Full text of Commercial and Financial Chronicle : August 12, 1922, Vol. 115, No. 2981

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1-Y Mee
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financial

tl

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INCLUDING
Railway & Industrial Section
Bankers' Convention Section

SATURDAY, AUGUST 12, 1922

VOL. 115.

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CLEARING HOUSE RETURNS.
Returns of Bank Clearings heretofore given on
this page now appear in a subsequent part of this paper. They will be found to-day on pages 729 and 730.
THE FINANCIAL SITUATION.
The first notable incident in the sixth week of the
railway strike was of an expected, because already
familiar, character; during Saturday night some
miscreants tampered with the rails and wires of the
electrified line of the Long Island road near this city,
with the intent of interrupting the local service on
Sunday and furnishing what would have been proclaimed conclusive proof that the lines and rolling
stock of that and other Eastern roads are far from
being in as good condition as their officers claim.
Nuts having been removed from the wooden guard
rail and from the third rail itself, over several separated pieces of line of considerable length, the natural result, though less serious than the plotters expected, was to overturn a few loosened rails and tear
off a few, contact shoes on the cars. The most remarkable and most ingenious deviltry was the running of a wire between the third rail and a high tension cable, with some loose wire so laid across the
running rail that the first touch of a truck wheel
upon it would cause a short circuit and a "blow-out,"
burning the feed line, perhaps setting fire to the
train, and almost certainly putting most or all of the
entire electrified,system out of operation. A keeneyed motorman who understood things and was on
the alert saw this loose piece of wire in time to come
to a stop just before reaching it, and thus the scheme
was foiled.




Electric Railway Section
State and City Section
NO. 2981

The road promptly bulletined an offer of $1,000
for evidence leading to conviction of the offenders,
and the strike leaders,smugly deprecating alllawlessness and disclaiming any connection with this piece
of it, followed by offering a like reward. Mr. Gompers has not yet announced the discovery that this
job was procured by the railroads as part of a gigantic conspiracy to break unionism and even make an
end of collective bargaining, but hints of this sort
have been dropped by some of the strikers. Upon this,
however,in the lack of the testimony of eye witnesses,
we must take note of circumstances and motives, as
in all criminal trials. We are faced by the clear fact
that the offenders in this instance are experts on
electric propulsion and knew exactly how and where
to go at their work, and if we accept the hypothesis
that strikers and unionists are innocent, we must
assume the existence of a type of biped who should
be very interesting to students of criminal psychology, namely the sympathetic outsider. This hitherto
unclassified creature stones trolley cars and their
innocent passengers during a trolley strike; he descended like an avenging host upon the "scabs" in
the mine at Herrin and shot them down as they ran;
he fell upon mines in the West Virginia Panhandle;
he has now attacked the Long Island road; and he is •
never long absent wherever a strike occurs, although
he is outside of unions and not connected with either
mines or railroading. The reward to whoever will
locate and identify this specimen might well be
largely increased, in the interest of scientific knowledge.
The next incident was the President's telegram to
Mr. Cuyler and Mr. Jewell, offering another scheme
for settlement. Inasmuch, he said, as the men agreed
to all of his proposals of last week and the roads rejected only the third, he called on the strikers to return and on the roads to assign them to work, the
remaining question of seniority to be taken to the
Labor Board for hearing and decision, both sides to
accept such decision when reached. Those who think
the roads might safely consent to this proposed reference of a principle and agreement cite Mr. Hooper's statements of a month ago that the strikers, by
their own persistent conduct, had ceased to be railroad employees or within the Board's jurisdiction or
care and had also abandoned all their former rights,
seniority included. But, of course, there is no guaranty that the Board (and even Mr. Hooper) would
act according to that position, although Mr. Jewell,
apparently unwilling to take chances upon it,
promptly pronounced the plan "a most uncalled-for
attempt to help the railroads break the strike," and

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THE CHRONICLE

[VoL. 115.

said "nobody ought to get the idea that the shop fedAnother disturbing influence has been the attempt
eration will accept," and the secretary of the "New to drag the main brotherhoods into the trouble by
York District Committee" protested violently to him urging that their men are endangered through the
"on behalf of thousands of striking shopmen in this alleged use of deteriorated locomotives and cars. The
district," declaring that the Board ruled against the strikers have harped upon this plea, and have caused
men on this point and cannot be expected to reverse some restiveness by it. But the charge is so obviously
itself, and that the men,"full of fight," could not be false—so utterly without a basis in fact, as the excoaxed back but mean to see the thing through, want- ecutives are able to show by abundant statistics—
ing no mediation.
that it is not likely to work much mischief. A more
Yet on Tuesday Mr. Hooper commended the plan insidious means of extending and prolonging the
as promising relief to the country and as "fair and strike is in getting railroad hands of all classes to
practical." He treated seniority as of negligible assume the attitude that they will not work in the
consequence, because increased traffic and the extra presence of troops sent to protect life and property.
shop work accumulated during the strike will require That has been the source of disturbance at Elgin, Ill.,
a much increased number of mechanics; "the other this week.
ordinary processes of readjustment that always folThe roads continue to report new men coming and
low a strike would likewise operate effectively, and old men returning daily, and from present indicaon a very large number of the roads, in my judgment, tions the strike was virtually lost nearly a month
the question of seniority would never even arise." ago. The misleaders who have fomented the trouBut the matter cannot be dismissed thus as merely ble are holding out for a means of escape, and are
academic. Mr. Hooper's forecast may prove errone- now desperately hoping for some turn in their favor,
ous, and even if most roads should have work enough especially that the politicians will offer some new
for all new men as well as the old, some practical patchwork under which they can take refuge. In the
points in seniority would still remain to be met; on circumstances the sane and expedient thing is to keep
roads where there did not prove work enough for all, cool and let natural laws—for once and at last—
and also when slack times came to roads most busy work out a right solution.
for the present, the new men would have to be sacrificed.
The grain, hay and other leading farm crops promWhen the Board ceased to function to their liking, ise a very large yield this year, according to the Augthe shopmen flouted it and rebelled against it; sup- ust report of the Department of Agriculture at Washpose seniority is now referred to the Board, when its ington, issued on Tuesday of this week, and as these
action upon that or upon the wage reduction which crops with the exception of corn are now practically
is to have a re-hearing displeased them again, they made and partially or wholly housed, there is little
would rebel again, unless they experienced a reaction likelihood of these calculations being upset. The
to good sense. "We would agree to end the strike," spring wheat condition on August 1 was very high,
says Mr. Jewell, "if the Government should take 80.4%. This contrasts with 83.7% the condition a
over all the roads and offer all the men their old month earlier, and 66.6% the condition on August 1
jobs." But the country had its experience along 1921. The area planted to spring wheat is placed at
these lines during the war and wants no more of it.
18,639,000 acres, which is 1,067,000 acres less than
The question of maintaining honor and good faith, was planted to spring wheat in 1921, and the yield
joined with a sane and permanent business policy, per acre this year is put at 14.1 bushels, as against
stands just where it stood before, and it must be 10.5 bushels per acre from the spring wheat crop of
'again said that dishonor and breaking faith never 1921. The yield this year will therefore be 263,000,have been and never can be expedient. How can men 000 bushels, and has been exceeded only three
times
who have given a pledge consent to ask or permit in the preceding ten years. The yield last
year was
others to say whether that pledge shall be kept? Fur- 207,861,000 bushels. For winter and spring
wheat
ther, and still upon the matter of joint honor and combined the Department estimates this
year's proexpediency, there is a deep and far-reaching point duction at 805,000,000 bushels. This contrasts
with
upon which the people, absorbed in their present a total yield last year of 794,893,000 bushels. The estrouble, seem to have hardly thought at all: we need timated yield per acre of winter wheat for this year's
transportation now, but we shall need it quite as se- crop is placed by the Department of Agriculture at
riously next year and in the years to follow. There- 14.2 bushels, whereas the July 1 estimate this year
fore, let us remember, we are either settling the prob- was 14.9 bushels per acre, the reduction in the yield
lem justly and hence permanently, or we are tem- per acre for winter wheat during the past month beporizing again and making sure that the attack upon ing responsible for a loss of 27,000,000 bushels in the
our peace will continue recurring, as it has been for Department's estimates for the intervening period.
so long.
The corn crop will exceed, according to the AugThe House recess ends on Tuesday, and the Presi- ust 1 condition report, 3,000,000,000 bushels for the
dent asks a full attendance, that Congress may be third consecutive year. The condition of the corn
prepared to take up the subject of one or both strikes. crop this year improved during July. On August
1
Any conjecture as to this would be idle; but the con- it was placed by the Department of Agriculture
at
duct of the session thus far and the nearness of the 85.6%, which is .5 points better than on July 1,
and
November struggle, for which everybody is playing, contrasts with 84.3% at the corresponding
date of
make it almost hopeless to look for any useful and the last previous crop. The yield of corn this
year
constructive action from Congress in this year. There will be 3,017,000,000 bushels, or 29.2 bushels
per
will doubtless be proposals to put more teeth in the acre. Last year's crop of corn was 3,081,251,000
Transportation Act and to give the Board more bushels, the average yield per acre being 29.7
bushpower; there will also be efforts to abolish the Board els. The largest crop of corn ever harvested was
that
and set up some other scheme of "conciliation" on a of 1920, 3,232,367,000 bushels, As to oats
likewise,
national scale.
a very large yield is promised this yera, the condition




AUG. 12 1922.]

THE CHRONICLE

on August 1 being placed at 75.6% as contrasted
with 74.4% a month earlier and only 64.5% a year
ago. The arceage this year is somewhat less than the
area planted to oats in four of the five preceding
years, but the harvest, which is now put at 1,251,000,000 bushels this year, is larger than it was in two of
the last five years and contrasts with 1,060,737,000
bushels, the yield for 1921. Barley, too, is better, the
harvest this year now being placed at 192,000,000
bushels, over 5% improvement as contrasted with the
forecast a month ago, and within 5,000,000 bushels
of the five-year average harvest.
The yields of white potatoes, sweet potatoes and
apples, all three leading food crops, also of tobacco
and hay promise to exceed any preceding crop harvested, or will be close to the top, according to the
August report. For white potatoes, the harvest is
now put at 440,000,000 bushels. This contrasts with
346,823,000 bushels, the harvest of last year, and
373,000,000 bushels, the five-year average, and is only
2,000,000 bushels under the 'record white potato crop
of 1917. As to sweet potatoes, the yield is placed at
112,000,000 bushels this year, contrasting with 88,800,000 bushels, the last five years' average. A production of 1,425,000,000 lbs. of tobacco is now promised, the five-year average being 1,378,000,000 lbs.,
and of hay 110,300,000 tons, which contrasts with 96,802,000 tons, the yield last year.
Development of any unusual deterioration in the
growing cotton crop at the South has not appeared
during the past seven days, and this leaves only fourteen days remaining before the date of the September
cotton crop condition report is to be tabulated by the
Department at Washington. Large and substantial
yields are now practically assured of all the important farm products, and it is our judgment, based on
the latest advices obtainable, that this will also be
true of cotton. Prices are very remunerative, and the
producers in these days are in position to obtain close
to the best figures of current prices for practically
all of their output. Prosperity with the producers
must lead to a large and remunerative trade in all
departments of business. Labor troubles are the
only disturbing elements. With these removed, a
large and active fall and winter business must follow.
The statement of commercial failures for July,
published a week ago, was a preliminary one, the
regular report being issued this week, and the latter
emphasizes more strongly than the earlier figures
did, the point made by the "Chronicle" that there is
little indication of any recession in these commercial
disasters, either as to the number or as to the amount
of indebtedness involved, the actual figures for July
contrasting quite unfavorably with earlier reports.
There were last month 1,753 such defaults, with an
ai,gregate indebtedness of $40,010,313. In June the
number was 1,740 and the amount of liabilities $38,242,450, while in July 1921 there were 1,444 similar
defaults for $42,774,153. The July figures this year
make about the customary division as to manufacturing concerns, trading concerns and the third class
of agents and brokers.
Cable service between the United States and
northern Europe has been seriously curtailed by
reason of the seizure, by the Irish rebels, of ten of the
seventeen lines linking the two continents. News associations were permitted to send only the most ur-




683

gent matter for publication, practically all dispatches of special correspondents being refused. Even the
principal news associations were required to cut
their messages as severely as possible. Naturally,
the foreign exchange and securities markets were seriously affected. The situation did not improve as
the week advanced. To send messages from New
York to England cost over $1 a word. They had to
be sent by "a 15,000-mile route by way of Lisbon, the
Cape Verde Islands and Buenos Aires," causing a delay of 22 hours in some instances. From the start
doubt was expressed in the London dispatches that
did come through that an agreement relative to German reparations would be reached at the conference
of Premiers in London. It was reported late yesterday that a partial agreement had been arrived at.
In Ireland further victories over the rebels were
gained by the Free State troops, including the capture of the city of Cork. In an Associated Press dispatch from Dublin last evening it was stated that,
as "communication with Cork, except by sea, is still
impossible," it was difficult to determine whether the
national forces actually had entered Cork. Political
disturbances followed the selection 6f a new Cabinet
for Italy to such extent that martial law was established in some centres.
Of course, the leading topic of discussion in the
principal capitals of Europe has been the conference
of Entente Allies in London. The sessions were held
at the official residence of Premier Lloyd George, at
No. 10 Downing Street. The first occurred Monday
forenoon at 11 o'clock and the second at 4.30 o'clock
in the afternoon of the same day. It was stated that
"all the Allied delegates, including Baron Hayashi,
representing Japan," were on hand for the opening
meeting. Including experts and secretaries, there
were 32 present. The delegates were welcomed by
the British Premier, "assisted by Sir Robert Horne,
Austen Chamberlain and Sir L. Worthington-Evans,
and the business of the morning began." Lloyd
George called upon Premier Poincare to state the
French position. This took up all of the morning
and part of the afternoon session. He began "by
pointing out that the terms of the Treaty of Versailles
seemed to be observed less and less as time went on.
He referred to the failure of the prosecution of war
criminals and of any attempt to try the ex-Kaiser,
and he declared that the reports with regard to disarmament were of a thoroughly unsatisfactory character." Dealing with the question of reparations, he
said: "As for reparations, difficulties of many kinds
were being put in their way. The Reparations Cornmission has continually reduced the assessment Germany was to be called upon to pay, yet a partial moratorium has been granted to her from Dec. 31 last,
and she is now asking for a complete moratorium to
the end of 1924." He contended that so far "France
has already spent eighty billions of francs upon reparation expenses for which Germany ought to have
provided the money." Continuing, M. Poincare protested that "the French Government was eager for
the reconstruction of Europe. It had no desire to be
unfair to Germany, but it was surely justified in
holding that the solution of its own difficulties might
be considered an essential factor in the regeneration
of Europe."
At the afternoon session Premier Lloyd George
opened the discussion and expressed the opinion that
"the Allies should grant a moratorium to Germany

684

THE CHRONICLE

on her reparations payments." He suggested that
"it should be remembered that if Germany had failed
to meet her obligations it was a serious matter for all
the Allies and not for one or two alone. All had suffered very heavily, and the question could not be considered fairly if it was forgotten that all had made
their sacrifices in the war." He cited figures issued
by the Bankers Trust Co., of this city, which he characterized as "an impartial authority," showing that
the French expenditures on the war had amounted to
$37,500,000,000, those of Italy $14,500,000,000, and
those of Great Britain $49,000,000,000. The Premier
argued also that "Great Britain's claims to reparations, therefore, were as great as those of France.
During the war, he said, Great Britain had raised
0,000,000,000 by taxation. He parried a statement
of M.Poincare on the devastation of France by calling attention to the devastation to British trade."
The French plan was referred to a committee composed of four Finance Ministers. American Ambassador George Harvey, who was expected to attend
the opening sessions as "an unofficial observer," remained in the Scottish Highlands, where he was taking a vacation.
The London correspondent of the New York "Herald" cabled a week ago last night that "everything is
being done to make the conference here Monday between Premier Lloyd George and Premier Poincare,.
in which representatives of other European States
also will participate, the most important since the
Versailles Conference." He said also that "the best
formal result it is hoped to attain is that France and
Great Britain can find common ground upon which
the collapse of the mark can be checked. It is not believed here that M.Poincare will take precipitate action against Germany to-morrow [last Saturday],
particularly in view of the report that Paris has
asked the British Foreign Office for suggestions relative to the German note stating that Germany cannot
continue gold mark payments. The Foreign Office,
however, has refrained from giving any advice to the
Quai d'Orsay on this subject."
The Allied experts took hold of Premier Poincare's
plan on Tuesday. As a result of only one day's study
it was indicated in London cable advices that it
would meet with considerable opposition. The Associated Press correspondent said "the proposal made
by Premier Poincare of France for control of Germany's finances, in return for a moratorium for Germany,seems not to have found favor with the British
and Italian financial experts, mainly because they
foresee that the plan would involve the Allies in embarrassing political entanglements which would not
be justified by what might be gained financially."
He added that "it seems to be apparent that there
will be no unanimity with regard to M. Poincare's
proposals. ti majority of the committee of experts
was against the proposed customs barrier or the imposition of taxation in the occupied area, while the
proposal to seize the mines and forests was rejected.
In this connection, however, it was decided to study
the possibility of a system of guarantees assuring to
the Allies a supply of coal and wood. The proposal
to ask Germany to consent to concede to the Allies
a share in the industrial concerns also was rejected.
A majority of the committee seemed to take the view
enunciated by Signor Schanzer, the Italian Foreign
Minister, that there was a contradiction in granting
a moratorium and at the same time taking over German property. The opinion generally prevailed that




[VoL. 115.

the proposed steps now were needed less, in view of
the guarantees lately imposed by the Committee on
Guarantees after its visit to Berlin." The New York
"Times" representative said that "it is probable that
a compromise by short moratoriums will be agreed
to. That might be more advantageous than at first
would appear, because the adjournment of final decisions for six weeks or two months would give the
members of the Allied Council an opportunity to approach the reparations problem with renewed vigor.
They are palpably weary of it at present and give the
impression of standing in need of a rest." He even
asserted that "as it is, already there is talk of this
conference being merely preliminary to a more decisive one to be held at a later date, and general skepticism of the probability of any great results being
achieved necessarily militates against much progress
being made."
The private discussions of Premiers Lloyd George
and Poincare were reported to have taken a more favorable turn on Wednesday and to have resulted in
the former /'giving in" on two points to the latter.
According to the Associated Press correspondent,
"as a result of a three-hour conversation between
Premier Poincare of France and Prime Minister
Lloyd George of Great Britain, it was decided to refer back to the committee of experts the French Premier's plan for control of German finances, with the
request that the points upon which the British and
French are not in agreement be re-examined." That
correspondent added that "Mr. Lloyd George had
agreed to the French suggestion regarding the collection of 26% of German exports at the German frontiers, which would be paid into the reparations funds.
He also agreed to the suggestion for taking over the
State forests and mines in German occupied territory, on the left bank of the Rhine." He stated, furthermore, that "the important points on which the
two Premiers were unable to agree were the establishment of a customs barrier along te Rhine providing for duties on everything going into and coming
from the Ruhr region, the principal purpose being
to tax coal going into the rest of Germany,and Allied
participation in German industrial concerns."
Announcement was made Wednesday evening in
Loudon that a meeting of the British Cabinet would
be held the following day to consider the French suggestions. It was asserted also that upon the decisions reached by the Cabinet probably would depend
Thether the meeting of the Allied Premiers set for
yesterday would accomplish anything, or would be
"only for the purpose of formally adjourning and arranging for a further meeting elsewhere." These suggestions apperaed in an Associated Press dispatch
from London Thursday morning. On the other hand,
the New York "Herald" correspondent at the same
centre cabled that "there is credible information tc
the effect that Prime Minister Lloyd George and Premier Poincare reached a real understanding tonight
[Wednesday] regardless of the experts." The New
"Tribune" representative in Paris, in commenting
upon the (ffects of a rejection of the French plan,
said that "the seriousness of the situation, however,
was modified by the statement of a person close to
Poincare that the French Prime Minister was ready
to make decided concessions in order to maintain Allied unity." Word came from Paris Thursday evening "that the French Cabinet, at a special meeting
held this morning, presided over by President Mille-

AUG. 12 1922.]

TUE CHRONICLt

rand, approved entirely the attitude taken by Premier Poincare at the London conference on the reparations problem." The British Cabinet took similar
action. The Associated Press correspondent in London said that Foreign Minister Schanzer of Italy
had told him thta "he thought there was still a basis
for an agreement between Great Britain and France
on the questions pending in the conference here." On
the other hand, he said that "Minister Theunis has
been striving all day to effect a compromise and
found Lloyd George willing to discuss some points
which he was credited by the French yesterday with
having refused to agree to, but on others he was adamant and said he had no intention of yielding to
Poincare."
Acciirding to an Associated Press dispatch from
London last evening, the British presented "proposals for a settlemnet of the German reparations in reply to those of Premier Poincare of France." They
were said to be in four sections and to embrace the
following points: "(1) A moratorium to be granted
to Germany to extend to the end of the present year.
(2) Prompt payments of reparations in kind, espedally coal and wood, to be made by the Germans.
(3) The moratorium also would be dependent upon
financial reforms in the interior of Germany, under
control of the Reparations Commission. (4) The
Reparations Commission would be authorized to collect 26% of German customs." Poincare was quoted
as saying that"an agreement had been reached on the
first part of a reparations plan, and that they were
working on the other parts."
The question of German reparations has. been to
the fore again, through the exchange of notes between
the German and French Governments, as well as by
reason of the conference of Premiers in London. A
week ago last night the German Government sent a
"supplementary note" to Paris in which it reaffirmed
the position it had assumed in its original communication with regard to the payment of private debts
contracted with Frenchmen before the war." The
Associated Press correspondent in Berlin added that
"the note declares the German Government does not
propose to default carrying out the payments, but
merely requested a reduction of the amount to be
paid." The note was accompanied by "statistical
data on German finances and economies."
At noon a week ago to-day "the French Government officially declared Germany in default with
respect to the compensation clauses of the Treaty of
Versailles and announced reprisal measures." The
New York "Times" correspondent observed that
"these measures are not sensational on the face of
them, but the reprisals will be progressive." Three
hours before, the German note dispatched from Berlin the night before, was received at the Quai d'Orsay.
It asserted that "the compensation payments formed
a part of general reparations, and citing the English
note saying the subject would be discussed among the
Allies at London next week. It also denied France's
right to act prior to Aug. 15, and added that the Belgian note supported that contention." The New
York "Times" representative said that "Berlin makes
new promises of ultimate fulfillment, but points to
the disaster to the German mark and asks France not
to act." He also stated that at noon, "at the dictation of Premier Ponicare, the French Foreign Office
issued a communique setting forth that all payment
or recognition of German nationals' credits in




685

France was suspended, that 'all' payments to Germans of avvardg of the Mixed -Arbliral Tribunal were
suspended,- that
proceeds- -Of tlie:liituidation of
German Property iri -Fia-nee ivas --seqUestrated until
further notice and thatliqUidation, tinder the accord
of Baden-Baden, of German •goods in Alsace-Lorraine,- was susPended.'
'The correstiondent said also
that "it is expected that this aetion by Paris will
have an important bearing on the reparation talks
which begin in London on Monday, for here it is
taken as notice by M. Poincare that France is not
necessarily bound by the wishes of her allies, England and Belgium, in this case, and that if she thinks
she has to, she will act independently to force- general reparation payments."
Just after sending his reply to the French ultimatum, Chancellor Wirth of Germany made a statement for the American people in. which he set forth
in considerable detail the German position relative
to reparations. In part he was reported to have said:
"The French, in contrast to the business-like methods of the Anglo-Saxons, prefer to use threats and
force. The French are like the old quack doctors who
pretend to cure, but they are only twisting sharp
knives about in the sick European body.. The French
methods are entirely impractical and- uneconomic.
It is evident that Poincare has lost his patience. We
Germans have not lost ours, but our strength is
gone." He added that "it is essential that Germany
receive a real moratorium. Our intention is not to
evade further payments. We .want to make payments, but payments spread over a:longer period.
The present reparations methods are fundamentally
wrong. The Brtiish admit that the amount of 132,000,000,000 gold marks was not fixed after an economic investigation of Germany's capacity to pay,
but according to the demands Of creditors and political considerations. Then there is the erroneous idea
abroad that finance can somehow be separated from
industry and general economic*Proiperity, but finance is merely the exponent- of what industry can
produce. If you are content with some theoretical
program you are building in thin air, and your whole
structure will collapse like a, house of cards." Continuing, he said: "We do not keep two sets of account books, as has been charged. The Allies must
look into Germany's economic plight and act to avert
disaster. The rise in prices exterminates the entity
of classes. A valueless mark would have more serious consequences in Germany than in Austria,
where industry is limited. Germany is one big factory. A breakdown of 60,000,000 Germans could not
be repaired over night."
The Reparations Commission in Paris Sunday
evening, issued a statement announcing that by a
vote of three to one it had rejected "a resolution
which would have accorded a moratorium to Germany for the remainder of the calendar year on reparations." The statement made it known also that
"it also rejected Germany's offer of payments of
£500,000 monthly on balances of the pre-war debts
contracted by German nationals."
Another feature of the situation was presented by
the Berlin correspondent of the New York "Herald"
Wednesday morning. He said that "convinced that
the liquidation of sequestrated German property in
France has been carried out fraudulently, in spirit if
not in the letter, the German Government intends to
ask the Reparations Commission not only to exert
its authority over future payments, but also to re-

686

THE CHRONICLE

view all sales which have been effected to date." It
was alleged, according to the correspondent, that
German property had been sold at French auctions,
"for less than pre-war. value." The correspondent
added that "German liquidation officials also complain of efforts made to depreciate the values in every
sale by splitting lots and putting up cheap kitchen
chairs with costly dining tables and buffets, and
after mixed lots are .sold, disposing of individual
pieces for next. to nothing. In fact, so constant have
been the German complaints of such methods that
one official did not hesitate to-day to declare that
they were the principal reason for Premier Poincare's decision to ask further security in all liquidation proceedings."

[VOL. 115.

in Milan was the immediate result of Gabriele d'Annunzio's flying visit last night, when he spoke from
the balcony of the Communal Palace in a successful
effort to stop the factional fighting." He explained
in greater detail that "elated over their success in
breaking the general strike throughout Italy, the
Fascisti determined to oust the Socialists and Communists from all authority in Milan, and after fighting, they gained possession of the palace. When
d'Annunzio called on all the men in Milan to make
an effort to restore fraternal relations between workmen and political parties the Socialist and Fascisti
delegates to the Council met and reached an ageement for future peace, which probably will include
the removal of the Socialist Mayor from the Coun-

cil."
According to an Associated Press dispatch from
the Italian capital the next day, the "Tribune" representative could not have been correctly informed.
The Associated Press said that announcement was
made in Rome on Sunday that "martial law has been
declared in the provinces of Genoa, Milan, Parma,
Ancona and Leghorn. The military authorities have
received complete control over these territories until
order is restored. In Rome, troops armed with machine guns rushed to the Chamber of Deputies in order to protect it against possible attack by Fascisti."
Even the "famous San Giorgo Palace, the symbol of
Genoa's ancient glory and the meeting place of the
recent Genoa Conference, was occupied by Fascisti
after a short but bloody fight last night in which five
were killed," according to the correspondent. These
occurrences do not savor of a peace agreement. The
very next day the assertion was made in an Associated Press cablegram from Rome that "burnings
and bloodshed continue in Italy. Drastic instructions have been issued to the military authorities
from the Ministry of the Interior to put down civil
war at all costs and to prohibit absolutely demonstrations of all kinds. Martial law was proclaimed
in the provinces of Genoa, Milan,Parma,Ancona and
Leghorn yesterday. Martial law was extended tonight to the province of Brescia, where disorders are
expected to break out. The Government is gratified
at the results obtained in the other provinces now
under martial law and feels that it has the situation
Following the formation of a new Italian Cabinet, in hand."
Sentiment with respect to the Italian situation imand the ending of the general strike in Rome, politsomewhat by reason of the announcement
proved
ical disorders were reported in various important
morning that "Benito Mussolini, leader
Wednesday
towns and cities in Italy, notably Milan, Ancona and
Fascisti
organization, has instructed the Secthe
the
of
to
Associated Press correGenoa. According
of
the Fascisti to order by telegraph
-General
retary
and
other
these
Rome,
in
centres awere kept
spondent
in a state of turmoil by bands of Fascisti bent on the demobilization of all the Fascisti throughout
working reprisals against the Socialists and Com- Italy." Premier Facta, in a statement before the
munists." Gabriele d'Annunzio, the poet-soldier, Council of Ministers on Tuesday, declared that
about whom very little had been heard for a long "Italy's restoration to normalcy, the re-establishtime, addressed thousands in the street below the ment of credit abroad and the repression of the counbalcony of the Milan Municipal Building. He de- try's turbulent elements" will be the chief aims of his
clared that he had not come to speak the "word of Government. He said that "Italy needed peace and
battle," but the "word of fraternity." Emphasizing work with a view toward gaining prosperity." The
the necessity of unity and brotherhood among Ital- Premier will "present a bill to Parliament asking for
ians, he said: "Every workman,,every peasant and the approval of a provisional budget to take care of
every sailor led astray by evil shepherds must be con- the Government's expenses until the end of the year.
vinced of this!! He also urged his countrymen "to If he obtains a vote of confidence on these proposals
strive toward goodness—not inert, weak, indulgent it is expected that the Chamber will adjourn on Satgoodness, but virile goodness, a goodness which con- urday [to-day]." According to a dispatch from
quers national frontiers, which grimly faces the hard- Rome last evening, the Italian Chamber of Deputies
est destiny and which overcomes all evils." The New gave a vote of confidence to the de Facta Ministry,
York "Tribune" representative in Rome cabled that and the Parliament adjourned until November.
"a peace agreement between Socialists and Fascisti

In London, on Thursday, King George signed the
Washington disarmament treaties, thereby,completing formal ratification of them by Great Britain. It
was stated in a London dispatch yesterday morning
that "copies of them will be sent to Sir Auckland
Geddes at Washington in the diplomatic bag by the
next steamship."
Official announcement was made in Washington
on Thursday by Secretary of State Hughes of "the
signing in Berlin to-day of an agreement between
representatives of the United States and Germany
for the determination of the amount of American
claims against Germany." Mr. Hughes made the
text of the agreement public. It provides for "a
mixed claims commission of two commissioners, one
to be named by the United States and the other by
the German Government, with an umpire to settle
matters on which the commissioners cannot agree."
Announcement was also made that President Harding had named Wm.R.Day,Associate Justice of the
United States Supreme Court, as "umpire, acting
upon the expressed desire to have an American citizen appointed." The New York "Times" correspondent at Washington said that "there appears to be no
intention on the part of the Administration to make
the operation of the agreement contingent upon ratification by the Senate. The agreement,in fact, itself
provides that it shall 'come into force on the date of
its signature.'"




AUG. 12 1922.]

THE CHRONICLE

Official discount rates at leading European centres
continue to be quoted at 5% in France and Denmark;
53/2% in Norway and Madrid; 6% in Germany;
432% in Belgium and Sweden;4% in Holland; 332%
in Switzerland, and 3% in London. The open
market discount rate in London has advanced to
2JA% for short bills and 23%@2 3-16% for three
months in comparison with VA% a week ago.
Money on call in London is also firmer, having been
marked up to 14%, as against 1M% last week.
Open market discounts in Paris and Switzerland,
however, remain at 4% and 1%%, unchanged.

687

1920. Just prior to the outbreak of war, in 1914, the
amount was only 6,683,184,78 francs. Comparisons
of the various items in this week's return with the
statement of last week and cOrresponding dates in
both 1921 and 1920 are as folloWs:
BANK OF FRANCE'S
Changes
• for Week.
Gold Holdings—
Francs.
In France
•
Inc.
230,000
Abroad
No change

COMPARATIVE STATEMENT.
Status as of
Aug. 10 1922. Aug. 11 1921. Aug. 12 1920.
• Francs.
Francs.
Francs.
3,582,223,019 3,573,229,716 3,611,496,563
1,948,367,056 1.948,367,056 1,978,278,416

Total
Inc.
230,000
Silver
Inc.
54,000
Bills discounted_ _ _Dec. 523,202,000
Advances
Inc. 35,477,000
Note eirculation_Inc. 50,684,000
Treasury deposits_Inc. 48,250,000
General deposits_ _Dee. 146,918,000

5,530,590,075.. 5,521,596,772
285,409,495, 275,948,692
1,994,057,000. 2,513,099,825
2,187,457:000 2,193,770,349
36,449,878,000 37,225,799,880
73,665,000
39,415,408
2,210,643,000 2,641,846,010

5,589,774.980
248,622,299
1,965,158,444
1,934,800,353
38,064,323,84&
69,561.612
3,319.642,853

The Bank of England this week announced a small
increase in gold, £360, while total reserve expanded
The Imperial Bank of Germany, in its statement
£232,060, as a result of a contraction of £232,000 in
issued
as of July 31, registered what are probably the
sshown
wa
reduction
circulation.
A
material
note
in "other" deposits, which fell £3,470,000. Public most sensational changes as yet:noted even among the
deposits, however, increased £886,000. Temporary spectacular reports of this institution. Increases and
loans to the Government were reduced £1,247,000. decreases involving many billions of marks were
Loans on other securities were likewise curtailed, the 'shown, with the most unfavorable feature an enordecline being £1,530,000. In the proportion of re- mous expansion in note circulation of 12,767,698,000
serve to liabilities a small increase has taken place; marks. This brought the grand total of outstanding
viz.: to 16.34%, as against 16.28% a week ago. circulation up to 189,209,975;000 marks, still anThis compares with 14.54% last year and 11.41% in other new high level, and comparing with 77,390,1920. Threadneedle Street's gold holdings now stand 853,000 marks last year and 53,998,300,000 marks in
at £127,399,880, as against £128,380,654 in 1921 and 1920. Treasury and loan 'association notes increased
£123,067,552 the year before. Total reserve aggre- 3,731,860,000 marks; discount and Treasury bills
gates £20,306,000, in comparison with £19,266,384 were expanded 11,840,534,000 marks, while deposits.
a year ago and £15,989,757 in 1920. Circulation is registered a gain of 4,372,880,000 marks. In other.
£125,542,000. A year ago the total was £127,564,270 liabilities there was a decline of 86.456,860,000 marks.
and in 1920 £125,527,795. As for loans the aggre- Gold remained about stationary, increasing 1,000.
gate amount is £75,451,000, as against £81,107,097 marks. Total coin and bullion fell 480,000 marks.
and £73,805,568 one and two years ago, respectively. Other smaller revisions included a reduction in notes
Clearings through the London banks for the week of other banks of 3,568,000 marks; an increase in adwere £601,022,000. Last week they totaled L750,- vances of 90,772,000 marks, 2,154,000 marks in in007,000, and a year ago £648,772,000. At the vestments and 279,311,000 marks in other assets.
Late on Friday (yesterday) another statement was
regular weekly meeting of the Bank of England
governors the minimum discount rate of 3%,in effect received by cable, which was only slightly less sensasince June 15, was left unchanged. We append here- tional than its immediate predecessors. Bills of exwith a statement of comparisons of the principal items change and checks increased 1,858,314,000 and discount and Treasury bills 2,536,905,000 marks; other
of the Bank of England's returns:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
assets showed a gain of 1,454,246,000 marks, while in
1022.
1918.
1921.
1919.
1920.
note circulation there was still another expansion of
Aug. 16.
Aug. 21.
Aug. 17.
Aug. 18.
Aug. 20.
8,668,957,000
marks. There was a decline in depos125,542,000 127,564,270 125,527,795 79,723,435 56,690,990
Circulation
16,242.000 18,258,625 15,999,059 22,454,852 34,095,776 its of 3,217,435,000 marks. Gold fell 1,000 marks,
Public deposits
104,498.000 114,196,547 124,018,988 89,157,643 137,726,266
Other deposits
43,032,000 50,115,365 68,250,449 21,390,356 59,702,332 but total coin and bullion increased 1,099,000 marks.
Govt. securities..
_
75,451,000 81,107 097 73,805,565 81,222,618 100,187.874 Smaller
securities_
_
_
Other
changes were: An inCrease of 256,681,000
Reserve notes & coin 20,306,000 19.266,384 15,989,757 27,014,310 29,993,126
127,399,880 128,380,654 123,067,552 88,287,745 68,234,116 marks in Treasury and loan association notes and reCoin and bu11ion
proportion of reserve
ductions of 52,031,000 marks in advances and 25,16.34%
14.54%
11.41%
24.20%
17.50%
to liabilities
3%
53,6%
5% 452,000 marks in investments. Other liabilities ex7%
5%
Bank rate
panded 577,693,000 marks. As a result of these
The Bank of France in its weekly statement re- changes, note circulation outstanding has reached
ports a further small gain of 230,000 francs in the the gigantic total of 197,878,932,000 marks. This
gold item this week. The Bank's total gold holdings compares with 77,654,680,000 marks a year ago and
are thus brought up to 5,530,590,075 francs, compar- 56,060,462,000 marks in the same week of 1920.
ing with 5,521,596,772 francs at this time last year Gold, which remains about stationary, aggregates
and .;vith 5,589,774,980 francs• the year before; of 1,004,859,000 marks. Last year it was 1,091,554,these amounts, 1,948,367,056 francs were held abroad 000 marks and in 1920 1,091;595,000 marks.
in both 1922 and 1921 and 1,978,278,416 francs in
1920. Silver during the week gained 54,000 francs,
The Federal Reserve Bank's statement issued at
advances increased 35,477,000 francs and Treasury the close of business on Thursday showed a further
deposits were augmented by 48,250,000 francs. On drawing down of portfolios, with new gains in the
the other hand, bills discounted decreased 523,202,- reserve ratios. Gold reserves 1 for the system re000 francs, while general deposits fell off 146,918,000 mained almost stationary, but the New York Bank
francs. Note circulation registered the further ex- lost $22,000,000 to the other banks. For the twelve
pansion of 50,584,000 francs, bringing the total out- reporting banks there is a decline in total bills on
standing up to 36,449,878,000 francs, which contrasts hand of $21,000,000. Total earning assets fell
with 37,225,799,880 francs on the corresponding $27,000,000 and deposits $50,000,000; although
date last year and with 38,064,323,845 francs in Federal Reserve notes inoreased $7,000,000. The




688

THE CHRONICLE

'Fork 115.

ratio of reserve advanced 0.8%. to 80.4%. In
New York the bill holdings decreased $12,000,000.
A like reduction was shown in earning assets, and
deposits fell off $51,000,000. The system reports
the grand total of bills on hand as $528,964,000,
comparing with $1,571,637,000 last year, and the
New York Bank,$60,118,000, against $413,476,000 a
year ago. Important changes were again shown,
locally and nationally, in member banks' reserve
account, the system reporting a contraction of
$54,000,000, to $1,783,539,000, and the New York
institution a lowering:of $55,000,000,to $691,612,000.
Very little change was shown in the total of Federal
Reserve notes outstanding at the local bank, while
the reserve ratio gained 1.8%, to 87.8%. From the
above showing it would seem that credit conditions
throughout the country remain without essential
change with no immediate prospect of an expansion
in demands for accommodation at this time.

tive observers still maintain that, with both the coal
and railroad strikes ended soon, the business of this
country during the remaining months of the year
will not go forward as rapidly as has been predicted
by those specially hopeful and optimistic, it would
seem reasonable to assume that with coal being
mined and brought to market freely and with the
crops being transported freely and promptly, general
business would be given a substantial impetus.
Under these conditions the demand for funds from
agricultural, industrial and mercantile sources naturally would be larger than it has been for many months.
Because of the uncertainty over the outcome of the
conference in London of Allied Premiers with respect
to German reparations and the severe curtailment of
cable communications, the absence of foreign securities offerings was perfectly natural. New issues of
domestic securities also have been placed on the market only in moderate amounts.

Last Saturday's statement of the New York
Clearing House banks and trust companies, despite
the strain attendant to month-end disbursements,
was a strong one and showed a gain of more than
$11,000,000 in surplus reserves. There was an increase in the loan item of $7,949,000, while net demand deposits decreased $17,165,000 to $3,940,715,000, which is exclusive of $73,449,000 in Government
deposits and represents an expansion of $47,659,000
in the latter item for the week. Net time deposits
fell $9,550,000, to $488,350,000. Cash in own vaults
of members of the Federal Reserve Bank was reduced
$349,000, to $56,187,000 (not counted as reserve).
Declines were also shown in reserves of State banks
and trust companies in own vault, $18,000, and of
$618,000 in reserves of these institutions kept in
other depositories. Member banks increased their
reserves with the Reserve Bank $9,258,000, and this,
combined with the contraction in deposits, served to
bring about an addition to surplus of $11,197,450,
thus bringing the total of excess reserves up to
$50,821,010. The above figures for surplus are
based on 13% reserves above legal requirements for
member banks of the Federal Reserve System, but
do not include cash in vault amounting to $56,187,000
held by these banks on Saturday last.

With regard to money rates in detail, loans on call
during the week covered a range of 332@5%. A
week ago the range was 3@5%. Monday and
Tuesday the high was 4%, the low 332%, while
renewals were put through at 332% on both days.
The renewal basis was still at 334% on Wednesday,
the minimum figure, but before the close a slight
flurry occurred which sent call funds up to 5%.
Increased firmness developed on Thursday, with the
result that loans renewed all day at 4%, the lowest,
while the maximum was again 5%. Friday's range
0 the basis for renewals.
was 33'@4%%, with 4%7
The figures here given apply to mixed collateral and
all-industrials without differentiation. In time money
the drawing down of balances by interior banks induced a firmer tone and toward the end of the week
there was an advance to 4@431% for sixty and
ninety days and four and five months, as against
3%@4% last week, while six months' money was
quoted at 43'@43/2%, in comparison with 414%.
Trading, however, was quiet and few, if any, important loans were put through.
Commercial paper rates were not essentially
changed and sixty to ninety days' endorsed bills
receivable and six months' names of choice character
continue at 4%. Names not so well known still
require 43'%. On Friday (yesterday) New England
mill paper sold at 3%%. The market was inactive,
on account of limited offerings, although a fairly
active inquiry was reported.
Banks' and bankers' acceptances remain at the
levels previously current. Both local and out-oftown institutions were in the market, but the turnover was not large. Toward the close of the week the
stiffening in the call market brought about a falling
off in the demand, so that business was reduced to
minimum proportions. For call loans against bankers' acceptances the posted rate of the American
Acceptance Council is 332%, the same as a week
ago. The Acceptance Council makes the discount
rates on prime bankers' acceptances eligible for purchase by the Federal Reserve banks 331% bid and
/
8%
31/% asked for bills running for 150 days, and 33
bid and 3% asked for bills running from 30 days to
120 days. Open market quotations follow:

On Wednesday and Thursday call money rates
advanced from the recent low level of 33% to 5%.
Time money quotations hardened fractionally. The
demand for call funds was more active until yesterday when the quotation dropped back to 332%.
Practically the only explanation of the advance given
was the calling of loans by local banking institutions,
following the announcement that the Government
would withdraw about $17,000,000from New York depositories. This was not a large amount, as these
matters go. There is some difference of opinion
as to whether rates for money at this centre will
continue much longer at as low levels as have prevailed recently. The seasonal suggestion as to funds
being needed to move this year's large crops is being
offered. In some circles the assertion is made that
money is so abundant that the requirements for this
purpose will not be a factor. Attention is drawn to
the extent to which the banks have liquidated their
loans with the Federal Reserve institutions,indicating
that the latter are in a position to extend liberal
credit to member institutions whenever such accommodation may be necessary. While ultra-conserva-




SPOT DELIVERY.
90 Days.
80 Days.
3%03
3%(43
Prime eligible bills
WITHIN
DELIVERY
THIRTY
FOR
DAYS.
Eligible member banks
Eligible non-member banks
Ineligible bank bills

30 Days.
it+3
3;,i bid
33i bid
3% bid

AUG. 12 1922.]

THE CHRONICLE

689

There have been no changes this week in Federal of cotton and grain exports later on and act as an
Reserve Bank rates. The following is the schedule important sustaining influence.
of rates now in effect for the various classes of paper
Referring to the day-to-day rates, sterling exchange
at the different Reserve Banks:
on Saturday last was firm and prices advanced in
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
spite of extreme dulness, to 4 453'@4 45 11-16 for
IN EFFECT AUGUST 11 1922.
demand, 4 4532@4 46 1-16 for cable transfers and
Discounted bilis maturing
within 90 days (incl. mem4 43%@4 44 1-16 for sixty days. On Monday
ber banks'15-day collateral
A gricul- trading was
Bankers'
notes) secured by—
almost at a standstill owing to the Bank
Trade tural and
accepaccep- jive-stock
Lances
Treasury
Federal Reserve
Increased strength developed,
London.
in
Holiday
paper
Lances
Other- (Meted
notes and Liberty
Rank of—
wise
maturing maturing
bonds
certififor
bills mounted up to 4 453/2@
and
demand
however,
secured member
within 91 to 180
and
cams of
days
and
banks
90 days
Victory
indebt•
2 and sixty
to 4 45%@4 463/
transfers
cable
4
,
8
463/
notes unsecured
edness
well mainwere
Prices
4432.
43%@4
4
to
days
4
4
4
4
4
4
Boston
4
4
4
4
4
4
New York
interruption
tained on Tuesday, notwithstanding the
434
434
454
454
434
434
Philadelphia
454
434
454
454
434
43-4
Cleveland
454
435
to business by reason of the almost total suspension
454
434
434
454
Richmond
435
435
434
434
454
434
Atlanta
454
43.5
of cable service to London, and the day's range was
454
434
434
434
Chicago
434
434
435
434
434
434
St. Louis
5
5
5
5
5
5
44 5-16@4 463/i for demand, 4 45 11-16@4 463/2
4
Minneapolis
5
5
5
5
5
5
Kansas City
434
435
454
434
454
434
cable transfers and 4 43 11-16@4 443/ for sixty
for
Dallas
4
4
4
4
4
4
San Francisco
days. Wednesday's market was dull and narrow,
with prices little more than nominal; demand was
3 cable transfers at 4 45%@
Trading in sterling exchange came to a practical quoted at 4 45@4 45%,
3
%
of
severance
4 45 and sixty days at 4 43%@4 43%. Inaction
standstill early this week, when the
United
the
with
characterized dealings on Thursday and only the
several cable lines of communication
existing
complicate
barest routine business was attempted; quotations
to
still
served
further
Kingdom
3 for demand,
uncertainties in the European situation. Bankers continued firm at 4 453'@4 45%
%for cable transfers and 4 433/2@4 441%
who have been for weeks past showing extreme 4 453/@4 461
caution in the matter of commitments, gave up all for sixty days. On Friday improvement was noted
attempts to transact business in foreign exchange in the general situation; demand bills, though quoted
%, cable
and the result was a confused and nominal market nominally, advanced to 4 45 7-16@4 461
underdays to
sixty
and
4
The
to
45
transfers
changes.
13-16@4
irregular
463/
with narrow and
4 443'
absence
were
quotations
4432.
the
in
and
13-16@4
Closing
43
4
steady
continued
tone, however,
London,
cable
for
4
and
463
days,
for
4
for
demand
from
sixty
45%
information
or
quotations
of cable
Light
451A
4
at
bills
finished
transfers.
held.
sight
firmly
were
Commercial
market
local
the
in
rates
offerings of commercial bills, as well as further gold sixty days at 4 423,, ninety days at 4 419', docuarrivals, aided materially in strengthening quota- ments for payment (sixty days) at 4 42% and seventions and for a time demand bills moved up to day grain bills at 4 44%. Cotton and grain for pay4 461/g, the high record point touched in the week ment closed at 4 4532.
The gold movement was smaller this week, inof July 22, and nearly 3 cents over the low level
rea
only one shipment from Europe, about
was
cluding
there
on
Later
of the preceding week.
these
in gold bars on the Berengaria. A few
but
$2,800,000
pound,
the
in
cent
cession of about a
business
of
small
volume
consignments
were received from South Amerithe
as
nominal,
purely
were
prices
transacted was reduced to a minimum. At the ex- can points as follows: $21,560 on the Calamares from
treme close firmness set in on rumors of a turn for the Costa Rica, 6 packages of gold on the General W.
better in developments at the London conference, C. Gorgas from Colombia, 1 case of specie on the
Philadelphia from Curacao and 2 cases of silver coins
and the final range was very near the top.
service
cable
valued at $25,000 on the Porto Rico from Cuba; 76
the
of
the
as
disruption
Regrettable
between this country and Europe has been, detailed bars of gold and silver bullion• and several small
inquiry among bankers revealed the fact that it consignments of gold and platinum on the Metapor
did not entail any very great loss or inconvenience from Colombia and 4 cases of gold bars and silver
in the matter of foreign exchange operations. The coin on the Columbia from Corinto.
reason for this, of course, is obvious. For the past
In the Continental exchanges the outstanding
two weeks or more London bankers have been comare
while
local
market,
bankers
the
feature
of an otherwise dull week has been the
of
pletely out
rethe
routine
barest
to
operations
heavy
their
pressure
limiting
exerted on French and German exquirements, pending the outcome of the London change. Notwithstanding the interruption to cable
economic conference. Optimism is still the keynote service and consequent inability to obtain any
in financial circles, but there seems to be a general concrete idea of what is going on in Europe, attempts
agreement that nothing can be done until some to sell were in evidence almost from the start .and
definite decision has been arrived at in settling, in the absence of buying support, checks broke from
first the German reparations problem, then the 8.20 to 7.92. Belgian currency• suifered in like
international debt question. Confidence is expressed manner, although in both cases part of the loss was
in quarters usually well informed that some sort of regained before the close. Reichsmarks again
adjustment is reasonably certain and this belief slumped and after opening at 0.12%, broke to
was further strengthened by intimations that Great 0.109, or well below the low point established last
Britain is plainly in favor of a long moratorium for week. There was a slight rally in the final dealGermany and that France will undoubtedly be ings. Much of this, however, was due to the
obliged to modify her original demands and agree efforts of the speculative element to make capital
to a compromise. There has been no let-up as of the unusual conditions prevailing, and it soon
yet in the newly inaugurated coal import movement, became evident that conservative operators were
and this of itself bids fair to counteract the effect holding aloof. Movements were decidedly erratic




690

THE CHRONICLE

[VoL. 115.

and the tone of the market confused and unsettled. nominal, fluctuated aimlessly with a slight tendency
Marks, of course, continue to be the storm centre, in the final dealings to higher levels. Dutch and
with francs adversely affected by the sensational Swiss currency finished at a net advance as also did
weakness in German currency. Lire shared to a the Scandinavian rates, but Spanish pesetas ruled
comparatively minor extent in the downward move- fractionally easier and finished unchanged.
Bankers' sight on Amsterdam closed at 38.78,
ment and the quotation ruled at close to 4.60,
with a recession of about 5 points in the final dealings. against 38.65; cable transfers at 38.83, against 38.70;
Owing to the interference with the cable lines, the commercial sight at 38.73, against 38.60, and comprice levels were largely a matter of guesswork. mercial sixty days at 38.37, against 38.24 the preThis would have been a source of great uneasiness vious week. Swiss francs finished at 19.04 for
except for the general inertia prevailing. Bankers bankers' sight bills and 19.06 for cable remittances.
both here and abroad are not likely to take any Last week the close was 19.00 and 19.02, respecposition in the market pending the outcome of the tively. Copenhagen checks closed at 21.47 and
Lloyd George-Poincare meetings and the net result cable transfers at 21.52, against 21.46 and 21.51.
has been the dullest week in a very long period. Checks on Sweden finished at 26.13 and cable transDevelopments which were not liked in the German fers at 26.18, against 26.04 and 26.09, while checks
reparations embroglio were the rejection of the on Norway closed at 17.18 and cable transfers at
moratorium resolution by the Reparations Com- 17.23, against 17.18 and 17.23 a week earlier. Final
mission, and the suspension of German credits by quotations for Spanish pesetas were 15.48 for checks
the French Government. The decision of the Berlin and 15.53 for cable remittances, the same as last
authorities to cease the purchase of foreign cur- week.
rency, also the ban upon free trade in foreign
As to South American exchange a slightly easier
securities, were regarded as inevitable owing to trend has been noted, so that Argentine currency
the collapse of the mark. A report which aroused finished la small fraction lower, at 36.123' for checks
some attention was that the German Government and 36.25 for cable transfers, against 363
% and
is planning to issue new coins of aluminum and 363/ a week ago. Brazilian exchange declined to
copper alloy to the value of about 1,800,000,000 13.50 for checks and 13.55 for cable transfers, in
marks to replace the smaller notes LIOW in circulation. comparison with 13.70 and 13.75 last week. Chilean
This is especially interesting in view of the fact currency was steady and finished at 13.60, against
that during the past two weeks the largest increases 133/
8, with Peru at 4 10, unchanged.
in note circulation ever recorded were announced- Far Eastern exchange was as follows: Hong Kong,
8@58%;Shanghai,76%@773/g,
more than twenty billion marks. In the latter 57%@58,against 583/
against
773/
8
@78%;
Yokohama, 48@483., against
part of the week a more hopeful tone prevailed on
the ground that the Allied Premiers had the situation 49%@49/5s; Manila,49%@49% (unchanged); Singa52@5234, against 51@52; Bombay, 29@
well in hand and would soon announce a workable pore, (unchanged), and Calcutta, 2931@291
/
2 (un2931
policy for the adjustment of reparation and debt changed).
questions. Greek exchange was firm and slightly
higher, while exchange on the central European
Pursuant to the requirements of Section 403 of the
Republics continued strong for Czechoslovakia, Emergency Tariff Act of May 27 1921, the Federal
Rumania and Finland, and weaker than ever for Reserve Bank is now certifying daily to the Secretary
Polish currency, with all of these quotations more of the Treasury the buying rate for cable transfers on
the different countries of the world. We give below
or less nominal in character.
the record for the week just past:
The London check rate in Paris closed at 55.93, as FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANK TO TREASURY UNDER EMERGENCY TARIFF ACT.
AUGUST 5 1922 TO AUGUST 11 1922. INCLUSIVE.
compared with 54.26 a week ago. In New York sight
bills on the French centre finished at 8.13, against
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money,
8.20; cable transfers at 8.14, against 8.21; commercial Country and Monetary Unit.
Aug.5. Aug. 7. Aug.8. Aug.9. Aug. 10. Aug. 11.
sight bills at 8.11, against 8.18, and commercial sixty
EUROPES
S
S
S
S
s
days at 8.08, against 8.15 last week. Closing rates Austria. krone
.000019 .000021 .00002 .000021 .000021 .00002/
Belgium. franc
.0775
.0772
.0769
.0762
.0758
.0766
were
7.70
for
francs
Bulgaria, ley
on Antwerp
checks and 7.71 for Czechoslovakia,
.006700 .00665 .006733 .006667 .006487 .0365
krone
.024367 .024436 .024572 .024684 .024747 .24933
Denmark, 1;rone
table transfers, which compares with 7.76 and 7.77 England,
.2150
.2150
.2152
.2151
.2152
.2152
pound
4.4585 4.4631 4.4612 4.4552 4.4576 4.4590
Finland, marksa
.021113 .0211
.02115 .021238 .021238 .0213
the preceding week. Reichsmarks finished at 0.12 for France,
franc
.0820
.0817
.0815
.0806
.0798
.0808
Germany, relchsmark__ _ .001307 .001304 .001324 .00125 .001160 .001174
checks and 0.123/ for cable transfers. Last week Greece.
drachma
.0294
.0295
.0298
.0299
.0302
.0302
Holland,
guilder
2. The Austrian krone, Hungary, ki one
.3871
.3872
.3877
.3881
.3874
.3877
the close was 0.14 and 0.143/
.000479 .000547 .000606 .000651 .000723 .000708
lire
Italy,
.0462
.0460
.0459
.0454
.0453
.0455
which ruled almost stationary throughout, closed at Jugoslavia, krone
.003000 .003028 .002997 .003003 .003015 .003035
Norway, Crone
.1712
.1711
.1724
.1723
.1727
.1728
0.0015 for checks and 0.0020 for cable remittances, as Poland.
Polish mark
.000150 .000153 .000153 .000155 .00015 .00015
portugal, escuda
.0709
.0718
.0732
.0715
.0714
.0712
and
0.0022
the week before. Rumania,leu
contrasted with 0.0017
.008728 .010475 .010825 .010431 .0094
.008539Serbia, dinar
.012014 .012136 .011957 .012057 .012086 .012171
For lire the close was 4.59 for bankers' sight bills Spun. peseta
.1551
.1551
.1552
.1549
.1549
.1552
.2612
.2611
Sv.eden, krona
.2614
.2613
.2615
.2619
franc
.1901
and 4.60 for cable transfers, in comparison with Switzerland,
.1901
.1902
.1902
.1902
.1903
ASIAweek.
tad
l
last
Exchange
Chefoo
.8017
China,
4.64
on
.8033
.7996
.8004
Czecho- .. Han kow tadl
4.63 and
.7998
.7979
.7933
.7913
.7921
.7950
.7913
.7913
.. Shanehr I tadl
.7670
.7683
.7650
.7638
.7835
.7622
slovakia finished at 2.50, against 2.45; on Bucharest
rr
TIE ntsin tadl
.8067
.8083
.8038
.8054
.8038
.8021
.•
Hong Kong dollar_ .5783
.5753
.5742
.5741
.5743
.5718
at 0.85, against 0.90; on Poland at 0.00145, against
Mexican dollar ...._ .5675
.5679
.5654
.5822
.5585
.5583
.. Tientsin or Pelyang
0.00150, and on Finland at 2.15, against 2.11 a
.5667
dollar
.5842
.5642
.5633
.5833
.5617
..
.5733
Yuan dollar
.5704
.5708
.5692
.5688
.5871
week ago. Greek drachma closed at 3.20 for checks India,
rupr e
.2897
.2898
.2901
.2903
.2905
.2902
4773
.4764
.4766
.4766
.4771
Japan. Yen
.4776
and 3.25 for cable transfers. A week ago the close Singapore.
.5117
dollar
.5121
.5088
.5088
.5088
.5121
NORTH AMERICAwas 2.95 and 3.00.
.997422 .996875 .096215 .99675 .998485 .996632
Canada. dollar
There is nothing new of moment to record in the
exchanges on the former neutral centres. Trading
was, of necessity, extremely restricted and movements unimportant. Quotations, which were largely




Cuba, peso
Mexico, peso
Newfoundland. dollar_.
SOUTH A M ER I CAArgentina, peso (gold)
Brazil, milreals
Uruguay. peso.
Chile. peso (Paper)

.999000 .9987.5
999063 .999125 .998938 .998938
.483125 .484875 .485s
.48575 .484874 .485625
.994844 .995313 .994766 .994375 .993908 .994141

.8228
.1351
.8150
.1350

.8235
.1355
.8154
.1358

.8221
.1345
.8137
.13 r5

.8185
.1346
.8141
.1353

.8174
.1347
.8121
.1354

.8161
.1339
.8136
.1354

.A.uo. 12 1922.1

THE CHRONICLE

The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $4,012,544 net in cash as a result of the currency movements for the week ending Aug. 10.
Their receipts from the interior have aggregated
$5,057,544, while the shipments have reached $1,045,000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.

Week ending Aug. 10.
Banks'interior movement

Into
Banks.

Out of
Banks.

$5,057,544

$1,045,000 Gain $4,012,544

Gain or Loss
to Banks.

As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday,
Aug. 7.
Aug. 5.

Tuesday, Wednesd'y, Thursday, Friday,
Aug. 8.
Aug. 9, Aug. 10. Aug. 11.

Aggregate
for Week.

53,500,000 57,700,000 29,200,000 58,400.000 50,800,000 51,900,000 Cr. 301,500,0C°
Note.—The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, show nothing as to the results of the Reserve Bank's operations with the
Clearing House institutions. They represent only one side of the account, as cheeks
drawn on the Reserve Bank itself are presented directly to the bank and never
go through the Clearing House.

The following table indicates the amount of bullion in the principal European banks:
Aug. 10 1922.

Aug. 11 1921.

Banks of
Gold.

Silver.

Total.

Gold,

Silver.

Total.

England _ _ 127,399,880
127,399,880 128,380,654
128,380,654
France _ a - 143,289,421 11,400,000 154,689,421 142,929,189 11,000,000 153,929,189
Germany - 50,111,430
921,650 51,033,080 54,577,700
604,250 55,181,950
Aug -BUD- 10,944,000 2,369,000 13,313,000 10,944,000 2,369,000 13,313,000
Spain
100,934,000 26,020,000 126,954,00 99,697,000 25,101,000 124,798,000
31,567,000 3,048,000 37,615,000 33,141,000 3,001,000 36,142,000
Italy
Netherl'ds 50,496.000
680,000 51,176,000 50,497,000
916,000 51,413,000
Nat. Beig_ 10,664,000 1,787,000 12,451,00 10,663,000 1,596,000 12,259,000
Switz'land 20,776,000 4,651,000 25,427,00 21,775,00
4,428,00 26,203,000
Sweden_ _ _ 15,218,000
15,574,000
15,218,00 15,574,000
Denmark _ 12,684,000,
218,000 12,902,00 12,646,000
206,000 12,852,000
Norway __ 8,183,0001
8,115,000
I 8,183,0
8,115,000
Total week 585,266,731 51,094,650636,361,381 190,972,543 49,221,250 ;38,160,7'3
Prey. week 585,430,121 51,015.150636,445,271 588,931,059 49,117,750638,048,809
a Gold holdings of the Bank of France this year are exclusive of £77,934,182
held abroad.

THE PHILOSOPHY OF "STRIKES."
Teaching men that they owe a larger duty to the
community than to an order or a union seems a slow
process. Experience is often a bitter school, though,
as said long ago, men will have no other. Whether
"a conspiracy in restraint of trade" or not, "the
,strike" is at least a coercive process. And if it cannot coerce, its uselessness as a weapon must become
apparent. Just at this time we witness the "union
strikers" yielding in effect, the main point of wages;
on the bare chance a "rehearing" may grant an increase; and loudly asseverating their willingness to
get back to work if their "seniority rights" be preserved. To what an ignominious end have come the
trumpetings of a few weeks ago! Impartial witnesses must record this shopmen's strike a complete
failure, and being a failure it becomes a farce. The
exultance of a few leaders to the contrary notwithstanding. A little firmness by the owners, a lack of
submissive yielding on the part of Government—and
costly fiasco!
When men come to understand that owners and
operators may employ whom they please, under our
laws, and that when they voluntarily cease from
work they are no longer employees and are out for
good, as far as any moral obligation to re-employ
them is involved, there will be fewer "strikes." That
time has about come. This strike of shopmen, aside




691

from its incidence being against a decision of the
Railroad Labor Board, has let a "flood of light" into
the philosophy of "the strike." It has shown that
owners and operators cannot be coerced by a condition to surrender their rights and their wills. The
whole attempt and teaching of certain of these
"union" leaders for years has been to set up a small
minority of workers as representatives of a theoretical "labor." They cry "labor" will never submit to
this or that. They have sought continuously to foist
this so-called mythical "labor" upon the public mind
as an economic entity of equal power with "capital"
or ownership in industry. The assumed representative capacity of "unions," this so-called myth of "labor," is false in itself. But if we could conceive of
all labor as one power set over against all capital,
property, ownership of the instruments of production, as another power, in any supposable test of endurance, ownership must kin—or the only alternative be the perishing of both in a fell cataclysm destructive of civilization. In other words, property,
though forced into inactivity, will sustain life longer
than mere strength with which to work and only idle
hands and lack of place, opportunity and tools of
ttade with which to work. If it be said all is "labor,"
then one has saved with which to live and the other
has not. No such equality of power as has been
sought and asserted exists or ean exist under our
form of government. Socialism, the seizure of property by ballot or force, the "overthrow" is the only
way—and the end of this teaching.
In the long run, then, the use of the weapon of the
strike, applied piecemeal to industry, must fail of
its purpose. And it is failing constantly, and this
shopmen's strike is the latest and most flagrant example. And few will fail to see that when "the
strike" fails, the outside union will dissolve. Owners have not been always,in these sporadic attempts,
sufficiently sustained by Government. The rights
of property and ownership have not firmly enough
been insisted upon. There has been in public opinion
a great sympathy for those who work but do not own
the property and industry which affords them opportunity to work, a sympathy the kindliness of which
has about worn itself out—seeing that the people not
concerned bear a large part of the suffering caused
by "strikes." The "weapon" is all but discredited
now. Some other means of keeping outside unions
alive must be found.
And this is the inevitable result of a false philosophy and an errant policy. Of what possible use and
benefit can property be to a man or a corporation of
men who cannot control it. We may not have the
right constitution and laws governing our social,
civic and industrial status, (our own opinion oft expressed is that we have) but as long as individualism
prevails as the recognized relation among us under
law and Government, there cannot come a time, there
cannot come into existence a process, by which the
employer can be compelled against his will, his rights
and his property interests, to employ the employee.
He can quit—stop using his property, refuse stark
and bare to continue a relation of employer and employee, if he so elects. But he does not. He strives
to continue. And if he be said also to be regardless
of the public, in the wrong should he do this—even
so his most selfish interest, to use his property for
production and increase—aligns itself with the public that depends on production. He knows his property will become valueless without use, waste and

692

TRE CHRONICLE

rust away, and he has every selfish incentive to continue it in operation—save when the costs of operation prevent a necessary sustaining increase, and
threaten thus to devour his substance. And always
and ever he must be the determiner and arbiter of
the terms on which he will operate. Here is the unalterable fact. Here is the dividing line. And to attempt to set up an equality upon the part of.so-called
labor is merely a dream—the phantasm of "leaders"
who must have some basis of reason for their attempted leadership. As we say, the dominance of
capital, property, ownership, as our laws conceive
and sustain them, may be wrong, but he who fights
against them as they are fights only to fail!
We must not forget, however, that another form of
experience and education.has been going on while the
"unions" and their leaders have been endeavoring to
set up this false equality. We must not forget that
owners are also men. And the teaching of their experience in the operation of industry is that rank
selfishness is against their interests and success, that
they deal with human material, and that the natural
dominance of ownership carries with it responsibility to fellow-men and to the public and the public
welfare. Does anyone doubt this educative process
has been going on, that to-day industry is owned and
operated with a greater responsibility than ever before? If it be said that unions in their legitimate
efforts to show the dignity and worth of "labor" have
contributed to this, well and good. But this good
work cannot pass over the line of the strike where
compulsion and selfish stress begin. That now is
clearly seen. And the end of strikes, let us hope, approaches.
A. LITTLE LESSON FROM THE NEW HARVEST.
Unnoticed, while our attention is directed toward
mining and transportation, and our peace of mind
shattered by the "strikes" of a minority of our workers, the harvest-time comes again, pouring its annual
bounty of real wealth into the coffers of the country.
We may dwell upon this recurrent fact overmuch.
But what a magnificent thing is this yearly harvest,
what a miracle in its mein and message! Save for
these prolific acres of ours, unfailing in their yield,
our cities would wither and die, and there would
be no need for mining and transportation. Out of
the health and strength-giving power of the fields
rises every other industry. And save for our own
last year's harvest how many more would have perished on the barren wastes of Russia! It may be a
passionate thought with us, but the smile of the harvest is prosperity and peace!
We are told that the "prospects are good," though
we shall hardly reach this year a bumper crop. But
we will have in our two cereals well toward a billion
bushels of wheat, well toward three billions of corn.
We count our population in millions—say,one hundred and ten—we count our food supply in billions
of bushels. Since we are about to import a few shiploads of bricks, some one has revived the story of the
little boy, looking on New York's towering piles of
masonry, who asked: "But where do they get all the
bricks?" In the prodigality of our agricultural production we do not consider sufficiently the possibilities of increase. Our acreage yield is below that of
many countries; vast stretches of soil are untilled ;
the knowledge and skill that belong of right to the
farmer need not bow the intellectual knee in any
presence. And the time will come when our cities




[VoL. 115.

will hang in doubt and suspense as they await the
results of the annual harvest. And there will be a
rush of joy and a sense of content when the good
news comes in from the prairies and valleys.
Our thought, then, is this—we are one people
with possibilities so vast that though we become
coldly intensive in the presence of the world the overplus of our effort may and should overflow our boundaries and all our industries, beginning with foodstuffs and continuing on through every succeeding
productive activity go forward and outward to bless
mankind in that mutual exchange which denies and
deceives none and blesses all. As the plow follows
the long furrow, as the furnace pours its molten yield
into the enduring mould, so the day's labor well done
by our hundred millions, that of each intermingling
with that of all,flows out in natural amity and gobdwill in the so-called foreign trade which follows but
cannot precede domestic. And then there comes irresistibly this thought—he is a traitor to the general
good, to the better human relations, to the amity
which links States together into one nation and magnetizes nations into common concord, who will not
work, who sulks in the camp of the mighty and
whines in the workshop of the world.
But let us veer away from this thought lest it lead
us into petulant comment on certain present conditions and tendencies. Yes, we are one people—and
this "harvest-home" belongs to us all. We have but
to do our part in the best way according to the circumstances in which life finds or places us, to inherit
something of the joint bounty. They say economics
is the dismal science. But surely, a lively consciousness in the blessings which a growing production
brings to our own people—to all the peoples—may
give pause as to methods and means. As we look
upon the blending of all forms of toil we discover a
composite picture of civilization. The grain of wheat
and corn transforms not into grains of gold but into
the smiles of eager children and solaces of age that
has no worry.
And really, does it matter so much what amount of
property we may come to own, beyond the necessities
of the age in which we live—if only we shall have the
recollection .of a long life spent in honest effort, of
work done for "some goods" however unrenowned
that may be? On the other hand, can we afford, in
justice to ourselves, to let envy canker the heart, or
hate mildew the soul? It follows that we can set too
much store by our wealth and as well by our wages.
We can get, to use a common :,- nd inelegant phrase,
"a wrong slant" on things. And we do when we give
way to the promptings of selfishness and by gathering into classes and clans compel others to do likewise.
The harvest has no thought of its own destiny. It
is plastic in the hands of its owner, throughout every
stage of its life. The fields intermingle in a common
future, the grains coalesce in the bread that is life.
The intent of the Creator was that men should labor
together for the common good—to each a talent entrusted that it might multiply. And no man can
shirk work therefore because another possesses more
property than he, or gets more pay than he—the unfortunate inequalities of life are inevitable, but if we
make them spurs to greater endeavor, if we use the
differences we see and feel to stir us to helpfulness
rather than harm, we shall soon have as a people another outlook. The one harvest of all our work is the
goal towards which we should strive.

AUG. 12 1922.]

