Full text of Commercial and Financial Chronicle : April 29, 1922, Vol. 114, No. 2966

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Bank & Quotation Section
Railway Earnings Section

VOL. 114.

Railway & Industrial Section
Bankers’ Convention Section

SATURDAY, APRIL 29, 1922

Ipue (&hx0nicle

(

, Electric Railway Section
State and City Section

*

No72966

of the situation; unless the Conference succeeds in
arranging a peace pact he is confident th a t in the
Terms of S u b s c r i p t io n — P a y ab le in A d v a n ce
lifetime of the younger men present, and probably in
For One Y ear________________________________________
$10 00
For Six M onths_____________________________________
6 00 his own, Europe will again be in a welter of blood.
European Subscription (Including postage)___________
13 00
European Subscription six months (Including postage)
, 7 75 We triumphed, he said, “but our trium ph will not of
Canadian Subscription (Including postage)----------------11 50
itself last forever, and if our victory develops into
N O T IC E — O n a c c o u n t o f t h e f lu c tu a tio n s In t h e r a te s o f e x c h a n g e ,
r e m itta n c e s fo r E u r o p e a n s u b s c r ip tio n s a n d a d v e rtis e m e n ts m u s t b e m o d e
oppression, vengeance will follow . . . We had
In N ew Y o rk F u n d s .
S u b s c r ip tio n in c lu d e s f o llo w in g S u p p le m e n ts —
hoped th at the end of the G reat W ar m eant the end
B ank and Q uotation (monthly) I R ailway & lNDU8TiUAL(scml-annually)
R ailway E arnings (monthly)
E lectric R ailway (semi-annually)
of brute force, but unless Europe’s problems are
S tate and C ity (semi-annually)
I B ankers ’ C onvention (yearly)
solved there is no assurance th at force has given way
Terms of A d v ertis in g
Transient display matter per agate line--------------------------------------- 45 conts to right.”
Contract and Card rates------------------------------------------------------- On request
There is nothing really to alarm or even to sur­
C hicago O ffice— 19 South La Salle Street. Telephono State 5594.
London O ffice— Edwards & Sm ith, 1 D rapers’ Gardens, E . O.
prise us in the fact that this mere man, upon whom
WILLIAM B. DANA COMPANY, P u b lis h e r s ,
has been placed almost the task of Atlas, has some
Front, Pine and Depeyster Streets, Now York.
moments of partial yielding to depression; his optim­
P u b lish e d e v e ry S a tu rd a y m o rn in g b y W IL L IA M B . D A N A C O M P A N Y
P r e s i­
d e n t, J a c o b S e ib e rt J r . ; V ic e -P re sid e n t, A rn o ld G . D a n a ; B u sin e ss M a n a g e r W illia m
ism, his deft avoidance of extremes, and his keeping
P . R iggs: S e c re ta ry , H e r b e rt D . S e ib e rt. A d d re ss of a ll. O ffice of th o C o m p a n y
his poise under the deadly tension, have been a m ar­
vel which perhaps even those nearest to him have not
CLEARING HOUSE RETURNS.
Returns of Rank Clearings heretofore given on fully appreciated. W hat the world is now bearing
this page will hereafter appear in a subsequent p a rt is an after-war which in heat and hate is not yet
of the paper. They will be found to-day on pages greatly less than the w ar with arm s; and when we
say we have faith (as we reasonably may have faith)
1858 and 1859.
th at this is the last war, we m ust realize th at we are
still under a t least its dark shadow. Turn our
THE FINANCIAL SITUATION.
thoughts back a moment to our own struggle a t
The situation reported from Genoa suggests very home; how long were we in recovery from our Civil
serious thinking rather than what might prove pre­ W ar and in being re-established in peace? If we take
m ature rejoicing. The threatened alliance between specie resumption as the date of assured recovery,
Germany and Russia, which a t first appeared likely our after-war trials took about fourteen y e a rs; if we
to draw England and France together, seems ju st take the date when the Southern States were again
now to be causing further irritatio n and discord be­ represented in Congress, the term was about five
tween them. “We are trying,” said Lloyd George on years. And it is not now quite forty-two months
Tuesday, “to get France to understand our Russian since the country was rejoicing over the signing of
policy; if peace is not made in Russia, if an honest the armistice. I t has seemed long, and it has been
effort is not made to make such a peace, if a policy a weary ordeal, even for us who are in comparative
develops whereby Russia and Germany are left to security against a fresh outbreak; yet we must keep
isolation and misery, the inevitable result will be the our courage, and must remember th at perm anent
conclusion of a fierce friendship between them, di­ foundations are laid very slowly.
rected against the peoples of the W est.” W ith th a t
Every day repeats the warning notice th a t this
dire thought in mind, he declares th at England “will meeting in Genoa ought to be, and in order not to do
have nothing to do with any policy of th a t kind; we harm instead of good must be, a get-together process.
are not afraid of either a Russian or a German men­ To dismiss jealousies, suspicions of good faith, eager­
ace, but are determined to do our utm ost to prevent ness to gain some point of advantage for one country
Europe from becoming a shambles, and therefore we over the others—to do this and to try to see and
are thinking of the Russian people and want to make justly weigh the situation as others see it is the
peace with them, despite the Russian Government.” prime requisite. A “benevolent sp irit” is needed all
To the press correspondents, on Wednesday, he over the world, and benevolence means, etymologic­
spoke in even more alarming terms, likening Europe ally, not the giving of m ateral aid but being actuated
to seething racial lava, seeking its level and with last­ by “good wishing.” Lloyd George says “I wish
ing danger in the process. Russia and Germany to­ America were here,” and he explains th at Europe
gether, he said, have over two-thirds of the popula­ wants this country because of her “peculiar author­
tion of Europe, and he is amazed a t the impenetrabil­ ity.” “She could exercise an influence beyond th a t of
ity of persons who do not recognize the seriousness any other, coming free and disentangled, and speakP U B L IS H E D W EEK LY




,

1818

THE CHKONICLE

[V ol. 114.

total for the four months up to $308,235,000. Cer­
tainly 308 millions of financial aid in a period of
four months is no small figure.
Moreover, our people—investors and banking and
investment interests—are prepared to extend fur­
ther large aid in the same way, provided, of course,
th at there is not another “welter of blood.” It should
be noted, too, th a t J. P. Morgan has just been asked
by the Allied Reparations Commission to serve on
one of its committees to discuss the feasibility of
raising an international loan for Germany and has
aoceptcd. the invitation. The character and strength
of J. P. Morgan & Co., and its unsurpassed capacity
for public service, are known to the whole world, and
if any feasible plan can be evolved for negotiating
such a loan, not incompatible with the interests of
the United States or the Allies, Mr. Morgan is the
man to embrace it with enthusiasm and to carry it
trium phantly to success.
All this points the way to the service which the
United States can be depended upon to render to the
lim it if Europe will only do its p art and provide a
basis for enduring peace. As to the further sugges­
tion th at the Federal Reserve Board take p art in the
financial negotiations abroad and that a representa­
tive of one of the Reserve banks be sent abroad with
th at idea in view, the proposal is full of danger and
has absolutely nothing to commend it to favorable
consideration. The Federal Reserve System is strong
to-day, but was on the ragged edge only two years
ago, because of the over-extended condition of the
member banks and their excessive borrowing at the
Reserve banks. To saddle the system, now that it has
got back to a sound and solid basis, with foreign ob­
ligations, or to denude the Reserve banks of any con­
siderable p a rt of their gold holdings, would be an in­
conceivable act of folly. The domain of the Federal
Reserve banks is the United States, not the world.
We can only aid the outside nations so long as our
banking position is m aintained incomparably strong.
Let th a t become impaired in the slightest degree and
the marketing of further foreign issues in this countrv would come to an end. Europe looks askance at
the large gold holdings of the Reserve System. I t
does not understand th at the liabilities are propor­
The attitude of the United States towards war- tionately large, and th at the Reserve banks carry vir­
ravaged Europe is nevertheless sympathetic and be­ tually the whole gold stock of the country. They
nevolent. In a reasonable way and to a reasonable hold the entire legal reserve of the member banks and
extent our people are willing to assist in the rehabili­ also the whole of the gold reserve against the out­
tation and reconstruction of the stricken countries. standing volume of Reserve notes, which remains
B ut this m ust be done by individuals in their private of huge proportions notw ithstanding the large
capacity and not by the Government or the people as reduction in it during the last fifteen or eighteen
a whole. As a m atter of fact, precisely such assist­ months.
According to the statem ent for this week, the
ance is being given from week to week and from day
to day and on tin increasing scale. From our article twelve Federal Reserve banks combined on Wednes­
on the New Capital Flotations for the first quarter day night held $2,995,202,000 of gold. But this stock
of the year, given on a subsequent page, it will be of the metal is already twice pledged, first to secure
seen th at in the three months ending March 31 1922 $1,833,230,000 of deposits, all except $84,475,000 of
no less than $188,700,000 foreign Government loans which constitute the sole reserve of the member
were floated in the United States, not counting any banks, and recondly to secure $2,157,568,000 of Fed­
loans to Canada or her Provinces and municipali­ eral Reserve notes in actual circulation. To pledge
ties; in addition, $10,000,000 Fram erican Industrial these same gold holdings a third time either to secure
Development Corporation (a French industrial con­ an international series of notes or a direct loan of
cern) debentures have been placed here, besides $34,­ one kind or another to foreign countries, would
475,000 of foreign railroad and other foreign cor­ quickly bring a repetition of the strain experienced
porate issues, making $233,175,000 altogether for the two years ago and from which the banks and the
three months. In April, according to prelim inary whole country have found it so painful to emerge. The
computations, $53,700,000 more of foreign Govern­ situation in that contingency would be incomparably
ment issues have been placed here, besides $21,300,­ more serious since the banks would not have the
000 of foreign corporate issues, bringing the grand same power to extricate themselves from their di­

ing tlie voice of peace with the prestige which comes
from her independent position.” “Her very aloofness
gives her the right to speak,” adds Lloyd George.
Perhaps our discreet decision not to be officially
represented at Genoa has the further benefit to all
concerned th at there is a power in the “aloofness/
At all events, each succeeding day makes it plainer
th at the United States is acting not only discreetly,
but wisely, in not becoming a party to the European
disputes and conflicts. If there is to be another
“ welter of blood” in Europe because of “seething ra ­
cial lava” this country does not w ant to become in­
volved in i t If there are to be future wars in the
world it will be the endeavor of the United States to
avoid being drawn into them and it will bend every
endeavor to circumscribe and narrow their area.
This country does not intend to act either as arbiter
or policeman in settling the age-long feuds of Eu­
rope. The United States never became a party to the
Treaty of Versailles and a t the Presidential election
in 1920 the people of this country, by the largest and
most decisive popular m ajority ever recorded, gave
its endorsement to the candidate opposed to it and
who committed himself especially against the League
of Nations Covenant which forms p a rt of the Treaty.
Since the Presidential election it has become appar­
ent th a t the League of Nations has only a form al ex­
istence anyway—th a t nothing m atters except the
wishes of G reat B ritain and France and th at the
League of Nations, where availed of at all, consti­
tutes merely a convenient medium for registering the
decisions of these two Powers.
The provisions of the Treaty of Versailles will no
doubt have to be changed in other respects, for it is
too plain for dispute th a t many of them are incapa­
ble of execution. B ut if alterations are to be made
it remains for the Allies themselves to make them.
The United States m ust hold aloof for the threefold
reason (1) th a t it is the traditional policy of this
country not to interfere in the affairs of Europe, (2)
that the people of this country have lately expressly
declared against being mixed up in European affairs,
and (3) th a t the United States has declined to be­
come a party to the Versailles Treaty.




A pril, 29 1922.]

THE CHRONICLE

lemma as when their operations were wholly con­
fined to the domestic field. Furtherm ore, it as a di­
rect result of the international alliance so jauntily
to be arranged, the Reserve banks should at the same
time lose several hundred millions of their stock of
gold, confidence would rapidly be undermined and if
th at happened disaster would stare the country in
the face.
The United States, for its own security as well as
for the security of the whole world, must not allow
itself to be drawn into the European financial mael­
strom. The sooner th at proposals to that end are
dismissed, the better.
This has been another hectic week at the Genoa
Conference, particularly for Prem ier Lloyd George,
who resorted to extreme measures again to hold the
Conference together. Little of a definite character
in the way of reconstruction plans were completed.
Most of the time was devoted to efforts to bring a
general spirit of harmony out of seemingly irrecon­
cilable differences between the leading Powers. Ac­
cording to an Associated Press dispatch from Genoa
last evening, “plans for Russia’s reconstruction were
being finally determined upon to-day [yesterday] in
the Conference sub-commission on Russian affairs.
The indications were that a definite proposal would
be laid before the Russian delegation by the week­
end, with the suggestion that it be cithei accepted oi
rejected without further discussion.”
I t was declared by the Italian press that “first, no
loan will be offered to Soviet Russia, but it will be
suggested th at an international consortium be
formed to finance trade with Russia through com­
binations of firms and individuals of the various
countries represented. Germany will be included in
the consortium, it is declared, and provision made
th at the United States may join. This plan contem­
plates the economic penetration of Russia, with guar­
antees that the autonomy and sovereignty of the So­
viet Government will not be infringed upon.”
Prem ier Lloyd George also had another anxious
week-end to get over. Having set forth his position
and his determ ination to go ahead with the Confer­
ence, to the newspaper correspondents on Thursday
of last week, and having received the next day the re­
plies of both the German and French delegations to
the latest demands of the Allies, evidently he thought
the way had been cleared to get down to the real
work of the Conference. In fact, the representative
of the Associated Press cabled Saturday afternoon
th at “actual work on a plan for the reconstruction of
Russia was started to-day by experts representing
the Soviet Government, Great B ritain, France, Italy,
Japan, Belgium, Czechoslovakia and Holland.”
That things were destined not to move along
smoothly for any length of time became known
through Genoa cable advices made public here Sun­
day morning. The New York “Times” correspond­
ent said th at “after Mr. Lloyd George had got the
Genoa Conference apparently straightened out to get
down to work the French tangled it up again to-day.
M. Barthou this morning sent to Prem ier Facta,
President of the Conference, two notes, one protest­
ing against the German reply of yesterday and the
other against the Russian reply, both of which in the
opinion of the m ajority of the delegates were accept­
able.” The B ritish Prem ier was reported by the
same correspondent to have expressed his own feel­
ings as follows: “I am tired of crises at the Genoa




1819

Conference. There have now been enough to satisfy
everybody. If there are any more crises I intend to
make plain to the world who is responsible for them.
I want this Conference to get to work.”
Protesting that they had no knowledge of the Ger­
man and Russian replies except through the press,
the French issued a statem ent a week ago to-night in
which they said in p a r t : “The least th at can be said
of the German response is th a t far from calming
doubts and suspicions it confirms them by the equiv­
ocal character of its terms and by the contradictions
it contains.” According to the New York “Times’’
correspondent “the statem ent also demands th at the
Germans be called on to make a form al declaration
th at their agreement with the Russians contains no
other clauses than those published. The French fear
a secret m ilitary convention.” He added th a t “as for
the Russian note, the French statem ent makes the
point th at to their promise to recognize their debt
the Russians tied two conditions, de jure recognition
of their Government and a loan to the Soviets. M.
Barthou says that under the Cannes conditions,
which Russia accepted in coming here, recognition of
debts was a prior condition to any subsequent nego­
tiation.” The French statem ent relative to the Rus­
sian reply concluded as follows: “The tru th is that
the tactics of the Russians and Germans have envel­
oped the Genoa Conference in an atmosphere of in­
trigue and suspected deals. The documents pub­
lished yesterday do not dissipate the impression th at
there are worms in the fru it which Genoa offered to
the world and th at it may well tu rn out to be an ap­
ple of discord.”
Considerable was made in the Genoa dispatches of
the fact th a t George Tchitcherin and Leonid Krassin, the two most prominent members of the Russian
delegation, accepted an invitation of King Victor
Emmanuel to a luncheon with about two hundred
other guests on board the dreadnaught Dante Ali­
ghieri. M. Tchitcherin was quoted as having ju sti­
fied his action by saying, “In Rome, do as Rome
does.” The New York “Times” correspondent ob­
served that “M. Tchitcherin’s excuse is most logical,
but it must be seen what his Italian companions in
faith will think of it. If precedent counts for any­
thing they will not approve.” I t was recorded also
th at both Krassin and he were “clad in approved
Downing Street style,” and even th a t “the represen­
tatives of the Russian proletariat Government were
the most bourgeois looking guests on the Italian bat­
tleship.” One particularly close observer pointed
out th a t “lest any mistake as to his [Tchitcherin’s]
identity should be made the representative of the So­
viets wore in his buttonhole a blood-red badge where­
on blazed the Bolshevist sign of the hammer and
scythe.”
Evidently Sunday was a busy day for Prem ier
Lloyd George and his real supporters. According to
the New York “Times” correspondent, “the Genoa
Conference spent Sunday continuing the quarrel
over the German-Russian treaty. As a result of the
French protest yesterday against the German note of
the 18th, in which protest the French accuse the Ger­
mans of lying, the convening Powers and the Little
E ntente to-day sent a letter to the Germans agreeing
with the French point of view, but expressing it in
diplomatic language.” He added th at “this was done
by Mr. Lloyd George to keep the French in line, and

18150

THE CHRONICLE

[V ol. 114.

he is said to have asked the Germans not to reply and in view of the Russo-German treaty.” The favorable
let the Conference have a little peace.” It became effect of this announcement was offset in part by a
known that evening that the Germans would make cable dispatch from Bar-le-Duc, France, quoting Pre­
no reply.
mier Poincare as having asserted in a speech there
Another representative of the “Times” cabled that on Monday that “if the French delegation at Genoa
“while working to solve the crisis over the Russo-Ger­ could not go ahead with its work under the agreed
man treaty, Mr. Lloyd George has got his European conditions France would regretfully have to cease
compact guarantee of peace well under way. As it participation in the Conference.”
stands now this is a treaty to be signed by all the
The more detailed accounts of Monday’s proceed­
thirty-four nations here, promising that for a period ings received Tuesday morning indicated that some
ot ten years they will not commit any aggressive ac­ progress was made. The English and French ex­
tions. No penalties are provided. Like the Wash­ perts took up the question cf credits to Russia. The
ington treaty, it is based on international morality.” New York “Times” correspondent said that “The
In discussing the situation after first week of the Russians at once stated that they wanted the cash
Conference the Berlin correspondent of the New loan and all credits to pass through their hands.” He
York “Herald,” who has represented the paper at added that “they were told it would not be possible
Genoa, said in part: “The wrangles of the last week to give them a cash loan of any serious dimensions,
have transformed the character of the Conference and in the first place because the European nations had
made it possible to determine finally at least what ittle cash available, and in the second place, if they
kind of a Conference it will not be. At the time the had, it would be impossible to obtain general agree­
Russo-German treaty was signed the tendency of the ment on the wisdom of turning over cash to the So­
development was toward a candid treatment of the viets for the reconstruction of Russia.” According
question of a moratorium to Germany and an inter­ to that correspondent, “the British experts then out­
national loan. This development has been blighted lined a plan for a credit system by which supplies
and the Conference now becomes irrevocably what and machinery would be placed in Russia for defi­
Secretary Hughes predicted—political instead of nite and specific purposes, the nationals of the coun­
economic.” Continuing, he said : “A second confer­ tries furnishing these supplies receiving a first mort­
ence was one of the chief aims of the Genoa Confer­ gage on the property improved, which mortgage
ence. Premier Lloyd George had not expected to get would be protected by their Governments.” It was
the real problems of reparations and limitation of ar­ stated that “the Soviets’ spokesman protested
maments in the program here, but only hoped to against any such arrangement as an infringement of
bring things so far that another meeting with the sovereignty of their Government. If locomotives
America present would represent an answer to the and rails were to be delivered to their Government,
demand of world public opinion that these questions they wanted them delivered to Moscow for distribu­
be dealt with.”
tion according to where Moscow thought they should
go. The Russians repeated their plea that they must
Last Sunday night in Genoa the Financial Com­ have a cash loan to their Government.” The “Times”
mission made public “a series of recommendations representative said that, “however, just as the Rus­
after three weeks’ study of the measures which must sians, when they saw they could not cash in on their
be adopted to cure Europe’s money ills.” The rec­ fantastic counter-claims, gave them up, it is gener­
ommendations were characterized by the New York ally believed here that they will give up the idea of a
“Tribune” correspondent as “the first definite steps cash loan rather than withdraw from the Conference
proposed by the Genoa Conference toward the eco­ if convinced they are not going away from Genoa
nomic restoration of Europe.” The following are with their pockets clinking with gold.” It was re­
some of the principal features of the report: “Banks ported that the amount of the loan requested by the
of issue should be freed from all political pressure or Russians was $2,000,000,000. The New York “Her­
influence. Where no banks of issue exist they should ald” correspondent declared that “the Allied experts
be established. All European currencies should be refuse absolutely anything like a bank loan, but are
placed on a gold basis. In certain countries where willing to make some specific allotments in cash for
it is impossible to balance the national budget at specific purposes, such as reconstruction and rail­
once external loans should be floated. This refers ways to the amount of $500,000,000.”
particularly to Germany, Poland and Austria. At a
suitable time an international convention should be
The New York “Times” correspondent, on Wednes­
adopted to ‘centralize and co-ordinate the demand day morning, explained the situation at the Confer­
for gold so as to avoid wide fluctuations in the pur­ ence with respect to the Russians as follow s: “The
chasing power of gold.’ A meeting of representative main trouble with the Russian situation is that the
central banks should be held without delay to give Soviet is trying to make other countries recognize in
practical effect to recommendations made at Genoa agreements with Russia the application of Commun­
on credits. The United States Federal Reserve Bank ism to foreign property past or future in Russia. On
would be asked to send delegates.”
top of this, every time the Conference agrees to a set
of propositions as a basis of discussion, the Soviet
There appeared to be more ground for hoping that immediately presumes everything in those proposals
something important would be accomplished at the has been granted to it and then comes forward with
Conference when it became known here Monday even­ a new set before the discussion gets under way.” It
ing that the French delegation had announced that seems that it complicated matters still more by a note
“it was willing to subscribe to the treaty proposed by which M. Tchitcherin sent to the Polish delegation,
Lloyd George, under which the various nations repre­ “which is considered equivalent to a threat to tear up
sented in the Conference would agree to abstain from the Polish-Russian Peace Treaty,” according to one
a8Srcssion, provided it was backed by proper guar­ Genoa dispatch. In Government circles the opinion
antees. These are considered especially necessary was said to have prevailed on Tuesday that “Lloyd




A pril 29 1922.]

THE CHRONICLE

1821

there was a general strike for one day in all the lead­
ing industries and public services as a protest
against internal militarism. Outlining the extent to
which the strike was effective the Dublin correspond­
ent of the New York “Times” said that “not even a
trolley car was to be seen on the streets of Dublin,
which were swept alternately by sunshine and heavy
showers—typical April weather. There were no
newspapers and no trains. A few private motor cars,
principally owned by doctors, appeared later. The
most common of the infrequent vehicles seen about
was the milk cart. Flags were flown at half staff on
the official buildings.” Describing the situation still
further, he said that “the day chosen by the Irish
people to protest against the spirit of internal mili­
tarism was the sixth anniversary of the 1916 rebel­
lion, and the Labor Party’s call for a national strike
met with almost unanimous response. The people
endured hardships and sacrifices with a splendid
spirit. It was as if the country stood still, looking
angry and determined on its reckless, straying, vi­
sionless sons and calling them back to serve, not de­
stroy her.”
Another so-called peace conference, under the lead­
ership of Archbishop Byrne, was held in Mansion
House in Dublin on Wednesday. According to the
It became known at Genoa on Wednesday that Pre­ advices from that centre “the discussion was around
mier Poincare had summoned M. Bartliou to Paris the election and register.” It was explained that
“to explain the Conference situation to the French “Eamon de Valera wants a new register, admitting
Cabinet.” According to the representative of the all now twenty-one years of age, while Arthur Grif­
New York “Tribune,” “the letter came in the form of fith, as President of the Dail Eireann, must have the
a challenge from Premier Lloyd George to the French existing register. Here was labor’s difficulty, but
and Russians to lay their cards on the table,” and the suggestion was thrown out by labor, I believe, for
that “he wanted to know exactly what the policy of a plebiscite within a month of all persons in South­
France was going to be.” Word came from Genoa ern Ireland twenty-one years old and over on the
yesterday morning that Premier Poincare had de­ treaty as a test of public opinion, but not to affect
clined the invitation “on the ground that there was the election fixed for June.” The dispatches added
going to be no discussion of reparations at Genoa.” that “though Griffith and the army chiefs favored it,
The New York “Times” correspondent added that de Valera would have none of it,” and also that “this
“M. Poincare refused to come because he knew it to attitude jolted the conference, and adjournment was
be the plan of the British Prime Minister to ask the the only way out of the position thus made still more
French Premier what he meant when he announced hopeless.” The adjournment was until to-day. It
at Bar-le-Duc on Monday that if by May 31 Germany became known, also, that fresh trouble between the
did not accept the Reparations Commission’s condi­ Governments of the North and South of Ireland had
tions of an Allied Debt Commission and a 60,000,­ arisen over the railways. The Associated Press cor­
000,000 marks interior loan France would act alone, respondent at Belfast cabled that “a breach between
if necessary, to protect her rights under the Treaty the Dublin and Belfast Governments, which Ulster
of Versailles. That is taken here to mean probable political quarters declare may also entail a rupture
of the London agreement, is indicated by a statement
occupation of the Ruhr.”
It was stated that the Allied note to the Russians issued by the Provisional Government in Dublin this
would be delivered yesterday. The New York “Trib­ afternoon announcing that it is unable to co-operate
une” correspondent declared that “Lloyd George’s with the Belfast Government in an inquiry into the
warning of the dangers of war lurking in European Irish railways.” The statement said in part that “in
misunderstandings that must be settled at Genoa view of the state of affairs at Belfast and the failure
gave a strong impetus to proceedings at the Eco­ of the Northern Government to carry out its under­
nomic Conference today” [Thursday]. Another takings, it is quite useless to attempt to act in co­
Genoa representative of the same paper cabled that operation with it.” In a Dublin dispatch last even­
“a complete change in France’s policy in the negotia­ ing it was stated that “the Dail Eireann to-day ad­
tions here was urged on Premier Poincare by tele­ journed its sessions until next Wednesday, the ad­
graph to-day [Thursday] by Louis Barthou, chief of journment coming in the midst of discussion of a mo­
the Paris delegation to the Conference. If isolation tion that a committee of five should be appointed to
from other nations and the crippling of the German try to bring about unity in the army.”
reparations machinery is to be avoided, Barthou and
Sir Robert Horne, Chancellor of the Exchequer,
his colleagues made it plain to the French Premier,
who returned to London from the Genoa Conference
they must revamp their entire attitude toward the
Conference proceedings and join the other nations in at the beginning of the week, “to prepare his budget,”
was quoted as having “spoken in a most optimistic
a non-aggression pact.”
way to friends here of the decision of the financial ex­
Conditions in Ireland have continued unsettled. perts at Genoa to call a conference of the central
Ou Monday, in the southern p a rt of the country, banks of the world.” The New York “Times” corre-

George may find it necessary to come home at the
end of this week and make a statement to Parlia­
ment.” It was added that “there can be little doubt
that if the British Premier does decide upon that
course he will indulge in some very frank speaking.”
All of the cable advices Wednesday morning from the
seat of the Conference stated in substance that “the
Allied powers at the Genoa Conference decided to­
day [Tuesday] to deliver an ultimatum to the Bol­
shevik delegates within forty-eight hours, demanding
absolute acceptance of the revised Entente program
for readmission of Russia to the family of nations.
The London proposals have been re-drafted by Allied
experts in the light of certain concessions agreed
upon in the oral negotiations with the Moscow dele­
gates, and the revised basis of understanding is final.
The British served notice that they were done with
haggling on the conditions which Russia will ac­
cept.” The New York “Tribune” representative ca­
bled that “in Conference circles it is generally be­
lieved that the Bolsheviki will yield without further
quibbling and manoeuvring and will get what
amounts to full recognition by the Powers, a mora­
torium and considerable financial aid in the form of
credits.”




1822
spondent said that “the Bank of England is to con­
vene the meeting and is to invite participation by the were smaller, declining £920,000. Loans on other
Federal Reserve Bank of the United States. There securities, however, gained £360,000. Threadneedle
is reason to believe, it is stated here, that America street's stock of gold on hand amounts to £128,872,­
will consent to join this conference. This Sir Robert 818, which compares with £128,358,165 a year ago
regards as likely to be of service in restoring stability for mVonn18,311 ^ 192° ‘ Total reserves aggregate
*.^>,015,000, in comparison with £18,288,445 last
to the financial exchanges of Europe.”
year and £23,084,366 in 1920. Loans stand at
According to one Washington dispatch Tuesday
afternoon, the statement was made at the White £78,461,000, against £86,041,315 in 1921 and
House that “the Administration will not frown upon £75,164,428 a year earlier, while note circulation is
any efforts made to stabilize the currency of the £121,306,000, as contrasted with £128,519,725 and
world.” It was said to have been intimated that £107,883,945 one and two years ago, respectively.
Benj. Strong, Governor of the New York Federal Re­ Hearings through the London banks for the week
serve Bank, “probably will take part in the confer­ were £821,225,000, which compares with £577,406­
ence of foreign banks of issue, as outlined by Sir 000 last week. The Bank’s minimum discount rate
Robert Horne, Chancellor of the British Exchequer.” continues at 4%, unchanged. We append a tabular
It was made clear at the White House, according to statement of comparisons of the principal items of the
the dispatch, that if Governor Strong should go, he Bank of England’s returns:
B A N K O F E N G L A N D ’S C O M P A R A T I V E S T A T E M E N T .
would not represent the United States Government
1022.
1921.
J 9 2 0 . 19 19 .
1918
in any official way, but only in a “semi-official ca­
AprU 2 6 . April 2 7 . April 2 8 . April 3 0 .
M ay 1.
pacity.” While it was stated at the White House, in Circulation ..............1 2 1 .3 0 6 .0 0 0 1 2 8 ,6 1 9 .7 2 5 1 0 7 .8 8 3 .9 4 6 7 7 161 715 49 J o 2 2 n
response to a question, that J. P. Morgan had not Public d e p o s t s . . . . . 1 4 .0 0 8 .0 0 0 1 5 .2 9 1 .9 8 9 1 7 .9 0 2 .7 8 8 2 1 .9 3 0 2 7 7 S m ' S
s i t s ...........
consulted the President or the State Department rel­ O t h e r d e p osecurities1 1497.6 9384.0.00000 1 2554.9 6287.2 6483 1 2529.4 7084.2 2251 124 .721 9 9 0 137 6 5 2 ’JS
Governm’t
.5
.6 .0
.8 .6
S’S i o n
.4
.0
.0 .3
5 .1 6 4 .4 2 8 8 2 2 7 3 1 8
ative to accepting an invitation of the Reparations Other securities.... 2768,0 1651,0 0000 1886.2 8481.4 4155 27 3 .0 8 4 .3 6 6 2 6 926 4 0 9 7 1S0 2o’S m ' SS
Reserve notes & coin
Commission to “serve on the special sub-committee
r p o r t n ^ e 128’872’818 U W “ ’1“
112’518’3 ”
2 £ X
which will discuss the feasibility of raising an inter­
8^ '“ ............. 19*J* 1°x 4
;::::
29%
6?
UAt* 18-r»
national loan for Germany, it was learned that the
* /o
5%
5%
Government would have no objection to hn sitting in
1 he Bank of France continues to report small
with a group of other experts to see what could be
gains in its gold item, the increase this week being
done in this direction.” Washington dispatches also
stated that the Government would maintain the same 275,000 francs. The Bank’s gold holdings, there­
attitude toward an acceptance by Benj. Strong, Gov­ fore, now aggregate 5,526,877,950 francs, comparing
ernor of the New York Federal Reserve Bank, of an with 5,514,735,285 francs at this time last year and
invitation to join officials of central banks of Europe with 5,586,312,195 francs the year before. Of these
in a discussion of plans for stabilizing currencies and amounts 1,948,367,056 francs were held abroad in
both 1922 and 1921 and 1,978,278,416 francs in 1920
adjusting other big financial problems.
Silver during the week gained 9,000 francs, Treasury
Cable advices from Copenhagen under date of deposits rose 18,683,000 francs and general deposits
April 25, announce that the National Bank of Den­ were augmented by 47,611,000 francs. On the other
mark has reduced its rate of discount }/> of 1%, to hand, bills discounted fell off 40,878,000 francs,
5%. The previous rate of 5
had been in effect while advances were reduced 40,257,000 francs. A
since November 5, last. Aside from this, official dis­ further contraction of 164,056,000 francs occurred in
count rates at leading European centres have not note circulation, bringing the total outstanding down
been changed from 5% in Berlin, Belgium, France to 35,787,208,000 francs. This contrasts with 38,­
211,184,510 francs on the corresponding date last
and Sweden; 6% Rome, Norway and Madrid;
in Holland, and 3p$% in Switzerland. In London year and with 37,687,599,840 francs in 1920. In
open market discount rates continue easy and short 1914, just prior to the outbreak of war, the amount
bills are still 2*^% with 3 months at 2L£ @ 2 9-16, was only 6,683,184,785 francs. Comparisons of
against 2% a week ago. Call money in London the various items in this week’s return with the state­
has been reduced to 1%%, which compares with ment of last week and corresponding dates in 1921
2% last week. Open market discounts in Paris and 1920 are as follows:
B A N K O F F R A N C E ’S C O M P A R A T I V E S T A T E M E N T .
and Switzerland remain at 3 ^ % and 1%%, re­
Changes
-Status as ofspectively, without charge.
for Week.
Aprtl 2 7 1 9 2 2 . April 2 8 1 9 2 1 . A p r i l 2 9 1 9 2 0 .
5 5 0 8 8 ,1 4 4

Gold Holdings—

The Bank of England this week reported a loss,
albeit a trifhng one, in gold holdings, amounting to
£3,955. As against this total, reserve was expanded
£327,000, because of another cut in note circulation
this time totaling £331,000. The proportion of re^
serve to liabilities continues to advance, and has
reached a new high record figure on the current up­
swing of 19.35%, as against 19.08% last week and
17.51% the week preceding. For the corresponding
week of 1921 the reserve ratio stood at 12.94% and
16.44% a year earlier; thus clea-ly indicating the
fundamental improvement in the Bank of England's
position. A further contraction was reported in
deposits. Public deposits fell £2,826,000, but this
was partially offset by a gain of £1,937,000 in other
deposits. Temporary loans to the Government




I n F r a n c o -------------- i n o .
A b r o a d -------------------

Francs.

2 7 5 .0 0 0
N o change

T o t a l .................... . . I n c .
2 7 5 .0 0 0
S i l v e r ............................I n c .
9 ,0 0 0
B ills d i s c o u n t e d . . . D e c . 4 0 .8 7 8 .0 0 0
A d v a n c e s ........... ....... D e c . 4 0 .2 5 7 .0 0 0
N o t e c i r c u l a t i o n . . D e c . 1 6 4 .0 5 6 ,0 0 0
T r e a s u r y d e p o s its .I n c .
1 8 .6 8 3 .0 0 0
G e n e r a l d e p o s i t s . . I n c . 4 7 .6 1 1 .0 0 0

Francs.

Francs.

Francs.

3 ,5 7 8 .5 1 0 .8 9 4
1 ,9 4 8 .3 6 7 ,0 5 6

3 ,5 6 6 ,3 6 8 .2 2 9
1 ,9 4 8 .3 6 7 ,0 5 6

3 .6 0 8 .0 3 3 ,7 1 9
1 .9 7 8 ,2 7 8 ,4 1 6

5 ,5 2 6 ,8 7 7 .9 5 0
2 8 2 .7 3 2 .4 9 5
2 , 5 S 0 ,1 6 5 ,0 0 0
2 ,2 9 5 ,1 1 0 ,0 0 0
3 5 ,7 8 7 ,2 0 8 ,0 0 0
5 3 ,9 8 2 .0 0 0
2 ,3 5 8 ,0 4 6 .0 0 0

6 ,5 1 4 ,7 3 5 ,2 8 6
2 7 1 ,3 8 5 .7 3 5
2 .8 8 3 ,5 4 8 ,8 6 0
2 .1 8 2 ,9 0 3 ,8 5 0
3 8 ,2 1 1 ,1 8 4 ,5 1 0
7 1 ,5 3 9 .8 3 2
2 ,9 4 6 ,3 7 9 ,0 1 6

6 ,6 8 6 3 1 2 105
244 0 8 5 1 2 8
2 ,3 0 8 W ll0
1 7 9 7 ’3 3 0 8 7 2
37 687 ’ 699'840
8 9 8 4 2 137
3 3 79 W
358

I he Imperial Bank of Germany in its statement,
issued as of April 22,* showed the following changes*
An increase of 549,000 marks in gold and bullion and
a gain of 3,000 marks in gold. Radical declines were
shown in discounts and Treasury bills, 2,097,101,000
marks, and in deposits of 1,002,600,000 marks.
Treasury and loan association obligations were re* Through a typographical error, tho German Bank statement published
in last week s issuo of tho "Ohroniclo” was givon as of April 7, instead of
April 15.

A pril 29 1922.]

THE CHRONICLE

duced 668,767,000 marks. Advances fell 54,527,000
marks and investments 2,128,000 marks. Among
the increases were 1,738,000 marks in notes of other
banks, 100,034,000 marks in bills of exchange, 346,­
961,000 marks in other assets and 65,213,000 marks
in other liabilities. In contrast with huge increases
for the two weeks just past, note circulation this week
was curtailed 1,435,854,000 marks, so that the total
volume now outstanding is 132,627,759,000, in
comparison with 68,397,190,000 marks last year and
46,228,100,000 marks in 1920. Gold holdings are
reported as 999,868,000 marks, as against 1,091,502,­
000 marks in 1921 and 1,091,680,000 marks the year
previous.
The Federal Reserve Bank statement, issued late
on Thursday afternoon, showed a further small gain
in gold for the system, but a trifling loss in the New
York institution, while the banks, both locally and
nationally, further contracted their portfolios. The
increase in gold reserves for the combined system
totaled $5,000,000. Rediscounts of Government
secured paper declined $22,266,000. In “All other”
there was a decrease of $30,000,000. Purchased
bills declined $5,000,000. Consequently, total bill
holdings fell off $57,500,000 to $582,615,000, as
against $2,167,348,000 at the same time last year.
Total earning assets fell $23,000,000 and deposits
$19,000,000. There was a contraction of $23,500,000
in Federal Reserve notes in actual circulation, all of
which was responsible for an advance in the ratio of
reserves to 78.3% from 77.3% last week. In the
New York institution there was a decline in gold of
$1,200,000. Total bill holdings were reduced $16,­
867,000 to $72,372,000, as against $656,230,000 a
year ago. There was an increase in earning assets
of $3,600,000, but a loss in deposits of $9,000,000.
As a result of these changes, the ratio of reserve
was higher, being now 86.5% against 85.6% last
week.
Last Saturday’s statement of New York Clearing
House Banks and Trust Companies reflected the
normal movement of funds following the strain inci­
dental to tax payments and showed a moderate
increase in surplus. Loans registered further expan­
sion, namely, $26,130,000; which was acocmpanied
by a gain in net demand deposits of $32,162,000, to
$4,013,987,000, which is exclusive of Government
deposits to the amount of $79,413,000, or an increase
in the latter item of $32,657,000. In net time deposits
there was an increase of $11,882,000, to $298,284,000.
Cash in own vaults of members of the Federal Reserve
Bank declined $581,000, to $61,714,000 (not counted
as reserve). Reserves of State banks and trust com­
panies in own vaults fell $373,000, but reserves of
the same institutions kept in other depositories
gained $319,000. Member banks increased their
reserves at the Reserve Bank $11,565,000, with the
result that surplus, despite the addition to deposits,
showed a gain of $6,923,860, which brought the
amount of excess reserves to $8,870,270. The above
figures for surplus are on the basis of 13% reserves
above legal requirements for member banks of the
Federal Reserve System, but do not include cash in
vault amounting to $61,714,000, held by these banks
last Saturday.

1823

different from what they were a week ago. There
has been no real change in rates either for call or time
accommodation. The ruling rate for the former has
been 3J/£%, although there was an advance to 4%
two afternoons in succession, and yesterday after­
noon to 5%. Next Monday is the first of the month.
The customary preparations in anticipation of the
interest and dividend disbursements on that day did
not affect in any degree the pronounced ease of the
money market, until the last hour yesterday. Gov­
ernment operations in the local money market have
not been extensive. The two big factors contributory
to the present abundant supply of funds and low
rates are the extensive liquidation of bank loans
through the sale of securities in recent months, and
the lack of demand from business enterprises because
of the slow recovery. Early in the week notable
transactions in new securities were made. One
group of bankers offered $100,000,000 Canadian
Government bonds, all of which were promptly
taken. The same day another syndicate put on the
market $40,000,000 bonds of an industrial company,
with similar results. That very day also a strong
syndicate of New York bankers bid nearly 103 for
$45,000,000 434% New York City bonds, which it
has offered publicly at 104. The fact that the 39
bids aggregated nearly eight times the amount of
the offering clearly showed confidence in the intrinsic
value of the security and its present and future mar­
ket value. This fact also proved that the hundreds
of millions of securities that had been placed on the
market in recent months had made no appreciable
change in amount available for this particular issue.
Money continued easy in London and the foreign
exchange market was steady in spite of the alarming
dispatches from Genoa relative to political conditions
in Europe which have made it impossible for the
leading Powers to agree upon a comprehensive
reconstruction plan. If present conditions over
there continue much longer, they are likely to be
reflected here in business and in the stock and
money markets.

. As to money rates in detail, call loans have covered
a range during the week of 3K@5%, against 3 ^ @
4% a week ago, for both mixed collateral loans and
all industrials alike. Monday and Tuesday 4% was
the high and 3%% the low, with renewals at the lat­
ter figure. On Wednesday and Thursday there was
no range, a single rate of 3H% being quoted. There
was an advance to 5% on Friday and call funds
ranged between 3M@5%, with renewals still nego­
tiated at 3H%- For fixed-date maturities increased
ease was noted, and toward the latter part of the
week loans for all periods from sixty days to six
months were obtainable at 4 ^ % , against 43^@43^% last week. Offerings were quite liberal, but
the inquiry was light, so that the market was quiet
practically throughout, with no new feature to re­
port.
Mercantile paper rates continue to be quoted at
for sixty and ninety days’ endorsed bills re­
ceivable and six months’ bills of choice character,
with names less well known requiring 4%%, un­
changed. There was a brisk demand for the best
names, with country bankers the principal buyers.
Supplies, however, were scarce, so that trading in
the aggregate was of limited proportions.
Banks’ and bankers’ acceptances figured for a
It may be safely asserted that, so far as can be
discerned, money market conditions1to-day are no fairly large turn-over. Both local and out-of-town




4

1824

THE CHRONICLE

institutions were in thejmarket; although, as offer­
ings showed no increase, transactions were likewise
restricted in volume. The undertone was firm, at
levels previously current. For call loans • against
bankers* acceptances the posted rate of the American
Acceptance Council continues at 3%. The Ac­
ceptance Council makes the discount rates on prime
bankers’ acceptances eligible for purchase by Federa
Reserve banks 3%% bid and 334% asked for bills
running for 120 days; 3%@3%% for ninety days;
%% for sixty days and 33^@3%% for thirty
days. Open market quotations are as follows:
SPOT DELIVERY.
90 D a y s .

Prime eligible bills

60

D ays.

30

FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks.
Eligible non-member banks_________
Ineligible bank bills________ __

D ays

-il,- 1. 1,1
bid

There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve Banks:
DISCOUNT BATES OF THE FEDERAL RESERVE BANES
IN EFFECT APRIL 28 1922.

Federal Reserve
Bank of—

Discounted Mils maturing
within 9 0 days (incl. mem­
ber banks’ 15 -day collateral Bankers’
Agricul­
notes) secured by—
accepTrade tural and
live stoc
Treasury Liberty Other­ disc'ted tances
paper
notes and bonds
wise
for
maturing maturing
certificate and
secured member within 9 1 to 180
of indebt­ Victory
and
batiks 9 0 days
days
edness
notes unsecured

B o s t o n ______ __________
N e w Y o r k ________
P h i l a d e l p h i a ..................
C l e v e l a n d _____
A t l a n t a __________________
C h i c a g o ________________
S t . L o u i s _______________
K a n s a s C i t y ___________
D a l l a s ________________
S a n F r a n c i s c o ..............

41*
414
414
41*
41*
414
41,
414
5

5

5
414

414
41*
41*
41*
4 i*
414
41*
414
6
5
5
414

414
41*
414
41*
41*
41*
6

4H
41*
41*

6

41*
414
41*
41*
414
41*
41*
414
5

414
414
41*
41*
414
41*
414
41*
5

414

4%

The sterling exchange market again gave a good
account of itself, and in the face of distinctly unfavor­
able news from abroad, prices were firmly held with
the range for the week 4 41 % and 4 42% for demand
bills. In the early dealings a better feeling prevailed,
on the theory that the differences arising out of the
Russo-German Treaty situation would be satis­
factorily adjusted, also that an international banking
conference in which the United States would partici­
pate was being broached. Later, however, advices
indicating that despite the heroic efforts of Premier
Lloyd George the Genoa Conference was again
threatened with failure, had a decidedly unsettling
effect. Almost simultaneously London sent lower
quotations and liberal selling, chiefly for foreign
account, began. Trading in the domestic market
was dull and intermittent, with large operators hold­
ing aloof to await the outcome of the present Euro­
pean political crisis. The undertone was nervous
and uneasy and the chief factor in sustaining values
continues to be the small volume of commercial bills
offering. The weakness in marks had somewhat of
a sympathetic effect on other European markets.
Just what effect would be produced upon price levels
by a seriously unfavorable turn of affairs at Genoa
is, of course, purely a matter for conjecture. Foreign
exchange experts still cling to the belief that the new
crisis, like so many crises in the past, will be safely
bridged. The opinion seems quite general that the
market is to remain steady for some little time to
come, although when grain bills begin to make their
appearance, rates may ease off moderately. It
eems practically certain, however, that for the




[V ol. 114.

present at least London will continue to dominate
the market here.
Referring to the day-to-day rates, sterling exchange
on Saturday last week was firmer and demand bills
were marked up to 4 41%@4 42%, cable transfers
to 4 42@4 42% and sixty day bills to 4 39%@4 4034;
trading, however, was not especially active. On
Monday there was a further advance to 4 4234®
4 42 3-16 for demand, 4 4234@4 43 3-16 for cable
transfers and 4 40%@4 4034 for sixty days; better
foreign news, coupled with light offerings, were held
responsible for the firmness. Larger offerings and
less favorable advices from Genoa caused some
irregularity on Tuesday, though prices were fairly
well maintained and demand ranged at 4 4234®
4 42J4, cable transfers at 4 42 11-16@4 4334 and
sixty days at 4 4034®4 40%. Wednesday’s market
was irregular and weak, with a further recession to
4 41%@4 4234 for demand, 4 4234@4 43 1-16 for
cable transfers and 4 39%@4 4034 for sixty days;
lower cable quotations from London and selling by
one or two large international institutions were
mainly responsible for the weakness. Dulness and
uncertainty were the features of Thursday’s dealings
but rates were steady, demand ranging 4 4234®
4 4234, cable transfers 4 4234@4 43 1-16, and sixty
days 4 4034@4 4034- On Friday the undertone was
easier, so that the range was 4 41%@4 4234 for
demand, 4 42 5-16@4 42% for cable transfers and
4 39%@4 4034 for sixty days. Closing quotations
were 4 39% for sixty days, 4 41 15-16 for demand,
and 4 42 5-16 for cable transfers. Commercial sight
bills finished at 4 34%, sixty days at 4 2834, ninety
days at 4 2734, documents for payment (sixty days)
at 4 28%, and seven-day grain bills at 4 3434Cotton and grain for payment closed at 4 34%.
The only gold reported this week was 7 packages
gold dust, gold coin, platinum and specie on
the Sixaola, which arrived from Colombia yester­
day.
Movements in the Continental exchanges reflected,
for the most part, the day-to-day developments of
the Conference at Genoa, and the undertone was
irregular and weak; although actual changes in rates
were less violent than might have been expected.
This was in all probability due to the light volume of
business passing. Aside from sporadic outbursts of
speculative activity in mark exchange, large traders
displayed a spirit of extreme caution in making
commitments. Reichsmarks were easily the most
active feature of the list, and after an advance to
0.43% for checks, under the stimulus of what
appeared to be spirited speculative buying, or 7
points up, there was a decline to 0.33%, the result
of cable advices stating that serious dissension had
broken out between the Allied representatives at
Genoa. According to traders, most of the selling of
marks emanated from London and Berlin, and largely
represented profit taking on the part of speculators
who had bought on the recent breaks. French
exchange also opened firm, but subsequently sold
down to 9.13, a loss of 22 points. Antwerp francs
moved in sympathy, as usual. Lire, after an advance
to 5.4534 for checks, turned weak and declined 20
points to 5.2534- Selling of francs and lire was
attributed to the depression occasioned by France’s
attitude at Genoa. Business on the small Con­
tinental centres was very quiet with rates almost
motionless. Rumors that Karl Bergmann and other

A pril 29 1922.]

THE CHRONICLE

1825

German bank directors are conferring with the FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANK TO TREASURY UNDER EMERGENCY TARIFF ACT.
Reparation Commission with a view to formulating
APRIL 22 1922 TO APRIL 28 1922, INCLUSIVE.
plans for the stabilization of the mark at around
N o o n B u y in g R a te f o r C a b le T r a n s f e r s I n N e w Y o r k . '
V a lu e i n
U n i t e d S ta t e s M o n e y .
3 cents aroused some attention. It is understood C o u n tT y a n d J & o n c ta r y U n i t
A p r i l 2 2 A p r i l 2 4 . A p r i l 25. A p r i l 26. A p r i l 27. April 28
that such stabilization would be maintained for a year
EUROPE—
$
S
$
S
$
•S
or so, when it would be advanced, if conditions Austria, krone__________ .000134 .000134 .000134 .000133 .000131 .000131
.0487
.0843
Belgium, franc____ ____ .0860
.0860
.0849
.0856
should warrant such action.
Bulgaria, lev___________ .0069
.006933 .00695 .006983 .006917 .006917
Czechoslovakia, krone___ .019706 .019653
.019494 .019406
The official London check rate in Paris finished Denmark, krone________ .2128 .2128 .019578 .019517 .2125 .2123
.2124
.2123
England, pound....... ......... 4.4235 4.4300 4.4279 4.4289 4.4281 4.4247
at 48.04, in comparison with 47.51 last week. Sight Finland, markka________ .018663 .018638 .018913 .018944 .020519 .020538
.0935
.0917
.0930
.0926
.0923
France, franc..................... .0934
.003769 .003541 .003507 .003520
bills here on the French centre closed at 9.13, against Germany, reichsmark___ .00375 .004163 .0450 .0448 .0448 .0448
.0449
Greece, drachma________ .0449
.3797
.3802
9.32; cable transfers at 9.14, against 9.33; commercial Holland, florin or guilder.. .3796 .3797 .001351 .001326 .3807 .3812
.001331
.0013
.001296
Hungary, krone................ .0013
.0545
.0540
.0538
.0534
Italy, lira............................. .0546
sight bills at 9.11, against 9.30, and commercial sixty Jugoslavia, krone_______ .003471 .003967 .004031 .003822 .003594 .0527
.003367
.1885
.1897
.1889
.1875
krone..................
days at 9.05, against 9.24 the preceding week. Norway,Polish mark_____ .1903 .1884 .000268 .000267 .000264 .000259
.000268 .000268
Poland,
.0784
.0784
.0781
Portugal,
Closing rates on Antwerp francs were 8.38% for Rumania, escuda— ........... .007391 .007438 .0792 .0789 .0784 .007075
.0074
.007263 .007167
leu______ ____
Serbia, dinar___________ .014029 .015886 .016243 .015229 .014357 .013557
checks and 8.39% for cable transfers, as compared Spain, peseta___________ .1553 .1556 .1558 .1553 .1553 .1552
.2594
Sweden, krona__________ .2601
with 8.54 and 8.55 a week ago. Reichsmarks finished Switzerland, franc_______ .1945 .2602 .2602 .2599 .2594 .1945
.1946
.1945
.1946
.1946
ASIA—
the week at 0.34%.for checks and 0.35 for cable remit­ China, Chefoo tael______ .7817 .7950 .7917 .7917 .7917 .7917
“ Hankow tael____ .7850
.7917
.7917
.7950
.7917
.7917
tances. This compares with 0.36 and 0.36% a
” Shanghai tael____ .7515
.7554
.7552
.7560
.7558
.7548
" Tientsin tael........... .7883
.7992
.7975
.7958
.7967
.7967
" Hong Kong dollar. .5514
.5539
week ago. Austrian kronen ruled heavy and closed
.5582
.5575
.5593
.5582
'■ Mexican dollar....' .5513
.5528
.5523
.5514
.5515
.5457
" Tientsin or Pelyang
at 0.0125 for checks and 0.0130 for cable trans­
dollar_________ .5667
.5708
.5692
.5692
.5692
.5717
.5608
.5592
.5592
.5608
“ Yuan dollar______
.5592
fers, in comparison with 0.0132% and 0.0136% India, rupee____________ .5567 .2785 .2794 .2783 .2783 .2784
.2781
.4734
.4733
Japan, yen_____________
.4741
.4736
last week. Lire finished at 5.25% for bankers’ sight Singapore, dollar________ .4735 .5008 .5000 .5000 .4732 .5058
.5008
.5025
NORTH AMERICA—
bills and 5.26% for cable transfers. A week ago the Canada, dollar__________ .982484 .985347 .985764 .986688 .982361 .983625
.9980
close was 5.41-34 and 5.42%. Exchange on Czecho­ Cuba, peso_____________ .998063 .997938 .998063 .997938 .997938 .492625
Mexico, peso______ ____ .493375 .493594 .49295 .4915
.491625
Newfoundland, dollar___ .980781 .983906 .984688 .984375 .980313 .981406
slovakia closed at 1.94, against 1.97; on Bucharest SOUTH AMERICA—
.8143
.8107
.8096
.8086
at 0.71%, against 0.75; on Poland at 0.0265, against Argentina, peso (gold)___ .8080 .1367 .1367 .1369 .8129 .1365
.1355
Brazil, mllrels____ ____ _ .1359
.7854
.7843
.7851
Uruguay, peso..................... .7841
.7853
.7840
0.027, and on Finland at 2.04, against 1.89. Greek
exchange finished at 4.40 for checks and 4.45 for
The New York Clearing House banks, in their
cable 'remittances, against 4.37 and 4.42 in the
operations with interior banking institutions, have
preceding week.
gained $4,706,959 net in cash as a result of the cur­
Exchange on the former neutral centres was dealt rency movements for the week ending April 27.
in to a very limited extent and rates moved within Their receipts from the interior have aggregated
narrow limits. As a matter of fact, almost the $5,543,959, while the shipments have reached $837,­
entire market was in neglect. Norwegian exchange, 000, as per the following table:
which has moved rather erratically of late, did not CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
reflect to any measurable extent the failure of the
projected Norwegian loan and the quotation ruled
I n to
Out of
G a in o r L o ss
B a n k s.
B anks.
to B a n k s .
W e e k e n d i n g A p r i l 27.
at around 18.90.
$837,000 Gain $4,706,959
Banks’ Interior movement.................
$5,543,959
Bankers’ sight on Amsterdam finished at 38.11,
against 37.91; cable transfers at 38.16, against 37.96;
As the Sub-Treasury was taken over by the Fed­
commercial sight at 38.06, against 37.86, and eral Reserve Bank on Dec. 6 1920, it is no longer
commercial sixty days at 37.70, against 37.50 the possible to show the effect of Government opera­
previous week. Final rates for Swiss francs were tions on the Clearing House institutions. The Fed­
19.43% for bankers’ sight bills and 19.45% for cable eral Reserve Bank of New York was creditor at the
transfers. Last week the close was 19.44 and 19.46. Clearing House each day as follows:
Spanish pesetas closed the week at 15.48 for demand DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
and 15.50 for cable transfers, in comparison with
T u e s d a y , I V e d n e s d ’y , T h u r s d a y ,
15.48 and 15.53 on Friday of last week.
M on day,
F r id a y ,
S a tu r d a y ,
A g g r e g a te
A p r i l 26.
A p r i l 27.
A p r i l 28.
fo r W eek.
A p r i l 22. A p r i l 24. A p r i l 25.
With regard to South American exchange, rates
S
S
S
$
$
S
S
were well maintained and the closing figure for checks 49,000,000 55,000,000 47,800,000 46,700,000 52,500,000 50,500,000 C r . 302,400,000
ot
mass of
which come
on Argentina was 36% and for cable transfers at 36%, to Nthee .—The foregoing heavy credits reflect the huge country, chocks operation of
New York Reserve Bank from all parts of the
In the
the Federal Reserve System's par collection schcmo. These large credit balances,
against 35% and 35.35%, while Brazil is now 13% however, show nothing as to the results of the Reserve Bank's operations with the
Clearing
institutions.
as
for checks and 13% for cable transfers, the same as drawn onHouseReserve Bank They represent only one side of the account,andchecks
the
Itself arc presented directly to the bank
never
a week ago. Chilean exchange finished unchanged go through the Clearing House.
at 11%, with Peru at 3 56, also unchanged.
Far Eastern exchange is as follows: Hong Kong,
The following table indicates the amount of bul­
55%@56, against 56@56%; Shanghai, 76%@77, lion in the principal European banks:
against 76%@77; Yokohama, 47%@47% (un­
Iprll 27 1922.
A p r i l 28 1921.
changed); Manila, 49@49% (unchanged); Singapore, R a n k s o f
j S ilv e r . | T o t a l .
G o ld .
G o ld .
S ilv e r .
T o ta l.
51%@51%, against 51@51%; Bombay, 28%@
£
1
£
£
£
£
£
_______ 128,872,818
28% (unchanged), and Calcutta, 28%@29 (un­ England - . 128,872,818 11,280,000154,420,436 128,358,165 ld,840"666 128,358,165
142,654,730
153,494,730
Franco n. 143,140,436
448,250 55,023,350
Germany . 49,991,480
892.70w 50,884,180 54,575,100
changed) .
Aus.-Hun. 10.944.000 2.369.000 13,313,000 10.944.000 2.369.000 13,313,000
Pursuant to the requirements of Section 403 of the
Emergency Tariff Act of May 27 1921, the Federal
Reserve Bank is now certifying daily to the Secretary
of the Treasury the buying rate for cable transfers on
the different countries of the world. We give below
the record for the week just past:




Sp aln___
Italy____
Notherl ’ds
Nat. Belg.
Swltz ’land
Sweden-..
Denmark.
Norway . .

100.870,000 25,261,000026,131.000 99.250.000 23,855,000 123.105.000
34.377.000 3.018.000 37,395,000 32.772.000 2.991.000 35.763.000
467.000 50,958,000 50.915.000 1.238.000 52.153.000
50.491.000
10.664.000 1.625.000 12.289,000 10.662.000 1.479.000 12.141.000
21.806.000 4.320.000 20,128,000 21.740.000 4.057.000 25.797.000
15.658.000
15.243.000 .............. 15,243,000 15.658.000
231.000 12.915.000 12.643.000 "ioV.ooo 12.808.000
12.684.000
8.115.000
8,183,000 _______ 8,183,000 8,115,000

Total week 587,266,734 | 49,463,700636,730,434588,286,995 47,442,250 635,729.245
Prev. week 587,101,038 | 49,572,700636.733,738 587,991,805 51,157,650 639,149,455
a Gold holdings of the Bank of Franco this year are exclusive of X77.934.682
held abroad.

1826

THE CHRONICLE

SCIENCE *THE FUNDAMENTAL FACTOR,
FREE TO CONTROL CAPITAL AND LABOR.
Unless we are willing to say that one of the pur­
poses of Government is “control” of the processes of
mind, we must admit that there is a fundamental
“control” in industry that lies outside of capital or
labor and the so-called organization of either. Let
us see if this is true. At this particular moment of
time, in different countries, science is at work to per­
fect the admitted production of a “cold light.” This
investigation is being conducted by independent
studies and by industrial laboratory methods. The
ultimate object is a commercial light at a minimum
cost in the consumption of fuel. If it can be per­
fected in the commercial sense it threatens to revolu­
tionize our present electric lighting systems. Again
—the radio— wireless communication—has in it the
possibilities of almost complete change in our pres­
ent commercially organized systems of telegraph and
telephone. Again—the automobile creeps swiftly
upon the surface-car systems of our municipalities—
and there are hints of the greater use of crude oil in
this machine, a cheapening process not at this time
to be measured. Experimentation goes forward si­
lently to a means of capturing, storing and releasing
at will the heat of the sun. The flow of the river, the
fall of its waters, even the ocean wave, are already in
primitive service of man to give him power in manu­
facture.
Thought f&rever dares the unknown. It seeks to
convert the energy of the atom to common use. And
the natural laws and powers that environ man in his
struggle for existence, and which when utilized give
him “dominion over fate,” are so faintly appre­
hended, that they merely disclose infinity.
Now—these natural laws, these processes of na­
ture, can be utilized, but not controlled, in the sense
in which we use the word “control” in our industrial
and economic discussion. They are independent of
capital and labor—and therefore, any artificial con­
trol of these two agencies by law, by Governmental
power, must serve in the end to resist their free in­
duction into the “social life” and the consequent
equability of enjoyment to man. It is a fact, we
think, that will be generally admitted, that corpora­
tions have sometimes bought up and concealed inven­
tions, awaiting a more favorable time for their intro­
duction into use, favorable to invested capital in one
or more of several ways that might be named. Yet
the whole object of commercialized industry being to
cheapen and perfect the means of production, a con­
stant change in individual corporate or capitalistic
method is going on. Improvement of service is the
open sesame to capitalistic profit. To get into the
field first, to make the inevitable change first, deny
it who will, this is the necessary natural law of in­
dustrial production. And it follows—keeping our
minds on this field of thought-exploitation—that
combination can never throttle competition, unless
by artificial aid.
We come, then, to this: so-called “control” of in­
dustry by Government is a process at war with dis­
covery, development, and what we may term social
deliverance. We pass beyond the patent law, though
it may be mentioned. Originally intended to benefit
the inventor, known to be a failure in general to the
individual patentee because of the growth, and be­
neficent growth, of corporate endeavor, it consti­
tutes a species of “control” which limits, in many in­




[V oi. m

stances, the free spread of the enjoyment of produc­
tion. The crucial contest that is now engaging at­
tention is the power of so-called capitalistic combina­
tion to dictate price and declare wages; and the
power of so-called organization or combinat’on of la­
bor to dictate wages and declare price through lim­
itation of production. The remedy being sought is
in constituting “Government” not only arbiter, but
dictator. And in its direct and immediate analysis
this form of “control” must be seen to be wholly out
of harmony with progress, because at best and most
it throws a protection about both labor and capital
inimical to the freedom of production and the conse­
quent socialization of enjoyment through the com­
pleted and perfected use of the laws of nature by
which the highest service in industry is reached.
For example, to grant a Federal license to so-called
“trade associations” is to render them to some ex­
tent immune to the competition of “independents,”
perpetuating whatever element of monopoly evil they
possess—setting Governmental control against sci­
entific control. On the contrary, left to the mercy of
the competition of scientific discovery, they must

advance on the plane of cheaper service to the public
or perish. This is far more fundamental than a tem­
porary judicial espionage over so-called gentlemen’s
agreements.
I
Turning to labor, it must be seen that the attempt
by organization to make production the basis wages,
by limitation or strike, results in denying the free­
dom of employment and its social equalization of en­
joyment. This seems a paradox. It is not. And no
amount of so-called “control” of industry in “man­
agement” granted to labor can alter the fact that
such control sanctioned and bolstered up by Govern­
mental control is against the scientific control which
we predicate as the highest means of the freedom of
advance and consequent equalization of enjoyment.
Whether true or false, labor is charged with organi­
zation for the purpose of diminishing output in the
interest of longer and larger employment. It is
charged with a desire to number and regulate ap­
prenticeship. It is said to seek, and enjoys to a large
degree, immunity from the ordinary processes under
contractual relations. Through one of its chief
spokesmen it prays to be “delivered from the courts,”
yet it bands together to coerce by strikes a condition
in which production ceases, capital wastes, and
equality of social enjoyment is prevented to capital,
to labor, and to the non-participating public. “Con­
trol” by Government of labor unions is therefore and
thereby recognition of them, and since they seek an
artificial use of power they are in opposition to sci­
entific control in industry and retard the general ad­
vance.
Indeed, when we come to measure capital and la­
bor so-called by their respective contributions to the
general advance in industry and its interwoven ele­
ment of equalization of social enjoyment, the balance
must turn in favor of capital. And it has done so.
Control by organized labor alone has met its Water­
loo in Russia, and while we cannot now proceed fur­
ther with this thought—the capitalistic system is
now more firmly entrenched. And in its recognition
and protection by Government, not control, mark,
nor attempted artificial control of the uncontrollable
scientific laws in which it moves and has its being,
lies the future of so-called “socialization.” Not con­
trol of production, but freedom of consumption. Not
Federal chains on capital or labor, but freedom to

A pril 29 1922.]

THE CHKONICLE

combination in each up to the point of interference
of each with the other.
Free thought is eternal competition. Government
which protects the freedom of labor and of capital as
a lawful possession of the individual, freedom
through the rights of ownership, and which goes no
farther—will become thus guardian of the undying
and ordained advance! And this our constitutional
form \Vas instituted to do—and not to mix and mud­
dle in every temporary conflict and crisis that is in­
evitable to the industrial progress.

1827

revealed by the Roosevelt committee exist to-day, we
are told, in an even more widespread form, due to the
sudden increase in the size of the Government organ­
ization on account of the war and to the much
greater proportionate increase in Government ex­
penditures under contracts.
President Harding, in carrying out his policy of
“more business in Government,” established a few
months ago an Interdepartmental Board of Con­
tracts and Adjustments, the Chairman of which—
Mr. Gordon A. Ramsay of Chicago—is the personal
representative of the President, operating under the
general supervision of the Director of the Budget.
On this Board each department of the Government is
represented. It meets once a week. As a result of
the labors of this Board and of its chairman, who is
devoting his whole time to this work, it is proposed,
during the next few months, not only to standardize
the form of Government contracts, but also to reduce
to order the methods of their administration.
President Harding has thus set up the machinery
not only for investigation and report (this is the or­
dinary limit of Government bodies), but for the im­
position of executive pressure and executive policy
as to these contracts. The result should be a great
saving both of money and time, and be a great boon
to contractors dealing with the Government.

SIMPLIFICATION AND STANDARDIZATION
OF GOVERNMENT CONTRACTS.
A large part of the taxes collected by the Federal
Government are spent under contracts with private
persons and firms, covering every variety of matter
which can be made the subject of a contract. Hun­
dreds of millions are thus spent every year. The
Government contracts to buy and sell supplies and
equipment; it lets contracts for public buildings, for
engineering projects and for other public works; it
enters into contracts relating to patents and so on.
These contracts are drawn up by the various officials
of the Government responsible for the administra­
tion of the respective funds appropriated by Con­
gress. Ordinarily he is the Bureau Chief or some one
authorized by him.
Like all of the other activities of the Government THE INCREASING INVESTMENT IN BONDS.
which have grown up under Congressional legisla­
That stocks will continue to be the chief medium
tion without centralized administrative control, of speculators on ’Change is true, in the nature of
there is no uniformity in the method of drawing these things. But that speculation in bonds is a rising
contracts or in the rules and regulations relating to quantity is also true. The large and numerous issues
their administration. Each Bureau—even divisions of bonds in rails, industrials, public utilities, munic­
of the same Bureau—proceeds upon its own respon­ ipals, and foreign Governments, is opportunity, if
sibility. As a consequence, there is constant litiga­ not justified warrant, for this. And the word of
tion between contractors and the Government grow­ caution which is creeping into the public utterances
ing out of disputes as to the meaning of terms. There of financiers warning the people against possible flo­
are now pending against the Government, according tation of ill-considered securities, owing to the pres­
to a recent statement by the Attorney-General, ent volume and apparent ease of absorption, is both
claims to the amount of nearly a billion dollars grow­ timely and wise.
ing out of these contracts, and they are still coming
Bonds more nearly hold the pure qualities of in­
in. Many of these will have to be fought out in the vestment than do stocks. We have reference here to
courts before a final settlement is reached. While, bonds on which payment of interest is obligatory and
of course, these are claims growing largely out of not bonds on which interest payments depend on
war contracts, nevertheless, it is the normal thing earnings. Interest constitutes a fixed charge that
for the Government to have these claims arising un­ precedes profits. The coupon must be paid before
der peace conditions filed against it in large num­ the dividend. Therefore, the range of speculative in­
bers.
fluence in bonds must ever be shorter than in stocks
The so-called Keep Commission on departmental Nevertheless, general conditions, the variety and vol­
methods, appointed by President Roosevelt, made a ume of bonds now existent, do admit of a fluctuation
preliminary investigation of contract procedure and in market price greater than normally obtains. And
recommended that a special committee be appointed speculators may be expected to take advantage of
to make a thorough study f the question. Presi­ this in buying and selling.
dent Roosevelt appointed
committee of five Gov­
We have not noted a sufficient explanation for the
ernment experts who, after a study of three years, quick and complete absorption of these many issues
made a report. This report showed that there was of bonds. Nor is the cause of the flotation adequately
lack of uniformity in stating the gener 1 stipulation explained. For one thing, there is in the fact evi­
common to all Government contracts, that is to say, dence of trust in the future enlargement and activity
in stating the parties to the con -act; in providing of business. The back-ground of distortion by war
for the time of beginning or time of completion; in is well understood. Yet the present curtailment in
providing for the method of payment; in providing the productive capacity of industrial plants does not
for options, risks, damages, extra work and modifi­ seem to call for excessive borrowing, if such can be
cations or changes in terms; in referring to papers predicated. Public utilities, on the other hand,
forming part of the contract an;1 in the number of cramped by the war in that constant enlargement
copies to be executed.
necessary to keep pace with population, may be said
The committee made certain reconmendations to­ more nearly to be filling a gap. We know the need of
ward the standardization of contract forms, but it foreign Governments, but municipal issues in our
seems that they were never enforced. The conditions own behalf are not so easily explained. There is an




1838

THE CHRONICLE

_____________ [You 114.

increase here due to a certain tension of the mind, a —but with a slight reserve of hesitation. Bucketing
growing desire to enjoy in the present all of the pub­ in bonds, if it should eventuate, by this original imlic advantages in life that come to the largest and petus, would be a public calamity. But the general
richest communities, in what may be termed a collec­ welfare will be helped by the bonded ownership of
tive fever to forge ahead without counting the cost to the people at large in the prospects and prosperity of
future toil and time, that affords partial explana­ our capitalistic enterprises. The diffusion of owner­
tion. But where communities do not strictly guard ship in the securities, various and sound, of indus­
themselves there is danger of over-issue that, while it trials, public utilities, rails, will do much to dispel
may not severely affect the soundness of securities, the harmful illusions generated by political and ecoifbmic theorists.
must constitute added burdens upon the people.
Allusion is often made to the education in bond
buying occasioned by the issuance of Liberty bonds. CANADIAN BANKERS OPPOSE ENTRY OF
PROVINCES INTO BANKING BUSINESS.
Bond dealers aver that because of this the general
Ottaioa, Can., April 28 1922.
demand is more widespread than ever before. There
The Canadian Bankers’ Association has at last
is no doubt of the fact. And while borrowing, on the
one hand, indicates necessity, this breadth of invest­ come into the public arena wtih a strong statement
ment interest indicates a latent or concealed capital- on the tendency of Canadian Provincial Govern­
power that if not an index of prosperity is promise ments to enter the banking business. Ontario, which
thereof. As long as a people for investment purposes has a farmers’ Government, is pressing forward a
can absorb a growing bonded indebtedness there scheme of branch savings banks, most of which are
should be less fear of the future. Yet caution against managed by competent officers taken from the char­
premature issue for over-extension remains salutary. tered banking institutions. Manitoba, with a four
And the warning to bond-buyers may be amplified to per cent rate on savings, has accumulated consider­
include the commonplace advice always pertinent— able money, chiefly in the city of Winnipeg, but this
make investment the prime purpose and speculation has been aided by keeping all offices open long hours
incidental. In fact, investment is an essential of and by liberal advertising. Becently the Manitoba
bond-buying, because the purpose is for accumula­ Government announced that from such savings it
tion rather than profit, or should be. That men cog­ had loaned rural credit societies over $2,000,000 and
nizant of the conflicting influences in general affairs that “no losses have been incurred.” The fact re­
are able to analyze in advance contributing factors mains, however, that a very large sum is in arrears.
to price and buy and sell for speculation is a legiti­ As the Canadian Bankers’ Association aptly says:
mate attendant of the security market, which, when “Bank managers do not need to be told that losses do
conducted properly, is not wrong and which cannot, not materialize until real endeavors are made to col­
save by oppressive restrictions, be eliminated. But lect loans.”
Treating of the general subject of Governments in
when bond sales run into quantities that follow close
the savings bank and loan business, the Association
upon sales in shares it is a warning to investors to be
careful—and to buy for investment only, using all goes on to sa y : “This must be regarded as a politi­
the safeguards our best dealers are always willing cal rather than an economic development, as it is put
forth obviously with a view to catching votes and
to suggest.
That capital is now attracted to bond investments giving preferred treatment to a small number in the
by the unusual opportunities in earning rates has in community at the expense of the rest. None the less,
it no element of alarm, save that on long-time bonds the economic side of the question should not be dis­
now issued at high rates it must be understood that regarded. The farmers are, of course, anxious to re­
the fixed charge is entered upon at a time when the duce their costs of production, and should be encour­
business hope is for lower rates and “cheaper aged by every legitimate means to do so, but they are
money,” both concomitants of the so-called normal. starting out the wrong road in getting the Govern­
These long-time bonds, however, are usually not with­ ments to go into the banking business.
“History shows that wherever States have endeav­
out the safety valve of peremptory “call,” at prices
ored to go into the business it has been open to all
agreed upon in the terms of issue. These are com­
pensatory to the investor and are really strength to kinds of abuse, and in the long run has usually re­
the investment. In stocks as well as bonds it is im­ sulted in disaster. The most recent example is that
perative to bear in mind that the future must pay of the State of North Dakota, where, in spite of all
both dividends and interest or fixed charge. High the credit and power of a great agricultural State,
rates on probable narrower margins of operation, which compelled the municipalities to deposit all
unless there is some plan embodied to meet condi­ their funds with the State bank, the institution has
tions, suggest to the investor another commonplace: gone on the rocks, and many people have suffered se­
never risk the principal for the interest—that is, an rious inconveniences and loss through the closing of
undue interest measured by the rule of reasonable other banks all over the State.
“Experiments made in the past show that a Gov­
prospective earnings. As education in bond buying
ernment is the last one to successfully collect a debt
and holding advances it will appear more certainly
that the bond as against the real estate note has the from individuals in embarrassed circumstances. In
quality of instant conversion, being quoted in the fact, they have in the past successfully resisted the
market, and this in itself adds, whether availed of, endeavors of the Government to collect moneys which
or desired by the investor, a speculative value, not had been lent them. Political influence and all sorts
without its desirability, but which also is in itself a of specious arguments to gain further time are enter­
tained by Governments that would not be entertained
warning to be cautious.
The opportunity afforded the people by bonds of by business concerns, and failure to collect promptly
small denomination is increasing and is a growth in usually results in ultimate loss. Furthermore, credit
good. The opportunity to buy bonds from high-stand­ is not likely to be distributed on a business basis by
ing houses on the installment plan is to be welcomed a committee of local farmers, who are anxious to




A pril 29 1922.]

THE CHRONICLE

boost their districts by increased production by loan­
ing the Government’s money freely. A branch man­
ager considers the merits of the borrower’s applica­
tion in an unbiased way and extends credit accord­
ingly. Over-extended credit is not beneficial to any­
one, and often leads to the borrower’s affairs becom­
ing involved.
“There is another side. To the extent that deposits
are withdrawn from the banks and loaned on long­
date mortgage security, credit must necessarily be
curtailed to legitimate business, including agricul­
ture, as the banks will certainly have less money
available for their customers, who include farmers,
merchants, manufacturers, and other dealers
throughout the Dominion.
“The scheme is unsound economically, in that it
takes deposits payable on demand, or short notice,
and lends money out on long terms, particularly the
portion which is advanced by the way of mortgage
loans. A bank has to keep a very large percentage of
its deposits in cash not earning interest or in bal­
ances bringing in a very small return, or in readily
available securities. We are satisfied that the ex­
pense of conducting a banking business is not real­
ized by those who are not actually engaged in keep­
ing track of it. Unreasonable competition carried
on at the expense of the public purse would force the
banks to close many branches now operated on a
small margin of profit, thus depriving the commu­
nity of a general banking service.
“If a Government thinks it necessary to make
loans for the purpose of improving farm property,
purchasing equipment or additional land, or for
mortgages, the funds for such purposes should be ob­
tained by the issue of long-term debentures, not by
deposits.
“The Canadian banks have assured the Govern­
ment of their willingness and ability to make all ad­
vances to those of the farming community who are
reasonably entitled to them.
“It is most disturbing to find our Governments,
during a period of great extravagance and growing
expenditure of public funds, seeking to augment their
resources by offering better terms than, and in direct
competition with, the banks for public savings, in or­
der to lock them up in long-term obligations. The
handling of these funds and lending them to the
farming community, will be supervised by officials
who can hardly be expected to have the necessary
training and experience, or to understand the cost
of maintaining the necessary departments.
“To impose heavy taxes on the banks and then to
establish such Government opposition is both unfair
and unsound.”

A BONUS DEMANDED AS PAYMENT OF
WAGES IN ARREARS.
A subscriber in Wyoming sends us a bonus plea
from the “Enterprise,” a daily journal of Sheridan
in that State. The clipping contains an article from
the pen of Cornelius Vanderbilt, Jr., and is very fool­
ish. Its heading is “Senate’s Fight on Bonus to Be
Decisive Battle Between Main Street and Wall
Street,” and the writer likes to think, he says, of the
struggle “as a fight to the finish between New York’s
Wall Street and America’s Main Street,” and adds:
“Wall Street with all her resources, all her silkenlined pockets, all her foreign un-American advice, is
face to face with Young America from the Main
Streets of forty-eight whole-souled, patriotic States.




1829

. . . Were it not for the powerful upper hand that
certain financial interests of this country hold among
the representatives of the people in Washington, we
would many months ago have received the bonus that
was promised to us.” He closes by saying that while
Main Street trusts Mr. Harding and the Senate,
“Wall Street urges more strongly than ever that we
forget Chateau-Thierry and Flanders Fields.”
The truth is that when men went to the front, to
receive the soldier’s pay and the soldier’s reward for
duty done, an insurance scheme was devised, as al­
ready shown in the “Chronicle,” intended and ac­
cepted as in lieu of pensions and all other extras, and
to be a pre-war instead of an after-war settlement of
all monetary obligations; no bonus was ever “prom­
ised,” at any time or in any manner, unless by un­
authorized assurances given in the campaign of 1920
by candidates for Congress who were bargaining for
votes. Further, many thousands who did not go per­
sonally to the front rendered vast service towards
winning the war, and at sacrifices of which they will
be the last to boast. Further, to equalize the labors
and the sufferings of this defensive struggle is ut­
terly beyond human power. Further, there is no
place in this country where Chateau-Thierry and
Flanders Fields are held in higher and more lasting
honor than in maligned Wall Street. Moreover, if
the worst slanders ever ignorantly or maliciously ut­
tered ajbout America’s chief financial mart were de­
served criticism, it would be true now that Wall
Street could not halt the bonus were that bonus
based on justice and reason and having behind it the
conscience and wishes of the American people.
This clipping is worth noticing only because it is
evidently a part of a deliberate propaganda. It bears
the trade-mark of “Superior Press Service,” and it
recalls the wholly credible report, more than two
months ago, that sturdy young men were seen beg­
ging on Washington streets at night and confessing
that they “had been urged” to come and that others
had been “helped to come,” for the purpose of mak­
ing a pose for the proposition that ex-service men are
in perishing need of a cash bonus. The plea of this
clipping is that the young men who went from Main
Street were hired as servants to fight for somebody
else and to defend the homes of others; that they
went for wages and their wages are unpaid and over­
due. No such spirit as this won the war or could ever
win a war.
Now, against this syndicated and propagandist
stuff, stands the fact, clearer day by day, that it ut­
terly misrepresents both the “Main Street” which
went to the front and the other “Main Street” which
fought and sacrificed here. According to figures
compiled from the Legion s records, come two months
ago, its membership in 1919 was a million, but had
shrunk to 344,504, considerably less than the popula­
tion of the 23rd Congressional district in Greater
New York. Mr. MacNider’s declaration, in his inso­
lent telegram to the President, that he was “speak­
ing for nearly 5,000,000 returned service men and
women and 15,000,000 to 20,000,000 of their immedi­
ate families,” has its parallel in the tale of the three
tailors of Tooley Street, who began a petition with
“We, the People of England.”
Why this organization of ex-service men has been
and still is rapidly shrinking in membership is un­
mistakably plain. Like the Sons and Daughters of
the Revolution, this Legion can stand permanently
only upon comradeship, upon memories of noble

1830

THE CHRONICLE

deeds, upon transmission of those memories as a
shining heritage of pride and example to coming gen­
erations, and upon honor. The mercenary attitude
in which the MacNider raid would place our returned
soldiers is repellant to them; they were not Hessians,
and they resent having cast upon them the imputa­
tion of being hired servants, now demanding wage
arrears. The recent withdrawal of the Naval Avia­
tion Post here is only the latest example of the pub­
lic protest of genuine Americans against an affront
to their manhood.
It is hardly open to doubt that the bonus vote of
the House on March 23 was cast because those who
thus put themselves oh the record deemed their own
re-election of paramount importance. All reports
from Washington tell us that the course of the Sen­
ate also may be shaped by anxiety about personal
“fences” at home, and lists are furnished of Senators
believed to be “hot” for anything to placate the Mac­
Nider fraction. If any in the Senate are of such a
base class, let them beware that in seeking the Mam­
mon of unrighteousness they do not make a bad bar­
gain. Experience shows that the silent rather than
the noisy vote decides elections. The bonus raiders
are clamorous and braggart, yet comparatively a
mere handful, and on the other side are the Ameri­
can people, already justly indignant and certain to
grow more so. They need and they have demanded
a lightening of their tax burdens. And yet, after
nearly five months, this difficult problem has not
really been taken up. Europe needs at least indirect
aid, and Europe is in an effectual sense our “neigh­
bor.” Instead of bending to these problems with a
feeling of duty and responsibility, the politicians in
Congress are dickering with the bonus beggars and
are talking of one scheme after another for drawing
from an embarrassed Treasury funds wherewith to
buy votes for their own re-election. Are they so fool­
ish as to imagine the people will let their remissness
pass unnoticed and unpunished ?

VISCOUNT BRYCE’S LAST MESSAGE TO
AMERICA.
Lord Bryce, beloved of Americans, has fittingly
left his last words addressed to us. We always ap­
preciated his thorough understanding of democratic
institutions and his sympathy for our ways; and in
return he enjoyed the high favor that in his many
visits greeted him here, especially as at times it
failed him at home.
His public life in England fell on stormy days.
His fine scholarship, his simple integrity and down­
right sincerity were always appreciated, as has been
attested by his colleagues. He has been termed “the
most learned man of his time.” But in a Parlia­
ment which has long carried a powerful fighting
Irish party, and where the Liberals were divided
since Mr. Gladstone’s break on the question of Home
Rule, declining to accept his leadership, though the
great majority desired to give Ireland in some form
her wish, Mr. Bryce never won the support, even as
Chief Secretary for Ireland, which his accurate
knowledge and earnest purpose to promote peace
fairly deserved. It is almost inconceivable that his
crystal-olear mind and love of pure logic should
have led him to proffer to the emotional, hot-tempered,
orator-loving Irish a constitution that would bind
their representatives definitely to written debate
delivered sitting! No wonder that he and his la­
bored plans were thrown out, and he was left to take




[V ol. 114.

up his work again in a House of Commons he seldom
moved.
His apogee was his Ambassadorship in Washing­
ton, and he has left here a memory and a personal
regard which will long endure!
Before leaving England for his last visit to us, he
delivered in the Mansion House, London, the Inaug­
ural Lecture of the Sir George Watson Chair of
American History, and which was published by
Macmillan in January. In that he told anew witli
all his fervor the story of America’s growth to her
present position that he might appeal for the fra­
ternal union of all English-speaking peoples, “to
whom Providence has given the widest influence
and therewith the greatest responsibility, that any
group of peoples has ever received, to guide the feet
of all mankind into the way of peace.”
Now we have from the same press the volume,
“International Relations,” containing the eight lec­
tures Lord Bryce delivered last August before the
Institute of Politics at Williams College. They de­
serve all the attention the circumstances of their
delivery should command.
In the Preface, written just before his death, Mr.
Bryce says that “thoughtful men are painfully
struck by the fact that while the economic relations
between nations have been growing closer, and the
personal intercourse between their members far
more frequent, political friendliness has not in­
creased, and they ask why ill-feeling is still so rife,
and what can be done to avert the dangers that are
threatening the peace of mankind?” He devotes
himself to the task of answering that question.
Holding that History is the best, if not the only,
guide to understanding the situation and to gaining
a sound judgment of the means for securing co-oper­
ation and good-will, he gives a rapid review of the
earlier relations of mankind. He notes five periods.
The first, extending to the time of the Roman Em­
pire, was a period of incessant bloodshed and plun­
der. The second, that of the Roman Empire, was an
age of comparative peace under a collective nation­
ality. Though a monotheistic religion appeared in­
troducing a new force, and men respected each oth­
ers’gods, the period ended in universal war. The third
opened with the attempt to apply Christianity under
the authority of the Pope of Rome. It lasted some
five centuries, during which force and fraud were
the methods employed by the States against one an­
other. The fourth introduced in the 16th century
a new hostility between Protestant and Catholic
which led to the 30 years’ war, ending in 1618 in
terrible devastation, and starting the series of Euro­
pean Congresses which laid the foundation of all the
subsequent efforts to determine national rights,
leading to the system of Balance of Power and the
beginning of secular as distinct from ecclesiastical
effort to establish peace. Here are found the first
suggestions of what came to be known as Interna­
tional Law, as something more than universal cus
tom.
The fifth period extends to the Great War 1914­
20, with a new conception of the State as repre­
senting not a supreme ruler, but the people, and also
with the employment of propaganda methods of in­
fluencing the public by the spread of ideas, of which
communistic and racial ones are new.
He points out that great leaders have been a chief
power in shaping the centuries. Recently Bonaparte,

A pril 29 1922.]

THE CHRONICLE

1831

Bismarck, Cavour, Kossuth, Mazziui, are examples; tion of the States which lead the Avorld can the dan­
and it is to be noted that such men cannot be pre­ gers Avhicli threaten civilization be met. The great
dicted, but are determining forces; the people do lesson of the Avar, that the ambitions and hatreds
little thinking for themselves, and follow more or Avhicli cause war must be remoAred, has not yet been
less absolutely.
learned. Therefore to this one object every effort
The events that led up to the last war were the must be directed.
growing passion for national unity, inspiring the
Interest and sympathy for sufferers coincide in
war of 1866 and the creation of the North German the desire to preA’ent Avar; right feeling will surely
League, dominated by Prussia; the arousing of the justiiy itself by appropriate action. Some form of
old suspicions of France and Germany existing since organized and permanent joint action by peace-loArthe reign of Louis XIV, this precipitating the war ing peoples is urgently needed, and Avas attempted
of 1870; the enmity increased by Germany’s severe by the Washington Conference.
rule of Alsace and her aggressive conduct toward
The call of duty to save humanity makes its appeal
France. All of which resulted in new combinations to the sense of duty in every nation that holds a
among the nations, with increased armaments and great place in the world. Not blind faith in the cer­
growing anxiety, a condition in which war soon be­ tainty of human progress, but aspiration for a bet­
came inevitable.
ter Avorld, a Avorld of co-operation, rather than of
Peace when it came presented difficulties greater rivalry and aggrandization at the expense of others,
than ever known before, and men capable of meeting must be the guiding purpose and hope. When the
them successfully did not arise. One unprecedented State is animated by the good-Avill which so con­
feature appears: the victor bears as much resent­ stantly appears in the relations of the citizens to one
ment against the vanquished as the vanquished does another and to those in need, Avhoever they may be,
against the victor. The prospect of reconciliation international suspicion, envy and hatred will be
between Germany and France has never seemed so overcome, and men will know Iioav to preserA’e peace.
distant as it does to-day. The devastation ordered In this the best citizens must take the lead, for on
by the German High Command, while their army them public opinion depends, and that is the ulti­
was retreating in 1918, Avas “the gra\r
est of all er­ mate force that can OrerthroAv “the oldest and the
A
rors.” It stripped off the last-shred of military jus­ deadliest of all the C rils that have afflicted man­
A
tification from the earlier devastation, revealing kind.”
and vaunting its ruthless barbarity.
The last message of one of the Avisest and truest
'The second chapter deals with the War and its Re­ men of his day and one a Iio loved America ought to
v
sults, told briefly, but with sufficient detail to make have wide attention, and should go far to allay the
clear the situation of the world, Asiatic as Avell as confusion caused by the din of noisy debate which
European, concerning which only general and often prevails but does not enlighten.
.
entirely erroneous impressions prevail. It seems to
him that America cannot escape being involved, and
1921’$ RECORD OF PROJECTED NEW
hence he thinks unwise our feeling of dissocation
and irresponsibility to-day.
BUILDINGS.
The Economic and Commercial Influences Pro­
With feAv exceptions, the statistical records for the
ductive of Peace, The Causes of War, The Part of Di­ calendar year 1921, as they are compiled one after
plomacy and International Law in Promoting Peace, another, reflect the extreme depression in business
the Limitation of Popular Control, and the need of for which the year Avas noteworthy, and sIioav a tre­
a sturdier morality than usually exists, with the mendous shrinkage in output or the volume of Avork
various methods in use or proposed for settling in­ done. The building trade is the one conspicuous ex­
ternational controversies, are discussed in successive ception to the rule among the larger industries and,
chapters, leading to the closing one on Possible so far from registering any decrease, establishes, in­
Methods of Averting War.
stead, a neAv high total and the distinction derives
The difference of size and influence of the various additional significance by reason of the fact that the
nations would prevent the creation of a World Fed­ calendar year preceding, Avith which comparison is
eration or super-State. Alliances meant to guard made, itself broke all previous records for outlay in
against Avar have more often than othenvise proved building work.
provocative of strife. Combinations are conceiv­
The contrast betAveen the continued activity in
able that Avould begin by extending the scope of Ar­ building lines and the great contraction elsewhere in
bitration and Conciliation. These unions would the Avorld of industry is most forcibly disclosed when
need to shoAV a sincere desire to preserve peace, A turn to the statistics for the iron and steel indus­
ve
though the practical difficulties are great. Stand­ try and note how serious Avere the effects there of the
ing tribunals would be required and some meth­ general business collapse. The make of iron in the
od of enforcing decrees by boycott or direct United States during the year 1921 aggregated
action.
only 16,688,126 tons, against 36,925,987 tons in 1920

But these suggestions only sIioav that obstacles,
which may be serious, are not of necessity insur­
mountable. The Avorld cannot be left as it is now.
“If the peoples do not try to destroy war, Avar Avill
destroy them.” The existing conditions in Europe
and the difficulties before the Avorld need to be
stated because they do not seem to have come fully
and truly to the apprehension of men a Iio dwell on
v
this side of the Atlantic; and it is necessary that it
should be recognized here that only by the joint ac­




and 31,015,364 tons in 1919, while the production of
steel in 1921 by 30 companies which in 1920 made
84.2% of the steel ingot production in that year,
reached only 16,826,946 tons, as against 34,432,252
tons in 1920. The shrinkage in the iron output, as
compared Avith the year preceding, it will be noticed,
A 54.80% and in the steel production 51.13%. The
A
ras
iron and steel trades are perhaps more closely allied
to the building trades than any others, this following
from the circumstance that considerable quantities

1833

THE CHRONICLE

[Y ou 111.

of iron and steel necessarily go into new construction their young lives. They are raising families and em­
work. The fact that the data relating to these trades barking upon new careers and they incline to carry
should, true to the course of general business, indi­ on the struggle for existence in the big cities as offer­
cate intense depression, while concurrently the data ing greater attractions and larger opportunities than
regarding building activity should show an advance would fall to their lot, as they view it, by return to
the home and resumption of agricultural pursuits.
to new heights, is a remarkable one.
The causes of the continued expansion in building It may be that the great depression in the manufac­
work lie on the surface, or at least that is the gen­ turing industries through which the country is now
eral view. During 1017 and 1918, when the United passing, with the resultant unemployment and idle­
States was actively engaged in war on the side of the ness to which it has led, and the difficulty of finding
Allied and Associated Powers, everything had to work and making a livelihood while there are so
yield to the necessity of the situation, and the work many walking the streets, will have the effect of
of erecting new buildings came to a complete stop ex­ curing some of these men thus lured away from the
cept where essential for the conduct of the war itself. farm of their hankering for city life and send them
Accordingly, a deficiency arose which now has to be back to their homes, in this way exercising a potential
made good. No one can deny the truth of this state­ influence for good. In that sense, the widespread in­
ment and evidence of the part played by it is found dustrial depression will not be an unalloyed evil. But
in the apparent shortage of housing accommodation at best it can modify the tendency away from the
to satisfy needs, with the resulting great rise in rents farm in only slight degree. And the fact remains
and in the selling price of real estate. It would be that the population is flowing to the great cities with
idle to attempt to gainsay what is so patently con­ greater intensity than ever before, aggravating con­
gestion in those cities and creating an urgent and
firmed by the senses in every-day observation.
It none the less appears open to question whether ever increasing demand for new buildings and for
an exaggerated importance is not being given to the additional housing accommodations.
But we need not inquire very closely as to whether
enforced stoppage of building work for private pur­
poses in a period now behind us three to four years. the war shortage or the growth in population has
There is apparently no shortage of housing accommo­ been the more potent influence in maintaining
dation anywhere except in the larger cities and the building activity at the peak in face of pronounced
suburban areas contiguous thereto. It is in these business depression. It is beyond question that both
larger civic centres, too, that new building work is have been operative, the one supplementing the other
being prosecuted with greatest energy, even, it might and the two combined producing a situation where
be said, with feverish energy. Immigration is re­ the demand for accommodation exceeds the supply,
stricted by law for the time being and the law is be­ thus furnishing the strongest kind of an urge to en­
ing rigidly^ enforced. Consequently, there is no such gage in new building operations. For a time during
large influx from that source as has been the case on the war, and for a short period thereaf ter, there was
occasions in the past when sometimes a million a a third influence that was also active in promoting
year has been added to the population of the United new construction work. That, however, has already
States through immigration. And yet urban popula­ lost its potency and is now revealed as having been
tion is ever growing larger, and especially the pop­ entirely transitory. We have reference to the sudden
ulation of the very largest cities. This raises the tremendous expansion in our foreign trade and the
question whether we have not something more to deal demand to which it led for new office space in lower
with in these great civic centres than making up the New York. Many of those engaged in the foreign
shortage in new buildings created during the war trade proceeded on the theory that this phenomenal
and which shortage anyway should have been made export movement would be permanent—that the de­
mand for our goods and wares which had so suddenly
good by this time.
Is it not that population is flocking to these great sprung up, not alone from Europe, but from South
cities in larger stream and with more force than ever America and other quarters of the globe, would bo
before? While the country was engaged in active unremitting, and that the high prices for these goods
hostilities, 4,000,000 to 5,000,000 men were sent to the and wares,- and the huge profits accruing at these
military training camps, a large portion of them prices, might be counted upon as likely to last for­
coming from the country districts and the bulk of ever. Unfortunately, the banks, with the facilities
the whole coming from the country districts and the of the Federal Beserve banks at their command, en­
smaller towns, where the atmosphere is distinctly couraged them in the idea and made loans to them
rural. These 4,000,000 to 5,000,000 men were given based upon the extravagant prices then prevail­
a taste of city life which they had never known be­ ing.
Imbued with this notion, these foreign trade people
fore—with its pleasures, its excitement and its ab­
sence from all restraint, even social restraint such as felt that they must have additional space for the con­
exists in the smaller communities—and many of duct of their business and accordingly undertook to
them, evidently very many more than is generally secure it. They bid against one another in the effort
supposed, have become captivated by this new life, to get additional office accommodation and they
compared with which the quiet life on the farm seems acted recklessly in their efforts to that end. Those
tame indeed and the work of the farm unattractive who had previously found one or two rooms adequate
to their needs now felt that they must have a whole
and even irksome.
These 4,000,000 or more young men were mostly floor, and those who had occupied a floor, and were
single men, and are now getting married, and they not crowded at that, now opined that they must have
prefer to settle down in the big cities, rather than to a whole building for their exclusive use. As the busi­
live in agricultural communities and continue exist­ ness area of New York is naturally limited, the effect
ence on the farm which they would have done if they was to send both rents and valuations sky-high. Va­
had not forcibly been removed from their rural sur­ cancies disappeared and though every tumble-down
roundings in the most impressionable periods of structure was called into requisition, there was not




A pril 29 1922.]

THE CHKONICLE

sufficient accommodation of the kind sought to sup­
ply all needs. But the ephemeral nature of our gi­
gantic export totals quickly became apparent, the ex­
ports fell off, prices collapsed and the banks found
themselves loaded up with “frozen credits.” The
foreign trade houses thereupon began to reduce their
quarters again to old-time proportions and the banks
in the endeavor to force liquidation of these “frozen
credits” compelled the adoption of a rigid policy of
retrenchment and made it imperative for the unfor­
tunate borrowers to reduce the force of their em­
ployees to bare needs and to give up also surplus of­
fice room. To-day the “To let” signs that meet the
gaze eevrywhere afford eloquent testimony to the
illusory character of the sudden tremendous expan­
sion in the country’s foreign trade and of the
complete dashing of the extravagant hopes built
thereon.
It is not new business structures that are needed,
but new residences and apartments, and here we are
dealing with a factor that has more of the permanent
element in it, and not freighted, therefore, with the
likelihood of any sudden immediate collapse. In
New York City, where building activity is most
marked, the shortage of housing accommodation is
real and substantial, and until within, say, the last
twelve months, nothing very substantial has been ac­
complished towards affording relief. Here it is un­
questionably true that the failure during the war pe­
riod to provide the additional accommodation called
for by the growth of population has most emphatic­
ally not been overcome. At the present moment new
apartment houses in large numbers are springing up
in all the different boroughs; and in due course, no
doubt, sufficient room will be provided to satisfy
every need, with possibly an excess above the need,
immediate and prospective. But time will be essen­
tial to that end, and meanwhile the dearth of suffi­
cient housing accommodation will remain the con­
trolling factor in the situation. To stimulate the
construction of the additional apartments and build­
ings so urgently required, a law was passed in 1921
granting a large degree of exemption from taxation
for a period of 10 years to new building enterprises
and has been decidedly effective for that purpose.
The law would have expired April 1 of the present
year, but the 1922 Legislature before adjournment in
March extended the time for another period of 12
months, and Governor Miller has signed the bill and
the City Council has taken the necessary action to
make it applicable to this city.
These observations are necessary to an intelligent
consideration of the record of building statistics and
explain why building activity in 1921 maintained
(though not at all points) the high pace reached in
1920, notwithstanding the tremendous shrinkage and
great set-back in general trade. As in previous years,
our figures deal with the plans filed for new build­
ings and new work, with the estimated cost thereof,
and therefore cover contemplated outlay and not
work actually performed. The award of contracts usu­
ally follows some time subsequent to the filing of the
plans and not all plans filed are carried out. On the
other hand, the estimated cost is not infrequently ex­
ceeded. That would be the case especially in a pe­
riod of rising labor costs and ascending prices of ma­
terials such as existed up until 1921—high labor cost,
indeed, having continued throughout the whole of
the year 1921, though prices of materials were sub­
stantially lower in the last half of 1921 as to the gen­




1833

erality of items entering into new construction work.
Estimates of cost are also usually increased by the
addition of many extras during the course of con­
struction not included in the plans as originally
filed.
As in all recent years, our compilations for 1921
embrace 28G cities and include returns from every
State except Nevada and New Mexico. And we will
repeat what we have said in previous annual reviews,
namely that the reports have in nearly all cases been
obtained from official sources, though in some in­
stances we have had to rely upon private individuals
for the data, the absence of city ordinances providing
for the collection of the figures making that course
necessary. We find that for the whole 28G cities the
estimated outlay under the permits issued aggre­
gated for the calendar year 1921 §1,866,2G7,125, as
against a contemplated expenditure for the calendar
year 1920 (the highest total for any year in the coun­
try’s history up to that time) of $1,G07,157,291, and
comparing with §1,504,924,759 in the calendar year
1919, but contrasting with only §497,428,037 in 1918
and §820,9G1,718 in 1917, these being the years when
new construction work was restricted to purposes es­
sential to the conduct of the war.
Probably as between 1921 and 1920 the quantita­
tive increase is not fully represented by the increased
cost of §259,109,834, or 1G.1%, for, as already indi­
cated, construction costs were lower by reason of
lower material prices in 1921. But as compared with
earlier years and particularly the years preceding
the entry of the United States into the war, the situa­
tion is different. Though construction costs in 1921
were lower than for the same work in 1920 and a part
of 1919, they nevertheless ran very considerably in
excess of the costs in such previous active years as
191G, 1912 and 1909. Hence, it is open to question
whether even with the total contemplated expendi­
ture for 1921 so much in excess of that of previous
active years the new buildings projected ran substan­
tially above the best previous record.
Prior to the period of war suspension, the contem­
plated expenditures arrauged for by the cities in­
cluded in our tabulations did not in active years run
much in excess of 1,000 million dollars. In 1916, a
year of marked activity, with prices of material upon
a very much lower level, the same cities (or rather
except only one less in number) furnished a total of
approximately 1,140 million dollars. In 1912, an­
other active year, though with a smaller number of
cities reporting, the total was §1,027,515,183, and in
1909, with the number of cities included still smaller,
the aggregate was §1,013,785,972. As compared with
these heavy previous totals, the amount for 1921 at
§1,866,267,125 shows, of course, a large margin of ex­
cess, and yet it cannot be positively affirmed that to
1921 must be assigned first place for quantitative
record as well as money value, since costs are higher
in proportionate degree.
In the “Chronicle” of April 8 1922 we published
some figures on the cost of a home prepared by the
Chemical National Bank of this city. These gave the
cost of a two-story frame house, a two-story colonial
house and a two-story shingle house for 1914 and at
the peak in 1920 and again in March 1922. The re­
sults of the comparison were substantially the same
for each type of house at the three different periods.
Taking for illustration the case of the two-story
frame house, the figures show that for 1914 the cost
was §5,529. At the peak in 1920 the cost of the same

1834

house was $12,815, while for March 1922 it was $9,­
502, the latter an increase over 1914 of 71%, and we
are told by the author of the bank’s compilation that
“there have been no marked changes in material costs
or general construction costs since September 1921,
though there have been slight recessions in labor
costs.”
The figures just given relate to building operations
for the country as a whole. When we come to ana­
lyze the totals, we find some marked dissimilarities
as between the comparisons for the different sections
of the country and for the different cities. We have
seen that the increase in contemplated outlay for all
the cities combined in 1921 over 1920 was somewhat
in excess of $259,000,000. But New York City alone
contributes nearly $185,000,000 of the increase, leav­
ing for the cities outside of New York an increase of
only about $74,000,000, or less than 6%, the contem­
plated outlay for these outside cities having been $1,­
389,979,931 and for 1920 $1,316,328,349. Carrying
our subdivisions still further, we find that of the $74,­
000,000 increase at the outside cities, Chicago is re­
sponsible for $49,000,000, the projected work at that
point having run up from $76,173,150 in 1920 to
$125,004,510 in 1921, while nearly $23,000,000 more
of the increase is accounted for at Los Angeles, which
is having phenomenal growth, the latter’s contem­
plated outlay, after having run up from $28,253,619
in 1919 to $60,023,600 in 1920, having further in­
creased to $82,761,386 in 1921. Thus practically the
whole of the entire increase for the 286 cities in­
cluded in our tabulation is found in these three
cities. This emphasizes what has already been said
regarding the flow of population to the chief cities
and the part that this is playing in the demand for
additional housing and business accommodations,
for New York and Chicago are the largest two civic
centres in the country and Los Angeles is forging
ahead with marvelous rapidity.
In no other city does the projected outlay come
anywhere near the amounts recorded for any of these
three cities, or indeed does it come very close to the
$82,761,386 for Los Angeles, the closest approach be­
ing in the case of Detroit with projected expenditure
of $55,634,988. But the latter city has suffered a de­
cline on account of the set-back experienced in the
automobile trade, the $55,634,988 for 1921 compar­
ing with $77,737,165 in 1920 and $82,995,701 in
1919.
In compiling our tables the plan of former years
has been adhered to of giving the leading cities in
each State or section separately in classifying the re­
turns in groups according to their geographical loca­
tion. Greater New York heads the list. For the five
boroughs the operations for which plans were filed
in 1921 record a striking augmentation, as already
indicated, in amount as compared with 1920, the
grand total for 1921 standing at $476,287,194, as
against $290,828,942 for 1920, the increase thus be­
ing 63.4%. But comparatively little of this increase
is found in the Borough of Manhattan, where the
work projected in 1921 foots up $144,605,451, as com­
pared with $139,199,563 for 1920, the increase thus
being barely 4%. On the other hand, the projected
new work for the remaining four boroughs has con­
siderably more than doubled, the amount jumping
from $151,639,379 in 1920 to $331,681,743 in 1921. In
Brooklyn the amount for 1921 is $162,132,747,
against $80,931,166; for the Bronx $75,667,896,
against $22,324,741; for Queens Borough, $83,133,-




[V ol. 114.

THE CHRONICLE

933, against $42,650,472, and for Richmond Borough,
$10,747,167, against $5,723,000.
In decided contrast with the expansion at New
York, we have considerable contraction for the New
England group of cities. The total for the 63 cities
in this group is only $132,624,412, as against $163,­
373,197 for 1920. At Boston the amount is only $24,­
048,803, against $28,167,253, and for the other 32
cities in Massachusetts, $53,291,803, against $63,966-­
580. In Connecticut the amount for New Haven is
$6,487,808, against $5,134,343, but at Hartford it is
$7,827,216, against $19,925,309, and at 20 other cities
$20,744,175, against $28,356,776. Rhode Island has
a better record, with $13,947,100 at Providence,
against $10,084,200 and $3,224,398 at three other
Rhode Island cities, against $2,996,370.
In the Middle States, 60 cities show contemplated
expenditures of $311,951,999 for 1921, against $283,­
648,736 for 1920. This is, of course, exclusive of New
York City, already separately referred to. Buffalo
and Rochester both show substantial gains, due, no
doubt, to the stimulus given by the tax exemption
law, and so do the other cities within the State. In
New Jersey the amounts run closely parallel with the
previous year, but in Pennsylvania, Philadelphia
shows a greatly diminished total, as also do most of
the other cities in that State with the conspicuous ex­
ception of Pittsburgh. Baltimore has a large in­
crease and the West Virginia cities also run far
ahead of the 1920 total, but Washington registers a
trifling decrease.
For the Middle West, 53 cities show a total of
$409,915,288, against $399,177,360, but the whole of
this increase twice over is supplied by Chicago, al­
ready commented upon above. In Ohio, Cincinnati
has a somewhat better total than in the previous
year, but the other Ohio cities run heavily behind.
The Wisconsin cities make a good record, while the
Michigan cities suffer a decrease, the loss at Detroit
having already been noted.
In the “other Western” group of 38 cities the
amount for 1921 is $142,294,573, as against $129,768,­
099 for 1920. The feature here is the expansion at
the Twin Cities, Minneapolis and St. Paul, except for
which this group would record a loss. Denver, Kan­
sas City and one or two other places also improved
on their totals for 1920.
For the Pacific Group the comparison is $206,766,­
226, against $173,811,252, and the part played by Los
Angeles in the increase here has already been pointed
out. Oakland, Cal., and Portland, Ore., however,
also make favorable comparisons.
The record for 48 cities in the South is $193,859,­
565, as against $172,549,705 for 1920. Texas and cer­
tain Georgia and Florida points supply the greater
part of the increase and Richmond, Va., where a
large Federal Reserve Bank building begun in 1919
was completed in 1921, also makes a favorable com­
parison. Without further particularization, we now
append our table showing the building expenditures
projected during each of the last four years, our plan
being to give first the leading cities in eacli State and
then the totals for the remaining cities in such
States. The table is as follows:
U N I T E D S T A T E S B U IL D I N G O P E R A T IO N S .
N e w Y o rk —

1921.

1920.

Inc.o rD ec.

1919.

7 5 ,607,896
162,132,747
83,1 3 3 ,9 3 3
10,747,107

139.199,563
2 2 ,324,741
80,9 3 1 ,1 6 0
42.0 5 0 ,4 7 2
5 ,7 2 3 ,0 6 0

+ 3 . 9 10fi,773,373
+ 2 3 8 .9 2 3 ,3 8 3 ,7 9 9
+ 1 0 0 .3 7 7 ,4 8 5 ,0 7 9
+ 9 4 .9 4 9 ,1 2 2 017
+ 8 8 .1
4,734,721

1918.
S
17,697,050
5,207,320
2 3 ,234,539
0 ,822.205
3,538,781

476,287,194

290,8 2 8 ,9 4 2

+ 6 3 .4

56,500,495

s

M a h a tta n ...........

144.fi05.451

B r o n x ......................
B r o o k ly n ..................
O u o c n s ....................
R ic h m o n d .......... __
T o ta l N. Y. C i t y . ..

S

%

S

261,5*0,189

A pril 29 1922.]

THE CHRONICLE
1,892,121

%

1,164,866
300,0 0 0
24.048,80 3
53,291,803
7,827,21 6
0 ,4 8 7 ,8 0 8
20,744,17 5
13.497,100
3,224,39 8

132,624,412

+ 7.7

1918.
t
7 51,562

2 ,6 1 2 ,7 9 5
237,450
28 ,1 6 7 ,2 5 3
6 3 ,9 6 6 ,5 8 0
1 9 ,9 25,309
5,13 4 ,3 4 3
2 8 ,3 5 6 ,7 7 6
10,084,200
2 ,9 9 6 ,3 7 0

— 5 5.4
+ 2 6 ;3
— 14.6
— 16.7
— 6 0 .7
+ 26 .4
— 26 ,8
+ 38.3
+ 7.6

1,7 8 4 ,8 1 5
3 93,200
2 3 ,5 2 0 ,8 5 5
6 0 ,7 7 3 ,4 4 8
8,35 1 ,5 2 1
8 ,9 1 0 ,9 1 7
2 6 ,4 9 5 ,8 7 0
8 ,3 0 9 ,1 0 0
2 ,7 7 5 ,8 2 0

3 17,462
187,050
7 ,7 0 2 .1 9 0
20,843,261
2 ,2 5 4 ,9 8 3
3,21 9 ,5 5 8
12,695,270
4 ,9 8 6 .0 0 0
1,128,067

163,373,197

— 18.8

143,714,846

18,642,000
13,121,000 + 4 2 .0
15,940,815
9 ,9 5 1 ,8 1 3 + 6 0 .1
38,059,51 5 ’ 3 2 ,4 3 2 ,8 3 9 + 17.4
20,771,20 5
20 ,5 7 6 ,6 9 5
+ 0 .9
6 7,716,44 0
5 7 ,5 12,579
+ 0 .4
4 2,790,78 0
5 5 ,3 0 5 ,3 9 0 — 2 2 .6
2 3,429,74 4
1 6,048,058 + 45.6
2 1,054.97 3
2 2 ,4 8 8 ,1 7 0
— 3 .7
2,236 ,7 1 0
3 ,840,531 — 4 1 .8
33,247,72 6
2 4 ,5 3 5 ,6 9 2 + 35.5
1,853,21 9
2 ,6 4 7 ,4 1 0 — 30 .0
18,999.926
19,706,296
— 3 .6
16.608,946
5,48 2 ,2 0 3 + 193.5

1 3 ,0 33,000
9 ,6 4 1 ,5 7 9
2 8 ,9 1 3 ,7 5 3
2 0 ,8 9 0 ,1 8 7
40,564,581
6 5 ,0 8 8 ,7 5 0
14,731,616
19 ,4 9 8 ,5 2 0
5 ,9 1 1 ,8 5 9
26 ,7 6 8 ,8 8 4
4 ,2 2 1 ,9 0 0
2 0 ,4 0 2 ,2 9 2
4 ,5 1 4 ,5 9 4

5 4 ,0 8 5 ,4 0 3
7 ,0 1 4 ,0 3 0
1 ,949,551
10,379,301
5,3 2 0 ,8 3 3
2 1 ,5 4 5 ,8 2 8
15,452,670
7 ,7 8 1 ,7 2 9
7 ,0 3 3 ,3 4 9
3 ,0 1 8 ,1 4 9
4 ,6 4 4 ,3 7 3
6 7,250
7,13 6 ,8 1 8
2 ,3 2 1 ,4 0 8

Total Middle

(6 0 ).
O hio— C le v e la n d ___
C in c in n a ti_______
C o lu m b u s _______
O th e r 14 c i t i e s . . .
In d ia n a — I n d la n a p 's
O th e r 8 c itie s ____
Illinois— C h ic a g o _
_
O th e r 11 c i t i e s . . .
M ic h ig a n — D e t r o i t .
O th e r 6 c itie s ____
W ise.— M ilw a u k e e .
O th e r 4 c itie s ____
K y .— L o u is v ille ___
O th e r 2 c itie s ____

311,951,999 283 ,6 4 8 ,7 3 6
46,531,32 3
6 5 ,6 2 5 ,8 3 0
12,542,000
11,684,837
9,265 ,1 1 0
10,257,170
4 9 ,0 7 1 ,4 5 0
5 6 ,9 8 5 ,6 4 5
16,872,240
1 5,284,119
18,815,769
17 ,2 9 1 ,3 9 0
125,004,510
76 ,1 7 3 ,1 5 0
25,080,313
14,308,804
5 5,634,98 8
7 7 ,7 37,165
15,151,983
17,406,353
19,416,692
14 ,9 1 0 ,9 5 0
6,528 ,8 8 7
4 ,2 7 4 ,4 0 0
7 ,428,30 0
8 ,0 2 2 ,1 5 2
2,571.72 3
2 ,6 1 5 ,3 9 5

+ 9.9 274,181,515
— 29 .1
4 6 ,2 1 4 ,1 7 5
+ 7.3
1 0 ,9 23,750
— 9.7
6 ,3 4 5 ,7 6 0
— 13.9
81,730,311
+ 10.4
12,794,556
+ 8 .8
1 8 ,2 47,329
+ 6 4 .1 104 ,1 9 8 ,8 5 0
+ 75.2
2 1 ,1 80,792
— 28.4
82 ,9 9 5 ,7 0 1
— 13.0
1 4 ,9 98,977
+ 30.2
20 ,0 0 2 ,1 9 3
+ 5 2.7
3 ,8 2 8 ,9 0 2
— 13.9
4 ,1 4 0 ,7 1 5
— 1.7
1,571,965

9 3 ,6 65.289
16,386,360
4,57 8 ,8 3 3
3 ,3 0 0 ,2 2 0
2 3 ,0 1 5 + 4 0
4 ,5 5 7 ,6 6 7
0!803,254
35 ,1 3 1 ,1 5 0
4 ,6 9 3 ,5 9 6
18,20 f 707
4.1 8 3 ,7 4 2
4 ,7 9 0 ,7 5 0
2,0 8 3 .9 2 7
1,99 0 ,3 0 8
'5 4 9 + 5 7

Tot. Mid. West (53)

409,915,28 8
16,631,305
16,025,225
1,477,256
2 3 ,3 9 1 ,6 3 0
14,362,181
4 ,418,46 4
11,385,200
1.715,932
7,432,687
4,837,88 9
3 ,4 0 3 ,9 9 0
12,193.979
10,137,225
1,760,466
1,236,475
2 ,038,519
3 ,436,985
1,177,102
1,097,317
550,000
684,581
2.9 0 0 .1 6 5

3 9 3 ,177,360
17,694,078
13,760,295
1,201,169
13,469,564
12,276,166
7,78 9 ,1 7 3
11,435,970
2 ,1 1 0 ,5 4 5
3,807,281
3 ,659,791
4 ,0 9 1 ,2 2 9
10,708,399
7 ,5 4 9 ,0 2 0
1,563,135
2,034,211
2 ,6 1 3 ,0 4 0
3 ,8 3 9 ,3 5 3
1,081,935
1,338,084
860 ,4 9 5
1,169,177
5,7 1 5 ,6 8 9

+ 4 . 2 4 2 9 ,233,976
20 ,5 3 8 ,4 6 0
— 6.1
13,164,060
+ 16.5
+ 2 2 .9
1,45 9 ,2 4 0
1 7,309,160
+ 73.7
19,258,734
+ 16.9
5 ,9 2 2 ,9 4 7
— 43.3
— 0.4
9 ,0 2 2 ,6 4 7
2,05 2 ,4 5 2
— 18.7
4,8 4 9 ,8 3 1
+ 95.2
3 ,2 7 0 ,0 6 0
+ 32.2
5,22 1 ,8 8 5
— 16.8
— 13.9
14,790,776
6 ,7 7 9 ,8 8 0
+ 34 .2
1 ,001,445
+ 12.6
— 3 9 .3
2,22 6 ,7 4 7
— 22 .0
1,857,634
— 10.5
4 ,0 5 9 ,3 2 0
+ 8 .8
1,5 6 2 ,6 6 0
— 18.0
2 ,0 1 8 ,4 9 7
— 36.1
1 ,300,000
— 4 1 .5
210.000
— 4 9 .2
3 ,2 4 4 ,2 0 4

130,266,511
0 ,352,582
5 ,6 6 6 ,9 9 5
652,047
5 ,4 6 5 ,7 4 0
10,152,705
2,783,861
3,608,054
758.572
3,065,521
1,477,696
4,10 0 ,5 6 3
6 ,6 0 2 .0 6 0
2 ,5 9 5 ,8 9 0
537.067
8 57,195
9 23.080
2 ,3 1 0 .0 1 5
5 00,000
8 52,723
182,994
3 20,000
1.2 5 3 ,3 4 0

142,294,573
22,244,672
82.761,386
15,791,616
47,8 4 9 ,2 2 5
17,225,576
1,143,570
12,862,425
2,124,037
4,763 ,7 1 9

129,768,099
2 6 ,7 2 9 ,9 9 2
6 0 ,0 2 3 ,6 0 0
9 ,4 8 9 ,9 0 6
41 ,0 3 1 ,0 9 4
12,088,506
1,182,140
13,760,090
3,03 1 ,7 0 4
6 ,4 7 4 ,2 2 0

+ 9 .7
— 16.8
+ 3 7.9
+ 6 6 .3
+ 16.6
+ 4 2 .5
— 3 .3
— 6 .5
— 30 .0
— 26 .4

141,120,539
15,163,242
2 8 ,2 5 3 ,6 1 9
7 .1 3 4 ,5 7 2
2 4 ,1 9 3 ,5 2 6
9 .8 4 0 ,7 2 5
6 35,050
1 5 ,6 15,010
1 ,6 8 9 ,9 2 8
4 ,3 8 1 ,2 5 2

6 1 ,0 84,700

173,811,252 + 18.9
6 ,9 1 9 ,2 7 8 + 3 4 .3
9,63 2 ,0 5 3 — 4 7.8
2 ,0 4 7 ,6 1 0 + 36 .0
2 ,5 8 9 ,1 1 0
— 9.1
6 ,7 6 0 ,4 5 2 + 3 3 .9
3,25 7 ,3 4 7 — 11.1
13,372,666 — 16.0
7,31 8 ,5 8 2 + 2 3 2 .0
4 ,4 7 6 ,7 6 0 + 20 .9
6 ,5 6 8 ,1 1 0 + 56.2
4 ,3 8 4 ,2 2 9 + 4 9 .5
1,203,475
— 7.5
1.016,440 — 3 3.4
1 2 ,5 98,468 — 36.2
6 ,1 7 0 ,1 4 9 — 32.6
13 ,5 9 5 ,1 5 7 + 10.3
1 0 ,3 73,229 — 5 5.6
19,243,141
+ 4 3 .9
3 .7 2 7 ,7 3 2
— 2 .9
1,071,178
— 7.3
9 ,6 4 8 ,5 4 7 — 24.1
12,220,066 + 11.0
6 ,7 1 5 ,1 8 3 + 3 9 .6
7,6 3 4 ,7 4 3 + 11.1

106,906,924
8 ,7 7 0 ,4 5 2
7 ,8 5 2 ,9 4 4
1,807^280
1,19 0 ,0 0 4
5 ,0 4 6 ,3 5 9
2 ,0 4 0 ,0 7 5
10 .4 4 2 ,7 3 9
4 ,2 7 8 + 2 4
3 ,2 6 4 ,2 1 5
3,455,4013,929^822
1 ,2 5 + 0 7 1
564 |6 3 3
5 ,2 4 9 ,0 9 2
4 ,0 3 5 | 188
1 3 + 6 4 ,0 0 0
1 8 ,6 5 7 + 5 4
1 5 !0 7 l!lfl8
2 ,6 0 1 ,7 6 8

5 6 ,3 11,928

M isso u ri— S t. L ouis
K a n s a s C i t y _____
O th e r 2 c itie s ____
M in n .— M in n e a p o lis
S t. P a u l__________
O th e r 2 c itie s ____
N e b ra s k a — O m a h a .
L incoln ________
K a n s a s — W ic h ita . .
O th e r 4 c itie s ____
Io w a — D es M o in e s .
O th e r 6 c itie s ____
C olorado— D e n v e r .
O th e r 2 c itie s ____
8 . D .— Sioux F a l l s . .
N . D .— 3 c itie s . .
U ta h — S a lt L a k e C 'y
O g d o n _________
M o n ta n a — 3 c it i e s . .
I d a h o — B o ise ...........
W y o .— C h e y e n n e . .
A rizona— 2 c lt l o s . . .
T o t . o t h . W e s t (38)

C a lif.— S a n F r a n _
_
Los A ngeles..........
O a k la n d ........ . .
O th e r 12 c i t i e s . . .
O regon— P o r tla n d . .
O th e r 2 c itie s ____
W ash in g to n — S e a ttle
S pokano .................
O th e r 3 c itie s ____

Total Pacific (23).

206,766,226
9,292,879
V irginia—-R ichm ond
5,030,168
N o rfo lk __________
2 ,784,899
O th e r 2 c itie s -----2,353,808
N . O .— C h a r lo t t o ..
9,057,072
O th e r 6 c itie s ____
2,897 ,4 8 0
S o u th C a ro .— 2 cities
11,236,776
G e o rg ia —-A tla n ta . .
24,298,888
O th e r 3 c itie s -----5,415,800
F lo rid a — M ia m i____
10.260,465
O th e r 3 c itie s ____
0,556.101
A la .—- B irm in g h a m .
1,113,644
O th e r 2 c itie s ____
677,582
M ississippi— 2 c ities
8,0 4 3 ,1 5 9
Louisiana—N e w O rl.
4,155,762
O th e r 2 c itie s ____
15.000,208
T e x a s— D a l la s _____
4,002,962
F o r t W o rth ______
2 7 ,699,517
O th e r 6 c itie s ____
3,620,638
A rk .—-L ittle R o c k . .
O th e r 1 c it y _____
993,396
7,330,340
O k la h o m a — 'T u l s a . .
13,577,097
O th e r 4 c itie s ___
9,377,025
T e n n .— M e m p h is . .
O th e r 3 c itie s ____
8 ,483,899

9.474 443
10 823 55rt
7 ,518 950
6 ,9 8 6 ,6 7 9

3,4771278

1 ,667 730
]2 267 887

284
273
235
235
223
206
...

N e w Y ork.

200

T o ta l, 16 y e a rs ___

$ 3 ,4 1 3 ,5 1 1 ,6 2 7

L o s A n g e le s .

1 9 2 1 ............... $ 8 2 ,7 6 1 ,3 8 6
1920 _______
60 ,0 2 3 ,6 0 0
1 9 1 9 _______
2 8 ,2 5 3 ,6 1 9
1918 ...............
8 ,6 7 8 .8 6 2
1 9 1 7 _______
1 6 ,9 32,082
1 9 1 6 _______
15,036,045
1 9 1 5 ............... 11,888,662

O u tsid e C itie s .

$ 4 7 6 ,2 8 7 ,1 9 4
2 9 0 ,8 2 8 ,9 4 2
9rti
ir q
5 6 ,5 0 0 495
103 0 6 8 ,7 9 8
2 2 1 ,2 9 3 ,9 7 4
1 t 6 QA 44>U
X79 ,5X40, 79fl
1 Qfi I I OAA
AOO, XK•J.ZrOO
IrtO 049
900 ,o u x , OUo
* * o ftfll ono
04)4) *?9^ 9 CQ
< \JU, o £ O,< OO
5
5
9 7
* A o jq C 17
0,0*4 0,0 1 4
2 7 3 ,1 0 8 ,0 3 0
774 7 ^7 ,oxy
w t , /0 / A 1 O
1 9 7 ,6 1 8 ,7 1 5
2 4 1 ,0 6 4 ,4 5 8

$ 1 3 ,1 4 8 ,7 1 1 ,0 6 5

C h ica g o .

$ 1 2 5,004,510
7 6 ,1 73,150
104 ,1 9 8 ,8 5 0
35 ,1 3 1 ,1 5 0
64 ,1 8 8 ,7 5 0
112,835,150
97 ,2 9 1 ,4 8 0

T o ta l A l l .

$ 1 ,3 8 9 ,9 7 9 ,9 3 1
1 *?1A ROQ Q4Q
X,oXO,i5«o,o‘*U
1 94Q 4 9 A *;7H
44H Q97 ^49
717 RQ9 09H
9 1 9 ,3 3 9 ,4 4 6
7 C0 ,y y 1 ,oou
/o o 001 Ron
7*o 7<?n 9*;8
4 OO, 4 00,60O
0 70 non 970
OlO,U4y,6 4 0
7y o ,y iio ,o / o
/ qq o l C7*;
7A9 174 QCn
7 0 0 QAQ 1loo
/Oo,oOo, Cl
740 ,6 7 7 ,9 4 2
CCC QO/f OKI)
000,069,606
6 0 4 ,6 7 1 ,7 3 5
56 4 ,4 8 6 ,8 2 3

$ 1 ,8 6 6 ,2 6 7 ,1 2 5
1, o u i , 1o / , 6 yx
i AH7 i £7 9Q1
1 enx QOA / (C
O
1 ,o iw ,y 6 9 , 7 oy
4Q7 ,46o,U 0/
*4*7/ 49R CW7
Qon Ji> 1 71 fi
0 6 U, OA7 ,( 1 0
1 ,1 4 0 ,6 3 3 ,4 2 0
QQi,y o 7 ,o o o
y o 1 097 900
CQ1 0 4 c K94
o y i,O 4 0 ,0 6 4
QOO 071 ,0 0 0
you,y< 1 KfiQ
1 097 £1 K I OO
I,U<5 4,0 IO, 10 Q
QA9 400 AAQ
y o j,4 y y ,o o o
077 91 A COO
y77,6lo,oU0
1,0 1 3 ,7 8 5 ,972
790 OQ1 071
/oU,Uol,o71

802 ,2 9 0 ,451
805 ,5 5 1 ,281
$ 1 6 ,5 6 2 ,2 2 2 ,6 9 2

L o s A n g e le s .

1 9 1 4 ............. $ 1 7 ,3 6 1 ,9 2 5
1 9 1 3 ...............
3 1,641,921
1 9 1 2 ______
3 1 ,3 6 7 ,9 9 5
1 9 1 1 .............
2 3 ,0 0 4 ,1 8 5
1 9 1 0 ................ 2 1 ,6 8 4 ,1 0 0
1909 _______
13 ,2 6 0 ,7 0 3

C h ic a g o .

$ 8 3 ,6 5 1 ,6 1 0
8 9 ,5 2 1 ,9 7 0
8 8 ,1 9 8 ,5 0 0
1 0 5 ,2 6 9 ,7 00
9 6 ,9 3 2 ,7 0 0
9 0 ,5 5 9 ,5 8 0

We have also again compiled the statistics for the
Dominion of Canada and here the chief feature is the
subsidence of the revival in building activity noticed
in Western Canada and a further expansion in the
projected expenditure at the Eastern cities in the Do­
minion. The further gain in the East, however, is by
no means general. For the 38 cities, the aggregate
cost embraced in the plans filed in 1921 was $93,248,­
602, against $84,054,703 in 1920 and $77,887,158 for
1919. Montreal, however, supplies the bulk of this
increase, though the smaller cities in the Province of
Ontaria also show substantial gains. On the other
hand, the work laid out in the 18 Western cities was
$18,378,161 in 1921, against $30,526,585 in 1920 and
$14,918,081 in 1919. For Canada as a whole, there­
fore, the amount stands at $111,626,823 in 1921,
against $114,581,288 in 1920 and $92,805,839 in 1919.
Our detailed statement for the Dominion is as fol­
lows :
C A N A D IA N B U IL D I N G O P E R A T IO N S .
1921.
1 9 20.
I n c .o r D e c .
1919.
$
$
%
$
Q uebec— M o n tre a l .
21 ,3 1 0 ,4 7 2
1 4 ,0 6 7 ,6 0 9 + 51.4
1 2 ,7 43,480
Q u e b e c __________
3 ,6 9 3 ,3 9 7
2 ,3 0 1 ,4 8 0 + 60 .4
2 ,1 3 4 ,2 1 9
O th e r 4 c itie s ____
4 ,5 3 4 ,3 2 8
5 ,6 4 5 ,4 2 8 — 19.7
3 ,455,371
O n ta rio — T o r o n t o . .
2 3 ,8 7 8 .2 4 0
2 5 ,7 4 8 ,7 3 2
— 7.3
1 9,797.026
H a m i l t o n ...............
4 .6 3 9 .4 5 0
4 ,3 2 1 .4 2 0
+ 7.4
5 .0 2 9 ,1 3 5
O t t a w a ....................
3 ,2 3 2 ,3 2 2
3 ,3 6 7 ,5 5 7
— 4 .0
31179,437
O th e r 25 c i t i e s . . .
2 7 ,9 4 5 ,3 0 3
2 1 ,2 7 4 ,9 5 6 + 3 1 .4
2 2 ,9 2 9 .4 2 8
2 ,1 7 9 ,8 0 9
N o v a S c o tia — H a lifa x
3 ,4 1 1 ,3 4 1 — 36.1
5 ,1 9 4 ,8 0 5
S y d n e y __________
556,813
911,882 — 3 9 .0
703,741
N ew B ru n s .— 2 cities
1 ,278,528
3 ,0 0 4 ,2 9 8 — 5 7 .0
2,7 2 0 ,5 1 6
M a n ito b a — W in n ip e g
O th e r 2 c itie s ____
A lb e rta — C a lg a ry . .
E d m o n t o n ______
O th e r 2 c itie s ____
S a s k .— R e g in a _____
S a s k a to o n _______
O th e r 5 c itie s ___
B ritish C o lu m b ia —
V a n c o u v e r ______
V ic to ria __________
O th e r 2 c itie s ____

Tot.West(18 cities)
T o t a l a ll (56 c it i e s )

1918.
S
4 ,8 8 2 ,8 7 3
9 0 4 ,3 7 5
1 ,198,211
8 ,5 3 5 ,3 3 1
2 ,4 0 2 ,2 5 4
2 ,6 3 5 .6 1 2
9 ,7 7 2 ,4 3 2
2 ,8 1 6 ,8 5 2
4 12,073
5 0 9 ,6 3 8

93 ,2 4 8 .6 6 2
3 ,5 8 0 .4 0 0
1,121,333
3 ,5 0 0 ,0 0 0
1,56 3 ,6 9 6
30 7 ,9 5 0
1 ,6 9 9 .0 2 0
774,660
1 ,2 8 9 ,0 4 5

8 4 ,0 5 4 ,7 0 3
8 ,3 6 7 ,2 5 0
877 ,1 1 9
2 ,9 0 6 ,1 0 0
3 ,2 3 1 ,9 5 5
291,681
2 ,6 0 3 .3 2 0
1,90 0 ,0 0 0
4 ,8 1 2 ,6 0 6

+ 8 .9
— 57 .3
+ 27 .8
+ 2 0 .4
— 51 .6
+ 5.6
— 34 .7
— 5.9 2
— 73.2

7 7 ,8 8 7 ,1 5 8
2 ,9 4 2 ,0 0 0
457,431
2 ,2 1 1 ,1 0 0
926 ,3 4 6
416 ,2 5 3
1,69 9 ,0 2 0
1 ,4 0 4 ,5 9 0
1,44 9 ,0 2 6

34,139,651
2 ,0 5 0 ,6 5 0
363 ,9 8 7
1,19 7 ,1 0 0
351 ,5 1 9
3 35,000
1 ,006,000
60 4 ,6 7 5
7 90,310

3 ,0 0 0 ,0 0 0
977+67
564 ,8 9 0

3 ,7 0 9 ,8 7 3
1,207,572
6 1 9 ,1 0 9

— 19.1
— 19.1

2 ,271,361
466,141
675 ,4 1 3

1,44 0 ,3 8 4
289 ,7 6 0
214,601

18,378,161
111,626,823

30,526,585
114,581,288

— 39.8

14,918,681
92 ,8 0 5 ,8 3 9

8 ,6 4 4 ,5 3 0
42 ,7 3 4 ,1 8 1

—8.8

—2.6

70S 208

1 61)1 078
1 ,3 6 3 + 2 6

Tot. Southern (48) 193,859,565 172,549,705 +12.4 148,266,770 45,513,711
Tot. all (286 cities) 1,866.267.125 1607,157,291 + 16.1 1504,924,759 497,428,037
O u ts ld o N e w Y o r k . . 1,389.979.931 1316,328,349
+ 5.5 1243,424,570 440,927,542

A further point of interest is the ratio of outlay in
this city in relation to that for the whole country.
Only 15 years ago the building operations in this city
formed fully 30% of that for the whole country. But
gradually the ratio declined until this city’s ratio in
1918 got down to 11.3%. Now the city is again
forging ahead, though even after the increase in 1921
the percentage for that year is only slightly above
25%. It must be admitted that some of the augmen­
tation shown for the outside cities, especially be­
tween 1906 and 1913, is to be ascribed to the increase
in the number of cities from which we have been col­
lecting returns. At the same time, however, popula­
tion has grown rapidly in many of the newer com­
munities and in that is to be found the chief explana­
tion of the expansion in construction work.




N o.
C itie s .

Y ea r —
1 9 2 1 ..................
1920 _____
1 9 1 9 _____
1 9 1 8 ...........
1 9 1 7 .............
1 9 1 6 ____
1 9 1 5 .............
1914 ......................
1913 ....................
1912 ......................
1911 .................
1 9 1 0 ..................
1909 ..................
1908 ___________

Total East (38 cities)

1 360 876
1 238*720
1 767 846
E 5 7 2 714
336 017

1835

1
1
1
1
1
1
1
1
1
1
1
1
1
1

N ew E n g . (63)

N ew Y o r k — B uffalo
R o c h e s te r ................
O th e r 14 c i t i e s . . .
N ow J e r .—-N e w a rk .
O th e r 20 c i t i e s . . .
P e n n a .— P h lla d e l’Ia
P i t t s b u r g h ______
O th e r 13 c i t i e s . . .
D ela w a re — W llm ’t ’n
M a ry l’d— B a ltim o re
O th e r 2 c itie s ____
D . C .— W a sh in g to n
W e st V a .— 3 c it i e s ..

2,038,2 4 3

1919.
S
2 ,3 9 9 ,3 0 0

s s
§ 3

Tot.

I n c .o r D e c .

%

M a in e — 2 c itie s ____
N e w H a m p s h ire —
M a n c h e s t e r _____
V e rm o n t— B u rlln g ’n
M a s s .— B o sto n .
O th e r 32 c i t i e s . . .
C o n n .— H a r tf o r d . . .
N e w H a v e n _____
O th e r 20 c i t i e s . . .
R . I . — P r o v id e n c e ..
O th e r 3 c itie s ____

1920.

1
1
1
1
1
1
1
1
■
1
1
1
1
1

1921.

STATE AND FEDERAL JURISDICTIONS.
One wrong is now made right by a recent decision
of the Supreme Court, relating to inter-State commerce and the power of a State over corporations of
other States. To escape local prejudice, insurance
companies have long sought to remove cases brought
against them to the Federal courts, and a number
of States have forbidden this removal, on penalty
of revocation of license to do business or of fines be­
sides. In the case just decided, however, insurance
companies were not directly concerned. The Burke
Construction Company, a Missouri corporation, hav­
ing a license in Arkansas under a law of that State,
became defendant in an action and sought to re­
move the case to Federal jurisdiction. In so doing,
the corporation came in conflict with the Arkansas
law of May 13, 1907, providing that “if any com­
pany,” without consent of the other party to any
suit brought against it in any court of the State, re­
moves the suit to any Federal court, or if it insti­
tutes in any Federal court any proceeding against

1836

THE CHRONICLE

any citizen of Arkansas, tlie Secretary of State shall
revoke its license to do business and shall publish
the revocation, and a fine of not less than $1,000
shall be levied for each day of continuing business
thereafter. The Construction company disregarded
this prohibition, and the action of the Arkansas of­
ficer against it came to the Supreme Court on ap­
peal from the Federal District Court in Arkansas.
Violation of the Arkansas statute was not denied,
but the company contended that the statute con­
flicts with the clause of the Federal Constitution
which establishes jurisdiction of the courts of the
United States and of that portion of the Fourteenth
Amendment which guarantees equal protection of
the laws, the privilege of doing business in Arkan­
sas being declared a valuable one.
Many insurance cases have arisen over the State
statutes which forbid transfer of cases to the Fed­
eral courts, and those statutes have been sustained
in a number of instances, even by the Supreme
Court, which has now reversed itself. “The princi­
ple,” said Chief Justice Taft, is that while a State
may impose conditions upon a foreign corporation
which seeks to operate within it, “it may not exact
a waiver of the exercise of its constitutional right to
resort to the Federal courts, or thereafter withdraw
the privilege of doing business because of its exer­
cise of such right, whether waived in advance or
not.” Further said Chief Justice Taft:
“The principle does not depend for its application
on the character of the business the corporation
does, whether State or inter-State, although that
has been suggested as a distinction in some cases.
It rests on the ground that the Federal Constitution
confers upon citizens of one State the right to resort
to Federal courts in another, and that State action,
whether legislative or executive, necessarily calcu­
lated to curtail the free exercise of the right thus se­
cured, is void because the sovereign power of a State
in excluding foreign corporations, as in the exercise
of all others of its sovereign powers, is subject to
the limitations of the supreme fundamental law. It
follows that the cases of Doyle v. Continental Insur­
ance Company, 94 U. S. 535, and Security Mutual v.
Prewitt, 202 U. S. 248, must be considered as over­
ruled, and that the views of the minority judges in
those cases have become those of this Court.”
Comment upon this decision runs along two lines.
In the first place, it is inherently right as tending
to establish justice; there is no reason why the plain­
tiff in an action against a “foreign” insurance com­
pany or other corporation need apprehend unfair
treatment in a Federal court, though in another
State, for Federal courts have shown no more bias
towards corporations than other courts have shown,
which is indeed very little; on the other hand, there
is a decided and not wholly avoidable local feeling
in favor of the plaintiff and against the outsider.
An example of prejudice is the difficulty insurance
companies have found in securing conviction in ar­
son cases, even where the evidence was fairly clear,
in the feeling in the jury room that if the accused is
convicted the insurance company will get off with­
out paying, after having received premiums; this
has been reported so often, and so accords with hu­
man nature, that its existence cannot be quite de­
nied. The other comment is that the relations and
limitations of State powers in respect to inter-State
commerce (here giving to the term “commerce” its
widest meaning) are once more passed upon. The
sovereign power of a State in excluding outside cor­




[V ol. 114.

porations, “as in the exercise of its other sovereign
powers,” is subject to the limitations of “the su­
preme fundamental law.” Observe that here is the
clearest possible declaration that all State sover­
eignty has limitations, and that there is a “supreme
fundamental law,” the Constitution which rests
upon the country from ocean to ocean and itself de­
clares that it and the laws made under it shall be
“the supreme law of the land” and that all judges
in every State shall be bound thereby, notwithstand­
ing the constitution or laws of any State. That is
to say, the United States “is” a nation, and if it is
to continue one it must act in every one of its parts
as a nation. Our Supreme Court, like other courts,
is always fallible and not always consistent ; yet we
must reconcile the fallacies and the inconsistencies
as best we can.
THE NEW CAPITAL FLOTATIONS DURING MARCH
AND SINCE JANUARY 1.
Continuing the practice begun in our issue of March 26
1921, and kept up regularly since then, of presenting monthly
compilations showing the now capital flotations in tho
United States, we give to-day, in tablos further below, tho
figures for tho month of March. As previously explained,
these compilations aro intended to furnish a. summary of
corporate, municipal and foroign Government financing as
represented by the now stock and bond issues brought out
oach month. %
During March tho now financing was again of largo pro­
portions—indeed, it might be said of huge proportions.
The aggregate of the new issues brought out was no less
than $557,257,979, which exceeds even tho total of $551,­
576,349 recorded last December (1921) heretofore tho record.
And the striking featuro about the March oxhibit is that tho
new offerings are found to have beon heavy undor all tho
leading heads.— “Corporate,” “Foroign Government,”
“Municipal” and “Canadian.” Tho municipal issues wore
not of tho extraordinary proportions as thoso put out last
December but were nevertheless vory largo, being about
doublo tho amount of March in other recont years.
Comparison of tho figures with corresponding totals in
1921, 1920 and 1919 furnishes an idea of tho magnitude
of tho now financing in all divisions. Tho corpoi’ate offer­
ings in March this year reached $310,575,662; in March
1921, only $134,430,090; in March 1920, $303,435,930,
and in March 1919, $100,579,400.
Tho Foreign Govern­
ment issues floated during tho month in 1922 wore $77,­
000,000, against $10,000,000 in 1921 and nothing in 1920
or 1919. Federal Farm Loan issues woro $10,550,000 tho
present year in March, against nothing in 1921 and 1920,
and only $1,500,000 in 1919. States and municipalities
in this country floated no less than $117,146,317 of new
obligations which compares with $49,953,747 in tho month
last year, $58,218,298 in 1920, and $50,221,395 in March
1919. Besides this $36,986,000 of Canadian provincial
and municipal issues wero floated in the United States,
which compares with but $3,500,000 in 1921; $5,000,000
in 1920, and nothing in 1919. Tho grand aggrogato of
new issues under all tho different heads at $557,257,979
for March 1922, compares with no more than $198,383,837
for March 1921, with $366,654,228 for March 1920 and
with $152,300,795 in 1919.
Tho largest corporation offering of tho month was $45,­
000,000 Sinclair Consolidated Oil Corporation 1st Lion
Collateral 7s, 1947. This issue was sold at 98, to yield
about 7.25%. Thero were two other rather largo pieces
of industrial financing consisting of $16,500,000 WillysOverland Company 7s, duo December 1 1923, which wero
taken privately by bankers and $10,000,000 Framorican
Industrial Dovelopmont!Corporation (subsidiary of Schnoidor

THE CHRONICLE

A pril 29 1922.]

ot Cie, tho French Steel concern) 7 %% Debentures duo
1942, offered at 99, to yield about 7.60%.
A number of important railroad issues were placed on
tho market in March, the largest being $30,000,000 ParisLyons-Mediterranean RR. Co. 6s, due 1958, offered at 83,
to yield about 7.35%. It is said that this represents tho
first dollar obligation of a French railroad to be brought
out in this market. Other railroad issues worthy of note
comprised $18,000,000 Missouri Pacific RR. Co. First and
Refunding Mortgago 6s, 1949, offered at 98%, to yield
about 0.10%; $11,000,000 Canadian National Railways—
Canadian Northern Ily. Co. 3-year 5% notes, 1925, offered
at 99%, yielding about 5.15%, and $7,500,000 Delaware &
Hudson Co. 5%s, 1937, which wero offered at 98, so as to
yield about 5.70%.
Among tho public utilities the principal flotations were
$14,000,000 North Amorican Edison Co. Secured 6s, 1952,
offered at 92%, to yield about 6.60%, and $7,500,000 North­
ern Ohio Traction & Light Co. General and Refunding
Mortgage 6s, 1947, offored at 96, to yield about 6.30%.
As already stated, foreign Government loans occupied a
prominent position in tho month’s financing. Four separate
loans wero offered, totaling $77,000,000. Tho leading
issuo of this character was $40,000,000 Dutch East Indies
External 6% Gold Bonds, offered at 94%, yiolding about
6.73% to rodomption date, March 1 1932 and 6.35% if
held to maturity on Marcli 1 1962. This is the second
time since January 1 this year, that the Dutch East Indies
has floated a dollar loan hero; tho first offering (inado in Jan.)
was also for $40,000,000, but tho bonds were 6s due 1947.
Tho three remaining foreign issues included $27,000,000
Government of tho Argentine Nation, 5-year 7s, offered
at 99, yielding 7.25%; $6,000,000 City of Soissons, France,
6s, 1936, offered at 85%, yielding 7.65% and $4,000,000
City of San Paulo, (Brazil) 8s, 1952, offered at 100, yielding

8% .

.

Eight issues of Federal Farm Loan bonds aggregating
$10,550,000 wero sold during tho month at prices to yield
from 4.75% to 4.90% to optional maturity (10 years) and
5% to 5%% to maturity.
Eor tho first quarter of 1922 tho grand total of all new
issues is $1,329,372,737, which runs far in excess of the new
flotations in any provious years, tho amount for 1921
having been only $941,266,371; for 1920, $1,135,545,513,
and for 1919, $814,820,415. Tho following is a complote
four year summary of tho new financing—corporate, for­
eign Government and municipal—for March and the three
months ending with March:
_________

1837

S U M M A R Y O F C O R P O R A T E , F O R E IG N G O V E R N M E N T A N D
M U N IC IP A L F I N A N C I N G .
1922.
N e w C a p ita l.
R e fu n d in g .
T o ta l.
M a tc h —
$
s
s
C o ip o r a te ............................................................... 2 3 1 ,8 5 9 ,5 4 3
7 8 ,7 1 6 .1 1 9 a 3 1 0 .5 7 5 ,6 6 2
F o re ig n G o v e r n m e n t .....................................
7 7 ,0 0 0 ,0 0 0
.......... .........
7 7 ,0 0 0 ,0 00
10^550,000
F e d e ra l F a rm L o an Issu e s______________
__________
10,5 5 0 ,0 00
W a r F in a n c e C o rp o ra tio n Issu e________
___
'
M u n ic ip a l...................................................
114,708,517
2,4 3 7 ,8 0 0
117,146*317
M u n ic ip a l, C a n a d ia n .......................................
3 4 ,736,000
3 6 ,9 8 6 ,0 00
2 ,2 6 0 ,0 0 0
M u n ic ip a l, U n ited S ta te s P o s s e s s io n s ...
5,000!000
5 ,0 0 0 ,0 0 0
T o t a l i .............................................................. .. 4 7 3 ,8 5 4 ,0 6 0 "
8 3 ,4 0 3 ,9 1 9
557,2 5 7 ,9 79
T h ree M o n th s en d ed M a r c h 31—
C o rp o ra te ............................................................... 53 8 ,8 6 9 .1 8 3
1 8 4,107.579 b 7 2 2 ,9 7 6 ,7 6 2
F o re ig n G o v e rn m e n t..............................
188,7 0 0 ,0 0 0
.......................
1 8 8,700,000
F e d e ra l F a rm L o a n Issues______ ________ 104,6 9 0 ,0 0 0
.......................
1 0 4,690,000
W a r F in a n c e C o rp o ra tio n Issuo________
___________
M u n ic ip a l___________________
2 9 2.S35.753
3 ,9 2 0 ,2 2 2
296,755’, 975
M u n ic ip a l, C a n a d ia n .......................................
9 .0 0 0 ,0 0 0
2 ,2 5 0 ,0 0 0
11,250,000
M u n ic ip a l, U n ite d S ta te s P o sse ssio n s___
5 .0 0 0 ,0 0 0
.......................
5 ,0 0 0 ,0 00
T o t a l ................................................................... 1 ,1 3 9 ,0 9 4 ,9 3 6 ' 1 9 0,277,801 1 ,3 2 9 ,3 7 2 ,7 37
1921.
M arch —
C o rp o ra te ............................................................... 122,2 5 4 ,4 9 0
1 2 ,175,600
13 4 ,4 3 0 ,0 90
F o re ig n G o v e r n m e n t___________________
10,000,000
10,000,000
F e d e ra l F a rm Loan Issu es______________
___________
W a r F in a n c e C o rp o ra tio n Issu e________
___________
8 5 3.000
M u n ic ip a l..............................
4 9 ,100,747
4 0 ,9 5 3 ,7 4 7
3 ,5 0 0 ,0 0 0
M u n ic ip a l, C a n a d ia n ___________________
3,5 0 0 ,0 0 0
5 0 0,000
M u n ic ip a l, U n ite d S ta te s P o sse ssio n s_
_
500,000
T o t a l . .................... ..............................
1 3 ,028,600
19 8 ,3 8 3 ,8 37
. 185,355.237
T h ree M o n th s en d ed M a r c h 31—
132,587,580
6 4 8 ,5 9 5 ,6 56
. 516,008,076
7 9 ,0 0 0 ,0 0 0
.
7 9 ,0 0 0 ,0 0 0
F e d e ra l F a r m L o an Issues______
W a r F ln a n c o C o rp o ra tio n Issu e .
2 0 1 ,9 4 8 ,7 15
2 ,4 9 0 ,8 9 5
. 1 9 9,457,820
1 1 ,2 2 2 ,0 0 0
1 1 ,2 2 2 ,0 0 0
5 0 0,000
.
500,000
.......................
135,078,475
9 41,266,371
M a rch —
1920.
C o rp o r a te ...............................................................
F o re ig n G o v e r n m e n t___________________
F e d e ra l F a r m L o an Issu es______________
W a r F in a n c e C o rp o ra tio n Issu e________
M u n ic ip a l______________ ________________
M u n ic ip a l, C a n a d ia n ___________________
M u n ic ip a l, U n ite d S ta te s P o sse ssio n s___

T o ta l.............................................................
T h ree M o n th s en d ed M a r c h 3 1 C o rp o ra te .....................................

Foreign G o v ern m en t.......... .........................
Federal F arm I.oan Issues_____________
W ar Flnanco C orporation Issue................
M unicipal...........
.
............
M unicipal* C an a d ian .............................
M unicipal, U nited S tates Possessions__

28 8 ,4 6 7 ,0 9 2
___________
___________
___________
57,6 1 2 ,4 1 8
___________
___________

1 4,968,838

3 0 3 ,4 3 5 ,9 3 0

6 0 5.880
5 ,0 0 0 ,0 0 0

5 8 ,2 1 8 ,2 98
5 ,0 0 0 ,0 00

346,079,510

2 0 ,5 7 4 .7 1 8

3 6 6 ,6 5 4 ,2 28

775,926.246
127,501,436
50,000,000
....................
__________
__________
................................................
168,753,951
2,865,880
3,000,000
7,498,000
- ................ ---------------

903,427,682
50,000,000
__________
.....................
171,610,831
10,498,000
----------------

T o t a l .................................................................... 9 9 7 ,6 8 0 ,1 9 7
M arch —
1919.
C o r p o r a te ...............................................................
8 4 ,5 0 4 ,4 0 0
F o re ig n G o v e r n m e n t_________ „ _____ ________________
F e d e ra l F a rm L o an Issu es_______________
1 ,500,000
___________
W a r F ln a n co C o rp o ra tio n Issu e________
M u n ic ip a l.............................................................
4 9 ,6 2 5 ,6 9 5
M u n ic ip a l, C a n a d ia n .....................
..
M u n ic ip a l, U n ite d S ta te s P o ssessio n s___
T o t a l .......................................................
1 35,630,095
T h ree M o n th s en d ed M a r c h 31—
C o rp o r a te ..................................................
4 15,452,246
F o re ig n G o v e r n m e n t_____________
3 ,5 0 0 ,0 0 0
F e d e ra l F a rm L o an Issu es.................
W a r F in a n c e C o rp o ra tio n Issu e___
ICO,997,668
5,7 0 5 ,3 0 0
M u n ic ip a l, C a n a d ia n ............... ....................
M u n ic ip a l, U n ite d S ta te s P o s s e ss io n s ..
525,6 5 5 ,2 1 4
a In c lu d e s 8 4 1 ,9 7 5 ,0 0 0 fo reig n c o rp o ra te issues,
b In clu d e s 3 4 4 ,4 7 5 ,0 0 0 foreign c o rp o ra te Issues.

137,865,316 1 ,1 3 5,545,513
1 6.075,000

100,579,400

59 5 ,7 0 0

‘56.22Y,395

1 ,500,000

16,670,700

1 5 2,300,795

155,744,600
2 8 ,1 7 9 ,0 0 0

571,1 9 6 ,8 40
2 8 ,1 7 9 ,0 00
3 ,5 0 0 ,0 0 0

5 .241,601

106,2 3 9 ,2 69
5 ,7 0 5 ,3 00

189,165,201

71 4 .8 2 0 ,4 15

C O M P A R A T IV E S T A T E M E N T O F N E W C A P I T A L F L O T A T IO N S I N T H E U N I T E D S T A T E S .
1922,
N e w C apital.
L o n g - T e rm B o n d s a n d N o t e s —-

R efu n d in g .

S
70.6 8 4 .0 0 0
4 0 .9 0 2 .0 0 0
2 0 .3 5 0 .0 0 0

S
15,383,000
5 ,3 9 5 ,0 0 0

14,841,881

4 ,8 5 8 ,1 1 9
45,0 0 0 ,0 0 0

.
N e w C apital.

R e fu n d in g .

Total.

S

$

S

S

15,4 7 5 ,0 0 0
1 ,0 0 0 ,0 0 0

1 9 ,7 0 0 ,6 6 6
4 5 ,0 0 0 ,0 0 0
10,0 9 5 ,0 0 0

" 6 6 .0 6 6
5
1 7 ,024,500

1 0 0 ,0 0 0

50 0 ,0 0 0
17,1 2 4 ,5 0 0

174,397,381

M isc e lla n e o u s — ................... ...........................

8 0 .0 8 7 .0 0 0
4 6 .2 9 7 .0 0 0
2 0 ,3 5 0 ,0 0 0

1 0 ,6 9 5 .0 6 6

O th e r I n d u stria l a n d m a n u fa c tu rin g c o s .

70,736,119

245,1 3 3 ,5 0 0

7 3 ,445,000
7,01 9 ,0 0 0

S h o r t- T e r m B o n d s a n d N o t e s —
1 1 ,0 0 0 ,0 0 0

1920.

1921.

Total.

1 1 ,0 0 0 ,0 0 0

404,266

5 2 5,000

To ta l.
S
1 8 ,9 0 0 ,0 0 0
4 ,2 5 0 ,0 0 0
4 ,1 5 0 ,0 0 0

1 ,700,000
1 9 ,860,000

1,4 0 0 ,0 0 0

2 1 , 2 0 0 ,0 0 0

*5*0*0,666
7,2 2 1 ,2 4 5

2 2 , 0 0 0 ,0 0 0

3 , 000.000

525,000

2 5 ,0 0 0 .0 0 0
52 5 ,0 0 0

10,*35*0,000

1 ,835,000
1 1 ,050,000

1,835,000
11,050,000

1,805,000

4 9 5,000

2 ,3 0 0 ,0 0 0

7,90 0 ,0 0 0

8 1 ,345,000

46,051,245

2,02 3 ,7 5 5

4 8 ,675.000

1 2 ,0 0 0 ,0 0 0

3 ,5 0 0 ,0 0 0

10,519,000

14,110.000
500.000

1,500.000
10,750,000

13.500,000
24,8 6 0 ,0 0 0
500,000

2 5 ,000,000
45,000

6,750,000
26,995,000
56.800.000
490,000
400,000
1,500,000

1,700.000

2 5 ,000,000
45,000
125,000

125,000

28,029,200

28,0 2 9 ,2 0 0

3 4 ,104,000

S.IOO.OOO

5 ,1 0 0 .0 0 0

813,090
2 ,6 7 5 ,0 0 0

2’, 5 6 6 .6 6 6

2 ,5 0 0 .0 0 0

M ls c e lla n c o u s .....................................................

$

1 8 ,975,000
1 ,0 0 0 ,0 0 0

16,500,000

O th e r I n d u stria l a n d m a n u fa c tu rin g c o s.

S
18,900,000
3 .7 2 5 ,0 0 0
4 ,1 5 0 ,0 0 0

R e fu n d in g .

3’, 5 * 6 ,6 6 6
0

4 0 4,200

16’,500,666

N e w C apital.

2 , 1 0 0 ,0 0 0

1 ,003.755

5 0 0,000
8 ,2 2 5 ,0 0 0
10,3 5 0 ,0 0 0

0 .7 5 0 .0 0 0
26,9 9 5 ,0 0 0
5 6 ,800,000
4 9 0,000
400,000
1,500,000

2 , 1 0 0 .0 0 0

3 7 ,664,000

119,545,000

813,090
2 ,075,000

3,50 0 ,0 0 0

12,250,000

3,515,500
10,780.850

131,795,000

S to c k s —

O th e r in d u str ia l a n d m an u fa c tu rin g c o s.

8,133,452
12,749.510

7’, 9*80,666

8*, 1*3*3,452
2 0 ,729.510

10,’ 5*7,400
3

525,000

10,883,000
300,000

6.*80*0,666
65,690,092
29,517,005
1,917.900
2 ,525,000

3,51 5 ,5 0 0
10,780,850
579.583

6 ,8 0 0 ,0 0 0
06.2 6 9 ,0 7 5
29,5 1 7 ,0 0 5
1,917,900
2 , 0 0 0 .0 0 0

2 0 0 ,0 0 0

2 0 0 ,0 0 0

300,000

750,o66

750,000

500,000

250,000

*7*60,666

1,524,500

40,500

1,565,000

14,045,490

775,000

15,421,090

122,270.847

095,083

122,965,930

23,3 0 7 ,0 9 0
3,07 5 ,0 0 0

7,00 0 ,0 0 0

36,36*7.696
3 ,675,000

30,900,000
21,350,500
15,430,850

1,500.000
11,275,000

32,400,000
32.625,500
15,430,850

l",*7*0*0.6 6 6
3 0 ,217,400
4 7 ,000.000
87 0 ,0 0 0

1 ,9 2 5 ,6 0 0
3 ,0 0 0 ,0 0 0

1,700.000
3 2 ,143,000
50,000,000
8 7 0,000

2 9 ,432,962
T o ta l —

7 .980,000

3 7 ,412,902

81.684.000
46.002.000
2 0 .754.200
2 ,500,000
16.500.000
22,975,333

15,383,000
5,39 5 ,0 0 0

97.007.000
5 1 .397.000
20 ,7 5 4 ,2 0 0
2,50 0 .0 0 0
10.500.000
2 7 ,833,452
05 .7 2 9 ,5 1 0
10.295.000

M is c e lla n e o u s .............................................. —

0 2 5 .0 0 0
17,774.500

1 0 0 ,0 0 0

6*2*5,666
1 7 ,874,500

1,835,000
1 3 ,050,000

25 0 ,0 0 0

1,835,000
13,900.000

14*,6*5b,666
9 9 ,9 0 6 ,3 3 7
8 6 ,3 1 7 ,0 0 5
1 2 ,757,900
2 ,9 2 5 ,0 0 0
1 ,500,000
3 ,3 2 9 ,5 0 0

T o t a l c o rp o ra te se c u ritie s ..................—

23 1 ,8 5 9 .5 4 3

78,716.119

31 0 ,5 7 5 ,8 0 2

122,2 5 4 ,4 9 0

12,175,600

1 3 4.430,090

288,4 0 7 ,0 9 2

O th e r I n d u stria l a n d m a n u f a c tu r in g ------

4 .8 5 8 ,1 1 9
5 2 ,9 8 0 ,0 0 0

10[295!000




*7*5,666

5 3 5.500

14,050,000
101,4 8 9 ,6 7 5
8 6 ,3 1 7 ,0 0 5
1 2,757,900
3 ,0 0 0 ,0 0 0
1,500,000
3 .8 6 5 ,0 0 0

14,968,838

3 0 3 ,4 3 5 ,9 3 0

1,583,338
75.000

1838

THE CHRONICLE
1922.

1921.

T h ree M o a th s'" en d ed j M arch" 3 1.

rp

e t

:

N e w C a p ita l.

L o n g -T e rm B o n d s a n d N o te s —
R a ilro a d s . ............................... ............................

T o ta l.

N e w C a p ita l.

S
1 8 1,334,630
6 9 ,8 5 2 ,4 0 0
3 3 ,7 0 0 ,0 0 0

S
6 1 ,8 2 6 ,2 7 0
3 7 ,2 7 0 ,0 0 0
2 5 0,000

$
24 3 ,1 6 0 ,9 0 0
107,122,400
3 3 ,9 5 0 ,0 0 0

1 .750.000
37,676,881
9 .4 0 0 .0 0 0
2 0 ,8 8 0 ,0 0 0

14,858,119
46,2 5 0 ,0 0 0

1 ,750,000
5 2 .5 3 5 .0 0 0
55.6 5 0 .6 0 0
2 0 .8 8 0 .0 0 0

S
5 3 ,1 9 6 ,4 2 0
8 4 .5 0 9 ,5 0 0
9 .7 2 7 .0 0 0
550.000
1 .700.000
7 1 ,1 1 4 .1 0 0
7 9 ,8 5 0 ,0 0 0
3 .8 0 0 .0 0 0

50 0 .0 0 0
3 7 ,1 0 6 ,9 3 5

3 ,0 4 7 ,5 6 5

50 0 ,0 0 0
4 0 ,1 5 4 ,5 0 0

39 2 ,2 0 0 ,8 4 6

163,5 0 1 ,9 5 4

3 1 ,9 5 1 ,8 0 0
6 ,5 5 0 ,0 0 0
40 4 ,2 0 0

I ro n , ste e l, c o al, c o p p e r, A c ____________

11,9 5 0 ,0 0 0

O th e r I n d u s tria l a n d m a n u fa c tu rin g c o s .
O ll................. ...........................................................
L a n d , b u ild in g s, A c ____________________
R u b b e r ________ _____ ___________ _____
S h ip p in g ___________________
T o t a l _____________ ____________ ______
S h o r t- T e r m B o n d s a n d N o t e s —
P u b lic u tilitie s . _________

R e fu n d in g .

__

[V ol. 114.

R e fu n d in g .

1920.
T o ta l.

N e w C a p ita l.

R e fu n d in g .

S

$

T o ta l.

6 ,8 3 5 ,9 0 0
2 5 ,500.000
650,000

S
1 1 9.501.000
9 8 .4 5 8 .0 0 0
1 6 .227.000
550,000
1.700.000
7 7 .9 5 0 .0 0 0
105.350.000
4 .4 5 0 .0 0 0

1 ,835.000
1 5,277,000

7 3 ,000

1,835,000
1 5 ,350,000

2 7 .2 4 0 .0 0 0
31.9 1 5 .5 0 0
2 4 .2 5 6 .0 0 0
2 .6 2 5 .0 0 0
2.0 7 5 .0 0 0
33,1 1 6 ,2 4 5
750.000
37.0 2 4 .5 0 0
100.000
3 .636.000
30.7 5 5 .0 0 0

49 5 ,0 0 0

S
2 7 .240.000
3 2.828.500
3 6 .650.000
2 .6 2 5 .0 0 0
2 .0 7 5 .0 0 0
4 9 .3 7 0 .0 0 0
750.000
3 7 .024.500
100.000
3.03 6 .0 0 0
3 1 .250.000

55 5 ,7 0 2 ,8 0 0

3 2 1 ,5 5 9 ,0 2 0

1 19,811,980

4 4 1 .3 7 1 ,0 0 0

1 93,493,245

3 0 ,0 5 5 ,7 5 5

2 2 3,5 4 9 ,0 0 0

3 1 ,9 5 1 ,8 0 0
18,500,000
40 4 ,2 0 0

1 0 ,405,000
4 0 ,0 0 0 ,0 0 0

2 2 ,0 0 5 ,0 0 0
4 0 ,0 0 0 ,0 0 0

16,000,000
31,9 9 8 ,7 5 2
3,4 1 0 ,0 0 0

1,5 0 0 ,0 0 0
6 7 ,0 0 7 ,2 4 8

17.500.000
9 9 .0 0 6 .0 0 0
3 ,410 ,0 0 0

S

6 6 ,3 0 4 ,5 8 0
13,9 4 8 .5 0 0
6 ,5 0 0 ,0 0 0

1 1,600,000

E q u ip m e n t m a n u f a c tu r e r s _____________

9 1 3,000
1 2 ,394,000
16,253,755

16,700.000
20 0 ,0 0 0

16,700.000
2 0 0,000

20 0 ,0 0 0

20 0 ,0 0 0

2 ,0 0 0 .0 0 0
500.000
4 0 ,0 0 0 .0 0 0
3 ,5 4 5 ,0 0 0

125,000
3 ,5 0 0 ,0 0 0

O th e r I n d u stria l a n d m a n u fa c tu rin g c o s .
O il_______________ __________
L a n d , b u ild in g s, A c ______________
R u b b e r ______________
S h ip p in g . ............ .............. .
M is c e lla n e o u s ______________

125,000
3 ,5 0 0 ,0 0 0

150,000
9 ,5 1 7 ,1 6 6

4 0 0,000

150,000
9 ,9 1 7 ,1 6 6

6 .7 5 0 .0 0 0
3 5 .5 9 5 .0 0 0
58.5 2 0 .0 0 0
755.000
400.000
3 .9 3 5 .0 0 0
2 .7 5 0 .0 0 0

12,000,000

118,117,166

160,113,752

6 8 ,5 0 7 ,2 4 8

2 2 8 ,621,000

5 ,1 6 7 .4 9 0
2 ,9 2 5 ,0 0 0

13,747,940
2 6 ,0 0 0 ,8 8 0

35 0 ,0 0 0

1 4 ,097,940
2 6 ,000,880

2 ,5 8 2 ,0 0 0
15.383.000
56.2 5 0 .0 0 0
3 00,000

13,480,650
12,372,283

6 ,5 0 0 ,0 0 0

38,7 5 4 ,7 7 5
192,819,046
87,5 7 0 ,4 6 5
10,191,047
15,275,000
8 ,1 7 8 ,5 0 0
2 9 ,7 8 1 ,5 9 6

2 ,6 6 0 ,5 0 0

5 2 ,2 3 5 ,4 2 5
2 0 5,1 9 1 ,3 2 9
8 7 ,570,465
10,191,047
1 5,350,000
8 ,178 ,5 0 0
3 2,4 4 2 ,0 9 6

5 9 ,6 3 1 ,0 0 0

11,9 5 0 ,0 0 0

7 1 ,5 8 1 ,0 0 0

1 0 6,117,166

6 7 5,625

I ro n , ste e l, c o al, c o p p e r, A c
E q u ip m e n t m a n u f a c tu r e r s _____________

3 2 ,2 6 5 ,0 0 0
1 2 ,406,250
2 ,5 0 0 ,0 0 0

3 2 ,9 4 0 ,6 2 5
1 2 ,406,250
2 ,5 0 0 ,0 0 0

5 ,1 6 7 ,4 9 0
2 ,9 2 5 ,0 0 0

O th e r In d u stria l a n d m a n u fa c tu rin g c o s .
O il...........................................
L a n d , b u ild in g s, A c _____
R u b b e r ____________
.
S h ip p in g ______

18,156,577
1 2 ,749,510
3 .6 1 0 ,0 0 0
4 ,0 0 0 ,0 0 0

2 ,0 0 0 ,0 0 0
5 00,000
4 0 ,0 0 0 ,0 0 0
3 ,5 4 5 ,0 0 0

S to c k s —
R a i l r o a d s _ __
_

1 ,350,000

2 ,5 8 2 ,0 0 0
14.857,400
56,2 5 0 ,0 0 0
3 0 0,000

5 2 5,600

1,350,000

7 ,9 8 0 ,0 0 0

6 ,2 5 0 ,0 0 0

25 0 ,6 6 6

18,156,577
2 0 ,7 2 9 ,5 1 0
3 ,6 1 0 .0 0 0
4 ,0 0 0 .0 0 0

6 .7 5 0 .0 0 0
3 5.5 9 5 .0 0 0
5 8 .520.000
755.000
400.000
3 .9 3 5 .0 0 0
2 .75 0 .0 0 0

7 5 ,000

8 7 ,0 3 7 ,3 3 7

O th e r In d u stria l a n d m a n u f a c tu r in g ____
O H ______________
L a n d , build in g s, A c
R u b b e r ______
S h ip p in g ............
M iscellan eo u s .
T o ta l c o rp o ra te s e c u ritie s.

8 ,6 5 5 ,6 2 5

9 5 ,6 9 2 ,9 6 2

8 8 ,3 3 1 ,8 9 0

775,600

8 9 ,1 0 7 ,4 9 0

42 2 ,3 1 9 ,2 4 9

2 8 ,9 3 8 ,4 3 3

45 1 ,257,682

2 1 3 ,2 8 6 ,4 3 0
1 0 8,667,400
4 6 ,5 1 0 ,4 5 0
2 ,5 0 0 .0 0 0
18.450.000
56,0 3 3 ,4 5 8
2 2 ,1 4 9 ,5 1 0
2 4 .6 9 0 .0 0 0
4 ,0 0 0 ,0 0 0
6 25,000
4 1 ,9 5 6 ,9 3 5

T o ta l_______
.
T o ta lR a ilro a d s . . ............
P u b lic u tilitie s .
I ro n , ste e l, c o a l, c o p p e r, Ac

6 1 ,8 2 6 ,2 7 0
4 9 ,8 9 5 ,6 2 5
2 5 0,000

27 5 ,1 1 2 ,7 0 0
158,563,025
46,7 6 0 ,4 5 0
2 ,5 0 0 .0 0 0
18.450.000
70.8 9 1 .5 7 7
7 6 ,379,510
2 4 .6 9 0 .0 0 0
4 ,0 0 0 ,0 0 0
6 2 5,000
4 5 ,0 0 4 .5 0 0

5 3 ,1 9 6 ,4 2 0
100,0 8 1 .9 9 0
5 2 ,6 5 2 ,0 0 0
5 5 0,000
6 ,2 8 2 ,0 0 0
8 6 ,4 7 1 ,5 0 0
176,100.000
7 ,6 4 5 ,0 0 0

6 6 ,3 0 4 ,5 8 0
2 5 ,5 4 8 ,5 0 0
6 ,5 0 0 ,0 0 0

7 2 3,000

1 ,985,000
31,7 6 7 ,1 6 6

4 3 .2 4 0 .0 0 0
7 7 ,662,192
5 3 ,666,880
2,6 2 5 ,0 0 0
4 7 ,579,775
261,530,291
146,840,465
4 7 ,9 7 0 ,5 4 7
15.775.000
15,749,500
6 3 ,2 8 6 ,5 9 6

1,5 0 0 ,0 0 0
6 8 ,2 7 0 ,2 4 8
12,3 9 4 ,0 0 0

7 ,3 6 1 ,5 0 0
2 5 ,5 0 0 ,0 0 0
6 5 0,000

119.501.000
1 2 5,630,490
5 9 .1 5 2 .0 0 0
550,000
6 ,2 8 2 ,0 0 0
9 3 .8 3 3 .0 0 0
2 0 1 .6 0 0 .0 0 0
8 ,2 9 5 ,0 0 0

4 4 .7 4 0 .0 0 0
145,932,440
6 6 ,060,880
2 ,62 5 ,0 0 0
6 1 ,0 6 0 ,4 2 5
2 9 0 ,1 5 6 ,3 2 9
140,840,465
4 7 ,9 7 0 ,5 4 7
1 5.850.000
15,749,500
6 6 ,4 4 2 ,0 9 6

53 8 .8 6 9 .1 8 3
■
-------

14,858,119
5 4 ,2 3 0 ,0 0 0

3 ,0 4 7 ,5 6 5

1 ,985,000
3 1 ,0 4 4 ,1 6 6

1 3 ,480,650
2 8 ,6 2 6 ,0 3 8
7 5 ,000
3 ,1 5 5 ,5 0 0

184.107.579 722.9 7 6 .7 6 2
51 6 .0 0 8 .0 7 6
132.587.580 6 4 8 .5 9 5 .6 5 6 77S.fl2ft.24ft
1 2 7 .5 0 1 ,43ft 0 0 3 .427 fift2
----- -------------------------------- ----------------------------------------------------------------------------- ---------------------------------------------- ------ ------

D E T A I L S O F N E W C A P IT A L F L O T A T IO N S D U R I N G M A R C H 1922.
L O N G -T E R M B O N D S A N D N O T E S .

A m o u n t.

P r ic e .

P u rpose o f Issu e .

S
660,000
275.90C
7,500.000
289,000
4 8 7 ,50C
5 ,000,000
3,25 5 ,0 0 0
1 ,100.00C
561,600
1,975,000

T o Y ie ld
A b o u t.

C o m p a n y a n d I s s u e , a n d b y W h o m O ffered.

R a i lr o a d s —
%
B laced p riv a te ly
N e w e q u ip m e n t.......... ..........................
6 .0 0
100
N ew e q u ip m e n t____ _
5.7 0
R e fu n d in g ; o th e r c o rp . p u rp o se s ___
98
N ew e q u ip m e n t________ _______
6.00
100
6 .0 0
N e w e q u ip m e n t__________________
100
R e fu n d in g ....................................
103%
6.4 0
N ow e q u ip m e n t_____ ______________ B laced p riv a te ly
106%
5.60
A d d itio n s a n d b e tte r m e n ts _______
N e w e q u ip m e n t............................. .......
100
6 .0 0
(F ra n c s 25,0 0 0 ,0 0 0 @ $79 p e r/ $79 p er 1,0001
F ra n c b o n d / . . .
F ra n c s 1,000.)
\
2,500,000 G e n e ra l c o rp o ra te p u rp o se s ............... 103%
5.7 5
18,000,000 R efu n d in g : c a p ita l e x p e n d itu re s ___
156,000 N ew e q u ip m e n t_______________ ___
30,000,000 Im p ro v e m e n ts, A c _____ ________
507,000 N e w e q u ip m e n t___________________
6 ,800,000 N ew e q u ip m e n t.............
500,000 C a p ita l e x p e n d itu re s ...................
6 ,500,000 N ew e q u ip m e n t...............

C e n t r a l o f G e o r g ia R y . E q u ip . T r . 5 % s, “ N , ” 1923-32. P la c e d p riv a te ly b y K u h n , L o eb A C o .
C h ic a g o J u n c t i o n R y . E q u ip . T r . 6s, 1923-35. Sold to A lfred B o rd e n . N . Y .
D e la w a r e & H u d s o n C o . 15-Y ear 5 % s, 1937. O ffered b y K u h n , Loeb A C o . a n d F ir s t N a t . B k ., N . Y
D e t r o i t & T o l e d o S h o r e L in e R R . E q u ip . T r u s t 6s, 1923-35. Sold to A lfred B o rd e n , N . Y . . ,
D e t r o i t , T o l e d o & F r o n t o n R R . E q u ip . T r u s t 6s. 1923-35. Sold to A lfred B o rd e n , N . Y .
"
E rie . R y . C o . C o n so l. M tg e . 7s, 1930. O ffered b y W h ite , W eld A C o ., C a s s a tt & C o . a n d W e st A C o .
I ll in o i s C e n t r a l R R . E q u ip . T r . 5 % s, 1923-37. P la c e d p riv a te ly b y K u h n , Loeb & C o .
i
J a c k s o n v i ll e T e r m i n a l R y . R ef. & E x t. M tg e . 6s, “ B .” 1967. O ffered b y J . P . M o rg a n & C o . 1
L a k e E r ie & W e s t e r n R R . E q u ip . T r . 6s, 1923-35. Sold to A lfred B o rd e n , N . Y . a n d N a t'I . C ity C o .
/M id i R R . C o . (F ra n c e ) 6s, 1960. O ffered b y A . Ise lln A C o ., H a lse y , S tu a r t & C o ., a n d H e m p h ill,
N o y e s A C o ., N . Y .
M in n e a p o lis S t . P a u l & S a u l t S t e . M a rie R y . C o . 1st R e f. M tg e . 6s, 1916. O ffe re d , b y D illo n ,
R e a d A C o.
98 %
6.10 M is s o u ri P a c if i c R R . C o . 1st A R e f. M tg e . 6s, “ D , ” 1949. O ffered b y K u h n , L o en A C o.
T o y ield 5 % -5 % N o r t h w e s t e r n P a c if i c R R . C o . E q u ip . T r . 6s, 1923-35. O ffered b y L a m p o rt, B a rk e r A J e n n in g s ,

83
100

7.35 P a r ls - L y o n s - M c d lt t e r a n e a n R R . 6 s, 1958. O ffered b y K u h n , Loeb & C o . a n d N a t ’I. C ity C o.
6.0 0 S p o k a n e P o r t l a n d & S e a t t l e R y . E q u ip . T r u s t 6s, 1923-35. Sold to N a tio n a l C ity C o . a n d A lfred
B o rd e n , N . Y .
P la c e d p riv a te ly
U n io n P a c if i c R R . E q u ip . T r u s t 5s, 1927-36. P la c e d p riv a te ly b y K u h n , L o eb & C o .
95%
5.4 0 U n io n T e r m i n a l C o . (D a lla s, T e x .) 1st M tg e . 5s, 1942. O ffered b y H a rris , F o rb e s A C o ., N . Y .
T o yield 5 .4 0 -5 .8 0 W a b a s h R y . C o . E q u ip . T r u s t 6s, 1923-35. O ffered by S p e y e r A C o . a n d E q u ita b le T r u s t C o ., N . Y .

8 6 ,067,000
P u b l ic U t i l i t i e s —
1,000,000 Im p ro v e m e n ts, e x te n sio n s, A c ____

89

1,500,000 N ew c o n s tru c tio n .......... .......................

99

810,000 E x te n sio n s a n d Im p ro v e m e n ts ____

98%

171,000 N ew e q u ip m e n t....................................... 100-96.19
250,000 C a p ita l e x p e n d itu re s _____________
100
50,000 E x te n sio n s a n d Im p ro v e m e n ts ____ 100
150,000 G e n e ra l c o rp o ra te p u rp o se s _
_
1,000,000 N ew c o n s tr u c ti o n ......................

101%
99

300,000 E x te n sio n s, a d d itio n s, A c _____
1,750,000 G e n e ra l c o rp o ra te p u rp o se s ____

91
96

2,00 0 ,0 0 0 A d d itio n s a n d e x te n sio n s_
_

.

1,000,000 E x te n sio n s, Im p ro v e m e n ts, A c ____
2,00 0 ,0 0 0 R e fu n d in g ; Im p ro v e m e n ts ____
100,000 A d d itio n s a n d b e tte r m e n ts . . .
700,000 A c q u isitio n s.
14,000,000
7 ,500,000
250,000
100,000
366,000
3,00 0 ,0 0 0
3,00 0 ,0 0 0

A c q uisitions, A c .
R e fu n d in g ; c o n s tru c tio n .
E x te n sio n s a n d Im p ro v e m e n ts. .
A d d itio n a l c a p ita l........................
G e n e ra l c o rp o ra te p u rp o se s .
.
G e n e ra l c o rp o ra te p u rp o se s . . .
R e fu n d in g ................................

300,000 E x p a n s io n ___
_____
5 ,000,000 N ew c o n s tru c tio n ............... ..

100
98
104%
86 %
94 %
92%
96
100
100
90
89
95
100
94

46,2 9 7 ,0 0 0
I r o n , S te e l, C o a l, C o p p e r , & c.
300,000 R e tir e c u rro n t d e b t; w k g . c a p i t a l . .
10,000,000 A cquisitions
300,000 G e n e ra l c o rp o ra te p u rp o se s
4 ,0 0 0 .0 0 0 A d d itio n s _______

.

1,250,000 C a p ita l e x p e n d itu re s ___
4 ,5 0 0 ,0 0 0 A d d itio n s, A c ..................................
2 0 ,350,000




100
99
100
99%
100
99%

7.00 A m e ric a n P u b l i c S e r v ic e C o . 1 st L ien 6s, 1942. O ffered b y H a lse y , S t u a r t A C o . a n d A . B .
L each A C o.
7.1 0 C e n t r a l I ll in o i s P o w e r C o . 1st M tg e . 7s, 1942. O ffered b y H a lsey , S tu a r t A C o . a n d A . B . Loach
A C o.
6 % C e n t r a l M a in e P o w e r C o . 1st A G e n . M tg e . 6s, “ B ,” 1942. O ffered b y H a r r is , F o rb e s A C o. a n d
C offin A B u rr, In c .
5-5.50 C o n n e c t i c u t C o . E q u ip . T r u s t 5s, “ E , ” 1922-32. O ffered b y P u tn a m A C o ., H a r tf o r d , C o n n .
8.00 E l D o r a d o G a s C o . 1st M tg e . 8s, 1923-33. O ffered b y W m . A . B u sch A C o ., S t. L ouis.
0.5 0 F a y e t t e H o m e T e l e p h o n e C o . (L e x in g to n , K y .) , 1st M tg e . 6 % s , ’’B ,” 1941. O ffered b y S e c u rity
T r u s t C o ., L e x in g to n , K y .
6 .8 5 G e o r g ia R y . & P o w e r C o . G e n . M tg e . 7s, 1941. O ffered b y R eilly , B ro c k A C o ., P h ila d e lp h ia .
6.03 G r e a t W e s t e r n P o w e r C o . (of C a lif.) 1st A R e f. M tg e . 6s, 1952. O ffered b y E . H . R o llin s A
Sons; B o n b rlg h t A C o .; C y ru s P e irc e A C o ., a n d Lee, H lg g in so n A C o.
6.18 I o w a R y . & L t . C o . 1st A R e f. M tg e . 5s, 1932. O ffered b y H a rris, F o rb e s A C o.
6 .8 0 K e y s to n e P o w e r C o r p . 1st M tg e . 6 % s , “ A ,” 1952. O ffered b y W est A C o . a n d E d w a rd B . S m ith
A C o.
6.0 0 L o s A n g e le s G a s & E l e c t r ic C o r p . G e n . A R e f. M tg e . 6s, 1942. O ffered b y B o n d A G o o dw in A
T u c k e r, I n c ., a n d M e rc a n tile S e c u ritie s C o ., S a n F ra n cisc o .
7.2 0 L u z e r n e C o u n t y G a s & E l e c t r ic C o . G e n . A R ef. M tg e . 7s, “ A ,” 1947. O ffered b y S tro u d A C o.
a n d B io rcn A C o ., P h ila d e lp h ia .
5 .2 0 M u n ic ip a l G a s C o . o f t h e C i ty o f A l b a n y 1st M tg e . 5 % s, “ A ,” 1952. O ffered b y W h ite , W eld
A C o . a n d N ew Y o rk S ta te N a tio n a l B a n k , A lb a n y .
6.50 N e w J e r s e y P o w e r & L i g h t C o . 1st M tg e . 5s, 1936. O ffered b y H a lsey , S tu a r t A C o .
6 .4 0 N e w Y o rk S t a t e G a s & E l e c t r ic C o r p . 1st M tg e . 6s, 1952. O ffered b y J . G . W h ite A C o . a n d
J a n n e y A C o ., P h ila d e lp h ia .
6.6 0 N o r t h A m e ric a n E d is o n C o . S e c u re d 6s, 1952. O ffered b y D illo n , R e a d A C o .
6.3 0 N o r t h e r n O h io T r . & L i g h t C o . G e n . A R ef. M tg e . 6s, 1947. O ffered b y N a tio n a l C ity C o .
8.0 0 S a n A n g e lo W a te r , L i g h t & P o w e r 8s, 1931. O ffered b y C a m m a c k , R a y A C o ., In c ., C h icag o .
6.5 0 S a n t a B a r a b a r n T e l e p h o n e C o . C o ll. T r . 6 % s, 1932. O ffered b y W m . R . S ta a ts C o ., Los A ngeles.
6.6 0 S o u t h e r n C o u n t i e s G a s C o . 1st M tg e . 5 % s , 1936. O ffered b y B ly th , W itte r A C o.
6 .7 0 S o u t h w e s t e r n P o w e r & L i g h t C o . D e b e n tu re 6s, “ A ,” 2 0 22. O ffered b y B o n b rlg h t A C o ., In e .
7.50 S t a n d a r d G a s & E l e c t r ic C o . S ecu red C o n v e rtib le 7s, 1937. O ffered b y H . M . B y lle sb y A C o .;
H a m b le to n A C o ., a n d F e d e ra l S e c u ritie s C o rp ., C h icag o .
8.0 0 S t e a r n s L i g h t & P o w e r C o . 8s, 1931. O ffered b y C a m m a c k , R a y A C o ., In c ., C h icag o .
6 .5 0 W e s t e r n S t a t e s G a s & E l e c t r ic C o . 1st A U n ifie d M tg e . 6s, “ A ,” 1947. O ffered b y B ly th , W itte r
A C o ., I I . M . B y lle sb y A C o . a n d C y ru s P e irc e A C o .
7.00 (R . M .) E d d y F o u n d r y C o . 1st M tg e . 7s, 1932. O ffered b y C e n tra l T r u s t C o . of Illin o is, C h ic a g o .
7.60 F r a m c r ic a n I n d u s t r i a l D e v e lo p m e n t C o r p . D e b e n tu re 7% S, 1942. O ffered b y J . I ’. M o rg a n A C o .;
G u a r a n ty C o . of N . Y .; N a t'I . c i t y C o .; B a n k e rs T r u s t C o .; H a rris , F o rb e s A C o .; L ee, I llg g ln so n A C o ., a n d H a lsey , S tu a r t A C o .
8 .0 0 I m p e r ia l S t e e l C o r p ., L t d ., 1st A G e n . M tg e . 8s, 1947. O ffered b y C o n tin e n ta l B o n d C o rp . ( lilcngo.
6 .0 0 + L a B e lle I r o n W o rk s 1st A R e f. (now 1st) M tg e . 6s, 1940. O ffered b y L ee, H lg g in so n A C o. a n d
N a tio n a l C ity C o .
7.50 S o u t h e r n G e m C o a l C o . 1st M tg e . S e ria l 7 % s , 1922-35. O ffered b y P e a b o d y , H o u g h te lln g A C o .,
C h icag o .
6 .0 0 + W h it a k c r - G l e s s n c r C o . 1st M tg e . 6s, 1941. O ffered b y Lee, H lg g in so n A C o . a n d N a t ’I C ity C o .

A pril 29 1922.]

THE CHRONICLE

P u rpose o f Issu e .

A m o u n t.

T o Y ie ld
A b o u t.

P r ic e .

O t h e r I n d u s t r i a l & M fg .—
?
_
250,000 R ed u ce c u rre n t lia b .; e x p a n sio n _
5.000.00C C a p ita l ex p en d itu res; w kg. c a p ita
75,0C( W orking c a p ita l__________________
30 0 ,00( •W orking c a p ita l_______ _____ ____
350,001 R e tire c u rre n t d e b t .......... .....................
250,001 I m p ro v e m e n ts -............ ............. ...........
275,001 R efunding; o th e r c o rp . p u r p o s e s ..
5,000,000 R e funding; red u c e c u rre n t d e b t ___ I

1839

C o m p a n y a n d I s s u e , a n d b y W h o m O ffered.

%

100
8 .0 0
101
5.9 0
100
8.0 0
100
8.0 0
100
7.00
100
7.0 0
94 H
7.80
10 0 -9 9 K 7 -7.00 +

1,000,000 W orking c a p ita l; e x ten sio n s, A c ___

98

Co> (I*'n.d la y '!0 ^, l s t M ts e . S3. 1931. O ffered b y S ta n le y & B lsscll, C le v e la n d .
C a n a d i a n G e n e r a l E l e c t r ic C o ., L t d . D e b e n tu re 6s, 1942. O ffered b y G u a r a n ty C o . of N e w Y o r k .
E h i " ,£ m . C o r ? ? J i , t i ? n ! s ‘ H t e c - 8 s ’ 1931 • O ffw ed b y D e u ts c h & C o .. C h ic a g o .
Mm r fS ; « M !
193 2 . O ffered b y M llllk e n & Y o rk C o ., C le v e la n d .
i r ^ h f o J C ? ; 1,. t i vUe1 V I s, ’ 19 3 3 - O ffered b y F ir s t W isc o n sin C o .. M ilw a u k e e .
e
I ^ , . / . F l o “ r .Mi lls O o . 1st M tg e . S erial 7s, 1923-32. O ffered b y W h ita k e r & C o ., S t. L o u is.
K
The
T tCx r « 1St v ItR, n o ! 8i , 193^ , , O ffered b y S te p h e n s & C o ., S a n F ra n cisc o .
n i c M e n g e l C o . 1st M tg e 7s, 1924-34
O ffered b y H a ls e y , S t u a r t A C o .; M e rc a n tile T r u s t C o . of
b t . Louis, G eo . I I . B u rr & C o ., a n d S m ith , M o o re & C o .
7.51 M in e r JE d ^ ary C o . o f N . J. l s t M tg e . & R e f. 7s, 1927-41. O ffered b y R a lp h W . V o o rh ees & C o .,

300,000 I m p r o v e m e n ts ....................... ................
150,000 P a y b a n k lo a n s ___________________

100
100

7.0 0 (S. .) M o ss T i e C o . l s t M tg e . S e ria l 7s, 19 2 3 3 2 . O ffered b y W h ita k e r & C o S t L o u is
7.00 O g d e n l > o | t l a n d ^ m e n t C o . l s t (closed) M tg e . 7s, 1923-32. O ffered b y P a l ’m c r B o n d & M tg e .

1,500,000 A d d itio n a l p l a n t . ______ __________ 98.98-100
1,500,000 R e f u n d in g ________ _____ ________
750,000 R e funding; o th e r c o rp . p u r p o s e s ..
2,500,000 R efu n d in g ; rcduco c u rr e n t d e b t ___
500,000 A cquisitions; w o rkin g c a p ita l, A c . .
19,700.000
O il­
45,000,000 R e fu n d in g .................................

L a n d , B u i ld i n g s , & c .—
600,000 Im p ro v e m e n ts_______
150,000 E re ctio n of s to ra g e w a re h o u se ____
600,000 G e n e ra l c o rp o ra te p u rp o ses
235,000 F in a n c e c o n s tru c tio n of b u i ld i n g ..
325,000
140,000
2,250,0 00
4,00 0 ,0 0 0

F in a n c e c o n s tru c tio n of a p a rtm e n t
F in a n c e c o n s tru c tio n of b u ild in g
F in a n c e c o n s tru c tio n of b u ild in g .
A cq u isitio n s...........................

125,000 I m p r o v e m e n t s ......................................
1,220,000 R c tlro flo a tin g d e b t .............................
450,000 H n a n c e c o n s tru c tio n o f b u i ld i n g ..

7-6.50 S a n d u s k y C e m e n t C o . l s t M tg e . 6 K e , 1924-37. O ffered b y U n io n T r u s t C o C e n tra l N a tio n a l
B a n k S a v in g s & T r u s t C o . a n d H a y d e n , M ille r A C o ., C lev elan d
P la c e d p r iv a te ly
S t a n d a r d M illin g C o . l s t M tg e . 5s. 1930. P la ce d p riv a te ly b y b a n k e rs
97«
7.35
SP h lla d e lp h la n e C ° r P ‘ l8 t M tg ®‘ 7 s ’ 1G32‘ ° ,fe red b y B ro w n B r o s . '* C o . a n d W e st A C o .:
96 X
7.30 W a lw o r t h M fg . C o . l s t M tg e . 7s. " A ,” 1942. O ffered b y E . H . R o llin s A S o n s, H a ls e y S t u a r t
& C o . a n d P a rk in s o n A B u rr, N . Y .
100
8 .0 0 W a r r e n T o o l & F o r g e C o . l s t M tg e . 8 s, 1936. O ffered b y U n io n S a v in g s A T r u s t C o W a rre n O ., a n d T r u m b u ll S e c u ritie s C o .
"
'

98

7.25 S i n c l a i r C o n s o l i d a t e d O il C o r p . l s t L ie n C o ll. T r . 7 s ,1 9 3 7 . O f f e r c d b y B l a ir * C o ., In c .; K issel
K ln n tc u tt & C o .; W h ite , W eld & C o .; J . & W . S ellg m an & C o .: S p e n c e r T r a s k & C o .: J a n n e y
& C o .; G r a h a m , P a rso n s & C o .: C a s s a tt & C o .; U n io n T r u s t C o . o f C le v e la n d ; F irs t T r u s t &
S a v in g s B a n k o f C h icag o ; Illin o is T r u s t & S a v in g s B a n k , C h icag o ; M e rc a n tile T r u s t C o ., S a n
lra n c is c o ; B a n k of I ta l y , S a n F ra n cisc o ; F i r s t S e c u ritie s C o ., Los A n g eles.

T o yield 6.2 6 B a c o n B ld g . C o . (O a k la n d , C a lif.) l s t M tg e . S e ria l 6s, 1923-27. O ffered b y B ly th , W itte r & C o .
T o y ield 8 .0 0 C a t h c a r t S t o r a g e W a r e h o u s e s ( A tla n ta ) , l s t M tg e . 7s, 1942. O ffered b y G . L . M ille r & C o .:
In c ., A tla n ta , G a .
98K
7.25 E u c l ld - T w e l f t h C o . (C lev elan d ) l s t M tg e . L easeh o ld 7s, 1 9 30. O ffered b y T illo ts o n & W o lc o tt
C o . a n d G u a r d ia n S a v in g s & T r u s t C o .. C le v e la n d .
100
6 .5 0 E e d e r a l B u i l d i n g R e a l t y C o r p . l s t M tg e . 6 K s , 1 9 2 3 4 2 . O ffered b y M in n e s o ta L o a n & T r u s t C o .:
M in n e a p o lis.
100
7.0 0 G o o d w in C o u r t A p t . B ld g ., 1st M tg e . 7s, 1924-32. O ffered b y C o lu m b ia M o rtg a g e C o ., N . Y .
101
6.9 0 i m * / ! 1»o?h e .u m ’ Ix)? A,1Rdes' l s t (d o se d ) M tg e . 7s, 1935. O ffered b y C a lifo rn ia B a n k , Los A ngeles.
98 H
7.15 L l g g e tt - W i n c h e s t c r - L e y R e a l ty C o r p . G u a ra n te e d 7s, 1942. O ffered b y P . W . C h a p m a n & C o .
100
6 .5 0 M a rh s a ll- W e lls IH d g s . C o r p . 1st M tg e . S e ria l 6 M s, 1923-37. O ffered b y F ir s t T r . & S v g s B k .,
c o n ti n e n ta l & C o m m e rc ia l T r . & S v g s B k . a n d F e d e ra l S ecu rities C o rp ., C h icag o , a n d T u c k e r
A n th o n y
C o ., N . Y .
100
7.0 0 M a ry s v ille R iv e r F a r m s C o . l s t (closed) M tg e . 7s, 1924-32. O ffered b y W m . R . S t a a t s & C o .;
Han r ran c isco .
102
6.65
u *, I S.C- l s t - M t 80- 7 s 1930. O ffe re d b y B ly th , W itte r & C o . a n d C y r u s P e irc e * C o .
100
7.0 0 W e s t l n g li o u s e E l e c t r ic B ld g . 1st (closed) M tg e . & C o ll. T r . 7s, 1927-41. O ffered b y C a rs te n s &
E a rle s , In c ., S e a ttle .

10,095,000
S h ip p in g —
5 0 0 ,0 0 0 A d d itio n a l e q u ip m e n t......................

95

7.50
& C o ., S y ra cu se , N . Y .

M is c e lla n e o u s —
624,500 R efunding; o th e r c o rp . p u r p o s e s ..

100

8.0 0

3 ,000,000 R ed u ce c u rr e n t d e b t; w kg. c a p it a l.

88

5.90

8,000,000 P a y b a n k lo an s; w kg . c a p .; e x t’n s .

100

7.50

1,000,000 R educe c u rre n t d e b t; w k g . c a p ita l
500,000 C o n stru c tio n of e le v a to r

95 'A
100

7.65
6.5 0

3 ,500,000 New bu ild in g

99

500,000 R etire c u rr e n t d e b t

O ffered b y H a ls e y , S tu a r t & C o .; G e o . I I . B u r r & C o .

--------*
~
“
T r u s t C o .. M in n e a p o lis .------------;s, t&„ C o- l s t
7s, 1942. O ffered b y J . A W . S e llg m a n & C o .; K issel, K ln n ic u tt & C o .;
H a llg a rte n & C o . a n d T u c k e r, A n th o n y & C o .
s t e r n M e a t C o . 1st M tg e . 7s, 1932. O ffered b y B o n d & G o o d w in , N ew Y o rk , a n d B o n d & G o o d ­
w in * T u c k e r, I n c ., S a n F ra n cisc o .

7.10

100

K a n s a s C ity , M o .
d a ily P a c k i n g C o . l s t M ti
a n d F . 8 . M o seley & C o .

7.0 0

17.124,500

S H O R T -T E R M B O N D S A N D N O T E S .
A m o u n t.

P u rpose o f Issu e .

R a ilro a d —
3
11,000,000 G e n e ra l c o rp o ra te Durnoses

I r o n , S t e e l , C o a l, C o p p e r , & c
404,200 A c q u isitio n s___
M o to rs a n d A c c e s s o rie s —
16,500,000 F u n d b a n k lo a n s .
S h ip p in g —
125,000 L oan on ste a m sh ip

P rice .

T o Y ie ld
A b o u t.

C o m p a n y a n d I s s u e , a n d b y W h o m O ffered.

%

99 ‘
A

5.1 5 C a n a d i a n N a t i o n a l R y s . - C a n a d i a n N o r t h e r n R y . C o . 5s, M a rc h 1 1925. O ffered b y D illo n ,
R e a d A C o .; N a tio n a l C ity C o .; G u a r a n ty C o . of N . Y .; Lee, H IggInson A C o .; H a rris , F o rb e s
A C o .; B a n k e rs T r u s t C o .; B ro w n B ro s. A C o .; a n d C o n tin e n ta l A C o m m e rica l T r u s t A S a v in g s
B a n k , F ir s t T r u s t A S a v in g s B a n k a n d Illin o is T r u s t A S a v in g s B a n k , C h icag o .

95

8 .2 5 C a r s o n I I 1I 1 G o ld M in in g C o . C o n v . 7s, 1927.

P la c e d p riv a te ly
100

W illy s - O v e r la n d C o . 7s, D e c . 1 1923.

Sold b y c o m p a n y to p riv a to In te r e s ts .

P la c e d p riv a te ly w ith b a n k e rs .

7.0 0 S i d n e y C . M c L o u th l s t M tg e . S e ria l 7s. 1922-27.

O ffered b y A m e rla n L o a n A T r . C o ., D e t r o i t .

STO CK S.
P a r or
N o .o f Shares

a A m ount
P u rpose o f Issu e .

P u b l ic U t i l i t i e s —
S
60,000 E x p a n s io n ______
•13,500 shs. A d d itio n s __________
3 ,700,000 C a p ita l e x p e n d itu re s ...............
E q u ip m e n t M a n u f a c tu r e r s —
2,500,00 0 E x p a n s io n _______
O t h e r I n d u s t r i a l & M fn . C o s
• 9 9 ,1 7 2 shs. W orking c a p i t a l . . .
3 ,000,000 A c q u isitio n s_______
750,000 W o rking c a p ita ) ____
•66,607 shs. A cq. c a p . s tk . of W ells A n i e h .
a rd so n C o ...............

2 ,706,15 0
12,897,500
1,350,000
•102,186

O il—
A c q u lsltlo a s_______
R e funding; c a p ita l e x p e n d itu re s
W o rking c a p i t a l _____
W o rking c a p it a l ..............

L a n d , B u i ld i n g s , & c .—
200,00 0 A cquisitions; w orking c a p it a l _____

In vo lved .

s
50,000
1,350,000
3 ,7 0 0 ,0 0 0

P r ic e .
T o Y ie ld .
P er S hare. A b o u t.

80
100
100

C a l if o r n ia T e l. & L i g h t C o . 6 % C u m . P re f. O ffered b y c o m p a n y to sto c k h o ld e rs.
P e n n s y lv a n i a E d is o n C o . C u m . ($8) P re f. O ffered b y J o h n N ic k e rso n J r . , N . Y .
s!o o P u b l i c S e r v ic e C o r p . o f N . J . 8 % C u m . P re f. O ffered b y B o n b r ig h t & C o.

5 ,1 0 0 ,0 0 0
2,5 0 0 ,0 0 0

97 'A

1,983,440

20

3 ,0 0 0 ,0 0 0
7 5 0,000

95
100

2,4 0 0 ,0 1 2

36

7.20

2 ,7 0 6 ,1 5 0
12[897;500
4 104,000
+ 0 2 1 ,8 6 0

25 (p ar)
76
10

2 0 ,7 2 9 ,5 1 0
20 0 ,0 0 0

95b

5 0 0,000

100

250,000 E x p a n s io n ..........................................

25 0 ,0 0 0

100

7 5 0 ,0 0 0

G e n e r a l A m e ric a n T a n k C a r C o r p . 7 % C u m . P re f.
C o . a n d B ro w n B ro s. & C o .

O ffered b y C h a s . D . B a rn e y *

...

J u liu s K ay ser & C o. C om m on.
O ffered b y c o m p a n y to sto c k h o ld e rs; u n d e rw ritte n
b y B la ir & C o ., In c.
O x fo rd P a p e r C o . 7 % C u m . P re f. O ffered b y L ee, H IggInson & C o .
8.0 0 S t a n d a r d - C o o s a - T h a t c h e r C o . ( C h a tta n o o g a , T e n n .) 8 % C u m . P re f.
O ffered b y
c o m p a n y to sto c k h o ld e rs: u n d e rw ritte n .

—

8,1 3 3 ,4 5 2

M is c e ll a n e o u s —
500,000 N ew c a p ita l....................................

* S h a re s of n o p a r v a lu e ,
C o m m o n sto c k .

C o m p a n y a n d I s s u e , a n d by W h o m O ffered.

_

S t e r l i n g P r o d u c t s , I n c . c a p ita l sto c k . O ffered b y B la ir & C o ., In c ., Ilo rn b lo w c r &
W eek s, N . Y . a n d Bell A B e c k w ith , T o le d o .
A r k a n s a s N a t u r a l G a s C o . C o m m o n . O ffered b y co m p a n y to sto c k h o ld e rs.
T h e P u r e O il C o . C o m m o n . O ffered b y c o m p a n y to sto ck h o ld ers; u n d e rw ritte n .
S t a n d a r d O il C o . (o f K y .) c a p ita l sto c k . O ffered b y B la ir & C o ., In c .
W h it e O il C o r p . C o m m o n . O ffered b y c o m p a n y to sto ck h o ld ers; u n d e rw ritte n by
U n ite d G a s & E le c tric C o rp .

7.89 C i n c i n n a t i T e r m i n a l W a r e h o u s e C o . 7
Cu m. P re f. O ffered b y Irw in , B allm a n
& C o ., W . E . F o x & C o . a n d W e sth e im e r A C o ., C in c in n a ti.
8.0 0 B a n g S e r v ic e S t a t i o n s , I n c . 8 % C u m . A P a r tlc . P re f.
O ffered b y J . R . B rid g efo rd
A C o ., N . Y.
8 .CO S t e w a r t F r u i t C o . 8 % C u m . A P a r tlc . P re f.
O ffered b y A ro n so n A C o . a n d M c D o n n e l
A C o ., Los A ngeles.

a P re fe rre d s to c k s a re ta k e n a t p a r, w hile In th e caso o f C o m m o n sto c k s th e a m o u n t Is b a sed on th e o fferin g p ric e ,




b W ith a 4 0 % b o n u s In

T H E

1840

[V ol. 114.

C H R O N IC L E

F O R E IG N G O V E R N M E N T LO A N S.

Amount.

To Yield
About.

Price.

Issue.

$

Offered by

%

2 7 ,000,000 G o v e r n m e n t o f t h e A r g e n t i n e
N a t i o n 5 -y e a r 7 % gold b o n d s,
F e b . 1 1927____________ _____ __

4 0 ,0 0 0 ,0 0 0 D u t c h E a s t I n d ie s 4 0 -y c a r E x ­
te rn a l S. F . 6 % go ld b o n d s, 1962
6,000 ,0 0 0 G o v e r n m e n t o f N e w f o u n d l a n d
2 0 -y e a r 544% gold b o n d s, J u ly
1 1912__________________________
4 ,0 0 0 ,0 0 0 C i ty o f S a n P a u l (B r a z il) 3 0 -y ea r
8% E x te rn a l S . F . go ld b o n d s,
M a rc h 1 1 9 5 2 . .- ............._ ................
6,000 ,0 0 0 C i ty o f S o ls s o n s ( F r a n c e ) 1 5 -y ear
E x t. R e c o n s tru c tio n 6s, 1936___

99

94 X
101

7.25 B la ir & C o .; W h ite , W eld A Co.; C a s s a tt * C o .; H a lse y , S t u a r t A C o .: B a n k e rs T r u s t C o.; T h e
E q u ita b le T r u s t C o . o f N . Y .; N ew Y o rk T r u s t C o .; U n io n T r u s t C o . of P itts b u rg h ; S pencer
T r a s k & C o .; G ra h a m , P a rso n s & C o .; K issel. K in n ic u tt & C o .: U n io n T r u s t C o ., C le v e la n d ;
C le v e la n d T r u s t C o .; F ir s t T r u s t & S a v in g s B a n k ; Illin o is T r u s t A S av in g s B a n k ; C o n tin e n ta l &
C o m m e rc ia l T r u s t & S a v in g s B a n k , a n d N o rth e rn T r u s t C o ., C h icag o .
6 .7 3 to 6.3 5 G u a r a n ty C o . o f N . Y .; H a r r is , F o rb e s A C o .; Lee, H lg g ln so n A C o .; B a n k e rs T r u s t C o .; K id d e r,
P e a b o d y A C o .; U n io n T r u s t C o . of P itts b u rg h ; C o n tin e n ta l A C o m m e rc ia l T r u s t A S a v in g s
B a n k , a n d Illin o is T r u s t A S a v in g s B a n k , C hicago; a n d U n io n T r u s t C o .. C le v e la n d .
5.4 0 D illo n , R e a d A C o ., a n d L ee, H lg g ln so n A C o .
8.0 0 B la ir A C o ., In c .

100

7.05 W h ite , W old A C o .

8545

8 3 ,000.000
F E D E R A L FA RM LO A N IS S U E S .

Amount.
'

To Yield
About.

Price.

Issue.

500,000 B a n k e r s ' J o i n t S t o c k L a n d B a n k

4 .7 5 F ir s t W isco n sin C o ., H e n ry C . Q u arles A C o ., M o rris F . F o x A C o ., M a rs h a ll A Ilsley B a n k , E d g a r
R ic k e r A C o ., a n d B a n k e rs ’ F ln a n c o C o rp ., M ilw a u k e e .
4 .8 0 W m . R . C o m p to n C o . a n d H a ls e y , S tu a r t A C o .

102
3,00 0 ,0 0 0 C a l if o r n ia J o i n t S t o c k L a n d
B a n k , 5% F a rm L o a n b d s ., 1951
1 ,000,000 C e n t r a l Io w a J o i n t S t o c k L a n d
B a n k (D es M oines) 5 % F a rm
L o a n b o n d s, 1951_______ ______
1,300,000 D a lla s (T ex.) J o i n t S t o c k L a n d
B a n k 5 )4 % F a rm L n . b d s ., 1951
600,000 D e s M o in e s (Io w a ) J o i n t S to c k
L a n d B a n k 5 44% F a r m L o a n
bonds, 1941............................. ...........
3 ,0 0 0 ,0 0 0 F i r s t J o i n t S t o c k L a n d B a n k o f
C h ic a g o 5% F a rm L o a n b d s, ’51
2 6 0,000 F l e t c h e r J o i n t S t o c k L a n d B a n k
(In d ia n ap o lis) 5 % F a r m L o an
b o n d s, 1951________ ___________
1,000,000 S a n A n t o n i o (T e x .) J o i n t S t o c k
L a n d B a n k 5% F a rm L oan
b o n d s, 1951.........................................

Offered by

%

10145
102

4.7 5 W a tk in s A C o . N . Y .

10444

4.9 0 W m . R . C o m p to n C o . a n d H a lse y , S tu a r t A C o.

102.45

4 .9 0 W m . R . C o m p to n C o . a n d H a ls e y , S tu a r t A C o .

102

4.75 K issel, K in n ic u tt A C o.

10145

4 .8 0 B ro o k e, S to k e s A C o ., P h ila d e lp h ia .
K e lle y , D r a y to n A C o. a n d R e d m o n d A C o.

10145

4 .8 0

10,550,000

f&nxxmt Events

tmtX

discussions

WEEKLY RETURN OF TIIE MEMBER BANKS OF TJIE
FEDERAL RESERVE SYSTEM.

WEEKLY RETURN OF FEDERAL RESERVE BANKS.
Further liquidation of $57,500,000 of discounted and pur­
chased paper, as against an increase of $35,000,000 in Gov­
ernment securities, is shown in the Federal Reserve Board’s
weekly bank statement issued as at close of business on April
26 1922, and which deals with the results for the twelve Fed­
eral Reserve banks combined. Government deposits in­
creased by $7,400,000, while members’ reserve and other de­
posits show a reduction for the week of $27,000,000. Federal
Reserve note circulation shows a further decline of $23,500,­
000, and in addition the reserve banks’ net liabilities on Fed­
eral Reserve bank notes in circulation show a reduction of
about $800,000. Gold reserves increased by $4,300,000 and
other cash reserves by about $900,000. As a result of the
above changes, the reserve ratio shows a rise for the week
from 77.3 to 78.3%. After noting these facts the Federal
Reserve Board proceeds as follows:
A moderato shift o f gold reserves away from the three Eastern banks Is
noted. Cleveland reports the largest increase for the week in gold reserves
by $9,700,000, Richmond, with an increase o f $3,800,000, following next
in order. Increases in gold reserves aggregating $6,500,000 are also shown
for Chicago, Altanta and San Francisco. Boston shows tho largest de­
crease in gold reserves for tho week, v iz., by $5,000,000, while smaller
decreases, aggregating $10,700,000, are reported by St. Louis, Philadel­
phia, M inneapolis, New York, Kansas City ana D allas.
Holdings o f Government paper show a reduction for the week from $201,­
300,000 to $179,000,000. Of tho total held, $150,000,000. or 83.7% , wero
secured by Liberty and other U . S. bonds, $8,500,000, or 4.7% . by Victory
notes, $13,600,000. or 7.6% , by Treasury notes, and $6,900,000, or 4.0% ,
by Treasury certificates, compared with $157,200,000, $9,500,000, $20,­
200,000 and $14,400,000 reported the week beforo.

The statement in full, in comparison with preceding weeks
and with the corresponding dates last year, will be found on
subsequent pages, namely, pages 1865 and 1866. A summary
of the changes in the principal asset and liability items of
the Reserve banks, as compared with a week and a year ago,
follow s:
In crea se

(+ )

or

D ecrease

(— )

S in c e

19 1922.
+5,2 0 0 .0 0 0
+4,3 0 0 ,0 0 0
— 22,500X00
— 52,700,000
— 22.300.000
— 30.400,000
— 4,800,000
+35,000,000
— 3.900,000
— 1,500.000
+40,400.000
— 19,600,000
— 12,200.000
+7,400,000
— 14.800.000
— 23,500.000

27 1921.
+620,100.000
+ 677,600,000
— 1,285,300.000
— 1.563,600,000
— 741,500,000
— 822.100,000
— 21 , 100.000
+299.300,000
— 224.500.000
— 154.900.000
+229,700,000
+ 107,300,000
+92.000,000
+ 9,300.000

— 800,000

— 76,800,000

A p r il

T otal reserves_________
Gold reserves______________________ T otal earning assets____________________
Discounted bills, to ta l_______________
Secured by U . S. G ovt, obligations. .
A l l o t h e r . .. ..............................................
Purchased bills______________________
United States securities, to ta l________
Bonds and notes__________________
Pittm an certificates_______________
Other Treasury certificates________
T otal deposits________________________
M embers’ reserve deposits___________
Government deposits________________
Other deposits______________________
Federal Reserve notes in circulation_____
F. R. bank notes in circulation, net lia­
b ility ............................................................




A p r il

+ 6 .000.000

— 672.600.000

Aggregate increases of $95,000,000 in leans secured by
stocks and bonds, reflecting the increased volume of Stock
Exchange transactions, more than offset by decreases of $9,­
000,000 in loans secured by Government obligations and of
$97,000,000 in other, largely commercial, loans, are shown in
the Federal Reserve Board’s weekly consolidated statement
of condition on April 19 of 801 member banks in leading ci­
ties. It should be noted that the figures of these member
banks are always a week behind those for the Reserve Banks
themselves. Of the total increase in loans secured by stocks
and bonds $85,000,000 represents the increase at the member
banks in New York City. In the investment block an in­
crease of $71,000,000 of United States certificates of indebt­
edness, following the April 15 issue of $150,000,000 of tax cer­
tificates, and increases of $30,000,000 in other Government
securities and of $35,000,000 in corporate securities are noted.
Total loans and investments of reporting member banks are
shown $125,000,000 larger than the week before.
Government deposits show an increase of $100,000,000 for
the week, other demand deposits an increase of $64,000,000,
and time deposits an increase of $35,000,000. Total accom­
modation of the reporting banks at the Federal Reserve
banks shows a further decrease for the week from $223,000,­
000 to $210,000,000, or from 1.5 to 1.4% of the bank’s total
loans and investments. For member banks in New York
City, a reduction from $23,000,000 to $21,000,000 in total bor­
rowings from the local Reserve banks, and from 0.5 to 0.4%
in the ratio of these borrowings to total loans and invest­
ments, is noted. Reserve balances of the member banks witli
the Federal Reserve banks increased by $32,000,000, while
cash in vault shows a decline of $4,000,000. On a subsequent
page, that is on page 1866, we give the figures in full con­
tained in this latest weekly return of the member banks of
the Reserve System. In the following is furnished n sum­
mary of the changes in the principal items, as compared
with a week and a year ago:
in c r e a s e

or

D ecrease

(— )

S in c e
A p r il
1922.

12
— 11,000X00
— 9,000,000
+95,000,000
— 97,000,000
+ 136,000.000

A p r il

Loans and discounts, to ta l-------------------Secured by U . S. G ovt, obligations----Secured by stocks and bonds-------------All other____________________________
Investm ents, to ta l_____________________
U . S. bonds_________________________
Victory notes_______________________
U . S. Treasury notes_________________
Treasury certificates________ ________
Other stocks and bonds______________
Reserve balances with F. R. banks--------Cash in v a u lt_________________________
Government deposits__________________
N et demand deposits__________________
Time deposits_________________________
T otal accommodations at F. R. banks_
_

(+ )

+21,000,000
+ 9,000X 00

+71,000,000

+ 3 5 ,0 0 0 ,0 0 0

+ 32,000,000
— 4.000.000
+ 100X00,000
+ 64,000,000
+ 35,000.000
— 13,000,000

22 1921.
— 1,435.000,000
— 379,000,000
+243.000,000
— 1,299.000,000
+510,000,000
+ 198.000.000
— 108,000,000
+389,000,000
— 60,000,000
+91.000,000
+ 104,000,000
— 33.000,000
—

11. 000,000

+ 502,000,000
+235,000,000
— 1,373.000,000

ArRiL 29 1922.]

TH E

C H R O N IC L E

J. P. MORGAN ACCEPTS INVITATION TO JOIN COM­
MITTEE ON INTERNATIONAL LOAN TO GERMANY.
J. P. Morgan announced on April 24 that he had accepted
the invitation of the Allied Reparations Commission to serve
on the sub-finance committee which will discuss the feasibil­
ity of raising an internatoinal loan for Germany. He will
sail abroad, it is stated, the middle of May, business and per­
sonal matters making it impossible to leave before that time.
With regard to Mr. Morgan’s announcement, the New
York “Times” on April 25 said :

1841
R e d i s t r i b u t io n o f G o ld .

There has been an inquiry in financial circles for a long time for an im­
proved basis for the redistribution of gold. It has been suggested that the
United States, with its three billion dollar reserve of the metal, should make
a gold loan to European nations, so that this could be paid into circulation
abroad and raise the currencies to their former foreign exchange levels or to
new levels.
The two outstanding questions raised by this proposal would b e :
1. What assurances could the United States get that the operations of the
European banks would be run so as to maintain redemption at the agreed
rate?
2. How much of a reduction in the note issue should be required to bring
the notes within the lim it of practical convertibility?
These two questions would have to be answered, it is stated in financial
circles, before the American financial institutions would be willing to make
a vast gold loan to rehabilitate the European currencies.
Financiers assert that the United States would have to be assured the
banks would not continue to make large loans to the countries which have
not balanced their budgets and otherwise put their houses in order. If these
banks continued this policy, it would be manifest that the gold would soon be
dissipated without resulting in restoring the currencies to a substantial basis.
A certain degree of supervision of the use of the loan would necessarily ac­
company it, according to the view of the President.

Asked about the details of the invitation cabled to him by the Reparations
Commission, Mr. Morgan said that in effect it requested him to serve on a
committee which would consider and report on conditions under which the
German Government could arrange a foreign loan or loans.
As to what amount of German bonds could be sold in this country Mr.
Morgan said that would depend entirely upon the kind of security Germany
could offer to Investors who would be interested in such bonds. Much would
also depend upon the terms offered and “whether we think the terms are
good.”
Mr. Morgan said he would not care to make any estimate as to what
amount of bonds could be sold in this country, but intimated that if the
M a y R e v a lu e E x ch a n g es.
terms were satisfactory a very large amount of the bonds could probably be
It is regarded as improbable that some of the foreign exchanges w ill ever
placed in America. He further expressed the opinion that the time was par­ be restored to the pre-war levels. Mr. Lloyd George, the English Premier, re­
ticularly favorable for such an operation, explaining that the issue would not
cently advanced the idea that the French franc should be given a revaluation
be taken by the banks but would be offered to the public if terms and se­ of some figure below that prevailing in 1914, or around 10c. The approach­
curity could be agreed upon.
ing conference is expected to take up this problem, one of admittedly great
Asked if the loan would clear away the chief obstacles to Europe’s recov­
magnitude. The relation of the sterling exchange to the French, Italian and
ery, Mr. Morgan said that that involved political considerations and that he
German would be covered at uch a parley, it is believed.
did not care to discuss that phase of the situation. “Now you are getting
The fact that Europe has long been searching for some way in which it
into politics,” said Mr. Morgan, “and my interest in the situation is merely
might propose an acceptable basis to the United States for the redistribution
to advise what the United States can do to help out the loan plan.”
of gold has been recognized. The recent statement from Frank A. Vanderlip at the Genoa Conference to the effect that “what the Allied financiers are
worrying about is how they can tap the United States gold supply” is a fresh
EUROPEAN BANKS PROPOSE CONFERENCE AND IN­ indication of their solicitude.
While it has been indicated that the proposed gold loan would be more or
VITE ATTENDANCE OF FEDERAL RESERVE BANKS.
less of a private matter, it is patent that the Government itself has an abiding
Pretty well authenticated reports have come this week interest in such a plan. Theoretically, the Federal Reserve banks would have
from Washington and from Europe saying that European the right to participate in such a loan. Practically, the Treasury would have
to participate
Reserve
banks of issue on the initiative of the Bank of England, con­ States and the because the Federal the fiscalnotes areofobligations of the United
Reserve banks are
agents
the Government.
templated holding a conference this spring for the purpose
W. P. G. Harding, Governor of the Federal Reserve Board, said he "had
of seeing what could be done to improve the economic and heard” an invitation was en transit asking the Board to send a representa­
tive
the conference.
asserted, however, that he did
financial situation of Europe and that an urgent invitation knowtoofficially of this Governor Harding question of participating has not
invitation. The
not
had been or was being sent to the Federal Reserve banks to been discussed by Governor Harding with the President, but in view of the
White House,
attend. It has also been intimated that Benjamin J. Strong, statement at thebeen reached. it is strongly believed that a final decision to
participate has
Governor of the Federal Reserve Bank of New York, was
While the President is now of the ODinion that there would be no diffi­
looked upon as the proper person to represent the Reserve culty in having a representative of the New York branch, the capital «f
which is
by the
owned member
for the
banks. It has been stated, furthermore, that President Hard­ American subscribedinterests, privately not be much of abanks, speakobservers
financial
it would
surprise to
ing was not averse to participation in an unofficial capacity here if the Federal Reserve Board, as spokesman for the whole banking sys­
tem, were
by the Reserve banks in a European bank conference and London. instructed to accept the invitation and send a representative to

that Governor Strong was regarded as the right man for the
purpose.
The scope of the conference seems to be exceedingly broad
and apparently an earnest desire exists to obtain several
hundred millions of the stock of gold held by the Reserve
banks. Wo indicate our views regarding the proposal on a
previous page, in our article on The Financial Situation,
page 1818. The scheme is outlined quite at length in a Wash­
ington dispatch under date of April 25 to the “Journal of
Commerce and Commercial Bulletin” of this city, as follow s:
American participation in the forthcoming conference of European banks
of issue was virtually assured to-day when President Harding let it be
known at the White House that the Administration looked with favor upon
the plan of sending a representative of the New York Federal Reserve Bank
as an agent in the negotiations.
The attitude of the President has at last opened the way for the United
States to participate in the stabilization of European finance and exchange.
The announcement, while lacking in definite details and indicating restric­
tions that might be imposed upon the American representative, is interpreted
as being of great importance both to the American financiers and to the for­
eign trade.
The United States has a gold store in excess of three billion dollars— the
greatest accumulation of fine metal that the world ever knew. A gold loan
of at least several hundred million dollars to Great Britain and other Euro­
pean nations, in order that they may return their currencies to the gold basis
and restore the former exchange rate or a new rate, has been proposed in
American financial circles for several months, and it is regarded as certain
that this projected loan, while now in a nebulous state, will be discussed if
the representatives of the banks of issue gather abroad.
I n v ita tio n on W a y.

While no formal invitation has yet been received by the Federal Reserve
Board, it is reported to be on the way. With the Bank of England taking
the initiative, the European banks of issue have decided to hold a conference
some time this spring for the purpose of ascertaining what steps can be taken
to “improve the financial situation.”
Considerable surprise was shown when President Harding indicated that an
official of the New York branch of the Federal Reserve system would be nom­
inated to serve as the agent of the Administration and the American banking
system. The President, it was stated at the White House, thinks that this
is not a matter of much moment because he has indicated the Executive view
is that neither the Federal Reserve Board nor the New York branch repre­
sentative would be empowered to speak for the Government. He would be
merely an agent for negotiation, according to the White House view.
While no announcement was made as to who would be the spokesman for
the American banking system, it is understood that Benjamin J. Strong, Gov­
ernor of the New York branch, has been put forward as an acceptable agent.
While the policy of the Administration thus far has been to hold aloof in
all political affairs of Europe, this does not extend to matters touching so
vitally upon economic subjects, it was indicated. The Government could
have no possible objection to the participation of J. Pierpont Morgan in
meeting with the European financiers to see if some plan for improving the
financial situation might not be evolved, it was stated at the White House.




FINANCIAL COMMISSION OF GENOA CONFERENCE
URGES GOVERNMENTS TO REDUCE EXPENSES—
RETURN TO GOLD PARITY TOO HEAVY A
STRAIN IX)It MANY COUNTRIES.
What were said to be the first definite steps proposed by
the Genoa Economic Conference toward the economic recon­
struction of Europe are embodied in a series of recommenda­
tions made public on April 23 by the Financial Commission
of the Conference. The commission, made up of leading
economists and bankers from all countries avers that “no
scheme for stabilizing the purchasing power of the monetary
unit can be fully effective without a co-ordination of policy
between Europe and the United States.”
Tu recommending resolutions on currency and exchange
for adoption by the Conference, the commission sa y s:
So long as there is a deficiency in the annual budget of a State met by the
creation of fiduciary money or bank credits no currency reform is possible
and no approach to the establishment of a gold standard can be made. The
most important reform must therefore be the balancing of the annual expen­
diture of a State without the ceration of fresh credits not represented by
new assets.
The balancing of a budget requires adequate taxation, but if Government
expenditure is so high as to drive taxation beyond what can be paid out of
the income of a country, taxation itself may still lead to inflation. Reduc­
tion of Government expenditure is the true remedy.
The balancing of a budget w ill go far to remedy an adverse balance of ex­
ternal payment by reducing internal consumption. It is recognized that in
the case of some countries the adverse balance is such as to render attain­
ment of the equilibrium of the budget difficult without assistance, which
may be unattainable.
The next step should be to determine and fix the gold value of the mone­
tary unit. This step can only be taken by each country when economic cir­
cumstances perm it; the country w ill then decide the question as to whether
to adopt the old gold parity or a new parity approximating to the exchange
of the monetary unit at the time.

The report of the committee of experts appointed by the
Currency and Exchange sub-commissions sa y s:
There is a prevalent belief that a .return to pre-war gold parity is neces­
sary or desirable for its own sake. There are undoubted advantages to be
obtained by such return, but we desire to point out that for countries where
the currency has fallen very far below pre-war parity a return to it must
involve social and economic dislocation attendant upon continuing readjust­
ments of money, wages and prices and continual inerease in the burden of
the internal debt.
Regard being had to the very large debts incurred since the armistice by
many countries, we are inclined to think that a return to the old gold parity
involves too heavy a strain on production.

T H E

184 %

The decision must be left in each case to the country concerned, but we
suggest that a considerable service w ill be rendered both to its own internal
economy and the cause of European recovery by that country, which, after
reaching comparative stability in its currency at a point so far below the old
parity as to make a return to it a long and painful process, first decides
boldly to set an example of securing immediate stability on terms of gold by
fixing the new gold parity at or near the figures at which stability has been
attained.
European industry cannot hope for a permanent return to prosperity so
long as either directly, through taxation, or indirectly, through the inflation
of currencies, it bears the most insidious and objectionable form of taxation,
namely, a burden of Government expenditure which is beyond its capacity.
The foreign obligations by one country must be balanced by the capacity of
other countries to absorb the surplus production, with which alone these ob­
ligations can be met.
If the burden of any country’s external obligations is beyond its capacity
to pay and cannot be assisted by a foreign loan, an effort to meet those ob­
ligations must accordingly result, on the one hnad, in the dislocation of the
markets in other countries, and, on the other hand, in continuous deprecia­
tion of the currency of the debtor country, which will entirely prevent it
from making any start whatever in the direction of stabilization.

JAMES SPEYERS' VIEWS REGARDING THE GENOA
CONFERENCE—REAL PEACE TIIE NEED.
The “Journal of Commerce” of this city, in its issue of
April 24 published an article written by James Speyer which
we reproduce here because of its enlightened treatment of
the economic and financial situation in Europe. The article
is as follows:
U .

S . N o t D e p e n d e n t U p o n F o r e ig n M a r k e ts .

Every civilized natiion that sells or buys from others is naturally con­
cerned in the improvement of foreign trade conditions, none more so than
the U nited States w ith its large natural resources, it. surplus crops and its
increasing output o f manufactured goods. For this reason, if for no other,
our poo pie follow w ith sym pathetic interest overy effort made toward this
end by European powers at conferences or otherwise.
However, we shall do well to remember th at we are not dependent on for­
eign markets to feed and fairly em ploy our own people, and that wo occupy
a unique position as the one great creditor nation w ithout foreign debt. This
should make us careful not to be drawn into any meeting called by Euro­
pean powers, unless the programme promises satisfactory results and
Involvos for us no unnecessary com plications. Unfortunately, tho Genoa
conference specially excluded from discussion ono or more of tho fundamental
causes o f the existing economic depression, and its course, up till now, seems
to prove the wisdom of our G overnm ent’s decision not to take part.
R eal P eace N eed ed .

E verybody knows th at w hat is needed In Europe is a real peace to enable
each nation to work, to enlarge production and consumption, to end waste­
ful and non-productive expenditures and to increase its purchasing power
abroad, either through appreciation or, at least, stabilization of its currency,
or through larger exports o f its manufactured goods. R estoration of inter­
national trado should not bo hampered by artificial barriers, and high tariff
walls would be a positive detrim ent, especially as now frontiers havo dis­
rupted old economic units and relations.
M r. K eynes and other independent and courageous men havo repeatedly
pointed out that as long as the vast dom ain of Russia remains practically
boycotted, a general improvement in economic conditions should not be
expected, nor could such improvement take place unless tho value of Conti­
nental currencies and exchange, especially in Central Europe, is raised. It
Is generally adm itted th at, as regards Germany’s currency, no such improve­
m ent is possible until further changes from tho basis exacted when tho war
closed have been made, both in the amount of tho gold reparation and in
the modus and tim e o f paym ent.
Small beginnings have been made in revising tho peace treaties. Unfor­
tunately, some o f tho big Europoan powers, as has been said, after “waging
war" for four years have ever since been “waging peace.” Great Britain is
pre-eminently tho country to realize the political and economic problems
confronting the world, and its Government and people, in a spirit of fairness
and common senso, which is their characteristic, are using their Influence to
fing a proper solution and to convince other nations that jealousies and
hatreds must be put aside and not allowed to Influence or rule any conference
called to restore normal conditions and international trado. Lot us hope
these ideas will in timo provail and find expression through mutual accom­
modation and greater good will. Then will bo the timo for our Govern­
ment to take a hand.
B u y in g

S e c u r itie s .

In the meantime our bankers and investors might well continuo to buy
European securities and extend credits; this is a practical business and very
effective w ay to improvo trade relations and exchange for countries deserving
help, w ithout compromising tho financial position of our Government and
its just claims against foreign nations. T he American people entored the
war and their representatives went to Versall'es animated by a sincero
desire for a real and more permanent European peace resting on fair and firm
foundations, w ithout big or little ententes or alliances. Experience has
shown that tho European governments, the old as well as tho new, must
build theso foundations them solves, and only after they have made more
progress in that direction should they expect our Government officially to
co-operate in a whole-hearted and generous American way.

GREAT BRITAIN TO PAY ITS DEBT OF $130,000,000 TO
CANADA.
According to a special cablegram to' the Montreal “Ga­
zette” from London under date of April 20, the British Gov­
ernment has agreed to pay off Britain’s war debt to Canada
at the rate of $5,000,000 per month. The total amount owed
is about $130,000,000, which was the balance due after the re­
spective accounts covering war purchases and other transac­
tions were set off against each other. The cablegram contin­
ues as follow s:
The British Government desired to discharge this debt at the par rate of
sterling exchange, but with this proposal the Canadian Finance Department
did not see eye to eye. It has been agreed that this dispute is to be left in
abeyance at present, and it is possible that the gradual recovery of sterling
w ill minimize if not obliterate the cause of contention before the time for
the final adjustment is reached. The monthly payments of $5,000,000 each




[V ol. 114.

C H R O N IC L E

are to be made in the interim, and this arrangement is already in operation.
Canada is perhaps the only one of the Dominions which is in the fortunate
position of being a creditor of the Mother Country, most if not all of the
others being debtors for considerable amounts.

OFFERING OF $100,000,000 BONDS OF THE DOMINION
OF CANADA.
A syndicate headed by J. P. Morgan & Co., and embracing
Brown Brothers & Co.; Harris, Forbes & Co.; Bank of Mon­
treal; First National Bank; the National City Co.; Guaranty
Co. of New York; Bankers Trust Co.; Dillon, Read & Co.;
Leo, Higginson & Co.; and Kidder, Peabody & Co., all of
Now York, offered this week, and quickly sold $100,000,000
5% twenty to thirty-year (optional) coupon or registered
gold refunding bonds. They were offered to investors at
par and accrued interest. The bonds aro issued in denom­
ination of $1,000 if in coupon form, and if in registered form
thoy will be in denominations of $1,000 or authorized multi­
ples. Date May 1 1922. Principal and semi-annual inter­
est (May 1 and N ov. 1) payable in gold dollars at the
Agency of tho Bank of Montreal in New York City, “without
deduction for all Canadian taxes, prosent or futuro, but this
will not exempt from Canadian taxes payments made in
discharge of bonds when boneficially owned by persons
residing or ordinarily resident in Canada.” Duo May 1
1952, redeemable at tho option of the Dominion Government,
as a whole but not in part, on and after May 1 1942, and not
earlier, on sixty days’ notice, at par and accrued interest.
Temporary bonds will be delivered pending the engraving
of the definitive bonds. The official announcement states
that in the opinion of counsel, these bonds will be a legal
investment for savings banks in Connecticut, New 1lampshire and Vermont, and that the proceeds of this issue are
to bo used for the purpose of refunding existing debt of the
Dominion.
S T A T E M E N T O F T H E P U B L IC D E B T A N D T H E R E V E N U E A N D E X P E N ­
D I T U R E O F T H E D O M IN IO N O F C A N A D A . A S B Y R E T U R N S F U R ­
N IS H E D T O T H E F IN A N C E D E P A R T M E N T T O T H E N IG H T
O F T I I E 3 1 S T O F M A R C H 1921 A N D 1922.
1922.
1921.
P u b li c D e b t —
$
*
L ia b ilitie s —
F u n d e d D e b t—
P a y a b le In C a n a d a ..................................................- .............2,0 8 2 ,7 5 6 .3 7 6
P a y a b le In L o n d o n .............. - .................................... ______ 33 6 ,0 0 1 ,4 7 0
P a y a b le in N e w Y o rk ______________________ .......... .. 1 35.874,000
9 0 ,8 3 4 ,0 0 0
T e m p o i a ry lo a n s ............................. ................................. ______
6 ,3 1 1 ,5 2 2
B a n k c irc u la tio n re d e m p tio n f u n d ......................... ______
______ 27 1 ,5 7 9 .5 4 9
S a v in g s b a n k s—
P o s t O ffice s a v in g s b a n k s . . ................................ ______
D o m in io n G o v e rn m e n t s a v in g s b a n k s --------- .............
______
______
______
M isc e lla n e o u s a n d b a n k in g a c c o u n ts ....................

2 ,001,211,367
3 36,001,470
110.935.000
114.541.000
6,534,014
2 48,379,175

2 8 ,4 7 4 ,6 5 0
9 ,5 9 0 ,9 1 5
1 3 ,500,335
11,920,482
4 2 ,9 0 7 ,0 4 2

24,026,270
9,624,163
13,494,487
11,920,481
35,944,662

T o ta l gross d e b t ________________ _________ ______ 3 ,0 2 9 ,8 1 0 ,3 4 1
AssrM—
In v e s tm e n ts —
2 4 ,9 6 0 ,0 5 5
S in k in g f u n d s .................... ......... ................................. ______
O th e r In v e s tm e n ts ..................................................... ______ 478,0 8 4 ,9 0 1
Less n o n -a c tiv e _____________________________ .......... .. 34 0 ,3 8 7 ,2 0 2
.
2 ,2 9 0 ,3 2 8
P ro v ln c o a c c o u n ts _____________________________
M isc e lla n e o u s a n d b a n k in g a c c o u n ts ...................... ______ 0 0 9 ,5 4 0 ,7 5 3
.............
5 5 ,9 9 0 ,9 9 7
L ess n o n -a c tiv e ............................................................

2 ,9 42,612,089

T o ta l a c tiv e a s s e ts ...............- ............- ................ ______

29,840,154
523,768,145
4 13,464,054
2,296,328
472,977,040
57,801,915

71 8 ,5 1 5 ,8 9 8

5 57,615,698

T o ta l n e t d e b t M a rc h 31 (no c re d it b een ta k - n for n o n ­
a c tiv e a s s e ts ) ............................................................................... 2 .3 1 1 .2 9 4 ,4 4 4

2 ,3 84.996,392

REVENUE

AND

E X P E N D IT U R E O N A C C O U N T
FU N D .
M o n th o f

T o ta l to

OF

C O N S O L ID A T E D

M o n th o f

T o ta l to

M a r . 1921. M a r . 31 ’21. M a r . 1022. M a r . 3 1 ’22.
S
5
Revenue—
*
*
C u s to m s ............................................. 1 0,018.306 162,812,951 1 0 ,364,275 104,420,451
2 ,9 0 8 ,4 7 0 36,581,356
E x c is e ..................................................... 2 ,9 7 3 ,5 1 2 36,6 9 9 ,4 7 4
2 ,2 0 0 ,0 0 0 24,368,486
P o s t O ffic e .......................................... 2 ,0 0 0 ,0 9 0 2 3 ,9 9 8 ,4 1 0
P u b lic W o rk s, In clu d in g R a ll1,754,381 38,8 7 3 ,8 3 3
165.674
1,269,346
w a y s a n d C a n a ls ------------- . .
W a r T a x R ev e n u e —
5 ,2 1 7 ,7 8 0 72,628,564
5,790,411 7 0 ,4 4 1 ,8 1 2
I n la n d R e v e n u e — ............ . .
1,983,707 22,080,383
1 ,9 0 5 ,4 4 4 37,6 0 1 .5 1 2
B u sin e ss p ro fits t a x ............ . .
2 ,5 0 5 ,5 3 7 78,392,502
In co m e t a x ................... ......... . . 0 ,1 4 7 ,6 5 5 3 8 ,8 1 4 ,4 9 0
720
1,800,021
1,789,353
5,582
O th e r w a r ta x re v e n u e ------ . .
2,3 2 0 .5 2 2 29,388,953
1 ,854,658 3 4 ,3 1 0 ,9 2 0
O th e r re v e n u e a c c o u n ts ------ . .

3 2 ,4 4 9 ,8 4 9 4 5 1 ,3 6 0 ,0 2 9
T o t a l ..............................
E x p e n d itu re —
I n te r e s t on p u b lic d e b t _______
4 ,2 9 8 ,1 8 6 1 29,118,280
A g r ic u ltu re ___________________
4 2 4 ,3 9 3
4,746,671
P e n s io n s .........................
3 ,0 4 5 ,1 6 9 35.3 1 2 ,7 3 0
P u b lic W o rk s c o n so lid a te d fu n d
717,512
8 ,8 1 6 ,1 7 7
P o s t O f f i c e . . ............ ..................... 2 ,333,076 20,348,014
D o m in io n lan d s a n d p a rk s ____
2 8 4,206
3 ,0 4 5 ,4 1 0
S o ld ie rs lan d s e ttle m e n t______
50 ,9 7 0
1 .924,978
S o ld iers c iv il r e -e s ta b its h m e n t. 3,3 0 0 ,0 3 1 31,790,931
O th e r e x p e n d itu re a c c o u n ts _
_
9,4 5 7 ,0 1 7 121,806,076

27,0 7 2 ,6 8 5 371,519,454

T o t a l .......................................... 2 3 ,9 1 7 ,7 0 0 357,5 1 5 ,2 7 0

2 7 ,5 9 4 ,4 0 7 3 24,758,377

14,954,736
4 1 8,347
2 ,7 6 0 ,5 8 9
0 31,446
3,6 0 0 ,5 3 0
24 6 ,1 9 9
135.030
1,383,570
13,4 5 5 ,9 6 0

E X P E N D I T U R E O N C A P IT A L A C C O U N T . E T C .
43,566
W a r ........................................................... 7 ,5 9 1 ,4 0 2 17,214,363
P u b lic W o rk s, in clu d in g railw a y s
013,193
a n d c a n a l s ...............................
2 ,7 2 9 ,5 8 3 3 1 ,1 0 2 ,4 4 4
R a ilw a y s u b sid ie s........................................................
..................
..................

130,912,906
176,505
33,372,713
9,272,061
23,084,349
3,782,095
2,024,922
15,339,049
101,193,177

1,062,248
15,679,833
..................

T o t a l ......... ................................ 10,321,075 4 8 ,3 1 6 ,8 0 7
6 5 6 ,7 5 9 10,742,081
T h e a b o v o s ta te m e n t rep re se n ts o n ly th o re c e ip ts a n d p a y m e n ts w h ich h av o passed
th ro u g h th e b o oks of th e F in a n c e D e p a rtm e n t u p to th o la s t d a y of th e m o n th .

T H E

A pril 29 1922.]

In the Canadian House of Common at Ottawa in the after­
noon of April 25, after the lion. W. S. Fielding, Minister of
Finance, had announced that the $100,000,000 loan floated
through J. P. Morgan & Co. had been over-subscribed, Sir
Henry Drayton asked the Minister what the commissions
paid the bankers amounted to. The following colloquy en­
sued, according to the Canadian Press dispatch from Ottawa
to the Montreal “Gazette” :
Mr. Fielding: “The Government received the net price of 9 7 Vi- The
bankers were free to place the loan on the market at any price, not exceed­
ing par. They placed it at par, and that leaves the bankers and brokers con­
cerned 2 % % for their services.”
Sir Henry Drayton: “That would be $2,500,000 on the issue.”
Mr. Fielding replied that if Sir Henry’s calculation was correct his figures
were right.
Sir Henry Drayton: “In view of the very immediate success of this loan,
properly mirroring as it does the extreme high standing of this country, and
the large amount of idle money at present locked up in New York, is my
honorable friend quite sure that he has not made this loan altogether too
generous in favor of the American investor?”
Mr. Fielding: “ I shall be glad to discuss that question at a later stage
and particularly to place it in comparison with the commissions allowed on
some loans placed by my honorable friend.”
Sir Henry Drayton added that there was a novel provision in connection
with the issue, under which a subscriber who desired to live in Canada was
to be taxed, while the subscriber who stays in the United States was not to
be taxed. “I suppose this has nothing to do with any immigration policy that
the Government contemplates,” he remarked.
Mr. Fielding replied that the provision in the bond with respect to taxa­
tion was a copy from an issue made by Sir Henry Drayton. The Government
could not tax an American citizen in the United States.

THE INTERIM CREDITS FOR AUSTRIA.
From the monthly publication, “Reconstruction,” dated
Vienna March 1, we take the following Austrian Trade Jour­
nal advices:
At last after years of forlorn hopes and bitter disappointments for Austria,
the world is about to show that it cannot afford to let a country of the eco­
nomic and political importance of Austria go to rack and ruin, and finally
has secured credit help for her. It is true that the big credit for reconstruc­
tion which is embodied in the program of the League of Nations has not yet
come; it will need a very strong effort of enlightenment to make a treatyridden world see that something more than emergency measures w ill be re­
quired in order to repair in some way the fatal work of St. Germain and
make reconstruction possible.
But still, as far as these emergency measures go, they are very wise and
useful ones; they show, as Sir William Goode, the unrivaled British authority
on Austria’s financial conditions, pointed out, a return of confidence in Aus­
tria and her future. The credits will have to be used in the first instance,
for the stabilization of her currency and to prevent its further drop, which,
however, does not mean a sharp rise in value with ensuing disastrous conse­
quences for trade and industry such as has lately been witnessed in Czecho­
slovakia. The confidence of foreign creditors was regained largely by the
energetic and drastic program of self-help carried out by the Austrian Gov­
ernment.
T h e C ze c h o s lo v a k C r e d it.

The conditions for this credit, which amounts to 500 million Czech kronen
(about 2 million pounds) are not yet quite clear. As a result of the political
agreement concluded at Lana, a credit of 500 million Czech kronen was prom­
ised, which, however, must first be ratified by the Czechoslovak Parliament
There is nothing political underlying the granting of the credits; the reasons
being of an economic nature. Czechoslovakia has seen her currency rise in
the world market and consequently climb up in Vienna from about 80 to 210 ;
this made trade between the two countries almost impossible and has shown
that Czechoslovakia has no interest in keeping her currency at an inflated
value in Austria. More than three years after the conclusion of the Armistice
it has been finally brought home to Prague that a political severance does
not mean a complete disruption of commercial intercourse, as was no doubt
attempted in the first flush of gaining independence, and that friendly rela­
tions best serve the interests of both countries. Until the entire credit of
500 million Czech kronen is voted by the Prague Parliament, an advance of
100 million has been made, of which, however, only 56 million cash w ill be
put at Austria’s disposition, the remaining 44 millions being made up by a
prolongation of the payment of the railway balance for February and March
The 56 million kronen are really a debt owing to Austria out of the purchase
of demobilization goods. Whether these 56 millions are to be reckoned as a
part of the 500 millions is not quite clear. The remaining 400 millions will
be made up by 287 million Czech kronen paid in cash and a prolongation of
169 millions for the total of Austria’s debt arising out of the railway
amounts. This money will be used to pay private or State obligations to
Czechoslovakia. Therefore at present Austria receives 44 million Czech kro­
nen (somewhat loss than a million pounds) against adequate guarantees, the
shares of Czechoslovak local railways in the possession of Austria to the value
of about 30 million Czech kronen, the shares of a former Imperial smrarfactory in Bohemia of about 17 million kronen and a mortgage of 27 million
kronen on the Home Office building, the former Bohemian Court Chancellery
These pawns are comparatively harmless, much less so than the original
guarantees demanded. If the international credit help of which this credit
is meant to be a part, does not materialize until June 30 1923 then Austria
will have to pawn her taxes on railway returns as a security It is nnlv tn
be hoped that this does not imply Czechoslovakia’s control over Austrian rail­
way traffic.
T h e B r iti s h C r e d it.

1843

C H K O N IC L E

leading statesman, Dr. Schober, and might have refrained from this measure.
On the other hand, the presence of Mr. Young will surely strengthen the hand
of the Austrian Chancellor against the political parties, who, of course, re­
sent too rigid taxation and a too severe enforcement of economy in the ad­
ministration, just as is the case in every country of the world. It may also
influence British capitalists to invest in Austria if a British representative is
on the staff to attend, as it were, to the financial interests of the creditors.
T h e F re n c h C r e d its .

No details, as yet, are known about the French credits, which are to be 55
million francs (about 1 million pounds). They are gratifying because they
show that France now sees the necessity for Austria’s continued existence.
In the official French statement it is acknowledged that help for Austria is
an obligation resulting out of the Treaty of St. Germain. It is expected
that Mr. Young w ill act also as controller for France. Politically, the grant­
ing of the credits is a kind of reward for the pact of Lana which was so
strongly resented by the Pan-German party in Austria. It means an approach
to the Little Entente and makes that bogey of French policy, union with Ger­
many, a matter of a more distant future.
T h e I ta lia n C r e d its .

Italy has promised to take part in the credit action for Austria to the ex­
tent of 100 million lira (1 million pounds). The political reasons for this
step are manifold. Italy at the conference of Porto Rose and in the Burgenland affair, played the part of the leading Central European Power. There
was a danger that Italy would lose this position if she did not take part in
the credit action. Italy certainly intended to form a counterpart to the Lit­
tle Entente, an anti-slav bloc, as it were, out of Austria, Hungary and Ru­
mania. This policy was made impossible through the new alliances between
Rumania and Jugoslavia and Greece and Rumania. Italy has alienated much
friendly feeling,in Austria by her decidedly unfriendly attitude in the Burgenland question, a feeling which partly led to the Lana agreement. Her
credits, therefore, are meant to smooth things over.
B e n e fic e n t E f f e c t s o f th e C r e d its .

The granting of these credits has already had a very beneficent effect on
the Austrian currency. The Czech krone which at the end of January was
quoted at 220 at the Vienna Stock Exchange, has dropped to 110 kronen, the
pound sterling from 46,000 to 26,800 kronen, the German mark from 50 to
30 kronen. But the satisfaction at this momentary relief of the situation,
which had become almost unbearable, must not blind the onlooker to the in­
exorable fact that the interim credits are far too small to effect a lasting
cure anjl can only be considered, as Sir William Goode says, as first steps on
the way to the reconstruction of Austria, which again is a condition for the
restoration of the whole of Central Europe.
S t a t e O ffic ia ls S h o w C o n fid e n c e in th e F u tu r e .

The organizations of State officials have resolved, now that the credits
have come, to await results before asking for further increase in salaries.
M r. Y o u n g ’s V ie w s o n th e S u b je c t.

In an interview which Mr. Young granted the London correspondent of the
Austrian Telegraph Correspondence Bureau, he made the following remarks:
“Since the very first days after the Armistice, wide circles of the British
public have watched the development of things in Austria with sympathy,
and there is no other country in Europe for which England has a more sin­
cere good feeling. , The fact that a credit of 2 million pounds is granted just
at a moment when both British Parliament and Government are straining
every effort for the strictest economy, shows that Austria has not been for­
gotten. But what lends this credit importance is the fact that it is a loan
made on strictly business conditions, and lent on good security. This, in
my opinion, means the turn of the tide for Austria. All things join together
to this effect: the credits of the Western Powers, the pact of Lana, the credit
granted by Austria’s most important industrial neighbor, the connection ef­
fectuated between Paris and Vienna through the Laenderbank and that be­
tween England and Vienna through the Anglo-Austrian Bank, through which
medium the 2 million pounds will also be handed over to Vienna.
“Already a year ago it seemed desirable in England to preserve the net­
work of financial and business relations of which Vienna is the centre. But
it was not sure then whether this would be possible. To-day there is much
' greater confidence in Austria, owing, in the first place, to the attitude of the
Austrian people themselves. They have shown admirable patience, persever­
ance and courage; England recognizes and esteems the resoluteness with
which the Austrian Government faced the crisis and the loyalty with which
the different political parties supported Government. The removal of the food
subsidies has created a great moral impression on the Western Powers and I
have reason to say that Austria has well deserved the new credits by her
loyal efforts to do without them.
“I hope there will be no further break on the way to recovery, although
the next months of convalescence w ill be dangerous and painful. But there
is good reason for hope chiefly because Austrians have had a good schooling
in the laws of economic life. I believe in good faith that the Austrian Gov­
ernment could not have fulfilled its task had not the Social Democrat leaders
so unfailingly spoken the hard truth to their adherents and had their resist­
ance to the Communists not been so strong. I feel sure that the political sta­
bility of Austria will be maintained through all difficulties.
“The natural attractions of Vienna as a centre of culture and its special
importance as the big central market of Europe are again being fully recog­
nized. It lies in the interest of all Europe that Austria should thrive.”

ALABAMA TAX RECORDING LAW UPHELD BY STATE
COURT— FEDERAL LAND BANKS REQUIRED TO
PAY RECORDING TAX.

In announcing that under a decision of the Alabama
Supreme Court, Federal Land Banks must comply with the
State law requiring the payment of a recording tax of 15 cents
per $100 on all mortgages recorded, the Farm Mortgage
Bankers’ Association of America states that “the most
important immediate effect of the Alabama decision will be
to discourage the organization of more Joint Stock Land
Banks.” The purposes of the tax law, it states, “are to
furnish needed State revenue, to encourage home investors
to invest in local mortgages and to abolish the unfair dis­
crimination now existing in favor of Joint Stock Land
Banks and Federal Land Banks.” The following are the
comments by the Association in a bulletin recently issued:

The British credit of 2 million pounds is to be used exclusively for the
stabilization of the krone, and like the French credit, is guaranteed br the
gobelins, which, however, are to remain in Vienna, chiefly because theTrails
port of these unique art treasures would be both too
i >
•
The use of this credit is to be controlled by M r . , “ £ £ L #2 ^ lveof the British Legation in Vienna, who will have the right to countersign ail
Governmental orders, concerning the use of this credit O n in ^ .
■
utility and value of this control are rather divided, i t isP resented on the
one side that this abandonment of financial independence has been sold rather
cheaply for 2 millions, and it is feared particularly that France and n il v
and finally Czechoslovakia will follow British example and a p p o in tS tr o ll
ers for their credits. Viennas’ experiences of the foreign military m e l o n ' s
The final decision of tho Supreme Court o f the State o f Alabama, sus­
are still green. Rivalries, frictions, etc., are inevitable and A ustriaw ill 'havi
to pay the different pipers in some way or other. The foreign countries have taining the right of tho State to collect a recording tax on Federal Land
shown by their interim credits the great confidence they have in Austria’s Bank mortgages, w ill be far reaching in effect if sustained by the United
States Supreme Court. Joint Stock Land Banks will also be affected.




T H E

1844

C H R O N IC L E

The Alabama Court sustains the law requiring the paym ent o f a record­
ing tax o f fifteen cents per hundred dollars on all mortgages recorded.
T he Federal Land Bank o f N ew Orleans several m onths ago refused to pay
the recording tax on tho ground that its mortgages were exempt from taxa­
tion under Federal statute, when Probate Judge Crossland o f M ontgom ery
C ounty demanded the fee. After several m onths o f litigation, the Supreme
Court decided the test case in favor o f the State and the Federal Land Bank
is directed to pay the fees. Tho Court holds that the tax is not an advalorem tax, but a privilege tax. There is no law requiring the Land Banks
to record their mortgages. The State o f Alabama affords an opportunity
for recording and it im poses a tax for the privilege and protection thus af­
forded to tho parties owning mortgages. Tho law is uniform in its appli­
catio n . Tho law imposes no tax on the mortgage, but if the holder exer­
cises his option to have it recorded, paym ent for that privilege m ust be
made.
The Supremo Court o f Alabama has a high reputation for ability. Tho
decision w ritten by Chief Justice John C. Anderson is conclusive and in
harmony w ith a long lino o f decisions o f the United States Supreme Court.
In all probability tho Alabama decision w ill be affirmed at W ashington.
Tho Supreme Court of Alabama has shown the w ay to remove a part of
tho unfair discrimination against local investors which has caused much
dissatisfaction everywhere since the special subsidy o f tax exem ption of
Land Bank bonds and mortgages has been in effect.
M innesota and several other States have recording tax law s, but in none
excep t Alabama has the right o f exem ption been tested In the courts.
^ Tho Legislatures o f over forty States convene in the coming year. Tn
all probability many o f them w ill enact recording tax laws similar to that
o f Alabama. The purposes o f the recording tax law are to furnish needed
State revenue, to encourage home investors to invest in local mortgages
.and to abolish tho unfair discrimination now existing in favor o f Joint Stock
Land Banks and Federal Land Banks.
I Tho most important im m ediate effect o f the Alabama decision w ill be
to discourage tho organization o f more Jpint Stock Land Banks. Con­
servative capitalists w ill hesitate after reviewing the decision in this test

3 The opinion of the State Supreme Court is given as follows
in the bulletin:

3

T H E STATE OF ALABAM A— JU D IC IA L D E P A R T M E N T .
T IIE SU PR E M E COURT OF ALABAM A.
OCTOBER T E R M , 1921 22.
D lv . 552.
,
D . W. Crossland, Judge, &c., v . Federal Land Bank.
Appeal from M ontgom ery Circuit Court.

STATEMENT.
Tho Federal Land Bank o f N ew Orleans offored on M arch 23 1920 to
tho Judge of Probate of M ontgom ery C ounty to bo recorded a mortgago
executed to It by J. M . Ashley and wife, on real estate in that county, to
secure a loan o f $3,000 cash, made on N o v . 15 1919. T he recording fee
of $3 25 was also tendored w ith the mortgage. Tho Probate Judge refused
to receive and file tho mortgage and to take the $3 25 recording fee, because
th e Federal Land Bank would not pay him tho “ privilege or license tax”
o f fifteen cents on each one hundred dollars o f the threo thousand dollar
Indebtedness secured by the mortgage, which amounted to $4 50, as pro­
vided by Schedulo 71 of Section 361 of the Rovonue A ct o f 1919. Tho
Federal Land Bank then filed its application for a writ o f mandamus in tho
■Circuit Court of M ontgom ery County to com pel the Judge o f Probato to
receive, file and record the mortgage w ithout the paym ent o f the $4 50 tax.
T h e writ of mandamus was awarded on the hearing by the Court; tho de­
fendant appeals, and this judgm ent is assigned as error.
.
O PIN IO N OF C OU R T.
Anderson, C. J.
. _
T he tax fixed by Schedule 71 o f Section 361. page 420. o f tho R evenue
A ct of 1919 is mentioned as a "privilege or license tax," and is required as
a condition precedent to the recording, in the proper offico o f this State,
of tho instruments therein mentioned. N otw ithstanding the am ount of
said tax Is based or graduated upon the consideration o f said Instruments,
It Is in no sense an a d v a l o r e m or direct tax. Its paym ent is not com pulsory,
but Is ontirely optional with the holder, if he seeks to get tho benefit or pro­
tection o f our registration laws by using tho public records. I t was hold
to bo a privilege, and not an a d v a l o r e m , tax in tho caso of Barnos vs. M oragne 145 Ala. 313, and was so designated and treated in tho caso of A la­
bam a’Fuel Co. vs. State, 188 Ala. 487. It is true that this last caso ex­
plains and qualifies an expression in the opinion in the caso o f Barnes vs.
M oragne, supra, but not on this point, as these tw o cases are in thorough
accord as to the kind of tax we are now dealing with. Our tax law puts
this tax on all instruments therein mentioned offered for record, and pro­
vides no exemption; so, if this appollee can got the bonefit o f recording tho
mortgago In question, it must rely upon an exemption under the Federal,
and not the State, law. It is true tho Federal Farm Loan A ct (U . S. Stat.
at L ., Vol. 39. Sec. 26, p. 377) declares tho mortgage in question to bo an
instrum entality o f tho Government, and that the same shall bo exompt
from Federal, State, municipal and local taxation; but wo think that tho
exemption refers to a property or a d v a l o r e m tax and not to tho tax in ques­
tion. In other words, wo cannot conceive of an intent on tho part of the
Congress to authorize this appellee to uso the records o f tho respective
States for tho registration o f its security and escapo tho paym ent o f the
record or privilege tax exacted o f all others.
This holding finds support in tho cases of Pocahontas vs. Commonwealth
113 Va 108, and in an opinion by Attornoy-Gencral Garland Opinions
of A tty. G en.. Vol. 18, pp. 491-2. A ttorney Gonoral Garland said:
“The tax is upon the registration of deeds, a moans provided by the
State for the prevention o f fraud in transactions affecting the title to real
property it is not a tax upon either the instrum entalities, agencies, or
proper tv* of the General Government, strictly speaking.
P “^rhecase here does not differ essentially from one where a tax is imposed
by the State on the process of its courts and an action in one o f these courts
is brought by the United States. In such case, doubtless, the United States
unless exempted by the State law, would bo liable to pay tho tax on process
sued out thereby the same as any other suitor would bo under like circum­
stances. Tho United States may or m ay not put its d.ocd on record in the
county clerk’s offico, as it may or may not bring its suit In the State court,
but where it does either, it would seem to bo, oqually with private Parties
bound to pay tho fees and charges therefor imposod by tho laws o f tho
S ta te.”
True, the Attorney-General was dealing with a deed, but it was Just as
much an Instrumentality of the Federal Government as tho mortgago in
question. Moreover, the Virginia statuto that he was dealing with Im­
posed a record tax in addition to th e registration fees on mortgages and
deeds of trust as well as deeds.— Acts o f V a.. 1883-4, pp. 561-8, Va. Code,
1887. Sec 579.’
,
,
,
, .
We repeat that the paym ent o f the tax in question Is purely voluntary
on the part of this appellee, as its mortgage cannot be taxed unloss It de­
sires to place it upon the records o f the State.
W hile Section 2 of the Revenue A ct o f 1919, page 283, In providing ex­
emption from an a d v a l o r e m tax Is a little involved, as it exompts mortgages




{V o^ 114.

which have boen filed for record and does not specifically mention unre­
corded mortgages, yet tho last part of tho sentence exompts "all solvent
credits,” and counsel for the State concede in their brief th at all mortgages,
whether recorded or not, are exempt from an a d v a l o r e m tax under our
statute. This, how ever, is unimportant in tho prosent case, for, if tho mort­
gage in question is not exempt under our statuto from an a d v a l o r e m tax,
it Is under tho Federal A ct, so, as above stated, the paym ent of this tax is
optional with the appellee. If it does not desiro to record its mortgage,
the same is not liable to a tax; bu t, if it wishes the benefit and protection
of our registration laws, it m ust, like all others, pay for tho privilege.
Tho trial Court erred in awarding the mandamus; that judgm ent is re­
versed and ono is here rendered dismissing tho petition for mandamus.
Reversed and rendered.
Sayre, Somervillo, Gardner and Thomas, JJ., concur;
M cClellan and M iller, JJ., dissent.

COMPTROLLER CRISSINGER OPTIMISTIC AS TO OUT­
LOOK, BUT WARNS AGAINST SPECULATIVE
USE OF CREDIT.
In an address before the Florida Bankers’ Association at
Gainesville, Fla., on Saturday, April 22, Comptroller of the
Currency D. It. Crissinger spoke in an optimistic way of the
outlook, saying:
We are indeed around the curve and are moving steadily, strongly, surely
and straightly forward on the road to more prosperous conditions. The busi­
ness outlook of the whole country is brighter and more encouraging than it
has been for the past two years. We are well rid of business and industrial
froth, and in a position to go forward on sound and substantial lines. We
are ready to start, to be off, to be doing. Business, industry, agriculture end
commerce need only the awakening of American pluck, courage and initia­
tive to insure the re-establishment of prosperity.
_
The banks which come under my supervision, in the main, are in condi­
tion and prepared to finance every productive enterprise, but should have
nothing for speculative adventure. There has been wonderful improvement
in banking and financial circles; money is easy and cheap, and as in the
past, the banks again w ill be the bulwark of prosperity and the sheet-anchor
of national progress.

The Comptroller thinks that “the American habit of de­
positing in the bank and of making payment through it, con­
stitutes the most effective possible mobilization of the credit
resources of the country.” He says that “no nation has ever
had anything like so great a proportion of depositors in
bank, and therefore all contributors to the great fund of
community credit, as the United States.
He uiges that
teaching a young man or woman to make deposits is to en­
courage the habit of saving and thrift. It is his 4 iew that
a great part of popular extravagance is due to the failure to
induce still more people to become bank depositors. “We all
know—nobody, indeed, knows so well as bankers—that peo­
ple are much more apt to spend thoughtlessly the money they
are carrying in their pockets than the money they have to
their credit in the bank.” He gives expression to the thought
that every bank would increase its service to the public “if
it would make itself a sort of an investment educational cen­
tre for its community of patrons,” Proceeding along these
lines, he adds:
, , , A

So I would urge every banker to make special effort to inculcate the habit
of saving, of utilizing bank facilities, of keeping money in the bank rather
than in the pocketbook, and of making small investments whenever the accu­
mulation is large enough to justify them. I think the bank which encour­
ages the depositor with a comfortable and reasonably permanent balance to
become an investor in sound securities, w ill in the long run benefit, even
though at the moment it seems merely to be giving up some part of its
available cash for current business. I do not suggest that bankers should be­
come investment brokers, but merely that they should encourage and guide
their clientele to this kind of investment in sound, reliable enterprises, and
s h o u ld u s e th e ir in f lu e n c e to p r e v e n t f l o t a t io n o f f l y - b y - n i g h t s c h e m e s .

Whatever tends to increase the stability, the aggregate wealth, the aver­
age of individual wealth, in the community, will be a good thing for the
banks. If you w ill look into the experience of those sections where most
people are bank depositors and general investors, you will find that there the
banks are soundest, most useful in financing industry and enterprise, and
least threatened by the unfortunate consequences of temporary business de­
pression.

Mr. Crissinger would not, however, have bankers too com­
plaisant in enabling people to borrow. “They will serve bet­
ter by showing people how to handle their affairs so that
borrowing will not be necessary.” He ventures the opinion
that there are a great many bankers “who do not measure up
at this point—who encourage and even assist people in enter­
ing upon doubtful ventures.” He gives an ilustration on this
point as follow s:

1 have in mind one State which lately has suffered severely because its
people engaged in a veritable orgy of speculation ;— speculation in which they
were aided, abetted, financed to an utterly unjustifiable extent by their
bankers It was the case of a community, and of the individuals comprising
it being made the victim of too easy credit. We don’t want it made too
easy to borrow, but we do not need to have investment made easy, attractive
and safe The period of depression has been the inevitable reaction from an
era in which there was too much liberality in credit. We have suffered more
from excesses of credit than from want of it— in short, from borrowing too
much
How different results would have been, if bankers throughout the
land had shown people how to get on without borrowing for the gratification
of their whims or the changes of mere speculation. If that policy had been
followed, banks would not have become over-extended and the people as well
as the banks would be comfortably solvent.
Tilere is presented right now a situation not at all alarming, in which
bankers have the opportunity to render a real public service along these
lines You have all noted recently the evidence that on the speculative side
business is rapidly coming back. Speculation always discounts the future.

ArRiL 29 1922.]

THE CHRONICLE

and sometimes more than discounts it. The tendency of speculation to ab­
sorb liquid capital into more or less fixed investments, is always to be
guarded against. The general business situation w ill not in the long run be
greatly benefited by merely marking up quotations of securities, and absorb­
ing the cash and credit of the community into them at the new and higher
prices. If people, in the hope of easy profits, invest their ready capital in
speculative directions, they must understand that when productive business
is ready for increased activity, it w ill be confronted with a dearth of ready
capital, proportioned to the speculative activity that has gone before. Con­
sequently, to the extent that bankers and investors can restrain the tendency
to absorb available capital in speculative investments, the community w ill be
the better equipped for rehabilitating general business that w ill follow a lit­
tle later.

Mr. Crissinger asserts ' t he is “not among those who re­
gard the operations of the great centralized markets with
concern. Rather I recognize them as very useful and neces­
sary utilities.” Nevertheless, lie feels that “even the most
useful instruments are liable at times to be overworked,”
adding, “I certainly do not feel that at this time a series of
2,000,000-share days on the Stock Exchange, representing the
feverish speculative activity, would be to the public advan­
tage.” He closes his address as follow s:
Business is “coming” back, and it is of the supremest importance that
money and credit shall be available to sustain its renewed activity. Bankers,
I feel very sure, w ill serve their customers well if they w ill exert their influ­
ence for moderation and against speculative excesses. The recent reduction
of interest rates has been too generally regarded as an invitation to the specu­
lative public to assume that easy profits are in sight. The present is a most
appropriate time for bankers to admonish their clients against over-confi­
dence in speculative investments. The world needs a restoration of oppor­
tunity to produce and consume things needed for human progress, and bank­
ers should keep in mind that the first call for liquid capital must be made
in behalf of the farmer, the manufacturer, the exporter, and in general, the
industrial and commercial community.
It is equally important that banks be kept from over-extending themselves
by too liberal accommodations to speculative clients.
The United States continues the one first-class country that is maintaining
its money system on a sound gold basis. To do this is the greatest immediate
service we can do to the commercial world and to our own business. It is of
the greatest importance that our currency and banking policies shall insure
the maintenance of the high standard of American money in every financial
centre. If for a time, in order to accomplish this, the speculative interest
rate shall be somewhat higher here than in some foreign markets, the ulti­
mate results will be by no means unfortunate for our country. Better to
maintain our position as the country with the soundest money system than
to encourage any speculative movement which might threaten another era of
inflation, and a consequent postponement of the day when the gold standard
can once more be established and exchange restored to its normal basis.
No section of the community is so well equipped to impress these consid­
erations upon the public at large, as the bankers. Therefore I would par­
ticularly appeal to the bankers, to exert their influence in the direction of a
vvuse cautious, considerate policy of business rehabilitation which in a time
like this is absolutely necessary.
Our country has wonderful recuperative possibilities. Its varied and boun­
tiful resources only need the touch and enthusiasm of American genius to
make them yield their riches to bless and prosper us. I have abiding faith
,n the triumph of American enterprise and business. With our people di­
vinely impressed with the faith that work and frugality are essential for hu­
man progress, the happiness of our people and the prosperity and greatness
of our country is assured for all time.
6

KAN SAS B A N K FAILURES AND DEPOSIT G U ARAN TY
LAW.

