority dating during the year:
from the time of their re-employment, such of the striking employees as
(1) Oblig.ations retired: Convertible 4% bonds, 31.655.000: S. F. &
were required to fill vacancies then existing, at the rates prescribed by the 8. J. V. Ry. Co. 1st Mtge. 5% bonds. 320.000: Equipment Trust 6%
Labor Board. At no time during the strike were rates paid for any service notes. $4490.400; miscellaneous bonds. $1.130: total, 32,168.530.
In the mechanical department higher than those prescribed by the U. S.
(2) Obligations issued: California-Arizona lines 1st & Ref. Mtge. 434%
funded
Labor Board, effective July 11922.
bonds. $854: decrease of funded debt, $2,165,676: total system
An Association of Shop Craft Employees was formed Sept. 11922. with debt outstanding Dec. 31 1922, $287,722,594.
that service, which negotiated a
any of its auxiliaries has any notes
a considerable majority of all employees in
-Neither this company nor
Treasury.
new agreement with the management, and subsequently no disputes or or bills outstanding. Company netd in its treasury on Dec. 31 1922
S.
misunderstandings between the company and the mechanical craftsmen $441.421.264 cash. In addition, company owns $43.107.250 of U.the
have occurred that have not been immediately adjusted to the satisfaction Government securities, which are carried at cost of $43,180.262 in
of all concerned.
balance sheet.
-Present status of new lines under construcConstruction of New Lines.
STATISTICS FOR CALENDAR YEARS.
1919.
tion is as follows:
1922.
1920.
1921.
Valley Ry.-The branch of the above named
Dodge City cYc Cimarron
920
Average miles operated_
921
921
921
2.828.399 in op
.
fri m9
1 eg23 atanta to Manter, Kan.. 53.87 miles, was Placed
Revenue tons carried_ _ _ 2,989.682
3,774,917
railwaeyrateixotnen
2,914,784
Rev,tons carried 1 m110_524.117,515 496.424.547 868.621,539 447,893.055
Jan.
construct a
Rev. per ton per tulle......
1.29 cts.
1.49 cts.
Morado & Santa Fe Ry.-Company has been organized to company at
1.40 cts.
1.64 cts.
Passengers carried
1.393.922 cut-off with a low-grade line between the main line of your
839.762
1.044,070
1.764452
Pass. carried one mile_ _ _ 57,911.995 67.062.485 112.272.866 90.695.274 Ellinor, Chase County, Kan., and the soutnerly limits of Eldorado, Butler
than
Rev, per pass. per mile_
3.31 Ms.
2.69 cts. County, Kan., 50.4 miles. The new line will be 13.65 miles shorter take
2.93 cts.
3.41 cts.
'Operating rev. per mile_
$10.114 the present line between tile above termini (via Florence) and will has
$11.298
$12,032
$14,586
which
between Elaorado and Florence. eastbound.
from the single track line
INCOME STATEMENT FOR CALENDAR YEARS.
reached its capacity. all througn westbound, and a part of the
(Incl. N. 0. Tex. & Max. By., St. L. Browns. & Max. By., Beaumont freight traffic. Work is actively under way and it is expected that the
.Sour Lake & W. By.. Orange & N. W. RR., New Iberia & N. ER., Iberia mileage will be placed in service bY toe end of the present year.
placed in
St. Mary & Eastern By. and Louisiana Southern By, leasehold.)
Hickman Spur.
-During the year there was constructed and
Federal
Combined -Corporate- service a branch line, designated as above, extending from a point on
north of the station of Burbank.
1919.
Operating Revenue1922.
c1920.
a1921.
the main line of your railroad 1.7 miles
$6,224,275 $9,391,706 $8,159,444 $7,811,368 In Osage County, Oklahoma, in a northeasterly direction a distance of 6.24
Freight
2,439.023
1,914.565 miles to a terminus 2 miles nortneast of De Noya In the same county: also
2,284,941
3.284,274
Passenger
498,159
688,042 a spur from said branch in an easterly direction a distance of 2.9 miles.
645,716
759.266
Mall, express, &c
This construction was necessary to secure to company its proper share of
_ $9,161,457 $13,435,246 $11,090,101 $10,413,975 traffic In the Hickman and Burbank Oil fields.
Total oper. revenues_
part of
1.837.921
1.999.098
Maintenance of way, &c 2,103,479
Osage County ct Santa Fe Ry.-Active work was resumed on the
1,586,517 this tine extending from Owen to Pawhuska, Okla.. 35.3 miles, but flood
1,767.844
Maintenance of equip t_ 1,748,349
completion vital!' the
319,891 and labor shortage difficulties have prevented
141,505 11,141,034t
311,555
'Traffic expenses
I 3.697,160
2,785.312 calendaryear. It is expected to place the line in service this spring.
2.909.120
Transportation
a
397.133
373,164
439,818
General
Santa Fe & Los Angeles Harbor Ry.-Has been organized to construct
line 12.54 miles in length from a point on the Redondo Branch near'the
Total over. expenses.. _ $7,275,618 $11,141,034 $8,215,473 $6,926,774 station of El Segundo, Los Angeles County, Calif.. to a point of connection
$1,885,839 $2.294,208 $2.874,628 $3487,201 at Wilmington, in the same county, with the tracks of the city of Los
Net earnings
382.960
554.366 Angeles Belt Line which serve exclusively the majority of the docks at
431.378
274.770
'Taxes, &c
Los Angeles Harbor, now one of the principal seaports on the Pacific Coast.
Operating income.... $1,611,069 $1.911.250 $2,443,249 $2.932.835 The new line will also pass through and serve the Redondo-Torrance Oil
45.955 Cr.140,887 fields. This mileage should be piaced in operation during the current year.
582,126
Equipment rents (net)
255,586
257.873
320,694
-'Settlement between the U. S. RR. Ad.Joint facility rents (net)
Federal Control Settlement.
ministration and company and affiliated companies, parties to the Federal
31.008.430 $2,141,708 $2.815,848 control contract of Nov. 22 1918 was made on Oct. 10 1922, $21,500.000
Net operating income
721.033
183,536
being accepted in full satisfaction and discnarge of all claims in connection
Income from lease of road
18.825
13,287 witti the possession, use and operation of the properties by the United States
11,645
Miscellaneous rent income
19.482
1.018 during Federal control. After disposition in full of all amounts due the
Dividend income
4.418 Railroad Administration for additions and betterments made during Federal
46.811
36,886
Income from funded securities
36,437
93.385 control, expenses and liabilities paid chargeable to the companies under
46.732
Income from unfunded securities
33.379 the contract, and for all amounts due from the Director-General for balance
19,359
612,389
Miscellaneous income
of compensation, cash and other assets taken over or collected by aim.
$145,487 accrued depreciation, property retired and not replaced, recess in materials
$861.946
$891,189
Total non-operating income
$1.899,621 $3,003,655 $2,961,336 and supplies, under-maintenance. &e.. there remained a credit balance on
-Gross income
the books of 322.682.440. This balance, in compliance with the order
Loss on separately oper. prop. Ma
29,731 of tue I.
55.556
53,751
-S. C. Commission dated Jan. 25 1922, with respect to accounting
Iberia & N. RR.)
1,203.830 for loss
1.114.390
andsettioments with the Railroad Administration, was closed into profit
1.060.582
Interest on funded debt
668
9,612
4,923
Interest on unfunded debt
5.313
10.829
42,315
Guaranty Uncter Transportation Act 1920.-$7.599.500 of the amount
Miscellaneous charges
due company under the provisions of Section 209 of the Transportation
$1,239,543 Act 1920 was certified by the I.
31,161.571 51.190.386
Total deductions
-S. C. Commission and collected during
1738,050 81,813,268 $1,721.793 1921. Claim for balance due in final settlement was filed with the CommisNet income
889,852 sion in accordance with Its order of Dec. 15 1921. in the early part of 1922.
890.848
297,370
Dividend appropriations
594.632 During the last year substantial agreement was reacned on all matters
323,107
694,210
_Approp. for inv. in physical prop__ _
Involved in the settlement except as to what constitutes a fair allowance
$237,309 for maintenance during the guaranty period. It is expected the determina$599,312
profit and loss
def$253,531
Balance to
settlement then
a Includes adjustments applicable to the six months ending Aug. 31 1920. tion of this amount will be arrived at shortly and final
the guaranty
b For comparative purposes the entire income for the year 1920, showing elected. In tile meantime the claim for the balance due under
is being carried in the balance sheet in the sum of 31.500.000.
sults if there had been no change in form of control during the year is used
1888
THE CHRONICLE
[VoL. 116.
Taxes.
-Federal, State and local tax accruals for toe year 1922 aggregate
GENERAL BALANCE SHEET DEC. 31.
$18,395,512. and show an increase over the year 1921 of $3.559,243.
Topeka &
The Federal income tax accruals for 1922 include $2,835,305 on net [Comprising Atchison Santa Fe Santa Fe Ry., Gulf Colorado & SantalFe
Ry., Panhandle &
Ry., Grand Canyon Ry. and Rio Grande
credit to profit and loss resulting from the settlement with the U. S. RR.
El Paso & Santa Fe RR.]
Administration, which. together with the increase in the tax rate from
1921.
1922.
10 to 12% %, accounts for the increase in such taxes. State and local tax
Assets$
$
accruals increased $404.960. Several States show increases and several
road and equipment
799.025,297 774,083,903
others show aecreases. In California tne advanced rate of 7% on gross Investment infor additions and
betterments and
receipts fixed by the Legislature of 1921 applied to the whole of tele year Expenditures
road extensions during current fiscal year
25,547,677
24,993.427
1922, whereas, it applied only to the second half of the year 1921. Accruals Investments in terminal & collateral
companies
20,690,575
22,659,943
,
for California increased $445.676. The validity of the advance of the Sinking funds
597
30
California gross receipts tax rate from 5.25 to 7% is still in process of Miscellaneous physical property
5,884,622
4.679,709
adjudication in the U. S. District Court for the Northern District of
Other investments
22,124,121
44.838,738
California.
Cash
33,677,575.
41,421,264
-One outstanding feature of the year's railroad
Improvement Program.
268,084
268.059
demonstration of the country's imperative need for Special depositsreceivable
operations is the clear
Loans and bills
181.882
1,164,657
greatly increased transportation facilities, a need which has been realized
and car service
3.460442
4,724,546
and persistently urged by the railroads since the termination of Federal Traffic and conductors balances
Agents
1,181,085.
1.689.851
control. At the beginning of 1922 company undertook as large a program Miscellaneous accounts receivable
8.163.196
7,774,130
of improvements as seemed possible and carried it through: but only a Material and supplies
30,491.659
39,939,106
ing was made of providing for the traffic demands of its territory.
Interest and dividends receivable
135.337
571,547
1923 contracts have been let for 7,150 freight cars and 59 new loco- Other current assets
256,506
339,507
motives, to be delivered before July 1, in readiness for the movement of Deferred assets
2,990.909
2,667,950
equipment, together witn 8 passenger cars on Unadjusted
this year's crops. This
debits
2.405,106
3,929.050
order and improvements to existing equipment, will cost upwards of U. S. Railroad Administration
97,273,822
$24,000,000.
U. S. guaranty under Transporta. Act. 1920- - 1.500.000
3,257,594
The second track work undertaken and authorized since the beginning
of 1922 involves an expenditure of over $15,000,000. Preliminary work is
Total
991,491,600 1,042,770,276
a new double-track bridge over the Mississippi river to cost
under way for
Liabilities
$4,000,000. watch is imperatively required by the density of the traffic Preferred stock
124.173.700 124,173,7M
over the Chicago-Kansas City line and the heavy power necessary to haul Common stock
227.052,500 225,397,500
it economically.
Funded
287,722,594 289,888,269
Enlargement of shops, terminals and sidings will be pushed and it is Traffic debt service balances
2,093,607
1,621,817
probable that our cash expenditures during tne year for all improvements, Auditedand car and wages payable
accounts
16.420,706
14,298,454
and equipment. will amount to at least $60,000,000. The improvements Miscellaneous accounts payable
743.324
1,158,444
have been practically confined to what will increase capacity for handling Interest matured, unpaid
815,459
803.776.
traffic, other improvements, even though desirable, being deferred, because Dividends
205.681
185,090
the present program is all that the company can efficiently handle this year. Unmaturedmatured, unpaid
6.511.840
dividends declared
6,487,210
Transportation Att.-The railroads have now been operating for tare°
3.319,710
3.338,951)
the Transportation Act 1920. and there are many proposals Unmatured interest accrued
years under
Unmatured rents accrued
81,097
86,020
for changes before Congress. Conditions during this period have been Other current liabilities
,
873,682
299,478
very trying for all concerned, the shipping and traveling public, railroad Deferred
537,298
liabilities
318.827
employees and managers, the I.
-S. 0. Commission and the Labor Board.
11.996,104
9,086,796
When the difficulties which have confronted the railroads in these three Tax liability
3,271.455
3,242,952
years and the possibilities of serious disaster watch threatened at times are Operating reserves
69,662.714
62.096,074
considered, the physical progress, the additions to property and equipment Accrued depreciation
4,703,045
6.700,706
during the last 12 months with large orders now being filled and new ones Other unadjusted credits
97.725,182
being placed daily, and the gradual improvement in general conditions, U. S. Railroad Administration
87,031,884
all indicate that there is real merit in this law. In this connection, we would Add'ns to property through income & surplus_ _ _ 87.176.565
85,994
60,411
call attention to the verdict of the Joint Commission on Agricultural Funded debt retired through income and surplus
2,510.443
2.423,363
Inquiry, consisting of five United States Senators and five members of Sinking fund, &c., reserves
141.534,082 106,345,371
tne House of Representatives, that "The Transportation Act as a whole is Profit and loss-balance
a most valuable piece of cozr•tructive legislation and gives promise of working
Total
991,401.600 1,042,770.276
out to the great benefit of the country."
-During the year company, in common with all other railroads of -V. 116, p. 1759. 1646
.Strike.
Nis
the country, was called upon to meet a disastrous strike of its shop forces.
Delaware Lackawanna & Western RR.
In spite of this handicap distinct progress was made in rehabilitation of
roadway and equipment, which had become impaired by reason of war
(Annual Report Year ending Dec. 311922.)
conditions during tile time the railroad was under Government control.
-There has been a substantial revival of business throughout
Business.
Pres. W. H. Truesdale, New York,'March 14, wrote in
served by the railroad this being especially marked in cotton
the territory
substance:
growing, copper mining. sheep raising, lumber and oil.
-In submitting the report of the opera&sults of Strike of Coal Miners.
tions for 1922, the management cannot refrain from expressing regret at
TRAFFIC STATISTICS FOR CALENDAR YEARS.
the results thereof, in many respects so different from the record made
1922.
1921.
1920.
in the preceding 15 years or more, during which time its earnings, both
1919.
Tons of rev. fr't carried- 33,812,696 29,059.538 36,850,553 31,811,576
and net, increased steadily from year to year to an extent that must
Tons rev, freight car:
v proved most satisfactory to every one interested In the company's
s
ried 1 mile
11177223688 10375037870 1280612850 11.193110874 affairs.
Aver.revenue per ton_ _ _
$4.67
$5.51
$4.57
The principal reasons for this showing are well known, It being due
$4.55
Av. rev, per ton per mile 1.414 cts.
1.544 cts.
1.316 cts.
1.213 cts. almost entirely to the strikes in both the bituminous and anthracite mining
No. of pass. carried_ _ _ _ 9,680,251 11.165.960 15.656,333 15,147,811 fields, which lasted from April 1 until about Sept. 15, approximately 534
Pass.carried 1 mile
1473294 820 1547073 702 2189232615 1965496 422 months, this being by far the longest period in whicti the mining of bituAver,revenue per pass
$5.03
$4.71
$4.05
$3.50 minous coal has been suspended so generally, and about the same as that
Av.rev, per pass. p. mile 3.302 cts. 3.400 cts.
2.899 as. 2.696 cts. covered by the anthracite strike of 1902. During that time scarcely
a ton of coal was produced by any of the anthracite companies, with the
a Number of tons of freight carried one mile shown above includes water result that, duo to this prolonged strike, as also in part to the reduction
ton miles, San Francisco and Galveston bays.
In freight rates effective July 1 1922, the revenues of the company from
the transportation of anthracite coal decreased $12.312,107.
INCOME ACCOUNT YEARS ENDED DEC. 31.
The effect of the strike of bituminous miners on this company's operations Is shown chiefly in the additional cost of fuel for locomotives and
Federal.
Combined.
Corporate-- floatingequipment. This item of expense, it will be noted,
increased to
1919.
1920.
1921.
1922.
the extent of $1,163,391.
Over. RevenuesS
$
S
$
These strikes were wholly unjustifiable and have cost the railroads,
144,743,867 168,472.129 1r0.217.450 158,026,370
Freight
Passenger
52,982,906 63,473,165 52.594.551 48,644,529 as also all other large users of coal, many millions of dollars. As is well
a commission appointed
this entire subject
Mail,express & miscell
11,773.231 22.303,707 16.113.069 18,453.645 known, President, which isis being considered byfull
expected to make a
report accompanied
by the
Hire of equip.-cred.bal.
1,165.608
892.713 by such recommendations as it may find it advisable to make, by July 11923.
Joint facil. rent income
590,104
596.363
-The other important event of the year which inShopmen's Strike.
affected
Total revenue
209,500.004 254,249.002 230,680,782 226,613,621 fluenced and federated the results of the company's operations was the
shop crafts employed by the railroad companies.
strike of the
Operating ExpensesMaint. way & structures 29.322.158 48,832.692 31.734,122 36,183.241 This strike, which was called, without notice. on July 1 1922, and which
the entire country and for a time more or less embarrassed the
Maint. of equipment_
46,020.979 63,039.846 52.472,941 51.069,933 covered
operations of the railroads generally, was equally as unwarranted and unTraffic
1,976.515
3,173,385
3.748.700
3,900,057
Transporta.-rail line
75.529,553 98,515,309 80.28.3.618 71,122,570 justifiable as the strikes of the coal miners. The reason alleged for calling
strike was the reduction in wages of shop employees ordered by the
Miscellaneous operations
201,289
158.892
63,053
180,004 the S. RR. Labor Board. effective July 1 1922.
U.
General capons
4.421,588
5,216.198
5,425,602
5,003.918 general reduction in freight rates made by the I. coincident with the 10%
-S. C. Commission.
Transp.forinvest--Cr_ 829,259
859,209
510,120
555.345
This shop strike, the railway companies generally recognized, was the
most serious that had ever occurred on the transportation lines of the
Total expenses
156,642,823 218,077.115 173.217.915 166.904.378
its avowed purpose the
Net ry. oper. revenue.. _ _ 59,709.243 57,462,867 57.462,867 59.709,244 country, and had forbecause of the loss and crippling of the railroads to
extent that,
inconvenience resulting
Taxes
14,836,268 18,395,512 such an and traveling public, tile latter would force the railroads toto the
shipping
make
Uncollectible railway revenues
77,318
68.693 an immediate settlement with the strikers by granting all their demands.
Joint facility rents
1.280,973
1.241,637 In this regard. however, the leaders were disappointed, as the public very
supported the railway companies in the position tney took of
Net railway operating income
41,268.307 40.003.402 generally
undertaking to carry on their operations with those of their employees
Credit canceling equalization reserve set up during
who remained loyally at work and the assistance of supervisory forces,
4 months ended Dec. 31 1920
2,612,564
volunteers from other classes of service and such shop forces as they could
Adj. of compens'n under Federal Control contract 3,175,147
employ and organize to do the work of the strikers.
Income from lease of road
208,742
179.386
Some of the railroads have made adjustments, on varying bases, with
Miscellaneous rent income
459,797
368,531 their striking employees, but a larger number. representing a greater
Miscellaneous non-operating physical property_ _ _ _
119.280 railway mileage, have not done so, but have built up an organization of
138.873
Dividend income
3.141.733 new employees and such of the old employees who, since tho strike, have
1.291.646
Income from funded securities
2,284,131
1.762.726 applied for re-employment and whose applications have been approved.
Income from unfunded securities and accounts_
1,002.448
634,919
-Traffic during the last half of 1922, by reason of the large
Traffic.
Income from sinking and other reserve funds
81,343
77.577 crops produced and the general increase in the manufacturing and building
Miscellaneous income credits
194,438
71.706 activities of the country, was very heavy, and notwithstanding their crippled
condition, due to the causes stated, the railroads succeeded in handling
Gross income
52,349,909 46,726,789 a larger volume of traffic than during any similar period in their history.
Rent for leased roads
14.929
14,984 It is not too much to claim, therefore, considerintethe conditions forced
t
ha
Miscellaneous rents
158,098
172,226
ed
Miscellaneous tax accruals
225.828
46.508 since gat r ' tlLy have perfoaat
t
ea t tralsportatlomii s at
wtest
u
ye' f
cri eth
st
3a
e em v Y on j ly l lrm
Interest on funded debt
11.953.002 11,871.255 has ever been accomplished in this or any other country, and they are
Interest on unfunded debt
421.977
92.694 entitled to great credit therefor.
Miscellaneous income debits
244,412
146,751
-Operating revenues for the year from different sources show
Revenue.
Preferred dividends
6.208,685 6,208,685 moderate increases in the various items, with the exception of transportaCommon dividends
13,518,420 13.605.660 tion of passengers. the decrease in this item being $477,480. This loss
Appropriation for fuel reserve fund
77,480
73,118 of revenue all occurred during the first six months of the year, when business
California-Arizona Linos bonds sinking fund
16.862
17,371 conditions generally were more or less depressed.
S. F.& S. J. V. Ry. Co. bonds sinking fund
25,200
22,174
The decrease of $9,142,687 in gross income includes the decrease in
income, and the balance is due chiefly to the fact that during
Balance,surplus
19.485,014 14,455,363 operating eight months of 1921 the company was still operating its coal
the first
AND LOSS ACCOUNT DEC. 31 1922.
PROFIT
mines, and the income from those operations was included in income for
that year, while in 1922 there was no income from coal-mining operations,
-Balance brought forward from Dec. 31 1921
Credits
$106,345,371 the company's coal properties having been transferred to the Glen Alden
Surplus for 1922
Co. on Sept. 1 1921.
Adjustment of accounts in connection with final settlement 14,455,363 Coal
There is included in additional income, the sum of $4,699,063, which
with U. S. RR. Administration
represents the adjusted balance paid to the company in settlement of its
22,682,440
claims against the U. S. RR. Administration growing out of Federal control.
Total credits
$143,483,175
In the item income from funded securities, is included the sum of $2,Debits--Adjustment of guaranty claim under Transportation
400,000, being the amount of interest due annually from the Glen Alden
Act, 1920
51,757,594 Coal Co. on the mortgage taken by this company in payment for its mining
Surplus appropriated for investment in physical property
144,681 properties.
Expense.-Oiserating expenses show a decrease of $4,200,410. This
Sundry adJustments
46,817
decrease would have been substantially greater, however, had it not been
Profit and loss surplus
$141,534,082 for the two strikes.
bV
Er
APRIL 28 1923.]
TI-1111
CHRONICLE
Deductions from income on accounl/of expenditures for additions and
betterments were less than in the year 1921 by the sum of $373,018. This
was due to the fact that previous liberal expenditures of this character
were for construction of such a permanent nature that it was not found
necessary to make as great expenditures for these purposes as were required
in preceding years. The properties have been maintained on the same
high basis as in former years.
The dividends declared on the outstanding stock during the year, namely,
12%, amounted to $10,132,932. leaving a balance to surplus account of
$342,996.
-Company expended for new equipment during the year,
Equipment.
and for improvements to old equipment, $6.293.699. This covered the
purchase of 5 passenger locomotives, 30 heavy freight locomotives, 1
switching locomotive, 1,500 all steel hopper cars, 500 steel underframe
box cars. 2 all steel combination mall and -baggage cars. 3 industrial locomotive cranes. 7 refrigerator and heater barges and the partial cost of
2 new ferryboats; also, the cost of new and improved appliances to a
large number of freight cars that were rebuilt during the year. All of this
equipment was paid for in cash, out of the current resources of the company.
There were also purchased, for delivery in the early months of the year
1923, 5 new Pacific type passenger locomotives and 15 new heavy Mikado
freight locomotives. These additions to the company's locomotive equipment will practically restore its motive power to its normal condition and
make up, in large measure, the loss in condition brought about by the
strike of shop employees. As far as the company's passenger and freight
car equipment is concerned, it has been fully maintained throughout the
year and is in better condition than ever before.
Outlook.
-The outlook for the year 1923 is at present very promising.
The revival in general business and industrial activities during the last
half of 1922 has continued throughout the early months of the current
year, with every indication that the railways' facilities will be taxed to
their limit in the near future in handling promptly and satisfactorily
the volume of traffic they will be called upon to move. This company
will be prepared to handle its due share of same, and its earnings for the
year, both gross and net, should show substantial increases.
The usual comparative income account and traffic statistics were given in V. 116, p. 820.
GENERAL BALANCE SHEET DEC. 31.
1921.
1922.
1922.
1921.
AssetsLiabilities$
$
$
Invest, in road- 45,945,401 45,648,459 Common stock. 87,277,000 87,277,000
70,720
Invest,in equip_ 43,010,763 37,193,731 Prem.on cap.stk.
70,720
320,000
Impt. on leased
320,000
Fund.dt. unmat
railway prop_ 15,223,009 14,712,420 Non-negot. debt
91,598
Misc. phys.prop 2,255,445 2,262,020
to MM.cos_ _ _
Inv.in affil. cos.
Tref. & car eery.
10,805,157 10,704,837 bals. payable_ 2,769,752 1,959,058
Stocks
2,271,588 2,271,588 Audited accts. &
Bonds
4,055,799
4.088.299 wages payable 5,611,802 4,203,335
Notes
8,813
1,288,177
750,442 Misc.accts.PaY.
9,518
Advances._
3,182
0th.investmla_107,541.062 118,958.513 Int, mat. unpaid
3,092
17,879
2.421,284 4,549,045 Divs, mat. unp'd
Cash
18,891
3,369 Unmatured divlLoans& bills rec.
204,123
dends declared 2,533,233 6,755,288
Traffic.,&e., bal.
732,058
rec
Unmat.rentsaccr 1,434,035 1,449,832'
52,465
Misc.accts. rec. 3,301,916 3,024,802 0th.curr.
55,840
Mat'is & supp_ _ 4,234,722 5,297,303 Defer. liabilities
52,833
51,399
Net bal. rec. h.
Tax liability_ _ 2,003,962 3,640,636
agts. & cond_ 1,171,591
1,073,083 Insur., &c., res..
279,060
189,728
Deferred assets_
53,244
59,201 Accr.depr.,equip 23,369,518 21,296,697
Unadjus. debits 3,951,797 3,806,342 0th. unadl. cred 1,189.452 6,558.028
337.826
Oper. reserves._
239.110
Add'ns to prop.
thrInc.& surp 3,837,923 3,087,297
Profit and loss_ _117,304,031 116,961,035
1889
The company's franchise in Kansas City, Kan., expired by limitation on
Dec. 25 1922. Operations have continued without interruption or question. In connection with the reorganization of the property there must,
of course, be worked out some arrangement between the public authorities
in Kansas City. Kan., and the company. As a matter of fact, the Kansas
City, Kan.,franchise was in many respects very unfavorable to the owners
of the property, so that the expiration of the franchise cannot be considered a detriment to the property.
While a great majority of the 1st Mtge. bonds have been deposited with
this committee, nevertheless it is the desire of the committee that every
bondholder who has not as yet deposited his bonds with one of the depositaries should do so at the earliest opportunity, so that the committee may
have the united support of all let Mtge. bondholders, whose interest they
exclusively represent. Public sentiment towards the property has improved
very much.
-CALENDAR YEARS
INCOME ACCOUNT FOR ENTIRE SYSTEM
1922. • 1921.
1921.
1922.
Ky.oper.revenue_10,404,745 9.980.048 Interest on
Auxil. oper.rev__ _ 257,009
Funded debt.-- 1,683,810 1,683,810
494,002
3,778
Receivers' ctfs_
Total
164.734
Notes payable__ 159,454
10,661,754 10.474,048
Ky. oper. expense_ 8,605,736 8,375,228
Injury & damage
5,715
5,715
Auxil. oper. exp
cert.-Mo _ _ 145,307
312,538
Injury &damage
1.863
Total
1,863
cert.-Kansas
8,751.042 8,687.764
Net oper.revenue_ 1,910,711 1,788,284
353
4,604
Other obliga'ns.
:4
Taxes
533,594
478,623 Amort. of disct. on
50,861
4,029
funded debt_ _ _ _
Oper.Income_- 1,377,118 1,307,601 Miscell. debits_ _ _ _
531
33
1,258
Misc. non-op. In820
Int.on mtges. pay.
come-joint-- __
14,134
18,598 Int. on Wyandotte
16,505
16,505
Co. bonds
Grossinc.-joint 1,391,252 1,324,259 Int. on handhold.
Net surplus Income
32,199
32,199
Pro. Corn. notes
above6%-MoCo.'s proportion 1,391,252 1,324,259
let on secur.owne.d
91,977
38,471
Int. on bank bats_
7,276
7,283
Bond exch.feesoto.
21
Gross income co.- 1,490,5213 1,370.013
591,592
Net deficit
418,505
GENERAL BALANCE SHEET DEC 31 1922 (Co. ere Receivers Combined).
Assets
Liabilities
Road & equip.-missouri__ _$31,121,780 Capital stock
$100,000
Road and equip.-KanEas__- 5,998,315 Stockholders' equity
6,303,313
Sinking fund cash
425 1st Mcrtgage 5% bonds
15,917,400
Sinking fund securities
360,400 26 Mortgage 6% bonds
4,290,400
Miscell. physical property_ __
840 2d Mortgage 5% bonds
1,000.000
Other invest. & advances_
171.978 Real estate mortgages
15,000
Time certificates of deposit__
10,000 Car trust notes, Series"E"
11,629
U.S. Treasury certificates__ 2,455,000 Def'd injury & dam.ctf.6%_
120,297
Cash In bank
208,881 Notes payable
2,205,400
17,825 Vouchers payable
306,353
Special deposits
53,685 Payrolls payable
181,125
Bills for collection
352,128 Gen. claims allowed by Court
10.286
Employees' loan account_ _
715 Accounts payable
574,024
Employees' uniform account_
9,052 Matured fund, debt unpaid- 8,751,000
Treasurer's earnings
1 Matured dive. payable
30,000
Freight accounts receivable__
2,959 Matured int, unpaid on fundFuel
33,155
ed debt
5,893,535
Material and supplies •
715,345 Accrued Interest payable_ _ .._
735,071
Accr. int. U. S. eta., &e_....
31.820 Receivers' K. C. Rys. acc't
3.989
K.C. Rys. account
3,989 K. C. Rye. Co. property
Receivers K. C. Rys. Co
transferred
35,902,608
property transferred
35,902,608 Deferred liabilities
11.755
Total
248,487,737 254,301,454
Total
248,467,737 254,301,454 Insurance prems. paid in adv_
9,469 Accrued taxes
584,881
Disct. & expenses on bonds_ _
86,618 Reserve for amort. of french_
8,481
-V. 116, p. 1760. 1411.
Car trust notes in suspense"E"
11,629 Reserve for inj. & damages
3,395,415
Tickets in h'cle of sets. at thy_
83,715 Other reserves
102,455
The Kansas City Railways Co.
Conductors'token adv. acc't_
14,802 Unredeemed tickets
64.884
Suspense items
79,272 Kansas City, Mo., Burp. hie_
98,690
Profit de loss deficit
8,962,465
(Report for Year ended Dec. 31 1922.)
The protective committee (Melvin A. Traylor, Chairman)
representing 1st Mtge. bonds, in a circular letter dated
Chicago, April 21, accompanying a statement of the income
account of the receivers for 1922 and a detailed statement of
the assets and liabilities as of Dec. 31 1922, says in substance:
The receivers report the gross income for the first quarter of 1923 as
$388,550, being an increase of $43,332 over the corresponding three months
of 1922; the 1923 figures are after setting aside $43.649 for additional
maintenance of way and structures when weather conditions are favorable
for such work.
The number of revenue passengers carried In 1922 was 136,076.541,
against 130.843.482 in 1921; transfer passengers carried in 1922 numbered
68.191,873 and in 1921 63.880,843. Including employee and free passengers carried, the lines transported 205.544.606 passengers in 1922 and 196,1)23,605 in 1921. The revenue derived from paying passengers averaged
7.51c. in 1922, against 7.56c. in 1921. The average fare collected per
revenue, transfer and free passenger during 1922 was 4.97c., and in 1921.
5.01c.
There has been no change in fares in almost four years past; tickets are
still sold on a 7c. basis, token fares at 734c. and cash fares 8c. per passenger;
these rates were last extended from Nov. 1922 to May 18 1923 by the Missouri P. S. Commission. The same rates are in effect in Kansas. Children's fares aro continued at practically one-half the regular rates.
The number of revenue passengers carried in 1922 was the second largest
in the history of the property, but still approximately a million less than in
1917, although in this inter% al the population of Kansas City, Mo., and of
Kansas City, Kan., has increased from 415,000 to 470.000, or 13%, according to reliable statistics. The receivers estimate that in 1922 24.000.000 more passengers were carried in privately-owned automobiles than were
carried in such vehicles in 1917, and, because of this fact, and the higher
wages now prevailing, a reduction in the present rates of fare should not be
made. The elimination ofjitneys, which has been practically accomplished,
is the one thing that has made possible the operation of this property on such
a basis that operating expenses and taxes have been paid out of earnings.
Had the jitneys not been curbed, either a considerably higher fare would
have been necessary, or the loss to the property would have been so serious
consideration would necessarily have been given to the abandonment of
street car service.
On Dec. 29 1922 the receivers, by direction of the Court, abandoned service on the elevated road between Kansas City, Mo., and Kansas City
Kan.. as a result of the report of the engineers of the receivers and of the
two cities that the continued operation of cars over the structure would be
extremely dangerous, because of the fact that the structure is worn out.
The engineers also reported that repairs to the structure are impossible, as
the structure is so light and the wear has been so great that repairs cannot
be made.
On Jan. 31 1923 certain members of the 1st Mtge. bondholders'committee, certain members of the noteholders' committee and a representative
of the 2d Mtge. bondholders met in conference in Chicago, and it was the
unanimous sentiment of the representatives of the security holders that some
material concessions should be sought with respect to obligations now imposed against the property in the event the rebuilding of the structure be
ordered at the expense of the estate. The estimated cost of such reconstruction is $550,000. Due to the abandonment of service over the elevated
road, routes formerly operating thereover have been detoured on other lines
at some increase In cost, due to the lengthening of haul. At an informal
discussion of the matter with the Court, M. A. Traylor, Chairman, Silas
H. Strewn, and Richard J. Higgins, counsel for the committee, presented
the views of the security holders to the Court. No order has been made by
the Court requiring the rebuilding of the structure, but the matter is still
pending.
The principal liabilities of the property outside of secured debts are the
claims for personal Injury and damages, which must be disposed of before
reorganization is possible. Representatives of these claimants have raised
the issue of priority of these claims over that of the 1st Mtge. bonds and
Secured notes. The question has not yet been argued before the Court,
but it .s hoped that the matter lv 11 come up for disposal in the near future.
Total
-V.115, p.2478.
$77,721,985
Total
$77,721,985
United States Steel Corporation.
(Earnings for Quarter ending March 31 1923.)
The financial statement given out on Tuesday following
the monthly meeting of directors reports the total net
earnings of the corporation and its subsidiaries for the
quarter ended March 31 1923 as below shown:
The net earnings for the first quarter of 1923 are reported "after deducting
all expenses incident to operations, comprising those for ordinary repairs
and maintenance of plants, estimated taxes (Including estimate for.Federal
income taxes) and interest on bonds of subsidiary companies." The statement for the quarter ended March 31 1920 contained the same description
of net earnings except that following the words "maintenance of plants"
were the words "allowances of estimated proportion of extraordinary cost,
resulting from war requirements and conditions, of facilities installed.'
INCOME ACCOUNT FOR QUARTER ENDING MARCH 31.
Net after Taxes, &c.- 1923.
1921.
1922.
1920.
January*
$10,561,241 $4.654,134 814,387.474 $13,503,209
February*
6.180.685 10.157,896 12.880,910
9,527.181
March*
8,505,166
14,691.647
7.741,352 15,704.900
Total (see text above)_$34.780,069 $19,339,985 $32.286,722 $42,089,019
For sinking fund, deprec.
and reserve funds_
12,252.744
Interest
4.751,774
Prem, on bonds redeem_
257,500
8,364.289
4,866,464
200,000
11,630,383
4,975.734
205,000
10.765.318
5,079,816
212,100
Total deductions
$17,262.018 $13,430.753 816,811,117 $16,057,234
Balance
$17.518,050 $5,909,232 $15,475,605 $26,031,785
Div. on Pref. (1 ,),‘ )
6.304,919
6.304,919
6,304.919
6.304.919
Div. on Com.(1 ji 0)-- 6,353,781
6,353,781
6.353.781
6.353,781
Balance, surplus
$4,859,351def$6,749,468 $2.816,905 $13,373,085
*After deducting interest on subsidiary co.'s bonds outstanding. viz.:
1922.
1920.
1923.
1921.
January
$707,938
$698,547
$656,248
$685,593
February
707,065
698,070
656.958
684,135
March
685.556
707,998
650,441
No intimation is given as697.989amount reserved from the earnings of
to the
the quarter for Federal taxes. For the entire fiscal years the reports have
shown deductions as follows:
Taxes Entire Year1919.
1921.
1920.
1922.
Ordinary
•
1835,798,450 $37,683,727338.724.289 $29.594,337
Estimated Fed'l taxes
l 37,500,000 52,000,000
Unfilled Orders as Previously Reported (V. 116, p. 1145).
Mar. 31 '23. Dec. 31 '22.
June 30 '22. Mar. 31 '22.
Sept. 30 '22.
7,403,332
4,494.148
6,745,703
5,635,531
6,691,607
-V. 116, p. 1773, 1661.
International Telephone & Telegraph Corporation.
(Official Statement to New York Stock Exchange.)
The official statement in connection with the listing of
the company's stock on the New York Stock Exchange will
be found under "Reports and Documents" on subsequent
pages. See also V. 116, p. 1656.
1890
THE CHRONICLE
[voL. 116.
700
-ton steamer, while two tank steamers, each of 1,700 tons capacity,
are due in August.
Selling activities continued at the company's Venezuelan depots and
additional sales stations were established.
Despite the adverse local business conditions encountered during the
greater part of the year, which, however, showed distinct improvement
Operations.
-Operations were resumed on a limited scale in February during the later months, the sales of refined products, including fuel oil,
1922. after being closed down entirely since April 1921.
in Venezuela during 1922 were not greatly below those of the previous year.
Price of Copper.
The Curacao refinery was operated throughout 1922. In addition to the
-The price of copper varied within but narrow limits
throughout the year until the middle of December, when it rose to 14 cents refining of Venezuelan crude, several consignments of crude were received
and in the next fortnight to 14% cents.
from other fields.
In April 1922 the outstanding stock of the company was further increased
Consumption.
-While copper delivered abroad during 1922 was considerably greater than in 1921. yet the proportion of foreign deliveries by the issuance of 3,000 shares and the total outstanding Dec. 31 1922 was
272,436 shares.
to total deliveries was less last year than tile year before- While the outlook for an active foreign market for copper is dependent upon political
New Contract with Royal Dutch-Shell Group.
developments abroad, and eventual economic recovery of the Western
During the year a new contract, to take effect Jan. 1 1923. was negoEuropean countries which in the past constituted the principal export tiated with
Royal Dutch-Shell Group, who have been developing the
markets, nevertheless domestic consumption is greater than ever before Venezuelan the properties in
oil
which your company has an interest. The
and the copper industry is now facing a much brighter prospect than it
reasons for this change and the advantages to your company will be apparent
did a year ago.
upon a statement of the situation and a comparison of the interests assured
Production.
-In 1922, the metals produced from the ores of the branches to you under the old arrangement and under the new.
and subsidiaries were 87.806,403 pounds of copper, 8,996,448 pounds of
In 1912 company owned the Valladares concession, giving an exclusive
lead, 247,793 pounds of zinc, 1.870.564 ounces of silver and 17,071 ounces right until 1914 to search for petroleum and locate claims in what was then
of gold. There were also produced from purchased ores smelted. 1.691,149 thought and has since proven to be the best oil-bearing regions of Venezuela.
pounds of copper. 145,653 ounces of silver and 1.262 ounces of gold.
Company has also secured an option upon the Vigas concession covering
Including copper received from other sources. 151,836,758 pounds were the District of Colon,vhich has several promising but comparatively remote
sold and delivered to buyers at an average price of 13.34 cents per pound. oil fields. Company has already expended about $750,000 in exploring
net cash f.o.b. New York: To domestic trade. 99,861,185 pounds:to foreign these fields and it was then apparent that the amount required for developtrade. 51.975,573 pounds.
ment vastly exceeded its ability to finance. It, accordingly, entered into
The company sold and delivered: Of their own mine product, 72.211.216 a contract with the Group, under which your company was reimbursed
pounds; of copper from ores purchased, 2,116,076 pounds; of copper on for its expenditures and assured a one-quarter participation in all net profits,
commission, 77.509,466 pounds.
after payment of interest on investment.
The above consisted of: C*Q electrolytic, 151,586.755 pounds; P. D.
The arrangement was effectuated by the formation of the Burlington
casting. 250,003 pounds.
Investment Co., Ltd., which took over all of the shares of the corporations
In addition to the above, 12.107,633 pounds of copper were sold by the owning the Venezuelan concessions. [There is an outstanding
United Metals Selling Co.for company's account, being part of the balance 25% in the Colon Co., in which neither your company nor the interest of
Group has
of the metal taken over with the properties of Arizona Copper Co., Ltd.
any interest. The Group subscribed for £500,000 (approximately $2,500,Contract.
-Early in the year a contract was entered into with the American 000) of preferred stock carrying a 6% cumulative dividend; this, in addition
Smelting & Refining Co. for the refining of the blister copper at its Perth to one-half the net earnings of the enterprise. The Common stock was
Amboy plant, on a satisfactory toll basis, with the option of leasing and entitled to the other half, and such Common stock was divided equally
operating the refinery itself should this later be deemed desirable. After between company and the subscribers to the Preferred shares. The rea general overhauling, the plant was put in operation last fall and all payment to company of the $750,000 expended prior to 1913 came out of the
copper produced and sold by corporation is now being refined there.
capital thus secured, leaving for exploration and development approxiDividends.
-Regular dividends to the amount of 4% were declared mately $1,750,000.
during the year. As in previous years, the dividend declared in December
When this was exhausted, England had entered the war. and British corporations were under such Treasury restrictions as to make it practically
1922 was paid In January 1923.
impossible to issue new securities. Therefore, as money was required from
The usual income account was given in V. 116, p. 1659.
time to time for further development of this property, it was furnished by
your foreign associates on open account at varying rates of interest, eventuBALANCE! SHEET DECEMBER 31 [INCLUDING SUBSID. COS.]
ally at 3% above the Bank of England rate.
1922.
1921.
1922.
1921.
The further development of the property has proven its value beyond the
Liabilities$
A88648expectations of 1912. but up to the present time the cost of development
$
$
Capital stock
has run into very large sums of money, and no surplus profits have been
Mines Sr mining
159,778,363 158,635,915 (authorized,
claims
realized.
Buildings, &o 3.5,140,423 33,861,019 $50,000,000)
The prime reason for the delay in fully commercializing the enterprise
Issued
Stripping exp. to
50,000,000 50,000,000 was the Great War and the financial conditions which followed. In one
respect this has not been an ultimate disadvantage, because the large output
future oper'n_ 7,107,479 7.098,317 Arizona Copper
Ltd.,Preferred
of oil from the Mexican fields kept the price of crude so low that it would
Copper sold to
stock
x1,540,448 1,540,448 have been less profitable to have brought into the market at the same time
Exp. Assn.__ 71,247,554 2,873,046
Investments__ _ _ 5,150,600 5,205,095 Accts. payable &
another large competing oil production.
taxes accrued_ 18,570,669 17,003,304
Materials &supp 3,154,186 4,163,030
Company was not obligated to make any contribution toward the moneys
prepaid expenses
780,582
447,96; Dividends payrequired for development. but in three instances it deemed it wise to conable
500,000
Merchandise-.. 1,249,601
1,288,31;
500,000 tribu none-quarter, and such contributions aggregated $1,131,250. The
aeserves for deGroup furnished at the same time three-quarters of the moneys for these
Ores and concen1.722,344 3,692,55.
pletion
49,539,588 46,255,405 specific purposes. Interest was paid on advances made up to Dec.311919.
trates
Metals on hand
teserves for dewhen Caribbean shares were issued at par for the amount, one-quarter of
-Copper at
preciation
13,792,877 11,773,655 which were delivered to company, which since that date has received no
'lupins
92,760,047 100,585,679 return on this investment. In addition to these joint advances, the Group
cost, silver Sc
gold at market 1,843,335 3.752,05
has advanced on open account further sums aggregating at par for sterling
Accts.receivable 7.785,732 3,351,13
about $16,000.000. No interest has ever been paid on these sums and no
1,943,431 3,292,03
Cash
dividends have ever been paid on the Cumulative Preferred shares of the
2otal (each slde)228,703,828 227,658,489 Burlington Co. held by the Group. The net result was that as of Dec. 31
1922 the enterprise was confronted with a callable unfunded debt of the
x Preference stock of Arizona Copper Co. Ltd., is to be retired prior above ($16,000,000). and considerably over $3,000,000 in interest, together
to Sept. 30 1926. £316,530 outstanding. y Copper sold to Copper Export with £269.65 ($1,315,000) accumulated dividend upon Preferred shares
Association,Inc.(at cost,less amount received on account)
.-V.11641.1669. held by the Group. The indebtedness, even in these times, could only
have been refunded at what seemed prohibitive interest rates, and even had
the principal been refunded, the enterprise would not have been in a position
General Asphalt Company.
to pay dividends on Common stock until all accrued interest and Preferred
dividends had been discharged out of earnings. These charges, which
(20th Annual Report
-Year ended Dec. 31 1922.)
were constantly growing, exceeded $4,000,000 in Dec. 1922.
entirely
The management, therefore, undertook the
President Arthur W. Sewall, Camden, N. J., April 10, new form of contract which would permanently negotiation of ancompany
eliminate for the
all questions of interest charges, refunding and accounting, which would
reports in substance:
the treasury the capital which it had advanced, and assure the
Balance Sheet.
-Changes growing out of the sale of securities and the re- return to
date of the new
the
arrangement of the Venezuelan contract with the Royal Dutch-Shell group company from the accomplished by contract a current return from in
an agreement reached and signed
Property. This was
are reflected in the balance sheet, viz.: a higher ratio of quick assets to beeember under the terms of which company, in place of one-quarter of so
current liabilities, disappearance of all but a small Item in stocks and bonds much of the net profits as would have become available for dividends, is to
of outside companies, capitalization at a nominal value of the royalty conregularly, in kind,one-eighth of the actual production in oil. [In the
tract and,in accounts receivable, the balance payable by the Royal Dutch- receive Colon territory, it is one-eighth of three-quarters only.] The Group
of
Shell Group uipon the execution of formal papers, now in the course of case
has further undertaken regularly to deliver that oil at deep water at a figure
preparation. Under the heading "The Caribbean Petroleum Company" which has been estimated to cover the actual cost of such delivery.
the Venezueland contract changes are discussed in detail.
The new arrangement is in accord with the customary procedure, where
Results.
-The volume of business was $12,059,946. contrasted with oil-bearing territory is to be developed by outside interest
-a royalty in oil
$9,915,790 for 1921. Net profit for the year was $611,126, the previous being reserved instead of a percentage of profits: and while in such affairs
year having made a loss of *740.942. Of the net profit, $74,451 arises out there is a wide variation in rate of royalty, due to special circumstances, it
of the sale of shares in Llinmer & Trinidad Lake Asphalt Co., Ltd., of Great may be stated that as a general rule one-eighth royalty at the well is conBritain. and $368,750 from the sale of shares and adjustment of interest sidered substantially equal to one-fourth of the net profits from operation
and accumulated royalty under the Venezuelan contract.
where there are no excessive interfering charges for interest or return on
After payment of preferred dividend ($370,804) and other deductions Invested capital. In the former arrangement, such interest had to be
the surplus account stands at $3,848,287, an increase of $78,939.
taken care of before the profits in which the company participated to the
Shipments from Trinidad, ttc.-Shipments of asphalt from Trinidad extent of one-quarter were ascertained; and the vast sums already and yet
totaled 141,148 tons, 92,251 tons the preceding year; of this, there were to be expended before this enterprise could be fully commercialized would
shipped to the United States 80,350; to Europe,48,690. and to other foreign have resulted in too heavy future interest charge against profits from
countries, 12,108 tons. Shipments from the Bermudez Lake were 32,975 operation in addition to the accumulated interest which was yet to be
taken care of. This situation was a moving consideration to your managetons, all to the United States, contrasting with 48,952 tons for 1921.
Production of crude petroleum in Trinidad was 385,191 barrels. 355,337 ment in negotiating the new contract.
In addition to the royalty in oil, the company receives a cash considerabarrels were produced in 1921.
down when the agreement
General.
-Favorable recognition of the valuable qualities of native lake tion of $1,500,000, of which $500,000 was paid
asphalts in foreign countries was evidenced by initial orders aggregating was consummated in Dec. 1922; the remaining $1.000.000, with interest
from Dec. 31 1922. to be paid upon the execution and delivery of all the
$600,000 from Japan, India, Egypt, Australasia and Africa, by the business
from Europe and a satisfactory volume from South America. Paving plants formal papers.
This figure appears in the accounts as a return of the former advance of
and machines have been sold in Japan. Mexico and India; and a considerable
$1,131,250, the balance being credited to interest and royalties to Dec. 31
quantity of Gilsonite in England, France and Germany.
royalty and amounting in the
Company's new plant at Maurer is now turning out from 2 to 2M times 1922. The sum credited as interest andfor the year 1922. No attempt
as income
as many units per man-hour as was done in the old plant destroyed by fire, aggregate to $368,750, appears royalty contract at any figure approaching
made to capitalize the
which is of particular importance because of acute shortage of labor. The has been
for convenience in accounting the nominal book value
reconstruction of the power plant materially reduced fuel consumption and Its real value, but interest was formerly carried ($647,305) has been transdecreased the labor required by two-thirds, the basic scale of which in- at which the share
ferred to Venezuelan royalty account. The new contract also reserves to
creased 25%.
company, as did the old, all deposits of native asphalt that may be
Caribbean Petroleum Co.
-No surrenders of mining areas occurred during the
within the territory covered by the royalty agreement.
1922; under the Valladares contract there remain 25() areas, approximating found advantages of this adjustment of relationship are: (1) The securing
The
312.500 acres.
the company tit an immediate current return from these properties
Drilling was continued on test wells in the Limon and Miranda fields. to
by operation costs or interest charges; and (2) a return to the
The progress of those wells was somewhat retarded by mechanical diffi- unaffected
capital of the company of $1,131,250. heretofore expended for
culties which, however, were surmounted toward the end of 1922. and it is working
Venezuelan development, together with $368,750 realized in 1922 as internow hoped that the tests will continue without further interruption.
return on the enterprise to date.
In the Mene Grande field drilling operations were actively pursued with est andterms of the readjustment were naturally a compromise between
The
the result that, on Dec. 31 1922. there were 13 producing wells In that field the views of the contracting parties. The management believes that apart
drilling was in progress at 11 additional locations. Approxi- from the benefit which the company gains by changing its position from
and further
mately 2,335,000 barrels of crude oil were produced during 1922, & casing_ that of junior partner to landlord, the terms of the agreement were a fair
head gasoline extraction plant was completed and put into successful compromise of conflicting views.
operation in November.
The royalty agreement covers all lands embraced within the Valladares
Transportation of fuel oil to the company's Venezuelan sales stations,
and Vigas concessions, the only concessions which the company turned
and of fuel oil and crude oil to Curacao, was facilitated by the arrival of the over to the Group. While the old agreement was in force,company received
-ton tankers. Approximately 1,810,000 barrels of crude oil and a share of certain bonefits which the Group derived from an investment in
two 1,200
71,000 barrels of fuel oil were carried to Curacao by the available craft, shares of the Venezuelan Oil Concessions. Ltd. These properties never
in addition to which a large quantity of fuel oil was delivered at the com- formed part of our enterprise in Venezuela, nor had our company any
pany's stations in Venezuela, Steps are being taken to augment transpor- interest in production from that company's territory. The royalty, howtation by water, while an intensive study is in progress of other and perhaps ever, will continue not only for the life of the present concessions, but for
more economical means of handling the increasing output. An additional any extension thereof, and it is important to note that during the latter
-ton steel barge reached Venezuelan waters early in Feb. 1923. Later p irt of last year the titles secured under the Valladares concession, which
1,400
-ton barge, and a would have expired in 1944, have been extended for 30 years to 1974.
additions daring the spring will consist of another 1,100
Phelps Dodge Corporation.
(Annual Report for Year ended Dec. 31 1922.)
Pres.Walter Douglas, New York,March 20,wrote in subst.:
APRIL 281923.1
THE CHRONICLE
COMBINED RESULTS, INCLUDING SUB. COS., CAL. YEARS.
1919.
1922.
Income from1920.
1921.
Sales of asphalt and as$8,883,414 $7,176,944 $11,763,822 $12.174.264
phalt products
1,356,263
649,249
Sales of misc. materials_
1,222.793
Foreign sales
800,780
34 - A4
8
Income from paving-1.199.470
1,462.408
1,425,102
126.194
595,943
Inc.from misc. paving
Sales of paving machinery, &c
512,530
314,630
611,240
Income from misc. work.
411,669
138,767
Miscellaneous income___
131,380
198.335
241.739
Total income
$12.059.946 $9,915,790 $15,014,470 $14,755.610
Expenses
Cost of asphalt and asphalt products
$7,700,578 $6,339,828 $9,017,836 $10,184,876
1.028,107
Cost of misc. materials_
471,126
Cost of foreign sales..
824.709
706.463
Cost of paving roads,&c. 1,241,684
360,688
1,409.462
1.297,970
Cost of paving mach.,&c.
527.444
289,724
Cost of misc. paving_
126,946
642.692
Depreciation
183.302
305.831
293.702
314,462
518,922
Miscellaneous
272,362
332,618
232.109
Sundry branch expenses_
41,400
50.063
42,195
28.556
Total expenses
$10,869,543 $9,302.500 $12,169,373 $12,444,240
Net trading profits
013,290 $2,845,097 $2,314.370
$1,190,403
Rents from real est., &c_
1.366
Interest received
85.374
64.565
38,540
34,692
Int. & div. on investm ts
13,009
13.568
14,983
24,538
Int. rec'd from sale of
sec., adj. of int., &c
443.201
1891
Costs at current prices of such large amounts of coal when compared with
the entire yearly expenditure of this company for operation. taxes, &c.,
will in some degree make obvious the economic advantage of hydro-electric
•
energy.
Sale of Pref. Stock. A substantial part of the moneys required for the
new construction was obtained by the sale of the company's capital stock.
After having first been offered to stockholders, the Cumul. 7% Pref. stock
was offered to employees with the privilege of installment payments.
The employees also were organized as a sales force to offer the Preferred
stock to the public, first at par and, later, at a small premium. Approximately $4,397.800 Pref. stock was taken by stockholders or otherwise
subscribed. The directors hope to be able to raise such funds as may
be necessary to complete the work by the issue and sale of still further
shares in the capital stock.
No. of Stockholders.
-The total number of stockholders Jan. 1 1919 was
303. On Jan. 1 1923 there were 4,740 stockholders, more than 71% of
whom live in western New York. Upward of 96% of all persons at least
6 months in company's service now participate in ownership as well as
In operation of the company's properties.
Acquires Remaining Capital of Niagara Junction Rg.-During the year
company completed the acquisition of all remaining capital obligations
of Niagara Junction Ry. theretofore outstanding in the hands of the
public. Accordingly, in this report the income and indicant accounts of
the railway company heretofore stated separately have been consolidated
with those of the company and Canadian Niagara Power Co.
CONSOLIDATED BALANCE SHEET DEC. 31.
Includes Niag, Falls Pr. Co., Canadian Niag.Pr. Co.& Niag. Jet. Ry. Col
1921.
1922.
Liabilities(conch
S
Subs. to cap. stk.
587.42$
(partly paid)..... 299,105
Corn. stk. subs. to
149,835
Total net income
$666,812 $2,923,230 $2,411,119
by employees___ 236.095
$1,692,834
Deduct
Prem. on sale of
Branch office discounts_ $124,861
$94,630
$71,309
12,408
Preferred stock..
General expenses
559.017
$578,860
609,798
37,914,000 38,151,000
Funded debt
293,451
138.076
120.000
144,500
Res've for depr. of accts.
80,000
50,731
Mtges. on real est..
128,187
Int. on loans and mtges201,274
127,298
81,468
293,778
153.613
Accts. payable_ _ _ _ 365,144
151.088
Prov, for taxes &
419.842
Debenture interest, &c-393,065
149,588
142,807
50,396
Capital stock & inc. tax..
311.941
31,588
rent
383,329
.513,805
9,112
5,130
3,315
Other expenses
Unmet. accr. list.... 307.986
309,170
Mat, coup. reg. &
$1,081,709 $1,407.755 $1,457,841 $1,098,723
3E4,501
Total deductions
other interest _ _ _ 372,076
Z611,126 loss$740.942 $1,465,389 $1,312.396
Net profits
Div.checks not pre
616
1.014
Excess cost of maintainPref. div. pay
207,228
271,353
_
36,419
28.678
31,734
40.153
Res.for accr.amor.
ing Pavements_ _
Reserve for debenture reof capital, &c
3,966.115 3,422,582
demption of New TrinExc. of assets over
Ltabilgies,Ltd..
132,706
117.719
84,662
idad .Asphalt Co.
104.653
Rah. upon cons.. 491,638
473,843
Dividends on Pref.(5%)
370,804
a578,949 7% Pref. stock___15.505,900 11,841,600 Fixed & undist.sur 236,644
374.430
379.956
235,372
Reserved for pensions_
25.000 Common stock_ _14,521,900 14,494,300 Surplus
25.000
2,138.761 1,777,088
Can. N.P.Co.stk.
owned by others
Balance. surplus
$78,938df$1,273,244
$587.367
2,500
2,500 Tot.(each side)_77,205,175 72,840,354
$924,046
The usual comparative income account was given in
a After deducting amounts received by subsidiary companies.
COMBINED BALANCE SHEET, INCL. SUB. COMPANIES, DEC. 31. V. 116, p. 729, 1657.
1922.
1921.
1921.
1922.
Deere & Company.
Assets14a5110fez$
$
$
Property account_36,210,125 36,154,252 Preferred stock__ 7,416,000 7,436.100
(Annual Report
-Year ended Oct. 31 1922.)
Stocks and bonds
Common stock_ _23,584,000 23,563,900
of outside cornGen.Asp.Co.debs. 1,258,000 1.258,000
Results.
-The report of operations of Deere & Co. and subsidiaries
Panics
48,715 1,601,146 ConverVle bonds of
for the fiscal year ended Oct. 31 1922, shows a loss from operations, before
Securities
---300,000 Gen.AsphaltCo. 3,810,500 3,902,900 charging admin. and gen. exp., int.. &c., but after making provision for'
Venezuela royalties
Debentures of cos.
taxes. deprec., cash discounts, possible losses in receivables,
contracts
647,305
132,405
not owned
382,180 $1.019,328. The total loss for the year, after deducting admin.&c.. o
& gen.
Prepaid expenses_ 266,010
238.252 Collateral loans_
250,000 exp. of $595,397 and interest on notes payable. &c. (net) and amortization
Inventory at cost- 2,878,248 3,434,225 Reserve for paveof discount on 10
-Year
% gold notes of
to
1,341,521 1,109,495
36,994 $2,520,779. After paying $1,312,500 dividends $933,054. amountedthe
Cash
42,772
ment mainVee__
on Preferred stock,
Accounts receivle
Notes & accts. pay. 2,582,875 2,346,515 profit and loss surplus at Oct. 31 1922 amounted to $8,201,408.
and securities. a3,102.291 1,646,182 Res.for Fed.taxes 104,697
92,297
Sales during the year were slightly less than those of 1921, and were
8% bond sinking
Res.for deb.red'n. 1,519,109 1,374,434 about 40% of normal.
208,708
fund
The loss for the year approximated that of 1921. This loss was caused
101,343 Reserve for 8%
cony. bonds..._ 189,500
97,100 largely by the liquidation of inventories, which were reduced $8,431.895.
______
Res. for fire insur_
36,043 and the consequent restriction of f,ctory operations which during the year
were about 35% of capacity. The period of liquidation has practically
Conting. reserve... 181,008
39,082 passed, however, and factories are now operating at about 66 2-3% of
31,776
Res've for pensions
3,848.287 3,769,349 capacity.
Surplus
Working Capital.
-As stated, inventories were reduced $8,431,895 to
Total
44,700,929 44,584.895 Total
44,700,929 44.584,895 $21,232,709. Collections were good and resulted in a decrease in the notes and accounts receivable. By reason of this condition, company
a Includes notes receivable, $384,706; accounts receivable, $2,417.937; has been able to pay off its notes payable and subsidiary bonds amounting
securities, $383,965; total, $3,186,608; less reserve. $84,312; balance above, to $4,933,000 and reduce its other current liabilities. However, the net
$3.102,297.-V. 116, p. 1654.
working capital of the company has been reduced, owing to the loss from
operations and the payment of the 3% dividend on the Preferred stock.
Net working Capital on Oct. 31 1922 amounted to $23,712,911, against
The Niagara Falls Power Co.
$27.258,014 In 1921 and $34.084,562 in 1920.
(Annual Report
Capital Expenditures.
-During the year company purchased the ware-Year ended Dec. 31 1922.)
house property in Milwaukee.
which has been occupied for several
Power Distribution & Development.
--In addition to increased use on the
Wis.'
Niagara Frontier, the power generated in the company's system plants years under lease by the John Deere Plow Co. of Moline.
Reserves.
-The total reserves for (1) depreciation of property and equiphas come within the past two years to be widely distributed anti used ment.
(2) losses in
throughout most of Central and Western New York. Resumption of and pension funds, current assets, (3) contingencies, and (4) insurance
amounted to 88.174,127 against $7,722.501 in 1921.
more nearly normal activity in the industries in the district served resulted
Reserves
In a large increase in demands for power for present use and for power and the for depreciation (85.469,853) cover the invisible wear and tear
obsolesnence of property and equipment, and do not include any
contracts to supply conditions of expected growth.
for losses in current assets
Every effort was made to meet the demand and to prepare for such amounts for maintenance. The reserveall
meet
possible losses in customers'
increase in power use. The plant constructron program was revised to (81.630,823) is more than ample to in
accounts, including extra expenses
connection with the collection of
the end of bringing the new generating installation into service at the the accounts.
earliest possible date consistent with efficient work.
General.
-The past two years have been exceedingly trying for the
Under the project construction undertaken pursuant to the license
granted by the Federal Power Commission in March 1921, the trans- Implement industry. In 1922. as in 1921, farmers bought only to supply
their
forming and switching station at Echota. approximately the centre of springmost urgent needs. The bottom was apparently reached in the
of 1922. Since that time improved prices of farm products have
the up-river power use, was completed during the year. It is designed
for upwards of 200,000 h. p. The new power transmission line to Buffalo enabled the farmer to come into the market for agricultural implements.
and there has been a slow, but steady, Increase in the purchase of farm
via Grand Island, crossing and re-crossing the Niagara River on high steel
tower structures, has been completed. The gigantic tunnel supplying supplies, resulting in increased factory operations.
The marked disparity between the prices the farmer receives for his
water from the upper Niagara River has been excavated to full size throughout its entire length of 4.400 ft. and its concrete lining poured. The produce and the prices he is compelled to pay for his purchases is largely
site of the foundations for the power house below the high bank of the clue to the very high freight rates, to the fact that coal is 137% above prewar level, material prices about 92% higher, and to the increasing burden
lowcr river has been excavated and concrete for 2 of the new generating of taxation.
units is now in place.
While the outlook for 1923 is brighter than for the two preceding years,
As revised, the new generating installation consists of 3 great hydroelectric units each of 70,000 h, p. capacity, placed in the gorge of the a lowering of all these items of cost is essential to a return to normalcy.
lower Niagara River and operated with water brought from the pool
The usual cornparative income account was given in
above the Falls. The hydraulic head driving the turbines is approximately
215 ft. It is now planned to put one of these large units into service in V 116, p 726.
.
.
time for the seasonal peak loads of next fall and the other 2 early in 1924.
CONSOLIDATED BALANCE SHEET OCT 31.
Already there are indications that by the time the new installation is
completed the power demand in the wide district now served may be
1922.
1921.
1922.
1921.
Assetsconsiderably in excess of the amount which can be furnished by this
$
Liabilities$
$
$
Real estate, bldge.,
company under limitations imposed by its Federal license.
Preferred stock. y35,000.000 3.5,000.000
and equipment_21,169,971 21,088.151 Common stock__z17,904,400 17.904,400
On the American side of the Niagara River, company is restricted to
the use of 19.500 C. f. s. and,in turn,the present terms of the treaty between Timber lands, &c_ 3,425,521 3,191.127 10-Year 734% gold
the United States and Great Britain limit diversion by all companies for Trade-marks, pat10,000,000 10,000,000
notes
ents& good-will _17.904,400 17,904,400 Subsid. companies'
power purposes there to an aggregate daily diversion from above the
falls at the rate of 20,000 cu. ft. of water per second. The new plant Prof. stock owned_ 1,424,500 1,422,600 bonds& mtges_
55,000
will be in service and, doubtless, fully in use in 1924. Except for the Com, stock owned 435,850
345,250 Dividend payable_ 262,500
limitations imposed in the use of water, the company then will be in Inventories
4.878.000
x18,990,202 26,571,930 Notes payable_
position immediately to meet any further
requirements Deferred charges__ 1,206,782 1,358.730 Accounts payable_ 1,687,217 1,424.209
on the Niagara Frontier as well as elsewherepressing power western New Govt. bonds
48,342 Accrued taxes____ 2,279,806 3.633.285
in central and
York to the extent of approximately 100,000 h. p. with generating ma- Cash
a8,I74,127 7,722.501
4 075,663 3,787,892 Reserve
Notes& accts. ree.14.856,369 16,890,344 Surplus
chinery already installed.
8,201.408 12.034.686
Output.
-The aggregate output of its generating system in 1922 was Ins,fund Invest.....
95.315
2,252.248.525 kilowatt-hours, the company thereby resuming its premier
position among American companies. in the output of electric energP.
Total
83,489.258 92.702,082
83,489,258 92,702,082 Total
Economic Advantage of Hydro-Electric Energy.
x Inventory at
821,232.709. less reserve for
-The 1922 output of this
system conserved not less than 2.670,000 tons to the world's supply of possible inventorylower of cost or market.
issued, $37.828,500.
losses. $2,242,508. y Pref. stock
coal. Upon the completion of the new development the production of less stock in treasury, $2,828.500. z Common stock issued. $21.572.800,
the company's then probable annual output should
require in excess of ess stock held in treasury, $3.668,400. a Reserves: against property and
3,880.000 tons of coal used under conditions of the high efficiency (2.37 equipment,85,469.853, against current assets, $1,630,823, agaWst insurance
lbs. of coal per kw.
-hr) attained in
most efficient steam driven power1921 in the world's largest and probably and pensions. $463,451, against contingencies. $430,000. Preferred stock
plant, and should
Note.-Unde hired cumulative dividends on the 7%
,
5,500,000 tons of coal under average conditions inrequire in excess of amounted at Oct. 31 1922 to 5%,or 51,750,000.-V. 116, 9.726.
coal-using plants.
1922.
1921.
Assets$
Real est., transm.
mjrde
64,046,351 59,471,089
Sinking
system,f
9,298
3,987
Invs G0vt dle b ed)_ 1,469,715 3,769,500
tr ezts ( . gonds
.p
(pledged)
890,000
Invests. (Impl'g'd) L7869401°075
Cash
1,807,800 1,354,612
Cash deposited__ 373,090
385,117
Loans
400,000
Notes & accts. rec_ 1,328,287 1,328,365
Misc. bds., stocks,
& mortgages-- 2,183,569 1,982,058
supplies.. 459,195
in.
411,392
Mat
pal*
Pred taxes,
unamlnlrandrtcei.ed --- 637,233
.&e n
548,818
bond
disc. & expenses 2,235,763 2,315,417
1892
THE CHRONICLE
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
[Vol,. 116.
Brooklyn Rapid Transit Co.
-The
-Time Extended.
time for deposit of securities and claims under the reorganization plan has been extended until May 10 1923.
The stockholders' committee announces that of the $90,700,000 bonds
and notes called for deposit, 90% have approved the plan; and, in the case
of some issues, 100% of the securities have already been deposited. Of
the $74,000,000 stock outstanding, 67% has been deposited and the first
installment of the assessment paid
The committee says that this almost
unanimous approval by security holders assures consummation of the plan.
Earnings for March and Nine Months Ended March 31 1923.
1923- farch-1922.
1923-9 Mos.-1922.
Operating revenue
$3,173,820 $2,962,297 $27,016,021 $25,448,985
Net after taxes
1,017.560
930,924
7.273,533
7,446,058
Total income
1,164,440
1,184,871
8,809,038 8,598,662
Surplus after charges_
441,613
350.341
2,012,041
2,174,121
116, p. 1754, 1759.
-Roads will be asked by
Formal Requests for Wage Increases to be Made.
Brotherhood of Railway & Steamship Clerks, Freight Handlers & Station
Employees to grant wage scale in effect prior to July 1 1921. "Times"
April 21, p. 15.
Canadian Pacific Ry.-Redemption of $52,000,000 Note
-Grant increases
Pennsylvania and Boston & Maine Roads Increase Wages.
ranging from 1% to 3% cents an hour to common laborers. "Times" April Certificates.
24, p. 28.
The note certificates aggregating $52,000,000, issued in 1914 and due
- March 2 1924, will be redeemed on July 10 at par and interest at the Bank
Cleveland Cincinnati Chicago c% St. Louis Ry. Also Increases Wages.
Grants increase to waymon and shopmen. "Times" April 22. Sec. 2, p. 15.
of Montreal, in London. Montreal or New York (see annual report for the
Railroad Expressmen Ale Request for Ten Cents an Hour Wage Increase year 1922 published in V. 116, p. 1436).-V. 116. p. 1410, 1404.
-"Times" April 25. p. 9.
With RR. Labor Board.
-S. C. Commission Mileage Book Order-Petition
Injunction Halts I.
Capital Traction Co., Washington, D. C.
-Ann, Rept.
-1.-S. C. Commission will appeal case to Supreme
Signed by 50 Roads.
Calehdar Years1922.
1921.
1920.
1919.
Court. "Evening Past" April 23. p. 2.
revenue
$4,994,044 S5,501.200 $5,466,518 $4,535,661
Commission Postpones Date for Sale of Mileage Books to Jan. 1 Operating expenses
-S. C.
I.
Operating
33,167.211 $3,220,741 $3,302,062 $2,831,159
-Action taken to avoid confusion resulting from Court action in Taxes
1924.
436,093
573,520
541,728
313,334
case of Eastern roads and from possible appzals by Western and Southern
carriers. "Times" April 26. p. 10.
Operating income_ _ _ _ $1,390,739 $1,706,940 $1,622.729 $1,391,167
Freight Rate Reductions -Southern Pacific and Union Pacific reduce rates Non-operating income
34,906
18,412
8,999
12,942
between Chicago and West coast on many commodities, effective April 17.
(These reductions were first announced about a month ago.) "Philadelphia
Gross income
$1,425,646 $1,725,351 $1,631,728 $1.404.109
News Bureau" April 24, p. 2.
291,017
302,731
295.509
280,713
-Rate on iron from Michi- Interest leased roads,&c
1,-S. C. Commission Orders Ore Rates Reduced.
Rent for
14.638
17.922
18,139
9,904
gan and Wisconsin to Lake ports reduced from 5 to 18 cents per ton, accord- Dividends
840,000
720.000
840,000
720,000
to shipping point. "Times" April 24, p 30.
kawanna RR. Ordered to Reduce Hudson River Ferry Rates.
-I.
-S. C.
Balance, surplus
$606,072
$264,991
$571,703
$393,493
Commission orders rates on automobiles, other vehicles and livestock P.&
$1,354,567 $1,089,586
$693.544
$497,355
reduced as follows: (1) from 17 to 12 cents; (2) from 75 to 50 cents, and -V.L. surplus
115. p. 1320.
(3) for cows,from 13 to 9 cents. "Wall St. Journal" April 26, p. 3.
-Reports received from the carriers by the American
Freight Car Repair.
Central Indiana Ry.-8750,000 1st Mtge. 4s Guaranteed
Railway Association show that on July 1 1922 there were 324,583 bad order
freight cars on the railroads of the United States. This number represented by C. C. C. & St. L. Ry. to Be Taken Up by that Co. May 1.
All 1st Mtge.4%,expressed to mature May 1 1953, have become due and
14.3% of the total cars owned. On Dec. 1 the total number of bad order
cars had dropped to 226,288 or 9.9% of the total. On April 1 a further payable because of a declared default of the company In the payment of
interest thereon, and proceedings, instituted by the Central Linton Trust
decrease to 206,312 or 9% was reported.
-On April 1 the number of bad order locomotives was Co., New York. as trustee, to foreclose the mortgage under which the bonds
Locomotive Repair.
14.452, or 40 more than on July 1 of last year. The ratio to the total were issued, are now pending in the U.S. District Court for Dist. of Indiana.
The Cleve. Cin. Chic. & St. L. By, guarantor of $750.000 of the bonds
number owned was 22.4% in each instance.
If the program of restoring equipment to the condition outlined recently of the issue, gives notice that it is prepared to take up such guaranteed
by the executives is accomplished, about 4,250 locomotives and 98,000 bonds on May 1 1923 at par with int, accrued to that date, hereby disclaiming any obligation as to interest upon such bonds beyond that date.
freight cars will be added to the serviceable equipment of the country.
.-Freight car loadings for the week ended April 14 reached Bonds should be presented at the office of the O. C. C. & St. L. By., New
p Car Loadings
,
the highest point for the year 1923 and came within 7% of equaling the York Central Bldg., 466 Lexington Ave. New York, being the agency of
best record recorded by American railroads for any one week, the record the Central Indiana By. at which the prIncipal and interest of the bonds
week having been the one ended Oct. 15 1920, when 1,018,839 cars were are payable. Coupon bonds should have May 1 1923 and subsequent
-V. 115. p. 2045.
loaded, or 72,080 cars more than the April 14 1923 total, which was 946.759 coupons attached.
cars. Of this number, loadings and merchandise and miscellaneous freight
Chicago & Alton RR.
-Listing.
accounted for 583,132 cars, or 61%% of the total. Total loadings foe the
year UP to and including the week ended April 14 amounted to 113.172,949
The New York Stock Exchange has authorized the listing of Bank of the
ears, against corresponding figures of 11,307,305 cars in 1922 and 10.412,931 Manhattan Co. and National Bank of the Republic of Chicago certificates
In 1921.
of deposit for $19,557,900 Preferred stock and $19,542,800 Common stock.
Total loadings for 5 weeks compared with corresponding totals in previous -V. 116, p. 1274, 1176.
ars are as follows:
1922.
1923.
1921.
Chicago Rock Island & Pacific Ry.-Equip. Trusts.
1920.
700,155
946.759
April 14
702,116
601,605 Subject to the approval of the I.-S. C. Commission, the
714,268
895,767
694.881
April 7
800,709
827,011
938,725
663.171
Mar.31
858,827 company has sold to.a banking group headed by Freeman &
846.035
917,036
686.567
Mar.24
900,386 Co. an issue of $8 550,000 5% Equip. Trust certificates
1
823,369
904,286
691,396
Mar. 17
855.060
maturing in 30 semi-annual installments from Dec. 1 1923
Increases In the loading of every commodity showed substantial increases
over the corresponding week of last year and with few exceptions showed to June 1 1933, incl. A public offering will be made next
gains over the previous week in which a reduction in the total was caused week.
by the celebration of the Easter holidays, particularly in the coal mine
The total cost of this equipment is to be approximately $10,764,747 and
region. The gain in merchandise and miscellaneous freight, amounting to the company is making an initial cash payment of slightly over 20% toward
27.104. as compared with the previous week, 71,490, over the same week of the cost and issuing certificates for the balance. It is stated that all of
over the same week of 1921, was the greatest gain of all the equipment was ordered in 1922 at prices much lower than those now pre1922, and 132,385
commodities.
vailing. The equipment consists of 500 coal cars. 500 box cars, 250 flat
-On April 7 shortage of freight cars totaled 58,237, a cars, 500 automobile cars, 250 refrigerator cars, 50 steel suburban passenger
Car Shortage.
decrease of 10,749 compared with that on March 31, according to reports cars, 20 mountain type locomotives, 54 Mikado type locomotives,6 Mikado
filed by the carriers with the Car Service Division of the American Railway type locomotives equipped with boosters, feed-water heaters and oil-burnAssociation.
-V. 116, It• 1759, 1753.
ing equipment.
Shortage in box cars amounted to 26,899, which was a decrease since
-Bond Interest.
Chicago Railways Co.
March 31 of 3,950, while the shortage in coal cars totaled 24,539, or a
period.
decrease of 4,742 within the same
The directors have ordered payment on May 1 of the annual interest on
Reports also showed a shortage of 894 for stock cars, 507 less than at the 4% (non-cum.) Adjustment Income bonds for the year ended Jan. 31
the beginning of the month, while a decrease of 549 was reported for 1923.-V. 116. p. 1648.
refrigerator cars within the same period which brought the total to 7,161.
Cleveland Cincinnati Chicago & St. Louis Ry.-To
On April 14 shortage in all classes offreight cars totaled 48,584,a reduction
of 9,653 compared with that which existed on April 17.
Up $750,000 Central Indiana By. 18t 48 on May 1.This reduction in the shortage took place in the face of an increase of Take Central Indiana By. above.
-V. 116, p. 1176.
See
nearly 51,000 cars in the total loading of revenue freight during the same
pmiod and was due principally to greater efficiency in the movement of
Decatur (Ill.) Ry. & Light Co.
-Bonds Called.
freight cars. Reports received by the Car Service Division showed a
All of the outstanding 1st Cons. Mtge.5% gold bonds. dated Dec. 11903.
steady increase in the movement of both loaded and empty cars by the
railroads, the movement on April'18 totaling 940,140 freight cars, which have been called for payment June 1, at 107% and int., at the Old Colony
-V. 116, p. 1531.
was the largest number handled by the carriers on any one day since Trust Co., trustee, Boston, Mass.
Oct. 28 1920.
-Bonds.
Delaware Lackawanna & Western RR.
Shortgage in box cars totaled 21.962 on April 14, a reduction of 4.937
The $668,000 Oswego & Syracuse RR, Cense!. 5% bonds due May 1
compared with that of April 7, while the shortage in coal cars totaled
at the office of the Delaware Lackawanna & Western RR..
will be paid
21,025. which was a reduction of 3,514 within the same period.
N. Y. City. It is expected that later on there will be a
Shortage in stock carcenumbered 374, or 520 less than on April 7, while 90 West
the place of the
of bonds of the
the shortage in refrigerator cars totaled 1,485, which was a reduction new issue St.' retired and Oswego & Syracuse RR. to take nothing definite
which will be retired May 1. but
bonds already
within a week of 276.
-V. 116, p. 1760, 1411.
-On April 7 surplus freight cars in good repair and imme- as yet has been decided.
Car Surplus.
diately available for service if necessary, totaled 15,168. or an increase
Eastern Massachusetts Street Ry.-Report.-In approximately a week of 972 cars. Surplus box cars in good repair
Combined Financial Statement of the 17 Operating Districts.
totaled 3,641, or an increase of 375 within the same period, while there
1922.
1921.
also was an increase of 520 in the number of surplus coal cars, which brought
1920.
Calendar Yearstotal for that class of equipment to 4.305. An increase within approxi- Passenger revenue
$9,989,728 $10,681,350 $12,374,410
the
mately a week of 209 was reported in the number of surplus refrigerator Freight and other revenue
56,464
36,899
286,404
252,892
265,122
cars, the total for which was 2,126, while surplus stock cars numbered Rentals,advertising,&c
253.998
4.465, or a decrease of 302 since March 31.
413,578
334,891
280,465
Interest;other income
On April 14 surplus freight cars in good repair numbered 14.241. This
was a reduction of-927 compared with the total on April 7.
$10,712,663 $11,318.265 $13,195,276
Total revenue
Surplus box cars in good repair totaled 3,850, or an increase within
1.879,506 $1.768.078 $1,973,584
-Way and structures
approximately a week of 209, While surplus coal cars totaled 3,259, which Expenses
1,250,710
1,518.279 1,874,077
Equipment
reduction, however, of 1.046 within the same period.
1.082,151
2.050.120
was a
1,350,996
Power
Reports showed 4.446 surplus stock cars, an increase within approxi2.345.373
2,658.888 5,006,125
operation
Car
mately a week of 141, while surplus refrigerator cars numbered 2,076,
313,638
356,701
362,312
Injuries and damages
141.051
b162.588
153,961
or 50 less than on April 7.
Insurance
Matters Covered in "Chronicle" April 21.-(a) Railroad loading continues
15,785
13,546
9,912
Law expense
1707. (b) Announcement of New York New Haven &
unprecedented. P.
105,141
77,258
79,017
Rent a tracks
293,625
Hartford and Central New England RR.regarding schedules under daylight
247,121
263,910
General wages and expenses
290,502
saving time, p. 1722. (c) Secretary of Commerce Hoover asks trade
343.131
288,745
Miscellaneous expenses
associations to co-operate with railroads, p. 1722. (d) New Orleans
expenses
Court upholds "recapture" clause of Transportation Act, p. 1723. (e) Two
$7.758,090 $8,454.103 $12,063,648
a Operating
204,017
railroads announce wage increase, p. 1723.
396,823
348,750
Taxes
927,610
2,557.749 2,515,410
Gross income
--Earnings.
Railway & Power Co.
1,588.146
California
1,623,021
1,497.956
Interest and rentals
-Years end. Dec.31- -Years end. June 30$892,389 def$660,536
81,059,792
1922.
1921.
1920-21.
Net income
1919-20.
$4,849
$2.853
$1,166
$3,457
Total income
Operating expenses include charges for depreciation amounting to
$6,636
$9,710
$13,192
&c.
a
$23,838
Net def. after exp., taxes,
$95,215
67,695
sur.25,358
57.864
34,027 In 1922 and $992,847 in 1921 and $1,146.806 in 1920. bcharge in was
Previous deficit
1921
was added to the insurance fund in 1922; the corresponding
116, p. 1760, 1649.
$e4,331
$71,056
sur.$15,648
$57,864 $80,000.-V.
Total deficit
97388
99,689
sub. co's__
Claims against
-Notes Called.
Federal Light & Traction Co.
The company has elected to redeem,on June 11923. all of its outstanding
$26,332def457,864
$25,358
$15.648
Profit and loss surplus.. _ _ _
-year gold notes, dated Dec. 1 1913
7% and Series "B"6% 10
Series "A"-V. 114, p. 1405.
APRIL 28 1923.1
THE CHRONICLE
1893
The notes will be redeemed by the payment on June 1 of par and interest at erty described as "Lot 1-Lexington Avenue and 3d Street Property."
the Irving Bank Columbia Trust Co., 60 Broadway, New York City.
- This property consists of the entire city block, with the buildings and imV. 116, p. 1177, 1532.
provements thereon, bounded by Park (Fourth) and Lexington Avenues
and 32d and 33d Streets.
-V. 116, p. 1050. 410.
Ft. Dodge Des Moines & Southern Ry.-Divs. Resumed.
The directors have declared a quarterly dividend of 151(% ($1 75 Per
share) on the outstanding Pref. stock, payable May 1. A quarterly div.dend of 1% on the Pref. stock was paid in scrip on May 1 1921; none
since.
-V. 116, p. 822.
N. Y. Chicago & St. Louis RR.
-Application to Merge.
& Co. have sold at prices to yield 5.20% $14,003,000 5%
Equip. Trust Certificates, Series "J."
Pennsylvania RR.
-Lease Approved-Resignation, &c.
-
The company has formally applied to the I.
-S. C. Commission for authority to issue 327,200 shares of6% Pref. and 462.479 shares of Common stock
to be exchanged for all issued capital stock of its 5 constituent companies
the Chicago State Line, Lake Erie & Western, Ft. Wayne Cincinnati
Georgia Railway & Power Co.
-Common Div. No. 2.- Louisville, Toledo St. Louis & Western and the old New York Chicago &
&
A quarterly dividend (No. 2) of 1% has been declared on the Common St. Louis RR. It also asks for authority to pledge 8,000 shares of Pref.
stock, payable June 1 to holders of record May 20. An initial dividend and 700 shares of Common in substitution for the stock of Chicago & State
amount was paid on the Common stock on March 1 last.
of like
-V. 116, Line RR. and to sell it when released from the pledge; also to nominally
p. 1270. 1532.
issue 131.600 shares of Pref. and 133,721 shares of Common which is to
be sold from time to time at not less than par and use the proceeds for capital
Illinois Central RR.
-Kuhn, Loeb purposes of the 5 consolidated companies.
-V. 116. p. 1760. 1650.
-Equip. Trusts Sold.
The stockholders have approved the lease of the Pennsylvania-Detroit
The certificates mature $1,273,000 annually May 1 1928 to 1938. both RR. to the Pennsylvania RR.for 999 years. This is the new line by which
inclusive. Dividends payable M. & N. at the agency of the trustee, the Pennsylvania RR. System effects its direct entrance into the City of
New York, without deduction for any tax or taxes (other than Federal Detroit.
The company announces the retirement effective May 1. under the
Income taxes) which the company or the trustee may be required to pay
or to retain therefrom under any present or future law of the United States company's pension plan, of James Jewett Turner. Vice-President in charge
or of any State, county, municipality or other taxing authority therein. of corporate works of the lines west of Pittsburgh.
The directors have declared the regular quarterly dividend of 134%.
Denom. $1,000 c*.
These certificates are to be issued by the Bank of North America & Trust payable May 31 to holders of record May 1.-V. 116, p. 1760.
Co.. Philadelphia, as trustee, and will be secured on the following new
Pittsburgh & West Virginia Ry.-Petition Denied.
equipment costing approximately $23,335,000: 110 Mikado type locoThe Supreme Court of the District of Columbia has upheld the motion of
motives, 15 mountain type locomotives, 125 caboose cars. 500 coal and
-S. C. Commission asking the dismissal of a petition for an injunction
ballast cars, 3,500 50-ton composite coal .cars, 1.500 40
-ton automobile the I.
cars, 500 40
-ton automobile furniture cars, 50 air dump cars, 4 steel parlor filed by the Pittsburgh & West Virginia By., growing out of a recent ruling
cars. 2 cafe-lounge cars, 5 dining cars, 6 horse cars, 8 steel baggage cars, by the Commission holding that stocks and bonds of other companies could
not be acquired without the approval of that body. The move by the rail28 steel suburban cars.