THE CHRONICLE

693

necessarily been small. Her people have little.
THE REAL CHINA AND THE PRESENT money.
She is a nation of workers, workers who
SITUATION.
know the value of their work, and work patiently
"The world is beginning to have an idea of the in- and with quiet hearts, content with their work, and
ternational importance of China. Those who have finding room for self-expression in it. With better
long known it, who have given attention to China's implements and modern methods the land is capable.
traditions and the sources of her social and indus- of supporting a vastly greater population. Meantrial strength, have the conviction that China will while, without State control and the burden of a rebecome a factor of the first magnitude in the com- stricting system, the people of China enjoy all that,.
position of the world of the 20th century."
within the limits of their natural conditions, their'
As a deliberate and careful statement standing at freedom of individual enterprise, their industry and
the front of the most important and most enlighten- their thrift can supply; and are the strongest, the
ing of the new books on China that have come to us, most enduring and in many ways the best workers
in
this declaration is in sharp contrast with the common the world.
thought, which regards China as a vast mass of men
These are conditions under which a social system
and things valuable, it may be to any degree, but in- has developed that is not easily
disturbed. Revoluchoate,and unavailable, needing every kind of light tionary ideas either of proper
ty or of society find no
and leading, and which has long been an object of hearing to-day, any more than
they have done in the
world interest, chiefly as a rich prey to the world's past. While our world hasten
s to break away from
greed.
its past, China reverences hers. She worships her
In "An American Diplomat in China," Dr. Paul ancestors so far as to keep
alive the sense of their
Reinsch, the American Minister in Peking from 1913 presence and to cherish
their teachings. Her family
to 1919, and who, according to the daily papers, has life is so strong as to
justify the principle we are
just been invited to return to China as official ad- striving so hard to mainta
in, that the family is the
viser of the Chinese Government, gives through the cornerstone of the
State. Marriage is the obvious:
press of Doubleday, Page & Co. a first hand narra- and natural path of
life and a childless home is so
tive of the events of those important years and of the unusual as to be pitiabl
e. The growth of the populaassured convictions to which he was brought by them. tion is so steady
as to render the number of her inBefore turning our readers to the book, which will habitants to-da
y, in all probability, far larger tliali
hold interest from the first page to the last, we desire the 350 or 400
millions commonly stated. She never
to call attention to a few of the indisputable but has had a real census.
Furthermore, China has the
often disregarded facts concerning China which must habit of worship.
Her three great religions exist
be kept in mind if the situation is to be understood.
peacefully side by side, each exerting its own particu
The first is that China has the habit of existing. lar influence upon
the life and ways of the people.
We are aware of great nations whose history runs Inadequate as we must
regard them, they are a powdeep into the past; Assyria, Babylonia and Egypt,for erful stabilizing
force and furnish elements which
instance. But they perished long ago. Here is a na- Christianity can
take up and use in the new struction whose origin,like theirs, is ancient and shadowy, ture which after
a century of renewed effort is to-day
whose civilization was established when ours was fast rising in the
mighty stream of China's multitunot begun, whose art and literature like theirs, never dinous life.
One has only to consider what to them
lacked vitality, and who, though overrun again and that new
Gospel stands for in its teaching of the
again by ruthless conquerors, has invariably been value of the
human soul; of man's place in the Kingable to absorb and assimilate her invaders and with dom of
Heaven; of God as his Father and Jesus
undiminished vigor to pursue her national life. The Christ as
his Savior, and in purifying and sustaining
modern nations trace their history along lines that the
virtues they cherish by lifting them into a nobler
are as threads. Epochs and eras have tumbled one service
in fitting man both for earth and for heaven
over another, destroying in order to create. In the one
has only to consider this to be able to see
what
turmoil and upheavals of to-day in which we are all may
well come to be the place which China
shall ocbusy trying to get light from our short past, China cupy in
the new world that is opening and in
which
is prepared to say, as the famous French abbe said the West
and the East shall unite for its realiza
tion.
when asked what he did through the terrible days of
With this outline of China's main
features and
the Revolution: "I survived."
characteristics before us, if one turns to Dr.
Reinsch's
Then again, the Chinese people possess the na- account of
the critical years 1913-19, he will
appreconcept
tional
ion as of a definite entity. China is to ciate the
significance of the narrative and the
justice
them, and apparently always has been, a cherished of the
conclusions. He will see how, while
she was
reality. They may be illiterate; they may be poor; regarded
chiefly as a vast region waiting
to be cut up
life may go hard with them; the country may be torn by greedy
aggressors, and finally to be offered by the
with factions; corruption may prevail; oppression Allies to
be appropriated by Japan
if Japan would
may be constant and life little valued; all this is of join them
in the war, China was struggl
ing to escape
the surface, the great current of the national life from the
plotters who thronged her capital,and at the
goes on; a Chinese loves his country as his home; ap- same
time endeavoring to set her house order, freein
pealed to he is capable of every sacrifice for it; dy- ing
herself both from external pressure and ening away from it he strains every effort to make sure trenche
d and well-nigh universal internal corrvpof his body being returned for burial in it.
tion: Meanwhile her Government was seized
by a
China also knows the value of maximum produc- new
ruler whose views were those of an absolute
tion. We are striving to arrest the heresy of remonarch, who believed that in himself lay the hope of
stricted production as the way to secure prosperity the
country, with a strong but divided military orand the end of unemployment. China has long Malt ganizat
ion that was unreliable and evil. Her people
with reality. A vast and rapidly increasing popula- had no
sense of personal responsibility toward their
tion has had to be fed. Her per capita capital has
Government, no thought that they themselves shared




694

THE CHRONICLE

in the making of the laws which ordered their lives,
while they were in the hands of local rulers of uncertain loyalty, and were compelled to pay taxes for
their benefit chiefly, what reached the central Government being also largely sequestrated.
Dr. Frank Goodnow, obtained from America to be
their "Constitutional Adviser" in their perplexity,
said: "Here is a monarchical society which has
hitherto vegetated along through the centuries, held
• together by self-enforced social and moral bonds,
without set tribunals or formal sanction." It seemed
to him imposible for it "suddenly to take over elections, legislatures and the elements of our abstract
and artificial Western system." He felt that it must
work out its redemption on lines of its own. And Mr.
Rockhill, her earlier adviser, urged that "she should
,be allowed to continue under her social system which
has stood the test of thousands of years; and to trust
that the gradual influence of example would bring
about necessary modifications."
With this advice and in this situation she had to
face the perils of the Great War, and then the even
greater perils of the Versailles Council and the
Washington Conference. The story of her efforts in
these to secure protection; of the secret diplomacy
and the prolonged debates; of the effective anti-Japanese home boycott, with the organization of a national public opinion for positive action; and, at last,
of her success in securing so far deliverance from foreign control as to be free to work out her final independence and sure existence; this is told in authoritative detail that well deserves to be read.
The conclusion is reached that China has much in
her methods of industry, her social ways, her artistic
.ability, and above all, her personal honesty and her
strong and widespread sense of equity, that must be
vecognized and regarded; and that America, whom
Fihe so honors, needs chiefly in dealing with her a better understanding and broader and less provincial
views than she has often had.
DESTROYING PRIVATE INITIATIVE—GOVERNMENTAL AID TO NAVEL ORANGE
INDUSTRY.
A description of the activities of the Federal Government in connection with the development of the
navel orange industry is at once a story of a positive
economic achievement as well as a commentary on
the present-day philosophy of government.
According to the official reports, the navel orange
was introduced into the United States in 1870, when
the Department of Agriculture brought from Brazil
12 newly budded trees. These were planted in the
Department greenhouse in Washington, where, it is
said, one of the trees is still living. In 1873 two
young plants propagated from these trees were sent
to a lady at Riverside, Cal. Within a few years these
trees came into bearing, and the high quality of the
fruit was immediately recognized. From this small
beginning has grown the great navel orange industry
of California—an industry highly organized and
profitable. There is now an average annual production of 8,600,000 boxes of oranges and 3,000,000
pounds of orange by-products.
The Department of Agriculture not only assisted
in the establisment of this new industry,but has been
and is now in constant touch with every phase of it.
A detailed description of the methods pursued is
highly instructive. The Bureau of Plant Industry
determined the proper cultural methods; stabilized




[VOL. 116.

and improved varieties by systematic bud selection;
determined disease control methods; determined the
reaction of the fruit to temperature conditions both
in transportation and in storage; investigated the
water and fertilizer requirements of the trees; bred
canker-resistant and more productive forms; and
determined suitable cover crops. The Bureau of
Soils made investigations as to suitable soils. The
Bureau of Biological Survey investigated methods of
rodent control and through extension work assists in
rodent destruction. The Bureau of Entomology
studied and reported on methods of insect control.
The Forest Service conducted investigations as to
the proper materials for boxes, and supplies boxes
under arrangement with co-operative powers. The
Office of Farm Management investigates the cost of
production. The Bureau of Chemistry studies methods of using the culls for orange juice, orange oil,
marmalade and other by-products; it worked out the
test which, under the Food and Drugs Act,regulates
the shipment of oranges; it invokes the Food and
Drugs Act relating to the manufacture and sale of
synthetic orange juice. The Bureau of Markets enforces the Standard Container Act; inspects shipments and issues certificates of their condition; reports on the number of cars moving; and furnishes
a market news service. The Federal Horticultural
Board enforces the Plant Quarantine Act. The Insecticide and Fungicide Board enforces the Insecticide and Fungicide Act. The States Relations Service sends out extension workers into the .field for
the purpose of disseminating proper methods
through personal contact with the growers. The Division of Publications disseminates printed information in various ways.
Such, in brief, has been and is the contact of the
Federal Government, through the Department of Agriculture, with the navel orange industry. It may be
noted that this industry also receives assistance from
the Department of Commerce, the Department of
State, Department of the Interior, not to mention the
Treasury Department, which enforces the tariff on
oranges. It appears that the Government has furnished a large share of the initiative and brains hi
the establishment and maintenance of this industry.
The aim has been efficient production and sale, and
it has been realized.
But the question naturally arises, how far should
the Government go in the aid of private enterprise?
If every industry in the United States received from
the general Government the same attention and assistance as that given to the navel orange, what sort
of Government would we have and what would become of private initiative? If we press to its logical
conclusion the philosophy of Federal aid we must
eventually include as recipients of this beneficence
every form of human endeavor worthy of perpetuation by our citizens. And this for the reason that all
of such Federal aid is paid out of taxes collected
from the people. If aid is given to one group, does it
not logically follow, other things being equal, that it
should be given to all? Where should the Government activity stop? Should not assistance be extended to the professional classes, to lawyers, physicians, professors and artists?
The natural tendency of Federal aid is toward a
gradual and insidious nationalization and in these
early stages of this subtle encroachment it would be
well if we paused to consider what is the necessary
function of the general Government.

AUG. 121922.]

THE CHRONTCLE

If we look back upon our own brief history and
upon the life around us we gain a tremendous impression of achievements due to private initiative
and individual or group effort. The settlement by
our ancestors of the country along the Atlantic
seaboard was no mean undertaking. This probably could have been done much more quickly
and more efficiently if some great superGovernment organization had been present with its
agents to tell the settlers what to do upon every occasion. The settlement of Kentucky, the westward
march to the Mississippi, the story of the California
forty-niners—these achievements of our pioneer forefather fill us with pride. They have left us a tradition—an old American tradition—of strong faith in
individual effort.
The achievement of the Government in the matter
of the navel orange cannot compare in its beneficent
effects with the invention of the cotton gin, of the
harvest reaper, of the telephone and of a thousand
other wonderful inventions by private individuals
that have added to the comfort and convenience of
mankind and to the progress of the world. The work
of Burbank and Edison alone in their respective
fields outshine that of any group of Government
scientists.
The lesson from history is clear that when the
funds in the public treasury begin to be used to pay
bounties to various groups, or to employ agents to
think for the people, the inevitable tendency is for
the people to become more and more dependent upon
the Government, thereby losing in strength of character and in self-reliance. It is the universal law.
The gift impoverishes him who receives it. The lack
of the necessity for effort weakens the instrumentality whereby the effort would otherwise be made.
The navel orange is chosen here only as an illustration. It is but a symptom. The Government has
been branching out in a similar way in many other
directions. We now profess to be in a period of retrenchment and this affords an opportune .time to
assert the doctrine that true progress must be
founded on individual ability and individual effort.
THE PROGRESS OF THE COAL STRIKE.
While the coal strike is, of course, moving towards
its close, and while the close is confidently believed
to be now very near, it has not developed many incidents during the week. Illinois operators announced
that their men could return to work upon the wage
scale last in force, and that this scale should remain
untouched until the end of March next, so that the
winter's supply of coal might not be put in doubt;
this offer was sent to the head of the miners' union
in the State, and therefore the operators declined to
attend a conference on Monday. The Governor of
Michigan is reported as trying to interest the executives of Indiana, Ohio, Wisconsin and Minnesota in
efforts "to force Washington into greater activity in
supplying the fuel needs of the Middle West," but
study and plans for rationing and distribution of
what supply is available are not lacking. Governor
Miller has said that, if he finds it positively unavoidable, he will call the Legislature to special session
for looking carefully after this State's just share and
making the work of apportioning more effective; and
as a firm financial backing is supposed necessary,
leading bankers in this city have quietly agreed to
stand for any required underwriting of the supply.




695

Foreign coal, of course, remains as a resource, and
orders for it were given some time ago; as for facilities for carrying this coal across the ocean, it is now
said that nearly 50 idle vessels of the Shipping Board
are available for use or could promptly be made so.
It is obvious that a large factor in the case is the
ability of the railroads to take mined coal promptly
away from the mines, in order to have space for the
daily product. Upon this important point the statistics and assurances furnished seem reasonably
ample and encouraging. Spokesmen for the roads
say that to the date of the beginning of the coal strike
on July 1 the roads had moved 28/
1
2million tons more
of bituminous than in the like time of 1921 and that
if they had been given opportunity to move at that
rate there would not be any danger of a fuel shortage. In the week ending July 22 the bituminous production was 3,692,000 tons, against 5,337,000 in the
week ending June 24. But for the week ending Aug5 there had been an increase to 4,250,000. Furthermore—and this is especially significant—they say
that if the coal strike ends now the roads could at
once carry more than double the coal they are at present carrying, regardless of the effects of the shop,
men's strike.
The two strikes necessarily hang very considerably.
upon each other, and it is plain now that the shopmen's threat to strike on July 1 (a threat which few
expected they would seriously attempt to carry out)
was largely based by their plotting leaders upon the
coal strike which had been "on" several months; that
strike, these men must have argued, will greatly help
frighten the country and will thus be an almost irresistible aid to the grand rush by which organized labor will at last sweep all before it and set itself up as
the dominant power,laws and constitutions notwithstanding. In this selfish and wicked calculation, we
may be sure, the approaching election and the conduct of the politicians in Congress, all in a flutter
over their personal prospects of coming back and
willing to sacrifice the country to those apparent
prospects, had a prominent place.
But coal is in or at the mines; there are men at
work and many more willing to work; and when the
time comes the reserved determination to have fuel
spur the people here (as in Kansas, notwithstanding the differences in natural conditions) to
get it. The one essential remains as it was at first;
men who wish to work need and must have a guaranty of protection against those who would prevent
them, even by the Herrin method. Unless we Americans have enough spirit and grit to furnish this protection, we should be consistent by sticking our
knuckles in our eyes and whining to Hercules. The
strikers will do all they dare. They demand impeachment of the Governor of Indiana for sending
troops into the troubled sections. They retain their
objections to soldiers. A Soviet emissary is credibly
reported to be burrowing around, trying to fan the
flame higher and hotter, and the "Communist Party
of America" has been sending out for distribution
among the soldiers on guard entreaties not to shoot
"your brothers," who are "not your enemies" and are
only in the position you may possibly yet be in,
"fighting to obtain a scrap of bread for their families.'x
The bullet and the bayonet are the final arguments
against evildoers who invite force by using it unlawfully. To repress lawlessness at the start is mercy
joined with justice; to parley with it is waste and
cruelty.

'696

THE CHRONICLE

RAILROAD GROSS AND NET EARNINGS FOR
JUNE.
Our compilation of the gross and net earnings of
-United States railroads for the month of June reveals the same characteristics as the compilations
for the months immediately preceding and makes
on the whole a satisfactory exhibit—at least as
satisfactory as could be expected under the prevailing drawbacks. General business has been
slowly reviving, while in the iron and steel industry
trade has been rapidly approaching normal proportion, thereby presenting a sharp contrast with
the meagre volume of business in June of last year
at the time of the utter stagnation in the steel
industry. On the other hand the cessation of work
at the unionized coal mines throughout the country
has been a handicap of no mean dimensions, both
indirectly in retarding the revival in trade and
directly in reducing the production of coal and
thereby correspondingly diminishing the shipments
of coal over the railroads. In these circumstances
there could be no great gain in the gross earnings
of the roads,since the increase in merchandise freight
arising out of trade revival would necessarily in
large part or wholly be offset by the contraction in
the coal traffic. The labor troubles on the railroads, so conspicuous in the public mind at the
moment, did not, of course, affect the results in
June, with which we are now dealing, as they did
not come until July.
With little chance of large gains in gross revenues
any considerable improvement in net earnings could
come only through further curtailment of the expense
accounts and that is precisely what has happened—
the same as in other recent months. Actually,
however, there was in June, according to our figures,
an increase in the gross earnings, though only
slight, and this with a cutting down of the expenses
has brought a very substantial addition to the net
earnings. In brief the gross earnings have risen
from $460,007,081 in June 1921 to $472,383.903
in June 1922, being an increase of $12,376,822, or
2.69%, while expenses have been reduced $16,612,856, or 4.64% and consequently the amount
of the net earnings has been augmented by $28,989,678, or over 36%, the total of the net risini
from $80,455,435 in June 1921 to $109,445,113 in
June 1922 (both amounts being stated before the
deduction of taxes) as will be seen by the following:
1922.
Month of June (201 roads)—
Miles of road
Gross earnings
Operating expenses
Net earnings

1921.

Inc.(+)or Dec.(—)

235,310
234,568
+742
472,383,903 460,007,081 +12,376,822
362,938,790 379,551,646 —16,612,856

0.31
2.69
4.64

109,445,113 80,455,435 +28,989,678 36.03

While the improvement is substantial, and under
prevailing trade and traffic conditions highly gratifying, we see from a statement issued this week
by the Association of Railway Executives that the
amount of the net, even as thus enlarged, falls short
of the requirements. After allowing for taxes and
other deductions, the net operating income for June
1922 is found to have been no more than $76,470,500,
which on an annual basis represents a return of
only 4.78% on the tentative valuation of the property of the carriers employed in the transportation
business. In other words, the roads fell $19,566,400
short of realizing a return of 6% on this tentative
valuation. They also fell $15,564,917 short of
earning at the rate of 5% per annum, the figure




[Vol,. 115.

fixed by the Inter-State Commerce Commission
in its rate decision. However, by degrees, steady
improvement in the fiscal results is being effected,
and when the present labor troubles in the coal and
the railroad fields are overcome further progress
in the right direction will no doubt follow. The
part that abstention from work at the unionized
coal mines has played in reducing traffic will be
seen when we say that according to the tabulations
of the Association of Railway Executives, incomplete reports indicate that in the number of tons
of freight moved one mile there was an increase in
June 1922 of 3.2% over the same month in 1921.
In the Eastern District, however, which comprises
the larger coal fields of the country, there was
actually a decrease of 5.3%, this being turned into
a gain in the general results by an increase in the
freight movement in the Western District of 10%
and in the Southern District of approximately
21%. Moreover, because of the coal strike, coal
loadings during the five weeks' period extending
from May 28 until June 30 recorded a falling off
of no less than 39.31% compared with the same
period last year, while the loadings of all other
commodities other than coal increased 23.20%.
It should be noted that as far as changes in railroad rate schedules have a bearing on gross earnings,
the horizontal reduction in freight rates of 10%
recently announced by the Inter-State Commerce
Commission has no application to the June results,
inasmuch as it did not become effective until July 1.
On the other hand, however, there has been in
force since Jan. 1 1922 a reduction of 163/2% in
the case of rates for grain, grain products and hay
in Western territory.
As to the reduction in the expenses, lower wage
scales could have had only a small part in bringing
it about. The latest cut in the wages of railway
employees, against which some of these latter are
now so strenuously contending, did not go into
operation until July 1,. and therefore did not and
could not be an influence in the June tabulations.
There was, however, an antecedent decrease of
12% made by the Labor Board effective July 1
1921 which did count in the June 1922 expenses.
This, however, was hardly more than a tithe of
the increases in wages previously made—that promulgated by the Railroad Labor Board in July 1920
alone having been 20%. Hence, in the main, we
must suppose that the reduction in expenses represents increased efficiency of operations rendered
possible through the maintenance of better discipline
among the employees and of course also the carriers
have improved the personnel of the force by retaining
only those of proved efficiency and by getting rid
of the indolent and all slackers. We may also
suppose that repairs and renewals and maintenance
outlays continue to be restricted to absolute necessities.
This general conclusion as to greater efficiency
of operations is confirmed when we note that this
year's reduction in expenses follows an even greater
reduction in 1921. In June last year our tables
recorded $65,390,662 gain in net in face of a loss
of $33,582,095 in the gross earnings. This means
that operating expenses for the month in that year
were reduced no less than $98,972,757, or over 20%.
The loss in the gross then would have been far
larger except for the fact that the Commerce Commission the previous July had authorized advances

AUG. 12 1922.]

THE CHRONICLE

697

in freight and passenger rates which it was com- matter of course. In the following we furnish the
puted at the time would add $125,000,000 a month June comparisons back to 1906. For 1909, 1910
to the gross earnings of the carriers-supposing and 1911 we use the Inter-State Commerce totals
the volume of traffic had remained unchanged (which then were far more comprehensive than
instead of undergoing an enormous shrinkage. In they are now), but for preceding years we give
like manner the $98,972,757 saving in expenses the results just as registered by our own tables
would have mounted still higher except that wage each year-a portion of the railroad mileage of the
schedules the previous July, as already noted, had country being always unrepresented in the totals,
been raised 20%-which advance would have added owing to the refusal of some of the roads in those
$50,000,000 a month to the annual payrolls of the days to furnish monthly figures for publication.
carriers if the volume of traffic and the force of
Net Earnings.
Gross Earnings.
employees had been maintained at the high levels Year.
Inc.(+)or
Year
Year
Year
Year
Inc.(+) or
Preceding. Dec.(-).
Given.
Given.
Preceding. Dec.(-).
existing when the wage award was made.
June.
3
Previous to 1921, however, expenses had been 1906W
100,364,722 90,242,513 +10,122,209 31,090,69 27,463,36 +3,627,330
1907
132,060,814 114,835,77 +17,225,040 41,021,559 36.317,207 +4,704,352
in
until
way
frightful
in
perfectly
a
up
mounting
1908 ___ 126,818.844 153,806,702 26,987,858 41.818,184 46,375,275 -4,557,091
___ 210.35€,964 184,047,216 +26,309,748 74,196,190 59,838,655 +14.357,535
1920 a point was reached where even the strongest 1909
1910
237,988,124 210,182,484 +27,805,640 77,173,345 74,043,999 +3,129,346
1911
-6,519,626 72.794,069 77.237,252 -4,443,183
and best managed properties were barely able to 1912 231.980,259238,499,88
243,226,498228,647,383 +14,579,115 76,223,732 71,689,581 +4,534.151
1913 ___ 259,703,994242,830.546 +16,873,448 76,093,045 76.232,017 -138,972
meet ordinary running expenses, not to mention 1914 230,751,85 241,107,72 -10,355,877 66,202,410 70,880,934 -4,678,524
+1,313,837 81,649,636 69,481,653 +12,167,983
1915
taxes and fixed charges. And it is these prodigiously 1916 ___ 248,849,716247,535,879
285,149,746237,612,96 +47,536,779 97,636.815 76,693.703 +20,943,112
1917
351,001,045301,304,803 +49.696.242113.816.026 103,341,815 +10.474.211
+40,002.412 36.156,952 106,181,61 -142338571
inflated expense accounts that furnished the basis 1918 ___ 363,565,528323,163,116 +30,769,974
69,396.741 df40136575 + 109533316
1919
424,035,872393,265,89
7,465,725
*-- 486,209,842420,586.968 +65,622,874 21,410.927 68,876,652
for the savings and economies that have been 1920
1921 ___ 460,582,512494,164.60 -33,582,095 80.521,99 15,131,337 +65,390,662
effected in 1921 and 1922. In June 1920, particu- 1922 472,383.903460.007,881 +12.376.822109.445,113 80.455.43 +28,989.678
Note.-In 1906 the number of roads included for the month of.June was 80; In
larly, expenses were exceptionally heavy and the 1907,
84; in 1908 the returns were based on 147,436 miles of road; In 1909, 234,183;
1910, 204,596; in 1911, 244,685; in 1912, 235,385; in 1913, 230.074; In 1914,
net correspondingly low. At that time in 1920 rail- in
222,001; in 1915, 240,219; in 1916, 226,752; in 1917, 242,111: in 1918. 220.303; In
1919, 232,169; in 1920, 225,236; in 1921, 235,208; in 1922, 235,310. We no longer
road managers had very distressing conditions of include
the Mexican roads or the coal-mining operations of the anthracite coal
our totals.
roads
operations to contend with, the troubles experienced Forin1909,
1910 and 1911 the figures used are those furnished by the Inter-State
Commerce Commission. *Revised figures.
in that respect in April and May having extended
In the case of the separate roads there is some
into June. What with car shortgages, freight congestion, outlaw strikes on the railroads themselves wide disparity in the results. A considerable body
and additional labor troubles at terminal points by of roads is able to show improved gross earnings
reason of strikes of teamsters and. draymen and the and a yet larger body improved net earnings owing
like, which interfered with unloading and removal to the curtailment of the expenses. But there are
of freight-intensifying the congestion existing- also numerous losses both in the gross and the net.
and with wages high, it was impossible to avoid The Anthracite roads are conspicuous in both these
heavy increases in expenses, even though comparison latter respects-we mean the Reading, the Lehigh
was with totals of expenses in themselves large the Valley, the Central of New Jersey, the Lackawanna
year before. In speaking of expenses in the year and the Delaware & Hudson. The explanation,
before (1919) having been large, a word of explana- of course, is very simple and found in the utter and
tion is necessary. Actually, our tables recorded complete cessation of mining in the anthracite
$78,763,342 reduction in expenses coincident with a regions. In like manner, while the soft coal roads
gain of $30,769,974 in gross revenues, yielding, generally suffered a heavy diminution of their coal
therefore, an addition to net in the huge sum of traffic by reason of the shutdown at the mines, a
$109,533,316. But this followed entirely from the few roads derived exceptional benefits because they
exceptional nature of the result in June of the year serve the non-union coal mines at which mining was
preceding. In this preceding year (1918) there.was prosecuted on a greater scale than before. The
included in the expenses one item of huge magnitude roads particularly to be mentioned in that category
and wholly abnormal in character. William G. are the Norfolk t Western, the Chesapeake &
McAdoo was then Director-General of Railroads, Ohio, the Louisville & Nashville, and the Virginian
and after granting a big increase in wages to railroad Railway. Between the roads that were able to
employees, retroactive back to Jan. 1, he directed enlarge the volume of their coal traffic and those
that the whole of the extra compensation for the which suffered a heavy contraction, the gulf is a
six months should be included in the returns for the wide one and this explains the variance in the
month of June. The increases in wages at that stage results, both gross and net. As far as the big
(subsequently there were numerous other increases) Eastern trunk lines are concerned-which have been
added, it was estimated, somewhere between $300,- prospering by reason of the business revival, even
000,000 and $350,000,000 to the annual payrolls of though the coal traffic has been falling off-the
the roads. Accordingly, the June expenses in that New York Central reports $1,594,235 gain in gross
year included $150,000,000 to $175,000,000, repre- and $796,572 gain in net. This relates to the New
senting the wage increases for the six months to York Central itself. Including the various auxiliary
June 30. The result was that with a gain in gross and controlled roads, the result is a gain of $2,935,651
earnings for the month of $40,002,412, there was an in gross and of $2,821,538 in the net. The Pennsylaugmentation in expenses of no less than $182,- vania Railroad on the other hand, which is the
340,983, or over 845, leaving, therefore, a diminu- largest coal carrying system in the country, shows
tion in the net of $142,338,571. With that large $2,039,732 decrease in gross on the lines directly
item included, the railroads actually fell 840,136,575 operated, but accompanied by a gain of $641,603
short of meeting their bare running expenses-from in the net. For the entire Pennsylvania System,
which an idea may be gained of the abnormal char- including all roads owned and controlled, the result
acter of the exhibit at that time. The reduction is a decrease of $1,816,260 in the gross, but an
in expenses in 1919, with the elimination of the increase of $1,087,466 in the net. In the following
special item referred to, followed, therefore, as a we show all changes for the separate roads for




698

THE CHRONICLE

[VOL. 115.

amounts in excess of $100,000, whether increases record gains in the net, the most of them of very
striking proportions. Our summary by groups is
or decreases, and in both gross and net.
PRINCIPAL CHANGES IN GROSS EARNINGS IN JUNE.
as follows:
Increases.

Increases.
SUMMARY BY GROUPS.
Norfolk & Western
$2,423,072 Monongahela Connecting._ $103,660
101.590
Louisville & Nashville_ _ _ 2,053,424 Western Pacific
Gross Earnings
100,065
Chicago & North Western 1,801,137 Indiana Harbor Belt
Sectton or Group.
1922.
1921.
Inc.(÷)or Dec.(-)
1,594,235
New York Central_b
June•
Representing 53 roads
Baltimore & Ohio
1,264,491
20,622,928 19,881,623
+741,305 3.73
In our compilation_ _$28,173,457 Group 1(9 roads), New England
Southern Railway
1.167.299
Decreases. Group 2(36 roads), East & Middle__ _128,069,559 138,807,965 -10,738,406 7.74
1,160,553
Chic Milw & St Paul
St Louis-San Francisco (3) 1,107,130 Delaware Lack & Western.$2.064,865 Group 3 (32 loads), Middle West
52,243,788 47,867,797 +4,375,991 9.14
951.150 Pennsylvania RR a (2)...... 2,039,732
Illinois Central
Groups 4 & 5(34 roads), Southern__ - 70,007,071 61,096.987 +8,910,084 14.58
923,173 Lehigh Valley
1,897,5.
Minn St Paul & S SM..
892,603 Philadelphia & Reading__ 1.541,510 Groups 6 & 7(28 roads), Northwest_ _101,877,411 93,830,412 +8,046,999 8.57
Michigan Central
891,872 Delaware & Hudson
1,427,590 Groups 8 & 9(50 roads), Southwest 71,886,692 70,760,724 +1,125,968 1.69
Northern Pacific
1,045.961
Denver & Rio Grande..___ 878,720 Erie (3)
27,676,454 27,761,573
-85,119 0.31
(12 roads), Pacific
793,638 Central RR of New Jersey 983,523 Group 10
Great Northern
521,390
Duluth Missabe & North_ 685,536 Toledo & Ohio.
+12,376,822 2.69
460,007,081
(201
roads)
472,383,903
Total
Cleve Cine Chic & St Louis 670,983 Chicago R I & Pacific (2)_ 503,147
Net Earnings
623.402 N Y Ontario & Western_ _
Wabash Ry
435,261
Inc.(+)or Dec.(-)
1922.
1921.
Atlantic Coast Line
615.935 Internet & Great Northern 371,076
Duluth & Iron Range_ __ _ 615.619 Hocking Valley
342,844
1922. 1921.
Seaboard Air Line
543,488 Union Pacific (3)
305,358 Group 1
7,332 7,385 3,573,997 1,254,992 +2,319,005 184.78
NYNH& Hartford........477,151 Southern Pacific (8)
295,424
30,743 30,621 22,583,740 25,169,786 -2,586,046 10.27
Pittsburgh & Lake Erie__ 421,462 Chicago & Alton
274,007 Group 2
Cinc New Orl & Tex Pac_ 421.182 Bessemer & Lake Erie__ _
19,338 19,299 14,106,532 8,320,667 +5,785,865 69.54
267,851 Group 3
Elgin Joliet & Eastern.. _ _ _
420,767 Chicago Burl & Quincy.._ _
259,101 Groups 4 and
39,023 39,002 19,986,605 7,636,399 +12,350,206 161.73
N Y Chicago & St Louis__
397.633 Denver & Salt Lake
256,134
Grand Trunk Western..__ 350,085 Kanawha & Michigan_ _ _ _
254,404 Groups 6 and 7.. _ _ _ 66,824 66,304 24,374,881 16,350,919 +8,023,962 49.07
Colorado & Southern (2)__
55,225 55,230 16,591,584 14,867,742 +1,723,842 11.59
317,396 Buffalo Rochester & Pitts_
245,648 Groups 8 and
Union RR of Penn
332,863 Central of New England.._
225,696 'Group 10
16,825 16,727 8,227,774 6,854,930 +1,372,844 20.03
Det Toledo & Ironton.. _ _ _ 326,387 Lehigh & New England__
191.063
ChiStPaul Minn & Omaha 321,314 Western Maryland
179.654
235,310 234,568 109,445,113 80,455,435 +28,989,678 36.03
Total
Chesapeake & Ohio
305,402 Monongahela Ry
177.608
Det Grd Haven & Milw__
190,833 Pittsburgh & West Va..
138,933
NOTE.-Group I. includes all of the New England States.
Toledo St Louis & West.... 177,254 Wheeling & Lake Erie_ _ _ _
138.171
Group Ii. Includes all of New York and Pennsylvania except that portion west
Mobile & Ohio
176,937 N Y Susq & Western
131,751
also all of New Jersey, Delaware and Maryland, and
Rich Fred & Potomac_ ___
168,078 Missouri Kansas & Tex (2) 124,017 of Pittsburgh and Buffalo,
Pere Marquette
153,449 Montour Ry
122,559 the extreme northern portion of West Virginia.
Lake Superior & Ishpem'g 151.699Texas & Pacific
121,281
Group III. includes all of Ohio and Indiana, all of Michigan except the northern
Nashv Chatt & St Louis__
139,275 New York Connecting
120.758 peninsula, and that portion of New York and Pennsylvania west of Buffalo and
St Louis Southwest (2)...... 138,721 Northwest Pacific
115,396 Pittsburgh.
Long Island ..
124,314 Kansas City Southern....... 113.138
Groups IV. and V. combined include the Southern States south of the Ohio and
Bangor & Aroostook
100,114
123,689 Lehigh & Hudson River__
Midland Valley
113.783 San Ant & Aransas Pass.... 108,216 east of the Mississippi River.
Gulf Mobile & North
111,449 Galveston Wharf
101,237
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Alabama Great Southern.. 107,902
Minnesota, Wisconsin, Iowa and Illinois, all of South Dakota and North Dakota
Kansas Oklahoma & Gulf_
107,878 Representing 50 roads in
and Missouri north of St. Louis and Kansas City, also all of Montana, Wyoming
Maine Central
our compilations_ _ _$17.553,955 and Nebraska, together with Colorado north of a line parallel to the State line
103,779
Note.-All the figures in the above are on the basis of the returns filed passing through Denver.
with the Inter-State Commerce Commission. Where, however, these
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
returns do not show the total for any system, we have combined the sepaTerritory, Missouri south of St. Louis and Kansas City, Colorado south
rate roads so as to make the results conform as nearly as possible to those Indian
Denver, the whole of Texas and the bulk of Louisiana, and that portion of New
of
given in the statements furnished by the companies themselves.
corner of the State through
a This is the result for the Pennsylvania RR. (including the former Mexico north of a line running from the northwest
Pennsylvania Company) and the Pittsburgh Cincinnati Chicago & St. Louis Santa Fe and east of a line running from Santa Fe to El Paso.
combined, the Pennsylvania RR. reporting $3,007,967 decrease and the
Group X. Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
Pittsburgh Cincinnati Chicago & St. Louis $968,235 increase. For the and Arizona. and the western Part of New Mexico.
entire Pennsylvania System, including all roads owned and controlled, the
result is a decrease in gross of $1.816,260.
b These figures cover merely the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the whole going to form the New
York Central System, the result is a gain of $2,935,651.
PRINCIPAL CHANGES IN NET EARNINGS IN JUNE.
Increases.
Increases.
Louisville & Nashville_ __ _$3,312,745 Cinc Ind & Western
$152,555
Norfolk & Western
2,485,485 Midland Valley
152,088
Baltimore & Ohio
2,475,289 Hocking Valley
146,236
Northern Pacific
1,886,814 Georgia So & Florida_ _ _ _ _
146,124
Southern Pacifie (8)
1.854.637 Duluth South Shore & Atl 142,797
Chicago & North Western 1,601,156 Lake Superior & Ishpem'g 133,165
Southern Railway._
1,552,034 Charleston & West Caro
126,163
Cleve Cinc Chic & St Louis 1,312,501 Minneapolis & St Louis
125,853
Denver & Rio Grande_ .._ _ 1,156,087 Gulf Mobile & Northern
121,990
Michigan Central
1,128,537 Central Vermont
120,419
Hartford......
&
NY N H
1,047,784 Toledo St Louis & Western 112,250
Minn St Paul & S S M
1,003.724 Alabama Great Southern.. 109,395
Atlantic Coast Line
993,046 Chicago Ind & Louisville.. 107,766
Illinois Central
967,160 Atlanta Birm & Atlantic
105,601
892,162 Virginian Railway
Boston & Maine
103,382
818,127 Indiana Harbor Belt
Wabash Railway
101,315
796,572
New York Central_b
757,763
Representing 73 roads
Seaboard Air Line
in our compilation..-837,998,316
632.105
Missouri Pacific
Chic Rock Is' & Pac (2)... 667,424
Dec vases.
St Louis-San Francisco (3) 656,361 Atch Top & Santa Fe (3)-$3,153.294
Pennsylvania Ry a (2)_ .._ 641.603 Delaware & Hudson
1.211,436
Duluth Missabe & North.. 637,995 Delaware Lack & Western 1,081,124
575,231 Central RR of New Jersey 846.357
Missouri Kan & Tex (2).._
540,842 Union Pacific (3)
Great Northorn
716,809
538,066 Lehigh Valley
Duluth & Iron Range_ _ _ _
664,180
454,041 Philadelphia & Reading
Mobile & Ohio
554,805
441,674 Erie (3)
_ _ _ _ 419,169
Chic Milw & St Paid_
360,737 Toledo & Ohio Central_ _ _
N Y Chicago & 'it LOUIS
306,578
350.825 Chicago Burl & Quincy_ _ _
Grand Trunk Western_ _ _
245,560
WESTERN GRAIN RECEIPTS.
334,735 Buffalo Roch & Pittsb_
Onasapeake & Ohio
274,109
Flour.
Wheat.
Rye.
Corn,
325,666 Kanawha & Michigan__
Barley.
Oats.
Long Island
19,1,033 Five Weeks
(bush.)
(bush.)
321,603 Bessemer & Lake Erie_ _
(bush.)
(bush.)
(bush.)
18,333 end.Juiy 1. (bbls.)
Pere Marquette
233,776 Chicago Great Western.... 160,447 ChicagoCentral of Georgia
188.000
673.000
254,343 N Y Susq & Western_ _ _ _
1922 ___ 815,000 3,301.000 15,870,0011 7,279,000
159,068
Maine Central
131,000
604.000
254,339 Central of New England_ _
1921 ...... 775,000 2,751,000 22,745,000 10,580,000
153,698
Colorado Southern (2)_ _ _
234,559 N Y Ontario & West
151,311 it!IlwaukeeChic St Paul Minn & Om_
114,000
954,000
145.000 2.835,000 1,897,000
220,940 Lehigh & New England.... 127,298
1922 -__ 269,000
Rich Fred 4 Potomac.._ _ _
30,000 8,574,000 1,400,000 2,099,000 1,116,000
421,000
211,480 El Paso & Southwest
1921 -__
120,544
Union RR of Penn
. 205,303 Denver .Sc Salt Lake
107,883 St. LouisElgin Joliet & Easte*n
79,000
71.000
171.106 N Y Connecting
1922 ___ 372,000 1,893,000 3,193,000 2,557.000
.._
103,887
Det Or Haven &
72,000
10,000
1921 ___ 423,000 3.308,000 2,237,000 2,758,000
Western Pacific_ _ _
169.762
Reip
nro
es
uerneto
ing
ipF
167,353
Toledoatrio
on
a
Cinc New Orl & Tex Pac_
......
1,000
225,000
12.000
274,000
192.000
5153.210
1922
(
..
1
!$11.022.523
In-:An East Coast
678,000
290,000
431,000
1921 ___
u ins is the result for . he Pennsylvania RR. (including the former
St. neiroftPennsylvania Compann) and the P ttsburgh Cincinnati Chicago &
106,000
165,000
172.000
___
1922
Louis combined. the Pennsylvania RR.reporting $353.423 decrease and the
269,000
161,000
115,000
1921 ___
& St. Louis $995,026 Increase. For the
Pittsburgh Uncinnati Chicago
Peoria
including
all
roads owned and controlled, the
entire Pennsylvania System,
27,000
44,000 1,881,000 1,638,000
1,000
1922 ___ 219,000
result is an increase in net of $1,087,466.
59,000 1,137,000
60,000
673,000
1,000
1921 ___ 194,000
nres merely cover the operations of the New York Central Duluth
b These fir,
itself. Including the various auxiliary and controlled roads, like the
3,386,000 2,248,000 1,104,000
428.000 1,376,000
1922 ___
Michigan Central, the "Big Four," &c., the result is a gain of $2,821,538.
2,943,000
494,000
638,000
344,000
479,000
1921
Minneapolis6,667,000 2,034.000 1.937,000 1,252,000
253,000
1922 ___
354,000
1921 ___ 120,000 2,805,000 3,099,000 1,985,000 1,098,000
Kansas C16l633,000
5,000 6,313,000 2,239,000
1922 ___
8,743,000 2,047,000
471;000
1921 ......
Omaha dr Indianapolis843,000 4,578,000 2,233.000
1922 ___
2.226,000 3,998,000 2,135,000
1921 ___
St. Joseph495,000 1,154,000
182,000
1922 ___
1921 ___

As far as the movements of the leading staples
are concerned, it is rather noteworthy that Western
roads suffered some shrinkage of their grain traffic
and Southern roads had a diminished cotton traffic
to contend with. At the Western primary markets
for the five weeks ending July 1 the receipts of
wheat the present year were only 23,418,000 bushels,
against 31,860,000 *bushels in the corresponding
five weeks of 1921; the receipts of corn, 36,477,000
bushels, against 37,712,000 bushels, and the receipts
of oats 19,824,000 bushels, against 22,286,000
bushels. Adding barley and rye, it is found that
the receipts of the five cereals combined for the
five weeks this year were 85,148,000 bushels, as
against 96,548,000 bushels in the corresponding
five weeks of 1921. In the following we give the
details of the . Western grain movement in our
usual form:

When the roads are arranged in groups or geographical divisions according to their location, some
of the features mentioned are greatly emphasized.
In particular the Eastern and Middle group, by
reason of the shutdown of the coal mines, records
a considerable falling off in both gross earnings and
net earnings. No other group registers a decrease Total
1922 ___ 1,680.000 23,418,000 36,477,000 19,824,000 3,406,000 2,023,000
in either gross or net, but all enjoy substantial 1921 1,548,000 31,860,000 37,712,000 22,286.000 3,294,000 1,396,000
The Western livestock movement, on the other
improvement in gross (barring only the Pacific
group, where there is a trifling falling off) and all hand, appears to have run a little larger than in




AVG. 42 1922.]

THE CHRONICLE

the same month last year. At all events, the livestock receipts at Chicago in June 1922 comprised
23,959 cars, as against 23,152 cars in June 1921;
at Kansas City, 9,217 cars, against 8,656, and at
Omaha, 10,392 cars, against 9,558 cars.
As for the Southern cotton movement, the shipments overland in June 1922 'were 105,391 bales,
against 201,948 bales in 1921; 131,830 bales in 1920;
161,800 bales in 1919, and 187,986 bales in 1918.
At the Southern outports the receipts were only
344,822 bales in June 1922, as against 437,324 bales
in June 1921, but comparing with 132,107 bales
in June 1920 as will be seen by the following:IP*
RECEIPTS OF COTTON AT SOUTHERN PORTS IN JUNE AND FROM
JANUARY 1 TO JUNE 30 1922, 1921 AND 1920.
June.

Ports.
1922.
Galveston
Texas City, drc
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Newport News,dm
Oral

(Current

1921.

Since Jan. 1.
1920.

1922.

1921.

110,779 187,307 34,830 876.815 1,291,142
34,873 33,899 9,363 243,966 234,725
89,180 103,849 56,907 538.726 676.483
14,954i 10,351 3,575 79,692 49.036
588
14,397
135 2,926
8,663
50,505 65,185 14.035 344,906 310,549
4,316
3,199 1,095
14,096
700
17,811 5,307 2,562 106,633 45,863
8,919 9,090
40,833 41.239
111
14,014 21,038 7,044 127,531 147,269
1,023
98
54

1920.
860.567
208,943
713,368
86,856
15.864
439.601
65,327
265,185
47,208
130,620
2,727

344,822 437,324 132,107 2,381,861 2,816.042 2,836,266

guents and gitscussions

WEEKLY RETURN OF FEDERAL RESERVE BANKS.
Federal Reserve bank holdings of discounted bills show a
reduction of $17,600,000 for the week ending Aug. 9, bills
purchased in open market declined by $3,700,000, And
United States securities by $5,600,000, according to the
Federal Reserve Board's weekly statement, and which
deals with the results for the twelve Federal Reserve banks
combined. The banks' liability on deposits decreased by
$49,200,000, while Federal Reserve note circulation increased by $7,100,000. These changes in liabilities, together with a nominal decline of $500,000 in reserves, are
reflected in a rise of the reserve ratio from 79.6 to 80.4%.
After noting these facts, the Federal Reserve Board proceeds
as follows:

699

shown in the Federal Reserve Board's weekly statement of
condition on Aug. 2 of 794 member banks in leading cities.
It should be noted that the figures of these member banks
are always a week behind those for the Reserve banks themselves. Loans and discounts of member banks in New
York City show an increase of $84,000,000, while their investments declined by $1,000,000.
Loans secured by stocks and bonds show an increase of
$45,000,000 for the week, while loans secured by Government obligations declined by $4,000,000, and other loans
and discounts, largely of a commercial character, increased
by $24,000,000. The increases in loans secured by stocks
and bonds and in commercial loans for the member banks
in New York City were $51,000,000 and $33,000,000,
respectively, the combined totals• for other cities being
smaller than the week before. Increases of $17,000,000 of
United States bonds and Victory notes and of $125,000,000
of United States Treasury notes are shown, the latter being
connected with the issuance by the Treasury on Aug. 1 of a
new series a 43,4% Treasury notes maturing on Sept. 15
1926. Holdings of Treasury certificates declined by $11,000,000 and those of corporate securities by $29,000,000.
Total loans -and investments of the reporting institutions
show an increase of $167,000,000 for the week, the increase
for the member banks in New York City being $83,000,000.
Government deposits increased by $98,000,000 and other
demand deposits (net) by $91,000,000, while time deposits
show a reduction of $8,000,000. For the New York City
banks an increase of $53,000,000 in Government deposits
and of 877,000,000 in other deposits are shown, accompanied
by a decline of $9,000,000 in time deposits. Accommodation of reporting member banks at the Federal Reserve banks
rose from $98,000,000 on July 26 to $117,000,000 on Aug. 2,
the ratio of accommodation to the banks' total loans and
investments advancing from 0.6 to 0.8%. Reserve balances of the reporting institutions with the Federal Reserve
banks show an increase of $18,000,000, while cash in vault
declined by $5,000,000. On a subsequent page-that is,
on page 738-we give the figures in full contained in this
latest weekly return of the member banks of the Reserve
System. In the following is furnished a summary of the
changes in the principal items as compared with a week
and a year ago:

Increase (+) or Decrease (-)
Since
July 26 1922.
Aug. 3 1921.
Loans and discounts-total
+65.000,000
-867,000,000
Secured by U.S. Government obligations -4,000,000
-358,000,000
AU classes of earning assets show reductions for the week, except United
Secured by stocks and bonds
+526,000,000
+45.000,000
States bonds and notes, which increased by about $1,000,000. Total
All other
+24,000.000 -1,035.000,000
earning assets declined by $27,000,000 to $1,020,700,000, compared with Investments, total
+102,000,000 +1,174,000,000
$1,831,400,000 reported for Aug. 10 1921.
U. S. bonds
+15,000,000
+458,000,000
Gold reserves of the Reserve banks show a slight gain of $200,000 for
Victory notes
+2,000,000
-120.000,000
the week. The shifting of gold reserves included a loss of $21,700,000
U. S. Treasury notes
+125,000,000
+581,000,000
by the Now York bank and smaller losses by the Cleveland, Chicago
Treasury certificates
-16,000,000
-11,000.000
and Kansas City banks while the Boston bank reported the largest
Other stocks and bonds
-29,000,000
+271,000,000
gain, amounting to $10.400,000.
Reserve balances with F. R. banks
+186,000.000
+18,000.000
Holdings of paper secured by Government obligations show a reduction Cash in vault
-5,000,000
-34,000,000
from $130,300,000 to 3117,800,000. Of the total held $95,900,000, or Government deposits
+98,000,000
-193,000,000
81.4%, were secured by Liberty and other U. S. bonds, $3,700,000. or Net demand deposits
+1,219,000,000
+91,000.000
3.1%, by Victory notes, $13,700,000. or 11.6%, by Treasury notes and Time deposits
+609,000,000
-8:000,000
$4,500,000,or 3.9%, by Treasury certificates, compared with $100,800,000, Total accommodation at
F. R. banks_ __ _ +19.000,000
-962,000,000
$3,800,000, $18.000,000 and 37,700.000 reported the week before.

The statement in full in comparison with preceding weeks
PAUL D. CRAVATH ON IMPOSSIBLE TASK IMPOSED
and with the corresponding date last year, will be found on
ON GERMANY-REPARATIONS BILL WILL HAVE
subsequent pages, namely pages 737 and 738. A summary
TO BE REDUCED TWO-THIRDS.
of changes in the principal asset and liability items of the
Paul D. Cravath, in speaking at the round table conferReserve banks, as compared with a week and a year ago,
ence at Williamstown, Mass., this week, on the reparation
follows:
Increase (-I-) or Decrease (-)• problem in its relation to the economic reconstruction of
'Since
Europe declared that "the task. Imposed on Germany was
Aug.2 1922.
Aug. 10 1921
Total reserves
-$500,000 +$481,300,000 impossible of performance," and according to Mr. Cravath
Gold reserves
+495,700,000 the present reparation bill will have to be reduced by at
+200.000
Total earnings assets
-810,700,000 least
-27,000.000
two-thirds. Mr. Cravath in opening as Chairman the
Discounted bills, total
-1,144,500,000
-17,600.000
Secured by U. S. Govt. obligations_ ---12,500,000
-445,100,000 conference on Aug. 7 at the Institute of Politics at Williams
Other bills discounted
-699,400,000 College, reviewed the
-5,100,000
various steps in the development of
Purchased bills
+101,800,000
-3,700,000
the
reparation
problem
from the armistice down to the conUnited States securities, total
+232,000,000
-5,600,000
Bonds and notes
+165.600,000 ference of Allied Prime Ministers that has convened in Lon+1,000,000
Pittman certificates
-137,400,000 don this
-1,500,000
week. He said that all well-informed economists
Other Treasury certificates
+203,800,000
-5,100,000
Total deposits
+173,300,000 have foreseen that the policy pursued towards Germany at
-49,200,000
Members' reserve deposits
+181,900,000 the Peace Conference at Paris and subsequently by the
-54,300,000
Government deposits
-7.700,000 Allied
+11,000,000
Governments in their dealings with Germany was as
Other deposits
-900,000
-5,900,000
Federal reserve notes in circulation
0 certain to land Germany in her present economic plight as
-373,600,00
+7.100,000
F. R. bank notes in circulation, net 1iability-1,500,000
-57,800,000 night is certain to
follow day. He did not doubt that Germany had often been evasive and had fallen short of doing
WEEKLY RETURN OF THE MEMBER BANKS OF THE her best to make the largest possible -reparation payments.
FEDERAL RESERVE SYSTEM.
The German Government had been particularly remiss in
Aggregate increases of $65,000,000 in loans and of $102,- not taking more effective measures to prevent the flight of
000,000 in investments accompanied by larger increases in capital from Germany to hiding places in other countries.
Government and other,,demand deposits_ combined, are He believed, however, that the task imposed upon an already




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impoverished Germany of making large reparation payments
in gold on fixed dates while her merchandise imports were
bound largely to exceed her exports was so far beyond her
capacity, that even if the German Government had loyally
done its utmost, the result would not have been radically different. The task imposed on Germany was impossible of
performance. The strongest Government, with the best intentions, cannot force the German people to sacrifice, work
and save to carry out a reparation program that they know
will land them in national ruin.
Mr. Cravath said that a false impression regarding Germany's ability to make reparation payments has been created
by her apparent prosperity. This prosperity, Mr. Cravath
pointed out, is temporary, unhealthy and fictitious. One
reason for the large apparent profits now being realized in
Germany is the fictitious increase in the volume of profits
and the rate of return on capital that automatically results
from the fall in.the mark. Measured by the gold standard,
the profits of German industry and commerce have steadily
shrunk in volume. Profits in depreciated paper marks resulting from domestic commerce are of no service in providing gold balances abroad with which to make reparation payments. The feevrish activity in German production to meet
domestic demands that has prevailed in Germany for some
time is due primarily to the mania of the German people to
convert their marks into tangible property of some kind
while marks still have some purchasing power. To illustrate
this, he repeated a story told by Dr. Rathenau shortly before his death, of a German of modest means who invested
his entire fortune in incandescent electric bulbs, none of
which he needed for his own use, simply because he thought
they were better things to have than paper marks. Prosperity
based on this mania for getting rid of marks is bound to be
short lived. It will end now that the collapse of the mark is
so nearly complete.
Mr. Cravath said that it is generally recognized in well-informed circles in Europe that Germany is now on the verge
of fiscal and economic collapse, if she is not already in the
throes, and that unless radical measures are adopted by concerted action of the solvent nations, Germany may soon go
the way of Austria. The consequences of such a collapse,
not only to Germany, but to the rest of Europe, are bound to
be calamitous. From ten to fifteen millions of Germany's
population are dependent on imported food and raw materials. With a complete breakdown of Germany's fiscal structure and the industrial depression that would surely follow,
It is difficult to see how Germany's credit abroad will be sufficient to enable her to finance these necessary imports.
Widespread privation—even starvation—would be unavoidable without help from the outside. Germany might, like
Austria, become dependent for a time on the charity of her
'neighbors. No one can foretell how far social unrest might
carry the German people under such conditions nor how far
that unrest and its consequences might extend to neighboring nations.
Mr. Cravath thought that it was now generally recognized
that the adoption of a rational reparation program for Germany was the necessary first step in any comprehensive
scheme for the economic reconstruction of Europe. There
cannot be a prosperous Europe without a prosperous Germany. This is recognized even in France. All of the Allied
nations excepting France seem prepared to face a radical
reduction in reparation demands. France alone stands in
the way. Mr. Cravath was particular to say that he stated
this not as a criticism of France but simply as a cardinal
fact that must be faced. While he thought the position thus
taken by France was unsound and fraught with infinite peril
he did not doubt that most of his audience would believe in
that position if they were Frenchmen. The position of France
Is perfectly natural and logical, considering how she has suffered from German aggression, her profound distrust of Germany and her fear that an economically strong Germany
would be a real peril to France. France's position on the
reparation question is well within her legal rights. She has
a right to insist on the enforcement of the Treaty of Versailles and has the most effective army in Europe. These
are facts that must be faced. It therefore behooves
Great Britain and the United States to try to understand the
position of France and the reason for it and to do their best
to find means of meeting or modifying France's terms. If,
after Great Britain and the United States have offered sympathetic and constructive co-operation, France should still
insist on pursuing the policy of endeavoring to encompass




[Irma 115.

the economic destruction and political disintegration of Germany regardless of the effect of that policy on the rest of
Europe, she could not escape her share of suffering from the
general disaster that the success of her policy would entail.
Mr. Cravath expressed the hope that it would be realized
in France that the American advocates of a rational reparation program were not seeking the sacrifice of France in the
interest of Germany. On the contrary, they believe that it is
in the interest of France that reparation claims that are impossible of collection because of their magnitude should be
abandoned in favor of claims that could be collected because
of their moderation.
Mr. Cravath said that no well-informed person doubts
that no effective plan for the economic regeneration of Europe and the adoption of a rational reparation program can
be worked out and put into operation without the active cooperation of the United States. This is because of the dominant economic position in which we have been placed by the
war. Since the outbreak of the European war an aggregate
balance of trade in favor of the United States of over twenty
billion dollars has resulted in the accumulation in our hands
of colossal wealth, including almost half of the world's available supply of gold, and in our becoming the creditor of Europe for more than sixteen billion dollars.
Mr. Cravath said that the Williamstown conference could
make no better use of its time than by considering how the
United States could most effectively apply the great power
of its position to an effort to bring about the adoption of a
rational reparation program as the first step in the economic
reconstruction of Europe. He added that it does not help
for us to preach sermons to Europe, however sound our sermons may be. While we may fairly withhold our contributions until the European nations have shown a more encouraging disposition to help themselves by putting their own
economic houses in order, we cannot wisely refuse to discuss programs of relief until the nations have actually accomplished the reform we regard as essential, such as the
radical reduction of armies, the balancing of national budgets, the stabilization of currencies and the leveling of irrational tariff barriers. Our European friends are very apt to
answer our sermons by reminding us that our co-operation is
an essential prerequisite of any effective program of relief
and that thus far we have given no signs of offering it.
There could be no better illustration of the risk of negotiation by proclamation than the unfavorable reception which
seems to have been accorded to Mr. Balfour's amiable note
defining the British attitude regarding the cancellation of
Allied debts. The only way to make progress in solving the
problem of reparations and the other problems dependent
upon it is for the nations concerned to meet around a conference table with the determination to do their best to understand one another and to reach an agreement.
In his further discussion of the subject at the conference
on Aug. 9 Mr. Cravath said that while such a conference as
the one being held at Williamstown could not deal scientifically or in detail with the questions as to how much Germany
can pay or should be required to pay by way of reparation to
the Allies, it is important that public opinion should be directed to the main elements of the problem. The subject is
so complex and technical that widespread misapprehension
exists. There are, however, a few basic principles that can
readily be understood. The most important of these fundamental principles is that, with unimportant qualifications,
Germany in the long run can make reparation payments outside of her own boundaries only through the excess of her
exports over her imports. The second fundamental principle
Is that the amount of Germany's possible excess of exports
over imports is measured less by her own productive capacity than by the willingness and ability of other nations to
absorb her exports. A third principle is that Germany cannot radically contract her imports and expand her exports
without disturbing the trade of the other great commercial
nations, and more especially the United States and Great
Britain. Germany's competitors for the world's trade are
bound to suffer if Germany radically decreases her imports
of the commodities they produce and radically increases her
exports into competitive fields.
These principles inevitably lead to the conclusion that in
fixing a program of indemnity payments by Germany, the
primary question is not how much Germany can pay, but
how much other nations, and especially the United States
and Great Gritain, can afford to let her pay. There is another prime consideration that must be constantly borne in

Acro. 12 1922.]

THE CHRONICLE

mind and that is that partly as the result of the war, but
more as a result of the policy pursued by the Allies since
the armistic, Germany is to-day, so far as international
trade and commerce are concerned, in a thoroughly impoverished and demoralized condition, with the result that a
reparation program that would have been rational if adopted
immediately after the armistice, might be senseless at the
present time.
Mr. Cravath then asked the conference, in the light of
these considerations, to discuss the amount of reparation
payments that should be required of Germany and the terms
upon which those payments should be made. He said there
seemed to be a general agreement on the following propositions:

701

LLOYD GEORGE AND LONDON CONFERENCE—BOTH
SIDES OF REPARATIONS ISSUE.
The subject of German reparations was dealt with by
Prime Minister Lloyd George of Great Britain in the House
of Commons on Aug. 3, who in viewing the various aspects of
the subject, expressed it as his opinion that the question
which was to be taken up at the conference with Premier
Poincare on Monday of this week was a difficult one, and one•
which he did not think could be settled at this week's conference. The Prime Minister spoke of the damages inflicted
by Germany, and to the contentions that the party which inflicted this wrong must contribute to making up the reparations." But "the extreme of over-estimating the capacity of
Germany," and the other extreme of under-estimating it
were alluded to by Mr. Lloyd George, who stated that "if you
press Germany too hard you may get nothing." He declared,
however, that when the conference met on Monday he would
"resist any proposals which simply have the effect of increasing the disintegration of Europe without securing anything for ourselves." Whatever abatement is made, he asserted,"is to be an abatement that must be made all around."
The following is his speech as given in a copyright cablegram to the New York "Herald" from London Aug. 3:

First—Considering her demoralized condition, Germany could not resume
reparation payments on any considerable scale until she had been given a period of from three to five years within which to reorganize her economic and
industrial life.
Second—That the reorganization of her industrial life would be too slow a
process to meet the requirements of any possible reparation program unless
she cot& be aided by other nations in obtaining the tools of her trade, and
more especially capital, accessible markets, and ships or the means with
which to buy ships.
Third—That reparation payments must be installments over a long period
of years, although once Germany's credit has been re-established the Allies
might realize upon the installments in advance of their maturity through the
Issue of bonds marketed among private investors.
Fourth—The most important requirement of all is that any program of
"I should have been able to rest the case for the British Empire upon th
reparation payments must be so clearly within Germany's capacity to pay that very able
speech made by the Chancellor of the Exchequer, but there have
the German people would undertake the gigantic task of national organiza- been two or
three things said in the course of the debate which I think it
tion, saving and sacrifice that would necessarily be involved in any program would be inadvisable
to allow to pass without some correction.
that the Allies could be expected seriously to consider.
"I was frankly disappointed by the speech of the member from Paisley—
It was in pointing out that a reduction of a few billion dol- Mr. Asquith. It was not a very helpful speech in a very serious situation.
It is all very well for the right honorable gentleman to say he appreciates
lars in the present reparation bill of thirty-three billion dol- the point of view
of France, and understood the point of view of Germany
lars would do no good, that Mr. Cravath stated that the pres- and America; but one point he did not try to understand is the point of view
of
the
British
taxpayer.
He thought it must be reasonable that the British
ent bill would, in his opinion, have to be reduced by at least
taxpayer should forgive these debts due him, and quite as reasonable that
two-thirds. He then presented to the conference the esti- he should pay every debt owed.
"I think that was a most unfortunate speech, which will give satisfaction
mates of possible reparation payments that had been made
to everybody who wants to get rid of debts, and a great satisfaction to the
by various students of the problem. He said that inquiries people
who press us for payment of our debt. I am sorry that any member
he had recently made in London, Paris and Rome indicated ofthe British Parliament should have thought it his duty to encourage these
people.
that the estimates of the Allied students of the reparation
"The right honorable gentleman went on to say he was in favor of an
problem as to the average annual payments that Germany absolutely clean
slate. That is exactly what Lord Balfour said in his discould make over a period of 30 years beginning after a pre- patch. But it is not a clean slate when you wipe off every debt due us, and
when you engrave more deeply upon the slate the debt due from us to other
paratory period of from three to five years varied from $500,- people. That's
not a clean slate. It neither cleans it nor adorns it, nor
000,000 to $750,000,000 a year. He had heard of no higher makes it more useful for future uses."

estimate from a responsible source than $750,000,000. Keynes
in his recent book named a capital sum of $9,000,000,000,
which would require annual payments of over $600,000,000
a year for 30 years, as being "probably within Germany's
theoretical capacity to pay." Keynes, however, recommended that the payments be reduced to a capital sum of
about $4,000,000,000, involving annual payments for 30 years
of about $300,000,000, all of which, under his plan, would go
to France and Belgium.
Nitti, in his recent book, entitled "Peaceless Europe," after
an elaborate discussion, reached the following conclusion:

Says Asquith Changed Mind.
The Prime Minister here quoted from Mr. Asqnith's speech in Paisley
two and a half years ago.
"He says,'I have been consistent for two and a half years.' But he delivered another speech at another election upon the same subject, after the
speech I had delivered in Bristol, and he was asked this question—it was in
December of 1918: 'Will you make the Germans pay for the war?' Mr.
Asquith's reply was: 'Yes; I am in agreement in that matter with what the
Prime Minister said.' His policy then was identical with that of the Government.
"I'm not complaining in the least that he has changed his mind. I don't
think that the least discreditable. The circumstances of Europe are such
that you can only judge from year to year, very often from day to day,
what is the right course to adapt. But for any one to say he has been consistent for two and a half years in this respect needs examination.
But to come to grips with reality, Germany in all ways,
"The same thing applies to Lord Robert Cecil. He said exactly the same
it must be admitted, cannot give more than two milliards (marks equivalent
to about $500,- at the last election. He said he would draw no distinction between confis000,000) a year, if, indeed, it is desired that an indemnity be
cation and damage indemnity, and would make the Germans pay for all;
paid.
and the only limit he would impose would be with regard for the capacity
His general attitude is that it is against the interest of the of
Germany to pay.
Allies themselves that so large a sum should be exacted. Mr.
"When these gentlemen a.scend a very high pulpit to lecture us and say:
Cravath pointed out that the range of these estimates do not 'You were wicked last election and misled the electors,' they must remember
they said exactly the same thing in exactly the same words. I don't want
differ materially from the estimates made by the American to make this a controversial
topic. It is not my fault that it is. It is because of statements made in the course of debate.
experts at the Peace Conference in Paris.
conference
The
discussed the contributions that might be
Asks About Bold Line.
"I am quite willing to discuss the question of the present policy of the
made by the United States toward a solution of the reparaGovernment with the Allies in reference to reparations. The noble lord
tion problem, including the possible surrender or reduction says let the Government
take a bold line. He says, quite frankly,he doesn't
of the American Government's claim against the Allies, the know what the bold line is. But he says the Government must find it out
themselves; but whatever it is, so long as it is bold, he will support it. This
release of the $400,000,000 of German property now in the Is
a promise which I have no doubt
will be honored in the vote which the
hands of the Alien Property Custodian, the lowering of tar- noble lord will give in the lobby
when we divide on the subject.
"But I have noticed a tendency to criticize
iff barriers that prevent Germany regaining her pre-war
us from both points of view,
and I have called attention to it frequently.
We first of all are to stand
trade and participation by the Government or by private up for France
if she does not press Germany too hard; and another point of
investors, or both, in a large German loan intended to pro- view is: 'Whatever you do you must agree with France and must camy
France along with you. We sympathize
vide Germany with working capital and some prompt relief and
with tho point of view of France
don't think Franco unreasonable.'
for France. Mr. Cravath concluded the conference by ex"You cannot put the two policies together.
Let us face the facts. One
pressing the hope that when the nations of Europe showed of the realities of the situation is that it is not negotiation between the
British Government and Germany,
riegoiation
in which we have got
but
signs of being willing to put their own economic houses in four Allies—France,
Belgium, Italy and Japan, as well as ourselves.
"We put forward a policy and press
order public opinion in this country would support the necesit, but there is a point when you have
sary measure of co-operation on the part of the United States either to compromise or break. The alternative is that we should make
the best arrangements with our
Allies
to carry them along with us as far as
Government. He said that the United States could not we can, or say:'Unless you take
our policy, such sa it is, we shall leave the
wisely make the contributions that would be expected of it conference and there's an end to the alliance.'
"Are the gentlemen who recommend bold policy prepared to give that
a
except as a part of a comprehensive program for the eco- advice
to the British
right to say 'You're
nomic reconstruction of the world involving not only a ra- not bold enough.' Government? If not they've no
"The
noble
lord has repeatedly said that we ought to have fixed and
tional reparation program, but a radical reduction in naval
the amount, that we ought to have told Germany exactly what
and military expenditures, the balancing of national budg- determined
her liability was. She offered us the equivalent of a thousand millions
ets, the stabilization of European currencies, the removal of sterling. He admits it was an impossible offer, and says: 'You ought to
arbitrary and senseless tariff barriers and the removal, so have had some other figure.' Consider what that means.
"These two factors: First, the amount of damage; and, second, the
far as possible, of the menace of a further European war.
capacity of Germany to pay. It was almost impossible to fix either at that




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[voL. 115.

to estimate her full capacity. Supposing you put her
moment. If you wore to fix the damage you would have to fix it upon the This is not the time
or fifteen hundred million and let her off with
cost of repairing the daniage,- and you would have fixed it at a moment capacity at a thousand
Germany has wiped out her national debt.
when prices were inflated,. 'There•were hundreds of thousands of houses that. What would happen?
may have very injurious effects and no doubt will on
of France's destroyed—houses costing £400 new, which would have cost The fall of the mark
but it has entirely wiped out her national debt. It
£1,000 then. That gives an idea whatthe fixation of the damage would the trade of Germany,
has a confiscatory effect on debts of all kinds. Germany would then
,
have meant at that moment.
"Let me take another illustration. The damage which we claim is in the be in this position:
"She would not have a national debt. She would have an internal debt
main for shipping is soniething like 10,000,000 tons. If you had fixed the
fifteen hundred millions and not a single factory damdamage to shipping then, it would have cost £35 10s., and it is now about of one thousand to
re-equipped. She has undoubtedly in the last few
£15. If we had taken the advice of Lord Cecil, we should have fixed the aged—many of them
for the purpose of equipping her machinery
damage for Germany at a time When the cost of reparation was two and years been using this inflation
She has done it largely at the expense of
one-half times what it is at the present moment. And that's what the and perfecting her organization.
The time would come when the world
noble lord suggested would relieve Germany and save her from bankruptcy. her workmen and middle classes.
too sanguine in my estimate of
"Then, as to her capacity to pay. How could you have estimated at would recover. The noble lord says I am
in my estimate of realities.
that moment Germany's capacity to pay? We shouldn't only have fixed Europe. I do not think I am too sanguine
"I agree that when you come to agencies and machinery there is comthe damage to her, but should probably have fixed the capacity to pay
call the filling up of the well of
I
what
to
you
come
plete dislocation,but when
to her also.
production, it has improved enormously in all these countries during the last
Change in Trade Conditions.
years. Whether it will come soon or whether it will come later, the
—At that time trade on the whole was doing well. There was a big boom throe
in the market and hardly any unemployment except among the men return- world will recover.
"Men are working as they never worked for years. Labor will heal the
ing from the war. There were big prices, big profits and high wages, and
When the world has recovered you cannot quite say
many shrewd observers who thought the state of affairs was going to endure. wounds of the world.
After the Napoleonic wars It had a sudden access'The world was short of goods and there were arrears in every department what is going to happen.
which not merely enabled England to advance
to be made up. Therefore if we had fixed the amount and the capacity ion of invention and discovery
before, but she leaped forward.
to pay in June of 1919 we should probably have overestimated both the at a rate she had never advanced
"The troubles of the world are forcing the brain of the world to think how
damage and the capacity.
aid of all sorts of appliances and inventions,
"We said at this moment:'We cannot possibly fix the amount, and there- to get out of difficulties by the
there, facilitate there—generally how to
fore we shall sot up an impartial commission.' I think that on the whole how to save here and expedite
and as much power as possible.
even Germany will admit that part of the treaty has been fairly and im- Increase wealth with as little waste
"When that time comes beware lest you have a well equipped Germany
partially administered by that commission. Meanwhile we invited Gerno internal debt and with an external debt which
many to make an offer, and we gave her six months to do it. But she did with 60,000,000 people with
was fixed at a time when things were bad, and England with a debt of £7,not make any offer.
we are told, neither sentiment nor
"The Reparations Commission therefore sat down and adjudicated on 000,000,000 and an external debt which,
paying of £1,000,000,000, entering into comclaims and capacity to pay. Then there was another reason for delay, for morality ought to excuse our
are her rivals industrially.
there was no Minister for France at that moment who could have accepted petition with two great Powers that
I
"I want you to look at both sides. When my rignt honorable friend and
anything approaching any figure suggested. It is no use, if you are dealing
enter the conference Monday we will bear both of these considerations in
with realities, to fail to take political realities into account.
Gerbut
far,
too
lose by driving Germany
"
"Ciernenceau was one of the most courageous statesmen who ever pre- mind. There is everything to
a verdict against her, and although it is
sided over the destinies of France. Ho was perfectly fearless and unafraid many went into court, Germany had
tribunal she chose herself. She is estopped,
the
of
was
the
it
sword
verdict
shrunk
a
in facing the opposition of the Chamber, but even he would have
verdict. She put her faith for
from going to the Chamber and urging France to accept a figure which at at any rate,from saying that it wasn't a Just
the arbitration of the fate of Europe to the cannon.
the present moment might be regarded as quite acceptable.
"Cannon settled the dispute. Germany has no right to say 'We reject
Indetnnity Board's Powers.
the sentence given by that tribunal.' That is the position as I see it. When
should
you
was
that
it
es..ntial
"Both for political and financial reasons
we meet Monday I shall certianly, as I have done all through,resist any pro'have some machinery like the Reparations Commission which would give posals which simply have the effect of increasing the disint egration of Europe
Its time to the examination and adjudication of claims and, above all, to without securing anything for ourselves.
allow the passion, temper and ferocity that was to subside. I want to emBritain Asks Equal Terms.
phasize again what I said to the Chancellor that the amount was fixed at
"But there is one thing I want to say and I think it is essential that it
6,600.000,000 pounds sterling, subject to adjudication from time to time
should be said. I object to Groat Britain going there and everybody saying:
by the Reparations Commission And that is in the treaty.
Great Britain.' We are going
"Critics of the Treaty, always conveniently or from lack of knowledge, 'This trouble is to be settled at the expense of
proposal that for the moment
have refus-K1 to refer,to that essential part of the Treaty, its vital part. there on equal terms. If we put forward the
moment there should be a reducThe Commission can sit to-day and say that Germany for such and such there should be a moratorium or for the
do that you must do it at your
reasons cannot pay the amount adjudicated last year. That is regarded tion in the annuity it cannot be said: `If you
has met under those condiby some as if, it were an alteration of the treaty. It is not. The pro- own expense.' Whatever meeting of creditors
'visions were incorporated in the treaty and the Reparations Commission tions?
"We go there ,and whatever abatement is made it is to be an abatement
in declaring a moratorium and reducing annuities is acting entirely under
agree
that must be made all around. We will do it in the interest of all. I
the authority given it by the treaty.
think we are going to settle it at
'"There are two considerations I want to put before the House. My friend that it is a difficult business and I do not
says that it would be undesirable to enter into discussions next week with the conference Monday.
"There are too many difficulties, too many complications. You have got
the French Prime Minister and the Minister of Finance after committing
of the people of this country but of
ours:Ives to particular proposals—acceptance or rejection of the political to get the facts into the minds not merely
It is the most
-proposals. I am glad that Poincare's proposals were put before us and I the people of the Continent. That is a difficult matter.
face realities. It is not going to
trust the House will allow us to go there with a free hand to examine them difficult thing in the world to get people to
not
be an easy matter. We must judge of the capacity of Germany,perhaps
and do our best to come to an arrangement.
of Germany to transmit wealth
"If you press Gerrnany too hard you may get nothing. Put it at the in a lump sum. We must judge the capacity
lowest, what will be the damage to Europe apart from a general disturbance across her frontiers.
"That is a difficult thing to do, but whatever is done I hope we will be able
of peace? Take it merely from the point of view of reparations. You
;
We will give reasonwould get nothing. That is what happens when you press a debtor too to march together—Prance. Belgium and ourselves.
to every claim that is put
'hard under any conditions. There is also the danger that you may drive able consideration, sympathetic consideration
Great Britain is the last country to be
Germany into despair. Whether she would throw herself into the hands forward by devastated Prance.
with either France of Belgium. We will conof reactionaries or communists there is very little to choose between them accused of want of sympathy
by
forward
and Belgium or Italy.
France
put
everything
from this point of view. There would be no reparationsfrom either. There sider
"When the taxpayers of this country have borne and are bearing the most
would be lots of trouble but no cash.
crushing burdens of those in any country in the world we cannot go there and
Peril in German Revolt.
have it said: 'We'll look after the interest of everybody, we'll see that
"A revolutionary Germany right in the centre of Europe is a very different everybody gets fair play except the people of our own country.'"
at
best
is
a
Russia
very
disorganized
thing to a revolutionary Russia.
country. In many respects it has a hopelessly helpless population. They
have rem even the revolution badly. They have run it in such a way as to
discredit the revolution, which in itself is an advantage. It has been a Si)? ROBERT S. HORNE SAYS BRITISH DEBT IS
blessing to Europe that the first outburst of communism took place in
GREATER THAN TEAT OF ANY OTHER NATION.
Russia. In that respect Lenine and Trotzk-y have been the saviors of
society.
Sir Robert S. Home's statement in the British House of
"That revolution has been run so badly that it does not encourage others, Commons on Aug. 3 that Great Britain recognizes to the full
is
It
Germany
example.
different.
and there are others to follow the
States and that
would be a revolution in a well organized country with a highly trained, its obligation to pay its debt to the United
to
peril
the
real
world.
From that
a
be
would
and
mean in any shape or form to evade that obligaintelligent population,
not
do
"we
point of view I agree that it would be a mistake to press Germany beyond
tion," was referred to briefly in our issue of a week ago, page
the limits of her endurance or capacity. But I want to put it from another
592. Sir Robert (the Chancellor of the Exchequer) referred
-view. I am hound to put it.
"It is a mistake because of these risks and dangers to run from a fair and in his remarks to the note of the Earl of Balfour on interunderstands that she is to pay. It is what
just claim. Germany quite
lord says that the vice of the Allied indebtedness, which we also gave last week (page
happens between individuals. The noble
it as if it were a punishment of
591). The foundation of the Balfour note was the payment
'reparations is that the people are treating
puts you into court and
•Germany. Not in the least. When somebody
United States, declared the Chancellor;
and you got your verdict to recover of the debt of the
'brings an unjust claim against you
vindictive reasons. You are doing "but while this is so, we are not blind in this country to the
'your costs you are not doing it for
cash paid.
it because you are out of pocket and want
colossal burden on the nations of the world at the present
the decision she took and the action
"Germany has inflicted damage by
on
time in the indebtedness of one nation to another," he said,
a
damage
country
and
wantonly
inflicted
has
She
'which followed it.
of over £7,000,000,000. France's "and we hold very strongly the view that there is no graver
debt
a
have
We
suit.
a
into
it
driven
reparation to provide for and she
debt is t6,000,000,000. She still has
to the recovery of the world from the ravages of
this wrong must contribute to making impediment
:says that the party which has inflicted
extent of that debt." The Associated Press,
the
I
idea
to
want
than
and
get
the
rid
revenge
of
war
not
is
This
,up the reparations.
claiming the whole cost. We have only which thus quotes Sir Robert, announced him as stating furthat it is revenge. We are not
is because, you see, there is no use
claimed a part of the damage. That
is no country in the whole world that ther:
-claiming the whole cost. There
Sir Robert pointed out that the British debt was greater than that of
could pay the whole cost.
Cites Two Extremes.
any other nation, amounting to £7,766,000,000, compared with £5,147,
to tho other. There is the 000,000 for the United States and £6,340,000,000 for France. The British
"But supposing you go from one extreme
but suppose you go debt was £181 per head of the population,the French £162 and the American
Germany,
of
capacity
the
-estimating
'extreme of over
other £157, he showed, and in these circumstances it was impossible to make
o the other extreme and under-estimate it, Germany like every
trade. the British taxpayer alone shoulder the payment of the war debts.
country in the world is suffering from the fact that the world cannot




Aud. 12 1922.1
-•

-• • --•

THE CHRONICLE

"If only the nations which fought side by side in the war had been willing
to regard their subscriptions to the war as contributions to the common
success," he Continued, we might have been able to rid the world of many
causes of irritation and plant in the heart of human* a new and inspiring
hope."