1845

The facts relating to the wrecking of the Kansas banks show that there
have been greater losses occasioned by the dishonest bankers within the banks
than from bank burglaries and highwaymen in the same period. The bank­
ers who manipulated the funds entrusted to their care were able to get away
with larger amounts than did the robbers who blew open the safes or the
highwaymen who walked into the banks and held up the officers and cus­
tomers and took whatever bonds and cash there might be handy when the
raids were conducted.
There is one fortunate thing in connection with the bank wrecks in the
State. This is that in only a very few cases w ill the depositor lose a penny
because his bank was wrecked. In 12 of the 16 banks which were wrecked
‘from the inside” the depositors were protected by the State bank deposit­
ors guaranty law and the depositors w ill receive every penny of the money
they had deposited and th ey w ill also receive 6 % o n their money from the
date the bank closed to the time when the State w ill pay the loss. For 10
years now Kansas has had the depositors guaranty law and it has been col­
lecting regularly assessments against over 600 State banks. There is now in
the guaranty fund nearly three-quarters of a million dollars in cash and
more than a million dollars in bonds, all of which is available to pay the
Josses to the depositors in any wrecked or closed bank operating under the
guaranty law.
u u a in*.
ciosea o y tne state the banking department takes it over
IL vLT ,
; ’ ? Sf.etf ’.,? if b iI it ie s , buildinS and properties. Just as soon as
le bank s actual liabilities to the depositors are determined the Bank Com­
missioner issues certificates dated the day of the closing and bearing 6% ini.nHi ti
depositors may cash these at any other State bank or hold them
will take themup0* ^ fa’led bank are li(luidated> wl'en the guaranty fund
nnl'-M exa™'ners take o v e r . a11 the assets and realize on them as rapidlv as
tl?p 'b
. The m° n,® received from these assets goes first to the credit of
y
Z
t ^ and..thc gVaranty fund makes «P whatever shortage there may
be until the depositor gets his full account with interest. All open accounts,
mnrZ t h n f ac/C0U
- f - “J1 f t
^ i f i c a t e s which do not bear interest at
if the^ank4fails PaK
f“U’ the i % certlficates becoming 6% certificates
In all of the bank wrecking which has been going on in Kansas in the last
few months the total losses to the depositors w ill not exceed more than
$100,000 as it happens that the smaller losses came in banks where the de­
positors were not protected by the guaranty fund.
Bankers who have long fo ght the guaranteeing of deposits have always
contended that the guaranty fund encourages loose banking methods maniDulation and crooked operations. The bank wrecks of the last few months
tend to prove their assertions to some extent although it is a fact that guar­
anteed banks are watched more closely than others and are closed the instant
,,io ex‘ „ n
]
.ers fjnd anything wrong while unguaranteed banks are usually
nursed along in an effort to save as much as possible from the wreck.

DEL

1

CIENCY IN

OKLAHOMA BAN K
A N T Y FUND.

DEPOSIT

GUAR­

Regarding lie last audit of the Oklahoma Bank Guaranty
1 und recently complete'’ by the State Examiner and Inspec­
'
tor May 31 10°1, the “Kansas City Star” of Feb. 11 had the
following to say in Oklahoma City advices:
His report shows that the fund had a cash balance of $.34,766 and the to­
tal of outstanding warrants against the fund was $1,006,094, making a defi­
ciency of over $950,000. The amount of cash in the fund June 1 1920 was
$371,536.
Between June 30 and December 31 1921 63 banks in Oklahoma were liqui­
dated by the State Banking Board, consolidated with other banks or con­
verted into national banks. Of that number, about 50 took national char­
ters. Applications are pending for the nationalization of between 40 and 50
State banks. June 30 1921 there were 620 State banks in Oklahoma. The
linnkmg department expects that when the next statement call is made,
probably in March, that number w ill have been decreased about 100.
Ray Walcott today reiterated that he is only Acting Bank Commissioner.
I
do not expect to hold the job permanently,” he said, “I am here only
until a commissioner is appointed. I am not in touch with all phases of the
financial situation. I am sitting still and have no announcement to make
regarding the policy of the Department.”

Various items regarding the workings of the deposit guar­
anty systems have recently been appearing in the daily pa­
pers. One of these, in which it was stated that there had
been 1G bank failures in Kansas within a few months, and
In special correspondence from Oklahoma City the “Even­
that 12 of the 16 banks were protected by the State bank de­
ing Post” of Feb. 16, said :
posit guaranty law and their depositors would receive every
The
in Oklahoma is greatly complicated by
unfor­
penny of their deposits, appeared as follows, in “Financial tunate banking situationregards the Guaranty Deposit Law, whichancompel,
development as ^
America” of March 24, the item being dated Topeka, March assessments on the State banks to reimburse depositors in failed banks. A
new Bank Commissioner took office this week, and he finds the State banks
23:
in a rush for nationalization.

Kansas is going to be compelled to make a house cleaning of alleged
crooked bankers. There have been 10 bank failures in the State in the last
few months in all of which the State Banking Department found something
wrong, either direct defalcation or the manipulation of bank funds. There
are now five bankers counted among the missing. One committed suicide,
seven are in jail and two are awaiting trial. In the latest bank failure the
Department is confident that there has^ been illegal manipulation of bank
funds, but it has not yet obtained sufficient information upon which to base
a prosecution of the bankers guilty.
Here are the bank failures of recent months in which the banking depart­
ment found sufficient evidence to begin prosecutions or in which the manag­
ing officer has been convicted, awaiting trial or Is a fugitive from justice:
. _ , „
A p p r o x im a t e lo s s .
ajqq Q00
Kansas State Bank, Salina--------------------------------------------- _
Aulne State Bank, Aulne------------------------------ ~~
“
' gq’ooo
Hanover State Bank, nanover_______________
150 000
Homewood State Bank, Homewood_____
ao’onn
Peoples State Bank, Coffeyville_________ “ “
00o
Lake State Bank, Lake-------------------------------- “ “
23 00
Citizens State Bank, Manhattan__________
q
Farmers State Bank, McCunc---------------------- ~
20 000
People’s State Bank, Salina---------------------~~
"
60 000
Farmers State Bank, Spring H ill.....................
25 000
Viola State Bank, Viola---------- .--------- ------- ----33 000
Farmers & Merchants, Pawnee Rock----------25 000
C. M. Condon & Co., Parsons-------------------------vio’oOO
Osawatomie State Bank, Osawatomie ---------------------------------40*000
Farmers State Bank, Quenerno--------------------------------------------15,000
The Traders State Bank at Arkansas City failed last week and it has been
estimated that the loss will run up to $200,000 and there are shortages be­
ing charged against V. F. Creighton, President of the bank. No prosecutions
have been filed thus far, but the bank examiners are expected to act within
a short time.




Z Z Z Z 'Z ”

Z Z Z Z Z Z .Z Z Z Z Z Z Z Z
Z_Z
ZZZZZZZZZZZZ

45 0Q

The last audit was made May 31 1921 and it was found that the fund had
a r , \ balanCe ° f A3tn„5 n’ 7 hlifu.the outstandin& claims of depositors in
n
failed banks were $1,006,094. This deficiency of $971,338 is a lien upon
w L nT f®
taue bankS’A hr gh i h e assessment for each year is limited.
When it is remembered that the cash on hand in the fund June 1 1920 the
preceding audit, was $371,536, it is seen how serious has been the back-set
from the period of deflation and country bank strain. That some revision
of the guaranty law w ill be made by the legislators is probable, with pos­
sibly some action to care for the large volume of unpaid claims
« /r h
nonnt °m ey'Gu - 7 a\ Stat^ o hl t, liabnities of the g ^ ^ t c c fund are now
o
$4,o00,000, on which about $2,200,000 is in warrants drawn against this
fund and bearing interest. He says that the State has $10,000 000 in good
ha, l r V ? , d'ff,ere,nt
° ! thf defUnCt banks which <an be liquidated on
^
behalf of the fund The present assessment of 1 % on the daily balances of
State banks may also be increased, and the situation, he states, while dis­
turbing, is not critical, as the State is morally bound to reimburse the de­
positors of the failed banks.

Fred G. Dennis resigned as State Bank Commissioner in
February, and Roy Wolcott, previously Assistant Bank Com­
missioner, assumed the duties of Commissioner on Feb. 10.
Recent bank failures in Okmulgee County, Okla., resulted
last month in the handing down at Okmulgee by the District
Court Grand Jury of 23 indictments naming, it is stated,
more than 30 persons. Press advices from Okmulgee March
21 sa id :
Although in an initial drafts of its report the Grand Jury had gone at
length into the bank cases, the report which was submitted to the court con­
tained only the single sentence under the head of "Banking Matters ”
The banking section of the report was re-written three times before it wa.
declared acceptable by the Grand Jury.

THE CHRONICLE

1846

[V ol. 114.

The names of those against whom indictments were re­ S T A T E I N S T I T U T I O N S A D M I T T E D T O F E D E R A L
turned were not divulged until March 22, when it was stated
RESERVE SYST E M .
that Governor J. B. A. Robertson of Oklahoma had submit­
The following institutions were admitted to the Federal
ted to arrest on a charge of accepting a bribe to permit the Reserve System during the week ending April 21 1922:
operation of the Guaranty State Bank of Okmulgee while it
T o ta l
D i s t r i c t N o . 5—
C a p ita l.
S u r p lu s .
R esou rces.
was in an alleged insolvent condition. The Governor imme­
T
diately gave bond of $5,000 for his appearance at trial. Gov­ T he iPeoples o . rust C o., M artinsburg, W . V a .$200,000 $102,500 $1,562,724
D s tr ic t N
6—
ernor Robertson, with Fred G. Dennis, former State Banking Bank of W inter Park, W inter Park, F la _____ 40,000
10,000
501,199
D i s t r i c t N o . 8—
Commissioner, and several capitalists were said to have been
Farmers State Bank, N ew Athens, 111______ 25,000
82,068
named in the indictments.
Northw estern Trust C o., St. Louis, M o _____ 500,000 200,000 8,595,320
NEW
A

YORK
STOCK
EXCHANGE
HOUSES
DOING
M A R G I N B U S I N E S S TO B E E X A M I N E D
TW ICE A YEAR.

A resolution adopted by the Board of Governors of the
New York Stock Exchange was announced on Thursday
which is in line with other reforms to protect the interests
of investors. The resolution was advocated by Seymour
L. Cromwell, the President of the Exchange, and makes it
obligatory for members carrying margin accounts for custom­
ers to mako a statement of their financial condition at least
twice a year. The resolution reads:
R esolved, T hat members o f the Exchango and firms registered thereon
carrying margin accounts for customers shall furnish to the accountant of
the Exchango on request o f the C om m ittee on Business C onduct, and not
less than twice in each year, a statem ent of the financial condition of such
member or firm in such form as shall bo prescribed by tho C om m ittee on
Business C onduct.
_
_

O F $500,000 I N L I B E R T Y B O N D S .
There was somo mystery early in the week concerning
the disappearance of half a million dollars in Liberty bonds
from a down-town institution. Tho first intimation of tho
loss came when Bigham, Englar & Jones, a prominent law
firm at 64 Wall Street, distributed notices to banks and
brokerage houses of the loss, after which ticker services
spread tho news that tho bonds were lost and gave their
numbers. Thursday morning it became known that tho
Chase National Bank was the institution referred to. Tho
securities were shipped on April 17 and stolon sometime
thereafter. Tho bank on Wednesday issued the following
statement regarding the matter:
DISAPPEARANCE

This bank on M onday, April 17, mado a shipm ent of $500,000 United
States Fourth Liberty Loan 4 H % bonds, due 1933-38, to an out-of-tow n
institution. Tho shipm ent was made by registered mail and insured. T he
bonds havo not been received by tho consignee. T he shipm ent is covered
by insurance and the entire matter is now in the hands of tho insurance
companies.

Besides the above resolution, another dealing with specula­
tive transactions for clerks, amendeel so as to include em­
ployees of the Stock Clearing House Corporation, was also
The numbers of the bonds had been issued in tho early
proclaimeel. The resolution, as amended, is as follows:
part of the week anti are as follows:
Tho taking or carrying of a speculative account or tho making of a
speculative transaction in which a clerk of tho Exchango, or of a member
of tho Exchango, or of a firm registered thereon, or a bank, trust company,
insurance com pany, or of any corporation, firm or individual engaged in
the business of dealing, either as broker or as principal, in stocks, bonds,
or other securities, bills of exchange, acceptances, or other forms of com­
mercial paper, is directly or indirectly interested, unless tho written consent
o f tho employer has first been obtained, shall bo deemed to be an act
detrim ental to the interest and welfare o f tho Exchange. A clerk of a
corporation of which the Exchange owns tho majority o f tho capital stock
shall bo deemed a clerk o f tho Exchango w ithin tho meaning of this
R esolution.

Of the bonds $470,000 were in denom inations of $10,000 each, N os.
00166934-9 , 00167001-8 , 00166745-8 , 00166913-23, 00167016-31 and
00167151-2: the balance of $30,000 were in denom inations of $1,000 each,
N os. 1328180, 1328179, 1910946. 1328181-2, 1328194-9, 1610068, 1600418-9,
949584. 1785235-6, 1328183-6, 14627. 1328187, 14626, 1328189. 1328191-3,
1785237 and 1611410.
A.

G. T O W N L E Y T O R E T I R E A S H E A D O F N A T I O N A L
N ON-PARTISAN LEAGUE— LOSSES OF LEAGUEC O N TR O LLE D PR O JE C TS IN N O R T H D A K O T A .

The intention of A. C. Townley to resign as President of
the North Dakota-National Non-Partisan League was made
known last month (March) at a meeting of the Minnesota
Announcement was made from tlie rostrum of the New organization in Minneapolis. It was expected that the resig­
York Stock Exchange on Thursday of this week, April 27, nation would be acted upon at the annual meeting of the Na­
of the suspension for one year of J. O. Straus, the floor tional Committee the present month.
member of the firm of Straus & Co., 55 Broadway, this city.
The Associated Press, in advices from Fargo March 25,
The other members of the firm are Charles B. Mergentime referring to the plans of Townley, to relinquish the presi­
and Max Straus, who is said to be a special partner. No dency, sa id :
public announcement of the cause of suspension, it is under­
Townley, the recognized “father of the Non-Partisan League movement,”
stood, was made by the Exchange. Mr. Straus became a started the organization in North Dakota in 1915, and had been active in ex­
tending its ramifications to the other States.
member of the New York Stock Exchange on June 12 1919.
Recently Townley has met with considerable opposition in his attempts to

J.

0. S T R A U S S U SP E N D E D FROM N E W YORK
E X C H A N G E FOR O N E Y E A R .

ED W IN

E.

KOIIN, PH ILA D E L PH IA
CONVICTED.

STOCK

BROKER,

On April 20, Edwin E. Kohn, head of the defunct broker­
age firm of Edwin E. Kohn & Co., of Philadelphia, was con­
victed on all four counts of an indictment charging embezzle­
ment of $511 and $1,120 from Charles Sarazin and tho
fraudulent conversion of the same amounts, according to
the Philadelphia “Record” of April 28. Reference was
made to the failuro of the firm and the subsequent arrest
of Mr. Kohn in tho “Chronicle” of Feb. 4, p. 466.

swing League sentiment to his proposed “balance of power” plan in State
politics.
This plan called for elimination of the strictly League ticket and substitu­
tion therefor of endorsement of individual candidates deemed most favorable
to League activities, regardless of the candidate’s party affiliation.
Despite his announcement, Townley said he would continue his fight
throughout the Northwest in behalf of his balance of power plan.
“ My only qualification for leadership has been the service I was able to
give,” said Mr. Townley in his valedictory. “ I have reached a point where
I can be of service no longer. I cannot work without the confidence of men
and you have destroyed that confidence. You have destroyed it not only
here, but outside of North Dakota. But I say to you this movement is
greater than any one man or any group of men. This movement can and w ill
go on and I w ill clear the way and make it easy for you.”

On March 30 an embezzlement charge against Townley
was dismissed by Judge Cole in the Cass County District
Court at Fargo. The charge, it is stated, grew out of a $3,000
A D V AN C ES APPROVED BY
W AR FINANCE
loan by the Scandinavian-American Bank of Fargo to the
CORPORATION.
United States Sisal Company, with which Townley was al­
The War Finance Corporation announced on April 24
leged to have been connected.
that from April 20 to April 22 1922 inclusive it had approvod
Apropos of the control of industrial affairs by the Non­
50 advances, aggregating $1,354,000, for agricultural and Partisan League, the New York “Times” reported the follow­
livestock purposes as follows:
ing from Bismarck, N. D., on Feb. 1:
$45,000 in Oklahoma.
$25,000 in Georgia.
223.000
42.000 in Idaho.
8.000 in Idaho on livestock in 54.000
84.000
Oregon and Idaho.
25.000
15.000 in Illinois.
80.000
34.000 in Iowa.
194.000
6.000 in Kansas.
51.000 in M innesota.
30.000 in Missouri.
93.000
9.000 in M ontana.
104,000 in M ontana on livestock in 118.000
Idaho and M ontana.
32.000
6.000 in Nebraska.
76.000 in N orth D akota.

in
in
in
in
in
in

Oregon.
South Carolina.
South D akota.
Tennessee.
Texas.
Texas on livestock in Now
M exico, Oklahoma and
Texas.
in U tah.
in U tah on livestock in
Idaho and U tah.
in W yoming.

During tho week ending April 20 1922 the War Finance
Corporation approved a total of 106 advances, aggregating
$3,193,000, for agricultural and livestock purposes.




Reviewing North Dakota’s experience in State industrialism, as put into
effect when the State was controlled by Non-Partisan League officials, the
Industrial Commission, now controlled by anti-Leaguers, says there is “not
one oasis in the dreary desert of failure.” The Commission fixes losses now
at $041,041, and says they will be much heavier.
In the balance sheet, Secretary L. F. Crawford of the Commission, who
signs the report, says further losses must be recognized as having already
been sustained. Their total, he says, i3 not now computable, but he antici­
pates actual losses in excess of $1,500,000.
The Bank of North Dakota, a State owned institution having control of
public moneys, has lost $225,088 14, says the report, with heavy additional
losses also sustained by reason of the fact that nearly $1,000,000 has been re­
deposited by the State bank in privately owned banks that are now in the
hands of receivers.
The flour mill and grain elevator being constructed at Grand Forks, into
which $1,000,000 already has been poured, w ill cost another $1,500,000 and
be worth less than $2,000,000 when complete, says the report. This is occa-

A pril 29 1922.]

THE CHKONICLE

sioned by the fact that contracts were awarded when prices were at the peak.
Losses in the mill at Drake, N. D., have totaled $74,279 12, says the re­
port, the losses exceeding an average of $100 a day for the entire time the
mill has been in operation, the loss being in excess of $1 50 a barrel for
every barrel of flour produced. Discontinuance of the plant is advised.
The North Dakota Home Builders’ Association, created for the purpose of
construction of residences to be sold on the instalment plan, lias lost $113,­
256, says the report, and heavy additional losses must be absorbed by the
State in that venture, for the reason that only one of the fifty-six houses
constructed has been sold at the price that it cost the State.
In oher instances, the report adds, the price demanded by the State is far
in excess of the estimated cost given to operative buyers. The houses cannot
lie sold for the money they cost the State.
Flagrant violations of the law also are cited in the report covering this
feature of the industrial activity of the State.

TH E ECONOM IC CONFERENCE A T

GENOA.

The Economic Conference of the leading nations of
Europe entered its third week with the first big problem
with which tho delegates had beon confronted apparently
in process of adjustment. That was the situation growing
out of the Russo-German Treaty signed at Rapallo the
previous Sunday. Tension rose high among tho French
members when Germany replied to tho noto of the Allied
Powers excluding her from further participation in discus­
sions of the Russian situation. A disruption of the Confer­
ence was threatened on April 21 when, as noted in these
columns last week, tho German and Russian roplies to tho
demands of tho convening Powers were received. Tho
French Delegation was apparently preparing to withdraw.
It protested against tho vagueness of the German roply and
as a result the Powers sent a noto to tho German Delegation
setting forth that there were certain statements “in your
lettor which they feel it their duty to correct.” This noto,
which met the French demands, was drafted on April 22
and sent to tho German delegates the following day. To
this tho Germans, at tho suggestion of Premier Lloyd Gcorgo,
it was said, announced that they would mako no roply and,
as one newspaper correspondent put it, “let the Conference
have a little peace.” The British Premier, it was stated,
had been sorely tried by the “pin-pricking” policy of the
Fronch. His sontimont was expressed at the conclusion of
tho sessions on April 22 when ho said:

1847

The R ussian and German replies were generally satisfactory to the
Allies, particularly to Premier Lloyd George o f Great Britain, who had
drafted the original E ntente communications, but they proved extremely
embarrassing to the? French delegates. Earlier in the day Barthou had been
instructed by Premier Poincaire to withdraw from the Conference unless
the Germans and Russians agreed absolutely to the resolutions drawn up
at Cannes declaring that questions affecting the Treaty o f Versailles and
Germany s war bill sheuid not be discussed at Genoa. Barthcu has been
unable to have these subjects barred officially from consideration, and being
embarrassed b y th e reception of Germany and Russia back Into the nego­
tiations, decided to appeal to Poincaire to come to Genoa in person to put
through the program upon which he insists.
F r a n c e 's R ig h ts H e ld M e n a c e d .

I
oincaire s message was drafted after consultation w ith members o f his
Cabinet and w ith President M illerand, who is in Northern Africa. It
embodied tho determination o f tho French Government not to permit any
discussion o f her relations with Germany, as it is felt in Par’s th at the
Russo-German treaty, which is allowed to stand, infringes seriously on
France’s treaty rights as set forth in the T reaty o f Versailles.
Poincaire’s message, it is understood, was drafted in sharp lauguage
Barthou’s was no less plain,-setting forth th at ho had been sent to Genoa
to take part in an economic conference and th at tho gathering had gone be­
yond the scope of his instructions by resolving itself into a discussion of
general European policy. He denied that lie was in any position to inter­
fere with the conclusion of the Russo-German treaty. lie made no direct
answer to Poincaire's suggestion that he return te Paris if he could not pre­
vent discussion o f treaties and reparations, but suggested th at Poincaire
come to Genoa him self and see the situation at first hand.

Both the Russian and German replies to the demands of
tho Allied Powers were outlined in these columns last week,
pages 1718-19, and we now give the full texts of the notes.
Following is the note sent by the convening Powers to the
German Delegation on April 23 following the French protests:

The undersigned desire to acknowledge the receipt of your reply to their
note of April IS, indicating the attitudo that thoy felt bound to adopt In
view o f tho treaty concluded by tho German and Russian delegations.
They noto with satisfaction that the German delegation realizes the con­
clusion of a separate treaty with Russia on matters falling within the pur­
view of this conference renders it undesirable th at th at delegation should
Participate in the future in the discussion of tho conditions of an agreement
between Russia and tiie various countries represented in the conference.
Tho undersigned would have preferred to refrain from further corre­
spondence on the subject . There are, however, certain statem ents in your
letter which they feel it their duty to correct.
' our letter suggests that the German delegation has been forced to con­
clude a separate agreement w ith Russia by the refusal of the members of
the delegations o f the inviting Powers to consider grievous difficulties which
the proposals formulated by their experts in London would have created
for Germany.
The undersigned representatives o f tiie inviting Powers have made in­
quiries o f tho members of their respective delegations and find no shadow
o
I
am tired o f crises at tho Genoa Conference. There have now been f justification for this statem ent. On various occasions members o f the
enough to satisfy everybody. If there are any more crises I intend to German delegation have met and talked with members o f the delegations
make plain to the world who is responsible for them . I want this Conference o f tiie Inviting Powers; but never has it been suggested that tho London
proposals afforded no basis for discussion in the conference, and that the
to get to work.
al>out to conclude a separate
The following day, whon tho aforementioned Allied note German delegation was the informal discussions with treaty w ith Russia.
The allegation th at
the Russians on tho
was doliverod to the Gorman Delegation, the British Premier subject of recognition o f debts exposed the delegation to tho risk of being
again expressed similar sentiments. Commenting on the confronted with a scheme unacceptable to Germany but already approved
by a m ajority of the members of th e Commission, is equally unfounded.
Premier’s views, a correspondent of tho Now York “Tim es,” N o scheme would, or could, have been accepted by the conference without
writing under date of April 23, observed:
the fullest opportunity for discussion in competent com m ittees and sub­
Tho Russo-German Treaty incident would have been closed except for committees; and in these Germany was represented on a footing o f equality
the action o f the French in reopening it, and M r. Lloyd George after giving with the other Powers.
A misconception of the scope o f the experts' proposals or a misunder­
satisfaction to tho French in tiie note to the Germans gave them a piece
o f ids m ind. He was urged further to this course by tho attitude o f sonio standing of the informal conversations with the Russians might well have
of ids colleagues o f the British dominions, who a t tho British Empire justified a request for full discussion in tho com m ittees of the conference.
Dologation m eeting yesterday expressed them selves warmly on tho subject They can provide no justification for the action which now has been taken,
and the undersigned can only regret th at your noto should have attem pted
o f tiie constant pin-pricking policy o f som e o f tho Allies towards Germany.
In tiie name o f tho Empire Delegation tho British Frontier said that they in this way to impose on the other Powers the responsibility for a proceeding
were most anxious to work in close co-operation with the Allies, but thought so contrary to the spirit of loyal co-operation which is essential to the
it necessary to say that by tills the British Empire meant co-operation for restoration of Europe.
The undersigned expressly reserve for their Governments the right to
tho maintenance and consolidation o f peace. In other words, while co­
operation was tho object o f this Conference, if the British peoples began to declare null and void any clauses in the Russo-German treaty which may
fear that tho co-operation o f tho Allies was heading in any w ay to tho bo recognized as contrary to existing treaties. Tho incident may now l>c
maintenance o f feuds to prevent pcaco, their point o f view on the wliolo regarded as closed.
Please accept, Mr. President, the assurance of our high consideration.
matter would quickly and definitely change. The British Kmpiro was
set on obtaining poaco and was determined to surmount any obstacles
The note was signed by the representatives of the Big and
which might be in tho way of peaco.
From Premier Bratiano o f Rumania, speaking in the name o f tho Little Little Entente and Portugal. The salient points of tho
E ntento, tho British Premier had strong support. Tho L ittle E ntente, Fronch note of protest referred to further above were given
said M . Bratiano, wanted to got on w ith tho work o f tho Conference, and in dispatches of April 22 to the Associated Press, which said:
while they remained solid w ith their allies, their solidarity was for tho
A summary of tho French note of protest, signed by Barthou and addressed
purpose oi maintaining and consolidating a state o f peace and not for tho
to tho President of the conference, said tiie French delegation, w ithout
purposo of maintaining tho divisions o f war.
reference to the other undertakings which Germany has contracted, con­
M.
Bartliou at onco roso and in the namo o f tho French D elegation and
siders that the Russo-German treaty violates tho principles laid down at
tho Fronch democracy associated him self with tho words o f his two
Cannes for the holding o f the Genoa conference.
colleagues. They were anxious to get down to work, he said, and ho
The note observes that in the opinion of the A llies the treaty destroys
showed that ho m eant w hat ho said when, in the subsequent meeting, ho
tho spirit of mutual confidence indispensable for international co-operation
accepted M . Tchitcherin s answer to tho Allied demands as abasis for
which the conference aimed to establish, and that the Allies are therefore
discussion.
unanimous in considering their dignity no longer permits them to collaborate
To indicate tho French attitudo in the mtitter of tho Russo- w ith the German delegates on the Commission handling Russian affairs.

German Treaty and in the exchango of notes subsequent
thoroto wo quote tho following by a correspondent of tho
New York “Tribune” under date of April 21 from Genoa:

Louis Bartliou, chief o f the French delegation hero, to-night telegraphed
Premier Polncaire in Paris, appealing to him to come to Genoa imm ediately
to prevent a break-up in tho Economic Conference. lie advised tho French
Premier th at the position o f tho Paris delegates hero had becomo virtually
untenable, in view of the strict instructions they aro working on from home,
and ho asked th at Polncairo come to Genoa him self and take tho responsi­
bility for futuro negotiations w itli tho Germans and Russians.
P a r le y s fia s is M a in ta in e d .

Barthou's messago was dispatched after tho Conference had received tho
Russian reply to tho Allied program for tho reconstruction o f Russia, and
had found th at reply .acceptable as a basis o f an understanding. Tho
Gorman roply, yielding to exclusion from sessions o f tho Conference’s
Commission on Russian affairs as tho price o f keeping tho Russo-German
treaty intact, also had been received.




G e r m a n R e p ly U n s a tis f a c to r y .

The note adds that the reply of Germany to the A llies’ letter of April 18
does not supply an acceptable interpretation o f Germany’s action, and de­
clares it is useless to enter into the details o f Germany’s allegations— un­
truthful allegations, the note says— which tho loyal and frank attitude of
tho convening Powers would be sufficient to disprove.
In conclusion the note pointed out the necessity o f an immediate meeting
o f the heads of the delegations which signed tho noto to the Germans on
April 18 for the purpose of deliberating on the situation.
Subsequently tho French delegation issued a communique declaring that
tho three documents recently made public, nam ely, Germany’s answer to
the Allies, Russia’s answer to the Allies and Russia’s memorandum in re­
ply to the London experts' report, obliged France to register formal reserva­
tion.
“Tho least one can say of the German answer,” says the communique, “is
that, far from calming doubts and suspicions, it confirms them by reason o f
its equivocal character and by its contradictions. Dr. Wirth insisted that
the Russo-German treaty was concluded after the Gern ans had heard o f

THE OHKONICLE

1848

tho unofficial negotiations which were held at the Villa de Albertis, the Ger­
mans believing these negotiations would prove hostile to German inter­
ests. Later, however, tho German Chancellor adm its th at the treaty was
practically arranged before tho Genoa Conference.”
W i r t h ’s

S in c e r ity

Q u e s tio n e d .

are therefore ju stified,” continues the French communique, "in
thinking that tho Russo-German accord was in reality an arm which tho
Russian and German delegates brought to Genoa in their baggage to bo
utilized at the first propitious mom ent. How much w eight, under these cir­
cum stances, can be attached to tho protestations o f solidarity and sincerity
made by Dr. W irth?”
Referring to Germany’s expectations o f participating in the discussion of
questions not relating to jo in ts disposed o f by the Russo-German treaty,
the communique says:
"If, for instance, the Conference discusses the formation o f a consortium
or tho establishm ent o f zones o f reconstruction, Germany apparently ex­
pects to ltarticipato. T his, however, is quito contrary to what the Allies
indicated to Germany.
“The Allies made it absolutely clear to Germany th at she was henceforth
excluded from tho discussion o f Russian affairs.”
Passing to tho Soviet’s answer to the Allies’ statem ent of conditions, the
communique declares this answer contains equivocations and contradictions.
The Powers had told tho Russians they could not accojit the Soviet demands
for indem nity, that tho Allies would adm it a reduction only in tho war
debts, th at they would make no concessions concerning jirivate debts, and
finally that tho Allies would insist upon tho restitution o f confiscated
property or adequate indem nity, tho communique j)oints out. To this the
Russians forwarded their acceptance, but their compliance, it is noted, was
conditional uixm the reception o f financial help and recognition de jure of
the Soviot Government.
“ W o

[VOL. 114.

Tho Gorman delegation welcome w ith satisfaction tho development which
the discussion o f tho Commission has taken.
They are at one with the
spirit o f solidarity and good faith that has animated this work. Far from
thinking of turning away from the common work in Europe, th ey aro pre­
pared to participate in tho tasks allotted by tho Conference at Genoa witli
a view to reconciling the nations and adjusting tho welfare o f tho E ast and
tho W est.
A ccept, Mr. President, the assurance o f m y liighest esteem ,
D R . W IRTH .

The full text of the Russian reply to tho Allied demands,
which were published in these columns last weok, page 1719,
was as follows:

Tho Russian delegation has examined with the greatest care tho pro­
posal of the Allied Governments, as sec forth in the official note o f April
15, and at the same time has consulted with its Government.
Tho Russian di legiftion is of opinion that tho present economic situation
in Russia and the circumstances leading to it am ply justify, in respect to
Russia, tho com plete remission of all her debts as sot forth in tho abovo
m m tioned note by recognition of her counter claims.
H owever, tho Russian delegation is ready to go a step further in the
quest for a solution and adjustment of differences and to accept Articles
1 and 2 and Item 1 of tho abovo mentioned annox, provided th at war
debts and arrears in interest, as well as postponed interest on aii debts,
aro written down and financial assistance is given Russia to help her to
recover from her present economic state in tho shortest possiblo time.
(Articles referred to aro as follows:
•
"Section 1.— Tho creditor Allied Govomm onts represented at Genoa can­
not admit any liability regarding tho claims advanced by tho Soviot G ov­
ernment.
D e J u r e R e c o g n itio n O p p o s e d .
“Section 2.— in view of tho serious economic condition of Russia, how"It seem s clear,” continues the communique, “ that the de jure recognition over, such creditor Governments are prepared to writo down tho war debts
demanded by tho Soviet Government does not conform w ith tho Cannes owing by Russia to them by a percentage to be determined later; and
resolutions, acceptance o f which by Russia was not dependent upon any tho countries represented at Genoa would bo prepared to consider not
conditions." Tho R ussians, it is declared, had com pletely tw isted tho only tho postponem ent of paym ents of interest upon finam lal claims but
also tho remission of some part of tho arrears of interest or postponed
proposition, and their attitude was inacceptable to France.
“Besides answering the Allied conditions,” tho communique goes on, “tho interest.”]
Regarding Article 3, Part 2, on tho subject of tho abovo conditions, the
Russian delegation made public a memorandum concerning tho report of the
London experts, which seems absolutely in contradiction with their n >te Russian Government would bo ready to restore to thoir former owners the
accepting tho Allies’ terms. Does this memorandum, which is couched in use of property, nationalized or reserved, under tho reservation th at in the
violent language and seem s to breathe a sjjirit o f dofinaco, express the true ovent of that being impossible, satisfaction shall bo givon to tho legitim ate
claims of the former owners, either by mutual agreement arrived at indi­
thought o f tho Russian delegation?”
Tho communique remarks that tho memorandum m ay be merely jiropa- rectly botwcon both parties or in virtue of arrangomonts to bo worked out
ganda, but it calls attention to the fact th at tho Russians agreed to abstain during tho present Conference.
[Section 3 reads: “ It must bo definitely agreed, howover, that there can
from all i>ropaganda in Genoa. Tho communique concludes:
“ From all tin’s it would seem th at tho game o f the Russians and Germans be no allowance mado to tho Soviet Government against, first, either debts
has enveloped tho Genoa Conference in an atmosphero o f intrigue, suspi­ and financial obligations duo to foreign nationals, or, second, tho right of
cions and com binations. Tho various docum ents published do not dispel such nationals regarding tho return of their property and compensation for
tho impression th at a worm has eaten its way into the fruit which Genoa damage or loss in respect thereof.”]
Financial assistance from foreign sourcos is absolutely vital for tho
will offer to tho world and which may well provo to be tho apple of discord.”
Tho text of tho German reply to the note of censure sent economic reconstruction of Russia, and so long as there is no iirospeot of
reconstruction forthcoming, tho Russian delegation doos not sre its w ay to
by the Allied Powers and published in these columns last saddling its country with dobts of which it wouid not bo ablo to acquit itsolf.
Tho Russian delegation wishes it clearly understood, notwithstanding
week, page 1719, is as follows. It was addressed to Premier
the fact that it appears obvious in point of right, that tho Russian Gov­
Pacta of Italy, Chairman of the Economic Conference:
ernment cannot assumo any obligation with rospcct to tho dobts of its prede­
In response to the note o f April 18, signed by you and tho Presidents of the
cessors until it has been officially recognized do juro by the interested Pow­
French, British, Japanese, Belgian, Czechoslovakia, Polish, Serb, Croat
and Slovene, Rumanian and Portuguese delegations, I beg to remark the ers.
Hoping you will find tho forthcoming proposals will bo an adequate
following:
basis for a resumption of discussions, wo have tho honor to bo.
Germany has recognized the Russian Soviet Republic for several years. A
Your obedient servant,
settlem ent had, liowover, to bo made between the tw o countries witli regard
TOH ITC II E R IN .
to the consequences arising from the state o f war before It was possible to
renew normal diplomatic relations. T he negotiations carried on between
The Russians also submitted to tho Conference another
tho tw o Governments over this question had already several weeks ago
document in answer to tho report mado by tho Allied experts
progressed so far that a conclusion was possible.
It was especially o f importance to Germany to come to an understanding sitting in London.
It declared that if tho torms of tho
with Russia because she gave an opportunity o f establishing peace with one report of tho experts woro applied “it would load to tho
of the great belligerent Powers under conditions excluding lasting dcbtorshlp
and rendering possible, on a fresh basis unencumbered by the past, a re­ exploitation of Russia and tho enslavemont of her laborious
newal of friendly relations. Germany came to Genoa with a hearty desire population to foreign capital.” A summary of this memoto co-operato w itli all tho nations in restoring the suffering European conti­
landum was given in press dispatches as follows:
nent and trusting in a m utual understanding o f the difficulties of all parts
Tho memorandum draws a dark jiicturo of tho economic condition of tho
of that continent.
The im p o sitio n s o f the London conference left Germany’s interest out of w oild, with many m illions of unemployed in Europe and America alocn.
regard. To sign them would have meant to call forth heavy reparation England, Italy, Franco and Germany, it says, from 1910 to 1920 produced
claim s for Russia against Germany. A number o f clauses would have led 25,000,000 tons of w heat less than before tho war, besides losing 8,000,000
to burdening consequences o f Czaristic wartime legislation on Germany tons of w heat which yearly was imported from Russia. American w heat
alono. R epeatedly and in extensive discussions witli members of tho already is too dear to-day for Europe. Tho want of markets and of cus­
delegations o f tho inviting Powers tho German delegation has called atten­ tomers callable of paying, it is declared, has reduced tho work of industry
tion to these serious misgivings. B ut it was w ithout success. On tho con­ to less than half w hat it is capable of producing.
trary, tho German delegation becamo aware that the inviting Powers had
“ Such is tho situation which led up to tho Cannes resolution and tho Genoa
entered into separate negotiations with Russia.
conference,” says tho memorandum. "Nevertheless, dospito tho liatont
Information which camo to hand about these negotiations led to the con­ fact th at tho great central problem is the reconstruction of Russia in Europe
clusion that an agreement would bo arrived at shortly, but that it was not and not tho reestablishm ent of tho rights to revenues of small groups of
contem plated to tako tho just claims o f Germany into regard. Upon this Russian creditors, it is to this latter question that tho London reiiort is
tho German delegation were left w ith no doubt that they were forced to pur- devoted.
suo their own interests alone, as otherwise they would have come into a
“Tho only w ay of obtaining a rapid and powerful revival of Russia eco­
position o f being confronted in the Commission by a draft which was un­ nomically is to offer tho Russian iicojilo immediate and energetic assistance
acceptable to them but whieli was already agreed upon by a majority of tho from Euroiiean capital under the form of long term loans of m oney or mer­
delegates on tho Commission. For tin’s reason tho treaty with Russia was chandise, instead of sacking Russia’s resources and retarding her economic
signed Sunday evening in exactly the saino terms as it was drafted weeks developm ent to the profit of a group of foreign capitalists.”
Tho memorandum continues by demonstrating tho guaranties offered by
ago, and was imm ediately published.
This course o f action most clearly shows that the German delegation did Russia to foreign individuals or foreign capital, which include liberty of
not proceed to negotiations w ith Russia from lack o f solidarity but from internal commerce, juridical jirotection of industrial initiatives and of private
compelling reasons. It just as clearly shows th at tho German delegation capital engaged in enterprises which tho Russian State intrusts to iirlvatc
have strived to keep clear o f all secrecy in their procedure. It would bo companies, liberty of any one to carry on industry or commerce in a form
quite in accordance with tho wishes o f the German delegation if tho Con­ not prohibited, special guaranties for foreigners holding concessions in R us­
ference should succeed in arriving a t a general settlem ent o f the Russian sia, and a civil code and civil tribunals composed of jurists. ,
"B ut all tho legislative and adm inistrative measures protecting foreign
question, and if tho Gcrman-Itussian treaty were embodied in this general
arrangement. T his should very well bo possiblo, as tho treaty nowise capital and interests,” says tho memorandum, "will not become effective
until tho Government of tho Soviet has been recognized do jure and its rights
affects tho relations o f other States to Russia.
Furthermore, it is in all its provisions guided by an idea tho realization of and competence accepted w ithout dispute.
"If tho Soviets refuse to recognizo tho engagements of former governments
which is justly proclaimed as tho chief aim o f tho Conference, nam ely by
a spirit which looks on tho past as definitely closed and seeks to lay tho or to satisfy the claims of persons who suffored for measures of a political
character, such as tho nationalization of factories, municljiallzation of build­
foundation for mutual peaceful restoration.
W ith regard to further treatment o f tho Russian question in tlio Con­ ings, requisition or confiscation of jirivato properties, this does not nioan
ference, tho German delegation also think it right th at they should tako that tho Soviets ‘are incapable or lack tho desire’ to honor thoir engagements,
part in the deliberations o f tho first Commission on questions corrcsjionding but th at the policy is based on tho principle of political necessity."
The memorandum enumerates the rcsjionslbilltles of tho Allies for damages
to those already settled between Germany and Russia only in case their
suffered by Russia from counter-revolutionary armies sent into Russia, and
collaboration be especially asked for.
On tho other hand, tho German delegation remain interested in all ques­ adds th at part of these responsibilities are shared also by neutral countries
tio n s referred to tho first Commission which do nof relate to the points which offered hospitality to tho anti-Soviet elements by allowing them to
organize plots against Russia on their territory.
so ttlo d in tho Russian-German treaty.




A pril 29 L922.]
L osses

THE CHKONICLE
F rom

th e

B lo c k a d e .

“T he blockade against Russia and th e civil war helped by th e Allies during
moro than threo years,” adds tho memorandum, “ caused Russia losses
greatly surpassing tho claim s asked by foreigners for damages sustained
through the Russian revolution. Russia asks Indemnities and damages
caused her by war, tho result o f tho counter-revolutions.”
T aking up another point in the report of tho experts the memorandum
declares th at a return to tho system of private property would have as a con­
sequence a fem en d o u s lessening in Russia’s productive forces.
If Russia should pay w hat th e allied experts propose, th e memorandum
declares, she would bo obliged to hand over to foreign creditors sixty tim es
moro than she did yearly boforo tho war, or 80% of her entire budget. T his
would involvo such ruin th at sho would not be able to resume for a long tim o
lior role as tho chief furnishor of wheat and raw materials for Europe nor becomo again an immense market for Eastern industries.
Tho abovo memorandum apparently was drawn up as a special answer to
tho alliod experts' report and w ritten before tho formal reply which the Soviet
delegates subm itted to-day to tho economic conference as an answer to the
threo points raised by tho Allies. Therefore the allied spokesmen consider
that the Soviets’ answer accepting in principle the allied conditions should
supersede this memorandum.
LLOYD

GEORGE'S P L A N

FOR

TEN-YEAR

PEACE.

Simultaneously with the announcement that Germany
had agreed to accept the terms of the Allied note with regard
to tho Russo-German treaty, it became known that Premier
Lloyd George was preparing a treaty to be signed by tho 34
nations represented at tho Genoa Conference, giving assur­
ances that for a period of 10 years they will not commit any
aggressive action against ono another. No penalties are
to be provided in the compact, it is said. There had been
intimations last week that tho British Premier was contem­
plating tho presentation of some sort of a treaty by which
tho nations at tho Conference would agree to maintain peace
in Europe, but there was no definite announcement as to
what would be tho form of tho agreement. An outline of tho
Premier’s plan was given, however, on April 23 in copyright
cable advices to the New York “Times,” which said:
While working to solve tho crisis over tho Russo-German Treaty, Air.
Lloyd George has got his European compact guarantee o f peace well under
way. As It stands now this is a treaty to be signed by all the 34 nations
hero promising that for a period o f ten years they will not commit any
aggressive actions. No penalties are provided. Like the W ashington
T reaty, it is based on international morality.
It is M r. Lloyd George’s Idea th at this w ill lay a firm foundation for tho
disarmament discussion in September at Geneva by tho Assem bly of the
League o f N ations. In the covenant o f the League tho members o f course
pledged them selves against aggression. However, Germany and Russia
aro not members o f the League and in addition the British Prime M inister
seems to think that a definite lim ited reiteration o f tills pledge can do
only good.
Tho Russians have signified their willingness to sign the promise of no
aggression if it is also signed by all their neighbors. The Germans have
no objection.
There aro two serious obstacles yet to be surmounted before tho treaty
can be drafted. Ono o f these difficultie i is French and the other Japanese
Tho French want tho compact fixed t o that it will not bar military action
to enforce tho Treaty o f Versailles, as for Instance occupation o f the Ruhr
in case o f default by Germany on reparations. A clause covering this
point is being studied out, several tentative drafts having been written.
Tho other difficulty arises from tho presence o f the Japanese in Siberia.
The Russians demand th at the Japanese get out, or at least they want
promises against further aggression. Tho British Government is in entire
accord with this point o f view. It w ill bo remembered that at W ashington
Baron Shidehara said the Japanese wero negotiating w ith the Chita Republic
at Darien for withdrawal from Siberia and expressed the opinion th at these
negotiations wero coming to a successful conclusion. B ut since tho Genoa
Conference opened the Darien conversations have been broken off. This
naturally does not decrease tho difficulties o f sm oothing out that end of
Mr. Lloyd George’s peace compact.
The British Prime Minister is throughly confident, however, that within
tho next ten days tho compact will bo in final shape. Two o f tlie difficulties
mentioned appear to be tho only barriers to be surmounted.

tho execution of the Treaty of Versailles. On the first point the Premier
said:
“Wo took precautions th at tho program of the Conference be clearly de­
fined, and that it touch in particular none of the problems connected with
reparations or disarmament. We went further and laid down in a memo­
randum the principles on which our co-operation would be based. Wo will
remain at Genoa only on tho condition o f m aking no concessions either to
Germany or Soviet Russia and keeping strictly to the lines o f our memotandum .”
R6garding reparations M . Poincare said:
"If Germany resists, and if at the appointed tim e the Reparations Com­
mission records deliberate failure on tho part o f Germany, the Allies will
have the right and in consequence tho duty to take measures to protect
their interests—measures which doubtless it would be infinitely better for
them to adopt and apply in common, but which, according to the terms of
tho treaty, can, if necessary, be taken respectively by each o f the nations
concerned, and which Germany is obliged by the terms o f the Treaty o f
Versailles not to consider as acts of war.
“We ardently desire to maintain on this capital occasion the co-operation
of all the Allies; but wo w ill defend, in full independence, the French cause
and w ill let fall none o f the weapons the Treaty gives us. We will not
allow our unhappy country to succumb under the weight o f reparations
beside a Germany that declines to make the effort necessary to discharge
her d eb t.”
About tho Russo-German treaty the Premier said:
“Tho understanding between Russia and Germany has not seemed to our
allies to justify the imm ediate and total abandonment of the work begun at
Genoa. We have stood by them in a spirit of solidarity. B ut, despite this
now proof of our pacific spirit and conciliatory intentions, we are all the more
firmly attached to the ideas which tho Cabinet set forth before Parliament.
If tho French delegation cannot m ake them triumph at Genoa, we shall have
regretfully to discontinue collaboration in the Conference.
"W hatever m ay bo henceforth tho attitude of Germany and Russia, it is
already ovident to tho Allies that their political situation is of a nature to
compromise and perhaps upset European equilibrium and is one which can
no longer bo m et by mere economic or financial formulae or by means of
great international congresses. Wo shall have to examine later among the
Allies tho now fact created by th e Russo-German convention and m inutely
consider all its consequences, as regards tho Treaty o f Versailles and the
future of Europe and tho maintenance of peacS.d
Regarding tho Treaty of Versailles M . Poincaire said:
“T he treaty stipulated that the damages caused by th e enem y on our
territory and the pensions of our wounded and widows should be debited
to Germany. Furthermore, it prescribed that Germany bo disarmed and
definitely reduced in military importance. If these clauses had been regu­
larly applied France would have declared herself fully satisfied. B ut every­
thing that goes on in Germany looks as if tho Pan-Germans were aw aiting
an occasion to fom ent troubles in tho E ast and retake by force the Polish
territory taken from Germany by tho treaty. It is indispensable th at th e
Allies retain in Germany efficacious means of control on aeronautics,
armaments and military organizations. As for us, we are determined in
any case to keep what was given us by tho treaty which our heroes bought
w ith their blood.”
GERMANY,

The French Premier, M. Poincare, made a speech on April
24 at Bar-lo-Duo in which he set forth tho attitude of France
with respect to future participation in tho Genoa Conference,
anent the action of Germany and Russia in concluding their
trade treaty. “Whatever may he henceforth tho attitudo
of Germany and Russia,” said M. Poincare, “it is already
evidont to tho Allies that their political situation is of a naturo to compromise and perhaps upset European equilib­
rium, and is one which no longer can bo met by mero eco­
nomic or financial formulae or by means of great interna­
tional congrosses.” His speech was further quoted in copy­
right cable advices to tho Now York “Times” as follows:
Franco wants peace, but is determined to defend her rights, if necessary
by forco, and, if necessary, alone. That is tho keynote o f Premier Poincare’s
speech hero to-day. B y the rights o f France, tho Premier made it clear
ho meant tho rights conferred by tho Treaty o f Versailles.
M . Poincare made four definite statem ents to-day: Fjrst that France
would insist on tho original program at Genoa, w ith no discussion of
reparations, disarmament or previous treaties; second, that Franco would
insist on Germany’s submission to the demands o f Reparations Committee
by M ay 31, in default o f which, she would, if necessary, take independent
action against her; third, that Franco was not satisfied with the RussoGerman treaty, and would insist on a full examination by tho Allies of the
new European situation created by it; fourth, th at France would insist on




T U R K E Y A N D RUSSIA H AVE
M U N I T Y OF I N T E R E S T .

A

COM­

Bekir Samy Bey, representative of the Angora Govern­
ment at the Genoa Economic Conference, denied on April 23
reports of the existence of a formal treaty among Turkey,
Russia and Germany. He said, however, there was com­
munity of interest among the three countries, of which two,
Russia and Turkey, possessed raw materials, while the other,
Germany, had the means to utilize them. He added:
It is only too natural th at Turkey should oppose Great Britain and
France, which try to transform her into colonial territory by splitting up
Asia M inor among them selves. They only speak of the economic zone
to bo established there; but history has taught us that those zones transform
them selves into zones o f political influence, ending with protectorates or
annexations.
Italy gained popularity in Turkey because she withdrew her troops and
renounced her zone. For this reason it would bo easy for Italy to conclude
an understanding with Turkey. We might supply her w ith cotton, thus
rem oving her from the English and American monopoly of this com­
m odity.
__________
LLOYD

•
PREM IE R POINCARE E X P L A IN S FRENCH A T T I T U D E
TO W ARD RUSSO-GERMAN T R E A T Y A N D
GENOA CONFERENCE.

1849

GEORGE C A L L S M E E T I N G OF S I G N A T O R I E S
TO T I I E T R E A T Y OF V E R S A I L L E S .

Ono of the developments which caused some little surprise
at tho Genoa Conference this week was the announcement
on April 26 that Premier Lloyd George of Great Britain had
called a meeting of the signatories of the Versailles Treaty
to be held in Genoa within a fortnight. While it was stated
that the purpose of the meeting would be to determine upon
action in the event of Germany’s failing to meet her repara­
tions obligations at tho end of M ay, it became evident that
tho calling of tho conference was prompted, too, by reason
of the growing friction between the British and the French
with regard to the Russo-German treaty. Air. Lloyd George
it was said, “wanted to know exactly what the policy of
France was going to be.” The same day M . Barthou, head
of the French delegation, was summoned homo by Premier
Poincaire to explain the situation at the Genoa Conference.
In discussing tho developments on the 26th an American
newspaper correspondent remarked: “There seems to be no
question that some countries will make separate treaties
with Russia, Italy leading tho way and England following,
if somo sort of agreement cannot be had with the Allied
creditors in ono bloc.” Another correspondent, writing
along the same lino, said:
T hat tho Russian delegation here m ay soon score another diplomatic
stroke of groat m om ent, adding Japan to the Russo-German economic
entente, was confirmed to-day, and from quarters where least expected.

[V ol. 114.

THE CHRONICLE

1850

Baron Ilayash i, Japanese Ambassador to London, to-day confirmed a
dispatch regarding the efforts o f Russian diplomacy to como to an under­
standing with Japan and create a league o f the Pacific and the N orth Sea.
Baron Ilayashi said th at Japan would probably conclude a separate
economic treaty with Russia In the near future. lie denied that any official
exchanges are going on hero and declared that should Tchitcherin approach
him here ho would suggest that Toldo and M oscow tako the m atter up direct,
since he has not the necessary material here.
T he Japanese diplomat said that since the failure o f the Dairen negotia­
tions the Par Eastern Republic has boon practically absorbed by Soviet
Russia, and that authority to negotiate is now in tho hands of tho M oscow
Government.
T he Ambassador said th at among tho things th at will havo to be taken up
n tho negotiations and which will probably bring an economic treaty in
their train are the withdrawal o f Japanese troops from Siberia and compen­
sation for the massacro o f 700 Japanese.
N otw ithstanding H ayashi’s denial o f official negotiations hero, I am in ­
formed that informal exchanges havo taken place. Tho statem ent of the
Japanese Ambassador to London was mado to-day to tho correspondent of
the “London D aily M ail.”

With respect to tho significance of the calling by Premier
Lloyd George of the mooting of tho Versailles Treaty signa­
tories press dispatches had tho following to say:
Fears that Franco m ay take tho bit in her teeth and move further into
Germany with her military forces, irrespective o f the wishes of her allies,
has led to a surprising m ove here.
Realizing th at tho powors assembled at Genoa aro most uneasy and
d isturbed over Franco’s sabre rattling, and that it would probably interfere
with him in getting his poace pact through, Lloyd George has called for a
special m eeting of tho Powors that signed the Versailles Pcaco Treaty.
His suggestion has m et with hearty support from other Powers, especially
Italy. Tho meeting has, therefore, been decided upon, but the date has
not been set. It will undeoubtedly bo called within the next ten days.
Britain takes the attitudo th at tho situation created by the speech of
Premier Poincare, of Franco, at Bar Jo D ue, is so delicato and dangerous
hat a meeting of tho signatory Powers o f the Versailles T reaty is necessary
n order to ascertain what m oves France has In mind as indicated in Premier
Poincare’s speech when ho said th at if nocessary Franco would act alone.
It is regarded here ad a sensational developm ent o f tho feud between
Poincare and Lloyd George.
It is interpreted to moan th at Lloyd George is determined to leave no
means untried to place a sharp rein on Franco’s designs and that ho believes
tha tho public opinion o f the world is w ith him.
D evelopm ents late this evening Indicate that Lloyd George alono urged
the meeting of tho signers o f the Versailles T reaty, which was then officially
announced by the British, Indicating that Lloyd George planned the daring
stroke, although tho British officially stated that tho French delegation
here supported the move.
T he Fronch delegates to-night deny this and sa y that M inister Barthou
went no further than to toll Lloyd George that ho would transmit tho
British Premier's roquost to tho Fronch Government.
In effect Lloyd Goorgo wants to call Poincaro on the carpet beforo the
signers of the Versailles Treaty to learn whethor tho latter approvo of
France’s attitudo to go it alone. U they do not approvo thon he wants
to find out whethor tho,r disapproval has sufficient moral force to hold tho
French back.
Incidentally this m ove by Lloyd George brings the question of repara­
tions, which is not before the Conference, up for discussion, as there can
be no consideration of the sanction against Germany without discussing
reparations.
Tho announcement o f the mooting o f tho Treaty Powors by tho British
to-night ovorshadowed ail othor Conference news.

POINC ARK DECLINES TO ATTEND IN GENOA
MEETING OF ALLIES.
Premier Poincaro replied on April 27 to Premier Lloyd
Georgo’s invitation to come to Genoa to attend the meeting
of the signatories of the Treaty of Versailles. According to
a special copyrighted dispatch to the New York “Times”
from Edwin L. James, the French Premier’s reply was a
refusal on tho ground that there was going to bo no dis­
cussion of reparations at Gonoa. The dispatch goes on to
say:

violent incidents in the Economic Commission to-day, whon tho Germans
tried to discuss clauses of tho Versailles Treaty. It will tend to lead the
Germans to cem ent their nowly formed partnership with tho Russians.
Another w ay to look at tho situation is that M . Poincaro’s action ends
tho carnival of intrigue here, since Lloyd George announced the meeting
to get support for his opposing view s on German reparations. In this w ay
tho bursting of tho baioon leaves a simpler task to tho Genoa Conference.
L lo y d G e o rg e R e a d y to P r o lo n g S la y .

M r. Lloyd George indicated to-day that he was prepared to stay horo a
month if he believes anything real can bo accomplished, and he is vory
hopeful, or, as he puts it. he is so afraid of failure ho is bound to be hopeful.
The alarmist speeches ho mado last night to tho British and American cor­
respondents shows he attaches supreme importance to tho Russians and
Germans going aw ay from Genoa with some feeling of confidence in tho
other nations. If ho intended to instil in most delegations horo any con­
fidence in the Soviet delegation beforo the end of tho Conference, adjourn­
ment is a long way off.
It is truo that the Soviet is ready to sign an agreement to recognizo tho
Czarist debts for a price, and it is true that tho amount is far greater than
the amount involved in tho debate over paym ent for forelgn-owned property
nationalized by the Soviet, but tho point is this— upon tho behavior of tho
Soviet toward tho property rights of foreigners in Russia hingos tho whole
probability of foreigners again doing businesss in that country. As long a
M. Tchitcherin stands on the proposition that rogardless of tho millions of
capital foreigners m ay put into Russia they may never own property, thoy
can only be minority partners with tho Soviet and they aro always liable
to taxation, no agreement tho diplomats sign horo will get foreign invest­
ment and foreign business back Into Russia.
Whether or not it will be possiblo for tho Powers to mako an agreement
with the Soviet delegation under which foreign business can or will get into
Russia should bo evident within the next few days. T o-day the allied
experts put the finishing touches to the note to tho Russians, which will
bo subm itted to Commission I. to-morrow, mooting without tho Germans
or Russians, and which will probably be delivered to tho Russians some
tim e to-morrow.

STATEMENT ISSUED IN BEHALF OF LLOYD GEORGE
.
ON RUSSIAN POLICY.
Following publication of tho speech mado by Premior
Poincaire with respect to the Gonoa Conference and othor
current political and economic matters at Bar-lo-Duc, a
statement was issued on April 25 at Gonoa in behalf of
Lloyd George, the British Prime Minister with regard to
his attitude in the Russian situation. The statement said:
We aro trying to get France to understand our Russian policy. If pcaco
is not made in Russia, if an honest effort is not made to make such a poace,
if a policy develops here whereby Russia and Germany aro left in isolation
and misery, the inevitable result will bo the conclusion of a fierce friendship
botween them directed against tho peoples of the w est. AVo shall have
nothing to do with any policy of that kind. Wo aro not afraid of cither a
Russian or tho German menace, but determined to do our utm ost to prevent
Europe again becoming a shambles. Therefore we aro thinking of tho
Russian people and want to mako peace with them , despite tho Russian
Government.
Tho Russian people fought gallantly on our side for two years and suffered
the greatest casualties. They are not responsible Tor what has happened
since the revolution. AVe want an open, humane policy in Russia, if the
Government can be persuaded to accept tho principles guiding all interna­
tional relationships. I must say the Russian delegates aro making settle­
ment difficult. We havo told them hust how far we can go; but while thoy
pursue a policy o f Oriental haggling we cannot know where they stand.

On tho same (lay, the British Premier, addressing a group
of neAVspaper correspondents at Genoa, authorized them,
according to a Central N oavs dispatch, to transmit an appeal
from him to the British public asking it not to accept state­
ments appearing in somo of the English papers regarding
the Genoa Conference until he had had an opportunity of
dealing with them in Parliament. Tlio dispatch quotes him
as continuing:

Premier Poincare’s speech was a very serious declaration, mado without
So announced tho Fronch delegation to-night. Thus another shadow any consultation with the Allies, and is not calculated to im prove co­
operation among tho Allies. It has nothing to do with Gonoa, but French
alls across Mr. Lloyd Georgo’s plans.
opinion is undoubtedly being inflamed by m isstatem ents alleging that tho
M.
Poincaro refused to como because ho know it to bo tho plan of the
B ritish Prime M inister to ask tho French Promier w hat ho m eant when ho British aro pursuing a policy of secret talks.
It is untrue that I saw Leonid ICrassin on Friday, as has been stated.
announced at Bar-le-Duc on M onday that if by M ay 31 Germany did not
accept tho Reparations C ommission’s conditions o f an Allied Dobt Com­ Our policy is that we havo no quarrel with tho Russian peoplo and do
not fear a German-Russian monace, but wo aro doterminod to prevent
m ission and a 60,000,000,000 marks interior loan, Franco would act alono,
if necessary, to protect her rlghcs under tho T reaty o f Versailles. T hat is Europo from again becoming a shambles.
AVo want to adopt an open, humane policy, but tho attitudo of delegates
taken hero to moan probablo occupation o f the Ruhr.
I t was M r. Lloyd Georgo’s announced intention that tho Genoa meeting toward a settlem ent makes our work difficult. AVo cannot continuo to
o f tho signatories of the Versailles T reaty should bo apart from tho Economic bargain.
Conference, th is city being choson sim ply because most of the Prime M in­
isters involved were here. B ut M . Poincaro has shied at tho atmosphere
o f Genoa and at facing tw elve or thirteen nations instead of three or four LLOYD GEORGE SEES WARNING IN IIUSSO-GERMAN
on tho Supreme Council.
TREATY.
W ith M r. Lloyd George trying to promote conciliation and w ith the
Speaking to British and American journalists in Gonoa on
Germans demanding reparation action there was unquestionably a proba­
b ility th at tho m eeting hore proposed by M r. Lloyd Georgo would havo April 26 Promier Lloyd George droAV an alarmist picture of
precipitated a wholesale discussion of reparations among all the delegates,
Europe, pointing out that Russia and Germany combined
oven if not in tho official com m ittee rooms.
er
I t is understood from tho Fronch delegates th at M . Poincaro Is not averso contain ovr two-thirds of tho peoplo of tho Continent, ho
to a mooting o f tho Supremo Council elsewhere to discuss tho German declared that “their voico will bo heard and the Russo-Ger­
refusal to m eet tho reparation term s, but ho w ants tho Supremo Council
man treaty is tho first Avarning of it.” The object of the
alone, and he does not w ant tho m eeting at Genoa.
H is A ttitu d e H a r m fu l a t G en oa.

Genoa Conference, ho reiterated, Avas to clear up political

difficulties that Avero full of menace. Thoro Avoro many
M.
Poincare's attitude brings a bad situation, because tho Genoa Con­
ference o f peace and conciliation will be running along undor the cloud striking sayings in tho Premier’s speech as given in dispatches
o f tho French threat to tako military action Juno 1 if Germany does not to tho Associated Press, from Avhich avo quote as fo llo w s:
back'dow n. It is doubtful if anything could havo happened to do moro
~ ilo compared Europo to soothing racial lava, which, llko tho earth’s crust,
harm to tho spirit Mr. Lloyd George is trying to create in E urope. Y et
the Fronch havo a good cause theoretically. Tho chief beneficiaries undor was seeking a proper level. This adjustment was full of peril. l i e empha­
sized that Europe must tako cognizance of hungry Russia, which would bo
the reparations, th ey refuse to bo voted out of what thoy regard as their
equipped by an angry Germany.
rights.
M.
Poincare’s refusal to como horo to talk over tho German situation "The world must recognizo the fact,” ho said, “that Russia and Germany
combined contain over two-thirds of tho peoplo of Europe. Their voico
will hot break up tho Conference, but it will hurt it. It will increase tho
auim osity botween the Germans and the French, which led to tw o alm ost will bo heard, and tho Russo-German treaty is tho first warning of it.




A pril 29 1922.]

1851

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“I wish America were hero,” he exclaim ed. “ Somo peoplo think we
w ant the U nited States for somo selfish purpose. T his is not true. Wo
w ant America because she exercises a peculiar authority. Her very aloof­
ness gives her the right to speak.
“America could oxcrciso an influence no other country could command.
She could come hero freo and disentangled, and w ith the prestige which
comes from her independent position sho would come w ith the voice of
peace.
"B ut America is not hero, so Europo m ust do her best to solve th e prob­
lems in her own w a y .”
M r Lloyd George gave it as his opinion th at th e disorganization o f Europo
would affect tho entire world, including tho U nited States. He was
amazed at people who ignored tho portentous fact facing Europe to-day.
Unless tho Genoa conference succeeded in arranging a pact o f peace he
was confident that in his own life, certainly in tho lifo o f the younger men
present, Europo would again welter in blood.
“Wo triumphed In tho w ar,” ho said, "but our triumph will not last
forover. If our victory develops into oppressions, vengeanco w ill follow,
just as Germanys’ action which started tho world war was followed by venge­
ance.
“Wo m ust bo just and equitable and show strength; wo m ust realize
that Europo Is not on good terms and th at storms are arising which we
m ust deal with. W e had hoped that tho end o f tho great war meant
tho end of bruto force, but unless Europe’s problems are solved there is no
assurance th at force has given w ay to right.”
Tho British Prime M inister solem nly urged the press to instil patience,
good w ill and fellowship throughout th e world. “You are hero,” ho con­
cluded, “to instruct, to sustain, to guide, and I beg of you in tho interests
o f tho world’s futuro not to add to tho obstacles which aro in the w ay, but
to use your influence to help in the solution o f difficulties which are full of
m enace.”

support of tho whole world in this commendable effort to
restoro the happiness of tho war-sick peoples.
RUSSIAN

COUNTER-PROPOSALS
CONFERENCE.

TO

GENOA

A second set of proposals was submitted to the committee
of experts of the Genoa Eeonomio Conference by tho Russian
delegation on April 24. A summary of these proposals
was contained in a statement issued on April 26, being
described as “what it understands to be the exact Russian
demands.” The French statement reads as follows:

I t is agreed on condition th at im m ediate and adequate financia as
sistanco is given to Russia and on condition th at th e Soviot G ovem m en
of Russia is recognized de jure, th at,
Article 1.— Tho Russian Government promises to pay th e financia
obligations of tho Imperial Government of Russia contracted before Aug.
1914, with foreign Powers and their nationals. It is understood, however
th at persons in legal possession of tho above obligations beforo M arch
1917, will have the right o f reimbursement under tho conditions stipulated
in this articlo.
N o e A .— Tho present articlo does not apply to States w ith whom Russia
has territorial disputes which are not y et settled. (This presumably applies
to Rumania.)
N o te B .— T he questions treated in the note to Article 1 of tho London
memorandum will bo reserved for examination by a political commission.
(This note refers to security on debt, on which thoro aro various solutions.)
Articlo 2.— T he Russian Government will obUge th e local Russian
authorities or Governments to recognize tho financial arrangements con­
Tho British Prime Minister’s address to the British and tracted by them w ith tho Powers and their nationals. B u t contracts
American press representatives created a great deal of mado after N ov. 7 1917 by local Governments who aro not under the
interest at Gonoa, it was said, and an official stenographic authority of tho Central Soviet Government do not fall within th e purview
of th e above article.
copy of it was issued April 27. It was understood beforo
Tho Russian Government rocognlzos all contracts rotating to public
tho address, according to press dispatches, that Mr. Lloyd utility enterprises guaranteed by the imperial Russian Government.
Article 3.— Tho Russian Government is
George was not to be quoted, but when ho had concluded their property, which has been nationalized roady to return to foreignerst
or requisitioned, wheneveri
bo possiblo under tho social and economic system and fundamental laws
he remarked:
“After all, you can quote me if you wish. It is better that o f tho Russian Republic— in other words, grant to them pre-emption rights
to take their property either in the form of a concession or in fee sim ple,
my thoughts bo published.”
or will grant preference to them to becomo members of companies or tru sts.
Among the significant statements voiced by the Prime T he above forms of control will be arranged for a fixed period on conditions
Minister the following wero quoted in Associated Press arrangoablo separately for each case.
Tho Russian Government is also ready to satisfy tho claim s of foreigners
dispatches of tho 27th:
who were former proprietors, if it thinks their claims are just, and not
“Wo have gathered lioro to see whether it is not possible to find a settle­ in conflict with the above conditions, and is roady to hold direct nego­
ment that will bo acceptable to common senso and to tho conscience o f the tiations with them , or to negotiate by such other means as m ay be arranged
peoples o f Europo.”
by tho Genoa Conference.
Referring to tho contested frontier lines in Europe, he said:
Articlo 4.— Arrears of interest and all interest which would normally
"Every ono o f thoso lines involves In itself tho possibility o f a terrible fall duo to tho end of the period of a moratorium, and all redemption o f
conflict in Europo. Sometimes tho complications aro tho result o f tho debts and obligations of every nature referred to in tho first three articles
terrible muddle o f races which you have surging like a cauldron in the will bo canceled.
centro which has not settled down.
_
Article 5. On their part, the.Powers promise to restore to R ussia property
“You havo this racial lava surging right through tho centre of Europo, and of w hatsoever nature which is now held in foreign lands— for exam ple,
unless you settlo tho line there which will bo accepted by everybody thoro precious m etals, buildings and ships— and the Powers promise to see to it
aro interminable possibilities o f future conflicts that will embroil tho whole th at all financial obligations, either of them selves or of their nationals,
world, and'whether America will it or not she will inevitably be brought toward tho Russian Government w ill bo liquidated.
in as tho last war brought America in.
(N o te.)— The Powers bind them selves to give every assistance to guar­
“ You havo Germany and Russia who aro in a condition o f semi-antagon­ antee oxecution of this article by giving every possible facility for tho ex­
ism to tho rest o f Europe. There is a state o f suspended, and barely am ination of bank and account books, &c.
suspended, conflict. T hat means two-thirds of Europe, and anybody
Articlo 6. Paym ents growing out of acceptance by tho R ussian Govern­
who imagines you can permanently by any combination keep down two m ent of financial engagements covered by A rticles 1, 2 and 3, including the
great peoples representing two-thirds o f Europo m ust be either blind or paym ent of interest, w ill begin after a period o f ------ years, following the
blinkered.
signing of tho present accord.
“ It Is an impossibility. It is a folly. It is an insanity. You must arrive
Commenting on tho Russian proposals outlined above
at an understanding which will include the whole o f these peoples.”
After warning o f tho danger o f a hungry Russia being equipped by an copyright cablo advices of the 25th to the New York “Times”
angry Germany, M r. Lloyd Georgo asked:
said: •
“ Ifow long will it bo beforo Europo is devastated, if that represents tho
After promising it its noto of April 18 to M r. Lloyd Georgo to reimburse
permanent palicy o f any combination in Europo?
former foreign owners for property M oscow had nationalized, tho Soviet
"For tho mom ent wo belong to tho dom inant group, but if there is a feel­ now says th at it cannot pay for this property and that it can only recom­
ing in tho conscience o f mankind that wo havo abused the triumph which pense former owners by giving them superior opportunitites in bidding for
God has placed In our hands, vongoanco will inevitably follow, as it followed concessions under which concessions the Soviet remains legal owner o f
in tho wako of tho act which outraged tho moral senso o f tho world on tho everything involved. I t is obvious th at no ono Government or individua
part of Germany.
or corporation is going to put money in enterprises w ith tho Bolshevik
“ I do not think I am unduly alarmist— if Genoa falls. I w ant Genoa to controlling the board of directors.
end in a real pact o f peace. W ithout that Genoa will havo accomplished
T o illustrate how difficult it is to mako progress w ith tho S oviet m ay be
nothing. It may redress exchanges, it may lmprovo currencies, but it will cited an incident which broke up last night’s m eeting of tho experts of other
not havo accomplished th e main purpose for which it was summoned.
countries w ith tho Russian experts. M . Rakovsky, speaking for tho Rus­
"It is a gathering or tho nations o f Europo to take counsel and seo whether sians, explained th at not only would Russia refuso to give back property
thoy cannot clear up dlificultios which aro full o f menace to tho peace of owned by foreigners, th is applying to railroad stock, factories and shares in
each and to tho peaco o f all.
industries, but demanded that other countries hand over to tho Soviet out­
“ I am alarmed at tho storms which aro gathering on the horizon and ris­ right all property on their territories over owned by R ussians. Rakovsky
ing higher in tho firm am ent over Europo. Thoy m ay not break Immediately said:
but thoy will inevitably do so unless by somo moans tho atm osphere can
"Wo havo nationalized property, so wo cannot lot individuals own it
bo cleared and wo can got a fairer d ay.”
whether Russians or foreigners. B ut you havo not nationalized property .
Dr. Walter Ratlionau, tho Gorman Foreign Minister, ad­ T hat makes it different.”
Baron Cartier of Belgium said:
dressing tho press representatives on tho 27th, spoko in
"Look hero: if there was a bank in Brussels where Russian subjects had
commendatory terms of Mr. Lloyd Georgo’s address to tho deposited 2,000.000 rubles and a bank in Moscow where Belgians had de­
posited 4,000,000 francs, do you mean that wo should hand over th e 2,000,­
British and American correspondents. Ho expressed regret
you snould keep tho 4,000,000
that ho had not heard tho British Prime Minister’s state­ 000 rubles andexactly," replied M . Rakovsky.francs?” havo got the point.
“T hat’s it,
"You
ments, which, according to the press reports, wero tho most W e cannot givo your money back because it has been nationalized, but you
can givo our money back because it has not been nationalized. If you were
notable yet made at Gonoa and promised hope for world to turn Communist and nationalize money and property wo would not ask
peaco.
you to givo it back.”
It was at th is point th at Sir Laming Worthington E vans, Chairman of the
Ho particularly mentioned Mr. Lloyd George’s declara­
said ho did
carrying on
tion that tho troublous problems sweeping over Europe must E xperts’ Commission, Russians, asnot think there was any use attitude no
tho debato w ith tho
unless th ey changed their
bo treated in a spirit of fairness, justice and equality by progress could bo mado. And so th e issue has been put up to the statesm en.

tho Genoa Conference. Dr. Ratlienau suggested that these
tlireo words should bo placed in letters of gold over tho doors
of tho conference hall as the guiding motto in this interest­
ing stage, *wlion an effort was being mado to framo a non­
aggression compact.
Ho gave assuranco that Germany would extend heartiest
support to Mr. Lloyd George in furthering such a compact,
and declared that tho Premier would have the applauso and




M.
Tchitchorin in a statement to the Associated Press on
April 25 declared that it was Allied resistance to the Russian
principle of nationalization which was blocking the confer­
ence.
“It is obvious,” said M . Tchitcherin, “that the only seri­
ous obstacles to peace with Russia and general reconstruc­
tion aro the protentions of a few former owners of property
in Russia.” The Russian Minister’s statement, it was

1853

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[V ol. 114.

said, was called out by the high tension developed over ance of population, would inevitably be driven closer together, to the event­
Russia’s claims, which were considered in some quarters ual detriment of the poaco of Europe.
as threatening to disrupt the conference. He insisted, how­
ever, that it was the efforts of the Allies to resist Russia’s COUNT TOLSTOY SEES ALLIED POWERS TRYING
right to nationalize property and their attempt to infringe
TO PARTITION RUSSIA.
upon her sovereignty that were holding up the work of the
“The Russian people will never accept tho ovident plan
experts and delaying the Conference’s progress. His state­ of the Allies at Genoa to partition Russia into colonies of the
ment was as follows:
European nations,” probably including Germany, Count
There is no difference between our official proposals o f April 24 and my
letter to M r. Lloyd George o f April 20. We merely explained and devel­ Ilya Tolstoy declared in an address on April 25 at tho City
oped the fourth phrase o f our note (that dealing w ith the restoration of Club in Washington. Such an attempt, he addod, would
property to foreigners). In niy letter to M r. Lloyd George it was said
bring great danger to the future, and he advised America
that we could restore to foreigners who were former owners the use of their
property where it was possible. In our proposals yesterday wo explained to keep “hands off” and recognize any Russian Government
in detail that this was possible only in cases where our social and economic which would guarantee security to trade, labor, property
system and our fundamental laws permitted it.
He was further quoted in press dis­
It is quite clear that the maintenance o f our sovereign rights and our and personal rights.
principles for the reconstruction o f Russia are to bo strictly observed. To patches, which had the following to say:
give to former owners the use o f their property is therefore possible otdy in
conform ity with our sovereign laws, and only when our fundamental laws
permit this stop in our policy o f reconstruction; that is, in cases where our
economic plan o f reconstruction is not thrown aside.
Further, it was said in m y letter to M r. Lloyd George that in other
eases the just claim s o f former owners would be examined by us and would
lead to separate agreements, or would be adjusted by a system to be elab­
orated now at this Conference. This was also explained more in detail in
our proposals o f M onday.
^ Our Government is competent to decide what claims it considers just.
There is not the least difference between m y letter to M r. Lloyd George
and our proposals on M onday. Russia has gone far in its concessions, but
it cannot return to the old social and economic system . We are faced with
th e great work of reconstruction and a general pact against aggression. It
is only the pretensions o f a very sm all body of former owners o f property in
Russia that stand between us and these aims.

ALLIED PROPOSALS FOR RECONSTRUCTION OF
RUSSIA— CONSORTIUM TO FINANCE TRADE.
Plans for Russia’s reconstruction were being finally
determined upon on April 28 in the sub-commission on
Russian affairs of the Genoa Conference. The indications
were that a definite proposal would be laid before the Rus­
sian delegation by the week end, it was said, with the sug­
gestion that it be either accepted or rejected without further
discussion.
With regard to the reconstruction plans the Associated
Press reports said:

IIo
said that Lenin, Stinnes and Lloyd Gcorgo, whom lie doscrlbed as
controlling tho destiny of Europe, each had plans for tho settlem ent of
Europe, but British diplom acy, “aimed at capturing tho Russian m arket,”
was in conflict with Stinnes designs on this market to “make enough to
pay the German indem nity.”
M eanwhile, he added, “Lenin hopes to rotain power by selling Russian
concessions for loans to bolster up tho Bolshoviki and to pormit them yet to
take advantage of a ruined Europo to achiove a world revolution toward
com m unism .”
“ It is this situation,” tho speaker declared, “which has brought about tho
Genoa conference. England and France know that if Germany gets the
R ussian market she will havo won tho war. So now the plan is to apportion
up Russia's great natural resources among tho Allies and to make her a
second India. Britain w ill get tho oil wells, 'Franco probably the mines;
Germany will bo given a share to keep lior in tho plot, and Lenin w ill get
tho loans in exchange for theso concessions which w ill keep the Bolshoviki
in power.”
E ighty per cent of the Russian peoplo, ho added, wore “bitter against the
Allies, and especially against Britain” ; and th is, he warned, “spells groat
danger for the future.”

RUSSIA CHARGES THAT POLAND HAS VIOLATED
TREATIES— DENIED BY POLAND.
The Russian delegation to the Genoa Conference sent a
note on April 25 to the Polish delegation, announcing that
Russia considered that Poland had violated both its peace
treaty with Russia, signed at Riga March 30 1021. and its
Baltic entente agreement, signed at Riga March 30 1922,
by participating in negotiations at Genoa questioning Rus­
sia’s right to negotiate treaties.
Following is the text of the note signed by George Tehitcherin, the Soviet Foreign Minister:

T he Italian press to-day gives an outline o f what the Allied proposals aro.
First, it is asserted, no loan will bo offered to Soviet Russia, but it will bo
suggested that an international consortium be formed to financo trado
In connection with the note which some o f tho delegations participating
w ith Russia through combinations of firms and individuals of the various in tho Genoa Conference forwarded on April IS to tho President of tho Gor
countries represented. Germany 'will bo included in the consortium, it is man delegation, and which was published in the nowspapors of April 19,
declared, and provision made that the United States m ay join.
and also in connection with tho answer of theso delegations to tho Gorman
This plan contem plates the economic penetration of Russia, w ith guaran­ note of April 22, which was published on tho 24th, I wish to call attention
te e s th at the autonom y and sovereignty of the Soviet Government will not to the following;
be infringed upon.
Leaving com pletely aside tho question whether tho considerations which
The division o f trade w ill be arranged in such a w ay that the countries led the delegations signatory to tho first note to invito Germany to abstain
participating in the consortium will have the opportunity o f dealing with henceforth from participation in tho conference on quostions relating to R us­
th e sections o f Russia nearest them. For oxamplo, Great Britain would sia were justified, I think nevertheless these samo considerations should
be given the opportunity to trado w ith Northorn Russia through Archangel oblige Poland also to refrain from participation becauso tho treaty concluded
and the Baltic ports, while the Southern countries would bo given advan­ by Ru'-sia and Poland at Riga on March 18 1921 sottled all questions of
tages in the Black Sea ports.
impoi ta n c ' between the two States under a form muoh moro concrete and
Owing to tho fact that the draft of tho note to Russia was still being definite than tho treaty signed at Rapallo by Russia and Germany on April
considered by tho sub-commission, the m eeting o f the inviting Powers and 16.
th e neutrals, scheduled for II o ’clock, was postponed until 4 o'clock this
At the same tim e I cannot refrain from remarking how strange and in ­
afternoon.
comprehensible it seems that a Government which recoginzeil do jure w ith ­
Soviet Russia has stoutly objected to the consortium idea.
out reservations tho Soviet Government of Russia andwhich concluded a
The Baltic Entente have supported this position, on tho theory that treaty with it should join in a m ovem ent aimed at rem oving its right to
Russia, the Baltic States, and Poland would do better to have independent make treaties with other Governments.
financial arrangements w ith individuals and corporations rather than
In this action of Poland m y Government is obliged to see a blow against
dealings through a Government-controlled consortium.
the sovereign rights of Russia and a consequent serious v i o l a t i o n , firstly,
The Russians insist that such a consortium would put the nation in the of the treaty of poaco concluded at IUga on March 18 1921, botweon Rus­
sam o class as China. T urkey, and other backward countries burdened sia, Ukraine and Poland, and ratified by tho Polish D iot on April 30 of tho
With capitulations.
same year, and secondly, a violation of the accord signed at Riga on March
I
here is considerable discussion as to where the Conference will stand30 1922 between Russia, Poland, Esthonia and Latvia, whereby Poland
if
tlie Russians refuse .all tho proposals made to them and leave tho Russian engaged not oniy to work in harmony with Russia in tho Genoa Confer­
question wholly unsettled. British spokesmen declare th at in this event ence, but to strive by every force at tho Genoa Conference to have tho Rus­
th e Conference would proceed with its various economic, transportation sian Government recognized lie jure by tho States which have not done so.
and financial discussions, anil might even com plete the proposed “no­
Finally, tho circumstances that tho Governments signing tho ropiy to tho
aggression" pact w ithout the Russians.
German note, among them Poland, which belongs neither to tho Big nor tho
Tho inviting Powers desire to have Russia join in such a pact, if one is Little E ntente, and is allied to Russia by normal contractual relations, re­
concluded, but the absence o f the Russians will not, it is declared, prevent served for them selves tho right not to approve certain clauses of tho Russoits adoption.
German treaty, creates an extraordinary precedent, whereby any third
' ice-Premier Barthou. head o f the French Delegation here, conversed Power can ju stify itself in annulling a treaty between two Powers. By
at length during last night over the long distance telephone w ith Premier following this precedent Russia would havo tho absolute right not to rocogPoincare in Paris, and as a result the policy of Franco w ith regard to tho nizo treaties or parts of treaties disagreeable to her concluded between
reply to Russia has been harmonized.
Poland and other Powers.
Divergencies had developed in the attitude o f the French Delegation
The Russian Government, however, is not disposed to proceed on this
hero and that o f the Government at Paris especially.tow ards the Russian path blazed by tho Polish m ove, and declares categorically that in no caso
question, and it was announced that M . Barthou had asked permission can it permit treaties concluded by Russia to depend for their logailty on
to go to Paris for a day or two to consult the Premier. It was said this the action of Powers not signatory.
afternoon, however, that whether M . Barthou would proceed to Paris
The Polish delegation on the 26th replied to the Soviot
depended largely upon the outcom e o f to-day’s discussion o f the Russian
note, and averred that Poland was at Genoa to contribute
question here.
The difficulty was said in Conference quarters to have arisen through the to the work of peace and the reconstruction of Russia.
Tho
growth here o f a spirit o f conciliation and co-operation which Government
circles in Paris, despite constant informative messages from their representa­ note signed by Foreign Minister Skirmunt, head of the Polish
tives here, havo appeared not to grasp.
delegation, declared the participation of Poland in discus­
ThiS conciliatory spirit is declared to havo been brought about by wide sions concerning Russian affairs was in no way incompati­
recognition o f the wisdom o f establishing amicable anil practicable arrange­
m ents w ith both Russia and Germany, which would permit of the restoration ble with the treaty between Russia and Poland, concluded
of those countries in their own interest and that o f all the Powers, including at Riga March IS 1921, as was asserted in the Russian note.
France.
The Polish note takes exception to what it calls Russia’s as­
M any members o f the French Delegation seem to be convinced, like
Prime M inister Lloyd George, that unless Western Europe co-operates sumption of the right to interfere with relations between
w ith Russia and Germany those nations, with tlielr overwhelming preponder­ Poland and other States.




1853

THE CHRONICLE

A pril 29 1922.]

1/. TCIII TCIIERIN’S MEETING WITH THE KING OF

W O R L D S T A T IS T IC S .
T h e w o rld ’s p ro d u c tio n o f c o m m e rc ia l c o tto n , ex c lu siv e of Iin te rs , g ro w n In 1920,
as co m p iled from p u b lish e d re p o rts, d o c u m e n ts a n d c o rre sp o n d e n ce , w as a p p ro x i­
m a te ly 18,8 1 0 ,0 0 0 b ales of 500 p o u n d s n e t, w h ile th e c o n s u m p tio n o f c o tto n (ex­
clu siv e of lln te rs in th e U n ite d S ta te s ) for th e y e a r e n d in g J u ly 31 1921 w a s a p p ro x i­
m a te ly 16,1 7 0 ,0 0 0 bales of 500 p o u n d s n e t. T h e to ta l n u m b e r o f sp in n in g c o tto n
sp in d le s, b o th a c tiv e a n d id le, is a b o u t 15 3 .0 0 0 .0 0 0 .

ITALY.
An event incident to the Economic Conference at Genoa
which has been given considerable attention in the press
in this country and abroad was the meeting of M. Tchitcherin
head of the Russian delegation to the Conference, with the TRADE IN NEW YORK FEDERAL RESERVE DISTRICT
King of Italy. The Russian Foreign Minister lunched with
IN MARCH.
the King on April 22. The news of this, it is said, and
The Federal Reserve Bank of New York has just issued a
especially a report that he had a long and cordial conversa­
statement dealing with trade conditions in the New York
tion with the King, was cause for profound disappointment
Federal Reserve District, from which we tako the following*
to his followers in Italy. Tchitcherin explained his action
Reflecting normal seasonal demand, M arch sales by 102 wholesale dealers
in ten principal commodities were larger than those of February. But
in the simplest possible way. He said:
In Romo, do as Rome does. W hat I desire above all tilings for Russia
is that foreigners should cease meddling in her internal affairs. 1 should
not be consistent if I did not refrain from meddling in Ita ly ’s internal
affairs. N ow , the m ajority o f Italians seem to like having a King as the
head of their State.. I happen to disagree w ith them , but cannot tell them
they are wrong, becauso th at would be meddling in Ita ly ’s internal affairs.
I must accept tilings as th ey are. W hen the King as hoad of the State
o f which I am a guest invites mo to lunch, I cannot refuse.

FRENCH REPLACING U. S. TROOPS ON RHINE.
Andre Maginot, French Minister of War, on April 25
reviewed at Coblenz, the first French battalion to replace
American troops on the Rhine. It was the Hrst 1 reneli
unit, press dispatches said, that the Coblenz inhabitants
had seen parading their streets to the accompaniment of a
band and carrying French flags. M . Maginot was greeted
by Paul Tirard, High Commissioner of the Rhineland;
General Degoutte, commander of French forces on the Rhine,
and Major Gen. Henry T. Allen, commander of the American
forces.
__________________________ _
CENSUS REPORT ON COTTON CONSUMED AND ON
HAND, ACTIVE SPINDLES AND EXPORTS
AND IMPORTS.
Under date of April 13 1922 the Census Bureau issued its
regular preliminary report showing cotton consumed , cotton
on hand, active cotton spindles, and imports and exports of
cotton for the month of March 1921 and 1922, with statis­
tics of cotton consumed, imported, and exported, for the
eight months ending March 31. The statistics of cotton in
this report are given in running bales, counting round as
half bales, except foreign cotton, which is in equivalent
900-pound bales.
C O T T O N C O N S U M E D A N D O N H A N D I N S P I N N I N G M IL L S A N D I N
O T H E R E S T A B L IS H M E N T S A N D A C T IV E C O T T O N S P I N D L E S .
(L ln te r s N o t I n c lu d e d .)

when allowance is made for the usual seasonal changes, the trend of sales in
March was about the same as in the previous month. T he w eighted index
of wholesale trade in this district, on the basis of th e dollar value of sales
and w ithout making allowance for price changes, was 8% lower than in
M arch 1921. In February the decline from the previous year’s figures was
13%. T he summarized returns are shown in the following table, in which
sales in March 1921 are taken as 100%:
DOLLAR VAT,UE OF SALES.
F eb. t
M arch
M arch
M a rch
M a rch
1922.
1922.
1921.
1920.
1919.
121
I ll
100
131
D r u g s _______ . _ _________
96
96
104
100
387
D ia m o n d s.-............ ..................
302
94
100
100
152
G roceries______ _ ....... ...........
108
80
98
100
_
145
Hardware_ _____ _________
112
91
87
100
125
S ta tio n e r y __ ____ _________
87
66
87
ICO
126
155
C lo th in g _________ _________
97
87
100
Jew elry__________ _________
144
255
93
86
100
153
D ry goods________ _________
64
80
82
100
Shoes_________ -_ _________
101
199
34
60
100
360
263
M achine t o o ls .. . _________
87
92
10*
157
W eighted average. _________
105
t Expressed as percentages of sales in February 1921.
The principal increases in M arch sales were reported by clothing dealers,
duo largely to the fact that retailers deferred spring purchases until late in
tho season because of the late Easter, and by machine tool dealers, whose
sates were the largest since last July. M arch sales of hardware also show
a marked increase, because of the large amount of new construction now
under w ay throughout tho district. For the first month since July 1920,
Marcli sales by wholesale grocers were larger than those of the correspond­
ing month in the preceding year. Sales by wholesale grocers in the M etro­
politan district were about 6% larger, but this gain was nearly offset by
smaller sales by firms in up-Stato cities, and the total net increase amounted
to about one-half of one per cent. March sales of shoes show a gain over
February, but dealers report th at retail merchants continue their policy
of buying shoes only for immediate needs.
C h a in

M arch

C otton C o n su m ed
D u r in g (B a le s ) —
L o c a lity .

Y ear
M a rch .

F ig h t
M o n th s
e n d in g
M a r . 31.

C otton on H a n d
M a r c h 31 (B a les )—

C otton
S p in d le s
A c t i te
In
I n P u b lic
D u r in g
C o n su m in g S to r a g e a n d
M arch
E s ta b lis h ­
a t C om ­
(N u m b e r ) .
m e n ts. X
p r e s s e s. X

U n ite d S t a t e s .................. 1922 *518,450 *4,002,9SO *1,553,961 * 3 ,765,804 3 1 ,8 7 5 ,2 1 2
1921 438,218 3,170,052 1,336,542 5,2 5 2 ,8 5 2 3 2 ,1 4 8 ,2 0 2
. . __ j .
705.881 3 ,3 4 7 ,7 1 8 15,557,286
C o tto n -g ro w in g S t a te s , 1922 337,166 2 ,4 6 2 ,7 5 0
613.183 4 ,7 7 9 ,8 6 2 14,692,668
1921 263,330 1,962,676
788,080
A ll o th e r S t a te s ............... 1922 181,284 1,540,230
41 8 ,0 8 6 16,317,926
723,359
1921 174,882 1,207,976
4 7 2 ,9 9 0 1 7 ,455,534
x S ta te d in bales.
* In clu d e s 26,174 fo re ig n , 4 ,1 5 4 A m .-E g . a n d 660 Sea Isla n d c o n su m e d . 102,133
fo re ig n , 19,216 A m .-K g . a n d 4 ,1 3 4 S e a is la n d in c o n su m in g e s ta b lis h m e n ts , a n d
91,345 foreign, 73,703 A m .-E g . a n d 4,8 2 8 Sea Isla n d in p u b lic s to ra g e . E ig h t
m o n th s ’ c o n su m p tio n 207,700 fo reig n , 2 4 ,5 9 8 A m .-E g . a n d 6,961 S ea I sla n d .
L ln te rs n o t In clu d e d a b o v e w ere 4 4 .1 7 7 b a le s co n su m ed d u rin g M a rc h in 1922,
a n d 44,847 bales in 1921; 185,289 b ales o n h a n d In c o n su m in g e s ta b lis h m e n ts o n
M a rc h 31 1922 a n d 223,311 b ales in it>21: a n d 124,059 b a le s In p u b lic s to ra g e a n d a t
co m presses in 1922, a n d 2 9 6 ,4 4 5 b ales In 1921. L ln te rs co n su m ed d u rin g e ig h t
m o n th s e n d in g M a r c h 31 a m o u n te d to 38 6 ,9 5 2 bales In 1922 a n d 3 1 9 ,7 6 9 b ales In 1921.
IM P O R T S A N D E X P O R T S OE C O T T O N A N D L IN T E R S .
I m p o r ts o f f o r e ig n C olton D u r in g (500 /5. bales)
C o u n try c f P r o d u c tio n .

M arch .

1922.

8 .V o n th s e n d . M a r . 31.
1921.

1922.

1921.

E g y p t .................................................................
P e ru - .....................................................
C h in a
----------- ---------------------------------M e x ic o _ - ---------- -----------------------------_
All o th e r c o u n trie s .......................................

47,636
2,246
4,532
3,122
2,421

18,588
1,873
1,292
10,127
402

20 5 ,2 5 4
3 2 ,1 2 6
10,826
5 3 ,337
11,239

54 ,9 5 5
18,39,8
13.443
84,972
11,743

T o ta l...............................................................

5 9 .957

27,282

312,781

183,511

E x p o rts o f D o m e s tic C otton a n d L ln te r s D u r in g
(R u n n in g B a le s )—
C o u n try to W h ic h E x p o r te d .

U n ite d K in g d o m ...................... .....................
Ita ly
. ....................- .......................
G e r m a n y ......... .......................................... ..
O th e r E u ro p e - ............................................
J a p a n .. ....................... — ................ ..............
All o th e r c o u n tr ie s ..................................
T o ta l

............................... - .....................

8 M o n th s e n d . M a r. 31.

M arch .

1922.
109,853
64,122
14,821
140,872
5 2 ,429
57.406
21,981
*401,181

1921.

1922.

04,490 1,118,714
18,496
534,906
51,112
287,451
105,788 1,007,534
28,214
5 0 0 ,08f
<87,030
708,045
20,050
2 2 7,452

1921.
1,257,445
451,209
405,643
8 0 4,736
497,466
295,49(1
192,360

*375,180 *4,384,194 *3,9 0 4 .3 4 9

* F ig u re s In clu d e 9 ,1 0 9 bales of lln te rs e x p o rte d d u rin g M a rc h In 1922 a n d 6 ,8 4 5
b a le s in 1921 a n d 86,858 bales for th e e ig h t m o n th s e n d in g M a rc h 31 In 1922, a n d
32.347 b ales in 1021. T h e d is tr ib u tio n fo r M a rc h 1922 follows; U n ite d K in g d o m ,
250; F ra n ce . 844; G e rm a n y , 5,503; B e lg iu m , 892: N e th e rla n d s. 400: C a n a d a , 1,216;
M exico. 4.




S to r e

S a le s .

M arch sales by chain grocery stores were 19% greater in dollar value
thaiiAsales during M arch, 1921. This increase was due in part to the in­
crease In tho number of stores operated by the system s reporting to this
ban k, which amounted during the past year to 11 %. M arch sales by other
chain stores were slightly below those of M arch 1921, as shown In the folowing table:
N o . S t o r e s R e p o r t i n g . ----------D o l l a r V a l u e o f S a l e s --------- T y p e o f S to r e —

G ro cery -------------- . .
Ton C en t________ . .
D ru g______ _____ _.
Cigar . _________ . .
D ry goods.............. . .

1921.
5.677
1,598
256
2,196
350

T o t a l _________ . .10,071

M arch

M a rch

M a rch

M a rch

M arch

1922.
6,639
1.665
254
2,236
359

1919.
78
75
83
71
52

1920.
120
92
97
91
67

1921.
100
100
100
100
100

1922.
119
98
97
94
89

74

101

100

105

11,153
D e p a r tm e n t

S to r e s .

M arch sales by representative department stores in this district were
8% under sales in March 1921, a reduction accounted for in part by the
fact that Eastern was later th is year than last and many spring purchases
were postponed until April. The decline in M arch sales from those of last
year was largely the result of smaller sales by apparel stores and apparel
sections of department stores. Sales of house furnishing goods are running
well ahead of those of last year, reflecting th e heavy volum e of residential
building in recent m onths.
An indication of the actual volum e of business as contrasted w ith the
dollar value of sales is given by the fact that the number of individual trans­
actions reported for M arch was 3.8% larger than those of M arch 1921.
The average amount of each transaction was more than 10% less, $2 71, as
compared with S3 03 in 1921.
T he following table compares th e dollar value.of net sales for M arch of
th is year and the past three years, and also sales of the first quarter of the
same years:
— M o n th ly N e t S a le s —
N e t S a le s , F ir s t Q u a r .
M ar. M ar. M ar. M a r.
-------------- : -------------1920 1921 1922 1919 1920 1921 1922
1919
93
92
73 102 100
70 103 100
All Department S t o r e s ------94
93
74 107 100
72 109 100
N ew York _____ _____ 100
84
72
95
86
73 101 100
B uffalo_______ ________
99
71 101 100
66 100 100 104
N ew ark____ ____ ____
90
89 100
66
84
89 100
67
R ochester________________
90
71 102 100
89
67 102 100
Syracuse________________
84
74 111 100
78
69 104 100
Bridgeport. . ----------------98
96
78 101 100
79 105 100
Elsewhere, 2d D istrict----87 ICO
91
67
88
87 100
61
Apparel Stores_____________
91
88 10-1 163 100
85 137 100
M ail Order H ouses. --------Sales have recently been heaviest, as compared with previous years, in
Newark, and in some of the smaller cities of the district included under the
heading “ Elsewhere Second D istrict.’’ Sales have been most greatly redduced in Buffalo and Bridgeport.
In the past few months there, lias been a noticeable change in the re­
lationship between sales and stocks of goods held by the departm ent stores
reporting. While the sales have been running somewhat under those of
last year, the stock on hand at the selling price is larger than last year.
This appears to lie the result c f greater assurance on the part of merchants
in placing orders and carrying more complete lines of goods. As a result
of these changes, the annual rate of stock turnover for the first quarter
was somewhat smaller than during 1921 and was approximately the same
a s in 1919. The figures are shown in the following table:

1854

THE CHRONICLE
-------- S t o c k
A pr.

on

1n n u a l

H and.

(S e llin g P r ic e )
1 A pr. 1 A p r. 1 A p r. 1

1919.
All dept, stores. - .7 9
N oav York __ - 8 0
Buffalo____ —76
NoAvark _. _ . - .7 8
R och ester_ - .6 7
_
Syracuse
-.81
_
Bridgeport_ - .8 5
ElsoAvhero 2d D .90
Apparel stores. . -.6 9

1920.
125
128
112
138
114
125
126
117
114

1921.
100
100
100
100
100
100
100
100
100

1922.
106
107
90
105
86
91
106
117
118

R a te o f S to c k

T u rn over
(1 s t q u a r te r .)

1919 ■
3.3
3.4
2.5
3.1
2.8
2.5
2.7
2.0
5.6

1920.
3.0
3.2
2.3
2.7
2.3
2.5
3.0
2.0
4.4

1921. 1922.
3.6
3.2
3.6
3.3
2.7
2.5
3.4
2.8
3.2
2.9
2.8
3.4
2.7
2.3
1.9
5.8
4.6

N O F U R T H E R O F F E R IN G OF N E W Y O R K C I T Y B O N D S
IN THE IM M E D IA T E FUTURE.

There will be no further offering of long-term bonds of the
City of New York, for at least two years, Controller Charles
L. Craig announced on Thursday, the New York “Times”
says, in commenting upon the sale of $45,000,000 bonds at
% on Monday. The Controller said the city was looking
forward to the time when it will again sell bonds at rates
ranging towards 3 \ i % . Tho Controller issued this state­
ment:
T ho proceeds o f th's issue w ill bo used to take up short-term notes issued
by the Controller during tlio war and. together w ith the bonds sold in
Docenibcr last, w ill retire all o f the corporate stock notes which havo been
issued by tho city since July. 1917. Tho .SJ5.000.0CO o f long-term cor­
porate stock sold does not increase the c ity ’s debt in any particular: $25.­
000,000 aro issued to pay for dock improvements and $20,000,000 for tho
Catskill water supply.
During the last frur years tho net increase in the c ity ’s debt has averaged
approxim ately $11,000,000 per annum, as against an increase in the assessed
valuation o f real estate during th's period o f approximately $2,000,000,
which is more than tho entiro debt o f tho city.
The following is a statem ent o f tho assessed valuation o f real estate sub­
ject to taxation in 1922 and o f the debt o f tho city as o f April 1 1922.
Assessed valuation o f real estato subject to taxation ______$10,249,991,835
Gross outstanding debt, including corporate
stock n otes---------- --------------------------------- $1,302,875,150
Less sinking fund holdings________________
230,944,881
N et outstanding d e b t.............. .....................................................
From th is amount should be doducted w ater, supply,
self-sustaining and oxemptod debt as follows:
Rapid t r a n s i t . . . . ..................... ................................. $53,187,876
D o c k s.................................................. - ........................ 70,000.000
Water s u p p ly .............................................................. 212.794,000
$335,981,876
Less amount o f sinking funds for above issu es, 46,450,035
--------------------

1,071,930,269

289,531,841

N e t debt (including n o tes)........................................................
$782,398,428
Substantially all the bonds for water supply and all tho bonds for rapid
transit and docks, in the statem ent abovo, aro self carrying.
Tho C ity of Now York owns a vast am ount of proporty. including rapid
transit lines, Croton, Catskill and Long Island water supply and distri­
bution system s, water front and dock im provements, public buildings,
such as the M unicipal Building, public schools, &c. Tho value o f tho prop
erty owned by tho C ity r f Now York on a basis o f comparison w ith tho
assessed valuation o f similar privately owned property, is approximately
$2,000,000,000. and greatly exceeds tho entire debt of tho city.
As of April 1 1922, tho clear margin of tho c ity ’s debt available for any
municipal purposes (after reservations and com m itm ents aggregating
$55,332,190) was $137,148,311.

Referring to tho city’s sale of 4 % % 50-year bonds this
week, bond experts point out that, if an investor buys these
bonds at a rrice to yield 4%, viz., at 105.39, in viow of tho
fact that thoy aro free from all Fedoral income taxes (in­
cluding surtaxes), tho net yield to the investor is equivalent
to tho following returns on taxable securities:
It is also pointed out that in 1901 the City of Now York
sold an issue of 3% bonds at 101
viz., on a 2.94% interest
basis. At that time there was no Federal income tax or
surtaxes.
$6,000
15.000
28 .0 0 0
40.000
On incomes 50.000
from
60.000
70.000
80.000
90.000
100,000

to $ 1 0 ,0 0 0 t h e r e t u r n Is 4.40% per an.
to
2 0 , (TO t h e r e t u r n is 4.65% per an.
to 3 0 .0 0 0 t h e r e t u r n is 5%
per an.
to
4 2 .0 0 0 t h e r e t u r n is 5.40% per an. If invested in
to
5 2 .0 0 0 t h o r e t u r n is 5.80% per an.
above
to
6 2 .0 0 0 t h e r e t u r n is 6.25% per an.
4 V ,%
to
7 2 .0 0 0 t h e r e t u r n is 6.78% per an.
bonds
to
8 2 .0 0 0 t h e r e t u r n is 7.40% per an.
at
to
9 2 .0 0 0 t h o r e t u r n is 8.16% per an.
105.39
to 1 5 0 .0 0 0 t h e r e t u r n is 9.10% per an.
over 2 0 0 .0 0 0 t h e r e t u r n is 9.53% per an.)

S H I P P I N G F O A R D O R D E R S R A T E S TO S O U T H A M E R I ­
C A N PO R T S C U T TO M E E T B R I T I S H C O M P E T I ­
T I O N - C O N F E R E N C E TO B E H E L D

Chairman Lasker of the United States Shipping Board
announced on April 24 that the passenger rates on vessels
operated by tho Board between New York and South Ameri­
can ports had been drastically reduced to meet competition
of tho British lino, Lamport & Holt, which had without
consulting tho Board or giving previous notico cut its fares
to thCso ports. The reductions by the Lamport & Holt
line were regarded, it is stated, in the light of a direct affront
to tho Shipping Board. “While avo Avere about to adjust
tho rates,” said Chairman Lasker in a statement to the press
on April 24, “ tho noAv rates so precipitately offered by Lam­
port & Holt do not constitute merely an adjustment— they




[V ol. 114.

aro in fact a cut that is a declaration of Avar.” Lamport &
Holt cut tho rate from N A York to Rio do Janeiro from
eA r
S415 to $315, to Montevideo from $475 to $360, to Buenos
Aires from $490 to $370. Tho noAv rates of tho Shipping
Board aro: $295 to Rio de Janeiro, $345 to Montevideo
and $360 to Buenos Aires.
The vessels on Avhicli the new Shipping Board rates apply
are tho Pan America, Western World, Southern Cross and
American Legion, ail operated for tho Board by tho Munson
Line. In his announcement Avith respect to tho cut in rates,
Chairman Lasker said:
AVo havo this afternoon boon notified th at now passongor rates havo boon
put into effect in tho South American passongor trado fro n Now York by
Lamport & Holt. Only two passongor linos run from Now York to South
America, to wit: Tho United States Shipping Board boats, oporatod by
tho M unson Lino, and tho ships operated by Lamport & Holt. Tho U nited
States Shipping Board ships, of course, aro Amorlcan-flag ships; Lamport
& Holt aro a British concern and their ships aro under tho British flag.
Both Lamport & Holt and ourselvos havo known for some timo th at the
passongor rates needed readjustment. AVo wore, in fact, working on a now
schedule of rates which wo expected to take up with Lamport & H olt,
and it had been our thought that in tho nowly adjusted rates wo would como
to a proper understanding, as is customary in tho shipping world, where
rates are arrived at by agreement botween linos running from port to port
and aro uniform, tho samo as is tho caso with railways.
Out of a cloar sky to-day Lamport & Holt announco now rates. Thoy
announce these rates w ithout consulting us, in spito of the fact that we havo,
up until this timo. boon working togothor most harmoniously, and In spite
of the fact that they know that propor adjustm ent was about to bo made.
The manner In which they cut tho rates shows that tho cut was not intended
as merely a readjustment of rates, but was made in such a way as to a t­
tem pt to discourage us in our operations.
AVhilo wo were about to adjust tho rates, tho now rates so precipitately
offered by Lamport & Holt do not constitute moroly an adjustment: thoy
aro, in fact, a cut that is a declaration of war.
The rates announced by Lamport & Holt reduce tho faro from Now York
to Rio do Janeiro from 8415 to $315; from Now York to M ontevideo from
$475 to $360; from Now York to Buonos Aires from $490 to $370, and tho
northbound rates aro reduced in proportion.
AVe can take the action as nothing but an unfriendly one intended to
cripple the American merchant marine and its establishment of tho first
high-class servico under tho American flag between North and South
America. The whole action in cutting the rates without conference with
us, when we adm it th ey should have been adjusted, whero wo havo boon
working so friendly, can only bo intorpret< d as a declaration of war In this
trade.
Lamport & Holt run ono ship, tho Vandyck, which Ip comparahlo to tho
four exquisite ships which wo arc now operating through the Munson Lino.
Their other three ships aro inferior ships, both as to speed and accommoda­
tions, and aro in no wiso comparahlo to tho Vandyck or tho four ships oper­
ated for the United States by the M unson Lino.
The basis of tho reason for their cutting is, thoy claim , that their ships,
save ono, are inferior; but if tho Shipping Board does not moot tho cut in
kind tho working out of it would bo that British-flag ships would carry tho
trade, and tho dream of tho United States for an Amerlcan-fiag lino between
North and South Amorlca, which wo now havo represented by such won­
derful ships, would bo permanently mado unprofitable and discouraging.
In tho month of June, wo understand, Lamport A Holt aro withdrawing
their ships entiroly and putting them in tho profitable transatlantic trado—
they only run two ships a month. T hus, if wo at all moot tholr rato, thoy
want to put tho burden of loss on us while thoy arc profitably running
their ships in tho N orth Atlantic.
Wo believe that the four splendid ships now plying rogularly between
N orth and South America under tho American flag aro tho forerunner to
dost r relations, better relations and expanding trado between tho United
St.ates and South Amorica: and in order th at there m ay bo no misunder­
standing, so far as this Government Is concerned, that, so long as it oporates
its sh'ps, it will keep tho flag flying and those aplcndld accommodations
going, tho Shipping Board not only meets Lamport & H olt’s ratos that
they make on the<r inforior ships, but announces rates, offoetlvo at onco, o f
$295 to Rio de Janeiro, $345 to M ontevideo, and $360 to Buonos Airos.
Tho round trip rato at present is approximately $800. Of course, it Avas
always contemplated that a lower round trip rato would bo mado, boginning
in July, because of tho exposition in Rio. Lamport & Holt announco for
their inferior ships a round trip rato of $500, boginning July 1. Beginning
that date, the Shipping Board on its magnificent ships announces a round
trip rato of $450.
Tho Shipping Board wishes to make It clear that wo did not seek this
thing; that we were in friendly relations with Lamport & H olt, and that wo
want to keep in friendly relations with tho privaw ly owned ships of every
flag. B ut wo believe that this may bo a test fight in all tho oceans, as to
whether Amorica Is to continue expanding its morchant marine and main­
taining it, and wo aro prepared to meet the fight at ovory point for any
length of tim e, as we aro meeting this one. AVe had expected to greatly
reduco tho rate, and wo hope that with tho suporior service wo havo, as ad­
m itted by Lamport & H olt, ar.d at tho lower ratos that wo give, tho trado
will bo so encouraged that our not showing will bo bettor than beforo, and
that increasing numbers of Americans will get acquainted with South
Amorica. Our hat is in tho ring, and avo aro going to stick as long as
necessary to insure tho position o f Amorican-flag ships between N orth
and South America.

Acting for the officials of tho Lamport & Holt Line,
David Cook mado public the following statomont as a reply
to Chairman Lasker of the Shipping Board:
Wo feel it is duo to the public that our position should bo mado clear.
What happened in tho South American trado Avas th at tho tonnago em ­
ployed in it was doubled by the Shipping Board placing on as many highclass steamers as thero were already In tho trado, tho Shipping Board
steamers bei g faster than theso of Lamport & Holt. Tho present situa­
tion is a natural development. Suppose tho Shipping Board did tho same
thing in the transatlantic trado, by putting on a dozen or so o f steamers
several knots faster than tho M auretania, and that in consequence all tho
steamers sailed Avith four-fifths of their accommodations vacant. Tho loss
Avould bo collossal, ju st as it is in the South American trade.
Air. Lasker refers to the Lamport & Holt steamers as “Inferior” as against
tho “exquisite and wonderful” steamers of tho Shipping Board. I n o u r
opinion iho inferiority is in speed only.
Tho reference to rates from port to p o rt being uniform is erroneous, It
being avcII knoAvn th a t sioAver steam ers ta k e lower fares.

A pril 29 1922.]

T H E

C H R O N IC L E

18 5 5

The following is telegraphic message sent by D avid Cook, American representative o f the Lamport & H olt Line, to Mr. Lasker, Chairman of tho
Shipping Board, Washington:
“Prompted by tho fairness o f your public utterances that have come to
our notice in tho past, wo desire to answer tho statem ents attributed to you
in the day’s press. W ith regard to what is described therein as un un­
friendly action toward the Shipping Board’s N ew York-South American
service, we would draw y iu r attention to the fact that your agents, the
M unson Lino, had twenty-four hours’ advance information o f what wo
had in mind, namely a deferential for our less speedy service. You will
rexignlze that tho principle o f a differential for slower steamers is well estab­
lished In all trades and is availed o f by Shipping Board steamers in other
trades, and wo are only asking to bo put on the same basis.
“N othing Is further from the fact than that we desire (even if it were
possible) to cripple the American merchant marine, and this is evidenced by
the manner In which we have a t all tim es co-operated with your agents.
Your quoted statem ent to the effect time we knew th at proper adjustment
in rates was about to bo made is incorrect— wo had no means o f ascertaining
what was In tho minds o f tho Shipping Board officials in this regard.
It has been stated by you and others th at w e are withdrawing certain of
our steamers to ongago in more profitable trade and th at if it were not for
American steamers thero would be no mail and passenger service to South
America. Permit us to say th is is putting effect before cause. The South
American berth has been so overtonnaged th at there is no necessity for a
number o f steamers to make useless voyages.
You w ill bo aware th at 80% of all th e passenger accommodations
offered in th is trado both by Government steamers and our own are going
vacant. Wo nover have sought and do not seek any rate war, our dosiro
boing to co-operate on any fair basis w ith your Board. Wo are taking the
iborty o f giving this the publicity th at lias been accorded your statem ents.

now in connection w ith passenger rates) to in any way co-operate w ith us
as the otherwise friendly, personal relations between us would have seemed
to warrant. Our M r. Love has gone out o f Ills way w ith respect to the
cargo rates to meet you on fair and equitablo grounds, but nas m et with
rebuff at every turn. We can not, thereforo, because of your attitude
in these m atters, feel that you have anything else in mind save to make
our showing to South America so poor as to discourage th e taxpayers of
the United States w ith the operation of a lino o f vessels under its own
flag between one of its home ports and South America.
^ on further say in your telegram th at "your quoted statem ent to the
effect th at we knew the proper adjustment in rates was about to be made
was Incorrect: th at it has been stated by you and others that we arc w ith­
drawing certain of our steamers to engage in more profitable trade; and that
if it were not for American steamers there would be no mail and passenger
service to South America.” Permit mo to say in th is regard that both
you and we autom atically knew th at th e rates to South America were
higher than changing conditions would warrant, and th at tlio tim e had come
when a readjustment m ust be in both our minds. According to your
advertisem ents, you are not advertising any ships to depart during the
month of June, and your statem ent confirms my statem ent th at during the
offseason you are taking your ships off an unprofitable run to put them on
a profitable ono, leaving us to bear the burden o f a regular service at a cut
in rate th at was in no wise intended as a proper adjustm ent. I made no
reference to mail service at any tim e in any way.
You close your wire by stating that lie South American berth has been so
over-tonnagod that there is no necessity for a number o f steamers to make
useless voyages; that you must lx- aware that 50% o f all the passenger
accommodations offered in this trade, both by United States Government
steamers and our own, are going “ vacant.” Permit me to say in reply to
that, that, tho American Government, under mandate of the Jones A ct,
Tho Presidont of tho Munson Lino, Frank C. Munson, establ'shed ships of its flag on this essential trade route in order that Ameri­
can ships might ply between North American and South American ports,
said it was to bo hoped that tho present rate war would be t lius insuring regular communication for passengers, freight and mail, so
tho moans of greatly increasing tho trade between tho United that by no chance, beyond the control of America, there might at any time
bo interruption in communication between North and South America.
States and Brazil, Uruguay and Argentina. He said:
If this very proper and not to be questioned ambition o f the American
The new rates to Rio are now practically on a parity with tho rates to
Europe from Now York, and tlio distance which Is traveled from Now people as a whole resulted temporarily in ovor-tonnaging, no cut in rates
York to Rio is 00% longor, boing about 5,000 m iles to Rio, as compared could correct tlio matter. Time and co-operation alone might work that
out; or tho alternative would be if the tonnage was not to bo Increased, over
with about 3,000 miles to Liverpool or a C ontinental port.
Since tho trans-Atlantic lines are now, all o f them , full up for tho months "bat it was when you commanded the route, that America withdraw its
or M ay and Juno, and tho demand is still heavy for European traffic, it ships bet w con its own ports and its customers and friends in South America.
I’lie only other tiling to be done would bo, if America was not willing to do
may happen th at tho cut in rates at th is psychological moment to South
America may Induce some American .travelers who cannot got accommoda­ tit's, for you to attem pt to force America to do It by cutting the rate so low
as to make the whole transaction highly and discouragingly unprofitable
tions such as th ey desiro for Europe, to go to South America and soo some
of tho most interesting and beautiful scenery anywhere in the world, as during a period when you were not running ships regularly in tills trade, but
running them in more profitable trades.
well as some o f tho oldest and most historic cities In th is Hemisphere.
You close your telegram by stating that you never have and do not seek
It takes an agrooment between companies to allow any company a
differential, and wo notified the Lamport & H olt people when they first nny rate war, your desire being to so-operato on any fair basis wi'.li our
talked of differentials to us that we could not allow any differential for their Hoard. \Ve aro willing to meet you in full in tluil spirit-; we always have
ships. Wo ran slower ships than theirs in 1920, such as tho steamships and we aro now.
JVe feel that nothing can be accomplished by further public cotrespondCallao and M artha W ashington, and y et w ith those tools and tho steam ­
ships Huron and Aeolus, which wore added during that year, wo increased enec, whilo wo herewith respond in all courtesy to your wire we will desist
from further interchange of communication in this w ay.
passenger carrying In tho American vessels operated by us for tho U nited
In the best of spirit, if you wish to meet in conference with me or any of
States Shipping Board to South America from 25% to over 50% of the
my associates with a view to establishing a permanent policy in our rclatiors
total m ovem ent in each direction.
in this trade, you will find, so far as tho Shipping Board goes, that we will
Durlhg 1921 ttds percentage o f travel by the American steamers under
our m anagem ent has further increased until ovor 05% of tho total travol is gladly co-operate with you in any attem pt to operate on a business basis.
We have but two desires; one to keep our own flag going in this run; and
now going forward by American ships.
Mr. Lasker’s statomont, given such wide publicity in tho morning papers, tho other, to do nothing th at goed business practice and am ity would forbid
very clearly ovidonccs tho American Government’s attitudo toward tills in our relations with ships of other flags that compete v ith us.
com petition, and tho further cut in rates on tho ships under our manage­
Chairman Lasker’s suggestion that tho officials of Lamport
ment has placed tho American ships on the basis of lower rates than those
& Holt confer with the Board regarding their future relations
by the Lamport & H olt Line.

Iii ;i reply to the tologram of Lamport & Holt, given above, was accepted by (he British firm on April 27. The New
Chairman Lasker of tho Shipping Board on April 20 declared York “Tribune” in discussing the acceptance of tho invita­
that the Board, undor tho circumstances, could believe tion said:
The bid of A. I). Lasker, Chairman of tlio United States Shipping Board
anything oxcopt that the purpose was to discredit the to tho Lamport & Holt Line, suggesting that the Board and tho officials of
American lino service. After replying in detail to the tele­ that lino get together and settle the rate war controversy in amicable con ­
gram, Chairman Lasker said ho would ceaso communica­ ference, was accepted yesterday by tho British company.
Officials of tho Lamport & Holt Line notified Mr. Lasker yesterday o f
tion by lettor or statement through the press, and indicated' their willingness to go into the matter in conference, explaining that the
that any further action must he in the nature of a confer­ questions involved are so Intricate that it would be difficult to settle
ence between the officials of the company and himself or thorn In any other fashion.
One feature of tho rate war, however, which the Lamport & Holt Line
otlior officials of tho Board. Chairman Lasker’s letter maintains Is not true is tho reiterations of tho Shipping Board's Chairman
that tho company had failed to notify tho M unson Lino of Its proposed cut
follows:
Your telegram of yesterday, which was addressed to mo and released
simultaneously to tho press, only reached mo this morning.
You stato th at our agents tho M unson Line— “had 24 hours’* advunco
inform ation o f what wo had in mind, nam ely, a differential for our loss
speedy scrvico. As expert steam ship men, you know bettor than I th at
even If you did give us 24 hours’ notlco (which Mr. M unson denies), it was
totally inadoquato for practical friendly co-operation and out of keoplng
with usual custom.
T he second point you mako In your telegram is th at “ you w ill rccognl/.o
that tho principle of a differential for slower steamers is well established in
all trades and is availed o f by Shipping Borad steamers in other trades
and that wo are only asking to be put on the same basis." Perm it me to
point out th at whilo it is true th at differentials arc given in tho N orth
A tlantic trado, according to typo, speed and accommodations o f vessel,
your claim that this was your Impelling reason for making tho reduction
hardly is tenable, becauso concededly your steam ship Vandyck is a fine,
now steamer o f approximately the same speed as our ships. Therefore,
by no stretch of tho imagination is she ontitled to any differential. You
havo taken for tho Vandyck the same rato as for your older and slower
vessels, Vauban and Vestris, whilo for a fourth ship, tho Vasari, you took a
rato ranging about $25 less than on tho other three ships of your fleet. In
any event, th e cut was so radical, and tho difference In overy respect
between our ships and your Vandyck so slight, that your reasoning on tills
point, if you will permit us so to sta te, hardly squares with tho facts.
I^ot us omphaslzo that up until recently, when our m agnificent now ships
wont Into scrvico, the vessels we operated to South America wero inferior
to your vessels. Wo neither asked nor did yon proposo any differential.
But out of a clear sky, when our ships come Into servlco and the situation
is roversed, you givo us 24 hours’ notice o f the fact that you arc going to
establish a differential all out o f proportion to what experts toll mo steam ­
ship practice would dictato.
You noxt stato In your telegram th at "nothing is further from tho fact
th at wo desiro, ovon If it wero possible, to cripple tho American merchant
marlno, and th at this Is evidenced by the manner In which wo have at all
tim es co-operated with your agents." Permit me to point out that you
havo shown no ovidonco, in connection w ith cargo rates in tho past (and




in rates, and that this alleged act was unfriendly and aimed to cripple the
American service.
It was said yesterday at the offices of the British company that a com­
plete list of tho rato reductions was delivered to tho M unson Lines tw entyfour hours before the reduction was made public. Soon after tho list was
given to the American com pany. It was said, a representative of that line
called up the Lamport & Holt office and asked for further Information rela­
tive to tho rato for Santos.
In his lettor sent yesterday to Chairman Lasker, D avid C ook, American
representative of the British Line, said;
“ Wo appreciate the spirit of your tetter of the 26th inst. and w ill respect
your intention not to pursue the controversy in public. T he questions in­
volved are so intricate that it would be difficult adequately to ventilate
them other than by conference. B ut we feel It is due to us to answer the
or two points In your lettor.
“ Our assertion as to the twenty-four hours’ notice having been given is
corroborated by the fact that tlio M unson Lines made press announcement
simultaneously with ourselves. Our action in lowering rates does not sub­
stantiate such m otives as are Imputed to us therefrom; and your press state­
m ent indicated that the M unson Lines them selves contem plated action In
tho same direction
The reduction should help both travel and traffic;
and as a matter of fact it has brought down fares only to the same level as
from Europe to South America. As regards our Van D yck, this vessel was
Included on the basis of lower rates for lower speed for the reason that her
rating is 15 knots, whereas the advertised speed of the M unson steamers is
19 knots.
"We cannot accept your expert's statem ent that wo refuse to co-operate
on cargo rates. It is w ell known that we have been, and still are. In conforonce to agree to rates in the River Plate trade. In other trades where
there is no such agreement we subm it it is due to conditions for which
neither tho Shipping Board nor ourselves are responsible.”

David Cook of the Lamport & Holt lino denied on April 2G
tho report that his line will make a reduction in passenger
rates to South America to compete with the reduced rates
announced by the Shipping Board-.

18 5 6

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C H R O N IC L E

[V ol. 114.

wool and cotton’; ‘wool, cotton and silk’), or by a word or words otherwise
clearly indicating that such underwear or other goods Is not made wholly
of wool (e. g ., part w ool).”
A petition for review of this order was filed by tho company in the United
States Circuit Court o f Appeals for tho second circuit. The prayer that
order bo set aside was granted, and a decree to th at effect was entered.
T hat court said:
U. S. SUPREME COURT UPHOLDS FEDERAL TRADE
“ Conscientious manufacturers may prefer not to uso a label which iscapablo of misleading and it m ay be that it w ill bo desirable to prevent
COMMISSION IN TIIE WINSTED HOSIERY CASE­
the uso of the particular labels, but it is in our opinion not within the prov­
MISBRANDING HELD AN UNFAIR PRACTICE.
ince of the Federal Trade Commission to do so .”
Tho order of the commission rests upon findings of fact and these upon
In a decision handed down on April 24 the United States
5
Supreme Court sustained the right of the Federal Trade evidenco which fills 350 pages of the printed record.thoSection if of tho act
makes tho commission’s findings conclusive as to
facts
supported
Commission to forbid as an unfair trade practice misbrand­ by evidence.
The findings here involved are clear, specific and comprehensive: The
ing of merchandise sold at retail with the purpose of or
word “merino” as
to wool “means primarily and
tending to mislead the public. The decision of the Court long staple wool, appliedcommands the highest price. popularly” a fine
which
The word “Aus­
delivered by Justice Brandeis, in the case of the Wins ted tralian w ool” means a distinct com m odity, a fine grade of wool grown
Hosiery Co. of Connecticut, held that labels or brands under in Australia. The word “ wool” when used as an adjective means made
Tho
and popularly a yarn
which articles are sold, when open to construction in the of wool. made word “worsted” means primarily part of tho consuming
or fabric
wholly of wool. A substantial
mind of the purchasing public that they describe the com­ public and also some buyers for retailers and sales people understand tho
ponent ingredients or materials used in the manufacture of words “m erino,” “natural merino,” “gray merino,” “natural wool,
“gray w ool,” “Australian wool” and “natural worsted," as applied to under­
the articles, must clearly and definitely describe them. wear, to moan that the underwear is all wool. Ily means of tho labels
Justice McReynolds dissented. The opinion of the Court, and brands of tho Winsted company boaring such words, part of the public
while confined to the particular issues presented, w ill, it is is mislead into selling or into buying, as all wool, underwear, which in
fact is in large part cotton. And these brands and labels tond to aid and
stated, have material effect in broadening the jurisdiction of encourage the representations of unscrupulous retailers and their salesmen,
the Federal Trado Commission in such practices. Chair­ who, knowingly, sell to their customers as all-wool underwear which is
composed f cotton.
.
man Gaskill of the Commission described the decision as a largely underwear omade wholly of wool has for many years been widely
Knit
great victory.
maufactured and sold in this country and constitutes a substantial part of
Explaining that tin; Winsted company for many years had all knit underwear dealt in. It is sold under various labels or brands,
including wool, all
natural wool, and puro wool, and also under
manufactured underwear for the retail trade bearing the other labels which dowool, contain any words descriptive of the composition
not
Inlands “natural merino,” “gray wool,” “natural wool,” of tho article. Knit underwear made of cotton and wool is also used in
“ natural worsted” or “Australian wool,” Justice Brandeis this country by somo manufacturers who market it without any label
of
is c o m o s e , and
declared “none of this underwear is all wool,” but “much or marking describingitthe material or fibers thowhich it“cotton pand d wool
by some who market
under labels bearing
words
of it contains only a small percentage of wool, some as little or “part w ool.” The Winsted company’s product, labeled and branded as
as 10%.” He said that while the Winsted company labels, above stated, is being sold in com petition with such all wool underwear,
such cotton and
particularly that bearing the word “merino,” have long and hat theso findings wool underwear.
T
of fact are supported by ovidonoo cannot be doubted.
been used in the trade, the Court could not accept the con­ B ut it is contended th at the method of com petition complained of Is not
unfair within tho moaning of tho A ct, because labels such as tho Winsted
tention that they are generally understood as indicating company em ploy, and particularly those bearing tho word “ M erino, have
goods partly of cotton.
long been established in tho trade and are generally understood by it as
The Federal Trade Commission had directed the Winsted indicating goods partly of cotton; th at tho trado is not deceived by them:
was
widen another manufacturer ot
Hosiery Co. to “cease and desist from employing or using th at there couldno unfair com petition for tho W insted com pany, and th at
underwear
maintain a suit against
labels or brands on underwear or other knit goods not com­ if oven consumers are misled because th ey do not understand tho trade
posed wholly of wool, or on the wrappers, boxes, or other signification of the label, or because some retailers deliberately deceive
its meaning, the result is in no w ay legally connected w ith tho
containers in which they are delivered to customers, the tham as to petition.
unfair com
word ‘merino,’ ‘wool,’ or ‘worsted;’ alone or in com­
T his argument appears to have prevailed w ith tho Court of Appeals,
bination with any other word or words, unless accompanied but it is unsound. Tho labels in question aro literally false, and, except
those which bear the word “m erino,” aro palpably so. All aro, as the
by a word or words designating the substance fibre or material Commission found, calculated to deceive and do in fact dccoivo a substan­
other than wool, of which the garments are composed in tial portion of the purchasing public. T hat deception is due primarily
part (e. g. ‘merino, wool and cotton’; ‘wool and cotton’; to tho words of the labels, and not to deliberate deception by the retailers
from whom the consumer purchases. While it is truo th at a secondary
‘worsted, wool and cotton’; ‘wool, cotton and silk’) by meaning of the word “ merino” is shown, it is not a meaning so thoroughly
a word or words clearly indicating that such underwear or established th at tho description which the label carries lias ceased to deceive
the public, for even buyers for retailers and sales people aro found to have
other goods is not made wholly of wool (e. g. part wool).”
been misled.
The Winsted Company asked the Federal Court of Appeals
Tho facts show that it is to tho interest of tho public th at a proceeding
of the Second Circuit to review the order. The Court sot to stop the practice bo brought. And they show also th at tho practice
constitutes an unfair method of com petition as against manufacturers of
the order aside, and the Federal Trade Commission then all-wool knit underwear and as against those manufacturers of m ixed wool
took an appeal to the Supreme Court, which has now reversed and cotton underwear who brand their product truthfully. For when mis­
branded goods attract customers by means of tho fraud which th ey per­
the Court of Appeals.
marked goods.
W. 11. Fuller, chief counsel for the Federal Trade Com­ petrate trade is diverted from tho producer of truthfullyby also resorting
T hat these honest manufacturers might protect thoir trado
mission, in commenting on the Supreme Court decision, to deceptive labels is no defense to this proceeding brought against the
said that there were a large number of cases pending in the Winsted company in the public interest.
Tho fact that misrepresentation and misdescription have become so com­
circuit courts which probably would be withdrawn by the mon in the knit underwear trade th at m ost dealers no longer accept labels
defendants as the result of this decision. “As the result of at thoir face value, does not prevent thoir uso boing an unfair method of
method inherently
bo so because
the Supreme Court’s decision, there will come a revolutionary com petition. Aagainst have becomeunfair does not cease topractice. Nor
those competed
aware of tho -wrongful
change in advertising,” Mr. Fuller said. “ It will be possible does it cease to be unfair because tho falsity of tho manufacturers’ represen­
to give the public full protection from unscrupulous firms, tation has become so well known to tho trade th at dealers, as distinguished
deceived.
which mislable, misbrand or misrepresent the article they from consumers, are no longer business m ay suffer, not merely' through a
Tho honest manufacturer’s
are offering on the market. The truth of the matter is that com petitor’s deceiving his direct customer, tho retailer, but also through
we are far behind in this. England long ago corrected tho com petitor’s putting into tho hands of the rotailor an unlawful instru­
retailer to
own sales of th
this evil. With the Winsted Hosiery Co. case pending, m ent, which enables tho tho market increase tiisproduct. T hat ea dishonest
goods, thereby lessening
for honest
person is
the Federal Trade Commission has been somewhat handi­ a wrongdoer who so furnishes another with the moans of consummating a
fraud has long been a part of the law of unfair com petition. And trade
capped in its campaign to prevent misbranding of adver­
marks which deceivo tho public are denied protection, although members
tised commodities,” he said.
of the trade are not misled thereby.
The full text of the Supreme Court’s decision was as
As a substantial part of the public was still misled by the uso ol the labels
which the Winsted company employed, tho public had an interest in stop­
follows:
ping tho practice as wrongful, and since tho business of its trado rivals who
Tho W insted Hosiery Company has for many years manufactured under­
wear which sells to retailers throughout the United States. It brands or marked their goods truthfully was necessarily affected by th at practice,
labels tho cartons in which the underwear is sold as “Natural M erino,’’ tho Commission was justified in its conclusion th at tho practice constituted
“ Gray W ool,” "Natural W orsted” or “ Australian W ool.” N one of this an unfair method of com petition, and it was authorized to order that the
underwear is all wool. M uch of it contains only a small percentage of wool; practice be discontinued.
somo as little as 10%. The Federal Trade Commission instituted a com­
plaint under Section 5 o f the Act of Sept. 26 1911, C 3 1 1 ,38 Stat. 717,719,
RESTORING P RO S PE R I T Y — GOOD ADVICE.
and called upon the company to show cause why use o f these brands and
[From the Monthly Financial better of the Farmers k Merchants National
labels alleged to bo false and deceptive should not bo discontinued. After
Bank of Los Angeles for April 15 1922.)
appropriate proceedings an order was issued which, later modified, directed
Years ago Emerson wrote:
tho company to;
Wealth brings its own checks and balances. The basis of political economy
"(tease and desist from employing or using as labels or brands on under­
wear or other knit goods not composed wholly of wool, or on the wrappers, is non-interference. The only safe rule is found in tho self-adjusting meter
of demand and supply. Do not legislate. Meddle, and you snap the sinews
boxes or other containers in which they are delivered to suctomers, the
words, ‘merino,’ ‘wool’ or ‘worsted’ alone or in combination with any other with your sumptuary laws. Give no bounties; make equal laws; secure life
•vord or words, unless accompanied by a word or words designating the and property, and you need not give alms. Open the doors of opportunity to
bstance, fiber or material other than wool o f which the garments aro com- talent and virtue, and they will do themselves justice, and property will not
-d in part (e. g ., 'merino, wool and cotton'; ‘wool and cotton'; ‘worsted. be in bad hands.

“As far asTwo are concerned, there will be no more said
by Lamport & Holt in regard to Mr. Lasker’s action. As
far as I know, thero will be no cut made by us,” Mr. Cook
said.
'




A pril 29 1922.]

TH E

C H R O N IC L E

18 5 7

We have wandered far from the road pointed out by him. bag. It should be the policy of this Government to give am­
We are trying to restore prosperity by legislation. Business ple care and protection to all who were disabled during the
is regulated off the map. Corporations are harrassed by war, but let the able-bodied shift for themselves as the rest
Government agents of every kind and description. Methdds of the taxpayers are doing.
of doing business are rendered difficult by reason of red
Every man in Congress knows in his soul that the Bonus
tape. Special legislation is passed for the benefit of the Bill should not be passed. Cowardice, fear of the soldiers’
thriftless at the expense of the thrifty. We are educating vote, is all that moved Congressmen in that direction. They
the race to depend upon the Government to help it over the are looking for votes. At first they heard only the voices of
hard places in the road. Individual initiative and self-reli­ the bonus boosters, but the protests that are coming in to
ance are suppressed instead of being encouraged.
them against the Bonus Bill are so numerous, so insistent,
We are running into debt, under the mistaken idea that so replete with sound economical good sense, so bristling
the vast sums raised by the Nation and municipalities, with indignation, so threatening in their tone, that these
largely wasted in overpay to public employees, is creating same advocates of the bill are now scared stiff. They are
prosperity.
verily between the devil and the deep blue sea, and they be­
gin to realize that the sea is full of politician-eating sharks.
What Wc Should Do.
Tf Congressmen were statesmen, instead of time-serving
politicians, ready at all times to sacrifice the public good for ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
petty personal gains, prosperity could be restored to America.
No sales of bank or trust company stocks have occurred
Congress should throw off its cowardice, quit bidding for at the Stock Exchange or at auction this week.
votes of this group or that group, and legislate for all of the
people. It should do the following things and do them im­
Four New York Stock Exchange memberships were re­
mediately :
ported posted for transfer this week, the consideration being
First—Repeal the Adamson Act. Get this hypocritical, stated for two of them at -893,000 each and the other Iwo at
lying device of the devil off the statute books. Purporting 895,000 each. Last previous sale was at 893,000.
to create an eight-hour day. it was passed as a bribe for votes
for the Presidency. By its iniquitous provisions, formulated
Fivo Now York Curb memberships were reported sold this
bv the educated cunning of labor-unionism, railroad em­
week, tho first three at 85,000 each, the next at 85,800vand
ployees were enabled to collect more money for over-time
the last at 80,500. The last sale previous to the above was
and for services never rendered than for their regular hours at 84,800.
of employment. Tinder its provisions a class, derisively
termed by experienced railroad men as “McAdoo mechan­
The Farmers’ Loan & Trust Co. announces that arrange­
ics, who were common laborers without skill or understand­
ing. were created bv the thousands In7 the mere stroke of the ments have been completed with the London Joint City
Democratic pen. and their compensation doubled and trebled. & Midland Bank, Ltd., so that wireless payments may be
Four years after the war has ended these men are still draw­ made at any time to passengers on route on board the
ing war wages. The result has been far-reaching and dis­ IT. M . S. Mauretania, Aquitania and Berengaria. Through
the branch banks on board passengers may also order pay­
astrous.
ments made through the Farmers’ Loan A Trust Co. to
Second—Abolish the Railroad Labor Board. It has been
persons in this country.
packed in the interests of labor ever since it was created.
Tf. contrary to all economic laws, it is deemed necessary to
Mr. Seward Prosser, President of the Bankers Trust
fix the wages of railroad employees, give the power to do so
Co., announced on April 2G that Vice-President Benjamin
to the Interstate Commerce Commission, which fixes the
compensation of the carriers. This Commission fixes the •Toy will go to Paris as Senior Officer of the company’s
burdens the public must pay for railroad service. Labor is Paris office at 3 & 5 Place Vendome, and that Vice-President
F. N . B. Close, who has been Senior Officer there for a
the largest part of the expense of running the railroads. The
year, will return to the New York Office. Mr. .Joy was
rate-fixing power should also be the wage-fixing power.
graduated from Harvard in 1905, and after three years with
They should be co-ordinate and work hand in hand. Far
Stone & Webster, became Cashier of the National Shawmut
better, however, would it be for the Government to take its
Bank in Boston, of which he was made it Vice-President
hands off. and allow the roads, like all other employers, to
in 1914. After military service in France during the,war,
negotiate their own wage scale.
Mr. Joy came to the Bankers Trust Co. as Assistant to the
Third—Repeal the La Follette shipping law. It is C
]ass
President in 1919 and in 1920 was made Vice-President.
legislation and, irrespective of supply and demand, makes Tt is expected that Henry J. Cochran, who was Vice-Presi­
the cost of running an American vessel twice as great as that dent of the Astor Trust Co. from 1912 until it was merged
of running an English or French vessel, and four times as with the Bankers Trust Co. in 1917. and who since that
great as running an Italian, Japanese or Chinese vessel Tin­ time has been Senior Vice-President of the Bankers Trust
der our present shipping laws the American merchant ma­ Co. at its Fifth Avenue office, will come lo tin Wall Street
rine will be driven from the seas, unless the Government office.
makes another great mistake, and takes from the taxpayers
already overburdened, enormous sums by way of shipping
The Chatham & Phenix National Bank announces the
subsidies, to make up the deficit created by operating ships purchase of the Grand Street branch of the Guaranty Trust
under the American laws. This deficit is largely created by Co. of New York, located at 268 Grand St. The business
paying all sorts of help on vessels, from Captain down to purchased wil 1 be merged with the important branch of the
steward boy, wages for which commensurate services are Chatham & Phenix National Bank, located less than a
not rendered, and which the earning power of the vessels block distant, at the corner of Grand St. and the Bowery,
does not justify.
and tho activities of the two branches now united will be
Fourth—Repeal all special legislation whereby the <en- conducted from that location.
7
eral public is penalized for any special class. Cut tlie^exThe Grand Street branch of the Guaranty Trust Co. was
penses of running the Government to tin* bone. Abolish all established during the war. This branch served the double
sinecures. Get back to the simplicity of our fathers who purpose of relieving congestion at the other offices of the
built up America. By these means taxes can be reduced and company, as well as providing convenient facilities for the
the millions now absorbed by the Government could go into large number of purchasers of foreign moneys located on the
new enterprises.
East Side. With the* passing of that demand, this purpose
Fifth—The House having passed it, the Senate should kick was no longer served and the desire of the Guaranty Trust
the infamous Bonus Bill into the waste basket; rebuke the Co. to concentrate its uptown banking activities in its
McNiders, and other political walking delegates among the branches at Fifth Ave. and 44th St. and at Madison Ave. and
retired soldiers, as they should he rebuked. These men have OOtli St. induced the sale. The Chatham 4 Phenix National
threatened Congress with the same impudence, bravado and Bank has a large business in this vicinity which will be
bluster used by Gompers and his associates when they won advantageously increased by the merger effected.
from a cowardly Congress the passage of the Adamson Act.
They offer the bad precedent of legislation under coercion!
Joseph S. Maxwell, Vice-President of the New York
Their methods are no better than those of the thug who Trust Co., has been elected a member of the executive com­
sandbags his victim and takes his belongings by force. In mittee of the Assurance Committee of America.
their case, the allied vote of the ex-service men is the sand­




1858

T H E

[V ou 114.

C H R O N IC L E

James L. Miller has boon appointed an Assistant VicoProsidont of the Chase National Bank of this city, and Rich­
ard C. Smith, Harold L. Van Kleeok and Herman W.
Knoke have been made Assistant Cashiers of the institution.
Mr. Miller is associated with the Shoe & Leather branch of
the bank.

11 to vote upon the proposal of the directors to declare a
stock dividend of $500,000 to be paid out of the bank’s un­
divided profits, thereby increasing tho capital of the insti­
tution from $1,500,000 to $2,000,000. Tho increase was
authorized by the Comptroller on April 17, and became ef­
fective on that date.

The name of the Security National Bank of Burlington,
The Garfield National Bank, Fifth Avenue, 23rd Street
Texas, was changed recently to “The First National Bank of
and Broadway, announces the opening on M onday, May 1, of
Burlington.”
a bond department undor the direction of M . A. Haas, to
deal in Government, municipal and corporation bonds. For
A charter has been issued by the Comptroller of the Cur­
the last six years Mr. Haas has been connected with A. B.
rency to City National Bank in Wellington, Texas. The
Leach & Co. and built up and managed the bond business
institution is a conversion of the City State Bank of Welling­
for this firm throughout the South, as well as handling the
investing clientele in New York. Mr. Haas was also a field ton, Texas, to the national system. The City National will
have a capital of $100,000. The change became effective
manager in New York during the Liberty Loan campaign.
April 15.
_________________
Thomas Cradock, Treasurer of the Savings Bank of Balti­
more, Md. has been elected a member of the board of direc­
tors of that institution, to fill a vacancy caused by the death
of C. C. Homer, Jr.

ENGLISH FINANCIAL MARKETS— PER CABLE.
Tho daily closing quotations for securities, &c., at London,
as reported by cable, have beon as follows the past week:

The death was announced in Washington, on April 18
of Grant W. Taylor, a Vice-President of the Liberty Na'ional
Bank of that city. Mr. Taylor had been connected with
the institution since its organization in 1920. He was
prominently identified with the Southern Ry. Company.

28.
S a l.
S ilv e r, p e r o z _________ _ _ d . 3 4 ? s
G o ld , p e r fine o u n c e .................9 3 s. 5 d .
C o n so ls, 2.44 p e r c e n t s . .......... 0 0
H rltlsh 5 p e r c e n ts __________ 101?#
R rltls h 4 Vi p e r c e n ts ................. 9 5 > i
F r e n c h R e n te s (In P u r ls ) - f r . 5 8 .2 0
F r e n c h W a r L o a n (In P a ris ) f r . 7 8 .5 0

London,
iV e e k e n d i n g

Apr.

Apr. 22. Apr. 2 4 . Apr. 2 5 . Apr. 2 6 . Apr. 2 7 . Apr. 2 8 .
M on.
T u es.
]\'e d .
T h u rs.
hrl.
34?f
9 3 s . .>d.
60
101M
95K
5 8 .2 5
7 8 .6 5

3 -tJ i
3 4 J4
9 3 s.
9 3 s. 3 d .
59 13-16 59
1 0 2 , *9914
96
*94 H
5 7 .7 5
5 7 .0 0
7 8 .2 5
7 8 .1 0

3 4 19 3 s. 3(1.
*>9>$
99?,

34?#
9 3s. 3(1.
LSH

9414

5 7 .4 5
7 8 .2 2

9 9 ),
----------------

The price of silver in New York on the same days have
A special press dispatch from Lincoln, N eb., on April 20 been:
to the Omaha “Bee” reports the failure of the Newcastle S tiv e r In N . Y ., p e r o z . (c ts .): D o m e s t i c ................... ................. 99 H
99 H
99
99?*
99 %
99?-#
Stato Bank, Newcastle, N eb ., on that date, as announced
F o r e i g n _____
.
_ _ 67?*
_
08?-#
08
67M
07',
07
by Secretary Hart of the State Trade & Commerco Depart­
* E x -In te re s t.
—
ment. Tho bank had a capital of $30,000 and doposits, as
COURSE OF BA NK CLEARINGS.
of Dec. 28 last, of $301,000.
Bank clearings still continue to show steady expansion.
The Topeka “Capital” in its issue of April 21 stated that, Preliminary figures compiled by us, based upon telegraphic
according to report made to the State Bank Commissioner advices from the chief cities of the country, indicate that
on April 20, tho Stato Bank of Hope, Kansas, had been for the week ending to-day (Saturday, April 29) aggregate
closed by its officers and directors on that date. The bank’s bank clearings for all the cities in the United States from
embarrassment, it was said, was due to heavy loans and which it is possible to obtain weekly returns will show an
the withdrawal of a number of large deposits. The institu­ increaso of 21.2% over tho corresponding week last year.
tion had a capital of $25,000 with surplus of $15,000 and The total stands at $7,294,825,485, against $0,017,420,150
deposits (at the time of its last report) of .$300,000. Tho for the same week in 1921. This is the sixth successive
State Banking Department, it was further stated, was in week in which our weekly aggregates liavo shown an im­
provement as contrasted with last year. Our comparative
charge of the institution.
summary for the week is as follows:
Tho Farmers’ State Bank of Washington, Kan., was
P er
C le a r i n g s — K e tu r n s b y T c L g r a p h .
C e n t.'
1921.
closed by the Stato Banking Dopartmont on April 24, accord­
1922.
W e ik a id in g A p r il 2 9.
ing to tho Topeka “Capital” of April 25. Excossivo loans N y rV
+ 31.0
$ 2 ,7 9 4 ,1 3 3 ,9 1 9
+ 13.4
407.1 7 7 .6 7 7
4 6 1 ,6 3 5 .0 4 7
to stockmon, it is understood, wore responsible for tho
+ 17.4
2 9 5 ,6 9 1 ,5 2 0
347 .000 000
P h ila d e lp h ia — ...............................................
+ 31.0
197,740,820
2 5 9 ,0 0 0 .0 0 0
bank’s failure. It had a capital of $25,000, and, according
— 12.3
1 0 7,650,362
9 4 ,4 3 9 .7 7 1
K a n s a s C i t y ................. .....................................
a
n
to its last statement, it is said, had doposits of $223,081.
n

N ow O rle a n s ......................................................

113,500 000
*9 8 ,1 0 0 .0 0 0
79,6 5 1 .8 8 2
5 7 ,6 1 9 ,5 8 7
35,503,761

9 8 ,7 0 0 ,0 0 0
10 8 ,9 6 8 ,3 7 5
6 7 ,6 5 5 ,4 3 2
5 5 ,9 3 7 ,0 3 2
3 5 ,9 1 2 ,1 1 5

+ 15.0
— 10.0
+ 17.7
+ 3.0
— 1.2

T e n c itie s , five d a y s ----- -------------------O th e r cities, fiv e d a y s ....................................

$ 5 ,2 0 5 ,4 5 0 ,0 4 8
8 7 3 ,5 7 1 ,1 9 0

S 4 .1 69,597,252
8 4 4 ,9 1 9 ,6 4 0

+ 2 4 .8
+ 3.4

T o ta l all c itie s , fiv e d a y s .........................
All c itie s , o n e d a y ...........................................

S6,0 79.021,238
1 ,215,804.247

$5,0 1 4 ,5 1 6 ,7 9 2
1,002,903,358

+ 2 1 .2
+ 21.2

T o ta l all c itie s for w e e k ----------------

S7,29 4 ,8 2 5 ,4 8 5

* 6 .0 1 7 ,4 2 0 .1 6 0

+ 2 1 .2

S a n F r a n c is c o .- ..........
..............................P i t t s b u r g h _______________________ ____

The resignation of Tom W. Bennett, President of the
First National Co., St. Louis, was accepted by tho board
of directors of tho company at its meeting April 18 1922.
Mr. Bennett organized the company from which ho now
retires as President in 1911, the First National Bank of
St. Louis purchasing tho same in the fall of 1920 and changing
its namo to tho First National Co. in ordor to moro closely
show the affiliation of the two institutions.
At tho meeting of the board of directors, F. O. Watts,
President of the First National Bank, was elected President
of tho First National Co. Tho active direction of tho
company, howovor, it is stated, will bo in the hands of tho
First Vice-Presidont, Henry T. Forriss, who has been con­
nected with tho company since 1910 as Vice-President and
CounsoL Tho First National Co. is the investment division
of tho First National Bank, the largest national bank west
of tho Mississippi River, and specializes in corporation,
municipal and real ostato securities.
A charter Inis been issued by the Comptroller of tho
Currency to the Commercial National Bank of San Antonio,
Toxas. This institution is a conversion of the Commercial
State Bank of San Antouio into a national institution. The
Commercial National will liavo a capital of $200,000. The
above chango becamo effective Saturday, April 8. On
Monday, April 10 1922, tho Commercial National Bank of
San Antonio formally oponed as a national bank.
A special meeting of the stockholders of the American
Exchange National Bank of Dallas, Texas, was held on April




* K s tlm a tc d .

a G oes n o t r e p o tt a n y longer.

Complete and exact details for the week covered by the
foregoing will appear in our issue of noxt weok. We cannot
furnish them to-day, inasmuch as the week ends on Saturday
and the Saturday figures will not bo available until noon
on that day, while we go to press late Friday night. Accord­
ingly in the above the last day of the week has in all cases
had to bo estimated.
In the elaborate detailed statement, however, which we
present further below wo are able to give final and complete
results for the week previous— the week ending April 22. For
that week also our tabulations show notable expansion over
tho corresponding week last year, tho 1922 aggregate ot
the clearings being $7,871,410,105 and the 1921 aggregate
$6,077,332,789, giving an increase of over 29%. Outside
of this city, however, tho increase is only 8.2% , tin* bank
exchanges at this centre recording a gain of no less than
47.2%. We group the cities now according to the Federal
Reserve districts in which they are located, and from this
arrangement it appears that in the Boston Reserve District
tho increase is 15.9%, in the New York Resorvo District
(including this city) 46.6% and in tho Philadelphia Reserve
District 20.3%. In the Richmond Reserve District tho
increase is 6.6% and in tho Atlanta Reserve District 4.5%,

A pril 29 1922.]

T H E

C H R O N IC L E

Tho Chicago Iteservo District and the St. Louis Reserve
District also both record improvement, tho former to the
extent of 12.2% and tho latter 15.7%. On tho other hand,
the Minneapolis Reservo District records a decrease of 2.8%
and the Kansas City Reserve District a decrease of 0.6%,
while tho Cleveland Reserve District makes the worst
showing of all with a loss of 9.1%. The Dallas Reserve
District shows an increase of 3% and the San Francisco
Reserve District enjoys a gain of 12.3%.
In the following we furnish a summary by Federal Rosorvo Districts:
S U M M A R Y OK B A N K C L E A R IN G S .

W e e k e n d in g A p r il

22.

1922.

1921.

I n c .o r
D ec.

1919.

1920.

F e d e r a l R e s e rv e D i s tr i c t s
S
S
s
•5
■
%
(1st) B o s to n ....................... 9 cities 331,168,456 285,656,533 + 15.9 398,519,289 330,697,791
(2nd) N e w Y o rk ................ S “
4,945,508,385 3,374,591,292 + 46.6 5,259,192,754 3,9C9,896,201
(3rd) P h ila d e lp h ia ______9 “
490,214,068 407,378,787 + 20.3 529,052,188 412,68*,821
(4 th ) C l e v e la n d .................9 "
299,095,301
329.152.912 — 9.1 429,965,512 309,155,194
(5 th ) R ic h m o n d .................5 “
147,400,343
138,304,916
+ 6.6 183,170,660 144,861,643
(6 th ) A t l a n t a .................. 10
140.885.607
144,126,924
134,832,217
+ 4.5 206,8 8 4 ,9 10
(7 th ) C h ic a g o _________ 19 “
735,973,354 656,915,933 + 12.2 850,010,978 689,078,809
(8 th ) S t. Louis - ............... 7 "
58,286,459
46,613,933
76,946,349
50,377,917 + 15.7
(9 th ) M in n e a p o lis ______ 7 “
104.063.608 107,025,488 — 2.8 148,406,206
67,755,250
(10th) K a n s a s C i ty _____ I I “
217,585,723 233,005,575 — 6.6 344,280,534 275,998,152
(1 1 th ) D a l l a s ........................5 "
46,445,807
59,210,629
46,960,5 >7
45,114,306
+ 3.0
(1 2 th ) S a n F ra n c is c o . . . 15 "
354,782,994 315.976.913 + 12.3 368,368,077 250,589,778
G ra n d t o ta l ................. 114 cities 7,871,410,105 6,077,332,789 + 29.5 8,854,008,116 6,658,422,043
O u tsid e N e w Y o rk C i ty _______ 2,984,710,847 2,757,559,187 + 8.2 3,660,408,156 2,758,552,403
C a n a d a .......... .....................28 cities

235,080,4541

371,280,304

344,555,187 — 31.8

228,105,869

Wo now add our detailed statement, showing last weok’s
figures for each city separately, for tho four years:
W ee k e n d in g A p r i l

C le a r i n g * a t —

1922.
F irs t F e d e ra l
P o r tla n d .
M a ss .— Bos
H o ly o k e .
L o w e ll.. .
W o rc e ste r.
C o n n .— H a rt

22.
1920.

S

c

c

862,824

91)7.46!
1.089.411
3 ,606,12
3.348,746
8 .014.24
5,000,00<

+ 23.(
+20.r
+ 15. {
+ 2A
+ 23.I
+ 17.5
a

331,168,456

285,656.533

+ 15.9

a

3 0 4 ,2 2 7 ,5 5 5
1.9 4 8 ,4 8 7
a
090 079
1.066,666
3 .6 0 9 ,5 8 0
3 .3 1 5 ,6 1 0
8 .7 6 9 ,5 2 0
5 .4 4 8 ,6 0 0

c

201,024,27 ; + 1 5 .7
+ 6 2 .r
1,168,61.

a

7 2 1,694

36 6 ,9 4 6 091
2,8 0 3 ,7 0 8
a
1.275,784
2 028.582
4 .7 6 9 082
4.3 2 1 .7 4 3
9 ,5 9 2 ,1 9 9
5 ,9 1 9 ,2 7 6

c

302 000 001
1,899,068
n
i.ir o 2 u
1.288 6PC
■1.179.77!
3.429,48!
10.066.68!
5.874,807

1919.

3

8
%
R e s e rv e D ls r l c t — B o s to r
6 3 9 ,94(
857,65! i — 25.

a

T o ta l ( 9 c itie s ) .

1921.

I n c . or
D ec.

a

a

3 9 8 ,5 1 9 ,2 8 9

3 30,697,791

ill R e s e rv e D I s t r l c t — N ew Y o rk
5,1.33 72!
4 ,500 00! + 14.1
4 .3 6 0 ,9 1 5
0 .3 6 1 ,9 9 6
966.80(
820.70C + 17.8
1,253, 00
9 4 9 ,8 0 0
38,456.725
35,702,125
+ 7.7
4 3 ,6 5 8 ,5 0 5
2 1 ,4 8 4 ,5 5 8
540 034 Not 1iic IucIimI In total
1.204 471
9!) 1,196 + 33.6
N ew Y o rk ___ 4,888 699 258 3 ,3 1 9,773,602 + 4 7 .2 5 .1 9 3 ,5 9 9 960
3 ,8 9 9 ,8 6 9 ,6 4 0
8 916 091
R o c h e s te r____
8,601,328
+ 3 .7
10.962.937
7 ,060 006
3,737,276
3,9 3 1 ,9 6 2
S y ra c u se ______
— 5 .0
4 ,7 2 0 ,5 7 4
3 .8 6 0 ,7 5 0
a
a
a
a
’a
394.040
360,385
+ 9.4
636.363
3 0 9,391
T o ta l (8 c itie s ). 4,945,508,385 3,3 7 4 ,5 9 1 ,2 9 2 + 46.6 5,2 5 9 ,1 9 2 ,7 5 4
3,9 3 9 ,8 9 6 ,2 0 1
T h i r d F e d e r a l R e s e rv e D ls t r l c t — P h ilu d e lp l i la
1,107.201
856,835 + 29.2
P a .— A lto o n a ___
1.008,028
910,435
2,682,331 + 28.7
3,452,153
a
a
a
C h e s te r.
3 233.649
2 ,421,425 + 29 .2
L a n c a s te r _____
3 ,0 1 9 ,6 6 8
2 ,6 4 4 ,7 1 6
467 000.000 386,686,278 + 20.8 50 7 ,8 7 7 ,4 2 9
P h ila d e lp h ia _
_
3 9 6 ,3 6 1 ,6 8 6
3 007,521
2 ,554,632 + 20.1
R e n d in g ____
3,1 7 2 ,7 5 8
2 ,4 3 1 ,9 9 5
4.546,751
4.103.244
S c ra n to n ____
— 9.8
5 ,755,768
3 ,5 6 1 .9 5 7
2,776,552
b 2 .610.000
W ilk es-B arre
— 6 .0
2,7 6 9 ,7 7 8
2 ,0 4 1 ,7 6 0
1,370.999 + 13.9
1.561,715
Y o r k ...............
1,5 8 0,493
1,525,134
4,078.585
3 ,4 8 2 ,9 8 4 + 17.1
N . J . — T r e n to n . .
3,8 6 8 ,2 6 6
3 ,2 0 7,1 3 9
a
a
a
D e l.—•W ilm lng’n
a
400,214,008 407,378,787 + 20.3
F o u r t h F e d c r ill R e s e rv e D istrlct—CIcv e la n d
6,2 9 3 ,0 0 0
6.085.000
O hio— A k r o n ___
—3.3
T o ta l ( 9 cities).

3,251.205
C a n to n ...............
58.521.045
C in c in n a ti____
84.008,058
C le v e la n d ..........
12,567,200
C o lu m b u s..........
a
D a y to n ...............
825,905
L im a ..... ..............
c
M a n sfie ld ____
a
.Springfield___
a
T o l e d o ______
2,739,220
Y o u n g sto w n _
_
a
P a .— E r lo .......... ..
c
G re e n sb u rg __
P itts b u r g h ____ 6124.900.000
6 ,197.668
W . V a .— W hoel'g
T o ta l ( 9 c itie s ).

299,095,301

3 ,389,674
— 4.1
57,880,695
+ 1.1
101.351,673 — 17.1
13,191,500
— 4 .7

a

a
+ 11.4
c
a
a
a
3 ,118,179 — 12.2
a
a
c
c
732,141

c
a

138.780.922 — 10.0
•1,415,128 + 40 .4
329,152,912

— 9.1

F i f t h F e d e r a l R e s e rv e D l s t r l c t — R lc h m ond—
1,544,029
1,450,291
— 6.1
W . V a . - H u n t ’n .
6,4 9 0 ,2 5 8 . + 2 .3
6,637,047
V a .— N o rfo lk ___
37,865,635 + 17.0
R ic h m o n d ..........
44,313,483
c
c
S . C . - C h a rle sto n
75,219,065
75,525,609
+ 0 .4
M d .— B a ltim o r e .
17,185,929 + 13.3
19,473,913
D . C . —W a s h 'g ’n .
T o ta l (5 c itie s ) .

147,400,343

138,304,916

+ 6.6

S i x th F e d e r a l R e s e rv e D ls t rlct—Atlant a—
a
a
T e n n .— C h a t t'g a .
a
2,528,830 + 30.7
3,305,211
K n o x v lllo _____
19,463,780
17,331.255 + 12.3
N a s h v ille _____
G a .— A t la n ta ___
38,468,048
40,074,458
— 4 .0
1,752,119
1,945,386
A u g u s t a .. —
— 9 .9
1,040,753
1,071,151
M a c o n .................
— 2.8
a
a
a
S a v a n n a h ..........
11,402,279
10,904,026
F l a — Ja ck so n v ille
+ 4.6
21,139,691
18.971,254 + 11.4
A la.— B lrm ln g ’m .
c
c
c
M o b il e ...............
709,105
550,247 + 28.9
M iss.— J a c k s o n ..
221,052
228,515
V ic k sb u rg ..........
—3.3
43,383,539
41,2 2 7 ,0 9 5
L a .— N ow O rleans
+ 5.2

+ 4 .5

T o ta l (10 cities)

140,885,007




134,832,217

529,0 5 2 ,1 8 8

412,684,821

13,344,000
5 ,4 4 9 ,1 3 6
0 7 .809.2S6
14 1 .159,574
12,743,600

8 .2 6 2 .0 0 0
3 ,720.763
50,1 8 3 ,5 3 7
7 9 ,815.479
9 ,9 3 9 .9 0 0
a
8 71,617

9 9 2,408

c

W ee k e n d in g A p r il

C le a r i n g * a t —

1922.

1921.

$

%

a

.
.
.
s.
L a n s i n g ____ .
a d .— F t , W a y ae
I n d ia n a p o lis . . .
.
ee
3.
.
.
>n
D a n v ille ____ ,
D e c a tu r
.
.
P e o r ia ______ .
R o " k f o r d ___ -

3

300,797
509,126
106,316,229
5 ,9 4 2 ,7 2 0
1,948,609
1,734,111
15,726.000
1,882,200
2 8,272,082
1,794.565
9,188.934
5 ,116.644
1,570.534
1.328,315
51 5 ,6 8 0 ,0 4 8
a
887,789
3 .4 6 0 ,6 7 9
1,814.943
2 .4 9 9 ,0 2 9

1,428,678
5 ,2 6 9 ,5 1 0
2 ,6 4 0 .0 0 0
2 ,5 6 8 ,3 2 8

1.111,463
5 ,6 6 7 ,9 70
2 .4 0 0 .0 0 0
2 .1 4 0 .6 8 5

850,010*,978

6 8 9 ,0 7 8 ,8 0 9

5 .102,265
a
30,767,722
672.622
25,1 6 0 ,3 0 0
13,072,678
547,562
1,623.200

1 6 ,5 9 0 ,3 8 ?
8 2 2,796
1 8 ,920,586
4 ,3 9 2 .6 2 7
520.253
1 4 ?0 315

-

A r k .111.—

a

a

.
S
k
o
.

26,700.711
336,024
1 6 ,3 9 9 ,1 4 7
8 ,2 5 5 .4 2 5
252.272
1 ,123,269

a

a

2 3 ,2 6 0 909 + 14.8
399.4-12 — 15.9
12,909,375 + 27 0
8,3 6 7 .8 6 8 + 10 0
3 1 3.988 — 19.7
— 1.6
1,141.051

T o ta l (7 "Ittes) .
5 8 .2 8 6 ,45£
50,377.915 1 + 1 6 .7
76,946,349
N i n t h F e d e n 1 R e s e rv e Dls t r i c t — M in n e a p o lls —
M in n .— D u lu th . .
4.110.376
6 ,5 6 0 86< — 3 3 d
7,778,227
M ln n o a p o lls .. .
6 5 .7 4 0 494
6 1 .2 3 2 .2 5
+ ?A
85 959.714
S t. P a u l .......... .
27,472.118
3 2 ,596 98- — 15.7
4 7 020.410
N o . D a k .— Farp o
1,944.291
1,727,917 + 12.5
3.051,909
So. D .— A berdec n
1,449.242
1,163.628 + 24.5
1.714.120
M o n t — B illings .
521.299
689,81! — 24 a
1.164,879
2,825,788
H e l e n a ............. .
3 .054 029
— 7.5
1.716 9 4 ’
T o ta l (7 cities) _ 104,063,608
— 2.8
107,025.488
148,406,206
T e n t h F c d e ra 1 R e s e rv e Dls t r l c t — K iln s a s C ity —
N e b .— F re m o n t _
288.027
678,93: — 57.0
700.399
H a s tin g s _
_
+ 6.6
411,581
38+072
740,807
L in c o ln ______
3 , 2 12.75(
3,233,625
—o e
5 ,4 7 2 ,8 9 7
O m a h a ______ .
31,573,646
34,3 9 3 ,6 2 2
— 8.2
CO,436,P3S
2 ,5 7 5 .1 4 9
K a n .—-T opeka .
2 ,3 0 8 , S3( + 11.5
3 ,536,302
_
W ic h ita . _
10.302.121
10,571,561
— 2 .5
14,408,069
M o .— K a n . c i t y
131,019,990
139,432,86-1
— 6.0
225,9 5 5 ,0 6 0
S t. J o s e p h _
a
_
a
a
a
a
a
a
a
19,201,458
22,8 5 0 ,1 1 0 — 16.0
13,035,278
a
T u l s a ________
a
a
a
C o lo .— C o l. Spgs
98 0 .2 6 0
863.064 + 13.0
1,120,882
D e n v e r.
17,317.063
— 1.3
17,548,583
18,026.030
P u e b lo .
700,677
738,311
- 5 .1
847,872

T e x a s — A u stin
D a lla s . ____

2 1 7,585,723
r a l R e s e rv e
1.255,781
23,8 7 1 ,8 0 6
10,826,166
5,2 1 1 ,2 2 7
a
5 .2 8 0 ,8 2 7

23 3 ,0 0 6 ,5 7 5
— 6 .6
D i s t r i c t — D a li a s —
1.053.978 + 19.1
24.264.881
— 1.0
10,(417,972
+ 7.8
6,2 2 6 ,4 7 7 — 16.3
a
a
3 .5 2 0 .9 9 8 + 4 9 .9

T o ta l (5 cities)
40,4 4 5 ,8 0 7
4 5 ,1 1 4 ,3 0 6
T w e l f t h F e d e a l R e s e rv e D I s t r l c t — S a n
W a sh .— S e a t t l e . .
3 0 ,7 9 2 ,7 0 0
31,2 2 8 ,9 6 7
a
a
S p o k a n e .......... ..
a
a
Tacom a
_
Y a k i m a ______
1,490,803
1,149,975
O re.— P o r tl a n d . .
3 2 ,311,622
3 2 ,4 5 0 ,2 1 3
U ta h — S a lt Lake
C ity ...................
13,413,599
10,000,000
N e v .— I t e n o ___
a
a
a
A rlz.— P h o e n ix . .
a
C a lif.— F re sn o _
_
4,1 7 0 ,1 9 9
3,806.671
L o n g B e a c h . __
4 ,1 8 6 ,9 3 4
3 ,379.070
8 0 ,7 2 5 ,0 0 0
Los A n g e l e s ...
9 6 ,6 7 6 .0 0 0
O a k l a n d ______
13,476,792
10,002.938
Pasadena........
3 ,6 9 3 ,7 2 9
3 ,1 1 6 .2 5 2
5,6 0 1 ,1 9 7
4,7 1 7 ,0 0 8
S a c ra m e n to . . .
2 ,637.282
3 .0 6 4 ,1 2 8
Han D i e g o ____
140,600,000
125,800,000
S a n F ra n c is c o .
2 ,0 4 8 .5 9 7
1,476,942
S a n J o s e ______
817.094
8 57,595
S a n ta B a r b a ra .
2 ,4 3 9 ,6 0 0
4 ,6 2 9 ,0 0 0
S to c k to n ______

1922.

738,603
303,212
05.6 9 0 ,8 8 2
20 6 ,8 8 4 ,9 4 0

1 4 4,126,924

T o ta l ( 2 8 cities)

3 0 9 ,1 5 5 ,1 9 4

1.806 700
10,764 748
0 1 ,8 7 3 ,7 2 2

9 ,2 8 2 ,8 4 0
4 6 ,1 7 5 ,7 5 6

9 1 ,8 4 0 811
16,884^679

75.373.766
14,032,281

183,170,660

144,864,643

3 ,0 2 9 ,1 1 0
15,472,642
41,4 2 4 ,7 2 2
2,6 2 5 ,1 0 3

3 ,9 4 6 ,9 7 3

4 0 ,6 1 3 ,9 3 3
5 ,9 3 3 .0 8 5
3 8 .787,762
15,785,420
2 .5 8 4 ,8 6 3
1,418,233
1 ,343,106
1.902.781
6 7 ,7 c5 ,2 5 0
6 3 0.707
4 8 6.958
2,9 5 0 ,2 1 1
48,1 5 6 ,1 9 4
2 ,7 4 5 ,8 6 7
9 ,2 3 4 ,6 4 6
179,446,301

a

a
10,398,334
a
796.627
19,512,358
6 3 9 ,9 4 9

344,280,534

2 7 5 ,9 9 8 ,1 5 2

1 .800.000
29,2 2 4 .7 4 3
16,599,765
6 ,226,477
a
5 ,3 5 9 ,6 4 4

3 ,0 0 0 ,0 0 0
2 3 ,7 2 7 ,8 6 0
13,439,526
4 ,0 9 2 ,6 9 7
a
2 ,7 0 0 ,4 6 4

+3 0
59,2 1 0 ,6 2 9
F r a n c l SCO--— 1.4
4 3 ,057,372
a
a
a
a
+ 29.6
1,919,685
— 0.4
42,8 2 6 ,1 8 4

35,758.1
a
a
963,356
3 2 ,7 5 6 ,5 5 2

+ 34.1
a
a
+ 10.1
+ 23 9
+ 19.8
+ 34 .7
+ 18.6
+ 18.7
+ 10.2
+ 11.8
+ 35.7
— 4.7
— 47.3

4 6 ,9 6 0 ,5 4 7

16,120,934
a
a
4,879.191
3 ,0 0 9 ,8 5 7
7 7 ;502,000
10,511,220
2 ,318,072
5,6 0 8 ,8 0 4
2,8 1 4 ,7 8 8
151,411,070
1,800,000

1 3 ,500,00
a
a
2 .4 9 6 ,6 9 1
1.466,566
4 0 ,1 9 3 .0 0 0
7 ,5 0 0 ,0 0 0
1,178,687
3 .481,171
1,9 2 4 ,7 3 9
1 0 6,009,625
1.066,383

4 ,5 8 8 ,9 0 0

1 ,694,867

3 5 4 ,7 8 2 ,9 9 4 315,9 7 6 ,9 1 3 + 12.3 368,368,077
T o ta l (15 cities)
2 5 0 ,5 8 9 ,7 7 8
G ra n d to ta l (114
c i t i e s ) ................. 7,871,410,105 ■>,077,332,789 + 29.5 3,854,008,116 5 ,6 5 8,422,043
+ 8.2 3,660,408,156 2 .758.552,402
O u tsid e N ew Y ork 2 ,9 8 4 ,7 1 0 ,8 4 7 2,757,559.187
a N o longer re p o r t c learin g s o r o n ly giv e d e b its a g a in s t In d iv id u a l a c c o u n ts , w ith
no c o m p a ra tiv e fig u res for p rev io u s y e a rs, b R e p o r t no clearin g s, b u t g iv e com ­
p a ra tiv e fig u res of d e b its; w e a p p ly to la s t y e a r’s c learin g s th o sam o r a tio o f d ecrease
(or Increase) a s sh o w n b y th e d e b its , c D o n o t resp o n d to req u e s ts 'for fig u res.

7 ,517,788
18,150,803
c
410,920
304,435
55,191.401

42 9 ,9 6 5 ,5 1 2

$

113,102
3 1 3,168
9 1 ,7 0 7 .5 4 2
1.979,016
1,328,502
1.558,193
13,295.000
1.200.000
2 5 ,8 4 5 .2 86
2 ,2 2 6 .0 62
9 .6 0 6 .8 13
8 .4 7 4 ,5 51
1.5 7 7 ,8 99
1 .689.383
5 1 3 ,8 4 4 ,1 6 8

7 3 5 .9 7 3 ,3 5 4 6 5 5 ,9 1 5 ,9 3 3 + 12.2
a I R e s e rv e D ls trlct—St. L o uls—
4 ,219,611
3 ,9 8 5 ,2 8 4
+ 5.9

3,3 8 2 ,4 3 5

0 ,5 2 7 ,6 2 2

1919.

202.915
496 040
131,831,371
7 ,571,760
1.764.154
1,864,848
15,709,000
2 . 2 4 1,07 3
3 1 ,5 7 2 ,3 5 8
3 .1 2 3 .5 8 8
13.088.746
10,071.063
2 .1 4 6 ,1 3 5
1,534,955
61 4 ,8 8 3 ,4 5 6

W e e k e n d in g A p r i l

149,058,961
3 ,8 9 8 ,5 0 2

|

20 0 .0 0 0 + 50 .3
5 3 0.664
— 4.1
9 1.723,792 + 15 .9
5,5 1 5 .3 8 3
+ 7.7
1,300,000 + 49 .8
1,786,884
— 2 .9
1 3 ,849,000 + 13.6
2 ,0 1 4 ,0 9 4
— 6 .5
26,005,303
+ 8 .7
2,078,824 — 13.7
8 ,851,914
+ 3.8
5 ,813,887 — 12 0
1,275,942 + 23.1
1.303,463
+ 1.9
483,761,442 + 12.8
a
a
1,109,936 — 20.6
— 0 .5
3 ,478,566
1,715,935
+ 5.8
2,6 0 0 .9 0 4
— 3.9

s)

C anada—
M o n t r e a l ......... ... .
T o r o n t o .......... .......
W in n ip e g ___
V a n c o u v e r______
O t t a w a . ____ _
Q u e b e c ....................
H a lif a x ........ . .
H a m i l t o n . .............
C a l g a r y _______
Ht. J o h n ________
V i c to r i a .............
L o n d o n _________
E d m o n to n . . . . . .
R e g in a .............. ....
B r a n d o n .................
L e th b r id g e ...........
S a s k a t o o n _____.
M o o se J a w _____
1 r a n t lo rd .
F o rt W illiam
N ew W e stm in s te r
M e d ic in e H a t . . .
P e te r b o r o u g h ___
S h e rb ro o k e ______
K itc h e n e r_______
W in d s o r_________
P rin c e A lb e rt____
M o n c t o n .......... ..
K i n g s t o n _______

13,705,286
2 1 .3 7 7 ,8 1 9

1920.

ur a l R e s e rv e D I s t r l c t — Chi c a g o —
A n n A rb o r.
_
D e 'r o l t _ _

a
3 .852,226

22.

In c. or
D ec.

S

B u ffa lo .............

_

1859

1921.

s
$
7 1 ,8 7 4 ,0 2 7
115,119,273
6 6 ,0 0 3 ,9 3 9
104.S42.305
3 9 ,7 0 4 ,6 5 4
4 4 .9 5 0 ,1 8 2
10,043,204
15,577,924
6 ,4 4 0 ,1 0 3
7,338,136
6 ,2 9 5 ,7 1 5
4 ,2 2 4 ,0 6 7
2 ,2 0 1 ,9 0 7
3,574,661
6 + 3 3 ,7 1 7
4 ,6 2 5 ,9 8 4
6 ,8 7 6 ,4 5 5
4 ,1 4 5 ,6 5 4
2 ,3 6 0 ,4 4 4
3,10-1,376
2,056,'647
2 ,3 3 5 ,9 6 8
3 ,467,777
2 ,3 6 0 ,3 0 7
4 ,1 7 9 ,7 3 3
4,665,304
2 ,6 6 7 ,7 1 0
3,5 2 3 ,3 1 3
7 2 9,639
704,241
4 8 1,569
716,451
1,403,389
1,920,273
99 2 ,7 8 9
1 .491,333
975,373
1,402,573
5 0 4,577
793,076
4 4 0,658
59 6 ,4 6 5
221,003
434,555
6 7 9,705
923,863
618,710
1,174,889
796,313
1,003,474
2,9 5 6 ,3 0 1
3,7 8 7 ,5 5 6
314,814
2 8 1,956
1,120,092
1,173,518
61 7 ,8 3 4 N o t in clu d ed
9 3 5 ,0 °0 ,4 5 4

3 4 4 .5 C . '8 7
6

I n c . or
D ec,

20.
1920.

1919.

S
— 37.6
121,204,311
— 37 0
110,539,556
— 11.7
4 6 ,0 5 3 ,7 9 5
— 35 .5
17,386,905
— 12.2
9 ,3 2 8 .8 0 0
— 32 .9
7,273,037
— 3 8 .4
4,5.50,585
— 28.1
7,716,143
— 3 9 .7
8,3 2 1 ,8 3 8
3,5 0 0 ,5 4 9
— 24 0
2,928,371
— 11.0
4,148,806
— 32.2
— 10.4
6 ,2 2 4 ,1 1 8
— 24 .3
4,3 5 9 ,4 3 5
+ 3.6
823.147
— 32 .8
1,015,277
— 26.9
2 ,4 2 6 ,8 5 2
— 33.4
1.863.467
— 30.5
1,574,781
— 63.4
913,953
— 26.1
787,247
— 49.1
483,546
— 26.4
1,085,580
— 47 .3
1,360,989
— 20.6
1.308,902
— 2 1 .9
3 ,6 2 2 ,6 2 9
— 10 4
477,685
— 4 .6
In to ta l 3.

S
8 7 ,7 3 0 ,7 2 5
5 4 ,7 7 4 .6 3 8
3 1 ,9 1 0 ,2 4 0
9 ,9 0 9 ,9 0 0
5,229.601
4,303,631
3 ,6 6 9 ,6 4 0
4 ,6 3 1 ,1 6 5
4 .6 5 5 .8 0 4
2 ,0 6 7 ,1 8 5
1,572,685
1 .636,457
3 ,1 1 9 ,1 6 3
2 ,7 0 4 ,9 1 8
4 8 1,293
69 0 ,8 3 3
1,728,089
1 ,653,499
854,001
555,941
4 6 1,035
3 4 2 ,4 9 9
6 6 1 ,9 4 9
824,471
732,982
1,0 9 8 ,3 0 7
30 5 ,2 1 8

3 71,280,304

2 2 8 ,1 0 6 ,8 6 9

%

— 81 .8

T H E

1860

Commercial m u W X i s c z X U n z o x x s Stow
_| Tn_run_J
_
Lnj-i_nj-|.n .uunj-L-L-L-Lirut-L T Anr n __u---- rTJVVWJVOWlf jVVV.-n - i- ..............
I j-L
T

C hicago Stock E xchange.—Record of transactions at
Chicago Stock Exchange April 22 to April 28, both inclusive,
compiled from official sales lists.
F r id a y
L ast
S a le .
P a r . P r ic e .

Stocks—

F e e k ’s R a n g e
o f P r ic e s.
Low .
H ig h .

99
70
96 Vs
12K
86 K
6
6K
5K

91
American Radiator------ 25 99
70
Amer Shipbuilding___ 100
96 y»
96 H
Armour & Co, pref___ 100
Armour Leather________15 12 K 12K
86 K
Preferred__________ 100
6
Beaver Board________ (*)
6
Booth Fisheries, new— (*) ■ 5K
Case (J I)____________ (*)
Chic City & Con Ry pt sh
Common..... ................. (*)
IK
1K
7
8
Preferred..... ............. . (*)
5
Chicago Elev Ry, pref. 100
5%
3K
Chic Rys Part Ctf Scries 2,
Part Ctf Series 3 --------IK
IK
131
Commonwealth Edison. 100 131
5K
Consumers Co, com__ 100
0
8K
65
Decker (Alf) & Cohn,Inc(»)
17K
3
Earl Motors____ _____(*)
3K
Deere & Co, pref__
71K 71K
112
112
16
Godschaux Sugar, com_(*)
94
Great Lakes D & D .
“
91K
93
_______
18 K 18
. . . . . .
70 K
54 K 54
2K
2K
...........
4K
........... 36
Jtrafarra.1______
76K 72 K
98 K 98K
Prior preferred.
5 K • 5K
2K
2K
10
Preferred.
2K
Old_____
9K
New____
9K
_____
18 K
26 K 26 K
44K 44
) ........... 99K
93
3 93
3 _____ 178
3 ...........
95 K
24
) 24
34 K
40
75 K
3 _____
) 17K 16 K
0 46K 45K

R an ge s in c e J a n .

fo r

8
845
5C
395
492
100
35
400
75

Jan
Apr
Jan
Feb
Mar
Mar
Jan
Jan

83
70
91
12
83
4
5
3

0 104 K 104 K 104 K 86,000
53 K 158,00(
50
7 _____
7 84 K 82 K 84 K 10,000
7 75 K 71
75 K 10,001
7,001
32
30
7 30
3 98
97K 98K 8,001
3,06 i
3 ___ 105 14 1 0 5 )4
9 .........
85K 85 K 1,00<
6.000
90
7 ____
90
2 40
97 K 97 K 1-1,000
96
14 96 y<
96 K 9.0001
(*) No par value,

x

99
96
98K
12K
88
12
7K
6

Apr
Mar
Mar
Feb
Apr
Mar
Jan
Mar

Jan
1,250
2K Feb
H
IK
9K Feb
4 K Jan
8K 3,275
710
7K Mar
IK Jan
6
Mar
6
200
IK Jan
4K
IK Feb
2,000
IK Apr
IK
631 114K Feb 132 K Apr
31K
R
Mar
6
Feb
100
5K
5
Apr
9
Feb
7,940
9
Feb
Jan 68
205 55
66
100 17K Apr 17K Apr
17 K
Jan
6
1,385
2K Jan
3K
Feb 72 K Apr
760 60
72
Mar
Jan 118
162 105
L
12
Mar
Feb 18
90 10
16
Feb
1,315 81K Jan 106
95
Mar
Jan 103
150 81
95
10,675 10M Jan 19K Apr
19K
Mar
Feb 75
75 56
71
667 48K Mar 55K Apr
55 K
Apr
7K Feb
16,250
3
2K
Mar
6
1,105
3K Mar
5K
Feb
Jan 39
370 27
36 K
Apr
Jan 76
420 53
74
Apr
Jan 99
1,479 82
99
400
6K Mar
3K Feb
5K
955
2K Jan
IK Jan
2K
Jan
Apr 11
400 10
10
40
2K Mar
2K Jan
2K
430
10
8K Jan 11K Jan
100 12K Jan 20 K Apr
18K
Jan 28 K Apr
1,080 19
27 H
Apr
15,300 23 K Mar 46
46
Mar
125 80 K Jan 101
99 K
Mar
50 88 K Jan 95
93
Apr
Jan 180
25 143
180
Apr
95 93 K Mar 96
95 K
455 13K Jan 25K Apr
24 K
Apr
950 34 U Apr 40
40
150 59K Feb 76 H Apr
76
Jan 19K Apr
1,400 13
18)1
Apr
Jan 47
590 42
47
Jan 42 K Apr
Jan 108 K Feb
Apr 23 K Feb
Feb
5K Feb
Jan 51K Apr
Jan 59K Mar
Jan
9K Feb
Apr
Jan 57
Mar 77 K Apr
Feb 15K Apr
Apr
Mar 40
Jan 71K Apr
Jan 22 K Apr
Jan
8K Apr
Feb 46 K Apr
Mai U0K Feb
Feb
Mar 246
Jan 82 K Mar

4,300 24
41
0 39K 39
1,455 91K
) 101K 101K 102 ) i
19K 20 K 7,850 17
5 19K
95C
2
) -------2K 2 K
48
5 48
51K 8,500 40
59K 14,225 43
) 57 K 57
150
6
7
3 ...........
7K
805 29
3
55
54K 5 5
300 70
0 74K 74 K 75
500 13K
0 ...........
14K 15 K
83 27
30
35
) 35
9.005 50
) 67 K 65 K 69
21K 22 K 13,200 12 K
5
6M
8K 15,025
) .......
50 28
) ........... .46 K 40 K
2,195 97
5 101K 101 103
4,570 2125
184 210
3 204
5,175 57 K
- 77 K 74»/s 78

Yellow Taxi.

1.

H ig h .

Low .

96 K
49
07
49K
17
93 K
104
83
87 K
97 k
90 K

Apr 104 K Apr
Apr 53 K Apr
Jan 84K Apr
Fet 75 K Apr
Apr
32
Jar
Jat
98 K Apr
Jar 105 K Apr
85 K Apr
Fet
Mar
Apr 92
Apr 97 K Apr
Feb 96 K Apr

Ex-dividend.

statements below are propared 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:
F lo u r .

|

W h e a t.

C om .

O a ts.

B a r le y .

R ye.

lA61s.19616s.Wsft. 6 0 l b s . b u s h . 56 l b s . b u s h . 32 l b s . b u s h A S lb s b u s h .5 6 lb s
76,000
32,000
879,000
233,000 . 378,000 1,108,000
30,000
139,000
248.000
131,000
1,272,000
208,000
20,000
65,000
455,000
18,000
115,000
140,000
201,000
25,000
19*666
3,000
26,000
1,000
35,000
54,000
—
—
36,000
___
33,000
33,000
-----_____
12,000
191,000
173,000
208,000
2,000
217,000
300,000
so",666
2,000
165,000
4,000
261,000
22,000
41,000
67,000
261.000
748.000
...... ..._
122,000
485,000
232.000
140,000
194,000
25,000
...........
...........
357,000 293,000
373,600 3,716,000 3,182,000 2,043,000
Total week '22
600,000
456,060
377,000 5,631,000 2,102,000 2,244,000
Same wk. ’21
474,000 588,000
97,000 3.154.000 1,871.000 2,010,000
Samo wk. ’20

Chicago____
Minneapolis..
Duluth...........
Milwaukee__
T oledo_____
Detroit_____
St. Joseph__
St. Louis___
Peoria.............
Kansas C ity ..
Omaha_____
Indianapolis..

Since Aug. 1—
1921-22___ 16,409,000 281,488,000 306,755,000 161,465,000 23,293,000 17,408,000
1920-21___ 21,692,000 279,925,000 174,052,000 150,190,000 22,556,000 14,747,000
1919-20----- 16,108,000 376,077,000 154.000,000169.139,000 26,426,00028,481.060

Total receipts of flour and grain at the seaboard ports for
the week ended Saturday April 22 1922, follow:




F lo u r .

W h e a t.

C om .

Oats.

B a r le y .

R ye.

B a r r e ls .

B u sh e ls.

B u sh e ls.

Bushels.

B u sh e ls.

B u s h e ls .

R e c e i p ts a t —

New Y ork ...
Portland, M e.
Philadelphia..
Baltimore___
Newport News
New Orleans.
Galveston----Montreal___
St. John____
Boston______

531.000
230.000
165.000
151.000

221,000
34,000
4C9.000
862,000

"""98",666

21.000

1,000
75,000

84.000
56.000
55.000

17,000

19.000
22.000

62,000
41,000

27,000
471,000

20,000

” 25,666
""37"
,666

22,000

4,000
57.000
38.000

84,000

54,000
185,000

648.000
138.000
53.000
187.000

‘ 1*07,666

255,000
39.000
47.000

""i',666

582,000
537,000 1,392,000 1,736.000 1,129,000 277,000
Total week ’22
SinceJan.1’22 7,933,000 49,936,000 67,448,000 12,795,000 3,283,000 5,382,000
334,000
892,000| 170,000
154,000
537,000 2,590,000
Week 1921...
SInceJan. 1 ’21 7,386,000 57,544,000 25,240,000 7,740,000! 4,319,000 8,459,000
a Receipts do rot Include grain passing through New Orleans for foreign ports
on through bills of lading.

The exports from the several seaboard ports for the week
ending Saturday, April 22 1922, are shown in the annexed
statement:
E x p o r ts f r o m

W h e a t.

—

|

|j

F lo u r .

Com .

O a ts.

| R ye.

P eas.

B a r le y .

B
1 B u s h e l s . B a r r e l s . B u s h e l s . 1 u s h e ls . B u s h e ls . B u s h e l s .
—
3 5 6 .5 7 5 578,459 128,537 36 4 ,1 9 4 387,833 42 ,0 3 5
—
185,000
138,0001
—
2 3 0 ,0 0 0
34 ,0 0 0 39 ,0 0 0
—
____
______
____ 13,000
8 8 ,000
.............
—
______ !
____
____
5,000
1 52,000 30 9 ,0 0 0
—
100,000 6 4 3 ,00C 5 0,000
4 ,0 0 0
5 9 ,0 0 0 1 ,931,000
—
—
| ______
______
____
1,000
—
—
____
3 ,000
______
214 ,0 0 0 23,000
—
____
______ 3 4 ,0 0 0
____
4 0 ,0 0 0
8 5,000
—
—
—
19,000
56 ,0 0 0
6 2,000 57,000

B u s h e ls .

N o w Y o r k ________
P o r tla n d , M e ...........
B o s to n _____ _____ _
P h ila d e lp h ia ______
B a ltim o r e _________
N e w p o rt N e w s ____
N ew O rle a n s .......... ..
G a l v e s t o n . ................
S t . J o h n , N . B ____

9 8 1 ,5 7 5 3 ,2 1 3 ,4 5 9 257,537
T o ta l w e e k _____
W eek 1921________ 4 ,1 9 1 ,8 6 5 810,708 358,180

____
4,500

624,194 '1064833 2 90,035
542 ,5 0 0 778 ,4 2 5 228,524

The destination of these exports for the week and since
July 1 1921 is as below:
____
I

F lo u r .
E x p o r ts f o r W e e k ,
a n d S in c e
J u l y 1 to —

S in c e
J u ly 1

W eek
A p r . 22

Com .

W h e a t.

\

|

S in c e
J u ly 1

W eek
A p r i l 22

S in c e
J u ly 1

W eek
A p r i l 22

| B u sh e ls. B u sh e ls.
B u s h e ls .
B a r r e ls . B a r r e ls . 1 B u sh e ls.
United Kingdom. 44,385 5,067,8161 463.000 72,778,836 1 277,000 30,680,332
518,375 159,170,530 2,904.459 87,544,148
197,152 4,953,059
Continent______
23,000 2,139,416
2,981,137
532,518'
_____
1,000
So.&Cgnt. Amer.
9,000
926,416
5,000
817,350,
...........
West Indies_____ 15,000
6,100,
-------Brit .No .Am .Cols.
22",908
1,837,5C0
538,6411
-------Other Countries..
981,375 236,773,003 3,213,459 121313,220
T otal________ 257,537 11,915,484
Total 1920-21___ '358,180 11.502,954 4,191,865 285,866,722 810,708 31,550,595

Tlio world’s shipment of wheat and corn, as furnished by
Broomhall to the New York Product) Exchange for the week
ending Friday, April 21, and since July 1 1921 and 1920,
____
are shown in the following:
1920-1921.

1921-1022.

1920-1921.

E x p o r ts .
W eek
A p r i l 21.

S in c e
J u l y 1.

S in c e
J u l y 1.

W eek
A p r i l 21.

S in c e
J u l y 1.

S in c e
J u l y 1.

B u sh e ls.

B u s h e ls .

B u sh e ls.

B u sh e ls.

B u sh e ls.

B u s h e ls

North Amer. 6,140 000 350,389,000 355,921,000 3,375,000 220,123,000 33.327.000
75,000 12.769.000 9,518,000
200,000
40,000 3,768,000
Russ. & Dan
040,000 97.803.000 90.183.000
Argentina__ 4.275.000 81.785.000 64.625.000
Australia — 2.848.000 90.488.000 53.582.000
712,000 9,388,000
India........ ..
577,000 7,543,000 3,553,000
230,000
Oth. countr’s
T o ta l___ 13.303,000 527.142,000 483.946.000 4,667,000 244.238,000 136.581.00q

B r e a d stu ffs fig u r e s b r o u g h t from p a g e 1924.— The

R e c e ip ts a t—

[Vol. 114.

C H R O N IC L E

The visible supply of grain, comprising tho stocks in gran­
ary at principal points of accumulation at lake and seaboard
ports Saturday, April 22, was as follows:
GRAIN STOCKS.
O a ts,
b u sh .

R ye,
b u sh .

B a r le y ,
bu sh .

97,000
1,000

m'.ooo

840,000
33,000
273,000
1,000
108.000
92.000
181,000 1,042,000
13.000
29",000
161,000
77.000
2,303,000
.16.000
1,252,000
444,000
27,000

9,881,000
495.000
2,126.000
7,019,000
1,905.000
1,004.000
6 ,9 6 4 ,0 0 0 2,752,000
86.000
102,000
273.000
Indianapolis.........................
JoJn n n
O m a h a --------------------1,527,000 1,363,000
735,000
O n L a k e s ............................. —
-----­
333,000
S t. J o s e p h , M o ...........................
581.000

18,os's",666 770,666
__
1,909 000
1,188.000 118,000
5,928,000 4,176,000
20,684,000 991,000
633,000
81,000
2,123.000
65,000
___
247,000
220,000
2,450,000 928,666
465,000
-- -.
111,000
2,000

United States—

W h e a t,
b u sh .

N ew Y o r k ............................
479 ,0 0 0
B o s to n --------------------------------4£ ,0 0 0
P h ila d e lp h ia - ---------------------9 02,000
B a ltim o r e .....................................
38 2 ,0 0 0
N e w p o rt N e w s . .......... ...........
-----­
N ow O lle a n s ............- ................. 1 ,935,000
G a lv e s to n --------------------------- 1,866,000
B u ffalo ...........................- ...........
9 50,000

“

afloat.................. ......................

T o le d o ............................................
D e t r o i t ----------------C h ic a g o ........ .................................
a f l o a t .............................
M i l w a u k e e .. .........- .................
D u l u t h .........................................
M in n e a p o lis -------- ---------------S t. L o u is ......................................
K a n s a s ____________________
P e o ria - _________

741,000
21,000
2,79 9 ,0 0 0
- ..........
9 1,000
5 ,1 4 4 .0 0 0
5,799,000

C o rn ,
bu sh .

1,317,000
1,386,000
1,446,000
3,628.000
213.000
834,000
1,888,000

28,000
io'.ooo

104,000

___

4,000
*92"666
138,666
460,000
632,000
6,000

___
....._
35,000
___
4,000

T o tal A pril 22 1922........... 31,493,000 39,058,000 5l-,753,000 8,467,000 1,611.000
T otal April 15 1922
33,129,000
43,146,000 61,933.000 8,675,000 1,680,0

Total April 23 1921_____ 15,513,000 28,279,000 31,101,000 1,617,000 1,730,000
M o te . _Bonded grain not included above: Oats, 56,000 bushels New York,

Montreal1
_____
830,000
Fort VVllliam&Port Arthur.33,365,000
Other Canadian.............- - - 152,000
T o ta l A p ril 22 1922------ .34.347.000
T o ta l A p ril 15 1S22------ .34,906,000
T o ta l A p ril 23 1921------ .18,088,000

974,000
.............
--------

393,000
7,664,000
1,078,000

18,000 170,000
........ .. 2,433,000
...........
165.000

974,000 9,135,000
9S6.000 9,999,000
137,000 10.474,000

18.000 2,768,000
18.000 2,992,000
4,000 3,102,000

S u m m a ry —

A m e ric a n — ------------------ .31,493,000 39,058,000 59,753,000 8,467,000 1,611,000
974,000 9,135,000
18,000 2,768,000
C a n a d i a n ------------------------ .34,347,000

Total

65,840.000 40,032,000 68,888,000

8,483,000 4,379,000

T o ta l A p ril 15 1922_______ 6 8 ,0 3 5 ,0 0 0 4 4 ,1 3 2 ,0 0 0 7 1 ,9 3 2 ,0 0 0
T o ta l A p r tl2 3 1921...............3 3 ,6 0 1 ,6 0 0 2 8 ,4 1 6 ,0 0 0 4 7 ,4 7 5 ,6 0 0

pril22 1922

8 ,6 9 3 ,0 0 0 4 ,762,000
1,621,000 4,8 9 2 ,0 0 0

THE CHKONICLE

A pril 29 1922.]

V O L U NTA R Y LIQ U ID A TIO N S.

N ew Y ork C ity B a n k s a n d T r u s t C o m p a n ies.
April 17

A ll p r ic e t i o lla r t p e r th a re .

B a n k s — N .Y .
A m e r i c a * ____
A m er E x c h . .
A t l a n t i c ............
B a tte r y P a r k .
B ro ad w ay C en
B ro n x N a t . .
B ry a n t P ark *
B u tc h A D ro v

B id

Bonks
B id
I r v i n g N a t of
N Y _______ 190
M a n h a tta n *. 250
M ech A M e t. 360
500
N a t A m e ric a n 150
325
N e w N e t h * . . 125
N ew Y o r k . .. 475
P a c if ic * ........... 3 0 0
409
P u b l i c ................ 2 6 0
S e a b o a r d ------- 2 9 0
230
S ta n d a rd
285
S t a t e * .............
T r a d e s m e n ’s * 2 0 0
23d W a r d * ... 250
U n io n E x c h . . 2 2 0
U n i t e d S t a te s * 155
W a s h ’n H ’tS • 3 2 5
420
Y o r k v llle * —

A tk

188
215
210
134
430
130
125
150
155
130

196
255
220
144
450
152
160
170
135

ISO
200
C h a t A P h e n . 237
C h e ls e a E x c h *
70
C h e m ic a l _____ 5 0 0
C oal A I r o n .. 200
C o lo n ia l * ____ 3 0 0
C o l u m b i a * . . . 170
C o m m e r c e ___ 2 5 0
C o m ’n w c a lth * 2 1 5
C o n t i n e n t a l . . 130
C o rn E x c h * .. 370
C o s m o p ’t a n * .
90
E a s t R i v e r ___ 170
F ifth A v enue* 940
F i f t h ................... 160
050
G a r f i e l d ............ 2 2 0
G o t h a m ______ 180
G r e e n w ic h * .. 240
H a r r l m a n ____
Im p A T r a d ..
I n d u s t r i a l * ___

390
520
155

295
242
85
515
210

l9or
258
225
145
378
100

A sk

T r u s t C o . ’s

193
260
365

A m e r i c a n ____
B a n k e rs T ru s t
C e n t r a l U n io n

160
330
135
485

C o m m e r c i a l ..
E m p i r e ..............
E q u lta b lo T r .
F a rm L A T r.
F id e lity I n te r .

B id

A sk

324
375
300
100
295
272
440
200
245
199
170
145
262

327
378
305
125
305
275
450
206
255
204

N e w Y ork

415
270
295
260
300
____
270
230
105

April

G u a r a n ty T r .
H u d s o n ____
L aw T it A T r
M e tr o p o lita n
M u t u a l (W e s t
C h e s t e r _____ 110
N Y L ife I n s
A T r u s t ___ 6 1 0
N Y T r u s t . . . 325
T itle G u A T r 340
U S M tg A T r 300
U n i t e d S t a t e s 1 010

125

105
260
100
110

P e o p le ’s ______

155

165

t N ew

s to c k .

not usually dealt in at the Stock Exchange, w ere recen tly sold

B r o o k ly n

B ro o k ly n T r .
K in g s C o u n ty
M a n u fa c tu r e r
P e o p le ’s ______

410
700
225
305

420
____
____
310

1

A ll p r ic e s M i a n

x E x - d lv I d e n d VE x - r i g h t s

A l lia n c e R 'l t y
A m e r S u r e ty .
B ond A M O .
C i t y I n v e s t in g
P re fe rre d .

80
68
238
50
90

90
70
245
62
95

p e r th a r e .

B id

A sk

L a w y e r s M tg e
M tg o B o n d . .
N a t S u r e ty ..
N Y T itle A
M o r tg a g e ..

A sk

147
98
207

155
102
212

136

143

R e a l l y Assoc
( B ro o k ly n ).
U S C a s u a lty U 8 T itle G u a r
W e st A B ro n x
T itle A M G

B id

A sk

124
155
100

128
185
110

155

105

N ation al B anks.—The following information regarding
national banks is from the office of tho Comptroller of the
Currency, Treasury Department:
A PPLIC A TIO N S TO ORGANIZE R E C E IV E D .
•
C a p ita l.
April 18— The Globe N ational Bank of Now York, N . Y . ---------- .8250,000
Correspondent: II. M . Black, 55 Broadway, N ew York,
N . Y.
April 19—Tho Peoples N ational Bank of Tupper Lake, N . Y ------ 50,000
Correspondent: W illiam N . M cCarthy, Tupper Lake,
N . Y.
April 22—Tho First N ational Bank o f M ullens, W. V a— --------- 25,000
Correspondents: Worrell & Ballard, M ullens, W. Va.
A PPLIC A TIO N TO C O N V ER T R E C E IV E D .
April 21— Tho Leesburg Upporvllle N ational Bank of Leesburg, Va.
Conversion o f Tho Leosburg Uppcrvillc Bank, Leesburg,

25,000

V a.

Correspondent: E . B . W hite, Leesburg, Va.
A PPLIC A TIO N S TO C O N V ER T A PPR O V ED .
April 20—Passaic N ational Bank & Trust C o., Passaic, N . -T
------ 8650,000
Conversion o f Passaic Trust & Safe Deposit C o., Passaic,
N . J.
.
Correspondent, W m. II. Doremus, 641 M ain A vo.,
Passaic, N . .1.
April 22—Tho C ity N ational Bank o f Beaumont, Texas-------------- 250,000
Conversion o f tho Guaranty Bank & Trust Co. of
Beaumont.
Correspondent: J. T . Shelby, Beaum ont, Texas.
C H A R TE R S ISSU E D .
April 17— 12171— First N ational Bank in D ustin, Okla------- -------- 25,000
Conversion o f Tho Dustin Stato Bank. Dustin, Okla.
President. W . It. Blake; Cashier, W. N . M elton.
\pril 18— 12172—Tho Paso Robles N ational Bank. Paso Robles,
C alif------- ----------------------------------------------- -------------- 850,000
President, J. V. W achtel, .Jr.; Cashier. A. II. Birch.
April 18— 12173—The First National Bank o f Nlnnekah, Okla.
25,000
Conversion of Citizens Stato Bank of Nlnnekah, Okla.
President, R . K. W ootten; Cashier. J. C. Wade.
April 18— 12171— Tho First National Bank o f Greene. N . Y --------- 50,000
President, Courtney S. Bryant; Cashier, Earl W . Camp.
April 19 — 12175—Carolina National Bank o f Anderson, So. C aro. 200,000
i m
President. E . P. Vandiver; Cashier, T. S. Banister.
AprllllO— 12176— The Commercial National Bank of Wilmington,
N o. Caro----------------- ----------------------------- -------------- - 200,000
Conversion o f American Bank & Trust C o., W ilmington,
N o. Caro.
President. VV. B . Cooper; Cashier, II. C. Cooper.
April 20— 12177— The Shidler National Bank, Shidler, Okla.......... 25,000
President. B. F . Mason; Cashier, Fred. II. Rock.
Vpril 20— 12178 —Tho Security National Bank of E ast St. Louis,
III........................
360,000
President, G. A. Mlllor; Cashier, Sidney W . Ring.
April 20— 12179— The Texas C ounty National Bank of Guymon,
Okla..............................................................
Conversion o f Toxas C ounty Bank of Guymon.
President, I. M . Llghtner; Cashier, II. A . Salter.
April 22— 12180— First N ational Bank in Sprague, W ash-.............. 30,000
Conversion of Bank o f Sprague. Wash.
President. A. L. Smalley; Cashier, R. R . Jones.
April 22 — 12181 — Tho Sunnysido N ational Bank, Sunnysido,
W ash..................................................................
Conversion o f Tho Sunnysido Bank. Sunnysido, W ash.
President, A. G. Fleming; Cashier, E. J. Miller.
AprilI 22— 12182—The First National Bank of Kenedy, T exas----- 50.000
Conversion of Tho Farmers and M erchants Stato Bank
o f Kenedy.
President. E . P . Ruhmann; Cashier, W . E. Ruckman.
CORPORATE E X IST E N C E E X T E N D E D .
U f itil c lo s e o f B u s in e s s .

8242— Tho First N ational Bank o f Burlington Junction, M o -.A p ril 17 1942
8311— The Commercial N ational Bank o f Kansas C ity. K an. .April 22 1942
6325—Tho Wilmerding N ational Bank, Wilmcrding, P a ..........April 21 9142
8434 — The First National Bank o f Stanton, Iowa....... ............... April 22 1942
CORPORATE E X IST E N C E R E -E X T E N D E D .
U n t i l C lo s e o f B u s in e s s .

2709— Tho Sterling National Bank, Sterling, 111............- .......... April 19 1942
2683— Tho First N ational Bank o f York, N e b _________ _____ April 21 1942
64— First Wisconsin N ational Bank o f M ilwaukee, WIs----- April 23 1942
C H A N G E OF T IT L E .
April 17— 12119—The Security N ational Bank o f Harlingen, Toxas, to
"Tho First N ational Bank o f H arlingen.”




a t a u c tio n in N e w Y ork , B o sto n and P hiladelphia:
B y M essrs. A drian H . M u ller & S on s, N e w York:
S h a res.

S to c k s .

P r ic e .

70 D a ly M in in g (U ta h ) , S20 e a ch ,

Shares. Slocks.

Price.

10 A rd slcy C asin o C o . . .......... .......$10 lo t

SI per sh. 100 C aleo C h em ical, p re f_______ $550 lo t

N ew Y ork C ity R e a lty a n d S u r e ty C o m p a n ies.
B id

April

625
330
345
310
—

530
165

April

ISO

Capital.

I I070—The Stockmens N ational Bank of Hardin, M o n t, 840,000
effective March 18 1922. Liquidating committee: E. A.
Richardson, Forsythe. M ont.: A. H. Roush, Hardin.
M o n t., and C . J. W illiams, Billings. M ont.
17- "11350—T he First N ational Bank of Antelope, 3 i ont.
1350—'I lie First
V
M
25,000
,<
'ffecb vo M arch 6 1922. Liquidating committee:
Citizens Stato Bank of A ntelope, M ont., and N . A.
VVell, Cashier, as Trustee. Absorbed by the Citizens
State Bank of A ntelope, Mont
II -11859—T he Oceanic N ational Bank of Boston, M a s s .. 200,000
E ffective April l 1922. Liquidating agent: d ia r ie s B .
Strout, Boston, M ass. It is understood that the
bank has been absorbed by the M etropolitan Trust
Co. o f Boston, M ass.
18- -5181— The Border N ational Bank of Eagle Pass, Texas 100,000
E ffective Jan. 21 1922. Liquidating committee: Board
of Directors of tho Border N ational Bank of Eagle
Pass. Absorbed by The First National Bank of
Eagle Pass, Texas, N o. 4490. Liability for circula­
tion will not be assumed under Section 5223, U. S. It. S.
21— 2489— The C ity N ational Bank o f Canton, Ohio______ 240,000
E ffective April 10 1922. Liquidating committee:
M essrs. Julius Whiting Jr. and A. M . M cC arty,
Canton, Ohio. To be absorbed by the Geo. D .
H arter Bank of Canton, Ohio.

A u c t io n S a le s .— A m on g oth er secu rities, tho follow in g,
155
250
80
100
125
220

• B a n k s m a r k e d w ith ( • ) a r e S t a t e b a n k s .

April

150
270

B r o o k ly n

C o n e y I s la n d *
F i r s t _________
H o m e s t e a d * ..
M e c h a n ic s ’ * .
M o n t a u k * ___

170
970
230
185
260
850
400

1861

5 T r e n to n P o tte r ie s _______ S13 p e r sh . 100 S ta n w o o d R u b b e r _________ $16 lo
64 % S ta r S h irt M fg ____
S70 lo t 58 7-15 L a c le d e -C h risty C la y
250 F ir s t N e w Y o rk C o rp ., p r e L .S lO lo t
P r o d u c ts ________________ $1 p e r s h .
101 S m ith S p rin g fie ld B o d y C o r p . $17 lot
400 M a n h a t t a n O il C o ., n o p a r,
Bonds.
Per cen
,
2 5 c. p e r sh . $ 9 ,0 0 0 S m ith S p rin g field B o d y C o r­
140 M a rg a y O il C o rp ., no par_S 2 p e r sh .
p o ra tio n 7 % N o te s , 1925_______ 25
107 Seco n d A v e n u e R R _____
$ 1 7 lot $ 5 ,000 W a sh . A rlin g to n & F a lls C h .
7 C a n a l S tre e t B ld g . C o r p . . $16 p e r sh . R y . 1st C o n s. 5s, 1 9 5 8 .- ............... 20
1,000 S o u n d R e a lty C o . (C0%
$ 1 ,0 0 0 A m e ric a n & B r itis h S ec. 6s,
p a id In ).
C o rp . h as
1923_________ _____________ ___ $25 l o t
r ig h t to ca ll fo r th e a d ­
$ 1 .000 W in o n a A S o u th w e s te rn R y .
d itio n a l 4 0 % ____________ $ 1 ,000 lo t
6s, 1928_______________________ $11 lo t

B y M essrs. Wise, H ob b s & A rnold, B oston:
S h a re s.

S to c k s .

P r ic e .

Shares. Stocks.

Price.

60 U . S . W o rste d C o . 1st p ro f____ 5-6 409 M a co ris L . A P . C o . 1st p r e f . . $25 lo t
100 C a n a d ia n C o n n . C o tto n M ills . 7%
2-10 A m erican M fg . co m . s c r i p . . 0 %
37o U . S. W o rs te d _
_
5c
2 F is k R u b b e r 1st p re f___________ 81 'A
1 Maine Central R R . pref_____ 70%
2 A m e ric a n M fg . p re f____________ 8 1 %
11 M a ss . E l. C o s. p ro f. e lf. of d ep .
1 A m erican M fg __________________ 95%
r e p . co m m o n s to c k o n ly ____ 4 A
7 Low ell L ig h t r ig h ts ___________$4 105
S I S E a s te r n M a ss . S t. R y . 1st prof.
30 B a tc h eld e r < - S n y d e r C o . 8 % p f . 94
5
S eries A scrip; 22 do a d j.
1 M e rrim a e C h e m ic a l___________ S3
_. s to c k s c rip ----------- -------- -----$18 lo t
4-10 A m e ric a n M fg . co m . s c r i p .. 9 A
10 E a s te r n M a ss. S t. U y . ref. 5s,
20 Low ell E le c. L t. r ig h ts ________4 -4 %
S eries B b o n d scrip ; $30 do
15 C o n v e rse R u b b e r Shoe c tf ____89
5 T u r n e r ’s F a lls P o w er & E l e c . . 85 %
co m m o n scrip ; $105 d o o p .
w a r r a n ts sc rip for a d j. sto ck ;
2 d o o p . w a rra n ts for a d j.
Bonds.
Per cent.
s to c k ________ _____________ $13 lot 31.0C0 L a u re n tld e P o w er 5s, 1 9 4 6 .. 9 3%

By Messrs. It. L. Day & Co., Boston:
Shares. Stocks.
S per sh.
1 M e rc h a n ts ’ N a t. B a n k , B o sto n 272%
25 F irs t N a t . B a n k , B o s to n _____ 304
10 A m e ric a n T r u s t C o ., B o s to n ___3 12%
50 W o rc e ste r B a n k & T r u s t C o _ 199%
_
5 W h itm a n & C o ., p ro f_____ 97 & d lv .
3 F a r r A lp a c a C o _____________ 130%
5 G ro a t F a lls M a n u fa c tu r in g ____94
13 P e p p e ie ll M a n u fa c tu r in g ....... 174
50 U . S . W o rs te d , 1st p r e f - ............. 4
5 N a s h u a M fg ., p re f_______ 99 & d iv .
22-10 A m e ric a n M fg _____ 9 % p e r 1-10
50 L a c o n ia S tre e t R y ., 850 e a c h . . 5 %
25 M a ss . E le c . p ref. c tf. d e p . for
c o m . s to c k o n ly , $25 e a c h _____ 4 %
75 P u r ita n B ric k C o ., $50 e a c h ___ 6 %
35 N a t. M o to r C a r & V ehicle C o rp . 2 %
25 O w en T l r o C o ., p ro f., $50 e a c h l S25
62 O w en T i r e C o ., c o m ., $10 e a c h / lo t
50 W . E . T illo ts o n M fg . C o ______
6

By Messrs. Barnes
Shares. Stocks.

&

Shares. Stocks.

$ per sh

1 M a ss . C h o c o la te C o ., p ro f____10%

60
67
7
5
100
9
1
50
15

P h il. & B o s. F a c e B rick C o r p . . 2
l
Y a ry a m N a v a l S to re s C o ______
Y a ry a m N a v a l S to re s C o ., p ro f. 5
P ro v id e n t S e c u r. & B a n k . C o . 10
I n d u s tr ia l O i l * G a s ___________
l
A m e ric a n G lu e _______________ 1 14%
L aw ren ce M fg . C o ____________ 123
A d iro n d a c k P o w er & L t ., c o m . 18%
C o n v erse R u b b . S h o e , p ro f____90

Bonds.

Per cent.

$100 E a s t. M a s s . S t. R y . 6 s, 1929,
9 7 % & i n t.
$100 E a s t. M a s s . S t. R y . 6 s, 1928,
9 7 % & i n t.
$250 E a s t. M a ss . S t . R y . 6s, 1948,
79 & i n t.
$ 1 ,000 E a s t. M a ss . S t . R y . 5s, 1948,
68% A i n t

Lofland, Philadelphia:
Spirsh.

S h a res.

S to c k s .

$ per

sh

200 F le tc h e r W o rk s, I n c ............... 90
2 N a t . B k . of D e l., W ilm in g to n . 190
4 ,0 0 0 K e n tu c k y P ro d . A R e l ______$6 lo t
5 A m e ric a n A cad em y of M u s ic .640
6 P r a t t F o o d C o ________ •_____ 185
1,618 P e n n W y o m in g R e f . . ............ 36 lo t
4 P h ila d e lp h ia B o u rs e ________
9
20 C a m d e n F ire In s. A ssn ., p a r $5 1 1 %
5 T a y lo r P a c k in g C o ....................1 0 0
5 L eh ig h V al. C o al S a le s, $50 c a . 71%
100 A . B . K irsc h b a u m C o ______2 2 %
1 Y o u n g -S m y th -F le ld C o _____ 2
10 C itiz e n s P a ssen g e r R y ______ 2 0 8 %
5 Y o u n g -S m y th -F le ld C o ., p rcf_$50 lo t
27 C u rtis P u b lis h in g C o ., p r e f . .1 1 7
50 E m p ire T itle A T r ., p a r S 5 0 . 29
12 H o rn A I la r d a r t B a k in g C o .
19 F ra n k lin T r u s t _____________ 180%
o f P h l la ___________________ 300
10 P e n n T r u s t, N o rris to w n , P a . 190
15 H o te l T ra y m o re , S eries 5, p f . 75
21 P e rk lo m e n N a t. B a n k ______ 456
7 B a ile y , B a n k s A B id d le , p ro f. 102
10 P h o o n ix v illc (P a .) T r u s t ____65
4 P e n n . A c a d e m y of F in e A r t s . 30
2 V alley N a t . B a n k , G reen 3 M o rris C a n a l A B a n k in g , p t_165
lan e , P a . . _____ ___________163
10 P h lla . A G ra y s F e r ry P a s s . . 63
15 N o rristo w n (P a .) T r u s t . .2 2 0 -2 4 0
10 T h o m a s I ro n C o ____________ 17
85 U . S. L o an S o c iety , p a r $ 1 0 .. 8%
25 V irg in ian P o w er C o . ......................... 7 % 20 N o r th e r n L ib e rtie s G a s C o . . 35
6 F r is h m u th i B ro th e r & C o .,
20 R iv e rs id e T ra c ., p re f., p a r $50 27
p re f.-c o m ., p a r $ 2 5 ___ 2 1 % -2 2
13 E llz . A T r e n to n R R ., p a r $50 22
300 T u b iz e A rtific ia l S ilk C o . of
3 E l lz .& T r e n . R l t . , p f., p a r $50 3 3 %
A m erica, p ro f...........................51
$25 E l lz .& T r e n . R R ., co m . s c r ip . 10
60 T u b iz e A r til. S ilk C o . o f A m . 35
100 S ta n d25,000 n k C a r. p ro f____30
a r d q’a
5 P h lla . W a rc h . & C o ld S t o r _ _ l l l
156 A la . T c n n . * N o r. 1 !R ., p r e f . 3 %
3 J o h n B . S te ts o n C o ., p r e f ____135
35 A la. T c n n . * N o r. R R ______
1
3 P h lla . B o u rse, p re f., p a r $ 2 5 . 2 2 %
10 U n ite d M o to rs , p ro f., p a r $10
%
50 S ta n d a r d Ice M fg ., c o m m o n . 40
10 P c rk aslo P a r k A ssn ., p a r $ 2 5 . 12
' 50 S ta n d a r d Ice M fg ., p re f_____ 75
14 P h lla . G c r m a n t. & N o r. R R .1 2 0
2 W e st E n d T r u s t . . .................................1 51%
B on ds.
P e r cen
50,000
4 C c d a rc ro ft L a n d C o ...............
1
$ 4 ,000 R iv e rsid e T r a c tio n 5 s , I 9 6 0 - 68
2 P o co n o M a n o r A s s n ............... 50
30 K e n s in g to n N a t . B k ., p a r $ 5 0 .1 2 0 % 5 4 .0 0 0 Y o rk H a v e n W a te r A P o w er
5s, 1 9 5 7 . - - ........................................... 7 6 %
% F r a n k lin N a tio n a l B a n k ____ 300
$500 C ity of O k la ., S e r. 139, 1 9 1 8 .$ 1 7 0 lot
30 M id d lo C ity N a tio n a l B a n k . . 50
5500 C ity of O k la ., S er. 139, 1 9 1 8 .$ 7 5 lo t
1 P e n n N a tio n a l B a n k ________ 343
4 S ix th N a tio n a l B a n k _________2 21% S10.500 A la. T e n n . & N o r. 6s, 1 9 4 8 . 18%
$5 ,0 0 0 N o rth w . P e n n . R y . 5s, 1 9 4 1 . 16
3 T e n th N a tio n a l B a n k _______ 190
5 1 .000 N .Y . & P a . T e l. & T e l. 4 s ,’29 75
10 P h ila d e lp h ia N a tio n a l B a n k . 377
3 N a t. B a n k of G e r m a n to w n .. 175% $ 1 ,200 C h i. A u r. A E lg . R R . 7s, ’47 85
$ 2 ,000 C ity o f Salem , N . J . , 4 % s ,’22 76%
5 N a tio n a l B a n k of C o m m e rc o .1 2 0
$ 1 ,000 C ity of S alem , N . J . , 4 % s ,’23 76 %
25 C e n te n n ia l N a tio n a l B a n k . . 303
$ 1 ,000 C ity of Salem , N . J . , 4 % s ,’31 76%
2 G u a r a n te e T r . A Safe D e p . . 127
8 F r a n k lin T r u s t ________
180% 52.000 C ity o f Salem . N . J . , 4 % s ,’33 76%
$ 1 ,000 C ity of S alem , N . J . , 4 % s ,’34 7 6 %
10 P eo p les T r u s t, p a r $ 5 0 _______ 50
10 C e n tra l T r u s t A S a v ., p a r $50 87% $1,500 C ity of S alem , N . J . , 4 % s , ’37 76%
$1,500 C ity o f S alem . N . J . , 4 % s , ’47 76%
3 B u c k s C flu n ty T r u s t, D o y les $ 1 ,000 S h re v e p o rt E l D o ra d o P ip e
to w n , P a __________________115
Lino 8s, 1922.......... ............................ 8 8 %
10 P e n n . C o . for In s. o n L iv es
5 1 9 .0 0 0 S h re v e p o rt E l D o ra d o P ip e
A G r a n tin g A n n u itie s ...........525
L in e 8 s, 1 9 2 3 _____________ _____ 85
2 W e st E n d T r u s t, p a r $ 5 0 ____ 151%
25 C o m . T r u s t, p a r 8 1 0 0 -340-340% $ 1 0,000 N . J . G a s 5 s, 1940________ 60
14 G e rm a n to w n T r . , p a r 8 1 0 0 .2 2 5 -% $500 D e v o n M a n o r C o rp . 6s, ’4 7 .$ 1 2 5 Io
$64 E le c. & P eo . T r a c . s tk . t r . c tf . 72
10 M e d ia T itle A T r u s t, p a r $ 2 5 . 62

T H E

1862

DIVIDENDS.
Dividends axe now grouped in two separate tables. In the
first we bring together all the dividends announced the cyirrent week. Then wo 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:
P er

Cent.

Name i f Company.

R a ilr o a d s ( S te a m ).
*2
C e n t r a l R R . o f N . J . ( q u a r . ) .....................
*87 X e
C l e v e la n d & P l t t s b . , r a g . g u a r . ( q u a r . ) .
‘ 50c.
S p e c ia l g u a r a n t e e d ( q u a r ) .....................
*2 if
D e l a w a r e & H u d s o n C o . ( q u a r . ) .............
♦IX
I ll in o i s C e n t r a l ( q u a r . ) ........... .......................
N o r f o lk & W e s t e r n , c o m m o n ( q u a r . ) . .
*50c
P e n n s y lv a n i a ( q u a r . ) ........... ............................
S t r e e t a r d E le c tr ic R a ilw a y s .
C o n n e c t ic u t R y . & L t g ., c o m . & p f . ( q u .)
T a m p a E l e c t r ic C o . ( q u a r . ) .......................... •2'A
R anks.
A m e ric a n E x c h a n g e N a tio n a l ( q u a r . ) . _
B o w e ry ( q u a r . ) ......................................................
E x t r a ...............................................- ....................
C h e m ic a l N a t i o n a l ( b i - m o n t h l y ) -----------T r u s t C o m p a n ie s .
F a r m e r s ' L o a n & T r u s t ( q u a r . ) ...........—
K in g s C o u n t y , B r o o k l y n ( q u a r . ) .............
M is c e lla n e o u s .
A m e r i c a n B r a s s ( q u a r . ) ....................................
A m e r i c a n C y a n n n Id , p r o f --------------------A m e ric a n I .l n e n ( q u a r . ) .................................
A m e r. T o b a c c o , c o m . & c o m . B ( q u a r . ) .
A m p a r o M in i n g ( q u a r . ) ..................................
A t l a n t a T e r r a C o t t a , p r e f e r r e d ...................
B e a c o n O i l ...............................................................
B e th le h e m S t e e l , c o m m o n ( q u a r . ) ...........
C o m m o n B ( q u a r ) ........... — ...............
8 % c u m . c o n v . p r e f . ( q u a r . ) ........... ..
7 % n o n c u m . p r e f . ( q u a r ) -------------B r o o k l y n F d l s o n C o . ( q u a r . ) _ ...................
B u n t e B r o t h e r s , p r e f e r r e d ( q u a r . ) -------C o lo ra d o F u e l k I r o n , p re f. ( q u a r .) .
C o l u m b i a G a s & I- le c . ( q u a r . ) ...........
C o n s o l id a t e d G a s , N e w Y o r k ( q u a r .)
C o n tin e n ta l G u a r a n ty C o rp . ( q u a r .) . . .
D a v o l M ills ( q u a r . ) ........... ..............................
D ie m & W in g P a p e r , p r e f e r r e d ( q u a r . ) .
E m e rso n S hoe, p re fe rre d ( q u a r . ) . . . . .
E s m o n d M il ls , c o m m o n ( q u a r . ) ---------P r e f e r r e d ( q u a r . ) .................................. - - F a m o u s P l a y e r s C a n 'n C o r p . , p r e f . ( q u .
F o u l d s M il li n g , c o m . ( q u a r . ) ..............
G o o d ric h (B . F .) C o ,, p re fe rre d ( q u a r .) .
G r a n l t e M il ls ( q u a r . ) ------------------ ----------G r e a t L a k e s D re d g e & D o c k (q u a r.) —
G r e c lo c k C o m p a n y ( q u a r . ) ......................
H a r m o n y M il ls , p r e f . ( q u a r ) ...........—
H a r t, S c h a ffn e r
M a rx , c o m . (q u a r .).
I n l a n d S t e e l ( q u a r . ) .......................................
I n t e r n a t . H a r v e s t e r , p r e f . ( q u a r . ) ...........
K e y s t o n e W a t c h C a s e ( q u a r ) -------------L e h ig h C o a l & N a v i g a t i o n ( q u a r . ) ------ .
L i m a L o c o m o ti v e W o rk 's , c o m . ( q u a r .)
L l g g e t t A M y e r s T o b . , c o m .& c o m .B ( q u
L o e w ’s B o s t o n T h e a t r e s C o . , c o m . (q u
M a n o m e t M il ls ( q u a r . ) -------- -------- -M a s s a c h u s e t t s C o t t o n M ills ( q u a r . ) . .
M e lv i ll e S h o e C o r p o r a t i o n , c o m . ( q u a r
P r e f e r r e d ( q u a r . ) ...........................................
N a r r a g a n s e t t M ills ( q u a r . ) . . .......................
N a s h a w e n a M ills ( q u a r . ) ........... ............... - .
N e w Y o r k S h i p b u il d in g ( q u a r . ) ............. ..
N o n q u l t t S p i n n in g ( q u i r . ) ...........................
P a c if i c M il ls ( q u a r . ) . ................ ......................
P e n n s y l v a n i a C o a l & C o k e ( q u a r . ) -----P i c k ( A l b e r t ) C o . , c o m m o n ( q u a r . ) -----P re ss e d S te e l C a r , p re fe rre d ( q u a r .) .
P u r e O il, c o m m o n ( q u a r .) — ...................
P y r e n e M a n u fa c tu r in g , c o m . ( q u a r . ) . .
S a g a m o r o M f g . ( q u a r . ) ..................................
S c o t t P a p e r , p r e f ...........................- .................
S h a w m u t M il ls , c o m . ( q u a r . ) ................ P r e f e r r e d ( q u a r ) -------------- ----------------S i e r r a P a c ific. E l e c t r i c , p r e f . ( q u a r . ) . . .
S o u t h e r n P l p o L i n e ( q u a r . ) ...........................
S m i t h (A . O .) C o r p ., p ro f, ( q u a r . ) -----S t a n d a r d M il li n g , c o m m o n ( q u a r . ) ------P r e f e r r e d ( q u a r . ) ..........................................
S t a n d a r d S a n l .a r y M f g ., c o m . ( q u a r .)
P r e f e r r e d ( q u a r . ) -------------------------------S t e v e n s M a n u f a c t u r i n g ( q u a r . ) -----------T o b a c c o P r o d u c ts C o r p ., c o m . ( q u a r .) .
T r o y C o t t o n & W o o le n M f g ---------------T u r m a n OH ( m o n t h l y ) __________________
M o n t h l y _______________________________
M o n t h l y _____________ _________________
E x t r a __________________________________
U n i o n C o t t o n M f g . ( q u a r . ) .......................
U n i t e d R o y a l t i e s ( m o n t h l y ) ........................
E x t r a __________________________________
V a n R a a l t c C o . , I n c . , p r e f . ( q u a r . ) -----W e e t a m o e M il ls ( q u a r . ) _____________ _W h i t e ( J . G . ) k C o . , I n c . , p r e f . ( q u a r .)
W h i t e ( J . G . ) E n g i n e e r i n g , p r e f . ( q u a r .)
W h i t e ( J . G . ) M a n a g e ’t C o r p . , p f . ( q u .)
W r i g h t A e r o n a u ti c a l C o r p . ( q u a r . ) --------

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15 ‘ H o l d e r s
H o ld e rs
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S t r e e t & E l e c . R y s . — ( C o n c l .)
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i v n n n E lc c . R y . , L . & P . . c o m . * p r e f .
M il w a u k e e E le c R y A L 6 % p f f o i l . ) .
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S ix p e r c e n t p r e f e r r e d ........................ ............
e s t P e n n . T r . & W a t e r P o w ., p f . ( q u .)
P r e f e r r e d ( a c c t . a c c u m u l a t e d d l v s .) —
W e st P e n n P o w e r Co., p r e f ( q u a r . ) -----Y o rk R a i l w a y s , p r e f . ( q u a r . ) ------------------

10
10
10
27
5
31
1

to
M a y 15
M a y 15 A p r . 3 0
M a y 15 ► Holders o f r e c . M a y 8 a

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S t r e e t a n d E le c tr ic R a ilw a y s .
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S t r e e t a n d E le c tr ic R a ilw a y s .
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P u b l ic S e r v ic e I n v e s t m e n t , c o m . ( q u a r .)
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IX

Vpr. 29

H o ld e rs
H o ld e rs
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81
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2
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♦IV J u n e 30 ‘ H o l d e r s of r e c . J u n e 2 0
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P a y a b l e In c o m . s to c k s c r i p ................
l ) i M a y 1 H o l d e r s o f r e c . A p r . 2 4 a C l ln c h f l e l d C o a l C o r p . . p r e f . ( q u a r . ) ------ * 1 X M a y 1 H o ld e rs o f r e c . A p r . 2 5
Ju n e
1 H o ld e rs of r e c . M a y 15
2
M ay
1 H o ld e rs o f r c c . A p r . 2 0
1
C o l u m b i a P e t r o l e u m ( m o n t h l y ) -----------H i M a y 15 H o l d e r s o f r e c . M a y
M ay
1 H o ld e rs o f re o . A p r . 1 6 a
2
C o m m o n w e a lt h - K d ls o u C o . ( q u a r .) —
M a y 31 H o l d e r s o f r e c . M a y 2 0
2
C o n s o l id a t e d U t i l i t i e s , p ro f, ( q u a r .) —
IX M a y 1 H o ld e rs o f r e c . A p r . 2 0
IX M a y 31 H o l d e r s o f r e c . M a y 2 0
C o n s o l id a t io n C o a l ( q u a r . ) -------------------IX A p r . 2 9 H o ld e rs o f r e c . A p r . 1 6 a
H o ld e rs o f rec . M a y
M a y 15
62 Xc M a y 1 H o ld e rs o f re o . A p r . 3 a
C o s d e n A C o ., c o m m o n ( q u a r . ) -----------H i M a y 15 H o l d e r s o f r e c . M a y
C u d a h y P a c k in g , p r e f e r r e d ---------- --------3X M a y 1 H o ld e rs o f r e o . A p r . 21
2'A A p r . 2 5 H o l d e r s o f r e c . A p r . 2 5 a C i n c i n n a t i T o b a c c o W a r e h o u s e ( q u a r . ) . 81
M a y 15 H o ld e rs o f r e c . M a y 2 o
I'A M a y 15 H o l d e r s o f r e c . M a y
U u v is C o t t o n M ills ( q u a r . ) ........... .
* 1 X J u n o 2 4 H o ld e rs o f r e c . J u n e 10
M ay
1 ♦ H o ld e i s o f r e c . A p r . 2 5
♦2
J u n e 15 H o ld e rs o f r e c . M a y 3 1 a
2
D i a m o n d M a t c h ( q u a r . ) _________
M a y 20 H o ld e rs o f r e c . A p r. 3 0
1
M a y 15 H o ld e rs o f r c c . A p r . 2 9
1
D o m i n io n B r id g e ( q u a r . ) ................ .
J u n e 20 H o ld e rs o f r e c . M a y 30
1
M ay
1 H o ld e rs o f re o . A p r . 13
D o m in io n C o a l , p r e f . ( q u a r . ) -----IX
J u ly 20 H o ld e rs o f re c . J u n e 30
1
to
M ay 1
D o m in io n S te e l C o r p ., p r e t . ( q u a r . ) -----IX M a y 1 A p r . 16
H o ld e rs o f r e c . J u n e 30
J u ly 20
2
20 c. M a y 5 H o ld e rs of rc c . A p r. 2 5 a
d u P o a t C h e m ic a l , c o m . A p r e f . ( q u a r . ) .
M ay
1 ‘ H o ld e rs o f r e c . A p r . 2 6
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M a y 25 H o ld e rs o f re c . A p r . 5
3
M ay
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IX
P r e f e r r e d ( q u a r . ) . . .....................................
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1
H i M a y 1 H o ld e rs o f r c c . A p r . 2 0 a
D u r h a m H o s i e r y M ills , p r e f . ( q u a r . ) . . .
M ay
1 H o ld e rs o f r e c . A p r . 16
3
‘ H i J u n e 1 ‘ H o l d e r s o f r e c . M a y 18
E d i s o n E le c . I li u m , o f B o s to n ( q u a r . ) . .
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1 H o ld e rs o f re o . A p r . lEa
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$ 2 .5 0 M a y
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Hi J u n e 1 H o l d e r s o f r e c . M a y 15
IX M a y 1 H o ld e rs o f r e c . A p r . 18
E l e c t r i c B o n d A S h a r e , p r e f . ( q u a r . ) -----M ay
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2
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M ay
1 H o l d e r s o f r c e . A p r . 15
2
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1 H o ld e rs o f rc c . A p r . 25
6
E v e r e t t M i l l s _____________________
5 0 c . A p r . 2 9 H o ld e rs o f r e c . A p r . 2 0 a
E x c h a n g e B u f f e t C o r p ., c o m . ( q u a r . ) . .
IX M a.v 1 H o l d e r s o t r e c . A p r . 2u a
F a j a r d o S u g a r ( q u a r . ) ---------------M ay
1 H o ld e rs o f re c . A p r. 20
3
F u ll R i v e r G a s W o rk s ( q u a r . ) . .
M ay
1 H o ld e rs o f r e c . A p r . 16a
2
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F e d e r a l S u g a r I t e f g .. c o m . ( q u a r .)
H i M a y 1 H o ld e rs o f re o . A p r . 21a
IX M a y 1 H o ld e rs o f r e o . A p r . 2 1 a
P r e f e r r e d ( q u a r . ) ........... .................
Bocks Closed.
When
Per
1
F i r e s t o n e T i r e A R u b b e r , 7 % p r e f . ( q u .) ‘ IX M a y 15 ♦ H o ld e r s o f r e c . M a y
Days Inclusive.
Cent. Payable.
1 H o ld e rs o l r e c . A p r . 2 1 a
$ 2 .5 0 M a y
F is h e r B o d y C o r p . , c o m ........... ..
IX M a y 1 H o ld e rs o f r e c . A p r . 2 1 a
P re fe rre d ( q u a r .)
................ F o r t W o r t h P o w e r A L i g h t, p r e f . ( q u a r .)
H i M a y 1 H o l d e r s o f r e e . A p r . 15
l ) i J u n e 1 H o ld e rs of re c . M a y
to
A p r. 30
F r a n k l i n ( I I . H . ) M f g ., p r e f . ( q u a r . ) . .
H i M a y 1 A p r . 21
A p r . 29 H o l d e r s o f r e c . A p r .
82
G e n e r a l C i g a r , c o m . ( q u a r . ) ........................
IX M a y 1 H o l d e r s o f r e c . A p r . 2 4
M ay
1 H o ld e rs of re c . M a r
Hi
P r e f e r r e d ( q u a r . ) -------- --------- - ...............
IX J u n o 1 H o ld e rs o f r e c . M a y 2 4 a
H i J u n o 30 H o ld e rs o f re e . J u n o
D e b e n t u r e , n r e f . ( q u a r . ) ........... ............
H i J u ly 1 H o ld e rs of re c . J u n o 2 4 a
S e p t. 30 H o ld e rs o f re c . S e p t.
IX
G e n e r a l M o t o r s , 6 % p r e f . ( q u a r . ) ...........
IX M a y 1 H o l d e r s o f r e c . A p r . 7 a
D e c . 30 H o ld e rs of re c . D e c .
IX
S ix p e r c e n t d e b e n t u r e s t o c k ( q u a r . ) .
IX M a y 1 H o l d e r s o f r e o . A p r . 7 a
M a y 19 H o l d e r s o f r e c . A p r .
1
M ay
1 H o ld e rs o f r c c . A p r . 7 a
S e v e n p e r c e n t d e b e n t u r e s to c k ( q u a r .)
IX
M ay
1 H o ld e rs o l re c . A p r.
1X
*2
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1
G e n e r a l T i r e A R u b b e r , c o m . ( q u a r .)
M ay
1 H o ld e rs of rc c . A p r.
IX
O l b s o n A r t C o .—
1 H o ld e rs of rc c . A p r.
8 1 .6 6 V M a y
la
M a y 15 H o l d e r s o f r e o . M a y
10
C o m m o n , e x t r a (In c a s h ) ........... ..........
M ay
1 H o ld e rs of re c . A p r.
61
1
$3
Juno
1 H o ld e rs of re c . M a y
G i l l e t t e S a f e t y R a z o r ( q u a r . ) .................
M a y 31 H o l d e r s o f r e c . M a y
l)i
S t o c k d i v id e n d ( d e c la re d A p r i l 1 2 ) -----•52X J u n e 1 H o l d e r s o f r e c . M a y 1
M a y 11 H o l d e r s o f r e c . A p r .
SI
June 1 H o l d e r s o f re o . M a y 1
J2 X
S t o c k d i v i d e n d ( d e c la re d J a n . 1 1 ) -----J u n e 8 H o ld e rs o f re c . M a y
50c.
G o s s a r d ( I I . W .) A C o ., p r o f. ( q u a r . ) . . .
IX M a y 1 H o l d e r s o f r e c . A p r . 2 5
M ay
I H o ld e rs of re o . A p r. 2 0
C r u e n W a t c h , p r e f . ( q u a r . ) ...........................
IX
to
A p r. 30
A p r. 30 A p r. 25
H a lle B r o s .. 1 s t A 2 d p r e f . ( q u a r . ) ...........
IX
\
X M a y 1 H o ld e rs of re c . 2p r .
H a r b l s o n - W a l k . R e f r a c t ., c o m . ( q u a r .)
IX J u n o l H o ld e rs o f r e c . M a y 2 0 a
3
M ay
1 H o ld e rs o f r e c . A p r .
P r e f e r r e d ( q u a r . ) . ................................. —
IX J u l y 2 0 H o l d e r s o f r e o . J u l y 1 0 a
1 H o ld e rs of re e . A p r.
of r
A p r 10
H a r r i s B r o s ., p r e f . ( q u a r . ) _____________
IX M a y 1 H o ld e rs „r r e o , A n r .. 2 4 a
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H o ld e rs o f re c .
A p r. 27
to
A p r. 27
to
H o ld e rs o f re c .

A p r.
A p r.
A p r.
A p r.

27
30
30
21a

2

Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends
announced this week.

R a ilr o a d s ( S te a m ).
A tc h . T o p e k a A S a n ta F e. c o m . ( q u a r .) .
G r e a t N o r t h e r n O r e P r o p e r t i e s ...................
N e w Y o r k C e n t r a l R R . ( q u a r . ) ..................
N . Y . C h i c . A S t . L o u i s , 1 s t p r e f . ( q u a r .)
F i r s t p r e f e r r e d ( q u a r . ) . . ........... ................
F i r s t p r e f e r r e d ( q u a r . ) .......................... —
N o r f o lk A W s 'e r n , a d j . p r e f . ( q u a r . ) . . .
N o r t h e r n P a 1 c ( q u a r . ) ...................................
P e i e M a r q u e t t e , p r io r p r e f . ( q u a r . ) ...........
P r e f e r r e d f o u r m o n t h s ’ d i v i d e n d ) -----P r e f e r r e d ( a c c 't a c c u m u l a t e d d l v s .) —
P i t t s b u r g h A W e s t V a .. p r e f . ( q u a r .) . .
R e n d in g C o ., c o m m o n ( q u a r . ) -----------------F i r s t p r e f e r r e d ( q u a r . ) ..................................

fVoL. 114.

C H EO N TC LE

THE CHRONICLE

A ’hiL 29 1922. ]
j
i
P er
C e n t.

Name of Company.

W hen
P a y a b le .

Rooks Closed.
Days Inclusive.

M i s c e l l a n e o u s ( Concluded) ,
H o o d R u b b e r , p ro f, ( q u a r . ) ...........................
1
H o u g h t o n C o u n t y F l e e t r lo L ig h t, p r e f . .
75c.
H u p p M o t o r C a r C o r p ., e o m . ( q u a r . ) ___
25c.
I d a h o P o w e r , p r o f, ( q u a r . ) .............................
HA
I ll in o i s N o r t h e r n U t i l i t i e s , p r e f . ( q u a r . ) .
I n d i a n a P i p e L in e ( q u a r . ) ...............................
2
E x t r a ..................... ...............................................
2
I n g e r s o ll - R a n d C o ., e o m . ( q u a r ) ..............
2<A
I n t e r a a t . C o m b u s ti o n E n g i n e e r i n g ( q u .)
50c.
I n t e r n a t i o n a l N ic k e l, p r e f ( q u a r . ) ...........
I n t e r t y p e C o r p o r a t i o n ( q u a r ) ___________ *81
I p s w ic h M il ls , p r e f e r re d ( q u a r . ) ........... .......
1H
I r o n P r o d u c t s C o r p ., p ro l ( q u a r . ) ______
2
K a m l n l s t l q u l a P o w e r ( q u a r ) .....................
2
K a u f m a n n D e p t . S to re 's , e o m . ( q u a r . ) . . 81
K e llo g g S w i t c h b o a r d A S u p p l y ( q u a r . ) .
2
K e l ly - S p r ln g l l e l d T i r e , p r e l ( q u a r . ) .
2
K e ls e y W h e e l, p r e f . ( q u a r . ) ................
i _ j y<
K r e s s (S . H . )
C o ., c o in , f q u a r . ) _______ $i
i A t i e a s t e r M il ls , p r e f . ( q u a r ) . . .
ha
L ee R u b b e r A T iro C o rp . (q u ar ) .
50c.
L im a L o c o m o tiv e , p r e f e r re d ( q u a r . ) ____
H i
L in c o ln M a n u f a c t u r i n g f q u a r . ) . .
*2
L i n d s a y L i g h t , p r e f . ( q u a r ) -------ha
L o o s e -W ile s B i s c u it . 2rl p r e f f q u a r . ) ___
H i
L o r d A T a y l o r . 1st p re f. f q u a r . ) ____
L o w ell E l e c t r i c L ig h t f q u a r ) -----------2 )4
L u t h e r M a n u f a c t u r i n g ( q u a r . ) ---------*2
M a r i n e O il ( q u a r . ) .......................................
2
M a r t i n - P a r r y C o r p . ( q u a r . ) ...................
50o.

‘
A

M ay
1
to
M ay
1 A p r . 21
M ay
1 H o ld e rs o f re c . A p r . Kin
M ay
1 H o ld e rs o f re c . A p r . If)o
M ay
1 H o l d e r s o f r e c . A p r . 15
M ay
1 ‘H o l d e r s o f re c . A p r . 15
M a y 15 H o l d e r s o f r e c . A p r . 24
M a y 15 H o l d e r s o f r e c . A p r 24
A p r . 29 H o l d e r s o f r e c . A p r . 14n
A p r . 2 9 H o l d e r s o f re c . A p r . 20a
M ay
1 H o l d e r s o f re c . A p r . 18a
1
M a y 15 " H o ld e rs o f r e c . M a y
M ay
1 H o ld e rs o f rec . A p r. 20
In
M a y 15 H o ld e rs o f rc c . M a y
M a y 15 H o l d e r s o f r e c . A p r . 3 0
M ay
1 H o l d e r s o f re c . A p r . 2 0
A p r . 2 9 H o l d e is o f re c . A p r . 2 4 a
la
M a y 15 H o l d e r s o f re c . M a y
M ay
1 H o ld e rs o f r e e . A p r . 2 0 o
H o ld e rs o f re c . A p r . 2 0 a
M ay
1
M ay
1 H o l d e r s o f r e c . A p r . 21
Ju n e
1 H o l d e r s o f r e c . M a y 15a
M ay
1 H o ld e rs o f re e . A p r I fin
M ay
1 "■H olders o f r e c . A p r . 18
M ay
1 H o l d e r s o f re c . A p r . 2 8 a
M ay
1 H o ld e rs o f re c . A p r I Ho
Ju n e
1 • H o ld e rs o f re c . M a y 20
M ay
1 H o l d e r s o f r e c . A p r I f>a
M ay
1 • H o l d e r s o f r e c . A p r . 18
In
M ay
1 H o ld e rs fo re c . M a y
Ju n o
1 H o l d e r s o f re c . M a y 15a
M ay
1 H o l d e r s o f rc c . A p r . 15
la
M ay
1 H o ld e rs o f re c . A p r .
5
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M a y 15 H o ld e rs o f re c . M a y
50c
♦25c. M a y
1 • H o ld e rs o f rcc . A p r. 25
1
M ay
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M a y 15 H o l d e r s o f re c . A p r . 3 0
2
A p r . 2 9 • H o l d e r s o f re c . A p r . 2 5
*3H
1 • H o l d e r s o f re c . A p r . 2 5
*1 H M a y
1 • H o ld e rs o f rec . A p r. 20
* 8 1 .2 5 M a y
2
M ay
1 H o l d e r s o f r e c . A p r . 17
M ay
1 H o ld e rs o f r e c . A p r . 2 0
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ha M a y 31 H o ld e rs o f r e c . M a y 17a
J u n e 30 H o ld e rs o f re c . J u n e 10a
S e p t . 3 0 H o ld e rs o f re c . S e p t . 0 a
HA
D e c 3 0 H o ld e rs o f re c . D e c . On
\H
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M ay
1
to
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1 A p r. 28
20c.
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25c.
M a y 10 H o l d e r s o f re c . A p r . 2 9 a
2
M ay
1 H o l d e r s o f rec . M a r . 31
2
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la
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76o.
la
7 5 c . D e o . 31 H o ld e rs o f re c . D e o .
M a y 15 H o ld e rs o f re c . M a y fi
2
21
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d
A pr
A p r . 30
•2
M ay
1 H o ld e rs o f rec. A p r . 2 0
HA
M ay
1 H o ld e rs o f rc c . A p r . 2 0
June
1 • H o l d e r s o f re c . M a y 2 0
•SI
Ju n e
1 H o ld e rs o f r e c . M a y 15a
A p r . 29 H o ld e rs o f r c c . A p r . 17
M ay
1 H o ld e rs o f re c . A p r . 17
S1 .2 5 M a y 1 H o ld e rs o f r e c . A p r . 2 4 a
M ay
1 H o l d e is o f r e c . A p r . 2 4 a
82
A p r . 2 9 H o ld e rs o f r e c . M a r . 3 1 a
3
A p r . 2 9 H o l d e r s o f re c . M a r 3 1 a
3
A p r. 29 H o l d e r s o f r e c . M a r 3 1 a
3
5
M a y 15 H o l d e r s o f r c c . A p r . 2 5 a
M ay
1 H o ld e rs o f r e c . A p r . 2 1 a
M ay
1 • H o l d e r s o f re c . A p r . 15
•1 H
♦ 1 H M a y 1 • H o l d e r s o f r e c . A p r . 15
M a y 15 H o l d e r s o f r e c . A p r . 2 9 a
2
M a y 31 • H o l d e r s o f re c . M a y
i
M ay
1 H o ld e rs o f re c . A p r. 20
M ay
1 H o ld e rs o f re c . A p r. 20
M a y 1 H o ld e rs o f rec . A p r . 20
1 • H o l d e r s of re c . A p r . 16
*20c. M a y
1 • H o l d e r s o l r e c . A p r . 15
*10c. M a y
M ay
1 H o ld e rs of re c . A p r . 15
M a y 1 ♦ H o ld e r s o f r e c . A p r . 2 0
*1
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l • H o l d e r s o f r e c . A p r . 22
M ay
1 H o l d e r s o f r e c . A p r . 15
1
to
M a y 31 A p r . 2 3
2
M a y 17
A p r . 21
to
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4
#33 1-3
Ju n e
1 H o ld e rs of rc c . A p r. 2 8 a
1 • H o l d e r s o f r e c . A p r . 18
*62 >4 c M a y
Juno
1 H o l d e r s o f r e c . M a y 15a
2
S e p t . 1 H o ld e rs o f r e c . A u g . 15a
2
HA M a y 1 H o l d e r s o f r e c . A p r . 8a
M ay
1 H o l d e r s o f re o . A p r . 8 o
H i
M a y 15 • H o l d e r s o f r e e . A p r . 2 9
*2
7 5 c . M a y 15 H o l d e is o f r e c . A p r . 2 9 a
M ay
1 H o l d e r s o f r e c . A p r . 20
M a y 15 H o l d e r s o f r t c . M a y
2
la
M ay
1 H o l d e r s o f re o . A p r . 17
Ju n e
1 H o ld e rs o t rec. M a y 5a
1 H o l d e r s o f re c A p r 16a
8 7 Vic M a y
June
1 ‘H o l d e r s o f r e c . M a y 15
HA J u l y 1 H o l d e r s o f reo J u n e 16t
1 H o l d e r s o f rec S e p t ' fo
H A O c t.
3!i M a y l H o l d e r s o f r e c . A p r . 1 8 a
8 7 1 4 c . J u n e 15 H o l d e r s o f re e . M a y 3 1 a
J u ly
1 H o ld e rs o f r e c ’ J u n e
3«o
<
1 H o l d e r s o f re c A p r . 3n
25c. M a y
A p r. 29 H o ld e rs o f re c . A p r. 22a
1
A p r . 29 H o l d e r s o f re c .
2
A p r. 15a
M a y 31 H o l d e r s o f re c . M a y
3
1
M a y 31 H o l d e r s o f r e c . M a y
3
1
1 H o l d e r s o f re c . A p r . 15
50c. M a y
M ay
1 H o l d e r s o f re o A p r . 2 It
60o.
1 H o l d e r s o f re o .
60c. J u n e
M a y 2ii
1 H o l d e r s o f re c . J u n e 25
60c. J u ly
J u ly
1 H o ld e rs of rec
J u n e 22
3 0 c . M a y 15 A p r .
3 0 to
M a y 15
2 ) 4 J u n e 2 0 H o l d e r s o f ro c. M a y 20a
A p r. 29 A p r.
*1
l to
A p r . 1)
A p r . 29 H o l d e r s o f r e c . M a r . 31
$1
M ay
1 " H o ld e rs o f re c . A p r . 15
*10c
June
1 M ay
2
2 to
M a y 17
2
June
1 M ay
2 to
M a y 17
*G0c. M a y
1 " H o ld e rs o f re c . A p r . 2 0
♦OOo. J u n e
1 " H o ld e rs o f re c . M a y 20
*6 0 c. J u l y
1 ‘H o l d e r s o f rc c . J u n e 2 0

•HA

W e e k ly

R e t u r n o f N e w Y o r k C ity C le a r in g
B a n k s a n d T r u s t C o m p a n ie s .

Hi

M ia m i C o p p e r ( q u a r . ) ................................
M ic h i g a n D r o p F o r g e , c o m . (m o n th ly
M id d l e W e s t U t i li ti e s , p r e f . ( q u a r )
M o n tr e a l L i g h t. H e a t A P o w e r (q u a
M o n t r e a l W a t e r A. P o w e r , c o m . A pre
M o r r i s P l a n C o . ( q u a r . ) ________ _—
M o t o r P r o d u c t s ( q u a r ) — .....................
M u ll in s B o d y C o r p . , p r e f . ( q u a r . ) . .
N a s h M o t o r s , p r e f . ( q u a r . ) ................ ..
N a t i o n a l B i s c u it , c o m . ( q u a r . ) ...........
P r e f e r r e d ( q u a r . ) __________ _______
P r e fe r re d
P re fe rre d

H
A
Hi

(q u a r .) .
(q u a r.).

N a t i o n a l T e a . p r e f . ( q u a r . ) ............................
N e w C e n t r a l C o a l ............... - .................... .........
N o w C o r n e lia C o p p e r C o . ( q u a r . ) ______
N e w J e r s e y Z in c ( q u a r . ) ................ .................
O n t a r i o S t e e l I T o d u c ts . p reT erjed ( q u a r

Hi
H
A

P e e rle s s T r u c k A M o to r ( q u a r . ) ________
P e e rle s s T r u c k A M o t o r ( q u a r . ) _________
P re fe rre d (q u a r )
.
..
P e n n s y lv a n ia S u g a r ( q u a r .) .

H
A
H
A
Hi
Hi

P h i ll ip s P e t r o l e u m C o r p .............
P lg g ly - W lg g ly S t o r e s , c lu s s A (
P i t t s b u r g h S t e e l , p re f ( q u a r ) .
P o s t u m C e r e a l , c o m . (N o . 1).
P r e f e r r e d ............................
P r a i r i e O il A O a s ( q u a r . ) ...............................
E x t r a _________________________________
P r a ir ie P i p e L in e ( q u a r . ) ________________
P r o c t e r A G a m b le C o ., c o m . ( q u a r . ) ___

H
A

I T c f e r r c d ( q u a r . ) .......................... .................
P u l l m a n C o m p a n y ( q u a r . ) ............................
Q u a k e r O a t s , p r e f e r re d ( q u a r . ) ....................
R u s s e ll M o t o r C a r , p r e f . ( q u a r . ) ...............
S t . L a w r e n c e F l o u r M ills , c o m . ( q u a r .)
P r e f e r r e d ( q u a r . ) ...........................................

•Hi
Hi
Hi
H
A

i

E x t r a ____________________________
S a v a n n a h S u g a r , p r e h r ie d t q u u i . ; .
S c a c o n n e t M il ls ( q u a r . ) ........................
8 h o v e C o t t o n M il ls ( q u a r . ) ................
S i m m o n s C o ., p r e f . ( q u a r . ) ................
S i n c la i r C o n s o l. O il, p r e f . ( q u a r ) .
S t a n d a r d O il ( O h i o ) , p r e f . ( q u a r . ) ------S t e r l in g P r o d u c t s . I n c . ( N o . 1 ) ...............
S t e r n B r o t h e r s , p r e f . ( q u a r . ) .......................
P r e f e r r e d ( q u a r . ) ...........................................
S te e l C o . o f C a n a d a , c o m . ( q u a r . ) ...........
P r e f e r r e d ( q u a r . ) .......... ............................
S t e w a r t M f g ., p r e f / ( q u a r . ) ................ .........
S t iw a rt-W a rn e r S p e e d o m e te r ( q u a r . ) . ..
S t o v e r M fg . A E n g in e , p r e f ( q u a r ) -----

U n i t e d D r u g , 1 st p r e f . ( q u a r . ) ................
^ U n ite d D r u g , 2 d p r e f . ( q u a r . ) ....................
U n i t e d D y e w o o d . p r e f e r re d ( q u a r .) —
P re fe rre d ( q u a r .).
..................... ........
U n i t e d E l e c t r ic S e c u r i t ie s , p r e f e r r e d -----U u l t e d G a s I m p t . , p ro f, ( q u a r . ) ................ .
U n i t e d P r o f i t S h a r in g , ( q u a r ) . . .
U n i t e d V e r d e E x t e n s i o n M in i n g ( q u a r .)
U . S . G la s s ( q u a r . ) ............................. - ............
V acu u m O il.
E x t r a ____
W a h l C o ., c o m m o n ( m o n t h ly ) . .
C o m m o n ( m o n t h l y ) ........................
C o m m o n ( m o n t h l y ) ........................
P r e f e r r e d ( q u a r . ) . ..........................
W a rw ic k I r o n A S t e e l ................ ..........
W e lls. F a r g o A C o ...........................- W e s tln g h o u s o A ir B r a k e ( q u a r . ) .
W ilc o x ( H . F . ) OH A G a s ( q u a r . ) . .
W o o lw o r th ( F . W .) C o ., c o m . ( q u a r . ) .
C o m m o n ( e x t r a ) ------------ ------- - - ...........
Y e llo w C a b M f g . ( m o n t h l y ) ........................■
M o n t h l y ....................................... - ....................
M o n t h l y ................ ..............- ............................

H
A
•Hi
A
H
A

H
A
H
A
H
A
•Hi

Hi

• F r o m u n o f fic ia l s o u rc e s , t T h e N e w Y o r k S t o c k E x c h a n g e h a s r u le d t h a t s to o )
w ill n o t b o q u o t e d e x - d lv ld e n d o n t h i s d a t e a n d n o t u n t i l f u r t h e r n o t i c e , a T r a n s f e
b o o k s n o t c lo s e d fo r t h i s d i v i d e n d , b L e ss B r i t i s h i n c o m e t a x . d C o r r e c t i o n
« P a y a b l e In s to c k . / P a y a b l e In c o m m o n s t o c k , g P a y a b l e In s c r i p
h Ot
a c c o u n t o f a c c u m u l a t e d d i v id e n d s . I P a y a b l e In L i b e r t y o r V i c to r y L o a n b o n d s
J P a y a b l e In N e w Y o r k f u n d s . * P a y a b l e In C a n a d i a n f u n d s .
p C i ti e s S e r v lc o w ill s e ll e x - d lv ld e n d o n A p r il 1 3 t h , t h e 1 5 t h b e in g S a t u r d a y a n d
th e 1 4 th G o o d F r id a y H o lid a y .
* T w o s to c k d i v i d e n d s o f 2 ! e a c h w e r e d e c la r e d o n G i l l e t t e S a f e t y R a z o r s t o c k ,
o n e o n .M n t l 1 9 2 2 a n d t h e*n. - m , A p r il 12. m a k i n g 5 " ; In a l l . a n d b o t h p a y ­
a b le J u n e 1.




H ou se

The following shows the condition of the New York City
Clearing House members for the week ending April 22. The
figures for the separate banks are the averages of the dailv
results. In the case of tho grand totals, wo also show the
actual figures of condition tit tho end of tho week.
NEW

YORK

W EEKLY

C L E A R IN G

HO U SE

RETU RN S.

1 N et

Hi

•Hi

18 6 3

C a p ita l] P r o f its .

W eek e n d in g
A p r i l 2 2 1 9 2 2 . N a t’l,

(000 o m i tt e d . )

M a r . 10
4 ta tc , M a r . 10
T r.c o s , M a r . 10

M em b ers o f F e d. R e s.

B k of N Y , N B A
B k of M a n h a t ’n
M c c h & M e tN a t
B a n k o f A m erica
N a t C ity B a n k .
C h em l al N a t . .
A tla n tic N a t ___
N a t B u tc h & D r
A m er E x c h N a t
N a t B kof C om m
P a ’ iilc B a n k _
_
C h a t * Plien N a t
H anover N u t..
C om Exchange.
Im p & 'I’ra d N a t
N a tio n a l P a rk
E a s t R iv e r N a t .
I<Irs t N a t io n a l .
Irv in g N a tio n a l
C o n t in e n t a l.. .
C h a se N a tio n a l.
I 'i f th A v e n u e ..
C o m m o n w e a lth
G a rfie ld N a t _
_
F if th N a tio n a l.
S e a b o a rd N a t . .
C o al & I ro n N a t
U n io n E x c h N al
B k ly n T r u s t C o
B a n k e rs T r C o .
U S M tg e & T r .
G u a r a n ty T r C o
H d e l lt y - I n t T r .
C o lu m b ia T ru s t
P e o p les T r u s t . .
N ew Y o rk T u ts i
L in co ln T r u s t .
M e tro p o lita n T r
N a s s a u N a t, B k
1 a rm o rs L n T r
"
C o lu m b ia B a n k
E q u ita b le T r u s t

B ank.

L oan s,
D i s c o u n t.
I n v e s t­
m e n ts,
& e.
A verage

8
$
2 ,0 0 0 7.605
5 ,000 17,390
10,000 17,401
6 ,500
5,755
4 0 ,0 0 0 jh 5 0 419
4,5001 15,903
1,000
1.133
500
24$
5,000
7,846
2 5 ,000 35,824
1,000
1,745
10,500
9,878
3 ,0 0 0 21,655
8 ,2 5 0 10,339
1,500 8,080
10,000 23,101
1,000
791
10,000 4 2 ,9 9 3
12,600 11,221
1.000
825
2 0 ,0 0 0 21,678
500
2. 125
■100
869
1 ,(M
)()
1,584
1,200
880
ft 4 ,0 0 0 ft 0 ,378
1,500
1,353
1,000
1,484
1,500
2,971
2 0 ,0 0 0 22,413
3,000
4,458
25,000 17,400
1,500
1,808
0,000
7 ,8 0 9
1,5001 2,307
10,OIK) 10,980
2 ,000
1.300
2.0(H) 3,711
1 ,000
1,542
5,000 14,184
2,000
1,773
12,000 15,861

R eserve
C ash
w it h
N et
in
L egal
D em and
V a u lt. D e p o s i ­ D e p o s i t s .
to r ie s .
A vera g e A vera g e

$
37,713
122,099
143,048
5 5 ,0 9 0
44 8 ,6 5 4
115,337
15,601
5,551
98,896
3 1 9 ,5 3 9
22,558
135,363
118,348
175,110
3 5 ,497
160,931
13,117
253,238
186,905
0 ,9 4 0
33 4 ,2 2 9
21,567
8,236
16,035
15,104
71,735
14,841
16,587
33.972
25 5 ,9 7 3
54.238
37 4 .9 4 0
19,221
7.8,913
3 9 ,8 4 8
140,535
21,727
3 2 .9 8 9
15,102
125,342
2 5 ,462
137,472

8
649
1,833
7,235
1,307
7,558
1,036
347
90.
1,169
962
1,122
5,328
385
0 ,075
638
964
320
555
4,253
119
0,203
696
519
517
268
1,091
520
709
857
S06
579
1.291
326
883
1,209
24$
410
460
403
431
628
1,493

A vera g e

S

S
3 ,9 3 2
14,976
2 0 ,392
7,061
57,117
14,656
2 ,256
645
11,562
36,163
3,423
15,770
13,660
22,987
3,746
17,474
1,591
25,283
24,301
995
4 3 .374
2 ,7 0
1,391
2,0 6 5
1,927
9 ,7 9 0
1,647
2 ,5 4 7
4 ,0 9 2
2 9 ,792
0 ,5 9 5
44,512
2 ,488
9,521
3,798,
17,353
3 ,0 0 9
4 ,0 9 2
1,443
13,280
3 ,602
2 0 ,716

T im e
Bant
D e­
C irc e p o s its .
lo­
tio n .
A u ra g e 'A v g s
S
$

28 ,2 0 7
104,275
136,084
52,724
* 5 2 0 ,5 4 6
105,893
15,308
3,931
8 0 ,918
27 0 ,0 0 2
2 3 ,894
111,811
104,909
162,679
28,561
133,811
11,806
189.916
190,088
6 ,1 3 5
317,856
2 0 ,5 4 7
8,879
15,146
14,407
68,461
12,481
18,248
30,334
•2 4 0 ,1 5 5
50 ,8 9 0
*416,422
18.574.
73,822
3 8 .443
131,342
20,713
30,122
13,397
*97,225
2 6 ,9 4 8
•1 7 9 .6 5 8

900 1,950
13,228
3,663
995
1,219
36,167 1,788
2,770
347
670
238
35
2 98
4,122 4,961
5,001
241
17,162 6 ,1 39
100
18,313
11
50
2,429 5 ,438
1,599
50
19.688 7,443
4,0 0 4 2,516
85
19,250 1,097
32
688
1,649
553
342
3 ,498
14,194
1,836
33,136
678
4 ,605
1,493
2 ,892
699
1.076
221
19,138
1,129
7,701

397
248
69
412
393

50
—

T o t . o f averages. 27 8 ,3 5 0 4 4 1 ,9 9 8 '4 ,323,209 6 2 ,5 0 4 5 2 6 ,7 3 0 c 3 ,8 S 9 ,434 246,025 3 3 ,979
T o ta ls , actu a l eo n d ttlo n A pr. 22 4,3 3 1 .8 5 6
1 o tu ls, actual co n d ltlo n A p r. 15 4,308,327
t o ta l s , actual c o n d itio n A p r. 8 4.276.S63
S t a t e B a n k s N o t M e m b e r s o f F e d '!
G re e n w ic h B a n k
l.COOl 2 ,033
18,342
B o w ery B a n k .
250
S44
5,3 3 0
S ta te B a n k ____
2,5 0 0
4 ,586
79,537
T o t. of a ve ra g es.

7,465

3 ,7 5 0

103,209

6 1 ,7 1 4 5 2 4 ,5 5 9 c 3 .9 1 0 .3 1 0
6 2 ,2 9 5 5 1 2 ,9 9 4 c 3 ,8 8 0 ,221
6 3 ,718 51 8 ,7 0 9 c3.829.374
R e s ’ve B a n k .
1,713
1,852
18,710
636
306
5,094
3,3 0 7 2,091
29,363
5,6 5 6

4 ,2 4 9

248,866 34,004
237,125 33,954
221 .0 0 9 3 3 ,9 16
50
48,036

T o ta ls , actual c o n d it i o n 1 p r. 22 103.777
A
5,562 4 .2 0 7
T o ta ls , actual eo n d ltlo n |A p r. 15 103,007
5,9 9 0
4,013
T o ta ls , actual eo n d ltlo n A p r. S 102.333
5..->71 4,006
1 r u s t C o m p a n le s N o t M em b e rs o f F ed I R e s ’ ve B a n k .
T itle G u a r & T r, 7,5 0 0 13,234
1.184 3 .4 8 2
47,802
L aw y ers T1& T r 4 ,COO 6,163
25,792
1,768
863

—

31,051
17,186

T o tl o f a v e r a g e s .

—

48,086

5 3 ,17(

53,630 48,115
53,211 4 7 ,982
51,797 47,923
920
377

—
—

11,500 19,398

73,594

2,047j

5,2 5 0

48,23

1,297

T o ta ls , actual eo n d ltlo n A p r. 22
T o ta ls , actual co n d ltlo n A p r. ifi
T o ta ls , actual co n d ltlo n A p r. 8

75,073
73,251
72,811

2,0 6 8
2,007
2,072

5,441
5,316
5 ,2 9 7

50 ,0 4 '
48,387
48,138

1,303
1,295
1,252.