Issuance.
-Subject to the approval of any public authorities that may way company followed a decision handed down by the Commission on
Feb. 20 last denying the railroad's application for permission to issue
be necessary.
-V. 116, p. 1753, 1649.
$6,500,000 in Pref. and Common stock for the purpose of acquiring control
-Interest. of the West Side Belt RR. The Commission holds that such acquisition
Indiana Columbus & Eastern Traction Co.
The Nov. 1 1922 coupons pertaining to the Dayton Springfield & Urbana would not be for best interest of the public. See V. 116, p. 1412. 1050. 1043.
Electric By. Co. 1st Mtge. 5% 30-Year Gold bonds, due Nov. 1 1928,
Rockford (Ill.) & Interurban Ry.-To Extend Bonds.
wUl be paid May 1 1923 at their face amount, together with 6% interest
The holders of the $490,000 Rockford & Freeport Electric By. 1st Mtge.
thereon, viz., 75c. per coupon, upon pwesentation thereof at the New
5% Coupon Gold bonds, due May 1 1923, are notified that the payment
York Trust Co., 100 Broadway, N. Y. City.
-V. 116, p. 1760.
of the bonds cannot be made at maturity, as It is impossible to sell refunding
bonds under existing conditions.
Interborough Rapid Transit Co.
-Earnings.
It, therefore, becomes necessary to extend the bonds and, subject to
Earnings of the Interborough Systetn under the Plan.
authorization of the Illinois Commerce Commission, the holders are asked
Month of 6 Mos. end. to accept the following terms of extension: (1) Holders to extend the maMarch 1923. Mar.31'23. turity of bonds at the same rate of interest, 1. e., 5% and consent to the
Total revenues
$5,137,963 $29,085,149 extension of provisions of the mortgage securing
to Oct. 1 1930;
Oper. exp., taxes & rentals paid city for old subway 3,503,702 20,268,117 (2) the bonds in the sinking fund to be cancelled bysametrustee and a new
the
sinking fund established providing for annual deposit with trustee of 5%
Income available for all purposes
51.634.261 58.817.031 of the gross earnings of the Rockford & Freeport division out of the net
Interest on I. R. T. First Mortgage 5s
$669.485 $4,016.066 Income of the entire system as set forth in the extension agreement; (3) all
Interest on Manhattan bonds
904,120 other rights of the bondholders and the lien of their bonds to be fully
150,687
Interest on I. R. T. 7% Secured notes
1,125,347 served; (4) company to pay all expenses incidental to the extension. pre183,867
Interest on I. R. T. 6% notes
25.397
8,143
Holders of bonds are urged to forward them to the Continental
Miscellaneous income deductions
286,514 mercial Trust & Savings Bank of Chicago, trustee (accompanied& Com35,149
by the
May 1 1923 coupons, which will be remitted).
*Balance of earnings
$586,930 $2,459.587
The Rockford & Interurban By., at the time It acquired the Rockford
Div. on $60,000,000 Manhattan stock at 3% ann..
900.000 & Freeport division, assumed and agreed to pay the bonds. It had at that
150.000
time outstanding upon its own property a first mortgage bond issue under
Balance
which there are now outstanding bonds aggregating 51,685,500 which be* Without deducting the sinking fund on the Interbor32 R 85
54o6gh 31
u Rapid Transit
company is
Oct. 1 1922,
Co. 1st Mtge. 5% bonds (5179.500 for the month of March 1923 and came due Oct. 1 1930. and which the the companyalso asking to have exShortly after
tended to
aceuired
51.068,394 for the 6 months), which under the plan does not become op- & Freeport property it also acquired the Rockford Beloit & the Rockford
Janesville RR.
erative until July 1 1926, but which must be deducted from earnings of the which had outstanding a first mortgage bond issue of $
,1 000.000 maturing
system before arriving at the sum available for dive. on Manhattan stock.
Oct. 11930, of which there are now outstanding $931.000. With the comNote.
-The report to the Transit Commission for the 9 months ending pletion of the extension of the Rockford & Interurban
Ry. issue as well as
March 31 1923 shows a deficit in net corporate income aggregating 5687,976.
That deficit results from the deduction of 31.597.243 accrued sinking fund the above bonds all of the bond issues will become due on the same date.
namely Oct. 1 1930, which status will greatly
on Interborough bonds for the same period. Payment of this sum is post- issues when such refunding becomes possible at facilitate refunding all the
or before that time.
poned until 1926 but the money thus saved must be reserved in the meanEarnings Entire Property 12 Months Ended Feb. 28.
time for capital expenditures and not used for operating expenses. The
02
83084549561
deficit is due to the low earnings of last summer. The present trend of
92
1923.
Gross ea
earnings would seem to indicate the absorption of this deficit of $687,975 Grornings
51.049,160 51.085.156
Operating expenses
during the 3 months ending June 30 1923.-V. 116, p. 1649, 1532.
Taxes
74,657
62,000
International-Great Northern RR.
84.275
-Outlook. Int. $1,685.500 R. & I. By. 1st Mtge as
-Earns.
Speyer & Co. and J. & W. Seligman & Co., bankers for the road, have Int. $490,000 R. & F. El. By. let Mtge. 5g
24,500
8475
24, 00
2
5
Int. $931,000 R. B. & J. BE. let Mtge. 5s
made public a letter received by them from Pres. T. A. Hamilton, setting
46,550
46,550
forth the successful results of operation of the property under the new
Balance
management. Pres. Hamilton says:
$10.505
$33,040
No"Last December when the new management took over the property, I Revenue passengers carried-Rockford City lines- 8,063.665 7,367.362
do
told you, after making a preliminary study of the road's situation, that,
Interurban lines
1,360,642
do
1,403,829
short of same calamity involving all business, I could confidently predict -V. 115. p. 2794.
net earnings available for interest for the calendar year 1923 of approxiSan Joaquin Light & Power Corp.
mately 53.000.000, or more than 234 times the interest charges on the
-Developments.
let Mtge. 30
-Year 6% bonds.
A special article by H. K. Fox of the above compan7, entitled
"After 4H months of operation of the property, with the continuance of liminary Developments on a Hydro-Electric Project. together "Pre'
with
economies already in force and others now being effected, and with the Illustrations and maps, was published in the "Engineering News
-Record"
volume of business for the balance of the year which it
reason- of April 19, pages 696 te 698.-V. 116. p.823.
able to expect, I feel confident that the results then now seems will be
estimated
achieved.
Sherman Shreveport & Southern Ry.-Distribution."For the first three months of 1923 (the so-called "lean" months of
The committee for the 1st Mtge. 5% gold bonds, R. Walter Leigh.
operation), net earnings available for interest were about $316,000,
Chairman, announces that it is now in position to make an initial distribuas
compared with 5339,608 for the same period of the
which was tion of cash and a delivery of all of the shares of Common stock of the
year
the best year that the properties ever had, the total net 1917. available Missouri-Kansas
-Texas RR. provided for under the reorganization plan.
for interest for that year having been 53,254,417.-V. earnings 1049.'.
On and after May 1 1923 Irving Bank-Columbia Trust Co., as
116. p. 1177,
depositary
under the plan and agreement a readjustment, will be prepared to make
Jacksonville (Fla.) Traction Co.
distribution to the holders of certificates of deposit for the above bonds of
-New Officer.
Victor D.Vickery was recently elected a Vice-President.
-V.115, p. 2287. $150 in cash and 8 shares of Common stock of the Missouri-Kansas
-Texas
RR.for each $1,000 1st Mtge. bond of the Sherman Shreveport & Southern
Keokuk & Des Moines Ry.-Pref. Stockholders' Comm.
- By.represented by such certificates of deposit upon surrender of such cerThe Pref. stockholders (other than the Chicago Rock Island & Pacific tificates of deposit to the depositary at its office, 60 Broadway, New
York.
Ry.) are notified that Prof. stockholders owning or representing 5,551 shares for notation of such payment and distribution thereon.
have elected a stockholders' protective committee consisting of three persons.
Irving Bank-Columbia Trust Co., as
Owners of about 500 shares additional have signified their concurrence receive for the present without penalty depositary for the committee, will
additional
-Year let
In the action.
Mtge. 5% gold bonds of the Sherman Shreveport deposits of 50
The members of the committee are: Herbert H. Clark, Chairman (of the plan and agreement of readjustment, and will & Southern By. under
issue its 4m-tillcates of
Henry I. Clark & Co.); Henry Zuckerman (of Henry Zuckerman &
deposit therefor, after which distribution of cash and stock on
Co.),
the above
Albert Seligsberg (of Soligsberg & Co.), with Alphonse A. Shelare (of basis will be made in respect of such
certificates of deposit.
-V. 115.
Soligsberg & Co.) 71 Broadway, Sec., and James J. Franc,
60 Broadway, p. 1211, 646.
New York counsel.
It has been decided not to ask for the deposit of stock
Toledo Peoria & Western Ry.-Annual Report.committee has sent a call to all the Pref. stockholders at present. The
(other than the
-Federal & Corporate-orporate--Rock Island) requesting a contribution of $1 per share towards the expenses
Calendar Years-1919.
1920.
1921.
1922.
-V. 116. p. 1533.
of the committee.
Total ry. oper. revenueTotal ry.oper. expenses_ 51,645.768 $2,090,667 51,692,420 $1,716,603
1,799,407
2,441.420
1.903,532
1.759,322
Louisville & Nashville RR.
-Listing.
The New York Stock Exchange has authorized the listing on or after
Net def.from ry. op__
$350,753
$211,112
$42,719
May 7 of 545,000,000 additional Common stock, par $100, on official notice By. tax accruals, &c___ $153,639
102,000
122,000
117.542
136.505
of issuance as a 62K% stock dividend, making the total amount applied
for $117,000.000.-V. 116, P. 1522.
By. oper. deficit
$255,639
$472,753
$328,654
5179.225
Non-operating Income
77,265
106.004
Mahoning Coal RR.
-Extra Dividend of $10 Per Share.
The directors have declared an extra dividend of 20% on the outstanding
Gross deficit
5101,960
5222.650
$1,500,000 Common stock. Par $50, payable May 9 to holders of record Interest on funded debt
215.507
202.485
May 5. An extra dividend of 30% was paid on Dec. 29 1922. Compare Joint facilities rents
61,262
73.216
V. 115, p. 2684.
Miscellaneous charges
2,492
8,235
Nashville (Tenn.) Ry. 8c Lt. Co.
-Annual Report.-
Balance, deficit
$507,654
$380.152
-V. 113, p. 629.
1922.
1921.
1920.
$4,134,830 $3,857,852 $3,675.209
Union Pacific RR.
2,386,400
2,608,792
2,367,712
-Improvements in 1923.
Judge Robert S. Lovett, Chairman, recently announced that the road
434,420
334.540
431,012
474,033
479.326 will spend $40,000.000 this year on improvements, double tracking, equiP462,762
253,025
36.000 ment, &c. This 340,000.000. which is in addition to the regular operating
247.737
and maintenance expense, is the largest sum the Company has spent in any
Balance, surplus
$216.551 one year for a number of years. Among the items included in the appro$ .
$348.629
586 752
-v. 115. p. 1533.
priation are $9,500,000 for new equipment. $5,000,000 for new lines and
$16,000,000 for refrigerator cars."
-V. 116. P. 1651.
New York Rys.-Sale.United Rys. Investment Co.
Nathaniel A. Elsberg, Special Master, will reoffer for sale on May 3 at
-Announcement Regarding
the New York County Court House. Chambers St., N. Y. City, the prop- Plan.-Ladenburg,
Thalmann & Co., managers of a plan
Calendar YearsGross earnings
Operating expenses
Taxes
Interest, &c
Depreciation
THE CHRONICLE
1894
affecting the company, in a notice (see advertising pages)
to the holders of the Collateral Trust 20-Year Sinking Fund
5% Gold bonds, Pittsburgh issue, and holders of certificates
of deposit therefore, state:
The response of bondholders has not been sufficient to enable them to
declare the plan operative to the effect that 480.000 shares of the Common
stock of Philadelphia Co. shall be transferred to the new corporation
free from the lien of the agreement under which the bonds are issued:
but, in accordance with certain terms of the plan, they have declared it
operative to the effect that the shares are transferred to the new corporation subject to a portion of the outstanding bonds.
The managers have decided to give to the holders of certificates of
deposit, issued under the deposit agreement, dated March 16 1923, and
to those bondholders who will deposit the same on or before April 30,
portion
subject to the terms of this offer, the opportunity to dispose of apar and
of their holdings at par and interest: and they will acquire at shall be
of the plan $2,000,000 of bonds, which
Interest for the purpose
purchased as nearly as possible pro rata from among those deposited bonds.
the holders of which will agree that to the extent that their deposited
bonds are not acquired, the same shall be stamped so as to be callable by
the company at par and interest on the first day of any month on 30 days'
notice.
Holders of certificates of deposit may on or before May 10 cause the
same to be stamped at the office of the depositary or any sub-depositary,
bonds which will be purto indicate their acceptance of this offer. The follows:
chased at par and interest will be determined asof stamped certificates of
shall be purchased from each owner
There
deposit a number of his bonds (excluding fractional amounts) as wili
constitute the same percentage of his holding as $2,000,000 will be of the
principal amount of certificates of deposit stamped to evidence acceptance
of this offer. There will then be drawn bonds equivalent in face amount
to the aggregate of all fractional amounts of bonds excluded from purchase
under the last preceding sentence. As a result thereof there will be purchased at par and interest from the bonds represented by stamped certificates of deposit $2,000.000 of such bonds.
By reason of the drawings of bonds to make up the accumulated fractional
interests, holders of single bonds who accept this offer by allowing their
certificates of deposit to be stamped will share in the possibility of having
their bonds drawn for payment at par and interest.
Notice will be given on May 15 1923 to the holders of certificates of
deposit whose bonds will be purchased in accordance with the above plan,
and upon surrender of their certificates of deposit, they will be paid the
par value of the bonds represented thereby together with accrued interest
to May 20 1923. after which date interest on such purchased bonds will
cease. The holders of certificate .of deposit which have been stamped
to indicate that they accept the benefits of this offer, and which represent
unpurchased bonds, will upon surrender thereof, receive back the bonds
represented thereby bearing a stamp to indicate that the same may be
redeemed by the company at par and interest on the first day of any
month on 30 days' notice.
Application will be made to' the New York Stock Exchange for the
listing of these stamped bonds.
Holders of unstamped certificates of deposit will upon surrender thereof
be entitled to receive back on and after May 111923. the bonds represented
-V. 116, p. 1762, 1651.
thereby.
-Earnings.
United Electric Rys., Providence.
Cal. Year.
PeriodTotal income from all sources
Operating expenses and depreciation
Taxes
Bond interest, &c., deductions
July 9'21 to
1922.
Dec. 31 21.
$3.705,724 $8,329,543
$3,028.054 $6,979,198
366,492
173.859
613,161
289,563
Net income
Surplus adjustments
Dividends paid
$214,248
$370,691
Cr.1,486
329,773
Balance.surplus
-V.115, p. 1633.
8214,248
$42,405
-Resumes Divs.Washington Railway & Electric Co.
on the Common stock.
The directors have declared a dividend of
par $100, payable June 1 to holders of record May 19. A dividend of like
-V. 116, p. 411.
amount was paid in March 1919: none since.
-Richardson
West Penn Power Co.-Pref. Stock Offered.
& Clark, Providence, and Parkinson & Burr and Stone &
Webster, Inc. Boston, are offering at 100 and div. $500,000
7% Cumul. Pref. (a. & d.) stock (par $100).
Redeemable all or part at 115 and div. upon 6 months' notice. Divs.
-F. No additional Pref.stock may be issued except when annual
payable Q.
net earnings (before depreciation) applicable to Pref. diva. shall have been
at least 3 times the annual div. requirement on both the Pref. stock outstanding and that proposed.
Capitalization Outstanding upon Completion of Present Financing.
Bonds
$25,818,000
Pref. 7% cum.stock (incl.
$7,667,0001 Debentures
2,333,000
this issue)
100,000
11.100.000 Equipment certificates__
stock
Common
-Supplies electricity for light, heat and power purposes in
Company.
and communities located in the Pittsburgh district of
379 cities, towns
western Pennsylvania. Population served, approximately 500.000. Ter7
ritory served exceeds 5,000 square miles. Company ownsk. electric genw., which is
erating stations with a total installed capacity of 135,010
being increased to 205,010 k. w. Also leases until 1970 a generating staw. capacity, giving upon completion of present construction of 56,500 k.
tion a total generating capacity of 261,510k. w.
-Proceeds will be applied toward the payment for increased
Purpose.
station capacity and transmission facilities now under construction.
Earningsfor 12 Months Ending Feb.281923.
$10,695,175
Gross earnings. Including miscellaneous income
Operating expenses (excl. of deprec.), maint., taxes & rentals-- 6,646,657
1,519,348
Interest and amortization charges
Balance for reserves, replacements and dividends
Divs. on 7% Pref. stock (incl. this issue) require
-V. 116, p. 1179.
$2,529,170
536,690
--Earnings.
West Virginia Utilities Co.
Three Months Ended March 31Total operating revenues
Total operating expenses and taxes
1923.
1922.
$311,129 $280,729
164,192
187.321
Operating income
Total income
Interest charges
Preferred dividend requirements
Balance for reserves and depreciation
-V. 116, p. 1277.
$123,807 $116,537
$130,905 $123,456
33.296
33,816
13,200
13,200
83.888
76,960
-Earnings.
Wheeling Public Service Co.
Three Months Ended March 31Total operating revenues
Operating expenses and taxes
1923.
1922.
$159,944 $145,750
105,225
108,118
Operating income
Total income
Interest charges
$54,719
$56,288
26,075
$37,632
$37,689
26,434
Net income
-V. 116, P. 937.
$30,212
$11.254
INDUSTRIAL AND MISCELLANEOUS.
.
The following brief items touch the most important devel.
opments in the industrial woF1s during the past week, topews published in full
gether with a summary of similareither under
"Editorial
detail in last wek's "Chronicle"
Comment" or "Current Events and Discussions."
[VOL. 116.
Steel and Iron Production, Prices, &c.
The "Iron Age," April 26, said:
"High production, continued pressure for deliveries and sustained consumption of steel in all manufacturing lines are reported in every district.
There.is agreement, also, in saying that buying has diminished because
many users of steel have their supply bought,for three to six months ahead
and bemuse the leading mills, especially those rolling the heavier products,
are sold up well into the third quarter.
"Certain price advances just made by the Steel Corporation do not mean
that demand is outrunning supply. Some of these new prices are still below
the so-called premium prices independent producers have been getting for
early delivery material.
"In advancing standard and oil country pipe $4 a ton, as of April 19, the
Steel Corporation was followed by various independent mills. In putting
wire products up $2 a ton, or to 2.75c. for plain wire and $3 a keg for nails.
the corporation followed the independents. It has put bars to 2.40c. and
plates and shapes to 2.50c., Pittsburgh, and has advanced these products
-an advance of $2 a ton.
to 2.50c. and 2.60c.. respectively, at Chicago
"One more advance is likely to come this week when the Steel Corporation
will name sheet and tin plate prices for the second half of the year. The new
basis for tin plate may be $550 per box, whereas $6 has been the market
3. prompt delivery.
months of heavy production of steel and now a greater willingness
of steel companies to accept business have taken the fever out of the market
and checked the scramble to get hold of steel by paying premimns.
"At the same time the extraordinary consumption sets now precedents.
In one case a railroad wanting quick car material bought 2,500 tons from a
jobber-probably a record purchase of the kind from a warehouse.
"Railroads are making every effort to get full equipment for fall traffic.
The week's contracts cover 98 locomotives. 2,060 cars, including 500 for the
Steel Corporation's coke subsidiary, and repairs on 1,450 cars.
"There is evidence of stabilizing effort by steel companies to prevent
inflation of railroad costs. Recent sales of rails at $43 for delivery in late
fall have been taken as indication that the rail price will not go higher, even
though low in relation to other products. at about
two-thirds the rate
"Bridge and building contracting remained
represents
of March. Fresh inquiries totaled 29.000 tons, but 22,000 tons to take all
the first part of a Central Railroad of New Jersey bridge, likely
told more than 50,000 tons.
"Two or three structural mills are now able to take business for delivery in
be made
July, indicating an easier situation. Better delivery promises can fewer.
projects are
by certain plate mills also. Generally new structural but not quite so hard
is still scarce,
'Semi-finished steel for early delivery
bars at $46.
and
to get, as indicated by recent sales of billets at $45steelof sheet customers
to regular
Second quarter contract allotments ofsemi-finished
have been made in some cases at $40 to $42 50. orders, heavy automobile
"The sheet mills are still well supplied with
demand,the peak of which is just ahead, having caused a variety ofpremium
prices.
"A few implement makers have been sounding the steel bar market for
fall deliveries that will go into next season's output.
"Pig iron prices are showing a softening tendency, particularly in the
Buffalo and Cincinnati districts, and some reselling has been done in Philadelphia. Sales are few and for small tonnages. Most furnaces, however,
are supplied with orders and are satisfied with the present outlook. ship"The embargo on coke at Philadelphia has not been removed, but
to
the
ments can be made by obtaining permits and way.movementare foreign
for the
Exports
countries is being conducted in a more orderly
most part to France on contracts made some time ago.
on
"Late Superior ore producers are disappointed by the slight reductionthe
by
ore freight rates from the old ranges to upper lake ports, orderedmay be
Inter-State Commerce Commission, and further efforts for relief
made.
and
"While current export business is meagre, consumption in the Orientnear
the
other markets is on a scale promising a new buying movement in to recent
interests have just added 2,200 tons of rails
,,
future. Cuban sugar
purchases here.
Coal Production, Prices, &c.
The United States Geological Survey; April 21 1923, estimated producfollows:
tion as
"The total soft coal raised in the week April 9-14. including coal coked,
net tons,
lead sales, and mine fuel, is estimated at 10.393,000 is a slight which is
decrease
764,000 tons more than in the short week preceding, but
Preliminary reports of cars
as compared with the week ended March 31.
between
the present week. April 16-21, indicate decrease to the presloaded in
production during
10.000,000 and 10,200.000 tons. The trend of falling from nearly eleven
rate,
year has been downward at a slow more than ten million tons in the
ent
million tons during the first week to little
fifteenth week.
"Preliminary estimates place the cumulative production in the present
During corresponding
calendaryear to April 14 at 159,164,000 net tons. tons)
was as follows:
periods of the six preceding years, production (net
115.959,000
125,715,00011921
161.857.00011919
1917
136,779,000
159,349,00011922
155,455,00011920
1918
"Production of anthracite recovered promptly from the depression due
and again passed the 2.000,000-ton mark. The total output in
to holidays
and washery coal,
the week ended April 14, including mine fuel, dredge
This was
2,067,000 net
and sales to the local trade, is estimated at in the holiday tons. preceding,
week
tons over production
an increase of 465,000
ended March 31.
and was 59,000 tons more than the output in the week year to date stands
"The cumulative output during the present calendar
the correat 29,537,000 tons, an increase of 7.745,000 tons, or 36% over
sponding period in 1922.
estimates of the production ofsoft coal during the coal year 1922-23
"Final
net
(April 1 to March 31) place the total at 418,734,000 the tons. This figure
Geological Survey
will stand as the best estimate that can be made by
the
until the completion of the annual canvass of mines. As shown in
following table this was less than in any of the nine coal years preceding.
1914-15. In compari(on with the year 1921-22 there was a decrease
except
of nearly 5%.
Estimated Production in Net Tons of Bituminous Coal in March and Total
Production for Coal Years.
*Coal Year.
March.
*Coal Year.1
March.
1913-14- _ -45,455,000 482.685,0001918-19-- -34,203,b00 553.858,000
01.000 399,902,000 1919-20- _ _47.850.000 495,924,000
1914-15.-31,8
533.740.000
1915-16-43.829,000 479,919,000 1920-21.-31,054.000 a440,517,000
1916.-17_ __ _47.869,000 504.134,000 1921-22- _ -49,976.000
2-23- -46,823,000 a418,734,000
1917-18 -48,113,000 548,717,000.192
production during coal year.
a Subject to revision. 'Cumulative
April 1 to March 31.
United States Production in Net Tons.
Estimated
192
1923-Week. Cal.Yr.torkile
Week. Cal.Yr.toDate
Bituminous
10.469,000 129.288,000
139,142.000
10,430.000
Mar. 31
3,835,000 133,123.000
9,629.000 148,771.000
April
393 000 169,164,000
10, ,
3,656,000 136,779,000
April 14
Anthracite
1,896.000
21,777.000
25,868,000
2,008.000
Mar. 31
9,000
21,786,000
27,470.000
1,602,000
April 7
21,792,000
6 000
29.537,000
2.067,000
April 14
.Beehive Coke
1,809,000
191,000
4,709,000
388,000
Mar. 31
1.984,000
175,000
5,137.000
428.000
7
2.123,000
140,000
5,557,000
420,000
April 14
market conditions as
The "Coal Trade Journal," April 25, reported
follows:
back-wash of last
"The bituminous coal trade is still struggling in the
the 10,000,000-ton
year's emergencies. Production still hands around
This in itself is indication of a steadier trend of business
mark each week.
since the average has
than current market reports superficially establish
Doubtless the major portion
been maintained since the first of the year. channels that have been in
regular
of this tonnage is moving throughmovement attracts little attention.
existence for many years and so the
at an ac"There is, too, more evidence that contracting is proceeding
of business reprecelerated pace, although the closing prices on many piecesa sharp revision.
compromise on price ideas and here and there
sent a
topic of
Outside of Baltimore, the export 'revival' has ceased to be a livehave not
actualities
trade conversation and even there it is admitted that
expectations.
measured up to
"Of greater disappointment to the Eastern producing fields has been the
continued delay in heavy movement of lake tonnage. For this nature,
have
not man,is responsible as ice conditions in the channels week made shipping
of the month
uncertain. Nevertheless dumpings during the second
lat2M:
APRIL 28 1923.]
THE CHRONICLE
1895
Redeemable all or part at 110
payable Q.
-M.
as reported by the Ore and Coal Exchange at Cleveland, were 210,164 tons, Trust Co., Philadelphia., transfer and divs. Divs. North America Girard
agent. Bank
& Trust
bringing the total for the season to 403,507 tons on April 15, or about Co., Philadelphia, registrar. The 1st Preferred of
stock Ls entitled to receive
than the estimated free coal on the doe.., at the Head of
100,000 tons more
cumulative dividends at the rate of 7% per annum, and after payment of
the Lakes on that date.
"Compared with spot quotations for the preceding week, prices on the $7 per share in any year on the Common stock, the 1st Preferred stock
coals listed below showed fewer changes during the week ended last Satur- shall share equally with the Common stock until the 1st Preferred stock
these has received 10% per annum.
day. Changes were reported in less than 47% of the figures, and of 5c.
-Is the second largest dairy products and ice cream company
Company.
changes only 66 2-3% were reductions. The reductions ranged from the
operating in Philadelphia and vicinity. Serves annually over 35,000,000
14c. and
to 60c. per ton and averaged 24c. The average advance was
and 12,000,000 quarts
range from Sc to 25c. The straight average minimum price for the week quarts of milk and cream pasteurizing and bottlingof ice cream. Owns
milk, 9 distributing
was $2 42, as compared with $2 47 the preceding week, and the straight and operates 4 plants for
average maximum dropped from $2 92 to $2 85. A year ago the averages plants and 15 receiving stations: and 3 plants for the manufacture of ice
cream.
were $2 31 and $2 67, respectively.
-Gross sales for 1922 were $8,235,982, and net earnings, after
Earnings.
"Conditions in the anthracite trade the past week were a repetition of
This is
those prevailing for several weeks past, i. e., the demand for domestic depreciation, but before Federal taxes, were 8520,880. earningsequal to
for the
Average net
exceeded the supply, while steam sizes in some cases went into storage almost five times dividend requirements. more than
sizes
33 times dividend
circulars. last three years, on the same basis, were
and independent shippers moved cars at less than company
requirements on $1,500,000 1st Preferred stock.
Beehive coke prices were weaker, while production was heavy."
-Proceeds will be used for additions and enlargements to plants.
Purpose.
-A sinking fund of 3% of the maximum amount of 1st
Sinking Fund.
Oil Production, Prices, &c.
Preferred stock at any time outstanding will be set aside annually for the
The American Petroleum Institute estimates the daily average gross crude purchase of this 1st Preferred stock at not exceeding 110 and dividends.
oil production in the United States for the week ended April 21 as follows:
Outstanding.
Authorized.
Capitalization after Present Financing$1,500,000
$5,000,000
(In barrels)Apr.21'23. Apr.14'23. Apr.7'23. Apr.22 22. 7% Cumul. Partic. 1st Prof. stock
363,500 7% Cumul. 2d Pref. stock
510,210
5.000,000
433,750
436,850
Oklahoma
450,000
82,200 Common stock (no par value)
50,000 sbs.
50,000 shs.
81,350
Kansas
81,400
82,050
52,250
63.000
66,000
North Texas
66,200
149,950
130,600
129,650
Central Texas
124,650
Achilles Rubber & Tire Co. Binghamton, N. Y.81,900
69,200
North Louisiana
69,950
70,350
petition in bankruptcy with liabilities of$330,600
The
38,250 and company hasfiled a
113,750
Arkansas
120,100
110,450
of the company,it is stated, is mortgaged
111,650 for assets of $200,000. Property
101,300
Gulf Coast
100,000
96,050
$250,000.
118,000
106,000
Eastern
105,000
105,000
-Definitive Bonds.
69,050
123,200
Adirondack Power & Light Corp.
127,700
Wyoming and Montana
126,100
330,000
720,000
California
715,000
715,000
The Guaranty Trust Co. of N. Y. is prepared to dellver definitive bonds
exchange for the outstanding temporary 1st & Ref. Mtge. Gold bonds,
in
Total
1,945,850 1,951,650 1.942,150 1,396,750 Series of5%s due 1950. (For offering see V. 115. p. 2688.)-V. 116,p.412.
-Quarterly Earnings.
Air Reduction Co.
-Standard Oil Co. of N. J. raised
Export Kerosene Price Advanced.
1921.
1922.
1923.
price lie. per gal. to 13%c. (standard white) and 14%c. (water white).
3 Months ending March 31$2,381.519 $1,369.673 $1.328,997
Gross income
'Wall Street Journal" April
P. 9.
951,192
908,718
1,500,619
Crude Oil Prices.-Magnolla Petroleum cut all grades of crude 10c. a Operating expenses
25'
267.458
256,127
227,8991
oarrel. Crude below 28 deg, gravity has been cut from $1 50 to 80c. Additions to reserves
35,562
40,7851
Bond interest and expenses
per barrel. "Financial America" April 24, p. 2.
Ohio 011 Co. reduced crude 10c. a barrel, all grades txcept Wooster
$110,347
$192,270
Net profits before Federal taxes_ __ _ $589,212
and Grass Creek, cut 25c. a barrel and Sunburst Montana, cut 30c. a
-V. 146, p. 1763, 1414.
barrel. "Financial America" April 25, p. 1.
Standard 011 Co.of Louisiana reduced all grades 10c. a barrel. "Financial
-Bond Interest.
Central Terminals., Ltd.
Algoma
America" April 25. p. 1.
It is officially announced that payment will be made to holders of 1st M.
Texas Co. cut all crude prices 10c. a bbl. "Evening Post" April 24, p. 10.
gold bonds at the Bank of Montreal, London, Montreal or
Prairie 011 & Gas Co. cut prices in Mid-Continent field 10c a barrel. 5% 50-year
New York, on May 1 next of interest at the rate of 1%% for six months
"Evening Post" April 24, p. 10.
presentation of coupon No. 7. This payment will
Sinclair Crude 011 Purchasing Co. also cut prices 10c. a barrel. "Boston from Aug. 1 1922 upon with a plan of arrangement and agreement already
be made in accordance
News Bureau" April 24, p. 5.
-V. 115, p. 2158.
Refining Co. cut all prices of crude 10c. a barrel. "Financial entered into.
Midwest
America" April 26, p. 2.
-Earnings, &c.
Allis-Chalmers Mfg. Co., Inc.
-Reduction of 10c. made. Price
Canadian Crude Oil Price Reduced.
Net Profit after Pros. for
now $2 78 per barrel. "Financial America" April 26, p. 2.
Federal Taxes
Sales Billed
-Standard 011 Co. of New York reduced price lc. in
Gasoline Prices.
1922.
1922.
1923.
1923.
Afonth
New York and all New England States to 23 1-3c. per gallon. "Times" January of$74.393
$123,479
$1.616,955 $1.531,016
April 24, p. 28.
103,504
1,579,391
156,711
1,727,415
February
Texas Co. and Gulf Refining Co. each met this price.
100,836
188,499
1,561,196
1,877,322
Standard Oil Co. of N. J. reduced price lc. to 21%c. a gallon, tank March
wagon price. "Financial America" April 28.
$278.733
$468,689
$5,221,692 $4,671,603
Total
Standard Oil Co. of Louisiana reduced price lc. a gallon in Louisiana.
-V. 116, p. 1755, 938.
Arkansas and Tennessee. "Financial America" April 28.
Atlantic Refining Co. reduced price lc. to 25c. a gallon, effective April
-Billings, &c.American Bosch Magneto Corp.
24. "Financial America" April 24, p. 2.
Bosch. Gray & Davis. Combined.
BillingsKerosene Prices.
-Standard 011 Co. of New York reduced price lc. in March, 1923
$1,000,998
$406,849
$594,149
New York and all New England States to 14c. a gallon. "Times" April February, 1923
886,623
353,931
532,692
24. p. 28.
862,122
346,956
515,165
January, 1923
Texas Co. and Gulf Refining Co. each met this price.
Magnetos.
Generators.
Motors.
American Bosch-Shipments.
Prices, Wages and Other Trade Matters.
42.486
34,670
44,219
1923 first quarter)
97,370
81.098
104,587
ear)
-On April 23 Arbuckle Bros. and National Refining ad- 1922 full year)
Sugar Prices.
24,480
32,155
33,076
vanced price to 9.80c. On April 24 National quoted 9.85c. as did Revere 1921 full year)
Refinery and American Sugar Refining Co., while Pennsylvania, Warner
Morris Metcalf has been elected Treasurer, succeeding George A.
and McCahan companies raised price to 10.25c. a lb. On April 25 National MacDonald, President of the Chicopee National Bank.
-V.116, p. 1535.
advanced price to 10.25c., followed by American and Revere, while Federal
raised to 10c. and Arbuckle Bros. to 10.10c. a lb. On April 26 Cuban raw
American Cast Iron Pipe Co.-Pref. Stock Offered.
sugar sold at 631c., a new high for the year.
div.,
Retail Sugar Price.
-The Great Atlantic & Pacific Tea Co. has advanced F. J. Lisman & Co., New York, are offering at 853' and
metropolitan district. to yield 7%, $400,000 6% Cumul. Pref. stock, par $100.
the retail price of sugar Sic. to 1034c. a pound in the
"Financial America' April 27, p. 1.
Copper Price.
-Copper is offered at 16%c. a lb., off Uc. "Times" The bankers state:
Dividends payable J. & J. Callable all or part at 105 and divs. on any
April 27. p. 24.
.Milk Price to Be Reduced.
-Dairyman's League announces wholesale price div. date. Capitalization will not be increased by this offering and Is limitem to $1,500,000 until total net assets shall exceed $3,000,000, when adwill be reduced lc. a quart. "Times" April 24, p. 2.
Navy Yard Wages Protested by Labor Ilnions.-Navy Department an- ditional Preferred stock may be issued. Such issue, however. may not exnounces scale of wages which were to be effective May 1 will be revised, ceed 50% of the total net assets of the company at the time of issue of such
owing to protests received from representatives of various trades, who object additional stock.
-Organized Oct. 9 1905 with 8250,000 capital in Georgia.
Company.
to schedules fixed in comparison with employees of private firms. "Times"
Manufactures the well known Acipco products, such as Bell and Spigot cast
April 27, p. 36.
Wage Increases.
-Cleveland garment workers get 10% increase. "Fi- iron pipe for water and gas mains; flanged pipe for conveyance of acids.
nancial America" April 24, p. 7.4
oils and steam; prepared Joint pipe for water and gas: Simplex piping for
Yellow Cab Co. announced increases averaging 26%, effective April 29. oil condensers and oil lines; cast iron pipe for house service lines and indus"Wall St. Journal" April 25, p. 2.
trial uses, and cast iron columns for building construction. Plants located
Clothing workers o12 large firms In Rochester have wages restored to 1922 In Birmingham, Ala.
peak. "Wall St. Journal" April 20, p.3.
Dividends.
-Since 1909 the company has paid consecutive cash dividends
Workers in pawr industries refuse to accept wage increases of 4c. an hour, aggregating $701,628, in addition to which a Preferred stock dividend of
holding out for at least 5 cents an hou r.Their original notice requested an $225,000 was declared out of earninrs for 1910.
Increase of8 cents an hour for unskilled and 10 cents an hour for skilled men. Years.
,
xDepr. 3 NetEarn.
Sales.
xDepr. yNetEarnIYears.
Sales.
"Times" April 27, p. 3.
1913 -41,778,751 $19.223 $178.547 1918 _..$4,092,022 $92,537 $174,388
788
Waltham Watch Co. increases wages, effective April 30, amount as yet 1914 -- 1.711,481 22,485,
.
-- 3,659,622.
undecided. "Boston News Bureau" April 24. p. 2.
1915 -- 2,005,699 25,402 281,328 1920 __ 5,545,705 143,048 112,028
Federal Sugar Refining Co.increases wages of employees in Yonkers plant 1916 -- 3,071,492 26,913.
444
-- 3,753.097 131,998.
0
10'7. "Financial America" April 28.
1917 -- 4,267.913 88,065 328,588 1922 -- 4.812.172 165.322 578.358
-About 2,000 strike for $2 a day
Stone Cutters Strike for $2 per Day Bonus.
x Depreciation before determining net earnings. y Net earnings applica1
bonus because bricklayers on the buildings received such a bonus recently, ble to dividends. z Deficit after setting aside for depreciation $131,998. 4
although their agreement stands until July 1. "Times" April 22, Sec. 1,
Condensed Balance Sheet as of Dec. 31 1922.
$tt
p. 10.
Liabilities
-1
Assets
-An all-night conference reaches an agreement Plant & equip., less depre_$1,214,949 Preferred stock
Lynn Shoe Strike Settled.
$1,327.200
and work Is resumed in 48 factories. About 5.000 workers had been out Investments
108,500
388,863 Common stock
since April 14, thus causing lack of work for about an equal number. Cash
578,120
185,077 Accounts payable
"Times" April 25,p. 14.
38,976
Notes receivable
54,093 Accrued items, &c
-Demand $20 per month increase, Acc'ts rec., loss reserves_ - 1,012,265 Bonus to empl. dur. 1923_
Seamen on New York Waterfront Strike.
172,847
-hour week. Called a nation-wide strike at midnight Inventories
-hour day and 44
8
271,292
428,830 Reserves for taxes, &c_ _ _ _
April 24, which was ineffective. New schedule of wages forwarded to ship- Prepaid insurance
790,074
2,931 Surplus
owners. "Times" April 23, p. 22; Apr. 24, p. 22; Apr. 26 p. 21.
W. S. Dickey Clay Mfg. Co. increases wages of 1,200 in 8 plants 50c.
$3,287.011
Total
Total
$3.287,011
per day. "Financial America" April 28.
The American Woolen Co. has announced new prices on certain lines,
American Commercial Car Co.
-Plant Sold.averaging 11% over opening prices for the fall of 1923. "Sun" Apr.27,p.31.
The plant and property of the company, makers of the Wolverine truck,
Matters Covered in "Chronicle" April 21.-(a) March production makes were sold April 21 by the receiver, the Security Trust Co.. Detroit. subject
1707. to approval of the Court, for the nominal
new records. p. 1707. (b) Wages advanced by Cheney Silk Mills, p.
sum of $500. subject to all claims
(c) International Paper Mills advance wages, p. 1708. (d) Singer Sewing and encumbrances, totaling $277,000. The property sold includes 2 acres
Machine Co. advances wages, p. 1708. (e) Plasterers' wages in New York of land and about 45.000 sq. ft. of floor space. Company had manufacbuilding trades advanced to $12 per day. p. 1708. (f) Operatives in shoe tured only 400 trucks and buses since organization.
-V. 116. la. 1535.
mills go on strike. p. 1708. (g) Wage increases in packing industry, p. 1708.
(h) Wage_ increase by thread mill, p. 1708. (i) Increase
AmericanDruggists Syndicate.-Bal. Sheet Dec. 31.
, 11;i0FR)8.
Employment in selected industries
n
The usual income account table was given in V. 116, p. 938.
.
es
g, .
n. 1709.
d
Decrease
prices food in Mari trp 1709.
1921.
1922.
1921.
1922.
(I) Offering of 2.500,000 5% Southern Minnesota Joint Stock Land
Assets$
$
$
Liabilities$
Bank bonds, p. 1712. (m) Offering of $750,000 5% bonds of Illinois Land, bldgs., maCapital stock
x6,783,230 6,782,510
Midwest Joint Stock Land Bank-formerly Midwest Joint Stock Land
chinery, die.,less
Subsid. cos.' stock
Bank, p. 1713.
depreciation____
held by minority
(n) U. S. Tariff Commission's report on sugar-increased prices due to Formulae, trade- 2,217,373 2,533,932
12"0
interests
other causes than tariff, p. 1720. (o) Senator McKellar would have
573,970 Installments ree'd
11.560
marks & 1rd-will 554,273
President Harding reduce sugar tariff 50% to break "sugar corner," p. 1721. Investments
6,074
5,734
377,151
298,399
on stk. subser's.
sugar purchases and sales asked from members of New Inventories
(p) Reports on
106,993
1,539,317 1,592,840 Acets payable____ 221,623
York Coffee and Sugar Exchange, p. 1724.
20,054
19,532
Cash
728,592
362,333 Unclaimed divs_
-Preferred Stock Offered. Govt. & municipal 599,459 522,306 Organic Salt&Aeld
Abbotts Alderney Dairies, Inc.
245,000
securities
Co
offering Acceptances & ac-Chandler & Co., Philadelphia and New York, are
counts
expiring Deferred receivable 806,953 652,734
at 923/i and divs. (subject to stockholders' rights
34,901
32,150
charges__
.
April 30) $653,500 7% Cumul. Particip. 1st Pref. (a. & d.) Deficit
603,2161 Total (each side) 7 041,078 7,172,631
186,410
-V. 116. p. 938.
x Issued and outstanding, 678,323 shares at $10 each.
stock (par $100). A circular shows:
l sh
Erilfroc
1896
[vol.. 116.
THE CHRONICLE
American Fuel Oil & Transp. Corp.
-Sub. Co. Receiver.
Judge Mack on April 20 appointed Percy N. Furber and Lawrbnce
Berenson receivers for the Amfot Oil Corp., a subsidiary of this company,
In an equity action filed by Scott Calhoun. The company was incorporated
in 1920 in Delaware with an authorized capital of$2,000.000. and was formed
for the purpose of acquiring the assets of the Big Dipper 011 Co. An agreement was subsequently effected providing for the transfer of the assets of
the Big Dipper Oil Co. to the Amfot Co. upon the payment of $300.000
to the company, and the transfer to it of 20,000 shares of Prof. stock and
20.000 shares of Common stock of the American Fuel Oil & Transportation
Co. Under the agreement the Amfot transferred its entire issue of capital
stock to the American Fuel Oil & Transportation Co. A suit is now pending
against the American and Amfot companies by the Big Dipper Oil Co. to
recover $300,000 damages on the ground that misrepresentations were made
as to the value of the stock given in payment. The recent receivership in
the case of the American Fuel 011 & Transportation Co. precipitated the
receivership of the Amfot Qo.-V. 116, p. 1652.
"In addition, the company is contemplating the erection of a new coppet
smelter and a zinc smelter in Mexico as well as the acquisition of a substantial interest in, and the operating management of, important new
Mexican mining properties.
"The proceeds of the bond issue will be used for these purposes, including
the reimbursement of the treasury of the company for expenditures made
to date in the acquisition of the Rosita coal property of approximately
.
30.000 aa•es, estimated to contain a quantity of splendid coking coal
sufficient to supply the contemplated mine output for over 100 years.
"The earnings of the company continue to satisfactorily improve and
in March amounted to more than in any month since 1920."
Figures compiled by the Department of Safety, Labor & Welfare of the
American Smelting Ss Refining Co. disclose that since t110 creation of the
company's pension and life insurance funds and up to the end of 1922
more than $1,208.000 had been paid to employees of the company and their
beneficiaries, in pensions and life insurance. A fund of $1.000,000 originally
set aside for pensions nes increased through interest and other accretions
and still has to its credit, after the above pension payments, a balance o
American International Corp.
-G. Amsinck it Co., Inc. $1,300.000. A life insurance fund for salaried employees, originally
H. A. Arthur, President of G. Amsinck & Co., Inc., announces that $500,000, has similarly increased, despite disbursements included in the
Gineste & Chanel. of Sanchez. Dominican Republic. has been appointed above payments to employees' beneficiaries, and now amounts to over
Amsinck's agent in the northern part of the Republic of Santo Domingo 5640,000. The life insurance beneficiaries of daily wage employees who
the company's service Is paid out of plant operations.
-V.
for the purpose of developing the cocoa business in that section.
-V. die while in 1043.
116. p. 1545.
116. p. 1652.
American Locker Co.
-Bonds Sold.Pingree, Winans, Van Dusen, Inc., Boston, have sold at par and int.
-year 7% Cony. Debenture bonds. Denom.$100, $500,$1,000.
$250,000 5
Dated March 1 1923, due March 1 1928. Int. payable M. & S. at State
Street Trust Co., Boston, trustee. Convertible at any date prior to
March 1 1928 into Common stock, par for par. Callable all or part at
101 on any int. date upon 30 days' notice.
Company exclu ively owns and operates under broad patent protection,
automatic parcel lockers which provide a parcel checking service, that is
rapidly supplanting the old method of over the counter checking of parcels,
wraps and hand luggage and is in widely increasing demand and use by
the public. The service has already been installed in the stations of many
of the largest railroad systems of the country, in waiting rooms of electric
lines, in dance halls, drug stores, theatres, bathing beaches, &c.
Proceeds will provide the capital necessary to purchase additional lock
and locker equipment, to be insta led in stat ons of railroads, dance halls,
&c. for which contracts are now offered the company.
dompany's operating income for 1922 from an average installation of
16,927 lockers during the year WM $120,562. Company had installed and
paid for 20,104 lockers as of Jan.31 1923. These lockers and the additional
equipment to be purchased with the proceeds from the sale of this issue
will, upon the basis of present earnings, yield over 10 times the interest
charges on this bond issue.
As of Jan. 1 1923 company had issued an outstanding Common stock of
a par value of $972,275.
American Metal Co.
-Earnings.
---Net income for the quarter ended March 31 1923. it is stated, amounted
to $1,006,323. These earnings are exclusive of the company's share in
the earnings of the Mexican properties in which it is interested.
-V. 116,
p. 1279.
American Radiator Co.
-New Subsidiary Co.
The company, through its subsidiary, the Tonawanda Iron Col, Buffalo,
has acquired the properties of the Tonawanda Iron & Steel Co., which win
supply the radiator company with a portion of its pig iron requirements.
Officers of the subsidiary corporation are: Pres., B. M. Woolley; VicePres. Archer A. Landon; Sec. & Treas., Wetmore Wedges. The aforenamed and the following will make up the board of directors: G. H.
Hodges, Clarence Carpenter, Charles M. Parker, and George Pick.
V. 116, P. 1535
.
American Safety Razor Corp.
-New Director.
Charles F. Daly of Durant Motors, Inc., has been elected.a director to
fill a vacancy.
-V.116, p. 1652.
American Smelting & Refining Co.
-Bonds Sold.
-
Kuhn, Loeb & Co. Guaranty Co. of New York and Bankers
Trust Co. have sold at 993/ and int. $10,000,000 1st Mtge.
6% Gold bonds, Series "B, due April 1 1947 (see advertising pages).
Interest payable A. & 0. Denom. $1,000 and $500
Red. all
er part on 30 days' notice, on any int. date on or beforecs&r•.1 1932,
April
10734% and int., and thereafter at a premium equal to ;is' T' for each at
6
months between redemption date and date of maturity.
interest payable without deduction for any tax, assessment or Ancipal and
governmental
charge (other than inheritance taxes and State income taxes) which company
or trustee may be required to pay or retain therefrom under any present
or future law of the United States of America or of any State, county,
municipality or other taxing authority therein.
-Mortgage provides for annual sinking fund payment
Sinking Fund.
equal to 134% of face value of maximum amount of bonds outstanding for
purchase or redemption of bonds at not exceeding 110% and int.
Listing -Application will be made to list bonds on the N. Y. Stock Exch.
Data From Letter of Pres. Simon Guggenheim, New York, April 24.
Purpose.
-To reimburse the company for expenditures heretofore
er to provide funds for the acquisition of properties or securities,themade,
construction of plants or the making of additions, betterments and improvements thereto.
This Issue.
-A direct obligation of the company. There are now outstanding $42.477,700 1st Mtge. 5% bonds, Series "A," and with this Issue
the total amount of 1st Mtge. bonds outstanding will he $52,477.700.
The amount of bonds that may be issued under the mortgage is limited to
not more than the par amount of the fully paid Preferred and
shares of the company_ from time to time outstanding ($110,998. Common
000 at the
present time). The First Mortgage is, directly or through the pledge of
securities, a first lien on all the property, plants and equipment of the company (excepting its holdings in a Peruvian corporation and certain minority
Interests and investments in other companies) and on substantially the
entire capital stock of certain subsidiary companies. Also covers such additional real property and additional shares of stock and obligations of any
existing or future subsidiary companies as may be acquired with the bonds
or their proceeds.
--Company, directly or through its subsidiaries, is engaged in
Company.
the raffling, milling, reducing, smelting and refining of copper, tin, lead,
zinc, gold, silver, arsenic and many other metals at numerous plants
strategically located in the United States, Mexico and Chile.
Earnings.
-Net earnings of company and subsidiaries from 1913 to 1922
(both inclusive), applicable to interest on the bonds of the company, have
averaged about $11,490.000 per annum. Such net earnings for the year
1922 amounted to $8.286,87:3 while the interest on the outstanding 1st
Mtge. bonds, including the $10,000,000 bonds now offered, amounts to
$2,723,885 per ann. Such earnings for the first quarter of 1923 amounted
to about $3,637.000.
During the past 10 mars company has charged off to
and
depletion $37,187,482, and has paid $71,185,771 in cash depreciation The
dividends.
metals held by the company were carried on its books as of Dec. 31 1922 at
cost or market, whichever was lower. In order to protect the company
against a decline in the value of metals necessarily on hand in the process
of smelting and refining, the company has established, out of its surplus,
a reserve of about $5,800,000, which it is believed is sufficient to cover any
probable fall in price of the important metals dealt in by the company,
-Company is in excellent financial condition nad
Financial Condition.
has no outstanding bank loans. Current and miscellaneous assets exceed
current and miscellaneous liabilities by the sum of $50,173,721 36 as of
Feb. 28 1923. Company has on hand as of April 21 1923 cash and securities convertible at once into cash which, plus the proceeds of these new
bonds, amount to $19.500,000.
American Stores Co.
-Annual Report (Incl. Subsid.).-
Calendar YearsGross sales
Surplus after taxes, dividends,
Previous surplus
1922.
1920.
1921.
$85,866.396 186.068.176 $103059,303
$3,215,706 11.406,888 $1,250,191
6,851.748
4,194,670
5,444,861
Profit and loss surplus
$10,067,454 $6,851,748 15,444.861
Balance Sheet Dec. 31.
1921.
1922.
1922.
1921.
$
Assets
$
5,347,421 4,492,725 1st Pref. stock_
Fixed assets
3.429,700
9,808,767 9,719,918 2d Pref. stock_
Goodwill
1,350,800
Common stock _13.284,150 8,974,150
1,653,690
Cash
350,236 Current liabilities_ 2,379,254 3.383,646
Treasury stock..
Reserves
2,061,137 1,790,488
0th. curl% assets&
10,773,055 11,910,367 Outs. stkholders'
inventory
198,587 Int. In MM.cos.
209,062
891,300
Deterred chamois
Surplus
10,067,454 6,851,748
Total (ca. side)_27,791,995 26,671,833
-V.116. p. 1764, 1535.
American Sugar Refining Co.
-Sugar Output, dec.Estates of the company have made to April 24 1,038,000 bags of sugar,
which compares with company's estimate for season of 1,100,000 bags.
Cunagua has ground 543,000 bags, against Himely's estimate of 590,000,
and Jaronu has produced 495.000 bags against forecast of 550,000. Output
this year is ahead of 1922, due to the fact that the mills started grinding
at an earlier date this season.
The company's 23-story building at 90 West St., N. Y. City, held at
$3,500,000, has been sold to James Cox Brady.
-V. 116, P. 1181, 1170.
American Type Founders Co.
-Rights.
The stockholders on April 25 approved amendments to the charter,
making the corporate life of the company perpetual and authorizing an
increase in the caeltal stock from $7.000,000 (consisting of $4,000,000 corn.
and $3.000,000 pref.). to $10,000,000 (consisting of $6,000,000 corn, and
$4,000,000 pref.).
The company is now offering for subscription at par($100) the 81,000,000
of additional 7% Cum. Prof. Stock to common stockholders of record
April 26 to the amount of one share of prof. stock for every four shares
of common stock held, payment to be made to the Treasurer either in full.
on or before May 21,or in installments of$25 each May 21. June 21,July 21
and Aug. 21.
As it is unlikely that all the holders of common stock will be in a position
to subscribe for the full allotment under their right, the directors offer to
all holders of stock whether common or preferred, an opportunity to subscribe to such portion of the new issue of preferred stock as shall not be
taken by the common stockholders under their prior right, at par ($100)
per share, upon the same terms and conditions as stated in the foregoing
-V. 116, P. 1414.
offer.
-Acquisitions-Operations.
American Woolen Co.
The company has completed negotiations for the purchase of the woolen
mill properties of S. Slater & Sons, Inc., at Webster, Mass. The American
Woolen Co. recently purchased the Black River Woolen Mill of
Ludlow, Vt.
The company's mills are operating at 100% capacity and have sufficient
-V.116. p.I652.
orders to keep them employed for the balance of the season.
American
Lead & Smelting Co.
-Earnings.Zinc,
1922.
1923.
Three Months Ended March 312142,665
Operating profits before depreciation & depletion
250.152
-V. 115. P. 1944
.
-Holden Tire & Rubber Co.
-Bonds Ready, &c.
Ames
-
The 7% bonds due 1943. which under the plans of reorganization are ex-Holden Tiro Co., Ltd., 7% bonds due 1939, are
changeable for the Ames
now ready for distribution. Bondholders will receive in addition an amount
of Common stock equal to 25% of the par value of the original bonds held.
(See reorganization plan in V. 115. p. 1734.)
The board of directors consists of: A. J. Nesbitt, President: W. B. Wlegand, Vice-President and Gen. Mgr.; Russell D. Boll, G. A. Morris, all of
Ohio.ymond, W.0. Rutherford and Ff. Hough a B. P.
Montreal, and H. K. Its
Goodrich Co., Akron,
Anaconda Copper Mining Co.
-Acquisition,
The company,it is stated, has secured an option on the Marble Bay mine,
on Texada Island. in British Columbia. It is also stated that the company
's
Is negotiating to obtain control of the Van Anda Gold Copper Mining Go.
holdings, situated adjacent to the Marble Bay mine, and include the CoPPer
Queen, Cornell, Little Billie and Security properties.
-V. 112. P. 939.
Anglo-American Oil Co., Ltd.
-Final Dividend.
Secretary A. H. Hewett announces that the company will pay to the
shareholders, out of tho net earnings for the year ending Dec. .31 1922.
a final dividend of 2s. per share, free of income tax in the United Kingdom.
This, with the interim dividend of Is. per share declared on Doc. 15 last
and paid on Jan. 15 last, will make a total dividend of 15% for the year
ended Dec. 31 1922. The final dividend will be paid on and after May
15 next by the National Provincial & Union Bank of England, Ltd..
Bishopsgate. London, or at any of its branches, or by the Guaranty Trust
Co.. 140 Broadway, N. Y. City, at the equivalent in U. S. currency of
$4 65 per pound sterling (equal to 46)-6 cents per share).
1920.
1921.
1922.
Calendar Years1919.
Profit(after excess profits
£1,928,561 loss£31,833 £2.931.886 £1,921,195
duty)
plant. &c.)
559,267
837,466
745,768
363,035
Depr.(ships,
Dr.600,267
Cr 19,683
Interest and exchange_
182,609
435,730
376,164
507.193
Income tax
600,000
450,000
900,000
900,000
Dividends
Balance, surplus
-Nr. 116. p. 1764. 1653.
£297,063df£1,651,908
£365,159
£301,679
-GoldArcher-Daniels-Midland Co.-Pref. Stock Sold.
man, Sachs & Co., Lehman Brothers, New York, and Lane,
Piper & Jaffray, Inc., Minneapolis, have sold at 98 and
div. $5,000,000 7% Cumulative Pref. (a. & d.) stockj(see
Purpose of New Financing-Pension and Life Ins. Funds.
- advertising pages).
An authorized statement April 24 says, regarding the above financing:
"The company is planning immediate extensive developments and
additions to its properties, particularly the installation at its Resits coal
mine of a modern mining equipment, having a producing capacity of
50,000 tons of coal per month, and the erection of lay-product coke ovens
of 15.000 tons capacity per month, this capacity being a conservative
estimate of the company's requirements in its own operations. About
30.000 tons of coal per month will be required for coke and the balance
will be available for commercial purposes.
Holders of Preferred stock have the right to buy (coin the company at
any time up to May 11926. at the rate or $50 per share, one share of Com, ,
-1011161.11
mon stock for each 2 shares of Preferred stock held.
Preferred stock red. at 115 and div. Dive payable quarterly (cum.from
May 11923). On or before Jan. 11925, and annually thereafter, from out
of surplus and net earnings, at least 3% of the largest amount of Prof. stock
that shall have been at any one time outstanding shall be acqdred by tho
company by redemption or by purchase at not to exceed $115 and divs.
APRIL 28 1923.]
THE CHRONICLE
Transfer agent, Seaboard National Bank, New York: registrar, National
Bank of Commerce, New York.
Listing.-Appileation will be made to list both Preferred and Common
stocks on the New York Stock Exchange.
CapitalizationIssued.
Authorized.
7% Cumulative Preferred stock (par $100)
$5,000,000 $5,000,000
Common stocks(no par value)
225.000 slas. 200.000 she.
Data From Letter of Pres. J. W. Daniels, Minneapolis, April 20.
-To be presently incorporated. Will take over the business
Company.
and iiropexties of the Archer-Daniels Linseed Co. and will own all of the
stock of Toledo Seed & 011 Co. and of the Dellwood Elevator Co.. Inc.,
except directors' qualifying shares. It will at the same time become the
owner of all of the plants of the Midland Linseed Products Co., which company, however, will retain the operation of those plants for its own account
until July 1 next in order to liquidate its commitments. The new company
will then have the largest capacity for linseed crushing in the world, and will
operate as a unit the adjacent mills of the Archer-Daniels Linseed Co. and
the Midland Linseed Products Co. at Minneapolis, Toledo and Edgewater,
N. J.. as well as the plants at Chicago and Buffalo.
Except for the public elevator business of the Dellwood Elevator Co.,
Inc., and the castor oil business of the Toledo Seed & Oil Co., the sole
business is the production and sale of linseed oil and oil cake. The oil cake
produced at the Eastern tidewater plants is exported to Holland, Belgium,
England and the Scandinavian countries.
Sales and Profits. Years Ending Aug. 31 or Sept. 31.
Nit Sales. zNet Profits.
e
oi .
Net Sales.
1917 ..-_-__$31.775,939 $1,437,568 1921
$101,551
$36.068.762
1918
41.042,246
1.043.954
30,513,016
731,262 1922
1919
1,000,000
. ,
1923(6 mos.)18,909,128
1920
58,580,759
2,817,35414
x Before deducting Fedora'income and profits taxes paid but after giving
effect to taxes at present rates.
Consolidated Balance Sheet March 31 1923 (After Present Financing).
Assets
Liabilities
Product
$1,018,051 Notes payable to banks.. _ $1,027,500
Raw materials & suppl's_ 3.132.162 Accounts payable for raw
Notes receivable
2,231.795
materials, &c
122,222
Acc'ts rec.. less reserve
147.759
1,326.446 Gen.& Fed,taxes accr d_
Liberty bonds
13,100 7% Cum. Pref. stock..., 5,000,000
Cash
1,795,072 Common (no par value)
Properties, mills, &c---- 7#466,032 (auth. 225.000 shares;
Investments
200,000 shs. to be pres29,959
Prepaid interest, insur5,000,000
ently issued)
ance, &c
1.548.943
52,952 Initial surplus
Total
$14,955,998
$14.955,998
Total
Arizona Commetcial Mining Co.
-Annual Report.
Calendar Years1922.
Income from sales of cop$
per, silver and gold_ _ 1,256,780
Mining, treating & ref
li_ 1,044,231
Selling, gen. adm., &c_ _ _
90,162
Depreciation
66,928
Depletion
139,105
Interest
23,749
1921.
2
336,757
414,953
155,862
65,502
1920.
$
1,020,223
717,615
93,922
46,891
194,930
1919.
$
1,244,714
935,916
19,543
37.329
191,405
1897
Terms of Exchange of New Stock for Stock of Old Compano.
Received
Existing Securities Outstanding- 7%PriorPf. 7% Cum.Pf. Corn. She
(1) Electric Alloy Steel Co.
8% Cum. Pref. stock, $500.000 3500.000
31.860.000
Common stock, $1,860,000445,000
(2) Atlas Crucible Steel Co.
3,128.900 5,215 she.
$3,128.900
8%Cum.Pref.stock,
Common,stock (no par), 39,937
39.937 she.
shares
Total
3500.000 $4,988.900y90.152 abs.
x 45.000 shares were also issued for distribution te Electric Alloy Steel Co.
Common shares of the total authorized
stockholders. y The remaining
issue of 100.000 shares (amounting to about 10.000) were issued es a bonus
to purchasers of the debenture notes on the basis of one share of stock for
each $100 of notes.
Voting Trust.
-AU the Common stock is held in a voting train running
for five years.
Directors.
-L. J. Campbell, Chairman, Dunkirk, N. Y.; A. E. Adam.
L. A. Manchester, T. J Bray and J. A. Campbell, Youngstown, O.;
S. Livingston Mather, Cleveland; W. D. Myres (Sec. & Asst. Treas.)
and H. E. Nichols (Treas. & Asst. Sec.), Dunkirk. N. Y.; J. F. Carter
and R. L. O'Brian, Buffalo; D. W. Cooke, New York; C. S. Thomas and
W. A. Thomas, Youngstown, 0.. H. F. Vander Voort, Buffalo; Jonathan
Warner, Warren; E. B. Greene, Cleveland; R. J. Gross, Dunkirk, N. Y.
'
Maurice Joseph, Cincinnati; Severn P. Her, Sharon, Pa.
Officers.
-L. J. Campbell, Pres.; J. H. Roberts, Vice-Pros.; W. D.
-V. 115.
Myres, Sec. & Asst. Treas.; H.. E. Nichols, Treas. & Asst. Sec.
P. 2161.
-MI
Auto-Knitter Hosiery Co., Inc.
-Initial Divide-ad.
An initial dividend of 75 cents per share has been declared on the outstanding capital stock, no par value, payable June 15 to holders of record
May 31. (For offering of 75,000 shares of stock, see V. 116. P• 724•)
-V. 116, p. 1415.
Bassick & Alemite Corp.
-Salesfor First Quarter.-
Quarter ending March 31Sales
-V.116, p. 1181.
Bayuk Brothers, Inc.
-Earnings.-
Three Months Ended March 31Net, after Federal taxes, &c
Other income
Depreciation
x Preferred dividends
Preferred stock reserves
1922.
1923.
$3,355,128 $3,024,903
1922.
1923.
$251,212 $256,425
Cr8,923 Cr17,511
19,102
22.778
44,190
25.610
23.690
Surplus
3211.747 3186.954
x Th.e dividend on 1st Prof. payable April 15 1923 was set up and deducted in the statement of earnings for the quarter ended Dec. 31 1922.
On April 20 1923 the entire issue of this stock had been redeemed and
canceled.
-V. 116, p. 1764, 1653.
Bell Telephone Co. of Pa.-Listing--Earnings.-
The New York Stock Exchange has authorized the listing of 235.000,000
25
-Year 1st & Ref. 5% Gold bonds, Series B (see offering in V. 116, p. 180).
Balance, def.
$107,395
1133,135 sur$60,521
$335.337
Income Statement for Year Ending The. 31 1922.
The total production for 1922 was 6,220,923 lbs. refined copper, 27.531
oze. silver and 1,585 ozs. gold, 8,999.447 lbs. of refined copper were sold Telephone oper. rev_ __ _237.223,878 Non-oper. rev., net
$1,272.207
Current maintenance... 5,670.681
at an average price of 13.266 cts. per lb.
-V. 116. p. 1653, 1054.
Depreciation
$8.972,042
5.325,128
Gross income
Operations
16,768,627 Rent & misc. deductions_
$599,837
Armour & Co. of Illinois.
-Wages Increased.
Uncollectible oper. rev
192.300 Interest
2,296,767
See under "Current Events" in last week's "Chronicle," page 1708. Taxes
assignable to oper.
Dividends (38)
4.800,000
-V. 116, p. 1415.
(Incl. Federal taxes)_- 1.567,306
Balance, surplus
$1, ,
275
Associated Oil Co.
-Ann.Rept.(Incl. Prop. & Affil. Cos.)
g incame___- $7,699,835 Profit & loss surplus_......$14, .
p 82
. 6
059 47
r- Calendar Years1922.
-V
1921.
1919.
1920.
Operating income
336,776.769 $49.610.133 $51,193,959 238,069,130
Divs.,int., &c., received 1,086,520
452,037
3,877,427
767,290
Bethlehem Steel Corporation.
-Usual Dividend-Earn35.777
Total receipts
237,863,290 $53,487,560 $51.961,249 $38,521,167
Deductions
Operating expenses
$29,405.712 $40,769,413 238,166,978 227,721.813
Miscellaneous interbst
142,973
68,178
174,246
366.201
Taxes
•
877.968
1,683.246
1,005.103
2,034.103
Interest on funded debt_
340.394
516,772
466,823
419,259
562
Other items
61
80
Disc, on bonds sold, &c_
43,288
59,427
54,046
48,670
Depreciation reserve__
2,861.826
2,401,388
2,720.883
2,257.271
Dividends
(W7)2,385,345(6)2,385,343 M2.385,348(5)1,987,812
0
Total deductions
236,058,067 $47,714,951 $45,538,875 $34,438,636
Surplus for year
$1.805.223 25.772,609 $6,442,373 $4,082,531
-V.116, p. 1181. 180.
Atlas Powder Co.
-Proposed Capital Increase.
-
The stockholders will vote June 13 on creating 500,000 shares of Common
stock, without par value, of which 450.000 shares shall be voting Common
stock and 50.000 shares will be non-voting Common stock, in lieu of the
present 100,000 shares of Common stock, par $100, of which 90,000 shares
is voting Common stock and 10,000 shares non-voting Common stock.
The Common stock (par $100) now outstanding shall be changed into shares
of Common stock without par value, in the ratio of 3 shares of voting
Common stock without par value for each share of voting Common stock
(par $100), and 3 shares of non-voting Common stock without par value
for each share of non-voting Common stock (par $100).
Secretary Leland Lyons, in a letter to stockholders April
20 says:
The proposed amendment will make no change in the number of shares
or the par value of the $10,000,000 (par $100) authorized Preferred Cumul.
stock (of which 39,000,000 outstanding) nor will any changes be made in
the preferences or qualifications thereof.
The directors do not contemplate at this time the issuance of any of the
new shares of Common stock without par value, beyond the amount
required to exchange such shares for the present outstanding shares of
Common stock in the ratio specified.
Application will be made to the New York Stock Exchange to list the
new shares of voting Common stock without par value so that such shares
may he traded in on the Stock Exchange beginning June 14 1923.
The financial structure of the company will be greatly improved by the
-V. 116, p. 1758. 724.
adoption of this amendment.
Atlas Steel Corp., Dunkirk, N. Y.
-Consolidation.
-
zags, &c.
-To Offer Cambria Minority Stockholders $181 a
Share.
The directors on April 26 declared the usual quarterly dividend of 1g%
on the Common stock, payable July 2 to holders of record Juno 1.
an interview after the meeting. President Grace said that earnings
were not sufficient over the entire quarter to cover dividend requirements
but that there had been marked improvement throughout the quarter and
that the earnings in March were at a rate to more than cover both Preferred
and Common dividends.
The increase in wages, effective April 16, is estimated to add $2 a ton to
the cost of finished steel products, but it is believed the increase in billing
prices resulting from the completing of old low price contracts will at least
be equal to this added cost.
The Midvale and Cambria properties and organizations were taken over
on March 30 (V. 116, p. 1536)• The amalgamating and co-ordinating of
the business and organization with Bethlehem's is progressing. The developing and modernizing of the Cambria property to perform its proper
function in rounding out Bethlehem's business will be accomplished as
rapidly as conditions will permit. This work on the Lackawanna plant is
well under way and should begin to reflect its advantages within the year.
The volume of orders booked and being booked, require capacity operations of the steel properties, with every indication that this condition will
continue with firm but not runaway prices obtaining.
Mr. Grace also said that the Bethlehem would soon make an official offer
for the minority stock of the Cambria Steel Co. This will be done in the
form of a letter to the holders of about 7,000 Misters which will stand in the
names of individuals, offering $181 a share, providing the stock is deposited
with Drexel & Co., Phila., on or before May 15. In his letter to the
minority Cambria Steel stockholders. Mr. Grace will point out that prior to
the acquisition of the Midvale and Cambria properties on March 30 last.
the Midvale Steel & Ordnance Co. purchased the shares of the minority
Cambria holders at $181 a share, and will add:"Although In our opinion the
stock is not worth that amount, the Bethlehem has decided that it will
purchase the outstanding stock at $181 a share, and has ordered Drexel &
Co. to take such stock presented up to May 15 next, at that price."
V. 116, p. 1653.
'Beverly (Mass.) Gas & Elec. Co.
-Directors, &c.
-
At the annual meeting the following board of directors was elected:
Clifford E. Paige, D. Edgar Manson, John West, Samuel A. York, Forrest
S. Smith, Andrew W. Rogers, Rockwell C. Tenney, D. Willard Leavitt.
Charles H. Tenney, Edward M. Bradley, Vernon B. Rolfe. Officers are:
Clifford E. Paige, President; D. Edgar Manson, Chairman; Rockwell
C. Tenney, 1st V.-Px.es.; Elihu A. Bradley, Treasurer.
-V.116. p. 1055.
Concerning the merger of the Electric Alloy Steel Co. and the Atlas
Crucible Steel Co., Chairman L. J. Campbell, writing to the "Chronicle"
Black 8c Decker Mfg. Co.
-Dividends Resumed, &c.April 4, says:
Dividends were resumed on the Common stock March 31 1923 by the
"The Federal Trade Commission has not as yet made any comment on payment of 1% to holders of record March 27. The
the proposition, though for months they have had in their possession all of dend of 2% on the Prof. stock was also paid Marchregular quarterly divi31.
the information they have asked for. I doubt if they ever do make any
The company has adopted the policy of placing in reserve an amount
comment, as there is so obviously nothing in the deal that could be criti- equal to whatever Common dividend is declared
as payable, such reserve
cized by them that I assume they will just drop the whole matter.
to be invested in gilt-edge bonds.
-V. 116, p. 81.
"Briefly, what was done was this: A new company, The Atlas Steel
Corp.incorporated in New York, was formed to purchase the assets of the
Blackstone Valley Gas & Electric Co.
-$1,732,500
Atlas'Crucible Steel Co.(V. 115, p. 1636) and the Electric Alloy Steel Co. Additional Common
Stock Offered at Par-Earnings-Acquis.
(V. 116. p. 1638). these assets being paid for by Common and Preferred
The stockholders on March 21 increased the authorized Common stock
stock of the new company. The new company also issued $2,000,000 of
bonds, refunding the old Atlas bond issue of 31,500,000, approximately, from 53,650,000 (33,465,000 outstanding) to $5.197,500. par 250. The
outstanding, and getting new money for the excess. It also sold ap- Common stockholders of record Mar. 21 are given the right to subscribe
proximately $750.000 7% 15
-Year Gold notes, and secured some now on or before May 1 at par to $1.732.500 Common stock. Subscriptions
are payable at the office of Stone & Webster, Inc., transfer
money in that way."
agent. Boston.
The consolidation plan provided for the authorization of new securities Mass., either in full on or before May 1 or in two equal installments, onehalf on May 1 and the balance on Sept. 1.
and the exchange of old securities as follows:
Results for 12 Months ended Feb. 28I921-Z2
.
1922-23.
Present Capitalization of New Company.
Gross earnings
$4.083.771 $3 770.143
Issued.
Authorized.
Operating expenses and taxes
,457.842
2.591.448 2,
Bonds..
22,000,000 $2,000,000 Interest on bonds, &c
15
-Year 7% Debenture notes
750.000 Interest and amortization charges
1,000,000
7% Prior Preferred stock
500.000
500,000
7% Cumulative Preferred stock
Bal. for reserves. replacements and dividends
4.988,900
6.000,000
31, 575.781
2209 0542
1
$2913:63:255727:
'
Common stock (no par value)
See also Edison El, Ilium. Co. of Brockton below.
100,000 she. 100,000slis.
-'1. 116. P. 939.
Bradford Electric Co.
-Tenders.
The Guaranty Trust Co., trustee, 140 Broadway, N. Y. City, until
April 27, received bids for the sale to it of 1st Mtge. & Coll. Trust 6%.
Series "A" gold bonds, due Jan. 1 1929, to an amount sufficient to exhaust
$14,736 and at prices not exceeding 105 and int.-V. 113, p. 1363.
-To Resume.
British-American Nickel Corp., Ltd.
President Rhodes announces that the corporation is to resume operations
Deschenes plants, which have been
on or about May 1 at its Sudbury and
practically shut down since March 1921.-V. 113, p. 1254.
-Resumes
Brompton Pulp & Paper Co., Ltd.
Divs.-
Earnings.The directors have declared a dividend of 2% on the Pref. stock for the
quarter ended Jan. 31 last. This is the first distribution on this issue
since Nov. 1921.
-y Years ending Oct. 31
x 14 Mos. end.
Dec. 31 '22. 1920-21. 1919-'0. 1918-19.
Resultsfor$1,607,213 $1,097,784 $1,853,589 $1,098,338
Earn ngs after expenses
235,122
244,000
188,499
366,589
Depreciation
137,580
200,774
82,455
362,783
Bond interest
17,500
Claremont pref. d vidend__ _
(7%)155,000 (7)140,000 (7)140,000
Preferred dividends
a385,000 b665,000 (5)350,000
Common dividends
Balance, surplus
[Vol. 116.
THE CHRONICLE
1898
$860,340
$113.010
$675.886
$337,383
x Includes operations of Brompton Co. for 14 mos., Groveton Paper
Co.,Inc.,for 12 mos. and Claremont Paper Co., Inc., for 12 Mos. y Company proper. a Thisincludes $1 75 per share paid in Feb. 1921 and $1 per
share paid in May 1921; none since. b Divs, paid in year 1919-20 on the old
6
70,000 shares of corn. stock, par $100, were as follows: 13, % each. Feb. 7
and May 7 1920; 3%, Aug. 7 192000 the new no par value stock (140,000
shares outstanding): $1 75,per share paickNov.8 1920.-V.114,p 857, 742.
this same period the annual net profits after all charges, including excess
profits and war taxes, have been approtimately 4 times the interest requirements of this issue. Cash dividends have been regularly paid during
the 6 years aggregating $160,453.
Company's main Chicago plant is located on Webster Ave. Building
occupies 33,250 sq. ft. of land. Total capacity of plant is 112 tons of ice
and 7,000 gallons of ice cream daily.
(& Subsidiaries). Earns.
Cerro de Pasco Copper Corp.
1919.
1920.
1922.
1921.
Calendar YearsSale of copper,silver, &c.$17,805,585 517,592.080 511,463,572 514,884,050
1.247,982
447,007
2,319,891
160,093
Divs. and int. received__
46.612
35,175
1.173,035
Miscellaneous receipts__ 1,181,313
2,005,360
1,524,576
Increase in inventory_ _- 3,708,405 4,357,183
$23,142,310 $23,282.391 $15,343,214 $18,184,004
Total
Smelt.,refill. & gen.exp.$10,008,010 $9.946.053 $8,417,195 $8,934,267
4,357,183 7,009,177
Inventory Dec. 31
3,010,688 2,808,739 2,043,288 2,640.242
Custom ores
919,036
576,272
691,577
477,964
U.S. and foreign taxes
See below.
I 2,781,664 2,806,828
Depletion of mines---1
600,000
791,058
Deprec. of plants, &c_ _1
1
595,360
635,570
Bond interest
(500)449,115(34)3592,917(4)3,592,909
Divs. paid (per share)_
Balance, surplus
Add balance Jan. 1
34,594.798 $1,955,774df$2.974,485df$1,309,278
40,336 5.518,240 10,273,494 7,290,830
Total
Deprec. of plants, &c
Depletion of mines,&c-Adjustment
Surplus of subsidiaries
eliminated by consol_
$4,635,134 57,474,014 $7,299,009 35.081,552
5975,942
See above
$1,026,223
See above
3,295,475 4.120,650
Deb10,830 Deb41,383 Deb5708,166 Cr4,291,944
2,295,703
540.336 31,590,843 510,273,496
Bal. p. &I. Dec. 31-- $302,606
-116,
-V. ' p. 1653.
Report.Brunswick-Balke-Collender Co.-Annual
-Stricken from List.
Gas, Inc.
1921.
1920.
1922.
Chattanooga Coke &
Calendar Years1919.
$610,217 $4,248,485 $5,046,099
Profits from operations_a$2,367,355
The Boston Stock Exchange has stricken from the list the Class A shares,
$1,236,132 $1.516,545 $1,022,130 the company having discontinued its transfer and registration offices in
Excise taxes for year_
1,355,293 2,174,914
Shrinkage on inventories
-V. 115, p.440.
Boston.
298,483
83,045
Sundry exp.& chgs.(net) Cr.218,223
24.575
48,288
Prov. for income tax_
982,479
-Conversion of Bonds, &c.
Chile Copper Co.
In accordance with the proviskins of the collateral trust agreement
$2,585,579df$2,279.691
$425,693 $3,016,915 securing the Coll. Tr. 7% 10
Surplus for year
-Year Cony, gold bonds, due May 1 1923,
309,326 8,015,560 5,756,959 the bonds may be converted into stock on or at any time before maturity,
7,659,839
Previous surplus
Credit arising from conpar for par, with a cash adjustment of accrued interest on the bonds. Bonds
b10,125,000
version ofstock
not converted will be paid May 1 at the Guaranty Trust Co., 140 BroadCr6.125,480
Appr.ofcap.assets(adj.)Cr2,109,749
way. N. Y. City.
The directors have declared a dividend (No. 2) of 2%% on the outstand$8,135,669 $8,154,634 $14.566,733 $8,773,874 ing capital stock, par $25, payable June 30 to holders of record June 2.
Total
337,295
336.096
337.408
Pref. divs.(7% per an.)_
338,313 An initial dividend oflike amount was paid Mar.22 last.
-V.116, p. 1537.
Class "A" Com. diva.
(1(%)216,563(154)157,500 (7)420.000 (7)420,000
(cash)
-New President.
Chino Copper Co.
d (in Cl."B"corn.)
-050%)13,500,000
D. C. Jaclding, formerly Vice-Pres. and managing director, has been
Old Class "B" Common
elected President to succeed the late C. M. MacNe111.-V. 116, p. 1765.
59.063
dividends (I %%)____
Cincinnati Indianapolis & Western Car Equipment
$309,326 $8,015,560
P.& L.surp. Dec.31- $7,523,948 $7,659,839
Co.-Pref. Stock Offered.-Fletcher American Co. Indianapafter deducting manufacturing, selling, ad- olis, is offering at par and div. $300,000 1st Pref. 6% taxa Profits from operations
ministration and general expenses, incl. interest on borrowed money and
adequate provision for depreciation of buildings, plant, machinery and exempt stock, par $100. A circular shows:
-M. Callable at any dividend
Dated Dec. 1 1922. Dividends payable Q.
equipment. b Credit arising from converting 135.000 shares old Class
"B" Common stock of $100 each into 33,570 shares new Common stock date at 102 and div. Fletcher American Co.. Indianapolis, registrar and
agent.
transfer
-V. 116, p. 414.
of $100 each.
The company. incorporated in Indiana, was organized to own 325 box
-New Directors, &c.
Butterick Co.
cars and gondola coal cars, having a value of 5450,000, for the use of and the
R. W. Poor and W. H. Gelshenen have been elected directors. C. ultimate purchase by the Cincinnati Indianapolis & Western RR.
-V. 116, p. 1536.
The 3150,000 Common stock has been bought at par by the Cincinnati
D. Rafferty has retired from the board.
Indianapolis & Western RR. This provides a 33 1-3% equity in this
eusual equity in equipment issues is 20%. This
-Organized.'--California Cyanide Co., Inc.
equipment, whereas tile
This company was incorp. In Delaware April 17 1923 with an authorized Preferred stock issue provides the same protection as standardrailway
notes. It is issued in Preferred stock form in order to provide
capital of $1,100,000 8% Pref. stock and 43,300 shares of Common stock equipment
a tax-exempt investment.
of no par value, as per plan of Air Reduction Co. in V. 116, p. 1416.
Fletcher American Co. holds a proxy on a majority of the Common stock
California Petroleum Corp.-bnpital Increased-Par of the Car Equipment Co., which becomes operative in case of default
-V.116, p. 1182.
on this Issue.
Value of Common Stock Changed to $25 per Share.
The stockholders on April 20 increased the authorized Common stock
Cleveland Electric Illuminating Co.-Earnings.from $17,500,000 to 360,000,000, and changed the par value of the Common
1922.
Twelve Mos. ending 1923.
1922.
shares from $100 to $25. Holders of present Common stock vrill receive nada Mos.ending 1923.
March 31
$
March 314 shares of new Common stock. par $25. for each $100 share now held.
1,372,151 1,500,131
Gross earnings_ .._16,038,036 13,253.089 Interest
The New York Stock Exchange has authorized the listing of 317.377,000
Common stock (par $25) upon official notice of issuance in exchange for Operating expenses 9,187,700 8,019,295 Taxes Ac.,sk.fd. 1,640,500 1,643,000
365,024
768,709
Amort.,
outstanding Common stock of par $100 (par for par); with authority to add
1,643,699 1,146,193
Dividends
Gross (including
$123,000 additional of Common stock, par $25 per share, upon official notice
other) income 7,120,355 5,383,498
of issuance and payment in full. The stock for which listing is now asked is
729,150
1,695,296
Surplus
not new stock, but is the $25 par Common shares into which the existing -V.116, p. 415.
$100 Common shares now listed or authorized to be listed on the Exchange
-Common Dividend.
Clinchfield Coal Corp.
split up. pursuant to the action of the stockholders on April 20 1923.
will be
A dividend of i of 1% has been declared on the Common stock, payable
-V. 116, p. 1416, 1280.
May 1510 holders of record May 10. A like amount was paid Jan. 15 last.
-Minority Stockholders to Receive Offer. -V. 116. p. 1280.
Cambria Steel Co.
-V. 116. p. 1536.
See Bethlehem Steel Corporation above.
-Statement for Quarters ended March 31.Coca-Cola Co.
1921.
1923.
-To Increase Capital.
1922.
Canada Starch Co., Ltd.
-$5,068,561 $3,265,088 $6,034,441
Supplementary letters patent have been issued under the Seal of the Gross receipts
Secretary of State of Canada, dated March 20 1923. increasing the capital Manufacturing and general expenses- 3,573.897 2,258.123 5,189,844
stock from $2,500,000 to $4,500,000, such increase to consist of 20,000
$844,597
31.494,664 $1,006,965
Operating profit
New Preference shares, par $100.-V. 93, p. 531.
210,649
41,549
507
Interest, discounts, &c
Case Threshing Machine Co. Sales.
lk (J.
5633.948
5965,115
inc. for quer. ending Mar.31-- $1,494,157
were approximately 89% in
Net
Gross sales for January and February 1923
excess of those for the corresponding months of 1922.-V. 116, p. 1170.
V. 116 p. 940, 826.
----Quarterly Earnings.
-Merger Approved.
Colorado Fuel & Iron Co.
Central Jersey Power & Light Co.
The New Jersey P. U. Commission has approved the consolidation of
1920.
1921.
1922.
1923.
3 Mos. to Mar. 31the Morris & Somerset Electric Co. and the Commonwealth Electric Co. Gross receipts
311,259.581 $6.575.661 $10.028.742 510,369.601
987,720
into the Central Jersey Power & Light Co. The Commission also approved Net earns, from oper
1,097,098
596.243
1,395,360
-Year 6% Gold bonds, to be sold Other income
118,493
the issuance of 32,250,000 1st Mtge. 30
99.996
64,806
96.959
-V. 116, v. 1416.
at not less than 91, and of $900,000 of capital stock.
$661,049 31,197.094 31,106.213
51.492.319
-Earnings for March Quarter.
Central Leather Co.
685,644
691,566
716,307
726.935
Bond int., tax., s. f..&c_
1922.
1921.
Results 3 Mos.to Mar.31. 1923.
370,629
376.011
1920.
382,671
Depreciation
5950,271 def.369,322 $2,898,525
*Tot.net earns.,all prop. $2,643,995
Further provision for in$420,569
$134.899
$382,713 def$431,269
Balance for quarter_ ventory depreciation_
2,150,000
-V. 116, p. 1280. 1172.
Expenses & loss of all cos.
-To Increase Capital.
Commercial Solvents Corp.
754.538 1,387,995
796,484
except bond interest__
1,368,780
The New York Stock Exchange has received notice from the corporation
$195,733df$3,607,317 $1,529,745 of a proposed increase in the capital stock by 51,000,000 First Preferred
Balance
$1.847,511
103.018
33.602
Add-Inc.from invest_ _
-V. 116, p. 1280.
115,290
140,025 stock.
-Earnings.
-Tabulating-Recording Co.
Computing
$1,950,529
Total
$229,335df$3.492.027 31,669,770
459,552 def.459,552
459,552
Deduct-Int. on bonds_ _
Company reports net earnings before taxes for the first quarter of 1923
459,552
Pref. div. pay. Apr. 1_
582,732
582,732 at $558,063 and net, after taxes, of 5488,000.-V. 116, p. 1766. 1537.
Corn. dly. pay. May 1
(1)0496,261
-Bonds.
Consolidated Mining & Smelting Co., Ltd.