BRITISH LABOR PARTY WOULD CANCEL ALLIED INDEBTEDNESS—APPROVES EARL BALFOUR'S
NOTE.
According to the Associated Press, the British Labor Party
has given endorsement to the Earl of Balfour's note on interAllied indebtedness, which we gave in our issue of Saturday
last, page 591. Approval by the Labor Party came through
Arthur Henderson, Secretary of the party, who in a speech
at Heywood on Aug. 3, said:
The only satisfactory method for relieving Europe from an intolerable
burden and removing and sterilizing the uncertainty due to financial embarrassments is to arrange an all-round cancellation of mutual indebtedness.
We welcome, therefore, the note issued by Lord Balfour. It is a great
step forward in the right direction, and indicates, I believe, a sincere effort
by the Government to solve the difficulties in which Europe finds herself.

The Associated Press cablegram also says:
Mr. Henderson added that the Gove nment policy, however, was conditional on what the United States might or might not do. But it was his
opinion that the question of Great Britain doing the right and wise thing
ought not to be conditioned on America also doing Vie right thing. "Better
trust the good sense of the American people to follow our generous example
in their own good time," the speaker added.
Mr. Henderson regretted that the note did not appear to contemplate
Russia as being a part to a general settlement, asserting that a prosperous
Russia was just as important to a trade revival as a prosperous Germany,
France or Great Britain. Any serious attempt to solve the problem, he
said, must be on the widest possible bass.
lie also called for the admission of Germany and Russia into full membership in the League of Nations.

703.

Germany might borrow this money, she would be no better off, and perImps worse, than she was before the war, except that she has an army'
and Germany is presumed under the terms of the Treaty not to have one.
"You therefore have the condition of France, and a very serious one;•
she is to take what is allowed her out of this assumed loan and let the
old situation substantially revive. And yet that would be a perfectly
legitimate point of view of the presumptive creditor, that he would want,
his debtor not to be under any menace.
"There are other extremely important conditions affecting the freedom
of action of Germany as a commercial body in the Treaty. Wisely or
unwisely there are there. A prospective lender legitimately might say:•
'Before I part with my money I think my debtor should be relieved from'
these vexatious conditions.' The conditions imposed on Germany were'
made when substantially everybody in this room was clamoring that there'
was nothing too harsh to be done to Germany; when everybody in this'
room substantially was giving moral support to the most difficult clauses'
of the Treaty."
Another difficulty in the way of such a loan, Mr. Crosby thought, was
In the fact that it must be made in gold, as France did not seem to be
in need of merchandise which she was not getting through her commerce.
Another difficulty, he said, lay in the fact that by the treaty the United
States with others had priority to the extent of $250,000,000 for occupation
expenses, which must be paid before reparations.
"Germany cannot make the loan at all," said Mr. Crosby,"without
the consent of the Reparations Commission. Presumably that loan
would be intended for the quick relief of France and in part for the quick
relief of the German Government, as a gold reserve for its currency. It.
would be quite fatal to lend that Government money for any other pur
pose. Unless we want those priority claims to lose their place we should!
have to be paid out of the loan, and France and Great Britain would get
so much less than the face of the loan would apparently give them. Priority
can only be waived by act of Congress. I submit to the people in this.
room as to whether anybody can predict the outcome of Congressionali
discussion on that topic.
"It is not likely that France can get relief this year by way of a loan
from the United States to Germany. If we want to help Europe the bestwiy for the present is to put money into such industries as can makeout a good case, just as would be required of the man from Oshkosh or
Virginia who was looking for money to develop his business. There aremany things that Europe must do for her own self before she can expect a
great deal from us. As long as the nations look to the United States as afairy godmother they will make no headway."

LORI) BIRKENHEAD DECLARES GREAT BRITAIN
Mr. Crosby returned from abroad on July 23 and at tha
NEVER FAILED TO LIVE UP TO PLEDGES.
The question of the payment of Great Britain's war debts time he stated that "the German mark is the most serious.
to the United States, which has commanded considerable at- factor in world progress to-day." He was further quoted'
tention during the past few weeks, was referred to on July a the time as stating:
Its importance and the danger it represents imminot be over-estimated.
27 by Lord Birkenhead, Great Britain's Lord High Chancel- The fate of the world may be said to depend on
the fate of the German
lor, when at a dinner of the English-Speaking Union in Lon- mark. The flood of printing press money has burst the bounds.of all
reason and cannot be stopped. But it must be stopped, because whoa
don he said:
credit becomes worthless then there is nothing
When we look back upon our long history we find no occasion where we
over failed to meet a bond to which we had set our hand. Honor and the
stability of the finances of this country require that we should be ready
to meet any proper and reasonable charge which can properly and legally
be laid upon us.
I only touch upon this delicate subject because it is proper I should say
plainly for the understanding of the citizens of this country and the United
States that we are not to-day the unworthy legatees of those who for generations had charge of the smutty and financial hegemony of the world.

worth anything.
Much has been said of the commercial and industrial activity of the
Germans since the war. It is almost all true. But the Germans- are
spending their money as fast as they get it and are living from hand to
mouth. Except a few fortunate individuals no one is Saving anything.
The people are desperate and facing starvation and no one can tell whatwill occur under such conditions.
It is not altogether a result of the war. Even before 1914 the Germans
had what they called soft money, and the evil lesson that it would suffice
has been their undoing.

OSCAR T. CROSBY ON WAIVING BY UNITED STATES
OF SHARE IN GORMAN INDEMNITY—LOAN
TO GERMANY.
Oscar T. Crosby, Assistant Secretary of the United States
Treasury under President Wilson, in addressing the roundtable conference on reparations and the rehabilitation of
Europe before the Institute of Politicis at Williams College,
Williamstown, Mass., on Aug. 4 alluded to the note of the
Earl of Balfour last week in which reference was made to
the question of the cancellation of the war debts, and stated:

LLOYD GEORGE OF GREAT BRITAIN PREDICTS WAR
ON CIVILIZATION—CHURCHES AND LEAGUE OF
NATIONS AS COMBATING FACTORS.
Warning that "more terrible machines than used in- the
late war are being constructed," Prime Minister Lloyd
George of Great Britain declared on July 28 that "there is sr
growing assumption that a conflict is coming again sooner or
later," and that the next war, if it ever comes, will be a war
on civilization itself. The Prime Minister, whose remarka
were addressed to the National Free _Church Council at a
It is a fact, perhaps not famliar to those A you who have not followed
the matter closely, that in waiving a share in the German indemnities luncheon given in his honor at London, not only called upot}
—reparation is the more polite word—as they have been now fixed, we have the churches throughout Europe and the United States to
waived particularly that portion which might have been credited to us combat the
tendencies operating toward a new conflict, but
under the heading of pensions, damages to civilians, &c. That rubric was
the cause of very much discussion in Paris as to whether or not there could also spoke of the hopes he reposed in the League of Nations.
be a legitimate claim against Germany for injury to civilians. The con- Referring to the latter an "an essential part of the machintroversy raged as to whether such questions should be or should not be
ery of civilization," he asserted that "if it succeeds civilfzaconsidered as being consonant with the conditions. It was obvious that
victors might impose any terms that victors might care to impose upon tion is safe. If it fails, and I speak advisedly, civilization its
the defeated.
doomed." Mr. Lloyd George also made the statement that it
In so far as we, therefore, waived that, we waived a considerable portion
of one-half or two-thirds of this claim. Our percentage of the 132 milliards was not the machinery of the League alone that would save
of marks would have been very much larger had we gone in for it at all. the world, but that it was the spirit behind the League that
It might have been not quite as much as the British claim, but It would alone could give
it the proper motive power in foreign relahave borne a proportion substantial to the troops in the field not in France
tions. Incidentally, he stated that he was the first man to
but furnished for the war.
As Lord Balfour now offers such remission in the light of a concession propose in the Council of Ten that the League of Nations
by the British Government, what I ask is that it shall be remembered that
should be an essential part of the Treaty of Versailles. We
we have already done a similar thing. And in view of this fact let us ask
give as follows his remarks as reported in a copyright cableourselves, is it wise to make the beau geste too soon?
Mr. Crosby was also a speaker at this week's discussions gram to the New York "Times" from London July 28:
"I speak as one who has had something to do with war," he said, "and
before the Institute, and in dealing with the proposal of a
had to
a close study of it. During the war the cry was'Never
loan to Germany he had the following to say on Aug. 9, again!' make
There is a growing assumption that a conflict is ooming again
according to the Now York "Times":
sooner or later. That is the business of the churches.
"Much hope has been placed in Europe on the possibility of a loan
from the United States, which should be made directly to Germany,"
said Mr. Crosby, "but for the benefit of France in large part, and prosumably a ',onion of it set aside as a gold fund for a reorganized German
currency. Some of the difficulties in the way, I think, are these'
"First, Germany cannot yet demonstrate her ability to pay annually
the interest and sinking fund charges.
"Next, there must be a settlement of almost all of the vexatious political
problems that surround Germany. The lender may say,
don't care
to lend to you while some one has a pistol at your head.' Then, if France
should allow her secure military position to be taken away in order that




"What do I mean by that? Nations are building up armaments—I
will not say nations that did not exist, but nations that have been submerged, buried—are building up new armaments. You have national
animosities, national fears, suspicions, dislike, ambition fostered and
exaggerated.
"You have more than that. Keep your eye on what is happening.
They are constructing more terrible machines than even the late war ever
saw. What for? Not for peace. What are they for? They are not
even to disperse armies. They are to attack cities unarmed, where you
have defenseless populations, to kill, to main, to poison, to mutilate.
to burn helpless women and children.

704

THE CHRONICLE

Says the Churches Must Act.
"If the churches of Christ throughout Europe and America allow that to
fructify they had better close their doors. The next war, if it ever comes,
will be a war on civilization itself.
"We have reduced our armaments, army, navy and air. In that respect
.our example is one. We have reduced them beyond what they were before
the war, and if all the nations on earth did the same there would be no peril
to peace. But it is difficult for one nation to remain defenseless when others
•
•construct machinery which may be used for its destruction.
"Everything depends on the temper,the spirit which is created throughout
the world, and it would be a sad thing, a sad danger,to the people if the
world came to the conclusion that Christianity, despite all its principles, in
spite of all its ideals, was perfectly impotent to prevent mischief of that
Mr. Lloyd George then declared that he was one of those who attached
Ugh hopes to the League of Nations,the covenant of which, he reminded his
hearers, was in the first part of the Treaty of Versailles. He continued:
"I am entitled to boast of that,I was the first man to propose in the Council of Ten at Paris that the League of Nations should be an essential part of
the treaty. It is there in the forefront of this much abused treaty. The
League of Nations is an essential part of the machinery of civilization. If it
succeeds, civilization is safe. If it fails, and I speak advisedly, civilization
Is doomed, doomed."
Mr. Lloyd George then decried the folly of believing that the machinery
of the League alone would save the world,saying it was the spirit behind the
League that alone could give it the proper motive power in foreign relations.
Difficulties Between Nations.
He spoke of the difficulties of speaking frankly on foreign relations.
"It is difficult, very difficult," he said. "You speak with a restraint and
often a suppression which you certainly would not exercise in matters
• affecting the political issues of your own country. Public opinion there is
not amendable to public opinion here. The result is that conflict comes very
suddenly.
"How many men were there in August eight years ago this week who
thought that the most terrible war in the world was just about to start?
How many men who were supposed to be in the know thought so? Just
read the books that have been written even in Germany on that subject.
Men supremely responsible thought a day or two before war was declared that
the whole trouble was over. It comes with a suddenness which is appalling,
perfectly appalling.
"Well,it is too late then to work any elaborate machine. The war germ is
just like any other germ. You really do not know that it has got you until
you are stricken down.
"It is of no use arguing with an epileptic when the fit is on him.
"It is fear that is the most dangerous of all. There is distrust. There is
one nation that will not believ8 linYthing that Is said by another nation.
They say, 'What are they up to? There is some deception behind it.'
They may be telling the truth, at least most of the truth. They might even
tell the whole truth, and the more they tell the less it is believed. There is
that atmosphere in the world, and it is all explosive material littered all
over Europe. When the match has been dropped into the explosives it is
no good brandishing the Covenant of the League of Nations in the face of
the explosion."
Mr. Lloyd George then pointed out that already a new generation was
arising that knew not the hideousness and remorselessness of war.

[VoL. 115.

pension by France of the proposed penalties incident to the
inability of Germany to meet the private debts to French
citizens contracted by Germans before the war, it was
stated that Premier Poincare had declared the German
answer unsatisfactory and had announced that the measure
decided upon would be enforced. The Associated Press
reported this in a cablegram from Paris saying:
According to the text of the German note, made public here, the German
Government asks for suspension of the proposed measures in the following
terms:
"Since your Excellency's note of July 26, the financial and economic
situation in Germany has continued to grow worse. Marks have fallen
to 2-100 of their pre-war value. The capacity of Germany has dominished
accordingly.
"Under these conditions, the German Government asks the French
Government to examine the question anew and suspend application of its
decision until the question has been the subject of negotiations with the
interested Allied Powers."
Regarding the applicability of the measures of "retortion," the note says:
"According to the agreement of June 1921, the only consequences to
non-execution of the engagement undertaken by Germany is cancelation
of that accord by the Allies, under a stipulation reserved therein that
cancelation would have the effect of bringing into play provisions of the
Treaty of Versailles relative to payments and commercial balances.
"In case of non-payment, that Treaty accords the Allied Powers only
the right to the product of liquidation of German owned property as a
pledge. These provisions having been specially made for the eventuality
of non-execution, the application of the measures of retortion announced
for Aug. 5 would be in contradiction with the spirit in which those provisions were conceived, all the more since the payment in question is
not due until Aug. 15."

As to the penalties, the Associated Press in advices
from Paris the same day (Aug. 5) stated:
The French Government to-day ordered into effect the penalties against
Germany for failure to pay in full the installments on the pre-war debts
to French citizens.
The penalties concern German properties sequestered in France.
Certain payments that were being made to Germans on account o
war losses are suspended in Alsace and Lorraine, as are also the indemnities
under the arbitration agreements reached between France and Germany
In August and September 1921.
No military action is involved.

From copyright advices to the New York "Tribune" from
Paris Aug. 5 we take the following:
France to-clay launched her newly ordained policy of applying pressure on
Germany to collect sums due. Action came at noon, when Premier Poincare announced the first offive steps in a progressive program which amounts
to virtually mortgaging all German property found within French borders,
especially in Alsace-Lorraine, as security for the French claims. France
civil
was without backing from her Allies in this move to collect on her

claims.
Foreclosure, a form of confiscation of these properties, which in AlsaceLorraine alone are valued at about 800,000,000 gold marks, will be the
The Aftermath of Waterloo.
natural sequence of Germany's failure to comply with the French demands.
Plans for Confiscation.
"These are always forgotten," he said. "I had to read up for the purposes of some debate or other the other day the history of the post-war
Briefly summed up, Premier Poincare's first five measures, all of which
period of 1815-1816-1817-1818-1819-1820-1821, when there were millions affect German citizens, whom he desires to impress with their co-responsistarving to death after Waterloo. You see pictures of it, gorgeous pictures bility with their Government, are as follows:
of it, thrilling pictures, ennobling pictures of it, pictures that make you
First—Offices to be established in Paris and Strasbourg to administer
the Germans when
feel as if you could grasp the sword and dash along with those horsemen.
not only compensation in favor of the French but for
"What followed Waterloo? Nobody reads about it, nobody knows claims are reversed. These offices are merely to notify Berlin of the
and they forget. The disorganization of trade and of industry, the diffi- amounts due German citizens, and the responsibility then rests with the
.culty of getting your daily bread, hundreds and thousands tramping German Government. Amounts due German citizens are in the neighthe streets to find some opportunity of earning a living for themselves borhood of 200,000,000 gold marks.
.and for their children, and tramping in the vain despair that filled the
Second—Offices assigned to handle the arbitration of disputed claims beland, high taxation, high prices—all that will have gone, but the glory tween citizens of the two countries to suspend their activities.
Third—Liquidation proceedings by which Germany compensated her own
of war will always be blazoned forth. That is the generation that will
toe judging the issue when the time comes. They will forget what hap- nationals on figures furnished by French offices are suspended. Several
Europe.
.pened in
hundred millions of gold marks in property will remain unliquidated un"And Russia. No way out of the pit, and sinking deeper into it with til further adjustment.
Fourth—The Franco-German agreement for restitution of household
.every convulsive effort. Germany clinging desperately to the rotten
branch of debased currency, and when that gives way, God help Germany. goods of German citizens left in Alsace-Lorraine is suspended.
'
Fifth—All German property in Alsace-Lorraine, whether factories,
That is forgotten.
"It is the business of the Church of Christ to keep that before the eyes houses, public utilities or what not, which France maintains the right to
of the people.
sell eventually if Germany fails in due time to resume payments to French
"What was one of the great lessons of the war? I will tell you one. citizens of their duly authenticated debts, is figuratively placed under seal.
army
in
perfect
the
most
was
It
world.
This is the most important of all the sanctions ordered.
There was a nation with the
beaten because it had a bad cause. There were nations with illy equipped
the demands of France and the German
Reference
armies. They won. Why? They had righteousness on their side.
of its inability to meet them was made
advices
Government's
"I remember Marshal Foch telling me that the German army that
same page
marched into France was the most perfect military machine that ever in our issue of Saturday last (page 594)and on the
had been put together. Scattered, destroyed. It is only now just a we referred to the reports of the transfer by German banks
bare police force, barely adequate to keep order in its own land without
Holland and Switzerland of between 60,000,000 and 70,being a menace to any other country. Why? The consciousness of the to
American
world destroyed it because it fought for an unrighteous cause. That is 000,000 French francs which had been on deposit in
one of the lessons of the war: Trust not in force."
foreign banks in Paris.
other
and
Then the Premier remarked:
"I am glad that at the head of the greatest church in Christendom at
FUNDING NEGOTIATIONS IN UNITED STATES
the present moment is a man who is a profound believer in peace. He DEBT
AFFECTED BY REPARATIONS ISSUE.
exercises a great sway on the consciences of millions in many lands in the
cause of peace, and I rejoice in that fact."
of Commerce" on July 31 printed the
"Journal
The
The Premier added a personal note.
Washington July 30:
"I have had," he said, "some experience of war. It was not my will. following Associated Press advices from
Inauguration of negotiations here looking to the refunding of sums
I was just like millions of others, caught by the cogwheels of war and
drawn into its horrible machinery. How I got there, why I got there, due the United States by Entente nations has developed that an important
the ability of Germany
Is not for me to say. I simply did my duty. But what I saw of it for connection exists between such refunding and
obligations.
years filled me with horror.
to meet her indemnity
engaged in the negotiations that it would be
"There is no more horrible alternative than between devious machinery
It was found by those
the cause of right, liberty practically impossible to carry them beyond a certain point without reference
of slaughter and abandoning on the other hand
by day makes me vow that I
Germany's war obligations, and as the British and
and humanity, but what I saw of it day
to the adjustment of
my energies to make it impossible that French Premiers are to meet within a fortnight to consider among other
will consecrate what is left of
the
through
fire,
pass
advisability of reducing the total amount of the
the
to
have
the
the
torment,
future
important matters,
humanity shall in
that M. Jean V. Parmentier,
war."
German indemnity", it is regarded as possible
sacrilege, the horror and the squalor of
the American commissioners dealing
head of the French mission, and
the outcome of that meeting
await
to
advisable
with French debt, will feel it
FRANCE MAKES EFFECTIVE PENALTIES AGAINST before going far with their own conferences.
GERMANY.
Depends on Germany.
publication in Paris on Aug. 5 of
the
Such delay, it was said, would be on the theory that the measure of
Coincident with
Government asking for the sus- France's ability to meet her obligations to America must depend to a

to

a note by the German




AUG. 121922.]

THE CHRONICLE

large extent upon the amount of money France can secure from Germany.
It already has developed that the possibility of reducing the total of
the Germany indemnity will depend upon the willingness of France and
Belgium to eliminate from their claims the heavy payments demanded
to meet pensions to Entente veterans of the World War and on account
of expenditures by the Entente for military preparations for the war.
This was a subject of controversy during the framing of the Versailles
Treaty and the American delegates took strong ground in opposition to
the allowance of such claims.
It is said to be known to few Americans that this American protest
was unavailing and that the claims were included in the total indemnity
demanded.
Claims for Pensions.
Figures now produced in Washington show that of the total sum of
132,000,000,000 gold marks which Germany was called upon to pay,
approximately 80,000,000,000 are alloted to pensions and allowances
and only 52.000,000,000 to other claims. The claims for pensions and
allowances is nearly double that for devastation, so that its inclusion in
the total indemnity demanded nearly trebles the bill which Germany is
called upon to pay. The Germans contend that it makes the differences
between a demand that can be met and one that cannot.
Furthermore, the German claim for an abatement of indemnity which
Is now to be considered by the two Premiers and the treatment of which
Is expecied to affect the pending Washington negotiations on the French
debt, is that there is none that is so contrary to the engagements entered
upon through the terms submitted to the German Government by exPresident Wilson with the authority of the Entente Allies on Nov. 5
1918, subject to which Germany accepted the armistice conditions, which
provided that there should be "no contributions" and no "punitive
damages."

CONSIDERATION BY WORLD WAR FOREIGN DEBT
COMMISSION OF FOREIGN WAR DEBTS—FRENCH
NEGOTIATIONS TEMPORARILY STAYED.
Negotiations for the funding of the French war debt to
the United States were suspended temporarily on Aug. 10
pending, it is stated, further instructions from Paris to the
French financial representatives here. Jean V. Parmentier,
Director of Finance of the French Treasury, met with the
World War Foreign Debt Commission in Washington, but
it was decided that further communications with the French
Government would be necessary before arrangements for
liquidating the $3,500,000,000 French debt could be definitely taken up. The debts of other foreign countries were
also considered by the Commission on the 10th, according
to a statement of Secretary of the Traesury Mellon, which
said:
The World War Foreign Debt Commission had a meeting this morning
and considered the situation as to the debts of various countries with whom
communication had been held. There were before the Commission communicationsfrom Czechoslovakia, Finland, Great Britain,Italy,Poland and
Rumania, relating to the negotiations or suitable dates for the beginning
of negotiations in the near future.
The Commission has also communicated with the Governments of Esthonia, Latvia and Lithuania, which now have been recognized by the Department of State. These nations had not been previously communicated
with, becuase they were not yet recognized by the United States Government.
M. Parmentier appeared before the Commission and a further discussion
was held as to the debt of France. Progress was made, the discussion
resulting in M. Parmentier's taking time to communicate again with his
Government.

705

Dec. 1 1922, through a new issue of Convertible 5%
bonds, is made known by the Canadian Minister of Finance
in an announcement which says:
Our Loan Act, passed at the recent session, gives us authority to borrow
$350,000,000. We do not require all this money immediately. A 5-year
loan of 5%% bonds issued in 1917, now amounting to $178,000,000,
will mature on the let of December 1922. It is our intention to provide for
retiring these bonds by a domestic loan to take the form of a conversion
loan. Any portion of as bonds that may not be covered in the meantime by arrangements f r canversion will be redeemed in cash on the
1st of December. It is believed, however, that a great many of the
holders of these bonds will desire to re-invest their money in Dominion
securities. To meet what we believe to be their wishes, we will issue
new bonds bearing the same rate of interest, namely, 5%% either for
five years, maturing in 1927, or for ten years, maturing in 1932, as the
bondholder may prefer. A further advantage to the investor will be
that while the maturing bonds will be retired on Dec. 1 1922, and the
interest coupon of that date will be paid, the new bonds to be delivered
in exchange will be dated Nov. 1, and will thus carry one month's accrued
Interest. The privilege of investment on these terms will be confined
to the holders of the outstanding bonds about to mature. The bonds
of the Canadian Government, it is hardly necessary to say, are the very
highest class of security that can be offered to our investors. In offering
the terms above stated for renewal of the maturing loan, we are making
a substantial concession to the home investors, inasmuch as our recent
loan was placed in New York at a figure that yielded a little over 5%•
We believe that this highest class of security offered on such terms, will
readily be taken up by the holders of the bonds that are shortly to mature.
The Government will avail itself of the services of the chartered banks
in effecting the proposed conversion. Holders of the maturing bonds
who wish to take advantage of the offer will be asked to communicate
with one of the banks as early as possible and make their decision not
later than Sept. 30. Receipts will be given for bonds that are deposited
to be exchanged in due course for the new bonds when ready.
After the conversion plan has been completed it may be necessary to
make a further loan, in which new money will be required. But that is
a matter not calling for attention at present.
Arrangements are being made with the banks for the carrying out of
this conversion plan. More formal announcement will be made by official
advertisement within a few days.

CUBAN FINANCIAL REFORMS PROPOSED BY MAJORGENERAL CROWDER—ACTION BY .CONGRESSIONAL LEADERS.
Cuban Congressional Leaders are said to have accepted
in part on Aug. 8, at a conference at Havana with President
Zayas and Major-General Enoch H. Crowder, the program
of the United States for effecting financial reforms in Cuba.
Regarding the conference press dispatches from Havana
state:
An agreement was reached to suspend the civil service law for three
months, in order to permit a reorganization, in the interest of honesty and
efficiency, of the personnel in charge of the collection and disbursement of
Federal revenues.
A project submitted by Colonel Manuel Despaigne, Secretary of the
Treasury. Providing for a foreign loan to liquidate about $50,000,000 in
unpaid current obligations and to create revenue to guarantee the payment
of past and future obligations, was approved in principle. Discussion of
the details of the various provisions of Senor Despaigne's project, which
provides for a 1% sales tax, will be taken up at the next conference,
to be held Thursday.
The conferees were informed to-day by President Zayas that he had
referred the question of speeding up the cases against the Havana city
administration and those involved in the National Treasury to the AttorneyGeneral's Department, which will outline reforms in the judiciary and the
procedure necessary to make quick action possible.

BERLIN ENDS BUYING OF FOREIGN CURRENCY.
The following from Berlin Aug. 3 appeared in the "Journal of Commerce" Aug. 4:
—Yrawjor-Genera-rarow-der, who is 'the-personal
m— representaThe newspaper "Der Tag" to-day says it learns that owing to the collapse tive of
President Harding in Cuba, in conferences with the
of the mark the Government has been obliged to cease the purchase of
Cuban Congressional leaders on the 7th inst. is said to have
foreign currency for the payment of reparations.
emphasized the necessity of a foreign loan to liquidate the
DEPLETED TREASURY PREVENTS BELGIUM FROM Government's unpaid obligations and restore its credit.
The press dispatches of that date also said:
PARTICIPATING IN EXHIBITIONS.
He also laid stress upon his previous recommendations for reforms in
Under date of July 28 a cablegram to the daily papers the administrative personnel
in the interests of honesty and efficiency;
reforms in customs and tax re-collection, and a change in the judiciary in
stated:
The depleted state of the public treasury prevents the Belgian Government's official participation in the international expositions planned for
Belgium in the next ten years.
The decision affects the International Steel & Iron Products Exposition
to be hold at Ghent in 1923; the Electrical Exposition of 1925, to be hold
in Brussels, and the World's Fair, also to be held in Brussels in 1930. The
last mentioned will commemorate the 100th anniversary of Belgium's
independence.

NORWAY REDUCES FOREIGN TAX.
from Christiania, Norway, Aug. 5, stated:
advices
Press

order to bring speedy Justice to those alleged to be guilty of Treasury looting
and bank wrecking.
While no official statement was issued to-night regarding the meeting,
which will continue to-morrow, it was learned that General Crowder
denied reports that the United States had threatened intervention or issued
an ultimatum to Congress giving it a week in which to enact the necessary
e gislation

A copyright cablegram from Havana Aug. 6 to the New
York "Times" embodying Major-General Crowder's financial proposals, said:

The Government announces that it has decided to reduce the taxes of
foreign shareholders and of foreigners owning property in Norway. The
taxes have been reduced from 1 to M % of the value of the property.
At the same time the Parliament has authorized the Department of the
Treasury to cancel collection or ordinary Government taxes on property
and income for the budget year 1922-23, which have been previously demanded from shareholders living abroad. The same decision has been
made in regard to foreigners' extraordinary property taxes for the budget
year 1921-22. If they have been paid already the amounts of these taxes
will be repaid, it is stated.
This reduction of the taxation of foreign shareholders is received with
great satisfaction in commercial and industrial circles of Norway.

It became known to-day that General Crowder's memorandum on the
grave financial situation of the Cuban Government, addressed to President
Zayas and made public here yesterday, had the approval of Secretary
Hughes. The memorandum, which bears the date of July 21, says:
"1. Your interesting disclosures at yesterday morning's interview respecting your conference with Parliamentary committees on the subject of
ways and means of settling the floating debt of the Republic seem to make
it advisable that I indicate now, as far as I can, conditions precedent to the
approval by the United States Government of a new foreign loan. Permit
me to confirm to your Excellency my statement at yesterday morning's
conference that I am not in receipt of final instructions from my Government as to what those conditions precedent may be, and that, therefore,
what I here say is subject to revision by my Government.

PLANS FOR REFUNDING CANADIAN VICTORY
NOTES DUE DEC. 1 1922.
The proposal of the Canadian Government to retire
ts $178,000,000 outstanding Victory loan of 1917, due

Both Governments Warned of Dangers.
"2. In determining what these conditions precedent shall be, we must,
I think, take into consideration the fact that both Governments are fairly
warned
"(a) By the default during the last fiscal year in meeting the service
of the exterior bonded debt, the arrears of which were finally paid, not




7O6

THE CHRONICLE

out of the ordinary revenues, as required by the permanent treaty and
by the Constitution of Cuba, but out of the proceeds of a new loan;
"(b) By the present default in meeting the service of the interior loan
of 1917, the arrears being now, I am informed, approximately three
million dollars, and
"(c) By the floating debt (unpaid current obligations) reported by
both Secretary Delabert and Secretary Despaigne as embarrassingly
large and by the latter as closely approximating in amount the total annual
receipts of the National Treasury from all sources.
"That the financial crisis through which the Government of Cuba is
passing is fraught with unusual and unprecedented dangers to the republic
and that unusual and unprecedented measures must be adopted if the
public credit is to be re-established to the degree necessary adequately to
secure the additional loan.
Anxious To Avoid Disagreeable Duty.
"3. But the primary consideration which ought to control in determining these conditions precedent to the approval of a new loan is that
these conditions shall be of such character as to make it reasonably certain
that the Government of the United States will never have to take steps,
under the authority of the permanent treaty and Constitution of Cuba,
to secure prompt payment of interest and sinking fund charges on either
the proposed new loan or the existing loans. It is obvious that adequate
assurance that the Government of the United States will be saved from
this disagreeable duty under said treaty and Constitution must proceed
from measures to be adopted by both legislative and executive branches
of the Cuban Government. Certain of these measures are enumerated
In the succeeding paragraphs 4 and 5 of this memorandum, but without
prejudice to their revision or to the inclusion of others after an exchange
of views with my Government.
"4. Included among the measures necessary to be enacted by the
Congress of Cuba are
"(a) A proper loan statute authorizing the executive to contract a
loan and strictly'limiting the uses to which said loan may be applied;
"(b) The permanent revenues necessary for the payment of the interest
and redemption of the new loan, and
"(e) A proper bill suspending certain provisions of the civil service
law relating to tenure of employees and of related provisions of the electoral
code to permit the carrying out of the executive reforms discussed in the
next succeeding paragraph.
"I am fairly forewarned by the correspondence with my Government
that it may be disposed to insist that final payments on any loan authorized
shall be deferred until the Congress of Cuba has enacted legislation necessary for the regulation of the business of the banks and other institutions
of credit and also a consitutional amendment bill permitting municipal
governments to be re-organized in the interest of greater efficiency and
economy; but upon these, for the moment,I do not insist.
"The action specified under subheads (A) and (B) is, of course, under
Article 59, Paragraph third, the Constitutional prerogative of Congress
and will follow in due course should a new loan be decided upon as a proper
method ofsettling the floating debt. Of very great importance is the action
specified under subhead (C) supra, which is absolutely necessary if the
exceutive reforms next to be enumerated are to be accomplished.
Budget Economies Imperative.
"Executive action necessary:
"5. I think it quite probable that my Government will insist with great
firmness that the economies provided for in the new budget shall be actually
realized, and with even greater firmness will insist upon the effective enforcement of the reforms outlined to Your Excellency in my memorandum
No. 8, submitted on May 5 1922. As I have said in the.preceding Paragraph, the prompt enactment by the Congress of a bill suspending the provision of the Civil Service Law respecting tenure of office and of related Provisions of the electoral code is an absolute pre-requisite to carry out many of
those reforms specified in said memorandum, particularly those dependent
upon removals from office and the appointment of men qualified to assist
in this great work. (See concluding portion of said Memorandum No. 8,
pages 15, 16 and 17.)
"Charges have been persistent that extensive frauds are being practiced
in the customs and internal revenue services, and in the disbursement of
revenues under a false documentation, due to which a very formidable
percentage of legal receipts is lost to the Treasury. If these charges, which
go unchallenged as to accuracy, are false, they should be shown to be false,
and if true, the extent to which the Treasury is defrauded should be made
known. I think my Government will insist upon a rigid inspection of these
services to determine the truth or falsity of these charges, to be followed up
by expedients against officials where a prima facie case of graft or other corruntion is shown to exist, as a condition precedent to its approval of the new
loan.
"Charges persist that subordinate members of the judiciary, including
Secretaries of Courts, are guilty of malfeasance in office. Recently the
Vice-President of the Republic, in a public statement, has voiced the same
charge, and thus far no one has come to the defense of the judiciary against
such an indictment. To meet these unrefuted charges, a rigid investigation
Is necessary, to be followed by the institution of proper proceeding in the
courts where a prima facie case has been made out by such investigation.
"While considering necessary reforms in the judiciary, it is pertinent to
note also the apparent lack of diligence of that branch in bringing promptly
to trial persons accused of criminal acts in the administration of banks now
undergoing liquidation, and of public officials charged with graft and corruption in office. My Government knows of no reason which would justify
the long delay in bringing the long-pending proceedings in court against
officials of the City of Havana indicted for fraud and other malfeasance in
office to a prompt conclusion. Nor does it understand the failure of efforts
to secure extraditions of the first class mentioned above, to wit: Those accused of criminal acts in the administration of banks now undergoing
liquidation.
"It would be quite unnecessary to make a reform of the judiciary in the
respects here indicated as a condition precedent to the approval of the new
loan, if Your Excellency is successful in the plan we discussed yesterday
of eliciting the active and zealous co-operation of the Secretary of Justice
and the Fiscal of the Supreme Court in bringing offending members of the
judiciary before the proper courts.
"I need not invite the attention of Your Excellency to the fact disclosed
by our joint examination that the law relating to competitive bids in the
award of contracts has been more honored in the breach than in the observance, with the result that the national Treasury is subjected to a burden
from which it should be promptly relieved. It seems to me to be imperative
that Your Excellency issue an order to each Cabinet Secretary to prepare a
list of all contracts, oral or written, for the current fiscal year, giving unit
prices, and to direct the annulment of all contracts which have been made in
violation of the law. As to other contracts where prices are grossly excessive,it would seem proper to order either their rescindment or their reformation, with the consent of the contractor.
"I have little doubt that from such a procedure a large annual saving
to the national Treasury would result. Prompt and effective action in




[VOL. 115.

enforcing this or a better procedure would obviate the necessity of considering whether it should be included by my Government as a condition precedent to the approval of the new loan."
•

On July 28 the "Journal of Commerce" of this city, had
the following to say in Washington advices:
The United States is following the financial developments in Cuba
closely but as yet has not determined to intervene. General Enoch H.
Crowder, as the personal representative of President Harding, is known to
have the full support of the Administration and will be backed up by this
Government in his efforts to create a situation whereby Cuba may be
placed upon a sound budgetary basis.
Dispatches from Havana have stated that General Crowder said intervention in Cuba will depend upon the budgetary and political reforms that
are made by the authorities. It can be stated upon the highest authority
that General Crowder's recommendations will be supported by the American
Government and that, should he determine upon vigorous measures, these
would be upheld by President Harding and his advisers.
View of Crowder's Work.
It would be unwarranted to say that the United States has decided to
intervene in Cuba. The official view of General Crowder's work in Havana
is that putting his recommendations into effect will make intervention
unnecessary because these would require Cuba to live within her income
and eliminate graft, which has been unearthed upon a broad scale.
At the State Department it was learned that the question of a loan, to
be used for the liquidation of unpaid debts and to put the Government on
a satisfactory basis, has not been presented to this Government recently.
It would not make any difference to the United States whether a loan were
floated in Cuba or in foreign countries, provided the budget were cut down
and provision were made for the orderly retirement of the principal and the
payment of interest.
It is known that the State Department has been following the developments in Cuba with a great deal of interest. The efforts that General
Crowder has exerted in Havana to cause the elimination of graft in affairs
of Government and improper payments from the Treasury are known to
be looked upon with high favor. The inflammatory statements that have
appeared in the press are discounted here because it is said these papers
have profited from the former administration of the lottery and naturally
do not want to see the old system pass.
Politicians Oppose fl-farm.
The Administration here is quite sympathetic with the difficult position
that General Crowder holds in Havana and is not unmindful of the fact
that the politicians in Cuba oppose measures that will deprive them of
revenues.
At Havana General Crowder has taken the position that the United States
does not wish to act under the permanent treaty and the Cuban Constitution
to obtain prompt payment of interest and amortization of the loans which
have been taken, but has indicated that unless the Cuban Congress acts
to meet the situation there will be no other course open to this Government.
No ultimatum has been delivered to the Cubans, but strong views have
been expressed. Cuba has not defaulted on the payment of any external
loans, it is said, but she is behind on domestic obligations and there seems
to be a pronounced difference of opinion between President Zayas and the
Congressional leaders as to the proper course to pursue in providing funds
to meet the back indebtedness and to put the Government on its feet.

From Havana on July 24 the following dispatches were
announced by the daily papers:
Cuba cannot continue to pay its legitimate debts to foreign and national
creditors in promises and excuses without endangering the existence of the
Republic, according to a report on the Government's financial situation
made public to-day by Colonel Manuel Despaigne,Secretary of tne Treasury..
In recommending the immediate flotation of an exterior or interior loan
to meet the country's unpaid obligations, the Secretary delcared that
up to June 30 more than $9,000,000 had been illegally taken from special
Treasury funds. This amount, added to other overdue obligations for
supplies to Federal institutions, employees' salaries and pensions makes
necessary, according to Secretary Despaigne, if the Government's credit is
to be restored, a loan of $50,000,000.
In laying stress on his recommendations for a loan, further economies
in the Government service and increased revenues, the Secretary asserts
that the Government's income is decreasing, its Treasury is empty and its
unpaid obligations are increasing constantly.

In stating that coincident with the meeting on August 5
of the Cabinet Council, following the publication of the text
of the Crowder memorandum, outlining steps that must be
taken to restore the national credit, and a warning by Secretary of State de Cespedes that the situati on was "full
of dangerous possibilities." Press dispatches from Havana
on August 5 added:
"Greater delay or a mistake in the means being sought," said Senor Cespedes,"may cause the immediate exercise offoreign lights which it is felt we
are not guaranteeing and the fulfillment of duties concerned with the economic stability of the Government which for the good of the country we
Cubans are in honor bound to carry out."
No more temporary stabilization of Cuban finances will be approved by
the American Government,according to the Secretary, who asserted that the
United States expects from Congress and the Executive only what could be
required of any good Government: an efficient and honest administration
and the brining to Justice of those responsible for frauds.
Before the Washington Government would approve the contention of
additional liabilities, either in the form of an exterior or an interior loan to
meet Cuba's overdue current indebtedness, Mr. de Cespedes continued, the
reforms enumerated in the thirteenth Crowder memorandum must be carried out. These administrative reforms were being suggested under the
rights conferred by the permanent treaty between the two Republics, he
asserted, as friendly counsels, in order not to affect Cuba's position among
the nations as it would be affected if intervention, which also is provided for
/0.4
in the treaty in case of necessity, were resorted to.
"Only Congress can solve the present situation, which is very grave," saidColonel Manuel de Despaigne, the new Secretary of the Treasury, in adding
his comment.

TRADE ACCEPTANCES IN MEXICO.
John Clausen, Vice-President and Director Mexico City
Banking Corporation, S. A., has the following to7say on the
above subject:
The legal interpretation covering acceptances in Mexico is uniform in alb
States of the Republic and the dispositions relating to such instruments,.
according to the Commercial Code, are defined as under:

AUG. 12 1922.]

THE CHRONICLE

First.—Drafts drawn in one place to the order of a given party, payable
in a city other than where the draft is issued; these drafts are termed
"Letras de Cambio" (Bills of Exchange), and in accordance with Provision
No. 449, the issuance of a "Letra de Cambio" presupposes the existence of
a contract by which a person obligates himself to place funds to the order
of another person in a different place or locality than the one where the bill
is drawn. .
The legal requisites for the validity of such bills of exchange are as follows:
(a) Date of issuance.
(b) Amount to be paid.
(s) Name or commercial style of the party against whom the draft is
drawn.
(d) Date when the payment is to be made.
(e) Place where the payment is to be effected.
(f) Name of the party in whose favor the draft has been issued.
(0) The kind of value received by the party who issues the draft,followed
by the requisite signature.
The drafts are made perfect by the drawee's acceptance, which has to
embody:—
(1) Place and date of acceptance.
(2) Word "Acepto," or "Aceptamos."
(3) Drawee's signature.
.7-The other form of drafts are called "Libranzas," which constiSeconct.
tute bills of'exchanges issued by a person to the order of another and drawn
against a third party; the drawer and the drawee residing in the same place.
The requisites governing such issuances are the same as those mentioned
in connection with the first heading, and in order, therefore, to make these
ibstruments perfect, the drawee must give acceptance as in the former case.
The law provides that once a bill of exchange or "Libranza" is accepted,
the acceptor is obliged to pay on the maturity of same and cannot for any
reason refuse such payment unless it is proved that the signature of the
drawer, drawee or acceptor is forged.
Tho "Letras de Cambio" and the "Libranzas" may be drawn (a) at sight,
(b) at usance after sight, or (c) payable at a fixed date. For bills that are
drawn at usance a previous presentation is necessary to the drawee in order
to obtain the necessary acceptance. For those drawn payable at a certain
date a previous presentation is not necessary.
At the option of the holder, bills of exchange payable within Mexican
territory and for which previous presentation is obligatory, the presentation
to the drawee or acceptor can be deferred within the following periods from
date of issuance without losing any legal rights, viz.:
(1) Within two months if drawn any place in the Republic.
(2) Within three months if drawn in the United States or Europe; and
(3) Within four months if drawn any other place in the world.
Both of the aforementioned bills of exchange are endorsable documents,
and in accordance with Provision No. 477 of the Commercial Code, the endorsement must contain (a) the date; the annotation (b) for value received
by the party endorsing the instrument; and (c) the name of the person to
whom it is endorsed. Endorsements may be made in blank with only the
signature of the holder appearing on the instrument, but in order to exercise the rights from such an endorsement, it is necessary to subsequently
fill in the aforementioned requisites before legal action can be taken.
If, upon presentation, such instruments are (a) not accepted, or (b) not
paid, they must be protostsd before a notary public in order that the holder
of the draft may retain his rights to collect the amount from the endorser
or endorsers, the drawer, or the acceptor.
"Letras de Cambio" and "Libranzas" give to the lawful holder the right
to obtain immediate order of attachment if the document is not paid when
It falls due, but prior to such an action the acceptor must be called to court
In order to acknowledge his signature.

707

copyright by the Public Ledger Co., and published in the
New York "Evening Post," said:
M. Trcstinsky said that in order to facilitate the lively commercial
relations between the two countries a new trade treaty wa.s necessary
to supplement the temporary agreement concluded a year ago.
President Ebert in replying emphasized Germany's desire to promote
the reconstruction of Russia and, mentioning the Rapallo pact, said it
was an expression of this same desire, with only peaceful aims.
In these endeavors to effect better commercial relations, Russia must
"recognize the state of German economics." warned President Ebert.
Russia has been pushing for a new agreement, hoping to use it as capital
for dealing with other States.

SOVIET BUDGET DEFICIT 760 TRILLION RUBLES.
The following from Berlin July 28 appeared in the New
York "Commercial" of July 29:
Soviet Russia, can claim the distinction of being on top of the world
in the matter of large figures in the State budget. The budget commission
at Moscow has just worked out the Russian budget for the last quarter
of 1922.
In making the budget the Commission had to resort to astronomical
arithmetic. The receipts for the year are estimated at 360,000,000,000,000
rubles, and the expenditures 760,000,000,000,000 rubles, leaving a deficit
of 400,000,000,000,000.
The expenditures for the All-Russian Central Executive Committee
are placed at 1,550,000,000,000; the Foreign Office at 660,000,000.000:
public works, 1,410.000,000,000. The smallest sum in the budget is
for eduction, to which there is only allotted 2,000.000,000 rubles.

TRILLIONAIRES IN RUBLES.
The New York "Times" on July 31 published the following
from Petrograd July 7:
Russia now boasts of several "trillionaries." These are men who have
made fortunes in Russian currency, and count this wealth in astronomical
figures. One speculator is credited with profits of $4.000,000, which
amounts to 15,000,000,000,000 rubles. He is putting his wealth in gold,
silver, and jewels, and the stabler currencies of foreign countries.

AMERICAN RELIEF ADMINISTRATION TO CONTINUE
TO AID RUSSIA.
A meeting to consider the situation in Russia was held in
this city on July 30 by the principal directors of the American Relief Administration, including Herbert Hoover, Chairman; James P. Goodrich, Edgar Rickard, Julius H. Barnes,
Col. William N. Haskell, Walter Lyman Brown, Edwin P.
Shattuck, C. A. Herter, George Barr Baker, Perrin C. Galpin,
R. H. Sawtelle, Frank C. Page and A. T. Dailey. The conclusion was reached, it is said, that while there was evidence
that the food supply of Russia, if properly distributed, might
meet the necessities of the population during the next year,
the tremendous volume of contagious disease and the numREFOR
SOVIETS REFUSE AMERICAN CONDITIONS
ber of children displaced by the famine and by poverty reLIEF OF INTELLECTUALS.
quire continued support.
An Associated Press cablegram from Moscow July 29 says:

After a month's negotiations, Leo Kameneff, the Acting Premier, has
definitely refused the American Relief Administrations' conditions for
feeding the Russian intellectuals as a class. The Commonwealth Fund
offered to send food packages to the value of approximately $250.000
to Russia for distribution by the Relief Administration among professors,
teachers, doctors, scientists and others selected by the relief authorities.
The latter were ready to have the Government co-operate in the distribution, but insisted that the final decision as to what persons should
receive the packets should rest with the Relief Administration.
The Government, according to M. Kamoneff, is willing to permit the
Relief Administration to veto any of the Government's selections of beneficiaries, but it is not willing that any outside organization be permitted
to assist persons despite a Soviet veto.

CHINESE GOVERNMENT TELLS SOVIET RUSSIA
THAT "DEEDS MUST BE CONSISTENT WITH
WORDS."
In a special dispatch from Washington July 29 the New
York "Times" said:
The Chinese Government, in a recent note to the Soviet Government
of Russia, rather frankly informed the Bolshevist leaders that China
desired deeds rather than fair words from the Moscow regime.
The Peking Government's note was sent in acknowledgement of the
protest sent by the Soviet Government against the delay in opening negotiations concerning the Chinese Eastern Railway, the abrogation by the
Chinese Government of the agreement regarding the land trade between
China and Russia, the lease of ships of the Russian Volunteer Fleet at
Shanghai and ChefoO, the prohibition of lotteries for the benefit of famine
sufferers and the search of Russian residences in Harbin. The Chinese
Government's note, the unpublished text of which reached Washington
to-day, was handed to a representative the Soviet regime had sent to
Peking.
Answering the various points made by the Soviet agency, the ministry
says it "wishes to state to you frankly that mutual friendship depends
upon good faith, and that deeds must be consistent with words."

FIRST RULING OF WORLD COURT INTERPRETS
TREATY AS TO NAMING LABOR CONFERENCE
DELEGATE.
The following copyright advices from The Hague July 31
appeared in the New York "Times" of Aug. 1:
Six Judges of the World Court seated in the tribunal in their black
robes made an impressive picture in the large courtroom of the Carnegie
Peace Palace when the permanent Court of Justice to-day pronounced
decision on the first case which it has tried.
This was an advisory case presented by the Council of the League of
Nations. The question presented to the Court was, "Was the workers'
delegate for the Netherlands at the third session of the International Labor
Conference nominated in accordance with Paragraph 3, Article 389, of
the Versailles Treaty?" The answer of the Court was in the affirmative.
This answer means that, in a case where the Government and the labor
unions are unable to agree about the nomination of a delegate to an international labor conference, the final decision rests with the Government.
The procedure adopted by the Netherlands Government in nominating
the workers' delegate was considered by the Court.
The tribunal has other decisions to pronounce in the near future.

ALLIES REFER KIEL CANAL DISPUTE TO WORLD
COURT AT THE HAGUE.
Associated Press Advices from Paris August 2 state:
After a controversy of more than two years between the Allies and
the Germans over the right of the Allies to the unrestricted use of the
Kiel Canal, the Council of Ambassadors has decided to refer the whole
question to the International Court of Justice at The Hague for settlement.
The controversy arose in 1920 over the stopping by Germany of a
French cargo ship.
Thus one of the first differences to arise between Germany and the
Allies after the war has been referred to the International Court, and
It was said in Allied circles here to-day that prompt disposition of the
matter might be followed by the Court being given jurisdiction in other
questions at issue between the Germans and the Allied Powers.

RECOGNITION OF SOVIET RUSSIA BY GERMANY.
Formal recognition of the Russian Soviet Embassy by Germany occurred on Aug. 2, when M. Trestinsky, former Com- EXTENSION OF TIME SOUGHT IN MARKETING OF
UNSOLD PORTION OF JUGOSLA VIA BONDS.
missioner in Berlin, presented his credentials as AmbassaChancelThe
fact that there still remains unsold a portion of the
dor of Russia to President Ebert in the presence of
lor Wirth. In stating this a cablegram from Berlin Aug. 2, $25,000,000 40-Year 8% Secured External Gold loan of the




708

THE CHRONICLE

[VoL. 115.

Tiiidorn a Serbs, Croats and Slovenes (Jugoslavia) offered
in 4:pfie,'developed when the following notice was issued
on Aug. 10 in behalf of the syndicate offering the bonds:

ORGANIZATION ,OF ATLANTA JOINT STOCK
LAND BANK.
way of the Atlanta Joint Stock
is
under
formation
The
In connection with the recent offering of $25,000,000 Jugoslavian fortyA committee named to perGa.
of
Atlanta,
Bank
Land
being
are
Yew. 8% secured gold bonds, it is understood that arrangements
chnsummated between the bankers and the Jugoslavian Government fect the plans for its organization consists of A. B. Siinms,
under which the Government proposes an extension of the time available Hollins N. Randolph, Robert E. Harvey and Edgar T.
for the marketing of the bonds until Fall, and offers to withdraw from
the Atlanta "Constitution" of
sale sueh part of the bonds, if any, up to a total of $10,000,000, as may Gentry. According to
then not have been sold by the underwriting syndicate. This action on August 6 the following were elected directors at a meeting
the part of the Jugoslavian Government follows a similar action taken on the 5th inst.: Edgar T. Gentry, Hollins N. Randolph,
several years ago in the case of the French Cities loan, with a view to
H. Ewing, of Atlanta;
taking advantage of the most favorable market conditions for the com- Robert E. Harvey, A. B. Simms, J.
pletion of the distribution of the issue.
Joseph Calhoun, Cartersville, Ga., and B. W. Pruet,
In referring to the above notice, the New York "Times" Anniston, Ala. The bank is to start with a capital of
of yesterday (Aug. 11) said:
$300,000 and is to operate in the States of Georgia and
The unsuccessful offering for sale in the New York market of $25,000,000
Alabama.
of 8% bcinds of the Kingdom of Serbs, Croats and Slovenes, known as the
Jugoslavia bonds, has resulted in that Government agreeing to take back
$10,000,000 of the bonds this fall, if they are not disposed of by the banking
syndicate by that time.
A great deal of opposition developed to the issue, particularly from Montenegrins in New York, who filed a protest with the State Department.
Only a part of the bonds were sold on the first few days the books were
opened and a general meeting of bond salesmen employed by the bankers
who underwrote the issue was thereafter held in the Bankers' Club, in the
effort to create interest in them. The exact total of bonds distributed by
the bankers has not been made public. The syndicate has never been
closed and has continued its efforts to distribute the issue.

OFFERING OF BONDS OF MINNEAPOLIS-TRUST
JOINT STOCK LAND BANK.
A new issue of $500,000 Minneapolis—Trust Joint Stock
Land Bank of Minneapolis, 5%farm loan bonds was offered
last week by the Minneapolis Trust Company at 103 and
interest to yield 49' % to optional maturity and 5% thereafter. These bonds, in coupon form of $1,000 each, are
May 1 1922 and become due May 1 1952. They are
dated
Details of the offering were given in our issue of June 17,
at par and interest on May 1 1932, or any interredeemable
page 2664. Besides the statement above quoted, the folPrincipal and semi-annual interest
thereafter.
date
est
inst.:
lowing was also made public on the 10th
(May 1 and November 1) are payable at the Minneapolis
. August 10 1922.
To the Members of the Syndicate;
Trust Company, or the National Park Bank, New York
We are glad to report that our recent cable advices from Jugoslavia con- City. The bonds are exempt from all Federal, State muninow
cerning general Conditions are decidedly favorable. The crops are
local taxes, except inheritance taxes, including
sufficiently far advanced to justify the expectation of abundant yields in cipal and
staples
of
surplus
exportable
State income taxes, making these bonds as
the
and
and
year,
preceding
Federal
excess of those for the
promises to surpass that of recent years. The foreign trade statistics which fully tax-exempt as the Liberty 33's. By a decision of the
have just been received for the first quarter of 1922 reveal an increase of
Court of the United States, rendered Feb. 28
approximately 27% in the value of the exports and an actual decrease of Supreme
about 6.50% in the value of imports as compared with the corresponding 1921, the constitutionality of this Act and the tax exemption
months of 1921—a decided benefit to the country.
features were fully sustained. These bonds are direct
Referring to the specific revenues pledged as security for the new loan,
of
obligations of the Minneapolis-Trust Joint Stock Land
we are informed that the net proceeds of the Board of Administration
Monopolies for the first quarter of 1922 amounted in round numbers to Bank of Minneapolis. They are secured by deposit with
170,000,000 dinars, and that the customs receipts for the same period ag- the registrar of the Farm Loan Bureau of the United States
gregated some 257,000.000 dinars. These figures (which are stated to be
United States Government
after deduction of the prior charges for the old French loans) are at a rate Treasury Department, of
well in excess of the 1921 official totals from the same sources. It my be obligations or first mortgages upon improved farms, not
added as a matter of interest that one item alone of the State Monopolies, exceeding 50% of appraised value of farm lands and 20%
namely the kerosene duties paid by the oil companies to the Board of
improvements thereon,
Monopolies during the first six months of 1922, are reported to exceed the of the appraised insured permanent
service of the entire $25,000,000 loan for a like period, computing exchange in the States of Minnesota and North Dakota. The mortat 70 dinars to the dollar, which was the approximate average for the period.
gages made by the bank must meet with the approval
Not only are the above figures favorable in themselves, and in their
upon the appraisals
bearing on the position of the bond issue, but the attitude of the Govern- of the Federal Farm Loan Board based
ment on the broad question of its credit in this market is most admirable, of their own agents. Previous offerings of the bank have
as will be evident from the separate letter to the participants. When
referred to in these columns Oct. 1 1921, page 1410;
temporary market uncertainties of the recent past have ceased to be factors, been
this farsighted viewpoint is bound, in our opinion, to react favorably on Feb. 18 1922, page 681; April 8 1922, page 1477, and May
the credit of Jugoslavia.
20, page 2190. E. C. Cooke is Chairman of the Board
The statements presented above, while not guaranteed, are obtained
of the Minneapolis-Trust Joint Stock Land Bank of Minnepartly by cable•from sources which are believed to be reliable.
apolis and R. W. Webb is Treasurer.
OFFERING OF FIRST CAROLINAS JOINT STOCK LAND
BANK BONDS.
of Hayden, Stone & Co., Redmond
composed
A syndicate
& Co. and Watkins & Co. offered on Aug. 10 a $2,000,000
issue of First Carolinas Joint Stock Land Bank (North and
South Carolina) 5% Farm Loan bonds. The bonds were
offered at 102M and accrued interest to yield about 4.66,
to 1932 and 5% thereafter. They are dated May 1 1922,
will mature May 1 1952 and will be redeemable at par and
accrued interest on May 1 1932 or any interest date thereafter. The bonds, in coupon form, are in denominations of
$1,000 each and are fully registerable and interchangeable.
Principal and semi-annual interest (May 1 and Nov. 1)
,are payable at the Chemical National Bank, New York
City, or the First Carolina Joint Stock Land Bank, Columbia, So. Caro. Issued under the Federal Farm Loan Act,
the bonds are exempt from all Federal, State and local taxation, excepting only estate and inheritance taxes, and are
and trust funds under the
legal investments for all fiduciary
and acceptable as
Government
Federal
the
of
jurisdiction
security for postal savings and certain other deposits of Government funds. Asbury F. Lever, formerly of the Federal
the First Carolinas Joint
Farm Loan Board, is President of
organization of which was referred to
Stock Land Bank, the
1922 (page 2074). In the same
in the "Chronicle" of May 13
$1,000,000 of bonds of the bank,
issue we noted an offering of
appeared in these columns July 8,
further reference to which
Joint Stock Land Bank has
Carolinas
First
page 133. The
carrying double liability, and
• a paid in capital of $250,000,
operating in close co-operation with
a paid in surplus. It is
of the Third Land Bank District,
Bank
the Federal Land
s
operating in North and South Carolina with headquarter
at Columbia, S. C.




ORGANIZATION OF BANK OF CENTRAL AND SOUTH
AMERICA TO CARRY ON BUSINESS OF ME1?.
CANTILE BANK OF THE AMERICAS.
In making known the organization of the Bank of Central
and South America to conduct the business heretofore
handled by the Mercantile Bank of the Americas, E. R. Stettinius, of J. P. Morgan & Co.,issued a statement on Aug. 10,
saying:
In working out the affairs of the Mercantile Bank of the Americas, Inc.,
In connection with which a banking committee was formed last year, there
has just been organized the Bank of Central & South America, with a
capital of $5,000,000 and a surplus of $2,500,000 to carry on in New York
the banking business formerly handled by the Mercantile Bank of the
Americas. The name of the new bank accurately describes the field in
which its principal operations will be conducted. It will take over the
shares formerly held by the Mercantile Bank ofthe Americas in five affiliated
institutions in Colombia, Peru, Costa Rica, Venezuela and Nicaragua, and
its own shares in turn will be hold for the time being by the Mercantile
Bank of the Americas, which last-named corporation will cease to function
as a banking institution.
While the board of directors of the new institution has not yet been
definitely named,it will consist of men approved by the banking committee
formed last year, which consists of Walter E. Frew,;W. V. King, Gates W.
McGarrah, W. C. Potter and E. R. Stettinius.
The commercial activities of the Mercantile Bank of the Americas and its
subsidiary institutions which were primarily responsible for the shrinkage
In value of the bank's assets last year had been terminated and a new institution will operate solely along banking lines.

The Bank of Central and South America was incorporated
under the laws of Connecticut on Aug. 5.

LIQUIDATION OF ASSETS OF FOREIGN CREDIT
CORPORATION.
Liquidation of the assets of the Foreign Credit Corpora- tion, organized in 1919 by a group of New York, Boston and
Philadelphia banks to finance foreign trade, has, it is announced, progressed to such an extent that a distribution is

AUG. 12 1922.]

THE CHRONICLE

about to be made to the subscribing banks. The chief
stockholders are the Guaranty Trust Co., the Chase National
Bank, the Central Union Trust Co., the Liberties Securities
Corp. of New York, the Philadelphia National Bank and the
Shawmut Corporation of Boston. The subscribing banks
will receive the capital and surplus of $6,000,000 intact,
together with undivided profits of $958,004, which will be
shares pro rata. The assets of the corporation as of July 31
1922 were composed of $6,960,700 cash on hand and in bank,
together with. $11,578 in securities. On the liability side
there is the $5,000,000 capital, $1,000,000 surplus and $958,004 undivided profits, together with $14,274 reserved for
taxes. Liquidation has been in progress since May 1921.

700

Mr. Frueauff was born in Columbia, Pa., 48 years ago.
His family subsequently moved to Denver, where he wee
educated in the public schools. After graduating from
high school, he entered the employ of the Denver Gas &
Electric Co., where he advanced until, in 1907, he became
President of the company, remaining in that position until
Henry. L. Doherty made him a partner in the Doherty
public utility and oil enterprises. At the time of his deatk
Mr. Frueauff was a director in 141 companies.
Out of respect to Mr. Frueauff's memory the wheele
of all the plants of the Cities Service Co., serving more
than 200 communities throughout the United States, were
stopped for one full minute at one o'clock Aug. 7, the
day of the funeral.

ADVANCES APPROVED BY WAR FINANCE CORPORATION FOR AGRICULTURAL AND LIVE STOCK
GUARANTY TRUST CO. RESELLS CONTROL OF STUTZ
PURPOSES.
MOTOR CO. STOCK FORMERLY OWNED BY ALLAN
A. RYAN TO C. M.SCHWAB AND ASSOCIATES.
Fron July 16 to July 31 1922 inclusive, the War Finance
Corporation approved 05 advances, aggregating $1,817,000,
That the Guaranty Trust Co. has resold the controlling
to financial institutions for agricultural and live stock interest in the Stutz Motor Car. Co. of
America stock
purposes.
(bought in by that institution at the public auction on Aug.
2
of the Allan A. Ryan collateral held by the Guaranty Trust
REPAYMENTS TO WAR FINANCE CORPORATION Co. and other banks) to Charles M.
Schwab, Chairman or
ACCOUNT OF AGRICULTURAL AND LIVE STOCK
the board of directors of the Bethlehem Steel Corporation,.
ADVANCES.
and associates was officially announced in the following ont
Announcement was made on Aug. 3 that from July Aug. 10:
The Guaranty Trust Co. of New York has completed
16 to July 31 inclusive, the repayments received by the
arrangements for
the disposal to private interests associated with 0. M.Schwab of
War Finance Corporation totaled $4,939,392, as follows:
substan—
tially all of the stock of the Stutz
On loans made under the war powers
On export advances:
From exporters
From banking institutions

$156,204
8,390

On agricultural and live stock advances:
From banking and financing institutions
From live stock loan companies
From co-operative marketing associations

3,482,513
755,630
533,240

$3,415

164,594

4,771,383

Motor Car Co. which it purchased for itsown account at public auction on Aug. 2 1922.
At a meeting of the board of directors of the Stutz Motor Car Co. of
America held Aug. 9, Eugene V. R. Thayer and Willard A.
Mitchell were
elected to fill two vacancies in the board. This change was made
by reason
of the fact that C. M.Schwab, Mr. Thayer and certain associates now own
or control a majority of the stock of the company. George P. Lewis
resigned as Secretary and Treasurer and Mr. Mitchell was elected in
his place.
Mr. Thompson will remain President, and the business as an independent
company will be continued as in the past.

On Aug. 9 the Guaranty Trust Co. officially announced
the resale of the Ryan Consolidated Petroleum Co. stock,
The repayments received by the Corporation from Jan. 1 also purchased by it at the Ryan collateral auction sale on
1922 to July 31 1922 inclusive, on account of all loans Aug. 2. This is referred to in detail in our "Investment
News" Department on a subsequent page.
totaled $105,840,920.
Total

$4,939,392

JOHN G. SHEDD,PRESIDENT OF MARSHALL FIELD &
CO., COMPLETES FIFTY YEARS OF SERVICE.
John G. Shedd, President of Marshall Field & Co., completed fifty years of service with the firm on Aug. 7. He
celebrated his golden business anniversary with a luncheon
at his Lake Forest home (Chicago) to thirty-three men who
also have been with the house a half century or more.
The occasion was marked by the presentation to Mr. Shedd
by James Simpson, Vice-President of the corporation, a
protege of the elder Marshall Field and himself a veteran of
thirty-one years of service, of a diamond medal. It has been
the custom of the firm to decorate with a diamond medal
every employee reaches the fifty-year mile.post of service
and such jeweled insignia flashed upon every breast of the
thirty-three members of the Legion of Honor of the Field
organization who had gathered to witness the impressive
ceremony.
Mr. Shedd was born in Alstead, N. H., in 1850 and is
72 years old. When he went to Chicago in 1782, the city
was recovering from the great fire. His first employment
was as a salesman in the store of Field, Leiter & Co. at $10
a week. In 1893 he became one of the partners of Marshall
Field and in 1901 was made Vice-President of Marshall
Field & Co.. Since the death of Marshall Field in 1906 he
has been President and active head fo the business. By
a purchase agreement with the Field estate in 1917, the
estate's interest in the business became represented by Preferred stock at a fixed return. Mr. Shedd and his associates
obtained a controlling interest in the Common stock and now
hold permanent control of the business, which is the largest
wholesale, manufacturing and retail merchandising business
in the world. In his fifty years of service Mr. Shedd has
seen Chicago grow from 300,000 'to 3,000,000 people and the
business of his firm increase from modest figures to $200,000,000 annually.
DEATH OF FRANK W. FRUEAUFF.
Frank W. Frueauff, junior partner in the firm of Henry
L. Doherty & Co., 60 Wall St., this city, Vice-President
of the Cities Service Co. and executive head of all the
Doherty enterprises, died suddenly at his home, 1069
Fifth Ave., on July 31. after an attack of acute indigestion,




NEW YORK STOCK EXCHANE ACTS AGAINST
NONMEMBER BALTIMORE BROKERAGE FIRMS.
On Aug. 9 the New York Stock Exchange issued the
following official statement:
The Stock Exchange has this day caused to
be removed from four nonmember firms in Baltimore, the wires
connecting them with New York
Stock Exchange firms, because in the opinion
of the Committee on quotations and Commissions such houses were not
conducting their business In
accordance with the standards required by
the Exchange, to be observed
by non-member houses to whom connections
are permitted.