G r ’d a g g i . a v g e . 2 9 3,600 408,802 4,500,011 70,207 5 3 6,229 3,1 9 0 ,8 4
C o m p a riso n wll h p re v . w eek . . + 45,931 —2 ,1 7 0 .+ 2 ,8 7 0 + 3 5 ,1 1

195,408 3 3 ,979
t-18084 + 144

G r ’d a g g r., acl'l c o n d ’n A p r. 22 4 ,510,715 6 9 ,3 4 4 534,207 4,0 1 3 ,9 8 7 298,284 34,004
C o m p a ris o n wit h p re v . w eek . . + 2 0 ,130 — 9 5 4 |+11,884 + 3 2 ,162 +11,882 + 50
G r ’d
G r ’d
G r ’d
Gr d
G r ’d

a g g r.,
a g g r.,
a g g r.,
a g g r.,
a g g r.,

act’l co iid ’n
a c t I :o n d ’n
acl'l o n d ’n
act’l ■ond’n
acl'l c o n d ’n

A p r. 15 4 ,484,585
A p r. 8 4,4 5 2 ,0 0 7
A p r. i 4 ,460.107
M a r. 25 4 ,3 9 5 .6 3 5
M a r. 18'4.406.613

7 0 ,2 9 8 5 2 2 ,3 2 3
71.3611528,012
66,980 528,263
6 8 .987 548,171
6 8 .043 561.278

3 ,9 8 1 ,8 2 5 2 8 6 ,4 0 2 33,9.54
3 ,929,309270,1.84 33,916
3 ,9 4 1 ,9 3 3 267.583 33,766
3 ,8 3 1 ,4G6 270,831 33,768
3 010 255
735 33.780

N o t e .— U . S . d e p o s it s d e d u c t e d f ro m n o t d e m a n d d e p o s i t s In t h e g e n e r a l t o t a l s
a b o v e w e r e a s fo llo w s : A v e r a g e f o r w e e k April 2 2 , 8 8 1 ,3 0 0 ,0 0 0 ; a c t u a l t o t a l s A p r i l 2 2 ,
1 7 9 ,4 1 3 ,0 0 0 ; A p r i l 15, 8 4 0 ,7 5 0 ,0 0 0 ; A p r il 8 , 8 5 3 ,3 5 9 ,0 0 0 ; A p r i l 1. * 5 8 .9 7 8 .0 0 0 ;
M a r c h 2 5 , 8 7 2 ,2 7 7 ,0 0 0 .
B ills p a y a b le , r c d .s c o u n t s , a c c e p t a n c e s a n d o t h e r l i a b i l i ­
t i e s a v e r a g e f o r t h o w e e k A p r i l 2 2 , 8 3 0 2 .8 0 3 ,0 0 0 ; a c t u a l to t;- s A p r il 2 2 , 5 2 9 1 .4 3 5 ,0 0 0 ;
Apr.l 15, 8 3 0 7 ,0 9 5 ,0 0 0 ; A p r il 8 , 8 3 3 4 .7 2 0 ,0 0 0 ; A p r .l 1, 8 3 2 5 ,5 7 0 ,0 0 0 ; M a r c h 2 5 .
$ 3 0 4 ,3 0 9 ,0 0 0 .
* I n c l u d e s d e p o s it s In f o re ig n b r a n c h e s n o t in c l u d e d i n i o ta ! f o o ti n g a s fo llo w s:
N a t i o n a l C i t y B a n k , 8 1 0 4 ,7 8 0 ,0 0 0 ; B a n k e r s T r u s t C o ., $ 1 3 ,2 2 0 ,0 0 0 ; G u a r a n t y T r u s t
C o ., S :> 9 ,7 7 0 ,0 0 0 : F a r m e r s ’ L o a n & T r u s t C o ., 8 9 4 ,0 0 0 ; E q u i t a b l e T r u s t C o .,
8 2 4 ,2 7 2 ,0 9 0 .
B a l a n c e s c a r r i e d In b a n k s In f o r e i g n c o u n t r i e s a s r e s e r v e f o r s u c h
d e p o s i t s w e re : N a t i o n a l C i t y B a n k , 8 2 8 ,3 6 5 ,0 0 0 ; B a n k e r s T r u s t C o . , 8 6 1 6 ,0 0 0 ;
G u a r a n t y T r u s t C o .. $ 2 0 ,4 3 1 ,0 0 0 : F a r m e r s ’ L o a n & T r u s t C o ., $ J 4 ,0 0 0 : E q u i t a b l e
T r u s t C o ., 8 3 ,3 3 6 ,0 0 0 . c D e p o s I t s In f o re ig n b r a n c h e s n o t I n c l u d e d , it A s o f
A p r i l 1 1 9 2 2 . h A s o f M a r c h 31 1 9 2 2 .

Tho reserve position of tho different groups of institutions
on the basis of both the averages for the week and the actual
condition at tho end of tho week is shown in tho following two
tables:
STA TEM EN T

OF

R E S E R V E P O S IT IO N O F C L E A R IN G
A N D T R U S T C O M P A N IE S .

HO USE

BANKS

A v erag es.

Cash
Reserve.
In Vault.
M e m b e rs F e d e ra l
R e s e r v e b a n k s ____
S t a t e b a n k s * ................
T r u s t c o m p a n i e s ____

Reserve
in
Depositaries

Total
lleserre.

a

Reserve
Rrguind.

*
$
%
5 2 6 ,7 3 6 ,0 0 0 5 2 6 ,7 3 0 ,0 0 0 5 1 3 ,0 0 7 ,1 7 0
4 .2 4 9 .0 0 0
9 .9 0 5 .0 0 0
9 ,5 7 1 ,6 8 0
5 .2 5 0 .0 0 0
2 ,0 4 7 ,0 0 0
7 .2 3 7 .0 0 0
7 ,2 3 4 ,6 5 0
$

5,650,666

Surpltis
Reserve.
y
1 3 ,7 2 2 ,8 3 0
3 3 3 ,3 2 0
6 2 ,3 5 0

7 .7 0 3 .0 0 0 5 3 6 .2 2 9 .0 0 0 5 4 3 .9 3 2 .0 0 0 5 2 9 ,8 1 3 ,5 0 0 1 4 .1 1 8 ,5 0 0
T o t a l A p r il 2 2 ____
7 .8 2 4 .0 0 0 5 3 5 .3 0 9 .0 0 0 5 4 1 .1 8 3 .0 0 0 5 2 4 ,6 6 9 ,1 4 0 1 6 .5 1 3 ,8 6 0
T o t a l A p r il 1 5 ____
T o t a l A p r i l 8 ____
7 ,6 4 0 ,6 0 0 5 2 7 .5 0 4 .0 0 0 5 3 5 .1 4 4 .0 0 0 5 2 2 ,9 2 1 ,2 7 0 1 2 ,2 2 2 ,7 3 0
7 .5 8 2 .0 0 0 6 1 2 .3 0 7 .0 0 0 5 1 9 .8 8 9 .0 0 0 5 1 2 .0 S 1 .9 0 0
T o t a l A p r il 1 ____
7 ,8 0 7 ,1 0 0
* N o t m e m b e rs o f F e d e ra l R e s e rv e B a n k ,
a T h i s is t h e r e s e r v e r e q u i r e d o n n e t d e m a n d d e p o s i t s i n t h e c a s e o f S t a t e b a n k s
a n d t r u s t c o m p a n ie s, b u t In th o c a se o f m e m b e rs o f th e F e d e ra l R e s e rv e B a n k in ­
c lu d e s a ls o a m o u n t In r e s e r v e r e q u i r e d o n n e t t i m e d e p o s it s , w h i c h w a s a s fo llo w s :

A pril 2 .'. ■
(.;! 0 . , ' 0

...

:

’

<
>

......... ■ «"

' oHI 1 '" 7 2 8 .9 4 0 .

1864

TH E

C H R O N IC L E

Actual Figures.
C ash
R eserve
in V a u lt.

Members Federal
Reserve banks___
3tate banks*______
Trust companies___
Total April
Total April
Total April
Total April

R eserve
in
D e p o s ita r ie s

b
T o ta l
R eserve.

R eserve
R e q u ir e d .

S u r p lu s
R eserve.

S
$
$
524,559,000 524,559,000 515,806,280
5,562"6o6 4.207.000 9.769.000 9,653,400
2,068,000 5.441.000 7.509.000 7,507,050
$

22___
15___
8___
1___

7.630.000
8.003.000
7.643.000
7.604.000

534.207.000
522.323.000
528.012.000
528.263.000

541.837.000
530.326.000
535.655.000
535.867.000

[VOL. 114.

B o s to n C lea r in g H o u se W eek ly R e tu r n s . — In the fol­
lowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.

$
8,752,720
115,600
1,950

532,966,730 8,870,270
528,379,590 1,946,410
520,993,050 14,661,950
522,557,940 13,309,060

* Not members of Federal Reserve Bank.
1 This Is the reserve required on net demand deposits In the case of State banks
>
and trust companies, but In the case of members of the Federal Reserve Bank In­
cludes also amount of reserve required on net time deposits, which was as follows:
April 22, S7,465,980; April 15, $7,113,750; April 8, $6,630,270; April 1, $6,550,860.

S ta te B a n k s a n d T r u s t C o m p a n ies N o t in C lea r in g
H o u se . —The State Banking Department reports weekly

26
1922.

A p r il

Capital.....................................
Surplus and profits.................
Loans, dlsc’ts & Investments.
Individual deposits, Incl. U.S.
Due to banks_____ _______
Tlmedeposlta.........................
United States deposits_____
Exchanges for Clearing House
Due from other banks.............
Reserve In Fed. Res. Bank__
Cash in bank and F. R. Bank
Reserve excess In bank and
Federal Reserve Bank___

$
59,350,000
87,518,000
772,677.000
581,131,000
119.384’,000
90,398,000
16,931,000
23,473,000
75,423,000
69.15S.000
10,048,000

19
1922.

C h a n g es fro m
p r e v io u s w e e k .

A p r il

$

A p r il

1922.

12

s

I

Inc.
Dec.
Dec.
Inc.
Inc.
Inc.
Dec.
Inc.
Inc.
Inc.

1,000
5,290,000
2,691,000
1,324,000
2,466,000
1,575,000
1,531,000
577.000
1,686.060
250.000

59,350.000
87.517.000
777.967.000
583.822.000
118.060 000
87,932.000
15.356.000
25.004.000
74.846.000
67.472.000
9,798,000

59,350,000
87,518,000
770,492,000
562,070,000
115,077,000
86,911,000
11,346,000
21,690,000
62,374,000
63,224,000
10,025,000

2,427,000 Dec.

669,000

3,096.000

1,610,000

figures showing the condition of State banks and trust com­
P h ila d e lp h ia B a n k s. — Tho Philadelphia Clearing House
panies in New York City not in the Clearing House as follows: return for the week ending April 22, 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 tho Federal Reserve System
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
( F i g u r e s F u r n i s h e d b y S la t s B a n k i n g D e p a r t m e n t .)
to be kept with the Federal Reserve Bank. “Cash in
D iffe r e n c e s fr o m
A p r i l 22.
p r e v io u s w e e k
vaults” is not a part of legal reserve. For trust companies
Loans and Investments_________________________$641,214,100 Inc. $8,470,800 not members of the Federal Reserve System the reserve
Gold.................................................................................
5,610,100 Dec.
18,700
Currency and bank notes______________________
16,036,100 Dec. 147,600 required is 10% on domand deposits and includes “Reserve
Deposits with Federal Reserve Bank of New Y ork.. 53,741,600 Inc. 1,034,600 with legal depositaries” and “Cash in vaults.”
Total deposits____ _________________
675,560,200 Inc. 12,975,200

Depositif, eliminating amounts due from reserve de­
positaries and from other banks and trust com­
panies In N. Y. City exchanges and U. S. deposits. 629,019,900 Inc. 7,560,600
Reserve on deposits__________
108,822,100 Inc. 3,191,300
Percentage of reserve, 20.9%.
RESERVE.
------- S ta te B a n k s ------— T r u s t C o m p a n ie s —
Cash In vault.....................................*$26,827,400 13.97%
$48,560,400 15.74%
Deposlts'-ln banks and trust c o s ...
9,752,800 6.80%
23,681,500 5.72%
Total.............................................. $30,580,200 20.77%

$72,241,900 21.46%

* Includes deposits with the Federal Reserve Bank of Now York, which for the
State banks and trust companies combined on April 22 were $53,741,600.

B a n k s a n d T r u s t C o m p a n ies in N ew Y ork C ity . — The
averages1of 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
In v e s tm e n ts.
W eek en d ed —

Feb. 4.......................
Feb. II.......................
Feb. 18.......................
Feb. 25.......................
Mar. 4 . . . .................
Mar. 11................. ..
Mar. 18.......................
Mar. 25................... —
April 1.......................
April 8 ___________
April 15..................... .
April 22.......................

D em and
D e p o s its .

3
5,073,132,000
5,084,673,400
6.050.803.700
4.993.954.100
4,984,481.600
4.956.963.700
4.997.034.100
5.021.059.300
5.034.161,200
5,087,991,900
5.086.819.300
5.141.226.100

S
4,483,981,500
4.415.936.800
4.437.139.800
4.422,144,400
4.425.726.900
4.416,490.700
4.482.227.300
4.445.139.800
4.464.631.200
4.555.297.200
4.577.182.300
4.619.860.900

* T o ta l C ash
In V a u l t s .

R eserve in
D e p o s ita r ie s .

$

$

91.150.400
93.782.400
93.134.900
93.603.400
92.174.900
92,371,000
90.428.300
90.739.300
91,407,800
91,810,600
94.189.300
91,853,200

592.291.60C
590.816.500
599,000.500
580.490.900
598.610.500
590.530.400
624.802.400
588.300.100
589,734,700
608,504,800
612.177.500
623.404.900

* This Item Includes gold, silver, legal tenders, national bank notes and Federal
Reserve notes.

N ew Y ork C ity N on-M em b er B a n k s a n d T r u st Com­
p a n ie s . —The following are the returns to the Clearing House
by clearing non-member institutions and which are not in­

cluded in the “Clearing House Returns” in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
( S ta t e d la t h o u s a n d s o f d o l l a r s — t h a t i s , t h r e e c i p h e r s [0001 o m i t t e d . )
CLEARING
C a p ita l, 1 r o f i t s .
P
NON -MEMBERS
Nat.hks.Mar.10
W eek e n d in g
State bksMarlO
A p r i l 2 2 1 9 2 2 . Tr. cos. Mar. 10

N et

L oan s,
D is ­
c o u n ts ,
I n v e s t­
m e n ts,
A c.

M em b ers o f
F c d 'l R e s . B a n k .

A vera g e A verage A vera g e A vera g e A vera g e A vera g e

R eserve
N et
C ash
w it h
D em and
in
L egal
D e­
V a u lt, D e p o s i ­ p o s its .
to r ie s .

N et

l iCfile
Of tl/W

D e­
p o s its .

C ir c u ­
la tio n .

Battery Park Nat.
Mutual Bank___
W. R. Graced: C o .
Yorkvllle B a n k ...

3
1,500
200
500
200

$
S
1.497 9,379
813 11,453
1,195 5,396
848 18.666

$
142
312
19
467

1,228
1,670
280
1,622

$
7,194
11,591
810
9,422

T o ta l...............

2,400

4,354 44,894

940

4,800

29,017 13,930

S ta te B a n k s
B a n k of Wash.Hts.
Colonial Bank___

T o ta l................

N ot

S

Me m b e r s of Fed. Res’ve Bank.
525
263
200
351 3,932
800 1,647 18,077 2,255 1,258

1,000

1.098 22,009

2,'780

1,521

T r u s t Companies Not M e mbers of F e d . Res’ve Bank.
363
Mcch.Tr., Bayonne
127
200
580 8,726

8,726

363

Grand aggregate.. 3,600 6.933 75.629
Comparison with prevto us week +213

4,083
—44

T o ta l.................

Gr’d aggr. April
Gr’d’aggr. April
Gr’d aggr. April
Gr’d aggr. Mar.

15
8
1
25

200

3,600
3,600
3,600
3.600

580

6,933
6,933
6.933
6.933

75,416
74.407
75,165
75,450

4,127
3,869
3,895
3,865

127

$
265
596
3,154
9,915




—
199

30
—

—

23,293

30

—

3,163

5,565

3,163

5,565

a55,261
a54,474
a54,379
a54,578

10,565
19,596
19,541
19,182

U. S. deposits deducted, $492,000.
Bills payable, rediscounts, acceptances and other liabilities, $279,000.
Excess reserve, $168,920 decrease.

a

$
199

4,054
19,239

6,448 a55,473 19,525
—106
+ 212 —40
6,554
6,552
6,330
6,524

N a t'l

T iIf/IC
A m p

W e e k e n d in g A p r il

22 1922.

T ru st
o m i tt e d . M e m b e r s o f
F .R .S y s t e m C o m p a n i e s

T o ta l.

15
1922.

A p r il
Two

C ip h e r s

(00)

A p r il 8

1022.

4,500.0 39,475,0 $39,475.0
Capital.................................
34.975,0
Surplus and profits_____
94,669,0 13,832,0 108,501,0 108,433.0
Loans, dlsc’ts & Investm’ts 602,415,0 36,652,0 039,067,0 636,388.0
Exchanges for Clear .House 27,812,0
709,0 28,521,0 28,964.0
96,937,0
18,0 86,955,6 93,859.0
Due from banks________
306,0 116,130,0 115,852,0
Bank deposits..................... 115,824,0
Individual deposits______ 486,314,0 23,068,0 509,382,6 504,107.0
Time deposits__________
440,0 15,509,0 15.361.0
15,069,0
Total deposits................... 617,207,0 23,814,0 641,021,0 635.410.0
___
9.055.0
U. S. deposits (not lncl.)_.
___ 3,070,6 12,281,0 4.688,0
3,670,0
Res’ve with legal deposit’s
52,212,0 49,282,0
Reserve with F. R. Bank_. 52,212,0
Cash In vau lt*...................
9,928,0
827,6 10,755,0 10,434.0
Total reserve and cash held 62,140,0
4,497,0 60,637,0 04.404.0
Reserve required................. 50,476,0
3,419,0 53,895,0 53,192,0
Excess res. & cash in vault 11,664,0
1,078,0 12,742,0 ! 1.610.0
* Cash In vaults not counted as reserve for Federal Reserve members.

$39,475,0
108,433,0
631,296,0
24,854,0
88.135,0
114,776,0
495,403,0
15,339,0
625,518,0
7,987,0
5,220,0
50,543,0
9.609,0
65,372,0
53,070,0
12,302,0

C o n d itio n o f th e F ed era l R eserve B a n k of N ew Y ork.

—The following shows the condition of the Federal Reserve
Bank of New York at the close of business April 26 1922, in
comparison with the previous week and tho corresponding
dato last year:
A p r i l 26 1922
R eso u rces—
$
Gold and gold certificates......................... 218.523,943
Gold settlement fund—F. R. Board___ 105,573,488

19 1922 April 27 1921
$
$
219.748.067 261,554,000
135,369.210
72,083,000

A p r il

Total gold held by b an k ............. ___
Gold with Federal Reserve Agent.. ___
Gold redemption fu n d ..................... ___

324,097,432
799,698,578
10,000,000

355,117,218
769.881.378
10,000.000

333,637,000
297,965,000
36,000,000

Total gold reserves______ _____
Legal tonder notes, silver, & c ........... ___

29,408,008

1,134,998.596
29.289,430

667,602,000
117,433,000

Total reserves.......................................... 1,163,204,018 1,164,288,027
Bills discounted: Secured by U. S. Gov­
30,932,004
41,758,669
ernment obligations—for members__
For other F. R. banks.......................... ...................
...................
All other—For members____________
16,159,901
19,503,610
Forother F. R. B a n k s...........................
................._________
Bills bought In open market...................... 25,280,914
27.975.977

785.035.000
343.659.000
10, 000,000

253.742.000

2 , 000,000

46,829,000

72,372,819
58,222,750

89,238,257
64,944,650

656,230,000
1,005,000

24,000,000
103,647,500

25,500.000
74.052.000

55,276,000

Total earning assets____ __________ 258,243,069
Bank premises.............................................
7,927,338
5% redemp. fund agst. F. R. bank notes.
1,011,060
Uncollected Items___________________ 111,599,294
All other resources______ _____ _____
4,003,135

254,634,907
7.896,460
1. O .060
SH
137,765,029
3,502,994

712,511,000
4,913,000
1,731,000
114,375,000
3,287,000

Total bills on hand_________ ______
U. S. bonds and notes...............................
U. S. certificates of Indebtedness—
One-year certificates (Pittman Act)„.
All other_________________________

Total resources.......................................1,545,987,915 1,569.174,384 1,621,855,000
L ia b ilitie s —

Capital paid In_____________________
27,100,950
Surplus......................................................... 60,197,127
550,022
Reserved lor Government Franchise Tax
Deposits:
17,905,199
Government ____ ______________
Member banks—Reservo account___ 701,015,824
10,930,307
All other...................................................

27,106,050
60.197,127
541,802

26.408.000
56.414.000

18,231,188
702,382,835
18,224,768

10.797.000
647,896,000
15.534.000

Total deposits......................................... 729,851,331
F. R. notes In actual circulation............... 615,474,891
F. R. bank notes In clrcul'n—net liability 18,833,200
Deferred availability items___________
90,416,482
All other liabilities.....................................
3,557,911

738,838,792
021,084.071
19,508,050
97,829,381
3,408,210

674.227.000
741.460.000
22.015.000
81.134.000
20.197.000

Total liabilities....................................... 1,545,987,915 1,509,174,384 1,621,855,000
Ratio of total reserves to deposit and
F. R. note liabilities combined_____
Contingent liability on bills purchased
for foreign correspondents_________

86.5%

85.6%

55.5%

13,728,612

13,285,476

12,120,343

—
199
+ 1
198
198
198
197

C U R R E N T

N O T I C E S .

— Guaranty Trust Co. of Now York announces th at on and after M ay 1
1922 Toledo & Ohio Central R y. Co. 6% Equip. N otos In definitive form
w ith coupons due July 15 1922 and subsequent attached, and tho Southorn
R y. Co. 6% Equip. Gold N otes Series 67 in defin itive form w ith coupons
due July 15 1922 and subsequent attached will bo delivered In exchango for
trust receipts now outstanding upon presentation at its trust departm ent,
140 Broadway, N ew York C ity.

A pril 29 1922.]

T H E

C H R O N IC L E

18 6 5

WEEKLY RETURN OF THE FEDERAL RESERVE BOARD.
T h e follow in g is tho roturn issued b y tho F ederal R eserve B oard F rid ay aftern oon A pril 2 8 , and sh ow in g th e con d itio n
o f tho tw elve R eservo B an k s a t th e close of busin ess tho previou s d a y . In th e first tab le w e p resen t th e resu lts for th e sy stem
a s a w h ole in com parison w ith th e figures for tho seven p receding w eek s and w ith th ose o f tho corresponding w eek la st year.
T h o second tab le show s tho resources and liab ilities sep arately for each o f tho tw elv e b an k s. T h e F ed eral R eserve A g e n ts’
A cco u n ts (third table follow in g) g iv e s d etails regarding tran saction s in F ed eral R eserve n o tes b etw een th e C om ptroller and
R eserve A gen ts and b etw een tho la tte r and F ederal R eservo b an k s. The Reserve Board’s comment upon the return for the latest
week appears on page 1840, being the first item in our department of “ Current Events and Discussions."
C

o m b in e d

R

e s o u r c e s

a n d

L

ia b il it ie s

Apr.
RESOURCES.

26 1922.

3
3 2 0 .0 3 8 .0 0 0
4 5 3 .9 7 1 .0 0 0

o p

April

F

t u b

e d e r a l

19 1922 .4 prll 12 1 922

$
3 2 0 ,6 2 5 .0 0 0
5 0 9 ,6 1 9 ,0 0 0

R

e s e r v e

April

S
3 2 6 ,3 4 5 ,0 0 0
5 0 9 ,3 0 9 ,0 0 0

5 1922.

$
3 2 5 ,9 5 5 ,0 0 0
5 1 9 ,3 3 2 .0 0 0

B

a n k s

Mar. 2 9

a t

t h e

1922.

$
3 2 2 ,4 2 9 .0 0 0
4 9 7 ,3 2 2 ,0 0 0

C

Mar. 2 2

l o s e

1922.

8
3 2 1 ,4 9 9 ,0 0 0
5 1 4 ,2 6 2 ,0 0 0

o p

B

Mar. 15

u s in e s s

1922.

Mar.

S
3 2 1 .2 8 3 .0 0 0
4 8 4 ,1 8 0 .0 0 0

A

p r il

26 1922

8 1922. A p r. 27 1921.

S
3 8 0 .8 2 3 .0 0 0
4 9 1 .2 9 4 .0 0 0

$
3 4 7 .9 4 6 .0 0 0
4 8 8 .2 1 9 .0 0 0

8 3 0 ,2 4 4 .0 0 0
8 3 5 ,7 1 4 ,0 0 0
8 4 5 .2 8 7 .0 0 0
8 1 9 ,7 5 1 .0 0 0
7 8 0 ,0 1 2 ,0 0 0
8 3 5 ,7 6 1 ,0 0 0
8 0 5 .4 0 3 .0 0 0
8 7 2 .1 1 7 .0 0 0
8 3 6 .1 6 5 .0 0 0
G o ld w i t h F e d e r a l R e s e r v e a g e n t s _____ 2 ,1 5 4 .5 1 0 ,0 0 0 2 ,0 9 4 .3 6 2 .0 0 0 2 ,0 9 1 ,8 4 4 ,0 0 0 2 ,0 4 6 .4 7 9 ,0 0 0 2 ,0 6 5 .9 9 2 .0 0 0 2 ,0 6 1 ,3 6 1 .0 0 0 2 ,0 9 0 .1 2 4 .0 0 0 2 ,0 3 0 ,1 6 1 .0 0 0 1 ,3 1 7 ,8 6 0 ,0 0 0
0 0 ,3 1 7 ,0 0 0
5 8 ,1 8 0 ,0 0 0
9 1 ,4 3 5 ,0 0 0
8 9 ,6 1 2 ,0 0 0
OO.OSO.OOO
7 9 ,5 8 1 ,0 0 0
8 0 ,4 3 5 ,0 0 0
1 6 3 .5 4 4 .0 0 0
6 3 .5 9 5 .0 0 0
T o t a l g o ld r e s e r v e _____________________ 2 ,9 9 5 ,2 0 2 ,0 0 0 2 ,9 9 0 .9 2 3 .0 0 0 2 ,9 8 5 ,7 3 8 ,0 0 0 2 ,9 8 3 ,2 0 1 ,0 0 0 2 ,9 7 5 ,3 5 5 ,0 0 0 2 ,9 7 0 ,7 0 3 ,0 0 0 2 ,9 7 6 ,0 2 2 .0 0 0 2 ,9 0 5 ,8 7 3 ,0 0 0 2 ,3 1 7 ,5 6 9 ,0 0 0
1 2 8 ,7 4 2 ,0 0 0
1 2 9 ,6 3 7 ,0 0 0
1 2 0 ,2 8 5 ,0 0 0
1 2 0 ,4 0 0 .0 0 0
1 2 8 ,0 2 4 ,0 0 0
1 2 7 ,9 0 7 ,0 0 0
1 2 5 ,3 7 5 ,0 0 0
1 2 8 .0 8 7 ,0 0 0
1 8 7 ,1 9 4 ,0 0 0
T o t a l r e s e r v e s __________________________ 3 ,1 2 4 ,8 3 9 ,0 0 0 3 ,1 1 9 ,0 0 5 ,0 0 0 3 ,1 1 2 ,0 2 3 ,0 0 0 3 ,1 0 9 ,6 0 1 ,0 0 0 3 ,1 0 3 ,3 7 9 ,0 0 0 3 ,1 0 4 ,6 1 0 ,0 0 0 3 .1 0 1 ,3 9 7 .0 0 0 3 ,0 9 3 ,9 6 0 ,0 0 0 2 .5 0 4 .7 6 3 .0 0 0
•Bills d i s c o u n t e d :
2 0 1 .2 5 7 .0 0 0
1 7 8 .9 9 1 .0 0 0
2 1 0 .0 5 0 .0 0 0
2 4 0 .2 0 5 .0 0 0
2 4 2 .7 9 7 .0 0 0
2 2 7 .1 3 8 .0 0 0
2 2 9 .0 6 8 .0 0 0
2 3 8 .4 9 7 .0 0 0
S e c u re d b y U . S . G o v t , o b l i g a t i o n s —
9 2 0 .5 3 7 .0 0 0
3 5 1 .5 2 6 .0 0 0
3 2 1 .1 0 0 .0 0 0
3 0 2 .8 8 4 .0 0 0
3 8 4 .6 8 9 .0 0 0
3 9 3 .1 5 5 .0 0 0
3 6 2 .6 0 2 .0 0 0
3 8 8 .7 0 9 .0 0 0
3 9 2 .5 4 4 .0 0 0 1 .1 4 3 .2 0 2 .0 0 0
8 7 ,3 2 7 ,0 0 0
8 2 ,5 1 8 ,0 0 0
9 3 ,6 1 1 ,0 0 0
9 8 ,3 7 9 ,0 0 0
1 0 2 ,6 9 1 ,0 0 0
8 7 ,3 1 1 ,0 0 0
1 0 1 ,9 3 1 .0 0 0
1 0 3 .6 0 9 .0 0 0
8 7 ,0 4 5 ,0 0 0
5 8 2 .6 1 5 .0 0 0
2 5 0 .1 8 5 .0 0 0

c e r t if i c a t e s o f i n d e b t e d n e s s :
O n e - y e a r c e r t if i c a t e s ( P i t t m a n A c t ) - -

M u n ic i p a l w a r r a n t s ----------------------------------

0 4 0 .1 1 0 .0 0 0
2 5 4 .0 7 9 .0 0 0

6 0 7 .1 5 1 .0 0 0
2 6 1 .5 8 5 .0 0 0

7 2 3 .2 7 3 .0 0 0
2 2 7 .0 0 4 .0 0 0

7 3 8 .6 4 3 .0 0 0
2 0 0 .3 2 5 .0 0 0

7 0 2 .9 5 2 .0 0 0
2 0 8 .9 6 8 .0 0 0

6 7 9 .0 4 1 .0 0 0
2 1 5 .0 9 3 .0 0 0

7 3 2 .9 7 2 .0 0 0 2 ,1 6 7 ,3 4 8 ,0 0 0
1 8 8 .7 7 3 .0 0 0
2 5 ,7 0 9 ,0 0 0

8 4 ,5 0 0 ,0 0 0
2 3 2 ,4 4 8 .0 0 0
1 0 2 ,0 0 0

T o t a l b i ll s o n h a n d _____________________

V. 8.

8 6 ,0 0 0 .0 0 0
1 9 2 ,0 5 7 .0 0 0
1 0 2 ,0 0 0

8 7 ,5 0 0 ,0 0 0
1 0 3 .8 7 0 .0 0 0
1 0 2 ,0 0 0

8 7 ,5 0 0 .0 0 0
1 4 8 .1 9 0 .0 0 0
1 0 2 .0 0 0

8 9 ,0 0 0 ,0 0 0
1 5 1 .5 3 5 .0 0 0
1 0 2 ,0 0 0

9 0 ,5 0 0 ,0 0 0
1 4 3 .6 9 6 .0 0 0
1 0 2 ,0 0 0

9 2 .0 0 0 .0 0 0
2 9 1 .2 7 4 .0 0 0
1 0 2 ,0 0 0

9 3 ,9 6 0 .0 0 0
1 6 1 .1 0 2 .0 0 0
1 0 2 ,0 0 0

2 3 9 ,3 7 5 ,0 0 0
2 ,7 0 8 ,8 0 0

,1 4 9 ,8 5 0 .0 0 0 1 ,1 7 2 ,3 4 8 .0 0 0 1 ,1 8 0 ,2 1 4 ,0 0 0 1 ,1 8 0 ,1 3 5 ,0 0 0 1 ,1 7 9 .6 0 5 ,0 0 0 1 ,1 4 0 ,2 1 8 .0 0 0 1 ,2 7 7 ,5 1 0 .0 0 0 1 ,1 7 6 ,9 1 5 ,0 0 0 2 ,4 3 5 ,1 4 0 ,0 0 0
3 9 ,4 4 0 .0 0 0
3 9 ,5 0 8 ,0 0 0
3 8 ,9 2 8 ,0 0 0
3 8 .8 2 0 ,0 0 0
3 8 ,3 3 9 .0 0 0
7 ,7 2 7 ,0 0 0
7 ,0 0 1 ,0 0 0
7 ,8 1 1 ,0 0 0
7 .7 4 2 ,0 0 0
7 ,7 5 7 .0 0 0
7 ,8 0 6 ,0 0 0
1 1 ,3 3 9 ,0 0 0
8 ,0 0 5 ,0 0 0
8 ,1 7 3 ,0 0 0

T o t a l e a r n i n g a s s e t s -------------------- --------6 % r e d e m p . f u n d a g s t . F . R . b a n k n o te s
G o l d a b r o a d In c u s to d y o r In t r a n s i t —

5 1 9 ',0 2 7 ,0 6 6
1 8 ,5 8 7 ,0 0 0

5 9 0 .1 2 0 .6 0 0
1 7 ,6 0 8 ,0 0 0

5 4 0 ,3 5 1 ,0 0 0
1 0 ,9 5 9 ,0 0 0

5 0 7 ,5 8 6 ,6 0 0
1 0 ,2 0 0 ,0 0 0

4 7 0 .4 4 9 ,0 0 0
1 6 ,3 2 2 .0 0 0

5 2 1 ,6 5 0 ,0 0 0
1 5 ,3 0 6 ,0 0 0

4 8 0 ,1 9 0 ,0 0 0
1 6 ,2 1 0 ,0 0 0

1 5 ,3 1 0 .0 0 0

5 1 9 ,8 2 8 ,0 0 0
1 1 ,5 7 8 ,0 0 0

4 ,8 0 0 ,0 7 2 ,0 0 0 4 ,9 5 2 ,9 2 0 ,0 0 0 4 ,9 0 2 ,2 8 0 ,0 0 0 4 ,8 6 6 ,1 4 4 ,0 0 0 4 ,8 1 5 ,8 5 1 ,0 0 0 4 ,8 3 3 ,8 2 7 ,0 0 0 5 ,0 4 8 ,0 2 2 ,0 0 0 4 ,8 1 8 .8 4 8 ,0 0 0 5 ,5 0 4 ,4 8 0 ,0 0 0

LIABILITIES.

1 0 4 .2 2 1 .0 0 0
1 0 4 .3 1 1 .0 0 0
1 0 4 .1 0 9 .0 0 0
1 0 3 .9 9 3 .0 0 0
1 0 3 ,9 0 1 ,0 0 0
1 0 4 .0 0 5 .0 0 0
1 0 3 .9 4 8 .0 0 0
1 0 3 .8 0 2 .0 0 0
1 0 1 .2 3 5 .0 0 0
2 1 5 ,3 9 8 .0 0 0
2 1 5 .3 9 8 .0 0 0
2 1 5 .3 9 8 .0 0 0
2 1 5 .3 9 8 .0 0 0
2 1 5 .3 9 8 .0 0 0
2 1 5 .3 9 8 .0 0 0
2 1 5 .3 9 8 .0 0 0
2 0 2 .0 3 6 .0 0 0
2 ,1 4 7 .0 0 0
2 ,3 0 8 ,0 0 0
2 ,2 1 3 ,0 0 0
1 ,8 2 9 ,0 0 0
1 ,9 8 2 .0 0 0
1 ,5 7 0 ,0 0 0
1 ,5 3 0 ,0 0 0
2 ,0 7 5 ,0 0 0
3 7 ,8 3 3 .0 0 0
4 5 .1 9 4 .0 0 0
3 8 .0 3 4 .0 0 0
3 5 .8 7 2 .0 0 0
3 5 .5 4 2 .0 0 0
5 6 .0 3 1 .0 0 0
1 0 .7 8 9 .0 0 0
2 4 .2 0 7 .0 0 0
6 6 .3 5 9 .0 0 0
M e m b e r b a n k s — r e s e r v e a c c o u n t ------ 1 ,7 4 8 ,7 5 5 ,0 0 0 1 ,7 0 0 .9 4 2 .0 0 0 1 ,7 2 0 ,0 1 6 ,0 0 0 1 .7 2 9 ,6 0 3 .0 0 0 1 ,7 0 8 .7 8 2 .0 0 0 1 ,6 6 7 ,8 4 2 ,0 0 0 1 ,8 4 5 ,4 9 3 .0 0 0 1 ,7 1 9 ,9 1 0 ,0 0 0 1 ,6 5 6 ,7 1 8 ,0 0 0
5 4 ,0 8 5 ,0 0 0
3 9 .2 8 1 .0 0 0
3 8 .3 8 1 .0 0 0
3 3 .3 0 9 .0 0 0
3 5 .9 3 8 .0 0 0
4 0 .3 8 2 .0 0 0
4 0 .3 2 3 .0 0 0
5 1 .1 8 1 .0 0 0
3 9 .2 9 9 .0 0 0

R e s e r v e d f o r G o v t , f r a n c h is e t a x ................

T o t a l ---------- --------- --------------- ------------------- 1 .8 3 3 .2 3 0 .0 0 0 1 .8 5 2 .8 6 0 .0 0 0 1 .8 0 3 .0 3 1 .0 0 0 1 .8 0 4 .4 4 4 .0 0 0 1 .8 0 5 .1 3 6 .0 0 0 1 .7 7 4 .5 8 3 .0 0 0 1 .9 1 3 .4 6 3 .0 0 0 1 .7 8 0 .0 5 5 .0 0 0 1 .7 2 5 .8 9 9 .0 0 0
F . R . n o t e s In a c t u a l c i r c u l a t i o n ................ 2 .1 5 7 .5 0 8 .0 0 0 2 .1 8 1 .0 9 0 .0 0 0 2 .2 0 0 .3 0 5 .0 0 0 2 .1 9 8 .0 7 2 .0 0 0 2 .1 8 1 .8 4 3 .0 0 0 2 .1 8 3 .3 7 4 .0 0 0 2 .1 8 8 .5 9 0 .0 0 0 2 .1 9 7 .4 3 4 .0 0 0 2 .8 3 8 .1 1 8 .0 0 0
8 0 .3 0 4 .0 0 0
7 9 .4 9 7 .0 0 0
F . R . b a n k n o t e s In c ir c u la t io n — n e t l l a b .
8 2 .0 0 5 .0 0 0
8 1 ,0 8 2 .0 0 0
8 0 .3 5 3 .0 0 0
7 9 .6 3 3 .0 0 0
7 8 .8 0 3 .0 0 0
7 8 .0 2 9 .0 0 0
1 5 6 .2 4 9 .0 0 0
4 9 8 ,9 2 1 ,0 0 0
4 4 9 ,3 4 7 ,0 0 0
4 7 7 ,2 5 8 ,0 0 0
4 0 9 .3 3 3 ,0 0 0
4 3 0 .7 0 0 .0 0 0
4 4 3 ,3 1 3 ,0 0 0
4 5 8 ,3 7 7 ,0 0 0
5 2 9 ,9 1 2 ,0 0 0
4 2 4 ,4 1 8 ,0 0 0
1 7 ,9 7 9 ,0 0 0
1 8 .4 1 3 .0 0 0
1 7 .9 0 7 .0 0 0
1 7 .8 1 3 .0 0 0
5 8 ,2 4 3 ,0 0 0
1 7 ,7 5 5 ,0 0 0
1 7 .4 4 2 .0 0 0
1 6 .5 7 8 .0 0 0
1 7 .1 0 9 .0 0 0
T o t a l l ia b i li ti e s .................................................. 4 ,8 6 0 ,0 7 2 ,0 0 0 4 ,9 5 2 .9 2 0 ,0 0 0 4 ,9 0 2 ,2 8 0 ,0 0 0 4 ,8 0 0 ,1 4 4 ,0 0 0 4 ,8 1 5 ,8 5 1 ,0 0 0 4 ,8 3 3 ,8 2 7 ,0 0 0 5 ,0 4 8 ,0 2 2 ,0 0 0 4 .8 1 8 ,8 4 8 ,0 0 0 5 ,5 8 4 ,4 8 0 ,0 0 0
R a t i o o f g o ld r e s e r v e s t o d e p o s it a n d
7 4 .1 %
7 5 .1 %
7 4 .6 %
7 4 .0 %
7 5 .2 %
7 2 .5 %
7 4 .5 %
7 4 .0 %
5 0 .9 %
R a t i o o f t o t a l r e s e r v e s t o d e p o s it a n d
7 7 .3 %
7 8 .3 %
7 7 .7 %
7 7 .8 %
7 8 .4 %
7 5 .6 %
7 7 .8 %
7 7 .7 %
5 5 .0 %

Distribution bp Maturates—
1 -1 5 d a y s b ills b o u g h t In o p e n m a r k e t .
1 -1 5 d a y s b ills d i s c o u n t e d .............................
1 -1 5 d a y s U . 8 . c e r t l f . o f I n d e b t e d n e s s .
1-15 d a y s m u n ic i p a l w a r r a n t s ____
1 0 -3 0 d a y s b ills b o u g h t In o p e n m a r k e t .
1 0 -3 0 d a y s b ills d i s c o u n t e d .....................
1 0 -3 0 d a y s U . 8 . c e r t l f . o f I n d e b t e d n e s s .
1 0 -3 0 d a y s m u n ic i p a l w a r r a n t s ........... ..........
.31-00 d a y s b ills b o u g h t In o p e n m a r k e t .
31-GO d a y s b ills d i s c o u n t e d ______________
3 1 -0 0 d a y s U . 8 . c e r t lf o f I n d e b t e d n e s s .
•11-00 d a y s m u n ic i p a l w a r r a n t s ____
0 1 - 9 0 d a y s b ills b o u g h t In o p e n m a r k e t .
0 1 - 9 0 fla y s b ills d i s c o u n t e d .....................
0 1 -9 0 d a y s U . S . c e r t lf . o f I n d e b t e d n e s s .
■61-90 d a y s m u n ic i p a l w a r r a n t s . . .
O v e r 9 0 fla y s b ills b o u g h t In o p e n m a r k e t
O v e r 9 0 fla y s b ills d i s c o u n t e d . . ...................
O v e r 9 0 d a y s c e r t lf . o f I n d e b t e d n e s s ____
G v c r 9 0 d a y s m u n ic i p a l w a r r a n t s _____

S
2 7 ,9 1 0 ,0 0 0
2 5 0 ,5 7 9 ,0 0 0
1 ,9 0 0 ,0 0 0
1 0 2 ,0 0 0
1 5 ,6 8 8 ’,000
5 6 .9 0 1 .0 0 0
5 0 0 ,0 0 0

S
3 1 ,0 3 1 ,0 0 0
2 9 3 ,4 7 4 .0 0 0
2 ,2 0 0 .0 0 0
1 0 2 .0 0 0
1 4 .5 2 4 .0 0 0
6 4 .4 9 2 .0 0 0
5 0 0 ,0 0 0

2 2 ,4 8 0 .6 6 6
9 2 .0 9 3 .0 0 0
4 6 .0 9 6 .0 0 0

'2 7 ,3 9 8 ",6 6 6
9 8 .0 9 2 .0 0 0
4 1 .2 2 9 .0 0 0

S
3 5 .9 8 7 ,0 0 0
3 0 3 ,1 5 1 .0 0 0
4 ,1 1 4 ,0 0 0
5 1 ,0 0 0
2 0 .1 7 1 .0 0 0
6 0 .1 0 0 .0 0 0
2 ,0 0 0 .0 0 0
5 1 ,0 0 0
2 0 ,9 9 7 ,0 0 0
1 0 4 ,9 7 5 ,0 0 0
5 0 0 ,0 0 0

1 5 .7 7 5 .0 0 0
5 4 .2 2 2 .0 0
7 ,4 3 7 ,0 0 0

1 8 .0 0 3 .0 0 0
5 9 .4 1 7 .0 0 0
7 ,5 7 0 ,0 0 0

1 5 .2 1 7 .0 0 0
0 4 .0 7 0 .0 0 0
4 0 .2 2 9 .0 0 0

1 0 ,9 8 5 ,0 0 0
3 5 ,9 1 1 ,0 0 0

0 5 9 ,0 0 0
3 9 ,0 4 2 ,0 0 0
2 0 1 ,0 1 5 ,0 0 0

1 ,1 7 1 ,0 0 0
3 7 ,3 0 8 ,0 0 0
2 2 0 ,5 5 8 ,0 0 0

1 ,2 3 9 ,0 0 0
3 5 ,1 7 8 ,0 0 0
2 0 4 ,5 3 3 ,0 0 0

1 .3 4 8 ,0 0 0
3 4 ,1 1 9 ,0 0 0
1 9 0 ,8 7 8 ,0 0 0

S
3 9 ,7 3 1 ,0 0 0
3 4 2 .0 5 1 .0 0 0
5 ,7 0 7 ,0 0 0

S
4 6 .8 5 0 .0 0 0
3 5 0 ,5 0 6 .0 0 0
1 7 .5 9 5 .0 0 0

t
3 2 .2 2 7 .0 0 0
3 3 7 ,0 2 2 ,0 0 0
1 7 .1 1 7 .0 0 0

S
2 7 .7 2 3 .0 0 0
3 1 7 .4 8 2 .0 0 0
1 6 7 .3 6 2 .0 0 0

5
S
4 3 .1 7 1 .0 0 0
5 8 ,1 7 5 ,0 0 0
3 4 5 .0 5 4 ,0 0 0 1 ,2 2 9 ,3 6 8 ,0 0 0
4 4 .9 9 8 .0 0 0
4 ,0 0 0 ,0 0 0

1 9 .9 1 2 .0 0 0
0 9 .4 1 2 .0 0 0
2 ,2 0 0 ,0 0 0
1 0 2 .0 0 0
2 0 .4 0 3 .0 0 0
1 0 0 ,4 4 9 .0 0 0
1 ,0 0 0 ,0 0 0

1 5 .8 7 7 .0 0 0
7 0 .0 1 3 .0 0 0
1 ,7 0 0 .0 0 0
1 0 2 .0 0 0
2 3 .8 9 2 .0 0 0
1 0 5 ,0 0 3 .0 0 0
2 ,0 0 0 ,0 0 0

1 7 .0 9 6 .0 0 0
7 3 .5 4 0 .0 0 0
1 3 .0 3 3 .0 0 0

1 8 .7 0 7 .0 0 0
7 3 .1 7 5 .0 0 0
1 4 .7 6 3 .0 0 0

1 4 .4 2 7 .0 0 0
7 6 .4 9 2 .0 0 0
1 3 .9 0 9 .0 0 0

2 1 ,4 2 9 ,0 0 0
2 0 1 .0 5 8 .0 0 0
2 .1 6 5 .0 0 0

'2 3 ,8 1 3 ,0 0 5
9 7 .7 0 5 .0 0 0
3 ,7 0 3 ,0 0 0
1 0 2 .0 0 0
1 2 .1 0 1 .0 0 0

’2 3 ,1 8 6 .0 0 0
1 0 2 ,3 4 0 ,0 0 0
1 0 .5 8 7 .0 0 0

IM O M M
3 6 4 .9 6 4 .0 0 0
7 .0 4 0 .0 0 0

1 4 ,2 0 1 ,0 0 0

23.~0(M )606
1 0 0 ,5 5 1 .0 0 0
2 ,7 0 0 ,0 0 0
1 0 2 ,0 0 0
1 2 .1 8 7 .0 0 0

1 6 ,6 4 0 .0 0 0

5 ,9 4 5 ,0 0 0

3 1 ,7 8 5 ,0 0 0

2 0 ,0 6 4 ,0 0 0

5 0 0 ,0 0 0

7 ,6 0 5 ,0 0 0

1 ,8 6 5 ,0 0 0
3 5 ,5 3 0 .0 0 0
1 8 7 ,4 5 5 ,0 0 0

2 ,5 3 1 .0 0 0
3 5 ,7 4 6 .0 0 0
1 8 1 ,2 8 2 ,0 0 0

4 ,9 0 7 .0 0 0
3 6 ,1 4 5 ,0 0 0
1 9 0 ,9 4 9 ,0 0 0

5 0 0 .0 0 0
1 0 2 .0 0 0
4 ,5 0 7 .0 0 0
3 7 ,4 4 6 .0 0 0
1 8 5 ,0 7 4 ,0 0 0

4 9 ,9 5 0 ,0 0 0
2 2 1 ,2 7 3 ,0 0 0

Federal Reserve Notes—
O u t s t a n d i n g -------- --------------------------------------- 2 ,5 3 0 ,8 9 5 ,0 0 0 2 ,5 3 4 ,9 9 7 ,0 0 0 2 , 5 3 2 ,8 5 3 ,0 0 0 2 , 5 2 9 ,6 0 2 ,0 0 0 2 , 5 1 8 ,5 1 6 ,0 0 0 2 ,5 2 3 ,3 7 4 .0 0 0 2 ,5 2 7 ,7 7 2 ,0 0 0 2 .5 4 0 ,4 4 3 .0 0 0 3 ,1 7 7 ,0 0 4 ,0 0 0
3 5 3 ,9 0 7 ,0 0 0
3 4 6 ,8 8 6 ,0 0 0
I n a c t u a l c i r c u l a t i o n ........................................ 2 ,1 5 7 ,5 6 8 ,0 0 0 2 , 1 8 1 ,0 9 0 ,0 0 0 2 , 2 0 0 ,3 0 5 ,0 0 0 2 ,1 9 8 ,0 7 2 ,0 0 0 2 , 1 8 1 ,8 4 3 ,0 0 0 2 ,1 8 3 ,3 7 4 ,0 0 0 2 . 1 8 8 .5 9 3 ,0 0 0 2 ,1 9 7 ,4 3 4 ,0 0 0 2 ,8 3 0 ,1 1 8 ,0 0 0
A m o u n t c h a r g c a b lo t o F e d . R e s . A g e n t 3 ,3 3 5 ,0 5 0 ,0 0 0 3 ,3 5 2 ,9 7 3 .0 0 0 3 ,3 5 4 ,7 0 9 ,0 0 0 3 ,3 5 1 ,0 1 8 ,0 0 0 3 ,3 7 2 ,4 4 7 ,0 0 0 3 ,3 9 7 ,5 7 0 .0 0 0 3 ,4 0 7 ,4 8 3 .0 0 0 3 ,4 2 3 .5 4 4 ,0 0 3 ,9 9 0 ,2 7 3 ,0 0 0
I n h a n d s o f F e d e r a l R e s e r v e A g e n t ...........
8 1 7 ,9 7 0 ,0 0 0
7 9 8 ,1 0 1 ,0 0 0
8 7 9 .7 1 1 .0 0 0
8 7 4 ,1 9 6 .0 0 0
8 2 1 ,9 1 6 ,0 0 0
8 2 1 ,4 1 0 ,0 0 0
8 5 3 ,9 3 1 ,0 0 0
8 8 3 ,1 0 1 ,0 0 0
8 1 3 ,2 6 9 ,0 0 0
I s s u e d to F e d e r a l R e s e r v e b a n k s ........... 2.580.8 !).-,,0 0 0 2 ,5 3 4 ,9 9 7 ,0 0 0 2 ,5 3 2 ,8 5 3 ,0 0 0 2 ,5 2 9 ,6 0 2 ,0 0 0 2 ,5 1 8 ,5 1 0 ,0 0 0 2 ,5 2 3 .3 7 4 ,0 0 0 2 ,5 2 7 ,7 7 2 ,0 0 0 2 ,5 4 0 ,4 4 3 ,0 0 0 3 ,1 7 7 ,0 0 4 ,0 0 0

How Secured—
B y g o ld a n d g o ld c e r t i f i c a t e s ........................
4 0 4 .7 1 3 .0 0 0
4 0 4 .7 1 4 .0 0 0
4 0 3 .7 1 3 .0 0 0
4 0 3 .7 1 3 .0 0 0
4 0 3 .7 1 3 .0 0 0
4 0 3 .7 1 3 .0 0 0
4 0 3 .7 1 2 .0 0 0
3 4 4 .0 1 2 .0 0
2 3 3 .8 5 2 .0 0 0
B y e lig ib le p a p e r -------------------------------------382.385.000 4 4 0 .6 3 5 .0 0 0 4 4 1 .0 0 9 .0 0 0 4 8 3 .1 2 3 .0 0 0 4 5 2 .5 2 4 .0 0 0 4 6 2 .0 1 3 .0 0 0 4 3 7 .6 4 8 .0 0 0 5 1 0 .2 8 2 .0 0 0 1 ,8 5 9 ,1 4 4 ,0 0 0
G o ld r e d e m p ti o n f u n d -----------------------------1 1 8 .3 0 1 .0 0 0
1 3 3 .7 9 1 .0 0 0
1 1 8 .3 1 7 .0 0 0
1 2 7 .0 0 2 .0 0 0
1 2 8 .0 0 3 .0 0 0
1 2 0 .2 1 7 .0 0 0
1 2 3 .2 7 1 .0 0 0
1 2 1 .6 1 6 .0 0 0
1 1 9 .1 6 7 .0 0 0
W i t h F e d e r a l R e s e r v e B o a r d ........................ 1 ,6 1 0 ,0 0 5 ,0 0 0 1 ,5 7 1 .2 S 8 ,0 0 0 1 ,5 6 1 ,1 2 9 ,0 0 0 1 .5 1 4 ,1 6 3 ,0 0 0 1 ,5 3 0 ,0 6 2 .0 0 0 1 .5 3 4 ,3 7 8 ,0 0 0 1 ,5 0 8 .0 9 4 .0 0 0 1 .5 6 4 ,6 3 3 ,0 0 0
9 6 4 .8 4 1 .0 0 0
T o t a l ......................................................................... 2 ,5 3 0 ,8 9 5 ,0 0 0 2 .5 3 4 ,9 9 7 ,0 0 0 2 ,5 3 2 ,8 5 3 ,0 0 0 2 ,5 2 9 ,0 0 2 ,0 0 0 2 ,5 1 8 ,5 1 6 ,0 0 0 2 ,5 2 3 .3 7 4 ,0 0 0 2 .5 2 7 .7 7 2 ,0 0 0 2 .5 4 0 .4 4 3 .0 0 0 3 ,1 7 7 ,0 0 4 ,0 0 0
e l i g i b l e p a p e r d e li v e r e d to F . R . A g e n t .

5 6 0 ,3 8 0 .0 0 0

0 2 3 ,9 5 1 ,0 0 0

0 4 5 ,5 9 7 ,0 0 0

6 9 8 ,1 5 9 ,0 0 0

7 1 0 ,2 0 0 ,0 0 0

6 7 0 ,6 3 0 .0 0 0

6 5 0 .0 0 5 ,0 0 0

7 0 6 ,9 9 8 ,0 0 0 2 ,1 0 6 ,7 0 2 ,0 0 0

W E E K L Y S T A T E M E N T O F R E S O U R C E S A N D L I A B I L I T I E S O F E A C H O F T H E 12 F E D E R A L R E S E R V E B A N K S A T C L O S E O F B U S I N E S S A P R I L 2 6 1922

Two ciphers (00) omitted.
Federal Reserve Rank of—
RESOURCES.

Boston.

New York.

Phtla.

S

S

S

s

3 ,4 8 1 ,0
5 7 ,9 9 8 ,0

Cleveland Richmond Atlanta. Chicago. St. Louis Mlnneap. Kan.CUy. Dallas. San Fran.
S

Total.

S

S

S

8

8 .1 5 0 .0
7 .3 9 7 .0

8 ,2 2 7 ,0
2 5 ,2 6 5 ,0

2 ,2 9 7 ,0
2 5 ,1 9 4 ,0

8 ,1 4 4 ,0
1 1 ,1 3 6 ,0

1 9 .7 5 7 .0
3 6 .5 1 6 .0

3 2 .7 6 9 .0 8 6 ,1 5 3 ,0
8 6 .7 7 6 .0 3 6 0 ,1 6 2 ,0
1 ,5 5 5 ,0
5 ,7 1 8 ,0

1 5 .5 4 7 .0
7 3 .5 9 1 .0
9 8 2 ,0

3 3 .4 9 2 .0
3 1 .4 5 5 .0
2 ,4 9 9 ,0

2 7 .4 9 1 .0
4 2 .9 5 0 .0
1 ,8 6 2 ,0

1 9 .2 8 0 .0 5 6 ,2 7 3 ,0
7 8 0 ,6 1 2 ,0
2 0 .3 7 4 .0 2 0 4 ,7 2 8 ,0 2 ,1 5 4 ,5 1 0 .0
1 ,2 1 9 ,0
3 ,5 7 3 ,0
6 0 ,0 8 0 ,0

T o t a l g o ld r e s e r v e s ......................... 1 8 5 ,6 3 0 ,0 1 ,1 3 3 ,7 9 0 ,0 2 2 6 ,0 6 7 ,0 2 5 6 ,3 6 5 ,0
L e g a l t e n d e r n o t e s , s il v e r , & o . . .
2 2 ,1 5 8 ,0
8 ,3 7 7 ,0
2 9 ,4 0 8 ,0
6 ,8 8 6 ,0

8 4 ,8 8 9 ,0 1 2 1 ,1 0 0 ,0 4 5 2 ,0 3 3 ,0
7 ,0 3 7 ,0
4 ,7 9 6 ,0 1 4 ,2 8 3 ,0

9 0 .1 2 0 .0
1 8 .7 1 0 .0

6 7 ,4 4 6 ,0
7 2 3 ,0

7 2 ,3 0 3 ,0
5 ,4 8 8 ,0

4 0 ,8 7 3 ,0 2 6 4 ,5 7 4 ,0 2 ,9 9 5 ,2 0 2 ,0
5 ,7 8 8 ,0
5 ,9 8 3 ,0
1 2 9 ,6 3 7 ,0

T o t a l r e s e r v e s ----------------2 0 7 ,7 9 4 ,0 1 .1 6 3 ,2 0 -1 ,0 2 3 4 ,4 4 4 .0 2 0 3 ,2 5 1 ,0
B ills
d isc o u n te d : S e c u re d
by
U . S . G o v t, o b l ig a tio n s ...
9 .9 9 5 .0
3 0 .9 3 2 .0 3 7 .5 3 3 .0 1 9 .1 0 1 .0
1 0 ,5 8 1 ,0
A ll o t h e r .............................................
1 6 .1 0 0 .0
8 ,0 3 9 ,0 3 0 .4 3 9 .0
9 .8 8 2 .0
B ills b o u g h t In o p e n m a r k e t . . .
2 5 ,2 8 1 ,0 2 0 .4 7 4 .0
2 ,0 3 2 ,0

9 1 ,9 2 6 ,0 1 2 5 ,8 9 0 ,0 4 0 6 ,3 1 6 ,0 1 0 8 ,8 3 0 ,0

6 8 ,1 6 9 ,0

7 7 ,7 9 1 ,0

4 6 ,6 6 1 ,0 2 7 0 ,5 5 7 ,0 3 ,1 2 4 ,8 3 9 ,0

2 1 .5 4 4 .0
3 7 .8 0 3 .0
1 ,9 0 8 ,0

7 .7 9 2 .0
3 1 ,1 1 1 ,0
1 .3 0 3 .0

2 5 .5 3 8 .0
4 9 .3 6 2 .0
1 4 .8 1 8 .0

7 ,2 1 2 ,0
1 6 ,5 1 6 ,0
8 4 4 ,0

2 ,6 0 5 ,0
2 4 ,3 0 8 ,0

4 ,8 6 3 ,0
2 5 ,5 4 8 ,0
3 9 ,0

2 ,5 3 0 ,0
3 1 ,9 8 4 ,0
6 5 ,0

9 .3 4 6 .0
3 8 ,2 9 5 ,0
5 .8 7 2 .0

1 7 8 .9 9 1 .0
3 2 1 .1 0 6 .0
8 2 ,5 1 8 ,0

G o ld a n d g o ld c e r t if i c a t e s .
G o l d s e t t l e m e n t f u n d — F . R . B 'd
T o t a l g o ld h e ld b y b a n k s . G o l d w i t h F . R . a g e n t s ...........
G o ld r e d e m p ti o n f u n d . . ...........

T o t a l b ills o n h a n d ........................
U . S . b o n d s n n d n o t e s — ................
U . 8 . c e r t if i c a t e s o f I n d e b t e d n e s s
O n e -y e a r c tf s . ( P ittm a n A c t) .
A ll o t h e r _______________________
M u n l c l p a I w a r r a n t s ______________




1 3 .5 6 4 .0
1 5 .9 5 5 .0
2 9 .5 1 9 .0
1 4 1 .1 8 2 .0
1 4 ,9 3 5 ,0

1 2 .9 9 2 .0
4 0 .6 2 6 .0

S
2 ,9 4 0 ,0
3 1 ,9 5 4 ,0

5 ,3 9 8 ,0
2 7 ,3 7 1 ,0

S
2 3 .1 6 4 .0
0 2 .9 8 9 .0

3 2 4 .0 9 7 .0 6 1 ,4 7 9 ,0 5 9 ,6 1 8 ,0
7 9 9 .6 9 9 .0 1 5 0 ,3 2 2 ,0 1 9 0 ,8 7 2 ,0
1 0 ,0 0 0 ,0
8 ,2 0 0 ,0
5 ,8 7 5 ,0

3 4 .8 9 4 .0
4 6 .3 9 9 .0
3 ,5 9 6 ,0

2 1 8 .5 2 4 .0
1 0 5 .5 7 3 .0

f

5
3 2 6 .6 3 8 .0
4 5 3 .9 7 4 .0

3 0 ,4 5 8 ,0
4 ,4 7 7 ,0

7 2 .3 7 3 .0
5 8 .2 2 3 .0

0 0 ,9 4 6 ,0
1 9 ,7 9 9 ,0

5 1 .5 7 2 .0
2 7 .0 4 2 .0

0 1 ,3 1 5 ,0
1 ,2 3 3 ,0

4 0 ,2 0 0 ,0
1 5 1 ,0

8 9 .7 1 8 .0
3 7 .1 3 1 .0

2 4 .5 7 2 .0
1 1 .3 7 9 .0

2 6 ,9 1 3 ,0
5 ,8 8 5 ,0

3 0 .4 5 0 .0
3 0 .6 4 9 .0

3 4 ,5 7 9 ,0
2 ,8 1 6 ,0

5 3 .5 1 3 .0
5 1 .4 0 0 .0

5 8 2 .6 1 5 .0
2 5 0 .1 8 5 .0

7 ,9 5 0 ,0
3 7 ,4 0 2 ,0

2 4 ,0 0 0 ,0
1 0 3 ,6 4 7 ,0

8 ,0 0 0 ,0
2 0 5 ,0
1 0 2 ,0

6 ,0 0 0 ,0
1 8 ,7 1 1 ,0

3 ,5 0 0 ,0

7 ,1 9 9 ,0
3 1 ,0

8 ,6 6 7 ,0
4 9 ,5 7 8 ,0

3 ,5 7 1 ,0
1 0 ,0 1 3 ,0

4 ,0 0 0 ,0
3 ,4 3 2 ,0

4 .3 2 1 .0
8 .8 4 2 .0

1 ,9 0 0 ,0
2 5 0 ,0

5 ,3 3 2 ,0
2 7 7 ,0

8 4 ,5 0 0 ,0
2 3 2 ,4 4 8 ,0
1 0 2 ,0

8 0 ,2 8 7 ,0

2 5 8 ,2 4 3 ,0

9 5 ,1 1 2 ,0 1 0 3 ,3 2 5 ,0

6 6 ,1 0 8 ,0

4 7 ,5 8 7 ,0 1 8 5 ,0 9 4 ,0

4 9 ,5 3 5 ,0

4 0 ,2 3 0 ,0

7 4 ,2 6 2 ,0

..........

3 9 ,5 4 5 ,0 1 1 0 ,5 2 2 ,0 1 ,1 4 9 ,8 * 0 ,0

18 6 6

T H E

RESOURCES (Concluded)—
Two ciphers (00) omitted.
B a n k p r e m i s e s .......................................
6 % r e d e m p t i o n fu n d a g a i n s t F e d e r a l R e s e r v e b a n k n o t e s ..............
U n c o l le c t e d I t e m s ..................................
A ll o t h e r r e s o u r c e s ________________

Boston.

New York.

Phtla.

[Voi>. 114.

C H R O N IC L E

Cleveland Richmond Atlanta. Chicago. St. Louis M inneap. Kan. City Dallas.

Fran.

Total.

$
9 6 6 ,0

$
3 9 ,5 6 8 ,0

2 7 9 ,0
3 5 ,1 7 9 ,0
5 ,3 9 0 ,0

7 ,6 0 1 ,0
5 1 9 ,6 2 7 ,0
1 8 ,5 8 7 ,0

•San

3
5 ,1 6 2 ,0

8
7 ,9 2 8 ,0

$
6 0 0 ,0

3
4 ,9 1 0 ,0

3
2 ,5 7 1 ,0

3
1 ,2 4 5 ,0

3
7 ,3 2 3 ,0

3
9 0 8 ,0

3
9 1 4 ,0

S
4 ,9 5 0 ,0

3
2 ,0 9 1 ,0

4 2 2 ,0
5 2 ,6 3 4 ,0
7 8 8 ,0

1 ,0 1 1 ,0
1 1 1 ,5 9 9 ,0
4 ,0 0 3 ,0

7 0 0 ,0
4 4 ,2 2 2 ,0
4 8 8 ,0

5 3 9 ,0
4 7 ,7 9 0 ,0
1 ,2 5 8 ,0

1 8 8 ,0
4 4 ,4 4 3 ,0
1 9 2 ,0

4 6 8 ,0
2 2 ,1 9 7 ,0
1 4 1 ,0

7 0 5 ,0
6 4 ,0 1 6 ,0
1 ,6 1 2 ,0

2 ,0 2 3 ,0
2 9 ,9 7 4 ,0
5 2 5 ,0

2 0 4 ,0
1 2 ,2 6 1 ,0
1 ,2 4 0 ,0

9 1 6 ,0
3 3 ,9 4 0 ,0
9 3-2,0

1 4 6 ,0
2 1 ,3 7 2 ,0
2 ,0 2 8 ,0

T o t a l r e s o u r c e s _____ ___________ 3 4 7 ,0 8 7 ,0 1 ,5 4 5 ,9 8 8 ,0 3 7 5 ,5 6 6 ,0 4 2 1 ,0 7 3 ,0 2 0 5 ,4 2 8 ,0 1 9 7 ,5 3 4 ,0 7 2 5 ,0 6 6 ,0 1 9 1 ,7 9 5 ,0 1 2 3 ,0 1 8 ,0 1 9 2 ,7 8 1 ,0 1 1 1 ,8 4 3 ,0 4 2 2 ,8 9 3 ,0 4 ,8 6 0 ,0 7 2 ,0

LIABILITIES.

C a p i t a l p a id I n ........................................
7 ,9 6 9 ,0
S u r p l u s .......................................................
1 6 ,4 8 3 ,0
R e s e r v e d f o r G o v t , f r a n c h is e t a x .
2 0 5 ,0
D o p o s l ts : G o v e r n m e n t ......................
2 ,6 0 8 ,0
M e m b e r b a n k — r e s e r v e a c c ’t . . 1 1 6 ,2 8 0 ,0
A ll o t h e r .......................................... ..
7 2 3 ,0

2 7 ,1 0 7 ,0
8 ,9 1 2 ,0 1 1 ,5 1 2 ,0
6 0 ,1 9 7 ,0 1 7 ,9 4 5 ,0 2 2 ,5 0 9 ,0
5 5 0 ,0
2 0 2 ,0
1 7 ,9 0 5 ,0
2 ,2 4 1 ,0
1 ,9 2 2 ,0
7 0 1 ,0 1 6 ,0 1 0 4 ,8 4 8 ,0 1 3 4 ,2 2 3 ,0
1 0 ,9 3 0 ,0
1 ,1 2 1 ,0
1 ,3 8 3 ,0

5 ,5 3 3 ,0
1 1 ,0 3 0 ,0
3 9 6 ,0
1 ,6 2 5 ,0
5 4 ,2 5 0 ,0
4 3 8 ,0

4 ,2 5 3 ,0 1 4 ,5 6 2 ,0
9 ,1 1 4 ,0 2 9 ,0 2 5 ,0
4 2 1 ,0
3 ,3 1 6 ,0
3 ,4 5 1 ,0
4 7 ,1 6 9 ,0 2 4 2 ,6 1 5 ,0
2 4 1 ,0
2 ,2 1 8 ,0

4 ,6 6 1 ,0
9 ,3 8 8 ,0
4 4 ,0
2 ,5 3 9 ,0
6 7 ,0 0 7 ,0
1 ,1 8 7 ,0

3 ,5 7 7 ,0
7 ,4 6 8 ,0
2 7 1 ,0
2 ,6 2 3 ,0
4 1 ,5 0 9 ,0
3 5 8 ,0

4 ,6 1 1 ,0
9 .6 4 6 .0
2 1 9 ,0
1 .6 2 9 .0
7 1 ,0 5 1 ,0
7 1 4 ,0

1 0 4 ,3 1 1 .0
2 1 5 ,3 9 8 ,0
2 ,3 0 8 ,0
2 ,0 4 8 ,0
4 5 ,1 9 4 ,0
3 , 2 8 7 ,0
4 6 ,0 9 0 ,0 1 2 2 ,6 8 7 ,0 1 ,7 4 8 ,7 5 5 ,0
3 9 ,2 8 1 ,0
2 4 8 ,0 1 9 ,7 2 0 ,0

T o t a l d e p o s i t s ..................................... 1 1 9 ,6 1 1 ,0
F . R . n o t e s In a c t u a l c i r c u l a t i o n . 1 5 4 ,0 3 4 ,0
F . R . b a n k n o t e s In c ir c u l a t i o n —
n e t l i a b i l i t y ..........................................
7 ,6 0 2 ,0
D e f e r r e d a v a i l a b i l i t y I t e m s ........... 4 0 ,2 2 3 ,0
A ll o t h e r l ia b i l i t i e s ................................
9 6 0 ,0

7 2 9 ,8 5 1 ,0 1 0 8 ,2 1 0 ,0 1 3 7 ,5 2 8 ,0
6 1 5 ,4 7 5 ,0 1 8 9 ,2 3 2 ,0 2 0 0 ,3 4 4 ,0

5 6 ,3 1 3 ,0 5 0 ,7 2 6 ,0 2 4 8 ,2 8 4 ,0
8 9 ,7 0 2 ,0 1 0 9 ,7 8 6 ,0 3 6 8 ,4 2 7 ,0

7 0 ,7 3 3 .0
7 4 ,7 4 9 ,0

4 4 ,4 9 0 .0
5 1 ,1 7 0 ,0

7 3 ,4 0 4 ,0
6 0 ,5 1 7 ,0

4 8 ,3 8 6 ,0 1 4 5 ,6 9 4 ,0 1 ,8 3 3 ,2 3 0 ,0
2 6 ,3 9 0 ,0 2 1 7 ,7 4 2 ,0 2 ,1 5 7 ,5 6 8 ,0

2 ,9 9 3 ,0
3 8 ,6 0 4 ,0
8 5 7 ,0

3 ,3 2 6 ,0
2 8 ,1 5 9 ,0
7 3 5 ,0

3 ,6 5 8 ,0
1 1 ,4 0 3 ,0
9 8 1 ,0

8 ,8 4 7 ,0
3 4 ,7 6 7 ,0
7 7 0 ,0

2 ,8 2 9 ,0
2 0 ,8 0 8 ,0
1 ,8 2 1 ,0

1 8 ,8 3 3 ,0
9 0 .4 1 0 ,0
3 ,5 5 9 ,0

7 ,9 5 3 ,0
4 2 ,1 8 6 ,0
9 2 6 ,0

5 ,4 8 4 ,0
4 2 ,3 4 3 ,0
1 ,3 5 3 ,0

5 ,5 3 2 ,0
1 6 ,9 4 5 ,0
7 5 7 ,0

8 ,1 3 3 ,0
5 2 ,4 5 5 ,0
4 ,1 8 0 ,0

4 ,2 1 5 ,0
7 ,3 9 4 ,0

7 ,3 9 9 ,0
5 ,1 9 9 ,0

4 ,3 0 7 ,0
3 1 ,0 3 8 ,0
1 .5 1 4 ,0

.

7 9 ,4 9 7 ,0
4 4 9 ,3 4 7 ,0
1 8 ,4 1 3 ,0

T o t a l l i a b i l i t i e s .................................. 3 4 7 ,0 8 7 ,0 1 ,5 4 5 ,9 8 8 ,0 3 7 5 ,5 6 6 ,0 4 2 1 ,0 7 3 ,0 2 0 5 ,4 2 8 ,0 1 9 7 ,5 3 4 ,0 7 2 5 ,0 6 6 ,0 1 9 1 ,7 9 5 ,0 1 2 3 ,0 1 8 ,0 1 9 2 ,7 8 1 ,0 1 1 1 ,8 4 3 ,0 4 2 2 ,8 9 3 ,0 4 , 8 6 0 ,0 7 2 ,0

Memoranda.

R a t i o o f t o t a l r e s e r v e s t o d e p o s it
a n d F . R . n o to lia b i li ti e s c o m b l n e d , p e r c e n t ...............................
C o n t in g e n t , l i a b i l i t y o n b ills p u r
C h a se d f o r fo re ig n e o r r o s p o n d 't s

7 5 .9

8 6 .5

7 8 .8

7 7 .9

6 3 .0

7 8 .4

7 5 .p

7 4 .8

7 1 .3

5 8 .1

6 2 .4

7 4 .4

7 8 .3

2 ,4 9 9 ,0

1 3 ,7 2 9 ,0

2 ,7 3 8 ,0

2 ,8 0 7 ,0

1 ,6 7 7 ,0

1 ,2 3 2 ,0

4 ,0 7 3 ,0

1 ,6 0 9 ,0

9 2 4 ,0

1 ,6 4 3 ,0

8 9 0 ,0

1 ,5 7 5 ,0

3 5 ,3 9 6 ,0

S T A T E M E N T O F F E D E R A L R E S E R V E A G E N T S A C C O U N T S A T C L O S E O F B U S IN E S S A P R I L 26 1922.

Federal Reserve Agent at—
Resources—

Boston. New York Phita.

(In Thousands of Dollars)

Cleve. Richm'd Atlanta Chicago.

8
8
5
2 9 8 ,8 9 0 4 4 ,2 2 0 3 2 ,9 8 0
8 1 1 ,2 9 1 2 1 3 ,7 6 9 2 1 8 ,0 2 9

$
F e d e r a l R e s e r v e Dotes o n h a n d ....................................................... 1 1 0 ,8 5 0
F e d e r a l R e s e r v e n o te s o u t s t a n d i n g ............................................. 1 6 6 ,0 1 9
C o l la t e r a l s e c u r i ty fo r F e d e r a l R e s e r v e n o te s o u t s t a n d in g
G o ld a n d g o ld c e r t i f i c a t e s ............................. .........................
5 ,3 0 0
G o ld r e d e m p ti o n f u n d ______________________ __________
1 5 ,8 8 2
G o ld f u n d — F e d e r a l R e s e r v e B o a r d _________________ 1 2 0 ,0 0 0
E l ig i b le p a p e r j A m o u n t r e q u i r e d _____________________
5 ,6 2 1
/ E x c e s s a m o u n t h e l d ...................................

8
8
2 8 ,4 8 5 7 3 ,9 5 6
9 7 ,3 1 3 1 1 4 ,2 3 9

..........

3 5 6 ,9 2 5
1 3 ,3 7 5
4 1 ,7 7 4 1 1 ,9 3 3 1 2 ,4 9 7 ” 3 ,6 0 4
4 0 1 ,0 0 0 1 4 4 ,3 8 9 1 6 5 ,0 0 0 4 2 ,7 9 5
1 1,5 9 2 5 7 ,4 4 7 2 7 ,1 5 7 5 0 ,9 1 4
9 ,5 2 4
5 4 ,5 3 3
1,3 7 3 2 4 ,2 0 8

2 ,4 0 0
2 ,8 7 6
8 1 ,5 0 0
2 7 ,4 6 3
1 2 ,5 7 4

T o t a l _____________________ ______ __________ _______ 1 IS ,509 1 ,9 7 6 ,0 0 5 4 7 3 ,1 3 1 4 9 3 ,2 4 6 2 3 2 ,6 3 5 3 1 5 ,0 0 8
L ia b ilitie s —
N e t a m o u n t o f F e d e r a l R e s e r v e n o t e s r e c e i v e d fro m
1
C o m p t r o l l e r o f t h e C u r r e n c y ................... .............................. 2 7 6 ,8 6 9 1 ,1 1 0 ,1 8 1 2 5 7 ,9 8 9 2 5 1 ,0 0 9 1 2 5 ,7 9 8 1 8 8 ,1 9 5
7 9 9 ,6 9 9 1 5 6 ,3 2 2 1 9 0 ,8 7 2 4 6 ,3 9 9 8 6 ,7 7 6
C o l la t e r a l re c e iv e d f r o m l G o l d _____________________________ 1 4 1 ,1 8 2
F e d e r a l R e s e r v e B a n k / E l i g i b l e p a p e r ...... ..............................
6 6 ,1 2 5 5 8 ,8 2 0 5 1 ,3 6 5 6 0 ,4 3 8 4 0 ,0 3 7

St. L.

Minn. K .City. Dallas. San Ft.

*
8 2 ,5 2 0
4 1 8 ,8 9 7

8
2 6 ,2 5 0
8 8 ,1 8 6

$
1 1 ,5 6 5
5 3 ,9 4 1

S
2 1 ,1 0 0
7 0 ,1 8 7

$
*
S
7 9 8 ,1 6 1
1 9 ,5 6 5 4 7 ,7 8 0
2 9 ,7 1 2 2 5 5 ,3 1 2 2 ,5 3 6 ,8 9 5

Total.

1 4 ,5 1 8
3 4 5 ,6 4 4
5 8 ,7 3 5
3 0 ,9 4 5

5 ,9 6 0
4 ,3 3 1
6 3 ,3 0 0
1 4 ,5 9 5
9 ,9 7 7

1 3 ,0 5 2
2 ,4 0 3
1 6 ,0 0 0
2 2 ,4 8 6
4 ,0 2 3

' 3 ,6 9 0
3 9 ,3 6 0
2 7 ,2 3 7
3 ,2 1 3

4 0 4 ,7 1 1
7 ,7 0 2
1 3 3 ,7 9 1
2 ,6 7 2 1 7 ,7 1 1
1 0 ,0 0 0 1 8 7 ,0 1 7 1 ,6 1 6 ,0 0 5
3 8 2 ,3 8 5
9 ,3 3 8 5 0 ,5 8 4
2 ,7 6 3
1 8 3 ,9 9 5
2 5 ,2 4 1

9 5 1 ,2 5 9 2 1 2 ,5 9 9 1 2 3 ,4 7 0 1 6 4 ,6 8 7 '1 0 4 ,2 3 0 5 6 1 ,1 6 7 6 ,0 5 5 ,9 4 6
5 0 1 ,4 1 7 1 1 4 ,4 3 6
3 6 0 ,1 6 2 7 3 ,6 9 1
8 9 ,6 8 0 2 4 ,5 7 2

6 5 ,5 0 6
3 1 ,4 5 5
2 6 ,5 0 9

9 1 ,2 8 7
4 2 ,9 5 0
3 0 ,4 5 0

4 9 ,2 7 7 3 0 3 ,0 9 2 3 ,3 3 5 ,0 5 6
2 0 ,3 7 4 2 0 4 ,7 2 8 2 ,1 5 4 ,5 1 0
5 6 6 ,3 8 0
3 4 ,5 7 9 5 3 ,3 4 7

4 4 8 ,5 0 9 l , 9 7 6 ,0 0 5 |4 7 3 , 131 j 49.3, 2 16 2 3 2 ,6 3 5 3 1 5 ,0 0 8

9 5 1 ,2 5 9 2 1 2 ,5 9 9 1 2 3 ,4 7 0 1 6 4 ,6 8 7 1 0 1 ,2 3 0 5 6 1 ,1 6 7 6 ,0 5 5 ,9 4 6

1 6 6 ,0 1 9
1 1 ,9 8 5

8 1 1 ,2 9 1 2 1 3 ,7 6 9 2 1 8 ,0 2 9
1 9 5 ,8 1 6 2 4 ,5 3 7 1 7 ,6 8 5

9 7 ,3 1 3 1 1 4 ,2 3 9
7 ,6 1 1
4 ,4 5 3

4 1 8 ,8 9 7
5 0 ,4 7 0

8 8 , 1 8 6 1 5 3 ,9 4 1
1 3 ,4 3 7 1 2 ,7 7 1

7 0 ,1 8 7 ! 2 9 ,7 1 2 2 5 5 ,3 1 2 2 ,5 3 6 ,8 9 5
3 7 9 ,3 2 7
9 ,6 7 0
3 ,3 2 2 3 7 ,5 7 0

F e d e r a l R e s e r v e n o t e s In a c t u a l c i r c u l a t i o n ________ 1 5 4 ,0 3 4

6 1 5 ,4 7 5 1 8 9 ,2 3 2 2 0 0 ,3 4 1

8 9 ,7 0 2 1 0 9 ,7 8 6

3 6 8 ,4 2 7

7 4 ,7 4 9 ' 5 1 ,1 7 0

6 0 ,5 1 7

T o ta l .
F e d e r a l R e s t r v e n o t e s o u t s t a n d i n g ___
F e d e r a l R e s e r v e n o t e s h e id b y b a n k s .

2 6 ,3 9 0 2 1 7 ,7 4 2 2 ,1 5 7 ,5 6 8

WEEKLY RETURN FOR THE MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM.
F ollow in g is tho w eek ly sta te m e n t issued by th e F ederal R eserve B oard , g iv in g the p rincipal itom s of th e resources and
liab ilities of the 804 M em b er B a n k s, from w h ich w eek ly returns are o b ta in ed . T h ese figures are a lw a y s a w eek b eh in d those
for tho R eservo B an k s th em selv es. D e fin itio n s of th e d ifferen t item s in tho sta te m e n t w ere g iv e n in tho sta to m o n t of D ec.
14 1917, p u b lish ed in tho “ C h ron icle” D e c . 29 1917, pago 2 5 23. The comment of the Reserve Board upon the figures for the
latest week appear in our Department of “ Current Events and Discussions” on page 1 8 40.
1.

D a t a f o r a l l r e p o r t i n g m e m b e r b a n k s I n e a c h F e d e r a l R e s e r v e D i s t r i c t a t c l o s e o f b u s i n e s s A p r . 19 1 9 2 2 . T h r e e c i p h e r s (0 0 0 ) o m i t t e d .

Federal Reserve District.

Boston. New York r-hiladtl. Cleveland. Richm'd. Atlanta. Chicago. St. Louts. Minneap. Kan. City Dallas. San Fran.

N u m b e r o f r e p o r t in g b a n k s ...........
L o a n s a n d d i s c o u n t s , i n c l u d i n g b ills r e ­
d isc o u n te d w ith F . R . h a n k :
L o a n s se c . b y U . S . G o v t, o b lig a tio n s .
L o a n s s e c u r e d b y s t o c k s a n d b o n d s ___
A ll o t h e r l o a n s a n d d i s c o u n t s _________

107

57

85

81

$
t
2 1 ,3 4 2
1 2 4 ,6 7 9
2 1 3 ,5 6 4 1 ,4 8 7 ,8 8 2
5 6 1 ,8 9 9 2 ,3 7 7 ,7 6 2

8
3 4 ,1 2 1
2 0 0 ,8 5 5
3 2 0 ,8 0 6

8
3 7 ,0 5 9
3 2 7 ,7 1 5
6 3 5 ,9 8 0

T o t a l lo a n s a n d d i s c o u n t s __________
U . S . b o n d s .................................................. ............
U . S . V i c to r y n o t e s ..........................................
U . 8 . T r e a s u r y n o t e s ..........................................
U . 8 . c e r t i f i c a t e s o f i n d e b t e d n e s s ______
O t h e r b o n d s , s t o c k s a n d s e c u r i t i e s ______

7 9 6 ,8 0 5 3 ,9 9 0 ,3 2 3 !
4 3 9 ,6 8 7
5 5 ,1 0 2
4 1 ,3 9 9
3 ,0 5 3
1 2 ,9 0 7
2 4 5 ,6 5 8
6 1 ,0 3 7
1 0 ,8 4 3
1 4 6 ,3 4 6
7 5 8 ,3 7 7

49

T o t a l l o a n s , d l s c ’t s A I n v e s t m e n t s , In c l. 1 ,0 2 5 ,0 5 6 5 ,5 3 6 ,4 8 1
b ills r e d i s c o u n te d w i t h F . R . B a n k ___
R e s e r v e b a la n c e w i t h F . R . B a n k _______
6 4 4 ,0 5 4
7 9 ,0 7 1
C a s h In v a u l t ........................ .............. ...................
8 8 ,9 0 6
1 7 ,7 4 2
N e t d e m a n d d e p o s i t s _____________________
7 6 3 ,1 4 2 4 ,8 5 8 ,6 0 2
T i m e d e p o s i t s ............................... .........................
5 6 8 ,1 0 0
1 9 8 ,6 4 6
G o v e r n m e n t d e p o s i t s ..........................................
2 0 ,9 6 7
9 3 ,5 7 0
B ills p a y a b l e w i t h F e d e r a l R e s e r v e B a n k :
S e c u r e d b y U . 8 . G o v t , o b l i g a t i o n s ___
2 ,0 2 4
2 5 ,8 5 5
A ll o t h e r ________ ______ __________________
B ills r e d i s c o u n t e d w i t h F . R . B a n k :
S e c u re d b y U . 8 . G o v t, o b lig a tio n s . . ■
77
562
A ll o t h e r .............. ...................................................
1 1 ,1 2 3
1 1 ,9 7 2

42

Total.

109

37

35

79

52

$
1 4 ,5 4 5
1 0 9 ,7 5 1
3 0 8 ,3 1 6

3
3
1 0 ,1 9 9
6 1 ,2 3 4
5 5 ,6 8 3
4 1 7 ,7 2 3
2 8 5 ,1 9 4 1 ,0 6 1 ,5 0 7

3
13 ,1 9 2
1 2 2 ,3 0 5
2 8 2 ,0 2 7

*
8 ,4 1 3
3 1 ,1 7 1
1 9 5 ,3 6 2

3
1 2 ,4 4 0
6 4 ,2 6 6
3 4 9 ,8 8 8

3
4 ,9 5 1
42,77.1
1 9 1 ,1 8 5 ,

$
S
1 0 ,7 4 7
3 5 8 ,9 2 5
1 4 2 .0 0 0 3 ,2 1 5 ,6 8 8
7 0 1 ,3 2 0 7 ,2 7 1 ,2 4 6

5 5 5 ,7 8 5 1,0 0 0 ,7 5 4
4 7 ,0 3 0
1 2 6 ,4 5 2
8 ,7 3 3
6 ,4 8 8
1 5 ,6 2 4
2 4 ,1 4 0
9 ,6 7 6
15 ,1 5 2
1 7 3 ,3 5 2 2 7 0 ,4 6 6

4 3 2 ,6 1 2
5 5 ,5 8 2
1,0 6 8
3 ,6 4 6
5 ,0 4 2
4 8 ,8 8 2

3 5 1 ,0 7 6 1 ,5 4 0 ,4 6 4
2 4 ,6 0 6
9 4 ,2 3 6
665
5 ,8 4 2
1,6 2 6
4 4 ,6 6 9
6 ,1 6 0
2 3 ,0 1 5
3 2 ,3 3 4
3 9 0 ,2 6 4

4 1 7 ,5 2 4
2 5 ,5 8 2
3 ,0 6 2
4 ,8 3 3
7 ,0 2 7
7 3 ,6 7 3

2 3 4 ,9 4 6
2 1 ,3 6 4
404
7 ,2 2 3
7 ,1 8 2
2 1 ,4 8 9

4 2 6 ,5 9 4
4 4 ,1 9 7
1,6 6 0
6 ,2 0 1
7 ,3 5 7
4 9 ,7 1 3

2 3 8 ,9 0 9
3 2 , 164
803
3 ,7 2 9
5 ,9 7 7
7 ,9 1 2

8 6 0 .0 6 7 1 0 .8 4 5 .8 5 9
1 0 2 ,1 2 6 1 ,0 6 8 ,1 2 8
9 ,0 7 0
8 2 ,8 5 3
1 9 ,0 4 9
3 8 9 ,3 0 5
2 0 .6 8 5
17 9 ,1 5 3
1 0 5 ,9 6 9 2 ,1 3 8 ,7 7 7

8 1 0 ,2 0 0 1 ,4 4 3 ,4 5 2

5 4 6 ,8 3 2

4 1 6 ,4 6 7 2 ,0 9 8 ,4 9 0

5 3 1 ,7 0 1

2 9 2 ,6 0 8

5 3 5 ,7 2 2

2 8 9 ,4 9 4 1 ,1 7 7 ,5 7 2 1 4 ,7 0 4 ,0 7 5

7 2 ,0 9 6
1 6 ,0 9 5
6 4 4 ,4 3 1
4 8 ,9 2 6
1 6 ,8 8 9

9 6 ,8 9 4
2 8 ,1 3 1
7 9 3 ,7 3 2
4 7 0 ,0 5 1
2 3 ,1 9 3

3 1 ,2 9 9
1 4 ,6 2 3
3 0 5 ,5 0 8
1 3 5 ,6 3 8
7 ,2 7 2

2 8 ,8 8 3
1 7 8 ,8 8 0
9 ,0 5 1
5 1 ,5 4 2
2 3 8 ,1 4 7 1 ,3 2 9 ,6 7 2
1 4 4 ,7 2 1
6 5 8 ,2 2 8
5 ,8 2 2
3 1 ,2 2 2

4 4 ,5 1 9
7 ,0 4 6
3 1 2 ,3 9 8
1 6 0 ,0 8 9
8 ,4 7 1

2 0 ,9 7 9
6 ,1 8 9
1 8 0 ,0 3 2
7 7 ,4 1 2
8 ,5 1 4

4 4 ,2 9 0
11 ,5 7 8
4 0 0 ,8 8 3
1 0 8 ,2 9 1
4 ,9 1 8

2 3 ,4 1 4
8 ,9 8 2
2 0 3 ,8 8 0
6 3 ,8 6 0
4 ,0 2 0

1 1 ,5 6 8

1 0 ,6 8 7

8 ,7 5 5

907

1 1 ,7 0 9

1,513

426
141

1 ,3 0 8

583
100

485
8 ,1 0 8

110
2 7 ,9 7 9

425
1 7 ,1 2 6

165
5 ,7 7 2

484
1 4 ,7 0 4

165
6 ,8 9 5

1,8 5 5

291
9 ,0 4 5

3 ,6 4 2

68

801

7 9 ,2 0 4 1 ,3 4 3 ,5 8 3
2 0 ,0 1 0
2 7 9 .8 9 5
5 9 ,8 .5 7 0 1 0 .6 2 8 .9 9 7
6 3 8 ,6 2 1 3 ,1 7 2 ,5 8 6
1 7 ,8 0 2
2 4 3 ,2 6 0
1 ,6 9 9

7 7 ,0 3 4

273
1 0 ,8 8 ll

3 .0 3 7
1 2 9 ,1 0 2

3 . D a t a o f r e p o r tin g m e m b e r b a n k s In F e d e ra l R e s e rv e B a n k a n d b r a n c h c itie s a n d a ll o t h e r r e p o r tin g b a n k s .

Three ciphers

(0 0 0 )

omitted.

New York City.
April

19.
66

April

12.

City of Chicago.
April

19.

April

12.

All F. R. Bank Cities. F. R. Branch CUUs JAIIOther Report. Bks.
April

19.

66

50

50

273

L o a n s a n d d i s c o u n t s , l n c l . b ills r e d ls c o u n te d w ith F . R . B a n k :
S
s
L o a n s s e c . b y U . S . G o v t , o b l lg ’ns
1 1 1 ,7 0 3
1 1 0 ,9 3 7
L o a n s s e c u r e d b y s t o c k s A b o n d s . 1 ,3 1 1 ,0 8 8 1 ,2 2 5 ,6 9 4
A ll o t h e r l o a n s a n d d i s c o u n t s ____ 2 ,0 9 6 ,1 9 1 2 ,1 0 8 ,0 1 0

S
5 0 ,1 4 7
3 0 3 ,6 9 7
6 7 6 ,3 8 5

8
5 2 ,0 8 0
3 0 3 ,6 6 0
6 8 1 ,4 9 6

s
2 5 0 ,3 1 7
2 ,3 2 4 ,6 5 1
4 ,5 9 0 ,9 9 8

April

12.
274

April

1 9 .| April 12.
211

211

April

19.
317

April

12.

Total.
April

19.

April

12.

April

22.

317

801

802

821

S
•S
s
$
•S
2 5 6 ,0 5 3
5 8 ,8 1 4
5 6 ,8 7 9
5 1 ,7 2 9
5 2 ,8 0 3
4 6 1 .5 9 6
2 ,2 3 3 ,3 1 2
4 2 9 ,4 4 1
4 2 0 ,6 6 4
4 6 1 .4 2 2
4 ,6 7 5 ,3 1 3 1 ,4 0 2 ,2 3 0 1 ,4 0 5 ,0 5 2 1 ,2 7 8 ,0 1 8 1 ,2 8 7 ,2 6 2

S
3 5 8 ,9 2 5
3 ,2 1 5 ,6 8 8
7 ,2 7 1 ,3 4 6

$
3 6 7 ,7 0 0
3 ,1 2 1 ,3 9 8
7 ,3 0 7 ,0 2 7

S
7 3 7 ,5 3 0
2 ,9 7 3 ,1 8 5
8 ,5 7 0 ,2 3 5

T o t a l lo a n s a n d d i s c o u n t s ........... 3 ,5 1 8 ,9 8 2 3 ,5 0 4 ,6 4 1 1 ,0 3 0 ,2 2 9 1 ,0 3 7 ,2 4 2 7 ,1 6 5 ,9 6 6 7 ,1 6 4 ,6 7 8 1 ,9 2 0 ,7 0 5 1 ,9 2 5 ,3 1 8 1 ,7 5 9 ,1 8 8 1 ,7 0 6 ,7 2 9 1 0 ,8 4 5 ,8 5 9 1 0 ,8 5 6 ,7 8 5 1 2 ,2 8 0 ,9 5 0
3 8 4 ,5 4 4
3 9 3 ,3 8 7
30 , 170
3 0 ,1 1 5
5 8 8 ,5 4 4
0 0 2 ,6 5 5
2 2 7 ,7 0 6
2 3 3 ,4 7 5
2 3 1 ,2 2 2 1 ,0 0 8 ,1 2 8 1 ,0 1 7 ,4 7 2
8 6 9 ,6 8 5
2 3 1 ,9 9 8
3 6 ,0 1 2
3 0 ,6 1 6
3 ,2 4 1
8 2 ,8 5 3
3 |3 7 8
5 6 ,5 1 3
4 9 ,1 8 6
1 4 ,3 0 8
1 1 ,7 0 4
12,0 3 2
1 2 ,8 0 0
1 9 1 ,0 8 2
7 3 ,6 9 0
U . S . T r e a s u r y n o t e s ........... ....................
2 4 ,5 0 4
2 3 4 ,9 7 0 2 3 4 ,1 5 6
3 2 9 ,3 0 5
3 0 0 ,5 0 2
2 3 ,5 0 0
3 0 3 ,8 3 8
5 4 ,5 9 2
3 0 ,8 7 5
3 3 ,9 3 9
5 4 ,5 1 6
3 8 8 ,9 5 7
U . 8 . c e r t i f i c a t e s o f I n d e b t e d n e s s ___
5 4 ,0 1 8
3 4 ,0 7 0
1 9 ,1
1 3 ,1 8 5
2 3 9 ,1 6 9
3 ,8 1 6
6 4 ,9 0 0
2 4 ,17 99 5 3 2 0 ,5 4 2
1 9 ,2 5 2
10 8 ,3 5 1
1 1 1 ,6 7 2
4 6 ,9 3 9
O t h e r b o n d s , s to c k s a n d s e c u r i t i e s . .
5 6 8 ,8 7 1
1 7 7 ,1 4 4
5 4 7 ,5 7 5
1 7 3 ,0 2 2 1 ,1 7 0 ,3 5 1 1 ,1 4 0 ,4 0 3
3 7 2 ,8 6 9 2 ,1 3 8 ,7 7 7 2 ,1 0 1 ,0 9 7 2 ,0 4 8 ,0 9 9
5 9 1 ,4 6 3 5 9 0 .8 2 5
3 7 6 ,9 0 3
T o t a l lo a n s A d l s e 't s A i n v e s t ’ts .
l n c l . b ills r e d l s c 't c d w i t h F . R . B k 4 ,8 0 6 ,2 4 0 4 ,7 3 5 ,6 0 2 1 ,2 8 4 ,0 1 0 1 ,2 7 0 ,9 4 2 9 ,4 1 0 ,9 9 5 9 ,3 0 8 ,2 1 3 2 ,8 6 0 ,0 0 5 2 ,8 3 4 ,2 6 8 2 ,4 3 3 ,0 7 5 2 ,4 3 8 ,8 1 1 1 4 ,7 0 4 ,0 7 6 1 4 ,5 7 9 ,2 9 2 1 6 ,6 2 8 ,9 8 5
R e s e r v e b a la n c e w i t h F . I t . B a n k . .
5 9 8 ,5 1 2
1 2 5 ,9 5 4
1 5 0 ,1 9 6 1 ,3 4 3 ,5 8 3 1 ,3 1 1 ,7 3 9 1 .2 4 0 ,3 4 4
5 9 4 ,9 4 2
1 1 9 ,2 9 9
9 8 9 ,8 1 5
9 6 3 ,7 6 3 2 0 2 ,3 8 9
1 5 1 ,3 7 9
1 9 7 ,7 8 0
7 5 ,8 2 4
2 9 ,9 5 5
7 2 ,7 1 1
7 8 ,3 7 1
2 9 ,4 2 2
1 5 6 ,1 3 5
2 8 3 ,0 0 8
1 5 1 ,5 7 2
5 5 ,7 9 6
5 5 ,1 2 2
7 2 ,5 2 7
2 7 9 ,8 9 5
3 1 2 ,6 4 2
N e t d e m a n d d e p o s i t s ............................... 4 ,3 7 1 /2 2 9 4 ,3 0 7 ,9 1 5 9 0 5 ,0 6 0 9 0 2 ,8 9 2 7 ,4 6 3 ,8 4 4 7 ,3 9 3 ,6 2 9 1 ,6 6 6 ,3 2 1 1 ,6 6 0 ,9 0 8 1 ,4 9 8 ,8 3 2 1 ,5 1 0 ,2 4 1 1 0 ,6 2 8 ,9 9 7 1 0 ,5 6 4 ,7 7 8 1 0 ,1 2 7 ,1 5 5
3 7 5 ,7 9 1
3 5 3 ,2 7 2
3 1 1 ,9 4 3
7 1 0 ,0 6 8 3 ,1 7 2 ,5 8 6 3 ,1 3 8 ,0 7 7 2 ,9 3 7 ,9 1 6
7 1 2 ,4 6 7
3 1 1 ,1 6 0 1 ,4 8 6 ,9 0 3 1 ,4 5 7 ,8 2 7 9 7 3 ,2 1 6
9 7 0 ,1 8 2
8 7 ,6 1 8
5 5 ,1 0 3
2 0 ,3 8 2
2 5 3 ,0 7 4
2 2 ,3 8 8
1 1 ,8 2 1
1 0 6 ,1 3 6
2 4 3 ,2 6 0
1 4 2 ,7 1 8
1 7 7 ,8 4 1
5 4 ,0 3 7
2 3 ,2 8 1
13 ,3 0 1
B ills p a y a b l e w i t h F . R . B a n k :
S e c 'd b y U . 8 . G o v t , o b l i g a t i o n s ..
1 7 ,2 5 5
7 7 ,0 3 4
1 5 ,5 6 6
5 1 6 ,7 5 4
1 7 ,0 5 0
2 ,5 5 0
1 ,3 5 5
3 9 ,7 1 6
2 0 ,1 4 0
7 8 ,8 1 9
3 6 ,9 2 2
2 4 ,5 4 6
1 8 ,9 0 3
A ll o t h e r ..................... ............... .................
141
488
1 ,5 2 5
347
249
426
177
B ills r e d i s c o u n te d w i t h F . R . B a n k :
IM
8 e c 'd b y U . 8 . G o v t , o b l i g a t i o n s ..
510
411
852
714
300
2 ,1 6 1
794
885
3 ,0 3 7
1 9 0 ,2 1 7
1,6 3 3
610
3 ,7 6 0
2 ,8 4 4
7 ,0 4 1
4 ,7 8 9
8 ,8 2 1
1 2 9 ,1 0 2
6 2 ,1 5 1
7 0 ,3 4 3
3 0 ,6 1 1
3 0 ,6 7 7
3 0 ,3 4 0
3 9 ,1 5 0
8 7 4 ,3 7 0
1 4 0 ,1 7 0
R a t i o o f b ills p a y a b le A r e d i s c o u n ts
w ith F . R . R a n k to to ta l l o a n s . ..
Wj
a n d I n v e s t m e n t s , p e r c e n t ______
.4
.5
.8
1.4
.8
1 .2
2 .0
1.8
2 .5
1 .1
2 .2
1 0 .1
1 .5




T H E

A pril 29 1922.]

Daily Record of Liberty Loan Prices. Apr.

asnnltcrs1 (fiagcttfc
'
Wall Street, Friday Night, April 28 1922.
R a ilr o a d a n d M is c e lla n e o u s S t o c k s .— T h e stock m arket
has b een som ew h at reaction ary th is w eek b u t th e vo lu m e of
business lias c o n tin u ed e x cep tio n a lly large. T h e tran saction s
o n T h u rsd ay in clu d ed 1 ,3 6 0 ,0 0 0 shares and th e d aily average
for llie w eek h as been 1 ,2 8 0 ,0 0 0 . All a c tiv e issues h ave
d eclin ed . T h is m o v e m e n t seem s to h a v e b een a logical
reaction from th e recent prolonged a d v a n ce, rather th a n
from a n y u n favorab le d ev elo p m en ts or change in th e g e n ­
eral situ a tio n . M oreover, th e bond m ark et has con tin u ed
to bo ab norm ally a c tiv e a n d , alth ou gh a few sp ecu lative
issu es h ave show n a ten d en cy to follow th e sto ck m ark et,
a su b sta n tia l num ber o f foreign bonds as well as th e L ib erty
and V ictory L oans havo a d v a n ced to new high q u o ta tio n s.
Tt is to be n oted also th a t th e sto c k m arket has assum ed
a firm er ton e as th e w eek draw s to a close and fin al q u o ta ­
tion s are w ell ab ove th e low est of th e w eek .
T h e follow in g are sales m ado at th e S tock E x ch a n g e th is
Aveek of shares n o t rep resen ted in our d etailed list on th e
p ages w h ich follow :
STO CK S.
U ’« *

Hiding April 2 8 .

Sales
for
Week.

Range fur Week.
Lowest.

Par. Shares $ per share
A p r 22
A l l - A m e r ic a C a b l e s , , 100
2 0 0 111
A m e r S n u f f , p r e f ____ 100
2 0 0 9 5 % A p r 24
% A p r 26
A s s e ts R e a l i z a t i o n ____ 10
500
A t l a s T a c k ............................*
7 0 0 18 % A p r 22
A p r 28
B a y u k B r o s .........................*
300 33
2
A p r 24
B r o o k l y n E d i s o n r i g h t s . 1 1,9 1 3
B r o w n S h o o , p r e f ____100
100 9 0 % A p r 2 5
A p r 28
B u r n s B r o s , p r e f . . .1 0 0
200 98
A p r 27
_ u ff l t o c h & P i t t s , p f . 100
_____
.100 9 5
B
A p r 22
C S t P M & (», p r e f . . 100 1,100, 9 4
A p r 26
... o l o F u e l &
...
C ..........................* I r o n , p r ..........................100 102
e f 100
A p r 25
7 0 80
D u r h a m H o s i e r y , p f . 100
A p r 28
14 108
K a s t m a n K o d a k , p r e f 100
A p r 26
100 2 9
K m e r s o n - B r a n t , p r e f . 100
A p r 26
200 20
F a i r b a n k s C o _________ 25
A p r 26
100 104
F i s h e r B o d y , p r e f — 100
3 0 0 10 2 % A p r 24
G e n e r a l C h a r , p r e f . . 100
% A p r 26
10 ,6 0 0
G r a n b y r i g h t s ---------------300 95 % A p r 28
G u l f S t a t e s S t ’l, 1 s t p f 100
A p r 22
200 3 2
H y d r a u l i c S t e e l , p r e f . 100
5 ,8 0 0 2 5 % A p r 28
I n te r C o tn h u s E n g in e ..*
8
A p r 22
I o w a C e n t r a l ------------ 100 4 ,2 0 0
A p r 24
100 104
K e l s e y W h e e l , p r e f .1 0 0
5 0 0 r-6% A p r 27
K e o k u k & D e s M o l . 100
100 81 % A p r 26
M a ll ln s o n & C o , p r e f . 100
100 7 3 % A p r 2 8
M a n a t I S u g a r , p r e f . . 100
M a n h a t t a n E le c S u p p ly * 11 ,6 0 0 6 4 % A p r 28
3 ,5 0 0 16% A p r 22
M a r l i n Ito e k w e ll
M a x w e ll M o to r s C l A 100 2 1 ,7 0 0 6 5 % A p r 27
A p r 28
10 148
M ic h i g a n C e n t r a l .
100
M K & T w a r r 1 s t a s s ’t p d 3 ,0 0 0 17% A p r 22
A p r 25
8 0 0 18
P r e f e r r e d ............................
N a t R y s o f M e x .l s t p f l O O 1 ,8 0 0 1 3 % A p r 24
200 4 8
A p r 28
O h io F u e l S u p p l y ........... 2 5
200 6 5 A p r 24
O t i s S t e e l , p r e f ---------- 100i
100 9 6 % A p r 24
P e n n e y , J C . p r e f ------ 100
P o s t u m C e r e a l ..............- - * 1 5 .5 0 0
A p r 27
P r e f e r r e d ...................... 100 1 ,4 0 0 106
700 40
A p r 24
P r o d u c & K c f tn , p r e f . .5 0
1 5 .5 0 0
% A p r 25
P u b l ic S e r v ( N J ) r ig h t s
6 0 0 1 0 1 % A p r 27
P u r e O il, p r e f 8 % . . - 1 0 0
40 65
A p r 28
H a l lw a y S e c . Ill C e n t . 100
3 0 0 1 7 % A p r 25
H e ls & C o , R o b e r t --------*
% A p r 28
R e p l o g le S te e l r i g h t s . . . . 1 4 ,8 0 0
R e y n o l d s T o b , C l U - . 2 5 1 6 ,6 0 0 4 5 % A p r 27
300 112% A p r 22
P r e f e r r e d ........ ..............100
R u t l a n d l i l t , p r e f . . . 100 2 ,7 0 0 3 5 % A p r 24
12,100 17 A p r 27
S p ic e r M f g C o ---------- - ­
A p r 28
300 84
P r e f e r r e d -----------------100
100 9 0 % A p r 2 5
S t a n d a r d M illin g , p f - 100
3 % A p r 26
S w e e ts C o o f A m e r i c a - 10 5 ,6 0 0
91 3 8 0
A p r 22
T e x P a c I .a n d T r u s t . 100
5 0 0 1 4 % A p r 22
U n i t e d P a p e r B o a r d . 100
100 4 5 % A p r 25
U S T o b a c c o ...................
A p r 28
100 110
P r e f e r r e d .......................100,
100 7 2 % A p r 27
V a I r o n , C o a l & C , p f 100(
7 1 % A p r 24
AVcet’s e K & M , 1 st p f-5 0 ;
3 -1 6 A p r 27
A V hlte OH r i g h t s ....................I

1

Highest.

Range since Jan.
Lowest.

18 6 7

C H R O N IC L E

1.

Highest

$ per share. 8 per share 8 per share.
J a n 112
I l l % A p r 24 107
Feb
9 5 % A p r 24 9 0
F eb 95%
A pr
1 % A p r 27
% Jan
2% A pr
hi
A p r 22 1 3 % F e b 2 2
A pr
A p r 24 3 3
A pr 35% A pr
34
A p r 25 %
A pr
2% A pr
90% ' A p r 25
Feb 92%
A pr
98% A p r 22
F eb 99%
A pr
95
A p r 27
A pr 95
A pr
9 8 ' : A p r 26
F eb 98 % A p r
102
A p r 26
A p r 102
A pr
A p r 25
80
A pr 80
A pr
A p r 28
108
M a r 108
Feb
A p r 26
29
Feb 33% M ar
A p r 20
20
A pr 20
A pr
101
A p r 26
J a n 104
A pr
102%' A p r 24 1 0 0 % M a r 1 0 2 % M a r
% A p r 22
% A pr
A pr
96
A p r 28 9 0
M ar
A pr
32
A p r 22 3 0
A pr
A pr
2 0 % A p r 22 2 2 % M a r 2 8 % A p r
10% A p r 2 8
0
F eb 10% A p r
104
A p r 24 9 0 %
J a n 106
M ar
8
A p r 28
Jan
8
M ar
8 1 % A p r 26 62 % J a n 8 4 % A p r
'
7 3 % A p r 28 7 3 %
A pr 80
M ar
69
A p r 24 41
M a r 69
A pr
20} A p r 2 8
M ar 26% M ar
A p r 25 4 8
69
M a r 69
A pr
148
A p r 2 8 120
F e b 148
A pr
22' A p r 2 8 10% J a n 2 2 % A p r
20' A p r 26 13 % F e b 2 0 % A p r
15 k4 A p r 2 5
7
M a r 16
A pr
4 8 % A p r 26 4 7
Jan 49% M ar
6 5 % A p r 24 4 2 % J a n ! 6 6 % A p r
9 6 1i A p r 24 9 0 %
Janj 96% A pr
73
A pr
10 8 % A p r 22; 1 0 5 % A p r 109
A pr
4 2 % A p r 25; 36
Ja n 42%
% A p r 26
% Ap
% A pr
102 % A p r 2 5 9 0
M a r 10 2 % A p r
65
A p r 2 8 61
A p r 71
Jan
18
A p r 24:
8 % J a n 21
.A p r
A pr 221
1%
% A pr
1% A p r
4 8 % A p r 24 4 3
M ar 48%
A pr
11 2 % A p r 22 1 1 1 % A p r 113 % M a r
4 1 % A p r 2 5 17 % F o b 4 1 % A p r
19
A p r 2 8 17
A p r 19
A pr
85
A p r 28 8 4
A pr 85
A pr
9 0 % A p r 25 S 3 %
J a n 91
A pr
3 % A p r 22
3%
Feb
M ar
417
A p r 26 3 4 0
Fob 420
M ar
16% A p r 25 14% A p r 16% A p r
4 5 % A p r 25 4 5 %
A p r 46
M ar
111)
A p r 28 n o
M ar n o
M ar
7 2 % A p r 27 6 6
A pr
M ar 72%
7 2 % A p r 24 6 5
Ja n 72% A pr
3 -1 6 A p r 27
A pr
.01 M u r
%

F irs t L ib e rty L o a n
(H ig h
3 % % b o n d s o f 1 9 3 2 - 4 7 .. ) L o w .
( F ir s t 3 % s)
(C lo s e
Total sales in 5 1 ,0 0 0 units...
C o n v e r te d 4 % b o n d s o f ( H i g h
1 9 3 2 -4 7 ( F i r s t 4 s ) ____ ( L o w .
(C lo se
Total sales in $ 1 ,0 0 0 units. . .
C o n v e r te d 4 % % b o n d s ( H i g h
o f 1 9 3 2 -4 7 ( F i r s t 4 % s ) ( L o w .
( c lo s e
Total sales in $ 1 ,0 0 0 units. . .
S e c o n d C o n v e r te d 4 % % ( H l g h
b o n d s o f 1 9 3 2 -4 7 ( F ir s t ( L o w .
S e c o n d 4 % s ) ........... ....... (C lo s e
Total sales in S I , 0 0 0 units ...
S e c o n d L ib e rty L o a n
(H ig h
4 % b o n d s o f 1 9 2 7 - 4 2 ___ ( L o w .
( S e c o n d 4s)
(C lo s e
Total sales in $ 1 ,0 0 0 units ...
C o n v e rte d 4 % % b o n d s ( H ig h
o f 1 9 2 7 -4 2 ( S e c o n d
(L o w .
4 % s ) ..................................... (C lo se
Total sales in $ 1 ,0 0 0 u n i t s ___
T h ird L ib e rty L o a n
(H ig h
4 % % b o n d s o f 1 928
|l - o w .
( T h ir d 4 % 8)
(C lo s e
Total sales in S I , 0 0 0 units ...
F o u r th L ib e rty L o a n
(H ig h
4 % % b o n d s o f 1 9 3 3 -3 8 ( L o w .
( F o u r t h 4 % s ) .................(C lo se
Total sales in $ 1 .0 0 0 units . ..
V ic to r y L i b e r t y L o a n
(H ig h
4 % % n o t e s o f 1 9 2 2 -2 3 ( L o w .
( V ic to r y 4 % s ) ________( c l o s e
Total sales in $ 1 ,0 0 0 units —
3 % % n o t e s o f 1 9 2 2 -2 3 ( H i g h
( V ic to r y 3 % s )
(L o w
( C lo s e
Total sales in $ 1 ,0 0 0 units —

22

Apr. 2 4 Apr.

25

Apr.

26

9 9 .4 8
9 9 .3 0
9 9 .4 0
177

9 9 .5 2
9 9 .3 4
9 9 .3 6
459
__

9 9 .6 6
9 9 .3 6
9 9 .6 6
736

9 9 .8 6
9 9 .7 0
9 9 .8 6
49

9 9 .8 2
9 9 .7 2
9 9 .7 4
346
____
____
____

9 9 .8 6
9 9 .7 4
9 9 .8 2
195
____
____
____

9 9 .9 8
9 9 .8 4
9 9 .9 4
190

9 9 .4 0
9 9 .4 0
9 9 .4 0
1
9 9 .5 8
9 9 .4 8
9 9 .5 8
471
9 9 .7 2
9 0 .6 4
9 9 .7 2
1 ,1 4 6
9 9 .8 8
9 9 .8 2
9 9 .8 8
1 ,1 1 9
1 0 0 .7 4
1 0 0 .7 0
1 0 0 .7 0

9 9 .5 0
9 9 .4 0
9 9 .4 6
76
9 9 .5 8
9 9 .5 0
9 9 .5 2
1 ,4 2 0
9 9 .8 0
9 9 .7 0
9 9 .8 0
1 ,9 0 5
9 9 .8 8
9 9 .8 2
9 9 .8 4
1 .1 6 5
1 0 0 .7 4
1 0 0 .7 0
1 0 0 .7 0
834
1 0 0 .0 6
1 0 0 .0 8
ICO.06
1

9 9 .5 8
9 9 .4 0
9 9 .5 8
16
9 9 .6 6
9 9 .5 2
9 9 .6 6
934
9 9 .9 4
9 9 .7 6
9 9 .9 4
2 .9 7 8
9 9 .9 2
9 9 .8 2
9 9 .9 2
2,3 1 1
1 0 0 .7 2
1 0 0 .7 0
1 0 0 .7 0
1 ,3 7 9
1 0 0 .0 4
1 0 0 .0 2
1 0 0 .0 2
19

Apr. 2 7 Apr. 2 8

9 9 .7 8
9 9 .5 6
9 9 .6 4
358

9 9 .6 6
9 9 .6 2
9 9 .6 6
4
9 9 .8 4
9 9 .6 8
9 9 .8 4
1 ,1 5 7
1 0 0 .0 0
9 9 .9 0
9 9 .9 4
1 ,5 8 1
1 0 0 .0 0
9 9 .9 0
1 0 0 .0 0
8 ,3 5 0
1 0 0 .7 4
1 0 0 .7 0
1 0 0 .7 0
1 ,1 4 8
1 0 0 .0 2
1 0 0 .0 2
1 0 0 .0 2
924

327

1 0 0 .0 2
1 0 0 .0 2
1 0 0 .0 2
5

9 9 .7 4
9 9 .4 2
9 9 .4 2
258
9 9 .4 4
9 9 .4 4
9 9 .4 4
1
9 9 .9 4
9 9 .7 2
9 9 .7 4
114

9 9 .7 0
9 9 .4 6
9 9 .4 6
463
____
____
____
____
9 9 .8 8
9 9 .6 0
9 9 .6 4
192
____
____
____

9 9 .6 2
9 9 .6 2
9 9 .6 2
5
9 9 .8 4
9 9 .6 6
9 9 .7 0
1 ,3 7 1
9 9 .9 S
9 9 .9 2
9 9 .9 4
3 ,1 1 4
1 0 0 .0 0
9 9 .8 6
9 9 .9 6
2 ,8 8 1
1 0 0 .7 0
1 0 0 .6 4
1 0 0 .6 4
888
1 0 0 .0 2
1 0 0 .0 2
1 0 0 .0 2
17

____
____
____
____
9 9 .7 4
9 9 .5 4
9 9 .6 0
503
9 9 .9 6
9 9 .8 4
9 9 .8 4
1 ,0 8 4
9 9 .9 8
9 9 .8 6
9 9 .8 8
1 ,7 7 2
1 0 0 .7 0
1 0 0 .5 8
1 0 0 .6 4
1 ,0 3 4
1 0 0 .0 2
1 0 0 .0 2
1 0 0 .0 2
50

____

Note.— T h e ab ove tab le in clu d es on ly sales of co u p on
b o n d s.
116
23
1
45

T ran saction s in registered b on d s were:

1st 3 ' i s
ls t4 % s
2d 4s.
2d 4 % s

9 9 .2 4 t o
9 9 .4 2 t o
9 9 .2 0
9 9 .3 0 t o

9 9 .6 4
9 9 .5 0
9 9 .5 8

61
148
237
10

3 d 4 % s ............................ 9 9 .4 8 t o 9 9 .8 6
4 t h 4 % s ____________ 9 9 .5 0 t o 9 9 .9 0
V i c to r y 4 % s _________ 1 0 0 .1 6 t o 1 0 0 .5 2
V i c t o r y 3 % 8 ................... 9 9 .9 6

Q u o t a t io n s fo r U . S . T r e a s . C tfs . o f I n d e b t e d n e s s , E tc .
Maturity.
Ju n e
A ug.
S e p t.
S e p t.
Ju n e

15
1
15
15
15

1 9 2 2 ____
1922 . . .
1922.
.
1 9 2 2 ____
1924
..

Ini.
Rate. Bid. Asked.
is f 1 0 0 % 100 vis
1 0 0 % 100 %
5 ;i
5 %c 1 0 0 * % 1 0 0 '%
.;
4% f;
5% %

100%
103%

Maturity.

S e p t.
D ec.
June
100% M a r.
103,% M a r .
M a r.

15
15
15
15
15
15

1 9 2 4 ____
1 9 2 2 ____
1 9 2 2 ...
1 9 2 5 ____
1 9 2 6 ____
1 9 2 3 ____

lot.
Rate,

1
j

Bid.

Asked.

5 % % 1 1 C 3 % 10 3 % ;
4% %
100% 100%
4% %
100
10056
4 % " 0 101%
101%
4 % % 1 0 1 '% 1 0 2 '%
4% %
100% ; 1 0 0 '%

F o r e ig n E x c h a n g e . -S te r lin g exch an ge con tin u ed dull
b u t fairly ste a d y an d w ith o u t ap p reciab le ch an ge. In th e
C on tin en tal exch an ges m o v em en ts w ere n o t p articu larly
sig n ifica n t, ex cep tin g m arks, w h ich flu c tu a te d irregularly.
T o-day’s (Friday’s) actual rates for sterling exchange were 4 39%@
4 40% for s l x t v da vs, 4 41 % <g 1 42% for checks and 4 42 5-16(3)4 42% for
cables
Commercial on banks, sight, 4 34%(3 4 35%: s ix ty days. 4 28%
(a .) 29%: ninety days, 4 27%(" 4 28% , and documents for paym ent (sixty
days), 1 28%<3.4 29% . Cotton for jiaym ent, 4 31% @ 4 35% , and grain
for paym ent, 4 34% @ 4 35%.
T o-day's (Friday’s) actual rates for Paris bankers francs were 9.05(9
9.12% for long and 9.11 (<39.18% for short. Germany bankers’ marks are
not vet mioted for long and short bills.
Amsterdam bankers’ guilders
were 37 6 7 ('?37 71 for long and 38.03@ 38 07 for short.
,
Exchange a t Paris on London, 48.04 fr.; w eek’s rango, 4 7 .51 fr. high and
48 04 fr. low
The rango for foreign exchange for the week follows:
C a b le s .
S te r lin g A d u a l —
S ix ty D a y s .
C hecks
4 43%
■ 42 %
4
High for the w eek___________________ 4 40%
4 42
4 41%
Low for the w eek____________________ 4 39%
B a r is H a n k e r s ’ F r a n c s —
9.36
9.35
High for the w eek____________________ 9.27
9.14
9.13
Low for the w eek_____________________ 9.05
G erm a n y B an kers' M a rk s—
0.34%
0.43%
High for the w eek------------------------------------0.34%
0.33%
Low for the w eek------------------------------ -------A m s te r d a m B a n k e rs’ G u ild e r s —
38.17
38.12
High for the w eek----------------------------- 37.T1
37.95
37.90
Low for the w eek-------------------------------37.49
D om estic E x ch a n g e .— Chicago, par. St. Louis, 15@ 25c. per $1,000
discount. Boston, par. San Francisco, par. M ontreal. $16.3125 per
$1,000 premium. Cincinnati, par.

T h e C u rb M a r k e t.— T rad in g in tlio Curb M ark et in
th e first h a lf of th e w eek w as broad and a c tiv e , w ith stren gth
in evid en ce throughout th e list. In th e closin g d a y s there
w as som e rea ctio n , and b u sin ess q u ieted d ow n so m ew h a t.
Oil shares w ere m ost p rom in en t. O hio Oil lo st te n p oin ts to
,(05 b u t recovered to 31 7 . P rairie Oil & G as m o v ed dow n
‘
from 605 to 59 6 . Prairie P ip e L in e declin ed from 237 to
2 2 7 . S ta n d a rd Oil (In d ian a) advan ced from 95% to 9 9 %,
reacted to 97 an d to-nday jum ped to 1C0%2- In oth er oils,
F en sla n d O il, after an early rise from Yi% to 14% , receded
to 12% an d sold fin a lly a t 13. G illiland Oil dropped from
8 Yi to 6 , recovering fin a lly to 6% . In tern a t. P etroleu m
T o ta l
.............. 7 ,0 5 4 ,4 5 2 8 6 0 7 ,4 0 1 ,5 0 0 8 8 3 .8 4 1 ,5 0 0 .8 1 5 ,1 5 1 ,0 0 0 8 4 0 ,3 1 0 ,8 0 0
sold up from 16% to 20 % . K irb y P etroleu m ad van ced
Week ending Apr. 2 8 .
Sales at
Jan. 1 to Apr. 2 8 .
New York Stock
from 11 (o 1 3 %, reacted to 12 and en d s th e w eek a t 12% .
1922.
1921.
Exchange.
1921.
1922.
M aracaibo Oil from 2 1 %i reached 24% , eased o ff to 23 and
7 ,0 5 4 ,4 5 2
5 ,2 9 0 ,8 2 5
to-d ay sold up to 25% , closin g a t 25. M erritt Oil rose from
,o ck s - N o . s h a r e s . . .
5 8 .5 8 3 ,4 9 7
8 2 ,3 9 8 ,6 8 8
I’a r v a l u e ------------------ 8 6 0 7 .4 0 1 ,5 0 0 8 3 6 8 .3 1 0 ,7 6 3 8 7 ,6 1 6 ,4 7 4 ,5 9 0 8 4 ,3 2 1 ,1 8 7 ,0 2 1
11 to 12% . M exican Seaboard Oil w as erratic b u t gained
Bonds.
4 6 ,3 1 0 ,8 0 0
over 4 p oin ts to 4 5 % . T h e close w as at 44 % . S alt C reek
3 7 ,7 6 0 ,0 5 0
o v e rn m e n t b o n d s .. 7 1 3 ,3 0 6 ,2 0 0
6 0 5 ,5 1 3 .8 0 0
1 5 ,1 5 1 ,0 0 0
5 ,2 1 7 ,5 0 0
2 2 0 ,0 4 9 ,0 0 0
8 2 .3 4 9 ,6 0 0
a t e , m u n . & f o r. b d s .
Producers sold u p from 14*% to 16% . K elly Oil ad van ced
}
6 3 ,8 4 1 .5 0 0
2 1 ,2 8 4 ,5 0 0
6 7 7 .4 9 9 ,6 0 0
2 9 4 ,1 7 5 ,5 0 0
R . a n d in Iso. b o n d s . .
from 6 % to 8 . In industrials m otor slo c k s w ere in ev id en ce,
8 9 8 2 ,0 3 8 ,9 0 0
T o t a l b o n d s ------------ $ 1 2 5 ,3 0 3 ,3 0 0 3 6 4 ,2 6 2 .0 5 0 S I , 6 1 1 ,4 5 4 ,8 0 0
H u d son M o to r Car b ein g ad d ed to the list to -d a y and sellin g
dow n from 21 to 2 0?8. w ith th e close a t 2 0 % . R eo M otor
( ’ar lo st 2 p o in ts to 23 and to -d a y sold up to 24 %. C levelan d
D A IL Y T R A N S A C T IO N S A T T H E B O S T O N , P H IL A D E L P H IA A N D
B A L T IM O R E E X C H A N G E S .
A u tom ob ile lost a p oin t to 2 8 . D u ran t M o to rs w eakened
from 3 8 ) ■>to 37 and sold fin ally a t 3 7 %, and D u r a n t M o to rs
Boston.
Philadelphia.
Baltimore.
of In d . fell from 16% to 16% w ith th e closo to -d a y a t 15% .
Week ending
Shares. Bond Sales Shares. Bond Sales Shares. Bond Sales E astm an K od ak sold d ow n from 7 7 % to 7 0 K an d u p fin a lly
Apr. 2 8 1 0 2 2 .
$ 3 0 ,1 5 0
7 ,4 1 0
to 76 % . G illette S a fe ty R azor lo st 4 p o in ts to 2 1 5 . H u d son
1 8 ,1 1 8
5 2 5 .5 0 0
3 ,7 1 0
8 2 1 ,0 0 0
S a t u r d a y ...................
6 7 .0 0 0
9 ,0 9 2
4 5 ,8 4 5
2 ,7 2 7 :
7 5 ,0 0 0
7 2 ,8 0 0
M o n d a y ___________
& M a n h a tta n co m . after early a d v a n ce from 1 2 % to 1 3 %
1 5 7 ,2 0 0
7 ,1 9 9
3 3 ,0 5 9
1 ,3 4 0
1 2 8 ,7 0 0
2 5 7 .5 0 0
T u e s d a y ........... ..........
reacted to 11 and sold fin a lly a t 12. B on d s con tin u o a c tiv e
9 8 ,0 5 0
1 3 ,0 7 8
3 2 ,0 6 5
2 ,5 9 7 :
1 0 8 ,8 0 0
3 1 7 ,8 5 0
Wednesday_____
4 0 .0 0 0
1 3 ,4 9 4
2 8 ,7 2 5
2 ,2 1 8
1 0 9 .0 0 0
4 9 ,4 0 0
T h u r s d a y _________
w ith prices ste a d y .
3 7 .0 0 0
7 ,0 0 8
2 0 ,6 2 9
1 ,8 1 8
2 1 ,0 0 0
1 3 2 .0 0 0
F r i d a y i ___ _______
A c o m p lete record o f Curb M a rk et tran saction s for th e
5 7 .2 8 1
4 3 5 ,4 0 0
1 4 ,4 1 9
5 7 5 .1 0 0
7 4 4 ,0 5 0
‘Total................. 1 7 9 ,3 4 1
w eek w ill b e fou n d on p age 1877;

T R A N S A C T IO N S A T T H E N E W Y O R K S T O C K E X C H A N G E
D A IL Y . W E E K L Y A N D Y E A R L Y .
90
94
Stocks.
Week ending
Railroad, State. Mun.
95
<fcc,,
Apr. 2 8 , 1 9 2 2 .
V. s.
and Foreign
83
Shares. 1 Par Value.
Bonds.
Bonds.
Bonds.
101 %
80
7 6 6,9071 S r'0 . 5 8 4 ,0 0 0
S a t u r d a y ........... ..........
8 5 .6 2 3 .0 0 0 8 1 ,7 5 9 ,0 0 0 8 3 ,3 3 8 ,5 0 0
1 0 ,0 4 1 ,0(H) 1 0 5 %7 9 .0 0 0
M o n d a y ------------------- 1 ,2 5 1 ,5 4 8 1 0 4 .1 7 2 ,0 0 0
0 ,3 8 5 ,8 5 0
2 .3
23 .1 4 2 .5 0 0
3
1,200.3811 1 0 6 ,1 3 1 ,9 0 0
T u e s d a y ........................
1 0 .7 5 9 .0 0 0
8 .7 4 1 .7 5 0
20.7 2 5 .0 0 0 1 3 ,8 1 9 ,9 5 0
W e d n e s d a y ................ 1 ,3 0 8 ,1 5 5 1 1 9 ,5 0 9 ,5 0 0
1 0 ,1 0 2 ,5 0 0
2
1 ,3 6 2 ,7 6 1 ! 1 1 9 .0 0 4 ,0 0 0
1 0 .3 5 5 .0 0 0 1 00 % 8 .5 0 0
8 .8 7 7 .7 5 0
3 .4 9
1 .1 6 4 ,7 0 0
9 8 ,0 0 0 .1 0 0
1 6 .9 0 1 .0 0 0
F r i d a y ...........................
1 .6 4 7 .0 0 0 . 5 ,1 4 7 ,0 0 0




1868

New York Stock Exchange— Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G F O U R P A G E S
F o r s a le a d u r i n g t h o w e e k o f s to c k s u s u a l l y I n a c t iv e , s e e p r e c e d i n g p a g e

HIGH AND LOW SALE PRICE—PER SHARE, NOT PER CENT.
Saturday,
Monday,
Tuesday, Wednesday. Thursday,
Friday,
April 22
April 2 4
April 2 5
April 2 6
April 2 7
April 2 8
$

per share
19

47h

19
50
101%
91%
4
102%
49*4
6 1 'j
00*2
23%
20%
144
184
65*4
9*3
18%
29%
49%

8 14
2214

8 *2
2 2^

4 9 5*
10 1

91*4
37*
102*4
4 8 ls
*61
*58
23
20M
1 4 3 34
180
65
9
18
26

S per share S per
*18*2 19% *17*2
46%
48*2 49%
100*2 1017* 100%
91*8 91%
91%
2%
37*
3%
101% 102% 102%
48
49
47%
61
6 0 's
61%
*58
65
*58
22% 23%
22%
20
20%
19%
144*4 142%
143
*180
194
*180
05*4 65%
65
87*
9*8
87*
18*2 19
18%
28% 297*
29
487* 49%
4 8 78
3%
2 2%
28
45*4
757*

share S per share t per share
18
18*2 *16
*15
48%
47
40
47*2
101*2 100
101%
99%
91%
91*2 91%
90*2
4%
3%'
4%
3%
103
*100
102
99%
48%
47% 4 8
45
0078
60*2 60*2
60%
61
*58
61
59
237*
21% 2 3
20%
197*
20%
19
18%
143
141
1427* 138%
194
*180
194
*180
65
65*2
65%
63*2
9
9
9*8
8%
19
18
17
18*2
34%
32
35%
32
52
52
55
51%

8%
22*2

8%
8 *2
2 2% 2 2%
28 %
28^8 28%
27% 28%
4 5 '* 46*:|
4-1%
447* 401*
701* 76*2
76%
75*8 70
114
*no
*110
114
110 *2 * 1 1 0
4 7 Jt 47?s
46*2 47*2
46*s 47*2
96
95*2 957*
90
90
90*8
82*4 8 3
83
83
83% 83%
64*2 64*?
03% 54*2
63% 64
*63% 6 5
05
65
*64
65
* 8 8 >8 8 9
*89
90
89
89
51
52
52% 53*2
52
527*
*0 114 61 *2
*0 1
0 1 * 2 61%
0 1*2
*56
58
*56
.‘> 8
*50
58
12 2
122
12 1 % 121 '% 12 1 % 12 1 %
1101.1 116*4 116
110*2 115% 1 157*
5
4*2
5
5%
0
5%
914
9 % 10
9*4
10
10%
131* 13%
137*
1 3%
I37S 14*2
2 2 7g 23%
22*2 23%
23
24*2
156* 15%
15
15
15*2 10 %
7 5 3* 75%
757*
75
747* 75%
4 1 34 4 2
41% 417*
41
41%
16
10
10*4
16
15
16*8
381* 39%
38
38
37
39
108
107*s 107% 106*2 107*8
10 S
31*
3%
3%
3%
3%
3*2
9*4
9%
9
9%
97*
9*8
2712 27%
27 % 27%
27% 30*4
5 8 38 58*2
57 5 8
58 % 59*4
*16% 17*2 *16*2 17*2 *10
17%
33*4 337* *32
337*
32
32
02% 62%
62*2 02 %
62% 62 %
119
120
120
120*2 121
121*2
49** 50%
4 8 % 49%
50
54
91*
9
9*4
*8*2
8 *2
8*8
*431, 43% *43% 43%
38
38
037*
63
0 3 ‘s 64*4
6 2 78 03 %
28
28
*27
27*2
27*2 27*2
12
11*2 13%
13*8
11% 12*i
*0 0
62
*59*2 6 2
*60
63
*75
89
*75
89
*75
85
73i
9
9*2
9*2 1 0 %
v 5 ,J
2
* 9 % 15
* 8 34 1
*10
15
147*
14
16
15% 17
15%
3 7 1, 3 9 7s
38% 40
39*4 41%
2 3 34 24%
24
24%
24% 25*8
58% 59>s
58
587S
58% 59*4
6%
6
0*2
6*2
6
6*8
*68
69
68
68
677* 677*
91*4 92%
90% 92%
90*2 91*2
67
66^4
68
6 6 % 68
60
*80
83
*80
83
*80
82
72 <2 7 3
72% 73
73
73
2 4 >4 25%
25*2 29%
27% 2 9
28
28
28
29%
28% 29
20
20
19% 19%
19% 19%
107
107% 107*8 107% 107% 108
*74
77
75
*74
75
77
77>2 77%
77% 77%
77
77%
41 * 4 4 2
41% 4 2
41% 4 2
*15
10*2 *15
16*2 *15
10
3 0 '4 31
30% 31
30% 307S
76
70
*75% 8 0
76
76
6713 67%
67% 68
68
08*2
34% 3 5
34% 35%
34
35*2
*86
88
8 8 * 2 90
90
90*2
7734 7 8
707* 78%
77
78*4
*43
45
*44
44% 44%
45
*48
49% *48% 49%
48% 48%
297* 30%
3012 307*
29*2 30*2
52
52
*49
*50
52
52
•11 '3 32*4
31% 3 2
31
32
47
47% 47%
47*4
47*2 4 8
8 '2
8%
8*2
8*2
8%
8*2
1234 127*
12% 13
13
13%
90% 91%
9 1 >s 91%
90*8 90%
25
25*4
25
25%
25
25*2
5712 5 8
58
59
5 w*^4 59%
35
3 4 % 35*2
34% 35*2
35%
221.1 24%
23
24
23
25%

317*

32 %

446* 447*
*485* 5 0
138*2 139
76*4 70*4
177* 177*,
337*
33
107*
10
32*2
*21*8
11%
20
24*2
64
10*4
21%
29*2

33
21%
lU s
20*1
24%
64
10*4
21%
29*2

*66
67%
18%- 19%
49% 4 9 ‘*
54
.5*1
17*i 17%
h
%
Us
1*8
06*2 67%
*10012 107
50% 5 2
99
99
39*2 40%

31

317*

43% 44
50
50%
138
138%
76
76%
167* 17
32% 32 %
10*2 107*
32%
21*2
11%
20
24
637*
10%
21%
29*2

33%
22
117*
20%
247*
64*2
10*2
21*2
31*2

31%

31*4

43*2 43*2
49% 49 %
1377* 13k *2
*76
70*2
10% 17
32
32
10% 10%
32%
21*2
11%
20%
237*
03%
10
21%
30

66% 07% * 6 6
19%
10
18%
*47
50
*46
*53
54
54
17*8 18*2
17%
*%
%
%
*1
1
1*8
66
67*8
66*8
107
107% *106%
4-50% 6 2
50**
99
99*2
99
40
39% 41%

8%
8%
22
.22*2

8%
21*2

18
46
1 0 0 's
91*8
4
100
47%
60*2
59
21%
19*8
140
195
64%
8%
17%
30*2
57*i

1 per sha-e
*15
18
47
47*2
99% 100*2
*80
90
37*
37*
100
100
45% 4 7
60*.i 60%
60
60
21% 22%
19% 19%
139
141%
*180
195
63 % 65*4
8%
8*2
10*2 17
34% 307*
50
59

Sales
the
Week.
Shares

PER SHARE
Range since Jan. 1 1 0 2 2 .
On basis of 1 0 0 -short lots

STO CK S
N EW YORK STO CK
EXCHANGE

Highest
R a ilro a d s
A n n A r b o r ___________

Par S pei share

500
5 ,7 0 0
1 0 ,0 0 0
.1 0 0
1 ,7 0 0
D o p ref.
1 3 ,3 0 0
.1 0 0
1 ,7 0 0
.1 0 0
5 3 ,2 0 0
.1 0 0
3 ,3 0 0
D o p ro f.
242
.1 0 0
3 4 ,0 0 0
.1 0 0
1 2 ,5 0 0
C e rtific a te s o f d e p o s it ..
1 6 ,0 0 0 C a n a d i a n P a c if i c ___
.1 0 0
C e n tra l R R of N J .
.1 0 0
1 0 ,7 0 0
.1 0 0
5 ,7 0 0
7 ,1 0 0
.1 0 0
7 7 ,7 0 0
3 7 ,0 0 0
D o p ref.

_

3
20
3
3
14
9
27
11
4
4
11
6
31
10
24
25
25
30

Lowest

per share

20%
51%
102
91%
5*2
103
49*2
01*2
60
21%
23%
145
192
66*8
9*4
19%
36 %
59

M ar
M ar
A pr
A pr
A pr
A pr
A pr
A pr
A pr
A pr
A pr
A pr
Feb
A pr
A pr
A pr
A pr
A pr

0
24
20
22
17
20
18
17
28
8
7
17
17
10
10
10
28
28

8%
8%
8*
4 ,6 0 0
..1 0 0
2 1 *i 2 |7 a
2%
2
9 ,2 0 0
D o p ref.
. 106
27**
207j 2 0 , 1 0 0 U ilcago M il
20
.10(1
43%
42 % 437* 3 0 ,9 0 0
D o p ref.
74
74% 1 0 ,3 0 0
74*2
.1 0 0
109
113
108
700
D o p ref.
45%
44% 45% 6 5 ,6 0 0
.1 0 0
96%
95*2 9 7
2 3 ,8 0 0
.1 0 0
82% S 2 *|
82*2
8 ,3 0 0
0 % p r e f e r r e d _____
.1 0 0
62%
62
2 ,0 0 0
62*2
.1 0 0
64
*0 0
65
5 0 0 C l e v C In C h ic A S t L o u i s . .1 0 0
88
*87
88
200
D o p r e f ................ ............... .1 0 0
50%
50
0 ,7 0 0
50*2
.1 0 0
0 1*2
61*1 0 1 %
600
Do
.1 0 0
58
*56
58
Do
1207* * 1 2 0 * 2 122
600
.1 0 0
116*2 115
2 ,9 0 0
115*2
. 60
47*
*4*2
5
2 ,2 0 0
.1 0 0
97*
2 ,3 0 0
*9*4 10
D o p ro f.
.1 0 0
14**
13% 14
4 0 ,3 0 0 E r i e . .
237*
22*2 23% 1 8 ,8 0 0
Do
16
15%
5 ,9 0 0
Do
74%
73% 74%
7 ,4 0 0
.1 0 0

8% A p r 11
5% J a n 11
14*2 J a n 31
23*2 A p r 12
29 % A p r 18
17% J a n 9
47
A p r 18
29
J a n 10
76% A p r 2 0
59
Jan 9
J a n 9 112*2 A p r 17
100
30% J a n 11
48% A p r 2 0
97 A p r 28
83% J a n 10
70** J a n 9
83% A p r 2 6
61
J a n 10
65
A pr 8
66
A p r 17
54
Jan 4
72% J a n 3
90
A p r 18
53*2 A p r 2 4
38
J a n 10
55
J a n 16
0 0 M a r 23
57
A p r 17
49
Jan 3
100% J a n 4 122*2 A p r 8
103
F e b 14 119% J a n 5
6
A p r 25
2% J a n 27
10*2 A p r 18
3% J a n 7
14% A p r 2 6
Jan 9
7
25
A p r 26
11*8 J a n 9
1078 A p r 2 6
7** J a n 10
80% M a r 14
70% J a n 10

40*2 41
38 %
10*2 17%
15%
39*2 397* *37
107
108
106
3%
3*4
3*8
8%
9%
8
28*2 30*4
27%
59% 59*2
58*2
17*2 2 0
19
337* 35%
35
62*2 037*
61%
120
120
*118
49% 51%
47*2
*8
9
*8
*38%
627* 037*
62%
28
28
*27*2
12*1
12%
12
*60
63
59*2
*75
85
*75
11
11*2
11
*10
14% *10
16% 17*2
16'*

39*i
40*2
16*2
16*2
38
37
107
105*1
3%
3%
8%
8%
29
27%
58*2 *57
20%
18%
34%
39
03
62
119*2 *117*2
49%
49*2
9
8%
43% *35%
63%
02%
28
27 %
12
12*2
59*2
60%
85
*75
11%
11%
15
*13*2
17%
17%

31% J a n
6
Jan
10
Jan
97% J a n
1
Jan
3% J a n
2 2 >s J a n
52*4 J a n
10
Feb
20i« F e b
506* J a n
108
Jan
35
Jan
3>g J a n
17
Jan
35** J a n
5 s* J a n
6
Jan
50*- A p r
82
A pr
% Jan
1<* J a n
71* J a n

41%
25
59
6
67
907*
07%
82
73*4
28*2
28%
20
107%
75%
76%
417*
15
307*
76
67%
35**
89
78%

38*2 41
231* 2 4
55
57%
5%
65
88*4 90*i
66
63
80
80
73
73
26% 27%
27
28
*19
20
105*8 106%
*75
80
74% 75%
4 U * 41%
15
*12
29*3 30*8
*74
75
07%
67
32*2 33%
90
*85
75% 77

*43*2
48
29%
*49
31%
47%
8*2
13*4
897*
247*
58
34%
24

43%
48 1 307*
52
32
48 %
8%
13%
907*
25%
58*4
35%
25%

*43%
48
28*2
49
29
46
8
12%
88%
24
57
33%
23

♦31%

32

44
44
*49*s 5 0
1377* 1387*
76% 76*2
16*2 16*2
32% 3 3
10% 11%
327*
21%
11%
20*8
23%
02
10%
22
31

31

44%
48
29*4
50*2
31*2
48%
8*2
12%
89%
247*
57*2
34%
24
31

41
23%
56*4

31

0% D e c
9% M a F
14 J u n e
20% M a 7
Jan
17% D o c
31
46% J a n
29% D e c
Jan
71
60*8 A p r
Jan
96
J u ly 110
35
22% M a r
Sepl
68% M a r
89% D e e
601* J u n e
D ec
77
03
Jan
60 J u n e
32 J u n e
57% D e o
Feb
75
D ec
60
Jan
40% N o v
27
49
Jan
69
D ec
42
651* N o v
Jan
A p r 1101* N o v
90
93
A ug 249 M a y
41* J a n
1% M a r
3% N o v
7% J a n
D ec
10
15% M a y
15% D e c
22% M a y
10
D ec
15% J a n
00
Ju n e
70% D e o

P r e f e r r e d ( n e w ) _____________
24>* J a n 27
M is s o u r i P a c if i c t r u s t c t f s . 100
10
J a n 10
Do
p r o f t r u s t c t f s _______100
44
J a n 10
N a t R y s o f M e x 2 d p r e f ___ 100
3
J a n 28
N e w O r l T e x A M e x v t c . . 100
547* J a n 10
N e w Y o r k C e n t r a l ....................100
72*4 J a n 4
N Y C h ic a g o A S t L o u i s . . . 1 0 0
511* J u n 6
F i r s t p r e f e r r e d ___________ 100
72
Jan 0
S e c o n d p r e f e r r e d ________ 100
01*4 J a n 5
N Y N H A H a r t f o r d ______ 100
12<* J a n 6
N Y O n t a r i o A W e s t e r n ___ 100
19^4 J a n 9
N o r f o lk S o u t h e r n __________100
8*4 J a n 3
N o r f o lk A W e s t e r n ________ 100
90U J a n 9
P r e f e r r e d ........... ....................... 100
72
Jan 9
N o r t h e r n P a c if i c ___________ 100
7 4 U J a n 10
P e n n s y l v a n i a _____________
5 03 3 U J a n 3
P e o r i a A E a s t e r n ___________ 100
10«4 J a n 14
P e r e M a r q u e t t e v t o ______ 100
19
J a n 10
Do
p r io r p r e f v t o ____ 100
03
J a n 17
Do
p r e f v t o . . ................ 100
60>* J a n 0
P i t t s b u r g h A W e s t V a _____ 100
23
J a n 27
Do
p r e f _________________ 100
70
J a n 13
R e a d i n g ............................................ 6 0
7U » J a n 3

436* A p r 2 8 '
2 5 '4 A p r 18
59*4 A p r 17
O3* A p r 2 1
69
A pr 20
9278 A p r 17
08
A p r 21
80
F e b 28
73
A p r 22
2 9 '8 A p r 24
29*2 A p r 10
20% A p r 3
108
A p r 25
70
A p r 20
821* M a r 15
43
A pr 7
196* M a r 9
31
A p r 21
76*4 A p r 2 0
08% A pr 25
35*2 A p r 2 5
9()i2 A p r 2 5
805* A p r 10

22*4 D e c
10
M ar
3 3 i* M a r
2*4 D e c
40 Ju n e
04 ig J u n e
39 Ju n e
58
J u ly
54 Ju n o
12
N ov
10
M ar
8U S ep t
886* J u n e
02 Ju n e
6U4 Ju n e
32U Ju n e
8
N ov
16*4 M a r
60
A pr
35
Jan
23
O ct
70
M ar
00*4 J u n e

D ec
M ar
N ov
Feb
Feb
D eo
Sept
D ec
Sept
Jan
2314 S e p t
13 < M a r
4
1047* F e b
74*4 D e o
88
Jan
41*4 J a n
12
J an
237* M a r
051* D e e
06*4 D e o
32
Jan
80
D ec
89 % J a n

3 5 ,0 0 0
2 6 ,2 0 0
1 4 ,3 0 0
6 ,3 0 0
2 ,2 0 0
2 3 ,1 0 0
4 ,4 0 0
100
1 ,1 0 0
2 0 0 ,0 0 0
1 7 ,6 0 0
300
1 2 ,6 0 0
200
1 6 ,5 0 0
2 3 ,0 0 0

44*4
49
31%
52
31*4
477*
8*4
13*8
89%
25%
57%
34%
23%
31

100
400
2 9 ,7 0 0
500
1 0 ,2 0 0
1 1,6 0 0
5 ,6 0 0
4 ,1 0 0
3 4 ,3 0 0
3 0 ,8 0 0
8 ,0 0 0
2 0 ,1 0 0
1 2 ,0 0 0
1 ,3 0 0

Do
1 s t p r o f ______________ 6 0
Do
2 d p r e f ____ _________ 6 0
S t L o u ls -S a n F r a n t r c t f s . . 100
P r e f e r r e d A t r u s t c t f s . . . 100
S t L o lls S o u t h w e s t e r n ____ 100
Do
p r e f ..................................100
S e a b o a r d A ir L i n e __________ 100
Do
p r e f .....................
100
S o u t h e r n P a c if ic C o _______100
S o u t h e r n R a i l w a y ........... ........ 100
Do
p r e f _________________ 100
T e x a s A P a c if i c ........... ..............100
T h i r d A v e n u e _______________ 100
T o l S t I. A W e s t t r r e c t a _______
S e rie s B _____ ________________
P r e f e r r e d t r r e c t a ____________
S e r ie s B _____ ______________
T w in C i ty R a p id T r a n s i t . . 100
U n io n P a c if ic ______________ 100
Do
p r e f _________________ 100
U n i t e d R a i lw a y s I n v e s t ___100
Do
p r e f _________________ 100
W a b a s h _____________________ 100

31
*19*2
11
19
21%
01
10
207*
*29

31%
22
11%
20%
22%
61*2
11%
23%
30%

65
64%
18
17*2
48%
47*2
56%
55%
107*
17%
•\s
•%
1%
1%
65%
05
07*2 *100*2
50%
49%
99
98*2
3 9 '*
38%

04%
18*1
48%
5 5 7s
17*2
%
1%
65%
07*2
50
98*2
38%

900
5 ,0 0 0
600
4 ,5 0 0
2 5 ,4 0 0
2 ,1 0 0
1 4 ,7 0 0
1 1 ,4 0 0
400
2 0 ,8 0 0
1 ,1 0 0
5 ,1 0 0

43
45
206*
30
20**

I n d u s t r i a l 6c M i s c e l l a n e o u s
A d a m s E x p r e s s ____________ 100
A d v a n c e R u m e l y ___________ 100
Do
p r o f _________________ 100
A ir R e d u c t i o n , I n c ____ No par
A j a x R u b b e r I n c ___________ 6 0
A l a s k a G o ld M i n e s ................ 10
A la s k a J u n e a u G o ld M l n ’g 10
A llie d C h e m A D y e ____ No par
Do
p r e f _________________ 100
A ll ls - C b a lm e r s M f g _________100
Do
p r e f ...........................
100
A m e r A g r i c u l t u r a l C h e m . . 100

M a r 27
J a n 27
J a n 16
Feb 1
Jan 3

456*
17*4
3978
1097*
5
1264
30%

Jan
Jan
Jan
Jan
Jan
ja n
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

4
13
10
10
10
6
5
20
24
18
20
12
10
7
0
9
30

Jan
Jan
Jan
Jan
ja n
Feb
Feb
914 J a n
26
Jan

25
26
30
17
30
1
2
4
10

34** A p r
22
A pr
117g A p r
20*4 A p r
247* A p r
04 % A p r
1 1% A p r
23>4 A p r
33U M a r

17
24
22
28
24
21
28
28
13

18
12»*
8*8
14U
16
51**
0 '4
121*
23

12
19
12
3
10
13
24
3
3
4
6

09
19%
50
57U
18*4

29
2*1
12
28
25
15
27
0
24
22
21
10

201* J a n
101* D e c
3D * D oc
30 Ju n e
16% D e c
U D ec
1* O c t
34
Aug
83 Ju n e
28% A ug
071* A u g
i> Aup

26*
4i*
781*
17%
40
246*
14
13
14
23
22>*
34
125
71*4
7>*
20<4
0
19
12*4
8*4
13
141*
6 l» s
0

48
107*
316*
451*
13>*
>4
3*
556*
101
37*4
801*

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

2 6 Jan 3
94

2

Ex-dlvldend.

48%
51**
313*
52
32*4

266* J u n e
4*4 D e c

Jan
Jan
A pr
A pr
A pr
60*4 M a r
10
A pr
14*i A p r
915* A p r
25*4 A p r
593* A p r
30
A pr
253* A p r
18*2 F e b
32*4 A p r
3U * F eb
4 4 7* A p r
50*2 A p r
140% A p r
707g A p r
1978 A p r
3012 A p r
11*4 A p r

326* j a n 10

1 9 ,6 0 0
Do
p r e f A _______________100
1 ,8 0 0
Do
p r e f B _______________ 100
9 ,7 0 0 W e s t e r n M a r y l a n d ( n e w ) . .1 0 0
5 ,2 0 0
Do
2 d p r e f ______ _______100
4 ,8 0 0 W e s te r n P a c if ic ____________ 100
2 ,1 0 0
Do
p r e f .....................
100
1 9 ,1 0 0 W h e e lin g A L a k e E r i e R y . 1 0 0
7 ,2 0 0
Do
p r e f . . _____ _________ 100
2 ,0 0 0 W lc o n s ln C e n t r a l __________ 100

65*2 66*2
66
18
18*2
18
48 % 487*
47*2
*55
56
55
17% 18
17
%
%
%
1*8
1%
1%
05*8 66%
64%
100% 107 *106%
49%
50*4 51*2
*98% 99
98*2
39*4 4 0
38%

Feb
D ec
D eo
N ov
Jan
N ov
M ay
N o#
Mm
Jan
Jan
N ov
M at
M ay
Jan
A pt
N ov
N ov

43%
24%
57*i

30%
207*
11
19%
22%
61%
9*2
20*2
*29

07
18%
49*2
50*2
18%
58
1*8
667g
107*2
51%
99%
40

12%
32%
94
88
7%
91
42%
60%
72%
14%
10
123%
209
0 6 '*
8%
12
107*
37

15
D oc
851* M a r
l i* D e c
3<4 D e c
1 8 i» F e b
4 6 i* J a n
10
M ar
176* A u g
47>g J u n e
97
A pr
32
D ec
2*4 D e c
12
A ug
27
A ug
4U A ug
6i* D e c
03
A ug
83
A ug
1
D ec
2
D ec
8
D eo

1 ,1 0 0
400
2 3 ,2 0 0
1 ,5 0 0
2 ,5 0 0
1,4 0 0
3 7 ,9 0 0

31%
21%
11%
19%
22*2
61%
10%
31*1
31

M ar
A pr
Ju n e
Jan
D eo
A pr
M ar
M ar
D ec
D ec
Sept
June
O ct
June
N ov
D ec
D ec
D eo

A p r 13
A p r 20
A p r 20
A p r 18
A pr 8
A pr 8
A p r 25
5912 A p r 20
20*4 A p r 2 7
39
A p r 27
056* A p r 10
1211* A p r 25
54
A p r 25
11 M a r 14
50% A p r 11
0 7 M a r 14
32
A p r 10
14*4 A p r 2 8
7134 F e b 27
90
J a n 17
12*8 A p r 2 8
9
A p r 20
18% A p r 2 8

*40
45
*48*2 5 0
137% 1377,
76
70
10*2 16*2
32
32
10% 11

31%
21*i
11*,
19*2
23
61*2
10
21
*30

8
20
77%
76**
1
77
30%
47
49**
6
3%
101
180
40
4
0*8
13*8
331*

0
4
5
3
10
6
11
3
2
8
3
9
0
28
9
7
9
6
20
10
10
5
11

43
43
*48*2 49*2
130*2 1377*
70
70
*16% 16*2
32
32*2
10*4 107*

33*8
21*2
11%
20*2
24
64
10*i
21*2
30

Highest

per share % per than

I ro n O re p ro p e r tie s . N o p a r
G u l f M o b A N o r t r c t f s ___ 100
Do
p r e f _________________ 100
I llin o is C e n t r a l ...........................100
I n t e r b o r o C o n s C o r p _ . N o par
Do
p r e f ................................... 100
K a n s a s C i t y S o u t h e r n ____ 100
Do
p r e f ................................... 100
L a k e E r i e A W e s t e r n _____ 100
Do
p r e f _________________ 100
L e h ig h V a l le y ............................. 5 0
L o u is v ille A N a s h v i l l e ____ 100
M a n h a t t a n R y g u a r _______ 100
M a r k e t S t r e e t R y __________100
P r e f e r r e d _________________ 100
P r i o r p r e f e r r e d ___________ 100
2 d p r e f e r r e d ........................... 100
M ln n e a p A S t L (.new)_____100
M in n S t P A S S M a r i o ___ 100
Do
p r e f _________________ 100
M is s o u r i K a n s a s A T e x a s . 100
Do
p r e f . . . .......................... 100
M o K a n A T e x a s ( n e w ) _______

00
66%
887* 90*2
04% 06%
*80
82
*72
73*2
207* 28%
27% 27%
*19
20
105% 107
*75
79
74% 75*2
41% 41%
*12
14%
100
29*2 30% 1 5 ,3 0 0
*74
75*2
400
07
67%
2 ,2 0 0
3 2 78 337* 2 5 ,0 0 0
*85
87*600
70% 767* 1 9 ,6 0 0
*43%
*46
29
*49
30
47
77*
12%
88%
24
57%
33*2
23*2

1

40% 1 9 ,7 0 0
16%
5 ,8 0 0
38
3 ,0 0 0
105*1
3 ,6 0 0
3*4 1 6 ,2 0 0
9
1 9 ,4 0 0
28% 2 0 ,0 0 0
58 %
3 ,1 0 0
19
9 ,4 0 0
30*2 1 2 ,6 0 0
62% 1 8 ,5 0 0
119
1 ,7 0 0
50
3 2 ,4 0 0
600
8*2
12
100
5 ,2 0 0
62*2
28
500
14% 3 7 ,8 0 0
200
85
I2*s
4 ,1 0 0
15
18% 2 1 9 ,1 0 0

* Bid and asked prices; no sales on this day. t Ex-rights. } Less than 100 shares, a Ex-dlvIdcnd and rights.
share for share to stock of Glen AldCn Coal Co. at J5 per sbaro and ex-dlvldend 100% In stock (Aug. 22).




Jan
10
2 8 78 J a n
91% J a n
84% J a n
% Jan
83
Jan
33% J a n
52** J a n
50
Jan
6
Jan
0% J a n
119% J a n
184 M a r
64
Jan
1% J a n
3% J a n
12% J a n
32
Jan

t

26% 2 8
26%
44
45
42%
74% 75*2
73%
109*2 1 1 0
*109
45
46*2
44%
96
95%
90*4
83*2 837*
82**
64
*63
017*
64
04
02
8 8 * 2 8 8 * 2 *87
50*2 52**
49
61*2 61*2
61*2
*56
58
*56
12 1
1 2 1 * 2 1 2 0%
1 15% 116*4 115%
47*
5
5
10
10*2
9%
14% 14%
13%
237* 2 5
21%
16
107*
15
74% 75
73%

39*2
24
57*2
5%
67
90*1
66
*80
*72
267*
27%
*19
106%
75%
75*2
41*2
15
30**
76
07%
33*2
89
77%

PER SHARE
Range for presume
gear 1 921

M ar
A pr
A pr
M ar
A pr
64 M a r
13* M a r
096* A p r
109R M a r
52
A pr
100
A pr
417* M a r

341* N o v
11*1 M a r
20
Fab
1001* N o v
57* J a n
10
Jan
287* M a r
65
N ov
141* J a n
30
D ee
60*4 D e o
118
J u ly
58<* J a n
7 M ar
181* M a r
451* M a r
8»s M a s
14*4 M a r
741* N o v
93*4 N o v
3 's N o v
5*4 J a n
97* D o t
20**
23U
49>*
06*
7 7 i*
70
61**
71
681*
23>*

18
20
28
22
21
3
15
15
17
20
24
21
25
3

3 0 i*
381*
1 9 is
277*
19 i*
28
2i*
3
07>*
17**
42
10i*
12>*
8

Ju n e
A ug
M ar
Ju n e
Ju n e
Ju n e
O ct
D ec
Ju n e
Ju n e
Ju n e
Jan
A ug
A pr

55
Feb
67*4 J a n
25*4 A u g
391* N o v
801* M a r
41
Jan
7U M a r
121* M a r
101
Jan
247* J a n
60
Jan
27*4 D e o
20** M a r
17
N ov

3
21
18
18
21
11
11
20

16

A ug

271* N o v

8U *
111
02U
0
17
0 i*

D ec
Ju n e
J u ly
A ug
A ug
D ec
M ar
M ar
D ec
D eo
D ec
D ec
D ec
D ec
O ct

22

20

661*
1317*
741*
12U
20
9

A pr
N ov
D ee
M ar
M ai
M ar

241* M a r
157* N o v
ID * M a r
21 M a r
307* M a r
7 0 i* J a n
ll> * M a r
191* M a r
371* M a r
53*4
19*4
6 2 1*
60
39>*
li*

1*4
69%
103*4

30*4
90
651*

D ee
Jan
Feb
D ee
Jan
Feb
Feb
D ee
D ee
D ee
D eo
Jan

6 Ex-rights (Juno 16) to subscribe

New York Stock Record—Continued— Page 2

1869

For sales d u rin g th e week o f stocks u sually Inactive, see second page preceding

HIOH AND to w SALE PRICE- ■PER SHARE, NOT PER CENT
Wedn sdny. Thursday,
T-. sda'i
Friday.
Monday.
Saturday.
April 27
April 26
April 28
April 2 2
April 2 4 | April 2 5
•

V'T Sharr

67%
*70
*51
*41%
*70
-16
62>2
1 0:J34
•191,1
1059s
16234
117
12%
*25%

677S
725s
55
42
72
1634
637g

10334

497g
104*4
102-8
117
127g
26
____
*6U
6*8
143
143%
167g
16
70
70

S p* r s h a re 1 J per share J v>r share t per share %per share
67
67% 6 7 ',
67
6*)*2 66%
07% 6 8
«7«a 6 8
74
*73
74
*73
73
73% *73% 75
72
*70
*51
*51
55
*51
55
*51
*51
41%
41%
41
40%
40% 40%
40
11 »4 4 1 14 *41
72
72
72
70
*70
*71
72
72 * 7 0
*70
44% 4 5
451 2 4-3%
44*2 45%
45% 40*2
4 6 '8 461;
62
60% 61
59*. 60
60
60
6 2 1 ; 6 3 1 *62
104
0 4 ', 104% 104% 104
*103
041.,
•1 0 2
1043, * 102
47% 4 8
47%
47
47*4
47% 48%
47% 4 9
1041; 10512 105% 105% 1053s 10538 104% 10434 ‘ 103% 0 5
162% 159% 161% 160
01
1 6 2 '2 1621" 162
1 6 2 '; 163
119
119
119 i *117
118%
*117
U S '; U S '" 1 1 8 '" 119
1234 12*4
12*8 12%
12% 12 *41 12% 12%
1 2 's 123s
24% 24% l *24*8 2 5
25
253s 25%
25%
25*8 2534
*55 5 8
*55
58
58
55*2 55*2
55*2 55% I *55
0*4
6*s
6
5%
{)
(5 I
6
6%
6-38
6 '4
139
193% 141
1411; 1 4 1 '; * 1 4 0 '2 41
39% l 139
139
14% 15%
14% 16%]
15*4 161;
15*4 16
1 434 15
673, 69
70
70
701;
08
68% '
68
70
681.,

107
10914
SOI;
*80
45% 40%
12*3 121;
33*4 341.1
*56
57
I163,i 11 7 5b
* 11513 I lf H ;
901;
89
77g
712
18% 183s
5812 58%
97*8 97*8
‘ 92% 9.3
1 3 4 12 1341;
39 U 40
100
'9 9
75% 763g
9934 99*4
35*8 35*8
64*4
123*4 124
139>2 M 03.i
* 101
I .3534
*13
*80
*29
'9 0
9 3 18
* 1 0 5 l2
14%
18
43*8
53*4
54%
*82
*82
*112
112
33
*23

10114
1367S
131;
90
30
93
93*4
1 0 5 -g
34*8
197g
443,
511,
543g
84
821"
114 34
4%
34
24

1091;
109
SO I; 8 0 l 2
4 5 '" 466s
121"
12
3334 34*8
*5514 5 7
115*8 117
115*4 116
92
90
734
7 ';
1 7 '" 13-3*
5734 5 8 7,8
98
98
*92
93
* 1 3 2 '; 134*,
39% 4 0 's
100
100
74*8 70%
99-8 1 0 0
3 5 ';
35
*62' 2 65
122% 1 2 4 'g
1 4 0 's 1 4 0 7s
1 0 1 's
1361;
*13
*89
3 1 '*
*90
9 2 k;
1051;
34
1 0 's
44
53%
5438
*82
*81%
114
41"
3 2 ';
*23

1000
•1 1 5
1151;
241" 26*8
.84
85
*41"
51;
14
1 5 ';
I1 8 U 119
112
1 12
52
51
91
*88
.■ >3 5 5
34
351 1 3 6 1
8
1
I ‘8
7 5 U 76
79
79*4
100
100
113
113
7
*6
12
12
75
*72
271.1
*27
*1 0 6 1 ; m o
10334
103
481" 48*2
41;
*31;
1311" 132*4
11*8
9 2 '4
7
271;
301;
13%
77*8
.50
*961;
7
13
* 5 '4
*80
3 8 ',1
* 7 2 '!
3714
*43
*90
761;
*671;
19*4
28*4

41*8
93*8
7U
28
31%
1 3 ';
77*8
56
971;
61
13
0
85
38<«
72*4
37*4
45
95
76-s
67*4
19*4
29

108*84

107%
80%
80
4«V
45%
12
12
33%
33%
57
*55 U
116% 114
117
116
92%
92
73.,
7%
18
17%
58%
57
97%
971,
93
92%
133% *1.33
39%
38 %
100
*99
76
733,
100
100%
34%
34
05
*62%
1 2 3 5s 1223S
140
139%

101 is 100% 100%
1363s
13G78 130
131; *123., 13%
*80
90
90
30% 30%
3 1 '8
93
*90
96
9334
91% 92%
106
*105% 106%
34
3 4 ';
35%
19-8
19% 19%
44-8
43% 43%
54%
53% 53%
55% 57%
551.1
84
84
*83
8 2 '"
82% 83%
114
11.3% 11.3%
4%
4%
4%
34
32% 33%
23*4 *22% 23%
_____

5 IOOO

1 0 8 '"
80>2
455s
12
33%
*55*4
1143,
'1 1 6
91
7%
17%
5768
97*8
*92%
1 3 3 ';
3 8 ';
*99
75
99".,
34%
* 6 2 '"
1 2 2 '"
139%

__

26*4
29*,
13
77*4
55
*96

4 Vs
90

7-38
2 8 '8
31*2
13*2

55*4
07*2
73.,
50
*58
* 1 3 's 15
5'*8
5*8
•SO*, 8 3
3 7 r-8 383s
7 1 '; 72*8
3 7 '; 3 7 7s
*43*4 47
05
*90
7534 7 0 7s
6 7 '; 6 7 ';
lO'.s 10*2
2 8 '4 2 8 7s

7h

403s
96%
7
27%
30
12*4
78*2
55
* 95 %
7%
*58
*13%

*5*4

81
72%
37
* 43 %
*90
75%
671.,
19
28*4

103
107
1041., 107
4 ,2 0 0
*80
80%
8 0 1 ; 80%
600
43% 45%
44*8 45% 2 0 ,0 0 0
12 %
11% 12%
7 ,5 0 0
11% 12%
33 %
33
33%
32*4 3 3
2 ,1 0 0
56%
55% 55%
55*2 5512
600
115% 113
115
114
1 I4%> 17.10C
116
116% 110% *11.1
1 17
300
92
91% 96%
96*4 99% 1 0 ,7 0 0
7%
5 ,3 0 0
7*4
7'.,
7%
7*8
18%
17% 18
17% 18% 2 8 ,3 0 0
37%
55*4 56
1 4 ,8 0 0
54*2 56%
97% *97
1 ,2 0 0
97%
97 % 9 8
*02
94
933.1
93
*92
300
134*4 133
134% *133
135
500
38
38*.,
38% 3 8 % 2 7 ,4 0 0
39%
100
*93
100
100
400
100
76%
74% 75% 1 6 ,2 0 0
73% 74%
1003, 100% 101
101
1 ,9 0 0
101
34*4
4 ,5 0 0
33% 34%
33
33%
64
200
*6 2 % - 64
62% 62%
123
1 5 ,6 0 0
121% 122% 121% 122
9 ,0 0 0
140% 138% 140
138% 139%
101% 101
136% 134%
13%
12*4
90
*75
31%
30%
93
*90
92
90%
103% 106
34
33
19%
17%
43
41*4
51%
53%
57*s
54*4
84
*82
8 3*, * 8 2
1 15*, *113
4%
4%
31%
32*4
22
22

101% 101 %
136% 135
121;
13
82%.
82%
31
30%
*90
93
90%
91%
106% *106
*32
34
18%.
17%
*413,
42
52%
51-8
55*4
55%
*82
84
*82
84
113%
115
4*8
4%
31%
32
22
22

41%
97%
7%
27%
31
13%
80%
55%
97%
7%
60
15
6
81
39
72%
3 7%
441,
95
77%
67%
19%
283,

§ 1 0 6 5 1095 * 1 0 8 5 100 §11 0 0
115% 1 15% 115% 116% *114
24* 1
24% 2 5
24% 24%
*84
85
85
85
*84
*4
6
*4
*4
5
14
*14
14% *14% 15
115-% 1 16*4 114% 116% 1 111;
112 *112
*112
114% 112
*49
51
*49
50
50
94
*88
*88
94
*88
541"
55%
52*4 5 5 '.,
53
37%
33% 38%
36% 39
1
1
1
1
l 's
74
741., 74%
72% 73%
77%
77% 7 8 * ,
76% 77*8
*99
100
*99
*99
100
114
*112
*112
*112
114
6%
5%
*6%
6
6*,
i2
*10
*10
*10
12
75%
*74
74% 74%
75%
26
•2 5
26% 26%
26
110
*108
* 103 % n o
*108
98
99
100 % 100%
98
47
*40
47
48
48
4
4
3%
3%
4
133
132
132
133% 134
40
96%
6%
26 %
29
12%
80
54%
95*4
7%
*58
13%
5*4
*81
37%
7 2 '.,
36%
43%
*90
74
*65
18%
28

41
97%
7%
27%
30%
13%
80*,
56%
95*4
7*8
59
13%
5*4
83
38*8
72%
37
45
95
76%
67
19%
28%

40%
96%
()3,j
26%
28%
12*4
78*8
54
*95
7
*57

41
97
7%
27
29
13%
79%
55*4
97%
7*8
58

_____

*5*.;
82%
37%
71%
36
43%
*90
72
*00
18
27%

d E x - d lv I d e n d a n d r i g h t s ,




1 ,3 0 0
300
5 ,5 0 0
3 ,7 0 0
300
3 5 ,2 0 0
800
3 ,4 0 0
800
1 ,7 0 0
1 ,3 0 0
120
3 ,0 0 0
1 ,9 0 0
5 ,1 0 0
1,90(1

101 %

1 ,6 0 0
136%
7 ,9 8 4
12%
600
821"
100
31
1 ,2 0 0
_______
93
91% 2 2 ,3 0 0
106%
80C
2 ,1 0 0
33
18*8 1 1 ,1 0 0
43
1 ,7 0 0
52*8 3 0 ,9 0 0
55-s
8 ,0 0 0
84
84
900
113%
1 ,2 0 0
*7*2 2 7 ,6 0 0
9 ,1 0 0
32%
22
200

512
82%
37%
71%
36%
43%
95
75*s
65
18*4
28
53
96
55%
30%
88
5
19
77%
26
65
%

116

13%
64%
72
103
1 16
42%
66%
87%
15%
34%

*40
96*4
6*.,
27%
28%
13
79%
5 4 1"
95
7
*57
12*,
*5*i
83
37%
71
30%
*43
*90
73%
*60
18%
*28%

—

120
115%
241.,

91
700
9 ,8 0 0

85%
400
5
200
14
500
115% 6 3 ,8 0 0
114
200
51
900
94
561., 6 4 ,1 0 0
38*4 1 9 ,0 2 5
1%
1 ,4 0 0
74
2 ,7 0 0
78*s 5 3 ,7 0 0
100
1 4 ,5 0 0
113*4 1 6 ,3 0 0
578
4 ,7 0 0
12
300
75!"
300
27
600
109%
100
1 ,6 0 0
48%
400
4%
1 ,1 0 0
133
8 ,8 0 0

_
_

41
97
7
29*8
291.,
13%
79%
55*8
95%
7%
58

4 ,8 0 0
4 ,1 0 0
6 ,8 0 0
0 ,6 0 0
1 9 ,2 0 0
5 ,1 0 0
9 ,9 0 0
1 0 ,4 0 0
500
4 1 ,6 0 0

13
5%

700
200
500
1 4 ,3 0 0
1,900
5 ,0 0 0
606

A m e r i c a n B e e t S u g a r _____ 100
D o p r e l .................................. 100
A m e r B o s c h M a g n e t o . .W o par
A m B r a k e S h o e & F ___ No par
P r e l e r r e d _________________ 100
A m e r i c a n C a n ...........................100
D o p r e f ........... .................... .1 0 0
A m e r i c a n C a r A F o u n d r y . 100
D o p r e l _____ ___________ 100
A m e r i c a n C h i c l e _______ No par
A m e r i c a n C o t t o n O H _____ 100
D o p r e l ________ _________100
A m e r D r u g g i s t s S y n d i c a t e . 10
A m e r ic a n E x p r e s s ........... ....... 100
A m e r i c a n H i d e A L e a t h e r . 1 00
D o p r e l ................ ..................100
D o p r e f ___ ______ _______ 100
A m e r I n te r n a tio n a l C o r p . .l 0 0
A m e r i c a n L a F r a n c e F . E _ _ 10
A m e r i c a n L i n s e e d _________ 100
D o p r e f . ................................ 100
A m e r i c a n L o c o m o ti v e _____ 100
D o p r e f .................................. 100
A m e ric a n R a d i a t o r _________ 2 5
A m e ric a n S a fe ty R a z o r . . 25
A m S h i p A C o m m _____ No par
A m e r S m e lt in g - R e f i n i n g . 100
Do
p r e f _________________ 100
A m S m e lt S e c u r p r e f s e r A . 100
A m e r i c a n S n u f f ____________ 100
A m S t e e l F d r y t e m c t f s .3 3 1-3
P r e f t e m c t f s _____ ______ 100
A m e r i c a n S u g a r R e f i n i n g . . 100
D o p r e f . . 1............................. 100
A m e r S u m a t r a T o b a c c o . . .1 0 0
P r e f e r r e d .................................. 100
A m e r T e le p h o n e A T e le g .,1 0 0
A m e ric a n T o b a c c o ..
.
100

9 per share

78
72
38 %
9%
29%
54%
102
112
82

Jan
Jan
Jan
Jan
Jan
M ar
Jan
Jan
Jan
3*4 J a n
5% J a n
43% J a n
86% J a n
87
Feb
109% J a n
30*4 J a n
91
Feb
54% J a n
84
Jan
23% F e b

12
13
5
16
10
11
5
12
30
31
3
6
4
8
3
26
8
4
3
14

114% J a n
129% J a n

4
5

6 9 M a r 10
77% A p r 7
54 M a r 3
72
49
63%
106%

Highest

Lowest
3

per share
61
A ug
46% J a n
43 % J a n
24 % O c t

M a r 10
A p ril
A p r 22
M a r 17

164
A pr
120% F e b
13% A p r
27% M a r
57% A p r
6% J a n
143% A p r
17% A p r
72% A p r

15
23
3
17
15
23
22
13
13

114% M a r
82% F e b
48
A pr
12% A p r
36% A p r
69% J a n
117% A p r
118 M a r
99% A p r
8% A p r
18% A p r
59% A p r
98% M a r
93
A pr
138
Fob
40% A p r
100
A pr
101
A pr
100*4 A p r
36% A p r
71
Jan
124% M a r
142% F e b

22
14
17
18
6
17
21
13
28
6
26
17
21
12
10
24
24
23
26
18
18
14
23

108

M ay
N ov

S

per ihart
90
66%
50%
51
74%
65%
56%
100
35%
97
151%
116%
29
24*4
67

Jas
D ee
D ec
FeL
Jan
M ax
D ee
D ec
D ec
D ec
D ee
NOV
A pr

8*4 J a n
114
40%

J u ly
Feb

42
57
21%
7%
17%
39%
73%
98%
66%
3%
4%
29%
63%
63

Jan
Jan
A ug
A ug
A ug
A ug
Ju n e
June
Jan
A ug
A ug
A ug
A ug
Jan
95 J a n
18
A ug
73
A ug
47% O c t
67% O c t
28 % D e c
64*4 N o v
95*4' J a n
111% Ju n o

D ee
137
16
D ee
62% D e c
83%
73%
53%
11%
02%
93
110
115
91
10
14
47%
90
88
114*4
36
95%
96
107%
88
91*4
119%
130%

D ec
N ov
M ay
A pr
Jan
Jan
D ec
D ec
N ov
Jan
Jan
D ee
D ee
D ee
D ec
D ee
D ee
Jan
Jan
M ar
Feb
N ov
D ee

P r e f e r r e d _________________ 100
A u t o S a le s C o r p ............................50
P r e f e r r e d _____ ____________ 10
B a l d w i n L o c o m o ti v e W k s . 100
D o p r e f ............................. . . 1 0 0
B a r n e t L e a t h e r ................ No par
P r e f e r r e d ______ __________ 100
B a r n s d a l l C o r p , C la s s A ___2 5
C la s s I ) ........ ...............................2 5
B a t o p il a s M i n i n g ........... ............ 2 0
B e t h le h e m S t e e l C o r p ____ 100
.D o
C la s s B C o m m o n . . 100
Do
p r e f _________________ 100
D o c u m c o n v 8 % p r e f . 100
B o o th F i s h e r i e s ................ No par
B r i t i s h E m p ir e S t e e l _______100
1 s t p r e f e r r e d _____________ 100
2 d p r e f e r r e d _____________ 100
B r o o k l y n E d i s o n , I n c ........... 100
B r o o k ly n U n io n G a s ..............100
B r o w n S h o e I n o ........................100
B r u n s w ic k T e r m A U y S e c . 100
B u r n s B r o s . . _____ _________100

Jan
Jan
Feb
Jan
Jan
Jan
A pr
Jan
Jan
Jan
Jan
Jan
M ar
Jan
4*4 J a n
8% J a n
58 M ar
19% M a r
100
Jan
70
Jan
42
Jan
2% M a r
113% J a n

9
3
14
13
13
19
12
16
9
14
10
3
7
4
10
9
2
17
3
31
16
3
10

85 M a r
7 M ar
15% M a r
119*8 A p r
112
A pr
52
A pr
90 M a r
56% A p r
39
A pr
1% M a r
7734 A p r
80*4 A p r
101
A pr
113 M a r
9*s F e b
13
A pr
76*4 A p r
29% A p r
108% A p r
103*4 A p r
51 M a r
4% A p r
134
A pr

10
17
16
17
22
22
16
28
27
23
11
10
15
27
10
15
15
12
8
22
20
7
26

60%
2%
10
62%
95
29
70
20
14*4
%
39%
41%
87
90
3
8%
55
22
88
51
33
2%
81%

28*8 J a n
87% J a n
5% M a r
27% A p r
20% J a n
10% J a n
68
Jan
43% J a n
83
Jan
5% F e b
57*4 A p r
11
Jan
3 M ar
68
Feb
29% J a n
63% J a n
32*4 J a n
34
Feb
85
Jan
47*4 J a n
60
Jan
16% J a n
25% F e b

19
3
1
19
4
11
11
10
3
14
5
3
8
21
10
6
4
14
13
6
14
5
21

42% M a r
97% A p r
7*8 A p r
34
Feb
31% A p r
15% A p r
80% A p r
57% A p r
98% A p r
7*4 A p r
62% A p r
16% M a r
6% A p r
84
A pr
40*8 A p r
74 M a r
37% A p r
47*4 M a r
89% F o b
79% A p r
71
A pr
19*4 A p r
29 % A p r

21
25
24
3
22
15
25
13
17
24
17
29
20
28
12
17
24
24
2
6
6
22
17

31%
*87*4
3%
14%
10%
7*4
53%
26
68 %

531
400
96
56% 4 2 ,4 0 0
31
23.10C
8 7 i2 4 0 ,0 0 0
5
I20.20C
19
10.60C
77% 2 4 ,5 0 0
28
20C
65
100
**4
1 ,0 0 0
%
115% 116% 2 4 ,8 0 0
13
13% 9 7 ,7 0 0
05
05
900
• 1 0 3 '.,
71% 71%.
240
101% 101*8 3 2 ,7 0 0
115% 116%
90C
41% 43% 1 4 5 ,9 0 0
63*, 65
3 0 ,3 0 0
88
90C
89*4
15% 15%
0,10C
34
34%
7.40C

C l u e t t , P e a b o d y A C o _____ 100
P r e f e r r e d ..................................100
C o c a C o l a .............................No par
C o lo r a d o F u o l A I r o n . . ..I O C
C o lu m b ia G a s A E l e c t r i c . . IOC
C o l u m b i a G r a p h o p b o n e No par
D o p r e f .................................. IOC
C o m p u t i n g - T a b - R e c o r d No par
C o n s o l id a t e d C i g a r ____ No par
D o p r o f ..................................100
C o n s o l D i s t r i b u t o r s , I n c No par
C o n s o l id a t e d G a s ( N Y ) . . 1 0 0
C o n s o l id a t e d T e x t i l e ___ No par
C o n t i n e n t a l C a n , I n c ........... 100
D o p r e f ...................................100
C o n t i n e n t a l I n s u r a n c e ........... 25
C o r n P r o d u c t s R e f i n i n g . . . 100
D o p r e f ........................ ..........100
C o s d e n A C o ........................ No par
C r u c ib le S te e l o f A m e r i c a . 100
D o p r e l . ________________100
C u b a C a n e S u g a r _______ No par
D o n r e f .................................. 100

e A sse ssm e n t p a id ,

Highest

$ per share
56
J a n 16
58% J a n 7
52
J a n 12
31% J a n 3
61
J a n 11
31% J a n 31
51
Jan 4
9 8 % J a n 18
32% J a n 5
93% J a n 3
141
J a n 10
115% J a n 6
7 J a n 27
19% J a n 10
41
J a n 11
4% J a n 13
127*4 F e b 1
12
J a n 18
58
Jan 3

102% M a r 1
86
A ug
99% D * c
138% F e b 23
110
J a n 131% D r c
14 A p r 17
4
Sept
0% O c t
66% D e e
48 S ept
4 8 4 A p r 13
8% S e p t
20
D ec
4 32% A p r 12
95
J a n 21
96% J u n e
21
90% J a n
95*8 A p r 17
83% D e e
67
Feb
10
11 108% M a r 8
93
F e b 104% D e c
37 % A p r 15
20% A u g
39% J a n
1J
19% A p r 24
14% D e c
J
6*4 S e p t
44% A p r 24
1{
22% A u g
4 0 7i D e e
54 % A p r 17
31
60% D e o
31*4 A u g
67% M a r 17
5
24
Jan
50% D e e
t 83 % A p r 19
55*4 J a n
76% D e c
17
83*4 A p r 2 5
D ee
45
Jan
78
31 116% A p r 2 0
91
S e p t 107% M a r
5% A p r 17
Jan
3
9
1*4 O c t
34% A p r 12
2
Jan
18 J u n e
70
6
24*8 A p r 13
44% J a n
15*4 J u n e
23% F e b 9
10
A ug
25% D e e
10
A p r 2 8 a 8 2 0 J u n e <21125 M a y
7 1120
F e b 28
9 117
103*8 J u l y 113% N o v
28 M a r 25
5
8% J u n e
13% J a n

3 0 ,5 0 0
300
2 8 ,5 0 0
6 ,5 0 0

53
*92%
65%
30
86%
4%
*18
71%
*26
*55

PER SHARE
Range lor pretloni

192 2

Do
p r e f (neic)__________1 0 0
96% J a n
Do
c o m m o n C l a s s B ___100
126
Jan
Am W at W ks A E lv te ...lO C
6
Jan
1 s t p ro f ( 7 % ) v t c ..............IOC
67
Jan
P a n i c p re f (6 % ) v t c . . . l ( K
17% J a n
A m W h o lc s a lo C o r p , p re f.1 0 C
89
Feb
A m o r W o o le n ______________ 100
78% J a n
D o p r o f . . ............................. 10(
102% J a n
A m e r W r i t i n g P a p e r p r e f ..I O C
22 % J a n
A n e r Z in c , L e a d A S m e l t . 2 5
12% J a n
D o p r e f . ................................ 2 5
36
Jan
A n a c o n d a C o p p e r M i n i n g . 6C
47
Jan
A s s o c ia t e d D r y G o o d s ____ 10C
43
Jan
75
Jan
Do
1 s t p r e f e r r e d .............. 10C
76
Jan
Do
2 d p r e f e r r e d .............. 10C
99
Jan
A s s o c ia te d O i l ................ ..........10C
A t l a n t i c F r u i t ................... No par
2% J a n
A tl G u l f A W I S 3 L i n e ___106
23% M ar
18% M a r
D o p r e f ................ ..................106
A t l a n t i c P e t r o l e u m ________ 2 5
21
Jan
A t l a n t i c R e f i n i n g ___________100 9 0 0 M a r
P r e f e r r e d ...... ........................... 100
113
Jan
A u s t in N ic h o ls A C o ___ No par
9% J a n

B u s h T e r m B ld g s , p r e f ____ 100
B u t t e C o p p e r A Z lu o v t c .
6
B u t t e r l e k __________________ 100
B u t t e A S u p o r lo r M i n i n g . . 10
C a d d o C e n t r a l O IIA R e f No par
C a l if o r n ia P a c k i n g ____ No par
C a l if o r n ia P e t r o l e u m ______ 100
D o p r e f .................................. 100
C a l l a h a n Z i n c - L e a d ________ 10
C a l u m e t A r i z o n a M i n i n g ___ 10
C a r s o n III11 G o l d ........... ...............1
C a s e (.1 I) P l o w ........... . N o par
C ase (JI) T h re sh M . pf c tf .1 0 0
C e n t r a l L e a t h e r ____________100
D o p r e f _________________ 100
C e r r o d o P a s c o C o p p e r ..V o par
C e r ta l n - T e o d P r o d ____ No par
1 st p r e f e r r e d _____________ 100
C h a n d l e r M o t o r C a r ___ No par
C h i c a g o P n e u m a t i c T o o l . . 100
C h llo C o p p e r ______________ 2 5
C h i n o C o p p e r ______________
5

84
37%
71%
36%
45
95
75
65
18*.,
28%

PER SHARE
Rinse since Jan. 1
Lowest

I n d u s . & M l s c e l l . ( C o n . ) Par
1 ,0 2 0 A m A g r lc u l C h e m p r o ! ____ 100
4 0 0 A m e r i c a n B a n k N o t e _______5 0

108
80

54
* o 3 '4 54 1 ;
54
53
53
*54
53
.55
*92'% 9 5
*9238 9 0
*92*8 96
♦92-% 9 6
*92*8
58'3.|
561., 57%
57
54%
5 6 '; 58*a
55
57%
303., 3 2
32
3112 3 2
31
31
30
31%
85
85*2 87%
85-8
S4% 8 6
8 7*, 8 9*s
85%
*r*2
4%
4
5%
3*4
•1%
3*4
4%
5%
1834
18% 2 0 '"
10%
16
15%
17*, 20*8
763, 791.,
7668 7 7 7s
75%
7 7 's 77*4
76*4 79*4
*25
*25
28
29
28
*25
27% 27%
26
02
*60
*60
62
01
61
*55
*60
62
3,
*•>8
1
78
*4
%
*7S
*.,
%
115% 117% 115
117
1 1 6 '" 117*8 1 1 5 '"
3
117*8 11 . *8
13
1334
1 3 's 13^8
13
12%
13%
13*8 in ,
04
64%
65 1 ; 6 6 ';
6 4 '" 6 6
66
64%
66
*103%
•1 0 3 > ;
*103%
*103%
•1 0 3 1 ;
711"
716s 7 1% *71% 7 2 ' * 7 H " 72
*71%
*71
102% 104% 101%
1031.1 108% 1023t 103*4 10234 104
116% 116% 115
117
*114
116
1161, * 1 1 5
115
40% 4 0 3 ,
41% 43i,|
4 0 ', 413s
41%
11)34 41*8
63% 64%
631" 66*s
64*8 6468
63%
04*2 6 5
87% 8 8
8 8 ';
88
88
88
87%
8 7 '; 8 7 '2
15% 16'.,
15% 16%
16U
16
15%
15*4 10i4
34*4 35*8 34% 353s 34% 35% 33%
34*4 3 5
B id n m l a s k e d p r ic e s .

Week.

8TO C K 8
N EW YO RK STO CK
EXCHANGE

Shares

_____

905
1 025 { 1 0 4 0 105 0
115
115
*11 5
115%
25*8 2 6 1 ;
24% 25%
* 8 4 l2 8 3
85
S5
5
4%
4%
14*8 151; *14
14%
117'4 1181, 115% 117%
’ 11 0 ' 1 1141; *112
114%
52
52
51
51
*88
89
*88
04
53*4 5 6
51% 54
34
35*2
33
33%
*1
1*8
1*8
1%
75*2 7 6 's
73*8 75
7734 78%
7 8 '; 79*4
*98
100
08% 98%
113
* 1 1 2 ', 113
113
6*g
6%
<)*2
7
*10
12
*10
12
73
73
73
73
26*8 266s *26% 27%
*106 >8 110
*100% 110
103*4 102
103
102
‘4 7 '; 40
*47
48%
*4
4*2
*3*2
4%
131*1 I 3 3 7s 133
134
4H ,
94

101%
135%
*12*4
*80
30%
*90
91%
10638
34
18%
42
52%
56
*83
83*4
114
4%
31%
22

Sales
for

x E x -rlg h ts.

2 E x - d lv I d e n d .

68
3%
13
93%
104
40
89
19%
19%
%
61
55*2
90%
104

43
85
41
24
64*4
1%
5
55%
18%
47
%
85%
12
45*4
100%
66
91%
111
31*8
52*4
80
8%
15%

Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan

3
£
7

11
3
5
10
4
26
9
3
10
27
17
30
16
4
14
20
4
10
10
27
17
11
3

60% F e b 3
92% A p r 7
58*4 A p r 3-1
33% A p r 12
S9% A p r 2 6
5% A p r 26
20 % A p r 2 5
79*4 A p r 2 6
30% A p r 11
64
Jan 9
2% M a r 16
118% A p r 21
15% A p r 19
68
A p r 12
1 0 4 M a r 16
72
A p r 15
108% M a r 31
116% A p r 2 2
43% A p r 28
67% J a n 3
89*4 A p r 2 8
19*4 M a r 15
40*4 M a r 15

r P a r v a lu e J 1 0 p e r s h a r e .

A ug
Jaa
70
Sept
5% D e c
A pr
15
Jan
J u n e 100% D e e
D ee
Ju n e *105
41
A ug
Jan
86
Jan
D eo
27
D ee
V lay
Ju n e
35
Jan
1
A ug
Jan
June
62% M a y
Ju n e
65
M ay
Ju n e
93% J a n
J u n e 112
Sept
A ug
7% D e c
D ec
D ee
9
D ec
68% D ee
D ee
23% D e e
J a n 101
D ee
Jan
76% N o v
Feb
40% N o v
A ug
6% J a n
J a n 122% D e c
D ec
D ec
A ug
Jan
June
A ug
J u ly
Jan
Jan
A ug
Jan
D eo
N ov
D ec
A ug
A ug
M ar
A ug
Ju n e
O ct
A ug
M ar
M ar

33%
90
6%
33%
22
19%
74
60%
88
7%
60
16%
10%
85%
43%
96
36%
44
85
86
70%
1 6 7»
29%

D ee
N ov
D es
D ec
D eo
A pr
N ov
D ee
D ee
Jan

36% J u n e
79% A p r
19
Feb
22
J u ly
62 J u n e
2*8 A u g
8% D e c
28*4 J u n e
13% D e c
53
D ec
% Sept
77% J a n
12*4 A u g
34% A u g
82% A u g
68 % A u g
69 JuD e
96 J u n e
22% A u g
19
A ug
77 J u n e
5% O c t
68 % D e o

62%
89
43%
32%
67%
12%
62%
5 8 7*
69%
80
10
95
21%
66
100%
73
09%
112
43%
107%
91
26
13%

Jaa
D eo
D ec
M ay
D ee
Jan
Fob
D ec
Jan
Feb
M ar
N ov
Jan
Jan
D ec
D eo
D ec
D ee
A pr
Jan
Jan
Feb
Feb

3*4
41%
11
3
63
22%
67%
23
22
70
38%
47
9
19%

N ov
A pr
Feb
Jan
Jan
D ee
Jan
D eo
A pr
Jan
D ec
D ee

New York Stock Record—Continued— Page 3

1870
arm

F o r r a le s d u r i n g t h e w e e k o f s to c k s u s u a l l y I n a c t iv e

a n d low sa lb

Moil vj
April 3 1
•

par Hare

t

pittca-P B it

Tueain
April 23

per t i l re %per Hare

s b a b b . s o t pbb c b v t .

Wi'lluAt!/., Ti'i'tdVI,
April 2 3
April 2 7

I

I 3 p e r til's i $ p e r aitre
S il'it
22
2 2 % 2 2 1 *« 2 1 7 .
2 1 * . 22%
22% 22
2 2
% 21 %
21*4 2 >*< 1 0 .3 0 0
91%
93 % 93%
91
91
91
91%
2 , 0)0
62
60
61%
63 % 6 0 s 1 3 , 7 ) )
50 % 61
22 % 21
23%
21 % 23%
20 % 21 % 2 5 . 3 )
107% 1 0 7
107
103% 107% 103% 105%
4 .7 )
24 <
4 2 4% 2 7
23
26%
28% 26 %
3 .5 0 )
770
§765
745
61
5760
780% §755% 755%
175
170% 172
170
163
169 % 1 3 7
5 .8 0 )
22%
20
21
20% 20% 1 0 ,1 0 )
20
20%
7
6% 6%
*6 %
6%
20 )
*6 %
6%
85
85
85%
8 3% 8 5
4 .5 0 0
83*4 81%
110 % * 110 % 110 % *110 111
111
111
30)
S J '4
81% 82%
80% 81
1 3 ,3 0 )
80% 80%
95
9 5 '4 * 9 3
91% 9 5
1 .3 0 )
91% 9 5
13% *12
13% *10% 13% *11
13
2 , 00 )
41% 44%
4 ’ '4
.
41
41% 1 1 . 3 )
4 3% 41%
123
*121
123
1 .5 0 )
115% 115*4 1 1 5
1 13%
97
971
9 7 's
96*4 9 6 %
*91
93*4
1 , 20 )
19%
18% 18% 1 3 ,5 0 3
13% 19
17% 18%
t

per tii'e

22% 23
22 < 2 }%
4
22 %
*94
91 %
94
91%
91
63
63%
62
63
30'
20 % 22
*19% 20 %
21
*107
107% 1 0 6 78 107% * 1 0 7
26 % 27%
26%
27*4 27*4
*765 77 5
5765 770
*750
172
172% 173
175% 1 7 3
1 !)
20 % 2 0% 22 %
21 %
*6 l2
7%
*4%
*5%
7%
85>4 88
85% 85%
8 1%
11 0 'j 11 0 % * 110 % 110 % 110 %
82
81%
SIM 82*s 81
9 3 <g 9 3 '2
91*4 9 l * i
91%
12
It
13
*10
11*4
4 0 '4 40*4
41
45%
41
123
123
122 12 2 % * 121
96
98
97%
94 % 9 7
18*8 IS**
13*s 19%
13%
16% 17%
16*t 1 7
16% 17%
17
17%
16*4 17%
*4
*4
%
.
*4
%
61
63
6 2 % 62 %
61
61
61
61%
60
60 %
63«g 64%
6 4 % 64*8
63
65%
6 0 % 61%
59% 61*4
100 100
100 % 100 % * 9 3 100% * 9 7 1 0 0
*9 2 % 9 8
z 7 3 % 74
73% 7 4
75*8 7 6
71
71%
7 2% 72%
*03*4 1 0 0 '4 *99*4 101%
♦ 100 101
► 100 101
161
164
164
164
161
143
143% 1 6 3
131
162%
12 % 12 %
1 1 % 12 %
12*8 13
12% 12 %
11% 12%
*79
80
70
70
79
79
79
70% *7 8 % 70%
70% 70%
79*4 79*8
70% 79%
70% 70%
78% 79
91
94
9 3% 93% * 9 3
91
*93
91
93
93
41% 4 2
4 1% 4 2
40*4 42%
41*8 41*8
43 % 41
90*4 91
90*4 91
9 0% 90%
99% 91
90
90
2 4 % 24%
2 4% 24%
*26*8 2 7
24
24
27
27*4
*17
17%
17*g 17% * 1 8
18% *17% 17%
13% 17
3 1% 3 2
31
31
3 1% 3 2
31
31%
20% 30
12
1 2 % 11 % 11 % * 1 1 % 12
11% 12
11
11%

•no lot

84 %
2%
•!» "
73
78%
18%

8
1%
*6*4
11%
* 10 %
39
*34%
96%

111
20 %

85*4
2 %,

20*

82%
2%
‘ 20*

81%
2%

81%
2%

20 %

20 % 2 0 %

73
•7 3
73%
79
77% 7 8
19
19%
18%
8%
7*4
8%
4%
4
4%
7
6*4
6*4
41% 4 2
42
1 1 % *11
11*8
39% 40%
39
35
35
34*4
97%
97 % 97%
111 * 1 0 9 111

20 %

83
83%
18*4 19%
*76
78
17*4 4 8 %
66% 6 7
18% 18*4
*30
31
%
%
20 % 21
69
69
42
43%
5%
5%
*95
105
48 % 49%

20 % 22

83%
19
78*4
47 %
66%
18%
30
*1
20%
69%

85
19%
79
48%
67%
18*4
30%
%
20%
69%

4 2 % 43%
6
5%
*95
105
4 8 % 51%

101% 101% 101% 101%
*82
85
107
107
32
32 %
19% 19%
143
143
55% 57%

66
33%
*169
*112
112%
*110
17%
12*4
49*4
*99
*108
148%

PrI d ly
April 23

Suet
ror
He
Wnt.

82%
2%

72 % 7 3
77*4 77*4
19
19%
7%
8
4
4%
6*4
6*4
40*4 41%
*10*4 11%
*39% 39%
34*4 3 6
97
97
109
111
21 % 2 3
83 % 84%
19
19%
80 % 8 3
47% 48%
67
67
18
18%
29 % 29 %

80 %
2%

71 %
77%
18%
7*4
4

7 2%
79%
19%
7*4
4%
6*4
7
4 0% 41%
*10*4 11
*39i,i 39%
35% 36*4
* 9 5 % 97 %

111

21

21%

21

211

47%
40%
30
31%
30

*46
39 %
29%
31%
♦29

47
39%
31%
32%
31

20 %

20%

20

20%

119% 119% '1 9 % 121%
* 11 2 % ____
115
115
18% 19
18*4 19
132% 134% 131% 133%
91
91
*89
91
29% 29%
2 9 % 29%
14% 15%
14*4 15%
36% 3 7 %
37*4 38*4
71% 71%
71
72
...
* 1 0 4 % ____ * 1 0 5

20 %
68

41 % 42%
5%
5%
*93
105
49 % 51%

79%
2%

82%
2%

19% "19%
7 0% 70%
76
78
18% 18%
7*4
7*4
4%
4%
6%
6%
39% 40%
10% 107
39% 39%
35% 3 8
95
97%
►109 111%
22
23%
81% 83%
18
18%
82% 82 %
47
48*4
66 % 6 7
17% 18%
29 % 30%

17%
*4
60
62%
97
72

100
133
70%
70
93 >
4
41
89
28
1 7 's
30%

102% 102% 102%

112
113
* 9 .%
9 .%
*63
64
44
48
85
85%
78
79
20 %
211.
47% *45%
40
38%
29%
31%
3 !%
30*4
29
30
19%
20%
121*4 120 %
____
112 %
18%
17*4
132% 1 2 9
*88
93
89*4
29% 29%
29%
14*.j
14% 15
37% 33 %
37%
70
70
70*4
*105
*105
106
91%
64
46%
85%
79
20*4
*46
39
30
30 %
*29
19%
120%
11 2 %
17%
130%

22%
31*4
21%
144*4

21 %

11%

83%
2%

112
92%
04%
46%
85%
78
20*4
47
39%
30%
32%
29
20%

120 %
____
18%
131%
89*4
29%
15
38%
70%
.

22*4

30 % 30*4
20 % 2 1 %
142
143

111
17%
75
34%
60 %
19%
60
42
8%
31
11%

*40

*88
3
41%
*87%
92

111
16*i
74
32%
*58
*16%
58%
42
7%
*29
11%

' B i d a n d a s * e d p i , c e s ; a o s a le s o n t h i s d a y .

19%
69

* 19*

42
90
3
43
90
92%

111
17
74
34%
61
19%
59%
42%
7%
32

12
’3

22

65
70
10%
3%
3%
5
3 7%
7%
33
26
79%
105%
13%
62%
11%
60
43%
59
12%
24
%
10
38%

Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
M ar
M ar
Jan
Jan
A pr
Jan
Jan

J o n e s B ro s T e a , I n o _______100
K a n s a s A G u l f _____________ 10
K a y s o r ( J u l i u s ) A C o _____ 100
K e lly - S p r ln g f le ld T i r e _____ 25
T e m p o r a r y 8 % p r e l ____ 100
6 % p r e f e r r e d ___________
K e ls e y W h e e l I n o __________ 100
K e n n e c o tt C o p p e r ____ So par
K e y s t o n e T i r e A R u b b e r . . 10
K re s g e <S S ) C o ......................... 100
L a c k a w a n n a S t e e l __________100
L a c le d e G a s ( S t L o u is ) ____ 100
L ee R u b b e r A T i r e ____ So par
L i g g e tt A M y e r s T o b a c c o . 100
D o p r e f .................
100
L im a L o e o m W k s I n o _____ 100
P r e f e r r e d ....................................100
L o e w 's I n c o r p o r a t e d ___ So par
L o f t I n c o r p o r a t e d .......... So par
L o o s e -w iie a B is c u it t r c tf s .l O O
1s t p r e f e r r e d . ........... ............. 100
D o 2 d p r e f e r r e d _______100
L o r ll l a r d ( P ) ................................. 100

34%
4%
81
34%
90 %
71%
81
25 %
15%
110
44%
43
26%
153%
108
91
93
11%
0
36
97
100
147%

Feb
M ar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Fob
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Fob
Jan

100

109
72
67
26%
6 8%
64
15%
30%
32
22 %
20 %
22
11
101
107%
10%
106%
79%
25*4
11%
26 %
63
100%

J a n 13
Jan 5
J a n 13
J a n 15
F e b 27
Jan 0
J a n 10
Jan 3
M ar 6
Jan 6
Jan 4
J ud 1 1
F e b 16
Jan 3
Jan 3
J a n 10
J a n 10
J a n 12
F e b 15
J a u 11
Jan 0
Jan 4
Jan 6

116 M a r IP
9 2 % A p r 27
6 4 % A p r 21
4 9 % A p r 24
8 5 % A p r 24
79
A p r 22
22% M u r 1
52 M u r 13
42% F e b
31 % A p r 25
34
Feb 7
31% M u r 22
2 1 % A p r f>
121*4 A p r 25
115
A p r 22
21% M a r *•
135% A p r 15
92
A p r 18
2 9 % A p r 17
16
A p r 17
3 8% A p r 2 4
72% A p r 13
108
A p r 28

20

12
19%
10%
123%
113%
26
69
1%
30*4
81
85
108
13%
68

F e b 11
Jan 7
Jan 9
Jan 4
Jan 4
J a n 17
Jan 6
J a n 16
J a n 11
M ar 7
J a n 12
J a n 10
F e b 16
Jan 3
M a rlO
J a n 17
Jan 3
Jan 4
Jan 7
J a n 13
F e b 28
M ar 6
J a n 10

22*4 A p r 2 8

0 ,5 0 0
3 .0 0 0
4 )0

8)0

19*4

*70
73
77% 7 8
18% 18%
*7%
7*4
4%
4%
6%
6%
39*4 40%
*10*4 H
*39
39%
35% 3 8
*96
97
112 % 112 %
22% 23%
82% 84%
17% 18%
*8 1 % 8 4
47% 48 %
67% 67%
17% 18
30 % 30%
*4
%
19% 19%
*65
69

►107 113
*110
113
92
92% *91% 9 2
*04
64% *64
05
45 % 46*8
44% 4 6
83
84
83
85
78
78
77% 7 8

*20

f l o m e s t a k e M i n i n g ________ 100
H o u s to n O il o f T e x a s _____ 100
H u p p M o to r C a r C o r p ____ 10
H y d r a u li c S t e e l ________ So par
( n d la h o m a R e f in i n g _______
6
I n d ia n R e f i n i n g _____________ 10
In sp ira tio n C o n s C o p p e r .. 20
I n t e r n a t A g rlc u l C o r p ____ 100
Do
p r e f .................................. 100
I n t e r n a t i o n a l C e m e n t ..S o par
i n t e r n a t H a r v e s t e r ( n e w ) . .1 0 0
Do
p r e f (f teio)__________ 100
i n t M e r c a n ti l e M a r i n e ____ 100
Do
p r e f _________________ 100
I n t e r n a t i o n a l N ic k e l ( T h e ) 2 5
P r e f e r r e d _________________ 100
I n t e r n a t i o n a l P a p e r ________ 100
Do
s t a m p e d p r e f _______100
I n v in c i b le O il C o r p __________6 0
I ro n P r o d u c ts C o r p ____ So par
I s l a n d O il & T r a n s p v t o . _ 10
J e w e l T e a . I n c ______________ 100
Do
p r e f _________________1 0 0

1 8 ,1 1 )
4 .3 )0

40% 40%
41% 413 4
5%
5%
5
5%
*93
103
*93
102 I
47 % 49%
4 8 % 49 %
102 102
102% * 10 1 % 102
84
81
*83
85
85
101% 102%
106% 102 103
29% 31%
32
3 0% 30*4
20 % 2 1 %
21
2 1%
22 %
143
140% 142
140
141
57%
54!% ‘ 5%
65% 56%
*64
65
67
*63% 6 5
32 % 33%
3 2% 33%
33*4
*160
173
*160
170
170
115
114
115
114% * 1 1 4
1 1 1 % 1 0 8 % 109% 100% 110
108
114
114
114% * 1 0 9
17% 17%
17% 18
18
12% 12%
12 % 12 %
12 %
4 7 7 4 8%
48
4 8%
49
*99
103
*99
102%
103
116
116% *110
116% 110
149
149
148
148% * 1 4 8

121% 121% 121%
41
89
3%
41%
89*4
93%

19
*65

19% M i r
1% M i r
63
A pr
67
A pr
103% A p r
7 i% A pr
102 % l a o
185
A pr
13% A p r
81
A pr
81
A pr
91% A p r
43% A p r
91
A pr
3 )% I n
13% A pr
32
A ir
11% M i r
% In
99% d a
3 * M ir
81 % 1 40
21 * M i r

700
70)
2 , 10 )
3 .3 0 )

11

1 .3 0 0
6 .7 0 0
2 8 ,4 0 0
3 .0 0 0
1 8 .7 0 0
2 .7 0 0
9 ,6 0 0

1.000
700
1 0 .7 0 0

1,200
30
5 1 .3 0 0
5 6 .3 0 0
4 2 .3 0 0

2,000
6 ,5 0 0
1 .3 0 0
3 5 ,2 0 0
3 ,0 0 0
1 7 ,9 0 0
3 ,1 0 0
300
7 ,7 0 0
5 0 ,8 0 0
0 8 ,8 0 0
1 ,3 0 0

100
3 ,1 0 0
2 9 .4 0 0
7 9 .4 0 0

1,000
1 9 ,9 0 0

1,000
5 ,8 0 0

100
100
4 ,0 0 0

200
15,9-36
3 ,6 0 0
1 ,7 0 0

200
1 ,3 0 0

10C

200

4 1 .3 0 0
4 ,8 0 0
2 , 00

1,200

46
46
800
45%
4 .4 0 0
39% 39*4
39%
2 8 % 29*4 3 1 .3 0 0
29%
23 .5 0 C
31
30*4 31
800
30
*29
31
7 .6 0 0
19
19%
19*4
5 .6 0 0
117*4 118% 119%
100
* 112 % -----...
18
17*4 18% 1 3 ,1 0 0
1 1 3 ,5 0 0
129% 128*4 131
89
90
*88
92
300
28% 29
4 ,3 0 0
28*4 2 9
14% 14*4 4 3 ,8 0
14% 14*4
36% 37% 1 2 4 ,0 :0
3 5% 37*4
69*4 7 0
2 .6 0 0
70
70*4
* 1 0 6 % ____
108
108
100
45
38%
28%
30%
♦29
18*4
117*4
* 112 %
16%
127%

21%

21 %
30
30%
19% 20%
142
143
121
40

121

40
90
3
3
39*4 41%'
*87
90
9 1% 9 2
♦110
113
16% 16%
77
80
31*4 32%
*58
59%
*16% 19%
58%
9%
41% 4 2
7%
7%
*29
31%
11% 11%

*88

2 1% 22%
30
30
19% 20%
145
150
*1 1 9 % 121
*39
41
*88
90
3
3
40 % 41%
*87
90
*91% 01 %
I l l 's 111%
16% 16*8
78*4 SO
*32% 3 4
*58
59%
*16% 19%
58 % 6 0
41*4 4 2
7% • 7*4
.
*27
30

*11

'■>),

1 L ess th a n Id u ih a re e .

12

103

2 d p r e f e r r e d __________

1,000 v i a c k a y C o m p a n i e s _______10C

20%

61 .9 0 C
1 ,7 0 0
1 0 ,6 0 0
1 .4 0 0
20 (.

200
1 ,0 0 6
3 6 .2 0 0
206
2 ,9 0 0
300

6 /0 0
2 ,7 0 0
4 ,8 6 0
1 ,0 9 0

100
2 3 ,6 0 0
4 ,4 0 0
1 7 ,0 0 0
•

1,200
1,100
3 in o

CrVO t
H

12% J a n
% Jan
45% J a n
55% J a n
90
Jan
65 M ir
94
Jan
138
Jan
3% J a n
69
Jaa
67 % M i r
79% M i r
34 % J a n
80% J a n
26
A pr
12
Jan
25% F e b
7
Feb
% Feb
44% J a n
*4 J a n
78 % J a n
15
Jan

12.100
2.000

80*4
2%

am m
Per litre

F r e e p o r t T e x a s C o . _ . _ N « par
0
Q i s t o b , IV * vv, t a o ...S o par
O i a A m r a n k C a r ____ So par
G e n e r a l A s p h a l t ____________ 100
D o p r e f __________________100
G e n e r a l C i g a r , t n o __________100
D e b e n t u r e p r e f ___________100
G e n e r a l E l a o t r l o . . . . . . _____100
G e n e r a l M o to r s C o r p ..S o par
D o p r e f _________________ 100
Do
D e b s to c k ( 6 % ) . . . 1 0 0
Do
D e b s to o k ( 7 % ) . . . 1 0 0
G o o d r i c h C o B F ) ____ So pa;
D o p r o f __________________100
G r a n b y C o n s M , 3 m * P ow lO O
G 's y 4 D i v l s l n o _____ So pir
G 'e e n e O i n a n e a C o p p e r .1 0 0
G l m t a a a m n S u g a r ____ So par
R i g h t s __________________ _
G ilf S t a t e s S te e l t r o t f s . . . 100
'I i r b l s h a w E le e C a b - . M i par
'T n k e d A B i r k e r O a r ..S o par
H e a d e e M l a u f n o t u r l n g ___ 100

12 % 1 2 0 .3 0 0

79%
79
93*4
4 0%
89
*27
17%
*2 0 %

LO '.U
'O

21% M i r
9 1% V >r
O ig V i'
3 1 's V >r
101 g M i r
27 % V )83)
A pr
173% A ir
22 % A pr
I H r
87% A pr
111
A pr
S i 's M K
9)
la p
II
A pr
4 ) ’s A p r
127% V r
9 9% A pr
1 )% Apr

3 .5 0 0

11%

n s

I n l i i . k ‘f i s c a l ! . (G >rt.) Pir 9 per l i tre
O j h i a - V . n ! r o i a S n a r _____ 10
11% I a n 3
P r e f e r r j 1 ____________
1008 % J i n 17
7
O i v l i i n O v i a e i l v t o no pir
48 % J i n 10
U t B ie rs a > r » M tn n .- iV > p i
0
15% J i n 3
O t c r o 0t E l l s o n ______________100 100% J a n U
l
G t m * v f l a e i , L t d . . .............. 10
13% J a n 4
► J iO T n K > 1 i k ..................... 100 6 0 0
Jan 9
G 'e t t r i o S t o r B a t t e r y ______ 100 125
J a n 18
14% J a n 2 5
G 'k H o r n C o i l C o r p ________ 5 0
E n t r i o a - B r a n t l a g h a o _____ 100
2% Jan
76% J a n 10
E a l i e o t t - r o h u o n . __________ 50
Jan 5
D o p r e f . . ............. ................ 100 1 0 4
F a m o u s P U y e r s - L u k y . i Y i pir
75 % J a n 10
9 1 % J a n 33
Do
p r e f e r r e d ( 8 % ) _____100
9
Jan 3
F e d e r a l M in in g * S m s lt ln g 100
37% M i r U
D o0 p r i f _________________ 109
F l-m e r B o d / C i r p ____ So par
75
Jan 5
F l-m e r 8 >dy O h io , p r e f _____100
7 6% J a n 5
11% J a n 10
F i s k R u b b e r __________________2 5

200

132

y j ik
iro
e jc o h v n g e

PBt SBAKB
B vili for prtoloui
Iri' 1921

r 'r f f H l U
< ( a :i I n l 1922
O n M i l l of I 00 -» M ’ 1 lo ll

A V )OA3
n e w

1 0 ,7 0 0
3 .8 )
2 ,8 0 0
5 3 .1 0 0
290
2 ,3 0 0

100

41% 4 2%
5%
5%
*93
105
49
51%

20
68

21 % 21 %
217s 22%
213 4
32
33
32% 32%
31
16
*15*4 16
1812
18%
*142
145
*142
115
142*4
► 121 122 *121
12 1 % *121
42
40
*40
*40
40
*86
00
*85
*86
90
3%
*3
3%
3*8
3*8
39%
38
37
3 8 % 39*4
89
*87
89 %
87
87
9 2 % 92%
92 %
92
93
* 110% 111
110% 111 *110
17% 17%
17% 17%
17
*74
75
74% 74% *74
35 % 35*4
33
34*4 34%
61
61
59*4 60*8
59*4
*16% 19% *16%
20
20
59% 6 0 %
59
59% 60%
42% 42 %
42
42%
42
7%
8%
7*4
~30~ 3*1*4
31*4 31*4 ♦ 2 9
►10*4 l l % i *10% 11% * 10 %
* 121* <8 1
'
"




111

2 2% 2 4
83% 85%
18% 19%
83
83
47%. 47*4
67
67
18
18%
29
29%
■
*t
%
18% 19%
*65
69

*82
85
*82
107% 107% 1 0 5
3 1% 32%
31%
2 1% 22%
20 %
142
143
143
55%
55*4 56%
66 %
*66
66 %
66
66
66
33%
33% 34%
33 % 34*4
33%
176
*169
173
*160
170
170
115
*113
115
114%
*112% 115
113
110 112 % 111 111
110 %
114% 110% 111 * 1 1 0
*110
113
18
17% 17*4
17% 18%
17*4
12% 12%
12% 12%
12 %
12%
40*4
49
49% ♦48*4
4 9% 49*4
103
*09 103
*99
103
99
115
115
115
109
116% *110
149% 149
150
149
150
149

*46%
39%
28
29%
29%

2%

20 % 20 %

*82
85
108
108%
31% 32%
19% 21*4
144
144
56% 57%

*106
1 1 2 % * 106 1 1 3
91
90
*90
91
6 4% 64%
*63
64%
46 % 491
43% 4 9
84% 85%
84
84%
77*4 7 9
78*4 78*4

84

17
*4
60
6 9%
*93
72

se e t h ir d p a g e p re c e d in g

D o p r e f ........
100
M a c k T r u c l s , I n c _____ Sopai
Do
1 st p r e f ..........................1(K
D o 2 d p r e f .......................... 1 0t
v iu llln s o n (H H ) 4 C o __ So pai
V ta n n tl S u g a r _____________ 101
M a n h a t t a n S h i r t ____________ 25
M a r l a n d O i l ................ .......n o par
M a r t i n - P a r r y C o r p ____ No par
M a th l e s o n A lk a li W o r k s . . .6 0
M a x w e ll M o t . c la s s B ..1V O par
M a y D e p a r t m e n t S t o r e s . . 100
Do
p r e f .................................. 100
M c I n t y r e P o r M i n e s _______
M e x ic a n P e t r o l e u m _________100
P r e f e r r e d _________________ 100
M ia m i C o p p e r ........................... 5
M id d l e S t a t e s OH C o r p ____ 10
M id v a l e S t e e l 4 O r d n a n c e . 60
M o n t a n a P o w e r . . __________ 1 0 0
Do
p r e l _________________ 100
M o n t W a r d ACollUCorv So par
M u llin s B o d y __________ So par.
N a t i o n a l A c m e _______________6 0
N a t i o n a l B i s c u i t ___________ 100
Do
p r e f .....................
100
N a t i o n a l C l o a k 4 S u i t ____ 100
Do
p r e f ...................................100
N a t C o n d u i t 4 C a b l o _ .N o par
N a t E D a ro ’g 4 8 t a m p ’g . . . l 0 0
Do
p r e f _________________ ICO
N a t io n a l L e a d ______________100
Do
p r e f ...................................100
N a v a d a C o n s o l C o p p e r ____
5
N ew Y o rk A ir B r a k e _______1 0 0
N e w Y o rk D o c k ......................... 100
Do
p r e f . ____ __________ 1 0 0
N Y S h i p b u i l d i n g ............ So par
N o r t h A m e ric a n C o ________ 6 0
Do
p r e f _____ ____________ 6 0
R i g h t s ____________________
N o v a S c o t ia S te e l 4 C o a l . . 100
N u n n a i ly C o . ( T h e ) . . . N o par
c ih to U o d v 4 R lo w ____ .S o var

a E x - d lv i d o n 1 „ n d r i g h t s .

c

: '- d i v i d e n d ,

28
53%
13
44%
38
3%
20%
9%
11

2
30
14
28
10
3
9
5
34

6
8
3
3
27
18
10
9
20
5
12
14
9

6
9
27
20
11
0
16
23
14
9

8
0
5
19

6
4
4
11
21
17
4
4
3
9
4
3
10
4
13

t

'5
13

6
25

21
21
15
15
23

1
l)
21
13
U
21
23
2)
2>
33

8
18
13
7
7
20
i3
21

6
10

6
8
21
22
2i
3
22
15
33
29
18
18
s

75
A p r 11
8 2 % A p r 15
19% A p r 25
9% M a r 17
4 % A p r 27
9
F eb 20
4 2 % A p r 17
11% M u r 8
4 3 M a r 15
36% A p r 4
98
A pr 3
112% A p r 2 3
21
A pr 26
8 5 % A p r 26
19% A p r 24
85
J a n 20
62
Jan 3
71
Jan 5
20% A p r 17
35
F e b 17
3
J a n 26
21% M a r 13
70
F e b 23
43%
7%
98
51 %
102%

81

III
3 2%
22%
174
57%
67
35%
6
18 171
10 116
3 115
30x115%
18%
26
13%
9
51%
7
99
3
4 115
6 163%

•* E x -rlg h tr,

3

34
21%
150
121%
41%

A pr
Jan
M ar
A pr
A pr
A pr
A pr
A pr
A pr
Jan
A pr
A pr
M ar
A pr
M ar
A pr
A pr
A pr
M ar
A pr
F eb
A pr
M ar

24'
31
1
261
28
28

6
17
25
.3
24
26
10
20
7
13
13
17
22
15
4
24

8

M a r 31
A pr 25
A p r 28
A p r 26
M ar 1
88 M u r 2 0
4% A p r 13
43% F e b 18
91
t a n fl
9 4 % A p r 19
118% F e b J3
18*s A p r 17
80
A p r 27
35*4 A p r 21
61
A p r 24
25
F e b 28
6 0% A p r 22
43% M u r 14
8*4 J a n 23
38*4 A p r 12
12% M a r 30
14% A p r 17

B lliill

pir t i i ’e S per litre

10 % O p t
03
O pt
23
M ir
13% J u n e
9 3% N fiv
10% I a n
P538
N ov
124% D eo
16
Jan
2% D e c
52
Jan
87
Jau
44% J u l y
74% J u l y
5% J u n e
21
Sept
75 J u n e
57 S s p t
8% A ug

33%
95
59 %
21
100
21 %
a8 9 0
124%
2 5%
9%
81
106%
82 %
97
1.3%
43%
90
84
19 %

Feu
F eO
N ov
Jao
O ct
A pt
Feb
D eo
M ay
M ay
D ec
D ee
A pr
D eo
D ec
D ec
Jao
D ee
M ay

9 % A ug
% O ct
39% o n
39% A u g
77
A ug
54
Jaa
80% A p r
109% A ug
9% A u g
63 J u n e
60
A ug
69
A ug
28% l u a s
82% J u n e
15
Aug
9% J a n
10
J u ly
5% D eo

20 %
5%
59%
78 %
117%
70%
95%
143%
10%
75
73%
85
41*8

Jao
Jan
D eo
M ay
M ay
D eo
D eo
D eo
Jan
D ec
D ec
D eo
Jan
D ae
N ov
M ai
D ec
Jan

29 J u n e
% N ov
60% J u a e
13 J u a e
49% M a r
40% A u g
10 % J u n e
6
D eo
2 Juae
6% D e o
2 9% M a r
6
Aug
31
D eo
21 J u n e
67% A u g
99% J u u e
7% A u g
30
A ug
11% A u g
00
D eo
38% A ug
87
A ug
6% A ug
22 % S e p t
2 Sept
4
Jan
8% J a n
14%
4%

86

34%
16%
29%
10%

5 0 7s D e o
13% J a n
83
N ov
23% A P I
81

86
16%
20%
7%
15%
42%
13%
57
29
100%
110
17%
67%
17
85
73%
75%
20
40
4%
12%
40%

M ay
M ay
M ay
Jan
Jan
Jan
D ec
Jan
Jan
N ov
Feb
Jan
Jan
D ec
M ay
M ay
M ay
N ov
Jan
Jan
Jan
D ec
N ov

Jan
O ct
M ar
32% A u g
70% M a y
70 M a y
35
M ar
16
M ar
8% J a n
130
Jan
32 J u n e
40
Jan
17% J a n
138% J a n
97% J a n
64
A ug
87% A u g
10 J u n e
7% A u g
30
A ug
93% J a n
94% J u n e

38 % D e c
9
N oV
86
D ec
64% M a y
94
Jan
80 Ju n e
89
N ov
27% D e o
17% M a y
177
D ec
68 % J a n
57% M a y
30
D ec
164
D eo
110
N ov
102
D ec
100% D e o
21% M a r
12% J a n
42
Jan
98% A p r
100
M ar

100
Jan
69% J a n
65 J u n e
25% O o t
03% O o t
64
O ct
10
Jan
21
O ct
18 J u n e
12% A u g
13 S e p t
11% A u g
Ju n e
05% J a n
95
M ar

111
72
62
42
76
64%
18
89%
36%
30%
22
24
16*8
114
109

84 % A u g

167%

Jan

15% J a n
10
J u ly
22 J u n e
43
A ug
02% O c t

28
10%
33%
64*8
101

D ec
N ov
Jan
D ec
D ec

68

136

Feb 164% Feb

8

12%
17%
10%
103
105
16
44%
%
26
89
67%
100
9
47%
20%
45
13
32%
31%
%
20%
8%
7%

D eo
J u ly
D eo
Jan
A ug
Sept
O ct
Sept
A ijg
June
J u ly
June
M ar
A ug
Feb
Jan
D eo
A ug
A ug
D ec
N ov
M ar
N ov

D ee
D eo
D ec
M ay
Jan
A pr
Sept
Feb
D eo
N ov
D eo
N ov
D ec
D eo
D ec

25 M ay
28% J a n
30
Jan
128% D e o
120
Jan
3 5% J a n
79% M a y
5
Jan
65 F e b
95 M a r
87 D e o
108 M a y
16% D e c
89
Feb
39 M a y
57 % M a y
33
Feb
46
D eo
41% N o v
is D e o
39
M ar
12% J a n
11% D a e

New York Stock Record—Concluded—Page 4

1871

F o r a s le a d u r i n g t h e w e e k o f s to c k * u s u a l l y I n a c t iv e , s e e f o u r t h p a g e p r e c e d i n g

HIGH AND LOW SALB PRICES—PEE SHARE. NOT PER CENT
Saturday.
Monday.
Tuesday,
Wednesday Thursday,
April 2 2
April 2 4
April 2 5
April 2 6
April 2 7
April 2 8
1

Sales
for
Week.

per share t per share f per sh ire f per share %per share

STO CK S
N E W YORK STO CK
EXCHANGE

PER SHABB
Range since Jan. 1 1922
On baste of 1 0 0 -share lots
Lowest
Htobest

PER SHARE
Range for previous
pear 1921
Lowest

Highest

I n d u s , fle V fls c e ll. ( C o n . ) Par $ per share
8 per share
8 per share S per short
O k la h o m a P ro d S R ef o f A m
c
5
2*4 F e b 24
3% A p r 2 4
*7*4
4
Jan
1*4 M a y
O n t a r i o S ilv e r M i n i n g . . . .10 0
4% J a n 6
9% M a r 25
3** A u g
18*4
6 M ay
O r p h e u m C i r c u i t , I n o ______
1
12% J a n 6
207* A p r 7
14
D eo
140
305* A p r
O t i s E l e v a t o r _______________ 100 118
J a n 4 143*4 M a r 3 0
*95
87
A ug 148 M a y
P ro ( e r r e d ________ _ 1. 1 1 1 1 100
93
Jan 7
9 6 '* M a r 2 2
15
79*4 J u n e
90
N ov
O t i s S t e e l ___. . . . . .
No p u r
9% J a n 7
1 6 1* A p r 11
367*
8
N ov
16
Jan
O w e n s B o t t l e _____ _
25
2 4 78 J a n 27
38
A p r 17
10%
24*4 N o v
54*g J a n
P a e lf lo D e v e l o p m e n t ___ 1 .1
6 % F o b 21
1 1 '8 A p r 2 7
4
D ec
70%
19*4 J a n
P a c if ic G a s <fc E l e o tr lc
100
00
J a n 30
7 3 '8 A p r 2
*14
46U Ja n
68
D ee
P a e lflo M a ll S S _ _
"
5
11
J a o 18
15*4 F e b 2 0
8 3A u g
17U J a n
53*s
P a d f l o O i l ______________ _ '
44% J a n 10
60
A p r 15
2 7 '* M a r
60** D e o
P a e lf lo T e l * T e l . .
100
58
J a n 12
6 2 M a r 22
38*4 J a n
04% 0 5
01%
04
05
6 2 % 637*
03
68
N ov
61% 6.3
0 0 % 02%
3 3 ,4 0 9 P n n - A r a P e t * T r a n s . ” ” 5 0
48?* J a n 11
68*4 A p r 17
3 8 's A u g
50% 57%
79** F e b
58
58
57
581.1
55%. 50%
53% 55%
54% 50% 1 0 ,8 9 3
Do
C l a s s B __
50
5 9 % A p r 17
44
J a n 10
3 4 's A u g
7%
7%
71*4 J a n
7%
7%
7%
*7%
7%
8
*7%
8
7%
7%
1 ,2 3 3 P a n h a n d l e P r o d * R e f " n o par
7U A p r 3
12>* J a n 4
*
0
A ug
*_ _
79
79
* ____
7 9 * ____
13 t* D e e
79
* -----79
70
P r e f e r r e d __________________ 100
69
J a n 17
73
J a n 10
68
A ug
7 8 i* D e o
14% 14%
14% 14%
14
14%
13% 14
14% 14%
13% 13%
3 ,2 9 3 P a r is h * B i n g h a m ............ Wo par
17
A p r 12
11 % J a n 3
97* J u n o
151* A p*
lO 'i
10% l()*i
10% 10%
10% 1 I
10%
10% 10%
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.
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17
Jan
87
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88
84
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83
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38
387* *37% 3 9
3 ,7 0 0 P h i l a d e l p h i a C o ( P i t t s b )
60
3U j Jan 4
40
A p r 10
281* A u g
3 5 i* J a n
94
94
♦93
94% ' * 9 3
94%
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93
93
2 0 0 P h l l l l p - J o n e s C o r p .......... No par
83
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95
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95
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95
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P r e f e r r e d ________________ 100
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9 3 ’* A p r 19
67
M ar
9 0 '* D e o
40
41
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40
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47
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88
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7
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p r o f ____________
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03
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64
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jo a
901 Feb 3
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21
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10
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90
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98
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300
Do
p r o f ...........................” . 1 0 0
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83 J u n e 104
Jan
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34
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33
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66 J a n 7
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Jan
70% M a y
1277* 129
127% 129% 126% 128% 125% 123% 123% 120% * 123% 124
2 7 ,4 0 0 P u l l m a n C o m p a n y ________ l o o
1051* J a n 6 1291* A p r 21
39%
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38
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50
31
Jan 4
4 3 ‘* M a r 18
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25
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114
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Do
p r e f .......................
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98
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M ar
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10 M a y
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24
Jan 6
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76
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70
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200
1s t p r e f e r r e d v t 0_______ 100
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2d p r e f e r r e d ____________ ^100
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32
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57
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4 8 U F e b 25
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85 % 85%
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D o p r e f .......................................” j o o 74
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P r e f e r r e d _____ __________ i o o
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♦72
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100 „ D o p r e f ....................................100
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26
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p r e f n o n v o t i n g ___ 100
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Sept
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____ * 1 0 0
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37
Jan
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55
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37
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26
Jan 3
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Jan
____
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n%
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46
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48
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23
Jan 9
30*8 A p r 15
367* J a n
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134
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35
129
129% *129
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32
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132
300
Jao
109*4 M a r 17 134
119 S e p t 1 7 5 M a y
. 69
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70
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45
M ar
72
Sept
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92
92
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♦91
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93%
300
D o p r e f .................................. 1 0 0
88 M a r 2
95
F e b 10
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91
Jan
11*1 12%
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11% 11%
11
11% 2 6 ,6 0 0
10% 1 1 %
T r a n s c o n t i n e n t a l O i l . . . N o par
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13
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41%
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42
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33
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28 Ju n e
65% 65%
04
60
60
64
63% 031.1
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63% 63% *03
800
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75
Jan
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20*i 2 2
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5 4 ,4 0 0
22
A p r 20
___ _ 103
17U M a r 4
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103
103
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....
103
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M ar
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700
P r e f e r r e d __________________100 1 0 2
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34
34
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34
34%
3 ,7 0 0 U n i t e d A llo y S t e e l ____ No par
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25
J a n 11
19 J u n e
31
Jao
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U n i t e d C i g a r S t o r e s p r e f ___ 100 *1041* F e b 28 1101* F e b 20
100
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69
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70
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3 .0 0 0 U n i t e d D r u g ________________ i o o
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*
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46
S e p t 100
Jan
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100
1st p r e f e r r e d . . ____________ 50
4 11* F e b 18
40 U J a n 16
36*8 J u l y
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47
Feb
142 142
1,200 U n i t e d F r u i t .................
100
* 95*4 J u n e 2 0 7
8 51% 52
Jan
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431* F e b 28
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30
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D o p r e f ........................... . . . 1 0 0
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6 Feb 1
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48
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5 2 ,1 0 0 U S I n d u s t r i a l A lc o h o l_____ 160
37
Jan 6
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7 4 i* M a y
95
♦90
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D o p r e f ....................................100
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Jan 9
9'i<* M a r I
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J u l y 102
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M ar
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79*4 A p r
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101
1 ,3 0 0
Do
1st p r e f ____________ 100
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A p r 12
74
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41
42
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10
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20
Apr
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D o p r e f _________________ 6 0
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118% 1197* 11!) 119%
4 .5 0 0
D o p r e f __________________106 1 1 1*4 J a n 3 1 2 0
A p r 2 5 105 J u n e 116
D ee
65-% 60%
60
67%
67%
67
651- 66%
04% 05%
66%
8 ,7 0 0 U t a h C o p p e r ______________ 16
68 A pr 17
60**1 J a n 5
41i* A u g
66*8 D e o
16*4
17
16% 17%
*16% 16%
17
17% 17%
17%
17%
17
7 .2 0 0 U t a h S e c u r i t ie s v t C_______100
97* J a n 18
17*4 A p r 11
7
A ug
42% 42%
12*g M a r
43%
42h
43% 43%
42
417* 2 0 ,0 0 0 , V a n a d i u m C o r p _______ No par
43%
41
40% 42%
45
A pr 0
3 0 U J a n 10
251* J u n e
41
Jan
*02% 93% *92% 93% *92% 93% ♦92% 93%
*92% 94
V a n l l a a l t e 1st p r e f ________ 100
96
A p r 15
92
J a n 17
34% 34%
72
M ar
34% 35%
8 8 i* D e e
34% 34%
34% 341,
33
33%
33% 337*
2/1 0 0 V irg in ia C a r o l i n a C h e m . . l 00
3678 M a r 13
27>* J a n 16
26*4 J u l y
77% 77%. *7,8
42>* J a n
797*
78% / 8*4
*78
79% 79%
79% *78
79%
240
D o p r e f ......................
100
67
J a n 31
82
A p r 10
67*4 J u l y 1024* J a n
50
497* 50
51
49
49
53
*50
63
53
53
1.200 V ir g in ia I r o n . C A C ..............100
4 3 M a r 27
9 H * J a o 18
69
A ug
12 % 13%
95
Jan
12% 13%
12% 13
13
12% 12-% 1 4 .9 0 0 V lv a d o u ( V ) ........... ............ No par
13%
121 - 13
6 '* J a n 6
13 '4 A p r 2 4
6** M a r
10 % 107*
14
17
9U M a y
14
14%
16% 16%
10
10
16
(0%
2 0 .3 0 0 W e b e r A I l e l l b r o n e r ___ No par
17
A p r 24
10*4 J a o 16
8 '* J a n
13i* O c t
79
79
80
80
*78
80
*78
79% *78
*7.8
79%
79%
3 0 0 W e lls F a r g o E x p r e s s _______100
857S F e b 15
66>4 J a n 4
491* J a n
72
Jan
98
98
99% 99%
97% 97%
98
987*
97% 97%
97'-> 97%
1 .5 0 0 W e s t e r n U n io n T e l e g r a p h . 11)0
89
Feb 8
9 9 i 2 A p r 10
94
A p*
76
A ug
89% 89%
89% 89%
90
89% 89%
90
94
94
94
95
1 .5 0 0 W e s t l n g h o u s e A ir B r a k e ___ 6 0
8 0 M a r 16 100
F e b 21
907* J a n
8 H * 8epi
02 % 63
63
03%
62% 63%
01% 02%
02
01
0 2 % 61
1 4 ,2 0 0 W e s t l n g b o u s e E lo o A M f g . 6 0
64
A p r 10
49>g J a n 4
387* A u g
521* D e o
4 8 ',1 49%
49%
48% 49%
49
48
4,8%
40% 1 1 .7 0 0 W h it e M o t o r ............................. 6 0
4 5 % 4 7 % 40
49*4 A p r 2 4
35>g J a n 6
44
M ay
29U Ju n e
O7* 10%
97*
10
07s
9% 10%
10
9% 10% 1 1 ,8 0 0 W h it e O il C o r p o r a t i o n .No par
97*
9h
71* J a n 3 0
11'4 A p r 17
7
J u ly
1 7 s* J a n
15% 15*4
10%
10%
15% 16%
15%
15%
10% 18
157* 10%
1 9 ,5 0 0 W lc k w lro S p e n c e r S t e e l ___
5
13** M a r 22
18
A pr 28
8 ‘* N o v
18*4 D e c
8
8%
8%
8%
8
8%
8%
8%
8
8
7%
77*
1 1 .7 0 0 W ll l y s - O v c r la n d ( T h e ) ____ 2 5
41* F e b 17
9U M a r 22
4** N o v
Id * M ay
40
38% 39%
40
38% 38% *38
38% 39%
*38
40
40
900
Do
P r e f e r r e d (new)____ 100
24
F e b 17
4 4 'j M a r 21
23
A ug
42
M ay
46% 49%
437* 44%
48
45
47
49%
45% 4 7 % 45% 40
1 4 .3 0 0 W ils o n A C o , I n o . v 1 0. N o par
27*4 J a n 4
49*8 M>r 2 6
2 7 i* N o v
47
Jan
85
*82
*84
*81
85
85
85
90
90
*85
*85
90
100
P r e f e r r e d ....................................100
66
J a n 10
85
Ap r 2 4
897* F e b
65
O ct
163
102% 1037* 102% 03 *102
162% 162% 101% 1 0 2 % 162% 10.3
1 ,8 0 0 W o o lw o rth C o ( F W ) _____ 100
137
J a n 6 167*4 M a r 27
105
A u g 139*4 D e c
*118 119 ►118
19 *118 122 *117
122
♦117 122 *117 120
D o p r o f ....................................i o o 117
J a n 31 119
Feb 9
105 J u n e 113*4 N o v
53% 53%
52% 53
52% 52%
53% 53%
52
52%
52
5212', 166 W o r t h i n g to n P A M v t o . . l o 6
437* J a n 4
54*8 A p r 3
30>* A u g
65 U M a y
♦92
♦92%
92
95
92
95
92
91% 91 *2 *90
92
200
D o p r e f A .................................100
8 3 M a r 31
92
A p r 26
7 0 1* A u g
85
D ee
74
♦73
74
7 4 't 74%
74
74%
74
73% 73%
74% 74%
600
D o p r e f B .............................. l o o
84*4 J a n 9, 74>4 A p r 24
54
A ug
70
N ov
1)
*8%
87*
9% |
9%
9
9%
9%
9
87*
87*
9
2 .9 0 0 W r i g h t A e r o n a u t i c a l ___ No par
6
J a n 271
9 ‘* M a r 17
6 '* J u n e
9*s N o v
* Bid an d asked p rio e e : n o sales o n t h i s d ay .
} Loss th a n 1 0 0 s h a r e s ,
t E x - r i g h t s , a E x - d i v . a n d r i g h t s . * E x - d l v I d e n d . * R • i u , - . l t o b a s is o f S 2 5 p a r .

2*4

3
8
19%
110
____
15%
37%
11%
70%
15%
587*

27*
3 '.
8
87a
1S% 18*
1387* 140*
*95
____
14% 15%
36 % 307*
10% 11
70% 727*
15
15
58
587*

3
3%
8%
8%
18% 18%
140
140
____
*95
14% 14%
35*4 37%
11
12%
71% 73
*14
15
57% 58%

__ __

95




3
3%
*8%
8*
18% 19%
130% 130%
9 5 l.| 95%
14% 15
35% 3 0
12
13%
72% 73%
*14
15
57% 59%

3
3%
8%
87*
18% 187*
135
135
* 95 % ____
14% 14%
34 % 3 5
12% 14%
71
72
*14
15
50% 58%

3
3%
*8%
8%
187* 187*
138
138
*05%
14
14%
35
35
12
13
71
71%
*14
57*i 58%

0 4 ,3 0 0
1 ,2 9 0
4 .0 0 0
2 ,4 0 9
109
1,0 9 9
(),5 90
0 5 ,2 9 9
9 ,0 0 9
10')
5 0 ,4 0 0

New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jtm.

1 1 009

the Exchange method of quoting bondt teas changed and prices are note—“and Interest"—except for Income and defaulted houds.
P Ice
Friday
April 2 8

BONDS
Y. STO CK E X C H A N G E
W e e k e n d in g A p r il 2 8

Week's
Range or
Last Sale
High
Low

Range
Since
Jan. 1

BONDS
N . Y . STO CK EX C H A N G E
W e e k e n d in g A p ril 2 8

Interth
Period

1873

Price
Eriday
April 2 8

Week’s
Range or
Last Sale

Rangt
Since
Jan. 1

f !

High N o J Low Hist
Bid
A s i Low
5 93
98
98
98% 98% 9 8
C a n a d a S o u c o n s g u A 5 s ____ 1 9 6 2 A O
5 8 108% 115
115
C a n a d i a n N o r t h d e b s f 7 s ___ 1 940 J D 113% S a l e 1121*
4 6 107% 11 1
114
J 112% S a lo 112
2 5 - y e a r s f d e b 6 M s .................1946 J
4 8 4 77% 81
80
81
8 0 % S a le
9 9 .6 4 S a le
C a n a d ia n P a c R y d eb 4s s to c k .. J J
91%
91%
88
89% 89 %
100.00
C a r C l in c h A O h io 1 s t 3 0 - y r 5 s l9 3 8 J D
10l 83
95% 98%
C e n t r a l o f O a 1 s t g o ld 5 s ___ p l 9 4 5 F A 1 0 0 % _____ 98% A p r ’2 2 —J
2 0 89% 98
98
96%
97% 9 8
9 9 .6 6 102 9 5 7 6 9 9 66
9 9 .4 0
C o n s o l g o ld 5 s ______________ 1945 M N
5 5 94
too
100
99%
99 % S a l e
9 9 .8 4 5 8 5 6 9 5 32 9 9 8 4
9 9 6 0 S a l e 9 9 .4 8
1 0 - y e a r t e m p s e c u r 6 s . J u n e 1 929
8 1 % _____ 79% M a r '2 2 ------ 79% 79%
C h a t t D lv p u r m o n e y g 4 s . 1951 J D
96%
9 4 % ____
96% M a r ’22 —
93
9 9 .8 4 S a le 9 9 .6 4 1 0 0 .0 0
9 6 7 4 100 06
M a c A N o r D l v 1 s t g 5 s ___ 1946 J J
83*4 D e c ’21
M i d G a A A tl D lv 5 s ..............1947
. -83
A p r ’2 l ____
9 4 % ____
9 9 .8 8 S a le 9 9 .8 2 1 0 0 .0 0 17598 9 5 86 100 00
M o b il e D lv 1 s t g 5 s ..................1940 J J
94 % 95% 91% A p r ’22 —
88% 91%
C e n t R R A B o f G a c o ll g 5 a . 1937 IH N
13 103% H O ':
110%
100.G1 S a le 100.58 1 0 0 .7 4 5610 100.02 101 00
J 110% S a l e 108
C e n t r a l o f N J g e n g o ld 5 s ___1987 J
3 105 107
107
100.02 S a le 100.02 1 0 0 .0 6 1016 9 9 9 6 100.30
R e g i s t e r e d _______________1)1987 Q J 1 0 0 % _____ 105
107
M a r ’22 ____ 107
102% 103%
10212 A p r ’22
J 1 0 7 % ____ 107
A m D o c k A I m p t g u 5 s ____ 1921 J
80
80
103% 103%
103% M a r '2 2
N Y A L o n g B r g e n g 4 s . . . 1941
i 90% 9 3
95%
95%
95% 9 6
105 105
*105
-------- 105% M a r ’22
C h e s A O h io f u n d A l m p t 5 s . .1 9 2 9 J J
13 9 4 % 101%
101
10(1% too
104
105%
105ia F e b ’22
105
106
1 s t c o n s o l g o ld 5 s ___________ 1 939 M N 100
• .
7 8 s* J u n e ’20 . . . .
100
J u ly '2 1
R e g i s t e r e d .................................1 939 M N
02 82% 88%
88%
86%
88
S a le
83
D e c '2 1
80*4
G e n e r a l g o ld 4 M s __________1992 IH S
80% N O V’2 1
79
F e b ’22
79
79%
R e g i s t e r e d ........................— 1992
5 7 8 82% 91
88
90
89 % 8 a lo
2 0 - y e a r c o n v e r t i b l e 4 M s ___1 930 F A
688
92
90%
91 % S a le
84% 92%
F o re ig n G o v e r n m e n t.
3 0 - y e a r c o n v s e c u r e d 5 s ___1946 A O
M a r '2 2 —
101%
101 S a l e 100%
77
101%
76% 7 7
SO ------A r g e n ti n e ( G o v t ) 7 s . ............. .1 9 2 7 F A
B ig S a n d y 1 s t 4 s ..............— 1944 J D
82
A p r ’22 ____
87
85
87
87
85
82 % 85% 8 2
78
A r g e n ti n e I n t e r n a l 5 a o f 1 9 0 9 . .
fV S
»
C o a l R i v e r R y 1 s t g u 4 s ___1945 J D
....
N o v '2 1
109%
80
103% 109%
88% . . .
J
B e lg iu m 2 5 - y r o x t s f 7 M s g _ _ 1 9 4 5 J D 1 0 9 S a le 108%
C r a ig V a lle y 1 s t g 6 s ..............1 940 J
A p r ’2 2 ____
78
94% 104%
1037a S a le 103%
101%
7 7 % ------- 7 8
71
J
6 - y e a r 6 % n o t e s _____ J a n 1 9 2 5 J
P o t t s C r e e k B r a n c h 1 s t 4 s . 1946 J
107% S a le 1 0 7 ';
104% 108%
108%
82% 8 3 % 82% A p r ’22 ____
82% 82%
2 0 - y e a r s f 8 s ______________ 1941 F A
R A A D l v 1 s t c o n g 4 3 _____1989 J J
s i 10 S a le 110
105 1 1 1 %
111
7 9 % _____ 77% A p r ’22
75% 79%
J J
B e r g e n ( N o r w a y ) s f 8 s _____ 1 945 M N
2 d c o n s o l g o ld 4 s _________1989
113
. . .
A p r '2 1
106 114
7 8 % ------- 09
B e rn e (C ity o f)s
8a..............1 9 4 5 M N 112%i S a le 'i 112% 113%
G r e e n b r i e r R y 1 s t g u g 4 s . . 1940 M N
. .
87'
89
80% D e c ’21
80 % 9 0
86%
87% . . .
I
B o r d e a u x ( C i t y o f) 1 5 - y r 6 s . . 1 934 M N
W a r m S p r in g s V 1 s t g 5 s ___1941 IV s
107 S a le 1067a
61 %
6 52% 61%
103 108
108
60 %
61 60 %
A O
B r a z il , U 8 e x t e r n a l 8 s _______1941 J D
C h i c A A l to n R R r e f g 3 s ____ 1949
99 % S a le
49
50% 118 37% 50%
99%
96
101
99
C a n a d a ( D o m in i o n o f) g 6 s . . 1 9 2 6 A O
Railway 1 s t H en 3 M s . ........... 1 9 5 0 j j 49% S a l e 8 3
99% S a le
85
9 9 7a
04 % 100 %
98%
83% 8 5
j
\ 77% S5
do
do
do
5 e ..1 9 3 1 A O
C h i c B u r l A Q — 111 D l v 3 M S - 1 9 4 9 j
8 87% 91%
91%
101 i.i S a le
95% 101%
99%
101 %
91
_____ 91
j
1 0 - y o a r 5 M s ...... ................. ....... 192 9 F A
I ll in o i s D i v is io n 4 s __________ 1949 j
3 93
96%
95%
105% S a lo 101 %
100% 105%
105%
9 5 % _____ 95%
C h i le ( R e p u b li c ) e x t s f 8 s ___ 1941 F A
N e b r a s k a E x t e n s i o n 4 s ____ 1927 IH N
. . . .
102% S a lo 102 %
98 % 1037s
1027a
90% O c t ' 19 . . . .
E x t e r n a l 5 - y e a r s f 8 e _____ 1926 A O
R e g i s t e r e d ________________ 1927 IH N
23 80% 91
105% S a l e 105%
91
100 100
88
89% 88%
106'
2 5 - y e a r s f 8 s ______________ 1946 M N
G e n e r a l 4 s ___________________1958 IH S
103 96% 99%
99%
S a le
97%
537*
56
44
57
9 8 % S a le
C h i n e s e ( H u k u a n g R y ) 5 s o f 1911 J D t 5 5
T e m p o r a r y 5 s . . ............
1971 F A
lit)
S a le n o
34% D o o ’2 l _____
. . . .
100 112%
111
C h r i s t i a n i a ( C i ty ) s f 8 s ........... 1 945 A
C h i c A E 111 r e f A Im p 4 s g . . .1 9 5 5 J J
92 % S a le
85% 93%
33% J a n ’22 _____
92%
931-1
33% 33%
C o p e n h a g e n 2 5 -y e a r s f 5 M 8 -1 9 4 4 J
U 8 M tg e A T r C o c tf s o f d e p .
105
A p r ’22 . .
1 102 105
90
------- 9 0
84% 90%
C u b a — E x t e r n a l d e b t 5 s o f 1 9 0 4 . IH
1 s t c o n s o l g o ld 6 s ----------------- 1934 A O 104% 104% 105
21 77
. . . .
90%
D e c ’21
90
S a le
104
90
90%
E x t e r d e b t o f 5 s 1 9 1 4 s e r A . 1 949 F
G e n e r a l c o n s o l 1 s t 5 s _______1937 M N
22
80%
103*4
80
-----76
103% J a n ’2 2 _____ 103
80
80%
E x t e r n a l l o a n 4 Mis_________ 1 949 F
U S M t g e A T r C o c tf s o l d e p
100%
J a n '2 2 . . . .
9 8 '* S a lo
84
84*4
98% 1031 9 7
98
81
C z e c h o s lo v a k ( R e p o f ) 8 s ____ 1951 A O
S t a m p e d ......................................
2 8 105% 111
F e b ’22 . _ _ 101*4 104*4
111 * H 2 111%
112
105
D a n i s h C o n M u n l c l p a 1 8 s ’’A " 1946 F
G u a r T r C o c tf s o f d e p o s i t . .
81%
113
81 % 1194 6 8
18 105
112
112
79%
111
81% S a le
S e r ie s R ........................................... 1946 F A 111
O A E 111 R R (neto co) g e n 5 s . 1951 M N
64 %
62 %
02% 144 5 9
112% 127 107% 112%
6 2 % H ale
M S
D e n m a r k e x t e r n a l s f 8 s _____ 1 945 A O 111% S a l e 111%
107
99% 2 0 9 90% 99%
9 8 ' l S a le
98%
106% 1 0 6 ’s A p r ’22
101
J
J ! 103
2 0 - y e a r 6 s ___________________1 942 J
J
8
9 5 I 6 5 87% 95
92
92% 9 2
92%
85% 9 3
95
96% 9 5
.1 J
D o m i n ic a n R e p C o n s A d m a f 5 s ’58 F A
96%
75% J a n ’2 2 ------- 7 5
9 6 % S a le
96% 6 7 0 9 4
96
78
83
J
D u t c h E a s t I n d ie s e x t 6 s ____ 1947 J
J
R e f u n d i n g 4a S e r ie s C ______ 1946
1198 94% 9 7
75%
96% S a l e
J a n ’2 2 ------- 7 5
97
96%
68% --------- 7 5
J
4 0 - y e a r 6 s ................................ . . 1 9 6 2 M S
I n d A L o u ls v 1st g u 4 s _____1 958
105% S a le 105
83%
107% 3 6 5 9 9 > 108%
4
8 5 % ------- 83%
81% 8 5
J
F r e n c h R e p u b lic 2 5 -y r e x t 8 s . 1945 M S
C h l e I n d A S o u 5 0 - y e a r 4 s . . . 1 950
106
102 S a le 102
103% 6 3 9 9 4
8 5 % ------- 79% N o v '2 i
D
2 0 - y e a r e x t e r n a l l o a n 7 M s . 1941 J D
C h i c L S A E a s t 1 s t 4 M s _____1969
78
78
78
S a lo
71% T s '%
J
G r e a t B r i t & I r e l a n d (U K o f ) —
C h M A S t P g e n g 4 s S e r A -« 1 9 8 9
1 64
103%
69
103% 8 2 0 9 6
69
68
09% 6 0
J
2 0 - y c a r g o l d b o n d 5 M 8 _____1 9 3 7 F A 1 0 3 S a lo 101%
G e n e r a l g o ld 3 M S S e r B . .« 1 9 8 9
6 79
107% H alo 1071.)
88
88
107% 2 7 3 98% 108
87
82% 8 7
J
A s/ .
1 0 - y e a r c o n v 5 M n .................... 1 9 2 9 F
O e n e r a i 4 M s S c r ie s C . . . . « 1 9 8 9
107%
3 7 0 54% 68
68
107% 2 2 6 1 0 0
66 %
107
66 % S a le
O
3 - y e a r c o n v 5 M u....................P 1 9 2 2 F A 107°M ™
G e n A r e f S e r ie s A 4 M s ___a 2 0 1 4
3 7 92% 96 %
75%
73%
96%
75% 181 6 2
96
74% 7 5
A
I t a l y ( K i n g d o m o f) S e r A 8 M s l 9 2 5 F
A 96%
G e n r e f c o n v S e r B 5 s ____ a 2 0 1 4
91 % 9 0 %
7 8 86% 91%
383 6 0
73
91%
73
71%
71% S a le
D
J a p a n e s e G o v t —£ l o a n 4 M 9 - 1 9 2 5 F A *
C o n v e r t i b l e 4 M s ___________ 1932
9 0 % S a lo
89%
9 0 '.i 119, 86% 91
81% 5 2 0 69% 81%
80%
80% S a le
D
S e c o n d s e rie s 4 M » __________ 1926
P e r m a n e n t 4 s _______________ 1925
77
H ale
77% 2 3 8 72% 7 8 %
66
67
76%
64%
6 5 S a le
54
J
J
S t e r l in g l o a n 4 s ____________ 1931
2 5 - y e a r d e b e n t u r e 4 s _______ 1934
3 0 4 80% 9 0
87
S a le
89
97%
97%
87
97
97% 9 7
92
J
L y o n s ( C i ty o t) 1 5 - y e a r 6 s ___1934 M N
C h i c A M o R l v D lv 5 s _____1926
87
S a le
86%
88% 2 4 8 80% 9 0
6 3 63% 7 7
77
75%
76
77
J
M a r s e ille s ( C i t y o l) 1 5 - y r 6 s . 1934 M N
C M A P u g e t S d 1 s t g u 4 s . . 1949
6 7 % S a le
70 %
69% 3 2 5 5 4
67.
84 % M a r '2 2
84% 84%
D
8 5 % _____
M e x ic o — F ,x te r l o a n £ 5 s o f 1 899 Q J
M llw A N o r 1 s t e x t 4 M s ___ 1934
2 7 0 39% 6 2
57% S a le
56%
59
85
A p r ’22
85
85
86 % . . .
D
G o ld d e b t 4 s o f 1 9 0 4 . . .........1054 J n
C o n s e x t e n d e d 4 M s ------- .1 9 3 4
95% 877 9 4
9 5 t i S a le
95%
95
95% A p r ’22
92 % 95%
96
...
A
N e t h e r l a n d s s f 0 s ___________ 1972
C h i c A N ’w e s t E x t 4 s ..1 8 8 0 - 1 9 2 6
4 8 107% 113%
1 1 1% S a le 111
113%
93 % 93%
93% A p r '2 2
93
-­
N o r w a y e x t e r n a l s f 8 s ............... 1940
R e g i s te r e d .................. 1 8 8 6 -1 9 2 6 F A
8 1 102% 105
105
5%
72
81
75% "5 % 75 %
P o r t o A le g re ( C i t y o f ) 8 s ____ 1961 J D 1 0 5 S a le 101
G e n e r a l g o ld 3 M s _________ 1987 M N
7 8 105% 111
111
D e o ’21
70
Q u e e n s la n d ( S ta t e ) e x t a f 7 8 .1 9 4 1 A O 1 10 S a le 109%
R e g i s t e r e d ______________ p l 9 8 7 Q F
89 99
103 S a le 101%
103
103
85%
82% 86%
85 % 85% 8 4
2 5 - y e a r 6 s ___________________ 1947 F A
G e n e r a l 4 s __________________ 1987 M N
75 99
lO t% S a le 101
105
105*4
84% A p r ’2 2
8 1 % 84%
83% 8 5
R to G r a n d e D o S u l 8 s ________ 1946 A O
S t a m p e d 4 s ______________ 1987 M N
112 91) % 105%
10-1% S a lo 104
105
105
104%
9 9 % 106
R io d e J a n e i r o 2 5 - y e a r s f 8 s . . 1946 A O
G e n e r a l 5 s s t a m p e d _________1987 M N 105 S a l e
105% S a lo 105
6 8 101
106%
106%
J
103
102
103
A O 103 ------- 103
S a n P a u l o ( C i ty ) s f 8 s ..............1952 M S
S i n k in g f u n d 6 s ___ 1 8 7 9 -1 9 2 9
89 100% 106
105% S a le 105%
106%
101
101%
101% A p r ’22
S a n P a u l o ( S ta t e ) o x t a f 8 a . . 1936 J J
R e g i s t e r e d _________ 1 8 7 9 -1 9 2 9 A O 101% ____ 96% A p r ’22
95% S a le
97% 5 2 9 90% 98
95%
90 % 96 %
97% 100
S e in e ( F r a n c e ) e x t 7 s __________1942 J J
S i n k in g f u n d 5 s _______1 8 7 9 -1 9 2 9 A O
196 9 4
102
S a le 101%
102%
102%
94% F e b ’20
97
. ..
S w e d e n 2 0 - y e a r 6 s ........................1939 J D
R e g i s t e r e d _________ 1 8 7 9 -1 9 2 9 A O
81 112% 120%
116%
’g o ’ 100 *
99%
99%
09
100
J 116% S a le 115%
S w iss C o n f e d e r ’n 2 0 - y r s f 8 s . 1 940 J
S in k in g f u n d d e b 5 s ________ 1933 IH N
73 % S a le
6 6 67
74
76%
73
96
N o v ’2 )
M S
95
- T o k y o C i t y 5 s l o a n o f 191 2
R e g i s t e r e d _______________ 1933 M N
41 102% 108
107 S a l e 106
107%
107%
107
106
U r u g u a y R e p u b lic e x t 8 s _____1946 F A
J D 101i% 106% 106%
1 0 - y e a r s e c u r e d 7 s g _______ 1 9 3 0
8 5 106
1 x.'i S a le 112%
114%
113%
109%
107%
108%
1 0 106
S u r lc b ( C i t y o f) s f 8 s _________1945 A O
1 6 - y e a r s e c u r e d 8 M s 8 ----- 1936 M S 108% H a le
8 0 % ____ 101% O c t ’19
(These are prices on the basis of $ 5 to £)
D e s P l a in e s V a l 1 s t g u 4 M s 1947 IH S
105% 107%
1 0 7 % ------ 107% M a r ’22
S t a te a n d C ity S e c u ritie s .
F r e m E lk A M o V 1 s t 0 s . . 1933 A O
42 98
100% H ale 100%
103
103
M a r ’21
7 1 % ------- 7 0
N Y C i t y — 4 M s C o r p s t o c k . . 1 960 M S
M a n O B A N W 1 s t 3 M s . . 1941 J
102
97% 102
* M s C o r p o r a t e s t o c k _____ 1964 IH 8 102% ------- 102
7 2 % ------- 66% A u g ’21
M llw A S L 1 s t g u 3 M s ____ 1941 J
99%
98% A p r ’22
98% 98%
A O 102 % ---------- 99% M u r ’22 ----- 9 9
99
100
*>48 C o r p o r a t e s t o c k ---------1 966
A
M llw L S A W e s t I m p g 5 s . 1929
_____10S
2 5 103% 108%
103%
1081.1
99
M a r ’2)
4 M s C o r p o r a t e s t o c k ---------1971 - A s h l a n d D l v 1 s t g 6 s ____ 1 925 M S 101% . . .
107 H ale 107
3 103% 107%
107
(01% M a r ’22
101 % 101 %
101 % . . .
* M « C o r p o r a t e s t o c k . J u l y 1967 J
J
M ic h D l v 1 s t g o ld 6 s ____ 1924 J
1 103
1 0 8 % ------- 107%
107%
107%
87% A p r ’22
86% 88
85% 87
4 M s C o r p o r a t e s t o c k _____ 1 965 J
M il S p a r A N W 1 s t g u 4 s . . 1947 IH S
107% 107
7 103
107%
107%
A p r ’22
95
102%
4 M a C o r p o r a t e s t o c k _____ 1963 M
J 100 % 102 % 102
S t L F e o A N W 1 s t g u 6 s . . 1948 J
" . .
99% 9 8
2 93% 9 8
98
82
83
79
83%
82-% 8 3
4 % C o r p o r a t e s t o c k _______ 1 9 5 9 M N
C h i c R I A P — Railway g e n 4 s . 1988 J J
A p r ’22
99
------- 9 6
93% 9 6
81%
S I 3!
70% 81% 81%
78
4 % C o r p o r a t e s t o c k _______ 195 8 M N
R e g i s t e r e d ________________1988 J J
M a r ’22
99
------- 9 0
93% 96*4
83
82
82 % S a lt
76% 8 3
4 % C o r p o r a t e s t o c k _______ 1957 M N
A O
R e f u n d i n g g o ld 4 s _________ 1934
95% F e b '2 2
94
96
821
81%
82% H alo
76% 82%
4 % C o r p o r a t e s to c k r e g _ .1 0 5 6 M N
R I A rk A L o u is 1 s t 4 M * .. 1931 M 8
108
107% " 2 6 103% 107%
107
98
97%
97% 97% 97%
90
N e w 4 M s ......................................1957 M N '
B u r l C R A N o r 1 s t 5 s ____ 1934 A O
1 103% 107%
. 108
107%
107%
97% F e b H
* M % C o r p o r a t e s t o c k _____1957 M N
A O
C R I F A N W 1 s t g u 5 s . . 1921
84% 89%
3 8 % -------- 88 % A p r ’22
89
9 Hi
91% A p r ’22
S M % C o r p o r a t e s t o c k _____1 954 IV N
I
I
C h i c O k l a A G u l f c o n s 5 s . . 1952 IV N * 9 2 "
D e c '2 0
72
91
89%
88 % 89% 8 8 %
N Y S t a t e — 4 s ..................... ..........1961 M
K e o k A D e s M o in e s 1 s t 5 8 .1 9 2 3 A O
. _______
. . . .
S e p t '2 0 ____
89
82%
70
85
81% 81% 81 %
C a n a l I m p r o v e m e n t 4 s _____1961 J J
S t P au l A K C Sh L ls t4 M s l9 4 l F A
109% A p r ’2 2 . . . . 109% 110
106% A p r ’22
104% 107%
H i g h w a y I m p r o v 't 4 M s ___ 1963 M S
D 106 107
C h i c S t P M A O c o n s 6 s ____ 1930
10-1% 104%
104% A p r ’22 —
87
A p r ’22
87
90%
H i g h w a y I m p r o v ’t 4 > a ___ 1 9 6 5 M S —
4
90
- -D
C o n s 5 s r e d u c e d t o 3 M s ___ 1930
91% 96%
95
96 % 96 % A p r ’22
R a ilro a d .
I
D e b e n t u r e 5 s .............................193 0 IV 8
4 58% 8 0
72% S a le
73%
72%
N o v ’l t
A n n A r b o r 1 s t g 4 a __________* 1 9 9 5 Q
N o r t h W is c o n s in 1 s t 6 s ____ 1 930 J J 1 0 5 % ____ 118
219
88 % Hale
89
85
90
88 %
9 5 M a y ’ ll)
A to h T o p & 8 F e — G e n g 4 a . . 1 995 A
94% . . .
S u p e r io r S h o r t L 1 s t 6 s g _ _ « 1 0 3 0 M 8
87% 87%
8 5 % ------- 87% F e b '2 2 ____
*27 73*4 80%
861
R e g i s t e r e d ________________ 1995 A
83% 80% 8 6
C h l e T II A S o E a s t 1 s t 5 s . . . 1 960 J D
1 77% 83%
82% 83
83
83
___! 103
04%
A d j u s t m e n t g o ld 4 a _______ * 1 9 0 5 N o v
C h i c A W e s t I n d g e n g 0 s . . . « 1 9 3 2 <1 M 1 0 4 % ____ 104% A p r ’22
98. 7 8 % 8 4
8
84
49 68% 76
75
751
S t a m p e d ______________________ * 1 9 9 5 N o v 3_ _ . 8 3 % 8 3
75
H ale
J
C o n s o l 5 0 - y e a r 4 s _________ 1952 J
_
. . .
76
83
83
82%
2 2 997. I 0 2 7a
102 %
102 %
C o n v g o ld 4 a _______________ 1955
1 5 - y e a r 8 f 7 M « ................ ....... 1 935 M S 102% 102%
11 91% 101
99 % 10a% 100
100%
89%
1 85
C o n v 4 s Is s u e o f 1 9 1 0 ______ 1960
8 6 % 89% 89% M a r ’22 —
J
C l n I I A D 2 d g o ld 4 M s ........... 1937 J
L 91% 93%
92 % 92% 93 %
93-%
88
M ar’l
E a s t O k l a D l v 1 s t g 4 s _____1928 IH 8
C F i n d A F t W 1 s t g u 4 s g . 1923 M N
1 78
82 % *83% 83%
83%
83%
90% M a r ’22 " " 1 *90% 90%
R o o k y M t n D l v 1 s t 4 s _____1965
D a y A M ic h 1 s t c o n s 4 M 8 .1 9 3 1 J J ’o i %
84 % 8 5
A p r ’22 ____
79% 86%
85
70 70% 8 3
83
T r a n s - C o n S h o r t L l a t 4 s . . 1 058 J
J
80 % 82% 80 %
C lo v e C l n C h A S t L g e n 4 s . . 1993 J D
6 8 0 'g 92 %
92
9 2 <s 9 2
92%
91
89%
C a l-A rlz l s t & r e f 4 M a " A ” 1902 M 9
1 85
89%
87 % 9 0
2 0 - y e a r d e b 4 M s __________ 1931 J J
13 8 5 9 0
87 % 89% 89%
90
98%
9 80% 98 %
98%
A tl C o a s t L i n e 1 s t g o ld l a . . * 1 9 5 2 M 8
O e n e r a i 5 s S e r ie s B ________ 1993 J D
11 104% 107
105% 106% 105%
106
100%
61 9 5
100 %
1 0 - y e a r s e c u r e d 7 s _________ 1 9 3 0 M N
100% ido*% 99%
R e f A l m p t 8 s S e r ie s A ____ 1929
8 83% 88%
8 0 % 88 I 86%
S>%
It
86
G e n e r a l u n i f i e d 4 M s _______1994 J D
86
79*4 8 6
86
H ale
C a i r o D lv 1 st g o ld 4 s ........... 1039
1 9 8 % 99%
99 % 100
99 %
99%
79
A la M id 1 s t g u a r g o ld 6 n ._ 1 9 2 8 M N
78% A p r ’22 ___ | 70
79% 8 0
C l n W A M D l v 1st g 4 s . . . 1991
_ 86
88 %
88% A p r ’22
88%
82%
B r u n s & W 1 s t g u f o ld 4 s . . 1 938 J J
0
77% 82%
82
------- 81
S t L D l v 1 s t c o ll t r g 4 s ____ 1990 M N
32 78
82% 82% ! 82 %
83
83
L A N c o ll g o ld 4 s ................ <11952 M N
J u n e ’21
8 5 % ------- 77
S p r A C o l D lv 1 s t g 4 s ____1 910 M
5 9 88 % 9 4
93
93% 91%
94
78
N o v ’21 ____
B a l t A O h io p r io r 3 M s ..............1925 J
J
83
84
W W V a l D lv 1 s t R 4 s ........... 1940
. 92*
91
91
J u n '2 2
91
4 * 86% *86%
R e g i s t e r e d _________________ * 1 9 2 5 Q J
86 %
86%
86 % H ale
C I S t L A C 1 s t g 4 s ........... * 1 9 3 8
5 2 76% 8.3
8 2 l» 8 3
8.3
82
l a t 5 0 - y e a r g o ld 4 s ________ * 1 0 4 8 A O
82% S e p t ’ 19 . . . .
____
R e g i s t e r e d ______________ * 1 9 3 0
08
70'
75
75
J a n ’22
75
R e g i s t e r e d ______________ * 1 9 4 8 Q J
*94* * *94%
94% A p r ’22
94 %
J
C l n S A C l c o n s 1 s t g 5 s . . . 1928
8 2 i* S a le
74
84
8 3 % 421
82
105%
1 0 - y c a r c o n v 4 M a __________ 1933
105% A p r ’22 . . . . 104
J 105%
C C C A I g e n c o n s g 0 s ____ 1934
98
85
864
77
88
87%
85%
R e f u n d & g e n 5 s Series) A . . 1 9 9 5 J O
N o v ’2)
8 1 % ____ 7 5
A O
I n d B A W 1 s t p r e t 4 s ...........1940
547
99 % S a le
94% 100
98%
100
T e m p o r a r y 1 0 - y e a r 8 s ........... 1 929 J
J
84%
....
91
921- 9 1 %
O I n d A W 1 s t p r e f 5 s ____ <11938 Q J
12 87
93%
92%
P J u n e A M D l v 1 s t g 3 M s - 1926 M N
30
8 3 ' 70% 8 0
79% 79% 78*1
P e o r i a A E a s t 1 st c o n s 4 S . .1 9 4 0 A O
0 0 72% 82%
80% H alo
82'
79%
P L E A W V a S y s r e f 4 s . . .1 9 4 1 M N
33
2 0 22% 35
32% 31%
32
I n c o m e 4 s ________________ 1 990 A p r
184 8 0
901* H alo
92
92
90%
S o u t h w D l v 1 s t g o ld 3 M S - - 1 0 2 5 J
J
94%
91
94
4 90
96
93
C l e v e S h o r t L in e 1 st g u 4 > 4 8 .1 9 8 A O
92
92
96% 9 9
95% A p r ’22
C le v I .o r A W c o n 1 s t g 6 s . 1933 A O
92%
12 84% 93
92% 91%
92
F A
C o l o r a d o A S o u t h 1 s t g 4 s ___1929
98
98
98
00
98
98
O h io R i v e r R R 1 s t g 5 s ____ 1 936 J D
89*4 139 81% 89*1
89% 88
88*4
R e f u n d in g A e x te n 4 M s . . . 1935 M N
90
95%
93% 90% 9 3
A p r ’22
101% 105
G e n e r a l g o ld 5 s ....................1937 A O
105
F t W A D e n C 1 s t g 5% s . . 1 9 0 ' .1 D
69
6 9 % fi<j%
697
17 62% 7 0
T o l A C ln d l v 1 s t r e f Is A . .1 9 5 9 J
J
83%
83%
21
77
82%
82% 8 3
J
C u b a R R 1 s t 5 0 - y e a r 5a g . , . 1 9 5 2 J
:
98% 100%
100'
100% H alo 100%
103%
B u f f a l o R A P g e n g 6 s _______1 937 M S
102
2-1 100
102%
1 st re f 7 M s ....................................1936 J D 101% 103
9 0 % S a le I 90%
90% j
25 . 88% 00%
21 77% 78%
C o n s o l 4 M s ......................
1957 M N
80
80
8 0 S a le
D L A W — M A E 1st gu 3 M s 2000 J D
82% 82%
84
--82% M a r ’2 2 ------1 98 % 99%
A Wfc W e s t 1 s t g 4 s g u ------ 1 998 A O
99%
99% M a r '2 2
N Y L a c k A W e s t e r n 5 s . . . 1023 F A
92% 1 90% J a n ’2 2 — ! 90% 00%
d e a r A M a h 1 s t g u g 5a . . . 1943 J
J
99%
98 % 9 9
9 9 % A p r ’22 . . 1 9 7
T e r m i n a l A I m p r o v e 't 4 s . 19231 IV N
I
100%
100 100%
B o « h A P i t t s C o n 1 s t g 8« . 1922 J D 100% H alo 100%

U. S. G o v e rn m e n t.
F irs t L ib e rty L o a n —
3 M % o f 1 9 3 2 -1 9 4 7 ........................
C o n v 4 % o f 1 9 3 2 -1 9 4 7 .................
C o n v 4 M % o f 1 9 3 2 -1 9 4 7 ...........
2 d c o n v 4 K % o f 1 9 3 2 - 1 9 4 7 .. .
S e c o n d L ib e rty L o a n —
4 % O f 1 9 2 7 - 1 9 4 2 ............................. M N
C o n v 4 % % o f 1 9 2 7 -1 9 4 2 ........... M N
T h ird L ib e rty L o a n —
4 M % o f 1 9 2 8 .....................................
F o u r th L ib e rty L o a n —
* M % o f 1 9 3 3 -1 9 3 8 ........................ A O
V i c to r y L i b e r t y L o a n —
IH% N o t e s O f 1 9 2 2 - 1 9 2 3 ------ J D
3H% N o t e s o f 1 0 2 2 - 1 9 2 3 ------- J D
f t c o n s o l r e g i s t e r e d __________<11930 Q J
I s c o n s o l c o u p o n _____________<11930 Q J
4 s r e g i s t e r e d ___________________ 1 925 Q F
4a c o u p o n ___ ________
1 925 Q F
P a n a m a C a n a l 1 0 - 3 0 -y r 2 s . . t 1936 Q F
Q
P a n a m a C a n a l 3 s g __________ 1961 n M
R e g i s t e r e d __________________ 1961 Q M

9 9 .1 6 S a le

99 30
9 9 49
99 70

9 9 .7 8 2 4 5 1
2
99 44
9 9 .9 8 1116
A p r ’22

Low High

94 84
95 7 0
96 04
9 6 .8 2

100 06
99 70
100 03
101 00

5
S

s

o

* No price F riday; latest bid and asked. aD ue J a n . dDuo A pril. eD ue M ay . oDue Ju n e. ADue J u ly . *D ue Aug. oDue O ct. pD ue N ov. 7 Due Dec. s O ption sale.