The stockholders on April 17 (1) approved the issuance of $7,500000 20Bal.,sur.. for quer_ _- 31.490,977 def$230,217df$4,534.311 sur$131 225
Year 7% Cony, debentures, previously authorized; and (2) authorized the
The total deficit as of March 31 1923 amounted to $3,874,632.
Power
* Total net earnings are stated after deducting expenses, including those company to guarantee an issue up to 32,000,000 of West Kootenay an ad-V. 116, p. 940, 929.
& Light Co. bonds. This issue will provide for the development of
for repairs and maintenance.
-V. 116, D. 1765, 1653.
ditional 25.000 h. p.
Chapell Ice Cream Co., Chicago.
-Bonds Offered.
Consolidated Textile Corp.
-Operations.
Peabody, Houghtellng & Co., Chicago, are offering at par and at,
During the first 3 months of this year the mills directly owned by the
$150.000 1st Mtge. Mi% Serial Gold bonds. Dated March 8l923. Pay- corporation have been running nearer to capacity than they have for the
.
able annually. Ileenom. $1,000 and $500c5 Red. in reverse of numerical
years. Terry Textile Corp., formed less than a year ago to conduct
order on any int. date on 60 days' written notice at 102 and int. Int. Pay- last 2
converting business, is also exceeding expectations. Converse & Co.,
able at Peabody, Houghteling & Co., Chicago. Chicago Title & Trust Co. a
which distributes the products of the Consolidated Textile mills, as well as
trustee. Co. agrees`to pay normal Federal income tax not exceeding 2%. those of independent mills, billed more goods in March than in any month
These bonds are the obligation of the company and of George E. Chapell since the war boom. Compare V. 116, p. 1645.
and Arthur A. Chapell, principal officers and stockholders, jointly and
Continental Mines, Ltd.
-New Director.
verbally. Company's average annual earnings for the 6 years ended
F. C. Thompson of Shonnard & Co. has been elected a director.
Dec.311922. after depreciation but before Federal taxes. were $61,381, or
maximu annual bond interest charges of $9,750. During V. 116. P. 620.
over 6 times the
APRIL 28 1923.]
THE CHRONICLE
-Annual Report.
Copper Range Co.
1919.
1920.
1922.
1921.
Calendar Years33.025.957
Copper produced (lbs.). 29.029,474 32,669.738 23,756,267 36,165.286
$4.129.538 $4,324,638 $4,073,884
Proceeds
193,393
158.880
132.667
140.883
Interest, &c., received
$4,270,422 $4,457,305 $4,232,764 56.358.679
Gross income
$103,507 $1,563,730
$471,873
$699,847
Net after local taxes_ _
Surplus earnings of CopCr.91.540 Cr.108,781
Cr.77.094 Cr.126,801
per range RR.. Co
699.857
199,886
363,489
445,258
Deduct Champion net
986,015
591,625
Dividends
Balance, sur. or def.-sur$331,683 sur$235,185 def$596,464 def$13,361
-V. 116, p. 1654. 301.
-Earnings.
Corn Products Refining Co.
1899
-Earnings.
Donner Steel Co.
The company reports for the first quarter of 1923: Operating profit,
after expenses and taxes, $603.861; interest charges, $171,375: maintenance,
$103,378; net income was $329.108.-V. 116. p. 1417, 941.
-No Receiver.
Duesenberg Automobile & Motor Co.
Superior Court Judge James M. Leathers at Indianapolis on April 20
denied the appointment of a receiver for the company, petitioned for by
Peter A. Pfisterer, a minority stockholder. Judge Leathers said:
,
'Pfisterer's charges of gross mismanagement, dissension, extravagance
unfounded.
and insolvency against the officers of the company are the company The
and
appointment of a receiver would prove disastrous to not
proved by a
thousands of stockholders. Pfisterer's allegations are
evidence. His charges that Duesenberg officers were
preponderance of
dishonest, that they misappropriated proceeds of stock sales, that they
quarreled and that the company is hopelessly insolvent are not borne out
-V. 116, p. 1654.
by the evidence."
1920.
1921.
1922.
1923.
-Dissolved.
Duesenberg Motors Corp.
$3.583.545 $2,621,287 $1,654.866 $5,684,353
58.080
91,269
The company filed, with the Secretary of State of New York, on April
198.020
240.488
-V. 115. p. 2272.
dissolution.
20 1923, papers for voluntary
Total income
$3.824,033 $2,819,307 $1,746,135 $5,742,433
637,914
-Permanent Bonds.
463,804
Co.
655.918
Dunlop Tire & Rubber
Interest and depreciation..
778.804
521.972
434.472
434,472
Permanent 1st Mtge. 7% bonds are now ready for delivery at the Sea434,473
Preferred divs. (1%%)
497.840 board National Bank of N. Y. (For offering see V. 115, p. 2690.)497.840
497,810
497,840
Common divs. quer. (1%)
248.920 V. 116, p. 301.
248.920
248,920
do
extra (34%)
248,920
-Stock Offered.
$1,863,996 $982.157 $101,099 83,835,786
Surplus
Early & Daniel Co., Cincinnati.
recently
* Net earnings, from operations, after deductbag_charges for maintenance
A syndicate of Cincinnati bankers, headed by Westheimer & Co.,
-V.116, p. 1280, 928.
and repairs and est, amount of Fed. taxes, &c.
offered at 100 and div.8250.0007% Cum.Pref.(a.& d.)stock. Subscribers
of subscribing for one share of Common stock at $32 per
had the privilege
-Annual Meeting Deferred.
Cosden & Co. (Del.).
each share of Pref stock. A circular shows:.
&
The directors have voted to defer the annual meeting of the stockholders share with
Prof. stock callable at 115 and div. Registrar, Title Guarantee '
& Trust Co..
from May 23 to June 6.-V. 116, p. 1416.
Trust Co.; transfer agent, Union Savings Bank Daniel Co. theCincinnati.
A. C. Gale
Company is consolidation of the
-Earns. Grain Co. andaFairmount Elevator old Early &
Co. Company manufactures special
(Wm.) Cramp & Sons Ship & Engine Bldg. Co. 1919.
1920.
1921.
1922.
Calendar Yearsbrands of balanced ration feeds, deals in hay, grain and grain products,
$3,828,944 $2,359,570 $3,261,794 $2,958,286 and operates two large grain elevators. The original business was started
Net earnings
654.099 in 1881.
954,178
836.776
756.793
Depreciation
The Fairmount Elevator Co. and the A. C. Gale Grain Co., which are
Preferred
Total inc.,less deprec- 83.072,150 $1,522,794 $2,307,616 82,304,187 consolidating, have accepted in payment for their entire interests of stock),
199,625 and Common stocks (about half the purchase price in each class
173,063
167,319
149,733
Interest, &c
of the new corporation, with the exception of$6,250. which they are receiving
Bal., net surp.for yr-- $2,922,418 $1,355,475 $2,134,554 $2,104,562 in cash.
During 1922 Early & Daniel Co. did a business of $8,304,314.
-V.115, p. 2272.
Company is capitalized at $400,000, 7% Cumul. Pref, stock and 20,000
-Preferred shares no par value Common stock.
Conn.
Crofut & Knapp Co., So. Norwalk,
are expected to cover the Preferred diviConsolidated
-Winslow, Day & Stoddard, Inc., New dend more thanearnings for 1923 earnings applicable to Common stock on
Stock Offered.
times. Net
Cumul. this estimate are634excess of $6 a share.
in
Haven, are offering at 98 and div. $750,000 7%
on the Preferred stock for the entire
Dividend
Sinking Fund Pref. (a. & d.) stock.at 110 and divs, on any div. year 1923 inof 7% has been declared Dividend of $2 50 a share has been
advance out of surplus.
-F. Red. all or part
payable Q.
Dividends
entire year 1923 out of
transfer agent, City National declared in advance on the Common stock for the
date on 60 days' notice. Registrar and
-J.
surplus. Dividends are payable Q.
Bank, South Norwalk Conn. Trustee for sinking fund, New Haven
stocks on the Cincinnati Stock
Application will be made to list these
Bank, N. B. A.. New haven, Conn.
Authorized. Outstanding. Exchange.
Capitalization after present financing$750,000
$1.000,000
-New Director.
Preferred stock (par $100)
Eastman Kodak Co.
1,337,000
1,500,000
Common stock (par $100)
C. E. Kenneth Mees has been elected a director to succeed the late
Present management, their associates and families own substantially all William S. Gifford.
-V.116, p. 1645.
financing have
of the outstanding Common stock, and as a part of this
-To
contracted to purchase at $100 per share 3,750 shares of additional Common
Edison Electric Illuminating Co. of Brockton.
stock.
Interest in Montaup
-P.
• Data from Letter of John J. Cavanaugh,let V. & Gen. Mgr. Apr. 16 Increase Capital Stock-To Acquire
-Business established as a partnership in 1858. Present Electric Co.
Company.
company organized in 1907, is one of the largest and best known manuvote April 30 on authorizing the officers to apply
facturers of high grade men's hats in the United States and sells its product toThe stockholders willPublic Utilities for authority to permit company to
the Mass. Dept. of
Union to the highest class retail dealers. Owns all
In every State of the
increase the authorized capital stock from $2.583.000 (all outstanding
the stock of Dobbs & Co., which operates retail stores in N. Y. City. at to $3,228,000, par $100. If permission is granted, the stockholders
-Proceeds will be used for the construction of a new factory
Purpose.
vote on increasing the stock May 25.
Norwalk. Conn., and for additional working capital.
The stockholders will also vote April 30, subject to the consent of the
Earnings Years Ended Oct. 31.
Massachusetts Dept. of Public Utilities, on becoming a stockholder in
Net Sales. Net aft Int. Deprec.n.Fed.Taxes. Net Earns. the Montaup Electric Co., to be organized in Massa( husetts for the conYear$84,293 struction and operation of a power plant on tidewater in or near Fall River
8818
89.612
894.722
$1,215,802
1916
70.686 for the joint benefit of this company, Fall River Electric Light Co.. and
1,505,61912,848
1917
69,397 Blackstone Valley Gas & Electric Co. and on authorizing the directors
38,987
35,956
144.339
1,553,483
1918
151,005 from time to time, with the consent cif the Dept. of Public Utilities, to
103,762
31.263
286,030
2,279.119
1919
143,906 subscribe for, acquire, own and dispose of the stock, bonds or other securities
46,312
40.276
230,493
4,169,579
1920
30,605 of the Montaup Electric Co.
1,786
x75,725
43,333
2.524.140
1921
electric
200,495
36,238
37.185
273,918
2,883,043
[Governor Cox of Massachusetts recently signed a bill permittingpurpose
1922
light companies to own stock in other companies organized for theWebster.
&
of generating and transmitting large amounts of power. Stone
x After extraordinary inventory adjustments.
-The Preferred stock is to have the benefit of a cumulative Inc., have been awarded the contract to design and construct a new electric
Sinking Fund.
sinking fund, payable by Nov. 1 of each year out of net profits or actual power plant to be built in connection with the development of the supersurplus remaining after payment of Preferred dividends of 3% of the power system in Massachusetts. Initial expenditure on plant, which will
largest number of shares of Preferred stock at any time theretofore out- ID located at Fall River, will be about $5,500.000. The foregoing bill
standing, except that the sinking fund payment due Nov. 1 1923 need not and contract apparently is in connection with the Montaup Electric Co.
-Ed.)
proposition.
exceed 134% of such aggregate par value.
A letter to stockholders says in part: "The financial requirements of
-Obituary.
Crocker-Wheeler Co.
the company for 1923 approximate $1.460,000-$570.000 for its investment
President Schuyler Wheeler died in N.Y.City April 20.-V. 113, p. 1579. in the securities of the Montaup Electric Co. and $890.000 for additions
to its own plant and system to enable it to make use of the power to be
-Plan Approved.
Curtis Aeroplane & Motor Corp.
furnished by the Montaup Electric Co. and to meet the demands of growing
stockholders have approved the plan of reorganization outlined in business. The directors feel that the proposed construction program
The
and purchase of securities should be financed in part by the issue of additional
V. 116, p. 1182.
capital stock, the increase in capital stock, if approved, will be offered
-Listing-Earnings.
Cuyamel Fruit Co.
to stockholders of record on the
of 250.000 for subscription at $165 per share pro rata1947
The New York Stock Exchange has authorized the listing
date of the vote to increase."
-V. 115, p.
shares Common stock without par va ue, which are issued and outstanding.
-Annual Report.
Electric Bond & Share Co.
Consolidated Income Account Year Ending Dec. 31 1922.
Accum.
Common
Gross
Preferred
Net
Net income from oper- -$2,810,843 Fed, tax res. for 1922.... 131.081
Income. Dividends. Balance, Dividends. Income.
Income.
209,295
Other income
$
Years,
$
$1,343,499
$
$
Balance, surplus
$
$
160.000 1,505,186
407,418
4,506,186 1910.-- 691,404
507,418 100,000
$3,020.138 Balance Jan. 1 1922
Total income
433,778 2,839,262
1915_ _ - 1,820.337 1.401.085 344,647 1,056.438
Interest paid & accrued... 421,741
644,889 3.506.204
$5,980,766 1917_ -- 3,140,020 2,066,390 487.710 1,578.679
Total surplus
9.505
Taxes
778.730 4.119.184
932 5 6
3 067 0 1919_ _ - 3.114,872 1,697,472 563.525 1,133.947
44.868 Adjust, bond issue exp.- _Dr: 8 , 0
Reserve for banana insur800.000 4,858.204
30,000 Reserve for Federal taxes.. 131.081 1920... 3,564,734 2,127,600 588,580 1.539,020
Reserve for bad accounts_
1,000,000 5,629,051
1921.-- 3,968,973 2,377.514 606,667 1,770,847
1,039,444
Depreciation
P.& L.sur. Dec.31 '22-85.517 185 1922- _ 6,141,511 3.741,469 676,667 3.064.803 *3.904.358 4.789.496
.
Compare also V. 116, p. 415.
175
%Yrs35.135.717 22,953,203 5.574.851 17,378,352 12,588.856 4.789.496
-Merger.
Detroit Pressed Steel Co.
Surplus & undivided profits at close of business Dec. 31 1922-7,787,536
-V. 116, p. 827.
See Parish & Bingham Corp. below.
*Includes 83,000,000 special dividends on Common stock in 1922.-Annual Report.Dome Mines Co., Ltd.
V. 116, p. 1057. 941.
1921.
1922.
1923.
Years ended March 31$706,894
$2,371,197 $1,168,607
Operating earnings
Electric Auto-Lite Co.
-Earnings-Outlook, dec.247,356
138,668
182,459
Other income
Treasurer J. H. Housholder, writing to the "Chronicle" April 20, says:
"For the current year we have net profits of approximately $900,000 and
$954,250
82,553.655 81,307.275
Total income
610,357 sales of $4,305,000. Our net sales for the first six months will be approx616,384
549.488
Depreciation and depletion
41,413 imately $9.000,000. We have paid off $50.000 in bonds and will redeem at
57.582
Canadian taxes
126,798
438,334 least $500,000 worth more by July 1, and will reduce this bonded indebted476,667
953,334
Dividends
ness all told for 1923 better than $1,000.000."
Net profits for 1922, after interest, taxes and depreciation, amounted to
sur.$924,035 sur.$156,642 def.$135,854
Balance,surplus or deficit
$73,280 $2,617.046.
$245,185
Profit and loss surplus
$1.126,694
Consolidated Balance Sheet Dec. 311922.
Balance Sheet March 31,
Assets
Liabilities
1923
1922
1923.
LiabilitiesAssetsCapital stock (202,500
8 2
1 90,00
$4,290,003 $4, 92 . 3 Land, bldgs., machinery.
85,483,038 85,303,024 Capital stock
Property
$2.223.894
equip., &c., at cost,
il
fl es no par)
1,070,440 1,257,313 Accounts payable
Bonds, at cost_ _ _
1,998.000
First mortgage 734s
83.166.430; less depre.,
203,349
160,000
and tax reserves 398.865
Other investments
467.570
$659.207
129,169
82,457.223 Accounts payable
Dividends payable 245,679
Div. assurance fd_x1,026.840
Investments, at cost
51,517 Accrued pay-rolls, taxes,
625,000 Repayment of capLoans, on call____ 1,015.000
57,881
&c
476,667 Inv. & adv, to affil. cos_
165,062
Rat
2,260
40.460
27,980
Accts. & int. ree'le
82,832
Inventories
2.258,345 Provision for Federal tax_
272,900 Reserved tcr plant
Inventories, at cost 305,658
Notes receivable
Reserve for commitments.
66
11.353
82,571 Res
Bullion en route todeeprvreced on.&e 3,207,243 2,0,609
oper:
20,130
70,952
Acc'ts reedy., less reserve 440.840
&c
for
Mint
680,151
35.235 Cash in banks & on hand_
175.666 Surplus
22,978
22,618
ating equaliz'n.
40,121
Prepaid insurance_
245,185 Deferred charges
21.271
Surplus
•1.126.694
Mine development
80,027
87,226
undistributed __
$5,581,278
Total
$5.581.278
Total
26,047
Prepay.,&c.,items
to take
Cash
220,246
141,586 Total(each side)- 9,310,884 8,010,217
The Delon Electric Corp. was incorp. in Delaware Dec. 12 1922 Preedbusiness, of which 0. 0. Miniger is Corp.
* Surplus includes dividend assurance fund amounting to $1,026,840. over the Poughkeepsie end of the
Auto-Lite
dent. The entire capital stock is owned by the Electric
-V. 116. p. 1537. 1056.
3 Mos. ended Mar. 31Net earnings*
Other income
1900
THE CHRONICLE
[Vol.. 116.
The capitalLsation of the DeJon Electric Corp is 5,000 shares of Common
Fisher Body Corp. Listing
-Earnings.
stock, par $100, of which 3200,000 is paid In. Directors of the latter
The New York Stock Exchange has authorized the listing of an additional
company are: Pres., C. 0. Miniger, Toledo, 0.: V.-Pres.. D. H. Kelly,
100,000 shares of Common stock, no par value, upon official notice of
Niagara Falls, N. T.; Sec.-Treas., R. J. Skinner, Poughkeepsie, N. Y.. Issue
in exchange for full paid subscription receipts, making the total
E.T. Affeck. Toledo, 0.;Percy If.Johnston, New York.
-V.116, p. 1281; amount applied for 600,0013 shares
of no par value. The privilege was
given to Common stockholders of record March 19 to subscribe for the
Empire Gas & Fuel Co.
-New Executive.
A. W.Ambrose. Assistant Director of the Bureau of Mines. Washington, above shares on or before May 1 1923 at 375 per share (V. 116. p. 1281).
13. C., has resigned to take an executive position with the Empire Gas & Consolidated Income Account 10 Months ended Feb. 28 1923(Ina. Sub. Cos.).
Fuel Co. me. Ambrose will direct certain geological, land and lease and Net earnings & income after deducting all expenses of the
-V. 116, p. 1418.
scouting activities for the Empire Company.
business, incl. expends, for repairs and maint. and adequate
allowance for accruing renewals and depreciation
314,350.810
Everett Mills.
--New Director.
Interest charges
683,090
Walter L. Lane was recently elected a director to succeed the late Charles Provision for Federal taxes (U. S. and Canadian)
1,707.969
G. Greene.
-V. 112, p. 1745.
Net income
$11,959,750
-Capital Increase, &c.
Fall River'Electric Light Co.
-- Balance at May 1 1922
7,085,489
The stockholders on April 26 (a) increased the authorized Common stock
from $3,500,000 to 25,250.000. and (b) changed the par value of the stock
Total
$19,045,239
from $100 to $25 per share.
Divs, paid together with accrued diva. on Pref. stocks of Fisher
he The stockholders also voted to expend an amount not exceeding $2,625,Body Corp and Fisher Body Ohio Co
$6,203,401
000 in acquiring stock in the Montaup Electric Co. and to construct a Prems., disct. & exp, applic. to Prof. stock, Serial Gold notes &
mammoth distributing plant in Fall River. See "Edison Electric Illumunderlying 1st Mtge. bonds retired or called for redemption_
883,245
inating Co. of Brockton" abovo.-V. 116, p. 1766.
Balance as at Feb. 28 1923
211,958,592
-Bonds Sold.
Federal Sugar Refining Co.
-Equitable
Consolidated Balance Sheet as of Feb. 28 1923.
Trust Co., New York, has sold at 98 and int., yielding over
Assets
Liabilitiesplant,less depr_236.452.964 Com. stk. (500,1300 shs.
63.%, $5,000,000 10-Year 6% Sinking Fund Gold bonds Props.&
Goodwill, &c
no par)
3,043,353
529.711,325
pages).
(see advertising
Patents
146.219 Pref. stk. Fisher Body
Dated May 1 1923. Due May 1 1933. Int. payable M. & N. without Investments
469,473
Ohio Co
Federal income tax not exceeding 2%. Penn. 4
deduction for normal
-mill Red.funds with trustees_ 8,687,300 Com. stk. Fisher Body 9,175,000
.
tax and Conn. and Dist. of Col. personal property taxes not in excess of 4 Sinking fund for red. of
Ohio Co
11,080
mills, and Maryland securities tax not in excess of 4% mills, refunded.
Ohio Co. Prof. stock
64,108 6% Serial Gold notes
20,000,000
Demom. 51.000 and $500 c*. Red.. all or part, or to be drawn for the sink- Inventories
20,235,209 x Secs, called for redemp_ 8,444,575
ing fund on any int, date on 30 days' notice at 102% if redeemed on or be- Customers' accounts roc_ 13,459,516 Accounts payable
7,149,059
fore Nov. 1 1928, at 102 if red. in 1929. at 10134 if red. in 1930, at 101 if Notes receivable
157,660 Accrued payrolls
2,183,008
red. in 1931, and at 10034 if red. in 1932: plus int. in each case. Amer- Notes rec. Chevrolet M.
Accrued interest
140,410
ican Exchange National Bank, New York, trustee.
Co. due Aug. 1
1,000,000 Accrued liability ins_ _ _ _
89,575
100,000 Sundry accrued items--Data From Letter of Chairman C. A. Spreckels, New York, April 26. U. S. Treas. certificates_
180,679
6,601,405 Prey. for Fed. & Can.
Corn pany.-Owns and operates at Yonkers, N. Y., one of the best and Cash
1.988,668
taxes
2,016,532
largest single sugar refineries in the world, with a plant conservatively Deferred charges
Reserves
1,346,041
valued at over $13.000,000. Company and predecessors have operated
Total (each side)
$92,405,877 Surplus
11,958,592
successfully since 1902. Its capacity has grown from 3,000 barrels per day
in 1904 to a present capacity in excess of 10.000 barrels per day. This inx 77 Cumul. Prof. stock, 6% Serial Gold notes, 7% 1st Mtge. bonds
creased plant capacity has been paid for largely out of earnings.
-Of the proceeds there will be deposited in trust an amount called for redemption at stated premiums (funds on deposit as per contra):
Purpose.
sufficient to reclean on Nov. 1 1923 all of the $2,332.000 6% Gold notes, Fisher Body Corp., 7% Pref. stock, redeemable May 1 1923, 22,518,800:
Fisher Body Corp. 6% Serial Gold notes, redeemable Aug. 1 1923, 22,and the remainder will be used for general corporate purposes.
Plate Glass Co., 67 Serial Gold notes, redeemable
Provisions of Issus.-The bonds will be the direct obligations of the com- 818,000; National'
pany, and upon the retirement of the 6% notes. these bonds and a real July 1 1923. $1,757.000; Federal Plate Glass Co. 77 lid Mtge. bonds,
estate mortgage of 2400,000 on its office building at 82 Wall Street, will redeemable July 1 1923.3750,000. Plus premium frir redemption, $600.775.
-V. 116, p. 1654, 1418.
constitute the only funded debt.
Sinktna_Fund.-Company will effect, through a sinking fund, the retireGardner Motor Co., Inc. Listing-Earnings.
ment of 23,000.000 of bonois before maturity, beginning with 2200,000 for
The New York Stock Exchange has authorized the listing of 155,000
1925 and increasing the amount to be retired at the rate of $50,000 for each
succeeding year to a maximum of $550,000 in 1932.
shares of capital stock of no par value (total auth. 300,000 shares).
Capitalization After Giting Effect to This Financing (Incl. Redemption of Notes) Income Account 3 Months Ended March 31 1923 (Subject to Adjustment).
Common stock
$12,913.120 110
-Year 6% bonds
25,000,000
Prof. stock (6% cumul.)_ 1,929,300 Mtge. on bldg. at 82 Wall St. 400,000 Total sales, $2.442.868: cost of sales, $2,204,820; gross porfit on
sales
$238,048
Earnings.
-Not earnings, after deducting Federal taxes, available for selling expenses, $92,786;
general expenses, $15,462: total
108,249
Interest and dividends, have averaged $1,493,928 per year during the 10 Other income charges (net)
6,369
years ended Dec. 31 1022.
During the last 3 calendar years, the earnings on a similar basis averaged
months ended March 31 1923
Profit 3
3123.439
$1.631.058 per year, the figures by individual years being as follows:
1920, $2.968,470: 1921 (loss), $442.486; 1922. 32,372,191. During the -V. 116, p. 828.
present year the earnings on the above basis were over $650,000 for the first
General American Tank Car Corp.
-Equipment Order.
quarter.
-V. 116. p. 942. 521.
The corporation has been awarded a contract for 70
-ton hopper coal
cars, involving about $1,500,000. by the United States Steel Corp.
Federal Telegraph Co.(of Del.).
-China Blocks Plans.
- V. 116, p. 1767.
An Associated Frees dispatch, dated Pekin, April 20, states: "The
Chinese Government has blocked the project or the Federal Wireless Co.
General Motors Corp. Earnings. -For the quarter
to establish 5 wireless stations in China by dilatory response to the efforts
of the company's representatives, backed by the strong support of the ended March 31 the company reports earnings, after taxes,
American Legation, to secure acceptance of a modified contract. Strong available for Debenture and Preferred dividends, of
$19,Japanese pressure is being used to prevent the Chinese Government from
406,123. This is equivalent to 11.4 times the dividend
taking action.'-V. 115, p. 1435.
r
Flambeau Power Co., Park Falls. Wis.-Bonds Offered.
Morris F. Fox & Co., Milwaukee, are offering at prices ranging from
to yield from 6.30% to 634%, according
99.03 and hit. to. 94.50 and
int.,
to maturity. $250,000 1st Mtge. 6% Serial Gold bonds, Series "A." A.
circular shows:
p.Dated Jan. 1 1923. Due serially $12,500 Jan. 1 1925 to 1942 incl.,
and 325.000 Jan, 1 1943. Auth., 31,000,000. Int. payable J. & J. at
First Wisconsin Trust Co., Milwaukee, trustee, without deduction for
normal Federal income tax not in excess of 2%. Denom. $1,000, 3500
.
and $100c5 Callable all or part on any int. &,te at 105 and int. up to
and incl. Jan. 1 1938: thereafter at 1% less each year to and incl. Jan.
1 1942, and at par and bat, thereafter to maturity.
securits.-A first mortgage on two developed hydro-electric powers
with an aggregate head of 40% ft.. and 3.650 turbine h. p., with average
annual capacity of 8,46.5,000 k. w. hours, valued at $504,500; also a first
mortgage on three undeveloped water-powers with an aggregate head
of 86 ft., an estimated hydraulic capacity of 8,200 h. p. and an estimated
annual average output of 17,270.000 k. w. hours for which no value has
been claimed in connection with this bond issue.
Earnings.
-The two developed powers have been leased for 25 years to
Flambeau Paper Co. at an annual net rental of $47,600. or over three
times maximum annual interest charge of $15.000 on the $250,000 Series
"A" 1st Mtgo. bonds. Paper company is obligated to pay all real and
personal property taxes, all operating expenses and in case of loss by fire
or flood to repair or replace lost or damaged property at its own expense.
Flambeau Paper Co. has net assets of about 21,500,000 and for past five
years its annual net earnings, available for service of these leases, have
averaged $194,121, or over four times annual rental charge of 247,600.
and over 12 times maximum annual interest charge of $15,000 on the
$250.000 of Series "A" bonds of Flambeau Power Co.
-To reimburse company in part for expenses incurred in conPurpose.
structing two developed powers and to retire current debt.
Capitalization After Thu FinancingAuthorized.
Outstanding,
1st M. Serial 6% Gold bonds, Series "A"_41,000,000
$250,000
Preferred stock, 6% Cumulative
250,000
177,000
Common stock (no par value)
10,000 shs.
7.462 abs.
-Sales
Ford Motor Co., Detroit.
-Production, &c.
Fr Sales of Ford cars and trucks in the United States alone for the first
quarter of 1923 reached a total of 395,962, the greatest sales record in the
for a similar period of months. This is an increase
history of the company
of 135% over the same months last year when Ford retail deliveries totaled
168.500.
pe Final figures for March show that the company in that month produced
151,382 cars and trucks in American plants. Total output for the first
quarter totaled 386522, compared with 127,084 in 1922.
The company, it is stated. has let contracts and will begin construction
immediately of a steel bar mill at the River Rouge, which, it is estimated
will cost between 54,000.060 and 35.000,000.-V. 116, p. 1766.
lit Foundation Company. Listing Earnings.
The New York Stock Exchange has authorized the listing of 39.987
(anth., 75,000 abs.) Common stock of no par value, with authority
shares
to add 12,513 shares Common stock, upon official notice of issuance.
Earnings for Cal. Years [Foundation Co. and Wholly Owned Subsidiaries.]
Federal
Net. after
Net Avail. Cash Divs.
Gross
Taxes.
all Deducts.
Revenue.
for Dirs.
Paid.
8778,143
2260.036
018,107 4201.416
----- 258,087.506
1918
978,942
517,633
461,309
x308,272
1919 _____ 20,016.430
139.222
491.805
352.583
y221.865
1920----- 19,099,883
96,658
436,775
340.118
191,326
1921-- 19,111,310
231,822
9,253,572
231.822
197,720
1922:::-Total --5123,568,705 $2.917,489 31,013.549 51,903,940 $1,120,598
x Both Prof. and Common, yIn addition a 25% stock dividend was
paid on the Common stock (1 share of Cornea for each 4 shares of Common
oubstanding). V. 116, p. 942. 726.
-
requirements on the Debenture and Preferred stocks.
After deducting dividends for the first quarter on the senior securities
there remained $17,704,199 earned on the Common stock. This is equivalent to 8.6% on the 20,646,327 outstanding shares of Common stock, valued
,
at $10 per share, upon the books of the corporation, or at the annual rate
of 34.4%.
In the first quarter there were sold 176,417 cars and trucks, compared
with 71,039 in the first quarter of 1922. These sales include Buick, Cadillac
Chevrolet, Oakland and Oldsmobile passenger and commercial cars and
GMC trucks.
The General Motors Chemical Co.(a subsidiary) was incorporated in Delaware April 24 1923 (see also last week's "Chronicle," page 1767)•
De Witt Page. President of the New Departure Mfg. Co.. has been
elected Vice-President of the General Motors Corp.
-V. 116, p. 1767. 1654.
General Motors Acceptance Corp.
-Capital Incr., &c.
The New York State Banking Department has authorized an increase
In the capital stock of 12,000 shares (from 24,800,000 to $6,000.000). The
entire amount was subscribed early in April by General Motors Corp.,
which holds all the stock of the Acceptance Corp., the cash consideration
being $1,420,000.
The Acceptance Corp. reports business transacted in the first quarter of
1923 exceeding any similar period in its history and more than double the
first quarter of 1922. It is because of this greatly increased volume and
In order that the facilities available for General Motors dealers may be kept
at pace with their increased requirements, that this additional capital is
ft
required.
The irsquarter of 1923 rounds out full four years of operation, during
which the Acceptance Corp. has successfully provided financial accommodation of close to $400,000,000 to dealers in and purchasers of General
Motors products. This volume is classified as follows:
Retail Plan. Wholesale Plan. Foreign Dept.
Total,
$7,635.777
29.989,019
$3,256,192 220,880,988
1919
46,693,170
37,578.470
19.830,994
1920
104.102,634
39,725,007
34,370.140
3,361.881
1921
77,457,028
53,982,910
73,583,845
1922
7,593,509
135,160,264
33,432,293
1923(1st quar.)- 17,192,894
4,100.876
54.726,063
$187,183,935 $166.999,590 838.143.452 5392,326.977
Totals
The retail value of the products represented in the above financing runs
well over $500,000,000.
The Acceptance Corp. has established through its own representatives
a national market for its short-term collateral obligations, which it has sold
at discount to more than 1,600 banking institutions, including most of the
important institutions of the country, and in every State of the Union. It
has discounted and paid at maturity approximately 340 millions of its paper
and as of Mar.31 had domestic obligations outstanding at discount of 256.378,602.
The balance sheet as of Mar. 31 1923 shows total assets consisting practically entirely of cash and quick receivables $69,182092. Capital. Mr.
plus and profits stood at $6,463,149 (not including additional capital funds
of $1.420,000 acquired in April); domestic obligations outstanding.
378,602. Total reserves, $1,143,009:interest and charges received and hold
in deferred income account, $1,395,273.
The corporation reports its collections as better than any previous experience, only 34-100 of 15, of domestic receivables as of Mar. 31 being 90
-V • 116, p. 1767.
days or more overdue.
General Petroleum Corp.
-Notes Sild.-Blyth, Witter
& Co., Guaranty Co. of New York, Lee, Higginson & Co.,
Continental & Commercial Trust & Savings Bank, White,
Weld & Co., and E. H. Rollins & Sons have sold at 973 and
int. to yield about 6.60%, $10,000,000 5
-Year 6% Gold
notes. Dated April 15 1923; due April 15 1928 (s.0_ ad,
pages).
vertising
APRIL 28 1923.]
1901
THE CHRONICLE
Interest payable A. & 0. without deduction for normal Federal income
tax not in excess of 2%. Principal and interest payable in San Francisco
and New York. Denom. $1,000 and $500c5 Redeemable at any time
.
on 61) days' notice at 1025 on or before Oct. 15 1923, the premium thereafter decreasing % of 1% for each 6 months' period or fraction thereof.
Bank of California, N. A., San Francisco, trustee.
Capitarn as ofFeb. 28'23 after this Financing- Authorized. Outstanding.
10
-Year 7% Sinking Fund (Mtge.) Gold notes_ _ _
(Closed) x$9,000,000
10,000,000
5
-Year 6% Gold notes (this issue)
$10.000,000
5
-Year 6% Convertible notes
(Closed)
y3,967.100
Preferred stock 7% Cumulative (par $25)
3,212,200
3,212.200
Common stock (par $25)
24,118,450
46,787,800
"When Saks & Co. vacate their present location at 34th Bt. a specialty
store will be operated there in the present building along the line which has
characterized the Saks business. Plans are under way to modernize the
Saks 34th St. building, and many noteworthy improvements are in contemplation.
"Gimbel Brothers' stores in Philadelphia and Milwaukee will continue
to be operated as in the past.
"Both Gimbel Brothers and Saks & CO.feel that they will thus afford to
the consumers economies and facilities never before possible, and they take
this occasion to express to the public their deep appreciation ofthe patronage
-V. 116, p. 1418.
which has caused the prosperity of their enterprises."
-Capital Revision.
Goldwyn Pictures Corp.
With a view to revise the Capital stock of the company, which President
x As of April 14 1923, company had repurchased and holds $331,000
-Year 7% notes. y As of April 14 1923, reduced to $2,981,200 through Frank J. Godsol in a letter to the stockholders says is unwieldy, the Capital
10
has been increased from 1,000,000 shares to 1,500,000 shares of no par
conversion.
value. When the revision is completed (a) the authorized Capital stock
Data from Letter of Pres. John Barneson,San Francisco, April 20.
will be reduced to 375,000 shares (to be designated as "Common stock
Company.
-Is engaged in producing, transporting, and refining crude new series") and the 727,2263 shares of issued stock will ba reduced to
oil, and in wholesale marketing of fuel oil and petroleum products. Land 181.806% shares by the surrender of such issued shares and the issuance
holdings, in excess of 20.000 acres, are located in the principal oil fields In lieu thereof of a decreased number of shares, namely, 1 share for each 4
of California, and have a daily production exceeding 50.000 barrels. In snares so surrendered. This will leave unissued 193,193% shares in the
addition company Is purchasing approximately 50,000 barrels daily. treasury.
Present sales are at the rate of 2,500.000 barrels per month.
All voting rights will be
the Common Stock New Series,
Its pipe line system of more than 300 miles (owned by a subsidiary) and all dividends thereaftervested solely in payable to holders of said stock.
declared will be
connects the company's principal producing properties with its main No transfers of the present issue of Common stock will be made on the
storage reservoirs, refinery near Los Angeles, loading terminal at Los books of the company except to enable the transferee to receive shares of
Angeles Harbor and rail loading terminal at Mojave, the junction point Common Stock New S.:ries within the period and upon the terms to be fixed
of the lines of the Atchison Topeka & Santa Fe Ry. and the Southern by the directors. New voting trust ce.tificates, designated "Voting trust
Pacific Co.
certificates new series" will be issued upon surrender of the present voting
Marino equipment includes 12 steel tankers of 73,000 barrels capacity trust certificates (or a proper notation will be made on the present voting
each
-5 are owned and 7 under charter. Companys' present storage trust certificates)
of the voting trust
provide at the
capacity is 9,000,000 barrels, which will be increased in the near future as,eement for theso as to by the holders termination
of voting trust certificates new
receipt
to 12.000,000 barrels.
series of the number of shares of Common stock new series of the company
Purchase Fund.
-Indenture is to provide for a purchase fund of $500,000 upon the reduced basis above.
annually, payable in equal quarterly installments commencing April 15
President Frank J. Godsol says: "It is my firm opinion that beginning
1924 to be applied by the trustee to the purchaes of notes at or below Nov. 1 next. Goldwyn should be operating at a profit of $100,000 monthiY.
par and interest.
and with a continuation of the policy we have embarked on I believe the
profits can be steadily and materially increased beyond that sum, which
Purpose.-Purchaeo of crude oil and for additional storage capacity.
will place Goldwyn in the very front rank of the motion picture industry.
Consolidated Earnings Statement, Years Ending June 30.
8 Mos. end. After careful consideration, directors feel that the interests of the company
June 30 Years
PeriodFeb. 28 '23. and the interest of the stockholders will be better served and the financial
1922.
1921.
1920.
Gross inc. (aft. op. exp.) $6,658,672 $13,536,598 $8,642.626 $9,191,665 structure of the company greatly strengthened by a revision of its capitalDrilling exp. depr., &c__ 2,420,991
4,197,539
7,613,984
4,281,228 ization. A stock issue of 1,000,000 or 1,500,000 shares is unwieldy and the
Interest paid
349,221
561,698 stock status of the company will be more satisfactory with a reduced number
214,082
702.297
Depletion
1,210.594
860,093
1,129,561
391.428 of shares of pr000rtionately larger unit value. Prom the standpoint of
share ownership and interest in the company's assets the status of the
stockholders will remain unchanged."
Balance before Federal
taxes Ss dividends_ - $2.813.005 $4,443,832 $2,882,697 $3,957,311
Consolidated Profit & Loss and Deficit Accounts Dec.30 1922.
Balance Sheet (Before Giving Effect to this Finswing).
Net loss from operations for year ending Dec. 30 1922
$303,388
June 3022 Feb. 28 '23
June 30'22 Feb. 28'23 Int., discount 3: exp. on bond & note issues. $209.277: gnaranteed divs, paid to Class B stockholders of Moredall Realty
AssetsLiabllittes$
Corp., $200.000
7% Gold notes' 9.053,500 8,669,000
Plant, prop.. &o.,
31
409.277
60,251,367 62,501,180 Conv.6% notes'
less rsserve
27
3,067,100 Other charges
284,032
Cash & U.S.Govt.
Total curr. liabiIs- 4,500,893 3,923,479
securities
Deficit for year
2,188,072 2.173,894 Empl. pay. on atk.
$996,698
Notes & accts. rec. 3,683,807 3,064,688 subscription __ 223.488
327,577 Deficit at Jan. 1 1922
408,890
Exchanges rec. In
Misc.def. Cr.Items
17,076
oil
980,132 1,429,989 Rev.fr.U.8.Go Vt. 3,494,920 3,498,369
Deficit at Dec. 30 1922
$1
Oil in storage
5.739.209 9,252,590 Res. for deprec
6,878,502 8,434,605 -V. 115, p. 1327.
MatLs. & supplies- 2,034,886 2,643,322 Special reserve_
535.000
Inv. &special adv_ 965,266
947,497 Pref. 7% stock..__ 3,212,200 3,212,200
Goodyear Tire & Rubber Co.
-Results or 1st Qua er.- 5,588
Unamort. disc. &
Common stock._22,716.996 24,118.450
Chairman E. G. Wilmer says in substance: "Earnings for the 3 months
miscellaneous
976,227 1,272,028 Surplus28,621,392 28,599,409 ended March 31 1923, after depreciation and taxes. but before interest
and fixed charges, were $6,110,600. Net earnings after all charges were
Total
76,718,966 83,285,189 Total
76,718.966 83.285,189 84.776.200. The balance sheet as of March 31 shows current assets of
-V. 116. p. 521, 1767.
$60.076,700 and current liabilities of $8,022,400. Cash and U. S. Treasury
certificats aggregated 88.461,500. Surplus at March 31 1923 was $10.855,100."-V. 116, p. 1654.
General Railway Signal Co.
-Awarded Contract.
The Southern Railway has awarded a contract to the company for the
installation of automatic train control on 38 miles of double track located
(L. F.) Grammes & Sons, Inc., Allentown, Pa.
between Ludlow and Williamstown, Ky. This is the first installation of Preferred Stock.
automatic train control on any of the linos of the Southern Railway system
Harper & Turner, Phila. are offering at par ($25) and div. $350,000
-V. 116, p. 1184.
8% Cumul. Particip. Prof. .(a. & d.) Stock Class A. Divs. payable Q.
-J.
Philadelphia Trust Co., transfer agent. The 8% Cumul. Prof. stock.
Gibson Art Co., Cincinnati.
-Stock Sold.
Class A,
W. E. Hutton & Co., Cincintati, offered locally at $30 per share on and afteris entitled to cumulative dividends at the rate of 8% per annum
payment of divs. at stated rates on Class B Prof. and Class A
April 5. 37,000 shares of common stock, no par value. The stock was Common stocks, is entitled to participate with Class B Common stock until
Immediately several times over,subssribed.
dividends aggregatIng 10% yearly have been distributed. The stock is
The Gibson Art 0o. and its predecessors have been in operation for more
than sixty years. It was originally a co-partnership; was incorporated in redeemable at $28 75 Per share.
1918. Company manufactures Christmas cards, Easter cards and greet- In Company.-Lo successor by purchase to a business originally established
1875. Properties consist of about 1034 acres of land at Allentown. Pa.,
ing cards of all kinds, together with art calendars, place cards for the table,
with a modern 5
-story plant, mill type construction, engaged in the manutallies, &c.
Capitalization auth. and outstanding consists of $400,000 7% cumul. facture, on a quantity production basis, and largely through the use of
automatic machinery, of metal articles such as special wire nails, name
Preferred stock and 200,000 shares of no par value Corn,stock. No bonds.
plates, box nailing machines, tools of varied kinds and particularly metal
Earnings Fiscal Years Ending Feb. 28.
bank and office equipment and supplies. In addition. company is engaged
Net after
Federal
Net after In the business of jobbing office, factory and other equipment and supplies.
Sales.
Charges.
Taxes. Fed.Taxes.
Authorized.
Issued.
Capitalization1918
$1.046,499
$80,248
$5,692
$74,556 1st Mtge.Sinking Fund 5.6% bonds,due Apr. 1'35 1300.000
$300,000
1919
1.029.072
100.583
15.786
84.797 8 Cumul. Particip. Prof. stock, class A (par $25)
500,000
350,000
1920
1,800,982
287.135
89.875
197,260 6% Cumul. Particip. Prof. stock, class B (par $25)
100,000
100,000
1921
2,888,321
497,830
79.850
317.980 C ass A Common stock, no par value
3,624 shs. 3,624 sbs.
1922
3.117.525
575.035
203,213
371,822 Class B Common stock, no par value
12.000 shs. 8.000 shs.
1923
3,227,822
728,369
91,084
637.285
-The foregoing bonds and Capital stocks have been issued solely
Purpose.
The company has declared a dividend of $1 75 per annum, to be paid
providing funds for
purchase of
quarterly installments during the next fiscal year, ending Feb. 29 1924.in for the purpose ofjr, Grammes & Sons, theportion of thethe interests of
proceeds being
no
As the company needed no financing of any kind and has ample capital, the partners of L. ofloans or other indebtess or for working capital.
used for the payment
the stock offered was for the account of several large stockholders and was
Earnings for the 12 Months Ended Feb. 28 1923.
made solely for the purpose of creating a market. The same individuals
have sold within the past week a block of stock to employees at $25 a
Total profits (after depreciation)
$16167:82a
The employees have entered into an agreement not to dispose of theirshare. Interest on bonds $300,000
5.6%
stock
in less than one year from date, except to the original holders.
Dividends at8% on $350,000 Cumul.Particip. Prof.stock,Cl. A
28,000
Gimbel Brothers, Inc.
-To Consolidate With Saks & Co.
-It was announced April 24 that the
Capital Increase, &c.
above companies, department store operators, have been
merged. The consolidation, according to an announcement
by Goldman, Sachs & Co., does not involve the sale of any
securities to the public.
The stockholders will vote May 11(a) on increasing the authorized Capital
stock from $15,000,000 Prof. (par $100) and 500,000 no par value shares
of Common to $18,000.000 Pref. and 600,000 no par value shares of Corn.
stock;(b) on authorising the acquisition of all of the Common stock of Saks
& Co., being 42,000 shares, par $100 each, in exchange for 100,000 shares
of the Common stock of Gimbel Brothers, Inc., without par value, and
30.000 shares of the Pref. stock of Gimbel Brothers, Inc., par $100 each,
and the acquirement by Gimbel Brothers, Inc., of all of the Pref. stock of
Saks & Co., being 30.000 shares, par $100 each, for the promissory note of
Gimbel Brothers. Inc. with interest at 6% per annum, payable semiannually, the principal to be duo on Jan. 21 1927, or prior thereto at the
option of Gimbel Brothers, Inc.'
The number of directors will also be increased from 18 to 21.
Gimbel Brothers,Inc., will also assume the $3,500,000 bonds of Saks & Co.
The text of the announcement issued by both companies on April 24
follows:
"Gimbel Brothers, Inc., and Saks & Co.,announce that they have effected
a consolidation of their companies. This consolidation will create the
largest and most important retail enterprise of its kind in this country and
abroad. Five separate stores will be operated. While these establishments
will be conducted under separate management, the magnitude of the new
organization will result in notable economics, both in buying and in selling,
so that distribution will be made in a most effective and economical manner.
IlirCilmbel Brothers will continue to conduct their modern department store
at Broadway and 33d St. Saks it Co., under the same management as
heretofore, will continuo as specialists in wearing apparel and kindred lines
at their new and fre tny wnlarge, Fr
t ohge location to be
tli j3
rit le e aks d
:
irr d int t.
e n th:?
:
()ste
ISo 12 stecialty store on a scale never before attempted in rho selling
°fk 2
pted
of wearing apparel of the finer grade. With double the space heretofore
occupied, the new building and equipment will constitute the latest word in
retail store development.
WA
Balance
$122,492
(W. T.) Grant Co.-Balancc Sheet Jan. 31 1923.
Assets.
Cash
$373,774
Accounts receivable
61.073
Merchandise inventories,._1,940,805
Life insurance policies
10,107
Employees & sundry accts.
reedy. & investments_ _ _
11,557
Land & buildings, &c
536,765
Pref, stock sinking fund_ _ _
36,962
Alter. & impts.of leas.stores 866,138
Unexpired insurance, &c
75,537
See also V. 116, p. 1767.
Liabilities.
Accounts payable
$283.518
190.720
Accrued accounts
Res. for Fed. taxes (est.)-- 98,501
Real estate mtge. payable_
75,000
3,535
Deferred income, rents
1,655,400
7% preferred stock
150,000
Common stock
1,456,045
Surplus
Total (each side)
$3.912,719
Gray & Davis, Inc., Boston.-Billivs.-
See American Bosch Magneto Corp. above.- . 116.
It 1184
.
Great Atlantic & Pacific Tea Co., Inc.
-Annual Report.
Sales for Fiscal Year Ending Feb. 28.
$246.940,87311920
$151.691,919
$235,302,88711918
202,433.53111919
125,993.564
194.646,95911917
Balance Sheet as of Feb. 28.
1923,
1922.
1922.
1923.
Assets$
LiabitIsles$
$
Land & buildings_ 3,879.402 3,017,357 YCom.stk., no par 1,250,000 1,250.000
Plant & equipment 4,055.228 2,800,428 Preferred stock .12,500,000 12,362.500
Good-will
1,859,280 1,606,725 Minority stock of
Cash
677,700
8,331,754 5,942,313
subsidiary cos__ 851,400
Merchandise
129,244
27,255,439 18.381.959 Notes Sc Accept'ces 1,106.703
Accts.receivable
556,517
773.153 Accounts payable_ 5,572,933 4,875,887
United States notes
Reserve for sinking
and bonds_____ x30,750 6,478,400 fund
224,681
324,968
24,562,361 19,670,325
Surplus
Total
45,968,370 39,090,336
x Stocks and bonds. y Common stock, authorized and outstanding,
250,0(.0 shares of no par value.
-V. 114, p. 2723.
1922
1921
1902
THE CHRONICLE
[VOL. 116.
and,- with improved rubber prices, production in Sumatra begani n a small
way during Nov. 1922, which production is being gradually increased as
the age of the trees and the crude rubber market justify. No resumption
of planting is contemplated, but the policy has been to fully protect the
Investment already made.
incurred in 1921 on account of participation in the Penyon
"The
$80,316 def.$102,917 (nitrate)loss
Net income
$533,978
Syndicate having been determined, the amount involved has been
-V.116, p. 1767.
charged off against surplus." (See also Intercontinental Rubber Products
Corp. above.)
-Tenders.
Hartland Colliery Co.
Income and Surplus Account Years Ended Dec. 31.
The Irving Bank-Columbia Trust Co., trustee, 60 Broadway, N. Y.
1919.
1922.
1921.
1920.
City, will, until April 30, receive bids for the sale to it of 1st & Ref. Mtge.
sinking fund gold bonds, to amount Total profits & inc. from
7% gold bonds and 1st Mtge 6% 10-yr.
$215,237
316.214
$201.666
inventory, &c
$11,300
-V.112, p. 2541.
sufficient to exhaust $15,656 and $28,687, respectively.
55,923
34.095
Adm.,gen. exp.& taxes_
47,341
67,498
Apprec. in market value
-Tenders.
Havana Dock Corp.
Cr.20,875
Cr.64.519 Dr.71,837 Dr.58,202
of securities
The Old Colony Trust Co., trustee, Boston. Mass., will until May 2.
receive bids for the sale to it of 1st Coll. Lien 7% bonds, Series "A." to an
$101,112
$2,994
$28,478
$62,331
Balance, sun:ails
amount sufficient to exhaust $109.440.-V. 114. P. 2535.
4,417,298
4,435.880 4,482,215 4,446,080
Previous surplus
Gulf States Steel Co.
-Earnings.
Quarter ended March 311923.
Net operating income
$705,764
Taxes, depreciation, &c
171.786
1922.
$166,966
86.650
1921.
$35,255
138,172
-Capital Increase.
Hazel-Atlas Chula Co.
The stockholders on March 20 last increased the authorized Capital stock
from $10.000,000 (par $100) to $15,000.000 (par $25). Each share of $100
par was exchanged for 4shares of$25 par. Stockholders of record March 27
were given the right to subscribe at par ($25) for one share (par $25) for
each 6 shares (par $25) held, payment in full to be made April 15 or in four
equal installments as follows: April 15, July 15, Oct. 15 and Dec. 15.
-V. 116, p. 183.
-Initial Dividend of 75 Cents.
Household Products, Inc.
The directors have declared an initial dividend of 75 cents per share on
outstanding 500,000 shares of capital stock, no par value, payable May 31
to holders of record May 15. (See also offering of 275,000 shares of capital
stock in V. 116. p. 727.)-V. 116. p. 1184.
-Buys Tract.
Independent Oil & Gas Co.
-acre tract in the
It is announced that the company has purcuased an 80
-V. 116,
Burbank Extension in Oklahoma from the Sapulpa Refining Co.
p. 943. 829.
Indiana Power Co.-Pref. Stock So1c1.--W. C. Langley
& Co. have sold at 89 and div., to yield about 7.87%,
$1,000,000 7% Cum. Partic. Prof. (a.&d.) stock, par $100.
(See advertising pages.)
Red.. all or part, at 115 and divs. on any dlv. date. Divs. payable
-J. The 7% Cum. Partic. Prof. stock shares at the same div. rate with
Q.
the Common stock in dive. in excess of 7% paid in any calendar year on
the Common stock. Transfer agent and registrar, American Exchange
National Bank, New York.
-Subject to authorization by Indiana P. S. Commission.
Issuance.
Data from Letter of President H. L. Clarke, Chicago, III., March 27.
-Owns and operates electric light and power properties,serving
Company.
directly or indirectly 34 communities in an extensive territory in the southwestern part of Indiana, including Vincennes, Bicknell, Petersburg. Bloomfield. 'Worthington, nugget', Lyons. Bruceville and Edwardsport. Also
furnishes power to other utilities and water to Bloomfield and 'Worthington.
Population served 200,000.
Purpose.
-Proceeds will provide funds, in part, for the installation of a
new 10 000 k.w. turbine and accessory equipment.
1923.
Earnings 12 Months ended Feb. 281922.
Gross income
$957.129
$843,896
Net after oper. expenses, maintenance and taxes- - 503,805
424,122
Interest charges
315,878
Balance available for preferred dividends
$187,927
Capitalization Outstanding in Hands of Public After This Financing.
Preferred stock. 7% Cumulative Participating (this issue)_ _ _ _$1,000,000
Common stock
800,000
Bonds and notes
4.807,200
-V. 115, p. 2386.
Inland Glass Co.
-Organized.
This company is being organized to manufacture illuminating glassware
and is about to construct a plant at 6101 West 65th St., Chicago, to cost
$500,000. The company Is being organized by J. B. Weaver, former VicePres. of the Pullman Co.; J. J. Mitchell Jr. and H.Pickett Withers,formerly
with Marshall Field, Glore, Ward & Co. Mr. Weaver is Pres. and Mr.
Withers Sec. & Treas. There are 7,500 shares of 8% Pref. (par $100) and
12.500 shares of Common of no par value. Directors include John T. Pine
(Carson, Pine. Scott & Co.), George E. Marcy (Pres. Armour Grain Co.).
John J. Mitchell Jr., William H. Mitchell (Mitchell, Hutchins & Co.).
Philip K. Wrigley (William Wrigley, Jr.. Co.), John H. Rodger (Safety
Car Heating & Lighting Co.), J. B. Weaver and H.Pickett Withers.
Island Refining Corp.
---Sale.
Federal Judge Foster at New Orleans has signed an order for the sale in
June next of the plant of the company and the 700
-acre tract upon which
it stands in St. Charles Parish to satisfy a $5,500,000 mortgage held by the
Metropolitan Trust Co. of New York.
-V. 116. p. 829.
Inland Steel Co.
-Common Dividend Increased-Initial
Preferred Dividend.
A quarterly dividend of 623 cents has been declared on the Common
stock, no par value, payable June 1 to holders of record May 15. This
compares with 25 cents per share paid quarterly from March 1 1921 to
March 1 1923, incl., on the old Common stock, par $25. (See also V.
116, p. 1538.)
The directors have also declared an initial quarterly dividend of 1%%
on the Preferred stock (see V. 114, p. 1538), payable July 1 to holders of
record June 15.-V. 116, p. 1768.
$4,438,874 $4,510,693 $4,508,411 $4,518,410
Total surplus
Additional res. for Fed.
21,000
taxes prior years
53,812
72,330
26,196
-down expense, &c_
Shut
389,382
Loss on nitrate Synd.sub
Profit & loss, surplus_ $4,049,492 $4.435.880 $4.482,215 $4.446.080
-V. 1.15, p. 1539.
-A. E.
International Milling Co.-Pref. Stock Offered.
Ames & Co. are offering at 99 and div., yielding 7.07%,
$1,094,900 7% Sinking Fund Cumul. 1st Pref. (a. & d.)
stock (par $100). A circular shows:
-M. in United States funds (dive, accrue from
Dividends payable Q.
June 1 1923). A sinldng fund, commencing Jan. 1 1925, is provided for,
-year of the amount of 1st Pref. stock at the
of not less than 1% per half
time outstanding. Redeemed at any time. all'or part, at 110 and diva.,
upon 60 days' prior notice. Transfer agent, National Trust Co., Ltd.
Registrar, Montreal Trust Co., Toronto.
Authorized. Outstanding.
Capitalization$560,500
158 Mtge. bonds (mortgage closed at $560.500)2,200,000
7% Sink. Fd. Cumul. 1st Pref. stock (this issue)-- $5.000.000
-- -,.- -- 1,000,000
211 Preferred stock
50.000 she.50,000 shs.
Common stock (no par value)
-Incorporated in Delaware in March 1923 to take over the
Company.
business of the International Milling Co. of Minnesota, which has been
operating flour mills in Canada and the United States since 1910. The
mills are located at Moose Jaw, Sask., and Calgary, Alta., New Prague,
Blue Earth and Wells, Minn., Davenport and Sioux City. Iowa, the combined daily capacity being 11.600 barrels offlour and 1,800 barrels ofcereals.
Earnings, Years ended Aug. 31.
Income and Earnings
Bond
Earnings
Total Earnings
Interest. before Taxes. Profits Taxes. after Taxes.
after Deprec.
$461,42
$3.986
$465,407
$46,536
$511,943
1913____
332,401
44.000,
8,4
1915---414,870
615,179
432,634
1,047,812
40,004
1918---1,087,818
597.254
38.892
845,012
247,757
1919 - -...- 883.003
632,987
944,066
• 37,561
311,079
1920---- 981,627
213,242
36.399
24,872
.
1921--.-- 274,613
538,857
34.874
75,027
613,885
1922 -_-..648,759
308,502
16,815
50,000
358,502
(6 mo.) 375.317
'23
*Balance Sheet as at Feb. 28 1923.
Liabilities
Assets$2,056,669
$354,387 Notes payable
Cash
749,776
receiv., less reserve 789,307 Accounts payable
Accts.
70,903
10,972 Accr. hit.,local taxes, &c_
Salesmen's advances
307,899 Accr. Fed.&Can.taxes on
Adv. on grain in transit
108,878
profits
4.136,802
Inventories
19,339
65,628 Accr. Pref. stock dividend
Prepaid insur., taxes, &c..
560,500
32,355 6% 1st Mtge. bonds
Memberships (at cost)___
164,972
3.760 Contingent reserve
Investments (at cost)____
2,200,000
Real estate, bldgs., &c--- 4.769.703 7% let Prof. stock
Com.stk.(50,000sh.nopar) 2,500,000
2,039,771
510,470,809 Surplus
Total (each side)
Contingent liabillties-In respect of drafts on customers, $1,068,871
discounted at bank in the ordinary course of business.
* After giving effect to the present financing and providing for the exchange of $1,105.100 let Prof. stock for the old Prof. stock of the Inter-V. 115, p. 2588.
national Milling Co. of Minn.
International Paper Co.-Bal. Sheet Dec. 31 (Incl. Subs.)
1921.
1922.
1921.
1922.
Liabilities$
$
$
$
AssetsPreferred stock_ 24,910,204 24,889,288
Pron. owned &
op. by soy. co's 57,198,681 53,643,665 Common stock_ 19,923,032 19,905,104
1st & Ref. M.Se:
Woodlands, held
Series "A"____ 6,885,000 6,896,000
direct & thro.
12,308,000
sub.co's, benefit
62,500
75,000
Int. Paper Co. 7,829,635 8,487,773 St. M.Lum,04.
150,000
200,000
3,600,906 3,609,429 Aroos. P.&P. 68
Securities
1,787,328 1,137,399 Notes payable... 12,623,132 16,039,577
401,043
256,243 Accts. payable_ 2,082,755 2,546,811
Notes receivable
Accts.receivable 6,821,834 3,082,307 I. P. Co. div.,
375,000
375,000
payable Jan.15
nv 0
Iadr.
1,250
1,042
cash
rtlog.o:. 20,763,306 30,782,155 Accr. bond int__
284,918
51,485
51,140 I. P. Co. def. div. :214,869
funds
Sinking
896,475
784,465
819,881 Insurance ros've
Deferred assets_ 2,794,958
Conting. reeve_ 6,148,389 6,105,587
Total(each side) 101,249,177 101,869,991 P.& L.surplus_ 14,802,790 23,875,180
unInspiration Consol. Copper Co.
-Directors.
x Reserve for payment of deferred dividends on I. P: Co. Pref.
At the annual meeting of the stockholders, the directors were re-elected, stamped stock 734% cash, 14% on Prof. stock and 12% on Corn, stock.
with the exception of J. W. Allen, W. S. Harper, E. D. Dudley and P. J.
During 1922 company produced a total of 433,809 tons of paper. of which
Deisler. The number of directors has been reduced from 13 to 9.-V. 273.953 tons were newsprint and the balance a variety of higher grades of
116. P. 1655.
paper. The production of this amount of paper necessitated the consumpcords of pulpwood, 350.000 tons of coal.
tion of
Intercontinental Rubber Products Corp.-Bal. Sheet. 700.000 approximately 570.000 tons of sulphur and a vast amount of other
bbls. of fuel oll, 23.000
Consolidated Balance Sheet Dec.31 1922 (Incl. Subsidiary Companies).
materials in minor quantitim.
States
The total newsprint paper production in the United to the in 1922
Liabilities
unprecetons, while consumption advanced
Land, bides., equipment,eze_ J3,982,679 Capital stock
*83,137,000 amounted to I.448.000
dented peak of 2,438,000 tons, or 44 lbs. per capita as compared with
142,550 Minority int. In subsidiary co_
Patents
10,000
in l90O
capita
1b
31,600 Convertible gold not
Cash
290,300 15Durs.inpgerthe year company'
completed and put in operation at Three
78.681 Accounts payable
Accounts receivable
15,685
Can., on the St. Lawrence River, a mill which is producing at
1,170 Due to banks
Bills receivable
77,510 Rivers, time 300 tons of newsprint paper per day.
261,833 Reserves of subsidiary cos..., 871,277 present
Inventories
The usual income account was published in V. 116, p. 1655.
Adv. and deferred charges_ _ 163,446 Reserve for property values_
260,186
See under "Current Events" in last week's "Chronicle," page 1708
-p. 116. p. 1655.
$4,661,958
Total
Total
$4,661,958
* Capital stock-Intercontinental Rubber Products Corp., authorized (no
-Quarterly Earnings.
International Salt Co.
par value), 60.400 shares; Issued to Intercontinental Rubber Co., 31,370
The company reports earnings of $241,705 after all expenses, for the
-V. 115, p. 2274.
shares.
'
March 31 1923. Net earnings amounted to $143.892 after
quarter ended
-V.
payment of fixed charges, but before providing for Federal taxes.
Intercontinental Rubber Co.
-Annual Report.
116, p. 1539. 418.
Willard P. Smith says in brief:
secretary
-Listing.
International Telephone & Telegraph Corp.
"The financing plan, dated July 28 1922, was approved by the stock-The New York Stock Exchange has authorized the listing of $15,095,100
holders on Sept. 12 and in due course was made fully effective (compare
stock, par 3100, with authority to add 51,900,000 capital stock on
capital
V. 115, p. 874, 1328. 1539).
stock of the
exchange
"A portion of the proceeds of the notes of the new subsidiary company, official notice of issuance in or of the for outstanding Common
Co.
Cuban Telephone Co., also with auwhich was incorporated pursuant to the plan, was employed in the con- Porto Rico Telephone
on official notice of issuance and payment in full,
struction of a new manufacturing unit on the Cedros Ranch, and in the thority to add.$1,000,000 applied for
$17,995.100.
acquisition of contracts for raw material for both the Cedros and Torreon making the total amount
The $1,000,000 of capital stock referred to as proposed for sale was
factories. The former was placed in successful operation during Feb.
April 25 1923. This issue will be sold
and since an improved general rubber market had justified our plans authorized by the stockholders onfor additional working capital.
1923,
which cash willibe used
for enlarged operations, the Torreon factory was also started on March 1. for cash,
Negotiations have been completed for the exchange of $750,000 Common
at least
It is planned to keep both factories in operation for 375,000 several months
lbs. of rubber, stock (out of 56,154.900 reserved for conversions) for 6.000 shares of Comcombined monthly output of approximately
with a
the Porto Rico Telephone Co.. and,in addition, it is conthere being nothing In the present political or general outlook in Mexico to mon stock of
indicate a recurrence of conditions such as might interfere with our
9,200 shares of Common stock either of the Cuban Telephone Co.or the
operations.
within approximately 12 months.
The proper upkeep of the Sumatra plantation and other unproductive Porto Rico Telephone Co., or both,
Property of the company's subsidiaries was continued throughout the year See also V. 116, p. 1655.
-Listing.Invincible Oil Corporation.
The New York Stock Exchange has authorized the listing of temporary
voting trust certificates for 325,000 shares (no par value) of the Capital
Stock, which have been issued and are outstanding in the hands of the
public, with authority to add voting trust certificates for 675,000 shares
upon official notice of deposit, under the voting trust agreement dated as of
Nov. 1 1922 and expiring Nov. 1 1927, made by and between a number of
owners of stock of Corporation and Jules S. Bache, Frank 0. Wetmore and
-V. 116. P. 1768.
Lewis E. Pierson as voting trustees.
-Franchise.
-Iowa Light, Heat & Power Co.
On May 3 the Town of Washta, Cherokee County, Iowa, will hold a
special election on the question of granting a franchise to the above company.
-V. 115. p. 993.
Island Creek Coal Co.
-Quarterly Earnings.
Three Months Ended March 31Tons of coal mined
Operating profit
Depreciation and depletion
Federal taxes
1922.
1923.
1.006,137
626,511
$990,656 $1,021,626
151,145
145,630
109.986
106,751
Net for dividends
-V. 116, p. 1655, 1419.
$738,276
$760,496
Jones Bros. Tea Co., Inc.
-Acquisition, &c.
The company has purchased the Progressive Grocery Stores, Inc., operating a chain of 62 stores and one warehouse, mainly in Westchester County,
N. Y., by acquiring the 10,000 outstanding shares of Common stock, no
par value, and $50.000 of the $100.000 Preferred stock, as well as an option
on the other $50.000. It is understood that payment will be made partly
in cash and partly in stock. No change in capitalization of Jones Bros. is
contemplated as a result of this transaction.
Sales for the year 1922 of Jones Bros. amounted to $24,203,540, of which
$17,397,001 represented retail store sales.
Consolidated Balance Sheet Dec. 31.
1921.
1922.
1922.
1921.
Assets
S
Plants, machinery,
Stockfixtures, Zse____a1,207,209 1,064,120
Pref. 7% cumu_ 3,840,000 4,000,000
Good-will & tradeCommon
10,000,000 10,000,000
marks
900,000
10,599,068 10,571,516 Notes payable...
Mdse. & materials 3,735,182 3,282,200 Green coffee Beets
Green coffee acc'ts
1,263,992 1,321,423
payable
receivable
191,099
194,675
640,714
467,051 Accounts payable_
11,472
Acc'ts receivable
17,575
360,023
181,458 Agents' deposits
Sinking fund for
Coin. div. payable 100.000
60,000
Preferred stock_
80,000
92,000
160,000 Accr'd income tax_
Advance to agents
23,492
31,811 Reserve for unre243,831
Agents' deposits
11,499
deemed tickets_ 226,519
11,472
59,981
Misc. investments
61,765 Reserve for insur40,037
765,624
37,071
Cash
730,656
ance
738,473
Deferred charge,.._
87.990
902,526
47,864 Surplus
Total
17,570.781 16,609.912
Total
17,570,781 16,609,912
a Pants, machinery and fixtures. $1,973,183; ess $765,974 for deprec'n.
Note.-IInder the terms of the consolidation agreement dated Dec. 5
1916, the company was obligated at Dec. 31 1922 to have set aside out of
surplus $500,000 as a reserve for additional working capital and has se
aside $240,000 for the redemption of Preferred stock.-V.116. p. 1769, 1655
Kellogg Switchboard & Supply Co.-Bal. Sheet Dec. 31.
Assets1922.
1921.
1922.
Liabilities
Plant, real estate.
$6,325,000 15,500,000
Capital stock
machinery,&c__ $640,234 $706,657 x Payroll & taxes
Pats. & goodwill__ 901.020
97,706
924,236 accrued
126,330
Inventories
2,682,564 2,891,774 Trade & miscel.
Accts. & notes rec_ 1,947,747 1,776,215 accounts
122,032
198.816
Cash
184,626
138,897 Surplus & reserves 1,129,029 1,790,737
IL S. Govt.secure. 1,408,615 1,049,406
Deferred assets_ _ _
14,369
23,289 Tot.(each side).$7,779,175 $7,510,475
x Includes provisions for war and income tax.
-V. 115, P. 2693.
-Annual Report.
Jefferson & Clearfield Coal & Iron Co.
Calendar YearsGross earnings
Oper. exp. & taxes
1922.
1921.
$3,027,076 $1,931,956
2,223,667
1,646,274
Net earnings
Depreciation
Depletion
Interest on bonds
Loss on Liberty bonds..
Federal taxes
Net profit
Previous surplus
Miscellaneous credits..
1903
THE CHRONICLE
APRIL 28 1923.]
$803,409
$161,879
38,803
101,550
43,658
1285.682 12,057.394
$223,416
$197,510
90,874
61,746
107,775
104,525
98.899
310,000
38.389
$5,785,034 $5,928,198 $4,760,620
Keystone Tire & Rubber Co.
-Annual Report.
Calendar Years
Gross loss on sales
Operating, &c., expenses
1922.
8110,131
364,785
1920.
1921.
$60,899prof$391.068
506,960
514.765
Operating loss
Other income
$474,916
32.322
$575.664
57,364
Loss
Interest, taxes, &c
Dividends
Previous deficit
Reserve for inv., deprec., conting., &c
1442.594
456,712
$518,300
159,739
Profit and loss Dec. 31
- 115, p. 2164.
V.
Redeemable all or part at 110 and div. on any div. date after 3 years from
-J. Transfer agent, Long Island
date of issuance. Divs. payable Q.
Lighting Co.,50 Church St., N.Y. Registrar, Bankers Trust Co., N. Y.
Issuance.
by New York P. S. Commission.
-Authorized
Company.
-A consolidation in 1910 of a number of established companies
which had been operating on Long Island over a long period of years.
Has since absoroea various other companies, including Nassau Light &
Power Co. Company, having acquired over 99% of the Common stock of
Queens Borough as 8z Electric Co.(V. 116. p. 946),supplies substantially
the entire electric light and power and gas service on Long Island up to the
New York City Line, and the Fifth Ward (Rockaway district) of the Borough of Queens,except the gas service in a portion of the County of Nassau.
Population over 30(.000.
Capitalization Outstanding as of April 19 1923.
02.941,000
7% Preferred stock (including this issue)
y1,834,400
Common stock (paying 8%)
1st Ref. Mtge. Gold bonds. Series "A,"6%,due Jan. 1 1948--- 3,000,000
1st Mtge.5% Sinking Fund Gold bonds, due March 1 1936::: 3,370.500
756.000
Nassau Light & Power Co. 1st Mtge. 58. 1927 (closed)
x Including $800,000 now being offered to customers. y Including
$500,000 Common stock to be presently issued and already subscribed
for at par.
Capitalization of Queens Borough Gas & Electric Co. consists of $2,000.000 funded debt (mortgages closed except for refunding purposes).
12.450,000 Prof. stock and $2,000,000 Common stock, of which latter over
99% is owned by Long Island Lighting Co.
Purpose.-Proceeds from sale of this $1.000.000 Prof. stock and from the
sale a $500,000 Common stock already subscribed for at par, will reinbursp the company, in part. for the acquisition of Common stock of Queens
Borough Gas & Electric Co.
Combined Earnings Long Island Lighting Co.. Nassau Light & Power Co.
(Recently Acquired) and Queens Borough Gas & Electric Co.
1922.
Calendar Years1921.
1920.
Gross income
$3,260.632 $3,901,101 $4,645,860
Operating expenses, maintenance & taxes 2,269,305 2,612.853 3.047.749
Net income
1991.327 11,288,248 $1.598,111
Total present ann.int. chgs. on funded debt, &c. prior deduc'ns $761,407
$205,870
Annual divs. on Pref. stock, incl. this issue, requires
-V. 116. p. 944.
McIntyre Porcupine Mines, Ltd.-Earnings.Period-
9 Mos. end.
Years ended June 30
Mar.31 '23.
1922.
1920.
1921.
Income
11.696.602 12.103.897 12,177.278 12,315.894
Costs
1,088.231
971,466
1,242.537
1,088,764
Reserves & appropria'ns
x35,576
308.614
272.984
409,642
Net profit
$689.560
$552,747
x Tax reserve only.
-V. 116, P. 1539. 1283.
$815,530
1818.021
Martin-Parry Corp.
-Business Increasing.
In connection with the report that the corporation is considering issuance
of additional Common stock. Chairman John J. Watson Jr.says: "Although
business has more than doubled there is no necessity for seeking additional
working capital. We are at a season of the year when cash is flowing in
readily and although we have borrowed small amounts from banks, we have
not used half of our credit llne.'-V.116.p. 1769.
-Sub. Co. Earnings.
Massachusetts Gas Companies.
-
Combined Net Earnings of Subsidiaries.
Month of March- -3 Mos. ending March 31
Total.
Gas.
Miscell.
Miscell.
Total.
Gas.
1168.825 $211,534 1380.359 1590.815 1648.085 11.238.900
1923
783.950
163.588 118.916 282,505 507.631 231.319
1922
$893,248 1921
769.474
79,468 228.056 465.122 304,352
148,588
812.946
$233.894 1920
85,297 184,258 267,555 370.216 442.730
59,292 1919
918.819
109,548 190.761 300.309 404.791 514.028
110,950 -V. 116, p. 1656.
Total surplus
$6,242,554 $5.860,034 $6,164.674 $4,851,208
Excess taxes cred. back_
Gr.3,524
Gr.88,080
Add Federal taxes
73,463
Preferred dividends
(670)75,000 (5%)75,000
(8 )120,000 (5%)75.000
Common dividends
(8 0)120,000
Loss on abandoned lines
30,205
Approp.for auth.impts.
300,000
1,468.128
171,144
-BonLong Island Lighting Co.-Pref. Stock Offered.
bright & Co., Inc. and W. C. Langley & Co., New York,
are offering at 106 and div. $1,000,000 7% Cumul. Pref.
(a. & d.) stock, par $100 (see advertising pages).
1919.
1920.
$6,331,011 $3,805,789
2,912,541
4,273,617
$450,723
$457,520 def$78,099 $1,226,429
$5,785.034 $5,928,198 $4,760,620 $4,400,485
177,625
9,935
Total P.& L.surplus_ $5,867,554
- 116, p.622. 303.
The directors have declared a dividend of 1 % on the Preferred stock
and a dividend of $1 per share on the Common stock, no pm: value, for
the three months ended April 30 1923. both payable June 1 to holders of
record May 15. The Common dividend will be paid to the holders of the
Common stock of $100 par value of record May 15 1923, when they shall
-V. 116.
have converted such stock into Common stock of no par value.
P• 1283.
1115.892
28,542
$87,350
230.355
273.456
384,624sur1,214.640
1.008.103
405,465
$2,538.578 $1,468,128
-New Directors.
Maxwell Motor Car Corp.
Standish Backus and Delos Cooke have been elected directors succeeding
Hardeck.-V. 116, p. 1769.
Carl Tucker and J. R.
Mengel Co., Louisville, Ky.-Results.Chairman C. C. Mengel April 10 1923, in a letter to the stockholders
accompanying the report for the calendar year 1922. says:
"Sales during the first quarter of this year increased 69% over the
corresponding period of last year and for the second quarter of 1923 will
show a very substantial increase over the corresponding period of last year.
"The net profits for the first quarter of 1923 (March est.) after providing for interest, depreciation, ace.. will be approximately 1150.000, of
which amount $34,723 was made in January and $60,515 in February.
"The company will be able to carry forward as a deduction for tax
purposes, the 1921 losses (due largely to deflation of inventories) thus
being relieved of all Income taxes for 1923."
Annual Report--Calendar Years.
1921.
1921.
1922.
1922.
Net sales
$7,948,970 $7,063,495 Adjust, of perm.
-___Cr$3,816,849
Cost of sales
$6,104,242 $6,283,124 assets &
940,113 Adjust, of timber.
Sell.,adm.,&c.,exp 999,161
420,628 rails, &c
1)r.$555,638
Depreciation
512,866
313,226 Prov. for bond
Interest (net)__ 273,199
Dr.550,000
Misc.deductions
69,640 discount, &c_ _
53,132
Transf. to spec.res.
.
acct. apprec. of
Net profit_____
$6,369a$2,161.958 perm. assets at
Previous surplus.._ 1,871,702
879,486 Dec.31 '21_ __Dr.1,000,000
Adjustments, Cr__
123,590 Preferred divs-(131%)58,893 (7)236,266
130,779
$384,624
Total surplu5.....$2.008.850a$1,158,8821 P.& L.surplus_ $394,319 $1,871,702
Kroger Grocery & Baking Co.
-Par Value Changed.
The stockholders on April 11 changed the authorized Common stock
from 60,000 shares, par $100, to 600,000 shares, par $10.-V. 116, p. 1283.
Kirk Co., Akron, 0.
-Bonds Offered.
-S. W. Straus &
Co., Inc., are offering at par and int. $600,000 1st Mtge.
6%% Serial Coupon bonds (safeguarded under the Straus
plan).
a Loss.
The balance sheet of Dec. 31 1922 shows total assets of $17.067,429
(against 116.865,878 in 1921). This includes property account,$8.158.587.
and current assets of $6,071,411. notably cash. $558.790, and in entories
$4,356.636. Offsets include with other items (a) current liabilities.
$554.394 (notes and accounts payable, $403.995, against $2.193.207 on
Dec. 31 1921) and outstanding securities, viz.: (b) 1st Mtge. bonds, $5.000,000; (c) 77 Prof. stock, $3,360.300; (d) Common stock. 19.360.300:
and also (e) p. &I. surplus, $394,319, against $1,871.702 on Dec. 31 1921.
-V.114, p. 1414.
This Issue is secured by a direct closed first mortgage on the land and
buildings owned and occupied by the company
-a well managed. prosperous
retail furniture company in Akron,0. Company has accumulated a surplus
in excess of the amount of this issue, and shows average annual earnings
during the past five years on a basis more than ample to meet the fixed
charges under the mortgage.
Liberty Motor Car Co.
-Sale Again Postponed.
-
The sale of the company set for April 24 has again been postponed until
May 8.-V. 116, p. 1656.
Lima Locomotive Works, Inc.
-To Retire Preferred.
The directors have voted to retire on June 1 all of the present outstanding
Preferred stock (about 14,500 shares) at 10714 and dive. Preferred stock
can be exchanged for Common stock at the rate of 2 shares of Common
stock of no par value for each Preferred share, par $100, held until date
of call.
Merced Orchards Co.
-Bonds Offered.
Hunter, Dunn &
Los Angeles, are offering at prices to yield 6.70%.
1215.000 1st Mtge.Co.q
./
'3% Serial Gold bonds. Dated March 1 1923. due
serially March 1 19
to 1936, incl., but callable on any int. date on 30
days' notice at 104 and int. up to and incl. March 1 1928. and thereafter
at 103 and int. Interest payable M.& S. at California Trust Co., Trustee,
Los Angeles, or Anglo & London-Paris National Bank, San Francisco,
without deduction for normal Federal income tax not exceeding 2%
Bonds will be a first mortgage on approximately 2,500 acres of farm
lands, of a sandy loam soil, particularly chosen for deciduous fruit plantings
In excess of 2,000 acres have been planted to canning variety of Peaches
and on the remaining acreage apricots, plums and table grapes are being
planted.
Proceeds from the sale of this bond issue will be used in retiring mortgage
g
indebtedness and for improvements and intensive development ora :
properties.
1904
(vol.. 116.
THE CHRONICLE
deduction of normal Federal income tax up to 2%. Denom. $1,000, $500
and $100 c*. Callable on any int. date on 60 days' notice at 105 and int.
Cornpany.-A California corporation. Has acquired by purchase all of
the properties previous owned by the Coalinga Mohawk Oil Co. and the
Continental Refining Co. Company or predecessors have been actively
engaged for many years in the production of crude oil from their fee simple
-Sales.
Metropolitan 5-50 Cent Stores Inc.
Increase. owned holdings of 160 acres in the well known Coalinga California field,
1923
-March-1922.
Increase.' 1923!-3 Mos.-1922.
$1,063,710
$567,763
5170,244 I $1,408,700
$344,990 and in the refining of their own and independently purchased oil at their
$397,518
modern, efficiently operated refinery in the same territory. Company
-V. 116. P. 1186
.
also owns 6 leases in the Santa Fe field, Los Angeles County, Calif., from
which it is receiving net profits of approximately $50,000 monthly from
-New Director.
Mexican Seaboard Oil Co.
It. 0. Gambee has been elected a director, succeeding P. M.Longan.-V. two producing wells.
Earnings.
-The combined Coalinga Mohawk 011 properties and the
116, p. 1539.
Continental Refining Co. for the 4
-year period ending-Dec. 31 1922 show
net profits averaging $174,000
-Guaranteed Equip. Trusts interest requirements on this per annum, or approximately 5 times the
Co.
Michigan Tank Car
issue. The revenue
$50,000
Co., Chicago, and Woodruff monthly received from present production from of approximatelywells on
Offered.-Porter Skitt &
two completed
Joliet, Ill., are offering at 100 and int. their Santa Fe leases is not included in the above statement.
Securities Co. '
will
Purpose.
real estate in the vicinity of
Trust Gold certificates (issued under the the Santa -Proceeds fieldbe used to acquirethereon of a refinery for the
$600,000 7% Equip.
and the erecting
Fe Springs
production of gasoline and other crude oil products; to acquire real estate
Philadelphia plan).
Dated April 1 1923. Due serially 1923 to 1933. Redeemable all or and construct thereon distributing stations in the San Joaquin Valley,
part on any interest date on 30 days' notice at 10234 and interest. Interest and for general corporate purposes.
payable A. & 0. at National Bank of the Republic, Chicago, trustee,
Mohawk Mining Co.
-Earnings.
without deduction for normal Federal income tax not exceeding 2%.
1922.
Calendar Years1921.
1920.
1919.
Pennsylvania 4 mills tax refunded. Denom.$1,000, $500 and $100c*.
32,126,797 51,299,776 51,627,150 52,384,941
-Equipment held by the trustee as security to this loan consists Receipts
Secured.
-gallon oars; 301 8,000
Working expenses, &c
8,000
1,964.863
1,057,926
-gallon insulated cars, and 50 10,000
1,046,340
1,850,692
of 149
Other ncome
Cr.49,546
Cr.64,045
Cr.51,952
Cr.64,572
gallon cars, equippped with steam coils.
35,623
-Principal and interest guaranteed by Chas. F. Noble Oil & Loss on Govt.bds.&copp.
28,186
Guaranty.
Gas Co.. which owns all the capital stock of the Michigan Tank Car Co.,
Balance, surplus
$211,480
$270,272
$632.762
$570,635
excepting directors' qualifying shares.
Previous surplus
31.867.572 51,859,936 $2,611,940 $5,998,592
-Bonds Offered.
304,838
382,203
279.286
-Halsey, Stuart Apprec. realiz. dur'g yr_
Middle West Power Co.
Prof. on prop. dispos. of
17,765
2,692
Inc., and A. B. Leach & Co. Inc., are
Mergenthaler Linotype Co.
--Six Months' Earnings.
Profits for March 1923, it is stated, amounted to $332,749 and for the
six months ended March 31 1923 amounted to $1,372,705. Profit and loss
surplus March 31 1923 amounted to 511,418,685.-V. 115, p. 2265.
offering at
& Co.,
'
97M and int., yielding about 6%%, 33,850,000 1st Mtge.
bonds, Series A (see advertising pages).
63A% Gold
Dated May 1 1923. Due May 11943. Interest payable M. & N. at
Halsey, Stuart & Co., Inc., Chicago or New York. or at the office of the
trustee. Chicago. Donoms. $1.000. $500 and $100 c*. Int. payable
oithout deduction for normal Federal income tax not in excess of 2%.
Company agrees to reimburse holders of bonds for Penna.4
-mill tax. Non.
callable to May 1 1928, but on and after that date red, all or part on 30
days' notice at following prim and int :On and from May 1 1928 to May 1
1933 at 10734; on and from May 1 1933 to May 1 19313 at 103: on May 1
1938 at 104, and thereafter at 104 less 1% for each full year elapsed after
April 30 1938. Subsequent to April 30 1942 red. at 100.
-A sinking fund, payable through Halsey, Stuart & Co..
Sinking Fund.
Inc., sinking fund agent, is provided for Series A bonds. beginning May 1
1931. which is calculated to retire prior to maturity 48% of the present issue.
-Authorized by the Illinois Commerce Commission.
Issuance.
Data From Letter of Pres. Marshall E. Sampson, Chicago, April 20.
Company.
-An Illinois corporation. Will engage in the generation,
transmission and sale of electrical energy. Owns a site on the east bank of
the Mississippi River in the immediate vicinity of Grand Tower, Ill., upon
which construction of a thoroughly modern generating stadon is now well
advanced. The initial installation will be two 20,000 k. w. turbines, with
ample boiler capacity and the necessary condensing and auxiliary equipment for efficient operation. The present plans call for an ultimate generating capacity of 100,000 k. w.
Company will also own approximately 40 miles of 66.000
-volt doublecircuit steel-tower transmission line, now being constructed, to connect at
West Frankford, Ill., its new plant with the high-voltage transmission system of the Central Illinois Public Service Co.
The latter company serves 195 communities with electricity in Illinois,
22 of which communities are located in southern Illinois. To supply the
,Ight and power requirements of these 22 communities and the power requirements of some 50 large coal mines in southern Illinois, as well as the
electrical energy used be 6 independently operated public utility properties
In that territory, the Central thine& Public Service Co. now operates a
power plant at Muddy, near Harrisburg, Ill., which feeds some 200 miles
of that company's high-voltage transmission system.
This transmission system will be interconnected at West Frankfort with
the Middle West Power Co.'s transmission tine above mentioned. The
Service Co.'s plant at Muddy and the new plant of the Middle West Power
Co. will thus no tied together and will unite to supply the electrical energy
requirements of the communities and large power loads in southern Illinois.
Capitalization After Present FinancingAuthorized, Outstand'g.
6% Preferred stock (par $100)
32,000,000 $1,500,000
Corn.stock (no par)(owned by Mid. West Util. Co.) 20,000 sh. 15,000 sh.
(x)
1st M.63.5% Gold bonds, Ser. A (this issue)
3,850,000
x Issuance of additional bonds limited by the restrictions of the mtge.