The four Baltimore houses affected by the disconnection
of their stock tickers were Smith, Lockhart & Co., Kaderly
& Finnan, Mueller, Stout & Co. and W. H. Stout & Co.
The action of the Exchange came without warning. After
vain efforts to get quotations from New York over private
wires they were obliged to suspend operations a few moments
after the market opened. Later in the day (Aug. 9)Smith,
Lockhart & Co. filed a. petition in bankruptcy in the Federal District Court, stating that it was insolvent, and in the
afternnon Kaderly & Finnan executed a deed of trust for
the benefit of their creditors. H. A. Orric was appointed
receiver for the latter firm under bond of $100,000.
According to the Baltimore "Sun" of Aug. 11, Muller &
Stout also took steps toward liquidation on Aug. 10. This
firm assigned to Douglas Thomas of the Mercantile Trust
& Deposit Co. as trustee, and on the same day C. H.Mueller
was suspended from the Baltimore Stock Exchange. In
making assignment, the firm issued the following statement:
Immediately upon discontinuance of our ticker !service Wednesday both
members of this firm, who were in the
city, went to New York to attempt
to remove the objections to our plan of doing business and to secure resumption of wire service.
We were unable to secure return service
and therefore cannot continue
in business. In order to provide
orderly liquidation of our affairs we have
therefore made an assignment to Mr. Douglas Thomas of the Mercantile
Trust & Deposit Co., as trustee, for
the benefit of our creditors.

H. J. HAINES & CO., NEW YORK, IN BANKRUPTCY.
On Aug. 8 an involuntary petition in bankruptcy was
filed in the United States District Court against H.J. Haines
& Co., dealers in securities, at 11 Stone St., this city. The
firm was a member of the Consolidated Stock Exchange of
New York. Liabilities were placed at $40,000 and assets
at $30,000. William W. Pellett was appointed receive:
under a bond of $3,000 by Judge Mayer.

710

THE CHRONICLE

,FEDERAL RESERVE BOARD ON CONDITION OF THE
ACCEPTANCE MARKET, JUNE 15 TO
JULY 15 1922.
. • According. to reports received by the Federal Reserve
t Board from the Federal Reserve banks of the various dis,tTicts, the acceptance market was irregular throughout the
.entire period under review and showed but slight signs of
activity. The supply of bills in most districts was limited,
.but was adequate to meet the small demand. The Board's
statement,.made public Aug. 2, has the following to say:
In District No. 1 (Boston) the supply of bills showed an upward tendency
at the beginning of the reporting period, but fell off at the close. Demand
• foi bills was very small, bankers and corporations who had idle funds
preferring to invest them in certificates of indebtedness rather than in
acceptances. At the close ofthe period,the bill market improved somewhat
and bills of 30 and 60 days' maturity moved freely.
In District No. 2(New York) the supply of bills in most cases was sufficient to meet the demand. The bill market in this district was largely
influenced by the prevailing money situation. Bankers sold their bills
when money rates tended to advance and increased their holdings when
money was plentiful. The demand for bills for foreign account continued
to be a strong factor in this district, and is responsible for the continuance
• of the prevailing rates for bills of longer maturities.
Districts No. 7(Chicago), No.8 (St. Louis) and No. 12 (San Francisco)
report a dull market throughout the entire period. In the last mentioned
district 35 dealers report a decrease of $3.424,817, or 38%, in the volume
'of aceeptances bought and $998,772, or 19.4%, in the amount of bills
accepted during June as compared with the previous month. In District
No. 7, however, a slight improvement was noticeable at the close of the
period, when grain bills were in fairly active demand and moved freely.
In this district, too, the bill market was influenced mainly by the prevailing
money situation.• In District No.3 (Philadelphia) the supply of bills was
fair. .
• A slight improvement in the acceptance market is noticeable in Districts
No. 4 (Cleveland). No. 10 (Kansas City) and No. 11 (Dallas). In the
•last mentioned district, the demand for bills was strong and exceeded the
available supply, although there was an increased volume of acceptances
.arising out of:domestic shipments and the storage of goods in warehouses.
.The .volume of foreign acceptances, however, decreased. The opposite
situation prevailed in District No. 6 (Atlanta), where the volume of bills
arising in connection with imports and exports increased about 31% over
.the previous period.
The bulk of acceptances executed in the various districts were based
upon the exportation of cotton, wheat and rubber goods, the importation
of sugar and coffee and the warehousing of crude oil and corn. In Districts
No.'2(New York), No.4(Cleveland)and No. 12(San Francisco) maturities
of60 to 90 days were preferred. In the other districts the best demand was
.for 30 to 60 day hills. District No. 12 reports the distribution of maturities
as follows:
Maturity
-June1510 July 15. May 1510 June 15.
30 days
10.4%
2.4%
60 days
34.6%
45.8%
.90'days
49.0%
51.6%
. 120 days
6.0%
0.2%
- Theirates throughout the. period were as follows:
Rates on Prime Bills—
Range During Period.
Close
No. 1 (Boston)—
Bid.
Offered.
Bid.
Offered.
30 day maturity
3 ,--3%
27A-3%
3
3%
60. day maturity.
33-3
3 -3).
•90 day, maturity
3%
3%-3%
120 day maturity
33-3x
33'
No. 2(New York)
30 day maturity
3%-33i
23'-3%
2N-3
3%
60 day maturity
33'-3%
2.%-3%
3W
234
3%-3%
90'day maturity
2%-3%
27
3%
120 day maturity
3 -33
33-3%
3
3%
150 ,day maturity
3.j-3%
3 -3%
3%-3%
3 -3%
3X-3%
3 -3%
180 day maturity
3
:No.3 (Philadelphia)7
%
30 day maturity
2 -3%
3 -331
%-3
3 -3%
3 -33
2%-3%
%--3
' 60 day maturity
3 -3%
27
3%-3%
%-3
.'90 day maturity
/-3y,
3%
3 -3%
3%-3%
3 -3%
120 day maturity
3%
3
3 -33
34-3/
3%-3%
3 -3%
150 day maturity
33-3%
3%-3%
180 day maturity
3 -3%
3%-35
• Ito. 7 (Chicago)3 -3%
3%-3%
3 -3%
3
30 day maturity
3W-3%
3 -3%
3
60 day maturity
3 -3%
3h-3M
3
-3%
3
90 day maturity
3 -33.4
3M-3%
3 -3%
3
120 day maturity
3M-3M
3%-33
3 -3%
/s
3 -33.6
150 day maturity
336-3M
-3%-3%
3 -3%
180 day. maturity
3%-3%

[VOL. 115.

on November 5 1920 were borrowing $890,000,000 from the New York
Reserve Bank, on May 31 1922 were borrowing lass than $6,000,000. As
the banks progressively reduced this debt, their investments in United
States Government securities tended to increase, and by the end of last
year were rising more rapidly, at a rate which has been maintained with
little interruption since. In the early spring of 1922 their holdings of other
fixed-term investments, including corporate bonds and stocks, also began
to increase.
The diagrams on this page [this diagram we omit Ed.]compare the downward movement of commercial loans with the upward movement of investments held by member banks in principal cities throughout the country,
including New York City, and in New York City alone. The lines showing
investments reflect holdings both of United States Government and other
securities. While the commercial loans of such banks throughout the
country declined $3,421,000,000 in the last nineteen months, their invest-,
ments during the same period rose about $1,000,000,000, of which about
$300,000,000 was in other than Government securities; and while the
commercial loans of member banks in New York City declined $1,565,000,000 their investments rose over $500,000,000, of which over $70,000,000 was in other than Government securities.
The decline in commerical loans began in October 1920,some four months
after commodity prices began to fall, and has already continued six months
after commodity prices began again to rise. Just as the fall in prices
required increased borrowing on the part of many business men, so the
rise in prices has permitted the continued liquidation of loans in spite of
the greater business activity which has been developing concurrently.
The increase in the volume of investments held by the banks arises largely
from the abvious tendency of bank funds, pending a recurrence of commercial demand, to seek employment elsewhere. It is reported to this bank
that at this time investment buying of bonds is concentrated chiefly on
either the long or the very short maturities. Presumably the banks, in
order to conserve their power to meet the needs of their customers as
they develop, are taking the shorter maturities.
Such fluctuations in money rates as have taken place in the past month
have been closely related to the flow of funds in or out of this district.
At this season of the year the main movement is away from New York.
registering the rising need for funds in the agricultural sections of the
country. Aside, however, from rates for Stock Exchange call money,
which have tended to reflect hour to hour movements, there have been
few changes in money rates from a month ago, and at the close of the month
the rates in the open market are nearly the same as in June.

FEDERAL RESERVE BOARD REPORTS CONTINUED
VOLUME OF BUSINESS AND INDUSTRIAL
ACTIVITY FOR JULY.
The outstanding feature of the greater part of the month
of July has been the continuance of business and industrial
activity at the relatively high rate recently attained, the
Federal Reserve Board says, in a summary made public
Aug. 1 of general business and financial conditions throughout the several Federal Reserve districts during the past
month. The Board further says:

In fact, production has shown further increases in some lines, while
in those which normally would be noticeably affected by seasonal influences, decreases on the whole have been relatively slight. Reflecting
this Movement, debits to individual account, which are a fair index of
volume of business, were considerably higher in June than in May,although
they showed seine decrease in July. At the same time, prices have continued upward tendency, the index number of the Federal Reserve Board
for June being 162, an increase of 4 points over the May figure, further
Increases being indicated for July. As the current month Progressed.
the effects of the coal and railraod strikes began to make themselves felt.
This influence has served recently to restrain productive activities in
various lines, noticeably iron and steel. The plans recently announced
by the Administration are expected to relieve the situation.
The output in various lines of manufacture, showed further improvement in June. This was particularly noticeable in the case of iron and
steel, copper, automobiles and tanning. In the textile industries, increased
output of both cotton and woolen goods was reported during June, although
some seasonal recessions have been experienced since the opening of July.
Construction activity has been well sustained, only slight rece.ssions occurring in June. and the production of lumber and other building materials
accordingly has continued at a high level. Tne amount of bituminous
coal mined in June showed a considerable increase, but since the opening
of the present month has fallen off greatly. Coal stocks have consequently
been further drawn upon. Anthracite production has been negligible.
and stocks, with the exception of pea sizes, are practically exhausted.
Petroleum output continues large; stocks are, in fact. accumulating.
A further reduction in the number of persons out of work was reported
during June, and scarcity of labor continued to be noted, especially in the
building trades. Certain districts also reported a scarcity of agricultural
labor. Unemployment remained a factor only in those lines, such as textiles, coal and transportation, in which labor difficulties exist.
Agricultural prospects are still very satisfactory for the country as a whole,
REDUCTION IN BORROWINGS OF MEMBER BANKS although
there has been a considerable deterioration in the condition of
RESERVE
BANK
FEDERAL
OF NEW YORK.
FROM
wheat and oats. Fruit crops are reported to be above the average, and the
in general excellent. The cotton crop shows some imoutlook
In a statement on credit conditions in the New York Fed- tobacco
provement during June, but it is still too early to estimate the amount of
eral Reserve District, the Federal Reserve Bank of New damage from the boll weevil.
In wholesale trade there was a general improvement in most lines during
York, in its August 1 Review notes that the borrowings from
June. Groceries sales in particular were large, and showed increases in
York
City
the Reserve Bank of New
member banks on May 31 all districts over last yesr. The majority of the districts likewise reported
1922 were less than $6,000,000, as against $890,000,000 on increase in dry goads sales. Boot and shoes sales declined slightly durof June, and the situation in respect to hardware was not
Nov. 2 1920. The following is the statement of the Reserve ing the month as
in recent months, although better than a year ago. The
satisfactory
so
Bank in the matter:
volume of retail trade was well sustained during June, although slightly
, The volume of investments held by the banks, both in New York City less than in May.
Financially there have been few new developments noted for the month.
and in other principal cities of the country, has been increasing for several
months and is in contrast with the volume of commercial loans of the same The Federal Reserve banks of Dallas and San Francisco reduced the disbanks, which has been decreasing ever since the maximum of expansion count rate to 43.6 and 4%, respectively. Of much interest has been the
redemption on Dewas reached in the autumn of 1920. These divergent movements are announcement by the Treasury on July 26 calling for
3
4
Victory
usual at times such as the present, and have been observed in previous cember 15 1922, of approximately $1,000,000,000 of the 4 %
while member
change,
Reserve
Bank
portfolios show little
t periods of recovery from business inaction, as for instance in 1879,in 1893-4. notes. Federal
downa
show
bonds,
those
than
secured
and
other
by
stocks
loans,
bank
• and in 1907-8.
steady, except for
It will be recalled that, in the early stages of the recent period of commer- ward tendency. Foreign exchange rates have remained
trade
• cial liquidation, funds released from employment were used by the banks the mark, which reached the lowest figure to date. The foreign
imports and
to reduce and in many cases ultimately to extinguish their indebtedness figures for Juue show a substantial increase over May, both for
to the Reserve banks. New York City member banks,for example, which exports.




THE CHRONICLE

AUG. 12 19221

71,1.

approval of the Norris plan was referred to in our issue of
SENATE PASSES RESOLUTION AUTHORIZING EREC- July. 22, page 377. The minority report was submitted by.
TION OF FEDERAL RESERVE BANK BUILDING
Senator Ladd, Republican, of North Dakota, and was signed
AT DENVER.
of Kansas, and Harrison of

by Senators Capper, Republican,
On Aug. 3 the United States Senate passed the following Mississippi; Caraway of Arkansas; Ransdell, of Louisiana;
resolution authorizing the Federal Reserve Bank of Kansas Smith, of South Carolina, and Heflin, of Alabama, DemoCity to enter into contracts for the erection of a building crats. The report declares that:
for its branch at Denver:
whose national value can'

Mr. Ford's offer will result in a development
Whereas the Act of Congress approved June 3 1922, abridged the right
only be compared with the accomplishment at Niagara Falls. The appli-.
of Federal Reserve banks to enter into contracts by providing that no
cations of electro-chemistry and electro-metallurgy haVe made the-Niagara
Federal Reserve bank should have authority thereafter to enter into any
Falls hydro-electric developments successful, and in the same.way it will•
contract or contracts for the erection of any building of any kind or chartake the skill of the chemist and metallurgist, together with that of the
acter or to authorize the erection of any building in excess of $250,000,
hydro-electric engineer with ample capital to develop the full possibilities*
without the consent of Congress having previously been given therefor
Muscle Shoals, where, due to the fluctuating flow of the stream:the probat
construcunder
buildings
to
not
apply
did
however,
which,
in express terms
lems are greater than those encountered at Niagara Falls.
tion on June 3 1922; and
Whereas many of the Federal Reserve banks were not affected by this
The belief is expressed in the report that "if the Ford offer'
provision, since they had already completed or commenced construction is rejected•the Government and the public will lose more in'
and
head
and
offices
branches;
their
of buildings for
at Muscle.
Whereas the Federal Reserve Bank of Kansas City had not on June 3 50 years of Government ownership and operation
1922 actually.commenced the construction of any building for its branch Shoals than they will gain by refusing to consent to the 100at Denver, Colo., but had acquired the site therefor; and
Henry Ford's offer." The Associated'
Whereas the Act of June 3 1922 operates inequitably on said Federal year lease period in
Press dispatch from Washington give details as follows of
Reserve Bank of Kansas City; now therefore, be it
Resolved, &c., That the Federal Reserve Bank of Kansas City be, and it the views of the minority:
is hereby, authorized to enter into contracts for the erection of a building
It is estimated that the Government had lost $3,000,000 at Muscle Shoals
for its branch bank at Denver, Colo., on a lot previously acquired: Provided,
That the total investment in such buildings shall not exceed an amount since the armistice, failure to develop and operate the project, and declared
the quickest way to stop those "losses is to accept Henry Ford's offer for the
equal to 5% of its paid-in capital stock and surplus.
Government's Muscle Shoals properties."
The resolution authorizing the Federal Reserve Bank of purchase and lease of the the
Ford offer seem apparent," the report said,
"Certain objections to
branch
its
of
erection
Chicago to enter into contracts for the
"but we insist withoutfear ofsumessful contradiction that none of the objecat Detroit was given in our issue of a week ago (page 600) tions to the Ford offer can be remedied or solved by Government ownership
and operation—by the Government going into the power business or enterand in our issue of July 22(page 372), we referred to the reso- ing
the uncharted and hazardous field of operating nitrate plants at Muscle
Reserve
Federal
lution passed by the Senate authorizing the
Shoals in the production of nitrogenous and other commercial fertilizers
Bank of St. Louis and the Salt Lake branch of.the Federal using electro-chemical processes, the commercial success of which is yet
Reserve Bank of San Francisco to enter into contracts for controversial.
"For Congress to adopt such a policy when Henry Ford's offer makes it
the erection of buildings.
unnecessary for the Government to do so," it continued, "would subject
Congress to the just condemnation and reproach of all sober-minded people."

INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE
BOARD TO EXERCISE TRUST POWERS.
The Federal Reserve Board has granted permission to
the following institutions to exercise trust powers:
The
The
The
• The
The
The

Larchmont National Bank, Larchmont, N. Y.
Third National Bank, Sedalia, Mo.
First National Bank, Bismarck, No. Dak.
First National Bank of Bloomington, Bloomington, Ind.
Madison National Bank, Madison, Neb.
Anglo & London-Paris National Bank, San Francisco, Calif.

SUBSCRIPTIONS TO U. S. TREASURY NOTES—EXCHANGE OF 4%% VICTORY NOTES.
Secretary of the Treasury Mellon announced on Aug.8 the
closing of the subscription books for exchanges of 43 % Victory notes for the new 414 Treasury notes of Series B-1926.
It was then stated that final reports as to the exchanges had
not been received from the Federal Reserve banks, but preliminary reports indicate that they will amount to about
$130,000,000, which have been allotted in full in accordance
with the terms of the offering. Total allotments on the primary offering of notes of this series amounted to $345,425,000 and total allotments, it is stated, will accordingly amount
to about $475,000,000. Subscriptions and allotments on the
primary offering of $300,000,000 or thereabouts were divided
among the Federal Reserve Districts as follows:
District—
New York
Boston
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total

Subscriptions
Received.
$557,444,200
51.544,150
133.511,110
113,055,600
42.709,700
39,755,500
114,205,000
48.381,800
22,954,600
27.885,700
16.006,900
69,407.200

Notes
Allotted.
$117,324.000
30,002.000
24,357,000
31.257,000
11,937,000
10,074,000
48,300,000
13.800,000
11,937.000
13,800,000
8,280,000
24,357,000

$1,236,861.450

$345,425,000

The offering was referred to in our issues of July 29, page
497 and Aug. 5, page 601.
MINORITY REPORT OF SENATE COMMITTEE URGING
ACCEPTANCE OF HENRY FORD'S MUSCLE
SHOALS OFFER.
A minority report of members of the United States Senate
Committee on Agriculture urging acceptance of Henry Ford's
offer for the lease and operation of the United States Government power project at Muscle Shoals was presented to the
Senate on August 4. Protest is registered in the report
against the acceptance of the proposal of Senator Norris of
Nebraska (Chairman of the Committee)for Government ownership and operation of the plant. The rejection by the majority members of the committee of the Ford offer and the




Proposal Considered in Light of Present Fuel and Transportation Emergency.
The belief was expressed that every member of the Senate would agree
with the committee minority with reference to the acceptance of Mr. Ford's
proposal when they consider the "present fuel and transportation emergencies" in the light of "development of such great hydro-electric power asis
found at Muscle Shoals," adding that it "is the only certain and permanent
relief in the future from the present paralysis of American industry."
The report called attention to charges that acceptance of Mr. Ford's
tender would give him a Government subsidy in the development of power
and the manufacture of fertilizer, and said:
•
"It has been claimed that the Ford offer constitutes a subsidy to Mr.Ford.
If it is a subsidy, it is not such a subsidy as is proposed by the Administration
in the ship subsidy bill."
The report then cited a comparison between the Ladd Bill and that propoing Federal relief for the merchant merine,showing that theformer called for
an expenditure of $42,000,000, while the latter required and expenditure of
$125,000,000.
•
In that connection,it was contended,one measure would take the Government out of the shipping business while the other would take it out of the fertilizer and power business. It was also argued, in that connection, that the
Ladd Bill would cost the Government "approximately nothing"a year, while
the "ship subsidy bill" would necessitate an annual expenditure of $41,500,000.
"If the Ford proposal is not to be supported on the grounds of subsidy,"
the report asked, "how can the American people support such a subsidy to
ship operators as is here proposed?"
Referrring to the relationship claimed between Muscle Shoals development
and the fuel and transportation emergencies, the report said:
"No electrified railway and no industry served by waterpower can suffer
suspension on account of a fuel supply, because hydro-electric power both in
its production and distribution Is practically free of all labor troubles. Fuel
and transportation are the big national problems which now distress our
people. Muscle Shoals, with the Ford offer accepted,may furnish an opportunity for the Senate to discover how such fuel and transportation emergencies can be. at least in part, avoided in the future,"
The report compared in detail the Ladd and Norris Bills pending in the
Senate. The Ford offer as represented by the Ladd Bill, the report said,
"takes the Government out of the fertilizer and power business," while the
Nebraska member's bill "set the Government up in the fertilizer and power
business."
The Norris proposal requires direct appropriation by Congress of $64,000.000 without including any estimate for the proposed dqms in the upper
Tennessee River,"with no guaranteed return of either the principal or interest on same," it was said. On the other hand, the report argued, Muscle
Shoals could be developed by Mr. Ford under the Ladd Bill, by a Government bond issue,if desired."as the interest and sinking fund payments made
by Mr.Ford will meetinterest on such bonds and retire them at the end of
lease period,except during the short construction and power loading period."
"Even those of us who are in favor of Government ownership and operation," said the report, "must concede that the Muscle Shoals case is one
fraught with the grayest of danger of heavy losses if the Government undertakes to work out the fertilizer problem there. No advocate of Government
ownership and operation can discount the fact that the Muscle Shoals case
Is not a good ono to select in testing out the plicy of Government ownership and operation. The dangers and the difficulties, many of them specialized and technical,involving problems in the field of commercial chemistry,
warn us to be conservative and prudent with the people's money at Muscle
Shoals."
An agricultural benefit to the country by development of the Shoals properties by Mr. Ford, the report asserted, will include a largo scale production
of fertilizers "produced under the most favorable manufacturing conditions,
maintained abreast of progress in an art that is developing rapidly and which
will reduce the cost of fertilizer."
After reviewing conflicting testimoney taken by the committee on the
question of how much present fertilizer costs could be reduced at Muscle
Shoals, the report asserted:
"To our minds the evidence is convincing that there are modern electroof
chemical processes which, applied at Muscle Shoals, will reduce the cost
fertilizers, but if there is any doubt on that score the United States should
stay out of the business.

712

TIM CHRONICLE

tvoL. 115.

"Mr.Ford has agreed to pursue a plan of research and to adopt the results
"Therefore, believing as we do that the United States has every right in
from his Investigations, which will compel him to introduce the best avail- the world to accept Mr. Ford's offer,
for Gorgas, and since Mr. Ford's offer
able methods, and he has the necessary capital to do so.
will stand rejected unless his proposal for Gorgas is accepted, we have no
"We, therefore, believe that among the costly problems which Mr. Ford difficulty in deciding what ought
to be done. We are not unmindful of
will have to solve at Muscle Shoals will be the selection of the most economi- the interests of the Alabama Power Co.,
but, as a matter of duty, we are
cal nitrogen fixation process, and, therefore, it is conceivable that Mr. Ford more mindful of the interests of the Government at
Muscle Shoals. The
will be obliged to either redesign Nitrate Plant No.2 and possibly scrap and Alabama Power Co. desires Gorgas as an auxiliary to its water
power derebuild the entire nitrogen process equipment.
velopment, and Mr. Ford desires Gorges as an auxiliary. to Muscle Shoals
"Now since Henry Ford has the cash and has offered to spend it to meet water power development. This phase of the case seems very
clear to us."
these contingencies and dangerous financial risks as we here describe, then,
.speaking for ourselves, we are willing to let him have a chance to do it, but
we are not willing for the United States to have the opportunity to engage in GATHERING OF STATISTICS FOR REPORT BY JOINT
any such speculative industrial ventures."
COMMISSION OF CONGRESS ON COST AND
"A fair consideration of all the facts," the report declared, "leads UnHANDLING OF MAIL.
mistakably to the conclusion that under the Ford offer the cost of fertilizer
delivered to the farmer can be materially reduced."
The Post Office Department is completing plans for securThe report added that from the present fertilizer industry the farmer
ing statistics to enable it to report to the Joint Commission
might expect but little in the reduction of prices.
"These interests even declined the opportunity to use the Government's of Congress on the Postal Service as to the cost of carrying
nitrate plants free of cost to them, and to be allowed without paying the
and handling the several classes of mail matter. One officer
Government a penny for the use of them to earn 9% on
their invested
-operating capital before paying the Government anything, and after from each Railway Mail Service Division and one Post Of9% was earned, additional profits were to be
equally divided between fice Inspector from each Inspection Division was recently
these interests and the Government," it said.
"How can these interests called to Washington to receive instructions as to the manjustly complain against the acceptance by Congress of
the Ford offer
when he proposes to pay $5,000,000 for the
same nitrate plants that these ner in which the work shall be done in the post offices. The
Interest declined to run free of any purchase
or rental cost, Mr. Ford names of the post office inspectors and officers of the Railagreeing to sell fertilizer at no more than 8%
profit."
way Mail Service now in Washington receiving instruction
"Mr. Ford's offer will result in a development
whose national value
can only be compared with the
accomplishment of Niagara Falls," the upon the method of gathering statistical and other data of
report continued. "The applications
of electrochemistry and electro- the postal service during the period of Sept. 18 to Oct. 16 for
metallurgy have made the Niagara Falls
hydro-electric developments
the purpose of making an ascertainment of the cost of carrysuccessful, and in the same way it will take the skill
of the chemist and
the metallurgist, together with
that of the hydro-electric engineer, with ing and handling the several classes of mail matter were
ample capital, to develop the full
possibilities of Muscle Shoals, where, made public by the Post Office Department on July 24. The
dim to the fluctuating flow of the
stream, the problems are greater than
those encountered at Niagara Falls.
list follows:
"To compel Mr. Ford to state just what
Inspectors.—Newton A. McKew, Atlanta Division; Herbert H. Black,
the operations at Muscle Shoals
will be and just what they will produce
is either to limit the possibilities Austin Division; Ralph E. Dakin, Boston Division; Thomas W. Naylor,
of the project and cripple its future
usefulness, or else it is to ask Mr. Chattanooga Division; Montaigne H. Case, Chicago Division; John E.
Ford to do the impossible. No one
could have foretold the Niagara Hamiell, Cincinnati Division; C. W. Pfaffenberger, Denver Division;
developments thirty years ago.
George H. Booker, Kansas City Division; Harry G. Morganroth, New
"Niagara Falls was a most important source of indispensable munitions York Division; William M. Calvert, Philadelphia Division; Ira Ross, St.
for this nation in the Great'War, and the
Louis
Division; Ralph M. Hugdal, St. Paul Division; James R. Fahey,
economic value to the country
.of a second development of this kind
in so favorable a location for its San Francisco Division; Thomas G. Rowan, Spokane Division.
perfection as Muscle Shoals cannot be computed in dollars
Officers of Railway Mail Service.—Harry Jessup, First Division; Charles
and cents.
When to this is added the well-known Ford
policies, which mean that LaRue, Second Division; A. H. Clayton, Third Division; H. J. Graves,
the economies will be passed on to the consumer,
policies which can be per- Fourth Division; H. L. Conner, Fifth Division; E. A. Mallory, Sixth Dipetuated and made valid throughout the 100-year
lease, irrespective vision; E. N. Renoe, Seventh Division; A. W. Watts, Eighth Division;
of the life of Mr. Ford, it seems that ordinary
business judgment indicates C. V. McChesney, Ninth Division; W. H. Boyle, Tenth Division; C. J.
that the American people should have the benefit
of the Ford offer. We Taylor, Eleventh Division; J.P. Morgan, Twelfth Division; D.E.Whittier.
feel that we must accept Mr. Ford's agreement
to sell fertilizer at a profit Thirteenth Division, and C. H. Cherry, Fourteenth Division.
of 8% as an earnest of the general policy
that he may be expected to
On July 24 the fifteen inspectors representing the various
adopt at Muscle Shoals.
inspection divisions and fifteen officers representing the va"The Muscle Shoals project developed
under the Ford offer will contribute to the advancement of American
industry is.,y introducing a plan rious Railway Mail Service divisions, assembled at the Post
a water-power development which provides
the means whereby hydro- Office Department to secure direct instructions upon the
electric power ultimately may be had
in the United States as cheaply
as in the more naturally favored countries,
such as Canada and Norway. process to be followed by the post offices in securing data
"Since a hydro-electric plant costs a
great deal to construct and but little upon which to make an ascertainment showing the cost of
to operate,there is a feature at hydro-electric
power economics well known to carrying and handling the different
classes of mail matter.
those in the business that the general public
does not appreciate. When the
Items which go to make up the cost of hydro
-electric power at the switch- The Committee on Cost Ascertainment, ordered and approboard of the generating station are examined,
it is found that under the con- priated for by the Joint Commission of Senate and House,
ditions of construction and financing existing in
the United States the single
charge of the instructions, which deal particularly with
Item of interest on the investment constitutes
80% or more of the cost of has
the power.
weighing and counting of the namber of pieces of mail
the
"Mr. Ford proposes to eliminate the interest by
amortizing and returning matter of each class. Equipped with the information emthe investment through the operation of a long-time
sinking fund. He,
instructions, the officers will return to their
therefore, provides a series of payments which, when
invested in a sinking bodied in the
fund at as low a rate of interest as 4X %,will return the entire
cost of both districts and give an intensive course at the 61 central acdams, including the $17,000,000 already expended by the
Government. counting offices and at the 50 largest post
offices of the counThis eliminates the capital charges and interest and ultimately reduces
the
cost of power to the mere cost of operation and maintenance, which in a try, 30 of Which, however, are central accounting offices.
large plant is from $1 to $3 per horsepower per year, or less than one-half
They will also superintend the work in the field, which is
of one mill per kilowatt hour. Under this plan the bonded indebtedness
an a waterpower development is reduced instead of being increased, as is scheduled to begin Sept. 18 and continue for 30 days in every
the customary procedure in refinancing operations.
post office in the United States. The PostS Office Depart"We cannot withhold our support from a proposal which embraces a plan
ment in its announcement of July 24 said:
that may furnish an example of how perhaps 80% of the cost of hydro-elecAccording to the program for ascertaining the cost of carrying all classes
tric power to the consumer may be taken from his power bill."
The Senators also declared their willingness to agree with Mr. Ford's of mail adopted by the Post Office Department,the tabulating and compiling
request that the lease on the power projects be for one hundred years rather ofstatistics after consolidations have been made in central accounting offices,
than for fifty years, as prescribed by the Federal Water Power Act. They will be done at the Department in Washington by experts. The final
asserted that the operations proposed by Mr. Ford are on a scale without a and completed report, with the ascertainment of cost, will not be ready
for submission to the Joint Commission of Congress on Postal Service by
parallel and call for an expenditure by him of $50,000,000,
Postmaster General Work before some time in February or March 1923.
Among other results, the findings will show the cost of carrying parcel post
One Hundred Year Lease Period.
packages. It is believed that the Department has been losing heavily on
"In view of the fact that Mr. Ford must compete in the manufacture of
particular class of mail matter. The last survey of this sort was
this
electric furnace products," the report said, "with such concerns as the submitted to Congress by the
Post Office Department in 1909. It did not,
Aluminum Company of America, whose rights because of location of their however, result in any legislation.
Plants on non-navigable streams are not limited to one hundred years, but
committee
of the Post Office Department engaged in the work
A special
are perpetual; and in view of the fact that there already exists in the coun- of drawing up instructions and form-blanks to be used in gathering this
try three large plants, none of which has rights for less than ninety-nine information completed their work to-day and these are ready to be sent out
years. • • • it seems reasonable that, with the responsibilities under- to postmasters. This Committee was composed of the following officers
taken by Mr. Ford, it is only fair to allow him a lease period of one hundred from post offices of the service: W. H. Haycock, Assistant Postmaster,
years.
Washington, D. C.; Frederick Sillers, Assistant Superintendent of Mails,
"In deciding for ourselves that rather than have the Ford offer rejected we Washington, D. C.; George A. Gasman, Assistant Superintendent of Mails,
lease
hundred-year
period,
we
one
have
the
come
to
to
will agree
this con- Chicago, Ill.; Alfred E. Hannon, Superintendent Station G, New York;
clusion mainly because we believe that if the Ford offer is rejected the Gov- Harry M. Lowder, Superintendent of Mails, Richmond, Va.; Alfred H.
ment and the public will lose more in fifty years of Government owner- Black, Foreman Philadelphia Post Office, Philadelphia, Pa., and Robert R.
ship and operation at Muscle Shoals than they will gain by lefusing to con- &ally, Foreman Baltimore Post Office, Baltimore, Md.
sent to the one hundred-year lease period in Henry Ford's offer."
The-report concluded with an expression of opinion on the question of including the steam power plant at Gorgas in the Muscle Shoals properties STANDARDS FOR BREADS RECOMMENDED
BY U. S.
to be disposed of, as requested by Mr. Ford,or of permitting the Alabama
DEPARTMENT OF AGRICULTURE.
Power Company to purchase the Government's interests in that unit, in
accordance with the contract executed by the company with the War DeThe Joint Committee on Definitions and Standards of
partment.
Department of Agriculture has recommended the
"With reference to the contention about the Gorges steam plant," it is the U. S.
said,"we feel that we can make ittle comment. Mr. Ford has advised our adoption of standards for breads for the guidance of Federal
committee that 'if my revised offer for Gorges is rejected, then I must and State officials in enforcing food
laws, according to a
understand that the acceptance of my offer for Muscle Shoals as a whole
statement issued on Aug. 1 by Dr. W. W.Skinner, Chairman
• so.
and not in part is refused.'
.1471151)%01,V,f.Sinliik
_ .
1111E1401f.
PAVI41
-1




AUG. 12 1922.]

TUE CHRONICLE

by
of the Joint Committee. The standards recommended
the
under
effective
become
not
do
ee
Committ
the Joint
Federal Food and Drugs Act until they have been formally
by the
adopted and published as a food inspection decision
under
effective
become
they
do
nor
ure,
Agricult
Secretary of
upon by
State food laws until formally adopted or acted
points
the authorized State representatives, Dr. Skinner
ee
Committ
Joint
the
by
ed
announc
are
s
out. The standard
hardship
in advance of their formal adoption,in order that no text of
The
may be worked upon the industries affected.
follows:
ee
Committ
Joint
the
of
the recommendations

713

Cuba, and that the pending tariff imposed a tax of $162,000,000 a year on
American sugar consumers.
In the first seven months of this year the United States imported from
Cuba more than 2,920,000 tons of sugar, of which about 700,000 tons were
re-exported as refined sugar.
Since the first of the year the largest amount of Cuban sugar over imported into this country has been required. Cuba's ability to contribute
such a large share has practically saved this countryfrom a sugar shortage.
The increase in the sugar tariff was urged when the price of sugar was exceedingly low. It was then feared that Cuba's large supply would be
dumped on the American market to the detriment of the American beet

industry.
and deNotwithstanding Cuba's large crop, world conditions of supply
mand have caused the price of sugar to rise to a point where protection
against Cuba is no longer necessary.
As a matter of fact, with both the tariff and world market conditions faBreads.
vorable to the domestic industry and a substantial rise in sugar prices, the
a
of
year
a dough consisting
Department of Commerce estimates that sowings of sugar beets this
Bread is the sound product made by baking
and_or other clean, sound, are 276,000 acres less than last year, and that the best crop for 1922 will be
leavened or unleavened mixture of ground grain
without
or
with
and
water,
35% less than last year's crop.
edible farinaceous substance, with potable
.
the addition of other edible substances
d, is understood to
unqualifie
"bread,"
name
the
States
In the United
ARGENTINE WOOL CLIP LOWEST IN 20 YEARS.
mean wheat bread, white bread.
the dough consisting of a
Wheat bread dough, white bread dough, is
oil,
or
a's wool clip, which begins in September, is exfat
Argentin
edible
water,
potable
flour,
leavened and kneaded mixture of
and yeast, pected to be the smallest in the twentieth century, according
salt
sustance,
ate
carbohydr
e
fermentabl
sugar anther other
product, of diastatic and-or
with or without the addition of milk or a milk
a survey issued on July 28 by the U.S. Commerce Departof unobjectionable salts to
proteolytic ferments, and of such limited amounts
of ment. Sheep grazing in Argentina, the Department found,
on
substituti
the
without
or
with
and
as serve solely as yeast nutrients*,
some other edible farinaceous has dropped from 74,380,000 in 1895 to 44,855,000 in 1918,
not more than 3% of the flour ingredient by
substance.
and to between 25,000,000 and 35,000,000 at the present
as time. It is not likely, the Department declared, that this
agents
oxidizing
of
amounts
minute
* The propriety of the use of
ion and without pre- year's clip in Argentina will produce more than 180,000,060
enzyme activators is reserved for future considerat
bales, of which
judice.
baking wheat bread pounds of wool, or approximately 190,000
by
Wheat bread, white bread, is the bread obtained
loaf. only 13,500 bales will be first-class merino. There has been
a
than
smaller
units
other
or
rolls
dough in the form of a loaf or of
than 38% of moisture, a steady adoption of cross-breeding merino, so that at the
It contains, one hour or more after baking, not more
. The
as determined upon the entire loaf or other unit.
bread dough in which present time very little real merino wool is produced
wheat
Milk bread is the bread obtained by baking a
of the
milk
result
the
by
be
to
ent
replaced
been
the
by
has
Departm
said
was
ingredient
decline
not less than one-third of the water
limitation for wheat bread.
sheep wool since the autumn of 1920. Hairfor
price
low
or its equivalent. It conforms to the moisture
from
differs
which
a dough
Rye bread is the bread obtained by baking
of the flour ingredient ever, the Department asserted that the Argentine sheep
wheat bread dough in that not less than one-third
to the moisture limitation industry could expand considerably in the arid regions,
conforms
It
has been replaced by rye flour.
for wheat bread.
and it was only in this territory that any increase could
wheat bread dough,to which
Raisin bread is the bread obtained by baking
ounces
three
be reasonably expected.
least
at
to
equivalent
have been added sound raisins in quantity
may contain proportions
for each pound of the baked product and which
s greater than those commonly
of sweetening and shortening ingredient
CONFERENCE OF MINERS AND OPERATORS OF CENused in wheat bread dough.
made from rye and corn
TRAL COMPETITIVE FIELD AT CLEVELAND
Brown bread, Boston brown bread, is a bread
at flour, and-or rye flour, with
meals, with or without flour, whole-whe
BEGINS WORK ON NEW WAGE SCALE.
sour
without
or
with
agents,
leavening
chemical
molasses, and in which
yeast.
for
ce of the bituminous operators of the Central
d
The
conferen
substitute
commonly
milk, are
is used to designate a bread
ive Field and members of the United Mine Workers
In some localities the name brown bread
Competit
a
that
in
dough
bread
wheat
from
differs
obtained by baking a dough which
opened at Cleveland on Aug. 7 under what were considered
15y whole-wheat flour.
portion of the flour Ingredient has been replaced

rather auspicious circumstances. While it was generally
expected that some progress toward settlement of the strike
would be made at the conference, it was not definitely known
up to that time that the operators and miners already had
been taking definite steps to clear up the dispute. It now
appears that the conference at Cleveland, called by John L.
Lewis, President of the union, had for its purpose the co-pof negotiations begun previous to the conference
ension
e
In these days of enormous expenditur and of constantly calling for
proposition
rather than the initiation of steps along that line. After the
taxation the property owner may expect almost any
is staggered
first day's session it was stated by delegates at the Cleveland
new expenditures.' Even the most blase taxpayer, however,
administration.
by the projects apparently favored by the present city
schools,
conference—both by operators and miners—that a settlenew
of
The Shoharie Creek water development, $60,000,000
improve- ment of the strike was near at hand, some indicating that rethe proposed music centre, the new Court House, the West Side
obligation
ment, all carry enormous costs and there are scores of others, the
sumption of operations on an extensive scale would be in
to pay for which becomes a first lien on real property.
bridge
effect within a week. It was further forecast at the opening
new
The Commissioner of Plants and Structures now proposes a
cost of
from Manhattan to Green Point, or thereabout, at an estimated mean session that the four-State wage agreement, upon the expirawill
$50,000,000, which, incidentally, with interest and amortization,
be extended to April 1
234 points tion of which the strike began, would
an annual additional tax levy of $2,625,000. This would be
within the induscreated
be
and
a
1923,
will
that
ee
committ
added to the tax rate, at present assessed valuations.
the experts try, with the
Harding, to investigate
t
Presiden
of
sanction
The proposal for the new bridge is based on an opinion from
that the present
of the department over which the Commissioner presides,
to set up machinery for future wage negotiations. This
must be rebuilt and
Brooklyn Bridge is inadequate, is improperly located and
builder
it is stated, was adopted at a meeting held on Sunday,
the
plan,
If its use is to be continued. Other experts, and among them
a bridge designer Aug. 6, of which no information became available, however,
of the bridge, and Mr. Lindenthal, whose reputation as
and builder is worldwide, think differently.
consideration, and for until the following day.
The entire question, of course, is one for serious
engineers and city
Operators representing about.30% of the bituminous tonexamination and investigation by impartial and qualified maintenance of a
nage of the central competitive field, which comprises Ohio,
planners. The relative cost of production and cost of
gone into.
bridge and a vehicular tunnel should be thoroughly
ted Indiana, Illinois and Western Pennsylvania, together with
is so important, and the contempla
IP But in any event the subjectaction
hurriedly and no mine owners from northern West Virginia and outlying distaken
be
should
no
that
serious,
so
is
expense
is needed. There will tricts, met with the miners in the first joint conference at
suggested special meeting of the Board of Estimate
advertised meetbe a regular meeting of the Board on Sept. 22 1922 and an meetings will be the Hotel Holten and formally organized a joint body, making for public hearings on Oct. 6 1922, and either of these
ing Michael Gallagher of the Pittsburgh Vein Operators'
early enough to discuss so important a subject.
Association, Chairman. William Greene, Secretary of the
CONUnited Mine Workers, was made Secretary, with W. L.
SAY
AMERICAN PRODUCERS OF CUBAN SUGAR
IS
Robison, Secretary of the Y.& 0. Coal Company, Assistant
TARIFF
TINUANCE OF EMERGENCY
Secretary. John M. Roan, a Columbus operator, was made
NOT WARRANTED.
Mr. Gallagher and Mr. Lewis made
Sergeant-at-Arms.
Sen-.
States
United
As bearing on the current debate in the
following the meeting, which lasted
this
a
b
s
a
t
n
m
e
c
n
u
m
o
joint
n
a
ni
o
n
tn
n
u
c
s
u
is
e
:
ement
g
followin
ate on the sugar schedule of the Tariff Bill, the
Sugar:
.
authorized by the American Producers of Cuban
It was agreed that the conference, after being organized, recess until
Tariff

S CAUREAL ESTATE BOARD OF NEW YORK ADVISE
BRIDGE.
TION ABOUT BUILDING NEW EAST RIVER
and
The current agitation of the Commissioner of Plants
the
forth
called
has
Bridge
River
East
new
a
for
es
Structur
New
of
Board
Real
Estate
the
from
following statement
York:
increasing

the Emergency
Developments in the world sugar situation since
pending tariff, conbecame effective in the spring of 1921 show that the
protection for
tinuing the emergency rates in effect, is not warranted as a
the domestic sugar industry.
'
per hundred pounds
1, Early in the discussion of the proposed tariff of 81.60
sugar
on Cuban sugar, it was pointed out by American producers of Cuban
its sugar
that the United States depends on Cuba for at least one-half of
required from
requirements: that this year at least 2,500,000 tons would be




the belief that
3 o'clock Wednesday afternoon. This action was taken In
on in the conother substantia
would announce their participati
lim
iat
e
linet.rests

ference

Because of the various matters involved in the situation,
Mdr.
a
d:Lewis said he would make no further comment except to

714

THE CHRONICLE

I am hopeful and optimistic and of the opinion that this week will see
adjustment of the controversy in the bituminous coal industry. There is
every indication that a settlement is near, but I cannot at this moment
divulge the information that I have at hand.

Sessions of the conference were held on Monday Aug. 7,
Wednesday Aug. 9, Thursday Aug. 10 and Friday Aug. 11.
On the 10th inst. the Policy Committee of the United
Mine Workers held a meeting and authorized the reopening
of negotiations by its scale committee for a new wage contract. Accordingly, on the same day a joint sub-scale
committee was appointed at the conference to draw up an
new agreement. Illinois and Indiana were not represented
to any considerable extent at the Cleveland conference,
operators of these States declining the invitation of the union.
At the close of the sessions on Aug. 10, John L. Lewis, head
of the United Mine Workers, issued a statement asserting
that the union had won its fight. He said:

[VoL. 115.

together, unofficial canvass of the situation showed that not
more than 30% of the 212,000,000 tonnage in the central
competitive field was represented. The northern Ohio
operators, who had been one of the leading factors in promoting the new peace move, were practically all represented, as
well as the Cleveland operators having extensive workings
in western Pennsylvania, including the Pittsburgh & Eastern
Coal Co.(Hanna interests), Youghiogheny & Ohio Coal Co.,
Warner-Youghiogheny Coal Co., Valley Camp Coal Co. and
Meadowlands Coal Co. The several Pittsburgh operators
included John H. Jones, representing the Bertha Coal Co.;
the Bulger Block Coal Co. and the Veneer Coal Co.

SECRETARY DAVIS'S STATEMENT ON THE
CLEVELAND COAL CONFERENCE.
Hope of an early settlement of the bituminous coal strike
The miners have won their fight, and it is practically over. There is was expressed by Secretary of Labor Davis in a statement
no longer a thought in any quarter that wage reductions will be imposed
on the mining industry. The question here is one of procedure without issued on Aug. 5, two days before the opening of the conundue humiliation of the operators. We have no desire to humiliate them. ference of miners and operators at Cleveland. "I cannot
We only want the immediate resumption of mining, the return to work
emphasize too strongly the necessity for an early settlement
of the men and the relief of the public.
the coal strike in order to reduce the suffering of the counThe actual tonnage represented at the Cleveland confer- of
at large during the coming winter," he said, "and I
try
ence on the 10th inst. was as follows:
particularly in mind the greatest sufferers, namely
have
Ohio, 27,960,000 tons out of a total of 40,000,000; Western Pennsylvania,
7,800,000 tons out of a total of 45,000,000; Indiana, 2,470,000 tons out of the women and children of the industrial class. Therefore
a total of 25,000,000.
I look with a great deal of interest and favor on another effort
All doubt as to the intention of the soft coal miners and that carries with it a possibility of ending the present coal
operators to negotiate a wage scale was swept aside when strike." Secretary Davis added:
It seems to me that the expressed willingness cr
the miners' Policy Committee in session on Aug. 10 author•
r
such a large
as the State of Illinois to resume operations o the 311( scale until
ized the Scale Committee to proceed with the negotiations field
March 31 1923 indicates the possibility of a quick
t,and no sentiwith the operators. Announcement of this action by the ment should stand in the way of co-operating in the constructive effort
Committee was made by President Lewis to newspaper that will be put forth at Cleveland next Monday.
What this country needs now is c)al, and a fairly representative gathering
men immediately after the adjournment. He said:
at Cleveland would insure the production of that coal by a quick resumption

The Policy Committee authorized the Scale Committee to proceed with
operators of various States who are assembled here. The Committee will
meet with the operators and prepare to swing right in developing the
operators' position and working out a possible scale. Any wage scale
finally agreed upon will be reported back for review by the full Policy
Committee. Most g-atifying eports have been received from operators
representing the bulk of the bituminous tonnage in the country, indicating
that practically all outlying districts rut e ready to agree on the scale reached
here and to resume work on that basis.
It still appears that the Indiana and Illinois associations
are divided
and engaged in prolonged debate about the advisabirity of
entering this
conference. We will be glad to have them if they will come.
If they
continue their arbitrary refusal it will make no difference. We
will proceed
with the work of this conference. In any event we
have assurances—
definite assurances—that if a scale is decided here important
producers
will break away from Illinois and Indiana associations and
sign the scale.
In fact, it can be confidently predicted that when a scale
is reached here
It will be signed by•75% of the bituminous coal interests
of the country.
Work will be resumed within one week. Settlement of
the anthracite
strike will naturally follow.

of operations in sufficient number of fields that will produce immediate
relief. Therefore I hope that all fields will be well represented.
The issues have been sufficiently narrowed to warrant a quick adjustment
around the council table, which to me appears to be the public duty of all
concerned.

STATEMENT BY A. M. OGLE ON THE CLEVELAND
COAL CONFERENCE.
Some light was thrown on the efforts of operators and
miners to settle the bituminous coal strike by a statement
issued at Indianapolis by A. M. Ogle, President of the
National Coal Association, on Aug. 7, coincident with the
opening of the Cleveland conference. Mr. Ogle's statement
was prompted partly by reports that the conference had been
postponed so that other interests or districts could not be
represented at that time. In his statement Mr. Ogle had
Work of framing a wage scale agreement which -union the following to say:
Replying to numerous inquiries in regard to rumors that reports coming
officials said they expect to use as a basis of settlement in
1 he so-called four-State conference at Cleveland to the effect that the
the nation-wide soft coal strike was begun by the Committee from
meeting had been postponed in order that the other districts and other
of twenty-two miners and operators. John L. Lewis and Interests could be brought into the conference, I will say that no effort is
any State or district not present to attend such
Michael Gallagher headed the Committee, the entire per- being made to persuade
conferences or an adjournment thereof, and so far as I know no other
sonnel of which was selected from the Scale Committee of Interests or districts will attend such a conference.
All rumors to that effect have apparently resulted from certain recomthe general conference.
mendations made by Mr. Ralph Crews of New York, and Mr. W. A.
Demands of both the miners 'and the operators were to Glasgow,
Jr., of Philadelphia. Mr. Crews is a member of the firm of
be placed before the Committee of twenty-two, and its Shearman & Sterling of New York, and has been associated with the
coal
report was not expected to be ready for presentation to the Industry over a number of years. He represented the operators in the
presentation of their case before the Coal Commission appointed by Presigeneral conference until next week. The miners stood firm dent Wilson in January 1920, and Mr. Glasgow is representing the miners
on their demand for re-establishment of the contracts that In the Indianapolis indictment cases and he also represented them in the
Co. injunction suit brought in Judge Anderson's court
were in force just before the start of the strike more than Borderland Coal
months back.
four months ago, but the operators' demands had not been some
recommendations
made to Mr. Lewis and to me provide not only
The
made known by the Producers' Committee members. The for an immediate settlement of the coal strike but outline constructive plans
negotiating all future contracts. The plans proposed by Mr. Crews
for
operators participating in the conference, according to the
and Mr. Glasgow contemplate the establishment of entirely new machinery
Associated Press, were shown by its credentials' committee for wage negotiations and determinations which will not be based on the
coal
to control about 20% of the
production of the Central old central competitive field plan nor upon some new national basis such
as rumor has intimated. The plan as proposed will no doubt receive serious
Competitive Field, which comprises Western Pennsylvania, consideration
by all interested parties. I am not prepared to say whether
Ohio, Indiana and Illinois. Approximately two-thirds of or not the plan would be finally adopted.
this tonnage was that controlled by Ohio operators.
A break in ranks of Illinois coal operators came when GOVERNMENT SURVEY SHOWING EFFECT ON PRODUCTION OF PRESIDENT HARDING'S INVITAUnited Electric Coal Mining Co., owning large mines in
Ohio and Illinois, decided to join the Cleveland conference.
TION TO RESUME MINING OPERATIONS.
No attempt was made at the first joint meeting to register
A statement was issued by the Federal Government on
the names of the operators present or to canvass the amount Aug. 5 containing an analysis of coal shipments up to that
of tonnage represented. Union leaders declined to make time and showing to what extent mining operations were
any estimate or give the names of the operators, associations resumed after President Harding's invitation to the operators
or groups present. Newspaper correspondents stated, how- to re-open the mines. The action by the President, it
ever, that from SO to 90% of the tonnage of Ohio was repre- will be remembered, resulted from the refusal of the miners
sented, as well as some tonnage from the Pittsburgh district to accept the Government's plan for arbitration of the
of Pennsylvania. There also were individual operators pres- dispute. In the analytical statement issued on Aug. 5
ent from Indiana and Illinois, as well as representatives from these facts were brought out with reference to the response
the Northern West Virginia Coal Operators' Association, made to the invitation to re-open mines:
Monongahela Coal Operators' Association, the Freeport
In the middle and southern Appalachians, production has been curVein Coal Operators' Association of Pennsylvania, and the tailed by the traffic congestion resulting from the shopmen's strike, but
Pennsylvania, the central competitive field, and most of the
Pittsburgh Vein Coal Operators' Association of Ohio. Al- through
districts west of the Mississippi, car supply has been adequate. For




AUG. 121922.]

THE GEMONTGLE

715

Application for emergency coal to the Federal Fuel Distributer should be
these fields, the shipments are a fair measure of what the mines and
made only for current use and not for storage.
miners at work could do. •
.Application for emergency coal should be made only for the most essential
It will be noted that in the s:rongly organized districts—Ohio, Indiana,
Illinois, Michigan, Iowa, Missouri, Kansas, Oklahoma and Arkansas— purposes following the priority classes established by the Inter-State
before
June
Commerce Commission in service order No. 23, copy attached.
production this week is no greater than in the latter part of
Emergency coal supplied on these applications made to the Federal Fuel
the Washington conferences were called. In the Rocky Mountain States,
particularly Colorado and Utah, there has been an increase, partly through Distributer will be placed f.o.b. railway cars at the mines at the fair prices
more active demand, partly through return of striking miners to work.
approved for the producing district by Secretary Hoover.
It will be the endeavor of the Federal Fuel Distributer to place orders for
Increased output is also indicated by the shipments coming out of the
union districts of West Virginia, Fairmont, Kanawha and Coal River, emergency coal in those districts from which the supply is most available
but in all of these fields shipments are still far below normal.
to the applicants.
Of all districts4Pennsylvania has been most closely watched, to learn
The letter was forwarded to the Governors of the followthe response to the invitation to re-open mines. Preliminary returns
indicate the shipments for the present week (July 31-Aug. 5) will be ing States:
Alabama, Connecticut, Florida, Illinois, Indiana, Iowa, Kansas, Ken792,200 tons. In comparison with the week of Juno 24, before the Washington conferences, this is an increase of 24,000 tons, or 3%. The increase tucky, Massachusetts, Michigan, Nebraska, New York, North Dakota,
Pennsylvania,
Rhode Island, South Carolina, Tennessee, Vermont, VirSomerset
has octfirred in the Greensburg-Westmoreland, Connellsville,
and South Fork districts. In central and western Pennsylvania, the ginia, West Virginia, Wisconsin, South Dakota, Missouri, Ohio, Maryland.
North Carolina, Delaware, Maine, Arkansas, California, Georgia, Louisipresent week is running behind the week of June 24.
In comparison with the last week (July 24-29), shipments from Pennsyl- ana, Minnesota, Mississippi, Montana, New Hampshire, New Jersey,
Oklahoma
and Texas.
except
vania for the present week show a decrease of 6.7%. All districts
South Fork and central Pennsylvania have so far shipped less coal than
a week ago.
Up to the present time, therefore, mines that have responded to the GOVERNOR
McCRAY REFUSES TO WITHDRAW
invitation to resume operations have added but little to the coal supply
TROOPS FROM MINES.
of the country. The increased production of the present week over last
week has come instead from the middle Appalachians and is made possible
Governor MeCray of Indiana announced on Aug. 5 that
by improvement in car supply.

The week of June 24 was the week of peak production
since the strike began on April 1. In central Pennsylvania
164,700 tons were shipped during the week of June 24,
and in western Pennsylvania the shipments were 138,900
tons.
FUEL DISTRIBUTER SPENCER'S LETTER TO
GOVERNORS URGING CO-OPERATION.

Governors of the various States were asked on Aug. 5
by the Federal Fuel Distributer, Mr. Spencer, to concur
in the steps outlined by the Federal Government for the
emergency distribution of coal. Letters sent to the Governors by Mr. Spencer carried the central committee's plans
and "the Federal Fuel Distribution Form No. 50," to be
used by State committees in applying for emergency coal.
"If you have not already informed the Secretary of Commerce, Mr. Hoover, of your intention to comply with his
wishes in the matter of the distribution of fuel, I presume
you will do so," Mr. Speiicer told the Governors, "and as
the plan contemplates collaboration between your State
committee and my organization and in order that we may
work most effectively, and that methods shall be as much
alike as possible in all the States, I respectfully request your
concurrence in the steps described which, it seems to me,
we must follow in our intercourse." Governors' committees were requested by Mr. Spencer to apply for coal produced in other States only through the Federal Fuel Dis_
tributer at Washington and not to order any coal from Federal Fuel District committees nor producers outside of their
own State.
Mr. Spencer's letter in full follows:
As the plan for fuel distribution in accordance with Secretary of Commerce
Hoover's wishes has been approved by you, and as it contemplates collaboration between your State committee and my organization, and in order
that we may work most effectively, and that methods shall be as much
alike as possible in all the States. I respectfully request your concurrence
In the steps described below which it seems to me we must follow in our
Intercourse, and that you will use the forms which I enclose. These are all
based upon what Secretary Hoover has said in his communication to you.
lam enclosing herewith,first, the Federal Fuel Distribution Form No.50,
to be used by your State Distribution Committee in making applications
for allocation of emergency coal. This form should be prepared in quadruplicate for distribution as follows:
The original and two copies to be forwarded to the Federal Fuel Distributer, No. 718 Eighteenth Street, Washington, D. C., and the quadruplicate retained for your files.
"A—The original and duplicate copy, when countersigned by the Federal
Fuel Distributtr, will be transmitted to the district committees representing
the Federal Fuel Distributer for allocation to the mines, the original becoming the district committee's order on the shipper, and the duplicate being
retained for its office record.
"B—The triplicate copy will be retained by the Federal Fuel Distributer
for his file. This form may be used for applications for an ultimate consignee, and also for shipments to your committee or agent for consignment,
but it is essential that you be explicit in the column heade d 'Required for.'
"2. The alternate forms for guaranteeing payment for the requisitioned
coal, either one of which may be used.
"3. Form No. 1 on which the District Committee representing the Federal
Fuel Distributcr will report to him the disposition made of your application.
A copy of this when filled out will be mailed to the chairman of your State
Distribution Committee.
"4. Copy of the Federal Fuel Distributer's general instructions for fuel
distribution."
It will be seen that the Federal Fuel Distributer will not (except for the
common carriers and the Departments of the United States Government)
act upon applications made by consumers or dealers directly to him,but will
refer the applicant to his State Fuel Committee to the end that if his need
is essential and the applicant must have emergency coal which he cannot
obtain from sources within his State, your committee may then make application to the Federal Fuel Distributer on Form No. 50.
Governors' committees are requested to apply for coal produced in other
States only through the Federal Fuel Distributer at Washington, and not
to order any coal from Federal Fuel District Committees for producers
outside their own State.
There is no anthracite coal available for distribution by the Federal
Fuel Distributer.

0




(4

State troops would not be withdrawn from the coal fields
until he was of the opinion that the necessity for their presence was removed, in a telegram to State Representative
Sherwood of Linton, who had protested against the ordering
of National Guardsmen into Greene County.
"In answering your telegram," said the Governor, "would
say the presence of Indiana troops should not be resented by
the law-abiding element of your population. These troops
are there to protect life and property and not to start trouble. They will be withdrawn when in the judgment of the
Governor the necessity for their presence is removed. I call
upon you as a member of the General Assembly of Indiana
to uphold any movement which has for its purpose the maintenance of law and order." Governor McCray sent similar
messages to Enos Wood, Coroner of Greene County, and J.
J. Sims, of Linton, Vice-President of the State Federation of
Labor, who had protested against the presence of State
troops in the coal fields.

ILLINOIS COAL OPERATORS MAKE NEW WAGE PROPOSALS TO MINERS.
Coal operators of Illinois, meeting in Chicago on Aug. 4,
declined to accept the invitation of John L. Lewis, President
of the United Mine Workers, to the Cleveland conference
which opened on Aug. 7. The operators, however, made a
new offer to the miners for a settlement of the strike within
the State, on a basis more favorable than any terms they had
heretofore offered.
The proposal was made in a letter to Frank Farrington,
President of the Illinois district'of the United Mine Workers. "Acceding to and being governed by the request of the
President of the United States," said the letter, "we are prepared to at once open our mines for work, paying the wage
scale in effect at the expiration of the last contract, and to
avoid possible further disruption of coal production this fall
and winter, when the coal supply will be dangerously short,
even under the best of conditions, we will agree that the old
wage scale shall remain effective until March 31 1923."
The operators gave as their reasons for refusing to attend
the Cleveland conference the fact that two such meetings
called by Mr. Lewis and which they had agreed to attend had
not materialized and that the miners had refused to agree to
President Harding's plan to end the strike. The letter
added:
By reason of the published refusals from practically all other unionized
districts to attend your suggested meeting, it is clear that the conference
cannot be in any sense representative or a proper basis for determination
of wage scales to apply throughout the country.
It will be approximately only the equivalent of your deanng with a •
portion of the State of Ohio and possibly a few scattered operators of small
tonnage from other States. It is universally recognized that the old central
competitive field method of negotiation has been permanently outgrown
and discarded as a practical method of determining wage scales. Your own
action in sending invitations to this meeting to a number of individuals
not parties to the old central competitive field organization violates former
central competitive field procedure and acknowledges that you yourself
recognize and are following a new course.

Under the plan proposed, if the men return to work immediately a board of arbitration shall be selected to begin
efforts toward permanent settlement of differences. Prestrike working conditions also are to rule pending a permanent agreemnt. It is proposd that the "truce" remain effective until March 31 1923, by which date it is expected an arbitration board would have had opportunity to rule on all
points at issue. The decision of the board would be binding
for two years from April 1 1923.

116

THE CHRONICLE

The personnel of the board would consist of "citizens of
high standing, agreed to mutually" or appointed by President Harding. none being a miner or operator. Those signing the letter were Rice Miller, President of the Illinois Coal
Operators' Association; W. K. Kavanaugh, President of the
Coal Operators' Association, Fifth and Ninth Districts of
Illinois, and H. C. Adams, President of the Central Illinois
Coal Op.erators' Association.
The belief of the operators that their offer will bring about
a settlement was based on the fact that it concedes most of
the seven demands drafted at the miners' convention at Indianapolis, which were:
1. Continuation of the wage scale prevailing then.
2. A six-hour day and a five-day week. (Thirty hours a week instead
of forty-eight hours.)
3. Time and one-half for overtime and double time for Sundays and
holidays.
4. Elimination of certain differentials as between States and districts.
5. Elimination of the automatic penalty clause from the working agreement.
6. A weekly payday instead of every two weeks.
7. A two-year contract, to expire March 31 1924.

[VOL. 115.

tracts made long ago, H. E. Friend, President of a coal
company with branches in New Haven and New York,
declared on Aug. 9 in announcing that as a means of protecting his company's financial interest the subject had
been placed in the hands of attorneys who have been instructed to make( a test case. The first step would be to
serve notice on Federal Fuel Distributer Spencer that the
corporation planned to enjoin the Government from confiscating all coal shipped into Connecticut, lie said.
The entire case hinged, he added, on whether the present
situation was a public emergency of such a nature as to
furnish a good excuse for the breaking of lawfully made
contracts. That at least $500,000 was involved and that
the corporation's entire business was jeopardized if its
contracts were broken was the claim made by Mr. Friend.
He said that approximately 500,000 tons of coal was bought
by his firm some time ago at the Southern mines and contracts were made in this State for the delivery of every
ton. He had received notices from many of his customers
that the firm must meet the terms of the contracts or
action :would be taken.

A. M. OGLE OPPOSES PLAN SUBMITTED AT
CLEVELAND CONFERENCE.
Announcement was made on Aug. 10 that A. M. Ogle, NEW YORK BANKS FORM SYNDICATE TO FINANCE
COAL SHIPMENTS.
President of the National Coal Association, is opposed to
The formation of a syndicate of banks to finance the allotthe plan now presented to the bituminous operators in Cleveland for the settlement of the strike. Mr. Ogle's state- ment of coal to be made to New York under the rationing
plans of Secretary of Commerce Herbert C. Hoover, was
ment follows:
I do not favor any settlement of the coal strike in the bituminous coal announced on Aug. 9 by Eugenius H. Outerbridge, Chairfields that will not lead toman of the State Fuel Commission. The syndicate, which,
1. District autonomy; namely, the right of any State or district to de- according to
Mr. Outerbridge, includes some of the largest
termine for itself its own policy, or whether or not it will become associbanks of New York, will provide funds to pay for the transated with any other State or district in negotiating wage contracts.
2. Establishments of machinery of negotiations for future contracts that portation of every ton of coal which may come to New York
will prevent a repetition ofthe present situation by assuring that neither side
under the allocation plan of Scretary Hoover. The organican prevent a settlement by unreasonable and obdurate opposition. The
only method so far suggested that would give this assurance is arbitration. zation of the syndicate was assured last week in advance of
3. The establishing of a non-partisan investigation tribunal which a trip of Mr. Outerbridge and Governor Nathan L. Miller
will be of value in the development of all the facts in the industry for the
benefit of the operators, the miners and the public as well,and which will to Washington to attend the conference with President Harding. Mr. Outerbridge explained that the plans of Secretary
make such and advisable.
Hoover were referred to him, as Chairman of the State Fuel
ILLINOIS OPERATORS REJECT INVITATION TO COAL Commission, by Governor Miller. Mr. Outerbridge said:
I saw a number of banks and received assurances from them that they
CONFERENCE FOR SECOND TIME.
would finance the allotments of coal for New York. I arranged for the
Illinois coal operators, meeting at Chicago Aug. 9, an- financing
of the coal shipments to New York in advance of the Washington
nounced through W. K. Kavanaugh, President of the Fifth conference, in order that we might be able to give the President and Mr.
and Ninth districts of the Illinois Operators' Association, Hoover some idea of what we were ready to do.
In response to Secretary Hoover's request, the syndicate was arranged so
that they had rejected a second invitation sent them by John that
it could finance the allotment of coal that may be made to the State of
L. Lewis, President of the United Mine Workers, to attend New York when the Administration is ready to begin making allotments.
the conference now in session in Cleveland. Mr. Kavanaugh Secretary Hoover is making a similar request of every Governor of every
they should organize and finance a pool so that the coal can
said that the operators had wired to Mr. Lewis that they State—that
be assigned direct to one consignee—the State Fuel Commission or other
would go to Cleveland if he would agree to arbitrate the ques- consignee.
tions at issue, but that the miners' leader replied that he
Mr. Outerbridge said that while a number of banks had
was not authorized to accept any arbitration proposal.
been invited to become members of the pool, he had not
"We sent Mr. Lewis a telegram," Mr. Kavanaugh said, authorized the names of any financial institutions to be used
"asking him whether he would agree to the principle of arbi- in connection with any announcement of the plans for the
tration as laid down by President Harding. We received pool. It was explained by Mr. Outerbridge that under the
a reply in which he said he was not in favor of arbitration. plans of Mr. Hoover, the Administration would not assume
We therefore decided that we should not go to Cleveland. responsibility for coal deliveries beyond the State line. The
Mr. Lewis is adjourning his meeting from day to day and allotments must be received and paid for by each State when
whistling as he walks by the graveyard, hoping that the Illi- it crosses the line, and then the distribution would be left
nois operators will come over to Cleveland and help him out to the State to which the allotment falls. The syndicate
would be reimbursed by the ultimate consignee when the
of a bad situation."
The telegram of the operators to Mr. Lewis was not made coal is delivered to the latter. It was further learned that
the State Fuel Commission may not be undertaking to handle
public, but his reply was announced in part as follows:
Your telegram of Aug.8 received, and in reply desire to say with positive the distribution of coal during the entire period of the coal
assurance I am not and never have been prepared to agree to tho plan of emergency, but that it may give way to some authority duly
arbitration as laid down by the recent offer made to operators and miners empowered to handle the
fuel requirements of the State of
by the President of the United States.
The telegram ended with an invitation to the Illinois oper- . New York. Such a body may be brought into being through
emergency legislation at a special session of the Legislature
ators to come to the Cleveland meeting.
the Governor is expected to call on Monday.
"Illinois operators are absolutely united on the matter of which
arbitration," Mr. Kavanaugh said on the 10th inst. "We
will only settle the strike by arbitration. We feel that we GOVERNORS OF FIVE STATES FAVOR GOVERNMENT
OPERATION OF MINES AND RAILROADS—
would surrender the cause of the entire public and betray
the President himself should we drop our fight for arbitration
SEND RESOLUTIONS TO PRESIDENT.
Government operation of• railroads serving the producing
at this time."
"I have no doubt that some kind of a scale will be framed mines and if necessary Government seizure and operation of
up as a result of the Cleveland meeting," he said. Such all the coal mines in the United States will have the approval
a scale, however, is not going to be a central competitive of the Governors of Minnesota, North Dakota, South Dafield scale because the central competitive field is not repre- kota, Wisconsin and Iowa, according to resolutions adopted
at the conference of Governors in St. Paul on Aug. 10 and
sented."
forwarded to President Harding. The conference was called
WILL BRING TEST CASE TO DETERMINE GOVERN- by Governor J. A. O.Preus of Minnesota to discuss methods
MENT'S AUTHORITY TO REGULATE COAL
of meeting the coal emergency in the Northwest. Governor
DISTRIBUTION.
Blaine declared the coal situation in Wisconsin had reached
The Federal Coal Distribution Commission has not full a state where the domestic life of the State was threatened,
legal authority to regulate the rationing of coal in such as dealers were unable to fill orders for fuel in the homes.
manner as to prevent wholesale dealers from filling eon- In addition, hundreds of factories might have to close unless




AUG. 12 1922.]