1873

New York Bond Record— Continued—Page 2
BONDS
If. Y . STO C K E X C H A N G E
W e e k e n d in g A p r i l 28

Price
Eriday
April 2 8

Bid
Low
High No. Low High
D e l L a c k A W e s t e r n ( Concl.) —
7 5 U 77% 74*4 A p r ' 2 2 ____
74*4 74*4
W a rre n 1 st ref g u g 3 H s — 2000 F
D e la w a re A H u d s o n —
9Q34 _____ 9 9 * i A p r ’22 j
- I 9778 9934
1 s t H en e q u i p g 4 H s ............. 1 9 2 2 ' j
J
9 I 83*8 91*2
90*8
90*2
1 s t A r e f 43.................................. 1 9 4 3 M N $91)38 S a l e
99
9734 9778 973s
2 3 89*4 9 9
3 0 - y e a r c o n v 5 s ........................1 9 3 5 A O
107*1
108*2
107*2 108
5 10 7
109
1 0 - y e a r s e c u r e d 7 s ........... . - . 1 9 3 0 J D
78*2 8 0
80
A p r ’2 2
70*8 8 0
A lb A S u s q o o n v 3 H 0 -------- 1 9 4 6 A O
107*8 - - R e n n s A S a r a t o g a 2 0 - y r O a. 1941 m n
7934 79% 78%
81
168 73
81
D e n A R O r — 1 st c o n a g 4 s . . 1936 J J
1
83
81
83
78 76*2 83*8
C o n s o l g o ld 4 H J s ...................... 1936 j
j
8 2 U 833s 8 3
84*:
4 5 74*2 85
I m p r o v e m e n t g o ld 5 a . _•___ 1928 J D
49*i
49% S a le
sz 2 8 4 4 2 52*2
1 s t A r e f u n d i n g 5a ........... _ _ _ 1 9 5 5 F A
47
47
1 , 40*4 47
T r u s t C o c e rtlf s o f d e p o s i t . . .
88
90
H A p r ’2 2
f
80*2 86
R io O r J u n o 1 s t g u 5 a _____ 1939
D
R io G r S o u 1 st g o ld 4 s ____ 1940
J -------- 173s 61*4 A p r ’ 11
10*8 10*8
10*8 F e b ’22
G u a r a n t e e d ..................... — 1940
J _____ b
73*i 79*2
7 8 * i 79% 78*2
78*2
R io O r W e s t 1 s t g o ld 4 a . . . 1939
J
69
6 « 3 4 68*2
09*i
62*8 7 0
M tg O . A c o ll t r u s t 4 s A . . 1 9 4 9
O
/0 % 7 7
62*2 O c t ’ 2 l
D e t A M a c k — 1 s t lie n g 4 s . . . 1996
D
00 _____ 5 0 M a y ’2
G o l d 4 a .......................................... 1995
L>
883.1
88*4
82
883 4
8884 8 9
1
D o t R I v T o r T u n 4 H a _______1 9 6 . IV N
95*8 100
...
100
M a r ’22
D u l M ls s a b e A N o r g e n 5 a .
1941 J J 100
95*4 100*4
100*8
99*2 100*4 99*2
D u l A i r o n R a n g e 1 s t 5 a ........... 1937 A O
105*2 M a r ’0 8
R e g i s t e r e d ........................... 1937 A O
86
87
86
A p r ’22
83*2 87
D u l S o u S h o r e A A t l g 5 a ____ 1937 J J
95
99*i
98
99*4
97*2 - - E l g in J o l i e t A E a s t 1 s t g 5 s . . 1941 M N
100% 107
104*1
E r ie 1s t c o n s o l g o ld 7 a e x t . . 193 0 M S 104 104*8 103*4
803s A p r ’22
80*8 82*2
82*2 - - N Y A E r i e 1 s t e x t g 4 8 ____ 1947 nn n
9634 97*2
98*8 . . .
97*2 J a n ’22
8r d e x t g o ld 4 H s ...................... 1943 IY S
I
90*2 M a r ’22
90*2 90*2
92*8 . . .
4 t h e x t g o ld 6a ____ ________1 9 3 0 A O
9434 N o v ’ 15
8038 - - 5 t h e x t g o ld 4 s ------------------ 1928 J D
98*2 A u g ’ 19
N Y L E A W 1 s t 7a e x t . .1 9 3 0 M S 101%
64
0434 64*2
541* 60*2
65*2
E r ie 1 s t c o n s g 4 s p r i o r ____ 1996 J J
57
57
57
M a r ’22
R e g i s t e r e d -------------------------1996 J J
39*4 56*2
53*2 S a le
55*2
1 s t c o n s o l g e n H on g 4 s . . 199 6 J J
A u g ’2 1
R e g i s t e r e d ........................... 1996 J j
7 9 ‘ "S 9 *
87
89
A p r ’2 2
P o n n c o ll t r u s t g o ld 4 s _ .1 9 5 1 F A
21
34*4 5 2
51
50 S a le
6 0 - y e a r c o n v 4 a S e r A . . . 1953 a O
214' 32
51
5 0 S a le
51
d o S e r ie s 13.....................1 9 5 3 A o
54
158 3434 54
51*2 S a le
G e n c o n v 4 a S e r ie s I> ____ 1953 A O
80
94
94
9 4 S a le
C h ic A E r i e 1 s t g o ld 5 s ____ 1982 m n
92
90*2 90%
_____ 9 0 % J a n ’22
C lo v e A M a h o n V a il g 6 a . .1 9 3 8 J J
78*2 96*2
96
S a lo
96*8
96*2
E r i e A J e r s e y 1 s t s f 6 s ____ 1955 J
J
9 5 S a le
33 , 793s 9 5
93*2
95
G e n e a s e e R i v e r l e t s f 6a . . . 1957 J
J
1055s
9 7 J u n e ’21
L o n g D o c k c o n s o l g f ls ____ 1935 A O
100
100
9 9 3 i _____ 100
100
C o a l A R R 1 s t o u r g u 0 a . . . 1922 M N
83*2 D e c ’21
D o c k A I m p t 1 st e x t 6 s ____ 1943 J
J 91
88
88
• 8 7 * 4 _____ 88
F e b ’2 2
N Y A G r e e n L g u g 6s ____1946 M N
54
70*4
69*2 72
67*4
70*4
I f Y 8 u s q A W 1 s t r e f 5 a _ 1937 J J
_
47*2 5 0
51
65
50
50
2 d g o ld 4 H « ..........................1937 F A
38*2 6 0
59 S a le
66*2
00
G e n e r a l g o ld 5 a ...................1940 F A
83*2 83*2
86
83*2 F e b ’2 2
T e r m i n a l 1 s t g o ld 5 s ____1943 IV N
!
8 4 * i ____ 7 2
N o v ’19
M id o f N J 1 s t e x t 5 a ................1940 A O
70
72
53" ’ 72“
W llk A E a s t 1 s t g u g 53 _____ 1 9 4 2 J D *67*8 70*2
A p r ’21
E v a n s A T H 1 s t g e n g 5 a . . . 1942 A O 1 0 5 * 2 ____ 88
69*2 A p r ’21
M t V e r n o n 1 s t g o ld 6 a ...........1923 A O
69*2 A p r ’21
S u l C o B r a n c h 1 st g 6a ____ 1 9 3 0 A O
80*2 87*2
8034 A p r ’2 2
86*8
F l o r i d a K C o a s t 1 s t 4 H a ........... 1959 J D
66
A p r ’21
77% . _
F o r t S t U D C o 1 s t g 4 H a . _ . 1941 J J
78
85
82*2 8 5 , 84*x A p r ’22
F t W o rth A R io G r la t g 4s
1928 J
J
9 83
89*2
88
893s* 8 8
G a l v H o u a A H e n d l a t 6a ____ 1933 A O
77 108*2 114%
G r a n d T r u n k o f C a n d e b 7 s . . 1 9 4 0 A O 11438 11478 111*1
1 5 3 10 0
104
104 S a lo 103
1 5 - y c a r a t 6 s ..............................1 9 3 6 M S
109*i S a lo 108*8
109*2 5 6 4 107*8 109*2
J
G r e a t N o r G e n 7 s a e r A _____ 1936 J
2 3 88
91
89*4
91
91 S a le
1 s t A r o f 4 H a S e r ie s A ........... 1961 J J
8 2 U O c t ’21
1961 J J
R e g i s t e r e d .................
9 9 * i S a le
98*8
100
T e m p o r a r y 5 H 8 .........................1 9 5 2 J J
91
M a r 22
0 1 *i . .
8t P a u l M A M a n 4 s _______1933 J J
109*2
1 s t c o n s o l g 6a ...... ................1 9 3 3 J
J 10834 109*2 100*2
99
S e p t ’2 0 i .
R e g i s te r e d ........................... 1933 j
j
95*2 90*2 95*4 A p r ’2 2 .
R e d u c e d t o g o ld 4 H S . . . 1 9 3 3 J
J
95
M a r ’2 2 ,..
J
R e g i s t e r e d ........................... 1 9 3 3 J
91
91
92*2 9 1
M o n t e x t 1 s t g o ld 4 a ____ 1 9 3 7 | J D
80
M a r ’2 l | .
R e g i s t e r e d .......................... 1 9 3 7 | J D
83
M a r ”2 0 ..
P a c if ic e x t g u a r 4 s _______1 9 4 0 J
J
90
_____ 89*2 A p r ’22
E M in n N o r D lv 1st g 4 s . .1 9 4 8 A O
M a r ’22
9934 _ „ . 9 9
J
M in n U n io n 1 s t g 6s _______1 9 2 2 J
110 112 109*8 J a n ’2 2 j .,
M o n t C l a t g u g 6a ................ 1 9 3 7 J
J
136*4 M a y ’0 0
R e g i s t e r e d ................................ 1937 J
J
F e b ’2 2 .
1 s t g u a r g o ld 6a .................... 1937 J
J 100*8 _____ 9 9
99*4
9 9 * 8 _____ 99*8
W ill A 8 F 1s t g o ld 6a . . . 1938 J D
70*8 A p r ’2 2 .
75
G r e e n D a y A W D e b c tf a “A” ____ I F e b 1 6 0
11
11*4
10
11
D e b e n t u r e c tf a “ B " ...........................| F e b
77*2
77*2
77*8
G u lf A 8 I la t re f A t g 5 a _ .61952 J
J
87 I
H o o k in g V a l 1 s t c o n a g 4 H 8 _ . 1 9 9 9 J
J 86*2 S a l e 86*2
73*2 J u n e ’18
R e g i s t e r e d ..................................... 1 9 9 9 J
J
F e b ’22
8 0 * 8 ------- 7 8
C o l A I I V 1 s t e x t g 4 a ........... 1948 A O
7 9 ^ 8 -------- 79*2 M a r ’22
C o l A T o l 1 s t o x t 4 s ................ 1955 F A
92
A p r ’22
91*8 9 4
H o u s t o n B e l t A T e r m 1 s t 6a . 1937 J
A p i ’22
I ll in o i s C e n t r a l l a t g o ld 4 a . __ 1951 J
8 9 * 2 _____ 8 9
83*s S e p t ’21
R e g i s t e r e d ......................................1951 J
~m~& m i 79*4 M a r ’22
1 s t g o ld 3 H s .................................1951 J
7 8 % 79*4
84
N o v ’15
R e g i s t e r e d .................................1951 J
72
O c t ’21
'7*978 . . . .
E x t e n d e d 1 s t g o ld 3 H 8 _____1951 A
R e g i s t e r e d .................................1951 A
J u l y ’0 9
80
l a t g o ld 3 a s t e r l i n g .................... 1951 IY S
1
83*2
C o l la t e r a l t r u s t g o ld 4 a ____ 1952 M S
8 3 % 8412 83*2
80*2 95
R e g i s t e r e d ............. ..................1952 A O ....................... ! 95% S e p t ’ 19
89
1 s t r e f u n d i n g 4 s ......................... 1955 M N
82*« 8 9
86*8 88*2 8 7
M a r ’22
P u r c h a s e d lin e s 3 H 8 ...............1952 J
705s 78*4 7 8
J
77*2 78*4
83
82
L N O A T e x a s g o ld 4 a ____ 1953 M N
82*1 S a lo
78*s 83*2
68
D e c ’20
R e g i s t e r e d .................................1953 M N
102
15y e a r s e c u r e d 5 H a ------------- 1934 S a l e 100*4
06*4 102
J J 100%
111
16- y o a r s e c u r e d 6 H a g ____ 1938
J 1 11 S a le 111
99*4 111
827 8 ------- 81*4 F e b ’2 2
C a i r o B r id g e g o ld 4 a ..............1050
D
81*4 81*4
L itc h f ie ld D lv l a t g o ld 3 a . . 1951
69 ____ 67*2 A p r ’2 2
63% 07*2
J
74*4 F e b ’22
L o u la v D l v A T e r m g 3 H a . 1053
75*8 77
J
73*4 74*4
6 7 * i ____ 66
F e b ’22
O m a h a D l v l a t g o ld 3 a ____ 1951
A
66
66
S t L o u is D l v A T e r m g 3 a . . 1051
J
03*8 67*4
6 7 * 8 ------ 67*4 A p r ’22
7 6 * i ____ 76*2 M a r ’2 2
G o ld 3 H a .................................1951
J
7 6 H 77
80% N o v ’ 16
S p r ln g f D lv l a t g 3 H a ............ 1951
J
92%
W e s t e r n L in e s l a t g 4 a _____ 1951
A
83*2
82*a S a lo
S'J” *83**2
A
R e g i s t e r e d .................
1951
92
N o v ’10
D
99
99*4
B e lle v A C a r 1 s t 6 s ..................1923
99*4
09*1 *9934
M ar* 19
C a r b A S h a w l a t g o ld 4 a — 1932 M S
8 5 11 8 9
73
100%
C h ic S t L A N O g o ld 6a . . . 1951 J I) 100=3
100%
oo” ioo'%
f>
R e g i s t e r e d ___.____________ 1951
A llg ’21
99
D
G o ld 3 H a .................................1051
05*4 D e c ’21
D
J o i n t l a t r e f 5a S e rle a A . 1963
90%
97
91% 96
90*2 1)7
D
M c m p h D lv 1 s t g 4 a _____1951
80%
80
79%
78*4 8 0
R e g i s t e r e d ........................... 1951 J D
N o v ’ 17
65
S t L o u lfl 8 o u 1 s t g u g 4 s — 1931 M S
84%
S e p t ’21
80
J
n d 111 A I o w a 1 s t g 4 a ...............i 9 6 0 J
86
85*2 M a r ’22
85
86
I n t A G r e a t N o r 1 st g e x t 7a. . 1922; M N
99 * i 99% 99*4
99*i
97
99*2
J a m e s F r a n k A C l o a r 1 s t 4 a . . 1959, J D
84
A p r ’2 2
81
80*2 8 5
K a n s a s C i t y S o u l a t g o ld 3 a . . I9 6 0 . A o
67
08
67
66*4
63
67
R e g i s t e r e d ...................................... 1 9 5 0 A O
78
O c t ’0 9
R e f A l i n p t 5 a ...................A p r 1 9 5 0 'J J
88*2 S a lo
.89
84
89
88*2
K a n s a s C i t y T e r m 1 s t 4 a _____ 1 9 6 0 J J
83*8 81% 82*8
84
79*8 8 4
L a k e E r i e A W e s t 1 s t g 5 a _____ 19 37! i J
92*2 91%
91*2
86
91*2
2 d g o ld 5 a ............................. _ . 1 0 4 1 'J J
86
84
77
86*4
86*4
N o r t h O h io 1 s t g u a r g 5 a _ .1 9 4 5 A O
7 0 78 9 0
685s F e b ’22
68
68*8
L e h V al N Y l s t g u g 4 H a . — 1940 J
J
92% 9 4 l 2 9 2
94*2
92*a 94*2
R e g i s t e r e d .................................
1940J J
80
J u l y '2 1
L e h i g h V a l ( P a ) c o n a g 4 a . . . 2 0 0 3 M N *83*2 *84**2 8378
88
77*4 9 0
91*2 93*o 90*4 A p r ’22
G e n e r a l c o n a 4 H a .................. 2 0 0 3 M N
85
92*4
L e h V T e r m R y 1 s t g u g 5a . . . 1 9 4 1 A O 100*4 S a lo “ 100*4
100*4
98*8 100*4
R e g i s t e r e d .................. ............. 1941 A O
♦99*8 . . . 113
M a r ’ 12
102*4 S a le 1025s
U b V a R R 1 0 - y r c o ll 6 a . . n l 9 2 8 -------1
103
17 100*2 103*2

4

__

88

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P'ice
Friday
April 2 8

BONDS
N . Y. STOCK EX CH A N O E
W e e k e n d in g A p ril 2 8

a D uo J a n .

6 D uo F eb.

Bta

fV ’i
eeX
Range or
Last Sale

Ask Lou

Range
Since
Jan. 1

High No. Low High

L eh V al C o a l C o 1st g u g 5 s..1 9 3 3 J
10 0
_____ 9 0 % A p r ’2 2 . . .
9 0 % 98%
1933 j
R e g i s t e r e d .........................
------------------ ,1 0 5
O c t ’ 1 3 ----1 s t l n t r e d u c e d t o 4 a _______1933 J „
....................... 83*8 O c t ’2 1 . . .
L e h A N Y l s t g u * . • « 4 s _____ 1 9 4 5 M S
83
85
83 %
83*1(1
83% 8 3 %
L o n g I s l d 1 s t c o n a g o iu 5 a _ .A 1 9 3 l; Q
97
98*2 9 7
A p r ’2 2 ----95*2 9 8
1st, co n so * g o ld I s ...................M 9 3 1 IQ
88
-------- 82*4 J u n e ’21
v ii-n e ra l ki/ U 4 s ____________ 1938; J D
8 3 % _____ 82*4
83
77
83
F e r r y g o ld 4 H « ......................... 1922 M S ------------------ 99*4 F e b ’2 2
99*4 99*4
G o ld 4 8 ........................................... 1932 J D
82
-------- 99*4 O c t ’0 6
U n if ie d g o ld 4 s ______________1949 M S
76*2
78
A p r ’. 2
73% 7 8
D e b e n t u r e g o ld 5 a __________ 1934 J D
90*2 9 0 % 91*2 A p r ’22
88
91*2
2 0 - y e a r p m d e b 5 s .................... 1937 M N
80% S a le
80
81
19 75*4 81
G u a r r e f u n d i n g g o ld 4 a _____1949 M S
73*.i 7 9
78*4 A p r ’2 2
72
78U
N Y B A M B 1 s t c o n g 5 a . 1935 A O
9334 ------- 8 7
J u l y ’2 1
N Y A R B l a t g o ld 5 a ____ 1927 M S
94*2 -------- 8 3
A p r ’21
N o r S h B 1 s t c o n g g u 5 a .a 1932 Q
9 1 * 4 ------- 8 9 % J a n ’22
89*2 89*2
89
94
90
90
L o u i s ia n a A A rk l a t g 5 a ........... 1927 M
78
90
L o u is v ille A N a s h v g e n 0 s . . . 1930 J D ----------------- 99*2 N o v ’20
-------- 9 9 % A p r ’2 2
G o l d 5 a ........................................... 1937 M N 1 0 0
98*2 99%
91*8 9 2
91
92
82 87*2 9 2
U n i f ie d g o ld 4 s ............................1940 J
...................... 81*8 O c t ’21
R e g i s t e r e d . . . ........................ 1 9 4 0 J
97
_____ 96% M a r ’22
C o l l a t e r a l t r u s t g o ld 5 a _____1931 M N
95*2 90%
108*2 U)7
108*4
1 0 - y e a r s e c u r e d 7 s .................... 1930 M N 107
100*2 1 0 9
104
1 s t r e f 5 H a ................................... 2 0 0 3 A O 103% S a l e 10 2 %
101
101
90*4 . .
97*2
97*2
L C l n A L e x g o ld 4 H a ____ 1931 M N
93*4 97*2
101*4 106*4 103*4 A p r ’2 2
N O A M 1 s t g o ld 0 s ..............1930 J
102% 103*4
99*4 101*4 98*2 A p r ’3 2
2 d g o ld 0 s .........................
1930 J
98% 98*2
89% . . .
81
F e b ’22
P a d u c a h A M e m D l v 4 s .. _ 1 9 4 6 F A
80
82
61*8 61*4 61%
61%
58
62
S t L o u i s D l v 2 d g o ld 3 s . . . 1980 M 8
85*4 86*4 85%
85*4
A t l K n o x v A C l n D l v 4 s ___1955 M N
79% 86
9 8 % _____ 98*4 A p r ’2 2
A t l K n o x A N o r 1 s t g 5 s ___1946 J D
98*4 9834
lo t)
S e p t '2 1
R e n d e r B d g e 1 s t a f g 6 s . . .1 9 3 1 M S 101*2
82*2 8 5
82*2 A p r ’2 2
7< % 84*4
K e n t u c k y C e n t r a l g o ld 4 s . 1987 J
12 9 3
99% 100
99
100
100
L e x A E a s t 1 s t 5 0 - y r 5 s g u .1 9 6 5 A O
92
92*2 84*4 N o v '2 1
L A N A M A M l a t g 4 H 8 - 1945 M S
80
80% 8 0
A p r ’22
74
80
L A N S o u t h M J o u n t 4 a . . . 1952 J
------------------- 9 5 F e b ’06
R e g i s t e r e d ........ .................... A1952 Q
99*2 _____91*2 O c t ’2 1
N F l a A S 1 s t g u g 5 s _______ 1937 F
*88
8 9 A p r ’22
89
89
N A C B dge gen gu 4 H 9 ---1 9 4 5 J
1 0 0 * 8 _____100%
100%
S A N A la c o n s g u g 5 a _____1936 F
96
100%
97% 9 7 % 97
A p r ’22
G e n c o n s g u 5 0 - y r 5 s _____1963 A
95*2 97
82
8 2 A p r ’2 2
L a A J e f B d g e C o g u g 4 s ____ 1945 M
77
82
------- 29% 7 7
M a r ’10
M e x I n t e r n a l 1 s t c o n s g 4 s . . . 1977 M
-----------------7 5 N o v ’10
S t a m p e d g u a r a n t e e d ...............1977 M
99
J u l y ’2 0
M id l a n d T e r m — 1 s t s f g 5 s . . 1925 J
M i n n S t L o u is 1 s t 7 s ...................1927 J D 103*2 _____ 103*2 A p r ’22
101 103*2
79
79
80
82
53 6 9 % 8 2
l a t c o n s o l g o ld 5 b . . . . ........... 1934 M N
47*4
48% S a le
236
50
1 s t A r e f u n d i n g g o ld 4 s ____ 1 9 4 9 M S
50
48
48*4 46%
50*2 107
R e f A o x t 5 0 - y r 5 s S e r A ___1962 Q
50*2
55
22
56 S a l e
56*8
56%
D e a M A F t D 1 st gu 4 a . ..1 9 3 5 J
5
81*4
80*4 81*2 80*4
82
I o w a C e n t r a l 1 s t g o ld 6s . . 1938 J D
47
4 8 S a le
3231
50*8
R e f u n d i n g g o ld 4 s _______1951 M 8
50%
12 85% 9 0
89*4 9 0
89*2
90
M S t P A 8 S M c o n g 4 s l n t g u . '3 S J
99*2 99% 9 9
100*4
21 96*4 10 4
1 s t c o n a 5 a .....................................1938
102*2 S a l e 102
1025s .4 9 100% 103
1 0 - y e a r c o ll t r 0 H a ................ 1931 M S
86
85
D e o '2 l
1 s t C h i c T e r m a f 4 a ..............1941 M N
95% A p r ’2 2
96*4 96*
94% 95%
M S 8 M A A l a t g 4 a l n t g u . ’26 J
J
M is s i s s i p p i C e n t r a l 1 s t 6a . . . 1949 J
82*4 82*4
J 8 5 ____ 82*4 t e b ’22
82*s
83*8 2 1 Q 73
82*2 S a le
83%
M o K a n A T e x — l a t g o ld 4 s . 1990 J D
66
A p r ’22
2 d g o ld 4 s . ............................... 0 1 9 9 0 F A
48*3 66
68
68
48% 6 8
T r u s t C o c tf a o f d e p o s i t ...........
47% A p r ’2 2
l a t e x t g o ld 5 s _____ _______ 1944 M N
36% 4 9
SG ____ 86*4
86*4
1 s t A r e f u n d i n g 4 s ................... 2 0 0 4 M S
73
86*4
73% F e b ’22
72% 75
T r u s t C o c e rtfs of d e p o s it ...
68 *2 _____ 04*2 A p r ’2 2
G e n s in k i n g f u n d 4 H a ____ 1936 J J
52*4 04%
6 2 7# A p r ’2 2
T r u s t C o c e r t f s o f d e p o s it
62% 6 2 8
29*1 J a n ’22
S t L o u is D l v 1 s t r e f 4 s ____ 2 0 0 1 A O
27
29*2
77
77
5 % s e c u r e d n o t e s ’’e x t ” ___ 1916
58*2 77
9 0 * 8 _____ 8 4
M a r '2 8
D a li A W a c o 1 st g u g 5 s . ..1 9 4 0 M N
80
84
70
_____ 71*1 J a n ’2 2
K a n C i t y A P a c 1 s t g 4 s ___ 1 9 9 0 F A
70*2 71%
...................... 8 3
M a r ’22
77
M o K A E l a t g u g 5 s ........... 1942 A O
83
84*s 87*2 81*8 M a r ’22
M K A O k l a 1 s t g u a r 5 s . . . 194-2 M N
78*4 81%
84
** . . .
84*2 M a r ’22
77
M K A T o f T 1st g u g 5 s . .1 9 4 2 M S
84%
16 ____
32
M a y ’21
S h e r S h A 80 1 s t g u g 5 s . . . 1942 J D
33
40
28*2 M a r ’22
T e x a s A O k la 1 st g u g 5 a . .1 9 4 3 M
7*4 28*i
8 3 's
85
84*2 S a le
150 76*4 8 5
M o K A T Ry— p 1 5a S e r A . .. 1 9 6 2 J
7 0 's
7 0 7s 158 62
70*2 S a le
4 0 - y e a r 4 a S e r ie s B ...................1902 J
70%
96*2
9 7 I 220 8 9
97
S a le
97*o
1 0 - y c a r 6 s SerleH C _________ 1 9 3 2 J
2087, 43*4 69*4
57*2
59
58*2 S a le
C u m a d j u s t 5 s S e r ie s A ____ 1967 J
M is s o u r i P a c if i c ( r e o r g C o ) —
I
88*4 88 % 88%
88 % 105 8 4 % 89%
l a t A re fu n d in g 5 s S e r A . . 1965 F
10 0
100% 9 7
100 I 47
97*2 100
, 1 st A re fu n d in g 5 s S e r B .0 1 9 2 3 F
96*4 97
96*4
9 7 *4 ' 13 90*2 97%
1 st A re fu n d in g 5a S e r C ..1 9 2 0 F
65*4 S a le
64*4
66 % 7 2 8 59*4 6 7
G e n e r a l 4 s _____ ____________ 1975 M 8
6 8 O c t ’1 8 -------- 1
M is s o u r i P a o 4 0 y e a r s 4 s _____ 1 9 4 5 ------79*2 8 3
79*4 M a r ’2 2 ____
3 d 7 a e x t e n d e d a t 4 % ............1938 M N
76% 79*4
7 4 )8 74% " 4
M a r ’2 2 ____* 7 4
74
C e n t B r U P l a t g 4 s .............. 1948 J D
M a r ’2 2 ____ ' 83*2 86
P a o R o f M o l a t e x t g 4 s . . . 1938 F A *85% 87*2 80
J 9 6 97*2 96 A p r ’2 2 ____ 1 9 2 9 7 * |
2 d e x t e n d e d g o ld 5 a ........... 1938 J
9"
98% '
40 94% 9 8 %
98*4
S t L I r M A 8 g e n c o n g 5 s . 1931 A O
G e n c o n s t a m p g u g 5 8 ..1 9 3 1 A O ------------------- 1 0 2 J u l y ’ 1 4 -------88
S a l e 88
88*4
39 7 8 % 89
U n i f ie d A r e f g o ld 4 s ____ 1929 J
J
J ----------------- 80% O c t ’1 7 j______
R e g i s t e r e d ...................— 1929 J
83
S a l e 82*2
83%
2 4 0 75% 83*4
R I v A G D lv 1 s t g 4 s ____ 1933 IW N
93*8 -------- 9 3 M a r *22 _____ ! 9 0 % 9 3
V e r d i V I A W 1 s t g 5 s ____ 1920 M S
M o b A O h io n e w g o ld 6 a ........... 1927 J D 102*2 ------- 103% A p r ’2 2 ____ 101% 103%
9!)
99*2 9 8 % A p r ’2 2 ____ ; 97 % 98%
l a t o x t g o ld 0 a ____________A1927 Q J
65*4 65% 73*4 A p r ’2 2 _ .
O e n e r a l g o ld 4 s ____________ 1938 M S
j 67% 73*4
9 2 U --------- 8 9 % A p r ’2 2 ____ 1 86*2 89%
M o n t g o m e r y D l v 1 s t g 5 a . . 1947 F A
S t L o u is D l v 5 s ......................... 1927 J D *90*4 -------- 88 F e b ’221. . . .
1 87% 89*4
86
87 I 87
87
3 81
S t L A C a i r o g u a r g 4 s ____ 1931 J
87
10 0
_____ 1 99%
10O
14 97
N a s h v C h a t t A S t L 1 s t 6s . . . 1928 A
103%
1 0 0 % ______ 1 0 0 A p r ’2 2 _____ 10 0 10 0
J a s p e r B r a n c h 1 s t g 0 s ____ 1923 J
-----31 I 35*4
46*2
71 21% 4 2
N a t R y s o f M e x p r lie n 4 H * - 1 9 5 7 J
* 3 5 % _____ 1 29*2 F e b '2 2 _____ | 29% 3 3
G u a r a n t e e d g e n e r a l 4 s ____ 1977 A
* 4 0 % --------- 31% M a r ’2 2 _____
N a t o f M e x p r io r H en 4 H a . . . 1926 J
28
32
*30% 31% 31% M a r ’22
1 s t c o n s o l 4 s ...... ........................1 9 5 1 A
21% 21*4
84
S a le
83
84*4
N O A N ’E 1 st r e f A I m p t 4 H * A ’52 J
70
84U
76% 78*2 77*2
77*2'
N e w O r l e a n s T e r m 1 s t 4 s ____ 1953 J
70*2 77%
99% 99*4 99*4
99%
N O T e x A M e x ic o 1 s t 0 8 _____1925 J
95% 101
72 I
70*4 S a l e
70
62
72
N o n - c u m In c o m e 5a A _____ 1935 A
104
N Y C e n t R R c o n v d e b 6 a . . . 1935 M N 103% .Sale 103
9 8 104%
106% '
1 0 - y e a r c o ll t r 7 s ................. . . 1 9 3 0 M S 106% S a le 106*4
105
108
83% 8 3 % 83*4
84*2
C o n s o l 4 s S e r ie s A __________1998 F A
78% 8-1*2
88 S a le
85*4
88%
R e f A I m p t 4 H « " A ” ............ 2 0 1 3 A O
95*4 8S%
95*
95% S a le
9 6 % 2 3 0 5 94*2 96%
R e f A I m p t 5 s _______________2 0 1 3 A O
N e w Y o rk C e n t A n u d R iv e r—
I
77% S a le
76%
77%
M o r t g a g e 3 H a ______________1997
74*2 78
*76*2 77% 76*2 A p r ’2 2
R e g i s t e r e d ....................
1997
75
70*2
90
90*2 9 0
90*4 - a
D e b e n t u r e g o ld 4 s .................... 1934
84
90*4
66*2 J u n e ’20
R e g i s t e r e d ................................ 1934
•v « u | 8 7 %
90 1 2
3 0 - y e a r d e b 4 s ....................
1942
83
90
4% 74*2 74%
74 %
L a k e S h o r e c o l l g 3 H s ........... 1998
6 9 U 70
64
N o v ’2 1 ' ___
R e g i s t e r e d ........................... .1 9 9 8
74
A p r ’2 2 . . .
M ic h C e n t c o ll g o ld 3 H S - - 1 9 9 8
71*4 74
R e g i s t e r e d .................................1998
74*2 J a n '2 2 ___
74*2 74*2
62
A p r '2 2 . . .
B a t t l e C r A S t u r 1 s t g u 3 s . 1989
60
62
88
A p r ’2 2 ___
B eech C re e k 1st g u g 4 s . ..1 9 3 6
84*4 88
76*2 J u l y ’2 1 | ___
R e g i s t e r e d . ....................
1936
2 d g u a r g o ld 5 s .................... 1936
10 4
M a y ’ 16 . . .
B e e c h C r E x t 1 s t g 3 H a . f t 1951
5 9 J u n e ’21 . . .
C a r t A A d 1 s t g u g 4 a ........... 1981
82% M a r ’2 2 _____ 82% 9 0
K a A A O R l a t g u g 5 8 . .1 9 3 5
79%
L a k e S h o r e g o ld 3 H a ........... 1997
80
12 70*4 80
R e g i s t e r e d .................................1997
77
77
77
A p r ’22
D e b e n t u r e g o ld 4 a ..............1928
93%
9 5 >*2 9 5
#
89*4 95%
2 5 - y e n r g o ld 4 a ...................... 1931 M N
92*2 93*2 91*4
93*2 105
88*2 93%
R e g i s t e r e d ........................... 1931 M N .............. ...
86 % J u l y ' 2 1 ____
M o h A M a i l a t g u g 4 a ____ 1991 M S
8 3 * 2 _____ 8 2 % J a n ’22
82*2 85

g D ue Ju n e,

__

A D ue Ju ly ,

n Due S ept.

0

D ue O et.

s O ption sale.

Price
Friday
April 2 8

Bid
Ask
N Y C e n t 4 H R R B (Con)—
9 7 l 2 _____
M a h o n C ’l U R 1 s t 5 a ____ 1 9 3 4 J
J
9 7 % ------M ic h i g a n C e n t r a l 5 a _______ 1 931 M S
R e g i s t e r e d ________________ 1931 Q M
87%
4 a ................................................... 1 9 4 0 J J
R e g i s t e r e d _____________ 1 9 4 0 J J
7 2 * 4 _____
J L A 8 1 s t g o ld 3 * 8 _____1 961 M S
7 8 % ------l i t g o ld 3 % a ............................1 942 M N
9 0 % _____
2 0 - y e a r d e b e n t u r e 4 a ____ 1 9 2 9 A O
7 6 % ------I t J J u n e R R g u a r 1 s t 4 a . . . 1936 F A
77% 8 0
N Y * H a r le m g 3 H a ........... 2 0 0 0 M N
97% 100
N Y A N o r t h e r n 1 s t g 5 a . . 192 3 A O
84
_____
S Y A P u 1 s t c o n s g u g 4 8 .1 9 9 3 A
107
108%
P in o C r e e k r e g g u a r 6 a ____ 1 9 3 2 J
9 9 % _____
R W A O c o n 1 s t e x t 5 8 ...A 1 9 9 2 I A
7834 8 3
R u t l a n d 1 s t c o n g 4 H a ------ 1941 j
70
_____
O g A L C h a m 1 s t g u 4 a g . 1948 J
_____ 7 5
R u t - C a n a d a 1 s t g u g 4 8 .1 9 4 9 J
87
____
S t L a w r A A d lr 1 s t g 5 a ___1996 J
9 1 % ____
2 d g o ld 8 s .................................1996 A
9 9 % _____
U t i c a A B lk R l v g u g 4 8 . . . 1 922 J
9 7 % ------P i t t a A L E r i e 2 d g 6 s ____ 0 1 9 2 8 A
1 0 5 % ____
P i t t a M o K A Y 1 s t g u 6 s . . 1 932 J
103
.
2 d g u a r a n t e e d 6 a _________193 4 J
8 2 S a le
W e s t S h o r e 1 s t 4 s g u a r ____ 2 361 J
7 9 % 79%
R e g i s t e r e d . . ............. ............ 2 3 6 1 J
9 9 % _____
I t Y C L in e s e q t r 5 a . . . 1 9 2 0 -2 2 M N
E q u i p t r u s t 4 H a ___ 1 9 2 0 -1 9 2 5 J
88
N Y C h i c A 8 t L 1 s t g 4 a ____ 1937 A O
R e g i s t e r e d ---------------------------- 1937 A O
85*4 85 %
D e b e n t u r e 4 a _______________1931 M N
S8%
N Y C o n n e c t 1st gu 4 H a A . . 1953 F A

__

Week’s

Range or
Last Sale
Loto

High

96
M a r ’2 2
90 % J u n e ’21
9 8 % N o v '1 8
8 7 % A p r '2 2
74% S e p t '2 0
66% M n r ’2 0
78
A p r ’2 2
90% A p r ’22
70% A p r ’21
6 8 J u n e '2 1
95
D e c ’21
83 % A p r ’2 2
113 M a y ’ 15
99% A p r ’22
78%
78%
70
A p r ’22
60
F e b ’21
85 % D e e ’21
103
N o v ’ 16
99 % A p r ’22
97
A p r ’22
130% J a n ’OU
95% J u n e '2 0
80%
82
7 8 % A p r ’22
99% F e b ’ 19
67 % J u n e '2 0
84 % A p r ’22
85
N<>v'17
85
A p r ’22
8 7 % A p r ’2

Range
Since
Jan. 1

1

BONDS
Y . STO CK EX C H A N G E
W e e k e n d in g A p r i l 2 8

Sold

New York Bond Record—Continued—Page 3

1874

V o.

96

...

82%

87 %

___
...

76%
86%

80
91

77%

83%

1
...

99*2
78
60

99?8
83
71%

___
...

99%
97

99*2
97

"52
—

78 % '8 2 %
70% 8 0

...

82%

88

___
...

80
81*»

85*2
88

_

__




O
O

:

6 Duo F eb.

Q
O

P e n n s y lv a n ia C o —
72
N o v ’21 —
7 7 % ____
G u a r 3 H s c o ll t r u s t r e g A . 1937 M 5
763 4 ------- 76'% A p r ’2 2
"72**4 '7 0 '%
G u a r 3 H s c o ll t r u s t 8 e r B .1 9 4 1 F A
76*2 A p r ’22 —
76*2 76*2
7 7 % ------G u a r 3 H s t r u s t c t f s C ____ 1 9 4 2 J D
70
A p r ’21
76
------G u a r 3 H s t r u a t c t f s D ........... 1 944 j D
84% 89%
88*4 A p r ’22 ____
G u a r d l 5 - 2 5 - y e .t r g o ld 4 a . . 1931 A O
83% A p r ’22 - - . .
80
83*4
4 0 - y e a r g u a r 4a c t f s 8 e r E . . 1 9 5 2 M N : : : : ~85
8 1 * i F e b ’22 —
80% 81%
82% 8 7
C l n L e b A N o r g u 4 s g ____ 194 2 M N
9 0 % _____ 88 % D c c ’21
C l A M a r 1 s t g u g 4 H a ------ 1 9 3 5 M N
91
N o v ’21
943i . . .
C l A P gen g u 4 > ja 8 e r A ..1 9 4 2 ,J J
104
94% . .
S e r ie s B __________________ 1 942 A O
7 8 % ------- 96%
I n t r e d u c e d t o 3 H s — 194 2 IA O
7 3 * 8 _____ 90%
B erlea C 3 H a .........................1 948 M N
J a n ’21
793S _____ 67
8 e rle a D 3 H a .........................1 9 6 0 F A
80
81*2 E r ie A P i t t a g u g 3 H a B . . . 1 940 J
J
7 9 % ------- 79% I
S e r ie s C ...................................... 1 940 J
J
86
80
86
89% . .
O i R A l e x l s t g u g 4 H s _ . 1941 J
J
t
8 1 % ------- 8 0
O h io C o n n e c t 1 s t g u 4 a ____ 1 9 4 3 M S
93
1
93% . .
P i t t a Y A A sh 1 s t c o n s 6 8 . .1 9 2 7 M N
9 2 % 93"
T o l W V A O gu 4 H s A ...1 9 3 1 J
J 9 2 % ------- 92 %
—
91
_____ 8 2
S e r ie s B 4 H a .........................1 9 3 3 J
J
77
t
79
------S e r ie s C 4 s _______________ 1 9 4 2 M S
88% 9 4
9 3 % ------- 9 4
P C C A S t L gu 4 H s A ...1 9 4 0 A O
l 88% 93*2
9 3 * 2 ------- 93*2
S e r ie s B 4 H s g u a r ..............1 9 4 2 A O
P _ -1 89% 91%
91%
93*4 9 9
S e r ie s C 4 H s g u a r ..............1 9 4 2 M N
88*2
> 84% 91%
8 8 *:
88*2 S a l e
S e r ie s D 4 s g u a r __________1 9 4 5 M N
___
88
83*4 ■ -■
S e r ie s E 3 H « g u a r g o l d . . 1 9 4 9 F A
84
—
89 * i 90
S e r ie s F g u a r 4 s g o l d ------ 196 3 J D
___
I
8 7 % ------- 8 0
S e r ie s O 4a g u a r ...................1 9 5 7 1M N
. . . J 89*3 8 9
89*j
93% - - ­
S e r ie s I c o n s g u a r 4 H a . . 1 963 F A
7 7, 0 0
98
93
96*s
90 % 100
G e n e r a l 5 s S e r ie s A _____ 1 970 J D
99
— - . 90
9934 ------- 9 9
C S t L A P 1 s t c o n s g 5 a ___1 9 3 2 ' A O
. . . - 91
91
91
88*4 - - P h l l a B a l t A W 1 s t g 4 a . . . 1 943 M N
...
80% .
88*g . . .
U N J R R A C a n g e n 4 a . . . 1 944 M 8
96
8
O5 88*2 9 0 7 ,
96*3 S a lo
P t r e M a r q u e t t e 1 s t 8 e r A 5 s . . 1960 J
9 76
80
7714 . . .
78*4
1 s t S c r ie s B 4 s ........... .............. 1 9 5 6 J
54
4 4 8 41% 5 9
51% S a lo
P h l l l l p p l n e R y 1 s t 3 0 - y r a t 4a 192 7 J

Since
Jan. 1
Low

High

High

95% 100
80
82
81 %

85%
82
80*2

....

057g

74

74

7 4 % _____

8
S

...

,

M a r ’2 2
_____ 1 0 0
------- 97% D e c ’ 17 ' d
92
85*2
86 % 847g
1
82
82
84
15
80*3
8 6 * 2 _____ 86 %

R e g i s t e r e d -----------------------------1997
J e r s e y C e n t r a l c o ll g 4 a ------- 1951
A t l a n t i c C i t y g u a r 4 s g ------- 1951
P r i o r H en S e r A 4 a __________ 1950
P r i o r lie n S e r B 5 a __________ 1 950
P r i o r iie n S e r C 6 8 __________ 1928
C u m a d j u s t S e r A 6 s ______A1955
I n c o m e S e r ie s A 6 s _______ A 1960
S ; L o u is A S a n F r a n g e n 0 a . . 1931
G e n e r a l g o ld 5 s ____________ 1931
S t L A S F R R c o n s g 4 s . . . 1990
S o u t h w D l v 1 s t g 5 s ------- 1947
K C F t S A M c o n a g 6 s . . . 1928
K C F t S A M R y r e f g 4 s . . 1936
K C A M R A B 1 s t g u 5 s . . 1929
s I L R W 1 s t g 4 s b o n d c t f s . . . 1989
2 d g 4 s In co m e b o n d c tf a .p l9 8 9
C o n s o l g o ld 4 a ______________1932
1 s t t e r m i n a l A u n i f y i n g 5 3 .1 9 5 2
G r a y ’a P t T e r 1 s t g u g 5 a . . l 9 4 7

Ask Low

Kangs
H

97%
97%
85%
80*2

1 s t c o n s o l g o ld 5 s _________ 1943

__

a D ue J a u ,

Bid
P

N Y N H A n a rtlo rd —
45
40%
46
F e b ’22
537S 6 2
N o n - c o n v d e b e n 4 a ________ 1947 M 8
46
44
46
A p r ’22 ___
52
54
N o n - c o n v d e b e n 3 H a ______1 947 m s
6 1 38% 5 2
52
5()7g 49%
50
N o n - c o n v d e b e n 3 H s ______1 9 5 4 a O
2 0 40*2 60%
5534
60 %
55
57
N o n - c o n v d e b e n 4 a -------------1 9 5 5 j
20 ; 41
58%
00
60
59 % S a l e
N o n - c o n v d e b e n 4 a ________ 1 958 M N
to
37% 52*2
52%
51 % 51% 51
C o n v d e b e n t u r e 3 H s _______ 1 956 j
390
67
85
85
82% B a le I 7 9
C o n v d e b e n t u r e 6 a _________ 1 9 4 8 j
50
O c t ’ 17
C o n s R y n o n - c o n v 4 s ______1 9 3 0 f A
J u l y ’ 18
"■12% *48% 6 0
N o n - c o n v d e b e n 4 s _____ 1 9 5 5 j
38*2 38*2
4 2 % ____ 3 8 % M a r '2 2 ___
N o n - c o n v d e b e n 4 a _____ 195 6 j
113 31
57
48
57
54 % S a le
4 % d e b e n t u r e s ...........................195 7 m N
—
71
79%
7 5 % _____ 79% A p r ’i
H a r le m R - P t C h e a 1 s t 4 a . . 1 9 5 4 m n
m — 59
—
70
70
A p r ’22
69
75
B A N Y A ir L i n e 1 s t 4 a . . . 1 9 5 5 f
3 5 51% 67%
67
67%
66 % 6 7
C e n t N e w E n g 1 st g u 4 s . ..1 9 6 1 j
80
D e c ’2 l
H o u s a to n ic R y c o n s g 6 a . . 1 937 M N
87
J u l y ’ 14
N a u g a t u c k R R 1 s t 4 s -------- 1 954 m N
83
A u g ’ 13
N Y P r o v A B o s t o n 4 a ____ 1 9 4 2 A O
54%
59*2
59% 143 3 3
56% S a le
N Y W 'c h e s A B l e t 8 e r 1 4 H s '4 0 j
N o w E n g l a n d c o n a 6 a --------1 945 j
j
8 o p t ’ 17
C o n s o l 4 s ________________ 1 9 4 5 j
j
45
----- 20
P r o v i d e n c e 8 e c u r d e b 4 a _ 1957 M N
_
P r o v i d e n c e T e r m 1 s t 4 a — 1 956 m 8
o
d
W A C o n E a s t 1 s t 4 H a ____1 943 j
J 7 6 S a le 6 0 M a r ’2 2 12 ' d 9 ' " 77o '
6
75
77
N Y O A W r e l i s t g 4 s ____ 0 1 9 9 2 M S
59% N o v ”20
R e g i s te r e d # 5 ,0 0 0 o n l y . - . 0 1 9 9 2 M 8
5 "05% 7 0
09%
63
68*: 69 %
G e n e r a l 4 a _____ ____________ 1 9 5 5 j d
23 60
65
69
70
6 6 S a le
N o r f o lk S o u 1 s t A r e f A 5 a — l^ O l F A
8 8 % A p r ’22 —
79*4 837g
87 % . . . .
N o r f o lk A S o u 1 s t g o ld 5 a ____ 1941 m N
—
105% 1077*
108% 108% 1 0 6 '
N o r l A W e s t g e n g o ld 0 --------1931 ivi N
Im p ro v em en t A e x t r
— 1934 f A 1 0 8 % _____ 106
____ 104% 105*4
1 0 / % _____
_____ 1932 A O
N e w R i v e r 1 s t g o ld
2 9 8 47, 89%
88%
8 9 '4
88 % S a l e
N A W R y 1 s t c o n ? g 4 a . . . 1996 a O
74
O c t ’20 , . . . 1
R e g i s t e r e d ________________ 1 9 9 6 A O
19 83 % 86*2
86
86
86
D l v ’l 1 s t 11
A g e n g 4 8 .1 9 4 4 j
j
80
80
..............., ­—
88% . . . . 8 0
1 0 -2 5 -y c 1 c o n v 4 s _____ 193 2 j D
100% ____ 92 % A p r ’2 1 '-____
1 0 -2 0 -y a r c o n v 4 s _____ 193 2 M S
106
A p r ’22
92 % i o d
1 0 - 2 - - ' e a r c o n v 4 H 8 . . . 1 9 3 8 M S : 100 % -------3 5 103*4 111)
103
110 I
109
10 y .r c o n v 6 s __________1 929 M S 107
84
80%
85
86% 86% A p r ’22 —
P o c a b C A C J o in t 4 s . . . 1 9 4 1 J O
99
D e c ’21
O C A T 1 s t g u a r g o ld 6 a . . 1 922 j
j
8 6 % A p r ’2 2 —
83% 86*2
86 % 88
S c lo V A N E 1 s t g u g 4 a . .1 9 8 9 M N
I
N o r t h e r n P a c if i c p r io r H en r a t ! |
86
87*2
87*2 2 0 3 8 4
87
S a le
w a y A l a n d g r a n t g 4 a -------- 1997 Q J
84
84
84
J a n ’22
8 2 % ____
R e g i s t e r e d -------- ---------------- 1 997 Q J
32 60
04
64
6338 0 3 % 6 3
G e n e r a l H en g o ld 3 s _______o 2 0 4 7 Q F
60*2
- ---J l 60
60*2
R e g i s t e r e d ______________ O2047 Q F
188 1057, 110
106*2 S a le 105%
R e f A I m p t 6 s s e r B _______2 0 4 7 J
J
18 8 6
88 %
90*4
8 6 % 8833 88
R e f A I m p 4 H a H er A ........... 2 0 4 7 J
J
79% 79*4
8 4 > 2 _____
8 t P a u l - D u l u t h D l v g 4 a . . 1996 j D
12'J7 104*2 109
105%
10/
106*4 S a le
N P - O t N o r J o in t 6 H 8 ------- 1936 j
j
_
—
101
A p r ’2 2
100*4 101
B t P A N P g e n g o ld 6 s ------ 1 923 F A 1 100 1 - ­
100 M a y ’21
R e g i s te r e d c e r t i f i c a t e s . . 1 923 Q A
____
99*3 90 %
9 934 ------0 t P a u l A D u l u t h 1 s t 5 a . . . 1931 Q F
—
1 82% 82%
1 s t c o n s o l g o ld 4 s ________ 1 968 J D
12 8 2
81
85
81*2
84
86
W a s h C e n t 1 s t g o ld 4 a ____ 1 948 Q (V
I
—
p r ’2 2
107
108%
N o r P a o T e r m C o 1 st g 6 a — 1933 J J 100% 10634
193 7 7
81*2
82
82
8 1 % S a le
O r e g o n - W a s h 1 s t A r e f 4 a ____ 1961 J J
------ 7 6
78
787g
77
80
P a c lf lo C o a s t C o 1 st g 6 a -------1 946 J D
90
A p r ’2 2
90
90
____
90
P a d u c a h A I lls 1 s t s f 4 H 8 - - - 1 9 S 5 J
J
1 528 8 3
833t
85
85
8334 8 4
P a r is - L y o n 8 - M e d R R 6 s ........... 1 958 ------- 1
—
90% 9 0
98*2 9 9
P e n n s y l v a n i a R R 1 s t g 4 a — 1 9 2 3 m N!
—
87 * j 8f7g
88 ____
C o n s o l g o ld 4 a _________ . . . 1 9 4 3 IW N
- - - - 85% 90%
89
8 9 * 8 ____
C o n s o l g o ld 4 s _____________ 1948 M N i
90%
9 7 *11 13 92% s l 0 3
C o n s o l 4 H a ________________1 9 6 0 F A ’ 9 6 % ____
87 90*2 91*2
89 %
91%
91
S a le
G e n e r a l 4 H s ________________1 9 6 5 J D
98%
93*j 100*2
100*2
9 9 % S a le
G e n e r a l 6 a __________________ 1968 J D
2 6 105*3 109*2
1073 l
108
1 0 - y e a r s e c u r e d 7 a _________ 1 930 A O 107% S a le 1073l
10834 130 103% 108%
108% S u le
1 5 - y e a r s e c u r e d 6 H a ______ 1 936 F A
A p r ’22 —
80
87%
88 % _____ 87
A lle g V a l g e n g u a r g 4 s ------ 1 942 M 8
F e b ’2 0 . . . . ------- --------86 % _____ 8 3
D R R R A B ’g e 1 s t g u 4 s g . 1936 F A

• N o price F riday; latest bid and asked,

Friday
April 2 8

jO High
W
96

Week's
Range or
Last Sale

Price

BONDS
N . Y . STO CK EX CH A N G E
W e e k e n d in g A p r i l 2 8

I

J

J J

A O
O ct
J
J
J
J
J
J
A O
M N
A O
A O
M N
J J
J
J
J
J
A
8 G o l d 4 a s t a m p e d ___________ 1950 A
A d j u s t m e n t 5 s -------------------0 1 9 4 9 F
R e f u n d in g 4 s _______________ 1959 A
1 s t A c o n a 6 s S e r ie s A _____ 1945 M S
A tl A D lrm 3 0 - y r 1 s t g 4 s .« 1 9 3 3 M S
C a r o C e n t 1 s t c o n g 4 s ------ 1949 J J
J
F la C e n t A P e n 1st e x t 0 s . . 1923 J
1 st la n d g r a n t e x t g 5 s . _ 1930 J J
C o n s o l g o ld 5 a ___________ 1943, J J
G a A A la R y 1 s t c o n 5 s . . .0 1 9 4 5 J J
G a C a r A N o 1st g u g 5 8 ...1 9 2 9 J
J
S e a b o a r d A R o a n 1 s t 5 a — 192 8 J
o u t h e r n P a c if i c C o —
|
G o ld 4 s ( C e n t P a o c o l l ) ___ * 1 9 4 9 J D
R e g i s t e r e d _______________* 1 9 4 9 J D
2 0 - y e a r c o n v 4 s ___________ 0 1 9 2 9 M S
2 0 - y e a r c o n v 5 s ____________ 1 9 3 4 J D
C e n t P a c 1 st r e f g u g 4 a . . . 1 9 4 9 F A
R e g i s t e r e d ........................— 1 9 4 9 F
M o r t g u a r g o ld 3 H a — * 1 9 2 9 J D
T h r o u g h S t L 1st g u 4 a .. 1954 A O
G II A S A M A P 1 s t 5 a . . . 1931 M N
2d o x te n 5 s g u a r --------------- 1931 J J
G ila V G A N 1 st g u g 6 a .. 1924 M N
H o u s E A W T 1 st g 5 s -------1 933 M N
1 s t g u a r 5 s r e d -----------------1 9 3 3 M N
H A T C l s t g 5 s I n t g u ____ 1937 J
‘
A A N W 1 s t g u g 5 s ..............1941 J^
....
N o o f C a l g u a r g 5 s ------------ 1938
O r e A C a l 1 st g u a r g 5 s ------ 1 927 J
S o P a c o f C a l — G u g 5 a ------ 1937 M N
S o P a c C o a s t 1st gu 4s g . . . l 9 3 7 J
T e x A N O c o n g o ld 5 a -------1943
S o P a c R R 1 s t r e f 4 a ............. 1955
S a n F r a n T e r m l 1 s t 4 s -------1950

74 S a lo
_____ 88
99*2 S a le
81*2 S a lo
69 S a le
103*4 104
97*4 9 9
08 % 8 5
8 6*2 _____
102*2 103%
80*4 80%
91% 9 4
78
80
6712 S a l e
77
S a le
82*2 d a le
7 7 % ------79*2 S a le
5 9 * 2 _____
59*2 6 1
25
S a le
4 3 S a lo
59
S a le
74
75
65*s 72*4
9 7 % ------86 *t 8 9
89*s . . .
80*2 . . .
90
...

88% . . .

73%
87
99
81%
69
103%
98
67%
90
103%
80
92
78*2
67*2
76%
81*2
98*2
70*2
59%
59
25
43
58%
74
63
90
89
89%
75
90*2
87%

A p r ’2 2
74*2

88*2
.

99*2
82%
71%
103*8
A p r ’22
D c t ’2 0
F e b ’22
103*2
80%
A p r ’22
7878
9
9
67*2
77 % 121
63
84
J a u ’ 13 ____I
79*2
59*2
60
28
45
607g
75*2
F e b ’22
J a n ’22
89
89%
A p r ’22
90*2
J a n ’22

68
74%
82
88%
94% 1 0 0
71
82%
54
71%
101% 103%
95
98
90
90
101
103*2
72% 80%
88% 9 2
72% 78%
64% 67*2
0 8 % 77 %
71
84
70
79 %
50
03
48
01
13*2 3 0
31% 4 6
41
63*4
59*2 75%
03
63
90
96
89
89
82*2 89 %
71
75
84
90*2
87% 87%

83
68 78
82*4
83
72
N o v ’21
80
9112
91
91*2
95*2 101%
101
101%
81% 87 %
85*2
87*2
82% S e p t ’ 16
80
88 %
88 % A p r ’ }'l . . .
88% 89
7 8 % 87%
87 %
87%
80% 84
94% 9 8
98%
9 6 % ____ 907s
92
98
90%
90%
93*4 96
07
97%
9 7 % ____ 97*2 A p r ’2 2 —
94
A p r ’2 2 ------- 9 4
9 4 _____ 9 4
M a r ’2 i | -------1
9 1 _____ 8 6
93 %
1 93% 9 3 %
9 8 ____ 93%
86% F e b ' 22 l -------1 80% 80%
90% . . .
96
103*2
A p r ’2 2 ------9 9 * s _____101
95*4 100
9 8 % 987s 98 %
99
"
101% 101%
1 0 2 * 2 _____ 101%
A p r ’2 2
88*2 92%
92
A p r ’22
91
92
89
90%
90*4 J a n ’22
92
____
877g
88 % 157 83% 8 8 7s
87% 8 8
84%
83%
84%
24 8 0
83% S a lo
90
90*4 H O , 87% 96%
96*4 d a le
90
A p r ’2 2 ------- 1 88% 9 0
R e g i s t e r e d ________________1994
67%
0 8 | 181 01*4 6 8
67% S a lo
D e v e l o p A g e n 4 s S e r A . . . 1950
99
9 9 7g 4 5 4 04% 109%
99% S a lo
T e m p o r a r y 0 H s ......................... 1950
7 5 I 37, 60% 75
75
-------- 7 4 %
M o b A O h io c o ll t r g 4 a . . . 1938
94
94
94
94 89
!)2*s 9 4
M e iu D lv 1 s t g 4 H s *5®------ 1996
73
77*2
7 6 % ------- 70*2 A p r ’2 2 ____
S t L o u is d l v 1 s t g 4 s ---------- 1951
91*2 A p r ’2 2 ------- 94*2 94*2
94 % 9 8
A la G t S o u 1 s t c o n s A 5 s . . 1943
90%
90 I
1 87
9 4 % ------- 9 0
A tl A C h a r i A L 1 s t A 4 H * - 1944
100
99% '
10 01
95% 98*2 97*2
1 s t 3 0 - y e a r 5 s S e r B ------- 1944
77%
77%
2, 72
77 * i 7 8 , 77%
A tl A D a n v 1 s t g 4 a ...............1948
60
60
A p r ’2 2 . . . .
60
_____ 6 0
2 d 4 s ........................................... 1 948
80 I
5 76% 8 0
80
80
83
A tl A Y a d 1 s t g g u a r 4 a . . .1 9 4 9
93% 97 %
96*4 97% 97*2 A p r ’2 2 ____
E T V a A G a D lv g 5 a ------ 1 930
97 %
97 %
2 93
9 0 % •_____ 97%
C o n s 1 st g o ld 5 8 __________1950
94*2
94%
3 9 3 % 94*2
94
95
E T e n n r e o r g H en g 6 a ------ 1938
63
63
63 |
3 58
01*2 0 3
G a M i d l a n d 1 s t 3 s ....................1 940
9 0 % -------- 9 9 * t F e b ’2 2 ------- 98% 99%
K n o x v A O h io 1 s t g 6 s ------ 1 925
_ . . _ 7 5 % A u g ’2 l -------1
89% .
M o b A B lr p r io r lie n g 6 a _ .1 9 4 5
7 3 % 74% 73*2
73*2
2 73*2 7 5
M o r t g a g e g o ld 4 s ..................1945
90*2 98*2 93*8 D e c ’2 1 ----R i c h A D a n d e b 6 s s t m p d .1 9 2 7
58
A p r ’2 1 ___
R i c h A M e e k 1 s t g 5 a ...........194 8
99
98%
98%
10 94
So C a r A G a 1st e x t 6 H 3 - 1 9 2 9
97 la
97*4
97%
1 97
V i r g in i a M id S e r E 6 a ............ 1920
9 0 78 D e c ’2 1 -----S e r ie s F 5 a ___________ 1— 1926
9 5 7a A p r ’2 2 ------- 95*2 ‘9*5%
G e n e r a l 5 a ------------------------- 1936
80
90
*0
A p r ’2 2 ----V a A S o ’w ’n 1 s t g u 5 a ............ 2 0 0 3
83
81
83 |
2 74
1 s t c o n s 5 0 - y e a r 6 a --------- 1958
94*2 9 4 %
94*2 A p r ’2 2 ____
W O A \V 1 st c y g u 4 s ------ 1024
77% 77%
77% M u r ’2 2 ____
S p o k a n e I n t e r n e t 1 st g 5 a ------1955
96
92*2 A p r ’2 2 ------- 9 2
T e r m A s s n o f S t L 1 s t g 4 H s . 1939
90
9i I
4 88% 90
1 s t c o n s g o ld 5 a _______1 9 8 4 -1 9 4 4
82*2
8 3*2’
2 76*2 83*2
G e n r e f u n d s f g 4 s --------------- 1953
0 3 * | 93*2
93*4 A p r ’2 2 ____
S t L M B r id g e T e r g u g 5 a . 1930
90
90 I
1 87*2 *100
T e x a s A P a c 1 s t g o ld 5 a ............ 2 0 0 0
60
50
50
F e b ’2 2 ___
2 d g o ld lu c o m e 5 s _________ 0 2 0 0 0
79*8 8 9
85
M a r ’2 2 ___
L a D lv B L 1 st g 6 a ...............1931
88
83
88
A p r ’2 2 ___
W M in W A N VV 1 s t g u 5 a . 193 0
95%
01
95 % A p r ’2 2 , ____
T o l A O h io C e n t 1 s t g u 5 a . . .1 0 3 5
90
90
90
J a n " 2 2 |___
W e s t e r n D lv 1 s t g 6 a ______ 1 935
81% 8 5
82*2 A p r ’2 2 | ___
G e n e r a l g o ld 6 a ____________ 1935
75*2 7 8
80
A p r ’2 2 ___
K a n A M 1 s t g u g 4 s ...............1 990
95
91*8
94% ,
2 91
2 d 2 0 - y e a r 5 a ____________ 1927
23*2 D e c ’2 1 1------T o l P A W 1 st g o ld 4 a ............ .1 9 1 7
84
91
90
A p r ’2 2 ----T o l S t I. A W p r H en g 3 H 8 - 1 9 2 5
09
08*2
69
18 6 6
6 0 - y e a r g o ld 4 a ____________ 1 950
16% J u n e ’2 1 ____
C o ll t r u s t 4 s g S e r A ............... 1917
2-1 " *31%
31% F e b ’2 2
T r u s t c o c t f s o f d e p o s i t ...........
77*2 79*2
77*2 J a n ’22
78% 8 5
T o r H a r n A B u f f 1 s t r 4 s . . . * 1 9 4 0I J
R9
90
A p r ’22
90
90%
U l s te r A D e l 1 st c o n a g 6 a ------ 192 8 J
65
65
05
05 . 05
02*2
1 st r e f u n d i n g g 4 s --------------- 1952 A
92
92
80
91%
91% •ialo
U n i o n P a c if ic 1 s t g 4 s ..................1947 J
89%
88
89% F e b ’22
J
R e g i s t e r e d ________________ 1947
95
95
89
S alo
93%
94
2 0 - y e a r c o n v 4 s ____________ 1927 J
81 % 89*2
807g
89*2
807g 87
1 s t A r e f u n d i n g 4 a . . ............ 0 2 0 0 8 M S
104
102 101
1037g S a le 103%
1 0 - y e a r p e rm s e c u r e d 6 a . . 1928I J
83% 87%
80 % 87*2 87*2 A p r ’22
O r e R R A N a v c o n g 4 a . . . 1940 J
9<*7g A p r ’22
08
100*4
F
O r e S h o r t L in e lB t g 0 a ------ 1 922
96 % 3 1 0 3
A p r ’2 2
101
100% 0 3
1 s t c o n s o l g 5 a ___________ 1940 J
97
102
102
101*4 S a le 100%
T e m p o r a r y 5 s __________ - .1 9 4 6 J
80*2 92 %
92
S a lo
92*2
92
G u a r r e f u n d 4 s __________ 1929 J
90*a 9 8 ,
M a r ’22
98
98*2
U t a h A N o r g o ld 6 s _____.1 9 2 0 J
80% 8 6 '
80*2 F e b ’22
80%
1 s t e x t e n d e d 4 s _______ 1933 J
78 % 80*2
A p r ’22
85*4 87*4 80
V a n d a l l a c o n s g 4 a S e r A --------1 955 F
72*2 J a n ’21
85*4
C o n s o ls 4a S e rle a B _________1957 M N
26
34
A p r ’22
31
-15*2 47
V e r a C r u x A P 1 st g u 4 H 8 . . . 1 9 3 4 J
97% 100 88% 97%
94%
94% S a lo
V ir g in i a n 1 s t 6 s a e rle a A ............ 1 902 M N
9 3 /« 97%
97%
97%
97 % S a lo
W a b a s h 1 s t g o ld 5 a __________ 1939 M N
81% 88%
88*8
88 % 88% 88%
2 d g o ld 5a ----------1939 F
A u g ’ 18
90
D e b e n t u r e s e r i e s B 0 s ............ 1939 J
F e b ”21
62
09*2
1 s t H en 5 0 - y r g t e r m 4 a ____ 195 4 J
91
91
J a n ’22
91
90
D e t A C h E x t 1 s t g 5 a ____ 1941 J
74
56*2 A utf’21
D e a M o in e s D l v l a t g 4 a ___1939 J
0 07, D e c ’21
66% 6 9
o
O m D l v 1 s t g 3 H » ................. 1941 A
60
A p r ’22
70
70*4 8 0
T o l A C h D lv g 4 a .................... 1941 M S
72 %
A p r ’2 2
80
W a s h T e r m l 1 s t g u 3 H « ................... 1 945 F A 79*2 8 0
85
85
F e b ’2 2
847* —
1st 4 0 -y r g u a r 4 s
..................194 6 F A

0 D ue J um>.

82*4

82%

*91% S ale"
101*2 S a l e
88% S a le

__

__

a D u e J u ly .

* J>u« Aug.

o D ue O ct. o D ue N ov.

< Duo Deo.

s O ption sale-

1875

P r ic e
F r ld a u
A p r i l 28

Wee*'*
R ange or
L a r i S a le

i
1

BONDS
H. T . STOCK EXHCNAOE
Week ending April 28

B o n is
S eU t

New York Bond Record— Conciuded— Page 4
R ange
S in c e
Jan. 1

m on
H ig h , \ o . L ow
Sid
A H Low
66
67% 85 58% 07%
West Maryland 1st g 4s------ 1952 A O 66% 67
1 95 9 3%
93%
97*8 99% 98%
West N Y & Pa lat g 6s.........1937 J J
Qen gold 4a_____________ 1943 A O 76*4____ 75 Apr'22 . . . . 72% 75
Oct'17
?
Income Gs--------- ---------- 2 1943 Nov 23 U ____ 36
88% 78 84% 88%
Western Pao let eer A 5a-----1946 M 8 88% Sale 87%
1 92% 96%
96%
96%
Wheeling * L E 1st g 6s........ 1928 A O 96% 97
92 ____ 91% Jan’22 . . . . 91% 91%
Wheel Dlv 1st gold 6s.........1928 J J
90% Mar'17
Exten A Impt gold 5s------ 1930 F A 86% 93
67%
68% 39 52 687*
Refunding 4Hs series A— 1986 M S 67% 68
19 62
74
76
70
75
RR 1st consol 4s...............1949 M S 74
80
80
I 77
Winston-Salem 8 B 1st 4s— 1960 J J 84 ____ 80
82% 125 74% 81%
81 81% 79%
Wls Cent 60-yr 1st gen 4s-----1949 j j
78%
80
Bud A Dul dlv A term 1st 4s ’36 l*i N 79% 80
14l 76% 80
Street Railway
63
03
62 63
Brooklyn Rapid Tran g 5 s ... 1946 A O
13I 31
41 Mar'22 ___ 35% 44
60
1st refund conv gold 4s___ B002 J J
62 58
84
85%
8-yr 7% secured notes___ *1021 j J 81% 84% 81
60 68% 85%
81%
84
81 84
Certificates of deposit--------150 54
S2
82
78% 79% 791.1
Certfs of deposit stam ped...
4 75
86%
86%
Bklyn Un El 1st g 4-5s----- 1950 F A 85% Sale 85
Stamped guar 4-5s_____ 1956 F A 85% 85% 85% Apr'22 ___ 75% 86
64% 66%
1 04
75
Kings County E lat g 4 s .. 1949 F A 71% 74
71%
Stamped guar 4s______ 1949 F A 7 1 ’8 74% 71% Apr’22 . . . . 60
12 27
47% 47% 47% 48
51
Nassau Elec guar gold 4 s .. 1951 J
84% 250 07
85
84 Sale 80
Chicago Rys 1st 5s..................1927 F
75 Apr’22 ___ 75
75
73% 76
Conn Ry A L 1st A ref g 4H» 1951 J
74 ___ 73 Apr 22 ___ 70% 73
Stamped guar 4H s----------1951 J
275 03% 85
85
83 Sale 83
Det United 1st cons g 4 H s .. . 1932 J
Jan'20
Ft Smith Lt A Tr 1st g 5s-----1936 M S 56 ___ 58
_. .
86% 135
Hud A Manhat 6s ser A------ 1957 F A 85 Salo 83% 60% 598 75 80%
64 Sale 63%
47% 66%
Adjust lncomo 6s________ 1957
95% Apr’22 ___ 92
90
N Y A Jersey 1st 5s______ 1932 F A
759
21
0% 21
tntorboro Metrop coll 4 H e .. 1958 A O 17 Sale 17
18% l 97
7% 18%
15 Sale 15
Certificates of deposit..................
70% 219 > 54
70%
69% Sale 68
Interboro Rap Tran 1st 6 s ... 1968 J
54 57% 70
Manhat Ry (N Y) cons g 4s. .1990 A O 67 Salo 66% 70
69% Apr’22 ___ 57% 66%
Stamped tax exempt_____ 1990 A O
67 Apr’22 ___ 48% 67
60
2d 4s..................................... 2013 J D 60
77% Apr’22 —
04% 77%
84
Manila Elec Ry A Lti f 6 s .. 1953 M S 80
122 81
92
91% Salo 91% 92
Market St Ry 1st cons 5s___ 1924 M S
79 90% 97
94% 90
6-year 0% notes........ .......... 1924 A O 91% 95
Metropolitan Street Ry—
2 60 67
67
67 60%
B’way A 7th Av 1st c g 5 s .1943 J D 65
23
23
5 17% 23
23
Col A 9th Av 1st gu g 5S..1992 M S 20
10 39
48
60
55 48
45
Lex Av A P F 1st gu g 5 s .. 1993 M S
75%
Mllw Elec Ry A Lt cons g 6s. 1926 F A 96% ____ 75% 8ept'21 ___
Apr’22
79% 85%
86 ___
Refunding A exten 4H 8...1931 J
86%
87% 30 83 87%
87% 88
Montreal Tram 1st A ref 5S..1941 J
43 ____ 60 Feb’21 __
New Orl Ry A Lt gen 4H8..1936 J
34 Dec’2l
58 • - W Y Munlclp Ry 1st 8 f 5s A .1966 J
40% 8i 25t* 40%
39% 40% 39
■ Y Rys 1st R E A ref 4 s .. .1942 J
3i>9 24 40
40
387* Sale 38%
Certificates of deposit____ _____ 8%
10% 59
6% 1078
9% Sale
80-ycar adj Inc 6s.............. al942 A O
9
9% 33
4% 9%
8% 9
Certificates of deposit...........
47 611* 72
72
72 Salo 71%
I f Y State Rys 1st cons 4HS-1902 M N
2 81 87%
87%
87% ___ 87
Portland Ry 1st A ref 5s.........1930 M N
85
3 78% 80
85%
Portland Ry Lt A P 1st ref 6s 1942 F A 85% Sale 104% 105%
4 102 105%
1st A refund 7H8 Ser A__ 1948 M N 105 ___ 90% Feb’17
90 ___
Portland Qen Elec 1st 6 s .. 1935 J
18 66% 68
68
66% 067s 66%
Third Ave 1st ref 4s_______ 1980 J
53%
02% 878! 44% 62%
Adj Income 6a.................. a 1900 A O 61 Sale 95
Apr’22
88 95
96
Third Ave Ry 1st g 6s...........1937 J
100%
90 100%
100 Sale 100
Trl City Ry A Lt 1st s f 5 s ... 1923 A
73 Jan'22
73 73
76
Undergr of London 4Ha___ 1933 J
60% Apr'22
60 64%
60%
Income 6s...................................1948. .
87
88%
United Rys Inv 6a Pitts Issue 1926 M N 85% 8*6% 86% Apr’22
59%
61% 60%
00% 62
United Rys St L 1st g 4a___ 1934 J
66 Mar’22
51%
66
56
51
St Louis Transit gu 6s___ 1924 A
79
72 79
79 Sale 79
Ry Pow 1st A ref 5a.........1934 J
Gas and Electric Light
93
94%
89% 94%
Bklyn Edison Tno gen 6s A .. 1949 J
102% Salo 101% 102%
100 102%
General 8s series B _______ 1930 J
102 106
105% 10> 105% 105%
General 7s series O______ 1930 J
106% 108%
General 7s series D ______ 1040 J D 100% 107 106% 107%
96%
87% 96%
Bklyn Un Gas 1st cons g 5s_.1945 11 N 95% Sale 95
*
97% Apr’22
92 97%
Clncln Gas A Elec 1st A ref 6s 1956 A O 95% 97%
92%
93%
02% 93
88% 94%
Columbia G A E 1st 6s_____ 1927 J J
93
92% Sale 92%
88 93
Stamped....... ............. ..........1927 J J
Columbus Gas 1st gold 6s__ 1932 J J 81% . . - - 76 Sept’21
383 103 118%
117
Consol Gas 6-yr conv 7s.........1925 Q F 115% Sale 115
5 93
99%
98% 99% 99%
Detroit City Gas gold 6s___ 1923 J J
99%
4 93
99%
Detroit Edison 1st coll tr 5 s .. 1933 J J 97% 997* 99%
99%
25 80% 97
97
1st A ref 5a ser A_______ *1940 M 8 95% Sale 95%
103 99% 104
103
104
1st A ref 6s serlos B _____ *1940 M S 103% Sale
Duquesno Lt 1st A coll 6s___ 1949 J J 103% Sale 102% 103% 147 100 103%
106% 107
34 104% 107
Debenture 7 H 8 ...................1936J J j
2 77% 89%
89%
88% 88
Havana Elec consol g 5s.........1952 F A 88
87 Feb'22
85% 87
97 —
Hudson Co Gas 1st g 5a.........1949 M N
97% 8opt'21| —
Kan City (Mo) Gas 1st g 5 s .. 1922 A O
91% Apr’2 2 ___ 9*1% *9*1%
Kings Co El L A P g 5s...........1937 A O 97
9 100%n o
Purchaso money 6s...........1997 A O 111 ___ 109% 110
3 98 107
Convertible deb 6s............. 1925 1 1 S 105% ___ 105% 105%
*
83%
3 8U* 83%
Ed El HI Bkn 1st con g 4s. 1939 J J 83i,i ____
15 80
93
Lao Oas L of St L rof A ext 6s 1934 A O 93 Sale 90
03
92%
9 37% 92%
Milwaukee Gas L 1st 4s.........1927 M N
92% 92% 92%
85 105% 110%
110
I f Y Edison 1st A ref 6H8 A .1941 A O 109% Salo 109%
97%
97%
3 92% 97%
N Y G E L A P R 6s................1948 J D 97% 97%
9 76 83%
83
83% 82
Purcbaso money g 4a--------1949 F A 83
987* Apr’22 —
Ed Elec III 1st cons g 5 s .. . 1995 J J 100% —
97% 98
Pacific G A E Co—Cal G A E— |
1 93 95%
Corp unifying A ref 5s___ 1937;M N 95% Sale 95%
95U
91
92
0 1 87 92
Pacific G A E gon A ref 6 s ... 1942 J J 91% Sale
_ 91%
91%
1 87% 94
PaoPow A Lt 1st A ref 20-yr 6 s'30 E A 91 % _
Peop Gas A C 1st cons g 6 s .. 1943 A O 103% 106 103% Apr'22 _____ 101% 103%
J
4 85 91
91
Refunding gold 5s.............. 1947 M s
89% 90% ‘ O
91 Mar’22 . . . .
C h O L A Coke 1st gu g 5s. 1937 J J
89 91*2
92 Apr’22
Con G Co of Ch 1st gu g 6s. 1936 J J 92
92
92
Mu Fuel Gas 1st gu g 5 s .. 1947 M N 88% ___ 78% Jan'22 . . . . . . 78% 78%
Philadelphia Co conv g 6 s ... 1922 M N 997a 100 997* Apr’22 _____ 997* mo
Stand Oas A El conv s f 6 s ... 1926 J D 95% 90% 94% Apr’22 _____ 92% 96%
Syracuse Lighting 1st g 5s__ 1951 J D
89% ____ 85 Mar’22
85 80
Syracuse Light A Power 5 s .. 1964 J J 82% ___ 79 Deo’21
Trenton G A El 1st g 6s____ 1949 M S 85% - - - - 73 June'21
90%
Union Eleo Lt A P 1st g 6 s.. 1932 M S 92
1 90% 91%
90%
917*
947* 18 93% 97
United Fuel Oas 1st s f 6s__ 1938
J 94% 95
Utah Power A Lt 1st 6s.........1944 F A 91% Salo 91%
92% 27 87% 93
84% Feb’22 —
Utica Gas A Eleo ref 5s...........1957 J J 88 —
84% 84%
Miscellaneous
Adams Ex coll tr g 4s_______ 1948 M S 76% Salo 70%
11 75
77
78
Alaska Gold M deb 6s A___ 1925 M 8
9% 117* 9%
4
11%
9
12%
Conv deb 6s scries B _____ 1926 M 8
8
107* 9
9
107*
•> 6
r
Am Wat Wks A Elec 6s........ 1934 A O 78% 79
14 70 80
78%
79
Armour A Co 1st real eat 4H* 1939 J D 91% Sale 90%
92
82 80% 94
Atlantic Fruit conv deb 7s A. 1934 J D 40 Sale 45
50% 108 23% 50%
Atlantic Refg dob 8H s--------1931 M 8 103% 104 103% 10-1% 110 1027* 105
Booth Fisheries deb s f 6s___ 1928 A O
67% Oct'21 . . . i
Braden Cop M coll tr s f 6 s .. 1931 F A 99
99% 98%
99% 32 93 99%
Bush Terminal 1st 4s______ 1952 A O 70% 85
82 Feb’22 ..--1 80
85%
Consol 58______________ 1955 J J 90
3 82% 00%
90%
90%
Building 6s guar tax ex___ 1980 A O 89% Salo 89
89% 20 86% 9 0
Oerro de Pasco Cop 8s--------1931 J J 114% Sale 114
52 110 ,15%
115%
OhloUnSta’n 1st gu 4Hs A..1963 J J 92% 9.3 92
92% 19 87% *9.3
. 1st Ser C 8Hs (ctfs)...........1963 J J 114% Salo 113% 114% 15 111% ,16
102 Salo 102% 103% 104 99 ,03%
Chile Copper 10-yr conv 7a.. 1923 M N
Coll tr A conv 6s ser A___ 1932 A O 90% Salo 90%
91% 709 84 *91%
Coraputlng-Tab-Rco s f 6s— 1941 J J 95% 90% 90%
967*
5 89 967*
J 87
Granby Cons M 8 A P con 0s A "28 11 N 85%
*
88 Mar’22
88
86% __
1 87
Stamped__ . . . . . _ ____ 1928 11 N
_
*
87 Fob’25
87
97
Conv doben 8s...................1926 11 N 95% 97
*
97%
9 80 98

BONDS
N . Y. STOCK EXCHANGE
Week ending April 28
Great Falls Pow 1st s f 5s___ 1940
Inter Mercan Marine s f 6 s ..1941
Invincible Oil 8 s ....................1931
Murland Oil s f 8s with war’ts 1931
Mexican Petroleum s f 8s___ 1936
Montana Power 1st 5s A___ 1943
Morris A Co 1st s f 4H s____ 1939
N Y Dock 50-yr 1st g 4s____ 1951
Niagara Falls Power 1st 6S..1932
Ref A gen 6s....................... 01932
Nlag Lock A O Pow 1st 5 s .. 1954
Nor States Power 25-yr 5s A . 1941
Ontario Power N F 1st 5s___ 1943
Ontario Transmission 6s___ 1945
Pan-Amer P A T 1st 10-yr 7s 1930
Pierce Oil s f 8s..................
1931
Prod A Refining s f 8s..............1931
Pub Serv Corp of N J gen 5s. 1959
Sinclair Con Oil conv 7 Ha -.1925
15-year 7s..............................1937
Standard Oil of Cal 7s_____ a l9 3 1
Tennessee Cop 1st conv 0s___1925
Tide Water Oil 0H s................1931
Union Tank Car equip 7s___ 1930
Wash Wat Power s f 5s_____ 1939
West Penn Power ser A 5s__ 1946
1st scries D 7s__________ C1946
Wilson A Co 1st 25-yr s f 0 s .. 1941
10-ycar conv s f 0s_______ 1928
Temporary 7H s_________ 1931
M anufacturing and Industrial
Ajax Rubber 8s___________ 1936
Am Agrtc Chem 1st c 5s____ 1928
1st ref s f 7Hs g______ ...1941
Am Cot Oil debenture 5s___ 1931
Am 9m A R lst30-yr 5sser A 1947
American Sugar Refining 6 s .. 1937
Am Writ Paper s f 7 0 s ..........1939
Atlas Powder conv 7Hs g ___ 1936
Baldw Loco Works 1st 58___ 1940
Cent Foundry 1st s f 0s____ 1931
Cent Leather 20-year g 5s___ 1925
Corn Prod Refg s f g 5s_____ 1931
1st 25-year s f 5s________ 1934
Cuba Cane Sugar conv 7s__ 1930
Conv deben stamped 8% .
Cuban Am Sugar 1st coll 8 s.. 1931 M S
Diamond Match s f deb 7HS.1938
Distill Sec Cor conv 1st g 6s. 1927
E I du Pont Powder 4H s___ 1936
du Pontdo NemoursA C o 7 H s’31
Fisk Rubber 1st s f 8s______ 1941
Framerlc ind A Dev 20-yr 7%s '42
General Baking 1st 25-year 6sl936
Gen Electricdeb g 3 H a_____ 1942
Debenture 6s_____ ______ 1952
20-year deb 6s_______ Feb 1940
Goodyear Tire A Rub 1st s f 8s '41
10-year s f deb g 8s_____ *1931
Int Agrlc Corp 1st 20-yr 6S..1932
Intcrnat Cement conv 8s___ 1920
International Paper 5s_____ 1947
1st A ref 5s B....................... 1947
Kelly-Sprlngfleld Tire 8s___ 1931
Liggett A Myers Tobao 7s__ 1944
6s............................................1951
Lorlllard Co (P) 7s..................1944
5s............................................ 1951
Manatl Sugar 7H s................. 1942 A O
Nat Enam A Stampg 1st 5 s.. 1929 J D
Nat Starch 20-year deb 6s__ 1930 J J
National Tube 1st 5s______ 1952 M N
N Y Air Brake 1st conv 6 s ... 1928 11 N
*
Paokard MotorCar 10-year 8sl931 A O
Porto Rican Am Tob 8s____ 1931 11 N
*
Sharon Steel Hoop 1st 8s ser A1941 M S|
South Porto Rico Sugar 7s__ 1941 J D
Standard Milling 1st 5s_____ 1930 M N
Steel A Tube gen s f 7s ser C . 1951 J J
Tobacco Products s f 7s.........1931 J D
Union Bag A Paper 1st 6s__ 1930 J J
United Drug conv 8s............... 1941 J D
U S Realty A I conv deb g 5s. 1924 J J
U S Rubber 5-ycar seo 7s___ 1923 J D
1st A ref 5s series A______ 1947 J J
10-year 7 Ha____________ 1930 F A
U S Smelt Ref A M conv 6 s .. 1920 F
Va-Caro Chem 1st 16-yr 6 s .. 1923 J
Conv deb 6s___________ *1924 A O
12-year s f 7 Ha_________ 1932 M N
West Elcctrlo 1st 5s___ Deo 1922 J J
Westlnghouse E A M 7s____ 1931 M N
WIckwirc Spcn Steel 1st 7S..1935
Cost, Iron and Steel
Beth Steel 1st ext s f 5s_____ 1926 J J
1st A ref 6s guar A_______ 1942 IWN
20-yr p ra A Imp s f 5s____ 1930 J J
Buff A Susq Iron s f 5s_____ 1932 J D
Debenture 5s__________ al926 M S
Colo F A I Co gen s f 5s.........1943 F A
Col Indus 1st A coll 5s gu___ 1934 F A
Cons Coal of Md 1st A ref 6s. 1950 J D
Elk Horn Coal conv 6s_____ 1925 J D
Illinois Steel deb 4 Hs______ 1940 A O
Indiana Steel 1st 5s________ 1952 11 N
*
Lackawanna Steel 1st g 6s__ 1923 A O
1st cons 6s scries A______ 1950 11 S
*
Lehigh C A Nav s f 4>is A ...1964 J J
Midvale Steel A O conv s f 5s 1930 M S
Otis Steel 8s.............................1941 F A
Pocah Con Colliers 1st s f 5s. 1957
Repub I A S 10-30-yr 5s 8 f__1940
St I. Rock Mt A P 5s stmpd.. 1955
Tenn Coal I A RR gen 5s___ 1951
U S Steel Corp\coup_____ dl963 M N
8 f 10-60-yr 6sJ reg............. dl903 MN
Va Iron Coal A Coke 1st g 5s. 1949 M S
Telegraph and Telephone
Am Telep A Telcg coll tr 4 s .. 1929 J J
Convertible 4s_____ _____1930 M S
20-year conv 4H s_______ 1933 M S
30-year temp coll tr 6s___ 1946 J D
7-ycar convertible 6s_____ 1925
Bell Telcph of Pa s f 7s A___ 1945
Cent Dlst Tel 1st 30-year 5s. . 1943
Commercial Cable 1st g 4s__ 2397
Cumb T A T 1st A gen 5s___ 1937
Mloh State Teleph 1st 6s___ 1924
N Y Telep 1st A gen s f 4 Ha. 1939 M N
30-year deben s f 0s__ Feb 1949 F A
20-year refunding gold 6 s .. 1941 A O
Northwest'n Bell T 1st 7s A . 1941 F A
Pacific Tel A Tol 1st 6s...........1937 J J
South Bell Tel A T lat s f 58.1941 J J
Western Union coll tr cur 6 s .. 1938 J J
Fund A real estate g 4HS..1950 M N
15-venr 6V4« e . ............ 1930

100% 100% 100%
95 95% 90%
Sale

103%

87% 87
Sale 91%
Sale j 99%
Sale 841*
__
106% l(i5%
101%------101%

____________

S3

97% Sale
99

98% *99 "
84% Sale
84 Sale
105% Sale _ _
108 S:Ue 107
44% 40
45
85 90
74%
106% 107 106
106 Sale 105
101 Sale 99%
97 ------97
78% 79% 78%
99% 99% 99
106% 107 100%
116 Sale 115%
102%Pale 102%
SO Sale 1 76%
101 108 108
87% 88 I 86%
86

c a ie

108
107%

102%
: 97
79%
100
108
1 116%
, 103
! 80%
109
8812
. 87%

85%

109 Sale 108%
1141* 114*4 U4l*
94% 94% 04%
114% 114% 114%
94% 95% 95
100 Bale 100
96 ____97
88%------1 88
99 99% 99%
100%
100»2
105% Sale 103%
100 Sale 100
99% Sale | 99%
99t* Sale 99%
96% Sale 90*2
102% Sale 100
101% 99% 99%
103% 104 10-1
108% Sale 107%
95% 95% 95*2
101% Sale 101%
89 Sale | 88%
108 Bale 107%
100 Sale | 99%
98%Sale 98%
9612 97 I 96%
98t* 98% 98
100%------100
107% Sale 107
99 Sale 98%

1 109%

115%
97
110
97
100%
95

75 100%:
278 80
29 104
3 | 95%
22 1 93
26 92
184 1 90%

98% Sale
96% 96%
93 Sale
83%-----

95% 100
89% 98%
80 94%
5 100

88%-----77 77%
8 S % 8ale
95%----91 92
99% Salo
99%----87% Sale
92%-----89 Sale
102 Sale
92% 93
93% 94
84% 88
96% 99%
102% Sale
92

265

96

91 %Sale
85% Sale
101% 102
g8% Sale 98%
114% Hale 114%
108 Sale 108
98% 99
98%
73% 74
73
93
92
92%
98% 99
98%
92% 92% 92%
105 Sale 104%
104 Salo 103%
106% Sale 106%
96
97
95
94% 93%
94
97% 98% 96%
92% 92% 92%
108 108% 108%

91%
85%
103
98%
116%
108%
99
74
94
99
93
106
105
107
96
95%
97%
93
109%

86% 91%
80% 85%
95% 103
1451 91% 98%
117 108 116%
81 107% 112
3 97% 99
13 72
75
38 88% 94
411 9 4% 99
100 88% 93
27: 101% 106
208 1017* 105
140 107 108%
47; 917, 96
29 93
95%
6 90% 97%
49 88% 93%
47 106% 109%

•No price F
riday; latest bidandasked. aD Jan. dD A cD M eD M pD June. hD July. *D A oD O «D D ^O
ue
ue pril. uo ar. ue ay. uo
ue
ue ug. ue ct. ue eo. ption gate.



1876
H IG H

BOSTON STOCK EXCHANGE— Stock RecordS ee BnOeNtDpSace
s

AND

S a tu r d a y ,

A p r il 22

LOW

SALE

P R I C E -- P E R

SH A R E , N O T PER

STO CK S
BO STO N STO CK
EX CHA NG E

Sales
fo r
the

CENT

T u esday,

W edn esday.

T h u rsday,

P r id a y ,

A p r il 25

M on day.
A p r il 21

A p r i l 26

A p r il 27

A p r il 28

146
79
*98
25%
32l3
35
50
44
45
65
65
*147
12
*6
____ 130
____ *91
46
48
25
2512
____ *79
SO
*80
95
94
347*
36
92
*90
501.1 51
501*
*00
61
60
146
80
100
261.1
32
36

117
79 12
9913
29
32%
39
5 0 ',
46
68>2
12
130
_.
46
29'*
____
94
40
92
503,,
60

146
79
98
263,
35
39
53
48
67
*147
*6
*131
*91
_*___
27%
*81
*80
95
39
*90
49*2
60

3%
3 '3
31*
31*
14
*13% 13>2
14
1227* 124
123 t2 4
106 10*312
105*2 106
*83
*83
173.J 173i *16
18
19
19
1S*2 18>3
*.18
.25 *.18
.10
.10
*213.1 2214
22
5*2
5
5%
11
11
11
63% 64
62 f2
*47
*47
48
1693.1 170
1691*
*10l.i 11
10'*
14% 143*
M I4
24
25
25
341» 3412 34
*30
*30
*67
691* *67
* 5 l(
6
*51<
i 51 • *12
>
*12
* .7 5
1j
* .7 5
28.1
27*
lh
*10% 107*
101,
*89
891*
72
72
71
67% 68
O7 I4
151
151 *15H4
24
241*
24
21% 2 1 '3 21'4
80
80
*80
93t
93,
9 '3
4
4
4
1151 *
115 115
*12l3 14
*13
*18% 1914
I8 i3
*165 168 *167
14l3
47*
102
6 8 l3
9*4
41
*26
2634
*29
*10
*103i
*29%
35
40
*1534

1021*
681*
9'4
413,
2634
27
2913
11
11
30>2
35l2
40
16l3

14
47*
101'*
*671*
*9
40>*
26
2 6 13
2 9 '3
103.,
11
2913
*35
39
*158,

*.70
021.1

I
62%

*.00
62

14%

.25

146
783,
*98
271*
343,
41
58
50
71
*153
*6
12
*130
91
46
46
29
27'.,
81
80
96
95
4H*
3 8 '*
—
90
50
501*
6 0 ',
61*2

147
79
98
30
35
41
56
50
71

*.18

237* 243*
3513 365*
*30
*67
691*
5
5
*12
151*
1
* .7 5
23*
3
107*
10
*95
7H 2
71
67
68
*1521*
241*
*23
211* 22
8 1'* 8U*
9 '3 10
43*
4
115 116
*12l3 14
*187* 19 '1
1641*
.rl6 2

24%
3 6 14
30
6 9 i2
6 i2
151'
i J
27*
lot*
93
71*2
68
15U*
241*
211*
82
10
4
116
14
19
168

14
*14
45*
47*
10234 io n *
69
70
91*
9U
4U *
401*
26
26
267,
261*
29
291*
117*
13
11
111*
29
30
3534
3 5 l3
39
*40
15*4 *153*

*14
43*
5
1021* IO H 2
70
70
11
I I ‘4
41'*
40'*
*26
26
27
26*2
2 9'*
29'*
13'*
It
11
113*
291*
31
35
36
41
*40
153, * 1 5 '3

26
26
20
33*
33*
3'8
9
9
9'*
15i3 *15
15*2
275
272 273
14
13% 14
12
12
*10
44
431* 44
3
1'2
1*2
83*
9
8
117*
11
115s
23*
2%
2 i3
2>3
2*2
3'2
*13,
2
214
113
110*2 112
92
* 9 0 '3 92
243,
241*
24
4
334
3'2
23,
27*
2'2
4»o
47*
434
*13,
2
2
23*
*2'*
2*4
37*
3 ’4
3
47*
3
3
3
3*2
587*
.5 8
58*2 59
181.1
18
18
1 8 '4
1%
*1
1*2
*37
*37
75
*75
75
77>*
% 63*
61.,
6 I4
1311 125* 13
• 13
3'»
3
3'8
2%
26
20
*25
*25
361* 3 6 l3 *36i.t 37
45% 45i3 *441* 45
4534
*45
46
45
*1
%
1
.90
1
1
*.80
*.75
3*2
*33*
37*
3 'a
15*
13i
134
1%
1*
23*
2>4
214
.66
.69
.70
.70
33*
3%
3 ',
3 <4
*23i
*23,
3
3
13*
1
II 4
1*2
15*
15,
2
2
134
1%
1*2 1 %
*121.1 13
*12
13
• Bid a n d a sk e d price*;

*
1

6

1

2




__

__
__
1451* A ’ji-,22
6
M a r ’22
*130
447*
27
*79
*80
*94
381*
90
491*
60

*.60
62
*25
3<4
83,
*15
273
1334
*10
4314
*2
8
11
23*
3
*13,
111
*90i3
*23i3
*33,
2 l3
41*
134
2
3*2
5U
3
*58
18'.,

*.60
62
* 25
*251*
26
33*
31*
83,
83,
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261*
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81
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*185* 19
163
165
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96
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133, 133,
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106 10612
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n o dales o n th is d a y .

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301,
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231, 265*
201, 265*
283, 287*
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tor
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1,242
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2,9 6 0
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2,557
1,680
1,745
188
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L a s t Sale .75

61

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18
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Sale 38*2 M a r ’22
763*
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13*
11*
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13

z E x -rig h ts.

11
1

L o w est

H ig h e st

135
60
1,990
525
100
77
3 ,205
50
758
52
4 ,190
1,265
1,426
30
200
3,693
55
74

H lo h e si

R a ilro a d s

152 B o sto n A A lb a n y __________ 100 130% J a n 4
855 B o sto n E le v a te d __________ 100
73
F e b 20
9 4 '4 M a r 1
D o p r e f _______________ 100
28
14 J a n 10
6 ,7 4 0 B o sto n A M a in e ___________ 100
91
D o p re f_______________ 100
20
Jan 9
1,077
D o S eries A 1st p r e f .. 100
22
Jan 5
447
D o S eries B 1st p r e f .. 100
36
J a n 17
237
D o Series C 1st p r e f .. 100
30
Jan 9
936
D o Series D 1st p r e f .. 100
40 J a n 12
100 125
J a n 12
3*4 J a n 26
B o st A W ore Elec p ref.W o p a r
200 C h ic J u n e R y & U 8 V ____ 100 130 J a n 19
56
D o p ro f_______________ 100
80% J a n 9
2 7 's J a n 30
70 M a in e C e n tr a l____________ 100
l 14 J a n 3
5,1 4 0 N f N II A H a r tf o r d _____ 100
64 N o rth e rn N ow H a m p s h ire . 100
69
J a n 10
68
J a n 17
50 N o rw ich A W o rc e ste r p re f. 100
200 O ld C o lo n y _______________ 100
57 J a n 6
2 ,1 9 8 R u tla n d p ro f_____________ 100
15 J a n 20
40 V e rm o n t A M a s s a c h u s e tts . 100
78
J a n 23
815 W e st E n d S t r e e t . . ............. 50
48> t J a n 5
57 M a r 1
311
D o p r e f _______________ 50
M is c e lla n e o u s
.02 F e b 8
10
2*4 F o b 4
450 Am or P n e u m a tic S e r v ic e .. 25
D o p re f........ ....................... 50
13 F e b 20
105
3,104 A m or T e le p h o n e A T e l e g . . 100 1145* j a n 3
410 A m oskeag M fg ________ N o p a r 104 J a n HI
5-3
D o p re f___________ N o p a r *8012 J a n 17
10 A rt M o ta i C o n s tru e I n c . . 10
14 >s F e b 20
13
Jan 7
260 A tlas T a c k C o rp o ra tio n N o p a r
10
4 ,4 0 0 B o sto n M e x P e tT r u s te e e N o p a r .15 A pr 27
010
10
15*4 J a n 4
400 C o n n o r (Jo h n T ) __________ 10
3
Jan 4
1,300 E a s t B o sto n L a n d ________ 10
9U J a n 19
309 E a s te rn M a n u fa c tu r in g ___ 5
381* j a n 4
3 ,000 E a s te rn SS L in es I n c ______ 25
42
Jan 7
D o p r e f ................... ............ 50
240 E d iso n E le c tric I l i u m _____ 100 156 M a r 2
3 M a r 14
2 ,1 3 0 E ld e r C o rp o r a tio n _____ N o p a r
10 J a n 12
580 G a rd n e r M o to r ............... N o p a r
50
.30 M a r 21

120

23,
10
93
71
67
152
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5
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169
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25
35

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98
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33
34
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57
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50
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62

146
79
100
281,
343,
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511*
76

R a n g e fo r p r e v io u s
ye a r 1921

L ow est

W eek.
S h ares

146
80
*98
25
32
35
*50
13
*63
*117
*G
*130
*91
48
24%
*78
SO
95
*35
*89

R an ge s in e s J a n . 1.

G reen field T a p A D ie ..........
I n te r u a t C e m e n t C o rp . N o
I n te r n a t C o tto n M ills_____
D o p r e f ...............................
I n te r n a t P r o d u c ts _____ N o

25
par

50
100
par

19

J a n 26

26
J a n 20
28 M a r 25
641* A p r 4
3U J a n 9

149

A pr 27

80

J a n 18

99 A p r 28
3 0 A p r 25
37
A pr 8
44% A pr 26
60 A pr 26
5U * Apr 26
76 A p r 26
1451* A pr 7
33, ‘ J a n 27
130 J a n 19
91
A p r 26
48
A pr 15
29'* % p r2 4
81 A pr 28
8 0 ' , M a r 26
96 A pr 25
411* A p r 3 5 |
01*2 F eb 27
6 2 M a r 16
6 D 2 A p r 25
4U J a n 27

17 J a n 16
1243, M a r 14
117
85

J a n 24
J a n 16

18 M a r
21*2 Apr
.75 F e b
.25 M a r
.15 A pr
231* M a r
6 A pr
1 4 Fob
67 A p r
471 2 A p r
175 A p r
121* A pr
I 6 I4 A p r
1 Jan

16
13
21
4
27
3

21
10
5
18
10
12
6

J a n 27

78'* J a n 6
0 i2 M a r 25

100
10
10
25
100
100

.6 2 A p r 15
3
J a n 24
Isla n d Oil A T r a n s p C o r p .
15* Apr 24
73* M a r 2
L ib b y , M c N e ill A L l b b ..
13 J a n 16
L oew ’s T h e a tr e s ...................
81* J a n 3
81
J a n 24
951* A pr 28
M c E lw a ln (VV H ) 1st p ref.
63
Jan 3
731* M ai 2
M a ss a c h u s e tts G a s C o s . .
69 A pr 8
62
Jan 3
D o p re f______________ 100
M e rg e n th a le r L in o ty p e .. 100 130 J a n 3 152 F e b 28
20 M a r 27
2 0 '2 A p r 12
M e x ic a n In v e s tm e n t I n c .. 10
22'* Feb 18
M ississip p i R iv er P o w e r .. 100
13 J a n £
8 2 Fob 25
721* J a n £
D o sta m p e d p ro f_____ 100
8 Jan 4
U 8* J a n 21
N a tio n a l L e a th e r ________
1C
23, M a r 15
6
J a n 28
N ew E n g la n d Oil C o r p ___
N ew E n g la n d T e le p h o n e .. 1001 109 J a n 4 118 A pr 13
I D , J a n 11
14 M a r 16
O h io B ody A B low er___N o p a r
13 J a n 1
(1
207* A pr 7
O rp h c u m C ir c u it I n c ............
Xl02 A p r 26 174*2 M a r 11
P acific M ills.............................
100
78 F e b 21
121* A p r 18
14i* F e b 21
R eece B u tto n H o le _______
S im m s M a g n e to ___________ 6
3 Fob 20
7 's A p r 5
S w ift A C o ................................ 100
92>4 J a n 3 1087* Fob 23
60 Ja n 3
T o r rln g to n ________________ 25
7 0 A p r 21
8 M a r 29
5
U n io n T w is t D r ill________
1 4 ', Fob 3
U n ite d Sh o e M a c h C o r p . . 25
34 M a r 3
45 M a r 24
27
J a n 21
D o p re f............................... 25
25 J a n 3
217* J a n 27
27% A pr 17
V e n tu ra C onsol OH F ie ld s . 5
W ald o rf S y stem I n c ______ 10
261* J a n 4
31
J a n 25
W a lth a m W a tc h __________ 100
14*4 A p r 26
7 Jan 3
U ;* A pr 7
W a lw o rth M a n u fa c tu r in g . 20
71* F e b 7
327* M a r 21
W a rre n B ro s ............................. 50
17i* J a n 3
D o 1st p re f...................... 50
37 M a r 20
30>* J a n 4
41% M a r 20
D o 2d p re f...................... .. 50
331* F eb 18
W lck w lre S p e n c e r 8 te o l___ 5
16r> A pr 12
*
133, M a r 27
W ollaston L a n d ___________ . . 5
1 Jan 9
1% J a n 4
M in in g
A d v e n tu re C o n s o lid a te d .. 25 .6 0
1 A p r 15
J a n 31
A hm eek .................................... 25
65
J a n 25
60
Jan 0
25
22 J a n 9
32<* J a n 26
A llo u z ..................................... .. 25
A rc a d ia n C o n s o lid a te d ____ 25
2 M a r 10
4 A p t 13
97* M i r 17
A rizo n a C o m m e rc ia l______
8*4 F o b 20
13 J a n 6
151* A p r 15
B in g h a m M in e s ___________
J a n 5 285
J a n 23
C a lu m e t A H e c la __________ 25 2 6 5
10*4 J a n 4
16% M a r 29
C a rso n Hill G o ld __________ 1
0>* J a n 16
C e n te n n ia l________________ 25
13>* Fob 1
87** J a n 3
46% J a n 25
C o p p e r R a n g e C o ............... .. 25
1 A pr 5
2% M a r 7
D a ly -W e s t________________ 20
61* J a n 3
D a v ls -D a ly C o p p e r_______
9 >4 J a n 26
E a s t B u tte C o p p e r M ln ln f
10 M a r 27
12% J a n 26
1 Apr 11
37* A pr 15
F r a n k l i n .. _____ __________ 25
H a n c o c k C o n s o lid a te d ____ 25
2 J a n 13
3'* M a r 16
l 8* M a r 31
21, A p r 17
H e lv e tia ........ .......................... - 25
Isla n d C reek C o a l________
8U* J a n 10 114 A p r 20
88
Feb 14
O il* M a r 15
D o p r e f . .............................
22'* F e b 28
2 6 'j j a n 24
Isle R o y a le C o p p e r.......... .. 25
47* A p r 17
3 Feb 6
K e rr L a k e .................................. 5
K ew een aw C o p p e r_______ 25
1 F e b 24
3 '2 A p r 15
5 i, A pr 13
L ak e C o p p e r C o ___________ 25
2>4 Feb 18
2 ', A pr 17
La Salle C o p p e r ...................... 25
li* F e b 6
13* J a n 1
2% A pr 21
M a so n V alley M in e ............... 5
4% A pr 13
2 M a r 24
M a ss C o n s o lid a te d _______ 25
5% A p r 20
M a y flo w e r-O ld C o lo n y ____ 25
2U J a n 20
7 A p r 13
M ic h ig a n _________________ 25
li* J a n 16
601* M a r 17
M o h a w k __________________ 25
631* J a n 7

1

1
0

6
1
0

1
0
1
0

1
1

319
2 ,2 4 5
1,424
50
380
1,292
1,850
1,224
138
1,045 N ew C o rn e lia C o p p e r_____
N ew I d rla Q u ic k silv e r_____
N ew R iv e r C o m p a n y ..........
212
D o p r e f ...............................
690 N lp lssln g M in e s ............... ......
1,214 N o r th B u t te ______________
1,447 O Jibw ay M in in g _________
90 O ld D o m in io n C o ________
99 O sc e o la ___________________
184 Q u i n c y ___________________
117 S t M a r y ’s M in e ra l L a n d ___
875 S h a n n o n __________________
350 S o u th L a k e .............................
160 S u p e rio r................ .....................
2 ,333 S u p e rio r A B o sto n C o p p e r .
1,025 T r in ity C o p p e r C o r p ______
5 ,3 0 0 T o u lu m n e C o p p e r ________
2 ,330 U ta h -A p e x M in in g ___
75 U ta h C o n s o lid a te d _______
13,310 U ta h M e ta l A T u n n e l_____
205 V ic to ria ___________________
4 ,9 8 9 W in o n a ___________________
5 W o lv e rin e _________________

6 E x -d iv id e n d a n d r ig h ts .

t E x -d lv ld e n d .

5

17

F e b 21

5

.40
37
73

M ar
Jan
Jan
6*4 J a n
11 Fob
2>* J a n
23
Jan
301* J a n
42 F e b

7
6
7
20
15
20
4
5
20

415* J im

9

.2 5 M a r
60
Jan
2 M ar
.9 0 M a r
1*4 M a r
.4 9 M a r
2>* J a n
1 Feb
1 Feb
l!d* J a n

10
31
29
31
6
7
19
21
15
5

100
106
5

15
25
25
25
25
25

1
0

25
25

1
0
5
5
6

1

1
25
25
25

.2 5 J a n 10

10

F o b 10

19

J a n 23

2>g M a r
40 F eb
7 8 i2 A p r
7
Jan
14>4 J a n
4% A p r
27
Jan
371* J a n
47% M a r
48 M a r
U* A p r
.9 0 A p r
37* A pr
2 A pr
3'* A p r
.84
Jan
4 M ar
3 ', A p r
2*2 A p r
21* J a n
2% A p r
13% A p r

60

O ct

15
89

A pr
N ov

N ov
N ov
D ee
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
D ee
Feb
23% J a n
76
Feb
76
Jan
75
Jan
21
Jan
78
D ee

40
40

Jan
Jan

51% D e o
01
D ee

2

Jan

161*
19
27
24
38

N ov
Aug
N ov
N ov
N ov

3% J s n
130
Feb
631* J u n e
30
D eo

12
60
51

D eo
A pr
N ov

8i* J a n
96<* J a n
71
Jan
7i
Feb
12

Jan

12% D e c

133
79
100
25%
30
33
47
40
58
133
3%
130
82%
43%

5%
15%
1 19%
109
84%
16
20

D ee
N ov
N ov
D ec
D ec
Sept
A pr

.9 5
1%
177*
4%
23
42
45
166%
17
23%

Jan
Jan
D ee
Feb
Jan
D ee
Doc
D oe

.15 D eo
.1 5
.081*
91*
3
9 '*
16

42

J u ly
O ol
J u ly
O ct
O ct
Jan

N ov

142%

O ct

3

N ov

9% S e p t

Jan
A pr

19

27U F e b 27
3 i*4 A p r 4
32

119
A pr
617* J a n
78
Jan
13% D e o

23
9
7
4
21
15
26
26
20
17
13
17
15
15
3
3
22
17
13
30
15
6

19%
19
32
74

2
2

D eo
J u ly
D eo
D eo
Sept

Sept
5% D e c

c8%
73
53%
58%
117

Deo
Ju n e
Sept
O ot
Sept

13% So p t
11 S o p t
80 J u n e
2% D e o
4
A ug

96% J a n
7 J u ly
i4 %

D eo

149
Jan
78% N o v
12% A p r
3
D eo

88%

29
N i*
287* D e o
41% F o b
M ar
13
Jan

86

47*
13
18
92 %
85
64
136
35%
14%
84

M ar
Jan
Ju n e
Feb
Jan
M ay
N ov
A pr
M ar
A pr

9% J a n

6

112%
11%
30%
171
87

A ug
D eo
D ee
A pr
D ee
Feb

14
Jan
9% M a y
105% J a n
61
Feb
Jan

47
10

J u ly
Ju n e
D eo

33
22%
10%
167*
6
8
11
17
HI
8
.35

Sept
A pr
J u ly
Jun
D eo
Sept
A pr
A ug
O ot
J u ly
O ct

.4
40
.15
18
1%
67*

M ar
Aug
J u ly
A pr
Sept
Jan

.7 5 M a r
83
D ec

10

A pr

8

M ar

14

O ot

210
11

A pr

7
27

1%
5%
7
1%
1%

1

48
75
16%

D eo
Jan
Jan

N ov
M ar
Aug
A pr
Sept
Ju n o

Jan
Jan
Jan

22

39% J a n
25% D e c
24% D e o
297* D e c

17
17
22%
33%
36 %
18%
1%

380
D ee
16% J a n
10
Jan
40%

D eo

4% J a n
7% J a n
11% D e e

3%
3%
27*
88%
90%
24%

2% M a r

4

8%

Jan
Jan
Jan
A pr
A ug
A ug
Jan

D ec
D ee
Jan
D ec

24 % N o v
3% J a n

.9 8 S o p t

2
1%
1%
.55
2%
1%
43%

JaD
Feb

A pr

2

2%

Jan
Jan
N ov

D ee
D ee
D ee
Sept
D ee
D eo
Feb

2 Sept
3% J a n

6%

Jan
3% M a y

69

D ec

12% S e p t

18% D e o

.40
40
74
4
8
1
16%

2
57
95
8%
14%
2%
25%
85%
46
45
1%
2

N ov
Feb
D eo
J u ly
M ar
A ug
Jan

21

A ug

33%
28
.75
.35

A ug
Jan
Jan
N ov

2

Sept

1 Ju n e
lJ d i J u ly
.3 4 A u g

D ee
M ay
M ar

Jan
Deo
Deo
NOV
D ec
Deo
D eo
Deo
Jan

4% F e b
2% F e b
4% N o v

.85 Doc
3% O ot

1% A ug
1% N o v
.9 5 J a n

2 '/is J a n

.4 0 M a y
.3 5 J a n

2% F e b
.8 0 M n r

8% J u ly

6

14

Jau

Feb

A pril 2,$ 1922.]

THE CHRONICLE

_ _ _ _ _ Outside Stock Exchanges
Boston Bond Record.—Transactions in bonds at Boston
Stock Excliango April 22 to April 28, both inclusive:
F r id a y
L a st
Weft's R a n g e
S a le .
o f P r ic e s.
P r ic e . L o w .
H ig h .

Bonds—

_
U S Lib Loan 3 Us. 1932-47 _
1st Lib Loan 4s. .1932-47
2d Lib Loan 4 s.. 1927-42 ___
1st Lib Loan 4%s. 1932-47 ___
2d Lib Loan 4%s 1927-42
3d Lib Loan 4 % s...l9 2 8
4th I.tb L’n 4%s. 1933-38
Victory 4% s......1922-23
Amer Tel A Tel 5s___ 1946
A tlG A W I SSL 5s. .1959 57%
Chic Jet Ry A U S Y 5 s.'40 ___
Current River 5s____ 1927 ___
Empire Gas A Fuel 7%s.’37 ___
Hood Rubber 7s_____1936
Internal Cement 8s__1926
K C Mem A Birm Inc 5 s.’34 85
Miss River Power 5 s .. 1951 93%
N E Telephone 5s___ 1932
96
Swift A Co 5s_______ 1944
Warren Bros 7%s___ 1937 107%
Western Tel A Tel 5 s .. 1932 94%

99.14 99,54
99.54 99.74
99.34 99.64
99.54 99.74
99.34 99.80
99.54 100.06
99.64 100.00
100.52 100.66
98% 98%
57
58
93
93%
92 % 92 A
98% 98%
98% 99%
107 108%
84% 85
91
93%
96
96
94% 96%
107 108%
94% 95

S a le s
fo r
W eek.
S h a res.

R a n g e s in c e J a n .

7,300 94.64
850 95.94
100 95.26
4,800 95.94
19,400 95.26
29,350 96.24
37,500 95.64
23,010 99.82
1,000 94
102,000 47
10,000 89%
1,00C 90
21,000 98%
25,000 95%
22.000 101
6,000 80%
30,000 88
1,00C . 03
4,500 91
65,500 97%
13,000 90

1.

H ig h .

Low .

Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan

100
Apr
99.74 Apr
99.64 Apr
99.74 Apr
99.90 Apr
100.10 Apr
100.00 Apr
101.00 Mar
98% Apr
58 32 Apr
94
Apr
92% Apr
98% Apr
99% Apr
109
Mar
85
Apr
93% Apr
98% Apr
96% Apr
109
Apr
95% Ap

Pittsburgh Stock Exchange.—Record of transactions Apr.
22 to Apr. 28, both inclusive, compiled from official sales lists.
F i id a y
L a st
Weft’s R a n g e
S a le ..
P r ic e . L o w .
H ig h .

Allemanla Fire Ins------ 50
115 115
Am Vltrlfiwl Prod, ooni-50
11% 11%
Ain Wind Glass Mach- -100
83% 84%
Preferred---------------100 89% 89% 89%
Arkansas Nat Gas, coin. 10 11% 1036 12
Ifarnsdull Corp Class A - _25 55
53% 55%
Class If........ ................ 26 38% 35
38%
Carbo-Hydrogen Co, pf-.6
2 % 2%
2%
Carnegie Lead & Zinc..... 5
3% 3%
Columbia Gas A Elec. _100
8834 88 3f
Commonwealth Tr Co. 100 —Sec Note below.
Consolidated Ice, com. .60
3% 3%
Preferred................_ ..50
24
24
Duquesne Oil--------- ------2% 3
Indep Brewing, oom___ 50
2
2%
2%
Preferred_____ ____ .60
7
7
lone Star Gas............... _25 24
24
24%
Mfrs Light & Heat......... 50 49
50
40
Marl and Oil........ ......... ..
30% 30%
Middle States OH...........10
15
15
Nat Fireproofing, com ..50
8%
8% 8%
Preferred__________ 50
19
20
Ohio Fuel Oil_________ 1
18% 19
Ohio Fuel Supply_____ 25 45% 45% 48%
Oklahoma Natural Gas.25 2 3 'A
21% 26 %
Pittsburgh Brew, pref__ 50
63i
6%
Pittsburgh Coal, com- .100
61% 65
Plttsb & Mt Shasta C op.. 1
25c 25c
Pittsburgh OH & Gas___ 5
9%
8% 9%
Pittsburgh Plate Glass. 100 155
154
14% 12% 14%
Salt Creek Cons Oil___ 10
Tldal-Osage o il________ * 14,% 13
14%
Union Nat Bank--------100 --See note below.
Union Natural Gas-----100 127
126 127
U S Glass___________ 100
52
53
U S Steel, common___ 100
98% 98 %
Wcst’house Air Brake. .50 93% 89
94
W’house El A Mfg, com .50
62
63
West Penn Rys, pref.. 100 ________
75
80
W Penn Tr&WP, com. 100
25
25
Preferred-------------- 100
84% 85
Bonds—
Cent Dlst Teleg 5s_. . 1943 - - _____ 98% 98%
*1No p a r value.
ISO par v iu u u .
N o t e .—Sold last week and not reported: 20 shs.
15 shs. Union National Bank © 264.

\

S a le s
fo r
S h a re s.

R a n g e s in c e J a n .

1.

H ig h .

Low .

63 115
8
2,300
185 34%
115 84
9,440
8%
1,559 21
966 20
200
2%
50
2%
10 64%

Apr 115
Apr
Feb 12 % Apr
Apr
Jan 85
Mar
Jan 90
Mar 12% Apr
Feb 55% Apr
Jan 38% Apr
Apr
2% Feb
4% Mar
Jan
Jan 88% Apr

200
2%
30 23
2%
2,150
364
1%
132
6%
1,215 20
735 45%
100 23%
8%
70
430
6 3i
1,150 15
70 16
1,385 44 %
4,795 19
5
160
550 60
500 25c
6
2,870
165 130
8%
7,312
895 11

4
Apr
Jan 25
Jan
3Vs
Jan
2A
8
Feb
Jan 25
Jan 50
Jan 30%
Feb 15%
Jan
9%
Jan 21
Jan 20
Jan 49%
Jan 26%
Fob
«%
Jan 65
Jan 31c
Feb
9%
Jan 155
Jan 14%
Jan 14%

Apr
Feb
Feb
Feb
Mar
Mar
Apr
Apr
Apr
Apr
Apr
Jan
Mar
Apr
Jan
Apr
Mar
Apr
Apr
Apr
Apr

452 115% Jan 128
Jan 53
110 10
100 82% Jan 99%
585 80 'A Mar 10034
410 4935 Jan 69%
27 69% Jan 80
Jan 25
100 18
Jan 85
85 72

Mar
Apr
Apr
Feb
Apr
Apr
Apr
Apr

$1,000

96% Jan

98% Apr

Commonwealth Trust Co. @ 150:

Baltimore Stock Exchange.— Record of transactions at
oo fn A

Stocks—

. . . . . .

oq

Par

F r id a y
L a st
Weft's R a n g e
S a le .
o f P ric e s.
P r ic e . L o w .
H ig h .

Alabama Co, 2d p ref... 100
Arundel Sand A Gravel 100 "34%
Baltimore Brick........ .100
2%
Preferred---------------- 100 25
Italtlmoro Tube............. 100
I Bonesch-------------------- * 34%
Preferred----------------25 25
< dest ine Oil___________ 1 .50
Cent Teresa Sugar--------10 ___
Preferred---------------100
Commercial Credit.........25 __
Preferred--------------- 25 —
Preferred B -------------- 25 —
Consol Gas E L & I’ow.lOO 107%
Preferred-------------- 100 112%
Consolidation Coal-----100 —
Cosden & Co, prof----------5
4%
Houston Oil, pf. tr ctfs.100
Manufacturers’ Financo.25
Monon Power A Ry-----25 —
Mt V-VV'db’y Mills v t rlOO
Preferred v t r--------100 48
Northern Central--------50
75
Pennsyl W ater* Pow-.lOO
14 %
United Ry A Elec--------60
Wash It A Anuap--------50
17%
Preferred..................... 50 33
Bonds—
Balt Elec stmpd 5 s.-.1947
Consol Gas 5s----------- 1939 99%
Consol Gas E I. A P 4%s’35
7% notes................... 1922
6 % notes_____________
7s .................
1931 1°5%
Consollda’n Coal ref 5sl950 88%
Convertible 0s.........1923 —
Cosden A Co 6s..................
Elkhorn Coal Corp 6s. 1925 97
Fair A Clarks Trac 5s. 1938
94
Fairmont Coal 5s____ 1931
Fla Cent A Pouln 6 s.. 1923
Georgia A Ala cons 5 s .1945
Ga Sou A Florida 6 s.. 1945 —
Md Electric Ry 1st 5s. 1031
98%
Monon V Trac 7s___ 1923
97%
Pennsy W A P 5s___ 1940
United E L A P 4 %s. .1929 ......




38
38
34
34%
2% 235
25
25
21% 21%
34
3434
25
25%
.50
.50
2
2 A
3% 3%
51% 51%
25%
25
26% 26%
107% 109
111 112%
84
85
4% 4%
84
84%
43% 43%
8
8%
14% 14%
48
52
74 % 75%
107% 107%
14% 14%
17% 17%
32% 33%
94%
99%
9034
10034
1003s
105
88%
1003s'
100
97
90
93%
98%
80
87%
94
98%
97%
93%

94%
99%
90%
10034
100%
105%
89
100%
100
97
90
94
98%
80
87%
94
98%
97%
63%

j

r

S a le s
fo r
W eek.
S h a re s.

,

.... i . . n —
.—

R a n g e s in c e J a n .
Low .

50 36
550 26
200
2%
5 22%
10 21
1.152 25
221 24
2,400
.35
210
1
500
2%
58 49
139 25
13 2534
621 91
294 105
110 80
2,318
434
115 78
75 II
400
6
10 10
44
135
391 72
296 9234
1,065
9
65 14%
390 29

1.

H ig h .

Mar 38
Jan 34%
Apr
2%
Apr 25
Apr 25
Mar 3434
Jan 25%
Jan
.50
Jan
2%
Jan
4
Mar 51%
Jan 26%
Jan 28
Jan 109
Jan 112%
Jan 85
Jan
434
Feb 84%
Jan 43%
Jan
8%
Jan 1734
Jan 55%
Jan 7534
Jan 107%
Jan 15
Jan 19
Jan 34%

Apr
Apr
Apr
Apr
Jan
Apr
Apr
Mar
Feb
Mar
Jan
Feb
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr

$1,000 88
Jan 94% Apr
8,000 93
Jan 10034 Apr
1,000 82% Jan 90% Apr
1,000 9935 Jan 100% Feb
2,000 9934 Feb 100% Jan
4,500 101% Jan 10534 Apr
25,000 86
Feb 8934 Jan
6,000 96% Jan 100% Mar
16,000 98% Mar 100
Jan
0.000 9434 Mar 07
Apr
2,000 87
Jan 91
Jan
Jan 94
11,000 92
Apr
1,000 96% Feb 9834 Apr
3,000 7034 Feb 80
Apr
Feb 8734 Apr
1,000 83
Jan 04
5,000 86
Apr
Jan 98% Apr
5,000 95
Jan 9734 Apr
10,000 92
1,000 8934 Jan 9334 Apr

1877
F r id a y
L ast
W e e k ’s R a n e e
S a le .
o f P ric e s.
P r ic e . L o w .
H ig h .

Bonds (C o n c lu d e d )
United Ry A E 4s___ 1949
Incomo 4s________ 1949
Funding 5s_________ 1936
do
sm all____ 1936
6s (w 1)______
1949
5% notes_____________
0 % notes_____________
Va Mid 5th series 5s. .1926
Wash B A A 5s______ 1941
* No par value.

72 %
5 5 'A

S a le s
fo r
W eek.

72% 563.000
57
65.000
76% 77:. 13.000
76 % 7 6 %
100
98 'A 99 152.000
99% 99% 4,000
100 % 100'^ 51.000
98% 98% 10.000
79
82% 82,000
7 2 'A
55 A

R a n e e s in c e J e n .

L o is .

1.

H ig h .

Mar
66% Jan 74
46
Jan 57
Apr
m
Mar 77% Apr
66
Mar 77% Apr
98% Apr 99
Apr
98% Mar 99% Apr
98
Jan 100% Apr
94
Jan 98% Apr
78% Mar 82% Apr

Philadelphia Stock Exchange.—Record of transactions
Apr. 22 to Apr._28, both incl, compiled from official sales lists:
Stocks—

F r ia a y
L a st
B'eel’s R a n g e
S a le .
o f P ric e s.
P a r . P r ic e . L o w .
H ig h .

S a lts
fo r
j
W eek. 1
S h a re s.

Alliance Insurance_____ 10
22 A
22%
140
American Gas of N J . . . 100
63
65
197
American Railways___ 5C _____
9.
205
9%
Preferred_______
100 _____
41
322
42%
American Stores_______ * 112
11134 11434 2,371
First preferred_____ 100
150 151
290
Second preferred___ 100 _____ 151 151
15
Buff A Susq Corp v t c.100
86
86
10
Preferred v t c_____ 100
52
55
35
Cambria Iron______ . 50 _____
39
39
35
Consol Trac of N J_
100
55
55%
250
Elec Storage Battery.. 100 166
165% 175
95
* 43
New (w 1)________
42
44%
860
General Asphalt..
10O _____
60
435
6434
Erie Lighting pref............ *
25% 26% 1,003
Insurance Co of N A ___ 10
35
35
416
3534
J G Brill Co____
100
43
47
715
Keystone Telephone
50 _____
150
935 10
Picfcrrcd_____
50 _____
32
33
40
Lake Superior Corp.. . 100 10
10
1034 2,615
Leh gh Navigation____ 50
74 Js 74% 77% 4,208
Lehigh Valley____
50 _____
82
6234 63%
Little Schuylkill_____ Too
38
8
38
Minehill A 8 II___
go _____
36
48% 48%
Pennsyl Salt Mfg___
50 ___
73
73%
22
Pennsylvania.
50 ...........
41% 4235 3,933
Penn Cent L A P
»
55
55
118
P ° prcf (c<im 6%) .50 38
3734 38% 1,370
I hila Electric of Pa
25 2’ % 28% 29
3,480
Preferred. _.
25 29% 29% 29% 2,029
Phlia Germ A Nor R R ..50 _____ 117 117
28
Phila Insul Wire
*
385
34% 38
PJHla Rapid Transit___ 50 33
31% 33% 12,682
Philadelphia Traction.. .50 67
274
67
67%
i hila A Western pref. ..5 0 _____
3234 32%
6
R eading_____________ 50
77
77
125
Tono-Belmont Devei.
1
1% 1% 2,410
1%
Tonopah Mining.
1
450
134 1%
Union Traction $17% pd 50 4134 41% 42
994
United Gas Impt______ 50 4 4 15 44% 45
1,684
Preferred_____
50 53
53
361
5335
Warwick Iron A S ____ 10
8
8%
460
834
West Jersey A Sea Shore.50 37
36
685
3734
Win Cramp A Sons___ 100 52
51
53%
275
York Railways________ 50 24
2334 24% 2,105
Preferred______ _____ 50 37
80
3634 37
Bonds—
U S Lib Loan 3%s.l932-47
99.56 99.56 $5,000
1st 4%s----------- 1932-47 _____ 99.60 99.88 1.200
2d 4 %s ------------- 1927-42
99.46 99.80 84,300
3d 4%s---------------- 1928
99.64 99.94 92,400
4th 4%s------------1933-38 ___ 99.66 100.00 379,850
Victory 4%s___ 1922-23 ___ 100.58 100.70 26,450
Amer Gas A Elec 5 s.. .2007 8434 8434 85.% 7,500
Small.................
2007
85
S5
600
Balt A Ohio 6s______ 1929
100 100
5,000
Elec A Peoples tr ctfs 4s '45
2,200
6934 70
Inter-State Rys coll 4s 1943
45
4535 6.0C0
Keystone Tel 1st 5 s .. .1935
80
80
1,000
Lake Superior Corp 5s 1924
35
35
3,000
Lehigh Valley reg 6 s.. 1923
10034 100% 1,000
Peoples Pass tr ctfs 4s. 1943
73
73
5,000
Phila Electric 1st 5 s .. . 1966 ""98"’ 9734 98% 53,000
Small____________ 1966 _____
97
98% 3,800
1st sinking fund 4s. .1966
79
79
2,100
6s______
1941 103 H 10334 103% 50,500
Small__________ 1941
103 A 103% 1,000
Reading gen 4s______ 1997
84% 85% 7,000
United Rys Invest 5s. 1926 ” 86% 86% 87
6,000
1No par value.

R an ge s in c e J a n . 1 .
Low .

19
47
4
20
83
114
123
74%
47%
37%
44
120
37%
55%
25%
30
36
7
27%
6%
66%
67
38
48
69%
33%
48%
36
23
27%
115
30
17%
58
29
72
1%
1%
34
38
60%
7%
27%
40
9
31%

Jan
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Fob
Apr
Jan
Jan
Mar
Jan
Apr
Jan
Max
Jan
Feb
Jan
Fob
JaD
Apr
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan

94.32 Jan
95.84 Feb
95.70 Jan
90.94 Jan
95.92 Feb
99.90 Jan
81
Jan
82
Jan
100
Apr
64
Jan
37% Jan
72% Jan
30
Jan
100% Apr
64
Jan
93
Jan
94
Feb
72% Jan
100% Jan
100% Jan
80% Jan
71% Mar

H ig h .

23
65
10
43
116
151
151
86
55
39
56%
179%
45%
66%
26%
35%
47
10
35
11%
77%
65
38
48%
74
43%
65%
39%
29%
29%
117
50%
33%
68%
33
77
1%
2
42%
45%
53%
8%
37%
53%
24%
37

Apr
Mar
Mar
Mar
Apr
Apr
Apr
Apr
Apr
Feb
Apr
Apr
Apr
Apr
Apr
Mar
Apr
Mar
Apr
Apr
Apr
Apr
Apr
Jan
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Jan
Apr
Apr
Apr
Apr
Mar
Feb
Apr
Mar
Apr
Apr
Apr
Apr
Apr
Apr

99.92 Apr
99.88 Apr
100.50 Apr
100.00 Apr
100.00 Apr
100.92 Mar
86
Feb
85
Feb
100
Apr
72
Apr
45% Apr
80
Apr
37
Apr
100% Apr
Apr
73
98% Feb
98% Apr
79
Mar
103% Apr
103% Apr
85% Apr
Apr
87

Exchange.—This week's: record
the Chicago Stock Exchange will be found on page 1860.

on

New York Curb Market.—Official transactions in the
New York Curb Market from April 22 to,A.pril 28, inclusive.
F r id a y ]
W e e k e n d in g A p r i l

Stocks—•

28—
Par

Industrial & Mlsccll.
tome Coal Mining_____
Acme Packing_________10
Allied Packers Inc____
Prior preferred..........
Aluminum Mfrs, com___ *
Amalgam Leath com.........•
Preferred......................100
American Hardware__ 100
Amer Hawaiian S S.........10
Amer I.t A Trac. com .. 100
Amer Pow A Light prei.100
Amer Writ Pap, com .. 100
Beechnut Packing____
Borden Co, common__ 100
Brier Hill Steel com_____ *
Brlt-Amer Tob ord bear.£l
Ordinary....................... £1
Brooklyn City RR...........10
Buddy-Buds, Inc*____
car Lighting A Power..25
Carlisle Tire........................*
Celluloid Co, pref____ 100
Cent Teresa Sug com ..1 0
Preferred........................10
Chicago Nipple Mfg cl A10
Cities Service com____ 100
Preferred..................... 100
Preferred B ....................10
Cities Serv Bankers’ sh__*
Cleveland Automobile...*
Colombia Emerald Synd..
Conley Tin Foil________ *
Continental Motors___ m
Curtiss Acropl A M com ..*
Denv A Rio Grando pf.100
Dort Motor Car................*

L a s t W e e k ’s R a n g e
S a le .
o f P r ic e s.
P r ic e . L o w .
H ig h .
n

50c
15L
11B
21 %

145

4%
39%
106%
16%

1%
2%

” i%

225%
65
" 22 %

28
75C
13%
9

‘76c’
20 %

S a le s
fo r
W eek.
S h a res

1% 39,400
75c 91,700
15
800
30
300
15%
200
1,800
11
12%
38
38
100
156 156
60
2 1 % 22
200
140 145
70
88
88
10
4% 4%
'
800
39
41% 8,300
106% 109%
65
18
18
100
16% 17
600
16% 16%
100
7% 8
3,100
1 %*, i'b i 4,400
93c 1 13
9,400
100
1% 1%
109 110
20
1%
2%
400
3% 3%
100
1%
2
90G
223 229
1,509
65
66%
950
5% 5%
100
22% 23% 7,900
28
29
300
65C 95c 15,000
13
14
900
9
8%
6,300
5
7
1,200
50c 75c
7,100
20
20 %
1,100
1%
40c
10%
30
15%

R a n g e s in c e J a n .

1.

H ig h .

90c
20o
4%
26
15
7%
36%
156
19%
113%
88
3
39
94
18
12%
12%
4%
45c
65c
1%
104
1%
3%
1%
168
61
4%
17
20
50c
10
6%
2%
38c
20

Mar
Mar
Mar
Apr
Jan
Feb
Mar
Apr
Jan
Feb
Apr
Feb
Apr
Feb
Apr
Feb
Jan
Jan
Jan
Feb
Apr
Mar
Jan
Mar
Apr
Jan
Jan
Jan
Jan
Jan
Apr
Feb
Feb
Jan
Jan
Apr

1%
7%
10
42,
17%
13%
41
166
24
147%
88
5%
41%
110
18
17%
17
8%
V A

1.13
2%
110
3%
4
3%
233
66%
6
24%
33
$1
16
9
7
75c
20%

Apr
Mar
Apr
Jan
Mar
Apr
Mar
Apr
Mar
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Jan
Feb
Feb
Jan
Apr
Apr
Apr
Apr
Mar
Mar
Mar
Apr
Apr
Apr
Mar

ISIS
Stocks (C o n c lu d e d )
Dublter Condenser* Radio*
Durant Motors Inc.........•
Durant Motors of fnd—.1(1
Eastern Steel common. IC
C
Eastman Kodak, new com*
Elec 8tor Bat new w 1 . •
Federal Light & Tr com 100
Federal Tel A Tel............. 6
Frontenac Motor w 1........

THE CHRONICLE
F r id a y
W e e k 's R a n g e
L a st
o f P r ic e s.
S a le .
H ig h .
P r ic e . L o w .

8*4
15*4
76 54
43
6*4
10 A

7*4
37
15 A
32 A

76

41A
10 A
6 A
10 A

66c
Gillette Safety Itaior___ * 215
213
Glen Alden Coal...............•
47*4 4 6 A
Goldwyn Pictures.........•
8*4
7A
13
13
Goodyear T A R com..IOC
Freferred__________ IO
C 38 A
37A
Grant Motor Car...........10
1
1
5
Griffith (D W) Class A .. . *
6
JM
Heyden O bem ...
.
1*4 92c
Ilocklng Val Products. .10
2 A
audeonCos. prot...........IO
C 17 A
17A
Hudson & Man RR corn IO
C 12
11
Hudson Mot Oar of Mlchwl 20 A
20 A
54
Inland Steel__________ 25 _
8
Intercontinental Rubb.100
8
95c
Kayser (Jul) A Co. w 1 . * 32
30A
Kirby Lumber, c o m ... 100 _____
45
Lake Superior Corp___100
10A
72
Lehigh Valley Coal Sales 50 72
Libby, McNeill A Libby. 10
2A
2*4
2
Lincoln Motor Class A ..50
1A
25c
Manhattan Transit____ 20 _____
MerccrMotors...................*
2H
3A
Voting trust ctfs______
3 A
2A
Morris (Philip! Co., L td.10 17*4 1 5 A
National Leather, new.. 10 _____
10
2
23
N Y Transportation___ 10 _____
North Amcr Pulp & Paper *
2341
2A
103',
Packard Motor Car com. 10 11A
40
Peerless Trk A Mot Corp 60 _____
Perfection Tire A Rubber.* _____
3 A
Pyrene Manufacturing.. 10
9*4
6a
4
Radio Corp of Amer.........•
6 *4
Preferred.........................6
3A
3 A
23
Reo Motor Car...............10 2 4 A
66c
Republic Rubber...............* 66c
Rotterdam Hank............... . 78 A
76 A
I!34
Schulte Retail Stores___ * _____
99
Singer Manufacturing.. 100 _____
98
4
Snows Fount Hold Corp. 10 _____
90c
Southern Coal A iron___ 5 95o
14
Spicer Mfg, common........ * _____
Standard Gas A El, pf. . .50 46
45 A
5
4A
Standard Motor Constr.10
42?.(
20 '
Swift International.........15 _____
2 A
Tonn Ry, L A P, com .. 10(1
3A
15%
Preferred__________ 100
15A
l'ob Prod Exports Corp..*
HA
5*4
70
67
Todd Shipyards Corp___ •
Torbenson Axle Co com ..* 2 4 A
24 A
58
Union Carb A Garb.......... * _____
1
1
United Cigar Stores co m ..
United Prof Sharing new 1 —
7A
6
On Retail Stores Candy. •
5A
17
U S Dlstilb Corp c o m ...50 _____
US Hoffman M com v t. c * 2 0 A
20 A
U 8 Light A Heat com .. 10 1%
1A
Preferred..................... 10 ...........
1A
U 8 Ship Corp________ 10
lie
10c
U 8 Steamship.................10
3M
56*4
Van Raalte Co, Inc...........♦
1*4
13 a
Wayne Coal...................... 6
80c
75c
West End Chemical. . .. 1
7A
Western Knitting M ills..*
6A
WlUys Corp 1st prcf--.10C
18*4 1 2 A
12 H
Certificates of deposit. . .
12 A
4
70
Youngst Sheet A Tube com*
F o r m e r S t a n d a r d O il
S u b s i d ia r ie s

20
98
33*4
141
52
188
183
_____
25*4
175
108
Northern Pipe Line___ 100
305
Ohio Oil........................ 25 317
596
Prairie Oil A Gas_____ 100 596
227
200
South Penn Oil.............100 205
Standard Oil (Ind)___ 26 10034 96
Stand Oil (Ky) new w 1.100 80*4 80*4
80
Blair A Co Interim rects.
393
Standard Oil of N Y__ 100 397
Vacuum OH...................100 _____ 400
20
Washington Oil_______ 10 _____
Anglo-American Oil___ £1
Buckeye Pipe Line.........50
Crescent Pipe Line.........50
Cumberland Pipe Lino. 100
Galena-Signal OH com 100
Illinois Pipe Line...........IO
C
National Transit___ 12.50

O t h e r O il S t o c k s

Alcon Oil Corp...................6
Allen Oil.............................1
Allied OH...........................1

20 A

_____
_____
141

2*K
2c

35e
2c

Arkansas Nat Oas, com .10 u
io*4
io*4
Atlantic Lobos OH, com..* _____
13c
13c
Boone Oil______ ______ 6
76c
Boeton-Wyomlng Oil___ 1 87c
30
Brlt-Amer Oil Ltd...........25 _____
5*4
Carlb Syndicate_________
5*4
Columbia Petroleum...........
1?4
1%
12
Continental Petroleum.. .5 12
3
3A
Continental Refining____
Cosden A Co, pref.............5
4A
4A
3
3 A
Creole Syndicate...............6
6c
6c
Cushing Petrol Corp____ 6
53c
Engineers Petrol Co____ 1 54c
Federal O il........................6
1A
1*4
Fensland OH.......................* 1 3 A
12*4
Gilliland OH. com.............«
r ,A
5*4
Glcnrdck OH....................10
lA
1*3
3
Granada Oil Corp cl A .. 10
29c
Hudson OH........................1 3 7 c
Imperial Oil (Canada) coup 109 A 105
16*4
Internat Petrol................ * 2 0 A
60c
Koystone Ranger D eveL .l 63C
12A
11
Kirby Petroleum_______ •
5c
Lance Creek R oyalties...1
14c
14c
Livingston OH Corp........ 1
Livingston Petrol............*
1*4
1*4
88c
Lyons Petroleum............... 92c
Maracaibo Oil Explor___ * 25
22*4
Margay Oil Corp_______ * ___
1*4
2
Marland O il......................
3A
3
Marland Refining............ r.




S a le s
fo r
W eek.
S h ares

R a n g e s in c e J a n .

8!? 32,100
7A
22 H
38*4 7,30(
16 S 14,201
8A
215 20
36*4
77 A
12,601
06
35
6,90(
44 A
19*4
101
19*4
7A
4,601
6*4
10*4
10*4 1,201
70c
90(
219,
635 169
47*4 1,90(
42
4
9A
48,°01
14
3,701
9*4
38
50C 24
401 50c
1*4
201
6*4
4*4
20f 50c
1 A 10,300 80c
3
70C
2*4
7*4
19*4 5.30C
3 A
13*4 5,400
21
5,800 20 A
55
200 49
6
8*4 2,100
1
800
33*4 11,200 20*4
50
200 32
300 10*4
10*4
76*4 1,125 66
3*4 23,000
2*4
2
2,000 75c
25c
1,000 25c
4
2,900
1*4
4
34,800
2
18
26,700
5*4
10
100
8*4
1J4
2J4
700
25*4
600 10
100
2
2*4
12
5,60C
5*4
11
30C 33 H
3*4
100
2*4
200
9*4
9*4
6*4 316,700
2*4
2
31 iii 54,800
*
25
8,000 18*4
4,000 20c
77C
635 76*4
79
1
400
2
100 34
34
200 1)9
100
98
10 97*4
200
3
4 34
98c 37,000 75c
16*4 9,700 9*4
3,000 44
46
700
6*4
3*4
45
3,600
400 17*4
20 A
3*4 8.700
1
200 10
16
3
6*4 2,900
73
1,195 70
27
3,200 2412
1(10 44
68
100
1
1
8
7,400
5
4A
6*4 9,000
100 12*4
17
21 A
2,700 20*4
38,890 75o
2%
600 960
1*4
4o
lie
18,000 10c
200
2 74
56 ■.
300 40
1*4 3,300 850
87c
7,000 60c
600
8
6*4
300
6
18 A
100 14*4
12 A
4
4
100
100 67
70
10,700 16*4
21 A
98*4
50 84*4
34
110, 28
141
20 115
325 40
63*4
80 161
188
400 27
31*4
175
1C 142
108
10 90
255 257
317
605
60 520
115 224
227
205
55 173
100*4 97,420 83*4
81*4 1,800 76
80*(
600 76*4
399
260 341
412
70 299
20
100 20
3
46 c
3c
6c
12*4
11*4
18c
88c
31
5*4
1*4
12
3*4
4*4
3*4
6c
61c
1%

14*4
8*4
1*4
3*i
16c
112
21
65c
13*4
5c
15c
1*4
99c
25*4
1*4
4*4
3

1,500
8,090
8,000
1,000
4,800
1,900
187,000
146,700
200
39,100
16,600
200
3,700
9,900
23,340
1,000
114,100
59,300
8,800
13,200
45,610
1,200
472,000
4,785
155,000
7,700
21,500
3,000
2,000
27,900
25,300
59,400
2,100
23,400
500

1

Low .

Apr
Jan
Jan
Feb
Feb
Fet)
Apr
Mar
Apr
Jan
Jan
Jan
Jan
Jan
Feb
Apr
;
Feb
Apr
Feb
Feb
Apr
Mar
Jan

8
120
670
29
3*4
1*4
6*4
1*4
4
1*4
3c
6O
0
1
9
4
830
2*4
7o
97*4
14

H ig h .

8*4
38*4
16*4
36*4
79
45
19*4
7*4
11*4
85c
223
49 *4
9*4
14
38*4
1*4
7*4
15^
1*4
3
19*4
13*4
21
55
11*4
1 13

Apt
Apr
Apr
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Mar
Jan
Jan
Apr
Apr
Apr
Apr
Apr
Feb

Feb
Mar
Apr
Feb
Apr
Feb
Apr
Apr
Feb
JaD
Jan

50
10*4
76*4
7*4
8*4
38c
4
4
18*4
11*4

Apr
Apr
Apr
Mar
Jan
Jan
Apr
Apr
Apr
Jan

Mar
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Apr

25*4
3*4
12
42
4*4
11
6*4
3%
25*4
77c
84*4

Apr
Jan
Apr
Apr
Mar
Mar
Apr
Apr
Apr
Apr
Apr
I‘)T
)
May

33*4 Apr

3

3

Apr 35
Apr 10014
Mar 98
Apr
Apr
Apr
4 A
Jan
2*6 Jan
Apr 1» *4 Apr
Mar 46*4 Apr
6
Jan
Apr
Apr
Feb
Jan
Jhii
Jan
Apr
Jan
Apr
Mar
Jan
Feb
Apr
Jan
Feb
Mar
Jan

23*4
3*4
17*4
7*4
80*4
27
59*4
1*4
8 A

6*4
20*4
22*6
2 As

1*4
lie
15c

Jan
Mar
Feb
Apr
Mar
Apr
Mar

70

Feb
Apr
Feb
Feb
Apr
Mar
Feb
Feb
Apr
Feb
Apr
Apr
Apr
Jan
Jan

61

Mar
1*4 Apr
87o
8
Apr
20*4 Apr
Apr
14 A
Apr

Jan 2Ut
Jan 100
Jan 35
Jan 160
Jan 54
Jan 188
Mar 31*4

Apr
Apr
Feb
Jan
Feb
Apr
Apr

Jan 108
Jan 317
Jan 605
245
Feb 205
Jan 100*4
Apr 84
Apr 83
Jan 390
Jan 410
Apr 29

Apr
Apr
Apr
Feb
Apr
Apr
Apr
Apr
Apr
Apr
Feb

2*4 Apr
30c Feb
2c Jan
8*4

1.

Feb
Jan
Mar
Mar
Jan
Jan
Mar
Jan
Feb
Mar
J bd
Jan
jn u

Jan
Mar
Jan
Feb
Jan
Jan
Mar
Mar
550
Apr
Apr
10 A
4c Mar
14
Apr
1*4 Jan
680
Jan
18*4 Jan
1
Mar
1
Jan
2
Jan

3A

Apr

4c

Jau

Apr
13
11*4 Apr
290 Jan
880 Apr
31
Apr
5*4 Apr
2
Mar
17
Mar
4
Mar
5
Fob
3*4 Apr
12c Mar
72o Jan
1*4. Apr
14*4 Apr
9*4 Apr
1*4 Jao
3*4 Mar
600 Mai
Apr
112
21
Apr
1*6 Jan
26 A Feb
10c Jan
27c Mar
1*4 Mar
1*6 Mai
27 H Mai
2*4 Jan
4*4 Apr
3
Mar

Other Oil
Stocks (C o n c lu d e d )

[V ou 114.
F r id a t 1
S a le s
L a st
W e e k 's R a n g , e
fo r
o f P r ic e s.
S a le .
W eek.
P a r ■ P r ic e . L o w .
H ig h . S h a r e s

Meridian Petroleum.. . . I t 1 ..........
Merritt Oil Com____ . .I t | 62*4
;
Mexican Eagle Oil___
Mexican Seaboard OH. " *■" 4 4 A
Mexico Oil Com.
H it 1 3*4
Midwest Oil common- . . . i
Mountaln & Gulf O il.. . . . i’ "96c"
Mountain Producers.. -1C 1 i5*4
Mutual Oil...................
7*4
Nat Oil of N J com__ ..1Cl 60c
New York OH...............
24*4
Noble Oil <t Oas___
1
NocoPetrol.com
North American O il.. . .. 6 i
1*4
Northwest O il........... .. 1
Ohio Ranger________ ...1
Sc
Omar OH & Gas
10l
2
f’ennok Oil................... - 1 0 i
5*4
Premier Ref & Mfg___
3*4
Producers & Refiners..- 1 0
6*4
Red Bank Oil...............
20c
Red Rock OH & G as...- . 1
lA s
*
Ryan Consol.............. .
5*4
Salt Creek Consol OH..
14
Salt Creek Producers..- 1 0
16*6
Sapulpa Refining........ .. .. 6
3*4
Seaboard Oil & Gas__
• 10*4
Simms Petroleum___
Skelly Oil.................... .- 1 0
8
South Petrol * Refln
Southwest OH____
1
Spencer Petrol Corp.....10
Stanton Oil_______ - . 5
20o
Texas Ranger.........
. .. 5
2C
Tex-Ken Oil Corp___ . .. 5
Texon OH & Land____...1
70o
Tidal Osago Oil............ * 14*4
Non-voting stock___
11*4
Turman Oil........
...1
*1*4
victoria OH__________
65c
Vulcan Oil. _____
A
Western States Oil * Gas. 1
Whelan 011 _________ ...1 " 45c
___
White Eagle Oil & Ref.
Wilcox Oil & Gas.......... __6
Woodburn OH C orp... * 65c
"V" Oil < Gas.
V
.-J
18c
Mining Stocks
A'aska Brit Col Metals.. . . i
3*4
Alpha Mines Co............
28c
Alvarado Min & Mill. .20
Amer Com M & N ___
ioo’
American Exploration. - i
2*6
Anglo-A in Corp of 8 Af w i 22*6
Big Jim Cons__
Big Ledge Copper Co... .. 5 21c
Bon Alaska Mining___
82c
Boston A Montana Corp 25 95c
Boston A Montana Dev__6 20c
Caledonia Mining...........1
Calumet & Jerome C op.. 1 21c
Canada Copper C o .... ...6
50c
Candalarla Silver____ ...1
27c
Cash Boy Consol.......... . . . 1
4c
Combination Fraction. _
Cousol Arizona............
4c
Consol Conner Mines.. - 5
1*4
Consol Nevada-Utah..
8c
Copper Canyon............
Cortez Silver................ ...1
95c
Cresson Con Gold M & M . 1
Davis-Daly M in ......... . .1
Divide Extension_____ ...1
Dolores Esneranza___ 5
El Salvador Silver Mines. 1
6c
Emma Silver.......... ..... - 1
3e
Eureka Croesus........ .. ...1 2,8c
First Nat Copper_____ - 5
70c
Florence Silver_____
Gadsden Copper_____
I8f6
Goldfield Consol Mines. 10
Goldfield Florence____ ...1 25c
Goldfield Kewanus___
Gold Zone Divide____ ... 1
Hard Shell Mining___ ..1
15c
Barmin Divide.............. 10c
Hecla Mining........ ....... 25c
6*4
Holllnger Cons O M ... . .6
9*4
Howe Sound Co______ —1
3*4
Independence Lead M in.. 36c
Iron Blossom................. 10c
Jerome Verde D e v el...
3*4
Jim Butler Tonopah... -.1
Julia Cons Mining.........
Jumbo Extension........... __l
Kerr Lake___________ . 5
4
Knox Divide.............. l°c
4c
La Rose Consol Mlncs.
31c
MacNamnrn Mining . . . .V l
9c
Magma Chief.......... .. . . I
7c
Magma Copper______ - 6
29*4
Marsh Mining_______ - 1
Mason Valley M ines... —6 '""2*4
McKlnley-Darragh-Sav - 1
32c
Morington Mines........
Mother Lode Conlltton. *
8
National Tin Corp____ 50e 50c
Nevada ODhlr_______
40c
Nevada Silver Hills___
6c
New Cornelia...............
New Dominion Copper.
Nlplsslng Mines........... . i """5*6
Ohio Copper.................. .10
Ray Hercules Inc_____
i*4
Rex Consolidated Min. - 1
10c
Rochester Silver C'orp..
San Toy Mining_____ -.1
Silver Dale Mining___
13c
Sliver Pick Consol____
16c
Simon Silver-Lead......... -.1
South Amer Gold A Plat —1
5*4
Southwest Metals.........
Standard Sliver-Lead.. —1
Stewart Mining______ - 1
16c
Superstition M ining... - 1
iv.ck Hughes________ __ "66c"
Tlntlc Stan Min______
Tonopah Belmont Dev. —1
Tonopah Dlvldi_____
""soc"
Tonopah Extension___ —1
Tonopah Midway........
Tonopah Mining......... - 1 “ "i*4
Tonopah North Star__ —1
Tri Bullion S & D ........ - 5 " 26c"
Tuolume Copper...........
70c
United Eastern Mining —1
1V6
United T e x a s ..............
24c
united Verde E xten... 60c
U S Continental Mines, new ""47c"
Unity Gold Mines____ - 5
Victory Divide
10c
le"

8c
11

16*4
41*4
3
3
95c
13*4
7*4
60c
18*4
22c
3*4
1*4
16C
7c
1*4
5*4

2*4
6*4
20c
45c
5*4
13*4
14 A

3*4
1a

• 10 A

6*4
1*4
3c
1*4
10c
2c
1*4
55c
13*4
1014
iks
60c
50c
30c
45c
22
4
65C
17c

60c

Low .

80 Api•
8*4 Jai1
14*4 M'lir
45 H: 63.00:I 28 A Fet)
4 H s 27,09;>
1 W i Jai 1
3
20C)
2*4 Fet)
96c
7,03:) 70c Jar1
15*4; 35 ,20c
I
9*4 Jat:1
544 Jar1
7*4; 22 ,20c1
75c
i,oo:)
75c Api•
21*4; 2,3 cI 11A Mar
24c 41,20C) 13c Jan1
10C
1
1*4 Apr3*4
2*4: 4,6031
1*6 Api•
25c 17,0031 15c Jar1
8c
5,20C
60 Jan1
2 If, 145,203
67o Mai•
5*4 5,903
4*4 Jan1
2,303
3*4
2J< Apr
7
5
600
Jan
22c 49,033 14c Apr
8,033 30c Jan
1A
500
6 A
4*4 Fob
14*4 13,103 10
Apr
16*4 •21,130 12*< Jan
2*4 Feb
3*4 10,033
100 80c Mar
1*4
9*4 Jan
11*4 18.200
96,309
8
4*4 Mar
2 A
1,400
1*4 Apr
le Feb
3c
3,000
400 75o Feb
1*4
3c Jan
20C 11,000
lc Mar
2c
■1,030
100
1
Jan
1*4
70c 173,200 40c Jan
jan
14*4 2,300 10
111-4
700 10
Apr
. 1**6 84,800 1 1*6 Apr
70c
2,500 50c Apr
200 1 50c Jan
50o
30c
1,030 1 22c Mar
3,030 ! 25c Mar
45c
100 22
22
Mar
4*4 3,300
2A Jan
1,800 60o Jan
68c
lfifl Feb
10c

35.10C)

12*1I 15.30C)
16*(;
10c
)

3*4 3*4 5,000
28c
37c 21,033
103
6*4 614
6c
10c 49,000
2*4 3*4 11,601
21*4 22*4 1,403
6c
6c 1.033
19c
21c 30 033
S2c
42.703
1
65c
1.08 326 300
16c
21c 196,803
6c
6c 2,003
21c
23c 3 033
47c
59c 27,033
26c
34c 97,503
4c
4c 3,033
2c
2c 1,003
4c
10c 15,033
l»fa 2 A s 48,050
4c
Sc 9,03)
90c
0 )c
100
91c
95c 27,10)
2 A s 2*4 3,203
603
7*4 7*4
19c
20c 17,033
1*6 2*4 2,503
5c
H 4.033
e
3c
3c 23.033
28c
31c 107,403
70c
83C 1,033
75c
503
75c
2,503
1A s 1 A
9c
10c 17,033
25c
35c 31,033
3c
4c 4,003
12c
14c 12,033
12c
17c 10,033
lie
12c 10 003
6
6*4 4,300
300
9*4 9*4
3*4 3*4 4,600
320
37c 125.000
20o
20c 1,009
2,503
3*4 4
,8c
8c 1,003
30c
30c 1,000
5c
r,c 1,00C
3*4 4*4 2,300
4c
4c 2,000
31c
31c 1,000
!)C
11c 14,000
7c 2,000
5,503
28*4 30
7c
8c 7,030
2*4 6,800
24c
40c 140,033
lie
13c 5,003
7*4 8*4 •tiiooo
49c
52c 21,400
35c
43c 42,309
2c
6c 40,003
100
18
18
700
2*4
5*6 6*4 5,030
13c
13c 1,000
4C0
1*4 1*4
9c
12c 127,000
17c
20o 3,100
6c
6c 5,000
12c
13c 21,000
16c
20c 21,000
68c
80c 2,200
23,450
4*4
600
14
14*4
16c
17c 2,003
10C
14c 59,700
3c
3c 2,000
54c
62c 9,500
500
2*4 2*4
1*4 1*4 3,500
79c
84c 31,400
1*4 2,4091
1%
9c
9c 1,0001
i ls,ft 1% 2,400
5c
5c 2,000
15c
20c 7,000
65c
75c 5,200
1*4 38,710
1%
24o
26c 2,000
500
28
28
42c
47c 6,000
300
3*4 3*4
le
1c 3.non

1.

R a n g e s in c e J a n .

.

1*4 Jan
28e Apr
6
Mar
60 Apr
2*4 Apr
11 A Apr
3c Jan
15o Mar
82c Apr
65o Apr
10c Apr
4c Feb
13c Jan
Po Mar
19o Jan
■lc Feb
2c Apr
2o Jan
97c Mar
2c Feb
90c Jan
840 Jan
2*4 Jan
6)4 Jan
Uo Mar
82o Feb
2e Mar
le Mar
18o Jan
fiO
o Fob
15c Feb
59c Mar
3c Jan
15o Jan
2c Jau
80 Mar
120 Jan
llo
Jan
4*4 Jau
7*4 Jan
2*4 Jan
O
o Jan
10c Mar
2*4 Jan
G
c Jan
24c Apr
2c Jan
3
Mar
3c Jan
25c Jan
6c Jan
6c Jan
26 A Jan
4c
Jan
Jan
1A
Uo Jan
11c Apr
6*4 Jau
27o Mar
26o Feb
2o Jan
17*4 Jan
Jan
Apr
6A
7c Mar
l
Feb
60
Jan
16c Jau
lc Jan
2o Jan
2c Jan
49c Feb
4*4 Apr
10
Mar
100 Jan
2c Jan
3c Apr
20c Jan
1*4 Jan
1% Jan
46o Mar
1*6 Feb
Feb
Jan
l i t
2c Feb
5c Mar
45 c Mar
Apr
1A
24c Apr
27 Mar
42c Apr
3
Apr
le Mar

H ig h .

20o Mar
12*4 Apr

19*4i Fob
Apr
Mar
Apr
3
96c Apr
15*4 Apr
7*4 Apr
3
Feb
24*4 Apr
35o Mar
5
Mar
2*4 Apr
34c Mar
12o Mar
9.
Afir
Jan
6
6*4 Feb
7
Apr
350 Jan
1*4 Apr
6*4 Apr
14*4 Apr
16*4 Apr
3 A
Apr
1*4 Apr
12*4 Jan
8
Apr
5
Jan
3c Apr
2
Mar
24c Mar
3c Jan
2
Apr
75o Mar
14*4 Apr
11*4 Apr
1% Apr
l A s Jan
65c Apr
38e Mar
50c
Mar
24*4 Jau
5
Mar
SI Feb
88c Jan
4 7 H:
4A ,

4*4
40c
8
ICe
3*4
24*4
10c
2l)o
$1
6
Ole
7c
35c
65o
34o
6c
2c
10c
2 As

8e
1

95c
8
7*4
21o
2*4
8c
4c
32o
1
22c
1.38
120
30c
5c
15c
48c
17o
6*4
»54
3*4
37c
32c
5
10c
30c
6c
4*4
6c
63c
14c
7c
32*4
O
o
2*4
400
13c
0*4
65c
620
60

18*4
2*4
0*4
14c
•1*4
12c
21c
lOo
13c
23c
90c
5*4
16
18o
16c
6c
620
2*4
1*4
85c
1*4
14c
l'A e

5c
20c
80c
2*4
26c
29*4
55c
5*4
2o

Apr
Apr
Jan
Apr
Apr
Mar
Feb
Jan
Apr
Jan
Jan
Jan
Feb
Apr
Apr
Jan
Apr
Apr
Apr
Apr
Mar
Mar
Jan
Mar
Jan
Apr
Mar
Mar
Jan
Apr
Jan
Apr
Apr
Apr
Feb
Apr
Mar
Feb
Feb
Mar
Mar
Apr
■ an
T
Feb
Feb
Apr
Apr
Apr
Mar
Mar
Mar
Feb
Feb
Mar
Apr
Apr
Apr
Jan
Apr
Mar
Mar
Jan
Jan
Mar
Apr
Apr
Apr
Jan
Mar
Apr
Mar
Apr
Jan
Feb
Feb
Apr
Apr
Apr
Jan
Mar
Jan
Feb
Apr
Fob
Jan
Apr
Jan
Jan
Apr
Jan
Jan
Feb
Feb

A pril 29 1922.]

Mining (C o n c lu d e d )

P ar.

THE CHRONICLE
F r id a y
L a st
W e e k 's H a n o t
S a ls .
o f P ric e s.
P r ic e . L o w .
H ig h .

S a le s
fo r
W eek.
S h ares

R a n g e s in c e J a n .
Low .

1.

H ig h .

Volcano Mining................... 48c
50c 16,000 44c Mar 55o Mar
48c
West Dome Cons........ .......
15c
15c 3.000 15c Apr 15c Apr
West End Consolidated..5
l%Mar
Feb
lK o
i*/6 I X 14,600 70o
White Cap Extension____
3c Apr
2c
2c
3c 4.000
2c Apr
Yerrlngton Consolidated..
2c Apr
lc
lo
lc 1.000
2c Apr
Yukon Gold Co.................6
1
IX
Jan
1
9,300 96o Apr
IX
Bonds S
Apr
Allied Pack conv fleb 6s ’39
Jan 85
84)4 847,000 59
83
Apr
Certificates of deposit.. .
60
64
48,00') 5054 Jan 64
Allied Pack 8a 8er B w 1 '39 90M 90
Feb 96)4 Apr
94
40.000 76
Aluminum Mfra 7s__ 1926
16.000 100)4 Jan 102)4 Apr
102)4 102J4
Apr
7s............................... 1033 105 M 105)4 106
33.000 102)4 Feb 106
Amer Cotton Oil 6 s ... 1924
Feb 9954 Apr
98)4 9954 37.000 93
Amer Light * Trao 6s. 1925 I m l i 106 107
JaD 107 )4 Apr
48.000 90
Mar
‘'
Amer Tel A Tel 6s___ 1922 1 0 0 X 10054 10054 26.000 99)4 Jan 101
Os.......... ....................1924 101M 101)4 101)4 61,000 99)4 Jan 10178 Apr
Am Tobacco 7s--------1923 102 ( 10254 102)4 19.000 101) 4 Jan 102)4 Feb
anaconda Cop Min 7s 1929 103 X 103 X 103)4 75.000 100)4 Jan 103) 4 Apr
6% notes Series A .. 1929 100 X
9954 100)4 58.000 9654 Jan 100M Apt
Feb
Anglo-Amer Oil 7 Ms. .1925 103 X 103 X 10354 21.000 102 34 Jan 104
Armour & Co 7 % notes.’30 100 M 100'4 10054 52.000 101*4 Jan 104 54 Apr
Apr
Atl Gulf < W ISS L 6s 1959 58
fc
57 X
Apr 59
45.000
57)4 59
Mar 106 54 Apr
larnsdall Corp 8s. .1931
130.000 97
Apr 64
Apr
Beaver Board 8s ctf dep ’33 '6 4 " 105 10654 1,000 64
64
64
Bethlehem Steel 7s__ 1923 101M 103)4 10454 202.000 100)4 Jan 10454 Apr
Apr
Equipment 7s_____ 1935 103
100)4 Jan
102) 4 103)4 109.000 104)4 Feb 103)4 Mar
110
Canadian Nat Rys 7s. 1935
34.000
109 110
Canadian Pao Ry 6 s .. 1924
Jan
Jan
10154 101)4 10 000 99)4 Feb 101)4 Apr
106
Osntral Steel 8s w 1...1941 103 M 103) 4 105
24.000 98
Charcoal Iron 8 s ........1931
64.000 92)4 Mar 99)4 Apr
99
98
“
99)4
Feb 98
Apr
Cities Scrv deb 7s scr C .’O
O
17.000 87
98
96
Mar 90
Anr
Deb 7s ser D ______ 1966
1,000 85
90
Mar
Col Grapbophone 8 s .. 1925 45M 90
53.000 22)4 Jan 49
47
42
Apr 40
Certificates of deposit
Mar
36
38)4 27.000 31
Apr 59
Apr
Consolidated Copper 7 s .. .
7,600 52
59
59
Feb 10154 Jan
Consol Gas N Y 7 s ... 1922 101H 10154 10154 36.000 101
Jan
Apr
Cons Gas EILAT Balt 7s ’31
105 10554 21.000 102 M Feb 105)4 Apr
99
38.000 94
Consol Textile 8s.........1941
98 >4 98) 4 99
Jan 103
1,000 101
Jan
Copper Exp Assn 8s__1923
102 X 102)4
4.000 102)4 Jan 103)4 Apr
8 % notes Feb 1 5 ... 1924 103
10254 103
Mar
8% notes Feb 15....1925 101M 101)4 104)4 29.000 10354 Feb 105
Apr
43.000 102)4 Jan 106
*uban Tel 1st 7 ^ 8 ...1941 106
105 106
Cudahy Pack 7s...........1923 101M 101)4 101)4 3.000 1 0 0 X Jan 101)4 Apr
Feb 101)4 Apr
28.000 96
Deere A Co 7Ms........ 1931 101
loo"f ini
98
Mar 99)4 Apr
D e l* Ilud Co 5 H s ---1937 99 X
9 9 ) 4 99)4 277.000
Empire C.as A Fuel rts .1924 101V 10014 101)4 118.000 92)4 Mar 101) 4 Apr
Apr
Freeport Texas Co 7s. 1937 100 X 100 X 102 141.000 100)4 Apr 102
Feb 98
30 000 96
Galr (Robert) Co 7s.to.’37 97 X
Apr
97)4 98
11,000 100)4 Jan 104
Apr
Galena-Signal Oil 7 s .. 1930 lo t
10254 104
Jan 107
11,000 102
General Asphalt 8 s...1930 107
Apr
105 107
Goodrich (B F) Co 78.1925 100 X
99)4 10054 111.0001 96)4 Jan 100) 4 Apr
32.000 102
Grand Trunk Ry 6MS-1936 105)4 105)4 106
106
Mar
Gulf Oil Com 7s........ 1933 101 % 104 10154 45.000 10254 Jan 10454 Apr
Hein* (H J) Co 7s___ 1930 104)4 104)4 ior.54 31.000 103)4 Feb 10554 Apr
Feb 102) 4 Apr
Hershoy Chocolate 7M* ’30
102)4 102)4 2 ,000 100
Holland-Amer Line 6s. 1947
92)4 9254 198.000 92)4 Apr 93)4 Apr
Jan 100
45.000 05
Hood Rubber 7% notes ’36 98)4 9854 99
Apr
Humble Oil A Ref 7 s.. 1923 101 H 101 X 10154 50.000 99)4 Jan 10154 Apr
Interb R T 8s J P M recta.. 84)4 80)4 85)4 898.000 72
Jan 85)4 Apr
7% notes____ _____ 1921
Jan 92
91
92
14.000 76
Apr
fnt A Grt Nor Ry 5s. .1914 63)4 59
04 561.000 56)4 Apr 64
Apr
Kansas Gas A El 6s w 1 1925 96)4 96) 4 97
95)4 Apr 97) 4 Apr
86.000
Kayser(Jul)A Co 7s.to. 1942
19.000 99
Feb 104) 4 Apr
101)4 102
Kennecott Copper 78.1930 106
106 106)4 54.000 101)4 Jan 106)4 Apr
Kings Co Ltg 0 >48 w I......... 98
97) 4 98)4 33.000 90)4 Mar 99
Mar
Lacledo Gas Light 7s........
99)4 98
9954 49.000 94 X Feb 98) 4 Apr
Libby McNeill A Libby 7s ’31
9854 M I X 42.000 9854 Apr 101 X Apr
Llggett-Wlnchester 7s 1942 101
101
10154 12.000 98)4 Mar 101) 4 Apr
Manitoba Power 7 s ... 1941 95
94)4 95)4 39.000 89
Jan 96
Mar
Marland OI17MS.........1931
9654 98)4 97.000 9554 Apr 98)4 Apr
Morris A Co 7 Ms........ 1930 105
105 105
6,000 102)4 Jan 106
Apr
Nat Acme Co 7MS---1931 9 7 X
97)4 98)4 97.000 92
Mar 98)4 Apr
Nat Cloak A Suit 8 s .. 1930
103)4 103)4 3.000 95
Jan 10354 Mar
National Leather 8 s .. 1925 99 X
60.000
Jan
99
Apr
f» Y N H A Hartf 4 s.. 1922 9454 92 X 100)4 196.000 96)4 Jan 101
“
95
68)4
95
Apr
500 franc bonds------82
79)4 82
56.000 72)4 Apr 82
Apr
7s w 1......................... 1925 90)4 89
Mar
92)4 1618200 77
12)4 Apr
500 Franc bonds........
75
72 X 75 1936,500 64)4 Mar 75
Apr
North Amer Edison 6s.1952 0254 9 2 X 9254 199,000 92)4 Apr 93
Mar
North Ohio Tr A L 6s 1947 96)4 96
9654 30.000 95) 4 Apr
Apr
Parls-Lyons-Medlter 6s ’58 8354 8354 85 :837,000 83)4 Mar 9654 Apr
85
Philadelphia Co 6 s ...1944
Jan 98 X Apr
9754 9754 44,000 93
Phlla Electric 6s........ 1941 103)4 103)4 10354 104,000 100) 4 Jan 10354 Apr
Pallllps Petrol 7WS...1931 112
43.000 101
110)4 "
112
Feb 112
Apr
Procter A Gamble 7s. .1923
10154 102
16.000 101)4 Jan 102
Feb
Producers A Ref 8s w 11931 103
103 103
Apr 103
1.000 103
Apr
Public Berv Corp 7s w I 1941 103
100)4 104 204.000 96) 4 Fob 104
Apr
Saks A Co s f 7s--------1942 10054 100 10054 51.000 99)4 Mar 100)4 Apr
Sears. Roebuck A Co 7s '22
100?4 100)4 16.000 98)4 Jan 101) 4 Apr
7 % ser notes Oct 16 '23 10154 10154 10154 16.000
97
Jan 102
Apr
San Joaquin LAP 6s w 1’25 100
100 100
3.000 100
Apr 100
Apr
suawsheen Mills 7S...1931 10454 104) 4 105
16,000 101
Jan 105
Apr
Skolly Oil 7Ms..............1931
10254 10254 1.000 100
Jan 103
Apr
Solvay A Cle 8s.......... 1927 101)4 10454 105)4 50.000 102) 4 Jan 105)4 Apr
Southw Bell Telep 7 s. 1926 102 ‘ ■ 102)4 103)4 88.000 1 0 0 X Jan 103)4 Apr
Stand oil of N Y deb 6Ms ’33
10554 106 X 60,000 10554 Mar 108 M Jan
7% ser gold d e b ... 1926 106
105) 4 106
22,000 104
Jan 106
Apr
7 % sorlal gold deb.. 1926 1 0 5 X
105 X 10554 11,000 104
Jan 100
Jan
7% ser gold deb...1927
10554 10554 7.000 104)4 Feb 106)4 Jan
7% serial gold deb.. 1928
105)4 106
n.ooc 105
Feb 106)4 Jan
7% serial gold deb.. 1929 10654 106 10654 28,000 105)4 Mar 107)4 Jan
7% aerial gold deb.. 1930 1 0 7 X 106) 4 107)4 31.000 106
108) 4 Feb
7% ser gold d e b ...1931
108)4 109
23.000 107)4 Mar 110)4 Jan
Stewart Warner 8s___ 1926
108 108)4 5.000 100 34 Jan 109
Apr
Sun Co 7 s ................... 1931 101
10054 101
9.000 98) 4 Jan 10154 Apr
Swift A Co 78............. 1925 101)4 101)4 10154 48.000 100)4 Jan 101)4 Jan
7s ______ Aug 16 1931
103 103>/4 15.000 101
Jan 103)4 Apr
Texas Co 7% notes...1923 10154 101)4 102)4 69.000 100)4 Feb 102)4 Apr
Tidal Osago Oil 7s___ 1931 103
103 104 X 10.000 99) 4 Jan 104) 4 Apr
Toledo Edison Co 7s to 1941 107
106 107 X 49.000 103)4 Jan 107)4 Apr
United Oil Producers 8s '31 108)4 106 108)4 105.000 90
Feb 110
Apr
United Rys of Hav 7Ms ’30
104)4 106)4 19.000 100
Jan 108
Apr
Vucuum Oil 7s______ 1936 10654 10654 107
33.000 106
Jan 107)4 Feb
Warner Jug Ref 7s. t o . 1041 10054 100 10054 91.000 9454 Feb 100)4 Apr
Western Eleo conv 78.1925 10854 10854 10854 58.000 10354 Jan 109) 4 Mar
WcslernStates C, A E 6s’47 96
96
96
3,000
96
Winch Repeat Arms7Ms’41 10054 10054 101)4 21.000 9354 Mar 101 M Apr
i Jan
9654 Mar
Foreign Government
and M unicipalities.
Argentine Nation 7 s.. 1923 100
99)4 100)4 210.000
Jan 100)4 Apr
5s small bonds____ 1945
79
83
37.000
Jan
83 Apr
(Berlin 4s............................
3) 4 3) 4 010.000
3
M ar
5)4 Jan
(Dresden 4s........................
2)4 2)4 09.000
2)4 Apr
5
Feb
(Elberfeld 5s...........1932-52
5)4
5)4 O X 0180000
454 Apr
O X Apr
(Hamburg 4s.......................
4) 4 4 ) 4 25.000
354 Apr
4 34 Feb
Mexico 4s__________ 1945
5034 155.000 45
4754
Apr 5 2 X Apr
38...............- ......................
15)4 15)4 5.000 13)4 A pr 15)4 Apr
5S.......................................
21)4 22)4 40.000 19
Apr 22)4 Apr
Philippine Govt 5s-----1952
ini'
103)4
5.000 103)4 M ar 103)4 Mar
5M s..................
1941
100 1. 100)4 5.000 103)4 Jan 10714 Mar
Russian Govt 6Ms— 1919 23)4 23)4 28
26.000 13)4 Jan 30)4 Apr
Certificates..................
10
25
76.000 13)4 Jan 26 X Apr
5Ms............................1921
19)4 26
33.000 13)4 Jan 28
Apr
Certificates..................
23
3
3.000 1 5 X Feb 26)4 Apr
Int 5Ms F A A____ 1926
6
0
30.000
4)4 Mar
0
Apr
Solssons (City) Franc 6s ’36 86
8554 87
72.000 85)4 Mar 88)4 Apr
Switzerland Govt 5 Ms 1929 101)4 101)4 101)4 196.000 95 X Jan 107.'* Mar
* No par value, t Odd lots. I Listed on the Stock Exchange this week where
additional transactions will bo found, o New stock, w When Issued x Ex-dlvldend. v Ex-rights, x Ex stock dividend, t Dollars per 1,000 lire; flat. (Dollars
pec 1,000 marks, g Marks, k Correction




1879

Quotations for Sundry Securities.
, B id A s k
Anglo-American Oil new. £l *20
20*2
Atlantic Refining:._____ 100 1)1120 1145
1 113*4 115
Borne Scrymser Co......... 1001 355 370
Buckeye PIpe 1.1ne C o.. . 501 *97
99
Chesebrough Mfg new .. 1001 190 195
Preferred new________1001 109 112
Continental O il..............1001 142 146
35
Crescent Pipe Line C o.. 501 *33
1 140 160
Cumberland Pipe Line
1 101 103
1 53
65
1 108 112
1 102 105
1 186 189
iLiwiunu i i|w uue
__ ou 1 *99 102
1
International Petrol.(no par) *20*4 20*2
1 *30*2 31*2
1 174 17/
|! 107 10)
>.*315 320
,1 *30 32
600 610
22 J 233
a iniuv l iyL DllltJ-. . . . . . 1
8olar Refining................ 100 3 0 370
Southern Pipe Line C o.. 100 102 105
South Penn Oil...............100 215 220
65
Southwest Pa Pipe Lines.100 63
Standard OU (California) 25 •110*2 111
Standard Oil (Indiana).. 25 *100*8 100*8
560 Io70
•81
82
195 '205
*18212 183*2
114*4 115
395 ,398
460 480
*116 •118
30 ! 35
101*2 103
10 *2 106*4
405 410
♦20 30

Joint. Stk. Land Bk. Bonds
Chic Jt Stk Land Bk 5s. 1939 9934 100U
10178 102*2
5s 1951 opt 1931........
104*4.105*4
5)48 1951 opt 1931...
RU. Equipments — P e r C t B a s i s J
Atcb Topeka A Santa Fe 6s. 5.60 5.20
Atlun Coast Line 6s A 6)48 5.60 5.35
Baltimore A Ohio 4)48 A 6s. 6.80 5 . 4 0
Buff Roch A Pitts 4s * 4)4 e 5.60 5.20
5.60 5.20
Equipment 6s...................
5 0 5.25
Canadian Pacific 4Ms A 6a.
Caro Cllnchfleld * Ohio 5s . 6.00 5.50
5.87| 5.40
Central of Georgia 4 He___
Central RR of N J 6a..........
5.50 5.20
Chesapeake * Ohio 6s A 6 Me 5.60 5.25
5.60 5.35
Equipment 5s.................
7.00 5.70
Chicago * Alton 4)4s, 5 s ...
Chicago Burl A Quincy 6 s .. 5.60 5.20
6.50 5.76
Chicago A Eastern 111 5Ms.
6.00 5.40
Chicago Ind 4 Loulsv 4Ms
Chicago St Louis 4 N O 6 s .. 5.60 5.25
Chicago 4 N W 4)4s............. 5.50 6.10
5.60 5.35
Equipment 6s 4 6)4s___
Chic R I 4 Pac 4)4s. 5s, 6f 5.75 5.35
5.65 5.40
Colorado 4 Southern 6s, 6s
5.50 5.30
Delaware 4 Hudson 6s____
5.9) 5.50
Erie 4)48.6s 4 6s..................
Great Northern 6s________ 5.60 5.30
Hocking Valley 4)4s, 6s 4 6> 5.60 5.40
Illinois Central 4)4s, 5 e 4 6t 5.60 5.20
Equipment 7s 4 6)4s___ 5.50 5.25
Kanawha 4 Mich 4)4s, 0s._ 5 70 5.50
5.50 5.10
Louisville 4 Nashville 5 a . . .
Equipment 6s 4 6)4s___ 5.50 5.30
Michigan Central 6s, 6s___ 5. 0 5.30
Minn St P 4 S 8 M 4 )4 s4 6t 5.80 5.40
Equipment 6 Ms 4 7s___ 5.75 6.40
Missouri Kansas 4 Texas 6t 6.00 5.60
Missouri Pacific 5s............... 5.70 6.40
Equipment 6s 4 6 Ms___ 5.87 5.40
5.90 6.50
Mobile4 Ohlo4Ms. 5s........
New York Central 4 Ms, 6s. 5 .60 5.20
Equipment 6s 4 7s_____ 5.50 6.30
N Y Ontario 4 Weetern 4M« 5 40 5.60
Norfolk 4 Western 4M>___ 5.90 6.00
Other Oil Stocks
5.50 5.30
Equipment 6s__________
•109 111 Northern Pacific 7s_______
5.55 5.30
160 165 Pacific Fruit Express 7s___ 5.50 5.25
1 *12*2 12*4 Pennsylvania RR 4s 4 4Ms. 5.50 5.00
*15*2 17
5.60 5.35
Equipment
*185 195 Plttsb 4 Lake6s..................... 5.60 5.30
Erie 6s 4 6Ms
Reading Co 4Ms................... 5.30 5.20
Tobacco Stocks
St Louis Iron Mt 4 Sou 6 s .. 5.75 5.50
66
71 ! St Louis 4 8an Francisco 6s. 5.75 5.50
87 j Seaboard Air Line 4Ms 4 6s. 6.00 5 65
83
215 245 : Southern Paclflo Co 4M *-~ 5.50 5.10
American Tobacco scrip___ 128 130 ' Equipment 7s__________ 5.45 5.20
Brltlsh-Amer Tobac ord. £1 *16*2 | 17*4 Southern Ry 4Ms, 6s 4 6 s .. 5.75 5.50
Brlt-Amer Tobac, bearer £1 •16*2 ' 17 Toledo 4 Ohio Central 6s__ 5 70 5.40
Conley Foil (new)..(no par) •12*21! 14*2 Union Pacific 7s__________ 5.40 5.20
148 151 Virginian R y 6 s .......... .......... 5.75 5.50
110 113
Public Utilities
Imperial Tob of G B < Ire.. *12*2 13 A m erG as4E Ieo.com .. 60 *140 143
fc
85 95
Preferred......................... 50 *44*2 45*2
104 106 Amer Light 4 TTac, com.100 13/ i!41
98
95
Preferred___________ 100 96*2 ' 98
37 39 Amer Power 4 Lt, com ..100 105 __
57
62
88
Preferred___________ 100 85
•60 68 Amer Publlo Util, com ..100 14
Scrip.
17
75
•66
Preferred........................100 34 37
•98 101 BlackstoneValG.4E.com 50 C08I2 70
S
•98 101 Carolina Pow 4 Lt, com. 100 42 | 46
7% scrip.
126 130
223 '225
101 104 Cities Service Co, com .. 100 65*2 66
Preferred........................100
88 Colorado Power, com__ 100
85
16*2 1712
92
98
87
Preferred____ _______ 100 84
a n a v r ic e s)
Com’w’th Pow, Ry 4 Lt.100 26*2 1 27
64
66
57 |) 58*2
Preferred....................... 100
85 __ Elec Bond 4 Share, pref. 100 95*2’ 96*2
!
86 . .
20*2 21*2
205 225 Federal Light 4 T rac...100 68
70
Preferred....................... 100
90 100 Mississippi Rlv Pow.com 100 21*2 22*2
80 i 82
Goodyear Tire * R, com .100 12*2 1>*2
Preferred___________ 100
Preferred................. ...1 0 0 37*2 38*8
First Mtge 5s, 1951.. J4J 92*2 93*4
72
Prior preferred............. 100 70
8 f g deb 7s 1935...M 4N 100 102
Goodyear TA R of Can pf 100 65 __ Northern Ohio Eleo.(no par) *5*2 7
Miller Rubber................. 100 73*2 __
Preferred........................100
89
90 Nortn’n States Pow .corn. 100 88 90
Preferred..................
93
Mohawk Rubber............. 100 82 95
Preferred___________ 100 91
35 Nor Texas Elec Co, com. 100 95
98
Swlnehart Tire < R.com.100
fe
84
82
Preferred........................100
Sugar Stocks
Pacific Gas 4 El. 1st pref 100 88 90
16 Puget Sound Pow 4 Lt. . 100 41*2 43
Caracas Sugar................... 50 •13
71
83
Cent Aguirre 8ugar com. 20 *69
6 % preferred_______ 100 81
1*2
Central Sugar Corp.(no par) * h
7% preferred............... 10) 102 104
4
2
103*2 105
Preferred........................100
Gen M 7 Ms
40 60 Republic Ry 4 1941...M 4 N
Cupey Sugar common. . . 100
L ig h t... 100 17*2 19
70
Preferred....................... 100 50
Preferred____ _______ 100 47 I 60
Fajardo Sugar................. 100 56 58 South Calif Edison, com. 100 100 101
Federal Sugar Ref, com. 100 100 106
Preferred____ _______ 100 115 117
2
Preferred.............
100 100 105 Standard Oas 4 El (Del). 60 • 16* ' 17*2
19
Godchaux Sug Inc..(no par) *16
Preferred.............
60 •45*2. 46*2
68
Preferred........................100 63
2*4 3*4
TennesseeRy, L4P.com.100
16*i
Great Western Sug, com. 100 160 166
Preferred....................... 100 15
Preferred........................100 101 106 United Lt 4 Rys. com .. . 100 53*2 55
16
Holly Sug Corp,com(no par) •11
1st preferred................. 100 74*2 76
43 Western Power Corp___ 100
28*2 30
Preferred....................... 100 37
60 100
Juncos Central Sugar__ 100
Preferred___________ 100 78*2 80
National Sugar Refining. 100 138 140 Short Term Securities — P e r C e n t
16
SantaCcclllaSugCorp.pf.lOO 13
6s 1924..M4S2 99*2 9978
37 Am Cot OilTel 6s 1924.F4A 101*8 101*8
Savannah Sug, com. (no par) 32
Amer Tel 4
Preferred........................100 84 87
6% notes 1922........... A 4 0 100*4 1007s
West IndlaSug Fin, com.100 50 100 Am Tob 7 % notes 1922M4N
70
Preferred...............
100 60
7% notes 1923____ M 4N i 02‘*4 103
Industrial &Miscellaneous
AnacondaCopMln6s’29 _J4J 100's 100*8
American Hardware___ 100 158 162
7s 1929 Series B.........J4J 1U3*8 103*8
55 Anglo-Amer Oil 7Ms'25 A 40 103*2,103*4
Amer Ty pefoundere.com. 100 50
s5
Preferred........ .............. 100 90
10412 104*4
30*2 ArmT4Co7sJulyl5’30J4J15 100
Bliss (EW) Co, new.(no par) *29
Deb 6s J’ne 15 '22.J4D15
Preferred____ ________60 •66
Deb 6s J’ne 16 ’23.J4D15 100
Borden Company, com. .100 107 109
Deb 6s J’ne 15 ’24.JAD16 100
Preferred........................100 99 102 Beth St 7% July 15’23J4J15 104*8 104*8
Celluloid Company____ 100 105 108 Canadian Pac 6s 1924.M4S2 101*4 10U2
Childs Co, com................100 113 116 Federal Sug Ref 6s ’24.M 4N ioou 100*8
Preferred....................... 100 102 **
O
Goodrlch(BF)Co 7s’25.A40 100 IO I4
duPont(EI)doNemACo.lOO 100 105" Hocking Valley 6s 1924 .M&8 100>8 100*8
78 Interboro R T 7s 1921.M 4S 90
Debenture stock____ 100 76
94
Havana Tobacco Co___ 100
K C Term Ry 6s ’23.M4N15 101*4 101*2
Preferred....................... 100
6 Ms July 1931______ J4J 102 103
1st g 68, June 1 1922.JAI)
8
Laclede Gas 7s Jan ’29.F4A 091 99*8
70 Lehigh Pow Sec 6s ’27.F4A 89l2 90U
International Salt...........100
•92 97 Sloes 8heff 8 4 I 6s ’29.F4A 93>2 £6
International Silver, pref 100
73 Swift 4 Co 7% 1925.A4015 101*2 101*4
Lehigh Valley Coal Sales. 50 70
Phelps Dodge Corp.........100 165
7% notes Aug 15 1931----- 103 |103U
Royal Baking Pow. com. 100 100 107 ‘ Texas Co 7s 1923.......... M4S 10178 102*8
94 U S Rubber 7Ms 1930.F4A 107*4 108*2
Preferred........................100 91
Singer Manufacturing__ 100 97 99 Utah Sec Corp 6s’22.MAS15 100's 100*8
West Elec conv 7s 1925.A40 108*8 108*4
♦ Per share. 6 Basis,
/F la t price. * Last sale,

d
n

Purchaser also pays accrued dividend, e New stock.
Nominal. *Ex-dlv. » Ex-rlghts. f Ex-stock dlv.

1888

ftm e s ta tjm t a n d f S k i l i m d

ftile llig m e e

RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for tho period from Jan. 1 to and including the latest week or month. The returns of the electric railways
are brought together separately on a subsequent page.
_______________________ _
Jan. 1

L a te s t G ro ss E a r n in g s .

L a te s t G ro ss E a r n in g s .

to L a te s t D a te .

|Jnn. 1

to L a te s t D a te .

R O A D S.

R O A D S.
W eek o r
M o n th .

C u rren t
Y ear.

$
Akron Cant&Young March
186,966
Alabama & V icksb. February
230.141
2d wk Apr
Ann Arbor--------90.271
Atch Topeka & S Fe February
12375461
G ulf Colo & S F e- February
1.497.701
530.142
Panhandle S F e _ . February
Atlanta Birin & A tl. February
274.087
Atlanta & W est P t . February
160,008
A tlantic C ity ______ February
215,099
7,081,047
A tlantic Coast Lino. March
Baltlm ore & O h io .. March
18614749
209,522
B & O Ch T e r m .. February
Bangor & Aroostook March
912,539
7,101
Bellefonte Central. . January
495,621
B elt R y o f C hlcago. February
775,168
Bessem er & L E rie. March
Blngham & Garfield February
9,618
Boston & M aine------ February 5,925,754
Bklyn E D T erm _ March
_
169,594
B u ff Roch & P ittsb . 3d wk Apr 214,498
192.347
Buffalo & Susq----- February
Canadian N a t R y s. 3d wk Apr 1,781,038
Canadian Pacific_ 3d wk Apr 2,925,000
_
679.136
Caro Clinch & Ohio. March
Central o f Georgia. . February 1,647,207
Central R R o f N J . . March
4,895,718
615,618
C ent Now England . February
491,309
Central Verm ont_ February
_
239,102
Charleston & W Car February
7,832.296
Ches & Ohio L in e s.. March
Chicago & A lton_ February 2,561,439
_
12082472
Chic Burl & Quincy February
Chicago & E ast 111— Fobruary 2,085.918
Chicago Great W est February 1,745,349
Chic Ind & L ouisv. . February 1,204,058
434,342
Chicago Junction. . February
Chic M ilw & St Paul March
13364836
Chic & N orth W est. March
11698484
Chic Peoria & St L . February
202.943
Ohic R I & P ac.......... February 8,532,715
436,801
Chic R I & G ulf. . February
Chic St P M & O m . February 1.921.077
349,416
Clnc Ind & Western February
Colo & Southern_ 2d wk Apr 374,934
_
F t W & D en C ity . February
679,007
Trin & Brazos Val February
327,787
W ichita V a lle y ... February
92,929
104,369
Cumb Vail & M a rt. February
Delaware & Hudson Fobruary 3.807,685
D el Lack & Western March
7,084,536
D env & Rio Grande February 2,214.113
D enver & Salt Lake February
134,881
D etroit & Mackinac February
91,953
D etroit T ol & Iron t. February
616,586
D et & T ol Shoro L _. February
361,397
D ul & Iron R a n g e .. March
124.347
D ul M issabe & N or. February
98.430
D u l Sou Shore & Atl 2d wk Apr 144,868
D uluth W inn & Pac February
148,250
E ast St Louis C onn. February
131.302
Eastern S S L in e s.. March
269,843
Elgin Joliet & E ast- February 1,644,366
E l Paso & Sou West March
883,815
Erie R ailroad-.......... February 7.658.078
842,538
Chicago & E r ie .. February
N J & N Y R R — February
113,553
Florida E ast C oast. February 1,443,149
127,542
Fonda Johns & Glov March
F t Sm ith & Western March
127,636
165,890
Galveston Wharf . . . March
333.723
Georgia Railroad— February
101,480
Georgia & F lo rid a .. February
Grand Trunk S y s t .. 3d wk Apr 1,515,266
323,222
A tl & S t Lawrence February
180.694
C h E etO a n G T J ct Fobruary
D ot G H & M ilw . February
319,848
Grand Trk W est. February 1,080,641
Great N orth System February 5,703,628
97,939
Green B ay & W est. February
314.137
G ulf M obile & N or. February
215,650
Gulf & Ship Island. February
H ocking V alley------ February 1,058.492
Illinois C entral___ February 11516003
1,001,660
Internat & Grt N o r . February
Internat Ry of M e .. February
285,117
Kan C ity M e* A Or February
113.317
K O M ex & O of Tex February
113.087
Kansas C ity South. March
1,728,859
161,770
Texark & F t S m .. February
T otal system ____ Fobruary 1,548,599
Kansas C ity T erm . . February
189*556
Kansas Okla & Gulf February
Lake Sup & Ishpem . February
1,088
Lake Terminal K y .. March
103,334
Lehigh & Hud River February
223.984
388.969
Lehigh & New E n g . February
Lehigh V alley_____ March
6.732,2.39
1,367.178
Los Ang & Salt Lake February
Louisiana & Arkan. February
237,518
Louisiana Ry & Nav February
249.944
10634319
L ouisville & N a sh v . March
209.915
Louisv Mend & St L February
M aine C entral_____ February 1,550,834
322.985
M idland Valley___ February
Mineral Range_____ 2d wk Apr
10.190
M inneap & St Louis 3d wk Apr 283.981
M inn S t P & S S M . February 2,427,119
Mississippi C entral. Fobruary
113,879
M o & N orth Arkan. February
dofl33
Missouri Kan & Tex February 2,116,922

P r e v io u s
Y ear.

C u rren t
Y ear.

S
93,176
263,416
85,473
13863737
2,119,851
636,904
299,042
184,426
186,703
7,094,131
16217399
181.546
746,148
7,445
373.370
654.755
20,575
5,778,757
148,530
261,553
210,715
2,199,772
3,085,000
580,419
1,786,300
4,259,019
713,604
457,272
253,566
6,307,344
2,184,527
12126673
2,119,674
1,812,643
1,090,648
372,645
11995681
12353734
150,123
9,395,340
538,187
2,064,651
245,671
465,092
799,292
172,913
120,549
115,517
3,578,416
7.127.084
2,413,10
167,639
120,943
190,172
181.460
247,810
208,037
172.126
322,054
115,445
200,298
2,156,699
1,044,549
8,085.393
796,328
107,108
1,640,765
123,070
155,827
194,062
418.763
95.343
1,634,735
337.160
182.461
294,107
902.160
5,864.482
111.539
339.544
220,094
699,838
10787 230
1,406,563
311.474
126,568
144,325
1,808.740
176.474
1,813,267

$
501.501
469.667
1,335,700
24,774,102
3.113.092
1,058,626
547,839
341,570
436,740
18,402,372
47,918,181
410,607
2,289,188
7,101
932.055
1,914,356
19,500
11,695,299
411,672
5,096,337
364,195
31,549,664
43.092,000
1,861,348
3,154,094
12,910,641
1,143,242
951,546
475,596
20,702,483
4,988,919
23,744,616
4,141,553
3.375.837
2,350,550
826,794
34,639,858
31,570,365
394,120
17,100,951
907,113
3,893,668
669.495
6,161,223
1.351.838
791,599
198,810
203,558
7,221,609
19,351,076
4.546.092
249,450
195,217
1,056,022
629,256
317,417
224.685
979,034
316,427
263,115
739,508
3,112,506
2,424,305
14,835,328
1,692,916
228,507
2,652,685
365,388
344.480
371,828
675,041
193,152
28,185,562
600,250
382,305
645,284
2,093,422
11,599,845
203,498
643.965
434,944
1,997,237
22,715,101
2,038,020
544,922
220,759
219,718
4,788.616
343.832
3,059.757

$
266,433
581,798
1,276,255
29,219,740
4.629.897
1,318,164
675,183
416,061
403,849
19,963,504
48,238.910
393,773
2,114.384
7,445
830,167
1,904.356
44,087
11,899,020
338,031
4,953,747
438.262
38.398.944
49,335,000
1,753,275
3.575.211
12,271,401
1,374,217
924,278
508,050
18,764,531
4,784,527
26,126,472
4,673,616
3,848,940
2,320,443
796,205
33,735,582
34,800,207
334,063
19.835,567
1,142,066
4,464,836
542,562
7,592,123
1,805,505
420,871
279,812
248,701
7,660,763
20.230.945
5,394,486
369,610
241,227
438.597
390,844
707,078
425,180
1,325.532
649,147
256,775
525,313
4.759,320
3.161.897
16,485,014
1,671,959
221,920
3.190.212
337,618
482,669
638,364
846,974
196,420
29,491.581
713,133
386,704
636,954
2,266,100
12,143,722
234,030
727.128
457.027
1,652,821
23,665,429
3,157,911
694,321
254,720
303,640
5,585,797
388.950
3,777.056

228*786
7,646
127,248
256.370
354.909
6.069.085
1.482,154
249,137
254.758
1002770*1
244.648
1,731,083
337.967
11,522
344.937
3,055,789
82.295
99,659
2,486,646

397*836
2,987
272,704
428.902
741.835
17,260,538
2,840.718
455,940
489.144
28,312,387
413.158
3,073.446
643.481
54,283
4,808.297
5,089,248
228,854
def654
4,256,292

507*50fi
17.701
403,997
513.415
626.444
17,622.875
3.195.308
603.835
641.113
28,690.065
478.867
3,700,052
773.371
139.761
4.941.829
6.268.303
174,123
225.017
5,412,478

W eek or
M o n th .

P r e v io u s
Y ear.

C u rren t
Y ear.

P r e v io u s
Y ear.

C u rren t
Y ear.

P r e v io u s
Y ear.

S
I
$
S
S
M o K & T R y of Tex February 1,510,108 2,098.301 1 3,093.835 4,560,762
4,342,664 5,385.594 11,932,401 15.768,629
T otal system ____ March
M o Kan & Tex S y s. February. 3,737,071 4,770.365 7.589.737 10,383.035
8,653.601 8,958,854 23,543,536 26,867,837
Missouri Pacific___ March
M obile & Ohio_____ 3d wk Apr 328.483 361,677 5,026.398 5,837,822
462,266
337.033
120.182 164,406
Coluin & G reens. March
144,383
53.305 1 200.989
107,803
M onongahela C onn. February
319,891
122,900 102,060 i 290,334
M ontour__________ March
1.501.493 1,627,123 2,957,616 3,383.452
N ashv C hat & St L . February
84.368
51.033
5,171
5,126
N evada-Cal-Oregon 2d wk Apr
101,628
36.270
47,543
18,890
N evada N orth ern .. February
381,376
444.952
176,423 104,020
Newburgh & Sou Sh March
420,803
388,484
N ew Orl Great N o r. February
194,261 200,193
551,130
434,486
N O Texas & M e x .. February
216,868 249,868
520,347
333,753
Beaum S L & W__ February
179,959 264,615
905,123 1,058,146
454,112 427.464
St L Bronwsv&M Fobruary
27598745 26326622 76,781,650 77,344.559
N ew York C e n tr a l.. March
728.092 684,124 1.407.499 1.521.216
Ind Harbor B e lt .. February
Lake Erie & West March
769,953 741,050 2,152,660 2,172,073
M ichigan Central February 5.532,241 4.715,548 10,809.285 10.844.046
7.373.534 6,949,309 19,890,379 19.673,704
C le v C C & S t L .. March
491,861
547,075
299,389 238,380
Cincinnati N orth . February
2,358,823 1,990,440 5.967.411 7,155.820
P itts & Lake Erie March
8*13.063 756,292 1,633.471 1,643,767
Tol & Ohio C ent. February
653.492
650.357
338.216 287.505
Kanawha & Mich February
N Y Chic & St Louis February 2,279.555 1,945,662 4.313.290 4,210,699
584,113
465.599
250,406 292.296
N Y C onnecting_ February
_
10202920 9,831.936 27.504,446 26,645,787
N Y N H & H a r t f . . March
1,180,438 1,053,172 2,946,667 2,982,140
N Y Ont & Western March
711.993
661,640
337,200 276.165
N Y Susq & W e s t.. Fobruary
793,266 744,700 1,933.371 1 912,897
Norfolk Sou th ern .. March
7.497,899 6.149,710 19,851,191 19.246.047
Norfolk & W estern. March
Northern Pacific— February 5,859.499 5,770.156 11,847,325 12,330,250
953,924
983.269
475.870 474,403
N orthwesternPacif ic February
45346950 42370128 120028773 124594915
Pennsylv RR & C o. March
193,306
148,946
77,662 104.506
B alt Ches & A t l.. February
183,693
144,154
97,478
67,015
Cine Leb & N o r .. February
571,158 581,690 1,159,628 1,336,343
Grand Rap & Ind February
Long Island_____ February 1,863,172 1.720,822 3,784.475 3,495,703
142.260
112.373
69.839
55,415
Mary'd Del & Va February
766,187
860,668
436,038 285,909
M onongahela___ Fobruary
919.599 1,073.406
513.801 484.463
N Y Phila & Norf February
270.039
301.757
146,904 143.358
Tol Peor & W est. February
988,690 916,883 2,503.787 2,493,322
W Jersey & Seash March
Pitts C C & t L . February 6.960,157 6.060.842 13,883.337 15.843.331
Pennsylvania S y s t .. February 48562263 47665904 97,091,172 106737426
491,102
471,632
Peoria & Pekin U n­ March
174,336 165,251
Pore M arquette___ February 2,681,981 2,176,860 5,117.091 4,580,414
172 046
275.599
84.419 125,917
P erkiom en________ February
8,450,424 6,665.923 21,494.750 21.123,000
Phila & R e a d in g ... March
232,447
278,231
131,342 132,347
Pittsb & S h aw m u t.. February
91.323
201,052
108.485
202,954
Pitts Shaw & N orth February
475,560
257.706 208.825
483.378
Pittsb & W est V a .. February
227,242 204,116
405.471
464.296
Port Reading______ February
212,684
152,895
80.078 107.163
Quincy Om & K C . . February
776.431 816.316 1,527,588 1,711.814
Rich Fred & P otom . February
926,372
834.373
422.507 414,811
Rutland
________ Fobruary
503,349
472,806
238,495 245,400
St Jos & Grand Isl’d February
St Louis San F r a n .. February 5,819,865 6.674,945 11,700,998 13,710,160
270.916
108,277
93,033 120.164
F t W & Rio Gran. February
322,765
258.351
119,454 129.066
St L-S F of Texas February
1,233,551 1,296,889 2,555,358 2,816,536
St Louis Southw est. February
526.597 626,431 1.150.110 1,259.200
St Louis S W of Tex February
T otal system ___ 3d wk Apr 382,727 459,640 6.932,424 7.441,017
222.261
212.087
88,725
105,000
St Louis Transfer. . February
900.414
753.509
388,790 422,895
San Ant & Aran Pass February
175,066
80,954
132.083
66,259
San A nt Uvalde & G February
Seaboard Air L in o .. February 3,409,246 3,860,117 6,997,815 8,195.203
20446928 23000590 56.414,934 64,729,875
Southern Pacific Co March
11363771 13644649 23,795,506 28,332,729
Southern P a c ific ... Fobruary
996,091 924.390 1,888.314 1,693,449
A tlantic SS Lines. February
636.905
382.952
200,567 289.994
Arizona E astern. February
1.655,847 2.051,596 3,285.439 4,669,161
Galv Harris & S A February
1,090,348 919,228 2,504,229 2,025,437
Hous & Tex C ent. February
403,810
428,107
212,452 212,584
H ou sE & W T ex. February
736,370
719.234
374,439 329,660
Louisiana Wastern February
627.047 709,706 1,235.437 1.492,884
Morg La & Texas February
Texas t r New Orl. February
720.825 685.061 1,549,639 1.486,342
Southern R a ilw a y .. 3d wk Apr 3,162.199 3.145.698 47,794,929 51,374,070
Ala Great South. February
655,952 811,967 1,329.400 1,684.029
Cin N O & Tex I'. February
1,261,953 1,385.848 2,566.559 2,950,707
190.420
193,152
95,343
Georgia Sou & Fla February
101,480
964,066 1.135,006
Now Orl & Nor E . February
473,305 576.779
167.987
183.031
71,349
Northern Ala___ February
82.921
170.966
201,668
90,817
Spokane Internal’!. Fobruary
80.137
Spok Portl & Seattle February
486.542 510,959 1.019 295 1,075,738
325 104
362.086
Staten Island R T . . February
166.508 177.067
29,211
33,391
Tenn Ala & Georgia 2d wk Apr
2,667
2,698
342.370
367,853
Tennessee Central. . February
174,836 185,702
753,931
742,090
Term RR A ssnofStL February
362,718 343,298
615.926
591 4 1 t
St L Mer Bdge T . February
311.255 266.143
Texas & Pacific___ 3d wk Apr 533,699 649.573 8,743,161 11,605,465
Toledo St L & W est. February
735.320 698.023 1,455.468 1.453,875
170.263
70.924
153.105
U lste r * D elaw are.. Fobruary
83.201
Union Pacific______ February 6.957,254 6.948.387 13.770,287 15,441,691
Total System ----- March
15104929 15542196 40,850,196 43,322,947
Oregon Short Lino February 2,584,141 2.349.798 5.151.500 5,083,385
Ore-Wash RR &N February
1,944.622 2,019,882 3.982.762 4,060,367
Union R R (P e n n ).. March
713,460 789,244 2,020,455 2,692,543
98.102
247.436
212.481
140.757
U ta h -------------------- Fobruary
703,865
569,226
279.562 330.283
Vicks Shrove & P ac. February
1.637,133 1.130.397 2.952.293 2,823.532
Virginian Railroad. February
5.163.547 5,189.751 13,998,159 14,337.573
Wabash R R .............. March
Western M aryland. 1st wk Apr 315,191 355.590 4,799,061 5,052.798
707,297 814.507 1.527.737 1,766.081
Western Pacific----- February
388,486
161.678 173,376
343.011
Western R y of A la .. February
1,304,309 990.964 3,336,222 2.864,238
Wheel & Lake E rie. March
409.794
110,040 185,418
239,610
Wichita Falls & NW February
1,301,284 1.731,010 2.710,868 3,612,194
Yazoo & M iss Valley February

AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
W eekly Su m m a ries.

8d week Feb
4th week Feb
1st week Mar
2d week Mar
3d week Mar
4th week Mar
1st week Apr
2nd week Apr
3d j week April

$20
(15
(17
(19
(l9
(16
(14
i 14
(13

r o a d s )...
roads)__
roads)__
r o a d s )-..
roads)__
roads) —
roads) —
roads)__
r o a d s )-..




C urren t
Y e a r.

S
12.072.084
12,338,821
12,183,590
13.026.871
13,429,644
13,426.315
18,265,058
12,071,086
11 515 908
11,126,891

Previous
Y e a r.

$
13,894,898
13,800,701
12,863.555
13.875.060
13,788,783
13,702.924
18,617,451
12,071.053
12.587.585
12.141.585

In crea se or
D ecrease.
$

— 1,822,814
— 1,461.880
— 679,965
— 848,189
— 359,139
— 276,609
— 352,393
— 899,967
— 1.071.676
— 1.014.694

%

M o n th ly Sum m a ries.
M ile a g e .

13.12
10.59
5.29
6.11
2.60
2.02
1.89
6.94
8 52
8.36

C u r r .Y r .

M a y ...............235.333
June................235.208
J u l y ...............230,991
A u g u st------- 233,815
September -.235,155
O cto b er___ 235.228
N ovember -.236,043
December_ 225,619
_
J a n u a ry ___ 235,395
F ebruary_ 235.625
_

Prev Y r .

234 ,916
235 ,059
230 ,410
233 ,067
234 ,559
234 ,680
234 ,972
224 ,784
234 ,636
234 880

C urren t
Y ea r.

Previous
Y ea r.

In crea se or
D ecrease.

S
444 .028,885
4 6 0 582,512
460 980,697
504 599,664
496 784,097
5 3 4 332,833
464 ,440,498
406 864,055
393 892,529
400 .430.580

$
457,243,216
494,164,607
527,396,813
554.718.882
617.537.676
040,255,263
590,468,164
527,480,047
469.195,808
405,203.414

8
— 13,214.331
— 33.582,095
— 06,407,116
—60,119,218
-120,763,679
— 105922430
— 126027 666
-120,015.992
—75.303.279
-4.772.834

2.89
6.79
12.59
9.03
19.55
16.54
21.34
22.87
16.08
1.18

THE CHRONICLE

A pril 29 1922.]

Latest Gross Earnings by Weeks.—In the table which
follows we sum up separately the earnings for the third week
of April. The table covers 13 roads and shows 8.3(3%
decrease in the aggregate over the same week last year.
1922.

T h ir d . W e e k o f A p r i l .

1921.

S
$
214,498
261,553
1,781,038 2,199,772
Canadian Pacific------------------- 2.925,000 3,085,000
Grand Trunk o f Canada----------I
Grand Trunk W estern. . . . f 1,515,266 1,634,735
D etroit Grd Haven & M ilw .
Canada A tlantic____________J
344,937
283,981
M inneapolis & St Louis----------- 1
Iowa C entral----------------------- J
361,677
328,483
M obile & O h io ............................ 459,640
382,727
St Louis Southwestern-----------Southern Railway------------------- 3,162,199 3,144,698
649,573
533,699
T exas & P a c if ic ..------------------Buffalo Rochester & Pittsburgh
Canadian National R ailw ays—

11,126,891 12,141,585

In crease.

$

D ecrease.

S
47,055
418,734
160,000
119,469
60,956
33,194
76,913

17,501

115,874

17,501

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
roported this week:
—Gross from Railway------Net from Railway---------Net after Taxes
1922.

s

1921.

s

1922.

$

1921.

s

1922.

s

1921.

s

American Railway Express—
419,070—1.200,010
210,936
December.. 10,390,309 20,345,037—1,314,047
507,743^1,304,059
F r o m J a n i 184890,702 195605,043 2,031,478-39,144,490
A k ro n C a n to n & Y o u n g sto w n —
M a rc h _____
186,900
93,176

From Jan 1

501,501

266,433

A tc h iso n T o p & S F c S y ste m —
M a rc h _____ 16,024,115 18,393,130
F ro m J a n 1 45,705,822 53,717,503
A tla n tic C o a s t L ine—
M a rc h
- 7 ,081,047 7,094,131
F ro m J a n 1 18,402,372 19,920,504
B a ltim o re & O hio—
M a rc h .......... 18,014,749 10,217.399

From Jan 1 47,918,181 48,238,910
Bangor & Aroostook—
740,148
M a rc h ..........
912,539
F ro m J a n 1 2 ,2 8 9 ,1 8 8 2,163,384

2,937,245
5,764,790

B essem er & L a k e E rie —
49,016 —318,100
054,755
M a rc h ..........
775,168
F ro m J a n 1 1,914,350 1,914,356 — 50,129 —561,616
B ro o k ly n E D T e rm in a l—•
73,272
46,404
148,530
M a rc h _____
169,594
163.351
91,710
338,031
F ro m J a n l
411,672
C a r o lin a C linchfield & O h io —
47,410
229,746
079,136
580,419
M a rc h _____
198,467
016,037
F ro m J a n l 1,861,348 1,753,275
C e n tra l H R of N ew J e rs e y —
M a rc h _____ 4 ,895,718 4,259,0 1 9
F ro m J a n 1 12,910,041 12,271,401
C h e s a p e a k e & Ohio—
M a rc h _____ 7,83 2 ,2 9 0 6 ,30 7 ,3 4 4 1,900,508 1,073,059
F ro m J a n 1 2 0 ,702,483 18,704,531 4,826,000 1,685,555
C h ic a g o & N o r th W e ste rn —
M a rc h _____11,698,484 12,353,734 2,400,272 1,277,095
F ro m J a n 1 3 1 ,5 7 0 ,3 6 5 34,800 .0 2 7 4.193,548 1,248,455
C h ic a g o M ilw a u k e e < S t F a u l—
fe
M a rc h _____13,304,830 11,995,081

From Jan 1 34,039,858 33,735,582

C h ic a g o R I & P a c ific S y ste m —
M a rc h _____ 10,270,841 11,864,700
F ro m J a n l 28,280,303 32,842 ,2 9 3
C u b a R a ilro a d —
F e b r u a r y . . 1,102,974 1,603,547
F ro m J u ly 1 7,020,807 10,101,028
F e rro c a rrll do C a m y N u c v —
F eb ru ary . .
198,491
233,533
F ro m J u ly 1 1.020,900 1.225,538
D e la w a re L a c k & W e ste rn —
M a rc h .......... 7,084,530 7,127 ,0 8 4

From Jan 1 19,351,076 20,230,945

1,885,902
1,998,450
1,238,359
2,747,207

3,413,591
7,552,160

2,308,539
4,004,292

341,081
708,857

4,161,171
9,618,729

—3,734
-14,487

2,180,237
4,740,930

5,200
12.513

82,299
205,775
2,341,873
4,640,939

91,299
232,775

105,438
217,835

10,304 —330,990
— 148,434 —607,582
60,923
144,304

39,481
71,054

189,689
495,851

17,020
107,654

1,147,951
1,694,381

958,400
1,219,782

1,669,317
1,991,144
1,542,650
875,510

462,645
181,835

115,685
473,315

72.087
21,514

1,939,104
4,527,384

_____

785,275 1,462,346
2,120.534 3,090,322

D u lu th & Iro n R a n g e —
M a rc h _____
124,347
247,810 — 137,961 —205,967 — 145,991
—546,210 —470,115
F ro m J a n l
317,417
707,078
E a s te r n S te a m s h ip L ines—•
M a rc h _____
269,843
200,298 —38,536 —57,061
...........
F ro m J a n l
739,508
525,313 —99,926 — 165,102
E l P a s o & S o u th w e s te rn —
109,239
132,449
M a rc h _____
8 8 3 ,8 i s
1,044,549
228,437
382,713
397,231
F ro m J a n l 2,424.305 3,101,897
085,670
F o r t S m ith & W e s t e r n 12,043
6,065
12,490
155,827
M a rc h ..........
127.630
F ro m J a n 1
3 4 4,480
98
17,015 — 17,838
482.069
G a lv e sto n W h a rf—

March____

16o,890

F ro m J a n 1
371,828
Illin o is C e n tra l S y s t e m L a k e T e rm in a l R y —

M arch ____
From Jan 1

103,334
272,704

L eh ig h V alley—

M arch____ 0,732,239
From Ja n 17,260,538

L ouisville & N a sh v ille —

75.645
295,110

13,002
—43,573

*2,422,101
*7,628,792

2,191,220
5,992,584

—5,933
8,530

25,574
85,016

6,009.085 1,480,681 —315,245
7,022,875 2,899.954 —891,896

,253,092
2,226,624

194,002
038,364

127.248
403,997

30.000
9,463

31,910
104,025

_____

M a r c h . _ 10,034,319 10,027,704
_
From Ja n 1 28,312,387 28,009,065
M issouri K ansas A T exas—
M a r c h . _ 4,342,064 *>,385,594 1,458,035
_
From Ja n 1 11,932,401 15,768,029 3,232,681
M issouri Pacific—
M arch......... 8.053,001 8,958,854
From Jan 1 23,543,536 26,867,837
M obile & Ohio—
C olum bus & Greenville—
146,400
M arch.........
120,182
14,241
462,260
From Ja n 1
337,033
30,016
M ontour—
______
102.060
M arch ____
122,900
23.773
319,891
From Ja n 1
290,334
32,750
Newburgh & South Shoro—

104,020

70.146

March......... 7,373.534 6,949,309
From Jan 1.19,890,379 19,673,704

...........
--------

March.........

170,423

...........

1.450,400
2,730,031

998,017
2,582,784

1,207,885
2,014,027

...........

1,129,650
2,417,532

—24,851
—31.231

8,709
24,624

—40,630
—78.439

18,615
22,292

17,499

56,212

381,370
39,405
148,411
111,828
From Ja n 1
444,952
New York C entral—
M arch
27.598,745 26,320,022 5,964,250 4,521,587 4,274,191
From J a n 1 70,781.650 77,344,559 15,916.073 7,477,937 11,141,053
Cloveland Cine Chic fc S t Louis—




—Gross from Railway------Net from Railway---------Net after Taxes----

1922.
1921.
1922.
1921.
s
$
3
$
New York Central (C o n c l . ) —
Lake Erie & Western—
116,242
March......... 769,953
741,050
—9,722
314,962 — 191,624
From J a n l 2,152,660 2,172,073
Pittsburgh & Lake Erie—
March......... 2,358,823 1,990,440
From Jan 1. 5,967,411 7,155,820
N Y N II & Hartford—
March.........10,202,920
9,831,936 2,553,241
455,256
FromJan 1.27,504,446 26,045,7875,951,054—1,807,370
N Y Ontario & W estern268,544
28,079
March------ 1,180,438 1,053,172
57,774
404,297
From Jan 1 2,940,667 2,982,040
Norfolk < Western—
fe
557,827
March------ 7,497,899 0,149,710 2,110,412
From Jan 1.19,851,191 19,246,047 5,145,521 2,008,367
Norfolk Southern140,218
March____
793,266
744,700
205,169
190,938
FromJan 1. 1,933,371 1,912,897
289,228
Pennsylvania RR & Co—
March.........45,340,950 42,370,128 11,979,979 4,549,357
FromJan 1 120028,773 124594,915 26,024,817 5,919,803
West Jersey & Seashore—
March____
988,690
916,883
115,712 —64,175
309,212
From Jan 1 2,503,787 2,493,322 —29,287
Peoria & Pekin Union—
— 1,355
March.........
174,336
165,251
60,325
From J a n l
491,102
471,632
163,827 — 14,341
Philadelphia & Reading—
March____ 8,450,424 0,665,923
...........
From Jan 1.21,494,750 21,123,000
...........
St Louls-San Francisco System—
March____ 6,761,442 6,275,808 1,598,002 1,605,839
FromJan 1 18,960,071 21,594.373 4,570,027 4,571,050
Southern Pacific Co—
March____ 20,44o,928 23,000,590 4,927,627 4,701,776
FromJan 1 56.414 934 64,729,875 11,086,876 11,371,330
Southern Railway—
March.........11,038.651 11,153,007
................................
FromJan 1.29,275,870 31,644,260
................................
Union Pacific—
Total System—
March____ 15,104,929 15,542,196 4,272,732 4,117.861
From Jan 1 40,850,190 43,322.947 10,112,719 7,397,066
Union RR (Penn)—
March......... 713,460
789,244
117,256 — 17,067
264,313
From J a n l 2,020,455 2,692.543
372,522
Wabash Ry—
March......... 5,103,547 5,189,751
...........
From Jan 1.13,998,159 14,337,573
...........
Western Maryland—
March____ 1,503,216 1,495,103
355.723
235,478
Wheeling & Lake Erie—
March......... 1,304,309
990,964
FromJan 1. 3.336,222 2,864.238
* Includes uncollectible railway revenues.

2,007,997
8,354,349

842,703
992,142

1922.
3

1921.
3

71,049 —55,813
184,475 —327,110
191,308
—537,347

—3,849
175,904

2,166,018
54,070
4,790,571—3,002,440
230,328
290,074

—7,445
—48,753

1,659,795
3,793,557

166,698
830,781

172,695
205,857

107,459
94,828

10,603,216
22,730.207

3,121,814
2,512,989

103,286
—29,707

—76,435
308,454

45,325
122,327

— 15,355
—53,341

2,755,907
5,149,483

272,795
889,127

1,264,748 1,316,152
3,732,723 3,570,507
3,337,639
6.519,932

3,153,525
7.885.169

2,092,848
4,178,428

990,453
382,171

3,136,051
6,710,195

3,055,713
4,061,879

104,256
333,522

—27,733
232,315

961,211
1,930,249
'
305,723

552,269
945,382

256,984
527,384

—3,220
198,835

185,478

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
N a m e o f R oad
or C om pan y.

L a te s t G ro ss E a r n in g s .

M o n th .

1,691,937
4,020,325

1,540,845
2,542,514
496,504
1,502,668

1881

Adirondack Pow & Lt March
& L t.
495,528 Alabama PowerL ight. March
February
-1,095,701 Amer Power &C o------ March
American Itys
Appalachian Pow C o. March
148,779 Arkansas Lt & I’o w .. February
-1,501,962 A sheville Power & Lt March
Bangor Ry & Klee Co February
2,155,979 k Barcelona Tr, L & P March
3,235,907 Baton Rouge Electric February
Beaver Valley T r a c .. March
Blackstono Val G & E February
Brooklyn Rapid Tran
aBklnC ityH R (R cc) March
aBkln Ileights(R ec) January
Bkln Qu Co & Sub. January
Coney Isl & B k ln .. January
Coney Isl & Graves January
Nassau E lectric_ January
_
405,070
N Y Consolidated. January
980,013
S o u th Brooklyn__ January
—220,884 Carolina Power & L t. March
—594,300 C ity Gas Co, Norfolk March
Columbia Gas & Elec February
Columbus Electric Co February
Com’w ’lth P, Ry & Lt March
Connecticut P o w e r .. February
Consumers Power Co March
20,896 Dayton Pow & L ight. February
85,350 D etroit Edison C o— March
D etroit United R y — March
6,370 Duluth-Superior Trac March
—34,825 Duquesne Lt Co subs
ligh t and power cos March
58.64T1 Eastern Texas E le c .. February
Edison
111 of Brock February
244,MB Elec Lt El P of Ab & R Febrary
&
El Paso Electric C o .. February
1,031,957 Erie Light Co &subsid February
5,205,964 Fall River Gas Works February
Fort Worth Pow & Lt February
— 12,052 Galv-IIous E lectric.. February
—9,730 Gen Gas&El&Sub Cos February
Havana Elec Ry & Lt February
—524,829 Haverhill Gas L C o . February
-1,530,M0 Honolulu It T & Land February
Houghton Co Elec Lt February
Houghton
Trac Co
160,866 Hudson & Coanhattan October
January
M
H unting’n D ev & Gas February
Idaho Power C o_____ March
829,886 Illinois Traction___ _ February
2,083,806 Keokuk Electric C o .. February
Keystone Telephone- March
251,572 Key West Electric Co February
879,280 Lako Shore Elec l t y . . February
Long Island Eloctric. January
Lowell Elec Lt Corp. February
-38,101 M anliat Bdge 3c Line January
-70,981 M anhattan & Queens January
Manila Electric Corp. March
t M arket Street R y .. March
—41,790 Meirpolitan E d iso n .. February
—86,606 Milw Elec Ry & L t .. February
M iss River Power C o. February
8,788 M unicipal Sorv & sub February
11,433 N ashville Ry & L t Co February
Nebraska Power C o . . February
2,901,818 N evada-C alif Electric March
2,079,353 Now Jersey Pow & Lt February
N ew p N & FI Ry G & E February
March
Now York
766,880 Now York fD ock C o .. January
c Harlem.
1,874,155

Jan.

1

to L a te s t D a te .

C u rren t
Y ear.

P re v io u s
Y ear.

C u rren t
Y ear.

P r e v io u s
Y ear.

S
440, ,956
399, ,411
2170 ,110
1587, ,888
236 ,283
77 ,584
72 ,682
120 ,144
3937 ,152
47 ,627
54 ,319
331 ,699

382,806
378,822
2204,320
1598,785
189,804
68.431
68,833
118.189
2891,743
45.453
62,481
285,939

1,361. 823
1,201 290
4,436, 047
4,717, 101
708 298
*1,083 542
*863 043
246, 999
11,429 309
99, 317
154, 641
703, 986

1,186,698
1,157,888
4,491,826
4,832,092
595,692
*1,200,203
*828,526
241,042
9,400,122
94,735
187,620
581.634

1016, ,139
5, 601
207, 641
208, 675
4, 502
391, 297
1910, 138
’
74, - 12
152, ,230
85, 251
1814, 721
152, 515
2666, 758
134, 566
1203, 091
385, 227
1778, 201
1758, ,129
153 ,110

964.482
6,073
138,350
196.454
4,577
390.084
1759.949
68.582
133.069
88.443
1394.577
140.157
2613,315
127,100
1163.019
356,286
1623.020
2084,196
160,610

5.601
207,641
208.675
4.502
394,297
1,910,138
74,712
*1,724,888
266,350
3,614.034
321.220
8,107,804
277.391
3,698.145
808,521
5.258.334
4,990.099
429,464

6,073
138,350
196,454
4,577
390,084
1,759,949
68.582
*1,642.859
280.636
2,992,713
291.373
8.090,712
256.332
3,689,943
737,734
4.781,863
5,917.675
459.058

1384,704 1407,611
134.910 140.531
116.799 100.642
27.522
29.171
185.489 182.618
97,121 102.320
70.437
70.124
200.361 210.258
254,320 288.318
971.481 936.541
1077.896 1034.871
40.020
45.423
73.507
74.453
47.969 51,905
16.629 23,282
681.859 664.782
97.525 101,941
159.198 153,002
1862,275 1845,157
30.281
28.767
139.473 145.008
20.963 23.431
166.314 109.137
25,383
22,605
107.831
95.195
22,284
23.188
26.708
24,742
284.315 298.158
803,079
234.944 221,608
1552,412 1612,162
219.941 215.081
213.406 215.303
335.184 311.137
285.929 274.532
266,913 270.241
53.578
35.686
159.242 213.313
368.053 522,109
131,2 Pfj 143,759

4,259,147 4,429,749
279.079
292.638
244.552
212.716
64.096
56.626
386.534
376.880
206.377
215.840
153.944
152.732
412.920
475.263
521.419
623.958
2.022.654 1.951.924
2.217.945 2,123.947
92,260
81.763
155.233
145.960
104.229
108.482
206.992
264.194
681.859
664,782
197.176
208.837
521.176
504,790
3,834.373 3,827,296
66.072
60.549
415.810
433.970
43.419
48.023
354.457
404,915
25,383
22,605
227.976
203.164
22,284
23,188
24.742
26.708
2,247,758
486.964
470.750
3.250,667 2,377.938
447,768
440,498
443.391
448,625
686.676
645.764
567.320
560.794
673,597
764,677
110.743
77.102
330.238
465.508
1,060.750 1.585.949
131.295
143.759

1882

THE CHRONICLE
L a te s t G ro ss E a r n in g s .

N a m e of R oad
or C om pany.
M o n th .

N Y & Queens County January
N Y & Long Island
January
b N ew York Railways January
b Eighth Ave U R ,
January
0 N inth Ave R U .. January
Northern Ohio E lec. March
Nor Ohio Ry & 1’ower February
Northern Texas E lec. February
Ocean Electric______ January
Pacific Pow & Lt C o. February
Paducah Electric C o. February
Palm etto Pow & L t_ . March
Penn Cent L & P A sub February
Penn Edis & Sub C os. February
Philadelphia Co and
N atural Gas C o s .. March
Philadelphia Oil C o .. March
Phila & W estern.......... March
Phila Rap Transit Co March
Pine B luff C o_______ March
Portland Gas A C oke. February
Portland Ry, Lt & P . January
Pugot Sd Pow A Light February
Read Tr&LtCo&Sub. February
R epuolic Ry & Lt Co March
Richmond Lt A R R .. January
Rinland Ry, Lt & Pr_ January
Sandusky Gas & Elec February
Savannah Eloc A Pow February
Sayre Electric C o___ February
Second A venue______ January
17th St Incl Plane Co March
Sierra Pacific C o ___ February
Southern Calif Edison February
South Canada Power- February
Southwest P & L C o. January
Tampa Electric C o .. February
Tennessee Power C o. February
Tennessee R y , L S t P . February
Texas Electric R y _ February
_
Texas Power & Light. February
Third A ve Ry S y s_ March
_
UnitedGasAElecCorp March
U tah Power St Light. February
I Utah Securities Corp March
Vermont Ily-E l Corp February
Virginia Ry A Power. March
Western Union Tel Co February
Winnipeg Electric Ry February
Yadkin River Power. March

C u rren t
Y ear.

S
106,357
41,594
725,953
99.238
44.191
738,895
29,454
243,984
14,353
235 827
44.722
46,345
204,175
207,695

P re v io u s
Y ea r.

Jan.

1

P re v io u s
Y ear.

$
S
95.357
106,357
95,357
40,424
41,594
40,424
774,414
725.953
774.414
95.248
99,238
95,248
45,014
44,191
45 014
790,589 2.187.328 2,360,189
33,018
60,804
65.806
291,062
507.871
630 072
10,912
14.353
10,912
225 208
490.21
465.436
43.672
94.418
91.147
48,575 *570,466 *541,299
195,384
425,449
4 1 3.102
208,192
437,382
452.572

Electric Railway and Other Public Utility Net Earn­
ings.—Tho following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
------ G r o s s
C u rren t
Y ear.

E a r n i n g s --------------- N e t E a r n i n g s -----P r e v io u s
C u rren t
P re v io u s
Y ear.
Y ear.
Y ear.

S
$
$
$
Bracelona Trac, L & P_.M arr3,937,152 *2,891,743 *2,499,055 *1,862,908
Jan 1 to Mar 3 1 ------- *11,429,309 *9,400,122 *7,362,406 *6,303.312
Beaver Valley Trac C o ..M a r
54,319
62,481
*12,576
*12.789
Jan 1 to Mar 31.
154,641
187,620
*34,200
*31,984
Duquosno Lt Co & Su bs.M ar 1,384,704 1,407,611
*623,593 *487,753
Jan 1 to Mar 3 1 ............ 4,259,147 4,429,749 *1,894,359 *1,588,270
Phila Co & Sub N a t G as.M ar 1,222,675 1,083,641
*577,153 *344,160
Jan 1 to Mar 3 1 ______ 4,103,568 4,003,289 *2,124,363 *1,634.530
Philadelphia Oil C o_____Mar
88,029
68,986
*68,880
*8,324
Jan 1 to Mar 31............
283,572
390,414
*216,326 *244,189
17th St Incllno Plano— Mar
3,064
3,335
*1,406
*1,650
Jan 1 to M ar 3 1 ______
8,587
9,029
*2,639
*7,145
Utah Securities Corp (subsid­
iary compan ios o n ly ).-M a r
695,418
694,276
334,805
300,969
Apr 1 *1 to Mar 31 ’22 8,428,901 8,713,052 4,073,617 4,103,146
* Given in pesetas.
* D oes not includo income from investm ents, and is before providingfor
interest on debt and other income deductions.
G ross
E a r n in g s .

A sheville Power
Mar ’22
A Light
’21
12 mos end Mar 31 ’22
’21
Brooklyn C ity RR Mar '22
’21
9 mos ending Mar 31 ’22
’21
Carolina Power
Mar ’22
& Light
’21
12 mos end Mar 31 ’22
’21
Cleveland Electric Ilium—
12 mos ending Mar 31 ’22
’21
Commonwealth
Mar ’22
Pow, Ry & Light
’21
3 mos ending Mar 31 ’22
.
’21
Consumers Pow Co Mar ’22
’21
3 mos ending Mar 31 ’22
’21
Duluth-Superior
Mar ’22
Traction
’21
3 m os ending Mar 31 ’22
'21
Idaho Power
M ar ’22
Company
’21
12 mos end Alar 31 ’22
’21
M arket Street R y Alar ’22
’21
3 mos ending Mar 31 '22
’21




N e t a fte r
T axes.

S
8
72.682
*24,895
68.833
*26,124
863,043
*342,320
829,526
*322,068
1,016,139
252,301
964,482
130,328
8,712,542 1,677,622
7,551,857 — 322,174
152.230
*83,964
133,669
*69.865
1,724,888
*652,068
1,642,859
*630,850

G ross
E a r n in g s .
$

to L a te s t D a te .

C u rren t
Y ear.

1222,675 1083,641 4,103,568 4,003,289
88,029 68,986
283,572
390.414
61,891
65,781
178.720
184.583
3,611313 3757.508 10.198,018 10.583,231
58,116
58,494
184,914
187.865
282.455 335.625
619 218
600.062
870.978 893,235
870.978
893.235
884.796 868.146 1.835.604 1.806,697
218,639 222.943
472.401
462.902
642,098 664,996 1,931,043 2,061,944
59,037
59.037
61,957
61.957
50.529
47.081
50.529
47.081
70,566 75,401
146.513
138.869
134,187
269.730
16.430
34.610
17,276
36.871
73,215 70,568
73,215
70,568
3,064
3,335
8,587
9,029
68.899
67,780
147,429
137.268
1252.316 1078,959 2.623,602 2.349.237
70.238
60,028
144,332
124,066
864.574 957,000
867.574
957.000
155.988 144,280
321,093
297.785
193,415 197.390
410,633
416.469
564.610 544.884 1,171.870 1.199.635
194,006 218.848
411,312
468.512
418.420 447,685
939.883
848.482
1179.273 1137,214 3,315,039 3,172,358
1053.316 983,675 3,257,726 3,033.985
561.143 591.073 1.168.403 1.245.824
695,418 694,276 2,145,945 2,248,044
45,310
48.651
93,0 17
96.314
713.693 851.734 2.078.328 2.578.200
7357.540 8001.277 15.224.283 16.859,145
479.590 467.636
983.277
982.954
98,984
86,326 *1.122,393 *956,878
a The Brooklyn City RR. Is no longer part of the Brooklyn Rapid Transli
System , the receiver of the Brooklyn Heights RR. Co. having, with thf
approval of the Court, declined to continue paym ent of the rental; therefore
since Oct. 18 1919 the Brooklyn City RR. has been operated by its owners
b The Eighth Avenue and N inth Avenue RR. companies were formerly
leased to the New York Railways C o., but these leases were terminated on
July 11 1919. respectively, since which dates these roads have been operated
separately. C Includes Milwaukee Light, Heat & Traction Co. d In
eludes all sources, e Includes constituent or subsidiary companies
/E a r n in g s given In mllreis. g Subsidiary cos. only, h Includes Tennessee
Railw ay. Light A Power C o., the N ashville Railway A Light C o., the
Tennessee Power Co. and the Chattanooga Railway & Light Co. i In
eludes both subway and elevated lines, j Of Abington & Rockland (M ass.)
k Given in pesetas.
I These were the earnings from operation of the proper­
ties of subsidiary companies. * Earnings for twelve m onths, t Started
•peratlons April 1 1921.

C o m p a n ie s .

[V ol. 1H .

F ix e d
C h arges.

B a la n c e ,
S u r p lu s.

S
8
5,198
19.697
5,192
20.932
62,354
279,966
62,250
259,818
54,557
197,744
58,232
72,096
499,038 1,178,584
514,724 —836,898
18,031
65,933
17.668
52,197
213,480
438.588
804.960
418,890

13,253,088
13,706.635
2,666,758
2,613,315
8,107,804
8,090,712
1,203,091
1,163,049
3,698,145
3,689,943
153,110
160,610
429.464
459,058
159,198
153,002
2,315.128
2,351.084
803,079

*5,383,498
*4,214,908
937,557
878,312
2,895,828
2,729,955
566,732
481,363
1,719,301
1,492,462
*20,421
*20,959
*36,897
*51,625
*81.619
*78.881
*1,411.832
*1.339.272
*176,254

3,508,155
3,661,483
645,718
616,651
1,914,048
1,844,734
204,784
185,012
618,801
558,335
15,011
15,011
43,532
43.554
57,106
56,943
676.112
577,998
62,623

1,875.343
1,553.425
291,839
261,670
981,180
885,221
361,948
296,351
1,100,500
934.127
5,410
5,948
— 6,635
8,091
24,513
21,938
735,720
761,274
113,631

2,247,758

*424,073

189,351

234,721

M ontana Power Co—
3 mos ending Mar 31 •22 1,727,496
’21 1,730,691
N ovada-C alif E lec Mar '22
266,913
Corp
'21
270,241
12 mos ending Mar 31 '22 3,086,029
’21 3,141,267
N ew York
Mar ’22
368.054
D ock Co
’21
522,109
3 mos end Mar 31 ’22 1,060,750
’21 1,585,949
Northern Ohio
Mar ’22
738,595
Electric
Mar ’21
790,589
3 m os end M ar 31 ’22 2,187,328
’21 2,360,189
Palm etto Power
Mar ’22
46.345
A Light
’21
48,575
12 mos end Mar 31 ’22
570,466
’21
541,299
Pino B luff
■ Mar ’22
58,115
Company
’21
58,494
12 m os end Mar 31 ’22
787.087
’21 789,295
Republic Ry A
Mar ’22
642,098
Light Co
’21
664,996
12 mos ending Mar 31 '22 7,190,779
'21 8,444,058
Third A venue
Mar ’22 1.179,273
Ry System
'21 1,137.214
9 m os end Mar 31 '22 10.441.202
'21 9,914,318
United Gas A
Mar ’22 1,053,316
E lec Corp
’21
983.675
12 mos end Mar 31 ’22 12,132,344
’21 11,592,222
Yadkin River
Mar ’22
98,984
Power
’21
86,326
12 m os end Mar 31' 22 1,122,393
'21
956,878

N e t a fte r
T axes.
$

F ix e d
C h arges.

B a la n c e ,

$

I

S u r p lu s.

1,048,056
436,822
611,234
1,075,619
637,476
438,143
133,160
66,671
66.489
140,781
76,040
64,735
779,421
1,568,130
788,709
1,666,728
930,245
736,483
120.274
5176,98S
66.714
5200,466
119,290
81,176
356,557
6508,525
151,968
6651,010
367,999
283,011
238,344
160,889
77,455
169,070
159,699
9,371
697.069
476,434
220,635
483.980
474,594
9,385
*91,463
1,556
17.907
*22,003
17,688
4.315
*269,028
212.682
56,346
*251,092
205,897
45,195
26,180
14,716
11,464
23,822
15,696
8,126
314.852
183,857
130,995
265,143
159,711
105.432
*252,374
168,436
83,939
*202,609
42,448
160,160
*2,453,44 l 1,916,878
466,563
*2,057.057 1,655.838
401,219
221.129
*244.645
23,516
*139,525
222,100
— 82.575
*2,207.291 2,007,075
20 216
*1,288,066 2.007.184 — 719,118
*351.444
149,090
202.354
144.275
*271.527
127.252
*4,130,320 1,760.487 2,369,833
*3,312,073 1.670.376 1,641,697
14,650
*42,325
27.675
15,293
*37.102
21,809
*471,713
177,588
294,125
*415,820
178,737
237,083
* After allowing for other income received, b N ot earnings hore given
aro beforo deducting o f Taxes.

New York Street Railways.
---- G r o s s
C o m p a n ie s —

C u rren t
Y ear.

E t i r n i n g s -----P r e v io u s
Y ea r.

S
Bkln C ity RR (R e c ).a ..J a n
946,194
Bklyn Heights (R e c ).a ..J a n
5,601
Bkln Q C & Sub (R ec)_.Jan
207,641
Coney Isl & Bkln (R ec)-.J a n
208,675
Coney Isl & G ravesend-.Jan
4,502
Nassau Electric (R ec)__ Jan
394,297
N Y Consolidated (R ec).Jan 1,910,138
South Brooklyn________ Jan
74,71?
N Y Railways (R e c ).b ..J a n
725,953
Eighth Avonuo R R .b __ Jan
99,238
N inth Avenue R R .b ___ Jan
44,191
Hudson & M anhat RR__Jan
681,859
Interboro Rapid Tran System­
Subway D ivision_____Jan 3,131,418
Elovated D ivision____ Jan 1,542,973
Manh Bridge 3c Lino____Jan
22,284
Second Avenuo (R ec)____Jan
73,215
N Y & Queens C ounty_ Jan
_
106,357
Long Island E lectric_____Jan
25,383
Ocean Electric__________ Jan
14,353
M anhat & Queens (Rec) .Jan
26,708
N Y & IIarlem(CityLino)_Jan
131.295
N Y & Long Island______Jan
41,594
Richm Lt & RR (R ec)_ Jan
_
59,037

e t E a r n i n g s -----C u rren t
P r e v io u s
Y ear.
Y ea r.
S
$

------ N

S
909,605
6,073
138,350
196,454
4,577
390,084
1,759,949
68,582
774,414
95.248
45,014
664,782

204,825
— 4,617
37,852
44,151
— 2,646
76,975
484,641
26,808
— 25,971
1.410
— 14.295
301,265

49,579
1,223
5,936
10,858
— 2,486
23,623
206,921
16,659
— 43,413
— 9,900
— 9,978
282,469

3.261,939
1,679,057
23,188
70,568
95,357
22,605
10,912
24,742
143,759
40.424
61,957

1.305.033
335.449
— 115
— 15,499
— 17,668
— 1,536
— 1,129
611
13,239
— 12,690
— 24,512

1,243,409
265,706
858
— 16,059
— 42,395
— 9,252— 2,241
1,559
14,900
— 14,920
— 13,918

N o t e .— All the above not earnings aro after deducting taxos.
a The Brooklyn C ity RR. is no longer part of tho Brooklyn Rapid Transit
System, the receiver of tho Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue paym ent of tho rental; therefore,
since Oct. 18 1919, tho Brooklyn C ity RR. has been operated by its owners.
b The Eighth Avenue and N inth Avenue Railroad companies were
formerly leased by the Now York Railways C o., but thoso leases were
terminated on July 11 1919 and Sept. 26 1919, respectively, slneo which
da to these roads have been operated separately.
— D eficit.

FINANCIAL REPORTS
Annual, &c., Reports.—Tho following is an index to all
annual and other reports of steam railroads, street railways
and miscellaneous companies published since and including
March 25.
This index, which is given monthly, does n o t include
reports in to-day’s “Chronicle.”
Bold faced figures indicate reports published at length.
S tea m R oads —
P a g e.
A la b a m a G re a t S o u th e rn R R ______ 1280
A tc h . T o p e k a A S a n ta F e I ty .1 7 5 9 , 1779
B o sto n A M a in e R R ________________ 1528
B uff. R o ch . A P i tts . R y . 1650, 1759, 178.1
C a n a d ia n N a tio n a l R a ilw a y s................ 1762
C a n a d ia n P acific R y ..................... 1400, 1424
C h icag o G re a t W e ste rn R R ___ 1532, 1645
C h ic . R . I. A P acific R y ............ 1643, 1668
' In c. N ew O rlean s A T e x a s P a c .R y .1 2 8 0
D e la w a re A H u d so n C o .............1759, 1775
E rie R a i lr o a d ........................................... .1 6 4 5
Illin o is C e n tra l R R .............................. ..1 7 5 9
L ong Isla n d R R .......... ................1280, 1759
L ouisville A N a sh v . R R .1 5 2 8 , 1643, 1663
M exican R ailw ay C o ., L t d ...................1287
M issouri Pacific R R ................
1287
N a s h v . C h a tt. A S t. L o u is R R _____ 1651
N e w O rlean s A N o r th e a s te r n ________1280
N ew Y ork C e n tra l R R ....................... ..1 5 3 4
N . Y . N . II. A H a rtfo rd R R ..1 5 2 8 , 1643
N o rfo lk A W e ste rn R y _______ 1400, 1419
N o rth e rn P acific R y ________________ 1646
I’a u lis ta R a ilw a y , B ra z il____________ 1707
P e n n s y lv a n ia C o m p a n y ..........................1527
P e n n s y lv a n ia R a ilr o a d ______________1525
P h ila d e lp h ia A W e ste rn R y _________ 1052
P i tt s . C in . C h ic . A S t. L o u is R R ____1527
E le ctric R a ilw a y s —
C a lifo rn ia R y . A P o w er C o . .......... ..1 4 0 5
C h icag o C ity R a ilw a y C o .................. ..1 2 8 7
C h ic a g o Itlte r u rb a n A T r a c tio n C o . . 1285
C h icag o R a ilw a y s C o _________ 1280, 1528
C o lu m b u s (G a .) E le c tric o _____ ..1 4 0 6

E le c tr ic R a i l w a y s —(C o n c l .)

P age.

E a s t S t. L o u is A S u b u rb a n C o _____ 1407
E a s te rn P e n n s y lv a n ia R a ilw a y s ____ 1407
E a s te rn W isconsin E le c tric C o ........... 1532
E sc a n ab a Pow er A T r a c tio n C o ____ 1650
G eo rg ia R a ilw a y A P o w er C o ..............1765
In te rn a tio n a l R y . C o ., B u ffa lo _____ 1533
Lehigh V alley T r a n s it C o ___________ 1765
M a n ila E le c tric C o .......................
1766
M a rk e t S tre e t R a i lw a y s ......................1 4 0 7
N ew O rlean s R y . A L ig h t C o ..............1534
N ew Y ork S ta te R a ilw a y s __________ 1651
N o rth e rn O h io E le ctric C o r p ................ 1651
P e n n s y lv a n ia O h io E le c tric C o _____ 1535
P h ila d e lp h ia C o m p a n y ............................1287
P o rtla n d R y ., L ig h t A P o w er C o ____ 1409
P o to m a c P u b lic S erv ice C o _________ 1767
P u b lic S ervlco C o rp . o f N . J . . 1280, 1304
Q uebec I ty ., L t ., H t . A P o w er C o . . 1649
S a n J o a q u in L ig h t A P o w er C o ........... 1652
T e n n e sse e R y .. L t. A P o w . C o .1535, 1653
T e x a s E le c tric R a ilw a y ............................1767
U n io n T r a c tio n C o . o f I n d ia n a _____ 1288
U n ited E le ctric l ty s .. P ro v id e n c e ___ 1535
U n ited L ig h t A R a ilw a y s ------- 1535, 1768
U n ited R a ilw a y s C o . of S t. L o u is ___ 1768
U n ite d R y s . A E le c. C o ., B a l t. 1653, 1762
U n ited R a ilw a y s I n v e s tm e n t C o ____ 1654
W a sh . B a lt. A A n n a p . E le c. R R ____ 1536
W est P e n n R a ilw a y s C o . . .......... .......... 1432
W est P e n n T r a c . A W a te r P o w er C o .
1288, 1400, 1432
W in n ip eg E le c tric R y .............................. 1536
Y o u n g sto w n A O h io R iv e r (E l.) R R .1 4 0 9

A pril 29 1922.]
I n d u s tr ia l C o m p a n ie s —

THE CHRONICLE
P age.

A d v a n c e R u m c ly C o __________ 1402, 1435
A ja x R u b b e r C o ., I n c -----------------------1655
All A m erica C ables, I n c ____________ 1530
A llie d C hem ical A D y e C o r p o r a tio n . 1530
A llis C h a lm e rs M fg. C o _______1761, 1793
A m e ric a n B osch M a g n e to C o r p .......... 1410
A m e r. B ra k e S h o e * F d y . C o . 1410, 1530
A m e ric a n D is tric t T e le g ra p h C o ____1655
A m e ric a n G a s C o ., P h ila d e lp h ia ____1289
A m or. L a F ra n co F ire E n g . C o ., I n c . 1769
A m e ric a n P u b lic S erv ice C o _________ 176S
A m erican R a d ia to r C o ________
1283
A m e r. S m e lt. A R efill. C o ____ 1401, 1429
A m e ric a n T elo p . A T e le g . C o ______ 1655
A m e r. W a te r W orks A E le c tric C o__1290
A m e ric a n W ritin g P a p e r C o .......... ........1769
A rizo n a C om m e rc ia l M in in g C o ____1769
A rt M e ta l C o n s tru c tio n C o _______ 1411
A sso c ia te d Oil C o. o f C a lifo rn ia ____1538
A tla n tic Lobos O il C o ___________
1769
A tla n tic R e fin in g C o .....................
1762
A u s tin , N ichols & C o ., I n c _________ 1762
B a r n e t L e a th e r C o ., I n c ___________ 1769
B a rn s d a ll C o r p o r a tio n ______ 1283, 1311
B ell T e le p h o n e C o . of C a n a d a ____1656
B e th le h e m S teel C o r p o r a tio n _____ 1282
B o o th F ish eries C o .. C h ic a g o _____ 1656
C a d d o C e n tra l O i l * R c fln . C o r p . . . 1290
C a lifo rn ia P e tro le u m C o r p . . .
1403
C a lu m e t A A rizona M in in g C o _____1538
C a lu m e t A H ecla M in in g C o ..............1 5 3 8
C a n a d ia n G e n e ra l E le c tric < o ______ 1411
C e lluloid C o m p a n y ..
1411
C e n tra l M a ss . L ig h t A P o w er C o . . . 1769
C o n tra l S te el C o ., M a ssillo n , O h i o . . 1769
C h a lm e rs M o to r C o .......... ...................... 1538
C h ile C o p p e r C o .......... ............................. 1290
C itie s S e rv ic e C o ............................1760, 1785
C ity I c e C o ., K a n s a s C ity , M o _____1411
C ohoes (N . Y .) P o w e r * L ig h t C o r p . 1656
C o lo rad o P ow er C o _________________ 1411
C o m p u tin g T a b u la tin g R e c o rd in g C o.
1412, 1529, 1548
C o n so l. G a s, E le c . L ig h t & P o w er
C o ., B a l tim o r e .- ....................... 1282, 1315
C o n s o lid a te d T e x tile C o rp o ra tio n _ 140<»
_
C o n tin e n ta l G as & E le c tric C o r p ____1539
C o ro n a T y p e w rite r C o ., I n c ................ 1539
C u r tis s A ero p lan e A M o to r C o r p . . . 1770
D a y to n P o w e r * L ig h t C o ..................... 1291
D ia m o n d M a tc h C o .....................
1291
D u q u c s n c L ig h t C o ................................... 1291
E a s t H u tto C o p p e r M in in g C o . . I H l 5 3 9
E a s te r n M a n u fa c tu rin g C o ...................1657
E le c tric B o n d * S h a re C o __________ 1770
E le c tric C o n tro lle r * M fg . C o . .
1770
E le c tric S to ra g e B a tte r y C o .......... .. 1656
E lk H o rn C oal C o rp o ra tio n _______ 1291
F a irb a n k s , M orse A C o . .
1770
F e d e ra l M in in g A S m e ltin g C o ..........1657
F e d e ra l OH C o. (D e la w a re )_________ 1770
P c n sla n d O il C o .......... .................
1657
G e n e ra l A m erican T a n k C a r C o r p . 1 1292
G e n e ra l A sp h a lt C o _________________ 1412
G e n e ra l B a k in g C o _______ I I I H I ’ l531
G e n e ra l E le ctric C o ____1529’ 1646, 1675
G e n e ra l G a s & E le c tric C o __________ 1292
G e n e ra l M o to rs C o r p _____
1646, 1672
G o o d y e a r T i r o * R u b b e r C o ., A k ro n .
O h io ..........................
1402
G o rto n -P e w F ish eries C o I ...................ir>58
G r a y & D a v is , I n c ................................I I 1658
G re e n fie ld T a p & D ie C o rp o ra tio n 1771
G ru c n W a tc h C o ......................
” 1 540
G u lf Oil C o rp o ra tio n ___I I I
J292
H a m ilto n , B row n S hoo C o . I s ’tiLouIs’ 1540
I la y e s M a n u fa c tu rin g C o .................. 1771
H a y e s W heel C o ., J a c k s o n , M i c h I I I l 2 9 2
H o llln g c r C ons. G old M in e s . L td
1202
H u m b le O il & R e fin in g C o .
1771
H u p p M o to r C a r C o . . .
ta iq
Illin o is P ip e L ine C o . . .
io n o
Illin o is P o w er C o . .............I ...................... { ra n
In d e p e n d e n t P n e u m a tic T o o l C o ' ” if \5 8
In d ia h o m a R efining C o ..........
” ‘ j rMn
I n d ia n R e fin in g C o ............... - I I I I I I ’ l6 5 8
I n te r n a tio n a l C e m e n t C o rp o ra tio n 1293
I n te r n a tio n a l G e n e ra l E le c tric C o " 1771
I n te r n a t. H a rv e s te r C o . 1402. 1529 1545
In te r n a tio n a l P a p e r C o ________
' tM 7
I n te r n a tio n a l S a lt C o _____ H H
i4 .3
I ro n C a p C o p p e r C o .......... H I ............. 1771
Iro n P ro d u c ts C o rp o r a tio n . . I I ............i 7 7 i
I sla n d C re e k C oal C o ................. 11
Je ffe rso n * C le a rf. C o al * Iro n C o i n 46,
K a n s a s C ity P ow er * L t. C o 1 7 6 0 ’ 1791
K ellogg S w itc h b o ard & S u p p ly C o ’ 1540
K e y s to n e P ow er C o r p ____
” ,
L a Belle Iro n W o r k s ......... I
L a c k a w a n n a S teel C o ............... ..............
L ib b y , M c N eill * L ib b y , C h ic a g o 1648
L in d say L ight C o ....................
8 ” 1771
L ono S ta r G a s C o .................
.............
L ong Isla n d L ig h tin g C o . . . ...............
Los Angeles G as & E le c . C o rp
.
L udlow M fg. A s s o c ia t e s ...
L u z e rn e C o u n ty G as * F I . C o 1 4 1 4 ' 1
M a g n o lia P e tro le u m C o ____
’
M a h o n in g I n v e s tm e n t C o . . ................ .J ™
M a n a tl S u g a r C o .........................I ........... , V
M a ria n d OH C o .......... ..............
I7 ‘ *
M a rtin P a r ry C o r p ...................1 *
M a so n Valley M in e s C o .............I
177^

In d u s tr ia l C o m p a n 'e s — ( Concl .) Page.
M a ss a c h u s e tts G a s C o s ........................ 1541
M a x w e ll M o to r C o r p . .
____1402
(89th Annual Report— Year ended Dec. 31 1921.)
M a y D e p a r tm e n t S to re s C o ., N . Y .1 4 0 3
M e n g el C o ., L o u isv ille, K y _______ 1414
President James IT. Hustis, March 14, says in substance:
M e rc k & C o ......................
1293
R e s u l t s S i n c e S e p t . 1 1920.— After Sept. 1 1920 the com pany, together
M c rg e n th a lc r Li’n o ty p o C o _________ 1414
with all other railroads, was thrown on its own resources. R ate increases
M e tr o p o lita n E d is o n C o ____________1541
authorized effective Aug. 26 1920, which, based on the traffic
M ia m i C o p p e r C o ............................... . . 1 7 7 2
1 Me ’rA
vl:ro deslBR©u to yield the roads as a whole the return contemplated
M id la n d C o u n tie s P . S. C o r p _______1294
by the I ransportation A ct. It was recognized that these rates were not
M id w a y G a s C o ..........................................1294
adequate to restore the credit of the Boston & M aine and that the effect
M i l l e r * L u x , I n c ............................
1541
ot war conditions on expenses of the carrier whose business was essentially
M ille r R u b b e r C o ........ ............................. 1414
of a terminal character, should be partly offset by a readjustment of divi­
M ilw a u k e e G a s L ig h t C o .......................1415
sions of through rates.
M ississip p i R iv e r P o w er C o _________ 1541
I mH,as believed, however, th at the B. & M . could exist upon such rates
M o h a w k M in in g C o ________________ 1415
until the question of divisions could be adjusted. The full effect of the new
M o n ta n a P o w er C o _________________ 1283
rates, however, was not im m ediately enjoyed, and the condition of the
M u llin s B o d y C o r p _________________ 1294
Property did not permit of a drastic curtailm ent in maintenance expenses.
M u n ic ip a l G a s C o ., A lb a n y , N . Y ..1 2 9 4
Before a fair test could be given to operations under the higher rates, the
N a tio n a l A cm e C o ..................................... 1294
B. A M . was confronted with a marked falling off in traffic, which con­
N a tio n a l L e a th e r C o ______ _________ 1403
tinued throughout 1921. and which has created a serious condition for prac­
N a tio n a l T r a n s it C o .................................1542
tically all the railways of the U nited States— serious oven to strong lines
N e v a d a C a lifo rn ia E le c tric C o r p . . . l 7 7 2
but disastrous to those whose operating conditions caused unusually high
N ew E n g la n d C o . P o w . S y s t_ .1 5 4 2 , 1772
costs and who had no large surplus to tide them over the poriod of readjust­
N ew Y o rk T r a n s p o r ta tio n C o .......... .1 2 9 4
m ent. In the face of liquidation by other industries, further general
N ia g a ra F a lls P o w er C o ..........................16f>0
rate increases were impracticable.
N lp lssln g M in e s C o ., L t d ........ ...............1415
This was evidenced by the unfavorable result o f the conference called
N oiseless T y p e w rite r C o ., N . Y ____1660
by the Governors of the N ew England States, in which temporary relief
N o r th A m erican E d iso n C o _________ 1415
was sought. In fa c t, there has been much pressure for a downward revision
N o r th A m e ric a n L ig h t & P o w er C o.
of rates and in certain lines of traffic it is possible that further increases in
(of M a in e )................
1294, 1542
rates would have defeated their own purpose by restricting the radius of
N o rth B u tte M in in g C o ____________ 1542
distribution and otherwise reducing the volume of traffic.
N o rth e rn S ta te s P o w er C o ____1761, 1788
D e f i c i t f o r 1921.— T he result of actual operations for 1921 (including cer­
i9 6 0
O h io B o d y A B lo w er C o r p ____
O hio B ra ss C o . . .............
1415
tain Items charged to the Federal control and guaranty periods) was a deficit
O hio O il C o .............................1 .1 1 ........... 1 542
after taxes,equipm ent and joint facility rents and fixed charges of $7,348,086.
The cash situation resulting from this deficit was partially met by a reduc­
O k la h o m a G e n e ra l P o w er C o . .
1660
O tis E le v a to r C o ...................... 1 5 3 0 , 1772
tion in the stock of material and supplies on hand, and by advances from
O w ens B o ttle C o ____
1294
the Government on account of final settlem ent for the Federal control
Pacific G a s * E le c tric C o l ..................... 1281
and guaranty periods.
P a c k a rd M o to r T ru c k C o . . .
” l7 7 3
O p e r a t i n g E c o n o m i e s . — To m eet this serious condition and minimize the
P a rish & B in g h a m C o r p .............' ” 1 415
deficit every effort was directed toward operating economies.
P h elp s D o d g e c o r p ______
”l 648
R e d u c t i o n i n N o . o f E m p l o y e e s . — The average number o f employees on
P h ila d e lp h ia E le c tric C o .
' ” 1751
the pay-rolls was reduced from a maximum of 34,138 In Sept. 1920 to a
P h fla . S u b u rb a n G a s & E l. C o ...........1660
minimum of 26,161 in M ay 1921. Shops were closed for considerable
P ierce A rro w M o to r C a r C o ................ 1773
periods. Passenger train service has been substantially reduced and many
P itts b u rg h R o lls C o r p ___________
1773
stations have been discontinued as agencies.
P o n d C re e k C o al C o _____
1 542
W a g e R e d u c t i o n s . — Up to the present tim e it has not been possible to
P o stu m C e re al C o ., I n c . . .
” l6 ( 0
reach agreements with the representatives of employees which involve any
P ro v in c ia l P a p e r M ills , L t d .
1542
substantial reduction in compensation, and it has therefore been necessary
P u llm a n C o ...................
1773
from tim e to time to bring Important issues before the Labor Board. A
R a d io C o rp . of A m e ric a ......................1 1660
reduction in basic wages was granted July 1 1921, which on the B. & M .
R a y C o n so lid a te d C o p p e r C o ______ 1773
averaged over 11%. Certain subsequent decisions have been rendered
R eg al Sh o e C o _______________
1542
on rules and working conditions which should result in further savings,
R e m in g to n T y p e w . C o . . 1295, 1529,’ 1547
and these m atters are being progressed to a conclusion as rapidly as possible,
..1 2 9 5
Ilcp lo g le S teel C o . . .......... ........
as the Labor Board has indicated that the adjustment of all important ques­
R e p u b lic Iro n & S teel C o ___________ 1773
tions of rules and working conditions is a prerequisite to further consider­
R e p u b lic M o to r T ru c k C o __________ 1543
ation o f basic wage rates.
R o c k la n d A R o e k p o rt L im e C o r p _ 1410
_
S a n d u s k y (O .) C e m e n t C o .................... 1 416
F u e l a n d O t h e r M a t e r i a l . — While the savings in the cost of fuel and other
S a p u lp a R e fin in g C o .......... ................... .1 7 7 4
material have been substantial in certain items as compared with war period
S h a ttu c k A rizo n a C o p p e r C o . .............1 543
prices, the effect of these reductions has not been fully reflected in operating
S in c la ir C ru d e OH P u rc h . C o . . ___ 1774
expenses for two causes— the first due to contracts in force before the re­
Sk elly Oil C o _______________________ 1774
duction in prices obtained and the second duo to the accumulation of stocks
Sloss Sheffield S teel * I ro n C o ____Il6 6 1
on the basis of a normal volume of traffic.
(H o w ard ) S m ith P a p e r M ills, L td .1 4 1 6
As Illustrating the trend of material prices reflected In operating expenses,
S o u th P e n n O il C o .......... .............. 1417, 1543
tho average cost of fuel on locom otives in 1920 was $7 95 per net ton. A
S o u th e rn C a lifo rn ia E d iso n C o . 1529^ 1549
maximum of $9 26 was reached in N ov. 1920. The average for 1921 was
S o u th w e ste rn Bell T e le p h o n e C o . . 1661
$7 88, but in D ec. 1921 it had dropped to $6 82. It is expected that this
S o u th w e ste rn P o w er A L ig h t C o . ’ 1295
cost will bo less in 1922.
S p rin g V alley W a te r C o ....................1 1 1774
C o m p a r i s o n o f O p e r a t i n g R e s u l t s o f 1921 a n d 1920.— The deficit o f $7,348,­
S ta n d a r d G a s A E le c tric C o ____I I I 1295
086 is comparablo with a deficit in 1920 of $17,132,481 (excluding standard
S ta n d a rd Oil C o . (C alifo rn ia) .1 5 4 3 ’ 1 547
return and guaranty), a reduction in deficit of $9,784,395. Tho increased
S ta n d a rd OH C o . ( K a n s a s ) ______
1295
freight rates and passenger fares which were in effect only about 4 months
S ta n d a rd O il C o . ( O h i o ) ______ I ’ I ’ l4 1 7
of 1920 applied throughout 1921. The rates of wages which were increased
S ta n d a rd P a r ts C o ...........................I
1417
by the Labor Board about 21% , effective M ay 1 1920, were somewhat
S ta n d a r d Screw G o ___________1 1 I I 1 1763
reduced by the Labor Board July 1 1921.
S te a rn s L ig h tin g A P o w er C o
1417
O p e r a t i n g T r a f f i c S t a t i s t i c s . — The freight business and passenger business,
S teel C o . of C a n a d a , L t d .............I ” 1 417
which had reached a high record in 1920, fell off in 1921 to an extent never
T id e W a te r O il C o _____________ I H ’ l2 8 4
before experienced in the history of the railroad as between one year and
T o n o p a h B e lm o n t D e v c lo p m e n t C o " l 774
another. The revenue ton miles in 1921 mounted to 2,673,769,008 as
T r a n sc o n tin e n ta l O il C o .............
1774
compared with 3.705,528,286 in 1920, a decrease of 27.8% . ITcllminary
T r u m a n Oil C o ............................ I I H ’ ” l 774
figures for Class 1 railroads (having revenues in excess of $1,000,000 per year)
U n io n B a g A P a p e r C o r p .............I I H l 2 9 6
show a decrease of 25.2% for the country as a whole and show a reduction
U n io n Oil C o . of C a l if o r n ia .. .
'* 1 6 6 1
of 26.4% for the Eastern district.
U n io n T a n k C a r C o ., N . Y . C i t y . . .1 2 8 2
Tho pa-ssenger m iles (number of passengers multiplied by the average
U n io n T w is t D rill C o ........................... J 4 i 8
distance carried) in 1921 amounted to 876.112,984 as compared with 1,014,­
U n ite d G as I m p ro v e m e n t <5oI 11111 1761
734,717 in 1920, a decrease of 13.7%. The 1921 figure L somewhat less
s
U . S . H o ffm an M a c h in e ry C o rp
1662
than tho corresponding item for 1912 (880,741,536). The passengers
U . S. I n d u stria l A lcohol C o . . .............1544
carried in 1921 aggregated 47,683,233 as compared with 54,933,009 in 1920,
U n ite d S ta te s R u b b e r C o . . .............1 .1 6 4 6
a decrease of 13.2% • The number of passengers carried in 1921 was about
U . S . S m e lt. R e f. * M in . C o I I . I H l 6 6 2
the same as in 1910 (47,365,852). The difference between tho reduction
U n ite d S ta te s S te el C o r p _____ 1281, 1297
as meastired by passenger miles and by passengers Is explained by an in­
U n ite d S ta te s W o rste d C o __________ 1284
crease in average distance carried.
V a n a d iu m C o rp . o f A m e r i c a . . . I . . 11296
Tho Boston A M aine, in common with railroads generally, shows some
V irg in ia I ro n , C o a l * C o k e C o .,
reduction in tho train load and the car load for 1921 as compared with 1920.
1296, 1402, 1439
The revenue tons per train mile for 1921 amounted to 448 as compared
(V .) V lv a u d o u , I n c ______ ___________1782
with 454.38 in 1920, a decrease of 1.4%.
T he car load was 21.11
1418
V ulcan D e tin n ln g C c ____
tons for 1921 as compared with 2 3 .4 4forp reviou syear,ad ecreasoof9.9% .
W a rre n (O .) T o o l * F o rg e C o .............1418
C o m p a r i s o n o f 1921 w i t h 1916.— From a financial point o f view the year
W a y ag a m a c k P u l p * P a p e r C o ., I n c . 1662
1916 stands out prominently in tho company's history. T he net income
W eb er A l le l lb r o n e r ......................
1 544
was $4,876,929 after all charges, including a net paym ent of dividends and
W elsbach C o ., P ld la .................................1296
organization expenses fortning a part of leased line rentals to the amount of
W e ste rn E le c tric C o ________________1282, 1312
$2,573,758. which amount has not been included in fixed charges since
W e ste rn M e a t C o .......... .......................... 1418
reorganization Jan. 1 1919, as the 1st I’ref. stocks of the B. A M ., exchanged
W e ste rn U n io n T e le g ra p h C o . 1401,
for leased line stocks, pay dividends only when earned. Eliminating these
1437, 1662
rental dividends and organization expenses, the not income in 1916 would
W h ita k e r G lessn er C o ............................ 1418
have been $7,450,687 as compared with a deficit o f $7,348,086 in 1921.
(J. G .) W h lto C o m p a n ie s ___________ 1782
The figures for both years are before any appropriations from income for
W h ite Oil C o r p ..........................
1418, 1662
sinking funds and equipment trust installments.
W lck w lre S p e n c e r S te el C o r p ________1418
W lllys O v e rla n d C o .................................1530
P a y r o l l . A c., C o m p a r e d w i t h
1916.— The operating payroll for 1921
W in c h e ste r C o . ..........................
1 782
amounted to $45,169,364 as compared with $22,772,708 in 1916, an in­
W rig h t A e ro n a u tic a l C o r p . . . .......... .1 6 6 2
crease of 98% . Average number o f employees in 1921 was 27,577, against

Illinois Central Railroad Co.
(72d Annual Report for Year ended Dec. 31 1921.)
The report of President C. H. Markham, together with
the general statistics, income, profit and loss account,
balance sheet aind other tables, will be found under “ Reports
and Documents, on subsequent pages.
G E N E R A L T R A P H C S T A T I S T I C S F O R Y E A R S E N D E D D E C . 31.
C a le n d a r Y e a r s —
1921.
.
yl919.
y 1918.
xl920.
Aver, miles operated 4,799.37
4,793.22
4 ,799.44
4,778.27
F r e ig h t T r a f f ic —
Tons freight carried.
40,415.089
49 233 079
38,245,714
45,853,934
Tons frgt. car. 1 mllo 11,084,093,960 13,724'232'886 9,994,435,480 12,441,0-17,707
a Revenue from irgt. $107,092,091
$ioo 'l78 886
$75,831,459
$79,271,487
Average revenue per
.966 cts.
ton per mllo-------.774 cts.
.759 cts.
.637 cts.
32,612,358
Rev. pass, carried...
31,002,734
35,036,448
27,181,219
Rev. pass. car. 1 mile 810,063,728
946,075,908
982,729,413
867,384,0-12
$24,730,886
a Rev. from pass—
$24,291,154
$27,029,803
$20,536,221
Aver. rev. per pass,
3.053
per mile—cents—
2.568
2.750
2.368

a Including bridge tolls and miscellaneous.
x Includes combined corporate and Federal sta’ls'Ies, exclusive of Federal lapovers subsequent to Feb. 29 1920. y Federal control period. —V. 114, p. 1759, 1765.