-Proceeds wi,1 be used to partially reimburse company's treasPurpose.
ury for capital expenditures and in constructing the generating station, tra nsmission iines and al, necessary auxiliary apparatus.
-Middle West Utilities Co., serving through subsidPower Contracts.
iaries one or more c.asses of pubic utility service to 639 communities witn
an estimated population of 1,580,400, has contracted to cause the output
of the initial installation of 40,000 k. w. to be purchased at such a price as
to no sufficient to pay operating expenses, maintenance charges, taxes,
depreciation and bond intf rest of toe Middle West Power Co.
The Central Illinois Public Service Co. has entered into a contract, extending over the life of these bonds, for the purchase of electrical energy
to be generated at tile company's plant. The terms of this contract, whicn
have been approved by the Illinois Commerce Commission, call for monthly
payments wnich will constitute an operating charge of the contracting company. The minimum charges under this contract are in excess of twice the
annual interest requirements on these 53,850.000 bonds.
Consolidated Statement of Eat nings Middle West Utilities Co. and Subsidiaries, Including Central Illinois Public Service Co.
Calendar Year1922.
1921.
Gross earnings (incluning other income)
$30,336,016 $26,708,125
59,291,594 $7.623,817
Net after operating expenses
Total prior deductions for interest and dividends
6.293,046
5,513,513
Avail.for divs. and stocks of Mid. West Util. Cos.$2,998,547 42,110,304
Central Illinois Public Service Co. for calendar year 1922 reported gross
earnings, incl. other income, of $6,355,042, net earnings $1,850,957, and net
income after fixed charges available for divs. of 5636.778.-V. 115, p. 1845
Midland Steel Products Co.
-Merger.
See Parish & Bingham Corp. below.
Midvale Steel & Ordnance Co.
-Exchange of Bonds.
-
Total surplus
Contingency reserve_
Federal taxes, &c,.
Depreciation
Depletion
Dividends
52,401,655 52,515.103 $3.523.988 $6,569,228
51,936
600,000
10,950
58.553
337,270
119,813
117,918
114.449
372.253
466,727
341,061
(53)300,000
(55).0550,000 (55)500,000
Profit & loss surplus__ $1,609,589 $1,867,572 $1.859,936 $5,731,958
-V. 115, p. 1845.
Monmouth County (N. J.) Water Co.
-Bond Issue.
The New Jersey P. U. Commission has approved the application of the
company for an issue of $321,000 bonds.
-11. 103, p. 243.
Montana Power Co.
-Quarterly Statement.
.
1923.
1922.
1921.
1920.
3 Mos end. Mar.3132,164,873 $1,727,496 $1,730,690 52,070,022
Earnings
Oper. expenses and taxes- 762,673
655,072
656,872
679,440
Interest & bond discount_
438,143
435,928
438,751
436,822
Balance, surplus
-V. 116, p. 1657. 1187.
$963,449
$611,235
$637,475
$977,222
Morris & Somerset Electric Co.
-Merger Approved.
-
See Central Jersey Power & Light Co. above.
-V.
116. p. 1421.
Motor Products Corp.
-Dividend Increased.
-
The directors have declared a dividend of $2 per share on the outstanding
capital stock, no par value, payable May 10 to holders of record May 3.
On Feb. 1 laid the company paid a dividend of $1 75 a share. President
Lee stated that this $2 distribution is not to be construed as a regular
dividend. Compare V. 115, p. 2912.
Mullins Body Corporation.
-Shipments.
Shipments in March last totaled approximately $360,000, bringing the
total for the first quarter to $770,000.-V. 116. p. 1540.
Nassau & Suffolk Lighting Co.
-Capital Increase.
-
The company recently filed notice at Albany of an increase in capital
from $2,000,000 to 57,000,000.-V. 115. p. 2387.
-Earnings, &c.National Acme Co.
Shipments in March 1923 totaled $1,091.331, as against $291,763 in
March 1922. Net profits after all interest charges and taxes for March
1923 were $204,534, as against a loss of $171,190 in March 1922.
Shipments for the first quarter of 1923 were $3,583,448, as against
5687,825 in the first quarter of 1922.-V. 116, p. 1284. 1187.
National Fuel Gas Co.
-Annual Report.
1922.
1921.
Calendar Years1920.
1919.
223,519
208,190186,873
184,610
Number of consumers_ 211,866
185,048 • 163,646
161,433
P.0.owned byN.F.G.Co.
$11,397,661 $9,300,661 $8,581.815 $8,066,191
From sales of gas
1,369,384
1,391,184
1,279,014
996,992
From miscellaneous
$12,767,045 510.781,845 $9,860,829 $9,063,182
Total earnings
Expenses and taxes- ---1,38,078,645 57,151,4931 54,098,008 33,746,637
1. 1,185,751
Gas purchased
1,285,380
Reserve for depr., depl.,
p. &]. adi__- 1,398,566
1,269,260
1,961,798
1,550.069
Net earnings
-v.116, p. 1187.
53,289,834 $2,361,092 $2,615,272 $2,481,096
National Supply Co.
-Common Dividend No. 2.
-
The directors have declared a quarterly dividend of 134% on the outstanding Common stock, par $50, payable May 15 to holders of record
May 5. An initial dividend of like amount was paid Feb. 15 last.
V. 116, p. 1060.
-Earnings.
New England Telephone & Telegraph Co.
Income Statement for Quar er ending March 31 1923.
Operating revenues
$10,975,746 Interest on funded debt- $572,499
7,922,141 Other interest
Operating expenses
116, 22
3
780,449 Rent, &c
Taxes
Uncollectibles
56,391 Dividend appropriation_ 1,329,524
Total operating income $2,216,763
229,176
Net non-oper. revenues_ _
Surplus
$409,942
Total gross income_ _ _ _ $2,445,939 -V.116, p.614,524.
Guaranty Trust Co-of New York announces that the deposit receipts
representing Midvale Steel & Ordnance Co. 20
-Year Sinking Fund 5% Con-Bonds Called.
New River Lumber Co.
vertible gold bonds deposited under the proxy committee agreement dated
gold bonds have been called for
Twenty (520,000)
Jan. 15 1923 are now exchangeable at its trust department, 140 Broadway, redemption June 1 at1st Mtge. 20-yr. 6%
105 and int., at the Irving Bank-Columbia Trust Co.,
for the bonds deposited, said bonds being duly stamped with the guarantee
-V. 110, p. 1855.
and the guarantee signed by the Bethlehem Steel Corp., as provided for successor-trustee, 60 Broadway, N. Y. City.
in the agreement.
-Annual Report.
New York Dock Co.
The N. Y. Stock Exchange has ruled that the capital stock of the com-Dock Co. and Dock RV.
Income Account for Calendar Years
pany will not be stricken from the list of April 28 and not until further notice.
1922.
-V. 116, p. 1769, 1186.
1921.
1919.
1020.
Calendar Years$3,827,322 $5,114,724 $5,447,400 $4,819,385
Total revenues
Mitchell Motor Co.
1,637,112
-Bankruptcy Petition.
1,551,516
1,791,539
Total net after taxes__ _ _ 1,179,858
502,000
502.000
An involuntary petition in bankruptcy has13een filed against the company Bond interest
502,000
502,000
28,592
40,906
in the Federal Court at Milwaukee. The petitioners, alleging debts of Other deductions
28.172
27,849
$3,000,000, include Detroit Carrier & Mfg. Co., Harvey Spring Forge Co.
Net inc. N.Y.Dock Co- 3049,2...7 $1,021,344 $1,261,691 $1,094,206
-V. 116, p. 1540.
and Racine Screw Works.
N.Y.Dock By. def.57.594 def.98.165 def.192,621 def.172,263
do
$921,944
Combined net income_ $591,673
$923,179 $1,069.070
Mobile (Ala.) Gas Co.
-Valuation Canceled.
500,000
-500,000
500,000
500,000
The Alabama P. S. Commission on April 16 issued an order canceling its Preferred divs. (5
175,000
175,000
175,000
previous valuation of 51,700,000 and canceling the rates which it ordered Common divs.(2 %)-V. 116, p. 1187.
at that time.
$246,944
$3394,070
into effect
$91.673
Balance, surplus
$248,179
-v.115, p. 2486.
Mohawk Oil Co., San Francisco, Calif.
-Bonds Offered.
-Wm R. Staats & Co. and Carstens & Earles, Inc., San
Francisco, are offering at 100 and int. $500,000 7% 1st
Mtge. Go!ti bond,. A circular Plums:
Date(1 April 1 L921. due annually April I 1924 to 1923. Tat. payable
A. & 0. at American National Bank, San Francisco, trustee. without
-Increase.
-New York State Gas & Electric Corp.
The stockholders recently voted to increase the authorized capital
stock from 66,484 snares, no par value (46,484 shares of Common and
90.000 shares of Preferred) to 125.000 shares, no par value. to consist of
01 C0i,imen Lac. - . 110,
25,000, sc.art's of 1 rtteir0c1 ai.d ICO.000
p. 945, 729.
APRIL 28 1923.]
THE CHRONICLE
New York Telephone Co.
-Wins Rate Case.
-The U. S.
Supreme Court on April 16 upheld the decision of the New
York Court granting an interlocutory injunction restraining
the New York P. S. Commission from imposing temporary
rates upon the company.
The decision affirms the action of the Federal District Court, which
granted a temporary injunction restraining the Commission from attempting
to enforce a cut in telephone rates of 5% in N. Y. City and 7% elsewhere
in the State pending the completion of a Statewide inquiry on telephone
service.
Through its decision, the Supreme Court sustained the finding of the
lower Court that the temporary rates were confiscatory, as they did not
furnish a sufficient return on the capital invested.
When the interlocutory injunction was granted in May 1922 (V. 114. P.
2477, 1415) the telephone company put up a $6,000,000 bond to cover any
ble rebates in case the temporary rates wore sustained. New York
City attempted to become a party to this suit, but the U. S. Supreme
Court rejected this application with the declaration that the AttorneyGeneral of New York State was amply able to protect all the people in the
State,including those in New York City.
The actual issue in the long controversy
-has been settled, for
-the rates
while the action decided April 16 was pending, the Commission made final
orders granting rates satisfactory to the telephone company. (For revision
of rates. see V. 116, p. 524.) The rates fixed by the Commission, which
became effective March 11923. have not yet been opposed by the company
for the reason, according to an official statement, that just what the return
under them will amount to has not yet been determined.
William A. Prendergast, Chairman of the P. S. Commission, explained
that the appeal to the Supremo Court was taken by the Commission on the
ground that instead of applying to the U. S. Court for an injunction, the
company should first have askecfthe Commission to reopen the hearings,and
pi case of a refusal an appeal should have been taken to the State courts.
Vice-Pres. J. S. McCulloch issued the following statement:
Company has been informed that the Supreme Court has handed down
a decision affirming the order of the Court below, which granted an injunction against the enforcement of the reduced telephone rates fixed by the
orders of the New York P. S. Commission made on March 3 1922. Although a copy of the opinion has not been received by this company, we
understand that it was wirtten by Justice Sanford and that the decision of
the Court was unanimous. It would seem that this determination by the
U. S. Supreme Court has entirely justified the cation of the company in
bringing suit In the Federal Courts to enjoin the enforcement of these rates
as confiscatory.
"Wo are, ofcourse, pleased with the decision, but we cannot further comment upon it until we have had an opportunity to examine in detail the
opinion of the Court. It should be understood that the litigation in which
this decision was made affects only the rates which were charged by the
company from April 1 1922 to March 1 1923, upon which latter date the
P.S. Commission established the present rates, which are in no way affected
by this decision of the Supreme Court."
President Thurber in a letter to stockholders says in substance: "The
first quarter of the current year has been marked by continued demand for
new telephone service and continued development of the system on a large
scale to moot these requirements. The outlook is for another recordbreaking year both as to applications for new service and construction of
new telephone facilities.
"The annual report covering operations of 1922 will soon be published.
'
-V. 116, P. 1188
.
(Chas. F.) Noble Oil & Gas Co.(Tulsa, Okla.)
-Report.
me report for the calendar year 1922 shows a balance to surplus of $1.
018.035 and total undivided profits as at Dec. 31 1922 of $1,229,701.
Comparative Balance Sheet.
Dec. 31 '22. Oct. 1 '21.
Dec. 31 '22. Oct. 1 '21.
'
A *setsLiabilkfesLeaseholds, equipCommon stock...10,428,569 10.428.569
x13,510,619 15,550,565 Preferred stock... 1,000,000 1,000,000
ment, &c
Cash
35,217 Funded debt
295,794
657.500
772.575
Notes and accounts
Contingent habil
105,999
287,591 Developed prop'ty
receivable, &c
326,079
10,000
113,935 Tank car notes
68,023
Material & supplies
312,075
Crude & ref. oils
83,039 Purchase ohliga'ns
114,828
659.706
Organization exp.,
Accr.dre. liabilities 125,033
58.915
claims pend.,&c. 152,135 1,323.355 Notes& accts. pay. 529,871
845,228
89,331 Res. for contin91,012
Keystone venture_
gent taxes, &c_ _
Securities purehaa.
175,090
Earned surplus__ _ 1.229,701
67,100
(at cost)
369.923
64,322
149,872 Capital surplus.
Deferred charges
3,613,065
1905
Oil Lease Development Co.
-Books Open-Dividend.s.-The company announces that it has opened transfer books and will issue
definite stock certificates in exchange for scrip certificates in such amounts
as will entitle the holders of full shares so as to enable stocknolders ofrecord
to receive their dividends (initial dividend to be soon announced), which
will be payable on full shares only. The scrip certificates can be
for stock certificates at the company's office, 347 Madison Ave
tVi
TI
City.
-V. 116. p. 1188.
"Onyx" Hosiery, Inc.
-Listing.
-
The New York Stock Exchange has authorized the listing of $33,500,000
Cumulative 7% Preferred stock, par $100, and 160,000 shares of Common
stock of no par value. Compare V. 116, P. 945.
Otis Elevator Co.
-Quarterly Earnings.
Quarter Ended March 31Net earnings
Tax reserve
Pension reserve
Contingencies
1923.
$815,009
80,000
25.000
80.000
1922.
$905.806
100,000
25,000
1921.
$1,695,088
Surplus
-V. 116. p. 1658.
$630,009
$780,806
$1.295,088
75,000.
25,000
Pacific Gas & Electric Co.
-Sells Water SyPtem.-
The California RR. Commission has authorized the company to sell
and the Thermalito Irrigation District to purchase a water distribution
system now owned and operated by the former in Butte Consty.-V. 116.
p. 1770.
Packard Motor Car Co.-Earnings.-
6Mos.end.Feb.28. 1923.
1922.
1922.
1923.
Factory sales...325,923,923 $13,687,738 Brought forward_33,988.389 km4204.349
Costofsales,incl.
Prof from branch
.
depreciation__ 20,415,506 12,999,613
447,170 loss570,197
oPer
515.665
" 517.648
Prof. dividends_
Common env__ _ 1,069,659
Profit from sales $5,358,477
$688,124
Other Income___
367,358
327,479 Balance, surplus 32,850,24561$1,292,194
Previous surplus 17,004,438 15,923,895
Gross profit____ $5,725,775 $1,015,603 Total surplus__ _019,854,683 014,631,701
Selling, gen. and
Stock div. on
admin.exp._ _ $1,335,274
$780,981
Corn. (100%) 11.855,1110
Interest
402,112
438,971
Profit from factory oper
$3,988,389 loss$204,349 P.& L.surplus_ $7,969,e53 $14,631,701
-v. 116, p. 1540, 730.
Parish & Bingham Corp.
-7'o Sell Property to Midland
Steel Products Co.
-Detroit Pressed Steel Also in Merger.
-
The stockholders will vote May 5 on approving a contract authorized
by the directors and made between Parish de Bingham Corp. and Midland
Steel Products Co. providing for the sale by Pariah & Bingham Corp. of
all its property to the Midland Steel Products Co.
'
The Midland Steel Products Co. is an Ohio corporation, and it proposes
to purchase all the property (except a claim for approximately $200,000
which is in litigation) of Detroit Pressed Steel Co. of Delaware, also all
the property of Parish & Bingham Corp. It in proposed that the
Steel Products Co., upon acquiring the foregoing property, will have an
issued bond and stock capitalization as follows:
7% First Mortgage bonds
-$2.500,000
8% Participating Preferred stock
7,000,000
Common stock (no par value)
50,000 she.
In consideration of the purchase of the property of Pariah & Bingham
Corp., the Midland Steel Products Co. will assume, pay and discharge all
debts and obligations of Parish & Bingham Corp., except any debts and
obligations of the corporation on account of income and excess profits
taxes, &c., in excess of $160,000, and will deliver to the Parish & Bingham
Corp. $3,500,000 of the Participating Prof. stock.
-V. 116, D. 1285.
Peer Oil Corp.
-Listing, &c.-
The Boston Stock Exchange on April 23 authorized for the list temporary
Certificates for 430,484 shares Common stock of no par value. The corporation is both an operating and a holding company. Ir was organized
to take over the business and property of the Kansas & Gulf Co., and
through an exchange of shares has obtained control of the shares of Monarch
Oil & Refining Co. and of the Southern Petroleum Co. The control of the
Kansas & Gulf CO. was secured through the exchange of one Common share
of the Peer Oil Corp., without par value, for 4.9 shares Kansas & Gulf Co.
of a par value of $1() poor share. For each share of the Monarch Oil & Refining Co., par $25, the Peer Oil Corp. issued 1 X of its Common shares,
and for each 2 shares of the Southern Petroleum Co.. par $10, it issued
Total
14,689,912 17,632,905
Total
14,689,912 17,632,905 one of its Common shares. Of the 70,400 outstanding Monarch Oil &
Refining Co., the Peer Oil Corp. has acquired 69,143 shares, leaving 1,257
it Fixed assets include: Leaseholds, plants and equipment, per appraisal shares yet to be acquired,and of the Southern Petroleum Co.it had acquired
by Coats & Burchard Co., March 20 1921, after deduction for depreciation 119,360 shares, leaving 11,640 shares yet to be exchanged. Further,
and additions to Dec. 31 1921. $15,504,221. plus additions during 1922, 10.000 Common shares of Peer Oil Corp.stock were issued in part payment
of liabilities assumed by that corporation, 5,263 shares in connection with
$408,507 lees depreciation. $2,402,108.
See Michigan Tank Car Co. above.
-V. 114, p. 2832.
properties purchased in the Smackover district, Arkansas, and 1,049 shares
for services in the organization of the company.
-V. 116. p. 1189.
North American Co. and Subsidiaries.
-Earnings.
-
1922.
Twelve Mos. ended 1923.
Ttrelre Mos. ended 1923.
1922.
March 31
March 31$
$
Gross earnings_ ___63,692,409 38,978,110 Int., pref. dive.
.
Oper. exp.& taxes 40,158,719 26,509,170
sub. cos., &c___ 9,668,643 5,682,521
Prof. dividends- _ .1,138,308
893.799
Not income.:._22,533,690 12,468,940
541,461
281,520
Other Income
Total income._ _23,075,151 12,750,461
-V. 116, p. 1540, 1421.
Bal.forco=on 12,268,200 6,174,140
Penn Seaboard Steel Corp.
-Earnings.
Three Months ended March 31Gross,earnings
Balance. Burp., after int., disc., &c_
-V. 116, p. 1658, 1540.
1922.
1923.
1921.
$1.045,039
$3307,198
$486.757
$44,443 def.$171.466 def.3230.895
Pennsylvania Coal & Coke Corp.
-Earnings, &c.
-
Qua?, end. Mar.31- 1923. 1922. Quer. end. Mar. 31- 1923, 1922.
Tonnage mined & sold 616,375 381,854 Net, before taxes
$370,433 $108,330
Gross income
$421,762 $140,073 Income from subsid's_ 19,043 24,644
Int., deprec. & entscel. 51,324 31,743 Total net Inc. be!. tax..$389,481 $132,974
Edward H. Everett and James A. Hamilton have been elected directors,
succeeding It. II. Williams and R. J. Doherty.
-V. 116, p. 1770.
North American Car Co., Chicago.
-Bonds Offered.
Central Trust Co. of Ill., Chicago, and Curtis it Sanger,
Phillips Petroleum Co.
-50% Stock Dividend-Extra
New York, are offering at prices to yield from 6% to 6.15%,
according to maturity, $700,000 6% Coll. Car Trust Serial Cash Dividend of $1 Per Share-Earnings for 1st Quarter
Balance Sheet as of Dec. 31 1922.
-The directors have
bonds. A circular shows:
declared on the present outstanding Capital stock (1) a
Dated April 2 1923; due serially April 1 1925 to 1931. Int. A. & 0.
without deduction for normal Federal income tax not in excess of 2%' 50% stock dividend,(2) an extra cash dividend of $I a share
Optional on any int, date at 100 and int. pais the following premiums: and (3) the
regular quarterly dividend of 50 cents a share,
2% during 1924; 1H
during 1925 and 1926; 1% during 1927 and 1928
and April 1 1930: and 3 of 1% on Oct. 1 1930. Donom.$500 and $1,000 c*. all payable June 30 to holders of record June 15.
Central
The
cilinois, Chicago, trustee.
Co.
of
Trust
Security.
-Secured upon the following standard refrigerator and tank cars:
250 modern standard refrigerator cars, 50 now refrigerator cars (to be constructed from the proceeds of the present loan) and 200 all steel tank cars
of 8,000 and 10,000 gallon capacity.
Purpose.To provide funds (a) for the construction of 50 now refrigerator
cars; (b) for the acquisition of 160 ail steel tank cars, and (c) for additional
working capital.
Earnings.
-Net earnings of company and subsidiaries (on the basis of a
consolidated statement) for 1922, available for fixed charges, depreciation
and Federal taxes after allowance of $218,937 for maintenance and replacements, were $315,588, or about 5% times total Interest charges for
the year. For 1921 such net earnings wore $252,117. Net earnings
stated as above for 1923 are conservatively estimated at $500,000.
Compane.-Etusiness was started in 1908 with an initial capital of $25,000,
the original property consisting of 25 tank cars. At the present time company and subsidiaries own and operate 880 tank cars and 833 refrigerator
cars. In addition company owns well equipped car building and repairing
shops at Chicago, Coffeyville, Kan., and Tulsa, Okla.. and storage facilities
for_petroleum products at Chicago and West Tulsa, Okla. with a capacity
of 1L400,000 gallons. Business consists primarily of the ownership. °seraLion and leasing of steel tank and refrigerator cars.
-V. 100. 11. 1757
.
stockholders on April 3 last Increased the authorized Capital stock
from 1,000.000 shares to 2,000.000 shares, no par value
(V. 116.P. 15
41)•
President Frank Phillips, April 23, says in substance:
Net earnings for the quarter ending March 31 were
$4,414,925, which is
equivalent to an annual rate of $25 a share on outstanding
stock of that
date as compared with $1,637,480 for the same
period in 1922 being at
an annual rate of $9 92 per share on the
company's current position has improved, stock then, outstanding. The
all bank ihdebtednees having
been paid.
Net high grade oil production
per day at the same time last is 26,000 bbls. a day as against 13,000 bbls.
year. Production is now in excess of the
average during the first quarter and will
continue to increase. We have
112 net wells drilling exclusive of partners,
net wells
drilling this time last year. On March 31 compared with 52producing
1923 we had 1,202
wells on 183 properties as compared
to 958 wells on 146 properties March
311922.
The company owns over 450,000 net
100,000 net last year. 26,700 acres acres exclusive of partners, as against
than 6% of the total acreage while aare producing which represents less
year ago 17% of the total acreage
then owned was producing.
Production of gasoline is averaging 85,000 gals, per day, compared with
21,800 gals, per day last year. From the 8 plants operating and 4 additional plants under construction, production will be increased within the
O'Gara Coal Co.
-New 7% Pref. Stock Authorized.
The stockholders on April 23 ripen-reed an Issue of 510,000.000 7 . next few months to an annual rate of 50,000,000 gals. Within the year
0
cor-rletrvi 'I Pflf)
cnts.
Prof. stock \Ole.;
inse1^••••1 re ••1 c"'" gterngn
,
Sabvrd• Liot: tali the
t Ir I.'
and have .1,000.000 gals. storage tend r construction.
.
2.000.000 bills steel
$5,000,000 t.-..s.juele., stock u • d $1.000.000
ri I stack. re ',ail, Oil storage Wes come leted and there ,lain.; addott
I.
uncha tiged .--- V 110. p. 1657.
tang rinas on 000
bbls. 500 new insulated tank ears were purchatos! during the same period.
•
[VOL. 116.
THE CHRONICLE
1906
Mr. Phillips also states that the stockholders and the directors have
authorized the sale of 50,000 shares of capital stock to employees.
[For consolidated income statement for 1922 see V. 116, p. 1061.1
Consolidated Balance Sheet as of Dec. 31 1922.
Liabilities
Assets
Plant and investment___$55.713,129
2,788,560
Accounts receivable
35,401
Notes receivable
Inventories (at market)_ 3,391,282
109,859
Prepaid interest
1,422,454
Cash on deposit
351,522
Deferred charges to oper_
$38,324.167
Capital surplus x
10-yr. 7Y4% Debs., 1931 3.336,000
Deferred purch. oblig'ns_ y2,410,302
6.857.278
Notes payable
Acceptances payable____ 1,939,000
926,770
Accounts payable
9,364,089
Dept. & deprec. reserve
654,602
Conting. & accrued !lab_
Assets-
General Balance Sheet March 311923.
Liabilities
$3,406
Accounts payable
48
Unclaimed wages
10,061
Salaries and wages
34.369
Reserves for Federal taxes
6,867
Compensation ins., &c..
Doubtful notes & acc'ts
2.993
receivable
213,584
Deprec. of property_ __
Discounted notes receiv6,030
able (see contra)
0
Pref.77 cum. Class A stk. 440,000
Pref.79 cum. Class B stk. 360,000
Common stock (146.600
shares, no par value)_ _ - 1.502,705
387.725
$2,967,788!Surplus
s $668.604
Cash
235,643
Accounts receivable
7,797
Notes receivable
468.238
Inventories
201
Securities at cost
1,118,006
Property account
450,000
Patents and good-will
13.269
Deferred debit items
Notes receivable (see con6,030
tra)
$63,812,208
Total
$63,812,208
Total (each side)
Ir.
x Represented by 696,935 shares of Capital stock, no par value. y Due - 116, p. 1541.
1924. $1.257,811: due 1925. $1.152,491.
-Sale.
Republic Rubber Corp.
The New York Stock Exchange has authorized the listing of 50,000
value, on official notice of
additional shares of Capital stock, of no par
The property is to be offered for sale May 9. See plan in V. 116. p. 1422.
Issuance and payment in full, making the total amount applied for 790,000
-Earnings.
Rolls-Royce of America, Inc.
shares. The 50.000 shares are to be issued to Frank Phillips, trustee, for
-V. 116,
allotment and sale to employees on the partial payment plan.
Results/ or Quarter ended March 31 1923.
p.1.1541, 1061.
$342,033
Sales billed, $1,052,305; cost of sales, $710,272; profit
7,150
Other income
-Smaller Dividend.
(Albert) Pick & Co., Chicago.
on the Common
The directors have declared a quarterly dividend of 3
$349,183
Gross profit
This compares
stock, par $10. payable May 1 to holders of record April 23.
exp. and dealers' discount, $150,477: int. and
with dividends at the rate of 16% per annum (4% quarterly) paid from Sales and publicity unabsorbed factory and general exp.. $16,281.. 207.993
discount,$41,235:
Feb. 2 1920 to Feb. 1 1923, incl. See also V. 116, p. 1285.
$141,190
- Net profit
-Syndicate Terminated.
ff Pierce-Arrow Motor Car Co.
V.
The managers of the syndicate which underwrote the new financing - 115. p. 2056.
(V. 116. p. 525). consisting of J. & W. Seligman & Co.. Hayden, Stone &
-Merged With Gimbel Bros.
Saks & Co.
Co., Chase Securities Corp. and O'Brian, Potter & Co., announce the ter-V. 116, p. 513.
See Gimbel Brothers, Inc., above.
mination of syndicate, checks having been mailed April 20.
Total
Income Account for Calendar Years.
1920.
1921.
1922.
Net manufacturing profit x$571,991 $1.810.498 $1,987,688
1919.
$3,161,122
26,144
216,886
Other income
y Oper. exp.(additional)
Est. inventory losses_
Income taxes
Total
-Interest (net)
Deduct
'
Other charges'
Pref. dividend paid_
Corn. dividend paid_
2,246.875
4,197,022
250.000
600.000
$571,991 $8.254.395 31,954,574 32,587,267
96,197
184.659
561.182
509.317
z267,971
(8%)890.000
(2%)200.000
(8%)800.000
($l3()312,500
-Sale.
Sapulpa (Okla.) Refining Co.
-V. 114, p. 1774.
See Independent 011 & Gas Co. above.
-New Officers.
Savoy Oil Co.
At the annual meeting the following officers were elected: Dave S. Joseph,
-P.,
Leopold Feist; V.
former Sec. & Treas., as President, to succeed the late
William J. Wittenberg; Sec. & Treas.. Jacob Lauchheimer.-V.115.p.2390.
-Listing-Earnings.
Retail Stores Corp.
Schulte
the listing of $2,000.000
The New York Stock Exchange has authorized Common stock, of no
Preferred stock, par 8100. and 300,000 shares of
declared April
authority to add 32.400,000 Preferred stock of
par value, with
the 300,000
record
16 1923, as an 8% stock dividend to the holders of amounts as follows:
in
shares of Common stock to be issued on dates and1923. 2 or $600.000.:
Balance for year
def$257,162def$8963.712 sur$969,915sur$1378,570 On June 1 1923 to holders of record on May 15
Profit and loss deficit_ - _ $4,679,328 $4,422,165sur$4541,547sur$3571,632 on Sept. 1 1923 to holders of record on Aug. 15 1923, 2q. or $600.000:
Dec. 1923 to holders of record on Nov. 15 1923. 2,or $600,000:
p • Loss. x After providing for depreciation amounting to $706,302. On Mar. 1 1924 to holders of record on Feb. 15 1924. 2%, or $600.000.
1
y These operating expenses of $2,246.875 are "In addition to the amount On
Periods.
Growth of Business, Earnings, &c., for Stated Federal
absorbed in manufacturing cost." z Amount expended for changes in
Net Before
Gross
No. Stores
models shipped in 1921 in excess of amount reserved therefor at Dec.31 1921.
Taxes. Reserves
Year Ended- & Stands. Business. Res.& Taxes, 314.776 325.000
Balance Sheet as of Dec. 31 1922 (After Giving Effect to New Financing).
$70,882
$2,737,551
66
Jan. 31 1917
15.096 187.478
Liabilities.
343.300
Assets.
4,195.534
93
Jan. 31 1918
36,601 101.200
y$1,575 000 Jan. 31 1919
x$5,568,992 Prior preference stock
317,421
Property account
5.449,477
113
56.589 164.003
a10,000,000 Jan. 31 1920
Pref. stock (par $100)
&c_ 5,000,000
496.446
Pat's, tr.-mks.,
9.679,553
157
64.383 213,594
z4,077,082 Dec.31 '20(11 mos) 196
122,267 Common stock
734,876
Inv. Indtadv. to affII.,&c.,cos.
16.299,163
3.500.000 Dec. 31 1921
116,405 371,177
1,332,846 One-year 6% notes
1,134,117
Cash In banks and on hand
20,699,159
222
4.200,000 Dec. 31 1922
-year 8% debentures
10,551,399 20
2,844.096(est.)280.000 612,933
Inventories
239
23,765,364
Notes & accts. rec., less res've 1,630,841 Accounts payable, accrued
All dividends on Preferred stock have been regularly declared and paid
1.408.077
pay-rolls, &c
148.190
and deposits
MLsceli.
have been paid on the
108,600 since the date of incorporation. No cash dividends
429,814 Customers' deposits
Prepaid Insurance, Int., &c
-V. 116, p. 1771.
95,000 Common stock.
.
179,410 Reserve for contingencies_ _ _
U. S. Govt. War Dept. acct_
-Annual Report.
Shaffer Oil & Refining Co.
$24,963,759
1921.
1 22.
Cal. Yrs.1921.
Cat. Yrs.1922.
$9 0,569 $850,616
Gross earnings$8,163,463 $8,040,751 Interest
420,000
x After deducting $3,212.366 depreciation reserve. y 15.750 shares of Exp. & taxes_ 6,158.416 6,010.828 Pref. divs.(7%) 420.000
759,305
no'par value at the retireable price of 8100 per share, carrying cum. div. or -V. 116, p. 1660, 1190.
664,478
Surplus
$8 per share from April 11923. z 250,000 shares(no par value) at declared
value of $5 per share. a Shares of $100 par value on which dividends
-New President, &c.
Shattuck Arizona Copper Co.
are unpaid since March 1921.-V. 116, p. 1421. 1285.
L. C. Shattuck has been elected President to succeed the late Thomas
Bardon. Thomas Bardon Jr. succeeds the late Mr. Barden as a director.
-Suit Withdrawn. The company recently resumed the shipment of both copper and lead ores,
Porto Rican American Tobacco Co.
An order was signed by Vice-Chancellor Church in Newark April 24 and at present about 150 tons of lead ore are being shipped daily to the
dismissing an action brought by Philip M. Grausman, a stockholder, to Douglas and El Paso smelters.
-V. 116. p. 1190.
a new scheme of capitalization. The dismissal order was signed
-V. 116, p. 1770. 1659.
by
C mutual consent.
-Listing-Earnings.
Sheffield Farms Co., Inc.
The New York Stock Exchange has authorized the listing of $2,500,000
-New Officer.
Postum Cereal Co.
1st & Ref. Mtge. 04% bonds, due Oct. 1 1942 (see offering in V. 115.
-V. 116. p. 946.
E. F. Hutton has been elected Chairman of the Board.
p. 1543).
Consolidated Net Earnings Years Ending Dec. 31.
-New Control.
Queens Borough (N. Y.) Gas & Elec. Co.
Federal Net to
Net
Milk (lbs.) Gross Sales
116, p. 946.
-V.
See Long Island Lighting Co. above.
Handled. Incl. Stores. Profit, Deprec'n. Taxes. Surplus
-Recapitalization. 1918
366.902.448 326,344,010 $1,423,241 $570.292 396.000 3756,949
Realty Associates, Brooklyn, N. Y.
404,092.155 32.615,817 1,598.099 616.570 172.000 809,529
The officers and directors have approved a plan to capitalize the surplus 1919
453.024,995 38.909,566 2,034,651 945,571 180.000 909,086
and undivided profits accumulated in the past and also to provide a means 1920
496.044,088 35.915,818 1.530,181 939,615 240,000 x50,566
of interesting those who have made the company successful by giving to 1921
438,786.307 34.611,885 1,473,197 858,464 180.000 x434,733
them an extra incentive, and also to interest some others whose services 1922
will be of great value. To accomplish this change, the capital stock of
x Business in 1921 and 1922 affected by strike conditions in delivery
the Sea. Inc., a subsidiary, will be changed into 20,000 shares
Brighton by
-V. 116, p. 1190.
of no par value and one-half of these shares will be sold for $500,000 cash service departments.
to a group of the officers and others selected by them, and thereafter the
-Par Value
Shreveport-El Dorado Pipe Line Co., Inc.
Realty Associates and Brighton by the Sea, Inc., will be consolidated.
The new company will be capitalized for $5,000,000 1st Pref. stock, Changed-Acquisition.
which is to go to the present stockholders; $2.000,000 2d Pref. stock,
all of
The stockholders on April 16 reduced the par value of the stock from $100
also to go to the present stockholders: 20,000 shares of no par value Common
shares of new stock will be issued in exchange for
stock, half to go to present stockholders pro rata of their holdings, and the to $25 per share. Four
& Trust Co., Phila$500,000 in Brighton by the Sea, Inc. That each old share held. The Bank of North America
other half to those investing
delphia, transfer agent and the Pennsylvania Co. registrar.
Is, each stockholder will receive for each share now held: 1 ),/ shares 1st
dividend of $6 per share
The Smackover Pipe Line Co. has declared a
Prof. stock. )4 share 2d Income Pref. stock, X share no par value Common
propout of February and March earnings. In Jan. 1924 this company's
stock and $15 50 in cash.
Shreveport-El Dorado Pipe Line Co.
The present assets of the company are represented by 40,000 shares of erty will be turned over to the
surplus and undivided profits are carried on the
stock, par $100. The
-Wages Increased.
Singer (Sewing Machine) Mfg. Co.
books at approximately $3,000,000.
See under "Current Events" in last week's "Chronicle." page 1708.
The new tat Prof. stock shall be preferred as to divs, and assets; shall recumul. from July 15 1923, and payable -V. 115. p. 2804.
ceive dim at rate of 6% per ann.,
semi-annually. Red. on £10 days' notice at $110. Shall have no voting
-Acquisition.
Southern States Oil Corp.
rights unless diva. for 12.consecutive months are in arrears.
The corporation has acquired a 40-acre tract known as the Rhodes farm.
The new 2d Pref. stock shall be second in preference as to assets, entitled near Norphlet, Union County, Ark., offsetting the Gladys Belle tract,
each $1 per share
-V. 116. p. 1660.
to dividends at rate of 1% on each share of the same for in
-bbl. well has been brought in.
no event shall where a new 5,000
paid as divs. on the no par value Common stock, but
dividends on this 2d Prof. stock exceed 5% in any one calendar year.
Power Co.-Listing--Earnings.Southern Colorado
the listing of $5.834.500
When diva. In excess of $5 per share in any one calendar year are paid to
The New York Stock Exchange has authorized July 1 1947 (see offering
holders of Common stock, there must be set aside in a reserve account an
Gold Coupon Bonds,6%,Series A, due
amount equal to the dividends so paid on the Common stock in excess of 1st Mtge. p. 554).
the purpose of retiring the 2d Prof. income stock. The In V. 115,
$5 per share, for
stock
•Consolidated Income Account Year Ended Feb. 28 1923.
2d Pref. income stock red, all or in part at par. 2d Prof. income
$125,367
$1,843,451 Previous surplus
shall have no voting rights.
Gross earnings
The no par value Common stock shall be distributed. 50% to the present Oper. exp., incl. current
$356.471
Total surplus
stockholders of record of Realty Associates, and 50% to those paying
1,123.200 1st Prof. dividends
147,136
maint. & taxes
489,148 2d Pref. dividends
$500.000 to Brighton by the Sea. Inc., in exchange for the stock of the Interest charge
67,200
last-mentioned company, which will be canceled by virtue of the con41.857
Depreciation
A distribution of $15 50 a share out of the surplus liquid assets
solidation.
of Realty Associates, payable to the
$100.277
directors
$231,103 Surplus
Balance
has been declared by the present stock as of the date of consolidation, 10
p. 1633.
bolder of each share of its
of both companies approve of -Ir. 115,
days thereafter, provided the stockholders
-Earnings.Spring Valley Water Co.
the consolidation agreement.
Common
1919.
1920.
1921.
1922.
Calendar YearsAny stockholder who may wish to sell the shares of no par value per share
of $50
stock to which he will be entitled under the plan at the rate will endeavor to Net profit, after interest
$1,852.607 $1,402,530 $1,170,609 $1,372,028
communicate with the committee, and the committee
depreciation, &c
may
-V. 115. p. 2487.
(5%)1,400,000(5)1.400.000(5)1,400,000 (5)1,400,000
Dividends
effect such a sale.
Total
524,963,759
Total
-Quarterly Report.
Reynolds Spring Co., Jackson, Mich.
1922.
1923.
Quarter Ending March 31$22,546
$115,173
Net profits
Depreciation
Federal taxes
Net income
15,000
11,000
3,611
2.367
$89.173
$16.568
Balance, def, or sur__sur.$452.607
-1r 116, p. 188, 85.
sur.$2,530 def.$229,391 def.$27.972
-Preferred Stock Offered.
(S. S.) Stafford, Inc.
McGuire & Co., New York. are offering at par and div. 3100.000 8%
Cumul. Prof. (a. Oc d.) stock (par $100). Callable at 110 and div.
APRIL
1907
THE CHRONICLE
28 1923.]
Company was established in 1858 and has been continuously in control
of the founder's family. Manufacturing plants are operated at New York
and by a subsidiary company in Toronto, Canada. Products are a complete
line of writing Inks, copying inks, stamping, hectograph drawing
mucilage, paste, glue, typewriter ribbons, carbon papers, furniture and
automobile polish, to which has been recently added a complete line of
chemical automobile products.
The new money is required to finance the sale of the automobile chemical
line.
Sales during 1922 were 30% greater than in 1921.
• Balance Sheet as of Jan. 1 1923 (After Present Financing).
Liabilities
Assets$65.000
$97,599 Notes payable
Cash
3,435
Accts. & notes receivable 221,942 Accrued salaries & wages
164,663
Inventories325,656 Accounts payable
3.934
Investment
5,000 Interest accrued
85,000
Advance to subsidiaries__
65,102 Real estate mortgage
290,000
Plant & equipment
337,564 First R. M. G. bonds____
20,000
Deferred charges
50,129 Res.for bond retirement_ 100,000
Preferred stock, Class A_ _
95,700
do Class B
50.000
Common stock
Total (each side)
225,261
81.102,993 Surplus
-V. 112, p. 168.
-Preferred Stock Offered.
-Harris,
Toledo Edison Co.
Ayers & Co. are offering the unsold balance of $1,500,000
Preference (a.& d.)Stock,7% Cumulative, Series A,at 9332,
to yield 7
Redeemable, all or part, on any dividend date on 30 days' notice at 110
and divs. Dividends payable monthly on the first day of each month.
Transfer agents, Toledo Edison Co.; registrars, Ohio Savings Bank & Trust
Co. Issuance authorized by Ohio Public Utilities Commission.
Data from Letter of Frank R. Coates, Pres. and General Manager.
Company.
-Does the entire commercial electric light and power business
in Toledo, Ohio,and certain suburbs. Also supplies electric power at wholesale to companies serving other neighboring communities. Population
thus.served directly and indirectly estimated to exceed 320,000. In add!
tion, company does the artificial gas distributing business and a hot water
heating business in Toledo. Company now serves over 54,000 electric ens
tomers, distributes artificial gas to more than 7.200 customers, and the
heating plants supply over 770 customers.
Company supplies at wholesale, under a long-term contract, all the
power required by Community Traction Co., which now owns and operates
the electric railway properties in Toledo formerly owned by the Toledo
Railways & Light Co.
Earnings Twelve Months Ended December 31.
1922.
1921.
Standard Milling Co.-Dzvidends.$6,667.159 $6,165,497
The directors have declared the regular quarterly dividends of 1 3.1 '''jo Gross earnings
Net, after oper. expenses, maint. and all taxes_ _ _ _$2,669,687 $2,511,948
on the Common and 136% on the Preferred stock, both payable May 31
1.161.281
1,137,631
to holders of record May 19. The Preferred dividend is payable out of Interest on funded and floating debt
the profits for the current fiscal year and the Common dividend is payable
Balance for replacement reserves and dividends_ _11,532.056 $1,350.667
out of surplus or net profits of the company.
-V. 116. p. 422.
Authorized. Outstanding.
Capitalization Dec. 311922Prior Preferred Stock,8% Cumulative, Series A_ __$6,000,000 $2,450,000
Standard Oil Co. (Calif.).
-Annual Report.1,500.000
Series A (this issue)._ 4,000,000
Preference Stock, 7% Cumul.,
1919.
Calendar Years1920.
1921.
1922.
15,000.000 13.875.000
Common stock
Earnings after operating
768.000
First Mortgage Bonds,.5%. Series due 1947
& marketing expenses_$42,822,825 $50,530,409 $59,413,819 $48,566,328
13.500,000
do 7%, Series due 1941
8,176,220
9,798.565
Deduct-Deprec. & depl_ 12,853,012 14.192,397
1,875,400
Toledo Gas, Elec. & Heating Co. Cons. Mtge. 5s__ (Closed)
1,670,782
Interest on debentures 1,750,000
Condensed Balance Sheet December 31 1922.
•
9,327,339
7,960,000
1,079,000
Federal taxes (est.)___ 1,200,000
Liabilities
Assets
$2,450,000
$38,827,626 Prior Prof. stock,8 _
Net profit
$27,019,812 $33,588,231 $41,655,254 $31,062,768 Total capital assets
2,623,942 Preference Stock, 7%--- 1,500,00
Cash dividends paid
16,285,659 15,499,546 13,912,264 a13,415,397 Total current assets
0
13,875,000
2,849,426 Common Stock
Other assets
Funded debt
16,143,400
Surplus for year
$10,734,153 $18,088,685 $27,742.991 $17,647,371
Total current liabilities
134,679,534 122,303,707 58,117.168
$44,300,995
2,416,397
57,363,306
Surplus Dec.31
Total (each side)
Other liabilities
7.916,197
•V. 116, p. 626. •
a Includes extra dividend of $2 50 per share paid in 3d Liberty Loan
-Annual Report.
Transcontinental Oil Co.
bonds.
-V. 116. p. 1660, 1190.
Year
Year
Year
5 fonths to
-Earnings.
Standard Textile Products Co.
1921.
Dec. 31 '19.
1922.
1920.
Consolidated ResultsThe company reports net for first quarter, after interest, taxes and Gross earns.fr.all sources$13,593,947 $12,079,986 $22.190,397 $2,374,342 ..
depreciation, $.388,409.-V. 116. p. 1191, 731.
1,777,308•
Mat.cost & oper.exp....11.528,727 12,785,362 20,053,499
-New Director.
Submarine Boat Corp.
D. L. Warden has been elected a director, succeeding Edward D. Duffield.
-V. 116, p. 1542.
-5 1-3% Dividend.
Sugar Estates of Oriente, Inc.
The directors have declared a dividend of 5 1-3%, on the outstanding
Preferred stock, payable May 1 to holders of record April 23. This payment represents the cumulative dividend to May 1.-V. 115, p.2391, 1332.
-Increases Wages.
Swift & Co., Chicago.
See under "Current Events" in last week's "Chronicle," page 1708.
-V. 116, p. 948.
-Annual Report.
Swift International Corp.
Profit and Loss Surplus Account for Calendar Years-Argentine Gold.
1919.
1920.
1922.
1921.
Previous surplus
812.626,977 223,156,279 $22,912,384 $20,988,230
419,765
158,993
To reserve account
82,863
9,200
9.200
Directors' & aud's' fees_
9,200
9,200
Operating income_ _ _ _ $2.065,220 loss$705.376 $2,136,898
1,381,895
1,085,453
Adm. exp., int., 8:c_ ___ 1,617,139
Loss on drilling non916,055
717.990
541,301
producing wells
97.113
Loss on sale of cap. assets
$597,034
236,586
176,384
8510,144
8184,063
Net prof. carr. to sur_def$467.973d1$2,902,374
Profit & loss.
- $3,269,415 $2.208.166 sur$694.208 sur$184,063
-V. 116, p. 526.
-Earnings.
Trumbull Steel Co.
For the quarter ended March 31 1923 it is stated that the company
earned a surplus of $750,000, after charges and Preferred dividend.
V. 116. p. 626, 422.
United Eng. & Foundry Co., Pittsburgh.-Cap'l Decr.
Bal. of previous surp_$12,617,777 $23,064.216 322,744,190 $20,559,265
5,596,560
3,731,040
3,731,040
Dividends
3,264,660
'
The stockholders on April 24 voted to decrease the authorized capital
stock from $17,500,000 to $9,300,000 by reducing the Common stock from
$15,000,000 to $7500,000 and the Prof.stock from $2,500,000 to $1,800,000.
This reduction will be used to decrease stock that has been purchased by
the company and retired or has never been issued. It will not affect the
-V. 116, p. 833, 1543.
stock in the hands of the stockholders.
Surplus
$9,353.117. $19,333,176 $19,013,150 $14,962,705
7,949,679
Net earnings
4,143,128
3,505,875 loss6706,199
Adjustment on previoes
Year's consignments_ _ 1,695.000
Authority to sell the property of the United Coal Mines was asked in a
petition recently filed in the l`real Court at Cleveland by A. J. Weigand.
-V. 116, p. 731.
receiver.
Balance
811,163,992 $12.626,977 $23,156,278 $22,912.381
Balance Shed Dec. 31-Argentine Gold.
1922.
1921.
1921.
1922.
Assets$
Liabilities'$
$
Stock investment.49,945,145 43,849,790 Capital
22,500,000 22,500,000
Duefrom assoc.cos. 8,373,436 19.911,431 Owing to assoc.cos.23,994,247 27,973,910
Cash •
1,279
1,286 General reserVe_ _ - 661,621
661,621
Surplus
11,163,992 12,626,977
Total(each side)_ _58,319,860 63,762,508
-v. 116, p. 306.
-Sale.
United Coal Mines, Inc., Pittsburgh.
-Sales of Gas.
United Gas Improvement Co.
The sales of gas in Philadelphia through the company's subsidiary, the
Equitable Illuminating Gas Light Co., for the three months ending
March 31 1923. compare as follows:
1921.
1923.
1922.
3 Months ending March 315,106,485,260 4,472,207,570 4.308,885,540
Sales of gas (cubic feet)
The company,it is stated,for the first quarter of 1923 will pay $1,250,691
-V. 116„ p. 1661.
to the City of Philadelphia.
•
-Tenders-Interest.
United Oil Producers Corp.
The Coal & Iron National Bank, trustee, will until May 28 receive bids
for the sale to it of8% Guaranteed & Participating Production bonds to an
Tennessee Copper & Chemical Corp.-Consol. Report.
- amount sufficient to exhaust approximately $45.000 held in the sinkinw fund.
The company announces that current interest deposits with the trustee
[Including Tennessee Copper Co., Southern Agricultural Chemical Corp.
on its 8% Guaranteed & Participating Production bonds are at the rate of
and Southern Agricultural Tank Line.]
20J4% per annum. These bonds were issued in July 1921.-V. 116, p. 1287.
Calendar Years1922.
1921.
1920.
1919.
Sales
83.948,886 $4,805,478 $5,782,998 $3,889,623
-To Create an Issue of
United Profit-Sharing Corp.
Miscellaneousincome_ _ _
398,109
345,616
296,701
346.658
$500,000 Preferred Stock.
Gross income
$4,346,995 15,151,094 $6,079,699 $4,236,281
The stockholders will vote May 21 on creating an issue of $500,000 Cum.
Operating expenses
3,414,705
4,413,079 5,664,814
4,062,731 Pref. stock. par $10. It is the purpose of the directors to utilize this Prof.
Miscellaneous expenses_.
225.243
211,667
252,233
244,316 stock,if authorized,for the payment of an extra dividend or extra dividends
Bond interest
60,865
70,335
81,175
90,963 from time to time upon the Common stock. The present authorized
Other interest
163,650 $500,000 Common stock, par $1, will remain unchanged.
308,761
308,838
Depreciation
367.364
Each Pref. and Common share shall have equal voting power. Prof.
350,000
stock shall receive from surplus and net profits dividends at the rate of,
$3337.421
$147,175 def$285,887 def$675,379 but not exceeding, 10% per ann. Prof. stock shall be redeemable at
Balance, surplus
Total p.& 1. surplus.. _ _ _ $1,505,727 $1,197,421 $1,063,839 $1,349,728 $15 and dividends.
-V. 116, p. 948. 731; V. 114, p. 531.
-V. 116, p. 1063, 422.
-Earnings.
Texas Gulf Sulphur Co., Inc.
United Shoe Machinery Co.
-To Increase Stock.
The stockholders will vote May 19 on increasing the authorized Capital
1922.
stock from 600,000 shares Preferred (par $25) and 1,400,000 shares Corn.
3805.095 (par $25) to 2,400,000 shares of Corn.(par $25) and 600,000 shares of Pref.
635,000 (par $25). See also V. 116, p. 1543.
Quarter ending March 31Net earnings
Dividend paid
1923.
$1,102,066
793,750
Balance, surplus
Surplus and reserve for depletion
-V. 116, p. 612.
$308,316
$170,095
$6,590,812 $5,779,429
U. S. Cast Iron Pipe & Foundry Co.
-New Pres., &c.
-New Director, &c.
Texas Pacific Coal & Oil Co.
N. F. S. Russell has been elected President succeeding L. R. Lemoirie
who has been elected Chairman.
H. Vinton Overholt and Frank M. Tait have been elected directors.
The former succeeds the late A. C. Overholt.
-V.116. p. 1174.
Tidal Osage Oil Co.
-Listing.
-
Net sales
-V. 116, p. 1772. 526.
w. K. Gordon has resigned as Vice-President, but remains a director.
Charles J. Wrightsman of Tulsa, Okla., has been elected a director,
succeeding 0. E. Mitchell.
-V. 116, p. 1543.
U. S. Glass Co.
-Soles for 3 Months 1923.-:
1923.
11.352.110
1922.
3970.647
The Conunittee on Securities of the Pittsburgh Stock Exchange on
United States Playing Card Co.
-Extra Dividend.
April 26 struck from the list 500,000 shares of no par value of the Common
An extra dividend of 214% has been declared on the outstanding capital
voting stock of the company and at the same time placed on the list upon
application of the company, 479,164 new shares, par $10 per share, of the stock, par $20, in addition to the regular quarterly dividend of 5%, both.
payable July 1 to holders of record June 20. An extra dividend of 2Ji%
Common voting stock of said company.
The total outstanding Common stock (36,313,190) consists of 479,164 was paid in January 1923 and in July 1922.-V. 115, p. 2696.
Common voting stock, which is listed, and 152.155 unlisted
shares of the
United States Realty & Improvement Co.-Subscrip'ns.
shares of the Common non-voting stock, which has been issued in exchange
The second installment
for the Capital stock of Magna Oil & Refining Co. on the basis of 1 share
-50%
-of subscriptions to Preferred stock will
of the Common non-voting stock of Tidal Osage Oil Co. for 7 shares of the be due and payable at the company's office, 111 Broadway. N. Y. City, on
30
April 30. Permanent engraved certificates will be delivered as of April.
Capital stock of Magna Oil & Refining Co.
The Committee also rules that the old certificates of no par value will not 1923, and accrued interest will be paid to the holders of full paid su
tion receipts. For offering of Prof. stock see V. 116. p. 189. 1191.
be a good delivery, on or after April 30 1923.-V. 116, p. 1424.
Timken Detroit Axle Co.
-Approximate Earnings.
Three Months ended March 31Gross earnings
-V.116, p.1772.
1921.
1922.
1923'
$8,000,000 S3,000,000 12,000,000
United States Rubber Co.
-Perfect New Processes.
Chairman C. B. Seger in a letter to stockholders announced three new
and basic forward steps in rubber manufacture, namely:(1) Sprayed rubber,for use in the manufacture ofall rubber products;(2) web cord, a funds-
'N' E
4
•‘<. .
1
•
[VoL. 116.
THE CHRONICLE
e4,
rovement in the art of cord tire making, and (3) a new method
and vulcanizing cord tires.
ilevtxl that these three developments mean•more to the rubber
uror and the user of rubber products of all kinds than anything
been accomplished in the rubber industry since vulcanization
4/884
Lscovered In 1:V0.
All three of these new processes are the exclusive property of the company,fully protected by patents in the United States and foreign countries.
-V. 116. p. 1772. 1171.
A petition has been filed in the Federal Court at Detroit by the Security
Trust Co., receiver, asking for the sale of plant and assets of the company.
The receiver states in the petition that Ills its opinion operations may be
conducted without loss and that up to June 20 a program of not exceeding
300 cars a month may be closely adhered to. The receiver asked that the
sale be made as a going concern.
-V. 116. p. 627.
-Clears Up Dividend Arrears.
• Utah-Idaho Sugar Co.
See under "Current Events" in last week's "Chronicle," page 1708.
-V. 116, p. 1544.
I
anu-ta
The directors have declared a dividend of 10M% on the 33,000,000 7%
Preferred stock, par $100, clearing up arrears since issuance of stock in
Aug. 1921. See also V. 115, p. 1953.
Yrs. emd. Feb. 28-- 1923.
1922. •
1923
1922
Operating profit_ _$1,304.361x$5,862,766 Diset. on bonds__ _ $557,217
Less inc. tax adj.
PT.stk. disc., &c_
888,605
Ir. prior year_
Cr. 300,000 Property adjusts__ 2,200,000
Pius decline in inks
45,151 Addl res. for con_
50,000
Red. of par value
Net prof. for yr.S1,304,361 df$5601,917
Corn. stock. __Cr9,492,000
Prey. bal. Mar. l_df4.543,454 sr1,064,462
Total detleit__ $3,239,093 34,543,454
P.& L.surplus_$2,577,085 W54543454
x Loss.
-V. 115. P. 1953, 1741.
Virginia-Carolina Chemical Co.
-To Redeem Bonds.
-
The holden' of I5-Year 5% 1st Mtge. Gold bonds maturing Dec. 11923
have been advised that said bonds can be redeemed at par and int, to date
of presentation upon delivery to the Central Union Trust Co.,80 Broadway,
New York City.
-V. 116. p. 1424, 834.
(V.) Vivaudou, Inc.
-Dividend of 50 Cents.
-
'1
directors have declared a quarterly dividend of 50 cents per share on
the outstanding 300 000 shares of Capital stock, no par value, payable
June 15 to holders of record June 1. This places the stock on a $2 per annum
basis. On March 2 last the company resumed payment of dividends by
the distribution of a dividend of 50 cents per share. (See V. 116. p. 423.)
-V. 116, p. 1063.
Virginia Iron. Coal & Coke Co.-Earninos.Quarter and.liar.31- 1923.
1922.
1921.
Gross earnings
$351,752
$633.738
$ 65,620
Interest, taxes. drx
108,193
146.667
1t.2,381
Net earnings
-V. 116. p. 1773. 1053.
$243,559 loss$81.047
3471,357
Virginian Power Co.
-Annual Report.
Calendar Years1922.
1921.
1920.
Gross earnings
$1.962,123 $1,790,074 $1.410,748
Oper. exp. & taxes
$1.115.841 31.061.056 31.023.302
Interest on bonds
318,265
286,593
231.436
Other interest
112,028
124.529
108.010
Renewals & conting__ _
216,000
133.333
debt, disc.-&
Amort. of
expenses
133.098
89,342
Balance. so-olus
-V.116. v. 1191.
566,891
395.221
544,940
1020.
$727,531
162,567
3564,964
1919.
3952,720
3504.252
221,840
85,360
5141,268
Waldorf System, Inc.
-Listing.
The Boston Stock Exchange on April 17 1923 authorized for the list
temporary certificates for 20,000 additional shares of Common stock
(par $10). These shares are issued in accordance with a vote of the directors on Dec. 21 1922. and the price received by the company was $32 per
share. This money is to be used by the company for capital extensions.
-V.116. D. 1773.
Wells-Fargo 8c Co.
-23
,
6% Dividend.
A semi-annual dividend of 214% has been declxred on the outstanding
$12,000,000 Capital stock, par $50. payable June 20 to holders of record
May 19. The company on Dec. 20 last paid a dividend of like amount on
the then outstanding $24,000.000 Capital stock, par $100. Since the
latter date the par value of the stock was reduced from $100 to $50 by the
payment of a liquidating dividend of $50 per share.
-V. 116, p. 949.
Westinghouse Air Brake Co.
-Listing.
-The New York Stock Exchange has authorized the listing of $10.208,044
additional Capital stock. par $50 each, on official notice of issuance as a
35% stock dividend, making the total amount applied for $40.208,044.
-V.116.9. 1424, 1317.
Wheeling Steel Corp.
-Becomes an Operating Contpany.
The dissolution of the Wheeling Steel & Iron Co.. LaBelle Iron Works
and Whitaker-Glessner Co.. subsidiaries, was formally approved at a meeting of the stockholders of these companies in Wheeling April 10. By this
action the Wheeling Steel Corp.. which has been a holding company.
becomes an operating company. Most of the stock in the three companies
was turned in and exchanged for stock of the Wheeling Steel Corp. when
the consolidation was effected. But it was only recently that minority
holdings of the stock in these companies were turned in, and meanwhile
the companies had retained their charters and individual names.
Result,f years ending Dec. 31 (Including Subsidiary Cos.).
or
1922.
1921.
1920.
Not stated $28,300.995 399.822.887
Total badness, all companies
54,251.777 31.514,806 523,032,024
Net earns, after maint. & repairs911,787
Other income
814.922
1,012,915
Total income
35,163,564 $2,329.7.8 $24,044,940
Deduct--Prov. for deprec.. exhaust of
minerals. &c
$3,209,651 $2,708,321 $3,172,366
Bond. &c., Interest
744.616
578,123
512,127
Idle plant expen
751.452
1.838.137
Redaction of-inventory values_
4,158,740
Income and profits taxes
3.346,747
Cash diva, subsidiary cos
1,540,308
do do Wheeling Steel Corp1.175,196
2,432.358
1.919,297
do on stock otsub. cos. not held
5,670
21,866
99,109
Balance, surplus
Profit and loss surplus
-V. 116, p. 86.
def$723.021df35.249.077 $9,296.245
56,010,902 36.881.653 $13,425,159
Whitaker Paper Co.
-Definitive Bonds Ready.
The Guaranty Trust Co. of N. Y. is prepared to deliver definitive 1st
-Year 7% Sinking Fund Gold bonds, dated Nov. 1 1922, in exMtge. 20
change for the outstanding temporary bonds. (For offering see V. 115. p.
2489.)-V. 116. p. 86.
White Eagle Oil & Refining Co.
-Quarterly Report.
-
Quarter Ending March 31
Sales
Cost of sales
Expenses
1923.
1922.
33.536.273 $2,398.980
2.193.556
1,675.345
511.416
252,072
Profitfrom operations
Miscellaneous income credits
3831,302
52,719
3471,563
37,176
Total income
Miscellaneous income charges
$884,021
93,951
3508,739
40.020
Not income
$790,070
$468,719
The above represents net income before deducting reserve for deprecia-V. 116, p. 1544.
tion, depletion and Federal income tax.
-New Officer, &c.-'
Wickwire Spencer Steel Corp.
F. A. Drury,formerly acting Chairman of the finance committee and President of the Manufacturers' National Bank of Worcester, Mass., has been
elected Treasurer, succeeding F. Kilmer. George S. Naphen, R. B. Young
and C. K. Anderson have been elected directors, succeeding J. R. George,
-V. 116, p. 1424.
F. Kilmer and IT. T. Ramsdell.
(C. H.) Wills Co.
-Sale Sought.
-
Wilson & Co., Inc., Chicago.
-Increases Wages.
Woods Manufacturing Co., Ltd.
-Bonds Authorized.
The shareholders have approved an issue of 52.000.000 6% 20-Year
Sinking Fund 1st Mtge. Gold bonds, of which $1,000.000 Series A was
offered last week (see V. 116, p. 1773). Proceeds of this issue will be used
to retire $315.000 outstanding bonds and to increase working capital.
V. 116, p. 1773, 1559.
Youngstown Sheet & Tube Co.
-Earnings for Quarter
Ended March 31 1923.
Net earnings
Other income
Total income
Deprec. & depletion
Interest
-V. 116, p. 1559. 1317.
34.383,418 Federal taxes
330.841 Preferred dividends
Common dividends
$4,714,259
995.352
Surplus
54.183
$454,000
174,552
987.606
32.048,566
CURRENT NOTICES.
-The Chicago office of Albert Frank & Co., advertising agents, has been
moved into new and larger quarters on the ninth floor of the Corn Exchange
Bldg., 134 South La Salle St. The old offices in the Postal Telegraph Bldg..
332 South La Salle St., have been occupied by the company for more than
twenty years. The new offices will provide separate departments for the
various branches of the organization which has greatly enlarged its staff
in the past few months, making larger quarters necessary.
Gilbert Ellett & Co., specialists in bank stocks, have prepared an
analytical comparison of State banks, showing capital, surplus and profits.
earnings, dividends, book value, &c. As of March 1923, with March 1922.
this analysis is similar to the national bank analysis regularly published by
this firm and will be prepared and distributed immediately following the
call of the Comptroller.
-Russell. Miller & Carey, members of the New York Stock Exchange.
and W. A. Green & Co., Inc., announce their merger. The combined
business will henceforth be carried on under the name of Russell. Miller &
Carey, at 52 Broadway, Now York, of which firm Walton A. Green and
C. R. Coster Steers will become general partners, and Howell Forbes
a limited partner.
-Guaranty Trust Co. of New York has been appointed trustee, registrar
and paying agent of the 57,875,000 principal amount of Chesapeake &
Ohio equipment trust Series"U"5% gold certificates dated March 151923,
of which $525,000 principal amount mature on March 15 in each of the
years 1924 to 1938, inclusive.
The great public interest as well as the market activity in raw sugar
makes a special letter, just published by Lamborn, Hutchings & Co.,
on sugar securities of particular interest at the present time; this letter
analyzes various producing companies, their earninga, dividend and market
possibilities.
-Coiyer & Atkins will move their New York offices on May 1 1923 to the
Chamber of Commerce Bldg., 24 Branford Place, Newark. N. .1., where
they will continue the general investment business which they are now
engaged in. Their new telephone number is Mulberry 6270.
• -perry R. Stras.sburger. formerly General Manager of the securities
department of the American Express Co.. and who was recently elected
,o membership in the New York Stock Exchange, Is making his headquarters at Barstow & Co., 18 Exchange Place, New York.
-The New York Trust Co. has been appointed trustee under a trust
agreement of Federal Light & Traction Co., dated March 11923. securing
an Issue of 32.500.000, thirty-year convertible debenture gold bonds,
7%, series A.
-Blyth, Witter & Co. have issued a "Hand Book of California Public
Utilities' which gives the financial record of many of the most important
power and light companies of the State of California. The book is valuable
as anent ready reference regarding the California public utility
situatfon7
e a
-H. martin De Long, for the past 15 years associated with Frederic
Hatch & Co., wishes to announce the opening of offices at 25 Broad
St., New York, to deal in securities of railroad, public utility and industrial
corporations.
-L. F. Rothschild & Co., members New York Stock Exchange, have
prepared a comprehensive circular on department store stock, which
discusses the position of Macy,Pair, Associated, May.Gimbel and National.
-The organization of the Frank C. Evans Co. with offices in the First
National Bank Bldg., Denver, for the purpose of specializing in the negotiation of municipal and other high grade investment issues is announced.
-Van Leunen. Reynolds & Co., investment bankers, members Cincinnati Stock Exchange, Cincinnati, Ohio. have annciunced the admission of
J. A. Brett Jr. as a general partner in their firm.
-The Seaboard National Bank of the City of New York has been appointed transfer agent of the $5.060.000 7% cumulative preferred stock of
the Archer-Daniels-Midland Company.
-The American Trust Co. has been appointed co-registrar with the
Continental & Commercial Trust & Savings Bank of Chicago of the common
stock of the Bridgeport Machine Co.
-W. R. Craig & Co., members of the New York Cotton Exchange,
announce the removal of their offices to the new Cotton Exchange Bldg.,
60 Beaver St.. Now York City.
-Geo. H. McFadden & Bro. announce the removal of their New York
office from 25 Broad Street to the 16th floor of the New York Cotton
Exchange Building.
-C. II. Liebenfrost has become associated with the Now York office
of the Shawmut Corporation of Boston. as manager of the general bond
department.
-IT.D. Robbins & Co.have moved their offices from 61 Broadway, where
they have located for a number of years, to 100 Broadway.
-Low Brothers, members New York Curb Market, are now located in
their new offices at 2 Rector Street. Phone Whitehall 1013.
-Ludwig & Bauchle, specialists in New Jersey municipal bonds, have
moved to 2 Rector St., New York; telephone Rector 2093.
-The business heretofore conducted by Wittekind & Co. of Chicago has
been taken over by W. S. Aagaard & Co. of the same city.
-R.P. Walker & Co. announce the removal of their offices from 82 Wall
St. to the New York Cotton Exchange Building.
-The Electric Securities Corp. have moved their offices from 165 Broadway to 31 Nassau Street, New York City.
_Ralph Steever. of Billings. Olcott & Co., becomes a member of the
firm of Jelke. Hood & Co. on May 1.
-T. Hall Keyes & Co. announce the removal of their offices to 111
Broadway. New York.
-W. C. Coles & Co. have moved their offices to 52 Broadway, New
York City.
1909
THE CHRONICLE
APRIL 28 1923.1
tpirt anaPounnenta,
INTERNATIONAL TELEPHONE AND TELEGRAPH COMPANY
(A holding and operating company organized under the laws of Maryland)
OFFICIAL STATEMENT TO THE NEW YORK STOCK EXCHANGE IN CONNECTION Virr/H
THE LISTING OF ITS CAPITAL STOCK.
(Certificates transferable in New York and Havana.)
New York, April 16 1923.
International Telephone and Telegraph Corporation, hereinafter referred to as the "International Corporation,"
hereby makes application to have listed on the New York
Stock Exchange temporary interchangeable certificates for
$15,095,100 of its Capital Stock (of an authorized issue of
$25,000,000), consisting of 150,951 shares of the par value
of $100 each, on official notice of issuance in exchange for
present outstanding certificates, with authority to add
$1,900,000 of said Capital Stock on official notice of issuance
in exchange for outstanding Common Stock of the Porto
Rico Telephone Company or of the Cuban Telephone Company, as hereinafter recited, also with authority to add
$1,000,000 of said Capital Stock on official notice of issuance
and payment in full as hereinafter recited, with further
authority to substitute permanent engraved interchangeable
certificates on official notice of issuance in exchange for outstanding temporary certificates or present outstanding certificates, making the total amount applied for $17,995,100.
All of said stock is full paid and non-assessable, and no
personal liability attaches to stockholders.
The Corporation was organized under the laws of Maryland
June 16 1920, with an authorized Capital Stock of $25,000,000, divided into 250,000 shares of the par value of $100 each.
Duration of charter is perpetual.
The business of the International Corporation, in accordance with the terms of its charter, is to carry on a general
telephone, telegraph, cable and wireless business, and businesses incidental ther0o in the States, Territories or dependencies of the United States, except the State of Maryland, and specifically to transact such business in Cuba,
Porto Rico and other Islands of the West Indies, Mexico,
Central America and South America, as well as in other
foreign countries.
The charter of the Corporation also provides that it may
purchase and hold shares of stock or other securities of other
corporations organized under the laws of Maryland, or under
any other State, Territory, district or country. At the
present time the Corporation is a holding and managing
Company.
The following is a statement of the outstanding stock and
the purposes for which issued:
Where.
Del.
Incorporated
Date.
Feb. 3 1908
Porto Rico TeL Co
Del.
Havana Subway Co
Del.
Name of Company.
Cuban Tel. Co
Date.
Purpose—
July 19 1920 To acquire securitiesand working capital,asfolkews)
-Year 8% Debenture Bonds at
(a) $3.600,000 10
the Cuban Tel. Co. later converted int,
the same par value of Cuban Tel. Os.
Common Stock.
-Year 8% Debenture Bonds at
(b) $400,000 10
Porto Rico Tel. Co., later applied to the
Purchase of $399,900 par value of Common Stock of Cuban Tel. Co. (Par value
,
$100 per share) plus $100 cash.
(C) $500,000 Common Stock of Cuban-American Tel. & Tel. Co. (par value $100 Per
share).
(d) $500,000 Preferred Stock of Cuban-American Tel. & Tel. Co. (par value $100 per
share).
(e) $250,000 cash, for working capital.
International Telephone and Telegraph Corporation Capital Stock issued for the preceding
36.250.009
securities and working capital
July 19 1920 To acquire Common Stock of Cuban and Pores
to Feb.28
Rico Tel. Cos. on basis of 1)( shares of Inter
1923
national Tel. & Tel. Corp. Capital Stock far
each full share of stock of subsidiary companleo.
with adjustments offractions on the basis of $73
per share of International Tel. & Tel. Corp.
Stock as flllows:
(a) $6.513.000 Common Stock of Cuban Tel.
Co. (par value $100 per share).
(b) $544,100 Common Stock of l'orto Rico Tel.
Co. (par value $100 per share).
(c) $17.793 75 cash for additional working capital, through sales of fractional shares of
International Tel. & Tel. Corp. Moak
at $75.
International Telephone and Telegraph Corporation Capital Stock issued for the preceding secu8,845.100
rities and working capital
$15.095,100
Outstanding Capital Stock April 16 1923
Reserved for conversion of securities of subsidialT
0.154.900
companies
1.000.000
Proposed for immediate issue and sale
2,750.000
Balance unissued
Authorized issue
$25.000.000
The $1,000,000 of Capital Stock referred to as proposed
for sale was authorized by action of the Board of Directors
on April 10 1923 and this issue will be voted upon by the
stockholders on April 25 1923. This issue will be sold for
cash, which cash will be used by the International Corporation for additional working capital.
Negotiations have been completed for the exchange of
$750,000 of Common Stock (out of the $6,154,900 reserved
for conversions) for 6,000 shares of Common Stock of the
Porto Rico Telephone Company, and, in addition, it is contemplated that $1,150,000 of said Common Stook will be
issued in exchange for 9,200 shares of Common Stock either
of the Cuban Telephone Company or the Porto Rico Telephone Company, or both, within approximately twelve
months.
Following is a statement of the stock of subsidiary companies, owned or controlled:
Duration.
Perpetual
Par.
$100
June22 1914
Perpetual
100
June 3 1902
99 years
100
Authorized.
Pfd. $2,000,000
Com. 14,000.000
Pfd.
300.000
Coin. 1,200,000
500,000
Issued.
$2,000,000
$11,432,876
257,300
600,000
500,000
Amount Owned by
Int. Tel. & Tel.
NOW
$10.512.900
Nona
544.190
416,100
Owned by OEM°Tel. Co.
The International Corporation has no funded indebtedness.
Following is a statement of the funded indebtedness of subsidiary, owned or controlled companies:
Title of Security.
5% 1st Mtge.
Conb. Bonds
.-- - _73i% let Lien
& Ref. Mtge. Bds.
6% 1st Mtge.
Bonds
6% 1st Mtgo.
Bonds
Name of Company.
Cuban Tel. Co
Cuban Tel. Co
l'orto Rico Tel. Co
Havana Subway Co
Date.
Feb. 3 1911
Maturity.
Jan. 1 1951
Outstanding.
$4,019.282 66
Nov. 25 1921
Sept. 1 1941
4.478.00000
Dec. 31 1914
Dec. 11944
1,023,000 00
Jan.
Dec. 31 1936
500.000 00
1 1907
HISTORY AND PROPERTY OF SUBSIDIARY
COMPANIES
The Cuban Telephone Company, incorporated under the
laws of Delaware, February 3 a908, operates under a concession without time limit granted by the Government of
Cuba Sept..0 1909, having purohased the entire outstanding
Capital Stock and assumed the bonded indebtedness of a
company which had been furnishing telephone service in
Havana fo • about twenty years previously. The Cuban
concession is, in effect, perpetual and covers the entire Island
with the exception of eight small communiti 3S in which sr- all
independent companies are operating under old concessions.
All of these old concessions expire not later than 1927, at
willed time the Cuban Company will have rights of opera-
Remarks.
Redeemable at option of Corporation at 105 on
June 30 1921 or any interest date thereafter
Redeemable at option of Company at 107M on
Sept. 1 1931 or any interest date thereafter
Redeemable at option of the Company at 105 on
Dec. 1 1918 or any interest date thereafter
Pledged as underlying security for 6% 1st
Mtge. Cony. Bonds of Cuban Tel. Co.
tions throughout the whole of Cuba. The validity of this
concession was sustained by a unanimous decision of the
Supreme Court o the Republic in 1910. The present company owns and operates a telephone system consisting, according to records of December 31 1922, of fifty-two separate
exchanges, covering over 240 cities and towns, with a total of
40,324 stations and 113,751 miles of wire. It also owns 14
reinforced concrete buildings and one wooden building and
its plant is of the most approved character of modern telephone construction. On the above date it had 934 employees.
The Porto Rico Telephone Company,incorporated June 22
1914 under the laws of Delaware, operates under a franchise
granted by the Porto Rican Government Aug. 25 1914, extending fifty years and duly approved by the President of the
1910
THE CHRONICLE
United States, September 4 1914. This franchise covers the
entire Island, with the exception of eight localities. By
acquisition of the assets and rights and assumption of liabilities the Porto Rico Telephone Company took over the
properties of the Porto Rico General Telephone Company
and the South Porto Rico Telephone Company, which cornpanics with their predeoessors,had been operating since 1896,
and since that time these systems have been largely rebuilt
and extended so that the present company has toll lines
reaching every important community on the Island. According to records of December 31 1922, it had exchanges
in 68 of the principal cities and towns, and a total of 9,756
stations and 12,760 miles of wire. It owned 13 reinforced
concrete buildings and two wooden buildings, and had 357
employees.
The Havana Subway Company, incorporated under the
laws of Delaware June 3 1902, operates under a concession
granted by the City Council of Havana December 23 1903
for ninety-nine years. It owns subway conduits for telephone cables in the city of Havana, the construction of which
was completed in 1907, and has been operating them since
1909. Its affairs are administered by the personnel of the
Cuban Telephone Company.
The Cuban American Telephone and Telegraph Company
(a Cuban Corporation in which the International Telephone
and Telegraph Corporation has half interest with the American Telephone and Telegraph Company) operates under a
perpetual franohise granted by the Government of the
Republic of Cuba August 2 1919, and a perpetual franchise
granted by the Secretary of War of the United States June 30
1920, duly approved by the President of the United States
December 111
41920. It owns three submarine cables, each
slightly over 100 miles in length, between Havana and Key
West, which it has been operating since April 1921, for telephone communications between the United States and Cuba
through the lines of the American Telephone and Telegraph
Company and those of the Cuban Telephone Company.
The terminal equipment at Key West is the property of the
American Telephone and Telegraph Company and that at
Havana, of the Cuban Telephone Company.
[VoL. 116.
CONSOLIDATED SURPLUS ACCOUNT FOR THE YEAR END -b.
DECEMBER 31 1922.
Balance January 1 1922, per balance sheet_ _ $408,680 01
Add-Interest of minority stockholders in surplus January 1 1922
82,55903
Total surplus January 1 1922
$491,239 04
Surplus net income, year 1922, before depreciation
1,836,332 53
Deduct
Provision for depreciation
$522,758 43
Dividends on Common Stock:
Int. Tel. & Tel. Corp
$892,339 50
Minority stockholders:
Cuban Telephone Co
59,994 00
Porto Rico Telephone Co--_ 4,484 00
956,817 50
Dividends on Preferred Stock:
Cuban Telephone Co
$120,000 00
Porto Rico Telephone Co
20,667 75
140,667 75
-Net
Other surplus adjustments
2,28467
1,622.478 35
Total surplus at December 31 1922
$705,093 22
Less-Interest of minority stockholders in surplus
78,98346
Surplus December.31 1922, per balance sheet
1626,109 76
CONSOLIDATED BALANCE SHEET AS OF DECEMBER113111922,
ASSETS.
Plant, property, concessions, etc.:
Plantand property ofsubsidiary companies_$22,439,769 53
Franchises, concessions,good-will,etc
*4,622,587 17
$27,062,356 70
Advances to and investments in affiliated interests(including
$977,500 investment in Cuban-American Telephone &
Telegraph Co. Stock)
1,135,563 51
Special deposits
1123,357 89
Deferred charges:
Bond interest and expense in process of
amortization
11.177.370154
Organization expense
7,929 66
Expenses in connection with new projects_ 48,058 82
Prepaid accounts
45,102 66 --WIRIP`1
,
1,278,461168
Current assets:
Cash in banks and on hand
$664.588789
Notes receivable
1,339.102 14
Employees' workingfunds
17.065 68
Marketable securities
38,700 00
Accounts receivable
403,289 04
Due from employees on subscriptions to
Capital Stock
47,165 77
Materials and supplies at cost
476.814 98
to meet matured coupons and diviDeposits
dends payable
-1 252,599 70
Accrued interest receivable
39,166 66
DIVIDENDS PAID.
Sundry current assets
17.667 00
Int. Tel. &
3,296,159186
Tel. Corp.
Cuban Tel. Co.
Porto Rico Tel. Co.
$32.895,899 64
Common. Preferred. Common. Preferred. Common.
Year.
LIABILITIES.
1918 Amount_
120,000 00 436,004 68 23,800 00 24,000 00 Capitalstock:
Rate
8%
6%
8%
4%
Common Stock-Authorized $250,000 shares
1919 Amount _
120,000 00 479.221 35 23,200 00 24,000 00
Rate
par value 8100
325,000,000 00
4%
1920 Amount _ -188,305 50 120,00'0 00 574,546 54 22,380 00 36,000 00
Less-Unsubscribedandreservedforexchange 9.927,200 00
Rate
*I %
8%
6%
8%
6
315,072,800 00
1921 Amount- -830,835 00 120,000 00 583,431 18 20,963 33 48,0OO
Preferred Stock of subsidiaries
00
2,257,300100
Rate
6%
6%
7 A%
8%
8%
Minority stockholders' interest in capital and surplus of
1922 Amount
892,339 50 120,000 00 469,950 00 20,667 75 48,000 00
Rate
subsidiaries
6%
67
6%
8%
1,156,559146
g%
* Company incorporated June 1920. First dividend paid 1 A
%
October 1920.
118,486,659.46
Funded debt:
NET EARNINGS.
Cuban Telephone Company:
1918.
1919.
1920.
1921.
First Mortgage5% Bonds,due Jan.1195114.019.282 66
1922.1
First Lien and Refunding Mortgage Bonds
International Tel.
it Tel. Corp-- - Series A. due Sept. 1 1941
.287,26499 896,694 05 954,819
-4,478.000 00
Cuban Tel. Co_ _657,219
-80 762,577 05 851.826 71 650,673 48 717,031 62
Porto Rico Telephone Company:
73
Porto Rico Tel.
First Mortgage 6% Bonds, due 1944
1,023,000 00 "" I.11101q7
1
"
Co__
58,283 76 67,728 49 77.096 88 69,279 82 75,255 41
9,520,282166
Current liabilities:
FEDERAL TAXES PAID.
Notes payable
$164.331 82
1920.
1921.
1922.
Accounts and wages payable
369,841 58
Int. Tel. and Tel. Corp
321.99548 $48,950 19 $62,0*
Subscribers' deposits
* This is the amount covered by preliminary return, of which one-fourth
200,024 74
was paid March 15 1923. Final corrected return will be filed on or before
Employees'Benefit Fund
12,794 58
June 15 1923.
Pension Fund
21,111 70
Dividends and interest payable
188,186 39
INTERNATIONAL TELEPHONE AND TELEGRAPH
Accrued interest
117,409 50
• CORPORATION AND SUBSIDIARIES
Accrued Taxes (Federal Taxes subject to review by U. S. Treasury Department)_
287,556 28
CONSOLIDATED INCOME ACCOUNT FOR THE YEAR ENDED
DEC. 31 1922.
Other accrued items
56,562 00
Gross earnings:
1,417,818 Si)
Operating revenues:
Reserve for depreciation
2,845,029 17
Telephone operating revenues
13.604,080 90
Surplus
626,109 76
Fees for management and purchasing service 243.72768
•
$3.847,808 58
$32,895,89964
Non-operating revenues:
Rent revenues
$10,482 14
*The item of franchises, concessions, good-will, etc., is largely offset by
Interest earned
248,914 88
appraisals in excess of book values of the subsidiary companies' physical
Revenuesfrom installations,line extensions,
plant, which appraisals have only in part been written into the books.
&c., charged subscribers
51,357 02
Miscellaneous non-operating revenues
56,950 64
CUBAN TELEPHONE COMPANY.
367,704 68
EARNINGS AND EXPENSES FOR THE YEAR 1922.
Total gross earnings
34.215,513 26
Operating expenses and taxes:
Revenue:
Maintenance
$496,345 26
Exchange service
*2,320,989 87
Traffic
266,23763
689,703 11
Toll service
Commercial
326,927 13
Miscellaneous and non-operating
479,920 17
General and miscellaneous
405,105 86
$3,490,613 15
Rental deductions
40,374 74
:
E
Taxes
223,749 16
1762.428 43
8pi
x el gition
Maintenance
440,902 61
1.758.739 78
Taxes
135,231 75
Net earnings before depreciation
Depreciation
459,876 57
$2.456,773 48
Interest deductions:
Interest on funded debt
8599.016 62
Total
1,798,439 36
19,093 92
General interest
Amortization of discount on funded debt- _
53,714 08
Total net revenue
$1,692,173 79
Interest
$856.647 46
Dividends Preferred Stock,
3671,824 62
Gross interest deductions
120,00000
Dividends Common Stock, 6
51.38367
Less: Interest during construction
469.95000
620,440 95
1.446.597 46
Undivided profits
Surplus net income before depreciation
$1.836,332 53
*245,57633
APRIL 28 1923.]
THE CHRONICLE
1911
interest in other companies unless for retirement and cancellation, without notice to the Stock Exchange.
To publish consolidated statement of earnings quarterly.
To publish once in each year and submit to the stockholders, at least fifteen days in advance of the annual meeting of the Corporation, a statement of its financial condition,
a consolidated income account covering the previous fiscal
year; a consolidated balance sheet showing assets and
liabilities at the end of the year; or an income account and
balance sheet of the parent company and of all constituent,
subsidiary, owned or controlled companies.
To maintain, in accordance with the rules of the Stock
Exchange, a transfer office or agency in the Borough of
Manhattan, City of New York, where all listed securities
shall be directly transferable, and the principal of all listed
securities with interest or dividends thereon shall be payable;
also a registry office in the Borough of Manhattan, City of
New York, other than its transfer office or agency in said
city, where all listed securities shall be registered.
Not to make any change in authorized amounts of listed
securities without thirty days' notice to the Stock Exchange
in advance of the effective date of such change.
Not to make any change in listed securities, of a transfer
agency or of a registrar of its stock, or of a trustee of its
bonds or other securities, without the approval of the ComLIABILITIES.
mittee on Stock List, and not to select as a trustee an officer
Capital Stock:
Common-Authorized $14.000.000: issued
or director of the Company.
and outstanding 78.328 76-100 shares of
To notify the Stock Exchange in the event of the issuance
$7,832,876 00
$100 par `value each
or creation in any form or manner of any rights to subscribe
Preferred 6% Cumulative-Authorized $2,000,000: issued and outstanding 20,000
to, or to be allotted, its securities, or of any other rights or
2,000,000 00
shares of $100 par value each
*9,832.876 00 benefits pertaining to ownership in its securities, so as to
Funded debt:
afford the holders of its securities a proper period within
First Mortgage Convertible 5% Bonds, due
which to record their interests, and that all rights to sub$8.715,713 32
Jan. 1 1951-Issued
Less-Deposited as collateral to secure
scribe or to receive allotments and all other such rights and
First Lien and Ref. Bonds
4,696,430 66
benefits shall be transferable; and shall be transferable,
Outstanding in hands of public
$4,019,282 66
payable and deliverable in the Borough of Manhattan,
First Lien and Refunding Mortgage 75i%
City of New York.
Gold Bonds Series A, due Sept. 1 1941,
Issued and outstanding in hands of public- 4,478,000 00
To notify the Stock Exchange of the issuance of additional
Ten-Year 8% Debenture Bonds, due
amounts of listed securities, and make immediate application
July 1 1930
3,600,000 00
12,097,282 66 for the listing thereof.