THE CHRONICLE

717

the emergency was met. He urged the policy_of Federal
seizure of coal mines.
"We cannot sit idly by and see our industries and our
homes go without fuels because the operators and miners
are unable to reach a settlement in a wage dispute," said
Governor Blaine. "The State is powerless to act. We
have no power to contract privately with any mine to supply us coal whatever price we might be willing to pay. It
is the Federal Government's problem and it must settle
the strike to satisfy the demands of all the people and not
merely the demands of those actively engaged in mining."
Ivan Bowen, Minnesota Fuel Administrator, presented
to the Conference a statement showing that there was on
Aug. 1 at the head of the lakes 660,988 tons of bituminous
coal and that the companies owning this coal had obligations amounting to 934,850 tons, showing a deficit of 273,862 tons for current orders alone. Governor Preus told the
Conference that he had received a telegram from H. B.
Spencer, Federal Fuel Distributer, declaring that the railroads had greatly improved their service in the past few
days, and that the dumpings of coal at Lake Erie ports
would soon be materially increased. The Governor charged
that "some of the operators and dealers are taking advantage of the present critical situation by gouging the pockets
of the Northwest."

on account of our great population and vast industrial development the
consumption of coal here is greater, perhaps, than that of any other State
in the Union.
The question of distribution of fuel, therefore, and of priority for essential
public utilities and industry are more complicated here than elsewhere.
During the last period of fuel administration much hardship was worked
upon our people by the diversion of a very large proportion of Pennsylvania's coal production to the other less favored sections. Through a
system of pyramiding sales extornionate prices were demanded and received by speculators in the fuel necessary for keeping the industries
_
operating and homes conmfortable in Pennsylvania.
I shall suggest to the Commission that a special committee upon distribution be appointed by them, consisting of men thoroughly familiar
with the routes of coal transportation, the needs of the people and the
market conditions throughout the State.
I have in mind for the consideration of the Commission as members of
the Coal Distribution Committee, such men as John G. Cameron, of
Pittsburgh, who served most acceptably in the last emergency; John
8. W. Holton, President of the Philadelphia Maritime Exchange; Charles
Oneil of Altoona, Secretary of the Central Pennsylvania Operators' Association; Frank B. Miller of Greensburg, who is versed in the distribution
of high volatile and gas coal; Howard Perrin of Philadelphia; Wellington
M.Bertolet, Esq.,of Reading, who is familiar with the retail trade throughout the State; E. W. Parker of Philadelphia, Director of the Anthracite
Bureau; W. J. Thompson, Secretary of the Anthracite Producers' Association, with offices in Philadelphia, and such others as may be necessary.
As there are no public funds available for this emergency plan, it will
probably be necessary to make a small distribution charge of perhaps
two cents per ton to cover the costs of the coal administration within
the State.
General offices of the Commission will be established in the Public
Service Commission Building at Harrisburg.
Chairman Ainey and Mr. Benn will, as representatives of Pemisylvania, attend a conference with Secretary Hoover in Washington tomorrow. Chairman Ainey will immediately call a meeting of the Coremission.

CONFERENCE AT WASHINGTON AND HARRISBURG
TO CURB COAL PRICES IN PENNSYLVANIA.
The matter of re-establishing restrictions on sky-rocketing coal prices in Pennsylvania was the subject of a conference held on Aug. 7 at Washington, between representatives of operating mines in that State and Secretary Hoover
of the Department of Commerce and Federal Fuel Distributor H. B. Spencer. The purely voluntary price arrangement of June 1 of from $3 25 to $3 50 per ton, broke down
more than two weeks ago, partially due to the fact that some
coal-producing districts refused to co-operate in the voluntary agreement at that time, and partially due to conditions
brought about by the railways offering $1 50 per ton above
the fair price for coal in the districts which did agree. Many
coal operators in the districts where voluntary agreement
was made have held to the fair price, but other districts
a ton.
are asking as high as $7 to
The operators proposed that a new fair price should be
fixed at a somewhat higher level than that of June 1, in
order to allow for increased working expenses to car shortages and partial operation of mines. It was considered
by the Administration officials that, inasmuch as the bulk
of present production from Pennsylvania is consumed in
that State and is, therefore, not a consequential export
factor in inter-State commerce, the Pennsylvania State
authorities should participate in any agreements. Moreover, while enforcement of price restriction under the new
plan approved by the Attorney-General has been made
fairly effective in States whose coal predominantly enters
into inter-State commerce, any enforcement beyond purely
voluntary action in coal locally produced and sold must
rest upon the State authorities.
A meeting between the Pennsylvania State Coal Committee appointed by Governor W. C. Sproul and the Administration officials was held on Wednesday, August 9, for
consideration of the matter. On that date Governor Sproul
appointed a State fuel commission to co-operate with the
Federal Fuel Commission, which is working under direction
of Secretary Hoover and Fuel Director Spencer at Washington. The Commission consists of seven men, headed by
William D.B. Ainey, head of the Public Service Commission,
as chairman. Its duties will be'to avert so far as possible, the Governor said, the system of pyramiding sales
prevailing during the last coal crises that resulted in extortionate prices demanded and received by speculators. The
Governor's statement follows:

The members of the Pennsylvania Commission, besides
Mr.AineY, the Chairman, are:

While we all hope that the suspension of operations in a large proportion of the coal-producing area of the State will soon end and that a satisfactory agreement will be reached between the operators and miners, the
fact remains that if mining were to be resumed to-day the best efforts of all
concerned would not avert the shortage of coal, which is already hampering
the industries ofthe State and which must soon work hardship upon domestic
consumers.
To meet this situation the President has, under the authority vested
In the Federal Govermnent, set up a Federal Fuel Commission, and this
Commission has invited the co-operation of the State and, indeed, has
assigned to the Governors of the States important duties in connection
with the conservation and distribution of coal.
The situation in Pennsylvania is different from that existing in most
of the other States. This State normally produces a very large proportion of all of the bituminous coal mined in the country and. all of the
anthracite coal. Pennsylvania is not only a great producer of coal, but




James S. Benn, a member of the Pennsylvania Public Service Commission, in charge of its priority functions, who has been in touch with the
work at Washington.
William W. Furey, President of the Pittsburgh Chamber of Commerce.4
Edgar C. Felton, of Haverford, who served in the Council of National
Defense.
Hugh A. Dawson, of Scranton.
S. B. Crowell, of Philadelphia, President of the Pennsylvania Retail Coal
Merchants' Association.
William J. Stern, former Mayor of Erie, a business man who was associated with the Fuel Administration during the war.

SEPARATE SETTLEMENT OF ANTHRACITE COAL
STRIKE URGED BY OPERATORS AT CONFERENCE WITH PRESIDENT HARDING.
Resumption of wage conferences between anthracite operators and miners scheduled for Aug. 10 was postponed, due
to the refusal of aie miners' heads to respond to an invitation
from Mayor,John F. Durkan of Scranton, Pa. The operators' spokesmen on the 10th inst. therefore called on President Harding urging a separate settlement of the hard coal
strike. They were represented by Samuel D. Warriner,
President of the Anthracite Coal Operators' Association,
and W. A. Richards of the Scale Policy Committee of that
organization, who asked his help to get the anthracite area
back to production. They were accompanied by Senator
Pepper.
Mr. Warriner told the President that resumption of work in
the anthracite region was being prevented solely because the
miners' union and the bituminous coal operators had been
unable to agree on wage scales. He further said that the
anthracite division was opposed to having its industry so
restricted and that it would welcome any move that could
be made to separate the issues of the anthracite wage controversy from that of the bituminous.
The anthracite operators, it will be recalled, accepted the
President's proposal to appoint a commission and arbitrate
the differences which led to a suspension of work by the
miners. While they did not ask the President, Senator
Pepper said, to appoint the anthracite committee immediately, the opinion of the anthracite representatives WEIS
said to be that its establishment at an early moment might
help to bring about an end of the suspension of work.
Resumption of wage conferences between anthracite operators and miners appeared to have been assured on Aug. 7,
in an exchange of communication's' between the Mayor of
Scranton and Samuel I/ Warriner. Aug. 10 was suggested
as the date in a letter from Mayor Durkan to Mr. Warriner.
The latter, in reply, agreed to meet with the union men
earlier if a date can be arranged. Mayor Durkan's letter
follows:
My Dear Mr. Warriner;
I am just after writing" Mr. John L. Lewis, President of the United
Mine Workers, to the effect that it is our thought that it might have been
better if a meeting of the anthracite operators and the representatives of
the United Mine Workers might have been held this week. However, in
his judgment, he thought better to defer it on account of their previously
arranged meeting with the bituminous operators in Cleveland on Monday*
While it might be assumed that our work was through when both sides
agreed to meet and confer, we feel obligated to keep up our interest until
suchitimelas'Ia_definite date for such meeting is decided upon. In my

718

THE CHRONICLE

letter to Mr. Lewis, I have suggested Aug. 10 as a possible date for the
conference. Would this be agreeable to your people? .iV'
• I might add that public opinion, as I get it up here, is free in its commendation of the willingness manifested by both sides to sit in with settlement in view.

In reply Mr. Warriner telegraphed as follows:
There never has been a time since our negotiations opened when we have
not been glad to meet the miners with the object of settling our controversy,
and at this time we are glad and ready to meet them either on Aug. 10,
as you suggested, or at any early date that we can arrange.

DEVELOPMENTS IN

[Vol,. 115.

Stating that negotiations to end the strike of railroad shop
craftsmen were resumed on the 5th inst. by President Harding and B. M. Jewell, President of the Railroad Employees'
Department of the American Federation of Labor; W. H.
Johnston, President of the machinists, and J. P. Noonan,
head of the electrical workers' brotherhood, the Associated
Press (Washington dispatches) also stated:
Likewise H.E. Wills,J. Paul Stephens and Arthur J. Lovell,representing,
respectively, the engineers, trainmen and firemen and engineers, three of

THE RAILWAY SH,OPMEN'S the four brotherhood organizations, saw the President at the instance of
national chiefs of these orders and of the switchmen's union and presented
STRIKE.
the possibility that grave prospects of further rail unsettlement were in
The 'railroad. shopmen's strike was taken up anew by sight unless the shop situation was straightened out.
It was understood that while they did not set up a possibility of symPresident Harding this week in an endeavor to adjust the
pathetic strikes by their membership, they declared that the conditions of
differences between the carriers and the men. As we indi- railroad equipment, locomotives
particularly, on many roads was growing
cated in these columns last week, while the striking shop- to be such that train crews might refuse service. No public statement of
their report was made other than that contained in the message from
men had voted to accept President Harding's proposals of the
brotherhood's union under which they acted in going to the White
July 31 for settling the strike, the railway executives at a House and nothing was given out officially. They made plain, however,
meeting in this city on August 1 had rejected one of the that they made no request of the President for a conference with the brotherthree recommndations made by him, viz, that the employees hood chiefs.
With the issuance of the President's telegrams on the 9th
on strike "be returned to work and to their former positions
with seniority and other rights unimpaired." On the 7th inst. for the submission of the question of seniority rights to
.inst. President Harding called upon the workmen to 'return the Labor Board, strike leaders of the railway shopmen on
to their work, and the carriers to assign them to work, and that date gave out the following statement at Washington:
Messrs. Noonan, Johnston and Jewell have been In conference several
in addition proposed the submission of the disputed senior- hours
considering the proposal made by the President to-day. We have
ity question to the Railroad Labor Board. This' action by requested the chief executives of all the striking shop crafts unions and
the
firemen and oilers to meet us here on Wednesday of this
stationary
the President was preceded by a request for a conference
week.
with President Harding made by executives of three of the
We have also urgently requested by telegraph and telephone that a
four railroad brotherhoods on the 4th Inst. With regard conference of all executives of railroad labor organizations be held in Washon Friday, Aug. 11.
ington
thereto, Associated Press advices from Cleveland August 4
We have requested this conference because we recognized that railroad
A telegram was sent direct to President Harding to-night by the three
local chief executives of the brotherhood, asking for a conference.
The matter has been under consideration since yesterday by Warren S.
Stone, President of the Brotherhood of Engineers; W. G. Lee, President of
the Brotherhood of Railroad Trainmen, and D. B. Robertson, President of
the Brotherhood of Firemen and Enginemen, but because of the failure to
get a reply for joint action from L. E. Sheppard, President of the Order of
Railway Conductors, the other member of the "Big Four," it was decided
to-night to ask for the conference through the legislative representatives of
the engineers, trainmen and firemen.
Mr. Sheppard was advised by telegraph to-night that because of the
serious situation hourly developing it was decided to
seek the conference
Immediately.
"If you decide to take similar action you can wire
your legislative representative direct," the telegram said.
The telegram to the three legislative
representatives was addressed to
H. E. Wills of the Engineers, Arthur J. Lovell of
the Firemen and W. N.
Doak of the Trainmen, and read as follows:
Cleveland, Ohio, Aug. 4.
Referring to our joint telegram this date authorizing
you to arrange conference with the President. We have wired the
President as follows:
"The undersigned have this day wired our
national legislative representatives at Washington instructing them to request
a conference with you
for the purpose of presenting to you our views in
connection with the present
strike of railroad shop crafts which is daily
developing into a more serious
situation."
(Signed) STONE, LEE and ROBINSON.Another message to the three legislative representatives,
signed by the
three chief executives, sent to-night, gives details for
the urgency of the
conference, made necessary by the flood of complaints received
at headquarters regarding working conditions on railroads since toe beginning of
the shopmen's strike through brotherhood members being
asked to take out
locomotives and equipment in dangerous and unsafe condition and of
assaults and insults to brotherhood members by armed guards.
The legislative representatives are requested to file this message with the
President as a basis for discussion with him of the questions at issue.
The message is as follows:
H.E. Wills, Arthur J. Lovell, W. N.Doak, Washington :
• Complaints in increasing numbers are pouring into our respective offices
against demands that our men take out locomotives and equipment which
are in dangerous and unsafe condition, in violation of safety statutes and
rules which have been enacted for the protection of the lives and propertY
of the public, and of assaults on and insults to our members by armed
guards that are placed on the various railroad properties.
la Up to this time, by constant urging of a neutral attitude, fidelity to
their contracts and in the interest of public peace and safety, we have
Prevailed upon our members to continue at their posts. Constant aggravation of the above conditions and the refusal of the railroads executives
to accept the proposals of the President for a compromise settlement of
pending questions are making the situation
infinitely more difficult to
handle. The plain intention of the railroad executives to smash the
shop craft unions is resulting in more and more of the locomotives and
equipment getting into disrepair, and the dangers of a most hazardous
occupation are being daily increased.
We fear that a continuation of these conditions will inevitably result in
our members, as a matter of self-protection, being drawn into the controversy, and we greatly deplore such a contingency.
We feel that the American public is fully in sympathy with the President's
efforts to settle this strike, and, in the light of the above facts and in
the interest of public welfare, peace and safety, we suggest you call upon
the President and urge him to again bring this matter to the attention
of the railroad executives, with the hope that he may yet succeed in convincing them of the necessity for their prompt acceptance of the President's
proposals, which have been accepted by the shop crafts.
Continued refusal to accept the President's proposals for a compromise settlement of pending questions will place upon the railroad executives
full responsibility for the increasing seriousness of the situation.
We suggest you file this message with the President, as a basis for
discussion with him of the questions at issue and to show you have full
authority of the undersigned chief executives to meet him. We are wiring
the President you will call upon him with full authority to discuss this
subject.
STONE, LEE AND ROBERTSON.




employees not now on strike will, in defense of the traveling public and
themselves, necessarily have to decline to operate the defective locomotives
and cars now in service.
It is clear to any unbiased person that railroad equipment is growing
more unsafe each day, and the relief must be had through an honorable
settlement. Employees now on strike are firm in their position and will
continue so as long as the Association of Railway Executives decline to
accept reasonable terms of agreement.

Telegrams were also sent to W. J. Stone, Chief of the engineers, and D. F. Manion, President of the telegraphers.
The message to Stone said:
Shop crafts did everything conceivable to avoid necessity for a strike,
and since the strike have at all times been willing to confer with any party
authorized to submit a proposal as a basis of honorable settlement.
We accepted the President's terms of agreement submitted to employees
and managers July 31. The Association of Railway Executives, in rejecting the President's terms of agreement, obviously acting under the direction of those who exercise the financial control and dictate the labor policies of the railroads, repudiated the promise given by their Chairman to the
President and defied the spokesman of the American people. To date only
the employees have made concessions.
Obviously,the strike must be settled if the country is to avoid the impending calamity of a collapse of transportation. The Government has the
authority to promptly settle the strike on the just, fair and reasonable basis
proposed by the President July 31.
However, it is now apparent that no constructive program is being proposed, and that unless the railroad employees can offer additional counsel
and advice, the lives and safety of employees and traveling public, already
endangered by the continued use of defective railroad equipment, will be
Imperiled to a greater extent.
Believing that the chief executive of each of the standard railroad labor
organizations, as a result of their years of experience, broad public viewpoint and sincere desire for industrial peace, can, by conference with the
officers of the shop crafts, formulate a program having for its purpose protection of the public, preservation of the railroad industry and an honorable basis of settlement, for the managers and the employees, we urgently
recommend that you, as Chairman of the railroad organizations, wire each
chief executive requesting him to attend a conference in Washington on
Friday, Aug. 11.

On the 8th inst. Chairman Hooper of the Railroad Labor
Board was reported as stating that President Harding in his
latest proposition to the railways and the striking shopmen,
had found the "safe and sane position of fairness and conservatism." The press dispatches from Chicago which announced this, likewise said:
On many railroads, he said., the plan can be carried out without any inconvenience. More than 75,000 shopmen had been laid off before the
strike, the statement added, and with the increased work now available so
many men would be needed that "on a very large number of roads, in my
Judgment, the question of seniority would never arise."
Mr. Hooper's statement in part was as follows:
"The President's proposition is fair and practical. It would conserve the
law, would sacrifice the rights of neither party and would save the country
from the further ill effects of the strike. It was to be anticipated that there
would be some objections to it on both sides, but such objections are not
insuperable. The concurrent condemnation of opposite extremes raises a
susuicion that the President must have found the safe and sane position of
fairness and conservatism.
'The opinion already expressed by one executive that the President's recommendations seem to demand a complete surrender'on the part of the railways and the characterization of the proposal by a loader of the employees
as 'an uncalled for attempt to help the railroads break the strike' will be
hard to reconcile in the public mind.
"The rising tide of business prosperity and the consequent increase of
railway traffic, caupled with the accumulated shop work resulting from the
strike, will necessitate the employment of a grealy enlarged number of
Mechanics. The other ordinary processes ofreadjustment that always follow
a strike would likewise operate effectively. On a very large number of the
roads,in my judgment, the question of seniority would never even arise."

AUG. 12 1922.]

THE CHRONICLE

719

Walkouts of brotherhood men in Joliet, Ill., on Aug. 9, and
in other parts of the West have been among the developments the latter part of the week, and on the 10th inst. Cleveland Associated Press dispatches reported the following regarding instructions of the "Big Four" heads with regard
to strike movements:

ment, I confess to you the same disappointment which I have conveyed
to the executives that the terms were not unanimously accepted. As
you are already aware, the executives of the carriers declared their inability
to restore seniority rights unimparied.
It is exceedingly gratifying, however, that in responding to the terms
which were proposed that both the spokesmen for the carriers and thespokesmen for the employees have pledged that they "will recognize the validity
of all decisions by the Railroad Labor Board and faithfully carry out such:
Telegrams of instruction have been sent to members of the "Big Four" decisions as contemplated by law."
Moreover, spokesmen for the carriers and employees have approved the
transportation brotherhoods located at points where walkouts are probable,
it was announced to-night by Warren S. Stone, President of the Brother- second paragraph of the proposal and in their approval have agreed that
strike
hood of Locomotive Engineers, and D. B. Robinson, President of the "Railroad Labor Board decisions which have been involved in the
may be taken, in the exercise of recognized rights, by either party to the
Brotherhood of Locomotive Firemen and Enginemen.
Railroad
Labor
Board
for
rehearing."
"Take up the situation with the railroad management. Endeavor to
Inasmuch as the employees have agreed to all the terms proposed and
eliminate that danger. If you do not succeed the men will not be required
the
executives
have
agreed
to two of the bases of settlement and rejected
brotherhood
telegrams.
They
or requested to work," read the
were sent to
the third, there remains only the question of seniority covered in Paraofficers at terminals in Atlanta, Ga., and Antigo, Wis.
graph
Three
in
dispute, to bar a settlement.
Earlier in the day telegrams had been sent by W. G. Lee, President of
Mindful of the pledge both of the executives and the striking workmen
the Brothertlood of Railroad Trainmen, to general Chairmen of his organito
recognize
the
validity of all decisions by the Railroad Labor Board, I
ChiRR,.
and
zation on the Illinois Central RR., Chicago & North Western
am hereby calling on the striking workmen to return to work, calling,upon
cago Rock Island & Pacific RR., notifying them that authority to call a
the
carriers
to
assign
them to work, calling upon both workmen and carstrike will be given "if employment on your line is unbearable on account
riers, under the law, to take the question in dispute to the Railroad Labor
of conditions due to shopmen's strike," and a majority of "your general
Board for rehearing and decision and a compliance by both with the decommittee * * * votes in favor of a strike."
cision rendered.
Mr. Lee gave the following statement to the Associated Press:
WARREN G. HARDING.
"The following telegraphic instructions have been sent to General Chairmen T. S. Jackson, Illinois Central RR.; August W.Icks, Chicago & North
Pacific
RR.,
RR.,
and
J.
A.
Coleman, Chicago Rock Island &
Western
and will go forward to any and all general committeesforwarding complaints RESOLUTION
OF UNITED STATES RAILROAD LABOR
to me that our membership is in danger on their road as a result of armed
BOARD INVITING CARRIERS AND STRIKERS
guards or defective locomotives and equipment.
"'If employment on your line is unbearable on account of conditions due
TO HEARING ON SENIORITY ISSUE.
to shopmen's strike, your general committee should be convened, and if a
As we indicate elsewhere in this issue, President Harding
majority of such committee votes in favor of a strike, authority of the
undersigned, as provided for in General Rule 9 of the Constitution and this week, in advices to the railway executives and the leadGeneral Rules of the Brotherhood, will be given.'
ers in the shopmen's strike, proposed the adjustment of the
"I will not pass such authority to the individual members of the Brotherseniority dispute through reference of the issue to the Railhood or to local committeemen on any line."
General Rule 9, referred to above, deals with procedure regarding adjust- road Labor Board. In accordance with this proposal of the
ment of differences and grievances and, in part, is as follows:
President, the Labor Board on Aug. 7 adopted a resolution
"Failing to reach a satisfactory adjustment of grievances the President
of the Grand Lodge and general grievance committee or board of adjust- signifying its willingness to extend to the carriers and emment shall have authority to sanction a strike, that is, to approve of a con- ployees an opportunity to present to the Board argument
certed and peaceful withdrawal from the services of all members of the
and testimony regarding the disputed question. The resoBrotherhood employed in train or yard service on all or part of the road on
lution also indicates the willingness of the Board to give a
which the grievance exists."

Other developments of the week—the conference of rail- rehearing to the wage and rule questions originally involved.
The resolution was adopted by a 5 to 1 vote of the members.
way executives, etc., will be found elsewhere in this issue.
A.0. Wharton,labor representative, voting against it. Tfie ,
six members, it is stated, were all that were in the city when
PRESIDENT HARDING'S TELEGRAMS TO MESSRS. the meeting was called. Ben W. Hooper, Chairman, preCUYLER AND JEWELL CALLING FOR SUBMISSION sided. Those who attended were G. W. W. Hanger of the
public group, Samuel Higgins, Horace Baker and J. H.
OF SENIORITY DISPUTE TO. RR. LABOR BOARD.
The move of President Harding for the adjustment of the Elliot of the railroad group, and Mr. Wharton and Chairman
differences of the railroad executives and heads of the striking Hooper. Mr. Wharton who was the only one of the three
shop crafts through submission to the U. S. Railroad Labor labor members of the Board at the meeting, offered an
Board of the disputed question of seniority rights was wit- amendment intended to rescind the Board's resolution of
nessed on Monday last (Aug. 7), when in telegrams to both July 3, "in so far as that resolution has been interpreted to
T. DeWitt Cuyler, Chairman of the Association of Railway affect the question of seniority." The amendment was
Executives, and B. M. Jewell, President of the Railway defeated, Mr. Wharton having registered the only vote for
Employees' Department of the American Federation of its adoption. The following is the resolution adopted by the
Labor, he called upon both parties to the controversy to Board on the 7th inst.:
Whereas, The President of the United States recently made certain sue:
take the question to the Labor Board for rehearing and decision. In response thereto Mr. Cuyler issued a call for a gestions to the railway executives and the representatives of the railway employees on strike, looking toward settlement of the strike, which suggestions
meeting on the 11th (yesterday) of the railway executives were in part
agreed to by both parties; and
Whereas, The one question upon which there was such a wide divergence
to consider President Harding's latest proposal. This
of
opinion
that
the carriers declined to accept the President's suggestion was
meeting we refer to elsewhere. Leaders of the striking that
of the reinstatement of the men on strike with seniority and other
railroad unions and executives of other transporattion labor rights unimpaired;
and
Whereas, The President has since suggested that the question of seniority
organizations have been in conference in Washington, and
be submitted to the Railroad Labor Board for hearing and decision; and
definite action by them on the proposal of the President was
Whereas, The Railroad Labor Board on July 3 1922 passed a resolution
looked for yesterday. We give herewith President Harding's which, while it makes no express
reference to seniority, has been generally
construed to have inferential bearing on same; and
telegram to Mr. Cuyler:
Whereas, It has been thought that this resolution, although it does not
I had your communication in which you conveyed to me the resolutions of possess the
force and effect of a resolution, might stand in the way of the
Your association agreeing to two paragraphs in the proposals which I sub- submission of
this question to the Railroad Labor Board in accordance with
mitted for the settlement of the pending strike of railroad shop employees. the
suggestion of the President; now, therefore,
and declining to accept the third, which provided for restored seniority rights
Be It Resolved, That the
Board signify its willingness to extend to the carof the workmen an strike. Inasmuch as I was acting as a voluntary medi- riers and any
employees concerned ample opportunity to present in accordator, seeking the earliest possible restoration of railway tranportation to ance with
the
Transportation
Act and the established procedure of the
full efficiency, I confess a disappointment that the terms were not accepted. Board any
dispute involving the seniority question or to seek an interpreThe resolutions which you transmit on behalf of the executives do pledge tation of the
rules covering said question, and to submit, on both sides.
that the caniers will recognize the validity of all decisions of the Railroad such
testimony and argument, as may be deemed advisable, to the end that
Labor Board and to faithfully carry out such decisions as contemplated by the Board
may,
after a full and fair hearing of every phase of the question
law. You convey the further agreement, as expressed in the second parainvolved, render a formal decision adjudicating the matters in controversy.
graph of the proposal that •Railroad Labor Board decisions which have been
It
is
the
involved in the strike, may be taken in the exercise of recognized rights by promptly purpose of the Board to indicate by this resolution that it will as
and readily consider and determine the question of seniority growby either party to the Railroad Labor Board for rehearing."
ing out of the present strike as
it will rehear the wage and rule questions
The striking employees agreed to all the terms proposed, therefore, only which
were originally involved in the
strike. The only difference in the atthe question of seniority, covered in Paragraph Three, which the executives
titude
of
the Board toward the wage and rule questions on the one hand and
rejected, remains in dispute and bars a settlement. Mindful of the pledge the
seniority
question on the other, is that as to the former the Board would
of both the executives and the striking workmen to recognize the validity be
called upon to rehear matters already formally decided, and as to the
of all decisions by the Railroad Labor Board, I am hereby calling on the
latter
to
consider
a question which has not been formally heard and decided,
striking workmen to return to work, and calling upon the carriers to but which
has been inferentially touched upon in the resolution of
assign them to work, and calling upon both workmen and carriers under July
3
1922.
the law to take the question in dispute to the Railroad Labor Board for
The following statement was entered on the proceedings
hearing and decision, and a compliance by both with the decision rendered.
WARREN G. HARDING.
by
the

Chairman Hooper, regarding the majority vote on
The following is the telegram sent to Mr. Jewell by defeated amendment of Mr. Wharton:
President Harding:
I vote no on the proposed amendment because it, in effect, requires the

I had your communication, in which you and your associates, speaking
for the striking railway shopmen, pledged your agreement to the proposals which I submitted to the railway executives and your organizations for the settlement of the pending railroad strike. Inasmuch as
I was acting as a voluntary mediator, seeking the earliest possible settle-




Board to take action now on the question of seniority, which is the very
thing this resolution proposes that the Board shall do later, after a full
hearing has been had. The resolution, without this amendment, means
that the Board is in a position to give the question of seniority full and fair
consideration, regardless of the resolution of July 3.

720

THE CHRONICLE

[VoL. 115.

The Chase National Bank,through Albert H. Wiggin, President, was also
invited to participate, but it was reported that the press of business prevented a representative from attending. The meeting was arranged at the
instance of the Administration by Pierre Jay, Federal Reserve Agent for
New York.
This call was issued to approximately fifteen heads of national banks,
private banks, and heads of trust companies. Practically all the bankers
gathered to hear Secretary Hoover are engaged, in one way or another, in
financing the various railroads, either through reselling their securities to
the public, or in other ways lending their institutional assistance In a
financial way to the carriers.
The bankers were merely summoned to "meet Mr. Hoover." When
they reached the meeting place in the Equitable Building,in quarters rented
by the Federal Reserve Bank of New York, they were greeted by Mr.
Hoover and by two of the chief executives of the Federal Reserve Bank.
It was first impressed upon the group of bankers—described yesterday
At their meeting to-day the railway executives gave to the proposal of the
President, dated Aug. 7 1922, the thorough and conscientious consideration by one of them as a handful—that secrecy must be maintained about the
to which it was entitled. They took into their consideration all the elements meeting at any cost. It was impressed upon them that they must consider
in the situation which affect the public welfare and arrived at a conclusion the meeting the same as if they had been summoned to the White House,
and in confidence heard a review of the situation given by President Harding.
which they will present to the President of the United States.
For the purpose of making this presentation, the following committee Secrecy was pledged by each one present.
"I doubt whether there was one of the bankers present who did not
bas been appointed:
think that this move of the Administration was an egregious error," it was
Thomas DeWitt Cuyier, Chairman Association of Railway Executives.
stated by another banker, in commenting on the meeting.
Howard Elliott, Chairman Northern Pacific Railway Co.
"Apparently Secretary Hoover thought that the banks could apply
Hale Holden, President Chicago Burlington & Quincy RR. Co.
pressure to the railroads and force an acceptance of the President's proposal.
.1. Kruttschnitt, Chairman Southern Pacific Lines.
"This was something, of course, that the banks could not listen to. No
W. L. Mapother, President Louisville & Nashville RR. Co.
banker, who is interested In the financial development of any railroad,
W. W. Atterbury, Vice-President Pennsylvania System.
desires
to intrude himself on internal matters. The bankers felt that this
C. H. Markham. President Illinois Central Railroad Co.
labor readjustment was essentially and peculiarly a problem to be decided
A. H. Smith, President New York Central Lines.
This committee will call upon the President to-morrow at 4:30 p. m. by the railway managements and agreed that to attempt to influence the
The action of the railway executives cannot be made public Until it has decision of the railroads would be most unwise.
"To follow such a course would only spread an impression which has
been submitted to the President.
already gained wide credence, that most of
country's railroads are
Yesterday's meeting of executives of 148 railroads had been controlled by Wall Street banks. Nothing the
is further from the truth.
called by Chairman Cuyler on the 8th inst., following the Wall Street banks have assisted in the financing of many railroads, but
do not control them in any such manner."
dispatch of telegrams to Mr. Cuyler and B. M.Jewell, repre- they
Mr. Hoover spoke for about thirty minutes. According to information
senting the shoperafts, calling upon the carriers and striking obtained yesterday, he briefly reviewed the labor difficulties, and the
shopmen to submit the disputed question of seniority rights attitude of the Administration toward these difficulties, outlining to his
the "pease plans presented later on that day by President Harding
-to the U. S. Railroad Labor Board. These telegrams of audience
to the rallroad executives and to the members of cne striking shopmen."
President Harding are given under another head in this issue. He emphasized that the strike was seriously interfering with the business
While there is no indication in Mr. Cuyler's statement as to of the country, and that it was the intention of the Government officials
to end it at the
possible moment. He pointed out that possibly
'the decision arrived at yesterday, the New York "Evening both sides would earliest
be willing to recede from stands previously taken and that
Post" stated last night that acceptance in modified form of the country, as well as every business in the country, would benefit by
the labor diff'culties to an end.
President Harding's proposals to end tc10 strike of railway bringing
He argued that the railroad executives should be urged by those who have
shopmen will probably be included in the reply to the Presi- the welfare of the railroads at heart to meet the men half way in the quarrel
dent which was being drafted in the afternoon by a eonT.- and effect some sort of an agreement whereby work in the shops might be
resumed. He impressed upon his listeners that the railroad executives must
-raittee appointed by the executives. The "Post" added in look
to their bankers for advice and counsel, and that in such case it would
part:
be the part of good judgment for the bankers to urge that a way out of the
The compromise was offered by Thomas De Witt Cuyler, Chairman of difficulties should be found at once,r3minding them that there was no probthe Association of Railway Executives, at a meeting of Eastern executives lem which could not be amicably solved, if approached in a spirit of concilia-which preceded the main gathering, and was understood to have had the tion and compromise.
Immediately following Mr. Heover's appeal to the bankers, he hurried
approval of many of these men before the latter meeting started.
In affecting this counter proposal refused to take back the striking men away to the Grand Central Terminal, where representatives of the majority
without reservations, allowing the contested point of seniority to be set- of the country's 201 Class 1 railways were gathered to receive President
tled by the Railroad Labor Board, but did provide for hiring the strikers as Harding's compromise plan. The Secretary entered the New Haven board
"new men" and then allowing the Railroad Labor Board to settle the sen- room shortly after the morning session had been formally organized to
iority issue between the "new men" and the old men who stayed on during receive him—some time before noon—and there enlarged upon the President's first plan for a settlement of the nation-wide shopmen's strike.
the strike.
While the members of the committee received no instructions as to the This provided for the re-establishment of full seniority rights to the strikform the reply to the President should take, It was understood that they ing workers, and was unanimously rejected by the railroads.
That the Administration's overtures to the bankers were held as a State
would set forth the opinions of the majority of the executives as expressed
In the meeting, and from all indications, there appeared to be little doubt secret was indicated by the fact that, as far as could be learned, no railroad
President
had received the slightest intimation during the past week of such
would
except Mr. Cuyler's plan.
but that the executives
a meeting. None of the princirals present at the secret meeting would be
Members of the Committee.
quoted on the situation when a representative of the New York "Times"
The committee appointed was as follows:
questioned them last night. The general impression given was that the
IF R. S. Lovett, Chairman, Union Pacific System; A. H. Smith, President, matter was too delicate for (Meow:len at this time.
New York Central Lines; C. H. Markham. President, Illinois Central RR.:
W. W. Atterbury, Vice-President. Pennsylvania System; W. R. Cole,
President, Nashville, Chattanooga & St. Louis; Hale Holden, President, PROPOSAL FOR WORLD AID TO AMERICAN MINERS.
Chicago, Burlington & Quincy; Julius J. Krutshnitt, Chairman, Southern
Associated Press advices from Frankfort-on-Main Aug. 8
Pacific. Alfred P. Thom. Chairman and Counsel of the Association of
said:
Railway Executives, was expected to sit with this Committee.
Ten thousand pounds sterling to aid American miners in the present coal
0 This Committee, with the exception of Mr. Kruttsclmitt, is composed of
strike, to be subscribed by the various national miners' unions, was recomthe same men who drafted the rejection of the President's first peace plan.
mended to-day in a resolution adopted by the congress of the international
miners' organizations meeting here. The resolution expressed sympathy
SECRETARY HOOVER'S STATEMENT REGARDING for the aims or the American strikers.
The congress decided against restriction of the coal shipments to America,
REPORTS OF PRESSURE ON BANKERS IN
which was proposed to aid the American miners In their fight.
RAILROAD STRIKE CONFERENCE.

RAILWAY EXECUTIVES TO REPLY TO-DAY TO PRESIDENT HARDING'S PROPOSAL FOR REFERENCE
OF SENIORITY ISSUE TO LABOR BOARD.
Following the conference of members of the Association of
Railway Executives, held in this city at the call of T.De Witt
Cuyler, Chairman, it was announced in a statement issued
last night (Aug. 11) that the conclusions arrived at would
be made known after their presentation to President Harding
by a committee which will personally submit them to the
President late to-day (Aug. 12). The following is the statement authorized last night by Mr. Cuyler:

The following is from the New York "Times" of Aug. R:
IV- Washington, D. C., Aug. 7.—Secretary Hoover to-night made the following statement in relation to reports that at a conference with New York
bankers on Aug. I preceding Ids address to the railroad executives on President Harding's first plan to settle the railroad strike, he had tried to persuade the bankers to exert pressure on the railroads.
"The statement as it appears in the press Is entirely incorrect. The
meeting took place between myself and a small group of bankers and others
at the request of some of their members. In which the general economic
situation that was resulting from the coal and railway strikes was discussed
by me, and I counselled that all responsible men should show moderation
in these questions.
"There was no suggestion that banking pressure should be brought on any
particular group, but that men of influence should exert themselves toward
securing compromise and early settlement."
Mr. Hoover and the Bankers.
a
rr It was learned yesterday that Secretary of Commerce Hoover addressed
he wen,
group of New York bankers on the morning of Aug. 1, just before
present.
the
to
Administration viewpoint to
up to Grand Central Terminal
the 148 railroad representatives in session there.
Aceording to current reports, the conference of New York bankers included tbe following: Benjamin Strong, Governor Federal Reserve Bank of
New York: Charles E. Mitchell, President National City Bank; Edward R.
Stettinius, a partner of J. P. Morgan & Co.; James E. Alexander. President
National Bank of Commerce; M Winer L. Schiff, of Kuhn, Loeb & Co.;
Frederick Straus, J. & W. Seligman & Co.: Seward Prosser, President
Bankers Trust Co., and Jacob Reynolds, President First National Bank.




R. S. BINKERD IN EXPLANATION OF SENIORITY
RIGHTS OF RAILROAD WORKERS.
Robert S. Binkerd, Assistant to the Chairman of the Association of Railway Executives, in a statement on Aug. 4
had the following to say in explanation of the "seniority
rights" of railroad workers:
Seniority in each class of railroad employees means that those who have
served longest in the continuous employ of a railroad stand at the head of
the list in the order of their length of service. Standing at the head of the
list means that they have first call upon promotions, desirable transfers and
continuous employment.
For the classes of men now on strike the seniority rules were promulgated
by the United States Railroad Labor Board on Nov. 29 1921, In addendum
No. 6 to decision No. 222.
The chief provisions are:
"Rule 17. Employees serving on night shifts desiring day work shall
have preference when vacancies accur, according to their seniority.
"Rule 18. When new jobs are crewed or vacancies occur in the respective
crafts, the oldest employees In point of service shall, If sufficient ability
is shown by trial, be given preferenc3 In filling such now jobs or any vacancies that May be desirable to them.
"Rule 27. When it becomes necessary to reduce expenses the hours may
be reduced to forty per week before reducing the force. When the force Is
reduced, seniority as per Rule 31 will govern. In the restoration of forces,
senior laid-off men will be given preference in returning to service, if avail-

AUG. 12 1922.]

THE CHRONICLE

positions
able within a reasonable time,and shall be returned to their former
if possible.
point,
other
any
at
needed
are
if
men
"Rule 29. When reducing forces,
privilege of
they will be given preference to transfer to nearest point, with
made
returning to home station when force is increased, such transfer to be
without expense to the company. Seniority to govern all cases."
stand
From the above rules it is clear that the employees whose names
seniority,
toward the head of tho lists of their class have, by reason of that
these valuable privileges:
day work.
1. Choice of the opportunity of shifting from night work to
2. Choice of desirable vacancies or new jobs when created.
the last to
3. In case of reduction of forces, assurance that they will be
be laid off and the first to be taken on when forces are increased.
increased
or
4. When forces are being reduced at one point and maintained
other point
at another point, the opportunity of filling the vacancies at the
employment.
temporarily without losing their rights at their regular place of
the seniorFrom this ft'is apparent that a proposal to restore unimpaired
ity rights of the striking employees would mean:
list loyal men
1. That returned strikers would displace on the seniority
men who rewherever the seniority of the strikers was greater than that of
mained faithful to their obligations.
since
employed
2. That every striker would take precedence over men
the strike began.
would necessarily
3. That the new men employed since the strike began
that, therefore, the
be the first to be laid off in any reduction of forces, and
would
employment
promises by the managements of regular and continuous
inevitably be violated.
accepted em4. That loyal men of low seniority and new employees who
intermitployment under difficult conditions would be made the casual or
disregarded
had
who
tent employees of the railroad industry, while those
continuous service
their obligations to the public and the railroads for
and regular
would hold the great majority of positions insuring permanent

The number of bad order cars has been excessive ever since the period
of Federal control. The inability of the railroads to earn even operating
expenses during a part of 1921, coupled with the resistance of the men
now on strike to any reasonable reduction in wages, made the'ade4uate
a long
maintenance of the cars of the country financially impossible over
period. Bad order cars on July 1 numbered 324,583, and on July 15
view
in
increase,
abnormal
342.078, an increase of 17,495. This is not an
of the traffic indicated by the heavy car loadings of the months of June
and July.

NATIONAL INDUSTRIAL TRAFFIC •LEAGUE ENDORSES ACTION OF ASSOCIATION OF RAILWAY
EXECUTIVES IN STRIKE SITUATION.
The Association of Railway Executives announced on
Aug. 3 the receipt of the following telegram from W. H.
Chandler,President of the National Industrial Traffic League:
The National Industrial Traffic League wishes to express its hearty approval and appreciation of the action taken by the railway executives with
regard to the strike situation. That the course advocated by the League
was in accord with the one that was taken by the executives is highly gratifying, and that it is proper is evidenced by the many expressions of commendation which have been received. To deviate from this course now or
at any subsequent time means disaster.

ATLANTIC COAST LINE RR. ON CONDITIONS
EXISTING ON ITS LINES.
On Aug. 8 the Atlantic Coast Line RR. made public the
following statement:

employment.

A statement of the New York Central RR. on seniority
rights was given in our issue of July 29, page 508.

IN SENIORITY
PENSION PRIVILEGES NOT IN
ANIA RR.
PENNSYLV
ON
TUATION
ISSUE—SI
On Aug. 9 the Pennsylvania RR. issued the following
statement.

In recent public discussions of the shopmen's strike the erroneous state
men
nient has been repeatedly made that loss of seniority by returning
is so
also involves forfeiture of accumu'ated pension privileges. This
believes
management
System's
serious a mistake that the Pennsylvania
it of the utmost importance to have corrected.
seniority
On the Pennsylvania RR. and on the other systems generally,
rights and pension privileges are entirely separate and distinct matters. on
occupies
name
his
position
A man's seniority is determined by the
division where
a roster kept for his particular class at the point or for the
name goes to
he is employed. If he leaves the service and returns, his
The
re-employed.
the bottom of the roster as of the date on which he is
of shift,
choice
the
Importance of seniority is that it entitles a man to
otherwise more
day or night, and to priority in bidding for better, or
that It gives him
desirable positions, as such opportunities open: also,
when it is necessary
preference over junior employees in holding his work
employment.
to lay men off. Seniority depends upon continuity of
service, regardless
Pensions, however, are based upon the total years of
Pennsylvania RR. plan
whether they are continuous or not. Under the
the age of 70
every employee, regardless of grade or rank must retire at been in the
if he has
Years. If incapacitated he may retire at 65 or over
his average monthly
service 30 years. He receives as a pension 1% of
his total number
earnings during his last ten years of work, multiplied by
once or half a
of years at service. He may enter or leave the service
the pension
dozen times during his career and the method of computing
will be the same in any case.
RR. seeks
Therefore, if a shopman now on strike on the Pennsylvania
name goes
re-instatement and is accepted, he loses seniority, that is, his
employed.
at the bottom of the seniority roster at the point where be is
his
But he does not lose anything at all of the accumulated benefits of
previous years of service with respect to his pension privileges.
The Pennsylvania System's management's position on the seniority
issue does not in any way impair or lessen the pension privileges of its
former employees who are now out of the service, provided they seek
re-instatement and are accepted.
Another error which has received circulation lies in supposing that the
pensions of railroad employees are paid for in whole or part by contributions
from the men themselves. This Is not the case on the Pennsylvania RR.
nor, as far as the management is aware, on other American railroad systems.
Pensions are paid entirely out of the funds of the company as a voluntary
gift in recognition of long and faithful service and to assist old employees
the
who have passed the period of active work. The company pays
pension and bears the entire cost of operating the Pension Department.
1
The pension system on the Pennsylvania RR. was inaugurated Jan.
At the
1900. Since that time It has paid out $26,800.000 in pensions.
and
roll
pension
the
are
being
on
carried
employees
present time 6,893
$3,000,000
the annual payments of pensions are now at a rate exceeding
per year.

In view of the many misleading and incorrect statements being published,
the Atlantic Coast Line Railroad Co. desires the public to know the true
conditions existing to-day over its entire system, and that through the efforts of those who loyally continued at work and others who have entered
its service since July 1 the trains are moving currently and on schedule.
The force of labor in and around all shops, consisting of nearly 1,400 men,
is normal. More than 100 skilled workmen have been employed within the
last four days. At many points full forces are at work. In the two large
shops, at Rocky Mount, N.(3., and Waycross, Ga., the round house forces
are, respectively, 68% and 82% normal. These are the forces that take
care of engines which run passenger and freight trains, and the yard engines
engaged in switching. The so-called "Back Shop" forces at Rocky Mount
and Waycross, where a large number of men are normally employed, are
being recruited rapidly. These forces are assigned to heavy repair work,
consisting of general overhauling of engines after they have been in service
for a considerable length of time. When the strike took place on July 1,
this company had on hand more than the usual number of engines which
had been completely overhauled, and with its purchase of new locomotives
within the last two years, is in position to defer, if necessary, heavy repairs
to locomotives for several months without affecting in the least the handling
of current business. But as our forces are being steadily increased, progress
in the matter of heavy repairs can be made, and is being made rapidly.
Forces at all points and in all grades of work will be normal within a very
short time. Since July 1 more than 2.300 new employees have been taken
Into the service in place of striking shopmen, and these men, together with
nearly 800 who remained at work, including the highly skilled foremen,
are entitled to great credit for the service which has been given to the public
during the past 38 days. These forces are sufficient to take care of inspection and repairs, as may be necessary from d ty to d iy, and are giving such
work careful attention, including first of all that of safety inspection.

ASSOCIATION OF RAILWAY EXECUTIVES IN REPLY
TO CHARGES OF BAD EQUIPMENT.
The Association of Railway Executives issued on Aug. 4
the following statement:

Representatives of the striking railroad employees are attempting to
arouse public concern over the alleged enormous impairment in the condition
of the motive power and cars of the railroads.
No industry in the world is conducted with anything like the publicity
which surrounds all the Important aspects of American railroad operation.
Among other tnings, the railroads report and publish regularly statistics
covering their car loadings, their idle cars and their bad order equipment.
The stories to the effect that a thousand locomotives are falling out of
after
use every day are ridiculous. On July 15 of this year—two weeks
the strike began—there were fewer locomotives in bad order than on Feb. 1,
March 1, April 1. May 1 or June 1. Below are the figures showing the
number of bad order locomotives from July 1 1921 to July 15 1922,inclusive:
15,790 May 1 1922____16,227
15,437 Dec. 1 1921
July 1 1921
15.643 Jan. 1 1922
15.383 June 1 1922-15.765
Aug. 1 1921
15.865 July 1 l922—_14,424
15.569 Feb. 1 1922
Sept. 1 1921
16,297 July 15 1922--.-15,764
15,471 Mar. 1 1922
Oct. 1 1921
16,165
15,491 April 1 1922
Nov. 1 1921




721

CHAIRMAN McCHORD OF INTER-STATE COMMERCE
COMMISSION SEES SELF-INTEREST AS OUTSTANDING FACTOR IN INDUSTRIAL
STRIFES.
Chairman McChord of the Inter-State Commerce Commission in an address before the convention of the National
Hay Association at .Cedar Point, 0., on July 26 declared
that through the subordination of self-interest to the public
weal rested the solution of industrial problems and conflicts
that beset the country's progress. Stating that the "disposition born of the war spirit, or which came as a result of
the war, to act for one's self regardless of the rights of
others, to receive much and give little, to extract the last
dollar of profit, is still apparent," Chairman McChord
added:
The strikes of laboring men in our country are but Symptoms of this
condition. Controversies between employers and employees can be adjusted on equitable terms if, putting selfish considerations aside, both meet
in that spirit of whole-hearted understanding and co-operation in which
each is willing to concede something for the benefit of all. If agreements
cannot be reached by negotiations the public, whose vital interests are at
stake, has the paramount right to expect and require that in all things
both sides shall bow to the constituted authority to which such matters
are committed for adjustment.
There is, I regret to note, a deplorable manifestation of a contemptuous
disregard of law and order by the parties to such controversies. These
things must not be. Capital shall not rule and labor shall not control for
Itself alone.

The "unhappy relations which now obtain in certain
quarters," Mr. McChord added, emphasizes the need of
striving to obtain a more active spirit of "fair play" in all
industrial and economic relations.
DEATH OF GLENN E. PLUMB.
E.
The death occurred on Aug. 1, in Washington, of Glenn
author of the
Plumb, head of the Plumb Plan League, and
in Congress in
Plumb plan, embodied iri a bill introduced
1919 providing for the acquisition by the Government of
the railroad systems and properties, and for their operation
for.the past
under Federal control. Mr. Plumb had been ill

722

THE CHRONICLE

six months and in May last gangrene poisoning necessitated
the amputation of a leg. He was born in Clay, Washington
County, Iowa, in 1866 and graduated from Oberlin College
in 1891. Later he studied law at Harvard and began the
practice of law in Chicago. His plan for Government control
of railroads attracted considerable attention in 1919 because
of its ultra-extreme character.

[Vor... 115.

in the country upon which 11,000,000 people depend for
their livelihood..
The contractors are in favor of priority for coal for the
first four classes established by the commission, including
special purposes, Government uses, public utilities, medical
supplies, and domestic consumption; but contend that
building materials are just as important to construction as
coal is to other manufacturers, and should have equal place
with it after the first four classes are served.
The petition called attention to the fact that with the
re-opening of the mines, the demand for cars for coal will be
not less than 320,444 cars per week, of the maximum 324,000 serviceable cars of these only 291,000 will be suitable
for the loading and transportation of coal, leaving only
33,000 open-top cars weekly for all other purposes'.

AMERICAN PETROLEUM INSTITUTE URGES SUBSTITUTION OF"PETROLEUM AND ITS PRODUCTS"
FOR "FUEL OIL" IN PRIORITY ORDERS.
In an effort to secure the uninterrupted movement of
petroleum and its products in inter-State commerce, the
American Petroleum Institute has forwarded the following
request to Secretaries Hoover and Fall, Attorney-General
Daugherty and Commissioner Aitchison of the Inter-State
Commerce Commission, who compose the Commission to S. M. FELTON SAYS LABOR LEADERS IN SHOPMEN'S
STRIKE RESERVE RIGHT TO STRIKE IN
Regulate the Transportation and Distribution of Fuel:
FUTURE—SENIORITY ISSUE.
The petroleum industry, through the American Petroleum
Institute,
respectfully requests that Service Order No. 23 be amended by
M.
Felton,
Chairman of the Western Committee on
S.
substituting
"petroleum and its products" for "fuel oil" in the priority
list established Public Relations of the Association of
Railway Executives,
by that order.
In the presence of a coal strike and a railroad strike
the petroleum in- took occasion on Aug. 10 to issue a statement at Chicago
dustry can render incomparable service in furnishing both
fuel and trans- analyzing the stand of the railroad labor leaders in the shopportation.
men's strike. Mr. Felton contends that the labor leaders
Gasoline is essential to motor transportation everywhere.
Kerosene
supplies light, heat and power throughout the country.
Gas oil is used have not agreed to accept the rulings of the United States
in large quantities by the plants which manufacture
gas for light and heat. Railroad Labor Board in the future, and that they have
Lubricating oils are necessary wherever wheels turn in
transportation or reserved the
right to strike in future against any decision of
manufacture. Crude oil moves to many refineries by rail and
is their
raw material.
the Board which they do not like. Mr. Felton also seeks to
Refineries cannot run without a free movement from their storage
tanks correct erroneous impressions regarding the seniority issue,
of all products of the barrel of crude oil. Gasoline,
kerosene, gas oil and
his statement, in dispatches from Chicago, Aug. 10, being
lubricating oils constitute in volume about one-half of the crude
runs from
refineries. The oil industry must store or dispose of approximately
four reported as follows:

barrels of by-products to obtain one barrel of gasoline.
Fuel oil, in general, is a refined product of petroleum. It is by-product
a
rather than a main product. In order to produce fuel
oil, it is necessary
for a refinery to have not only an uninterrupted supply
of crude, but the
means of disposing of the main products of the crude without
which the
continued production of fuel oil would be a physical and financial
impossibility.
Stocks of gasoline, kerosene, gas oil and lubricating oils are
held chiefly
at the refineries. The distributing stations are supplied
by a continuous
movement of tank cars and prompt return of the empty
cars to refineries
Is necessary to keep up that movement.
The movement of tank cars, loaded and Empty, has
the railroad strike began. Representative refineries slowed down since
report that about
twice as many tank cars are needed now to move the
same quantity of oil
as were needed a few weeks ago. The additional
cars add to railroad congestion and priority would relieve it to that extent.
The importance of a continuous movement
of gasoline cannot be overestimated in the present emergency. Gasoline is
transportation. Of the
11,500,000 automobiles in the United States
considerably more than
1,000,000 are commercial trucks.
Of the remaining motor vehicles about one-third
are owned by farmers
and have taken the place of horses for essential
uses. The greater part
of the remainder are used in large part for purposes
directly connected
with business. Local and suburban transportation
is now in large part
by automobile. According to recent figures 10% of
gasoline consumption is by tractors, 30% by trucks, 40% by passenger
vehicles, 12% in
export, 8% in miscellaneous uses. See Report of the
Joint Commission
of Agricultural Inquiry, Part HI, p. 195. That report
also states: "The
farmers of the United States use a large percentage of the
gasoline in the
operation of their automobiles, trucks, tractors and their
gas engines,
which are in common use on the farm for running electric
light plants,
fodder shredders, pumps, churns, threshing machines, and
many other
kinds of power driven machinery. Kerosene, fuel oil and
lubricating
oils are used in large quantities also, (p. 195). . • .
Kerosene has
been long used on the farm as a source of light and heat. It is
in growing use as a fuel for tractors." (n. 197). In many localities
there is no
substitute.
No responsible estimate places the pleasure use of gasoline at more
than
15 to 20%.
Gasoline is widely used in the delivery of farm produce. The cancallation of local and branch line train service makes it certain that trucks
and motor busses must be run to capacity.
The potential production of fuel oil is about 9,000,000 bbls. per week.
On the basis of 3M barrles of fuel oil to one ton of coal this potential
production is the equivalent of 73% of the entire present weekly production
of 3,500,000 tons of bituminous coal. In addition the refineries can
produce 1,300,000 bbis. of kerosene per week. This means that the potential
supply of fuel oil and kerosene is approximately the equivalent of the
Present output of coal.
The mine and railroad strikes have virtually renewed the vital importance of petroleum that prevailed during the war. In that period all priority orders placed "petroleum and its products" in the same class with coal
and coke, and "empty tank cars" in the same class with empty coal and coke
cars. There was no distinction made between petroleum production
because the non-essential use of any of those products is negligble.

There cannot be any difference of opinion among reasonable men regarding
the desirability of terminating this strike at'an early date, providing this
can be done in a way that would do approximate justice to those who
are directly concerned and that will not make railway strikes more likleY
in the future.
The labor leaders, in their letter to the President, did not agree to accept
the rulings of the Labor Board in the future. Every word they said upon
this subject shows that, regardless of the settlement of this strike, they
have reserved the right to strike in future against any decision of the Board
which they do not like. * *
There is only one way in which employees can possibly refuse to recognize
the validity of and carry out a decision of the Labor Board. That is by
striking rather than accepting it. Therefore, this proposal of the President
could not possibly have meant anything with respect to the future conduct
of the striking employees except that they were to agree that in the future
they could not strike rather than accept and carry out decisions of the
Board. * * *
The labor leaders concede it is the duty of the employees to abide by the
decisions of the Board only "as long as they continue to render service,"
that is, until they strike. * * *
Since it is absolutely impossible for the employees to violate a decision
of the Board except by striking, the labor leaders necessarily reach the
astonishing conclusion that while the railways can violate decisions of the
Board it is impossible for the employees to do so. Since the labor leaders
expressly receive for the employees the right to strike, it necessarily follows
that they rejected in the only way they possibly could reject it, the President's proposal that the employees should "agree to recognize the validity
of all decisions of the Railroad Labor Board and to faithfully carry out
such decisions as contemplated by law." * * *
With respect to seniority there still seems to be confusion in many people's
minds as to exactly what the President originally proposed. He proposed
simply that the employees who struck be taken back with the same seniority
rights that they had before they struck.
This meant that strikers who formerly had seniority over employees
who stayed at work would recover their seniority over these men and that
they would be given seniority over all new men who have been employed
since the strike began. This would mean that practically every new man
the railways have employed would have to be discharged. It would mean
that every employee who was low on the seniority list and who stayed at
'work would be put back in his former position on the seniority list where
he would be laid off in periods of business depression, while men who struck
would be given regular employment.
The tendency that this would have in future both to encourage strikes
and to make it more difficult in case of strikes for the railways to get men
to stay at work or to enter their service as new men is too obvious to
require mention.
The great wrong which would be done to men who have stayed at work
or gone to work during the strike and in helping to maintain operation
of the railroads have incurred great personal risk to themselves and their
families by sacrificing seniority rights which they have thus earned has
not been sufficiently considered. Furthermore, the fact that the personal
honor of railway officials, high and low, is involved has received hardly
any consideration. * * *
Under the second plan proposed by the President the entire question
ofseniority would be submitted to the Railroad Labor Board for settlement.
The labor leaders have promptly rejected this plan. The railway executives
are to meet on Friday to consider it. I do not, of course, know what
they will do.
Clearly, however, the proposal to give the men who stayed at work or
have gone to work during the strike an opportunity to have their rights
determined by the Board is a very different thing from the proposition
that, regardless of all the promises that have been held out to them in
order to keep tho railways running, their rights shall be arbitrarilyrset
aside without any hearing whatever.

CONTRACTORS URGE REVISION OF
COAL PRIORITY ORDER.
The greater part of the construction projects now under
way will be forced to shut down for.lack of construction
materials unless the present coal priority order is modified,
the Associated General Contractos of America, declared
SAMUEL GOMPERS PROPOSES INQUIRY INTO
in a petition of protest presented this week to the InterREPORTS OF RAILROAD WRECKS.
State Commerce Commission. It is the opinion of the
contractors that the action of the Commission is so drastic
In a statement on Aug. 8 relative to reports of recent freas to defeat its own purpose to kep industry in operation quent railroad wrecks, Samuel Gompers, President
of the
by practically shutting down the \second largest industry American Federation of Labor, advocated in every
case of a
ASSOCIATED




AUG. 12 1922.]

TIT

CHRONICLE

railroad accident "an immediate inquiry by public officials
who are not under the influence of railroad authorities."
Mr. Gompers's statement follows:

Reports of railroad wrecks have been frequent of late
and in at least one
such accident, on the Missouri Pacific, 35 persons were
killed and more than
100 injured.
There has been no statement as to the cause of these frequen wrecks
t
other than the statementsissued by railroad manager
s, which have uniformly
ascribed the wrecks to causes other than faulty railroad equipme
nt. In
the most serious of these recent wrecks the railroad
officials stated that the
engineer had run past stop signals.
In view of the large number of apparently authenti stateme
c
nts charging
a deplorable condition of railroad equipment, the public
should be furnished
with a more authoritative and unbiased statement
than any which are furnished by railroad officials where train accidents occur.
If it is true that
a high percentage of locomotives is unfit for operatio
n, may it not be the
case that the increasing frequency of railroad wrecks
is due to the use of
such defective locomotives?
It seems tb me entirely proper that in every case of
a railroad accident
there should be an immediate inquiry by public officials who
are not under
the influence of railroad authorities and that the public should
be immediately informed of the results of such inquiry, in order that may
it
be known
whether use of unfit locomotives, in defiance of rules
of safety and in defiance of law, is taking a toll of human life.
Constant reiteration, by persons evidently in possessi
on of accurate information, of charges that totally unfit locomot
ives are being used both in
the freight and passenger service of the various railroad
s, justifies the demand for some other explanation for the increasi
ng number of wrecks than
those offered by railroad officials.

As bearing on the above, Associated Press dispatches from
St. Louis Aug.8 said:
Officials ofrailroads having general offices in
St. Louis to-day emphatically
denied the statement of Mr. Gompers that
recent railroad accidents may
have been due to defective equipment.
Speaking for the St. Louis & San Francisco,
J. M.Rum,President,stated
that not since the strike began has a single accident
on that road been attributable to defective equipment.
Discussing Mr. Gompers's suggestion that
railroad accidents be investigated by public officials "not under the influenc
e of the railroad authorities," Mr. Rum pointed out that the Inter-St
ate Commerce Commission
Investigates railroad accidents in which there was
loss of life.

ANALYSIS OF FEDERAL CONTROL OF AMER
ICAN
RAILROADS.
An analysis of the "Federal Control of American Railroads," prepared by Philip G. Otterback, of the Burea
u of
Railway Economics at Washington, was published
on Juno 1.
Mr. Otterback in his memorandum says:

During the period of Federal control of the
American railways (from
Jim 1 1918 to March 1 1920) there developed certain
unavoidable effects
of the general scheme of Government control and
certain policies of the
United States Railroad Administration that exerted
most unfortunate influences upon the transportation system of the
country. It is the purpose
of this memorandum to deal with the chief of these effects
and policies.

As to the unavoidable effects of Government control, Mr.
Otterback cites:

1. The confusion incident to the change from private
operation to Governmental operation.
2. The fact that appropriations for use in operating
the railroads were
necessarily made by Congress and hence affected
by political considerations.
3. Tho loss of much of the normal incentive for
economy and efficiency
on the part of the subordinate officials and employe
es, due to the fact that
financial losses had to be made up by the Governm
ent.
4. The loss of the advantages duo to competition
among the railroads.

Concerning these the author says:

These four effects existed to a greater or loss
extent throughout the entire
period of Federal control, but it can be said that
their evil influences terminated practically with the end of Federal operatio
n.
The same statement cannot be made regardin
g certain efficiency-impairing policies of the Railroad Administration.

In discussing the policies of the Railroad.Administration,
the efficiency-impairing effect of which did not cease with
Federal control, the writer cites the following:

1. The change from mere regulation by the Inter-State
Commerce Commission to actual Federal operation of the roads
themselves under Governmental authorities.
2. The change from individual management of individu
al roads to management of all the roads as a unit from Washington.
3. The consequent promulgation and enforcement of
national orders,
which disregarded the variation in local conditions.
An illustration of this
Is the standardization of wages, under which a station
master,for example,
In a small town in Georgia, received exactly the same
pay
station
master in large cities, regardless of difference in living costs, as a
and the like.
Another example is the standardization of rules and
working conditions
In the shops of railroads everywhere,resulting in excessiv
e costs and reduced
efficiency.
Another example is an attempt of standardization of
equipment, although
the existing equipment had been designed to meet purely
local conditions of
rail weight, strength of structures, grades, &c.
4. On the financial side the disregard of maintaining
proper relationship
between income and outgo,leaving enormous deficits
to be made up by taxation and leaving upon the railroads, when they
were returned to private
control, the necessity of rate increases which should
have been made at a
much earlier period.
5. The scattering of freight car equipment about the country regardless
of its ownership and to a largo extent in disregard of the characte
r of work
for which particular cars were designed.
All of this involved enormous movement of empty cars after Federal
control and a highly abnormal number of cars in bad order. At
the beginning
of Federal control 44% of the freight cars were on their home lines and
at
the termination of Federal control only 22% were on their home lines.
Cars
on foreign lines are not kept in as good repair as cars on home lines.
• 6. The maintenance policy in regard to both way and structure and equipment. For example: Not only were tie renewals in 1918-19
19 below the
average of tie renewals during the test period, but they were also lower
of
a
grade. The same applies to ballast; and the same policy ran through the
whole physical structure of the roads to a greater or less degree.




723

7. The failure of the Railroad Administration to provide
necesslary additions to the railway plant—cars, engines
and trackage and terminal facilities.
8. The demoralizing labor policy. For example
: As a heritage of Federal control, the railroads, instead
of dealing with their own employees,
were forced to deal on a national
basis with the heads of national unions,
with the resultant loss of discipline
and efficiency in railway forces. There
was an atmosphere of disruption
and disorganization from which the railroads have not even yet fully recovere
d.
9. The withholding of money due to individu
al roads after Federal control was over.

The writer goes on to say:

. Practically all of these policies,
as such, are now discontinued, but their
baneful effects upon the transportation
industry are still felt.
Due to the foregoing effects and
policies, there developed a general weakening of railway credit and of railway
securities which in turn had an additional depressing effect upon the
efficiency of railway operation.
This memorandum is not intende
d at all as a criticism of the United States
Railroad Administration, as many
of its policies were determined to practically the last degree by the exigenci
es of the national and international military and economic situations, and
many of these same policies, in perhaps
a somewhat less radical degree,
might have been forced upon the railways
under private operation. None
the less, these expense-breeding and efficiency-impairing policies were
adopted during the period of Federal control and must be faced as matters
of fact.

BILL FOR FEDERAL INCORPORAT
ION OF NATIONAL
RAILWAY SERVICE CORPORATION.
It was made known on July 27 that
permanent standing
conference committees have been named
by
Association of Owners of Railroad Securit the National
ies and by the
Association of Railway Executives to
discuss the proposals for pooling interchange freight cars
under a central
agency, advocated by representatives of the
security owners
before the Inter-State Commerce Commi
ssion in February
last. This was revealed in a statement
before the Senate
Committee on Inter-State Commerce
on July 26 by S.
Davies Warfield, President of the Associ
ation of security
owners, when a tentative bill was presen
ted for the Federal
incorporation of the National Railwa
y Service Corporation
—the agency of a public character, operat
ing without profit,
organized by the Association of
Security Owners under
State charter to demonstrate its feasibi
lity and economic
necessity, and which has financed
equipment for a number
of carriers. Under Federal charter its
operations and usefulness would be extended.
The announcement of the
Association says:

Advantages of this agency are
set forth for also financing the
of freight cars without cash
rebuilding
from the carriers, and far-reac
hing plans are
disclosed for car repair and
rehabili
tation. "Enormous savings" are said
to be obtainable and many
of the "fundamental causes
for the present
unrest would be largely
eliminated." Many of the 330,000
cars in the country—increa
bad order
sing because of the strike—
can thus, it is said,
be expeditiously and economi
cally rebuilt.
The Service Corporation
will be managed by a board
of 16 trustees,
equally divided between
railroad officials and officials of
public investing
Institutions, not bankers,
such as mutual life insuranc
e companies and
savings banks, representing
millions of investors. Under the full
of its operations, the
scope
Service Corporation, it is claimed
, will save over
$300,000,000 per annum.
The security owners,
before the Senate Committee in March
urged the group organizi
ng of the carriers composing the railway 1921,
groups
in the four rate-making
districts, it is stated, and that the railroads have
now voluntarily formed these
organizations.
'
"As a result of
correspondence," Mr. Warfield states, "a committee was
appointed consisting of
the
Chairman of the Advisor Chairmen of the four railroad groups and the
y Committee of the Association of Executi
ves
to meet a committee
named by tho Association of Security Owners to
discuss its proposals."
At a conference no objection was found by the
railroad committee, it is
carriers so desiring, for stated, to the use of the Service Corporation by
financing equipment, new or rebuilt, or to the
Federal incorporation
thereof. The proposals for pooling freight cars
were deferred, but will
be immediately presented before the permanent
Railroad Conference
Committee recently appointed. Senator Cummins
requested a copy of the
proposals for car pooling also, as he had been
waiting for all availabl
e data to close the hearings.
In the statement to
the Senate Committee, Mr. Warfield makes an
urgent appeal to maintai
n the provisions of Section 15a of the Transportation Act as a necessity
to adequate rail transportation and which have
been under attack.
He points out that
the provisions of this section, in their effect, are
"misunderstood and often
return on either railroad misrepresented." That there is now no fixed
property or their securities named in the Act,
no guaranty. That
the 5%% to 6% provision expired March 1 1922.
That the Commission
determines entirely and makes public the amount
of return it will permit
the carriers to earn from rates, and also fixes the
aggregate value of the
property of each of the four groups of carriers upon
which the return it names
shall be computed. He states that this section
of the Act contains only
the essentials to provide for the inequalities
between heavy traffic
territories and those of light traffic, in which the
respective railroads
operate. That no other method would make satisfactory compensatory
provision for these inequalities between traffic
territories which are
inherent in transportation by rail.
Mr. Warfield states
that the attempt to provide for these traffic inequalities through the
consolidation of all the railroads into a few large
systems is utterly
impracticable. He contends that to lay out territories
so that competing newly
consolidated large railroad systems operating
therein will earn alike,
"cannot be done." That "the necessary results
of competition would be
varied earnings among the systems." He states
the inequalities between
traffic territories could be provided for, other
than through Section
15a, only by the "drastic method of consolidating
all the railroads of the
country into one large system." That the full
usa of the Service
Corporation in connection with the provisions of Section
15a of the Act, will produce
much greater savings than from the large
consolidations, which should remain permissi
ve.