1883
Boston & Maine Railroad,

28.860 in 1916, a decrease of 4.4% .
The total revenues for 1921 were $78,289,750, or 41% more than the
revenues o f 1916, amounting to $55,383,545. B ut the operating expenses
in 1921 w'ero $73,833,472, or 93% more than tho expenses of 1916, am ount­
ing to *38,251,716.
The changes in the relationship between rovenuos and such expenses as
payroll and fuel are indicated by the following:
In 1921 the ratio of payroll to revenues was 58%: in 1916 it was 41% .
In other words, in 1921 out of every dollar o f revenue 58c. was paid in wages
as compared with 41c. in 1916. The average figure of 58c. for 1921 includes
tho effect of six m onths’ application of tho Labor Board’s decision, effective
July 1 1921, taking away part of the increases in wages granted in prev. year.
The railroad’s fuel expense in 1921 required 13.2c. of every dollar of reve­
nue as against 9.6c. in 1916. The cost per net ton on locom otive tenders
in 1921 of $7 88 was over 2
times as great as tho corresponding figure
in 1916, nam ely S3 06.
Paym ents for loss and damage in 1921 amounted to $1,192,658 (om itting
a charge of $247,000 to take care of estimated unsettled claims chargeable
against the Government in connection with tho guaranty poriod). The
1921 figure is 291 % higher than tho corresponding figure in 1916 ($304,824).
lt will bo seen that after paying operating expenses In 1921 there was but
5.7c. from each dollar of revenue to apply to taxes, hire of equipment.
Interest and other charges, as against 30.9c. in 1916.
T a x e s C o m p a r e d w i t h 1916.— Taxes for 1921 show an increase of $577,335,
or 2 7 % o v e r 1916.
.
R a t e D i v i s i o n s C a s e . — The attem pt of the B . A M . and other N ew England
roads to secure a larger share of the through freight rates through a re­
adjustment o f divisions resulted in a decision by the I.-S. O. Commission
dated Jan. 30 1922, which granted a general increase in divisions to take
effect M arch 1 1922. subject to the provision that studios should be con­
tinued toward a revision o f Individual divisions on a logical and system atic

1884

THE CHRONICLE

basis. Although tho am ount o f tho increase as estim ated by the Commis­
sion is substantially less than was requested, tho benefit to tho B . & M .
should be material.
T he subject o f divisions has been agitated for soveral years and a definito
decision by the I.-S. C . Commission should do much to clarify the situation.
In tho last analysis tho public which is served by tho B. & M . m ust provide
tho adequate rovenues through freight and passonger ratos if it is to havo
adequato transportation.
C a p i t a l S t o c k .— Tho $81,472,800 capital stock outstanding is owned by
19,402 stockholders, of whom 13,257 live in M assachusetts.
V a l u a t i o n .— The work o f physical valuation which has been in progress
sinco Feb. 1914 is about completed. T entative figures indicate the cost of
reproduction now plus tho market valuo o f lands of tho B. & M . system ,
including leased and controlled lines covered by tho valuation as of .Tune 30
1914 (except ono controlled lino for which the valuation dato is Juno 30 1910)
as $282,431,214 as compared w ith the book value o f tho samo dates of $214,­
465,148. Up to D ec. 31 1921 tho cost to tho B. & M . system o f preparing
this data and continuing records and reports as called for by tho valuation
Bureau has amounted to $1,000,195 (compare V. 114, p. 1764).
A d v a n c e s A c c o u n t F e d e r a l C o n t r o l .—-During 1921 advances of $6,000,000
account o f the Federal control claim havo been made by tho DirectorGeneral. It is expected that final settlem ent w ill be consummated during
tho present spring. It is oxpected that the claim under the guaranty period
w ill also bo disposed o f a t an early date (see V. 112, p. 1733).
F l o a t i n g D e b t .— There was no floating debt outstanding at tho closo of
1921. T he sum of $2,500,000, borrowed on notes Feb. 7 1921 for tho pur­
pose of reducing liabilities for overdue traffic balances, coal and material
and supplies, in anticipation o f a paym ent by the Government on account
o f tho guaranty period, were paid o ff March 21 1921.
F u n d e d D e b t .— Funded debt on D ec. 31 1921 amounted to $124,456,279,
an increase o f $1,309,800 sinco D ec. 31 1920.
(1) N e w I s s u e s — Additional Series F bonds, due June 1 1930____
$6,500
Series I 7% bonds, duo Jan. 1 1931: (a) issued in exchange for
Boston & Lowell 3J^s, duo Jan. 1 1921, $319,000: (6) Con­
necticut River 3.16s, duo Jan. 1 1921, $290,000___________
609,000
Series J 6% bond, dated Oct. 1 1921, duo Oct. 1 1 931-.............. 3,049,000
Equipment gold notes, dated Jan. 15 1920__________________ 1,483,500
$5,148,000
(2) P a i d O f f . — (a) Boston & Lowell 3 K s, duo Jan. 1 1921, $319,­
000: (b) Connecticut River 3>6s, duo Jan. 1 1921, $290,000___ $609,000
(c) Fitchburg 3>6s, duo Oct. 1 1921, $1,775,000; ( d ) Boston &
Alaino 3 i^ s, duo N ov. 1 1921, $1,000,000....................... ............. 2,775,000
(c) Equipm ent trust notes, duo Jan. 15 1921_________________
454,200
$3,838,200
Increased, as above________________________________________ $1,309,800
L o a n s f r o m t h e G o v e r n m e n t i n 1921.— On Oct. 1 1922 company received
a loan o f $3,049,000 from tho Government for the purposo o f paying the
following maturities: (1) Fitchburg RR. 3 j^s, duo Oct. 1. 1921, $1.775,000;
(2) Boston & M aine R R . 3 j^s, due N o v . 1 1921, $1,000,000; (3) M anchester
& Lawrenco R R . 4s, duo Jan. 1 1922, $274,000. There was issued and de­
livered to tho Government $3,049,000 temporary registered 6% Series J
m tge. bond, dated Oct. 1 1921, duo Oct. 1 1931.
E q u i p m e n t T r u s t . — Additional equipment gold notes in tho amount of
$1,483,500 maturing annually Jan. 15 1921 to 1935 incl. were issued in
accordance with tho terms o f Equipment Trust Agreement dated Jan. 15
1920, to pay for 20 locomotives allocated to tho company by tho U. 3. RR.
Administration. Tho total amount o f equipment trusts outstanding
March 14 1922 aggregated $5,904,600.
N e w E q u i p m e n t T r u s t . — A portion o f tho cost o f tno now equipment will
bo obtained through the sale o f equipment trust certificates and tho details
in connection w ith tho purchased of tho equipment and tho form ation of an
equipm ent trust are now being worked out.
M e r g e r o f S u b s i d i a r i e s . — In tho interests of oconomy tho possibility o f
merging into tho B . A M . R R . the corporation known as Proprietors o f
Portsmouth Bridge and N ashua & Acton R R ., Vermont Valley R R ., Sulli­
van C ounty R R .. Barro & Chelsoa R R ., M ontpelier & W ells River R R .,
York Harbor Sc Beach R R . and St. Johnsbury Sc Lako Champlain RR.
has been under consideration for moro than a year. A general Act has been
passed in Vermont and special A cts in M aine, New Hampshire and Now
York, which mako it possible to bring about such mergers. A similar
special A ct has been introduced into tho Logislaturo o f M assachusetts and
is now being considered.
A b a n d o n m e n t o f L i n e s P r o p o s e d a n d A c c o m p l i s h e d . — B y authority of tho
Now Hampshire P . S. Commission and tho I.-S. C . Commission, tho Piofilo
and W auinbek branches havo been abandoned. Very considerable annual
saving resulted from discontinuance o f operation.
Tho steamer A lt. W ashington on Lako Winniposaukeo has rocently been
sold to Captain Leaiuler Lavallco.
Tho toll bridgo travel across tho Portsmouth Bridge is likely to disappear
when the now freo inter-Stato bridgo is completed and it is expected that
tho bridgo will bo closed to traffic other than that carried by railroad trains.
A u t o m o b i l e C o m p e t i t i o n . — Thero aro several branch tines on which tho
business has been affected by automobile traffic to an extent which raises
a question as to the necessity o f continuing operation, but each caso re­
quires and is receiving careful consideration.
M o t o r T r u c k S i t u a t i o n . — A comprehensive study o f tho motor truck
situation has been under w ay for sotno time to determine to w hat extent
tho company can act in co-ordinating truck and rail transportation so that
each m ay properly and profitably operato for tho maximum convenience
and economy of tho shipping public. Effort is being made to enlighten
public interest in tho economic change brought about by tho building up
of tills now transportation agency, and it is hoped that the time is not far
distant when tho trucks will bo required to pay their fair share o f tho cost
of highway construction and maintenance, and when truck lines will bo
subject to tho supervision o f tho I.-S. C . Commission and tho State regu­
latory bodies. Tho railroads havo a right to expect that common carriers
trucks shall he regulated as the railroads aro regulated in the m atter of their
income and operations, both in a spirit o f fair play and in Justice to the
public, who, in tho final analysis, must pay tho cost o f w asteful duplica­
tion of transportation facilities.
P u l l m a n C o n t r a c t . — Our contract with tho Pullman Co. having expired,
it was necessary to agree upon some working arrangement. As conditions
were not normal, it was decided to make a temporary agreement with the
Pullman C o., effective Sept. I 1920, for a term of ono year and thereafter
until cancehed by either party on 90 days’ notice. In a general way it
continues tho arrangement provided in the expired contract, but in addition
includes Pullman cars operated on tho old Fitchburg It It., formerly cov­
ered by a soparato agreement expiring July l 1922.
E x p r e s s C o n t r a c t . — The new contract which railroads generally havo en­
tered into with the American Railway Express Co. runs until Aug. 31 1925,
but. if desired, the railroads m ay terminate samo on Fob. 28 1923, if 6 m os.’
notice is given, and the subject is now having attention.
A d d i t i o n s a n d B e t t e r m e n t s . — Very few projects were started during 1921.
Thero was charged for additions and betterments during tho year $6.232,661,
which after credits for land sold and equipment and property retired was
reduced to $4,420,145. Tho principal items woro new bridges built at
Willimansott anil Beverly, M a ss., Inwood, V t., Scott, Penacook and E n­
field, N . II.; a t Rotterdam, N . Y ., the freight classification and receiving
yard was enlarged; a new passenger station was built at W oodsvlllo, N . H .,
to replace tho station destroyed by fire; and a new engino terminal, including
engino house, coaling plant, cinder pits, power house, office and locker
building was put into servico at Concord, N . II.
A d d i t i o n a l G o v e r n m e n t L o a n s . — Tho funds for many o f the additions and
betterm ents made in 1921 were derived from a Government loan o f $5,443,979 authorized by the I.-H. C . Commission late in 1920.
A t tho same tim e the Commission also granted a loan o f $1,212,500 to
assist in tho purchase o f new locomotivos. As a result o f the sharp falling
off in traffic and the downward trend of equipment prices, it seemed a d ­
visable to defer tho purchaso o f this equipment, and the Commission has
recently approved a supplem ental application to reduco tho number of loco­
m otives to bo purchased and to apply the balance, together witli the very
substantial amount saved through price reductions, to tho purchaso of
steel passenger cars.
G E N E R AL

S T A T IS T IC S

FOR

C A L E N D A R

YE A R S.

1921.
1920.
1919.
1918.
Passengers carried.......... 47,683,233 54,933,009 50,804,904 44,660,430
Pass, carried one m ile - .-8 7 6 ,112,984 1014734,717 976,111,536 882,382,133
A v. rev. per pass. p. milo 2.657 cts.
2.397 cts.
2.233 cts.
2.158 cts.
Revenue tons c a r r ie d -.. 20.060,610 27,186.674 26,515,893 30,109.986
R ev. tons carried 1 m ile.2673769.008 3705528,286 3293288,000 3612614,982
vA . rev. per ton per mile 1.783 cts.
1.439 cts.
1.315 cts.
1.193 cts




[V ol. 114.

IN C O M E

S T A T E M E N T

FOR

C A L E N D A R

Y E A R S.

Operated by U . S. R R . Administration from Jan. 1 1918 to Feb. 29 1920,
w ith Guaranty to A ug. 31 1920.1
O p e r a tin g R e v e n u e s —
1921.
1920.
1919.
191S.
$47,660,728 $53,306,738 $43,303,141 $43,085,397
Freight .................
Passenger............ ............... 23,622,145 24,680,435 22,110,094 19,275,420
M a il_______
949,172
1,118,702
506,651
704,349
E x p r e s s ............ .................. 1,571,474
2,624,962
2,870,930
2,615,678
O th e r .............................
4,486,231
4.921.90S
4,138,330
4,476,740
T otal oper. r e v e n u e s..$78,289,750 $86,652,745 $72,935,140 $70,157,584
O p e r a tin g E x p e n s e s —
M aint. of way & stru c..$ 1 3 ,0 2 1 ,6 7 9 $15,093,264 $9,612,461 $10,061,998
M aint. of e q u ip m e n t... 15,920,613 20,168,923 15,287,526 14,231,202
T r a ffic __________
710,784
704,051
498,722
481,035
T ransportation.............. . 40,968,463 51,364,669 38,452,351 37,681,968
M iscellaneous operations
310,780
476,483
440,437
438,087
General ........................
2,901,153
3,182,042
2,852,506
1,885,361
T otal oper. ex p e n ses..$73,833,472 $90,989,432 $67,144,063 $04,779,651
N et operating rovonue $4,450,278df$4,336,687 $5,791,083 $5,377,933
Tax accruals__________ $2,668,423 $3,001,088 $3,043,387 $2,317,524
Uncollectiblo r ev e n u es..
7,326
48,126
1,062
124
Operating incomo____$l,780,529df$7,385,901
Other in c o m e ................ .. 1,655,742 y l 3 ,072,073
Adjustm ent (seo N ote x)
x735,665 \ 6 , 247,212

$2,746,034
803,410
x5,712,538

$3,060,285
889,340
x6,258,004

Gross in c o m o .............$4,171,936 $11,933,384 $9,262,582 $10,208,229
D e d u c tio n s —
Hiro or freight cars (net) $3,193,312 $4,416,809
$877,363 $1,526,911
Rent for leased r o a d s ...
923,181
927,845
928,550 5,502,924
Interest and d is c o u n t...
6,035,493
5,294,793
4,440,478 2,522,643
Other deductions............
632,371
679,208
358,668
337,850
T otal deductions_____$10,784,357 $11,318,655 $6,605,059 $9,950,328
N e t incomo_______ def.$6,612,421
$614,729 $2,657,523
$257,901
Inc. app. to sink, fu nds.
$205,836
$410,978
$96,559
$87,330
Add’ns & b etterm en ts..
548,979
340,496
___________
D ividends
......................................... e l , 227,948 c 2 ,035,710
............
T otal appropriations.
$754,815 $1,979,422 $2,132,275
$87,330
Surplus or deficit___ dof.$7,367,236df$l,364,693sur.3525,248sur.$170,571
x For tho years 1918, 1919, 1920 and 1921 tho corporate and. Federal
income accounts are combined and in order that balances carried to profit
and loss may agree with corporate accounts an adjustm ent is made elimi­
nating Federal incomo transactions and clearance accounts, “ Hevenuos and
exponses prior to Jan. I 1918." y Includes certificates amounting to $11,­
500,000 issued by tho I.-S. C. Commission account of tho guaranty period
claim, c First l’ref. Class A stock, 4%; Class B, 6.4% ; Class O, 5.36% ;
Class D , 8% , and Class E, 3.6% . e First Prof. Class A stock, 2%; Class li,
3.2%; Class C, 2.8%; Class D . 4% , and Class E, 1.8% .
B A L A N C E S H E E T D ec. 31.
1921.
1020.
1921
1920.
/I sscts~—
~
S
s
L ia b ilitie s —
$
S
Road A equip.I>201.461,374 197,469,207 Common stock. 39,505 100 39,505,100
Impts. on leased
Com. stk. scrip.
291
291
ry. property. 8,238,898
7,823,325 Preferred stock. 3,149 ,800 3,149,800
Sinking funds.. o3,824,663
3,137,595 First Prcf. stock 38,817 ,900 38,817,900
Deposit in lieu ol
Prem. on com­
mtged. prop.
mon stock
4,200 ,301
4,200,301
sold.................
249,044 Funded debt
60,953
125,094 296 123,775,085
Mlso.phys.prop.
334,840 Traffic A car ser­
135,759
Inv.lnaflil.cos.:
vice bal. pay. 7,346,770 11,983,691
Stocks............. 2,468,800 2,468,800 Audited acc’ts A
Bonds______ 1.286.038
1.286.038
wages payablo 5,183. 382 9,539,030
N otes............. 3,204,472 3,204,472 MIsc. acc’ts pay.
1,510,804
040 .073
Advances___
565,428
487,405 Int. mat’d, unpd. 1,347,,034
1,351,959
Other invest’ts.
510,009
494,497 Divs. matured,
Cash................... 3,865,196 3,095,486
unpaid_____
15,829
24 ,045
Cash in transit,
Funded debt ma­
agents remit’s
629,142
784,342
73,650
tured, unpaid
46 ,650
Time drafts and
Unmaturcd int.
deposits.........
813,912
8,000
accrued...........
914 ,707
Special deposits. 3,229,315
5,206,616 Unmatured rents
L’ns A bills rec.
118,628
4,232
10,699
accrued_____
118 ,628
Traffic & car ser­
184,029
Oth.current llab.
108, 782
vice bals. rec.
996,367
1,106,451 Due to leased r’ds
Net bal.rec.from
at expiration
agts.&conduc.
904,237
1,564,623
209,989
209,989
of leases.........
Mise. acc'ts rec. 4,008,087
5,352,692 U. S. RR. Adm.
Mat’l A supplies 9,925,410 12,710,898
accounts......... 22,075 713 22,241,810
Int. A div. rec.
70,352
70,923 Tax liability ..deb.287, 739 deb.109,590
Work, fund mlv.
5,682
6,151 Prem. on fd. dt.
281,197
239 288
Ins. A oth.fds_.
12,724
12,724 Oper. reserves..
362, 481
U. S. RR. Adm.
Accr’d deprcc’n
accounts......... 25,048,529 24,882,081
(equipment).. 10,705 100 10,050,198
Oth .def’d assets
...........
72,288 Oth.unadj.crcd. *8,097 905 2,094.390
Ins. prem. paid
Add’ns to prop’y
in advance...
71,720
through Inc.
93,001
Disc, on fd. debt
217,518
248,592
sinco Juno 30
Other unadj.deb. 2,492,779
1,129,995
2,587,468
1907 ............
1,678, 974
U. S. Gov.guar. 1,000,000 7,500,000 Sk. fd. reserves. 3,913, 614 3,200,583
Securs. Issued or
Profit A loss___
155 994 8,171,265
assum., unpig.
5,600

T o ta l.............274,309.749 282.321.851 I T o ta l______ 274,309,749 282.321,851
N o t e .— Contingent liabilities, $5,300,000.
b Does not include equipm ent acquired from leased roads at inception
of leases, appraised at $1,416,971. a Tho bonds and stocks of tho Boston
& Alaino RR. purchased by tho trusteo of sinking fund at a cost of $1,455,­
198, and by the trusteo for purchaso of mortgage bonds at a cost of $1,686,­
680, aro reported abovo a t par ($3,366,500), in compliance with tho rule
of tho I.-S. C. Commission. * Includes accounts with U . S. RR. Admin­
istration amounting t o .$7,979,272.— V. 114, p. 1764.

Western Maryland Railway.
(13th Annual Report— Year ended Dec. 31 1921.)
Chairman Lawrenco Greer, Baltimore, March l, says in
substance:
O p e r a t i o n s .— The marked contraction in practically all lines of business
which commenced during tho latter months o f 1920 continued during the
entire year 1921 and was reflected both in tho amount of tonnago trans­
ported and in tho gross revenue derived therefrom.
Tho total freight tonnago handled for 1921 amounted to 11,578,111 tons
as compared with 18,335.345 tons for 1920, a decrease of 0,757,234 tons, or
36.9% . A material decrease took place also in passenger traffic.
The principal decreaso in commodities handled Is reflected in products of
mines, which in 1921 amounted to 8,090,254 tons as against 13,680,831
tons in 1920. Products of agriculture, howover, show an Increase of tonnage
from 809,415 tons in 1920 to 884,625 tons in 1921.
O p e r a t i n g R e v e n u e s .— Tho total operating revenues for 1921 amounted to
$17,643,054, a decreaso of $2,562,633 as compared with 1920. The d e­
crease in coal and coko freights alone amounted to $2,200,647.
In order to overcome this decline in gross operating revenues, so far as
practicable and consistent with tho suitable maintenance of road and
equipment, the management applied itself to the introduction of rigid
economies in operation, the operating expenses for tho year being reduced
by tho amount of $6,508,263 as compared with 1920, with tho result that
tho net rovenuo from railway operations for 1921 was $3,776,525 and tho
operating ratio 78.59% . Tho most substantial reduction in operating
expenses took placo in tno cost of transportation, which shows for tho year
a percentage of 36.04 of total operating rovenue as against 44.88 for tho
preceding year.
E q u i p m e n t T r u s t O b l i g a t i o n s .— Equipment trust obligations were increased
through tho issue on Alarch 1 1921 of $3,000,000 of equipment trust notes,
divided equally into two series boaring, respectively, 7% and 6% interest
and issued to defray in part tho cost of construction ami acquisition of 40
consolidation freight locomotives.

T H E

A pril 29 1922.]

P o r t C o v i n g t o n C r a i n E l e v a t o r .— During the year work progressed in con*
nectlon with tho com pany’s grain elovator at Port Covington, which will
add 1,500,000 bushels storage when com pleted. This additional elevator
facility w ill bo o f material value in tho handling of grain and will onablo the
company to offer to shippers greatly increased facilities. It is expected
th at within four months the elovator improvements a t Port Covington will
bo completed and tho company w ill then bo able to provido storago facilities
for 3,500,000 bushels o f grain.
P r o p e r t g W e l l E q u i p p e d .— W ith tho completion of tho additional item s ot
terminal facilities at Port Covington, Daltimoro, tho acquisition o f now
locom otives, and tho completion o f other important additions and bottorm ents, including modern coaling and water facilities at certain points, the
property is well equipped to handle economically an enlarged and diversified
business.
T R A F F IC

S T A T IS T IC S

FOR

C A L E N D A R

YE A R S.

1921.
1920.
M iles of road operated (average)------------------801.14
779.77
Number o f passengers carried oarning revenue.
1,680,200
1,946,803
N um ber o f passengers carried ono mile_______
40,209,437
47.808,144
N o . of pass, carreid one mile per mile o f r o a d ..
50,190
85,604
81.152,428
81.235,665
T otal passenger r e v e n u e .....................
Avorago rovenue received from each passenger.
68.588 cts.
63.468 cts.
Average revenue per passenger per m ile______
2.866 cts.
3.58a cts.
N o. of tons carried of freight oarning rovenuo.
11,578,111
18.335,345
Number o f tons carried ono m ile_____________ 1,691,624,845 2,289,370.222
N o. o f tons carried ono mile per milo o f r o a d ..
2,111,522
2,935,955
T otal freight revenue_______________
815.507,930
$17,821,273
Average rovenuo received for each ton o f freight
81.33942
■|.J<'196
Averago rovenuo per ton per milo____________
8.00917
$.00778
C O M B IN E D
Y E A R S

FED ERAL

A N D

CORPORATE

IN C O M E

A C C O U N T . C A L.

1918, 1919 A N D 1920, A N D C O R P O R A T E F O R 1921.
Road operated by U . S. IiR . Admin, from Jan. 1 1918 to Feb. 29 1920,
with Guaranty to Aug. 31 1920.]
1918.
O p e r a tin g R e v e n u e s—
1921.
1920.
1919.
Freight—Coal and co k e. 88.543,289 810,757,951 $7,029,961 $7,925,604
5,602,576
5,189,552
7,063,322
M iscellaneous_________
6,948,360
1,004,671
1,077,210
1,155,707
Passenger_____________
1,235,665
54,121
51,618
M ail................................
92,863
145,011
213,189
271,885
237,322
Express________________
43,320
100,264
118,157
143.469
172,072
M ilk.............................
86,190
73,424
116,832
Other revenue_________
108,661
T otal transport’!! ro v .$ 1 7 ,064,272 $19,699,571 $13,824,575 $14,973,849
428,985
306,120
259.884
192,585
Grain elovator...................
Other incidental rovenuo
123,850
196,888
524,273
233,730
Joint facll. op. rev.— C r .
2,864
3,108
1.275
2,186
T otal oper. r ev e n u es..$17,619,972 $20,205,687 814,610,007 $15,402,350
M aint. of way & s tr u c .. $2,297,413 $3,561,996 $2,809,338 $2,861,071
4,713,553
5,055,827
M aintenance o f oquip’t . 3,914,703
6,439,513
234,532
219,288
Traffic expenses_______
346,597
454,966
5,811,003
7,153,140
T ran sp orts expenses_
_ 6,427,701
9,068,761
145,926
156,094
M iscellaneous operation.
221,789
200,971
665,317
436,411
General expenses_______
614,254
648,586
Cr. 1,737
Cr.5,607
Transp’n for investm ent
C r . 1,792
______
T otal oper. expenses..$13,820,064 $20,374,792 $14,704,962 815,549,193
N et rov. from ry. o p e r .. .$3,799,308 def$109.105 dof$94,9.)5 def$146,843
Tax accruals...............
777,462
620.000
600.000
600,000
Uncolloc. railway rovs._
1,601
. 60
4,960
434
M isc. operations, d eb it.
Cr.940
2.501
988
2,642
8700,903
$447,921
101,234
28,450
24,402

$749,919
$247,154

52,957
16,517

T otal oper. income_ $3,021,186 deb$791,666
_
$213,876 $1,421,673
Hire o f equipm ent______
Joint facll. & other rents
90,803
110,472
i o i\i*7
«)A 1
26,176
Dividend incom e______
18,917
6.940
Inc. from funded secs_
_
897
Income from unfunded
03,265
85,944
securities & accounts.
30,443
408,192
M iscellaneous incom e_
_

16,694
6,891

99,973
33,867
1,253

$671,481
$405,831
T otal other income_
_
$824,628 81,657,869
$866,203 deb$29,422 deb$344,087.
Gross income___________ $3,846,814
$282,019
$131,182
$125,699
Joint facility rents------$226,694
65,130
65.130
65,130
Rents for leased r o a d s..
65,130
3,859
3,354
3,593
3,495
M iscellaneous rents----2,412,813
2,402,813 2,393,259
Int. on funded d eb t___
2,500,370
277,814
248,734
276,349
Int. on equip, certifs___
423,743
161,405
113,397
162
Int. on unfunded d e b t-.
122,727
36,000
36,000
36,000
Federal income taxes_
_
2.8,500
626
2,733
626
M iscl income charges_
_
626
Settlem ent o f U . 8. R R .
Admin, accounts_____
53,231
T otal deductions______$3,424,517
N ot incoino, debit___ sur$421,296
B A LA N C E

Assets—

1921.
$

SH E E T

1920.

S

C o s t of p ro p e rty
o w n e d ............... 140,879,523 141,115,105
0 34,255
C ash.
.
T im e d r a f ts a n d
1,125,000
d e p o s its ______ 1,175,000
7 ,9 2 8
S pecial d e p o s its .
4,078
T ra ffic & c a r se r­
29 0 ,4 9 0
1,532,102
v ice b a l. rec ’lc
N e t b a l.r e c . from
237,740
255,300
a g e n ts & co n d
1,025,593
820,451
M isc . a c c ts -.rc c 2,5 5 3 ,1 9 2
M a te rla l & s u p p . 2 ,9 9 9 ,9 0 0
302,187
01,229
O th . c u rr. a sse ts
C o m p , duo from
309,071
300,809
U. 8 . G o v t...
4,075
13,775
W o rk , fu n d a d v .
I n s u r . p rem iu m s
11,209
13,803
p a id in a d v —
O th e r u n a d ju s t­
102,205
30,538
ed d e b its ..........

$3,229,667
$2,363,463

$3,003,342
$3,032,765

D ECEM BER

T ra ffic & c a r ser­
v ice b a l. p a y .
A u d ite d a c c ’ts &
w ages p a y a b le
M isc . a c c ’ts p a y .
I n te re s t m a tu re d
U n m a t’d I n t. acc
U n m a t .re n ts acc
O th . d e l’d l la b ll.
U . 8 . G o v t, lo an
— A d d ’n s a n d
b e tte rm e n ts ..
T a x lia b ility ------

T o t a l ................. 153,381,143 149,350,382

31
1921.
S

118,512

210,211

1.003,582
120,790
87,841
1,190,134
09,335

2,800.003
190,058
72,300
891,582
138
59,297

2.000,000

2 , 000,000

2,044,395
1.400,800
2,380,022

1 ,483,220
1,478,391
1,892,001

1,320

070,295

A c e r , d c p r e c ’n —

equipment---O th . u n a d j.c re d .
P ro fit a n d lo s s ..

— V. 114, p. 1409.

•$2,900,817
$3,244,904

1920.
$
C o m m o n s to c k . 4 9 ,4 2 0 ,0 9 8 49,420.098
1t p ref. s t o c k . . 1 7 ,742,050 17,742,050
s
2d p ref. s to c k — 9,999,000 9,999,000
F u n d e d d e b t — 5 0 ,2 9 7 .9 4 5 55.130,800
"
E q u ip , tr u s t o b i. 8,090,952
5,480,009
B lock sig n a l o b i.
5,591
L ia b ilitie s —

482,300

T° tal.............. 153,381,143 149,350,382

M a r k e t S t r e e t R a ilw a y C o.

{Report for Period April 1 1921 to Dec. 31 1921.)
Tlio remarks of President Wm. Von Pliul, together with
tho incoino account, balance sheet and operating statistics,
will bo found under “Hoports and Documents” on a subse­
quent pago of this issue. V. 114, p. 1533.
S t. L o u is -S a n F r a n c is c o R a ilw a y C o.

{Report for Fiscal Year ending Dec. 31 1921.)
Tho remarks of President J. M . Kuril, together with
tho incoino account and balanco sheet, will be
found under “Reports and Documents” on a subsequent
pago.




18 8 5

C H R O N IC L E
C O M B IN E D
Y E A R S

F E D E R A L

A N D

CORPORATE

IN C O M E

A C C O U N T

FOR

1918, 1919 A N D 1920. A N D C O R P O R A T E F O R 1921[Road operated by U . S. Railroad Administration from Jan. 1 1918 to
Fob. 29 1920, with guaranty to Aug. 31 1920 ]
1921.
1920.
1919.
1918.
Aver, mileage operated.
5,256
5,252
5,252
5,166
Freight rovenuo________ $59,088,309 $66,338,921 $53,558,494 $47,161,818
Passenger revenuo.......... 21,360,570 26,341,511 23,599,251 20,976,513
M ail rovenuo__________
1,943.916
1,586,616
1.553,472
877,005
Express revenue.............. 1,943,402
2,352,528
1,973,467
1,898,639
M iscellaneous r ev e n u e.. 1,256,390
1,143,346
720,617
753,143
Other revenue_________
699,996
960,117
797,617
808,196
Total oper. revon u e..886,292,58-4 $98,723,039 882,202,918 $72,475,313
M aint. or way & s t r u c ..$ 1 1 ,173,741 $18,389,537 $13,051,814 $10,638,161
M aint. of eq u ip m en t.. . 14,081,244 21,187,870 14,507,5821 16,352,762
M aint. of equip — D ep r. 2,308,146
2,313,669
1,677,653/
Traffic expenses_______ 1,067,089
995,109
709,441
608,154
Transportation expenses 33.336,212 44,116,333 31,852,974 28,171,852
3,118,968
2,624,107
2,139,395
Goneral exponses.............. 2,689,653
Transp. for in v e st—C r ..
270,378
264,942
153,947
103,013
T otal oper. e x p e n s e s ..$64,385,707 3S9.886.545 $64,069,623 $57,807,310
N et operating roven u o.. 21,906,878
8,836,494 18,133,294 14,668,004
O p e r a tin g C h a r g e s —
T axes--------------$3,672,703 $3,533,514 $2,789,445 $2,812,070
U ncoil, railway revenu e.
33.848
43,292
26,373
24,086
niro of equipm ent— n e t.
427,981
1,926,094
779,325
623.759
Joint facility rents, n e t . .
237,602
434,029
361,881 x S e e n o te .
Operating Income____$17,534,742
Other incom e__________
397,980

$2,899,564 $14,176,270 $11,208,089
304,723
455.898
x668.098

Gross Incomo________ $17,932,723
D educt— R entals.............
$226,934
_
15,111
M isc. Income charges_
M iscellaneous taxes___
164,984
Sink. & other res. fu nds.
130,865
Separ. oper. prop’y— loss
______

$3,204,287 $14,632,168 $11,876,188
$241,553
$254,204
x$958,909
a
________
________
a ______
______
______
50,658
40,009
55,991
48,990
70,846
123,879

Bal. for bond Int., & c.$17,394,829
Interest on—
Fixed charges................. $9,665,879
Cum. adj. bonds.......... 2,391,750
Incomo bon ds.............. 2,111,520

$2,863,086 $14,267,109 $10,737,409
$9,630,761
2,340,893
2,111,520

B alance of Income____$3,2 2 5 ,6 8 0 d fll.2 2 0 ,0 S 8

$8,894,825
2,326,895
2,111,520

$8,448,877
2,325.033
2,111.520

$ 933 ,869 dfS 2 ,118,020

a M iscellaneous taxes and miscellaneous incomo charges for the year
ended D ec. 31 1920 aro included In “Other Incom e.”
x N o proper comparison is possible in this case w ith tho figures appearing
for years 1920 and 1919.— V . 114, p. 1535.

W a b a s h R a ilw a y C o m p a n y .

{Report for Fiscal Year ending Dec. 31 1921.)
T h o rem arks of P resid en t J . E . T a u ssig , togeth er w ith a
com p a ra tiv e balanco sh e e t an d oth er tab les, w ill be g iv en
a n oth er w eek .
C O M B IN E D F E D E R A L A N D C O R P O R A T E IN C O M E A C C T . FOR Y E A R S
1918, 1919 A N D 1920 A N D C O R P O R A T E F O R 1921.

[Roads operated by U. S. Railroad A dm inistration from Jan. 1 1918 to
l'ob. 29 1920, w ith guaranty to Aug. 31 1920.J
1921.
1920.
1919.
1918.
Aver, m ileage operated.
2,472.96
2.472.96
2,472.96
2.512.91
Freight rovenuo.............$ 4 5 ,6 8 8 ,5 2 8 $43,324,699 $35,255,547 S34,498,242
Passenger..... ................
9,931,246 11,218,051 10,143,356
9,993,358
1,146,484
M a i l ....................
1,853,988
689,502
786,863
Express..................
541.160
1,444,049
1,376.960
1,697,769
1,887,774
1,523,898
M iscellan eou s_________
1,910,274
1,381,719
T otal oper. rovenues. .$59,217,092 $59,982,282 $48,847,085 $48,246,411
E xpen ses—
M a in t.o fw a y & s tr u c t.. $9,160,930 $10,541,360 $8,086,880 $6,104,353
9,497,764
9,358,676
_
M aint. o f equipm ent_ 11,812,085 14,735,801
711,877
T r a ffic ................................. 1,341,678
657,109
1,169,383
T ran sp ortation________ 25.309,317 30,023.953 24,610,615 22,489,629
221,744
276,179
M iscellaneous operations
355,060
389,083
1,198,579
2,028,804
Goneral_________
1,999.814
1,597,569.
$50,007,875 $58,859,395 $44,587,029 $40,223,947
S9,209,817 $1,122,886 $4,260,056 $8,022,464
Tax accruals__________- $1,860,487 $1,574,472 $1,445,720 S I,334,164
9,176
2,301
3,35-1
U n collectib les_________.
4,232
T otal oper. incomo_ . $7,345,099 defS154,940
_
863,291
Non-operating in c o m e .-. 1,334.682
Gross Incomo________. $8,679,781
Iliro o f freignt cars_____. 1,338,681
Joint facility ren ts_____. 1,753,139
_
Rent for leased roads_ .
285,765
Interest on funded d eb t.. 3,629,804
Rent o f equipm ent_____.
241.057
149,974
M iscellaneous_________-

$-108,351
1,701,263
1.769,700
232,788
3,660,796
192,604
221,022

$2,805,153
728,707

$0,685,998
582,361

$3,533,861 $7,268,358
1,344,384
676,676
1,813,593
1.884,772
214,322
212,848
3,081,653
3,092,874
169.917
155,219
126,658
90,561

Total deductions..........$7,398,420 87,778,177 $6,082,812 $6,780,660
B a la n c e .....................
S I,281,361df$7,369,826df$2,548,951 sur.$487,699
— V. 114, p. 1536.

Bangor & Aroostook RR. Co.
(28th Annual Report— Year ending Dec. 31 1921.)

President Percy R. Todd, April 1, says in substance:
O p e r a t i o n s . — Tho earnings received from the transportation o f freight
amounted to $6,127,457. an increase o f 16.9% over tho previous year.
Tho earnings received from passenger traffic were $956,320, or a decrease
of 14.4% from tho provious year.
O p e r a t i n g E x p e n s e s . — Operating expenses, including Federal lap-overs,
amounted to $5,838,451, or a decrease of 3.6% from tho previous year.
Tho ratios of operating expenses to rail revenues was 79.45% in 1921
and 90.82% in 1920.
E q u i p m e n t R e t i r e d . — A total o f 114 freight and 5 other cars was retired
during tho year.
An agreement was made with an outside contractor on N ov. 1, and all
freight car repairs at H oulton are now being done on a piece work basis.
N e w E q u i p m e n t . — There was added during the year ono new steel baggage
car, 30 Hart convertible ballast cars, ono 120-ton wrecking crane and 200
30-ton capacity box cars contracted for but received in Jan. 1922. P ay­
m ent for the baggage car and box cars was made in cash and the 30 Hart
convertible ballast cars and tho wrecking crane were financed through a
car trust running for 15 years at 6 and 7% per annum.
D e p r e c i a t i o n . — There was an accumulated balanco on D ec. 31 1921.
credited to reserves for accrued depreciation on all classes of equipment,
of $1,359,397.
F u n d e d D e b t . — Funded debt issued in 1921 was as follows:
(1) Equipment Trust ”G ” , dated Jan. 1 1921, covering 6 consolidation
typo locom otives, $320,000.
(2) Equipment Trust and Carrier Contract N o. 3 with N ational Railway
Service Corp. covering 1 wrecking crane and 30 coal and ballast cars,
$209,710.
(3) N oto payable, favor U . S. Treasury at 6% account of loan to fund
additions and betterm ents made during Federal control period. (D ated
July 1 1921. maturing March 1 1930), $325,000.
W a g e s — R u l e s <t W o r k i n g C o n d i t i o n s . — On July 1 the U . S. Railroad
Labor Board announced a reduction averaging approximately 11 % in wages
to all classes of railroad labor. Later on in tho year some changes were
permitted in rules and working agreements which will benefit the company
considerably In the future.

1886

T H E

C H R O N IC L E

Even with tho wage reduction referred to. railroad employees are now
receiving, with fow exceptions, over 100% more pay than they did in 1916,
according to tabulations made from reports filed by the carriers with tho
I.-S . C. Commission.
S e t t l e m e n t t o i t h G o v e r n m e n t .— Satisfactory settlem ent o f com pany’s claim
against the U . S. KR. Administration for balance due on account o f com­
pensation for the period o f Federal control and for adjustm ents in connection
with m aintenance, depreciation and retirements was effected during tho year.
Our claim for balance due arising from tho guaranty period, for tho six
months M arch 1 to Aug. 31 1920, has not y e t been settled but the m atter
is being given all attention possible.
P o t a t o C r o p .— Potato shipm ents during 1921 showed a substantial in­
crease over 1920, tho bushels transported by com pany in 1921 being 15,103,­
200, as compared w ith 12,166,333 during previous year.
IN C O M E
(C o r p o r a te f o r

A C C O U N T

C A L E N D A R

Y E A R S.

1921

a n d C o m b in e d F e d e r a l a n d C o r p o r a te ,
g a r d in g C o m p e n s a tio n a n d G u a r a n ty .)

1918

to

1920,

D is r e ­

[Road was operated by U . S. R R . Adm. from Jan. 1 1918 to M arch 1 1920]
19£0.
1921.
1919.
1918.
Freight revenue_________ $6,127,457 $5,240,928 $4,063,169 $3,795,890
Passenger revenue_________________ 956,320
1,117,246
953,917
813,036
M ail, express, &c_______
264,931
317,306
160,274
147,504
Revenue other than trans.
______
109,940
106,792
Railw ay oper. reven u e.$7,348,708
M aint. o f w ay and s tr u c ..$1,192,469
M aintenance o f equip’t . . 1,768,399
T r a ffic _________________
52,814
T ransportation-------------- 2,538,523
General, miscellaneous,&c 286,246

$6,675,480
$1,445,082
1,585,035
46,782
2,649,211
336,966

$5,287,300
$1,177,240
1,506,244
45,872
2,040,865
257,745

$4,863,223
$791,357
1,162,521
45.925
2,038,997
215,793

N e t operating rev en u e.$l,510,256
Tax accruals & u n co llec..
414,475

$612,404
334,759

$259,334
301,784

$608,630
261,839

Railw ay oper. incom e. .$1,095,782
Hire o f equipm ent______ C r . 127,496
Other Income___________
62,983

$277,645
Cr.428,107
57,529

def.$42,450
y 67,291
24,593

$346,791
yl69,103
x65,365

Gross incom e_________ $1,286,261
Interest on funded debt- .$1,018,965
Interest on unfunded debt
2,405
M iscellaneous charges_
_
16,938

$763,281
$984,877
2,251
8,966

$49,433
$986,144
23,337
10,032

$581,259
$987,257
14,416
63,017

Balance, sur. or dof..sur$247,953 def.3232,814 dcf3970,080 def$483,431
For corporate income account for 1918,1919 and 1920, see Y. 112, p. 1860.
P R O F I T A N D L O S S A C C O U N T F O R Y E A R E N D I N G D E C . 31 1921.
B a l., sur., Jan. 1 1921_$ 1,627,298
Preferred dividend_______ $243,600
Credit bal. trans. from inc.
379,264 Common dividend_______
154,400
18.222
D onations, &c_____
M iscellaneous d ebits_____
78,133
M iscellaneous credits_____
594,236 Appr.for in v .in p h y s.p ro p .
14,066
T o ta l............. ................. ..$ 2 ,6 1 9 ,0 2 0

B a l., sur., D ec. 31 1921-$2,128,822
31.
1921.
1920.
L ia b ilitie s —
$
S
Preferred sto ck ... 3,480,000 3,,480,000
Common sto c k ... 3,860,000 3 ,860,000
Funded debt____ 21,430,000 20 ,929,000
Equip, trust obllg. 361,839
36,000
Trafllc & car serv.
bals. payable__
224,509
75,972
Audited vouch. A
wages payable.. 323,933
579,081
Mlsc. acc’ts p a y ..
4 6 ,1 5 9
31,910
Int. mat’d unpaid. 224,253
220,498
Unmat’d Int. accr.
171,580
163,742
Other current Iiab.
3 7 ,8 8 8
23,478
Credit bal. In acc’t
with U. S. RR.
Administration.
182
,142,548
Tax liability____
24,024
55,583
Prem. on fund, d’t
4,279
4,600
Operating reserves
29,408
Del’d maint. 1917,
oper. reserves..
_____
142,046
Accr’d deprec. eq. 1,359,397
,205,913
Oth. unadj. cred’s
27,074
67,766
Add’ns to property
through surplus. 181,647
167,581
Approp. surp. not
speciliclally Inv.
61,371
61,371
P. A 1., credit bal. 2,128,822
,627,298

G E N E R A L B A L A N C E SH E E T D E C .

1921.
1920.
A s s e ts —
$
$
Inv. in road & eq.30,369,926 29,861,619
Deposits in lieu of
15,553
mtg. prop. sold.
1,663
Inv. In affll. cos.. 250,000
250,000
199,288
Cash___________
374,588
220,475
Special deposits... 578,225
Loans A bills rec.. 450,000
69,900
Trafllc A car serv.
bals. receivable.
56,419
403,718
Net bal. rec. from
agents A cond’s.
6 0 ,1 5 6
56,227
132,784
Mlsc. acc'ts rcc..
365,999
Material & suppl’s 1,240,823 1,124,404
Int. rec. accrued..
2,164
13,406
46,589
Rents receivable. _
Oth. current assets
13,836
6,791
305
Working fd. advs.
421
Debit bals. In acc't
with U. S. RR.
1,076 2,036,248
Administration .
Unadjust, debits.. 403,748
244,398

T o ta l________ 33,946,955 34,903,794
T o ta l________ 33,946,955 34.903,794
N o t e .— T he Bangor & Aroostook R R . Co. has a contingent liability for
the guarantee o f both principal and Interest on $250,000 o f Van Buren
Bridge C o. bonds.— V. 114, p . 518.

United States Steel Corporation.
(Eearnings for Quarter ending March 31 1922.)
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 1922 as below shown:
T he net earnings for the first quarter o f 1922 are reported ‘‘after deducting
all expenses incidental to operations, comprising those for ordinary repairs
and maintenance o f plants, estim ated taxes (Including estim ate for Federal
income taxes) and interest on bonds o f subsidiary com panies.” The
statem ent for th e quarters ended March 31 1920 and 1919 contained the
same description of net earnings except that following tho words ‘‘main­
tenance o f plants” were the words “allowances o f estim ated proportion of
extraordinary cost, resulting from war requirements and conditions, of
facilities installed.”
I N C O M E A C C O U N T F O R Q U A R T E R E N D I N G M A R C H 31.
N e t , a f t e r T a x e s , & c .—
1922.
1921.
1920.
1919.
Jan u a ry *---------------------- $4,654,134 $14,387,474 $13,503,209 $12,240,167
February*------------------- 6,180,685 10,157,896 12,880,910 11,883,027
M a r c h * ............................
8,505,166
7,741,352 15,704,900
9,390,190
T otal (see text above).$19,339,985 $32,286,722 $42,089,019 $33,513,384
D e d u c t—
For sinking fund, deprec.
and reserve funds------ 8,364,289 11,630,383 10,765,318 10,638,955
Interest............. ................. 4,866,464
4,975,734
5,079,816
5,177,798
Prem. on bonds redeemed
200,000
205,000
212,100
215,615
T otal deductions..........$13,430,753 $16,811,117 $16,057,234 $16,032,368
B alance________________ $5,909,232 $15,475,605 $26,031,785 $17,481,016
D lv. on Pref. (1 % % ).._ 6,304,919
6,304,919
6.304,919
6,304,919
D iv . on Com. ( 1 K % ) .. 6,353,781
6,353,781
6,353,781
6,353,781
Balance, su r p lu s ...d e f.$6,749,468

$2,816,905 $13,373,085

$4,822,316

* After deducting interest on subsidiary co .’s bonds outstanding; viz.:
1922.
1921.
1920.
1919.
January------------- --------$656,248
$685,593
$707,938
$738,506
February............................
656,958
684,135
707,065
738,449
M arch------- -----------------650,441
685,556
707,998
738,988
N o intim ation is given as to the amount reserved from the earnings of
the quarter for Federal taxes. For the entire fiscal years tho reports have
shown deductions as follows:
T a x e s E n tir e Y e a r —
1921.
1920.
1919.
1918.
Ordinary-------------------- 1$37,683,727/$38,724,289 $29,594,337 $23,367,214
E stim ated Fed’l ta x e s ./
\ 37,500,000 52,000,000 274,277,835
U n f i l l e d O r d e r s a s P r e v i o u s l y R e p o r t e d ( V . 114, p . 1620).
M a r . 31 ’22.
D e c . 31 ’21.
S e p t . 30, '21.
J u n e 30, ’21.
M a r . 31, ’21.
4,494,148
4,268,414
4,560,670
5,117,868
6,284,765
— V. 114, p. 1782, 1662.




[Y ol. 114.

Borden Company and All Subsidiaries.
{Report for Fiscal Year ending Dec. 31 1921.)
The remarks of President Arthur W. Milburn, together
with the income account and the balance sheet, will be found
under “Reports and Documents” on a subsequent page of
this issue.
C O N S O L ID A T E D

IN C O M E A N D
P R O F IT A N D L O S S
F O R Y E A R S E N D I N G D E C . 31.

1921.

S T A T E M E N T

1920.

s

1919.

s

s

Gross s a le s ... . . . ----- . . . ------------- 99,879,887 120,293,573 122,284,196
N e t oper. profit (after deducting all
operating charges, incl. deprec.,
insurance and prop, taxes)_______ 3,367,275
3,503,002
5, 99,080
Other deductions—’Int. (net) $290,160I
346,604
540,082
290,160
Incomo and excess profits tax (e s t.). _
95,925
144,060
724,317
N et incom e______________________
2,924,747
2,818,860
4,284,603
Dividends— Preferred (6% )_________
450,000
450,000
450,000
1,709,440
1,709,440
1,709,440
Borden’s Farm Products C o., Inc.,
First Preferred (7% )__________ _
29,239
29,239
29,239
Balance, surplus_________________
736,068
630,181
2,095,923
6,604,777
6,856,051
5,191,443
7,340,845
1,506,610
113,361

Loss on prop, and sec. sold.
_
Profit and loss surplus, D ec. 3 1 _

7,486,232
605,921
275,534

5.720,874

7,287,366
431,315

6.604,777
31.
1921.
1920.
1921.
A s s e ts —
$
s
L ia b ilitie s —
8
Property a c c t ...*25,914,476 24,440,557 Preferred stock__ 7,500,000
C ash.____ _____ 2,716,255 3,034,218 Common stock__ 21,368,100
Receivables_____ 4,796,828 6,445,655 Bord. Farm Prod.
Marketable secur. 1,267,696
900,746
417,700
Co. 1st Pref___
Finished goods... 4,210,916 10,442,954 Mortgages---------- 150,700
Raw mat’ls, sup­
Pur. monoy notes. 200,000
plies, Ac--------- 5,402,852 8,729,403 Notespay.(bk.l’ns) 4,434,719
Invest. In capital
Accts. payablo... 4,064,325
stk. of other cos. 6,506,700 6,506,697 Accr. accts., taxes
Deferred assets...
181,612
403,681
(est.), Ac_____ 1,391,004
Trade-marks, pat­
Def. & susp. Iiab..
124,321
ents A good-will 5,944,443 5,947,166 Doprcc. reserve... 5,162,732
, lns.,cont.,Ac.,rcs. 6,407,301
___________________ Surplus_________ 5,720,874
G E N E R AL

B A L A N C E

SH E E T

6,856,051

D E C .

1920.
$

7,500,000
21,368,100
417.700
382.700
400,000
12,750,000
3,800,735
1,414,494
72,008
6,636,015
5,504,548
6,604,777

T o ta l.................56,941,778 66,851,077! T o ta l________ 56.941,778 66,851,077
* Property, plant and equipm ent (incl. M adison Avo. office building,
$27,314,476, less m tge. on aforesaid building o f $ 1,400,000).— V. i 13, p .630.

American Writing Paper Co.
(22d Annual Report— Year ending Dec. 31 1921.)
Pres. Geo. A. Galliver, Holyoke, M ass., April 1922,
reports as follows:
R e s u l t s .— The operations o f the year 1921 result in a reduction from
surplus for the year of $1,944,775, which includes full provision for depre­
ciation, bond interest and taxes.
B u s i n e s s C o n d i t i o n s D u r i n g t h e Y e a r .—-This year a considerable decrease
in volum e o f business as compared with tho previous year was experienced.
The company in N ov. 1920 had unfilled orders aggregating $28,000,000
pounds o f paper. Inventories conservatively priced and purchasing com­
m itm ents compatible w ith the business on hand and in sight were in exist­
ence. The demand for paper sharply declined, followed by inevitable
cancellations. Later it was apparent that consumers and merchants had
been Inordinately stocking up. Tho year 1921 became, therefore, notable
for drastic liquidations of paper stocks, retarded by a marked recession in
business.
Export trade o f the year was reduced proportionately to the lowest ex­
perienced in many years. Tho orders o f tho first quarter o f the new year
Indicate that tho demands o f the consumers are again roaching the .mills,
demonstrating quite satisfactorily that the intervening stocks have been
fairly well liquidated. Any material Improvement in general business
activity for 1922 w ill, without doubt, directly augment demand and insure
an increased volum e o f manufacture o f the papers made by your company.
During the past year drastic reductions in tho operating costs and over­
head exponses were instituted, bringing them down to a level consistent
with present day conditions. Such plans, policies and economies as were
instituted during the year w ill, without doubt, bring benoficlal results
for the future.
I n v e n t o r i e s .— Inventories o f raw material, supplies and paper were taken
physically and priced at cost or market, whichever was the lower.
O u t l o o k .— A general and gradual improvement in the domand for fine
papers and their production Is looked for, and wo faco the coming year
with confidence that satisfactory results w ill be secured.
IN C O M E

A C C O U N T

FOR

C A L E N D A R

YE A R S.

1921.
1920.
1919.
1918.
Gross sales----------------- x$12,069,346 $32,951,727 $16,936,648 $21,327,777
Operating expenses_____ 10,739,2561 27,839,3 3 2 /a l3 ,503,059 al7,117,682
Doprcc’n, m aint., & c ...
793,965/
( 1,160.890
1.017,577
Selling & gen. adm. e x p . 1,757,0.78
2,461,078
846,019
571,168
Gross profits_____ -loss $1,220,954
Interest, &c_______ ___
y ll9 ,4 9 7

$2,651,317
407,581

$1,426,681
y363,511

T otal net income- -loss $1,101,457
interest on bonds. .___ z 650,760
Discount on sales
M iscellaneous deductions
192,559
Reserve for taxes

$3,058,898
650,570
x
450.865
269,791

$1,790,192
675,047
422,833
240,103
17,114

$2,621,350
271,220

$2,892,570
554,359
671,443
189,138
225,000
Total d e d u c tio n s ...
$843,319 $1,371,226 $1,355,097 $1,639,940
$435,095 $1,252,629
Balance, surplus------- dof.$l ,944,775 $1,687,672
Profit and loss su r p lu s.. $5,866,536 $8,082,254 $ 6 ,620,616 $6,403,146
x Sales in 1921 are shown after deducting $586,453 for returns and allow ­
ances; $247,171 for freight and cartage, and $314,936 for discounts. In
1920, sales are shown after $1,388,087 for allowances, &c. y Includes in
1921 interest and discount earned, $79,218, and scrap sales and sundrv
income. $40,279. z Bond interest, net to public, a Includes taxes.
'
B A L A N C E S H E E T D E C . 31.
1921.
1920.
1921.
1920.
A s s e ts —
S
8
L ia b ilitie s —
Property a c c t ...a 14,768,251 15,243,113 Preferred sto ck ... 12,500,000 12,500,000
Good-will, Ac___ 18,010,150 18,010,150 Common sto ck ... 9,500,000 9,500,000
Cash.............
1,400,045 2,844,809 1st Mtge. bonds..b9,293,000 9,293,000
Notes receivable..
18,627
_____ Trade acceptances
_____
624,239
Accts. receivable-. 1,434,788 2,384,170 Notes pay’lo (bank
Inventories_____ 3,905,111 6,873,391
loans)................. 370,000
840,000
Other assets, A c ..
96,173
100,943 Accounts payablo. 649,502 2,245,250
Investments, A c..
152,208
120,465 Federal taxes____
290,0.54
Sinking fund____
110,393
11,949 Bond purch. acct. 1,400,000 1,786,913
Deferred charges.. 108,348
117,346 Accr. wages A tax. 425,057
544,628
Surplus................. 5,866,536 8,082,254
T o ta l________ 40,004,095 45,700,337
T o ta l................. 40,004,095 45,706,337
a Roproductivo value of real estate, buildings, machinery, water power.
&c., as appraised by the American Appraisal Co. March 31 1917) with
subsequent additions and deductions to D ec, 31 1921, certified to by them ,
$22,291,115, less allowanco for depreciation, $7,522,864. b 7 6% 1st Mtgo.
Sinking Fund bonds duo Jan. 1 1939 authorized and issued, $12,000,000:
less treasury bonds (pledged as collateral), $2,351,000; bonds in sinking
fund, $356,000.
N o t e .—The com pany was contingently liablo on D ec. 31 1921, as endorser
on trade acceptances and notes receivable, discounted at banks in the sum
o f $883,287.— V. 114, p. 1769.

A pril 29 1922.]

TH E

C H R O N IC L E

Standard Gas & Electric Co.
(Report for Fiscal Year ending Dec. 31 1921.)
The remarks of President II. M. Byllesby, together with
the income account, balance sheet and various statistical
tables, will be found on subsequent pages of this issue.
IN C O M E

A N D

P R O F IT

A N D

LOSS,

C A L E N D A R

YE A R S.

[Standard Gas & Electric Co. and U tilities Investm ent Co.]
1921.
1920.
1919.
1918
E a r n in g s —
$535,178
$530,009
$555,450
Int. on bonds ow ned----$307,169
122,413
155,035
Int. on notes & acc'tsrec.
93,116
94,489
D ividends on (owned)—
629,815
496,871
Preferred stock--------442,423
372,834
1,685,869
Common stock------------ 1,662,320
1,705,108
780,304
Profits from sale of se425,901
curitcs (n et)-------------134,665
10,514
2,419
Interest accrued---------22,896
Financial services--------55.000
Earns, from other o p e r ..
257,117
151,240
179,377
38,455
T otal................................$3,632,745
General oxp. and taxes. _
68,624
Int. on bds., notes, &c_. 1,179,986
Miscellaneous in ter e st..
187,767
Amortization, &c______
125,000
do sink, fund notes,
do 20-yr. gold notes.
Pref. divs. In cash (8%) .
990,388
Prof. divs. accrued_____

$3,153,690
77,077
1,167,160
115,380
90,000

Balanco, surplus..........$1,080,980
Previous surplus_______ 2,637,273
Revaluation of securities
of subsidiary c o s_____
______
D iv. on Prof, stock paid
in Com. stock_______
______

$713,685
1,923,588

T otal, surplus............ 1 3.718,253
C O M B IN E D

990,388

$3,040,988
80,092
464,990
89,541
65.000
28,778
410,472
857,036
82,532

$1,618,567
43,640
773,258
12,926
55,000

$962,546
1,318,576

$26,646
1,291,930

648,172
58,925

............ C rl,174,516
............
$2,637,273

1,532,050
$1,923,588

$1,318,576

E A R N I N G S O F C O M P A N Y 'S P U B L IC
U T IL I T Y
S ID IA R IE S FOR C A L E N D A R Y E A R S .

SU B-

1921.
1920.
1918.
1919.
$25,276,460 $22,715,081 $18,715,053 $15,778,942
7,608,508
5,990,106
7,492,736
6.534,702
Stoam departm ent_____
698,234
512,151
687,372
672,859
147.882
Telephono departm en t..
121,817
128,068
141,549
Street railway dept_____ 1,081,888
849,806
1,210,361
1,013,843
Water departm ent_____
65,412
60,828
60,402
57,504
Ico departm ent________
49,291
44,732
36,109
30,636
G ra ss E a r n in g s —
Electric dep artm en t..

M aintenance ch a rg es...

$34,927,676 $32,352,232 $27,158,137 $23,344,286
$16,984,947 $10,233,211 $13,350,707 $1 1,451,531
2,625,399
1,797,198
1,352,717
2,309,822
2,969,724
1,690,177
2,578.457
2,029,785

4.146.856
414,606

3,544,161
349,671

$9,980,446
$5,308,823
731,719
2,542,920
256,545

Balanco, surplus_
_
$1,572,514
Aggregate gross balanco
of earnings retained in
surplus or allocated to
depreciation reserve. $1,587,273

$1,566,664

$1,140,439

$672,114

$1,593,227

$1,166,369

$686,899
31.

Dividends, com m on_ j
_
Preferred__________ /
Amort, of bond discount

C O N S O L ID A T E D

$12,347,606 $11,230,741
$6,213,631 $5,770,240

G EN E R AL

B A L A N C E

1921.
1920.
Assets— •
$
$
S e c u r i t ie s o w n e d - - 4 4 ,7 9 8 ,2 6 3 4 4 ,2 6 9 ,4 1 1
S i n k in g f u n d s ____
9 3 ,9 5 1
7 4 ,9 5 9
C a s h ..............................
3 6 7 ,1 0 5
1 0 2 ,8 6 3
S e c . h e ld
under
c o n tia c t fo r re­
s a le e t c _________
2 7 7 ,6 3 3
N o t e s r e c e iv a b le :
S u b s id ia r y c o s ..
2 6 0 ,0 0 0
5 8 9 ,8 6 8
S u n d ry n o te s —
1 ,0 8 4 ,6 5 9
2 6 ,3 5 9
A c c t s . re c e iv a b le :
S u b s i d i a r y c o s . . 1 ,9 5 2 ,4 8 5 2 ,1 6 9 ,8 2 8
S u n d ry d e b to r s .
3 8 4 ,2 2 5
9 0 ,8 1 4
A c e r. I n t. & d i v s . .
3 3 4 ,0 6 5
2 3 3 ,0 6 0
2 ,0 3 5 ,7 0 4
S u b . c o s . s p e c i a l . . a 6 9 7 ,9 3 1
1
O ffic e f u r n . <& f l x t .
1
1 ,2 7 4 ,5 3 0
D e f e rr e d c h a r g e s . . 3 ,9 6 5 ,4 8 2

$8,849,861
$4,965,438
695,056
2,320,513
196.740

SH E E T D E C EM B E R

1921.
1920.
L ia b ilitie s —
S
$
P r e f e r r e d s t o c k . . x l 2 , 3 7 9 ,8 5 0 1 2 ,3 7 9 ,8 5 0
C o m m o n s t o c k . _ y l 0 , 6 0 0 ,0 0 0 1 2 ,6 7 9 ,5 5 0
C o n v . 6 % S . F . t d s 6 ,3 8 8 ,5 0 0 6 ,7 3 0 ,5 0 0
- y r . 6 % g . n o t e s . 1 4 ,5 9 4 ,6 0 0 7 ,1 1 0 ,4 5 0
S e c . 7 M % g o ld b d s 3 ,4 7 5 ,2 0 0
...
7 % g .n o t e s ,d u o ’41
2 6 1 ,8 0 0
2y r.
7%
Conv.
S . F . S e c . n o t e s ............................
3 ,8 8 8 ,5 0 0
3y r . 7 % C o ll. T r .
n o t e s ____________
6 2 0 ,0 0 0
N o t e s p a y a b l e ____ 1 ,1 9 5 ,1 7 8
1 ,6 1 7 ,6 3 2
A c c o u n ts p a y a b le .
4 3 4 ,5 5 3
8 4 2 ,7 5 9
A c c r u e d I n t . , & c__
3 8 7 ,4 0 2
2 4 2 ,6 4 8
D .
____3 2
8 2 ,5
_ iv s . a c c r. P f . s tk .
8 2 ,5 3 2
S u b . c o s ., s p e c i a l . a 6 9 7 ,9 3 1
2 ,0 3 5 ,7 0 4
S u r p l u s ------------------ 3 ,7 1 8 ,2 5 3
2 ,6 3 7 ,2 7 3

20

T o ta
______ l ..................... 5 4 ,2 1 5 ,8 0 1 5 0 ,8 6 7 ,3 9 9
Tota l .................54,215,801 50,867,399
a The comt any holds $697,931 subsidiary and affiliated companies'
obligations arising from notes endorsed and notes discounted, por contra.
x N o t including $2,238,000 stock in treasury (of which $1,407,500 has
been pledged as collateral to notes payable).
y Inclusive of $188,090 issued for dividend on Preferred stock not yet
claimed by stockholders.— V. 114, p. 1543.

18 8 7

solidation of the concession covering petroleum rights in Portuguese W est
Afr‘ca <
APS°la> < t l 4 , p. 1543.) Provision lias also been m ade for a
- Yprobable largo supply o f oil from the W yoming fields. (See “Investm ent
N ew s below.)
1 he notable success of the M exican Seaboard Oil C o. has already afforded
an excellent return upon the Sinclair company's investm ent and brought
about a substantial appreciation in the value of M exican Seaboard securities
owned. Other affiliated companies also are making splendid progress.
Operations of the Sinclair Pipe Line Co. are constantly broadening with
consequent increases in earnings.
S i n c l a i r C r u d e O i l P u r c h a s i n g C o .— The Sinclair Crude Oil Purchasing
Co. has accumulated approxim ately 18,000.000 barrels of crude oil. (Com­
pare offering of $30,000,000 5>S% notes in V. 114, p. 1774 .)
P r e s e n t O p e r a t i o n s .— In all branches of tho Sinclair com pany’s business,
both export and dom estic, distinct gains are now being shown. Crude
oil production is being increased, im portant im provements that w ill bring
about greater efficiency and increased earnings arc being made at several
of the refineries, transportation facilities havo been augm ented and export
terminals have been raised to a high degree o f efficiency and operating
costs have been reduced. The company is in an excellent position to
handle profitably an enlarging business.
’
C O N S O L ID A T E D S T A T E M E N T OF IN C O M E FOR Y E A R S E N D . D E C .

31

( S i n c l a i r C o n s o l i d a t e d O i l C o r p . a n d S u b s i d i a r i e s .)

1921.
1920.
Gross earnings, excl. of
inter-company sales &
charges for transp’n.$122,529,188$166,648,9
Purchases, oper. & gen.
exp., m ain t., insur.,
& disc. &
est. Federal taxes___
5,633,756

1919.
$76,970,958

D ata not
available.

51,300,080
$22,670,898 $19,640,717

D e d u c t — Int.

Incomo available for sur­
plus and reserves____ $5,151,557
Reserve for deprec’n and
depiction, &c________ 12,038,335
Pref. div. (8 % cash)___
21,232
Common div. in stock x(2% )787,836
Approp. for red. of pref.
stock ......................
4,127

1918.

5,192,198

3,069,662

2.948,518

$19,601,236 $16,692,199
11,829,637
4,812
(2)758,661

10,010,772

10,150,175

Surplus___________def.$7,699,973 $17,795,107 $9,590,464 $6,542,024
x In M ay 1920 there being outstanding 3,757,593 shares of no par value
Common stock, there were declared payable in Common stock, four
quarterly dividends of 2% each, payable on the Common stock July 15 and
O ct. 15 1920 and Jan. 15 and April 15 1921 to holders of record at the end
of the preceding quarters, respectively. There are included in 1920 two
o f these dividends aggregating 151,732 shares, and in 1921 tw o of these
dividends aggregating 157,567 shares, which are rated a t the arbitrary
“stated" or “declared value of $5 a share used in the balance sheet.— Ed.
C O N S O L ID A T E D

B A L A N C E

SH E E T, D E C .

31.

( S i n c l a i r C o n s o l i d a t e d O i l C o r p . a n d S u b s i d i a r i e s .)

1921.
1920.
A s s e ts —
$
$
R eal e st., oil & gas leases, oil w ells & equip., pipe
lines, steamships & steamship charters, tank cars,
terminals, refineries, distributing stations & facil­
ities, &c________ _____________________________ 243,oo5,676 261,970,870
Investm ents in & advances to affiliated cos_______ 30,637,74$
9,834,443
Specific funds__________________________________
220,855
405,008
Cash in banks and on hand_____________________ 6,232.640 12,823,280
Accounts and notes receivable, less reserves______ y28,738.362 18,626,533
Inventories_____________________________________ 22,244,868 47,099,157
M arketable securities, at cost (incl., in 1921, D eb.
bonds of Mexican Seaboard OilC o .)__________ 8,759,149
1,236,658
Deferred charges to oper. & other item s in su s___ 2,034,258
2,510,891
T o t a l . . ................................................................

342,423,553 35-4,506,840
1921.
1920.
$
$
Common stock___________________________b l9 3 ,018,441
192,230.605
Surplus_____ ________
27,114,190 34,624,229
Preferred 8 % Cumulative Stock---------------a322,400
247,700
M inority stockholders’ interest in subsid. cos____
110,090
114.400
Reserve for depreciation, depletion & amortization 49,276,193 44,143,850
Reserve for replacement of equipm ent------------------------666,153
Reserve for miscellaneous (incl. specific funds)___
1,190,689
1,680,100
5-year 7 ) 4 % C onv. gold notes dated M ay 1$ 1920. 45,441,600 47,504.000
E quip, trust notes & purchase m oney o b ligation s.. 4,736,952
4,814.644
Oil & gas certificates-------------------------------1,114,139
1,394.585
N otes payable------------------------------------------- 11,075,000
14,352,316
Accounts payable_________________________ 5,801,455
7,013,683
Accruals and miscellaneous------------------------ 2,286,908
4.629,992
Suspended earnings and unadjusted credits_____ ___________
935,496
1,090,581
L ia b ilitie s —

Pacific Oil Company.

T o ta l----------- ------------------------------------ ----------342,423,553 354,506,840
a Of th e authorized and unissued 746.776 shares are reserved for con­
version of 5-year 7 y > % gold notes, 3,224 shares having been issued in
conversion to date, b Of tho authorized and unissued, 186,694 shares are
reserved for conversion of 5-year 7 1 4 % gold notes, 806 shares having been
issued in conversion to date, y Including account receivable resulting
from sale of one-half interest in Sinclair Pipe Line C o.— V. 114, p. 1774.

(Report for Fiscal Year ending Dec. 31 1921.)

E m p ire G a s & F u e l C o . (D e l.) a n d S u b s id ia r y C o m p a n ie s .

A C C O U N T F O R T H E 12 M O N T H S E N D E D D E C . 31 1921.
Gross earnings from operations----------------------------------------- _ e-jp 353 257
L e s s — O perating expenses------- —
.............. ............... IIIIIII 11,204,604
Taxes (oxcl. Federal income taxes)....... ............... ..........................
822,507

IN C O M E

T otal................ ...................................- ..................................................... $12,027, 111
$18,826,146
1,388,257

N o t p rofit from operations-...............................................__ _

a Other incom e............................................. ..............................................

Gross incom e— ------- - - - ...........- - - - - - - ............................................ $20,214,403
L e s s — Reserve for depreciation and d e p le tio n ..
_
;} 153 i t l
Reserve for 1921 Federal income taxes.................IIIIIIIIIIII
SOOifKK)
Surplus incomo for 12 months endod D ec. 31 1921____________ $16,261,293
a Represents principally quarterly dividends o f 1 1 4 % each paid April
25 1921. July 26 1921 and Oct. 25 1921. respectively, on Urn stock o f the
Associated Oil C o.— V. 114, p. 1773.

Sinclair Consolidated Oil Corp.
(Report for Fiscal Year ending Dec. 31 1921.)
Chairman II. F. Sinclair, New York, April 27, reports:
It is gratifying to report th at your company earned $10,000,000
boforo ini crest and depreciation during the year 1921. Notw ithstanding
the fact th at this was one of the most disastrous years in industrial history,
your corporation is now in a financially stronger position than ever before.
Last year s depression was utilized to prepare for this year’s anticipated
recovery. The tide turned several m onths ago; the m ovem ent is now
quickening and thero is reason to believo that business will bo spirited
boforo tho end o f 1922.
N ew
F i n a n c i n g .-—
The action o f shareholders at the special meeting
April 19 1922 [authorizing a bond issuo o f $100,000,000, o f which $45,­
000,000 issued last March V. I l l , p. 1188] provided a comprehensive
moans of financing tho normal development ot tho com pany’s activities.
Heretofore, tho policy o f the managem ent has been to ro-Invest all earnings
in tiie business In order to lessen the requirements for additional capital.
T he time appears to bo rapidly approaching when a modification o f tills
policy m ay be warranted.
P o r t u g u e s e W e s t A f r i c a , « c . R i g h t s .— Sinco the semi-annual statem ent
issued Sept. 30 1921, developments of long standing have been brought to
an issuo which should havo a beneficial effect upon tho futuro o f tho
oompany. Reference is made especially to tho m odification and conR e s u lts .




(Consolidated Balance Sheet as of Nov. 30 1921.)
In connection witli the offering of $40,000,000 1st & lief.
Convertible 15-Year 7 A % gold bonds, Series “A ” (see
“ Investment News” below), we give the following bal. sheet.
CONSOL.

B A L A N C E

SH E E T

N O V .

30 1921 (A

fte r P ro p o sed

F in a n c in g ).

A s s e ts —

Plant and investm ent______________________________________ $181,014,403
Sinking fu nd----------------------------------------------------------------------54,966
Current assets ($27,531,072)— C ash________________________
9,829,741
United States bonds and other securities_________________
280,520
Stores and supplies--------------------------------------------------------7,500,591
Crudo and reffned o ils____________________________________
4,043,691
Accounts and notes receivable_______•____________________
5,876,528
Duo from affiliated companies— not current_________________
1,940,225
Prepaid insurance, royafties, lease rentals, &c_______________
512,289
Bond and note discount, less profit of $478.153 on sk. fd. oper.
5,286,641
W ell drilling exp., maint. job orders and other deferred charges
678,359
T o ta l......................
$217,017,958
L ia b ilitie s —
Common stock __________________
$75,000,000
Preferred stock, 8% cum ulative____________________________ 22,849,200
Empire Gas & Fuel 6% bonds, due 1926___________________
7,400,000
Empire Refining 6% bonds, due 1927______________________
4.783,500
First & Ref. M tge. Convertible 15-Year 7 y s (this Issue)___
45,000,000
Interest o f minority stockholders in subsidiary com panies___
3,426,470
Current liabilities ($4,837,414)— N otes and acceptances pay’le .
1.237,807
Accounts payable......................
1,873,652
C ustom ers’ deposits____________________
142,222
Accrued interest, royalties, taxes, &c_____________________
1,583,733
Deferred paym ents on lease purchase obligations_____________
337,995
Reserves for depreciation o f physical properties____________
7,297,081
Other reserves_____________________________________________
129,784
Surplus e a rn ed ............................
45,956,513
T otal..........................................................................................................$217,017,958
C o n t i n g e n t L i a b i l i t i e s . — (1) On notes discounted, $18,475: (2) on Kansas
N at. Gas Co. 2d M . bonds, $33,000; (3) on law suits and claims, $211,000.
G u a r a n t e e s . — (1) Empire Tank Line Co. 10-Year 8 % Equip. Trust
certificates, $2,375,000 (V. 113. p. 631): (2) Empiro Oil Purchasing Co. 7%
Participating notes, $487,000 (V. 112, p. 937).— V. 114, p. 1770, 527.

T H E

1888

J o n e s B r o th e r s T e a C o m p a n y , I n c .

{Report for Fiscal Year ending Dec. 3.1 1921.)
IN C O M E

A C C O U N T

FOR

C A L E N D A R

YE A R S.

1921.
1920.
1919.
1918.
Sales__________________ $21,889,045 $22,743,098 $22,231,382 $15,832,697
N et profits before ta x es.
562,054
______
729,544
604,919
N e t profits after t a x e s ..
502,054
495,332
----------------R es. for working cap ital.
x
x
150,000
150,000
Fref. dividends ( 7 % ) ...
280,000
280,000
280,000
280,000
Common dividends_____ ,
______ (2)200,000 (2)200,000(13-3)150,000
Excess prof. & inc. taxes See above
Seo abovo
85,000
73,678
B a l., sur. or d e fic it..su r .$222,054 sur.$15,332 sur.$14,544 def.$48,759
x Under the torms o f tho consolidation agreement o f D ec. 5 1916, the
Co. was obligated at D ec. 31 1921 to have set aside out o f surplus $500,000
as a reserve for additional working capital. This appropriation, we learn,
has now been com pleted, as has also tho $160,000 in 1921, which it was
agreed should bo set aside for the redem ption of Prof, stock.
C O N S O L I D A T E D B A L A N C E S H E E T D E C . 31.
1921.
1920.
1921.
1920.
L ia b ilitie s —
3
A ssets —
S
$
3
Plants, machinery,
Prof., 7% cum. 4,000,000 4,000,000
fixtures, Ac___ n l,06-1,120 1,058,376
Common_____ 10,000,000 10,000,000
Good-will & trade­
marks................. 10,571,516 10,571,515 Notes payable___
1,335,000
Mdse. & materials 3,282,200 3,663,713 Green coffee ac­
counts payable. 1,321,423
Green coffee ac­
252,595
counts receivable 467,051
_____ Accounts payable. 194,675
11,472
267,198 Agents’ deposits..
11,393
Accts. receivable..
181,458
Accr'd income tax.
60,000
Sinking fund for
21,760
SO,000 Reserve for unre­
preferred stock.
160,000
30,689
deemed tickets. 243,831
153,839
Advance to agents
31,811
10,824 Res. for insurance.
40,037
39,914
Agents’ deposits..
11,472
36,974 Surplus................... 738,473
516,419
Mlsc. investments
61,765
514,161
Cash....................... 730,656
97,470
Deferred charges..
47,864
T o ta l.................10,609,912 16,330,922

T o ta l..................16,609,912 16,330,922

a Plants, machinery and fixtures, $1,782,842, less S718.722 for depre­
ciation.— V. 114, p. 1771.

T e x a s P a c if ic C o a l & O il C o m p a n y .

{Tentative Report for Fiscal Year ending Dec. 31 1921.)
President J. It. Penn says in substance:
P r o p e r t i e s . — The company owns in fee 69,139.55 acres and owns individu­
ally leases on 117,737.02 acres. During tho year the company surrendered
leases covering 67,799.41 acres, developm ents having indicated that tho
company was not warranted in drilling or further carrying same. Addi­
tional leases comprising 44,458.78 acres were acquired in localities In which,
according to geological data, tho chances o f securing oil seem favorable.
Tho company owns a net interest of 44,235.78 acres in leases held under
joint operating agreements. During the year joint loasos in which the
company held a net interest of 81,475.01 acres wero released. Unsatis­
factory developments in tho Panhandle D istrict woro responsible for tho
cancellation of leases covering tho greater part of tho roleased joint acreage.
N ew leases representing a net interest o f 4,041.55 acres wero acquired.
W e l l s . — During 1921 tho company completed 20 oil wells. 4 gas wells
and 13 dry holes. Under the joint operating agreements, its associates
completed 72 oil w ells, 4 gas wells and 26 dry holes.
On D ec. 31 1921 there were 363 oil wells, 74 gas wells and 4 drilling wells
on tho properties operated by tho company and 305 oil wells, 22 gas wells
and 11 drilling wells on leases operated by its associates.
O i l P r o d u c t i o n . — Tho company produced in 1921 on its individually owned
and operated leases 1.96S.997.57 bbls. of oil and 4,186,022.33 bbls. wero
produced on the properties operated by its associates.
T he daily gross production of the company as of Jan. 1 1922 was 10,628
bbls. as compared to 9,886 bbls. daily on Jan. 1 1921. These figures include
the production from the company’s individually operated leases and its
proportion of tho production from leases operated for joint account.
In view of the fact that tho oil industry has been passing through a
readjustment period, pending improved market conditions, it lias been the
com pany’s policy during the past year to curtail operations in overy possiblo
manner and to do only such drilling as was necossary to protect tho lines
of its properties against drainago and to fulfill lease obligations.
N e w H e a d q u a r t e r s . — The chango of tho company’s headquarters from
N ew York to Fort Worth has been fully justified by tho results obtained.
S h u t - D o w n . — During the year tho coal mines of tho company havo been
practically closed, duo to the fact that it was unable to make a satisfactory
agreement with tho miners that would allow profitable operation; however,
one o f the smaller mines is in operation at tho present time.
Tho mercantile business has necessarily suffered on account of the
mines having been practically closed, and also duo to tho necessary adjust­
m ents in inventories. However, it is bolioved that tho adjustments mado
during tho past year w ill be reflected in tho futuro earnings.
Tho brick company is operating at capacity and has had the most profit­
able year in its history. W ith contracts now on hand there is no reason
w hy tho year 1922 should not bo more satisfactory than tho past year.
M a p . — A map showing the com pany’s holdings in North Central Texas,
Oklahoma and Louisiana is attached to the pam phlet report.
T E N T A T I V E I N C O M E A C C O U N T F O R Y E A R S E N D E D D E C . 31.
IWithout allow ance in 1920 for Federal taxes or depletion.]
1921.
1920.
1919.
Gross earnings....................
-$9,227,910 $14,011,023 $20,112,265
Operating ex p en ses................................. 3,737,186
5,793,750
4^32^945

Operating profit-------------------------- $5,490,724
Profit, salo part int. in certain leases
(?)
M iscellaneous interest, &c_________
(7)
“Other income” ___________________
561,021

$8,217,273
(?)
(?)
2,624,549

$15,579,320
6,476,596
265,776
---------

Gross income___________________ $6,051,745 $10,8-11,822 $22,321,692
399.539
rentals and expense - .)
6.386,822
6,927,874
Oil & gas construe. & developm ’t . 13,974,226
479,116
Interest and miscellaneous______ ]
D ep recia tio n ...................................... J
8,447,604
D ep letio n ______________________ _____ N o t included
________________________________________________ ____—N o t inducted
_
1 , 200.000
Federal tax reserve, estim ated___
Dividends paid in c a s h .. ..........(10% )840.351 (19)1,192,708 (28)1,399,818
Dividends paid in s to c k _______ (2% )165,648
(4)282,400
---------

D e d u c t — Lease

$4,008,793
$2,438,838
E E T D E C . 31.
1921.
1920.
L ia b ilitie s —
8
S
Capital stock......... 8,448,048 8,282,400
Accounts & notes
payablo............. 2,148,396 3,324,337
Reserves for depre­
ciation ............... 4,785,954 3,335,919
Surplus....................22,345,099 22,211,871

Balance (subject to Federal taxes) $1,071,520
B A L A N C E

SH

1921.
1920.
S
$
Assets--Coal department.. 4 ,738,313 4,508,567
Oil & gas dept., Ac.26 098,703 25,667,670
Cash....................... 1 259,931 1,021,726
Inventories_____ 2 ,527,038 1,964,309
58,444
58,444
U. S. bonds...........
Accts. & notes rec. 2 133,791 3,124,750
806,062
911.27S
Deferred items__
T o ta l.................37,727,496 37,154,528
—V. 114, p. 1774.

T o ta l.................37,727,490 37,154,528

Ray Consolidated Copper Company.
(13th Annual Report for the Year ended Dec. 31 1921.)
President Sherwood Aldrich April 1 wrote in substance:
P r o d u c t i o n — S a l e s .— Tho production o f copper for tho year was confined
to operations for tho first threo months, the proportios having been closed
down and production entirely suspended in April (V. 112, p. 1350). This
drastic curtailment was deomed necessary to meet a situation steadily
growing worso by continued accumulation o f unsold and high cost motal
stocks. The result was that sales during tho year have practically deploted




[V ol. 114.

C H K O N IC L E

tho surplus stocks of marketable copper to about tho quantity usually
carried under normal conditions of supply and domand.
The poundago of copper transferred to the Copper Export Association,
Inc., early in tho year, for re-sale in foreign trade, has also been m aterially
reduced. Tho total sales and deliveries of copper have thus decreased
inventories o f available copper to such an extent that resumption of active
operations seemed advisablo, and preparations were therefore made to
commence regular production by April l 1922 (V. 114, p. 1418).
R e s u l t s . — The limited period of production resulted in an operating loss
of $305,525, including credit for the miscellaneous earnings accruing in
that period. The loss to surplus for the year was further increased by
$1,292,793, representing costs and charges amounting to $1,370,583, less
credit for miscellaneous income earned and applied to tho reduction of
expenses during the shut down, amounting to $1,370,583 (see income
account below), making a net loss to surplus of $1,598,319 for the year.
D i c i d e n d s . — Dividends and capital distributions to stockholders from tho
beginning of operations down to D ec. 31 1920 havo amounted to an aggre­
gate of $25,412,621. In the abscnco of operating earnings during tho year
and to conserve working capital there were no distributions to stockholders
in 1921. As a result of this policy of temporarily passing dividends during
the period of non-production the company is in a cash position to enable
it to properly finance operations upon resumption and until regular returns
on current output become available.
O p e r a t i o n s . — Thero has been no material change in tho tonnage or grado
of ore reserves, and the machinery and equipment lias boon maintained
in excellent condition.
. .
S u i t s . — There has been no chango in the status of tho patent infringement
suits instituted by Minerals Separation. These suits are still pending,
no date of hearing having as yet been fixed.
E x tracts from R eport of D. C . J a ck lin g , M an aging D irecto r, and
L. S. C a tes, G en era l M anager, Ray, A riz., M arch 31 19^2.
A l i n e D e v e l o p m e n t . — A sm all amount of development work was done at
N o. 2 shaft during the year. The actual footage driven being 3,663 ft.,
as compared with 27,933 ft. for tho provious year.
Tho total development since the beginning of operations to D ec. 31 1921
was 784,356 ft., or approximately 149 miles. M ining operations to date
havo destroyed 425,006 ft. and there remains intact 359,350 ft., or approxi­
m ately 68 miles.
.
..
„ ,
,
P r o d u c t i o n C o s t . — The net production for tho year, after allowing for
smelter deductions, was 10,110,131 lbs., as compared with 47,062,030 lbs.
for 1920. The average operating cost per pound of net copper produced
from milling and direct smelting ore for tho year was 16.41 (tents, lliis
cost does not take into account any credits for tho value of the gold and
silver, nor for miscellaneous income. By crediting these the not costs
are reduced to 16.25 cents per pound(as compared w ith 15.565 cents tor 1J2U)
T he cost for 1921 includes all operating expenses and reserve for all
taxes, together with tho usual charge to cover extinguishment ot mine
developm ent costs, which amounts to 15 cents per ton of ore mined, but
does not include tho amount set aside for depreciation nor for tho shut
down expense.
..................
,
.
The actual shut-down expense for the year not included In operating costs
amounted to $225,923, exclusive of tax accruals and fixed and general
expenses. These overhead oxpensos for tho entiro year, however, though
properly chargeable against tho copper produced, are segregated and
apportioned between tho operating and the shut-down periods in order to
com pute and state the per pound cost of production for tho year on a
basis moro nearly comparable w ith tho unit costs of provious years.
W a g e s — C o s t s . — A reduced wage scalo effectlvo M ay 1 1921, had no
effect on operating cost for tho year.
I N C O M E A C C O U N T Y E A R S E N D E D D E C E M B E R 31.
1921.
1920.
1919.
1918.
Copper production (lbs.) 10,110,131 47,002,030 46,011,371 83,599,160
Avgo. price rec’d per lb_ 13.209 cts. 16.144 cts. 17.905 cts. 22.941 cts.
T otal operating rovonuo- $1,337,570 $8,254,022 $8,252,505 $19,209,311
_______
,,O p e r a tin g E x p e n s e s —
_
M ining and milling_____$1,109,421
$5,129,950 $4,967,096 $9,o20,64o
Ore delivery___________
109,101
— --- —- - ­
Freight, treat’t & refining
407,685
2,153,745
1.886,488
4,663,0-41
Selling commission_____
32,856
57,27/
M ine dovelop't exting’tx
256,595
243,9/6
467,464
T otal oper. expenses-. $1,659,063
at W M
N e t operating _profit___ (oss$32l,493
_
93,758
Income on irivestmentsM iscoll. income, n et___

$7,597,567
$656,455
255,221

^7 , 185,986 $14,795,200
$1,066,519 $4,414,112
337,681
51,663
300,1241

T otal incom e________ /oss$227,735
$911,676 $1,366,643 $4,803,455
D e d u c t —437,422
...............................................................
D epreciation__________
833,136
...............................................................
Shut-down oxpenso_____
Loss on copper during
shut-down period___
l0_°’?2- *$1,577,179 $3,154',358 $5,125*832
D iv id e n d s____________
............
(10%)
(20%)
(32H%)
Rate per cen t________
______
299,628 ________ __
150,000
Other item s-.:_________
B alan ce_______ ._xdef.$l,598,319d of.$605,503dr$l,488,087dof.$472,377
* Includes in 1920 $181,596 dividends and $1,392,582 capital distribution,
x Exclusive of any deduction for depletion.
B A L A N C E S H E E T D E C . 31 ( R A Y C O N S O L . C O P P E R C O . A N D R A Y &
G IL A
A s s e ts —

Min. A mill. prop.
Oonstr. equip., Ac.
Develop, of prop’s
Outside Investm’t3
Copper Export
Ass'n, Inc., susp
Prepaid ins. A oth.
expenses______
Material A suppl.
Accts. receivable-.
Metals In transit..
Cash.......................

V A L L E Y

R R .) .

1920.
1921.
1921.
1920.
L ia b ilitie s —
$
$
$
S
8,650,4-10 8,656,440 Capital stock Ray
Consol. Copper
6,959,224 7,420,485
Company_____ 15,771,790 15,771,790
6,040,307 6,057,503
32,169
108,771
1,624,188 1,240,121 Accounts payablo.
Treatment, refill.,
Ac., charges___
34,909
337,517
478,432
Res. for taxes, Ins.,
& other exponscs 510,459
540,184
56,101
63,017
1,331,904 1,459,499 Surplus from sale
of securities___ 1,506,640 1,506,646
541,079
388,587
1,497,943 5,325,015 Surplus_________ 12,020,017 14,271,384
3,293,057 1,923,480

T o ta l.................30,485,690 32,536.291
—V. 114, p. 1773.

T o ta l.................30,485,590 32,536,291

General Asphalt Co.
(19th Annual Report— Year ending Dec. 31 1921.)
Pres. Arthur W. Sowall, April 22, reports in substance:
R e s u l t s .— Tho volumo of business transacted by tho company's subsidiaries
amounted to $9,915,790 ($15,014,470 in 1920), yielding a trading profit of
$613,290 ($2,845 097 in 1920) after an arbitrary chargo for depreciation of
plants of $293,701.
,
,
.
. .
.
,,
.
T he charges for goneral and sundry exponses, interest paid and reserve
for depreciation of accounts, less miscellaneous Income, amounted to
$1 354.232, and deducting therefrom tho trading profit of $613,290, there
is a net loss of $740,942, to which is added $117,719 debenture reservo of
Now Trinidad Lake Asphalt C o., L td., and $40,153 for maintenance of
pavem ents, resulting ir. a deficit for tho year of $898,814, which, with the
paym ent of Pref. divs. ($374,430), reduced surplus by $1,273,244 to
$3 709 348.
S h i p m e n t s .— Shipments of Trinidad asphalt to the U nited States wero
64 897 tons, to Europe 24,831, to India, Africa and South America 2,523.
a total of 92,251 tons (2,240 lb s .), as compared with 108,385 tons In 1920.
Shipments from Bermudez Lake woro 48,952 tons, all to the United States,
against 19,875 tons in 1920.
_ _ , ,. .
,
P r o d u c t i o n o f C r u d e P e t r o l e u m .— In Trinidad was 355,337 bbls. compared
with 362 815 in 1920. Thero were no important sales of crudo petroleum,
but 69,108 bbls. woro shipped to tho company’s plant at Maurer.
O i l W e l l s .—Threo wells were drilled during 1921 on tho Forest Itoservo
Lease and a fourth had been started at tho closo of tho year. Drilling by
the company in Trinidad under present conditions will bo restricted to tho
necessary requirements and the torms of tho lease.
F u n d e d D e b t .— Outstanding debentures of Now Trinidad Lake Asphalt
C o.. L td., wero decreased from $599,945 to $382,180. General Asphalt 6s
from $1,415,000 to $1,258,000. and tho 8s from $4,000,000 to $3,902,900,
a total reduction of $471,865.

A pril 29 1922.]

T H E

C H R O N IC L E

S t o c k h o l d e r s . — The number o f stockholders April 1 1922 was, preferred
967. and common, 1,365.
'
B a r b e r A s p h a l t C o . — E ffective April 1 1922, tho corporate namo o f tho
activo American subsidiary has been changed to “Tho Barber Asphalt C o .,”
tholword “ Paving" having been eliminated.
h Reconstruction o f that com pany’s roofing plant a t Perth Amboy (de­
stroyed by firo in Sept. 1920) was not completed July 1 as anticipated.
Operations in the now plant were, however, commenced in September.
, W a g e s . — Wage scales decreased about 50% during tho year,
i” A s p h a l t r a v i n g B u s i n e s s . — W hile the business in asphalt for paving shows
an increase, the carried-ovor tonnages in the hands of customers Jan. 1 1922
(approximately 35,000 tons) were less by 23,000 than a year ago. Much
work w ithheld awaiting lower prices is now coming along. Federal and State
appropriations indicate a large continuing consumption o f materials entering
into road construction.
Duo to lessened demand for, and increasing stocks of, crude petroleum
and its residual products, very low prices again rule on com petitive artificial
asphalt, but with this condition tho company has contended for years and
can continue to do so now and in the future.
F o r e i g n B u s i n e s s . — Tho company’s foreign business was adversely affected
by the foreign exchange situation and general depression.
’
C a r i b b e a n P e t r o l e u m C o . — Drilling o f 9 new wells in tho Mono Grande
field was begun during 1921. One well was abandoned because of m echani­
cal difficulty. T est wells in the Limon and Miranda fields are progressing
satisfactorily. Exploration in Eastern Venezuelan fields was suspended,
but all claims in those sections have been kept in exploitation.
t ■ The construction of a casinghead gasoline extraction plant in the Mono
Grande field, commenced In the early part o f 1921, is now well under way
and should bo completed during 1922. Tito company has 9 producing wells
in this field. Tito crude production in 1921 was slightly over 1,500,000 bbls.
»• Mining aroas held by tho company under the Valladares contract remain
>
250 areas approximating 312,500 acres.
In. C a r i b b e a n P e t r o l e u m C o . S t o c k . — Tho outstanding stock o f this com pany
has beeti further increased by the issuance of 7.000 shares, 75% to the
Shell Group and 25% to the Barber Asphalt (Paving) Co. Tho total out­
standing stock Dec. 31 1921 was $26,943,600.
. . .
0
p F l o a t i n g E q u i p m e n t . — The transport facilities were supplemented by 8
converted monitors, tho last of which was put into service early in 1921.
Those vessels and barges delivered to Curacao refinery during the year
approximately 1,000,000 bbls. of crudo oil and 228,000 bbls. of fuel oil. In
addition, about 100.000 bbls. o f fuel oil wero delivered to tho company s
selling stations at Maracaibo, Puerto Cabello and La Guayra, Venezuela.
Tho two 1,200-ton tank steamers contracted for 1921 delivery have been
delayed, but are expected by Juno 1.
. _.
i t L i t i g a t i o n — The test suit between the Venezuelan Government ana v enezuclan Oil Concessions, Ltd., was settled April 25 1921 by an agreement
similar to that which disposed of a liko suit against tho Colon D evelopm ent
C o.. L td. (V. 112. p. 1864).
C O M B IN E D
In co m e fro m

R E SU L T S. IN C L U D IN G

—

1921.

SU D . COS. C A L . Y E A R S.

1920.

1919.

1918.

h'plw U prod^mts.:UKl$7,176,944 $11,763,822 $12,174,264 $ n .|4 5 ,4 4 9
649,249
1,356.263
Sales of inisc. m aterials.
800.780
Foreign sales__________
385,801
348,884
1,462,408
1,425,102
Income from paving----97,610
126,194
595.943
Income fromm isc. paving
314,630
Sales of paving m ach., * c .
628,973
611,240
411,669
Incomo from misc. w ork.
181,198
138,767
131,380
' 198', 335
M iscellaneous incomo_
_
T otal incomo________ $9,915,790 $15,014,470 $14,755,610 $13,287,492
E xpen ses—
C ost of asphalt and as­
phalt p r o d u c ts............ $6,339,828 $9,017,836 $1.0,184,876 $9,391,571
353,033
________
471,126
1,028.107
Cost of misc. m a teria ls..
C ost of foreign sales____
706,463
"418*308
360,688
1,409,462
C ost of paving roads, &c. 1,297,970
Cost of pa vi ng m ach., & c.
289,724
~ 101,341
‘ 126*946
Cost of misc. paving___
' 642.692
174,505
183,302
D epreciation---------------305.831
293,702
490,855
518,922
M iscellaneous-------------272,362
332,618
C ost of freight...................
’ ’ 34,396
""4V.466
Sundry brancli expenses.
"" 50.063
42,195
T otal expenses............ $9,302,500 $12,169,373 $12,444,240 $10,904,009
N ot trading profits_____
$613,290
$2,845,097 $2,311,370 $2,323,483
Rents from real estate,
3,327
loss oxponsos, &c----------------------------l.o o o
93,038
Interest received----------38,540
64,565
85,374
8,175
Int. & div. on investm 'ts
14,983
13,568
13,009
$666,812

$2,923,230

$2,411,119

$2,428,023

$71,309
609,798
120,000
127,298
419,842
50,396
9,112

$94,630
559,017
138,076
201,274
149,588
311.941
3,315

$578,860
144.500
81.468
151,088
142,807

$467,381
120,000
150,337
162,210
167,079

Total deductions----- - $1,407,,755
N et profits_________ loss $7 40 .942
Excess cost o f m aintain­
ing pavem ents---------10,153
Reserve for debenture re demptlon of Now Trin­
117.,719
idad Asphalt C o., Ltd.
374,,430
Dividends on Prof. (5%)
Reserved for pensions —

$1,457,841
$1,465,389

$1,098,723
$1,312,396

$1,067,007
$1,361,016

31,734

36,419

116,319

104,653
379 956
25:000

84,662
a578,949
25.000

81,490
652,705

Balanco, s u r p lu s ...d o f.$ l,273,244

$924,046

$587,367

$510,502

T otal net incomo_____
D e d u c t—
Brancli office discounts.
Gcncral expenses---------Rcs’vo for depr. of a ccts.
Int. on loans and m tges.
Dcbcnturo interest, &c . .
Capital stock & inc. ta x .
Other expenses------------

B A LA N C E

SH E E T,

1921.
A ssets —

3 _____

IN C L .

S U B . C O M P A N IE S

1921.
-----

1920.
3

P r o p e r t y a c c o u n t . 3 0 ,1 5 4 ,2 o 2 3 4 ,1 2 1 ,2 0 9
S to c k s * b o n d s o f
■ " ,1 6
1 .1 1 3 ,8 2 0
o u t s l d o c o s _____ 1 ,6 0 1 • 4* "
S e c u r i t i e s ........... —
3 0 0 ,0 0 0
4 2 0 ,0 0 0
2 1 9 ,0 5 5
r a v in g r o ta in e r s ..
-----­
P re p a id ex p en ses.
2 3 8 ,2 5 2
2 8 0 ,6 2 3
I n v e n t o r y a t c o s t . 3 ,4 3 4 ,2 2 5 3 ,8 5 9 ,0 0 3
C a s h . . ____________ 1 ,1 0 9 ,4 9 5 3 ,0 1 8 ,6 8 3
A c c ts .
re c e iv a b le
a n d s e c u r i t i e s . . n l , 6 4 6 ,1 8 2 3 ,6 2 5 ,0 2 5
8 % b o n d s in k i n g
f u n d ____________
1 0 1 ,3 4 3
-----------

31.
1920.

D E C .

L ia b ilities—
3
s
P r e f e r r e d s t o c k ___ 7 ,4 3 6 .1 0 0 7 ,5 4 1 ,1 0 0
C o m m o n s t o c k — 2 3 ,5 6 3 .9 0 0 2 3 ,4 5 8 ,9 0 0
G e n . A s p . C o .d e b s . 1 ,2 5 8 ,0 0 0
1 ,4 1 5 ,0 0 0
C o n v e r t, b o n d s of
G e n . A s p h a l t C o . 3 ,9 0 2 ,9 0 0 4 ,0 0 0 ,0 0 0
D e b e n tu re s of cos.
n o t o w n e d _____
3 8 2 ,1 8 0
5 9 9 ,9 4 5

Collateral loans...
Reserve lor pave­
ment malnt___

250,000

350,000

36,994

42,780

N o t e s * a c c t s . p a y . 2 ,3 4 6 ,5 1 5
R e s. fo r F e d . ta x e s
9 2 ,2 9 7
R e s . f o r d e b . r e d ’n 1 ,3 7 4 .4 3 4
R e s. fo r 8 % c o n v .

2 ,5 8 7 ,2 2 1
3 1 1 ,0 0 0
1 ,2 2 1 ,5 6 0

bonds________
97,100
_____
Res. for fire Insur.
36,043
37,318
Res. for pensions..
39,082
50,000
Surplus................. 3,769.349 5,042,593
T o ta l.................44,584,895 46,657,418

T o ta l................. 44,584,895 46,057,418

a Includes notes receivable, $67,129; accounts receivable, $1,487,957;
securities, $399,411; total, $1*954,497; less reserve, $308,315; balanco
abovo, $1,646,182.
N o t e . — Contingent liabilities: Trade acceptances discounted, $162,041;
notes receivable discounted, $34,019; total contingent liabilities, $196,060.
— V. 114, p. 1 4 1 2 . ________ t _________

GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
General Railroad and Electric Railway News.—Tho
following tablo summarizes recent railroad and electric rail­




way nows of a more or less general character, full details
concerning which are commonly published on preceding
pages under the heading “Current Events and Discussions”
(if not in the “Editorial Department”), either in the week
the matter becomes public or shortly thereafter.
P e n n s y l v a n i a R R . U p h e l d i n T e s t S u i t a g a i n s t B o a r d . — Federal Judge
George T . Page upheld tho road in its suit to test the power of the U . S.
B it. Labor Board by refusing to dismiss the temporary injunction recently
granted by Judge Landis restraining the Board from censuring the road for
violation o f tho Board’s decrees. N . Y . “ Tribune” April 23, p. 10.

com pany’s shops at Green Island and C olonie. “ Boston Fin. N ew s”
April 21, p. 3. (b) Railroad officials estim ate number o f railroad employees
laid o ff or placed on short time since April 1 as result, of tie-up in bituminous
coal industry, is from 20,000 to 22,000. “Boston N . B .” April 22, p. 3.
600,000 R a i l S h o p M e n t o T a k e V o te S o o n o n S t r i k e . — Six federated crafts
a))d Switchem en’s Union involved (about 600,000 m en). Accuse railroads
of arbitrarily reducing wages in defiance of Labor Board. “Post" Apr. 22.
4. R . T . V a l u e s I t s S y s t e m a t $400,000,000.— James L. Quackenbush,
Counsel, presents figures to Transit Board to offset estim ate of Commis­
sion.
Sun” April 21, p. 1 .
R e d u c t i o n o f C a n a d i a n F r e i g h t R a t e s . — 40% to the 1919 level w ill be
made beforo tho 1922 crops begin to m ove, Premier Norris of M anitoba
announces, cuts of about 40% before 1922 crops m ove. “ Boston N . B .”
April 26, p. 3.
B e n W . H o o p e r N e w C h a i r m a n o f R a i l L a b o r B o a r d .— Chosen unanimously
boat'd at annual m eeting Apr. 27, succeeding Judge Barton. “ Times
Apr. 28, p. 10.
.
E r i e R R . C l o s e s M c a d v i l l e , P a . , S h o p s . — Slack business forces 700 men to
bo idle. "Phlla. N . B .” Apr. 27, p. 3.
. L a r s L o a d e d . — The total number of cars loaded with revenue freight
totaled 706,713 cars during the week ending April 15 compared with 714,268
during tlio previous week or a decrease of 7,555. This was, however, an
Increase of 4,597 over 1921 and 105,018 in excess of l920 when, however,
the unauthorized strike of switchmen seriously effected transportation.
Principal changes as compared with the week before were as follows:
U °aL 62,851 cars, decrease 6,605 (71,195 less than in 1921 and 73,035
under 1920); coko, 8,072, decrease 527 (but 3,586 in excess of 1921 and
1,291 above 1920); merchandise and miscellaneous freight (incl. manufact­
ured products) 518,838, increase 2,186; grain and grain products, 29,869.
decreaso 1,729; live stock, 25,014, decrease 10; forest products, 54,905 cars,
increase 225; ore, 7,164, decrease 1,095.
, I d l e C a r s F u r t h e r D e c r e a s e d . — The number o f freight cars idle April 8
totaled 420,546. compared with 367,687 on March 31, or an increase of
52,859 cars. Tho decreaso is due entirely to a falling off in tho demand
f°r coal cars because of the strike of miners.
Of the total April 8 259,605 were serviceable freight cars, while the re­
maining 160,941 wero In need of repairs.
Surplus coal cars on April 8 totaled 122,359, an increase of 49,793 comPjwcd with M arch 31. Surplus coke cars numbered 2,229, a decrease of
606 cars within tiie same period. Surplus box cars in good repair on April 8
totaled 92,393 cars, an increaso of 3.902. Surplus stock cars totaled l9 ,352, a decreaso o f 383.
I d l e C a r s o n o r a b o u t 1 s t o f M o n t h , o n A p r i l 8 ’21 ( P e a k ) a n d o n A p r . 8 1922
A p r . 8. A pr.'22 M a r . ' 2 2 F c b . ' 2 2 J a n . ’2 2 D ec.'21
A p r . 8 . J a n . ’2 1
Good o r d e r.. 259
207
245
331
471
283
507
198
Bad o r d e r ... 161
161
173
159
148
172
111
...
M a t t e r s C o v e r e d i n “ C h r o n i c l e " A p r i l 2 2 . — (1)
Pennsylvania R R . sliarondlders adopt significant resolutions, p. 1731. (2) R esignation o f Albert
i Iiillips from U . S. RR I-atxir Board, p. 1732. (3) R eappointm ents o f
members of U. S. RR. Labor Board, p. 1732.

Asherton & Gulf Ry.— Bond Issue Denied.—

Bocauso tho proposed issue of bonds not shown to lie in the public interest
the. 1 . 9 . c . Commission has dismissed the C om pany’s application for
authority to issue $436,000 of first mortgage bonds. Company proposed
to use tho proceeds from $44,000 of the bonds for the construction of an
extension from Asherton to Carrizo Springs, T ex., and to issue and deliver
$392,000 at par to tho estate of A. Richardson in satisfaction of an indebted­
ness thereto for advances amounting to $392,123 made by Richardson for
tho construction of the road.

A tlanta Birm. & A tlantic Ry.— State Ownership.—

I t is stated th at tho formation of a “bloc” in the A labam a,State Legis­
lature to support tho proposed plan of Senator M anson, for tho State
taking over and operating tho railroad has been suggested by M ayor Key
of A tlanta. M embers declare th at the m ovement has gained considerable
m om entum — V. 114,_p. 1405.

Augusta-Aiken Ry. & Elec. Corp.— New Ordinance.—

Tills com pany, which withdrew its cars from service in A ugusta, G a., a
m onth ago, claiming it could not compete with jitneys under existing
conditions, on April 15 resumed operations under a now city ordinance
forbidding Jitneys to parallel lines of street car traffic.
Tho company agrees to charge ( a ) a 7-cent token faro, when sold in
multiples of 5; ( b ) a 10-ccnt cash fare to casual riders and (c) for school
children and teachers’ tickets 5 cents.— V . 114, p. 1285.

Baltimore & Ohio RR.— New Director.—
George M . Shriver, Senior V ice-President, has been elected a director
to succeed tho late Hugh L. Bond Jr.— V. 114, p. 1532.

Barcelona Traction, Lt. & Pow. Co., Ltd.— Earnings.—
C a l. Y r s .
1921.
1920.
Gross receipts.................... 37.700,430 32,078,223
Operating expenses_____ 13,675,093 11,287.684

1919.
25,949,539
10,203,323

1918.
27,004,721
10,067,235

N ot rec. from o p e r ...
—-V. 113, p. 2612.

15,746,217

16,937,486

( I n P e s e ta s).

a After deducting amounts received by subsidiary companies.
C O M B IN E D

1889

24,025,337 20,790,539

Boston & Maine RR.— Subsidiary Cos. Consolidation.—*

Tho directors of the Vermont Valley, the M ontprlicr * Wells River RRs
and tho Barre & Chelsea R R . have voted to recommend >u stockholder
consolidation w ith tho Boston & M aine R R . under the Act < a 'Cd by tho
Vermont Legislature in 1921. T he roads are controlled by the B o s t o n *
M aine through ownership of stock. Compare Boston & M aine R R . report
on a preceding page.
Tho M assachusetts D epartm ent o f Public U tilities has approved tho issue
of $5,000,000 6% bonds, dated June 1 1922, payable Juno 1 1935. The
issue w ill refund $5,000,000 6% Series “E ” bonds maturing on June 1,
which aro now held by tho Secretary o f the Treasury.— V. 114, p. 1704.

Chicago & Alton RR.—Equip. Gold Notes Sold.—
Hornblower & Weeks, New York, have sold at prices to
yield from 5.30% to 534%, according to maturity, SI,049,100
Equip. Trust 6% Gold Notes.

D ated Jan. 15 1920, to mature in 13 equal annual installm ents. R ed’
as a whole on any int. dato at 103 and int. on 60 days’ notice. Int. paya
bio .1. & J. in N . Y . C ity. Denom. $1,000 (c*).
These notes are a direct obligation of the company under an equipment
trust agreement between the Director-General of R lts ., the company and
Guaranty Trust Co. of N . Y .. trustee. Through supplemental agreement
dated Jan. 15 1922, 33 1-3% of the notes of each m aturity held by tho
Director-General, aro to lie stamped so as to give preference and priority
to tho abovo offered unstamped notes in case of default.
Original issue. $1,816,500; paid orf, S242.200; amount outstanding,
$1,574,300; held by Director-General, one-third of each m aturity to be
subordinated to notes now offered. $525,200; notes now offered, $1,049,100.
The equipment consists of 10 light M ikado locom otives and 500 50-ton
composite gondola cars.
Charles Hayden and M . L. Bell recently resigned as members of the board
and the executive com m ittee .— V. 114, p. 947. ______________

Chicago Great Western RR.—Equip. Notes.—

C assatt * Co. have purchased from the Director-General of Railroads
$375,700 Equip. Trust 6% certificates, maturing .$28,900 annually, 1923
to 1925.— V. 114, p. 1645, 1532.

1890

THE CHRONICLE

C h ic a g o & I n d i a n a C o a l R y .— Distribution.—
T h o c o m m i t t e e f o r t h e $ 4 ,6 2 6 ,0 0 0 1 s t M t g e . 5 s , J a m e s B . M a b o n , C h a i r ­
m a n , in a n o tic e to d e p o s ito rs o f b o n d s u n d e r t h e p r o te c tiv e a g re e m e n t o f
J u ly 2 0 1 9 1 4 , s ta t e s t h a t th o C e n tr a l U n io n T r u s t C o ., N e w Y o rk , d e p o s i­
t a r y , h o l d s a n d is n o w p r e p a r e d t o d i s t r i b u t e a m o n g t h o h o l d e r s o f i t s
c e r tif ic a te s o f d e p o s it $ 4 5 0 o f t h e C o m m o n s to c k o f th o n e w C h ic a g o &
E a s t e r n I l l i n o i s R y . f o r e a c h $ 1 ,0 0 0 o f 1 s t M t g o . 5 % b o n d s d e p o s i t e d .
T h is s t o c k w ill b e d e l i v e r e d t o t h e r e g i s t e r e d h o l d e r s o f t h o c e r t i f i c a t e s o f
d e p o s it, u p o n p r e s e n ta tio n o f s u c h c e rtif ic a te s o f d e p o s it fo r e n d o rs e m e n t
in d ic a tin g d e liv e ry o f t h e a b o v e s to c k a n d u p o n e x e c u tio n o f s u c h re c e ip ts
a s th o d e p o s ita ry m a y r e q u ir e .
S c r ip c e r t i f i c a t e s w ill lie i s s u e d f o r f r a c ­
tio n a l s h a re s .
C o m p a r e r e o r g a n i z a t i o n p l a n i n V . 1 1 2 , p . 1 5 1 7 .— V .
114, p . 1285, 408.

C h ic a g o I n d i a n a p o li s & L o u is v ille R y .— Equipment
Notes Sold.— F reem an & C o ., N e w Y ork , h a v e sold a t
prices to y ie ld from 5 .2 0 % to 5 % % accord in g to m a tu r ity
.$600,600 6% E q u ip m en t g old n o tes (see ad v ertisin g p a g es). '
D a t e d J a n . 15 1 9 2 0 . M a t u r i n g $ 4 6 ,2 0 0 a n n u a l l y J a n . 1 5 1 9 2 3 t o J a n .
15 1 9 3 5 i n c l .
I n t . p a y a b l o J . Sc J . in N . Y . C i t y .
D e n o m . $ 1 ,0 0 0 (c* ).
R e d . a s a w h o le o n l y o n a n y i n t . d a t o o n 6 0 d a y s ’ n o t ic e a t 1 0 3 a n d i n t .
G u a r a n ty T r u s t C o ., N e w Y o rk , tru s tc o .
I s s u e d u n d e r e q u i p m e n t t r u s t a g r e e m e n t s b e tw e e n t h o D i r e c t o r - G e n e r a l
o f R a ilr o a d s , th e c o m p a n y a n d th o tr u s te o . T h r o u g h s u p p le m e n ta l a g re e ­
m e n t s , 3 3 1 -3 % o f t h o n o t e s o f e a c h m a t u r i t y o r i g i n a l l y i s s u e d a r e t o b o
s t a m p e d a s s u b o r d i n a t e in l ie n t o t h e a b o v e p r io r l ie n n o t e s .
T h e s e $ 6 0 0 ,6 0 0 n o t e s c o n s t i t u t e t h o e n t i r e f i r s t lie n i n d e b t e d n e s s o n e q u ip
m e n t c a s t i n g o r i g i n a l l y $ 1 ,0 4 0 ,5 0 0 .
T h is e q u ity , to g e th e r w ith th o tw o
a n n u a l in s ta llm e n ts w h ic h h a v e m a tu r e d , g iv e th e s e n o te s a p r e s e n t c a s h
e q u ity o f o v e r 4 2 % .
S e c u r e d b y a p r i o r l ie n o n 3 0 0 5 0 - to n c o m p o s i te g o n d o l a c a r s a n d 5 l i g h t
M i k a d o l o c o m o t iv e s .
E v a n s W o o le n a n d W a l t e r J . R i le y h a v e r e c e n t l y b e e n e le c t e d d i r e c t o r s .
— V . 114, p . 1406.

D a n b u r y & B e t h e l S t r e e t R y .— Interest.—
T h e N o v . 1 1921 c o u p o n s o n t h e 1 s t M t g e . b o n d s a r e t o b o p a i d M a y 1
1 9 2 2 .— V . 1 1 3 , p . 1 1 5 5 .

D e la w a r e L a c k a w a n n a & W e s t e r n R R .— Lease Applica­

tion Denied.—

T h o a p p lic a tio n o f t h e S u sse x R a ilr o a d fo r a p p ro v a l o f a le a s e o f its
p r o p e r t y a n d f r a n c h i s e s t o t h o D e l a w a r e L a c k a w a n n a Sc W e s t e r n R B .
h a s b e e n d i s m is s e d b y t h e N . J . P . U . C o m m i s s io n .
I n i t s d e c is i o n t h e
C o m m i s s io n s a id :
“ T h e B o a r d w ill n o t a p p r o v o a l e a s e t h a t m i g h t s a n c t i o n in a d v a n c e
u n d e t e r m i n e d a m o u n t s o f b o n d e d i n d e b t e d n e s s o f a r a i l r o a d , b u t w ill
r e q u i r e f u t u r e is s u e s o f b o n d s , s t o c k s o r o t h e r e v id e n c e s o f i n d e b t e d n e s s
p r o v i d e d f o r in s u c h a le a s e t o b e s u b j e c t t o t h e a p p r o v a l o f t h o B o a r d ,
w h o n t h e is s u e s o f s u c h i n d e b t e d n e s s a r e r e q u i r e d .
“ T h o p r o p o s e r ! le a s e is t a n t a m o u n t t o a c o n v e y a n c e o f a ll t h e p r o p e r t i e s ,
t a n g i b l e a n d i n t a n g i b l e o f t h o le s s o r , a s w e ll a s v e s t i n g in t h e le s s e e t h e
r i g h t t o p e r f o r m a ll o f t h e d u t i e s a n d f u n c t i o n s o f t h o b o a r d o f d i r e c t o r s
o f t h o le s s o r .
I t s i m p l y l e a v e s t h o s h e ll o f t h o o r g a n i z a t i o n o f t h e le s s o r
in e x is t e n c e t o p e r f o r m t h e n e c e s s a r y a c t s t h a t t h o le s s e e . $by v i r t u e o f t h e
te r m s o f t h e le a s e , h a s th o r ig h t to r e q u ir e i t to p e rf o r m .
N o t h i n g e ls o
is l e f t in t h o lo s s o r c o r p o r a t i o n .
“ T h o p r o v i s i o n in t h e l e a s e g i v i n g t h e le s s e e t h o p o w e r t o c a ll o u t t h e
s t o c k s a n d b o n d s o f t h e le s s o r a n d t o d i r e c t i t t o o x e c u te m o r t g a g e s a s i t .
t h o l e s s e e , m a y d e e m p r o p e r l y , a s p r o v i d e d b y t h o t e r m s o f t h e l e a s e , is
t h o d e l e g a t i o n o f t h o p o w e r o f t h e b o a r d o f d i r e c t o r s o f t h o l e s s o r , w h ic h
is c o n t r a r y t o la w a n d t h e r e f o r e c a n n o t r e c e i v e t h o a p p r o v a l o f t h e B o a r d
fo r a n y c o n tr a c t w h e re b y a c o rp o r a tio n d is a b le s its e lf to p e rfo rm its d u tie s
t o t h e p u b l i c o r a t t e m p t s t o a b s o lv e i t s e l f f r o m i t s o b l i g a t i o n s w i t h o u t
c o n s e n t o f t h e S t a t e is a v i o l a t i o n o f i t s c o n t r a c t w i t h t h o S t a t o a n d t e n d s
to th o p u b lic I n ju r y .” — V . 114, p . 1407.

Denver

&

Rio Grande RR.—E x t e n s i o n .—

Tho committeo representing the 1st & Ref. Mtge. 5% bonds, of which
James II. Perkins Pres, of Farmers’ Loan & Trust Co., is Chairman, an­
nounces that the time for depositing securities has been oxtended to May 22.
Tho committeo headed by John Ilenry Hammond has issued a notice to
tho holders of the 1st Sc Kef. Mtgo. 5% gold ixmds stating that it has
extonded until May 10 1922 the time within which holders of theso bonds
may deposit the same under tho plan and agreement of reorganization
dated Jan. 27 1922.— V. 114, p. 1532, 1407.

Denver Tramway Co.—I n t e r e s t ,

A c .—

The .$2,500,000 7% Collateral Trust Notes which matured on April l
1922 were not rotired but aro still outstanding. Tho interest was in default
on the following issues: (a) Denver & Northwestern Ry. Co. 1st Sc Col­
lateral Mtgo. 5% bonds: (b) Denver City Tramway Co. F. Sc R. S F
Mtge. 5% bonds; (c) Denver Tramway Co. 7% Collateral Trust notes.—
V. 114, p. 78.

Eastern Massachusetts Street Ry.— Stock.—

The stockholders April 22 voted to issue 13,025 new shares of Common
stock (par $100). Tho issue has been authorized by the public trustees
This proposed issue of stock is for tho purposo of settling the accounts
betweon tho company and tho reorganization managers as provided in tho
reorganization plan, and has no other significance.
A g r e e m e n t R e n e w e d .—

Tho company’s existing wage and working agreement with its employees
has been renewed for one year from May 1 next. Carmen, in May 1921.
wero awarded by tho Stato Board of Conciliation and Arbitration 49
cents an hour for tho 1st threo months, 52 cents an hour for next nine months
and 54 'A conts an hour thereafter, with additional 5 cents an hour for onoman car operators. It is understood that over 95% of tho trackage of tho
system is operated now on a one-man car system.— V. 114, p. 1765.

Erie RR.—G u a r a n ty a n d E x te n s io n o f N e w Y o r k L a k e E r ic
A W e s te r n C o a l A R R . C o . B o n d s .—
See that company below.—V. 114, p. 1650.

Federal Light & Traction Co, -^-Sub.

C o.

Fares.

-

The Washington Department of Public Works has authorized the Grays
Harbor Ry., Lt. Sc Power Co , effective April 30, to chargo 25 cents for
4 tickets, as compared with the previous rate of 25 cents for 3 tickets.
Cash faros continue at 10 cents. The reduction is for an indeterminate
trial period.— V. 114, p. 947.

Gulf Florida & Alabama Ry .— Successor Company.—

See Muscle Shoals Birmingham & Pensacola Ry. below.— V. 113, p. 2613.

Houston (Tex.) Electric Co.— Notes Offered— Fares.—

Tho company is offering at par and int. $500,000'7% Secured notes to
employees and residents of Houston to obtain a part of $1,200,000 which
tho company will spend on improvements in this city under terms of the
new street car franchise. Tho notes are duo Aug. i 1925.
Provisions also havo been made to allow the purchase of the notes on
the partial payment plan or 10% down and 10% per month.
In connection with tho new franchise, it is announced that tho company
will bo required to sell 16 tokens for $1. The company previously sold 20
tickets for $1.— V. 114, p. 1179.

Indiana Columbus & Eastern Trac. Co.— Wages.—

Tho board of arbitration in its final decision announces a wage reduction
of 2 cents an hour, retroactive to Feb. 15, for employees of this company
and tho Columbus Nowark & Zanesvillo Electric Co. Under the new
schedule, men working on lnterurban lines aro to receive 47 conts an hour
and men working on city lines 44 cents an hour. Since Feb. 15 the men
have been paid on the scalo determined by tho management last February
(45 and 42 cents an hour, respectively).— Y. 114, p 1407.

Indianapolis & Cincinnati Traction Co.—S c r i p . —
Pres. Charles L. Honry states: None of tho scrip issued by this company
for interest maturing Jan. 1 and July 1 1919, has been paid except that
part that was issued for over-duo int. of tho Indianapolis, Shelbyville Sc
Southeastern Traction Co. duo Jan 1 1919. Tho condition of the busi­
ness of the company, brought about by tho general business condition of
tho country, has not permitted taking up tho rest. The part paid was paid




[V ol. 114.

o u t o f th o c u r r e n t r e c e ip ts o f th o c o m p a n y a n d c h a rg e d to th o g e n e ra l b o n d
in te re s t a c c o u n t.
N o r e n e w a l o b l i g a t i o n s h a v o b o o n m a d e , b u t t h e o r ig i n a l o n e s h a v e ,
b y m u tu a l u n d e rs ta n d in g , b e e n c a rr ie d f o rw a rd .— V .11 2 , p . 1 7 40.

I n t e r b o r o u g h R a p id T r a n s it C o .— Traction Situation.—
J u d g o M a y e r in t h o U . S . D i s t r i c t C o u r t h a s a d j o u r n e d u n t i l M a y 2 6
t h e h e a r i n g o n a p p l i c a t i o n s f o r r e c e i v e r s h ip f o r t h e c o m p a n y .
T h e A p p e lla te D iv isio n o f th o S u p re m o C o u r t h a s h a n d e d d o w n a d e c i­
s io n u p h o l d i n g t h e j u d g m e n t a g a i n s t t h e c o m p a n y t o c o m p e l p a y m e n t o f
f iv e $ 1 ,0 0 0 n o t e s is s u e d b y t h o c o m p a n y , d u e S e p t . 1 19 2 1 a n d h e l d b y th o
G e n e ra l In v e s tm e n t C o .
T h e B o a r d o f E s t i m a t e h a s a d o p t e d M a y o r I T y la n ’s r e s o l u t i o n c a ll in g
o n t h e S t a t e T r a n s i t C o m m i s s io n t o r e q u i r e t h e c o m p a n y t o i m p r o v e i ts
s e r v i c e w i t h i n 9 0 d a y s , o n p a i n o f h a v i n g t h e lin e s t a k e n o v e r a n d o p e r a t e d
b y t h e c i t y u n d e r t h e p r o v is i o n s o f c o n t r a c t N o . 3 . — V . 1 1 4 , p . 1 7 6 5 , 1 6 5 1 .

I n t e r n a t io n a l & G r e a t N o r t h e r n R y .— Reorg’n Expected.
T h e r e o r g a n i z a t i o n p l a n , a c c o r d i n g t o r u m o r s o n t h e s t r e e t , w ill p r o b a b l y
bo a n n o u n c e d l a t e n e x t w e e k .
I t is u n d e r s t o o d t h a t $ 1 0 ,0 0 0 ,0 0 0 o f n e w
m o n e y in t h e f o r m o f a c o m m o n s t o c k is s u e w i l l c o n s t i t u t e o n o o f t h e m a j o r
i t e m s in t h o r e o r g a n i z a t i o n s c h e m e . T h e p l a n , a c c o r d i n g t o r e p o r t s , is
e x p e c t e d t o f o llo w t h e l in e s o f t h e M i s s o u r i K a n s a s & T e x a s r e o r g a n i z a t i o n .
— V . 114, p . 1 5 33, 1179.

I r o n w o o d & B e sse m e r R y . & L ig h t C o.— Merger.—
S e e L a k e S u p e r i o r D i s t r i c t P o w e r C o . b e lo w .— V . 1 1 3 , p . 1 4 7 1 .

J e r s e y C e n tr a l T r a c tio n C o .— Fare Increase.

T h e N e w J e r s e y P . U . C o m m i s s io n o n A p r i l 2 2 a n n o u n c e d t h a t t h o c o m ­
p a n y h a s b e e n a ll o w e d a n e x p e r i m e n t a l i n c r e a s e f r o m 7 t o 10 c e n t s in c a s h
f a r e f o r e a c h o f t h e 7 z o n e s a n d a c o m m u t a t i o n r a t e o f $1 a m o n t h p e r z o n e
f o r 1 0 0 t i c k e t s , e a c h c o m m u t a t i o n t i c k e t t o b e a c c o m p a n ie d b y a c a s h f a r e
o f 5 c e n t s . T h e e x p e r i m e n t w ill c o n t i n u o f o r 6 m o n t h s , b e g in n i n g M a y 1 8 .
— V . 112, p . 2083.
■

Kan. City Mexico & Orient RR.— Will Investigate Claims.

T h e I .- S . C . C o m m i s s io n r e c e n t l y a n n o u n c e d t h a t u p o n i t s o w n m o t i o n
i t w ill e n t e r u p o n a n i n v e s t i g a t i o n a s t o w l i o th o r t h e K a n s a s C i t y M e x ic o
& O r i e n t R R . a n d t h o K a n s a s C i t y M e x ic o & O r i e n t R y . o f T e x a s a r e r e ­
c e iv i n g a f a i r d i s t r i b u t i o n o f t r a f f i c .
B o t h c o m p a n i e s f ile d a c o m p l a i n t
w i t h t h o C o m m i s s io n t h a t t h e r e v e n u e s w e ro i n s u f f i c i e n t o n t h e t r a f f i c n o w
r o u t e d o v e r t h o s o l in e s t o o n a b lo t h e m t o r e n d e r s u c h t r a n s p o r t a t i o n s e r v i c e
a s w ill p r o b a b l y m e e t t h e n e e d s o f t h o p u b l i c .
T h e C o m m i s s io n h a s o r d e r e d
t h a t i f t h e i n v e s t i g a t i o n j u s t if i e s t h e c la i m s o f t li o a p p l i c a n t s , a m o r e l ib e r a l
d i s t r i b u t i o n w ill b e m a d e .
\V . P . B a r t e l h a s b o o n a s s i g n e d t o c o n d u c t t h e
s p e c i a l e x a m i n a t i o n o f t h o m a t t e r a t t h e o f fic o o f t h o C o m m i s s io n i n W a s h ­
i n g t o n o n M a y 1 .— V . 1 1 4 , p . 1 2 8 6 . 9 4 7 .

Lake Erie & Western RR.— Control Passes to Van
Sweringen Interests.— T h e N o w Y ork C ontral R R . lias sold

its m ajority in terest in th e L ake E rie & W ostern R R . to
th e V an Sw eringen in terests of C levelan d for $ 3 ,0 0 0 ,0 0 0 ,
according to V .-P res. A lb ert H . H arris.

C o m m e n t i n g f u r t h e r o n t h o s a le t h o N . Y . “ T i m e s ” s a y s :
“ T h i s m o v e o f t h o N e w Y o r k C e n t r a l , a c c o r d i n g t o V . - P r e s . H a r r i s , is
i n c o n f o r m i t y w i t h t h e r a i l w a y c o n s o li d a ti o n p l a n w h i c h P r o f e s s o r W illia m
Z . R i p le y o f H a r v a r d p r e p a r e d f o r t h e I n t e r - S t a t e C o m m e r c o C o m m i s s io n
la s t fa ll.
(S e e p l a n in V . 1 1 3 , p . 1 4 2 9 .)
P r o f e s s o r I ti p lo y o x c lu d e d t h e
L a k e E r ie Sc W e s t e r n f r o m t h o N o w Y o r k C e n t r a l s y s t e m a n d p l a c e d i t i n
t h o N i c k e l P l a t e - L e h i g h V a lle y s y s t e m , a n d in I ts s u b s e q u e n t t e n t a t i v e
p l a n t h o I n t e r - S t a t e C o m m e r c e C o m m i s s io n c o n c u r r e d w i t h t h i s s u g g e s t i o n .
“ T h e p u r c h a s e o f t h e L a k e E r i e Sc W e s t e r n b y t h o V a n S w e r i n g e n C o . ,
o w n e r o f t h e N e w Y o r k C h i c a g o & S t . L o u i s a n d t h o T o l e d o S t . L o u i s Sc
W e s t e r n , is h e ld t o p o r t e n d t h e m e r g i n g o f t h e t h r e e r o a d s in o n e s y s t e m .
T h o f a c t t h a t t h i s l a t t e r m e r g e r w a s o n l y c o m p l e t e d e a r l y in M a r c h l e a d s
r a i l w a y o b s e r v e r s t o b e lie v e t h e V a n S w e r i n g e n s c o n t e m p l a t e a r o u n d i n g
o u t o f t h e i r r a i l w a y s y s t e m a s q u i c k l y a s i t c a n lie a c c o m p l is h e d .
“ T h o L a k o E r i e Sc W e s t e r n c o n s is t s o f 7 1 0 m ile s o f t r a c k , r u n n i n g t h r o u g h
I ll in o i s . I n d i a n a a n d O h io . T h e N o w Y o r k C o n t r a l o w n e d $ 5 ,9 3 0 ,0 0 0 o f
th o $ 1 1 ,8 4 0 ,0 0 0 o u t s t a n d i n g P r e f e r r e d s t o c k a n d $ 5 , 9 4 0 ,0 0 0 o f t h e $ 1 1 , ­
8 4 0 ,0 0 0 o u t s t a n d i n g C o m m o n s t o c k . ” — V . 1 1 4 , p . 1 2 8 6 .

Lake Superior District Power Co.— Merger.—
T h o W is c o n s in R a i l r o a d C o m m i s s io n h a s a u t h o r i z e d tiiiR c o m p a n y to
ta k e o v e r th o A s h la n d L ig h t & P o w e r C o ., th o Iro n w o o d & B e s s e m e r R y .
& L i g h t C o . (V . 1 1 3 , p . 1 4 7 1 ) a n d t h o B ig F a l l s P o w e r C o .

Maine Central RR.—Committee

o f 15

Makes Report.—

A t t h e a n n u a l m e e t in g A p r i l 2 0 t h o c o m m i t t e e o f 1 5 . a p p o i n t e d in F o b .
t o c o - o p e r a t e w i t h m a n a g e m e n t in c o n s id e r in g r e l a t i o n s e x is t in g b e tw e e n
S a n d y R iv o r & R a n g e le y L a k e s R R . a n d th is c o m p a n y a n d g o n e ra l ra ilro a d
s itu a tio n w a s p r e s e n te d .
T h o c o m m itte o re c o m m e n d e d t h a t th e r e la tio n s c o n tin u e u n c h a n g e d
u n t i l o f f i c e r s o f M a i n e C e n t r a l a r o s a t i s f i e d t h a t “ r e a s o n a b le o p p o r t u n i t y
h a s b e e n g iv e n to m e a s u r e e ffe c t o f r e tu r n in g s e ttle d c o n d itio n s a n d w h a t
g e n e r a l r e l i e f m a y b o a f f o r d e d t h r o u g h l e g i s la t iv e a c ti o n o r o t h e r w i s e ."
T h o c o m m itte e r e c o m m e n d e d t h a t M t. K In e o H o u s e a t M o o s e lie a d L a k e .
S a m o so t H o te l a t R o c k la n d a n d r e a l e s ta te n o t u s e d fo r r a ilro a d p u rp o s e s
a t B a r H a r b o r a n d e ls e w h e r e o w n e d b y c o m p a n y , b e s o ld w h e n e v e r a d v a n ­
t a g e o u s p r ic e s c a n b e o b t a i n e d a n d t h a t t h i s c a p i t a l b e e m p l o y e d f o r r a i l ­
ro a d p u rp o se s.
I t w a s v o t e d , o n th o r e c o m m e n d a t i o n o f t h e c o m m i t t e o , t h a t t h o b o a r d
o f d i r e c t o r s b e i n c r e a s e d f r o m 11 t o 1 5 , a n d t h a t a c h a i r m a n b o c r e a t e d .
— V . 114, p . 1063, 948.

Manchester Trac., Light & Power Co.— Wages.—
E f f e c t i v e A p r i l 1 1 9 2 2 w a g e s w e r o r e d u c e d 5 c o n ts a n h o u r . ' T h o n e w r a t e
o f w a g e s f o r m o t o r m e n a n d c o n d u c t o r s , w h i c h is t o c o n t i n u e f o r o n e y e a r ,
is a s fo llo w s : 4 5 c e n t s a n h o u r f o r f i r s t t h r e o m o n t h s : 5 0 c e n t s a n h o u r f o r
n o x t n in e m o n th s , a n d 5 5 c e n ts a n h o u r th r e r a f t e r .— V. 112, p . 56 2 .

Maryland & Pennsylvania RR.— New Director.—

T h o m a s I I . F I tc h o tt, S e c r e ta r y a n d A s s is ta n t T r e a s u r e r o f th o M e rc a n tile
T r u s t & D e p o s i t C o . , w a s r e c e n t l y e le c t e d a d i r e c t o r , t o s u c c e e d t h e l a t e
J . W ils o n B r o w n .— V . 1 0 1 , p . 1 9 7 3 .

M e x ic a n S o u t h e r n R y ., L t d .— Present Status.—
O n M a rc h 3 0 in th o H o u s e o f C o m m o n s a q u e s tio n r e g a r d in g th e s to c k
a n d s h a r e h o l d i n g in t h o M e x ic a n S o u t h e r n R y . C o . , L t d . , w a s r a i s e d :
M r . G e o r g e B a l f o u r a s k e d t h e U n d e r - S e c r o t a r y o f S t a t e f o r F o r e ig n
A f f a ir s i f h i s a t t e n t i o n h a d b e e n c a ll e d t o t h o a c t i o n o f t h o M e x ic a n G o v e r n ­
m e n t in r e t a i n i n g t h o p r o p e r t y o f t h e M e x ic a n S o u t h e r n l t y . , L t d . , w h ile
w i t h h o ld i n g t h o c o m p e n s a t i o n p a y a b l o u n d e r t h e i r o w n r a i l w a y la w ; w h e t h e r
h e h a d a n y o f f ic ia l i n f o r m a t i o n a s t o t h o o w n e r s h ip o f t h i s r a i l w a y ; w h e t h e r
h e c o u ld s t a t o i f t h e M e x ic a n G o v e r n m e n t w e r o t h e m s e lv e s t h o p r o p r i e t o r s
o f th o r a ilw a y , a n d . if so , w h e th e r h o w o u ld s ta t o th e p e rc e n ta g e o f th e
s h a r e s h e l d b y t h o M e x ic a n G o v e r n m e n t .
M r . H a r m s w o r t h r e p l i e d : “ T h o r e p l y t o t h e f i r s t p a r t o f t h e q u e s t i o n is in
th e a ff irm a tiv e .
I h a v e b e o n in fo rm e d b y th o c o m p a n y t h a t th e issu e d
c a p i t a l , c o n s i s t i n g o f d e b e n t u r e s t o c k a n d o r d i n a r y s t o c k , is h e ld t o t h e
o x t e n t o f 9 9 % b y B r i t i s h s u b j e c t s , t h o o w n e r s h ip o f t h o r a i l w a y t h u s c le a r ly
r e m a in in g w ith th e B r itis h s h a re h o ld e r s .” — V . 11 4 , p . 7 9 .

M ilw a u k e e E le c . R y . & L ig h t C o .— Generating Station.—
A fo u r-p a g e a r tic lo h e a d e d " F i r s t L a rg e P l a n t U s in g P u lv e riz e d C o a l,”
t o g e t h e r w i t h c h a r t s a n d i l l u s t r a t i o n s o f t h e L a k e s ld o g e n e r a t i n g s t a t i o n ,
w ill b e f o u n d in t h e " E l e c t r i c a l W o r l d ” A p r i l 1 5 , p a g e s 7 2 1 t o 7 2 4 .—
V . 114, p . 1766.

M in n . S t. P a u l & S a u lt S te . M arie R R .— Div. Injunction

F e d e r a l J u d g e B o o tli a t M i n n e a p o l i s A p r i l 2 4 c o n t i n u e d t h o t e m p o r a r y
o r d e r s s o a s t o p e r m i t t a k i n g o f d e p o s it io n s b y b o t h s id e s r e s t r a i n i n g th o
c o m p a n y f r o m p a y i n g t h o s e m i - a n n u a l d i v id e n d o f 2 % t o t h e P r e f e r r e d
a n d C o m m o n s to c k h o ld e rs .
S ee V . 114, p . 1776.

M is so u r i K a n s a s & T e x a s R y . C o .— Assessment.—
J . Sc W . S e lig m a n Sc C o . a n d H a l l g a r t e n Sc C o . , r e o r g a n i z a t i o n m a n a g e r s ,
in a n o t ic e A p r i l 2 0 t o h o l d e r s o f P r e f e r r e d S t o c k P a r t i c i p a t i o n W a r r a n t s
a n d C o m m o n S to c k P a r tic ip a tio n W a r r a n ts issu e d u n d e r th e r e o rg a n iz a tio n
p la n , d a te d N o v . 1 1921, s a y .
jg*«n|
“ H o ld e rs o f th e a b o v e n a m e d P a r tic ip a tio n W a r r a n ts ( o th e r th a n
P a r tic ip a tio n W a r r a n ts b e a rin g n o ta tio n o f th e p r e p a y m e n t o f th o e n tir e
a m o u n t p a y a b le th e r e u n d e r) a ro re q u ir e d to m a k e p a y m o n t o n j o r b e fo re

THE CHRONICLE

A i-ril 29 1922.]

M a y 1 0 o f a n I n s t a l l m e n t , v i z .: o n e - t h i r d o f t h e a m o u n t p a y a b l e t h e r e u n d e r .
S u c h p a y m e n t m u s t b e m a d e in N e w Y o r k f u n d s e i t h e r a t t h e o f f ic e o f t h e
E q u i t a b l e T r u s t C o . , d e p o s i t a r y , 3 7 W a ll S t . , N o w Y o r k , o r a t E q u i t a b l e
T r u s t C o . , 3 K i n a W il l ia m S t r e e t , E . C . 4 . L o n d o n , E n g l a n d , o r a t th o
o f f i c e o f R o t t e r d a m s c h e B a n k , A m s t e r d a m , H o l l a n d , a n d w ill b o n o t e d o n
t h e r e s p e c t i v e P a r t i c i p a t i o n W a r r a n t s w h i c h fo r t h a t p u r p o s e m u s t b e
p r o d u c e d a t th o tim e o f p a y m e n t.
“ F a i l u r e t o m a k e s u c h p a y m e n t o n o r b e f o r e M a y 10 w ill f o r f e i t a ll
r ig h ts in re s p e c t o f p r io r in s ta llm e n ts p a id a n d o th e rw is e u n d e r th o p a r tic ip a ­
t i o n w a r r a n t u n d e r w h i c h d e f a u l t s h a l l b e s o m a d e , a n d a ll r i g h t s u n d e r
t h o r e o r g a n i z a t i o n p l a n , a n d s u c h p a r t i c i p a t i o n w a r r a n t w ill t h e r e u p o n
b e c o m e v o id a n d o f n o e ffe c t fo r a n y p u r p o s e .— V . 114, p . 1 5 34, 1287.

M u sc le S h o a ls B ir m in g h a m & P e n s a c o la R y .— Organ­

ized. as Successor to Gulf Florida A Alabama Ry.—

T h o a b o v e c o m p a n y w a s i n c o r p . in t h e S t a t e s o f F l o r i d a a n d A l a b a m a
o n o r a b o u t A p r i l 4 1 9 2 2 w i t h a n a u t h o r i z e d c a p i t a l s t o c k o f $ 2 ,5 0 0 ,0 0 0 ,
$ 3 , 0 0 0 ,0 0 0 1 s t m t g e . b o n d s a n d $ 1 , 5 0 0 ,0 0 0 d e b e n t u r e i n c o m e b o n d s .
U n d e r t h o a r t i c l e s o f i n c o r p o r a t i o n t h o i n d e b t e d n e s s , i t is sa id ., m u s t n o t
e x c e e d $ 2 5 , 0 0 0 ,0 0 0 .
T h o c o m p a n y h a s p u r c h a s e d , o r p ro p o s e s to a c q u ir e , a ll th e a s s e ts o f th o
G u l f F l o r i d a & A l a b a m a , w h i c h c o n s is t s o f a b o u t 1 8 4 m ile s o f m a i n lin o a n d
b ra n c h e s a n d v a lu a b le te r m in a l p r o p e r tie s a t P e n s a c o la , F la ., in c lu d in g
m o d e r n c o a l h a n d l i n g a p p a r a t u s , a n d a ls o i n t e n d s t o b u i l d a l in e b e tw e e n
M u s c le S h o a ls a n d P e n s a c o la .
T h o d ire c to r s a re : J o h n T . S te e le , P ro s . & T r e a s ., B u ffa lo , N . Y .; H u b e r t
O . M a n d o v llle , V .- P re s ., E lm ir a , N . Y ., a n d H a r o ld B . T h o r n e , N e w Y o r k .
R o s c o e O . G r e e n a w a y is S e c r e t a r y .
,
J o h n T . S te e le , in v e s tm e n t s e c u r itie s , B u ffa lo , N . Y . ( a n d fo rm e r r e ­
c e iv e r f o r G u l f F l o r i d a & A l a b a m a ) , w r i t i n g t o t h e “ C h r o n i c l e A p r i l 2 4 ,
s t a t e s : “ W h ile w e h a v e o r g a n i z e d u n d e r t h e la w s o f F l o r i d a a n d A l a b a m a ,
w o h a v e t o w a i t f o r t h o a u t h o r i t y o f t h e I .- S . C . C o m m i s s io n b e f o r e g o i n g
f u r t h e r .- T h o r o a d is b e in g r e o r g a n iz e d w i t h t h e u n d e r s t a n d i n g t h a t t h e
o ld b o n d h o l d e r s a r o t o h a v e t h e s a m e o p p o r t u n i t y a s t h o w r i t e r , a n d n o
s e c u r i t i e s a r e b e in g o f f e r e d t o t h o p u b l ic u n t i l w e a r o t h r o u g h w i t h o u r
n e g o tia tio n s w ith th o o ld b o n d h o ld e r s .”

N a s h v ille C h a t t a n o o g a & S t. L o u is R R .— Loses Suit .—
T h e U . S . S u p r e m e C o u r t r e c e n t l y d e n ie d a p e t i t i o n f o r a w r i t o f c e r t i ­
o r a r i in t h o c a s e o f t h e r o a d a g a i n s t t h e W e s t e r n U n i o n T e l e g r a p h C o .
T h i s p e r m i t s t h e l a t t e r t o m a i n t a i n i t s w i r e s a l o n g t h o r i g h t o f w a y o f th o
r o a d u n d e r its c o n tr a c t.— V . 114, p . 1651.

N e w O r le a n s R y . A L ig h t G o — Foreclosure, Ac .—

F o r e c l o s u r e o f th o 4 14 % b o n d s a s t lie f i r s t s t e p in t h e r e o r g a n i z a t i o n o f th o
c o m p a n y lia s b e e n a u t h o r i z e d b y t h e b o n d h o l d e r s p r o t e c t i v e c o m m i t t e e .
T h e N e w Y o r k T r u s t C o . , a s t r u s t e e , h a s b e e n d i r e c t e d t o f il e le g a l p r o ­
c e e d i n g s , t o b r i n g a b o u t t h e s a le o f t h e p r o p e r t y .
I t is u n d e r s t o o d t h a t a r e o r g a n iz a t io n c o m m i t t e e , r e p r e s e n t i n g a ll t h e
f i n a n c i a l i n t e r e s t s in t h o c o m p a n y , w ill lie f o r m e d w i t h i n t h e n e x t w e e k o r
tw o t o h a n d le th e r e o r g a n iz a tio n p la n a n d a rr a n g e fo r th o d is tr ib u tio n o f
n e w s e c u r itie s .
. , ,
,
.
A t e n t a t i v e a g r e e m e n t , i t is r e p o r t e d , h a s b e e n r e a c h e d b e t w e e n t h e
C o m m i s s io n c o u n c il a n d r e p r e s e n t a t i v e s o f t h e b o n d h o l d e r s o f t h o c o m ­
p a n y b y w h ic h th e v a lu a tio n o f th e p r o p e r tie s fo r r a t e m a k in g p u rp o s e s
w a s f ix e d a t $ 4 4 ,7 0 0 ,0 0 0 .
T h e r a t e o f r e t u r n o n o ld a n d n e w m o n e y h a s
b e e n f ix e d a t 7 ' A % .
I t is a ls o r e p o r t e d t h a t t h e C o m m i s s io n C o u n c i l
p a s s e d a c o m p r o m is e o r d i n a n c e A p r i l 1 9 , w i n c h is e x p e c t e d t o b r i n g a 7
c e n t c a r f a r o a n d $ 1 3 0 p e r 1 ,0 0 0 c u . f t . f o r g a s .
T h o “ E l e c t r i c W o r l d " A p r i l 8 , s t a t e s t h a t R e c e iv e r O ’K e e f e h a s e f f e c te d
a r r a n g e m e n t s w i t h t h o s e c u r i t y h o l d e r s o r t h e c o m p a n y f o r a n e x te n s i o n
o f $ 1 ,1 0 0 ,0 0 0 r e c e i v e r 's c e r t i f i c a t e s , w h ic h w ill b e c o m e d u o A p r i l 1 1 9 2 2 ,
a n d f o r t h e i s s u a n c e o f a n a d d i t i o n a l $ 1 ,0 0 0 , 0 0 0 o f c e r t i f i c a t e s f o r a n e w
p o w e r h o u s e a n d o th e r im p ro v e m e n ts .
Y . 114, p . 1534, 1408.

N e w Y o r k L a k e E rie & W e s t e r n C o a l & R R . C o .—

Extension of Bonds.— T h e h olders of th e S I , 100,()()() 1st
M tg e . 0% gold bonds due M a y 1 1922 are g iv e n th e p rivilege
of ex ten d in g their b on d s to M a y 1 1942 a t 5J^ % . A s a
con sid eration of su ch ex ten sio n , th e co m p a n y w ill p a y $40
for each $ 1 ,0 0 0 of bonds so ex ten d ed . rriio in v e stm e n t
yield on th e ex ten d ed bon d s w ill be a b o u t 5 .8 4 % .

N o r th e r n

1891
O h io

T r a c t io n

Ordinance— Earnings.—•

&

L ig h t

C o . —Emergency

Tho City Council of Akron, has passed an emergency ordinance grantmg the comapny a 5 cent fare until the expiration of the present 4 cent
faro franchise, Feb. 1 1924.
The company has been receiving a 5 cent fare under temporary ordin­
ances passed from time to time during the last 18 months, and the passage
of the present ordinance is expected to clear the situation for an agreement
upon a new franchise.
The company also lias completed arrangements for a two hour through
limited interurban service between Akron and Warren to begin May 1,
over the Northern Ohio Traction & Light Co and the Cleveland Alliance
& Mahoning \ alley Ry. Co_ s lines with connections at Itavena for Alliance.
Tickets will be sold through from Akron to Youngstown, using the Pennsylvama-Ohio Electric Line beyond Warren, where transfer will be necessarv
for the present.
*
E a r n in g s — C a le n d a r Y e a r s 1921.
1920.
1919.
Gross earnings.
Railway D ep artm en t..,________ $5,376,819 $7,280,396 $6,133,442
Electric department____________
3,214,476
3,629,234
3,094,397
T otal................
$8,591,295 $10.909,630 $9,227,840
Operating expenses________________ 5,941,702
5.941.702
7,894.649
6,178,515
Taxes-------------------------------------------.
544,250
541,250
636,000
499,610
Gross income_____________________. 2,105,343
2.378.982
2,549,715
Income charges___________________ 1,325,673
1.325,673
1,027,639
893,826
N et income______________
$779,670 $1,351 343 $1,655,889
Dividends on Preferred stock.
336.893
327,074
318,720
Balance-------------$442,778 $1,024,269 $1,337,169
—V. 114, p. 1287.

N o v a S c o tia T r a m w a y s & P o w e r C o ., L td .— Bonds
Offend.— R oyal Securities C orp .. L td ., M on treal, are offering
(at 97}/> and in t., C anadian fu n d s, and 9 6 }zf and in t., N . Y .
fu n d s, su b ject to ch an ge), $ 1 ,2 5 0 ,0 0 0 7% G en . M tg e . 30-Y ear
gold b on d s, Series “A .” A circular show s:
Dated April 1 1922. Due April 1 1952. Callable as a whole only
(except for sinking fund) on 60 days' notice, on any int. date up to and incl.
April 1 1932, at 110 and int.: thereafter, to and incl. April 1 1942, at 105
and int-.; thereafter, to and incl. April 1 1947, at 102H and int.; thereafter at
100 and int. Denom. $1,000 and $500 (c*). Int. payable A. & O. in
Canadian gold coin at Halifax, St. John, Montreal, Toronto, Winnipeg or
Vancouver; or at New York, in U. S. gold coin. Eastern Trust Co., trustee.
Annual cumulative sinking fund of 1% will commence in 1924, sufficient
to retire over $1,000,000 of this issue before maturity.
C a p it a liz a ti o n —
A u th o r iz e d . O u ts ta n d in g .
$3,500,000 $2,510,000
Common shares— ............................................
6% Cumulative Preferred shares_______________
2,500,000
2,078,800
5% First Mtge. bonds, due Dec. 1 1946_______
Closed
2,250.000
7% Gen. Mtge. 30-Year bonds, Ser. “A” (this issue)
1,250,000
C o m p a n y . —Incorp. in 1914 and acquired the business, assets and fran­
chises of the Halifax Electric Tramway Co. Owns and operates all street
railway, electric light, power and gas properties in Halifax: also operates,
through a subsidiary, the commercial light and power business of Dart­
mouth. a suburb.
E a r n in g s . —Average annual net earnings for the 10 years 1912-1921, incl.,
after deduction of operating and maintenance expenses and taxes, were
$249,816. compared with present annual int. charge of $200,000 on total
funded debt, including this issue. Net earnings, after operating and
maintenance expenses and taxes, for the three months ended March 31 1922.
wero $85,757. as against $54,121 for tho same period last year.
For the current year ending Dec. 31 1922, Stone & Webster, Inc., esti­
mate net earnings, after deducting operating and maintenance charges and
taxes, available for bond interest, should be $309,440, or in excess of
times bond interest charges, including interest on this Issue.
Q u a r . A f a r . 31— 1922.
1921. |
1922.
1921.
Gross earnings— $404,454 $416,417]Net earnings____ $85,757 $54,121
Operating expenses
Interest charges.. 46,824
46,249
and taxes_____ 318,697
Surplus ................. $38,933
$7,072

J

F o r t h e 12 m o n t h s e n d i n g M a r c h 3 1 1 9 2 2 , n e t e a r n i n g s , a f t e r o p e r a t i n g
e x p e n s e s , m a i n t e n a n c e a n d t a x e s a m o u n t e d t o $ 2 1 3 ,2 7 4 , c o m p a r e d w i t h
S
’ n d S c M a y 'l i S w w ill b f c a s h e d ^ 0 t l m ° ° f m a k i n * s u c h < > « P ° s i t.th e
c
$ 8 9 ,8 9 2 f o r t h e p r e c e d i n g 1 2 m o n t h s . — V . 1 1 4 . p . 1 7 6 6 , 1 4 0 8 .
j.
I>. M o r g a n & C o . , N e w Y o r k , a n d D r o x e l & C o . , P h i l a . , a n n o u n c e
E a r n s f o r Y e a r 1921.—
t h a t o n M a y 1 1922! o r taht a .,i y ^ l n i o P r i o r t h e r e t o t h e y w ill b u y a t t h e i r
G r o s s e a r n i n g s . ..................... S I , 1 4 9 ,2 8 7 1F i x e d c h a r g e s . . ........................ $ 2 9 3 ,4 6 7
o f f i c e , a t p a r a n d i n t . . t h e b o n d s o f h o l d e r s w h o d o n o t d e s ir e t o a v a i l
N o t a f t e r t a x e s ____________
9 9 9 ,1 1 3 B a l a n c e , s u r p l u s _________
7 0 5 ,6 4 6
t h e m s e lv e s o f t h o a b o v o p r iv i le g e o f e x te n s i o n .
— V . 1 1 2 , p . 1 8 67.
F u r t h e r D at a f r o m O f f i c i a l C i r c u l a r .
d o p o s ? t < h e ^ m e a aV°the* 1o f n ^ o f >J ^ ^ . e M * o rg a n °& C o . ^ 2™ W ^ 'f S t 8 S ° l Y*
t
N

Ohio Traction Co., Cin., O.—

T h e holders of tho $ 1 , 1 0 0 ,0 0 0 1 s t Mtge. 6s duo Mav 1 1 9 2 2 mav e x te n d
tho above bonds to M a y 1 1 9 4 2 with int. at 5 ^ % . These bomfsTro to
bo extended as S e r ie s A bonds and will have the guaranty of the E r i e It It.
a s to principal and interest.
I lie present mortgage security is to remain un­
impaired.

Oregon Short Line RR.—L i s t i n g .—
T h e N e w Y o r k S t o c k E x c h a n g e h a s a u t h o r i z e d t h o l i s t i n g o f $ 1 6 ,4 2 4 ,0 0 0
C o n s o l . 1 s t M t g e . 5 % S t a m p e d C o u p o n B o n d s , d u e J u l y 1 1 9 4 6 , in a d d i t i o n
t o t h e $ 1 2 ,3 2 8 ,0 0 0 u n s t a m p e d b o n d s a l r e a d y l i s t e d , m a k i n g t h e t o t a l
a m o u n t a p p l i e d f o r $ 2 8 ,7 5 2 ,0 0 0 , o f w h i c h $ 1 2 ,3 2 8 ,0 0 0 a r o u n s t a m p e d a n d
•8 1 6 ,4 2 4 ,0 0 0 a r e s t a m p e d .
( G u a r a n te e d , p r in c ip a l a n d i n te r e s t , b y U n io n
P a c if ic R R .)
S e e o f f e r in g in V . 1 1 3 , p . 2 5 0 5 .— V . 1 1 4 , p . 3 0 7 .

Paulista Railway.—L i s t i n g .—
bCtWe0"

1 I * " and any sub-

t o b t ? ,«
total number or tons o fco a l ^ 'n etlan d sh lp p ed after May 1 1922 from
tho properties of tho Coal a. Kit. Co. Such sinking fund moneys aro to
bo applied to tho purchase in any usual manner of tho Series A Extended
bonds then outstanding at not exceeding the redemption price then in effect
Sinking fund moneys not so used are to be applied to tho acquisition by
call of Series A
'?
r^ m ption prico then in effect.
Erie RR. owns $1,900,000 of the 1st Mtge. 6% Kol(1 bonds which have
been pledged by it under its 1st Consol. Mtge. dated Dec. 10 1895 Erie
RR. has covenanted to extend these $1,900,000 of bonds so pledged by it
under tho same terms and conditions as the Series A bonds, except that they
shall not be redeemable or entitled to the benefits of tho sinking fund pro­
vided for In tho supplemental Indenture, and that there will not be paid as
a consideration of tho extension tho sum of $40 per bond.—V. 52, p. 642.

N. Y. Lackawanna & Western RR.—New Financing.—
T h e s to c k h o l d e r s o n A p r il 2 6 a u th o r i z e d a n in c r e a s e in t h e c a p it a l s to c k
f r o m $ 1 0 ,0 0 0 ,0 0 0 t o $ 1 5 ,0 0 0 ,0 0 0 .
T h o s to c k h o ld e r s a ls o a u th o r iz e d a n
I s s u e o f $ 3 0 ,0 0 0 ,0 0 0 b o n d s .
C o m p a r e V . 1 1 4 , p 1408
a u th o riz e d a n

N. Y. N. H. & Hartford RR.-—
Temporary Loans.—
New York & Queens County Ry

T h e B o s t o n S t o c k E x c h a n g e A p r i l 2 2 1 9 2 2 p l a c e d o n t h e l i s t L e e , IT ig g in s o n & C o . i n t e r i m r e c e i p t s f o r $ 4 ,0 0 0 ,0 0 0 1 s t & R e f . M t g e . 7 % S in k in g
F u n d g o l d b o n d s , d a t e d M a r c h 15 1 9 2 2 a n d d u e M a r c h 15 1 9 4 2 . S e e
o f f e r in g i n V . 1 1 4 , p . 1 7 6 7 .

Pennsylvania RR.—

S h a r e h o ld e r s A d o p t R e s o lu tio n s .—

S o o " C u r r e n t E v e n t s " in “ C h r o n i c l e " A p r . 2 2 , p . 1 7 3 1 .

U.

S . D i s t r i c t C o u r t H o ld s L a b o r B o a r d E x c e e d e d I t s A u t h o r i t y

F e d e ra l J u d g e G e o rg e T . P a g e , a t C h ic a g o , u p h e ld th e c o m p a n y , A p ril 2 2 ,
in its s u it to te s t th e p o w e r o f th e U . S. R a ilr o a d L a b o r B o a rd b y re f u s in g
t o d i s m is s t h o t e m p o r a r y i n j u n c t i o n r e c e n t l y g r a n t e d b y J u d g e L a n d i s
r e s t r a i n i n g t h o B o a r d f r o m c e n s u r i n g t h e r o a d f o r v i o l a t i o n o f t h e B o a r d ’s
d e c re e s.
W h ile r e f u s i n g t o d i s m is s t h e t e m p o r a r y i n j u n c t i o n . J u d g e P a g e
o r d e r e d a c o n f e r e n c e o f a t t o r n e y s f o r b o t h s id e s a n d t h e c a s e p r o b a b l y w ill
c o m e u p a g a in la te r .

T o M e r g e R e fr ig e r a to r C a r s w ith F r u it G r o w e r s E x p r e s s .—
A s a m e a s u r e to s e c u re fo r th e p u b lic th e m a x im u m s e rv ic e fro m its
s p e c i a li z e d e q u i p m e n t f o r h a n d l i n g p e r i s h a b l e t r a f f i c , t h o c o m p a n y w i l l,
e f f e c ti v e M a y 1 , d i s c o n t i n u e e n t i r e l y t h e o p e r a t i o n o f i t s s e p a r a t e r e ­
f r i g e r a t o r c a r lin e s , a n d w ill m e r g e a l l o f i t s r e f r i g e r a t o r c a r s , n u m b e r i n g
5 .9 2 7 , w i t h t h o s e o f t h e F r u i t G r o w e r s ’ E x p r e s s . T h e r e a f t e r t h e F r u i t
G r o w e r s ’ E x p r e s s w ill a s s u m e a ll r e f r i g e r a t i o n a n d p r o s p e c t i v e c a r s e r v i c e
o n t h o l in e s o f t h e P e n n s y l v a n i a S y s t e m . T h o m a n a g e m e n t h a s d e c id e d
u p o n t h i s s t e p a s b e in g i n t h e b e s t i n t e r e s t s o f t h e s h i p p e r s a n d t h e r a i l ­
r o a d s g e n e ra lly .
T h e F r u i t G r o w e r s ’ E x p r e s s is a c o - o p e r a t i v e o r g a n i z a t i o n o w n e d a n d
m a n a g e d b y th e le a d in g r a ilro a d s o f th e S o u th a n d E a s t.
I t h a s n o in d i­
v id u a l s to c k h o ld e rs a n d n o d is tr ib u tio n o f e a rn in g s o u ts id e th e o w n in g
ra ilro a d s.
I t e x is t s s o le ly f o r t h e p u r p o s e o f s u p p l y i n g r e f r i g e r a t o r c a r s
a n d p r o t e c t i v e s e r v i c e o n f r u i t s , v e g e ta b l e s a n d o t h e r p r o d u c t s o f a p e r i s h a b l e
n a tu re .
( P h ila . “ N e w s B u r e a u " A p ril 2 7 ).— V . 114, p . 1 6 52.

Justice Stephen Callaghan in the Queens Countv tN v ( s,.neo.uo
Court April 27 on tho application of tho Guaranty Trust Co t r u s t e e nndlr
tho 1st Mtge. of tho Steinway Railway, named s W Huff S
of S
Third Avenue Ry.. and Robert C. Lee, insurance broker 16 I eav.a- g t °
N . Y. City, receivers, effective at midnight on Sundav
10 Boavcr S t“
One effect of tho appointment of the receivers will be to unscramble the
lines of the system, causing patrons to pay more tban a fiv<>cent'faro it is
Philadelphia Company.—L i s t i n g .—
cxpoctcci.
* '
The Now- York Stock Exchange has authorized the listing of $16,000,000
■The order signed by Justice Callaghan provided that the receivers take
Mtge. gold bonds, Series A. due Feb. 1 1944
over t h e property which originally belonged to the S t e l n S - a v C i v - 6% 1st Ref. & Coll. Trust 1888.)— V. 114, p. 1767. 1287.
(Seo offering in V. 113, p.
tho Dutch Kills
ferry in Astoria
Pittsburgh (Pa.) Railways.—R e o r g a n i z a t i o n .—
at North Beac
T h o P i t t s b u r g h C i t y C o u n c i l h a s b e e n i n f o r m e d b y S p e c ia l C o u n s e l
Ravenswomfline and tho Jackson Ave Iine from't^e^^Tnh's'tV.te't'fcrry to
Woodsido.
.
Tho routes which the receivers will not take over are tho Jackson Ave
line from Woodsido to 1 arsons Ave., Hushing the Jamaica line from
Alburtis Ave., C o r o n a , to Jamaica the Corona line from Woodsido to
Corona the College Point line, from Mushing to College Point and the
Calvary Cemetery line, from the 34th St. ferry to Middle Village
. Application for a receiver was based on the fact that tho comnanv had
defaulted on .Ton. 1 in the payment of $45,000 interest on Si 500 000
Steinway Ry. Mtge. bonds.— V. 114, p. 1766.




R o b i n s o n t h a t t h e n e w c o m p a n y to t a k e o v e r t h e P i t t s b u r g h R a i lw a y s C o . ,
is e x p e c t e d t o a s s u m e i t s f u n c t i o n s o n o r s h o r t l y b e f o r e S e p t . 1 n e x t . —
V . 1 14, p . 1 7 6 7 , 1 6 5 2 .

Public Service Ry., N. J.—H ig h e r

F a r e s N o t F e a s ib le .—

T h o N e w J e r s e y P . U . C o m m i s s io n h a s p e r m i t t e d t h e c o m p a n y t o a b a n ­
d o n i t s t r a c k s b e t w e e n B e n n e r ’s C o r n e r a n d A m b o y A v e ., M e t u c h e n .
The
C o m m i s s io n i n i t s d e c is io n s a id : “ S t r e e t c a r p a t r o n s s h o u l d n o t b o o b l ig e d
t o a s s u i n o t h o b u r d e n o f h i g h e r f a r e s in o r d e r t o h a v e a u t i l i t y c o m p a n y
p r o v i d e a s e r v i c e o n a lin o w h i c h is s c a n t i l y p a t r o n i z e d , a n d w h i c h o p e r a t e s
a t a la rg e a n n u a l d e fic it.”

1893

THE CHRONICLE

[Vou. 114.

Tho decision hold that if the company was obliged to maintain the lino,
which carries on an averago less than one passenger a trip, tho burden
entailed would necessarily bo reflected in tho form of higher fares in other
parts of tho system, where a lower fare might be enjoyed if this and similar
lines wero discontinued.— V. 114, p. 1409, 307.

A- A. Reeves, S. L. Sturgeon, F. A. Graves, F. A. lloiles, M. S. Melbourne,
iV Vv W Y tason, W. E. Davis, E. 13. Wobb. O. P. Transuo. W. IT. Ramsey,
oybrecht, G. R. Floyd and J. F. Iteacock— (“Electric Railway
Journal” April 22).—V. 107, p. 403.

P u g e t S o u n d P o w e r & L ig h t C o .— Pref. S to ck Offered.—
S ton e & W eb ster, In c., E stab rook & C o. and P arkinson &
B urr are offering a t 104 fla t, to yield ab o u t 6 % % , § 1 , 100,000
7% C um ul. Prior P ref. (a. & d .) sto ck , par § 100 .

As a result of a decision handed down by tho Federal District Court tho
company announces tho return of tho 5-cent faro on local lines instead of
tho three-faro zono system.—V. 109, p. 1180.

Redeemable at 110.

Dividends payablo Q.-.T.

C a p ita liz a tio n O u ts ta n d in g (A d ju s te d to R eflect P r e s e n t F in a n c in g ) .

Bonds (incl. sub. cos.)._x$37,570,00016% Cumulative Preferred
Coupon notes, 1925-26-- 2,850,000
sto ck ............. ................$14,793,633
7 % Cum. Prior Pref. stk . 4,558,7001Common stbek________ 20.123,805
x Does not include bonds held in sinking funds.
Data from L etter of Frederick S. P ratt, Chairm an.
C o m p a n y .— Does the greater part of the 'commercial electric light and
power business in the Puget Sound district, State of Washington, including
the cities of Seattle, Tacoma. Bellingham and Evorett. Company, prin­
cipally through subsidiaries, does a part of tho electric railway business
In tho same territory, except in Seattle, where the street railway lines are
owned and operated by the city. Electric light and power properties form
a system serving a district of over 3.000 sq. miles and a population esti­
mated to exceed 580,000. This system includes 5 hydro-electric plants,
Installed generating capacity of 117,300 h.p.; reserve steam plants of 46,850
h.p., and an extensive transmission and distribution system. The street
and intcrurban railways aggregate 281 miles of equivalent single track.
E a r n in g s f o r th e 12 M o n th s e n d in g M a r c h 31 1922.
Gross earnings___________________________________________ $10,055,821
Net, after operating expenses and taxes____________________ $4,203,534
746,529
Incomo from City of Seattle Municipal Street Ry. bonds_____
Total income__________________________________________ $4,950,003
Interest and amortization charges__________________________ 2,508.494

S t e u b e n v ille E a s t L iv e r p o o l & B e a v e r V a lle y T r a c . C o.

T e n n e s s e e R y ., L t. & P o w e r Co.— Time Extended —

In order that tho holders of Tennessee Power Co. 1st 5% bonds of 1962,
Chattanooga Ry. & Light Co 1st A Ref. 5% bonds, 1956, and Nashville
Ry.
Light Co. Ref. & Ext. 5% bonds of 1958, may have opportunity of
taking advantage ot tho favorablo offers of exchango stated in tho plan,
the time for making deposits has beon extended until May 10.
rhe bankers state that very substantial amounts of the abovo issues of
bonds have been deposited undor the plan for tho organization of tho Tennes­
see Electric Power Co. Compare V. 114, p. 1653.

T id e W a te r P o w e r C o .— N . Y. Bankers Acquire Control.—

A.
E. Fitkin & Co., 141 Broadway, Now York, lias just acquired control
of this company, located at Wilmington, N. C. Tho Wilmington prop­
erties include the electric light and power plant, gas plant and tho City
a™ Intcrurban Street Ry. systems. Tho Intcrurban line runs to Wrightsvillc Beach, a seaside resort 12 miles distant on the Atlantic Ocean. Here
t*ie company lias an amusement pier, a casino and a largo auditorium for
convention purposes. Tho entire physical plant and equipment of the
company is thoroughly modorn and in a state of high efficiency.
Earnings Years ended Dec. 3 1 . 1 9 2 1 .
1920.
1919.
1918.
1917.
Income—Gas department____. 3 2 0 4 ,4 5 6 3 1 9 4 ,9 4 7 S 1 3 2 .2 6 9 3 1 0 9 ,9 1 8 3 8 5 ,3 0 7
Elec, light and power.. 4 6 7 ,5 9 4
4 6 7 ,2 7 6
3 6 0 ,8 3 6 2 5 0 ,7 8 3 2 2 1 ,9 1 9
Rallway departmcnt- 3 7 4 ,7 9 2
.
4 5 9 ,2 4 6 4 0 7 ,3 2 8 2 4 5 .3 1 9
2 0 1 ,0 1 2
Othcr incomo credits___
2 3 ,1 7 4
1 2 ,5 1 3
13,929.
1 3 ,8 2 9
2 0 ,2 7 8
.3 1 ,0 7 0 ,0 1 6 3 1 ,1 3 3 ,9 8 2 S 9 1 4 .3 6 2 3 6 1 9 ,8 4 9 3 5 2 9 ,1 1 8

Operating Expenses and Taxes—
G a s d e p a r t m e n t _____ __________
L ig h t a n d p o w e r d e p a r tm e n t.
R a i lw a y d e p a r t m e n t .....................
M is c e lla n e o u s e x p e n s e s ................

.
.
.
.

S 1 2 1 .9 3 0
2 8 2 ,8 7 3
3 1 9 ,2 6 4
1 ,7 2 7

3 1 3 4 .0 0 0 S I 1 3 ,6 9 6
2 7 9 ,6 9 2 2 0 9 ,8 2 0
4 0 1 ,9 9 9 3 1 7 ,9 3 4
2 ,2 5 5
2 ,8 2 0

.
N e t e a r n i n g s ..................... ................... .
Deduct-I n t . o n b o n d s , n o te s ,& c .
.—
B a d d e b t p r o v i s i o n ...................
iimited amount D e p r e c i a t i o n p r o v is i o n _____ ..
int. Auth.
M is c e lla n e o u s c h a r g e s _______

3 7 2 5 ,7 9 5
3 3 4 4 ,2 2 1
3 1 0 1 ,4 0 2
3 ,7 3 2
3 6 ,0 0 0

............

3 8 1 8 ,5 4 6 3 6 4 4 ,2 7 0 3 4 3 7 ,2 7 4 3 3 1 9 ,8 1 5
3 3 1 5 ,4 3 6 3 2 7 0 ,0 9 1 3 1 8 2 ,5 7 5 S 2 0 9 .3 0 1
3 1 1 3 ,2 7 8 S 9 7 .3 7 8 3 9 1 ,1 3 8
3 8 6 ,1 7 4
900
1 ,0 3 3
• 961
1 ,2 6 0
3 0 ,0 0 0
2 6 ,0 0 0
2 0 ,0 0 0
2 0 ,0 0 0
8 ,3 4 6
1 ,1 4 5
..............
..............

.
.

3 1 4 1 ,1 3 4
3 2 0 3 ,0 8 7

S 1 5 0 .1 7 8 3 1 2 4 ,4 1 2 8 1 0 3 .7 5 3 3 1 0 8 ,5 8 0
3 1 0 5 ,2 5 8 3 1 4 5 ,6 7 9 S 7 8 .8 2 3 $ 1 0 0 ,7 2 1

Balance for reserves, replacements and dividends_________ $2,441,568
Dividends on $4,558,700 7% Prior Pref. stock would require__
$319,109
Purpose.—To provide funds to retire floating debt incurred for construc­
tion purposes.
M a n a g e m e n t. —Stone & Webster management.—V. 114, p. 1652.

S a n A n t o n io & A r a n s a s P a s s R y .— Bonds offered

P.
W. Chapman & Co., Inc., New York, own and offer a
of 1st Mtgo. 4% bonds of 1892, due Jan. 1 1943 at 79H and
$21,600,000; outstanding, $17,544,000. Non-callablc. Guaranteed prin­
cipal and interest by endorsement by tho Southern Pacific Co.—V. 113, p.
850.

S a n J o a q u in L ig h t & P o w e r C o r p . — Series “ D ” Bonds
Called— Conversion Privilege into 1st cfc Ref. Series “ C 6 s.—
The $2,625,000 Series “D ” Convertible Collateral Trust 8% bonds
have beon called for redemption May 1 at Union Bank & Trust Co. of
Los Angeles at 104 and int.
Tho holders have the option of exchanging their bonds for 1st & Ref.
Mtge. Series “C” 6% bonds on tho basis for par for par with payment to tho
holder by tho company of $50 per bond. Taking into account that the
cash redemption price of the 8% bonds is 104, the exchange would bo the
equivalent of paying 99 for the 1st & Ref. Mtgo. bonds.
A circular Issued by tho company shows the workout as of May 1 1922,
on tho exchange of the 8% bonds for 6% bonds as follows:
Redeemable value as of May 1 1922 of 8% bonds, 1,000 par value,
"D” Conv. Coll. Trust 8% gold bonds, due Nov. 1 1935----------- $1,040
Accrued interest 6 months (May 1 1922 coupon attached)________
40
Total.............................. ............................................................................ $1,080
Cost as of May 1 1922 of 6% bond. $1,000 par value, 1st & Ref.
Mtge. Series "C” 6s, duo Aug. 1 1950__________________________ $990
Accrued interest, 3 months_____________________________________
15
Total....... ...................... ............................ - .......................................... --$1,005
Balance duo holder____________________________________________
$75
Tho conversion privilege is available only to tho holders of bonds of $1,000
denomination, or of two bonds of $500 deonmination, there being no $500
bonds of tho 1st & Ref. issue. The bonds are exchangeable at the Union
Bank & Trust Co. of Los Angeles. A deposit of theso bonds for exchange
may also be made at any of the offices of Cyrus Peirce & Co., Blyth,
Witter & Co., or Banks, Huntley & Co.—Y. 114, p. 1652, 855.

S o u th e r n

Pacific

S o u t h e r n P u b lic U t i l i t i e s C o .— Earnings.—
Calendar Years—

1921.

G r o s s i n c o m o .................. .......................................................................... S3.768.601
O p e r a t i n g o x p o n s o s , i n c l u d i n g t a x e s ___________________ 2 , 4 3 6 , 8 8 1

General expenses______________________________

178,244

1920.
S3.621.796
2 ,3 3 7 ,1 1 0

134,694

Not earnings_________________________________$1,153,476 $1,149,992
Depreciation fund_______________________________ 240,000
240,000
Interest on bonds______________________________
313,530
31o,110
Balance..................... ..................- - - .......................... $599,946
$594,882
The above report was too lato for insertion in tho “Electric Railway
Supplement’’ which is published to-day.—V. 114, p. 1072.

S o u t h e r n R a ilw a y .—Equipment Trusts Sold.— D rexel &
C o ., P h ila d elp h ia , h a v e sold a t prices rangin g from 9 9 .2 2
to 100.48, yield in g from 5 l s to 5 .6 0 % , according to m a tu rity ,
/
§ 9 ,3 0 0 ,0 0 0 ’5 , Vi% E q u ip . T ru st G old C ertificates Series “ W ”
(see a d v ertisin g p ages).
Dated Mav 15 1922. duo $310,000 semi-annually Nov. 1 1922 to May 1
1937. Pennsylvania Co. for Ins. on Lives & Granting Annuities, Phila.,
trustee. Denom. $1,000 (c*). Certificates and dividend warrants payablo
at the office of tho trustee. Issued under tho Philadelphia plan.
Subject to the approval of the I.-S. C. Commission.
D at a from L e t t e r of Fai rf ax Harrison, Pr e si de n t of t h e C o m p an y .

Tho certificates aro issued in part payment for tho standard railway
equipment (below). Tho title to the equipment is to be vested in tho
trustee under leaso to company at a rental sufficient to pay theso certificates
and the dividend warrants and other charges as thoy como duo. Payment
of the certificates and dividend warrants is unconditionally guaranteed
by Southern Railway Co.
,
,
Tho equipment to bo vested in tho trustee will bo approximately as
follows: 100 steel passenger train cars, 250 steel underframe caboose cars
and 5,555 steel underframe box cars. All of tho foregoing equipment will
bo new. excopt 555 of the box cars, which wero built In 1920. Tho equip­
ment will cost approximately $11,736,000. of which approximately $2,436,­
000 is to bo paid in cash.— V. 114, p. 1767.

S ta r k E le c tr ic R R .— Control Changes Hands.—

Purchase of a majority of tho stock has been made by a syndicate from
Alliance, O., and vicinity. Tho deal, which has been under consideration
for several months, was concluded during tho week ended April 80 Tho
following Alliance men aro Interested: W. II. Purcell, F. E. Dusseli,




3 5 8 ,3 0 3
1 0 4 ,7 5 0
15 3 ,6 6 1
3 ,1 0 0

T o le d o & W e s te r n R R .— Receivers.—

Joseph A. Yager has beon named recoivcr: other receivers aro J. Frank
Johnson and Harry A. Dunn.—Y. 113, p. 2722.

T w in C ity R a p id T r a n s it C o .— Decision .—

In denying tho motion of an ititervonor in a suit brought by tho city
against tho Minneapolis Street Ry., Judgo II. D. Dickinson of tho Henne­
pin County District Court, on April 12 handed down a decision upholding
tho Brooks-Coleman Act as constitutional.
Tho Act was passed by tho 1921-1922 Minnesota Legislature and provides
for regulation of electric railway rates based on true valuations of proper­
ties.—V. 114, p. 523.

U n it e d T r a c t io n C o. o f P i t t s b u r g h .—Accrued Interest.

Interest duo July 1 1920, Jan. 1 1921, July 1 1921 and Jan. 1 1922 on
Gen. Mtge. 5% bonds will bo paid on presentation of coupons at Brown
Brothers & Co., 59 Wall St., N . Y. City. Sco V. 114, p. 1288.

W a s h in g t o n (D . C .) R a ilw a y & E le c tr ic C o. ( I n c lu d in g
P o to m a c P o w e r C o .).—Earnings for Calendar Years.

Calendar Years—
1921.
1920.
Revenue passengors___ 85,481.656 87,782,784
Free transfers_________ 24,667,531 24,175,627
Gross earnings_________S 11,811,777 $11,087,858
x Expenses and taxes
8,059,410 8,715,797
Other incomo.

C o .— lE tns Suit— Car Order.—

The U. 8. Supremo Court April 24 rofused to review the case of Clarence
II. Venner vs. tho Southern Pacific Co., involving tho distribution of tho
right to subscribe in tho Pacific.Oil Co. under tho dissolution decreo of tho
Supremo Court.
The company has contracted with the General American Car Co. for
2,009 single-sheathed automobile cars for 1922 delivery. They will be. In
fact, box cars, built to the company’s latest approved designs and stan­
dards, but with a length of 50 ft., with side doors, staggered, of a width of
10 ft. 5Y s in., and folding end doors of a width of 7 ft. 9M in., so arranged
as to afford special facilities for handling automobilo shipments.
The weight carrying capacity will bo 100,000 lbs. of load. The length,
width and height, inside, will be 50 ft., 9 ft. 2 in., and 10 ft. y , in., respec­
tively. Tho addition of theso cars to tho present equipment will place tho
company in position to provide better and improved service to its patrons.
— V. 114, p. 1064, 739.

S S S .2 5 5
1 4 7 .3 3 S
1 9 9 ,6 0 7
2 ,0 7 3

Div. on pref. stock (5%)
Div. on com. stock____

$3,152,367
169,285
1,770,019
425,000
Nono

Surplus......................... $1,120,033

$2,372,001
139,800

1919.
91.488.735
20,882,760
$9,003,020
7,110.621

1918.
80,779,210
23,002,522
$7,035,500
5,082.546

$1,893,299
S0.29S

$1,952,954
41,749

$2,511,801 $1,973,597 $1,994,703
1,711,108
1,591,982
1,320,591
425,000
425,000
125,000
Nono (1 41)81,250 (19)325,000
$375,753 def$124.635 def$75.8S8

x Includes depreciation of equipment In accordance with Intor-Stato
Commerce Commission classification of accounts.—V. 114, p. 1065.

W e s t E n d S t r e e t R y ., B o s t o n .—Bonds Offered.— H arris,
F orb es & C o ., In o ., It. L. D a y & C o ., E sta b ro o k & C o. and
M errill, O ldham & C o. are offerin g a t 101 % and in t., y ield ­
ing a b o u t 5 .6 5 % , $ 1 ,9 5 6 ,0 0 0 5-Y ear 6% cou p on b o n d s.

Dated May 1 1922. Duo May 1 1927. Int. payablo M. & N. Denom. $1,000 (c*).
Tho special Act of May 1918, placing operation of tho Boston Elevated
System under the control of Public Trustees until 1928, provided that rates
of fare bo fixed that will Insure sufficient income to meet operating expenses,
taxes, interest on indebtedness and dividends, and In tho event that incomo
and a special reserve fund prove insufficient to meet all charges, then tho
Commonwealth of Massachusetts shall pay over to tho Trustees tho de­
ficiency .—V. 114, p. 1768, 1654.

W o r c e s te r C o n s o lid a t e d S t r e e t R y ..... Bonds Extended.—

Tho Massachusetts Department of Public Utilities has approved tlio
extension for five years from Sept. 1 1922 of $500,000 lB % bonds maturing
on that date, tho new interest rato to bo 7%.—V. 114, p. 1654, 1181.

IN D U S T R IA L A N D M IS C E L L A N E O U S .
G e n e r a l I n d u s t r ia l a n d P u b lic U t i l i t y N e w s .— Tho
follow ing tablo sum m arizes recent industrial and publio
u tility new s of a general character, su ch as is com m on ly
treated at len gth on preceding pages undor tlio cap tion
“ C urrent E v en ts and D iscu ssio n s’' (if n ot in the “ E d itorial
D e p a r tm e n t” ), either con cu rren tly or as early as p racticable
after tho m atter becom es p u b lic.
Ste el a n d Iron P ro d u c t i o n , Prices, & c .
S T E E L A N D I R O N M A R K E T S .—“Iron Ago” April 27 reports in brief:
E ffe c t o f C o a l S tr ik e .— “Tho fourth week of tlio coal striko has brought

no important chango in tho rato of steel production. In conserving fuel
supplies sonio blast furnaces tributary to the Connollsvillo district are
running their blowing engines moro slowly and are making fewer tappings.
However, steel output Is less affected, as producers are using more scrap
and drawing on accumulated stocks of plgiron.
“Coko output in tho Connollsvillo district was cut down further last
week to about 55% of that for tho last week In March, but tlioro is little
actual unionizing of kilo men. May 1 Is tho date now considered likely
to mark a turning point in tho situation, seeing that no strike benefits aro
promised to miners Joining tho union, and that many idlo men havo expressed
a dosiro to roturn to work.
O rd e rs .— “ Fabricated stool lottlngs for tho past week, Including trans
mission towers for Formosa, aro less than half of thoso of tlio week preced­
ing or between 55 and 60% of shop capacity. Not a great tonnage of now
work appeared but structural mills arothat well engaged thatrolling schedules
need to be consulted closely In naming delivery dates. Somo mills are

ta k in g n o n o w o rd e rs w ith d e fin ite d e liv e ry p ro m is e s a n d m o s t o f th e m
a r e b o o k e d f o r s o v e r a l w e e k s a h e a d . . T h u s , w i t h s o in o c o n s u m e r s s e e k in g
to b u y fo r p r o m p t s h ip m e n t o r tr y i n g to s p e e d u p d e liv e rie s o n c o n tr a c ts ,
p r ic e a d v a n c e s a ro n a m e d w h ic h in f a c t a p p ly to a r e la tiv e ly s m a ll p o r tio n
R B .n § r r f e r s ! — ‘‘W i t h t h e e x p e c t e d C h i c a g o & N o r t h W e s t e r n l o t t i n g o f
2 7 5 0 c a r s t h e t o t a l f o r th o w e e k w ill b o 0 ,5 0 0 .
T h e S o u th e r n P a c if ic
o r d e r w a s f o r 2 ,0 0 0 a n d t h e C h e s a p e a k e & O ld o b o u g h t 1 ,7 0 0 .
A p art
f ro m r a i l r o a d b u y in g , n e w b u s in e s s in s te e l s h o w s a c o n s id e r a b le fa llin g o ff.
Prices.— “ B u y i n g o f c o a l b y P i t t s b u r g h a n d Y o u n g s t o w n i n t e r e s t s i n
V ir g in ia , s o u th e r n W e s t V ir g in ia a n d K e n t u c k y fie ld s h a s b e e n o n a la rg o
s c a le a n d in a d d it i o n t o th o f r e i g h t f o r t h e s e lo n g h a u ls m in e p r ic e s h a v e
a d v a n c e d , so t o a n e x te n t t h e s tr ik o is a d v a n c in g th o c o s t o f m a k in g iro n
n n d s te e l •
* “ T h e c a s e s in w h ic h 1 .6 0 c . o r m o r e is p a id f o r p la te s , s h a p e s o r b a r s a r e
e x c e p tio n a l a n d th e to n n a g e s a r e n o t la rg o .
A g o o d d e m a n d a t f ir m e r
p r ic e s h a s d e v e lo p e d fo r p l a t e s in t h e l ig h te r g a g e s.
“ C o n s id e ra b le s h e e t b u s in e s s h a s b e e n t a k e n a t th o r e c e n t a d v a n c e o f $3
p e r to n .
A u to m o b ile a n d a u to m o b ile p a r t s m a k e r s , fo r t h e f i r s t t i m e i n m o
th a n 18 m o n th s , a ro g o in g t o P i tt s b u r g h to e x p e d ite d e liv e rie s .
“ P r e c e d in g th o r e c e n t a d v a n c e o f p ig iro n t o $ 2 1 a t C h ic a g o , t h e r e w a s
v e r v h e a v y b u y i n g in t h a t d i s t r i c t , o n e m e r c h a n t h a v in g s o ld lo O ,0 0 0 t o n s .
I r o n c a n s till b e h a d t h e r e a t $ 2 1 , a lt h o u g h s o m e s e lle rs a r e a s k in g $ 2 2 .
T h r o u g h o u t t h e E a s t a n d in P i t t s b u r g h a n d O h io te r r it o r i e s , t h e r e h a s
b e e n a g e n e r a l a d v a n c e o f $ 2 o n f o u n d r y a n d m a l l e a b l e g r a d e s a n d $ .! h i g h e r
o n b a s ic h a s b e e n o x ta b lis h e d b y a s a le o f 1 0 ,0 0 0 to n s a t C le v e la n d a t $ 2 2 ,
f u rn a c e , fo r d e liv e ry a t M a s s illo n , O h io .
C h a r c o a l i r o n is u p $ 2 a n d s i l v e i y
a g a in $1 h ig h e r .
A l a b a m a i r o n is e s t a b l i s h e d b y a n a d v a n c e o f o O c. a t
$ 1 6 5 0 " a s th e p r e v a ilin g q u o ta t i o n .”

C o al P r o d u c t i o n , Prices, &c.
T h e “ C o a l T r a d e J o u r n a l " r e p o r t f o r A p r i l 26 s t a t e d I n b r i e f :
__
Coal Strike.— “ T h o t h i r d w e e k o f t h e s t r i k o f i n d s t h e e f f o r t s o f t h e M i n o
W o r k e r s ’ U n io n to e x te n d t h e i r p o w e r in to th o n o n -u n io n fie ld s m e e tin g
w ith s tu b b o r n r e s is ta n c e .
D c s p ito t h e c la im s m a d e fro m a * ^ i ^ a p o l s o f
f r e s h g a in s , it a p p e a r s t h a t t h o c a m p a i g n o f t h o U . M . W . h a s b e e n c h e c k e d ,
t 0 ; S i ! ' y ' ' A s f o t - T e v e r a l w e e k s p a s t , l a c k °,f n f . ^ n r o d u ^ t i o n ^ n d ' o u t n u t
h e a v ie s t b u r d e n p la c e d u p o n n o n - u n io n b itu m in o u s p r o d u c tio n a n d o u t p u t
f o r t h o p a s t w e e k d o e s n o t p r o m i s e t o e x c e e d 3 , 500 , 00U t o n s .
P r ic e s — “ A la rg o c o n tr i b u ti n g f a c to r to t h e a d v a n c e in si e a rn p r ic e s w a s
th o b u y i n g a c ti v it ie s o f th o s te e l i n te r e s t s w h o t u r n e d f ro m C o n n e lls v illo
t o W e s t V ir g in ia a n d K e n tu c k y fie ld s .
T h e a v ^ a g e a d v a n c e o v e r th e
p r e c e d i n g w e e k w a s 3 9 c e n t s ; t h o r e d u c t i o n s a v e r a g e d ,2 8 ; c e n t • •
- ™ i? h th e
s p o t q u o t a t i o n s , h ig h a n d lo w , fo r t h e w ^ „ ^ e d la s t S
;
s h o we d
p r e c e d in g w e e k . 4 3 .3 3 % o f t h e p ric e s w e re u n c h a g „ n iv 724V sh o w n
a d v a n c e s i n e i t h e r m a x i m a o r m i n i m a o r b o t h , a n d o n l y 7 . 3 1 /» s h o w e d

rCIRrsenes'-__ ‘‘O n

t h e p r e s e n t e s ti m a t e d b a s is o f c o n s u m p tio n

i t is a s s u m e d

a n d ’c o m n a ^ ' s t o r a M ^ t m ^ c s a r e ° d i n i l n i s h i i i g r a t h e r t h a n i n c r e a s i n g , i n d i ­
c a te d b o th b y t h e g e n e ra l m a r k e t r e p o r ts a n d b g t h o f a e t th a t n o b ills o f

lh« “ ™
«■»
'of tho industry Is Indicated In tho
fo llo w in g t a b le s :

„

.

,,

.

Estimated United States Production in
____________ 1 9 2 2 - -----------------

a £ yi
A p ril

A p ril

Week.

\

10 4 6 9 ,0 0 0
i ......................
3 8 3 5 ,0 0 0
1 5 I I I I I I ” ” ! - - - 3 ] 6 7 5 .0 0 0

. r£P,thr? Cite~
A ----------------------------i s : :: : :: :: :: : :: :

1 8 9 6 ,0 0 0
0 .6 6 0

\n r\\htV C°kC~~
l
A p ril

1893

THE CHRONICLE

A pril 29 1922.]

_____
c .........................
i s : : : : : : : ................

0,000

Ar , _
A c t Tons.
------------------- 1 9 2 1 -----------------

Cal. Yr.to Date.

Week.. Cal.Yr.toDate

1 2 9 ,2 8 8 ,0 0 0 5 ,8 2 2 .0 0 0
1 3 3 ,1 2 3 ,0 0 0 6 .1 2 0 0 0 0
1 3 6 ,7 9 8 .0 0 0
6 ,5 2 8 ,0 0 0
2 2 ,7 6 5 ,0 0 0 1 ,1 5 7 .0 0 0
2 2 ,7 7 4 ,0 0 0
1 ,8 6 5 .0 0 0
2 2 , 780,000
1 , 885.000

1 0 1 , 2 0 4 ,0 0 0
1 0 7 ,3 2 4 ,0 0 0
1 1 3 . 8 5 2 ,0 0 0
2 3 .4 0 1 ,0 0 0
2 5 ,2 6 9 .0 0 0
2 7 , 154.0 00

1 9 1 ,0 0 0
1 7 5 .0 0 0

1 ,8 0 8 ,0 0 0
1 ,9 8 3 .0 0 0

8 1 ,0 0 0
7 8 ,0 0 0

2 .5 4 8 ,0 0 0
2 ,0 2 7 ,0 0 0

149.000

2 . 13 3 .0 0 0

74,000

2 . 70 1,00 0

President Harding to Offer Strike-Ending P l a n . — G o v e r n m e n t w i l l p r o p o s o
m e a n s o f s e t t l e m e n t t o b o t h s id e s s o o n .
" T im e s " A p ril 2 6 , p . 2 1 .
rt.,
i r i m v in t h e Smith & Alason T o w n Districts llenneneil.—
resu m e d

P r e s id e n t

standard Oil Co. (N. J.) makes wholesale price of gasoline in New Jersey
I,-*
In North and South Carolina price was advanced 2c. in West Virginia
a n d ’ M a r y l a n d prico was raised from 1 to 2 cents per gallon.
‘ s t a n d a r d Oil Co. ( N . Y .) advanced price in this and New England
States to 26c. per g a llo n .^ olosale.

C o n feren ce

Show s

L ess

U n e m p lo y m e n t

D u r in g

L ast

P u b lic S e r v ic e C o m m is s io n E x p e c ts to I s s u e F ir s t O r d e r to R e d u c e G a s R a te s

W i t h i n T w o D a y s . — Forty Public utility corporations in Stato have already
been compelled to reduce charges. “Times” April 24, p. 28.
L o w e r W a g e s S o u g h t a t H a v e r h i l l . — Same situation as in Lynn—high
production costs and declining sales. "Boston N . B .” April 27, p. 1.
C h a ir m a n J o h n J . R a s k o b o f th e G e n e r a l
lo to r s C o . D is c u s s e s F u tu r e o f
A u t o m o b i l e I n d u s t r y . —"Boston N . B .” April 24, p. 1.
A lf r e d R eev es. G e n . M g r . N a tio n a l A u to m o b ile C h a m b e r o f C o m m e rc e
R e p o r t s I n c r e a s e d P r o d u c t i o n . —During past 3 months motor vehicle produc­

tion exceeded 390,000 ears and trucks, or 65% more than the same period
last year. “Boston N. B .” April 22, p. 11.
D e v e l o p m e n t s i n T e x t i l e S t r i k e . — (a) Three months’ strike situation shows
no material change, (b) Rioting ceases in Pawtuxet Valley and Governor
San Souci withdraws guards after 8-wceks patrol. “Post” April 22, p. 1.
(c) Bombs damage mills in Pawtucket, R. I., and South Attleboro,
Mass. “Post” April 26, p. 1.
(d) Disorder breaks out anew in Pawtucket. Governor San Souci may
be requested to order troops back again. “Boston N . B." April 26, p. 8.
(e) Former Governor A. J. PoMiier, R. I.. announces giving up all
attempts to settle strike in Pawtuxet Valley. Mill owners reject proposed
collective conference and assert each will meet his own employees. "Boston
N . B .” April 22, p. 3.
Le g a l

Mat ter s,

Le g i sl at i o n ,

Taxation,

&c.

24 I n d i c t e d f o r F r a u d i n S e l l i n g S t o c k —Federal grand
jury also accuses associates in U. S. S. S. Co. "Times” Apr. 28, p. 1.
U . S . S u p r e m e C o u r t F o r b i d s U s e o f D e c e p t i v e L a b e l s . — Reverses Court of
Appeals decision In Wlnsted Hosiery Co. case. “Times” Apr. 25. p. 11.
C a n a d i a n G r a i n A c t U p s e t . —Manitoba Court of Appeals has held that
Federal Parliament exceeded its jurisdiction when it enacted Section 215
of the Canadian Grain Act, prohibiting commission men from doing busi­
ness without a Government license. “Times" Apr. 25, p. 20.
M a t t e r s C o v e r e d i n " C h r o n i c l e " A p r i l 2 2 . — ( 1 ) London Stock Exchangotore”
sumo fortnightly settlements in Sept, p. 1715. (2) British Treasury bonds
and bill tenders, p. 1715. (3) British War Loan at par for first time, p. 1/16.
(4)
Loans of Great Britian to its European Allies, p. 1716. (5) Calling
of Frencli National Loan bonds, p. 1716. (6) French War Loan trading
free, p. 1716. (7) Warsaw Stock Exchange reorganized, p. 1/16. (8)
New $20,000,000 issue of Dutch East Indies bonds, p. 1720. (9) Offer­
ing: (a) $10,000,000 Paris-Lyons-Mediterranenn RR. bonds, p. 1/21. (6)
$4,000,000 Paulista (Brazil) Ily. bonds, p. 1721. (c) In U. S. 20,000,000
Guilders TTolland-Amcrica Line bonds, p. 1721.'
(10) Advances approved by War Finance Corporation, p. 1721. (11)
War Finance Corporation intended only as temporary expedient, p. 1721.
(12) Redemption of paper money at Treasury or Federal Reserve Banks,
optional, p. 1723. (13) Extravagance In the Administration of tho Fed­
eral Reserve Banks again alleged by John Skelton Williams, p. 1723. (14)
'Treasury Certificate offering a great success, p. 1725. (15) Supremo
Court holds manufacturers sales contract, tending to lessen competition
invalid. Standard Fashion Co. loses its ease, p. 1729. (16) U. S.
Supremo Court bolds lease contracts of United Shoe Machinery Corp. in
violation of Clayton Act. p. 1729.
C.

W . M orse One o f

A ir R e d u c t io n C o .— E a r n i n g s . —

The company for tho first quarter of 1922 reports gross income of $1,369,­
673, operating expenses, $908,718; operating incomo. $160,954; additions
lo reserves, $227,899; net profits before Federal taxes, $192,2/0.— V.
114, p. 1183. 741.

A llie d P a c k e r s , I n c .— A c q u i s i t i o n . —

The company, it is announced, has purchased the Western Packing7&
Provision Co..‘ Chicago, and will take over the operation of the.plant
probably May 1.—-V. 114. p. 524. 309.

A m a lg a m a te d S u g a r C o .— A n n u a l R e p o r t . —
I n c o m e A c c o u n t f o r t h e Y e a r e n d i n g F e b . 28 1922.
Net Loss—For the year ending Feb. 28 1922, after mfg., selling,
gen. & admin, exp______________________________________ $3,388,499
Interest on notes payable, $604,452: provision for deprec..
$480,561; dividends on Preferred stock, $99,150------------------- 1,184.165
Reserves_________________________________________________
606,843

Total loss______________________________________________
as at March 1 1921-------------------------------------$2,974,808
Special credit arising from assessment on 724,624 shares of
W
Common stock at $1 39 per share------------------------•------- - 1.007,227
Par valur of 1,167 shares Preferred stock redeemed through
sinking fund May 1 1920 & charged hereto..................... ........
116,700

D e d u c t —Surplus

I fa ils

Oil P r o d u c t i o n , Prices, & c.
S t a n d a r d O i l C o . I N . •/.) l i a i s e s G a s o l i n e P r i c e s l t o 2 C e n t s a G a l l o n .—

H a r d in g 's

30 D a y s . —For every 100 jobs available there aro now 160 applicants,
compared to 226 applicants in January. “Phila. N . B .” April 22, p. 3.

Balance, deficit_________________________________________ $1,080,772
.

P r o p o s e d Next) B o n d I s s u e .—

Tlie company, it is reported, has issued a letter to tho stockholders
requesting their approval of S4,000.000 7% Gen. Mtgc. 15-Year bonds.
The stockholders in tlio latter part of 1921 approved an Issue of $3,500,000
8% bonds, but these were not issued.—V. 113, p. 2821.

A m e r ic a n C y a n im id C o .— R e s u m e s P r e f e r r e d D i v i d e n d . —

The company has declared a dividend of 3% on tho Preferred stock,
payable May 13 to holders of record May 3. Tins is tho first payment on
this issue since July last, when a quarterly distribution of 144% was
made. Compare V. 113, p. 1363, 1358.
n i l 15.
A p r ils .
363,200
305.000
Oklahoma------------------------- 81,000
81,500
89,600
K ansas-----------------------------52,300
52,100
72,715
Nortli ............................................
153,800
126,650
168,150
128,450
68.100
141,200
North Louisiana and Arkansas.
114,950
114,100
103,895
Gulf Coast-------------------------115,000
123.000
115,000
Eastern________________
72,150
70,900
54,160
Wyoming and Montana...........330,000 •
327.000
325,000
California-------------------------------------- ---------- - , 1.410,850
1,432,950
t.ziyi.m
Tot„l
Fxnorts from Mexico are not so high as formerly. March exports <

A m o r ic a n -L a F ra.n ce F ir e E n g in e C o ., I n c .— L i s t i n g . —

Tho New York Stock Exchange has authorized the listing of $2,540,600
7% Cumulative Preferred stock, par $100. with authority to add $459,400
on official notice of issuance and payment in full; making the total amount
applied for $3,000,000.—V. 114. p. 1769.

A m e r ic a n L o c o m o tiv e C o .— R e s i g n a t i o n . —

Columbus K J Lassiter, of Richmond, Va., has resigned as Vice-President.
—V. 114, p. 1709.

A m e r ic a n S h ip & C om m erce C o r p .— Nexv Director.—

Van Lear Black, Chairman of the Fidelity & Deposit. Co. and also of the
Fidelity Trust Co. of Maryland, has been elected a director.— V. I l l , p. 201.

A r k a n s a s N a t u r a l G a s C o .— L i s t i n g — E a r n i n g s , A-c. —

Tho Pittsburgh Stock Exchange on March 31 1922 approved for listing
$2,700,150 additional Com. stock, to be added to tho list when and as
issued to acquire now properties.
.
. ,^
N . II.” April 22, p. 8.
. „
Holders of tho stock as of record March 13 1922, were given the right
Prices, W ag e s a nd O t h e r Trade M atters
to subscrlbo for additional common stock at par ($10) to the extent of
C o m m o d ity
20% of their holdings; payment in full to bo made on or before March 25,
1922, tlie proceeds to bo used in acquiring by exchange, consolidation,
aro recordedi
reorganization, merger, or otherwise, by an exchange of tlie stock of this
4914c.; flour,
leaif. April 25, 85 35; cotton, aiim
company for tho property, or for the capital stock of freehold Oil & Gas
_ ._
Iron prices rose from $21 50 on and preceding April 25 to $25 40 on Co., and Plymoutli Oil & Gas Co., Benedum 'lroes Oil Co. fincluding
April 26. Steel, except for a drop to $29 on April 25, remained firm at Littlo Pirate Oil & Gas Co., and the Regal Oil Co.— (see V. 114. p. 1183.)
<^90 r n
,
Tho company and the Ohio Fuel Oil Co., it was recently announced. have
L a r g e P o r p h y r y C o m p a n i e s R e s u m e O p e r a t i o n s —Utah, Hay Consolidated,
acquired jointly from the U. 8. Government permits on between .>0,000 and
Clilno and Nevada comprise last group to announce resumption. “Engin­ 60,000 acres of Government lands on nine of the best known domes in the
eering & Mining Journal-Press" April 22, p. 699.
Wyoming oil fields. The permits mostly are on a 5% royalty bas s, it is said.
S e v e n C o u n t r i e s C o n s u m e 59% o f U . s . A u t o E x p o r t s —American Chamber
E a r n i n g s . Y e a r s E n d e d D e c e m b e r 31.
of Commerce statistics show that Mexico bought 8,232 cars during L921;
1919
1920
1918
1921
Canada, 6,386; Australia, 3.740; Japan, 2,062; Hawaii, 1,984; and Cuba,
$7,646,630 $2,123,413
Gross sales--- --------- ?
1 975. "Boston Financial News’’ April 27, p. 3.
407.796
726,178
Not inc. from oper---------- 965.105 4,633,820
' A m e r ic a n N e w s p a p e r P u b lis h e r s A s s o c ia tio n f o r m s O p e n S h o p B u r e a u .—
115,101
15.512
166,823
168,578
Establishes new division in recognition of many non-union members. Intorcst charges..........—
138,601
124,117
20,455
29,570
Miscel. charges-------------Not a challenge to unions. “Times April 28, p. 8.
1,257,451
488,712
90.631
109,762
Deproc., &o,____________
U n i o n s a n d P a p e r M i l l s S t i l l f a i l t o B r e a k D e a d l o c k . —Workers firm for
236,500 _
continuanco of present wage scalo, manufacturers for 10% cut. "Times” Bond Premium--------------____
n o . 150 . .
...............
Preferred stock premium..
April 28, P. 8.
703.587 _
_________
Preferred dividends_____ _______
Common dividend---------- 541,205 1.082,406 . ............ ...................
S50.18S
$193,640
$99,886
$990,021
f n r vinft
"BOStOtl IN. 1'. April
p. ;j .
r i c n n r t m r n t o f L a b o r R e c o r d s R e d u c t i o n i n H i g h C o s t o f L i v i n g . — Reductions
—V. 114, p. 1183. 857.
in tho cost of living in 28 of tho principal cities front Juno 1920 to March
American Tel. & Tel. Co .— D i s p o s e s o f R a d io S to c k .—
19 2 2 °shows 1 Detroit led with a drop or 26.6% Savannah. Ga., was
Tho company has disposed of its holdings of Common stock in the Radio
next with 25.1% and AIol»il<;. Ala.. thinl with 24., %. N . Y. City showed
Corporation of America. This, it is stated, is in line with the general
a decrease of 22.5%. Ihila. A . B. A pril-1 p. 3.
Sir* l i m n / \V A . D c l e r d i n O o f R o y a l D u t c h P e t r o l e u m C o . D e n i e s C o n t e m n l a t i n g P u r c h a s e o f G e n e r a l P e t r o l e u m a n d V e n t u r a C o n s o l i d a t e d . —Boston




1894

THE CHRONICLE

p o l ic y o f t h o c o m p a n y t o h o l d p e r m a n e n t l y o n l y t h e s e c u r i t i e s o f i t s a s s o ­
c i a t e d c o m p a n i e s in t h o B e ll S y s t e m . T h o p u r c h a s e o f t h e s e s h a r e s in 1 9 2 0
w a s i n c i d e n t a l t o th o e x c h a n g e o f lic e n s e s b e t w e e n t h e A m e r i c a n c o m p a n y
a n d t h e G e n e r a l E l e c t r i c C o . a n d i t s a s s o c i a t e d c o m p a n y , t h e U a d io C o r ­
p o r a tio n o f A m e ric a , w h e re b y p a te n t s o f e a c h c o m p a n y c o u ld b e u tiliz e d
t o g r e a t e r a d v a n t a g e t o a d v a n c e th o a r t o f e l e c t r i c a l c o m m u n i c a t i o n a n d
b e tt e r m e e t p u b lic n e e d s .— V . 114, p . 1 655.

A m e r ic a n Z in c , L e a d & S m e lt in g C o .— Earnings.—
T h e r e p o r t o f t h e c o m p a n y fo r th e f ir s t q u a r t e r o f 1922 s h o w s o p e ra tin g
p r o f i t o f $ 5 0 ,1 5 2 b e f o r e d e p r e c i a t i o n a n d d e p l e t i o n . — V . 1 1 4 , p . 1 5 3 7 .

B a r n s d a ll C o r p o r a tio n .— Listing .—
T h e N e w Y o r k S t o c k E x c h a n g e h a s a u t h o r i z e d t h e l i s t i n g o f $ 7 ,1 6 0 ,3 0 0
S i n k . F u n d C o n v . 8 % b o n d s . S e r ie s A , d u e J a n . 1 1 9 3 1 , a n d $ 1 ,4 4 0 ,0 0 0
S i n k . F u n d C o n v . 8 % b o n d s , S e r ie s B , d u o J a n . 1 1 9 3 1 .
(S e e o f f e r in g in
V . 112, p . 3 7 4 .)— V . 114, p . 1 283, 1411.

B a t o p ila s M in in g C o .— Lease— Directors.—
T h e s to c k h o ld e rs h a v e a u th o r iz e d th e d ire c to r s a n d o ffic e rs to le a s e th e
c o m p a n y ’s p r o p e r t y a t B a t o p i l a s , M e x .
J a m e s M a rw ic k a n d R o b e r t M . C u r r ie r h a v e re s ig n e d a s d ire c to r s .
— V . 112, p . 1744.

B a y S u lp h i t e C o ., L td ., M o n tr e a l.— Bonds Sold.—
D illo n , R ea d & C o. h a v e sold , a t 101 and in t ., to yield ab o u t
7 .4 0 % , $1 ,5 0 0 ,0 0 0 1st (C losed) M tg e . 7 ^ % G old B o n d s.
D a te d M a y 1 1922.
D u e M a y 1 1937.
D e n o m . $ 1 ,0 0 0 a n d $ 5 0 0 ( c * ) .
P r i n c i p a l a n d i n t e r e s t p a y a b l e a t D i l l o n , R e a d & C o . , N e w Y o r k C i t y , in
IT. S . g o ld c o in o f o r e q u a l t o t h e p r e s e n t s t a n d a r d o f w e i g h t a n d f in e n e s s .
I n t e r e s t p a y a b l e M . A N . , w i t h o u t d e d u c t i o n f o r U . S. n o r m a l F e d e r a l
i n c o m o t a x u p t o 2 % , n o r f o r a n y t a x o r t a x e s le v ie d b y th o G o v t , o f t h e
D o m i n io n o f C a n a d a o r b y a n y t a x i n g a u t h o r i t y t h o r e o f o r t h e r e i n .
P re se n t
P e n n . 4 - m ill t a x r e f u n d e d .
C a l l a b l e , a l l o r p a r t , a t 1071-3 a n d i n t . d u r i n g
f i r s t 10 y e a r s ; t h e r e a f t e r a t 1 > 3 % le s s p . a . f o r e a c h e la p s e d y e a r o r f r a c t i o n
th e r e o f. A m e ric a n E x c h a n g e N a tio n a l B a n k , N e w Y o rk , a n d N a tio n a l
T r u s t C o ., L t d ., M o n tr e a l, tru s te e s .
S i n k i n g F u n d . — A s in k i n g f u n d t o b u y $ 5 0 ,0 0 0 b o n d s s e m i - a n n u a l l y if
a v a i l a b l e a t o r u n d o r 103 a n d i n t . , a n y u n e x p e n d e d b a la n c o t o b o u s e d t o
p u r c h a s e b o n d s a t a h i g h o r p r ic e o r i n v e s t e d in g o v e r n m e n t o b l ig a t io n s , is
s u f f i c i e n t t o r o ti r o a ll b o n d s b y m a t u r i t y .

Data from Letter of Vice-President G. R. Hall Caine, Montreal.
C o m p a n y . — O r g a n iz e d u n d e r Q u e b e c la w s .
O w n s a m o d e r n u n b lo a c h e d
s u l p h i t o p u l p m i l l , c o m p l e t e d in 1 9 1 8 a n d l o c a t e d a t t i d e w a t e r o n t h e
S a g u e n a y R i v e r , Q u o ., w i t h a n a n n u a l p r o d u c t i v e c a p a c i t y e f 4 0 ,0 0 0 lo n g
to n s.
C o m p a n y w a s o r g a n i z e d a t t h o s u g g e s t i o n o f th o B r i ti s h G o v t , t o
s u p p l y a p a r t o f t h e r a w m a t e r i a l r e q u i r e d b y a n u m b e r o f t h o le a d i n g p a p e r
m a n u f a c t u r e r s o f E n g l a n d , I r e l a n d a n d S c o t l a n d w h o a d v a n c e d a c o n s id e r ­
a b le p a r t o f t h o f u n d s r e q u i r e d a n d n o w o w n a p p r o x i m a t e l y $ 2 , 0 0 0 ,0 0 0 o f
i t s p r e f e r r e d s t o c k , p a i d in c a s h a t p a r .
E a r n i n g s . — C a l . Y e a r s ------------------1 9 211920.
1 9 1 9 . ’ 1 8 (6 m o )
N o t e a r n , a f t e r d e p r . a v a il , f o r i n t . _ x $ 3 1 2 ,6 3 3 $ 2 4 1 ,6 0 4 $ 4 2 5 ,6 8 5 $ 2 4 6 ,1 6 3
x A f t e r c h a r g i n g $ 1 2 0 ,6 2 1 t o r e d u c e i n v e n t o r y t o m a r k e t v a lu o .
C o n tr a c t.— C o m p a n y h a s r e c e n tly e n te r e d in to a te n - y e a r c o n tr a c t w ith
B e c k e r A C o . , L t d . , o f E n g l a n d , w h o in t u r n a r e c o n t r a c t i n g w i t h v a r i o u s
p a p e r m il ls , f o r t h o s a le o f 3 0 ,0 0 0 lo n g t o n s a n n u a l l y — 7 5 % o f i t s a n n u a l
o u t p u t — a t a p r ic e t o i n c l u d e a ll c o s ts , d e p r e c i a t i o n , b o n d a n d o t h e r i n t e r ­
e s t , p l u s $ 1 5 p e r lo n g t o n , w h ic h c o n t r a c t i n s u r e s t h o c o m p a n y a n a n n u a l
r e t u r n , a f t e r d e p r e c i a t i o n , o f $ 5 7 4 ,7 3 7 a v a i l a b l e f o r b o n d c h a r g e s , o r m o r e
t h a n 4L3 t i m e s m a x i m u m a n n u a l b o n d i n t e r e s t a f t e r is s u a n c e o f t h e s e b o n d s .
Purpose.— P r o c e e d s a r o t o b e u s e d t o r e t i r o f l o a t i n g d e b t a n d p r o v i d e
a d d itio n a l w o rk in g c a p ita l.

B e e c h - N u t P a c k in g ’ C o .— Stock Offering.—
I l o r n b l o w e r A W e e k s , B l a i r A C o . , N o w Y o r k , a n d O ’B r i a n , P o t t e r &
C o . , B u f f a l o , t h i s w e e k o f f e r e d a n d s o ld 4 0 ,0 0 0 s h a r e s o f c o m m o n s to c k
(p a r $20) a t $39 p e r sh a re .
T h e s to c k h o l d e r s w ill v o t e M a y 3 o n i n c r e a s i n g t h o a u t h o r i z e d c a p i t a l
s t o c k f r o m $ 3 ,0 0 0 ,0 0 0 ( c o n s i s ti n g o f $ 2 , 0 0 0 ,0 0 0 p r o f, a n d $ 1 ,0 0 0 ,0 0 0 c o m . ,
p a r $ 1 0 0 ) , t o $ 7 ,0 0 0 ,0 0 0 ( t o c o n s is t o f $ 2 ,0 0 0 ,0 0 0 p r e f . a n d $ 5 ,0 0 0 ,0 0 0 c o m .)
P r o v i d e d t h e i n c r e a s e in c a p i t a l is a u t h o r i z e d , t h e p a r v a l u o o f t h e c o m m o n
s t o c k is t o b e r e d u c e d f r o m $ 1 0 0 t o $ 2 0 .
S a lo s h a v e i n c r e a s e d f r o m $ 3 ,8 6 2 ,7 6 4 in 1 9 1 3 t o $ l l , 0 0 0 , 0 0 0 i n 1 9 2 1 . N e t
s a le s f o r t h o f i r s r q u a r t e r o f 1 9 2 2 s h o w a n i n c r e a s e o f a b o u t 2 8 % o v e r th o
c o r r e s p o n d in g p e r i o d o f l a s t y e a r . A v e r a g e n e t e a r n i n g s a f t e r c h a r g e s b u t
b e f o r e t a x e s f o r t h o p a s t s e v e n y e a r s w e r e $ 9 8 8 ,0 0 0 p e r a n n u m . N e t
e a r n i n g s f o r t h e f i r s t q u a r t e r o f 1 9 2 2 w e r e $ 3 9 2 ,0 0 0 .— V . 1 1 3 , p . 9 6 4 , 8 5 2 .

B e ll T e le p h o n e C o. o f C a n a d a .— Additional Stock.—
T h e o f f e r in g o f t h o c a p i t a l s t o c k , w h i c h h a s b e e n in p r o c e s s f o r th o p a s t
t w o w e e k s , h a s b e e n f u r t h e r i n c r e a s e d t o $ 5 ,0 0 0 ,0 0 0 . T h o o r ig i n a l o f f e r in g
w a s f o r $ 2 ,0 0 0 ,0 0 0 a n d l a s t w e e k i t w a s i n c r e a s e d t o $ 3 ,0 0 0 ,0 0 0 .— V .
114. p . 1769, 1656, 1538.

Bethlehem (Pa.) Shipbuilding Corp., Ltd.— Orders.—
T h e c o r p o r a t i o n o n A p r i l 23 a n n o u n c e d t h a t n o w o r d o r s o n i t s b o o k s fo r
r a i l r o a d c a r s t o t a l $ 2 ,7 0 0 ,0 0 0 .
T h e s e o rd e rs In c lu d e 35 b a g g a g e a n d
p a s s e n g e r c a r s f o r t h e P e n n s y l v a n i a R R . a n d 10 b a g g a g e c a r s f o r t h o
C e n tra l R R . o f N ew J e rse y .
I n a d d i t i o n t h e c o r p o r a t i o n is c o n s t r u c t i n g f o r t h o P h i l a d e l p h i a A R e a d i n g
R R . 4 5 s u b u r b a n c o a c h e s , 5 s u b u r b a n a n d c o m b in a tio n c a rs , 3 0 p a s se n g e r
c a rs , 5 c o m b in a tio n c a rs a n d 5 b a g g a g e c a r s .— V . 11 3 , p . 2 8 2 3 .

Bethlehem Steel Corp.— Usual Dividend— Earnings,

efcc.

T h e d i r e c t o r s a t t h e i r m e e t i n g h a v e d e c l a r e d t h o u s u a l q u a r t e r l y d i v id e n d
o f 1 K % o n b o t h c la s s e s o f C o m m o n s t o c k , p a y a b l o J u l y 1 to h o l d e r s o f
re c o rd J u n e 15.
I n a n in te r v ie w a f te r th o m e e tin g . P r e s id e n t G ra c e s ta t e d t h a t , n o tw ith ­
s t a n d i n g t h e f a c t t h a t d i v id o n d r e q u i r e m e n t s w e r e n o t e a r n e d d u r i n g t h e
q u a r t e r , t h o d i r e c t o r s f e l t j u s t i f i e d i n d e c la r in g t h o u s u a l d i v i d e n d s in v ie w
o f t h e s u r p l u s e a r n i n g s a c c u m u l a t e d d u r i n g t h o p a s t y e a ^ s , t h o d e c id e d
i m p r o v e m e n t in b u s in e s s a s r e f l e c t e d i n t h o m a r k e d in c r e a s o i n t h o v o l u m e o f
o r d e r s a t h i g h e r p r ic e s , a n d t h o s t r o n g c a s h p o s it io n o f t h o c o r p o r a t i o n .
M r . G r a c e s a i d t h e r e h a d b e e n a g r a d u a l l y i n c r e a s i n g a m o u n t o f b u s in e s s
t h r o u g h o u t t h e q u a r t e r , t h e s a le s f o r M a r c h h a v i n g b e e n g r e a t e r t h a n
t h o s e f o r J a n u a r y a n d F e b r u a r y c o m b i n e d , a n d g r e a t e r t h a n t h o s a le s f o r
a n y m o n t h s in c e t h o m i d d l e o f 1 9 2 0 . T h e M a r c h r a t e is b e in g m o r e t h a n
m a in ta in e d d u rin g th e c u rr e n t m o n th .
T h o c o r p o r a t i o n ’s s te e l p r o d u c t i o n is n o w o n a p p r o x i m a t e l y a n 8 0 %
o p e r a t i n g b a s is , a s c o m p a r e d w i t h 4 0 - 5 0 % d u r i n g t h e f i r s t q u a r t e r o f t h e
y e a r , w i t h a n u m b e r o f d e p a r t m e n t s r u n n i n g t o f u ll c a p a c i t y .
N o im p o rta n t
i n t e r r u p t i o n h a s t a k e n p l a c e in t h o c o r p o r a t i o n ’s c o a l s u p p l y , a n d n o n e is
a n tic ip a te d .
I n c r e a s e d a c t i v i t i e s a r e m a n i f e s t i n a ll t h e m o r e h i g h ly f in i s h e d
l in e s o f p r o d u c t s , t h o o n l y e x c e p t i o n b e i n g n e w s h i p c o n s t r u c t i o n . A g r e a t e r
v o l u m e o f s h i p r e p a i r w o r k is b e in g e x e c u t e d w h i c h r e f l e c t s t h e i m p r o v e m e n t
i n t h e s h i p p i n g b u s in e s s .
M r . G r a c e s a i d t h e c o r p o r a t i o n ’s i n v e n t o r i e s o f o r e h a d b e e n r e d u c e d t o a
p o i n t w h e r e i t h a d b e c o m e n e c e s s a r y t o s t a r t m o v in g t h o C h i l e a n o r e t o t h e
s t e e l p l a n t s a n d t h a t t h e C h i l e a n m in e s w e r e n o w b e in g p u t in o p e r a t i o n .
T h e f i r s t o f t h e s ix n e w 2 0 ,0 0 0 - t o n o r e a n d o i l - c a r r y i n g v e s s e ls o f t h e c o r ­
p o r a t i o n ’s f l e e t w ill s a il b e f o r e t h e e n d o f A p r i l .
T h o o th e r s a ro to g o in to
th e s e rv ic e d u r in g th e y e a r, a s th e y a ro c o m p le te d .— V . 11 4 , p . 1 6 55, 1538.

B ir m in g h a m (A la .) S te e l C o rp .— Sale.—
T h e p r o p e r t y h a s b e e n s o ld t o t h e V i r g in i a B r i d g e & I r o n C o . o f R o a n o k e ,
V a . , f o r $ 1 4 8 ,0 0 0 . C . E . M i c h a e l , P r e s i d e n t . — V . 1 1 4 , p . 1 2 9 0 .

B r it i s h E m p ire S t e e l C o r p o r a tio n .— Preferred Dividend.
T h e C o m m i t t e e o n S e c u r i t ie s o f t h e N e w Y o r k S t o c k E x c h a n g e , A p r i l 2 1 ,
g iv e s n o t ic e t h a t t h e v a l u o in U . S . m o n o y o f t h o d i v i d e n d o f I 'A % , p a y a b l e
M a y 1 1 9 2 2 , t o h o l d e r s o f r e c o r d A p r i l 15. o f F i r s t P r e f e r e n c e S e r ie s " B "
s t o c k , is $ 1 .7 0 9 4 p e r s h a r e . — V . 1 1 3 , p . 2 6 1 8 .

B r o o k ly n U n io n G a s C o .— New Financing .—
T h e s t o c k h o l d e r s w ill v o t e M a y 1 9 o n c r e a t i n g a f i r s t lie n a n d r e f u n d i n g
m o r t g a g e o n t h e c o m p a n y ’s o n t i r o p r o p e r t y s u b j e c t o n l y t o e x is t in g m o r t ­
g a g e s . a n d o n a u t h o r i z i n g t h o is s u a n c e t h e r e u n d e r o f a n is s u e o f S 6 ,0 0 0 ,0 0 0
S e r ie s “ A ” b o n d s t o b o d a t e d M a y 1 1 9 2 2 a n d d u o M a y 1 1 9 4 7 .
T h o s to c k ­
h o l d e r s w ill a ls o v o t e o n a u t h o r i z i n g a n is s u e o f $ 5 ,5 7 9 ,0 0 0 7 % C o n v e r t i b l e
D e b e n tu re b o n d s to b o d a te d M a y 1 1922 a n d m a tu r in g M a y 1 1932.
T h e D e b e n t u r e b o n d s a r e t o b o c o n v e r t i b l e i n t o c a p i t a l s to c k a t p a r a f t e r
N o v . 1 1 9 2 4 . T h e s t o c k h o l d e r s w ill h a v e t h o p r iv i le g e o f s u b s c r i b in g to
t h e C o n v e r t i b l e D e b e n t u r e s o n a p r o r a t a b a s is .
T o p r o v id e fo r th o c o n ­




[V ol. 114

v e r s i o n o f t h e D o b . b o n d s s h a r e h o l d e r s w ill v o t o o n i n c r e a s i n g t h o c a p i t a l
s t o c k f r o m $ 2 0 ,0 0 0 ,0 0 0 t o $ 3 0 ,0 0 0 ,0 0 0 .
I f s to c k h o l d e r s a n d t h e P . S . C o m m i s s io n a p p r o v e t h o p l a n i t is t h o i n ­
t e n t i o n o f t h o c o m p a n y t o p a y o f f a ll o u t s t a n d i n g n o t e s a n d p a s t d u o f r a n ­
c h is e t a x e s .
P a r t o f t h o f u n d s t o b o r a i s e d u n d e r t h o p l a n w ill b o u s e d t o
d e fr a y e x p e n se s fo r e x te n s io n s a n d b e tt e r m e n ts to th o p la n ts a lr e a d y c o n ­
t r a c t e d f o r a n d in p r o g r e s s a n d t o p r o v i d e f o r t h o p u r c h a s e o f m e t e r s a n d
e x te n s i o n s o f i t s d i s t r i b u t i n g s y s t e m , a f t e r w h ic h t h e r e w ill r e m a i n a s u b ­
s ta n tia l s u m in its tr e a s u r y .— V . 114, p . 1411.

B u s h T e r m in a l B u il d in g s C o .— Pref. Stock Offering.—
F . J . L ism an & C o. an d Shonnard & C o ., N ow Y ork , are
offering a block of 7% C um . P ref. a& d sto ck a t m ark et,
to yield a b o u t 7 .2 0 % .
T h e s to c k is l is te d o n t h o N o w Y o r k S t o c k E x c h a n g e a n d p r i n c i p a l a n d
d i v id e n d s a r e g u a r a n t e e d u n c o n d i t i o n a l l y , t h r o u g h e n d o r s e m e n t o n e a c h
c e rtif ic a te , b y th e B u s h T e r m in a l C o .— o w n e rs o f th e o n tiro o u ts ta n d in g
C o m m o n s to c k .
C o m b in e d E a r n i n g s o f B o th C o m p a n i e s — C a le n d a r Y e a r s .
G ross

O pcr. E x p .

F ix e d

E a r n in g s .
A T a xes.
C h arges.
S u r p lu s .
1 9 1 5 ------------------------------$ 2 , 7 6 7 ,6 2 0
$ 9 8 4 ,0 8 3
$ 9 2 3 ,2 3 0
$ 8 6 0 ,3 0 7
1 9 1 7 -------------------------------3 , 6 8 2 ,0 4 4
1 ,7 0 9 ,5 8 4
9 0 9 ,2 4 1
1 ,0 6 3 ,8 1 9
1 M 9 ------------4 ,3 4 8 ,7 7 6
2 , 2 8 1 ,6 1 3
1 .0 1 9 ,3 1 2
1 ,0 4 7 ,8 5 1
1 9 2 0 . . - ..................
5 . 1 4 1 ,7 1 6
2 .9 3 4 ,3 5 4
1 .0 3 2 ,1 8 1
1 ,1 7 5 ,1 8 1
1921 .............
5 . 8 0 2 ,0 6 7
2 ,9 2 5 ,9 4 6
1 ,1 4 1 ,3 6 2
1 ,7 3 4 .7 5 9
1 h e n e t e a rn in g s fo r th o f ir s t th r e e m o n th s o f 1 922 a p p lic a b le to d iv i­
d e n d s o n t h i s s t o c k a r e in e x c e s s o f t h o s e f o r t h e s a m e p e r i o d l a s t y e a r . —
V . 113, p . 2408.

B u t t e & S u p e r io r M in in g C o .— Earnings .—
C a le n d a r Y e a r s —
T o t a l r e v e n u e ------------------O p e ra tin g c o s ts & d o p r e c .

1921.
x

$ 8 2 5 ,6 6 5

1920.
1919.
1918.
$ 3 ,7 7 9 ,2 7 6 $ 4 ,8 6 1 ,1 7 0
$ 5 ,9 1 5 ,2 4 4
3 ,6 8 2 ,0 1 9
3 ,9 4 4 ,8 9 7
5 ,2 6 3 ,3 2 0

N o t i n c o m e ------------------ ? o s s $ 8 2 5 ,6 6 5
O t h e r I n c o m e .......................
7 2 ,7 1 3

$ 9 7 ,2 5 7
9 8 ,4 3 3

$ 9 1 6 ,2 7 3
1 2 6 ,2 6 6

$ 6 5 1 ,9 2 4
6 2 ,8 7 4

Total Income---------------- fo s s $ 7 5 2 ,9 5 2
R e s e rv e fo r ta x e s , c o n tin ­
----------g e n c ie s , A c ---------------------

$ 1 9 5 ,6 9 0

$ 1 , 0 4 2 ,5 3 9

$ 7 1 4 ,7 9 8

B a l a n c e , s u r p l u s ----------d o f $ 7 5 2 ,9 5 2

$ 1 8 7 ,9 2 9

7 ,7 6 1

1 7 7 ,5 4 9
$ 8 6 4 ,9 9 0

8 6 ,4 5 0
$ 6 2 8 ,3 4 8

x S itic o t h o p r o p e r t y w a s s h u t d o w n d u r i n g t h o e n t i r e y e a r , n o s t a t e m e n t
o f o p e r a t i o n s is p r e s e n t e d . — V . 1 1 4 , p . 3 1 0 .

B u t t e r w o r t h - J u d s o n C o rp .— Receivership.—
F e d e r a l J u d g e H a n d l ia s a p p o i n t e d T . G . H a i g h t , N e w a r k , N . J . , J a m e s
O ’G r a d v , S c a r s d a l o , N . Y . , a n d H . G . A t h a , N e w a r k , N . J . , r e c e i v e r s .
L i a b i l i t i e s a r o e s t i m a t e d a t $ 2 , 0 0 0 ,0 0 0 a n d t h e a s s e t s a r o e s t i m a t e d t o b e
s u f f i c i e n t t o p a y t h o c la i m s o f a ll c r e d i t o r s .
A re o r g a n iz a tio n p la n w as
a n n o u n c e d la s t O c to b e r.
S e e V . 1 1 4 , p . 1 6 7 8 , 1 7 7 5 .— -V. 1 1 4 , p . 2 0 2 .

C a n a d a S te a m s h ip L in e s , L td .— -New Financing .—
A c c o r d in g t o M o n t r e a l d i s p a t c h e s , a s y n d i c a t e c o m p o s e d o f K i s s e l ,
K in n ic u tt & C o . a n d B la ir A C o ., N e w Y o rk ; U n io n T r u s t C o ., P itts b u rg h ;
a n d N e s b itt, T h o m s o n A C o ., M o n tr e a l, h a s b e e n fo rm e d to u n d e rw r ite
$ 6 ,0 0 0 ,0 0 0 b o n d s o f t h e c o m p a n y .
T h e b o a r d o f d i r e c t o r s c o m p l e t e l y r e o r g a n iz e d w ill b e c o m p o s e d o f .
W . 11. C o v e r d a lo ( C o v e r d a l o A C o l p i t i s ) , N e w Y o r k ; J . W . N o r c r o s s , V .P re s . A G e n . M g r. (n o w P r e s id e n t) ; F r a n k J . H u m p h r e y (K iss e l, K in n ic u tt
A C o .) , N e w Y o rk ; A . J . B ro w n , K .C ., M o n tr e a l; R o b e rt H o b s o n , M o n tr e a l,
O n t . ( P r e s . S t e e l C o . o f C a n a d a ) ; S e n a t o r S m e a t o n W h it e ( P r o s . G a z e t t e
P r i n t i n g A P u b l i s h i n g C o . ) ; F . W . M o ls o n ( P r e s , o f M o ls o n s B a n k ) , M o n ­
tre a l; C . E . T a s c h e rc a u , Q u eb ec; D . B . l ia n a (P re s . C a n a d ia n N a tio n a l
R a i lw a y s ) ; D r . W . L . M c D o u g a l d ( P r e s . C e n t u r y C o a l C o . ) , M o n t r e a l ;
M . N o rcro ss.
T h e t w o l a s t a r e t h e m e m b e r s o f t h e e x is t in g b o a r d . —
V . 114, p . 1067.

C a n a d ia n G e n e r a l E le c tr ic C o .— Debs. Authorized.—
T h e s h a r e h o l d e r s h a v o a p p r o v e d a n a u t h o r i z e d is s u e o f $ 1 0 ,0 6 0 ,0 0 0
2 0 -y e a r d e b e n tu r e s .
S e o o f f e r in g o f $ 5 ,0 0 0 ,0 0 0 d e b e n t u r e s in V . 1 1 4 , p .
1411, 1538.

C a n a d ia n P a p e r B o a r d C o ., L td .— Bonds Offered.—
C a n a d i a n D e b e n t u r e s C o r p . , L t d . , T o r o n t o , a r e o f f e r in g a t 9 5 K a n d i n t .
t o y i e l d o v e r 7 'A % $ 8 0 0 ,0 0 0 7 % 1 s t M t g e . S i n k in g F u n d b o n d s .
D a to d
A p ril l 1922.
D u e A p r il t 1 9 3 7 .
I n te r e s t p a y a b le A . A O . a t a n y b r a n c h
o f th e S ta n d a rd B a n k o f C a n a d a .
F

Capitalization .—

Authorized.

Issued.

7 % 1 s t M t g e . s in k i n g f u n d b o n d s . ...................................- - $ 1 , 5 0 0 ,0 0 0
$ 8 0 0 ,0 0 0
C o m m o n s t o c k .................................................................................... 5 , 0 0 0 ,0 0 0 2 ,1 0 0 ,5 0 0
T h o c o m p a n y is t h o l a r g e s t m a n u f a c t u r e r o f p a p e r b o a r d in C a n a d a .
D u r i n g t h e p a s t 4 f is c a l y e a r s t h e a v e r a g e a n n u a l e a r n i n g s a v a i l a b l e f o r
b o n d in te r e s t h a v e b e e n o v e r 3 tim e s th o i n t. r e q u ir e m e n ts o f th is issu e .
P r o c e e d s f r o m t h o s a lo o f t h e s e b o n d s w ilt b o u s e d t o p r o v i d e a d d i t i o n a l
w o rk in g c a p ita l, c o m p lo to p o w e r d e v e lo p m e n t, b u ild s to r a g e w a re h o u s e s ,
in s ta ll s p rin k le r s y s te m fo r fire p r o te c tio n , a n d fo r g o n e ra l b e tte r m e n t o f
e q u ip m e n t.

C e n tr a l L e a th e r C o .— Earnings for March Quarter.-

Results 3 Mos. to Mar.

31.
1922.
T o t a l n e t e a r n s . , a l l p r o p . x $ 9 5 0 ,2 7 1
F u r th e r p ro v is io n fo r in ­
v e n to r y d e p r e c i a t i o n .----------E x p o n s e s A lo ss o f a ll c o s.
e x c e p t b o n d i n t e r e s t ___
7 5 4 ,5 3 8
B a l a n c o -------------------------Add — I n c o m o f r o m i n v e s t .

1921.
d o f $ 6 9 ,3 2 2

1920.
$ 2 ,8 9 8 ,5 2 5

1919.
$ 3 ,6 9 6 ,7 9 0

2 ,1 5 0 ,0 0 0
1 ,3 8 7 ,9 9 5

1 , 3 6 8 ,7 8 0

1 ,1 3 6 ,3 2 7

$ l 9 5 , 7 3 3 d f $ 3 ,6 0 7 , 3 1 7
3 3 ,6 0 2
1 1 5 ,2 9 0

$ 1 ,5 2 9 ,7 4 5
1 4 0 ,0 2 5

$ 2 ,5 6 0 ,4 5 3
1 2 ,0 0 7

T o t a l -------------- ---------------- $ 2 2 9 , 3 3 5 d f $ 3 , 4 9 2 ,0 2 7 $ 1 ,6 6 9 ,7 7 0 $ 2 ,5 7 2 ,4 7 0
In te re s t o n b o n d s
4 5 9 ,5 5 2 d e f 4 5 9 ,5 5 2
4 5 9 ,5 5 2
4 5 9 ,5 5 2
P r e f . d i v . p a y . A p r . 1 ..........................
5 8 2 ,7 3 2
5 8 2 ,7 3 2
5 8 2 ,7 3 3
C o m . d iv . p a y . M a y 1 .
---------------------(1 L 0 4 9 6 .2 6 1 ( D i ) 4 9 6 , 2 6 1

Deduct—

B a L . s u r . , f o r q u a r - - . d e f $ 2 3 0 , 2 1 7 d f $ 4 . 5 3 4 , 3 1 1 s u r $ 1 3 1 , 2 2 5 s r $ l .0 3 3 ,9 2 4
T h o t o t a l d e f i c i t a s o f M a r c h 31 1 9 2 2 a m o u n t e d t o $ 7 ,1 2 4 ,0 3 5 .
x T o ta l n e t e a rn in g s a re s ta t e d a f t e r d e d u c tin g e x p e n se s , I n c lu d in g th o s e
f o r r e p a i r s a n d m a i n t e n a n c e a p p r o x i m a t i n g $ 3 5 0 ,4 0 4 .— V . 1 1 4 , p . 8 4 9 .

Cerro de Pasco Copper Corp. (& Subsidiaries).— Earns.
Calendar Years—

1921.
1920.
1919.
1918.
S a l e o f c o p p e r , s i l v e r , A c .$ 1 7 ,5 9 2 ,0 8 0 $ 1 1 ,4 6 3 ,5 7 2 $ 1 4 ,8 8 4 ,0 5 0 $ 2 2 ,8 6 7 ,8 0 7
D ivs. a n d in t. re c e iv e d - .
1 6 0 ,0 9 3
2 ,3 1 9 ,8 9 1
1 ,2 4 7 ,9 8 2
6 7 3 ,1 4 9
M i s c e ll a n e o u s r e c e i p t s . .
1 ,1 7 3 ,0 3 5
3 5 ,1 7 5
4 6 ,6 1 2
7 8 ,8 6 5
In c r e a s e in in v e n t o r y —
4 ,3 5 7 ,1 8 3
1 ,5 2 4 ,5 7 6 x 2 , 0 0 5 ,3 6 0 d e f .1 2 4 ,9 7 0
T o t a l .......................................$ 2 3 ,2 8 2 ,3 9 1 $ 1 5 ,3 4 3 ,2 1 4 $ 1 8 ,1 8 4 ,0 0 4 $ 2 3 ,4 9 4 ,8 5 1
S m e"l t . , r e f i n . A g e n . e x p . ~~ ,9 -1 6 ,0 5 3 $ 8 , 4 1 7 ,1 9 5 $ 8 ,9 3 4 ,2 6 7
$9
"
$ 9 , 6 5 9 ,5 3 6
I n v e n t o r y D e c . 3 1 ______ 7 , 0 0 9 ,1 7 7
C u s t o m o r e s ............................ 2 ,8 0 8 ,7 3 9
2 ,0 4 3 ,2 8 8
2 ,6 4 0 ,2 4 2
8 3 2 ,5 8 7
U S . a n d f o r e ig n t a x e s . .
6 2 1 ,5 7 7
4 7 7 ,9 6 4
9 1 9 ,0 3 6
3 4 4 ,3 8 8
D e p l e ti o n o f m i n e s ____ \
S eo
2 ,7 8 1 ,6 6 4
5 5 8 ,4 2 4
2 ,8 0 6 .8 2 8
D e p re c . of p la n ts , A c .. /
b e lo w .
7 9 1 ,0 5 8
6 0 0 ,0 0 0
6 0 0 ,0 0 0
R e s e rv e fo r U . S . t a x e s . .
. ( 1 9 2 0 ) 7 0 ,0 0 0
000,000
B o n d in te r e s t" 6 3 5 " ,5 7 0 ’
______
__________
5 8 ,0 0 0
D i v s . p a i d ( p e r s h a r e ) . ( 5 0 0 4 4 9 ,1 1 5 ( 1 4 ) 3 5 9 2 , 9 1 7 ( 4 ) 3 .5 9 2 ,9 0 9 ( 5 ) 4 ,3 9 3 ,3 5 2
B a l a n c e , s u r p l u s ............$ 1 ,9 5 5 ,7 7 4 d e f $ 2 9 7 4 ,4 8 5 d e f $ 1 3 0 9 ,2 7 8 d e f $ 3 9 5 1 ,4 3 6
A d d b a la n c o J a n . 1 --------- 5 ,5 1 8 ,2 4 0
1 0 ,2 7 3 ,4 9 4
7 ,2 9 0 ,8 3 0
1 1 ,4 4 7 ,9 1 6
T o t a l ......................................... $ 7 ,4 7 4 ,0 1 4 $ 7 ,2 9 9 ,0 0 9
$ 5 ,9 8 1 ,5 5 2 $ 7 , 4 9 6 ,4 8 0
D e p re c . of p la n ts , A c ..
9 7 5 ,9 4 2 — ---------------- -S e o a b o v e —
—
D e p l e t i o n o r m i n e s _____
4 ,1 2 0 ,0 5 0 -----------------— -S e o a b o v e —
B o n d r e d e m p t i o n _______
_______ : .
2 0 5 ,6 5 0
A d j u s t m e n t _____ _______ D e b .4 1 ,3 8 3 D e 6 5 7 ? ) 8 " ,l6 6 C r .4 ,2 9 1 ,9 4 4
S u r p l u s o f s u b s id i a r i e s
e lim in a te d b y c o n s o l..
2 ,2 9 5 ,7 0 3
__________
__________
B a l a n c o , p . A 1. D e c . 3 1

—
-V. 114, p. 1656.

$ 4 0 ,3 3 6

$ 1 ,5 9 0 ,8 4 3 $ 1 0 ,2 7 3 ,4 9 6

$ 7 ,2 9 0 ,8 3 0

THE CHKONICLE

A pril 29 1922.]

C a r so n H ill G o ld M in in g C o .— New Directors.—

Bradley W. Palmer, Frederick Ayer and Clarence A. Right have been
elected directors, succeeding W. A. Ogg, II. L. Smith and the late E. A.
Clark.—V. 114, p. 1184.

C h a lm er3 M o to r C o .—-Time Extended.—

The committee for the 1st Mtge. (1% 5-year notes, M. N. Buckner,
Chairman, in a notice to the noteholders, says in brief: A substantial
amount of the notes has been deposited with the committee. The com­
mittee has extended the period within which it will receive deposits to May
9 1922. aftbr which date no notes will bo received, except, upon payment of
$10 per note of $ 1 ,000, excopt where the committeo may determine that tho
circumstances warrant a waiver of tho penalty.
In view of tho default in the payment of the April 1 interest, and tho
prospective non-payment of the principal on Oct. 1 next. It is incumbent
upon the committeo to take prompt action both with respect to the prop­
erties of tho Chalmers Company, and tho enforcement of tho rights of
noteholders.
It is tho purpose of the committee as soon as in its judgment a substantial
majority of the notes have been deposited, to cause an examination to be
made into the management and operation of the Ch diners properties by
the present Maxwell Company and its predecessors, and this examination
should bo undertaken promptly in tho interest of the deposited notes.—
V. 114, p. 1538.

C h e s a p e a k e & P o to m a c T e le p h o n e C o. o f B a lto . C ity .

— Pref. Stock Offered.—

Tho company is offering (through its own organization) at 100 and div.,
*3,000.000 of a *12,500,000 authorized 7% Cum. Pref. (a. & d.) stock.
Series A. Redeemable all or part on any div. date upon 00 days’ notice at
*110 and divs.
[Poo & Davis, Baltimore, are also offering the stock at par.]
The stock Is being offered direct to the telephone users of Maryland, for
cash or on monthly installments of *5 or multiples thereof.
Tho total outstanding interest bearing indebtedness of tho company as of
Feb. 28 1922 amounted to *3,253,104. This issue of *3,000,000 Preferred
stock is followed by Common stock amounting to *13,721,250.
Tho net income available for dividends, after meeting all interest charges,
during the year 1921, amounted to *892,915. Tho dividend on this
Preferred stock will amount to *210,000 per annum. While the rate of
return on tho fair value of the company's property is about 5.40%, the
company is able to pay 0% on its *13.721,250 of Common stock and 7%
on tho Preferred stock because the company's surplus and reserves are
invested in revenue producing plant, and tho earnings on this plant are also
available for dividends.—V. 113, p. 1986.

C itie s S e r v ic e C o .— New Directors.—

Fra nit R. Coats, John M. McMillin and W. A. Jones have been elected
directors succeeding Benjamin N. Freeman, Sir E. Mackay Edgar and
Holton II. Scott.—V. 114, p. 1769.

C it iz e n s G a s C o ., I n d i a n a p o li s .—Bonds Authorized.—

Tho Indiana P. S. Commission has authorized the company to sell at
not less than 78, *925,000 1st Mtge. & Ref. 5% bonds, to be used to pay
bank loans and taxes.— V. 114, p. 1185.

C o c a -C o la C o .— Statement for Quarters ended March 3 1 .—

1922.
Gross receipts-------------------------------------------------*3 ,205,088
Manufacturing ar.d general expenses___________ 2,258.123

1921.
SO 034.441
o.iao 844

Operating profit_____________________________ *1,006,965
Interest, discounts, &c________________________
41.849

*844,597
210,649

Net Income for quarters ending March 31_____
—V. 114. p. 951, 631.

*633,948

$965,115

C o lo r a d o F u e l & I r o n C o .— New Directors.-—

Klngdon Gould and E. II. Wcltzel of Pueblo. Colo., have been elected
directors, succeeding David II. Taylor and Willard Ward, both of New
York.—V. 113. p. 2315.

C o m p u t in g - T a b u la t in g - R e c .

C o .— Earns.—-Director.—

1895

D o m e M in e s C o ., L td .— Annual Report.—

M a r . 31 Y r s .
1922.
Oper. oarnings *1,168,607
Other income.
138,668

Tot. income.Sl ,307,275
Dopr. & depl’n 616,384
Canadian taxes
57,582
—V. 114, p. 1412.

1921.
Afar. 31 Y r s .
1922.
1921.
*704.894 Dividends----- *476,667 $438,334
247,356
Balance.. .sur*l56,642def*135,854
*95-1,250 Profit and loss
610,357 surplus----245,185
73,28041,413

D u b ilie r C o n d e n s e r & R a d io C o .— Stock Offered.—

Prlchitt & Co., New York, havo purchased and re-sold a block of no
par value Common stock of this newly organized company.
The company has taken over the Dubilier Condenser Co., the Federal
Mica Co. and the Cambridge Manufacturing Co. All of these companies
have been organized and are controlled by William Dubilier, Inventor of
the Dubilier condenser.
Capitalization of the new company consists of *500,000 8% non-cumu­
lative Preferred stock, par $100, and 160,000 shares of no par value Common,
stock.

D u P o n t C h e m ic a l C o ., W ilm in g to n , D e l.— Liquidation.
— T reasurer W . F . R askob iu a circular to th e stock h old ers
A pril 12 sa y s in brief:
The company has accomplished in a substantial degree the purposes of
its organization in having sold most of the property which it acquired in
1918, and a certificate of dissolution has been executed and filed in the of­
fice of the Secretary of State of the State of Delaware.
, fn order to properly provide for the payment or discharge of Its debts,
obligations and liabilities, and to make available for distribution the re­
maining property of the company, the directors havo sold to Industrial
Salvage Co., a new corporation organized In Delaware, all of the property
and assets of DuPont Chemical Co., including all rights, claims and de­
mands it now possesses and that may horeafter arise In Its favor, excepting
only 88,567 shares of the non-voting debenture stock of E. I. duPont de
JNemours & Co. and *1,665.074 cash now In Its treasury, the property sold
being of such a character as cannot now bo readily disposed'of. Said prop­
erty is valued at about *2.293,400, and tho new company, as a part of the
consideration for tho purchase of said property, assumes all of the liabilities
and obligations of every character and description now existing and which
may horeafter arise or accrue.
Tho existing obligations and liabilities are estimated at *556.800. The
not asset value of such property is estimated at $1,736,600. DuPont
Chemical Co. will roceivo in payment for the property 708,542 shares of
the capital stock of Industrial Salvage Co. (par *1 per share), this number
or shares being exactly equal to the total number of issued and outstandingshares of stock of the DuPont Chemical Co. and representing the total issued
and outstanding shares of stock of Industrial Salvage Co. It is intended
that tho now company proceed with the collection of the accounts and bills
receivable transferred to it and sell or otherwise dispose of the remaining
property acquired from tlio DuPont Chemical Co., distributing tho receipts
therefrom to Its stockholders after payment and discharge of its liabilities,
and obligations.
When tho transfer of the property to the Industrial Salvage Company
has been made and the details Incident to the winding up of the business of
the DuPont Chemical Co. have been completed, the assets which will be
distributed to the stockholders of the DuPont Chemical Co. will consist of:—
51.665,073 70 in cash, equal to $2 35 for each outstanding share of DuPont
Chemical Co. stock:
88,567 shares of debenture stock of E. I. duPont do Nemours & Co., equal
to one-eighth of a share of debenture stock for each outstanding share of
DuPont Chemical Co. stock;
708,542 shares of Industrial Salvage Co. stock, equal to one share of Indus­
trial Salvage Co. stock for each outstanding share of DuPont Chemical
Co. stock.
Tho stockholders of DuPont Chemical Co. of record May 20 1922 will
bo ontitled to receive their distributive share of the assets aforesaid on
said date or as soon thereafter as may be, upon surrender to the company
at Its office at Wilmington, D el., of their certificates of stock dulv assigned
in blank.
A special dividend of 20c. per share has been declared by the directors-,
of tho DuPont Chemical Co., payable on May 5 1922 to stockholders of
record at tho close of business on Apr. 25 1922, this dividend being in addi­
tion to tho liquidation dividend aforesaid.— V. 114, p. 1770.

Tho company and subsidiaries report not earnings for tlio three months
ended March 31, after deducting bond Interest, but before I'cderal taxes,
E m p ire G a s & F u e l C o ., D e l.— Bonds Sold.— T h e bankers
of *402,773, against *293,615 in the corresponding period last year.
G.
A. Post has l>con elected a director succeeding It. L. Hquston.—n am ed b elow h ave sold a t 98
and in t., to yield over 7 .6 5 %
V. 114, p. 1529. 1539.
to m a tu rity , $40,0 0 0 ,0 0 0 1st & R e f. C on v. 15-Y ear 7 X %
A

C o n e m a u g h P o w a r C o .— Sale of Property to Penn Public gold b on d s, Series “A .” (See ad vertisin g p ages.)
B a n k ers M a k in g O fferin g.- —Halsey, Stuart & Co.. Inc.; Hallgarten &
Service Corp.— To Call in Bonds Oct. 1 Next, at 10434.—
See Penn Public Sorvlco Corp. below.—V. I l l , p. 1855.

C o r n P r o d u c t s R e f. C o .— Forms German Co.— Earnings.

Tho company, It Is announced, has formed a German corporation, with
a capitalization equivalent to $1,000,000 In American money to operato
threo small plants which it owns In Germany. G. M. Moffett, George
Mahana. and J. W. Fisher, directors, are also on the directorate of tho
new company.
R e s u lts f o r Q u a r te rs e n d e d M a r c h 31.
1922.
1921.
1920.
1919.
Net earnings*---------------$2,621,287 *1,654,866 $5,684,353 S2,957,201
Othor income...................
198,020
91,269
58,080
63,188
Total Income— - - - - - *2.819.307
Interest and depreciation
655,918
Preferred divs. (1M%)“
334,472
Common dlvs. quar. (1%) 497,840
do Apr. 20 extra (M % )___ 248,920

*1,746,135 *5.742,433
463,804
637,914
434,472
321-972
497,840
397,840
248,920
248,920

*3,020,389
578,089
521,972
_____
...........

S u rp lu s..-...................
$982,167
$101,099 *3,835.786 *1,920,328
* Net earnings from operations, after deducting charges for maintenance
and repairs, and ostimated amount of Federal taxes, &c.—V. 114, p. 1539.

C o s d e n & C o. (o f D e l.), B a ltim o r e . —To Issue Stock.—

It Is understood that an offering will bo made of the unissued *3,500,000
Preferred stock, par *100. Proceeds, it is said, will bo used to pav off
current debts, i c . —V. 114, p. 1529.
7%

C o u n ty G a s C o ., A t la n t ic H ig h la n d s , N . J . —Mtge.—

Execution of a mortgage for *1,000,000 to Girard Trust Co., Philadelphia,
was recently approved by the New Jersey P. U. Commission. Tho mortgago Is dated Oct. 1 1921, duo Oct. 1 1951.
Tho Commission has sanctioned the issuance by the company of *25,000
stock at par and of *150,000 IstM tgo. 7% 30-year bonds.—V. 114 , p . 1057.

(W in .) C ram p & S o n s S h ip & E n g in e B ld g . C o .— Earns.

C a le n d a r Y e a r s —
1921.
1920.
Netearnings-----------------------------------*2,359,570 $3,261,794
Depreciation---------------------------------836,776
954,178

1919.
*2,958,286
654 099

Co.; Goldman, Sachs & Co.: Lehman Bros.: J. & W. Seligman < Co.:
fc
Spender Trask & Co.; Cassatt & Co.; E. II. Rollins & Sons; W. A. llarriman & Co., Inc.; Ladenburg, Thalmann & Co.: Central Trust Co. of
Illinois; Union Trust Co.. Chicago, and Anglo London Paris Co., San Fran.
Dated May 1 1922. Due May 1 1937. Int. payable M. & N. at Halsey.
Stuart & Co., Inc., Chicago, 111., and at office or agency of company in
N. Y. City, without deduction for normal Federal income tax not, in excess
of 2%. Denom. *1,000, *500 and *100 (c*&r*), *1,000 and multiples. Red.
all or part on 60 days’ notice after call for tenders (except through sinking
fund) at 115 and int. during first year, and thereafter at 115 and Int. less
1% for each expired year from date of issue, but at par last six months.
Penna. 4 mill tax. Conn, personal property tax not exceeding 4 mills, and
Mass. Income tax on tho Int. not exceeding 6% p. a. refunded.
S in k in g F u n d . —Company obligates itself to maintain a minimum sinking
fund for series “A" bonds, operating through Halsoy, Stuart & Co.. Inc.,
tho amount of which is calculated to retire about 60% of the series by
maturity, tho sinking fund operating quarterly, beginning Aug. 1 1922.
through tho purchaso of bonds in the market or by call by lot at 107 y . and
int. during first year, less H% for each expired year from date of issue,
but at par last six months. Company will have the right to anticipate,
and to credit bonds retired by conversion or otherwise.
L i s t in g . —Theso bonds have been listed on N. Y. Stock Exchange “when
Issued.”
C o n v e r tib le . —Convertible Into the 8% Cumulative Preferred stock on
tho basis of tho prevailing sinking fund call price for tho bonds and par for
tho Preferred stock, with adjustment for Interest and dividends.
D a ta from L e tte r o f V .-P re s. F. W. F r u e a u ff, N ew Y o r k , A p ril 24.

C o m p a n y .- —Company and its subsidiaries Is one of the largest producers
of high grade rofinablo crude oil In this country. Also owns and operates a
very Important natural gas system. Oil properties are located In what is
commonly called the Mid-Continent field in Kansas, Okla., and Texas,
and the natural gas business Is conducted principally in Kansas. Okla.
and Missouri.
Business combines tho four essentials which constitute a complete unit
in the oil industry, namely: production, transportation, refining and
marketing, and the natural gas operations include production and trunk
lino distribution to numerous markets. Company’s reserves of oil and gas
lands are among tho largest under any single management In this country.
Company owns all (except directors’ qualifying shares) of the stocks of
its principal subsidiaries, and owns a controlling interest In every other
case. Some of the subsidiaries are: Empire Gas & Fuel Co.. Empire Re­
fining Co., Empire Gasoline Co.. Empire Gas & Pipe Line Co., Empire
Natural Gas Co., Empire Petroleum Co. and (by controlling ownership)
Indian Territory Illuminating Oil Co. (For description of associated oil
properties, see V. 108, p. 2436; V. 112, p. 937.)
C a p ita liz a tio n a fte r th is F in a n c in g —

Balance, net surplus for year----------$1,355,475 $2,134,554 *2,104,562
Samuel F. Pryor has been elected a director, succeeding Percy M
Chandler.— V. 114, p. 1291.
J

C r u c ib le S te e l C o. o f A m e r ic a .— Obituary.—
Robert II. Illingworth, until Apr. 1 a director and Vico-President, died
in Newark, N . J-, Apr. 23.— V. 114, p . 1291.

C u b a C a n e S u g a r C o r p o r a tio n . —Acceptances.—

The company will meet Its May l sugar acceptance obligation of *7.000,000. A new credit of a like amount, It is understood, will be obtained,
secured by sugar at 2c .a lb., at Cuban ports. The value of sugar is to bo
kept 20% above the amount of credit outstanding. It is stated that nine
New York banks will take up tlie new acceptanc es.— V. 114. p. 526, 515.




A u th o r iz e d . O u ts ta n d in g .

1st & Ref. Conv. 15-yr. 7 Its. series “A” (this issue)
a
x*45,000,000
Division bonds, due 1926 and 1927----------------(Mtges. closed) 12.183,500
Preferred 8% Cumulative stock-------------------------b
22,819,200
Common stock_________________________ *75.000,000
75,000,000
xOf tho *45,000.000 of bonds to be presently outstanding. 85.000,000
will bo taken directly in discharge of indebtedness.
a Total authorized under the indenture, 8150.000,000 (including series
"A,” *50,000,000). Issuance of additional bonds restricted by provisions
of tho trust Indenture, b Authorized to lie issued according to definite
provisions and certain restrictions up to *500,000.000.
K a r n ittg s .-—For the year ended Nov. 39 1921, gross earnings were
*38,453.751. and earnings directly applicable to bond interest (after
deducting all taxes, *2,100,000 of extraordinary maintenance and over
$1,000,000 for Inventory adjustment) amounted to *0,311,691.
Gross oarnings for the 4 years ended Nov. 30 1991. were in excess of
*227,000,000, or an annual average of over $50,700,000. The earnings

3896

T H E C H R O N IC L E

for the same period directly applicable to bond interest, after deducting
all taxes and further deductions previously mentioned, were $72,110,392,
or an annual averago of $18,027,598. The annual interest on bonds
outstanding, upon completion of present financing inquires $4,106,010.
During the four years ended Nov. 30 1921, the company has distributed
to its Common stock less than $6,000,000 in cash as compared with the
above mentioned earnings for that period of $72,110,392.
P u r p o s e . —-Proceeds from this issue will provide for the immediate retire­
ment of S21,970,700 bond secured notes due 1924, for payment of indebted­
ness contracted in the usual course of business, and to increase the working
\t a n a g e m e n t & C o n tr o l. —Management is under the direction of Henry
L, Doherty & Co. All of the Common stock (except director’s qualifying
shares) is owned by Cities Service Co.
_

T h e co n so lid a ted b alan ce sh eet as o f N o v . 30 1921 is
g iv e n u n der “F in a n cia l R ep o rts” a b o v e .— V . 114, p . 1770.
G e n e r a l F ir e P r o o fin g C o .— New Director.—

W. A. Thomas, former President of the Brier Hill Steel Co., has been
elected a director, succeeding R. M. Thell, who will continue as Secretary
and Treasurer.—V. 114, p. 527.

G e n e r a l M o to r s C o r p .— S to c k h o ld e rs — B o o k le t — O f fic e r s .

The number of stockholders of record April 7 1922, by classes, follows:
6% Preferred, 3.365; 6% Debenture. 9.963; 7% Debenture. 8,746; Common,
50,591; total, 72,665 This compares with a total (all classes) of 59,059
stockholders at t he beginning of the second quarter of 1921
Dominick & Dominick, 115 Broadway, New York, have Issued a rather
elaborate book entitled “ General Motors,” which, it is believed, is the most
complete and authoritative description and analysis of this great corpora­
tion yet published.
The book shows in detail the corporate structure of General Motors,
illustrated by a new and interesting chart showing the relation of the
constituent units of the corporation. It also describes the financial struc­
ture and analyzes the investment position of the senior securities.
The financial committee has been increased from 10 to 11 members by
the election of Alfred P Sloan, Jr., Vice-President in charge of operations.
At annual meeting of stockholders of General Motors Corp. on April 19
the 28 directors now constituting the board wore re-elected and the three
existing vacancies wero filled by the election of: George H. Hannum,
General Manager of the Oakland Motor Oar Co.; Alex. B. C. Hardy,
General Manager of the Olds Motor Works: Herbert H. Rice, General
Manager of the Cadillac Motor Car Co.—V. 114, p. 1658, 1646.

G e r m a in L a n d & T im b e r C o .— B o n d O f fe r e d . —

McLaughlen. MacAfeo & Co., Pittsburgh, are offering at 100 and int.,
$300,000 1st Mtgo. 8% Sinking Fund Gold Bonds, dated April 1 1922,
due April 1 1932. Guaranteed unconditionally—principal, interest and
sinking fund by Tho Germain Company of Pittsburgh. Peoples Savings
& Trust Co., Pittsburgh, Trustee.
. . . .
Bonds aro secured by a closed first mortgage on timber lands, mills,
houses, railroad and miscellaneous equipment valued at $800,000. Pro­
ceeds will be used to retiro loans madoby the company for the acquisition
of timber lands and the construction of mills.
.

[V o T i.

1 1 4 .