Currentliabilities:
To publish promptly to holders of bonds and stocks any
Accounts and wages payable
$90.709 80
Advances from International Telephone &
action in respect to interest on bonds, dividends on shares,
Telegraph Corp
30,303 55
or allotment of rights for subscription to securities, notices
Subscribers' deposits
194,766 95
Matured interest and dividends unpaid
thereof to be sent to the Stock Exchange, and to give to
276,907 70
Liability for benefit and pension funds
21,704 48
the Stook Exchange at least ten days' notice in advance of
Accrued Interest
111,95000
the closing of the transfer books or extensions, or the taking
Accrued Taxes (Federal Taxes subject to review by U. S. Treasury Department)
228.431 40
.
of a record of holders for any purpose.
954.773 88
To redeem Preferred Stock in accordance with the require2,419,339 39
Reserve for depreciation
509:556 75 ments of the Stock Exchange.
Surplus
$25,813,828 68
To notify the Stock Exchange if deposited collateral is
changed or removed.
COMPANY.
PORTO RICO TELEPHONE
To have on hand at all times a sufficient supply of certifiEARNINGS AND EXPENSES FOR THE YEAR 1922.
cates to meet the demands for transfer.
Revenue:
Exchange service
*358,441 28
The Directors (elected annually) are: Sosthenes Behn,
Toll service
133,294 98
Lewis J. Proctor, Henry B. Orde, M. C. Rorty, Geo. H.
54,984 21
Miscellaneous
*546,720 47 Gardiner and Fitz John Porter, all of New York; Hernand
Expenses
Behn, Havana, Cuba.
peration
$228,618 17
Depreciation
The Officers are: Sosthenes Behn, President; Hernand
35,112 00
Maintenance
53,767 37
Behn, Vice-President; Manuel Herrera, Vice-President;
Taxes
33.517 41
351.014 95 Lewis J. Proctor, Vice-President and Secretary; Henry B.
Total net revenue
$195.70552 Orde, Vice-President and Treasurer; John H. Warren,
Interest
$99,782 36
Comptroller, Assistant Secretary and Assistant Treasurer;
Dividends Preferred Stock, 8%
20,667 75
Dividends Common Stock, 8%
Paul G. de la Riviere, Assistant Secretary and Assistant
48.000 00
168.450 11 Treasurer; Julio de la Torre, Assistant Secretary and AssistUndivided profits
827.25541 ant Treasurer; J. A. Fernandez, Assistant Secretary; Francisco Comas Bolfa, Assistant Treasurer; Geoffrey A. Ogilvie,
BALANCE SHEET AS OF DECEMBER 31 1922.
Assistant Secretary.
ASSETS.
Intangible capital-Franchise
$309,343 42
The fiscal year ends December 31st.
-Cost of plant, buildings and equipment 2,067,822 55
Tangible capital
The annual meeting of the Company is held at its statutory
Cash and deposits
197,627 33
Marketable securities
5,000 00 office, No. 101 East Fayette Street, Baltimore, Maryland,
Accounts receivable
37 on the second Wednesday of May in each year at 2:00 P.M.
52,854
Materials and supplies (at cost)
64,881 27
Sinking Fund assets
Certificates of stock are transferable either in New York,
10 96
Prepayments
4,744 59 New York, or Havana, Cuba.
Unamortized debt discount and expense
110,023 64
The Transfer Agents are: New York, The National City
Other deferred debits
864 25
$2.813.17238 Bank of New York; Havana, Cuba, The National City Bank
of New York, Havana Branch.
LIABILITIES.
The Registrars are: New York, The Guaranty Trust
Capital Stock Preferred (authorized 8300.000)
$257.300 00
Capital Stock Common (authorized $1.200,000)
600,000 00 Co. of New York; Havana, Cuba, The Royal Bank of
Funded debt 6%,1944
1,023.000 00 Canada.
Bills payable
283.000 00
Accounts payable
280,071 93
INTERNATIONAL TELEPHONE & TELEGRAPH
Reserves and accruals
191,779 90
CORPORATION,
Surplus
178,020 55
H. B. ORDE, Vice-President and Treasurer.
$2.813,172 38
DEPRECIATION.
This Committee recommends that the above-described
Depreciation is being cared for through reserves for de- temporary interchangeable certificates for $15,095,100
preciation, which on December 31 1922 amounted to 12.6 Capital Stock be admitted to the list, on official notice of
per cent of the book value of the physical property of the issuance in exchange for present outstanding certificates,
International Corporation and subsidiaries. It is the policy with authority to add $1,900,000 of said Capital Stook, on
of the Corporation to increase this reserve from year to year official notice of issuance in exchange for outstanding Comby additions in excess of current demands for replacement. mon Stock of the Porto Rico Telephone Company or outIt is the practice of the International Corporation and its standing Common Stock of the Cuban Telephone Company;
subsidiaries to maintain depreciation accounts in the general also with authority to add $1,000,000 of said Capital Stock,
manner prescribed for telephone companies by the U. S. on official notice of issuance and payment in full with statement of property acquired or application of proceeds of sale,
Inter-State Commerce Commission.
International Corporation agrees with the New York with further authority to substitute permanent engraved
interchangeable certificates, on official notice of issuance in
Stook Exchange as follows:
Not to dpose of an integral asset or its stock interest exchange for outstanding temporary certificates or present
in any constituent, subsidiary, owned or controlled com- outstanding certificates, making the total amount authorized
pany, or allow any of said constituent, subsidiary, owned or to be listed $17,995,100.
controlled companies to dispose of an integral asset or stock E. V. D. COX, Secretary. ROBERT GIBSON, Chairman.
BALANCE SHEET AS OF DECEMBER 31 1922.
ASSETS.
$18,776,051 37
Property, plant, franchises, etc
961,924 47
subsidiary, Havana Subway Co_
Investment in securities of
Due from subsidiary and affiliated companies:
*558,745 97
Subway Company
Havana
InternationalTelep.& Teleg.Corp.Syndicate 1,339,102 14
46,521 21
Cuban-American Telep. & Teleg. Co
77,671 77
Radio Corporation of Cuba
40,000 00
International Telep. & Teleg. Corp
2,062,041 09
Special deposits:
Deposits available for construction expendi$21,908 66
tures
97,708 19
Sinking Fund deposits
3,730 08
Fire loss deposits
123,34693
Deferred charges:
Discount and expense on sale of securities in
$2,426.463 24
process of amortization
22,584 64
Prepaid taxes, insurance, etc
2,449,047 88
Current assets:
$406,473 77
Cash in banks and on hand
16:059 68
Employees' Working Funds
U. S. 4th Liberty Loan Bonds (at cost)33,700 00
Deposits to most matured coupons, divi214,840 20
dends payable, etc
275.506 88
Accounts receivable-Subscribers
35,736 93
Accounts receivable-sundry
Due from employees
47,165 77
411,933 71
Materials and supplies (at cost)
1.441.416 94
$25,813,828 68
1912
THE CHRONICLE
[Vou 116.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME.
special counsel by the New York Coffee & Sugar Exchange,
Inc., and the New York Coffee & Sugar Clearing Association, Inc., in their defense of the suit brought against them
by the Government, according to an announcement made by
attorneys for the two organizations. Mr. Davis will make
Friday Night, April 27 1923.
COFFEE on the spot steady; No. 7 Rio, 11 We.; No. 4 the argument in the case.
Havana would-welcome New York sugar brokers and there
Santos, 1434 to 15c.; fair to good Cucuta, 15 to 153e.
Futures declined after an advance due to higher prices in is said to be a move afoot to invite the New York Exchange
Brazil and there was buying attributed to Brazil. There to move to Cuba. It is not believed that such a hegira will
were cable reports from primary sources that the Brazilian be necessary.
According to Willett & Gray, receipts at Cuban ports for
Government has given support to the term markets in Rio
and Santos, including in its buying the next crop as well as the week were 142,891 tons, against 157,696 in the previous
the near months. Naturally this encouraged the believers week, 107,053 in the same week last year and 152,875 in
in higher prices. But on the 23d inst. everything changed. 1921; exports 115,432 tons, against 108,318 in the previous
Prices here suddenly dropped 20 to 30 points on a decline week, 81,498 in the same week last year, and 59,272 tons in
in Rio Janeiro. The term market dropped 275 to 475 reis. 1921; stock, 754,633 tons, against 727,174 in the previous
Exchange on London advanced 1-32d. to 5 21-32d. Cost week, 956,018 in the same week last year, and 1,002,083
and freight was firm. A good deal of switching was done in 1921. Central grinding totaled 109, against' 137 in the
from May to December at 160 points and from July to previous week, 175 in the same week last year, and 197 two
December at 99 points difference. On the 24th inst. prices years ago. Receipts at U. S. Atlantic ports for the week
fell 20 to 40 points, the latter on May with Brazilian were 88,647 tons, against 66,699 last week, 108,590 in the
markets lower. May holders here liquidating and the same week last year, and 68,381 two years ago; meltings,
import trade selling December, supposedly against actual 77,000, against 66,000 last week, 95,000 in the same week
coffee. Trade shorts and Wall St. bought. On the 25th last year, and 51,000 two years ago; stock, 211,892, against
inst. futures advanced some 15 to 25 points, in spite of the 200,245 last week, 248,808 in the same week last year and
fact that cables were lower. There seemed to be some danger 176,191 two years ago.
General Menocal, former President of Cuba, is quoted as
of a strike of Santos dockers on May 1. If it should occur
and prove at all prolonged,it would naturally put an embargo saying in Havana on April 26 that while the action of the
on shipments to this country. Besides that, everybody United States Government against the New York Suer
has been a bear here of late recently. The short account Exchange ws taken apparently only against speculators in
has evidently become expanded. In other words, the sugar, it was in reality a serious attack on the Cuban protechnical position by the 25th had become strong enough ducer. He added that the Government of the United States
to account largely for the rise. On the 26th inst. May must know that the Cuban sugar crop will show a marked
notices were issued for 38,500 bags, pushing the May price shortage, that nobody expected at the beginning of the
down to 9.27e. But the cables were firm and later prices harvesting, and that seldom in the history of Cuban sugar
here rallied on May with the visible supply small-866,759 has it happened, as now, that most of the producers, as soon
bushels against 1,260,492 a year ago, and April figured as as their sugar is made,. are selling it. Nobody is keeping it,
2cents under the replacement cost, not to mention the cheap- he says, with speculatve intent. The actual price of sugar
ness of spot coffee. The visible supply, it is figured, would that is so greatly alarming the public and the Government is,
not last much over two months. To-day prices advanced. in Gen. Menocal's view, a legitimate result of the shortage
For the week there is a net rise of 5 to 25 points. Coffee of production and the increase in consumption.
Baltimore wired April 26 that Maryland women have deprices closed as follows:
Spot(unoffiel) 1134-15c Juli
9.4063 -__ 'December._ _8.28Ilaa8.29 clared a boycott of sugar and sweets, except for necessities,
May
9.90 9.951September _8.540 1March
8.2908.30 through the State Federation of Women's Clubs, representSUGAR.
-Cuban raws were advanced by Himely's reduc- ing a membership of 15,000 women. "The boycott is to
tion in his estimate from 4,100,000 tons on the Cuban crop continue until sugar prices come down to normal."
To-day prices advanced slightly on sugar futures and ended
to 3,735,000 tons. He added: "The weather conditions have
been splendid and highly favorable to the crops, and the 40 to 50 points higher for the week. Cuban raws prompt
centrals that are still working are grinding a lot of sugar. I loading sold up to 13%c. Chile bought 2,500 tons of Cuba
am sure of my present estimate just so far as an man can be prompt or early May loading at 6.69c. f.o.b. Havana, equal
sure. I have based it on the available facts." Prices ad- tp 6.83c. c.i.f. Second hands are selling refined here at
vanced at once. This tended to offset the Government's 9.90 to 9.95c., with trade slow. Refiners' prices, 10.05 to
application for an injunction to put a stop to "futures" trad- 10.25c. Prices closed as follows:
ing in sugar. The trade expressed strong doubts whether Spot (unofficial) 6c.I July
6.64 © 6.65113eoeanber_ _.6.24
_
6.50@6.53 I September _13.75@6.76[Mardi
5.0005.03
the application would be granted by the Federal District May
LARD higher; prime western 11.90 to 12e4 refined to
Court. There were rumors on the 21st inst. that Europe
had been a heavy buyer of Cuban sugars last Friday, and Continent 13e. South American 13.25e.; Brazil in kegs 14.250.
though they were not confirmed, they had a certain effect. Futures declined at one time with demand light both for ex- •
It was also rumored that Canada had paid 6c. c.i.f. for Santo port and domestic consumption. Liverpool was irregular
Domingos. Cables received on Saturday seem to show that and gave no stimulus to business on this side. Besides hogs
.
the United Kingdom might pay 32s. ca.f. or 6.35c. f.o.b. were lower with receipts large. But the slowness of the demand for product was one of the weakest features. ClearCuba.
On the 24th inst. Cuban raws were quiet and refined slow. ances for foreign markets were large but the trouble was that
Some 21,000 bags of Cuba loading sold at 634c. c. & f., new foreign demand was small. Besides May liquidation
and it was rumored that Canada had purchased 5,000 bags went on steadily in the fear of large deliveries. On the 24th
for first half May shipment at 6.40c. f. o. b. Cuba, equal inst. prices advanced with good commission house buying
to 6 9-16c. c. & f. It turned out that 6.40c. f. o. b. Cuba considerable covering coincident with decreased receipts of
was bid by Canada for 5,000 bags first half May shipment, hogs, corn up and Liverpool somewhat higher. But new
but 10,000 bags sold to an American refiner at 634e. c. & f. export demand was small and packers were selling on the
Also 15,000 bags for May shipment to New Orleans sold at rise. On the 25th prices were sluggish despite firm Liver6%e. c. & f., equal to 8.41e. duty paid. It was reported pool cables, higher grain, and steady market for hogs, and
that Europe bought Cuba at 32s. 6d.c. i. f. United Kingdom, ended lower though clearances from the seaboard were
but this was not entirely credited at that time. On the liberal. To-day prices advanced a little and ended 5 to 8
25th inst. a Cuban crop estimate by Guma-Mejer of 3,670,000 points higher for the week.
tons, as against his previous estimate of 3,800,000 tons, DAILY CLOSING PRICES OF LARD FUTURES Di CHICAGO.
Sat.
Mon. Tues.
Wed. Thurs.
Fri.
sent Cuban raws to Oge. at New Orleans, with that price May delivery
cts_11.10 11.02 11.20 11.10 11.15 11.17
asked here. And some Cuban planters asked 63 e. Refined July delivery
11.3511.27 11.45 11.37 11.42 11.45
%
was 10 to 1030. Late on the 25th inst. 10,000 bags of Cuba September delivery..._11.57 11.52 11.70 11.62 11.67 11.70
/
last half May shipment sold at 63 0. c. & f.
PORK dull; mess, $27 50 to $28; family, $32 to $33;
Futures advanced on that day 13to 20 points, May leading short clear, $23 to $29. Beef, quiet; mess $16 to $17;
the rise. On the 26th inst. trade quieted down with offer- packet, $17 to $17 50; family, $21 to $22;extra India mesa,
ings larger and the tone was rather weaker with sugar futures $32 to $35; No. 1 canned roast beef, $3 25; No. 2, $5 25;
on the eve of the hearing in the Government's case against 6 lbs., $15; sweet pickled tongues, $55 to $65 nom. per bbl.
the Exchange on Monday. Sir Herbert Holt, President of Cut meats quiet; pickled hams, 10 to 20 lbs., 143i to 1734c.;
the Royal Bank of Canada, was quoted as saying he might pickled bellies, 6 to 12 lbs. 14e. Butter, creamery, first to
'
have to reduce his estimate of 3,600,000 tons on the Cuban high scoring, 41% to 4334c. Cheese, flats,,20 to 29e.
Eggs, fresh gathered seconds to extra, 27 to 3234c.
crop to 3,500,000, but this had little or no effect.
John W. Davis, former Solicitor-General of the United
-Linseed in fair demand and higher; spot, carOILS.
States and ex-Ambassador to England, has been retained as loads, $1 19 to $1 20; tanks, $1 14; less than carloads,
(The introductory remarks usually 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
APRIL 28 1923.]
THE CHRONICLE
1913
business, though some of the smaller concerns are not doing
very much. With wages high, buying power big and consumption liberal, it seems a reasonable inference that manufacturers as a whole are going to have a good trade. Some
new crop has been offered-that is, some forced cured-and
a larger movement of the crop is expected before long. The
feeling in the trade is hopeful.
COAL has been dull and declining. Dealers find it hard
to sell. It is said that there is much bituminous "distress"
tonnage at piers and on lighters in New York Harbor. Yet
at Hampton Roads prices have been firm. British coal
10.33010.35
July
11.59011.6110ctober
9pot11.55
prices are off. The output reached a new high record for
6
MaY- -11.55111. 0 August--- _11.59011.61November_ _ _ 9.380 9.41
£3 15s. with the price
June-___11.58 11.63 September -11.46 ®11.48 December_ _ - _9.200 9.27 1922-23. Coke for export quoted at
generally
has been the to home consumers fl 15s. Foreign buyers are
PETROLEUM -The feature of the week
23d inst. the holding off, London states.
cutting of crude and gasoline prices. On the
COPPER was rather quiet but steady for a time with
Standard Oil Co. of New York reduced gasoline lc. per
gallon in the local tank wagon market, to 233'c. Varnish Electrolytic 16%o. In the Connecticut Valley where most
makers'and painters'naphtha was cut lc. per gal., to 223'c. of the refined copper is consumed in the East, consumption
Kerosene was also reduced lc. per gal. to 14c. in tank is reported to be very heavy. Refiners there are not overwagons to store. On the 25th inst. Pennsylvania refiners burdened with stock and are expected to re-enter the market
announced a cut of he. per gal. in the price of gasoline. very soon. But later the market became weaker and much
These cuts were not surprising to the trade. Demand is copper, it was said, was available at 164c. This price
not up to expectations, and foreign and domestic buying is was first reached by outsider sellers, but producers, it is
very small. Stocks are very large. Kerosene dull and understood, are quietly doing business at that figure. Conweak. Another important development of the week was the sumers, it seems, used only 80% of the copper they bought
cut of 10c. per bbl. by leading purchasing companies on the for April, owing to labor shortage, and this had a depressing
23d inst. in all grades of Oklahoma, Kansas and north effect on the market. Inquiries from telephone interests
Texas crude oil. On the next day the Ohio Oil Co. reduced are said to be large.
and Sunburst 30c. and the Magnolia
Grass Creek
TIN was higher early in the week with London. Small
25c.,
Petroleum Co. cut Healdton, Texas, and Oklahoma-Kansas Straits shipments and buying by the Continent were the
was
crude oils, 33 to 41 gravity, 10c. per bbl. Mexia
principal factors in the rise in London. Later the market
marked down 10c., to $1 90. The Standard Oil Co. of here declined to 443je. for spot on *e weakness of the
the
Louisiana cut Shreveport grades 10c. per bbl. On
London market.
other hand, Standard Oil Co. of New York advanced
LEAD quiet and easier. spot, New York, 8 ®8.10e.; East
kerosene hc. per bbl. for export. Water quite is now
in
quoted at 14%c.and standard white at 133c. This advance St. Louis, 7.75®7.80c. 'Consumers, it is said, are the
was attributed to higher costs of cooperage. Later the need of large quantities, but are not inclined to buy at
Mid-West Refining Co. made a cut of 10c. per bbl. in the present level. Producers, on the other hand, are reported
following grades: Salt Creek and Big Muddy now $1 55; to be guaranteeing against lower prices.
ZINC quiet and lower; spot, New York, 7.3507.40c.;
Lance Creek, Elk Basin, Grass Creek, Osage, Gray Bull
and Cat Creek to $2. Sunburst Montana was lowered 30c., East St. Louis, 7(4)7.05c. Foreign demand is very light.
to $1 for Kevin, while Mule Creek is now held at $3 25. And the Belgian output is reported to be increasing. ProNew York prices:
Gasoline cases, cargo lots, 29.75c.; duction here is very heavy, and it is said if prices go much
U. S. Navy specifications, bulk, 16%c.• export naphtha, lower, there will be drastic curtailment.
cargo lots, 18.50c.; 63-66-deg., 20.50c.; 66 tip 68 deg., 21.50c.
STEEL is quieter, for many consumers are supplied for
Kerosene, cases, cargo lots, 16c.; motor gasoline, garages 3to 6 months,and pig iron and coke have been tending down(steel bbls.), 23%c. The Standard Oil Co. of New Jersey ward. Consumption is heavy. One railroad bought from a
has cut gasoline 1 cent a gallon throughout its domestic jobber for quick delivery. But it is significant that mills are
territory, with the exception of a few points where varying now more ready to sell for,future delivery. Premiums are
adjustments were made. The Standard Oil Co.of Louisiana, no longer the fashion; there is less eagerness to get steel.
a subsidiary of the New Jersey company, also reduced prices Some mills will take structural orders for July. Bridge and
1 cent a gallon in Louisiana, Arkansas and Tennessee. It building contracts are 33% smaller than in March. Sheet
was also announced that the Texas Co. and the Gulf Refining mills are pretty well sold up for a time. Automobile works
Co. had reduced their gasoline price by 1 cent a gallon. In want big tonnages with some premium quotations. Yet
Boston the Standard Oil Co. of New York and the Jenney it is pointed out that in advancing standard and oil country
Manufacturing Co. cut prices 1 cent.
pipe $4 a ton as of April 19, the Steel Corporation was fol$2 27 lowed by various independent mills. In putting wire prodPenn
10 flhinols
75 Ragland
1 85
Corning
2 15 Wooster
260 Clichton
2 30 ucts up $2 a ton, or 2.75 cents, for plain wire, and $3 a keg
Cabell
2 41 Lima
2 48 Currie
1 66 for nails, the Corporation followed the independents. It
Somerset
2 20 Indiana2 28 Plymouth
1 90
Somerset. light --- 2 46 Princeton
2 27 Melia
has put bars to 2.40c. and plates and shapes to 2.50o.
RUBBER dull and easier for a time; first latex crepe spot, Pittsburgh, and has advanced these products to 2.50e. and
32 to 32%c.; May,314c.; July-September, 32%c.; October- 2.60o., respectively, at Chicago, an advance of $2 a ton.
December, 33c.; ribbed smoked sheets spot, 32o.; May and It looks to close watchers as though the railroads were about
June, 314 to 313.c.; July-September, 32%c.; October- to resume buying rails, &c., on a notable scale. The Illinois
December 33c. Latterly the tone has been firmer with Central has, it seems, placed an order for 42,000 tons ,of
London higher and rather more inquiry. In London on which the Illinois Steel Co. got the majority and the InApril 26 !plantation standard on spot, 15%d. was paid, a land Steel Co. the rest. The St. Paul is also reported to
rise of hd. on the day with a good speculative demand.
have placed orders for 40,000 tons. Last summer,it will be
HIDES 'were quiet early in the week, with prices about recalled, the steel companies fixed a price of $43 a ton for
steady. Advices from the River Plate section stated that steel rails covering all deliveries up to June 30 1923.
2,000 Armour frigorifico cows sold at $37, or 15%o. per
PIG IRON has been somewhat less active and reports
pound. Common dry nides were steady and unchanged. from Pennsylvania are that iron has been offered below the
better inquiry for packer hides. Country $31 basis. Some resale iron has been on the market, and,
There was a rather
hides dull and unchanged. Bogota nominally 22c.. Orinoco, although first hands deny selling at under $31, it is possible
19e.; Guatemala, 19 to 193c.; Laguayra, 18%e.l Central that resellers have shaded that price. At any rate, some
'
America, 183o. Packer hides, 12% to 23o. Frigorifico are inclined to think so. At Birmingham business is very
steers, c.&f. 21o. Later packer hides were weaker; 34.000 quiet, with $27 base still quoted. Some smelters expect
branded steers sold at 16%o. for butts, and 153c. for lower prices and are holding aloof. Weaker prices are reColorados. Reports from the River Plate section state that ported in the Buffalo and Cincinnati districts. Philadelphia
buyers are holding off. Last sales repotted included some is said to be reselling to some extent. In any case, the trade
Campana frigorifico steer hides at $51, the equivalent of is light. Sales in small lots are the rule. Yet, on the other
29 9-16o., o.&f. Common dry hides were steady and hand, most furnaces report that they are well supplied with
later there was a fair demand without, however, much actual orders, and they seem inclined to take a cheerful view of
the outlook. British ferromanganese has advanced $5 Per
business.
OCEAN FREIGHTS were in moderate demand. Berth ton and is now $125 on the Atlantic seaboard. It seems
business kept within rather narrow limits. Rates for coal that this alloy is not plentiful for delivery earlier than Sepand coke weakened. Montreall grain rates declined. tember. Coke continues to show a downward tendency.
Later the market was more cheerful, with rates firm and some Foundry is reported at $7, Connellsville, to brokers. Consumers generally,it seems, are getting it at $7 25. Furnace
demand for grain tonnage. ,
Charters included grain from Montreal to Mediterranean ports not east coke is reported down to $5 50. At Harrisburg, Pa., 4,000
of west Italy second half of May, 22c.; from Atlantic range to French tons of basic iron sold the other day, the largest transaction
Atlantic, April, 85 25: from Hampton Roads to River Plate, May. 84 25;
coal from Hampton Roads to Montevideo. 84 50 May; coke from Atlantic recently reported. Eastern Pennsylvania foundry pig iron
range to French Atlantic, May, $5 25; grain from Atlantic range to west has resold in small lots, it is said, at $30, base furnace, or Si
Italy, 193c. prompt; coal from Atlantic range to West Italy, $4 25. MayJune; coke from Atlantic range to Antwerp or Dunkirk, $5 35, May: coal under the usual price. It was reported later that the $29
from Baltimore to Havre or Dunkirk,83 35, May;coal from Atlantic range base is general at Buffalo.
to French Atlantic ports, 83 25. May:sugar from Cuba to New York, 23s.
WOOL has been firm, but only moderately active. Also
Prompt; lumber from Gulf to River Plate, 165 S. May; coal from Virginia
Capes to Montevideo. 84 25;linseed from the Plate to New York,87, May. there has been a falling off in the number of Western conTOBACCO has been in fair demand for cigar leaf, with tracts consummated. Yet foreign and domestic wools have
prices firm. Large manufacturers are doing an excellent been sustained and merinos, fine oroasbreds and capes hat I,
$1 22; less than 5 bbls., $1 26; boiled, tanks, $1 17; carloads, $1 22; 5-bbl. lots, $1 25; less than 5-bbl. lots, $1 28.
Imported oil quiet with offerings small. Cocoanut oil,
Ceylon barrels, 103 to 10%c.; Cochin, 11c. Corn, crude,
tanks mills 10%c. bbls.; spot, N. Y., 12% ®12h; refined,
Olive,$1 15 to 31 17. Lard,strained
barrel's, 13)1®13%c.
winter, N. Y., 133c.;extra, 13c. Cod, domestic,68 to 70c.;
Newfoundland, 71 to 74c. Spirits of turpentine, $1 42.
Rosin,$6 35 to $8. Cottonseed oil sales to-day, 6,700 bbls.,
including switches; crude, S. E., 10@10.25c. Prices closed
as follows:
1914
THE CHRONICLE
been somewhat active. Trading in carpet wools has been
poor. The reopening of the London auctions on April 24th
had been awaited with much interest. Higher prices there
were expected. There is still quite a wide gap between prices
for low and fine crossbreds. Cape wools sold pretty well.
In Boston woolen grades have been dull and weaker at times.
Worsted in fair demand. Top makers have been firmer,
especially on the finer grades. Boston was looking for
advances of 5 to 10% over the last series at London on
Tuesday. Sydney closed at about 10% high on the best
wools. In the West the Jericho sale at a clean basis of
$1 40 to $1 45 landed Boston for fine and fine medium wools
seems to have held.
In London on April 24 at the opening of the third 1923
series of London wool sales the joint offerings of Realization
Association and free wools totaled 11,900 bales. Large
attendance. Sharp demand from British Continental and
American buyers. Compared with the March prices, merinos, fine and medium crossbreds, advanced 7M to 10%;
coarse crossbreds, 5 to 73'%, and Capes, 10%. Best
Victorian greasy merino brought 35d. Tasmanian greasy
crossbred, 27d.; comeback, 34d., and'
Nest Zealand slipe
crossbred, 2%d. In London on April 25 the joint offerings
of Realization Association and free wools totaled 14,400
bales. Quick sales to British, Continental and American
operators at firm prices. Sydney,2,413 blaes;greasy merino,
21d. to 353d. Queensland, 2,267 bales; greasy merino,
25d. to 32d.; scoured, 3530. to 55d. Victoria 2,325
bales; greasy merino, 2734d. to 33Md.; crossbred, 9Vid. to
25d. New Zealand, 3,917 bales; crossbred, bulk to York
shire; greasy, 934d. to 22d.• slipe, 13%d. to 26d. Puntas,
2,426 bales; greasy crossbred, chiefly to Continent at 10%
above March; best, 243'd. Falklands, 549 bales, same as
preceding, 21d. On April 25 at Brisbane, Australia, the
demand was sharp even for a selection 'not particularly
attractive. Compared with previous Brisbane sale, greasy
merino advanced 10 to 15% and scoured 5 to 10%.
In London on April 26 joint offerings were 13,000 bales.
Demand active. Prices frequently exceeded the opening
advances. Sydney, 1,434 bales; greasy merino, 25d. to
323'd.; scoured, 44d to 5434d. Queensland, 958 bales;
greasy merino, 24d. to 343d. Victoria, 2,797 bales; greasy
merino, 26Md. to 37d.; greasy crossbred, 9d. to 2734d.;
comeback, 25d. to 32d. Adelaide, 1,522 bales; scoured
merino, 3034d. to 52Md.; pieces, 14d. to 3934d. New
Zealand, 3,985 bales; crossbreds, greasy, 934d. to 28d.;
slipe, 1030. to 2534d.; cape, 1,946 bales; greasy merino,
15d. to 28d.; scoured, 403'd. to 483'd., mostly withdrawn,
owing to the firm limits. Boston wired: "Cables on the
closing at Brisbane state that the market there closed very
strong, with competition good up to the very end, in spite
of the poor selection. French combing 70's are quoted on a
clean landed basis, Boston, of $1 17, with exchange at $4 68.
[Tot. 116.
In ordar that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at- I
1923.
Galveston__ Houston, &c_
New Orleans_
Mobile
Savannah_ _ ....
Brunswick
Charleston __ _
Wilmington...
Norfolk
1922.
9,069
1,677
10,435
77
7,974
1;720
656
1,088
1921.
28,622
1920.
53,172
24,172
16,438
1,603
10,798
19,037
5,154
11,161
217
6,856
1,174
5.921
2,209
1,749
6,450
21,418
1,039
19,560
2,469
10,960
1,000
2,758
1,846
2,794
Friday Night, April 27 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
35,743 bales, against 34,681 bales last week and 34,990 bales
the previous week, making the total receipts since the 1st
of August 1922 5,365,954 bales, against 5,059,513 bales for
the same period of 1921-22, showing an increase since Aug. 1
1922 of 306,441 bales.
31,619
641
28.467
3.901
14,357
6,000
3.657
1,704
7,022
1918.
8,644
4,475
18,862
18,977
3,000
3,968
638
1,716
IT
AIgIerSI a'c.
N
3,047
8,618
1,32
3,9?.4
(
1,695
5,093
Total this wk_
35,743
86,760
117.984
67,967
99,063
65,373
Since Aug.1
5.365.954 5.059.513 5.224.957 6.310.654 4.470.75415.222.555
The exports for the week ending this evening reach a total
of 39,040 bales, of which 56 were to Great Britain, and
29,984 to other destinations. Below are the exports for the
week and since Aug. 11922.
Week ending April 27 1923.
Exported toExports
from-
From Aug. 1 1922 to April 20 1923.
Exported to
-
Great
Great
Britain. France Other. Total. Britain.
Galveston
Houston
Texas City_
New Orlea
Mobile
Jacksonville
Pensacola
Savannah
Brunswick
Charleston _
Wilmington
Norfolk
New York
Boston
Baltimore
Philadelphia
Los Angeles.
San Fran
Seattle
Total_
8,325
1,67
9,628
3.1
7,818
56
56
1.700
536
France.
Other.
Total.
8,325 414,799 290,779 1,054,973 1,760,551
1,677 234,633 144,239 320,805 699,677
3,765
3,765
9,828 189,349 67,389 445,632 702,370
57,179
28,759
23.675 ' 4,745
' 600
675
300
75
860
8,820
7.980
4,410 104,817 236,615
7,81
127,588
6,650
27,907
21,257
18,718
50.168
1,094
30,356
82,400
70,800
11,600
128,707
34,23
923
1,700 93.554
41,450 132,343 226,739
592 52,946
7,041
3,898
3,143
1,646
167
1,479
719
610
109
1,977
17,916
3,925
12,014
68,537
68,337
200
8,882
8,882
4,090,314
29,984 30,040 1,224,428 557,3152,308,571 14
Total'21-'22 50.799 10,899 34,458 96,156.528 588,856 2,810,12. ,697,111
Total'20-21 36,473 24,075 56,152 116,700 1,347,384 463.4852,268.583.079.452
-Exports to Canada.
-It has never been our practice to Include in the
NOTE.
above table exports of cotton to Canada, the reason being that virtually all the
cotton destined to the Dominion comes overland and it is impossible to get returns
concerning 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, 81 bales. In the corresponding
period of the preceding season the exports were about 136,240 bales.
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
GerOther CoastGreat
April 27 - Britain France. many. Cont'nt. wise.
COTTON.
1919.
Galveston
New Orleans_ Savannah
Charleston_ Mobile
Norfolk
Other port:0_ _
6,000 3,000
2,197 5,825
---------------.
--------------700
200 1,500
3,000
1,000
1,838
5,600
4,716
____
-
Total.
3,000 18,600
6,323 20,899
2,000 2,000
--
8i.
iii
-170
--------700
3H
--__
5.000
Leasing
Stock.
90,918
100,721
34,776
40,721
2,238
62,204
90,522
5,838 8.397 11,025 10,786 11,404 47,450 422,100
Total 1923
Total 1922_ _ 47,940 24,253 24,017 21,039 4.819 122,068 828,783
29,296 4,183 26,105 43,887 6,505 109,976 1,361,183
Total 1921
*Estimated.
Speculation in cotton for future delivery was active, with
a renewal of violent fluctuations. Prices advanced on bad
Galveston
1,665 1.361 1;753 1.596 1,1'71 1,523 9.069 weather, estimates that 40,000,000 spindles worked on a sinTexas City
98
Houston
---------------- ---- 1,677 gle shift in March, reported sales of 400,000 pieces of goods
1,677
New (Means
a
707 2
1
18 1.
,58 10435 here last Saturday, a steadier tone in Liverpool early in the
1
Mobile
,
------------7-,
69
77 week than had been expected following last week's depres3,500
58 2,314 1,403
Savannah
-604 7,974
34 1,438
Charleston
59
120
69
- _,, 1,720 sion in New York, and finally the relative firmness of May
193
101
103
Wilmington
20
107
132
656 as compared with July, May keeping a premium over July of
53
103
311
Norfolk
210
2'
'
-----------------088 80 to 90 points, later going up to 125. Also, there was less
188
New York
.
,, „
188
Boston
25 1.019 1.tn5
73
29
180 2,371 fear of the Sugar Exchange suit of the Government, not only
Baltimore
in the sugar trade, but also in the cotton trade. This action
Totals this week- 7,928 5.111 9.037 5.401 3.691 4,575 35.743 of the Washington authorities had for a moment dismayed
The following tables shows the week's total receipts, the the sugar, cotton and grain trades. But further reflection
total since Aug. 1 1922 and stock to-night, compared with led to the conclusion that the claims of the Government were
too radical to admit of success, since they would in principle
the last year:
tend to undermine the whole system of trading in commodity
1921-22.
futures which has been built up by the businesS evolution of
1922-23.
Stock.
Receipts to
years and raised to a high degree of efficiency in meeting the
April 27.
This Since Aug This Since Aug
complicated demands of modern business. It would, in other
Week. 1 1922. Week. 1 1921.
1923.
1922.
words, if successful, bring about most mischievous results to
Galveston
9,069 2,241,965 28,622 2,202.137 109.518 252.737
business interests of the United States. Also, the
Texas City
24,805
---98
69,790
422
7,827 the great
Houston
1.677 702,452 4,327 384,488
rise in sugar and the confident continuance of trading in
Port Arthur,&c_
10,305
New Orleans
10.435 1,277,038 19,037 1,016,313 121.620 235,671 sugar futures had no small moral, or as it is generally
Gulfport
8,123
termed, sentimental effect in restoring the courage of cotMobile
77
81,625 5,154 127,212
2.489
7,516 ton merchants and traders. That the May premium over
Pensacola
2,045
8.820
Jacksonville
36
3,214
9,149
6.279
1,766 July should have remained so high on the eve of notice day •
Savannah
7,974 398.179 11,161 616,622 ' 36,776 107,595
came on the 25th was considered of very suggestive
Brunswick
24,763
217
27,912
152
2,365 which
Charleston
1.720 1013,075 6,856 102,414
40,721
79,119 augury. And the low temperatures predicted early in the
Reorgetown
week did not escape notice. Fair and warm weather is much
Wilmington
88,022
656
89.273 1,174
11,403
26.346
Norfolk
1,08,8 260,t34'7 5,921 304,644
62,904 103,009 needed. Also a crop reporting agency stated that only 12%
g'port News. &c_
_
583
the crop had been planted, as against 27% a year ago;
gew York
188
23,344
6,185 2,325'
58.600 104.792 of
Boston
37,828
2.371
773
63,246
11,549
13,202 this attracted attention and made the shorts more cautious.
Baltimore
53.348
390
16.727 1,057
2,514
2,362 It substantially accorded with many other private reports
Philadelphia
100
29,243
4,871
4,603
6,544
for weeks past from many different sources. Farm work is
Totals
35.743 5.:1115 (154 5R.760 5.059.513 469.550 050 051 certainly backward. Germination has been
retarded by
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Totat.
1915
THE CHRONICLE
APRIL 28 1923.1
THE VISIBLE SUPPLY OF COTTON to-night, as made
cold, often freezing, weather this month. True, it is not a
follows. Foreign stocks, as
hopeless start. But it is certainly not an early start. That up by cable and telegraph, is as
- well as the afloat, are this week's returns, and consequently
fact is not forgotten. And while some Government data
to Thursday evening.
by the Department of Commerce recently put the increase in all foreign figures are brought down figures for to-night
complete
acreage as probably 12%, a private report said 10.7. The But to make the total the
from the United States,
figures of the Agricultural Department, not those of the (Friday), we add the item of exports only.
Department of Commerce, are the data on which the cotton including in it the exports of Friday
1920.
1921.
1922.
1923.
April 27trade bases its calculations and the Agricultural Departbales 728.000 915,000 958,000 1,133,000
Stocic at Liverpool
10,000
2.000
ment will not give out its official figures on the subject for Stock at London
4,000
90,000 173,000
64,000
64,000
several months. There is every likelihood that there will be Stock at Manchester
a considerable increase in the planted area. It will reach a
796,000 979.000 1,050.000 1,316,000
Total Great Britain
29.000
35,000
total, many believe, of 38,500,000 to 39,000,000 acres, pos- Stock at Hamburg
45,000
68.000 301,000 191.000
etock
sibly more. What the outcome will be in the season's con- Stock at Bremen
102,000 131,000 166.000 341,000
at Havre
18,000
7.000
13.000
with boll weeevil, the weather, posssible drouth or rains, Stocs at Rotterdam
test
73,000
82,000 126.000
108,000
Stock at Barcelona
etc., remains to be seen.
,
29,000 157.000
20,000
10,000
Stock at Genoa
2.000
Meanwhile the consumption in this country is at the rate Stock at Antwerp
2,000
33,000
10,000
10.000
of more than 7,000,000 bales a year, against 6,506,000, accord- Stock at Ghent
ing to one computation in 1921-22, 5,408,970 in 1920-21, 6,762,Total Continental stork
313,000 588,000 592,000 616,000
207 in 1919-20 and the high record of 7,685,329 in 1917-18
Total European stocks
109,000 1,567,000 1,642,000 1.932,000
57.000 127,000
under the war pressure. What is more, not only American India cotton afloat for Europe_ _ _1 149.000 95.000
American cotton afloat for Europe 148,000 367,000 237.819 390.937
mills but many foreign mills are still working at high per- Egypt
72.000
69,000
67,000
Brazil. &c.,afloat for
71,000
centage of capacity. Although prices have in recent weeks Stock in Alexandria, Egypt Eur'e 229.000 293,000 249,000 118.000
Stock In Bombay. India
1,208.000 1,335.000 1.150,000
789.000
declined sharply the statistical position is regarded by very Stock in
469.550 950.851 1,471.459 1.179,998
many as strong and menacing as ever. Whatever may be Stock in U. S. ports towns
U. S. interior
604.340 1,008,857 1,568,716 1,152.136
5.738
11.385
16,201
said about the next yield the last two were semi-failures, U. S. exports to-day
and what the next crop will be, of course nobody knows.
6,641,379 6.127,809
Total visible supply
3,568,890 5,572.909
Finally, long liquidation has been drastic. The technical
Of the above, totals of American and other descriptions are as follows
position is better. Big outside interests, it seems, have sold
American
Liverpool stock
bales_ 365,000 503,000 568,000 916,000
out.
Manchester stock
77,000 154,000
42,000
41.000
On the 25th inst. shorts got a surprise. The May notices, Continental stock
250,000 511,000 500,000 516,000
148,000 367,000 237,819 390,937
instead of being for a large quantity and acting as a sort of American afloat for Europe
U. S. port stocks
469.550 950,851 1,471,459 1.179,998
bludgeon to the price, turned out to be only 7,500 bales. And U. S. interior stocks
604,340 1,008,857 1,568,716 1,152,136
5,738
11,385
16.201
this, coupled with torrential rains all over Texas, running U. S. exports to-day
in many cases from 1 to 2% inches, with strong cables, sent
Total American
1,877.890 3,398,909 4,434,379 4,314,809
prices up 50 to 106 points. May was the leader. There was- East Indian. Brazil, &c.
363,000 412.000 390,000 217,000
heavy covering of shorts. The trade bought freely. Con- Liverpool stock
10,000
London stock
2,000
4.000
19,000
Manchester stock
13,000
22,000
23,000
tracts were found to be scarce. And in a word the line of
Continental stock
92,000 100,000
63,000
77,000
least resistance was upward. The crop is not getting a good Dulls afloat for Europe
57.000 127,000
95,000
149.000
72,000
start. That fact grows more and more plain. On the 26th Egypt, Brazil, &c., afloat
69,000
71.000
67.000
in Alexandria, Egypt
229,000 - 293,000 249.000 118,000
inst. prices advanced but later declined on realizing. Pro- Stock in Bombay,India
Stock
1,335.000 1,150,000
789,000 1,208,000
fessionals had become overbought here and in Liverpool and
Total East India &c
1,691.000 2,174,000 2,207,000 1,813,000
New Orleans. The weather, too, was rather better. Next
Total American
1,877,890 3,398,909 4,434,379 4,314,809
crop dragged.
Total visible supply
3.568,890 5,572.909 6,641.379 6,127,809
On the other hand, bull speculation received a shock from Middling uplands,
7.34d. 25.83d.
Liverpool
15.46d. 10.21d.
recent events, namely the great wave of liquidation and the Middling uplands, New 'York_
12.35c. 41.25c.
29.05c.
18.35c.
Egypt, good sakel,
1s.55d. 20.25d. 19.25d. 87.006.
great decline. And there is a fear in not a few quarters that Peruvian, rough Liverpool_
good, Liverpool_ 18.75d. 12.756. 12.00d. 50.00d.
If prices should advance much from this level a buyers' Broach fine, Liverpool
9.656.
7.406. 22.356.
12.50d.
7.906. 23.50d.
13.65d. 10.556.
strike would set in. In any case consumption of American Tinnevelly, good, Liverpool
Continental imports for past week have been 99,000 bales.
cotton cannot continue at its recent price. Europe, after all,
Is using a good deal of other growths and has been for some
The above figures for 1923 show a decrease from last week
time past. The figures for the half year do not make this So of 180,018 bales, a loss of 2,004,019 from 1922, a decline
plain, it is suggested, as would further statistics of the con- of 3,072,489 bales from 1921 and a falling off of 2,558,919
sumption of American cotton since Jan. 1. Spot cotton mar- bales from 1920.
kets are slow here and in Liverpool. Manchester is quiet.
AT THE INTERIOR TOWNS the movement
-that is,
So is Fall River. Many cotton goods have recently been
none too easy to sell in Worth Street. The South keeps sell- 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
ing here.
in
To-day prices advanced 30 to 39 points on heavy Texas corresponding periods of the previous year-is set out
rains, fears of floods, and a good demand, reacting later on detail below:
profit taking. Prices ended 80 to 147 points higher for the
MOVel1IVIZ 10 April 27 1923.
Movement to April 28 1922.
week, the latter on May. Spot cotton here closed at 29.05c.
for middling, a rise for the week of 145 points.
imams.
watt- SlOad.
ifeCt11113
.
amp
merits April
menls I April
The following averages of the differences between grades,
Week. I Season. Week. 27.
28.
Week. Season. Week.
as figured from the April 26 quotations of the ten markets
531 8,215
217 4,981
536 29,825
designated by the Secretary of Agriculture, are the differences Ala.,Blrmlng'nil 127 40,138
Eufaula
ool 3,500
8,287
__5.843
- -- 3,025
from middling establiched for deliveries in the New York
Montgomery.
2621 7,173
6 58,578
240 48,111 1,459 20,627
Selma
64 54,192
537 8.770
31 2,259
106 39,23
market on May 3, 1923.
Ark., Helena
134 12,350
30,778
42 34,403
216
(
VW,.
.
Middling fair
91 on
Strict good middling
68 on
Good middling
47 on
Strict middling
.26 on
Strictlow middling
.27 off
Low middling
66 off
*Strict good ordinary
1.16 off
*Good ordinary
1.70 off
*Strict good mid."yellow" tinged .40 on
Good middling "yellow" tinged
Even
Strict middling "yellow" tinged
.38 oft
Middling "yellow" tinged
93 off
*Strict low mid. "yellow" tinged_ 1.38 off
*Low middling "yellow" tinged_ _1.88 off
Good middling "yellow" stained- .66 off
*Strict mid."yellow" stained_ _ _ _1.24 off
*Middling "yellow" stained
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 official quotation for Middling upland cotton in the
New York market each day for the past week has been:
April 2110 April 28-
Middling uplands
Sat. Mon. Tues. Wed. Thurs. Fri.
27.30 28.00 28.05 29.00 28.85 29.05
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
April 27 for each of the past 32 years have been as follows:
1923
1922
1921
1920
1919
1918
1917
1916
29.05c.
18.1 c.
12.30c,
41.35c.
29.65c.
26.75c.
20.40c.
12.15c.
1915
1914
1913
1912
1911
1910
1909
1908
10.50c,
13.2c‘•
11.85c,
11.75c.
15.25c,
15.05c.
10.75c,
10.00c.
1907
1906
1905
1904
1903
1902
1901
1900
11.30c.
11.75c.
7.55c.
13.85c.
10.75c.
9.69c.
8.38c.
9.81c.
6.12c.
6.31c.
7.62c.
8.06c.
6.94c.
7.50c.
7.81c.
7.25c.
1899
1898
1897
1896
1895
1894
1893
1892
MARKET AND SALES AT NEW YORK.
Spot.
Market
Closed.
Saturday_ _ _
Monday
Tuesday
Wednesday
Thursday-Friday
Futures
Market
Ciosed,
SALES.
Spot.
Contr't. Total.
nil
169,444
127,991
6,255
44,359
268,422
279,130
120,635
54,994
43,iol
72,500
MIss.,Colurnbug
24,676
Clarksdale___ ......128,272
Greenwood._l
13 106,142
Meridian..__
22 33.989
Na chez __ __
1
32,397
Vicksburg_ __
23,00
Yazoo City
1
28,iO3
Mo., St. Louis_ 3,951 853,860
N.C.,Gre*nsboro
577 104,044
Raleigh
38
11.088
Okla., Altus
102,72
Chlckasha.........81,257
Oklahoma
12
78,090
S.C.,Greenville 1,095 161,854
Greenwood
__
8,100
Tenn.,Memphis 6,274 1,048,644
Nashville... _
4
291
Texas, Abilene.,
7 45,768
Brenham_ .._ _'
56
18,359
Austin
1
27
,
35438
Dallas
14 82,999
Honey Grove''
Houston. _ _ _I 3
,588t2,636,35.3
Paris
1
71,639
San Antonio.]
41,143
Fort Worth_ _ 1
249 62,802
535
330
4
170
909
1,013
1,018
90
320
100
94
10,824
2,2231 25,767 1,803 171,12.
289 119,463
i,9901 34,674
6,015
13
isl 2,109
4311 19,161
758 88,822
3,3321 54,195 2,469 212,379
1.599 30,809 9,001 323,739
2,6621 7,083
576 50,501
5491 11,962
592 34,340
3251 4,992
10 29.648
4001 2,600
400 59,713
57 19,538
2,308
84 129,896
685 32,605
284 89,184
1,007 28,461
218 31,744
368 4,381
31,049
31
4,106
26,157
81
6,698
36 30,12
260 11,484
4,715 14,830 4,0621 728,268
7821 51,601
517 28,622
4281 10,098
228
25
4031 82,31
4,603
3311 58,238
60 2,121
618 60,056
15 5,388
3,418 49,364 3,3881 142,568
13,472
406
7.260
8,099 77,453 11,896 817,892
.328
62
30
174 81,179
975
180 13,021
140 3,888
219 27,275
848
80 4,947 1,1951 162,172
19,700
_
110
12,152 87,443 22,1742 2,381,735
256 50,645
908
13
152
_ __
48,027
557 61,576
107 4,012
3,251 51,379
1,082 50.989
580 2,389
1,600 31,775
4,659 34,38
6
7,279 111,51x
2,358 12,599
1,128 11,882
100 9,922
900 34,700
277 3,295
1,4121 35,116
1,7431 27,871
6461 10,521
5271 10,32
2
3281 7,799
612 11,377
4,463 26,457
3,365 17,882
352
400
1,133 7,720
979 5,787
1,218 13,648
269 32,083
___ 9,230
17,149153,258
664
___
376
442
254 3,593
331
204
3,467 24,762
.. _ 11,403
33,505 176,052
282 4,703
_ - -- 1,448
1.248,28
6
Total, 41 towns' 20.6587.003A60 46.965 ,04.346 65.3096.415.394 99,5411100885
Quiet,30 pts. dec._ _ Easy
Steady,70 pts. adv. Firm
Quiet, 5 pts. adv._ _ Very steady... _
Steady, 95 pts. ads'.. Barely steady_ _
Quiet, 15 pts. dee_ _ _ Barely steady..
Steady, 20 pte. adv. Steady
Total__
Little Rock
Pine Bluff_
Ga., Albany_ _ _
Athens
Atlanta
Augusta
Columbus_
Macon
Rome
La., Shreveport
•
nil
nil
The above total shows that the interior stocks have decreased during the week 25,307 balls and are to-night 404,511
bales less than at the same time last year. The receipts at
all towns have been 44,651 bales less than the same week
last year.
1916
THE CHRONICLE
[VoL. 116.
FUTURES.
-The highest, lowest and closing prices at
WEATHER REPORTS BY TELEGRAPH.
-Reports to
New York for the past week have been as follows:
us by telegraph from the South this evening denote that
generally the weather has been more favorable for cotton.
Saturday. Monday, Tuesday, Wed'day, Thursd'y, Friday,
Temperatures have averaged about normal and rainfall has
April 21. April 23. April 24. April 25. April 26 April 27. Week.
not been as heavy.
April
-Progress and condition of cotton fairly good,
Texas.
-_
Range
Closing ____ 27.00 -27.70
except in wet areas, where rather poor, with crop late and
---------------Maystands poor.
Range
26.90/43 27.04,80 27.55-.91 28.15-23 28.64-118 28.60-25 26.901.18
Mobile.
-Cotton planting has made fair progress.
Closing ... 27.05-.26 27.78-.80 27.84-.91 28.75-.80 28.65-20 28.85-.87--June
Rain. Rainfall.
3 days 0.40 in.
4 days 2.80 in.
days
52
04 9In1n..
1. 9
.
0
dry
4 days 2.87 in.
3 days 3.40 in.
3 days 1.97 In.
3 days 1.30 In.
3 days 1.20 In.
5 days 1.23 In.
4 days 2.97 in.
3 days 1.02 In.
4 days 1.48 in.
2 days 0.84 in.
3 days 0.92 In.
4 days 1.93 in.
5 days 2.91 in.
3 days 2.02 In.
4 days 3.06 in.
4 days 1.70 in.
2 days 2.30 in.
3 days 1.76 In.
3 days 1.67 In.
3 days 2.30 In.
1 day
0.39 in.
2 days 1.65 in.
5 days 0.53 In.
4 days 2.26 In.
2 days 0.59 in.
3 days 1.39 in.
3 days 0.98 in.
1 day
1.52 in.
2 days 0.89 in.
3 days 0.8.3 in.
3 days 0.75 In.
dry
1 day
0.01 in.
dry
dry
4 days 0.59 in.
dry
1 day
0.11 In.
1 day 0.20 in.
1 day
0.10 In.
1 day 0.06 in.
1 day
0.03 in.
dry
•
4 days 0.90 In.
3 days 0.37 in.
Range
28.20 -------28.20
Galveston, Tex
Closing
26.65 - .33 -27.38 -28.21 -28.00 -28.22 - - Abilene
July
Brenham
Range
26.06-.57 26.12-.95 28.71/08 27.19-.90 27.40-.95 27.35-.75 26.061.95 Brownsville
Closing- 28.25-.35 26.90-.95 26.92-.95 27.67-.72 27.42-.46 27.59-.64--- Corpus Christi
1west
Dallas
--- -25.89
Range
Henrietta
25.89
Closhig
_ 21.40 - LOS -26.05 -26.57 -26.30 -26.40 -Kerrville
September
Lampasas
25.15-35 25.35-.45 24.80
Range
25.151.80 Longview
25.13 -25.10 -25.52 -25.15 -25.10 - -- Luling
Closing
24.00
'moires
Nacogdoches
76-125 23.88455 24.33-.70 25.30-.75 24.60115 24.56-25 23.761.15 Palestine
Range
90-400 14.53-45 24.59-.60 25.10-.15 24.60-.65 24.81-.85- - Closing
Paris
VovernberSan Antonio
--24.07
.70
Range
23.701.07 Taylor
Cmeing ___- 23.70 -.30 -24.35 -24.82 -24.35 -24.87 ---- Weatherford
frecemberArdmore, Okla
23.30-.73 23.43-11023.94-121 24.25-.77 24.10-.66 24.07-49 23.301.77 Altus
Range
°losing __ _ 23.50-.60 24.10 -24.17-.18 24.60-.68 24.10-.12 24.33-27--- Muskogee
January
Oklahoma City
23.07-48 23.25-.78 23.61-.97 24.00-.48 23.85-140 23.901.10 23.071.48 Brinkley, Ark
Range
Closing
13.25 -23.73-.78 23.90 -24.32 -23.85-.90 24.10 -Eldorado
- February
Little Rock
Range
Pine Bluff
Closing.._ 23.17 - .08 -23.85 -24.28 -23.80 -24.08 -- - Alexandria, La
;larch
Amite
23.00-.20 23.15-45 23.60-.75 23.95-125 23.96/25 23.831.16 23.001.25 Shreveport
Range
ClImInir
_ 23.08 -23.63 -23.80 -24.25 -23.75 -24.0.5-08--- Okolona, Miss
Columbus
/27e. t 24o 129e. 4254.
Greenwood
OVERLAND MOVEMENT FOR THE WEEK AND Vicksburg
Mobile, Ala
SINCE AUG. 1.
-We give below a statement showing the Decatur
overland movement for the week and since Aug. 1, as made selma
Montgomery
up from telegraphio reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-1922-23Since
Week. Aug. 1.
4,715 649,635
1,300 218,328
APril 27ShippedVia St. Lanka
Via Mounds, ,tc
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, 3co
86
3,394
6.723
-1921-22Since
Week. Aug. 1.
4,463 710.565
3,635 319,327
7,858
52,573
7.3931,i8f)
69,572
145,285
4,686 207,261
368,966
3.691 336.908
Total gross overland
16.218 1,442,180
Deduct Shipments
-Overland to N. Y., Boston,&a-_ 2,949
91.449
a Between interior towns
22,241
512
isk Inland, &c..from South
2,609 430,176
17,925 1,651,491
4,255
521
2,777
7.553
g:Tot
al to be deducted
6.070 543,866
.
Leaving total net overland•
10.148 898.314
pl* Including MOVIMellt by rail to Canada.
148,743
22,803
325,642
497.188
10,372 1,154,303
41+03111
Ipi The foregoing shows the week's net overland movement
has been 10,148 bales, against 10,372 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 255,989 bales.
-1922-23
IP In Sight and Spinners'
Since
e•IP. mrev Takings.
Week.
Aug. 1.
Receipts at ports to April 27
35.743 5.365,954
overland to April 27
Net
10,148
898,314
Southern consumption to April 27a 96.000 3,165,000
Total marketed
Interior stocks in excess
141,891 9,429,288
•25.307
239.165
(issue Into sight during week---116,584
Total in sight April 27
9,668,433
Nor.spinners'taldngs to April 27_ 35,453
1921 22
Since
Week.
Aug. 1.
86,760 5.059,513
10,372 1.154,303
73.000 2,694,000
8,799,425
Bales.
Since Aug. 1174,47311920
-21-April 29
139,442 1919 -April 30
-20
153,233 1918 -May 2
-19
Bales.
9,143,402
10,706,929
9.483,267
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations for
middling ootton at Southern and other principal cotton
markets for each day of the week:
Galveston
New Orleans
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock
Dallas
Fort Worth
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed•day. Thursd'y Friday.
Holiday 27.65
27.75
28.50
28.25
28.40
27.25
27.50
27.50
28.25
28.00
28.25
27.25
27.50
27.50
28.00
28.00
28.00
27.50
27.00
27.00
27.75
Holiday 27.90
26.50
27.13
27.25
27.88
27.94
28.13
27.25
27.25
28.00
28.25
28.75
26.75
27.38
27.38
28.25
28.00
28.13
28.50
28.50
28.50
28.75
28.75
28.75
Holiday 27.80
27.80
28.55
28.30
28.30
27.50
27.50
27.50
28.00
28.00
28.00
Holiday 26.80
26.80
27.50
27.45
27.60
26.70
28.80
---27.55
27.30
27.50
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
past week have been as follows:
markets for the
Prt
41:
Saturday,
April 21.
Monday,
April 23.
Tuesday, Wednesday,1 Thursday,
April 24. April 25. Aprtl 26.
Friday,
Aprtl 27.
26.45 bid 26.90 bid 26.92 bid- - - -Anal
27.02-27.0627.9227.00 20.55 27.60-27.66 27.7727.80
May
28.24-26.30 26.74-26.76 26.78-26.80 27.82-27.85 27.25-27.28 27.41-27.41
July
23.40-23.49 23.92-23.95 23.93-23.95 24.58-24.59 24.09-24.12 24.24-24.31
October
23.54-23.60 24.16-24.19 23.70-23.72 23.8I-23.s8
December_ 23.02-23.09 23.6023.39 bid 23.99 bid 23.6022.82 bid 23.5023.75January
23.22 ---- 23.11 bid 23.79 bid 23.37 bid 23.58 bid
22,50March_,
Tone
Steady
Steady
Steady
Quiet
Quiet
Quiet
Spot
Steady
Very .$'d3 Steady
Steady
Steady
Rita
P Options..
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
low 46
low 50
low 45
low 44
low 49
low 57
Apr. 271923.
Feet.
16.3
27.1
11.2
11.3
42.6
Above zero of gauge..
Above zero of gauge..
Above zero of gauge..
Above zero of gaugeAbove zero of gauge_
mean 70
mean 6
66
9
mean 65
mean 65
mean 70
Apr. 281922.
Feet.
22.3
42.1
22.0
21.8
55.0
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
Cotton Takings.
Week and Season.
1922-23.
Week.
2.076,723
high 94
high 88
high 87
high 86
high 80
high 82
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:
135,900
Movement into sight in previous years:
1111
L. Week ending
April 27-
Columbus
Charleston, S. 0
Greenwood
Columbia
Conway
Charlotte, N. C
Newbern
Weldon
Dyersburg, Tenn
Memphis
170,132 8,907,816
*34,232 *108,391
13.706 1,817,776
* Decrease during week. •
These figures are consumption: takings not
available.
Week
,
1921-April 28
1920-Apri130
1919-MaY 2
Gainesville, Fla
Savannah. Ga
Athens
A
u
Thennosneier
high 78 low 66 mean 72
high 86 low 44 mean 65
high 86 low 53 mean 70
high 86 low 72 mean 79
high 84 low 68 mean 76
high 85 low 50 mean 68
high 92 low 43 mean 68
high 81 low 39 mean 60
high 81 low 42 mean 62
high 76 low 52 mean 64
high 86 low 52 mean 69
high 88 low 46
high 84 low 52 mean 68
67
high 88 low 44 mean 66
high 84 low
mean 68
5502
high 84 low 43 mean 64
high 85 low 44 mean 65
high 88 low 42 mean 65
high 87 low 47 mean 67
high 83 low 43 rnaen 63
high 83 low 38 mean 61
high 88 low 47 mean 68
high 83 low 51 mean 67
high 84 low 51 mean 68
high 92 low 59 mean 75
high 83 low 35 mean 59
high 86 low 53 mean 70
high 72 low 50 mean 61
high 83 low 51 mean 67
high 82 low 55 mean 67
high 86 low 56 mean 71
high 87 low 61 mean 73
high 83 low 50 mean 67
high 87 low 53 mean 70
high 83 low 55 mean 71
high 92 low 53 mean 72
high 91 low 55 mean 72
high 87 low 54 mean 71
high 89 low 50 mean 70
high 89 low 49 mean 69
high 93 low 55 mean 74
high 87 l ow 50 mean 68
u 49
Visible supply April 20
3,748,908
Visible supply Aug. 1
American in sight to April 27,,
116.584
Bombay receipts to April 26-- _
85.000
Other India shIpm'ts to April 26
7,000
Alexandria receipts to April 25
11,000
Othersupply to .April 26'..b
6.000
Total supply
Deduct
visible supply April 27
Season.
1921-22.
Week.
Season.
5.668,054
3.760,450
9,668.433
2,913,000
260.550
1.281.800
296,000
6,111,2 16
135.900 8,799.425
97,000 2,673,000
21.000
170,000
8,000
637.000
5.000
295.000
3,974,492 18,180.233 5.932,954 18,685,675
3.568.890 3,568.890 5,572.909 5.572.909
Total takings to April 27_a_-_. 405.602 14.611,343 360,045 13,112.766
Of which American
256,602 9,754.793 236.045 9,474.746
Of which other
149.000 4.856,550 124,000 3,638,020
•Embraces receipts in Europe from Brazil. Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption b
Southern mills, 3,165,000 bales in 1922-23 and 2,694.000 bales in 1921-22takings not being available
-and the aggregate amounts taken by Northern
and foreign spinners. 11.446.343 bales In 1922-23 and 10.418.766 bales In
1921-22, of which 6.589,793 bales and 6.780.746 bales American.
b Estimated.
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not inolude 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.
al
Week
end
Feb.
9_1623_
Mar.
2-9-16__
23_
30._
6_
1320._
27._
Receipts at Ports.
1923 I 1922 I 1921
Stoats as Interior Towns,
1923. I
1922. I
1921.
pttfrom Plantations
1923
1922
1921
87 381 81.998118.122 1,089,7561,450,7781,728,47 26.261 44.484 108,479
83.07 82,2131 83,2921,017.5651.418,643 1,723,223 10,8
50,128 78.040
83,536 76469 84,623 943,6691,391,466,1.737 4
9,64 49,092 98,849
88.116 876.9481.360.1341,718,02 29,60
92,8
835,1751,047,828 1,702,642 41,59
75,364 1,8004781,201,59111.697,139 47,508
72,898 775,51711.230.15211,666,593 43,543
92.96
742,098l,203,1821.663,791 30.11
I
63,854 115.100103.2
690,6251,145,0616,646488 11,481
34,990114.106 95.437 685 834 1,098,5174,823,685, 10,199
34,681 101,999 99,803 631.7681,043,0891,609,714 87,
35,743 86.780 117,984 604 2451,008.8571,568,718 10.436
66,326 s6.817j
5336 84,833
82.00 123.593
88,844 102,691
62,631 90.932
55.485
44 416
65,467
71,25
63,962
66,087
79,515
69,858
42,352
90,169
58,988 86,080
65.555, 72,536
48,5711 85,832
52.528 76,988
1917
THE CHRONICLE
APRIL 28 1923.]
-Current rates for cotton from
COTTON FREIGHTS.
• The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1922 are 5,494,183 bales; New York, as furnished by Lambert & Burrows, Inc., are
in 1922 were 4,853,998 bales, and in 1921 were 5,933,732 as follows, quotations being in cents per pound:
High StandHigh StandHigh Standbales. (2) That although the receipts at the outports the •
Density. ard.
ord.
oxd.
past week were 35,743 bales, the actual movement from LiverpooL _Density. 32c. Stockholm _Density. 650. Bombay
50c. 650.
_ .50c.
_20.c
Vladivostok__ ____ ____
50c. 65c.
plantations was 10,436 bales, stocks at interior towns hav- Manchester _ _20c. 32c. Trieste
Wc. 654. Gothenburg_.50c. 65e.
Antwerp
c.
ing decreased 25,307 bales during the week. Last year Ghent _ _22K c.35K__ Flume
200. 30c.
50c. 654. Bremen
Lisbon
receipts from the plantations were 52,528 bales and for 1921 Havre
754. 900. Hamburg__ _ _20c. 30c.
22tic.37Ke. Oporto
60e. 754.
550. Piraeus
40c.
Rotterdam __22I4c. 3734c. Barcelona
they were 76,986 bales.
800. 754.
50c. 650. &Ionic*
Genoa
30c. 35340. Japan
- Christiania __374c.600. Shanghai.. _ _ _ 50c. 650.
INDIA COTTON MOVEMENT FROM ALL PORTS.
Liverpool we have the fol-By cable from
LIVERPOOL.
The receipts of India cotton at Bombay and the shipments
at that port:
from all Ian% ports for the week and for the season from lowing statement of the week's sales, stocks,&e., 20. April 27.
April 6. April 13, April
Aug. 1, as cabled, for three years, have been as follows:
31.000
41.000
37,000
Sales of the week
34,000
Since
Week.Aug. I.
Bombay
1920-21.
1921-22.
1922-23.
April 26.
Receipts at
-
Week.
Since
Aug. 1.
Week.
Since
Aug. 1.
85.00012.913,000 97,000 2.673,000 72,000 1,976,000
For the Week.
Exports.
Since August 1.
Greta Conti- Japam&
Great
Detain. seal. Chtna. Total. Britain.
Japan db
China.
Continest.
Total.
Bombay-1922-23_ __
1921-22_ __
1920-2E _ _
Other India
1922-23__.
1921-22_
1920-21_ __
3,000 4,000
3,000 18,000
5,000
Total all
-23
1922 - _ _
1921-22_ _
1920-21_ _
3,000 19,000 55,003 78,000 160,000 710,050 1,536,5002,406,550
3,000 42,000 ---- 45,000 35,000 511,0001,316,000l,862,000
____ 16,000 48,000 64,000 39,00 572,000 675,000 1,286,000
15,000 58.000 71,000
24,000
24,000
11,000 41,666 59,00
7,000
21,000
5,000
99,000 510.'00 1,538,5002,146,000
28,00 368,0001,298.0001.692,000
19,000 418,000 653,0001,090,000
81,000 199,550
9,000 143,000
20.000 154,000
260,550
18:6(50 170,000
22,00 196,000
Of which American
Actual expoort
Forwarded
Total stock
Of which American
Total imports
Of which American
Amount afloat
Of which American
a,
19,000
4,000
44,000
802.000
437,000
45.000
14,000
114,000
32,000
23.000
16.000
6,000
13,000
52.000
45,000
781,000 749.000
417,000 392.000
19.000
43,000
5,000
18,000
91,000
94,000
12,000
14,000.
15,000
7.000
46.000
728.000
365,000
27,000
4.000
75.000
8,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday. I Monday.
Market, I
12:15 1
P. M. l
Good
inquiry,
Mid.Upi'ds
Sates
Spee.&exp_ HOLIDAY
Futures,
Market i
Tuesday. Wednesday. Thsasday.
Fridatt.
A fair
businees
doing.
Quiet.
15.29
15.35
8,000
8,000
Moderate
demand.
15.40
8,000
Quiet.
15.87
15.46
5,000
4,000
Steady.
Steady,
very st.dy. Steady,
Firm.
12 to 15pta. 14 to 17pts. 10 to 21pta. 7 to 19 pis. 6 to 17 pta.
decline.
advance, advance, advance.
decline,
According to the foregoing, Bombay appears to show a opened I
decrease compared with last year in the week's receipts of Market. I
Barely st'y. Firm, Barely sty, Very st'y.
Steady,
1
4
16 to22pts. 1 pt.dec. to 20 to 29pta. 3 to 7 Pte. 786a.dec.to
12,000 bales. Exports from all India ports record an increase
P. M. I
decline. 11 nte.adv. advance. advance. 5 tits. adv.
of 33,000 bales during the week, and since Aug. 1 show an
• Prices of futures at Liverpool for each day are given below:
increase of 544,550 bales.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
now receive a weekly cable of the movements of cotton at
April 21
to
1234 1234 1234 4:00 1234 4:00 1234I 4:00 1234 4:00 1234 4:00
Alexandria, Egypt. The following are the receipts and
April 27. p. m.p. m.p. m.p. m.p. m.p. m.p. m.V. m.p. m.p. m.p. m.p. m.
shipments for the past week and for the corresponding week
d. a. d. S. d. d. d. a. d. 'd. S. d.
of the previous two years.
Alexandria, Egypt,
April 26.
1922-23.
1921-22.
1920-21.
Remits (cantars)This week
Since Aug. 1
55.000
6,401,771
45,000
4.891.900
105,000
3.803.891
Exports (bales)
-
Since
Week. Aug. 1.
Since
Since
Week. Aug. 1. Week. Aug. 1.
137,150
114,128
6,000 211,510
To Liverpool
150,921
To Manchester. dzc
To Continent and India_ 5.006 268.285
6,000 203,737
To America
4,866
. 175.452
153,755
3,500 91.099
71,005
4,250 110,466
500 39.573
17,000 834.453 4.500 580.485 8,250 312.143
Total exports
-A cantar Is 99 lbs Egyptian ba es weigh about 750 lbs.
Note.
This statement shows that the receipts for the week ending April 26 were
55.000 canters and the foreign shipments 17,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
boh cloths and yarns is steady. Demand for India is good
but for China poor. We give prices to-day below and leave
those for previous weeks of this and last year for comparison:
1921-22.
1922-23.
32. Cop
Twist.
Feb. d.
18 2134
23 22
Mar.
2 22
9 2234
16 23
23 2334
29 2334
Apr
2334
13 2334
20 2234
27 2234
84 lbs. Shirt- Cot'n
ing', Common Mid.
Upl's
to Finest.
32: Coy
Twist.
814 lbs. Shirt- Cot's
tags, Common Mid.
to Finest.
UN'S
s. d.
d. e. d.
2234 17 0 C017 4
22,1 17 0 Q17 4
d. d.
15.93 1634
16.34 17
d. a. d.
s. d.
18 149 @159
184 160 @160
d.
10.01
10.25
2234 18 7
2334 17 1
24 17 1
2434 17 1
244 17 1
@l7 3
017 6
017 6
ii4)17 6
@17 6
16.44 17
16.60 17
16.55 17
16.08 17
14.80 1734
184 15 134016 14
184 15 14018 14
184 15 54@FM 3
184 15 434 016 3
1834 15 44018 3
9.98
10.57
10.75
1069
10.89
2434 17 0
2434 17 0
2334 17 0
244 17 0
(417 6
017 4
0317 4
017 4
15.88 1734
15.95 1734
15.18 17H
15.48 174
184
184
1854
1854
15 44018 3 10.45
16 414018 3 10.23
15 44018 04 10.11
15 44018 0 10.21
-Shipments in detail:
SHIPPING NEWS.
Bales.
-President Roosevelt, 310--NEW YORK
-To Bremen-April 20
453
April 21-Bremen, 143
56
To Liverpool
-Celtic, 56
-April 20
33
To Piraeus
-April 21-Ossa, 33
50
To Copenhagen-April 24-Florida 50
900
--To Vera Cruz
-April 21-Frednes„ 900
NEW ORLEANS
-Knoxville
To Japan-April 21-Volunteer, 1,019-__April 24
6,844
City. 5.825
-Ail 21-Volunteer, 500
To China
0
5
200
To Oporto-April 26-Dio. 200
34
To Pfraeue-April 26
-Casey, 34
1.150
To Venice-April 26
-Casey. 1.150
3,450
GALVESTON-To Venice-April 24-Ophis, 3,450
240
To Trieste-April 24-Ophis,240
4,010
-Brave Coeur, 4.010
To Bremen-April 24
325
-Brave Coeur. 325
To Hamburg-April 24
300
-Brave Coeur, 300
To Gothenburg-April 24
1.677
HOUSTON-To Genoa-April 21-Colllngeworth, 1,677
300
-To Bremen
-Apr .1 300
JACKSONVILLE
1.700
-To Bremen-April 21-Magmeric, 1,700
NORFOLK
1,100
-April 20-Jacona, 1,100
SAVANNAH-To Genoa
220
To Venice-April 20-Jacona, 220
To Bremen-April 21-Hessen, 4,515._ _April 25
-Mar Caribe,
6,122
1,607
100
To amburg-April 21-Hesn.
100
To Rotterdam-April 21-Hessen. 176
176
To Uddevalla-April25-Gorm. 100
100
Total bales
30.040
14.69 14.60 14.7514.5914.8014.8815.0714.9514.8 14.95
April
14.67 14.60 14.76 14.61 14.81,14.8815.0514.9314.8514.94
May
14.3814.34 14.W 14.38 14.5514.6514.81 14.6914.61 14.71
June
14.3714.33 14.5014.38 14.S6 l4.65i4.8l 14.69 14.61 14.71
July
August
14.11 14.07 14.24 14.12 14.3014.374.5414.4214.3614.47
September_ _ _. HOLI- 13.70 13.6513.8013.7513.86,13.9814.0713.9613-A014.00
October
DAY 13.29 13.24 13.3913.33 13.44,13.5 13.64 13.53 13.41 13.51
..
13.0913.04 13.1813.12 13.23,13.3 13.41 13.30 13.13 13.23
November_ _
December
12.91 12.87 13.02 12.98 13.08 13.18313.26 13.1413.01 13.11
12.8012.76 12.91 12.8612.9813. 13.1413.02 12.89 12.99
January
12.72 12.68 12.83 12.78 12.88,12.9 13.0612.9413.81 12.91
February
12.64 12.60 12 7512.70 12.80112. 12.9812.87 12.73112.83
March
BREADSTUFFS
Friday Night, April 27 1923.
Flour has been quiet for the home trade, though at times
there has been a fair demand for export. The indications
have seemed to point to a better foreign demand from the
Baltic ports, especially Hamburg and Danzig. Sales to those
markets, Indeed, are said to have latterly been quite large.
In a fortnight it is even said there have been sales of 100,000
barrels or more. On the other hand,the trade with the Mediterranean ports has been small in,American flour. What
business with that part of the world has been done has been
mostly in durum clears, spring clears and some very low
grades. Sweden is said to have bought considerable Canadian flour. But when it comes to the domestic trade, the
reports are still as unfavorable as ever. Wheat is irregular:
up one day, it is down the next. That of itself keeps buyers
in a hesitant mood. And meanwhile the tenor of the crop
reports improved at one time with warm rains in the Southwest and a better weather outlook in the Northwest, though
seeding is late there. At Minneapolis prices were reported
steady but with trade quiet. Best family patents, f, o. b.
car lots, $7 to $7 30; first patents, $690 to $7; best bakers'
patents, $670 to $680; first clears, $540 to $5 60; second
clears, $370 tO $385; pure graham, 650 and $6 80. Rye
flour was 10c. easier, the demand poor. White rye, $470 and
$5; medium, $450 to $475; dark, $390 and $420. Durum
flour unchanged. No. 2 Semolina, $6 25; No. 3, $5 75. Mill
feed was very firm, with prices up 50c. to $1. At Kansas
City there was a rather better business. Car lots of flour
were quoted per bbl. as follows: bulk basis, hard wheat:
Short patent, $635 to $6 50; long patent, $570 to $610;
straight, $550 to $575; first clear, $450 to $4 75; second
clear, $340 to $375; low grade, 325 to 340. Soft wheat:
fancy patent, $680 to $7 10; standard patent, $660 to $680;
straight, $590 to $6 50; clear, $490 to $540; low grade,$370
to $4. Flour from small country mills is quoted as follows,
per bbl. in jute sacks: Patent, $585 to $6 20.
Wheat declined on better weather and liquidation early,
but later advanced on bad crop news. Rains and warmer
1918
THE CHRONICLE
[VOL. 116.
weather, however, prevailed at times at the Southwest. DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tuts. Wed. Thurs. Fri.
After all, the winter crop is not doing very welt, after a try- May delivery
80 8134 so
eta..7834 7834 8034 8154 g
Si 81 Si 8234i 833i 83
ing winter, and the start of the spring wheat crop will be July delivery
81
September delivery
8054 8154 8254 83
81
83
rather late. The plant is believed to be none too strong.
The weather will therefore be all the more important as a ' Oats declined with better weather, lessened demand, the
factor in making prices. Rallies came rather easy in the weakness at one time in other grain, and a certain amount of
later trading, despite the fact that rains have improved the liquidation. During the early part of the week corn prices
outlook to some extent, at any rate in Nebraska and Kansas. dominated those for oats, which not being much wanted,
Also, Minneapolis showed firmness, owing to weather, which showed no independent price movement of its own. On the
again delayed seeding, and to the fact that Germany was 23rd inst., after declining somewhat, they rallied with corn
/
reported to be asking for offers of new crop winters. For- and ended 14c. higher. This illustrates the languid condition
eign purchases on the 23rd inst. reached 150.000 bushels of of this wing of the griOn business. With better crop prosold hard wheat; in all. 400.000 to 500,000 bushels, partly pects the demand has fallen off noticeably. But at one time
Manitoba. On the 24th inst. prices advanced on higher rains were delaying seeding. Some new outside buying came
cables, bad weather, a better export demand and heavy cov- in, though nothing on a big scale. On the 24th inst. prices
ering. Liverpool advanced %rl. to 17
4d. on buying by Lon- advanced % to Ihc., with corn and wheat. Cash markets
don and French interests. Export sales were estimated at were firm. The receipts were moderate. The weather was
from 600,000 to 700,000 bushels, mainly Manitoba, but in- not very good for the growing crop. The visible supply in
cluding 200,000 durum. Europe seemed more disposed to the United States decreased last week 370,000 bushels,
buy. The difficulty between France and Germany some against 1,715.000 last year. The total is now only 22,753,000
think will soon be settled. Confirmation of a Greek order bushels, against 49,288,000 a year ago. On the 25th trading
for 1,100,000 bushels was not received, but the sale, it is be- was light, but advanced somewhat. 250,000 bushels, it was
lieved, will be made. Weather conditions over the North- said, were sold to go into store at Chicago. To-day prices
west and in Canada were very unsettled, with rain and closed 14 to %c. lower. The weather was better and the sellsnow, some private reports adding that eight inches of snow ing was rather large, despite a somewhat larger cash demand
had fallen in portions of North Dakota and Canada. That and small receipts. Final prices show a decline for the
would, of course, further delay the seeding of spring wheat. week of % to 114c.
Advices from the winter wheat belt were somewhat contraDAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
dictory, but on the whole not favorable. The visible supply
cts 5614 5634 57
57
57
57
In the United States last week increased, it is true, 119,000 N'o. 2 white
OATS FUTURES IN CHICAGO.
bushels, against a decrease in the same week last year of DAILY CLOSING PRICES OF Sat. Mon. Tues. Wed. Thurs. Fri.
1,636,000 bushels. The total is now 45,595,000 bushels. May delivery
cts 4454 44
45% 4554 45
45
July delivery
4554 45
46
4634 4654 44%
against 31,493,000 a year ago. On the 25th inst. prices ad- September delivery
4434 44
45
4534 4634 44%
vanced with export sales of 1,500,000 bushels, half for
Rye fluctuated comparatively little early in the week, deGreece, and reports that negotiations are under way between France and Germany. Liverpool rose. Durum at Du- clining % to %c., it is true, on the 21st inst., but rallying
luth was up to the highest price of this season. Delayed on the 23rd with other grain. It followed the list up and
down, showing little or no individual initiative. On the 21st
seeding in the Northwest played a part in the rise.
26th prices, after advancing to new "highs" for the On the inst. exporters took 200 000 bushels and 200,000 more on the
season, 23rd. The price movements of
wheat counted for more than
reacted. Sales to England of late, it is said, were mostly
at anything else in the fore part of the week.
prices below the replacement cost. Rains fell in the
On the 24th inst.
South- exporters took 200,000 bushels, with
west and, of course, were beneficial. To-day wheat
prices higher with
closed wheat. The visible supply in the United
% to 1%c. lower in Chicago and 1 to 114c. lower in
Winni- Increased 978.000 bushels, against 208.000States last week
peg. Liverpool was weak. Offerings on this
last year. The
side were total is now 19,393.000 bushels,
against
larger. Kansas City and Minneapolis were
weak. Crop On the 25th inst. 200.000 bushels more 8.467,000 a year ago.
news was a little better. Exporters took 500,000
were said to have been
bushels. sold for export. Germany is supposed to
Chicago's contract stocks are still small. Final
have been the
quotations buyer. On the 26th inst. 300.000 bushels were
to-day show a net advance since last Friday of 1
sold for ex18c. At one port, including a cargo to Norway and small
/
time May was 3c. higher than a week ago.
lots to Germany,
but otherwise the market was dull, and, taking its cue from
DAILY CLOSING PRICES OF WHEAT IN NEW
YORK
Rat. Mon. Tues. Wed. Thurs.
Fri. other grain, closed lower. The comparatively low price of
No.2 red
cts-148% 14831 1493i 14934
14934 14934 barley has again attracted a foreign demand and sales were
DAILY CLOSING PRICES OF' WHEAT FUTURES
IN CHICAGO.
about 100.000 bushels of Canadian. To-day
Sat. Mon. Tues. Wed, Thurs. Fri. reported at
May delivery
cts_12434 124
125% 126% 126% 125% prices closed % to lc. lower and at a larger discount under
July delivery
122% 122
12334 124%
wheat. Germany has taken 200,000 bushels this week and
September delivery
120 12034. 12134 12234 124% 123%
12234 12054 Norway 340.000 bushels. Final prices were % to
%c. lower
Indian corn declined at one time with wheat,
week.
higher. But in the background is that stock of but ended for the
RYE FUTURES IN CHICAGO.
bushels in Chicago, which was beginning to tell. 17,000,000 DAILY CLOSING PRICES OFSat. Mon. Tues. Wed. Thurs.
And heavy
Fri.•
May liquidation took place in anticipation of good
May delivery
cts 8534 8531 86
8634 8534 8434
deliveries. July delivery
8654 8674.8734 88
87% 8634
On the 21st inst. prices closed % to %c. lower. There
delivery
September
87
8734 8734 8834 8734 87
moderate demand for export on that day and 200,000 was a
The following are closing. quQtations:
were taken. On the 23rd active liquidation of May bushels
GRAIN
tinued and prices fell about %c. But corn soon corn conswung up- Wheat
Oats
ward, obeying the signal, so to speak, of wheat.
31 491
No. 2 red
4
No. 2 white
57
Besides, it
No. 2 hard winter_
1 4234
No.3 white
was noticed that after all, the country offerings
5634
were
Barley
large and May corn began to weigh less heavily. Is not Corn 2 yellow
No.
10134
Feeding
Nominal
it so Rye-No.2
9454
certain, it was asked, that May corn is going to
Malting
85©86
decline
steadily? that its position portends something
FLOUR
inuring very
distinctly to the advantage of short sellers? With the
Spring patents
86 856117 25 Barley goods
-Winter straights, soft 5 9068 6
15 75
try withholding corn, or certainly selling less freely, coun- Hard winter straights 6 400 6 95 No. 1, 1-0, 2-0
75 Nos. 2,3and 4 pearl- 650
some
were disposed to think that the activity in the cash
First spring clears
5 7564 62
Nos. 3-0
590
Ryeflour
603
might be on the eve of reviving. Also, there was at market Corn goods. 100 lbs.: 4 900 550 Nes. 4-0 and 5-0
Oats goods-carload:
least a
fair demand for export, and on the 23rd inst.
Yellow meal
2 1068 220
Spot delivery
280®290
400,000 bushCorn flour
21568220
els, it was estimated, were taken for Europe.
Liquidation
For other tables usually given here, see page 1863.
In May corn was believed to have spent its force.
And of
The visible supply of grain, comprising the stooks in granJuly, commission houses were good buyers on the
23rd inst.
No. 2 grades were 2 to 21
4c. and No. 3 grades 1 to 1%c. over pry at principal points of accumulation at lake and seaboard
ports Saturday, April 21, was as follows:
May. The bids of outside markets exceeded those
of Chicago
GRAIN STOCKS.
by 4 cents per bushel in Illinois, with country
offerings so
Oats,
Cars.
11
71seat,
Rae.
light as to excite general remark. On the 24th
Barlett;
bum.
bush.
bush.
inst. prices
United Statesbush.
bush.
advanced, led by May, ty to 114e., with wheat
4
,
1.272,000 1,573,000 1,392,000
/
554,000
New York
445,000
up, interior Boston
2,000
3,000
20,000
3,000
cash markets strong, consumption large, and
Philadelphia
856,000
234,000
853,000
106.000
3,000
States visible supply showing a decrease for the United Baltimore
534.000
536,000
268,000 2,627,000
43,000
the week of Newport News
101.000
2,274,000 bushels, against 3,353,000 bushels last
1,037,000
700,000
134,000
31,000
New Orleans
12,000
reduced the total to 24,623,000 bushels, against year. This Galveston
1,204,000
98.000
38,323,000 a Buffalo
1,385.000
203,000
593,000
425,000
year ago. May shorts were alarmed. They
401,000
covered freely. Toledo
729,000
104,000
14,000
313.000
1,000
Exporters took 250,000 to 300,000 bushels. On
27,000
40,000
73,000
17,000
the 25th 300,- Detroit
2,663,000 15,750.000 5,119,000 1,078,000
000 bushels were taken by exporters at an
Chicago
275,000
70,000
699,000
349.000
" afloat
shorts covered freely. On the 26th inst. pricesadvance, and Milwaukee
146,000
957,000
862,000
185,000
163,000
advanced
12 389.000
289,000
588,000 10,245,000
a time with receipts light and cash markets strong. for Duluth
502,000
But St. Joseph
1,037,000
25.000
257,000
109,000
8,000
later corn followed wheat downward. Only 100,000
14,311,000
331,000 8,592,000 3,417,000
682,000
bushels MinnettPOlis
503.000
11,000
429,000
557,000
were taken for export. To-day prices ended 1%c. off.