724

THE CHRONICLE

e least in value. This
portion of his store of bonds of types that fluctuat
brings him to "municipals" for a preference class.
woman, particularly when
A bond is a bond to the average man or
this statement applies
offered by a reputable institution. Unfortunately
takes a great deal of courage
almost as fully to the average banker. It
such a broad statemake
and
to face a group of much respected bankers
a slight qualification in the
ment, but if you will give me the privilege of
to your satisfaction.
of the banker. I believe I can prove this
F. A. FREEMAN ON SELECTING SUITABLE BONDS Instanceand
it for themselves by simply
prove
can
bankers
ton
Washing
Oregon
these two States and finding
FOR RETAILING BY BANKS—CONDITIONS IN
checking over the records of the banks in
banks have bought and passed
STATE OF WASHINGTON.
out how many of Oregon and Washington
bonds of towns in the State
to their clients or still hold improvement
'"Selecting Suitable Bonds for Retailing by Banks" was out
of the underlying facts as to
of Washington, without real knowledge
of
ent
Presid
an,
A.
F.
Freem
by
s
addres
ton L. I. D.'s. By custom a
the subject of an
method of issue and payment of Washing
ion for bonds issued by counties;
Freeman, Smith & Camp Co. of Portland, Ore., at the municipal bond has become the, designat
, water districts, imlities, school districts ht;thway districts
convention in that city on July 17 of the American Institute municipa
subdivision or quasi-political
provement districts or any kind of a political
on
the
selecti
"in
that
d
that anything issued
out
an
believe
pointe
of Banking. Mr. Freem
subdivision of a'State. A great many people
for which
a city is the obligation of that city
.
of municipal bonds there are three primary considerations, In the form of a bond bypersonal
, within the city is security for payment
property, real and
ty,
the
all
Securi
to
issue;
ity
ing
author
govern
that the
ty,
know
Legali
namely
ton bankers
Washing
and
Oregon
many
how
I wonder
improvement
providing ample guarantee, and the Power to Tax." He City of Spokane alone has more than $500,000 of its street
and interest.
past due, and in default of principal
likewise said that "a dealer in investment securities who is bonds outstanding,Banker,
bought
I didn't except you because you never
Now, Mr. Eastern
had more experience
jealous of his reputation and worthy of confidence will bonds
of that class but simply because you have securities, but have
to
able
is
l
doubtfu
deal only in those bonds that he understands, or
and ought by this time to have quit buying
d Spokane
fact, a substantial amount of these defaulte
obtain proper knowledge of. He will not indulge in the you? As a matter ofwere
banks.
Eastern
by
ed
purchas
bonds
ment
Improve
tand
not
unders
does
he
that
ies
ee for a municipal bond
purchase and sale of securit
Did you ever hear of a bondholders' committ
I hold refer
until after full investigation, when he has satisfied himself issue? Well, here's the proposal for one. Thesebe papers
so classified. These
bonds may properly
ment
improve
to
g
pay."
y
the
and
power
providin
securit
one.
tt)
the
on,
as to the legal situati
to bankers and investment
are samples of a type sent out widely
to organize the holders of a
Referring to the fact that "a great many people believe that papers
bankers for the ostensible purpose of seeking
ment bonds Into a protective comanything issued in the form of a bond by a city is the obliga- defunct issue of Washington improveextreme
ly vague which, undoubtedly.
is
recovery
for
hope
al,
the
person
but
and
real
ty,
mittee,
tion of that city for which all the proper
letters knows to be the case.
these
wrote
who
man
the
and said nothing of other
within the city is security for payment," he drew attention
Now I mentioned the defaults in Spokane
of
know the aggregate sum in dollars
to the situation existing in the State of Washington, and defaults in Washington. I do not
of Washington, but it reaches
State
the
in
bonds
ment
that
d
improve
s
defaulte
asked how many Oregon and Washington banker know
a very large total.
of the cities in Washington
the city of Spokane alone has more than $500,000 of its
The "revolving fund" method used by some
is not Infallible.
in
and
due
past
nding
is offered as a panacea but the revolving fund
street improvement bonds outsta
bonds of the cities using
Not by any means are all of the improvement
The city generally puts
default of principal and interest." Mr. Freeman added "revolv
backed by this reput-si safeguard.
ing
fund,"
districts are left to
that he did not know the aggregate sum in dollars of de- the revolving fund behind good districts and the poor
g fund
attorneys advise us the revolvin
faulted improvement bonds in the State of Washington, but shift for themselves. Eminent
may be disconand
mandatory
not
is
ton
Washing
in
few
cities
a
by
used
good
observed that "it reaches a very large total." He also noted tinued or applied when desired, or abolished at will. I have oninvestble and highly reputable
that "the 'revolving fund' method used by some of the cities authority (that of an eminently respectaimprove
in
city
a
of
ment bonds
for a recent issue of
when the
In Washington is offered as a panacea but the revolving fund ment banker) thatwas
available for payment of interest
money
no
there
ton
Washing
when
Is not infallible." The grossfault in the State of Washington, first coupon fell due. This sounds amusing but it is not so amusing
who paid his good money and
according to Mr. Freeman, "is that its courts hold that you think about it. What about the investor
prethe
at
"
"dealer
from a not overly conscientious
general taxes are prior to street improvement liens, and in bought these bonds
has some time yet
good bonds? The holder of the bonds
for
market
veiling
to my informthe event of sale for general taxes and the property is taken In which to learn the character of his purchase. According first
numbered
simply removed the
In by the county the assessment liens for payment of the im- ant, the contractor who owned the bonds
no revolvbeing
there
treasurer
city
the
to
them
red
surrende
provement bonds are wiped out." Stating that Washington coupons and
issue. I know that Washington local
ing fund protection behind this
of late and I know that they
local improvement bonds have been sold in the East of late improve
ment bonds have been sold in the East the past. Doubtless they
large amount in
and that they have been sold in the East in large amount have been sold in the East insuch
time as banks and investment banking
e to be sold until
In the past, Mr. Freeman said, "doubtless they will continue will continu
and accomplished the task of educating
es
thenselv
upon
taken
have
houses
s or until such time as
to be sold until such time as banks and investment banking people against buying this class of doubtful securitie
themselves
of Washington voluntarily take upon
houses have taken upon themselves and accomplished the the people of the State
ment laws or are forced to do so by
improve
al
municip
their
of
ng
the remedyi
task of educating people against buying this class of doubtful the
ors and brokers who handle this
refusal of banks to finance contract
securities or until such time as the people of the State of class of bonds.
money where you lost it." There
There Is an old saying,"Look for your
Washington voluntarily take upon themselves the remedying
be stung twice in the same place.
Is also a strong disinclination to
t
so
or
do
laws
are
to
vemen
forced
impro
pal
munici
America to-day conversant with all
,of their
There is not a reputable dealer in
ment bond. That is the
by the refusal of banks to finance contractors and brokers the facts who would buy a Spokane improve
care of present
"
The
Mr.
is
Spokane proposes setting up a guaranty fund to take
bonds.
ing
of
follow
class
reason
this
handle
who
The responsibility for
future issues of local improvement bonds.
and
full:
in
tent handlFreeman's address
situation In Spokane, however, lies with the lax and Incompe
minutes a program for "Selecting Suitable Bonds the
n by dealers who either ignorantly or lacking in a sense of
To lay out in twenty
situatio
the
of
ing
and doing justice to all classes of bonds that
ure remedies had
for Retailing by Banks"
responsibility let the matter run along until legal foreclos
attack In
y would be a large assignment, too big a job
come within that categor
lost. This "guaranty fund" proposal, however, is under
been
e,
therefor
sugwill,
with
I
content
myself
h.
If fact for me to approac
courts at present.
the
put
into
if
that
e is
worry
will
vogue
reduce
re
languag
procedu
inglish
gesting certain lines of
Probably one of the most misused words in the
things of
m.
we are willing to consider that it includes
unless
and trouble to a minimu
ment,"
"Invest
to
realize the respcnsibility
bankers coming
More and more fully are recommending
nt a character that they never will be paid.
investments to their clients so permane
and
gton is the only State that has
they assume in offering
I do not want to impress you that Washi
are
es
country
the
of
ng
securiti
banks
organizi
big
Such is not the case. The gross fault
laws.
ment
al
improve
and more and more of the
municip
poor
general taxes are
capital and run by men who devote their whole
companies with separate
State of Washington is that its courts hold that
banking business, thereby serving the banks' In the
of sale for general taxes
time to the investment
to street improvement liens and in the event
prior
at
them
and
the
directly
same
time
relieve
ent lions for paycould
clients better than they
property Is taken in by the county the assessm
moral responsibilities that attach to the business. and the
This makes necessary
from the direct and also the business is essentially a profession, a business ment of the improvement bonds are wiped out.
ton improvement
The investment banking
the utmost care in the selection of Washing
kind of a joke is the know-it-all who pretends the use of
foreclosure proceedings
of specialists. The biggest
and unceasing watchfulness to see that
bonds
is
that
put
would
bond
It
before
him.
any
"rate"
The same is true in a general
to tell you the merit or
enforced to avoid the loss of the security.
an organization to competently do this. When are
happen to be familiar.
I
which
with
State
another
be impossible to effect
in
am not unmindful that there are several great sense
ent bonds most often used in
making this statement I
The old Vrooman or 1911 Act installm
economists and statisticians who claim that
each being an individual
organizations of so styled
ia are not ony a very crude type of bond,
Californ
.
No
services
organiza
their
such
doubt
for
invariably for an odd amount,
accordingly
ability and charge
upon a special piece of property, almost
lien
s"
of
of
their
'rating
wide
many
are
but
annually, but it is more
value.
due
of the principal, and the Interest failing
tions have considerable
show crass Ignorance of the facts. I cannot con- 1-10th
the lid and do his own collecting.
the mark and °Mimes method of procedure than to invest or stake one's or less up to the owner of the bond to sit on
a direct lien upon the property
ceive of a more foolish
Oregon, improvement bonds, although
widely advertised rating books that by many are In
ent liens, are the general obligation
reputation upon these
improved and payable from assessm
finance.
full taxing power against the
considered the bibles of implied responsibility in undertaking to advise of the issuing city and are supported by the
1915 Act bonds in California. the issuing of
There is a very great
new
The
ity.
conunun
whole
improvement upon the old type
invest their money and there is a direct legal responsi
is optional with the city, are a great
others how to safely
es under mistepresentation whether innocent or which
sense to Oregon improvement
bility for selling securiti
bond and are very similar in a general
of
to
vendor
right
recovery
the
from
the
has
er
are superior thereto. A dealer in investment
otherwise. The purchas
the prospects of law-suits for re- bonds and In some respects
view
ently
complac
worthy of confidence will
and
s who is jealous of his reputation
and few banks can
charges of misrepresentation or fraud. However, securitie
bonds that he understands or is able to obtain proper
those
in
only
covery of funds through
deal
a
be
to
bank's
come
a
of
function
investment has
in the purchase and sale of securities
providing bonds for
knowledge of. He will not indulge
expect that service and demand it.
after full investigation, when he has
business and its clients
that he does not understand until
to
is
has
reckon
that
bank
with,
and
a
that
the security and the power to pay.
There is another element
satisfied himself as to the legal situation,
depositor bond clients with a resale market value for
not possible for the commercial banker having a bend
is
it
ly
Obvious
later on satisfying its
r
a
of
bond
is
likely
custome
bank
The average
ced organization devoting its
securities it has sold.
department without a capable and experien
or more than he paid In event of necessity to
ation of issues, to provide himself with all the
to expect as good a price
ced investor to recognize whole time to the investig
an
experien
than
willing
knowledge of this kind. It is, however, possible and in fact
sell and be less able and
regulate bond values. Therefore the problems necessary
expects the investments of his clients made through him
fundamental conditions that
the advisability of providing a goodly necessary, if he
include
dealer
bond
of the banker

ee are: T. De Witt
The members of the Railroad Conference Committ
B. Storey and Daniel
Cuyler, Chairman; Howard Elliott, L. F. Loree, W.
nce Committee
Confere
owners
Willard. The members of the security
Fiske, Darwin
are: S. Davies Warfield, Chairman; Geo. E. Brock, Haley
P. Kingsley and John J. Pulleyn.

.

[Vorm 115.




AUG. 121922.]

THE CHRONICLE

to be profitable and safe, to select as a medium for the purchase and supply
of investment securities sources of supply that do have these necessary
qualifications.
Experience in the business, character and ample capital to back them
up are qualifications that should be exacted in selecting investment banking
houses through which to do business. Capital is an important requisite
to lend assurance that when providing a market for his client who mah
have necessity to resell a part or all of his holdings that the banker in turn
will have an early outlet for selling the bonds on a fair basis of valuation
then existing. Perhaps too little attention is often given by the bank or
individual in business to this really very important matter. The investment banking house that retails the major portion of its underwritings is
naturally the preferred type of house, every thing else being equal, from
whom to purchase bonds. With a large list of investors in a particular
issue who have received their coupon payments regularly without delay,
the retail investment banking house has a fine list of prospective customers
for the bonds that it may have occasion to resell. It is resaonable to look
fb* the original underwriting house to provide a better market for bonds
that it originally handled than elsewhere. There Is reason to expect a
better price from that house. There is an implied obligation on the part
of the original underwriting house to take care of its customers in the best
manner possible consistent with general conditions. Even though the
original house could buy other bonds on a better basis It is good policy, and
I believe general practice, for distributing houses of character to strain a
point in the interest of building up good-will. There is such a thing as overdoing, and it is not a rare thing to find that a house may make extravagant
promises to take up bonds at any time its client wants at the price paid for
them. That only breeds disaster and promises of that kind should be
viewed with suspicion and business in the purchase of investment bonds
should be done on the general plane of common sense that applies to all
good business. He who promises most is apt to perform least, and he who
promises least and performs most is more likely in the end to be where he
can be found when wanted.
It is not so much the rate of interest as safety of principal which should be
the predominating force In selecting bonds,either for one's own investment
or for distributing. The greater the security the greater is the assurance for
prompt payment of interest and ptincipal and the less cause for worry.
In the selection of municipal bonds there are tin ee primary considerations,
namely: Legality, governing authoi ity to issue: security, providing ample
guarantee, and the power to tax. With these essential demands satisfied,
we have a class of security that stands head and shoulders above any other
type of bond, excepting only the bonds of States and of our Federal Government. With an unlimited power to tax and a preponderance of security
from which to provide the necessary funds for taxation, and the legal authority to issue bonds, you have the support of countless decisions sustained all
the way through to the Supreme Court of the United States, even going so
far by the decision of the Supreme Court of the United States in the instance of a city attempting to repudiate payment of its obligations as to
compel payment of principal and interest in full to maturity, and additional
interest to the date of payment and all the costs of litigation as well.
In most States of the Union wise laws surround and regulate the issuance
of general obligation bonds. Generally there are limits to the amount of
bonds that a municipality may issue, and definite provisions for taxation
to provide Interest and sinking fund requirements. These are prime
requisites for a stable, dependable character of marketable bond. Bonds
with tax limitation are naturally the less desirable type of municipal. There
Is a peculiar situation in one of the Southern States whereby constitutional
provision there is a general tax limitation which has caused some defaults
regardless of the fact that the legal limit of indebtedness has not been
exceeded
A good bond is a good bond anywhere you find it, but it is very wise
a
thing to be able to prove that bonds you own are good
bonds. That brings
us to the question of legal opinions. A properly
conducted investment
banking house unfailingly obtains, from a firm of attorneys
eminently
qualified to issue the same, a written statement of its opinion
after searching
examination of all proceedings incident thereto, that the
bonds have been
issued in due accord with law. Without such a
certificate in hand readily
accessible in its files for the inspection of its
clients, no reputable and trustworthy investment banking institution
will buy and sell the bonds of a
municipality. It is rare for municipal bonds
to be issued without proper
legal authority, but it would be
very unwise procedure to risk the purchase
without knowledge that, although the
bonds
have been issued under due
Authority,that there exists the
necessary authority for taxation with which to
pay, regardless of how great
might be the security behind the
promise to
pay. Without authority to levy
and
ability of a standard legal opinion, collect taxes, and the proof by availone's market for the bonds would be
greatly restricted. It is customary
to furnish with bonds sold a certified
copy of a standard legal opinion held
by the original underwriting distributing house.
It sometimes occurs that bonds are
'tractors for work done, and they in delivered by municipalities to conturn exchange them for material reeeived, and the bonds in broken lots are
traded
no interest other than to pass them along at around by brokers who have
as good a price as they can obtain for them without any one having gone
to the very important detail of
having gotten together an official transcript
of all proceedings, submitting
the same to qualified attorneys and
obtaining their opinion of legality.
Such bonds aro, of course, from a market
standpoint poor quality. Although they may be good, it Is unwise to
purchase them even at attractive
'figures without proof of their legality. At a
late date it may be a very
•expensive matter, if indeed it can be done at all,
to get together the necessary
proof in the way of documentary evidence in
the form of a transcript of
legal proceedings for submitting to qualified
legal experts to pass upon.the
The types of bonds in which a well-conducted
investment banking house
•deals are naturally restricted by the
limitations of its ability and experience
qualifying it to say "these are good bonds,
good
enough
fcr the investment
.of our own funds and good enough
for the
own family, and therefore good enough for investment of the funds of our
us to sell to our clients." Investment banking houses who may be
qualified to pass upon municipal
bonds in general, approving them for
handling, may or may not be qualified
to pass upon and judge utility bonds in
general or industrial bonds or railtoad bonds or steamship bonds and so on
•classifications under which the many types through the list of the various
of bonds are known. It is the
practice of well-conducted investment
banking Institutions to restrict their
underwritings to issues that their ability
and experience teach them to
know, after proper investigation of the security
offered, legality of issue
and income from which to pay, and to
handling bonds either directly purchased (or as members of a syndicate
distributing bonds originally purchased) by an eminently qualified institution
or a group of houses of that
.character specializing In that particular type
of security, who primarily
purchased the bonds. The greater the reputation
for care and conservatism in the selection of securities for offering
its clients the greater is the
.expectation for a long and successful career and
the more zealously should
be the guarding of such a reputation and the more confidently should
one
.look to such a house for advice.




725

I do not believe that it is intended to expect me to provide a schedule of
tests to be followed in the selection of all the bonds suitable for the retailing
by banks, and if it were I would have to confess myself hopelessly incapable.
If compelled to diversify in the character of bonds dealt in by me for reason
ofthe widely different demands of my depositor clients as to type of security,
as to tax exemption, as to interest rate and all those different things that are
demanded by investors, I would make a study of investment banking houses
and select for my financial advisers specialists in each of those various types
of securities that I decided to handle and endeavor to give them sufficient
business to warrant their not only looking to me as a customer, but taking
a personal interest in my business and assure as far as humanly capable my
meriting that confidence bestowed upon me by my depositor clients for
wisely selecting bonds suitable for their investment. Frankly, that is
exactly what we do in the conduct of our own business. We don't take
any chances in the investing of our funds as a result of those neighborly
little chats that we have with street "experts." As you know there are
thousands of them who never made a success in anything and won't lose
anything if you follow their advice and suffer. We don't care very much
for neighborly advice. We look for professional advice from qualified
sources. We have to pay for it some way or other and we endeavor to make
compensation by bestowing our business where we receive advice that we
believe is competent and reliable. There is really no one qualified to immediately prescribe for the requirements of every investor at all times,
but, time permitting, it is the business and duty of the investment banker
to obtain and provide for his clients the guiding facts and the fitting counsel
for each special case.
There is one thing that I might suggest and that is to adopt a few particular types of securities to specialize in, and when you know them and know
them well, to back them up with your full knowledge and belief and build
up a business in those particular types of securiites, not overlooking the
fact that when you have educated a substantial number of investors to put
their funds in those particular kinds of bonds, you will have created a top
r9arket for bonds that you may repurchase from clients compelled to realize
by sale securities that are known to your class of clients as time tested and
worthy of entrusting their funds therein.
There are so many factors entering into considerations for purchase of
the many classes of bonds that it Is possible for me only to attempt to hit
a few of the high spots. A few days ago Roy Osgood, recently President of
the Investment Bankers' Association of America, stated that experience
shows that in cycles of fifteen years 87% of new enterprises fail and 13%
succeed. Certainly if only 13% of our industries survive, it behooves the
banker to scrutinize under a very strong glass utility and industrial securities. The real security behind an industrial loan is management and that
only. If an industry cannot be operated profitably it has value as junk
and no more,even though its cost may have run into very enormous figures,
except only when it may have some ability for conversion over for another
purpose. A one-purpose plant or a one-purpose building offers the lowest
class of security of its type.
Altogether too many farm mortgage bonds are issued upon consideration
of the equity of the property mortgaged without considering the earning
power of the property and its ability to pay interest and retire the principal
through its income, and generally trifling, If any, consideration Is given to
the question of management.
In the past project bonds of irrigation districts and other reclamations
have altogether too often been bought at low prices consistent with their
value as "projects" or construction propositions with security yet to be
created, sold at going values for a security already established. The
distribution of these types of securities most unfortunately frequently was
made by those with little or no capital who could not stand prosperity
and Instead of holding in surplus account their extraordinary profits let
them drift, wasted them largely so that they were unable to provide an
after market for their clients. The municipal irrigation laws of the Western
States have been very greatly improved, but in some sections the marketing
of irrigation bonds with really great security behind them is comparatively
difficult on account of the black eye given by selling project bonds at high
prices and worse than that, falling to provide a market at any price. These
facts, however, bring bargain opportunities in really highly secured irrigation issues and if discriminatingly gone about one can find combined
high yield and high security sufficiently great to satisfy any reasonable
person.
Whatever the nature of a bond consider first the character of the maker.
That holds true whether it may be a mortgage bond, that of a foreign
Government, a municipality, or a bond of any other type. Regardless of
resources if the borrower has not the willingness to pay and pride of reputation and resourcefpli energy, the bond is at once stamped as speculative. Bonds of communities where there is a strong political element
that is opposed to the existing order of things are not looked upon with
favor. There are communities where what we know as the "debt-paying instinct" is almost wholly absent. I have particularly in mind an
irrigation district in Idaho that has never paid any of the principal of
its debt and has even defaulted on the interest. Its bonds have been
refunded twice and yet there are bond houses who knowing these facts
would still buy the bonds of that distrcit and sell them to the public. Peoole of the district even boast that they never will pay its bonded debt.
It Is superfluous to discuss the situation in Russia. When the Chinese
Republic 8s recently fell due the Minister of Finance resigned and the
loan is still unpaid.
A widely known New York house adopted a unique expedient in contracting a loan with a South American republic. The contract contained
a clause that during the time these bonds were to be outstanding there
should be no revolutions started in the country. The underwriting house
took delivery of half of the boort; immediately, but It was very slow In disposing of them. In fact, only a small portion had been passed out for
public consumption before the contract between the vendor and the vendee
had been violated by the starting of a revolution. Regardless of the
technical violation of its contract the Republic started suit for breach of
contract, endeavoring to force the underwriting house to take delivery of
the second half of the bonds. The underwriting house replied with a
counter suit through international channels alleging violation of the contract through the revolution and demanding ca“c .11a,to,' thereof and the
return of the moneys paid. This international controversy is very interesting and no doubt will be carried on for many years, not by the original
underwriting house, however, but by the receiver, the house having failed
about a year ago.
We would not recommend the bonds of any country that is on a flat
money basis. The depression of Its money will continuo as long as anybody will accept it or until it becomes wholly worthless. Population means
very little if black and tan. Where there is a will there is a way generally. Resources from the standpoint of security mean little without willingness to pay. Statistics mean little. The only statistics worth while
are figures of fulfillment. Statistics won't pay bonds. Possibly there
are ways of enforcing payment. Certainly there should be In all instances
methods of collection and in most instances there are, although they are
not much in evidence In the instance of Russia and some other countries,

726

THE CHRONICLE

but who wants to buy a lawsuit or have to invoke the aid of arms tchnake
collection?
The admitted policy of Mexico whose sinking funds are greatly in arrears
Is to let its sinking funds stand in default because it can buy up bonds
much cheaper than paying for them according to sinking fund provisions.
There is considerable trading in the bonds of Mexico but it is done on
purely a speculative basis and not on the basis of good investment.
Bonds of one industry towns are looked upon least favorably. Mining
and oil towns are the worst; saw mill towns only a little better, and even
railroad towns rarely come within the category of safe bonds, especially
where dependence is largely upon the income from the railroad payroll.
The railroad may move its shops or division point, or take up its line
entirely. Flood danger is a thing to watch, and it would be a foolish
banker who would recommend bonds of a town adjacent to an active volcano. They have not yet finished digging Pompeii and Herculaneum out
of the lava from Vesuvius. I imagine if these towns had any bonds outstanding for the aqueducts that were so prominent in those days, the bonds
had defaulted before the water stopped sizzling against the molten rock.
In purchasing municipal bonds it is importsnt to know the identity of
the firm of lawyers who passed on the legality of the bond issue. Every
large business centre has one or more firms of lawyers who specialize in
municipal bond law, and whose reputations are of the highest. It is hnportant to know something about the standing of the approving lawyers.
An issue of bonds in one of the Washington counties was rejected by one
of the Portland firms of bond attorneys and the bond house which had the
bonds under contract canceled its purchase. A dealer not so scrupulous
then contracted to purcha_se the bonds and paid a lawyer without experience in bond law to approve the issue. These bonds were sold to investors.
They were clearly in excess of the amount of the debt limit of the county
provided by law. An interested taxpayer might at any time bring suit
and have the bonds declared invalid.
When a bank purchases bonds or recommends them to its depositors, the
first thing to consider is the standing of the house underwriting the bonds
or offering them for sale. What is its reputation for honesty and fair
dealing? Does it stand squarely behind the bonds? Do its principals
possess sufficient experience and ability to enable them to pass on the
intricate credit problems represented by large bond transactions, and to
Justify your acceptance of their opinion? Are they men of good personal
standing? Do they speculate or gamble or drink to excess, or live extravagantly? Is their record clear? I cannot emphasize this too strongly.
It is just as important a credit matter as if you were loaning the money
to the bond dealer. Perhaps you think I am overstating this point. Let
me give you a few illustrations: A few years ago there was an active
bond dealer in Chicago who specilaized in school bonds. He borrowed
heavily from banks on the collateral of the bonds. He arranged with the
banks to permit him to come in and clip maturing coupons from the bonds
a week or two before the coupons fell due, explaining that he wished to
make his own collections. This went on for several years until a bank
clerk forgot instructions, clipped some maturing coupons and sent them
for collection. They were returned with the statement that they were
forgeries. An investigation was made inunediately. It developed that
all the bonds held as collateral by the bank in question and another bank
were forgeries. It was learned that when the bond dealer purchased an
Issue of school bonds he agreed with the district officers to furnish the blank
bonds ready for signatures. He then had the printers prepare duplicate
sets of the bonds. One set was regularly signed by the district officers and
the seal affixed. He then had a duplicate seal made,and forged the signatures and affixed the seal at his leisure to the bogus bonds. He sold the
good bonds to investors and to the other bond dealers and used the bogus
bonds as collateral to borrow from the banks. The money realized he used
as capital for stock speculation, and lost it, of course. The loss to the banks
was very heavy. The bond dealer is still serving his sentence in the Illinois
penitentiary at Joliet.
Another illustration Aearer home: Two young men employed by a stock
broker in Spokane resigned their pos;tions and went into the bond business on their own account. They enjoyed the confidence of a very wealthy
mining man to whom they sold large amounts of bonds. He relied implicityly on their advice. They forged several issues of bonds amounting to
about three hundred thousand dollars, in the identical way employed by the
crooked Chicago bond dealer. The good bonds they used as collateral for
bank loans or sold to other bond dealers. The bogus bonds were sold to
their wealthy patron for cash. They associated with a fast set, drank
freely and spent money lavishly. Most of the money was lost in stock
speculation. When the inevitable discovery came one of the young men
committed suicide. The other was sentenced to the penitentiary at Waila
Walla. The mining man lost his investment and died a few months later
as a result of his disaster.
But the danger of purchasing forged bonds is infinitely less than that of
purchasing bonds that are intrinsically bad. Here is where the ability
and expert knowledge of the bond dealer comes In. If he is an expert he
will know how to take a bond issue at its inception and carry it through
to conclusion, seeing that all the details are attended to properly. If
he is conservative he will not be misled by fictitious statements of values.
If he is honest and strong enough to withstand the temptation of easy profits he will reject opportunities to underwrtio bonds that in his heart he
knows are unsafe. That is why I say, deal with a bond house whose record
proves the honesty and ability of its management.
It is bad business to select bonds with one eye on profits and the other on
classification. I find that many banks, like individuals, feel,they must
have a diversified list and pay much more attention to that in selecting their
holdings than they do to individual merits of securities that they purchase
to se-sell. I believe that no bank should sell any bond which it would not
hold for investment of its own funds. A bank should be fully as careful
as the most conservative bond house.
A very great responsibility rests with the dealer in fixed income securities. His business, that offinancial adviser, is a much respected calling and
he who exercises the prudence and care that is demanded of such a position
is not only entitled to grow and prosper but he is a source of great benefit
to his community, guiding into useful and remunerative employment
much of its wealth that would otherwise drift into hazardous and reckless
ventures with an income of worry and loss.

HENRY FORD WOULD MUZZLE WALL STREET
"FINANCIAL KINGS" TO END STRIKES.
SAYS LABOR UNIONS ARE ENGINEERED BY CAPITALISTS.
The muzzling of the "financial kings" of Wall Street, is
urged by Henry Ford with a view to ending the railroad
and coal strikes. Mr. Ford is reported to this effect in
news dispatches from Clayton, N. Y., one of which, the




[VoL. 115.

New York "Herald" of August 10, quotes him to the following effect:
At the same time he assails labor unions as being engineered by capitalists
and leaders offinance who know that with their workers organized into units
they can be handled with twice the effectiveness they could be handled were
they split into factions, unorganized and working alone.
"Can the present coal and rail strikes be settled by compromise,or will the
Issue of leadership in industry be fought out to the end this time?" he was
asked.
"There can be no settlement of these strikes so long as the moneyed interests of Wall Street continue in their efforts to dominate American industry,"
he replied. "They are behind these walkouts as they are behind every disturbance in the ranks of labor or capital. Get them, and you will succeed
In bringing industrial peace."
"What is the remedy for these battles for supremacy between labor and
capital?" was another question.
"Well, I have already told you one fairly effective means of dealing with
the situation, but think that there is another which might prove just as efficacious. Let the manufacturers and the owners of industries treat their men
like men; let them pay a living wage and give them working conditions conducive to real self-expression, and you will have gone far toward eliminating
strife.
"Many manufacturers are not following this policy now and you can see
the result."
"Labor unions?" he remarked. "Do you realize how those unions are
formulated and for what reason. There isn't a union in the country formed
primarily by the men themselves or run for their benefit. They are all
engineered by capitalists and leaders of finance, who know that with their
workers organized into units they can be handled with twice the effectiveness they could be handled were the men split into factions, unorganized
and working alone. The great principle in business is organization, and
nobody knows this any better than the high lights of business.
"Destroy the power of men to whom war is a mean for gain, break the
Influence of those who bring on war for their own mercenary ends, and the
result will be easy of accomplishment.
I believe that normal times in business and industry already are here. In
fact business to-day is better than normal and the prospects for a continued
stability are marvelous.
"Harding, I believe, has done pretty well in his term of office. Things
seem to be running about as well in Washington as they can,and that's well
enough."

HENRY FORD SEES GREAT FUTURE POR THE
AUTOMOBILE.
On August 9 the "Wall Street Journal" printed the following from Detroit:

Henry Ford says on the saturation point of the automobile: "The
country is only about one-third saturated. There will be 30,000,000 automobiles in the United States some day where there are only a little over
10,000,000 to-day. If our country grows to 150,000,000 people there will
be more than 30,000,000 automobiles. I look for the ratio to keep on going
down until it hits about one in four or one in five inhabitants."
Aircraft is just in its infancy, he said. "Solution of the whole problem of
heavier than air machines is a lighter engine with greater horsepower."
Asked if he had built such an engine, he replied: "No, we have never built
I will
an aeroplane engine, but it can be done and it will be done. You and
not be much older before the aeroplane becomes an acknowledged success.
developits
of
stages
"Our tractor business," he said, "Is just in the first
ment. We have something like 6,000, acres devoted to experimenting
with tractors between here and the Rouge plant. We try to find the best
plow, harrow or other implement that will work well with our tractor. You
would be surprised to see the different kinds of rigs we are trying out. Before long it will not be necessary for a farmer to have a horse. We are
going to bring out a machine that meets the last objection of the farmer.
Horses will disappear from the farms the same as they have from the roads."
Asked how the farms could get along with reduced amount of animal
fertilizer he quickly replied: "Did you over hear of Muscle Shoals?"

GEORGE V. DREW ELECTED VICE-PRESIDENT A. B. A.
FOR NEW YORK STATE.
George V. Drew, Assistant Secretary of the Equitable
Trust Co. of New York, was elected Vice-President of the
American Bankers' Association for New York, at the recent
New York State Bankers Convention held at Lake Placid
New York Mr. Drew enjoys a wide acquaintance among
banks and bankers throughout the country. He has represented the Equitable Trust Co. at a number of bankers' conventions and is a well-known figure at these gatherings.
SAVINGS DEPOSITS IN BAN:J.8 OF UNITED STATES
OVER 16 BILLION DOLLARS.
Total savings deposits in banks in the United States
amount to slightly more than $16,500,000,000, according
to an exhaustive study just completed by the American
Bankers' Association in its Savings Bank Division under the
direction of Deputy Manager Leo Day Woodworth. This
total is in conflict, Mr. Woodworth points out, with the
estimates recently issued by a United States Government
bureau, placing the total savings for the country at $27,000,000,000, a figure which is based on mutual savings bank
deposits and outstanding United States bonds. From the
statement issued by the American Bankers' Association we
quote the following:
deposits,

billions includes savings
certificates
The present figure of 16;i
days and over, and postal savings, for which the most
of deposit of thirty
a
through
special
obtained
nationbeen
has
complete data yet compiled
with Comptroller of the Currency
wide inquiry made in co-operation
Crissinger, the supervisors of State banks, and individual bankers.
The diversity of savings bank practice throughout the country, and differences in social conditions from section to section, make complete data and
safe intersectional comparisons difficult, Mr. Woodworth says, adding:

AUG. 12 1922.]

THE CHRONICLE

727

The variety of methods under which savings are deposited offers further
procif of the fact that the vast bulk of the people's savings is entirely beyond
the control of any effective grouping of financiers which can be conceived."
A brief summary of the compilation by sections of the country is as
follows:

town, in 1910. The second of these institutions, in operation
at Atlanta, Ga., since 1911, has changed its name from the Atlanta Loan & Saving Co. to the Morris Plan Bank of Atlanta,
and has increased its capital from $125,000 to $250,000. The
Morris Plan Co. of New York opened its sixth branch in July.
Savings Deposits in Banks of United States as of June 30 1921. Compiled by
This company has a capital of $1,000,000 and is lending at the
American Bankers' Association, Savings Bank Division.
Certificates of
Per Capita rate of more than $12,000,000 a year.

Savings
Deposit, 30 Postal
Savings
Slate
Deposits. Days & Over. Savings.
Total. Deposit, 1920
Groups— (Thousands).(Thousands).(Th's'ds).(Thousands). Census.
New England _ $2,731,586
$15,549 $2,808 $2,749,943
$371
Middle Atlantic 5,747,122
263,691
6,054.643
43,830
247
Southern
890,324
411,246
1,303,272
1,702
45
East Central
3,087,719
1,219.806
4,317,092
9,567
145
West Central
206,107
532,058
89
739,718
1,553
Pacific
1,353,029
96,046
4,852 ' 1,453,927
212
Total

$14,015,877 $2,538.396 $64,312 $16,618,595

$165

UNCLASSIFIED LABORERS IN EMPLOY OF POST
OFFICE DEPARTMENT TO RECEIVE BENEFITS
OF RETIREMENT ACT.
Unclassified laborers in the employ of the Post Office Department throughout the country are to receive the benefits
of the Retirement Act, according to an announcement made
by First Assistant Postmaster-General Bartlett on July 25,
which also says:
These laborers include those appointed under labor regulations approved
by the President, those appointed from sub-clerical or other registets of
classified service, and those transferred from classified positions. The
announcement also includes all unclassified laborers in the first and second
class post offices.
A provision, however, stipulates that a laborer to whom this extension
of retirement benefits applies in order to receive credit for service since
Aug.1 1920 must deposit with the Treasurer of the United States the amount
equal to the deductions of his pay with interest as would•have been made
during this period from his wages. Failure to make such a deposit deprives
the laborer of credit for service to which he would otherwise be entitled.

ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Twenty-five shares of National Bank of Commerce stock
were sold at the Stock Exchange this week and no sales of
trust company stocks were made either at the Stock Exchange or at auction.
Shares. Bank—
Low. High.
25 National Bank of Commerce_ _275
275

Close.
275

Last Previous Sale.
Aug. 1922— 270

The directors of the International Trust Co. of Boston
announce with regret the resignation of Henry L. Jewett
as Vice-President and Secretary after forty-three years of
devoted service to the company.
The Atlas Bank, organized in this city with a capital of
$200,000 and a surplus of $100,000, began business on
Monday last (Aug. 7) at 39 Cooper Square, New York. The
bank will remain open daily until 8 p. m. Henry C. Zaro is
President, Harvey J. Connolly is First Vice-President and
Cashier, and Gustav Kotzenberg is Second Vice-President.
Mr. Connolly was formerly Secretary of the Italian Discount & Trust Co. Previous reference to the bank appeared
in our issue of Jan. 7.

The First National Bank of Ozone Park, Borough of
Queens, N. Y., with a capital of $50,000, has been merged
with the Manhattan Company, of New York. The merger
became effective July 19.
Darrell D. Sully and Charles H. Palmer, heretofore President and Vice-President, respectively, of the Genesee Valley
Trust Co. of Rochester, N. Y., and the largest stockholders
in the institution, recently, with other stockholders, sold
their holdings (constituting a controlling interest) to a
group of prominent Rochester business men. A reorganization of the board of directors of the institution took place on
July 13. Under the new regime, Bradley W. Fenn (Secretary
and Treasurer of the Kee Lox Manufacturing Co. of Rochester) has become Chairman of the board of directors; William J. Simpson has succeeded Mr. Sully as President, and
Alexander T. Simpson has succeeded Mr. Palmer as VicePresident. Herbert C. Howlett, for the past eight years Secretary of the Genesee Valley Trust Co., continues in that capacity. The new officials took formal charge of the bank on
Monday, July 17, when a public reception was held, which
was attended by their friends in large numbers. William J.
Simpson, the new President of the Genesee Valley Trust Co.,
has the honor of being the youngest bank president in Rochester. He began his banking career as a junior clerk in the
Alliance Bank of Rochester in March 1906 and rose rapidly
through successive stages until in November 1917 he was
made a Vice-President of the institution. When in the latter
part of 1920 the Lincoln National Bank was consolidated
with the Alliance Bank, Mr. Simpson was elected a VicePresident of the Lincoln-Alliance Bank, a position he has
now relinquished. Alexander T. Simpson is a brother of the
new President. For the past ten years he has been Assistant
Secretary of the Genesee Valley Trust Co., and prior to that
time was associated with the Traders National Bank of
Rochester. The capital of the Genesee Valley Trust Co. Is
$400,000, with surplus and undivided profits of $450,000 and
deposits in excess of $7,000,000.

Finley J. Shepard, of New York, Vice-President of the
Missouri Pacific RR.,has been elected President of the newly
organized Ampere Bank of East Orange, N. J. The other
officers of the institution are: Chairman of the Board of
Directors, George P. Williams; Vice-President, Charles C.
Huitt; and Secretary, Cecil 0. Dunaway. The bank is
expected to begin business in November. It will have a
capital of $100,000, and its stock, par $100, is being disposed
Llywellyn E. Jones was elected Cashier of the Chatham of at $120 per share.
& Phenix National Bank, of this city, succeeding Bert L.
On Aug. 1 Judge Crosby in the Supreme Judicial Court
Haskins, who occupied the joint office of Vice-President and
Cashier. Mr. Haskins continues as Vice-President and authorized Bank Commissioner Joseph C.'Allen to sell the
director. Mr. Jones has been connected with the bank for remaining assets of.the savings and commercial departments
of the Prudential Trust Co. of Boston (which was closed by
a period of many years as Auditor and Chief Accountant.
the Commissioner in September 1920) to the Commonwealth
Trust
Co. of that city. Upon receiving word that Judge
To accommodate rapidly increasing business, the American
Trust Co. of this city has set aside about 1,200 feet additional Crosby had granted his petition, Commissioner Allen issued
a statement which, as printed in the Boston "Transcript"
floor space in its main office, Broadway at Cedar Street, for
of Aug. 1, reads in part as follows:
the Trust, Registration and Transfer Departments. The
Judge Crosby of the Supreme Judicial Court to-day granted the petition
Department has been thoroughly equipped as a separate of Joseph C. Allen,
Commissioner of Banks, for approval of the sale of the
banking office with entrance on the Cedar Street side of the remaining assets of the savings and commercial departments of the Prudential Trust Co., under the terms of an agreement which provides an entirely
American Trust Co. building. Stuart D. Preston, Assistant new plan
for the
of closed banking institutions. The CommisSecretary, will be in charge, assisted by Raymond A. Watson, sioner now hopesliquidation
to work out similar plans for the other closed trust companies, namely, the Hanover, Cosmopolitan and Tremont trust companies,
formerly of the Guaranty Trust Co.
which
instance
During the first six months of the present year, the Morris
Plan banks throughout the country lent over $38,500,000 to
more than 175,000 borrowers. The total number of loans
made on the Morris plan in its first 12 years (to June 30
1922) was 1,760,000, the amount so lent being over $320,000,000.
The Morris Plan Bank of Richmond—the 107th in the system—has been opened with a paid-up capital of $250,000 and
surplus of $125,000. The first Morris Plan bank was opened
by Arthur J. Morris in the same State at Norfolk, his home




as rapidly as
will lead to a winding up of liquidation In each
the details can be completed.
For many months during the process of liquidation of the closed banks,
the Commissioner and his liquidating agents have been at work endeavoring to devise a plan which would expedite liquidation and safeguard the
Interests of the creditors in every way, while at the same time reducing
expenses to the lowest Possible minimum. Many plans were considered,
including those tried in other States, and finally discarded before the present
plan was worked out. This p lan was graudally perfected until it is now
laoked upon as a model to be followed in liquidating the remaining closed
trust companies.
To devise a plan eliminating profits to the purchasers and thus conserving every possible dollar for the creditors, was the problem which the Commissioner of Banks set out to solve. Such a plan was far from easy, but it
Is believed that the agreement of sale, as finally drawn, accomplishes this
purpose.

728

THE CHRONTCLE

Under this agreement of sale, the Commonwealth Trust Co. is to pay
$211,006 49 for the remaining assets of the Prudential Trust Co.. $141.031 05 for the assets of the savings department, and $69,975 44 for the
assets of the commercial department. The Commissioner, however, spedfically reserves the directors' and stockholders' liability.
The Commonwealth Trust Co., upon payment of the $211,006 49. will
immediately receive the assets, and, under the agreement, will transfer
them to three trustees who are to serve without compensation. These
trustees will consist of George S. Mumford. President of the Commonwealth
Trust Co.; John E. Hannigan, liquidating agent of the Prudential Trust
Co. for the Commissioner of Banks, and Henry V. Cunningham. The
trustees will keep the assets of the two departments separate and will proceed to hold, manage, and liquidate them, with full powers of private and
public sales. The entire net proceeds, after payment of bare expenses, will
go first, toward repayment of the $211.006 49 purchase price. Secondly
in payment to the Commonwealth Trust Co. of a reasonable rate of interest
upon the purchase price. Thirdly, any balance remaining shall be paid by
the Commonwealth Trust Co. to the depositors of the Prudentail Trust Co.
In dividends, as directed by the Commissioner of Banks. Finally, any
balance which may remain after compliance with the above provisions,
shall be paid to the Treasurer of the Prudential Trust Co. for distribution
among the stockholders.
Such are the provisions of the agreement, but to understand the plan
thoroughly, its effect should be explained. The "cream of the assets" of
the Prudential Trust has already been liquidated, from which $665,152 85,
or 75 5-6%, has been paid to the savings depositors, and $155,188 49, or
162-3%, has been paid to the commercial depositors. The sale makes
possible almost immediately additional payments of $211,006 49 otherwise
not available, which, together with the cash on hand, will bring the total
dividends In the savings department to about 93%,and to about 40% in the
commercial department.
The Commissioner of Banks still holds the directors' and stockholders'
liabilities, and has already proceeded to enforce the 100% assessment upon
the stockholders, notice of which was sent out many months ago.

[VOL. 115.

amounts of these items respectively from $285,000 to $100,000 and from $180,000 to $80,000. The stockholders will
hold a special meeting on Aug. 15 to approve the plans.
The new capital will become effective immediately after the
ratification of the proceedings by the stockholders. G. M.
Mosler is President of the bank.
The question of the merger of the three largest financial
institutions in Youngstown, Ohio, namely the First National
Bank (capital $1,000,000), the Dollar Savings & Trust Co.
(capital $1,500,000) and the Mahoning National Bank (capital $1,000,000), the first two being affiliated institutions,
has been under consideration, but no definite action, we
learn, has been taken in the matter.

On July 16 the Mechanics Savings Bank of Richmond, an
institution conducted in the interests of the negro population, was closed by the State Corporation Commission on the
recommendation of F. B. Richardson, Chief State Bank Examiner, and on July 17 Judge Moncure of the Chancery
Court ,appointed J. Ran Tucker and James W. Gordon, receivers. The holding of notes to the amount of $83,500 not
secured to the satisfaction of the Chief Bank Examiner was
the reason for the bank being suspended. According to the
Richmond "Dispatch" of July 18, the Richmond Clearing
House Association has signified its readiness to assist the
colThe dividend of 16 2-3% to the depositors in the savings institution to the extent of $100,000—provided adequate
of the bank,
department of the defunct Tremont Trust Co. of Boston, to lateral is given—and this security the President
are prewhich we referred in these columns in our July 15 issue, was John Mitchell, Jr., has stated he and his associates
furnish.
paid on July 31. This is the second dividend, it is under- pared to
stood, to be received by depositors in the savings department,
Investment bankers of New Orleans and locality held their
the first amounting to 33 1-3%, and making with the present
semi-annual meeting of the local chapter of the Investment
dividend 50% received thus far by these depositors.
Bankers of America July 27 at the New Orleans Country Club.
won, not by
Edward H. Blake, President of the Merchants National The affair was preceded by a golf tournament,
Fred BranchBank of Bangor, Me., and former Mayor of the city, died on one of the investment bankers, but by a guest,
dinner which
July 18. Mr. Blake was a lawyer, specializing in admiralty ley, of the Marine Bank & Trust Co. At the
followed, Charles B. Thorn. President of the local group, and
practice.
Vice-President of the Interstate Trust & Banking Co., preThe First National Bank of Philadelphia has been author- sided. In his address, Mr. Thorn reviewed the accomplishThe 1922
ized by the Comptroller of the Currency to open an addi- ments of the chapter during the past six months.
that
expected
is
it
and
California,
in
held
be
to
is
convention
tional office at Broad and Sansom streets. The bank has
the trip.
leased the ground floor of the North American Building, now a large group of New Orleans bond men will make
occupied by Redmond & Co., who will move to new quarters
business,
In order to meet the future needs of its increasing
at 1427 Walnut Street. When alterations are completed,
Oklahoma City, Okla., has
the First National Bank will be enabled to increase its facili- the Fidelity National Bank of
at the northeast corner
ties for serving its patrons, especially the growing number of taken a 25-year lease of a building
that city, known as the
its depositors located near Broad and Chestnut streets. The of Grand and Robinson streets,
structure has been completely
bank will continue to occupy as its main office its five-story Baum Building, and after the
the first floor and basement.
occupy
will
bank
remodeled the
building at 315 Chestnut Street.
July 1
The new quarters will be ready for occupancy about
instituthe
of
the
directors
of
meeting
recent
a
At
At a special meeting of the stockholders of the Second Na- 1923.
was decided to increase, the capital from $200,000 to
tional Bank of Baltimore held on July 24, the sale of the tion it
and the surplus and undivided profits from $50,000
8500,000
business and banking house to the Merchants National Bank
$150,000. F. P. Finerty is President. The new capital
to
a
of Baltimore was ratified and corporation formed, under
became effective on July 13.
the name of the Second Assets Liquidation Corporation, to
the
bank
of
as
assets
quickly as posliquidate the remaining
According to an Associated Press dispatch from Moberly,
sible and make distribution to the stockholders. The coron Aug. 7, appearing in the St. Louis "Globe-DemoMo.,
poration was formed instead of leaving the work to a com- crat" of Aug. 8, Walter Bundridge, the former President of
mittee. The following were chosen officers of the corpora- the defunct Farmers' & Merchants' Bank of Moberly,
tion: J. J. Nelligan (President of the Safe Deposit & Trust together with his brother, Verne Bundridge, the former
-Presi- Cashier of the institution, were sentenced to ten and five
Co. of Baltimore), President; George M. Hauck, Vice
dent; Luther M. It, Willis, Secretary, and Joseph B. Kirby years, respectively, in the penitentiary after having pleaded
(Vice-President of the Safe Deposit & Trust Co.), Treasurer. guilty to embezzling $400,000 of the bank's funds. We
It is expected a cash distribution of large proportions will referred in these columns in our July 1 issue to the closing
be made shortly. Reference was made in these columns to of the Farmers'& Merchants' Bank on May 11,following the
the absorption of the Second National Bank by the Merchants disappearance of its President and the arrest of his brother,
National in our issue of June 24.
the Cashier, on the day the bank closed. According to the
dispatch of Aug. 7, the absconding President after a chase
D. S. Kerr, heretofore Assistant Cashier of the Duquesne which led into several Northern cities and Canada, finally
National Bank of Pittsburgh, has been elected Cashier of 4urrendered to the officers in Iowa.
that institution, to succeed the late Charles L. Werner, who
A charter has been issued by the Comptroller of the Curwas Vice-President and Cashier. S. A. McMullen has been
elected Vice-President. Mr. McMullen has for many years rency to the State National Bank of Brownsville, Texas,
been a director of the bank. Harry 0. Farmer, formerly with a capital of $100,000. The institution is a conversion
system of the State Bank & Trust Co. of
Auditor, and Thomas B. Brounlee, heretofore Note Teller, 'to the National
Brownsville. J. B. Scott is President and A. H. Fernandez
have been elected Assistant Cashiers.
-4-is Cashier.
The directors of the Brighton Bank & Trust Co. of CinApplication has been made.to the Superior Court at Los
Cinnati have recommended the declaration of a stock diviby the Los Angeles Trust & Savings Bank for a
Angeles
increase
the
will
capital of the
dend of 133 1-3%, which
to the Pacific Southwest Trust & Savings
institution from $215,000 to 8500,000. The dividend will change of name
pointed out that the greatly increased
petition
The
Bank.
undivided
profits,
the
reducing
and
be paid out of surplus




AUG. 121922.]

729

THE CHROINTTCLE

business of the bank makes desirable a name less local in its
scope. This action follows the merger effective July 1 of 22
banks and branches with the Los Angeles Trust & Savings
Bank, located in the territory south of Fresno. At the same
time the First National Bank of Hollywood became the Hollywood agency of the First National Bank of Los Angeles.
The two Los Angeles institutions, with the First Securities
Co., are under one ownership and management. Their total
resources are approximately $200.000,000. There are now 23
branches in other California cities and 22 in the city of Los
Angeles. In addition to Los Angeles. the bank is represented
In Alhambra. Carpinteria, Catalina Island, Fresno, Glendale,
Guadalupe, Hanford, Huntington Beach, Huntington Park,
Lindsay, Lompoc, Long Beach, Los Alamos, Orcutt, Oxnard,
Pasadena, Redlands, San Pedro, Santa Barbara, Santa Maria, Tulare and Visalia. Officials of the Los Angeles Trust
& Savings Bank point out that the operations of the system
now cover the entire Pacific Southwest. For this reason, it
was stated, the new name is considered more suitable and
more descriptive of the institution's greatly increased business. The date for the official change of name will not be
set until after the Superior Court has acted in the matter.
Because of the recent merger and the desire on the part of
the organization to operate under a name descriptive of the
entire territory served, the change will be put in effect at as
early a date as practicable. It was pointed out that no one
city controls the new organization and that the step taken is
merely carrying out the partnership idea upon which the
merger was originally planned.

ence to the affairs of the Bank of Jacksonville, Jacksonville,
Ore., which closed its doors on Aug. 11 1920. The dispatch
reads:
A dividend of 5% was authorized in favor of depositors of the defunct Bank
of Jacksonville to-day, according to announcement made at the offices of
Frank Bramwell, State Banking Superintendent. The bank was closed by order of the State Banking Department in August 1920. Approximately $2150.000 of depositors' claims have been approved and the dividend aggregates
$12,000.
Mr. Bramwell said he did not believe the total dividends to be authorized
would exceed 10%.

We referred to the closing of the bank in our issue of Aug.
21 1920.

The balance sheet of the Standard Bank of South Africa,
Ltd., as of March 31 1922,. which was presented at the 109th
ordinary meeting of the shareholders held in London on
July 26, showed a balance of profits for the year, including
the undivided balance of £206.724 12s. 5d. brought forward as
of March 31 1921, of £709,037 18s. 3d. Out of this amount an
iterim dividend at the rate of 14c7., per annum for the halfyear ended Sept. 30 1921 was paid amounting to £156,041
11s. Od., leaving a balance of £552.996 7s. 3d. After deducting £50,000, which was placed to the credit of bank premises
account, £502,996 78. 3d. was available for distribution,
which the directors recommended be disposed of as follows:
£100,000 to officers' pension fund; £156.041 to pay a dividend
at the rate of 14% per annum (subject to income tax), and
£55,729 2s. 6d. to pay a bonus of 2s. 6d. per share (subject to
income tax), leaving a balance of £191.225 13s. 9d. to be carried forward to next account. Total assets were given in the
balance sheet as £70,649,377 4s. The paid-up capital of the
The San Francisco "Chronicle" in its issue of July 15 stated Standard Bank of South Africa, Ltd., is £2,229,165 and its
that C. R. Weller, Cashier of the First National Bank at Fort reserve fund £2,893,335.

Bragg, Calif., was arrested on July 14 on a secret indictment
returned in Sacramento by the Federal Grand Jury, accusing
him of falsifying the bank's records and abstracting its funds.
It was said that according to Assistant United States Attorney Thomas J. Sheridan, Weller, as Cashier of the First
National Bank of Fort Bragg, was accused in the indictment with having connived with his cousin, J. E. Weller,
the former President of the First National Bank and former
Cashier of its affiliated institution, the First Bank of Savings,
in bank defalcations which resulted in the latter's downfall
and subsequent imprisonment. The "Chronicle" further
stated that, "according to Mr. Sheridan, the Wellers were
able to hide their peculations from Federal bank examiners
for a period of years through a system of juggling the accounts of both the State and the National bank, with which
they were said to be alternately connected, by taking funds
from the one and putting them into the other, prior to the
visit of the bank examiners." We referred to the affairs of
the bankg and the imprisonment of J. E. Weller in these
columns in our issue of July 8.
Pursuant to the proper approval of both the State Banking
Department and the Federal Reserve Board, the Bank of
Italy of San Francisco has converted the First National Bank
of Woodland, Home Savings Bank of Woodland, with its
branch at Knights Landing, the Old Bank of Hanford, the
Union National Bank of San Luis Obispo and the Broadway
Bank of Oakland, as branches of the Bank of Italy. The consolidation of these banks will add $10.000.000 to the resources of the Bank of Italy, giving it total assets of approximately $220,000,000. The respective resources of the various
institutions to be absorbed are: First National Bank of
Woodland, $1,400,000; Home Savings Bank of Woodland
with its branch at Knights Landing, $2,500,000; the Old National Bank of Hanford, $2,400,000; Union National Bank
of San Luis Obispo, $2.900,000, and the Broadway Bank of
Oakland, $1,100,000. The banks opened as branches of the
Bank of Italy on July 24, but except for the change in name
there is no apparent difference existing, as the same officers
were all retained. P. C. Hale, Vice-President of the Bank of
Italy, in commenting on the establishment of these branches
said:

COURSE OF BANK CLEARINGS.
Bank clearings continue to record an increase over a year
ago, though the ratio of gain is apparently decreasing again.
Preliminary figures compiled by us, based upon telegraphic
advices from the chief cities of the country, indicate that for
the week ending Saturday, Aug. 12, aggregate bank clearings
for all the cities in the United States from which it is possible
to obtain weekly returns will show an increase of 9.3% over
the corresponding week last year. The total stands at
$6,436,912,120, against $5,884,219,015 for the same week in
1921. This is the twentieth successive week in which our
weekly aggregates have shown an improvement as contrasted
with last year. Our comparative summary for the week is
as follows:
Clearinos--Returnst by Telegraph.
Week ending Aug. 12.
'dew York
C`Icago
Philadelphia
Boston
Kansas City
St. Louts
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans

1922.

1921.

32.961.600,000
432.593.615
314.000.000
223.000.000
117,520.629
a

32,651.400.000
392.112.455
280,000.000
200.101.226
124,343,737
a

Per
Cent.
+11.6
+10.3
+12.1
+11.4
-5.5

*118.000,000
*140.000.000

97.200.000
110.700.000

a
+21.0
+28.0

79,391.803
71,106.238
40,221,065

72.694.143
53,922,529
34.788.347

+9.2
+31.8
+15.6

Ten cities,5 day
Other cities, 5 days

$4.497.433.350

34,017,262.437

+11.9

866.660,084

886.253.409

-2.3

Total all cities, 5 days
All cities, 1 day •

35.364,093.434
1,072.818.686

34,903.515.846
980.703.169

+9.3
+9.3

Total all cities for week
en A211 ale ion
* Estimated. a Refuses to furnish f
gures.

55.884.219.015

-1-9.3

Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends on Saturday
and the Saturday figures will 'not be available until noon
to-day, while we go to press late Friday night. Accordingly,
in the above the last day of the week has in all cases had
to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ending Aug. 5. For
that week the increase is 9.4%, the 1922 aggregate of the
clearings
6,7717,7.
97 being
53
$7,415,526,133 and the 1921 aggregate
With the addition of these new branches we will be in a position to co-op- $
Outside of this city the increase is 11.6%,
placing
these
with
additional
intimately
interior
communities,
erate more
the bank exchanges at this centre having recorded a gain of
within their reach the same metropolitan facilities provided here in San Francisco. We believe that this move will help to promote greater mutuality of only 7.9%. We group the cities now according to the
Interest between these communities and San Francisco.
Federal Reserve districts in which they are located, and from
The addition of the five banks concerned will give the this it appears that in the Boston Reserve District the increase is 17.3%,in the New York Reserve District (including
Bank of Italy 57 banking offices in 42 cities.
this city), 8.0%; in the Philadelphia Reserve District,
The Portland "Oregonian" in its issue of June 29 printed 15.4%; and in the Cleveland Reserve District, 16.1%.
the following press dispatch from Salem, Ore., with refer- The Richmond Reserve District makes the best showing




of all with an increase of 31.5%; the Atlanta Reserve District
shows a gain of 7.9%; the Chicago Reserve District, 9.0%,
and the St. Louis Reserve District, 8.7%. The Minneapolis
Reserve District records an increase, though very small, it
being only 0.7%. The Kansas City Reserve District and
the Dallas Reserve District both show decreases, the falling
off for the former being 10%, but only 0.4% for the latter.
The San Francisco Reserve District enjoys a gain of 17.8%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.

Week ending Aug. 5.

1922.

1921.

Inc.or
Dec.

1920.

1919.

c
Federal Reserve Districts
ic
(1st) Boston
10 cities 349,556,366 297,910,127 +17.3 382,638,276 369,811,951
(2nd) New York
9 " 4,433,691,435 4,103,145,976 +8.0 4,586,666,784 4,813,561,239
453,640,676 393,153,124 +15.4 486,753,446 428,518,281
(3rd) Philadelphia
9 "
353,195,626 304,287,463 +16.1 406,013,535 315,580,781
(4th) Cleveland
9 ..
184,173,500 140,017,890 +31.5 192,418,269 175,414,952
(5th) Richmond
6 "
130,441,534 120,538,675 +7.9 175,784,418 155,860,311
(6th) Atlanta
1, ..
736,704,710 675,839,341 +9.0 836,932,482 810,027,124
(7th) Chicago
19 "
51,071,723 46,981,299 +8.7 61,312,858 47,393,707
(8th) St. Louis
7
103,829,749 103,127,352 +0.7 130,078,235 73,453,370
(9th) Minneapolis
7 "
225,030,305 250,133,249 -10.0 346,194,830 395,045,915
(10th) Kansas City
11 "
"
(11th) Dallas
41,866,421 42,055,703 -0.4 62,971,338 57,321,104
(12th) San Francisco__ _14 "
352,293,580 299,167,138 +17.8 343,853,329 298,817,954
Grand total
118 cities 7,415,526,133 6,779,717,537 +9.4 3,011,617,850 7,940,811,739
Outside New York City
3,043,344,345 2,728,119,089 +11.6 3,495,116,390 3,183,410,818
Canada

28 cities 302,341,978 314,907,959

-0.4 367,401,242 329,378,512

We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week ending August 5.
Clearings at1922.

1921.

Inc. or
Dec.

$
3
%
First Federal Reserve Dist net-Boston Maine-Bangor .
704,306
960,940 -26.7
Portland
3,820,437
3,306,916 +15.5
Mass.-Boston _ . 316,000,000 267,191,478 +18.3
Fall River__ _
1,761,268
1,388,317 +20.9
a
Holyoke
a
•
a
Lowell
1,080,181
953,543 +12.7
a
Lynn
a
a
New Bedford_ .
1,397,511
+6.5
1,312,715
Springfield
3,255,279 +36.4
4,439,356
Worcester_ __ _ .
3.382,423
+1.4
3,334,632
Conn.-Hartfor
10,331,166
11,016,996
+6.6
New Haven_ _
5,870,141
5,953,888
+1.4
a
R.I.-Provident
a
a
Total(10 cities)

349,556,366

297,910,127 +17.3

1920.

1919.

$

S

835,571
3,000,000
344,761,077
2,251,613
a
1,218,000
a
1,700,961
4,692,474
4,540,269
12,638,311
7,000,000
a

•
689,473
2,600,000
337,034,169
2,493,062
a
1,090,513
a
1,716.177
4,190.598
4,417,845
9,625,279
5,954,235
a

382,038,276

369,811,951

Second Fede r al Reserve D istrict-New YorkN. Y.-Albany_
5,105,636
3,438,633 +48.5
4,994,774
5,182,641
Binghamton_ _ _
81,315,058
1,120,822 +17.3
1,393,900
1,222,700
Buffalo
e37,504,788
33,865,551 +10.7
46,714,314
36,816,500
Elmira
603,444 Not included in total
Jamestown_ _ _.
' 910,587 +2.4
d931,982
New York__ _. 4,372,181,788 4,051.598,448
+7.9 4,516,501,460 4,757,400,921
Rochester.. _ _ _ _
9,647,655
8,614,861 +12.0
11,155,415
8,715,858
Syracuse
3,980,267
3,654,024 +8.9
5,232,946
3,996,207
Conn.-Stamfor
d2,599,401
2,558,205
+1.6
424,860
N. J.-Montclai
384,845 +10.4
486,108
414,329
Total(9 cities). 4,433,691,435 4,106,145,976

+8.0 4,586,666,784 4,813,561,289

Third Federa Reserve Dist rict-Philad elphia 1,077,462
Pa.-Altoona _ _ .
892,955 +20.7
1,203,991
Bethlehem_ _ _
3,326,773
2,687,673 +23.8
5,078,874
a
a
Chester
a
a
2,618,374
2,327,180 +12.5
Lancaster_ _ _ _ .
2,784,469
Philadelphia _ . 432,000,000 372,000,000 +16.1 461,384,731
2,607,978
2,441,308
+6.8
Reading
2,500,000
4,528,395 -12.2
e3,976,613
•
Scranton •
4,995,796
2,805,971 -7.1
c2,607,821
Wilkes-Barre_ .
3,194,757
1,454,471
1,128,399 +28.9
.
York
1,420,192
4,341,243 -8.5
3,971,184
N.J.-Trenton_ •
4,190,636
a
a
a
Del.-Wilmingt' 1
a
-Total(9 cities) • 453,640,676 393,153,124 +15.4 486,753,446

428,518,281

Fourth Feder I 1 Reserve Dis Wet- Cleve land5,428,000 +4.2
e3,665.000
Ohio-Akron.
8,974,000
3,004,934 +23.8
3,721,000
Canton
5,154,385
48,232,961 +13.5
54.740,332
Cincinnati _ _ _
67,261,464
83,915,607
+7.7 125,064,300
890,405,300
Cleveland
12,653,600
14,760,700
+16.7
Columbus
15,257,000
a
a
a
a
Dayton
900,000 -26.0
685,770
1,000,823
Lima
c
c
c
c
Mansfield
a
a
a
a
Springfield__ _
a
a
a
a
Toledo
2.891,276 +16.5
e3,369,332
4,355,882
Youngstown _ _
a
a
a
a
Pa.-Erie
c
c
c
c
Greensburg _ _ _
Pittsburgh _ _ _ _ b170.000,000 143,000.000 +23.1 173,113,850
4,261.085 -9.0
3,878,192
5.531,831
W.Va.-Wheelin

10,010.000
4,215,434
54,851,037
95,806,599
14,656,500
a
1,159,723
c
a
a
4,373,552
a
c
125,631,519
4,876,417

Total(9 cities)_
Fifth Federal
W. Va.-Hun'to
Va.-Norfolk___ _
Richmond _ _ _ _
S.C.-Chariesto
Md.-Baltimore _
D. C.-Wash'n__

909,159
a
2,604,195
411,438,642
2,381,724
4,405,207
2,500,0011
1,344,303
2,875,051
a

304,287,463 +16.1

406,013,535

315,580,781

Dist rict-Richm ond1,662,745 -0.9
1,648,274
6,236,831
+9.8
e6,846,664
34,011,861 +29.5
44,031,046
1,859,005 +11.9
82,030,610
79,560.273 +39.2
110,725,746
16,717,175 +12.7
18,841,160

2,004,220
10,683,505
50,803,047
4,500.000
106,858,269
17,569,228

9,859,761
52,721,158
3,544,618
93.075,173
15,614,242

353,195,626
Reserve

140,047,890 +31.5

192,418,269

175,414,952

Dist rict-Atlant a" Sixth Federal Reserve
4,197,242 -0.3
d4,183,037
Tenn.-Charga _
2,792,780 -20.3
2.226,402
Knoxville
14,000.000 -9.4
e12,688,000
Nashville
32,539,929
+17.2
38,142,621
Ga.-Atlanta__ _ _
1,700,259 -21.0
1,343,302
Augusta
+7.7
1,127,643
1,213,965
Macon
a
a
a
Savannah
7,986,095
+7.8
8,007.877
Fla.-Jacks'nville
14,198,247
+30.3
18,507,657
Ala.-Birm'ham_
1,422,765 +23.5
1,757,612
Mobile
608.039 +8.0
656,396
MLss.-Jackson_ _
278,035 +11.8
310,844
Vicksburg
+2.0
40,017,841
40,803,771
La.-N.Orleans_

5,762,321
3,570,339
18,809,219
51,019,490
2,520,441
1,500,000
a
10,114,055
17,731,747
2,601,863
645,088
470,607
61,039,250

5,612,640
3,044,639
15,097,109
49,409,458
2,810,652
1,760,000
a
7,956,640
11,690,604
2,233,732
495,319
347,560
55,401,958

+7.9

175,784,418

155,860,311

Total(6 cities)-

Total(12tittles)

[VoL. 116.

THE CHRONICLE

730

184,173,500

130,441,534




120,868,875

Week ending At gust 5.
Clearings at
1922.

1921.

Inc. or
Dee.

1920.

1919.

S

s

%

$

s

Seventh Fede r at Reserve D 'strict-Chi cago237,456
194,349
160,000 +21.5
Mich.-Adrian _
711,251
662,545
788,178 -15.9
Ann Arbor_
110,490,244
90,000,000 +22.8 114,481,671
Detroit
8,035,403
6,321,568 +10.6
6,992,597
Grand Rapids.
2,043,561
2,061,000 -5.4
1,949,000
Lansing
1,898,981
+9.0
1,695,954
1,849,378
Ind.-Ft. Wayn ?
20,108,000
16,629,000 +1.7
16,903,000
Indianapolis_ _ .
2,171,912
2,000,000 +12.5
2,249,355
South Bend_ _ .
33,027.348
+4.1
27,490,965
28,605,015
Wis.-Milwauke
3,368.012
+3.3
2,124,244
2,194,190
Iowa-Cedar Ra
11,881,802
+11.3
8,794,701
_
'Moines_
9,785,586
Des
8,158,132
5,884,823 -8.5
5,385,087
Sioux City- - - .
1,964,900
1,210,016 -1.4
1,192,526
Waterloo
1,633,810
+1.5
1,240,786
1,259,270
Ill.-Bloomingto i
+7.6 612,989,872
. 537,665,188 499,831,089
Chicago
a
a
a
a
Danville
1,751,901
1,280,461 -7.3
1,186,402
Decatur
5,944,499
4,254,457
3,510,972 +21.2
Peoria
2,500,000
2,030,010 -12.3
1,780,979
•
Rockford
4,025,911
2,785,574 -24.6
2,100,541
Springfield_ _ _ •

98,761
499,871
96,880,569
6,961,191
1,400,000
1,787,961
17,342,000
1,150,000
26,715,125
2,509,297
11,483,413
10,366,399
1.918,236
1,610,484
617,614,508
a
1,623,116
4,957,257
2,216,301
2,892,635

836,932,482

810,027,124

4,707,653
a
27,952,708
620,191
16,231,107
9,217,027
80(3,685
1,777,487

4,769,448
a
15,351,149
730,494
16,069,262
7,609,430
1,040,700
1,828,224

61,312,858
46,981,299 +8.7
51,071.728
Total(7 cities)
Ninth Federal Reserve Dig trict-Minn capons8,055,318
e5,161,039
5,307,232 -2.8
Minn.-Duluth_
75,421,067
+0.1
59,855,677
59,936,370
Minneapolis_ _
39,089,780
31,388,110 +2.4
32,126,579
St. Paul
2,988,726
+6.5
1,838,828
1,958.103
N. D.-Fargo- _
1,702,242
1,251,254 -5.1
1,187,263
S.D.-Aberdeen _
1,202,707
683,707 +19.4
550,940
Mont.-Billings _
+3.8
1,617,795
2,802,544
2,909,455
Helena

47,398,707

Total(19 cities , 738,704,710 675,839,341
Eighth Feder , !Reserve Dis trict-St. Lo
4,658,06-1
4,328.527
Ind.-Evansville
a
a
Mo.-St. Louis _
20,918,719
24,168,909
Ky.-Louisville_ .
439,619
405,837
Owensboro _ _ _
11,544,532
13,259,139
Tenn.- Memphi
7,687,327
7,420,553
Ark.-LittleRoc
447,539
398,787
Ill.-Jacksonville
1,319.281
1,056,194
Quincy

+9.0
uis-7.1
a
+15.5
+8.3
+14.9
-3.5
-10.9
-19.9

+0.7 130,078,235
Total(7 cities)_ 103,829,749 103,127,352
Tenth Federal Reserve Dis trict-Kilns as City 912,558
510,810 -29.1
e362,188
Neb.-Fremont _
948,971
087,822 -9.4
623,263
Hastings
5,647,700
+17.4
3,548,603
4,165,391
Lincoln
50,041,540
38,975,577 -6.1
36,617,521
Omaha
3,662,666
3,133,190 -6.8
e2,967,995
Kan.-Topeka _ _
14,833,275
12,108,788 -14.5
010,317,876
Wichita
Mo.-KansasCity 131,467,296 149,014,318 -11.8 2:32,119,876
a
a
a
a
St. Joseph_ _ _
a
a
a
a
Okla.-Muskocee
14,818,088
22,676,867 -21.2
Oklahoma City e17,866,076
a
a
a
a
Tulsa
1,234,933
1,059,077 -6.7
938,289
Cob -Cob. Spr.
20,292,527
+7.4
27,578,416
18.876,807
Denver
1,083,240
789,781 -1.5
• f778,103
Pueblo
Total(11 cities) 225.060,805 250,133.249 -10.0 346,194,880
Eleventh Fede ral Reserve District-0 alias1,200.000
1,000,000 -2.6
074,007
Texas-Austin _ _
29,129,023
19,862.818 +10.8
22.016,496
Dallas
21,928,498
11,260,949 -9.2
Fort Worth_ _ _ el0,227,728
6,505,784
6,571,608 -6.2
5,162,801
Galveston
a
a
a
a
Houston
4,208,033
+3.7
3,360,328
3,485,332
La.-Shreveport _
42,055,703
41.866.124
Total(5 cities) _
Twelfth Feder al Reserve 0 istrict-San
27,703,113
30,113,707
_
-Seattle_
Wash.
a
a
Spokane
a
a
Tacoma
1,144,244
1,164,343
Yakima
27,043,366
29,875,153
Ore.-Portland_ _
10,904,219
12,147,268
Utah-S. L. City
a
a
Nevada-Reno _ _
a
a
Ariz.-Phoenix _ _
2,702,724
e3,687,954
_
_
-Fresno_
Calif.
:3,746,316
5,130,543
Long Beach_ _ _
75,613,000
93,377,000
Los Angeles_ _ _
10,903,287
12,863,439
Oakland
2,942,059
3,939,787
Pasadena
e6,233,990
5,450,972
Sacramento _ _ _
a
a
San Diego_ _ _ _
San Francisco _ 148,200,000 124,000,000
2,265,513
1,748,885
San Jose
886,383
777,053
Santa Barbara _
d2,378,500
4,487,900
Stockton

62,971,338
-0.4
Franci sco+8.8
34,644,185
a
a
a
a
1,357,407
+1.8
33,455,643
+10.5
+11.4
14,000,145
a
a
a
a
+36.5
3,922,493
2,875.339
+36.9
+2:3.5
73,569,000
+18.0
10,426,777
2,021,430
+33.9
-1-14.4
6,500,000
a
a
+19.5 151,300,000
+29.5
2,451,269
+14.1
913,641
-47.0
8,416,000

6,175,093
.10,050,511
18,958,834
3,361,556
1,675,854
1,283,776
1,947,746
73,453,370
937,315
822,597
5,754,967
59,814,466
3,960,879
16,138,905
265,812,816
a
a
14,709,422
a
1,311,887
24,920,127
862,534
395,045,915
2,100.000
26,134,394
15,110,756
10,847,600
a
3,123,354
57,321,104
39,347,901
a
a
1,236,044
27,809,514
14,208,508
a
a
3,722,749
1,862.700
47,022.000
9,339,704
1,510,356
5,492,919
a
142,593,646
1,978,717
2,693,198

Total(14 cities) 352,293,580 299,167,138 +17.8 343,853,329 298,817,954
Grand total(118
7,415,526,133 6,779,717,537 +9.4 8,011,617,850 7,940,811,739
cities)
•, 11 P 'I AAM Ila onno loo win ol°
A.V2 "IAA ,AM 0 700 lin non
Y-------Outside N. Y
Week ending Aug. 3.
Clearings at1922.
CanadaMontreal
Toronto
Winnipeg
Vancouver __
Calgary
Ottawa Quebec
Victoria
Hamilton
_
Edmonton_ _ _
Halifax _
St. Johns
London
Regina
Saskatoon
Moose Jaw
Lethbridge
Brandon
Brantford
Fort William_ _ _ _
New Westminster
Medicine Hat__ _
Peterborough_ _ _ _
Sherbrooke
Kitchener
Windsor
Prince Albert_ _ _ _
Moncton
Kingston

95,301,556
94,309,059
40,158,042
14,087,104
4,337,392
6,700,455
5,919,630
2.689,979
5,871,307
3,835,965
3,220,837
3,098.170
2,850,105
3,092,058
1,805.309
879,115
475,742
778,981
1,161,205
848,588
626,871
274,758
719,185
1,00(3,823
953,359
4,182,398
386,300
1,001,803
686,383

1921.