In case of over-subscription, allotments to be made on a pro rata basis.
S u b s c r ip tio n R ia h ts E x p ir e . —Subscriptions to be offered immediately and
to expire April 26 1922. Terms: 10% with subscription: 30% May 15;
30% June 1: 30% July 1, with adjustment of int. on partial pavmonts.
Payments are to bo made (in N. Y. or Syracuse funds) to Stono. Sovmour
& Co., Syracuse, N . Y. [It is announced that tho entire issue of $150,000
has been fully subscribed for and tho books closed.]
C a p ita liz a tio n o f N e w C o m p a n y a n d A p p r o x im a t e T a b le o f E x c h a n g e . — [E d .
O u t s t a n d in g --------------- W ill R ec eive E x is tin g S e c u r itie s —
A b o u t.
I s t M . 7 s . 7% I n c .B d s . C o m .S h s .
To be sold for cash_________ _____
$150,000
.............................
Creditors (Incl. $595,500 6%
notes) who subscribe..........$855,985 (see rights) $855,985 8,560 shs.
10 shs.
Each $1.000____________ _____
1,000
Creditors not subscribing—
10 shs.
Each $1.000.................................... .
Pref. stock subscribing_____
4,500 (seo rights)
45 shs.
4,500
Pref. stock non-subscribing
(each $100)..........................................
H sh.
3,164 shs.
Common stock subscribing.. 316,362 (see rights)
1 sh.
Each $100............................................
F ir s t M to e . C o n v e rtib le 7 % C o ll. T r u s t B o n d s . —Dated May 1 1922: due
May 1 1939. Int. payable M. & N. Denom. $1,000, 8500 and $100 (c).
Callable all or part by lot at 110 and int. City Bank Trust Co., trustee.
Auth. and to be Issued, $150,000, secured by $100,000 Sizer Steel Co. 1st
Mtge. bonds, due May 1 1937; $100,000 Sizer Steel Co. Gen. Lien Mtgo.
bonds, due May 1 1939, and 1,500 shs. (no par) Sizer Steel Co. Com. stock.
C o lla te r a l T r u s t 7 % C u m u l. In c o m e B o n d s. — Dated May 1 1^22: due May 1
1940. Int. payable M. & N. Denom. $1,000. $500 and $100 (r). Calla­
ble all or part at par and int. Svracuso Trust Co., trustee. Amount
auth. to be limited to amount of allowed claims of subscribing creditors
and par value of present holdings of subsorlbiru? Pref. stockholders. The
amount to be issued Is to be determined bv subscribing creditors and par
value of present holdings of subscribing Pref. stockholders.
'
Secured by $700,000 Sizer Steel Co. 8% Preferred stock. All the not
cash earnings of the company in int. and divs. received from the collateral
to this issue and the 1st Mtge. Conv. 7s above to be applied .after payment
of int. on 1st Mtgo. 7s, to payment of Int. on this Issue. Anv balance un­
paid to be cumulative. Principal payable In cash or Sizer Steel Co. 8%
Prof, stock pro rata at the option of the company.
C o m m o n S tock (N o P a r V a lu e ) . —Amount authorized to be later deter­
mined: amount to be issued to be determined bv subscribing Common stock­
holders and non-subscribing creditors and Pref. stockholders.
Tho Common stock is to bo placed in voting trust, of which C. If. San­
ford. S. F. Hancock and Walter R. Stone will lie the voting trustees until
the Income bonds are retired, unless sooner terminated.
H is to r y a n d C a p ita liz a tio n o f S iz e r S tee l C o r p o r a tio n . B u ffa lo , N . Y .

Business was established in 1872 with an initial investment of $10,000.
Since that time, in addition to the income to tho owners, net profits of ap­
proximately $2,500,000 have been reinvested in the business. Plant covers
approximately 5 acres. The plant is only equipped to handle large sizes,
and in order to round out Sizer production, it is desirable to deliver to their
customers all sizes. With this in view, the company has entered into ne­
gotiations with tho Hammond Stoel Co., Tne., noteholders' protective com­
mittee
G r e a t L a k e s E n g in e e r in g W o r k s, R iv e r R o u g e , M ic h . smallerfor the acquisition of their plant, because It is equipped to handle the
sizes.
The stockholders Fob. 28 1922 voted to increase the authorized capital
operation
stock from $600,000 to $1,500,000 tpar $10) and authorized the directors byThe cash requirements of the enlarged B. Porter, have lieon under-written
substantial Now York
C.
President, and Griffith
to distribute 15.000 shares out of said increase by way of 25% stock dividend Robinson, V.-Pres. & Gen.bankers. the Sizer Forgo Co., will continue as the
Mgr. of
proportionately to the holders of record of the Common stock on March 1 active executives of tho consolidated companies. S. F. Hancock and W. It.
1922. Fractional shares, if any. to be adjusted in cash.
The stockholders of record March 1 1922 were also given the privilege Stono of Syracuse will be directors.
Capitalization—
Authorized.
of subscribing and paying for in cash on or before March 31 1922, their 1st Mtgo. 7% bonds, due May 1 1937____________ $1,250,090 O u tsta n d 'g .
$1,250,000
proportionate part of 10,000 additional shares of the ino-ease, at par.
463.000
General Lien
7%
500.000
The directors were authorized to dispose of any part of the 10,000 shares 8% Preferred Mtgo. (par bonds, duo May 1 1939----- 3.000.000
.
stock
$100)__________________
700.000
not subscribed for at not less than par.—V. 114, p. 1186.
Common stock (no par value)__________ - .........- 30,000 shs. 30,000 shs.
Compare V. 113. p. 1893; V. 114, p. 1540.
G u lf S t a t e s S t e e l C o r p .— E n m i v a s . —
The companv reports for quarter ending March 31 1922, net operating
(H . J .) H e in z C o ., P it t s b u r g h (F o o d P r o d u c t s ) .—
Income $166,966. Net income after deductions for taxes, depreciation
All of the outstanding 10-Year
and other charges. $80,316; against deficit of $102,917 In first quarter or been called for payment June 1 at 7 % Gold Notes, dated Dec. 1 1920, have
104H and Int. at the Guaranty Trust Co.,
1921.
— V. 114, p. 1292.
140 Broadway, Now York City.— V. I l l , p. 2047.

H a m m o n d S t e e l C o ., I n c .— Reorganization Plan.— S to n e ,
S eym ou r & C o ., S y ra cu se, N . Y ., as reorgan ization m a n a g ers,
in a n o tice to th e holders o f 10-Y ear 6% G old N o te s and to
all oth er cred itors, an n ou n ce th a t th e reorgan ization p lan
d ated A pril S 1922 h as b een declared op era tiv e.

In connection with the carrying out of the plan, all creditors have been
given tho privilege of subscribing at 90 and int. for 1st Mtge. Conv. 7%
Coll. Trust bonds due May 1 1039 of the Syracuse Steel Co., Inc., a cor­
poration now being organized by the noteholders’ protective committee
for the purpose of effecting the reorganization.
. . .
,
The entire issue of $150,000 1st Mtgo. bonds provided for under the plan
has been purchased, subject to this offering, by a group of the larger cred­
itors of the company.
.
. . . .
Tho 1st Mtge. bonds entitle the holders thereof, upon presentation at City
Bank Trust Co., Syracuse, N. Y., to receive without additional charge,
on and after June 1 1022. voting trust certificates for fully paid no par
value shares of tho Common stock of the new company at the rate of one
share for each $100 of 1st Mtge. bonds.
.
. ..
...
The conversion privilege elves the holders of 1st Mtgo. bonds the right
to oxchango at any time for Sizer Steel Corp. 8% Preferred stock (par $100
and cumul. after Jan. 1 1925) and Sizer Steel Corp. Common stock (no
par value), on the basis of one share each of Sizer Steel Corp. I referred and
Common stock for each $100 of 1st Mtge. bonds.
.. .
Under tho terms of tho plan the creditors who subscribe for their pro
rata share of 1st Mtge. bonds will receive, in addition to tho Common stock
secured by the purchase of the 1st Mtgo. bonds. $100 of Coll. Trust 7 ^
Income bonds for each $100 of obligations, including int. at 6% to May 1
1922, which they now hold.
.
__._____
Under tho terms of tho plan non-subscribing creditors recelvo one share
of the new company’s Common stock for each $100 of allowed claims,
Instead of Collateral Trust Income bonds.
a „ .
R e o r g a n iz a tio n C o m m itte e .—Stewart F. Hancock, C. Hamilton Sanford,
Willard W. Seymour. Depositary. Syracuse Trust Co., 328 South Warren
S t N o te h o ld e rs ’ C o m m itte e .— Willard W. Seymour, Chairman; Charles S.
Estabrook. Douglas E. Petit, Christopher C. Bradley Jr. and Albert E.

H e r s h e v C h o c o la te C o r p o r a tio n .— Annual Report.—

A consolidated statement of earnings (Including subsidiaries) for the
calendar year 1921 shows: Gross profit. $7.331,274: net Income, after deduc­
tion of expenses, interest, Federal tiros. ■$"•., $1,183,978; dividends, $130,­
849 leaving a surplus for tho year of $1,053,128.— V. I l l , p. 77.

H e y d e n C h e m ic a l C o. o f A m e r ic a , I n c .— Annual Report.
Y e a r E nded

D e c . 31 ’21.
Total sales.......................$1,31 1.922
Cost of sales__________
1.170,927
Gross profit on sales.. $140,995
Administrative expense.
117.384
Selling expense_______
148.955

15 M o s . E n d . - Y e a r s e n d . S e p t. 30D e c . 31 '20.
1920.
1919.

Net profit on sales__ Ioss$125.344
Int. on bank bais. & Lib.
bonds, disets. A other
miscellaneous income.______2,031
$123,313 '
4,967
Discounts allowed_____
Inventory adjustments.
allO .515

$4,484,854
3.751.857
$732,997
164.968
333,740

$4,114,199 $3,072,046
3.360,563 __2.561 A4 6
$717,636
$510,599
119.125
102.428
287.129 i 259,789

$234,288

$341,382

$148,381

31,192
$265,481
24.516

26,773
$368,155
22.860

34,050
$182,432
21,783

N et inc. from oper..loss$238,794
$240,964
$345,294
$160,649
The balance sheet as of Dec. 3l shows cash, $28,014: inventories, $465,­
514; notes payable, $431,792: accounts payable, accrued taxes and Interest,
$117,834: surplus and undivided profits. $177.622.— V. 112, p. 2311.

H u d son
M otor
C ar
C o . — Stock Sold— Merger of
Hudson and Essex Companies.— ITornblowor & W eek s, B lair
& C o. B ernard, Schollo & C o ., C. D . B arn ey & C o ., D o m i­
nick & D o m in ick , N e w Y ork: O tis & C o ., C levelan d , and
F irst N a tio n a l C o ., D e tr o it, h a v e so ld 4 0 0 ,0 0 0 shares of
cap ital stock a t 820 per sharo.

Data from Letter of President Roy D. Chapin, April 27 1922.
Company.—Organized in Michigan. Has arranged to acquire in ex­
out tho change tor Hudson stock approximately all of (he stock of (he corporation
reorganization, the noteholders’ protective committee aro Joining with known as the Essex Motors, and thus will control completely the manufac­
some of the larger creditors in the incorporation of Syracuse Steel Co., or ture, sale and profits of both corporations.
The Hudson Motor Car Co. manufactures the well-known Hudson Supersome other suitable name, which purposes to purchase all of the assets of
the Hammond Steel Co., Inc. IThe property was bought in at Syracuse, Six and Essex motor cars, and is one of the largest, makers of automobiles
April 14 by Edward C. Kaurman, Sec. of Noteholders’ Committee for the In the world. It has extensive modern plan's In Detroit. During past
12 years there have been a total of 170.000 Hudson cars sold, and this
nominal bid of $50,000.]
year's schedule calls for 24,000. Hudson ear business should total this
S iz e r S tee l C o .— The now company proposes to sell all Of the aboveyear $35,000,000. It is expected that over 25,000 Essex cars will be manu­
mentioned assots to the Sizer Steel Co. for (a) $100,000 Sizer Steel Co.
7% General Lien Mtge. bonds: (ft) $700,000 Sizer Steel Co. 8% Prof, stock factured this year. The Essex car business should amount to $20,000,000,
(par $100); and (c) 1,500 shares Sizer Stool Co. (no par) Common stock. which would make a total volume of Hudson and Essox business of $55,000,O ffe r in g o f $ 1.250,000 S iz e r S tee l C o. R o n d s .—Tho corporation agrees upon
Capitalizalion. Ac.—Capital on completion of presont readjustment will
public offering of $1,250,000 Sizer Steel Co. 1st Mtge. 7% bonds duo May 1
1937 (underwritten; see below), to purchase $100,000 par value of the bonds consist of 1,200.000 shares Common stock, no par value. Also 100 shares
Common stock, par $10. to comply with Michigan law. Company has an
option on these 100 shares, to retire the same at any time. Has no secured
I H n c t w ^ o f th e ° N e w C o r p o r a t io n — S. F. Hancock, President City Bank
Trust Co.; C. II. Sanford. Pres. Syracuse Trust Co.; W. R Stone. V -Pres. debt (except a $112,000 purchase money lien, payable $7,000 quarterly),
Stono, Seymour & Co.. Inc., and two others to be named by the subscrib­ and has ample working capital for its business.
Dividends—Earnings.— Dividends are now being paid at tho rate of about
ing Common stockholders.
$2,000,000 a year and the policy of the company will be to start on the basis
S u b s c r ip tio n R ig h ts o f C r e d ito r s a n d P re s e n t S to ck h o ld e rs to lsf M tg e . 7 s .
of .$2 per share per annum on the new non par share capitalization.
C r e d ito r s .—Creditors at the close of business Oct. 4 1921 have the right
We estimate net profits, after taxes and depreciation, for the present fiscal
to subscribe to $150,000 1st Mtgo. Conv. 7% Coll. Trust bonds due May 1 year, ending Nov. 30 1922, as over $5,000,000, or the equivalent of over
1939 at 90 and int. on the basis of $15 bonds (incl. Common stock) for each $4 per share.
Listing.—Application will be made to list the stock on the N . Y . Stock
^ ^ e f e r r e d ° S to d c h o ld e r s .—Preferred stockholders have tho right to subscribe
Exchange.— V. 113. p. 2825.
to $150,000 1st Mtgo. Conv. 7% Coll. Trust bonds at 90 and Int. on the
I l li n o is S te e l C o .— Bonds Offered.—
basis of $50 of bonds for each $100 of their present Prof, stock holdings.
J. 8. Bache U Co. and Paine, Webber & Co. are offering a block of
C o m m o n S to c k h o ld e rs .— Common stockholders have the privilege of sub­
scribing to $150,000 1st M. conv. 7% Coll. Trust bonds at 90 and int. on $250,000 4V5s. due April 1 1940, at 93 H and Int. Unconditionally guar­
the basis of $25 of bonds for each $100 of their presont holdings of Com­ anteed, principal and Interest, by the United States Stoel Corp.— V. 113,
p. 2317.
mon stock.
^
R e o rg a n iz a tio n P la n D ate d A p ril 8 1922.
N e w C o m p a n v to A c q u ir e Assets.—For the purpose of carrying




I
1897

THE CHRONICLE

A pril 29 1922.]

I n d u s tr ia l S a lvage C o.— Organized to Succeed Du Pon
Chemical Co. in D issolution.—
See D u P o n t C h e m ic a l C o . a b o v e .— V . 1 1 4 , p . 1 7 7 1 .

I n la n d M arine C orp .— New President.—

M cC ord M a n u f a c t u r in g C o . — E a r n i n g s .—
F o r th o f ir s t q u a r t e r o f 1 9 2 2 , n e t e a rn in g s o f a ll d e p a r t m e n t s b e fo r e
d e p r e c i a t i o n w e r e in e x c e s s o f $ 1 0 0 ,0 0 0 .
F o r t h e m o n th o f M a r c h tw o
d e p a r t m e n t s s h o w p r o f i ts o f $ 8 3 ,0 0 0 a n d t h e e a r n in g s o f a ll p l a n t s a f t e r
c h a r g e s w e r e $ 3 6 , 0 0 0 (“ C h i c a g o E c o n o m i s t ” A p r i l 2 2 . ) — V . 1 1 4 , p . 1 0 6 9 .

P a u l D . S e x to n h a s b e e n e le c te d P r e s id e n t, su c c e e d in g W a lte r W . N ic h o l­
s o n .— V . 1 1 4 , p . 1 2 9 2 .

M agm a C o p p e r C o . — T o C h a n g e P a r V a lu e o f S to c k —
S to c k h o ld e rs to Be G iv e n R ig h t to S u b s c r ib e to $3,600,000 B o n d s .

I n te r n a tio n a l A g ric u ltu r a l C orp.— Sales— Business, &c.

T h e s t o c k h o l d e r s w ill v o t e M a y 8 (1 ) o n c h a n g in g t h e $ 1 , 7 5 0 ,0 0 0 a u t h .
c o m m o n s to c k , p a r $ 5 . in to a n e q u a l n u m b e r o f s h a re s w ith o u t p a r v a lu e ,
a n d p ro v id in g fo r th o e x c h a n g e o f th e s h a re s o f th e o u ts ta n d in g s to c k fo r
a n e q u a l n u m b e r o f s h a re s w ith o u t p a r o r fa c e v a lu e .
(2 ) O n a u t h o r i z i n g
$ 3 ,6 0 0 ,0 0 0 1 0 - Y e a r 7 % C o n v e r tib le G o ld B o n d s , to b e d a te d J u n e 1 1 9 2 2 ,
a n d to m a tu r e J u n e 1 1 9 3 2 . a n d c o n v e rtib le in to th e c o m m o n s to c k w ith o u t
p a r v a lu e a t th o r a t e o f 15 s h a r e s o f s a id s to c k fo r e a c h $ 5 0 0 o f b o n d s .

T h e f o llo w in g p u b lis h e d a r t i c l e is u n d e r s to o d b y t h e “ C h r o n ic le ” to b e
s u b s ta n t ia l ly c o rr e c t: “ S a le s so f a r th is s p rin g h a v e c o m p a r e d f a v o r a b ly
w ith a n v p r o v io u s p e rio d .
B u s in e s s h a s b e e n la r g e ly fo r c a s h .
O n th e
o t h e r h a n d , c o lle c tio n s o f o ld a c c o u n t s h a v e b e e n s lo w , f a r m e r s p r e f e r r in g
to l e t o ld d e b ts g o o v e r a n d p a y c a s h fo r c u r r e n t f e r tiliz e r n e e d s.
“ S in c e J u n e 3 0 1 9 2 1 a b o u t $ 2 ,1 5 0 ,0 0 0 h a s b e e n c o lle c te d a g a i n s t o ld
a c c o u n ts .
T h is , w i t h c a s h s a le s o f s o v e ra l m illio n s , h a s e n a b le d t h e c o m ­
p a n y to f in a n c e i ts o p e r a tio n s a n d r e d u c e f lo a tin g d e b t, w h ic h s to o d a t
$ 1 4 ,1 3 5 ,0 0 0 J u n e 3 0 1 9 2 1 , b y a p p r o x i m a t e l y $ 2 ,0 0 0 ,0 0 0 .” — V . 1 1 3 , p . 1 5 7 1 .

In tern a tio n a ,! H a rv ester C o., I n c .— Assembly Plant.—
T h e c o m p a n y is p l a n n i n g t o c o n s t r u c t i t s n e w m o t o r t r u c k
p la n t a t F o r t W a y n e , In d .— V . 114, p . 1529, 1402.

a s s e m b ly

I n te r n a tio n a l P ap er C o . — New Director.—M a lc o lm G . C h a c e h a s b e e n e le c te d a d ir e c to r s u c c e e d in g W . D . R u s s e ll.
— V . 114, p. 1658, 1047.

Iro n P ro d u c ts C orp., N . Y . C ity .— Capital Increase.—
T h e s to c k h o ld e rs v o te d A p ril 2 0 to in c re a s e th e a u th o r iz e d C o m m o n
s to c k f r o m 1 5 0 ,0 0 0 s h a r e s t o 3 0 0 ,0 0 0 s h a r e s , n o p a r v a lu e .— V . 1 1 4 , p .
1658, 1771.

Isla n d C reek C oal C o.— Earnings.—
T h e c o m p a n y r e p o r t s f o r t h o q u a r t e r e n d i n g M a r c h 3 1 , p r o f i t f r ° 1}1
t i o n s , $ 1 ,0 2 1 ,0 2 0 : d e p r e c i a t i o n , $ 1 5 1 ,1 4 5 : F e d e r a l in c o m o t a x e s , $ 1 0 9 ,9 8 6 ,
a n d s u r p lu s . $ 7 6 0 ,4 9 0 .— V . 1 1 4 , p . 1 5 1 0 , 1 1 8 0 .

J o n e s B ros. T ea C o., I n c .— To Retire Stock— Directors.—
T h e d ire c to r s h a v e f o rm a llv a p p ro v e d th e p u r c h a s e a n d r e tir e m e n t o f
$ 1 0 0 ,0 0 0 o f P r e f e r r e d s to c k .
T h e f illin g o f t h e tw o a d d itio n a l d ir e c to r s h ip s
c re a te d a t th o r e c e n t a n n u a l m o v in g o f th o s to c k h o ld e rs w a s d e fe r r e d u n til
a la te r m e e tin g .— V . 1 1 4 , p . 1 7 7 1 .

K a n sa s & G u lf C o.— A nnual Report.—

, , ,

,

T h e in c o m e a c c o u n t f o r t h e y e a r e n d in g D e c . 31 1921 s h o w s t o t a l s a le s
$ 2 , 3 1 4 , 8 5 8 , o f w h i c h $ 2 0 2 9 . 0 3 2 w e r e f r o m o i l: c o s t, o f s a l e s $ 1 , 0 0 7 , 0 3 7 ,
o p e r a t i n g p r o f i t . $ 1 .2 4 7 ,2 2 1 ; g e n e r a l a n d a d m i n i s t r a t i v e e x p e n s e s , $ 2 2 3 ,5 1 8 ,
n e t p r o f i t , $ 1 ,0 3 7 .9 4 5 .— V . 1 1 4 , p . 1 7 7 1 . #

(J u liu s) K ayser & C o.— Listing— Walton M ills Co.—
T h e N o w Y o rk S to c k E x c h a n g e h a s a u th o r iz e d th e lis tin g o f te m p o r a r y
v o t in g t r u s t c e r t if i c a t e s r e p r e s e n tin g 7 0 .0 0 0 s h a r e s o f t h e i r e f . s to c k , n o
p a r v a l u e , a n d t e m p o r a r y v o t i n g t r u s t c e r t i f i c a t o s r e p r c s e n t i n g b > 0 ,0 0 0
s h a r e s o f C o m m o n s to c k , n o p a r v a lu e .
O f t h e 7 0 .0 0 0 s h a re s o f I r e f.
s t o c k , 6 0 . 1 1 5 s h a r e s h a v e b e e n I s s u e d , a n d o f t h o ^ 5 0 .0 0 0 s h a r e s o f C o m m o n
s to c k , 1 1 5 ,7 0 0 s h a r e s h a v e b e e n Is s u e d o r a r e p r e s e n tly is s u a b le p u r s u a n t

™
“ t S

l S

i S

S S S g
' J

g

W

j J

' t f

S h f ’& u o . M I U , c o r p

w ith JU IIU ,

t h a t t h e m e r g e r o f th o W a lto n C o . w ith t h e p a r e n t c o m p a n y m o a n s n o
c h a n g e in c o n tr o l , m a n a g e m e n t o r p r o c e d u r e .
\ . 114, p . Io 4 0 .

K e y sto n e W a tch Case C o.— Dividend Decreased.—

A q u a r t e r l y d i v id e n d o f H o f 1 % h a s b e e n d e c la r e d o n t h e o u t s t a n d in g
$ 6 ,0 0 0 ,0 0 0 c a p i t a l s to c k , p a r $ 1 0 0 , p a y a b le M a y 1 t o h o l d e r s o f r e c o r d
A p ril 2 1 .
T h is c o m p a re s w ith 1
% p a id q u a r t e r l y f r o m A u g . 1 1 9 1 6 to
F e b . 1 1 9 2 2 , in c lu s iv e .
Balance Sheet Dec. 3 1 .

Assets—■
P l a n t a s s e t s ..............
I n v e n t o r i e s ........... I n v e s t m e n t s ...........
A c c ts .& n o te s r c c .
C a s h __________
T o t a l (e a c h s id e )
— V . 113, p . 1 6 8 2 .

1921.
1920.
TAabllUies—
$
J
4 ,1 2 2 .5 0 1 C a p i t a l s t o c k -------- 6 ,0 0 0 ,0 0 0
4 ,1 0 8 .4 9 2 A c c o u n ts p a y a b l e .
3 9 5 .5 2 1
1 ,8 3 5 .2 0 3 R e s e rv e f o r d c p r e c . 1 ,9 2 4 ,9 0 6
2 ,4 1 7 .7 7 2 O t h e r r e s e r v e s -----3 6 9 ,4C4
6 0 ,0 0 0 D l v . p a y . F e b . 1 ’2 2
90.000
U n d iv id e d p r o fits .
9 2 1 ,3 4 5
1 2 ,7 0 1 ,2 3 0 1 2 ,5 4 3 ,9 6 8 S u r p l u s ------------------ 3,000.000
1921.
*
4 ,2 7 4 ,5 4 8
4 '7 4 1 ,8 1 U
1 .8 2 5 ,0 8 9
1 ,8 2 1 ,3 2 4
3 8 ,4 0 5

1920.
$
6 ,0 0 0 .0 0 0
275 623
1 ,7 6 8 0 6 5
383 818

90 000

1 ,5 2 6 463

2,500i000

(G. R .)K in n e v C o., I n c .—
T h is c o m p a n y , w h ic h o p e ra te s a c h a in o f 104 sh o o s to r e s , r e p o r ts t h a t
E a s t e r S a t u r d a y s a le s w e r e $ 2 4 1 ,6 4 4 , b e in g t h e la r g e s t, E a s t e r b u s in e s s
in th o h is to r y o f th e c o m p a n y .
T h e n e w s to r e in W ic h ita , K a n ., o p e n e d
A p r il 22 w ith s a le s o f $ 3 ,4 2 6 .— V . 1 1 3 , p . 2 3 1 7 .

(S. S.)Kre<tge C o.— Sales.—
S a le s f o r t h e p e r i o d J a n . 1 t o A p r il 1 5 a r e r e p o r t e d a t $ 1 4 ,8 7 1 ,9 5 4 a s c o m ­
p a r e d w i t h $ 1 3 ,4 5 1 ,2 7 9 in 1 9 2 1 — a n i n c r e a s e f o r t h e p e r io d o f 1 0 % .
S a le s
f o r t h e w e e k A p r il 8 t o A p r il 1 5 w e r e $ 1 ,5 0 7 ,0 0 0 a s c o m p a r e d w i t h $ 9 5 6 ,8 5 9
in 1 9 2 1 .— V . 1 1 4 , p . 1 6 5 9 .

L ocke I n s u la to r C orp.— Bonds Offered.— W. W . L anahan
& C o ., B a ltim o re, and W est & C o ., P h ila ., are offerin g, a t
100 and in t,. 8 7 5 0 ,0 0 0 1st M tg o . 7% 20-Y ear S in k in g F und
G old B on d s, Series “ A .”
D a te d A p ril 1 1 9 2 2 .
D u o A p ril 1 1 9 4 2 .
I n t. p a y a b le A . & O . a t E q u it­
a b le T r u s t C o ., B a ltim o r e , tru s te e .
C o rp o ra tio n a g re e s to p a y n o rm a l
F e d e r a l I n c o m o t a x n o t t o e x c e e d Z /ci t a ls o a g re e s to r e f u n d M a r y l a n d
S t a t e t a x o f 4 6 -1 0 m ills a n d 1 e n n ^
t o n AT n i V „ „ R o d a t 1 0 7 Vi o n
a n y in t. d a to o n 6 0 d a y s n o tlc o .
D e n o m . $ 1 ,0 0 0 . $ 5 0 0 a n d $ 1 0 0 (c* ).
Business.— F o u n d e d i n 1895 a n d i n c o r p . In M a r y l a n d . C o r p o r a t i o n
p r o d u c e s a ll t v p e s o f i n s u la to r s fo r p o w e r tra n s m is s io n a n d s p e c ia l d e s ig n s
o f h ig h v o lta g o p o r c e la in s fo r t r a n s f o r m e r s , b u s b a r s u p p o r t s , d is c o n n e c tin g
s w itc h e s , lig h tn in g a r r e s te r s , & c.
O w n s v a lu a b le p a te n ts c o v e rin g m a n u ­
f a c t u r i n g p r o c e s s e s , i n s u la to r d e s ig n s a n d a c c e s s o r ie s .
General Electric Co. Interest. A -t. U n d e r d a t o o f S o p t . 2 1 1 9 2 0 , G e n e r a l
E le c tr ic C o . a c q u ir e d o n e -h a lf o f th e c o m m o n s to c k o f L o c k e I n s u la to r C o rp .
f ro m th o S y m in g to n in te r e s ts a n d e n te r e d in to a n a g r e e m e n t b y w h ic h t h e
G e n e r a l E l e c t r ic C o . s o ld a n d t r a n s f e r r e d to t h e I n s u l a to r C o r p . i ts e n ti r e
g o o d w ill a n d b u s in e s s in i n s u l a to r p u r p o s e s .
T h e a g r e e m e n t a ls o p r o v id e s
t h a t th o G e n e r a l E l e c t r ic C o . a n d t h e I n s u l a to r C o r p . s h a ll o x c h a n g o a ll
te c h n ic a l In fo r m a tio n c o n c e r n in g in v e n tio n s a n d p a te n t s , a s f a r a s th e I n s u ­
l a t o r C o r p o r a t i o n ’s f i e l d is c o n c e r n e d .
. . . .
T h e I n t e r n a t i o n a l G e n o r a l E le c tr ic C o . (w h ic h c o m p a n y d o e s t h e fo re ig n
b u s in e s s o f t h e G e n e r a l E l e c t r ic C o .) a c t s a s f o re ig n s a le s a g e n t f o r t h e
In s u la to r C o rp o ra tio n .
Earnings for Year ending Dec. 3 1 1 9 2 1 .
N e t s a le s
------------------ --------------- ---------------...
---------------------- S I ,835 .093
C o s t o f g o o d s s o l d , s e l l i n g & a d m . e x p . , f e d e r a l t a x e s , h e _____ 1 . 5 7 5 ,4 4 5
N e t e a r n i n g s ------------------------------------------ . . . ............... ..................................... $ 2 5 9 , 6 4 8
I n t e r e s t o n $ 7 5 0 , 0 0 0 F i r s t M o r t g a g e b o n d s -------------------------$ 5 2 ,5 0 0
Sinking Fund - T h e t r u s t d e e d p r o v i d e s f o r a s i n k i n g f u n d t h a t w i l l
—
r e t i r e th e e n tir e Issu e b y m a tu r ity .
Purpose.— T o r e i m b u r s e t h e t r e a s u r y In p a r t Tor i t s e x p e n d i t u r e s o f a b o u t
$ 1 ,0 0 0 ,0 0 0 fo r t h e B a ltim o r e p l a n t a n d to f u r n i s h a d d it i o n a l w o r k in g c a p it a l.
Capitalization After This Financing—
Authorized.
Issued.
F i r s t M o r t g a g e b o n d s -------------------------- ------------------- -------- $ 2 , 0 0 0 , 0 0 0
$ 7 5 0 ,0 0 0
P r e f e r r e d 7 % C u m u l a t i v e s t o c k s ........................................... 1 . 0 0 0 .0 0 0
1 ,0 0 0 ,0 0 0
C o m m o n s t o c k , n o p a r value ...................................... .................3 0 , 0 0 0 s h s .
2 0 ,0 0 0 sh s.
— V . I l l , P- 1375.

L o e w ’s I n c o r p o r a t e d .— Earnings.—
T h e o p e r a t in g s t a t e m e n t ( In c lu d in g s u b s id ia rie s 1 0 0 % o w n e d ) f ro m
S o p t . 1 1 9 2 1 t o M a r c h 12 1 9 2 2 s h o w s : G r o s s i n c o m e . $ 1 1 ,6 1 2 ,0 3 7 ; e x p e n s e s ,
$ 1 0 ,2 5 5 ,5 4 3 : d e p r e c i a t i o n o n b u ild in g s a n d e q u ip m e n t, $ 1 3 7 ,3 8 8 : F e d e r a l
In c o m o a n d e x c e s s p r o f its ta x e s ( e s tim a te d ) fo r p e rio d , $ 7 0 ,1 0 3 ; n o t o p e r a tin g
p r o f i t f o r p e r io d , $ 1 ,1 4 9 ,9 0 2 .— V . 1 1 4 , p . 6 3 1 .




D a t a f r o m L e t t e r o f S e c r e t a r y H. B. D o d g e , A p r il 21 1922.

Stock and Bonds.—

T h e s to c k h o ld e rs M a rc h 2 8 in c re a se d th e c a p ita l s to c k
fro m 3 0 0 ,0 0 0 s h a re s , p a r $ 5 e a c h , to 3 5 0 .0 0 0 s h a re s o f t h e s a m e p a r v a lu e ,
a n d a u t h o r i z e d t h e c o m p a n y t o m a k e a n i s s u e o f b o n d s n o t t o e x c e e d $ 4 ,­
0 00 , 0 00 . P u r s u a n t t o s u c h a u t h o r i t y , t h e d i r e c t o r s h a v e d e t e r m i n e d t o
a u th o r i z e $ 3 ,6 0 0 ,0 0 0 b o n d s .
Description of Bonds.— D a t e d J u n e 1 1 9 2 2 , d u e .T u n e 1 1 9 3 2 . I n t . p a y a b l e
J. & D .
D e n o m . $ 5 0 0 a n d $ 1 ,0 0 0 .
C o n v e r tib le in to c o m m o n s to c k a t
a n y tim e p r io r to m a t u r it y o r p r io r to t h e 10 t h d a y p r e c e d in g r e d e m p tio n
a t t h e r a t e o f 15 s h a r e s o f c o m m o n s to c k f o r e a c h $ 5 0 0 o f b o n d s .
R e d ., a ll
o r p a r t , o n a n y i n te r e s t d a t e o n 6 0 d a y s n o tic e , a t 1 05 if r e d e e m e d o n o r
p r i o r t o .T u n e 1 1 9 2 7 , a t 1 0 4 t h e r e a f t e r t o J u n e 1 1 9 2 8 , a t 1 0 3 t h e r e a f t e r t o
J u n e 1 1 9 2 9 . a t 102 th e r e a f te r to J u n e 1 1 9 3 0 , a t 101 t h e r e a f te r to D e c . 1
1931.
A s in k in g f u n d w ill p r o v id e t h a t o n o r b e fo r e A p r il 1 o f e a c h y e a r
b e g in n i n g w i t h 1 9 2 4 , c o m p a n y w ill p a y t o t h e t r u s t e e $1 5 0 f o r e a c h n e t d r y
to n o f o re tr e a te d d u r in g th e c a le n d a r y e a r e n d in g D e c . 31 n e x t p re c e d in g ,
m in e d fro m th e p r o p e r tie s o w n e d .
C h a s e N a tio n a l B a n k , N .Y ., t r u s t e e .
night to Stockholders.— S t o c k h o l d e i s o f r e c o r d M a y 1 2 w i l l b e g i v e n t h e
r ig h t to s u b s e r b e p r o r a t a to a ll o f s u c h b o n d s a t th e ir fa c e v a lu e a n d in t.
f r o m J u n o 1 19 2 2 t o t h o d a t e o f p a v m e n t .
R i g h t t o s u b s c r i b e is t o t e r m i n a t e
J u n o 15 19 2 2 a n d p a y m e n t m u s t b e m a d e in f u l l a t t h e t i m e o f s u b s c r i p t i o n .
Underwritten.— - T h e o f f e r i n g t o s t o c k h o l d e r s h a s b e e n u n d e r w r i t t e n b y a
s y n d i c a t e [ i n c l u d i n g , a m o n g o t h e r s , i t is r e p o r t e d . C h a s e S e c u r i t i e s C o r p . ] ,
w h ic h h a s a g re o d to p u r c h a s e th e b o n d s w h ic h s h a ll n o t b e s u b s c r ib e d fo r
b y t h e s to c k h o ld e rs .— V . 1 1 4 , p . 1 5 4 1 . 141 4 .

M a m m o th O il C o . — W y o m in g O il C o n c e s s io n s , & c .—
S e e S i n c la i r C o n s o l id a t e d O il C o r p o r a t i o n b e lo w .
T h is c o m p a n y w a s r e p o r te d to h a v e in c re a s e d its c a p ita l In M a r c h , l a s t ,
f r o m $ 1 0 0 ,0 0 0 ,0 0 0 t o $ 2 0 0 ,5 0 0 ,0 0 0 .— V . 1 1 4 . p . 1 0 6 9 .

M a ss. C o n s o l. M in in g C o. — E a r n in g s — D ir e c to r .—
C a le n d a r Y e a r s —

1921.
a $ 9 2 .0 3 9
5 7 ,6 3 9

T o t a l I n c o m e _____________________________
E x p e n s e s a n d t a x e s ______________________

Balance, surplus.

_________

1920.
$ 2 7 ,3 3 8
7 5 ,7 4 2

1919.
$ 4 2 9 ,8 4 5
5 7 5 ,9 5 1

$34,400 def.$48,403def.$ 146,106

a Includes $80,743 from assessment (V. 11$, p. 1150).
Henry E. Cowdrey has been elected a director.—V. 112, p. 1150.

M a v e r ic k M ills, B o s t o n .— Earnings.—

Not loss before dividends and Federal Income tax for the calendar yoar
19 1 was $99,572. Total loss for 1921. after dividends and taxes, amounted
to $167,758. Total nrofit and loss surplus Doc. 31 1921, $146,415 (against
$309,069 Dec. 31 1920).— V. 112. p. 1288.

M a r n tt O il C o r p o r a tio n .— Annual Report.—

C a le n d a r Y e a r s —
Net earnings_________________________________
Depreciation and depletion____________________
T axes_______________________________________
Dividends___________________________________

1921.
8999 456
1,260,325
_____
380,257

1920.
$2,401,994
1,390,282
75.000
757,515

Balance, surplus or deficit_________________ def.$647,126 sur.$179,197
— V. 113, p. 632.

M e tr o p o lit a n 5 t o 50 C e n t S to r e s , I n c .— Notes.—

Tho company Is issuing a series of notes maturing over a period of 5 years
to fund tho $500,000 debt created through advances made to the company
by its fiscal agents, which during the period of reorganization were carried
as 90-day notes, subject to continued renewal. These notes will not be
publicly offered, being accepted by the former holders of the 90-day notes.
— V. 114, p. 1541.

M o n ta n a P o w e r C o .— Quarterly Statement.—

3 M o s . e n d . M a r . 31— 1922.
1921.
1920.
1919.
Earnings
...$ 1 ,7 2 7 ,4 9 6
$1,730,690 $2,070,022 $1,882,802
679.110
655.072
656.872
639,909
Oper exp. & taxes___
Interest & bond discount
436,822
438,143
435,928
453,657
Balance, surplus.......
—Y. 114. p. 1283.

$611,235

$637,475

$977,222

$789,235

M o n tg o m e r y W a rd & C o ., C h ic a g o .— Business.—

An official states that the company's business has been Increasing at
a more rapid rate than had been anticipated.
. . .
During 'lie first three weeks of April, it is stated, tho volume of business
Increased 42%. and the increase In cash receipts amounted to more than
21%.— V. 114, p. 1542, 1070.________________ ________ _____
' ^

i^ o u n t " ^ e r n o n -W o o d b e r r y

M ills .— Annual Reports—

The annual report for the year ending Dec 31, shows gross Income of
$140,500, total deductions $669,820: deficit $529,330: adjustment of Inven­
tories $35,018: deficit $564,348: total, profit and loss, surplus $1,041,970.—
V. 113. p 2623

N e v a d a C o n s o lid a te d C o p p e r C o .— Annual Report.—

Calendar Years—
1921.
T o t a l r e v e n u e s __________ $ 1 , 2 8 0 , 1 4 7
O p e r a t i n g e x p e n s e s . _____
2 947 432
I n c o m e f r o m o p e r a t i o n s . d f l , 6 6 7 ,2 8 5
O t h e r I n c o m o -------------------3 4 ,1 2 1

1920.
$ 9 ,0 6 7 ,0 2 5
9 261 4 4 3
d e f .1 9 l.4 1 8
4 3 0 ,3 2 2

B a la n c e , s u r p l u s . . . d e f . $ l , 6 3 3 .1 6 4
P r e v i o u s s u r p l u s _________
6 .5 3 8 .6 0 2

$ 2 3 5 ,9 0 4
8 ,1 6 0 .5 3 3

Adjustments_________

_____

T o t a l s u r p l u s ____________ $ 4 , 9 0 5 , 4 3 8
C a p l ' a l d i s t r l b u l i o n ----------------D i v i d e n d s ............... .................
................
A d d itio n a l ta x e s (1 9 1 7 ).
-----------R e d C ro ss c o n trib u tio n s
-----------P r o f i t a n d lo s s s u r p l u s $ 4 ,9 0 5 ,1 3 8
— V . 113, p . 9 6 6 .

_____

’

1919.
1918.
$ 8 ,5 3 5 ,7 2 8 $ 1 6 .7 8 7 .6 5 7
8 .1 9 9 7 0 4
1 4 , 4 3 7 .2 8 0
3 3 6 ,0 2 4
2.350.376
774 382
1 .0 5 1 ,6 9 4
C r . l 1 4 ,9 5
___________0 __________
$ 1 ,2 2 5 ,3 5 7
9 ,9 3 4 .3 6 1

$ 3 ,4 0 2 ,0 7 0
1 3 .1 8 0 5 2 6

$ 8 ,3 9 6 ,4 3 7
$ 1 ,4 9 9 ,5 9 2
-----3 5 8 ,2 4 2
------------

$ 1 1 ,1 5 9 ,7 1 8 $ 1 6 ,5 8 2 ,5 9 6
$ 2 ,9 9 9 ,1 8 6
$ 5 ,2 9 8 561
-----------1 ,1 9 9 .6 7 4
----------------------1 5 0 ,0 0 0

$ 6 ,5 3 8 ,6 0 2

$ 8 ,1 6 0 ,5 3 3

$ 9 ,9 3 4 ,3 6 1

N e w Y o r k D o c k C o .— Annual Report.—
Income Account for Calendar Years— Dock Co. and Dock. Ry.
Calendar Years—
1921.
1920.
1919.
1918.
T o t a l r e v e n u e s ____________ $ 5 , 1 1 1 , 7 2 4
T o t a l n o ' a f t e r t a x e s _____
1 . 5 5 1 .5 1 6
B o n d I n 'c re s t
. ________
5 0 2 .0 0 0
O t h e r d e d u c t i o n s _______
2 8 .1 7 2

$ 5 ,4 4 7 ,4 0 0
1 ,7 9 1 .5 3 9
5 0 2 .0 0 0
2 7 .8 4 9

$ 4 ,8 1 9 ,3 8 5
1 , 6 3 7 .1 1 2
5 0 2 .0 0 0
4 0 .9 0 6

$ 4 ,9 8 9 ,4 6 2
1 .7 4 6 .4 3 5
5 0 2 .0 0 0
7 6 .5 6 9

N e t In c. N . Y . D o c k C o .
do
N . Y. D ock R y.

$ 1 ,0 2 1 ,3 4 4 $ 1 ,2 6 1 ,6 9 1
d o f .9 8 .1 6 5 d e f .1 9 2 ,6 2 1

S I , 0 9 4 ,2 0 6
d o f .1 7 2 ,2 6 3

$ 1 . 1 6 7 866
d e f .8 2 ,8 7 7

C o m b in e d n e t I n c o m e .
P r e f e r r e d d i v s . ( 5 % ) ___
C o m m o n d i v s . (214% )--

$ 9 2 3 ,1 7 9 $ 1 ,0 6 9 ,0 7 0
5 0 0 ,0 0 0
500 000
1 7 5 .0 0 0
1 7 5 .0 0 0

$ 9 2 1 ,9 4 4
5 0 0 .0 0 0
175 0 0 0

$ 1 ,0 8 4 ,9 8 9
5 0 0 ,0 0 0
1 7 5 .0 0 0

$246,944

$409,989

Balance, surplus____
— V. 113, p. 2827.

$248,179

$394,070

N e w Y o r k S h ip b u i ld i n g C o r p .— Smaller Dividend.—

A quarterly dividend of 50 cents per share has been declared on the out­
standing 200.000 shares Capital stock, no par value, payable June 1 to

THE CHRONICLE

1898

h o ld e rs o f re c o rd M a y 10.
D iv id e n d s o f S I p e r s h a re h a v e b e e n p a id
q u a r t e r l y fro m M a rc h 1 9 2 0 t o M a r c h 1 9 2 2 , in c lu s iv e .
T h e s to c k h o ld e r s h a v e r a t i f i e d a n a m e n d m e n t to th o c h a r t e r r e d u c in g
t h e n u m b e r o f d ir e c to r s f ro m 15 t o 12.
W illia m F i n d la y M o r g a n a n d
H e n r y H . W e h rh a n e h a v o re s ig n e d fro m th e b o a rd .— V . 11 4 , p . 954.

N e w Y o r k T e le p h o n e C o .— Listing .—
T h o N o w Y o r k S t o c k E x c h a n g e h a s a u t h o r i z e d t h e l i s t i n g o f .$ 5 0 , 0 0 0 , 0 0 0
R e f . M tg o . 2 0 - Y e a r 0 % g o ld b o n d s , S e r ie s A , d u o O c t. 1 1 9 4 1 .
(S o o
o f fe r in g in V . 1 1 3 , p . 2 1 9 1 .) — V . 1 1 4 , p . 1 4 1 5 , 1 2 9 4 .

N e w Y o r k T it le & M o r tg a g e C o . — Capital Increase.—
T h o s to c k h o ld e rs A p ril 2 0 v o te d to in c re a se
$ 3 ,0 0 0 ,0 0 0 t o 3 4 ,0 0 0 ,0 0 0 .— V . 1 1 3 , p . 2 7 2 8 .

th o

c a p ita l s to c k

fro m

C o n tr o l o f th e J a m e s to w n ( N . Y .) L ig h t & P o w e r C o . p a s s e d o n A p ril
1 to th e N ia g a r a , L o c k p o r t & O n ta rio P o w e r C o ., a n d c e n tr a l- s ta tio n b u s i­
n e s s in J a m e s to w n w iil h e r e a f t e r b e c a r r ie d o n b y t h e l a t t e r c o m p a n y
th r o u g h t h e m e d iu m o f t h e W e s te rn N o w Y o r k E le c tr ic C o . w h ic h , w ith th o
s a m e e x e c u tiv e o ffic e rs a s th o J a m e s to w n c o m p a n y , h a s h ith e r to o p e ra te d
in C h a u t a u q u a L a k e to w n s o u t s i d e t h e c i t y o f J a m e s to w n .
A lm e t N .
B r o a d h e a d r e t i r e s a s P r e s i d e n t o f t h o tw o lo c a l c o m p a n ie s , a lth o u g h
r e ta in in g h is p la c e o n th o b o a rd o f d ire c to r s , a n d F r e d . D . C o re y , P r e s id e n t
o f th o p a re n t c o m p a n y , su c c e e d s h im .
Earns. Cal. Years—1 9 2 1 .
1920.
Cal. Years—
1921.
1920.
E l e c , p o w e r s a l e s . . 5 2 ,7 6 3 , 9 1 8 5 2 ,8 0 9 ,5 4 8 D e p r e c ’n r e s e r v e s .
9 6 ,3 5 4
G r o s s p r o f i t ______ 3 1 ,7 4 9 ,0 1 5 $ 1 ,5 4 1 ,3 8 9 C o n t r a c t u a l c h g e s .
5 9 ,2 1 7
6 8 ,2 2 4
O t h e r I n c o m e _____
6 9 ,8 1 1
1 3 9 ,3 7 9
N e t ln o . f o r y e a r . . $ 2 8 8 ,6 2 8
$ 1 7 0 ,1 5 8
P r e v io u s s u r p l u s . .
4 7 2 .9 8 4
7 5 9 ,7 1 3
T o t a l ...................... 5 1 ,8 1 8 ,8 2 6 $ 1 ,6 8 0 ,7 6 8 P . & I ,, e h g s . ( n e t )
2 5 ,3 2 7
1 0 ,3 8 1
O p e r a tin g e x p e n se s
$ 4 2 3 ,2 1 5 S 3 5 2 .0 2 8 F i r s t p r e f . d i v a . . .........................
4 4 6 ,5 0 6
I n c o m e c h a r g e s ___
3 9 3 ,5 3 5
3 7 9 ,7 0 9
I n t. c h a rg e s, & c ..
6 5 6 ,2 3 1
6 1 4 ,2 9 5
S u r p lu s D o c . 3 1 . $ 7 3 4 ,2 8 5
$ 4 7 2 ,9 8 4
— V . 112, p . 2419.

N ip is s in g M in e s C o .— Production— Shipments.—

During March the company mined ore of an estimated net value o
$172,747 and shipped bullion of an estimated net value of 3362.441. Tho
value of the month’s silver production was estimated at C5c. per ounce.
Cobalt produced was 24,936 lbs.—V. 114, p. 1415.

N o r th A m e r ic a n C o .— Schlesinger Interests— Director.—

The following is condensed from the “Miiwaukeo Sentinel” April 21:
"Confirmation of tho announcement that the Schlesinger holdings [which,
it is said, also include largo holdings of Steel & Tube Co. of Am. stock] has
been acquired by Eastern and Middle Western financial interests, including
Milwaukee interests, reveals that the North American Co. will probably
be the largest holder of tho Schlesinger interests when tho transaction has
been consummated.
"The transfer of the properties, 57% of which wero controlled by tho
Schlosingers, may be shortly completed.
“Tho North American Co. will participate in tho underwriting to the ex­
tent of 32,000,000. The Hi lance of tho $7,000,000 involved in tho deal
will be furnished by other Milwaukee and Eastern interests.
"Arinin A. Schlesinger will continuo as one of the managers of the syn­
dicate. Other managers will be Mr. Dillon, of Dillon, Read & Co.,and
Harrison Williams, Chairman of North American Co. Dillon, Read &
Co. handled the deal.
“Armin A. Schlesinger, who has been the activo director of the business
enterprises since his father's death, is tho only member of the Schlesinger
family who will actively participate In the business when the transfer
has boon made.”
Edward G. Wiliner lias recently been elected a director.—V. 114, p. 1660.

N o r w a lk I r o n W o r k s C o ., S o u t h N o r w a lk , C o n n .—

Bonds Offered.—
Stanley & Btssell, Cleveland, are offering at par and int. $400,000
1st Mtge. 8% Sinking Fund Gold bonds. Dated April 1 1922. Duo April
1 1937. but redeemable all or in part on any int. dato on or prior to April 1
1925, upon 4 weeks’ notice, at 120 and int. and thereafter at 110 and int.
Company agrees to pay tho normal Federal income tax to the amount of
2%, and also tho Penna. 4 mill tax. Union Trust Co., Cleveland, and
Grover H. Hull, trustees.
Company commenced operations in 1870. Product consists of compres­
sors for air and all commercial gases. Also has a well-dovcloped lino of
refrigerating and ice-making machinery.
Proceeds will be used to reduce current liabilities and for additional
working capital.

O h io F u e l O il C o . — Wyoming Fields.—•

Soo Arkansas Natural Gas Co.' above.—V. 114, p. 1660.

O tis E le v a to r C o .— Business— Financial Position .—

Chairman W. I). Baldwin, April 24, said in substance.
“Business for the first three months of the current year has shown signs
of improvement and April’s business probably will bo the best month
enjoyed by the company for several months past. Business carried over
from last year was smaller than a year ago.
"Our financial position is strong and most gratifying. Wo havo between
$7,000,000 and $8,000,000 in cash or its equivalent as against a small
amount ef current liabilities. We are therefore In position to take care of
a largo amount of new business during tho year if it materializes without
using our credit.”—V. 114, p. 1772, 1530.

P a c if ic T e le p h o n e & T e le g r a p h C o .— Rights.—

Holders of Preferred stock and Common stock of rocord May l will bo
offered tho right to subscribe at $85 a sharo for Preferred stock to tho
extent of one sharo of new stock for each two shares hold. Tho right to
subscribe expires May 31.—V. 114, p. 1773.

P e n n S e a b o a r d S t e e l C o r p .— Acquisitions— Earnings.—

Tho corporation, the largest steel casting plant east of Pittsburgh, has
acquired the Titusville, Pa., Forgo Co. (V. 113, p. 1990) and tho Roekaway Rolling Mills. (V. li2 . p. 477). The Titusville plant specializes
in steel forgings used in oil well machinery, agricultural, marine, electrical
and miscellaneous machinery.
The company has just concluded arrangements with ono of tho largest
oil well supply concerns in the country. The requirements of tho oil well
supply company in 1921 wero about $9,000,000.
Tho company and Its subsidiaries for the year ending Dec. 31 shows a
loss from operations after deducting all expenses, incl. ordinary repairs
and maintenance, of $207,188, and a profit and loss surplus at Doc. 31, of
$4.960.169.— V. 114. p. 1071.

P e e r le s s T r u c k & M o to r C o r p o r a tio n .— Annual Report.
1920.
$1,232,768
219.732

1919.
$845,152
291,631

1018.
$844,181
230,808

Total income...........I . . 3225,933 $1,452,500 $1,136,783 $1,074,989
Int. on 6% conv. n o tes.. $132,359
$149,807
$166,018
$229,112
Inventory adjustment__
100,915
_____
_____
_____
Federal excess profits tax
and income tax (est.)......................
200.000
122,403
71,596
Depr. of invest., &c. (net)
113.308
C r . 1,408
41,715
386
Dividends........................ (4%)400,000(8^)850,000 (2)200,000
...........
Preferred dlvs. of Peerless
Motor Car Co----------1,526
1.526
1,526
1,736
Discount on 10-year notes
with trusteo................... C r . 16.983
Cr.10,045
Cr.65,506 C r . 293,681
Balance, surplus.........dof$505,191
—V. 114, p. 745.

$262,620

$670,627 51,065,839

P e n n M ex F u e l C o .— Annual Report.—
Cross income........................................
Operating expenses and taxes______
Depreciation ana d ep letion ...............
Balance, surplus------------------------— V. 112, p. 2090.




P e n n P u b lic S e r v ic e C o r_ . — Bonds Offered.— ______
__ ____ H arris,,
_
p
F orb es & C o. and E. II. R ollin s & S on s, N ow Y ork , are
offering a t 9 9 ^ and in t. yield in g ab ou t 6 .0 5 % , $ 4 ,5 0 0 ,0 0 0
1st & R ef. M tg e . G old b on d s, Series C 6s, due 1947.

D a te d D oc. 1 1919.
D uo M a y 1 1947.
I n t e r e s t p a y a b le M . & N . in
N o w y o r k w i t h o u t d e d u c tio n f o r a n y n o r m a l F e d e ra l in c o m e t a x n o t
< Y l< e d l r l ? 2 % ;
r
i
P e n n . 4 m ill t a x r e f u n d e d .
N o t c a lla b le b e fo re M a y 1
1 ,1 2 7 .
C a lla b lo a t H I M a n d i n t. o n M a y 1 19 2 7 , a n d t h e r e a f t e r o n a n y
i n t . d a t e a t a p r e m i u m d e c r e a s i n g %% e a c h y e a r t o 1 0 7 .M o n M a y 1 1 9 3 2 .
a n d t h e r e a f t e r d e c r e a s i n g y2% e a c h y e a r t o 10 0 y2 a n d i n t . d u r i n g t h o l a s t
y e a r o f lif e .
D e n o m . 3 1 ,0 0 0 (c * ).
B a n k e r s T r u s t C o ., N . Y ., tru s te o .

Data from Letter of F. T. H epburn, President, April 25.

N ia g a r a L o c k p o r t & O n t a r io P o w e r C o .— Acquisition .—

C a le n d a r Y e a r s —
1921.
Net income, after deproc-def$47.732
Other income---------------273.665

[Y ou 114.

1921.
$2,747,297
1,629,068
846,100

1920.
1919.
$3,748,722 $4,346,247
2,375,775 2,291,223
889,321
948,852

$272,129

$483,626 $1,106,172

Conemaugh Power Generating Plan.— T h e n o w 4 0 , 0 0 0 k . w . g e n e r a t i n g
p l a n t a t S e w a rd , P a ., b u ilt b y th o C o n e m a u g h P o w e r C o ., a n d h e re to fo re
o p e r a te d u n d e r c o n tr a c t, is n o w b e in g a c q u ir e d in fe e o w n e r s h ip th r o u g h t h e
a p p lic a tio n o f p a r t o f th o p ro c e e d s o f th is iss u e .
T h e S ew ard p la n t w a s
p l a c e d in c o m m e r c ia l o p e r a t io n in O c t. 1 9 2 1 , a n d in v ie w o f t h o l a r g e
a m o u n t o f a d d itio n a l e le c tric b u s in e s s a v a ila b le in t h e t e r r it o r y s e rv ie d ,
t h e c o m p l e ti o n o f t h i s n o w p l a n t is e n a b li n g t h o c o m p a n y m a t e r i a l l y t o
In c re a s e I ts c o n n e c te d lo a d .
Earnings— Years ended March 3 1 .
_
.
1922.
1921.
G r o s s o a r m n g s ....................................... ...................................................... $ 4 , 0 2 5 , 8 3 0 3 3 , 5 0 0 , 0 8 6
N e t a f t e r o p e r . e x p . , i n c l . m a i n t . & t a x e s .......................... 1 , 0 3 5 ,3 5 0
1 ,1 9 5 ,0 7 5
A n n u a l I n t. c h a rg e s o n f u n d e d d e b t in h a n d s o f p u b lic
( i n c l u d i n g t h i s i s s u e ) _________ _ ________ __________
9 1 1 ,8 5 0
B a l a n c e . - - . . . .................. .. ................................................................

S 7 2 3 .5 0 0

..

Capitalization Outstanding upon Completion of Present Financing.
C o m . s to c k ( p a y i n g 4 % ) - .$ 3 ,3 5 0 ,0 0 0 1 1 s t & I to f . M tg o b o n d s :
P r e f . s to c k (7 % C u m .)
x l , 0 3 0 ,4 2 0
S e r i e s A , 0 s , d u e 1 9 : > 9 _ .$ 4 , 7 5 0 , 0 0 0
P re f. s to c k (6 % C u m .)
1 , 5 1 7 ,7 0 0
S o r. B , 7 M s, d u o 1 9 3 5 . . 2 .3 5 0 ,0 0 0
S c r . C . 6s ( t h i s I s s u e ) - . 4 , 5 0 0 , 0 0 0
^
,
U n d e r ly in g D iv . b o n d s . _ y 3 ,6 1 2 ,0 0 0 '
x O v e r S I ,2 0 0 ,0 0 0 o f t h i s s to c k h a s b e e n s o ld t o e m p lo y e e s a n d c u s to m e r s .
$ 1 ,5 3 5 ,0 0 0 a d d it i o n a l p le d g e d u n d e r t h o 1 s t & R e f . M tg e . b o n d s .
Purpose.— P r o c e e d s a r e t o b e a p p l i e d in p ' i r t t o a c q u i r e i n f e e o w n e r s i d p
t h o p r o p e r t y o f t h e C o n e m a u g h P o w e r C o . ( s e e a b o v e ) , a n d In p a r t a g a i n s t
o th e r e x te n s io n s a n d a d d itio n s .
To Call Bonds of Conemaugh Power Co.— W i l l c a l l f o r p a y m e n t a t 1 0 4 M
a n d i n t . o n O c t . 1 1 9 2 2 , it.s o u t s t a n d i n g $ 2 , 7 5 0 , 0 0 0 1 s t M g o . 8 % b o n d s .
( S o o o f f e r i n g , & c . , i n V . l l l . p . 1 6 6 4 .)
C o m p a r e a ls o V . 1 1 3 , p . 2 6 2 4 , 2 5 1 1 .

P o n d C r e e k C o a l C o .— Earnings.—
T h o c o m p a n y r e p o r ts f o r th e th r e e m o n th s e n d in g M a r c h 31 10 2 2 , p r o f i ts
f ro m o p e r a t io n o f $ 1 5 4 ,4 5 3 ; d e p r e c ia tio n $ 4 5 ,5 4 4 ; ta x e s , $ 1 3 ,6 1 3 ; s u r p l u s ,
$ 9 5 .2 9 6 .— V . 1 1 4 , p . 1 5 4 2 .

P r a ir ie O il & G a s C o . —Oil Shipments.—•
S h ip m e n ts f o r M a r c h w e re r e p o r t e d a t 3 ,9 4 7 ,1 8 6 b i d s ., c o m p a r e d w i t h
4 ,1 1 5 ,7 6 1 b b l s . in F e b r u a r y a n d 4 ,6 5 5 ,2 1 7 b b l s . in J a n u a r y . — V . 1 14, p . 1 1 8 8

P r o d u c e r s & R e fin e r s C o r p . — Additional Bonds Sold.—
Blair & C o ., In c ., h a v e sold , a t 1 0 2 a nd in t., an ad d itio n a l
$ 2 ,0 0 0 ,0 0 0 1st M tg e . 10-Y ear 8% Sin k in g F u n d G old B o n d s.
D a te d J u n e 1 1921 and due Ju n e 1 1931, boing tho unissued
b alan ce of th e $ 5 ,0 0 0 ,0 0 0 , o f w h ich $ 3 ,0 0 0 ,0 0 0 wero sold in
J u n e 1921 by tho sam e b ankers a t 9GA. O u tstan d in g,
including th is issuo, $4,8 5 0 ,0 0 0 ; retired by sin k in g fu n d ,
$15 0 ,0 0 0 (see V . 112, p . 2543; V . 113, p . 7 7 ).

Earnings.— C o m b i n e d n e t p r o f i t s a v a i l a b l e f o r i n t e r e s t a n d d e p l e t i o n
r e s e r v e s , a f t e r p r o v id in g fo r d e p r e c ia tio n a n d e s ti m a t e d F e d e r a l ta x e s , w o re :
Y e a r e n d e d M a y 3 1 1 9 2 0 ______ ________ ___________ ________ _________ - _ $ 2 . 2 5 4 , 7 9 . l>
1 0 m o n t h s e n d e d M a r c h 3 1 1 9 2 1 _______________________________________ 2 , 1 9 7 , 6 7 1
9 m o n t h s e n d e d D e c . 3 1 1 9 2 1 __________________________________________ 1 .5 8 7 .8 0 1
— V . 114, p . 6 3 6 . 86.

P u b lic S e r v ic e C o. o f N o r . I l l i n o i s .— Debentures Called.
A ll o f th o o u t s t a n d i n g 7 M % 1 5 -y e a r c o n v e r tib le g o ld d e b e n tu r e s , d u o
M a r c h 1 1 9 3 6 , h a v o b e e n c a lle d f o r p a y m e n t M a y 2 5 a t 1 10 a n d i n t . a t
th o I llin o is T r u s t & S a v in g s B a n k , C h ic a g o .— V . l l 4 , p . 1 6 6 0 , 1 0 7 1 .

P u b lic S e r v ic e E le c tr ic C o .— Enlargement.—
A n o f fic ia l s t a t e m e n t r e c e n t ly s ta t e d : T h i s c o m p a n y [ s u b s id ia r y o f P u b l ic
S o r v i c e C o r p . o f N . .1.1 i s d e v e l o p i n g p l a n s f o r t h e o n l a r g o m o n t , o f i t s b u s i ­
n e s s , w h i c l i w i l l c a l l f o r t h o e x p e n d i t u r e o f $ 1 0 , 000 , 000 . c o v e r i n g a p e r i o d
o f th re e y e a rs .
T h o m o n e y w ill h o u s e d c h ie f ly fo r a d d it i o n a l g e n e r a t in g
c a p a c i ty , a n d t h is y e a r a s t a r t w ill b o m a d e b y e n la r g in g th o E s s e x s t a t i o n ,
p r o v id in g fo r e ith e r o n o o r tw o a d d itio n a l u n its .
A s p l a n s d e v e l o p t h o c a p a c i t y o f t h o M a r i o n s t a t i o n w ill h e i n c r e a s e d , as.
w ill a ls o t h o c a p a c i ty o f th o B u r lin g to n s t a t i o n .
D o ta ils o f th o se a r e n o t
r e a d y f o r a n n o u n c e m e n t a s y e t , b u t i t Is e x p e c t e d t h a t d u r i n g t h i s y e a r ,
in c lu d in g t h e c o s t o f u n i t s in c o u r s e o f c o n s tr u c ti o n , p r o b a b l y o n e - h a l f o f
t h o $ 1 0 , 000,000 w i l l b o e i t h e r e x p e n d e d o r c o m m i t i n o n t a m a d e t h e r e f o r . —
V . 114, p . 205.

P u llm a n C o .— Denies Merger Rumors.— P res. E dw ard F .
C arry is quoted:
S in c e la s t D e c e m b e r I h a v o b e e n f a m i li a r w ith P u l lm a n a f f a ir s a n d I
k n o w t h a t d u r in g t h is t im e t h e r e lia s b o o n n o o f fic ia l t a l k o r t h o u g h t o f'
b u y in g a n y c o n c e rn e x c e p t H a s k e ll & B a r k e r .
T h e r e w e ro n o o ffe rs m a d e
o r e v e n c o n te m p la t e d fo r a n y o u t s i d e p r o p e r t y e it h e r in w h o le o r in p a r t
a n d t h e r e is n o t h in g o f a n y s o r t in p r o s p e c t n o w .
W o h a v o re c e iv e d in n u ­
m e r a b le s u g g e stio n s, n o n e o f w h ic h re c e iv e d s e rio u s , if a n y , c o n s id e ra tio n .
R e g a r d in g th o s e g r e g a tio n p la n , n o w a p p a r e n t l y p r o m i n e n t in m a n y
m in d s , I a m to ld t h a t s u c h s u g g e stio n h a s b o o n m a d e to P u llm a n b o a rd
a t l e a s t o n c e a n n u a l l y d u r i n g t h o p a s t 10 o r 12 y e a r s a n d a t i n t e r v a l s d i r e c t o r s
h a v o d isc u s s e d i t to so m o e x te n t, b u t w ith n o r e s u lt.
T h is y e a r is n o
e x c e p tio n a n d t h is m a t t e r a g a in w ill h e d u l y d is c u s s e d , b u t w h e t h e r a n y t h i n g
w ill b e d o n o a b o u t i t r e m a in s t o b o s e e n . ( “ W a ll S t . J o u r n a l . ” )— V . 1 1 4 .
p . 1773, 1071.

R a d io C orp . o f A m e r ic a .— American Telephone & Tele­
graph Co. Disposes of Its Stock Holdings.—
S eo t h a t c o m p a n y a b o v e .— V . 11 4 , p . 166 1 .

R e m in g t o n

T y p e w r ite r

C o .— New

Directors.—

A lth o u g h t h o d e c is io n h a n d e d d o w n A p r l 2 2 b y J u d g e A lv e rs o n , in t h e
U tic a S u p re m e C o u r t, g a v o th o r ig h t to th o ln d o p e n d o n ts to v o te v o tin g
t r u s t c e r t i f i c a t e s , t h e p r e s e n t m a n a g e m e n t ’s t i c k e t w o n o u t a t t h o a n n u a l
m e e tin g o f th e s to c k h o ld e rs .
T h e o n ly c h a n g e s o n t h o b o a r d a r e a s fo llo w s :
A u g u s tu s T . R o s o a n d H a r r y E . S tile s h a v e b e e n e le c te d D i r e c t o r s t o s u c ­
c e e d R o b e r t W . M a r t i n a n d t o fill o n e v a c a n c y .V . 1 1 4 , p . 1 5 2 9 .

R e o M o to r C ar C o .— Earnings.—
E a r n in g s f o r t h e f ir s t q u a r t e r o f 1 9 2 2 , i t is r e p o r t e d , w e r o a t t h o r a t o
o f a p p r o x i m a t e ly $ 6 ,0 0 0 ,0 0 0 a n n u a ll y .— V . 1 1 3 , p . 2 6 2 5 .

R e p lo g le

S te e l

C o .— Listing— Acquisition— Directors.—

T h e N e w Y o rk S to c k E x c h a n g e h a s a u th o r iz e d th o lis tin g o f n o t e x c e e d in g
1 2 5 .0 0 0 a d d it i o n a l s h a r e s o f C o m m o n s to c k , n o p a r v a lu e , o n o f f ic ia l
n o tic e o f iss u a n c e a n d p a y m e n t in f u ll, m a k in g th o t o ta l a m o u n t a p p lie il f o r
3 7 5 .0 0 0 s h a r e s ( a u t h . 5 0 0 ,0 0 0 s h a r e s ) .
( F o r s u b s c r ip tio n r ig h ts a n d d e ­
s c r i p t i o n o f E m p i r e S t t o l <& I r o n C o . s e e V . 1 1 4 , p . 1 7 7 2 .)
T h o c o m p a n y lia s a g r e e d w i t h s h a r e h o l d e r s o f t h e E m p ir e S to o l & I r o n
C o . t o p u r c h a s e o n o r b e fo r e J u l y 1 1 9 2 2 u p t o 2 5 ,0 0 0 s h a r e s o f P r e f . s to c k
o f th o E m p ir e C o m p a n y a t $ 6 5 p e r s h a r e a n d u p t o 1 1 ,8 9 2 .6 s h a r e s o f
C o m m o n s to c k a t $ 1 5 p e r s h a ro .
O n A p ril 20 s h a re h o ld e r s o f th o E m p ir e
C o m p a n y h a d a g r e e d t o s o il o n t h e f o r e g o i n g t e r m s 1 0 , 2 5 3 s h a r e s o f C o m m o n
s to c k a n d 1 5 .8 4 6 s h a r e s o f P r e f e r r e d s to c k .
L e w i s 1*. R o s s ( V . - P r e s . ) a n d E . F . N i c k e r s o n h a v o b e e n o l o c t e d d i r e c t o r s ,
s u c c e e d in g L e ro y W . B a ld w in a n d W . I I . B r o v o o r t.— V . 1 1 4 , p . 17 7 3 .

R o g e r s -B r o w n I r o n
C o ., B u f f a lo . Bonds Sold.—
K issel, K in n ic u tt & C o ., N ow Y ork , C entral T ru st C o ..
C h icago, and B u ffalo (N . Y .) T ru st C o. h ave sold a t 97 x> and
/
in t ., to y ield ab ou t " A % , $ 4 ,0 0 0 ,0 0 0 20-Y ear C en . & R e f.
M tg o . 7% gold bonds (seo ad vertisin g p a g es).

A pril 29 1922.]

THE CHRONICLE

Dated May 1 1922, due May 1 1942. Int. payable M. & N. in Chicago,
New York and Buffalo without deduction for normal Federal incomo tax
not in excess of 2%. Penna. 4 mills tax refunded. Red. as a whole only
(except for sinking fund) on any int. date at 107 Yi and int., to and incl.
May 1 1923. the premium reducing H of 1% on Nov. 1 in each year (com­
mencing on Nov. 1 1923), such reductions to be applicable to tho Nov.
int. and tho May int. date next following annually until a redemption price
of 102 and int. is reached, such redemption price continuing to maturity.
Donom. $1,000, $500 and $100 (c*). Contral Trust Co. of Illinois, Chicago,
trustee. Aksol K. Bodholdt, co-trustee.
L i s t in g . —Bonds have been listed on Chicago Stock Exchange and applica­
tion will be made to list them on N . Y. Stock Exchange.
D a ta from L e tte r o f Pres. W m. A . R o gers, B u ffa lo , N. Y ., A p ril 2G.

Company.—Incorp. in New York Doc. 27 1909, and acquired manufac­
turing plants and coal and ore properties which had been in successful
operation by a predecessor corporation since 1902. Shortly after the
merger tho company purchased a considerable additional amount of ship
canal frontage property, more than doubled the production capacity of the
existing plant and proceeded to the active development of the company’s
extensive ore properties. Company specializes in the manufacture of pig
iron for general and malleablo iron foundry uses, its brand “Susquehanna”
being generally recognized in tho Industry as the highest type of iron for
the manufacture of high grade machinery and general foundry castings.
Principal market for product is in the Middle Atlantic States and New
England. Not sales which for tho past 6 years have aggregated substantially
$58,000 000.
P r o p e r tie s . —Properties comprise (a) manufacturing plant, (b) coal and
coke properties, (c) ore properties, together appraised at $23,335,000.
The Buffalo plant comprises 4 blast furnaces of 1,400 tons daily capacity,
located upon 82.8 acres of land owned in fee. Through a subsidiary
company controls coal and coke properties in Jefferson and Oloarfield
counties. Pa., and comprise 1,500 acres of coal land, estimated to contain
about 9,000,000 tons of coal, and are equipped with 800 coke ovens at
Tyler and Sykesvillo. Company’s ore properties are located upon the
Messaba, Menomineo and Marquette ranges and comprise the Susquehanna,
Hiawatha, Rogers, Chicagoan, Munro and Saginaw mines. Ore reserve
estimated at 25,000,000 tons.
P u r p o s e . — Proceeds of this issue, as well as of $1,000,000 Pref. stock,
entirely subscribed by present stockholders, will be used to anticipate the
payment of the outstanding $1,500,000 20-year debenture bonds, due 1926,
to reimburse the treasury for recent expenditures, to retire current debt, &c.
Earnings.—Not earnings for the past 6 years (including 1921. during
which, by reason of general business conditions, an operating loss was
incurred), after all proper charges including depreciation, sinking funds and
depletion, but before interest and Federal taxes, have aggregated $6,489,782,
or an average of $1,081,630 a year. For the 5-year period (1916-1920, incl.)
such aggregate not earnings aro stated as $8,193,554, or a yearly average
of $1,638.710.—V. 108, p. 1615.

Savoy O il C o.— New Directors, &c. —

Felix A. Koiser, Charles O. Myers and Wm. J. Wittonberg have rocently
been elected directors, succeeding G. M. Minton, Alois Gutwillig, deceased,
and Jacob Cahn, deceased.
,
Edwin O. Hyman has been elected a Vice-President to succeed tho late
Jacob Cahn.—V. 109, p. 2271.

1899

of issuance in exchange for outstanding capital stock of West India Oil
Refining Co. (Kv.), making the total amount applied for $198,349,800.
I he directors April 19 1922 adopted a resolution authorizing tho proper
officers in part consideration for tho acquisition of 900 shares of stock in
West India Oil Refining Oo. (Ky.) from tho Zanetti Corp. and Mrs. Rosa
It. do Conill, to issue 16,732 shares of Prof, stock and to deliver 1,710 shares
thereof to Zanetti Corp. and 15,022 shares thereof to Mrs. Rosa R. do Conill.
lomi10 West India Oil Refining Co. was organized in Kentucky April 10
1883 and has capital stock of $300,000, par $100. The Standard Oil Co.
nas for many years owned 1,491 shares of this stock, and has now arranged
to acquire 900 additional shares, as above.—V. 114, p. 1661, 1296.

S ta n d a r d

T e x tile

P r o d u c ts

C o.— Report.—

The Company reports for 1921 gross business of $12,855.346:a surplus
after all charges & dividends of $152,082. The Company has a reserve for
depreciation & repairs of $1,861,298 —V. 112, p. 2091.
'

S te r lin g Coal C o., L td .— Interest.—
Tho company gives notice that coupons Nos 12 and 13 due Jan. 1 and
July 1 1916 respectively will on presentation and surrender be paid at
company’s offices 95 Bay St. Toronto Can. on and arter July 3 1922,
with compound interest thereon from Jan. 1 and July 1 1916 to July l 1922,
and also N. Y. exchange at 3% on the face value of the coupon. Holders
of coupons Nos. 12 and 13 will receive $14 70 and $13 40, respectively.
2 1 ,?ach $30 coupon, aggregating in all $44 70 and $43 40 (or $4 47 and
}
$4 3 4 .respectively, on a $3 coupon).
. T h e coupons due Jan. 1 and July 1 1915 and 1916 were deferred Feb. 19
1915 by aresolution of the bondholders.—V. I l l p. 2529.

S to v e r Mfg. & E n g in e C o., F re ep o rt, 111.— Report.—
C a le n d a r Y e a r s —
Gross profits on sales after deducting all mfg. exp.,

1921.

1920.

maint., doprec., property taxes, &c...............

$375,343

$994,888

a Total......................................................
Sell & gen. exp...$344,685; other exp., $42.328___
Inventory adjustment................. ............................

$400,278
387.013
224.379

$1,002,628
528,648
_____

N et loss for year................................

$211,113 sr.$473.980

Other income..............

24,935

Total profit and loss surplus. Dec. 31......................$1,331,227

"» • H O |

lo ll

7,740

$1,739,355

S tu d o b a k e r C orp.— New Power House.—
The company has plans under consideration for a new power house at its
autoinobilo works. South Bend, Ind., to cost about $750,000. It will
also construct a storage and shipping building, provided with crate handling
and convoying machinery, estimated to cost approximately $500,000.
f roauction is being Increased at the plant, and commencing in May closed
tyjie cars will be manufactured on a basis of 100 per day.—V. 114, p. 1543,

S u b m a r in e B o a t C o r p o r a tio n .— New Directors.—

S ears & N ic h o ls C a n n in g C o.— Receivership.—

Frank Wallace, Stephen Peabody and Otto Marx have been elected
, iIi?,9tors: succeeding Isaac L. Rice Jr., Thomas Oochran and tho late
William H. Romtck. See also V. 114, p. 1296.

S en eca C oop er C orp.— New President.—

Tho report for tho quarter ending March 31 1922, states; Ore shipped
during the period amounted to 2,927 tons, averaging 4.20% copper and 7.66
councos silver per ton. It contained 246,072 pounds of copper and 22,425
ounces of silver. For this ore we received after deducting freight and
smelter charges, $32,431 — V. 114, p. 313.

On application of tho Whittakcr-Glessner Co. of Wheeling, W. Va.,
Judge John E.Slater, in U. S. District Court at Columbus, April 22, ap­
pointed Harry McCartney, V.-Prcs. & Sales Mgr. of tho company, re­
ceiver.—V. 112, p. 2544. 2314.
Thomas F. Cole has been elected President succeeding J. Parke Channing.— V. 114 p. 1661. 1188.

S in c la ir C o n so l. Oil C orp.— Wyoming Oil Concessions.—

Tho Mammoth Oil Co. (Dol.). headed by H. F. Sinclair, has been
awardhd tho concessions by the Government for tho development of tho
naval petroleum reserves.
Statem ent by Secretary of th e Navy Denby.
While there are no wells within tho limits of tho reserve, it was found,
after a careful recent geologic study, that the rosorvo was boing drained
from wells on nearby lands, and in addition tho Government was faced
with a numbor of assertod claims within the reservo under tho mining law.
Moreover, the famous Salt Crook oil fields, lying immediately contiguous
to tho Teapot Dome, and which has been leased under tho goneral Leasing
Act. was without adequate pipe line and refinery facilities, and independent
producers havo boon unable to dispose of moro than 40% of tho possiblo
production of existing wells.
Furthermore, competition was absent from tho field through lack not
only of pipe lino and refining facilities, but of competing companies.
Therefore, after careful consideration, tho Secretary of tho Interior, with
the complete concurrence of tho Secretary of tho Navy, invited and considercxl proposals from a number or prominent od companies and individ­
uals for tho development of the Wyoming naval reserve, with tho accom­
panying guarantee of the construction of adequate pipe line facilities from
the field to Atlantic and Gulf of Mexico points through connection with
oxistim^pl|)o
tjlat provisi0n bo made for tho exchange of tho crude
oil produced for fuol oil for naval purposes In such manner and at such
points as might bo designated by the Navy.
After full consideration of all tho offers submitted, a contract was ap­
proved by the Secretary of the Interior and tho Secretary of the Navy with
the Mammoth Oil Co., a Delaware corporation. H. F. Sinclair, President.
Tho contract is In the form of a leaso with graduated royalties up to 50%
for tho entlro area o f Naval Rcsorvo No. 3 in Wyoming.
Tho contract provides for tho dril ing of at least 20 wells within a limited
time, for tho construction of a pipe line from the field to existing pipo lines
in Missouri, for tho oxehango of crude oil for fuel oils tho latter for naval
purposes; for the delivery of Navy specified bunker A ’ oil at any point
named in tho contract from Guantanamo, uuoa, to tho northeast corner
of tho United States.
___ ,
It provides for a lino of credit under which, in exchange for the crude oil,
ample storage for all the produce “ ™ b o bIJSvi(le<Lwithout cash outlay
by the Government at any p o i n t fixed by the Navy D e p a r t m e n t along the
coast described. It provides that the lessee shall at such or any other
points, at his own expense, and without obligation on the part of tho Navy,
provido gasoline, kerosono, lubricating and cylinder oil at market prices.
It provides prior right of transportation lor all Government oils from
not only tho Teapot Domo, but from the Salt Greek field, even prior to the
uses of tho pipe lino by tho lessee. It makes tho pipe line whon built a
common carrier for all Government oils.
The pipo lines already constructed, with wbjch the now pipe line will con­
nect, involve a present investment of 81 i .j ,uuo,000, and tho presont con­
tract call6 for an investment, on the part or tno lessee, of not less than $26,­
000,000 in addition.
,
...
Before the contract was approved the Mammoth Oil Co. presented to tho
ttecrotary of tho Interior deeds to the Uni tea States for all outstanding
claims of title of every character in the Wyoming Naval reserve.
[See annual report on a preceding page.] V. 114, p. 1774, 1543.

S izer S te e l C o rp o r a tio n .— Reorganization, &c. —

Seo Hammond 8tool Co., Inc., above.

S p r in g fie ld L ig h t, H e a t & P ow er C o.— Earnings.—

1921.
Calendar Years—
1921.
$1,096,582
Gross earnings------------------------------ $1,096,582
Operating expenses............................... $546,544
83,143
Taxes................................................
°°
104,000
Depreciation---------------------------

1000
1920.
$999,169
#704,215
48,500
84.000

1919.
$765,563
$442,684
52,344
84,000

Gross incomo__________ — ----------Int. on fund. debt & oth. fixed chgs. .
Dividends on Preforred stock.............

$362,895
100.323
'“
34,395

$162,454
69,959
30.034

$186,534
73,737
29.622

Balance............... - ............- ............
—V. 106, p. 403.

$228,177

$62,461

$83,175

S ta n d a r d O il C o. (N . J . ) . — Listing— Acquisition.—

The Now York Stock Excbango has authorized tho listing of $1,673,200
additional 7% Oumul. Non-Voting Pref. stock, par $100, on official notico




S u p er io r & B o s to n C opp er C o.— Shipments.—

(T. H .) S y m in g to n Co. — Bonds Sold.— C a ssa tt & C o.
and H am b leton & C o. h a v e sold a t 9 9 ^ and in t., S I ,5 0 0 ,0 0 0
1st M tg e . 15-Y oar 7% Sinking F u n d gold b onds.
t Datod May 1 1922. Due May 1 1937. Dcnom. $1,000 and $500 (c*).
Int. payable M. & N. at Chase National Bank, trustee, New York, without
deduction for any Federal income tax not in oxcees of 2%. Red. on any
int. date, all or part by lot, on 30 days’ notice, at 105 and Int. Ponna.
4 mill tax and Maryalnd security taxes refunded.
D ata from Letter of Charles J. Sym ington, Pres., New York, April 26.
S e c u r ity . —Secured by a closed first mortgage on all of tho fixed assets
(including roal property, plants, equipment and easements), patents, &c..
now or heareafter owned, and $1,000,000 7% Cum. Pref. stock of Locke
Insulator Corp.
E a r n in g s . —Average annual net earnings for 6 years ended Dec. 31 1921
(aftor Federal taxos but before deproc.) were $442,409, or over 4 times
annual int. charges on the bonds. No divs. from Locke Insulator Corp.
Prof, stock are included in such earnings. The shrinkage in inventory
values made necessary by the readjustment period has been entirely
absorbed.
S in k in g F u n d . —Mortgage will provido for a sinking fund which will
rotiro $25,000 of bonds semi-annually beginning Nov. 1 1922.
P u r p o s e .— Proceeds will be used to reduce outstanding obligations and
to provido additional working capital.
C a p it a liz a ti o n a fte r th is F in a n c in g —
A u th o r iz e d .
O u ts ta n d in g .
1st Mtge 15-yr. 7% sink, fund gold b on d s..$1,500,000 $1,500,000
8% Cumulative Preferred stock___________ 1,500,000
1,500,000
Common stock (no par value)____________
_____
100,000 shares
—V. 112, p. 1290.

T e n n e s se e C opp er & C h em ical C o.— Annual Report.
Tho annual report for the year ending Dee. 31 shows not Income of $147,­
175 after Interest and depreciation, against a deficit of $285,889 in 1920.
—V. 113, p. 1898.

T exas G u lf S u lp h u r C o.— Earnings.—
N et earnings for the 3 months ending Mar. 31 1922 Including reserve
for depletion amounted to $805 095. A dividend of $635,000 was paid
Mar. 15 leaving a total surplus (including reserve for depletion) of $5,779,429.— V. 114, p. 745.

T o b a cc o P r o d u c ts C orp.— Listing.—
Tho Now York Stock Exchange has authorized the listing of $4,000,000
10-Year Sinking Fund 7% gold coupon notes, duo Doc. 15 1931. (See
offering in V. 113, p. 2620.)—V. 114, p. 956.

T o d d S h ip y a rd s C orp.— Sub. Co. Officers and Directors.

The company's now subsidiary, the Todd Shipbuilding & Dry Dock Oo.,
Inc., of Mobile Ala. which was acquired in Feb last (V. 114 p. 956),
has completed its corporate organization with William H. Todd as Presk
dont: Arthur E. Goddard 1st V.-Pres.; Angus Marshall 2d V.-Pres. and
John D Reilly as Soc'y & Treasurer.
The directors in addition to the above aro David Lanman, James H.
Lyons and II Hartwell.
The Todd Shipyards Corp on April 20 launched tho steel Diesel-engined
yacht Cynthia at its Tebo (N. Y. Harbor) plant.— V. 114 p. 1774.

T ra y lo r E n g in e e r in g & Mfg. C o.— Bonds Sold.—
U.
D. Robbins & Co., New York, announce tho salo at 101 and int. of
$800,000 1st Mtge. 8% Sinking Fund gold bonds. Dated June 1 1921,
due Juno 1 1936. Authorized. $1,000,000; outstanding. $800,000.
Not earnings for the 4H years ended Dec. 31 1921. after taxes and deafter depreciating inventory to accord
markot
E reciatlon, and $234,265 per annum. Application willwith made to values,
avo averaged
be
list on
tho Philadelphia Stock Exchange. Soe original offering in V. 113, p. 738.

T u rm a n Oil C o.— Extra Dividend of 2% .—
An extra dividend of 2% has been declared on the outstanding $2,254,000
Capital stock, payable July 20 to holders of record June 30. Regular
monthly dividends of 1% each have also been declared payable May, June
and July 20 to holders of record the 30th of the preceding month. Regular
dividends of 1% monthly have been pald,slnce Nov. last.—V. 114 p. 1774.

1900

T fT E

T u r n e r s ’ F a lls P o w e r & E le c tr ic C o .—

Tho company has filed a petition with the M ass. Departm ent of Public
U tilities asking approval o f an issue o f $3,000,000 30-year 5>4% bonds,
proceeds to bo used to pay floating debt, improvements, &c.— V. 114, p. 746.

U n it e d G a s I m p r o v e m e n t C o .— S a le s o f G a s .—
The sales o f gas in Philadelphia through the com pany’s subsidiary,
the Equitable Illuminating Gas Light C o., for tho three months ending
March 31 1922, compare as follows:
3 M o n t h s e n d i n g M a r . 31—
1922.
1921.
1920.
Sales o f gas (cubic feet)_____4,472,207,570 4,308,885,540 4,069,949,150
The company, it is stated, for tho first quarter o f 1922 will pay $1,117,874
to tho C ity o f Philadelph ia— V. 114, p. 1761, 1296.
U n it e d S t a t e s D i s t r i b u t i n g C o r p .— E a r n i n q s .—
The incomo account for year ending Dec. 31 1921, shows: Gross income,
$391,106: operating expenses, $157,567; Federal taxes, &c., $8,911; net
profit, $224,629.— V 113, p. 1991.
U . S . F o o d P r o d u c t s C o r p .— S c h e d u le s F ile d .—
Schedules filed in tho Federal D istrict Court in connection with tho
bankruptcy proceedings instituted against the company show total assets of
$57,842,896, consisting o f the corporate stock o f the D istilling Co. of
America, par $40,897,593, and o f other subsidiary clmpanies aggregating
$4,123,828; notes, $9,087; accounts, $3,414; shipping, $250,000, and cash.
$65,938.
Liabilities are given as being $36,966,830, Including tho liabilities of
subsidiary companies. Among the principal creditors are tho Equitable
Trust C o., $5,143,888: Bankers Trust C o., $5,993,363; Chase N ational
Bank, $100,730; United Fruit C o., $98,246: secured claims on indebtedness
of parent company, $4,444,708, and on an indebtedness of the Sugar
Products Co. guaranteed by the parent company, $3,426,241. (“Financial
Am erica.”)— V. 114, p. 1662, 1544.
U n it e d S h o e M a c h in e r y C o r p .— L e a se C o n tr a c ts I n v a l i d .
See "Current E ven ts” in "Chronicle” Apr. 22, p. 1729.— V. 114, p. 1782.
U n it e d S t a t e s S t e e l C o r p .— N e w M e m b e r o f F in a n c e
C o m m itte e — N e w D ir e c to r a n d O f f ic e r s .—
AV. J. Filbert, Comptroller, has been elected a member o f tho Finance
C om m ittee to succeed the late George \V. Perkins.
W . P. Palmer, President of the American Steel & Wire C o., has been
elected a director to succeed the late Thom as Murray.
Goorgo K. Leet, for the past n years Secretary to Judge F,. IT. Gary,
has boon elected Secretary. Fred M . W aterman, acting Treasurer, has
been elected Treasurer.— V. 114, p. 1782.

U nited S tates Tobacco Co.—Offering of Pref. Stock.—
Clark, Dodge & Co., New York, are offering at 1 0 9 to
yield about 0.40%, $581,200 7% Pref. (a. & d.) stock (see
ad\r
ertising pages).

Non-eallable and has 4 votes for each sharo as against one vote for each
share of Common stock. N o prior lien can bo created w ithout the consent
of two-thirds of each class o f stockholders. Dividends payable Q.-J.
Listed on the Now York Stock Exchange.
C a p i t a l i z a t i o n ( N o F u n a e a D e b t )—
A u th o r iz c a .
O u ls ta n a in g .
Preferred stock (par $100)_____________________ $9,000,000
$5,520,000
Common stock (no par valuo)__________________ 360,000 shs. 317,952 shs.
Stockholders on M ar. 7 1922 authorized a change in the name as above,
and the conversion of 90,000 shares o f Common stock of $100 par into 360,­
000 shares o f no par value, and the issuance o f 4 sharos of the non-par vaiuo
Common stock for each old share of par value Common stock outstanding.
C o m p a n y . — Successor, by change o f name, o f W eyman-Bruton C o.,
which was incorp. in 1911 in tho furtherance o f tho plan for segregating tho
business of American Tobacco Co. and its allied companies. Company
manufactures a general line o f tobacco products— snuff, plug tobacco,
chewing tobacco, smoking tobacco and cigarottos. M anufacturing plants
located at Chicago. N ashville, Richmond, and loaf plants at various other
centres. Also owns 50% o f tho stock o f the N ational Tobacco C o., M ont­
real, Can.
Assets.— A t the close o f 1921 total net assets applicable to tho Preferred
stock aggregated $16,316,891. or $330 per sharo o f Pref. stock then out­
standing. Tho net quick assets on tho same date amounted to $10,669,398,
or $216 per sharo o f Pref. stock.
P r e f . D in .

N et

T im e s

E a rn ed .
R e a u ir e m e n ts .
E a r n in r js —
P r o fits .
4.7
$308,542
10-ycar averago to D ec. 31 1921______ $1,467,718
3 ’8,(565
5.0
5-year average to Doc. 31 1921---------- 1,673,016
341.311
5.4
Year 1921___________________
1.873,231
D i v i u e n d s .— Preferred dividends have been regularly paid sinco organiza­
tion in 1911. On Common stock cash dividends have been paid as follows:
1912.
1913.
1914-15.
1916.
1917.
1918.
1919-21.
5%
10%
12%
26%
22%
5%
10%
In addition scrip (since redeemed) dividends o f 20% in 1914. and 10% in
1915, and stock dividends o f 20% each in Oct. 1918 and D ec. 1921 wero
p a id — V . 114, p. 1296. 1072.

U tah C onsolidatod M ining Co.—Earninqs.—
[Tho mines were shut down on April 1 1921.]
1921.
1920.
Sales o f copper. &c_____
$292,760 $2,023,579
Refining expenses______
1.240
54,384

1919.
$1,971,631
168,540

1918.
$3,067,918
170,862

N et incom e_________
$291,520
Add bullion end o f y e a r.deb.292,158
M iscellaneous in c o m e ..
12,218

$1,969,195
493,830
82,080

$1,803,091
924.178
72,822

$2,897,056
739.688
107,065

T o ta l________________
Less bullion on hand____

$11,580
______

$2,545,105
924,178

$2,800,091
739,688

$3,743,809
980,036

Total not in co m e..
Other d ed u ctio n s__

SI 1,580
349,892

$1,620,927
1,817,067

$2,060,403
1.878,438

$2,763,773
2,511.010

C a le n d a r Y e a r s —

B alance..........................def.$338.312def.$196.140sur.$181,965sur.S252,763
1,459,295
1,277,329
1,541.165
Previous surplus_______ 1.263,155
Total surplus............
D iv id e n d s ____________
Depreciation, &c______

$924,843
______
______

$1,263,155
______
______

$1,459,295
______
______

$1,793,928
450.000
66,599

Profit and loss surplus x$924,843 $1,263,155 $1,459,295 $1,277,327
x In 1921 depreciation to tho amount o f $12,627 is included in above
item (other deductions).
In 1921 tho company produced 41,073 pounds o f copper, 299,909 pounds
of lead, 4,600 ounces of silver and 60 ounces o f gold.— V. 112, p. 1525.
U t a h - I d a h o S u g a r C o .— A n n u a l R e p o r t .—
I n c o m e a n d S u r p l u s A c c o u n t f o r Y e a r e n d i n g F e b . 28 1922.
Operating loss sustained during year__________________________ $5,862,766
Less income tax adjustm ent from last year_________________
300,000
Balance____________________________________________________ $5,562,766
Plus decline in stocks_________________________________________
45,151
N e t charges for year_______________________________________ $5,607,917
Balance M arch 1 1921_______________________________________ 1,064,462
D eficit Feb. 28 1922..........- .............- ..................................................$4,543,454
Tho balanco sheet as o f Feb. 28 1922 shows: Cash, $ 177,669; merchandise
inventories, $10,678,632; customers’ and growers’ notes and accounts
receivable, less allowance for doubtful accounts, $1,218,472; notes payable,
$8,875,027; accounts payablo, $216,439; deficit, $4,543,454; and total assots
ami liabilities o f $39,689,906.
During the year ending Fob. 28 1922, 2,233,076 bags o f sugar wore sold,
loaving 1,904,636 bags on hand March 1 1922.— V . 113, p. 1369.
V ir g in ia I r o n , C o a l & C o k e Go.— E a r n i n q s .—
Q u a r t e r e n d i n g M a r c h 31—
1922.
1921.
1920.
Gross earnings____________________________ $65,620 $633,738 $727,531
Interest, taxes, &c_______________________ 146,667
162,381
162,567
N ot earnings________________________ loss$81,047
— V. 114, p. 1402, 1296.




$471,357

[V ol. 114.

C im c m C L E

$564,964

V ir g in ia B r id g e & I r o n C o .— A c q u i s i t i o n .—
Seo Birmingham Steel Corporation above.
W a b a s s o C o t t o n C o ., L t d .— B o n d I s s u e .— •
The shareholders have approved an issue of $750,000 20-year 7% Sinking
Fund M tgo. & C ol’l Trust bonds to bo dated M ay 1 1922.— V. 114, p. 1195.
W a r r e n B r o s. (A s p h a lt) C o .— N e w D ir e c to r s .—
A. T. Eberts and M . F. La Croix have been elected directors, succeeding
F . B. Holder and R. W. Turner.— V. 114, p. 207.
W e s t e r n L ig h t & P o w e r C o .— F a r e s R e d u c e d .—
The company recently reduced its railway faros approxim ately 20%.
New fire are: Cash fire 10 cents: 7 tickets 50 cents; books good for 20
rides, $1 25 instead of $1 50. Tho reduction is voluntary. Tho com pany
operates in Fort Collins and Greeley, Colo.— V- 113, p. 427.
W e s t e r n U n io n T e le g r a p h C o .— W i n s S u i t .—
See N ashville Chattanooga & St. Louis R y. above.— V. 114, p. 1662.
W e s t in g h o u s e E le c tr ic B u il d in g , L o s A n g e le s , C a lif .—
B o n d s O f fe r e d .—
Carstens & Earles, Inc., Los Angoles, aro offering at 100 and int. $450,000
7% 1st (Closed) M tgo. & Coll. Trust serial gold bonds. D ated M arch 1
1922. Due serially March 1 1927 to 1941, but rodoomable all or part on
or after, but not before. Jan. 1 1933 on any int. date on 60 days’ notico at
105 and int., and at 1% loss for each succeeding yoar or portion thereof
until 1938. and thereafter at 100. Los Angeles Trust & Savings Bank,
Los Angelos, trustee.
Theso bonds will bo issued for tho construction of a 6-story, class “A ,”
reinforced steel and concrete business building, to bo erected at Los Angelos,
and will bo occupied when completed by tho W estinghouse Electric & M anu­
facturing Co. as a general sales office for tho Southwestern portion of the
United States, for its service denartment and supply depot, and for assem­
bling, repairing and storage. Floor spaco will cover 207,000 sq. ft.
Under tho terms of the lease, tho owners of tho building will receive an
annual rental of $74,500 for a period of 20 years, payablo to tho trustee for
the bondholders m onthly in advance. From those rentals, tho trusteo will
pay taxes and insurance on tho proporty and tho interest and principal of
those bonds.

W e s t in g h o u s e E le c tr ic & M fg. C o .— L e a s e , & c .—
See Wastinghouso Electric B ldg, above.— V . 114, p. 1296, 967.
W h e e lin g S t e e l C o r p o r a tio n .— A n n u a l R e p o r t .—
R e s u l t s f o r Y e a r s E n d i n g D e c . 31 ( I n c l u d i n g S u b s i d i a r y C o s . )
1921.
1920.
T otal business done by all companies----------------- $28,300,995 $99,822,887
N e t earnings after maintenance and repairs---------$1,514,806 $23,032,024
Other incomo__________________________________
814,922
1,012,915

T otal incom e_________________________________ $2,329,728 $24 ,044,940
for deprcc., exhaust, of minerals,&C $2,708,321 $3 ,172,366
512,127
Bond, &c., interest___________________ _______
570,648
Idlo plant oxpenses__________________________ 1,838.137
Proportion of bond discount__________________
7,475
Reduction of inventory valuos-------------------------------4 158,740
Provision for income and profits taxes-------------------3 346,747
Cash divs. paid on stocks of sub. cos---------------------1 540,308
do do on stock of tho Wheeling Steol Corp_ 2,432,358
1 919,297
99,109
do do on stock of sub. cos. not held--------21,866

D e d u c t — Prov.

Balance, surplus__
Profit and loss surplus.
— V. 114, p. 1544.

,dof.$5,249,077 39,296,245
- - - 36,881,653 $13,425,159

W illia m s T o o l C o r p o r a tio n o f E r ie .— E a r n i n q s .—
The annual report for tho yoar ending Doc. 31 shows gross sales, $184,802:
gross profit from sales, $73,162: manufacturing profit, $20,745; profit for
period, $24,331.— V. 113. p. 2627.
W illy s -O v e r la n d C o .— A p p r o v e R e fu n d in q P la n .—
Tho Preferred stockholders have approved tho plan for taking care of
tho com panv’s short-term notes, S e e . This plan provides for tho issuanco
of about 317,500,000 secured notes maturing D ec. 1 1923 and will replace
tho bank debt and short-term notes. Compare V. 114, p. 1530, 1544, 1296.
N e w P r e s id e n t o f S u b s id ia r y C o .—
William L. Colt has resigned as division manager to becomo President of
tho Overland-Providence C o., Willys-Overland distributers for Rhode
Island. Carl P. Sptegelberg will continue as \ rioo-President and goneral
manager of tho Overland-Providence Co.— V. 114, p. 1530.
Y a le & T o w n e M a n u f a c t u r in g C o .— C h a ir m a n H e n r y
R . T o w n e S p e c if ic a lly R e fu te s P r o f ite e r in q A l l e q a t i o n s .—
In a circular letter recently sent to tho stockholders of tho company is
reproduced an open letter signed by Chairman Henry R. Tow ne, to the
“ Daily Advocate” of Stamford, C onn., printed in its issue of Mar. 21.
Chairman Towno’s letter was prompted by a previous contribution printed
in the "A dvocate.” in which the writer criticized an officer of tho Yale &
Towne company for his opposition to tho bonus legislation now pending in
Congress. This criticism was accompanied by a sneering statem ent to
thoeffect that “ the companv had already‘taken Its bonus'when tho United
States was engaged in the World W ar,” thus im plying th at tho company
was a profiteer on its war contracts.
.
„
, ,
Chairman Towno’s letter specifically denies tlicso implications and demon­
strates the absurdity of tho remarks. Ho states th at while the company
made substantial profits on file very largo volum e of war business it did
for foreign governments, all o f which, however, was taken under competitive
conditions, tho business in war products which It did for the United States
Government was transacted on a very small margin of profit.
He also makes public for tho first time the fact that the company made a
voluntary refund to tho United States Government of $302,723 on account
of a contract for “ fuso setters” which, when completed, were found to have
cost much less than the price agreed on. This refund was inado in accord
with the com pany’s previously adopted policy of doing ail war work for
the United States on tho basis of a sm all margin over cost. The not profits,
the letter further states, on the total war business done for tho United Statos
averaged only 6.4% on tho selling prico.— V. 114, p. 1662, 1073.
CURRENT

NOTICES.

— The D iscount House o f Salomon Bros. & Hutzior, announce tho removal
o f their offices to new and enlarged quarters ar 60 W ali Street, where tho
firm occupies the second, third and one-half o f the fourth floors, with a
total floor spaco o f 27,000 square feet. The work If altering the now offices
to m eet the requirements o f the firm was done under tho direction o f Alfred
Freeman, architect, of 29 AVest 34th Street. The second floor o f tho build­
ing or tho first floor o f tho suite is reached from cither AVail Street or tho
Pino Street entrances. AVhon tnc offices aro in final working order tho
second floor w ill be occupied by tho executivo and private offices, the trad­
ing or wire room and several other departm ents. Salomon Bros. & Hutzler
now havo offices in N ew A
rork, Chicago, B oston, Philadelphia and P ittsourgh, all connected by direct privato wires.
— Those questions aboud bonds which m ost frequently aro asked by both
experienced and inexperienced investors havo been listed and answered in
a brief non-technical manner b ylla lscy , Stuart & Co. in a 38-pago booklet
which contains also definitions of terms used to describe the various types
o f bond T h e purpose o f tho booklet, which is for general distribution
to all who wish it, is to creato a clearer understanding of w hat bonds are
and a fuller appreciation o f their merits as investm ents.
— The N ew York C otton Exchange firm of .1. AV. Jay & C o., cotton
commission merchants, h ave m oved their N ew York offices from 25 Broad
Street to 25 South AVililam Street.

A pril 29 1922.]

THE

C H R O N IC L E
a ttd

1901

^ u c w m -ew tS c

ILLINOIS CENTRAL RAILROAD COMPANY
SEVENTY-SECOND ANNUAL REPORT—FO R THE YEAR ENDED DECEMBER 31 1921

To the Stockholders of the Illinois Central Railroad Com­
pany:
The Board of Directors herewith submits the following re­
port of the operations and affairs of your company for the
year ended December 31 1921.
Tho number o f miles o f road operated as o f December 31 1920 w a s.4,799.40
There was a decrease in miles of road duo to the construction of a
new bridge in a now location ovor tho Chicago River on tho
St. Charles Air Line and to tho remeasurement o f tho South
Chicago Branch at 67th Street, Chicago, o f_______________ ___
0.03
The average number of miles o f road operated during the year
and tho number of milos operated Decembor 31 1921 was----- 4,799.37

INCOME.
A summary of the income for the year ended December 31
1921, as compared with the previous year, is stated below :
In crease

Average M iles Operated
During Y ear________

1921.

1920.

D ecrease

(+ )

or

(— ) .

4,799.44
— 0.07
4,799.37
$
$
$
Operating R evenues______ 141,127,065 71 121,804,579 25 + 19,322,486 46
United States G overnm ent19,499,886 56 — 19,499,886 56
Guaranty Period C laim .
Rental from United States
3,399,634 99 — 3,399,634 99
Railroad Administration
T otalO poratingR ovonuesll 1.127.065 71 144,704,100 80 — 3,577,035 09
Operating Expenses______ 109,997,791 081421,991,985 37 — 11,994,194 29
Excess of Rovcnuos ovor
E xpenses____________ 31,129,274 63
Taxes____________________ 8,119,035 45
Uncolloctiblo Railway
24,318 81
Iiev o n u o s_____________

22,712,115 43
7,172,261 96

+ 8,417,159 20
+ 946,773 49

23,319 80

+ 9 9 9 01

Operating Incom e______ 22,985,920 37
Equipment Rents— N et
C r ed it_________________ 1,614,026 69
Joint Facility Rents— N et
203,177 54
D e b it...................................

15,516,533 67

+7,4 6 9 .3 86 70

3.196,849 02

— 1.582.822 33

191,297 36

+ 11,880 18

N et Operating In c o m e .. 24,396,769 52
Nonoporating Incom e------- 5,039, 38 05

18,522,085 33
7,219,881 91

+ 5.874,684 19
— 2,180,643 86

Gross Incomo----- --------- 29,436,007 57
Deductions from Gross
In co m o ------------------------

25,741,967 24

+ 3 ,6 9 4 .0 40 33

12,170,844 96

+ 7 ,5 6 4 ,3 68 47

9,700,794 14

13,57 ,122 28

— 3,870,328 14

118,200 00

— 118.200 00

N et Incom o----------------D is p o s itio n o f N e t In co m e-

Incomo Applied to Sinking
and Other Reserve Funds
Incomo Appropriated for
Investm ent in Physical
Property----------------------

44,519 31

18,080 85

+ 2 6 ,4 3 8 46

Total Appropriations of
In com o --------------------

44,519 31

136,280 85

— 91,761 54

Incomo Balance Trans­
ferred to Credit of
Profit and Loss---------

9,656,274 83 13,434,841 43 — 3,778,566 60
t Includes operating expenses, corporate, for tho months o f January and
February 1920, amounting to $117,057 90, not assumed by tho United
States Railroad Administration, which was stated separately in tho roport
for 1920.

the first two months of the year and the corporate opera­
tions for the balance of the year; and in which the charges
to “Maintenance of Way and Structures” and “Maintenance
of Equipment” in connection with a reserve for maintenance
in 1920 and its cancellation in the year 1921 have been omit­
ted, as explained on page 8 [pamphlet reporf],
NON-OPERATING INCOME.
“Non-operating Income” this year amounted to $5,039,­
238 05, as against $7,219,88191 last year, a decrease of
$2,180,043 80. The decrease Nvas due to a reduction of $100,­
000 in dividends received on Madison Coal Corporation
stock; to the non-receipt this year of interest on Louisville
New Orleans & Texas Railway Company Second Mortgage
Income Bonds, whereas in the previous year there was re­
ceived from this source $2,0S1,014 3 8 ; and to a decrease in
other interest receivable from the Yazoo and Massissippi
Valley Railroad Company of $447,115 20. As against these
decreases there was found to be due and included in this ac­
count for 1921 $113,270 44 additional rental for the Federal
control period not previously included in your company’s in­
come. There was a net increase in other items entering into
“Non-operating Income” amounting to $334,215 34, consisting
largely of increases in interest on funds on deposit with
bankers and others, miscellaneous rent income and minor
miscellaneous income items.
DEDUCTIONS FROM GROSS INCOME.
“Deductions from Gross Income” amounted to $19,735,­
213 43, an increase of $7,564,368 47 over the previous year.
There was an increase of $966,487 11 in “Interest on Funded
Debt.” This increase was due to the inclusion of interest for
an entire year on securities issued last year, in addition to
interest for portions of the year on securities issued during
the current year, less interest on equipment trust and other
securities retired, as compared with a part year’s interest on
securities issued during 1920, a comparison of which may be
made from Table 8 of this year’s report and Table 7 of last
year’s report. “Interest on Unfunded Debt” decreased
$1,313,795 12. This decrease was due to including in this ac­
count for the previous year an adjustment in favor of the
Director-General of Railroads of interest accrued on open
accounts, etc., estimated at $S09,496 39 and, in addition, in­
cluding $217,353 88 covering interest on loans principally
from banks and trust companies, making a total of $1,026,­
850 27. In the current year the adjustment of interest due
the Government was found to have been over-estimated, and
“Interest on Unfunded Debt” was credited $406,902; and, as
miscellaneous interest on loans from banks and trust com­
panies was $119,957 15, this resulted in a net credit to the ac­
count named of $286,944 85.
“Miscellaneous Income Charges” increased $7,788,0S2 72,
of which $6,854,541 96 was due to charging this account the
amount named and crediting an account shown on the gen­
eral balance sheet, Table No. 5, “United States Government
—Guaranty under Section 209 of Transportation Act, 1920,”
in reduction of your company’s claim against the Govern­
ment, made necessary by the cancellation of charges to
“Maintenance of Way and Structures” and “Maintenance of
Equipment,” referred to under the head of “Railway Operat­
ing Expenses” on page 8 [pamphlet report]. In addition to
the amount named, $503,288 02 was due to an adjustment
further reducing the deficit in “Net Railway Operating In­
come” for the guaranty period and $370,252 74 to loss in
operation of the Dubuque & Sioux City Railroad for the cur­
rent year, less minor miscellaneous adjustments.

During the current year your railroad was operated under
corporate management. In the preceding year the property
was under Federal control the first two months, under cor­
porate management with a Federal guaranty the following
six months, and under corporate management without guar­
anty the remaining four months. As a consequence the only
items which are comparable are “Non-operating Income” and
“Deductions from Gross Income,” as during the first two
months of 1920, when the properties were under Federal
control, all “Net Railway Operating Income” items were
borne by the Government and your company received a
rental which, in the income account, is shown opposite “Ren­
tal from United States Railroad Administration,” and, there­
fore, the operating accounts comprising “Net Railway Oper­
ating Income” include the results for ten months only, while
the figures for 1921 are tho totals for the year.
TRANSPORTATION OPERATIONS.
To afford a proper comparison of operating results for tho
two years there has been prepared and will be found on page
The results of transportation operations this year, tom7 [pamphlet report] a table headed “Transportation Opera­ pared with last year, referred to in second paragraph on
tions,” which for 1920 combines the Federal operations for page 6 [pamphlet report], are as follows:




THE

1903
R a ilw a y O p e r a tin g R e v e n u e s—

1921.
$

Freight (including bridge
tolls and miscellaneous
fr e ig h t)_______
...1 0 7 ,0 9 2 ,0 9 0
Passenger (including bridgo
tolls and miscellaneous
passenger)_______
24.740.350
M ail...................
2,505,671
E xpress............ ........................ 2,326,832
Other passenger train_____
880,517
Other transportation______ 1,413,524
Incidental and joint facility 2,168,079

In crea se
D ecrease

1920.
S
55 100,178,885 96
62
37
50
13
02
52

27.041,277
3,976,419
3,057,446
864,654
1,359,123
2,676.463

73
71
68
58
41
74

C H R 01SH C L E
(+ ) or
(— ).

+913,204 59
— 2,300,927
— 1,470,748
— 730,614
+ 15,862
+ 54,400
— 508,384

11
34
18
55
61
22

rvoL. m

increases in “Rents of Buildings and Other Properties” and
“Miscellaneous Revenues.”
A comparative statement of “Railway Operating Reve­
nues” in detail is contained in Table No. 2.

RAILWAY OPERATING EXPENSES.
“Railway Operating Expenses” amounted to $116,852,­
333 01 as compared with $134,181,513 88 last year, a decrease
of $17,329,180 84, or 12.91%.
Total railway operating
_
,027,206 10
rev en u es_____________141,127,065 71 145,154,271 81
The expenses for each year represent the total railway op- •
R a ilw a y O p e r a tin g E x p e n s e s —
erating expenses after cancelling the reserve for mainte­
M aintenance o f way and
J^Tstructures______________ 22,437,587 08 25,870,907 11 — 3,433,320 03 nance referred to on page 6 [pamphlet report]. In explana­
M aintenance o f equipment 34,591,449 68 37.344,276 57 — 2,752,826 80
1,348,463 91
+ 539,247 44 tion of this reserve it should be stated that last year there
Traffic___________________ 1.887,7 1 35
T ran sp ortation__________ 53,603,439 42 65,017,065 61 — 11,413,626 19 was included in “Maintenance of Way and Structures Ex­
1,217,729 61
— 208,680 48
M iscellaneous o p era tio n s.. 1,009,049 13
3,560,290 35
+ 11 8 ,7 3 2 60 penses” $2,744,697 84, and in “Maintenance of Equipment
General...................................
3,679,022 95
Transportation o f invest­
C r . 177.219 28
— 178,707 29 Expenses” $4,109,844 12, a total of $6,854,541 96, to cover the
ment — C r _____________ C r . 365.926 57
additional amount which it was understood your company
___
____ _
Total railway operating
e x p e n ses_______________ 116,852,333 04 134, 81,513 88 — 17,329,180 84 was entitled to expend for “Maintenance of Way and Struc­
N ot revenue from railway
operations______________ 24,274,732 67 10,97 ,757 93 + 13,301,974 74 tures” and “Maintenance of Equipment” during the guaranty
8,183.911 96
— 64,876 51
Railway tax accruals______ 8,119,035 45
period and which it was necessary to state on the books in
Uncollectible railway
—6,860 70
31.179 51
24,318 81
revenu es_________________
order that the amount would be available for those purposes.
2,757,666 46 +13,373,711 95
Railway operating income 16.131,378 41
3,772.201 89 — 2,158,175 20 The amounts so charged to expenses were carried as a re­
Equipment rents— not credit 1,614,026 69
186,622 69
+ 16,554 85 serve to be expended in the future and were shown on the
Joint facility rente— not debit 203,177 54
N et railway operating
general balance sheet in the account “Other Unadjusted
6.343,245 66 +11,198,981 90
income.............. ............... 17,542,227 56
Credits,” under the heading “Unadjusted Credits.” The In­
terstate Commerce Commission, in an order dated December
R A IL W A Y OPERATING REVENUES.
15 1921 entitled “In the Matter of Final Settlement under
“Railway Operating Revenues” amounted to $141,127,­ Section 209 of the Transportation Act 1920,” prescribed a dif­
065 71 this year, as compared with $145,154,27181 last year, ferent method for adjusting maintenance expenses of the
guaranty period. As a consequence, the entries made on the
a decrease of $4,027,206 10, or 2.77%.
The increase of $913,204 59, or .86%, in “Freight Revenue,” books in the preceding year were reversed in the current
is due to the higher freight rates during the current year, year, and “Railway Oprating Expenses” was credited and
largely offset by the decline in the volume of traffic handled “Other Unadjusted Credits” was debited a like amount.
as a result of the prevailing business depression. The tons These entries necessitated an additional entry debiting “Mis­
of revenue freight carried one mile this year wore 11,084,­ cellaneous Income Charges” $6,854,541 96, and crediting the
093,960, a decrease of 2,640,138,926 ton miles, or 19.24%, as same amount to the general balance sheet account, “United
compared with the previous year. The heaviest decreases States Government—Guaranty under Section 209 of Trans­
were in bituminous coal, in lumber and other forest prod­ portation Act, 1920,” referred to on page 6 [pamphlet re­
ucts, in manufactures and miscellaneous, and in merchan­ port] under the heading “Deductions from Gross Income.”
The decrease of $3,433,320 03, or 13.27%, in “Maintenance
dise. There was a substantial increase in the tonnage of
of Way and Structures Expenses” is due to decreased .out­
grain handled.
The decrease of $2,300,92711, or 8.51%, in “Passenger lays for repairs to tracks and expenditures for upkeep of
Revenue” is due to the substantial falling off in passenger stations and other buildings, accounted for by the decrease
travel which was affected by the general depression in busi­ in wages, decreased number of overtime hours worked, and
ness existing throughout the year. The revenue passengers reductions in the cost of materials.
The decrease of $2,752,820 89, or 7.37%, in “Maintenance
carrid one mile decreased 172,767,252, or 17.57%. The de­
cline in the volume of traffic was offset in part by increased of Equipment Expenses” is due to decreased expenditures
rates which were in effect during the year, as against only for repairs to freight train cars and locomotives, partly off­
four months of the previous year, the average revenue per set by increased depreciation charges because of added
passenger per mile being $3,053 cents, an increase compared equipment and an increase in charges to equipment require­
ments. The decreased charges for repairs were substantially
with last year of .303 cent, or 11.02%.
The decrease of $1,470,748 34, or 36.99%, in “Mail Revenue” affected by the decreased number of overtime hours worked
is due principally to the inclusion in mail revenue for 1920 of and by reductions in the cost of materials and supplies used.
The increase of $539,247 44, or 39.99%, in “Traffic Ex­
$1,711,71158, which was a portion of the amount of back
mail pay for the years 1916 to 1919, inclusive, awarded un­ penses” is due in part to the reorganization of the Traffic
der an order of the Interstate Commerce Commission in De­ Department and re-establishment of outside agencies after
cember 1919; as against this amount there was included the termination of Federal control and partly to increased
from the same source in the mail revenue for the current printing expenses on account of the numerous changes in
year $248,418 64, resulting in a decrease in mail revenue rates and the necessary issuing of voluminous tariffs in con­
nection therewith.
from this source for the current year of $1,463,292 94.
The decrease of $11,413,626 19, or 17.55%, in “Transporta­
The decrease of $730,614 18, or 23.90%, in “Express Reve­
nue” is due In part to a smaller volume of express traffic tion Expenses” is due in part to a reduction in freight ser­
handled, but more largely to the inadequate rates received vice on account of the decline in the volume of business
transported tills year as compared with the previous year
for the transportation of express.
The increase of $15,862 55, or 1.83%, in “Other Passenger and the benefit received from placing in service a number
Train Revenue” is due to the higher ra tes in effect for trans­ of larger new freight locomotives during the year. Other
portation of milk and to a slight increase in the volume trans­ factors contributing to the decrease were a reduction in the
ported during the current year, partly ofset by a decrease in cost per ton of coal, economies effected in station, platform,
the amount received from the operation of Pullman sleeping roundhouse and yard terminal operations, conservation in
fuel consumption, and the maintenance of train schedules.
cars.
The increase of $54,400 61, or 4%, in “Other Transporta­ There were also substantial decreases iu the items “Loss
tion Revenue” is due to the higher rates for switching ser­ and Damage— Freight,” “Injuries to Persons,” “Damage to
vice during the current year, partly offset by a decrease in Property,” and “Damage to Live Stock on Right of Way,” as
the volume of switching performed and a decrease in “Spe­ the result of special campaigns for the prevention of the
causes leading up to such claims.
cial Service Train Revenue.”
The decrease of $208,680 48, or 17.14%, in “Miscellaneous
The decrease of $508,384 22, or 18.99%, in “Incidental and
Joint Facility Revenue” is largely due to a decrease in “Din­ Operations” is due in part to the falling off in passenger
ing and Buffet Revenue,” “Hotel and Restaurant Revenue,” travel and in part to the decreased unit cost of supplies used
“Station, Train, and Boat Priveleges,” “Parcel Room Re­ in dining and buffet cars and hotels and restaurants.
The increase of $118,732 60, or 3.33%, in “General Ex­
ceipts” and "Storage—Baggage,” all of which were affected
by the falling off in passenger travel, and to a decrease in penses” is due to an increase in “Salaries and Expenses of
“Storage—Freight” and “Demurrage” due to a decrease in Clerks and Attendants,” increased expenditures for “Pen­
the volume of freight traffic handled, partly offset by slight sions,” and an increase in “General Office Supplies and Ex-




A pril 29 1922.]

THE

OHHONTCLE

penses” and other miscellaneous items, all of which were
partly offset by a decrease in “Law Expenses.”
The decrease in expenses resulting from the increase of
$178,707 29 in “Transportation for Investment—Credit” is
due to an increase in the rate charged on material trans­
ported entering into additions and betterments work and to
the completion of work on a number of additions and better­
ments projects, the major portion of the work in connection
with which was performed in previous years, although ad­
justments were not made until during the current year.

1903

000; Series “C,” $198.000; Series “D,” $190,000; Series “E,”
$550,000; Chicago St. Louis & New Orleans Railroad Com­
pany Equipment Trust, Series “A,” $570,000; and Govern­
ment Equipment Trust No. 33, $607,800, a total of $3,265,­
800.
SECURITIES OWNED.
There were purchased during the year $300 par value Du­
buque & Sioux City Railroad Company stock. Your com­
pany now controls the entire outstanding capital stock of the
Dubuque & Sioux City Railroad Company.
Two thousand dollars par value Ocean Steamship Com­
pany of Savannah Seven Per Cent Gold Bonds of 1925 were
purchased.
The Peoria & Pekin Union Railway Company redeemed
$12,500 par value of its Five Per Cent Debenture Bonds ma­
turing August 1 1921.

RAILWAY TAX ACCRUALS.
“Railway Tax Accruals” amounted to $8,119,035 45 this
year, as compared with $8,183,911 96 last year, a decrease
of $64,876 51, or .79%. There was a substantial decrease in
ADDITIONS AND BETTERMENTS—-EXPENDITURES.
the Federal income tax on account of the reduction in taxThere was expended during the year for “Additions and
able income and a decrease in the Illinois charter tax, due
to the falling off of taxable earnings on the charter lines this Betterments” (including improvements on subsidiary prop­
year as compared with last year. These decreases were erties) $21,120,038 10. The following is a classified state­
ment of these expenditures:
largely offset by increased State taxes on account of in­
A d va n ces fo r
A d d itio n s &
creases in levy rates and the creation in several States of
A d d itio n s &
B e tte r m e n ts
new taxing districts.
B e tte r m e n ts
to L in e s o f
UNCOLLECTIBLE RAILWAY REVENUES.
“Uncollectible Railway Revenues” amounted to $24.318 81
this year, as against $31,179 51 last year, a decrease of
$6,860 70.
EQUIPMENT RENTS—NET CREDIT.
“Equipment Rents—Net Credit” amounted to $1,614,026 69
in the current year, as compared with $3,772,201 89 in the
preceding year, a decrease of $2,158,175 20. Owing to the
general depression in business, the use of freight cars de­
creased substantially, and, as a consequence, in order to
avoid per diem payments your company’s freight cars on
other lines not in use were returned home, this resulting in
the decrease in the credit for equipment rents.

Road—
E ngineering_______________
Land for transportation
purposes________________
Grading___________________
Bridges, trestles and culverts
T ies______
_
.
R a ils ...............
Other track m aterial______
B allast____________________
Track laying and surfacing.
Right o f way fences..............
Crossings and signs________
Station and office buildings.
Roadway buildings________
Water station s..........................
Fuel station s_____________
Shops and onginehouses___
Grain elevators.......................
Storage warehouses________
Wharves and docks________

Telegraph & telephone lines.
JOINT FACILITY RENTS—NET DEBIT.
Signals and interlockers___
Power
“Joint Facility Rents—Net Debit” amounted to $203,­ Power plant building_______
substation buildings.
177 54, an increase of $16,554 85 as compared with last year. Power transmission system s.
Power distribution system s.
Power line poles and fu tu res
FINANCIAL.
M iscellaneous str u c tu r e s...
The General Balance Sheet, Table No. 5, reflects the finan­ Paving------------Roadway m
cial condition of your company on December 311921, as com­ Roadway smachines.
all tools_______
pared with the previous year.
Assessments for public im­

CAPITAL STOCK AND FUNDED DEBT.
There were no changes in the capital stock.
Illinois Central Equipment Trust Certificates, Series “G,”
amounting to $3,564,000, were issued and sold, February 1
1921.
Under the terms of the Illinois Central Railroad Company
and Chicago St. Louis & New Orleans Railroad Company
Joint First Refunding Mortgage there were issued to your
company in March 1921 in reimbursement for improvements
made to the mortgaged properties, $3,708,000 Five Per Cent
Bonds, Series “A.” Under the same mortgage $78,000 par
value Series “A,” or Dollar Bonds, were exchanged for £15 600 sterling bonds, the equivalent of $75,660 of Series “B ’
”
or Sterling Bonds, upon payment of the difference of $2 340
in cash.
Illinois Central Railroad Company Equipment Gold Notes
amounting to $550,200, were issued under Government
Equipment Trust No. 33 in June 1921.
Illinois Central Railroad Company Fifteen Year Six and
One-half Per Cent Secured Gold Bonds, amounting to $8,000 000, were issued and sold July 1 1 9 2 1 .
In order to comply with the accounting requirements of
the Interstate Commerce Commission there have been added
to the funded debt outstanding $12,000 St. Louis Southern
Railroad Company First Mortgage Four Per Cent Bonds.
$116,000 St. Louis Southern Railroad Company Second Mort­
gage Income Bonds, $15,000 Belleville and Carondelet Rail­
road Company First Mortgage Six Per Cent Bonds, and
$9,000 Carbondale & Shawneetown Railroad Company First
Mortguge Four Per Cent Bonds. These bonds were acquired
with other securities at the time your company took over the
property ot the St. Louis Alton & Terre Haute Railroad
Company, now known as the St. Louis Division. The bonds
in question were deposited with the trustee as additional securtiy under the terms of the Illinois Central St Louis Divi­
sion Mortgage, but have not been heretofore included in the
outstanding funded debt As an off, et t0 the inclusion of
s
these bonds in the funded debt outstanding they are also
shown as being owned by your company
Illinois Central Railroad Company Five Per Cent Bonds,
amounting to $968,000, secured by a first mortgage on the
Kankakee & Southwestern Railroad, matured in August 1921
and were paid.
Under the provisions of the trust agreement $296 000 Illi­
nois Central Railroad Company One to Fifteen Ypnr’spcnrr>a
Gold Notes matured and were retired.
oecuieu
There were retired and canceled under the terms of the
respective trust agreements Illinois Central Euuinment
Trust Certificates, Series “A,” $800,000; Series “B ” $350-




provements_
_
Other expendftu
Shop m achinery.

..
I.
-..

o n O ic m e d
L in e s .

S u b s id ia r y
C o m p a n ie s .

T o ta l
E xpen ded.

$91,850 10

$50,776 82

$142,626 92

155.633 97
310,810 28
536.052 42
321.757 15
225,677 91
676.529 99
67.419 42
132,509 44
1.174 05
189.093 51
284,724 60
4.549 94
22,511 27
C r.2J96 73
109.985 12
721 39

0 .2 ,7 6 3 25

152 870 72
520.724 89
1,352 221 13
408.850 28
388.899 22
1,222.806 21
144 514 53
218.653 29
4.249 17
246,694 34
348.886 19
7.599 49
29.695 77

Cr.829 32

29.483 52
„„
37.192 58
Cr.9,945 60

...............

2.032 20
28.442 82
3.526 43
0 .3 ,3 9 8 17
0 .4 .9 0 1 3 8
6.866 72
1.523 46
61.278 95
138.323 00
330 030 51
C r . 92.457 94

209.884
816.168
87.093
163.221
546.276
77.095
86,143
3.075
57.600
64,161
3.049
7.184

61
71
13
31
22
11
85
12
83
59
55
50

0 .7 ,5 3 3 19

0 .1 0 .3 2 9 92

177,564 43

C r . 5,494

287 549 55

06

0 .4 ,7 7 2 67
0 .2 ,7 3 9 55

0 .2 ,7 3 9 55

2,728 50

1.899 IS
27.857 36
96.489 26

0 .1 ,6 2 6 16

59,296 68

0 . 1 8 1 96

505
425
6,983
4,477
43
1.822
561
534

0 .1 0 ,1 2 7 56

505 0 4
2.457 98
35.426 63
8.003 51

04
78
81
08
85
41
93
19

0 .3 ,3 6 4 32
0 .3 ,0 7 8 97

7.428 65
2.057 65

74.723 83
62
184.504 54
6.229 26

136.002
116.009
514.535
Cr.86.228

C r . 22.313

78
38
05
68

. . $3,655,401 61

$2,649,480 89

$6,304,882 50

- $9,576.207 86
. . 3.604.905 34
.- 1,502.385 12
-C'r.3,500 00
115,702 89
3.043 14

_ ._______
_

S9.576.207 86
3.604.905 34
1.502,385 12
C r . 3,500 00
115.702 89
3.043 14

E q u ip m c n t-

Work equipm ent.

.....................

-$14,798,744 35

$14,798,744 35

G e n e r a l—

Law______

n

$49 47
9,504 18

T o ta l_____________

-

S9.553 65

Grand T otal_______

-$18,463,699 61

$6,857 60

$49 47
16.361 78

$6,857 60

$16,411 25

$2,656,338 49 $21,120,038 10

The following shows the amount advanced during the year
to each of the subsidiary companies, these amounts being
included in total advances shown in Table No. 7 of this
[pamphlet] report:
Batesville Southwestern Railroad C o_________ __ _
<tR 26° 35
Benton Southern Railroad C o__________ . .
' '
’404 <
;•>
Blue Island Railroad C o____ ______________________
2 749 00
Canton, Aberdeon & Nashvillo Railroad Co - - 11 124 49
Chicago, St. Louts & New Orleans Railroad C o___________
1,823.393 46
Dubuque & Sioux C ity Railroad C o_______
_ _ __ _
_
774 235 23
Frodonia & ltcods Railroad C o____________________________ Cr.2,912 44
Golconda Northern R ailw ay_________
_
1 9 1 0 63
Johnston C ity Southern Railroad C o______H I __________ I
'581 35
Kensington & Eastern Railroad C o_____
. . .
19 74 s 89
18!750 91
South Chicago Railroad C o______________ I __________1 .1 .1

Total........................- ................................................... ................$2,656,338 49

PHYSICAL CHANGES.
The following is a summary of the more important im­
provements during the year, the cost of which was charged
wholly or in part to “Road and Equipment” :
A D D IT IO N S A N D B E T T E R M E N T S— R OAD.

There were 218.68 miles of track laid with 90-pound
steel rail and 84.05 miles of track relaid with second-hand
steel rail, all of which replaced rail of lighter section.
One hundred eleven new industrial sidings were built or
extended.
Two hundred sixty-one new company sidings were built
or extended, a net addition of 43.26 miles. Included therein
were additions to yard facilities of 24.25 miles at Clinton
111., and 6.61 miles at Paducah, Ky.
A track was built from north of Zeigler, 111., to Royalton
Mine No. 2 at Royalton, 111., a distance of 4.85 miles. A
track was also built from a point on the main line south of
Zeigler, 111., to the Lake Creek Mine near Johnston City, 111.,
a distance of 8.76 miles, with connections to Old Ben No. 15

1904

THE

[V ol. 114.

C H R O N IC L E

and No. 18 Mines, a distance of 1.95 miles. Work was started
on tracks from Providence, Ky., to Shamrock Mine, a dis­
tance of 2.52 miles; and from a point on the main line north
of Central City, Ivy., to Holt Mine, a distance of 2.56 miles.
The grading for Markham Yard, located between Harvey,
111., and Homewood, 111., referred to in the report of the pre­
vious year, was continued.
A new subway eliminating a grade crossing with the
Hawkeye highway near Earlville, la., was built, and the
subways at Washington Street, Bloomington, 111., and at
Lemp and 14th Streets, Fort Dodge, la., referred to in the
report of last year, were completed.
Work was started on the erection of a reinforced concrete
viaduct to carry McLemore Avenue over the tracks of the
Illinois Central and Yazoo & Mississippi Valley railroads at
Memphis, Tenn.
Combination passenger and freight stations were com­
pleted at Dowell, 111., and Speedway, 111. Work was started
on the construction of a brick freight house and driveways
and the conversion of the present freight and passenger sta­
tion into a passenger station at West Frankfort, 111.
Improvements were made in the icing facilities at Padu­
cah, Ivy., and Louisville, Ky.
A new interlocking plant was constructed at the crossing
with the Toledo St. Louis & Western Railroad at Ramsey,
111., and work was started on the construction of an inter­
locking plant at the crossing with the Waterloo Cedar Falls
& Northern Railway at Waterloo, la.
Work was started on the erection of a steel car repair shed
at McComb, Miss. New mechanical facilities were con­
structed at Herrin, 111., and enlargements were made in the
mechanical facilities at Havana, 111., Freeport, 111., Water­
loo, la., Dubuque, la., and Paducah Ky. New 100-foot turn­
tables, replacing 85-foot turntables, were installed at Cham­
paign, 111., Waterloo, la., and Dubuque, la., and a 75-foot
turntable, to replace a 66-foot turntable, was installed at
Sioux Falls, S. D.
Water facility improvements included the installation of
100,000-gallon creosoted \vater tanks at Kinmundy, 111., Clin­
ton, 111., Caneyville, Ivy., Canton, Miss., and a 50,000-gallon
tank at Herrin, 111.
The construction of block signals between Ilsley, Ky., and
Princeton, Ivy., was completed. At Kensington, 111., block
signals were installed at the Knickerbocker Ice Company’s
crossover. The extension of automatic block signals south
through Paducah, Ivy., a distance of 3.6 miles, was begun.
At the close of the year 2,451 miles of track were equipped
with block signals.
Three thousand eight hundred eighty-two lineal feet of
permanent bridges and trestles were constructed, replacing
pile and timber bridges and trestles; 1,616 lineal feet of per­
manent bridges and trestles and 22,034 lineal feet of pile and
timber bridges and trestles were rebuilt or replaced by em­
bankment. Twenty-eight miles of track were ballasted or
re-ballasted and brought up to the present standard.

A D D IT IO N S A N D B E T T E R M E N T S— E Q U PIM E N T .

One hundred Central type freight locomotives and twentyfive 8-wheel switching locomotives were added, and 108 lo­
comotives of various types were disposed of, resulting in an
increase of seventeen locomotives. Three Consolidation
type freight locomotives were converted into Mikado type
freight locomotives, and eight Mogul type freight locomo­
tives were converted into Suburban type passenger locomo­
tives. Thirty-seven of various classes were superheated.
The increase in tractive power of locomotives for the year
was 5,911,927 pounds.
Fifty-five new passenger cars were added, and ten cars
were condemned, destroyed or sold, making a net increase
of forty-five cars.
Three thousand six hundred twenty freight cars were
added and 3,161 cars were condemned, destroyed, sold or
transferred to other classes, resulting in a net increase of
459 cars.
GENERAL REMARKS.
Of the 100 Central type freight locomotives, referred to un­
der the head of “Additions and Betterments—Equipment,”
on page 11 [pamphlet report], fifty were purchased during
the year, as were also the twenty-five switching locomotives,
at a total cost of approximately .$5,940,000. In order to fi­
nance this purchase there was issued during the year “Illi­
nois Central Equipment Trust, Series ‘G,’ ” amounting to
$3,564,000. The balance of the purchase price was paid in
cash by your company.
In connection with Government Equipment Trust No. 33,
referred to in the report of last year, there were issued and
delivered to the Government during the year additional
notes in the amount of $550,200 to cover the purchase price
of 150 coal cars received subsequent to the execution of the
trust agreement and to provide for the balance of the pur­
chase price of the original 3,500 cars. The total cost of the
3,650 cars covered by Government Equipment Trust No. 33
was $9,717,500, for which your company gave notes aggre­
gating $9,667,200 and paid in cash the balance of $50,300.
The $8,000,000 Illinois Central Railroad Company Fifteen
Year Six and One-half Per Cent Secured Gold Bonds, re­
ferred to under the head of “Capital Stock and Funded
Debt,” on page 9 [pamphlet report] were issued and sold for
the primary purpose of reimbursing your company for out­
lays previously made for additions and betterments.
The number of stockholders as shownjon the books of your
company at the close of the year was 15,175, compared with
13,645 last year.
The number of pensioners at the close of the year was 653,
and the amount of pensions paid during the year was $260,­
248 33, an increase compared with last year of $33,895 20.
The Board of Directors takes this opportunity to express
its appreciation to the officers and employees for their loyal
and efficient services during the past year.
By order of the Board of Directors.
C. II. MARKHAM, President.

TABLE 3 -IN C O M E STATEM ENT FOR THE YEARS E N D E D DE ICEMBER 31 1921 AND 1920.

D ecrease.
In crea se.
1920.
1921.
......... ..................$141,127,065 71 $121,804,579 25 $19,322,486 46
Operating revenues________
$ I § i499,886*56
19.499,886 56
oriod
United States Government— Guaranty poriod claim ---------------------------------------------3,399,634 99
3.399,634 99
Rental from United States Railroad Administration
$3,577,035 09
$144,704,100 80
S141.127.065 71
11,994,194 29
. 109,997.791 08 *121.991,985 37
Operating oxpensos----------------$8,417,159 20
$22,712,115 43
. $31,129,274 63
.......................
Excess o f revenues over o:
946,773 49
7,172.261 96
.
8,119.035 45
T a x es________________________
999 01
23,319 80
.
24,318 81
Uncollectiblo railway revenues.
$7,469,386 70
$15,516,533 67
. $22,985,920 37
$1,582,822 33
3,196.849 02
.
1,614,026 69
Equipm ent rents— N et credit.
11.880 18
191,297 36
.
203,177 54
Joint facUity rents— N et debit.
$24,396,769 25
$18,522,085 53
$5,874,684 19
N o n -o p e r a tin g I n c o m e —
te n t 970 44
$113,270 44
Income from lease o f road— standard return adjustm ent.................................................. ..
^ H v ’noo Jc
2,677 94
$54,421 54
57,099 48
Income from lease o f road— miscellaneous
53,320 15
393,783 91
447,104 06
M iscellaneous rent income --------------------------------------------------------------------------------35,379 50
55.158 31
90,537 81
M iscellaneous non-operating physical property--------------------------- ------------------------$27,356 52
27.356 52
Separately operated properties— profit------- - -------------------------------------------------------■ o n V ir n n n
100,000 00
2,164.737 00
Dividend incomo (Table 6, pam phlet report).
------- ----------------- ----------- ---------f ’V m ’lko 14
1.958,162 71
3,368.318 85
Income from funded securities (Table 6 . pamphlet report) --------- . .
-----M 79 ’ r u a 9
27.157 14
144.977 18
Incom e from capital advances to affiliated companies (la b lo 7, pam phlet report)-----172.131 32
"‘202,038-92
789,477 33
Incomo from unfunded securities and accounts----------------- --------- ------------------ -------oa/.'ioo «
130,700 00
130.700 00
Incomo from sinking and other reserve funds---------------------------------------------------------- ------or TeTV'io
- 5,809 12
90.951 27
M iscellaneous incorho.............. ......................................................................................................... ..
jd . id u o j
$2,180,643 86
$7,219,881 91
T otal non-operating incom e---------------------------------------------------------------------------- $5,039,238 05

Gross Income______ ______ - - - ...............................................- ............................................ .. $29,436,007 57
D e d u c tio n s f r o m G r o s s I n c o m e — .
^
«> m o oor i s
Rent for leased roads (Table 9, pamphlet r e p o r t ) ......................- ....................- ....................
« 948 77
M iscellaneous rent deductions------------------------------------------------------------------------------1 qqi
M iscellaneous tax accruals--------- --------------------------------------------------------------------------\,
Separately operated properties— l o s s . . . .............. ..................................................................
a o s 'e t s n k
Interest on funded debt CTable 8, pam phlet r e p o r t ) .......................... - ............................. 10,J28.65H bo
Interest on unfunded d e b t----------------- ------------------------------------------------------------------M aintenance o f investm ent organization...................................- ..............................................
„ DO, 2"o o”
M iscellaneous income charges—
. $19,735,213 43
T otal deductions from gross incom e---------------------------------------------------------------$19,735,-13 43

$25,741,967 24

$3,694,040 33

$1,116,898 46
7.911 10
2,434 85
7,150 75
9,962,171 54
1,026,850 27
767 50

$83,027 72
337 67

$12,170,844 96

$9,700,794 14
$9,700,794 14
S44.519 31

$118,200 00
18,080 85

.
T otal appropriations o f incom e.
Incomo balance transferred to credit o f Profit and Loss-------------------------------------------

344.519 31

$136,280 85

$9,656,274 83

$503 49
1,313,795 12
206 50

7,788,082 72
$7,564,368 47
$3,870,328 14

$13,571,122 28

.

40,938 36
966,487 11

$13,434,841 43

N e t income...................................... - .............................................................................. ..............
D is p o s itio n o f N e t In c o m e —
Incomo applied to sinking and other reservo f u n d s ............
Incomo appropriated for investm ent in physical property.

$118,200 00
$26,438 46
$91,761 54

^Inclu des operating expenses, corporate, for the months o f January and February, 1920. amounting to $117,657 90, not assumed by the United
3 t« » R
«
A
g
g
a
s
f
e
.
h
i
g
h
t
a
b
l
e
an„ ,» Table 2 (pamphlet rep ort,. « . above.




A pril 29 1922.]

THE

1905

C H R O N IC L E

TABLE 5- CONDENSED GENERAL BALANCE SHEET DEC. 31 1921, AND COMPARISON W ITH DEC. 31 1920.
ASSET

S ID E .

D ec.

I n v e s tm e n ts —

31 1921.

D ec.

31 1920.

In crea se

D ecrease.

Road and equipment to June 30 1907............... ...................................................... . ..........$109,002,970 68
Road and equipment since June’ 30~1907l 1 1 I I I I H Z Z Z I Z Z I I I 1 1 1 1 I I I I I I Z I I Z I I Z I Z Z I^126.’596,’633 85

$109,002,970 68
108,132,934 24 $18.463,699~61
Total road and equipment..............................................................................................$235,599,604 53 $217,135,904 92 $18,463,699 61
Miscellaneous physical property........... ...................... .......................................................... $1,704,575 71
$1,564,976 19
$139,599 52
Investments in affiliated companies:
S to c k s .---------------- ----------------------- ------- -------- ---------------- ----------- ---------- $37,546,514 63
$37,545,614 63
$900 00
------------------------------------------ 18.9S6.174 r.r
-------------------------- --------------- 18,975,674 76
Q
if? qkq ^97 76
Notes-------- ------------------------------------- ..........- .......................................................... 16,957 220 Q
Advances (Table 7, pamphlet report)......... ....................................................... .......... 108.616,328 11
105.039,826 34
3,576,501 77
$182,095,738 49 $178,530,153 38
$3,565,585 11
Other investments:
-----n o n d i ..............................................- ....................................................................... ..........
$51,051 00
S51.C5100
_________
$5,236,823 44

$10,500 00
1,316 66

$200 00

$32,398,209 23
$27,161,585 79 $5,236,623 44
Total investments............. ......................................................................................$451,798,127 96 $424,392,620 28 $27,405,507 68
C u rre n t A s s e ts —

$6,437,839 01
11,206.938 96
21,378 56
3,139.525 85
3,699,354 72
12,332,870 99
18,815,457 17
9,588,121 83

$1,583,242 93

$42,717,150 48 $65,241,487 09
United Stales Railroad Administration:
Material and supplies, December 31 1917-------------------------------------------- ------- $13,184,279 90
$12,948,607 44
Federal control rental_______________ ______________________ $37,691,746 46
5
Amount received on account________________________________ 30,900,000 00
0
6,791,746 46
6,678,476 02
■ 23,266.683 01
23,332,934 82
Depreciation of equipment_________________________
- 10,342,435 80
10.353.998 52
Equipment and other property retired-----------------------1.782.869 59
1,679,131 12
T o ta l.
$55,368,014 76
$54,993,147 92
United States Government:
Guaranty under Section 209 o f T r a n s p o r t a t i o n Act, 1920_______ $19,499,886 56
Amount received on account________________________________ 8,000 000 00
----- ......... ..........
$11,499.886 56
Total current assets.
-----$98,085,165 24 $131,734.521 57

___________

S c c ia r d e B o s u s i::::::::::;:::;:;;::::::::::::::::;::::::;:::::::::::;:::;:
Loans and bills receivable___________________________________________________
Traffic and car service balances receivable_________________________________ T.T
Not balance receivable from agents and conductors______________________________
Miscellaneotis accounts receivable_________________________________________ _
Material and supplies------------------------------------------------------------------------------------Interest and dividends receivable____________________________________________

* w: o
>
1 880 284 O
';
2’798’211 28
70
13 4 7 7 4 9 6 r 7
>
525,'400 57
ao

" 2 0 ,8 3 8 “16
3 ^305,210 73

$10,872,561 27
1,259,241 80
901,143 44
5.337,960 66
9,062,721 26
$22,524,336 61

$235,672 46
113,270 44
103,738 47
$374,866 84

$66,251 81
11,562 72

$11,499,886 56
$33,649,356 33

D e fe rre d A s s e ts —

Working fund advances__ __
Othor deferred assets___ _____

---

$31,530 59
49,509 40

$17,730 13
36.365 64

SI3,800 46
13,143 76

--

$81.039 99

$54,095 77

$26,944 22

-

Total deferred assets.

$2,602,950 37

U n a d ju s te d D e b its —

Other unadjusted debits.

$5,966,870 37

83.363,920 00

-$555,931,203 56

$559,545,157 62

.-$109,296,000 00
-133 33

$109,296,000 00
33 33

-$109,295,866 67

$109,295,966 67

G ra n d T o ta l
L IA B IL IT Y

83,613,954 06

S ID E .

S to c k —
C o m m o n s to c k .

Total slock outstanding.

$100 00
$100 00

G o v e r n m e n ta l G r a n ts —

Grants in aid of construction.

-

$37,272 14

$32,272 14

$5,000 00

-$311,555,585 00 $300,108,845 00
-- 46,592,700 00
42.802.700 00
-$264,962,885 00 $257,306,145 00

$11,446,740 00
3.790.000 00

I ^ n g - T c r m D e b t—

Total funded debt outstanding (Table 8, pamphlet report)
a-negotiable debt to affiliated companies----------- ------- -Total long-term debt-------------------------------------- ------- -------

$7,656,740 00

-$264,962,885 00

$257,306,145 00

$1,550,000 00
2,092,199 63
16,985,455 33
883,118 79
1,945.361 01
53,034 55
111,786 16
1,912.680 00
1,596.574 43
39,000 62
244,298 41

$1,550,000 00
3,319.840 61
22,235.904 50
2,981,085 19
1,749.557 75
53,268 80
102.906 16
1,912.680 00
1,661.881 84
45.020 47
267,164 65

$27,413,508 93

S35,879,309 97

- $13,096,891 Jg
75
- •hh030.869 63
33,030.869
- 24,482,517 90
UO«L <OU u o

$13,093,719 59
32 667,242 60
24.280.223 56
942.000 00

$3,172 16
363.627 03
202.294 34

- $71,266,035 01

$70,983,185 75

................... -

$282,849 86

$7,656,740 00

C u r r e n t L ia b ilitie s —

Loans and bills payable:
United States G o v e r n m e n t -----------------------------------------------Traffic and car-service balances payablo------------------------ ~
Audited accounts and wages payable----------------------------Miscellaneous accounts payablo----------------------------------Interest matured unpaid____________________________ I
Dividends matured unpaid____________________________
Funded debt matured unpaid_________________________
Unmatured dividends declared_________________________ 2
Unmatured Interest accrued__________________________ II
Unmatured rents accrued____________________________
Other current liabilities_____________________________ I

-------

Total

$195,803 26
" " ’8,880 65

*

T o ta l......... ..............................
United States Government:
Guaranty under Section 209 <
Amount received on account
Total current liabilities.

8
12,376,000 00
0
-

$293,943 42

- $98,973,487 96

------------------#

234 25
65.307 41
6,019 85
22,866 24
$8,465,801 04

U n i t e d S t a t e s R a i lr o a d A d m i n i s t r a t i o n :

Material and supplies, February 29 1920------------------Payments for corporation----------------------------------------Additions and betterments-------------------------------------Interest accrued on onen account---------------------open account

$1,227,640 98
5,250.449 17
2,097,966 40

............... —
§286,243 67

$293,943 42

$106,862,495 72

$7,889,007 76

D e fe r r e d L ia b ilitie s —

Other deferred liabilities..

-

$37,115 36

$37,159 27

$43 91

S37.115 36

$37,159 27

$43 91

$3,918,843 10
2,781,542 93
1.404,702 16
31.788.S82 68
6,476,261 35

$4,578,260 77
2,730.420 02
1,478,411 27
27,845,54 3 86
14,487,429 79

- $46,370,232 22

$51,120,066 31

.....................

$4,749,834 09

$7,755,820 44
27,135,232 07

$81,132 73
1.282,158 97

____ ______
............... ..

- 836,254,344 21

$34,891,052 51

$1,363.291 70

...........................$555,931,203 56

$559,545,157 62

Total deferred liabilities.
U n a d ju s te d C r e d its —

Tax liability................. ......................................................
Insurance reserve________________________________
Operating reserves_______________________________
Accrued depreciat Ion— E quipment________________
Other unadjusted credits-------------------------------------Total unadjusted credits.

851,122 31
3.943,338 82

$659,417 67
73,709" H
8"6lf,"l6844

C o r p o r a te S u r p l u s —

Additions to property through income and surplus______
Profit and loss (Table 4, pamphlet report)______________
Total corporate surplus.
Grand total______




-

$7,836,953 17
28.417,391 04

__________
$3,613,954 06

1906

THE

[V ol. 114.

C H R O N IC L E

ST. LOUIS-SAN FRANCISCO RAILWAY COMPANY
ANNUAL REPORT—YEAR E N D E D DECEM BER 31 1921.
at par in payment of the difference between the tentatively
To the Stockholders:
.
Your Directors submit herewith the annual report tor certified cost ($14,029,500 00) of the equipment referred
to, and the actual cost thereof as finally agreed upon.
the year ended December 31 1921.
During the year, additional Prior Lien Mortgago Six 1 or
The average mileage operated during the year was 5,25b.0/
miles, an increase over the previous year of 3.39 miles, due Cent Bonds, Series C, were authenticated and delivered
to additional track laid between Tyronza, Ark., and End under the Prior Lien Mortgage, as follows:
A c c o u n t E q u i p m e n t N o t e s R o t i r c d ------------------------------------------------ r* 7 sV<mn»
of Track, Ark.
A c c o u n t A d d itio n s a n d B e t te r m e n t s .
................. ............................... ° i3 K n r>
A c c o u n t T e r m i n a l s a n d T e r m i n a l F a c i l i t i e s ---------------------------------lo .o u u
RESULTS FOR THE YEAR.
I

iv u v u iiu r a ---------------------------------------------------------------

$6,700,000

s* 4 *)QK 7HR «1

Operating Expenses were.........................- - ........................ ........ pi

Net Operating Revenue was------------------- --------------- ------- na
Taxes woro. --------------------------------------- - .......................... d.BLS.AM e»
Operating Incomo. Taxes deducted, was------------------------.$18,234,174 53
Miscellaneous Income was------------------------- ------------------$18,632,154 84
Rentals and Other Payments wore............. ............................ - 1.237,326 16
Income for tho year available for interest was-------- ------- "$1o n nlava 69
Interest on Fixed Charge Obligations was------------------------ 9,bb5,878 b<i
....................... ........................ ............*7.728.950 06
Balance
Interest on Cumulative Adjustment Mortgago Bonds w a s.. 2,391.740 71
............... .............................. ..............$5,337,200 35
2,111,520 00
Interest on'fncome"Mortgage Bonds was...........................
Balance...................................................... - ............— ..............$3,225,680 35

In tho report for the year ended December 31 1920 you
wero advisod of the status of tho Company’s negotiations
with tho Unitod States Government looking to tho settle­
ment with tho United States Railroad Administration^ of
matters growing out of tho operation of the property during
Federal control and also with the Inter-State Commerco
Commission on account of claims filed by the Company, for
itself and its affiliated and subsidiary Companies, under the
guaranty provisions of Section 209 of the Transportation
Act, 1920.
„ .
. ...
During tho year final settlement of tho account with tho
United States Railroad Administration was effected. This
settlement embraces all of the System l ines parties to the
Standard Form of Contract with the Director-General ot
Railroads, as well as tho Quanah Acme & Pacific Railway
Company and the Kansas City Clinton & Springfield Rail­
way Company. Tho account with tho Director-General
was somowhat complicated, involving many entries of both
debits and credits of varied character. However, a sum­
mary of the final settlement may be briefly stated as follows:
At the beginning of Federal control on Januaiy 1 1918 the
Director-General took over current cash and collected out­
standing accounts receivable of the Company, thus recoiving funds of tho Company amounting to-------- ----------- -$10,U04,48U 4J
Tho Director-General assumed all the Company s current
obligations on said date, amounting to............................... l3.Jt5.bJ4 xo
Tho Company therefore owed the Dlroctor-General, as a
result or tho foregoing cash transactions, a not balance o f-- *3,971.143 6b
Less amount duo Company on account of “standard return
for tho 26 months of Federal control: total $29,537,987 24,
of which tho Director-General paid $26,239,569 52, leaving ^
^
„2

Prior Lien Mortgage Six Per Cent Bonds, Series C, in
tho face amount of $2,664,000, wero plodged duniig the
year to secure temporary bank loans aggregating $2,0UU,UUU,
which since the close of the year have been paid off and tno
bonds returned to the Company’s treasury. In addition to
tho abovo tho Company held free in its treasury, at the
close of the year, $8,268,000 Prior Lien Mortgage Six Por
Cent Bonds, Series C, as shown in tho Condensed General
Balance Sheet and included in the classification Unadjusted
° Of^the $15,000,000 St. Louis and San Francisco Railroad
Company Stock Trust Certificates for 1 he Kansas City
Fort Scott & Memphis Railway Company Preferred Stock,
which in accordance with their terms matured October L
1921, holdors of 813,962,800 accepted the offer of exchange
mado under tho plan of reorganization and received Irom
the Reorganization Managers in accordance with the reor­
ganization plan, $10,472,100 of this Company s Prior Lien
Mortgage 4% Bonds and $3,490,700 of its Adjustment Mort­
gage 6% Bonds. $84,300 par value of said Stock trust
Certificates have been exchanged for a like amount or tne
Preferred Stock of The Kansas City Fort Scott & Memphis
Railway Company.
•
EQUIPM ENT.
The Company during the year accounted for a total of
2,355 freight cars rebuilt, the appraised value of which as
rebuilt is $4,013,065 49.
,
,
,
The effect of this rebuilding program lias boon to restore
to activo sor'ice a large number of cars which, as result o
the neglect of ropairs during Foderal control, had either
been standing idle, or been kopt in sorvico at a high curren
repair cost.
ADDITIONS A ND BETTERM ENTS.
The amounts charged to Capital Account during the year
for additional main track, described in detail under the head
of “Doublo Track,” other improvements of roadway and
structures, shop buildings, etc., in the purchase of now
equipment and for improvements to existing equipment,
were as follows:
„ A
_
ROAD.

’ 2 1 .1 9 5 2 7
205 225 28

B r i d g e s , t r e s t l e s a n d c u l v e r t s ------------------------------------------------------T u n n e l s a n d s u b w a y s -------------------------------------------------------------------E l i m i n a t i o n o f g r a d e c r o s s i n g s ----------------------------------------------------G r a d o c r o s s in g s a n d s i g n a l s --------------------------------------------------------A d d i t io n a l m a i n t r a c k s . . . . — —
----------------------------------------A d d i t i o n a l y a r d a n d i n d u s t r y t r a c k s ----------------------------------------C h a n g e s o f g r a d e a n d a l i g n m e n t s ----------------------------------------------R o a d w a y b u i l d i n g s . . . .................................................— ...............................

3 0 9 2 1 12

Rail and other track material......................................................

Not amount owed by Company to Director-General - - - - $672,725 91
The Director-General continued to prosecute the addition
and betterment work in progress on Jan. 1 1918, anu tno
work done and paid for by tho Director-Goneral amounted
^ Q3
to _________________________________________________
’
1 “
Amount owed by Company to Director-General, not disputed
by either party, except for cortain improvement charges to
which the Company objected................................................ - 50,093,lot

Against which tho Company sot up claims, which were
disputed in whole or in part by the Director-General,
amounting to $ 7 ,1 2 3 ,2 1 2 28 for undermaintenance and
$6 S97.493 15 for various items such as depreciation, prop­
erty retired, &c., totaling $ 1 4 ,0 2 0 ,70a 4 3 . j
P
General allowed in respect of theso claims $ 7 ,- 4 3 ,la 7 J7,
offset in part by $ 0 ,6 9 3 ,1 5 7 97 owed by the Company as
above stated, and paid the balance of $ 5 5 0 ,0 0 0 to the
Company in cash.
.,
T , Q. .
Settlement has not yot beon effected with the Inter-Mate
Commerco Commission of the claims filed by the Company
under tho guaranty provisions of Section 209 of tlio I ransportation Act, 1920, as amended by Section 212 thereof,
but a final claim has been prepared, which was filed with
tho Commission March 1 1922.
SECURITIES ISSUED, SOLD OR PLEDGED.
In the Annual Report for the year ended December 31
1920, you wore advised that the Company had issued at
par to tho Director-General of Railroads $14,029,500 00,
principal amount, Equipment Notes, dated January la
1920, in payment of the cost, as tentatively certified at the
time of such issue, of the following equipment purchased
from the United States Railroad Administration:

eirn"n*iv>

W i d e n i n g c u t s a n d f i l l s ----------------------------------------------------------------B a l l a s t i n g ................. - - .......... ---------------------------------------------------------------

i s
- F r e i g h t _a n d c___________, -e r s t a t i o lni a -. - . — : - : - - Z=;- ;- ;- ; — ; - ;- I- ;- ;- ;- ; ; 1 1 1 1 ;
p assen g
.
;
S h o p b u i ld i n g s , e n g in e h o u s e s , e t c . - - - - ............................................P o w e r p l a n t s , s h o p ’ m a c h i n e r y ’ a n d t o o l s .............................................
m a c h i n e r y a n d t o o l s .............................................
A s s e s s m e n ts f o r p u b l ic i m p r o v e m e n t s ...................... .............................
M is c e ll a n e o u s ......... .....................- ....................... — .............................................
E Q U IP M E N T .

75957 28

r,
674
s
A6

’4 4 1 4 0
Jog 2 2

835
’5 9 0
"80
2 8 709
1 216 2 4

11
n

i

18
50
90
97
60

«>ij
f
® 2 o2 t6

icq’llislw

10030065
3 ft £ 7 7 15
15

12,320 42"

A d d l tto na? cliarg~es~on "new Uiuipme'nt p in - c h a s e d I n pVior years
503,432 26.
I m p r o v e m e n t s t o e x is t in g e q u i p m e n t ......................... - .......................... 2 ,U J 3 ,J b b z t

$5,019,293 19-

DOUBLE TRACK .
D u rin g th e y ea r th e C om p an y com p leted tho con stru ction
of 27 51 m iles of ad d ition al m ain track to p rovid e d ouble
tr a c k 'in h ea v y traffic territory. T h is includes 6 .8 9 m iles
from E u rek a , M issou ri, to P a cific, M issouri; 8.8-v m iles from
Sleep er, M issou ri, to L ebanon, M issouri; 1.37 m iles from
M o n e tt, M issou ri, to G lobo, M issouri; 9 .6 2 m iles Spring
H ill K an sas, to O latho, K ansas; an d 0.8 1 m iles betw eon
A m ory, M ississip p i, an d A berdeen J u n ctio n , M ississip p i.
T h ere is now in servico a to ta l o f 9 3 .03 m iles of second m ain

tr a c k *
M A IN T E N A N C E .
T ho p rop erty of tho C om p an y has n o t on ly beon adequatelym ain tain ed during tho y ea r, b u t, in fa c t, its p h y sica l con d i­
tio n h as b een m aterially im p roved . T h o ad eq u acy of m ain­
ten an ce expen d itu res can n ot alw ays bo accu rately ga u g ed by
th e mero m on ey a m ou n t thereof. Soveral Iactors h a \e
33 Light Mikado Locomotives,
7 Light Switcher Locomotives,
con trib u ted in 1921 to th e a b ility o f th e C om jinny to secure
3,500 Doublo Sheathed 40 Ton Box Cars,
greater resu lts from a g iv en am ou n t of m on ey exp ended tor
1,000 Composite 50 Ton Gondola Cars.
During tho year tho Company issued to the Director m a in ten a n ce. W age rates wero red uced as resu lt of d eci­
General of Railroads an additional $354,000 principal sion of tho U n ited S ta tes R ailroad Labor B oard , e ffe c tiv e
amount, Equipment Notes, dated January 15 1920, bearing J u ly 1 1921. T h o prico o f som o m aterials, of w h ich there is
interest at tho rate of six per cent per annum, payable a r ela tiv ely largo con su m p tion in m aintonanco w ork, lias
semi-annually and maturing serially from January 15 1921 receded from tho p eak w h ich grow o u t of w ar con d ition s.
to January 15 1935, inclusive. These notes were issued T ho efficien cy of labor has show n a d ecided im p rovem en t




A pril 29 1922.]

THE

as the weakening of morale and the generally disturbed
•conditions which were the afterm ath of the war and Foderal
control have been gradually disappearing. This is particu­
larly true with rospect to labor employed in maintenance of
equipm ent.
. .
The excess of maintenance expenditures in 1920 over simi­
lar expenditures in 1921 was chargeable also, in a consider­
able measuro, to tho inclusion in the 1920 charges of large
sum s lapping over from previous periods, whioh woro in­
curred in connection with A dditions and Betterm ents work
during Federal control, the accounting for which had not
been properly closed ou t by tho Federal M anagem ent of
the property.
.
Elsewhere in the report there is set forth the extensive
accomplishm ent in renewal and rehabilitation of rolling stock
equipm ent during the year. Tho largo expenditures made
therefor and charged to Capital Account have had a direct
•effeot in reducing the expenditures necessary for adequate
m aintenance.
N E W IN D U S T R IE S .
During tho year tho number of new industries located on
the lino was as follows:
M a n u fa c tu r in g p la n ts .
G r a i n e l e v a t o r s -----------F r u i t s h e d s _____________
O i l - l o a d in g r a c k s ---------D i s t r i b u t i n g p l a n t s ____
O i l - j o b b i n g p l a n t s _____
P a v i n g p l a n t s ---------------S a n d a n d g ra v o l p la n ts .
S t o c k p e n s _____________
S t o n o - c r u s h in g p l a n t s . .
S t o r a g e y a r d s __________
W a r e h o u s e s ___________

19®7

C H R O N IC L E

7
3
2
54
2
3
3
2
1
52
26

T o t a l ..............................................................................................................................- .................. 1 7 9

IN CO M E A CC O U NT FOR Y EA R E N D E D JU N E 30 1921.
A t the time of Reorganization and tho preparation of
the A djustm ent M ortgage and the Income M ortgage of
the Company the fiscal year for tho making of tho Annual
Report to tho Interstate Commorce Commission ended
Juno 30. Tho same fiscal year was adoptod in both the
A djustm ent M ortgage and tho Income M ortgago.
This has since been changed by tho Interstate Commerce
Commission so that tho period for making tho Annual R e­
ports is now tho calendar year instead of tho year ending
Juno 30, and as a consoquonce the Annual Report filed with
tho Commission does not show income for the fiscal year
ending Juno 30.
.
The following statem ent shows the income account for
the fiscal year onded Juno 30 1921, as certified by Messrs.
Deloitto, Plondor, Griffiths & Com pany, Certified Public
Accountants:

T w o M o n th s ( J u ly a n d A u g u s t) G u a r a n te e
u n d e r t h e T r a n s p o r ta tio n A c t, 1920, b a s e d
o n th o S t a n d a r d R e tu r n a s fin a lly c e rtif ie d
b y t h o I n t e r s t a t e C o m m e r c e C o m m i s s io n $ 2 ,3 4 0 ,6 7 6 9 0
In c re a s e d C o m p e n s a tio n o n a c c o u n t o f e q u ip ­
m e n t a llo c a te d a n d p u r c h a s e d a n d A d d i­
tio n s a n d I le tte r m e n ts ( N e t) c o m p le te d a t
M a rc h 1 1920 a n d d u r in g G u a r a n ty P e r io d
2 2 9 ,1 0 4 61
D i f f e r e n c e b e tw e e n T e n t a t i v e S t a n d a r d R e ­
tu r n ta k e n in to a c c o u n t a n d S ta n d a rd R e ­
t u r n a s f in a lly c e rtif ie d J a n . 1 1 9 1 8 -F e b . 2 9
4 5 3 ,9 5 3 2 9
1 9 2 0 .............. ................................. - .............- ..................
N e t O p e r a tin g I n c o m e , S e p te m b e r 1 19201 2 ,8 1 2 ,3 5 6 81
J u n e 3 0 1 9 2 1 ...............................................
----------------------- $ 1 5 ,8 3 6 ,0 9 1 61
O th e r In c o m e :
$ 2 6 1 ,1 2 6 4 0
R e n t a l s _______________________________________
I n t e r e s t _______________________________________
6 7 ,3 3 9 19
M is c e ll a n e o u s I n c o m e ________________________
1 6 6 ,8 5 0 6 5
.
4 9 5 ,3 1 6 2 4
- $ 1 6 ,3 3 1 ,4 0 7 8 5

T o t a l O t h e r I n c o m e _________
G r o s s I n c o m e _________________
D e d u c tio n s fro m In c o m e :
R e n t a l s __________________________
M is c e ll a n e o u s T a x e s ___________
M is c e ll a n e o u s I n c o m e C h a r g e s .
S i n k in g F u n d s __________________

$ 2 2 4 ,7 6 6
1 7 3 ,1 9 5
1 9 .3 6 5
4 8 ,5 4 7

71
90
47
44

T o t a l D e d u c t i o n s f r o m I n c o m e ____________________________
4 6 5 ,8 7 5 5 2
B a l a n c e a v a i l a b l e f o r I n t e r e s t , & c ________________________ $ 1 5 ,8 6 5 ,5 3 2 3 3
I n t e r e s t o n F i x e d C h a r g e O b l i g a t i o n s __________________________ 9 ,6 3 3 ,4 7 1 7 8
B a l a n c e .............................................................. .................................................- $ 6 ,2 3 2 ,0 6 0 5 5
I n t e r e s t o n C u m u l a t i v e A d j u s t m e n t M o r t g a g e B o n d s ----------2 ,3 6 5 ,8 6 0 6 9
B a l a n c e __________________________________________________________ $ 3 ,8 6 6 ,1 9 9 8 6
I n t e r e s t o n I n c o m e M o r t g a g e B o n d s ___________________________ 2 ,1 1 1 ,5 2 0 0 0
B a l a n c e __________________________________________________________ $ 1 ,7 5 4 ,6 7 9 8 6

Tho acknowledgm ents of the Board are ronewed to the
officers and em ployees for all faithful and efficient service.
B y order of the Board of Directors,
E . N . B R O W N , C h a ir m a n
J. M . K U R N , P r e s id e n t.
D E L O IT T E , P L E N D E R , G R IF F IT H S & OO.
A c c o u n ta n ts a n d A u d ito rs
4 9 W a ll S t r e e t , N e w Y o r k .
M a rch 20 1922.
T o th e D ir e c to r s o f S t. L o u is - S a n F r a n c is c o R a ilw a y C o m p a n y .
120 B r o a d w a y , N e w Y o r k C ity .

W e h a v e m a d e a n e x a m in a tio n o f t h e b o o k s a n d a c c o u n ts o f t h e S t. L o u is S a n F r a n c i s c o R a i lw a y C o m p a n y a n d i t s A u x i l ia r y C o m p a n ie s f o r t h e
y e a r e n d e d D e c e m b e r 31 1 9 2 1 .
T h o S e c u ritie s o w n e d h a v e b e e n s u b s ta n t ia t e d b y c e rtif ic a te s re c e iv e d
f r o m t h o v a r i o u s T r u s t e e s , o r v e r i f ie d b y a c t u a l i n s p e c t i o n . C a s h B a l a n c e s
h a v e b e e n r e c o n c i le d w i t h t h e p a s s b o o k s o r s t a t e m e n t s p r o d u c e d t o u s , a n d
w o h a v o r e c e i v e d d i r e c t f r o m t h e B a n k s , B a n k e r s a n d T r u s t C o m p a n ie s
c e r t i f i c a t e s in s u p p o r t o f t h e s u m s o n d e p o s i t w i t h t h e m .
W o h a v e s a tis fie d o u rse lv e s g e n e ra lly t h a t t h e c h a rg e s to P r o p e r ty a n d
E q u ip m e n t A c c o u n ts fo r th e p e rio d w e re p r o p e r c h a rg e s to C a p ita l A c c o u n t.
T h e a m o u n t d u e f r o m t h e U n i t e d S t a t e s G o v e r n m e n t u n d e r t h e P r o v is i o n s
o f t h o T r a n s p o r t a t i o n A c t o f 1 9 2 0 is s u b j e c t t o f i n a l s e t t l e m e n t .
W o c o rtify t h a t t h e a c c o m p a n y in g C o n d e n s e d G e n e ra l B a la n c e S h e e t,
I n c o m e a n d P r o f i t a n d L o s s A c c o u n t s , in o u r o p i n io n , f a i r l y s e t f o r t h t h e
c o m b i n e d p o s it io n o f t h e C o m p a n ie s a t D e c e m b e r 3 1 s t , .1 9 2 1 , a n d t h o r e s u l t
o f th e o p e ra tio n s fo r th e y e a r e n d e d t h a t d a te .
D E L O I T T E , P L E N D E R , G R I F F I T H S & C O ., A u d i t o r s .

ST A T E M E N T OF IN CO M E A CC O U NT— Y E A R E N D E D D E C E M B E R 31 1921.
S ix M o n t h s
E n d id
J u n e 30 1921.

S ix M o n t h s
E nded
D e c . 31 1921.

Operating revenues—

_
_

..$ 2 8 , 5 9 7 ,6 2 9
. 10
P a s s e n g e r ----------------------------------------------------------------------------------------------------------------------------. 1 0 ,7 6 4 ,3 7 8
..
8 2 ,9 7 6
E x c o s s b a g g a g e --------------------------------------------------------------------------------------------------------..
5 ,7 8 6
P a r l o r a n d c h a i r c a r ......................... ......................................................................... .........................
..
1 ,1 1 0 ,7 7 6
M a i l ........................................................................... ............... .............................- .......................................
..
5 5 6 ,9 1 3
E x p r e s s -------------------------------------------------------------------------------------------------------------------._
1 2 ,2 4 4
O t h e r p a s s e n g e r t r a i n ---------------------------------------------_ ------------- ------------------------------M i l k ________________ _________- .....................- --------------- ------------- ------------------------------- ..
3 7 9 ,4 9 3
S w i t c h i n g ---------------------------------------------------------------------------------------------------------------..
2 1 ,7 3 6
S p e c ia l s e r v i c e t r a i n ---------- - - - ------------------------------------------------------- ------------------.—
..
7 8 ,0 9 6
S t a t i o n , t r a i n a n d b o a t p r i v i l e g e s . . ................................................... .....................................
..
8 4 .7 6 7
S t o r a g e — F r e i g h t ----------------------------------------------------------------------------------------------------..
1 2 3 ,3 0 0
D e m u r r a g e -------------------------------------------------------------------------------------------------------------..
1 1 4 ,0 0 0
O t h e r _______________________________________________________________________________

33
84
43
87
32
57
99
54
20
56
70
53
78

T o t a l o p e r a t i n g r e v e n u e s ................................................... ............. ......................................................$ 4 1 ,9 3 2 ,1 0 1 666
..$ 4 1 ,9 3 2 ,1 0 1 6

Operating expenses—

,

____________

M a i n t e n a n c e o f w a y a n d s t r u c t u r e s ............................................................................. .......................... $ 5 ,0,0 8 ,6.6 7 75 8 8
. $5 1 18 3 3 5
M a i n t e n a n c e o f e q u i p m e n t --------------------------------. ____________________
6 ,8 7 0 ,5 0 3 9 9
..
.8
M a l n t e n a c e o f e q u i p m e n t — D e p r e c i a t i o n _______________________________________
1 ,1 1 8 ,8 2 7 7 0
..
..
5 6 3 ,1 4 5 8 3
T r a f f i c _______ ______________________________________________________________________________
.
'I'm i m p o r t a t i o n ____________________________________________________________________________. 1 7 ,9 1 7 .9 0 3 11
,9 17
.
.9
G e n e r a l ------------------------------------------- ----------------------------------------------------------------------------------.
1 ,4 1 8 ,9 0 9 9 6
2 0 8 .2 5 1 9 4
T r a n s p o r t a t i o n f o r I n v e s t m e n t — C r _______
..
,2

- T w e lv e M o n th s E n d e d D e c . 31 1 9 2 1 .

5 ,2 5 6 .0 7

A v e r a g o m ilo a g e o p e r a t e d .
$ 3 0 ,4 9 0 ,6 7 9
1 0 .5 9 6 ,1 9 1
7 4 .9 6 2
6 ,0 3 5
8 3 3 .1 3 9
1 ,3 8 6 ,4 8 8
1 6 8 ,0 3 4
2 2 ,7 6 9
4 5 1 ,0 3 1
3 1 ,3 1 8
1 6 ,8 7 5
6 5 ,3 4 5
1 2 7 ,1 3 9
9 0 .4 7 2

49
38
79
70
94
47
34
66
16
00
00
17
31
15

$ 5 9 ,0 8 8 ,3 0 8
2 1 ,3 6 0 ,5 7 0
1 5 7 .9 3 9
1 1 .8 2 2
1 ,9 4 3 ,9 1 6
1 ,9 4 3 ,4 0 2
1 8 0 ,2 7 9
2 2 .7 6 9
S 3 0 ,5 2 4
5 3 ,0 5 4
9 4 ,9 7 1
1 5 0 ,1 1 2
2 5 0 ,4 3 9
2 0 4 ,4 7 2

82
22
22
57
26
04
33
66
70
20
56
87
84
93

$ -1 4 ,3 6 0 ,4 8 2 5 6
$ 6 ,1 5 5 ,1 0 2
7 , 2 1 0 ,7 3 9
1 ,1 8 9 ,3 1 8
5 0 3 ,9 4 3
1 5 ,4 1 8 .3 0 8
1 ,2 7 0 ,7 4 3
6 2 ,1 2 6

92
97
18
59
85
39
52

$ 8 6 ,2 9 2 ,5 8 4 2 2
$ 1 1 ,1 7 3 ,7 4 0
1 4 ,0 8 1 ,2 4 3
2 ,3 0 8 ,1 4 5
1 ,0 6 7 ,0 8 9
3 3 ,3 3 6 .2 1 1
2 ,6 8 9 ,6 5 3
2 7 0 ,3 7 8

50
96
88
42
96
35
46

T o t a l o p e r a t i n g e x p e n s e s .......................................

$32 6 9
..$ 3 2 ,,6 9 9 ,6 7 6 2 3

$ 3 1 ,6 8 6 ,0 3 0 3 8

$ 6 4 ,3 8 5 ,7 0 6 61

N o t o p e r a t i n g r e v e n u o -----------------------

. . $ 9 ,2 3 2 ,4 2 5 4 3

$ 1 2 ,6 7 4 ,4 5 2 I S

$ 2 1 ,9 0 6 ,8 7 7 61

° PC^ X a y a, C e n t a l s . .....................................................................................................................................................,7 1 ,7,6 5 ,6 1 0 6 7 $ 1 ,9 6 7 ,0 9 2
. . $ 1 $ 0 5 0 1 0 67
1 6 ,8 8 3
U n c o l le c t ib l e r a i l w a y r e v e n u e s ...............................
1 6 .9 6 4 9 3
..
2 8 3 .1 3 1
..
1 4 4 ,8 4 9 3 5
H l r o o f e q u i p m e n t — N e t — D r ------------------------------------------------------------------------------9 6 ,7 2 1
..
1 4 0 ,8 8 0 2 4
J o i n t f a c i l i t y r e n t s — N e t — D r ------------------------------------------------------------------------------

41
47
78
77

$ 3 ,6 7 2 ,7 0 3
3 3 ,8 4 8
4 2 7 ,9 8 1
2 3 7 ,6 0 2

08
40
13
01

T o t a l o p e r a t i n g c h a r g e s ......... ...................................................................... ..........................................$ 2 ,2 ,0 8 ,3,3 5 519
. . $ 0 0 0 8 0 0 19

$ 2 , 3 6 3 ,8 2 9 4 3

$ 4 ,3 7 2 ,1 3 4 6 2

.. $ 7 2 24 2 2 2
O p e r a t i n g I n c o m e ................. - .................................................. ....................................................................$ 7 ,2,2 4 ,1,1 0 024 4

$ 1 0 ,3 1 0 ,6 2 2 7 5

$ 1 7 ,5 3 4 ,7 4 2 9 9

Non-operating income—

2 5 4 ,1 9 2 61

3 9 7 ,9 8 0 31

. . $ 7 $ 7 ,3 6 7 ,9 9 4
G r o s s i n c o m e _____________________________________________________________________________,3 6 7 ,9 0 7 0 7 9 4 $ 1 0 ,5 6 4 ,8 1 5 3 6

$ 1 7 ,9 3 2 ,7 2 3 3 0

O t h e r i n c o m e ----------------------------------------------------------------------------------------------------------

..

1 4 3 ,7 8 7 7 0

Deductions from income—

R e n t a l s _______________________________________________________________________________________ $ 1 1$41,8 6 9 6 9 5 9
1 4 ,8 5
..
..
9 2 ,3 1 3 2 7
M is c e ll a n e o u s t a x e s _______________________________________________________________
M i s c e ll a n e o u s in c o m o c h a r g e s -----------------------------------------------------------------------------...
9 ,6 7 0 0 9
..
2 4 ,5 4 2 12
S i n k in g a n d o t h e r f u n d s __________________________________________________________

$ 1 1 2 ,0 6 4
7 2 ,6 7 1
5 ,4 4 1
1 0 6 ,3 2 2

76
04
07
68

$ 2 2 6 .9 3 -4
1 6 4 ,9 8 4
1 5 ,1 1 1
1 3 0 .8 6 4

35
31
16
80

$ 2 4 1 ,3 9 5 0 7

$ 2 9 6 ,4 9 9 5 5

$ 5 3 7 ,8 9 4 6 2

B a l a n c e a v a i l a b l e f o r i n t e r e s t , & c .............. .................................................................... ......................... $ 7 ,1,1 6 ,5,5 2 287
. . $ 7 2 2 6 1 1 87
I n t e r e s t o n f ix e d c lia r g o o b l i g a t i o n s . ________ ___________ __________ __________ ______________
4 ,8 0 7 ,4 9 8 3 4
,8
..

$ 1 0 ,2 6 8 ,3 1 5 81
4 .8 5 8 ,3 8 0 2 8

S 1 7 .3 9 4 .8 2 8 6 8
9 ,6 6 5 .8 7 8 6 2

.. $2 1 19 1 1 5
B a l a n c e . ....................- - - - ............................................ , - - - ............ .......................................................................$ 2 ,3,3 9 ,0,0 4 453 3
I n t o r o s t o n c u m u l a t i v e a d j u s t m e n t m o r t g a g o b o n d s ................. .............................................................
,1
.
1 .1 8 9 ,2 4 5 14

$ 5 ,4 0 9 ,9 3 5 5 3
1 ,2 0 2 .5 0 4 5 7

$ 7 ,7 2 8 ,9 5 0 0 6
2 , 3 9 1 ,7 4 9 71

. $1 2 29
B a l a n c e ---------------------------- ---------------------------------------------------------------------------------------------------. $ 1 ,1,19 ,7,7 6 9 3 9
..
,0 5 5 ,7
est
1 ,0 5 5 ,< 6 0 0 0
I n t e rre s t o n In c o m o m o r t g a g e b o n d s -----------------------------------------------------------------------------------------

$ 4 ,2 0 7 ,4 3 0 9 6
1 ,0 5 5 ,7 6 0 0 0

$ 5 ,3 3 7 ,2 0 0 3 5
2 1 1 1 ,5 2 0 0 0

$ 3 ,1 5 1 ,6 7 0 9 6

$ 3 ,2 2 5 ,6 8 0 3 5

T o t a l d e d u c t i o n s f r o m i n c o m o ........................................................................ ....................................
..

B a l a n c e ______________________________________________________

..

$ 7 4 ,0 0 9 3 9

N o t e . __ T h e t r a n s a c t i o n s o f t h o K a n s a s C i t y C l i n t o n & S p r in g f i e l d R a i lw a y C o m p a n y , w h ic h C o m p a n y is o p e r a t e d s e p a r a t e l y , a r e n o t i n c l u d e d in
t h e a b o v e b u t t h e a m o u n t s a d v a n c e d b y t h e K a n s a s C i t y F o r t S c o t t & M e m p h i s R a i lw a y C o m p a n y t o m e e t t h e i n t e r e s t o n t h o K a n s a s C i t y C l i n t o n
& i S p r I n g i l e l d R a i lw a y C o m p a n y B o n d s h a v o b e e n c h a r g e d a g a i n s t in c o m o .




1908

THE CHRONICLE

[V ol. 114

ST A T E M E N T OF C O M B IN E D PR O FIT A N D LOSS A CC O U NT A N D A D JU S T M E N T S H E R E IN .
Y E A R E N D E D D E C E M B E R 31 1921.
C R E D IT . •
B a l a n c e a t c r e d i t , J a n u a r y 1 s t 1 9 2 1 ___________________________________________________________________________________________
__
B a l a n c e o f I n c o m e a c c o u n t f o r y e a r t o d a t e ______________________________________________________ _______ _______ I I __________ I I I . $ 3 ,2 2 5 ,6 8 0 3 5
D o n a t i o n s , a c c o u n t i n d u s t r i a l t r a c k s (s e e c o n t r a ) ________________________________________________________________________________
2 5 5 ,2 5 7 3 7

$ 3 ,0 2 3 ,5 5 1 19

3 , 4 8 0 ,9 3 7 7 2
$ 6 , 5 0 4 ,4 8 8 91
D E B IT .

S u r p l u s a p p r o p r i a t e d f o r i n v e s t m e n t I n p h y s i c a l p r o p e r t y (s e e c o n t r a ) . _______________________________________________________
$ 2 5 5 ,2 5 7 37
D e b t d i s c o u n t e x t i n g u i s h e d t h r o u g h s u r p l u s ______________________________________________________________________________________
1 7 ,9 3 2 3 5
M is c e ll a n e o u s a d j u s t m e n t s ( N o t ) ____________________________________________________________________________________________________ 1 ,6 4 5 ,4 1 7 4 9
$ 1 ,9 1 8 ,6 0 7 21
B a l a n c e a t c r e d i t , D e c e m b e r 3 1 s t 19 2 1

$ 4 ,5 8 5 ,8 8 1 7 0

S T A T E M E N T OF C O N D E N S E D G E N E R A L BAL A N C E SH E E T AS AT D E C E M B E R 31 1921.
ASSETS.
I n v e s tm e n ts —

I n v e s t m e n t in r o a d a n d e q u i p m e n t :
R o a d ______________________________
E q u i p m e n t _______________________

......................... - $ 2 9 7 ,0 6 5 ,3 .6 4 5 8
--------------------- 6 8 , 2 0 4 ,3 1 8 15
------------------------— $ 3 6 5 ,2 6 9 ,6 8 2 7 3

S in k in g f u n d s :
T o t a l b o o k a s s e t s _________________
I s s u e s o f t h e r a i l w a y a t p a r ______

.$ 8 3 2 ,8 4 1 12
. 8 2 9 ,0 0 0 0 0

C a s h _______________________*_______. ______
D e p o s i ts in l i e u o f m o r t g a g e d p r o p e r t y s o ld
M i s c e ll a n e o u s p h y s ic a l p r o p e r t y ____________
I n v e s t m e n t s in a f f i l i a t e d c o m p a n i e s :
f a ) S t o c k ( p l e d g e d ) _____________________
(c ) N o t e s ________________________________

$ 2 0 2 ,3 3 4 33
1 0 5 ,3 3 1 4 3

O th e r in v e s tm e n ts :
f a ) S t o c k ________________________ . _ ______
(c) N o t e s ________________________________
( d ) A d v a n c e s ____________________________

$1 00
8 4 ,8 4 6 61
3 6 ,4 0 4 31

3 ,8 4 1 12
4 0 ,4 5 8 1 5 1
1 ,0 1 3 ,2 7 2 1 5 4

3 0 7 ,6 6 5 7 6

T o ta l In v e s tm e n ts .

1 2 1 ,2 5 1 9 2
$ 3 6 6 ,7 5 6 ,1 7 2 5 8

C u r r e n t A s s e ts —

C a s h __________________________________________________________________________________________________
S p e c ia l d e p o s i t s _____________________________________________________________________________________
U . S . G o v t . L i b e r t y B o n d s a n d C e r t i f i c a t e s o f I n d e b t e d n e s s a t p a r ____________________________
L o a n s a n d b i l l s r e c e i v a b l e __________________________________________________________________________
T r a f f i c a n d c a r s e r v i c e b a la n c e s r e c e i v a b l e _______________________________________________________
N e t b a l a n c e r e c e i v a b l e f r o m a g e n t s a n d c o n d u c t o r s ____________________________________________
M is c e ll a n e o u s a c c o u n t s r e c e i v a b l e , i n c l u d i n g a m o u n t d u e u n d e r T r a n s p o r t a t i o n A c t , 1 9 2 0 .
M a t e r i a l a n d s u p p l i e s _______________________________________________________________________________
I n t e r e s t a n d d i v i d e n d s r e c e i v a b l e _________________________________________________________________

$ 6 ,7 5 7 ,2 6 2
5 3 5 ,5 6 6
4 6 2 ,6 5 0
1 3 4 ,1 2 7
6 8 8 ,2 8 2
7 2 2 ,4 9 8
3 , 5 9 5 ,6 4 2
8 , 0 8 5 ,5 0 7
9 ,8 2 2

08
37
00
74
00
81
59
05
78

T o t a l c u r r e n t a s s e t s ____________________________________________________________________________

2 0 ,9 9 1 .3 5 9 4 2

D e fe rre d A s s e ts —

W o r k i n g f u n d a d v a n c e s _____________________________________________________________________________
In su ra n c e fu n d :
T o t a l b o o k a s s e t s ________________________________________________________________________________
I s s u e s o f t h e r a i l w a y a t p a r _______________________________________________________ ^ ___________
C a s h ______________________________________________________________________________________________
O t h e r d e f e r r e d a s s e t s ________________________________________________________________________________

$ 5 1 ,5 2 1 6 4
$ 2 6 8 ,2 5 0 21
. 1 4 0 ,0 0 0 0 0
1 2 8 ,2 5 0 21
1 4 8 ,3 0 7 17

T o t a l d e f e r r e d a s s e t s ____________________________________________________________________________

3 2 8 ,0 7 9 0 2

U n a d ju s te d D e b its —

R e n t s a n d I n s u r a n c e p a i d i n a d v a n c e __________________________________________________________________________________________
O t h o r u n a d j u s t e d d e b i t s ________________________________________________________________________________________________________
S e c u ritie s iss u e d o r a s s u m e d —
U n p l e d g e d ___________________________________________________________________________________________________ $ 8 ,4 3 8 ,1 9 5 0 0
P l e d g e d . ___________________________ _____ _______ ______________ _____________________________________________ 2 , 6 6 4 ,0 0 0 0 0

$ 3 1 ,6 7 7 6 0
2 . 9 8 4 ,4 5 6 57

T o ta l u n a d ju s te d d e b its .

3 , 0 1 6 ,1 3 4 17
$ 3 9 1 ,0 9 1 ,7 4 5 1 9
L IA B IL IT IE S .

S to c k —

C a p i ta l s to c k :
( a ) C o m m o n s t o c k _____
( b ) P r e f e r r e d s t o c k _____

$ 5 0 ,4 4 7 ,0 2 6 0 0
7 ,5 8 4 ,3 0 0 0 0

T o t a l c a p i t a l s to c k .

$ 5 8 ,0 3 1 ,3 2 6 0 0

Long Term Debt— F u n d e d d e b t u n m a tu re d :
( a ) E q u i p m e n t t r u s t o b l i g a t i o n s ..................................................................................................... .................................... ..........................................
$ 1 4 ,3 4 5 ,6 0 0
(b ) M o rtg a g e b o n d s:
B o o k l i a b i l i t y ...................................................................................................................................................................................$ 1 9 6 ,9 2 0 ,3 6 5 0 0
H e l d b y o r f o r t h o r a i l w a y , p e r c o n t r a ________ __________________ ______ __________________________
1 2 ,0 7 1 ,1 9 5 0 0
A c t u a l l y o u t s t a n d i n g ----------------------------------------------------------------------------------------------------------------------------------------1 8 4 ,8 4 9 ,1 7 0
(c) C o l l a t e r a l t r u s t b o n d s ----------------------------------------------------------------------------------------------------------------------------------------------------7 1 ,0 0 0
f d ) I n c o m e m o r t g a g o b o n d s ^ --------------------------------------------------------------------------------------------------------------------------8 1 ,1 6 2 ,2 9 8
(o) M i s c e l l a n e o u s -----------------------------------------------------------------------------------------------------------------------------------------------------------------2 4 3 ,8 0 9

00

00
00
00
21

T o t a l lo n g t e r m d e b t ------------------------------------------------------------------------------------------------------------------------------------------------------

2 8 0 .6 7 1 ,8 7 7 21

Current Liabilities—
L o a n s a n d b i l l s p a y a b l e ( s o c u r e d ) ----------------------------------------------------------------------------------------T r a f f i c a n d c a r s e r v i c e b a la n c e s p a y a b l e _____________________________________________________________________________________

Audited accounts and wages payabio_______________________________________________________________________
M is c e ll a n e o u s a c c o u n t s p a y a b i o -------------------------------------------------------------------------------------------------------------------------------------------------I n t e r e s t m a t u r e d u n p a i d -------------------------------------------------------------------------------------------------------------------------------------------------------------F u n d e d d e b t m a t u r e d u n p a i d __________________________________________________________________________________________________
U n m a t u r e d i n t e r e s t a c c r u e d ---------------------------------------------------------------------------------------------------------------------------------------------------------U n m a t u r e d r e n t s a c c r u e d ______________________________________________________ : --------------------------------------------------------------------------

$ 2 ,0 0 0 ,0 0 0 0 0
6 9 2 ,6 2 8 4 2

6,839,805 74

6 8 4 ,4 3 3
3 ,7 8 1 ,8 0 5
1 2 ,0 0 0
3 ,3 1 8 ,1 0 5
1 4 ,0 2 0

80
26
00
83
84

T o t a l c u r r e n t l i a b i l i t i e s ________________________________________________________________________________________________

1 7 .3 4 2 ,8 5 9 8 9

Deferred Liabilities—
O t h e r d e f e r r e d l i a b i l i t i e s _________________________________________________________________________________________________________

5 ,0 0 0 0 9

U n a d ju s te d C r e d its —

T a x l i a b i l i t y . . ................................. ........................................................ .....................................- ............................................................... .......................................
I n s u r a n c e r e s e r v e ______________________________________________________________________________
O p e r a t i n g r e s e r v e -------------------------------------------------------------------------------------------------------------------------------------------------------------------------A c c r u e d d e p r e c i a t i o n — r o a d ---------------------------------------------------------------------------------------------------------------------------------------------------------A c c r u e d d e p r e c i a t i o n — e q u i p m e n t --------------------------------------------------O t h e r u n a d j u s t e d c r e d i t s _______________________________________________________________________________________________________

$ 1 ,9 7 6 ,3 9 8
2 6 8 ,2 5 0
7 8 6 ,3 7 2
4 4 1 ,4 5 5
2 1 , 4 6 6 ,5 8 8
3 ,2 9 5 ,4 4 8

03
21
11
27
09
30

T o t a l u n a d j u s t e d c r e d i ts .

2 8 ,2 3 4 ,5 1 2 01

C o r p o r a te S u r p l u s —

A d d i t i o n s t o p r o p e r t y t h r o u g h i n c o m e a n d s u r p l u s ___________________________________________________________________________
F u n d e d d e b t r e t i r e d t h r o u g h in c o m e a n d s u r p l u s ____________________________________________________________________________
S i n k i n g f u n d r e s e r v e _____________________________________________________________________________________________________________
P r o f i t a n d lo s s — b a l a n c e ......... ..........................................................................................................................................................................................................
T o ta l c o r p o r a te s u rp lu s .

$ 8 4 6 ,4 4 7
5 4 1 ,0 0 0
8 3 2 ,8 4 1
4 ,5 8 5 ,8 8 1

26
00
12
70
6 ,8 0 6 ,1 7 0 0 8

$ 3 9 1 ,0 9 1 ,7 4 5 1 9
N o t e . — T h e t r a n s a c t i o n s o f t h o K a n s a s C i t y C l i n t o n & S p r in g f i e l d R a i l w a y C o m p a n y , w h i c h C o m p a n y is o p e r a t e d s e p a r a t e l y , a r e n o t I n c l u d e d i n
th e a b o v e , b u t th e a m o u n ts a d v a n c e d b y th e K a n s a s C ity F o r t S c o tt & M e m p h is R a ilw a y C o m p a n y to m e e t t h e I n te r e s t o n th o K a n s a s C i ty C lin to n &
S p rin g fie ld R a ilw a y C o m p a n y B o n d s h a v e b e e n c h a rg e d a g a in s t In c o m e .




1909

THE CHRONICLE

A pril 29 1922.]

STANDARD GAS AND ELECTRIC COMPANY
R E P O R T F O R Y E A R E N D E D D E C E M B E R 31 1921.
*■ F lflo tr ic C o m p a n y ,
O ffic e o f S ta n d a r d G a s « E le c tr ic c o m p a n y ,
208 C h ic a g o 1 I l l i n o i s ''' ’
C h ic a g o , I l li n o is .

I increased d om estic co n su m p tio n . Increased a c tiv ity in the
„ .
, C reek „Q
id m in in g d istr ic ts of C olorad o, w hich

a c tiv ity first b ecam e n o ticea b le in 1921, co n tin u es a t an
accelerated ra te, and is on e factor of im p ro v em en t m th e
ou tlook of T h e A rkansas V a lley R a ilw a y , L ig h t an d P ow er
T o t h e S t o c k h o l d e r s o f the Standard Gas & Electric Company:
p I C om pany.
T h e p rosp ects o f ‘ M o b ile E lectr ic C o m p a n y ,
T h e D irectors su b m it herew ith th e follow in g r®P°™
d u e to increased b u sin ess and th e a cq u isitio n of increased
operation s a n d bu sin ess for th e year en d ed D ecem b er 31
gen eratin g ca p a city under a lon g term fa v o ra b le c o n tra ct.
Standard G as & E lectric C o m p an y’s earnings tor une aro b etter th an for a num ber of years m th e p a st. M o u n ta in
years ended D ecem b er 31 com pare as follow s:
S ta te s P ow er C o m p a n y , b y en terin g in to a lon g term con1921.
1920.
_ 191?. n1
fi9
tra ct for h yd ro-electric p ow er, should b e ab le to m aterially
G r o s s Rovonuo_.$3.632,745 35 33,153.689 62 $3,040,987 91
d
op eratin g exp en ses, an d should b e further b en efited
1:367:752 79 1& 539 30 2 $ 3 ’781 40
.
786.183 75
^
^ ^
on m u ch new b u sin ess o f a class
BaianceforAmorheretofore n o t p rofitab le to it. P la n s h a v e .b e e n co m DMdendsand 2 . 1 9 6 .3 6 8 20
1,794,072 931.967,114 73
788,743 31 p leted to su p p iy th e O klahom a G as and E lectr ic C om p an y
Preferred Divi9 9 0 3 8 8 O 9 3 9 ,5 6 8 56
O
707,097 oo an d th e F o rt S m ith L igh t and T raction C om p an y w ith
Rate”'
(8%
)
" (8%)
(7 2-3%)
(6 /o) ad d itio n a l power from a m odern stea m p la n t to be erected
Amortization of
b y th e O klahom a G eneral P ow er C om p an y m th e eastern
?ne Expense"! 1 2 5 , 0 0 0 0 0
d
9 0 ,0 0 0 0 0
6 5 ,0 0 0 00
26 646 31 Part of O klahom a, w h ich w ill en ab le b o th of th ese com 713,684 93 962.546 17
26,046 31 i ^ . ^ ^ gupply th e d em an d in th e territories already served
surpiu' - - ____ 1.080.980 20
A g a i n y o u r C o m p a n y ’ s g r o s s a n d n ot earnings for tno year
r
^
resp ectiv e com p an ies, an d to allow th em to a v a il
exceed th ose of an y p reviou s year. T h e resu ltin g surplus t h e m s o l v e s o f m u c h p rofitab le b u sin ess m territory in to w hich
for t h e p e r i o d i s t h e l a r g e s t i n th e C om pany s h is to r y . cmr- tran sm ission lin es are under co n stru ctio n . S tandard G as
plus for th e year, after all in terest charges, preferred d m - and E lectric C om p an y and O klahom a G as an d E lectric
dends and am ortization s, w as eq u al to sligh tly m ore tl an Qo m p a n y ow n ad 0f th e sto ck of th e O klahom a G eneral
10 per c e n t on th e com m on sto ck ou tstan d in g D ecem b e 3
p QWer C om p an y, ex cep t q u alifyin g directors shares, w h ile
1921. In com paring th ese resu lts w ith those of other 1 la g ad
com m on sto ck of th e O k lahom a G as and E lectric
com p an ies, m an y of w hich con tin u e to report a p o a •
• d C om p an y is ow ned b y you r C o m p a n y .
of so-called applicab le earn in gs, it should b e borne in m in d
D o ta iled reports of th e p u b lic u tility com p an ies op erated
th a t Standard G as & E lectric C om pany incluc
b y you r C om p an y w ill be fou n d on p ages 15 to o l [pam -

^

are bcin g m ain tain ed in a h ig h sta te
-u n p -jt
surplus earnings are included in th e above, as in provioi s
years, all such surplus earnings h a v e
o w n b u s im L ^
S h a f f e r C o m p a n y t o m e e t t h e dem ands of its ow n b u sin ess
Shaffer Oil & R efin in g C om pany during 1921 had bio s s
earnings of $8,040,751 0 9 , w hile
^
0 [}!1”

0 , 5 S S S r ,^ ll s , secu rities h a v e .n e v e r before b een in such
piyor
in vestors as a t th is tim e, an d low er m o n ey rates
h a v e en ab led you r C o m p a n y ’s op erated propertios to a d o p t
co n stru ction b u d g ets con sid erab ly larger th an th ose o f th e
gt goveu y e a rs. T h e cu stom ary care, h ow ever, has been
exercised , an d con stru ction b u d g ets h a v e b een increased

eluding Federal taxes) and maintenance

()niy where corresponding benefits may bo V
ell®f,up° n *

828 31 lea v in g n e t earnings o f $2,029,922 /8 , fixed cn a ig es
“ C ustom er O w nership
is a term origin ated b y your
am i ann u al divid en d s o n th e p r e s e n t o u t s t a n i ^ ™ t o e d
gom e ywOT ago t0 d esig n a te th e p o lic y o f in terestin g
sto ck am ou n ted to $ 1 ,2 7 0 , 6 1 0 8 5 , leavin g a balance of I iocal cu stom ers in th e secu rities of th e p u b lic u tility com $759,305 93 for d ep letion , d epreciation, am o rtiza tio n an d
; servin g th em , and sin ce th a t tim e such d esign ation
surplus. T h e earnings of the Shaffer C om p an y in com m on
generally ad op ted th rou gh ou t th e in d u stry . T h e
w ith other oil com p an ies, w ere adversely a ffe c te d b y th e low
r ip 2 i g lo w e d ad d ition al progress b y you r operated cornprices of oil p roducts prevailing in th e earlier m o n th s of
j
“ C ustom er O w nership” lin es, resu ltin g in
1921, b u t th e latter h alf o f th e year show ed im p ro v em en t
p am es a
z
aggregatin g $ 9 ,0 2 3 ,3 0 0 par v a lu e,
and th e in d ication s for 1922 are encouraging
D u rin g 1921 ^ ° g °leP exceeded th ose of a n y p reviou s year,
g
th e S haffer Oil & R efin in g C om p an y, through th e issu an ce
' ° th e y ea r under rev iew , th rou gh th e surrender to
of 40,000 shares of its class A com m on sto c k , $1 00 par
C om p an y of $ 2 ,0 7 9 ,5 5 0 par v a lu e o f its com m on sto ck ,
v alu e, acquired th e entire largo m in ority h old in gs of M r
C o m p a n y w as en ab led , through rev a lu a tio n , to reduce
C . B . Shaffor and others, and as a resu lt of th is tra n sa ctio n
h ook va lu es of secu rities ow n ed b y th is a m o u n t, and a t
the Shaffer Oil & R efin in g C om p an y w as en ab led to reduce ™
.
brf
vou r C om p an y’s o u tsta n d in g com m on
t o o u tsta n d in g preferred sto ck b y S 5 ,< m 0 0 0 par v a lu e a n d
“ f ™ ,0 * D ec0m ber 31 1921, to 8 1 0 ,6 0 0 ,0 0 0 ..
.
its o u tsta n d in g com m on sto ck b y 80,000 s h a r e s w i t h o u t s» e k a
1>osition sh ow s m aterial im p rovenar v a lu e . T he o u tsta n d in g com m on sto ck , as w ell as th e
A > th e prev io u s year. C uiTent a ssets w ere
o u tsta n d in g class “ A ” com m on sto c k , w h ich la tter sto ck lias “ ^ h e r a b l v increased, as w ere also in v estm en ts; collateral
certain priorities over th e original com m on sto ck are b o th ^
is
?im s m aturing in 1921 an d a m ou n tin g to $4 5 0 8 ,o 0 0 ,
ow ned b y your C o m p a n y , T h e ann u al report of th e Shaffer j o t o im u
^
of C on vertib le 6% B o n d s, due 1926,
Oil & R efin in g C om pany is now in course of prep aration and ^ f e\ £ e d > h i l e curren t lia b ilities w ere reduced b y 8 1 ,0 8 5 ,w ill be sen t u p o n ap p lication to a n y stockholder of S tan d ard I ^ ^
T h ese resu lts w ere b rou gh t a b o u t th rough th e

Gas & Electric Company.
Byllesby Engineering & M anagem ent Corporation recorded another satisfactory year of progress.
The public utility companies operated by your Company
have come through the past year with further aggregate
gains in both gross and net earnings
N o t earnings increased at a greater ratio than gross, the latter being to some
degreo adversely affected by the general commercial depression. Comparative results for the years ended D ec o m b e r 3 1 a r e as fo lows:

nnnlication of the current surplus earnings of the year, the
PPceeds of Tw enty-Y ear 6% N o tes, due 1935, and 7%
Gold N otes due 1941, as w ell as the proceeds of $3,500,000
^ t
sinking Fund Gold Bonds, due 1941. InSecure l. '
increased investm ent assets referred to were
« « 4 i ) 0 M ississippi Valiev Gas & Electric Company 5%
^ j f £ ° al^ rust G o l d Bonds of the total issue of $5,000,000
tj[ • M
1 1 9 2 2 , guaranteed principal and interest by
J
Since January 1 1922 a considerable
additional am ount of Mississippi Valley Gas & Electric
1921.
1920.
1919.
1918.
c
5 % Collateral Trust Gold Bonds were likewise
p,
w-minffs 3 4 9 2 7 6 7 5 71 32,352,232 19 27,158,137 39 23,344.286 53 .lcald red and in M arch of this year provision was made
g rr E a S ^ : ' l 2 : 3 4 3 : i 2 2 65 11,230.741 54 9.980.446 50 8,849,801 24 I
e
of ail ISSUO of $3,000,000 Convertible
Ag{fafan Ce o f
Secured 7 % Gold Bonds of your Company to retire the entire
E a r n in g s
ReI outstanding balance of tlio M ississippi ^ alley Gas & Electric
nu,r 0dorn auoi
Company 5% Collateral Trust Gold Bonds at m aturity,
cated to DeI B y this procedure your Company becomes the ownei of
? ^ i ation Ke" i *A7 272 53 1,593,227 0 2 1.166,369 06
686,899 08 S4,500,000 par value preferred and S2,500,000 par value ot




I W t o S S an,!

of the operated eompame, in

1910

THE

fVoi.. 114.

C H R O N IC L E

the past were equally in ovidonce during the year under I Subsidiary and Affiliated Companies’ obligations arising from
review and your Directors once again desire to express their
dlscountod—Por contra-.......... - $697,931 23
1 00
appreciation of the ablo and loyal service rendered.
1°
‘
d Operations':"
Deferred Charges to FIxtures— ........................
Icderul Capital Stock Tax paid In advance..
$6,507 50
By order of the Board of Directors,
Unamortized Dobt Discount and Expense__ 3,958,914 02
H. M. BYLLESBY, President.
REPORT OE TREASURER.
Chicago, Illinois, April 22 1922.
II. M. Byllesby, Esq.,
President Standard Gas tfc Electric Company,
Chicago, Illinois.
Dear Sir:
I beg to submit herewith consolidated income account
for the year ended Decomber 31 1921, and consolidated
balance sheet at December 31 1921, of Standard Gas &
Eloctric Company and Utilities Investment Company,
prepared by Haskins & Sells, certified public accountants.
This certified audit report shows:
Net incomo, after interest charges and amortization of debt
discount and expense, of______________________________ $2,071 368 20
Deducting the 8% dividend on outstanding preferred stock ll ~’990,’388 00
Leaves a balance transferred to profit and loss for tho
®i nan qop o n
year 1921 of-----------------------------------( T h is $1,080,980 20 is equal to 10.19% on the sToYebo'oOO
common stock outstanding on December 31 1921.)

3 955 431
-$54,215,801 00

Total Deferred Charges to Operations.
•
T o t a l ..........................

L IA B IL IT IE S .
P r e fe r re d C a p ita l S to c k — 8 % C u m u la tiv e :
I s s u e d — 2 9 2 3 5 7 s h a r o s o f $ 5 0 o a c h .................- $ 1 4 ,6 1 7 ,8 5 0 0 0
L e s s in T r e a s u r y ( o f w h ic h $ 1 ,4 0 7 ,5 0 0 h a s
b oon p le d g e d a s c o lla te r a l to N o te s
P a y a b l e ) . . . ................................................... . . .
2 ,2 3 8 .0 0 0 0 0 ^
C o m m o n C a p i t a l S t o c k — A m o u n t o u t s t a n d i n g a f t e r d e d u c t * 1 2 ’3 7 9 ,8 5 0 ° °
J ^ S t o c k In T r e a s u r y b u t i n c l u s iv e o f $ 1 8 8 ,0 9 0 Is s u e d fo r
d l v id o n d o n P r e f e r r e d S t o c k n o t y o t c la l m o d b v s t o c k I ^ m d ^ D o b t 1 2 ’0 0 0 SharCS ° f S 5° e a c h ...................... - ....................... - 1 0 ,6 0 0 .0 0 0 0 0
C o n v e r t i b l e 6 % S i n k in g F u n d G o l d B o n d s
d u o D o c e m b e r 1 1926 (se c u re d b y d e p o s it
o f s e c u r i ti e s o w n e d a s c o l l a t e r a l ) ___________ $ 6 ,3 8 8 ,5 0 0 0 0
T w en ty - Y e a r 6 % G o ld N o te s ,
d u o O c t o b e r 1 1 9 3 5 . ............$ 1 5 ,0 0 0 .0 0 0 0 0
L e s s in T r e a s u r y ....................
4 0 5 ,4 0 0 0 0
S e c u re d 7
S i n k i n g F u n d G o l d B o n d s , 1 4 ,5 9 ‘1 ,6 0 0 0 0
d u o S e p t e m b e r 1 1941 ( s e c u r e d b y d o p o s it
s e c u r i t i e s o w n e d a s c o l l a t e r a l ) --------------- 3 , 4 7 5 ,2 0 0 0 0
/ % G o ld N o te s , d u o N o v e m ­
b e r I 1 9 4 1 -------------------------$ 8 0 0 ,0 0 0 0 0
L e s s in T r e a s u r y --------------5 3 8 ,2 0 0 0 0
-------------------------2 6 1 ,8 0 0 0 0

The figures given in the audit aro the collectible income of
Standard Gas & Electric Company, and do not include
any earnings of Shaffer Oil & Refining Company applicable .
________
J
b il
to common sharos of that company owned by Standard Gas Currentl tLai a bM itSieS :* D 0 M ..............................................................................2 4 .7 2 0 , . 0 0
s
N o t o s P a y a b le :
& Electric Company, nor any of tho contingent interest of
S e c u r e d b y d e p o s i t o f c o ll a te r a l:
tho Company in tho “Undistributed Gross Balance of
S u b s id ia r y C o m p a n ie s $ 2 2 0 ,9 8 1 0 0
S u n d r y N o t e s , . . ..............
7 4 9 ,2 3 0 0 0
Earnings Retained in Surplus or Allocated to Depreciation
$970,211 00
Reserve” by the operated public utility companies.
U n s e c u r e d _________________________________
224,967 42
A c c o u n ts P a y a b le :
In order to present, solely for tho purposo of comparison
S u b s i d i a r y C o m p a n i e s ____________________
412.903 27
with previous years and similar statements of other utility
S u n d r y C r e d i t o r s ____ ___________________ 11
21,650 00
A c c ru e d A c c o u n ts:
companies, there is shown on page 14 [pamphlot report] tho
I n t e r e s t o n F u n d e d D e b t _________________
340,795 S3
so-called applicable incomo of Standard Gas & Electric
I n t e r o s t o n N o t e s P a y a b l o ________________
4,549 87
T a x e s ______________________________________
Company, which includes the collectible incomo as well as
9,500 07
M is c e ll a n e o u s E x p e n s e ____________________
32,556 57
tho contingent intorest in tho “Undistributed Gross Balanco
of Earnings Retained in Surplus or Allocated to Depreciation
T o t a l C u r r e n t L i a b i l i t i e s _____________________________
2 01 7 134 0 3
D i v i d e n d s A c c r u e d o n P r e f e r r e d C a p i t a l S t o c k ____
’ 8 2 5 3 2 33
Reserve.”
O b lig a tio n s fo r n o te s e n d o rs e d a n d n o te s d is c o u n te d fo r S u b ­
Immediately following the certified audit report will be
s i d i a r y a n d A f f il ia t e d C o m p a n ie s — P e r c o n t r a ________
6 9 7 9 3 1 23
found statomonts of capitalization and securities owned, as S u r p l u s , p e r A c c o m p a n y i n g S u m m a r y ____________ _________3 , 7 i 8 . ’2 5 3 41
Total.................................................. - ...................................... -854,215T80r00
well as other rolativo information, all of which should bo
read in conjunction with tho data contained in the certified
T h e S t a n d a r d G a s & E l e c t r i c C o m p a n y is g u a r a n t o r f o r t h o p r i n c i p a l
a ? tL lat< ' r e 5t „o f l)0 ,u ls ° r s u b s i d i a r y c o m p a n i e s o u t s t a n d i n g a t D o c e m b e r
balance sheet.
31 1 0 2 1 a s fo llo w s :
Respeotfully yours,
M is s i s s i p p i V a lle y G a s & E l e c t r i c C o m p a n y C o l l a t e r a l T r u s t
5 % G o ld B o n d s , d u o M a y 1 1 9 2 2 ( a f te r d e d u c tin g a m o u n t
ROBERT J. GRAF, Treasurer.
. $ 4 1 4 8 .0 0 0 0 0
° ^ nec* t y S t a n d a r d G a s & E l e c t r i c C o m p a n y ) ................
^ f i n i n g C o m p a n y F ir s t M o rtg a g o C o n v e r tib le
’
0 % S in k in g B u n d G o l d B o n d s , d u o J u n o 1 1 0 2 9 .............. ......... 1 1 .4 2 7 ,6 0 0 0 0

STANDARD GAS & E L EC TR IC COMPANY
A ND U T IL IT IE S IN V E ST M E N T C OM PANY.

T o t a l ................................................. - ..................................................................- $ 1 5 ,5 7 5 ,6 0 0 0 0

SUMMARY OF CONSOLIDATED INCOME AND PROFIT AND LOSS
FOR THE YEAR END ED DECEMBER 31 1921.
Income Credits:
Interest on Bonds Owned________________ _ $535,178 15
Interest on Notes and Accounts Receivable,
’
&c ......................... ............................................
122,413 13
Djvidcnds on Preferred Stocks Owned______
629,815 33
Dividends on Common Stocks Owned—Pub­
lic Utility Companies, Byllosby Engineer­
ing Sc Management Corporation, &c............. 1,662,320 33
Net Profit on Securities Sold____ __________
425,901 41
Earnings from Other Operations___________
257,117 00
Total_________________________________
$3,632,745 35
Income Charges:
General Expenses and Taxes..................... ........ $68,624 36
Interest:
On Fundod Debt.....................$1,179,986 18
M iscellaneous____________
187,766 61
j
75*^ 7Q
Amortization of Dobt Discount and Expense.
125,000 00
Total- ............... - .....................................................................- 1,561,377 15
Net Incomo____ . . . ____________________________
071 311a on
Dividends on Preferred Capital Stock_________ 11111111111
990,388 00
Itemalndor of Not Incomo_________________ _ .
si osn osn on
Profit and Loss Adjustments:
............. 9 i . w v . v w .u
Credit—Par Valuo of Common Capital Stock
of Standard Gas A Electric Company (held
in treasury) Eoceivtxl for Cancellation___ $2,079,550 00
Debits:
Reduction of Book Valuo of
Securities to Markot Value
at Dato of Acquisition____ $1,987,534 00
Preferred Capital Stock—
D isc o u n t and E xponso
Charged O ff.......................
92,016 00
------------------ - 2,079,550 00
— --------------Nil
Surplus January 1 1921........... ....................................................... 2,637,273 21
Surplus Dccombor SI 1 9 2 1 .......................................................... $3,718,253 41
CONSOLIDATED GENERAL BALANCE SHEET DEO. 31 1921.
„

,

ASSETS.

Securities Owned____________________ .
$44 79a o a o .-.o
Sinking Funds:
..............................* ’ JS.^02 5 J
For redemption of Convertible 6% Sinking
Fund Gold Bonds............... .
.
.
$93 907 33
For redemption of Secured 7 y . % Sinking
Fund Gold Bonds_____________ _
45 68
Total Sinking Funds__________ __
Current Assets:

93,953 01

9 ash AT- w r — v - v ; ---------- --------- ----------

Securities held under Contract for Resalo and $367,105 34
for Investment of Current Funds..............
277,633 29
Notes Receivable:
Subsidiary Companies................................
260,000 00
Sundry N o tes..
............
1,084,658 68
Accounts Receivable:
Subsidiary and Affiliated Companies____ 1,952,484 61
Sundry Debtors..............................
384,224 96
Accrued Accounts:
Interest on Bonds Owned__ _____
149,092 36
Dividends on Preferred Stocks Owned___
89,801 58
Dlvidonils on Common Stocks Owneil___
92,598 33
Interest on Notos Receivable..................
2,572 50
I otal Current Assets-----------------------------------------------




CERTIFICATE.
W o h a v e a u d ite d th o b o o k s a n d a c c o u n ts o f th o S t a n d a r d G a s & E le c ­
t r i c C o m p a n y a n d t h e U t i l i t i e s I n v e s t m e n t C o m p a n y , C h i c a g o I llin o is
f o r t h o y e a r e n d e d D e c e m b e r 31 1 9 2 1 .
0 . T ™ a m o u n t s h o w n in th o a c c o m p a n y i n g C o n s o l i d a t e d G c n o r a l B a l a n c e *
u n e o t. D e c e m b e r 31 1 9 2 1 , f o r s e c u r i t i e s o w n e d r e p r e s e n t s t h o a c c o u n t s f o r
s u c h s e c u ritie s o n t h o b o o k s o f th o s e tw o c o m p a n ie s w ith o u t a d ju s tm e n t
to th e u n d e rly in g a s s e t v a lu a tio n s o f s u b s id ia ry c o m p a n ie s. T h o a m o u n t
o f U n a in o rtiz e d D e b t D is c o u n t a n d E x p o n so r e f le c ts th e d is tr ib u tio n o f th e
c o s t o f f in a n c in g s h o r t t e r m n o t e s o v e r t e r m s b a s e d o n r e f u n d i n g lo n g t e r m
o b l ig a t io n s .
T h e a m o u n ts sh o w n fo r In co m o a n d s u rp lu s , w h ic h re f le c t r e s u lts w ith o u t
in te r -c o m p a n y e lim in a tio n s a p p lic a b le to s u b s id ia ry c o m p a n ie s , in c lu d e
i n c o m e a r i s i n g f r o m c h a r g e s m a d e a g a i n s t s u b s i d i a r y c o m p a n i e s f o r e n g in e e r ­
in g s e r v i c e s r e n d e r e d in c o n n e c t i o n w i t h c o n s t r u c t i o n w o r k , w h ic h c h a r g e s
h a v e in t u r n b e e n c a p i t a l i z e d in th o a c c o u n t s o f th o s u b s i d i a r y c o m p a n i e s
I h o c h a n g e s s h o w n u n d e r P r o f i t a n d L o s s a d j u s t m e n t s f o r th o r e d u c t i o n o f
b o o k v a l u e o f s e c u r i t i e s t o m a r k o t v a lu o a t d a t e o f a c q u i s i t i o n , a p p l i e s t o
3M 921
!i0lCl d Vr i n * t h 0 y o a r a n d t o c o r t a l n s e c u r i ti e s o w n e d a t D o c e m b e r
W e C e r t i f y t h a t , o n th o b a s o s a b o v e s ta t e d , th e a c c o m p a n y in g C o n s o l­
I d a t e d G e n e r a l B a la n c o S h e e t a n d S u m m a r y o f Consolidated T u co rne
a n d P r o f it a n d L o ss e x h ib it, re s p e c tiv e ly , th o c o n s o lid a te d f in a n c ia l c o n d i­
t io n o f t h o t w o c o m p a n i e s a t D e c e m b e r 31 19 2 1 a n d t h e i r in c o m o r e s u l t s
fo r th e y e a r so e n d e d .
C h i c a g o . A p r i l 18 1 9 2 2 .
H A S K IN S & S E L L S .

STANDARD GAS & ELECTRIC COMPANY.
BONDS AND

„ _

C om panu—

NOTES

OW NED

DECEM BER

31

_
. ,,
Description.

T h o A r k . V a i l. T ty ., L t . & I T . C o . - . 1 s t & K e f. S . F . 5 s, 1931
T h o A r k . V a il. R y . , L t . & I T . C o . . . 1 s t & R e f . S . F . 7 K s , 1931
T h e A r k . V a il. R y . , L t . A I T . C o ___B o n d S e c u r e d 8 s , 1 9 2 2
F o r t S m i t h L i g h t & T r a c t i o n C o ____ 1 s t S . F . 5 s . 19 3 6
F o r t S m i t h L i g h t A T r a c t i o n C o ____ 2 n d M t g e . 8 s , 19,31

. . ...
, , _ ------------------------------------- M tg o . 6 s , 1939
M o b il e E l e c t r i c C o ---------------------------- C o n v e r t i b l e 7 s , 19 3 0
M o u n t a i n S t a t o s P o w e r C o _________ 1 s t A R e f . 5 s , 19,38
M o u n t a i n S t a t e s P o w e r C o _________ C o n v e r t i b l e 8 s 1930
N o r t h e r n S t a t e s P o w e r C o _________ 1 s t & R o f. 5 s , 1 9 4 1
N o r t h e r n S t a t e s P o w e r C o __________ T e n - Y e a r 6 s 'iq o f l
N o r t h e r n S t a t e s P o w e r C o __________ 1 s t & R e f . 0 s 1941
N o r t h e r n S t a t e s P o w e r C o __________ 7 % N o t e s , 192.3
O k l a h o m a G a s A E l e c t r i c C o ________ l s t & R o f . 7 4 4 s , 1941
O k l a h o m a G a s & E l e c t r i c C o .............. C o n v e r t i b l e 8 s,' 1931
T h o O t t u m w a R a i lw a y & L i g h t C o . 1 s t & R o f . 5 s 1 9 2 4
P u e b l o & S u b u r b a n T r u e . & L t . C o . 1 s t S . F . 5 s 19 2 2
S h a f f e r O il & R e f in i n g C o .................... C o n v e r t i b l e 8 s , 19 2 3
S h a f f e r O il Sc R e f in i n g C o ---------------- C o n v e r t i b l e 8 s , 1 9 2 4
S o u t h w e s t e r n G e n e r a l G a s C o .............. 1 s t A R e f . S . F . 6 s , 1931
T a c o m a G a s C o . . . . . . . ........ .......... .. R e a l E s t a t o 6 s . 1928
W e s t e r n S t a t e s G a s A E l e c t r i c C o . . 1 s t A R o f . 5 s , 1941

1921.
F a ce V a lu e
O w ned.

$3,000,000
368.000
209.000
703.000
1 .1 0 0 .0 0 0

28,000
56.000
852.000
250.000
125.000
725.000
400.000
18,509
4.500
51.500
10.500
14.000
148.000
6 .0 0 0

5,000
457,200
457,400
380.000
45.000
77.000

T o t a l _____________________________________________________________$ 9 ,4 9 0 ,6 0 0
L o u i s v il le G a s & E l e c t r i c C o . ( K y . ) . P r o m i s s o r y N o t o s
’ 2 0 0 ,0 0 0
S o u t h w e s t e r n G e n e r a l G a s C o _______ P r o m i s s o r y N o t o s
0 0 !0 0 0

Miscellaneous Bonds
4,660,171 65 |

Grand Total__________________________________________ $10,117,100

A pril 29 1922.]

THE

STANDARD GAS & ELECTRIC COMPANY.
PREFERRED

AND

COM M ON

STO CK S

OW NED

DEC.

31

1921.

P a r V a lu e
P a r V a lu e
o f P referred
of C om m on
S to c k s O w n e d . S to c k s O w n e d .

C om pan y—

1911

C H R O N IC L E

T h e A r k a n s a s V a l le y R a i l w a y , L i g h t & P o w e r C o .:
F i r s t P r e f e r r e d _________________________________
$ 4 0 5 ,0 0 0
$ 3 ,o 0 0 ,0 0 0
S econd P re fe rre d
- ________ - —
8 4 0 ,0 0 0
-----------—
—
F o r t S m i t h L i g h t & T r a c t i o n C o m p a n y ___________
8 8 1 ,5 0 0
9 5 0 ,0 0 0
L o u i s v i l l e G a s & E le e t r iC C o m p a n y ( D e l . ) -----------* 1 ,9 9 1 ,2 0 0
* 1 ,1 6 8 ,4 0 0
M is s i s s i p p i V a lle y G a s & E l e c t r i c C o m p a n y ............
1 ,3 0 0 ,0 0 0
L 2 4 8 ,5 0 0
M o b il o E l e c t r i c C o m p a n y ......................................................
2 7 8 ,0 0 0
8 9 7 ,2 0 0
M o u n ta in S ta te s P o w e r C o m p a n y
............
1 ,2 0 0 ,0 0 0
N o r t h e r n S t a t e s P o w e r C o m p a n y ( D e l . ) --------------------------9 7 4 ,9 0 0
2 , 8 3 5 ,8 0 0
4 -4 $ H R R
O k l a h o m a G a s & E l e c t r i c C o m p a n y ..............................
P u g e t S o u n d G a s C o m p a n y ......... ........................................
1 8 2 ,9 0 0
7 7 2 .1 0 0
_________
2 ,9 5 5 ,0 0 0
S a n D ie g o C o n s o l i d a t e d G a s & E l e c t r i c C o m p a n y
S h a f f e r O il & R e f in i n g C o m p a n y
1 ,4 0 8 ,1 0 0
-------­
S o u t h w e s t e r n G e n e r a l G a s C o m p a n y . . . .................
2 5 ,0 0 0 .......... 1 '9 9 2 ’SnR
T a c o m a G a s & F u e l C o m p a n y ------------------------------3 6 9 ,0 0 0
1 .5 4 8 ,3 0 0
W e ste rn S ta te s G a s & E le c tr ic C o m p a n y ( D e l . ) . .
2 5 9 ,5 0 0
3 , 2 4 0 .7 0 0

STANDARD GAS & ELECTRIC COMPANY
AND UTILITIES INVESTMENT COMPANY.
A s in th e
t h e s o -c a lle d
C om pany.
c o m p a ris o n
o th e r p u b lic

A P P L IC A B L E IN C O M E .
p r e c e d in g r e p o r t s , t h e r e is s u b m i t t e d h e r e w it h
a p p lic a b le in c o m e o f S ta n d a r d G a s a n d E lo c tric
T h i s is s u b m i t t e d s o le ly f o r t h e p u r p o s e o f
w ith p r e v io u s y e a rs a n d s im ila r s ta te m e n ts o f
u tility h o ld in g c o m p a n ie s .

F O R T H E Y E A R E N D E D D E C E M B E R 31 1 9 2 1 .
C o lle c tib le G ro s s R e v e n u e (as s h o w n o n p a g e 7 , p a m p h le t
r e p o r t ) ____________________________________________________________S 3 ,6 3 2 ,7 4 5 3 5
A d d — - C o n t in g e n t i n t e r e s t o f S t a n d a r d G a s & E l e c t r i c C o m ­
p a n y in t h e “ U n d i s t r i b u t e d G r o s s B a l a n c e o f E a r n i n g s R e ­
t a i n e d in S u r p l u s o r A l l o c a t e d t o D e p r e c i a t i o n R e s e r v e ”
o f $ 1 , 5 8 7 ,2 7 2 5 3 o f t h e o p e r a t e d p u b l i c u t i l i t y c o m p a n i e s
fo r th e y e a r 1921 (as sh o w n o n p a g e 16, p a m p h l e t r e p o r t ) ,
a m o u n t i n g t o _______________________________________________________
7 7 9 ,0 9 1 8 3
M a k i n g fo r t h e y e a r e n d e d D e c e m b e r 3 1 1 9 2 1 w h a t is c o m ­
m o n ly d e s i g n a t e d a s A p p l i c a b l e I n c o m e o f S t a n d a r d G a s
T o t a l s ........................................... - - - ......................................... $ 1 1 ,9 7 6 ,0 0 0 $ 2 2 ,7 5 4 .8 0 0
& E l e c t r i c C o m p a n y ______________________________________________ $ 4 ,4 1 1 ,8 3 7 1 8
A p p a l a c h i a n P o w e r C o m p a n y --------------------------- -------------------------2 0 9 ,9 0 0
D e d u c t fo r th e y e a r 1921:
S t a n d a r d G a s & E l e c t r i c C o m p a n y ’s
G r a n d T o t a l s ....................- .....................................................$ 1 1 ,9 7 6 ,0 0 0 $ 2 2 ,9 6 4 ,7 0 0
G e n e r a l E x p e n s e s a n d T a x e s _______________
$ 6 8 ,6 2 4 3 6
, I n t e r e s t C h a r g e s _____________________________ 1 ,3 6 7 ,7 5 2 7 9
S h a r e s O w n e d w it h o u t
A m o r tiz a tio n o f D e b t D is c o u n t a n d E x p e n s e
1 2 5 ,0 0 0 0 0
P a r V a lu e o r o f
------------------------ 1 ,5 6 1 ,3 7 7 15
N o m i n a l P a r V a lu e .
L o a v e s fro m th e A p p lic a b le In c o m e o f S ta n d a r d G a s & E le c _______
1 0 0 ,0 0 0
B y lle s b y E n g in e e rin g & M a n a g e m e n t C o r p o r a tio n .
t r i e C o m p a n y t h e s u m o f ________________________________________ . - $ 2 , 8 5 0 ,4 6 0 0 3
_______
3 6 ,5 7 1
M o u n t a i n S t a t e s P o w e r C o m p a n y — ................................
1 5 8 .0 0 0O n t h e L a s ts o f A p p l i c a b l e I n c o m e , S t a n d a r d G a s & E l e c t r i c
S h a f f e r O il & R e f i n i n g C o m p a n y . . ..................................... .........................
C o m p a n y w o u ld s h o w fo r t h e y e a r e n d e d D e c e m b e r 31
1921 a s fo llo w s :
2 9 4 ,5 7 1
T o ta l.
F u l l 8 % d i v i d e n d s p a i d o n $ 1 2 ,3 7 9 ,8 5 0 P r e f e r r e d S t o c k
o u t s t a n d i n g _______ ___________________________________________ _
9 9 0 .3 8 8 0 0
N u m ber
O ic n c d .
L e a v i n g a b a l a n c e o f __________________________________________________ $ 1 ,8 6 0 ,0 7 2 0 3
7 ,3 2 6
N o r t l i o r n S t a t e s P o w e r C o m p a n y O p t i o n W a r r a n t s ___________________________
o r t h e e q u i v a l e n t o f 1 7 .5 4 p e r c e n t o n t h e $ 1 0 ,6 0 0 ,0 0 0
C o m m o n S t o c k o u t s t a n d i n g D e c e r n Ite r 31 1 9 2 1 .
M is c e ll a n e o u s I n v e s t m e n t s :
N o t e .— T h e a b o v e f i g u r e s d o n o t i n c l u d e a n y e a r n i n g s o f S h a f f e r O il .V
P r e f e r r e d S t o c k .................... .................................................................................. 4 1 0 S h a r e s
R e f in in g C o m p a n y a p p lic a b le to c o m m o n s h a re s o f t h a t c o m p a n y o w n e d
C o m m o n S t o c k ------------------------------------------------------------------------------7 ,2 5 6 S h a r e s
b y S ta n d a r d G a s & E le c tr ic C o m p a n y .
* I n a d d i t i o n M i s s i s s i p p i V a l le y G a s & E l e c t r i c C o m p a n y o w n s $ 4 ,5 0 0 ,0 0 0
p r e f e r r e d s t o c k a n d $ 2 ,5 0 0 ,0 0 0 c o m m o n s t o c k o f L o u i s v il le G a s & E l e c t r i c
C o m p a n y (D e l.) .
P R E F E R R E D S T O C K , E IG H T P E R C E N T C U M U L A T IV E .
A u th o r iz e d .

O u ts ta n d in g .

$ 3 0 ,0 0 0 ,0 0 0
®

$ 1 2 ,3 7 9 ,8 5 0
COM M ON

STO CK .

A u th o r iz e d .

O u ts ta n d in g .

$ 1 5 ,0 0 0 ,0 0 0

$ 1 0 ,6 0 0 ,0 0 0 *

* $ 1 0 ,4 5 1 ,5 5 0 p a r v a lu o c o m m o n s t o c k is o u t s t a n d i n g , a n d $ 1 4 8 ,4 5 0 p a r
v a lu e c o m m o n s t o c k is h o l d b y t h e C o m p a n y f o r t h e u n c la i m e d p o r t i o n o r
c o m m o n s t o c k o f f e r e d In p a y m e n t o f a c c u m u l a t e d d i v i d e n d s o n p r e f e r r e d
s to c k .
\

Par value of shares, both preferred and common. $50.
Total number of preferred and common stockholders,
7,639.
.
,
Standard Gas and Electric Company was incorporated
under the laws of the State of Delaware, in 1910.
C O N V E R T IB L E S IX P E R C E N T S IN K IN G F U N D G O L D B O N D S .
D a te d D e c e m b e r 1 1911.
D uo D ecem b er 1 1926.
A u t h o r i z e d $ 3 0 , 0 0 0 ,0 0 0 .
O u t s t a n d i n g D e c . 31 192 1 $ 6 ,3 8 8 ,5 0 0 .

Thoro has boon a total of $11,800,000 of theso bonds
issued, of which there were outstanding on January 1 1922,
$6,388,500, showing a reduction of $5,411,500 to January 1
1922. From January 1 1922, to March 1 1922, there havo
been redeemed an additional 97,500 bonds, making a total
redemption of $5,509,000 bonds. These $5,509,000 bonds
havo been redeemed and canceled as follows:
T h r o u g h o p e r a t i o n o f t h e s i n k i n g f u n d ____________________________$ 1 ,1 9 4 ,5 0 0
F r o m t r c a s u r y w i s h ________ _______ _____________________________ . . .
9 9 6 ,0 0 0
F r o m t h e p r o c e e d s o f s a le o f u n d e r l y i n g c o l l a t e r a l o f a f a c e v a lu o
o f $ 3 , 4 0 7 ,0 0 0 ______________________ _______ ________________________ 3 , 3 1 8 ,5 0 0
T o t a l ............- ............................................... ....................................... - ..........................$ 5 ,5 0 9 ,0 0 0
SECURED

S E V E N A N D O N E -H A L F P E R C E N T S IN K IN G F U N D
GOLD BO N D S.
D u o S e p te m b e r 1 1941.
R e d e e m e d b y S in k in g F u n d .
O u t s ta n d i n g D e c . 3 1 1 9 2 1 .
$ 2 4 ,8 0 0
’
$ 3 ,4 7 5 ,2 0 0

D a te d S e p te m b e r 1 1921.
A u th o r iz e d .

$ 3 ,5 0 0 ,0 0 0

T W E N T Y -Y E A R S IX
D a te d O c to b e r 1 1915.

PER

C E N T GOLD N O TES.
D u o O c to b e r 1 1935.
O u t s ta n d i n g D e c e m b e r 3 1 1 9 2 1
$ 1 5 ,0 0 0 ,0 0 0
$ 1 4 ,5 9 4 ,6 0 0
5 1 0 ,u o i t
SEV EN PE R C E N T GOLD NO TES.
D a te d N o v e m b e r 1 1921.
D uo N o v e m b e r 1 1941.
A u th o r iz e d .
O u t s ta n d i n g D e c e m b e r 31 1 9 2 1 .
$ 1 5 ,0 0 0 ,0 0 0
$ 2 6 1 ,8 0 0
C O N T IN G E N T L IA B IL IT Y .
A u th o r iz e d .

Standard Gas and Electric Company guarantees principal,
interest and sinking fund paym ents of Shaffer Oil and
Refining Company First M artgago Convertible 0% Sinking
Fund Gold Bonds, duo Juno 1 1929, authorized issue $15,­
000,000. The $15,000,000 of bonds havo been issued, of
which $3,572,400 have been redeomed through sinking
fund, $1,248,700 are pledged as collateral to an issuo of
$934,100 Shaffer Oil and Refining Company Bond Secured
7% Convertible Sinking Fund Gold N otes, and $10,178,900
are outstanding in the hands of the public on December 31
1921. Sinking fund provisions on theso bonds will rotiro
approximately 90% of the bonds before m aturity.
Standard Gas and Electric Company also guarantees
paym ent of principal and interest of $5,000,000 M ississippi
Valley Gas and Electric Company Collateral Trust 5%
Bond:*, dated M ay 25, 1912, duo M ay 1 1922; arrangements
having been completed for the paym ent of theso bonds
from the proceeds of $3,000,000 Standard Gas and Electric
Company Convertible Secured 7% Gold Bonds, dated
March 1 1922, duo March 1 1937, together with funds
alroady provided; Standard Gas and Electric Company
being thereby rclioved of its present guaranty of the M issis­
sippi Valley Gas and Electric Company Bonds, and, in addi­
tion, acquiring all of the assets of the M ississippi Valloy
Gas and Electric Com pany, consisting of preferred and com­
mon stocks of the Louisville Gas and Electric Company of
Dolawaro, which are now collateral to the maturing M iss
issippi Valley Gas and Electric Company Bonds.




STANDARD GAS & ELECTRIC COMPANY.
OPERATED
S ta n d a rd

G as

C O M P A N IE S .

&

C om pany

E le c tr ic

ow ns

a

c o n tro llin g

in te r e s t in :
T h e A r k a n s a s V a l le y R a i l w a y , L ig h t. & P o w e r C o m p a n y ,
o p e r a t i n g in P u e b l o , V i c to r , G o l d f ie l d , C r i p p l e C r e e k , C a n o n C i t y .
R o c k y F o rd , L a .Ju n ta , A n a c o n d a a n d I n d e p e n d e n c e , C o lo ra d o , a n d
s u rro u n d in g te rrito ry .
F o r t S m i t h L ig h t. & T r a c t i o n C o m p a n y ,
o p e r a t i n g in F o r t S m i t h a n d V a n B u r e n , A r k a n s a s , a n d s u r r o u n d i n g
te rrito ry .
L o u i s v il le G a s & E l e c t r i c C o m p a n y ( D e l . ) ,
t h r o u g h i t s s u b s i d i a r i e s o p e r a t i n g in L o u i s v il le , K e n t u c k y , a n d s u b u r b s .
C o n t r o l o f t h i s c o m p a n y is o w n e d t h r o u g h S t a n d a r d G a s & E l e c t r i c
C o m p a n y ’s o w n h o l d in g s a n d i t s o w n e r s h ip o f t h e s t o c k o f t h o M is s i s s i p p i
V a lle y G a s & E l e c t r i c C o m p a n y .
M is s i s s i p p i V a lle y G a s & E l e c t r i c C o m p a n y ,
a h o l d i n g c o m p a n y o w n i n g a p o r t i o n o f t h e c a p i t a l s t o c k o f t h o L o u i s v il le
G a s & E le c tr ic C o m p a n y .
M o b i l e E l o c t r i c C o m p a n y , ___
o p e r a t i n g in M o b i l e a n d W h i s t l e r , A l a b a m a .
M o u n ta in S ta te s P o w e r C o m p a n y .
o p e r a t i n g in M o n t a n a , I d a h o , W a s h i n g t o n a n d O r e g o n .
O k la h o m a G a s & E le c tr ic C o m p a n y ,
o p e r a t i n g in O k l a h o m a C i t y , E l R e n o , N o r m a n , D r u m r i g h t , E n i d , B r i s ­
to w a n d K ie fe r, O k la h o m a , a n d s m a lle r c o m m u n itie s : a n d th ro u g h s to c k
o w n e r s h ip o f t h e M u s k o g e e G a s & E l o c t r i c C o m p a n y , in M u s k o g e e , F o r t
G ib s o n a n d S a p u lp a , O k la h o m a .
P u g et Sound G as C om pany,
. _
o p e r a t i n g in E v e r e t t . M o n r o e a n d S n o h o m is h , W a s h i n g t o n .
S a n D ie g o C o n s o l i d a t e d G a s & E l e c t r i c C o m p a n y ,
o p e r a t i n g in S a n D i e g o , C a l i f o r n i a , a n d s u r r o u n d i n g t e r r i t o r y .
S o u th w e s te r n G e n e ra l G a s C o m p a n y ,
o w n i n g a n d o p e r a t i n g n a t u r a l g a s H o ld s a n d p i p e l i n e s t o F o r t S m i t h a n a
V an B u ren , A rk an sas.
T acom a G as & Fuel C om pany,
o p e r a t i n g in T a c o m a , O l y m p i a a n d P u y a l l u p , W a s h i n g t o n .
W e s te rn S ta te s G a s & E le c tr ic C o m p a n y ( D e l.) ,
_
,
th ro u g h i ts s u b s id ia ry o p e r a tin g I n S to c k to n . R ic h m o n d a n d E u r e k a ,
C a lifo rn ia , a n d a n u m b e r o f s m a lle r c o m m u n itie s .
S h a f f e r O il & R e f in i n g C o m p a n y .
B y l le s b y E n g i n e e r i n g & M a n a g e m e n t C o r p o r a t i o n .
S ta n d a rd

G as &

E le c tric C o m p a n y

o w n s a la rg e , b u t n o t

a c o n tr o llin g , in te r e s t in :
N o r th e r n S ta te s P o w e r C o m p a n y ( D e l.) ,
__ .
„
..
t h r o u g h i t s s u b s id i a r i e s o p e r a t i n g i n W is c o n s in
M in n e s o ta
N o rth
D a k o t a S o u t h D a k o t a a n d N o r t h e r n I ll in o i s , w h i c h c o m p a n y a l s o c o n ­
t r o l s t h r o u g h s t o c k o w n e r s h ip , T h o O t t u m w a R a i l w a y & L i g h t C o m ­
p a n y , O ttu m w a , Io w a , o p e ra tin g in O ttu m w a , I o w a , a n d s u rr o u n d in g
te r r ito ry .

OPERATED PUBLIC UTILITY COMPANIES
OF
STANDARD GAS & ELECTRIC COMPANY.
E A R N IN G S
tA 1 U N 1

AND

O P E R A T IN G
EX PENSES
FOR
E N D E D D E C E M B E R 31 1921.

TOE

YEAR

G ro ss E a r n in g s
«
,
rq , ,
E l e c t r i c D e p a r t m e n t ....................................— .................................................. * 2 5 ,2 7 6 ,4 5 9 5 5
R o a ’oQa 10
G a s D e p a r t m e n t ------------S t e a m D e p a r t m e n t ..............................................................................................
” 9 8 ,S g ? 2 ?
T e l e p h o n e D e p a r t m e n t . . . . ................. ............... ........................................
14088184
S t r e e t R a i l w a y D e p a r t m e n t ............................- - - ................................—
W a t e r D e p a r t m e n t ................. - ------------- -----------------------------------------6 5 .4 1 2 S T
I c e D e p a r t m e n t ------------------------------------------------------------------4 9 ,2 9 1 Uo

T o t a l G r o s s E a r n i n g s ---------------------------------------------------------------$ 3 4 ,9 2 7 ,6 7 5 71
O p e r a tin g E x p e n s e s —
M a i n t e n 'a n c ^ ^ h a r g e s i : : : : : : : : : : : : : : : : : : : :
T a x e s ...................................... - ........................- .......................

2 :0 2 5 : 3 9 8 9 4

2 ,9 6 9 ,7 2 4 17

T o t a l O p e r a t i n g E x p e n s e s .............................. - ....................................... 2 2 ,6 8 0 ,0 6 9 74
N ’n f F a m i n e s
________________________ - — ------------------- $ 1 2 ,3 4 7 ,b 0 5 9V
T h e a b o v e n e t ' e a m l n g s o r $ 1 2 ,3 4 7 ,6 0 5 9 7 w e r o d i s t r i b u t e d
I n t e r e s t °onS F u n d e d a n d F l o a t i n g I n d e b t n d > Aqc
1
— — — — — vb,*jlo,O iM l 9 2
—————
P re fe rre d a n d C o m m o n S to c k D i v i d e n d s . ..
4 ,1 4 6 ,8 5 5 9 9
A m o r t i z a t i o n o f B o n d D i s c o u n t s ................. ..
4 1 4 ,6 0 5 8 5
T o t a l F o r e g o in g I n t e r e s t , D i v i d e n d D i s b u r s e m e n t s a n d
A m o r t i z a t i o n s -------------------------------------------------------------------- 1 P . / / J .U 9 2 q o
L e a v i n g a B a l a n c e o f ---------------------------- --------------------------------------$ 1 ,6 7 2 ,5 1 3 51
D IS T R IB U T IO N

OF

RESERV ES

AND

SU RPLU S.

I n s te a d , h o w e v e r, o f d e c la r in g in d iv id e n d s a ll o f th e
u n d is tr ib u te d g ro ss b a la n c e o f e a rn in g s , th e D ire c to rs o f
th e
c o m p a n ie s
have
a llo c a te d
such
u n d is trib u te d
g ro ss
b a la n c e o n t h e b o o k s o f t h e r e s p e c ti v e c o m p a n ie s a s f o llo w s :
D e p r e c i a t i o n r e s e r v e s . .........................................................................................R9

1918

THE

and in consoquenco of this, the colloctible incom e of Standard
Gas and Electric C om pany, as shown on page 7 [pamphlet
report], is $779,001 93 less than its so-called applicable in­
come; the $779,091 83 representing Standard Gas & Electric
C om pany’s contingent interest in the $1,587,272 53 trans­
ferred to Reserves and Surplus.

E x p e n d itu r e s f o r I m p r o v e m e n ts —
D u r in g th e y e a r e n d e d D e c e m b e r 31 1921 t h e n o t a d d itio n s ,
im p r o v e m e n ts a n d b e tte r m e n ts to th o p r o p e r tie s , a fte r
d e d u c t i o n s f o r r e p l a c e m e n t s a n d r e n e w a ls , a g g r e g a t e d . . $ 1 0 , 3 7 6 , 1 9 0 0 1
T a x a tio n —
T h o t o ta l ta x e s c h a rg e d t h r o u g h o p e r a tio n In th o y e a r 1921
w e r e . . . .............. ........................................... ................. ...................................... $ 2 ,9 6 9 ,7 2 4 17

N o t e . — T h e b a l a u c e o f S I , 5 7 2 ,5 1 3 51 is t h o r e s u l t o f m e r g i n g in t h e f o r e ­
g o i n g s t a t e m e n t t h e o p e r a t i o n s o f a ll c o m p a n i e s .
AH o f t h o o p e r a t e d
p u b l i c u t i l i t y c o m p a n i e s o f S t a n d a r d G a s & E l e c t r i c C o m p a n y in t h e y e a r
1921 e a rn e d in e x c e ss o f t h e i r in te r e s t a n d d iv id e n d d is b u r s e m e n ts , e x c e p t
o n l y M o u n t a i n S t a t e s P o w e r C o m p a n y , w h ic h C o m p a n y p a i d , f r o m p r e ­
v io u s ly a c c u m u la te d s u rp lu s , p r e f e r re d s to c k d iv id e n d s a m o u n tin g to
$ 1 4 ,7 5 9 0 2 ; t h e r e f o r e t h e “ U n d i s t r i b u t e d G r o s s D a l a n c e o f E a r n i n g s R c t a l n e d in S u r p l u s o r A l l o c a t e d t o D e p r e c i a t i o n R e s e r v o ” f o r t h o y e a r 1921
o f t h o o p e r a t e d p u b l i c u t i l i t y c o m p a n i e s w a s $ 1 , 5 8 7 ,2 7 2 5 3 .

OPERATED PUBLIC UTILITY COMPANIES
OF
STANDARD GAS & ELECTRIC COMPANY.

[V ol. 114

C H R O N IC L E

E q u a l to 8 -5 1 % o f th e a g g re g a te g ro ss e a rn in g s .
I n c r e a s e i n T a x e s C h a r g e d T h ro u g h O p e r a tio n .
Y ear.

A m o u n t.

Y ear.

A m o u n t.

Y ear.

A m o u n t.

1 9 2 1 ________ $ 3 9 1 ,2 6 7 2 4
1 9 1 7 ____ $ 2 7 3 ,0 0 2 5 4
1 9 1 5 ____ $ 6 0 ,9 4 6 6 8
1 9 2 0 ________ 5 4 8 ,6 7 2 01
1 9 1 6 ____ 1 3 1 , 2 6 1 9 3
1 9 1 4 ____
8 3 .9 7 3 91
1 9 1 9 ________ 3 3 9 ,6 0 7 5 4
1 9 1 3 ______ 1 0 2 ,2 1 1 67
1 9 1 8 ________ 2 5 3 ,7 6 2 4 8
1 9 1 2 _____ 1 7 4 ,6 6 9 7 9
I n c r e a s e i n t e n y e a r s _____________ $ 2 ,3 5 9 ,9 7 5 7 9

,

OPERATED COMPANIES OF STANDARD GAS
C A P IT A L IZ A T IO N O U T S T A N D IN G

~ D e p r e c ia tio n R eserves—

__ _
D e p r e c i a t i o n r e s e r v e b a l a n c e o n D e c o m b e r 31 1 9 2 0 . . .............. $ 3 ,6 9 4 ,2 7 1 9 0
A d d itio n a l d e p r e c ia tio n r e s e r v e d u r in g t h e y e a r 1921 fro m
c u r r e n t e a r n i n g s __________________________________________ 1 ,1 7 4 ,2 9 6
91
.................................- .....................................- .......................... ..........$ 4 , 8 6 8 ,5 6 8 81
T o ta l
C h a r g e d a g a i n s t t h e f o r e g i n g f o r r e p l a c e m e n t s , r e n e w a ls a n d
e q u i p m e n t r e t i r e d f r o m s e r v i c e d u r i n g t h e y e a r 1 9 2 1 _______ 1 , 1 1 3 ,2 0 5 3 2
l e a v i n g t h e t o t a l d e p r e c i a t i o n r e s e r v e s o n D e c e m b e r 3 1 1 9 2 1 . .$ 3 , 7 5 5 ,3 6 3 4 9

&

ELECTRIC CO.

D E C E M B E R 31 1921.

F un ded

P referred

Com m on

C om pan y—
D e b t.
S lo c k .
S to c k .
T h e A r k a n s a s V a llo y R a i l w a y , L i g h t
& P o w e r C o m p a n y _________________ $ 6 , 8 7 2 ,3 0 0
$ 2 , 8 5 3 ,6 0 0 $ 3 ,5 0 0 ,0 0 0
F o r t S m it h L i g h t & T r a c t i o n C o ____
9 5 0 ,0 0 0
4 ,1 2 1 .5 0 0
1 ,4 1 0 ,0 0 0
L o u i s v il le G a s & E l e c t r i c C o . ( D e l.
a n d S u b s ) __________________________ 1 9 ,5 1 7 ,0 0 0
1 2 ,5 5 8 ,1 0 0
6 ,5 6 9 ,1 0 0
M is s i s s i p p i V a lle y G a s & E l e c t r i c C o .
1 ,3 0 0 .0 0 0
5 ,0 0 0 .0 0 0
1 ,2 5 0 ,0 0 0
M o b il o E l e c t r i c C o m p a n y ____________
2 . 4 4 5 ,5 0 0
8 5 2 ,5 0 0
9 5 0 .0 0 0
S u r p lu s A c c o u n t—
___
„
„„
M o u n t a i n S t a t e s P o w e r C o ___________
N o par
3 .5 2 4 ,2 5 0
2 .1 3 2 .5 0 0
S u r p l u s b a la n c o o n D e c e m b e r 3 1 1 9 2 0 ---------------------------------------$ 2 , 2 8 6 ,5 9 5 6 6
N o r t h e r n S t a t e s P o w e r C o . ( D e l.
A d d a m o u n t c r e d i t e d t o s u r p l u s f o r t h o y e a r 1 9 2 1 ------------------------ 4 1 2 ; 9 7 5 J i 2
a n d S u b s . ) __________________________ 4 7 .1 9 0 .5 0 0
2 5 , 0 4 1 .6 0 0
6 .1 7 5 .0 0 0
T o t a l .............................. - .......................................... - ............................... .............$ 2 ,6 9 9 ,5 7 1 2 8 * O k l a h o m a G a s & E l e c t r i c C o ________ 1 1 .9 6 9 .9 0 0
4 .3 6 9 .9 0 0
4 . 5 0 0 .0 0 0
D e d u c t I n t e r e s t a n d d i v i d e n d s f o r y e a r 1 9 2 1 c h a r g e d t o s u r p l u s ____ [ 4 7 5 9 0 2
P u g e t S o u n d G a s C o __________________
N one
2 2 5 .0 0 0
9 5 0 ,0 0 0
San
D ie g o
C o n s o lid a te d
G as
&
S u r p l u s b a l a n c e o n D e c e m b e r 3 1 1 9 2 1 ----------------------------------------$ 2 , 6 8 4 ,8 1 2 2 6
E l o c t r i c C o __________________________
8 , 4 3 0 .0 0 0
2 ,3 7 4 .4 0 0
3 ,0 1 0 ,8 0 0
S o u t h w e s t e r n G e n e r a l G a s C o _______
3 8 0 .0 0 0
2 5 ,0 0 0
1 ,0 0 1 , 0 0 0
O n D e c e m b e r 31 1 9 2 1 —
T a c o m a G a s & F u e l C o _______________
4 8 4 ,4 5 0
5 1 0 ,0 0 0
2 ,1 2 5 ,0 0 0
T h o t o t a l d e p r e c i a t i o n r e s e r v e s o f ______________________________ $ 3 , 7 5 5 ,3 6 3 4 9
W e s te rn S ta te s G a s & E lo c tr ic C o .
A n d s u r p l u s b a l a n c e o f ........................... - ..................- ..........................
2 , 6 8 4 ,8 1 2 2 6
( D e l. a n d S u b s . ) ____________________
7 , 9 9 9 ,5 0 0
2 .9 7 0 .3 0 0
3 ,5 0 3 .0 0 0
M a k o a n a g g r e g a t e a m o u n t o f - - - - ---------------------------------. . . . . . $ 6 , 4 4 0 , 1 7 5 7 5
S h a f f e r O il & R e f in i n g C o ____________ 1 2 .3 4 4 ,5 0 0
N o par
6 ,0 0 0 , 0 0 0
w h i c h h a s b e e n i n v e s t e d in e x te n s i o n s a n d e n l a r g e m e n t s o f t h o p r o p e r t i e s .
M a in te n a n c e a n d R e p la c e m e n t C h a rg e s— ■
T o t a l s .............................................................. $ 1 3 0 ,2 7 9 ,4 0 0 $ 6 2 ,6 2 2 ,9 0 0 $ 3 4 ,4 8 3 ,9 0 0
T h e c o m p a n ie s h a v e b e e n m a in ta in e d a t h ig h e s t o p e ra tin g
e f f i c i e n c y , a n d t h e c o s t o f t h i s m a i n t e n a n c e , w h i c h is in ­
B v l le s b y E n g i n e r r l n g & M a n a g e m e n t C o r p o r a t i o n ] S h a r e s w i t h o u t f 1 0 0 .0 0 0
c l u d e d in t h e o p e r a t i n g e x p e n s e s o f t h e v a r i o u s c o m ­
M o u n t a i n S t a t e s P o w e r C o m p a n y ________________ | p a r v a lu o o r o f
50.OO0
p a n i e s f o r t h e y e a r e n d e d D e c e m b e r 3 1 1 9 2 1 , w a s . ................. $ 2 ,6 2 5 ,3 9 8 9 4
S h a f f e r O il & R e f in i n g C o m p a n y _________________ 1
n o m in a l
1 1 6 0 ,0 0 0
T h e r e w e r e a ls o m a d e d u r i n g t h e y e a r r e p l a c e m e n t s , r e n e w ­
I p a r v a lu o
I--------------a ls , a d ju s tm e n t* . A c , n e t, o u t o f th o p r e v io u s d e p re ­
T o t a l s ......... ................................................................................. )
{ 3 1 0 ,0 0 0
c i a t i o n r o s e r v e a a g g r e g a t i n g ------------------------------------------------------- 1 ,1 1 3 ,2 0 5 3 2
N o r t h e r n S t a t e s P o w e r C o . O p t i o n W a r r a n t s . . N u m b e r o u t s t a n d i n g . 7 8 ,0 5 0
T o t a l ......................... - ............... — .................................................................. . . $ 3 , 7 3 8 , 6 0 4 2 6

OPERATED PUBLIC UTILITY COMPANIES OF STANDARD GAS & ELECTRIC COMPANY.
C O M P A R A T IV E

STATEM ENT

OF

GROSS A N D

N E T E A R N IN G S F O R Y E A R S E N D E D
-G R O S S

1920.
$ 1 , 8 6 5 ,7 4 3
1 ,0 7 0 ,3 9 0
4 ,4 0 9 ,3 1 6
7 3 7 ,4 4 6
9 2 8 ,9 2 3
1 1 .7 9 8 .7 7 8
5 ,0 7 0 ,6 5 6
* 5 1 3 ,4 6 7
1 6 3 ,9 8 5
2 ,6 6 1 ,0 4 5
2 8 6 ,4 7 0
5 6 1 ,0 9 8
2 ,2 2 4 ,9 0 9

A r k a n s a s ^ V a H e y ......................................................................................................... $ 1 ,7 5 5 ,5 2 5 7 3
F o r t h S m i t h .............................. - .............- ............................................................. \ .0 5 9 1 4 7 8 9
M o u n t a i n S t a t e s ....................................................................................................
9 9 2 ,9 3 2 21
N o r t h e r n S t a t e s ----------------------------------------------------------------------------- 1 2 ,9 6 3 ,2 2 2 3 0
O k l a h o m a _________________________________________________________ 5 ,1 3 5 ,9 3 7 6 5
P u g e t S o u n d -----------------------------------------------------------------------------------

1 6 8 ,9 6 4 2 o

T a c o m a ........................................... ............................................................................
W e s t e r n S t a t e s ___________________________________________________

“ 8 2 ,8 4 8 7 7
2 , 5 4 7 ,1 6 4 6 4

$ 3 2 ,3 5 2 ,2 3 2 1 9

T o t a l s ................................................................. - ........................— ............... $ 3 4 ,9 2 7 ,6 7 5 71

.
.
.
.
.
.
.

M o b i l e ___
M o u n ta in S ta te s .
O t t u m w a _______
Puget Sound—
S a n D i e g o _____
S o u th w e s te r n . .
T a c o m a ________
W e ste rn S ta te s .

1921.
$ 5 9 9 ,0 8 4
3 0 2 ,1 8 1
2 ,2 4 3 ,4 1 3
2 5 0 ,9 2 3
2 9 9 ,9 2 5
5 ,2 0 7 .5 4 3
1 ,3 1 6 .1 1 0
2 9 ,2 6 1
1 ,1 0 9 ,4 8 1
3 5 .6 4 9
9 5 ,4 5 3
8 5 8 .5 7 7

1920.
$ 6 0 8 ,6 3 2
3 0 0 ,7 0 3
2 .0 9 5 ,4 8 9
2 1 4 ,0 8 1
2 9 4 ,2 9 2
4 ,4 6 6 ,9 3 8
1 ,2 7 6 ,1 1 4
* 1 0 5 .1 8 4
2 5 ,9 1 5
8 8 3 ,4 2 7
3 9 ,6 7 7
1 0 4 .0 0 9
8 1 5 ,2 8 6

89
85
05
85
28
82
35

.
.
.
.
.

C om pan y—

F o r t S m ith -

05
69
60
37
39
84
34
49
02
93
34
24
89

34
06
57
65
26

30
14
84
33
03
23
64
63
72
02
31
01
34

$ 1 1 ,2 3 0 ,7 4 1 5 4

. $ 1 2 ,3 4 7 , 6 0 5 9 7

D E C E M B E R 31.

E A R N IN G S -

1919.
$ 1 ,5 7 9 ,0 2 0
8 5 0 ,3 6 4
3 , 5 9 4 ,3 4 5
7 5 8 ,7 0 7
7 7 0 .7 7 9
9 , 8 7 5 ,9 3 4
4 ,2 8 9 ,6 7 3
4 5 6 ,2 6 7
1 4 2 ,4 5 5
2 ,2 5 7 ,2 6 4
2 0 5 ,8 9 4
4 7 6 .1 2 7
1 ,9 0 1 ,3 0 3

1918.
$ 1 ,4 8 0 ,5 4 7
6 9 3 ,9 8 0
3 .1 7 6 ,4 7 7
6 4 7 ,6 8 9
6 7 3 .1 6 8
8 ,3 9 2 .6 6 4
3 ,4 1 5 ,5 5 8
4 0 2 ,1 6 2
1 1 4 ,6 2 2
2 .1 8 5 ,7 3 8
1 7 6 ,6 0 8
4 5 6 ,0 7 1
1 , 6 2 8 ,9 9 5

15
73
27
57
21
34
75
20
98
65
12
25
17

62
84
80
57
56
40
26
14
81
96
38
33
86

1917.
$ 1 ,4 2 8 ,4 6 7
5 0 8 ,6 6 9
2 ,8 3 8 .5 8 9
3 8 6 ,2 4 9
6 4 4 ,6 0 1
7 ,1 5 4 ,5 0 8
2 ,4 6 9 ,2 8 7
3 6 5 ,4 0 6
1 0 4 ,4 9 3
1 , 6 0 2 .1 7 4
1 3 4 ,2 1 1
3 0 2 .0 5 9
1 , 4 0 2 ,8 6 9

23
52
46
03
05
89
20
66

65
27
30
57
74

$ 2 7 ,1 5 8 ,1 3 7 3 9

$ 2 3 ,3 4 4 ,2 8 0 5 3

$ 1 9 ,3 4 1 ,5 8 7 5 7

1919.
$ 5 3 6 ,5 0 8
2 8 0 .3 8 7
1 ,8 2 0 ,4 3 0
1 0 3 ,6 1 0
2 5 4 .1 4 3
4 ,1 1 7 ,3 1 2
1 ,0 0 6 ,8 3 0
1 1 3 ,9 4 7
1 8 ,0 3 1
7 5 8 .8 7 0
1 0 ,2 4 1
7 8 .1 3 1
7 8 2 ,9 0 0

1918.
$ 6 0 5 ,0 7 0
2 3 0 ,0 3 0
1 ,6 4 2 .6 7 6
1 4 0 ,0 5 6
2 3 6 ,6 7 8
3 ,5 4 2 ,9 7 4
8 2 1 ,4 0 3
1 3 5 ,2 5 5
1 1 ,8 3 6
7 0 2 .8 4 8
3 5 .8 8 1
9 1 ,6 5 5
6 4 3 ,5 9 3

1917.
$ 6 4 5 ,2 2 2
1 5 4 ,2 6 6
1 ,5 2 5 .0 8 3
1 4 9 ,9 2 6
2 6 2 .4 5 4
3 , 3 8 9 ,7 8 0
7 8 8 ,0 0 9
1 4 2 ,9 8 9
1 7 ,8 7 3
7 2 7 ,0 1 7
3 2 ,2 7 7
6 2 ,2 8 9
6 2 5 .2 3 5

70
47
05
75
69
69
37
73
75
75
54
86

15

83
12
83
88

20
06
46
04
53
19
54
83
73

$ 8 ,8 4 9 ,8 6 1 2 4

$ 9 ,9 8 0 ,4 4 6 5 0

05
14
56
41
50
50
64
07
32
34
84
94
41

$ 8 ,5 2 3 ,3 2 5 62

* E le v e n m o n th s to D e c e m b e r 1 1920.

OPERATED PUBLIC UTILITY COMPANIES OF STANDARD GAS & ELECTRIC COMPANY.
P O P U L A T IO N

AND

C O M M U N IT IE S

SERVED

DECEM BER

31

1921.

T o t a l E s t i m a t e d P o p u l a t i o n S e r v e d .........................................................................................................- - - .................................... .......................- .............- --------- --------------------------C O M M U N IT IE S
C o m m u n itie s .

S e r v ic e C la s s if ie d b y C o m m u n itie s —

E l e c t r i c i t y O n l y -------------------------------------------------E l e c t r i c i t y a n d G a s -----------------------------------------E l e c t r i c i t y a n d S t e a m -------------------------------------E l e c t r i c i t y a n d S t r e e t R a i l w a y ..............................
E l e c t r i c i t y a n d T e l e p h o n e ................. - .......................
E l e c t r i c i t y a n d W a t e r -------------------------------------E l e c t r i c i t y , G a s a n d S t e a m ......................................
E l e c t r i c i t y , G a s a n d S t r e e t R a i l w a y ...................
E l e c t r i c i t y , G a s a n d W a t e r ...................... ...............
E l e c t r i c i t y , S t e a m a n d S t r e e t R a i l w a y ............
E l e c t r i c i t y , S t e a m fcnd T e l e p h o n e ......................
E l e c t r i c i t y . W a t e r a n d T e l e p h o n e ......................
E le c tr ic ity , G a s , S te a m a n d S tr e e t R a ilw a y .

SERVED .
N u m ber of
C o m m u n itie s .

S e r v ic e C l a s s i f i e d b y C o m m u n i t i e s —

.
.

9
6

T o t a l C o m m u n i t i e s S e r v e d _____________________________"

578

.
.
.
.
.

563
59
8
9
11
4

T o t a l C o m m u n i t i e s b y C l a s s o f S e r v i c e _________________ .

654

500
41
.
.

2
3

C o m m u n itie s C la s s if ie d b y S e r v ic e —

3
2

3
4
1
1
1

.

2 , 2 5 0 ,0 0 0

i
i

OPERATED PUBLIC UTILITY COMPANIES OF STANDARD GAS & ELECTRIC COMPANY
C O M P A R A T IV E
E l e c t r i c C o n s u m e r s .............. ...............................................................................
G a s C o n su m e rs
____ ___________ _ _ _ _ _ _ _ ______ _______ _ —
W a te r C o n su m V ri
1 ....................................................................................
S t e a m C o n s u m e r s ....................
T e l e p h o n e S c r T b e r i : . 1 . 1 . Z - 1 . 1 ............................................................
T o t a l s ......... .......................................................................................................

S T A T IS T IC A L
1921.
3 4 9 .3 3 8
1 6 5 ,2 /0
2 ,3 4 0
1 .1 5 2
4 ,5 6 8
5 2 2 .6 7 8

S U M M A R Y D E C E M B E R 31.
1920.
1919.
3 1 7 ,4 5 2
ifi'o n fi
1 5 / ,5 7 2
1 5 1 ,2 0 0
2 .1 5 1
2 .0 0 5
1 ,1 4 2
1 .0 9 8
4 ,2 1 4
3 ,8 9 8
4 4 2 ,9 7 2

Kilowatt Railway

L o a d . . ............................................................................o,UH’?o
T o ta l K ilo w a tt C o n n e c te d
______- _______ - __________ _
8 0 3 .1 1 8
K ilo w a tt
O u t p u t . . .................................................................................
9 0 6 .3 6 9 .4 4 1
G a s O u t p u t ( c u b i c f e e t ) ................................................................................ . 1 4 . 3 1 2 . 3 6 4 , 8 6 0

iF r
ou




7 2 2 .1 6 8
8 7 4 .3 0 6 .4 2 4
1 5 .9 0 5 .2 3 5 .8 3 7

r .T'i

6 4 5 ,6 9 5
7 7 0 .8 5 7 .9 5 5
1 5 ,5 8 8 . 1 1 2 ,6 7 2

4 0 7 ,6 0 4

3 8 6 ,8 1 0

oJst'aaft

4 8 2 ,5 3 1

Kilowatt Lighting Load-------------------------------------------------

1 .9 7 3
1 .0 4 6
3 ,4 4 1

1917.
2 3 9 .7 7 6
1 4 0 .0 4 6
2 ,1 5 3
1 ,0 7 0
3 ,7 6 6

2 8 7 .8 9 2
2 1 5 ,6 6 2
7 ,3 5 0
5 1 0 .9 0 4
5 9 2 ,0 6 7 ,2 4 7
1 5 ,8 9 3 ,2 1 9 ,2 2 2

1918.
144*690

.) 7 8 ,4 4 6
_ 6 9 1 ,0 9 7 .3 6 6
1 8 ,5 0 9 ,2 6 9 ,5 7 3

A pril 29 1922.]

THE

THE

C H R O N IC L E

BORDEN

A N D A L L S U B S ID IA R Y

1913

COMPANY
C O M P A N IE S

TH IR D ANNUAL REFORT— FOR THE FISCAL YEAR E N D E D DECEM BER 31 1921

DIRECTORS
A r th u r W . M ilb u r n
G e o r g e L . N i c h o ls

L e w is M . B o r d e n
W a lte r M . G la d d in g
A lb e rt G . M ilb a n k

H e n ry C . S h erm an
F r a n k lin D . S h o v e
R o b e rt S tru th e rs , J r.