St. LcuLs
0.000
Yet Kansas City
4,568,000 1,033,000
139,000
746,000
the cables were firm, receipts small and country offerings Peoria
78.000
115,000
152,000
2,000
light. Corn, however, followed wheat when it fell. Cash Indianapolis
414,000
202,000
2,007,000
273,000
601,000 1,455,000
13.000
premiums at Chicago dropped /
1c. Exporters took 250,000 OmahaCity
2
388,000
63,000
Sioux
291,000
413,000
9,000
381,000
bushels. Last prices show a rise for the week of 1 to 1%c.
10,000
On Canal and River
32,000
•
DAILY
No. 2 yellow
CLOSING PRICES OF CORN IN NEW YORK.
Sal. Mon. Tues, Wed. Thurs. Fri.
cts 99 100
101
102
10234 10134
Total April 21 1923_ _ _ .45,595,000 24,623.000 22,753,000 19,393,000 2,598,000
Total April 14 1923..._45,476.000 26,897,000 23,123,000 18.415,000 2,478,000
Total April 22 1922_ _ _ _31,493.000 39,058,000 59,753,000 8,467,000 1,611,000
APRIL 281923.1
THE CHRONICLE
Note.—Bonded grain not included above: Oats. New Yolk, 430.000 bushels;
Boston, 49,000; Baltimore. 376,000; Buffalo, 532.000, Duluth, 39.000: tctal, 1,426,000 bushels, against 59,000 bushels in 1922. Barley, New York. 228.000 bushels:
Buffalo, 526,000; Duluth, 78,000; total, 832,000 bushels, against 47,000 bushels in
1922. Wheat, New York, 2,582,000 bushelb; Boston, 182,000; Philadelphia, 1,204,000; Baltimore, 990,000; Buffalo, 1,528,000; Duluth, 265,000: Toledo, 288,000:
Toledo afloat, 87,000; Chicago, 259,000; total. 7,475,000 bushels, against 2,248,000
bushels in 1922.
Canadian—
1,251,000
290,000
107,000
244,000
387.000
Montreal
3,907,000
5,780.000
Ft. William Si Pt. Arthur_37,665,000
163,000
" afloat
542,000
1,836,000
493,000
Other Canadian
1919
not been of a pessimistic character, and it seems to be generally accepted that the current quiet in first hands will
lead to a much healthier fall trade than would have been
possible if the price movement had continued unchecked and
buyers had swung into the habit of ordering for the purpose
of forestalling advances. The lack of demand has resulted
in a slight softening in many print cloth and sheeting numbers, while on the other hand finished goods have held
107.000 4,739.000 steady. The continuation of old percale prices into the fall
Total April 21 1923___.40,915,000
244,000 6,660.000
April 14 1923
39.625,000
4,606,000
Total
153,000
245.000 6,231,000
34.341,000
Total Aprll 22 1922
18,000 2,7e8,000 season has had a tendency to exert considerable influence
974,000 9,135,000
Summary—
markets. Although the
45 595,000 24,623,000 22,753,000 19,393,000 2,598,000 toward steadying the gray goods
American
Canadian
40,915,000
107,000 4,739,000 volume of business thus far booked on percales has been
244,000 6,660,000
Total Apr1121 1923.--86,510,000 24,867,000 29,413,000 19,500,000 7,337,000 comparatively light, and little improvement is expected unTotal April 14 1923
85,101,000 26,819,000 29,157,000 18,566,000 7,034,000
Total Aprll 22 1922—.65,840,000 40,032,000 68,888,000 8,483,000 4.379.0(0 til the present quiet is lifted, more activity is looked for
after the first of the month, when there will likely be a reWEATHER BULLETIN FOR THE WEEK ENDING
prices has
APRIL 24.—The general summary of the weather bulletin newal of retail buying. The holding of percale
issued by the Department of Agriculture,. indicating the resulted in a general belief in the trade that the gray goods
influence of the weather for the week endng April 24, is markets have seen the bottom. While they may not show a
as follows:
sharp rise, it is the general opinion that there will be more
In marked contrast to the five weeks immediately preceding, the temperature during the week ended April 24 averaged considerable above normal resistance to any decline than has been the case of late.
in all Central and Northern States east of the Rocky Mountains. Temper- Several of the leading mill agents state that they will be able
atures continued near the seasonal average in the Southern States, but
there was a reaction to much cold weather west of the Rockies. The first to prevent any runaway prices when the additional fall busipart of the week was unusually cool in the Southeastern States with frost in
ness develops. They are convinced that activity in retail
the northern portions of Georgia and Alabama.
Rainfall was moderate to heavy from the lower Missouri Valley northward and heavy snow occurred in some central Rocky Mountain districts. centres would be checked if prices are advanced sharply in
Precipitation was generous In all sections of Nebraska, wnere moisture was the next spurt of buying on the part of consumers who are
badly needed, but continued deficient in western Kansas and soutaeastern
Colorado, where severe drouth nas prevailed for a long time. More rain- said to be about ready to purchase required summer goods
fall was needed In some localities of the Ohio Valley, central elorida and localltles In the far Northwest. Otherwise, soil moisture was generally suffIci- of many varieties.
•ent.
DOMESTIC COTTON GOODS: Quietness has prevailed
Warmer weather in the more Northern States and the great Central
Valley as well as in the Atlantic Coast area was especially -beneficial for
farming interests particularly in permitting the preparation of soil and the in markets for domestic cotton goods during the week, and
planting of spring crops. Less rainfall In the South was also beneficial, prices in a number of directions have ruled slightly easier.
where field work made better progress althougn the soli continued too wet
In parts of Arkansas and from Central and West Gulf localities. It was The uncertainties surrounding the raw material markets
cold and rather stormy in the central Rocky Mountain and Plateau States,
he season continues late in most have encouraged buyers to hold off, and the latter have conwhich was most unfavorable for stock.
section4 of the country. Roads improved generally, although where un- fined
purchases for the most part to immediate needs. It is
paved they continue in poor condition in some Southern States.
COTTON.—The first part of the week was too cool for best results in generally expected, however, that there will be a resumption
the eastern portion of the cotton belt, but much warmer weatner prevailed
during the latter part, and there was less rainfall in most central and west- of retail buying within the next week or two, and that more
ern growing districts. In general these conditions gave a rather marked
activity will develop in first hands. Primary merchants
Improvement in the cotton growing States.
The week brought more favorable weather for field work in Texas and seem confident that in the event of the
current quiet holding
Louisiana, although the soil continued too wet in many localities, particularly in central and southeastern Texas. Chopping was in progress in for another week or two, it will insure the inception of a
southern Texas northward In Corpus Caristi and progress of the crop was
reported as generally fair, except in the wet areas. Planting made satis- healthy fall trade. This trade is expected to start as soon as
factory progress in Oklahoma and excellent advance in Arkansas extending jobbers and
other buyers are more settled about the worth
to the northern portion of the latter State. Considerable cotton was
planted in Mississippi, though mostly in soil too wet for best results, while of cotton and the character of the retail
trade. It is claimed
planting was completed in some southern sections of Alabama.
The first part of the week was too cool in the Carohnas and Georgia. that,the latter is certain to improve as soon as the new wage
but the last part was more favorable and much planting was accomplished.
Cotton was coming up poorly in Georgia and much replanting was neces- advances go into effect, as the additional purchasing power
sary, but stands were fair to good In Florida. In the East, planting be- to the industrial East comes as a
gift to many of the workcame general to central North Carolina.
WHEAT.—Winter wheat was benefited in most of the principal pro- ers and will be readily spent. Percale prices for the fall seaducing States by the more favorable weather of the week. The crop was son have
been continued without change, and a good busistill backward and growth slow in the Ohio Valley and more moisture
Was needed in some localities, but rather widespread improvement was ness is looked forward to. The stocks of new percales in the
noted In that area. Wheat made excellent progress in Missouri and its markets have
not kept pace with the demand, and printers
Condition was good generally, while the generous moisture received during
the week was beneficial in all sections of Nebraska, although many fields in offering new fall lines are including many designs and
will be planted to other crops in the latter State because of poor stands.
„. Ideal weather prevailed in eastern Kansas and wheat made rapid growth colors which buyers will want, as in the past they have
In that section where the plants had reached a height of from six inches to proved to be good sellers in limited offerings as specialties
a foot and were jointing in some localities. In the more western portions,
however, many fields remained entirely bare. Wheat made excellent and novelties. Jobbers in agricultural sections are displayprogress generally in Oklahoma, except in the extreme northwestern por- ing more confidence in the coming fall business. According
tion, while the advance was mostly satisfactory in Texas.
It was generally favorable for this crop in the more northwestern States to some reports received, the initial fall business from retailand the change to warmer weather was beneficial in the middle Atlantic ers has been good and some stocks of strictly winter goods
Coast area.
Much better weather for field work prevailed in the spring wheat region purchased some time ago are already proving inadequate.
and seeding progressed satisfactorily in most sections. Tills work was pusned Print cloths and gray goods during the week have been very
vigorously in South Dakota until retarded by cold and rain the latter part quiet. Print
cloths, 28-Inch, 64 x 64's construction, are
of the week. The soil continued mostly too wet for work in eastern and
central North Dakota. out considerable seeding was done In that State, quoted at 8Y
4c., and the 27-inch, 64 x 60's, at 7%c. Gray
while seeding progressed rapidly in southern Minnesota, and a little spring goods in the 39
-inch, 68 x 72's, are quoted at 12c., and the
wheat was sown in Iowa during the week. Seeding was mostly completed
in lllinois with germination satisfactory. Early seeded spring wheat 39-inch, 80 x 80's, at 13%c.
grew well in the more Northwestern States, but more warmtn was needed
WOOLEN GOODS: A steady undertone has prevailed in
In Montana for best germination.
OATS.—Oats seeding made rapid advance and was nearing completion markets for woolens and worsteds, and buying has been of
In the Ohio Valley States, and as far north as southern South Dakota in
the Great Plains. Tuts work was completed in southern Iowa and was moderate volume. A supplementary spring demand of growbeginning in the northern portion. Oats did well as a rule in the Southern ing proportions has been reported In some of the dress goods
States, but continued in poor condition in the southern Great Plains ar(a, and men's wear
houses, arising from a sort of secondary seaparticularly in Oklahoma.
It continued too wet for seeding in the rice belt of Arkansas and very son call for goods required by the clothing and apparel
little rice was sown in Louisiana. while this work was furtner delayed in trades. In
some quarters, however, the buying appears to be
Texas. Conditions continued favorable tor rice crop in California.
CORN.—Much Corn ground was prepared in the interior of the country more than of merely filling proportions and is taken to indiwhere the weather was mostly favorable for this work. Much ground was cate that the initial purchasing was fully as cautious as
plowed in Ohio and plowing made rapid progress in Indiana and Illinois, agents
thought it was a few weeks ago. Cutters working on
with some planting northward to the central portion of the last named
State. Planting was begun in southern Missouri, was well along in Arkansas spring and summer goods state that they are getting a
supapd nearing completion in Oklahoma. This work made excellent progress plementary
spring and summer business sufficient to keep
III the eastern Wilt of Kansas and toe increased moisture in Nebraska p
them well occupied for some weeks to come.
the soil in good condition in that State.
Good advanci3 was made in preparing corn land in the Middle Atlantic
FuRE1GN DRY GOODS: The activity in markets for
States with planting In progress northward to central North Carolina. The
progress and condition of early planted corn in toe South was mostly satis- linens has been more or less
spotty. Household goods have
factory, except in some of tile winter areas and where rain was needed on
some uplands in central Florida. Broom corn planting was well advanced in been in fair demand, but other lines have ruled quiet. A
in south central Oklahoma.
little business has been reported in crashes, with the lower
grade goods preferred, while handkerchief manufacturers
have confined purchases to immediate needs and neglected
THE DRY GOODS TRADE
to buy yardage for requirements beyond the second Will' of
Friday Night, April 27 1923.
the year. Salesmen on the road who recently booked a very
There has been, no increase In activity during the past profitable business, are now sending in smaller than cusweek in markets for dry goods, and the quiet demand re- tomary sized orders. Many buyers are said to be holding off
sulted in slightly easier prices in some divisions. The fall- in the belief that prices will recede between now and the
ing off in demand has been particularly noticeable in the time they must have goods. Burlaps failed to develop an.Y
activity, and owing to lack of demand, ruled easier. Lower
domestic cotton goods division. Throughout the whole of advices
from
off. Light
the primary dry goods markets a feeling of conservatism has weights are Calcutta encouraged buyers to hold
quoted at 6.90 to 7.10e. and heavies at &05 to
prevailed in the more prominent houses. It has, however, 8.15c.
1920
T I-1111 CHRONICLE
[VOL. 116.
Page,
Name.
Rate. Maturity. Amosmt. Price. Basis.
1328--East Cleveland, Ohio----5
52.000 101.61
1924,196
4.75
1570- _East Cleveland. Ohio----5
1924,1936 175,000 101.62 4.74
1212_ _East Feliciana Parish Rd.
Dist. No. 1, La
5
1924-1943 150.000 100.29
1092--Electra Ind.8. D.,Texas-5
serially
196,000 y100
1452-_Elizabeth, N. J
MUNICIPAL BOND SALES IN MARCH.
1925-1943
92,000 100.12 4.24
1452_ _Elizabeth, N.J
4' 1925-1953 495,000 100.199 4.23
4
4
1212- _El Paso Co. Sch. Dist.
We present herewith our detailed list of the municipal
No. 11. Colo
4
100.82
bond issues put out during the month of March, which the 1452_ _Elkhart County, Ind_ _ _ _4 1924-1943 100,000 100
20,000
4.40
-Elwood Dr. Dist., Utah--6
67,600
crowded condition of our columns prevented our publishing 1328--Emery County, Utah---534 serially
1092145,000 2100.10 --.1328--Emporia, Va
at the usual time.
1958
100,000
1805--Englevale S. D.14, No.D.4
10,000 100
4.00
The review of the month's sales was given on page 1568 1092_ _Eureka County, Nev_ _ _ *1940
90.000 105.18
1805_ _Eureka S. D.76. No.Dak.4
3.500 100
4:66
of the "Chronicle" of April 7. Since then several belated 1452--Fairbury S. D., Nebr---434 1924-1948 150,000
1212_ _Fair
5
serially
30,000 100
5.00
March returns have been received, changing the total for 1571--FallsPlay S. D.,Mo
City, Neb
5
1925-1935
20,000
River, Mass
4
1924-1943 140,0001
the month to $69,350,799. The number of municipalities 1212- _Fall River, Mass
1212-.Fall
434
140.0001 100.37 4.62
issuing bonds in March was 322 and the number of separate 1212- _Fayetteville, No.Car----5 1924-1943 350,000 102.08 4.85
1926-1964
1328--Findlay S. D., Ohio
454 1924.1943 665,000 101.58 4.53
issues 577.
1571_ _Fountain, Colo
5
1933
6,000
MARCH BOND SALES.
1571_ _ Franklin. Tenn
5
1928-1932
25,000 101.32 4.76
Bate. Maturity. Amount. Price. Basis. 1092_ _Franklin Co.. Ind
Nome.
5
Page.
1924-1933
17.280 101.66 4.87
534 Yearly
$300,000 100
1450--Aberdeen. Se. Dak
5.50 1805--Ga e Co. S. D. No. 30,
5
1925-1949
ebr
75,000 100.15 4.98
1931-1943
1210_ _Aberdeen Gr.8.D.,N.0_5
8.000 100
5.00
534 1925-1932
434 1924-1933
5,200 100
1450-Adams County. Ind
4.50 1452--Galion. Ohio
16,764 102.47 4.20
6
65,000 100
1925-1929
1569-Alexandria Sch. D.,Ohlo-5
5.00 1092-Gallipolis, Ohio
10.000 102.65 4.26
County. Ind
6
1924-1926 200,000 101.045 5.40 1092--Gallipolis, Ohio
1924-1932
1210-.Allen
3,876 103.38 5.28
6
434
1683--Ambler 8.C. Pa
125,000 103.865 4.19 1092-Galllpolls, Ohio
4,440 103.98 ---1805__Galt S. D.39, No. Dak--4
*1940
1569-.Arapahoe (jaunty Sch.
40.000 100
4.00
s
Dist. No.82. Colo_ _ _ _5 y
yearly 615,000 101.19r ---5
serially
1452-Galveston, Tex
25,000
5
1924-1929 131,000 100
1569-Athens City Sch. Dist..
1571- _Garfield, N. J
5.00
Ohio (2 lames)
5
5
1924-1946 368,525 100.32 4.97 1328--Garrard Co.,Ily
70.000 103.33 - 1928-1952 300,000 102.76 4.76
1210-Atlanta, Ga.(12 issues)
-5
70,000 102.90 4.48 1212--Gaston Co., No. Car---5
1933
1450-Bailey Oo. S. D.No.4,Tex
434
1328- _Geneva, N. Y
15.000 100.483r 4.19
10,000
County, Md.-434 1924-1937 750,000 101.381 4.35 1092-_Geneva S. D.,Ill
1928-1943
5
1450-Baltimore
40.000
1326_ _Barberton. Ohio
6
1924-1933 102,700 101.652 4.68
1924-1932
4,200 100
6.00 1453-_Gibson Co., Ind.(5 las.)-5
1804„Barnwell Co.. So. Caro 53( 1924-1943
5
1924-1933
24,000 102.116 4.60
40,000
---- 1453_ _Gibson Co., Ind
.Barnwell Co. So. Caro..-53i 1924-1943
1924-1943
1804.
5
42,000 103.376 4.35
1453- _Gibson Co., Ind
50,000
1326_ _Bartholomewbo., Ind_ -.5 1934 & 1935
1924-1943
45,000 102.81
_
_
1,500 101.53 4.83 1453-Gilroy High S. D..Callf 5
5
1326-Bartholomew 0o.,Ind--5
55.000 101.16r
_
1328--Gladstone, Mich
35.000 101.785
1569„Bartow, Ga
434 1925-1946
6
22.000 100.44 4.456
1951
1328--Glen, N.Y
6,000
1450--Bath. Pa
4
1934
• 5.000 100
4.00 1571-Glenville Coma. S. D. No.
534 1926-1934
No.9, N.Y
1090-Beaver Falls 8. D.,Pa 434 1924-1937 150,000 102.02 4.20
8.500 101.03 5.05
5
74,500 100.24 4.24
1924-1928
1450-Bedford, N.Y
434 1925-1940
48,500 100.242 4.22 1093--Gloversville, N. Y
5
1933-1940 100.000 109.173 4.11
1450- _Bedford School City,Ind-5
1093-Gloversville, N. Y
1936-1938
23.500 104.728
1804--Bergen Spec.8. D..No.D.4
10,000 95
*1940
8,000 100
4.00 1212--Gold EIIIIIrr.Dist.. Ore--6
1569-Bexley,Ohio(4 issues) 534
Yearly
162,540 101.27 ---- 1571- _Gooding County Ind.Sch.
•1326__Biloxl, Miss.(4 issues)-53(
Dist. No. 10, Idaho-534
60.000 100.222 _ _
Yearly
550,000
1571__Goshen Co. Sch. Dist.
1210-Bismarck Spec. S. D.No.
No. 11. Wyo
1, No.Dak
5
40.000 100
5.00
5
85.000 102.60
1683__Bogota S. D., N..1
6
r 147.000
434 1924-1963 250,000 100
4.50 1453-Graham. Tex
1571_ _Grandfalls Common Sch.
1327--Boise City Ind. S. D. No.
Dist. No. 3, Tex
6 d1941-1961
1, Ida
14,000
43.4
200.000 100r 4.75
1328-.Grand Island S. D., Neb_5 d1924-1934 144,000 100
1923_ -Bourbon County. Kan.
5.00
1093- _Grand Rapids, Mich----5
(2 issues)
1941
100.0001 109.50 4.25
5
' 33200
45,0001
1941
1451--Boulder S. D.No.3,Colo.5
1926-1933 284,000 100.36 :1.95 1093- _Grand Rapids. Mich----5
5
20.600 101.83 4.648
1451__Bowling Green.0. lee.) 5
5.00 1453--Grant County, Ind
1924-1933
(8
1923-1932
22.900 100
25,000 102
_--1451_ _Bowling Green, Ohio__ _5
5.00 1328-_Grapeland Ind.S.D.,Tex_6
12.360 100r
5
1328- _Great Falls, Mont
350,000 100.10 _ --1804.._Brookhaven Separate Sch.
1453.. _Grayson Co., Tex
434
716,000
Dist.. Miss
531 1923-1947 150,000
(2
1924-1932
89,600 102.87 1327--Brown County.0. lee.) 5
4196 1093-_Greenburgh Un. Fr. 8.1).
No.4, N.Y
5
1924-1949
50,000 107.07 4.41
1924-1958
25.000 102.25 ---1451- _Brownfield 1.8. D.. Tex-5
5
1928-1929 250,000 102.16 4.54
1327-Burlington, Vt
434
1938
50,000 107.57 4.10 1212_ -Green Co., Wisc
534
15.000 104
1090_ -Brainerd S. D.. Minn- -5
1925-1931
35.000 100.89r 4.80 1328-Greenfield, Ohio
4.92
1924-1938
_-- 1093Green Twp. Rural S. D.,
1569- _Brewster County, Tax...
300,000 100.91
.534
Mich
534 1924-1943
50,000 105.544 4.84
1210-Brighton Pay. Dist. No.3,
$
1213-Greenville, So. Caro
100,000
Colo
6
_
26,000
1328--Gunnison Co.S. D.No.8,
1569--Buffalo, N. Y
4
1924-1943
50,000
Colo
10,000
1211-Burke Ind. B. D. No. 58.
5,000
So. Dak
534
1942
18.000 102.22 5.32 1329_ _Guthrie Twp., Minn-,--434
1090__Butler, Ind
1924-1937
5
20,000 102.68 4.55 1329„Haddonfield S.D.,N.J-434 1924-1951 113,500 100.221 4.48
.Hamilton. Ohio
5
96,512 101.13 4.80
1924-1933
1091-_Butler School City, Ind_ _5
1925-1938
20,000 102.82 --- 1329.
966-Busti Union Free S. D.
20,000 100
*1940
1806-Hamlet S. D. 1(1, No.Dak.4
4.00
5
400,000
No. 1, N.Y
5
1928-1952 128 888 18/139 ..
:
..4..!! 1806_ _Hancock CO.. Miss
57,000 103.38 4.59
1924-1942
5
1213- _Hancock Co., Ohio
1327--Campbell County. Ky---5
1453--Harland Co.8.D.No.18,
1091-Canaan Twp.Rural S.
Nebr
30,000
Ohio
D.'
534 1924-1943
65,000 105.115 4.87
1453__Harriettstown Un. Free
1925-1931
1451-Canfield VII. S, 13., 0h1o..5
S. D. No. 1. N.Y
434 1924-1963 400,000 102.77 4.276
1804-Canton. Ohio (3 Issues). _5
4i:M- 100
'
6
1:86
4
1928-1953 285,000 100.26 3.98
5
1936-1944
1451-Caroline County, Md
27,000 106.29 4.27 1213--Harrisburg, Pa
Serially
1804_ _Cass County. Ind
1329-Harris Co. Drain. Diets..
5
56.000 102.167
Tex.(3 issues)
6
1451-CastlefordInd. S. D. No
1925-1972 119.000 100
.
6.00
S. D.13,No. Dak.4
534 d10-20 Yrs.
*1940
9, Ida
20,000 100
4.00
3
5.000 101.59 -,== 1806--Hebron Un. High S. D.,
1804--Castle Rock 8. D.. Wash_434
50,000 100
4.876 1093-Hemet
Calif
5
*1942
75.000 104.26 4.59
1933-1943
1804-Cathay S.D.10. No.Dak.4
10,000 100
4.00
-Homing Ford, Colo
6 d10-20 yrs.
1569-Cavour,80. Dak
1093534
5.000
35.000
43( 1928-1943 100,000 106.33 4.17
966-Chautauqua Co., N. Y...5 1928 & 1929 250,000 103.897 - :6 1453--Hempstead, N. Y
4
1213-.Henderson Grad. S. D..I5
1451-Cheraw 8. D..So. Caro--5
1948
1926-1953 r100,0001 101.69 4.86
75,000
•
No. Caro
1924-1943 300,000
1926-1953
1451-Chesterfield Co.. So.Car-5
50,000J
15
1327-Chicago South Park
1329--Hennepin Co.. Minn--.,-434 1927-1941 500,000 101.57 .,
4
III (3 issues)
1924-1943 2,046.000 97.782 4.28 1213__Heskimer County, N. Y.
5
-Chinook, Mont
5
(3 issues)
1327.
1928-1952 179,000 110.87 4.17
17.200 ,
yearly
1327--Chip wa County. Mich_5
100,000 101.30 4.80 1572_ _Highland County, Ohio--5
1924-1931
56.000 100.468 4.90
1924-1947 366.000 102.33 4.29 1572.-Highlands County, Fla_ _6
1211-Cincinnati S. D., Ohio__ _4
1924-1953 525,000 101.87 5.82
1570-Clackamas County, Ore_ _434 1937-1941 246,070 100.41
100,000 98.98 _4.72 1093..-Holly Drain. Dist., Colo-6
1572__Holmes County, Ohio--534
County. Miss
1091--Clay
534 1924-1948
1928
16,650 100.779 5.33
40,000 y100.029 1093_ _Holyoke, Mass
4
1570-Clay Co. Road Districts,
1924-1933 220,0001 100.149 3.97
Tex.(2 Issues))
534
4
1924-1943
8,650 100
80,000
5.50 1093_ _Holyoke. Maas
N. Y
*1940
1804--Clerveland S.D.8,No.D-4
6,000 100
65,476 100.258 4.45
43 1924-1932
4.00 1329-Hornell,
1924-1933
100
5
1211-Clinton Co.,Ind.(2 iss.).5
1951
36.800 101.78 4.67 1926__Howard, Kane
5.00
.
1091--Coahoma County, Miss.. -- 1924-1943
8,000 100
35,000 101.60r ---- 1806_ _Hudson S. D.10.No.Dak.4
4.00
*1940
1953
7,000
5
1451-Coatesville, Pa.(2 iss.)-434
50.000 102.89 4.33 1213-Hugo, Colo
1093-Humphrey8 Co., Miss---6
1211--Colbran. Colo
6 d10-15 yrs
1928-1948 175.000 y105
8.000
r
6 d10-15 yrs.
12.000 101.88 -- .
1924-1942
1211--Colbran. Oolo
5.18
15,000
--- _ 1329-HuntersvIlle, No. Caro-6
1572_ _Huntington,N.Y
50,000 100.34 4.68
1211434 1924-1933
134,000 103.38
Beach Sch.
1924-1943
1091-Compton City 8..13., Cal_5
57.000 102.60 4:$16 1572-Hunting
.
Dist.,tonalif
C
250.000 102.31
loci__Consrese Twp.Rural Sch.
5
22.000
District, Ohio
1924-1943
5
5
15,000 103.86 4.55 1213-Hyrum. Colo
434 d1933-1943 776.500 101.44r
534
1329-Idaho (State of)
26.588 102
1091-_Coshocton, Ohio
1923-1962 300,000
1091-Costilla County School
1572-Imperial County, Call!.
8,977 101.19 5.20
District No. 10. Colo-534
1329--Independence, Ohio
554 1924-1932
12.000
1924-1933
434 1925-1939 1,000,000 97
1091- _Crawford County.Ind---5
4,000 101.50 4.71 1806-Indiana (State of)
4.86
1924-1928
300 100
1093-Isle La Clare Road Dist.
1091-Crawford County,Ind- _5
5.00
22,000 2101.50
1924-1948
No. 1, La
6
11,000
6
1570-Creston, Wash
50.000 100.091r 1329_Jamestown, N. Y
19264941
454 1924-1933
25,000
4:5
1451-_Crisp Consol. S. D.,N.0.6
40,000 100
*1942
4.00
1211- _Cuyahoga County, Ohlo_4% 1925-1944 100.000 100.312 4.71 1806-Jamestown I.8.D.,No.D-4
90,000 100.09
5
1924-1932
1452__Cuyahoga County. Ohio_5
12,917 101.039 4.79 1213_ _Jasper CO.,Iowa
150,000 97
1953
535
1923-1932
5.71
--Cuyahoga County, Ohio...5
16,802 101.039 4.79 1329__Ja8per Co.. Tex
1452
1952
5
125,000 96
1924-1932
1452__Cuyahoga County. Ohlo_5
5.25
28,703 101.039 4.79 1329_ _Jasper Co.. Tex
6
1943
6,500
1213-Jefferson Co. S. D. No.8,
1570-Dalton. Neb
434
serially 150,000 99.00
Nebr
5 d1933-1943
-Davenport, Neb
5.000 100
1327
1:66
10.000
1942
5 d1928-1943
21,000 100
1327_ _Davenport. Neb
5.00 1572_ _Jefferson S. U. So. Caro_6
Yearly
195,000 100
(2
-4.15
1452_ _Davidson,N.C. iss.)- _534 1924-1963 120,000 100.50 5.45 1329-Kalamazoo, Mich.(2 iss.)434
5
5 semi-ann.
6.000 100.16
1924-1948
1211-Daviess County,Ind
1453--Kenmore, Ohio
31,840 101.67
4
150.000
088 186 15 4.38 1453_ -Kent County,Del
:
1327--Dayton Sch. Dist., Okio-434 1935-1946 6.32:0
1686-Kewaskum, Wise
1943
20,000 100
5
534
1926-1935
5.00
1211_ _Decatur, Ala
43.1
*1930
105,000
7,000 100 785 5..00 1454- _ Kirkwood, Mo
4 44
1805...Deer Lake S.D.40.No.D.4
Serially
1932
25.000 103.41
18,600 100
1686_ _ Kirkwood. Mo
_Delaware County, Ohio_ _53,
5.50
1327_Klickitat Co.S.D.No.(7)-5u
4,000 100
6
5.75
40,000 100.05 - 1927_
1452-Delhi. La
6
1926-1935 125.000 100.53 _
50,000 100.50
1329- _Kokomo School City. Ind.4
1452-Delta, Colo
4
1924-1943 100,000 100.523 4.43
434 1926-1966 252,000 103.89 4.29 1454-La Crosse, Wls
1327_ _Des Moines,Iowa
Grange County,Ind--5
25,500 103.37 4.61
1924-1943
30.000 101.59 4.30
13.
1092-Dorchester Comity, Md.434 19234942
42,500 103.317 4.62
1928-1952
1924-1943
90,000 101.66 4.12 1213__La Grange County,Ind--5
1092_ _ Dormont Bore S. D.. Pa_4 4 1942&1943
5
27,500 103.327 4.82
1924-1943
400,000 108.416 4.27 1213--La Grange County, Ind--5
1570-Douglas County, Neb
92,000 101.60
1329--Lake City. Minn.(2iss.)-5
1452_ _Duanesburg Union Free
1923-1955
65,000 107.139 4.40 1094- _Lake County, Fla
250.000 102
1952
5
4:813
Sch. Dist. No. 1, N.Y_5
1807- _Lake of the Woods Co.,
1327_ _Dundy County Sch. Dist.
Minn
534 d10-30 yrs.
10,000 100
60,000 101.55
6
6.00
No.16, Neb
the Woods County
*1930
8,800 100
:4- 56 1213--Lake of
.
1805-Durbin S. D.12. No. D..4
Consul. Sch. Dist. No.
1328_Eag1e 0oun5y Sch. Dist.
112. Minn
10,000
434
7,500
Ns. II, OoTo
ffitatt and (tit prixartutent
rt
.
34
APRIL 28 1923.1
THE CHEO.NICLE
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
1329- _Lake Twp.Sch. Dist. No.
1. Mich
43( 1926-1953 125,000
1094_ _Lake Worth Inlet Dist.,
Fla
6
1928-1952 275,000 108.75 5.30
-Lakewood,Ohio (5 issues)5% 1923-1932
121349,7921101.159 5.00
i213 ..Lakewood. Ohio
3
1925-1932
13,3301
1454--Laredo Ind. S. D.. Tex--5 d20
-40-years
75,000
1214--La Porte County, Ind--5
1924-1943
11.600 103.748 4.28
1214-.La Porte Oounty, Ind......5
1924-1943
23,600 103.76 4.28
1454_ _La Porte, Ind
4l4
1933
4.50
10,000 100
1454__Larmar.Colo
5g
150,000
1329Lawrence County, Ind,
(2 issues)
4% 1924-1933
4.50
13,000 100
1454-Leaksville, No. Caro_ _6
5.61
1925-1943 205.000 103.21
1329-Lehigh County,Pa
43C28.'33,'38&'43 300,000 102.68 4.00
1330.-Lexington, No. Caro. (2
Rau )
5
1924-1964 225,000 100.10 4.99
-Lima, Ohio
5
% 1924-1932
r8,3001100.002 5.49
1454_ _Lima, Ohio (2 issues)_. - _5%
1924
38,4001
1572-L1ma Sch. Dist.. Ohio
(2 issues)---,
5
1924-1947 540.000 103.56 4.63
1214- _Limon, Colo
5
7,500
1214--Lincoln County,No.Caro4 4
225.000 100.01 4.74
1953
1094- _Lincolnten, No.Caro- _ _ 1925-1943 160.000
1330-Lindley, N. Y
5
1924-1928
20.000 100.68 4.75
1807-Linden S. D.1, No. Dak-4
*1940
25.000 100
4.00
1807-Lindsay, Nebr
12.000 100.48 ---1572- _Liscomb, Iowa
2,500
1214--Logan City S. D.„ Ohio_ _5
1926-1932
25,000 102.51
4.55
1454_ _Long Branch, N.J
4
1925-1943 150.0001 100
4.50
1454_ _Long Branch. N.J
1925-1941
91.0001
1687- _Loraine Ind.S. D.,Tex 5
40,000
_--1214- _Los Angeles,Calif
5
1924-1962 275.000 101.71
1214__Los Angeles,Calif
3
1924-1956 100.000 101.378 -4-./3
1094.-Lyon Co.Cons.SC/2. Dist.
No.1, Minn
4% 1928-1938
45.000 101.12 4.63
1214_ _Lyons County, Nev
Yearly
6
12.000 101.11 ---1214-McKinney, Tex
100,000 102.12 ___1330-McMinnville, Ore
12.705 100.42 ---1330-McMinnville, Ore
1938-1940
6.000 106.40 ---1572-Madison, Wis
200,000 100.86
43
1330_ _Madison County, Ind---5
1924-1933
15,000 101.82 -- .
4.6
6
1572_ _Malden, No. Caro
6
1925-1937
25,000 103.50 5.43
1454--Malden, Mass.(2 issues)
-4% 1923-1952
75.000 100.867 4.09
1214_ _Mamou, La
1925-1948
40,000 102.43
1095_ _Manchester. N. H
4
19244943 100,000 99.327 4
.6§
1807_ _Mandan Spec.S.D..No.D.4
*1942
50.000 100
4.00
1330_ _Manitou,Colo
60,000 100.27r
1214_ _Mansfield. Ohio
ti 1924-1943
45,000 100
-5
.85
1330_ _Marion, So. Caro.(3 iss.)5
19334952 100.000 100.85 4.96
1572-Marion, Ohio (2 issues)--534
49,397
1214_ _Marion Two. Rural Sch.
Dist., Ohio
534 19244946
50,000 104.068 5.04
1454-Marlette. Mich
5
Yearly
16,000 103.218
1572- -Marshville, No. Caro
6
1926-1963
75,000 104.56 5:5
- .
4
1330__Martins Ferry Sch.DM..
Ohio
5
1925-1946
41,000 102.38 4.74
1572_ _Massllon. Ohio
3
1924-1932
39,482 100.869 4.83
1573 _ _Mayville Joint Free High
Sch. Diet., Wis
5
1925-1938 190,000
1687-Mechanicsburg, Pa. (2
issues)
16,000
1573--Merchantville S.D.,N.J.4% 1924-1963
16,600 100
4.75
1330_ _Michigan (State of)
1943
434
2,000,000 101.69 4.15
1687„Middlebury School City,
Ind
4
Yearly
7.000 100
4.50
1573-Middlesex County, N. J_4
1925-1941 239,000 101.433 4.33
1573-Middlesex County, N. J-4
1925-1929
45,000 100.124 4.47
1573-Middlesex County. N. J434 1925-1945
42,000 101.392 4.35
1454-Middletown. Ohio
5% 1924.1932
9,162 102.56 4:79
1454-Milan Co. Rd. Dist. No.
34, Tex
33,000 97.30 _1095- _Mission, Tex
7
Serially
30,000
1095-Mobile Co,AJa.(2 issues)5
430,000 102.12 4.82
1943
1330-Mohawk,INT.Y (4 issues 4% 19254946
.
49,000 100.928 3.997
1330--Monmouth County, N. .
(3 issues)
4
19254953 1.191.000 101.97 4.30
1454_ _Montclair, N.J
4
315,000 100.48 4.40
1928
1454-Montgomery Co., Ohio_ -5
1924-1932
96,000 101.031 4.80
1330--Montgomery Co., Tex---5% 1927-1952 120,000 105.75 -1454-Morgan Co. Sch. Dist.
No. 3, Colo
14,000 100.39 ---434 d15-30-yrs.
1454_Moroni, Utah
r
5
20,500
1330--Mt. Lebanon Twp. Sch.
Diet,, Pa
434 '29'35'41'47&'53
50.000 101.205 4.16
1331-Murfreesboro. Tenn. (2
Issues)
5
21,Q00 100.84 4.81
1573 _ _Muskegon Heights, Mich.4% 1940-1945
35.310 v101.042 ____
1331--Myakka Spec. Rd. &
Bridge Dist.. Fla
6
1926-1948 150,000 99.67 6.03
1215-Navajo Co. S. D. No. 6,
Ariz
6 d1928-1943
14,500 103.75 ---1095--New Boston, Ohio
5X 1925-1933
55,000 y102.33 -1454-New Orleans, La
4X
1,050,000 97.55
1455-Norfolk, Va
5
1952
1,500,0001 101.95 4.88
1455-Norfolk, Va (2 issues) --4X
1688--North Carolina (State of).4 A 1945&1973 1,529,0001 100
4.50
1933-1952 5.000,000
1455-North Castle. N.Y
4X 1924-1936
25.000 100.78 4.373
1573-Norwalk, Ohio
5
1924-1931
53, 20 yl
1331--Norwich„ Conn
4
1924-1948 259,000 100.62 -4:iii
1455-0aklyn S. D.,N.J.(2is.)4
60,000
1095-Ogden, Utah
4
150,000 100.30
1331-O'Hara Twp.S. D.,Ohio 4Si 1928-1948 100,000 103.166 4.23
1215__Olcmulgoe Co., Okla
5
1943
200,000 102.75 4.79
1331-Omaha, Neb.(2 issues)
-4X
1943
600,000 102.58 4.31
1331--Oneonta Cora. S. D. No.
6, N:Y.(4 issues)
6
1923-1941
30.775 104.49 4.34
1455....Oneda Ind. S. D. No. 1,
So. Dak
5
1933-1943
50,000 100.99 4.92
1215_ _Orange Co. Spec. Tax
Sch. Dist.,Fla
5
1953&1963 150.000 103.21
4.81
1215-Orange Co. Special Tax
Sch. Dist..Fla
5
1948-1958
10,000 107.36 4.56
1455_0rwell Twp. Rur. 8. D.,
Ohio
5
1924-1947 130,000 101.691 4.83
1331--Osborn, Ohio
5Si 1925-1939
15.000 103.003 5.08
1929„Osborne, Kan
5
1924-1942
35,500 101
1.929„Ottawa, Kan
4%
5,112 100
I
ll
1809-Owosso, Mich
5
1927
18,000 100
1215-Ozaulcee Co., Wise
4% '24-'36&'42 160,000 100.82 :2:3/
1573- _ Painesville, Ohio (2 iss.)-5
1924-1932 221.000 100.38 4.91
1215_-Parmer Co. Corn. S. D.
Tex
6 d20-30 yrs.
20,000
1215_Passalc do., N..I
4
1924-1943 493,000 101.55 4.31
1929- _Peabody, Kan
4.75
1924-1933
5.036 100
1929_ _Peabody, Kan
1924-1943
60,000 100.15
1331--Pend Oreille Co., Wash--4
1934-1943
40,000 100.25 ---1096_ _Pensacola, Fla
50,000 100
1455_ _Perth A.mboy,N.i
5
1924-1942
19,000 103.18 I.d0
1331__Phelps Un. Five S. D.
No. 8, N.Y
4% 1924-1948 175,000 103.30 4.20
1096- _Philadelphia S. U. Pa -4
1933-1952 3,000,000 100.173 3.98
1096_ _Phillips Co. S. D. No. 15,
Colo
8 d10-20 yrs.
3,000
1455_ _Pike Co.,Ohio
12,250
1331_ _Pittsburgh, Pa
4X 1923-1952 192,000 102.67
4.00
1574_ _Plattsburg, N. Y
5
1924-1935
12,000 103.27 4.42
1216--Pleasant Ridge, Mie.h---4X
1953
70,000 102.021 4.38
1809- _Pleasant Valley S.D. No.
35, No. Dak
4
*1940
4.00
44,000 100
1574-Polk County. Iowa
436 1924-1939 161,000 100.008 449
1574_ _Ponca City Sch. D.. Okla.3
1948
119,000
1689__Portland, Ore
6
Various
1331--Portland Water Dist.,Me.4
1943
3(118;(7)&11
1331.-Port of Coos Bay, Ore_
50,000 104.22
a:i-
1921
Page.
Rate. Maturity. Amount. Price.%Basis
None.
.
1455-Porter Co., Ind
1924-1933
5
35,000 101.83 „,...4.61
1689- _Primrose, Nob
6
13.500
1216-Provo, Utah
serial
5
90.000 t 102.25rJ
1216--Providence,ICy
6
65.000 106.51 ---.
1096-Providence, R I
700.000 98.96. 4.03
1953
4
i
1574_ Pulaski County,Ind
1924-1983
6.440 100
6
if 6.00
1809 RandolphCounty,Ala---534
25.000 101.04 5.24
1942
1574--Raton, IsT Mex
6
125,000
-.I
1455-Redondo Un. High S. 13..
Calif
1924-1943 195.000 100.76 4.96
5
1216-Renville Co.,Minn.(4is.)4X
262.100 100.09 ---1810_ _Ritenour Cons.S.D.,Mo_5% 1923-1937
65.000
1930--River Forest,
1924-1933
40.000 1101
1574_ _Robinson Twp.S. D.,Pa.4X
El5
125.000 103.16 4:66
1332.-Rock River, Wyo
30,000
6
1689- _ Roosevelt, Okla
8.000 100
---1456--Royal Oak. Mich
1456-Rule Tex
.
145
6
1216--Rye Un. Fr. S. D. No. 1.
5
1224-1928
8638:888
999
N. Y
16,000 100.54 4.21
1332--St. Michaels, Md
5.00
1096-Stissuetrsburg, Fla. (12
Pes
45M 19928-241896352
29.999
104.89 4.94
1,037.000 199
1952
1456-Sabine Co. Road Diets.,
53i
Texas(10 issues)
401.000
1096-Sag Harbor, N.Y
1456- _Salt River Valley Water
5
1924-1943
49.999 195.548 4.365
Users' Ass'n. Ariz„--6
1.800.000 93.50 --- 1574-San Anselmo, Calif
1096-San Bernardino S.D.Ca1.
4.54
5
7
5194
5
38
1924- 9 6 14
1096--San Diego County, Calif_5
0:73194 8
8
1924-1948 600.000 104.'62
1574-Sandusky.Ohio
4
1933 112.700 100.828 - :14
7
1332--San Gabriel, Calif
1456-Sanllac County, Mich-3
g..gt
63'.036 -3
10 1Z 183
0
9
4
55
1 ,9253ear1
1574-San Joaquin Co., Callf_6
5
l93 ll943 1 .000
year y
91332_ _Santa Rosa H.S. D..Cal_5
1928-1962 375.000 106.45 4.55
1810--Sargent S. 13., No. Dak--4
4.00
*1940
1332-Scottsville. N.Y.(21ss.)-4Si 1923-1049 121:
500 00.19 4.23
15 999 199
1332--Sea Girt, N.J
6.00
1574-Seattle, Wash
5.18
3
1929-1943 2,62 9 0 103.30 . 1
3
18.'0 9
1690-Seattle. Wash.(11 issues). %
285,518 100
6
5
1332-Sevier County, Utah_
1333--Shelbyville, Tenn
i '43 & '48 1
1810_ _Sheridan S. D., No. Dak_4 i'25. 394 38.1 180,888
5
: .
13 0
20"8 188.838 4.00
1216_ -Shiawassee Co.. Mich_-6
1924-1926
1:251 v183
1574_ _Shippensville Sch. D.,Pa.43
14.000 100.36 :Cie
1574-Sierra Madre.Calif
__- serially
80,000 103
6
1456_Sheridan Co., Wyo
r 34,000
1810__Short Creek Spec. S. D.
1928-1943
No.6. No,Dak
*1940
4
1217-Sinelairville,N.Y
5
490
.
.
1924-1931
00
19 999 199.44 4 99
8.
000
1217-Si5terville S. D.. W. Va--5
00.000 100.30 --- _
1456-.Skagit Co. Un. II. S. D.
No. 4, Wash
4.70
4.70
1574-Smith County,Tex
5
10 ,'0g3 133.013
99
0
1217-Spiro S. D. No.2. Okla--6
86.000 108.13
1943
1676. :13pringvilld Sch D..Ohlo_4% 1930-1948 136.000 102.087 -5 4- Springfieie uiah
7 .
.
-4.5f
140.000 100.10
1217-Sta.rke County, Ind
5
serglllly
se a y
6.500 102.46
l456-.Starke County. Ind
5 semi-ann.
7.500 101.81
1575-Sterling, Ill
4% 1923-1940
90.000
1097_ _Steuben County. Ind___ _6
:1
.?
1924-1933
5
33,532 102.53 4 .
1456_ _Steubenville, Ohio
_
5
16.000
1456,-Stonewall TWP. Consol.
S. D., No. Caro
15.000
6
1456_Sturgis, Mich
:Cid
80.000 100
1097_Sturgis, Mich.(2 iss.)____1'
09.000 100
5.00
1333-Sullivan County, N. Y4% yearly
75.000 100.675 4.44
1333-Summit Co., 0,(3 iss.)--5
185,200
1097__Tallahassee, Fla.(3 iss.)_5
19284941 145,000 100.12 4.98
1333--Talpa R.D.No.3, Tex_ _5% serially
30,000 1
5.50
1333--Tennessee (State of)
450
.
41
1948
4
1 01 5.
1333--Tennessee (State of)
17755,19090
1948
4
.
1
1 :2 ure ir un
11 1:EreellFeCo us.tv. Texas_ __6 di924- m
a
8
6
.
1.0. 01952 240..013 100
16 4 0
2
3
--- No.tte S:nr
t aat .S.D.
: p
4.00
80,000 100
*1940
1575-TiN iqsv;p
ger
it'
-- 1575-Tillamook County Sale.
C243'381.4.11 888.8°°
Diet, O. , Ore
1097-_ Toledo City S. D.,--------19254033-:8.7
7
98 8 4
9234947 123'.
9 899 1011
Ohio-4
1575__Trenton, Mich
70,000
1575-Trimble Twp. Rural Sch.
4
100.125
Dist., Ohio (2 issues)--5
16 3 Troer. p Rur.S. D..0_5
0 7-_-_Tyl y T m
9
7
8
99 1
.
19 4 948 130',0 3 102.71
9 42 1943
if
,
1333--Utica. N.Y.(5 issues)___431, 19241943
1333--Van Buren Co., Mich----5St yearly
1575-Vanderburgh Co. Ind___4% 19241938
1457-Vanderburgh Co.,'Ind_ _ _4% 19244933
1457-Ventnor City, N.J
serja11942
192 ,
3-1
1931-Venus Ind. S. D., Tex.._ _65
1575--Vigo County. Ind
19241933
1691--Waconia, Minn
1926-1938
1457-Wakefield, Mass
19244948
1457- _Wakulla County, Fla--- -4556
1333--Walworth County. Wls--5 '24. '33,'37
1097- _Wappelo C.I. S. D. la_ _3
19234942
1333-Washington. Ohio '
5% 1924-1938
1575-Washington County,Ohio5 X 1924-1933
1457-Washington CO, S. D.
No. 13. Colo
1217-Waterville VII. S. D.,0-5
111 12X
:
1513::1;:i4Walig;:Ld
1217- _We b. N.Y
lg
but
9 -1033
960
9 101'144
1 ,313 19 3 1.0;
4 9
4:86
22 200 101.003 ..
..100 00
17.600 100
4.30
101.978 4.30
88.:000000
155 000
101.756 "4 M
.
5.00
60 000 100
13,600 100
4.00
100,000 107.25
430.000 100.39 -4.§3
150,000
14,100 102.07r 5.09
5.19
77.000 101.47
43:,01) 102.04
16.07 100.601
. 5 c,
Zgii
4.14
tl
i..000 100.266 4.45
000 107.64 4.30
1575--Webster Ind. Sch. Diet.
No. 1, So. Dak
85000
3S4
1042
1575-Weiser, Idaho
118.000
5
1457--Weld Co. S. D. No. 12.
Colo.(2 issues) y:::::. go,
5
1457-westches;Co. :rn
West tl frooz s .
:,N
1
19286111'1449341Y 23241: °
7
145 -Westchester Co.,N.Y- 4
,
1'7434 19774988 304.000
West
4
re0 (11
0
9
r
113: West View,Pa
i -_
1
:
15.000
1943
4Si
1924-1933
11 480
: 0
1924-1933
5
1334_ _Whitley Co., Inot
7
1924-1933
ts,24
5
1334-Whitley Co., Ind
__
te Co., Ind
11.500
2
4-1 3
192 19 3
1 94 9 3
1575-Whitetail Sch. Dist. No.55
12, No.Dak
5,000
7
1933
1809-Wichita, Kan
4% 1933-1943 116.498
1575-Wildrose Spec. Sch. Dist.
No.90, No. Dak
1943
5
1457-Willou
.Willoughby Ohio
1098--Willow rook S. D.,Calif-3
5%
1334- _Wilmington, Del
1098_ _Wilmot Spec. S. D., Ark_4
18 0
1
0 .
6 d199224-14-851yrs
% 110-3 7994457 1,1 751080572®08
1334--Windsor S. D.,Calif
40,000
534 1924-1943
1575-Winner Sch. Dist., So.
Dak. (2 issues)
70.000
1943
5X
1457--Woodstown N. J
1923-1932
1g: V
0
6
1218_ _Yadkin Co.fl.D.,No.Car-55
1457--Yorktown, N. Y
1924-1941
72,000
4
Total bond sales for March (322 mimiciPall'ties covering 557 separate issues)
169.350.799
Ii31::lattl Co., 1
9
int1911
r
" 15
- -. 8
1
16 24 f9
100.34 :
-4 6
2
25
663
181 .2 44
. 3 ..
8
7
5
101.81 4..6:
102.21 4.675
101.817
101.115 ---5.40
1100 53949 6.00272328
1194°S .
04 8
.34
: 45
4:.
4.92
5.02
103.
17
101 10 43
0
0
101.27 4.327
The following items, included in our totals for previous
months, should be eliminated from the same. We give the
[vol.. 116.
THE CHRONICLE
1922
Rate. Maturity. Amount. Price. Basis.
Name.
Pone.
5.50
10,000 100
yearly
1576__Lambton County, Ont--535
5.50
3.000 100
County, Ont_--534
yearly
,
1571__Lambton
97.43 5.25
yearly 165.771
5
1Amount. 157, -London, Out
Name.
Page.
50,000 102.11
6
yearly
1334_ _Merritton, Ont
$60.000
1450-Antonito, Colo. (Feb. 1923 list)
3,000,000
5
973__Montreal. Que
1942
25,000
1683-Calhan, Colo. (February 1923 list)
91,000 1334 ..Montreal Protestant Sch.
1570-_Des Moines, Iowa (Jan. 1923 list)
95.83 5.28
1,500,000
5
Commission, Quo
1952
10,000
1685-Englewood, Colo. (Feb. 1923 list)
58,000 98.456 _
534
4,500 1334-_New Toronto, Ont
1209__ Hazard, Neb. (November list)
8,950
1334__Nokonus, Sask. (2 Lss.)__8
1572 .Runtington Ind. S. D., W. Va. (Feb.
4
.
75.000 101.08 5;3
534
yearly
500.000 1458__Norfolk Co., Ont
1923 t)
40,000 99.50 ---1932
375.000 1576__Pointe .1ux Tremble,Que_6
1806__Indlanapolis San. Dist., Ind.(Feb. 1923 list)
1458-Quebec (Province of) _ _5 dI938-1943 5,000,000 98.935 -160,000
1207__Logansport School City, Ind. (February 1923 list)
73,672 100.383 5.66
yearly
5353:6
-20,000 1334- _Sarnia, Ont
1928__Mesa County S. D. No. 10, Colo. (February 1923 list)._
70,000 1812... Saskatchewan Sch. Dists. var.
1809_ _Oroville-Wyandotte Irrig. Dist., Calif. (Feb. 1923 list)
'
8,500
Sask. (4 issues)
1575- _Wendell Ind. S. D. No. 35, Ida. (Jan.
70,000 105.84
6
r45,000 1098-Selkirk, Man
1923 list)
5:iii
-1940
50,0001
-Sherbrooke. Quo
334
1334
5
1943
125,0001
1334-Sherbrooke. Quo
BONDS OF UNITED STATES POSSESSIONS.
534
yearly 304.359 99.78 ---1334-Trenton. Ont
Rate. Maturity. Amount. Price. Basis.
Name.
Page,
8
5,000
5.11 1576_ -Unity, BaskB. CI
1928-1951 $116.000 109
6
1572--Lajas, Porte Rico
99.947 ---'275,000
534
1334-..Vancouver,
534
130,000 99.675
1458__Valleyfield, Quo
We have also learned of the following additional sales for 1218_ _Victoria, B. C
KW)
30.000 98
534
534
85.181 100.07 5.49
yearly
1576„Walkerville, Ont
previous months:
6
Yearly 120.000 106.28 5.44
1458__Weston, Ont
Rate. Maturity. Amount. Price. Basis. 1218__Windsor. Ont
Name.
Page.
534
yearly 460,000 100.535 ---$26,800 107.20 ---- 1218__Windsor, Ont
1943
1569- _Aline Sch. Dist.. Okla_ _ _6
yearly 300,236 99.582 ---534
___
19,637
1924-1943
1923__Anderson County, Kan-_5
5,000
6
1683__Antonito, Colo
Total amount of debentures sold in Canada
5.50
96,000 100
53.
1450-Bex1ey,Ohio (April)
$14,318,409
during March
1938-1943
49.000 100.10r 5.49
1683-_Blaine County,Mont- _ - _
S. D.
1451-Boonville Un. Fr.
We have also learned of the following additional sales for
No. 1. N.Y.(Nov.)_ _4X 1923-1961 185.000 102.432 4.34
4.00 previous months:
10.000 100
*1940
1804-Carplo Spec. S. D.,No.D_4
120.000
-4
Rate. Maturity. Amount. Price. Basis.
1451--Catasauqua. Pa.(July)
Name.
Page.
60,696
$15,000 93.26
1924-1932
4
1942
1451-Cincinnati, Ohio
1811- _Middleton, N.S.(July)--5
5.500 92.85
80,000
1952
- _ d1932-1962
1451-Clifton. Tex.(3issues)1811- _Middleton, N.S.(July)-_5
4.50 1811- _Midland,Ont.(Oct.)- ---534 1923-1943
73,000 98.50
,
1327-_Crawford Co.,Kan.(2is.)436 1924-1933 160,000 100
5.00 1334-Saskatchewan School Dis1 932
35.000 100
5
Ohio
1327-Dayton,
20.825
50,000
1924__Dillon, So. Caro. (Dec.)-534 d1942-1962
tricts Sask.(4 issues) 6&7
5.00
117,457 100
s
1328-Ellinwood,Kan
The above sales except those otherwise indicated are for
1570-Elmwood Village School
10.500 102.25 4.74 February. These additional issues will make total sales for
5
District, Ohio
1925-1939
4.00
12.000 100
*1940
1805-Englevale S. D.14,No.D_4
that month $17,707,450.
1571--Fayette County Road
Dist. No.3, Tex
50,000
s
a Average date of maturity. d Subject to call in and during the earlier
1452--Forest Grove S. D., Ore.
5.00 year and to mature in the later year. k Not including $40,753,538 of
35,000 100 .
1924-1933
5
(Dec.
temporary loans reported, and which do not belong in the list. x Taken
1'7. S. D.. Pa.
)
1685--Foster
30,000 100.78 4.85 by sinking fund as an investment. y And other considerations. r Refund1923-1932
5
(October
6.00 ng bonds. * But may be redeemed two years after date.
34,567 100
1929-1936
. 1571__Forsyth. out.(Jan.'23)6
147.000
1453__Graham, Tex. (Oct.)----6
r 5.00
1924-1933
14,000 100
5
1329-Hays,Kan
1329-Hirland Park, Texas
serially 250,000 102.50
Jan. 1923)(3 issues).... -72,459
431
-Legislature Adlourns.-On April 19
1572--Hi lsboro, Kan
Colorado (State of).
1572-Huntington Ind. Sch.
the 1923 General Assembly adjourned sine die. Among the
Dist., W. Va
1928-1952 800,000
5
35.768
1806....Iowa City, Iowa(Dec)
laws passed during the session was one allowing savings banks
1806--Jamestown Indep. S. D..
An in4.00 to invest their funds in Federal Farm Loan bonds.
*1942
No. Dak
60,000 100
4
1686.-Kansas City, Kan. (Jan.
come tax measure, which was urged by Governor Sweet,
1942
100,000 102.17 4.34
434
1923)
was killed in the lower house on April 16.
1807-Kinyon Spec. S. D. No
*1940
4.00
10,000 100
4
75, No.Dak
Iowa.-LegislatureAdjourns-Special Session Called.23,000
1927- _Leakey Ind. 8. D., Tex_ _5 d1926-1961
yearly
110,000 100.125 ---- The regular 1923 session of the Legislature came to an end
1572--Leavenworth, Kan.(Dec)5
35.000 100.54 ____
1330- _Lewistown. Pa.(Jan.'23).43.1 d1933-1953
on April 18. Governor Kendall, however, not satisfied that
1931-1942
50,500
1454-_Little Rock, Ark. (Oct.)_5
1454-Live Oak Co. Corn. S. D.
the General Assembly had accomplished enough, called an
5 d10-40 yrs.
No. 1, Tex
10,000
session. Following the organization of both houses
90,000
1687-Livingston County, N. Y.434 1934-1936
3.95 extra
33,188 106.778 4.47 into extraordinary session, a recess was taken until Dec. 4,
1924-1932
6
1454--Lockport, N. Y
1924-1932
1454--Lockport, N.Y.(3 issi_ _6
7,451 105.75 4.70
the work of completing the code revision, which the
6
1454__Lockport, N.Y
1924-1932
26,577 106.918 4.44 when
1924-1932
6
12.468 106.83 4.47 Governor is anxious to have finished, will be taken up.
1454-_Lockport, N.Y
1214_ _Logansport Sch.City,Ind.
In the last days of the regular session, a bill providing for
431 1924-1935 160,000 101.26
(Jan. 1923)
5.42
1924-1963
a tax of 2 cents a gallon on all gasoline sold in the State was
1454-Lovelady Ind.S. D.,Tex.6
25,000
Serially
76.044 101.26 _-_- passed. Another measure passed was the Tuck law, re1928-Marion, Kan.(Aug.)... _ _431
1927-1951
1873__Mayfield, N.Y.(Jan.'23)5
50.000 100.15 4.98
must get the approval of the voters
1454-MiamLsburg, Ohio (Oct.)-6
30,600 100
6.00 quiring that counties
1928_minneapolls, Kan. (April43
beforeissuing bonds (V. 116, p. 1449).
1923-1942
68,043 100
1922)
4.75
A resolution proposing to submit to the voters a constitu1928__Montgomery Co., Kan_434
175,000 y100
--_ tional amendment providing for a rural credits system failed
1331-Newell Ind. Sch. that.,
1923-1938
So. Dak. (Jan. 1923)--6
37,000 100
The rural credits system proposed was revived
6 d1-10 years
133I__North Bend, Ore
26.604 103.82 "0 of passage.
1331-Oktibbeha Co. Sup. Dist.
in the extra session, when a joint resolution was introduced
534 1923-1946
No. 1, Miss
50.000 y101
in the Senate.
1573-Oneida County Sch. Dist.
No.17, Idaho (Jan.'23)6
1.500 100
6.00
-Bonus for Veterans of War with
Kansas (State of).
1809--Orovi1le-Wyandotte Irrig.
-Under an Act passed at the recent session of
6
1944-1953 700,000 92.50 6.61 Spain, &c.
Dist., Calif
Serially
431
115,000 101.56 --- - the Legislature,. which adjourned on March 21 (V. 116, p.
1929-Pittsburg, Kan
5
1924-1932
1810„Salem, N. J
9,000 100.50 4.89
1682), a proposition providing for the issuance of $1,000,000
6
13,500 108
1332--Salem, Ore
1574-8chofield Sch. Dist. No.2
bonds, bearing interest at not more than 5%, and maturing
isuAgt)
Wis.(
25,000 100
5.00
in twenty-five yearly installments beginning one year from
Wa h.(20 issues)
1332-Seattle.s
6
166,946
(Jan. 1923)
date of issue, to raise a fund for the payment of a bonus to
Yearly
3.000 100
loti veterans of the war with Spain, the Philippines insurrection
1333--Shelby, Mich. (Dec.)....--5
30,200
1333--Snipes Mtn. Irr. D-Wash6
1810--Spartanburg S. D., Pa.
and the China relief expedition, is to be submitted to the
5
1927-1934
(Sept.)
8.000 100
5.00 voters at the general election in 1924. Compensation of $1
.6
5.069
-Tacoma, Wash.(3 issues)
1333
1333--Thorp Ind. Cons. S. D.
for each day of service up to July 4 1902 is proposed, but not
No. 4, So. Dak, (Jan.
more than $600 for any individual, is proposed.
6
10,000 104
1923)
*1940
20,000 100
1811-Twin Butte S.D.1,No.D.4
-Impor-Legislature Adjourns.
4:66
Minnesota (State of).
*1940
32.000 100
1811-_Underwood S. D.8.No.D.4
4.00
*1940
-The State Legislature adjourned sine die
8,000 100
1811.-Vale Spec. S.D.I0,No.D.4
4.00 tant Legislation.
597:142
4% Serially
3
1691Wichita Kan
most important legislation of the session
1575- _Winside, Neb.(December)6
000 100
6:66 on April 18. The
providing a $40,000,000 bond issue
age number of the issue of our paper in which the reasons
or these eliminations may be found:
NEWS ITEMS.
was the passage of a bill
All the above sales (except as indicated) are for February. to carry into effect the rural credits constitutional amendThese additional February issues will make the total sales(not ment approved by the people last fall (V. 115, p. 2291),
including temporary loans) for that month $78,864,576.
An additional $850,000 bond issue for payment of a soldier
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN
bonus to late applicants was also authorized. Bills were
MARCH.
passed providing for submission to the voters of constitutional
Rate. Maturity. Amount. Price. Basis.
Name.
Page.
amendments proposing to allow a tax on gasoline, for StateSchool Districts,
1458-Alberta
8
$2,425
Alta. (4 issues)
owned terminal elevators, and special tax treatment of forest
6
8,000 103.50 ---1334_ -Bradford, Ont
lands to promote reforestation. The Legislature lowered
1932
6
5,5001 99.52
1576-Brandon, Man
e
2 arly
19y7
6
6 000
8,3001
,
the maximum interest rate that might be charged on loans
1576-Brandon. Man
6
96.50
1576--Capreol, Ont
10% to 8%. A 6% tax on iron ore royalties was au175.000 101.448 5.34 from
1576-Carleton County. Ont 534
100.03 ---- thorized in another Act. It is expected that this tax will
1576--Carleton County, onc---s si
yearly
534
101.90 result in a legal fight.
1576--Chatham Twp.,Oat
6
yearly
33,000 97.77 --1576-Chilliwack. Ont
The Minneapolis "Journal"in its issue of April 19 published
000 100.713 ---534
1334-Coburg, Ont
121:130 100.37 5.48 the following as a list of important bills passed during the
8
7
534
1218-Collinswood, Ont
751.4001 95.771 5.82
534
Alta
1334-Edmonton, Alta
session:
37,500)
6
1334.._Edmonton,
Rural Credits Act with $40,000.000 bond Issue for farm loans.
0
1576--Fertile, R.
reopened
0
18:7
with $850,000 fund.
6
rar0 95.25
Soldiers' bonus
(2
1692-Fernie„ B. C. issues)- _6
pre-primary convention law repealed.
1334-- 0 City, Ont
yearly
Gasoline tax constitutional amendment submitted.
6
1334.-Georgetown.
Constitutional amendment for State-owned terminal elevators.
var, yearly
509,254 98.407 5.27
1576-Guelph, Ont
yearly
Six per cent tax on Iron ore royalties.
5 Si
1576__Hensall, Ont
yearly
534
Two bills for organization of farmers' co-operative marketing associations.
Quo
yearly 100.000 99.33
Bills for co-operative credit associations to finance holding of live stock
6
oat---- and farm products.
Que
1692-Kenogami.
27,958 100.70 --yearly
6
1576-Kingsville,
109 Bull.
178:888 18g:8? --6-6
4
5. .
gS:888 138:3g
APRIL 28, 19231
THE CHRONICLE
Bills against filled milk and use of butter fat in making oleomargarine.
Revised State Prohibition Enforcement Act.
Bills for more effective supervision of State banks.
Compulsory treatment for drug addicts.
Maximum interest rate cut from 10 to 8%.
Dance hall regulation.
Lower assessment rate for farm implements and products on farms
State Board of Control reduced to three members.
"Area plan" for eradicating tuberculosis in cattle inaugurated.
Revised motor vehicle tax law.
Physical education Act.
"Day of rest" bill for employee's in certain lines.
Constitutional amendment to promote reforestation by special tax treatment of forest lands.
Reorganization of the Board of Regents of the University of Minnesota
to give each Congressional District a member.
Psychopathic department at University of Minnesota hospital.
Among the bills that failed of passage were an income tax
measure and a $20,000,000 road bond bill. According to
the "Journal" the following important bills failed of passage:
$20.000,000 highway bond bill.
Capital punishment,
Bank deposit guaranty.
Woman's Party "bill of rights"
Leach "high dam" bill.
Loan shark bill.
"Full crew" bill for railroads.
Eight
-hour day bills.
Income tax amendment.
Bar on foreign damage cases.
Street railway bills amending 1921
law or repealing it.
Incorporation of State bar.
Family Court bill.
Presidential preference primary.
Part time school bill.
Reorganization of State Forestry
Board.
Public domain bill.
New State Budget Act.
Crime commission bill.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
1923
175,000 Spring St. Viaduct bonds. Due $6,000 yearly on Jan. 1 from
1925 to 1950, incl. and $19,000 Jan. 1 1951.
'
Denom. 51.000. Date Jan. 1 1921. Pan. and int., payable at City
Treasurer's office or at City's fiscal agency in N. Y. City, at option of purchaser. A cert. check for 1% of bonds bid for, payable to the City of Atlanta,required. Legality approved by Storey, Thorndike. Palmer & Dodge
of Boston. Bonds are engraved and will be delivered to purchaser on or
before June 15 at the City Comptroller's office.
BANGS INDEPENDENT SCHOOL DISTRICT (P. 0. Bangs),
-On April 17 the State
-BONDS REGISTERED.
Brown County, Tex.
Comptroller of Texas registered $20,000 5SS% bonds.
-BOND OFFERING.
BARRINGTON, Camden County, N. J.
Sealed proposals will be received by John S. Roberts, Mayor, until 8
p. m. April 30 for $14,000 5% storm sewer bonds. Denom. 2350. Date
.April 1 1923. Due $350 yearly on April 1 from 1924 to 1943 incl. Unless
all bids are rejected, the bonds will be sold to the bidder or bidders complying with the terms of the sale and where two or more bidders offer to
take the same amount of bonds, then to the bidder or bidders offering
to pay therefor the highest additional price. Certified check for 2% of
the amount of bonds bid for, drawn upon an incorporated bank or trust
company, required.
BATH TOWNSHIP CONSOLIDATED RURAL SCHOOL.DISTRICT
-On April 20
-BOND SALE.
(P. 0. Fairfield), Greene County, Ohio.
the District disposed of an issue of $20,000 535% coupon school bldg. bonds.
Denom. $1,000. Date April 20 1923. Prin. and semi-ann. int.(M.& S.),
payable at the First National Bank of Osborne. Due 51.000 yearly on
Sept. 1 from 1924 to 1943, inclusive.
-BONDS NOT SOLD-REBAXTER, Putnam County, Tenn.
OFFERED.
-The $10,000 6% school building completion bonds offered
on April 15-V. 116, p. 1569
sold. Bids will be received until
-were not
May 1 for these bonds. V. B:York, City Recorder.
-Sealed
-BOND OFFERING.
BEAUMONT, Riverside County, Calif.
proposals will be received by G. W. Green, City Clerk, until 7:30 p. m.
May 4 for $52,000 534% street paving bonds. D3nom. $553. Date April 1
1923. Prin. and semi-ann. int (A. & O.), payable at the(My Treasurer's
office. Due on April 1 as follows: $1,500. 1924 to 1928. incl.; $2.000.
1929 to 1933, incl.; 22.500, 1934 to 1938, incl.; $3,000. 1939: 53,51$. 1940;
$4.000. 1941; 55,500, 1942, and $6,000, 1943. A cert, check on some responsible bank in California for $1,000, payable to the City Treasurer,
required. City will furnish, without cost to the bidder, the opinion of
-law, No. 825 litle
0 M lveny, Millikin, Tuller & McNeil, attorneys-at
Insurance Bldg., Los Angeles, Calif., as to the legality of all proceedings
taken in the issuance of said bonds.
BELLAIRE CITY SCHOOL DISTRICT (P. 0. Bellaire), Belmont
-The $350,000 5% coupon school bonds
County, Ohio.
-BOND SALE.
-were awarded to Richards, Parish
offered on April 23-V. 116, p. 1450
& Lamson of Cleveland at a premium of $6,266, equal to 101.79, a basis
of 4.80%. Denom. $1,000. Date April 30 1923. Due yearly on Oct.
30 as follows: $14,000, 1924 to 1933 incl., and 515,000, 1934 to 1947 incl.
-At
ABERDEEN, Brown County, So. Dak.-BONDS DEFEATED.
the election held on April 17(V. 116, p. 1683) the $25,000 fire station bond
Issue failed to carry.
-BOND OFFERING.
AITKIN COUNTY (P. 0. Altkin), Minn.
Bids will be received by H. 0. Beecher. County Auditor. until 2 p. m.
May 1 for the following bonds aggregating $215,821 63:
$11,959 56 County Ditch No. 33 bonds.
61,945 82 County Ditch No. 34 bonds.
9,569 76 County Ditch No. 35 bonds.
31,000 00 County Ditch No. 36 bonds.
101,346 49 County Ditch No. 37 bonds.
Date March 1. 1923. Denom. $1,000, $459 56, $500, $445 82. $569 76
and $346 49. Interest rate not to exceed 6%. Prin. and int. payable
at the First'National Bank, Minneapolis. Due on March 1 as follows:
-The
BENTON HARBOR, Berrien County, Mich.
-BOND SALE.
$16,821 63, 1929; $13,000, 1930; 314.000, 1931: $12.000, 1932; 315,000, city has sold an issue of $100,000 55.1% paving bonds to Stacy & Braun
.
1933; $13,000, 1934; $15,000, 1935; 314.000, 1936; $15,000. 1937; $14,000, of Toledo, who are now offering the bonds to investors at prices to yield
1938; $15,1111111, 1939; 514,000, 1940; $15,000, 1941. 1942 and 1943. A 4.75%. Due serially from 1923 to 1933 inclusive.
certified check for 5% of amount bid, payable to the County Treasurer.
BEXAR COUNTY COMMON SCHOOL DISTRICT NO. 18, Tex.required.
--The State Comptroller ofTexas registered $20,000
-According to the "Manufact- BONDS REGISTERED.
-BOND SALE.
ALABAMA (State of).
rers Record" of April 20 an issue of $293,000 road bonds has been sold by 5% serial bonds on April 17.
-The
the State to Ward, &erne & Co. of Birmingham.
BIG SPRING, Howard County, Texae.-BONDS VOTED.
-year sewer bond issue submitted to a vote of the people
-Bids will be received until 12 m. May 31 by the $60,000 5% 40
BOND OFFERING.
State Highway Bond Commission (P.0. Montgomery)for $3,000,000 4jl% at the election held on April 16-V. 116, p. 1451-was carried by a vote
Series "B" highway construction bonds maturing $500,000 annually begin- of 337 to 46. Date of sale has not been set as yet.
ning 1943. Sales "A" of this issue, amounting to $3,000,000, was sold on
BOURBON COUNTY (P. 0. Fort Scott), Kans.-BOND SALE.
May 24 1922 (V. 115, p. 564).
The $18,700 and $14,500 5% rock road irapt. bonds registered by the State
-The Auditor of Kansas on Mar. 30 (V. 116. p. 1569) were sold locally.
-BOND SALE.
(P. 0. Fort Wayne), Ind.
ALLEN COUNTY
issue of $11,240 5% coupon Weaver-Byrd Road bonds offered on April 23
BRICELYN INDEPENDENT SCHOOL DISTRICT NO. 132 (P. 0.
-was awarded to the Citizens Trust Co. of Ft. Wayne Bricelyn), Faribault County, Minn.
-V. 116, p. I683
-BOND OFFERING. , S.
--G.
for $11,379 (101.236) and interest, a basis of about 4.76%. Date April 15 Smith. Clerk Board of Education, will receive sealed bids until May 8 for
1923. Due 5562 each six months from May 15 1924 to Nov. 15 1933. incl. $12.000
% school bonds. Date May 1 1923. Due in 15 years.
Other bidders were:
-S. G.
Prem. Bid.
BRISTOL, Washington County, Va.-BOND OFFERING.
Prem. Bid.1 NameName-8 p. m. May 9 for
will receive sealed bids
50
.
First Nat. Bank, Ft. Wayne _$121 00 Thos. D Sheerin & Co., Ind-$57 80 Keller, City Manager, dated April 1 1923. anduntil
$23.500 refunding bonds
$150,000 school bonds
65.00 Fletcher Say. & Tr. Co., Ind- 53
Fletcher-American Co., Ind_
dated July 1 1923.
_ ALLENTOWN SCHOOL DISTRICT (P. 0. Allentown), Lehigh
-The State of
-BOND SALE.
BROOTEN, Sterna County, Minn.
-Sealed propals will be received until
-BOND OFFERING.
County, Pa.
P. Wenner, Secretary School District, for all or any Minnesota has purchased an issue of $8,000 water works bonds.
8 p. in. May 8 by T.
-On
-BONDS REGISTERED.
part of 8150,0004% coupon tax free school erection bonds. Denom.$1,000.
BROWN WOOD, Brown County Tex.
-40
Date May 1 1923. Interest (M.& N.) payable at the County Treasurer's April 20 the State Comptroller ofTexas registered $35,000 5% 20 -year
office. Due on May 1 as follows: $14,000. 1928; $18,0001933: $21,000, street improvement bonds.
1938: $26,000, 1943; $32,000. 1948, and $39,000, 1953. Al. certified check
-Of the four Issues of 4% coupon
-BONDS SOLD.
BUFFALO, N. Y.
for 2% of the amount bid for, payable to C. M. W. Keck, Treasurer, is
required. Bond. debt April 19 1923 (including this issue), 22,388,300. or registered bonds, dated May 1 1923, which were offered for sale on
-the issue of 51,700.000 water bonds, maturing
Assessed valuation 1923. $71,129,371. Sinking fund, $256,318. School April 25-V. 116, p. 1804
May 1 1953, was awarded on that date to Clark Williams & Co. of New
tax rate 1923, 12 mills.
York at 100.278. a Wigs of about 3.98%. These bonds were re-offered
ALPENA UNION SCHOOL DISTRICT (P. 0. Alpena), Alpena to investors at 101.75, to yield 3.90%.
-At the election held on April 16(V.
-BONDS VOTED.
County, Mich.
The remaining three issues, listed below, were sold the next day to
-year school bonds were voted.
116. p. 1326) the $200,000 5% 30
Sherwood & Merrifield of New York, and the Marine Trust Co. of Buffalo,
-The privately, at par.
Garnett), Kans.-BOND SALE.
ANDERSON COUNTY (P.O.
$19,636 79 5% road impt. bonds registered by the State Auditor of Kansas, $200,000 park bonds. Due $10,000 yearly on May 1 from 1924 to 1943Inc1.
100,000 Bird Island improvement bonds. Due $5,000 yearly on May 1
on Mar. 1 (V. 116, p. 1569) were purchased by the State School Bond Comfrom 1924 to 1943 inci
mission. Denom. $1,000. Date Jan. 11923. Int. J. & J. Due 1 to 20
800,0001. N. Adam Memorial Hospital bonds. Due $40,000 yearly
years.
on May 1 from 1924 to 1943 inclusive.
COUNTY COMMON SCHOOL DISTRICT NO. 88
ANDERSON
-BOND OFFERING.-BOND ELECTION.
-An election, to vote on
BURLINGTON,Alamance County, No.Caro.
(P. 0. Palestine), Texas.
the question of issuing $12,000 6% school-building bonds will be neld on M. W. McPherson. City Treasurer, will receive sealed bids until 8 IL In.
April 30 for the following coupon registerable as to principal bonds:
May 4. W. G. Rogers, County Sheriff.
-The State $297.000 street impt. bonds. Due on April 1 as follows: 325.000. 1925
-BONDS REGISTERED.
ANSON, Jones County, Texas.
to 1934 incl.; $4,000. 1935 to 1937 incl. and $7,000, 1938 to 1942
Comptroller of Texas registered $30.000 6% serial street improvement
incl.
bonds on April 17.
28,000 water and sewer bonds. Due $1,000 on April 1 from 1926 to
ARAPAHOE COUNTY SCHOOL DISTRICT NO. 18 (P. 0. Fort
1953 incl.
-At a recent election
-BOND SALE.
-BONDS VOTED
Logan), Colo.
Denom. $1,000. Date April 1 1923. Interest rate not to exceed 6%.
-year school-building bonds were voted. These bonds Prin. and semi-ann. int. (A.-0.) payable in gold in New York. A certified
$25,000 5% 11-20
were sold to Sidle, Simons, Fils & Co., of Denver, subject to being voted check for 2% of bid required. The bonds will be prepared under the superat said election. '
vision of the U. S. Mtge. & Trust Co.. N. Y. City, which will certify as to
-The 85,000 534% genuineness of the signatures of the official and the seal impressed thereon
-BOND SALE.
ARCANUM, Darke County, Ohio.
- and the validity of the bonds will be approved by Chester B. Messina.
water works and electric light bonds offered on April 7-V. 116. p. 1569
or said
were awarded to the Lewis S. Rosenstiel Co. of Cincinnati at par and ac- N. Y. City. Bids to be on forms furnished by the City Treasurer
crued interest. Denom. 8500 Date Feb. 1 1923. Interest M. & S. trust company.
Due $500 yearly on Sept. 1 from 1924 to 1933, incl.
SCHOOL DISTRICT (P.O. Cameron), Clinton County,
CAMERON
-In answer to our inquiry regarding
- Mo.-BOND ELECTION ILLEGAL.
-TEMPORARY LOAN.
ARLINGTON, Middlesex County, Mass.
of a recent election, A. C. GwInn, Supt. of Schools, says: "ElecThe Menotomy Trust Co. of Arlington, purchased a 6 1-3-month temporary the resultdeclared Illegal."
loan of $100,000 on a 4.29% discount basis. Dated April 26 and maturing tion was
-The $10,500
Nov. 6 1023.
CAMPBELL, Franklin County, Nebr.-BOND SALE.
(V. 1113. p. 1569) have been disposed of.
ARMSTRONG CONSOLIDATED SCHOOL DISTRICT (P. 0. funding bonds recently voted
-Of the $50,000
-BOND SALE.
Armstrong), Howard County, Mo.-BOND SALE.
-The City Sinking
CANTON, Starke County, Ohio.
school bonds recently voted (V. 116. p. 1569) $30,000 were awarded to the Fund Trustees purchased $8,118 80 street improvement bonds recently.
Fjdelity National Bank & Trust Co. of Kansas City. Int. rate 5%•
CAPRON SCHOOL DISTRICT, Southampton County, Va.-Sealed BOND OFFERING.
-Sealed bids will be received until 2 p. m. May 1 by
-BOND OFFERING.
ASHLAND, Ashland County, Ohio.
proposals will be received by Lotta Westover, Director of Finance, until 12 Robert M. Newton, Supt. of Schools (P. 0. Courtland), for $30.000 5%
int. school bonds. Denom. $1,000. Date May 1 1923. Prin. and semi-ann.
m. April 28 (to-day) for the purchase at not loss than par and accrued
of $7,000 5.14% fire equipment bonds. Denom. $1,000. Date April 1 int. payable at the County Treasurer's office. Due $10.000 May 1 1933
1923. Int. A. & 0. Duo $1,000 yearly on Oct. 1 from 1924 to 1930, incl. and $2,000 yearly on May 1 from 1934 to 1943 incl. A cert, check for $500
All bids must be accompanied with a certified check payable to the City of required.
Ashland for 5% of the amount of bonds bid for, upon the condition that if
-An elecCARROLLTON,Carroll County, Mo.-BOND ELECTION.
the bid is accepted the bidder will pay for such bonds as may be issued
tion will be held on April 30 to vote on the question of issuing $95.000 5%
within 10 days from the time of the award.
-20
the 5 -year (opt.) sewer bonds.
-I. N. Ragsdale, Chairman of
ATLANTA,Ga.-BOND OFFERING.
-J. J.
CASS COUNTY (P. 0. Logansport), Ind.
-BOND OFFERING.
Finance Committee. will receive sealed bids until 10 a. m. May 15 for the
receive bids until 10 a. m. May 12
following 5% coupon, with privilege of registration as to both prin. and int. McCormick. County Treasurer, will and
of the following
than par
accrued interest
for the purchase at not less
bonds:
$1.400,000 water works impt. bonds. Due on Jan. 1 as follows: $52,000, two issues of 5% road bonds: in Eel Twp. bonds. Denom. 2470. Due
$9,400 Henry Jasorka at al. road
1925 to 1950. incl., and $48.000. 1951.
$470 each six months from May 15 1924 to Nov. 15 1933 incl.
2,101,000 school impt. bonds. Due $76,000 on Jan. 1 from 1925 to 1950,
83,000 Joseph C. Fettlg road in Eel Twp. bonds. Denom. 32,975. Due
incl., and 3125,000, Jan. 1 1951.
$4,156 each six months from May 15 1924 to Nov. 15 1933 incl.
324,000 sewer improvement bonds. Due $12,000 yearly on Jan. 1 from
Date May 15 1923.
1925 to 1951, inclusive.
1924
THE CHRONICLE
CASS COUNTY ROAD DISTRICT NO. 16, Tex.
-BONDS REGISTERED.
-The State Comptroller of Texas registered $20,000 535% 20 -30
year road bonds on April 20.
CASTANA, Monona County, Iowa.
-BONDS VOTED.
-By a vote of
79 to 1 the proposition to issue $5,500 water impt. bonds carried at the
election held on April 9.-V. 116. p. 1327.
CEDARVILLE, Greene County, Ohio.
-BOND SALE.
-The two
Issues of 5%% coupon improvement bonds offered on April 24-V. 116,
-were awarded to Smsongood & Mayer of Cincinnati as follows:
p. 1684
329,000 North Main St. improvement bonds at a premium of $224, equal
to 100.77, a basis of about 5.47%. Due yearly on April 1 as
follows: $4,000, 1925 and 1926, and $3,000, 1927 to 1933 incl.
5,000 village improvement bonds at a premium of $4, equal to 100.08,
a basis of about 5.49%. Due $500 yearly on April 1 from 1924
to 1933 inclusive.
Denom. $500. Date April 1 1923.
CENTERVIEW CONSOLIDATED SCHOOL DISTRICT (P. 0. Cen-The $20,000 high school
terview),Johnson County, Mo.-BOND SALE.
bldg. bonds, recently voted (V. 116, p. 1211). were sold to the Commerce
Trust Co. of Kansas City.
-BIDS.
CHAMPAIGN COUNTY (P. 0. Urbana), III.
-The following
Is a list of the bids received for the $500,000 5% road bonds, which were
sold on April 18:
Amt. of Bid.
BidderHalsey, Stuart & Co., Inc.; A. B. Leach & Co., Inc., and
National City Co
$516,652 50
Stacy & Braun, Guaranty Co. of New York, and Keane.
Higbie & Co
517445 00
Federal Securities Co., Bonbright & Co., P. W. Chapman &
Co., Inc., and Minton, Lampert & Co
512,605 00
William R. Compton Co. and Harris Trust & Savings Bank--*517,951 00
Taylor, Ewart & Co. Inc.. and First Trust & Savings Bank
515,790 00
Co
'
Lee, Higginson &
517,324 85
Ames, Emerich & Co.; Northern Trust Co. and IllinoisMerchants Trust Co
a516.650 70
. Blodgett & Co. and Continental & Commercial Trust & Savings
Bank of Chicago
515,700 00
[VOL. 116.
Due $5,000 yearly from 1945 to 1951 incl. Cert. check for $1,000, payable
to the District Treasurer, required. Purchaser is to pay for the printing
of bonds.
CUTLER PUBLIC UTILITY DISTRICT (P. 0. Cutler), Tulare
County, Calif.
-BONDS NOT SOLD.
-At a recent offering an issue of
327.000 6% water system bonds was not sold as no bids were received.
E. F. Cox, Clerk of Board of Directors.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-BOND SALE.
The $100.000 5% coupon Sewer District No. 1 assessment bonds offered on
April 25(V. 116, p. 1805), were awarded to the Tillotson & Wolcott Co., of
Cleveland, at a premium of $2,500, equal to 102.50-a basis of about
4.69%. Denom. $1,000. Date June 1 1923. Duo $5,000 yearly on
Oct. 1 from 1924 to 1943, inclusive.
DADE COUNTY (P. 0. Miami), Fla.
-WARRANT OFFERING.
Chas. M. Fisher, Supt. Board of Public Instruction, wiil receive sealed bids
until May 12 for $100,000 6% coupon school warrants. Denom. $1,000.
Date May 1 1923. Prin. and semi-ann. Int.(M. & N.) payable at the depository of the county school funds. Due $20.000 on May 1 from 1929 to
1933 incl. A cert. check for 234% of bonds bid for required.
DALLAS, Dallas County, Tex.
-VOTE ON BONDS.
-The following is
the vote cast "for" and "against" the various banes at the election held
on April 3:
"For." "Against."