Inc. or
Dec.

3
110,905,451 -13.2
88,536,369 +6.5
45,044,296 -10.8
+3.4
13,625,705
5,537,611 -21.7
5,903,618 +13.5
5,984,466 -0.8
2,391,992 +12.5
4,700,227 +24.9
4,370,561 -12.2
3,321,867 -3.0
+8.4
2,858,378
2,545,288 +12.()
3,755,872 -17.7
2,220,786 -18.7
1,469,673 -33.4
787,712 -38.0
999,611 -22.1
951,846 +22.0
688,441 +23.3
640,146 -2.1
378,517 -27.4
721,875 -0.4
+1.9
988,324
779.395 +22.3
3,137,606 +33.3
Not incl. In t otal.
1,079,457 -7.2
622.869 +10.2

1920.
145.321,010
90,064,583
41,089,759
131,971,174
7,245,311
9,194,293
7,897,956
3,094,931
7,161,582
5,053,386
4,910,689
4,045,125
3,552,462
4,334,753
2,432,971
1,883,783
850.908
790,578
1,288,793
888,606
811,323
508.117
859,326
1,366,987
1,243,438
3,004,954

1919.
135.168,135
77,848,380
40,538,833
12,935,704
6,400,216
8,809,248
6,306,432
2,450,740
6,067,557
4,865,810
4,494,301
3,015,884
2,971,494
4,196,210
2,203,559
1,648,128
911,789
875,703
1,123,969
857,002
689,145
547,102
842,189
845,502
909,642
1,730,8.58

742,244

Total Canada_ I 302,341,986 314,907.959 -0.4 367.401.242 329,378,512
a No longer report clearings or only give debits against individual accounts, with
no comparative figures for previous years. b Report no clearings, but give comparative figures of debits: we apply to last year's clearings the same ratio of decrease
(or increase) as shown by the debits. c Do not respond to requests for figures.
Estid Week ending Aug. 2. e Week ending Aug. 3. f Week ending Aug. 4.
mated.

AUG. 12 1922.]

THE CHRONICLE

731

appropriations, including particularly proceeds of railroad securities
TREASURY CASH AND CURRENT LIABILITIES.
. The analysis
for the fiscal year 1922
on the Budget basis, without adjustment. The figures
The cash holdings of the Government as the items stood given for operations in is
special accounts are net figures
receipts and deposits credited to the account concerned.and make allowance for
July 31 1922 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury for July 31 1922.
PRELIMINARY DEBT STATEMENT OF U. S. JULY 31
CURRENT ASSETS AND LIABILITIES.
1922.
GOLD.
The preliminary statement of the public debt of the
Assets—
Liabilities—
Gold coin
208,814,302 24 Gold certifs. outstanding 692,699,089 00 United States for July 31 1922, as made up on the basis
Gold bullion
2,887,166,032 75 Gold Fund, Federal Reof the daily Treasury statements, is as follows:
serve Board
(Act of
Dee. 23 1913, as
amended June 21 '17)_2,161,512,417 67
Gold reserve
152,979,025 63
Gold in general fund_
188,789,802 69

Total
3,195,980,334 99
Total
3,195,980,334 99
Note.—Reserved against $346.681,016 of U. S. notes and $1,509,22
3 of Treasury
notes of 1890 outstanding. Treasury notes of 1890
are
also secured by silver dollars
In the Treasury
•
SILVER DOLLARS.
Assets—
$
Liabilities—
3
Silver dollars
317,895,836 00 Silver ctfs. outstanding_ 309,921,346 00
Treas. notes of 1890 out_
1,509,223 00
Silver dollars in gen'i id_
6,465,267 00
Total
317,895,836 00
Total
317.895.836 00
GENERAL FUND
Assets—
Gold (see above)
188,789,802 69 Treas, checks outstand'g
695,656 34
Silver dollars (see above)
6,465,267 00 Depos. of Govt. officers:
United States notes_ __ _
3,820,082 00
Post
Depart't
Office
19,775,24
1 04
Federal Reserve notes
2,317,842 00
Board of trustees. PosFederal Reserve bank
tal Savings System
notes
1,037,636 00
—5% reserve
6,847,723 05
National bank notes
/6,51(3,661 58
Other deposits
115,450 73
Subsidiary silver coin__ _
18.532,853 77
Comptroller of the
Minor coin
3,845,085 31
Currency, agent for
Silver bullion
44,294,485 22
creditors of insolUnclassified
(unsorted
vent banks
2,370,108 62
currency, &a.)
5,239,195 15
Postmasters, clerks of
Deposits in Federal Recourts, disbursing
serve banks
73,992,465 48
officers,‘tc
23,729,586 57
Depos. in special deposiDeposits for:
taries account of sales
Redemption of F. R.
of Ms.of indebtedness 108,856,000 00
notes(5%fund,gold) 153,230,029 39
Devoe. In foreign depots.:
Redemption of F. R.
To credit Treas. U. S.
720,356 09
bank notes (5% td.)
7,124,646 55
To credit of other GovRedemp. of nat. bank
ernment officers__..
465,563 51
notes (5% fund)...._
31,068,067 17
Devoe. in nat'l banks:
Retirement of addl
To credit Treas. U. S.
7,853,701 30
circulat'g notes, Act
To credit of other GovMay 30 1908
29,980 00
ernment offleers__ _
16,848,543 82
Exchange
s of currenDeposit in Philipp.treas.
cy. coin,(tc
4,328,699 75
To credit Treas. U. S.
4,296,988 21
249,315,189 21
Net balance
252,377,342 92
Total
501,692,532 13
Total
501,692,532 13
Note.—The amount to the credit of disbursing
officers and agencies to-day was
$710,022,922 08. Book c:odite for which
obligations of foreign Governments are
held by the United States amoult to S33,236,6
29 05.
Undor the Acts of July 14 1890 :'id Dec. 23 1913,
deposits of lawful money for
the retirement of outstanding natioa:1 bank and
paid into the Treasury as miscellaneous receipts, Federal Reserve bank notes are
and these obligations are made
under the Acts mentioned a part of the public
debt. The amount of such obligations
to-day was S31,315,041 50.
$736,960 in Federal Reserve notes, $1,037,636 in
Federal Reserve bank notes, and
$16,516,661 in national bank notes are in the
Treasury in process of redemption and
are charges against the depasits for the respective
5% redemption funds.

GOVERNMENT REVENUE AND EXPENDITUR
ES.
Through the courtesy of the Secretary of the Treasu
ry we
are enabled to place before our readers to-day
Government receipts and disbursements for the details of
July 1922 and
1921.
Receipts—
*July 1922. *July 1921.
Ordinary—
Customs
37,491,591 19,798,290
Internal revenue:
Income and profits tax
32,108,601 47,158,908
Miscellaneous internal revenue
82,477,792 110,994,769
Miscellaneous receipts:
Proceeds Government-owned securities—
Foreign obligations—
Principal
450,500
40(1,500
Interest
179,913
223,035
Railroad securities
6,777,443
All others
1,377,965
167,553
Trust fund receipts (reappropriated for
investment)___ _ 2,083,810
1,739,482
Proceeds sale of surplus property
4,051,319 12,874,019
Panama Canal tolls, etc
791,277
760,839
Receipts from miscellaneous sources credited
direct to
appropriations
11,679,783
Other miscellaneous
25,537,841 14,917,741
Total ordinary
204,976,519 209,088,455
Excess of total expenditures chargeable against ordinary
receipts over ordinary receipts
20,521,202 173,148,764
Expenditures-Ordinary (Checks and Warrants Paid, &c.)—
General expenditures
184,683,215 219,005,606
Interest on public debt
28,919,094 43,854,045
Postal deficiency
12,000,000 8,100,196
Panama Canal
48,130
133,043
Operations in special accounts:
Railroads
10,013,603 17,290,145
War Finance Corporation
t7,2913,341 t1,013,689
Shipping Board
t12,345,503 32,709,742
Sugar Equalization Board
Purchase of obligations of foreign governments
Loans to railroads
590,863
Investment of trust funds:
Government life insurance fund_ _..
1,699,474
2,065,299
Civil Service retirement fund
District of Columbia Teachers' retirement fund
18,511
40,080

Bonds:
Consols of 1930
Loan of 1925
Panamas of 1916-1936
Panamas of 1918-1938
Panamas of 1981
Conversion bonds
Postal Savings bonds

$599,724,050 00
118,489,900 00
48,954,180 00
25,947,400 00
50,000 00000
28,894,506 00
11,851,000 00
$88386103000
$1,951,841,450 00
3,310,472,350 00
3,473,777,500 00
6,345,208,750 00 15,081,300,050 00

First Liberty Loan
Second Liberty Loan
Third Liberty Loan
Fourth Liberty Loan
Total bonds
Notes:
Victory Liberty Loan-431%
Treasury notes—
Series A-1924
Series 13-1924
Series A-1925
Series B-1925
Series A-1928

$15,965,161,080 00
1.981,137,10000
3311,191,600 00
390,708,100 00
601,599,500 00
334,975,950 00
617,769,700 00
2,256,242,850 00

Treasury Certificates:
Tax
Loan
Pittman Act

$1,345,353,500 00
408,273,000 00
70,500,000 00

War Savings Securities (net cash recelpts)___ _
Treasury Savings Securities (Oct redemption
value of certificates outstanding)

5618,354,718 85

1,824,129,500 00

72,614,989 02
688,969,707 87

Total interest-bearing debt
Debt on which interest has ceased
Non-interest-bearing debt

$22,715,640,237 87
14,665,240 26
227,068,412 87

Total gross debt

$22.957,373.891 00

TREASURY MONEY HOLDINGS.—The following compilation made up from the daily Government
statements,
shows the money holdings of the Treasury at the beginni
ng of
business on the first of May, June, July and August
1922:
Holdings in
sub-Treasuries.
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes__
Net national bank notes__
Net Fed. Reserve notes_ _
Net Fed. Res. bank notes_
Net subsidiary silver
Minor coin, &c

May 1 1922. June 1 1922. July 1 1922. Aug.
1 1922.
358,676.102
48,952,392
4,099,669
19,139,480
2,155,891
987,795
17,934,198
8,930,245

364,483,500
50,164,824
3,607,761
18,274,380
2,248,415
1,202,444
17,793,559
10,432,426

352,995,316
52,018,116
4,145,964
15,774,367
2,559,643
1,030,273
17,747,952
16,233,435

341,768,829
50,759,752
3,820,082
16,516,662
2,317,842
1,037,636
18,532,854
9,084,280

Total cash in Treas._
Less gold reserve fund__

460,875,752 468,207,309 462,505,086 443,837,9
152,979,026 152,979.026 152,979,026 152,979,0 37
26
Cash balance in Trees.._ _ _ *
307,896,7
26 *315,228.253 *309,526.040 *290,858,911
Dep. In spec. depositories:
Acct. certs. of indebt
Dep. In Fed. Land banks_ 221,646.0(X) 151,590,000 148.492,000 106,856,000
750,000
)et, In Fed. Res. banks _
81,870,230
62,874,384
55,983,920
73,992,465
Dep. in national banks:
To credit Treas. U. S
8,760,550
8,624,226
9.311,154
7,853,701
To credit dish, officers_
17,458.232
16,704,447
15,980,075
16,648,547
Cash In Philippine Islands
5,631,721
5,351,622
4,547,977
4,296,988
Deposits in Foreign Depts.
1,403,548
1,373,322
1,298,892
1,185,920
Net cash in Treasury
and In banks
Deduct curtent liabilities_ 845,417,007 561,746,284 543,138,058 501,692,532
273,071,877 272,349,420 271,032,546 249,315,189
Available cash balance_
372,345,330 289,396,884 272.105,512 252,377,343
Includes
Aug.ug. l,
noIoln
t4,
dodnst
ateens
0okofm
485siver000y..
billlonand $3,81,085 minor coins, ae.;

THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular
of
Samuel Montagu & Co. of London written under date
,
of
July 27 1922:

GOLD.
The Bank of England
gold reserve against its note issue is £125,573,470.
as compared with
E125,571,065 last week.
A fair amount of gold
has been on offer, and the bulk of supplies have
been taken for the United
States of America,Indian requirements still remaining upon a small
scale.
The "Times" under date
of July 26 1922 states that a Russian decree
just issued re-established
the pre-war standard of fineness for gold and silver articles—that is, for
gold, 56, 72, 88, 92 and 940
/e; and for silver 84 and
88%. This enactment,
however, serves but little purpose unless the right
of private property is
re-established, and public security
maintained
then, and perhaps for some
' Till
time afterward, articles of luxury must remain
precarious possessions.
CURRENCY.
The "Times" dated 26th
inst. reports that a Berlin telegram states that
the German Government
proposes to issue new coins in an aluminum and
Total ordinary
copper alloy to the
value of 1,850,000.000 marks,to replace the smaller
218,696,871 321,818,589
notes at present in
circulation.
Public debt retirements chargeable against ordinary receipts;
Sinking fund
SILVER.
6,417,500 57,578,000
Purchases from foreign repayments
On the whole the market
518,700
has been quiet. While the American dollar was
Received from estate taxes
depreciating, the prices
382,850
2,298,350
of silver fell away, but when it improved in value
Purchases from franchise tax receipts (Federal
Reserve
bear covering became
banks)
active and supplies languished. Indian buying orders
Forfeitures, gifts, etc
have been few. The
Continen
t has been selling but not with freedom.
500
3,600 The
very large shipments
that have been made recently from San Francisco
Total
6,800,850 60,398,850 to China and the increase of stocks taking place there already (notwithstanding that movements of
Total expenditures chargeable against ordinary receipts__
specie are customary up-country at this period)
- _225,497,721 382,217,219
do not favor the idea
• 't Receipts and expenditures for June reaching the Treasury
that much demand from that quarter of the world is
in July are included.
t Excess of credits.
to be expected.
Note—The analysis of receipts and expenditures for the
The Indian trade returns
for June show a decrease in the import of treassame basis as the Budget, with necessary adjustments to fiscal year 1923 is on the
cover receipts credited to ure and a slight increase
in the export of treasure as compared with May.




732

[you 115.

THE CHRONICLE

INDIA CURRENCY RETURNS.
July 15.
July 7.
June 30.
In Lacs of Rupees17750
17648
17601
Notes in circulation
8222
8120
80'73
Silver coin and bullion in India
India
of
Silver coin and bullion out
24.5
i455
2432
Gold coin and bullion in India
Gold coin and bullion out of India
(-3-8i
8i§
6
.
6512
Securities (Indian Government)
584
584
584
Securities (British Government)
inst.
The
15th
ending
week
the
No silver coinage was reported during
35,400,000 ounces in
stock in Shanghai on the 15th inst. consisted ofasabout
compared with 34,300,000
sycee,32,000,000 dollars, and 2,460silver bars, silver
on the 8th inst.
bars
ounces in sycee, 33,000,000 dollars, and 2,900 tad.
The Shanghai exchange is quoted at 3s. 5d. the
Bar Gold
Std.-Bar Silver per or.
a Fine.
j
9732.
o.
e:
2 Mos.
Cash.
Quotations35%d.
3531d.
July 14
35%cl.
3531d.
15
July
92s. 8d.
353'5cl.
3531d.
July 17
92s. 9d.
35%d.
3531d.
July 18
92s. 5d.
3534d.
353gd.
July 19
92s. 7d.
3531d•
3531d.
July 20
92s. 7.6d.
35.417d.
35.521d.
INDIAN CURRENCY RETURNS.
Average
respectively
are
delivery
to-day for cash and forward
quotations
silver
The
22.
July
15.
7.
July
July
Rupees.)
(In Lacs of
week ago.
17895 Ad. below those fixed a
17648
17750
Notes in circulation
8363
8222
8120
Silver coin and bullion in India
_ _ -Silver coin and bullion out of India
ENGLISH FINANCIAL MARKET-PER CABLE.
2432
2432
2432
in
India
bullion
Gold coin and
The daily closing quotations for securities, &c., at London,
_ _ -_
-___
Gold coin and bullion out of India...,
6515 as reported by cable, have been as follows the past week:
6512
6512
Securities (Indian Government)
585
584
584
Aug. 5. Aug. 7. Aug. 8. Aug. 9. Aug.10. Aug. 11.
London,
Securities (British Government)
Fri.
Wed. Thurs.
Sat. Mon. Tues.
The silver coinage during the week ending 22d inst. amounted to 1 lac
Week ending Aug. 11.
3
7
3431
3431
344
34%
35
d 3531
of rupees.
Silver, per oz
6d.
92s.
6d.
92s.
6d.
92s.
92s. 8d. 92s. 8d. 92s. 5d.
The stock in Shanghai on the 22d inst. consisted of about 36,500,000 Gold, per fine ounce
5831
5831
5831
5831
5831
5831
ounces in sycee. 32,000,000 dollars and 2.410 silver bars, as compared with Consols. 234 per cents
10031
4 10031
1003
10031
10031
10331
about 35.400,00J ounces in sycee, 32,000.000 dollars and 2,46d silver bars British 5 per cents
9731
9731
9731
9731
9731
9731
on the loth inst.
British 431 per cents
58.95
59.10
59.45 59.25
The Shanghai exchange is quoted at 3s. 53-sd. the tael.
French Rentes(in Paris)fr_ ____
_ _ -75.75
75.65
76
per
75.80
a._
Bar Gold
-Bar Silver per Oz. Std.French War Loan(in Paris)fr_
Or. Fine.
2 Mos.
Cash.
Quotationsin New York on the same day has been:
silver
of
price
The
92s. 6d.
35%d.
35%d.
July 21
Sliver in N.Y., per oz.(cts.):
9931
35d.
35%cl.
9931
9931
9931
9931
July 22
9931
Domestic
92s. 5d.
69
35d.
69
69
35%d.
July 24
6931
6931
6931
Foreign
5d.
92s.
35d.
35d.
July 25
92s. 7d.
35%d.
35%cl.
July 26
92s. 8d.
35%d.
35d.
TRADE AND TRAFFIC MOVEMENT.
.27
July
92s. 6.2d
35.125d.
35.166d.
Average
ED ORDERS OF STEEL CORPORATION.UNFILL
The silver quotations to-day for cash and forward delivery are respectively The United States Steel Corporation on Thursday, Aug. 10
A below and the same as those fixed a week ago.
monthly statement showing unfilled

of trade
The considerable imports of treasure have again made the balance
against India:
paper move(Figures are in lacs of rupees and include bullion and rupee
and (-)as adverse balance.)
ments;(+).denotes balance in favor of India,
1922-23.
Year
1921-22.
Year
Year 1920-21.
*4.17
-6,85
+13.87
April
+3,48
-2,00
+5.74
May
-1,11
-1.67
-82
June
+1.35
-3,14
July
+2,34
-9.36
August
+93
-4,69
September
-8,65
-10,32
October
--9,22
--11.07
November
--2,55
December
---8.97
January
59
February
A-1.42
--4.86
March

1922, issued its regular
ions as of
orders on the books of the subsidiary corporat
amount of 5,776,161 tons. This is an
We have also received this week the circular written under July 31 1922 to the tons
over the unfilled orders on hand
increase of 140,630
date of July 20 1922:
tons on hand at
June 30 last and contrasts with 4,830,324 give
GOLD.
comparisons
following we
The Bank of England gold reserve against its note issue is about £498,500 the close of July 1921. In the
lower, at £125.571,065, as compared with £126.069,565 last week, and the with previous months:
Tons.
currency note return shows a diminution of £500,000 in gold and an increase
of £500,000 in bank notes, but the holding of silver coin has been increased
by £1,000,000. A considerable amount of gold came into the market.
The bulk was taken for the United States of America; Indian requirements
were small. A further million pounds of gold has been retrieved from the
White Star liner Laurentic which was mined off the coast of Donegal in
1917. This recovered treasure will doubtless follow the Successive substantial Government consignments that have been sent to the United
States of America. There is a possibility that the balance of the submerged
gold will be recovered within the next few months. It is interesting to
hear of gold being coined, now that its hand to hand employment as
currency has so much diminished. The Washington Mint coined gold
pieces worth 853,000,016 during the fiscal year 1921-22, and others worth
$8,420,000 during the month of June last. The same Mint coined 16,030
gold pieces for Costa Rica.
CURRENCY.
The circulation of the new kenya shilling, says the "Nairobi" correy ends the changes in the kenya currency
presumabl
Reuter.
spondent of
(though why he should venture to state "presumably ends" is difficult to
see). During the past two years Kenya has had, first, the Indian rupee
as the current standard coin, divided into fractions of 100 c., then the
florin at the fixed rate of 2s. with 100 c. to the florin, and, finally, sterling
with pounds, shillings and cents, 100 C. being reckoned to the shilling.
Owing to no shilling coins having been minted and the issue of cents
being delayed, the country has had to be content with a paper currency.
The Juno circular of the Imperial Ottoman Bank states that Russian
merchants who heretofore paid for goods purchased in Persia with gold
a
and silver are endeavoring to inaugurate system of barter, balancing their
imports from Persia by exports from Russia. Striking evidence of the
is
being conducted in Russia appear
now
business
conditions under which
in a letter received from a representative in Constantinople of one of the
largest English wholesale companies doing business in the Levant: "Our
last venture was to send goods to Rostov, and we received in part payment:
gold (small amount), American cheques
American paper dollars, American
American exchange (bankers), English
(Near East express and others),
cheques and paper notes, French notes
notes and cheques, Turkish gold,
Of the cheques not one was over
rubles.
and cheques and Russian gold
were five different currencies and about as
40 pounds sterling and there
We also had given to us wool, horsehair,
many different rates of exchange.
after these are sold we credit them with
pigs' bristles and cement, and
"
:
the difference

SILVER.
shown by the China exchanges, and sales
Continued weakness has been
quarter, as well as on account of America.
have been made from that
mostly composed of bear covering.
Support has not been at all eager. being
is as a whole encouraging, it is too soon
Although news as to the monsoon
for whole-hearted buying from that quarter. Hence prices have been
s of silver were made
inclined to be retrograde. The following movement
in the month of June:
1,105.787 ozs.
From New York to England
619,699 ozs.
From New York to India _ _
ozs.
6.168,176
China
to
From San Francisco
that'supplies in the Americas are plentiful.
indicate
to
seems
total
last
The
worth
nominally
coined
6,
wore
pieces,
892,548.56
As 92.708:659 silver
Washington Mint, a much larger number
during the last fiscal year at thebeen coined out of silver
bought under the
of dollars would appear to have
made from silver thus acquired during
been
Pittman Act than could havesilver rupees in the Indian
Treasury continues
that period. The holding of
crores for the first time on June 30 1921,
to increase. The total exceeded 70
the 80 crore mark (almost reached on Oct. 31
exactly a year later it passedreturn
the 15th inst. Is a new record with
for
The
lacs).
7996
last with
e as the note circulation-17750
8222 lacs. This is the more remarkabl lacs established
on Oct. 31 last.
lacs-was not so high as the record of 17971
was then 58%, as compared
silver)
and
(gold
bullion
of
The percentage
with 60% on the 15th inst.




Tons.
Tons.
6,284.638 Nov.30 1916...11,058,542
July 31 1922_ __ 5,776.161 Sept.30 1919....
1919...._ 6.109.103 Oct. 31 1916_10,015,260
June 30 1922_ 5,635,531 Aug.31
31 1919_ 5,578,661 Sept.30 1916_ 9,522.584
May31 1922_ 5,254.228 July
June30 1919.__ 4.892 855 Aug.31 1916_ 9,660,357
Apr. 301922... 5,096,917 May
1919__ 4.282,310 July 31 1916._ 9.593,592
31
4.994.148
1622_
Mar.31
9,640,958
Apr. 80 19i9.__ 4,800.685 June 30 1.916_ 9,937,798
Feb.28 1922___ 4,141.069 Mar.31
1919.__ 5.430.572 May 31 1916_
Jan. 31 1922_ 4,241,678 Feb. 28 1919... 6,010,787 Apr. 30 1916_.... 9.829,551
4,268,414
1921_
Dec.31
31 1919_ 6,684.268 Mar.31 1916_ 9,331,001
Nov.30 1921__.. 4.250.542 Jan. 31
1918___ 7,379.152 Feb. 29 1916_ _ _ 8,568,966
Oct. 31 1921- 4,286,829 Dec.
1918._ 8.124,663 Jan. 31 1916_ 7,922,767
Nov.30
4,560.670
Sept.30 1921___
1918... 8.353.298 Dec. 31 1915_ 7,806,220
31
Aug.31 1921___ 4,531.926 Oct.
1918_ 8.297.905 Nov.30 1915..... 7,189.489
Sept.30
4,830.324
1921_
31
July
1918... 8.759.042 Oct. 31 1915... 6,165,452
Aug.31
5.117,868
June 30 1921_
July 31 1918.... 8,883,801 Sept.30 1915_ __ 5,317,618
May 31 1921_ _ _ 5,482.487 June
8,918.866 Aug.31 1915_ 4,908,455
1918._
30
5,845,224
1921___
Apr. 30
31 1918___ 8.337.623 July 31 1915_ 4.928.540
Mar.31 1921___ 6,284,765 May
June 30 1915__ 4,678,196
8,741.882
Apr. 80 1918_
Feb. 28 1921___ 6,933.867 Mar.31
1918_ 9,056,404 May 31 1915_ 4.264,598
Jan. 31 1921___ 7.573.164 Feb.
Apr. 30 1918___ 4,162,244
9,288.453
1918...
28
Dec.81 1920___ 8.148.122 Jan. 31 191.8___ 9377.853 Mar.31 1915..._ 4,255.749
Nov.30 1920___ 9,021.481 Dec. 31 1917_ 9,381,718 Feb. 28 1915_ 4,345,371
9.836.852
Oct. 81 1920_
Nov.30 1917.....8,897,106 Jan. 31 1915_ 4,248,571
Sept.30 1920__ _ 10,374.804 Oct.
31 1917_ 9,009,675 Dec. 31 1914_ 3,836,643
Aug.31 1920-10,805.038 Sept.30
1917___ 9.833,477 Nov.30 1914_ 3,324,592
18.488
July 30 1920-11,178.817 Aug.31 1917___10.407,049 Oct. 31 1914_ 3,461,097
June 30 1920_10.9
44,164 Sept.30 1914... 3,787.667
1917_10,8
31
July
40,466
1920-10.9
May 31
30 1917_11,383,287 Aug.31 1914_ 4,213,331
Apr. 30 1920...A0.359.747 June
4.158,589
6.591 July 31 1914_
Mar.30 1920-- 9.892.075 May 31 1917_11,88
June 30 1914___ 4.032.857
Feb. 28 1920._ 9.502.081 Apr. 30 1917_12,183.083
May 31 1914_ 3.998.160
Jan. 31 1920___ 9.285.441 Mar.31 1917_11,711.644
Apr. 30 1914___ 4,277,068
Dec.31 1919... 8,265.366 Feb. 28 1917.._..11.576,697
Mar.31 1914_ 4,653,825
Nov.80 1919_ 7.128.330 Jan. 31 1917___11,474,054 Feb.
28 1914_ 5,026.440
Oct. 31 1919-__ 6,472,668 Dec.31 1916-11,547.288

STEEL PRODUCTION IN JULY.-The American Iron
it
& Steel Institute has issued a statement from which
appears that the production of steel in July 1922 by 30 companies, which in 1921 made 87.50% of the steel ingot production in that year, amounted to 2,487,104 tons. This
contrasts with only 8()3,376 tons during the same month last
year. The output by processes was as follows:
Open hearth
Bessemer
All other
Total

July 1922. July 1921. 7Mos.1922. 7Mos.1921
Gross Tons. Gross Tons. Gross Tons. Gross Tons.
689,489 12,951,733 7,608,373
2,020.572
113,312 3,024,538 2,187,285
464,047
14,573
10,219
575
2,485
2,487,104

803,376 15,986,490

9,810,231

LAKE SUPERIOR IRON ORE SHIPMENTS.-Shipmonth of
ments of iron ore from Lake Superior during the
increase of 4,894,649
July 1922 aggregated 8,942,336 tons, anmonth
last year. The
tons over the movement for the same
shipments to Aug. 1 totaled 17,293,513 tons, as contrasted
with 10,418,914 tons during the corresponding period last
year and with 26,079,111 tons in 1920.
Below we compare the shipments from the different ports
ve
for July 1922, 1921 and 1920, and for the respecti seasons
to Aug. 1:
Season to Aug. I
July
1920.
1921.
1922.
Escanaba __tons_ 799,536 238,258 1,174,468
610,321
80.470
454,221
Marquette
1,379,608 434.088 1,293.239
Ashland
2,010,368 875,005 2,249,431
Superior
2,872.882 1.731.094 2,783,537
Duluth
Two Harbors__ 1,425,721 688,772 1,527,610
Total

1921.
1922.
1920.
1,604,130
449,062 3,117,277
133,414 1,538,724
848,765
2,579,056
961,025 3,606,108
4,364,963 2,591,235 6,699,927
5,126,745 4,639,393 7,000,222
2,769,854 1,644,785 4,121,853

8,942,336 4,047,687 9,638,606 17,293,513 10,418,914 26,079,111

AUG. 12 1922.]

THE CHRONICLE

733

By Messrs. R. L. Day & Co., Boston:
gontmeixial amiTaiscellanzonsgIettil, I Shares.
Stocks.
S per sh. Shares. Stocks.
Breadstuffs figures brought from page 780.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-

Flour.

Wheat.

Corn.

Oats.

Barley.

Rye.

bbls.196lbs. bush.60 Os.bush. 56 lbs. bush. 32 lbs.bush.48lbs.bush.561bs.
Chicago
232,000 4.922,000 1,849,000 1,535,000
148,000
272,000
Minneapolis_
1,456,000
271,900
466,000
154,000
366,000
Duluth
428.000
455,000
165,000
63,000
641,000
Milwaukee
52,000
116,000
215,000
312,000
127,000
51,000
Toledo
451,000
38,000
26,000
40,000
Detroit
57,000
32,000
66,000
Omaha
1,169,000
550,000
272,000
St. Louis ____
95,000 2,123,000
588,000
734,000
16,000
15,000
Peoria
51,000
494.000
185.000
281,000
1,000
Kansas City..
4,038,000
159,000
124.000
St. Joseph
653,000
96.000
16.000
'Indianapolis
281,000
284,000
328,000
Total wk.1922
Same wk. 1921
Same wk.1920

430.000 16,183,000
487.000 16,569,000
263.000 10,571,000

4,722,000 4,325,000
3,578,000 13.096,000
2,567,000 3.939,000

508,000 1,386.000
366.000
796,000
413,000
479,000

Since Aug.11922
1921
1920

430,00Sl 16.183.000
437,00 16,569,000
203.000 10.571.000

4,722,000 4,325,000
3,578.000 13,096,000
2.567.000 3 930.000

508,000 1,386,000
366.000
796,000
413.000
479.000

Total receipts of flour and grain at the seaboard ports for
the week ended Saturday Aug. 5 1922, follow:
Receipts at-

Flour.

Wheat.

Barrels.
New York_ .
125,000
Philadelphia _
65,000
Baltimore__ _ _
22,000
Newport News
7,000
New Orleans.
73,000
Galveston..
Montreal ____
90,000
Boston
19,000

Corn.

Oats.

Barley.

Bushels.
2,125.000
1,358,000
1,426,000

Bushels.
620.000
123,000
435,000

950,000
523,000
1,645,000
26,000

162,000

25,000

946.000
21,000

120,000
47,000

Rye.

Bushels.
Bushels. Bushels.
531,000
105,000
4,000
25,000
4,000
20,000
119,000

36,000

280,000
1,000

Total wk.1922
401,000 8,053.000 2,307,000
768,000
141,000
403,000
Since Jan.1'22 13,994,000124,543,000 102,090.000 42,569,000
10,132,00018,950,000
Same wk. 1921
474,000 8,540,000 1,258,000
231,000
145.000
Siner.bin 19114 089 000i33 ens non 54 710 tim 31 924,000
n:li non in 994 000 14 028 000
.Receipts do not Include grain passing through New Orleans for foreign
ports on
through bills of lading.

The exports from the several seaboard ports for the week
ending Saturday, Aug. 5 1922, are shown in the annexed
statement:
Exports fromNew York
Boston
Philadelphia
Baltimore
Newport News..
New Orleans
aalveston
Montreal

Wheat.

Corn.

Flour.

Oats.

Rye.

Barley Peas..

Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
1,450,822 417,343 67,658 583.407 191,457 168,949
88.000
----631,000 132,000
771,000 525.000 12,000
89,000
7,000
933,000 125.000 43,000
16,000
_
10,000
168.000
2,651,000 1.703.000 61,000 458,000
174,000

Total week 1922_ 6,742,822 2.907,343 190,658 1,057,407 280.457 352,949
Ramp week 1921_ _ _ 9_975_54:1 2530233 231.899 1.845.000 484.000 416.815

----

The destination of these exports for the week and since
July 1 1922 is as below:
Exports for Week
and Since
July 1 to

Flour.
Week
Aug. 5.

Corn.

Week
Aug. 5.

Since
Since
Week
July 1.
Aug. 5.
July 1.
Barrels.
Bushels.
Bushels.
Bushels. Bushels.
366.500 2.747,716 8,951,312 903.636 4,298,285
330.564 3,993,106 20,032.050 1,981,707 8,318,245
12,000
13,000
71,000
2,000
3,000
141,000
22,000
34,988
7,000

Barrels.
United Kingdom_ 92.533
Continent
85,125
So.& Cent. Amer_
2,000
West Indies
11,000
Other countries_ _ _
Total 1922
Total 1921

Wheat.

Since
July 1.

190,653
815.052 6,742,822 28,993,362 2.907,343 12,770,530
231,899 1,415.784 9,975.545 33.558.079 2,530.233 12.907,513

The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange for the week
ending Friday, Aug. 4, and since July 1 1922 and 1921,
are shown in the following:

1922.
Week
Aug. 4.

Since
July 1.

$ per sh.
27 Sullivan Machinery
27
100 J. R. Whipple Co. par $10.___ 24
100 J. It. Whipple Co., 2d pref,
par $25
30
5 J. R. Whipple Co., 1st pref_ _ _ _ 99
4 Dallas Electric. temp. ctf
25c
5 New England Powr Co., pref__ 913.4
10 Turners Falls Pr. & Electric__ _100
25 Hood Rubber Co., pref
iooq
Bonds.
Per cent.
$10,000 Utah Lt. & Tree. 5s, 1944 90&int
$60 East. M.St. Ry. adj. scrip. 3934

By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
S per sh. Shares. Stocks.
$ per sh.
5 Beacon Trust Co
273
2 American Mfg. Co., pref
824
500 U. S. Worsted Co., par $10_ _ _ _25c
10 Fisk Rubber Co.. tat pref
60
50 Wm. Whitman Co., Inc.,pf994-99%
5 Electric Bond & Share, pref
9634
5 Worcester Cons. St. fly., 1st
196
2 Fall River Gas Works
preferred, par $80
69
5 American Mfg
97
50 Puget Sound Pr. & Lt. Co., pf_ 8134 10 Puget Sd. Pr. & Lt. prior
pref_10334
4-10 American Mfg
1 Hood Rubber Co., pref
101
328 The Green Shoe Mfg. Co.,
10 Old Colony Mills, pref
6
preferred
$16,000 lot
8 Res. New Bedford G. As Ed. Lt- 834
5 Draper Corp
15834

91.4

By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
Price.
30 Quaker City National Bank__ _144
5 Southwark National Bank
225
3 Franklin National Bank
58234
3 First National Bank of Phila__ _25311
6 Commercial Trust Co
3.58-38534
4 Philadelphia Bourse
84
5 Horn & Hardart Co. of N. Y. _241
73 Pennsylvania Sugar Co
1704
2 John B. Stetson Co
370
3 Victory Insurance Co., par $50_ _102%

Shares. Stocks.
Price.
4 Philadelphia Traction Co_
65%
4 St. Joseph Ry., L., H.& P. Co__ 6
4 Fire Assoc'n of Phila., par $50_ _324
15 Philadelphia Life
10
Bonds.
$1,000 Seattle Lighting Co. 5s, 1949 80
$2,000 N. Y.&'Westchester Ltg. 4s,
2004
72%
$500 U.S. Steel Corp. 5s, reg.,1963.10238

Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Aug.5 to Aug. 11, both inclusive,
compiled from official sales lists:
Stocks-

I'ruxay
zates
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.

Am Vitrified Prod, com_25
Am Wind Glass Mach_ _100
Preferred
100
Am Wind Glass Co, pf_100
Arkansas Nat Gas, com_10
Bank of Pitts, N A_ _50
Carnegie Lead & Zinc_
5
Consolidated Ice, pref_ _50
Exchange Natl Bank _50
Indep Brewing, pref
_50
Lone Star Gas
25
Mfrs Light & Heat__ _ _100
Nat Fireproofing, com_ _50
Preferred
50
Ohio Fuel Supply
25
Oklahoma Natural Gas_ _25
Pittsburgh Brew, com _50
Preferred
50
Pittsburgh Coal, com_ _100
Pisstb At Mt Shasta Cop_ _1
pittsburgh Oil& Gas_ _ _100
Pittsburgh Plate Glass_ _10
Real Estate Trust Co_ _100
Salt Creek Cons
10
Tidal-Osage Oil
*
Union Natural Gas_ _ _ _100
U S Glass
100
West'house Air Brake _50
W-house El& Mfg,corn _50
Preferred
50
West Penn Rys, pref _ _ _100
West PennTr&WP,com 100
BondsIndep Brewing 6s_ __ _1955
West Penn Rys 5s
1931

9
7834
90
107
9
13234
5
2534
74
104
2834
504
8
1834
5134
2234
254
73.4
64
22c

9
79
79
90
107
9
934
13234
5
2534
74
11
29
2934
5134
5134
8
834
19
19
53
53
23
234
74
6634
6634
22c
23c
934
180 180
12434 12434
11
1134
13
1234 13
142 144
52
52
94
9334 94
6134 6134
73
73
7834 79
3134 2934 3134

994

80
100
55
95
2,080
2
100
20
1
50
1,035
970
90
50
415
743
100
112
65
8,950
400
35
10
370
300
117
10
216
100
20
37
825

Range since Jan. 1.
Low.

Feb
2434
Jan 90
Jan
Jan 107
Mar
1234
July 13234
Jan
634
Jan 2534
Jan 74
Feb
11
Jan 3134
Jan 54
Jan
934
Jan 21
Jan 55
Jan 2634

Aug
Apr
Aug
June
Aug
Aug
Aug
June
May
Apr
Ape
May
Ape

5
60
19c
6
130
120
894
11
1153-4
40
8014
4934
6314
6934
18

Feb
Jan
May
Feb
Jan
May
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Jan

Jun(
Jun(
Mat
Jun(
Aus
AuE
May
Apt
Aug
Ma3
Fel
Apt
AuE
Api
AuE

Corn.
1921.
Since
July 1.

1922.
Week
Aug. 4.

Since
July 1.

1921.
Since
July 1.

Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 7,708,000 34,458.000 43,601.000 4.125,000 14.903,000 13,857,000
Russ.& Dan.
488,000
683,000
285,000 1,864,000 2,469,000
56,000
Argentina__ _ 3,127,000 16.087.000 6,263.000 2,588,000 10,038.000 24,597,000
Australia _ _ _
696,000 3,776,000 6,832,000
India
704,000
0th. countr's
105,000
325,000 2,010,000
11,587,000 55,009.000 57,888,000 7.103.000 27,180,000 42,933.000

Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in Now York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, Now York:
Shares. Stocks.
Price
200 Vacuum G & 0,Ltd. par Si _SO lot
17 Union Typewriter 2d pf_ _ _$995 lot
2,580 llutterworth-Judson Corp pf,
with diva unpaid from Jan.
WI'
119111
50c per sh.
1,442 Butterworth-Judson Corp p1,
with diva, unpaid from Jan.
ibis
50c per sh.
220 Internat & Gt Nor
$1 per sh.




Apr
May

9134 June

834
664
31e
1134
180
12434
1434
1434
144
55
10034
6934
73
80
313-4

693-4 70 $35,000 67
June 75
Jar
824 8234
5.000 8214 Aug • 9134 Api
* No par value.
t Sold last week and not reported, 50 shares Bank
of Pittsburgh stock at 130% •

New York City Realty and Surety Companies.
All price,s dollars per share.
Bid
Alliance R'Ity 90
Amer Surety.. 74
Bond & M G. 258
City Investing 60
Preferred __ 88

Ask
95
77
264
63
91

Lawyers Mtge
Mtge Bond_
Nat Surety..
N Y Title &
Mortgage..

Bid
175
115
217

Ask
180
125
222

158

164

Realty Assoc
(Brooklyn)..
U S Casualty.
U S Title Guar
West Chester
Title & M G

Bid
155
160
105

Ask
160

175

200

New York City Banks and Trust Companies.
Banks-N.Y Bid
Ask
Ask Trust Co.'s Bid
Bid
Banks
America s____ 214
New York
218 Imp & Trad_ _ 555 570
Amer Exch
282
American
_
286 Industrial. _ _ 145
160
Battery Park_ 128
Bankers Trust 363
135 Irving Nat of
Bowery._ _ . 430 450
NY
209 213 Central Union 385
Broadway Cer 140
327
150 Manhattan *- 255
265 1Colunibla _ _
Bronx Boro..
Commercial.. 105
Bronx Nat _ _ 155 - 165 M ech & Met. 405 405 _ Empire
295
500
Mutual*
Bryant Park. 145
161) 'Equitable Tr. 290
155 Nat A merican 150
Butch & Drox 130
138 National City 329 332 ,Farm L & Tr_ 443
Cent Mercan. 205
135 ,Fidelity Inter. 208
New Neth _ 125
Chase _
342 345
Fulton
240
Chat & Phen. 265 269 New York.... 555 565 Guaranty Tr. 225
Pacific.
300
Chelsea Each*
170
_
60 Park
444 450 Hudson
Chemical _ _ _ _ 505 290 310 Law Tit & Tr 185
Coal & Iron__ 185 515 Public
195 Seaboard _ -. 287 295 Metropolitan. 290
Colonial •____ 325
Standard
_ 230 260 Mutual (West
Columbia'..
cheater)
208
115
295
State.
Commerce.. _ 275 277 Tradesmen's
N Y Life Ins
200
*
Corn'nwealth. 215
055
& Trust
270
250
23d
Ward....
Continental... 130
iio United States. 160 170 N Y use__ _ 353
Corn Exch.
iTitle Gu & Tr 395
415
420 Wash'n urn • 325
Common'tan ._ 75
S Meg & Tr 305
85 Yorkville _ _ 420
East River__ 170
United States 1055
_
Fifth Avenue.:0
10
10
Brooklyn
Fifth
Brooklyn
160
165
170 Coney Island. 155
First
255 265 13rooklyn Tr_ 425
First
Garfield
Kings County 750
240 250 Mechanics'
110
Gotha m180
*
2
15
80 185 Montauk •__ _ 125
- - - - Manufacturer 235
Greenwich
People's_ _ _
325
225
265 Nassau.
Hanover
825 People's
160 - Harriman _ _ '115
375 385
Banks marked with (*) are State banks. t New stock. z Ex-dividend. y Ex
--

Total

High.

8
6434
84
97
834
130
234
23
69
634
20
45
634
15
4434
19

AU prices dollars per share.

Wheat.
Exports.

140 U. S. Worsted Co., common,
par $10
20c-25c
10 Dwight Manufacturing
113
3 Berkshire Cotton Mfg
240
5 Hill Manufacturing
15334
5 U. S. Worsted Co., 1st pref._
634
8 Eastern Mass. St. fly
243.4
10 Boston RR. Holding Co., pref_ 4014
1 Northern RR., N. H
77
5 American Glue
99
5 Turners Falls Power & Electric _100
15 Rts. New Bedford Gas & Ed. Lt 8%

Price.
Shares. Stocks.
Corp,
5,635 Butterworth-Judson
$,
common
,000 lot
100 Accounting & Tabulating
Corp. pref
$9 lot
483 Fairbanks Co 8% pref. _$5 per sh.
1,000 Service Sta Equip Corp__ _ _S10 lot
Per Cent.
Bonds.
$10,000 San Pedro Gold Mining 1st
$2510
Mtge bonds

Ask
368
392
332
125
305
295
450
213
250
230
180
193
300
130
665
358
400
315

450

rights

[VOL. 115.

THE CHRONICLE

734

National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
.
Currency, Treasury Department: 0:1449 igurronr>.kil
APPLICATIONS TO ORGANIZE RECEIVED.

Cavil
$100,000
July 31-The Eastern National Bank of York,Pa
Correspondent, Elmer D. Quickel. York, Pa.
Aug. 5-The Grantwood National Bank, Grantwood, N. J
Correspondent, J. M. Akin, Grantwood, N. J.
100.000
Aug. -The Montclair National Bank. Montclair, N. J
Grove St.,
Correspondent, Newton H. Porter,
Montclair, N. J.
Aug. -The Jordan National Bank. Jordan, N Y
Correspondent. Barton L. Bush, Jordan, N. Y.

50,000

5

337

25,000

5

APPLICATION TO ORGANIZE APPROVED.
Aug. 5-The National Bank of Lumpkin. Lumpkin. Ga
Correspondent, E. L. Harvey, Lumpkin, Ga.
CHARTER ISSUED.
-The Germantown National Bank, GermanJuly 31
town, N. Y
President, Robert R.Livingston; Cashier,J. R. DuBois.
VOLUNTARY LIQUIDATIONS.
-The First National Bank of Ozone Park,
July
Liquidating
Effective close of business July
agent, Henry Seiden Weller, Ozone Park. N. Y.
Absorbed by the Manhattan Co. of New York, N. Y.
-The First National Bank of Oxnard, Calif
Liquidating
Effective close of business June
agent, Chas. Donlon, Oxnard, Calif.
Absorbed by the Los Angeles Trust & Savings Bank,
Los Angeles, Calif.
CONSOLIDATION.
$100,000
Aug. 1-The Peoples National Bank of Leesburg, Va
and
Leesburg Uppervihe National Bank of Leesburg, Va
and under
Consolidated under the Act of Nov.
the charter and corporate title of "The Peoples
with capiNational Bank of Leesburg"(No.
tal stock of $100,000.

$25,000

-12242

31-8865

July 31-9481

$50,000

19 1922.

30 1922.

12204-The

7 1918
3917),

N. Y

$50,000
250,000

25,000

DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
•
have not yet been paid.
The dividends announced this week are:

Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Railroads (Steam).
334 Aug. 17 Holders of rec. July 13
Alabama Great Southern. preferred___
1;4 Sept. 1 Holders of rec. July 28a
Atch. Top. & Santa Fe. corn. (quar.)___
Sept. 1 Holders of rec. July 15a
2
Baltimore & Ohio, preferred
Aug. 15 Aug. 6 to Aug. 15
2
com_
Pittsburgh,
&
Rochester
Buffalo
Aug. 15 Aug. 6 to Aug. 15
3
Preferred
131 Sept.30 Sept. 16 to Oct. 1
Buffalo & Susquehanna. corn.(quar.)__
Aug. 15 Holders of rec. Aug. 34
2
Central RR.of New Jersey (Own)
234 Aug. 21 Holders of rec. Aug. la
Chic.St. Paul Minn.& Omaha,com_ _ _ _
Aug. 21 Holders of rec. Aug. la
334
Preferred
8736c Sept. 1 Holders of roe. Aug. 10a
Cleveland & Pittsburgh, guar. (guar.)
50c Sept. 1 Holders of rec. Aug. 10a
Special guaranteed (guar.)
Sept. 1 Holders of rec. Aug. lb
1
Cripple Creek Central, pref. (quar.)
Aug. 15 Holders of rec. July 20a
3
Cuba RR., preferred
Feb15'23 Holders of rec. July 20a
3
Preferred
20 Holders of rec. Aug. 28a
Sept.
234
Delaware & Hudson Co. (guar.)
1Y, Sept. 1 Holders of rec. Aug. 4a
Illinois Central, common (guar.)
1 Holders of rec. Aug. 4a
Sept.
$1.10
1)
Preferred (No.
.1114.5 Oct.
1
Louisiana & North West (No. 1)
New York Chicago & St. Louis,
Holders of roe. Sept.190
Sept.
30
13(
First preferred (quar.)
13( Dec. 30 Holders of rec. Dec. 19a
First preferred (guar.)
Holders of rec. Sept. 19a
30
Sept.
134
(guar.)
preferred
Second
134 Dec. 30 Holders of rec. Dec. 196
Second preferred (guar.)
151 Sept. 19 Holders of rec. Aug. 31a
Norfolk & Western,common (quar.)
Aug. 19 Holders of rec. July 31a
Adjustment preferred (guar.)
Aug. 25 Aug. 10 to Aug. 20
2
North Pennsylvania (guar.)
31 Holders of rec. Aug. la
Aug.
50c.
(guar.)
Pennsylvania
Aug. 15 Holders of rec. Aug. 7a
6
Pittsb. Cine. Chicago dr St. Louis
Holders of rec. Aug. la
Pittsb. & West Virginia, pref. (guar.).- 134 Aug. 31 Holders
of rec. Nov. la
114 Nov.29
Preferred (guar.)
of rec. Aug. 290
Holders
14
Sept.
500.
Reading Company first pref.(quar.)-Street and Electric Railways.
Brazilian Trac.. Light & Pow.,ordinary_
Cent. Miss. Vail. Elec. Prop., pref.(qu.)
Connecticut Ry.& Ltg.. corn.& pi.(qu.)
Federal Light & Traction, pref. (guar.).
Montreal Lt., Ht.& Pow. Cons.(qu.)
Philadelphia Co.,preferred
Philadelphia Traction
Tampa Electric Co. (quar.)
United Rys. dr Elec. of Baltimore, com_ _
West Penn Rys., pref. (quar.)
West Penn Tree. & W.P., pref. (guar.)
Preferred (account accum. dividends).

Sept. 1 Holders of rec. July 31
1
136 Sept. 1 Holders of rec. Aug. 150
1% Aug. 15 Aug. 1 to Aug. 15
134 Sept. 1 Holders of rec. Aug. 15a
131 Aug. 15 Holders of rec. July 31
$1.25 Sept. 1 Holders of rec. Aug. 10a
Oct. 2 Holders of rec. Sept. 9a
$2
236 Aug 15 Holders of rec. Aug. la
*50c. Aug. 15 'Holders of rec. Aug. 3
136 Sept. 15 Holders of rec. Sept. 1
136 Aug. 15 Holders of roe. Aug. 1
1034r Aug. 15 Holders of rec. Aug. 1

Miscellaneous.
134 Sept. 1 Holders of rec. Aug. 120
Acme Tea, 1st & 2d pref. (quar.)
Aug. 15 Holders of rec. July 24a
1
Allis-Chalmers Mfg.,corn.(guar.)
American Art Works, corn. & pref.(qu.) 136 Oct. 15
Aug. 15 Holders of roe. July 28a
(guar.)._
$1
merican Bank Note,common
750. Oct. 2 Holders of rec. Sept. 12m
American Bank Note, pref. (guar.)_ _
15 Holders of rec. Aug. la
Aug.
234
(guar.)
corn.
Eng..
Fire
France
La
kmer.
to Oct. 1
134 Oct. 1 Sept. 17 to
American Mfg., pref. (quar.)
Dec. 30
134 Dec 31 Dec 17
Preferred (guar.)
When
Books Closed.
Per
of roe. Aug. 190
Holders
1
Sept.
75c.
common
Metal,
American
Days Inclusive.
Cent. Payable.
Name af Company.
Aug. 21a
rec.
of
Holders
1
Sept.
$1.75
Preferred (guar.)
Sept.30 Holders of rec. Sept. 150
$1
American Radiator,common (guar.)
Railroads (Steam).
la
Aug.
rec.
of
Holders
Aug.
15
15,4
Preferred (guar.)
Cin. N.0.& Texas Pac., pref.(guar.)_ _ .134 Sept. 1 *Holders of rec. Aug. 18
Holders of rec. Oct. 15
Nov.
American Shipbuilding, common (guar.) 2
Aug. 21 *Aug. 12 to Aug. 20
'2
Delaware & Bound Brook (quar.)
Holders of rec.Jan.15'23
1'23
eb.
2F
(guar.)
25
Common
10
Aug.
Aug.
to Aug. 20
$1
North Pennsylvania (guar.)
2M ay 1'23 Holders of rec. Apr.14'23
Common (guar.)
Phila. Germantown & Norristown (qu.)- *$1.50 Sept. 5 'Holders of rec. Aug. 19
2A ug. 1'23 Holders of roe.July 14'23
COMMOD (guar.)
Pittsb. Youngst.& Ashtab., pref.(guar.) 131 Sept. 1 Holders of rec. Aug. 21a
1% Sept. 1 Aug. 12 to Aug. 20
(quar.)
pref.
Refining,
&
Smelt.
Amer.
1% Oct. 2 Holders of rec. Aug. 31
Southern Pacific Co. (guar.)
1% Oct. 1 Sept. 16 to Sept.24
21a Oct. 2 Holders of rec. Sept. 1
Amer. Smelters Secur., pref. A (guar.)_ _
Union Pacific, common (guar.)
1% Oct. 1 Sept. 18 to Sept.24
Preferred B(guar.)
Oct. 2 Holders of rec. Sept. 1
2
Preferred
136 Aug. 15 Holders of rec. Aug. la
American Soda Fountain (guar.)
•1 5.‘ Oct.
1
(guar.)
American Stores, common
Street and Electric Railways.
131 Oct. 2 Holders of rec. Sept. la
(guar.)
pref.
Refg.,
Sugar
R.
1
& Light. prof.(qu.) 1% Sept.
Central Arkansas
Amer.
Holders of rec. Aug. 15a
'Holders of rec. Aug. 15
1
Sept.
334
'
pref
American Sumatra Tobacco,
Sept. 1 Holders of rec. Aug. 21
Northern Texas Elec. Co., corn.(guar.)_ 2
1% Sept. 1 Holders of rec. Aug. 31e
3
Sept. 1 Holders of rec. Aug. 21
•kmerican Telegraph & Cable (guar.)
Preferred
Sept. 1 Holders of rec. Aug. 106
(guar.)_
3
13
corn.
&
corn.
Tobacco,
Amer.
Washington(D.C.)Ry.& Elec., pf.(qu.) *131 Sept. 1 *Aug. 20 to Aug. 21
131 Aug. 15 Holders of rec. Aug. la
Amer. Water-Works & Elec.. pref. (mi.) 13% Sept.
Holders of rect. Aug. 12
Associated Dry Goods, 1st pref.(quar.)
Trust Companies.
1% Sept. 1 Holders of rec. Aug. 12
Second preferred (quar.)
134 Oct. 2 Holders of rec. Sept.22a
Lawyers Title & Trust Co.(grain)
of rec. Aug. 310
Holders
11
3
Sept.
Atlas Powder,common (guar.)
5$ 1.87% Aug. 15 *Holders of rec. Aug. 1
Beacon 011, preferred
Miscellaneous.
%
▪
of rec. Sept. 1
*Holders
15
Sept.
_
_
(quar.)_
pref.
BeldIng-Corticelli, Ltd.,
2
Aug. 10 Holders of rec. July 31
Alaska Packers Association(mum)
1% Oct. 2 Holders of rec. Sept. 15a
Bethlehem Steel, corn. & tom. B (guar.) 1%
American Beet Sugar, preferred (guar.)- 134 Oct. 3 Holders of rec. Sept. 9
Oct. 2 Holders of rec. Sept.15a
(guar.)
Preferred
*134 Sept.30 *Holders of rec. Sept. 13
American Locomotive, corn. (quar.)___
Oct. 2 Holders of rec. Sept.15c
2
*I% Sept.30 *Holders of rec. Sept. 13
Eight per cent preferred (guar.)
Preferred (quar.)
Aug. 15 Holders of rec. Aug. 8a
(quar.)_ _ _ 4
2
Sept. 1 Holders of rec. Aug. 18
Bond & Mortgage Guarantee
American Power & Light, corn.(guar.)
4
Aug. 15 Holders of rec. Aug. la
*25c. Jct. 2 'Holders of rec. Sept.12
Borden Co.. common
American Safety Razor Corp.(No. 1)
•1f,.6
15 *Holders of reo. Sept. 1
Sept.
Preferred (guar.)
Sept. 1 Holders of rec. Aug. 15
Am.Sales Book,pref.(acct.accum.divs.). hl
Dec. I Holders of rec. Nov. la
%
1
common_
Ltd..
rson,
*5
Brandram-Hende
Sept. 16 *Holders of rec. Aug. 21
Atlantic Refining, common (guar.)
1 Holders of rec. Aug. 18a
Sept.
2
2
Aug. 15 Holders of rec. Aug. 2a Brooklyn Edison (guar.)
Border City Manufacturing (quar.)
Sept. 15 Holders of roe. Aug. 21
$2
Sept. 1 'Holders of rec. Aug. 15
Buckeye Pipe Line (guar.)
*2
Cleveland Elec. Illum., pref. (quar.)
Holders of rec. Aug. la
15
Aug.
$2
(quar.)
A
Class
corn.,
*1
Burns Bros.,
Sept. 1 'Holders of rec. Aug. 20
Columbia Petroleum (monthly)
50c. Aug. 15 Holders of rec. Aug. la
*$1
Common, Class A (extra)
Oct. 1 'Holders of rec. Sept.20
Commercial Solvents, Class A,pref.(qu.)
15 Holders of rec. Aug. la
Aug.
50c.
(guar.)
B
Class
Common,
"25c. Oct. 2 'Holders of rec. Sept.20
Connor(John T.),common (fluor.)
e25 Aug. 15 Holders of rec. July 31
Burroughs Adding Machine (In stock)
Sept. 15 *Aug. 26 to Sept.15
*2
Continental Oil (guar.)
3% Aug. 15 July 30 to Aug. 15
*
Butler Bros.(guar.)
Sept. 15 'Holders of rec. Sept. 1
Crane Co., oommon (guar.)
2
Aug. 15 Holders of rec. Aug. 5
*1% Sept. 15 *Holders of rec. Sept. 1
(guar.)
Butler Mill
Preferred (guar.)
(guar.)
$1.50 Aug. 15 Holders of rec. July 31
Cabot Manufacturing
75e. Sept. 15 Aug. 26 to Sept.15
Crescent Pipe Line (quar.)
_
15 Holders of rec. Aug. 310
Sept.
(guar.)
Corporation
134
Pecking
nia
Callfor
2
$1.25 )ct.
Holders of rec. Aug. 31
Eastman Kodak,common (guar.)
Aug. 21 Holders of rec. Aug. 15
California Wine Awn.,common
1% Oct. 2 Holders of rec. Aug. 31
Preferred (guar.)
134 Aug. 16 Holders of rec. July 31
pref. (guar.)
Cement,
Canada
1
Sept.
1.34
Holders
of
rec. Aug. 15
Federal Utilities, preferred (guar.)
(quar.)_
134 Aug. 15 Holders of rec. July 31
2
Sept.30 Holders of rec. Sept. 15a Canadian Converters'. common
Guantanamo Sugar, pref.(guar.)
234 Aug. 15 Holders of rec. Aug. 10
Casey-Hedges Co., common (quar.)....,
Harbison-Walker Refrac., corn. (quar.)- 134 Sept. 1 Holders of rec. Aug. 21
(quar.)
Aug. 15 Holders of rec. July 31
&
Power
Mfg.
Rapids
20
Cedar
Oct.
136
Holders of rec. Oct. 10
Preferred (guar.)
2
Aug. 15 Holders of rec. July 310
Central Ariz. Lt. & Pow.,corn.(quar.)_
Sept. 1 'Holders of rec. Aug. 21
"2
Higbee Co., 2d pref. (guar.)
Holders of rec. July 31a
2
Aug. 1
Preferred (guar.)
Aug. 15 Holders of rec. Aug. 1
Holmes Manufacturing, common (guar.) 5
Cities Service-Aug. 15 Holders of rec. Aug. 1
2
4.34 Sept. 1 *Holders of rec. Aug. 15
Preferred (guar.)
cash)
in
payable
(monthly.
Common
International Cotton Mills, pref.(guar.) 134 Sept. 1 Holders of rec. Aug. 21
*013i Sept. 1 *Holders of rec. Aug. 15
Common (pay. In corn. stock scrip)
*50c. kug. 31 'Holders of rec. Aug. 17
Isle Royale Copper Co
Sept. 1 *Holders of rec. Aug. 15
Pref. & pf. B (mthly., pay. In seat))
Aug. 15 *Holders of rec. Aug. 5
Keokuk Electric Co., preferred (quar.)_ *1
Aug. 25 Holders of roe. Aug. 106
2
olorado Fuel Jv Iron, pref.(guar.)
134 Aug. 31 Holders of rec. Aug. 21a
Lanston Monotype Machlge (quar.)
(quar.)
Aug. 15 Holders of rec. July 316
136
Electric
&
Gas
Columbia
$1.50 Sept. 1 Holders of rec. Aug. 23
Mahoning Investment (mar.)
15 Holders of rec. Aug. 100
_
Sept.
(guar.)
2
York
New
of
Gas
Consolidated
Holders of rec. Aug. 1
*3%
Monatiquot Rubber, corn.(in corn. stk.) 31500
20 *Holders of rec. Aug. 10
Aug.
Consumers Company, preferred
1% Oct. 2 Holders of rec. Sept. 11
National Sugar Refining(guar.)
(qu.) 135 Aug. 15 Holders of rec. Aug. 8
Bag
Mills,com
&
Pap.
Continental
134 Sept. 1 Holders of roe. Aug. 19
Nebraska Power, preferred (guar.)
136 Aug. 15 Holders of rec. Aug. 8
Preferred (guar.)
134 Aug. 21 Holders of rec. Aug. 9a
Niles-Bement-Pond, preferred (quarJ- 134 Sept. 1 Holders of rec. Aug. lba
Cosden & Co., pref. (guar.)
*50c. Sept.30 *Holders of rec. Sept.15
Phillips Petroleum (guar.)
Sept. 1 Holders of rec. Aug. 12
(guar.)
1%
Coal
Pass
Nest
1% Aug. 21 Holders of rec. Aug. 9a Crow's
Pratt & Whitney Co., pref. (quar.)__ _ _
Sept.23 *Holders of rec. Sept. 9
Davis Mills (guar.) (guar.)
Oct. 16 'Holders of rec. Oct. 1
*2
Quaker Oats, common (guar.)
75c. Sept. 1 Holders of rec. Aug. lba
preferred
Co.,
&
Deere
*134 Nov. 30 *Holders of rec. Nov. 1
Preferred (guar.)
Sept. 15 Holders of roe. Aug. 310
2
(guar.)
Diamond Match
San Joaquin Light& Power, pref.(guar.) 1% Sept. 15 Holders of rec. Aug. 31
Aug. 15 Holders of rec. July 31
1
Dominion Bridge (guar.)
131 Sept. 15 Holders of rec. Aug. 31
Prior preferred (guar.)
(guar.)
334 Aug. 15 Holders of rec. Aug. ba
common
Chemical,
Dow
*25c. Sept.30 'Holders of rec. Sept.20
131 Aug. 15 Holders of rec. Aug. ba
Shell Union 011 Corporation (No. 1)-(guar.)
Preferred
Sept. 15 Holders of rec. Aug. 31
Sept. 1 Holders of rec. Aug. 15
(guar.) 2
Standard Gas az Electric, pref. (quar.)_ _ 2
Eastern Shore Gas & Elec., pref.
Sept. 15 *Holders of rec. Aug. 17
"$1
131 Aug. 15 Holders of rec. Aug. 1
Standard 011 (Indiana) (guar.)
Bros.,Ine..com.
Sept. 15 Holders of rec. Aug. 31a Eisenlohr (Otto)& Corp., pref.(quar.)_
3
Aug. 22 Holders of rec. Aug. 12a
1%
Standard 011 (Kansas)(guar.)
Sept. 15 Holders of roe. Aug. 25a Electric Investment
4
136 Sept. 11 Holders of rec. Sept. la
(guar.)
Standard 011 of New York (quar.)
*3
Elk Horn Coal Corp., pref. pref. (qu.) 1% Aug. 15 Holders of tec. Aug. 1
Oct. 2 *Holders of rec. Aug. 25
Standard Oil (Ohio) (guar.)
7%
Rubber
Firestone Tire &
4,1
Oct. 2 'Holders of rec. Aug. 25
1% Sept. 1 Holders of rec. Aug. 15a
Extra
General Asphalt, preferred (guar.)
*lc. Aug. 21 *Holders of rec. July 31
131 Sept. 1 Holders of rec. Aug. 24a
Turman Oil(monthly)
General Cigar, preferred (guar.)
*1c.
20
Sept.
*Holders
of
rec.
131 Oct. 2 Holdefs of rec. Sept.25a
Aug.
31
Monthly
Debenture preferred (quar.)
*lc. Oct. 20 *Holders of rec. Sept.30
25c. Aug. 21 Holders of rec. Aug. 10a
(guar.)
Monthly
Development
General
2 *Holders of rec. Sept. 6
Oct.
*61
(guar.)
Sept. 1 Holders of rec. Aug. 1
$3
Carbon
(guar.)
&
Carbide
Razor
Union
Gillette Safety
*1
Sept.30 *Holders of rec. Sept.15
Dec. 1 Holders of rec. Nov. 1
e5
U. S. Gypsum, common (guar.)
Stock dividend
4,13i Sept.30 *Holders of rec. Sept.15
Oct. 2 Holders of rec. Sept.22a
(guar.)
134
pref.
Co.,
F.)
(B.
Preferred (guar.)
Goodrich
15
Sept.
of
"236
*Holders
Aug. 15
rec.
8
Sept.
Aug. 15 Aug. 9 to
(guar.)
(quar.)
Dock
common
Valvoline Oil,
Great Lakes Dredge &
Sept.15 Holders of rec. Aug. 8
2
(guar.)
'134 Oct. 2 *Holders of rec. Sept. 15
Wamsutta Mills(guar.)
Great Western Sugar. prof.
4.1%, Sept. 1 'Holders of rec. Aug. 18
Aug. 15 Holders of rec. July 31
(guar.)
34
corn.
Elec.,
(quar.)
&
Gas
Corporation
States
Western
Hartman
134 Aug. 31 Aug. 20 to Aug. 31
Aug. 31 *Holders of rec. Aug. 18
_ *1
Welch Grape Juice, preferred (quar.)--- 4.1%
Hart,Schaffner& Marx.Inc..com.(qu.)
Oct. 2 *Holders of rec. Spot. 11
Aug. 12 Holders of rec. July 28
1
Woolworth (F. W.) Co., pref. (quar.)
Hollinger Consol. Gold Mines (quar.)_
25e.
Aug. 25 Holders of rec. Aug. 19
Homestake Mining (monthly)
2
Aug. 15 Holders of rec. Aug. 5
Below we.give the dividends announced in previous weeks Hoosac Cotton Mills, pref. (Misr.)
15 Holders of rec. July 31
_
151
Aug.
(quar.)__
not
pref.
does
Secur.,
include
list
Power
dividends Illum. &
and not yet paid. This
'734 Sept. 1
Imperial Tob. of Grt. Brit. & Ire.. ord

announced this week.




AUG. 12 19221
Name of Company.

THE CHRONICLE
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

735

Weekly Return of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Aug. 5. The
figures for the separate banks are the amerages of the daily
results. In the case of the grand totals, W 3 also show the
actual figures of condition at the end of the wick.