OFFICERS
A l b e r t G . M i l b a n k , C h a ir m a n B o a rd o f D ir e c to r s
A r t h u r W . M i l b u r n , P r e s id e n t
W a l t e r M . G l a d d i n g , V ic e -P r e s id e n t
S h e p a r d I t a r e s h t d o , T r e a s u re r
W il l ia m P . M a r s h , S e c r e ta ry a n d A s s s i t a n t T r e a su re r
A l b e r t T . J o h n s t o n , A s s i s t a n t to th e P r e s id e n t
G e o r g e M . W a u g h , J r . , C o n tro lle r a n d A s s i s t a n t S e c re ta ry
S t e p h e n J . D o B a u n , A s s i s t a n t T re a s u re r

EXECUTIVE MANAGERS
A lb e rt T . J o h n s to n
C h a r le s O . L o b e c k

S h e p a rd R a re sh id e
W a ll a c e D . S t r a c k

GENERAL OFFICES
THE

B O R D EN CO M PAN Y

3 5 0 M a d is o n A v e ., N e w Y o r k C ity .
B O R D E N 'S F A R M

180 S t. P a u l S t. W e s t, M o n tr e a l, C a n .

P R O D U C T S C O M P A N Y , Inc.

6 3 V esey S tre e t, N ow Y o rk C ity .
120 M u rr a y S trc o t, M o n tr o a l, C a n .
T r a n s fe r A g e n t . M e r c a n t i l e T r u s t C o m p a n y , 115 B r o a d w a y . N e w Y o r k C i t y
R e g is tr a r . B a n k e r s T r u s t C o m p a n y , 16 W a ll S t r e e t , N o w Y o r k C i t y
C o u n se l, M a s t o n & N i c h o l s , 4 9 W a ll S t r e e t , N e w Y o r k C i t y

CORPORATE ORGANIZATION AND SCOPE.
Tho business of your Company may be divided into two
parts:
[1] The manufacture and sale of milk products comprising:
C o n d e n s e d M ilk
E v a p o r a te d M ilk
D r ie d M ilk
M a lte d M ilk

C o n d e n s e d C o f f e e a n d M il k
C o n d e n s e d C o c o a a n d M ilk
M i l k C h o c o l a te s
C a ra m e ls

[2] The puroliaso, preparation and distribution of fresh
milk, cream, and other dairy products by a system of wagon
deliveries.
The manufacturing operations are conducted by The
Bordon Company (which dates back to 1857 in the produc­
tion of Eagle Brand Condensed M ilk), and its following
manufacturing subsidiaries:
C o r p o r a te N a m e —
P e rc e n ta g e o f S to c k O w n e d
T h o B o r d e n S a le s C o . , I n c ..................................... .............1 0 0 %
B o r d e n 's P r e m i u m C o . , I n c — ________ ____________ 1 0 0 %
T h o B o r d e n C o m p a n y o f C a l i f o r n i a ...............................1 0 0 %
T h e B o r d e n C o m p a n y o f U t a h .................. ..............._ ._ 1 0 0 %
T h o B o r d e n C o m p a n y , L t d . ( C a n a d a ) .............. ..........1 0 0 %
B o r d o n R e a l t y C o r p o r a t i o n ...................................................1 0 0 %

The fresh milk and dairy products distribution in the socalled Metropolitan District of New York City and adjacent
territory, in Chicago, 111., and its suburbs, and in Montreal,
Canada, is conducted by Borden’s Farm Products Company,
Inc., and subsidiaries as followsC o rp o ra te N a m e —
P e rc en ta g e o f S lo ck O w n ed
B o r d e n 's F a r m P r o d u c t s C o . , I n c ----------------------- 9 7 .1 3 %
B o r d e n 's F a r m P r o d u c t s C o . , L t d . ( C a n a d a ) . . 1 0 0 . 0 0 %
B o r d e n ’s W e s t S t o c k b r i d g e C o r p o r a t i o n ................. 1 0 0 .0 0 %

GENERAL REMARKS.
The outstanding featuro of the year 1921 as affecting
business generally was tho continued and rapid deflation of
prices with continued and, in many cases, forced liquidation
of inventories.
This was attributable to an over-extended position, both as
to production and credits, occurring during the war and as
a corrective thereof seeking or forcing markets at a time of
lessened needs and decreased- purchasing power. All of
this is but to say that we experienced one more year of the
aftermath of war—a most severe one but one of decided
progress.
.
The volume and value of sales of this Company and the
results obtained therefrom were, of course, affected by these
conditions. In addition and as affecting the business of
its chief subsidiary, Borden’s Farm Products Company,
Inc., there occurred tho strike of November 1 1921 in the
Metropolitan District, and lasting into the present year,
when in January 1922 it came to an end by the abandonment
by the strikers of the unfortunate and ill-advised position
taken by them. Tho interruption of business thus caused




and the extraordinary expense directly attributable thereto
had a very great effect on the year’s showing, since all
resulting losses were absorbed in current operations, as was
also the further depreciation occurring during the year of
inventories of raw materials, supplies and manufactured
products. All inventories of December 31 1921 are valued
at cost or market, whichever is the lower.
Adjustments of Balance Sheet items have been made,
whether necessary because of the year’s developments or to
conform to the policies of the Company as determined by the
Board of Directors. To the extent that adjustments were
not of a current nature and thus properly absorbed as current
income charges they have been met by Reserve appropria­
tions and charges to previously created Reserves; after so
doing there remains proper and adequate Reserves and
Surplus for all purposes of every nature.
Reference to the financial statements appended shows that
the Not Income for the year of 82,924,746 56 amounts to
2.93% on the gross sales of $99,879,887 14, or 7.2% on the
actual capital invested in the business, not including bor­
rowed capital and irrespective of the investment in Trade
Marks, Patents and Good Will.
The Trade Name and Trade Marks conservatively valued
on the books at $5,944,442 61 (including Patents) represent
over $2,000,000 cash expenditures.
The N et Income applicable to the Common Stock after
charges of every nature, including depreciation and all
taxes and after Preferred Dividends, is equivalent to $11 45
per share of Common Stock outstanding.
The average N et Income applicable to the Common Stock
for a period of the last five years is $14 64 per share and for
a period of ten years $13 50 per share.
The net Asset Value (not including Trade Marks, Patents
and Good Will) of each share of Common Stock outstanding
on December 31 1921, with Property, Plant and Equipment
at depreciated values and after allowing for the retirement of
all Preferred Stock, was $125 43 per share.
The N et Asset Value (not including Trade Marks, Patents
and Good Will) of each share of Preferred Stock outstanding
on December 31 1921, with Property, Plant and Equipment
at depreciated values, was $467 36.
The N et Income, after charges of every nature, is for 1921
equivalent to $38 61 per share of Preferred Stock outstanding.
The average annual N et Income for a period of the last
five years is equivalent to $47 69 per share of Preferred Stock
outstanding, and for a period of ten years is equivalent to
$44 38 per share.
During the last year the number of Preferred Stockholders
was increased by 86 and the number of Common Stock­
holders by 204, making a total of 1,450 holders of Preferred
Stock and 3,715 holders of Common Stock, or a grand total
of 5,165 holding both classes. In this connection it is grati­
fying to note that 814 of the employees now hold stock
in the Company, their numbers having increased by 134
during the year.
Current Assets as of December 31 1921 amounted to $1 86
for every $1 00 of Current Liablities, after all write-offs and
adjustments above referred to, which compares with a
ratio of $1 64 of Current Assets for every $1 00 of Current
Liabilities as of December 31 1920. Current Liabilities
were $9,890,048 73 on December 31 1921 as compared with
$17,965,228 70 on December 31 1920.
Bank loans were considerably reduced during the year,
being $4,434,719 18 on December 31 1921 as compared with
$12,750,000 on December 31 1920.
Inventories have also been largely reduced during the year,
amounting on December 31 1921 to $9,613,767 99 as com­
pared with $19,172,356 82 on December 31 1920.
The total of Purchase Money Notes was reduced during
the year by $200,000 00, the maturities falling within that
period having been paid. The balance of $200,000 00
becomes due and will be paid in 1922.
The item (of Mortgages, assumed in connection with the
purchase of our New Madison Avenue property, has been
reduced by $220,000. The balance of this item, $150,700,

1914

THE

[V ol. 114.

C H R O N IC L E

represents m ortgages assu m ed in c o n n ectio n w ith th e pur­
ch ase o f certain p roperties b y B o rd en ’s F arm P rod u cts
C o m p a n y , In c .

The mortgage on the Madison Avenue, New York, office
building, as recorded under Property, Plant and Equipment
item, was given by the Borden Realty Corporation as the
owner of the building as referred to in more detail in the
1920 report.
Property, Plant and Equipment items have been discussed
in detail in previous reports. The increase in this account
during 1921 is for the most part represented by the further
investment of the Realty Company in the Madison Avenue
property, the last section of which will be completed in
April of the current year.
The first unit of the building, completed in May 1921, is
over 90% rented and approximately 50% of the last section
is already rented for occupaney in M ay 1922.
It is becoming more and more evident that this property
will prove an excellent investment and that the Company
will enjoy a very cheap rental for the space it occupies.
Collections were good and credit losses very small during
the year.
In our purchases, advantage was taken of all cash dis­
counts.
New business in domestic markets has been showing steady
progress since the first of the current year. Export business
is still of very small volume.
With inventories and selling prices still further adjusted
and to a level, the recession from which (if any) cannot be as
marked as in the last or previous year, our position seems to
justify at this time the expectation of a year of satisfactory
accomplishment.
Since the termination of the unfortunate strike of Novem ­
ber 1921, previously referred to, an organization has been
created in the East as the result of joint consideration by
employees and the management of the Farm Products Com­
pany, that gives opportunity to the employees for self­
expression, and a voice in the conclusions reached as to all
matters of vital importance to the workers, thus minimizing
the possibilities of misunderstandings. This has been en­
tered into by all parties concerned with marked enthusiasm
and in a spirit that gives promise of a degree of oo-operation,
efficiency and mutual benefit not heretofore attainable.
Aside from the ill-advised and unfortunate action of that
group of employees involved in the strike, there has not
been a year when greater evidence was given of intelligent
interest, co-operation and loyalty on *he part of the employees
of our organization than was demonstrated during the past
year. It is a pleasure to report this and make acknowledg­
ment of its importance as a contributing factor, and particu­
larly so in such unusual times, and when business was con­
ducted under such trying conditions.
Respectfully submitted,
A R T H U R W . M I L B U R N , President.

S T A T E M E N T O F C O N S O L ID A T E D IN C O M E A N D P R O F IT A N D
L O S S F O R T H E Y E A R E N D E D D E C E M B E R 3 1 1921.
G r o s s S a l e s ......................... .......... ......................................................................... $ 9 9 ,8 7 9 ,8 8 7 14
N e t O p e r a t i n g P r o f i t ( A f te r d e d u c t i n g a l l o p e r a t i n g c h a r g e s ,
in c lu d in g D e p r e c ia tio n , I n s u r a n c e , a n d P r o p e r t y T a x e s ) .
O th e r D e d u c tio n s :
I n t e r e s t — N e t .............. .............................................
$ 3 4 6 ,6 0 4 18
In co m e a n d P ro fits T a x e s ( e s tim a te d ) ..
9 5 ,9 2 4 7 0

$ 3 ,3 6 7 ,2 7 5 4 4

----------------------------

4 4 2 ,5 2 8 88-

N e t I n c o m e ------------------------------------------------------------------------S u r p l u s , J a n u a r y 1 , 1 9 2 1 ________________________ ___________ _

$ 2 ,9 2 4 ,7 4 6 5 6
6 ,6 0 4 ,7 7 7 2 9 '

T o t a l - - - ------------------------ ----------------------------------------------------L ess:
D iv id e n d s :
T h e B o r d e n C o m p a n y , P r e f e r r e d 6 % ___ $ 4 6 0 ,0 0 0 0 0
T h e B o r d e n C o m p a n y , C o m m o n 8 % . . . 1 ,7 0 9 .4 4 0 0 0
B o r d e n ’s F a r m P r o d u c t s C o m p a n y , I n c . ,
F i r s t P r e f e r r e d 7 % ............................................
2 9 ,2 3 9 0 0

$ 9 ,5 2 9 ,5 2 3 8 5 .

T o t a l D i v i d e n d s .............. .................... ... $ 2 , 1 8 8 , 6 7 9 0 0
A p p r o p r i a t i o n s f o r R e s e r v e s — N e t _________ 1 ,5 0 6 ,6 0 9 8 6
L o s s o n P r o p e r t y a n d S e c u r i t i e s S o l d _______
1 1 3 ,3 6 1 10
-----------------------S u r p l u s , D e c e m b e r 3 1 1 9 2 1 .............. ............................... .......................
A tla n ta
B a l ti m o r e
B o s to n
B u f f a lo
C h ic a g o
C in c in n a ti
C l e v e la n d
D a l la s
D enver

H A S K IN S & S E L L S
C e r tifie d P u b lic A c c o u n ta n ts

37 W e st 3 9 th S tre e t
N ew V o rk

D e tro it
K a n s a s C ity
L o s A n g e le s

N e w O rle a n s
N ew V o rk
P h ila d e lp h ia

C E R T IF IC A T E

P itts b u rg h
P o r tla n d
S a in t L o u is

3 ,8 0 8 ,6 4 9 9 6
$ 5 ,7 2 0 ,8 7 3 89>
S a lt L a k e C ity
S a n F ra n c is c o
S e a ttle
T u ls a
W a te r to w n
H avana
London
P a r is
Shanghai

O F A U D IT .

We have audited the books and accounts of The Bordent
Company and its Subsidiary Companies for tho year ended!
December 31 1921.
We have verified the accounts representing cash and securi­
ties either by examination of such assets or by obtaining
certifications of depositaries.
The charges to property accounts have been controlled by
a conservative policy. Adequate roserves have been pro­
vided for depreciation of property and for possible losses, andi
full provision has been made for all known liabilities.
The inventories of finished goods and raw materials and!
supplies represent book balances as shown by the inventory
records, which are adjusted from time to timo to agree with
physical inventories, and which were examined and appear
to be correct, all inventory valuations being basod upon
cost or market, whichever was lower.
We hereby certify that, in our opinion, the accompanying:
Consolidated General Balance Sheet and Statement of Con­
solidated Income and Profit and Loss corrootly exhibit,,
respectively, the financial condition of the Companies at
December 31 1921, and the results of their operations for the
year ended that date.
HASKINS

Sc

SELLS.

New York, March 15 1922.

THE BO RDEN COMPANY A N D ALL SUBSIDIARY COMPANIES.
C O N S O L ID A T E D

GENERAL

BALANCE

31

1921.

$150,700 00
200,000 00
---- -----------------

$350,700 00

Current Liabilities:
Notes Payable—Bank Loans__________ $4,434,719 18Accounts Payable______ ___________
4,064,325 16
Accrued Accounts, Taxes (estimated), etc
1,391,004 39
--------------------1
qnrl QllCTlPTldh/l Tfqbillf ihO

9*890*048 73
104 Q 1 Ql\
Q

Mortgages.......................................................
Purchase Money Notes.................................
Q14

£9

Current Assets:
Cash...............................................................
Receivables...................................................
Marketable Securities_________________
Finished Goods........................... ................
Raw Materials, Supplies, etc____ ______

$2,716,255 33
4,796,827 98
1,267,696 44
4,210,915 52
5,402,852 47
--------------------Investment In Capital Stock of Other Companies...............
Deferred and Suspended Assets_____ __________________
Trade Marks, Patents, and Good Will....................................

DECEM BER

L IA B IL IT IE S .

ASSETS.

Property, Plant, and Equipment, including
Madison Svenuo Office Building............. $27,314,475 82
Less: Mortgage on Madison Ave. Office
BuUding. ............. ........................................
1,400.000 00

SHEET

18,394,547
6,606,700
181,611
5,944,442

74
00
60
61

Total Assets.......................................................................... $56,941,777 77

Total Liabilities to Other than Stockholders________ $10,365,069 9&
Capital Stock:
The Borden Co., 6% Preferrp/i
®7 enn non nn
ierrea--------- - — - - $ / ,ouutuuu uu
The Borden Co., Common.21,368,100 00
Borden's Farm Products
Co., Inc., 7% First Pre­
ferred.................................. 417,700 00
------------------ $29,286,800 00
Reserves:
Depreciation....... .......... ...$5,162,732 46
Insurance, Contingencies,
etc...................................... 6,407,301 44
------------------ 11,570,033 90
Surplus...............................................................
6,720,878 89
Total Capital Stock, Reserves, and Surplus................. $46,676,707 79‘

Total...............................................................................$56,941,777 77




T otal................................... .......................................... $56,941,777

7T

1915

THE CHRONICLE

A pril 29 1922.]

MARKET STREET RAILWAY COMPANY
A N N U A L R E P O R T TO T H E ST O C K H O L D E R S— FO R T H E P E R IO D A P R IL 1 1921 TO D E C E M B E R 31 1921.

O ff ic e

qf t h e

P r e s id e n t .

“I s th e M arket S treet R a ilw a y C om pany w illin g to se ll its

p rop erties to th e C ity and County, a t w h at p rice an d under
San Francisco, March 27 1922.
To the Stockholders of the Market Street Railway Company: w h a t term s, co n siste n t w ith C harter A m endm ent No. 30
On b eh alf o f th e B oard o f D irectors I hand you h erew ith
the A nnual R eport o f you r Company, covering th e period of
op eration of th e property from A pril 1 to D ecem ber 31 1921.
T h e reorgan ization o f the U n ited R ailroad s of S an F ra n ­
cisco w a s accom plished a s o f M arch 31 1921 and on A pril 1
1921 your C om pany assu m ed th e operation o f th e property
h eretofore conducted by th e U n ited R ailroad s o f S an F ran ­
cisco.
A ttached is a G eneral B alan ce S h eet a s o f D ecem ber 31
1921, and S ta tem en t o f Incom e and P r o fit and L oss fo r the
n in e m onths ended D ecem ber 31 19^1, both being certified
by H a sk in s & S ells, C ertified P ublic A ccountants. T here
a re a lso a tta ch ed O perating S ta tistic s fo r th e n in e m on th s’
period ended D ecem ber 31 1921.
D u rin g th e p eriod th e prop erties h ave been w ell m ain ­
tained, and th eir p resen t p h ysical con d ition s i good. T here
are no large item s o f un su al d eferred m ain ten an ce. In a d ­
d ition to th e ord in ary m aintenance, ap p roxim ately 25,000
fe e t of sin gle track w ere reconstructed w ith standard 9-incli
rails. T w en ty m iles o f trolley w ire h ave been renew ed and
a gen eral re-arrangem ent and im provem ent o f th e direct
curren t d istrib u tion system m ade e ffe c tiv e . T h is la s t im ­
provem ent w as the resu lt o f placin g into operation the n ew
4,000 K. W. sub-station located p ra ctica lly a t th e centre of
th e h eavy d irect current load. T h e op eration o f th is sta tio n
h a s been very su ccessfu l and h a s resulted, other con d ition s
being equal, in th e reduction in th e m axim um dem and of
about 1,500 K. W.
A t th e E lk ton shops o f th e C om pany 240 ca r s received a
com p lete overhauling, and 180 c a r s p assed through th e shops
fo r p a rtia l overhauling. In ad d ition to th e gen eral m a in te­
nance work, th e rem ainder o f th e 20 new cars o f th e 200
type w ere b u ilt and equipped w ith n ew G. E. 247 m otors.
T h ese cars h a v e been in operation on th e m ain lin e s o f the
system and h a v e proved th oroughly sa tisfa c to r y in every
respect.
In accordance w ith R esolu tion No. 18819 (N ew S e r ie s) of
th e B oard o f S u pervisors, M. M. O’Shau gh n essy, C ity E n g i­
neer o f the C ity and C ounty o f S an F rancisco, su b m itted a
report to the H onorable J a m es Rolph, Jr., M ayor, and th e
Board of Supervisors, upon th e valu a tio n o f th e property o f
your Company, o f w hich the fo llo w in g sum m ary is subm it­
ted fo r your c o n sid e r a tio n :
“From a com parison o f th ese d ata, it ap pears th a t th e re­
production cost n ew le s s d ep reciation o f the p h y sicia l prop­
erty w ill vary from a m axim um o f b etw een $41,400,000 and
$51,000,000 to a m inim um o f $20,700,000, th is determ ination,
a s above p ointed out, being derived from th e ap p lication o f
p rices current over a period o f fiv e y e a r s preceding our en ­
try in to the E uropean W ar. In m y judgm ent, it is con serva­
tiv e to sta te th a t th e reproduction cost new le s s d epreciation
o f th is property a s o f to-day can n ot be le s s than $35,000,000.”

(P u rch a se paym en t to be m ade from reven u es o f th e u til­
ity ) ?”
T o w hich reply w as m ade a s f o llo w s :

“San Francisco, December 17 1921.
“To the Honorable, the Board of Supervisors of the City and

County of San Franisco.
“Gentlemen:— W e acknow led ge receipt o f you r le tte r of
D ecem ber 13 1921 respecting n eg o tia tio n s look in g to th e pur­
ch ase o f our prop erties by th e C ity and C ounty o f S an F ra n ­
cisco.
“T he q uestion o f th e sale o f th ese p rop erties to th e m u­
n icip a lity h a s never been form ally laid before the stock h old ­
ers, and it is u n n ecessary to sa y th at such a step can n ot be
tak en u n til a concrete and d etailed plan h a s been w orked
out.
“W e are, th erefore, unable a t th e m om ent to reply categor­
ic a lly to th e q u estion s con tain ed in you r le tte r resp ectin g
p rice and term s.
“Our stockholders, o f course, are g en era lly fa m ilia r w ith
th e long m ain tain ed p olicy o f the m u n icip ality resp ectin g th e
acq u isition and operation o f public u tilitie s, and m an y of
them h ave d iscu ssed am ongst th em selv es from tim e to tim e
the ap p lication o f th is policy to our p r o p e r tie s; and w e know
from th ese d iscu ssio n s th a t if the m u n icip ality d esires to buy
th e properties, it is th e sen tim en t o f the stock h old ers th a t it
should h ave an opportunity to do so.
“W e su ggest to your H onorable Board th a t rep resen ta tiv es
o f th e m u n icip ality be appointed by you to m eet w ith repre­
se n ta tiv e s of th is Company to d iscu ss v a lu es and d e ta ils for
the p ossib le acq u isition o f th e prop erties and to fo rm u la te a
plan to be fir s t su bm itted to you r H onorable B oard and, if
approved by you, su bm itted to the stock h old ers o f th e Com­
pany and, if approved by them , in turn su b m itted to th e
voters.
R esp ectfu lly,
M A R K ET ST R E E T R AILW A Y COM PANY.
(S g d .)

GEO. B. W ILLC U TT, Secretary.
B y (S g d .)

WM. YON P H U L , President”

In accordance w ith th is request, th e B oard of S u p ervisors
h a v e since appointed a C om m ittee to m eet w ith rep resen ta­
tiv e s o f your C om pany to consider th e acq u isitio n o f th e
property o f said Company by the C ity and C ounty and to re­
port thereon to th e Board o f S upervisors. T h ese n eg o ta tio n s
are now in progress.
R esp ectfu lly subm itted,
WM. VON P H U L , President.
STATEMENT o p i n c o m e a n d p r o f i t a n d l o s s f o r
NINE MONTHS END ED DECMEBER 31 1921.
Operating Revenues—
Passenger.................................................................. S7.043,874 66
M i s c e ll a n e o u s ______________________________________

4 6 ,0 6 9 62

Total ......... ...............
Operating Expenses and Taxes—
Maintenance of Way and Structures--------------

the

$538,222 72

$7,089,944 28

“T aking in to con sid eration a ll o f th e elem en ts w h ich en ter M a i n t e n a n c e o f E q u i p m e n t ------ --------------------------4 8 6 .8 0 7 22
(Including
1,123.284
into th e problem , I h ave determ ined th a t the fa ir p rice w hich Powerp o r t a t i o n a n disputedc surcharges)----------- 2,694.255 38
T ra n s
d T r a f f i .......................
76
th e C ity shou ld pay fo r a ll o f th e prop erties o f th e Company, G e n e r a l a n d M i s c e l l a n e o u s -------- ------- — .......... ob2.4o3 32
Total _______ 1____________ _____________$5,405,022 40
including th e lin es in both S an F ran cisco and S an M ateo
92,228 89
Less Transportation for Investment-------------C ounties, and in clu d in g both the p h y sica l property and the
fu tu re earn in gs, is th e sum o f $40,000,000. T h is w ould give
4 ^:000 oo
the C ity o f S a n F ran cisco a u n ified ow nership o f a ll o f the
T otal........................
5,768,793 51
tran sp ortation sy stem s in S an F rancisco, excep t the C alifor­ N et Earnings----------------$1,321,150 77
O th er I n c o m e C r e d its —
, ,
___
nia S treet cable system .”
S in ce th a t d ate, on D ecem ber 13 1921, the Board o f S u p er­
visors, through its Clerk, ad d ressed th e follo w in g le tte r to
th e C om p an y:
“T h e B oard o f Sup ervisors h a s had under con sid eration
p etitio n s requ estin g n eg o tia tio n s look in g to th e p ossib ility
o f p u rchase o f your p roperties by th e C ity and County. T he
B oard adopted a report o f C om m ittee o f the W hole w hich
d irects th a t th e fo llo w in g com m unication be sen t to y o u :




Profit on Purchase of Company’s Securities— .
Interest and Dividends----------------------Miscellaneous---------------------------------------------

$80,178 52
30.160 85
7,975 3 j

T otal______________ _________ - ............................................

118,314 72

Gross Income-----------------$1,439,465 49
I n c o m e C h a rg e s —
Interest on Funded D ebt------------------------------ $581.667 61
D e p r e c i a t i o n o f R a i l r o a d s a n d P r o p e r t i e s -------320,000 00
Miscellaneous..................
50.277 25
Total......................... - .................................................................
N et Profit for the Period, Surplus, December 31 1921...........

951,944 86
$487,520 63

1916

THE CHRONICLE

[Y ol. 114.

GENERAL BALANCE SHEET, DECEMBER 31 1921.
ASSETS.

Railroads, Properties and Franchises____________________$46,868,333 30
Sinking Fund—Market Street Railway Company Five-year
6%, Collateral Trust N otes__________________________
160,200 34
Investments in Securities_____ . . . ________ ______________
156,593 01
W o rk in g A s s e ts —
Materials and Supplies—book values______
$510,524 44
Insurance Premiums—unexpired portion___
16,449 92
Taxes Paid in Advance___________________
7,841 92
Total Working Assets................................................ ................
C u rr e n t A s s e ts —
° ash....................................................... ................
604,130 31
271,668 98
Special Deposits--------- ------- -------------------Notes Receivable.
________
57,380 94
Accounts Receivable:
South San Francisco Railway and Power
Company___________________________
1,434 13
Other_________________________________
34,383 84
Accrued Interest___________________
2,892 15

534,816 28

Total Current Assets.
Deferred Dobit Item s..

971,890 35
4.577 39

L IA B IL IT IE S .
.
C a p ita l Stock —
Prior Preference, 6%, Cumulative Stock,
116,030 Shares of $100 each........................... $11,603,000
Preferred, 6%, Cumulative Stock, 49,853
Shares of $100 each.......................................... 4,985,300
Second Preferred, 6%, Stock, 46,706 Shares
of $100 each................................................
4.670,600
Common Stock, 106,412 Shares of $100 each. 10,641,200

00
00
00
00

Total Capital S to c k .............. .................................................$31,900,100 00
First Mortgage, 5 % . Sinking Fund, Gold
Bonds, due 1924............. ................................ $14,769,900 00
L e ss —
Pledged as Collateral Security for 6% N otes. $5,021,000 00
Held in Treasury..................................................
18.000 00

Total....... ........................................ .................. $5,039,000 00

4,500.000 00
30.000 00

Total Current Liabilities..................... ................................ ..
Deferred Credit Items_________________________________
R eserves —
Depreciation of Railroads and Properties___
$320,000 00
Stock and Bond Liability for United Railroads
Bonds not yet deposited under Reorganiza­
tion Agreement..................................................... 294,000 00
Reorganization Expenses and Unrecorded
Liabilities...........................................................
245,165 68
Electric Power Surcharges in Dispute.............
208,886 47
163,319 01
Miscellaneous____________________________

752,049 79
64,468 49

Total Reserves.............................................................................
Surplus, per Statement of Income and Profit and Loss____
-$48,696,410 67

9,730,900 00

Outstanding............... .................................................................
Equipment Trust Certificates.
______
C u rr e n t L i a b ili tie s —
Accounts Payable..............................
$137.239 69
Salaries and Wages Payable..................
128,295 64
27,860 00
Interest on Bonds—dueand unpaid________
Interest on Bonds—accrued_______________
230,291 68
Accrued Taxes......................................
228.362 78

Total.

Outstanding....................... ....................................................... ..
First Mortgage. 6%, Sinking Fund, Collateral
Trust, Gold Notes...........................................$5,021,000 00
Less Held in Treasury____________________
521,000 00

1,231,371 79
487,520 63

Total....................................................- .......................................$48,696,410 67

OPERATING STATISTICS FOR THE NINE MONTHS ENDED
P e rc e n ta g e o f O p e r a tin g R ev en u e .
DECEMBER 31 1921.
Operating Expense_______________________________________
74.92
P a ss e n g e r s C a r r ie d —
0 ^3
Cash Fares 5c. oach___________________________________
139 370 924 Taxes (Railway only)_____________________________________
81.35
Special Car Passengers____________________________________
’ 13 3,50 Operating Expenses and Taxes_____________________________
18.65
School and Other Tickets. 2 H c____________________________ 1,962! 115 Operating income__________
.43
Other Tickets, 5c. each________________________________
’ 17 16 2 Non-operating income____________________________________
Gross Income____________________________________________
19.08
Rev. Transfer Passengers__________________________
8.33
Total Revenue Passengers__________________
14f.869.551 Deductions from Income__________________________________
10.76
FreoTransfer Passengers______ ___________________________ 46 169 808 Net Income_____________________________________________
Total Rovenuo and Transfer Passengers_____________________ 188!o39,'359
Free Passes________________________________________
*464 471
Total Passengers......................................................... 111 ’ I " ” " 1188,503,830
CERTIFICATE OF AUDIT.
Proportion Transfer Passengers to Revenue Passengers, per cent
32.54
Passenger Revenue per Revenue and Transfer Passenger, cents
3 75
We have made an audit of the books and accounts of tho Market Street
Car Hours.................................
2,119.121 Railway Company for tho nine months ended December 31 1921, and
Car Miles.............................................................................................. 18,944,658
We hereby certify that, in our opinion, the accompany General Balance
Miles of Single Track Leased______________________________
17.59 Sheet and Statement of Incomo and Profit and Loss are correct.
Miles of Single Track Owned______________________________
256.64
HASKINS & SELLS,
Miles of Single Track Operated____________________________
274.81
C e r tif ie d P u b lic A c c o u n ta n ts .
744 San Francisco, March 14 1922.
Number of Passenger Cars Owned__________________________
CURRENT

NOTICES.

—Goldman, Sachs & Company announce the removal or their offices to
building recently acquired oy them at 30 Pino (Street. When the firm
originally began business in 1869 under the direction of Marcus Goldman,
tho first offices were located In the basement of a structure that stood on
the sito of the building into which they have just moved. The firm to-day
has offices in Chicago, Boston, Philadelphia. St. Louis, San Francisco,
Seattlo and Los Angeles.

—Ralph C. Morgan, lately manager of the trading department of Merrill.
Lynch & Co., announces that I10 is now engaged as a dealer In securities'
at 63 Wall Streot. New York.
—Hartshorno, Fales & Co., members New York Stock Excliango, have
prepared an analytical circular illustrated with charts on tho Nickel Plate
(New York, Chicago & St. Louis Railroad Co.).

—J. E. Wilson & Co. announce tho removal of their offices to larger and
better equipped quarters in tho Equitable Building, 120 Broadway. N. Y.
—Messrs. W. J. Wollman & Co., 120 Bway., New York, members of City. Telephone Rector 4015-19.
New York Stock Exchange, announce that Benjamin N. Freeman, Carl
—John T. Powers, formerly of Hell & Co., has organized the firm of
T. Naumburg and William B. Jackson, formerly manager and assistant J. T. Powers & Co. at 120 Broadway, N . Y. City, for the transaction of a
managers of the bond department of Henry L. Doherty & Co., will become foreign exchange business.
associated as manager and associate managers of their bond department on
— Victor C. Bell, formerly of the Guaranty Trust Co. of Now York, is
May 1 1922.
now connected with the sales department of Ilerkins & Co., 115 Broadway
•
—Borregaard, Prochnow & Co., Investment Dealers, announce thoopen- N. Y. City.
ng of their offices at 1221 First National Bank Building, Chicago, for the
—Charles E. Doyle & Co. announce the removal of their offices to the
transaction of an investment business in Government, municipal, public Bank of America Building, 44 Wail Street, N. Y. City.
utility and corporation bonds. It. E. Prochnow and K. C. Borregaard are
—L. C. Tetard Company, Inc., announco their removal from 44 Codar
tho principals of this now bond house.
St. to Room 3660, at 120 Broadway, N. Y. City.
—H. D. Long & Co. announce tho removal of tlioir offices from 71 Broad­
— nallgarton & Company, bankers and members of the Now York Stock
Exchangd, announce the removal to-day of their offices to their building at way to 54 Wall Streot, Now York.
44 Pine Street. The firm was organized in 1850 and has been located for
— Huber & Co. announco the removal of their offices to larger quarters
many years at 5 Nassau Street, with branch offices in Chicago and London. at 259 South 15th Street, Philadelphia.
—August Belmont & Co. announco tho removal of their offices to 46
—Carl O. Olsen, Harold M. Gartley and Howard E. Grosvenor, formerly
connected with A. B. Leach & Co., have become connected with Nichols Cedar Street. New York, on May 1 1922.
* Stone, members of Now York Stock Exchange, 60 Broadway, New York
—Berwtn & Co., formerly at 39 Cortlandt Street, arc now located at
City, to conduct a goneral bond business.
25 Pine Street, New York.
—The National Steel Rolling Co. announce tho romoval of their office*
— Dr. A. M. Sakoiski, formerly with the Bond Department of tho Equita­
ble Trust Company, and author orsovoral bookson investments, has become to 120 Broadway, New York City.
associated with L. F. Rothschild & Co.. 120 Broadway, as manager of their
—Wilfrid T. Pratt, formerly with Harris, Forbes A Co., is now associated
statistical department.
with Cassatt & Co.




A pril 29 1922.]

3pue

THE CHRONICLE

© o m w m i%mus.. .
a l
COMMERCIAL EPITOME

Friday Night, April 28 1922.
Cold and rain y w eath er h a s been a draw back in m any
p arts o f the country, but fo r a ll th a t b u sin ess continues
slow ly to im prove. T he im provem ent is esp ecia lly noticeable
in iron and steel. T h ese in d u stries indeed show m ore life
and snap than an y other d ep artm ent of A m erican business.
T hey have not y e t been seriou sly handicapped by the con tin ­
ued coal strik e, though th is is righ tly regarded a s a serious
m atter. It is a large sized fly in th e amber, in a m easure
neu tralizin g, fo r the m om ent at an y rate, the m ost prom ising
in d u strial situ a tio n sin ce 1920. To be sure, te x tile strik es
continue and they m ilita te to no sm all degree a g a in st b u si­
ness in N ew E ngland. B u t qu iet e ffo r ts are being m ade, it
is understood, to bring about a settlem en t of th is disjm te, and
it is hoped th at before long the troubles in th e coal regions
w ill also be se ttle d in the right way. T here is no d isg u isin g
the fa c t th a t production, th e great aim o f c iv ilized society, is
not on the sca le th a t could be desired, for co sts are s till un­
duly high, la rg ely on account of high w ages. B u t th is w ill
slow ly rem edy its e lf through the operation o f econom ic law ,
w hich is q u ite a s inexorable a s any other n atu ral law .
M eanw hile th ere is a big bu sin ess in b uilding m aterials,
notably in lum ber. B u ild in g is proceeding on a large scale.
The au tom ob ile bu sin ess is active. Good sized sa le s have
been m ade of iron and steel a t risin g prices. B u sin ess in
wool h a s in creased som ew hat, a t firm er prices. A big au c­
tion sale of fu rs, it is true, h as resu lted in p rices not up to
exp ectation s. Cotton h as advanced som ew hat, p artly ow in g
to ex c e ssiv e rain s in the S outhw est. W h eat h a s fa lle n w ith
better crop prospects, and partly, too, b ecause o f foreign com ­
p etition, alth ou gh for a ll th at there h a s been q u ite a good
exp ort b u sin ess in th is country. C offee h a s been d eclin in g in
B razil and N ew York. L arge sa les of su gar h ave been m ade
a t som e advan ce in prices. S outhern cotton m ills are re­
ported doing a good business. W estern shoe fa c to r ie s are
busy. I t is sig n ific a n t a t the sam e tim e th a t the jew elry
trade is rather u n satisfactory. T he reck less b uying o f w ar
tim es is absent. F urniture fa c to r ie s are w orking on a lib ­
eral schedule, said to be 75 to 80% o f cap acity. Lum ber
prices show a risin g tendency. M eanw hile the stock m arket,
though sh ow in g sig n s o f p rofit-tak in g from tim e to tim e, ad ­
vanced to-day and the com m ercial com m unity is cheered by
the fa c t th at the tone in the fin a n c ia l q u arter h as been
strong, w ith bonds esp ecia lly active. T he stock and bond
m arkets are o fte n con sidered a s h erald s o f com ing good
tim es.
Production o f coal by non-union m in es h a s in creased under
the spur o f h igh er prices. It is true th at th e m ovem ent of
railroad cars th is m onth h a s been sm aller than in March,
but for a ll th at it is the la rg est for th e la s t tw o years. A l­
though here and there there h ave been flood s, th e w in ter
w heat outlook is in the m ain good. In general, com m od ities
have been firm . W hat is more, th ere is a noticeab le im prove­
m ent in collection s. T hey are even said to be th e best since
la st October. M ail order h ou ses are doing a better business.
T he A m erican bu sin ess com m unity is w atch in g the proceed­
ings a t Genoa w ith consid erab le in terest, but w ith no p artic­
ular disquietude, alth ou gh som ew h at seriou s h itch es h ave
been reported from tim e to tim e, and P rem ier Lloyd George
m ade an eloquent appeal the oth er day for A m erica’s p artici­
pation in th e C onference. T here is a fee lin g in th is country
th at b u sin ess is grad u ally m ending and th e tendency is to
take a h opeful view of the futu re.
B u sin ess m en in the C entral W est a re in a m ore ch eerful
mood than for tw o yea rs past, according to S ecretary J. H.
T regoe o f the N ation al A ssociation o f C redit Men, w ho h as
ju st returned from a trip in Ohio and Indiana, tw o typical
S ta te s o f th at section. T he cost o f liv in g h as fa llen nearly
25% in N ew York and throughout th e country in th e la s t 15
m onths and d eclin in g much fa s te r than w ages. T h a t is in d i­
cated in reports to the D ep artm en t o f Labor. T w enty-four
dollars a w eek is th e average now being earned by w orkers
in in d u strial p lan ts. T h is, it is said, is p ractically th e sam e
a s a y ear ago, d esp ite w age reductions o f 1921. T h e actu al
fig u res are tak en to in d icate th a t w age redu ction s have a f ­
fected a m uch sm aller num ber of w orkers th an w a s sup­
posed. T he a v era g e w eek ly earn in g cap acity is now’ ap ­
proxim ately th e sam e a s a y ea r ago for a m ajority o f those
em ployed in such in d u stries a s m an u factu re o f autom obiles,
cotton, h osiery and underw ear, m en’s clothing, leath er, boots
and shoes, paper and cigars. On the b asis of th e returns to
the Labor D epartm ent, th e w orker in N ew York now is able
to buy for ap p roxim ately 75 cen ts a r tic le s w h ich a y ear ago
cost him $1. In general th e sam e in crease in purchasing
pow er h a s been gain ed throughout the en tire country. In
som e lo ca lities, purch asin g pow er sh ow s a slig h tly greater
increase. In oth ers it is slig h tly sm aller than in N ew York.
P rices vary slig h tly , according to th e lo ca lity and th e ex ten t
of unem ploym ent. E xp erien ce sh o w s th at retail prices re­
fle c t changes in w h olesale p rices a fte r a d elay of from one
to three m onths. In N ew York, it is em phasized, food a t re­
ta il co sts but 86 cen ts m ore th an In 1914 in th e proportions
w hich it is purchased by th e a v era g e fa m ily . C lothing sh ow s




1917

an ad van ce o f 107% over 191.4, fu e l and lig h t 89% , fu rn itu re
122% and ren ts 54%.
T h e strik e in R hode Islan d b egin s Its fifte e n th w eek on
M onday n e x t w ith about 15,000 o p e r a tiv e s s till out and no
d e fin ite p lan s o f settlem en t y e t in sigh t. A new m ove is be­
ing m ade by form er Govei nor G arvin to s e ttle th e strik e, but
little is exp ected from it. M ayors and selectm en o f variou s
c itie s and tow ns in the te x tile strik e area o f N ew H am p sh ire
are w orking on a secret plan for ending th e m ill strike. F u ll
tim e h a s been resum ed a t a ll te x tile m ills o f th e N elson D.
W hite & S on s Co., W inchendon, M ass., w ith b u sin ess better.
L eaders o f the one big union called a m eetin g o f w ork ers
in the A m erican W oolen Co. m ills a t L aw rence, M ass., on
A pril 25 and urged them to prepare to strik e for a w age in ­
crease o f n ot le s s than 25% T he p roject did not succeed.
Gadsden, Ala., w ired th a t about 1,500 te x tile w ork ers in th e
D w igh t C otton M ill Co. in A labam a C ity w alk ed ou t in a
body a few d ays ago w ith o u t w arn in g or an y com p lain t. T he
com pany h as ordered strik ers to rem ove th eir fa m ilie s from
the com pany’s houses. N orth C arolina b u sin ess m en, in co­
operation w ith the Monroe, N. C., Cham ber of Comm’ rce, are
e
m aking an e ffo r t to induce sev era l o f th e N ew E n glan d m ills,
now closed by a strik e o f th eir em ployees, to m ove th eir
p lan ts to th e M onroe section.
J u te m ills are s till running fo u r d a y s a w eek ; silk loom s
m uch le s s than 50%, a c tu a lly le s s th an 20% in th e la rg est
c en tre; w ool goods loom s reported on by 990 m an u factu rers
a re 32% id le ; the cu rtailm en t of production in cotton m ills
is estim a ted a t from 15 to 20% , som e large cen tres not oper­
a tin g m ore than 70% o f cap acity, although cu rren tly re­
ported a s on “fu ll tim e.” One report sta te s th a t fla x goods
production is not in e x c e ss o f 55% o f pre-w ar cap acity.
P rices for R ochester, N. Y., cloth in g fo r th e fa ll of 1922 w ill
be low er th an those o f a y ea r ago, reflectin g the 15% w age
cut. T h e reduction, how ever, w ill not, it is stated , a ffe c t
th e reta il sellin g p rices u n til Septem ber 1922, w hen th e au­
tum n cloth es are o ffered to th e public. A t A nsonia, Conm,
on April 20, the A nsonia M an u factu rin g Co. an nounced a
15% w age in crease to go into e ffe c t M ay 16. T h e com pany
m an u factu res b rass goods, and during th e w ar m ade a spe­
c ia lty o f fu ses. B etw een 500 and G O em p loyees are a ffe c te d
O
by the raise. T he com pany m ade a reduction in w a g e s about
a y e a r ago, prom ising a t the tim e to m ak e a ra ise a s soon a s
b u sin ess con d ition s ju stifie d .
A t Y oungstow n, Ohio, “H elp W an ted ” sig n s are ap pearing
on th e g a te s o f steel m ills. P la n t e x e c u tiv e s there sa y th a t
the sh ortage o f sem i-sk illed labor for th e rollin g m ills h as
becom e acute. M ills in N ile s and W arren, Ohio, are adver­
tisin g for sheet, w orkers. R esum ption o f a sh eet m ill o f the
B rier H ill S teel Co. is said to h a v e been p revented by sh ort­
age o f th is cla ss o f labor. Common labor is p len tifu l, th e
op erators say. A b righter tim e is opening up fo r th e steel
and iron trade.
R ochester, N. Y., shoe m en are seek in g an in crease o f 25%
in th eir new con tracts w ith m anu factu rers, and th e la tte r
h ave taken a firm stan d a g a in st th e union.
A p p roxim ately 1,500 m en in th e car dep artm en ts an d loco­
m otive p la n ts o f th e D elaw are & H udson R ailroad h a v e been
la id o ff a s a resu lt o f the coal strike.
A t the big fu r auction h ere the dem and w as n one too keen
and silv er fo x w as fu lly 25% low er than in F eb ru ary or re­
cent open m arket prices. M arten fe ll 40% com pared w ith
F e b r u a r y ; stone m arten dropped 35% ; baum 30% , or equ al
to presen t open m arket prices. In three d ays th e sa le o f a ll
k in d s netted $1,835,000. P r ic e s : B adger, 20c to $2 5 0 ; stone
m arten $1 75 to $16 75; B aum m arten. $2 to $33; m arten, $10
to $87; Jap an ese m arten, $4 to $12 50 ; J a p a n ese m ink. 10c
to $1 75; silver fox, $20 to $350.
M em bers o f the so-called agricu ltu ral ta r iff bloc appeared
before R epublican m em bers o f th e S en ate F in an ce C om m it­
tee on A pril 25 to urge increased rates over th ose con tain ed
in th e ta r iff m easure a s it is now before th e S en ate. I t w as
recom m ended th at th e proposed rate o f 15c per b ushel on
corn be increased to 20c per bushel.
D a y lig h t savin g ordinance w ill go in to e ffe c t h ere a t 2
o’clock Sunday m orning.
T he B ritish sh ipyard w orkers’ d isp u te w a s se ttle d by com ­
prom ise w age cut agreem ent a ffe c tin g 300.000 men.
T h e E gyp tian C abinet h a s au th orized M inister o f F in an ce
to try and bull E gyp tian cotton m arket by G overnm ent pur­
ch a ses of th e staple. E gyp tian com m ercial h ou ses oppose
th is a c tio n ; cu ltiv a to rs fa v o r it. O f fo u r eotton h ou se opin­
ions, th ree are b ullish and one bearish. L atterly p rices a t
A lexan d ria, E gypt, h ave been fa llin g rapidly.
In flo o d s at F ort W orth, T ex a s, on A pril 25 and 26, 17 per­
sons are know n to have been drow ned and at le a st 1,500 are
hom eless, according to re lie f agencies. T h e c ity w a ter p lant
w as put out o f com m ission and oth er u tilitie s a re endan­
gered. In one day th e r a in fa ll th ere w as 8% inch es. T he
M ississip p i R iver rose l-1 0 th o f a fo o t a t N ew O rlean s on
A pril 25, th e gauge stan d in g a t 22.6 feet, com pared w ith a
previou s high record o f 22 fe e t in 1912. A m axim um o f 23.4
fe e t is predicted by M ay 15 to 20. A break in th e M ississip p i
R iver le v e e s a t M yrtle Grove, 30 m iles south o f N ew O rleans,
occurred S aturday, flood in g m ore than 6,000 acres o f sugar
can e p lan tation s, w ith an estim a ted dam age o f $1,000,000.
V icksburg en gin eers then reported th e situ a tio n w ell in hand
a t a ll threaten ed p oints north o f th a t city w ith th e excep-

1918

THE CHRONICLE

tion of Hickman, Ky., where the levee is threatened. All
along the Mississippi repair and topping work was rushed
with thousands of men and teams working in relays. A se­
rious break was reported at Poydras Plantation, about 20
miles below New Orleans. The break is 300 feet wide and it
is estimated that about 300,000 acres will go under water. At
.Arkansas City, where sand boils developed during the 25th
inst., more than 1,000 men were at work, with 500 more ex­
pected to arrive from Louisiana on a special train. In Boli­
var and Washington counties, Miss., where 10 miles of low
levee are being topped, 8,000 men are at work. More than
3,000,000 sand bags arrived at Greenville in one day and
were distributed to threatened points. But the levee on the
Mississippi also broke on April 26 in the Concordia Parish
of Louisiana, flooding rich cotton lands. Heavy rains in
Texas, amounting almost to cloudbursts, were persistent dur­
ing the week. Light frosts during the week prevailed in
North Carolina, New England, New York and Pennsylvania.
LA.RD quiet; prime Western, 11.70@11.80c.; refined to
Continent, 12.75c.; South American. 13c.; Brazil in kegs, 14c.
Futures fell at one time with hogs and grain and a poor export
demand. Later prices rallied with hogs higher and a rather
better European demand for product. Yet Liverpool has
weakened under what appeared to'b e Continental selling
and later prices again fell in Chicago. English houses have
been buying, it appears, on the Continent from supplies
shipped from America on consignment.
Later English
cables wero higher but these and moderate receipts were
offset by lower prices for hogs. To-day prices declined
slightly, but end practically unchanged for the week. Hogs
were 10 to 15c. higher in Chicago. The price at the vards
was $10 75 with tho bulk of sales at $10 25 to $10 65. West­
ern run was 74,400, against 62,200 a week ago and 84,400 on
the same day last year.
DAILY CLOSING PRICES
f"
,
& itMay delivery........... cts.11.00
July del ivory..................11.25
September delivory----- 11.47

OP LARD FUTURES IN CHICAGO,
M on.

10.92
11.15
11.40

T u es.

10.82
11.07
11.30

W ed.

10.92
11.17
11.42

T h vrs.

10.85
11.10
11.32

F r i.

10.80
11.07
11.27

PORK quiet; mess, $25 50@$26; family, $26@$28; short
clear, $22@$25 50. May closed at $21, a decline for tho
week of 10c. Beef dull; mess, $13 50@$14 50; packet,
$13 50@$15; family, $16@$17; extra India mess, $24@$26;
No. 1 canned roast beef, $2 25; N o. 2, $3 25; 6 lbs., $15.
Cut meats firm; pickled hams, 10 to 20 lbs., 23K@25c.;
pickled bellies, 10 to 12 lbs., 16c. Butter, creamery extras,
39H@4GKc. Cheese, flats, 17^@ 233^c. Eggs, fresh
gathered extras, 29^ @ 30c.
COFFEE on tho spot quiet and easier; No. 7 Rio 10%@
lOj'sc.; No. 4 Santos 14^@ 15c.; fair to good Cucuta 14kt@
ldhae. Futures broke under a decline in Brazil and offerings
of new Santos at a much lower basis. This caused soiling
of new crop months. On the 27th inst. in Rio now months
fell 150 to 3o0 reis. Santos closed 525 to 600 reis lower.
Rio exchange on London was lower at 7 9-1 Od. Firm offers
from Rio 7s wero at 10.50c. as against recent offers of 8s
at 10.25@10.40c. Santos offers are falling. Tho cost
and freight market is characterized by daily offerings of new
crop at noteworthy concessions under tho old; 4s have sold
it is said, at 12%c. if not 12Mc. Importers’ selling hero has
told. Today prices advanced with the cables rather loss
depressed, and some disposition to cover. For the week,
however, prices show a decline of 35 to 37 points.
9.37© 9.38
Spot (unofficial) .1 ° He. (July_______ 9.72(0)9.74 IDecember
May----------- 9.93@9.9 5 1September 9.48® 9.491March...........9.34@9.36

SUGAR.—Spet Cuba raws have been quiet, with sales at
2%o. e. & f. first half of M ay at 2.35c. for June shipment
f. o. b. Cuba. Refined has been quiet for both the homo
and foreign trade. Porto Rico sold at 3.86c. c. i. f. The
unsold stock of raw at Now York is 47,167 tons. This is
considered large and may yet prove to bo tho key to tho
situation hero. Weekly statistics show a considerable falling
off in receipts at Cuban ports and much smaller exports for
the week. Also an increase in stocks at tho ports. Receipts
were 107,053 tons, against 194,759 in previous week and
152,857 a year ago. Exports wore 81,498 against 115,564
last week and 59,272 last year; they included 30,000 tons to
U. S. Atlantic ports. Stocks were 956,018 tons, against
930,463 last week and 1,002,083 last year. The small
movement for the week was mainly duo to the usual dull
movement during Easter time. The number of centrals
grinding was 175, against 178 last week, 197 last year
and 172 two years ago. To-day futures declined, but they
end 4 points higher for tho week. Yesterday there were
sales of 300,000 bags of Cuba, May shipment, including
second half of M ay, partly outport options at 2J4c., and it
is said that prompt also sold at 2 ^ o . c. & f . “ Refined,
5.25@5.40c., with a fair demand at 5.25@ 5.30c., and 3.75
to 3.80c. net cash in bond for export.
|)ej >
Spot (unofficial)..4.1 lc .(J u ly ----------- 2.66© 2.671December . . . 2.90@2.91
ay----------- 2.42® 2.44[September --2.86@ 2.87| March.............2.88@2U0

OILS.— Linseed in good demand and higher; April car­
loads 86@88c.; less than carloads 89@91c.; less than 5 bbls.
92@94c. Paint and varnish manufacturers are busier and
are buying moro freely. And jobbers are purchasing more
than they have for some time past. In fact, business has
increased of late moro than was expected. A keener interest
is being shown in May-June oil. Yet tho moro distant
months are also in good demand. Cocoanut oil, Ceylon
bbls. 8M@9c.; Cochin 9J^@ 9^c. Olivo $1 15. Soya
bean, edible, nominal. Lard, strained winter, llh^c.; ex­




fVoL. 114.

tra, I 0 % e . Cod, domestic nominal, Newfoundland 57c.
Spirits of turpentine 90@91c. Rosin $5 35@$7 30. Tho
Government states tho stock of crude cottonseed oil on
Mar. 31 at 55,019,733 pounds. Cottonseed oil sales to­
day 4,500 bbls. S. E. 9.50@9.75c. Prices closed as follows:
Snot-------- 11.50®
(July............11.55©11.58| October. __10.69® 10.73
May-------- 11.60©11.70 August - -_ ll.5 t @ ll.5 4 Novembor. 9.80© 9.85
June-------- 11.45® 11.551 September 11.48@11.511December. 9.65® 9.72

PETROLEUM .— Kerosene easier. Underlying condi­
tions have not improved to tho samo degree as in gasoline;
in fact, they have been disappointing. Tho recent advance
in Southern tank wagon prices was the subject of much
comment, but, on the whole, prices are now, to all appear­
ance, tending downward. Gasoline continues to improve.
The improvement in the automobile industry lias brightened
the outlook for gasoline considerably. Export demand is
better. Bunker oil steady, though still quiet. Gas oil,
though slightly moro active, does not show any real change
of importance. New York prices gasoline, cargo lots,
32.25c.; U. S. N avy specifications, bulk, per gallon, 19c.;
export naphtha cargo lots, 21c.; 63-66 deg. 24c.; 66-68 deg.
25c.; cases, New York, 15c. Refined petroleum, tank
wagon to store. 13c.; motor gasoline to garages (steel barrels),
26c. The daily average gross crude oil production in the
United States for tho week ended April 22 was 1.396,750
barrels, against 1,287,195 last year, according to the esti­
mate of the American Petroleum Institute. Last week it
was put at 1.410,850 barrels, thus showing a decrease for the
week of 14,100 barrels. In Oklahoma the daily average
gross production for the week ended April 22 was 363,500
barrels, against 363,200 in the previous week and 289,500
last year; in Kansas, 82,200 barrels, against 81,000 last week
and 90,950 last year; in North Texas, 52,250, against 52,300
last week and 74,740 last year; in North Louisiana and
Arkansas, 120,150 against 128,450 last week and 80,620 last
year; in the Gulf coast, 111,650, against 114,950 last week
and 107,855 last year; in Eastern, 118,000, against 115,000
124.000
last year; in Wyoming and Mon
69.050, aginst 72,150 last week and 56,950 last year; in
California, 330,000, against 330,000 last week and 338,000
last year. The petroleum output has reached a high record.
Imports also rose and stocks on hand aro now tho largest in
the history of the trade. March showed an increase in con­
sumption; 1,323 wells were brought in. Production of
petroloum in tho United States during March established a
new high record, reaching 46,916,000 barrels, according to
the Geological Survey. N ot only was tho total above the
preceding month, but the daily average was 1,513,419 bar­
rels, against 1,457,642 in February. Previous high records
for imports made in 1920 woro also closely approximated,
with the result that stocks on hand March 31 totaled 220,­
133,000 barrels, the largest amount of petroloum over held
in storage in tho United States. A total of 48,840,000 bar­
rels was consumed during the month, the largest amount
since January 1921, when it was 49,440,000 barrels. The
inereaso in consumption was not enough, however, to over­
come the gain in production and proven t a substantial addi­
tion to stocks. The amount hold in storage March 31 at
tho rate of consumption at that time was equivalent to a
supply for 140 days. It is pointed out that the 163,000,000
barrels in storage in 1915, at tho time of tho Cushing over­
production, was sufficient to meet tho requirements of con­
sumption for 21R d a y s .
r nrniS
n!Vania-------251 Lima
................... - - 82 48 Corsicana, heavy .SO 70
.................190 Indiana----------------- 2 28 Electra........... ............ 2 25
v.-aDui .................2 111Princeton_________ 2 27 Strawn_____ ______ 2 25
Somerset.
----- 1 90 (Illin ois___________ 2 27 R’m ger____________2 25
Somerset, light— 2 151 Kansas and OklaM oran ___
2 25
Wooster------------- 2 70 1Corsicana, lig h t.. _ 130 Mexia . .

15 0

RUBBER steady but quiot. On tho 26th inst., which
was ‘ notice day,” an easior tone was anticipated, but there
was no weakness. Early London cables on that day reported
(hat market easier. But dospito this and tho lack of factory
buying here sellers were not disposed to press sales. Later
on, however, London cables roported tho market steady
though quiet. Here smoked ribbed sheets and first latex
crepe, spot and May, 16Mc.@16Kc.; June, 16%c.; JulySeptember, l/h^c.; July-Docombor, I7^<ic.; Para firm but
quiot; up river fine, 19c.; coarso, 14c. Offerings woro light.
Central, Corinto, 10c.
HIDES have been in rather more demand but not enough
so to stiffen prices. These seem to be nono too well sus­
tained. In tho River Plate section 5,000 Campana steers
sold at $40 25, equivalent of 16c. sight credit to this coun­
try; also reported 4,000 Las Palmas at the same price. Out­
side packer hides sales are reported of about 5.000 hides.
City packer hides slow, with bids 13o. for native steers.
Several hunched Orinocos liavo been sold, it is said, at around
13 to 14c. Bogotas early in tho week wero in some demand
at 15c. Later it was reported 4.000 Smitlifield frigorifico
steers sold at M0, or 15%c. sight credit. Later further salos
were roported of River Plate hides, including 4,000 Swift
Mont video steers and 4,000 Arigas reported at $41 50 ap-,
proxiinately 16%c. sight credit; 4,000 Swift La Plata steers
at $40 50 and 3,000 Swift La Platas at $32 25 for cows. It
is said that an Amorican tanner has bought 4,000 Armour
frigorifico steers at the equivalent of lO^fc. sight credit.
Bogota has been wanted to some extent, it is said, at about
1 4 Some quote higher than that. It was roported on
the 27tli inst. that 16,000 April salting Sansienena steers
had been taken by an American buyer at $40, equivalent of

A pril 29 1922.]

1919

THE CHRONICLE

is th e op in ion o f w o o l b u yers th a t prices on O regon shorn
w ool w ill op en a b o u t 10% b elow th e h ig h est q u o ta tio n th a t
prevailed d uring th e co n tractin g period. B o sto n w ired
A rril 24th : C ables from th e L iverpool E a s t In d ia w ool
s a lts rep orted an a d v a n c e o f 15 to 20% for w ool su ita b le
Charters included coal from Hampton Roads to Montreal, $1 75 prompt; for A m erica, i. e . e sp ecia lly th e Jorias, K an d ah ars an d
from Jacksonville or Fernandina to Chile, $4 70, April-May; linseed from V ican eres.. I t w as declared in som e a d v ices th a t a rise o f
San Lorenzo to New York, $4 50, early May; lumber from Gulf to Buenos
Aires, Rosario, 180s., May; grain from Baltmore to Riga-Reval Petrograd. 25% w as p aid in som e cases in clu d in g b e st K an d ah ar.
24Me.; spot grain from Baltimore to United Kingdom 4s. 3d., ono port, T here w ere 3 2 ,0 0 0 b ales offered . C ables from M elb ou rn e
early May; timo charter world limits. 5s., period of six months; grain in
bags from Atlantic range to Baltic, 25c., April; lumber from Gulf port, to and S y d n ey reported som ew h at firm er p rices. B e s t 64-70s
Buenos Aires, $20, June; sugar from Cuba to Vancouver, $0 50, late May; com b in g w ools w ere q u o ted 75c. to 76c. clean lan d ed b asis,
grain from Atlantic range to west coast of Italy, 17^ c.. one port; 18c. two; a t curren t exch an ge; 6 4s com b in g w ools clean lan d ed co st
option of Tunis and Algiers at 22 M to 23c., prompt; coal from Hampton
Roads to Rio do Janfero, 84 15, Welsh form, prompt; coal from Atlantic ab ou t 9 2 c. to 9 3 c. In B o sto n there h as been m ore trad e,
range to Cuba, SI 50 prompt; phosphate rock from Tampa to two ports largely sp e c u la tiv e , esp ecially in m ed iu m to low grade
in Denmark, $5 50, April-May; deals from Halifax to United Kingdom,
75s., April-May; a 1,917-ton steamer, time charter, trip to Europe, 7s. 9d., scoured w o o ls. T h e dem an d w as ch iefly for w ools co stin g
prompt delivery; grain from Atlantic range to three ports in Denmark, b etw een 4 0 c. an d 6 0 c. C on tractin g is rep orted in T ex a s
22Me.; option four ports at 23c.; oats from Atlantic range to BordeauxHamburg range, 3s. 3d., first half May loadings; six months' time charter for accou n t o f on e or tw o B o sto n h ouses a t a b o u t 3 5 c.
(supposedly in Canadian trade), $1 50, spot delivery.
B o sto n wired A pril 2 5 th th a t, follow in g th e cab led a d v ic e s
T O B A C C O has been in o n ly m od erate d em an d a t b est from L iverpool on A pril 2 4 th o f a sharp ad v a n ce in A m erican
and m a n y descrip tion s h a v e been q u iet. N o n ew featu res w ools, th e B o sto n m a rk et b ecam e rather stea d ier. L iver­
o f strik in g in terest h a v e d evelop ed . T h e b u sin ess h as been p ool on A pril 2 5 th prices w ere firm and th e sale p roceeded
largoly o f a rou tin e k in d , p ending further d ev elo p m en ts. w ith a n im a tio n . Joria w ools w ere sold in tho sales on
L ater o n , it is b elieved th a t trade w ill w ak e u p and go t o u t April 2 4th at" a b o u t 24J^ d ., w h ich w ere sold a t th e p rev io u s
series a t 20 d . to 2 I d ., and K an d ah ars, w h ich sold a t th e la s t
o f th e ru t w hich it h as occu p ied for so lon g a period.
C O P P E R stea d y a t 12 ^ j@ 1 3 c. for ele c tr o ly tic . E arly series a t 14}^ d. to 1 5 d ., brou gh t a b o u t 1 8 ^ d . a t th e curren t
in th e w eek 12% c. w as q u oted b y som e sellers, b u t later series for good w o o ls. A m erican b u yers w ere ta k in g th e
greater p art o f th e good w ool a t th e L iverpool sa les. O th er
th ese sellers are supposed to h ave raised th eir price to 13c
A nd considerable business is reported to h a v e been d on e a t grades 5 to 10% h igher. M elb ou rn e on A pril 2 5th reported
th a t lev e l. T h is firm ness on the-part of sellers is due largely prices firm , e v e n on th e less desirable grad es. A t th e E a st
it is sa id , to th e fa ct th a t th e y h ave alread y sold their q u ota In d ian w ool au ctio n in L iverpool on April 2 6 th , p rices w ere
for tho m o n th . Y e t it is reported th e y aro in som e cases up Yv to Id . for secon d clip w ools w ith A m erican b u yers
w illin g to shade prices on a n y business w orth w h ile. T h e co m p etin g . On A pril 2 7 th a t A n tw erp th e B ritish -A u straC opper E xp ort A ssociation is reported to h a v e sold 6 ,0 0 0 ,0 0 0 lian W ool R ea liza tio n A sso cia tio n offered 11,750 b ales o f
lb s. in tw o d a y s. A nd it is con ten d ed th a t tho tim e is n o t A u stralian and 1 0,967 b ales of C ape w ool. A tte n d a n c e
far off w h en fresh ly produced copper w ill b e a sign ifican t largo; dem and good; o n ly 1,000 bales w ith d raw n . C om b in g
w ools fu lly up to th e recen t L on d on clo sin g . C lo th in g kin d s
factor in th e m ark et.
ad van ced 10% .
T I N firmer; sp o t, 3 1 34c. Lead a d van ced to 5 .3 0 @ 5 .5 0 c .
L ater B o sto n reported a p r e tty good trade in b on d ed w ools
sp o t N e w Y ork a n d 5 .2 0 @ 5 .2 5 c . sp o t S t. L ou is. T ho ton e o f all grad es. I t is said th a t over a th ou san d b a les o f fin e
is firm . S om e holders in order to increase th eir sales for A u stralian com b in g w ools a t a clean c o st in b on d w ere sold
A pril are s d ’in g sm all q u a n tities. L ondon o f la te h as been a t a b o u t $1 for 66-70s q u a lity . On sp o t, o u t of b on d
easier. Z inc ad van ced early in tho w eek b u t bu sin ess in th e A rgen tin e L incolns sold at 2 7 c ., th e “ h igh ” th u s far. A lso
m ain is q u ie t. S p o t N e w Y ork , 5 .4 5 c.; S t. L ou is, 5 .1 0 c.
th e W est is said to be w ak in g u p . Som e sales rum ored o f
P IG IR O N h as m e t w ith a good d em an d . C hicago h as T ex a s a t around 3 5 c . U ta h , th e clean lan d ed fin e a n d fin e
recen tly sold , it seem s, a b o u t 150,000 tons; $21 is asked m edium w ools, $ 1 . T ow ards th e close of th e w eek th in gs
thoro, alth o u g h in som e cases tho q u o ta tio n is $ 22. In in th e W est b ecam e m ore in terestin g w ith th e purch ase
P ittsb u rg h and Ohio d istricts there h as been a rise o f $2 on reported o f th e G ericho pool of som e 8 0 0 ,0 0 0 lb s. o f fin e
foun d ry and m alleable grades and $3 a ton on b asic, of w hich an d fin e m edium U ta h w ool o f fair sta p le w h ich , it is said ,
10,000 ton s sold a t C levelan d a t $23 furnace for d elivery at w as ta k en b y a B o sto n hou se a t 4 0 c. on th e sp o t. T h is is
M a ssillo n , O hio. C harcoal iron is $2 h igh er, and silvery $ 1. figu red to m ean a b o u t $1 15 clea n lan d ed b a sis, B o s to n ,
A lab am a iron is u p 5 0 cen ts and is now q u oted a t $16 5 0. o n th e u su al basis of shrinkage.
V irginia iron sold here th e oth er d a y , it is sa id , a t $ 2 3 , b u t
w as q u oted later on a t $25 fu rn ace. I t is said th a t P e n n sy l­
v a n ia iron is in som e cases q u oted u p to $ 2 5 , a rise o f $ 1.
COTTON.
T h e ten d en cy o f prices is b elieved to be u p w ard . B u ffa lo
Friday Night, April 2 2 , 1922.
iron is still ab ou t $1 under th e E astern P e n n sy lv a n ia price.
T H E M O V E M E N T O F T H E C R O P , as in d icated b y our
S T E E L h as been in good d em an d and stro n g , w ith ’ no telegram s from th e S o u th to -n ig h t, is given b elow . F o r th e
little a n x ie ty am on g som e bu yers on th e q u estio n o f re­ w eek en d in g th is ev en in g th e to ta l receipts h a v e reached
p len ish in g su p p lies. A n d tho coal striko co n tin u es. M ills 86,^ 60 b ales, a g a in st 101,999 b ales la s t w eek a n d 1 1 4 ,1 0 6
are b u y in g coal on a large scale a t h igher prices a t th e b ales th e previou s w eek , m aking th e to ta l receip ts sin ce
m in es. T ho rate o f steel production is a b o u t as large as A u g. 1 1921 5 ,0 5 9 ,5 1 3 b ales, again st 5 ,2 2 4 ,9 0 7 b ales for th e
it w as la s t w eek . P la te s h a v e boen m ore a c tiv o th a n for sam e period of 1920-21 show in g a decrease sin ce A u g . 1
som o tim o p ast. F or p la te , sh ap es an d b ars, 1 .60c. is 1921 of 165,394 b ales.
considered tho general q u otation ; tho excep tion s aro rare.
L ighter gau ge p lates are w a n ted . M ak ers o f au tom ob iles
W ed .
T h u rs.
F r i.
T u es.
T o ta l.
S a t. | M o n .
an d au tom ob ilo p arts h a v e been b u y in g in P ittsb u rg h for
G alveston_____
2,928, 6,020 7,401 3,898 4,009 4,366 28.622
th e first tim e in a y ear and a h a lf, in order to sp eed up Houston___ ____
___
___
___
___
4,327
. . . . I 4,327
3,213 5.222 3,204 1,069 2.753 3,570 19,037
d eliveries. M o st m ills aro sold ah ead for sev era l w eek s. New Orleans___
324 1,633
443 1,536
709 5,154
Mobile............. ..
509,
T h e y aro n o t offering v ery freely. Som e con su m ers, on th e Jacksonville___
__
___
36
36
___
2,740 1,910 1,976
1,356 3,179 11,161
oth er h a n d , are n o t b u y in g so froely as rec e n tly . T h e y are Savannah _____
____
|
217
217
Brunswick_____
m ain ly in terested in g e ttin g d eliveries on recen t p urchases. Charleston_____
194 1,022 2,668 6,856
‘ 995
'654
T.323
671 1,174
37
209
116
28
113
Y et thero is a stea d y d em an d . N e w co n stru ctio n orders are Wilmington____
602
815 1,051 5,921
N orfolk...............
1,091 1,232 1,130
sm aller. L atterly b illets, slab s and sh eet bars h avo been Now York____
___
56
2,325
493
366
269 1,141
q u oted $2 h igher, l. o ., $33 to $35.
___
196
773
11
107
Boston________
459

15% c. sig h t credit; also 8 ,0 0 0 W ilson steers a t $39 5 0, th e
ap p roxim ate eq u iv a len t o f 15 % g. c o st and freig h t.
O C E A N F R E IG H T S h a v e b een du ll and ten d in g d ow n ­
w ard. B orth rates h a v e la tte r ly been rather stead ier w ith
a m od erate b u sin ess.

W O O L has b een in fair dem and an d firm er. A t S y d n ey ,
N . S. W ., la st w eek 3 0 ,0 0 0 b ales woro sold . T ho dem and
there w as good for all grad es. P rices com pared w ith tho
last sale show ed super m erinos rather low or, b u t oth er
m orinos and m edium fleeces 5 to 10% higlior, and m edium
crossbreds 5 % h igh er. T ho n ex t sale there w ill b egin M a y 8 .
T ho B ritisli-A u stralian W ool R ea liza tio n A sso cia tio n reports
sto ck s on M a r . 31 a s follow s: A ustralian m erin os, 288 ,0 2 7
bales; A u stralian crossbreds, 692,604; N e w Z inland m erinos,
2,558; N o w Z ealand crossbreds, 554,266; S ou th A frican
m erinos, 5 5 ,6 9 2 . A grand to ta l o f 1 ,5 9 0 ,5 8 9 b a les. B rad­
ford cab led th a t top s w ere v ery firm; m an y m ak ers sold up
to th e fall and aro n ot an xiou s for further b u sin ess. Fino
w oolen yarn s w ell sold a h ead . A ll p rices firm ; p iecogood s
gen era lly im p rovin g. C onsiderable exp ort inquiry; hom o
trade exp an d in g, esp ecially on finer dress go o d s.
A d vices received h oro.from P o r tla n d , O ro., sta te d early
in tho w eek , th a t m o st of tho w ool b u yers h a v e gono to tho
Y ak im a co u n try , w here tho season is a b o u t to op en . Shear­
in g th a t section started som e tim o a g o , b u t h as been held
b ack b y bad w ea th er A few sm all lo ts o f Y a k im a w ool
woro r ecen tly sold m ed iu m grades 18@ 23c.; fin e 2 3 @ 2 5 c.
It is prob ab le th e com in g w eek w ill seo a brisk m ovem on t
in Y a k im a w ools. E astern O regon shearing should begin
in a b o u t 10 d a y s around E ch o if tho w eath er is favorab le. It




Philadelphia___
Totals this week.

"50

1

___
—

___
—

_
50

12,151 21,3381 16,935

___
1,057 1,057
—
100
—
6.850 11,956 17.530 86,760

T h e follow in g tab le show s th e w eek’s to ta l receip ts, th e
to ta l sin ce A u g. 1 1921 an d sto ck s to -n ig h t, com p ared w ith
th e la s t year:
___________
1921-22.
R e c e ip ts to
A p r i l 28.

T h is
W eek .

S in c e A u g

1920-21.
T h is
W eek .

S to c k .

S in c e A u g

1 1920.
1 1921.
Galveston______ 28,622 2,202,137 53,1712 2,477.916
32,372
956
24,805
Texas City-------Houston
4,327 384.488 22.618 373,954
598
58,203
10,305
Port Arthur, &c._
Now Orleans____ 19;037 1,016,313 16,438 1,189,878
5,290
8,123
Gulfport_______
81,179
5454 127.272 1,603
M obile..............
2,045
Pensacola---------3,214
’ 4,640
Jacksonville----- <
.
"36
Savannah ______ 11.161 616,622 10,798 516,027
24,763
12.045
Brunswick . .
217
65,760
Charleston
6.856 102.414 2,209
,ss.022 1,749
W ilmington____
72,972
1.174
5,921 304,644 6,450 231.439
Norfolk________
93
583
1.843
N'port Nows,
23,344
115
26,842
2^325
New York- _
37,828
104
29.320
773
Boston__ _______
18 1,036
39,277
1,057
Baltimore______
29,243
45
6,000
100
Philadelphia___
T otals_______ 86,760 5,059,513 117,984 5,224,957

1922.

1921.

252,737
7,827

338,906
15,277

2351671

406,036

7,516

19,455

1,766
107,595
2,365
79,119
26,346
103,009

' 2,174
155,245
2,079
244,219
32,598
109,019

104,792
13,202
2,362
6,544

126',049
10,660
3,205
6,537

950,851 1,471,459

1920

THE

C H R O N IC L E

In order that comparison m ay be made w ith other years,
we give below the totals at leading ports for six seasons:
R e c e ip ts a t —

G alveston. . _
Texas C ity, S e c
Now Orleans.

1922.

1919.

1918.
8,644
4,475
18,862

1917.
14,796

31,619
641
28,467
3,901
14,357
6,000
3,657
1,704
7,022

8.618

2,209
1.749
6,450
93
1,300

21.418
1,039
19,560
2,469
10,960
1,000
2,758
1,846
2,794
26
3,917

1,695

5,093

21,776
1.592
6,987
2,000
677
27
5,354
113
6,921

86.760

117,984

67,967

99,063

65,373

60,243

53.172
24.172
16.438
1.603
10.798

19.037
5.154
11.161
217
6.856
1.174
5.921

Savannah___
B ru nsw ick_
_
C harleston___
W ilmington __
N ’p o r tN .,& c .
All othors____
T otal this w k .

1920.

1921.

28.622

18,977
3,000
3,968
638
1,716

Since Aug. 1 .. 5.059.513 5,224,95716,310,684 4.470,754 5,222,555 6,178.489

The exports for the week ending this evening reach a total
of 96,150 bales, of which 50,799 were to Great Britain,
10,899 to France and 84,458 to other d e s t in a t io n . Below
are the exports for the week and sin c e Aug. 1 1921.
Exports
fro m

—

G a lv e sto n _.
H o u s to n . .
T e x a s C i ty .
G u lfp o rt . . .
N ow Orleans
M o b ile ..........

W e e k e n d i n g A p r i l 28
E x p o r t e d to —
G reat
B r i t a i n . F r a n c e . O th e r .

12,722
1.327

9,819

10.000
80

P e n sa co la . Savannah
10,700
B ru n sw ic k
3,550
C h a rle s to n - '
_
W ilm in g to n ^
1,450
N o r f o lk ____
N ow Y o r k .B o s t o n .. . .
B a l ti m o r e . .
2,000
P h l la d e l p h l a ____
Los A ngelet
San F r a n ..
S e a ttle _____
T a c o m a ____
P o r tl ’d . O re
—

•1
1

T o t a l ____ 50,790

23,077 33,077
86

. . __

|

4,280
150
,
352
855

—

T o ta l.

6 ,0 9 6 28,637
4,327
„_

--V
____

642

1922.

—

16,700
3 ,559
5,730
792
41
2,000
352

F r o m A u g . 1 1921 to A p r i l
, E x p o r te d to —
G reat
B r ita in .

3 0 9,155
91,172
5,534
205,072
50,265
400
1,275
163,047
20,855
34,727
9,000
97,868
2 8 ,497
1,920
2 ,059
424
16,258

855
—

.............

F ran ce.

O th e r .

28 1922.

T o ta l.

318,800 1,157,630 1,985,645
74,887 218.429 38 4 ,4 8 8
5,142
5,142
8,123
2,589
102,803 594,728 962,603
42,013
99,011
6,733
900
500
2 ,045
770
58,418 316,931 5 3 8,396
850
21,705
79.251
117,978
4,000
8 0 ,225
8,5 0 0
62,725
88,377 191,245
5,000
7,485
70,299 106,281
0,6 5 9
8,767
188
3 ,5 0 9
450
1,000
1,599
1,125
60
19,437
37,177
1,482
51.276
51,270
67,841
07,841
22,005
2 2 ,005
1,150
1,150
.............

10,899 3 4 ,458 96,156 1,297,528

588,856 2,8 1 0 ,7 2 7 4,697,111

T o ta l '20-21 30.473 24,075 56,152 116,700 1,247,384
T o ta l '19-20 32,3071 8,635 7 0 ,309 11 1 ,1 5 1 2 ,8 2 4 ,9 5 0

403,485 2 ,268,583 4 ,079,452
615,145 2,3 0 3 ,2 3 9 5 ,643,334

In addition to above exports, our telegrams to-night also
give us the following am ounts of cotton on shipboard, not
cleared, at tho ports nam ed. W e add similar figures for
N ew York.
O n S h ip b o a r d , N o t C le a r e d f o r —

A p r il

28 a t —

G reat
B r ita in .

G alveston_____ 24,031
Now O rlean s..
9,398
8,000
Charleston *___
1,000
M o b ile _______
2,011
N o r fo lk ____
500
Other p o r ts * ..
8,000

F ran ce.

19,850
3,203

G er­
m any.

10.520 12,254
11,797
5,109

1,000
200

O th e r
C o n i't.

200
1,500

1,000
2,176
200
300

T otal 1 9 2 2 .. 47,940 24,253 24,017 21,039
Total 1 9 2 1 .. 29,296 4.183 26,105 43.887
Total 1 9 2 0 .. 49,679
704 39,459 58,680
.* E stim ate.

C o a s t­
w is e .

T o ta l.

2,500 69,155
569 30,076
400 8,400
100 3,100
1,250
5,437
900
5,000

L e a n in g
S lo c k .

183.582
205,595
99,195
76,019
2,079
102,109
160,204

4,819 122,068 828.783
6,505 109.976 1,361,183
15,684 164,206 1,015.792

Speculation in cotton for future delivery has been on a
moderate scale at irregular prices w ithin narrow limits.
Prices would advance a little in the morning, then break,
then rally. Net changes for the day would be insignificant.
In other words, it has been a kind of traders’ market pending
developments of a kind that should give prices a decided im­
petus one way or the other. Of late the tone has been a lit­
tle weaker, owing to the indifference of Liverpool, dulness
of spot markets, rather better w eather in parts of the E ast­
ern belt, a break in wheat, and finally, lower prices for
stocks and foreign exchange. B ather unfavorable news
from Genoa, moreover, has not been without its effect. Dur­
ing the week a commission house put the average increase
in the acreage for the belt at 19%, including 21% in Texas,
26 in Alabama, 24 in Tennessee, Oklahoma and Florida, 23 in
Louisiana, 22 in Arkansas, 13 in Georgia, 11 in North Caro­
lina, and 5 in South Carolina. T his would indicate a total—
purely tentative, of course, at this date— of 37,4G!),000 acres,
based on Government figures, as against 31,472,000 acres
picked last year, according to the W ashington estimate.
Later the W atkins Bureau is understood to have put the in­
crease at an average of 15%. Also, some maintain that the
big rains in T exas w ill prove in the long run beneficial to
Texas. They will, it is claimed, fortify the soil against the
droughts which are apt to a fflict that State during the sum­
mer. And w hereas the temperatures have undoubtedly been
too low recently at night and in the early morning, they lmvelatterly been rising. In any case, the time is not far off when
seasonable temperatures may be expected. Some reports,
too, as regards fertilizers, maintain that there w ill be a very
large increase in their use this year. The fertilizer sales in
M ississippi, it is said, exceed those of last year by 250%, and
those in Alabama and M ississippi by 60%. Since April 1 it
is intimated that sales of fertilizers have also been liberal in
Georgia, North Carolina and South Carolina. There is, it
appears, an abundance of farm anim als. Labor, moreover, is
far more plentiful than in recent years and wages are much
lower. As a *ule, too, labor is said to be more efficient. F i­




[V ol. 114.

nally, prices are about 6c per pound higher for middling than
they were a year ago. It is argued that this is a powerful
incentive to increase the acreage. Besides, cotton is a quick
money crop. And the South wants money and wants it badly.
Meanwhile, curious as it may sound at first, there is a good
deal of bearish sentiment at the South. It seems that hedges
some time ago were put out on a sharp break in the price.
Since that time there has been a substantial rise in the price.
Naturally, such hedges seem to be in no very good shape.
And Manchester has been quiet. There was a delay in set­
tling the wage question, which had a more or less adverse
effect for a time. But now the scale has been settled and
that is out of the way. Operatives have accepted a wage re­
duction of 3s. 3d. in the pound and also agreed to a further
cut of lOd. in the pound to go into effect six months hence.
Meanwhile, sales of yarns and cloths are small. Liverpool
has been dull. Spot sales there have been generally 6,000 to
7,000 bales a day, though on the 27th inst. they were 8,000.
The English trade has lacked snap. Hedging sales have had
some effect in Liverpool, and also a break in Egyptian cot­
ton. There has latterly been a lack of support there. At
Fall River, moreover, there has been a falling off in trade,
although this is partly due to the fact that mills, according
to reports, were averse to selling for forward delivery, con­
fining their business to spot and nearby goods. Still, there
has been an eVident decrease in the demand for prompt de­
livery. At tim es Worth Street has been quiet, even though
sales have latterly increased there. Exports of raw cotton
have of late been small. Sales of the actual cotton at the
South have been light. As for speculation, there has been
less of it here during the last week or so. Stocks and grain
have attracted more attention. Yet there was enough to
bring about what looked to be a rather overbought condition
in the middle of the week, and in a narrow market this
caused some reaction. There has been an idea among cotton
people that the principal speculative markets in and out of
W all Street have for the time being become somewhat over­
bought.
On the other hand, however, prices have not given way
much, nor have they within the last 30 days. New crop
months indeed are higher by a cent or more than they were
60 days ago. May has stood its ground very well, although
the notices during the week have totaled some 31,000 bales.
It is true that at one time the May premium over July was
down to 34 points. On Thursday it was 30. On Tuesday, the
first notice day, the notices amounted to 25,500 bales. But
a surprise aw aited the shorts. The notices were promptly
stopped. T his rallied the price. And there have been cloud­
bursts in Texas. Fort Worth had a rainfall in one day of
SM inches, with floods and destruction of life and property.
>
The levee broke in Concordia Parish, La., and it is believed
that an extensive cotton area in various other parishes will
be flooded. T his happens to be a very productive cotton
country. This break happened on the 26tli inst. And on the
27th another was reported. The river stage at New Orleans
is up to 22.6 feet, the highest on record. Guards are watch­
ing the levees over a great tract of territory up and down
the river, as it is feared there will be further trouble. Apart
from this, temperatures have been too low over the whole
belt. In many cases they have been in the 30’s and 40’s. Of
course, this interferes with germination, as the rains and
floods interfere with farm work and planting. Not Texas
alone had big rains; they have also occurred in Oklahoma.
Arkansas, Louisiana, M ississippi and Tennessee and further
eastward. W hat the belt now needs is a period of dry warm
weather. One report is that the average increase in the
acreage will be 6% and that only 35% of the belt has been
planted, as against a normal of 50% at this time. Mean­
while, consumption is gradually increasing. Mill interests
are believed to be quietly taking cotton. Some statistics take
the ground that the world’s consumption of all kinds this
year looks like 20,000,000 bales, as aganist 16,170,000 bales
last year. The world needs a crop of 13,000,000 bales in
America. Few believe it can be raised without the most re­
markable luck. To-day prices advanced, especially on May.
Its premium over July was much of the day 40 to 45 points,
with large transactions, closing at 46 points over July. There
were further rains in the Southwest, even if not so heavy as
recently. Colder weather w as indicated for Texas, Okla­
homa and Arkansas. Trading w as light, with no striking
features except the business in May, in which there is said
to be an immense short interest against hedges. Closing
prices are 15 to 29 points higher for the week, the latter on
May. Spot cotton closed at 18.35c for middling, a rise for
the week of 30 points.
The following averages of tho difforoncos botweon grades,
as figured from the April 27 quotations of the ton markets
designated by the Secretary of Agriculture, are tho differences
from middling established for deliveries in the N ew York
market on M ay 4.
M id d lin g f a i r .......................................... 1.79
S tric t good m id d lin g .......... ................. 1.38
G o o d m id d lin g ________________. . .94
S tric t m id d lin g _____________
55
S tric t low m id d lin g __________
58
I.ow m id d lin g .......................................1.33
♦ S tric t good o r d in a r y ......................... 2.2 5
♦ G o o d o rd in a ry .....................................3.23
S tr i c t good m id . " y e llo w ” tin g e d . .57
G o o d m id d lin g “ y ello w " t i n g e d .. .08
S tric t m id d lin g “ yellow ” t i n g e d . . .65

on ♦ M id d lin g "y e llo w ” tin g e d ...........1.70 off
on ♦ S tric t low m id . " y e llo w " t in g e d .2 .4 9 off
on ♦Low m id d lin g "y e llo w ” t i n g e d . .3 .3 1 off
on G o o d m id d lin g " y e llo w " s t a i n e d . 1.41 off
off ♦ S tric t m id . "y e llo w ” s ta i n e d ___ 2.2 9 off
off ♦ M id d lin g "y e llo w ” s t a i n e d .. .3 .2 1 off
oft ♦G ood m id d lin g " b lu e ” s t a i n e d . . 1.69 off
off ♦Strict, m id d lin g " b lu e ” s ta in e d . . 2 .4 0 off
on ♦ M id d lin g " b lu e " s ta in e d _______ 3 .2 4 off
♦Theso to n g rad e s a re n o t d e liv e ra b le
on
off u p o n fu tu ro c o n tr a c ts .

A pril 29 1922.]

THE

The official quotation for middling upland cotton in the
N ew York market each day for the past woek has been:
A p r i l 22 t o A p r i l 28—
S a t.
Middling uplands____________ H oi.

M on. T u e s.
18.15 18.25

1931

C H R O N IC L E

W ed. T h u r s. Fri.
18.20 18.15 18.35

T H E V ISIBLE SU PPL Y OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as tho afloat, aro this week’s returns, and consequently
all foreign figures aro brought down to Thursday evening.
B ut to make the total tho com plete figures for to-night
(Friday), wc add the item of exports from tho U nited States,

T he above total show th at the interior stocks have d e ­

creased during the week 34,232 bales and are to-night 559,859

bales less than at the same per'od last year. The receipts a t
all towns have been 47,861 bales more than the sam e w eek
last year.
F U T U R E S .— The highest, low est and closing prices a t
N ew York for the past week have been as follows:
S a tu r d a y , M o n d a y , T u e s d a y , W e d ' d a y , T h u r s d ' y , F r i d a y ,
A p r il 22. A p r il 24 . A p r il 25. A p r il 26. A p r il 27. A p r il 28.

W eek.

M ay—

1919.
599.000
13.000
79,000

979.000 1,050.000 1,316,000
29,000
35,000
15,000
191,000
301,000
341,000
166,000
131.000
18,000
7,000
73,000
126,000
82.000
157,000
29,000
20.000
33,000
10 000
—
2.000

691,000

J u ly —

214,000
5,000
84,000
19,000

A u g u s t—

588,000

592,000

1,567.000
India cotton afloat for Europe __
95.000
American cotton afloat for Europe 367 000
E gyp t,B ra zil,A c.,a flo a t for E ur’c
67 000
Stock in Alexandria, E g y p t.
293.000
Stock in Bom bay, India________ 1.208 000
Stock in U . S. ports____________ 950.851
Stock in U . S. Interior tow ns. . _ 1,008 857
U. H. exports to-day____________
16.201

1,642,000
57,000
237.819
69,000
249.000
1,335,000
1,471,459
1,568,716
11,385

616,000

1,932,000 1,013,000
127,000
20,000
228,821
390,937
36,000
72,000
352,000
118,000
987,000
1,150,000
1,179,998 1,252,415
1.152,136 1,417,004
26.680
5,738

6,641,379 6,127,809 5,332,920
Of the above, totals o f American and other descriptions are as follows:
A m e r ic a n —
399,000
Liverpool stock
916,000
_ 503 000
568,000
52.000
151.000
_ 42.000
77,000
302,000
516,000
500,000
_ 511.000
288,000
390,937
367.000
237,819
. 950 851 1 ,471,459 1,179,998 1,252,415
IJ. S. Interior stocks__
. 1,008 857 1,568,716 1,152,136 1.417,004
26.680
U. S. exports to -d a y ..
5.738
_ 16 201
11.385
4,434,379 4.314,809 3,677,920

T otal American____________
E a s t I n d i a n , B r a z i l . A c .—
Liverpool stock______________
London sto ck ________________
M anchester sto ck ___________
Continental sto ck ___________
India afloat for Europe______
Egypt, Brazil, A c ., aflo a t___
Stock in Alexandria, E g y p t_
_
Stock in Bom bay, India______

- 412,000
.

22,000
77,000
.
95 000
.
67.000
_ 293,000
1.208,000
.2.174,000

200.000
217,000
390,000
13,000
10,060
2,000
27,000
19,000
13,000
20,000
100.000
92,000
127,000
20,000
57,000
36,000
72,000
69,000
352,000
118,000
249.000
987,000
1,335.000 1,150.000
2.207.000 1,813.000 1,655.000
4,434,379 4,314.809 3,677,920

T otal visible supply.
---------- 5,572.( 09 6,641.379 0,127,809 5,332.920
Middling uplands. Liverpool------ 10.21(1.
7.34(1. 25.83d.
17.29d
M iddling upland, Now York------ 18.35c
12 35c 41.25c.
29.15c
E gypt, good sakel, Liverpool----- 20.25d.
19.20c!. 87.00d.
30.08d
Peruvian, rough good, L iverpool. I2 75d.
12 OOd. 50.00(1.
30.00d.
Broach, fine. Liverpool-------------9 05d.
7/10(1.
22.35d.
10.25(1
Tinnoveily. good, Liverpool.......... 10.55d.
7.90(1. 23.50d.
16.50d.

1 7 .0 0 -.7 0 1 7 .5 1 -.7 4 1 7 .6 0 -.8 5 1 7 .5 7 -.7 5 1 7 .5 5 -.7 7 1 7 .5 1 -.8 5
1 7 .6 4 -.6 5 1 7 .7 3 -.7 4 1 7 .6 9 -.7 0 1 7 .6 0 — 1 7 .7 4 -.7 5 --- ---- --1 7 .5 8 -.8 0
1 7 .8 0 — —
1 7 .7 4 — 1 7 . 5 8 .8 0 —
1 7 .7 4 — 1 7 .8 0 b i d 1 7 .7 5 — 1 7 .6 7 — 1 7 .8 2 — --- ---- ---

R a n g e ...........
C l o s i n g ____
S e p te m b e r —

1 7 .6 8 —
1 7 .0 8 —
1 7 .6 5 — 1 7 .7 5 — 1 7 .7 2 — 1 7 .6 6 — 1 7 .8 2 — —

R a n g e _____
C l o s i n g ____
O c to b e r —

R a n g e ...........
C lo s in g ___

H O L I-

DAY.

N o vem b er—

------------ — —
—
—
1 7 .7 0 — 1 7 .7 0 —
1 7 .6 5 — 1 7 .7 2 — 1 7 .7 1 — 1 7 .6 7 — 1 7 .8 5 — —

R ange . _ .
C lo s in g . __
D ecem ber—

1 7 .6 1 -.7 8 1 7 .5 0 -.7 3 1 7 .7 0 -.8 9 1 7 .6 6 -.8 4 1 7 .6 7 -.8 8 1 7 .5 0 -.8 9
1 7 .6 5 — 1 7 .7 2 -.7 3 1 7 .7 2 — 1 7 .7 0 -.7 3 1 7 .8 7 — —

R a n g e _____
C l o s i n g ____
J an u ary—

1 7 .5 7 -.7 3 1 7 .4 7 -.6 6 1 7 .6 0 -.8 0 1 7 .5 8 -.7 7 1 7 .6 1 -.8 0 1 7 .4 7 -.8 0
1 7 .6 1 .6 3 1 7 .6 4 — 1 7 .6 7 -.6 8 1 7 .6 5 — 1 7 .8 0 — —

R a n g e .. ..
C l o s i n g ____
F eb ru a ry—

R a n g e _____
C l o s i n g ____

1 7 .7 0 — 1 7 .6 7 — 1 7 .8 4 — --- ---- ---

1 7 .6 3 — 1 7 .6 6

M a rch —

1 7 .G 4 -.8 0 1 7 .5 1 -.7 0 1 7 .7 5 -.8 £ 1 7 .6 9 -.8 5 1 7 .7 0 -.9 2 1 7 .5 1 -.9 2
1 7 .6 6 -.C 9 1 7 .6 9 — 1 7 .7 3 b i d 1 7 .6 9 — 1 7 .8 8 — —

R a n g e ...........
C l o s i n g ____

N E W Y O R K QUOTATIONS FOR 32 Y E A R S.
The quotations for middling upland at N ew York on
April 28 for each of the past 32 years have been as follows:
1922 ...........18.35c.
1921 -------- 12.30c.
1920 _____ 41.35c.
1 9 1 9 _____ 29.50c.
1 9 1 8 _____26.90c.
1 9 1 7 _____ 20.65c.
1 9 1 6 _____ 12.20c.
1 9 1 5 _____ 10.50c.

1911
1 3.10c.
1 9 1 3 ...........11.70c.
1912
1 1.75c.
1 9 1 1 _____ 15.35c.
1 910_____ 14.85c.
1909 _____ 10.75c.
1908 _____ 10.00c.
1907 _____ 11.30c.

1898 .......... 6.31c.
1897 ______ 7.69c.
1 8 9 6 ______ 8.12c.
1 8 9 5 .......... 6.94c.
1 894 ______ 7.48c.
1 8 9 3 .......... 7.81c.
1 8 9 2 .......... 7.25c.
1 8 9 1 ______ 8.94c.

1906 _____ 11.70c.
1905 ______ 7.70c.
1901
1 3.85c.
1903 _____ 10.75c.
1902 _____ 9.88c.
1 9 0 1 ______ 8.38c.
1900 ______ 9.81c.
1899 _____ 6.19c.

M A R K E T A N D SALES AT N E W Y O R K .
The total sales of cotton on the spot each day during the
week at N ew York are indicated in the following statem ent.
For the convenience of the reader we also add colum ns whieh
show at a glance how the market for spot and futures closed
on same days.
SA LE S.

Spot
M a rk et
C lo s e d .

F u tu r e s
M arket
C lo s e d .

Steady. lO pts. a d v .
Steady, 10 pts adv .
Quiet, 5 pts. dec_
_
Quiet, 5 pts. dec___
Steady, 20 pts. d e c ..

H O LIDA Y
Steady________
Strong________
F ir m _________
Steady________
_
Very Steady_

* Estim ated.

Continental imports for past week have been 79,000 bales.
Tho above figures for 1922 show a decrease from last woek
of 95,145 bales, a loss of 1,008,470 bales from 1921, a decline
of 554,900 bales from 1920 and a gain of 239,989 bales over
1919.

1 7 .0 2 .7 0 1 7 .4 9 -.7 4 1 7 .6 6 -.8 9 1 7 .6 1 -.7 8 1 7 .6 1 -.8 5 1 7 .4 9 -.8 9
1 7 .6 6 .6 8 1 7 .7 3 -.7 4 1 7 .7 0 .7 1 1 7 .6 5 -.6 6 1 7 .8 3 -.8 4 —

_

Total Continental stocks______

- ..........
322,000

R a n g e ........
C lo s in g _ . .

.

Rotterdam, Ac
Barcelona_____
G enoa________
G hent________
A ntw orp---------

______

—
__________ 1 7 .5 7 — 1 7 .5 2 — —
1 7 .5 2 -.5 7
1 7 .7 4 — 1 7 .9 0 — 1 7 .6 0 — 1 7 .5 0 — 1 7 .6 5 — —

R a n g e _____
C l o s i n g ____

_

64,000

at
at
at
at
at

1 7 .S 8 -/0 4 1 7 .8 1 -/1 2 1 7 .9 5 -/2 2 1 7 .9 7 -/1 1 1 7 .9 6 -/2 0 1 7 .8 1 -/2 2
1 7 .9 9 -/0 0 1 8 .0 7 -.0 9 1 8 .0 5 -.0 6 1 7 .9 9 -/0 0 1 8 .2 8 — —

Ju ne—

..b ales. 915.000

T otal Great B ritain---------Stock at H am b urg.................
Stock at Bremen____________
Stock
Stock
Stock
Stock
Stock

R a n g e ____ _
C l o s i n g ____

1920.
1921.
958.000 1,133.000
10,000
2,000
173,000
90,000

1922.

A p r i l 28—
Stock at Liverpool . . .
Stock at London-----

Saturday_
_
M onday_
_
T u e sd a y _
_
W ednesday.
Thursday . .
Friday

S p o t.

C o n t r ’t .

nil

T o ta l.

AT T H E IN T E R IO R TOW NS the m ovem ent— that is,
tho receipts for the weok and since Aug. 1, the shipm ents for
tho woek and the stocks to-night, and the same item s for the
corresponding period of the previous year— is sot out in
detail below:
Movement to
Toums.

Receipts.
Week.

Season.

28 1922.

Shlp- Slocks
Week.
2.8.

Movement to April
Receipts.
Week.

Season.

29 1921.

Ship-

Stocks

Week.

29.

29,825
631
41
5,177
8 ,215
853
19,209
5,813
—
3 ,025
250 4,010
8.003
27
40,111
1,459 20,027
303 30.728
131
4 7 ,000
39,230
537
254 17,432
8,770
238
32 ,1 2 5
30,778
134 12.350
483 13.857
276
4 7 .8 0 7
171,120 3,251 51,379
5,4 4 8 07,332
4,1 1 9 182,602
119,403
1,082 5 0 ,989
401 118,7.50 2 ,2 0 8 75,292
6,015
580 2 ,389
182 0,120
25
10,600
88,822
1,000 31,775
1,950 4 3 ,205
1,725 120,210
212,379 4 ,059 34.380
3,188 35,043
3,710 140.733
323,739
7,279,111,513
5,902 310,840 0 ,8 2 0 140.211
50,501
2.35S 12,599
295 34,372
134
37 630
34,340
1,128 11,882
1,055 10,152
810
4 2 .0 2 0
29,048
100 9,922
003 8.203
59,713
900 3 4 ,700
355 0 0 ,450
320
88 668
19,538
277 3 ,295
2,9 0 0
85
0 051
129,896
1,412 35,110
290 107 810 3,139 01,117
89,184
1,743 27,871
390
80 6.52 2 ,420 43 ,2 4 5
31,744
640 10.521
160 13,001
230
23 740
31,049
527 10,322
300 3,734
17^700
20,157
328 7,799
140 13,182
62
12^425
30,124
612 11,377
2 ,2 5 0 12,102
87
28 251
728,268 4,403 20,457 18,400 667 007 18,780 3 0 ,337
51,001
N .C .,G r nsbefro
3,365 17,882
424
9,109
712
22 516
10,098
R a le ig h ...........
400
352
225
229
187
4 077
82,315
1,133
O k la ., A ltufl—
7,720
1,290 18,924
2 ,550
8 7 ,100
58,238
979 5,787
C h lc k a s h a ..
1,341 11,388
2,154
66 376
00,050
1,218 13,648
O k la h o m a . . .
60 580
142,568
269 32,083
3 . 0 . .Greenville
1,004
1,937 25,591
70 987
13,472
—
G reenw ood . .
9,230
874 10,064
5-42
19.439
817,892 17,149 153,258 1 1,882 806,204 18,880 342,280
T e n n .,M e m p h is
328
_____
_____
004
N a s h v i ll e _
_
1,335
907
81,179
174
402
370
T e x a s, A bilene.
071
3 ,700
1,519 1 16,295
13,021
254 3,5 9 3
180
101 4 ,348
n r e n h a m ___
132
10,750
27,275
204
219
331
200 8,9 0 0
A u stin b___
2 2 ,8 5 0
1,195 .102,172 3,407 24,702
810
D a l la s ______
770 17,451
4 3 ,7 2 2
19,700
_____
—
11,403 ___
4 0 0 0 ,190
H o n e y G ro v e
2 1 ,100
H o u s t o n ____ 22,942 2 ,3 8 1 .7 3 5 33,505 170,052 4 8 ,9 9 5 2,406,891 7 1 ,150 321,342
50,645
4,703
282
885
256
P a r i s _______
1,314 13,001
9 0 ,844
48.027
. . . .
1,448
54 C
S a n A n to n io .
651 1 2,020
4 0 333
01.576
1.248j 8,280
2 ,608 117,553 2,858 20,934
357
F o rt W o r t h . .
o

5

o

A la ., B lrm ’g 'm .
K u f a u la ____
M o n tg o m e ry .
S e l m a ______
A rk ., H elena
L ittle R ock
P in o iiln ff
G a ., A l b a n y . . .
A th e n s ..........
A t l a n t a ____
A u g u s ta . . . .
C o l u m b u s ..
M a c o n ..........
R o m e --------T«a., S h re v ep o rt
M iss.,C olum bus
h iC la r k s d a le . .
G re e n w o o d . .
M e rid ia n ___
N a tc h e z a _
_
V ic k s b u rg ___
Y azoo C i ty . _

A p r i l 28—
S h ip p e d —

Via St. Louis....... .............
Via M ounds, A c_________
Via Rock Island________

630

_____

240
100
94
1.803
289
13
768
2,409
9,001
670
592
10
400
57
84
284
218
31
81
35
4,062
782
428
403
331
015
3,386
400
11,890

T o ta l, 41 tow ns 6 5 .3090.415,3 9 4 99,541 1008857 1 1 3 ,1 7 0 0 ,3 1 2 ,3 0 9 1 5 4 .1 0 8 1568716
u Ijv st y e a r ’s figures, H ugo, O k la .




6 L a st y e a r ’s figures, C la rk s v ille . T e x .

n il

O V E R L A N D M O V E M E N T FOR T H E W E E K A N D
SIN C E AUG . 1.— We give below a statem ent showing the
overland m ovem ent for the week and since Aug. 1, as made
up from telegraphic reports Friday night. Tho results for
the week and since Aug. 1 in the last two years are as follows:
-1921-22-

A p r il

T o ta l

W eek.

____ 4,46.3
____ 3,635
____ 1,450
____ 4,686

Via other routes.
Total gross overland________

D e d u c t S h ip m e n ts —

Since

W eek.

710,565
310,327
7,858
60.572
207,261
336,908

18,786
4,151
451
657
3,246
22,924

.17,925 1,651,491
4,255
.
521
. 2.777

148,743
22,803
325,642

7,553
T otal to be deducted__________ .7,553

497,188

Overland to N . Y ., B oston, A c.
Between interior tow ns________

-1920-21-

S in c e
A u g . 1.

Leaving total net overland t _____ 10,372 1,15-1,303

A u g . 1.
649,458
211,227
30,721
54,098
105,228
329,440

50,115 1,380,172
1,300
2,082
5,346

101,439
29,097
259,966

8,728

390,502

41,487

989.670

t Including movement by rail to Canada.

The foregoing shows the week’s not overland m ovem ent
this year has been 10,372 bales, against 41,487 bales for the
week last year, and that for the season to date the aggregate
net overland exhibits a gain over a year ago of 164,633 bales.
1921-22—
S in c e
,
A u g . 1.
Receipts at ports to Apr. 28______ 86,760 5,059,513
N et overland to Apr. 2 8 __________ 10,372 1.154.303
Southern consump'n to Apr. 28 a . 73,000 2,694,000

117,984
41,487
56,000

A u g . 1.
5,224,957
989,670
2,220,000

-.170,132
T otal m arketed__________
Interior stocks in excess---------- ..* 3 4 .2 3 2

8,907,816
*108,391

215.471
140,998

8,434,627
708,775

Came into sight during w eek. -.1 3 5 ,9 0 0
Total in sight Apr. 2 8 . ...........

8',799'425

N orth'll spinn's'takings to Apr. 28 13,706

1,817,776

In

S ig h t a n d S p in n e r s '
T a k in g s .

W eek.

* Decrease during week and season,
takings not available.

—1920-21S in c e
W eek.

174.473
33,519

9,143,402
1,484,687

a Those figures are consumption:

M ovem ent into sight in previous years:
W eek—

B a l e s . S in c e A u g . 1—
B a le s .
192.0—April 3 0 ..........................139.442 1919 - 20— April 3 0 . . ...........10,706,929
1919—M ay 2 ........................1 5 3 ,2 3 3 1918-19— M ay 2 . . ............ 9,483,267
1918—M ay 3 ................
170.104 1917-18— M ay 3 ------------- 10,601,944

1922

T H E

C H K O N IC L E

Q U O T A T IO N S
FOR
M ID D L IN G
COTTON
AT
O T H E R M A R K E T S .— B elow are th e clo sin g q u o ta tio n s for
m id d lin g c o tto n a t S ou th ern and oth er principal c o tto n
m arkets for each d ay of th e w eek:
C lo s in g Q u o ta tio n s f o r M i d d l i n g C o tto n o n
W ee k e n d in g
A p r i l 8.

S a tu r d a y .

G alveston______
N ew Orleans__
M o b ile ________
S a v a n n a h .. _
_
N orfolk________

1740
17 00
16 50
17 00
17.13

A u g u sta _______
M em p h is______
H ouston_______
L ittle R ock___
D alla s________
Fort W orth___

16 81
17 00
17.25
17 00
16 75
16 65

M on day.

17.40
17 00
16 50
17 00
17 19
18 00
16 81
17 00
17 25
17 00
16 75
16 65

T u esday.

17 40
17.00
10.50
1700
17 25
1800
16 94
17 00
17 30
17 00
16 75
16 75

F r id a y .

W e d ’d a y . T h u r s d ' y .

17.40
1700
L) 50
17 00
17 13
18 00
16 94
17 00
17 20
17 00
16 75
1675

17.40
17 00
16 50
17 00
17 00
18 00
10.88
17 00
17.10
17.00
16 60
1665

17 40
17 00
16.50
17 13
17 25
18 00
17 00
17 25
17 25
17 00
16.75
1615

N EW ORLEANS CONTRACT M A RK ET.
Saturday,
A p r il 2 2 .

M o n d a y,
A p r il 2 4 .

M a y ______ 1 0 .9 9 ------J u ly ................ 1 7 .0 8 -1 7 .0 9
O c t o b e r . . 17.0(5-17.09
D e c e m b e r . 1 7 .0 3 -1 7 .0 5
J a n u a r y . . 1 7 .0 0 -1 7 .0 1
M a r c h ___

Tu esd a y,
A p r il 2 5 .

W ednesday.
A p r il 2 6 .

Th u rsd a y,
A p r il 27

F rid a y,
A p r il 2 8

1(5.81-1(5.83
1(5 0(5-1(5.98
1(5.0(5-10.08
16.95-10.9(5
1 6 .9 4
h id

1 7 .0 4 -1 7 .0 5
1 7 .1 6 -1 7 .1 8
1 7 .0 9 -1 7 .1 2
1 7 .0 3 -1 7 .0 5
1 7 .0 0 -------

1 6 .9 4 -1 6 .9 6
1 7 .0 9 -1 7 .1 1
1 7 .0 6 -1 7 .0 7
1 7 .0 2 -1 7 .0 4
1 6 .9 8 -------

1 0 .8 6 -1 0 .8 7
1 7 .0 4 1 7 .0 5 - 17.00
17.0-1-17.05
1 7 .0 0
b id
1 6 .9 5
b id

1 6 .9 8
b 'd
117.00-1 7 .2 2
7 .2 1
1 7 .2 4 -1 7 .2 6
17.21
1 7 .1 8 -1 7 . 0
1 7 .1 7 -----

S te a d y
S te a d y

S te a d y
S te a d y

Tone —
S p o t _____
O p tio n s . .

S te a d y
S te a d y

S te a d y
S te a d y

S te a d y
S te a d y

S te a d y
S te a d y

W E A T H E R R E P O R T S B Y T E L E G R A P H .— A d v ic e s to
u s b y te le g r a p h from th e S o u th th is e v e n in g in d ic a te t h a t
ra in h a s b e e n q u ite g en era l t h r o u g h o u t t h e S o u th a n d th a t
in th e S o u th w e s t th e p r e c ip ita tio n h a s b e e n p a r tic u la r ly
h e a v y . T e x a s re p o r ts c o o l w e a th o r a n d e x c e s s iv e r a in s in
th e n o r th e r n a n d c e n tr a l p o r tio n s o f th e S t a t e . O ur M o b ile
c o r r e sp o n d e n t r e p o r ts fa v o r a b le w e a th e r w it h sc a tte r e d
sh o w e r s in th o in te r io r . M o b ile fu r th e r r e p o r ts g o o d
p ro g ress in p la n tin g an d c h o p p in g , b u t t h a t e a r ly c o t to n
cr o p s a re a w e e k la t e . F ro m N o r t h C a r o lin a w e lea rn th a t
lit t le fa rm w o rk h a s b e e n d o n e . T e m p e r a tu r e s th r o u g h o u t
th e S o u th h a v e b e e n to o enlH g e n e r a lly .
R a in .

R a in fa ll.

----------- T h e r m o m e t e r -----------

Galveston, Texas......................1 day> 0.02 in. high 78
A bilene....................................... 4 days 3.44 in. hisdi 76
Bronham.................................. 3 days 1.23 in. hip* 86
Brow nsville................
1 day
0.08 in. high 88
Corpus Christ!------------------dry
his* 84
Dallas-------------------------------- 5 days 5.87 in. Idgh 78
Henrietta...........................
5 days 3.03 in. high 75
Kerrvillo------- -------------------- 5 days 2.03 in. h i * 82
Lampasas--------------------------- 3 days 4.92 in. h i * 80
L o n gview ................................ 2 days 4.50 in. high 80
L u l i n g ....................
2 days 2.35 in. high 89
Nacogdoches.....................
4 days 8.90 in. high 85
Palestine............................
3 days 4.06 in. high 82
P ans- - - - - ........... ..............— 4 days 2.89 in. high 87
San Antonio......... .................... 4 days 2.94 in. high 86
T a y lo r.. . . . ---------------------- 4 days 1.97 in. h i g h .,
Weatherford......... ................... 4 days 12.47 in. high 78
Shreveport, La................
5 days 3.27 in. high 82
Mobile, Ala-----------------------dry
high 83
Solma— .................................... ......................... high 85
Savannah, Ga_____________
dry
high 84
Charleston, S. C....................... 2 days 0.n.5 in. high 85
Charlotte, N. O----------------1 17 in. high 76

low 60 mean 72
low 54 moan 65
low 53 mean 70
low 64 mean 76
low 70 mean 77
low 58 mean 68
low 48 moan 62
low 44 mean 63
low 52 mean 66
low 53 moan 67
low 55 mean 72
low 45 mean 65
low 58 mean 70
low 52 mean 70
low 58 moan 72
low 56 mean .
low 55 mean 67
low 53 mean 67
low 51 moan 69
" 44mean 66 M
low
i
low 52
low 52
low 41

mean 66
mean 69
mean 58

T h e follow in g sta te m e n t w e h a v e also received b y tele­
grap h , sh ow in g the height o f tho rivers a t th e p oin ts nam ed
a t 8 a . m . of th e d a tes given:
A pr.

..
g~. 1
.,
Now Orleans________ A bove
M e m p h is ----------------- Abovo
N a s h v ille ___________ A bove
Shreveport----------------A bove
Vicksburg----------------- A bove

zero
zero
zero
zero
zero

.
'
of gauge.
of gauge.
o f gauge.
o f gauge.
o f gauge.

28 1922.
F e e l.

A pr.

29 1921.
F e e t.

22.3
42.1
22.0
21 8
5 5.0

17
29
12
26
42

0
0
9
5
8

R E C E IP T S F R O M T H E P L A N T A T IO N S .— T h e fo l­
low in g tab le in d icates th e actu a l m o v em en t each w eek from
th e p la n ta tio n s. T h e figures do n ot include overlan d re­
ceip ts nor S outhern con su m p tion ; th ey are sim p ly a sta te ­
m en t o f th e w eek ly m o v em en t from th e p la n ta tio n s o f th at
part o f th e crop w hich fin a lly reaches th e m arket through th e
o u tp o rts.

[V ol. 114

C o tto n T a k in g s.
W eek and S ea so n .

1921-22.
W eek.

192C-2I.

S eason .

Receipts at Forts.
1 9 2 1 -2 2 1920-21 1 9 1 9 -2 0

Feb.
1 7 ..
2 4 ..

8 2 .2 7 3
7 6 ,2 6 9

1 9 21-22

Total supply........................... .. 5,932,954 18,685,675 6,858,508 17,175,659
D e d u c t—
1
Visiblo supply April 2 8 . . . . ___ 5,572.909 5,572.909 6,641,379 6,641,379'
Total takings to April 2 8 .a ___
360.045 13,112,766 217.129 10,534,280
Of which Amorican_________
236.045 9,474,746 172.129 7.694.280
Of which o t h e r ................ ......... 124,000 3,638,020
45.000 2.840,000
t Embraces receipts in Europo from Brazil, Smyrna, West Indies, &c.
a This embraces the total estim ated consumption by Southern mills,
2,694,000 bales in 1921-22 and 2,220,000 bales in 1920-21— takings not
being available— and aggregate amounts taken bv Northern and foreign
spinners, 10,418.763 bales in 1921-22 and 8,314,280 balos in 1920-21, of
which 6,780.746 bales and 5,474.280 bales American. 6 Estim ated.

I N D I A C O T T O N M O V E M E N T F R O M A L L P O R T S .—
T h e receipts o f In d ia c o tto n a t B om b ay an d th e sh ip m en ts
from all In d ia ports for th e w eek and for th e season from
A u g. 1, as cab led , for three y ea rs, h avo b een as follow s:
1 921 2 2 .

A p r i l 27 .
Receipts at —
B o m b a y ________

1920 21.

Since
A u g . 1.

W eek.

W eek.

9 7 ,0 0 0 2 .6 7 3 ,0 0 0

E xports
fro m —

7 2 ,0 0 0 1 ,9 7 6 ,0 0 0

1 1 3 .4 4 9
12 2 .8 8 6
1 14 ,6 2 7
1 18 ,9 6 5
1 0 9 ,9 5 3

1 .3 6 0 ,1 3 4
1 .0 4 7 .8 2 8
1 ,2 6 1 .5 9 1
1 .2 3 0 .1 5 2
1 .2 0 3 .1 8 2

7 8 .0 4 0 1 9 3 .2 1 0
9 8 ,8 4 9 177.861

1 .7 1 6 .0 2 0 1 .2 6 6 ,9 1 8 5 5 ,4 8 5 6 6 ,6 8 7
1 .7 0 2 ,6 4 5 1 ,2 4 5 ,8 2 0 4 4 ,4 1 6 7 9 ,5 1 5
1 .6 9 7 ,1 3 9 1 ,2 2 4 ,2 5 8 6 5 ,4 6 7 6 9 ,8 5 8
1 ,6 6 6 ,5 9 3 1 ,2 1 4 .2 2 8 7 1 .2 5 9 4 2 ,3 5 2
1 .6 6 3 .7 9 4 1 ,2 1 4 ,1 0 7 6 3 ,9 6 2 9 0 .1 6 9

1 0 3 ,2 8 8 1 0 3 ,2 9 3 1 .1 4 5 .0 6 8 1 .6 4 6 .6 8 0
9 5 ,4 3 7 9.8 .7 2 0 1 . 0 9 6 .5 17,1.6 2 3 ,6 8 5
9 9 .8 0 3 1 03.524 1 0 1 3 0 8 9 1 .6 0 9 .7 1 4
1 1 7 .9 8 4 6 7 9 6 7 1 0 0 8 5 7 1 .5 6 8 .7 1 6

1 .1 9 0 ,6 4 8
1 ,1 7 9 ,5 3 8
1 .1 6 9 .5 9 7
1 ,1 5 2 ,1 3 6

1 2 3 .4 8 0
1 0 1 .7 8 8
9 3 .0 6 5
1 0 8 .9 3 8
1 0 9 ,8 3 2

5 6 ,9 8 6 8 6 ,0 8 0 8 2 ,8 3 4
6 5 ,5 5 5 7 2 ,5 3 6 8 7 ,6 1 0
4 8 .5 7 1 8 5 ,8 3 2 9 3 .5 8 3
5 2 5 2 8 7 6 ,9 8 6 5 0 ,5 0 6

T h e ab ove sta te m e n t show s: (1) T h a t tho to ta l receip ts
from th e p lan tation s since A u g. 1 1921 are 4 ,8 1 3 ,9 9 8 balos;
in 1920-21 w e r e 5 ,9 3 3 ,7 3 ’ b ales, and in 1919-20 w ere t-,6 )0,773
bales. (2) T h a t alth ou gh the receip ts a t tho ou tp orts the
p a st w eek w ere 8 6 ,7 ;0 bales, th e actu a l m o v em en t from
p la n ta tio n s w as 5 ?,528 bales, th e d ffero m e Ik in g taken f om
stock s a t interior tow n s. L ast year receip ts from tho p la n ta ­
tion s for th e w eek w ere 7 6 ,9 8 6 bales and for 1920 th ey
w ere 50,5C 6 bales.
W O R L D ’S S U P P L Y A N D T A K IN G O F C O T T O N .—
T h e follow in g brief b u t com p reh en sive sta te m e n t in d icates
a t a glan ce tho w orld ’s su p p ly o f c o tto n for tho w eek and
sinco A u g . 1 for the la st tw o season s, from all sources from
w hich sta tistic s are obtainable; also th e tak in gs, or a m o u n ts
go no o u t of sig h t, for th e like period.




8 7 ,0 0 0 2 ,6 2 5 ,0 0 0

Total.

Great
B rita in .

Conti­
n en t.

Japan &
C h in a .

Total.

2 4 .0 0 0
2 4 .0 0 0
1 1 .0 0 0 4 8 .0 0 0 5 9 .0 0 0
2 5 .0 0 0 2 3 .0 0 0 4 8 .0 0 0

T o ta l a ll—
1 9 2 1 - 2 2 ..
1 9 2 0 - 2 1 ..
1 9 1 9 - 2 0 ..

3 6 8 .0 0 0 1 ,2 9 8 ,0 0 0 ^ 1 ,6 9 2 ,0 0 0
nnn i non nnn
4 1 8 .0 0 0
3 7 0 .0 0 0 1 ,4 0 4 ,0 0 0 R 8 4 4 |0 0 0

2 1 .0 0 0
5 ,0 0 0
1 5 ,0 0 0

9 .0 0 0
2 0 .0 0 0
4 4 ,0 0 0

1 4 3 .0 0 0
1 5 4 .0 0 0
1 4 0 .0 0 0

42.00C
45.00C
16.00C 4 8 ,6 6 c 64.00C
3 4 ,0 0 0 2 9 ,0 0 0 6 3 ,0 0 0

3 ,0 0 0
___

2 6 .0 0 0
1 9 .0 0 0
7 0 .0 0 0

1 8 .0 0 0
5 .0 0 0
9 .0 0 0 ' a". 6 6 6

3 ,0 0 0

3 5 .0 0 0
3 9 .0 0 0
1 1 4 ,0 0 0

1 8 ,0 0 0
2 2 ,0 0 0
2 0 7 ,0 0 0

1 7 0 .0 0 0
1 9 6 .0 0 0
3 9 1 .0 0 0

5 1 1 .0 0 0 1 ,3 1 6 ,0 0 0 1 ,8 6 2 ,0 0 0
5 7 2 .0 0 0 ( 1 7 5 .0 0 0 1 ,2 8 6 ,0 0 0
5 1 0 .0 0 0 1 ,6 1 1 ,0 0 0 2 ,2 3 5 .0 0 0

A ccording to the fo regoin g, B om b ay appears to sh ow an
increase com pared w ith la st year in the w eek ’s receip ts of
2 5 .0 0 0 b ales. E xp orts from all In d ia p orts record a loss of
19.000 bales during tho w eek , and sin ce A ug. 1 sh ow an in­
crease o f 5 76,000 bales.
A L E X A N D R I A R E C E IP T S A N D S H I P M E N T S .
1921-22.

1920-2J.

1919-20.

106,253
3,805,211

15,000
5.561,669

S in c e
W e e k . A u g . 1.

S in c e
W e e k . A u g . 1.

S in c e
W e e k . A u g . 1.

Liverpool___________
141.041
M anchester, & c______
116 040
C ontin’t & India____ 5"000 171.317
Am erica____________ 2,000 161 276

3,427 91,177
70,955
4,291 110,325
491 39,700

1,750
1.250
2.250
1.500

A le x a n d r ia , E g y p t,
A p r i l 26.
R e c e i p t s t c a n t a r s )—

This w eek_ ______ ____
_
Since Aug. 1 . _________

E x p o r t s ( b a l e s )—

To
To
To
To

45.000
4,830 000

244.537
140,204
125,425
273,739

Total exports_
_ _ . . 7.000 589 675 8,209 312.157 6,750 783,905
cantar is 99 lbs. E gyptian bales woigli about 750 lbs.

N o te .— A

T his sta te m e n t show s th a t tho receip ts for th e w eek en d ­
ing April 26 w ere 4 5 ,0 0 0 can tars and th e foreign sh ip m en ts
7 ,0 0 0 bales.
M A N C H E S T E R M A R K E T .— Our roport received by
cable to -n ig h t from M an ch ester sta te s th a t tho m ark et in
b oth cloth and yarns is dull b u t ste a d y . M erch a n ts are
b u yin g very sp arin gly. W o g iv e p rices to -d a y b elow and
lea v e thoso for provious w eoks o f th is and la s t y ea r for
com parison:

Receipts fro m Plantations

5 0 ,1 2 8
4 9 ,0 9 2

Since
A u g . 1.

W eek.

S in ce A u g u s t 1.

Great C o n ti­ J a p a n A
B rita in . nent. C h in a .

B om bay—
1 9 2 1 - 2 2 ..
1 9 9 0 - 2 1 ..
1 9 1 9 - 2 0 ..
O th e r I n d ia
1 9 2 1 - 2 2 ..
1 9 2 0 - 2 1 ..
1 9 1 9 - 2 0 ..

1 9 1 9 -2 0 .

Since
A u g . 1.

For the W eek.

323

Coj>
T w ist.

1920 -2 1 | 1 9 1 9 -2 0 1 9 2 1 -2 2 1920-21 1 9 19-20

1
8 3 ,2 9 2 18 9 .7 3 0 1 .4 1 8 .6 4 3 1 .7 2 3 ,2 2 3 1 ,2 7 5 ,9 6 8
8 4 .0 2 3 1 7 7 .9 4 2 1 .3 9 1 ,4 6 6 1 .7 3 7 .4 9 9 1 ,2 7 6 .8 8 7

3 . . 8 6 ,8 1 7 8 8 .1 1 6
1 0 . . 8 4 ,8 3 3 9 2 .8 9 0
1 7 . . 1 2 3 ,5 9 3 7 5 .3 6 4
2 4__ 1 0 2 ,6 9 1 7 2 .SOS
3 1 . . 9 0 ,9 3 2 9 2 .9 0 8
7 . . 1 1 5 ,1 0 0
1 5 . . 1 1 4 ,1 0 6
2 2 . . 1 0 1 ,9 9 9
2 9 . . 8 6 .7 6 0

Stocks at In terio r T o w n s.

S ea so n .

Visiblo supply April 21_______ 5,668,054
6,614,035
Visiblo supply Aug. 1________
6,111,250
4,956,257
American in sight to April 2 8 ...
135,900 8.799,425 174,473 9,143.402
Bombay receipts to April 2 7 ___
97.000 2,673,000
55.000 2,076,000
Other India ship’ts to April 27.
21.000
1,000
203.000
170.000
Alexandria receipts to April 266.000
495.000
10.000
637.000
Other supply to April 2 6 t ____
65,000 6295,000
302.000
4,000

1921-22.
W eek
e n d in g

W eek.

Feb d.
24 17

@
@

S H I h s. S h ir tla g s . C o m m o n
to F i n e s t .

d. a. d.
1814 15 0

3
10
17
24

17
17
17
17

@

1
8
15
22
29

1714
1714
1714
1714
17 H

@ 1814 15
(a) 1814 15
@ 1814 15
@ 1814 15
@ 1814 15

1814
18 ^
18 Vi
1814

15
15
15
15

1920-21.
C o t'n
M id
U p fs

81i l b s . S h i r t in g s . C om m on
to F i n e s t .

32i

?. (! d.
d.
@10 0 10.25 1614
114 @16 114 9.98 1611
1!4@ Ifl 1 1 10 57 1514
4
514 @16 3
10 75 1414
414 @ 10 3 10.09 1414
414 @ 16 3 10.09 10
414 @16 3 10.45 16
414 @16 3 10.23 1614
414 @10 5 10.11 Kill
414 ©16 0 10.21 1614

C op
T w ist

C o t’n
M id .
U p l ’t

@

d.
1914 16 0

@18 0

d.
6.79

@
@
@
@

20 H
1714
1714
1714

16
15
15
15

0
0
6
6

@17
(it 17
@17
@17

6
0
0
0

0.50
0.94
7.31
8.05

@ 19
@ 19
@ 1914
@ 1914
@ 1914

16
16
16
10
10

0
0
0
0
0

@17
@17
@17
@17
@17

6
6
6
0
6

7.21
7.28
7.69
7.24
7.34

S H I P P IN G N E W S .— A s sh ow n on a provious p age, th e
exports of c o tto n from tho U ni tod S ta te s the p ast w eek havo
reached 9 6 ,1 5 6 balos.
T ho sh ip m en ts in d otail, as m ade
up from m ail and telegraphic retu rn s, are as follow s:
T o ta l b a le s •

NEW Y O R K —To Bremen—April 21— Peninsular State, 50______
To Rotterdam— April 22— Sarcoxio, 100........
_
To Havro—April 26— Editor, 642______________
HI
GALV ESTO N —To Liverpool—April 21— Mar Caribo. 8 272
April 24— Bolivian, 4 ,4 5 0 ........................................... . . . . . . . . . .
T o Havre—April 20— Eastern Victor, 9.819_______
T o Barcelona—April 21— Condo Wllfrodo, 1,950.11111111111
T o Genoa—April 26— Dora Baltoa, 4 .1 4 6 --..........
B A LT IM O R E —To Liverpool— April 10— Valomoro, 5 0 0 . . .A pril 27
— N essian, 1,500 .............. ..................................................................
BOSTON— T o Liverpool—April 15— Winifrodian, 4 1 ___
B R U N S W IC K —T o Liverpool— April 26— Parthonia. 3 . 5 5 9 3 ,
HOUSTON— To Liverpool—April 24— West T otant, 4,327.
.
M O B IL E —T o Havro—-April 26— W est Ivis, 8 6 ___________
.
NORFO LK — To Bremen—April 22— Hallgrim, 4.280___
"
To M anchester— April 26— We«t Celina, 1,450
.

50
100
642

12,722
9 819
L950
4 146
'
2.000
41
5 5 9
4,327
86
4,280
1,45#

T H E

A pril 29 1922.]

T o ta l B a le s

N E W OR LEA N S—T o Antwerp— April 21— Andalusier, 192--------M2
T o Liverpool—April 27— Alexandrian, 10,000________________10,000
To Hamburg— April 21— W esterwald, 3 3 7 ...................— ...........337
To Ghent— April 22—Andalusier, 42 2----------------------------------422
T o Bremen—April 21— Westerwald, 4 ,4 9 4----------------------------- 4,494
T o Genoa— April 22 —Nicolaos, 850. ..A p ril 27— Fert, 5 ,8 5 1 -- 6,701
T o Barcelona— April 24—Condo Wilfrodo, 1 0 5 -............................
105
T o T rieste—April 25— Anna, 9 5 0 -----------------------------------------950
T o Venice—April 25— Anna, 3 ,6 7 6
April 26— Carlton, 1,300 4,976
T o Japan—April 25—Eastern Trader, 1 ,5 0 0 --.A p ril 26— Chi­
cago Maru, 2 .6 5 0 -------------------------------------------------------------- 4,150
200
To China— April 25—Eastern Trader, 200_______________ . . .
T o Salonlca— April 26— Carlton. 55 0_____________ _________ 550
352
PH IL A D E L P H IA —To H avre—April 13—V auclin, 3 5 2 __________
SA V A N N A H —T o Liverpool—April 21—Tritonia, 16,700________ 16,700
SE A T TL E — To Japan— April 20— Hawaii M aru, 85 5____________
855
T o ta l__________________________________________ ________ 96.156

C O T T O N F R E I G H T S .— C urrent rates for c o tto n from
N e w Y ork , as furnished b y L am bert & B arrow s, I n c ., aro
as fo llo w s, q u o ta tio n s b ein g in cen ts per pound:
H ig h
D e n s ity .

S ta n d ard .

Liverpool. ,25c. .40c.
Manch’s’r. ,25c. .40c.
Antwerp.. ,22Hc. ,37Hc.
Ghent.......................... ...
Havre___ .22 Ho. .37 Ho.
Rotterdam .22Ho. .37Ho.
,45c.
Genoa.......... 35c.
Christiania 4 7 Ho. .67Ho.

H ig h
D e n s ity .

S ta n d a rd.

Stockholm. .47 He. .67 He.
Trieste...........50c. ,65c.
Flume............50c. ,65c.
,70c.
Lisbon___ ,55o.
.
___
Oporto........... 85o. $1
Barcelona, ,55c. .70c.
Japan......... 50o.
.70c.
Shanghai.. .50c.
•70o.

H ig h
D e n s ity .

S ta n d ard.

Bombay . . ,75c. ,90c.
Vladlvost'k.....................
Gothenb’g. .42 He. .67 He.
Brem en... ,25c. .40c.
Hamburg . ,25c. .40c.
Piraeus_ ,75c.
_
,90c.
Salonlca... ,75c. ,90c.

L IV E R P O O L .— B y cable from L iverp ool w e h a v e the fo l­
low in g sta te m e n t o f th e w eek ’s sales, sto c k s, & c., a t that port:
Sales of the w eek____________ __
Of which American. ................
Actual e x p o r t................... ...............
Forwarded__________ ______ ____
___________
Total sto ck ____
Of which American___________
T otal im ports___________ ______
Of which American___ ______
Amount flo a t..... ................. ...............
Of which American___________

7.
45.000
30.000
2,000
56.000
911,000
494,000
47.000
29.000
184,000
107,000

A p r il

14.
26,000
17,000
3,000
34,000
897.000
483,000
27,000
13,000
201,000
128.000

A p r il

21.
270,000
17,000
3,000
49.000
870.000
460 nno
17.000
8,000
247,000
163,000

A p r il

28
39 0' O
26,( 00
3.000
51.009
915 0 0
503.ono
105 100
82.000
20 ,0°0
136.000

A p r il

T h e to n e of th e L iverpool m arket for sp o ts and futu res
each d ay of the p a st w eek and th e d aily closin g prices of
sp ot c o tto n h a v e been as follow s:
M onday.

S a tu r d a y .

S p o t.

Market, f
12:15 |
P. M. i

Moderate
demand.

F u tu r e s ,

Market
opened

Quiet.

W edn esday.

T h u rsday.

F r id a y .

Moderate
demand.

A fair
business'.
doing.

A fair
business
doing.

10.24
IIOLIDAY.

10.11

10.23

10.20

10.21

7,000

Mld.Upl’ds
S ales.........

T u esday.

6,000

7,000

8,000

6,000

Quiet, un- Quiet but
Steady,
chanced® steady, 2® 6@8 pts.
6 pts. adv. 4 pts. dec. advanco.

f
{

(

Steady,
10® 12
pts. adv.

Market, f
4:30
{
P. M. 1

Steady,
6@8 pts.
decline.

Quiet,
5@6 pts.
decline.

Quiet
5@6 pts.
decline.

Quiet
Steady, Quiet,5 pts.
5@ 10 pts.
9@ 12 pts. dec. to l
decline.
advance.
pt. adv.

P rices of fu tu res a t L iverpool for each d ay are g iv e n below :
Mon.

Sat.
April

22

to

April 28.

|

Wed.

Thurs.

Frl.

12 HI 12H 12 H 4.30 12H> 4.30 12K| 4.30 12HI 4.30 12HI 4.30
p. m.jp. m. p. m. p. m. p. m. D. m. p. m. p. m. p. m.jp. m. p. m.lp. m.
d.

April.............
M ay .............
Jun o...........
J u ly .............
August.........
September . .
October___
November . .
December . .
January___
February . . .
M arch.........

Tu es.

1

d.

IIOLIDAY.

d.
d.
d. 1 d. 1 d. 1 d.
a.
d.
d.
d.
10.14 10.18 10.06 10.12 10.18 10.21 10.15110.16 ___ ___
10.15 10.19 10.07 10.12 10.18 10.21 10.1510.16 10.11 10.06
10.15 10.19 10.07 10.12 10.18 10.21 10.15 10.16 10.10 10.07
10.17 10.21 10.10 10.15 10.22 10.26 10.19 10.21 10.15 10.13
10.14 10.18 10 07il0.llll0.18 10.22 10.16 10.19 10.13 10.12
10.12 10.15 10.05 10.09 10.1510.19 10.15 10.17 10.12 10.10
10.10 10.13 10.03 10.07 10.1410.18 10.13 10.16 10. II 10 09
10.03 10.10 9.99 10.03’10.t0 10.14 10.1010.14 10 09 10 07
10.0-1 10.08 9.97 10.00,10.07110.12 10.08 10.12 10.0 10 06
10.02 10.06 9.95 9.98| 10.05110.10 10.06 10.11 10 06 10 05
10.00 10.04 9.93 9.96 10.03 10.08 10.04 10.09 10.04 10.03
9.99 10.03 9.92 9.95110.10110.06 100210.07 10.02 10.02

BREADSTUFFS
Friday Night, April 28 1022.
F lou r h as been quiet. B u yers are eith er p retty w ell sup­
plied or else they have becom e n ervous because o f the in sta ­
b ility o f w h eat p rices d uring the w eek. In a couple of days
w h eat broke about Gc. Crop reports becam e m ore favorable,
both dom estic and foreign. It is not believed th at supp lies
o f flou r here are la rg e; quite the contrary. T h ey are said in
som e ca ses to be sm all. But ev id en tly they are large enough
to m eet p resen t requirem ents. A nd it w a s noted from tim e
to tim e in som e quarters there w as an in clin ation to sell for
prom pt or nearby delivery a t som e shading, it is said, of
prices. B u t bids have gen erally been w ell under the run of
q u o ta tio n s ; som etim es, indeed, 25 to 50c per barrel, a s buyers
feared fu rth er sp ectacu lar ch an ges in the price o f w heat.
A s for exp ort business, there h as been som e inquiry for fir st
and second clears, o fferin g s o f w hich w ere rather sm all.
M oreover, E uropean bids have been out o f lin e w ith A m eri­
can p rices by considerable. E xp orters’ lim its, in other w ords,
h a v e been much below ask in g qu otation s. T h ere w as an in­
quiry a t le a s t reported for 25,000 bags o f rye flou r. R ussian
m erch an ts purchased 1,120,000 barrels o f E n glish flo u r on
A pril 25, d elivery to be m ade in m onthly shipm ents.
W h eat declined w ith foreign m ark ets w eak, or rather, in ­
d iffe r e n t exp ort dem and, le ss a ctiv e a t tim es, and crop new s
in the m ain favorable. T he w orld’s ex p o rts increased la st
w eek som e 4,200,000 bushels, reaching 13,303,000 bushels.
R um ors w ere a flo a t th a t there had been la rg e p rivate se ttle ­
m en ts by M ay shorts. It broke 5c in one day. F oreign crop
a d v ices w ere m ore favorable, esp ecia lly from A ustralia,
w here ra in s w ere reported. Ita ly p red icts an average crop,
equ al to la s t y ear’s y ield of 192,000.000 b u shels. A rgentina
reports sh ip m en ts so fa r th is y ea r o f 05,500,000 bushels,
a g a in st 26,034,000 la s t y ea r and 88,500,000 tw o yea rs ago.




1923

C H R O N IC L E

T h is y e a r ’s sh ip m en ts w ere said to am ount to 50% o f th e to­
tal a v a ila b le surplus. In d ia’s crop is put a t 355.000.000 bush­
els, a g a in st 251,000,000 la st year. A rgentine ship m en ts w ere
estim ated a t 4,000,000 bushels. T h is caused sellin g on A pril
27. A C hicago d isp atch sa y s there w ill be no sca rcity of
storage room for w h ea t at C hicago, for all the grain th a t can
com e there for d elivery, a s corn and oats w ill be m oved out
if n ecessary.
A C hicago d isp atch o f April 24 said the w h eat trade w a s
upset by unconfirm ed rum ors th at a p rivate settlem en t had
been m ade on 5,000.000 bu sh els o f May w heat.
T he acreage prepared for seed in the three N orth w est
C anadian P rovinces is reported to 28.8% g rea ter th an th at
of la s t year, a g g regatin g 16.483,000 acres.
R eduction o f C anadian railw ay freigh t rates by about 40%
to the 191!) level w ill be m ade before the 1022 crops begin to
move, according to P rem ier N orris o f M anitoba.
On the other hand, som e export bu sin ess h as been done.
S a les w ere estim ated a t 3.500.000 bushels, including som e du ­
rum, partly for Ita ly . M anitoba w h eat also figu red in th e
business. T he visib le supply in the U nited S ta te s decreased
la st w eek 1,636,000 bushels, a g a in st 1.918.000 la st year. The
total, it is true, is still 31,403.000 b u shels a gain st 15.513.000 a
year ago. T he am ount in p assage to Europe, how ever, fe ll
o ff for the w eek 7,840.000 bushels. It w a s said, too, th at
40.000 ton s w ould be taken on T hu rsd ay by Greece, according
to the cables. E urope’s requirem ents are large. Ita ly and
R ussia have been buying, it seem s, h ea v ily in A u stra lia and
th e A rgentine.
A strik in g fea tu re w a s a reported d ecrease o f over 4.000.­
000 b u sh els in the am ount of w heat a flo a t for E urope fo llo w ­
ing la st w eek ’s d ecrease o f over 5.000.000. or a total o f 9,000,­
000 b u sh els in a fortn igh t. T h is w as exp ected to stim u la te
exp ort buying. T h e K an sas S ta te report, m oreover, w as
more b u llish than exp ected . It show ed the low est A pril con­
d ition w ith one excep tion for the p ast 20 years. A lso, the
acreage abandonm ent w as 26.3%, th e la rg est w ith tw o excep ­
tion s in 10 years.
And som e contend th a t if th e h old in gs o f M ay w h ea t are
a s large a s reported, there is virtu a lly no chance th a t a ll th e
ou tstan d in g con tracts can be settled by a d elivery of th e cash
grain. So far, around 1.500 000 b u shels o f cash w h eat h ave
been bought to go to C hicago from the M issouri R iver m ar­
kets, and probably 3,000,000 bu sh els w ill be secured before
th e end o f May.
In G reat B ritain . D enm ark, A ustria. H ungary, Ita ly and
R um ania th e w in ter w h eat crop sh ow s prom ise, and spring
sow in gs have m ade good progress. In G erm any the season is
about a m onth late. In France spring so w in g s h ave been
hindered som ew hat by unfavorab le w eather, and there h as
been som e dam age to the crop. In C zechoslovakia crops are
gen erally looking bad. but su p p lies are liberal. A u stralia
reports good g a in s in V ictoria, w hich should relieve the situ ­
ation som ew hat. T h e European w eath er is now im proving,
but very slow ly, and it is still ch illy and rainy. Crops prom ­
ise gen erally m oderate. A ccording to o ffic ia l reports, spring
seed in gs in R ussia h ave progressed favorably. S oil con d i­
tion s are gen erally sa tisfa cto ry . To-day p rices advanced,
esp ecially on May. T h e Greek order for 1.500 00 b u sh els of
No. 2 M anitoba w as p laced : also, there w as oth er buying of
500 000 b u sh els by the C ontinent, as w ell a s 5i»0 000 bushels
of new crop w inter. Many are holding o ff a w a itin g M ay d e­
liv eries on T uesday. Genoa new s depressed Liverpool 1 to
2%d.. but C hicago p ractically ignored this. S ou th w estern
crop reports w ere som ew hat better, how ever. For th e w eek
there is a declin e o f 1 to 3c, the la tter on May. A t one tim e
the decline w as 2% to 5%c.
D A IL Y CLOSING PR IC ES OF W HEAT IN N FW YO R K .
S a t.

No. 2 red___ _______________ cts.163

M on.

T u ps.

160

155

W ed.

154

D A IL Y CLOSING PR IC ES OF W HEAT FU TURES
S a l.

M an.

T r ie s .

7 h n rs.

154

.
F n.

156H

IN CHICAGO.
W ed.

T h u rs.

fr t.

May delivery In elevator...........cts_147H 145M. MON 139;H J41K M 2)i
1’gK
jr S ,, h a r t
July delivery in elevator-------------- 129H
S e p te m b e r d e liv e ry in e le v a to r ____120

119H

118^

117H

11SH 118H

In d ian corn h as declined partly in sym pathy w ith w heat,
although the visib le supply decreased last week 4,088,000
bushels, a g a in st 2,788.000 in the sam e w eek la st year. T h is
brings the total dow n to 39.058 000 bushels, a gain st 28.279,000
a y ea r ago. Also, at tim es the w eather lias been unfavorable,
retarding the m ovem ent o f the crop. Farm work h a s n atu r­
a lly been slow ed up by such w eather. B u t on the other hand,
the cash dem and h as fa llen off. T he dem and for g rits for
shipm ent to R ussia is sm aller, and the ab sence o f th is b u si­
n ess h a s been felt, alth ou gh there w ere exp ort sa les o f regu­
lar corn of about 1.100,000 b u shels A lso, the w eath er becam e
m ore favorab le for th e new crop. It is estim ated , too, th at
the acreage w ill be about a s large a s th at o f la st year. Also,
larger receipts are exp ected a fte r p lan tin g is fin ish ed . J u st
now, how ever, o fferin g s are sm all. M oreover, seriou s b reaks
on the M ississippi R iver lev ee s w ere reported, causing flo o d s
in Illin o is and Iow a. B ig rain s in the S ou th w est have la t­
terly d elayed farm work. A ll o f w hich, w ith som e rally In
w heat, h as la tterly stead ied p rices som ew hat. To-day p rices
advanced %c. T he Seaboard w as bidding more in C hicago.
Export sa le s w ere liberal. F in al prices w ere unchanged for
the week on M ay and V4c high er on July.
D A I L Y C L O S I N G P R I C E S O F C O R N IN NFW Y O R K .
S a t.

No. 2 yellow................................cte. 7 9 «

M an.

80

T oes.

79

W ed.

79

T h u rs.

79 X

F r i.

79X

19M

THE

C H R O N IC L E

D A IL Y CLOSING PR IC ES OP CORN F U T U R E S IN CHICAGO.
.
S a t. M o n . T ite s .
W ed. T h u rs.
F r i.

May delivery in elevator-------- cts. 6134 fil 34 6034 6034 0034 6134
July delivery in elovator................... 6534 6534 6434 04
6434 6534
September delivery in elevator----- 6734
6734 6634 6634 6734 6734

O ats h a v e flu ctu a ted w ith in very narrow lim its, but at one
tim e w ere l c low er than la st F rid ay in sym pathy w ith w heat.
Yet the visib le supply d ecreased la s t w eek in th is country
2.180.000 bushels, a g a in st 1,400,000 in th e sam e w eek la st
year. T h is reduces the total to 59,753,000 bushels, ag a in st
31.001.000 a year ago. T his, of course, how ever, is still very
large. E xp orters on th e 24th inst. are said to h ave taken
about 750,000 b u sh els; the 27th 200,000 bushels. B u t the
m arket m ade only a slu ggish response to this. It seem ed
equally in d ifferen t to reports th at the total acreage th is year
w ill show a decrease o f 15%, and also to reports th at the
w eath er ea rly in the w eek w a s u n settled over m uch o f the
W est, in terferin g w ith seeding. L ater in the w eek export
dem and fe ll off. On the w hole, the m arket h as lacked snap
not only in the sp ecu lation but a lso in trade in the actu al
oats, w h eth er for hom e trad e or export. T o-day p rices w ere
firm or slig h tly higher. M in n eap olis cash in terests h ave ju st
sold, it seem s, 225,000 bush els to the E ast. B u t the real total
of la te is said to be far larger than this. E xp ort b u sin ess to ­
day w as reported good. F in a l price#, how ever, show a de­
clin e fo r the w eek o f %c.
D A IL Y CLOSING PR IC ES OF OATS IN NF.W YORK.
S a t-

M on.

T u es.

W ed.

T h u rs.

S a l.

M on.

T u es.

W ed.

T h u rs.

F r i.

N o. 2 white__________ ______cts- 49
50
4934 4934 49
4934
D A IL Y CLOSING PRIC ES OF OATS FU T U R E S IN CHICAGO.

May delivery in elovator__,-Cts_
3834 3734 3734
July delivery in elevator_______ 41
4036 40
September delivery in elevator- 4234
4134 4134

3634 3734
3934 4034
4134 4134

F r i.

3734
4034
4134

R ye h a s declined in com pany w ith w h eat, and d esp ite re­
ports o f larger export sales. M ay lon gs h a v e been disposed
to liq u id ate. T h is told on the price. The rum ors about the
foreign dem and w ere p ow erless to o ffse t it. T he trouble is
there h a s been a lack o f con firm ation o f exxiort business.
T h e talk h as not been backed up by actu a l fig u r e s; 100.000
bushels w ere sold on A pril 27. T he v isib le supply fe ll o ff
la st w eek in th e U nited S ta te s 280,000 bushels, a s ag a in st an
increase fo r th e sam e w eek la s t y ea r o f 52,000 bushels. T he
total is still, how ever, 8,407,000 bushels, a g a in st 1,017,000
bushels a y ea r ago. E v id en tly there is no lack o f rye. And
a t the sam e tim e there appears to be a lack o f dem and. The
hom e trade is sm all and th e export inquiry now m oderate.
To-day p rices w ere higher. B ut for the w eek they show a de­
clin e on M ay o f l% c, though Ju ly, on the oth er hand, ended
about l c h igh er than la st F riday.
D A IL Y CLOSING PR IC ES OF RYE FU T U R ES IN CHICAGO.
S a t.

M on.

T u es.

W ed.

T h u rs.

F r i.

11034 169
10734 10734 10834
May delivery In elovator_____ cts.112
July delivery In elevator_________ 10534 10434 10434 10334 104
10434
G R A IN .

W h ea tNo. 2 red__________
No. 2 hard winter__
Corn—
No. 2 yellow ..............
Rye—
No. 2 ...........................

$1 5634
1 5634
7934
1 18

Oats—
N o . 2 white_______- 4934
No. 3 white_______- 48
Barley—
Feeding___________
Nominal
Malting......... .................
76@80

FLOUR.
Spring patents_______ $8 00©$8 50 Barley goods—Portage barley:
Winter straights, so ft.. 6 50© 6 75
No. 1.............................85 75
Nos. 2. 3 and 4 pearl. 5 75
Hard winter straights.. 7 50© 8 00
First spring clears____ 6 00© 6 50
Nos. 2-0 and 3-0_____ 5 75@8600
Rye flour____________ 6 00© 6 75
Nos. 4-0 and 5-0______ 6 00
Corn goods, 100 lbs.:
Oats goods—Carload
Yellow meal_______ 1 70© 1 80
spot delivery_________ 5 15@ 5 30
Corn flour_________ 1 60© 1 70
For o th e r ta b le s u su a lly giv en h e r e, see page 1860.

W E A T H E R B U L L E T IN F O R T H E W E E K E N D I N G
A P R IL 2 5 .— T h e in flu en ces of w eath er on th e crops as
sum m arized in the w eather b u lletin issued b y th e D ep a rtm en t
of A griculture for th e w eek en d in g A pril 25 w ere as follow s:
Higher temperatures favored the development of vogotion and Improved
thecondltion of stock in the West, while most of the week was favorable,
for field operations in other sections. In was somewhat too cool for good
germination and growth of tender crops in the East and South and the
drought continued very serious in Florida. Thousands of acres of farm
lands were under water In Illinois and in tho lower Delta districts of Miss­
issippi and a considerable acreage in contral Louisiana.
Spring seeding making better progress. There was a marked improve­
ment in the condition of soil in most central sections of the country which
permitted of much better progress in tho preparation of corn land and in
seeding spring grains. Oats seeding making good progress in most upper
Mississippi valiey localities, where serious delay had been caused by wot
soil, where the seeding of spring wheat advanced rapidly in tho central
and western portions of the spring wheat belt. It continued too wot,
however, in portions of tho Ohio valley states.
Winter wheat continued to make good progress generally, except in some
western plains sections, particularly in western Kansas, whero it still lacks
vitality while tho crop is yellow and in poor condition on low lands in Ohio
valley localities. Thousands of acres of wheat have been destroyed by
flood in Illinois,and there is considerable complaint of rust in somo south­
eastern localities.
Moisture conditions were favorablo in most of the couthern States for
planting cotton, although the soil was too wot for satisfactory progress
in a few localities especially in tho northorn portions of Georgia and Ala­
bama, while work was interrupted in the northwestern portion of tho belt
b y general rains the latter part of the week.
Planting made excellent progress in Texas and extended to tho extreme
northwestern portion of tho cotton growing area. Tho nights were too
cool, however, for rapid germination in most sections of the belt, although
the early planted cotton that is up made fairly good progress.
In eastern districts tho crop has advanced to tho stage where it is ready
to chop out in sections of tho coastal plain of South Carolina, while chop­
ping progressed favorably in tho moro southeastern districts. Late planted
cotton is germinating slowly in Florida.

THE DRY GOODS TRADE.
New York, Friday Night, April 28, 1922.
In creasin g optim ism is still evid en t in the m arkets for
dry goods. W hile n othing in the n atu re o f a boom is ex ­
pected to develop w ithin the near fu tu re ,a stead y im prove­
m ent is looked for. T he fa ct that m any requirem ents h ave
been d eferred and are now being filled , is one o f th e c h ief




[V ol. 114.

en couraging factors. F urtherm ore, there h a s been a heavy
cu rtailm en t of production w hich is still continuing, and th is
is h elp in g sen tim en t in regard to v a lu es fo r m erch an d ise on
hand. G enerally speaking, th ere app ears to be an increased
d esire on the part o f buyers to do business, and con fid en ce
in prim ary dry goods m ark ets is on a stron ger basis. D u r­
ing the p a st week there h a s been m ore a c tiv ity in both cotton
and other goods. One o f the principal reason s fo r th is lie s in
th e fa c t th at m any buyers had been holding o ff in the hope
th a t low er prices w ould p revail, and the season for placing
orders is now g ettin g late. I f goods are to be had for the
fa ll they m ust be ordered now. P rices are being w ell m ain ­
tained, a s m an u factu rers fe e l th a t the lessen ed consum ption
due to the low er purchasing pow er h as been to a grea t e x ten t
o ffse t by cu rtailm en t o f production a s a resu lt o f the N ew
E ngland strik es. T hey are a lso a w are o f the fa c t th at m oney
for leg itim a te trade purposes is m ore p len tifu l, and is more
e a sily obtainable from banks under a ttr a c tiv e conditions.
A lso, th a t forw ard ordering of goods for converting, etc., is a
leg itim a te proposition and w ith ou t undue b u sin ess risk. A t
present, there seem s to be n oth in g in sigh t to prom ise a
speedy settlem en t o f the w age d isp u tes in N ew E ngland, and
until th ese are settled , cu rtailm en t o f production w ill con­
tinue. In fact, the ex te n siv e cu rtailm en t w hich h a s resulted
from the strik es is being fe lt to a g reater degree than h ereto­
fore in m any quarters, and is a fa cto r th at w ill becom e more
seriou s the longer the str ik e contin u es. On a num ber of
lin es a ffe c te d by the labor troubles, sellin g a g en ts are quot­
ing p rices subject to change w ith ou t notice, ow ing to the pos­
sib ility o f an actu al sh ortage develop in g a t any tim e.
D O M SETIC COTTON GOODS : M arkets for cotton goods
h ave been m oderately a ctiv e during the w eek. A lthough,
w ith few excep tion s, buyers con tin u e to operate in a hand-tom outh way, the volum e of trade is in creasing. M any lin es
of sta p le goods are in lim ited supply, and in som e in stan ces
a ctu a lly scarce, and the h eavy cu rtailm en t o f output resu lt­
ing from the N ew E ngland strik es is being serio u sly fe lt in
m any quarters. A fa ir ly good dem and h as been reported for
print cloths, notably w ide cloth s fo r early d elivery. In q u iries
h ave a lso been received for la te r d eliveries, but a s a rule,
m ills are not inclined to accept orders for shipm ent beyond
June a t p revailin g prices. T h ere h as been a b etter dem and
from jobbers for m ercerized goods and the h igh er grade cot­
tons. S h eetin gs fo r the bag trade h ave sold qu ite freely,
w h ile there con tin u es to be a fa ir dem and fo r exp ort from
F ar E astern points. T h ere h a s been m ore b u sin ess placed in
the fin e goods d ivision o f the m ark et during the p ast few
d ays than for a num ber o f w eek s past, but in view o f the fa ct
th at w age cond ition s are still u nsettled, m any m an u factu rers
do not care to go beyond June in th eir com m itm ents. T h ere
con tin u es to be a good dem and for sh irtin g cham brays, and,
according to reports, som e o f the larger m ills h ave sold their
output and h ave w ith d raw n from the m arket. A fea tu re in
the situ ation during the w eek lias been the im provem ent in
the dem and for te x tile s th at go to the au tom obile trade, nota­
bly cloth s required for up h olsterin g and tire purposes, and
buying o f th is ch aracter is exp ected to continue. M oderate
dem and for w ash goods continues. P rin t cloth s, 28-inch,
64 x 64’s construction, are listed a t G%c and the 27-inch,
64 x 60’s, at 6%c. Gray goods in tho 39-inch, 68 x 72’s, are
quoted at 8%c and the 39-inch 80 x 80’s a t 10% c.
W OOLEN G O O D S : M oderate a c tiv ity p rev a ils in m ar­
k ets for w oolen goods, and it is now settled th at p rices w ill
go higher. The recent announcem ent m ade by the A m erican
W oolen Company o f price ad van ces on its w ool lin e s and
som e o f its w orsted lin es h as been follow ed by announce­
m ents o f price a d van ces from independent m an ufacturers.
T he upw ard tendency o f p rices is no doubt due to higher
priced wool and the new ta r iff. T he ta r iff bill, if p assed in
its present form , w ill m ake certain a s till h igher level o f
wool valu e at the ports. T he outlook fo r w oolen goods has
been brightened by the im proved outlook for cloth in g m anu­
facture, a s R ochester m an u factu rers and unions h ave agreed
upon plans for increasing production a t a low er cost. R e­
ports h ave been current o f m ore a ctiv e dem and for w orsted s
a s a result of im provem ent in the jobbing trade. E ven in
fan cy w orsteds there has been a little m ore business. D ress
goods are m oving in greater volum e, although buying has
lacked w h at could be term ed buoyancy. S ellers, how ever,
are op tim istic over th e outlook. In the w om en’s w ear d iv i­
sion o f the m arket there h as not been much a ctiv ity , but in ­
d ication s point to a good dem and for cloak in gs and coatin gs
la ter on.
F O R EIG N D R Y GOODS : L inens h ave ruled q u iet during
the w eek, w ith the p rincipal dem and con fin ed to d ress lin ­
en s and dam asks. S ellin g a g en ts report th at reta ilers are
m aking no e ffo rt to a n ticip a te th e tariff, n otw ith stan d in g
the fa c t th at the proposed rates w ill m ean high er p rices a ll
along the line. M any in the trade are a t a lo ss to understand
the situ ation , as it is a know n fa c t th at stock s in the hands
o f retailers are not over large. C onditions abroad rem ain
quiet, w ith spinners con tin u in g to cu rtail production. A l­
though there is a fa ir inquiry reported for brown linens,
there is little buying, p articu larly for d eferred d elivery.
B urlap s have developed decided stren gth during the w eek,
although there h as been no reason to account for the firm ­
n ess excep t th at o fferin g s fo r spot d elivery have been light.
Spot lig h t w eigh ts are quoted a t 4.75 and h ea v ies a t 6.65c.

TH E

A pril 29 1922.]

C H R O N IC L E

19 3 5

“ N e w s & O bserver” on tho op in ion o f A ssooiate J u stic e W .
A . H oke:

f t a t e m x&

J u s t i c e H o k o , w r i t i n g t h e o p i n io n o f t h o c o u r t , r e v i e w e d t h e c o n s t i t u ­
tio n a l p ro v is io n s r e q u ir in g t h e le g is la tu re to p r o v id e a fre e sc h o o l s y s ­
t e m c o m p u l s o r y f o r s ix m o n t h s t e r m e a c h y e a r a n d c h a r a c t e r i z e d t h e
c o u n t i e s a s “ g o v e r n m e n t a l a g e n c i e s t h r o u g h w h ic h t h e l e g i s l a t u r e m aya c t in t h o p e r f o r m a n c e o f t h i s d u t y a n d in m a k i n g i t s m e a s u r e e f f e c t i v e . ”
A r iz o n a ( S t a t e o f ).— Tax B o n d I s s u e P r o p o s e d .— *1
T h e s e c o n s t i t u t i o n a l p r o v is i o n s w e r e u p h e l d in t h e i r i m p e r a t i v e n a t u r e
to slow collection o f ta x e s ,” reports th e Los A ngeles ‘‘T im e s ,” in B o a r d o f E d u c a t i o n o f A l a m a n c e C o u n t y v s . B o a r d o f C o m m i s s io n e r s ,
1 8
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April 2 4 , ‘‘anoth er tax bond issu e is to bo m ade b y tho S ta te , m7is s N .n e r.s ,3 0 5 :4 B o.a rC . ,o f4 6 9d; uC o tl ilioen vosf. G roam v i li lses io n eurn t o f vF .r aB o airn C fo C n tm .­
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if a bill introduced to -d ay in tho S onate is p a sse d .”
145 N . C ., 47 0 .
" I t, w o u l d p r e s e n t , i n d e e d , a n i n c o n g r u o u s a n d m o s t d e p l o r a b l o c o n d i ­
C a n a d a (D o m in io n o f ) .— B o n d s S o ld i n th e U n ite d t i o n , ” r e a d s t h e o p i n i o n , “ i f t h e G e n e r a l A s s e m b l y h a v i n g t h u s p r o v id e d
fo r
m
sor
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nce
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sch
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S ta te s . — A sy n d ica te headed by J . P . M organ & C o, m a k a c o o vp uilo n s y a ls t t e f odr a a d e q o n t e h a n d u s ul i ca b l o ohools s w e r ef onr o tt h a ll p u re d s teo.
e pr
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and em bracing B row n B rothers & C o.; H arris, F orbes & A n d w o a r e o f t h e o p i n io n t h a t t h o p r o p o s e d b o n d is s u e w i t h t h o r e q u i r e ­
t
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C o.; B a n k of M ontreal; F irst N a tio n a l B ank; N a tio n a l muetn a tchoants ttiht u t li o a n sl mnaadcet m oe nt h e ncd uin t t e se b e arseopnaai d l eoe xh e c Sstea toef ish eh p o u geh s
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C ity C o.; th e G u aran ty C o. of N e w York; B an k ers T ru st c o n f e r r e d o n t h e a u t h o r i t i e s t o e n a b l e t h e m t e p r o p e r l y m a i n t a i n t h e p u b l i c
C o.; D illio n , R ead & C o.; L ee, H iggin son & C o ., an d K idder, s c h o o ls o f t h e S t a t e . ”
" T h i s b e i n g t h e l a w a p p l i c a b l e , ” a n d A s s o c ia t e J u d g e d e c la r e s , “ w e
P eab od y & C o. offered this w eek , and q u ick ly so ld , $ 1 0 0 ,­ c a n s e e n o r e a s o n a g a i n s t t h e V a l id i t y o f t h i s p r o p o s e d b o n d i s s u e , t h e
000,000 5% 20 to 30-year (o p t.) coupon or registered gold p u r p o s e b e i n g t o p r o c u r e f u n d s t o c o n s t r u c t t h e n e c e s s a r y s c h o o l b u i l d or ho
i t
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refunding b o n d s. T h e b on d s w ere offered to in v esto rs a t onugss cfo u ntti e s por fo pt e re m a a no e n a A cned ow es ix r em o n tth si msp r eosos le dt e wmi t hi n t ht e e o b jaerci ­
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a
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t i o n t h a t t h e m e a s u r e is in v i o l a t i o n o f S e c ti o n 4 , A r t i c l e V , o f t h e C o n ­
par and accrued in terest.
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Further d etails o f this offerin g m ay b e fo u n d in our s hiet u ciroe n ,i t w fh et rheeb yS t ah o i n eanie r ao f A n sye m b r y o nis apsrso h ii b ti it o d of r o c o r p’lernadt ii o n
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‘‘C urrent E v e n ts an d D iscu ssio n s” D e p a r tm e n t and in an e x c e p t t o a i d t h e c o m p l e t i o n o f r a i l r o a d s u n f in i s h e d at. t h e t i m e o f a d o p ­
t i o n o f t h o c o n s t i t u t i o n o r in w h ic h t h e S t a t e h a s a d i r e c t p e c u n i a r y I n t e r ­
ad vertisem en t appearing on a preceding p age o f th is issu e.
e s t u n l e s s b y a v o t e o f t h o p e o p l e . ’ “ T h a t , a s i t s t e r m s i m p o r t , is a n
i n h i b i t i o n o n g i v in g o r l e n d i n g t h e c r e d i t o f t h e S t a t e t o t h i r d p e r s o n s ,
D e s M o in e s , I o w a .— Reversal in City's Financial Policy.
in d iv id u a ls o r c o rp o r a tio n s a n d o f th e k in d c o n te m p la te d in th o p ro v i­
io
a
l c t
t
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A resolu tion in trod u ced in tho C ouncil on A pril 24 b y M rs. s h en sl a a nfd l c mna i h aevnea nncoe porfo p e rS taapt p - iw ad ieo ns c ho o a sbyosnt e m is s u q u nreecde s s o r y t h o
t
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nt
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C . II. M orris, forbidding tho p a y m en t of o b lig a tio n s of S t a t e g o v e r n m e n t a n d i m p o s e d a s a p r i m a r y d u t y o n t h e S t a t e i t s e l f b y
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oth er years from th is year’s funds, w as a d o p te d b y th e e x p Ne s sr pcraonv is hoen ss eocfo tnhdo o boj n c tt iou t i o n . t h o a p p e l l a n t b e a ll o w e d t o p r e v a i l
" o
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C ou n cil, reports th e D os M oin es ‘‘R egister of A pril 2 o . t h a t t h o s t a t u t e w ill i m p o s e u p o n t h e c o u n t i e s o f t h o S t a t e a n o b l i g a t i o n
t o r e p a y t h e a m o u n t o f m o n e y s o lo a n e d t o t h e m w i t h o u t a v o t e o f t h e
T ho “ R eg ister” says in part:
p e o p le t h e r e o n a s r e q u i r e d b y A r t i c l e V I I , S e c ti o n 7 , o f t h e C o n s t i t u ­
T h o r e s o lu tio n m o a n s t h a t h u n d r e d s o f c r e d ito r s o f th o c i t y h o ld in g
tio n .
I t is s a id b y a w r i t e r o f a p p r o v e d m e r i t t h a t a c o n s t i t u t i o n s h a ll
w a r r a n t s iiK K rc^ntinpj $ 1 4 1 ,0 0 0 i w liiclx w e ro I s s u e d I n o t h e r j c i i r s w i l l n o t
b o c o n s t r u e d o n b r o a d a n d l i b e r a l l in e s a n d ko a s t o g i v e e f f e c t t o t h e I n t e n ­
b e p a i d o u t o f t h e c u r r e n t y e a r 's f u n d s .
t io n o f t h e p e o p le w h o a d o p t e d i t .
B la c k n o n I n te r p r e t a t i o n , 3 rd E d itio n ,
T n o C o u n c i l ’s e d i c t f o r b i d s t h e C i t y T r e a s u r e r f r o m r e c o g n i z i n g tv
p a g e s 7 5 - 7 6 . A n d t o t h a t e n d i t is h e l d t h a t t h e i n s t r u m e n t s h o u ld b e
r a n t s iss u e d in o th e r y e a rs fro m th e 1 J2 2 a p n io p r ia tio n .
c o n s id e r e d a s a w h o lo a n d c o n s t r u e d s o a s t o a llo w s ig n i f ic a n c e t o e a c h
Y e s t e r d a y ’s a c t i o n is a d i r e c t r e v e r s a l o f t h o p o l ic y f o llo w e d b y a l l p r e ­
a n d e v e ry p a r t o f it if t h is c a n b o d o n e b y a n y f a ir a n d re a s o n a b le in te n d c e d in g C i t y C o u n c i l s .
P r i o r to 1 9 2 0 t h e c i t y s d e b t f u n d e d a n d r e f u n d e d ,
in c re a se d y e a r b y y e a r.
E v e ry C o u n c il p a id th e d e b ts o f th e p re c e d in g
nU“ A p p l y i n g t h i s p r i n c i p l e , t h e r e s t r i c t i o n c o n t a i n e d i n t h i s A r t i c l e V I I ,
y e a r fro m c u r r e n t y e a r f u n d s le a v in g th o a m o u n t i t w a s
in t h e r e d
to
S e c ti o n 7 , w h i c h p r o h i b i t s t h e c o u n t i e s , c i t i e s a n d t o w n s o r o t h e r m u n i ­
bo f in a n c e d th e n e x t fis c a l y e a r in th e s a m e m a n n e r .
T h e u n fu n d ed
c ip a l c o r p o r a t i o n s f r o m c o n t r a c t i n g d e b t s o r l e v y i n g t a x e s e x c e p t f o r n e c e s ­
I n d e b t e d n e s s l tc q u e a th e d t h e B a r t o n a d m i n i s t r a t i o n t w o y e a r s a g o w a s in
s a r y o x p e n ses u id e s s a p p ro v e d b y a m a jo r ity o f q u a lif ie d v o te r s th e r e in
e x c e s s o f t h e t h e a m o u n t o f m s l c e ll a n e p u s b i l l s n o w o w e d b y t h e c i t y .
m u s t b e u n d e rs to o d to r e fe r to d e b ts a n d ta x e s f u r th e r in g lo c a l m e a s u re s
H o w e v e r , in p a y i n g th o b i ll s o f e a r l i e r a d m i n i s t r a t i o n s , h e B a r t o n a d m i n ­
a n d d o n o t e x te n d to a S ta te - w id e m e a s u r e o f t h e I n s ta n t k in d , u n d e r ­
i s t r a t i o n so l im it e d its o w n f u n d s t h a t p a r t o f i ts o b lig a tio n s h a d to bo
t a k e n in o b e d ie n c e t o a s e p a r a t o p r o v is i o n o f t h o C o n s t i t u t i o n a n d in w h ic h
p a s s e d o n t o t h e p r e s e n t C o u n c i l.
.
t h e c o u n t i e s a r e , a s s t a t e d , e x p r e s s ly r e c o g n i z e d a s t h e g o v e r n m e n t a l
R e fu s a l o f th o C o u n c il y e s te r d a y to re c o g n iz e th o in d e b te d n e s s p a s s e d
u n i t s t h r o u g h w h ic h t h e g e n e r a l p u r p o s e m a y b o e f f e c t i v e ."
.<
d o w n m e a n s o n e o r tw o t h i n g s , e x p e r t s in m u n i c i p a l f in a n c o a g r e o .
The
B u t t h e c o u r t w a r n s t h a t t h o u p h o l d i n g o f t h e b o n d is s u e d o e s n o t c a r r y
a m o u n t " i n t h e r e d ” w ill h a v e t o b e m e t b y b o n d i s s u e o r d o b t o r s w ill h a v e
w ith It u n r e s tric te d p o w e rs " a r b i tr a r y a n d w ith o u t lim it a s to a m o u n t.”
to b r i n g s u i t a n d t a k o j u d g m e n t a g a i n s t t h e c i t y .
I t h a s b e e n p o in te d o u t
“ A n d i f t h e s c h o o l a u t h o r i t i e s , ” t h o o p i n io n c o n t i n u e s , “ d e p a r t i n g f r o m
t h a t b o n d s iss u e d to m e e t th e s e o u ts ta n d in g w a r r a n ts p r o b a b ly w o u ld n o t
a n y a n d a ll s e n s e o f p r o p o r t i o n s h o u ld e n t e r u p o n a s y s t e m o f e x t r a v a ­
s o il a s w e ll a s e a r l i e r a n d m o ro a t t r a c t i v e o f f e r in g s o f c i t y b o n d s .
Bond
g a n t e x p e n d i t u r e , c le a r ly a m o u n t i n g t o m a n i f e s t a b u s e o f p o w e r s c o n f e r r e d ,
b u y e r s a n d c i t y o f f i c ia l s , w h o r e f u s e d t o b o q u o t e d , d e c l a r e t h a t s u c h a n
t h e i r a c t i o n m a y w e ll b e c o m e t h e s u b j e c t o f j u d i c i a l s c r u t i n y a n d c o n t r o l . "
is s u e w o u l d n o t b o s a l a b l e .
. . . .
. . .
I n t h e e v e n t c r e d i t o r s h o l d in g t h o w a r r a n t s g o t j u d g m e n t a g a i n s t t h o
P e a c e C reek D r a in a g e D is t r ic t , P o lk C o u n t y , F la .—
c i t y t h e y c o u ld p r o b a b l y c o ll e c t f r o m t h o c i t y ’s j u d g m e n t f u n d , i t is s a i d .

NEWS

I TEMS

Due

T h e “ R eg ister” calls a tte n tio n to tho fa ct th a t th e
C ou n cil’s a ction is in h arm ony w ith tho fin d in g of th e
D istrict C ourt in th e case b rought b y W illiam A . P oairs,
w hich held up th e issuance of certificates of in d eb ted n ess
to p ay old d eb ts. T h e “ R eg ister” of J a n . 14 1922 h ad tho
follow ing to say regarding tho filing of tho injunction:
A p e t i t i o n a s k i n g t h e D i s t r i c t C o u r t t o r e s t r a i n c i t y o f f i c ia l s f r o m p a y i n g
c e r t i f i c a t e s o f i n d e b t e d n e s s f r o m t h o c u r r e n t y e a r ’s c o n s o l i d a t e d f u n d w a s
f ile d l a t e y e s t e r d a y a f t e r n o o n b y W il l ia m A . P e a i r s .
A n o p i n io n w a s
h a n d e d d o w n b y th e C o u rt la s t O c to b e r d e c la rin g t h a t th o p a y m e n t o f s u c h
d e b t s f r o m th o c o n s o l i d a t e d f u n d is i ll e g a l .
T h o p e t i t i o n e r c la i m s t h e o p i n io n d o e s n o t s p e c i f i c a l l y r e s t r a i n c i t y
o f f i c ia l s f r o m p a y i n g th e ; c e r t i f i c a t e s a n d s a y s t h a t t h e y h a v e b e e n q u o t e d
a s s a y i n g t h a t t h e y w ill a g a in r e s o rt, t o t h e p r a c t i c e o f a n t i c i p a t i n g t h e
r e v e n u e in t h o c o n s o li d a te d f u n d b y t h e i s s u a n c e o f c e r t i f i c a t e s .
T h e C o u r t is a s k e d t o m a k e a n a m e n d m e n t t o t h e o r i g i n a l d e c is i o n
e n jo i n i n g t h o C i t y C o u n c i l a n d o t h e r o f f i c ia l s f r o m t a k i n g t h o a c t i o n
d e c l a r e d i lle g a l in t h o o p i n io n .

D e f a u lt i n I n t e r e s t . — A p p aren tly th is d istriot lias failed to
cash th e in terest coupons w h ich cam o duo A pril 1. In ti­
m a tio n of d efa u lt h avin g occurred h a v in g b een g iv en us in
a telep h on e call, w e wero inform ed upon in q u iry o f A . B .
Leach & C o ., a g en ts for th e d istrict, th a t th e y cou ld m ake
no sta te m e n t oth er th an th a t th oy h ad n o t y e t received
funds for p a y m e n t o f th e in terest.
P o r t la n d , O re.— N o tic e to H o ld e r s o f P o r tla n d 's W a te r
B o n d s , D a te d S e p t. 1 1910.— W m ..A d a m s, C ity T reasurer,
requ ests tho holders of th e follow in g w ater b on d s, d ated
S e p t. 1 1910, to com m u n icate w ith h im im m ed iately:
N o s . B 1 0 0 t o 1 4 6 i n c l u s iv e .
N o s . B 1 9 0 t o 2 5 6 i n c l u s iv e .
N o s . B 3 2 2 t o 3 4 6 i n c l u s iv e .

R h o d e I s la n d ( S t a t e o f ) .— Legislature Adjourns.—
B o th branches o f th e legislatu re, w hich had b een in session
sin ce early in J an u ary, adjourned on A pril 2 1 .
B u sin ess accom plished during th e session , according
to th e “ P rovid en ce J o u rn a l,” included th e p assage o f the
follow ing: R esolu tion s p roviding for referendum s to th e
voters a t th e N ovem b er election of p rop osition s auth oriz­
in g th e issu an ce of $ 2 ,0 00,000 P rovid en ce cou rt h ou se,
$350,000 N e w p o r t cou rt h o u se, $ 500,000 S ta te h igh w ay
sy stem bridge rcon stru ction and repair, $ 600,000 P en al
In stitu tio n im p rovem en t, and $250,000 A rm ory com p letion
bonds; an a ct to le v y an addition al ta x of 3 cen ts for th e
su p p ort of S tato roads and to accep t provision s of the F ed ­
eral H igh w ay A ct; acts granting th e c ity o f P rovid en ce
au th ority to borrow $400,000 for d evelop m en t of m un icip al
w harf a t F ield ’s P o in t and $70,000 for th e purchase o f a
fire boat; acts au th orizin g th e city of C entral F alls to issue
$100,000 h ig h w a y , $150,000 w ater an d $ 1 25,000 sew er
bonds; an act em pow ering the tow n of J o h n sto n to issue
$100,000 bon d s for school b uildings an d oth er purposes;
M is s is s ip p i ( S t a t e o f ) .— T a x B ill f o r 1922 a n d 1923 S ig n e d . an a ct g iv in g th e tow n of E a st P rovid en ce a u th o rity to issue
— A ccording to a sta te m e n t p ublished in tho V icksburg $100,000 h igh w ay b on d s.
T h e “ P rovid en ce Jou rn al” on A pril 22 p ublished th e
“H e r a ld ,” tho G overnor has signed a bill lo v y in g a tax of
8 m ills for tho S tato for 1922 and 1923, and provid in g for a follow in g list of im p ortan t m easures passed and d efeated
m axim um tax of tho sam e am ou n t for tho cou n ties for general bv th e legislature:
A n a c t t o p r o v i d e f o r t h e e n f o r c e m e n t o f n a t i o n a l p r o h i b i t i o n in R h o d e
c o u n ty purposes.

H a n c o c k C o u n ty (P . O. F in d la y ) , O h io .— S u it to P r e ­
v e n t B o n d I s s u e . — T ho T oled o “ B la d o ” reports th a t su it to
provont tho C ou n ty C om m issioners from issu in g $ 9 2,000
bonds to furnish funds for th e c o u n ty ’s share of tho c o st of
deopening an d w idoning tho R ock y F ord C reek, in con ju n c­
tion w ith W ood C o u n ty , w as brou gh t on A pril 22 in C om m on
P leas C ourt a t F in d lay, b y P rosecutor H a rla n F . B u rk ot,
w ho contonds th a t th e p roperty affected could n o t bear the
h ea v y tax and th a t tho c o u n ty is n o t b en efited to tho ex te n t
of tho 25% w hich a board of arbiters ap p oin ted b y G overnor
D a v is decid ed should bo H an cock C o u n ty ’s sharo of tho
co st o f $ 3 7 1,000. ,
T h o “ B lad o” p oin ts o u t th a t tho su it a tta c k s tho “con ­
stitu tio n a lity of section s of th e O hio D itc h C odo p erm ittin g
boards of arb itration to fix assessm en ts ag a in st cou n ties
in jo in t im p rovem en ts w hore C o u n ty C om m issioners are
unable to agree w ith o u t allow in g th e cou n ties in v o lv e d th e
right to sta rt proceedings in error or a p p e a l.”

N o r th C a r o lin a ( S t a t e o f ) .— S u p r e m e C o u r t H o ld s S ch ool
B u ild in g L o a n F u n d C o n s titu tio n a l. — On April 19, according
to tho “ R aleigh N ew s & O bserver,” th e N o r th C arolina
Suprem o C ourt u n an im ou sly decided th a t a fiv e m illion
dollar S ta te bond issue, th e proceeds of w h ich are to be
used in furnishing funds to co u n ties for sch ool b uildings
w as valid . T h e “ N ew s & O bserver” reports th a t this
decision w as handed dow n in th e caso o f B . R . L a cey , S ta te
T reasurer, v s. tho F id elity B an k of D u rh am , w hich w as
b rou gh t before Judge W . A. D e v in in W ake C ou n ty in M arch,
w lion it w as held th a t tho bond issu e, w hich tho bank had
oontracted to purchase, w as valid and c o n stitu tio n a l in
all resp ects. W e reprint below com m en ts m ade b y the




Is la n d •
A n a c t t o r e o r g a n i z e t h e P e n a l a n d C h a r i t a b l e C o m m i s s io n .
A n a c t p la c in g jitn e y s a n d b u s e s u n d e r th e r e g u la tio n o f t h e P u b lic
U t i l i t i e s C o m m i s s io n .
_
.
,
,
A n a c t c r e a t i n g a n a d d i t i o n a l S u p e r io r C o u r t j u s t i c e s h i p .
R e s o l u t i o n s p r o p o s i n g r e f e r e n d u m s o n S t a t o b o n d I s s u e s a s f o llo w s :
$ 2 0 0 0 ,0 0 0 f o r a n e w P r o v i d e n c e c o u r t h o u s e . $ 3 5 0 ,0 0 0 f o r a n e w N e w p o r t
c o u r t h o u s e , $ 5 0 0 ,0 0 0 f o r r e c o n s t r u c t i o n a n d r e p a i r o f b r id g e s o n S t a t e
h i g h w a y s y s t e m . $ 6 0 0 ,0 0 0 f o r i m p r o v e m e n t s t o P e n a l i n s t i t u t i o n s , $ 2 5 0 ,­
0 0 0 to c o m p le te A rm o ry o f M o u n te d C o m m a n d s .
A n a c t t o s e c u r e m o r e a d e q u a t e e c o n o m ic s u p p o r t a n d m o r o e f f i c i e n t
a d m i n i s t r a t i o n o f p u b l ic s c h o o ls .
A n a c t a p p r o p r i a t i n g $ 2 5 ,0 0 0 f o r t h e r e l i e f o f d i s a b l e d e x - s e r v ic e m e n
o u t o f e m p lo y m e n t.
..................._
_
.
. „
.
A n a c t le v y in g a n a d d itio n a l 3 - c e n t ta x fo r t h e s u p p o r t o f S t a te r o a d s
a n d a c c e p t i n g p r o v is i o n s o f F e d e r a l h i g h w a y a c t .
A n a c t p r o v i d i n g f o r a n i n q u i r y i n t o t h o f ie l d f o r a m o t h e r s ' p e n s io n
in
th is S ta te .
,
,
,
„ „
,
>
A n a c t c r e a tin g a j o in t s p e c ia l c o m m itte e o n la w s o f S t a t e r e la tin g to
w om en.

19 2 6

T H E

A n n e t r o - c r e a t i n g t h e C o m m i s s io n o n F o r e i g n a n d D o m e s t ic C o m ­
m erce.
A n a c t a p p r o p r i a t i n g $ 2 0 ,0 0 0 f o r e x t e r m i n a t i n g m o s q u i t o .
A n a c t p r o v id in g t h a t c h ild r e n f r o m 14 to 16 m a y w o rk o n ly a f t e r c o m ­
p le tin g 6 th g r a d e o r its e q iv a le n t.
A n a c t a p p r o p r i a t i n g 3 5 0 ,0 0 0 t o p a y r e m a i n i n g s o ld i e r s ’ b o n u s e s a n d
p r o v i d i n g f o r e n d o f lif e o f b o n u s b o a r d .
A n a c t c h a n g i n g e n d o f f is c a l y e a r o f S t a t e f r o m D e c . 31 t o N o v . 3 0 .
A c t s a u t h o r i z i n g c i t y o f P r o v id e n c e t o h i r e $ 4 0 0 ,0 0 0 f o r i m p r o v e m e n t s
a t F i e l d ’s P o i n t a n d $ 7 0 ,0 0 0 f o r a f i r e b o a t .
B ills

W h ic h

D id

N ot

Get

F avorable A c tio n .

T h e f o llo w in g m e a s u r e s w e r e e i t h e r k i ll e d o n t h e f lo o r o f o n e b r a n c h
o f t h e G e n e r a l A s s e m b l y d u r i n g t h e p a s t s e s s io n o r w e r e le f t in c o m m i t t e e
a t fin a l a d jo u r n m e n t.
U n l e s s o t h e r w i s e i n d i c a t e d , m e a s u r e s d i e d in c o m ­
m itte e .
ill'
S e v e r a l a c t s t o r e d u c e t h e le g a l m a x i m u m o f w o r k i n g h o u r s f o r w o m e n
a n d c h ild re n fro m 54 to 4 8 a w e e k .
A n u m b e r o f a c ts to p r o h ib it n ig h t w o rk fo r w o m e n a n d c h ild re n .
A n a c t e s ta b lis h in g E a s te r n s ta n d a r d tim e a s R h o d e I s la n d s ta n d a r d
tim e .
D e f e a t e d in S e n a t e .
A n a c t le g a l iz i n g d a y l i g h t s a v i n g t i m e in R h o d e I s l a n d .
A r e s o lu tio n p r o p o sin g a n a m e n d m e n t to t h e C o n s titu tio n fp r th o a b o li­
t i o n o f t h e p r o p e r t y q u a l i f i c a t i o n in c it i e s .
S o v e r a l r e s o l u t i o n s p r o p o s i n g t h e a b o l i t i o n o f t h o p r o p e r t y c la u s o fo r th o
w h o le S t a t e .
R e s o l u t i o n s p r o p o s i n g r e f e r e n d u m s o n t h o f o llo w in g b o n d is s u e s : $.3.­
0 0 0 .0 0 0 f o r a n e w W a s h i n g t o n B r id g e ; $ 7 0 0 ,0 0 0 f o r a n e w S t a t e o f f ic e
b u i l d i n g : $ 4 0 0 ,0 0 0 f o r a n e w b u i l d i n g a t t h e C o lle g e o f E d u c a t i o n .
A n a c t e x t e n d i n g s e a s o n fo r t r a p p i n g f r o m F e b . 1 to A p r il 1 5 .
A n a c t p r o v i d i n g f o r r e g i s t r a t i o n o f P r o v i d e n c e v o t e r s in w a r d s .
A n a c t g i v in g C o m m i s s io n e r o f I n d u s t r i a l S t a t i s t i c s p o w e r t o r e q u i r e
m a n u f a c tu r e rs to fu rn is h s tr ik e d a ta .
A n a c t t o r e g u l a t e s iz e s , w e i g h ts , t i r e p r e s s u r o , A c ., o f v e h ic l e s o n p u b l ic
ro ad s.
A n a c t t o e s t a b l i s h e d a w id o w e d m o t h e r s ’ p e n s io n s y s te m .
A n a c t to p r o te c t m o th e r s a n d c h ild r e n d u r in g th e m a t e r n i t y p e rio d .
A n a c t t o e s t a b l i s h a n o l d - a g e p e n s io n s y s te m .
A n a c t f o r t h e r e g u l a t i o n o f n u i s a n c e s c a u s e d b y o f f e n s iv e o d o r s .
A r e s o l u t i o n g i v in g F r e d e r i c k E . S h a w t h e r i g h t t o s u e t h e S t a t e .

BOND CALLS AND REDEMPTIONS
S p r in g s, A r c h u la ta C o u n ty , C o lo . — Bonds
Called.— A n issue o f $ 1 7 ,5 0 0 w ater b on d s has b een called
P a g o sa

for retirem ent' mid p a y m en t w ill be m ado through B on w ell,
P hillip s &'C o., D e n v e r . In terest ceases M a y 21 1922.

BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
A D A M S C IV IL A N D S C H O O L T O W N S H IP (P . O . F o r t W a y n e ),
A l l e n C o u n t y , I n d . — BOND OFFERING. — G . E . C . S c h a f e r , T r u s t e e o f
A d a m s C iv il a n d S c h o o l T o w n s h i p , w ill r e c e iv e s e a le d b id s u n t il 12 m .
M a y 5 f o r $ 1 5 0 ,0 0 0 c o u p o n h ig h s c h o o l b u ild in g b o n d s .
D e n o m . 60 fo r
$ 1 ,0 0 0 e a c h a n d 180 fo r $ 5 0 0 e a c h .
D a te M a y 6 1922.
P rin c ip a l a n d
s e m i-a n n u a l in te r e s t ( J a n . 6 a n d J u ly 6) p a y a b le a t th e D im e S a v in g s A
T r u s t C o . in F o r t W a y n e , I n d .
D u o s e m i- a n n u a lly b e g in n in g J u ly 6 1 9 2 3 .
C e rtifie d c h e c k fo r 5 % o f th e a m o u n t o f b o n d s b id fo r. p a y a b le to th o a b o v e
tru s te e , re q u ire d .
B o n d s d o t t o b e s o ld f o r le s s t h a n p a r a n d a c c r u e d i n t .
A K R O N , S u m m i t C o u n t y , O h i o . — BOND SALE. — T h o f o l l o w i n g f o u r
is s u e s o f 5 % c o u p o n o r re g is te r e d b o n d s o ffe re d o n A p ril 25 (V . 114, p . 1449)
w e re s o ld to a s y n d ic a t e c o m p o s e d o f W . A . H a r r im a n & C o ., I n c .; H a m b le to n A C o .; R i c h a r d s , P a r is h A L a m s o n , a ll o f N e w Y o rk , a n d th e M e r ­
c h a n t s L o a n A T r u s t Co. o f C h i c a g o , a t t h e i r b i d o f $ 1 , 2 5 4 , 8 5 0 ( 1 0 4 . 5 7 0 8 ) ,
a b a s is o f a b o u t 4 .4 5 % .
$ 5 0 0 ,0 0 0 5 5 - 6 - y e a r ( a v e r a g e ) s t r e e t b o n d s .
D a te M a rc h 1 1922.
D ue
y e a r l y o n M a r c h 1 a s f o llo w s : $ 5 6 ,0 0 0 , 1 9 2 4 a n d 1 9 2 5 : $ 5 5 ,0 0 0 ,
1 9 2 6 : $ 5 6 ,0 0 0 , 1 9 2 7 ; $ 5 5 ,0 0 0 , 1 9 2 8 : $ 5 6 ,0 0 0 , 1 9 2 9 : $ 5 5 ,0 0 0 , 1 9 30;
$ 5 6 ,0 0 0 , 1 9 3 1 ; a n d $ 5 5 ,0 0 0 in 1 9 3 2 .
3 0 0 . 0 0 0 13 5 - 6 - y e a r ( a v e r a g e ) s e w e r a g e d i s p o s a l b o n d s .
D a te A p ril 1
1922.
D u e y e a r l y o n A p r i l 1 a s f o llo w s : $ 1 2 ,0 0 0 in e a c h o f th o
e v e n y e a r s a n d $ 1 3 ,0 0 0 in e a c h o f t h e o d d y e a rs f ro m 1 9 2 4 to 1 9 4 7 ,
in c lu s iv e .
2 0 0 .0 0 0 13 5 3 - y e a r ( a v e r a g e ) t r u n k s e w e r b o n d s .
D a te A p ril 1 1 9 2 2 .
D uo
y o a r ly o n A p r il 1 a s fo llo w s : 1 9 2 4 , $ 8 ,0 0 0 ; 1 9 2 5 , $ 8 ,0 0 0 ; 1 9 2 6 ,
$ 9 ,0 0 0 ; 1 9 2 7 , $ 8 ,0 0 0 ; 1 9 2 8 . $ 8 ,0 0 0 ; 1 9 2 9 , $ 9 ,0 0 0 ; 1 9 3 0 , $ 8 ,0 0 0 ;
1 9 3 1 , $ 8 ,0 0 0 ; 1 9 3 2 . $ 9 ,0 0 0 ; 1 9 3 3 , $ 8 ,0 0 0 ; 1 9 3 4 , $ 8 ,0 0 0 : 1 9 3 5 ,
$ 9 ,0 0 0 : 1 9 3 6 , $ 8 ,0 0 0 ; 1 9 3 7 . $ 8 ,0 0 0 ; 1 9 3 8 , $ 9 ,0 0 0 : 1 9 3 9 . $ 8 ,0 0 0 ;
1 9 4 0 , $ 8 ,0 0 0
1 9 4 1 , $ 9 ,0 0 0 ; 1 9 4 2 , $ 8 ,0 0 0 ; 1 9 4 3 , $ 8 ,0 0 0 ; 1 9 4 4 ,
$ 9 ,0 0 0 : 1 9 4 5 , $ 8 ,0 0 0 ; 1 9 4 6 , $ 8 ,0 0 0 ; 1 9 4 7 , $ 9 ,0 0 0 .
2 0 0 .0 0 0 1 3 1 4 - y e a r ( a v e r a g e ) s tr e o t b o n d s .
D a t e A p ril 1 1 9 2 2 .
D uo
y e a r l y o n A p r il 1 a s fo llo w s : 1 9 2 4 , $ 8 ,0 0 0 : 1 9 2 5 , $ 8 ,0 0 0 ; 1 9 2 6 ,
$ 9 ,0 0 0 : 1 9 2 7 , $ 8 ,0 0 0 : 1 9 2 8 , $ 8 ,0 0 0 ; 1 9 2 9 , $ 9 ,0 0 0 ; 1 9 3 0 , $ 8 ,0 0 0 :
1 9 3 1 , $ 8 ,0 0 0 ; 1 9 3 2 . $ 9 ,0 0 0 ; 1 9 3 3 . $ 8 ,0 0 0 : 1 9 3 4 , $ 8 ,0 0 0 : 1 9 3 5 ,
$ 9 ,0 0 0 ; 1 9 3 6 , $ 8 ,0 0 0 : 1 9 3 7 . $ 8 ,0 0 0 ; 1 9 3 8 . $ 9 ,0 0 0 : 1 9 3 9 , $ 8 ,0 0 0 ;
1 9 4 0 . $ 8 ,0 0 0 : 1 9 4 1 , $ 9 ,0 0 0 ; 1 9 4 2 , $ 8 ,0 0 0 ; 1 9 4 3 , $ 8 ,0 0 0 ; 1 9 4 4 ,
$ 9 ,0 0 0 ; 1 9 4 5 . $ 8 ,0 0 0 : 1 9 4 6 , $ 8 ,0 0 0 ; 1 9 4 7 , $ 9 ,0 0 0 .
D e n o m . $ 1 ,0 0 0 .
I Y in c ip a i a n d s e m i - a n n u a l i n t e r e s t ( M . & S .) p a y a b le a t
t h e N a t i o n a l P a r k B a n k in N o w Y o r k C i t y .
T h e b o n d s a ro b e in g o ffe re d
b y th o a b o v e s y n d ic a t e a t p r ic e s to y ie ld fro m 4 .2 5 % to 4 .2 0 % , a c c o r d in g
to m a t u r it ie s .
T h o o f fic ia l a n n o u n c e m e n t s ta t e s t h a t th e s e b o n d s a ro
le g a l i n v e s t m e n t s f o r s a v i n g s b a n k s a n d t r u s t f u n d s in N e w Y o r k , M a s s a ­
c h u s e tts , C o n n e c tic u t a n d e ls e w h e re .
T h e a n n o u n c e m e n t a ls o s t a t e d t h a t
th e b o n d s a re to bo a p p ro v e d b y S q u iro , S a n d e rs A D e m p s e y , o f C le v e la n d .
T h o fo llo w in g b id s w e re r e c e iv e d :
Bidders—
Premium.
R ic h a r d s . P a ris h A L a m s o n ; W . A . H a r r im a n & C o .. I n c .; H a m b lo t o n & C o . : M e r c h a n t s L o a n A T r u s t C o _____________________________ $ 5 4 , 8 5 0
R . M . G r a n t - & C o ______ ______________________________________________________ 5 4 . 8 0 0
A . T . B e l l A C o . ; G e o . B . G i b b o n s & C o . , _____________________________ 5 3 , 6 4 0
G r a u , T o d d A C o .; I I . L . A lle n & C o .; C h a s e S e c u r itie s C c r p .; B a r r
& S c h m e l t z e r .................................................................
5 1 .8 5 6
W m . R . C o m p to n C o .; B a n k e r s T r u s t C o .: R . L . D a y & C o .; H a n ­
n a h s , B a l l i n & L e o : R e m i c h , H o d g e s A C o ______ ________ _____________5 1 , 3 4 8
G u a r a n t y C o .: A m e s , E m e r ic h & C o .; S e c o n d W a r d S e c u r . C o r p _ - 5 0 ,0 4 0
H a l s e y , S t u a r t A C o . I n c . ; E . 11. R o l l i n s & S o n s : N o r t h e r n T r u s t C o 4 5 , 1 2 5
E s t a b r o o k A C o .: H a y d e n , M ille r & C o .; H a r r is , F o r b e s A C o .;
N a t i o n a l C i t y C o ___________________________________________________________ 4 0 , 3 0 8
S t a c y A B r a u n ; E l d r e d g e A C o . ; K i s s e l , K i n n i c u t t & C o ............... ........... 3 8 , 5 2 0
S id n e y , S p ltz e r A C o .: K e a n e , H ig b io & C o .; F e d e ra l S e c u ritie s
C o r p . ; P a i n e , W e b b e r A C o . ; B . J . V a n I n g o n C o ________________ 2 5 , 9 4 8

Financial Statement.
A c t u a l v a l u e , e s t i m a t e d _______________________________________________$ 4 0 0 , 0 0 0 , 0 0 0
A s s e s s e d v n l u o , 1 9 2 1 ________
3 5 0 ,1 9 6 .2 6 0
T o t a l b o n d e d d e b t , i n c l u d i n g t h i s i s s u e ____________________________
2 0 6 2 2 361
W a t e r d o b t ........................................................ ....................................: $ 1 0 , 2 1 1 , 0 0 0
S i n k i n g f u n d ...............................
1 ,8 2 2 ,3 0 8
S p e c i a l a s s e s s m e n t d e b t ________________________________
1 , 7 9 7 ,4 3 3
N e t . d e b t ( l e s s t h a n 2 % o f a s s e s s e d v a l u a t i o n ) ___________________
6 ,7 9 1 ,6 2 0
P o p u l a ti o n , 1 9 2 0 C e n s u s , 2 0 8 .4 3 5 .
ALABAM A
( S t a t e o f ) . — BOND OFFERING.— S e a l e d b i d s w i l l b o
r e c e i v e d b y t h e B o n d C o m m i s s i o n a t t h o o f f i c e o f t h o G o v e r n o r In M o n t -

g o m e r y u n t i l 12 m . M a y 2 4 f o r $ 3 , 0 0 0 ,0 0 0 4 5 3 % s e r i e s “ A ” c o u p o n t a x - f r e e
( w i t h p r iv i le g e o f r e g i s t r a t i o n ) p u b l i c r o a d , h i g h w a y a n d b r id g e b o n d s .
D e n o m . $ 1 ,0 0 0 o r m u l t i p l e s t o s u i t p u r c h a s e r . D a t o J u n o 1 1 9 2 2 . P r i n .
a n d s e m i - a n n . l n t . ( J . & D . ) p a y a b l o a t t h e o f fic o o f t h o S t a t e ’s f is c a l a g e n t
in N . Y . C ity .
D u o $ 5 0 0 ,0 0 0 y e a r l y o n J u n o 1 f r o m 1 9 3 0 t o 1 9 3 5 In c l.
C e r tif ie d c h e e k , p a y a b lo to th o o r d e r o f t h e S ta to T r e a s u r e r, fo r 2 % o f
b o n d s b i d f o r , r e q u i r e d . A ll w r i t t e n b i d s t o b o a d d r e s s e d t o H o n . T h o m a s
E . K i l b y , C h a i r m a n o f t h o B o n d C o m m i s s io n .
L e g a l i t y o f b o n d s w ill b o
a p p ro v e d b y S to re y . T h o r n d ik e , P a lm e r & D o d g e o f B o s to n .
T h e o f f ic ia l n o tic e o f th is o ffe r in g m a y be f o u n d a m o n g th e a d v e r tis e m e n ts
e lse w h e re i n th is D e p a r tm e n t.

A L H A M B R A , Los Ange les C o u n t y , C a lif .— B O N D E L E C T I O N T O
B E H E L D .— T h o L o s A n g e le s " T i m e s




[V ol. 114.

C H R O N IC L E

s ta t e s t h a t r e s o lu tio n s c o v o rin g

t w o b o n d is s u e s o f i m p o r t a n c e h a v o b e e n a d o p t e d b y t h o C i t y C o m m i s s io n
a n d w ill b o s u b m i t t e d t o th o v o t e r s a t a n e le c t io n o n J u n o 6 . T h e is s u e s
a r o : $ 3 0 0 ,0 0 0 b o n d s f o r s o w e r m a i n s a n d a t r e a t m e n t p l a n t , a n d $ 5 0 ,0 0 0
f o r th o e r e c t i o n o f a n A m e r i c a n L e g io n m e m o r ia l h a ll a n d c iv ic a u d i t o r i u m .

A L L E N C O U N T Y (P. O. Fort Wayne), I nd . —

BO N D

O F F E R IN G .—

E . G . K a m p e , C o u n t y T r e a s u r e r , w ill r e c e i v e s e a l e d b i d s u n t i l 10 a . m .
M a y 5 f o r $ 1 7 ,0 0 0 5 % L a f a y e t t e T o w n s h i p r o a d b o n d s .
D enom . $850.
D a te M a y 1 1922.
I n t . M a y 15 a n d N o v . 15.
D u e $ 8 5 0 e a c h s ix m o n t h s
f r o m M a y 15 1 9 2 3 t o N o v . 15 1 9 3 2 i n c h
B o n d s n o t t o b o s o ld f o r lo ss t h a n
p a r a n d w ill b e a r i n t e r e s t f r o m M a y 5 1 9 2 2 .

AL L I A N C E , S tar k C o u n ' y , Ohio. — B O N D O F F E R I N G .— S o i le d b i d s
w ill b o r e c e iv e d u n t i l 12 m . M a y 1 b y C h a r lo s O . S ilv o r , C i t y A u d i t o r , f o r
$ 1 0 ,0 0 0 5 % s t o r m s o w e r b o n d s .
D e n o m . $ 1 ,0 0 0 .
D v te A p r i l 15 1 9 2 2 .
P r i n . a n d s e m i - a n n u a l i n t e r e s t p a y a b l e a t t h o o f fic o o f t h e S in k in g F u n d
T ru s te e s .
D u e $ 1 ,0 0 0 y e a r l y o n S e p t . 1 f r o m 1 9 2 3 t o 10 3 9 i n c l u s iv e .
C e r ti f ie d c h e c k f o r 3 % o f t h e a m o u n t b id f o r , p a y a b l o t o t h e C i t y T r e a s u r e r ,
re q u ire d .
AN A H U A C

IND EPENDENT

SC H O O L

D I S T R IC T ,

Cha mbers

C o u n t y , T exas .— BONDS R E G S I T E R F D .— O n A p r il 17 t h e S t a t e C o m p ­
t r o l l e r o f T e x a s r e g i s t e r e d $ 1 5 ,0 0 0 6 % 5 - 4 0 - y c a r b o n d s .
A N G O L A , S te ub e n C o u n t y , I nd .— B O N D S A L E .— T h o $ 1 0 ,0 0 0 6 %
c o u p o n w a t e r b o n d s o f f e r e d o n A p r il 14 ( V . 1 1 4 , p . 1 5 6 5 ) w e r e s o ld t o t h e
F l e to h e r - A m e r ie a n C o . o f I n d i a n a p o l i s a t p a r a n d a c c r u e d I n t e r e s t , p l u s a
p r e m i u m o f $ 7 4 7 ( 1 0 7 .4 7 ) .
D a t e O ct,. 1 10 31.
D u o y o a rly o n O c t. 1 a s
fo llo w s : $ 1 ,0 0 0 . 1 9 3 9 ; $ 4 ,0 0 0 , 1 9 4 0 , a n d 8 5 ,0 0 0 in 19 4 1 ; o p t i o n a l a n y i n t e r e s t ­
l a y i n g d a t e a f t e r t e n y e a r s . T h e f o llo w in g b i d s w e r e r e c e iv e d :
F l o te h e r - A m e r . C o . , I n d i a n a p ’s _ $ 7 17 S t e u b e n C o . S t a t e B k . , A n g o la _ _ $ 4 5 0
C l y d e C . C a r l i n , A n g o l a ________ 710
\ n g o l> B k . A T r . C o . , A n g o l a . . 2 8 5
M e y e r - K i s e r B a n k , I n d i a n a p o l i s 01,3 P e o p lo ’s S t a t e B a n k , I n d i a n a p ’s . 2 0 0
H a n c h e t.t B o n d C o . , C h i c a g o ___ 511
A N T H O N Y S P E C IA L T A X S C H O O L D I S T R I C T (P. O. Ocala),

Marion C o u n t y , Fla . — B O N D S A L E . — T h e $ 1 0 ,0 0 0 7 % s c h o o l b o n d s
o f f e r e d o n A p r i l 1 8 — V. 1 1 4 , p . 1 6 8 5 — h a v o b e e n a w a r d e r l t o t h e B a n k o f
D u n n c l lo n a t 1 0 1 , a b a s is o f a b o u t 6 . 9 4 % .
D a to J a n . 1 1922.
D u o $ 5 ,0 0 0
y e a r l y o n J a n . 1 In 1 9 3 2 a n d 1 9 4 2 .
A R C H B O L D , F u lt o n C o u n t y , O hio. — B O N D S A L E .— T h o f o llo w in g
t w o is s u e s o f 6 % c o u p o n b o n d s o f f e r e d o n A p r il 17 (V . 1 14, p . 1 6 8 5 ) w e r e
s o ld t o W . L . S l a y to n A C o . , o f T o l e d o , at, p i r a n d a c c r u e d i t i t e r o s t , p l u s a
p r e m i u m o f $ 5 6 7 5 0 ( 1 0 2 .’>7). a b a s is o f a b o u t 5 . 5 ° % :
$ 4 ,5 0 0 ( c o r p o r a ti o n p o r ti o n ) s ’ r e e t g r a d i n g , d r a i n i n g a n d p a v i n g b o n d s .
D e n o m . $ 5 0 0 . D u o $ 5 0 0 y e a r l y o n S e p t . 1 f r o m 1 9 '3 t o 1 9 3 1 , in c l.
2 0 ,5 0 0 ( p r o p e r t y o w n e r s ’ n o r ti o n ) s t r e e t g r a d i n g , d r a i n i n g a n d p a v i n g
bonds.
D e n o m . 1 f o r $ 5 0 0 a n d 9 0 f o r $ 1 ,0 0 0 e a c h .
D u o e a c h s ix
m o n t h s a s fo llo w s : $ 1 ,0 0 0 f r o m M a r c h 1 1 9 ° 3 to M a r c h 1 1 9 3 1 :
$ 1 ,5 0 0 S e p t . I 1 9 3 1 , a n d $ 2 ,0 0 0 o n M a r c h 1 1 9 3 2 .
D a t o A p r il 1 1 9 2 2 .
A R I Z O N A (Stat e o f ) . — N O T E S A L E .— A n A p r il 2 2 t h o B a n k e r s T r u s t
C o . o f N o w Y o r k p u r c h a s e d $ 1 ,5 0 0 ,0 0 0 4 V( % t a x - a n t i c i p a t i o n n o t e s ,
m a t u r i n g in 6 0 d a y s , a t p a r p l u s a p r e m i u m o f $ 1 0 0 , e q u a l t o 1 0 0 .1 0 .
A R L I N G T O N , Middlesex C o u n t y , Mass.—
t e m p o r a r y l o a n o f $ 1 0 0 ,0 0 0 w a s s o ld o n A p r il
C o . o f B o s t o n o n a 3 .9 8 % d i s c o u n t b a s is p l u s
A p r il 2 0 1 9 2 2 .
D u o N o v . 7 1922. T h o a b o v e
l a s t w e e k ’s I s s u e o f t h o " C h r o n i c l e ” o n p a g e

T E M P O R A R Y

L O A N .— A

14 t o t h e O ld C o l o n y T r u s t
a p re m iu m o f $3 75.
D a to
c o r r e c t s t h o r e p o r t g i v e n in
1803.

AS H L AND S CH O O L D I S T R I C T (P. O. Ash land), Ash la nd C o un ty,

O hio .— B O N D O F F E R I N G . — J . L. G r i n d l e . C l e r k o f B o a r d o f E d u c a t i o n ,
w ill r e c o iv o o i d s u n t i l 12 m . M a y 2 f o r $ 3 1 ,0 0 0 5 5 4 % s c h o r l b o n d s . D e n o m .
$ 1 ,0 0 0 .
D a t e A p r i l 1 1 9 2 2 . P r i n . a n d s o m l - a r n . i n t . ( A . A O .) p a y a b l o
a t th o F a r m e r s B a n k , A s h la n d .
D o e y e o r l v r n O c t . 1 a s fo llo w s : $ 2 ,0 0 0 ,
1 9 2 3 t o 1 9 3 6 , I n c l ., a n d 8 3 ,0 0 0 . 1 9 3 7 . C e r t i f i e d c h e c k f o r 5 % o f a m o u n t
b id fo r, p a y a b le to th e C le rk o f th e B o a r d , r e q u ir e d .
AU BU RN , K in g C o u n t y , Calif.— B O N D E L E C T I O N — O n M a y
$ 4 5 ,0 0 0 g e n e r a l a n d $ 3 0 ,0 0 0 w a t e r w o r k s b o n d s w ill b o v o t e d u p o n .

2

A U X I L I A R Y E AS T ER N CA N A L I R R I G A T I O N D I S T R IC T , Mari.
copa C o u n t y , Ariz. — B O N D S N O T S O L D .— T h e $ ° ,0 0 0 ,0 0 0 c o u p o n b o n d s
n o t t o e x c e e d 7 % i n t e r e s t o f f e r e d o n A p r il 14— V . 1 1 4 . p . 1 3 ° 7 — w e r o n o t
s o ld , a s n o s a t i s f a c t o r y b i d s w e r e r e c e i v e d .
T h o B o a r d o f D i r e c t o r s w ill
n o w d i s p o s e o f t h o b o n d s t h r o u g h a p r i v a t e s a le .
B A K E R C O U N T Y (P. O. Baker), O r e . — B O N D S A L E — Th o $ 2 4 0 ,0 0 0
5 % r o a d b o n d s o f f e r e d o n A p ril 6 (V 1 1 4 . p 1449) h a v o b e e n s o ld to th o
L a d d & T i l t o n B a n k o f P o r t l a n d a t 1 0 0 0 0 2 . w ith a c o n d i t i o n a s t o w h e r e
t h e m o n e y w o u ld b e d e p o s it e d
T h o f o llo w in g b i d s w e r o r e c o iv e d :

F e rris A tla r d g r o v e . S p o k a n e — $971 27 p er $ 1 ,0 0 0 .
R a l p h S c h n e e lo c h C o , P o r t l a n d — F o r t h o $ 2 4 0 ,0 0 0 t h o s u m o f $ 2 3 7 ,7 5 0
(9 9 0 6 ) .
S e a ttle N a tio n a l B a n k , S e a ttle — $ 9 8 62 p e r $ 1 0 0 .
L a d d & T i l t o n B a n k , P o r t l a n d — $ 1 .0 0 0 0 2 p e r $ 1 ,0 0 0 , w i t h a c o n d i t i o n
a s t o w h e r e t h o m o n e y w o u ld b o d e p o s it e d .

R AL DW IN S V ILL E , O non daga C o u n t y , N. Y . — B O N D S A L E . — T h o
f o ll o w i n g tw o is s u e s o f c o u p o n o r r e g i s t e r e d lo o rd s o f f e r e d o n A p r i l 2 4 —
V . 1 1 4 , p . 1 8 0 4 — w e r e s o ld to t h e U n i o n N a t i o n a l C o r p . a t i t s b i d o f 1 0 0 .3 0
fo r 4 M s . a b a s is o f a b o u t 4 . 7 0 % .
$ 1 1 ,0 0 0 s t r e e t i m p r o v e m e n t b o n d s .
D u o $ 1 ,0 0 0 y e a r l y o n J a n . 1 f r o m
1 9 2 4 to 1 9 3 4 , in c l.
1 0 ,0 0 0 w a t e r w o r k s a n d s e w e r b o n d s .
D u e $ 1 ,0 0 0 y e a r l y o n J a n . 1 f r o m
1 9 2 4 t o 1 9 3 3 , in c l .
D e n o m . $ 1 ,0 0 0 .
In t. J . & J .
BALTIMORE . Md . — F I N A N C I A L S T A T E M E N T . — I n c o n n e c t i o n w i t h
t h e o f f e r in g o f th o t w o is s u e s o f 5 % r e g i s te r e d t a x - f r e e c o r p o r a t e s t o c k ,
a g g r e g a t i n g $ 8 ,3 3 2 ,0 0 0 . f o r w h ic h b i d s w ill b e r e c e i v e d u n t i l 12 m . M a y 1
(V . 11 1. p . 1 8 0 4 ) . t h e f o llo w in g f in a n c ia l s t a t e m e n t h a s c o m e t o h a n d :
A s s e s s e d V a lu e o f C it y P r o p e r ty f o r P u r p o s e s o f T a x a t i o n , 1922.
A s s e s s e d a t F u ll R a te—
R e a i e s t a t e _____________________________________ $ 5 3 9 ,9 0 2 64.3
5 4 .0 8 0 .392
P e r s o n a l _______________________________________
I n c o r p o r a t e d c o m p a n i e s ______________________
5 3 .9 9 0 .0 9 0
2 0 0 ,0 0 0
D i s ti ll e d s p i r i t s in b o n d ______________________
--------------------- —
$ 6 3 9 ,1 7 2 ,9 4 5
A s s e s s e d a t F ix e d R a le s—
S e c u r i t i e s ........... . ............................................................... $ 2 9 9 ,6 2 2 84.3
S u b u r b a n p r o p e r t y ____________________________
3 7 2 t 6 .0 6 3
R u r a l p r o p e r t y __________
2 9 ,7 3 9 .1 8 6
S a v i n g s b a n k s d e p o s it s ( e s t i m a t e d ) __________
1 2 5 ,0 0 0 .0 0 0
N e w A d d i t io n —
R e a l e s t a t e __________________________________ $ 1 0 2 ,7 6 6 ,9 5 4
P e r s o n a l _____________________________________
6 . 8 3 7 .4 4 0
I n c o r p o r a t e d c o m p a n i e s ____________________
9 . 0 9 0 ,0 0 0
D i s t i l l e d s p i r i t s in b o n d ____________________
3 0 0 ,0 0 0
6 1 0 ,4 7 3 ,4 8 6
T o t a l a s s e s s a b le b a s i s __________________________________ $1 2 4 9 ,6 4 6 ,4 3 1
F in a n c i a l C o n d itio n o f the

M ayor and

C ity C o u n c il o f B a llim o re .

F u n d e d d e b t . M a r c h 31 1 9 2 2 ................ ......................... - ............... - $ 1 0 6 ,9 9 9 ,8 7 9 5 0
A g a i n s t w h ic h t h e c i t y h o l d s t h e f o llo w in g p r o d u c t i v e a s s e t s :
♦ S in k in g f u n d s , f a c e v a l u e -------- ----------------- $ 3 5 ,6 0 4 ,3 4 1 71
W a t e r w o r k s , s t o c k o u t s t a n d i n g ___________ 1 5 ,8 6 4 ,1 0 0 0 0
E le c tric a l c o n d u it s y s te m , s to c k o u ts ta n d ­
i n g ................. .................................................................
5 .6 1 3 .0 9 0 0 0
N o w d o c k s a n d p ie rs , s to c k o u t s t a n d i n g . .
8 , 4 2 5 ,7 0 0 0 0
— ;------------------6 5 ,5 0 7 ,1 4 1 71
E x c e s s o f f u n d e d d e b t o v e r p r o d u c t i v e a s s e t s ........................ $ 4 1 ,4 9 2 ,7 3 7 7 9
* o r w h ic h a m o u n t $ 4 ,1 4 2 ,2 2 1 2 6 is w a t e r s in k i n g f u n d s .
B E A U F O R T , Ca rtere t C o u n t y , No. C aro . — B O N D S A L E . — S u t h o r l i n ,
B a r r y A C o . o f N e w O rle a n s h a v o p u r c h a s e d a t p a r a n d a c c ru e d in te r e s t
t h o $ 9 0 ,0 0 0 5 5 3 % c o u p o n ( w i th p r iv i le g e o f r e g i s t r a t i o n ) p u b l ic i m p r o v e ­
m e n t b o n d s o f f e r e d o n A p r il 19 (V . 1 1 4 , p . 1 4 4 9 ) . T h o f o llo w in g c o m p a n i e s
a ls o s u b m i t t e d b i d s f o r p a r a n d a c c r u e d I n te r e s t :
B e a u f o rt B a n k A T r u s t C o .. B e a u f o rt IP e rs o n s , C a m p b e ll A C o ., C in c in n a ti
W . L . S la y to n A C o .. T o le d o
)

B E A U F O R T C O U N T Y (P. O. B e a u fo r t ), So. Caro . —

BO N D

S A L E .—

T h o $ 1 0 0 ,0 0 0 6 % 11 5 3 - y e a r ( a v e r .) r o a d b o n d s o f f e r e d o n A p r il 2 0 — V . 1 1 4 ,
p . 1 6 8 6 — h a v o b e e n a w a r d e d t o W o il. R o t h A C o . o f C i n c i n n a t i a s 5 5 3 s
a t p a r p l u s a p r e m i u m o f $ 1 ,8 0 0 , e q u a l t o $ 1 0 1 8 0 , a b a s is o f a b o u t 5 . 2 9 % .
D u o y e a r l y o n J u l y 1 a s f o llo w s : $ 5 ,0 0 0 , 1 9 2 4 t o 1 9 4 1 , i n c l ., a n d $ 1 0 ,0 0 0
in 1942,

A pr il

TH E

29 1922.]

C H E Q lS ttC L E

B E C C E R C O U N T Y C O M M O N S C H O O L D IS T R IC T N O . 112 (P . O .
W h i t e E a r t h ) , M i n n . — -BOND SALE. — O n A p r i l 1 7 t h e .$ 5 ,0 0 0 7 % f u n d ­
i n g b o n d s , o f f e r e d o n t h a t d a t e — V . 1 1 4 , p . 1 0 8 (5 — w e r e s o l d t o t h o M e r ­
c h a n ts ' T r u s t & S a v in g s B a n k o f S t. P a u l.
D a te M a rc h 1 1922.
D uo
$ 5 0 0 y e a rly o n M a r c h 1 fro m 1925 to 1 9 3 4 , in c l.
B E L F O N T S C H O O L D IS T R IC T
(P . O . B la c k s to n e ), N o tto w a y
C o u n t y , V a . — BOND SALE. — J o h n N u v c e n & C o . o f C h i c a g o h a v e p u r ­
c h a s e d $ 0 0 ,0 0 0 0 % h ig h s c h o o l b ld g , b o n d s a t p a r p l u s a p r e m iu m o f $ 4 ,0 7 8 ,
e q u a l t o 1 0 0 .7 9 .
D e n o tn . $ 1 ,0 0 0 .
D a to M a y 1 1922.
In t. M . & N .
D u o M a y 1 1 9 5 2 , o n e -s ix th r e d e e m a b le o v c ry 5 y e a rs .
B E L L E V U E , C l a y C o u n t y , T e x a s . — BONDS VOTED. — A t t h o e l e c t i o n
h e ld o n A p r il 1 th o $ 4 ,5 0 0 s c h o o l b o n d s (V . 1 1 4 , p . 1 0 9 3 ) w e r e v o t e d b y a
c o u n t o f 178 “ f o r ” to 8 0 “ a g a in s t .”
B E L L E V U E I N D E P E N D E N T S C H O O L D I S T R IC T (P . O . B e lle v u e ),
C l a y C o u n t y , Texas.—BOND OFFERING.— B i d s w i l l h o r e c e i v e d u n t i l
2 p . m . M a y 1 b y K . H a m p t o n , S e c ’y B o a r d o f T r u s t e e s , f o r $ 4 5 , 0 0 0 5 ) 4 %
4 0 - y e a r (s e ria l) s c h o o l b o n d s .
D e n o m $ 1 ,0 0 0 .
D a te M a y 1 1 922.
D ue
y e a r l y o n M a y 1 a s f o llo w s : $ 1 ,0 0 0 1 9 2 3 t o 1 9 5 7 i n c l. a n d $ 2 ,0 0 0 1 9 5 8 to
1962 in c h , p a y a b le a t th e C h a th a m & P h e n ix N a tio n a l B a n k , N . Y . C ity ,
o r a t th o F i r s t N a tio n a l B a n k o f B e lle v u e , a t o p tio n o f h o ld e r ^ T h e s e
b o n d s w e re r e c e n tly v o te d b y a c o u n t o f 178 “ f o r ” to 8 6 “ a g a in s t .”

19 2 7

ro ad bonds.
D e n o m . $ 1 ,0 0 0 .
D a t o A p r il 1 1 9 2 2 .
P r in . a n d s e m i-a n n .
i n t . (A . & O .) p a y a b l e a t t h e C o u n t y T r e a s u r y , w h e r e t h e b o n d s w ill b e
d e l i v e r e d a s s o o n a f t e r t h e s a le a s t h e y a r e p r e p a r e d .
D u e $ 2 1 ,0 0 0 y e a r l y
o n O c t . 1 f r o m 1 9 2 3 to 1 9 3 0 . i n c h , a n d $ 1 1 ,0 0 0 o n O c t . 1 in 1931 a n d 1 9 3 2 .
C e r t , c h e c k f o r 2 % o f t h e a m o u n t b id f o r , p a y a b l e t o t h o C o u n t y T r e a s u r e r ,
re q u ire d .
B i d d e r s w ill b e r e q u i r e d t o s a t i s f y t h e m s e l v e s a s t o t h e l e g a l i t y
o f th is issu e .
P u r c h a s e r to p a y a c c r u e d i n t . T h a s e a r e t h e b o n d s w h i c h
w e r e f i r s t o f f e r e d o n A p r i l 15—-V . 1 1 4 , p . 1 3 6 5 .

B R O W N S V I L L E AN D PAMELIA UNION F RE E S C H O O L D I S ­
T R I C T NO. 1 (P. O. Gle n P a r k ', Jefferson C o u n t y , N. Y . — B O N D
S A L E .-— A n i s s u e o f $ 7 3 ,0 0 0 6 % h ig h s c h o o l a n n e x b u i ld i n g b o n d s o f f e r e d
o n A p r il 6 w a s s o ld t o S h e r w o o d A M e r r if i e l d o f N . Y . C i t y a t 1 0 1 .6 2 , a
b a s is o f a b o u t 5 . 5 9 % .
D e n o m . $ 1 ,0 0 0 .
D a to J a n . 1 1922.
I n t. J . & J .
D u o $ 3 ,0 0 0 J a n . 1 1 9 2 3 a n d $ 1 0 ,0 0 0 y e a r l y o n J a n . 1 f r o m 1 9 2 4 t o 1 9 3 0 i n c l .

BROWNWOOD

IND EPENDENT

SCH O O L

D ISTR IC T,

Bro w n

C o u n t y , Texas . — B O N D S R E G I S T E R E D . — On April 17 tho State Comp­
troller of Texas registered $65,000 5% serial school building bonds.
C A D D O P A R IS H S CH O O L D I S T R IC T NO. 19 (P. O. Cedar Grove),

L a .— B O N D E L E C T I O N .— On May 16 an election will be held to vote on
tho question of issuing $150,000 school bonds.
C A L C A S IE U PA R IS H (P. O. Lake Charles), L a .—

B O N D

ELEC­

B E V E R L Y , E s s e x C o u n t y , M a s s . — BIDS. — T h e f o l l o w i n g b i d s w e r o
r e c e iv e d o n A p r il 13 f o r th o t e m p o r a r y lo a n o f $ 2 0 0 ,0 0 0 :
* B l a k e B r o t h e r s & C o ________________________________3 . 8 5 % d i s c o u n t
G r a f t o n C o m p a n y -------------------------------------------------------3 . 9 0 % d i s c o u n t
F i r s t N a t i o n a l B a n k _______________________ _______ . . . 3 . 9 3 % d i s c o u n t p l u s $ 4 0 0
F.
S . M o s e l e y & C o __________________________________ 3 . 9 5 % d i s c o u n t
B e v e r l y N a t i o n a l B a n k ______________________________ 4 . 0 3 % d i s c o u n t p l u s $ 1 7 5
G o l d m a n , S a c h s & C o ________________________________ 4 . 0 3 % d i s c o u n t
S . N . B o n d .k C o ____ ________________________________ 4 . 0 7 % d i s c o u n t
* S u c c e ss fu l b id ; f o r p r e v io u s r e fe re n c e s to s a m o se e V . 114, p . 1 8 0 4 .

T I O N . —An election will lie held on May 18 to vote on the question of
issuing $70,000 school building bonds.

B I R M I N G H A M , A l a .— BOND ELECTION .— A n e l e c t i o n w i l l b o h o l d
o n M a y 22 to v o te o n t h o q u e s tio n o f is s u in g $ 7 5 0 ,0 0 0 5 % 3 0 - y o a r p u b lic
p a rk a n d p la y g ro u n d b o n d s .

Tho temporary loan of 8300,000 offered on April 25—V. 114, p. 1805—
was sold to Solomon Bros & Hutzler of New York, on a 3 68% discount
basis, plus a premium of $2 50. Date April 27 1922. Due Dec. 1 1922.

B L A N C O C O U N T Y ( P . O . J o h n s o n C i t y ) , Tex.— BONDS VOTED —
O n A p r il 8 , b y a v o t e o f 3 1 3 “ f o r " t o 3 7 “ a g a i n s t , ” $ 2 5 ,0 0 0 r o a d d i s t r i c t
b o n d s c a rrie d .

CAMDEN, Camde n C o u n t y , N. J . — B O N D S A L E .— T h e f o llo w in g
t h r e o I s s u e s o f 4 ) 4 % c o u p o n ( w ith p r iv i le g e o f r e g i s t r a t i o n ) b o n d s o f f e r e d
o n A p r i l 2 4 — V . 1 1 4 . p . 1 3 2 8 — w e r e s o ld a s s t a t e d b e lo w ;
$ 9 7 2 ,0 0 0 s c h o o l b o n d s ($1 0 0 0 ,0 0 0 o f f e r e d ) , s o ld t o E l d r e d g e & C o . a n d
E a s t m a n , D i l lo n & C o . , b o t h o f N e w Y o r k , a t t h e i r j o i n t b i d o f
8 1 , 0 0 0 ,1 0 0 ( 1 0 2 .8 9 ) , a b a s i s o f a b o u t 4 . 2 6 % .
D u e y e a rly o n
M a v 1 a s fo llo w s : $ 3 0 0 0 0 f r o m 1 9 2 3 t o 1 9 4 5 i n c l .; $ 3 1 ,0 0 0 f r o m
1 9 4 6 t o 1 9 5 4 i n c l .. a n d $ 3 ,0 0 0 in 1 9 5 5 .
1 4 5 .0 0 0 w a t e r b o n d s ( S 1 5 0 .0 0 0 o f f e r e d ) , s o ld t o B . .T. V a n I n g e n & C o .
o f N e w Y o r k a t t h e i r b id o f $ 1 5 0 ,3 2 5 ( 1 0 3 .6 7 ) . a b a s i s o f a b o u t
4 .2 3 % .
D u e v o a r l v o n M a y 1 a s fo llo w s : $ 3 ,0 0 0 , 1 9 2 3 t o 1 9 3 2
i n c l .; $ 4 ,0 0 0 , 1 9 3 3 t o I 9 6 0 i n c h , a n d $ 3 ,0 0 0 in 1 9 6 1 .
. <0
3 0 ,0 0 0 f i r e d e p a r t m e n t b o n d s , s o ld t o M . M . F r e e m a n & C o . o f P h i l a ­
d e l p h i a f o r $ 3 0 ,2 7 5 ( 1 0 0 .9 1 6 ) , a b a s is o f a h o u t 4 . 3 1 % .
D ue
$ 3 ,0 0 0 y e a r l y o n M a y 1 f r o m 1 9 2 3 t o 1 9 3 2 in c l.
D a te M a y 1 1922.
I n o u r is s u e o f M a r c h 2 5 o n p a g e 1 3 2 8 , in g i v in g
t h o o f f e r in g o f t h o s e b o n d s , w e i n c o r r e c t ly s t a t e d t h a t a ll t h e i s s u e s w e r e
d a t e d A p r i l 1 1 9 2 2 a n d d u e y e a r l y o n A p r il 1. T h e $ 9 7 2 ,0 0 0 s c h o o l b o n d s
is s u e is b e in g o f f e r e d b y E l d r e d g e & C o . a n d E a s t m a n . D illo n & C o . a t p r ic e s
t o y i e l d a b o u t 4 . 1 0 % , a n d t h e $ 1 4 5 ,0 0 0 w a t e r b o n d s a r e b e in g o f f e r e d b y
B . J . V a n I n g e n & C o . a t p r ic e s a ls o t o y i e l d 4 . 1 0 % . T h e f o llo w in g c o n ­
c e r n s s u b m i t t e d b i d s f o r t h e t h r e e is s u e s ;
E a s t m a n , D i llo n & C o .
I la m b le to n & C o .
G u a r a n t e e C o . o f N . Y ..
E ld re d g e & C o .
C a m d e n S . D . &T r . C o . M . M . F r e e m a n & C o .
B ro w n B ro th e rs & C o .
S ta c y & B ra u n
B . J. V a n I n g e n & C o .

B L U E R I V E R S C H O O L T O W N S H I P , I n d . — BIDS.—' h o f o l l o w i n g
T
b i d s w e r e r e c e i v e d o n A n r i l 1 5 f o r t h e $ 6 9 , 0 0 0 5 'A% b o n d s :
♦ F l o t c h e r - A m e r . C o . . I n d . $ 3 , 7 0 5 5 5 1M o v e r - K i s e r B a n k , I n d l i s $ 3 , 2 5 3 0 0
C i ty T r u s t C o ., I n d ln a p o lis 3 .5 4 6 0 n |T h o s . D . S h e e rin & C o . .I n d 3 .1 0 5 0 0
B re e d . E l li o tt & H a r r is o n . 3 ,5 1 5 0 0 G a v in L . P a y n e & C o ., I n d . 2 ,3 5 0 0 0
J . F . W i l d & C o . . I n d i a n ’l l s 3 . 4 2 2 0 0 1
* S u c c e ss fu l b id ; fo r p r e v io u s re f e r e n c e , se e V . 11 4 , p . 18 0 4 .
B O S T O N , M a s s — TEMPORARY LOAN.—T h e C i t y o f B o s t o n h a s s o l d
a t e m p o r a r y lo a n o f $ 2 ,0 0 0 ,0 0 0 In a n ti c ip a t io n o f r o v o n u e , t o t h e F i r s t
N a tio n a l B a n k o f B o s to n a t 3 .6 8 % i n te r e s t , p lu s a p re m iu m o f $ 5 .
It
Is s t a t e d t h a t ( h i s i s t h o I n i t i a l o f f e r i n g o f $ 1 4 , 0 0 0 , 0 0 0 a u t h o r i z e d .
O th e r
b id d e r s , a c c o r d in g to a lo c a l n o w s p a p e r , w e re :
In te rest.

I

In te rest.

N a t i o n a l S h a w m u t B a n k ______ 3 . 6 5 % C h a r l e s L . E d w a r d s -------------------3 . 6 8 %
S o l o m o n B r o s . & H u t z l e r ______ 3 . 6 7 % B la k e B ro s. & C o -------------------3 .8 0 %
G r a f t o n & C o ___________________ 3 . 6 7 % M e rc h a n ts N a tio n a l B a n k ------3 .8 0 %
F.
S . M o s o l y & C o , .................- . 3 . 6 8 %
B O W E N D R A IN A G E D I S T R IC T (P . O . M o n te V is ta ) , R io G r a n d e
C o u n t y , C o l o . — PURCIISAER -DESCRIPTION .— '1 h o p u r c h a s e r o f t h o
$ 5 0 ,0 0 0 b o n d s o n A p r il 19 (V . I 14, p . 1 8 0 4 ) w a s R . A r n e r n la n , a c o n t r a c t o r .
T h e y a r e d e s c r ib e d a s f o llo w s : D e n o m . $ 5 0 0 .
.In te re s t
r a t o 6 % , p a y a b l e J u n e a n d D e c e m b e r . _ J P U0
to 1 0 1 K ii n c n v o . _
B R A IN E R D , C ro w
W in g C o u n t y , M in n .
BOND El'AlCT ION^—
A n e le c tio n w ill b e h e ld o n M a y 2 5 t o v o t e o n t h e q u e s ti o n o f I s s u in g $ 5 0 ,0 0 0
w a te r w o rk s b o n d s .
B R A Z O R IA C O U N T Y R O A D D I S T R I C T N O . 14 ( P . O . A n g l o t o n ) ,
T e x a s . — BONDS REGISTERED. — O n A p r i l 1 7 t h e S t a t e C o m p t r o l l e r o f
T e x a s r e g i s t e r e d $ 1 0 , 0 0 0 5 'A % s e r i a l b o n d s .
B R E C K E N B R ID G E ,
S t e p h e n s C o u n t y , T e x a s . — B O A T/J SALE.—
M o r e y & C o . o f N o w Y o r k h a v e p u r c h a s e d $ 3 3 0 ,0 0 0 6 % s t r e e t i m p r o v e ­
m en t bonds.
T h e y a r e d e s c r i b e d a s fo llo w s : D e n o m . $ 1 ,0 0 0 .
D a te
M a r. 20 1922.
P rin . a n d s e m i-a n n . in t. ( M . & 8 .)p a y a b le a t th o N a tio n a l
C ity B a n k . N . Y . C ity .
D u e S I 1 .0 0 0 y e a r l y o n M a r . 1 f r o m 1 9 3 3 t o 1 9 6 2
in c l. T h o b o n d s a r c n o w b e in g o ffe re d to in v e s to r s a t p r ic e s t o y ie ld f r o m
6 % to 5 .6 2 5 % , a c c o rd in g to m a tu r itie s .
F in a n cia l

B R I C E L Y N , F a r i b a u l t C o u n t y , M i n n . — BOND SALE. — S c h a n k e &
C o ., o f M a s o n C i t y . T o w a, h a v e p u r c h a s e d t h e fo llo w in g tw o is s u e s o f 6 %
b o n d s o f f e r e d o n A p r i l 17 ( V . 1 1 4 , p . 1 6 8 6 ) a t a b a s i s o f 5 . 4 4 % :
$ 6 ,5 0 0 w a te r w o r k s s y s te m b o n d s .
D u e A p ril 1 1 9 3 7 .
5 5 0 0 f u n d in g b o n d s .
D u e $ 5 0 0 y e a rly o n A p ril 1 fro m 1 9 2 5 to 1 9 3 7 , in c l.
D a t o A p ril 1 1 9 2 2 .
T h e fo llo w in g c o m p a n ie s a ls o s u b m i tt e d b id s :
N o r th w e s te r n T r u s t C o .,S t. P a u l; D r a k e - B a lla r d C o ., M in n e a p o lis ;
K a lm a n - W o o d C o ., M in n e a p o lis .
B R O O K L I N E , N o r f o l k C o u n t y , M a s s . — BIDS.—’ h o f o l l o w i n g i s a
T
c o m p le te lis t o f th o b id s r e c e iv e d o n A p r il 21 f o r t h e $ 2 0 0 ,0 0 0 n o te s :
D isco u n t

P rem iu m .

♦ S a l o m o n B r o t h e r s & H u t z l e r ............................................................3 . 7 3
B o s t o n S a f e D e p o s i t & T r u s t ...............................................................3 . 7 5
O l d C o l o n y T r u s t C o .................................................................................. 3 - 7 5
M e r c h a n t s N a t i o n a l B a n k ....................................................................... 3 . 7 7
S h a w m u t N a t i o n a l B a n k ................- ........................................................ 3 - 7 9
S . N . B o n d & C o .................. .......................................................................3 . 7 9
F.
S . M o s e l e y & C o . ................................................................................ 3 . 8 3
B l a k o B r o s & C o . . . ..................................................................................... 3 . 8 4
F i r s t N a t i o n a l B a n k __________________________________________ 3 - 3 o
E s t a b r o o k & C o __________________________________________________

p lu s $ 1 0 00
p lu s
3 25
p us
p lu s

2 50
5 00

♦ S u cce ssfu l b id ; fo r p re v io u s re fere n ce to sam o , see V . 114, p . 1804.
B R O O K L Y N , W in d h a m C o u n ty , C o n n . — B O N D O F F E R I N G .— O scar

F . A tw o o d , T o w n T r e a s u re r, w ill rece iv e se a le d b id s u n til 12 m . M a y 5
fo r $45 ,0 0 0 4 K % co u p o n (w ith p riv ile g e o f re g is tra tio n ) g o ld re fu n d in g
b o n d s . D e n o m . $500 a n d $ 1 ,0 0 0 . D a te A p ril 1 1922. P r in . a n d sen ila n n . In t. (A . & O .) p a y a b le in gold coin o f th e U n ite d S ta te s o f th e p r e s e n t
s ta n d a r d o f w eig h t a n d fin e n e ss a t th e o ffic e o f th e T o w n 1 re a s u re r. D u o
$ 1 ,5 0 0 y e a rly on A p ril I fro m 1923 to 1952 in c l. C e rtifie d c h e c k fo r 2 %
o f th o a m o u n t b id fo r, d ra w n u p o n a n in c o rp o ra te d b a n k o r t r u s t c o m p a n y ,
p a y a b le to th o a b o v e T r e a s u re r, re q u ire d .
The b o n d s w ill bo p re p a r e d
u n d e r th o su p e rv is io n o f th e O ld C o lo n y 'I r u s t C o ., B o s to n , M a s s ., w h o se
c e rtific a te a s to le g a lity w ill b e sig n ed th e re o n .
1 ho le g a lity o f th e b o n d s
w ill bo ex a m in e d b y M e s srs . R o p es, G ra y , B o y d en & P e rk in s o f B o s to n ,
M a s s ., w hoso fa v o ra b lo o p in io n w ill be fu rn is h e d to th e p u rc h a s e r. B o n d s
w ill bo d e liv e re d a t th e o ffic e o f (ho O ld C o lo n y T ru s t C o ., B o s to n , M a s s .,
o n o r a b o u t M a y 10 1922. B id s a re d e s ire d o n fo rm s m a rk e d “ P ro p o s a l
fo r B o n d s .”
. „
.
F i n a n c i a l S ta tem en t.

N o te s a t B ro o k ly n S a v in g s B a n k ..........................................................
N o te s a t D a n ie lso n T r u s t C o ------------B o n d issuo to fu n d d e b t .............................................................................

$ 4 3 ,2 2 5 00
2 ,0 0 0 00
1 0,000 00

„ .
„
,
L e ss a m t. o f s in k in g fu n d d e p o s ite d in B ro o k ly n S av in g s B a n k

$ 5 5 ,2 2 5 00
7 ,2 4 6 99

T o ta l I n d e b t e d n e s s o r T o w n , M a rc h 1 1922 ....................................
8 4 7 ,9 7 8 01
T o t a l assessed v a lu a tio n o f g ra n d lis t, O c t. 1 1921...................... S I .5 9 4 ,0 0 5 00
m

BROWN C O U N T Y

(P. O. Na shville), I n d .— B O N D

O F F E R I N G .—

J . S n id e r, C o u n ty T r e a s u r e r , will rcceiv o b id s u n til 1 n . m . M a v 1 for
4 ,5 0 0 4 Vj % C h a rle s G a to s o t a l ., V an B u re n T o w n s h ip b o n d s . D e n o m .
225. D a to M a y 15 1922. I n t . s e m i-a n n . (M a y 15 a n d N o v . 1 5 ). D u o
$ 2 2 5 M a y 15 1923 a n d $225 e a c h six m o n th s th e r e a f te r u n til a ll p a id .
B o n d s n o t to bo sold fo r la ss t h a n p a r .
Ij.

{

B R O W N C O U N T Y (P. O. G e o r g e t o w n ), O h i o . — B O N D O F F E R I N G .—

J o h n P . S te p h a n . A u d ito r a n d ox-offIcio C le rk o f th o B o a rd o f C o u n ty
C o m m is sio n e rs , w ill re c e iv e s e a le d b id s u n ti l 12 m . M a y 5 for $ 1 9 0 ,0 0 0 6 %




C A L I F O R N I A , Moniteau C o u n t y , Mo . —

D A T E

OF

E L E C T IO N .—

M a y 2 Is ( h o d a t o s e t f o r t h e e le c t io n t o v o t e o n t h e q u e s t i o n o f i s s u i n g
t h o $ 6 0 ,0 0 0 w a t e r w o r k s a n d f i r e p u m p b o n d s m e n t i o n e d in V . 1 1 4 , p . 1 3 2 8 .

C A M B R I D G E , Middlesex C o u n t y , Mass .—

T E M P O R A R Y

L O A N

—

C A R P E N T E R I A HIGH SCHO O L D I S T R I C T (P. O. C a rp e n t e ria ) ,
S a n t a Barb ar a C o u n t y , C a li f. — B O N D O F F E R I N G .— A n is s u o o f $ 1 5 ,0 0 0
high s c h o o l b o n d s w ill lie o f f e r e d f o r s a le M a y 1.
C A R T E R E T C O U N T Y (P. O. Be au fo rt), No. Caro.— B O N D S A L E . —
T h o B e a u f o r t B a n k i n g & T r u s t C o . o f B e a u f o r t h a s p u r c h a s e d $ 1 5 0 ,0 0 0
% r o a d I m p r o v e m e n t b o n d s at, 1 0 4 .5 0 .

6

C A S S IA C O U N T Y IND EPENDENT SC H O O L D I S T R I C T NO. 3

(P. O. Bu rley), Idaho.— B O N D S A L E — Bosworth, Chanute & Co. of
Denver, have purchased 812.000 6 J4% 10-20-year (opt.) school bonds.
C A T A H O U L A PAR IS H SCH O O L D I S T R I C T NO. 2, L a . — B O N D
S A L E — O n A p r il 18 M AV . E l k i n s A C o o f L i t t l e R o c k , w e r e a w a r d e d t h e
$ 6 0 ,0 0 0 6 % 1 -3 0 y e a r s e r ia l s c h o o l b o n d s — V 1 1 4 . p 1 2 1 0 — f o r $ 6 1 ,2 4 5
(1 0 2 0 7 ) a n d i n t .
D en o m S I .000
D a te M a rc h 1 1922
In t. M . & S.
C A T A H O U L A PAR IS H S CH O O L D I S T R I C T NO. 9, La .— BOND

—On April 18 the $12,000 5% '-20 year serial school bhlg bonds—
114, p 1328— were acquired by M AV. Elkins & Co of Little Rock,
at par and int. Donom. $500. Date Jan. 1 1920. Int. J. & J.
S A L E

S ta tem en t.

E s t i m a t e d v a l u o t a x a b l e p r o p e r t y - . - - ---------------------------------------------- $ 1 5 , 0 0 0 , 0 0 0
A s s e s s e d v a l u a t i o n f o r t a x a t i o n , 1 9 2 1 ---------------------------------------------9 ,0 0 4 ,5 6 0
T o t a l b o n d e d d e b t ( I n c l u d i n g t h i s i s s u o ) -----------------------------------------5 6 5 ,0 0 0
P o p u l a t i o n ( o f f ic ia l. 1 9 2 1 ) , 1 2 ,0 0 0 .
‘

B id d e r—

C A L D W E L L , C a n y o n C o un ty, Idaho. — B O N D S A L E .-— n i s s u e o t
-A
$ 3 7 ,0 0 0 D i s t r i c t N o . 9 s e w e r b o n d s h a s b e e n d i s p o s e d o f t o t h e M o r r i s o n K n u d s e n C o ., c o n tr a c to r s .

V.

C E N T E R IND EPE N DEN T SCH O O L D I S T R I C T (P. O. Ce ntre),

Sh elby C o u n t y , Tex as. — B O N D E L E C T I O N .— A n e le c t io n w ill b e h e ld
o n M a v 2 0 t o v o t e o n t h o m a t t e r o f is s u in g $ 2 5 ,0 0 0 b o n d s fo r t h o p u r p o s e
o f a d d i n g a u d i t o r i u m a n d c la s s r o o m s t o t h e h i g h s c h o o l b u i l d i n g .
A t th e
s a m e t i m e t h e m a t t e r o f i n c r e a s i n g t h e t a x r a t e t o $1 w ill b e v o t e d o n .
C E N T R A L O RE G O N I R R I G A T IO N D I S T R IC T (P. O. Redmond),

Desc hute s C o u n t y , Ore . — B O N D S A L E .— N e w s p a p e r s s a y t h a t a s a l e o t
t h i s d i s t r i c t ’s 8 1 8 0 ,0 0 0 b o n d is s u e a t 9 3 . s u b j e c t t o t h e r e s u l t s o f a c a s e n o w
in S u p r e m o C o u r t q u e s t i o n i n g t h e v a l i d i t y o f t h o b o n d i s s u e , w a s e f f e c te d o n
A p ril 18. G . E . M ille r & C o . o f P o r tla n d w e re th o p u r c h a s e r s .
C E R R O G O R D O C O U N T Y (P. O. Mason C i t y ) , Iowa.—

BO N D SALE .

— A n Iss u o o f $ 2 2 ,8 0 8 8 2 6 % d r a i n a g e d i s t r i c t N o . 4 9 b o n d s h a s b e e n
s o ld t o th o F i r s t N a t i o n a l B a n k o f M a s o n C i t y .
D e n o m i n a t i o n $ 1 ,0 0 0 .
D a to O c t. 1 1921.
I n t e r e s t A .- O . D u e O c t . 1 1 9 3 1 .

C H A T T A N O O G A , Hamilton C o u n t y , T e n n . — B O N D S A L E . — H o r n b l o w e r & A V eeks a n d R e d m o n d & C o . , b o t h o f N eav Y o r k , j o i n t l y p u r c h a s e d
t h e f o llo w in g t w o is s u e s o f t a x - f r e e m e m o r ia l a u d i t o r i u m b o n d s o f f e r e d o n
A p r il 2 2 — V . 1 1 4 , p . 1 4 5 0 — a t 1 0 3 .4 7 , a b a s is o f a b o u t 4 . 4 1 % .
$ 2 9 0 ,0 0 0 5 % 8 1 4 - y e a r ( a v e r .) b o n d s .
D u e y e a r l y o n M a y 1 a s f o llo w s :
$ 2 5 ,0 0 0 , 1 9 2 7 ; $ 4 0 ,0 0 0 . 1 9 2 8 . a n d $ 7 5 ,0 0 0 , 1 9 3 0 t o 1 9 3 2 i n c l .
3 0 0 .0 0 0 4 ? 4 % 3 0 - y e a r b o n d s .
D u e M a y 1 1952.
,
D a t e M a y 1 1 9 2 2 . T h e f o llo w in g b i d s w e r e r e c e i v e d :
C . AV. A V h ltis & C o . , N e w Y o r k ................................................ .......................... $ 9 ,5 1 7 0 0
T i t l e G u a r a n t e e & T r u s t C o . , C i n c i n n a t i ------------------------------------------ 1 8 .1 1 2 .>0
E l d r i d g o & C o . 2 N o w Y o r k ------------------------------------------------------------------ 1 9 ,8 6 0 13
N a t i o n a l C i t y C o . , N o w Y o r k ------------------------------------------------------------ ] 1 .8 4 1 3 0
C h a t t a n o o g a S a v i n g s B a n k . C h a t t a n o o g a ........................ - .......................... 1 4 .5 9 5 0 0
V o l u n t e e r S t a t e L ife I n s u r a n c e C o . , C h a t t a n o o g a ................. .................. 1 2 ,5 0 0 0 0
I . B . T i g r o t t & C o . , J a c k s o n , T e n n ...................................................................1 5 ,0 5 2 0 0
C a l d w e l l & C o . . N a s h v i l l e , T e n n ................... ............................- ....................... 1 2 .5 5 3 0 0
S e c o n d A V ard S e c u r i t ie s C o . , M il w a u k e e , AVis---------------------------------- J J .6 5 7 0 0
J. I I . Hllsman & Co.. Atlanta, Ga---------------------- --------- - - -----------11,565 00

Stifel-NIcolaus Co., Keane-IIigbec & Co., Northern Trust Co.,

S t L o u is _
___ _______________ ________________________ 1 6 ,4 7 5 0 0
F i r s t T r u s t & S a v i n g s ’ f l a n k ( C h a t t a n o o g a . T e n n ...................................... 8 ,7 0 5 0 0
H a m i l t o n N a t i o n a l B a n k , C h a t t a n o o g a , T e n n . . . -------------------------- } 3 , - i 0 8 0 0
A m e r i c a n T r u s t & B a n k i n g C o . . C h a t t a n o o g a , T e n n ......... .................. 6 .1 9 5 0 0
S i d n e y S p l tz o r & C o . , T o l e d o , O -------- - - - ----------------------------------------- , T ’ o =a 2R
F i f t h - T h i r d N a t i o n a l B a n k . C i n c i n n a t i , O . ...................................... .............] 1 .2 5 0
F i r s t N a t i o n a l B a n k , C h a t t a n o o g a , T e n n ......... .............................................1 5 ,4 6 5 0 0
B l o d g e t t & C o . , N o w Y o r k -----------------. . .
. . . --------- - - 10 1 12 6 0
T h o N a t i o n a l B a n k o f C o m m e r c e o f S t . L o u i s b id o n l y o n t h e $ 3 0 0 ,0 0 0
3 0 - y e a r is s u o , o f f e r in g a p r e m i u m o f $ 7 , 8 4 5 .
CH IC O P E E , Hampden C o u n t y , Mass. — B O N D O F F E R I N G .— L o u i s
M . D u f a u l t , C i t v T r e a s u r e r , w ill r e c e i v e s e a l e d b i d s u n t i l 12 m . M a y 1 f o r
$ 1 2 5 ,0 0 0 4 '4 % c o u p o n p e r m a n e n t p a v e m e n t l o a n b o n d s .
D enom . 8120
f o r $ 1 .0 0 0 e a c h a n d 10 f o r 8 5 0 0 e a c h .
D a t o A p r il 15 1 9 2 2 .
P rin c ip a l a n d
s e m i - a n n u a l i n t e r e s t ( A p r il 1 5 a n d O c t . 1 5 ) . p a y a b l e a t t h e O ld C o l o n y
T r u s t C o . in B o s t o n .
D u o $ 1 2 ,5 0 0 y e a r l y o n A p r il 15 f r o n t 1 9 2 3 t o 1 9 3 2 ,
in c l u s iv e .
T h o o f f ic ia l a n n o u n c e m e n t s t a t e s t h a t t h a s e b o n d s a r e e x e m p t
f r o m t a x a t i o n in M a s s a c h u s e t t s , a n d w ill b e e n g r a v e d u n d e r t h e s u p e r v i s io n
o f a n d c e r t i f i e d n s t o t h e i r g e n u in e n e s s b y t h e O ld C o l o n y T r u s t. C o . , o f
B o s t o n , M a s s . T h i s t r u s t c o m p a n y w ill f u r t h e r c e r t i f y t h a t t h e l e g a l i t y
o f t h i s is s u e h a s b o o n a p p r o v e d b y M e s s r s . S t o r e y . T h o r n d i k e . I a i m e r &
D o d g o , o f B o s t o n , a c o p y o f w h o s o o p i n io n w ill a c c o m p a n y t h e b o n d s w h e n
d e liv e re d , w ith o u t c h a rg e to th e p u r c h a s e r s .
A ll le g a l p a p e r s i n c i d e n t t o
t h i s is s u o , t o g e t h e r w i t h a n a f f i d a v i t c e r t i f y i n g t o t h e p r o p e r e x e c u t i o n o f
t h e b o n d s , w ill b o f il e d w i t h t h o O ld C o l o n y T r u s t C o . , w h e r e t h e y m a y b e
in s p e c te d .

I

1928

TH E

Financial Statement April 20 1 9 2 2 .
V a l u a t i o n f o r y e a r 1 9 1 9 .......................... ..................... .
__
__
V a l u a t i o n f o r y e a r 1 9 2 0 _________ _________ ________
___
V a l u a t i o n f o r y e a r 1 9 2 1 ____________ ____ _ __________________

-

G r o s s n e t v a l u a t i o n , t h r e e y e a rs ..
.................................. ....
A v e r a g e v a l u a t i o n ____________________________

C H E O N IC LE

y e a r l y o n M a y 15 a s f o llo w s :
$ 6 ,0 0 0 , 1 9 2 3 to 1 9 3 2 , i n d . , a n d $ 6 ,5 0 0 , 1 9 3 3
t o 1 9 4 2 , in c l.
P u rc h a s e r to p a y a e c ru o d in te re s t.

$ 3 4 ,7 6 1 ,7 9 4 0 0
4 2 ,4 5 9 ,8 9 6 0 0
4 3 ,4 2 6 ,4 7 0 0 0

C O N N E A U T C I T Y S C H O O L D I S T R I C T (P. O. C o n n e a u t ) , A s h ­

t a b u l a C o u n t y , O h i o . — BOND SALE.—' h e 3 2 0 , 0 0 0 5 ' 4 % c o u p o n b o n d s
T
o f fe r e d o n A p ril 2 0 (V . 1 1 4 , p . 1 6 8 7 ) w e r e s o ld to t h e R o s o n s tio l-E lU s C o .
a t p a r a n d a c c r u e d i n t e r e s t p lu s a p r e m i u m o f $ 1 ,0 7 1 3 0 ( 1 0 5 .3 5 6 5 ) , a b a s is
o f a b o u t, 5 . 0 0 % .
D a to M a rc h 1 1922.
D u e $ : ,7 ) e a c h s i x m o n t h s ( M . &
S . 1) f r o m 1 9 2 3 t o 1 9 5 1 . a n d 8 5 7 0 o n M a r c h 1 1 9 5 2 .

$ 1 2 0 ,6 4 8 ,1 6 0 0 0
4 0 ,2 1 0 .0 5 3 3 3
1 ,0 0 5 ,4 0 1 3 2

T o t a l d e b t o r I l l l l l l l l l l Z I I I I j i ”6 1 2 , 8 0 0 0 0
* D e b ts .a u th o riz e d b u t n o t in ­
1 2 5 .0 0 0 0 0
c u r r e d ------------------------------- ----- ----- S I .4 8 7 ,8 0 0 0 0
L e ss d e b ts o u ts id o lim it:
R r i d g o d e b t ______________
$ 2 6 ,0 0 0 0 0
W a t e r d e b t _______________
1 3 4 ,5 0 0 0 0
E le c tr ic lig h t p u r c h a s e .
3 ,0 0 0 0 0
E le c tric lig h t e x te n s io n .
1 4 6 ,7 5 0 0 0
H i g h s c h o o l a d d i t i o n ____
4 2 .0 0 0 0 0
N e w h i g h s c h o o l ________
3 0 0 .0 0 0 0 0
5 0 .0 0 0 0 0
S e w e r _______________________
7 0 2 ,2 5 0 0 0
N e t d e b t.

C O O K C O U N T Y IN D E PE N D E N T S C H O O L D IS T R IC T NO. 4
( P . O . L u t s e n ) , M i n n . — BOND SALE. — P . B . M y e r s o f D u l u t h h a s p u r ­
c h a s e d t h e $ 2 5 ,0 0 0 6 % s c h o o l b o n d s o f f e r e d o n A p r il 8 (V . 1 1 4 , p
1450)
at p a r.

C O R N E L IU S, M e c k l e n b u r g C o u n t y , No. C a r o .—BOND OFFERING.
; ~ T . P . H o w a r d , T o w n C l e r k , w ill r e c e iv e s e a l e d b id s u n t i l 8 n . m . M a v l
t o r .$ 1 0 ,0 0 0 6 % e l e c t r i c l i g h t b o n d s .
D enom . 3500.
D u o 8 5 0 0 in 1921
to 1913.
C O R Y D O N , H a r r i s o n C o u n t y , I n d . — BOND OFFERING, -Leo It.
W o l f e , T o w n C l e r k , w i l l r e c e i v e s e a l e d b i d s u n t i l 12 i n . M a v 1 f o r $ 1 5 0 0 0
re fu n d in g b o n d s .
D e n o m . 3 1 ,0 0 0 .
D a te M a y 1 1 9 )2 .
I n t. s e m i­
a n n u a lly .
D u e $ 1 ,0 0 0 y e a r l y o n J a n . 1 fro m 19 2 4 t o 1 9 3 8 , in c l.
C e rt,
c h e c k f o r .$ 3 0 0 . r e q u i r e d .
B o n d s n o t to b e s o ld fo r le s s t h a n p a r a n d a c c r u e d
in te re s t.

5'4%
7 8 5 ,5 5 0 0 0

b o r ro w in g c a p a c ity a s o f A p ril 2 0 1 922
* P r e s e n t lo a n .
P o p u la tio n , 3 6 .2 1 4 .

3 2 1 9 ,8 5 1 3 2

C H IL L IC O T H E IN D E P E N D E N T S C H O O L D IS T R IC T , H a rd e m a n
C o u n t y , T e x a s . — T h o S t a t e C o m p tr o l le r o f T e x a s , r e g i s te r e d 3 6 0 ,0 0 0
6 % s e ria l b o n d s o n A p ril 19.

C O V I N G T O N , S t . T a m m a n y P a r i s h , La.—BOND ELECTION. - A n
e le c tio n w ill b e h e ld o n M a y 2 5 to v o l e o n t h e q u e s ti o n o f is s u in g $ 1 3 0 ,0 0 0
s e w e ra g e -e x te n s io n a n d w a te r- e x te n s io n Ix m d s .
C R A W F O R D C O U N T Y (P. O. E n g l is h ) . I n d .

CO U N TY

(P .

-BOND OFFERING.

J . B . P i e r s o n , C o u n t y T r e a s u r e r , w i l l r e c e i v e s e a l e d b i d s u n t i l 1 :3 0 p . m .
M a y 15 fo r $ 6 ,2 0 0 5 % C le o . V . G a ith e r e t a l, B o o n e T o w n s h ip , b o n d s .
D enom . $310.
D a t e M a y 15 1 9 2 2 .
I n t . M a v 15 a n d N o v . 1 5 .
D ue
$ 3 1 0 e a c h s ix m o n t h s f r o m M a y 15 1 9 2 3 t o N o v . 15 1 9 3 2 . i n c l u s iv e .
B onds
n o t t o h e s o ld f o r le s s t h a n p a r .

S p r i n g f i e l d ) , O h i o . —BOND ISSUE RE­
SCINDED—BONDS TO BE REOFFERED.— 'T h e $ 3 0 , 6 0 0 5 La % h i g h w a y
im p r o v e m e n t b o n d s o f fe r e d o n A p r il 2 0 (V . 1 1 4 , p . 1 6 8 7 ) w e r e n o t s o ld o n
t h a t d a t e a s t h o is s u o w a s r e s c i n d e d .
T h e f o llo w in g b o n d s w ill b e o f f e r e d
o n M a y 1 in p la c o o f t h o a b o v e is s u e : 3 2 8 ,2 5 0 b o n d s : $ 1 9 ,1 0 0 b o n d s .
CLA RK

[V ol. 114

O.

C R O O K C O U N T Y H I G H S C H O O L D I S T R I C T (P. O. S u n d a n c e ) ,

C L A R K S V I L L E , M o n t g o m e r y C o u n t y , T e n n . — BONDS VOTED .
ISy a m a j o r i t y o f n e a r l y 4 t o 1, t h e $ 1 5 0 , 0 0 0 s c h o o l b o n d s ( V . 1 1 4 , p . 1 2 1 0 )
w o re v o te d tit th o e le c tio n h e ld o n A p ril 6.

W y o . — BOND ELECTION — O n M a y I a n e l e c t i o n w i l l b o h e l d t o v o t e o n
t h e q u e s tio n o f is s u in g $ 3 5 ,0 0 0 6 % 1 5 - 2 5 -y e a r ( o p t.) s c h o o l b u ild in g b o n d s ,
l h o s . A . N ic h o la s . S e c re ta ry .

C L A Y C O U N T Y (P . O . B r a z il), I n d .
BOND SAFE . — O n A p r i l 1 8
t h e 3 2 6 , 8 0 0 4 14% W . I I . N o P i n g o t a l . , P o s e y a n d P e r r y t o w n s h i p s r o a d
b o n d s o ffe re d o n t h a t d a t e — V . 114. p . 1687— w e re a w a r d e d to t h e B ra z il
T ru st C o. a t p ir.
D ite M ir - h 7 1912.
D u o 3 1 ,3 1 0 e a c h s ix m o n th s
fro m M a y 15 1 9 2 3 t o N o v . 15 1 9 3 2 , in c lu s iv e .

C U R R Y C O U N T Y ( P . O . G o l d B e a c h ) , O r e . — BOND SALE. - O il
A p r il 5 a n i r s " e o f $ 6 0 ,0 0 0 5 1 4 % h ig h w a y b o n d s w a s s o ld to B l y t h , W it t e r
A C o . o f P o r tl a n d a t 1 0 0 .4 0 a n d i n te r e s t .
D a to J a n . I 1 9 22.
I n t . J . A .1.
D u e s e ria lly a f t e r f iv e y e a rs .

C L A Y C O U N T Y R O A D D I S T R IC T N O . 1 (P . O . H e n r i e t t a ) , T e x .—
O n M a y 13 3 1 6 0 .0 0 0 r o a d d i s t r i c t b o n d s w ill b o
upon.

— BONDS REGISTERED — O n A p r i l 17 t h o S t a t e C o m p t r o l l e r o f T e x a s
r e g i s t e r e d $ l , i 5 0 , 0 0 0 5)4% s e r i a l r o a d b o n d s .

BOND ELECTION . —
v o te d

C L E V E L A N D H E I G H T S , C u y a h o g a C o u n t y , O h i o . — BOND SALE.
- T h e f o l l o w i n g t w o i s s u e s o f b o n d s o f f e r e d o n A p r i l 17 ( V . 1 1 4 , p . 1 4 5 0 )
w e r e s o ld t o W . L . S l a y to n & C o . o f T o l e d o a t t h e p r ic e s g i v e n b e lo w :
$ 1 6 , 0 0 0 514% s t r e e t o p e n i n g b o n d s s o l d a t p a r a n d a c c r u e d i n t e r e s t , p l u s
a p r e m i u m o f 3 1 ,1 6 9 6 9 . e q u a l to 1 0 7 .3 0 .
1 5 ,0 0 0 6 % f i r e e q u i p m e n t , b o n d s s o l d a t p a r a n d a c c r u e d I n t e r e s t , p l u s a
p r e m iu m o f $6 9 1 5 0 ( 1 0 4 .6 1 ) , a b a s is o f a b o u t 4 . 9 3 % .
D u e y e a rly
o n O c t . 1 a s f o llo w s : $ 1 ,5 0 0 1 9 2 3 a n d 1 9 2 4 : 3 2 .0 0 0 1 9 2 5 : 3 1 .5 0 0
19 2 6 a n d 1 9 2 7 : 3 2 ,0 0 0 1 9 2 8 : 3 1 .5 0 0 1 9 2 9 a n d 193 0 a n d 3 2 ,0 0 0 1 9 3 1 .
D a te M a r. 15 1922.
T h e fo llo w in g b id s w e r e r e c e iv e d :

Prem. far

Bidder—
3 1 6 . 0 0 0 Issue.
___ $ 1 , 1 6 9 6 9
W . L . S l a y t o n & C o . , T o l e d o ______
P r o v . S a v . B a n k & T r u s t C o . . C i n c i n n a t i _____
811 20
M illik e n & Y o r k C o ., C l e v e la n d
_____ _
571 00
R i c h a r d s . P a r i s h & D a m s o n , C l e v e l a n d _________
567 00
P r u d d e n & C o . , T o l e d o _____________________________
541 00
S c a s o n g o o d & M a y o r , C i n c i n n a t i ____________ p a r ( n o p r e m . )

Prem. far

$ 1 5 , 0 0 0 Issue.
$691 50
423 00
603 no
497 00
417 00
455 00
C L I N T O N C O U N T Y ( P . O . P l a t t s b u r g ) , M o .—BONDS VOTED.— O n
A p ril 1 5 a n is s u o o f 3 7 0 ,0 0 0 r o a d b o n d s w a s c a r r ie d b y a v o t e o f 5 8 6 “ f o r ”
to 140 “ a g a in s t.”
1
C L Y D V , W a y n e C o u n t y , N . Y .—BOND SALE.—On A p r i l 2 1 t h e
3 4 0 .0 0 0 5 % c o u p o n h ig h w a y a n d p a v e m e n t b o n d s o f fe r e d o n t h a t d a t e —
V. 114, p . 1687— w e re a w a r d e d to th e R iv e rh e a d S a v in g s B a n k o f R iv e rh e a d , f o r $ 4 0 ,9 3 0 , e q u a l t o 1 0 2 3 2 5 , a b a s is o f a b o u t 4 .6 0 % .
D a te M a v 1
1922.
D u e $ 1 ,0 0 0 S e p t. 1 1 9 2 2 a n d $ 3 ,0 0 0 y e a r l y o n S e p t 1 f ro m 1923
to 1 9 3 5 , in c lu s iv e .
C O U N T Y S C H O O L D I S T R I C T N O . 1 4 , A r i z .—BOND
J a s . I I . C a u s e y A C o . o f D e n v e r , p u r c h a s e d $ 5 0 ,0 0 0
s c h o o l b u ild in g b o n d s
D e n o m . $ 1 ,0 0 0
D a to A p ril 1
1922.
P r in c i p a l a n d s e m i- a n n u a l i n t e r e s t (A A O ) p a y a b le a t th o C o u n t y
T r e a s u r e r ’s o t f i c o o r a t K o u n t z e B r o s . , N . V
D u e y e a r ly o n A p ril 1
a s fo llo w s :
$ 2 ,0 0 0 1 9 2 3 , 3 3 .0 0 0 1 9 2 4 , $ 2 ,0 0 0 1 9 2 5 , $ 3 ,0 0 0 1 9 2 6 , $ 2 ,0 0 0
1 9 2 7 , $ 3 ,0 0 0 1 9 2 8 , 3 2 .0 0 0 1 9 2 9 . $ 3 ,0 0 0 1 9 3 0 $ 2 ,0 0 0 1 9 3 1 , $ 3 ,0 0 0 1 9 3 2 .
3 2 .0 0 0 1 9 3 3 , $ 3 ,0 0 0 1 9 3 4 , $ 2 ,0 0 0 1 9 3 5 , 3 3 ,0 0 0 1 9 3 6 , $ 2 ,0 0 0 1 9 3 7 , $ 3 ,0 0 0
1 9 3 8 . $ 2 ,0 0 0 1 9 3 9 , $ 3 ,0 0 0 1 9 4 0 , $ 2 ,0 0 0 1 9 4 1 , $ 3 ,0 0 0 1 9 4 2 .
•
Financial Statement
A s s e s s e d v a l u a t i o n 1 9 2 1 ____________________________________________ $ 1 , 7 7 0 , 8 6 4
B o n d e d d e b t ( In c lu d in g t h is is s u e ) . . .
...........
6 0 ,5 0 0
P o p u l a t i o n 1 9 2 0 C e n s u s ___________
800
C O C H IS E

SALE .— R e c e n t l y
5% t a x - f r e e h i g h

COLORADO
( S t a t e of).— BOND OFFERING.— A r t h u r M . S t r o n g .
S t a t e T r e a s u r e r (I* . O . D e n v e r ) , w i l l r e c e i v e s e a l e d b i d s u n t i l 10 a . m . J u n e 5
( n o t J u n o 1 , a s r e p o r t e d in V . 1 1 4 , p . 1 6 8 7 ) f o r a ll o r a n y p a r t o f $ 3 ,0 0 0 ,0 0 0
5 % h ig h w a y b o n d s .
D e n o m . $ 5 0 0 o r m u ltip le s .
D a te J u n e 1 1922.
P r i n c i p a l a n d s e m i - a n n u a l i n t e r e s t p a y a b l e a t K o u n t z e B r o s . , N . X. C i t y ,
o r a t t h o S t a t e T r e a s u r e r ’s o f f i c e , a t o p t i o n o f h o l d e r .
D u e J u n e 1 1952,
o p tio n a l J u n o 1 1 9 3 2 .
A c e rtif ie d c h e c k o r b a n k d r a f t p a y a b le to th e
a b o v e o f fic ia l e q u a l t o a t l e a s t 3 % o f a m o u n t b id r e q u i r e d .
T hese bonds
a r e t h e u n s o ld p o r ti o n o f t h e a u th o r i z e d l- s u e o f $ 5 ,0 0 0 ,0 0 0 , 3 2 ,0 0 0 .0 0 0 o f
w h ic h w e ro r e p o r t e d a s s o ld in V . 1 13. p . 1 6 9 7 .