35.000,000 water supply bonds
4,814
1,000,000 school bonds
5,109
1 402
:
0
1,250,000 street improvement bonds
5,000
1,336
500,000 sewage disposal plant bonds
5,256
1,170
150,000 sanitary sewer bonds
5.784
1.166
100,000 fire station bonds
5.153
1,134
325.000 park bonds
5,407
1,477
Notice of the bonds being voted was given in V. 116, p. 1684.
' DAVIE COUNTY (P. 0. Mocksville), No. Caro.
-BOND OFFERING.
-T. I. Claudell, Clerk Board of County Commissioners, will receive
sealed bids until 2 p. m. May 7 for 3100.000 5% road and funding bonds.
Denom. 31.000. Date May 1 1923. Prin. and interest payable in New
York. Due $2,000 1929 to 1936; $4,000 1937. and $5,000 1938 to 1953 incl.
A cert, check for 2% of amount bid for, required. Preparation of sale and
legal proceedings under supervision of Bruce Craven of Trinity.
DECATUR COUNTY (P. 0. Greensburg), Ind.
-NO BIDS RECEIVED.
-The following five issues of 434% construction and impt. bonds
offered on April 20(V. 116, p. 1570) were not sold as no bids were received:
$12,600 Jacob Readnour et al. road. Clay Twp., bonds. Denom. $630.
5,600 F. W. Davis at al. road, Clay Twp., bonds. Denom. $280.
13.200 W. A. Fultz et al. road. Sand Creek Twp., bonds. Denom. 3660.
12,000 Clyde Parmer et al. road, Saltcreek Twp., bonds. Denom. $600.
7,200 Ed. H. Miller at al. road, Saltcreek Twp., bonds. Denom. $360.
Date Apr. 15 1923. Due one bond of each issue each six months from
May 15 1924 to Nov. 14 1933 Incl.
DILLON, Dillon County, So. Caro.
-J. H. Hilsman
-BOND SALE.
& Co. of Atlanta have purchased 450,000 554% water works and sewerage
bonds. Denom. $1,000. Date Dec. 1 1922. Prin. and semi-ann. int.
(J. & D.), payable at the Hanover National Bank, N. Y. City. Due Dec.
1 1962; optional Dec. 1 1942.
Financial Statement.
Actual values
$7,000,000 00
Assessed values, 1921
956,239 00
Total bonded debt (inc. this issue)
$129,000 00
Less water works bonds
339,000 00
Less sinking fund
7,707 92
46.707 92
"Successful bid; for previous reference to same, see V. 116, p. 1804.
a Also offered to furnish bonds.
CHINOOK, Blaine County Mont.-BOND SALE
-BOND SALE
-The American Bank & Trust Co. and Antonides &
NOT COMPLETED.
Co., both of Denver, have Jointly purchased $17,200 5 l4% refunding bonds.
of these bonds to W. L. Slayton & Co. of Toledo, as reported in
The sale
- V. 116, p. 1327, was not completed.
-BOND SALE.-Antonides & Co. and the American
BOND ELECTION
Bank & Trust Co., both of Denver, have jointly purchased $15.000 5%%
water extension bonds, subject to their being voted at an election to be
held soon.
CINCINNATI SCHOOL DISTRICT (P. 0. Cincinnati), Hamilton
-BOND SALE.
County, Ohio.
-On March 12 the Sinking Fund Commission of the School District purchased $184,000 434% school bonds
at
par. Denom. 51,000. Date March 1 1923. Int. M. & S. Due $23,000
yearly.
BOND OFFERING -Bids for the purchase, at not less than par and
interest, of $600,000 434% coupon school house construction bonds, issued
under authority of Sections 7625, 7626, 7627 and 7628, General Code, will
be received until 4 p. m. May 14 by R. W. Shafer, Clerk of the Board of
Education. Denom. $1,000. Date May 1 1923. Prin. and semi-ann.
int. (M. & N.) payable at the American Exchange National Bank, N. Y.
Due $25,000 yearly on Nov. 1 from 1924 to 1947 incl. Certified check for
Net debt
382,292 08
5% of amount of bonds bid for, payable to the Board of Education,required.
DONLEY COUNTY COMMON SCHOOL DISTRICT NO. 17, Tex.
CLARK, Randolph County, Mo.-CANNOT VOTE ON BONDS
-The State Comptroller of Texas registered on
-In answer to our inquiry as to the result of an election which BONDS REGISTERED.
1924.
,
was scheduled to be held on April 3 V. 116, p. 1151), the Clerk Board of April 18 $12,000 6% serial school bonds.
Education says: 'We cannot vote until 1924."
DOUGLAS, Converse County, Wyo.-BOND SALE.
-The $250,000
bonds offered on April 20 (V. 116, p. 1685) were awarded as 534s to Sidle.
CLARK COUNTY (P. 0. DuBois), Idaho.
-BOND ELECTION.
-An
election will be held on May 15 to vote on the question of issuing $100,000 Simons, Fels & Co. of Denver at a premium of $870, equal to 100.34.
road construction bonds.
DULUTH, St. Louis County, Minn.
-BOND SALE.
-The 8200,000
permanent improvement bonds offered on April 23-V. 116,
1570
CLARKSVILLE, Red River County, Texas.
-BOND SALE.
-The were awarded to the Northern Trust Co. of Duluth at a premium p. $1,094,
of
$9,000 street impt. bonds and $13,000 market site bonds recently voted
- equal to 100.547. Date April 1 1923. Due 310.000 yearly on April 1
-were purchased by C. W. McNear & Co. of Chicago at
V. 116, p. 1570
a premium of $75, equal to 100.34. These bonds were registered by the from 1924 to 1943 incl. The following is a list of the bids received:
Northern Trust Co.. Dui-3201,094 Amer.Ex. Nat Bank. Dul_ _$200,525
State Comptroller of Texas on April 19.
First National Bank,Duluth 201.080 Lehman Bros., New York__ 200.540
CLAY COUNTY (P. 0. Brazil), Ind.
-BOND OFFERING.
R. L. Day & Co., Boston-_ 200.718 Minnesota Loan & Trust
-West
Stigler, County Treasurer, will receive bids until 10 a. m. May 5 for the Wells-Dickey Co., Minn__ _ 200,640
Co., Minneapolis
200,420
purchase at not less than par of $72,000 5% bonds for the purpose of pro- H. R. Halsey & Co., Duluth 200,619 Blodgett & Co., Boston__
200,120.
viding funds for the construction and impt. of a certain highway, petitioned Seasongood & Mayer. Cin-- 200,552 A.B. Leach & Co.. Inc., Chi 200,103
for by C. S. York et al. in Brazil Twp. Denom. $600. Int. M. & N. 15. Gates
-White Co., St. Paul_ 200,525 Edmunds Bros., Boston_ .._ _ 200.180
Due $3,600 on May 15 1924 and $3,600 semi-ann. thereafter until all bonds
EAGLE COUNTY SCHOOL DISTRICT NO. 11 (P. 0. Minturn),
have been paid.
-At a recent election an issue of $10,000 school
-BONDS VOTED.
Colo.
CLAY COUNTY (P. 0. Moorhead), Minn.
-BOND OFFERING.
-A, bldg. bonds was voted. These bonds were sold to Benwell, Phillips & Co.
0. Houglum, County Auditor, will receive bids until 2 p. m. May 1 for the of Denver subject to. their being voted at said election. Notice of this
following ditch bonds:
election and sale was given in V. 116, p. 1328.
$7,000 Ditch No. 11 bonds. Due $1,0b0 on May 1 in each of the years
EAST BATON ROUGE PARISH SCHOOL DISTRICT NO. 7 (P. 0.
1925, 1927, 1929, 1930. 1931. 1932 and 1933.
Baton Rouge), La.-BIDS.-Tha following is a list of the bids received
63.000 Ditch No. 45 bonds. Due on May 1 as follows: $4,000, 1930 to
for the $50,000 6% school bonds on April 5:
1936. incl., and $5,000, 1937 to 1943, inclusive.
Denom. $1,000. Date May 11923. Int. rate not to exceed 6%. Bid- M.W.Elkins&Co.. L.R. *$51.250 00 Bank of Baton Rouge,B.R$50,900 00
der to pay cost of bonds and attorney's fees. A cert, check for $3.500, Louisiana Nat. Bk., B.R. 51.175 00 N. S. Hill & Co., Cin-_-- 50,462 50
Hibernia Sec. Co., N.0- 51.130 17 IA. T. Bell & Co.. Toledo.. 50,341 00
payable to the County Treasurer,required.
Watson,Will'ms&Co.,N.O. 51,010 00 Durfee, Niles & Co., Tol- 50,260 00
CLUTIER SCHOOL DISTRICT (P. 0. Clutier), Tama County, Nat. Bk. of Comm.. St.L_ 51,006 001 Seasongood & Mayer,an. 5008150
Iowa.
-BOND ELECTION.
-An election will be held on April 30 to vote
*Successful bid. For previous reference to same see V. 116. P. 1685.
on the question of issuing $40,000 school building bonds.
EAST CLEVELAND CITY SCHOOL DISTRICT (P. 0. East CleveCOLUMBUS,Cherokee County, Kans.-BONDS TO BE DELIVERED land), Cuyahoga County, Ohio.
-BOND OFFERING.
-Sealed bids will
TO RAILROAD COMPANY.
-In answer to our request for a description be received by Chas. Ammerman. Clerk Board of Education, until 7:30
of the $15,000 bonds to aid in building an electric railway recently voted p. m.(Eastern standard time) April 30 for the purchase at not less than par
interest of 3800.000 5% coupon school building bonds issued
(V. 116, p. 1570) F. H. Hawkins, City Clerk. says: "The issue referred to and accrued
will be delivered to the Northeast Oklahoma Railroad Co. when line is under the authority of Sections 7625. 7626. 7627 and 7628 of the General
completed and in operation."
Code. Denom. $1,000. Date April 1 1923. Prin. and semi-ann. int.
(A. & 0.) payable at the Guardian Savings & Trust Co. of Cleveland.
CONCORD, Merrimac County, N. H.
-TEMPORARY LOAN.
-On Due yearly on Oct. 1 as follows: $33,000 1924 to 1939 incl. and $34.000 1940
April 25, it is reported, the Shavrmut Corporation, of Boston. purchased a
for, drawn
A cert,
$,0,000 temporary loan, maturing in seven months, on a 4.38% discount to 1947 incl. payablecheck for 1% of the amount bidrequired. on some
to the Board of Education, is
solvent hal*,
basis.
EASTON SCHOOL DISTRICT (P. 0. Easton), Northampton
CONFLUENCE SCHOOL DISTRICT (P. 0. Confluence), Somerset
-BOND OFFERING.
-Sealed proposals will be received by
County, Pa.
-BOND OFFERING -Proposals will be received until County, Pa.
7:30 p. m. May 1 by G. A. Frantz, Secretary of Board of School Directors, M. B. Ifulsizer, of the Easton School District, until 6 p. m. May 4 for
purchase of the following coupon (with privilege of registration) school
for $26,500 434% school bonds. Denom. $500. Date July 11923. Int. the
semi-ann. Due July 11953. optional July 11925. Cert. check for 5% of bonds:
$200.000 4h'% bonds. Due $50,000 on May 1 in each of the years 1928,
amount of bonds bid for, payable to the District Treasurer, required.
1933. 1938 and 1943.
CONKLIN COMMON SCHOOL DISTRICT NO. 3 (P. 0. Conklin
50,000 4Si% bonds. Due $25,000 May 1 1928 and 1933.
R. D. 1), Broome County, N. Y.
Dentin. $1,000. Date May 11923. nincipal and semi-annual interest
The $8,000 5% school bonds which -ADDITIONAL INFORMATION.
were sold on April
basis (m.& N.) payable at the office of the District Treasurer. A certified chock
of about 4.73%. to O'Brian, Potter & Co. of Buffalo 2 at 102.178. a-are tor 2% of the bonds bid for, payable to the District Treasurer, required.
-V. 116. p. 1804
described as follows: Denom.$400. Date April 1 1923. Int. ann.
pay accrued interest. The bonds
(Apr. 1) Purchaser to A copy of the approving opinion ofare said to be free from
Due $400 yearly on Apr. 1 from 1924 to 1943 incl.
Roberts & Montgomery
State taxes.
Philadelphia will be furnished to the successful bidder.
CONVERSE COUNTY SCHOOL DISTRICT NO. 15 (P. 0. Glen' of
ROCKAWAY, Nassau County, N. Y.
rock), Wyo.-BOND OFFERING.
-BOND OFFERING.
-It is reported that bids will be receive
EAST
for $45,000 school bldg. bonds until May 23.
Sealed bids will be received by Charles E. Curtis, Village Clerk. until
BOND ELECTION TO BE CALLED SOON.
m. May 10 for the purchase at not less than par and accrued interest
-It is also reported that an 3_p
6
election will be held shortly to vote on issuing additional school bonds.
,
of '$105.000 43 % registered paving bonds. Denom. $1,000. Date
Prin. and
CORVALLIS SCHOOL DISTRICT (P. 0. Corvallis), Benton June 1 1923. Int. M. & N. New York int. payable at the Lynbrook
Bank, Lynbrook, in
Exchange.
$5.000
-BOND SALE.
County, Ore.
-Ralph Schneeloch & Co. of Portland have National from 1923 to 1943 incl. A certified check forDue of the yearly
5%
amount
the $70,000 school building site purchase and erection bonds on Nov. 1
purchased
payable to D. S. Denton, Village Treasurer, required.
recently voted (V. 116, p. 1327) at par plus a premium of $553, equal to of bid,
100.79.
EAST WASHINGTON (P. 0. Washington), Washington County,
-John I. Carson. Sec. of Borough Council, will
-BOND OFFERING.
COUNCIL BLUFFS, Pottawattamie County, lows.
-BOND SALE. Pa.
bids until 7:30
-The $180,000 434% funding bonds offered on April 24 (V. 116, p. 1570) receive sealed Denom.$501). p. m. May 7 for 385,000 43.5% coup_n street
Date June 1 1923. Int. J. St D. Duo yearly as
awarded to the State Savings Bank of Council Bluffs at 100.11, a basis impt. bonds.
were
32,000. 1930 to 1935 incl.; $4,000. 1936 to 1051 incl.,
of about 4.48%. Date Mar. 1 1923. Due on Mar. 1 as follows: $9,000 follows: certified check for $1,000, payable to the Boroughand $9,000,
Treasurer,
1952. A
1934 incl. and $10,000 1935 to 1943 incl.
1925 to
required.
CRAFTON BOROUGH SCHOOL DISTRICT (P. 0. Crafton),
-BOND OFFERING.--Louls F. Wentz, District
EATON, Preble County, Ohio.
-BOND SALE.
-The 37,500 534%
Allegheny County, Pa.
-were awarded
Secretary, will receive bids until 7 p. m. May 14 for $35,000 Oi% coupon water works bonds offered on April 23-V. 116p. 1452
'a
school bonds. Denom. $1,000. Date June 1 1923. Int. seml-ann. to the Preble County National Bank of Eaton at premium of $55. equal
TILL
APRIL 28 1923.]
THE CHRONICLE
to 100.74, a basis of about 5.26%. Denom. 5500. Date April 15 1923.
Due $500 each six months from April 15 1923 to April 15 1930 inclusive.
ELECTRA, Wichita County, Tex.
-BOND SALE.
-The 525.000 6%
serial water works extension bonds registered by the State Comptroller of
Texas on April 7-V. 116, p. 1685
-have been purchased by the BrownCrummer Co. of Wichita. Denom. $1,000. Date April 1 1923. Int.
A.-0. Due serially.
-The
-BONDS REGISTERED.
EL PASO, El Paso County, Tex.
State Comptroller of Texas registered 550,000 53i% serial fire station bonds
on April 19.
FAIRFIELD INDEPENDENT SCHOOL DISTRICT(P. 0.Fairfield),
Jefferson County, lowa.-BOND OFFERING.
-Sealed bids will be received by J. W. Dale, Secretary, Board of Directors, until 1:30 p. m. May
2 for $150,000 school bonds. Date May 1 1923. Denom. $500 or 51,000.
at option of holder. Int. rate not to exceed 5_%. Prin. and seml-lnn.
int. payable at the District Treasurer's office. Due on May 1 as follows:
10,000, 1927; $3,000, 1928 to 1938, incl.; $8,000, 1939 to 1942, incl.. and
75,000, 1943.
FAITH, Meade County, So. Dak.-BOND OFFERING.
-Sealed bids
will be received until 8 p. m. May 8 by J. E. Beschta, City Auditor. for
$28,000 water works bonds. $12,000 sewer bonds and $7,000 electric light
bonds. Interest rate not to exceed 6%. Maturing in not to exceed 20
years. A certified check for 5% of the amount of bonds bid for required.
FARGO, Cass County, No. Dak.-WARRANT SALE.
-on April 19
5150.000 55.4% paving warrants were purchased by the Wells-Dickey Co.
and the Minneapolis Trust Co., both of Minneapolis, at a premium of $1 755
equal to 101.17. Due 1 to 15 years. mV.116. p. 1685. we reported that
this city would offer between $125,000 and $200,000 warrants. Other
bidders were Lane, Piper & Jaffrey. Inc., and Minnesota Loan & Trust Co.,
jointly, who offered 51.750 premium;also Merchants' Trust & Savings Bank,
St. Paul, and Drake-Ballard Co., who offered a premium of 51.280.
FARIBAULT COUNTY INDEPENDENT SCHOOL DISTRICT
-Bids will be re-BOND OFFERING.
NO. 7 (P. 0. Winnebago). Minn.
ceived until 2 p. m. April 30 by E. F. Arndt, Clerk Board of Education, at
the Blue Earth Valley National Bank of Winnebago for $30,000 434%
school building bonds. Date May 1 1923. Prin. and semi-ann. int. payable at the Northwestern Trust Co. of St. Paul. Due on May 1 as follows:
$2.000 1928 to 1937 incl. and $10,000 1938. A cert. check for 5% of
amount of bid, payable to the District Treasurer, required.
-BOND SALE.-Schanke & Co. of
FERTILE, Worth County, Iowa.
Mason City have purchased $4,000 5% electric light bonds at par.
Denom. 51.000. 51.500 and $500. Due on May 1 as follows: 5500 1928,
$1.000 1933 and 1938 and $1,500 1943.
-BOND OFFERING.
-Sealed
FINDLAY, Hancock• County, Ohio.
bids will be received by Chas. T. Pope, City Auditor, until 12 m. May 8
for the purchase at not less than par and accrued interest of 559.500 5%
(city's portion) street impt. bonds, issued under the authority of Section
et seq., of the General Code. Date April 2 1923. Denom. $1,000
except one for $1,500. Interest semi-ann. Due yearly on Sept. 1 as
follows: 56.000 from 1924 to 1932, incl. and $5,500, 1933. A certified
'
check for 2% of the amount of bonds bid for, upon some solvent bank,
payable to the order of the City Treasurer, is required.
-Sealed bids will also be received until 12 m. May 8
BOND OFFERING.
by Chas. T. Pope, City Auditor, for the purchase at not less than par and
interest of the following 5% special assessment street impt. bonds, issued
under authority of Sec. 3914 & 3914-1, General Code:
$10,000 West Sandusky Street bonds. Denom. $1,000. Due $1,000
yearly on Oct. 2from 1924 to 1933 incl.
7,800 beech Ave. bonds. Denoms. $600 and $800. Due yearly on Oct.
2 as follows: $600 1924 and 5800 1925 to 1933 incl.
7,425 Cherry Street bonds. Denoms. $765 anti $740. Due yearly on
Oct. 2 as follows: 5765 1924 and $740 1925 to 1933 incl.
4,000 Greenlawn Ave. bonds. Denom.$400. Due $400 yearly on Oct.2
from 1924 to 1933 incl.
9,848 33 Trenton Ave. bonds. Denoms. $84833 and 51.000. Due
$848 33 Oct. 2 1924 and 51,000 yearly on Oct. 2from 1925 to 1933
incl.
6,100 East Sandusky Street bonds. Denom. 5700 and $600. Due
5700 Oct. 2 1924 and $600 yearly on Oct. 2 from 1925 to 1933 incl.
3,220 Taylor Street bonds. Denoms. $70 and $350. Due $70 Oct. 2
1924 and $350 yearly on Oct. 2 from 1925 to 1933 incl.
Date April 2 1923. Int. A. & 0. 2. Cert. check on some solvent bank
for 2% of amount of bonds bid for, payable to the City Treasurer, required.
FLINT UNION SCHOOL DISTRICT(P.O. Flint), Genesee County,
Mich.
-BONDS VOTED.
-The taxpayers have voted a bond issue of
$250,000 for a new school building.
FLORENCE TOWNSHIP (P. 0. Florence), Burlington County,
N.J.
-BOND OFFERING -Sealed bids will be received by Chas. B. Green,
Township Clerk, until 8 p m. May 9 for the purchase of an issue of 5%
coupon or registered road-improvement bonds not to exceed 315.000. no
more bonds to be awarded than will produce a premium of $500 over
$15,000. Denom. $500. Date June 1 1923. Principal and semi-annual
interest (J. & D.) payable at the First National Bank of Florence. Due
$1,500 yearly on June 1 from 1924 to 1933. inclusive. A certified check for
2% of the amount bid for. required.
FORK SHOALS DISTRICT NO. 2-B (P. 0.Fountain Inn R. No. 3),
So. Caro.
-BONDS TO BE SOLD AT PRIVATE SALE.
-The 312,000 6%
-year coupon school bonds recently voted-V. 116. p. 1685
20
-are to be
sold at a private sale.
FRANKLIN, Warren County, Ohio.
-R. C.
-BOND OFFERING.
Boys, Village Clerk, will receive sealed bids until 12 m. May 7 for 510,000
5 % coupon refunding bonds issued under Section 3916 of the General
Code. Denom. $500. Date June 18 1923. Int. J. & D., payable at
Franklin in currency. Due $2,000 in 1925 and $1,000 yearly thereafter
from 1926 to 1933. Incl.
FREDERICK, Frederick County, Ind.
-BOND OFFERING.
-Sealed
proposals will be received by John T. White, City Register, until 7:30 p. m.
May 16 for the whole or any part of $60,000 434% water works sinking
fund tax-free coupon bonds. Dated May 1 1923. Due May 1 1953.
Redeemable on or after May 11043. Denom.$1,000. Interest M.& N.1.
A certified check for 5% of the par value of bonds bid for, payable to the
Mayor and Aldermen, must accompany each bid. Purchaser to pay accrued interest.
The official notice of this offering may be found on a subsequent page of
this issue.
-An election
FULTON, Callaway County, Mo.-BOND ELECTION.
will be held on May 8 to vote on issuing 550.000 5% 15
-year serial watts'
and light plant bonds.
-BOND SALE.
-On
FULTON COUNTY (P. 0. Wauseon), Ohio.
April 16 the following six issues of bonds, aggregating 5102.750,_which
-were awarded to A. T. Bell
were offered on that date
-V. 116, p. 1685
& Co. of Toledo for $103,800, equal to 101.021, a basis of about 5%:
546,0005% Lyons-Winameg Road bonds. Denom. $1.000. Due yearly
on Sept. I as follows: $4,000, 1924 to 1927 incl., and $5,000.
1928 to 1933 incl.
6.000 534 %Zone-Southern Road bonds. Denom. $500. Due yearly
on Sept. 1 as follows: $1,000, 1924, 1925 and 1926, and 51,500,
1927 and 1928.
% Darby-Ottoke Road bonds. Denom. $500. Due yearly
17,000
on Sept. 1 as follows: $3,000, 1924, and $3,500, 1925 to 1928 incL
7,300 5;4 %Inlet
-Lytton Road bonds. Denom. $300 and $500. Due
yearly on Sept. 1 as follows: $1,300, 1924, and 31,500. 1925 to
1928 Incl.
-Handy Corners Road bonds. Denom. $300 and
8,300 E.S4% Spiess
$500. Due yearly on Sept. 1 as follows: $1,300, 1924; $3,000,
1925 and 1926, and $2,000, 1927 and 1928.
18.150 554% Stryker-Neapolis Road bonds. Denom. $150 and $1,000.
Due yearly on Sept. 1 as follows: $3,150, 1924; $3,000, 1925.
and $4,000, 1926 to 1928 incl.
Date May 1 1923. Int. M.& S.
GALAX, Grayson County, Va.-BOND SALE.
-The 550,000 street
Impt. and $25,000 water and sewer 6% coupon bonds offered on April 23
(V. 116, p. 1452) were awarded to Weil, Roth & Irving Co. of Cincinnati'
at a premium of $.3 035, equal to 104.04, a basis of about 5.72%. Date
Ms,1 1923. Due May 1 1953.
I
3821.
1925
GEORGETOWN SCHOOL DISTRICT NO. 7 (P. 0. Hudsonville),
Mich.
-BOND SALE.
-W.L. Slayton & Co. of Toledo. purchased 510.000
5(% school bonds on April 1. Denom.51.000. Date Feb. 1 1923. Int.
F. & A. Due yearly on Feb. 1.
-BONDS VOTED.
GIBSLAND, Bienville Parish, La.
-At an election
held on April 17 a proposition to issue $50,000 serial coupon water and
electric bonds carried by a vote of 55 to 25. Interest rate not to exceed 6%.
GLENDALE CITY SCHOOL DISTRICT, Los Angeles County,
Calif.
-BOND OFFERING.
-L.E. Lamnton, County Clerk and ex-offlaio
Clerk Board of County Supervisors, will receive sealed proposals until
11 a. m. April 30 for 5500.000 5% school bonds. Denom. 51.000. Date
June 1 1923. Principal and semi-annual interest payable at the County
Treasury. Due on June 1 as follows; $13,000, 1924 to 1943, inclusive, and
512.000, 1944 to 1963, inclusive. A certified or cashier's check for 3%,
payable to the Chairman Board of County Supervisors, required. The
assessed valuation of the taxable property in said school district for the
year 1922 was $21,910,780, and the amount of bonds previously issued and
now outstanding is $504,000.
GLENWOOD SCHOOL DISTRICT (P.O. Glenwood), Mills County,
Iowa.
-BOND ELECTION.
-An election will be held on April 30 to vote
on the question of issuing $10,000 school bonds.
GOSHEN, Orange County, N. Y.
-The two issues of
-BOND SALE.
5% coupon bonds, aggregating 516,000. which were offered on April 23
(v • 116. p. 1685), were awarded to Sherwood & Merrifield. The bonds
were purchased on the following conditions:
$5.000 Playground bonds at 101.076, a basis of about 4.86%. Due $1,000
yearly on Jan. 1 from 1925 to 1929 incl.
11,000 fire equipment bonds at 102.295, a basis of about 4.53%. Due
$1,000 yearly on April 1 from 1924 to 1934 incl.
Denomination $1,000. Other bidders were:
Dunkirk Trust Co. of Dunkirk
101.07
-For $5,000 issue
102.29
-For $11,000 issue
George B.Gibbons /4 Co.. New York
101.075
-For $5,000 issue
GRAHAM COUNTY SCHOOL DISTRICT NO. 6 (P. 0. Safford),
Ariz.
-BOND ELECTION.
-An election is to be held to-day (April 28)
to vote on the question of issuing $30,000 6% school building bonds.
W. F. Preston, District Clerk. ie.
GRANBURY, Hood County, Tex.
-The
-BONDS REGISTERED.
State Comptroller of Texas registered $28,000 light extension and $47,000
water works 6% bonds on April 18.
GRAND JUNCTION, Mesa County, Colo.
-DESCRIPTION.
-The
$66.000 Paving District No. 7 bonds awarded as stated in V. 116. D. 1806,,
are described as follows: Denom. $500. Date May 1 1923. Int. M.at N.
%. Due May 1 1935. Bonds are optional. Date of award April 18.
GRAND RAPIDS SCHOOL DISTRICT (P.O. Grand Rapids), Kent
County, Mich.
-BOND OFFERING.
-Sealed bids will be received by H.
N. Morrell, Secy., Board of Education, until 5 p. m. May
$361,000
4 ti% coupon school impt. bonds. Denom. $1,011111. Prin. 7 forsemi-ann.
and
int.(M.& S.), payable at the office of the Treasurer of the Board of Education id N. Y. exchange. Due on Sept. 1 as follows:
$111.000. 1936, and
$250,000, 1937. A cert. check for 3% of the face value of the bonds bid
for made payable to the President of the Board of Education, required.
GRAPEVINE INDEPENDENT SCHOOL DISTRICT (P. 0. Grapevine), Tarrant County, Tex.
-BONDS REGISTERED.
the State Comptroller of Texas registered $25,000 6% serial-On April 17
school bonds.
GREENVILLE, Hunt County,
-BOND SALE.
-The National
Bank of Commerce of St. Louis has Texas.
purchased the
offered on April 17 (V. 116. p. 1453) at 100.721: two issues of 5% bonds
565.000 water-works extension bonds. Due $1,000, 1929 to 1933,inclusive.
and 52,000, 1934 to 1963, inclusive.
20,000 sewer extension bonds. Due 51,000. 1934 to 1953, inclusive.
Date May 15 1923. a •s.;
k:4• •
GROVE CITY, Mercer County, Pa.
-BOND
Kay, Borough Secretary, will receiveselaed bids OFERING.-L. L. Mcuntil 6 p.
$125,000 434% coupon bonds. Denom. $1,000. Date m. April 30 for
May 1 1923.
Prin. and semi-ann. int (M. & N.). payable at the
Borough Treasurer's
office. Due $5,000 yearly on May 1 from 1928
to 1952, incl. A cert.
check for $2.000, required.
HAMILTON COUNTY (P. 0.
--CORRECTION.
-We find that an error was made Chattanooga), Tenn.
in reporting the total debt of this county
as of November 1922 in our "State & City
Section" published onDec. 30
1922. The amount should have been 54.381,000
The mistake was due to a typographical blunder. instead of 5381,000.000.
HAMILTON SEPARATE SCHOOL DISTRICT (P. 0.
Hamilton),
Monroe County, Miss.
-BOND OFFERING.
-According to the "Manufacturers Record" of April 19, bids will be
received by the Board of Supervisors, until May 7 for $15,000 school bonds.
HAMILTON TOWNSHIP RURAL SCHOOL DISTRICT, Ohio.
BOND SALE.
-The Ohio National Bank of
5% school bonds. Denom. $1,000. Date Columbus, purchased 540,000
April 1 1923. Int. A. & 0.
Due serially for 6 years.
HANCOCK COUNTY (P. 0.
Ohio.
-The
565.000 5% Deshler-Findlay RoadFindlay),225 -BOND SALE.
I. 0. H.
Blanchard, Pleasant and
Liberty Townships road impt. bonds offered
were awarded to Otis & Co. of Cleveland, on April 24 (V. 116, p. 1571)
100.32, a basis of 4.93%. Denom. $500. at a premium of $208, equal to
Date May 1 1923. Due $6,500
yearly on Nov. 1 from 1924 to 1933.
An issue of $10,000 5% I. C. IL inclusive.
No. 223 Ottawa-Findlay Road bonds
offered at the same time, VMS also awarded
to Otis & Co. The price wall
$10.012. equal to 100.12.
HARDIN COUNTY (P. 0. Kenton), Ohio.
-On April
18 the following 2 issues of 534% road bonds, -BOND SALE.
that date (V. 116, pp. 1571 and 1686) were which were offered for sale on
awarded to the First National
Bank of Dunkirk, as follows:
$2,595 bonds for $2,612 50 (100.682) and hit., a
basis of about 5.28%•
Due $519 yearly on Sept. 1 from 1924 go 1928.
3,070 bonds for S3.087 50 (100.57) and int., a basis inclusive.
Due
of about
on Sept. 1 as follows: $768. 1924 and 1925, 5.29%. 1926
and 5767,
anf 1927Y.early.
HARRIS COUNTY NAVIGATION DISTRICT
(P. 0. Houston),
Texas.
-BOND OFFERING.
-Bids will be received by E. A. Peden, Chairman, until 10 a. m. May 21 for
$4,000.000 5% coupon bonds. Date
Apr. 15 1923. Denom. 51,000. Int.
semi-ann., payable in New York
and Houston. Due 5130.000 for the first 5
years and $134,000 for the next
25 years. A cert, check for 1% of bid
required. District reserves right
to hold $1,000,000 from sale.
The official notice of this offering may be
found on a subsequent page of
this LIS118.
HARRISBURG TOWNSHIP (P. 0. Harrisburg), Saline County,
III.
-BOND ELECTION
-BOND
-It is reported that Thompson,
Kent & Grace. of Chicago, have SALE.
purchased $100.000 5% serial road bonds
subject to being voted at an election to
be held on May 1. Date May 1
1923. Principal and semi-annual
interest ,M. & N.)
Continental & Commercial National Bank, of Chicago.payable at the
HARRISON, Westchester County, N. Y.
-On
-BOND SALE.
April 21 an issue of $50,000 434%
to Clark, Williams & Co. of New road improvement bonds was awarded
York at 101.267, a basis of about 4.34%•
Denom. 51.000, Date April 1
1923. Due $2,000 April 1 1924, and
$3,000 yearly on April 1 from 1925 to 1940
inclusive.
HARVARD, Clay County, Neb.-BOND SALE.
-The Omaha Trust
Co of Omaha, purchased
$60,000 514% 1-20
-year serial sanitary sewer
bonds on March 27 at a premium of$400,
equal to 100.66.
HENRY COUNTY (P. 0.
-BOND OFFERING.
Sealed bids will be received byNapoleon), Ohio.
Earl T. Crawford, County Auditor, until
10 a. m. May 4 for the purchase at not less
than par and accrued interest
of $83,500 5% coupon Inter-County Highway
in Harrison
and Napoleon townships) road bonds, issued No. 457 (located county and
of
township taxes, and under the authority of in anticipationof the General
Code. Principal and semi-annual Interest Section 1223 payable at the
(A• & 0.
County Treasurer's office. Denom. 31.000 and $500. 16) April 16 1923.
Date
Due yearly on April 16 as follows: 57.500, 1924: 57.000, 1925; $8.000, 1926
to 1928,1 nclusive: 59.000, 1929 to 1933, inclusive. Each bidder must file
1926
THE CHRONICLE
[VOL. 116.
With his bid a certified check on a bank doing a regular banking business in have something to say later on. The sale held yesterday at 11 a. m.
Henry County, or a New York draft, payable to the County Treasurer, for resulted in no new bids or propositions being offered, and the sale WAS
an amount not less than $25,000, as a guarantee that he will accept and pay adjourned until 11 a. m. to-day.
for the bonds within ten days after award.
Reject Two Offers.
HERMLEIGH SCHOOL DISTRICT, Scurry County, Texas.
"At the conference held by the Council with the bond house repreBONDS VOTED.
-By a vote of 7 to 1 an issue of $40,000 school building sentatives, it was decided that the Council could not accept the propositions
bonds was recently voted. J. 0. Leach. Trustee.
made by R. M. Grant & Co. of New York, and Ringhelm, Wheelock &
HIGHLAND COUNTY (P. 0. Hillsboro), Ohio.
-BOND SALE.
-On Co. of Des Moines. These propositions were based on a partial payment
April 20 the issue of $10,000 5% coupon road impt. bonds offered on that plan by which the bond concerns would extend the payments over a period
date (V. 116. p. 1686) was awarded to the Citizens' Trust & Savings Bank of months. All of the members of the Council were in agreement in this
of Columbus at 100.1175 and interest, a basis of about 4.97%. Date decision, and the only hope of a sale for the bonds lies in any new bids
April 1 1923. Due yearly on Sept. 1 as follows: $1.000 1924 and $1,500 that may be received in the future.
"The Council members who voted in favor of the resolution believe
1925 to 1930 incl. N. S. Hill & Co. of Cincinnati bid $10,005.
that it is impossible to sell the bonds at par with the interest rate at 45i%.
HIGHLAND PARK SCHOOL DISTRICT (P. 0. Highland Park). as the market stands to-day. The advantage of a second advertisement
-Bids will be received until would be that the interest rate could be left open and bidders could fix
-BOND OFFERING.
Wayne County, Mich.
8 p. us. May 7 by Caleb S. Pitkin, Secretary Board of Education, for a rate of interest they would be willing to pay. Should the market im$215,000 school bonds, to bear interest at 4q%,455% or 4.5i %. Denom. prove in the next few weeks it might be possible to get a bid of 455' by
$1,000. Date May 15 1923. Principal and semi-annual interest payable the day of the sale. If not, the bids could all be rejected, or the best
at the Highland Park State Bank, of Highland Park. Due May 15 1953. bid could be accepted and new bonds printed.
Certified check for $6,000. payable to the District Treasurer, required.
"So far as is known, the present method of adjourning the bond sale
from day to day will continue unless a favorable bid is received."
Purchaser to furnish blank bonds.
-BOND SALE.
HILLSBORO, Montgomery County, 111.
-The
JACKSON, Hinds County, Miss.
-BOND OFFERING.
-A. J. John-were son. City Clerk, will offer for sale at public auction at 10 a. in. May 1 the
$25,000 5% refunding bonds voted on Dec. 19-V. 116. p. 99
sold to local bankers at par. Denom. $500. Date Jan. 1 1923. Int. following bonds:
street, bridge, drainage, school and land bonds. Due on May 1
1943; optional Jan. 1 1928.
$175,000
J. & J. Due Jan. 1
as follows: $4,000, 1924 to 1928, incl.: $7.000. 1929 to 1938,incl.:
-The First National
HOWARD, Elk County, Kans.-BOND SALE.
$9,000, 1939 to 1947, incl., and $4,000, 1948.
Bank of Howard, has purchased the $12,000 5% water works bonds, regis25,000 water-works impt. bonds. Due on May 1 as follows: $1,000.
State Auditor, of Kansas on Mar. 15(V. 116, p. 1572) at par.
tered by the
1924 to 1948, incl.
Denom. $1,000. Date Jan. 1 1923. Int. F. & A. Due 1951.
Denom. $1,000. Date May 1 1923. Interest rate to be fixed at time
-BOND SALE.
-N.) payable at the National Park
HUDSON, Columbia County, N. Y.
-On April 26 of sale. Prin. and semi-ann. int. (M.
the following two issues of 455% coupon or registered bonds, offered on Bank, N. Y. City. The approving opinion of John 0. Thomson, N. Y.
-were awarded to Sherwood & Merrifield City, will be furnished by the city.
1806
-V. 116.
that date
3p.
of New York at 102.063, a basis of about 4.21%:
JACKSON SCHOOL TOWNSHIP, Decatur County, Ind.
-BOND
$110,000 street improvement bonds. Due on Aug. 1 as follows: $10,000, OFFERING.
-Proposals will be received by Albert C. Moncrief, Trustee,
1928 to 1932 inclusive, and $20,000, 1933 to 1935 inclusive.
at the law office of Tremain &
until 2 p.
16,000 sewer construction bonds. Due $4,000 yearly on Aug. 1 from for the purchase of $60,000 Turner, in Greensburg,Denom. m.May 11
455% school bonds.
$500. hit.
1927 to 1930 inclusive.
F.& A. Due each 6 months as follows: $500, Aug. 1 1924 to Aug. 1 1926,
Denom. $1,000. Date June 11923.
incl.; $1,000, Feb. 1 1927 and Aug. 11927; $1,500, Feb. 1 1928 and Aug. 1
HUDSON SCHOOL DISTRICT, Los Angeles County, Calif.-. 1928; $2.000. Feb. 1 1929 to Feb. 1 1932, incl.: $2.500. Aug. 1 1932 to
-A. M. McPherron, Deputy County Clerk -(P. 0. Los Aug. 11937,incl., and $11,000, Feb. 1 1938. These bonds were originally
BOND OFFERING.
Angeles), will receive sealed proposals until Il a. m. May 7 for $45,000 5% proposed to be sold on April 18 (V. 116. p. 1453)•
school bonds. Denom. $1.000. Date May 1 1923. Principal and semiJASPER COUNTY (P. 0. Rensselaer), Ind.
-BOND OFFERING.
annual interest payable at the County Treasury. Due on May 1 as follows: Sealed bids will be received by George H. McLain, County Treasurer, until
$1,000. 1924 to 1938, inclusive, and $2,000, 1939 to 1953, inclusive. A 1 p.m. May 10 for the purchase at not less than par of $5,800 5% Albert
or cashier's check for 3% of Issue, payable to the Chairman Board Duggins et al Road Improvement Cause
certified
No.
of County Supervisors, required. The assessed valuation of the taxable bonds. Denom. $290. Date May 15 1923. 3616, in Keener Township
Int. M. & N. 15. Due
property in said school district for the year 1922 is $3,751,200. and the $290 each six months from May 15
1924 to May 15 1934, inclusive.
amount of bonds previously Issued and now outstanding is $87,000. .
JEFFERSON WATER CONSERVANCY DISTRICT, Jefferson
HUMPHREYS COUNTY ROAD DISTRICTS, Miss.
-BOND OFFER- County, Ore.
-BOND SALE OPPOSED BY STATE IRRIGATION COM-Sealed (or oral) bids will be received until 1 p. m. May 7 by A. R. MISSION.
ING.
-According to the "Oregonian" of April 11, the
Hutchens, Clerk Board of County Supervisors (P. 0. Belzoni), for the Securities Commission opposes the offering to investors State Irrigation
by the Morris
following 6% coupon road bonds:
Bros. Corp. of Portland, pending action by the Commission, of $4,910,000
$400.000 Central Separate Road District bonds.
6% gold coupon bonds awarded to them as stated in V. 116, p. 1807. The
115,000 Northern Separate Road District bonds.
"Oregonian" continues:
Date May 15 1923. Purchaser to pay cost of lithographing and to pro"Action to block the sale of these
by the Commission
cure opinion of some bond attorney. A certified check for $5,000 required. after Morris Brothers had caused tobonds was taken Portland newspaper
be printed in a
Financial Statement.
a large advertisement offering the bonds for sale, subject to the approval
Central Sep. NorthernSep of the Securities Commission.
Road Dist.
Road Dist.
•
Agreement Held Voided.
Assessed valuation, real property, 1922
$2,718,032 00 $882,878 00
Percy Cupper, State Engineer and a member of the Securities CommisAssessed valuation, personal property, 1922_ _ _ _
578.531 32 35,00500
Assessed valuation, Public Service Corp., 1922_ _
127,839 06
841 00 sion, at the close of the meeting, declared that it was his opinion that
the order went so far as to invalidate the entire agreement existing b&
Total assessed valuation, 1922
$3,424,402 38 $918,724 00 tween Morris Brothers and the Water District with relation to the purchase
Total bonded debt
$400,000 00 $115,000 00 and subsequent sale of the securities.
Governor Pierce said that he gathered the impression that
HUNTINGTON COUNTY (P. 0. Huntington), Ind.
-BOND SALE. was confined to disapproval of the advertising and sale of the the order
bonds by
-The $20.500 5% coupon A. M.Mayne et al. gravel road in Jackson Two
Morris Brothers until they have been certified.
bonds offered on April 20 (V. 116, p. 1686) were awarded to Thos. ,
I. H. VanWinkle, Attorney-General,said his opinion conindded with thatSheerin & Co. of Indianapolis for $20,765 60, equal to 101.295, a basis of of the Governor, in that the action of the Commission_
probably would
about 4.75%. Date Mar. 15 1923. Due $1.025 each six months from May protect the public and at the same time cause Morris Brothers to sub15 1924 to Nov. 15 1933 incl.
mit another proposal to the State before engaging in the sale of the bonds.
HUNTINGTON PARK CITY SCHOOL DISTRICT, Los Angeles
Purchase Agreement Made.
-BOND OFFERING.
County, Calif.
-L. E. Lampton, County Clerk
In modifying the order of the Commission to coincide with the
(p.0. Los Angeles), will receive sealed proposals until 11 a. m. April 30 for of the Governor and Attorney-General, the suggestion was madeviews
that
$90,000 5% school bonds. Denom.$1,000. Date June 1 1923. Principal Morris Brothers might continue to sell the securities despite the fact that
and semi-annual interest payable at the County Treasury. Due on June 1 they have not been certified.
as follows: $3,000. 1924 to 1933, inclusive, and $2,000, 1934 to 1963, inIt was brought out at the meeting that Morris Brothers had agreed to
clusive. A certified or cashier's check for 3% of issue, payable to the purchase the bonds from the Jefferson Water District at 845i. This
Chairman Board of Supervisors, required. The assessed valuation of the transaction cannot be completed, however, without the
approval of the
property in said school district for the year 1922 was $8.961,095, Securities Commission. Under the law no
taxable
irrigation or drainage disand the amount of bonds previously issued and now outstanding is $353,000 trict is allowed to sell its bonds below 90 without the consent of the State.
HUNTINGTON PARK UNION HIGH SCHOOL DISTRICT, Los In the case at issue this approval has not yet been given.
In view of the attitude taken by the Commission to-day it is likely
Angeles County, Calif.
-BOND OFFERING.
-Sealed proposals will be
received by L. E. Lampton, County Clerk (P. 0. Los Angeles), until that an entire new deal will be demanded before these bonds are placed
11 a. m. May 7 for $500.000 5% school bonds. Denom. $1,000. Date on the market with tne consent of the Securities Commission.
June 1 1923. Prin. and semi-ann. int., payable at the County Treasury.
Letter is Made Public.
Due on June 1 as follows: $9,000 1926 to 1940,incl.:$13,000 1941 to 1945.
At the conclusion of the meeting the following letter addressed to Morincl., and $20,000 1946 to 1960, incl. A certified or cashier's check for ris Brothers, was issued by the Commission:
3% of issue, payable to the Chairman Board of Supervisors required.
"At a meeting of the Irrigation and Drainage Securities Commission on
The assessed valuation of the taxable property in said high school district March 27. at which time your representatives, John L.Etheridge,
far the year 1922 was $27,283,885, and the amount of bonds previously ningham and Mr. La Roche, appeared requesting the approval of Mr.Cuna circular
Issued and now outstanding is $387,000.
and plan of circularization for the sale of the bonds of the Jefferson Water
ILLINOIS (State of).
-EXPECT OFFERING OF BONUS BONDS Conservancy District in the amount of approximately $5,000.000. the
SOON -It is expected that in the near future the State will offer for sale following order was entered:
"After considerable discussion and objection by members of the Comthe first portion of the $55,000,000 soldier bonus bonds upheld by the
mission to sending out the circular before the Commission had made further
courts in a recent litigation.
Investigation of the project, it was ordered that the Commission make an
IMPERIAL COUNTY (P. O. El Centro), Calif.
-ADDITIONAL inspection of the project the latter
week, while in central Ore--With reference to the remarks in our issue of April 7, p. 1572. gon, and that the Commission does part of next the issuance of said circular
DATA.
not approve
Nicholas Maio& of the First Securities Co. of Los Angeles sends us the until it is known what action the Commission would take with.respect to
following letter dated April 18, which is self-explanatory:
certifying the bonds. This arrangement was agreed to by the representa'In your issue of the 'Chronicle' of April 7 1923, on _page 1573, there tives of Morris Brothers Corporation.'
appears an item to the effect that M. H. Lewis & Co. of
"Pursuant to this order, the Commission inspected the District last SatAngeles have
purchased an I sue of $300,000 Imperial County court house 555% bonds, urday, but has had no opportunity fully to determine its policy with respect
and you qualify this statement by saying that 'apparently these are the to the same.
same bonds the sale of which to the Security Coramercial & Savings Bank
"Attention has been called to the publication of this circular in this mornof El Centro-which, it seems, was bidding for the account of the First ing's 'Oregonian,' offering the bonds for sale, which is considered a breach of
securities Co. of Los Angeles-was declared void.' Permit us to correct the agreement. This offer being made subject to the approval of the Coma slight misunderstanding:
mission prompt action appears necessary in order to avoid misunderstanding
"These bonds were originally purchased by us for a syndicate, of which by the prospective purchasers. It was, therefore, unanimously decided at a
we are managers,and in which the firms of M.H.Lewis & Co.,Los Angeles, meeting of the Commission held this morning to disapprove the advertisand Anglo-London-Paris Co., an Francisco, had participations, but ing or sale of the bonds until they are certified by the Securities Commission.
shortly after our purchase a *estion arose as to their legality on a tech"The Commission will hold another meeting April 17, when the sale of
nicality, and our attorneys di not approve of the issue. However, since these bonds will be considered. No mention was made at the meeting
then, the legality of the bonds has been upheld in the courts through a to-day with relation to the feasibility of the project.
validation suit and we are now taking delivery of the bonds.
In a special dispatch from Salem, dated April 17, the "Oregonian" of
"We offer this correction in good faith, assuming that you might have
further said:
thought that the First Securities Co. was n9 longer identified with this April 18 Morris Brothers, Inc. with headquarters in Portland, will be
"Before
•
Issue.
'
to complete its contract with the Jefferson Water Conservancy
allowed
-BONDS VOTED.
INGHAM COUNTY (P. 0. Mason), Mich.
-At the District for the sale of approximately $4,910,000 of bonds issued by the
election held on April 2(V. 116. p. 539), the $50,000 tuberculosis-hospital project for development purposes, it will be neccsasry for the bond house
bonds were voted. Interest rate not to exceed 6%. Due not later than to prove to the State by competent evidence that it is financially able to
handle the undertaking.
ten years.
"This was the decision reached here to-night by the State Irrigation and
-COUNCIL URGES RE
-OFFERING OF SOLDIERS'
IOWA (State of).
-Regarding the $22,000,000 43,4% State soldiers' bonus Drainage Securities Commission, after an all-day meeting with the members
BONDS.
BONUS
ofthe State certifying committee and the so-called,legislative advisory board.
bonds for which no bids were received on April 16-V. 116, p. 1807
"It also was decided by the Commission to defer consideration of the
the Des Moines "Register" of April 21 says:
will
merits of the district project until the next meeting
"Three members of the State Executive Council went on record yester- be held in Salem, May 1. In case the Commissionof the body whichlend
finally decides to
day as favoring a readvertisement of the soldier bonus bonds at an interest the State's credit in construction of the project a condition will be imposed
5%, when the Council passed a resolution to that effect.
rate not to exceed
on the corporation selling the bonds that it shall announce publicly that the
State Treasurer W. .1. Burbank, the fourth member of the Council, re- cost of the project is $8,300,000 instead of approximately $5,000,000, as
frained from voting.
advertised up to the present time.
"The passage of this resolution followed a conference with the repre- generally
"Contract May Be Changed.
sentatives of two bond concerns over propositions submitted by them,
bond buyers said it was undignified
"Under a contract entered into between Morris Brothers and the Jefferson
during which conference one of the
for the great State of Iowa to be hawking its bonds about in the manner Water Conservancy District some time ago, it was agreed that the bond
house should purchase the bonds at 8455 cents on the dollar and that
pursued by the State Treasurer.
"Mr. Burbank gave no indication yesterday that he would follow the $3,000,000 of the proceeds from the securities should boldellvered within
members of the Council, but intimated that he would sixty days.
advice of the other
APRIL 281923.]
THE CHRONICLE
1927
28,700 John Meier road, in Union Township, bonds at a premium of
"J. C. Cunningham, President of Morris Brothers, at the meeting of the
$308 50. equal to 101.074, a basis of about 4.80%. Denom.31.435.
Commission to-day agreed to alter the original contract with the district
18,200 John Bos road, in Clinton Township, bonds at a premium of $221,
that the bonds would be purchased at 85 cents on the dollar
to the extent
equal to 101.214, a basis of about 4.77%. Denom. $910.
available within
and that $4,910,000 instead of $3,000,000 would be made
16.000 James Knersley road, in Union Township, bonds at a premium of
sixty days.
$201, equal to 101.256, a basis of about 4.76%. Denom. $800.
Bramwell, State Superintendent of Banks, and a
"Questioned by Frank
5,000 Gust Sacks road, in Hanna Township, at a premium of $55, equal
member of the Securities Commission, with relation to the ability of Morris
to 101.1, a basis of about 4.79%. Denom. $250.
Brothers to dispose of the bonds in compliance with their agreement with
4,800 Fred C. Hundt road, in Cass Township, bonds at a premium of
the irrigation district, Mr. Cunningham said he already had received com$53, equal to 101.104, a basis of about 4.79%. Denom. $240.
mitments insuring sales of the securities aggregating more than $5.000.000.
23,200 W. H. Ackhart road, in Noble, Union and Hanna Townships,
"Evidence Held Necessary.
bonds, at a premium of $328, equal to 101.413. a basis of about
"Mr. Bramwell declared that while he did not desire to doubt the word of
4.73%. Denom. $1,160.
Mr. Cunningham. he could not sanction the sale of the bonds by the corThe first six issues were purchased by J. F. Wild & Co., State Bank of
poration until tangible evidence was submitted. Other members of the Indianapolis, and the next two by A. P. Andrew, Jr., & Son Bank of La
Commission coincided in the views expressed by Mr. Bramwell.
Porte, and the last by the Fletcher Savings & Trust Co. of Indianapolis.
"A. D. Anderson, Secretary of the District. declared that the Jefferson Date March 24 1923. Due one bond of each issue each six months from
Water Conservancy District project, if completed according to plans of the
inclusive.
settlers, would open up a vast area of productive country, and would fur- May 15 1924 to Nov. 15 1933,
,7-:17la
BOND OFFERING.
-John Line, County Treasurer, will r...-c17
nish homes for a large number of people. He said colonization of the
be prohibitive bids until 11 a. m. May 9 for the purchase at not less than par and accrued
project would be simple in that the lien on the land would not
bonds:
coupon
and that crops would be abundant. Letters were read by Mr. Anderson interest of the following three issues of5% road in road Township bands.
Noble
showing that a number of prospective settlers in various parts of the North- $18.000 Henry F. Carpenter et at. gravel
thereafterDenom. ll9 nt a are paid. ay 15 1924 and $900 each six months
0
0.
u O Due$9 0 M
west already have their eyes on the project, and would purchase lands
until all
within the district as soon as water is available for irrigation.
15,800 IL A. Boehlke et al. gravel road in Cass Township bonds. Denom.
"Harry Gard. of Madras, President of the District, corroborated the
.
9.
art 0 Dl all a 0 blay
9
i7 er untiue $7re paid 15 1924 and $790 each six months therestatements made by Mr. Anderson, and added that the development would
prove profitable for the State as well as for the settlers.
17,600 Emil Kalvrith gravel road in Cass Township bonds. Denom.$880.
"Protest Is Submitted.
Due $880 May 15 1924 and $880 each six months until all are paid.
"L. A. McMahan,Salem attorney, who appeared before the Commission statatBank il lta P0rte.Bonds are all payable at A. P. Andrew Jr. & Sons
De e Aprof 192 .
3
on behalf of forty settlers who are opposed to development of the project.
declared that thus far the proceedings had not been conducted on a businessBOND OFFERING.
-John Line, County Treasurer, will receive sealed
like basis. Before any bonds are sold. Mr. McMahan said, the promoters
E.Osborn et al,
of the project should determine whether the reservoir will hold water, bids until 11 a. m.on May 9for 36,8005% coupon Clarence April 15 1923.
gravel road in Cass Township bonds. Denom. $340. Date
and if the undertaking is feasible in all particulars.
thereafter until all
Due
"A report was read by Mr. McMahan under date of May 1 1914. showing are $340 on May 15 1924 and $340 each six months
certified check
that the cost per acre of irrigating the lands in the district would total for paid. Each bid to be in writing and accompanied by a No bid will be
5% of the amount proposed to be paid for the bonds.
$55 58.
here,' said Mr. McMahan,'the cost of considered for less than par value of the bonds.
"
'Based upon your presentation
developing the project is $75 an acre, not including an additional expense
-BOND OFFERING.LARCHMONT, Westchester County, N. Y.
of $25 for leveling the land,$15 an acre discount on the bonds, interest and Eugene D. Wakeman, Clerk of the Board of Village Trustees, will receive
other costs. This idea of selling bonds as low as 84% cents is not good bids until 9 p. m. May 7 for the following coupon or registered bonds, to
business, and you have not yet received any assurance that you will be bear interest at a rate not to exceed 6%:
able to sell bonds in excess of $5,000,000 necessary to complete the project. $13,000 Hall Ave. sewer bonds. Due $1,000 yearly on June 15 from 1928
The bond dealers have no interest in these irrigation districts and often
to 1940, inclusive.
State.he unsuspecting public that the securities have the approval
10,000 Monroe Ave. improvement bonds. Due $1,000 yearly on June 15
re the
?
from 1928 to 1937, inclusive.
390.000 Already &vended.
13.000 Chatsworth Ave. to Railroad Ave. bridge paving bonds. Due
$1,000 yearly on June 15 from 1928 to 1940, inclusive.
"The Jefferson Water Conservancy District copmrises 106.000 acres of
65,000 Chatsworth Ave. to Larchmont Ave. paving bonds. Due $2,600
land and is located in Jefferson County. Approximately $90,000 already
yearly on June 15 from 1928 to 1952, inclusive.
has been expended in development work. Besides certification this district
Denoms. to suit purchaser, but not less than $500. Date June 15 1923.
asks for State guarantee of interest on its $5,000,000 bond issue."
Int. semi-ann. Certified check for 10% of amount of bonds bid for, payable
-BONUS BONDS BEARING 4% TO BE OF- to the Village of
KANSAS (State of).
for printing of
-Regarding the $25,000,030 Soldiers' Bonus bonds. Legality Larchmont required. Purchaser to pay New York.
FERED ABOUT JULY 1.
approved by Clarence De Witt Rogers, of
bonds recently validated by the Kansas Supreme Court (V. 116, p. 965),
k••••••mp of Boston
LAWRENCE,Essex County,Mass.
the Topeka "Capital" of April 22 says:
-B-,ND SA
"Kansas compensation bonds, which will furnish the $25,000,000 to pay bond houses, consisting of Old Colony Trust Co.. Edmunds Bras. Eldredge
Kansas ex-service men their bonus, will bear 4)4% interest. That was & Co. and Curtis & Sanger, have purchased, and aro maw offering to inthe decision of the Bond Board, composed of Governor Davis, Frank Ryan, vestors the following two issues of con on bonds:
Secretary of State, and Norton A. Turner, State Auditor, at their meet- $300,000 414% bonds. Date April 1 1923. Due $15,000 yearly on
ing yesterday afternoon. The Board also agreed on the form of bid to be
Anril 1 from 1924 to 1943. inclusive.
considered and for the printing of the bonds and probably will let a contract
330.000 4% bonds Date May 1 1923. Due yearly on May 1 as
for the printing about May 1.
follows: $17,000 1924 to 1933, incl., and 38.000 1934 to
"With.everything moving in good shape, members of the Board believe the
1953. inclusive.
bonds can be sold about July 1. That means that the Kansas ex-service
LEAKEY INDEPENDENT SCHOOL DISTRICT (P. 0. Leakei),
men will begin getting their bonus money shortly after that date. Carl
-BOND SALE.-Durtng February $23,000 5%
R. White, Director of Compensation, plans to have many claims approved Real County, Texas.
school building bonds were purchased by Depew & Bonney of San Antonio.
for payment by the time the money from the sale of the bonds is available.
Denom. $500. Int. ann. (August). Date 1921. Due 1961; optional
"Those bonds will be payable either at 010 Kansas fiscal agency in New 5
years,from date.
York or in Topeka. This is one of the provisions provided for in the supplementary bonus legislation passed by the recent Legislature. Through
LEE COUNTY (P. 0. Bishopville), So. Caro.
-BOND SALE.
making the bonds payable at the New York agency, it will make the money J. H. Hilsman & Co. of Atlanta have purchased $8,000 53(%
ftmdha
more available for Eastern investors and result in a better price for the bonds. and highway bonds. Denom. $1,000. Date April 1 1923. Prin. tula
Although the Board has not reached a final decision as to the denomina- semi-ann. int.(A.& 0.) payable in N. Y. City. Due on April 1 as follows:
tion of the bonds, probably all of them will be of $1,000 each. This idea 52.000, 1924; 51,000, 1925; 32,000, 1926: $1.000. 1927, and 82,000, 1928•
will cut the small investor out of taking some of the bonds. There has
Financial Statement.
3.9),000.000
been some discussion of issuing bonds of $100 and $500. that small investors Estimated real value
0
5.953,92
might take advantage of them and that soldiers might take part of their Assessed valuation
000
compensation in bonds if desired. Ryan, who has consistently urged the Total bonded debt (Including this issue
0
10:000
7 000
ex-service men to invest part of their bonus money in the bonds, is still Sinking fund
fighting for the small denominations.
$60,000
"Institutions wishing to bid on the bonds may bid for the entire $25,000,Net debt
000 or for any portion of them. The bonds will be so issued that $1,000,000
LE MARS INDEPENDENT SCHOOL DISTRICT (P. 0. Le Mars),
worth of the issue will be paid off each year."
Plymouth County, Iowa.
-BONDS NOT SOLD.
-The 3150.000 high
KALAMAZOO TOWNSHIP (P. 0. Kalamazoo), Kalamazoo County, school bldg. bonds offered on April 24 (V. 116, p. 1657) were not sold.
-John Rhine, Township Clerk, will receive Denom.$1.000. Date May 1 1923. Int. M.& N.4%7
Mich.
-BOND OFFERING.
.
0 Due on May 1
bids until 11 a. m. May 5 for the $75,000 4 Yi % coupon highway and bridge as follows: 33,000, 1925 to 1928. incl.: 54.000. 1929 to 1932, incl.; $5,000.
bonds voted by the people on April 2-1r. 116, p. 1572. Denom. $1,000, 1933 to 1937, incl., and 36,000, 1938 to i94, inclusive.
or to suit purchaser. Date May 15 1923. Prin. and semi-ann. int.,
LEONARD, Fannin County, Tex.
-BONDS REGISTERED. The
payable at the First National Bank of Kalamazoo. Due $5,000 yearly on
May 15 from 1924 to 1938. Bonds are said to be free of tax in Michigan State Comptroller of Texas registered $40,000 514% sewer bonds on April
1 xan bon 5.0 0 stree i
2 0
and of Federal income tax. Certified check for $1,000, payable to John 57 yo d 3 ds 0n AprntIsmprovement and $10,000 water works extension
Kline, Township Clerk. The official circular states that there is no litigation pending or threatened, affecting this issue of bonds, and that there
LE SUEUR COUNTY (P.O. Lisueur Center), Minn.
-BOND OFFERhas never been any default in payment of any obligations. Bonded debt, ING.
-S. McMillen, County Auditor, will receive sealed bids until 2:30_14,
this issue only. Assessed valuation 1922, 311.732,880.
m.May 10 for 380,000 coupon or registered funding bonds. Denom.$1.000
KEARNEY, Buffalo County, Kans.-BONDS DEFEA7'ED.-At the Date April 1 1923. Int,rate not to exceed 43j%. Prin. and semi-ann. int.,
election held on April 3(V. 116, p. 1213) the $25,000 park bond issue failed payable at place designated by the purchaser. Due on April 1 as follows:
$6,000, 1926 to 1936 incl., and 37,000, 1937 and 1938. Legality approved by
;
to carry.
Ambrose Tighe of St. Paul. A cert. check for 2% of amount bid, payable
KLICKITAT COUNTY SCHOOL DISTRICT NO. (P.O. Golden- to the County Treasurer, required.
(7)
-The State of Washington purchased $4,000
-BOND SALE.
„„, dale), Wash.
LEVY COUNTY SPECIAL ROAD AND BRIDGE DISTRICT NO. 1
im funding 5M % bonds at par on March 31. Denom. $400. Due serially.
(P.O. Inglis), Fla.
-BOND OFFERING.
-Sealed bids will be received until
Donaldsville), May 17 by J. H. Anderson, Sec'y Board of Bond Trustees, for $100.000 6%
LAFOURCHE BASIN LEVEE DISTRICT (P. 0.
road and bridge bonds. Denom. $1,000. Int. J. & J. Due on or before
-BOND OFFERING.
-Sealed bids will be received
Ascension Parish, La.
until 12 in. April 30 by C. C.Weber, District Secretary, for $500,000 5% July 1 1950and the date of maturities may be arranged by the Bond Trustees.
Int. semi-ann. A cert. check for $500 required.
tampon bonds. Denom. 31,000. Date Oct. 15
1922.
payable at tho State Treasurer's office. Due one-fifteenth of issue 33 years
LOGAN COUNTY HIGH SCHOOL DISTRICT (P. 0. Gandy),
after date and one-fifteenth yearly thereafter. A certified check for $5.000 Neb.-BOND ELECTION.
-A special election will be held on May 1 to
vote on the question of issuing $25,000 5% bonds to purchase a high school
required.
site and lands
building and furnish
(P. 0. La- and equip it. for experiment purposes, erect a suitable Clerk.
LAGRANGE INDEPENDENT SCHOOL DISTRICT
Denom. $2,500. John Armour, County
--BOND ELECTION-An election will
grange), Fayette County, Tex.
LORAINE INDEPENDENT SCHOOL DISTRICT (P. 0. Loraine),
no held on May 15 to vote on the quest on of issuing $116,0005% school
Mitchell County, Tex.
-BONDS REGISTERED.
-On April 18 the State
bldg. bonds. John Schroeder, Secretary.
Comptroller of Texas registered $40,000 6% serial school bonds.
-BOND OFFERING.County, Ohio.
LAKEWOOD, Cuyahoga
-The
LOS ANGELES, Los Angeles County, Calif.
-BOND SALE.
Proposals will be received until 12 m. May 7 by A. 0. Guild, Director of $2.000,000 sewage disposal and
$2.500.000 fire protection bonds offered
Finance, for the following 5% bonds:
-were awarded to Blair & Co.. Inc., HallMaturing serially on April 24-V. 116, p. 1807
388,000 garbage disposal bonds. Denom. $1,000.
garten & Co. and the Chase Securities Corp., all of New York. as 434s at
$6,000 on Oct. 1 1924 to 1926, incl., and 35,000 on Oct. 1 1927 to par, plus a premium of
$1,350, equal to 100.03.
1940, incl.
-The two
LUCAS COUNTY (P. 0. Toledo), Ohio.
35,800 fire department bonds. Bond No. 1. Denom. (1) 3800. ($35)
-BOND SALE.
$1,000. Maturing serially $2,800 Oct. 1 1924 and $3.000 Oct. 1 WINS of 5% Main Sewer District No. 5 bonds offered for sale on April 23
(V. 116. p. 1687) were awarded to W.L.Slayton & Co.of Toledo. as follows:
1925 to 1931, incl.. and $2,000 Oct. 1 1932 to 1937. incl.
*41,000 street opening bonds. Denom. $1,000. Maturing serially $1,000 334,908 12 local sanitary sewer No. 83 bonds for 534.988 89. equal to
on Oct. 1 1924 to 1930,incl., and $2.000 Oct. 1 1931 to 1947,incl.
100.26, a basis of about 4.95%. Denorns. $908 12 and $1,000.
Date April 1 1923. Semi-ann. int. (A. & 0.), payable at the office of
Due yearly on Sept. 1 as follows: 32.908 12 1924. $33,000 1925
the Director of Finance. Cert. cheek for 5% of amount of bonds bid for,
to 1928, incl.. and $4.000 1929 to 1933, incl.
payable to the City of Lakewood. required. According to the official
20.168 ss water supply line No.49 bonds,for $20,412 94,equal to 101.211.
circular, there is no litigation pending or threatened, nor has the city ever
a basis of about 4.75%. Denoms. $1.168 58 and $1.000. Due
defaulted.
yearly on Sept. 1 as follows: $1,168 58 1924, 52,000 1925 and
1926, and $3,000 1927 to 1931, inclusive.
-The
-BOND SALE.
LA PORTE COUNTY (P. 0. La Porte), Ind.
Date May 1 1923. Prin, and semi-ann. int. payable at the County
nine issues of 5% road bonds offered on April 16-V. 116, p. 1572-were Treasurer's office. The following bids were received:
'
disposed of as follows:
Local &nitwit
Water Supply
$13,300 Goo. A. Volk road in Cass and Hanna Township bonds at a preSewer No. 83.
Line No. 49.
mium of $105, equal to 100.789, a basis of about 4.85% • Denom.
$20.168 58
Name$34,908 12
$113 00
$665.
Seasongood & Ma or, Cincinnati_ _ _ _
73 10
11,200 Edw. E. Baske road, in Cass Township, bonds at a premium of A. T. Bell & Co., Toledo
6
$33 0050
389, equal to 100.794, a basis of about 4.85%. Denom. $560.
W,L. Slayton & Co., Toledo
80 77
17,400 Herman Stoltz road, in Cass and Hanna Townships, bonds at a
6
4 B
2. 3 OND
premium of $128 50. equal to 100.738, a basis of about 4.86%.
McCORMICK COUNTY (P. 0. McCormick), So, Car0
6%
SALE.
Denom. $870.
-J. H. Hilsman & Co. of Atlanta have purchased 340.000
1928
THE CHRONICLE
[Vol,. 116.
court house and jail bonds. Denom. $1,000. Date April 1 1923. Prin.
MONROE CITY, Monroe County, Mo.-BOND SALE.
-The
and semi-ann. int. (A. & 0.) payable at the National Park Bank, N. Y. bonds
for the erection of a new high school building voted at the $75,000
election
City. Due April 1 1943.
held on April 3 as stated in V. 116, p. 1573, were disposed of on April 20.
Financial Statement.
The official name of the place which sold these bonds is "Monroe City
Actual values
$15,000,000 Special School District."
Assessed values
3,155,835
Total bonded debt (including this issue)
MONTCLAIR,Essex County, N. J.
-BOND SALE.
-The two issues of
272.000
4%% coupon (with priv. of reg. as to
MACOMB COUNTY (P. 0. Mount Clemons), Mich.
-BOND OFFER- offered on April 24-V. 116. p. 1808 prin. and int. or prin. only) bonds
-were awarded as follows:
ING.
-The Board of County Road Commissioners will receive bids until $85,000 permanent inapt. bonds
to the Newark Trust Co. of Newark for
1 p. m. (Central standard time) May 2 for the purchase of approximately
85.929 (101.092) and int., a basis of about 4.40%. Denom.
$200,000 Michigan highway impt. bonds. The bonds offered are for
1,000. Due yearly on May 1 as follows: $3,000 1924 to 1938 incl.
road assessment districts Nos. 71 to 76 id., and each bid must be accomand $44,000 1939 to 1948 incl.
panied by a certified check for $1,000.
15,475 assessment bonds to the Bank of Montclair for $15,507 (100.206)
and Int., a basis of about 4.48%. Denoms. (1) $475 and (15)
MALDEN, Middlesex County, Mass.
-TEMPORARY LOAN.
-The
$1.000. Due $1,475 May 1 1924 and $2,000 yearly on May I
city on April 18 sold a temporary revenue loan of $200.000 to the Boston
from 1925 to 1931 incl.
Safe Deposit & Trust Co. on a 4.17% discount basis. Date April 211923.
Date May 1 1923. Prin. and semi-ann. hit.(M.& N.) payable in U. S.
Maturing Oct. 19 1923.
gold coin of or equal to the present standard of weight and fineness, at the
MANDAN, Morton County, No. Dak.-BOND SALE.
-Kalman, Bank of Montclair or the Town Treasurer's office, at holder's pption.
Wood & Co. of Minneapolis, have purchased $10,000 fire equipment
MONTEVIDEO, Chippewa County, Minn.
purchase bonds.
-BOND SALE.
-At a
recent offering $15,000 refunding bonds were sold to the Northwestern
MARENISCO TOWNSHIP (P. 0. Marenisco), Gogebic County, Trust Co. of St. Paul.
-Thompson,Kent & Grace of Chicago,it is reported,
Mich.
-BOND SALE.
MONTGOMERY COUNTY (P. 0. Independence), Kane.
purchased $50,000
% serial school bonds. Denom. $500. Date April
-BOND
-The $175,000 43
,
5% road impt. bonds, registered by the State
15 1923. Prin. and semi-ann. int.(A.& 0.)payable at the First National SALE.
Bank at Bessemer. Due $2,500 yearly on April 15 from 1928 to 1947 incl. Auditor of Kansas, on Mar. 17 (V. 116, p. 1573) were awarded on Feb. 15
Brown-Crummer Co. of Wichita, at par less $700 for expenses.
to the
-BOND SALE.
MARION, Marion County, Kan.
-The $76,044 26
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-BOND SALE.45(% paving bonds registered by the State Auditor of Kansas on March
hi
-were awarded on Aug. 28 1922 to the Brown-Crummer A. C. Allyn Co.of Chicago purchased $75,000 5 c coupon bridge bonds at a
14-V.116, p. 1572
Co. of Wichita at a premium of $12 60 per $1,000. Denom. $500 and premium of $1,265, equal to 101.686, a basis o about 4.83% on April le.
Denom. $1,000. Date April 1 1923. Principal and -semi-annual interest
$1,000. Date Feb. 1 1923. Int. F. & A. Due serially 1 to 20 years.
(A. & 0.) payable at the County Treasurer's office. Due $3.000 yearly
-BOND OFFERING.
MARION, Marion County, Ohio.
-Sealed bids on April 1 from 1924 to 1948, inclusive.
received by J. J. Landes, City Auditor, until 12 m. May 5 for the
will be
BOND OFFERING.
-Sealed
purchase at not less than par and accrued interest of $200,000 5% coupon May 7 by F. A. Kilmer, Clerkproposals will be received until 10 a. m.
Board of County Commissioners, for the
water and sewerage bonds, issued under the authority of Section 1259 of the purchase at not
less than par and accrued interest of $40.000 51.-i % coupon
General Code. Denom. $1,000. Date date of issuance. Int. M. & S., Hearthstone Sanitary
payable at the City Treasurer's office. Due yearly on Sept. 1 as follows: under the authority of Sewer District water supply system bonds issued
Sections 6602-1 and 6602-20 at seq. of the General
$9,000 1924 to 1931 incl., and $8,000 1932 to 1947 incl. Each bid must be Code.
Denom. 51.000. Date April 1 1923. Prin. and semi-ann. int.
accompanied by a cert, check for $2,000, payable to the City Treasurer.
(A. & 0.) payable at the County Treasurer's office. Due 32.000 yearly
MARSHALL, Calhoun County, Mich.
-BONDS VOTED.
-At the on April 1 from 1925 to 1944 incl. The approving opinion of D. W. &
election held on Apr. 2(V. 116. p. 1330). the $30,000 paving bonds carried A. S. Iddings, Dayton. and Shaffer & Williams, Cincinnati, will be furby a vote of 740 to 350.
nished to the successful bidder. A certified check, drawn on any solvent
bank or trust company and made payable to the Treasurer of Montgomery
MASSILLON, Stark County, Ohio.
-BOND OFFERING.
-Lester
Ohio, for $500. is required with each bid.
S. Lash, City Auditor, informs U9 that he will receive sealed bids until County,
BOND SALE-The issue of $62,500 5% Fairview Ave. kept, bonds of12 m. May 12 for $52,185 5% coupon street improvement bonds, issued
under Section 3939 of the General Code. Denom. $1,000. Date April fered on April 19 (V. 116. p. 1688) was awarded to A. C. Allyn & Co. of
1 1923. Prin. and semi-ann. int. (A. & 0.) payable at the State Bank of Chicago for $62,896, equal to 100.633, a basis of about 4.87%. Date April
Massillon. Due yearly on April 1 from 1925 to 1933 incl. A certified 15 1923. Due yearly on Sept. 15 as follows: $7,000 1924 to 1931 incl.
check for 3% of the amount bid, payable to the City Treasurer,is required. and 56,500 1932.
MORRISTOWN, Rice County, Minn.
-BOND SALE.
-The 330,000
MAYFIELD, Santa Clara County, Calif.
-BOND SALE.
-The $50.- water
-were awarded
000 sewer and water bonds recently voted (V. 116, p. 1572) have been sold to the works bonds offered on April 19-V. 116, p. 1688
Minneapolis Trust Co. of
to Freeman, Smith & Camp Co. Of this amount, $42,500 is for sower ex- equal to 102.05 a basis of aboutSt. Paul as 5s at a premium of $615.
4.80%. Date April 1 1923. Due on
tensions and 37.500 for water system.
April 1 as follows: $5,000. 1928 and 1933, and $10,000, 1938 and 1943.
MAYFIELD RURAL SCHOOL DISTRICT (P. 0. Gates
Mills),
MOSCOW, Latah County, Idaho.
Cuyahoga County,Ohlo.-BOND OFFERINO.-Sealed bids will be re
-DESCRIPTION.
-The $35,000
calved by Homer L. Hunscher, Clerk Bd. of Education, until 12 m.(Central 5%% funding bonds awarded as stated in V. 116, p. 1688
-are descriped
Standard Time) May 1 for the purchase at not less than par and accrued as follows: Denom.$1,000. Date Mar. 11923. Int. J. & J. Due Mar.
interest of $31.099 98
% coupon school hnpt, bonds issued under the 1 1943; toptional Mar. 1 1933. Date of award April 2.
authority of Section 7630-1 of the General Code. Denom. $1,000. Date
MOUND SCHOOL DISTRICT, Ventura County, Calif.
-BOND
March 6 1923. Prin. and semi-ann. Int. (A. & 0.) payable at the office OFFERING.
-Sealed bids will be received until 11 a. in. May 2 by L. E.
of the Clerk-Treasurer of the Bd. of Education. Due yearly on Oct. 1 Hallowell, County Clerk and ex-officio Clerk, Board of Supervisors, (P. 0.
as follows: $2,099 98, 1924; 32,000, 1924 to 1931 incl., and $3,000. 1932 Ventura) for $22,000 5%% school bonds. Denom. $1,000. Date June 1
to 1936 incl. All bids must be accompanied by a certified check on the 1923. Prin. and semi
-sun. int., payable at the County Treasurer's 'office.
Union Trust Co. of Cleveland for 5% of the amount of the bid, payable to Due $1,000 ,.early on June 1 from 1924 to 1945, incl. A cert. or cashier's
the Clerk of the district. Bonds to be delivered and paid for within 5 days check for 2% of bid, payable to the above Clerk, required. The official
from date of award.
circular states: "There have been no defaults in payments of any of its
MEAGHER COUNTY SCHOOL DISTRICT NO.8(P.O. White Sup- obligations and there is no controversy or litigation pending concerning
the validity of these bonds. The present estimate population for 1923 is
phur), Mont.
-BOND SALE.
-Bosworth, Chanute & Co. of Denver, have
750.
purchased $8,000 53% 10 -year (opt.) school bldg. bonds at 100.30.
-20
"The estimated value of taxable property is 82.500.000, the assessed valuMERCER COUNTY (P. 0. Celina), Ohio.
-BOND SALE.
-The two ation $1,293.790, and the total bonded indebtedness including this issue is
issues of 5%% coupon highway bonds offered on April 23(V. 116, D.
1808) $22,000. The present rate of taxation per 3100, is 32 82.
were awarded to A. T. Bell & Co. of Toledo at a premium of $189, equal to
-BOND OFFERING.
MT. AIRY, Surry County, No. Caro.
-Bids
100.30, a basis of 5.14%. They are described as follows:
$46,000 Celina-Van Wert Road No. 262, Section A, I. C. H. road bonds. will be received until 12 m. May 18 by A. V. West, Mayor, for $60.000
Due yearly on Oct. 1 as follows: 39.000 1924 and 1925,510,000 1926 534% coupon school bonds. Denom. $1,000. Date May 1 1923. Prin.
and semi-aim. int. (M. & N.) payable at the Hanover National Bank,
and $9,000 1927 and 1928.
17,000 Celina-Greenville Road No. 211, Section H-2, I. C. H.road bonds. N. Y. City. Due May 1 1953. A cert, check for $2,500 required.
Due $3,000 on Oct. 1 in 1924. 1926 and 1928 and $4,000 on Oct. 1
NASHUA, Hillsborough County, N. H.
-LOAN OFFERINO.-The
in 1925 and 1927.
Town Treasurer will receive sealed bids until 10 a. m. May 1 for a $50.000
Denomination 11.000. Date April 1.1923.
-month temporary loan. Date May 4 1923. Due Dec. 15 1923.
7 1-3
MERKEL, Taylor County, Tex.
-BONDS DEFEATED.
NATCHEZ, Adams County, Miss.
-The
-BOND SALE.
-The National
position to issue $60.000 sanitary sewer bonds submitted to a vote ofpro- Bank of Commerce of St. Louis has purchased the $92,000
the
people at an elect on held on April 17 (V. 116, p. 1330) failed to carry by refunding sewerage and water works bonds offered on April 5% coupon
17-V. 1.16.
a vote of 132 "for" to 231 "against.
p. 1689
-at par plus a premium of$111,cost of printing bonds and attorney's
fees. Date May 7 1923. Due on May 7 as follows: 32,000, 1924; $3.000.
MESA COUNTY SCHOOL DISTRICT NO. 10 (P. 0.
DeBeque) 1925 to 1927 incl.; 34,000, 1928 to 1933 incl.; $5,000, 1934 to 1937 incl.;
-BONDS DEFEATED-NEW BOND ELECTION
Colo.
-BOND SALE.
At a recent election an issue of 320,000 5% school bonds was defeated by 36,000. 1938 to 1942 incl., and 87.000, 1943.
a vote of 42 "for" to 49 "against." These bonds had been told, subject
NEDERLAND INDEPENDENT SCHOOL DISTRICT (P. 0. Nederto being voted, to Geo. W. Vallery & Co. of Denver. Notice of the election land), Jefferson County, Tex.
-BOND SALE-The $100,000 5% school
and sale was given in V. 116, p. 969.
house bonds offered on April 14 (V. 116, p. 1688) were awarded to Bolger,
Subject to being voted at a new election to be held on May 12 the above Mosser & Willaman of Chicago, at par less
b.3,158 25 and cost of printing
bonds have again been awarded to Geo. W. Valles,' & Co. of Denver.
bonds and attorney's fees. Date May 1 1923. Due on May 1 as follows:
MILLER, Hand County, So. Dak.-BOND OFFERING -Bids will $2,000, 1924 to 1943, incl., and 33.000, 1944 to 1963, inclusive.
be received until 8 p. m. May 14 by J. W. CouquIllette, City Auditor, for
NEWPORT, Newport County, R. I.
-TEMPORARY LOAN.
-An
$25,000 10 -year (opt.) bonds. Int. rate not to exceed 5%%.
-20
issue of $100,000 notes offered on April 19 was awarded to the Boston
MILO INDEPENDENT SCHOOL DISTRICT (P. 0. Milo), Warren Safe Deposit & Trust Co. on a 4.25% discount basis. Dated April 25 1923
County, Iowa.
-BOND ELECTION.
-A special election, to vote on the and maturing Sept. 4 1923.
question of issuing $65,000 school construction and equipment bonds,
NEWSOMS SPECIAL SCHOOL DISTRICT, Southampton Count&
will be held on May 7. J. E. Clayton. Secretary Board of Directors.
Va.-BOND OFFERING.
-Robert M. Newton, Supt. of Schools (P. .
Courtland), will receive sealed bids until 2 p. m. May 1 for $40,000 5%
MILTON, Norfolk County, Mass.
-BOND SALE.
-The $240,000
bonds. Delwin. $1,000. Date May 1 1923.
% coupon school bonds offered on April 20-V. 116, p. 1808
-were school at the County Treasurer's office. Due yearlyPrin. and1annual int.
on May as follows:
awarded to Estabrook & Co. of Boston at 101.91 and interest, a basis of payable
about 4.03%. Denom, 11.000. Date May 1 1923. Due $12,000 yearly $10,000 1933 and 13,000 1934 to 1943 incl. A cert, check for $500 required.
on May 1 from 1924 to 1943 inclusive.
NORMANDY CONSOLIDATED SCHOOL DISTRICT (P. 0. Normandy), St. Louis County, Mo.-BOND SALE.
-Kauffman, Smith.
MINERAL COUNTY SCHOOL DISTRICT NO. 7, Mont.
-BOND
SALE-The American Bank & Trust Co. and Antonides & Co., both of Emert & Co., Inc., have purchased $200.000 5% school bonds. Denom.
$1,000. Date May 11923. Prin. and semi-ann. int.(M. & N.), payable
Denver, have jointly purchased an issue of $17,000 school bonds.
at the Mississippi Valley Trust Co., St. Louis. Due May 1 1943.
MINNEAPOLIS, Ottawa County, Kan.
-BOND SALE.
NORRISTOWN SCHOOL DISTRICT (P. 0. Norristown), Mont368,042 79 4U% paving bonds registered on March 22 by the-The
State g
-BOND SALE.
-M. M. Freeman & Co. of Philaery County, Pa.
Auditor of Kansas
-V. 116„ p. 1573-were awarded on April 1
phia have purchased and are now offering to investors at prices to yield
D.E. Dunn & Co. at par. Denom. $500 and $1.000. Date April1922 to deln
1 1922. 3,96% an Issue of 1500.000 4%% coupon (with privilege of registration)
Int. A. & 0. Due 1 to 20 years.
bonds. Denom. $1,000. Date May 1 1923. Prin. and semi-ann.
MODESTO IRRIGATION DISTRICT, Stanislaus County, Calif. school & N.) payable in gold at the I'enn Trust Co. of Norristown. Due
int.(M.
-BIDS.-The following Is a list of the bids received for the
of the years 1933, 1938. 1943, 1943 and 1952.
$298,400 6% $100,000 on May 1 in each free
irrigation bonds on April 9:
of Federal income tax and l'enn. State tax.
The bonds are advertised as
NamePremium.
NORTH PLATTE, Lincoln County, Neb.-BOND SALE.
Banks, Huntley & Co.; Drake, Riley & Thomas,
-An issue
and M. H.
Lewis & Co., LOS Angeles, Calif
of $90,000 intersection paving bonds was recently disposed of.
Wm. Cavalier & Co.: Freeman, Smith & Camp Co.; Counci1,321,261 00
NORTH WILKESBORO, Wilkes County, No. Caro.
-BOND SALE.
Moller & Co. and the American Bank
25.423 68 -Bolger. Mosser & Willaman of Chicago have purchased $25,000 6%
The Modesto Bank
21.634 00 street improvement, water and electric light bonds at 104.10.
of Italy*
Bank
28,560 00
NUECES COUNTY NAVIGATION DISTRICT NO. 1, Tex.
First National Bank in Modesto y
5,698 00 BONDS REGISTERED.
-The State Comptroller of Texas registered $1,000,000 5 Si% bonds on April 18.
* Successful bid; for previous reference to same, see V.
116, 13. 1888.
-BOND OFFERING.
-Sealed bids
ODESSA, Lincoln County, Wash.
y For the first eight series aggregating 378,400.
will be received until 8 p. m. May 7 by W. M. Nevins, Town Clerk. for
MONACA SCHOOL DISTRICT (P. 0. Monaca), B
County, 312,000 general liability bonds. Denom. $500. Interest rate not to
-BOND OFFERING.
-Sealed bids will be received until 7 p.
Pa.
exceed 6%. Date day of sale. A cert, check for 31GO, payable to the
May 2 for the purchase of $115,000 41.f,'Y,, or 4%% coupon school 13onds. town, required. Due in 20 years, optional after 10 years. Bonds will be
Denora 31,000. Date June 1 1923. Due yearly on June 1 as follows: printed by the town. The official circular offering these bonds states:
First series of maturities-$20,000 1933, 310.000 from 1936 to 1950 incl. "The proceeds of the bond issue will be used to construct a concrete waterand $15,000 1952; second series of maturlties-$10,000 1928 and $5,000 storage tank for use in connection with the municipal water system of the
1930 to 1952 incl.; third series of maturitles-$3,000 in 1924 and $4,000 Town of Odessa. Wash. These bonds will be ready for delivery as soon
each year thereafter until all are paid. The bidder will have choice of as it is possible to have them prepared after the sale. There is no conany of the three maturities. Bids must be accompanied by a certified troversy or litigation concerning the boundaries of the town, its officers,
check for $1,000, payable to the school district.
or validity of any prior bond issue."