The official notice of this bond offering will be found among the advertisements
elsewhere in this Department.
C O L T O N U N IO N H IG H S C H O O L D IS T R IC T , S a n B e r n a rd in o
C o u n ty ,
C a l i f .— BOND
SALE NOT COMPLETEDm -BONDS RE­
OFFERED A N D SOLD.— T h e s a l e o f t h o $ 2 2 0 , 0 0 0 6 % * h o o l b o n d s o n
J a n . 2 0 o f t h o c u r r e n t y e a r t o H u n t e r , D u l l n A Co. o f L o s A n g e l e s a t 1 0 8 . 1 6
a n d i n t o r e s t , a b a s i s o f a b o u t 4 . 9 9 % — -V . 1 1 4 , p . 6 4 9 — w a s n o t c o n s u m m a t e d
in a s m u c h a s t h e p u r c h a s e r s r e f u s e d t o a c c e p t t h e b o n d s b e c a u s e o f a lle g e d
Ille g a l p r o c e e d in g s .
T h e s e b o n d s w e r e r e - o f f e r e d a s 5 } j s o n A p r i l 1 7 — V . 11 1 . p . 1 6 8 7 — a n i l
•sold o n t h a t d a y t o S t e p h e n s & C o . o f S a n l 'r a n c i s c o f o r $ 2 3 7 , 7 5 0 , e q u a l
to 1 0 8 .0 6 , a b a s is o f a b o u t 4 .6 9 % . O t h e r d e t a i l s o f t h e b o n d s a r e : D e n o m .
3 1 ,0 0 0 .
D a to A p ril 3 1 9 2 2 .
I n t. A p ril 3 a n d O c t. 3 .
D u e $ 1 0 ,0 0 0 y e a r ly
o n A p r i l 3 f r o m 1 9 2 5 t o 1 9 4 6 i n c h ( a b o u t a 1 3 , 'j - y e a r a v e r a g e ) .
T h e fo l­
lo w in g b id s w e re r e c e iv e d :
S t e p h e n s & C o -------------------------$ 2 3 7 ,7 5 0 1 R . H . M o u l t o n A C o . a n d
H a rris T r . A S a v . B a n k —
2 3 6 .8 0 0
S e c u r i t y T r u s t C o ________. $ 2 3 5 , 0 0 0
N a t io n a l C i ty C o . a n d A n g lo
C itiz e n s ’ N a tio n a l B a n k o f
& L o n d o n P a r is N a t . B k . 2 3 6 ,2 0 0
L o s A n g e l e s _________________ 2 3 4 , 5 0 0
B l y t h , W i t t e r A C o -------------- 2 3 6 . 1 8 0 C o l t o n N a t i o n a l B a n k ____ 2 3 4 , 3 0 0
B o n d A G o o d w in & T u c k e r ,I n c .2 3 0 ,1 0 0 C y r u s P e irc e C o . a n d l l u n W m . I t. S ta a ts C o . a n d
t e r , D u l l n A C o _________
2 3 3 ,3 0 0
F i r s t S e c u r i t i e s O o _ ............ 2 3 5 . 8 0 0 .

Financial Statement.
A s s e s s e d v a l u a t i o n . 1 9 2 1 - 2 2 ___ ________ ________________________________ $ 3 , 6 4 7 , 9 5 5
T o t a l d e b t, in c lu d in g t h is iss u e . _ _
... ............................ .......
2 2 0 ,0 0 0
C O L U M B I A C O U N T Y S C H O O L D I S T R I C T N O . 2 , W a s h .—BOND
2 p m . t o - d a y ( A p r i l 2 9 ) t h e C o u n t y T r e a s u r e r ( P <)
D a y to n ) w ill r e c e iv e b id s fo r $ 7 7 ,0 0 0 s c h o o l b o n d s
D enom
8 1 ,0 0 0 a n d
$850.

OFFERING — - U n t i l

C O L U M B U S , P l a t t e C o u n t y , N e b . - BOND FLECTION CONSID­
ERED. — A s p e c i a l e l e c t i o n t o v o t e o n t h e q u e s t i o n o f i s s u i n g $ 2 0 , 0 0 0 w a t e r
t a n k b o n d s is b e in g c o n s id e r e d .
C O L U M B U S S C H O O L C IT Y
(P . O . C o lu m b u s ) , B a r th o lo m e w
C o u n t y , I n d .-—BOND OFFERING — P r o p o s a l s w i l l b e r e c e i v e d b y t h e
B o a r d o f S c h o o l T r u s te e s u n t il 2 p in . M a y 3 fo r $ 1 2 5 ,0 0 0 5 % c o u p o n
sc h o o l b ld g b o n d s .
D enom $500
D a te M a y 3 1922
P r in a n d s e m i­
a im . i n t. (M
S N ) p a y a b le a t th e F a rm e rs T r u s t C o , C o lu m b u s
r.
D ue




D A L LA S C O U N T Y R O A D D I S T R I C T N O . 1 (P. O. D a lla s ), T e x a s .

D A N S V 1 L L E , L i v i n g s t o n C o u n t y , N . Y . BOND SALE. — T h o f o l l o w
iu g b o n d s o f f e r e d o n A p r il 21 (V . 1 14 , p . 1 6 8 7 ) w e r e s o ld t o S h e r w o o d A
M o r r i f i c ld o f N e w Y o r k a t 1 0 0 .5 7 f o r 4 .7 0 s , a b a s is o f a b o u t 4 .6 3 % :
$ 5 1 ,0 0 0 H e a lth S t r e e t p a v in g b o n d s .
P e r r m . $ 3 ,0 0 0 .
D u e $ 3 O O O 'y e a rlv
o n J u n e 1 fro m 1 9 2 3 to 19 3 9 , i n c J u s n e .
1 9 ,5 0 0
M ilto n a n d S p r u c e s tr e e ts p a v in g l o r d s .
P e r rm . S975.
D uo
$ 9 7 5 y e a rly o n J u n e 1 fro m 1 9 2 3 to 194 2 , in c lu s iv e . '
6 .5 0 0 w a te r e x te n s io n Ix m d s .
D enom . $500.
D u e $ 5 0 0 y e a rly on
J u n o 1 fro m 1 9 2 5 to 1 9 3 7 , in c lu s iv e .
4 .5 0 0 s e w e r e x te n s io n
Ix m d s.
D enom . $500.
D u e $500 y e a rly on
J u n e 1 fro m 192 3 to 19 3 1 , I n c l u s h o .
1 .0 0 0 w a t e r e x te n s i o n b o n d s .
D enom . $500.
D u e $ 5 0 0 o n J u n o t In
1923 a n d 1924.
1 .0 0 0 s e w a g e d i s - v s a l p la n t, b o n d s .
D enom .
$500.
D ue
$500 on
J u n e 1 in 1 9 2 3 a n d 1 9 2 4 .
D a te J u n e l 1922.
D A RL IN G TO N

SALE. —

COUNTY

(P. O.

D a r l i n g t o n ) , S o . C a r o.—BOND

T h e $ 1 0 0 ,0 0 0 5 % r o a d a n d b r id g e b o n d s o f f e r e d o n A p r il 19
(V 1 1 4 , p . 1 6 8 7 ) h a v e b e e n a w a r d e d t o W . M . D a v i s A C o o f M a c o n a t
p a r p lu s a p r e m iu m o f $ 1 ,2 8 0 . e q u a l t o 1 0 1 .2 8 .
D e n o m . $ 1 ,0 0 0
D a te
Ju n e 1 1922
I n t. J . A D .
D u e J u n o 1 1 9 4 2 , o p tio n a l $ 5 ,0 0 0 y e a r ly f ro m
192 4 t o 1 9 3 8 a n d $ 6 ,0 0 0 t o 1 9 4 2 .

D A V I E S S C O U N T Y ( P . O . W a s h i n g t o n ) , I n d . — BOND SALE. — - T h e
f o l l o w i n g t h r e e i s s u e s o f 5 % h i g h w a y I x m d s o f f e r e d o n A p r i l 2 0 ( V . 1 1 4 , p.
14 5 1 ) w e re s o ld to th e S t a te B a n k o f W a s h in g to n , I n d ., a t t h e p r ic e s g iv e n
b e lo w :
$ 7 2 ,0 6 0 L a w re n c e L e o e t a l . , W a s h in g to n T w p ., b o n d s , s o ld a t p a r a n d
a c c r u e d i n t e r e s t , p l u s a p r e m i u m o f $ 5 4 0 5 0 ( 1 0 0 .7 5 ) , a b a s i s o f
a b o u t 4 .8 4 % .
2 5 ,8 3 0 O . M . V a n c e e t a l, W a s h in g to n T w p ., b o n d s , s o ld a t p a r a n d
a c c r u e d i n te r e s t , p l u s a p r e m i u m o f $ 2 1 4 ( 1 0 0 .8 2 ) , a b a s is o f a b o u t
4 .8 3 % .
8 2 ,6 3 9 J a m e s A . C o l b e r t e t a l.„ W a s h i n g t o n T w p . , b o n d s , s o l d a t p a r a n d
a c c r u e d i n te r e s t , p l u s a p r e m iu m o f $ 5 1 6 5 0 ( 1 0 0 .6 2 ) , a b a s is o f
a b o u t 4 .8 7 % .
D a te A p ril 4 1922.
D A W S O N , N a v a r r o C o u n t y , T e x . — BOND ELECTION. — O n M a y 2
$ ■ 1 5 ,0 0 0 6 % s e r i a l w a t e r b o n d s w i l l b e s u b m i t t e d t o t h e v o t e o f t h e p e o p l e
W . O . T Ia rg e s, S e c r e ta r y .
DES M OIN ES SC H O O L D IS T R IC T , P o lk C o u n ty , Iow a.

BOND

SALE. - R . M . G r a n t A C o . a n d P a i n e , W e b b e r A C o . , b o t h o f N o w Y o r k
h a v e p u r c h a s e d i o i n t l y 8 7 8 0 . 0 0 0 4 ' . . % c o u p o n s c h o o l b o n d s a t 1 0 2 .0 1 . a
b a s i s o f a b o u t 1 .3 5
.
D e n o m . $ 1 ,0 0 0 .
D a to M a y I 1922.
L it. M . A N .
D u e M a y l 1942.
T h e y a r e n o w b e in g o ffe re d to I n v e s to rs to y ie ld 4 .2 0 % .
Financial Statement.

\

a b l a t i o n f o r p u r p o s e s o f t a x a t i o n , 1921

$164 351 747
3 .7 0 4 700

N e t b o n d e d d e b t . ______________
P o p u l a t i o n . 1 9 2 0 , 1 2 6 ,4 6 8 .

D E T R O I T , B e c k e r C o u n t y , M i n n . -BOND S A L E — T h e $ 1 5 0 , 0 0 0
.;>% p a v i n g b o n d s o f f e r e d o n A p r i l 2 5 — V . 1 1 4 , p 1 8 0 6 — h a v e b e e n a w a r d e d
j o in t ly to th e W e lls -D ic k e y C o . a n d th o M in n e s o ta L o a n A T r u s t C o o f
M in n e a p o lis
DODGE

COUNTY

IP.

O.

M an torville ),

M inn.

BOND SALE - ■

G a t e s , W h ite A C o ., o f S t. P a u l, h a v e p u r c h a s e d $ 4 0 ,0 0 0 4 K % p u b lic
d r a i n a g e d i t c h b o n d s a t p a r p l u s a p r e m i u m o f $ 6 4 0 , e q u a l t o 10 1.6 0
D e n o m . > 1 ,0 0 0 .
D a te A p ril 1 1922.
I n t. A . A O .
D u e s e ria lly fro m 1 9 2 8
to 1942.

D O N A A N A C O U N T Y ( P . O . L a s C r u c e s ) , N . M ex.— BOND OFFER­

I N G — A t 2 p in M a y 1 s c a le d b id s w ill b o o p e n e d f o r t h e p u r c h a s e o f
$ 6 0 ,0 0 0 r o a d a n d b r id g e b o n d s .
D a to M a y
1 1922
I n te r e s t s e m i-a n n
D u e 1 9 5 2 , o p tio n a l 194 2 .
P r o p o s a l s a s k e d o n 5J4 a n d 6 % b o n d s ,
lle n rv
S to e s , C h a ir m a n B o a rd C o u n t y C o m m is s io n e rs .
D O U G L A S , W a r d C o u n t y , N o . D a k . — BOND OFFERING. B i d s w i l l
b e r e c e iv e d a t o n c e b y T h o r e B r u z z a r d , V illa g e C l e r k , f o r $ 8 ,0 0 0 6 % 1 0 - y e a r
re fu n d in g b o n d s .
D U B L I N S C H O O L D I S T R I C T (P. O. D u b l i n ) , P u l a s k i C o u n t y , V a.

— BOND SALE. — A n i s s u e o f 8 4 5 , 0 0 0 5 ' % b o n d s w a s r e c e n t l y s o l d t o
4
W e l l . R o t h A C o . , o f C i n c i n n a t i , a t p a r p l u s a p r e m i u m o f $ 090 , e q u a l t o
1 0 1 .5 3 .

D U B U Q U E I N D E P E N D E N T S C H O O L 1D I S T R I C T ( P . O . D u b u q u e )

D u b u q u e C o u n t y , I o w a . — BOND SALE. — R l n g h e i m W h e e l o e k A C o .
a n d D r a k e - B a lla r d C o ., j o in t ly , p u r c h a s e d t h e 8 1 5 0 ,0 0 0 s c h o o l b u ild in g
b o n d s o ffe re d o n A p ril 2 4 (V . I l l, p . 1687) a s 4 L 5 s, a t p a r p lu s a p r e m iu m
o f $ 8 ,6 5 5 , e q u a l t o 1 0 1 .9 2 a n d d e p o s it a r r a n g e m e n t s .
D a te M a y I 1922.
D u e in te n e q u a l a n n u a l in s ta llm e n ts b e g in n in g M a y 1 1932.
DUNCAN SC H O O L D IS T R IC T , S te p h e n s C o u n ty , O kla.

VOTED.—O n A p r i l I I , b y a v o t e o f 1 6 9 " f o r ” t o 3 5 " a g a i n s t , "
s c h o o l b u ild in g b o n d s c a r r ie d .

BONDS
$ 3 5 ,0 0 0

E B E N S B U R G , C a m b r i a C o u n t y , P a . - - BOND S A L E — T h e $ 8 0 , 0 0 0
l\4% i m p r o v e m e n t b o n d s o f f e r e d o n A p r i l 2 6 — V 1 1 1 , p . 1 8 0 6 w e r e
s o ld to t h e M e llo n N a t io n a l B a n k o f P i t t s b u r g h , a t p a r a n d a c c r u e d I n te r e s t
p lu s a p r e m iu m o f $ 2 ,9 5 2 (1 0 3 6 9 ). a b a s is o f a b o u t 4 2 3 % .
D a t e M a v t'
1922
D u e y e a r l y o n M a y l a s fo llo w s :
$ 8 ,0 0 0 1 9 2 7 , 3 1 0 ,0 0 0 1 9 3 2 . $ 1 2 ,­
000 1 9 3 7 . $ 1 4 , 0 0 0 1 9 4 2 . 3 1 0 . 0 0 0 1 9 4 7 a n d $ 2 0 , 0 0 0 i n 1 9 5 2 . T h e f o l l o w i n g
b id s w e re re c e iv e d :
M e l l o n N a t B a n k . P i t t s b $ 2 , 9 5 2 0 0 1 L e w i s A S n y d e r , P h l l a _____ $ 2 , 5 0 8 0 0
H a r r is . F o r b e s A C o , N . Y 2 ,1 8 8 8 0 M
M . F reem an A C o
1 ,7 2 8 0 0
J 11 H o l m e s A C o . P i t t s b 2 , 2 2 8 0 0 1G r a h a m , P a r s o n s & C o
1 ,8 4 8 0 0
lU d d le A H e n r y , P h lla
2 , 1 0 6 4 0 1G l o v e r A M c G r e g o r
1 ,2 7 7 0 0

A p r il

TH E

29 1922.J

C H R O N IC L E

E D M O N D S C H O O L D IS T R IC T (P . O . E d m o n d ), O k la h o m a C o u n ty ,
O k l a _ BONDS DEFEATED .— O u r W e s t e r n r e p r e s e n t a t i v e a d v i s e s u s ,
_
b y a s p o r la l to lo g r a m , t h a t $ 7 5 ,0 0 0 s c h o o l b o n d s h a v o b e e n v o t e d d o w n .

___________________$ 7 , 0 0 0 , 0 0 0
R e a l v a lu a tio n - .- -- - - - - ­
__________________ 5 . 7 9 8 , 0 0 0
A sse sse d v a lu a tio n 1922 .
_______ $ 3 7 4 , 0 0 0
T o t a l lio n d e d d e b t .
____
5 9 ,0
L e s s w a t e r w o r k s d e b t ................................................. .................- - ________ 0 0
" N o td e b t
- - ............................................................... .................- - - - - - - C e n s u s p o p u l a t i o n , 4 ,7 4 4 ; o f f i c ia l ly e s t i m a t e d 1 9 2 2 , 0 ,0 0 0 .

$ 3 1 5 ,0 0 0

F I E C T R A , W i c h i t a C o u n t y , T e x a s .— BONDS REGISTERED.
The
S ta te C o m p t r o l l e r o f T e x a s r e g i s t e r e d $ 2 5 , 0 0 0 6 % s e r i a l w a t e r w o r k s
e x te n s io n b o n d s o n A p ril 18
E L K O , E l k o C o u n t y , N e v . —BOND SALE.—Nil i s s u e o f $ 1 8 0 , 0 0 0 7 %
o o -v e a r ( o p t.) w a te r b o n d s h a s b e e n s o ld t o t h e H a n c h e tt B o n d C o ., I n c .,
o f C h ic a g o .
D a te d J a n . 1 1921.
.
E L M W O O D V IL L A G E S C H O O L D IS T R IC T (P . O . E lm w o o d P la c e ) ,
H a m i l t o n C o u n t y , O h i o . - BOND OFFERING.
). L . C h a m p l i n D i s ­
t r i c t C l e r k , w i l l r e c e i v e s e a l e d b i d s u n t i l 8 p . m . M a y 2 f o r $ 5 0 , 0 0 0 5 Vi %
sc h o o l h o u se a n d sc h o o l s ite b o n d s .
D enom . $500.
D a to M a r . 31 1 9 2 2 .
I’r i n a n d s o m i - a n u . I n t . p a y a b l e a t t h e F i r s t N a t i o n a l B a n k i n E l m w o o d
P la c e
D u o $ 2 ,0 0 0 y e a r l y o n M a r . 31 f ro m 1 9 2 4 to 1 9 4 8 in c l.
C e rt, c h e ck
f o r 2 % o f th e a m o u n t b id fo r r e q u ire d .
P u rc h a s e r to p a y a c c ru e d in te re s t.
E R IE C O U N T Y (P . O . E rie ), P a

.- B O N D SALE .—

T h e $ 3 0 0 ,0 0 0 4 % %

1922.
- — ------------- fo llo w in g b id s w e re re c e iv e d
H i l l , W r i g h t & F r e w ..........- - $ 7 , 9 0 1 0 0 B i d d l e & H e n r y ______________ $ 6 , 4 3 2
E l k i n s , M o r r i s & C o . ........... <d> 50 0 0 S c h i b e n e r - B o e n n i i l g C o ____ 6 , 4 1 7
M . M . F reem an & C o .. .
7 , 0 9 2 0 0 R e i l l y , B r o c k & C o --------------- 6 , 3 8 1
B r o w n B r o s . & C o . . . . .......- - 6 , 8 3 1 0 0 L e w i s & S n v d e r _______________ 6 , 3 1 0
J . I I . H o l m e s & C o -------------- 4 , 0 3 4 0 0 M e l l o n N a t i o n a l B a n k _______7 , 0 1 0
F i d e l i t y T . & T r . o f P i t t s b - 4 , 8 1 4 4 5 G u a r a n t y C o . o f N . V -------- 6 , 2 7 0

ETHAN

IN DEPEND EN T

SCHOOL

D IST R IC T

(P.

O.

00
00
00
00
00
00

E than),

C o u n t y , S o . D a k . BOND OFFERING.— F . R . J o n e s , S e c . o f
B o a r d o f E d u c a t i o n , w ill r e c e iv e s e a le d b id s u n t i l 4 p . m . M a y 1 f o r $ 1 4 ,0 0 0
6 % sch o o l b o n d s.
D a to M a y 1 1922
P rill, a n d I n te r e s t p a y a b le a t t h e
v V e lls - D ic k e y C o . o f M in n e a p o l is
D u e M a y 1 1942
C e rtifie d c h e c k
fo r 10 % o f b id re q u ire d
EUCL
C o u n ty
re c o lv o
D onom
o n ’O c t 0 ^ f r o m * 1 9 2 3 “t o T 9 3 5 , ’ i n c l u s i v e , a n d $ 1 2 , 0 0 0 y e a r l y
*1936 t o 1 9 4 6 i n c l u s i v e .
C e rtifie d c h e c k fo r 10% o f th e a m o u n t b id fo r,
p a y a b le to th e D is tr ic t T r e a s u r e r, re q u ir e d .
P u rch aser
in ­
te r e s t.
A p p a r e n tly th o s e a re (h o b o n d s w h ic h w e re to bo o ffe re d o n A p ril 13.
—V . 114. p . 1451.
_________ ____
,
,, ,
s ,

1929

T r u s t e e ( l \ ( ) . B i d g e v i l l e ) , u n t i l 1 :3 0 p . n i . M a y 1 6 f o r $ 6 8 , 0 0 0 5 % s c h o o l
bonds.
D i te M a y 16 1 9 2 2 .
I’r i n . a n d s e m i - a n n . i n t . p a y a b l e a t t h e F i r s t
N a tio n a l B a n k . R ic h m o n d .
D u e e a c h s ix m o n t h s a s f o llo w s : $ 2 ,0 0 0 f r o m
J u l y I 1 9 2 3 t o J a n . 1 1 0 2 9 : $ 2 ,5 0 0 J u l y 1 1 9 2 0 ; $ 2 ,0 0 0 J a n . 1 1 9 3 0 ; $ 2 ,5 0 0
J u l y 1 1 9 3 0 ; S 2 .0 0 0 J a n . 1 1 9 3 1 ; $ 2 ,5 0 0 J u l y 1 1 9 3 1 ; $ 2 ,5 0 0 J a n . I 1 9 3 2
a n d $ 3 ,0 0 0 fro m J u l y 1 1 9 3 2 to J a n . 1 1 9 3 7 in c l.
C e r t, c h e c k fo r $ 1 ,0 0 )
p a y a b le to th e a b o v e T r u s te e , re q u ire d .
P u rc h a s e r to p a y a c c ru e d in t.
F R E E B O R N C O U N T Y ( P . O . A l b e r t L e a ) , M i n n . — BOND OFFERING.
— B id s w ill b e r e c e i v e d u n t i l 2 p . m . M a y 4 b y F r e d T a v i s , C o u n t y A u d i t o r ,
f o r $ 1 2 4 , 4 4 2 4% % t r u n k h i g h w a y r e i m b u r s e m e n t b o n d s .
D e n o m . $ 1 ,0 0 0 .
e x c e p t o n o f o r $ 1 .4 4 2 .
D a te M a rc h 1 1922.
I n t. s e m i-a n n .
D u e y e a rly
o n M a r c h 1 a s f o llo w s : $ 1 2 ,0 0 0 , 1 9 3 3 t o 1 9 3 8 i n c h : $ 1 3 ,0 0 0 , 1 9 3 9 t o 1941
i n c l .. a n d $ 1 3 ,4 4 2 , 1 9 4 2 .
C e r t, c h e c k fo r 2 % o f th e a m o u n t o f t h e iss u e ,
p a y a b le to th e C o u n ty T r e a s u r e r, re q u ire d .
F U L T O N C O U N T Y ( P . O . W a u s e o n ) . O h i o . — BOND SALE.-— T h e
fo llo w in g t h r e e Is s u e s o f 6 % b o n d s , a g g r e g a t in g $ 2 9 ,4 0 0 , w h ic h w e r e o ffe re d
o n A p r il 1 7 ( V . 1 1 4 , p . 1 5 6 7 ) , w e re s o ld t o D u r f e e , N i l e s & C o . , a t t h e p r ic e s
g i v e n b e lo w :
$ 1 2 ,9 0 0 H o a d im p r o v e m e n t N o . 9 0 , L o c k p o r t- Y o r k C e n t r e R o a d N o . 3 .
C l in t o n T o w n s h ip , b o n d s , s o ld f o r $ 1 3 ,1 3 2 ( 1 0 1 .7 9 ) , a b a s is o f
a b o u t 5 .3 5 % .
D e n o m . 1 fo r $ 4 0 0 a n d 25 fo r S 5 0 0 e a c h .
Dm*
$ 9 0 0 M a y 1 1 9 2 3 ; $ 1 ,0 0 0 N o v . 1 1 9 2 3 , M a y l 1 9 2 4 a n d N o v . 1
1 9 2 4 , a n d $ 1 ,5 0 0 e a c h s ix m o n th s f r o m M a y 1 1 9 2 5 t o N o v . 1
1 9 2 7 , in c lu s iv e .
8 ,5 0 0
R o a d im p ro v e m e n t N o . 9 2 , O ld S ta te L in e R o a d N o . 1 7 . P ik e
a n d F u l t o n T o w n s h i p s b o n d s , s o ld f o r $ 8 ,6 4 3 ( 1 0 1 .6 8 ) , a I x is is o f
a b o u t 5 .3 9 % .
D enom . $500.
D u e $ 5 0 0 M a y 1 1 9 2 3 : $ 1 ,0 0 0
N o v . 1 1 9 2 3 : $ 5 0 0 M a y 1 1 9 2 4 : $ 1 ,0 0 0 N o v . 1 1 9 2 4 : $ 5 0 0 M a y 1
1 9 2 5 , a n d $ 1 ,0 0 0 e a c h s ix m o n th s f ro m N o v . 1 1 9 2 5 t o N o v . 1
8 ,0 0 0

R o a d Im p ro v e m e n t N o . 9 4 , D a rb y -O tto k e e R o a d N o . 1 6 , D o v e r
T o w n s h i p b o n d s , s o ld f o r $ 8 ,1 2 6 ( 1 0 1 .5 7 ) , a b a s is o f a b o u t, 5 .4 3 % .
D enom . $500.
D u e $ 5 0 0 o n M a y 1 a n d $ 1 ,0 0 0 o n N o v . 1 in e a c h
o f t h e y e a rs fro m 1 9 2 3 to 1 9 2 6 , in c lu s iv e , a n d $ 1 ,0 0 0 o n M a y 1
a n d N o v . 1 in 1 9 2 7 .
.
D a te M a y 1 1922.
T h e fo llo w in g b id s w e re r e c e iv e d :
$ 1 2 ,9 0 0
$ 8 ,5 0 0
$ 8 ,0 0 0
Bidder—
Issue.
Issue.
/» * « « •
D u r f e e . N i l e s & C o . - . __________
.$ 1 3 ,1 3 2 0 0
$ 8 ,6 4 3 0 0
$ 8 ,1 2 6 0 0
W . L. S l a y t o n & C o __________________ 1 3 .1 9 7 9 9
8 .6 9 2 5 0
8 .1 » 1 6 0
S c a s o n g o o d & M a y e r __________________ 1 3 , 0 0 8 0 0
8 ,5 7 2 0 0
8 . 0 6 7 .>()
A p p a r e n t l y t h e b e s t b i d s f o r t h e c o u n t y w e r e t h e b i d s o f W . L. S l a y t o n
& C o . , b u t " th e I n f o r m a t i o n t h a t t h e a w a r d w a s t o D u r f e o , N i l e s & C o .
c o m e s to u s fro m th e C o u n ty A u d ito r.
G A L V E S T O N C O U N T Y ( P . O . G a l v e s t o n ) , T e x . — BOND SALE.—
R . L e e K e m p n e r h a s p u r c h a s e d $ 8 5 ,0 0 0 s p e c ia l r o a d b o n d s o f 1 9 2 1 a t p a r .
G A R V E Y S C H O O L D I S T R IC T . L o s A n g e le s C o u n t y , C a lif .
$ 2 0 ,0 0 0 5 % C 1 0 % - y e a r s c h o o l b o n d s , d a te d A p ril 1
o
1 9 2 2 , o ffe re d o n A p ril 17— V 1 1 4 , p 168 8 — h a v e b e e n s o ld t o t h e B a n k
o f I t a l y f o r $ 2 1 ,1 4 0 5 0 , e q u a l t o 1C 5 7 0 2 , a b a s is o f a b o u t 4 . 8 0 %
D a te
A p ril 1 1 9 2 2 .
D u e $ 1 ,0 0 0 y e a rly o n A p ril 1 f r o m 1 9 2 3 t o 1 9 4 2 , in c lu s iv e .
T h e fo llo w in g a r e t h e b id s re c e iv e d :
..........................
B a n k o f I ta ly
$ 2 1 ,1 4 0 S O IC itlz e n s N a t io n a l B a n k _ - $ 2 1 ,0 0 0 0 0
W i n . R . S t a a t s C o ________ 2 1 , 0 5 9 0 0 1

BOND SALE —The

G E A U G A C O U N T Y ( P . O . C h a r d o n ) , O h i o . — B O A rD SALE. — T h e
fo llo w in g f o u r Iss u e s o f b o n d s o f fe r e d o n A p r il 17 (V . 1 1 4 , p 1 4 5 2 ) w e r e s o ld
to S p itz e r . R o ric k & C o o f T o le d o a t p a r a n d a c c ru e d I n te r e s t, p lu s a p r e m ­
iu m o f $ 8 5 .
T h e a b o v e c o . a ls o a g r e e d t o p a y f o r t h e p r i n t i n g o f b o n d s
$55,e), L C h
— ---------------------O.
T a l l a h a s s e 5 4 7 3 5e o n a g r i n F a l l s - U r c e n v i l l e R o a d a n d W a r r e n - B u r t o n R o a d i m ­
ro e
n
d
D t
h
9
"
'tave 1 2 8 , 3 3 4 2 f t p % v Mmi de d lte bio n d -sP a r k ma a e -M eacrtci o n 1 “ 1A 2 2 a n d..................... o a d b o n d s
6
f el
n S
"
B
R
4 8 , 0 4 6 0 0 6 % T r o v C e n t e r N o r t h t o S t e e l e 's C r o s s i n g R o a d b o n d s .
D abM a rc h 1 1922.
1 1 1 ,6 8 0 0 0 6 % C h i ll i c o t h e R o a d b o n d s .
th e N a tio n a l P a r k B a n k . N . V . C ity , a t o p tio n o t n o m e r.
can oe
G E R M A N T O W N , S h e l b y C o u n t y . T e n n . —PURCHASER—PRICE r e g is te r e d w ith th e S ta to T r e a s u r e r a s to p rin c ip a l a n d I n te r e s t.
D uo
T h e p u r c h a s e r o f t h e $ 1 5 ,0 0 0 6 % ta x - f r e e w a t e r a n d l ig h t b o n d s o n M a r . 4
8 1 0 0 ,0 0 0
y e a r l y o n .T u lv 1 f r o m 1 9 3 7 t o 1 9 4 1 , i n c l .
( V . 1 1 4 . p . 1 3 3 0 ) w a s F . I’ . C a r p e n t e r o f M e m p h i s .
T h e p ric e p a id w a s
F A I R F A X C O U N T Y ( P . O . A l e x a n d r i a ) , Na.—BOND SALE —On
p a r a n d a c c r u e d I n te r e s t.
A p r i l 2 6 t h e C itiz e n s * N a t i o n a l B a n k a n d t h e F i r s t N a t i o n a l B a n k , b o t h o f
A l e x a n d r ia , w e r e t h e s u c c e s s f u l b i d d e r s f o r t h e fo llo w in g
ro ad b o n d s
G L O U C E S T E R , E s s e x C o u n t y , M a s s . — BOND SALE — A n i s s u e o f
$ 3 5 0 0 0 4 % % h i g h w a y im p r o v e m e n t a n d d r a i n a g e l o a n b o n d s w a s s o ld o n
$ 100,000 b o n d s .8 D e n o r m ' $ 5 0 0 .
I
$ 400,000 b o n d s .
D e n o m . $ 1 ,0 0 0 .
A p ril 2 0 a t 100 8 3 7 , a b a s is o f a b o u t 3 7 9% . to t h e G lo u c e s te r S a fe D e p o s it
& T ru st C o
D enom
$ 1 ,0 0 0
D a t e A p ril 1 1 9 2 2 .
I n t. A . & O .
D ue
F A L L R IV E R , B ris to l C o u n t y , M ass.— BOND SA L E .
I t is r e p o r t e d
$ 4 ,0 0 0 y e a r ly o n A p r 1 f ro m 1 9 2 3 t o 1 9 2 7 in c l. a n d $ 3 ,0 0 0 y e a r l y o n A p r . 1
t h a t $ 3 0 0 ,0 0 0 4 % 1 - 2 0 -y e a r s e r ia l h o s p it a l b o n d s h a v e b e e n a w a r d e d t o
f r o m 1 9 2 8 t o 1 9 3 2 in c l
T h e r e p o r t o f t h is s a le w a s a lr e a d y g iv e n in v . 1 1 4 ,
C u r t i s & S a n g e r o f B o s to n a t 1 0 0 .0 4 1 , a b a s is o f a b o u t 3 .9 9 % .
F A R I B A U L T C O U N T Y ( P . O . B l u e E a r t h ) . M i n n . — BOND OFFER- p . 1 8 0 7 ; it Is g i v e n a g a i n o n a c c o u n t o f t h e a d d i t i o n a l d a t a a v a i l a b l e .
TNG.— s e a l e d b i d s w i l l b e r e c e i v e d u n t i l 1 p . m . M a y 2 f o r $ 3 8 , 0 0 0 d r a i n a g e
GO O SE
CREEK
IN D E P E N D E N T S C H O O L
D IS T R IC T
(P . O .
d itc h b o n d s n o t to e x c e e d 6 % , b y J e s s e L . H e r r in g , C o u n ty A u d ito r.
G o o s e C r e e k ) , H a r r i s C o u n t y , T e x a s . — BOA DS REGISTERED^-—
On
D e n o m . $ 1 ,0 0 0 .
D a to M a y 1 1922.
P r ill, a n d s e m i-a im . i n t ( J . & J .)
A p ril 18 t h e S t a te C o m p tr o lle r o f T e x a s r e g is te r e d $ 2 0 0 ,0 0 0 5 % 3 0 - y e a r
n a v a b lo a t s o m e b a n k to b e a g re e d u p o n b y th e p u r c h a s e r a n d th e C o u n ty
bonds.
B o a rd
D u o y e a r ly o n J u l y 1 f r o m 1927 t o 1941 in c l.
C e rtifie d c h e c k
G R A N T S P A S S IR R IG A T IO N D IS T R IC T
(P . O . G r a n ts P a s s ).
fo r 2 % o f b id , p a y a b le to th e C o u n ty T r e a s u r e r, re q u ire d .
o u n ty ,
.
0 SELL
T
F A R M I N G T O N T O W N S H I P R U R A L S C H O O L D I S T R I C T ( P . O .’ J o s e p h i n e CFILED.—O r ei s — iAPPLICATION i c 7 t i o n w i t h BONDS r iA a t i oA
DISCOUNT
Th
d s t r i c t f ile d a p p l a
S ta te Ir g
n
W e s t F a r m i n g t o n ) , T r u m b u l l C o u n t y , O h i o . -BOA I) OFFERING.
S e c u r itie s C o m m is s io n t o s e ll $ 1 3 ,9 0 0 o f I r r i g a t i o n b o n d s a t 8 5 c e n t s o n
T . J . F r a n k , C l e r k o f t h e B o a r d o f E d u c a tio n , w ill r e c e iv e s e a l e d b id s
t h e d o l la r , i t is r e p o r t e d .
GRAY SON
CO U N TY COM M ON SC H O O L
D IS T R IC T
N O . 117
( P O S h e r m a n ) , T e x a s . -BONDS REGISTERED. — O n A p r i l 1 7 t h e S t a t e
C o m p tr o l le r o f T e x a s r e g is te r e d $ 1 5 ,0 0 0 5 % s e r ia l b o n d s .
th e a fio v e C le rk , re q u ire d .
P u rc h a s e r to p a y a c c ru e d i n t .
G R E E N W IC H ,
F a irf ie ld
C o u n ty
C o n t i .—BOND
SALE—The

F I N N E Y C O U N T Y ( P . O . G a r d e n C i t y ) , K a n s .— BOND SALE.

-An

I s s u e o f $ 9 0 , 0 0 0 20 - y e a r r o a d b o n d s h a s b e e n s o l d t o a c o n t r a c t o r .

F O R T B E N D C O U N T Y (P. O . R i c h m o n d ) , T e x ,

$147 000 4% %
g o ld c o u p o n (w ith p r iv ile g e o f r e g is tr a tio n ) r e f u n d in g
s e w e r b o n d s o f f e r e d o n A p r il 2 7 — V . 1 1 4 , p . 1 8 0 7 — w e r e s o ld t o M e r r il l .

BOND ELECTION.

- O n M a y 2 0 $ 5 0 0 ,0 0 0 c o u n t y r o a d d i s t r i c t b o n d s w ill lie v o t e d u p o n .

FORT

SM IT H

mDESCRIPTION
st ■ ite d i n V 1 1 4 ,
j

. & j .
& j .

SCHOOL

D IST R IC T,

S ebastian

C o u n ty ,

A rk.

— T h e $ 1 0 0 , 0 0 0 .V •; s c h o o l b u i l d i n g b o n d s a w a r d e d a s
p . 1 8 0 6 , a r e d e s c r i b e d a s f o llo w s ; D a t e A p r il 1 1 9 2 2 .
In t.
D u o s e ria lly fo r 15 y e a r s .

F R A M I N G H A M , M id d le se x C o u n t y , Mass.

- TEMPORARY LOAN

r

7 m T G ra lit & C o .

R u t t e r & C o ..............

. 1 5 4 ,2 1 4 7 0 L a m p o r t, B a r k e r & J e n 1 5 2 .2 8 0 0 0 1
i n g s , I n c -------------------------

1 5 0 ,0 0 0 0 0

T h e t e m p o r a r y lo a n o f $ 1 5 0 ,0 0 0 o ffe re d o n A p ril 2 5 — V 1 1 4 , p . 180 6
w a s s o ld to t h e O ld C o lo n y T r u s t C o o f B o s to n o n a 3 7 5 % d is c o u n t
b a s is , p lu s a p re m iu m o f $ 3 2 5 .
D u o D e c 11 1 9 2 2 .

F R A N K L I N , S o u t h a m p t o n C o u n t y , Va.—BOND OFFERING. — R . A .
P r e tl o w C h a i r m a n o r t h e F i n a n c e C o m m i t t e e , w ill r e c e iv e s e a l e d b i d s u n t i l
S i) m . M a v 5 f o r $ 5 0 , 0 0 0 6 % g e n e r a l I m p r o v e m e n t b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a te A u g . i 1 9 2 1 .
D ue A ug. 1 1951.
C e rtifie d c h e c k fo r $ 5 0 0 r e q u ir e d .
F R A N K L I N C O U N T Y ( P . O . C o l u m b u s . , O h i o . — BOND OFFERING.
..... R a l p h W . S m i t h , C l e r k o f t h e B o a r d o f C o u n t y C o m m i s s i o n e r s , w i l l
r e c e i v e s e a l e d b i d s u n t i l 1(1 a . i n . M a y 5 f o r t h e f o l l o w i n g 5 % j% b o n d s :
x S O l .0 0 0 P o t h R o a d i m p r o v e m e n t b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a to M a y 1
1922.
D u e $ 7 ,0 0 0 y e a r l y o n N o v . 1 fro m 1923 t o 1 9 2 6 , I n c l.,
a n d $ 6 ,0 0 0 y e a r ly o n N o v . 1 fro m 1 927 to 1 9 3 2 , In c l.
x 9 5 .0 0 0 H a y d e n R u n R o a d I m p r o v e m e n t b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a te
M a y 1 1922.
D u e $ 1 0 ,0 0 0 y e a r ly o n N o v . I fro m 1923 t o 1 9 2 7 ,
in c l ., a n d $ 9 ,0 0 0 y e a r l y o n N o v . i fro m 1 9 2 8 to 1 9 3 2 , in c l.
x .8 9 ,0 0 0 P o t t e r R o a d i m p r o v e m e n t b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a te M a y I
1922.
D u e $ 9 , 0 0 0 y e a r l y <,n N o v . 1 f r o m 1 9 2 3 t o 1 9 3 2 , I n c l . ,
a n d $ 8 ,0 0 0 o n N o v . 1 1 9 3 2 .
x i o q 5(10 N o r t o n R o a d i m p r o v e m e n t b o n d s .
D e n o m . 1 fo r $ 5 0 0 a n d 109
■’
fo r $ 1 ,0 0 0 e a c h .
D a te M a y 1 1922.
D u e $ 1 1 ,0 0 0 y e a r l y o n
N o v . I f r o m 192 .3 t o 1 9 3 1 . i n c l . , a n d $ 1 0 , 5 0 0 o n N o v . 1 1 9 3 2 .
.
* 5 0 0 0 0 C o u r t r l g h t R o a d i m p r o v e m e n t b o n d s .- D e n o m . $ 1 ,0 0 0 .
D a te
' '
A p ril 1 1 9 2 2 .
D u e $ 5 ,0 0 0 y e a r ly o n O c t. 1 fro m 1 9 2 3 to 1 9 3 2 , in c l.
*H 3 6 0 0 H a y e s R o a d I m p r o v e m e n t b o n d s . D e n o m . $ 1 , 0 0 0 . D a t e A p r i l 1
' '
1 9 2 2 . D u o $ 9 ,0 0 0 y e a r ly o n O c t. 1 f ro m 1 923 to 1 9 2 5 , i c n l ., a n d
88 0 0 0 o n O c t . 1 f r o m 1 9 2 6 t o 1 9 3 2 . I n c h
*66 5 0 0 S t v g l e r R o a d I m p r o v e m e n t b o n d s . D a t e A p r i l 1 1 9 2 2 . D e n o m .
1 f o r $ 5 0 0 a n d 6 0 f o r $ 1 ,0 0 0 e a c h .
D u e $ 6 ,5 0 0 O c t. I 1 9 2 3 a n d
$6 0 0 0 y e a r l y o n O c t . 1 f r o m 1 9 2 4 t o 1 9 3 2 . i n c l .
P r ill a n d s e m i - a n n . i n t . p a y a b l e a t t h e C o u n t y T r e a s u r e r 's o f f ic e .
C e rti­
fie d c h e c k f o r 1% o f t h e a m o u n t b id f o r , p a y a b le to th e B o a r d o f C o u n t y
C o m m is s io n e r s r e q u ir e d .
P u r c h a s e r to p a y c h a rg e s , If a n y , fo r d e liv e ry
o u ts id e th e c ity o f C o lu m b u s .
B o n d s n o t t o b e s o ld fo r le ss t h a n p a r a n d
a c c i u c d in te r e s t.^ h ^ ^ a P e t h e b o n d s s c h e d u l e d t o b e o f f e r e d o n M a y 1 .
V 114 p 1 806
* T h e s e a re th e b o n d s w h ic h w e re f ir s t o ffe re d o n A p ril 2 4 .
V '. 1 1 1 . p . 1 5 6 7 .

FR A N K LIN

SCHOOL

BOND OFFERING. — S c a l e d




TO W N SH IP,
b id s

w ill b e

R andolph
re c e iv e d

l» y

C o u n ty ,
A lb e rt

E.

In d .—
C o llin s

'a* aim . hi/ ivuuii > "***"•» - - - - * ——
----- ~» *
'
1 9 3 7 , o p tio n a l M a y 1 1 9 3 2 .
T h e s e b o n d s w e r e r e c e n t l y v o t e d b y 1 1 1 t<
2 5 a n d w e re m e n tio n e d in V . 11 4 , p . 1331.

Financial Statement.

A c t u a l v a l u a t i o n , e s t i m a t e d . --------------------------------- - - - - - - - - - A s s e s s e d v a l u a t i o n . 1 9 2 1 --------- ----------------------------------------------------------------T o t a l b o n d e d d e b t , i n c l u d i n g t h i s i s s u e ------------------------------- -W a t e r b o n d s ( i n a b o v e ) ------------------------------------------------------------S i n k i n g f u n d s o n h a n d ------------------------ ---------- ---------------------------5 ,0 0 0
N e t b o n d e d d e b t ---------------------------------------------------- --------------------------- P o p u l a t i o n , 1 9 2 0 . o f f ic ia l. 1 .3 2 9 ; p r e s e n t p o p u l a t i o n ( e s t .) ,

• 2 9 R ’2RI!
1 1 0 ,0 0 0
, 7 ; ! ; .” ’
1 .5 0 0 .

H A L L C O U N T Y C O M M O N S C H O O L D I S T R I C T N O . 20 ( P . O .
M e m p h i s ) , T e x a s . -B O N D S R E G I S T E R E D .— 'T h e S t a t e C o m p t r o l l e r o f
T e x a s r e g i s te r e d $ 5 ,0 0 0 5 %

1 0 -1 0 -y e a r b o n d s o n A p ril 1 ,.
H A M L E T , R i c h m o n d C o u n t y , N o. C a r o .— B O N D S A L E .— O n A p r i l
2 5 t w o is s u e s o f g o ld c o u p o n ( iv itn p r iv ile g e o f r e g i s tr a ti o n a s t o p r i n ­
c ip a l o n ly ) b o n d s , o ffe re d o n th a t d a te — \ . 1 1 4 , p . 1 807
w e re s o ld to t h e
A m e ric a n T r u s t C o . o f C h a r lo tte , a sfo U o w s:
$ 8 5 0 0 0 s tr e e t a n d s e w e r b o n d s f o r $ 8 5 ,0 5 1 ( 1 0 0 .0 6 ) a n d i n t e r e s t f o r 5 % s ,
a b a s is o f a b o u t 5 .4 9 % .
D u e y e a r l y o n A p r il 1 a s f o llo w s : $ 5 ,0 0 0
1 9 2 4 to 1 9 3 4 i n c l.. a n d $ 3 ,0 0 0 , 1 9 3 5 t o 1 9 4 4 In c l.
( A v e r a g e lif e
3 0 ,0 0 0

f u C b n g b o n d s a f o r } M 0 . 0 1 8 ( 1 0 0 . 0 6 ) a n d i n t e r e s t f o r 5 ^ 8, a b a s i s
o f a b o u t 5 .4 9 % .
D u e $ 2 , 0 0 0 y e a r l y o n A p r i l 1 f r o m 1 9 2 3 t o 193<
in c l.
( A v e ra g e life , 8 y e a rs .)

H A N C O C K C O U N T Y ( P . O . G r e e n f i e l d ) , I n d .— B O N D O F F E R IN G
— G r o v e r V a n D u y n , C o u n ty T r e a s u r e r , w ill r e c e iv e s o ile d b id s u n til
10 a . in . M a y 2 f o r t h e f o llo w in g 5 % h i g h w a y b o n d s .
_____
$ 1 0 ,2 0 0 I s o m J . B a i ty e t a l. C e n t r e T o w n s h ip b o n d s .
D enom . *510.
<) 7 6 0 ( M i n t o n A . P r c s s m l e t a l . J a c k s o n T o w n s h i p b o n d s .
D en o m . 848S.
(>’(>80 S v l v a n u s c
S ta le y e t a l. B ro w n T o w n s h ip b o n d s .
D enom . $331.
D a t e F e b 15 1 9 2 2 .
I n t. M a y 15 » n d N o v . 15.
D ue one bond o f each
i s s u e s e m i - a n n u a l l y f r o m M a y 15 1 9 2 3 t o N o v . 1 5 1 9 3 2 i n c l .
B o n d s n o t to
b e s o ld f o r le s s t h a n p a r .

H A N C O C K C O U N T Y (P. O . F i n d l a y , O h i o . — fO N D S A U L — T h e
$ 3 2 ,0 0 0 6 %

r. C .

H . N o . 2 2 1 , S e c tio n

“ B ” b o n d s o ffe re d

o n A p ril 22 —

1930

THE CHRONICLE

V . 1 1 4 , p . 1 6 8 9 — w e r e s o ld t o S t a c y & B r a u n o f T o le d o a t p a r a n d a c c r u e d
i n t e r e s t , p lu s a p r o m iu m o f $ 1 ,6 1 3 6 0 ( 1 0 4 .9 1 ) , a b a s is o f a b o u t 4 .9 7 % .
D a te A p ril 1 1 9 22.
D u o 8 4 .0 0 0 y e a r ly o n A p r il 1 f r o m 1 9 2 4 to 1 9 3 1 in c l.
H A R D IN C O U N T Y R O A D D IS T R IC T N O . 3 (P . O . K o u n tz e ) ,
T e x a s . —BOND REGISTERED — T h e S t a t e C o m p t r o l l e r o f T e x a s r e g i s t e r e d
$ 2 9 9 ,0 0 0 543 % s e ria l r o a d b o n d s o n A p ril 2 0 .
H A R T S C H O O L D IS T R IC T (P . O . E rw in ), W in n . P a r is h , L a .,—
BOND OFFERING.-— L e o n a r d A l l e n , S e c ’y o f t h e P a r i s h S c h o o l B o a r d
A.
w i l l r e c e i v e s e a l e d b i d s u n t i l 11 a . m . M a y 11 f o r $ 7 , 5 0 0 s c h o o l b o n d s
D a te A p r. 1 1922.
A c e r tif ie d c h e c k o n s o m e b a n k c h a r te r e d .u n d e r t h e
la w s o f t h is S t a te , o r o n s o m e n a tio n a l b a n k a u th o r iz e d t o d o b u s in e s s
In t h i s S t a t e , f o r a s u m e q u a l t o 2>3 % o f t h o a m o u n t o f t h e b o n d is s u o
re q u ire d .
H A V E R H I L L , E s s e x C o u n t y , M a s s — BOND SALE.—Tho $ 1 5 0 , 0 0 0
4 ) 4 % c o u p o n ta x - f r e e m u n ic ip a l lo a n b o n d s o f fe r e d o n A p r il 27 (V . 1 1 4 , p
1 8 0 7 ) w e r e s o ld t o W a tk i n s & C o . o f B o s to n a t 1 0 0 .6 3 , a b a s is o f a b o u t
4 .0 8 % .
D a te A p ril 1 1 9 2 2 .
D u e y e a r l y o n A p r il 1 a s f o llo w s : $ 2 4 ,0 0 0
f r o m 1 9 2 3 to 1 9 2 7 , in c lu s iv e ; $ 7 ,0 0 0 f r o m 1 9 2 8 t o 1 9 3 0 , in c lu s iv e ; $ 5 ,0 0 0 in
1 9 3 1 a n d $ 4 ,0 0 0 in 1 9 3 2 .
T h e f o llo w in g b id s w e re r e c e iv e d :
W a t k i n s & C o ________
.1 0 0 63
G u a r a n ty C o . o f N e w Y o r k . .1 0 0 .3 8
O ld C o lo n y T r u s t C o .
.1 0 0 5 1 9 A r t h u r P e r r y & C o ....................... 1 0 0 2 9 6
E s t a b r o o k & C o _____
. 1 0 0 .4 6
R M
G r a n t & C o ___________ 1 0 0 2 8 6
E . I I R o llin s & S o n s.
. 1 0 0 .4 6
M e r r i l l . O l d h a m & C o _______ 1 0 0 2 8 0
E d m u n d B r o s ________
.1 0 0 3 9
R L D a y & C o .............................1 0 0 . 1 9
B l a k e B r o s . & C o ____
100 39
E s s e x N a t i o n a l B a n k _________1 0 0 0 1
H A Y N E S V I L L E , C l a i b o r n e P a r i s h , L a .—BOND OFFERING.— S e a l e d
b i d s w i l l b e r e c e i v e d u n t i l 11 a . m . M a y 1 3 b y C . E . M i l l e r , T o w n C l e r k ,
f o r $ 7 5 ,0 0 0 6 % w a t e r w o r k s b o n d s .
D e n o m $ 1 ,0 0 0 .
D a te M a y 1 1922.
I n t. s e m i-a n n .
D u e s e ria lly fro m 1 9 2 3 to 1 9 3 6 in c l.
A c e rtif ie d c h e c k o n
s o m e b a n k d o in g b u s in e s s in t h e S t a t e o f L o u is ia n a f o r a t l e a s t $ 2 ,0 0 0 , to
t h e o r d e r o f t h e T o w n o f T la y n e s v lllo , r e q u i r e d .
H E B R O N , T h a y e r C o u n t y , N e b . —BOND SALE .— T h e I T e b r o n S t a t e
B a n k o f H e b r o n , h a s p u r c h a s e d $ 2 6 ,0 0 0 543 % f u n d in g r e g is te r e d im p r o v e ­
m e n t b o n d s a t p a r , p lu s a p r e m iu m o f $ 5 5 0 , e q u a l t o 1 0 2 .1 1 .
D enom .
$ 1 ,0 0 0 .
D a te J u n e 1 1922.
I n te re s t J . & D .
H E D L E Y IN D E P E N D E N T S C H O O L D IS T R IC T (P . O . H e d le y ),
D o n l e y C o u n t y , T e x a s . —BOND SALE .— W e a r e a d v i s e d b y B r e g ,
G a r r e t t & C o . o f D a lla s t h a t th e y h a v e p u r c h a s e d $ 3 5 ,0 0 0 6 % b o n d s .
D e n o m . $ 1 ,0 0 0 o r $ 5 0 0 .
D a t e A p ril 1 1 9 2 2 .
D u o y e a r l y a s f o llo w s :
$ 5 0 0 , 1 9 2 3 t o 1 9 3 2 , in c l., a n d $ 1 ,0 0 0 , 19 3 3 to 1 9 6 2 , in c l.

Financial Statement.
A s s e s s e d v a l u a t i o n f o r t a x a t i o n , 1 9 2 1 _________________________________ $ 1 , 3 7 2 , 8 8 2
T o t a l b o n d e d d o b t ( i n c l u d i n g t h i s i s s u o ) _______________________________
4 3 ,0 0 0
H E L P E R , C a r b o n C o u n t y , U t a h . — DATE OF ELECTION.—May 6
is t h o d a y s e t t o v o t e o n t h o $ 2 5 ,0 0 0 6 % 2 0 - y e a r s e w e r s y s t e m b o n d s , m e n ­
t io n e d in o u r is s u e o f A p r il 1 5 , p a g e 1 6 8 9 .
H E N D E R S O N V I L L E , H e n d e r s o n C o u n t y , N o . C a r o . —BOND SALE.
— T h o $ 4 0 0 ,0 0 0 6 % c o u p o n w a t e r b o n d s , o f f e r e d o n A p r il 21 (V . 1 1 4 , p
1 6 8 9 ), w e re a w a r d e d to B re e d , E llio tt & H a r r is o n , th e F lc tc h e r-A m e ric a n
C o ., W a tlin g , L e rc h e n & C o , C h a s A . P a r c e lls & C o ., a n d B o u rk o , H o tc h ­
k is s & C o ., a ll o f D e t r o i t , w h o a r e n o w o f fe r in g th o iss u o to in v e s to r s a t
p ric e s t o y ie ld 5 4 0 % .
D a t e A p ril 1 1 9 2 2 .
D u e y e a r ly o n A p r il 1 a s fo l­
lo w s : $ 1 0 ,0 0 0 , 1 9 3 2 to 1 9 5 1 , in c lu s iv e , a n d $ 2 0 0 ,0 0 0 , 1 9 5 2 .
H E N N E P I N C O U N T Y ( P . O . M i n n e a p o l i s ) , M i n n . —BOND OFFER­
IN G — A . P E r i c k s o n , C o u n t y A u d i t o r , w i l l r e c e i v e b i d s u n t i l M a y 1 5
fo r $ 5 0 0 ,0 0 0 4 43 % tu b e r c u lo s is s a n ito r iu m b o n d s .
T h e s e b o n d s w e re o ffe re d o n A p ril 24 to b o a r 5 % i n te r e s t — V . 1 1 4 , p .
1 6 8 9 — a n d a ll b id s r e c e iv e d w e re d e c lin e d .
H E N R Y E T T A O k m u l g e e C o u n t y , O U l a . — BOND SALE. — C . E d g a r
H a r n o ld o f O k la h o m a C i ty , h a s p u r c h a s e d $ 2 3 0 ,0 0 0 w a t e r a n d f ir e e q u ip ­
m e n t b o n d s a t a p r e m i u m o f $ 8 , 0 20 .
H I D A L G O C O U N T Y ( P . O . E d i n b u r g ) , T e x a s . — BONDS REGIS­
TERED. — T h e S t a t e C o m p t r o l l e r o f T e x a s r e g i s t e r e d $ 1 , 2 5 0 , 0 0 0 5 4 3 %
s e ria l r o a d b o n d s o n A p ril 17.
H IG B E E S C H O O L D IS T R IC T (P . O . H ig b e e ), R a n d o lp h C o u n ty ,
M o . — BOND OFFERING — B i d s w i l l b e r e c e i v e d u n t i l 7 : 3 0 p m . M a y 1
b y J . T . R a n d o lp h , S e c r e ta r y B o a rd o f E d u c a ti o n , fo r $ 1 5 ,0 0 0 5 % c o u p o n
2 0 -y ear school b o n d s.
In t. s e m i-in n . (M . & N .) .
D enom . $500.
S u b je c t
t o c a ll a f t e r 5 y e a r s .
L e g a lity a p p r o v e d b y W . P . C a v e o f M o b e rly .
C e r tif ie d c h e c k fo r $ 5 0 0 r e q u ir e d .

[Vol. 114.

G r o u p N o . 4 — N o r t h e r n T r u s t C o .; R e m ic k , H o d g e s &
C o . ; R . L . D a y & C o . , a n d M e r r i l l , O l d h a m & C o ___
G r o u p N o . 5— W . R . C o m p to n C o .. A . B . L e a c h & C o .,
I n c . , a n d H a l s e y , S t u a r t & C o . , I n c ___________________
G r o u p N o . 6 — A m e s , E m e ric h & C o .; G u a r a n ty C o . o f
N .
Y .; B a n k e r s T r u s t C o .; S ta c y & B r a u n ; A . G .
B e c k e r & C o .; E s t a b r o o k & C o .; H a n n a h s , B a llin &
L e e , a n d N a t i o n a l B a n k o f C o m m e r c e _____________ . .
G r o u p N o . 7 — N a t io n a l C i ty C o ., E . I I. R o llin s & S o n s ,
a n d F i r s t N a t i o n a l C o . ( D e t r o i t ) . . ______ _______________
G r o u p N o . 8 — T a y l o r , E w a r t & C o .; L e o , I llg g in s o n &
C o .; C e n tr a l T r u s t C o .; G r a h a m , P a r s o n s & C o .;
M itc h e ll H u tc h in s ; C u r tis & S a n g e r, a n d S te v e n s

5 ,9 1 0 ,0 0 0

9 8 .5 0

5 ,9 0 7 ,0 0 0

9 8 .4 5

5 ,9 0 1 ,0 0 0

9 8 .3 5

5 ,8 6 5 ,0 0 0

9 7 .7 5

5 ,7 5 0 ,0 0 0
9 5 .8 3
■ C h ro n ic le ”
o f A p ril 15, p a g e 1689.
I M L A Y C I T Y , L a p e e r C o u n t y , M i c h . — -BOND OFFERING.— B r i c e
K e m p f, V illa g e C le r k , w ill re c e iv o s e a le d b id s u n t il 7 p . m . M a y 9 f o r
$ 2 0 ,0 0 0 b o n d s .

I R O N W O O D , G o g e b i c C o u n t y , M i c h . — BOND SALE.—' h o 5 I s s u e s
T
o f 5 % b o n d s f o r v a r i o u s i m p t . , a m o u n t i n g t o $ 5 0 0 ,0 0 0 o f f e r e d o n A p r i l
2 5 — V . 1 1 4 , p . 1 6 8 9 — w e r e a w a r d e d t o S h a p h e r fic C o . o f C h i c a g o , f o r $ 5 0 0 ,­
9 6 0 , e q u a l t o 1 0 0 .1 9 2 .
D a t e A p r il 15 1 9 2 2 .
D u o s e r i a l l y w i t h i n 21 y e a r s .
J A C K S B O R O , J a c k C o u n t y , T e x . — BOND ELECTION.—A s p e c i a l
t e l e g r a m t o u s f r o m o u r W e s t e r n c o r r e s p o n d e n t s a y s t h a t a n e le c t io n w ill
b o h e ld o n M a y 15 t o v o t e o n t h e q u e s t i o n o f i s s u i n g $ 7 0 ,0 0 0 5 4 3 % s o w e r
bonds.
J A C K S O N C O U N T Y ( P . O . J a c k s o n ) , M i c h . — BOND OFFERING. —
P r o p o s a l s w ill b e r e c e i v e d u n t i l 1 :3 0 p . m . M a y 1 b y L y m a n V i n c e n t.
C o u n t y C l e r k , f o r $ 3 0 0 ,0 0 0 5 % r o a d b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a to
M a y 1 1922.
I n t. s e m i-a n n .
D u e y e a r l y a s fo llo w s : $ 1 5 ,0 0 0 1 9 2 3 t o
1 9 3 2 i n c l .; $ 3 0 ,0 0 0 1 9 3 3 a n d 1 9 3 4 , a n d $ 4 5 ,0 0 0 1 9 3 5 a n d 1 9 3 6 .
C e rt, ch o c k
f o r 2 % , p a y a b l o to t h e C o u n t y C l e r k , r e q u i r e d .
P u rc h a s e r to p a y fo r th o
p rin tin g o f th e b o n d s .

J A C K S O N P A R I S H S C H O O L D I S T R I C T N O . 4 (P. O. J o n e s b o r o ) ,

L a . — BOND OFFERING. — S e a le d b id s w ill b o r e c e i v e d u n t i l 11 a . m .
M a y 9 b y G e o r g e A . O d o m , S e c r e t a r y o f th o S c h o o l B o a r d , f o r $ 2 0 ,0 0 0 5 %
school b o n d s.
D a to A u g . 1 1920.
I n te r e s t , s e m i - a n n u a l .
A c e rtif ie d c h e c k
o n s o m e b a n k c h a r t e r e d u n d e r th o l a w s o f t h i s S t a t o , o r s o m o n a t i o n a l b a n k
a u t h o r i z e d t o d o b u s in e s s in t h i s S t a t e , in t h o a m o u n t o f 2 4 3 % o f th o
a m o u n t o f th o b o n d Issu e .

JA SPER

IN D E PE N D E N T

SCHOOL

D IST R IC T , Ja s p e r C o u n ty ,

T e x a s . — BONDS REGISTERED. — O n A p r il 2 2 t h e S t a t o C o m p t r o l l e r o f
T e x a s , r e g i s t e r e d $ 1 5 0 ,0 0 0 6 % s c h o o l b o n d s .
J E F F E R S O N C O U N T Y ( P . O . J e f f e r s o n ) , W i s e . — BOND SALE.—
T h o $ 1 0 0 ,0 0 0 5 % c o u p o n h i g h w a y b o n d s o f f e r e d o n A p r il 2 2 (V . 1 1 4 , p .
1 8 0 8 ) h a v e b e e n p u r c h a s e d b y t h e F i r s t W is c o n s in C o . a n d t h e S e c o n d
W a r d S e c u r i t ie s C o . , b o t h o f M il w a u k e e , a t p a r p l u s a p r e m i u m o f $ 2 6 0 ,
e q u a l t o 1 0 0 .2 6 — a b a s is o f a b o u t 4 . 8 9 % .
D a to A p ril 1 1 9 2 2 .
D uo
A p r i l 1 1 9 2 4 . T h o f o llo w in g b i d s w e r e r e c e iv e d :
S u c c e s s f u l b i d ( a s a b o v e ) ___ $ 1 0 0 ,2 6 0 1 le f f e r s o n C o u n t y B a n k . . . . $ 1 0 0 , 0 0 0
H i l l, J o i n e r & C o ------------------- 1 0 0 ,1 2 7 | B o lg e r, M o s s c r & W l l l a m a n . 1 0 0 ,0 5 0
J E N N I N G S C O U N T Y ( P . O . V e r n o n ) , I n d . — BIDS.—The following
is a c o m p l e t e l i s t o f t h e b i d s r e c e i v e d o n A p r il 17 f o r t h o $ 1 8 ,2 0 0 5 % J o s .
H l m m e l h a h n e t a l. S p e n c e r a n d G e n e v a T o w n s h i p s b o n d s :
♦ F i r s t N a t . B a n k , V e r n o n ___$ 1 1 8 3 0 1 1 . F . W ild & C o . , I n d ________ $ 6 3 0 0
F l e t c h e r A m e r i c a n C o . , I n d . . 1 1 0 0 0 T h o s . D . S h e e r i n & C o . , I n d . 3 7 10
M e .v e r - K is e r B a n k . T n d _____
7 5 0 0 1B r e e d , E l l i o t t & H a r r i s o n , I n d . 3 7 0 0
♦ S u c c e s s f u l b i d d e r ; f o r p r e v i o u s r o fe r o n c o t o s a m o , s e o “ C h r o n i c l o ”
o f A p ril 2 2 , p a g e 1808.

J E R O M E C O U N T Y ( P . O . J e r o m e ) , I d a h o . — BOND OFFERING.—
U n t i l 2 p . m . M a y 1 t h o B o a r d o f C o u n t y C o m m i s s io n e r s w ill r e c e i v o
b i d s fo r $ 1 2 0 ,0 0 0 5 4 3 % c o u p o n b o n d s . D e n o m . $ 1 ,0 0 0 .
C e r tif ie d c h e c k
f o r $ 6 ,0 0 0 r e q u i r e d .

J O I L E T T O W N S H I P H I G H S C H O O L D I S T R I C T (P. O. J o l i e t ) ,
W i ’l C o u n t y , 111. — B O N D S A L E .— 'T h e $ 2 5 0 ,0 0 0 5 % c o u p o n h i g h sc h o o il
b u i l d i n g b o n d s o f f e r e d o n A p r il 2 5 — V . 11 4 , p . 1 6 8 9 — w e ro s o ld to B l y t h
W i t t e r i t C o . o f C h i c a g o , fo r $ 2 5 8 ,9 6 1 ( 1 0 3 .5 4 ) , a b o n u s o f a b o u t 4 . 4 4 % .
D a t e M a y 10 1 9 2 2 .
D u e $ 2 5 ,0 0 0 y e a r l y o n J u l y 1 f r o m 1 9 2 5 to 1 9 3 4 , i n c l .

K EA C H IE

SCHOOL

D IST R IC T ,

OFFERING POSTPONED. — O .

De

S o to

P arish ,

L a .— BOND

O . H o u s to n , S e c re ta ry P a ris h S ch o o l B o a rd

( P . O . M a n s f i e l d ) , w ill r e c e iv e s e a l e d b i d s u n t i l M l y 16 ( d a t o c h a n g e d f r o m
H I G H L A N D C O U N T Y ( P . O . H i l l s b o r o ) , O h i o . — BOND SALE.—
A p r il 18— V . 1 1 4 , p . 1 2 1 3 ) , f o r $ 8 ,0 0 0 6 % s c h o o l b o n u s .
D enom . $250.
T h e $ 2 0 ,0 0 0 5 4 3 %
Ifo a g la n d -N e w M a rk e t R o a d Im p ro v e m e n t N o . 58
P r in c i p a l a n d s e m i - a n n u a l i n t e r e s t ( F . & A .) p a y a b lo a t t h e C h a s o N a t i o n a l
b o n d s o ffe re d o n A p r il 2 2 — V . 1 1 4 , p . 1 5 6 8 — w e re s o ld to t h e F i f t h - T h r i d
B a n k , N e w Y o r k C i t y , o r a t t h e T r e a s u r e r o f t h e S c h o o l B o a r d ’s o f f i c e , a t
N a tio n a l B a n k o f C in c in n a ti a t p a r a n d a c c ru e d in te r e s t, p lu s a p re m iu m o f
o p tio n o f h o ld e r.
D u e y e a r l y o n F o b . 15 a s fo llo w s : $ 1 ,5 0 0 , 19 2 3 to 1 9 2 5 ,
$ 4 2 0 ( 1 0 2 .1 0 ) , a b a s is o f a b o u t 4 . 9 2 % .
D a te A p ril 1 1 9 2 2 .
D u o y e a rly
a n d $ 1 ,7 5 0 , 1 9 2 6 a n d 1 9 2 7 .
L e g a lity a p p ro v e d b y J n o . O .
T hom son,
o n S e p t . 1 a s f o l l o w s : $ 2 , 0 0 0 , 1 9 2 3 a n d 1 9 2 4 : $ 3 , 0 0 0 , 1 9 2 5 t o 1 9 2 8 i n c l .',
N ow Y o rk C ity .
C e r t i f i e d c h e c k o n a r e s p o n s i b le b a n k o r t r u s t c o m p a n y ,
a n d $ 4 ,0 0 0 , in 1 9 2 9 .
T h e r e w e re 14 o th e r b id s r e c e iv e d .
T h o p re m iu m s
p a y a b le to th e C ity T r e a s u r e r o f S ch o o l B o a rd , r e q u ir e d .
ra n g e d fro m $ 1 5 4 to $ 3 8 4 .
H I G H L A N D P A R K ( P . O . D a l l a s ) , D a l l a s C o u n t y , T e x a s . — BONDS
M
E
SC OOL D
1 P O
m
­
REGISTERED ■ T h e S t a t e C o m p t r o l l e r o f T e x a s r e g i s t e r e d $ 1 5 0 , 0 0 0 6 % c o K E M o uE Ry ,R W y oH— BOND I S T R I C T N O . O n ( M. a y . 1Kaenm is se roc ro) f, $L i1n, ­
—
ln C
nt
.
ELECTION. —
u
5
s e ria l w a te r- w o r k s b o n d s o n A p ril 17.
1 0 5 3 1 s c h o o l b o n d s w ill b o v o t e d u p o n .
>
H O L M E S C O U N T Y ( P . O . M i l l e r s b u r g ) , O h i o . — BOND OFFERING.
— T . D . G la s g o , C o u n t y A u d i t o r , w ill r e c e iv o s e a le d b id s u n t i l 1 2 m . M a y 1
K E N N E T H , R ock
C o u n t y , M i n n .—BOND OFFERING.— O l a f P .
f o r t h e f o llo w in g 5 4 3 % c o u p o n r o a d im p r o v e m e n t b o n d s :
R e m m o , V illa g e C l e r k , w ill r e c e iv o s e a le d b id s u n t il M a y 3 f o r th o $ 1 0 ,0 0 0
$ 4 1 ,5 0 0 S e c tio n C K illb u c k - S h r e v e R o a d im p r o v e m e n t b o n d s .
D enom .
6 % e le c tr ic p l a n t b o n d s m e n tio n e d In V . 1 1 4 , p . 1 0 9 6 .
D a to F o b . 1 1922.
$ 4 ,1 5 0 .
D a te A p ril 1 1922.
D uo F eb . 1 1937.
1 8 ,6 0 0
S e c tio n B K illb u c k - G le n m o n t R o a d im p r o v e m e n t b o n d s .
D enom .
K IN G C E N T E R D R A IN A G E D IS T R IC T (P . O . C ro w le y ), C ro w le y
$ 1 ,8 6 0 .
C o u n t y , C o l o . — ADDITIONAL INFORMATION .— 'T h o f o l l o w i n g a d d i ­
D u e o n e b o n d o f e a c h is s u e s e m i- a n n u a lly f r o m S e p t. 1 1 9 2 3 to M a r c h 1
t i o n a l i n f o r m a t i o n h a s c o m e t o h a n d r o l a t .i v e t o t h o o f f o r i u g o f t h o $ 5 0 , 0 0 0
192 8 in c l.
I n t . M . & .S .
C e r tif ie d c h e c k fo r 5 % o f th e a m o u n t b id fo r,
d r a in a g o b o n d s o n M a y 8 — V . 114, p . 1 8 0 8 — I n t . r a t e n o t to e x c e e d 8 %
d r a w n u p o n a s o lv e n t b a n k in H o lm e s C o u n t y , p a y a b lo to t h o a b o v e
p a y a b le s e m i-a n n .
D a to J u n o 1 1922.
D u e $ 5 ,0 0 0 y e a r l y o n J u n o 1 f r o m
A u d ito r, re q u ire d .
B o n d s n o t to b e s o ld fo r le s s t h a n p a r a n d a c c r u e d i n t.
1 9 2 8 to 1 9 3 7 , in c l.
T h e a p p r o v in g le g a l o p in io n o f P e r s h in g , N y o , F r y e
HO LY OKE, H am pden
C o u n t y , M a s s .— TEMPORARY LOAN.— I t
a n d T a llm a d g o .
Is r e p o r t e d t h a t a t e m p o r a r y lo a n o f $ 2 0 0 ,0 0 0 m a t u r in g N o v . 8 1 9 2 2 h a s
K IR K W O O D C O M M O N S C H O O L D IS T R IC T N O . 2 (P . O . K ir k ­
b e e n a w a r d e d to t h e F i r s t N a tio n a l B a n k o f B o s to n , o n a 3 .5 3 % d is c o u n t
w o o d ) , B r o o m e C o u n t y , N . Y . —BOND OFFERING. — B i d s a r e b e i n g r e ­
b a s is , p lu s $ 3 p r o m iu m .
c e iv e d u n t i l 1 0 a . m . t o - d a y ( A p r il 2 9 ) b y W . W . C h a n d l o r . C l e r k o f B o a r d
HUBBARD
V IL L A G E
SC H O O L
D IS T R IC T
(P . O . H u b b a r d ) ,
o f S c h o o l T r u s te e s , fo r $ 8 ,0 0 0 5 % sc h o o l b o n d s .
D o n o m . 8 1 ,0 0 0 .
D a to
T r u m b u l l C o u n t y , O h i o . — BOND OFFERING. — L . M . S t e w a r t , C l e r k ,
M a y 1 1922.
S e m i-a n n . in t. p a y a b le a t th e F i r s t N a tio n a l B a n k , B in g ­
w ill r e c e iv e s e a le d b id s u n t il 12 m . M a y 5 f o r $ 2 5 ,0 0 0 6 % b o n d s .
D enom .
h a m to n .
D u e $ 1 ,0 0 0 y e a r ly o n N o v . 1 f ro m 1 9 2 2 t o 1 9 2 9 I n c l.
C e rt,
$ 1 ,0 0 0 .
D a te A p ril 1 1 9 2 2 .
P r in c i p a l a n d s e m l - a n n . i n t . (A . & O .)
c h o ck fo r 1 0 % re q u ire d .
p a y a b lo a t th e H u b b a r d B a n k in g C o . o f H u b b a r d , O h io .
D u o $ 1 ,0 0 0
L A K E W O O D C IT Y S C H O O L D IS T R IC T (P . O . L a k e w o o d ), C u y a ­
y e a r l y o n A p r il 1 f ro m 1 9 2 7 t o 1 9 4 3 , in c l., a n d $ 2 ,0 0 0 y e a r ly o n A p r il 1
h o g a C o u n t y , O h i o . — B O N D S A L E . — T h o $ 5 0 ,0 0 0 5 4 3 % c o u p o n b u ild in g
fro m 1944 to 1 9 4 7 , in c l.
C e r t, c h e c k fo r $ 3 0 0 , p a y a b lo to th o D i s tr i c t
b o n d s o f f e r e e ! o n A p r i l 2 4 ( V . 11 1. p . 1 5 6 8 ) , w e r o s o l d t o R i c h a r d s , P a r i s h
T re a s u re r, re q u ire d .
P u rc h a s e r to p a y a c c ru e d in t.
A p p a r e n tly th e s e
& L a m s o n , o f C l e v e la n d , f o r $ 5 2 ,6 6 5 ( 1 0 5 .3 3 ) , a b a s is o f a b o u t 4 . 7 3 % .
a r e th o b o n d s w h ic h w o re o ffe re d o n M a r c h 2 4 — V . 11 4 , p . 12 1 2 .
D a t e A p ril 1 1 9 2 2 .
D u e $ 3 ,0 0 0 y e a r ly o n O c t. 1 f r o m 1 9 2 3 to 1 9 3 7 , in c lu ­
H U D S O N , W e l d C o u n t y , C o l o . — BOND SALE. — J a m e s N . W r i g h t
s iv e , a n d $ 5 ,0 0 0 o n O c t. 1 1 9 3 8 .
T h e f o llo w in g b i d s w o re r e c e iv e d :
& C o . o f D o n v e r , h a v e p u r c h a s e d $ 1 0 ,0 0 0 6 % 1 5 - y o a r w a t e r o x to n s io n
R i c h a r d s , P a r i s h & L a m s o n , C l e v e l a n d , O h i o ______________________ $ 5 2 , 6 6 5 0 0
bonds.
D a te d A p ril 1 1 9 2 2 .
D uo 1937.
I n t. A . & O . a n d w ith p rin .
W . I , . S l a y t o n & C o . . T o l e d o . O n i o ............... ............................... .................... 5 2 , 6 3 5 0 0
p a y a b lo a t K o u n tz e B ro s . B a n k , N . Y . C ity .
S t l f e l - N i c o l a u s I n v e s t m e n t C o . , S t . L o u i s , M o ___________________ 5 2 , 6 0 5 0 0
N o r t h e r n T r u s t C o . , C h i c a g o , 111......................................................................... 5 2 , 5 7 5 0 0
H U R O N C O U N T Y ( P . O . B a d A x e ) , M i c h . — BOND SALE. — T h o
D e t r o i t T r u s t C o . , D e t r o i t , M i c h . ..............................................................—
5 2 ,3 2 6 0 0
$ 5 8 ,0 0 0 6 % C o v e r t A c t r o a d b o n d s o f fe r e d o n A p r il 1 3 — V . 1 1 4 , p . 1 5 6 9 —
G r a u , T o d d & C o . , C i n c i n n a t i , O h i o __________________________ _______ 5 2 , 3 1 0 0 0
w e r e s o ld t o t h e D e t r o i t T r u s t C o . o f D e t r o i t a t 1 0 3 .2 8 , a b a s is o f a b o u t
B r e e d , E l l i o t t & H a r r i s o n , C i n c i n n a t i , O h i o ............................................
5 2 ,2 0 6 0 0
5 .3 0 % .
D e n o m . 1 0 f o r $ 8 0 0 e a c h a n d 5 0 f o r $ 1 ,0 0 0 e a c h .
D a te M a y 1
E . I I . R o l l i n s & S o n s , C h i c a g o , I I I ...................................................................... .. 5 2 , 1 8 0 5 0
1922.
I n t. M . & N .
D u o $ 5 ,8 0 0 y e a r ly .
T h o n o tic e o f t h e s a le o f th e s o
P e r s o n s . C a m p b e l l i t C o . , T o l e d o , O h i o _____________________________ 5 2 , 1 3 6 0 0
b o n d s w a s a lr e a d y g iv e n in V . 1 1 4 , p . 1 8 0 8 — i t is g iv e n a g a in o n a c c o u n t
P r u d d o n & C o . . T o l p d o , O h i o .................................................... ............................... 5 2 . 0 5 3 0 0
o f th o a d d itio n a l d a ta a v a ila b le .
O t i s & C o . , C l e v e l a n d . O h i o ....................................................................................... 5 2 , 0 1 5 0 0
H U R O N C O U N T Y ( P . O . B a d A x e ) , M i c h . — BOND OFFERING.—
A . T . B e l l & C o . , T o l e d o , O h i o . ............................................................................... 5 1 , 9 3 5 0 0
C l a r k e M u n f o r d , C l e r k o f th o B o a r d o f C o u n t y R o a d C o m m is s io n e r s , w ill
N . S . H i l l & C o . , C i n c i n n a t i . O h i o ..................... .................................................. 5 1 , 7 9 6 0 0
r e c e iv e s e a le d b id s u n til 2 p . m . M a y 4 fo r $ 9 2 ,0 0 0 6 % C o v e r t A c t r o a d
G u a r d i a n S a v i n g s & T r u s t C o . , C l e v e l a n d , O h i o ----------------------------- 5 1 , 7 2 0 0 0
bonds.
D u e $ 9 ,2 0 0 y e a r ly .
S e a s o n g o o d & M a y e r , C i n c i n n a t i , O h i o -----------------------------------------------5 2 , 3 1 0 O O
I L L I N O I S ( S t a t e o f ) . — BIDS. — T h o f o l l o w i n g I s a c o m p l e t e l i s t o f
L A N E C O U N T Y ( P . O . E u g e n e ) , O r a .— B O N D
E L E C T IO N D E
t h o b i d s r e c e i v e d o n A p r i l 13 f o r t h e $ 6 , 0 0 0 , 0 0 0 4 % c o u p o n ( w i t h p r i v i l e g e
F E R R E D . — T h o “ O r e g o n i a n ” o n A p r i l 19 s a i d : " T h o p e t i t i o n s c a l l i n g f o r
o f re g is tra tio n ) S ta te h ig h w a y b o n d s:
a n e l e c t i o n o n t h e q u e s t i o n o f r e c a l l i n g t h o u n s o l d p o r t i o n o f L a n e C o u n t y ’s
v u o te .
$ 2 , 0 0 0 ,0 0 0 r o a d b o n d I s s u e w ill n o t b o f ile d f o r t h o p r i m a r y e le c t io n , a c c o r d ­
♦ G r o u p N o . 1 — H a l l g a r t e n & C o . , N o w Y o r k ____________ $ 5 , 9 3 2 , 5 0 0
9 8 .8 7 5
in g to a n n o u n c e m e n t m a d e o n A p ril IS b y m o m b o rs o f th o c o m m i tt e e In
G r o u p N o . 2 — C o n tin e n ta l & C o m m e rc ia l T r u s t &
c h a r g e , b u t w ill b e f ile d s o t h o q u e s t i o n m a y b e v o t e d u p o n a t th o N o v e m b e r
S a v in g s B a n k , H a r r is T r u s t & S a v in g s B a n k , M e r ­
e le c tio n .
T h o p r in c ip a l a r g u m e n t a d v a n c e d fo r f ilin g th o p e ti t io n s a t t h is
c h a n ts L o a n & T r u s t C o ., I llin o is T r u s t C o ., a n d
t i m e w a s t h a t i t is d e s ir e d t h a t t h e c o u n t y s h o u ld g o a h e a d w i t h c o n s t r u c t i o n
M a r s h a l l F i e l d , G l o r e , W a r d & C o ______________________ 5 , 9 3 2 4 0 0
9 8 .8 7 3
o f t h e R a in R o c k - B la c h ly s e c tio n o f th o E u g o n o -F lo ro n c o h ig h w a y , fo r
G r o u p N o . 3— E q u i ta b l e T r u s t C o .; R e d m o n d & C o .;
w h ic h $ 1 5 0 ,0 0 0 o f t h e b o n d s w o re a ll o t to d ”
B a r r & S c h m e ltz e r: K e a n e , H ig b io & C o .; H a m b le to n
L A R A M I E , A l b a n y C o u n t y , W yo.—BOND ELECTION .— A n o l e c t i o n
& C o .: H ill, J o in e r & C o .; C h a s e S e c u ritie s C o r p .;
w ill b e h e ld o n M a y 1 t o v o t e o n th o q u e s tio n o f is s u in g $ 4 0 ,0 0 0 b o n d s , E .
H a r r lm a n & C o .; E d lr e d g o & C o .; B o n d & G o o d w in ;
E . F itc h , C ity C le rk .
a n d P a i n e , W e b e r & C o . . . . ______________________ . . . . . . 5 , 9 1 7 , 3 0 0
9 8 .6




LA W R E N C E C O U N T Y (P. O. L a w re n ce b u rg ), T e n n , - 'BOND' OF­

FERING. —

S e a le d b id s w ill b e r e c e i v e d u n t i l 2 p . m . M a y 5 f o r $ 6 0 ,0 0 0 6 %
h ig h w a y b o n d s b y J n o . F . M o rris o n , C o u n ty J u d g e .
D a te A p ril 1
P r l n a n d s e m i- a im . h i t . ( A .- O .) p a y a b le a t t h e H a n o v e r N a t io n a l B a n k .
N
Y C i t y or a t the County T rustee’s office in Lawrenceburg, at option
o f h o l d e r y D u e y e a r l y o n A p r il 1 a s fo llo w s : 3 2 0 ,0 0 0 . 1 9 3 2 ; $ 2 0 ,0 0 0 , 1 0 4 2 ,
a n d $20 000 1952.
C e r t. c h e c k fo r $ 5 0 0 o n a n a tio n a l b a n k o r a b a n k o r
t r u s t c o m p a n y in T o n n e s s c e , p a y a b le t o G e o . B . W illia m s o n , C o u n t y
T r u s te e , r o q u ir e d .

L E L IA L A K E IN D EPEN D EN T SC H O O L
D IS T R IC T D onby
C o u n ty , T ex as. — BONDS REGISTERED.- — O n M a r c h 2 4 t h e S t a t e C o m p ­
t r o l l e r o f T e x a s r e g is te r e d $ 1 2 ,5 0 0 6 %

1 0 -4 0 -y e a r sch o o l b o n d s.

L E A K F Y IN D E PE N D E N T S C H O O L D IS T R IC T ,
T e x a s __ BONDS REGISTERED— T h e S t a t e C o m p t r o l l e r

R eal

C o u n ty

o f T e x a s re g is ­
t e r e d $ 2 3 ,0 0 0 % 5 -4 0 -y e a r b o n d s o n A p r il 1 7 .
LEMHI C O U N T Y (P. O. Lem hi), Id a . — BIDS. — T h e f o l l o w i n g b i d s
w e r e r e c e iv e d o n A p r il 12 f o r t h e $ 5 0 ,0 0 0 1 4 ^ - y e a r ( a v e r a g e ) c o u p o n r o a d
bonds:
For 514% Bonds.
S l d l o S i m o n s , F o l s & C o . , D e n . 1 0 1 . 7 7 1F e r r i s & H a r d g r o v e , S p o k a n e - - 9 9 . 5 0
B a n k e r s T r u s t C o ., D e n v e r . . . 9 8 .5 0 1
For 5 H % Bonds.
C o l u m b i a T r u s t C o . , P o r t l a n d 9 9 .2 5 1
For 6 % nonus.
Bonds.
„
B a n k e r s T r u s t C o . , D e n v e r . . . 1 0 1 .5 7
Bolger, Mosser & Willaman,
______________________ 1 0 3 . 5 0 C o l u m b i a T r u s t C o . , P o r t l a n d . 1 0 1 .6 0
C h ic a g o
A n to n id e s & C o .. D e n v e r
— 1 0 2 .8 2 E . I I . R o l l i n s & S o n s . D e n v e r . 1 0 0 . 4 2
B o e t t c h e r . P o r t e r k C o . , D o n 1 0 2 .7 8 l a m e s I I . C a u s e y k C o . , D o n . 1 0 0 .o 0
F e r r i s & I l a r d g r o v e , S p o k a n o . 1 0 2 .1 3 P r u d d e n & C o . , D e n v e r ............... 1 0 0 . 0 0

S e c re ta ry B o a r d o f T r u s te e s , u p o n a n in c o r p o r a te d b a n k o r t r u s t c o m p a n y ,
fo r a s u m e q u a l to 2 % o f th e face a m o u n t o f b o n d s re q u ire d
O ho p u r­
c h a se r m u s t p a y a c c ru e d In te re s t fro m th e d a te o f th e b o n d s to th e d a te
o f d e liv e ry .

M APLE H E IG H T S V IL L A G E SC H O O L D IS T R IC T (P. O. B ed ford ),
C u ya h o g a C o u n ty , O h io .— B I D S . — 'T h e f o l l o w i n g i s a c o m p l e t e l i s t of
t h e b id s r e c e iv e d o n A p r il 12 f o r t h e $ 3 0 ,0 0 0 6 % c o u p o n b o n d s :

Amount

L IN C O L N S C H O O L D IS T R IC T (P . O . L in c o ln ) , L a n c a s te r C o u n ty ,
N e b __ BOND OFFERING. — P r o p o s a l s w i l l b o r c c o l v e d u n t i l 8 . 3 0 p . n i .

May 2 for coupon school bonds, not to exceed 5% Interest, by the SecroU v y of BoardP Education. Three separate and distinct propose s are
of
desired for the bonds as follows: Proposal 1 for bonds In the antount or
$200 000 Proposal 2 for bonds in the amount of $600,000, and 1
?
for bonds in the amount of $1.000.000. Prin and semi-anni. Int. (M. k N .)
payable at the office of City Treasurer, who Is ox-officio Treasurer or
School District. Duo in 30 years from date, optional on £ r after 3 years
from date. Certified check for 1% of the amount of bonds b{df°r required.
Proposals are desired on the basis of the purchaser P r i n t ng bo^ls and
assuming all expenses incurred in marketing same. Total bonded de t
(excluding this issue) June 30 1921. $1.288.000. Balance all funds (cash on
hand March 31 1922), $140,459 58. The assessed valuation of property
certified by the County Clerk Sept. 21 1921 for the tax year 1921, $90,
121,895. School population (Juno 1921), 15.540.
L O N G B E A C H , L o s A n g e l e s C o u n t y , C a l i f . — RESULTS OF A
CENT BOND ELECTION.— The voters of Long B each on A p rlllS passed
by a two-thirds majority six out of the ten propos tionsi on_ the »w»ot.
The items carried amount to $725.000- Those dot lined^ aggregatea
100 000. In referring to the results of tho election, the Los Anguus
L o n g B e a c h o n A p r il 1 8 p a s s e d b y t w o - t h i r d s m a j o r I t y s ix o u t o f
si tio n s o n th o b a llo t
T h e ite m s p a s s e d a g g r e g a te $ 7 2 5 ,9 9 0
i n ose a e f e a t e d a m o u n t e d to $ 4 ,1 0 0 ,0 0 0
I t w a s th e la r g e s t m u n ic ip a l bona^ cm c
t i o n i n t h e c i t y ’s h i s t o r y . 1 6 . 0 4 5 v o t e s b e i n g c a s t o u t o f a r e g s t r a t i o n o r
le s s t h a n 2 5 ,0 0 0 .
T h e C i ty H a ll c a rr ie d w ith t h e l a r g w t m a j o r it y a n d t h e
p r o p o s e d a c q u is itio n o f a d d itio n a l h a rb o r a c re a g e fo r a s u m o f $ 2 ,6 ^ ,0 0 0
w a s t h e m o s t s e v e r e ly b e a te n , s e c u r in g b u t 5 8 m o re t h a n a s tr a lg n t m a jo r
‘ ^ T h e * l a s t p r c c f n c t ^ d id n o t c o m p l e t e I t s c o u n t u n t i l

lng. So heavy was tho vote many election officials wi.ro requirea to n aice
extra trips to the City Hall for additional tally hooks and o th «
T h e o f f i c i a l c o u n t o f t h e b a l l o t s w i l l b e m a d e . b y - he C i t y ^ C o u n i g i
T h e h a rb o r p u rc h a s e , h a rb o r im p ro v e m e n t, p a rk s a n a P « r o u n u s a n a
a u d i t o r i u m f a i l e d f o r l a c k o f t h e req u isite t w o - t h i r d s l e a d .
T h e m in im u m
n e c e s s a r y f o r c a r r y i n g a p r o p o s i t i o n w a s 1 0 ,6 .1 7 . . .
n n s n lt .n l 81 DO n o n “ P r o p o s i t i o n s W h ic h c a r r i e d a n d t h e i r a m o u n t s f o l l o w H o s p i t a l . S l O i l . 0 0 0 .
c o m f o r t s t a t i o n s . $ 5 0 , 0 0 0 ; s e w a g e <I I ^ P o s a l . S 1 6 6 - 0 0 0 . t c i n e r a t o r $ 1 2 5 , 0 0 0 ,
f i r e d e p a r t m e n t , $ 1 5 0 , 0 0 0 ; C i t y H a l l . $ 2 0 0 , 0 0 0 : t o m l $ 7 2 o .0 0 U .
“ P r o p o s i t i o n s t h a t f a i l e d a n d t h e i r i l,2 « “ ' lt ^ n ^ 1m 1? ! ; i c i m l ^ a u d i t o r i u m
g r o u n d s , $ 6 0 0 ,0 0 0 ; h a r b o r I m p r o v e m e n t, $ 5 0 0 ,0 0 0 , m u n ic ip a l a u d it o r iu m ,

$1,000,000; harbor purchase, $2,000,000
.
which was initiated
“ It is significant that overy one of tho Pjolecte
was im tla»«
strictly within tho city administration was carried by a substantial margin.
The harbor purchase and dredging plans were acioptea oy tne council
after the bond schedule had been first arf9.n* ® ^ p ro p o sa ls“ ho^vrere
tho Council accepted the playground and a »»dltori urn^proposals tnoy were
originated by committees from the Chamber of Commerce.tor Hre nr!qtee£
hand, tho hospital, comfort stations sewage plant, incinerator nreprotcc
tion and City H all issues were brought forward either Dy ine c a y manager,
through tho Council, or by the Council direct
_ use(i Kreat0r Interest
“ No municipal election in Long Beach ever aroused^ greater interest.
Despite the absence of tho personal element that Internesi p ^ u lar Inter­
est whenIn tho issues arostake. voted forbetweeni“
iSwIzealoM an d R atab le
concern candidates at being Clashes ^ ^ ove£zealous Im dexdtahle
advocates and opponents of the harbor bonds bccureed at variomi poUlng
places. Police officers were called to <iulet several disturbances and to
settle disputes, none of which, however, resulted seriously.
LO NSD ALE,
R ic e
C o u n ty ,
M i n n -—nOND m
P J ^ ^ - ^ r l e s
M c c h u r a . V i l l a g e R e c o r d e r , w i l l receive s c a l e d b i d s until 8 P . m . M a y 1
a s f o llo w s : $ 7 0 0 1 9 2 5 t o 1 9 3 6 in c l. a n d $ 6 0 0 1 9 3 7 .
L O R E D O , W o b b C o u n t y , Texas.—BONDS
O n A p ril
17
t h e S t a t e C o m p tr o lle r o f T e x a s , r e g is te r e d $ 1 5 0 ,0 0 0 5 % 2 0 - 4 0 y o a r
s tre e t b o n d s .
L U B B O C K I N D E P E N D E N T S C H O O L D I S T R I C T ( P .J O . L u b b o c k ) ,
L u b b o c k C o u n t y , T e x . — BONDS VOTED. - A t t h e e l e c t i o n h e l d o n
A p r il 1 5 — V . 1 1 4 , p . 1 6 9 0 — t h e $ 1 5 0 ,0 0 0 6 % s c h o o l b u ild in g b o n d s w o re
v o te d b y a c o u n t o f 795 “ fo r” to 105 " a g a in s t.’

M c L E A N C O U N T Y ( P . O . G a r r i s o n ) , N o . D a k . — BOND OFFER! NO
T H C l e m o n s , C l e r k B o a r d o f C o m m i s s io n e r s , w ill r e c e i v e s c a l e d
b id
u n t i l M a y 5 f o r $ 1 5 ,0 0 0 7 % f u n d in g b o n d s .
D u e M a y 5 1927.
M A C E D O N IA S C H O O L D IS T R IC T , N a s h C o u n ty , N o . C a r o .—
BOND OFFERING—Sorted b i d s w i l l b o r e c e i v e d b y F i n c h & V a u g h n ,
A t t o r n e y s ( P O . N a s h v i ll e ) , u n t il 12 m . t o - d a y ( A p r il 2 9 ) fo r $ 1 0 ,0 0 0 6 %
srh o o
bonds
D o n o m . to b o fix e d b y th o B o a r d o f T r u s te e s .
D a te
J u n e 1 1922
P r ln . a n d s e m i-a n n . in t. p a y a b le a t th e H a n o v e r N a tio n a l
B a n k , N .Y . C ity .
A c e rtif ie d c h o c k , d r a w n to t h e o r d e r o f A . H . B o w d e n ,

Amount

Name of Firm.

a T h is w a s th e su c c e ssfu l b id . F o r p re v io u s re fe re n c e to s a m e , see th e
“ C h ro n ic le ” o f A p ril 2 2 , p a g e 1809.
. __ ..
b T h is b id w a s n o t c o n s id e re d , a s it w a s r e c e iv e d a t 1 p . m . A p r il 1 3 ,
th o tim o a t w h ic h b id s c lo s e d h a v in g b e e n 12 m . A p ril 1 2 .

L IN C O L N
P A R K , W a y n e C o u n t y , M i c h . — BOND OFFERING.—
F . W N H a r r i s o n , V illa g o C l e r k , w ill r e c e i v e s e a l e d b i d s u n t i l 8 P - m . M a ^ 3
f o r $ 2 0 0 ,0 0 0 b o n d s a t n o t e x c e e d in g 6 % in te r e s t, p e r a n n u m .
In t., p a y a m o
s e m i-a n n u a lly .
B o n d s t o r u n f o r 3 0 y e a r s f r o m M a y 1 19 2 2 .
C e rt, c h e ck
f o r $ 1 0 0 0 0 p a y a b l e t o t h e V illa g o T r e a s u r e r , r e q u i r e d .
P rin te d b o n d s to
b o f u rn is h e d a c c o r d in g t o fo rm p r e s c r ib e d b y t h e C o m m is s io n .

L U M B E R T O N , R o b e s o n C o u n t y , N o . C a r o . —BOND SALE.
The
f o l l o w i n g t h r e e I s s u e s o f c o u p o n ( w i t h p r i v i l e g e of
„a s t f * P!-*!1"
c ip a l o n ly ) b o n d s o ffe re d o n A p ril 2 1 — V . 11 4 . p . 1 5 6 9
w e re a w a rd e d to
t ’o rsn n s C a m p b e ll k C o . o f C in c in n a ti:
,
.
• ,
. _
$80 000 ' s t r e e t i m p r o v e m e n t b o n d s a s 6 s a t 1 0 1 . 7 1 , a b a s i s o f a b o u t
6% .
*
’
D u e y e a r l v o n A p r i l 1 a s f o l l o w s : $ 6 , 000 , 1 9 2 4 a n d 1 9 2 5 , a n d $ 4 , 0 0 0 ,
1 9 2 6 to 194 2 in c lu s iv e .
„ .
. ,
_
3 5 0 0 0 f u n d i n g b o n d s a s 5 H « a t. 1 0 0 . 1 9 , a b a s i s o f a b o u t 5 . 4 7 % .
D uo
o o .u u u y e a r l y o n A p r il 1 a s f o llo w s : $ 2 ,0 0 0 , 1 9 2 4 t o 1 9 3 3 I n c lu s iv e , a n d
$ 3 ,0 0 0 . 1 9 3 4 to 1 9 3 8 in c lu s iv e .
1 2 0 0 0 0 w a t e r a n d so w e r b o n d s a s 6 s a t 1 0 1 .2 6 , a b a s is o f a b o u t 5 .1 5 % .
iz u .o u o
y e a r l y o n A p r il 1 a s f o llo w s : $ 2 ,0 0 0 , 1 9 2 4 t o 1 9 4 1 in c l u s iv e ,
a n d $ 4 ,0 0 0 , 1 9 4 2 t o 1 9 6 2 in c lu s iv e .
D a te A p ril 1 1922.
M c C A M M O N , B a n n o c k C o u n t y , I d a h o . —BOND SALE . — T h o $ 1 6 , 0 0 0
6 % b o n d s o ffe re d o n A p ril 1 8 — V . 1 14, p . 1 4 5 3 — w e re a w a rd e d to th o P a lm e r
B o n d & M o r t g a g e C o . o f H a lt L a k e C i t y a t 1 0 0 .1 3 0 .
D e n o m . $ 1 ,0 0 0 .
D a t e iM > rill 1 9 2 2 .
I n t. J .- J .
D u o A p ril 1 1942: o p tio n a l A p ril 1 1 9 3 2 .

Name of Firm.

S i d n e y S p i t z c r & C o ________$ 3 2 , 0 1 3 T u c k e r , R o b i s o n & C o ------------ $ 3 1 , 2 0 3
S c h u l t z B r o s . & C o _____________ 3 1 . 3 1 4 P r u d d e n & C o ------------------------------3 1 . 1 7 7
R y a n - B o w m a n k C o ___________3 1 . 2 9 3 b I l a n c h e t t B o n d C o ___________3 1 , 1 0 7
W . L . S l a y t o n & C o ........................ 3 1 .2 8 1 S e a s o n g o o d & M a y e r _________ 3 0 , 9 9 9
G u a r d i a n S a v . & T r . C o ----------3 1 ,2 8 1 S t a c y & B r a u n --------------------------- 3 0 , 4 0 5
R i c h a r d s , P a r is h & L a m s o n . . 3 1 .3 6 3

a

L I N C O L N C O U N T Y ( P . O . T r o y ) , Mo.—BOND OFFERING.—D n t i l
12 m
M a y 3 b i d s w ill b o r e c e i v e d f o r $ 1 0 0 ,0 0 0 5 % r o a d b o n d s .
J. M .
R e e d ! C o u n ty T re a su re r.
C e r ti f ie d c h e c k f o r $ 1 ,0 0 0 r e q u ir e d .




1931

THE CHRONICLE

April 29 1922.]

M A P L E T O N , B l u e E a r t h C o u n t y , M i n n —BOND SALE. T h e 8 8 0 0 0
6 % r e f u n d i n g b o n d s o f f e r e d o n A p r il 18 (V . 1 1 4 , p . 1 6 9 0 ) w e r e a v .a r d e d t o
G a te s , W h ite & C o ., S t. P a u l, a s 5 M s, a t p a r p lu s a p r e m iu m o f $ 6 4 ,
e q u a l to 1 0 0 .8 0 — a b a s is o f a b o u t 5 .5 5 % .
D a te A p ril l i f e .
D u e 8 1 .0 0 0
y e a r ly o n J u l y 1 fro m 1 923 to 1 9 3 0 . in c lu s iv e .
T h e F irs t N a tio n a l B a n k
o f M a p lo to n s u b m itte d a b id o f p a r fo r 6 s, a n d M c G r a w , K e r f o o t & C o . .
s u b m itte d a b id o f p a r p lu s a p re m iu m o f $6 3 fo r o / j s .
M A R IO N

COUNTY

(P. O.

I n d i a n a p o l i s ) , I n d .— B O N D

S A L E .—

T h e $ 1 ,2 5 0 ,0 0 0 5 % W o r ld W a r M e m o r ia l P la z a s it e b o n d s o f f e r e d o n
A p ril 2 1 — V . 1 1 4 , p . 1 0 9 7 — w e re s o ld to a s y n d u -a te c o m p o s e d o f t h o C i t y
T r u s t C o ., t h e U n io n T r u s t C o ., th e P e o p le s S t a te B a n k , t h e M e y e r - m s e r
B a n k , B r e e d , E l li o tt & H a r r is o n , G . L . P a v n o & C o ., a ll o f I n d ia n a p o lis ,
a n d t h e P r o v id e n t B a n k & T r u s t C o . o f C in c in n a ti, fo r $ 1 ,3 o 0 .7 5 6 . e q u a l
t o 1 0 8 .0 6 , a b a s is o f a b o u t 4 .3 9 % .
D e n o m . $ 1 , 0 0 0 . T„ ? v l X f n i o w s 1922.
I n t . s e m i- a n n . ( J a n . 1 A J u I y 1 ).
D u e y e a r l y o n J u l y 1 a s f o llo w s .
$ 4 1 , 0 0 0 , 1 9 2 7 t o 1 9 5 5 i n c l . , a n d $ 6 1 , 0 0 0 o n J u l y 1 l® 5 6 -. J ^ h o n d s u n d e r
A p r i l 2 2 o n p a g e 1 8 0 9 w e i n c o r r e c t l y r e p o r t e d t h e sa le o f th o se b o n d s u n d e r
th o c a p t i o n o f “ M a p le H e i g h ts V illa g e S c h o o l D i s t r i c t , O h io .
The
id S W C re r e c e i v e d :
Amount Bid.
C ity T r u s t C o ., U n io n T r u s t C o .. P e o p le s S ta te B a n k , M e y e r IC isc r B a n k , B r c o d , E l l i o t t & H a r r i s o n . G . L . P a y n e & C o . ,
a l l o f I n d i a n a p o l i s ................................................................................. ............................i g i t s n s 7
F l o t c h e r - A m e r i c a n C o . , I n d i a n a p o l i s --------- ------------------------- ----------------- i j u i ’ o k o
J . F . W i l d & C o . , I n d i a n a p o l i s .......................... .........................................................f ’S i i ’S X ,
F l e t c h e r H a v i n g s & T r u s t C o . , I n d i a n a p o l i s ---------------------------------------- i s s s k i o
S t a c y & B r a u n , C i n c i n n a t i . - .................. ....................................................................l , 5 3 8 , o n

S ta ti s t ic s o f M a r i o n C o u n ty .

Bonded Debt—
B o n d s o u t s t a n d i n g J a n . 3 1 1 9 2 2 ................................... - ..................................
B o n d s a u t h o r i z e d a n d a d v e r t i s e d .....................................................................-

. o a non
i oko n n o
1 .4 o u ,u u u

T o t a l b o n d e d d e b t , I n c l u d i n g t h e s e a d v e r t i s e d .................................
$ 5 ,6 8 8 ,0 0 0
Assessed Valuations for 1 9 2 1 —
c i o n aho non
A s s e s s e d v a l u o r e a l e s t a t e a n d i m p r o v e m e n t s ------------------------------A s s e s s e d v a l u e p e r s o n a l p r o p e r t y ......................................................................■»***»l o u
T o t a l a s s e s s e d v a l u e _________________
— ^ o ' o c q ’q K ?
B o n d e d lim it a llo w e d b y S t a te C o n s t it u ti o n Is 2 % , w h ic h i s . .
1 3 ,8 8 9 ,9 0 4
L e s s b o n d e d d e b t , i n c l u d i n g t h i s I s s u e ---------------------- --------------------5 ,0 8 8 , w
E x c e s s b o n d lim it o v e r b o n d e d d e b t, in c lu d in g t h is is s u e , i s .
$ 8 ,2 0 1 ,9 5 4
P o p u l a ti o n M a r io n C o u n t y f o r 1921 . e s t i m a t e d , 3 1 0 ,0 0 0 .
,
T h i s is o n e o f t h e lo w e s t b o n d e d d e b ts f o r a n y s im il a r s iz e d c o u n ty in
th o c o u n try .

M A R I O N C O U N T Y ( P . O . J e f f e r s o n ) , T e x . — BOND OFFERING.—
H e a lo d b i d s w ill b e r e c e i v e d u n t i l M a y 1 b y E . B
C o u n ty J u d g e ,
f o r $ 5 0 0 0 0 0 r o a d b o n d s . C e r t i f i e d c h e c k f o r $ 1 0 ,0 0 0 , p a y a b l e t o t h e
a b o v e o f f i c ia l r e q u i r e d
B o n d s w ill b e s o ld o n t h e a p p r o v i n g o p i n io n o f
Jn ^ C
T h o m s o n N Y . C i t y , a n d t h e A t t o r n e y - G e n e r a l o f T e x a s , w h ic h
o p i n io n s w ill b o f u r n i s h e d b y t h e C o u n t y .

M A R T I N C O U N T Y ( P . O . F a i r m o n t ) , M i n n . — BOND SALE.—O n
A p r i l 2 0 tT o W e l l s - D i c k e y C o . a n d *.h e. ^ V ^ u e a p o l l s T r u s t C o
^ th of
M in n e a p o lis b id d in g j o in tly , a c q u ir e d th e fo llo w in g b o n d s u f f ^ u , 0 ” ^ * 1 ^
,
d a te ” ( 1
1 4 , p ! 1 6 9 0 ) f o r $ 2 2 2 ,8 7 0 ( 1 0 1 .3 0 ) f o r 4 M s . a b a s is o f a b o u t
S5SM100 J u d i c i a l D i t c h N o . 8 2 b d s . l $ 1 5 , 0 0 0 J u d i c i a l D i t c h N o .
7 5 !0 0 0 J u d ic ia l D itc h N o . 100 b d s .
1 8 ,0 0 0 J u d i c i a l D i t c h N o .
‘>7 n o n T iiH fH nl D i t c h N o 101 b d s .
1 2 ,0 0 0 J u d i c i a l D i t c h N o .
1 6 ,'0 0 0 J u d i c i a l D i t c h N o ! 1 0 3 b d s ! I
5 .0 0 0 J u d ic ia l D itc h N o
D e n o m . $ 1 ,0 0 0 .
D a te A p ril 1 1 9 2 2 .
D u e y e a rly o n A p rll
$ 7 ,0 0 0 1 9 2 4 a n d 1 9 2 5 : $ 1 3 ,0 0 0 1 9 2 6 : $ 1 ? (W 0 1 9 2 7 . $ 1 8 0 0 0 1 9 2 8 .
a n d ’ $”4 ,0 0 0 1 9 3 1 .

A v e ra g e lif e a b o u t 9 %

y e a rs.

M A T A G O R D A C O U N T Y (P. O . B a , ' C i t y ) , ' ^

24
25
lo
41

bds.
bds.
p us.
bds.
l as
$ 1 9 ,0 0 0

— ------

“ “- - f O lV D S A L E . -

T h o $ 3 0 ,0 0 0 6 % r o a d a n d b r id g e b o n d s ^ f e r e d o n A p r l i n [ V . U 4 p . 1 4 5 3 )
h a v e b e e n a w a r d e d a t p a r p l u s a p r e m i u m o f $ 1 ,7 0 5 , e q u a l t o i u o . 08.

M A Y F I F L D S C H O O L D I S T R I C T (P. O . C a m e r o n ) , M ila m C o u n t y ,

T e x . __ BOND

SALE. — H o u g h t o n , L tim s d e n & C o . o f D a l l a s h a v e p u r c h a s e d
$ 1 7 ,0 0 0 6 % s c h o o l b u ild in g b o n d s a t p a r .
T illo ts o n k W o B C o
$
“ f.'S K J S fS i.S ffiS 8 3 Rl c o t t r & . . .» 1., 0 0 7
♦ S h a d y s l d o B a n k ........................ S i
914
W . L . S l a y t o n & C o ............... 1 . 6 6 8 2 4 S i d n e y S p i t z e r k C o .............855
P r o v i d e n t H. B k . & T r . C o . 1 .3 9 1 0 4 S e a s o n g o o d k M a y e r .............
D u r f e e , N i l e s k C o ..................
777
P e r s o n s , C a m p b e l l <& C o —
1 ,3 1 5 44
M i l l i k e n & Y o r k C o ................1 , 1 1 3 0 0

00
00
OO
00

* Successful bid; for previous reference to same, see V . 114, p. 1809.

be'ho™ »H t i "*!L eCq°U tY o n 1f
voS
’S
M ENDOTA, D a k ota C o u n ty , M inn .— B O N D S A L E . Newspaper re­
ports say that Kalman, Wood & Co. of Minneapolis have been awarded
improvement bonds amounting to $17,000.
M ENTOR S P E C IA L R U R A L SCH O O L D IS T R IC T , L a k e C oun i „ O lH o _B O N D O F F E R I N G . — F. J. Minor, Clerk of the Board
o? Education, will receive sealed bids until 7:30 p .m . M ay 2 f o r i 135 ^ °
f>rfn% a T - l, 'so0 m ! - X ° T n T T v . bV
0no S)- p a ^ “

t # t h 2 o i e v S a S d 'V r u V c o . I n

Pain'esvlllo, Ohio. Duo $9,000 yearly on Oct. 1 from 1923 to 1937. incl.
Oort Check for $1 500 payable to tho above clerk, required. Bonds to
be dehvored at the Clevellnd Trust Co. In Painesvillo. Bids should be
sealed and endorsed "Bids for Bonds for the Improvement of tho Mentor
Special Rural School D istrict."
----M I C H I G A N e state o f ) . — B O N D O F F E R I N G .— The Detroit "F ree
IVo^s” of April 26 states that bids will bo opened June 6'for $3,000,000
hiizhwav bonds and $5 000,060 soldier bonus bonds. 1 he bonds w ill be
offered at 4% ?4 X 7c and 4 ^ % interest and will mature In 10. 15 and 20 yrs.^
M ILFORD SC H O O L D IS T R IC T (P. O. M ilford ), C lerm on t C o u n t y ’
n L i :, — B O K D () h T' E R I N G . — I'roposils for $14,000 6% schoo bonds
Pro bo^g S v e d until 12 m „ to -|a y (April 29) by F. CL Hartsock Clerk
of Board of Kducation. Denom. $1,000. Date April 1 1922. I rin. and
seml-aun mt payable at the office of the Clerk of tho Board
Due $1,000
yearly on A p H llfr o m 1925 to 1938, inch Cert, chock for 5% of amount
bid, payable to tho Clerk of the Board, required.
M il I S N atron a C o u n ty, W yo .— B O N D E L E C T I O N . — A n election
will ho held on M ay 9 to vote on Issuing $70,000 6% 15-3 -year (opt.)
0
water boncU. Denom. $500. Int. semi-ann. Duo In 30 years, optional
in 15 years.

foH ovr

1932

THE

R o c k I s l a n d C o u n t y , 111 .—BONDS DEFEATED .— A t a n
9 n -A p n J 1.3 $ 3 0 0 , 0 0 0 w a t e r - w o r k s b o n d s w e r e d e f e a t e d b y t h e
v o t e r s , t h e v o t e c a s t b e in g 4 ,9 0 0 a n d t h e v o t e s a g a in s t t h e Is s u e w e r e 3 ,8 0 0 .
M O L IN E ,

^uS^nnnt) ' ~ P ID.?a~ - T h c f ° llo w ln 8 b i d s w e r e r e c e i v e d o n
r
t h e $ 5 5 0 ,0 0 0 ta x - f r e e " S e r ie s C e d u c a t i o n a l b o n d s o f t h e S t a t e
d ,u o / x J 1' 1 } 9 4 2 > a n d e a c b b o n d r e d e e m a b l e a t t h e o p t i o n o f
th S rS ff*
i
tl o f E x a m i n e r s o n J a n . 1 1 9 3 2 o r a n y i n t e r e s t - p a y i n g d a t e
l w T r r W i e r U pf°u 1 ?*X l n g ;50 , | a ; s n o t i c e o t s u c h i n t e n t i o n t o m a k e r e d e m p t i o n
t v
W , f , t C o m n at o 1? < L ! ° o - !t n , ^ o " i s :n d & M t g e ' C o - S a , t L a k e C i t y , a n d
1
of S . L u 0

& C o . o f N o w Y o r k , a n d e m b r a c in g th e F i r s t
B r o t h e r s & C o . a n d K is s e l, K i n n i c u t t & C o ., a ll
R ip p c l & C o . o f N e w a rk , o n a p r e v io u s p a g e o f
y ie ld a b o u t 4 .1 0 % .
T h e fo llo w in g is a c o m p le te
f o r t h e s e v e n is s u e s :
1

Premium Bid.

U n i o n T r u s t C o --------------------------- 8 6 , 9 8 5 1 B a r r & S c h m e l t z e r . .......... .. . $ 3 , 5 6 7 7 4

C h a s e S e c u ritie s C o r p
H . L . A l l e n & C o ____
B a r r & S c h m e l t z e r ____
S t a c y & B r a u n _________
P a in e , W e b b e r & C o . .
K e a n e , Ilig b ie & C o_ .
H o rn b lo w e r & W e ek s

P r e m iu m B id .

Bidder—

U n i o n T r u s t C o __________
8385 M o n ta n a
T ru st
&
S a v in g s
M in n e a p . T r . C o . a n d R . M .
B a n k ______________________
$974
G r a n t & C o ____________ _
1 15 5 E l d r e d g e & C o . , F e r r i s & H a r d N o rth e rn T r u s t C o . a n d B a n k ­
g r o v o a n d W e ll s - D ic k e y C o . 2 ,3 1 0
e r s T r u s t C o ____________________
880

T ,
T
T .
T

_

F or

„

4S %
A

F or 5 %

B o n d s.
B o n d s.

■ s ir 7 « c
.................... $ 1 6 9 5 4

U n i o n T r u s t C o _______________
_ _ ___
A m e s, E m e ric h & C o . a n d S ta c y & B r a u n l " ^ ! ! ! !

M O N T C A L M C O U N T Y ( P . O . S t a n t o n ) , M i c h .—BOND S A L E —
'< n ^ UtVVf 1v!iI 0 0 ,0 ( ) ( ! 4 14 % r o a d b o n d s w a s r e c e n t l y s o l d t o P a i n e , W e b b e r
(10 2 3 0 ) C h l c a f ? ° a b p a r a n d a c c r u e d i n t e r e s t , p l u s a p r e m i u m o f $ 2 , 3 0 0
,J ? t f c r s o n , C o u n t y ,
C o lo .
BOND SALE. - B e n w e l l ,
1 0 -1 5 -v e a r ( o p t )
» a te M a y 1 1921.
I n t. se m i-a n n . p a y a b le in N e w Y m L
D enom . $500.
A s s e s s e d v a lu a t io n 1 9 2 1 , $ 1 2 7 ,8 7 0 .
T o ta l b o n d e d d e b t
in c lu d in g t h is is s u e , $ 2 1 ,0 0 0 .
P o p u la tio n , e s tim a te d . 2 5 0 .

H a r r is , F o r b e s & C o .
R e m lc k , H o d g e s & C o . .
N a tio n a l C ity C o m p a n y

1 h lllip s & C o . o f D e n v e r h a v e p u r c h a s e d $ 6 ,5 0 0 6 %

M O R R I S , L i v i n g s t o n C o u n t y , N . Y .—BOND SALE . — T h e
$ 1 7 , 0 0 0 s e w e r a d d i t i o n b o n d s o f f e r e d o n A p r i l 2 . — V . 1 1 4 p. 1 8 1 0 __ w e r e
isiVn n n CC t o f ! u o - B . G i b b o n s & C o . o f N e w Y o r k .
D a to M a y 1 1 9 2 2 .
D ue
8 1 ,0 0 0 y e a r l y o n M a y 1 f ro m 1 9 2 3 to 1 9 3 9 in c lu s iv e .
r e ^ l W e c i f u n t ■ f 8 *1* * n c ° M a y ^ l b y J °
i

a

!*'"c h U e ^ C i t y ^ U

k Ht^

F id e lity U n io n T r u s t C o .
M . M . F reem an & C o ..
F a r s o n , S o n & C o _______ .
J . S . B a c h e & C o ______
C o m m e r c ia l T r u s t C o . .

y ffo i~ $ 2 5 * 0 0 0 5

bonds- cert- check for »io%’

^

rA .Y ’U S u l r ? 5 ; VrM iC ? , U r ? T Y , (F>; 9 : Z a n e .s v i l l e ) , O h i o .—BOND OFFERV-fl'T* L ; M ^ n n n er r> C o u n t y A u d i t o r , w i l l r e c e i v e s e a l e d b i d s u n t i l 1 2 m .
n o n 5 f n ^ ' ’ V°° i ’, Vno°o, p o ? . c o l l r H > < n is e i m p r o v e m e n t b o n d s .
D enom .
J4 -9 9 9 - , D a t n A p r i l 1 1 9 2 2 .
D u o y e a r l y o n O c t. 1 a s f o llo w s : $ 3 ,0 0 0 , 1 9 2 3
to 1 9 3 0 jn c l ., a n d $ 1 ,0 0 0 in 1 9 3 1 .
C e r t, c h e c k fo r $ 2 0 0 , p a y a b le to th e
re q u ire d
B i d d e r is r e q u i r e d t o s a t i s f y h i m s e lf a s t o
c i m e d A n t e r e s t f t W s 881 ,6 '
U o n d s n o t t o b e s o ld f o r le ss t h a n p a r a n d a c -

H a n n a h s , B o l l i n <fc L e e .

F e d e r a l T r u s t C o _____

»eC
a°mREC1J P N ~

P uo to a ty p o g ra p h ic a l e rro r, w o re p o rte d th e a m o u n t
o r 6 % c o u r t h o u s e i m p r o v e m e n t b o n d s s o ld to t h e O ld C itiz e n s N a t io n a l

c o r r e c t * a m o i m l T i s * $ 2 5 , 0 0 0 *s s u e o f F e b ’ 2 5 ’ o n p a g e 8 7 7 ’ * » * 2 5 , 3 0 0 .

The

N A R R A G A N S E T T . W a s h i n g t o n C o u n t y , R . I .—BOND OFFERING
v T I - n T ' « 7 ? So n o - , / ° ' V n T r e a s x , ,ro r . w i l l r e c e i v e s e a l e d b i d s u n t i l 12 m .
« i n o n 7 5 ’? ? 0* 5 ? r c o u ,p o , n . ? 2 l d b i K b w a y r e c o n s t r u c t i o n b o n d s .
n
D ei * 1-’0 0 0 - . . D a t0
,1 .1 0 2 2 - t r n i . a n d s e m i - a n n . i n t . ( J . & J . )
K oU l
6 ° L t h ? t b i i l f 'd S t a t e s o f t h e p r e s e n t s t a n d a r d o f w e ig h t
t w , fJ i ' n S
‘l t ,t h u t ' i r s t N a t i o n a l B a n k o f B o s t o n , i n B o s t o n , M a s s .
S u h n f 'i > . v i ° h y e 5 rIfy
;
1 l n ! n \ 19 2 8 t o 1 9 3 7 i n c l . T h e s e b o n d s a r e
a S n r o v e d d l w i ^ ^ i g ° fi o o o G “ i®r a l A s s e m b l y o f t h e S t a t e o f R h o d e I s l a n d
^ S ? H r io id A I a r c h 1 3 1 9 2 2 . a n d a r o e n g r a v e d u n d e r t h e s u p e r v i s i o n o f a n d
c c r t f c d a s t o g e n u i n e n e s s b y t h e I< i r s t N a t i o n a l B a n k o f B o s t o n : t h e i r
™ in i« n
a P l , r o .v c d b y M e s s r s R o p e s , G r a y , B o y d e n & P e r k i n s , w h o s e
rn „ K
h e 1 / t 10 P u r c h a s e r A l l l e g a l p a p e r s i n c i d e n t t o t h i s
B o rn !s w i n . £
•
h ? \ l d 9 a n k w h Vr o t h ° y m a y b e i n s p e c t e d a t a n y t i m e .
iQ 99 a f n A ^ t ^ ,''d t ( i nh c P u r c h a s e r o n o r a b o u t W e d n e s d a y , M a y 3
1 9 2 2 , a t t h e F i r s t N a tio n a l B a n k o f B o s to n , in B o s to n M a s s
„„
.
,
Financial Statement March 2 7 1 9 2 2 .
’

1929-----------------d u ! M _a ! 1

88
| g

88

, a s t a 8 s e s s m e n t > 3 u n e 1 5 1 9 2 1 --------------------------- : _$4$ 4 1 5 , 4 4 0 0 0
w T l J C K ’ N ° w Haven C o u n ty , C o n n .—BOND SALE .— T h e
$ 3 0 0 ,0 0 0 4 % c o u p o n r e f u n d i n g b o n d s o f fe r e d o n A p r il 2 5 — V 114 p 1 8 1 0 _
_
i ^ M S S 5 d , tr ° f t o . V - D / i y & C o ,- c ™ t o n . a * " 0 9 , a b a s i s o f a b o u t 4 . 0 9 %.
P w o o 1 - !1 1 5 V * ? 2 - D u o y e a r l y o n M a r c h 1 5 a s f o l l o w s : $ 10,000 199,5
to 1 9 3 2 i n c l., a n d $ 2 0 ,0 0 0 , 1 9 3 3 t o 1 9 4 3 in c l.
’
' 1

e - ^ n P 1,0 ” ; A n telop e C o u n ty . N eb.— BONDS VOTED .— A n i s s u e
c e n t l y v o t e d ,S t0 t a k ° U P o u t s t a n d i n g w a t e r i m p r o v e m e n t w a r r a n t s w a s
™

of

re­

NEW A L B IO N UNION FREE SCH O O L D IS T R IC T NO. 1 (P. O.
C a tta ra u g u s C o u n ty , N. Y.—BOND SALE '.— T h e

? .< V u b o n d ,s o / f e r e d o n A p r i l 2 4 — V . 1 1 4 , p . 1 8 0 3 — w e r e s o l d t o
G e o . B . G i b b o n s & C o . o t N . Y . C i t y a t 1 0 4 .6 7 , a b a s is o f a b o u t 4 .6 1 % .
* 9* onA
D }u ; * 2 vrj0° J e a r l y . o n N o v . I f r o m 1 9 2 9 t o 1 9 3 8 i n c l . ,
a n d $ 2 5 ,0 0 0 o n N o y . 1 19 39 .
in o u r iss u e o f A p ril 2 2 , o n p a g e 1803 w e
b l \ ? M o C t iT r e p o r t e d t h o o f f e r i n g o f t h e s e p o n d s u n d e r t h e c a p t i o n o f
A lb io n U n io n F r e e S c h o o l D i s tr i c t N o . 1 . ”
1
0

N E W A R K , Essex C o u n ty , N. J .—BOND SALE. — T h e f o l l o w i n g s e v e n
i s s u e s o f 4 'A% g o l d c o u p o n ( w i t h p r i v i l e g e o f r e g i s t r a t i o n ) b o n d s o f f e r e d o n
A p r il 2 4 (V . 1 1 4 , p . 1 4 5 4 ) w e r e s o ld a s s t a t e d b e lo w :
(1 ) $ 9 6 3 , 0 0 0 P o r t N e w a r k i m p t . b o n d s ( $ 1 , 0 0 0 , 0 0 0 o f f e r e d ) , t o a s y n d i c a t e
h e a d e d b y E ld r e d g o & C o . o f N o w Y o r k , f o r $ 1 ,0 0 0 ,8 8 9
(1 0 3 9 3 ) . a b a s is o f a b o u t 4 .2 4 % .
D u e y e a r l y o n A p r . 15
a s f o llo w s : $ 2 5 ,0 0 0 1 9 2 3 t o 1 9 6 0 in c l. a n d $ 1 3 ,0 0 0 i n 1 9 6 1 .
(2 ) 8 3 3 ,0 0 0 P u b l i c B u i ld i n g b o n d s ( $ 8 5 0 ,0 0 0 o f f e r e d ) , t o a s y n d i c a t e
h e a d e d b y E ld r e d g e & C o . o f N e w Y o r k , f o r $ 8 5 0 ,8 2 9 ( 1 0 2 1 4 ),
a b a s is o f a b o u t 4 2 4 % .
D u e y e a r l y o n A p r i l 1 5 a s f o llo w s :
$ 4 2 ,0 0 0 1 9 2 3 t o 1 9 3 2 in c l ; $ 4 3 ,0 0 0 1 9 3 3 t o 1941 i n c l ., a n d
$ 2 6 ,0 0 0 1 9 4 2 .
(3 )

(4 )

4 8 1 ,0 0 0 P a s s a i c V a lle y s e w e r b o n d s ( $ 5 0 0 ,0 0 0 o f f e r e d ) , t o a s y n d i c a t e
h e a d e d b y E ld re d g o & C o
o f N e w Y o r k , f o r $ 5 0 0 ,1 0 9
(1 0 3 9 7 ), a b a s is o f a b o u t 4 .2 7 % .
D u e y e a r l y o n A p r . 15
a s fo llo ty s : $ 1 2 ,0 0 0 1 9 2 3 t o 1 9 4 2 i n c l .; $ 1 3 ,0 0 0 1 9 4 3 t o 1 9 6 0
in c l. a n d $ 7 ,0 0 0 in 1 9 6 1 .
4 8 1 ,0 0 0 w a t e r b o n d s ( $ 5 0 0 ,0 0 0 o f f e r e d ) , t o a s y n d i c a t e h e a d e d b y
E l d r e d g e & C o . o f N e w Y o r k , f o r $ 5 0 0 ,1 0 9 ( 1 0 3 .9 7 ) , a b a s is
o f a b o u t 4 .2 7 % .
D u e y e a r l y o n A p r . 1 5 a s f o llo w s : $ 1 2 0 0 0
1 9 2 3 t o 1 9 4 2 in c l.; $ 1 3 ,0 0 0 1 9 4 3 t o 1 9 6 0 in c l , a n d $ 7 ,0 0 0 in
1961.

(5 )

4 9 0 ,0 0 0 s c h o o l b o n d s ( $ 5 0 0 ,0 0 0 o f f e r e d ) , t o a s y n d i c a t e h e a d e d b y
E l d r e d g o & C o . o f N o w Y o r k , f o r $ 5 0 0 ,6 8 7 ( 1 0 2 .1 8 ) , a b a s is
o f a b o u t 4 .2 4 % .
D u o y e a r l y o n A p r . 1 5 a s f o llo w s : $ 2 5 ,0 0 0
f r o m 1 9 2 3 to 1 941 in c l. a n d $ 1 5 ,0 0 0 in 1 9 4 2 .
( 6) 2 5 5 , 0 0 0 s t r e e t a n d b r i d g e b o n d s ( $ 2 6 0 , 0 0 0 o f f e r e d ) , t o a s y n d i c a t e
•
b e a d e d b y E l d r e d g o & C o . o f N o w Y o r k , f o r $ 2 6 0 ,7 9 7 ( 1 0 2 .1 4 ) ,
a b a s is o f a b o u t 4 .2 4 % .
D u o $ 1 3 ,0 0 0 y e a r l v o n A p r . 15
f r o m 1 9 2 3 t o 1941 in c l. a n d $ 8 ,0 0 0 in 1 9 4 2 .
(7 )
9 9 ,0 0 0 f ir o a p p a r a t u s b o n d s ( $ 1 0 0 ,0 0 0 o f f e r e d ) , t o H a n n a h s B o llin
& L e e o f N e w Y o r k , f o r $ 1 0 0 ,2 0 0 ( 1 0 1 .2 1 ) , a b a s is o f a b o u t
4 .2 5 % .
D u o $ 1 0 ,0 0 0 y e a r l y o n A p r . 15 f r o m 1 9 2 3 to 1931
in c h a n d $ 9 ,0 0 0 o n A p r . 1 5 1 9 3 2 .
D e n o m . $ 1 ,0 0 0 .
D a te A p r. 15 1922.
P r in . a n d se m i-a n n . in t. (A . & O )
p a y a b le in g o ld a t th e N a tio n a l S ta te B a n k in N e w a rk .
L e g a l o p in io n o f
R e e d , D o u g h e rty & H o y t o f N e w Y o rk fu rn is h e d .
T h e f i r s t s ix is s u e s o f
b o n d s g iv e n a b o v e a r e b e in g o ffe re d b y th e s y n d ic a te h e a d e d b y E ld re d g o




W e s t S id e T r u s t C o .

Iro n b o m u l T r u s t C o .

N a tio n a l S ta te B a n k o f N

N a tio n a l B a n k , B ro w n
of N ow Y o rk , an d J . S.
t h is iss u o , a t p r ic e s t o
lis t o f th e b id s re c e iv e d

Issue Bid Amount
For.
Bid For.

Bidders—
E l d r e d g e & C o ...... ...
F irs t N a tio n a l B a n k ..
B ro w n B ro th e rs & C o
K is s e l, K i n n i c u t t & C o
J- S . R i p p e l & C o ______

For 4 k %
r o r ‘ty-tVo Bonds.

..

B id d e r —

[Vol. 114.

C H E O N IC L E

Price
Offered.

IIssu e N o . 1
$ 9 6 3 ,0 0 0
$ 1 , 0 0 0 , 8 8 9 00f
Issu o N o . 2
8 3 3 ,0 0 0
8 5 0 ,8 2 9 0 0
IIssu e N o . 3
4 8 1 ,0 0 0
5 0 0 ,1 0 9 0 0
\ Issu e N o . 4
4 8 1 ,0 0 0
5 0 0 ,1 0 9 0 0 1
Issu e N o . 5
4 9 0 ,0 0 0
5 0 0 ,6 8 7 0 0
: Issu e N o . 6
2 5 5 .0 0 0
2 6 0 ,7 9 7 0 0
L Issu e N o . 7
1 0 0 ,0 0 0
1 0 0 ,8 0 1 0 0
Issu e N o . 1
$ 9 7 4 ,0 0 0 $ 1 ,0 0 0 ,2 0 2 5 5
Issu e N o . 2
8 4 2 .0 0 0
8 5 0 ,4 7 4 7 3
Issu e N o . 3
4 8 7 ,0 0 0
5 0 0 ,4 5 0 4 5
rssu o N o . 4
4 8 7 ,0 0 0
5 0 0 ,4 5 0 4 5
Issu e N o . 5
4 9 6 ,0 0 0
5 0 0 ,9 3 3 2 2
Issu e N o . 6
2 5 8 ,0 0 0
2 6 0 ,2 9 6 2 0
[Issu e N o . 7
1 0 0 ,0 0 0
1 0 0 ,0 0 0 0 0
(Issu o N o . 1
$ 9 7 3 ,0 0 0 $ 1 ,0 0 0 ,0 3 9 6 7
Issu e N o . 2
8 4 3 ,0 0 0
8 5 0 ,4 0 9 9 7
Issu e N o . 3
4 8 7 ,0 0 0
5 0 0 ,6 7 9 8 3
Issu e N o . 4
4 8 7 ,0 0 0
5 0 0 ,6 7 9 8 3
Issu e N o . 5
4 9 6 ,0 0 0
5 0 0 ,4 0 9 4 4
Issu e N o . 6
2 5 8 ,0 0 0
2 6 0 ,2 9 3 6 3
Issu e N o . 7
1 0 0 ,0 0 0
1 0 0 ,0 0 1 0 0
Issu e N o . 1
$ 9 8 2 , 0 0 0 $ 1 , 0 0 0 , 1 1 1 11
Issu e N o . 2
8 4 4 ,0 0 0
8 5 0 , 1 6 6 66
Issu o N o . 3
4 9 1 ,0 0 0
5 0 0 , 1 1 1 11
Issu o N o . 4
4 9 1 ,0 0 0
5 0 0 , 1 1 1 11
Issu e N o . 5
4 9 7 ,0 0 0
5 0 0 , 1 1 1 11
Issu e N o . 6
2 5 8 ,0 0 0
2 6 0 , 1 1 1 11
Issu o N o . 7
1 0 0 ,0 0 0 '
1 0 0 ,1 1 1 1 1
Issu e N o . 1
$ 9 7 6 ,0 0 0
$ 1 ,0 0 0 .1 0 0 0 0
Issu e N o . 2
8 4 0 ,0 0 0
8 5 0 ,1 0 0 0 0
Issu o N o . 3
4 8 8 ,0 0 0
5 0 0 ,2 5 0 0 0
Issu e N o. 4
4 8 8 ,0 0 0
5 0 0 ,3 5 0 0 0
Issu e N o . 6
4 9 4 ,0 0 0
5 0 0 ,0 2 5 0 0
Issu o N o . 6
2 5 7 ,0 0 0
2 6 0 ,0 5 0 0 0
[Issu e N o . 7
1 0 0 ,6 0 0
1 0 0 , 8 0 1 00
Issu e N o . 1
$ 9 8 8 ,0 0 0
$ 1 ,0 0 0 ,1 9 4 4 7
Issu e N o . 2
8 4 4 ,0 0 0
8 5 0 .7 2 9 14
Issu e N o . 3
4 9 4 ,0 0 0
5 0 0 , 18 3 5 2
Issu e N o . 4
4 9 4 ,0 0 0
5 0 0 ,1 8 3 5 2
Issu e N o . 5
4 9 4 ,0 0 0
5 0 0 ,0 5 7 2 4
Issu e N o . 6
2 5 8 ,0 0 0
2 6 0 , 0 4 8 61
Issu e N o . 7
1 0 0 ,0 0 0
1 0 0 ,4 6 9 8 2
Issu e N o . 1
$ 9 7 7 ,0 0 0
$ 1 ,0 0 0 ,6 2 8 0 0
Issu e N o . 2
8 4 9 ,0 0 0
8 5 0 ,8 8 9 9 5
Issu o N o . 3
4 8 8 ,0 0 0
5 0 0 ,2 4 1 3 6
Issu o N o . 4
4 8 8 ,0 0 0
5 0 0 ,2 4 1 3 6
Issu e N o . 5
4 9 9 ,0 0 0
5 0 0 ,0 4 8 0 6
Issu o N o . 6
2 6 0 ,0 0 0
2 6 0 ,5 5 8 0 3
Issu o N o . 7
100,000
1 0 0 , 1 2 7 00
I s s u e N o . 1 $ 9 8 8 ,0 0 0
$ 1 ,0 0 0 ,1 9 4 4 7
Issu o N o . 2
8 4 4 ,0 0 0
8 5 0 , 7 2 9 14
Issu e N o . 3
4 9 4 ,0 0 0
5 0 0 ,1 8 3 5 2
Issu e N o . 4
4 9 1 ,0 0 0
5 0 0 ,5 5 2 6 5
Issu e N o . 5
4 9 7 ,0 0 0
5 0 0 ,9 3 9 63
Issu e N o . 6
2 5 7 ,0 0 0
2 6 0 ,1 3 2 16
.Is s u o N o . 7
1 0 0 .0 0 0
1 0 0 .5 8 7 7 6
$ 9 9 ,0 0 0
$ 1 0 0 ,1 6 2 5 2
e w a r k ____ I s s u e N o . 7

, NEW CAJTTLE C O U N T Y (P. O. W ilm in gton ), D e l , — BOND OFFER
C h a i r m a n o f F i n a n c e C o m m i t te e , iv lli r e c e iv e p r o p o s a ls
u n t i l 1 2 m . M a y 2 9 fo r t h e fo llo w in g 3 is s u e s o f 4 ‘ % c o u p o n ( w ith p r iv ile g e
A
o f r e g is tra tio n ) im p ro v e m e n t b o n d s:
$ 1 5 0 , 0 0 0 h i g h w a y , 9 t h s e r ie s - , b o n d s .
D u o y e a r l y o n J u n o 1 a s f o llo w s :
'H 'oJ,0 0 0 ’, 192(> t o 1930 " l e i . : $ 1 0 , 0 0 0 , 1 9 3 1 a n d 1 9 3 2 ; $ 1 5 , 0 0 0 ,
„
1 9 3 3 a n d 1 9 3 4 ; $ 2 0 ,0 0 0 , 1 9 3 5 , a n d $ 5 ,0 0 0 , 1 9 3 6 .
5 5 .0 0 0 b r id g e , 3 d s e rie s , b o n d s .
D u e $ 3 0 ,0 0 0 J u n o 1 1 9 6 6 a n d $ 2 5 ,0 0 0 .
_
Ju n o 1 1967.
5 0 .0 0 0 b r id g e , 4 t h s e rie s , b o n d s .
D u e y e a r l y o n J u n o 1 a s fo llo w s :
™
* ,'L’,0 £ £ k 19 3 $ t o 1941 b i e b . a n d $ 1 0 , 0 0 0 . 1 9 4 2 , 1 9 4 3 n a d 1 9 4 4 .
D e n o m . $ 1 ,0 0 0 .
D a te Ju n o 1 1922.
P r i n . a n d s e m i - a n n . i n t . ( J . & D .)
p a y a b le a t th e F a r m e r s B a n k , W ilm in g to n .
C e rtifie d c h e c k fo r 2 % o f
a m o u n t b id fo r, p a y a b le to th e C o u n ty T r e a s u r e r , r e q u ir e d .
B id s a r e to
b e m a d e o n f o rm s f u rn is h e d b y th o C h a ir m a n o r th o U . 8 . M tg e . & T r u s t
V°,v,- N : Y .
B o n d s a r e to b e p r e p a r e d u n d e r s u p e rv is io n o f U . S . M tg e .
& T r u s t C o . , N . Y . , w h i c h w i l l c e r t i f y a s t o t h e g e n u i n o n e s s o f t h e sig ­
natures o f t h e o f f i c i a l s a n d t h e s e a l i m p r e s s e d t h e r e o n ; v a l i d i t y w i l l b e
a p p r o v e d b y C a ld w e ll & R a y m o n d , N . Y .
L ° ND,ON. H uron C o u n ty , O h io .— BOND S A L E . — T h o $ 5 , 0 0 0
6 % e le c tric w o rk s im p r o v e m e n t b o n d s o ffe re d o n A p ril 2 2 — V . 114, p . 181 0
— w e re s o ld to t h e D a v ic s - B e r tr a m C o . o f C in c in n a t i a t p a r a n d a c c r u e d
i n t e r e s t P lu s a p r e m i u m o f $ 1 6 2 5 0 ( 1 0 3 .2 5 ) , a b a s is o f a b o u t 5 . 4 0 % .
D a te
M ay 1 1922.
D u e $ 5 0 0 y e a rly o n M a y 1 fro m 1 9 2 4 to 1 933 in c l.
'I 'l u fo llo w in g b id s w e r e r e c e iv e d :
D a v i e s - B e r t r a m C o . , C l n ------- 1 0 3 . 2 5 1D u r f e e , N i l e s & C o . , T o l e d o ^ 1 0 1 . 0 0
W . L . S la y to n & C o . T o le d o . . 1 0 6 .0 0 1
NEW TON C O U N T Y RO AD D IS T R IC T S (P. O. N ow ton), Tex.

BOND ...
O N D SALE .—
Dl i s t r i c t
ivnrflofl
aw ard ed
$ 1 ,0 0 0 .

T h e $ 2 0 0 ,0 0 0 R o a d D i s tr i c t N o . 4 a n d t h o $ 1 0 0 ,0 0 0 R o a d
iN . .
q
% p
l
N oo *e3j , 5 k - % b o n d s o f f e r e d o n A p r i l 1 0 ( V . 1 1 4 , , p . 1 3 3 3 ) h a v e b e e n
14
t n O n lIrlw ol lI & PCao . o f N a s h v i l l e a * ■ ,, * a n d .. c c r u e d t„i.t . i \ ..........
.
to C a d w e l
t p% r•
a
a
in
D enom .
D a te M a r. 27 1921.
D u o s e ria lly fro m 1 to 3 0 y e a rs .

..,1

N OR TH C A R O LIN A (S tate o f ) . —BOND SALE— Wo a r o a d v i s e d b y
a s p e c ia l te le g ra p h ic d i s p a t c h f ro m B . I t. L a c y , S ta to T r e a s u r e r t h a t o f
t b e i Q i n ' 0 (tfl’ (n n n r e g i s t e n v b i o h i g h w a y b o n d s o f f e r e d o n A p r i l 2 7 — V . 1 1 4 ,
P .1 8 1 ° — $ 6 ,0 0 0 ,0 0 0 h a v e b e e n s o ld t o t h o C itiz e n s N a t io n a l B a n k o f
K.al, ; ) n d t h e W a c h o v i a B a n k & T r u s t C o . o f W i n s t o n - S a l e m , a s I k s .
a t 1 0 0 .1 0 , a b a s is o f a b o u t 4 4 9 % , f o r a s y n d i c a t e o f N o w Y o r k b a n k e r s ,
w i t h a n o p t io n o n t h e r e m a in i n g $ 9 ,0 0 0 ,0 0 0 a t t h e s a m o p r ic o .
T he syn­
d i c a t e i n c l u d e d t h e f o llo w in g :
T h e F ir s t N a tio n a l B a n k , th o B a n k e r s T r u s t
C o ., K is s e l, K i n n i c u t t & C o ., B J . V a n In g e n & C o ., E ld r e d g e & C o ,
R e d m o n d & C o , H o r n b lo w e r & W e e k s , a n d E . II. R o llin s & S o n s.
. T h e A m e ric a n T r u s t C o . o t C h a r lo tte w a s th o n e x t h ig h e s t b id d e r .
The
h ig h e s t p r e m iu m o ffe re d w a s $ 2 3 8 ,3 5 0 f o r 4 H % b o n d s
O ’DON N ELL IN D EPEN DEN T SC H O O L D IS T R IC T (P. O. O ’D on ­

n ell), L yn n C o u n ty , T e x . ..... BOND SALE.—C r o s b y , M c C o n n e l l & C o . o f
Po6 n £ £ 2 2 ? S o u t h e r n S e c u r i t i e s C o . o f A m a r i l l o , j o i n t l y , h a v e p u r c h a s e d
$ 2 2 ,5 0 0 6 % s e r ia l s c h o o l b u ild in g b o n d s d a t e d M a r c h 8 1 9 2 2 a n d d u o $ 5 0 0
a n n u a ll y f i r s t y e a r t o 1 9 3 5 a n d $ 1 ,0 0 0 a n n u a ll y f r o m 1 9 3 6 t o 1 9 4 0 in c lu s iv e .
O A K L A N D IND EPEN DEN T SC H O O L D IS T R IC T , P o tta w a ttam ie

C o u n ty, Iowa.—BOND SALE .—

S c h a n k e & C o . o f M a s o n C ity p u rc h a s e d
4 l V sc h o o l r e f u n d in g b o n d s o n A p ril 18 a t p a r p lu s a p r e m iu m
o f $ 3 0 0 , e q u a l t o 1 0 1 .1 3 , a b a s is o f a b o u t 4 . 1 2 % .
D e n o m . $ 1 ,0 0 0 .
D a te
M a y 1 1922.
In t. M . & N .
D uo M a y 1 1942.

O A K P A R K P A R K D IS T R IC T (P. O. O ak P ark ), C ook C o u n ty ,

111.—BOND OFFERING.— J a m e s A W i l l i a m s , S e c r e t a r y o f B o a r d o f
C o m m is s io n e rs , w ill re c e iv e p r o p o s a ls u n t il 8 p m . M a y 1 f o r $ 5 0 ,0 0 0 5 < ,
p a rk -s ite p u rc h a s e b o n d s
D e n o m . $ 1 ,0 0 0 .
D a to M a y 1 1922.
P r in
? ^ d s e m i-a n n . in t. (M . & N .) p a y a b lo a t th e N o r th e r n T r u s t C o . o f C h ic a g o
D u e $ 2 ° 0 0 ° M a y 1 1 9 3 7 a n d 1 9 3 8 , a n d $ 10,000 M a y 1 1 9 3 9 .
D is tric t
w ill f u r n is h o p in io n o f W o o d & O a k le y a s to t h e v a li d i ty o f th o b o n d s
NEW Y O R K C I T Y , N. Y .- BOND SALE . — T h o f o l l o w i n g t w o i s s u e s o f
4 'A % c o u p o n o r r e g i s t e r e d g o l d c o r p o r a t e s t o c k o f f e r e d o n A p r i l 2 5 — V .
1 1 4 , p . 1 6 9 1 — w e re s o ld to a s y n d ic a t e h e a d e d b y S p e y e r & C o . o f N o w Y o r k
a n d e m b r a c in g th e B a n k o f A m e ric a , th o B a n k o f th o M a n h a t t a n C o .,
L a d e n b u rg , T h a lm a n n & C o ., J . S . B a c h e & C o ., T i tl e G u a r a n te e & T r u s t
C o . a n d D o m in ic k & D o m in ic k , a ll o f N e w Y o r k , a t t h e i r b id o f 1 0 2 .7 6 6
fo r a ll o r n o n o , a b a s is o f a b o u t 4 .1 1 9 % .
$ 2 5 ,0 0 0 ,0 0 0 c o r p o r a te s t o c k t o p r o v id e f o r d o c k im p r o v e m e n t s .
2 0 , 000,000 c o r p o r a t e s t o c k t o p r o v i d e f o r t h e s u p p l y o f w a t e r .
D u o A p ril 15 1 9 7 2 .
T h o s to c k is b e in g o f f e r e d b y t h o a b o v e s y n d i c a t e
to in v e s to rs o n a p r e v io u s p a g e o f th is iss u e a t 104 a n d a c c r u e d i n te r e s t .

3933

THE CHRONICLE

April 29 1922.]

t o y ie ld o v e r 4 .0 3 % .
T h e f o llo w in g is a c o m p l e t e lis t o f t h e b id s r e c e i v e d
b y th e c ity fo r th e a b o v e s to c k :

Amount Bidfor. Bote

Amount Bidfor. Rate

Bid.
Bid.
Bidder—
S
Bidder—
$
1 0 0 .0 0
1 0 0 ,0 0 0
t . M . L e v y -------S p e y e r & Co., B a n k l
F ir s t N a tio n a l B a n k
o f t il e M a n h a t t a n f
1 0 2 .1 2 5
2 5 0 .0 0 0
000
o f B ro o k ly n .
C o ., T i t l e G u a r ­ 4 5 .0 0 0 .
1 0 1 .5 3
5 0 .0 0 0
a n te e
&
T r u s t (a ll o r n o n e ) .1 0 2 .7 6 6
1 0 1 .6 3
5 0 .0 0 0
000
C o .,
H ank
of 4 5 .0 0 0 .
5 0 .0 0 0
1 0 1 .7 3
A m e r i c a , D o m i ­ ( a ll o r a n y
1 0 1 .8 3
5 0 .0 0 0
n i c k A D o m i n ic k ,
p a r t) ...
1 0 1 .5 7 8
5 0 .0 0 0
101 93
.1. S . B a c h e *
M il le t . R o e A H a ­
5 0 .0 0 0
1 0 2 .0 3
C o. an d L adeng e n ........ ....................
1 0 2 .1 3
5 0 .0 0 0
b u rg , T h a lm a n n
5 0 .0 0 0
1 0 2 .2 3
& C o -----------------5 0 .0 0 0
1 0 2 .3 3
7 5 0 ,0 0 0 . . 1 0 0 .0 4
5 0 .0 0 0
1 0 2 .4 3
7 5 0 .0 0 0
1 0 0 .2 5
1 0 1 .1 0
7 5 0 .0 0 0
1 0 0 .4 6
F m p i r e T r u s t C o . . . 2 .5 0 0 .0 0 0
1 0 1 .0 0
1 0 0 .0 0 0
K o u n tz e
7 5 0 .0 0 0
1 0 0 .6 7
J o h n ,1. W a ts o n J r
Co .
5 0 0 .0 0 0 - 1 0 0 .8 8
M e c h a n ic s B a n k of
1 0 1 .0 0
5 0 0 .0 0 0
1 0 1 .0 0
B r o o k l y n -------------- 1 ,0 0 0 .0 0 0
0 0 0 0 0 .2 5
1
5 0 0 .0 0 0
M e r r il l L y n c h A C o . 1 .0 0 0
1 0 1 .3 0
1 0 0 .0 0 0
1 0 2 .0 8
5 0 0 .0 0 0
101.51
1 0 0 .0 0 0
1 0 1 .7 6
4 C 0 .0 0 0
101 .0 1
100 0 0 0
1 0 1 .5 6
400 000
1 0 0 .7 6
100 0 0 0
R o b i n s o n A C o ___
1 0 1 .3 3
400 000
1 0 0 .5 1
1 0 0 .0 0 0
101.2,8
F a r s o n , S o n A Co_
4 0 0 .0 0 0
1 0 0 .2 6
100 0 0 0
1 0 1 .1 7
4 0 0 .0 0 0
100 .0 1
1 0 0 .0 0 0
2 5 0 .0 0 0
1 0 1 .2 5 3
1 0 1 .1 2
100 0 0 0
C l a r k , W il l ia m s A
101 0 7
2 5 0 .0 0 0
1 0 1 .5 0 3
100 0 0 0
C o ____
100 91
2 5 0 .0 0 0
1 0 1 .7 5 3
1 0 0 .0 0 0
1 0 0 .7 7
2 5 0 .0 0 0
1 0 2 .0 3 3
W . W . S u tto n A C o .
1 0 0 ,0 0 0
B l a ir A C o ., I n c . ,
1 0 2 .1 8
l ’l r s t N a t io n a l B a n k
H a llg a r te n A C o .
o f J a m a i c a --------- M ew Y o r k T r u s t
3 0 0 ,0 0 0
1 0 0 .7 5
C o .,
Wm.
I t . 4 5 ,0 0 0 .0 0 0
1 0 1 .2 5 2 L oucliheim , M in to n
1 0 0 .0 0 0
C o m p to n C o .,
A Co
1 0 1 .5 0
2 0 .0 0 0
1 0 0 .0 6
a n d C e n tra lP n lo n
20 000
R . I t. Fogel A C o . .
T ru st Co
1 0 0 .1 2
1 0 .0 0 0
K u h n , L o e b A C o ., 4 5 .0 0 0 .
1 0 0 .2 1
000
1 0 .0 0 0
D illo n , R e a d A (all o r n o n e ) 1 0 0 .5 7 7
100 26
5 0 0 ,0 0 0
103 18
C o ., K i d d e r , P e a - 4 5 .0 0 0 .
0 0 0 (all N a t i o n a l P a r k B a n k
500
b o d y A C o _ _____ (o r a n y par*.) 1 0 0 .1 2 7 L e o n h a r d F e l i x F u l d
100 0 0
O rv ls B r o s . A C o _ .
2 5 ,0 0 0
H e n r y C le w s A C o .
1 ,0 0 0 .0 0 0 1 0 1 .7 0
1C 0.00
j . p . M o r g a n A C c .,
1 0 0 .5 5
2 5 .0 0 0
C h a s e S e c u r i t ie s
1 0 0 .8 0
S h e rw o o d A M e rr i2 5 .0 0 0
C o r p ., F i r s t N a ­
f l e l d _____________ •
101 .0 5
2 5 .0 0 0
t io n a l B a n k , N a ­ 4 5 .0 0 0 .
1 0 1 .2 5
000
2 5 .0 0 0
t i o n a l C i t y C o .. ( a l i o r n o n « ) 1 0 1 .1 2 8 7
I n s ta te s
S e ttle m e n t
G u a r a n t y C o . o f 4 5 .0 0 0 . 0 0 0 (a il
1 0 2 .1 2 5
C o -----------------------1 0 ,0 0 0
N e w Y o r k , B a n k ­ o r a n y p a r t . ) 1 0 0 .2 7 9 7
C o rn E x ch an g e B a n k
e rs T r u s t
C o .,
1 0 0 .6 3
a n d L e h m a n B r o s . 1 0 ,0 0 0 ,0 0 0
B ro w n B ro s. A
F id e lity I n te r n a tio n a l
1 0 2 .0 0
C o . ,
H a rris
T ru st C o.
2 5 0 .0 0 0
F o r b e s A C o ____ J
1 0 2 .0 2
2 5 0 .0 0 0
1 0 2 .1 4
F ran k W . R oche.
2 5 0 .0 0 0
C h a s . K . Q u in c e y
1 0 ,0 0 0
1 0 2 .2 0
K in g s C o u n ty T r u s t
A C o ____________
2 5 0 .0 0 0
1 0 2 .2 7
2 5 0 .0 0 0
C o -----------------------5 0 0 ,0 0 0
1 0 1 .9 7 1
1 0 2 .1 2 5 C h e m ic a l
2 5 0 .0 0 0
N a tio n a l
K q u lta b lo T r u s t C o .
B ank
.................... 2 ,0 0 0 .0 0 0
M a n u fa c tu r c r s T r u s t
1 0 1 .5 0
1 0 0 .5 0
C o ________________ 1,000 0 0 0
1 0 1 .0 0
50 000
2 0 0 0 0 0 1 0 2 .6 3 '
It. H . M a cy A C o . _
50 000
1 0 0 .8 7 5
1 0 2 .5 6 7
5 0 0 .0 0 0
5 0 .0 0 0
1 0 1 .2 5
1 0 2 .3 9 7
500 000
1 0 1 .1 2 5
5 0 .0 0 0
500 000
1 0 2 .2 6 7 S t a n d a r d B a n k .
5 0 .0 0 0
1 0 1 .3 7 5
1 0 2 .1 3 7
5 0 0 .0 0 0
1 0 1 .5 0
5 0 .0 0 0
5 0 0 .0 0 0
1 0 2 .0 1 7
1 0 1 .6 2 5
5 0 .0 0 0
500 000
B a rr A S c h m e ltz e r.
1 0 2 .0 1 7
1 0 1 .7 5
5 0 .0 0 0
1 ,0 0 0 0 0 0
1 0 1 .8 9 7
1 0 1 .8 7 5
50 000
1 ,0 0 0 .0 0 0
1 0 1 .7 6 7
1 0 2 .0 0
5 0 .0 0 0
1 ,0 0 0 .0 0 0
1 0 1 .6 3 7
1 .5 0 0 0 0 0
1 0 1 .5 0 7
1 .5 0 0 0 0 0
1 0 1 .3 7 7
1 .5 0 0 ,0 0 0
1 0 1 .2 4 7
T o t a l a m o u n t b i d f o r ------------------------------3357 855 500
T o t a l p r e m i u m ------- -----------------------------------------------'$ 1 ,'2 4 4 1 7 0 0
N u m b e r o f b i d s r e c e i v e d ___________________
30
Income basis------------------------------- I I - I I I I I I I I I I I II IIIII

4,11 0 %

A s ta te m e n t issu e d b y C o m p tr o lle r C h a r le s L . C r a ig , s a y in g t h a t th e r e
w ill b e n o f u r t h e r o f fe r in g o f lo n g t e r m b o n d s o f t h e C i t y o f N e w Y o r k f o r
a t l e a s t t w o y o i r ? , m i y b-3 f a n 1 i a t h i f a r e p i r t o f t h i s i s s u e i n o u r D e p a r t ­
m e n t o f “ C u r r e n t E v e n t s a n d D is c u s s io n s .”

ORANGE CO UN TY
P . O . O r a n g e ) , Tex.—BOND SALE. — C . W .
M c N e a r A C o . o f C h ic a g o a n d W . L . S la y to n A C o . o f T o le d o j o in tly p u r ­
c h a s e d t h e 3 7 0 0 ,0 0 0 5 5 4 % c o u n t y r o a d b o n d s o f f e r e d o n A p r il 1 5 (V . 1 1 4 .
p . 1 5 7 0 ) a t p a r p l u s a p r e m iu m o f $ 1 9 ,3 2 0 , e q u a l t o 1 0 2 .7 6 , a b a s is o f a b o u t
5 .2 5 % .
D a te A p r . 10 1 9 2 2 .
D u e 3 2 5 .0 0 0 y e a r ly o n A p r . 1 0 f ro m 1 9 2 3 t o
1 950 in c l.
O R D W A Y , C r o w l e y C o u n t y , C o l o . — BONDS VOTED.— B y a m a j o r i t y
o f 4 t o 1 t h e $ 1 0 ,0 0 0 6 % 1 0 -1 5 y e a r ( o p t.) f ir e d e p a r t m e n t b o n d s w e r e
v o te d o n A p ril 4 — V . 11 4 . p . 1 4 5 4 — J o h n B . E s te s , T o w n C le rk .
P A G O S A S P R I N G S , A r c h u l a t a C o u n t y , C o l o . — BOND SALE.—
B e n w e ll, P h i ll ip s A C o . o f D e n v e r h a v e p u r c h a s e d $ 1 7 ,5 0 0 6 % r e f u n d in g
w a te r b o n d s.
D a te M a y 15 1922.
D u e $ 1 ,0 0 0 a n n u a ll y f r o m 1 9 3 2 to
1 9 4 7 a n d $ 1 ,5 0 0 in 1 9 4 8 .
D e n o m . $ 1 ,0 0 0 .
I n t . s e m i-a n n u a l p a y a b le in
N ew Y o rk .
A s s e s se d v a lu a t io n 1 9 2 1 , $ 6 0 4 ,5 1 1 .
T h is is th e o n ly d e b t.
P o p u l a ti o n 1 9 2 0 , 1 ,0 3 2 .
P E N D L E T O N , U m a t i l l a C o u n t y , Ore.— BOND SALE.— O n A p r i l 2 6
th o H a r r is T r u s t A S a v in g s B a n k o f C h ic a g o w a s a w a r d e d th o $ 8 5 0 0 0 5 %
2 0 - 3 0 - y e a r ( o p t . ) “ S e w e r B o n d s , S e r i e s D , ’’ d a t e d J u n o 1 1 9 2 2 , o f f e r e d o n
t h a t d a t e — V . 1 1 1 . p . 1 8 1 1 — f o r $ 8 6 ,8 2 6 , e q u a l t o 1 0 2 .1 4 .

PENN SCHOOL AND CIVIL TOWNSHIP, Parke C ounty, Ind.

BOND OFFERING. — W i l l i a m H . F l o y d , T o w n s h i p T r u s t e e , w i l l r e c e i v e
s e a le d b i d s u n t i l 1 0 :3 0 a . m . M a y 1 a t h i s o f f ic e i n t h e B a n k o f B lo o m in g d a le , I n d . , f o r $ 1 6 ,9 0 0 b o n d s o f t h e S c h o o l T o w n s h i p a n d $ 2 7 ,1 0 0 b o n d s
o f th o C iv il T o w n s h ip .
T h e S c h o o l T o w n s h ip b o n d s a ro in d e n o m in a tio n
o f 2 fo r $4 6 0 a n d 3 4 fo r 3 4 7 0 e a c h a n d d u e $ 4 6 0 o n J u ly 15 1 923 a n d J a n .
1 5 1 9 2 4 a n d $ 4 7 0 e a c h s ix m o n t h s f r o m J u l y 1 5 1 9 2 4 t o J a n . 1 5 1 9 4 1 in c l.
T h e C iv il T o w n s h ip b o n d s a r e in d e n o m in a tio n o f 2 f o r $ 7 6 6 a n d 3 4 fo r
$ 7 5 2 e a c h a n d d u e $ 7 6 6 o n J u ly 15 1 923 a n d J a n . 15 1 924 a n d $ 7 5 2 e a c h
s ix m o n t h s f r o m J u ly 1 5 1 9 2 4 t o J a n . 1 5 1 9 4 1 in c l.
B o th iss u e s a r e d a te d
M a y 1 5 1 9 2 2 a n d in te r e s t is p a y a b le a t t h e B a n k o f B lo o m in g d a le In B lo o m in g d a le a t th e r a t e o f 5 % p e r a n n u m .
P E N N S A U K E N T O W N S H IP S C H O O L D IS T R IC T (P , O . D e la ir).
C a m d e n C o u n t y , N . J . — BOND SALE - -The i s s u e o f 5 % b o n d s o f f e r e d
o n A p r il 2 0 — V . 1 1 4 . p . 1 5 7 1 — w a s s o ld t o B . J . V a n I n g o n A C o . a t t h e i r
h i d o f $ 7 0 , 1 8 0 1 2 ( 1 0 2 .4 5 ) f o r 3 6 8 . 5 0 0 b o n d s , a b a s i s o f a b o u t 4 . < 7 % .
D u o $ 2 5 0 0 y e a r l y f r o m 1 9 2 3 t o 1 9 4 9 , in c l . a n d $ 1 ,0 0 0 i n 1 9 5 0 .
T h e fo l­
lo w in g b id s w e re re c e iv e d :
B . J . V a n I n g e n A C o . ............. 1 0 2 , 4 5 1 O u t w a t e r A W e l l s ---------------------- 1 0 1 . 0 5
M .M . F re e m a n A C o . ..
. 1 0 2 . 2 ') I E a s t E n d T r . C o . , C a m d e n . . 1 0 0 . 1 2 >
C l a r k W i l l i a m s A C o ____________1 0 2 . 0 4 j
PA SAD ENA ,
Los
A n g e le s
C o u n ty ,
C a l i f . — BOND ELECTION
A c c o r d in g t o n e w s p a p e r a c c o u n t s , t h o c o m p le tio n o f t h e c o u n t
o f b a ll o t s , c a s t a t a m u n ic ip a l e le c tio n h e ld r e c e n t ly , s h o w e d t h a t b o n d is s u e s
fo r im p ro v in g th e w a te r s y s te m , in s ta llin g a s e w a g e d is p o s a l p l a n t , b u ild in g
a c ity h o s p ita l a n d c o n s tr u c tin g c o m fo rt s ta tio n , w e re c a rr ie d .
T hese
in v o lv e t o t a l b o n d e x p e n d it u r e s o f $ 1 ,5 6 6 ,0 0 0 .
. . .
,
N e w s p a p e r a c c o u n ts a ls o s a y t h a t p r o p o s e d iss u e s f o r c o n s tr u c tio n o r a
m u n ic ip a l a u d ito r iu m a n d c o m p le tio n o f a p a r k s c h e m e w e ro v o te d d o w n .
T h e y w o u ld h a v e I n v o lv e d a n e x p e n d i t u r e o f $ 1 ,6 8 4 ,0 0 0 , h a d t h e y c a r r i e d .

RESULTS. —

P E R T H A M B O Y . M i d d l e s e x C o u n t y , N . J . — BOND OFFERING. F erd
G a r r e t s o n . C i t v T r e a s u r e r , w ill r e c e i v e s e a le d b i d s u n t i l 2 p . m .
f o r t h e f o llo w in g tw o is s u e s o f 5 l % c o u p o n o r r e g i s te r e d b o n d s .
A
n « t to e x ceed th e a m o u n ts s ta te d :
D u e $ 2 ,0 0 0 y e a r l y o n M a r c h 1
$ 1 8 ,0 0 0 g e n e r a l i m p r o v e m e n t b o n d s .
f ro m 1 9 2 4 t o 1 9 3 2 . in c lu s iv e .
D u e $ 1 ,0 0 0 y o a r ly o n M a r c h 1
5 0 0 0 g e n e ra l im p ro v e m e n t b o n d s ,
f r o m 1 0 2 3 t o 1 9 2 7 . in c lu s iv e .
P r i n c i p. a .l a n d s e m i - a n n ,u a l i.n . c r D e n o m . 3 1 .0 0 0 .
D a te M a rc h 1 1022.
,
.
.t.
e s t (M
A S ) p a v .a b l o a t t h e C i t v T r e a s u r e r s o f f i c e .
T ho b o n d s w ill b i
p r e p a r e d a n d c e rtif ie d a s to g e n u in e n e s s b y t h e 1J. S . M tg e . & T r u s t C o ..
N o w Y o r k . T h e l e g a l it y o f s a m e w ill b e a p p r o v e d b v C a ld w e ll A R a y m o n d .
o f N e w Y o r k w h o s o a n n r o v i n g o p i n io n w ill h o f u r n i s h e d p u r c h a s e r s w i t h o u t
c h a rm ?
C e r tif ie d c h e c k fo r 2% o f th e a m o u n t b id f o r r e q u ir e d .
Financial Statement March 1 1 9 2 2 .
..
G e n e r a l b o n d e d d e b t , n o t i n c l u d i n g t h i s i s s u e ------------------------S 2 .3 0 3 . / 4B o

M ay’ 4

-----------------

w.ater bonded debt...

1,212,00000

T o ta l b o n d e d d e b t..
- ----------------------F lo a tin g d e b t c
n o n DO
T a x r e v e n u e b o n d s ----------r i r 'o o o An
T e m p o r a r y i m p r o v e m e n t b o n d s ( t r u s t ) -------- SIB,SOB n o
Tem porary improvement b o n d s (capital) ------- 1 1 1 .9 3 -> O B
T e m p o r a r y l o a n s c h o o l b o n d s .............. .......................
4U JM JU UU

$ 3 ,6 0 5 ,7 4 0 0 0

G e n e r a l f l o a t i n g d e b t ---------------------------------------------------------W a t e r f l o a t i n g d e b t ------------------------------------------------------------

1 ,1 1 8 ,2 3 5 0 0
1 ,2 9 8 ,2 0 0 0 0

T o t a l b o n d e d a n d f l o a t i n g d e b t --------S i n k i n g f u n d g e n e r a l ------------------------------------------------ av
S i n k i n g f u n d w a t e r . ------------- ----- ---------------------------- z i &
T o t a l s in k in g f u n d s

$ 6 ,0 2 2 ,1 7 5 0 0

. m at

95 . r
------------- -------------------------------------. . . . .$ .9 a - . , 9 0 0^ OS

Net taxable valuation. 1921.-------- ------------------------------- $3o,223,1

00

P o p u l a ti o n , C e n s u s 1 9 2 0 , 4 1 .0 0 0 .
O K L A H O M A C IT Y S C H O O L D IS T R IC T (P . O . O k la h o m a C ity ) ,
O k l a h o m a C o u n t y , OUhx.—BOND ISSUE CARRIED—We a r c a t l v i s e d
In a s p e c ia l te le g ra p h ic d is p a tc h f r o m o u r w e s te r n c o r r e s p o n d e n t t h a t th o
p r o p o s itio n p r o v id in g f o r th o is s u a n c e o f 3 1 ,9 0 0 ,0 0 0 s c h o o l b o n d s w a s
c a r r ie d a t t h o e le c tio n h e ld o n A p r il 2 5 — V . 1 1 4 , p . 1 8 1 1 .

P E T E R S B U R G , R e n s s e la e r C o u n ty , N .
$90 0 0 0 c o u p o n ( w i t h p r i v i l e g e o f r e g i s t r a t i o n )
o n A p ril 9 0 — V 1 1 4 , p . 1 5 7 1 — w e re s o ld t o t h o
B s b i d o f $ 2 2 , 0 3 9 ( 1 0 0 .1 7 7 ) f o r 4 . 6 0 s . a b a s i s o f a b
1922.
D u e $ 1 ,0 0 0 y e a r ly o n J a n . 1 5 f ro m 1 9 2 3

Y -— n ° N D S A L E . —Tht‘
g o ld b r id g e b o n d s o ffe re d
U n io n N a tio n a l C o rp . a t
o u t 4 .5 8 % .
D a te J a n . 15
t o 1 9 4 4 In c lu s iv e .

O M A H A , N e b . - BIDS.
T h e f o llo w in g is a c o m p le te l is t o f th o b id s
r e c e i v e d o n A p r i l 1 8 l o r t h o $ 6 0 0 , 0 0 0 4 ]/,c 2 0 y e a r s t r e e t i i n p t . b o n d s :
/c

Bidder

location

Premium Bid

N a tio n a l U k . o f C o m m e rc e ,
8 t . L o u i s , M o . ...................... -1
D e tro it T r u s t C o .,
p e t r o i t , M i c h .................................* ) $ 1 2 , 3 3 0 0 0
M in n e s o ta L o a n & T r . C o .,
M i n n e a p o l i s , M i n n . _______ )
F irs t T r u s t C o .,
O m a h a , N e b r _________ ________ 1 0 , 8 1 5 0 0
S te rn B r o th e r s & C o .,
K a n s a s C i t v . M o . . ........
1 0 ,2 6 0 0 0
E ld re d g e & C o .,
N o w Y o rk C itv
......... W . A . H a r r im a n A C o ., I n c .,
9 ,9 6 0 0 0
W e lls D i c k e y C o .,
M inneapolis. Mini’ll 1 111111
M e r c h a n ts L o a n A T r u s t C o .,
C h i c a g o , I I I .............................
S ta c y A B ra u n ,
8 ,1 1 2 0 0
W h ito -P h lllip s C o .,
D a v e n p o r t , I o w a . . ...........
S tif e i- N ie o la u s I n v e s t . C o .,
S t . L o u i s , M o . .............. .....
K e a n e , H ig b lo C o ..
D e t r o i t , M i c h . . ............ .............. ,
8 ,1 0 5 0 0
P r o v id e n t S v g s . I lk . A T r. C o .,
C i n c i n n a t i . O h i o . ___ _______ . J
O m a h a T r u s t C o .,
7 ,9 4 5 0 0
O m a h a , N e b r ......................................
M e rrill, O ld h a m A C o .,
B o s t o n , M a s s . . . ...... ................
7 ,9 2 0 0 0
W a c h o b K la u s e r C o .,
O m a h a . N e b r _____________
R . M . G r a n t A C o .,
r,200 00
N e w Y o r k C i t y ________
I
W . I t. C o m p to n C o .,
C h i c a g o , i l l .................. ........................\
E . I I . I to llin s A S o n ,
7 ,1 4 1 2 8
P e te rs T r u s t C o ..
O m a h a , N e b r 1111111111 111!
7 ,0 3 8 0 0
L a n o P ip e rA J a f f r a y , In c .,
M i n n e a p o l i s , M i n n ___ ________ j
T a y lo r, E w a r t A C o .,
C h i c a g o . 1 1 1 . . . ...........
-4
0 .4 2 5 0 0
S m ith , M o o ro A C o .,
S t . L o u i s . M o . ........................
W a tk in s A C o .,
L in c o ln , N e b r
____
L in c lo n T r u s t C o .,
„
_________ ____ 4 , 1 7 0 0 0
E s ta b r o o k A C o .,
B o s t o n , M a s s .................. ....................
2 ,7 0 0 0 0
U .................t C o . , , ,
S . T r u s ......
.
Omaha, N e b r ... . . ........ ..
2,382 00
♦ S u c c e s s f u l ’b i d ; t o r p r e v i o u s r e f e r e n c e t o s a m e s e e V . 1 1 4 , p . 1 8 1 1 .
BOND ELECTION. — A n e l e c t i o n t o v o t o o n t h e q u e s t i o n o f i s s u i n g
3 2 2 5 .0 0 0 a u d i t o r i u m b o n d s w ill b e h o ld o n J u l y 18 .

P I T T S B U R G C O U N T Y ( P . O . M c A l e s t e r ) , O k l a . — CORRECTION. T h o p u r c h a s e r s o f t h e $ 9 5 0 ,0 0 0 5 % r o a d b o n d s w e r e S t e r n B r o s . A C o . o f
K a n s a s C i tv , M o ., n o t S to n e A C o . o f K a n s a s C i ty , a s n e w s p a p e r r e p o r t s
m a d o u s s a v in V . 1 1 1 . p . 1 8 1 1 .
T h o b o n d s a r o d e s c r i b e d a s f o llo w s .
D enom
$ 1 .0 0 0 .
D a te A p ril 1 1922.
I n t . A .-O .
D u o in 2 5 y e a r s .
P I T T S F I E L D , B e r k s h i r e C o u n t y , M a s s . — TEMPORARY LOAN.—
A r t h u r P e r r v A C o . o f B o s t o n h a v e lie e n a w a r d e d a t e m p e r a r y lo a n o f
$ 2 0 0 ,0 0 0 , d a te d A p ril 2 5 1 9 2 2 a n d d u e N o v . 2 3 1 9 2 2 , o n a 3 .7 0 % d is c o u n t
b a s i s ’, p l u s a p r e m i u m o f $ 1 7 5 .
P I E A S A N T T O W N S H I P R U R A L D I S T R I C T ( P . O . S p r i n g f i e l d >.
C l a r k C o u n t y , O h i o . — BOND OFFERING—3 E . R u n y a n . C l e r k , o f
B o a r d o f E d u c a t i o n , w i l l r e c e i v e b i d s u n t i l 1 2 m . M a y 4 f o r $ 6 0 , 0 0 0 m i /<
school b o n d s
D enom . $500.
D a te M a y 1 1922
P r in . a n d se m i-a n n .
i n t ° p a y a b le a t th e F a rm e rs D e p o s it B a n k , S o u th V ie n n a .
C u e y e a r Is
o n N o v . 1 a s f o llo w s : $ 4 ,5 0 0 . 1 9 2 3 t o 1 9 3 0 . i n c l ., a n d $ 4 ,0 0 0 . 1 9 3 1 t o 1 9 3 6 .
In c l.
C e r tif ie d c h e c k fo r o ' , o f a m o u n t b id , p a y a b le to th o B o a rd o f
E d u c a tio n , re q u ire d .
P O R T A L F S . R o o s e v e lt C o u n ty , N e w
M e x i c o . — BOND SALE. B e n w e ll P h illip s A C o . o f D e n v e r , h a v e p u r c h a s e d $ 2 3 ,0 0 0 6 % o p t . w a te r
b o nds.
D u o 1950. o p t. 1940.
„
^
P O R T E R C O U N T Y ( P . O . V a l p a r a i s o ) , I n d . — BONDS SOLD.— T h e
r
__ . „
___ ...
„1 „ kb.}, urnxn nnt caIH wVlOTl nffl'PIfl

1 9 3 2 in c lu s iv e .
P O R T F R U N IO N F R E E S C H O O L D IS T R IC T N O . 1 (P . O . Y o u n g s t o w n L N i a g a r a ^ C o u n t y , N . Y . — BOND O F F E R I N G . — B i d s w i l l b e r e ­
c e iv e d u n t i l 8 p . m . M a y 3 b y B . J . M o o n , C l e r k o f B o a r d o f E d u c a t i o n , fo i
*28 000 5 % school b o n d s.
D e n o m . $ 1 , 0 00 . D a t e J u n e 1 1 9 2 2 .
In t.
j & j
D u o $ 1 ,0 0 0 y e a r l y o n J u n e 1 f r o m 1 9 2 4 t o 1 9 5 1 , in c l .
C e r tif ie d
c h e ck fo r $500 re q u ire d .
‘
.
,
P O R T L A N D , O r e . — BIDS. — 'T h e f o l l o w i n g a r o t h e b i d s r e c e i v e d o n

O R A N G E S C H O O L D IS T R IC T , O r a n g e C o u n ty , C a lif .
BOND
SALE. — O n A p r i l 1 8 t h e 3 6 0 , 0 0 0 5 % 1 0 5 4 - y e a r ( a v e r . ) s c h o o l b o n d s ,
d a te d J u n e 1 1 9 2 2 — V . 1 1 4 , p . 1 6 9 2 — w e re s o ld t o t h e W m . R . S t a a t s C o .
o f L o s A n g e le s , f o r 3 0 1 ,6 1 9 . e q u a l t o 1 0 2 .6 9 , a b a s is o f a b o u t 4 . 6 8 % .
D ue
3 3 .0 0 0
y e a r ly o n J u n o 1 fro m 192 3 t o 1 9 4 2 . in c lu s iv e .
T h o fo llo w in g b id s
w o r e re c o lv e x i ’
•
W m . K . S t a a t s C o . ------------ 3 6 1 , 6 1 9 l A n g l o - L o n d o n - P a r i s C o _____ 3 6 1 , 3 0 2
F i r s t N a t . B k . , S a n t a A n a . . 6 1 , 4 5 0 N a t i o n a l C i t y C o _____________ 6 1 , 2 7 2
C y r u s P e i r c e & C o — - - — - ( > 1 ,4 3 8 C i t i z e n s N a t i o n a l B a n k ______ 6 1 , 2 0 0
K is s e l* " k in n lc u tt A C o .. A n g lo - L o n d o n - P a r is C o ., S a n F r a n c i s c o . .9 6 .3 1 7
M c L a u g h l i n A C o . a n d L e w is
E l d r e d g e A C o ---------------------------- -------- ------------------------------------------------------------A C o __________________________ 0 1 , 4 1 0
E . I f . R o l l i n s A S o n s ------------------------------------------------------------------------------------- o l - - '
R a l p h S c h n e e l o c k C o . . S t a c y A B r a u n ------------------------------------------------------- J
F in a n c ia l S ta te m e n t.
A s s e s s e d v a l u a t i o n , 1 9 2 1 - - - - - - - - - - - - - - ----------------------------------- -------- $ 5 , 3 0 4 , 1 0 5
B on d A G o o d w i n A T u c k e r . I n c . N o r t h w e s t e r n T r u s t C o . . M i n t o n ,
T o t a l b o n d e d d e b t ( i n c l u d i n g t h i s i s s u e ) ------------------------------------------ -9 4 ,0 0 0
L a m p o r t A C o . . ---------------------------------------------------------------------------- -------- 9 '*-s s
T o ta l b o n d e d d e b t le ss t h a n 2 % o f a s s e s s e d v a lu a tio n .




1934

TH E

T h e N a t i o n a l C i t y C o ________
_
_
_
n .i 3 3 1
A m e s , E m e n c h & C o . M a r s h a ll F ie ld , G l o r e / W a r d " & " C o V 'F i r s t
'
N a tio n a l C o .. D e tro it E . L . D e v e re a u x & C o
0 1 14 7
F r e e m a n , S m i t h & C a m p C o . , W i l l i a m R . C o m p t o n C o " .................. " 9 ,1 '1 1
A . M . W r i g h t ..................... ....................................... ...................................................... I . I I I I 94 00
L i v e s t o c k S t a t e B a n k _______________________________________________________ 9 4 0 7 Q
H a r r i s T r u s t & S a v i n g s R a n k . L u m b e r m e n ’s T r u s t C o
94 0 7 '
B a illa r g e o n . W in s lo w f t C o ., W . A . H a r d m a n f t C o ., I n c . B a r r f t
'
S c h m e l t z e r K e a n e , H i g b i e & C o ______
04 n g q
C la r k , K e n d a ll & C o . H a ls e y , S t u a r t f t C o ., I n c ." S e c o n d " W a r d
'
S e c u r i t i e s C o _______________________ ________ ______________ _______ __________ 0 3 0 3 5
S e a t t l e N a t i o n a l B a n k C . W . M c N o a r & C o . S e a s o n g o o d & M a 'y c r "
’
W e l l . R o t h & C o ______________________________________ _
qq c o
W a t k i n s f t C o . ; F e r n s f t T I a r d g r o v e _________________ 9 3 34>51
B a n k o r s T r u s t C o . ; C y r u s P e P c e & C o ______ I . I I
93 1 4
P r ,l c e & C o - : S m l t b , M o o r e & C o ........................ H U H ....................9 2 8 9
L a d d & T i l t o n B a n k ; R u t t e r f t C o _________
_
90 793
A l l t h e a b o v e b i d d e r s o f f e r e d a c c r u e d i n t e r e s t . " " A " b f d " o f " 9 4 .8 0 a n d
n t e r e s t f o r $ 4 0 ,0 0 0 o f t h e t o t a l is s u e o f fe r e d w a s r e c e iv e d f r o m A b o T i c h n e r .
P O T T S V I L L E , S c h u y l k i l l C o u n t y , P a ___ BOND S A L E .— T h e f o l
tw o Issu e s o f 4 K % p a v in g a n d s tr e e t im p r o v e m e n t b o n d s o f fe re d o
A P J 'i l l V i V . 1 1 4 , p . 1 4 5 5 ) w e r e s o ld to H a r r i s , F o r b e s & C o . a t 1 0 4 .6 3 9 .
nonds.
3 0 ,0 0 0
bonds.
, r . D a .t , MA p ,r i l l. J 9 2 2 - 1)1,0 'P 3 0 y e a r s , o p t i o n a l a n y t i m e a f t e r 10 y e a r s .
T h e fo llo w in g b i d s w e r e r e c e iv e d ;
H a r r i s . F o r t i e s f t C o ---------------- 1 0 4 . 6 3 9 [ L e w i s * S n y d e r _________________ 1 0 2 . 6 4
J a n n e y & C o ----------------------------- 1 0 4 .2 7 .3 S c h u y l k i l l T r u s t C o ___________ 1 0 4 . 0 1 9
B id d le f t H e n r y .
------------1 0 . 3 .7 9 6 1M i n e r s N a t i o n a l B a n k . . . . 1 1 0 4 0 5
G r a h a m , P a r s o n s & C o --------- 1 0 .3 .9 1 I P e n n s y l v a n i a N a t ’l B a n k . . /
C ;P U ? T y

SCHOO L

D IS T R IC T

NO.

1,

C o lo .— B O N D

t0 V O t° ° n $ 2 50 ’000 1 3 ‘ 3 0 - y e a r ( o p t . )
£V ^no
, ( P ,’
W 'rr,a m a c ^ ’ I n d . — B O N D SALE — T h e
$ 2 ,4 0 0 5 % W . A . W h ite e t a l B e a v e r T o w n s h ip b o n d s o ffe re d o n A p ril 19—
y ■ H 4 , P 1 6 9 2 — w e re s o ld t o W m . S a b le o f W ln a m a c a t p a r a n d a c c r u e d
I n te r e s t p lu s a p r e m iu m o f $ 1 0 (1 0 0 4 1 ), a b a s is o f a b o u t 4 9 1 % .
D a te
^ U e S l 2 ° CaC 1 S X m o n t h s f r o m

1 9 3 ^ in c l922

I 5 19 23 t o N o v . 1 5

M ay

r . P V r Y ^ n L, U P ’, P ,i e r c e C o u n t y , W a s h .— BOND ELECTION .— A n i s s u e
o f $ 7 5 , 0 0 0 b o n d s t o 00 u s e d t o r e n e w t h e w a t e r m a i n s w i l l b o s u b m i t t e d
to th e v o te rs o n M a y 2.
D u e In t e n e q u a l in s ta llm e n ts , b e g in n in g f iv e
y e a rs fro m t h e d a te o f iss u a n c e .
„ R A N G E R ; E a s t l a n d C o u n t v . T e x . — B O N D SALE. — B r o w n - C r u m m o r
C o . o f W ic h i ta , K a n . , h a s n u r c h a s e d $ 3 5 ,0 0 0 c it y - c o u n t y h o s p it a l b o n d s
a t p a r lo ss c o m m is s io n o f $ 2 ,4 5 0 .
R E D O N D O B F .A C H , L o s A n H e s C o u n t y , C a l i f .—BOND OFFERING
— U n t i l 8 p . m . M a y l H a r r y P o lg la s e , C i t y C l e r k , w ill r e c e iv o s e a le d b id s
f o r t h e p u r c h a s e o f $ 5 1 ,0 0 0 5 % O c e a n F r o n t a c q u is itio n im p r o v e m e n t
bonds.
D e n o m . S I .00 0
D a to F e b . 1 1922.
P r in c ip a l a n d s e m i-a n n u a l
i n t e r e s t (1<. & A . ) p a y a b l e a t t h e C o u n t v T r e a s u r e r ’s o f f i c e .
D u e .8.3 0 0 0
y e a r l y o n F e b . 1 f r o m 192 .3 t o 1 9 3 9 . i n c l u s i v e .
C e r tif ie d c h e c k f o r 5 % o f
th e a m o u n t b id , p a y a b le to th e C o u n ty T r e a s u r e r, r e q u ie r d .
.

R IC H L A N D

M U N IC IP A L IR R IG A T IO N D IS T R IC T fP . O . R ic h C o u n t y , Wash.—BOND SALE .— B o n d s t o t h e a m o u n t
o r $ 66,000 h a v e b e e n r e c e n t l y s o l d t o a T a c o m a b o n d h o u s e .
T hese bonds
a r e a p a r t o f t h e $ 2 4 8 ,0 0 0 I r r ig a t io n b o n d s w h ic h h a v e b e e n s o ld w i t h in th o
p a s t few w e e k s .
R O A N O K E , R o a n o k e C o u n t y , V a .—BOND SALE .— T h e f o l l o w i n g
f o u r i s s u e s o f 4 'A % c o u p o n b o n d s o f f e r e d o n A p r i l 2 2 — V 1 1 4 p 1 9 9 2
w e re a w a r d e d to a s y n d ic a te c o m p o se d o f E ld re d g o ft C o ., S ta c v & B r a u n
K l n n i c u t t f t C o ., a l l o f N o w Y o r k , a t 1 0 0 .4 2 , a b a s is o f a b o u t
4 .4 7 % :
* 5 0 0 .0 0 0 s c h o o l b o n d s
$ 9 0 ,0 0 0 f ir e i m p r o v e m e n t b o n d s .
2 0 0 .0 0 0 s t r e e t i m p t . b o n d s .
5 0 0 .0 0 0 s c h o o l b o n d s .
.. D a t e A p r il 1 1 0 2 2 .
D u o A p ril 1 195 2 .
T h o f o llo w in g is a c o m p l e t e
lis t o f th e b id s re c e iv e d :
_ ...
$ 5 0 0 ,0 0 0 $ 2 0 0 ,0 0 0
$ 6 0 ,0 0 0
$ 5 0 0 ,0 0 0
_ bidders •
School. Streets.
Fire. School.
« ’ n rn.n t ^ o ° ----------------------------- $ 4 9 6 , 5 0 0 $ 1 9 8 , 9 0 0 $ 5 9 , 5 8 0 0 0 $ 4 9 6 , 5 0 0
E .
I I . R o l l i n s f t S o n s ----------------------- 4 9 3 . 1 5 0 1 9 7 . 2 9 0
5 0 , 1 7 8 0 0 49.3 1 5 0

f S S S S S & ’S fS r v id -w * ;-* : m x w 200-340

500-850

» 5 S i ! ^ i & - s - t s , 7 i K f K t « * • '“

m m

*>•*“ “

496-155

tlo n a lC Ity O o .
------- 4 M .1 9 5
R o a n o k e C le a rin g H o r a e A ra o c la t n 4 8 7 .6 0 0
H a ls e y , S tu a r t ft C o ., I n c .. W . A .
H a r r im a n & C o ., I n c ., N o r th e r n
T r u s t C o . o f C h ic a g o a n d F ir s t
N a tio n a l C o . o f D e t r o i t . .
. - 4 9 0 ,6 9 0
R ic h a rd s , P a r is h f t L a w s o n , F if th T h ir d N a t. B a n k . C in c in n a ti;
P r o v . S a v . B k . ft T r . C o ., C in ­
c i n n a t i ; K e a n e , I I I g b i o & C o _____ 4 9 5 , 4 0 0
J o h n s o n . B r o w n f t C o ------------------------ 4 9 5 . 9 0 0
C l a r k , W i l l i a m s f t C o .............................. 4 9 2 . 0 2 6
R e d m o n d ft C o ., P a in e , W e b b e r ft
C o . a n d W . R . P r e s s p r ic h f t C o . 5 0 0 ,9 5 0
K is s e l, K in n i c u t t f t C o ., S ta c y &
B r a u n a n d E l d r e d g e f t C o . * _____ 5 0 2 , 1 0 0

1 0 7 .2 7 8
1 9 5 ,0 1 0

5 9 ,1 8 3 4 0
6 8 , 5 1 2 00

4 9 3 .1 9 5

1 9 6 ,2 7 6

5 8 ,8 8 2 8 0

4 9 0 ,6 9 0

1 9 8 ,1 6 0
1 9 8 ,3 6 0
1 9 5 ,2 5 0

5 9 ,4 4 8 0 0
5 9 .5 0 8 0 0
5 8 ,5 8 0 0 0

495 400
4 9 5 ’9 0 0
,
4 9 2 .0 2 6

•

2 0 0 ,3 8 0

6 0 ,1 1 4 0 0

5 0 0 ,9 5 0

2 0 0 ,8 4 0

6 0 ,2 5 2 0 0

5 0 2 ,1 0 0

* S u c c e ssfu l b id a s a b o v e .
A b i d o f 9 8 .8 1 a n d a c c r u e d i n t e r e s t w a s r e c o iv e d f r o m t h e f o llo w in g s y n ­
d ic a te ; E s ta b r o o k ft C o .. M e rc a n tile T r u s t ft D e p o s it C o ., H a n n a h s ,
B a ll in f t L e e , C u r t is f t S a n g e r a n d S t r o t h e r , B r o g d ln f t C o .

Financial Statement (As Officially Reported).
A s s e s s e d v a l u a t i o n , 1 9 2 1 . ___________________ .
_
_
T o t a l b o n d e d d e b t ( i n c l u d i n g t h i s i s s u e ) ______ I I I I I I I H
N e t b o n d e d d e b t . _____________________________________________
P o p u l a t i o n 1 9 2 0 ( U n i t e d S t a t e s C e n s u s ) ______ ' 5 0 ^ 8 4 2

$59 387 827
4 ’6 5 1 . 0 0 0
_

a "339 0 6 8

R O C H E S T E R , N . Y . — NOTE OFFERING.—J . C . W i l s o n , C i t y C o m p ­
t r o l l e r , w ill r e c e iv e s e a le d b id s u n t il 2 :3 0 p . m . M a y 1 f o r $ 1 5 0 ,0 0 0 B r o w n
S t r e e t s u b w a y n o t e s w h ic h w ill b o p a u a b lo in e ig h t m o n t h s f r o m M a v 4
1 0 2 2 a t th e C e n tr a l U n io n T r u s t C o . a t 8 0 B r o a d w a y , N e w Y o rk C ity ,
w h e r e t h e n o t e s w ill b o d e li v e r e d t o t h e p u r c h a s e r o n M a y 4 1 9 2 2
B id d e r
is to n a m e i n te r e s t r a t e , d e s ig n a te d e n o m in a tio n s d e s ir e d , a n d t o w h o m
( n o t b e a re r ) n o te s s h a ll b o m a d e p a y a b le .
N o b i d s f o r le s s t h a n p a r w ill b e
c o n s id e re d .
R O C K I N G H A M , R i c h m o n d C o u n t y , N o . C a r o.—BOND SALE .—
S t a c y f t B r a u n h a v e p u r c h a s e d t h e fo llo w in g tw o I s s u e s o f c o u p o n ( w ith
p r iv ile g e o f r e g is tr a tio n a s to p r in c ip a l) b o n d s o ffe re d o n A p ril 2 5 — V . 114
p i’ 157 V t 2 ^ 5 ^ s ’ p l u s a P r e m i u m o f $ 1 , 7 5 5 , e q u a l t o 1 0 0 . 7 8 , a b a s i s o f
a b o u t 5 .6 5 % !
* 2 0 0 ,0 0 0 1 0 - y e a r ( a v e r .) s tr e o t i m p r o v e m e n t b o n d s .
D u e y e a r ly o n A p ril 1
» s f o llo w s :
$ 12,000 1 9 2 1 t o 1 9 3 5 , a n d $ 8 , 0 0 0 1 0 3 6 t o 1 9 4 2 .
2 5 .0 0 0 '- y e a r ( a v e r .) f u n d in g b o n d s .
D u o v o i r l y o n A p r il 1 a s f o llo w s :
$ 2,000 1 9 2 3 t o 1 9 3 2 a n d $ 1 , 0 0 0 1 9 3 3 t o 1 9 3 7 .
D a t e A p ril 1 192 2 .
, R O C K F O R D , W i n n e b a g o C o u n t y . 111 .—BOND SALE — T h e $ 2 5 , 0 0 0
4 % w lb7 ? r y b o n d / o f f e r e d o n A n r d 2 1 — V . 1 1 4 , p
1 692— w e re s o ld to
f. J
a C h a p m a n f t C o . a t p a r a n d a c c r u e d I n te r e s t p lu s a p r e m iu m o f $ 411
( 1 0 1 .6 4 4 ) , a b a s i s o r a b o u t 4 6 6 % .
D a te M a y 1 1922.
D u e $ 2 ,5 0 0 y e a rly
o n M a y 1 f ro m 192 3 to 1 9 3 2 In c l.
T h e f o llo w in g b id s w e re r e c e iv e d :

Bids.

C o m i h e r c l a l N a t i o n a l B a n k , R o c k f o r d , 111.
P a rr c le l s 2 %
ess 2 %
P e o p l e s B a n k f t T r u s t C o . , R o c k f o r d . I l l ............... .................
Par
Par
T a y l o r , E w a r t & C o , C h i c a g o . I ll
I '
p ar
P ar
M a t h o n y . D i x o n . C o l o f t C o . , S p r i n g f i e l d " , 111. . " " I "
Par
Par
B o l g c r , M o s s e r & W i l l a m a n , C h i c a g o , 111
'
Par
Par
L u c i u s A . T r o w b r i d g e . E v a n s t o n , 111
- ar
P
P . W . C h a p m a n C o , C h i c a g o , 1 1 1 .,
...........................
Par
M i n t o n , L a m p o r t f t C o . . C h ic a g o . I ll
Par
B o n b r l g h t f t C o . C h i c a g o , 1 1 1 ..
.............
Par
H a r r i s T r u s t f t S a v i n g s B a n k , C h i c a g o , 111
Par
H i l l , J o i n e r f t C o . , C h i c a g o , 111_______
.
”*
Par
"
N o r t h e r n T r u s t C o , C h i c a g o , 111 .............
Par




Prem.
$320
213
12
216
129
411
301
301
285
321
390

[V ol. 114.

C H R O N IC L E

00
00
50
50
50
00
00
25
00
70
00

p ,J * D f-K V IL L E

CEN TRE,

N assau

C o u n ty ,

N.

Y .—

BIDDERS .—

The

w a t e r w o r k s s y ^ t e i ^ b o i ^ s ; 10^ W d S ° n A p r i l 1 9 f ° r t h e $ 1 5 ’0 0 0 r e g i s t e r e d
S® ®;
G ib b o n s ft 5 ?°' , „
[ B a n k o f R o c k v illo C e n t r o .
N a s s a u C o u n ty N a tio n a l B a n k .
| S h e rw o o d ft M e rrifie ld .
_ \ y e m e o r r e c t l y r e p o r t e d t h o s a l e o f t h e a b o v o b o n d s i n l a s t w e e k ’s i s s u e
^ Y ° ” C h r o n ic le o n p a g e 1 8 1 2 u n d e r t h e c a p tio n o f “ R o c k w e ll C e n tr o ,
RO CK Y

M OUNT GRAD ED SC H O O L
D IS T R IC T (P . O . R o c k y
w tm -e C ° m b % o £ u n t y * N o - C a r o . —BOND SA LE. — B o l g e r ,
0 f C h i c a F 0 - i>a v 'e p u r c h a s e d t h e $ 1 5 0 , 0 0 0 c o u p o n o r
r e g is te r e d sc h o o l im p r o v e m e n t b o n d s , o ffe re d o n A p ril 2 4 — V . 1 1 4 , p . 1 8 1 2 —
n f R h R n U i K ’ P iu s a p r e m i u m o f $ 2 ,8 1 2 5 0 , o q u a l t o 1 0 1 .8 7 5 . a b a s is
1923 to

1952, f n c l^ iv l.

Pr

1 1922'

D u o S 5 ’0 0 0 y o a r l y o n A p r1 1 1 f r o r a

R O O S E V E L T C O U N T Y ( P . O . M o n d a k ) , M o n t .—BOND SALE.—
W e a re a d v is e d b y R y a n
B o w m a n ft C o o f T o le d o t h a t th e y r e c e n tly
?ooo
n d i $ 1 2 2 . P ° ° 6,% f u n d i n g b o n d s
D e n o m . $ 1 ,0 0 0 .
D a te J a n . 1
1922.
P r ln . a n d s e m i-a n n . in t (J . ft J ) p a y a b le a t th e C h a s e N a tio n a l
P a n k . N Y . C ity .
D u e J a n 1 9 4 2 : o p t i o n a l o n J a n . 1 a s f o llo w s : $ 2 2 ,0 0 0 ,
1 9 3 7 a n d $ 2 5 ,0 0 0 , 1 9 3 8 t o 1941 In c l.
„
.
.
Financial Statement.
A s s e s s e d v a l u a t i o n ______ __________ ___________ .
$ 2 0 ,0 6 0 ,1 2 7
T o ta l b o n d e d d e b t (th is issu e in c lu d e d ) .
_
_
7 5 4 000
P o p u l a ti o n . 1 9 2 0 c e n s u s . 1 0 .3 4 7 .
...........................
’
R O S E V I L L E , P l a c e r C o u n t y . C a l i f . — BONDS DEFEATED.— A t t h e
e le c tio n h e ld o n A p r il 10 th o $ 1 5 5 ,0 0 0 6 % w a t e r s y s te m b o n d s (V . 1 1 4 , p .
1 2 1 .5 ) w e r e v o t e d d o w n .
R U T L A N D , R u tla n d
C o u n t y , V t . — B O N D SALE. — T h e f o l l o w i n g
th r o e is s u e s o f 4 A % c o u p o n b o n d s a g g r e g a t in g $ 1 0 7 ,0 0 0 . w h ic h w e ro o f fe r e d
o u A o ril 2 1 . w o re s o ld o n t h a t d a t e t o R . M . G r a n t f t C o . o f B o s to n a t
1 0 3 .6 5 2 , a b a s is o f a b o u t 4 .1 8 % :
$ 5 0 ,0 0 0 s t r e e t i m p r o v e m e n t b o n d s .
D u o $ 1 0 ,0 0 0 y e a r l y o n M a y 1 f r o m
19.31 t o 19.35 i n c l .
J
J
. 3 2 .0 0 0 s c h o o l b o n d s .
D u e M a y 1 1942,
2 5 .0 0 0 G r o v e S t r e e t b o n d s .
D u e M a v 1 1942.
D e n o m . $ 1 ,0 0 0 .
D a to M a y 1 1 9 2 2 .' I n t . M . f t N .
R Y E . W e s t c h e s t e r C o u n t y , N . Y . — B O N D OFFERING.— W i l l l a r n T T .
S e lz e r . V illa g e C l e r k , w ill r e c e i v e b i d s u n t i l 8 :1 5 p . m . M a v 3 f o r $ 8 ,5 0 0 5 %
s tr e e t im p t. b o n d s.
D enom . $500.
D a te M a v 1 1922.
P r ln . a n d se m ia n n . i n t . ( M . f t N . ) p a v a b l o a t t h o V i l l a g e T r e a s u r e r ’s o f f i c o .
D uo $500
y e a r l y o n M a y 1 f r o m 192 .3 t o 19.39 i n c l .
C e rt, c h e c k o n a n in c o rp o ra te d
b a n k o r t r u s t c o m p a n y fo r 2 % o f a m o u n t o f b o n d s b id fo r, p a y a b le to t h e
“ V illa g e o f R y e , ” r e q u i r e d .
O p in io n o f n a w k i n s , D e la fie ld f t L o n g fe llo w ,
N.
Y ., t h a t th o b o n d s a r e b i n d in g a n d le g a l o b l ig a t io n s o f t h o v illa g e w ill
b o fu rn is h e d th e su c ce ssfu l b id d e r.
B o n d s w ill b o p r e p a r e d u n d e r s u p e r ­
v is io n o f U . S . M tg e . f t T r u s t C o ., w h ic h w ill c e r t i f y a s t o t h o g e n u in e n e s s
o f t h e s ig n a t u r e s o f t h o o f fic ia ls a n d t h e s e a l im p r e s s e d th e r e o n .
S T . H E L E N A P A R IS H R O A D D
BOND SALE. — - T h e f o l l o w i n g r o a d
V . 1 1 4 . p . 1 2 1 5 — h a v o b e e n s o ld t o
$ 5 0 .0 0 0 R o a d D i s t. N o . 2 b o n d s .
3 0 .0 0 0 R o a d D i s t. N o . 4 b o n d s .

IS T R IC T (P . O . G r e e n s b u rg ) , L a .—
d is tr ic ts b o n d s , o ffe re d o n A p ril 1 5 — ’
M . W . E lk in ft C o . o f L ittle R o c k :
I $ .3 0 ,0 0 0 R o a d D i s t . N o . 3 b o n d s .
| 2 0 .0 0 0 R o a d D i s t . N o . 6 b o n d s .

S T . L O U I S , M o . — B O N D OFFERING.-— B i d s w i l l b o r o c e l v o d u n t i l
5 :3 0 p . m . M a y 6 f o r $ 8 4 ,0 0 0 6 % s e ria l c i t y b o n d s .
D u o $ 5 0 0 y e a r ly u n til
l a s t p a y m e n t , w h e n $ 4 ,0 0 0 w ill b e p a y a b lo .
C e r tif ie d c h e c k fo r $ 5 0 0
re q u ire d .
S . J . L a d n e r, C ity S e c re ta ry .
S T . P E T E R S B U R G , P i n e l l a s C o u n t y , F i n ___ BOND ELECTION.—
O n M a y 1.3 t h o C i t y o f S t . P e t e r s b u r g w i l l v o t e o n a $ .3 0 0 ,0 0 0 b o n d i s s u e
to p r o v id e a n e le c tric p la n t to r u n th o m u n ic ip a l e le c tric r a ilw a y a n d f u r ­
n ish p o w e r fo r w a te rw o rk s , g a s p la n t a n d s tre e t lig h tin g .
N ew sp ap er re ­
p o r ts s t a t e t h a t t h e c it y a tt o r n e y h a s b e e n o r d e r e d to d r a w t h e o r d in a n c e
a n d t h e C o m m is s io n w ill p a s s i t a n d I m m e d ia t e l y c a ll th o e le c t io n .
S A G I N A W , S a g i n a w C o u n t y , M i c h . — BONDS DEFEATED.—A p r o p ­
o s itio n t o is s u e $ 3 .0 0 0 .0 0 0 w a t e r b o n d s w a s d e f e a t e d r e c e n t l y .
S A N T A B A R B A R A H IG H S C H O O L D IS T R IC T , S a n ta B a rb a ra
C o u n t y , C a l i f . — BOND OFFERING.— T h o $ 4 5 0 , 0 0 0 h i g h s c h o o l b o n d s
r e c e n t ly v o t e d — V . 1 1 4 , p . 1 6 9 3 — w ill b o o f f e r e d f o r s a le M a y 1.
S A R A T O G A IN D E P E N D E N T S C H O O L D IS T R IC T , H a r d in C o u n ty ,
T e x a s . — BONDS REGISTERED. — O n A p r i l 1 9 t h e S t a t e C o m p t r o l l e r o f
T e x a s r e g is te r e d $ 7 4 ,0 0 0 5 % 5 - 4 0 - y e a r b o n d s .
S C O T T C O U N T Y ( P . O . D a v e n p o r t ) , I o w a . — B O N D SALE.— G e o . M .
B e c h te l ft C o . o f D a v e n p o r t w e re th e su c c e s s fu l b id d e r s o n A p ril 2 6 fo r
$ 3 5 0 ,0 0 0 f u n d in g b o n d s a t 1 0 0 .8 0 f o r 4 > * s .
S E A S ID E , C la ts o n C o u n ty , O r e .— B O N D
$ 8 0 ,0 0 0 r e f u n d i n g b o n d s w ill b o v o t e d u p o n .

ELECTION.— O n

M ay

2

S E L M A , J o h n s o n C o u n t y , N o . C a r o . — BOND SALE. — S i d n e y S p i t z o r
f t C o . o f T o le d o , h a v o n u r c h a s e d t h e 8 5 0 ,0 0 0 6 % g o ld s t r e e t I m p r o v e m e n t
b o n d s o ffe re d o n A p ril 2 0 — V . 11 4 . p . 1 5 7 1 — a t p a r p lu s a p r o m iu m o f $ 3 3 5 .
e q u a l t o 1 0 0 .6 7 , a b a s is o f a b o u t 5 .9 2 % .
D a to A p ril 1 1 9 2 2 .
D u e v e a rly
o n A p r il 1 a s f o llo w s :
$ 3 ,0 0 0 1 9 2 4 to 1 9 3 5 , I n c lu s iv e , a n d $ 2 ,0 0 0 1 9 3 6 t o
1 9 4 2 , in c lu s iv e .
•
S E V I E R C O U N T Y ( P . O . R i c h f i e l d ) , U t a h . — BOND ELECTION
TO BE HELD. — A n e l e c t i o n w i l l s o o n b e h o l d t o v o t e o n t h o q u e s t i o n o f
Is s u in g $ 2 4 0 ,0 0 0 h ig h w a y b o n d s .
S H E L B Y C O U N T Y ( P . O . S i d n e y ) , O h i o . — BOND SALE.— T h o f o l ­
lo w in g fo u r iss u e s o f 6 % c o u p o n b o n d s o ffe re d o n A p ril 2 4 — V . 1 14, p . 1456
— w e re s o ld to S e a s o n g o o d & M a y e r o f C in c in n a t i a t p a r a n d a c c r u e d i n te r ­
e s t , p lu s a p r e m i u m o f $ 2 ,3 5 0 , e q u a l t o 1 0 4 .2 8 .
$ 5 ,8 0 0 S ld n e y -W a p a k o n e ta I . C . H . N o . 1 6 4 , S e c tio n " A n n a ” b o n d s .
D e n o m . 18 fo r $ 3 0 0 e a c h a n d 1 fo r $ 100.
D u o $ 3 0 0 e a c h s ix m o n th s
fro m A p r il 1 1 923 to O c t. 1 1 9 3 1 , in c lu s iv e , a n d $ 4 0 0 A p ril 1 1 9 3 2 .
5 ,5 0 0
S id n e y -A V a p a k o n e ta I . O . I I . N o . 1 6 4 , S e c tio n “ B o t k in d ” b o n d s .
D e n o m . 17 fo r $ 4 0 0 e a c h a n d 2 fo r $ 2 0 0 .
D u o $ .3 0 0 e a c h s i x m o n t h s
f ro m A p ril 1 1 9 2 3 to A p ril 1 1 9 3 1 , in c lu s iv e , a n d $ 2 0 0 O c t. 1 1931
a n d A n r i l 1 1 9 .3 2 .
1 8 ,9 0 0
V o r s a t l l e s - S i d n e y I . C . TT. N o . 2 1 7 , S e c t i o n " A - l ” b o n d s .
D enom .
18 fo r $ 1 ,0 0 0 e a c h a n d 1 fo r $ 9 0 0 .
D u o $ 1 ,0 0 0 o a c h s ix m o n th s f ro m
A p ril 1 1 9 2 3 to O c t. 1 1 9 3 1 . in c lu s iv e , a n d $ 9 0 0 o n A p ril 1 1 9 3 2 .
2 4 ,6 0 0
S l d n e y - B e l l c f o n t a l n e I . C . I f . N o . 2 3 4 , S u c t i o n *‘A - 1 ” b o n d s .
D e n o m . 18 f o r $ 1 ,3 0 0 e a c h a n d 1 f o r $ 1 ,2 0 0 .
D u e $ 1 ,3 0 0 e a c h s ix
m o n th s f ro m A p r il 1 1 9 2 3 to O c t. 1 1 9 3 1 . in c lu s iv e , a n d $ 1 ,2 0 0
A n ril 1 1932.
D a te A p ril 1 1 9 2 2 .
S H E R B U R N E C O U N T Y ( P . O . E l k R i v e r ) , M i n n . — B O N D OFFER­
C h a r le s S W h e a t l o n , C o u n t y A u d i t o r , w ill r e c e iv o s e a le d b i d s u n t i l
11 a . m . M a y 4 f o r t h e p u r c h a s e o f $ 3 2 , 0 0 0 C o u n t y D i t c h N o . 2 9 b o n d s a t
n o t e x c e e d in g 5 ! ^ % I n te r e s t.
D e n o m . $ 1 ,0 0 0 .
D a te M a y 1 1922.
P r ln .
a n d i n t . p a v a b l e a t a b a n k in M in n e a p o l is o r S t . P a u l .
D u e y e a rly on
M a y 1 a s f o l l o w s : $ 2 , 0 0 0 , 1 9 2 9 t o 19.38 i n c l . , a n d $ 3 , 0 0 0 , 1 9 3 9 t o 1 9 4 2 i n c l .
C e r t, c h e c k fo r 2 % o f th e a m o u n t b id , p a y a b lo to th e C o u n ty T r e a s u r e r ,
re q u ire d .

ING. —

S H E R M A N , G r a y s o n C o u n t y , T e x . — BOND ELECTION. — O n M a y
1 2 $ 1 0 0 ,0 0 0 s c h o o l b u i ld i n g a n d $ 5 0 ,0 0 0 s t r e o t p a v i n g b o n d s w ill b o v o t e d
upon.
S H I L O H S C H O O L D I S T R I C T , D e S o t a P a r i s h , L a .—BOND OFFER­
ING POSTPONED. — S e a l e d b i d s w i l l b o r e c e i v e d u n t i l M a y 1 6 ( d a t e
c h a n g e d fro m A p ril 18— V . 114, p . 1 5 7 2 ) b y G . O . H o u s to n . S e c ro ta ry
P a r i s h S c h o o l B o a r d ( P . O . M a n s f ie ld ) , f o r $ 1 6 ,5 0 0 6 % s c h o o l b o n d s .
D enom . $500.
D a to M a y 1 1922.
P r ln . a n d s o m l-a n n . I n t. ( J a n . 15 ft
J u l y 15) p a y a b le a t t h e C h a s e N a tio n a l B a n k . N . Y . C i ty , o r a t th o o ffic e
o f th e P a r is h S c h o o l B o a rd , M a n s fie ld , a t o p tio n o f h o ld e r.
D u o y o a rly
o n J a n . 15 a s fo llo w s : $ 5 0 0 , 1 9 2 5 t o 1 9 3 0 i n c l.; $ 1 ,0 0 0 , 1 9 3 1 t o 1 9 3 9 i n c l .,
a n d $ 1 ,5 0 0 , 1 9 4 0 to 1 9 4 2 In c l.
C e r tif ie d c h e c k o n a r e s p o n s ib le b a n k o r
t r u s t c o m p a n y fo r $ 5 0 0 . p a y a b le to th e T r e a s u r e r o f th o P a r is h S c h o o l
B o a rd , re q u ire d .
T h e P a r is h S c h o o l B o a rd a g re e s to fu rn is h , a t its e x p e n se ,
th o a p p r o v in g o p in io n o f F . W m . K r a f t, b o n d a t t o r n e y o f C h ic a g o .
S I K E S S C H O O L D I S T R I C T . W i n n P a r i s h , L a .—BOND OFFERING.
— A . L e o n a r d A lle n , S o c r o ta r y o f P a r is h S c h o o l B o a r d , w ill r e c e iv e s e a le d
b i d s u n t i l 11 a . i n . M a y 11 f o r $ 5 0 , 0 0 0 s c h o o l b o n d s .
D a t o A p ril 1 1 9 2 2 .
A c e rtif ie d c h e c k o n so m o b a n k c h a r te r e d u n d e r th o la w s o f th is S ta te
(L o u is ia n a ) o r s o m o n a tio n a l b a n k a u th o r iz e d to d o b u s in e s s in L o u is ia n a
o r a s u m e q u a l to 2 > $ % o f th o a m o u n t o f th e b o n d fssu o , r e q u ir o d .
S I O U X F A L L S I N D E P E N D E N T S C H O O L D I S T R I C T ( P . O .^ S io
F a l l s ) , M i n n e h a h a C o u n t y , S o . D a k . — BOND ^ELECTION. — O n M a

A pril 29 1922.]

THE CHRONICLE

an election will bo held to voto on tho question of Issuing $300,000 building
bonds.
S O M E R S E T IN D E P E N D E N T S C H O O L D I S T R I C T , B e x a r C o u n t y ,
T e x a s . — R O N D S R E G I S T E R E D .— On April 20 the State Comptroller o f

Texas registered $17,000 5% 10-40-year fxmds.
S O U T H B R ID G E ,

W o r c e s te r

C o u n ty ,

M a ss.— N O T E

S A L E .— A n

issuo o f $150,000 notes, dated M ay 1 1922 and maturing $7,500 yearly for
20 years, has l>cen awarded, it is stated , to the Southbridge N ational Bank
at a bid o f 100.23 for 4s, a basis o f about 3.97% .
S O U T H O R A N G E S C H O O L D I S T R I C T (P . O . M a p le w o o d ), E s s e x
C o u n t y , N. J . — ROND OFFERING. — Margaret M . Pryor. D istrict Clerk,

will receive bids until 8 p. m. M ay 4 for an Issue of 4H % coupon (with
privilege of registration) bonds not to exceed *727,000. Denom. $1,000.
D ato M ay 1 1921. Prin. and semi-ann. int. (M . & N .) payable a t tho
office of tho U . S. M ortgage & Trust Co. in N . Y. C ity. Duo yearly on
M ay 1 as follows: $22,000 from 1023 to 1931 inclusive, and $23,000 from
1932 to 1954, inclusive. Certified check for 2% of tho amount bid for,
drawn upon an incorporated bank or trust, companv, payable to tho
Custodian of School M oneys, required
The successful bidder will bo
furnished with the opinion of Hawkins. Delafield & Longfellow of N . Y .
C ity that tho bonds aro binding and legal obligations of the district. Tho
bonds will bo prepared tinder tho supervision of tho U. S. M ortgage &
Trust C o., which will certify as to the genuineness of tho signatures of tho
officials and tho seal Impressed thereon.
F in a n cia l

S ta tem en t.

T otal outstanding bonds_____________ _____ ___$373,790 00
Sinking funds and bond cash accou nt__________ 50,072 10
----------------

$323,027 84

N e t bonded d eb t_______________________________________
Floating & temporary indebtedness (incl. temporary bonds).

$323,027 84
199,952 51

T otal not d e b t_________________________________ _______
Loss am ount of floating or temporary indebtedness to bo
funded by bonds to bo issued__________________________

$522,980 35
199,952 51
$323,027 84
727,000 00

Bonds to bo issued___________________________________

N ot debt, including bonds to bo issued__________________$1,050,027 84
A ssesses V a lu a tio n s—
(Tho School D istrict Includes both tho Village & Township of South Orango.)
Real property, Incl. im pts. in both Villago & Tow nship----- $31,003,530 00
Personal property________________________________________ 3,980.800 00
T o ta l................................................................. - .............- - - ............. $35,584,330 00
Tax rato 1922 (per $1,000) Villago, $29.80: Tow nship................ ...........$26.80
S O U T H M ID D L E T O W N T O W N S H I P , C u m b e r la n d C o u n t y , P a .—

B O N D S A L E . — It is unofficially reported that $30,000 5% school bonds
have been sold to tho Farmers Trust Co. of Carlisle.

S P R IN G F IE L D , H am p den C o u n ty ,

M a ss.— T E M P O R A R Y L O A N — A

temporary loan of $400,000 has been awarded, It is stated, to tho First
N ational Bank of Boston on a 3 73% discount basis.
STARKW EATH ER

SCH OOL

D IS T R IC T

(P .

O.

S ta rk w e a th e r),

R a m s e y C o u n t y , N o. D n k .— R O N D S V O T E D . - — A recent election resulted
in favor of issuing $25,000 school building bonds.
S T E I N E R S C H O O L D I S T R I C T N O . 29 (P . O . M o tt), H e tt in g e r
C o u n t y , N o. D a k . — R O N D O F F E R I N G —-Leonard Lantz, Clerk Board of

Education, will recelvo sealed bids until 2 p. m. M ay 5 for $3,000 6%
school bonds. Duo in 10 or 20 years.
S T E R L IN G ,
Logan
C o u n ty ,
C o lo ,- R O N D
S A L E . — Bosworth,
Chanuto A Co. o f Denver have purchased $140,000 Paving D istrict N o. 2
bonds at 100.75.
S T O N E W A L L T O W N S H I P (P. O . R a e fo r d ), H o k e C o u n t y , N o C a r o

On Apr. 15 an issue of $15,000 school bonds was car­
ried by a voto of 152 "for” to 19 "agalsnt.
S W A M P S C O T T , E ssex C o u n t y , M a ss.— N O T E S A L E __Tho First
N ational Corp. was tho successful bidder on a 3.78% discount basis, plus
a promium of $1 35 for an issuo of $100,000 notes offered on April 21
Duo D ec. 5 1922.
— BO N D S V O T E D —

T A C O M A , P ie r c e C o u n t y , W a s h .—

R A IL

B O N D S

IN

T A N G L E

—

C ity officials convinced said a dispatch from Tacom a to the Portland
"Oregonian under date o f April 20, that the Government is attem pting to
unload $223,000 o f Tacoma municipal railway bonds which are hold by the
Emergency Fleot Corporation on speculators, spent to-day in conferecno
with C ity Attorney Dennis. I he dispatch continued as follows'
“ Letters have been arriving In the last few days from Now York IKind
houses a t the offices o f the M ayor, C ity C ontrofier and Commissioner of
flnanco, inquiring about tho I aroma M unicipal Railway Bonds. This
suddon inquiry lias alarmed the council, as no word recently lias been
received from the Government regarding tho status o f tho lionds.
"Tho railway was built, for tho accommodation o f the Government ship­
building
'v<,r Cmcs and has been operated at a loss of
moro than $ 500,000 to l acoma. In addition to what the Government paid.
In tho face o f the fact that the Government compelled the city to (mild
tho railw ay, city officials feel that Tacoma lias no moral obligation to
pay the bonds and express the belief that this was a war debt and that
the Government should cancel it.
“ M any overtures have boon made by Tacoma officials to settle tho debt,
but the Emergency Fleet ( orporation thus far has refused to do so, in
spito o f tho fact that tills branch o f tho Government furnished tho funds
for the railw ay’s construction.
“C ity A ttorney Dennis advised that all inquirers should bo told immedi­
ately that the city will contest the lionds and resist paym ent. It is con­
ceded, however, that if the imnds are in the hands o f speculators much
troublo for tho city might, result if the matter were taken into tho local
courts to securo paym ent.
TAHOKA IND E PE N D E N T SCHOOL D IS T R IC T , L y n n C o u n t y ,
T exas,— R O N D S E E ( < I S I F M E D . — O n April 20 the State Comptroller of
Texas registered $30,000 5% 20-40-year bonds.
T A N N F .R S V IL L E , G re e n C o u n t y , N. Y .— B O N D
S A L E . — Tho
$38,000 6% coupon bonds offered on April 18 (V. 114, p 1694), were
awarded to the Union National Corporation at 105 865. a basis of about
5 26%. D a te April 1 1922. D ue $2,000 yearly on Sept. 1 from 1923 to
1941, inclusive.
"
T E X A S (S ta te o f) . — B O N D S R E G I S T E R E D . — 'The State Comptroller
o f Texas registered tho following bonds:
„
_
a t xr o n
-,
R eg istered . R a te .
D ue.
Limestone Co. Common S. D . N o. 3 6 . .$ 2 . iPO
Apr. 17 5% 20 years
Grayson Co. Common S. D . N o. 1 2 0 -. 2,500
Apr. 18 5% Serially
Lubbock Co. Common S. D . N o. 6 ----- 2.000
Apr. 22 6% 10-40 years
T H U R S T O N C O U N T Y S C H O O L D I S T R I C T N O . 1 (P. O . P e n d er ),
N e b .— B O N D S V O T E D .
riirough a special telegraphic dispatch from our
western representative wo learn that the! $100,000 school bonds, subm itted
to tho voters on April 24— V. 114, p 1694— carried.
T I O G A C O U N T Y (P. O . W e lls b o ro ), P a .— BOND O F F E R I N G . — Bids
for tho purchase o f $30,000 5% highway bonds will bo received until 12 m.
M ay 5 by tho Clerk of tho Board of County Commissioners
Int M & N
Duo $20,000 M ay 1 1927 and $10,000 M ay 1 1928
Certified check for
10% of amount of bid, payable to the County Treasurer, required.
T U L L A H O M A , C offee C o u n t y , T e n n .— B O N D S V O T E D — Tho N ashviHe “ Banner” of April 14 says: In the election held In Tullahoma on
April 13 for tho purpose of determining whether tho Board of Mayor and
Aldermen should Issue bonds in tho sum of not less than $00,000 for public
school purposes, tho voto was overwhelmingly In favor of tho bonds, tho
voto being 14 “ for” to 16 against bonds. Tho bonds will be issued in
denominations of not less than $1,000 and will bear 5% Interest, tho first
bonds being redeomablo In 1920
The proceeds of the bonds will be used
for building a new public school building in Tullahom a, tho present building
being too small for tho .'iccoinmodation of the children and also antiquated
and insanitary. Tho plans for a modern and up-to-dato school house!have
already been drawn and accepted by the Board and tho contract will bo lot
as soon as tho bonds can bo sold.
U N IC O I C O U N T Y (P . O . E r w in ), T e n n .— B O N D O F F E R I N G .—
Bids will bo recoived until 12 m . M ay 12 by M . F. Parsley, Chairman o
tho C ounty Court, for $25,000 6% school bonds. Duo M ay 10 1947




1935

Prin. and sem i-ann. int. (M . & N .) payable at the Chemical N ational Bank,
N . Y . C ity. A deposit o f 10% o f bid will be required.
U N IO N , U n io n C o u n t y , S o . C a ro . — B O N D S N O T S O L D .— The $80,000
bonds to pay off past indebtedness, offered on Apr. 18 (V. 114, p. 1694),
wero not sold as it was found to bo unconstitutional, as the City Clerk inrornis us, to sell bonds w ithout an election. The election to vote on the
bonds will be called at a later dato.
qnh^lIC«Nr'COV m TY, (P/
U n io n )> S . C o a r . — B O N D S A L E .— Sidney
apitzer & Co. o f Toledo, have purchased the $125,000 coupon bonds offered
« n„ i1 ,
!1
H 4 . p. 1572—as 5s at par plus a premium of $887 50.
equal to 100.71.

i c e V J , S A ,’ ,x<^ l e .i d n , C o t i r t y ’, N -

Y . — B O N D S A L E .— The following two
Issues of A ' A % bonds, offered on April 25— V. 114, p. 1814— were sold to
L. H. Hollins & i 1 1 of \ n
Tlfom in m o f Cl O R Sons A7 New York „ i par4.37% accrued interest, •plus a
A
A
.. f at . and i» .
*
51,605 (101.07), a basis o c about . « » ✓> .
!)on'Js - g u e $4,500 yearly on April 1 from 1923 to 1942 incl.
00,000 IKinds. Due $1,500 yearly on April 1 from 1923 to 1942 incl.
Donom. $500 and $1,000. Date April 1 1922. Int. A. & O.

VENANGO

COUNTY

(P. O . F r a n k lin ) ,

P a .— B O N D

S A L E .—

An

issue o f $1,000,000 4 H % coupon (with privilege o f registration) road
bonds was sold recently to the Franklin Trust Co. of Franklin, for the
account o f Biddle & Henry and Harrison, Smith & C o., both of Philadelphia.
The price paid was 100.818. a basis o f aliout 4.24% . Denom. $1,000.
D ate M ay 1 1922. Prin. and sem i-ann. int. (M. & N .) payaole at the
Gounty 1 reasurer’s office. In the following table we give tlie m aturity
, yJ? issue and the prices at which the lionds are being offered to investors
i>y„,,CAlr,,e & Henry and Harrison, Smith A Co.
$100,000 due Ma y 1 1927 (a) 100.90 $45,000 due M ay 1 1938
oX’XSx U,1B w ay
IVZ,
30.000 due M ay 1 1928 G 101 Of, 45.000 due M ay 1 1939
30.000 due M ay 1 1929 © 101.21 45.000 due M ay 1 1940
30.000 due M ay 1 1930 © 101.35 50.000 due M ay 1 1941
35.000 duo M ay 1 1931 © 101.50 55.000 due M ay 1 1942
35.000 duo M ay 1 1932 (S' 101.63 55.000 due M ay 1 1943
35.000 due M ay 1 1933 < ) 101.70 55.000 due M ay 1 1944
S
35.000 duo M ay 1 1934 © 101.89 60.000 due M ay 1 1945 ^ _____
40.000 duo M ay 1 1935 < 102.01 65.000 due M ay 1 1946 © 103.05
S
40.000 due M ay 1 1936 & 102.12 70.000 due M ay 1 1947 © 103,13
45.000 due M ay 1 1937 © 102.23
rhe following is a complete list of the bids received by the county for
tho issuo
Franklin Trust C o., Franklin (for the account o f Biddlo & Henry
and Harrison, Smith & C o., Philadelphia)......................................... 100.818
First N ational Bank, F r a n k lin ................................................................. 100.639
Stroud & Co. and Lewis & Snyder___ _______ __________________ 100.6366
Lamberton N ational B ank............................................................... .............100.5887
_____
_ 100.5674
M ellon National Bank_______________________
J. H. Holmes & C o.......................................................................................... 100.4226
V E N I T A , C r a ig C o u n t y , O k la . — B O N D S A L E . — Bonds amounting
to $73,400 voted for paving along parks and at street Intersections have
been sold to W . C. Illick of M uskogee, at par and accrued Interest.
V E R N O N , W ilb a r g e r C o u n t y , T e x a s .— S U I T . — Newspapers state
that R. E . M ontgom ery o f the town o f Canadian, has filed suit in Federal
D istrict Court at Wichita Falls, Texas, seeking to restrain the city from
selling $100,000 light and $25,000 street (Kinds, alleging that the lionds
are to lie sold lielow par, contrary to a c ity charter; that bonds exceed debt
lim it; and other Irregularities.
V IG O

COU NTY

(P . O . T e r r e

H au te ), In d —

B O N D

S A L E .—

The

$4,000 5% Edward L. Swaderer et al. F ayette Township improvement
bonds, offered on April 22— V. 114, p. 1694— were sola to the Thos.
Shcerin Co. of Indianapolis at par and accrued itnerest, plus a premium
of $22.40 (100.56). a basis of about 4.89% . D ate April 15 1922. D ue
$200 each six months from M ay 15 1923 to N ov. 15 1932 incl.
V I R G I N I A - W E S T V I R G I N I A .— B I D S R E J E C T E D — The Richmond
“ D ispatch” of April 26, had the following to say with regard to the rejection
of all bills received for an issue of $450,000 3H % Virginia-West Virginia
dobt settlem ent bonds by tho State Governor:
“ All offers from bankers and brokers to take over the bonds received
by tho Stato as its share of the W est Virginia debt settlem ent were rejected
yesterday by Governor E. Lee Trinkle. after a conference with the heads
of all departments. Tho ‘ cabinet’ meeting was held in the office of the
Governor for tho specific purpose of passing on the bids, which, it was
held, were not attractive
Tho refusal to dispose of the bonds at the present tim e will not retard
tho erection of the State office building, it was declared at the office of
tho Governor. The act authorizing tho erection of the $750,000 structure
in tho southeastern part of Capitol Square makes the W est Virginia bonds
the nucleus of the construction fund
T h e-W est Virginia bonds turned over to Virginia have a face value
of $450,000 and carry 3H % Interest. The bids made to Governor Trinkle
for tho bonds ranged from $88 to $92. It was agreed by the Stato officials
at the meeting that a better price can be secured and that the sale can be
deferred for some tim e, as the money is not needed immediately
"M eanwhile the plans for the speedy erection of the building are being
pushed. T lie contract for borings in Capitol Square to ascertain the
nature of tho soil and the kind of foundations the building will require, bas
been awarded tho Sydnor Pump and Well Company of Richmond. This
work will be done at once
“ Designs for tho building will be submitted to the building commission
on M ay 15- Eleven architects were invited to submit designs, but as yet
only four have announced that they will do so, while several have declined
to compete. Two and possible three Richmond firms will subm it designs,
according to D elegate James P. Jones, Secretary to the C om m ission.”
W A K E F I E L D , M iddlesex C o u n ty , M ass.— B O N D S A L E . — On April
20 $200,000 coupon school loan Act of 1919 bonds were sold to R. M .
Grant & Co. of New York at 100.19 for 4s (although they were offered as
4 !4 s), a basis of about 3.98% Denom. $1,000. D ate M ay 1 1922.
Prin. and semi-ann. int. (M ay 15 A N ov. 15) payable at the First N ational
Bank, Boston. Duo $10,000 yearly on M ay 1 from 1923 to 1942 incl.
W A L L , P e n n in g to n C o u n ty , So. D ak.— B O N D S A L E . — An issue of
$14,500 water bonus has been disposed of at par.
W ATERTOW N,

M id d le se x

C o u n ty ,

M ass . —

B O N D

O F F E R IN G .—

Harry W. Brigham, Town Treasurer, will receive sealed bids until 3:30
p. m . M ay 4 for the following 4 If % coupon bonds:
$21,500 street construction and drainage bonds. Denom. 1 for $500 and
21 for $1,000 each. Due $5,500 M ay 1 1923 and $4,000 yearly
on M ay 1 from 1924 to 1927 incl.
17,000 land taking bonds. Denom. $1,000. Due yearly on M ay 1 as
follows: $2,000 from 1923 to 1929 incl. and $1,000 from 1930 to
1932 incl.
D enom . $1,000. Dato M ay 1 1922. Prin. and semi-ann. int. (M . Sc N .)
payable at tlie Fourth Atlantic National Bank of Boston. These bonds
will bo engraved under the supervision of and certified as to their genuine­
ness by tlie Old Colony Trust Co. of Boston. The favorable opinion of
Messrs. Storey, Thorndike, Palmer & Dodge as to the validity of these
issues will be furnished without charge to the purchasers. All legal papers
incident to these issues will be filed with the Old Colony Trust C o., where
they m ay bo inspected at any time.
F i n a n c i a l S t a t e m e n t A p r i l 17 1922.
T otal d eb t....... ......................................................................................... .. $1,276,000
Water loans______________________________________
$131,000
12,000
Marshall Spring School.
Galen S tr e e t______________
10.000
East End School___________
49.000
90.000
Uosmor School____________
54.000
N orth Beacon Street Bridge.
W est School______________
250,000
596,000
Valuations 1919.....................................- ............................ $25,544,790
Valuations 1920.................................
28.898,228
Valuations 1921_________________________________ 30,465,722
A batements 1919________________________________
Abatements 1920________________________________
A batem ents 1921________________________________

$711,778
314,068
202,968

$680,000

$84,908,740
1,228,814

$83,679,926
Borrowing capacity April 17 1922__________________________
$168,799
Now loans not figured in. Population (1920), 21,457.

1936

THE CHRONICLE

W A R R E N C O U N T Y (P .O . M c M in n v ille ), I T e n n .—

[V ol. 114.

4.30% . D ate M ay 1 1922. Prin.. and semi-ann. int. payable at the
N ational Shawm ut Bank, Boston. D ue yearly on M ay 1 as follows:
$4,000, 1923: $3,000, 1924; $2,000, 1925: $3,000, 1926 and 1927. (Averago
life o f about 2 % years.)
W E S T P A R K , C u y a h o g a C o u n t y , O h io .— B I D S . — The following is
W A Y N E S V IL L E , H ayw oo d C o u n ty , No. C a r o . — B O N D O F F E R I N G .
a complete list o f tho bids received on April 18 for tho $50,000 5% coupon
Sealed bids will be received un til 12 m . M ay 2 by T . C. Breeding, Town water main bonds:
Clerk, for the following gold bonds not to exceed 6%:
♦Richards, Parish & Lamson,
(Sidney Spitzer & C o., Toledo.$52,015
$150,000 street-im pt. bonds. D ue yearly on Feb. 1 as follows: $11,000,
C leveland------------------------ $52,375] A. T . B ell & C o., T o'edo____ 51,916
1924 to 1934, incl., $7,000, 1935 to 1937, incl., and $8,000, 1938.
Guardian Sav. & T r. Co. C le. 5 2 ,1 5 5 1Persons, Campbell & C o., T ol 51,780
15,000 funding bonds. Duo $1,000 yearly on Feb. 1 from 1924 to 1938, Provident Savings Bank &
ISeasonRood & M ayer, C i n . .. 51,760
Inclusive.
Trust C o.. C incinnati____ 52 ,0 1 5 1W eil, R oth & C o., C in _______ 51,375
Denom. $1,000. D ate Feb. 1 1922. Prin. and semi-ann. int. (F. & A.)
* Successful bid: for previous reference to samo, see V. 114, p. 1815.
payable in gold in N ew York. C ertified check upon an incorporated bank
W H A R T O N C O U N T Y D R A IN A G E D I S T R I C T (P . O . W h a r to n ) ,
or trust com pany (or cash), payable to the Town Treasurer, for 2% of bid
required. B ids for less than parund accrued interest w ill not be considered. J e x . — B O N D O F F E R I N G C O N S I D E R E D . — Citizens aro urging tho sale of
$165,000 road district bonds, proceeds to bo used for drainage purposes.
The bonds will bo prepared under the supervision o f the U nited States
M tgo. & Trust C o., N . Y. C ity, which w ill certify as to th e genuineness of
IT M N C U
T R IC T N
BO
Ilie signatures o f the officials and tho seal impressed thereon. T he approv­ O FW HR I N GA —E. OB. N T Y S C H O O L D I S Treasurer O . 74, W a s h .—will N D
FE
.
Thompson, C ounty
(P. O. Colfax)
re­
ing opinion o f Chester B. M asslich, N . Y. C ity, and tho legal papers, will
bids until 10
for
lie furnished the purchaser or purchasers. D elivery a t place o f purchaser’s ceiveinterest. Int. a. m. Apr. 29Prin.$30,000 school bonds at not exceeding
6%
semi-ann.
and int. payable at C ounty Treas­
choice on or about M ay 22 1922.
urer's office. D ue yearly as follows: $2,000 1924, $3,000 1925 to 1932 incl..
and $4,000 1933, optional in 1924. Cert, check for 1%, payable to the
W E B B C I T Y S C H O O L D I S T R I C T IP. O . W e b b C it y ) , J a s p e r
C o u n t y , M o.— B O N D O F F E R I N G . — Sealed bids will be received until 7:30 C ounty Treasurer, required.
p m. M ay 1 by A. Y . Young, Secretary o f tho School Board, for $15,000
I H
LL
D
T
OO
D
h ita
5% school bonds. D enom . $1,000. D a te M ay 1 1922. Prin. and int. C oW nCy , I T A x .F A B O S DINE LE PCETN D E N C O S C HD E RLE D .I S T R I C T , W icstate
u t
To —
N
E
IO N
N SI
— Newspapers
payblo in Webb C ity. Duo M ay 1 1942, opt. M ay 1 1932.
that the city expects to vote on issuing $850,000 school building bonds in
tho next few weeks.
W E B S T E R C O U N T Y S C H O O L D I S T R I C T N O . 6 (P . O . R ed C lo u d ) ,
N e b .— B O N D E L E C T I O N . — An election w ill be held on M ay 1 to vote on
W I C K L I F F E V I L L A G E S C H O O L D I S T R I C T (P . O . W ic k lif f e ) ,
the question o f issuing $5,000 school bonds. L. E. Burwell, Director.
L a k e C o u n t y , O h io — B O N D S A L E . —-The $130,000 5*4% coupon bonds
offered on April 20— V. 114, p. 1457— were sold to the Detroit Trust Co. at
W E L L S B O R O S C H O O L D I S T R I C T (P . O . W e lls b o r o ), T io ira
C o u n t y , P a .— B O N D O F F E R I N G . — Proposals will be received until 7:30 par and accrued interest, plus a premium o f $2,657 (102.044), a basis of
p. m. M ay 1 by Francis M . Sheffer, Secretary of Board o f Directors, for about 5.04% . D ate April 1 1922. Duo $5,000 yearly on Oct. 1 from 1923
to 1942 incl.,
the purchase of $35,000 494 % tax-free school bonds. Denom. $500. D ate following bids and $6,000 yearly on Oct. 1 from 1943 to 1947 incl. The
were received:
M ay 1 1922. Int. M . & N . Due yearly on N -v . 1 as follows: $1,000,
etroit
C o____________
1923. to 1931, incl.; $1,500, 1932 to 1939. incl.; $2,000, 1910 to 1946. incl. Dirs t, N aTrust nU- IV illn iifrlilw r $2,657t Guardian Savings & Trust C o .. $741
F
t
ac
First Nat . Bank, W illoughby. 2,353 Bohrrer-Reinhardt & C o______ 741
Bonded debt (incl. this issu e), $59,500. Assessed valuation $1,474,802.
Stacy & Braun_______________ 2,142 Prudden & C o________________ 667
W E L L E S L E Y , N o r fo lk C o u n t y , M a ss. — B O N D S A L E . —-Tho following Tillotson & W olcott C o______ 1,989
650
W ell, Roth & C o__________
four issues o f coupon bonds offered on April 25— V. 114, p. 1815— were W. L. Slayton & C o _________ 1,521 Provident Savings Bank & Trust
sold to Estabrook & Co. at 100.85, a basis o f about 3.93% :
Sidney Spitzer & C o __________ 1,235
C o_________________________ 196
$10,000 4 !4 % “ Sewer Construction Loan” bonds. D ate March 1 1922.
W I L B A R G E R C O U N T Y (P . O . V e r n o n ) , T e x a s . — B O N D S R E G ­
Duo $2,000 yearly on March 1 from 1923 to 1927 incl.
20.000 4% “ W ater Loan A rt o f 1913” bonds. D ate March 1 1922. I S T E R E D . — The State Comptroller o f Texas, on April 18, registered
$91,000 5% serial bond.
Duo $1,000 yearly on March 1 from 1923 to 1942 incl.
20.000 4% “ Sewerage Loan A ct o f 1915” bonds. D ate March 1 1920.
W I L L A C Y C O U N T Y (P. O . S a r it a ) , T e x a s __ B O N D S R E G I S T E R E D .
D u e $2,000 yearly on M arch 1 from 1936 to 1945 incl.
— On April 17 tho State Comptroder o f Texas, registered S75.000 6% serial
56.000 4% school loan bonds. D ate M arch 1 1922. D ue $3,000 vearly court house and jail bonds.
on M ar. 1 from 1923 to 1940 Incl., and $2,000 on M ar. 1 1941.
W I L L S P O I N T , V a n Z a n d t C o u n t y , T e x a s . — B O N D S A L E . — The
W E S T B R I D G E W A T E R , P ly m o u th C o u n t y , M ass— N O T E S A L E . —
$30,000 6% paving bonds recently v o ted —V. 114, p. 1694—liavo been
Watkins & Co. o f Boston were th e successful bidders for an issue of $15,000 purchased by Brig, Garrett & Co. of D allas. Denom. $1,000. D ate
1
coupon highw ay notes, recently offered, a t 100.55, a basis of about April 1 1922. D ue $3,000 yearly from 1932 to 1941 Incl.
B O N D

S A L E .—

The 8100,000 5hj% coupon or registered highway bonds offered on April
2f>— V. 114, p. 1694— have been awarded to Caldwell & Co. o f N ashville,
at 100.003. D ate April 1 1922. D ue $25,000 yearly on April 1 in each o f
the years 1927, 1932, 1937 and 1942.

NEW

LOANS

NEW

LOANS

NEW

$ 3 ,0 0 0 ,0 0 0
S ta te

We specialize in

City of Philadelphia
3s
3V28
4s
4Vis

4 1 /2 s

5s
5V 4s
5V 2s

Biddle & Henry
104 S o u th

F ifth

S treet

P h ila d e lp h ia
.

P r iv a te W i r e to N e w Y o r k
C a l l C a n a l 8437

B A L L A R D

&

C O M P A N Y

Members New York Stock Exchange
HARTFORD

Connecticut Securities

M U N IC IP A L B O N D S
Underwriting and distributing entire issues of
O ltj, C ounty, School District and Road District
Bonds o f T exas. D ealers’ Inquiries and offerings
solicited.
C ir c u la r s o n r e q u e s t .

HAROLD G. WISE
&

H O U STO N

COMPANY

TEXAS

Established 1915

S .

A .

T R U F A N T

IN V E S T M E N T

S E C U R IT IE S

718 C o m m o n

S tre e t

Member o f N ew Orleans Stock Exchange
NEW O R L E A N S, LA .




o f

LOANS

$ 3 ,0 0 0 ,0 0 0

A la b a m a

State of Colorado

S E R IE S “ A ” 4 % % P U B L IC R O A D
H IG H W A Y A N D B R ID G E B O N D S
Under and by virtuo o f an A ct of the Legislature
o f Alabama, approved Oct. 31 1921 (Acts Special
Session 1921, p. 67), and of the Amendment
(Article X X .) of *he C onstitution of \
(A cts Special Session 1921, pp. 35-28), which
authorizes tho issuance and sa.e of Public Road,
Highway and Bridge Bonds:
Sealed bids will be receive! by the Bond Com­
mission o f the State o f Alabama, at the offico of
tho Governor in the State Capp'd a» M ontgom ery,
until 12 o ’clock noon on W ED NESD A Y , M \Y
24, 1922, for S’L^OO.OOO Stale of Alabama 4 K
percent Series “A ” Public Road, H ighw ay ana
Bridge Bonds.
Said bonds w ill bo dated June 1 1922 and
mature $500,000 annually June 1 1930 to 1935
inclusive: interest at the rate of four and one-half
(4 ' A ) percontum, payable sem i-annually on June
1 and December 1 of each year. Both principal
and interest aro payablo at the office of the S tate’s
Fiscal A gent in Now York C ity. Bonds w ill bo
Issued in denom inations of Sl.OOO or m ultiples, to
suit purchaser, and will bo in coupon form but
m ay bo registered as to principal and interest at
the office o f tho Stato Treasurer upon paym ent
o f tho customary fees.
After written bids have been examined, at the
tim e above stated, the bonds m ay be sold on open
com petitive bids, at the discretion of the Bond
Commission. This Commission is composed of
tho Governor as ox-officlo Chairman, tho A ttorney
General, and the Chairman o f the State Highway
Commission.
Bidders m ust furnish a certified check payablo
to tho order of tho Treasurer o f the State of
Alabama In the am ount of two (2) percent of
the par value of tho bonds bid for, and this
am ount is to bo forfeited to the Stato by tho
successful bidder should he fail to carry out tho
provisions o f his bid. All written bids to bo
addressed to Thom as E. Kilby, Governor, Chair­
man Bond Commission, State Capitol, M ont­
gom ery, A la., and marked “ Bid for Public Road
Highway and Bridge B onds.” T he right is
reserved to reject any and all bids. Temporary
recoipts or certificates m ay bo issued pending
preparation o f bonds, to be redeemed upon their

The undersigned invites sealed bids at his
office in tho Capital in Denver, until 10 A . M .,
M O N D A Y , J U N E 5 th , 1922, for tho purchase
o f all of Three Million Dollars ($3,000,000) State
of Colorado Highway Bonds, boaring fivo per
centum per annum, payable sem i-annually at
offico o fState Treasurer or at banking houso of
Kountzo B ros., N . Y . C ity. Said Bonds are
dated June 1, 1922, issued in denom inations of
$50 or multiples thorcof, as desired by successful
bidder; duo Juno 1, 1952, but optional June 1,
1932.
N o bid considered unless accompanied by
certified check or bank draft payablo to order
of Stato Treasurer equal to at least three per cent
of am ount bid. N o intorest will bo paid on said
draft or check, nor w ill Treasurer bo responsible
for loss in transit to or from his offico. All bids
m ust be accompanied by dotalled statem ent of
denom inations required. Tho balance of price
bid shall be payablo in cash upon delivery of
bonds, and successful bidder w ill bo required to
enter into written contract for purchaso prico
theroof on dato of salo upon said terms.
All bids will be opened at said hour and all of
said bonds will be sold by State Treasurer to
highest and best bidders if a bid satisfactory to
State Treasurer bo rccoived; but right is reserved
to reject any and all bids.
A R T H U R M . STONG,
Stato Treasurer, Stato o f Colorado.

^ 'P H eT LEG A L ITY OF T H E B O N D S W ILL
BE A PPR O V ED BY M ESSR S. STO R E Y .
T FIO R N D IK E , P A L M E R A N D D O D G E OF
BOSTON.
T H E TOTAL A SSE SSED V A LU A TIO N OF
T H E STA TE OF ALABAM A, B A SE D O N 60%
OF ITS T A X VALUE, IS $952,602,224. TH E
TOTAL B O N D E D IN D E B T E D N E S S OF T H E
STATE IS $8,557,000: IN C L U D IN G T H IS
ISSU E , IT W ILL TOTAL $11,557,000, OR
LESS T H A N lh '% OF ITS A SSESSED VALUA­
T IO N .
T H E SE B O N D S ARE FO REV ER E X E M P T
FROM ALL T A X E S.
For further information address
THOM AS E. K IL B Y ,
Governor, Chariman Bond Commission,
State C apitol, M ontgom ery, Ala.

89 L ib erty S tre e t
N ew Y ork
Telephone Oortiandt 3183

H .

M .

C H A N C E

&,

C O .

H ig h w a y

Im p ro v em en t B o n d s

U n ite d S t a t e s a n d C a n a d ia n
M u n ic ip a l B o n d s

'WADDELL
G r o u n d F lo o r S in g e r B u ild in g

H. MOUNTAGUE VICKERS
49 W a ll S t r e e t

M in in g E n g in e e r s a n d G e o lo g is t s

C O A L A N D M IN E R A L P R O P E R T IE S
E x a m in e d ,
D re x e l B u i ld in g

M anaged,

A p p r a is e d
P H IL A D E L P H IA

Bonds Guaranteed Stocks

THE CHRONICLE

A pril 29 1922.]

T o ta l value o f all property (estimated)
------ ----------------------- $4,000,000
Assessed valuation for taxation, 1921-- ______________________ 1,238,000
110.450

T otal bonded debt (Including this issue). ---------------------------------Water works debt (included in ab o v e)------- ----------------- $43,000
-Sinking fu nd____________________ __
----------------- 12,000

55,000

T otal net d e b t_________________ . . ---- -------------------------------$55,450
W I L L 1 S T O N , L e v y C o u n t y , F la . B O N D S A L I C . -The $12,000 6%
paving bonds offered on April 4 —V. 114, p. 1218—were awarded on April
18 to Mickler & M cLeod of Tampa at par. Donom. $1,000. Dato
Jan. 1 1922. Int. J. & .1. D ue on Jan. 1 In each o f the years 1932, 1933,
1934 and 1935.
W IL M IN G T O N , N ew C a s t le C o u n t y , D el

— F IN A N C IA L

S T A T E ­
' A % sink ­

M E N T . — I n connection with the offering of the three issues of 4
ing fund bonds, aggregating $745,000, for which bids will be received until
12 in. M ay 1 (V. 114, p. 1815), the following financial statem ent has come
to hand:
F in a n cia l

S ta te m e n t.

Assessed value real estate, fiscal year end. Juno 30 1921----- $114,176,300 00
6,246,126. 38
.
.
Value of real estate and equipment owned by c it y -------------8,995,650 00
Present total bonded debt (including this issue) — - - - - - - - ­
Amount o f water d e b t__________________ .-.$ 1 ,4 6 1 ,0 0 0 00
Sinking fu n d ______________________________
153,000 00— I ’JjALQQQ 99
Not bonded d e b t________________________________________
7,381,650 00
Floating dob t___________________________________________
None
Present population, 110,000.
W I L M IN G T O N , N ew H a n o v e r C o u n t y , N o . C a r o .—

FO N D

SALIC.

T he American Trust Company o f C harlotte has purchased the $75,000
funding bonds offered on April 20 (V. 114, p. 1816) as 5s at a premium o
$440 25. equal to 100.58, a basis of about 4.89% . D ate April 1 1922.
Due yearly on Apr. 1 as follows: $5,000 1923 to 1927 incl. and $10,000 1928
to 1932 incl.
W IN N E R , T r ip p C o u n t y , S o . D ak. —F O N D S A L I C . — The DrakoBallard Co. o f St. Paul has purchased $250,000 6% paving bonds. Donom.
$1 000. D ate M ay 1 1922. Prin. and sem i-ann. int. (M . & N .) payable
at the Lincoln N ational Hank. M inneapolis. Duo yearly on M ay 1 as
follows: $25,000, 1927 to 1931 incl., and $125,000, 1932.
F in a n c ia l S ta te m e n t.

Assessed valu a tio n ------------------------------------- --------- ------------------ $1,938,226
N et bonded d e b t-------------------------------- ------------ .---------------------9,500
Paving bonds (assessed against benefited properties)----------------250,000
Population, 1920, 2,000.
W O O D C O U N T Y (P. O . W is c o n s in R a p id s ), W is .—

F O N D

S A L E .—

T he Second Ward Securities Co. o f M ilwaukee, has purchased $600,000
highw ay bonds at par, plus a premium o f $20,379 80, equal to 103.396.
X E N I A , G r e e n e C o u n t y , O h io .— F O N D O F F E R I N G . — T . I I . Zell,
C ity Auditor, will recolve proposals until 12 m. M ay 1 for $50,000 5 l %
A
assessm ent stroot improvement bonds. Donom. $500. Principal and

1937

semi-annual interest (M . & S.) payable in X enia. D ue $2,500 each six
m onths from M arch 15 1923 to Sept. 1 1932, inclusive. Certified check for
3% o f am ount o f bid required.
Y O R K , Y ork C o u n ty , N e b . — F O N D S D E F E A T E D . — A t a recent elec­
tion an issue of $8,000 park bonds was defeated.
YUMA C O U N TY SCH O O L D IST R IC T NO. 11 (P . O. S o m er to n ),
A
r i z . S A L E . — Crosby, M cConnell & C o., D enver, havo purchased
$25,000 6% 20-year school building bonds.

CANADA, its

Provinces and

GREATER

W IN N IP E G

W ATER

P u b lic

D IS T R IC T

(P .

O.

W in n ip e g ) .

M an . — A D D I T I O N A L D A T A . —The following additional data havo come
to hand relative to the sale of the $4,000,000 5% gold bonds to a syndicate
composed of Blair & C o., Inc . W hite, Weld & C o., the E quitable Trust
Co. of N ew York and Aemllius Jarvis & Co. at 96.52, a basis of about 5.23
(V. 114, p 1816). D enom . $1,000
D ate M ay 1 1922. Prin. and semiann. int. (M ay 1 and N ov. 1) payable at the option of the holder in gold
of lawful money of Canada at the Bank of M ontreal in M ontreal, Toronto
or W innipeg, or in U. S. gold coin of the present standard of weight and
fineness at the agency o f the Bank of M ontreal in N ew York C ity. A lter­
native bids were called for as follows:
30-Yr. 20 -Yr.
A. Jarvis & Co.: Blair & Co.: W hite, Weld & Co.; Equitable
T ru st__________________________________________________ 96.56 101.00
A. E. Ames & Co.; N ational C ity Corporation: Bankers Trust
Corporation; E. H. Rollins & Son; Coffin & Burr________ 96.08 101.14
M cLeod, Young, Weir & Co.; Kissel, Kinnicutt & Co.; E stabrook & Co.; Continental & Commercial Trust; Old Colony
Trust: Stacy & Braun______________________________
95.19 100.91
W ood, Gundy & Co.; B lythe, W itter & Co.; Guaranty Trust 95.18 100.28
U. II. D aly & Co.; Lee, lligginson & Co.: Spencer Trask & Co 95.43 ------U. C. M atthew s &.Co.; First N ational Bank (D etroit); lla lsoy, Stuart & Co.; W . Ii. Compton & Co.; Wells, D ickey
& C o___________________________________________________ 94.08 100.28
Dominion Securities Corporation__________________________ 94.30 98.05
M iller & C o ______________________________________________ 92.65 99.27
F i n a n c i a l S t a t e m e n t o f D i s t r i c t a s O f f i c i a l l y R e p o r t e d J a n . 1 1922
Assessed valuation_________________________________________ $174,094,143
T otal bonded debt (including this issu e)_____________________
16,727,012
Sinking fu nd_______________________________________________
488,187
N et d e b t_________________________________________________ $16,238,825
Area, 52.34 square miles. Population, 246,476F IN A N C IA L

F IN A N C IA L ’

G o v e rn m e n t,

M unicipalities.

A L L IST E R , Sim coe C o u n ty , O n t . — D E F E N T U R E S A L E . — T he fol­
lowing tw o issues of coupon debentures offered on April 10— V. 114, p. 1573
— wore sold at 105.26 to Ii. C. M atthew s & Co.
$25,000 6% high school debentures. D enom . $1,000.
15,000
6% public school debentures. Denom . $500
D ate April 1 1922.

M u n ic ip a l,

U tility

R a ilr o a d
I n d u s tr ia l

In v e s t m e n t B o n d s
A . B. L each &
In v e stm e n t

62 C e d a r S t .f N e w Y o rk
P h ila d e lp h ia
S c ra n to n

C o ., I n c .

S e c u ritie s

A n

105 S o . L a S a lle S t ., C h ic a g o
C le v e la n d
P it t s b u r g h

B o s to n
H a r t fo r d

D e tr o it
S t . L o u is

in

M in n e a p o lis
M ilw a u k e e

S tC O N V ER SIO N o f M ercantile Trust Company.
New York, N . Y .t with main office and two
branches located within the lim its o f the
C ity. County and State o f New York.
IN T E ST IM O N Y W HEREO F w itness m j
hand and seal o f office this tw enty-fifth day of
February. 1922.
D R O R Isg iN O E R i
(SEAL)
Comptroller o f the Currency.

W hen

P a r is
B ra d fo r d
M a n ch ester
M e x ic o

P u r c h a s in g

B onds
Find out first if they are
fundamentally sound. For one
dollar we will send you an up
to date unbiased opinion on
tho security of any bond issue.

Investm R
ent egistry of A erica, Inc.
m
Philadelphia

A r g e n tin a
C h ile
P eru
U ruguay

An g l o -S o u t h A m e r ic a n f
" B A N IC U M IT E D
1

New York Agency, 49 Broadway

1
_. **

Head Office, London,

Q t \ (jf
5 U % >

NATIONAL

E ST A B L ISH E D 1910.

608 Chestnut Street,

1

^ ___

t h e B a n k s in
N e w Y o r k C ity u .e

O f

SAFETY

PAPER

F O R T H E IR C H E C K S

George La Monte & Son
61 B r o a d w a y

S IM O N

B O R G

&

N ew

L I Q U I D A T IO N N O T IC E .

Y ork

C O .,

M e m b ers o f N e w Y o r k Srock E xchan ge

-

-

N ew Y ork

USE AND CONSULT

____
T h e F in a n c ia l C h r o n ic le
C la s s if ie d D e p a r tm e n t

~

T he First National Bank, located at Harris­
burg. in tho State of Pennsylvania. Is closing Its
affairs. All noto holders and other creditors of
the association aro, therefore, hereby notified
to present tho not as and other claims for paym ent.
Ii. J. G LA N C E Y . Cashier.




V ig o
B ilb a o
S e v ille

Other branches in

N o . 46 C ed ar S tr e e t
D ated February 17. 1922.

S p a in

M a d r id
B a r c e lo n a
V a le n c ia

Huiuibntton
T he Selma N ational Bank, located a t Selma
In the State o f California, Is closing Its affaire
All note holders and other creditors of the associ
atlon are therefore hereby notified to present thf

B an k

Six o f its own branches in im portant
Spanish cities enable the Anglo-South
American Bank to offer exceptional facili­
ties for the prompt and efficient handling
of import and export business w ith Spain.
These branches are located at:

jB to tfc e a
N o. 12123
O RGANIZATION D IV ISIO N
Form 1998
T R E A SU R Y DEPARTM ENT
O ffice of
COM PTROLLER OF TH E CURRENCY
W ashington, D . O ., February 26, 1922.
W H E R E A S, by satisfactory evidence presented
U the undersigned It has been nunio to anjpear
>
that "M E R C A N T IL E N A TIONAL BANK IN
N E W Y O RK." In the C ity o f New York, In the
C ounty o f New Y'ork and State o f New York
lias com plied with all the provisions o f the
Statutes o f the United States, required to be
complied with before an association shall be
authorized to commonco the b u sin g s or Banking
NOW T H E R E FO R E I. D . R . C M SSIN G E R
Comptroller o f the Currency do hereby certlfj
th at ‘•M ER C A NTILE NA TIO N A L BANK IN
N E W YORK" in the C ity or New York In the
C ounty o f Now York and State o f New York It
authorized to commence tho business o f Ranklnp
as provided In Section Fifty-one hjmdrod and
slxty-nlne o f tho Revised Statutes o f the United

E n g lis h

H IG H -G R A D E
IN V E S T M E N T S E C U R IT IE S

( O p p o s ite I n s id e B a c k C o v e r)

1938

THE CHKONICLE

E D M O N T O N , A lt a .— D E B E N T U R E S A L E — The Sinking Fund Trus
tees were awarded S I,475,000 55-$% tax arrears debentures on April 5 a
an Interest basis of about 6 50%
Denom $1,000. D ate Oct. 1 1919,
Int. A. & O D ue Oct. 1 1929, optional on any Interest paying date.
A D D I T I O N A L D A T A .— The $930,000 5H % debentures reported sold
by us to W ood, Gundy & Co at 93 46. in our Issue of April 22, page 1816,
are described as follows: Denom $1,000
D ate M ay 1 1922. Int M &
N . D ue M ay 1 1952. D ate of sale, April 10. T he above price is on a
basis of about 5 97% . Purpose, general municipal purposes.
B O N D S O F F E R E D B Y B A N K E R S .— W ood, Gundy & C o., In c., N ew
York, are offering to investors at 95 and int , to yield nearly 5.90% , an
issue of $ 2 ,000,000 5 H % coupon (with privilege of registration) gold bonds.
D enom . $ i,0 0 0 . D ate April 1 1922. Prin and seml-ann. int. (A. & O )
payable In Toronto, M ontreal, Edm onton, N ew York or Chicago, at the
option of the holder. D ue April 1 1947.
F in a n c ia l S ta te m e n t.
■
Assessed value of property..................... .. ......................................... $73,607,350 00
Less exem ptions__________________________________________
9,914,610 00

N e t assessment for taxation_______________________________ $63,692,740 00
T otal debenture debt (incl local im provements and present
issue)
............ ............................................ ................. ......... 30,022,471 22
Less sinking fu nd................................ ........................ $7,495,691 66
Electric light bonds...................
$911,170 19
Power bonds_________________ 2,438.897 49
Street railway bonds_________ 3,143.121 02
Telephone bonds____________
2,288.504 43
Water works bonds__________
2,660,054 59
L ocalim pts. (ratepayers’ share) 4,452,741 15
Loss sinking fund on above__ -

$15,894,488 87
4,417,232 35
-11,477,256 52

18,972,948 18.
N e t debenture d eb t____________________________ _
« ii 049,523 04
ZZZ_ZZZZZZZZZIS10 977.308 26
A s s e t s — Public U tilities_______________
Real estate, buildings, &c__________________________" "
7 665.805 61
Other assets, including sewers, sidewalks, &c
19 390,800 00
(The above figures represent the cost of assets, the book
value or which is reduced by the amount of sinking fund,
nam ely. $7,180,045 97 )
School district debt (after deducting sinking fund in hand of
$100,793 80) ...................................................................................... 3 368,406 26
Value of School D istrict’s assets__
4 498,596 01
Area, 27,200 acres. Population (Census 1921)’,""58,627. Tax rate,
general. 24.05 mills: schools. 15.65 mills.

fVoL. 114.

N O R T H B A Y , O n t . D E B E N T U R E O F F E R I N G . — Wm. N . Snyder
Clerk of the M unicipality of North Ray, will receive sealed bids until
M ay 1 for the following 6 % local improvement debentures:
$131,900 street paving debentures. Duo In 20 equal annual installm ents.
46,019 sanitary sower debentures. D ue in 20 equal ann. installments.
37,518 permanent sidewalks debentures. Duo in 10 equal annual
installm ents.
jwj
D elivery to bo made at th e Royal Bank of Canada In N orth B ay. ~
O C H R E R I V E R R . M ., M an . — D E B E N T U R E O F F E R I N G . — W . I L
Johnson, Secretary-Treasurer, will receive sealed bids until 12 m. M ay 2
for $30,000 6 % debentures. Date Jan. 1 1922. Duo yearly at tho
Canadian Bank of Commerce In Ochre River.
QUEBEC

ROM AN

C A T H O L IC

SCH O O L

C O M M IS S IO N

(P .

O.

Q u e b e c ) , Q u e .— B O N D S A L E — Tile $580,000 514% 20-year bonds
offered on April 21— V. 114, p. 1696— were sold to Wood, Gundy & Co.
and the Canadian & Foreign Securities C orp., jointly, at 99.08, a basis of
about 5.59% . Denom. $100, $500 and $1,000. D ate M ay 1 1922. Int.
M . & N . Due M ay 1 1942.
The follow ing bids were received:
Wood, Gundy & Co. and Canadian Foreign Securities Corp_______ 99.08
R. T . Leclerc and Beausoliol & C o .........................
. „
99.065
L. G. Beaubien___________ ____________________________________ 98.76
United Financial Corporation______________________
________ ” 98.31
97.557
A. E. Ames & Co. and National C ity C o.......................................
Dominion Securities Corporation___________
97 53
M cLeod, Young, Weir & Co. and Credit Anglo-Francais............ .........97.24
SASKATCH EW AN

SCH O O L

D IS T R IC T S ,

Saak .—

D E B E N T U R E S

A U I I I O R I Z E D . — The following, according to the "Financial Post’’ of
Toronto, is a list of authorizations granted by tho Local Government
Board from April 1 to April 8 : Codotto, $500 Pathlow Hoight. $1,700
Wheat Plains, $3,000 Lancaster. $2,000 Ivelvington, $20,000 New Bank,
$600 Rocanville, $3,000 Thring. $3,100 Village of Spring V alley, $1,000.
D E B E N T U R E S A L E S . — The following, we learn from the same source.
Is a list of debentures amounting to $17,000 reported sold in tho same
period: Norwich, $3,700 10-year 8s, Waterman Waterbury, Regina,
Hampton, $1,000 10-year 8s, N ay Sc James, Regina Kamsack, $5,000 5-year
8s, various, Kamsack Bowmore, $4,000 15-year 8s, Waterman W aterbury.
Regina M yrtlo, $3,300 15-year 8s, Waterman Waterbury, Regina.

T H O R O L D , O n t . — B O N D S A L E . — Tho town recently sold $22,691 6 %
& 6 H % bonds at 100.07 to R. C. M atthew s & Co.

T O R O N T O , O n t . — B O N D O F F E R I N G . — Sealed bids will bo received
by Geo. H. Ross, Commissioner of Finance, until 12 m . M ay 1 for the
following coupon (with privilege of registration) bonds:
C R A N B R O O K , B. C . — D E B E N T U R E O F F E R I N G .— It is reported that $1,803,000 6 % bonds.
T. M . Roberts, Town Treasurer, will receive bids until M ay 13 for $40,000 2.920.000 5 ' A % bonds.
1.563.000 5% bonds.
6 >S% 20-year debentures. D ate March 1 1922. D ue In 20 years.
D enom . $1,000. Interest sem i-annually. Duo from 1922 to 1952,
M O N T R E A L S O U T H , Q u e .— D E B E N T U R E S A L E .— An Issu e' of inclusive. Certified check for 2% of tho amount bid for, payable to abovo
$180,000 5H % debentures was recently sold a t 94.12 to R. T . Leclerc & Commissioner, required. Legality has bcon approved by J.‘ B. Clarko, of
C o . o f M ontreal.
Due M ay 1 1957. Only one additional bid was sub­ Toronto. Engraved bonds will bo ready for delivery on or about M ay 15
m itted and that was for 91.13 and was subm itted by A . E. Ames & Co.
1922. Delivery and paym ent, with accrued interest, are to bo made at tho
office of tho above Commissioner. B ids will not be considered for any part
N E W B R U N S W I C K (P r o v in c e o f ) . — D E B E N T U R E O F F E R I N G .— of the above issue.
Tenders will be received until M ay 6 by the Provincial Treasurer (P . O.
Box 540. Fredericton, N . II.), for the purchase of $2,300,000 debentures.
W E S T M I N I S T E R , B . C .— B O N D S A L E . — We are unofficially advised
D ate M ay 15 1922. Further particulars may bo obtained upon applica­ that an issue o f $200,000 6 % 30 year nonds was recently sold to the Lumber­
tion to the above Treasurer.
men s Trust Co. of Portland, Ore, at 98.

F IN A N C IA L

F IN A N C IA L

S I . LOUIS

Illinois Trust & Savings Bank
L a S a lle a t J a c k s o n

-

Capital and Surplus

C h ic a g o

I Herndon Smith
Charles W. Moore
William H . Burg

SMITH, MOORE & CO.
IN V E S T M E N T

$15,000,000

»«* O L IV E S T .,

Pays Interest on Time
Has on hand at all times a variety of ex­
Deposits, Current and Reserve
cellent securities. Buys and sells
Accounts. Deals in Foreign ExGovernment, Municipal and
change. Transacts a General Trust Business.
Corporation Bonds.

BONDS

S T . L O U I S , M IS S O U R I

S T .

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M e m b e r s N e w Y o r k S to c k
M e m b e r s S t . L o u i s S to c k

300 N . B r o a d w a y

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rep resen t

you

in

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Railroad
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MELLON NATIONAL BANK
PITTSBURGH, PA.
a n d

S u r p l u s

S T . L O U IS

B O N D S

A Pittsburgh banking connection of the highest order is offored
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C a p i t a l

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$ 1 2 , 0 0 0 , 0 0 0

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N e b le a n d W e st S t r e e ts , B r o o k ly n , N .Y .C Ity




C O

I N V E S T M

B . E D W A R D S
IN V E ST M E N T S

7* T r i n i t y P la c e , N E W Y O R K , N . Y .
F O R S A L E — T im b e r , C o a l, I r o n , R a n c h a n d
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C o n fid e n t ia l
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I n v e s t ig a t io n s
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United States
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G E O .

N

PROVtOENCE

B O D E L L
10

&

C O .

W EYBO SSET STREET

PROVIDENCE
New York

B oston