APRIL 28 1923.]
THE CHRONICLE
1929
received by R. S. Blanton, Secretary Board of Public Instruction, unti
Financial Statement.
11 a. m. May 10 for $150,000 5)i% school bonds. Denom. 51,000. Date
Date of incorporation, 1902. Estimated population, 1,200.
$322,682 00 May 1 1923. Prin, and int. piayable in New York. Due May 1 1953.
Assessed valuation of taxable property, 1922
645,364 00 A certified bank check for $3,000 required.
Actual valuation of taxable property, 1922
3,818.22
Total amount of warrant indebtedness Jan. 1 1923
-The ComPITTSBURG, Crawford County, Kans.-BOND SALE.
16,000 00
Total bonded indebtedness (not incl. pending bond issue)
0
purchased on Feb. 9 the $115,000 4%7
$18 00 merce Trust Co. of Kansas City, by the State Auditor of Kansas,on Mar.
Total tax rate (per $1,000). 1923
sewerage disposal bonds, registered
OIL CITY SCHOOL DISTRICT (P. 0. Oil City), Venango County, 29(V. 116, p. 1574) at par plus a premium of $17,94, equal to 101.56. De-Sealed bids will be received until 2 p. in. May nom. $1.000. Int. F. & A. Due serially.
Pa.
-BOND OFFERING.
3 for $350,000 435% school bonds. Date July 1 1923. Int. semi-ann.
County, Neb.-BOND ELECTION.
Due yearly on July 1 as follows; $10,000, 1932 to 1936 inclusive and A PLATTE CENTRE, Platte for May 1 to vote on issuing water works
special election has been called
$20,000, 1937 to 1951 inclusive.
system bonds in an amount not to exceed $20,000.
OKMULGEE SCHOOL DISTRICT NO.1(P.O. Okraulgee), Okmul-WARRANT SALE.
POLK COUNTY (P. 0. Livingston), Texas.
-An election has been called for
-BOND ELECTION.
gee County, Okla.
The Brown-Crummer Co., f Wichita, has purchased 5175,000 6% courtMay 1 to vote on the question of issuing $195,000 school bonds.
house warrants at par less'the cost of printing bonds and attorney s fees.
OMAHA, Douglas County, Neb.-BONDS BEING AUTHORIZED BY
-The propo-BONDS VOTED.
PONCA CITY, Kay County, Okla.
ORDINANCE.
-It is reported that eight issues of grading bonds, aggreof enlarging the municipal
gating $57,400. are being authorized by ordinance. Claude F. Bossier, City sition to issue $140,000 bonds for the purpose
electric light plant and to purchase new equipment carried at the election
Clerk.
held on April 3-V. 116. P. 1455
-by a large majority.
-BOND OFFERING.
ORANGE COUNTY (P. 0, Orlando), Fla.
-According to
-BONDS VOTED.
PORTAGE, Cambria County, Pa.
B. M. Robinson, Clerk Board of County Commissioners, will receive
indebtedness of
sealed bids until 12 in. May 18 for $1,077,000 5% road bonds. Denom. reports, the voters of Portage have decided to increase the
the borough in the amount of $90,000 to make municipal improvements.
$1,000. Date Sept. 15 1921. Prin. and semi-ann. int. (M.& S.) payable
at the Hanover National Bank, N. Y. City. Due on Sept. 15 as follows:
is a list of the bids received
PORTLAND, Ore.
-The following
-BIDS.
$156,000, 1946; $165,000, 1947; 5175,000, 1948: $184,000. 1949; $194,000 for the $150,000 5% reconstruction bonds on April 13:
1950, and $203.000. 1951. Legality approved by John 0. Thomson, N. Y. Robertson & Ewing*
A premium of $10,065 50 for 53is
City. A certified check on a State or national bang, for 1% of amount Freeman,Smith & Camp Co.,Ladd & Tilton Bank, Western
105.26 for 530
bid for, payable to the above official, required.
Bond & Mortgage Co.and Wells-Dickey Co
for 5)4s
OREGON (State of).
-Sealed bids will be re- G.A.Miller & Co..Bonbright&Co.and FederalSecur.Corp _105.15 for 5;0
-BOND OFFERING.
104.741
ceived until 11 a. in. June 1 by 0. P. Hoff, State Treasurer (P. 0. Salem) E.H. Rollins & Sons
105.66 for 530
for $219,270 Oregon District interest bonds. Denom. $1,000 and $500,
102.40 for 5s
to suit purchaser. Date June 1 1923. Prin. and semi-ann. int, payable Ralph Schneeloch Co.and Security Savings & Trust Co-_- 100.47 for 00
in gold coin at the State Treasurer's office or at the fiscal agency of the
A. B. Leach & Co., Inc., and Lumbermen's Trust Co_ -_ _ 102178 for 5s
State in N. Y. City. Due as follows: $41,520. July 1 1942: $16,500.
100.78 for 4%s
Jan. 1 1943; $3,000, Jan. 1 1944: $42,750, April 1 1945: $2850, July 1
A premium of $5 00 for 530
1946: $7,800, Jan. 1 1947; $12,000, Jan. 1 1948: $23,100, July 1 1949: Geo. H. King_x
* Successful bid: for previous reference see V. 116, p. 1809.
$8,250, Jan. 11950; $46,500, July 11951; $15.000, Jan. 1 1959. Bidder
x For $2,000 worth of bonds.
to name rate of interest. A certified check for 5% of bid, payable to
above Treasurer, required. Bonds, and approving opinion of Teal,
-The $200.000
PORTSMOUTH, Norfolk County, Va.-BOND SALE.
Winfree, Johnson & McCulloch as to legality, will be furnished by the 5% coupon market bonds offered on April 23 (V. 116, p. 1809) we awarded
State Treasurer.
to Prince & Whitely of New York, at a premium of $10.910,equal to 105.455
-The Brown- a basis of about 4.61%. Date May 1 1923. Due May 1 1953.
OSBORNE, Osborne County, Kans.-BOND SALE.
Crummer Co. of Wichita, has purchased the $35,500 5% paving bonds
-BOND OFFERING.
POTTSTOWN, Montgomery County, Pa.
(V. 116, p. 1573) M. L. Seasholtz, Borough Secretary, will receive sealed bids until 7 p. m.
registered by the State Auditor of Kansas. on Mar. 26
at 101. Denom.51.000. Date Mar. 1 1923. Int. M.& S. Due on Mar. May 8 for $200,000 4.1.% coupon (registerable as to principal only or as
1 from 1924 to 1942, inclusive.
to both principal and interest) sewer and sewage-disposal bonds. Denom.
-BOND SALE
-The 55.112 48 $1,000 and $500. Due on May 1 as follows: $24,500, 1933: $39,500, 1938;
OTTAWA, Ottawa County, Kane.
accom43i% sewer bonds registered by the State Auditor of Kansas, on Mar. 15 $40,000. 1943, and 1948, and 1,56,000. 1953. Each bid must be bid for,
panied by a certified check for 2% of the par value of the bonds
(V. 116,p. 1573) were disposed of locally at par
payable to the Borough of Pottstown. The bonds will be issued subject
OWEGO UNION SCHOOL DISTRICT (P. 0. Owego), Tioga Coun- to the favorable opinion ofTownsend,Elliott & Munson of Philadelphia,Pa.
-BOND SALE.
-The 5270,0004 Si% coupon school bonds offered
ty, N. Y.
PREBLE COUNTY (P. 0. Eaton), Ohio.
-BOND OFFERING.
on April 23-V. 116, p. 1688
-were awarded to Geo. B. Gibbons & Co.,
Inc.. of N.Y.for $275,238,equal to 101.94, a basis of about 4.35%. Denom. Sealed proposals will be received until 12 m. May 3 by S. C. Hunt, County
51,000. Date March 1 1923. Due $9,000 yearly on Sept. 1 from 1924 Auditor,for the pureb.se at not less than par and accrued interest of$72.000
5Si% road bonds in addition to the $91,000 534s mentioned in V. 116.
to 1953 inclusive. Other bidders were:
. 1809. Denom. $1,000. Date May 1 1923. Prin. and semi-ann. int.
NameBid.
NameRate of Bid.
& N.) payable at the County Treasury. Due $9,000 yearly on Nov.1
Clark, Williams&Co., N.Y_$274.771 People's Trust Co
101.238
from 1924 to 1931 incl. Certified check for $1,000 on a local bank, payable
Barr Bros.&Co.,Inc., N.Y_ 272.940 Parson, Sons & Co., New
to the County Treasurer, required. Auth., Sec. 1223 of the General Code.
Union Nat. Corp., N. Y..-- 270,405
York
100.66
Bonds to be delivered at the County Treasury on or before May 1 1923.
Sherw'd&Merrird,Inc.,N.Y. 274,428
Bidders will be required to satisfy themselves of the legality of this issue
O'Brian, Potter&Co., Buff_ 272,373
of bonds.
PAINESVILLE, Lake County Ohio.
County,
-Albin
-BOND OFFERING.
PUEBLO COUNTY SCHOOL DISTRICT NO. 28 (P. 0. Pueblo),
H. Lord, City Auditor, will receive
until 12 m.(Central standard time)
-Under the above
-CORRECTION IN NUMBER OF DISTRICT.
April 30 for the purchase at not less than par and interest of $59,000 5% Colo.
electric light works bonds, issued under authority of Section 3939, General caption "Pueblo County School District No. 28" in V. 116. p. 1809, we
Code. Denom. $1,000. Date April 1 1923. Int. A. & 0. Due $5,000, reported that an election would be held on May 7 to vote on issuing $100,000
-20
on April 1 in the years 1928, 1932 and 1935, and $4,000 on April 1 in funding, $450.000 school bldg. and $50,000 site 5% 10 -year (opt.)
each of the other years from 1925 to 1938 incl. Certified check on a bonds. We are now informed that the number of this District is 20 not 28.
solvent bank (member of Federal Reserve System) for $1,000, required.
QUEEN ANNES COUNTY (P.O. Centerville), Md.-BOND SALE.
Bonds to be delivered and paid for within 10 days from date of award.
On April 24
to Prank
county sold $26.500 5% lateral
The official circular states that there is no controversy or litigation pending B. Calm & Co.the Baltimore, who are now offering road bonds investors
of
the issue to
or threatening affecting corporate existence or the boundaries of this at prices to yield 4.35%. Int. J. & J. Due $1,500, Jan. 1 1928, and
municipality, or the title of its present officials to their respective offices, $5,000 yearly on Jan. from 1929
are advertised
or the validity of these bonds or any other outstanding bonds, and that as free from all taxes in1Maryland to 1933 incl. The bonds
taxes. Legality
there has never been any default in either principal or interest of any approved by Niles, Barton, Wolfand from Federal income
& Morrow.
bonds of the municipality.
-The
-BIDS.
RANDOLPH COUNTY (P. 0. Asheboro), No. Caro.
PARK COUNTY SCHOOL DISTRICT NO. 22, Colo.
-BOND ELEC- following is a list of
received on April 16 for the $122,000 5%
' TION-BOND SALE.
-Subject to being voted at an election to be held coupon or registered the bids bonds:
funding
soon. $12,000 6% 15
-30-year (opt.) school-building bonds have been Sidney Spitzer & Co123,588 20 Hanchett Bond Co
5123.044 00
purchased by Antonides & Co., of Denver.
. K. Terry & Co
122,652 60 Blanchett, Thornburg &
122,925 00
122,235 00
Vandersoll
PARKSTON INDEPENDENT SCHOOL DISTRICT NO. 82 (P. 0. Ryan, Bowman & Co
122,427 00
Parkston), Hutchinson County, So. Dak.-BONDS OFFERED.-J.W
W. Lewis S. Rosentiel Co__ _ 123,305 00 Stacy & Braun
Peckham, Clerk, Board of Education, received sealed bids until 8 P. in. Prudden & Co
122,921 10 C. W. McNear & Co_--_ 122,696 00
122,251 00
Bumpus,Hull & Co
yesterday (April 27)for 566,0005% 10-20
-year (opt.) coupon school bonds. Seasongood dc Mayer and
Prov. S. B.&'Jr. Co__ _ .. 122,325 00
Denom. $1,000. These bonds were recently voted.
-V. 116. p. 1688.
RARITAN TOWNSHIP SCHOOL DISTRICT (P.O. Bonhantown),
PARMER COUNTY COMMON SCHOOL DISTRICT NO. 10, Tex.
-The amount
-AMOUNT OF BONDS TAKEN.
BONDS REGISTERED.
-On April 23 the State Comptroller of Texas Middlesex County, N. J.
of bonds taken by the Perth Amboy Trust Co. of Perth Amboy,in securing
registered 520,000 6% 20
-year bonds.
the issue of5% couponischool bondson April 16(V.116 p.1809) wasj$91,000.
PARNASSUS BORdUGH SCHOOL DISTRICT (P. 0. Parnassus), At the price paid 104.50, the basis of this sale is 4.67. Date May 1 1923.
Westmoreland County, Pa.
-BOND OFFERING.
-Sealed proposals will Due yearly on
148,incl.: $3,000, 1929
be received by John D. Nixon, Secretary School Board, until 8 p. m. April to 1961, incl.,May 1 as follows: $2,000, 1924 to
and 52,000, 1962.
30 for $150,000
% coupon school impt. bonds. Denom. $1,000. Date
REDWOOD CITY SCHOOL DISTRICT, San Mateo County, Calif.
June 11923. Prin. and semi-ann. int (J & D.), payable at the Parnassus
National Bank. Due $2,500 on June 1 In each of the years, 1928, 1933, -BIDS.-The following is a list of the bids received for the $56.000 5%
school bonds on April 16:
1938, 1943, 1948 and 1953. A cert. check for $1,000, payable to the school
Premium.
Premium.
District is required.
Anglo-London-Paris Co.*_..$1,428 00 Freeman, Smith & CampCo$1,085 00
PEABODY, Marion County, Kans.-BOND SALE.
-The $5,035 69 American National Co.y___ 1,85000 Weeden & Co
817 00
OM sewer bonds registered by the State Auditor of Kansas, on Mar. 16 Cyrus Peirce & Co
788 88
1,290 00 E. H. Rollins & Sons
(V. 116, p. 1574) were disposed of locally at par. Date March 11923. Int. Bank of Italy, San Fran__ _ 1,226 50 R. H. Moulton & Co
604 00
semi-ann.. Due serially 1 to 10 years.
* Successful bid: for previous references to.same see V. 116, p. 1810.
BOND SALE.
-The $60,000 4%% paving bonds registered on March 26
y Bid conditional on delivery within 30 days; not accepted.
(V. 116, p. 1574) were purchased on March 1 by the Brown-Crurnmer Co.
of Wichita, at 100.15. Denom. $1,000. Date Jan. 1 1923. Int. J. & J.
-CERTIFICATE SALE.
RENSSELAER,Rensselaer County, N. Y.
Due serially 1 to 20 years.
The $44,391 02 5% special certificate of indebtedness bonds for which bids
PELHAM MANOR, Westchester County, N. Y.
-BOND OFFERING. were rejected on Jan. 24 (V. 116, p. 436) were awarded to the Rensselaer
-Sealed bids will be received until 7.30 p. m.(8.30 p. in. Daylight Saving County Bank on April 3 at par. The bonds mature in 3 years. Date April
Time) May 14 by Livingston Leeds, Village Clerk, for the purchase at not 3 1923.
less than par and accrued interest of the following issues of coupon bonds:
RICE COUNTY (P. 0. Fariboult), Minn.
OFFERING.
$6,000 sidewalk bonds (series No. 29). Denom. $500, payable $500 on Sealed bids will be received until 10 a. in. May 2-BOND M. Kaisersatt.
by Frank
May 1 of each of the years 1928 to 1939, inclusive.
County Auditor, for $12,000 4 % county drainage bonds. Date Oct. 1
8.000 highway improvement bonds (series No. 30). Denom. $1,000, 1922. Prin.
and int, payable at the First National Bank, Minneapolis.
PaYable $1,000 on May 1 of each of the years 1928 to 1935,inclusive.
8,500 highway improvement bonds (series No. 31). Denom. $500, Due on Oct. 1 as follows: $1,000, 1923 to 1930, incl.; $1,500, 1931 and
$2,500, 1932. Legality approved by Lancaster, Simpson, Junell & Dorsey
payable $500 on May 1 of each of the years 1928 to 1944, inclusive.
of Minneapolis. A cert. check or $600, payable to the County Treasurer,
2,500 storm water drain bonds (series No. 32). Denom. $500, payable required.
$500 on May 1 of each of the years 1928 to 1932, inclusive.
Date May 1 1923. All of the bonds will be issued with privilege of regisRICHLAND PARISH SCHOOL DISTRICT NO. 16 (P.O. Rayville),
tration as to principal only or as to both principal and interest, the interest La.
-BOND SALE.
-The $100.000 6% school building bonds offered on
being payable semi-annually at the office of the United States Mortgage & April 17 (V. 116, p. 1455) were awarded to Gates, White & Co. of St. Paul
Trust Co. New York City. The bidders are requested to name the rate at 106.988, a basis of about 5.29%. Date June 1 1923. Due on June 1
of interest the bonds shall bear, not exceeding 6%. The bonds will be as follows: $2,000 1924 and 1925; $3,000 1926 to 1929 incl.; $4,000 1930 to
'
prepared under the supervision of the U. S. Mtgo. & Trust Co., 55 Cedar 1933 incl., $5, _000 1934 and 1935; $6,000 1936 to 1938 incl.; $7,000 1939
St., N. Y. City, which will certify as to the genuineness of the signatures of and 1940; $8,000 1941 and 1942, and $10,000 1943.
the village officers and the seal impressed tliereon, and their legality will
RICHLAND SCHOOL TOWNSHIP, Fulton County, Ind.
-BOND
be approved by Caldwell & Raymond of N. Y. City, whose approving
OFFERINq.-J. Howard Reed, School Trustee, (P. 0. Rochester) will
opinion will be furnished to the purchaser without charge. Bids are desired receive
of
on forms which will be furnished by said trust company or by the above $33,000bids until 1 p. in. May 1 for the purchase at not less than par
Date April
official, and each bid must be accompanied by a certified check on an 16 1923.5% coupon school impt. bonds. Denom. $1,000. exchange at
Prin. and semi-ann. int (J. & J. payable without
incorporated bank or trust company for 2% of the par value of the bonds the First
National Bank of Rochester. Due each 6 months as follows:
bid for. The bonds will be delivered on June 1 at 11 a. in. at the office of
an uls 1 1924rn. 1.1 1530,incl.; $2.000. Ju1y 1. 1930 to Juli 1 1834
, Jd y3,000 a Jan 1939
.
the U. S. Mtge. & Trust Co., 55 Cedar St., N. Y. City, or as soon after
that date as the bonds may be prepared.
RIDGEFIELD SCHOOL DISTRICT (P. 0. Ridgefield), Bergen
Financial Statement.
N. -BOND SALE.
-On April 26 an issue of coupon (with
Assessed valuation of taxable real property
$12,759,275 County, bf J.
privilege
or principal only)
Outstanding indebtedness exclusive of these issues
410,275 school bondsregistration as to principal and interest, of New York on a
was awarded to B. J. Van Ingen & Co.
PINELLAS COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 2 bid of $165.628 and interest for 5164.000, bearing 5% interest This is
(P. 0. Clearwater), Fla.
-BOND OFFERING.
-Sealed proposals will be equal to 100.992, a basis of about 4.91%. Denom. $1,000. Date Jan. 1
1930
THE CHRONICLE
[Vol.. 116.
1923. Prin. and semi-ann. int. (J. & J.), payable in lawful money of the to 102.82. Denote. $1,000. Date April 1 192:3. Int. A. & 0. Due
U. S. at the Ridgefield National Bank. Due yearly on Jan. 1 as follows: serially 5 to 30 years.
25.000 1925 to 1943, incl.; $7,000 1944 to 1952, incl., and $6,000 1953.
SANDUSKY, Erie County, Ohio.
-BOND SALE.
-The $27.000 5%
RIDGEWAY, Fairfield County, So. Caro.
-BOND SALE.
-We are street improvement bonds offered on April
-were
p. 1456
informed by J. H. Hilsman & Co. of Atlanta. that they have purchased awarded to A. T. Bell & Co. of Toledo at a20-V. 116. $143 10, equal
premium of
$58,000 6% water, sewer and electric light bonds. Denom. $1,000. Date to 100.53. a basis of about 4.90%. Denom. 51,000. Date April 1 1923.
May 1 1923. Prin. and semi-ann. int.(M.& N.). payable at the Hanover Due $3,000 yearly on April 1 front 1925 to 1933
Ind. Other bidders were:
National Bank. N. Y. City. Due $3.000 yearly from 1933 to 1951, incl.,
Prem.
. NameNamePrem. Bid.
and 51.000. 1952.
Bol r, Mosser & Willaman,
Seasongood & Mayer. Cin__327 00
00 Otis & Co., Cleveland
RIPLEY COUNTY (P. 0. Versailles), Ind.
-BOND OFFERING.
- N. S.e iff& Co., Cincinnati__$35 00 Citizens Tr.& Say. Bk., Col- _ 103 00
20
lfl
37 70
Henry Bultman Jr., County Treasurer, will receive bids until 11 a. m.
Milliken & York Co.. Cleve__ 29 00 Well, Roth 8c Irving, Cin
8 00
May 7 for the purchase of the following two issues of 414% bonds:
$11,800 John M. Bland et al. road in Otter Creek Twp. bonds. Denom.
SAN MARINO, Los Angeles County, Calif.
-BOND OFFERING.
$295. Due $590 on May 15 1924 and $590 each six months there- H. W.
e, City Clerk, will receive sealed bids until 8 p. in. May 9 for
after until all are paid.
ow
$8.000 5 0 sewer bonds. Denom. $1.000. Date July 11922. Prin. and
6,300 William Westerman at al. road in Delaware Twp. bonds. Denom. int, payable at the City Treasurer's office. Due $1,000 on July 1 from 1935
$315. Due $315 on May 15 1924 and $315 each six months there- to 1942,incl. A cert. check for 5% of amount bid for, payable to the Pres,after until all are paid.
dent, Board of Trustees, required.
Date May 7 1923. Semi-ann. Int. (M. & N. 15).
.
SAN MARINO CITY SCHOOL DISTRICT, Los Angeles County,
RIVER FOREST, Cook County, 111,
-BOND SALE -On March Calif.
-Sealed proposals will be
-BOND OFFERING.
11
1 Thompson, Kent & Grace were awarded 540,000 5% well bonds for a. m. April 30 by A. M. McPherron, Deputy County received untilLos
Clerk (P. 0.
$40,400, equal to 101, plus legal and printing expenses. Denom. $500. Angeles), for $35,000 4 % school bonds. Date June 1 1923. Denom.
Date March 1 1923. Int. M. & S. Due yearly on Sept. 1 from 1924 to $1,000. Prin. and semi-ann. Int., payable at the County Treasury. Due
1933 inclusive.
on June 1 as follows: 52.000 1924 to 1938, incl., and 31.000 1939 to 1943,
cashier's check for 3% of bid, payable to the Chairman
ROCHESTER,N. Y.
-NOTE OFFERING.
-Sealed bids will be received incl. A certified or
County Supervisors, required. The assessed valuation of the
Board
by J.0. Wilson, City Comptroller, until 2:30 p. m. May 1
the purchase taxableof
property in said school district for the year 1922 was
at not less than par of $250,000 subway construction notes.for
The notes will and the amount of bonds previously issued and now outstanding$4,391,940,
is $55,000.
be payable 8 months from May 4 1923 at the Central Trust Co.. New York,
where delivery to purchaser is to be made on May 4. Biddders to state rate
SAVANNAH SCHOOL DISTRICT, Los Angeles County, Calif.
of int., designate denominations desired, and to whom (not bearer) notes BOND OFFERING.
-Sealed proposals will be received until ii a. m. May 7
shall be made payable.
by A. M.McPherron, Deputy Co. Cterk (P.0.Los Angeles),for 864,0005%
ROCK CREEK VILLAGE SCHOOL DISTRICT (P.O. Rock Creek), school bonds. Denom. $1,000. Date June 1 1923. Prin. and semi-ann.
payable at the County Treasury. Due on June 1 as follows: $3,000,
Ashtabula County, Ohio.
-BOND OFFERING.
-Proposals will be re- Int. to 1928, incl., and $2,000, 1928 Ito 1953, incl. A certified or cashier's
1924
ceived by J. E. Gladding, Clerk Board of Education, until
for the purchase at not less than par and accrued interest 1 p. m. April 30 check for 3% of issue, payable to the Chairman of Board of County Superof $135,000 5% visors. required. The assessed valuation of the taxable property In said
school bonds issued under the authority ot' Section 7630-1 of the General
Code. Deem. $1,000. Date April 1 1923. Int. payable April 1 1924. school district for the year 1922 was $1,355,495, and the amount of bonds
previously issued and now outstanding is $3.000.
Due yearly on Oct. 1 as follows: $5,000 1924 and 1925; $6,000 1926 to
1928
incl.; 55.000 1929; 36.000 1930 to 1932 incl.; $5,000 1933; $6.000 1934 to
-BOND OFFERING.
SCARSDALE, Westchester County, N. Y.
1936 incl.; $5,000 1937; $6,000 1938 to 1940 incl.; 55,000 1941:
Proposals for the purchase at not less than par and int., of the following 3
56,000
$5.000 1943; 56.000 1944; 55,000 1945; $6.000 1946 and 55.000 1947.1942; issues of
% coupon bonds will be received until 12 in. May 2 by Arthur
bids must be accompanied by a certified check for 5% of the amount All Herbert, Village Treasurer, at the office of Win. C. White, 20 Nassau St.,
bid
upon, drawn on some solvent bank, payable to the Board of Education.
New York City:
ROCKWALL COUNTY LEVEE IMPROVEMENT DISTRICT NO. 1., $50,000 fire house bonds. Due $2,000 yearly on May 1 from 1928 to 1952,
inclusive.
Tex.
-BONDS REGISTERED.
-The State Comptroller of Texas registered
48,000 disposal plant bonds. Due $2,000 yearly on May 1 from 1928 to
$12,000 6% serial bonds on April 21.
1951, inclusive.
ROUND VALLEY UNION SCHOOL DISTRICT (P.
50,000 highway bonds. Due $5,000 yearly on May 1 from 1924 to 1933,
docino County,Calif.-BMS.-Tbe following is a list of0. Ukial), Meninclusive.
the bids received
for the $37.500 555% school bonds on April 10:
Denom. $1,000. Date May 1 1923. Int. M. & N. Cert. check for
Name.
Bid.
Name.
Bid. 2% of amount of bonds bid for, payable to the Village Treasurer, required.
Bank of Italy
*21,491 60 Cyrus Peirce & Co
$490 Legality approved by John C. Thomson, N. Y.
R. H.Moulton & Co
291 00 E. H. Rollins & Sons
488
SCOTLAND, Bon Homme County, So. Dak.-BOND SALE.
-The
Blythe, Witter & Co
683 00 Bank of Covelo--$10,135 and accru$25.000 434% city hall erection bonds offered on April 20(V. 116, p. 1689)
ed int. on bonds Nos.
*Successful bid,for previous reference to same,see V. 116, 4 to 15, incl. were awarded to the Northwestern Trust Co. of St. Paul,at a premium of
p. 1810.
$625, equal to 102.50, a basis of about 4.32%. Date May 1 1923. Due
RUTLAND, Rutland County, Vt.-BOND
-The $50,000 May 1 1943.
414% coupon gold street impt. bonds offered on AprilSALE.
26-V. 116. p. 1810
-BOND SALE.
SCOTT COUNTY (P. 0. Davenport), Iowa.
-The
were awarded to E. H. Rollins & Sons of Boston at 101.691,
a basis of $550,000 434% coupon refunding bonds offered on April 23-V. 116, p.
about 4.10%. Denom. $1,000. Date May 11923. Due $10,000
yearly 1810
-were awarded to a syndicate composed of A.1/11349. Emerich & Co. of
on May 1 from 1936 to 1940 inclusive. Other bidders were:
Chicago. First National Company of Detroit and the White-Phillips Co. of
NameBid.
NameBid. Davenport at par plus a premium of $25, equal to 100.004, a basis of about
Merrill, Oldham & Co., Bost_100.89 The Nat. City Co.,
Date May 11923. Duo on May 1 as follows: $40,000, 1926, and
Boston- _100.289 4.495%
H. L. Allen & Co., N. Y_--- 98.15 R. M. Grant at Co., Boston.,
99.177 530,000; 1927 to 1943, incl.
Rutland Trust Co., for $25,Blodgett & Co., Boston_ ___ 98.54
000, Rutland
-BONDS OFFERED BY BANKERS.
SEATTLE, King County, Wash.
100.75 R. L. Day & Co., Boston__ -100.78
Rutland Says. Bk., Rutiand_100.50 Marble Savings Bank,
-R. M. Grant & Co., Inc., of New York, are offering to investors in an
RutBaxter National Bank, Rutland. for 525,000
100.00
advertisement appearing on a previous page of this issue, the $2.520,000
land
101.00 Harris, Forbes&Co.,Inc., Bos.101.07
534%municipal light and power plant system bonds awarded to them as
ST.CLAIRSVILLE VILLAGE SCHOOL DISTRICT(P.O.
St. Claire- stated in V. 116, p. 1574, at prices to yield about 5%. Denom. $1,000.
ville), Belmont County, Ohio.
-BOND OFFERING.
will be received by AnnieW. Hollingsworth. Clerk Board-Sealed proposals Date May 1 1923. Coupon bonds with privilege of registration as to prinof
7 p. in. May 11 for the purchase at not less than par and Education, until cipal only or both principal and int. Prin. and semi-ann. hit.(M. & N.),
of $125.000 534% school building bonds issued under the accrued interest payable in gold at the fiscal agent of Washington In N. Y. City, or at
authority of Section 7630-1 of the General Code. Int. M. &S. Denom.
$1,000. Date the City'Treasurer's office at option of holder. Duo on May 1 as follows:
April 15 1923. Due yearly on Sept. 1 as follows: $6,000 1924
and $5,000 1929 to 1947 incl., payable at the office of the to 1928 incl. $167,000, 1929 to 1933, incl.; $168,000, 1934 to 1938, Incl., and $169.000
above official.
The bids must be unconditional and must be
1943, inclusive.
check in the amount of $1,000, made payable accompanied by a certified 1939 to
to the Board of Education,
SEATTLE SCHOOL DISTRICT NO. 1, King County, Wash.
to be held as a guarantee that the successful bidder will pay for
the bonds BOND ELECTION.
-An election will be held on May 8 to vote on the
on demand.
question of issuing 5750.000 school building bonds.
ST. JOSEPH SCHOOL DISTRICT (P. 0. St. Joseph),
Buchanan
-BOND OFFERING.
-Bids will be
SELMA, Dallas County, Ala.
County, Mo.-DISTRICT OFFERS TO BUY ITS BONDS.
-A.
District secretary and Business Manager,sends us the following L. Loving, received until May 2 by II. H. Stewart, City Clerk, for $100,000 5%
tion under date of April 17: "The School District of St. Josephcommunica- coupon school bonds. Date May 1 1923. Denom. $1,000. Prin. and
is
ing retirement by purchase of about 2100,000 of its bonds of early consider- semi-ann. int. (M. & N.) payable in gold at the Guaranty Trust Co.,
maturity N. Y. City. Due as follows: $5.000, 1930 to 1947 incl., and $10,000,
of which the following remain outstanding:
Issue.
1948. The official circular states that interest and principal of all bonds
Rate.
Due.
Outstanding. previously issued have been promptly paid at maturity.
March 16 1914
March 16 1924
$20,000
May
2 1904
4
May
2 1924
SIX MILE TOWNSHIP (P. 0. Royalton), Franklin County, Ill.38,000
May
1 1915
4 %
May
-It Is reported that an issue of $90,000
1 1925
BOND ELECTION BOND SALE.
154,000
We are ready to make firm offers until we get all we want.
% serial road bonds was purchased by Thompson. Kent & Grace of
Chicago. subject to being voted at an election to be heid on May 1. Date
ST. MARY'S, Auglaize County, Ohio.
-BOND OFFERING.
-C, W. May 11923. Principal and semi-annual interest payable at the Continental
Niles, City Auditor, will receive bids until 2 p. m. May 16 for the
purchase
Nat. Dank.
at not less than par and interest of the following 5;4% special assessment & Commercial inclusive. of Chicago. Due $9,000 yearly on May 1 from
1927 to 1936
street Improvement bonds:
$13,268 bonds. Dooms. $500 and $268. Due yearly on Sept. 21 as
SLAYTON SCHOOL DISTRICT, Murray Cflunty, Minn.
-BOND
follows: $1.000 1924, 1925 and 1926; $1,268 1927, and $1,500 ELECTION.
-A special election will be hold on May 7 to vote on the
1928 to 1933, incl.
question of issuing $125,000 high-school-erection bonds.
7.418 bonds. Denoms. $500 and $418. Due yearly on Sept. 1 as
SNOW CREEK IRRIGATION DISTRICT (P. 0. Bend), Ore.
follows: $418 1924, $500 1925 to 1928, incl., and $1,000 1929
BOND OFFERING.-Floyd W. Scott, Secretary, Board of Direcotrs will
to 1932, incl.
6.980 bends. Denoms. $500 and $480. Due yearly on Sept. 1 as receive sealed bids until 5 p. in. May 17 for 240,000 6% rrigation bonds.
follows: $480 1924, $500 1925 to 1929, incl., and $1,000 1930 Denom. $1,000. Date Jan. 1 1923. Due serially. Int. .1. &
to 1933. incl.
SOUTH EUCLID (P. 0. Cleveland), Cuyahoga County, Ohio.
6,470 bonds. Denoms.$500 and $470. Due yearly on Sept. 1 as follows: BOND SALE.
-On April 19 Otis & (Jo. of Cleveland. purchased $53,850
$470 1924, 2500 1925 to 1930, incl., and $1,000 1931 to 1933, incl.
coupon bonds for 554.000. equal to 1002.84. Date AprIl 1 1923
4,878 bonds. Denoms.$500 and $378. Due yearly on Sept. 1 as follows: 5.14%
Interest A. & 0.
$378 1924 and $500 1925 to 1933, incl.
SPARTANBURG COUNTY (P. 0. Spartanburg), So. Caro.
3,740 lionds. Denoms. 2240, $300 and $500. Due yearly on Sept. 1
-Ofthe following 2 issues of4 H% highway
as follows: $240 1924, $300 1925 to 1929, incl., and $500 1930 BONDS AWARDED IN PART.
bonds aggregating 31.123,000. offered on April 24-V. 116, p. 1690to 1933, incl.
were awarded at par to the Spartanburg Clearing House AssociaDate April 1 1923. Prin. and semi-ann. int. (A. & 0.), payable
at the E388,000
City Treasurer's office. Certified cheek for
tion of Spartanburg:
for, payable to the City Treasurer, required.5% of amount of bonds bid 21.000,0 4 Si% highway bonds. Date April 1 1923. Denom. $1,000
00
Bonds to be delivered and
and $500. Prin. and semi-ann. int. J. & J.) payable
paid for within ten days from date of award.
at the Hanover National Bank, N. Y. City. Due on
ST. MARY S COUNTY (P. 0. Leonardtown),
April 1 as follows: 540,500, 1924:541,500, 1925;542,500,
Md.-BOND SALE.On April 24 Townsend Scott & Co. of BIlltimore,
1926: 543,500, 1927: 144,500, 1928; $45.500, 1929;
purchased $50.000 6%
coupon road and bridge construction bonds. Denom.
$46,500, 1930; $47,500, 1931; 548.500, 1932: $49.500,
$1,000. Dato May
1 1923. Due yearly on May 1 as follows: $2,000 from
1933; $50,500, 1934: $51,500, 1935; $52,500, 1936;
1928 to 1954, Incl.
The County, it is said, intends to use part of this money
$53,500. 1937; 554,500, 1038; 555.500, 1939; $56.500.
to pay its lateral
road quota of $23,175.
1940; $57,500. 1941: 158,500, 1942, and 559.500, 1943.
434% highway bonds. Denom. $1,000. Date July 1 1922.
PAUL, Minn.
ST.
123,000
-BOND SALE.
-The
Due on July 1 as follows: 51.000, 1923; 52.000, 1924 and
school bonds offered on April 25 (V. 116, p.$400.000 coupon or registered
1689) were awarded at par to
192 $3,000, 1926 and 1927: 54.000, 1928 and 1929:
Eldredge & Co. of N. Y., and the Wells
-Dickey Co. of Minneapolis, taking
and 1931; 50,000, 1932 and 1933; $7,000
55.000, 930
$185,000 as4jis and $215,000 as 4s. Date April 1 1923. Due
April 1 1953.
1934 and 1935; $8,000, 1936; 59,000. 1937 and 1938;
ST. TAMMANY PARISH SCHOOL DISTRICT NO. 8(P. O.
510.000. 1939 and 1940; and $11,000, 1041 and 1942.
Coving-BOND OFFERING.
ton), La.
-Sealed bids will be received until 11 a.
Prin. and semi-ann. Int. (J. & J.) payable at the Hanover
May 18 by Elmer E. Lyon, Secretary of the Parish School Board, m.
National Bank, N. Y. City,
for
$85,000 6% coupon school bonds. Date March 1 1923. Interest semi-The 5110,000 5% funding bonds offered at the same
BOND SALE.
annual. Due serially on March 1 from 1924 to 1943,inclusive. A certified time were awarded to A. M. Law & Co. of Spartanburg at a premium of
check for $1,500, on some bank domiciled in Louisiana, and payable to the
equal to 100.60, a basis of about 4.93%. Date April 1 1923. Due
President of the Parish School Board, required. The successful bidder will $660,
on April 1 as follows: 54.000, 1924 to 1928 incl.; 55.000, 1929 to 1933
be furnished the opinion of John Thomson, of New York City, approving incl.; $6,000, 1934 to 1938 incl., and 17.000, 1939 to 1943 incl.
the legality of the bonds, and no bonds conditioned upon approving opinion
SPENCERPORT, Monroe County, N. Y.
-BOND. OFFERING.
of other attorneys will be considered.
Sealed proposals will be received by B. A. Colby, Clerk Board of Trustees,
SAN BUENAVENTURA, Ventura County, Calif.
-BOND SALE.- until 8 p. M. May 8 for the purchase at not less than par and accrued interOn April 12 Blyth Witter & Co. and R. H. Moulton & Co. jointly pur- est of $26,000 street impt. bonds. Denom. $1,000. Date Juno 1 1923.
dieser! $250,000 5% water bonds at par plus a premium of $7.065, equal Int, rate not to exceed 6%. Interest M. & S., payable at the Bank of
APRIL 28 1923.]
THE CHRONICLE
1931
Spencerport. Due $2,000 yearly on Sept. 1 from 1926 to 1938 incl. Bid- Sherwood & Merrifield, of New York, at 100.93, a basis of about 4.13%.
semiders may bid for said bonds at a less rate of interest than 6% per annum, Denoms. 60 for $1,000 and 20 for $250. Date May 1 1923. Int.
stated in multiples of one-tenth of 1%,and must state in their bids the rate ann. Due $3,250 yearly on May 1 from 1924 to 1943, inclusive.
accompanied with a cerof interest on bonds bid for. Each bid must be
TULLY-CONVOY VILLAGE SCHOOL DISTRICT (P. 0. Convoy),
tified check drawn upon an incorporated bank or trust company and pay- Van Wert County, Ohio.
-H. B. Leslie, Clerk of
-BOND OFFERING.
able to the order of Joseph Chadwick, Treasurer of the Village of Spencer- Board of Education, will receive bids until 12 m. May 12 for the purchase
port, for $100. Assessed valuation of real estate May 1922, $674,438. at not less than par and interest of $67,000 5%% coupon school-house
On Jan. 1 1923 the village boundaries were extended, and it is now esti- bonds, issued under Sec. 7625, Gen. Code. Denom. $500. Date May 1
mated that the assessed valuation of real estate for 1923 will be $850,000.
1923. Principal and semi-annual interest (M. & S.) payable at the First
on
SPICE VALLEY TOWNSHIP (P. 0. Williams), Lawrence County., National Bank of Convoy. Due $1,000 Sept .1 1924. and $3.000 yearly
-Laurin S. Chase, Trustee, will receive sealed Sept. 1 from 1925 to 1946, inclusive. Certified check on a solvent bank,
-BOND OFFERING.
Ind.
a. m. May 14 for $6,500 5% coupon school bonds. Denom. for 5% of amount of bonds bid for, payable to the Clerk of the Board.
bids until 10
$500. Date Aug. 1 1922. Int. J. & J. Due semi-annually beginning required.
July 1 1924. The bonds are issued with the approval and consent of the
TUJUNGA SCHOOL DISTRICT, Los Angeles, County Calif.
State Tax Board.
BOND SALE.
-The $38.000 5% school bonds offered on April 23 (V. 116.
-The P.1811) were awarded to Cyrus Peirce & Co.of San Francisco, at a premium
-BOND SALE.
SPRING HOPE, Nash County, No. Caro.
$75,000 6% coupon, registerable as to principal and interest, street im- of $387, equal to 101.01 a basis of about 4.92%. Date April 1 1923.
-were awarded Due $1,000 yearly on April 1 from 1924 to 1961. inclusive.
provement bonds, offered on April 23-V. 116, p. 1810
to A. T. Bell & Co. of Toledo at 101.10, a basis of about 5.86%. Date
-BOND OFFERING.'
UNION COUNTY (P. 0. Elizabeth), N. J.
May 11923. Due on May 1 as follows: 14,000, 1926 to 1942 inclusive,
N. R. Leavitt, County Treasurer, will receive bids until 11:30 a. m.(dayand $7,000, 1943.
light saving time) May 14 for the purchase at not less than par and interest
-BOND SALE.
SPRUCE PINE, Mitchell County, No. Caro.
principal and
W.K.Terry & Co. of Toledo have purchased the $75,000 6% improvement of an issue of coupon (with privilege of registration as to
bonds offered on April 23-V. 116. p. 1333
-above par. Denom. $1,000. interest or principal only) park bonds, not to exceed 8500.000. no more
Date April 1 1923. Due as follows: $2,000, 1926 to 1946 inclusive, bonds to be awarded than will produce a premium of 81,000 over $500,000.
and $3,000, 1947 to 1957 inclusive.
Bidders are to state rate of interest, either 4%,43
1% or 44%. Denom.
,
-At the $1,000. Date May 15 1923. Prin. and semi-ann. int. (May 15 and
-BONDS VOTED.
STANTON, Montcalm County, Mich.
election held on April 2-V. 116, p. 1333
-the $3,500 fire apparatus pur- Nov.15) payable in
U.S. gold coin at the National State Bank of Elizabeth.
chase bonds were voted.
1968 incl.; and $12.000,
- Due yearly on May 15 as follows: $10,000, 1925 to
STARK COUNTY (P. 0. Dickinson), No. Dak.--BOND SALE.
bank or trust
The First National Bank of Dickinson and W. L. Slayton & Co. of Toledo 1969 to 1973 incl. Certified check on an incorporated
company. for 2% of amount of bonds bid for, payable to the County of
Jointly purchased $100,000
-year refunding bonds at par.
% 20
N. Y.
-BOND OFFERING.
- Union, requirea. Legality approved by Reed. Dougherty & Hoyt,
STEUBEN COUNTY (P. 0. Angola), Ind.
The official advertisement of this offering may be found on a subsequent
Bids will be received by Earl Tuttle, County Treasurer, until 10 a. m. May
9 for the purchase at not less than par of $19.600 5% couren Nathan A. page.
Metz et al., road bonds. Denom. $490. Date April 18 1923. Int. M.&
UNION PARISH ROAD DISTRICT NO.2(P.O.Farmersville),La.
N.15. Due $980 each 6 monthsfrom May 15 1924 to Nov. 15 1933,1nel.
BOND SALE.
-The $150,000 5% coupon road bonds offered on April 24
-At a (V. 116, p. 1690) were awarded to W.L. Slayton & Co.of Toledo,and CaldSTRATFORD, Brown County, So. Dak.-BONDS VOTED.
of $110,
recent election the voters, by a majority of 14 votes, authorized the issuance well & Co. of Nashville, on their joint bid of par plus a premium Due on
equal to 100.07, a basis of about 4.97%. Date June 1 1923.
of $15,000 bonds for the purchase of a water power works system.
June 1 as follows: $1,000, 1924 and 1925: $1,500. 1926 to 1929, Incl.:
- 82,000. 1930:
-BOND OFFERING.
SULLIVAN COUNTY (P. 0. Sullivan), Ind.
53,500, 1933; 84.000. 1934 and
J. Howe Thompson. County Treasurer, will receive bids until 12 m. May 3 1935: $4,500, 52.500, 1931; $3.000. 1932:
to 1940. incl.: 55,500, 1941:
1936 and 1937; 55,000.
for the purchase at not loss than par of the following two issues of 5% 56,000, 1942 to 1944. Incl.; $6,500 1945;1938
17.000, 1946: $7,500, 1947; 88,000.
road bonds:
inclusive.
et al. road in Haddon Township bonds. Denom. 1948 and 1949; $8,500, 1950 310.000, 1951 to 1953.
$9,750 F. M. Anderson
UNION (TOWN) UNION FREE SCHOOL DISTRICT NO. 5 (P. 0.
$487 50. Due $487 50 May 15 1924 and $487 50 each six months
-Sealed bids will
Union), Broome County, N. Y.
thereafter until all are paid.
-BOND OFFERING.
28,200 Corn. L. Boles et al. road in Furman Township bonds. Denom. be received until 12 m. May 3 by F. B. White. Clerk of Board of Education,
$705. Due $705 May 15 1924 and $705 each six months there- for the purchase at not less than par of $35.000 "Additional Harry L.
Johnson School House Bonds" at not exceeding 6%. Denom. 81.000.
after until all are ;paid.
Date May 1 1923. Principal and semi-ann. int. (J. & D.) payable in
Date April 15 1925. Interest May 15 and Nov. 15.
-J. Howe Thompson, County Treasurer, will gold coin of the United States at the Workers' Trust Co., Johnson City.
BOND OFFERING.
receive bids until 12 m. May 10 for the following three issues of 5% road Due on Dec. 1 as follows: $1,000 1923 and $2,000 from 1924 to 1940 incl.
A cert. check for 2% of the amount of bonds bid for is to accompany each
bonds:
$13,000 Arthur D. Cutler et al. road in Haddon Township bonds. Denom.
$325. Due $325 May 15 1924 and $325 each six months thereafter
UPPER ARLINGTON (P. 0. Columbus), Franklin County, Ohio.
until all are paid.
-BOND
-The $17,000 534% coupon sower and paving bonds
4,500 Andrew Fore et al. road in Haddon Township bonds. Denom. offered onSALE.
-were awarded to the Citizens Trust
April
$225. Due $225 on May 15 1924 and $225 each six months & Savings Bank 20-V. 116. p. 1457
of Columbus for $17.128 (100.694) and interest, a basis
thereafter until all are paid.
of about 5.34%. Denom. $1,000. Date April 2 1923. Due yearly on
5,500 Paris C. Drake et al. road in Fairbanks Township bonds. Denom.
f
d
biders we $1,000. 1923, and $2,000, 1924 to 1931 inclusive.
:
$275. Due $275 on May 15 1924, and $275 each six months Oct l as ollows re:
Other
er
thereafter until all are paid.
Bid.
.Name
Name-Bid.
Date April 15 1923. Interest May 15 and Nov. 15.
W.L. Slayton & Co., To1.317.051 001 Tucker, Robinson & Co..
5 0
7..015 00
70 13
SUMMIT COUNTY (P. 0. Akron), Ohio.
Toledo
-BOND OFFERING.- Ryan,Bowman & Co., Tol 17,018 70
$1
Sealed proposals will be received by Scott Park, Clerk Board of County
Seasongned & Mayer, Cin 1
Commissioners, until 12 m. May 1 for the purchase at not less than par of
NO. 1, Iredell
UPPER THIRD CREEK DRAINAGE DISTRICT
$300,000 4i% coupon county tuberculosis hospital bonds, issued under County, No,
-Bids will be received until 11
Caro.
-BOND OFFERING.
authority of Sections 2434, 3141, 5638. 5639-1, 5640-1 and 5642-1 of the a. m.
Statesville)
General Code. Prin. and semi-ann. int. (A. & 0.), payable at the County for anMay 14 by William A. Bristol, District Attorney.(P. 0.
issue of6% bonds, not to exceed $12,000. Denom. of bonds, miniTreasurer's office at the Court House at Akron. Denom. $1,000. Date
mum. $1,000: maximum, $1,000, at option of purchaser. Int. semi-ann..
April 1 1923. Due yearly on Oct. 1 as follows: $21,000 1924 to 1926, payable
Cert, check for $250,
at
incl.; 822,0001927. 821,000 1928,$22.000 1929,$21,000 1930. $22.000 1931 required. the First National Bank, Statesville. District has never deOfficial announcement states that this
$21,000 1932, $22,000 1933, 121.000 1934, $22,000 1935. $21,000 1936 and fa in
ovuit
lin the payment of any of any of its obligations, either principal
t
,.
$22,000 1937. All bids must be accompanied by a certified check, payable
to the Treasurer of Summit County. for 5% of the amount of bonds. The
money for said bonds to be delivered and paid to the County Treasurer.
VACA VALLEY UNION SCHOOL DISTRICT, Solano County
of Coun
-BOND OFFERING.
-G. G. Halliday, Clerk, Boa
SUMTER COUNTY(P.O.Sumter),So. Caro.
-The following Calif.
-BIDS.
until 11 a. m. May
Is a list of the bids received for the $500,000 5% registerable as to principal Supervisors,(P. O. Fairfield) will receive sealed bids 51,000. 1 to 25 years.
for $25,000 6% school bonds. Denom. 31,000. Due
road and bridge bonds on April 19:
A cert, check for 10% of amount bid for to the above official, required.
Detroit Trust Co., Detroit; A. B. Leach & Co., Inc., New
York; Taylor, Ewart & Co., Inc., New York
*$505085 00
,
VALLEY CENTER DRAINAGE DISTRICT (P. 0. Harden), Big
Keane, Higbie & Co., by F. W. Dennis, Jr., Agent
-The Board of Commissioners
500.450 00 Horn County, Mont.
-BOND OFFERING.
Bank of Charleston, N. B. A., Charleston
500,475 00 will receive bids until May 15 for $220,000 6% serial irrigation bonds.
J. H. Hilsman & Co., Atlanta
501.402 80
-BOND SALE.
VAN BUREN COUNTY (P. 0. Paw Paw), Mich.
Hambleton & Co.-Hallgarten & Co., Palmetto Nat. Bank- _ 502,850 00
bonds offered on Apri125(V.
Lowry Bank & Trust Co. of Georgia. by T. S. Denton
504.665 50 The $22,000 Assessment District No. 52 road Niles & 0o.of Toledo, at par
116, p. 1811) were awarded as 53S to Durfee,
•Successful bid; for previous reference to same see V. 116, p. 1810.
and accrued int, plus a premium of $5, and cost of printing bonds and atSWISSVALE, Allegheny County, Pa.
-The $150,000 to
-BOND SALE.
fees. Denom. $1,000. Due $2,200 yearly on May 1 from 1924
435% coupon street, sewer and fire dept. bonds offered on April 24(V. 116. torn191.s fnelusiv
3. i s
.
. 1690) were awarded to the Union Trust Co of Pittsburgh for $156.490
-BOND SALE.
104.326) and interest, a basis of about 4.15%
VANDERBURGH COUNTY (P. 0. Evansville), Ind.
. Date May 1 1923. Due
25,1300 on May 1 every five years from 1928. 1953 incl. Of this issue -The two issues of road bonds offered on April 20 (V. 116. D. 1457) were
to
$100,000 is for street impts., $35,000 for sewer impts. and $15,000 for fire awarded to contractors at par as follows:
$10,800 4% Wm. Kleinknecht at al. Law Ave. Road in Perry Twp. bonds
department equipment.
to Oliver Edmond. Denom. $540. Due $540 each 6
TERRA CEIA SPECIAL ROAD AND BRIDGE DISTRICT, Manatee
months from May 15 1924 to Nov. 15 1934 incl.
County, Fla.
-BOND OFFERING.
-Robert H. Boesch, Clerk of the Cir6,600 4%% J. W. Stratton at at. Upper Weinback Ave. Road in Knight
cuit Court (P. 0. Bradentown), will receive sealed bids until 10 a. m.
Twp. bonds to Meldon Hayes. Denom. $330. Due $330
6% road and bridge bonds. Denom. $1,000. Date
May 7 for 555.000
each 6 months from May 15 1924 to Nov. 15 1933 incl.
May 11923. Principal and semi-annual interest(M.& N.) payable at the
BOND OFFERING.
-Bids will be received until 12 in. May 19 by Walter
American Exchange National Bank, New York City. Due as follows: A. Smith, County Treasurer, for $7,340 434% Fred Butsch et al. Stein$5,000. 1933;$10,000, 1938. 1943 and 1958, and 820.000, 1963. A certified metz Road in Center Twp. bonds. Denom. $367. Due $367 each six
check for $1,000, payable to Robert H. Boesch, Clerk of the Circuit Court, tho thsfrom
m encounty
re,s 0 ics Nov. 15 1934. Prin. and int. payable at
l5 1924 to
r
ff .
required.
Treasurer's
TOLEDO, Lucas County, Ohio.
-BOND OFFERING.
-Walter Stew-S0210
VAN WERT, Van Wert County, Ohio.
-BONDS OFFERED.
art, Director of Finance, will receive bids until 12 m. May 15 for the proposals
were asked until 12 m. April 27 by Stella Carey, City Auditor,
purchase at not less than par and interest of the following bonds:
$3,576 22
repair bonds. Due $117,500 yearly on Sept. 1 from for the purchase at not less than par and accrued interest aunder the 5%
$470,000
% street
auMain and Washington streets improvement bonds issued
1924 to 1927, inclusive.
22.
20,000 4%% fire department building bonds, Denom. 51.000. Due thority of Section 3914 of the General Code. Denom. $400 and $376
Date April 10 1923. Interest semi-annual. Duo Sept. 1 1932.
$2.000 yearly on Sept. 1 from 1924 to 1933, inclusive.
VENUS INDEPENDENT SCHOOL DISTRICT, Johnson County,
75,000 41,4% police station bonds. Denom. $1,000. Due yearly on
May 1 as follows: $4,000, 1925 to 1939, inclusive, and Texas.
-BOND SALE.
-The 18,000 6% serial school bonds registered by
the State Comptroller of Texas on March 27 (V. 116, p. 1575). were pur$3.000, 1940 to 1944, inclusive.
75,000 43% fire department signal apparatus bonds. Denom. $1.000. chased by the Sinking Fund Commission. Denom.$1,000. Date Feb. 10
Due yearly on May 1 as follows: $6,000, 1925 to 1934, 1923. Interest February. Due serially.
inclusive. and 15,000, 1935, 1936 and 1937.
-T. E. Brooks,
VERONA, Essex County, N. J.
-BOND OFFERING.
Date May 1 1923. Principal and semi-annual interest (M. & N.) pay- Borough
3r
Clerk, will receive bids until 8p. m. May 1 for the purchsae at
New York. Certified check for 2%
able at the U. S. Mtge. & Trust
registra4%
Co..
of amount of bonds bid for, payable to the Commissioner of the Treasury not less than par and int. of an issue of4% coupon (with priv. of $90,000.
of the City of Toledo, required. Bonds to be delivered and paid for within tion as to principal only) municipal butt hog bonds not to exceed
no more bonds to be awarded than will produce a
$1,000 over
ten days from date of award.
premium of
$90.000. Denom. $1,000. Date April 1 1923. Prin. and semi-ann. int.
TORONTO, Jefferson County, Ohio.
-BOND SALE.
-The $115,000 (A.& 0.) payable in lawful money of the U.S. at the Verona National Bank
6% water works impt. bonds offered on Mrach 27-V. 116, p. 1097-were of Verona. Due yearly on April 1 as follows: $3,000 1925 to 1950 incl.
awarded on April 17 to N. S. Hill & Co. of Cincinnati for $123,400, equal and $4,000 1951 to 1953 incl. Cert. check on an incorporated bank or trust
to 107.304, a basis of about 5.22%. Denom. $500. Date March 11023. company, for 2% of amount of bonds bid for, payable to the Borough of
Due on Sept. 1 as follows: $4,500 in the oven years from 1924 to 1942 incl., Verona, required. Bonds to be prepared under supervision of U. S. Mtge.
atongfe low, N
$5,000 in the odd years from 1925 to 1941 incl. and $5,000, 1943 to 1947 incl. L Trur Co .
Legality to be approved by Hawkins, Delafield
TREZEVANT, Carroll County, Tenn.
-On
-BOND ELECTION.
-The 53.500
will be held to vote on the question of issuing $35,000
VERSAILLES, Darke County, Ohio.
-BOND SALE.
June 20 an election
6% West Street special assessment bonds offered for sale on April 206% water works and electric light bonds.
for
V. 111n6g.Lare
.l4h5
awarded to N. S. Hill & Co. of Cincinnati beTRIPP CONSOLIDATED SCHOOL DISTRICT (P. 0. Tripp), $3,970 (101.794) and interest, Date Starch 15 19. Due yearly
M
23
es
Hutchinson County, So. Dak.-BOND SALE.
-An issue of $70,000 ginning
w .
school bldg. bonds was awarded to a Minneapolis firm at a premium of
VIBORG SCHOOL DISTRICT (P. 0. Viborg), Turner County,
$1,201, equal to 101.71.
So. Dak.-BONDS VOTED.
-At a recent election a proposition to issue
TROY, Rensselaer County, N. Y.
-BOND SALE.
-On April 27 an street-paving bonds in an amount not to exceed 510,000 carried by axote
issue of $65,000 43i% coupon or registered building bonds was awarded to of 128 "for to 15 "against."
1
1932
THE CHRONICLE
VIRGIL SCHOOL DISTRICT (P. 0. Virgil), Beadle County, So.
Dak.-BONDS VOTED.
-Bonds to the amount of $20,000 for the purpose
of building a new school-house, have been voted.
WABASH SCHOOL TOWNSHIP (P. 0. Mecca), Parke County,
Ind.
-BOND OFFERING.
-Roscoe B. Kendall, Township Trustee, will
receive bids until 10:30 a. m. May 11 for the purchase at not less than par
of $30,000 5% coupon school-house addition construction bonds. Denom.
$500. Date May 15 1923. Semi-annual interest (J. & J. 15) payable at
the Mecca Bank of Mecca. Due each six months as follows: $900, July 15
1924: $1.000, Jan. 15 1925 to July 15 1927, inclusive; and $1,100, Jan. 15
1928 to Jan. 15 1938, inclusive.
WAKE COUNTY (P. 0. Raleigh), No. Caro.
-BOND SALE.
-The
$20,000 535% coupon (with privilege of registration as to prin. only, or
both prin. and int.) court house funding bonds offered on April 23(V. 116,
D. 1457) were awarded to the Second Ward Securities Co. of Milwaukee,
at a premium of $1,524. equal to 107.62, a basis of about 4.90%. Date
April 11923. Due April 1 1943.
-BOND OFFERING.-Geo. T.
WARREN, Trumbull County, Ohio.
Hecklinger, City Auditor, will receive bids until 12 m. May 28 for $48,000
5% coupon,city's share, water main bonds. Denom.11,000. Date May 1
1923. Prin. and semi-ann. int., payable at the City Treasurer's office.
Due $2,000 yearly on Nov. 1 from 1924 to 1947, incl. Cert. check for
$500, payable to the City Treasurer, required. Bonds to be delivered and
paid for within 5 days from date of award.
WARREN COUNTY (P. 0. Warren), Pa.
-BOND SALE.
-The
$125,000
% road impt. bonds offered on April 20-V. 116, p. 1457
were awarded to Hill, Wright & Frew of Pittsburgh at par _talus $1,821,
equal to 101.456. Denom. $1,000. Date June 1 1923. Due serially
1924 to 1938, incl. Other bidders were:
Premium.I NameNamePremium.
$1,160 00 M.M.Freeman&Co.,Phila.$1,036 25
Stroud & Co.. Phila
Biddle & Henry,Phila
725 00 Union Trust Co., Pittsb__- 957 50
Lewis & Snyder,Phila
1,259 35 J. H. Holmes & Co.,Pittsb. 128 00
Frazier & (to., Phila
1.11500 WarrtntS.B.&Tr.Co.,War'n 987 50
WARRICK COUNTY (P. 0. Booneville), Ind.
-BOND SALE.
-The
$11,400 4% G. N. Rice, Fred El eser et al., Lynnville Road. in Hart
Township, bonds offered on April 20 V. 116, p. 1457) were awarded to the
Lynnville National Bank at par and accrued int. Denom. $285. Due
$570 each 6 months from May 15 1924 to Nov. 15 1933, inclusive.
WASCO COUNTY (P.O. The Dalles), Ore.
-BOND OFFERING.
-W,
L. Crichton. County Clerk, will receive sealed bids until 10 a. m. May 15
for $200,000 road bonds. Denom. $50 or multiples up to $1.000. Date
May 15 1923. Int. M.& N. Int. rate not to exceed 8%. Due
on Slay 15 from 1928 to 1937, incl. A cert. check for 5% of bonds$20,000
bid for,
payable to the County Clerk, required.
WASHINGTON COUNTY (P. 0. West Bend), Wis.-BOND SALE.
-The $450,000 5% highway improvement bonds offered on April 20V. 116, p. 1691-were awarded jointly to the First Wisconsin Co. of
Milwaukee and the Wells-Dickey Co. of Minneapolis at oar plus a premium
of $13 130, equal to 102.91, a basis of about 4.63%. Denom.
$500.
Date April 1 1923. Prin. and semi-ann. int. (A. & 0.) payable at the
County Treasurer's office. Due on April 1 as follows: $100.000.
1025,
1931 and 1934, and $150.000. 1938.
WASHINGTON COUNTY SCHOOL DISTRICT NO. 3 (P. O.
Otis),
-BONDS VOTED.
Colo.
-BOND SALE.
-At a recent election $17,000
-30
534% 15 -year serial school bldg. bonds were voted. Since being voted,
the bonds have been sold to Antonides & Co. of Denver.
WAYNE COUNTY (P. 0. Lyons), N. Y.
-BOND SALE.
-On April
$75,000 43.4% county building bonds were awarded to Barr Bros. & Co.21
of
New York. at 100.037, a basis of about 4.24%. Denom. $1,000.
Date
April 11923. Due $15,000 yearly on April 1 from 1924 to 1928, incl.
WAYNE COUNTY (P. 0. Wooster), Ohio.
-BOND SALE.
$90.000 534% Inter-County Highway No. 148, Sec. "0." bonds -The
on April 17-V. 116. p. 1575
-were awarded to W. L. Slayton & offered
Co. of
Toledo for $91,726 (101.91) and interest. Purchaser will
legal opinion and printing of bonds. Denom. $1,000. also pay cost of
Date March 1
1923. Due $9,000 yearly on March 1 from 1924 to 1933 incl.
Other
bidders were:
NamePremium.
NamePremium.
Seasongood & Mayer, C1n___*$1,622 Title Guar. & Tr. Co.,
Cin_-*$1,800
Spitzer. Rorick & Co., Tol__ *1,703 A. T. Bell & Co., Toledo..- _
*2,394
N. S. Hill & Co.. Cincinnati_ *
Pr.
1.690o.,
Cin__ *1,908
I Br:xl,
&
Gin.. 1,380
* Conditional bids.
NEW LOANS
WEST ALLIS, Milwaukee County, Wis.-BOND SALE.
-Bolger,
Messer & Willaman of Chicago have purchased the following 5% bonds
offered on April 21-V. 116, p. 1457
-at par plus a premium of $3,639,
equal
asis
i .
f o11 4 4
5gatictds 13un4.00 1 1 from 1924
0
1943 incl payable
at the West Allis State Bank. West Allis. to
"
30,000 street inlet. bonds. Due as follows: $1,000, 1924 to 1933. incl.,
and $2_,000. 1934 to 1943. incl., payable at the First National
Bank, West Allis.
10.000 sewer bonds. Due 91,000 yearly from 1924 to 1933 and payable
at the First National Bank, West Allis.
VVESTERVILLE, Franklin County, Ohio.
-The
-BOND
$50,000 534% coupon disposal ant bonds offered on AprilSALE. 116,
21-V.
-were awarded to BenjaminDausard & Co. for a premium of
. 1575
1,835, equal to 103.67, a bas of about 5.11%. Denom. $1,000 and
1,500. Date March 11923. Due $2,500 on Oct. 1 in each
years
1928, 1929, 1946 and 1947, and $2,000 on Oct. 1 in each of theof the years
other
from 1924 to 1945, incl.
I
WICHITA, Sedgewick County, Kan.
-BOND SALE-During the
latter part of March the Guarantee Title & Trust Co. of Wichita purchased
the 9116,498 41 434% park improvement bonds registered by the State
Auditor of Kansas on March 31-V. 116, p. 1575. The price paid was
par plus a premium of $11 15 per $1,000. Denom. $500. Date Feb. 1
1923. Int. F. & A. Due serially, 10 to 20 years.
WILLARD SCHOOL DISTRICT (P. 0. Willard), Huron County,
Ohio.
-BOND ELECTION.
-On May 15 an election will be held to vote on
the question of issuing $175,000 bonds for a new school.
WILMINGTON, Clinton County,_ Ohio.
-BOND OFFERING.Sealed bids will be received until 12 m. May 5 by Harry A. Metzger, City
Auditor, for the purchase at not less than par and interest of the following
three blocks of coupon city's share street impt. bonds, issued under author
ity of Sec. 3939, Gen. Code:
$12,000 Fife Ave. bonds. Denom. $1,000. Date April 1 1923. Due
yearly on Sept. 1 as follows: $2,000 1924. 1925 and 1926,and $1,000
1927 to 1932 incl.
4.500 Rombach Ave. bonds. Denom. $500. Date Sept. 1 1922. Due
$500 yearly on Sept. 1 from 1924 to 1932 incl.
3,600 Fife Ave. bonds. Denom. $400. Date Sept. 1 1922. Due $400
yearly on Sept. 1 from 1924 to 1932 incl.
Int. M.& S. Cert. check for 5% of amount of bonds bid for, payable to
the City Treasurer, required. Bonds to be delivered and paid for within
10 days from date of award.
WINNSBORO, Franklin Parish, La.
-BOND OFFERING.
-Sealed
bids will be received until 8 p. m. May 3 by A. H. Brown, Town Clerk,
for the following bonds:
$5,000 5 M % water works bonds of 1923. Due in 20 years.
10.000 5 M % sewer bonds of 1923. Due in 20 years.
20,000 6% electric light plant bonds of 1923. Due in 10 years.
A cert. or cashier's chock for 5% of issue required. A certified copy or
all proceedings leading up to the Issuance of these bonds will be furnished
the successful bidder.
WOODBURY COUNTY (P. 0. Sioux Sity), Iowa.
-BOND SALE.
The $700,000 5% road bonds offered on April 24 (V. 116. p. 1692) were
awarded to the Lytle Construction Co., at par and accrued Hit, plus $600
cost of printing bonds and attorney's fees. Date May 1 1923. Due
and
on May 1 as follows: $50,000, 1931:$75,000, 1932 and 1932, and $100,000
1934 to 1938. inclusive.
WOOD COUNTY (P. 0. Bowling Green), Ohio.
-BOND OFFERING.
-Sealed bids will be received by E. E.Coriell, County Auditor, until 1 p.m.
April 30 for $40,000 5% coupon Section "C" Bowling Green-Waterville
Road inter-county highway No. 283, situated in Plain Township, bonds
issued under the authority of Section 1223 of the General Code. Denom.
$1,000. Date May 1 1923. Interest M. & S.payable at the County
Treasurer's office. Due $8,000 yearly on Sept. '1 from 1924 to 1928 incl.
Certified check for $500, payable by a Bowling Green bank, required.
Bonds are to be delivered to successful bidder at Bowling Green. Purchaser to pay accrued interest.
-BOND SALE.
WOOD-LYNNE,Camden County, N. J.
-The $42,000
paving and 12.500 sewage improvement 514% bonds offered on April 20-were awarded to M. M. Freeman & Co. of Philadelphia.
116. D. 1692
at102.17, a basis of about 5.07%. Date April 11923. Due April 1 1929.
V.
WRIGHT COUNTY (P. 0. Buffalo), Minn.
-BOND SALE.
-The
Minnesota Loan & Trust Co. of St. Paul has purchased the following 2
issues of 5% bonds offered on April 11 (V. 116, p. 1457) at a premium of
$230, equal to 101.48, a basis of about 4.73%:
NEW LOANS
$4,000,000
We Specialize in
City of Philadelphia
3$
32s
/
1
4s
/
41 4s
/
41 28
5s
5%8
52 2s
/
Biddle & Henry
104 South Fifth Street
Philadelphia
Harris County Navigation District
Bonds
Bids will be received by the undersigned at
10 A. M. MAY 21st, 1923, for the sale of
$4,000,000.00 Harris County Navigation District
Bonds, embracing the entire county, with right
to reserve $1,000.000.00 from sale; bonds dated
April 15th. 1923, $1,000.00 each, maturing
S130.000.00 for first five years and $134,000.00
for next twenty-five years, interest 5%, semiannual,coupons, payable New York and Houston.
Financial statement furnished by H. L. Washburn, County Auditor, Houston. Texas. Certified
check 1% of bid, usual conditions. No bid for
less than par and accrued interest. All rights
reserved.
E. A. PEDEN, Chairman,
Houston, Texas.
BOND CALL
Private Wire to New York
Call Canal 8437
CITY OF CLEBURNE, TEXAS,
List North Carolina
Bond Acts for Sale
Giving caption of Act, amount of bonds,
time, place, and manner of sale, serial, and
officials having charge of sale, covering one
hundred and fifty Bond Acts passed by
North Carolina General Assembly which
has recently adjourned.
Price $10.00.
RALEIGH LETTER WRITERS
Raleigh, N. C.
[VOL. 116.
BONDS CALLED
FOR PAYMENT
The City of Cleburne, Texas, has called for
payment all outstanding optional bonds which
will be paid at par and accrued interest upon
presentation to the Seaboard National Bank,
New York City, provided said bonds are presented not later than July 1. 1923. Any or all
other outstanding bonds of said City bearing
5% will also be paid at par and accrued interest
if presented to 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,
orlwith the City direct.
CITY OF CLEBURNE, TEXAS.
By D. F. Howell.'Mayor.
NEW LOANS
•
•
$60,000
FREDERICK, MARYLAND
43% WATER BONDS.
Sealed proposals will be received by John T.
White. City Register of Frederick, Maryland,
until 7:30 P. M. MAY 16, 1923, for the whole
or any part of $60,000 Water Works, sinking
fund, coupon bonds, dated May
1923, due
May 1, 1953, redeemable, at the pleasure of the
Corporation of Frederick, on or after May 1,
1943. Denominations $1,000 each. Interest
4 M %, payable semi-annually May and November 1st. Tax-free. A certified check for 5% of
the par value of bonds bid for, payable to the
Mayor and Aldermen of Frederick, must accompany each bid. Purchaser to pay accrued interest.
Right to reject any and all bids is reserved.
THE MAYOR AND ALDERMEN OF
FREDERICK, by LLOYD 0. CULLER,
Mayor.
JOHN T. WHITE,
City Register.
$450.000
Drainage District No. 12
Harris County, Texas
BONDS
The undersigned will sell at 10 A. M., MAY 1,
1923. at the Court House, Houston, Texas, to
the highest bidder, for cash, and not less than
par and accrued interest, $450,000.00 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, $3,000.000.00. 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
statement of District can be obtained from
H. L. Washburn, County Auditor, Houston,
Texas.
CHESTER IT. BRYAN, County Judge, "
'
Court House,
II
Houston, Texas.
APRIL
28 1923.]
1933
THE CHRONICLE
-According to reports, Rene T.
MEGANTIC, Que.-BOND SALE.
% bonds, maturing from
Leclerc, Inc.. of Quebec purchased $125,000
1926 to 1963,at a price of 99.37. Tenders were as follows: Rene T. Leclerc,
Canadien, Ltd.,
A. E. Ames & Co., 99.19; Credit Securities, Ltd.. 99.06;
Inc.. 99.37;
97.27:
Municipal Debentures Corp.. 97.82; Provincial
Le Fret Municipal, Ltd., 97.15.
m.
MOOSE JAW, Sask.-DEBENTURE OFFERINO.-Until 11 a. the
of
May 2 the City Commissioners will receive tenders for the purchase
following coupon debentures:
1 1923. Due
$3,702 6% water connections debentures. Date June
June 11933.
1 1923. Due
3.698 6% sewer connections debentures. Date June
June 1 1933.
Date May 1 1922. Due
26,500 6% electrical extension debentures.
May 1 1932.
Due
6,600 6;4% cement sidewalk debentures. Date June 1 1923.
June 1 1938.
payable in CanInterest payable semi-annually. Prin. and int. will be successful bid.
ada and New Yorkor in Canada only, as stipulated in the
-The $2,500,000
-DEBENTURE SALE.
NOVA SCOTIA (Province of).
on April
coupon (with privilege ofregistration as to prin.) debentures offered Ltd., of
Corp.,
25 (V. 116, p. 1811) were awarded to the Royal Securities
associates, at 98.77. Date May 1 1923. Due May 1 1943.
Halifax, and
interest.
The debentures are now being offered to investors at par and
-The following eleven blocks
REGINA, Sask.-DEBENTURE SALE.
debentures,
of 534% coupon (with privilege of registration) sinking fund
sale on
aggregating $389.414, dated May 1 1923, which were offered forToronto
-were awarded to Wood, Gundy & Co. of
1692
116. p
April
Canada only, which is on a basis
for bonds payable in
19-V.
on a bid of 98.625 *
-On April 20, it is stated, of about 5.61%:
DRESDEN, Ont.-DEBENTURE SALE.
-year pavement.
$73,800 15
$56_41 76 5;4% 15
-year installment local impt. debentures were awarded
-year domestic sewers.
5,400 30
to Housser, Wood & Co. of Toronto at 100.79. Other bids were: Bain,
-year water-main extensions.
3.036 30
Snowball & Co., 100.174; R. C. Matthews & Co., 100.14; Wood. Gundy
-year plank walks.
17.000 5
Sr Co., 100.13: Gairdner, Clarke & Co., 99.37, and C. H. Burgess &
-year waterworks extensions (Boggy Creek).
26,402 30
Co., 98.84.
-year street railway.
24,000 15
HULL SCHOOL COMMISSION (P. 0. Hull), Que.-DEBENTURE
-year waterworks extension (No. 1 Power House).
49,214 10
tenders until 4
OFFERING.
-Joseph Provost. Sec.-Treas., will receive Denom. $1,000
-year water-house connections and meters.
24,262 20
p. m. May 1 for an issue of $100,000 534% debentures.
-year sewer house connections.
8,300 30
and $500. Semi-ann. int.(A. & 0.) payable at the office of the Sec.-Treas.
-year exhibition (water and sewer).
8,000 20
Due April 11953. Cert. check for 1% required.
-year Collegiate Institute.
150,000 30
-Tenders will be received
-According to reports, C. H.
JONQUIERE, Que.-BOND OFFERING.
SMITH'S FALLS, Ont.-BOND .SALE,
purchase of $46,200 6% bonds, of Burgess & Co. of Toronto have purchased $6.582
20-instalimentdeuntil 12 m. May 1, it is stated, for the
bonds are
which a certain number are redeemable up to May 1 1950. TheClerk.
at 103.53, the money costing the town approximately 5.68%.
bentures
at Jonquiere, Quebec, and Montreal. J. M. LaCroix,
payable
-On April 17 McLeod, Young. Weir &
VERDUN,Que.-BOND SALE.
LACHINE SCHOOL COMMISSION (P.O. Lachine), Yue.-DEBEN- Co., Ltd., of Toronto purchased $250,000_53.5% school debentures at 101.36.
-The $12,000 534% school bonds offered on April 16-V. 116, a 5.41% basis. Denom.$1,000. Date May 1 1923. Int. M.& N. Due
TURE SALE.
at
-were awarded to the Municipal Debentures Corp. of Toronto T. May 1 1963. Oscar De Guise. Sec.-Treas., says the bonds are issued "to
P. 1458
were: R.
100.27. Date May 1 1923. Due in 30 years. Other bids Corp., 99.25; pay off $200,000 bonds due on May 1 1923, to purchase land, and to make
Leclerc & Co., 99.75; Beaublen Be Co. 99.55; Credit Canadion
improvements."
A. E. Amos & Co., 98.77; and Versailles, Vidricalre & Denials, 98.56.
-D. Due on Dec. 1
$24,800 ditch bonds. Date April 1 1923. Int. J.
as follows: $2,500 1924 and 1925; $3,000 1926; $2,500 1927 and
1928; $3,000 1929; $2,500 1930 and 1931; $2,000 1932 and $1,800
1933.
3,614 95 trunk highway reimbursement bonds. Date Oct. 1 1922. Due
Oct. 1 1933. Int. semi-ann.
YANKTON-CLAY DRAINAGE DISTRICT, Yankton County, So.
OFFERING.-Jesse D. McCown, County Auditor, P. O.
-year
Yankton) until 2 p. m. May 11 will receive bids for $225,000 6% 1-2)
serial drainage bonds A cert. check for 1%. required.
YOUNGSTOWN SCHOOL DISTRICT NO. 19 (P. 0. Youngstown),
-An election will be
Morton County, No. Dak.-BOND ELECTION.
0
.
held on April 30 to vote on the question of issuing $25,000 54% 20-year
bonds. J. 0. Nipplot, Clerk.
school
-BOND OFFERCalif.
YUBA SCHOOL DISTRICT, Sutter County,
-Albert B. Brown. County Clerk, (P. 0. Yuba City) will receive
ING.
soloed bids until 10 a. m. May 7 for $10,000 6% school bonds. Denom.
$1,000. Date May 1 1923. Due on May 1 as follows: $1,000. 1924 to
1929, incl. and $2.000, 1930 and 1931. A cert. check for 10% of amount
bid, payable to the Chairman, Board of Supervisors, required..
ZIEBAC H COUNTY INDEPENDENT SCHOOL DISTRICT NO. 12
-A special scnool elec(P. 0. Durfree), So, Dak.-BOND ELECTION.
tion will be held on May 19 to vote on the question of issuing $8,000 funding
and $12.000 school hdlg. erection bonds. Int. rate not to exceed 5%.
Edgar Olson, Clerk.
CANADA, its Provinces and Municipalities.
FINANCIAL
FINANCIAL
NEW LOANS
Chartered 1836
NOTICE OF SALE
$500.000
Union County, New Jersey
PARK BONDS.
Sealed proposals will be received by the County
Treasurer of the County of Union. New Jersey,
in the Freeholders' Room in the County Court
House, Elizabeth, New Jersey, until MONDAY,
MAY 14TH, 1923, AT 11:80 O'CLOCK, A. M.
DAYLIGHT SAVING TIME, when they will
be publicly opened, for the purchase, at not less
than par and accrued interest, of bonds of the
County of Union, New Jersey, of the following
authorized issue, viz.: $500,000 Park Bonds, of
the denomination of $1,000 each, dated May 15,
1923, maturing serially, ten bonds on May 15th
in each of the years 1925 to 1968, inclusive, and
twelve bonds on May 15th in each of the years
1969 to 1973, inclusive, and bearing interest from
their date at the rate of four, four and onequarter, or four and ono-half per centum per
annum, payable semi-annually on May 15th and
November 15th, tlie rate to be named by the
bidder. The bonds will be coupon bonds, registerable at the option of the holder as to principal
only or both principal and interest. Principal
and interest will be payable in gold coin of the
United States at The National State Bank, Elizabeth, New Jersey.
No bid for 434% bonds will be considered if a
legally acceptable bid is received for 43. % bonds,
and no bid for either 4 Si% bonds or 43 %
4
/
bonds will be considered if a legally acceptable
bid is received for 4% bonds.
The amount necessary to be raised by the sale
of said bonds (exclusive of the amount of any
interest accrued on the bonds) is $500,000, and
no more bonds will be sold than will produce the
amount necessary to be raised by the sale of the
bonds (exclusive of accrued interest) and an
additional sum of loss than $1.000. If less than
the maximum authorized amount of the bonds is
sold the unsold bonds will be those last maturing.
Unless all bids are rejected, the bonds will be sold
to the bidder or bidders complying with the terms
of sale and offering to pay not less than the
amount necessary to be obtained as above stated
and to take therefor the least amount of bonds,
commencing with the first maturity, and if two
or more bidders offer to take the same amount of
bonds, then the bonds will be sold to the bidder
or bidders offering to pay therefor the highest
additional price (such additional price being less
than $1,000). In addition to the price bid. the
purchaser must pay accrued interest from the
'
date of the bonds to the date of delivery. The
right Is reserved to reject all bids.
Proposals should be addressed to N.R. Leavitt.
Treasurer of Union County, County Court
House, Elizabeth, New Jersey, and enclosed in a
sealed envelope marked on the outside "Proposal
for Bonds." Bidders must at the time of making
their bids deposit a certified check for 2% of the
face amount of the bonds bid for, drawn upon an
incorporated bank or trust company to the order
of the County of Union. New Jersey, to secure
the county against any loss resulting from a
failure to comply with the terms of his bid. No
interest will be allowed on the amount of such
checks. Checks of unsuccessful bidders will be
returned upon the award of the bonds. The
successful bidder or bidders will be furnished with
the opinion of Messrs. Reed, Dougherty & Hoyt,
of New York City, that the bonds are valid and
binding obligations of the County of Union.
liv order of the Board of Chosen Freeholders
of the County of Union.
Dated, April 19, 1923.
N. R. LEAVITT,
County Treasurer.
When Purchasing
Bonds
Find out first ff they are fundamentally sound. For $2 50
we will send you an up to date
unbiased Opinion on the security of any bond issue, with
Report of earnings and the
Security Data.
Investment Registry of America,Inc.
ESTABLISHED 1910.
608 Chestnut Street,
Philadelphia
Institutions Desiring
Philadelphia Connections
are invited to avail themselves
of the Banking, Trust, Real
Estate and other facilities of
this Company, which is now
serving many clients in other cities.
The continued growth of this
Company, without consolidation,
since its establishment under per-
SIMON BORG & CO.
petual charter in 1836, is evidence
of the satisfactory service rendered.
Members of Neev York .9toot Erdisogo
. $10.000,000
Capital and Surplus.
Resources . . . . 56,000.000
285.000.000
Individual Trust Funds,
No. 46 Cedar Street - -
New York
Corporate Trust Funds$1,386,000,000
HIGH-GRADE
INVESTMENT SECURITIES
GIRARD
'TRUST COMPANY
Broad & Chestnut Sts., Philadelphia
_•___
United States and Canadian
Municipal Bonds
ON,GORD,„
AND
WADDELL
Ground Floor Singer Building
Now York
89 Liberty Street
Telephone Cortlandt 3183
BALLARD b'c COMPANY
Members New York Stock Exchange
HARTFORD
Connecticut Securities
1934
THE CHRONICLE
COTTON, GRAIN. SUGAR
Chas. 0. Corn
August Schierenberg
Paul Schwarz
Frank h.. Kimball
AND
COFFEE MERCHANTS
New York
MEMBERS OF
New York Cotton Exchange
New Orleans Cotton Exchange
New York Produce Exchange
New York Coffee & Sugar Exchange
ASSOCIATE MEMBERS OF
Liverpool Cotton Association
GWATHMEY & CO.
18-24 Exchange Place, New York
Members
York Cotton Exchange
York Stock Exchange
York Coffee Exchange
York Produce Exchange
Orleans Cotton Exchange
Associate Members
Liverpool Cotton Association
New
New
New
New
New
Hubbard Bros. & Co.
Coffee Exchange Building
Hanover Square
NEW YORK
BROKERS
COTTON MERCHANTS
PHILADELPHIA
NEW YORK 15 William Street
AND
Geo. H. McFadden & Bro.
Corn, Schwarz & Co.
COMMISSION MERCHANTS
[VOL. 116.
Cotton Exchange Building
Dealers in American, Egyptian and Foreign Cottons
FOREIGN CORRESPONDENTS
Hibbert, Finlay 8c Hood, Liverpool
Societe d'Importation et de Commission, Havre
N. V. McFadden s Cie. voor Import en Export, Rotterdam
John E. Casa!, St. Kongensgade 59, Copenhagen
Henry Zweifel, Bahnofstrasse 57 B, Zurich
Juan Par y Cia., Barcelona, Spain
Fachiri & Co., Milan
Geo. H. McFadden South American Company, Inc., Lima, Peru
Geo. H. McFadden & Bro.'s Agency, Central P. 0. Box 55, Osaka, Japan
FENNER & BEANE
27 William St.
NEW YORK
818 Gravier St.
NEW ORLEANS
BROKERS
Members
New York Stock Exchange
New York Cotton Exchange
New Orleans Cotton Exchange
New York Produce Exchange
Chicago Board of Trade
New York Coffee & Sugar Exchange
Louisiana Sugar & Bloc Exchange
Associate Members
Liverpool Cotton Association
Private wires throughout the South and West
Established 1856
H. Hentz & Co.
22 William Street
NEW YORK
55 Congress street
BOSTON. MASS.
COMMISSION MERCHANTS
AND BROKERS
Members of
New York Stock Exchange
New York Cotton Exchange
New York Coffee & Sugar FCxcha
New York Produce Exchange
Chicago Board of Trade
Associate Members of
Liverpool Cotton Association
Hopkins, Dwight & Co.
ROBERT MOORE & CO.
COTTON
and
COTTON-SEED OIL
44 Beaver Street, New York
COTTON MERCHANTS
Members New York Cotton Exchange
COMMISSION MERCHANTS
1307 COTTON EXCHANGE BLDG
NEW YORK
COTTON MERCHANTS
Liberal Advances Made on
Cotton Consignments
Stephen M.Weld & Co.
COTTON MERCHANTS
82-92 Beaver Street,
New York City.
L. F. DOMMERICH & CO.
FINANCE ACCOUNTS OF MANUFACTURERS AND
MERPANTS, DISCOUUT AND GUARANTEE SALES
General Offices, 254 Fourth Avenue
NEW YORK
Established Over 80 Years
BOSTON,
NEW BEDFORD,
FALL RIVER,
PH MADELPHIA,
PROVIDENCE, UTICA, N. Y.
WELD & CO. LIVERPOOL.
,
Orders promptly executed in
COTTON AND GRAIN
Weekly Bulletin on the
cotton market sent nn request.
STEINHAUSER & CO.
Successors to William Ray & Co.
Members New York Cotton Exchange
Members Liverpool cotton Ass'o
509 Cotton Exchange Bldg NEW YORK
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