Miscellaneous (Concluded)
Indiana Pipe Line
$2
Aug. 15 Holders of rec. July 18
Inland Steel (guar.)
525c, Sept. 1 *Holders of rec. Aug. 10
Internat. Harvester, pref. (guar.)
Sept. 1 Holders of rec. Aug. 100
154
Intertype Corporation, corn.(quar.)_ _ _ _ *1
Aug. 15 *Holders of rec. Aug. 1
Iron Products Corp., pref.(quar.)
2
Aug. 15 Holders of rec. Aug. la
Jefferson lir Clearfield Coal & Iron, pref_
234 Aug. 15 Holders of rec. Aug. 8a
Kaministiquia Power (guar.)
Aug. 15 Holders of rec. July 310
2
Kelly-Springfield Tire. pref. (quar.)_ _ _ _ 2
Aug. 15 Holders of rec. Aug. la
Laclede Gas Light. common
154 Sept. 15 Holders of rec. Sept. la
Lancaster Mills, common (quar.)
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
254 Sept. 1 Holders of rec. Aug. 26
Lee Rubber dr Tire Corp.(quar.)
50e. Sept. 1 Holders of rec. Aug. 15a
(Stated in thousands of dollars-that is, three ciphers (0001 omitted.)
Lehigh Coal & Navigation (guar.)
Aug. 31 Holders of rec. July 31a
2
Libbey-Owens Sheet Glass
50e. Sept. 10 Holders of rec. Sept. 1
Net
Lit Bros
50c. Aug. 21 Holders of rec. Aug. 10
Capital.f Profits] Loans,
Reserve
Extra
25e. Aug. 21 Holders of rec. Aug. 10
Week ending
Time Bank
Discount, Cash
Net
with
Liggett& Myers Tob.,com.drcom.B(qu.) 3
Sept. 1 Holders of rec. Aug. 15a
Aug. 5 1922 Nat'l, June30 InvestDe- CirctsLegal Demand
in
Lima Locomotive Works, pref
2 1-3 Sept. 1 Holders of rec. Aug. 16a
State, June30 meats, Vault. Deposi- Deposits. posits. laLudlow Manufacturing Assn. (guar.).
Sept. 1 Holders of rec. Aug. 2
$2
omitted.)
(000
Tr.Cos, June30
lion.
tortes.
&c.
MacArthur Conc.Pile & Found. pf.(qu.) 2
Aug. 15 Holders of rec. July 31a
Madison Safe Deposit
Aug. 15 *Holders of rec. Aug. 10
*3
Members of Fe d. Res. Bank. Average Average Average Average Average Awe.
Extra
*1
Aug. 15 *Holders of rec. Aug. 10
$
$
$
$
$
$
$
Marland 011(No. 1)
Sept.30 Holders of rec. Aug. 31a Bk of NY,NBA 2.000 7,642
$1
40,933
604 4,095
2,973 1,750
28,75
Martin-Parry Corp. (guar.)
50c. Sept. 1 Holders of rec. Aug. 15a Bk of Manhat'n 5,000 17,277 126,115
108,83 17,245
2,109 17,282
Manhattan Shirt, common (guar.)
50c. Sept. 1 Holders of rec. Aug. 14
Mech & Met Nat 10,000 17,326 166,472 7,838 21,903
4,025 -666
162,6"
Common (payable In common stock).. /254 Sept. 1 Holders of rec. Aug. 14
Bank of America 5,500 5,828
67,299 1,423 9.093
2,818
66,32
Massachusetts Lighting Co. corn
25e. Aug. 21 Holders of rec. Aug. 1
Nat'l City Bank 40,000 49,730 474,478 7,042 59,307
41,715
*533,471
1,814
May Department Stores, corn.(guar.)
Sept. 1 Holders of rec. Aug. 150 Chemical Nat_ _ 4,500 15,967 126,900
2
1,152 14,139
102.73 16,089 345
Common (guar.)
Dec. 1 Holders of rec. Nov. 15a Nat Butch & Dr
2
500
171
5,004
90
5 298
535
3,72
Preferred (quar.).
Oct. 2 Holders of rec. Sept. 150 Amer Exch Nat 5,000 7,450 101,080
134
998 11,612
83,74 16,515 4,957
Mexican Seaboard Oil(monthly)
50c Aug. 21 Holders of rec. Aug. 14a Nat Bk ofComm 25,000 36,405 341,711
1,171 37,296
277,26 31,473 ____
McIntyre-Porcupine Mines, Ltd
250 Sept. 1 Holders of rec. Aug. la Pacific Bank_ _ _ 1,000 1,712
21,944 1,047 3,180
22,35
588
Miami Copper (guar.)
50e. Aug. 15 Holders of rec. Aug. la Chat&Phen Nat 10,503 9,865 152,795 4,995
17,889
125,59 22,047 5-697
Montreal Light, Heat & Power (guar.)_ _ 2
Aug. 15 Holders of rec. July 31
Hanover Nat'l_ 5,000 20,169 114,738
359 15,791
____
103,59
Mutual 011 (quar.)
100
Sept.15 *Holders of rec. Sept. 1
254
Corn
Exchange_
11,147 163,771 6,315 22,699
National Biscuit, corn.(gear.)
148,101 21,6091 -134 Oct. 14 Holders of rec. Sept. 30a Imp & Trad Nat 8,250
1,500 8,500
34,999
452 3,576
27,17
Preferred (guar.)
658,
51
Aug. 31 Holders of rec. Aug. 17a Nat Park Bank_ 10,000 23,230 158,308
134
742 16,457
125,43i 4,944 5,478
National Cloak & Suit, pref. (quar.)_ _ _ _
1% Sept. 1 Holders of rec. Aug. 25a East River Nat.. 1,000
776
12,633
.313 1,512
10,83
1,878
50
Nat. Enameling & Stpg.. pref. (guar.)... 134 Sept.30 Holders of rec. Sept. So First Nat Bank..
43,695
10,000
280,703
373
24,979
179,195 55,921 7,465
Preferred (guar.)
1 34 Dec 30 Holders of rec. Dec On Irving Nat Bank 12,500 11,066 193,543 3,897
24,604
185,3
National Lead, common (guar.)
8,987
2,517
Holders
Sept.
Sept.
rec.
30
of
15a
154
Continental Bk.. 1.000
882
6,888
132 1,013
5,867
Preferred (quar.)
321
134 Sept.15 Holders of rec. Aug. 25a Chase Nat Bank 20,000
21.503 343,203 6,041 42,605
319.09 26,821 1,666
New Cornelia Copper (goar.)
25c. Aug. 21 Holders of rec. Aug. 4a Fifth Ave Bank
500 2,273
20,155
549
2,798
20,66'
Newmarket Mfg.. corn. (guar.)
Holders
of
rec.
15
Aug.
Aug.
la Commonwealth
254
400
884
8,147
414 1,034
8,16
North American Co., corn. (quar.)
$1.25 Oct. 2 Holders of rec. Sept. 5a Garfield Nat Bk 1,000 1,575
14,937
397 1,887
13,907
--70 -558
Preferred (guar.)
75c. Oct. 2 Holders of rec. Sept. 5a Fifth Nat Bank
1,200
973
17,161
299 1,805
13,797
792 249
Nyanza Mills (guar.)
51
Aug. 15 Holders of rec. July 31
Seaboard Nat_ _ 4.000 6,763, 79,257 1,085 9,912
75,55
1,697
Pacific Gas & El., 1st pt. & oig. pf.(qu.) 154 Aug. 15 Holders of rec. July 31a Coal & Iron
69
Na
1,500 1,3111 14,438
608 1,768
12,67
599 413
Patchogue-Plymouth Mills. Pref. (guar.) *2
Sept. 1 *Holders of rec. Aug. 18
Bankers Tr Co_ 20,000 24,083 299,179
869 36,038 *281,0' 22,002 __
Peerless Truck & Motor (guar.)
75e Sept.30 Holders of tea. Sept la U S Mtge & Tr_ 3,000 4,110
55,881
615 6,468
47,63
6,690
Peerless Truck rt Motor (guar.)
750 Dee. 31 Holders of rec. Dec. la Guaranty Tr C 25,000 17,400
401,574 1,274 44,199 *428,17 43,611
Penmans Co.. Ltd.. corn. (guar.)
Aug. 15 Holders of rec. Aug. 5
2
Fidel-Intern Tr, 1,500 1,788! 20,115
366 2,485
19,18
706
Piggly Wiggly Stores, Class A
51
Sept. 1 Holders of rec. Aug. 15a Columbia Tr Co 5
7,877
80,600
693 9,750
72,441'7,352. ____
Pittsburgh Steel, pref. (guar.)
134 Sept. 1 Holders of rec. Aug. 13a N Y Trust Co_ _, 10,000 17.073 155,228
541 17,438
129,905 18,911
Pressed Steel Car, preferred (quar.)_ _ _
154 Aug. 29 Holders of rec. Aug. 8a Metropolitan Tis 2,000 3.704 42,781
492
5,415
37,821 3,557
Procter & Gamble, common (quar.)_ _ _
Aug. 15 July 16 to Aug. 15
5
Farm Loan & Tr,
o 5,00 14,6241 133,464
527 13,483
*96,335 29,765, __ __
Common (payable in corn. stock)___
Aug. 15 July 16 to Aug. 15
f4
Columbia Bank. 2.00
1,908, 26,352
514 3,461
26,335 1,433 __ _ _
Pullman Co.(guar.)
Aug. 15 Holders of rec. July 310 Equitable Tr C 12,00 15,392' 174,1781
2
1,395 23,777 *201,824 22,264 __
Pure 011, common (quar.)
50c. Sept. 1 Holders of rec. Aug. 150
Quaker Oats pref. (guar.)
Aug. 31 Holders of rec. Aug. la Total of averages
13
272,350432,0934,477,052! 57,734 531,28 c3,873,594428,98033,736
Quissett Mill, common (guar.)
Aug. 15 Holders of rec Aug. 5
2
Salmon Falls Manufacturing
254 Sept. 1 Holders of rec. Aug. 21
Totals, actual co edition Aug. 5 4,472,790! 56,187563,017
Sharp Mfg.(guar.)
Aug. 22 Holders of rec. Aug. 2
2
Totals, actual condition July 294,462,931! 56,536 553,75. c3,842,603 435,251 33,845
Shell Union 011 Corp., pf. set. A (guar.)Totals, actual condition July 224,430,052 57,064559,039 c3,858,605444,686 33,738
154 Aug. 15 Holders of rec. July 29
c3,874,1771403,867 33,703
Sinclair Cons. Oil Corp., corn. (quar.)_
15a
July
50e. Aug. 15 Holders of rec.
State Banks Not Members
Preferred (guar.)
Aug. 31 Holders of rec. Aug. 150 Greenwich Bank 1,000 2,027 of Fed'I ,Res've Bank.
2
18,072: 1,437 1,86
17,870!
50!
Southern California Edison, corn.(guar.) 2
Aug. 15 Holders of rec. July 31
Bowery Bank.._
250
884
5,405'
309
35.
2,5321 2,2061
Southern Pipe Line (guar.)
Sept. 1 Holders of rec. Aug. 15
2
State Bank__ 2,500 4,281
78,483 3,169 1,707
26,4311 49,062, _
Southern States Oil Corp
Aug. 20 Holders of rec. Aug. 1
1
Standard Milling, common (guar.)
1
Aug. 31 Holdere of rec. Aug. 21a Total of averages 3,750 7,193
2
101,9601 4,915 3,928
46,8331 51,318
Preferred (guar.)
134 Aug. 31 Holders of rec. Aug. 2Ia
Standard Oil (California) guar.)
Sept. 15 Holders of rec. Aug. 19a Totals, actual condition Aug.
$1
5 102,6131
47,409 51,283
Standard Oil of N. Y.(guar.)
Sept. 15 *Holders of rec. Aug. 25
*4
Totals, actual co ndition Jury 29, 101,3971 5,021 3,752
47,3321 51,336,
Standard Oil (Ohio), pref. (guar.)
*134 Sept. 1 *Holders of rec. July 28
Totals, actual co million July 221 100,880, 5,087 3,977
4,854 4,091
46,625 51,323.
Standard Sanitary Mfg..corn.(guar.)_ -- 2
Aug. 15 Holders of rec. Aug. 3
Trust Cornpan lea Not Membe;rs of Feel Res'v
e Bank.
Common (extra)
Aug. 15 Holders of rec. Aug 3
2
Title Guar & Tr. 7.500 13,7841 51,4121
34,790 1,120
Preferred (guar.)
134 Aug. 15 Holders of rec. Aug. 3
Lawyers T & Tr 4,000 6,440' 25,938: 1,260 3,986
841 1,817
Stern Brothers, preferred (quar.)
17,080
735
Sept. 1 Holders of rec. Aug. 150
2
Stewart Mfg., corn. (guar.)
*75c. Aug. 15 *Holders of rec. July 31
Total of averages 11,500 20,224
77,3501 2,101 ago,
Stewart-Warner Speedometer, corn.(qtr.) 75e, Aug. 15 Holders of rec. Ju'y 31a
51,870
Studebaker Corporation, com. (guar.)_ _
254 Sept. 1 Holders of rec. Aug. 100 Totals, actual co !Witten Aug. 5 76,140
Common (extra)
50,703
154 Sept. 1 Holders of rec. Aug. 10a Totals, actual condition July 29 79,266 2,091 5,67
Preferred (guar.)
2,043 6,068
53,913 1,8781
__
154 Sept. 1 Holders of rec. Aug. 100 Totals, actual condition July 22
79,717 2,161 6,11
Superior Steel, 1st & 2d pref. (quar.)__ _
54.818 1,9341
Aug. 15 Holders of rec. Aug. la
2
Swift International.
90e. Aug. 15 Holders of rec. July 15a Gr'd aggr., avge
287,600 459,5134,656,3(12 64,750541,016 3,972,291182.15333,736
Thompson-Starrett Co., preferred
Oct. 2 Holders of rec. Sept.20
4
Comparison wit h prey. week.... +53,955-1,095
Timken-Detroit Axle, pref. (guar.)
+1,523 +18,725 +9,112 -50
*134 Sept. 1 *Holders of roe. Aug. 20
Tobacco Products Corp., corn.(q uar.) _ _ $1.50 Aug. 15 Holders of rec. July 3a
Gr'd aggr., acti
Underwood Typewriter, corn.(quar.)_ _ _
Aug. 514,651,543: 63,299572,444 3,940,715488,350.33,845
Oct. 1 Holders of rec. Sept. 2a Comparison wit cond'n
254
la
prey
week _ _ +7,949 -367 +8,64
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 2a
_17.1651_9.5501 +107
Union Tank Car, corn. & pref. (quar.)
5a Gr'd aggr., act'l
134 Sept. 1 Holders of rec. Aug. 15a
United Cigar Stores, common
concl'n July 294,643,594 63,666583,8'' 3,957,880497,900 33,738
Holders of rec. Aug.
2
Sept.
1
Gr'd
aggr.,
act', cond'n July
Preferred (guar.)
3,975,620457,12433,703
Sept.15 *Holders of rec. Aug. 31
Gr'd aggr., act'l cond'n July 224,610,649 64,079 559,240 4,071.220462,02
United Dyewood Corp., corn.(guar.)_ _ *134
i5'4,894,678 65,369 550,232
2133,686
154 Oct. 2 Holders of rec. Sept. 15
Gr'd aggr.,
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15a Gr'd aggr., act'l cond'n July 84,689,543 70,496 570,279 4,035,038 452,204,34,021
United Gas Impt. pref. (guar.)
acricond'n July 114,737,893, 62,404562,14 4,133,524433,192!34,416
b0c. Sept. 15 Holders of rec. Aug. 31a
United Profit Sharing (quar.)
15e. Oct. 2 Holders of rec. Sept. la
Notc.-U. S. deposits deducted from net demand deposits in the general totals
U.S. Radiator, corn. (guar.)
*$1
Sept.30 *Holders of rec. Sept. 1
were as follows: Average for week Aug. 5, $55,758,000; actual totals Aug. 5,
Preferred (quar.).
*154 Sept.30 *Holders of rec. Sept. I above
373,449,000;
July 29,$25,790,000; July 22,328,444,000; July 15,$28,465,000; July 8,
U.S.Steel Corporation, corn.(quar.)_ _ _
134 Sept.29
Aug. 30
$31,607,000. Bills payable, rediscounts, acceptances and other liabilities, average
Preferred (guar.)
154 Aug. 30
Aug.
1
for the week Aug. 5,
Van Raalte Co., Inc., let pref. (quar.)
$333,677,000; actual totals Aug. 5, $361,419,000; July 29,
134 Sept. 1 Holders of rec. Aug. 18a
July 22, $364,960,000; July 15, $325,597,000; July 8, $384,231,000.
Wahl Co.,common (monthly)
50c. Sept. 1 Holders of rec. Aug. 23a $378,728,000;
* Includes deposits in foreign branches not included in total footing as follows:
Common (monthly)
50c. Oct. 1 Holders of rec. Sept. 22a National
City Bank, $98,074,000; Bankers Trust Co., $11,666,000; Guaranty Trust
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 22a Co., $92,191,000;
White (J. G.)& Co., Inc., pref.(gust.), 134 Sept. 1 Holders of rec. Aug. 15
Farmers' Loan & Trust Co., 395,000; Equitable Trust Co., $27,947,000. Balances carried in banks in foreign countries as reserve for such deposit
Whlte(J.G.)Engineering Corp., pt. (qu.) 154 Sept. 1 Holders of rec. Aug. 15
were: National City Bank, $25,436,000; Bankers Trust Co., $492,000; Guaranty
White(J.G.) M'g'nt Corp., pref.(guar.) 134 Sept. 1 Holders of rec. Aug. 15
Trust
Co.,
Will & Baumer Candle, corn. (guar.)_ _ _ *25c. Aug. 15 *Holders of rec. Aug. 1
$22,572,000; Farmers' Loan & Trust Co., $95,000; Equitable Trust
Wisconsin River Power, pref. (guar.)_ _ _
134 Aug. 19 Holders of rec. July 31 Co., $2,246,000. c Deposits in foreign branches not included.
Woolworth (F. W.) Co.. corn. (guar.)._ 2
Sept. 1 Holders of rec. Aug. 100
Wright Aeronautical Corporation
The reserve position of the different groups of institutions
25c. Aug. 31 Holders of rec. Aug. 15a
Wrigley(Wm.)Co.,corn.(monthly)
50e. Sept. 1 Aug. 26 to Aug. 31
on the basis of both the averages for the week and the actual
Common (monthly)
500. Oct. 1 Sept.26 to Sept.30
oondition at the end of the week is shown in the following two
Common (monthly)
50e. Nov. 1 Oct. 26 to Oct. 31
Common (monthly)
50c. Dec. 1 Nov. 26 to Nov.30
tables:
Common (monthly)
50c. Jan. 1 Dec. 26 to Dec. 31
Wurlitzer(Rudolph) Co.-,
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
Common (monthly)
75e. Aug. 25
AND TRUST COMPANIES.
Common (monthly)
75c. Sept.25
Eight per cent preferred (guar.)
2
Sept. 1 Holders of rec. Aug. 22a
Eight per cent preferred (guar.)
Dec. 1 Holders of rec. Nov. 21
2
Averages.
Eight per cent preferred (quar.)
Mrul'23 Holders of rec.Feb.19'23
2
Eight per cent preferred (guar.)
J'nel'23 Holders of rec. May 22'23
2
Cash
Reserve
a
Seven per cent preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 21
Total
Reserve
Reserve
in
Surplus
Seven per cent preferred (guar.)
134 Jan1'23 Holders of rec. Dee. 22
In Vault. Depositaries Reserve.
Required.
Reserve.
Seven per cent preferred (guar.)
134 Apr1'23 Holders of rec Mar. 22
Members Federal
$
$
$
$
$
•From unofficial sources. t The New York Stock Exchange has ruled that stock
Reserve banka__
531,285,000 531,285,000 516,436,620 14,848,380
will not be quoted ox-dividend on this date and not until further notice. a Transfer State banks*
4,915,000 3,928,000 8,843,000 8,429,940
413,060
Trust companies.._ _ _
tooks not closed for this dividend. b Leas British income tax. d Correction.
2,101,000 5,803,000 7,904,000 7,780,500
123,500
e Payable in stock. f Payable in common stock. Q Payable in scrip. h On
Total Aug. 5_ _ _ _
7,016,000 541,016,000 548,032,000 532,647,060 15.384,940
Total July 29_ _ _
account of accumulated dividends. 1 Payable in Liberty or Victory Loan bonds.
7,078,000 539,493,000 546,571,000 529,978,850 18,592,150
Total July 22
6,950.000 543,621,000 550,571,000 537,599,050 12,971,950
Payable in New York funds. k Payable in Canadian funds.
Total July 15_ __ _ 7_RFIR non ass Rin_non 560.979.000 540.754,510 20,224,490
r One and one-quarter per cent of this in cash and the balance in 6% dividend
• Not members of Federal Reserve Bank.
warrants In three installments of 3% each on Feb. 15 1923, Aug. 15 1923 and
a This is the reserve required on net demand deposits in the case of State banks
Feb. 15 1924.
and trust companies, but in the case of members of the Federal Reserve Bank includes also amount in reserve required on net time deposits, which was as follows: •
Made up of two quarterly dividends of 75 cents each.
Aug. 5,$12,869,400; July 29, $12,594,690; July 22,$12,125,760; July15,$12,132,480.




[Vol,. 115.

THE CHRONICLE

736

Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:

Actual Figures.
Reserve
Cash
In
Reserve
in Vault. Depositaries

Reserve
Required.

Total
Reserve.

Surplus
Reserve.

BOSTON CLEARING HOUSE MEMBERS.
Members Federal
Reserve banks_
State banks*
Trust companies__ _ _
Total Aug. 5_ _ _ _
Total July 29..
Total July 22_
Total July 15

$
$
$
563,017,000 563,017,000 512,595,920 50,421,080
239,380
5,021,000 3,752,000 8,773,000 8,533,620
160,550
2,091,000 5,675,000 7,766,000 7,605,450
7,112,000 572,444,000 579,556,000 528,734,990
7,130,000 563,804,000 570,934,000 531,310,440
7,015,000 569,240,000 576,255,000 532,374,220
7,096.000 550.232.000 557,328.000 545,011,450

50,821,010
39,623,560
43,880,780
12.316.550

• Not members of Federal Reserve Bank
b This Is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Aug.5,$13,057,530; July 29,$13,340,580; July 22, $12,116,010; July15, 812,263,280.

State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:

Aug. 2
1922.

Changes from
previous week.

Aug. 9
1922.

$
59,520,000
Capital
84,665,000
Surplus and profits
Loans, disc'ts & investments_ 824,323,000 Inc.
Individual deposits,incl. U.S. 592,283,000 Dec.
115,999,000 Dec.
Due to banks
104,828,000 Inc.
Time deposits
13,743,000 Inc.
United States deposits
Exchanges for Clearing House 18,520,000 Dec.
61,292,000 Dec.
Due from other banks
Reserve in Fed. Res. Bank_ _ 71,048,000 Dec.
9,630,000 Inc.
Cash in bank and F. R. Bank
Reserve excess In bank and
4,290,000 Dec.
Federal Reserve Bank_.._

$
$
59,520,000 59,520,000
84,665,000 84,665,000
5,095,000 819,228,000 815,672,000
6,455,000 598,738,000 599,391,000
1,387,000 117,386,000 117,648,000
735,000 104,093,000 104,607,000
4,337,000 9,406.000 8,516,000
5,239,000 23,759,000 18,917,000
2,073,000 63,365,000 63,870,000
193,000 71,241,000 71,315,000
36,000 9,594,000 9,540,000
$

204,000

Week endedApril 15
April 22
April 29
May 6
May 13
May 20
May 27
June 3
June 10
June 17
June 24
July 1
July 8
July 15
July 22
July 29
Aug. 5

Demand
Deposits.

*Total Cash
in Vaults.

Reserve in
Depositaries.

5,086,819.300
5,141,226.100
5,180,822,800
5,209,013,900
5,233.359,300
5,297,769,500
5,334.400.700
5,372,704,700
5,408,101,600
5,372,704,700
5,491,415,000
.5.370,259,900
5,457,357,300
5,421,565,700
5,403.203,300
5,350,876,600
5,403,610,600

4,577,182.300
4,619,860,900
4,657.693.400
4.694,822.600
4,738,487,8011
4,807,891,800
4,827,593,600
4,853,005.100
4,852,544.100
4,853,005,100
4.980,544,500
4,816.507.000
4,808,047,500
4.792,536,500
4,762,119,600
4,700,542,500
4,714,814,300

94,189.300
91,853,200
92,431,500
91,100,100
132,818,400
91,723,900
91,161,400
91,486.700
93,253,000
91,486,700
90,155,600
88,730,000
92,436,900
95,874,700
88,862,800
89,033,900
87,948,700

$
612,177,500
623,404,900
611,583,000
621,974,300
642,139,400
648,307,500
638.697,600
646.059.900
660,162,300
646,059,900
663,100,900
657,840,800
651,619,800
717,627,500
701,290,800
697,796,200
700,127,900

4,061,000

4,494,000

Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending Aug. 5, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve System the reserve
required is 10% on demand deposits and includes "Reserve
with logal.depositaries" and "Cash in vaults."

SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
Differencesfrom
Aug. 5.
previous week.
$750,248,600 Inc. $1,778,000
Loans and investments
23,300
5,607,500 Inc.
Gold
13,500
17,591,200 Dec.
Currency and bank notes
64,540,400 Dec.
510,100
Deposits with Federal Reserve Bank of New York
789,236,100 Inc. 3,447,100
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y. City exchanges and U. S. deposits 742,517,300 Dec. 4,453,200
Week ending Aug. 5 1922.
117,770,200 Inc. 1,328,600
Reserve on deposits
Percentage of reserve, 19.8%.
Trust
RESERVE.
Two Ciphers (00) omitted. Membersof
Total.'
F.R.System Companies
- 2-_-Trust Companies
Stale Banks
Cash in vault
*311,278,900 07.24%
S11,919,800 02.71%
$35,175,0 $4,500,0 $39,675,0
Capital
72,957,700 16.61%
Deposits in banks and trust cos_ _ _ _ 21,613,800 13.88%
96,143,0 14,083,0 110,226,0
Surplus and profits
Loans, disc'ts & investm'ts 629,861,0 38,704,0 668,565,0
$84,877,500 19.32%
332,892,700 21.12%
Total
626,0 27,391,0
Exchanges for Clear.House 26,765,0
35,0 89,258,0
89,223,0
* Includes deposits with the Federal Reserve Bank of New York, which for the Due from banks
427,0 118,064,0
117,637,0
Bank deposits
State banks and trust companies combined on Aug. 5 were $64,540,400.
509,283,0 24,873,0 534,156,0
Individual deposits
18,015,0
523,0
17,492,0
Time deposits
644,412,0 25,823,0 670,235,0
Total deposits
10,189,0 10,189,0
U.S. deposits (not incl.)_
Banks and Trust Companies in New York City.-The Res've with legal deposit's_
3,870,0
3,870,0
55,627,0
with F. R. Bank.. 55,627,0
averages of the New York City Clearing House banks and Reservevault.
9,756,0
1,070,0
8,677,0
Cash in
trust companies combined with those for the State banks Total reserve and cash held 64,341,0 4,949,0 69,253,0
3,721,0 57,086,0
53,365,0
and trust companies in Greater New York City outside of Reserve required
1,228,0 12,167,0
10,939,0
Excess res.& cash in vault_
the Clearing House are as follows:
•Cash in vaults not counted as reserve for Federal Reserve
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.

July 26
1922.

July 29
1922.

July 22
1922.

$39,675,0
110,226,0
664,159,0
26,515,0
85,449,0
117,221,0
526,509,0
17,594,0
661,324,0
5,623,0
3,846,0
52,009,0
10,298,0
66,153,0
56,338,0
9.815,0

$30,675,0
110,226,0
665,539,0
29,257,0
93,572,0
119,743,0
540,323,0
17,000,0
677,066,0
5,174,0
3,400,0
54,090,0
10,165,0
67,655,0
57,317,0
10.338,0

members.

Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Aug. 9 1922 in
comparison with the previous week and the corresponding
date last year:
Aug. 9 1922. Aug. 2 1922. Aug. 10 1921

ResourcesGold and gold certificates
Gold settlement fund-F. R. Board

204,149,346
61,349,871

206,159,779
79,680,095

334,493,000
23,838,000

Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund

265,499,218
863,021,698
3,366,827

285,839,874
863,241,398
4,496,072

358,351,000
442,746,000
20,000,000

1,131,887,744 1,153,578,245
35,581,021
35,536,473

821,097,000
63,299,000

1,167,424,218 1,189,159,267
Total reserves
Bills discounted: Secured by U. S. Gov22,036,478
15,529,634
ernment obligations-for members
For other F. R. banks
16,844,883
13,230,009
All other-For members
For other F. It. Banks
33,331,353
26,358,772
Bills bought In open market

884,396,000

New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:

Total bills on hand
U. S. bonds and notes
U. S. certificates of Indebtedness-One-year certificates (Pittman Act)._
All other

60,118,416
42,017,050

72,212,715
44,357,750

413,476,000
1,005,000

17,500,000
96,861,000

18,500,000
94,671,000

52,276,000
14,807,000

RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers [0001 omitted.)

Total earning assets
Bank premises
5% redemp. fund agst. F.R. bank notes_
Uncollected items
All other resources

216,496,466
9,015,009
799,060
118,390,672
3,192,474

229,741,465
9,015,009
849,060
140,457,072
2,992,904

481,564,000
5,464,000
1,713,000
103,893,000
2,814,000

• This !tern includes gold, silver, legal tenders, national bank notes and Federal
Reserve notes.

!
Net Loans,
Reserve
Net
iCapital. Profits. DivNet
Nat'l
CLEARING
with Demand Time Bank
counts, Cash
NON-MEMBER i------in
Legal
DejNat.bks.June30 InvestDe- Circ aWeek ending StatebksJune30 ments, Vault. Deposi- posits. posits. tation.
tortes.
Tr. cos. June 30 Sre.
Aug. 5 1922.
:
--Average Average Average Average Average Average
Members of
$
$
$
$
$
$
Fed'I Res. Bank .. $
170
9,914
1,250
$198
1,190
333
7,718
1,500
Battery Park Nat
24
497
1,616 7,614
500 1,245 10,296
W R Grace a: Co_
-- ::==
194 1,747
9,334 7,947
198
2,0004 2,435 20,210
Total
Fed. Res've Bank
State Banks 'Not Me mbers of
586
263
4,382
315 4,456
485
200
Bank of Wash.lit3'
2,103 1,255 16,832
1,715[3
8001
Colonial Bank_ _ _
--,485
1,000 2,03 21,439 2,689 1,518 21,214
Total
Fed. Res've Bank
Trust Companie 51Not Me mbers of9,076
356
173
3,452 5,573
__ _ _
606
200
lk.lech.Tr.,Bayonn II
-1
356
173
9,076
3,452 5,573
__
606
200
Total
----50,725 3,239 3,438
198
14,005
Grand aggregate_ . 3,200, 5.072 -728 -127 +171 a34,000
-725 -815
+1
Comparison with i revloui lweekGr'd aggr. July
Gr'd aggr. July
Gr'd aggr. July
Gr'd aggr. July

2I
2!
1i
'

3,200
3,400
3,400i
0 gAnl.

5,072 51,453
5,870 70,266
5,889 69,535
0709 50.139

3,366
3,941
4,052
3.903

3,267
4,969
5,182i
5.1351

a34,725
a44,578
a44,713
a44.954

14,820
25,154
24,444

197
198
198

93 son

in.,

a U. S. deposits deducted, $281,000.
other liabilities, $283,000.
Bills payable, rediscounts, acceptances and
Excess reserve, $220,930 increase.




Total gold reserves
Legal tender notes, silver, .te

145,641,000
28,728,000
208,290,000
5,310,000
25,507,000

1,515,317,901 1,572,214,779 1,479,814,000

Total resources
LlabUttiesCapital paid in
Surplus
Deposits:
Government
Member banks-Reserve account
All other

27,685,150
60,197,127

27,519,800
60,197,127

26,968,000
59,318,000

7,106,878
691,612,891
9,478,307

2,145,141
746,735,381
11.000,120

5,478,000
610,661,000
11,742,000

708,198,077
Total deposits
.. 621,277,936
F. R. notes in actual circulation
13,641,200
F. R. bank notes In circurn-net liability
79,896,832
Deferred availability items
4,421,577
All ether liabilities

759,880,643
623,044.159
14,725,200
82,619,869
4,227,979

627,881,000
638,045,000
29,361,000
75,682,000
22,589,000

1,515,317,901 1,572,214,779 1,479,844,000

Total liabilities
Ratio of total reserves to deposit and
F. R. note liabilities combined
Contingent liability on bills purchased
for foreign correspondents

87.8%

86.0%

69.9%

10,992,015

10,988,674

15,389,840

CURRENT NOTICES.
-William W. Craig has resigned as financial editor of the New York
"Herald" to Join the staff of the Albert Frank & Co. advertising agency.
Mr. Craig has been an active Wall Street newspaper man for many years,
serving on the financial staffs of the "Evening Sun" and the Now York
"Times" prior to becoming financial editor of the "Herald." In his now
connection Mr. Craig will devote his time entirely to serving the advertising needs of the financial clients of Albert Frank & Co.

AUG. 12 1922.]

THE CHRONICLE

737

WEEKLY RETURN OF THE FEDERAL RESERVE BOARD.
The following is the return issued by the Federal Reserve Board Friday afternoon, Aug.11, and showing the condition
of the twelve Reserve Banks at the close of business the previous day. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the return for the latest
week appears on page 699 being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS AUG. 9 1922.

1

RESOURCES.
Gold and gold certificates
Gold settlement, F. R. Board.______

Aug. 9 1922.1Aug. 2
.luly 26 1922.1 Ju/y 19 1922.1Ju/y 12 1922. July 5 1922. June 28 1922. June 211922. Aug. 101921.
192" ,
1
i
s
s
s
$
$
314,391,000 316,231,000 317,459,0001 317,980,000 317,832,000 317,040,000 316,937,000 318,614,000 423,005,000
481,333,000 489,619,000 498,309,000 490,620,000 514,590,000 518,679,000 532,351,000 531,290,000 408,756,000

Total gold held by flanks
Gold with Federal Reserve agents
Gold redemption fund

795,724,000 805,850,000 815,763,0001 808,600,000 832,422,000 835,119,000 849,288,000 849,904,000 831,761,000
2,233,430,000 2,223,384,030 2,197,6-15,000 2,195,062,000 2,161,560,000 2,123,816,000 2,123,373,000 2,121,680,000 1,640,626,000
41,673,000
11,118,000
42,190,0001
42,489,000
41,851,000
61,142,000
48,376,000 103,514,000
48,207,000

Total gold reserves
Legal tender notes. telver, &c

3,071,643,000 3,071,424,000 3,054,531,000 3,045,335,000 3,035,833,000 3,020,677,000 3,020,868,000 3,019,960,000 2,575,901,000
130,534,000 131,260.000 126,967,000 123,987,000 121,207,000 113,252,000 127,498,000 127,715.000 144,947,000

1

Total reserves
3,202,177,000 3,202,684,000 3,181,498,000 3,169,322,000 3,157,00,000 3,133.929,000 3,148,366,000 3,147,675,000 2,720,848,000
Bills discounted:
Secured by U. S. Govt. obligations_ __
117,777,000 130,293,000 115,238,000 176,263,000 157,555,000 185,390,000 189,909,000 140,713,000 562,918,000
All other
264.334,000 269,506,000 264,743.000 267,205,000 272,387,000 313,482,000 279,192,000 280,855,000 963,741,000
Bills bought in open market
146,803,000 150,497,000 156,138,000 148,970,000 157,675,000 155,065,000 154,060,000 121.467,000
44,978,000
Total bills on hand
U. S. bonds and notes
O. S. certificates of indebtedness:
One-year certificates (Iittrnan Act)..,
Allother
Municipal warrants

528,964,000
199,746,000

550,296,000
198,751,000

536,119,000
201,621,000

592,433,000
201,901,000

587,617,000
203,424,000

653,937,000
216,237,000

623,161,000
224,638,000

'543,035,000 1,571,637,000
227,374,000
34,152,000

69,000,000
222,965,000
4,000

70,500,000
223,098,000
3,000

72,000.000
267,175,000
9,000

74.000,000
265,948,000
9,000

74,000,000
274,349,000
4.000

74,000,000
260,271,000

74,000,000
257,969,600

74,000,000
251,160,000

206,375,000
19,215,000

Total earning assets
1,020,679,000 1,047,648,000 1,076.927,000 1,134,296.000 1,144,394,000 1,201,445,0001 1,179,768,000 1,098,569,000 1,831.379,000
Bank pretnives
42,417,000
41,985,000
42,491,000
42,804,000
42,569,000
41.642,000
41,568,000
41,368,000
26,720,000
5% redemp. fund Rest. F. R. bank notes
7,496,000
7,551,000
7,527,000
6,679,000
7A96,000
6.769,000
7,587,000
7,565,000
9,516,000
Uneollected items
522,392,000 542,711,000 537,883,000 592,345,000 611,733,000 514,725,000 511,571,000 580,959,000 483,486,000
All other resources
16,186,000
16,109,000
16,805,000
16,449,000
16,206,000
16,750,000
15,988,000
15,672,000
16,787,000
-Total resources
4,811,180,000 4,859,131,000 4,863,134,000 4,962,062,000 4,978,872,000 4,918,443,000 4,904,848,000 4,891,308,000 5,088,736,000
LIABILITIES.
Capital paid in
Surpius
Reserved for Govt. franchise Lax
Deposits-Government _
Member banks-reeerve account
All other_

105,730,000
215,398,000

105,589,000
215,398,000

105,198,000
215.398,000

105,239,000
215,398,000

105,224,000
215,398,000

105,217,000
215,398,000

105,078,000 105,079,000 102,600,000
215,398,000 215,398,000 213,824,000
2,281.000
2,231.000
49,376,000
20,837,000
46,455,000
27,880,000
36,677,000
43,780,000
16,926,000
10,383,000
35,595,000
1,783,5:39,000 1,837,810,000 1.815,278,000 1,861,145,000 1,875,229,000 1,818,990,000 1,865,199,000 1,812,010,000 1,601,583,000
29,010,000
28,871,000
24,384,000
26,381,000
30,257,000
29,029,000
30,297,000
32,006,000
25,294,000

Total
1,835,803,600 1,885,023,000 1,888,111,000 1,942,531,000 1,924,937,000 1,884,702,000 1,939,276,000 1,854,399,000 1,662,472,000
F. R. notes in actual circulation
2,147,223,000 2,140,121,000 2,126,809.000 2,132,848,000 2,158,122,000 2,194,323,000 2,124,422,000 2,126,304,000 2,520,784,000
F.R.bank notes in circulation-net liab.
66,053,000
63,622,000
67,380,000
60,547,600
62,046,000
68,146,000
67,259,000
67,689,000 118,301,000
Deferred availability items
424,691,000 429,712,000 442,713,000 479,274,000 486,360,000 430,161,000 430,314,000 500,049,000 405,696,000
20,719,000
All ether liabilities.
21,230,000
21,788,000
21,451,000
21,242,000
20,496,000
20,820,000
20,659,000
65,059,000
Total liabilities
4,811,180,000 4,859,131,000 1,863,134,000 4,962,062,000 4,978,872,000 4,918,443,000 4,904,848,000 4,891,808,000 5,088,736,000
Ratio of gold reserves to deposit and
F. R. note liabilities combined
74.4%
74.7%
76.1%
78.9%
76.3%
74.0%
74.3%
75.9%
61.6%
Ratio of total reserves to deposit and
F. R. note liabilities combined
77.8%
80.4%
79.2%
77.3%
79.6%
76.8%
77.5%
79.1%
65.0%

Dfatributfon by Maturities1-15 days bills bought in open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
16-30 days hills bought in open market_
16-30 days bills discounted
16-30 days U. 13. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market_
81-60 days bills discounted
31-60 (lays U. S. certif. of Indebtedness_
31-60 days municipal warrants
61-90 days bills bought in open me.rket_
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness
61-90 days municipal warrants
Over 90 days bills bought. in open market
Over 90 days hills discounted
Over 90 days certif. of indebtedness
Federal Reserve NotesOutstanding
Held by banks

45,646,000
183,639,000
3,911,000
1,000
23,586,000
36,515,000
1,400,000

55,841,000
200,044,000
2,749,000

52,682,000
187,036,000
23,261,000

23,794,000
36,009,000
2,400,000

36,510,000
71,378,000
51,316,000
3,000
37,423.000
57,275,000
35,021,000

33,427,000
58,154,000
45,347,000
3,000
33,206,000
60,942,000
41,678,000

29,203.000
30,536,000
4,689,000
6,000
27,978,000
58,108,000
42,965,000
3,000
31,065,000
59,744,000
41,870,000

3.638,000
33,354,000
200,317,000

4,139,000
44,590,000
206,424,000

15,210,000
44,557,000
226,390,000

$
59,016,000
247,264,000
22,959,000
30,883,000
33,234,000
3,900,000
6,000
27,831,000
58,007,000
38,361,000
24,888,000
59,402,000
47,541,000
3,000
6,352,000
45,501,000
227,187,000

58,775,000
224,711,000
10,645,000

$
66,992,000
289,805,000
5,813,000

3
59,415,000
263,576,000
4,106,000

31,868,000
221,015,000
33,700,000

30,069,000
877,117,000
23,895,000

37,783,000
39,243,000
24,235,000

29,628,000
39,586,0001
22,930,000

27,845,000
38.675,000
1,500,0011

27,022,000
39,608,000
500,000

5,548,000
146,977,000
15,010,000

34,562,000
59,959,000
3,900,000
1,000
20,220,000
57,801,000
52,792,000
3,000
6,335,000
48,228,000
256,777,000

34,629,000
64,650,000
14,027.000

43,064,000
61,811,000
26,292,000

40,548,000
61,529,000
26,329,000

4,931.000
268,905,000
38,929,000

16,580,000
53.983,000
42,057,000

15,156,000
50,208,000
40.873,000

15,415,000
46.375,000
37,652,000

4,267,000
185,668,000
20,425,000

7,236,000
50,848,000
249,144,000

8,580,000
54,831,000
259,198.000

6,614,000
53,041,000
229,979,000

163,000
47,992,000
127,331,000

9,581,583,000 2,572,297,000 2,571,963,000 2,583,868,000 2.589,509,000 2,561,837,000 2,537385,000 2,522,750,000 2,900,323,000
434,300,000 432,176,000 445,154,000 451,020,000 431,387,000 :367,514,000 413,063.000 396,446,000 379,579,000

In actual circulation

9,147,223,000 2,140,121,000 2,126,809,000 2,132,848,000 2,158,122,000 2,194,323,000 2.124,422,000 2,126,304,000 2,520,744,000
Amount chargeable to Fed. Res. Agent 3,350,954,000 3,339,569,000 3,338,305,000 3,350,935,000 3,341,921,000
3,301,379,000 3,294,062,000 3,284,031,000 3,717,657,000
In hands of Federal Reserve Agent
769,371,000 767,272,000 766,402,000 767,067,000 752,412,000 739,542,000 756,577,000 761,281,000 817,334,000
Issued to Federal Reserve banks

2,581,583,000 2,572,297,000 2,571,963,000 2,583,868,000 2,589,509,000 2,561,837,000 2,537,485,000 2,522,750,000 2,900,323,000

How SecuredBy gold and gold certificates.
By eligible paper
Gold redemption fund
With Federal Reserve Board

416,522,000 416,523,000 416,522,000 416,122,000 416,122,000 416,122,000
344,992,000
348,153,000 348,913,000 374,318,0(10 388,806,000 -127,949.000 138,021,000
1,259,697,000
I, , 5 ,000 126,010,000 121,935,000127,309,000 ,12V
124,938,000 121,351,000 124,016,000
)3
5.= 107,104,000
5?
1,651,289,000
1,057,107,000
1,691,970,000 1,685,507,000
1,619,428,000 1„582,709000 1,579,911,000 1 58
1,188,530,000
Total
2.531,583,000 2,572,297.000 2,571,963,000 2,583,868,000 2,589,509,000 2,561,837,000 2,537,485,000 2,522,750,000 2,900,323,000
--Eligible paper delivered to F. It. Agent_ 515,411,000 533,600,000 523.804.000 585,242.000 576,633,000 635.631,000 606,648,000 529.749.000 1,528,7
76
,000

111:laggg 1N:N20:=

WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG. 9 1922.
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland Richmond Atlanta. Chicago. St. Louis. Itinneap. Kan City.
San Fran.
Total,
Federal Reserve Bank ofRESOURCES.
Gold. and gold certificates
14,270,0
Gold settlement fund-F. R. B'd 37,216,0
Total gold hold by banks
Gold with F. R. agents
Gold redemption fund
Total gold reserves
Legal tender notes. silver.

314,391,0
481,333,0

265,499,0 44,143,0 64,983,0 37,918.0 27,020,0 150,315,0 23,735,C 36,390,0 32,146,0 14,234,0 47,849,0 795,724,0
363,021,0 153,379,0 168,719,0 59,300,0 98,173,0 381,486.0 54,836,0 28,952,0 53,061,0 20,124,0 196,977,0 2,233,430,0
748,0 7,468,0 1,882,0 1,661,0 2,326,0
893,0 4,252,0
42,489,0
3,367,0 5,759,0 3,383,0 3,477,0
-914,161,0 1,131,837,0 203,281,0 237,085,0 100,695,0 125,941,0 539,269,0 80,453,0 67,009,0 87,533.0 35,251,0 249,078,0 3,071,643,0
8,650,0
35,537,0 10,823,0 10,029,0 8,470,0 6,626,0 21,161,0 11,846,0
570,0 4,494,0 6,496,0 5,838,0 130,534,0
092,311,0 1,167,424,0 214,104,0 247,114,0 109,165,0 132,561,0 500,430,0 92,299,0 67,579,0 92,027,0 41,747,0 254,916,0 3,202,177,0

Total bills on hand
42,147,0
.8. bonds and note ______
6,543,0
U. 8. certificates of indebtedness
One-year °tbs. (Pittman Act). 4,950,0
All other
30,667,0
Municipal warrants




8,311,0 20,335,0
5,423,0 27,514,0

51,486,0
155,402,0
7,273,0

Total reserves
Pille discounted: Secured by
U. S. Govt. obligations__
8,196,0
All other
18,590,0
Bills bought in open market
15,352,0

Tote)earning Besets

204,149,0 5,634,0 13,390,0 3,448,0 5,385,0 24,864,0 4,122,0 7,340,0 2,643,6
61,356,0 38,509,0 51,593,0 34,470,0 21,635,0 125,451,0 19,613,0 29,056,0 29,503,0

84.307,0

1,701,0 14,562,0 6,151,0 2,009,0 1,634,6 1,190,0 9,889,0
15,529,0 29,222,0 18,508,0 9,120,0
18.230,0 7,841,0 10,401,0 25,068,0 28,311,0 33,692,0 11,287,0 24,331,0 16,051,0 33,355,0 33,218,0
381,C
1,065,0 16,002,0 15,365,0
26,3511,0 28,677,0 26,521,0
75,0 2,157,0 14,789,0

117,777,0
264,384,0
146,803,0

60,118,0 65,740,0 55,430,0 35,575,0 31,077,0 07,316,0 32,803,0 26,400,0 17,760,0 36,702,0 57,896,0
155,0 7,622,0 13,868,0 4,813,0 28,178,0 2,816,0 41,682,0
42,017,0 23,818,0 27,593,0 1,241,0

528,964,0
199,746,0
•;•4.
69,000,0
222,965,0
4,0

17,500,0
96,861,0

5,000,0 5,000,0
5,405,0 36,037,0

3,560,0

5,699,0 8,667,0
2,031,0 16,747,0

3,571,0
7,208,0

4,060,0 4,321,0
2,281,0 13,000,6
4,0

1,900,0 4,832,0
1,265,0 11,463,0

216.496,0 99,963.0 124,060.0 40,376,0 38.962,0 99.752,0 57.450,0 37.498.0 63.259.0 42,683,0 115.873,0 1,020,079,0

THE CHRONICLE

738
RESOURCES (Concluded)Two ciphers (00) omitted.

Boston.

New York.

Total resources
LIABILITIES.
Capital paid In
Surplus
Deposits: Government
Member bank-reserve acc't
All other

Cleveland Richmond Atlantd. Chicago. St. Louis. Minneap. Kan.City. Dallas. SanFran.

Total.

$
1,325,0

3
42,8041

279,0
146,0
916,0
249,0
700,0 2,023,0
468,0
188,0
250,0
239,0
799,0
118,391,0 40,181,0 43,222,0 42,266,0 19,959,0 64,154,0 30,541,0 14,195,0 39,054,0 21,111,0 35,303,0
830,0 1,800,0 5,093,0
540,0 1,296,0
693,0
124,0
481,0
616,0 1,143,0
3,192,0

6,679,0
522,392,0
16,449,0

I
9,015,0

$
6,251,0

Bank premises
5% redemption fund against Fed422,0
eral Reserve bank notes
49,015,0
Uncollected Items
641,0
All other resources

Phila.

115.

$
601,0

$
5,861,0

$
2,571,0

$
1,599,0

$
7,632,0

$
944,0

II
925,0

Si
4,987,0

$
2,093,0

362.447,0 1,515,317,0 355,715,0 426,639,0 195,047,0 193,673,0 733,361,0 183,797,0 121.742,0 201.073,0 109,580,0 412,789,0 4,811,180,0
27,685,0 8,999,0 11,604,0 5,649,0 4,308,0 14,696,0 4,770,0 3,576,0 4,649,0 4,197,0 7,690,0 105,730,0
8,107,0
60,297,0 17,945,0 22,509,0 11,030,0 9,114,0 29,025,0 9,388,0 7,468,0 9,646,0 7,394,0 16,199,0 215,398,19
16,483,0
27,880,0
2,421,0
7,307,0 1,073,0 1,296,0 1,931,0 1,968,0 3,063,0 1,812,0 1,702,0 1,388,0 1,853,0 2,276,0
121,994,0 691,613,0 106,609,0 142,987,0 66,980,0 48,669,0 250,613,0 66,333,0 43,319,0 77,579,0 45,602,0 125,841,0 1,783,539,0
24,384,0
206,0 8,848,0
566,0
304,0
683,0
303,0 1,231,0
296,0
9,478,0
822,0 1,308,0
440,0

124,855,0
Total deposits
F. R. notes In actual circulation 170,393,0
F. R. hank notes in circulation4,073,0
net liability
37,158,0
Deferred availability items
1,378,0
All other liabilities

708,198,6 108,604,0 145,591,0 59,207,0 50,940,0 260,897,0 68,728,0 45,325,0 79,533,0 47,060,0 136,965,0 1,835,803,0
621,278,0 179,040,0 198,680,0 78,719.0 110,044,0 368,763,0 67,952,0 48,959,0 60,102,0 26,851,0 216,436,0 2,147,223,0
60,547,0
13,641,0 4,578,0 4,372,0 2,710,6 3,886,0 7,739,0 3,366,0 2,890,0 8,177,0 2,677,0 2,538,0
79,897,0 35,178,0 42,166,0 36,564,0 14,214,0 48,725,0 28,756,0 12,122,0 37,990,0 19,795,0 32,126,0 424,691,0
21,788,0
837,0 1,402,0 1,076,0 1,706,0 1,935,0
4,421,0 1,465,0 1,717,0 1,168,0 1,167,6 3,516,0

362,447,0 1,515,317,0 365,715,6 426,639,0 196,047,0 193,673,0 733,361,0 183,797,0 121,742,C 201,073,0 109,580,0 412,789,0 4,811,180,0
Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities com80.4
72.1
56.5
65.9
71.7
67.5
89.0
82.3
75.5
79.1
74.5
71.8
87.8
bined, per sent
Contingent liability on bills pur28.903,0
1.369.0
774.0
1.429.0
804,0
10,092,0 2,382,0 2,441.0 1.459.0 1.098.0 3.543,0 1.399,0
chased for foreign eorresPond'ts 2,173,0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS AUGUST 9 1922.
Federal Reserve Agent at-

Boston. New York' Phila.

(/n Thousands of Dollars)
Resource
96,750
Federal Reserve notes OD hand
186,738
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
5,3(0
Gold and gold certificates
12,102
Gold redemption fund
138,C00
Gold fund-Federal Reserve Board
31,336
Eligible paverfAmount required
10,811
Excess amount held

Cleve. Richne&Atlanta Chicago. &Louis'Minn. K.City. Dallas. San Fr.

$
81,840 26,750 10,975 14,800 20,013 68,330 769,371
411,121 83,521 52,968 70,297 29,935 247,461 2,581,683

2,400
13,275
363,184
38,837 13,490 16,444 2,505 5,273
461,000 139,889 145,000 56,795 90,500
19,919 47,748 44,918 28,299 16,076
37,130 10,207 8,741 7,109 14,833

416,522
7,701
11,610 13,052
14,842 3,426 1,900 2,701 2,423 16,995 124,938
366,644 39,800 14,000 50,360 10,000 179,982 1,691,970
29,635 28,685 24,016 17,236 9,811 50,474 348,153
624 26,790 7,124 167,258 •
37,667 4,118 2,204

481,037 2,080,666/459,881 467.555 212,766 316,175
Total
LiabilitiesNet amount of Federal Reserve notes received from
283,488 1,160,5901248,547 245,177 118,058 187,093
Comptroller of the Currency
155,402 863,021 153,379 188,719 59,300 98,173
Collateral received from)Gold
57,049, 57,955 53,669 35,408 30,909
42,147
Federal Reserve Bank lEligible paper
Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks
Federal Reserve notes In actual circulation

Total.

3
277,650 47,420 31,540 30,469 72,844
882,940 201,127 213,637 87,599 114,249

941,749 197,910 119,115 155,918 106,073 560,356 6,099,795
492,961 110,271 63,943 85,097 49,948 305,781 3,350,954
381,486 54,836 28,952 53,061 20,142 190,977,2,233,430
67,302 32,803 26,220 17,760 36,601 57,5981 615,411

481,037 2,080,660 469,881 467,555 212,766 316,175
1
186,738 882,940 201,127 213,637 87,599 114,249
16,345 261,6621 22,081 14,957 8,880 4,205

941,749 197,910 119,115155,918 106,673 560,356:6,099,795

621,278 179,046 198,680 78,719 110,044

368,763 67,962 48,959 60,102 26,861 216,436'2,147,223

170,393

411,121 83,521 52,968 70,297 29,935 247,451•2,581,55.3
42,368 15,569 4,009 10,195 3,084 31,0151 434,360

WEEKLY RETURN FOR THE MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM.

resources and
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the
week behind those
liabilities of the 794 member banks,from which weekly returns are obtained. These figures are always a
the statement of Dec. 14
or the Reserve Banks themselves. Definitions of the different items in the statement were given in
the figuresfor the latest
upon
Board
Reserve
the
of
1917, published in the "Chronicle" Dec. 29 1917, page 2523. The comment
699.
page
on
Discussions"
of
Department
and
"Current Events
week appear in our
omitted.
1. Data for all reporting member banks in each Federal Reserve District at close of business August 2 1922. 'I hree ciphers(000)
City
Boston. New York Philadel. Cleveland. Richm'd.1 Atlanta. Chicago. St. Louis._ifinneap.Kan.
--49,
78
35
37
109
42
1
79
84
105
56
Number of reporting banks
Loans and discounts, including bills reg
5
3
3
$
a
$
$
$
$
discounted with F. It. bank:
10,004
8,384
14,774
42,989
7,732
11,615
13,809
32,103
79,808
15,411
Loans sec. by U. S. Govt. obligations_
67,426
33,194
210,693 1,635,299 229,282 337,097 118,912 68,126 504,095 123,126
Loans secured by stocks and bonds
348,639
184,883
274,494
1,003,067
289,509
566,947,2,240,963 313,009 625,909 300,675
All other loans and discounts
,
226,461 426,069
791.4493,966,060 557,702 995,109 431,202 355,367 1,550,151 412,394
Total loans and discounts
26,483 54,409
32,690
27,409 127,734
57,101
93,069 552,020
55,180 144,949
U.S. bonds..
992
330
3,117
5,89:
907
918
267
13,858
9,724
1,639
U. S. Victory notes
9,116
12,366
16,901
83,312
3,328
7,524
27,318
395,964
24,582
39,045
U. 8. Treasury notes
16,364
11,606
7,315
34,91:
9,784
4,900
7,357 107,949
9,065
8,114
U.S. certificates of Indebtedness
69,672
24,748
34,133 402,390 82,809
55,666
168,510 822,736 186,476 286,564
Other bonds, stocks and securities
-incl.
•
investments.
&
disets
Total loans,
430,9882,204,403 549,226 297,742 568,872
6
bills rediscounted with F. R. Bank._ 1,088,621,5,848,58 841,777 1,475,371 656,660
44,410
19,460
35,387
30,232 196,657
36,338
82,7481 681,356 69,862 103,961
Reserve balance with F. R. Bank
6,659
12,042
6,016
51,776
8,781
13,285
17,986J
84,792
26,193
14,389
Dash in vault
443,668
320,823
186,955
246,2651,436,947
338,269
799.8694,986,237 680,966 870,038
Net demand deposits
74,133 116,089
152,907 684,884 166,853
141,847
230,3411
781,851
498,427
52,448
Time deposits
7,928
8,003
4 ,556
1,306
0,782
7,129
17,5011 89,970
13,714
16,371
3overnment deposits
Reserve Bank:
323
3,727
388
5,206
95
Bills Payable with Federal obligationa.__
2,859
2,741
12,772
9,297
7,666
Govt.
Secured by U. S.
I
All other
75
3111s rediscounted with F. it. Bank:
66
27
7
82
42
55
2.163
2,646
Secured by U. S. Govt. obligations
1,329
3,301
4,649
6.273
15,643
11,321
5,205
4.60C
AD nthar
Federal Reserve District.

Dallas. San Fran.
52

681

Total
794

$
S
$
257,257
16,173
4,455
42,728 145,310 3,505,288
191,30
702,343 7,041,733
863,82610,804,278
238,48
34,664 116,407 1,321,115
55
45,546
7,280
22,392 644,516
8,66:
(1,103
23,666
240,130
7,261 104,879 2,294,832
.
295,730 1,198,44015,350,416
22,7601 82,9651 1,404,066
9,0441 19,5061 270,469
200,093 619,06411,134,078
65,7471 540,415 3,506,542
5,9801 18,5081 196,728
51,108
6,1451
165
I1651
0
3,73

651'
4,143'

424
64,908

member banks in Federal Reserve Bank and branch cities and all other reporting banks.
2. Data of reporting
New York City.
Three ciphers (000) omitted.

City of Chicago.

Total.
All F. R. Bank Cities.F. R. Branch Cities.AllOtherReport.Bks.
Aug.2'22.July26'22 Aug.3'21.
26.
July
2.
Aug.
2.
July
26.
Aug.
26.
July
Aug. 2.

Aug. 2. July 26. Aug. 2. July 26.
794
813
794
313
313 •
210
210
271
51
64
271
58
64
Number of reporting banks
red'
$
3
3
bills
incl.
3
3
$
$
Loans and discounts.
$
$
$
3
$
$
260,769 615,080
Bank:
267,257
41,566
41,240
53,834
52,021
counted with F. R.
165,369
33,039
33,257
Govt.°mom
69,908 69,969
163.996
3,505,28: 3,459,763 2,978,926
Loans sec. by U. S.
2,571,281 2,623,166 494,782 492,082 439,225 444,515 7,041,733 7,018,614 8,078,891
373,041
374,751
378
118,
1,
1,167,015
bonds&
4,393,96. 1,367,476 1,365,3371,255,794 1,259,309
Loans secured by stocks
4,418,463
3
645,751
631,990
1,959,7591,927,25
All other loans and discounts
1,911,263 1,736,259 1,745,39010,804,278 10,739,146 11,670,897
3,496,7123,413,590 1,039,7801,052,049 7,153,7407.082,503 1,914,279
863,435
757,119 280,116 282,535 267,957 266,13. 1,321.11 1,305,789
Total loans and discounts
773,042
53,974
57,590
487,998 477,742
46,546
43,401
165,104
5,872
4,684
6,987
7,146
bonds
30,542
U. S.
10,143
33,716
5,242
4,286
12,227
644,615
519,997
63,171
34,397
47,548
66,819
73,106
423,781
U. B. Victory notes
523,861
379,091 345,277 61,443
32,424
266,910
246,130
18,609
262,640
21,920
47,295
51,068
190,946
U. S. Treasury notes
173,142
17,253
19,608
102,696 120,588
5_
2,294,832
2,323,711
410,186
2,024,094
indebtedne5
412,331
626,281
of
626,295
U. S. certificates
021,995 650,556 176,472 176,799 1,256,206 1,2S7,246
securities
Other bonds, stocks and investls,
2,931,170 2,490,6992,480,648 15,356,416 16,188,954 15,049,341
Total loans & diac'te &
5,100.7105,017,876 1.359,5351.336,785 9,913,707 9,777,136 2,952,010 211,708 157,564 157,040 1.404,066 1,386,457 1,218,537
Bk.
11.
F.
with
217,024
incl, bills rediscled
274,824
270,469
635,344 623,059 136.963 134,781 1,029,478 1,017,709
304,778
72,681
69,976
55,040
54,486
Reserve balance with F. R. Bank
147,103
146,007
27.834
74,749 28,223
72,645
1,775,318 1,571,4001,570,32511,134,078 11,043,393 9,915,337
Cash in vault
414,272 976,355 981,590 7,782,701 7,697,750 1,779,977
.1,490,7844,
3,506,542
3,515,379
751,759
2,897,136
746,929
1,016,4051,014,050
1,749,570
Net demand deposits
1,743,208
325,
832
322,781
579,825
571,168
196,728
99,287
8,232
389,763
19,220
19,258
26,676
71,797
Time deposits
150,832
7,867
956
31,336
83,737
.
Government deposits
51,108
34,414
6,11'
274,311
8,987
Bank:
8,097
15,634
20,202
Sills payable with F. R.
496
26,487
3,780
417
8,530
166
1,177
1,000
obligations.1,032
177
166
Seed by U.S.('.ovt.
All other
424
1,271
643
72,872
22
268
F. R. Bank:
246
460
Mlle rediscounted with obligations._
156
64,908
15,237
60,970
16,439
10,626
729,868
11,617
35,208
Sec'd by U.S. Govt.
37,952
2,025
2,000
5,948
7,583
All other
Ratio of bills payable & rediscounts
•
.8
.9
.6
1 A)
7.2
.7
total loans
Bank to--.6
Tt.with F.
.7
.2
•
.
.
•
._*
'




AUG. 12.1922.]

THE CHRONICLE

739

DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.

antars' Gazzitt

BOSIOri

I

Baltimore

Philadelphia

Week ending
Wall Street, Friday Night, Aug. 11 1922.
Aug. 11 1922.
Shares Bond Sales. Shares Bond Sales Shares Bond Sales
Railroad and Miscellaneous Stocks.
In the absence
Saturday
$26,700
3,893
1,923
1,499
$39,150
$56,200,
of definite progress towards a settlement of the coal and Monday _
2,354
7,287
57,950
40,200
11,385
39,700,
8,494
2,269
42,300
10,642
62.800
40,000,
railway strikes the outstanding influence of the week has Tuesday
Wednesday
63.703
12,649
1,769
116,900
10,900
114,100.
1,603
been the Government monthly crop report. This was so Thursday 63,750
43.900
40,000
11,083
8,044
1,142
25,300
5,900
5,790
41,000
27,000
exceptionally favorable as to cause a sharp advance in the Friday
Total
10,636 $331,000
50,764 5367,550
47,226 $242,100
so-called granger issues and with the practical certainty
Daily
European
urgent
demand
Record
agrisurplus
an
for
of Liberty Loan Prices. Aug.5 Aug.7 Aug.8 Avg.0 Avg.10 -tug. 11
all our
of
cultural products the matter gave a buoyant tone to the First Liberty Loan
(High 101.06 101.04 101.00 101.00 101.24 101.00
3
%
% bonds of 1932-47-- Low- 100.96 100.94 100.92 100.96 100.92 100.92
entire market. All the active railway shares moved up,
(First 3 Hs)
(Close 100.96 101.00 100.96 100.98 100.92 100.94
Total sales in $1.000 units
28
led by North West. and Great Northern with an advance
429
584
101 1,792
93
Converted 4% bonds of(High
100.90 101.28
101.18 101.00
of 6 to 63/ points, while Northern Pacific gained 43, Union
1932-47 (First 4e)_ _
Low_
101.18 101.00
-_-_-_-_ 100.90 101.28
(Close
---- 101.18 101.00
100.90 101.28
Pacific 23/ and St. Paul, Can. Pac., Bait. & Ohio, Reading
Total sales in $1,000 units__ 4
1
4
1
Converted 434% bonds(High 101.56 101.32 101.28
101.30 101.36
and St. Pac. from 1 to 2. Some of the industrial stocks
of 1932-47 (First 4%s){Low _ 101.24 101.22 101.18
_ 101.14 101.18
followed closely, Baldwin Locomotive and North AmeriClosr 101.24 101.22 101.28
101.16 101.26'
Total sales in $1,000 units_ .53
60
635
44
148
can having added 4 points to last week's closing price.
Second Converted 4%%(High 101.70
____ 101.00
bonds of 1932-47 (Firsti Low. 101.70
101.00
The crop report mentioned, estimates a wheat, yield of
Second 47%s)
(Close 101.70
-_-_---- 101.00
Total sales in $1,000 units _
1
about 805,000,000 bushels, which compares with 763,- Second
1
Liberty 1,0811
100.44 100.50 100.40 100.38
000,000, the largest before the war-a corn harvest of 3 4% bonds of 1927-42._ {(High
Low_
100.50 100.44 100.50 100.40 100.38
(Second 4s)
(Close
100.50 100.44 100.50 100.40 100.38
billions and therefore one of the few largest on record-a
Total sales In $1,000 units_ _4
1
10
20
1
Converted 434% bonds(High 100.58 103.59 100.56 100.40 100.52
hay crop exceeding any heretofore known; and tobacco,
100.56
of 1927-42 (Second {Low_ 100.54 100.52 100.48
100.40 100.48 100.50
434*)
apples and potatoes, both whites and sweet, far above the
(Close 100.54 100.54 100.54 100.40 ,100.50 100.52
Total sales in $1,000 units_ _
211
512
811 1.008 ' 216
363
Third Liberty Loan
average.
100.56 100.58 100.54 100.42 100.54 100.58
434% bonds of 1928_
{Low_ 100.50 100.50 100.46 100.38 100.48 100.50
On the other hand, as stated above, the coal and railroad
(Third 434*)
(Close 100.56 100.52 100.52 100.38 100.48 100.54
Total sales In $1,000 units_ _
153 2,085 2,060 1.491
strikes are still unsettled and more blast furnaces have Fourth
936
624
Liberty Loan
(High 101.30 101.36 101.26 101.12 101.24 101.34
% bonds of 1933-38._{Low_ 101.28 101.14 101.14 100.76 101.18
been reported closed this week, making a present shut101.18.
(Fourth 434*)
(Close 101.33 101.24 101.18 100.76 101.20 101.26'
down of 17% of the total capacity notwithstanding an inTotal sales in $1,000 units_ _
1,391 1.993 1.714
684 1,777
772.
Liberty Loan
(High 100.50 100.52 100.52 100.44 100.52 100.86
creasing demand for structural and some other kinds of Victory
434% notes of 1922-23_ _{ Low. 100.48 100.48 100.48 100.42 100.50 100.84
(Victory 434s)
(Close 100.50 100.52 100.52 103.42 100.50 100.84
finished product.
Total sales tit 81.000 units_ __
106
272
285
358
644
188
The following are sales made at the Stock Exchange this
Note.
-The
above
table
includes only sales of coupon
week of shares not represented in our detailed list on the bonds. Transactions
in registered bonds were:
pages which follow:
t 3tiE3
2
141:
7 14
i8
100.88 to 100.901306 3d 4%*
Sales1
STOCKS.
for
Week ending Aug. 11.
Week.I

Range for Week.
Lowest.

Range since Jan. 1.

Highest.

Lowest.

Highest.

Par. Shares $ per share. 3 per share. $ per share.$ per share.
300 1123.. Aug 7 115 Aug 8 107
All America Cables_ _100
May
Jan 116
1,500 45 Aug 7 467% Aug 5 45
American Metal Co_ _ _
AugI 47
Aug
100 6001077% Aug 10 108 Aug 5 1077% Au 10834 Aug
Preferred
500 567% Aug 8 58 Aug 8 54
Amer Tel & Cable_ _100
FebI 70 'Mar
Construc_100
100
1634 Aug 8 167% Aug 8 15
Art Metal
Feb1 I67% Aug
Assets Realization-- _10 1,000 I% Aug 8 2 Aug 7
% Jani 3 June
Atlantic Fruit ctfs dep. 1,000 I% Aug 11 27% Aug 10 I% Aug 27% July
Beechnut packing Co_20 1,700 31 Aug 8 34 Aug 10 30
July 367% July
100 48 Aug 9 48 Aug 9 34
Booth Fish, 1st pref _100
Malj 48
Aug
19 85 Aug 9 85 Aug 9 85
Buff Roch dz P. pref..100
Apr
Aug95
100 28 Aug 8 28 Aug 8 28
100
Crex Carpet
Aug 353 May
Durham Hosiery Mills100 21 Aug 8 21 Aug 8 20
50
Class 13
May
Marl 26
Emerson Brant, pref _100 1,200 357% Aug 7 39 Aug 11 23
Feb 447% June
100 111 Aug 7 111 Aug 7 1007% Jan 111
Fisher Body, pref_ _100
July
800 987% Aug 9 1027% Aug 10 96
Gen Am Tank Car pf 100
June 102% Aug
Hudson Motor Car...'11,300 197% Aug 10 21 Aug 7 1934 Aug1 237% July
Illinois Central2001117% Aug 101117% Aug 91047% June 11334 Aug
Pref 6% Ser A w L.__
Interboro RTwi
200 29 Aug 11 29 Aug 11 287% July 307% June
Int & Grt Nor w i
2,500 23 Aug 9 237% Aug 7 227% June 267% June
100
300 68 Aug 11 69 Aug lii 60 Jun 69
Internat'l Salt
Aug
Liggett & Myers Cl B 100
100 176 Aug 7 176 Aug 7 100
Jan 176
July
9,300 5 Aug 7 67% Aug 9 3
Lima Locom rights
July 67% Aug
Loose-Wiles Biscuit-1st preferred
100 101 Aug 8 101 Aug 8 97
100
Jan 101
Aug
Mallinson & Co,pref _100
100 907% Aug 5 907% Aug 5 627% Jan 93
July
Manhat Elec ctfa of dep_ 1,300 447% Aug 10 467% Aug 9 44
July 47
Aug
Michigan Central_ _100
11 214 Aug 7 215 Aug 7 120
Feb 220
Aug
Minn St P &
MPreferred
100 450 83 Aug 7 857% Aug 10 70 Junel 90
Jan
Nash Motors, pref„ _100
581017% Aug 8 1047% Aug 11 1017% Aug 1047% Aug
Nat Bank of Comm_ _100
25 275 Aug 9 275 Aug 9 x264 June 275
Aug
Fuel
Ohio
Supply
26
100 61 Aug 7 61 Aug 7 47
Jan' 53 May
Phillips-Jones, pref._100
100 90 Aug 8 90 Aug 8 887% Jan, 937% Mar
100 114 Aug 9 114 Aug 9 106
Ry Steel Spring, pf_100
Apr 1157% Mar
port°
Bice
Bug, pf 100
100 947% Aug 8 947% Aug 8 83
So
Jan 947% Aug
100 400 125 Aug 10 1267% Aug 10 1097% Mar 1377% May
Tidewater Oil
Tobacco Prod, rights__ 7,400 24 Aug 5 257% Aug 9 227% July 257% Aug
900 517% Aug 10 53 Aug 10 14
TolStLdz W,C1B
Jan 557% June
2,300 477% Aug 10 507% Aug 10 227% Jan 507% June
Pref Ser B
United Retail St rights_ 20,677 17% Aug 10 37% Aug 5
% July 47% July
300 597% Aug 7 597% Aug 7 4534 May 597% Aug
U S Tobacco
Western Elec, pref__100
9001077% Aug 101077% Aug 8 1077% Aug 112 June
Weat'house El & M200 7434 Aug 7 75 Aug 7 65
50
1st preferred
Jan 75
Aug
* No par value.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week ending
Aug. 11 1922.

Stocks.
Shares.

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.

Railroad,

Par Value.

261,550 $20,897,000
562,151 44,737,000
749,338 58,466,000
600,627 45,693,000
567,685 44,249,000
534,600 41,387,000

State, Man.
and Foreign
Bonds.

Bonds.
$3,054,000
6,156,500
7,521,500
6,444,000
5,438,000
8,271,000

U.S.
Bonds.

$869,000 52,303,450
1,268,500 5,926,200
1,651,000 5,269,800
1,629,000 5,653,024
1,677,0004,565,673
1,554,000 2,480.000

3,275,951 $255,429,000 $36,882,000 $8,648,500 $26,198,147
Week ending Aug. 11.
1922.

1921.

Jan. Ito Aug. 11.
1922.

1921.

Stocks-No. shares.. _ _
107,115,363
3,275,951
156,846,955
2,154,937
Par value
$255,429,000 $167,775,075 $13,858,503,389 $7,993,292,959
Bonds.
Government bonds_ _ _ $26,198,147 $32,408,259 51,137,103,902 $1,150,525,610
State, mun.,&c.,bonds
8,648,500
186,070,900
5,860,000
384,111,000
RR.and misc. bonds_ _ 36,882,500 16,268,000 1,316,925,850
567,055,600
Totalbonds

$71,729,147 $54,536,250 52,838.140,7521 $1,897,652,110




100.20 to 100.50,
100.04 to 101.34
100.44 to 100.62_

100.94 to 101.24 88 4th 4s
%
100.36 to 100.60 181 Victory 49‘ei

78 2d 4 Lis

Quotations for

U. S. Treas. Ctfs. of Indebtedness, &c.
int.
Bid. Asked.
Maturity.
Rate.
Bid. Asked.

Maturity.

Int.
Rate.

Sept. 15 1922 __ _
Sept. 15 1922 __ _
June 15 1924..
Sept. 15 1924 _
Dec. 15 1922 __ _

534%
434%
%
5%%
434%

101
100
103
102%
l00%

100K
1001
%
1035
,4
103
10016

Mar. 15 1925._
Mar. 15 1926._
Mar. 15 1923._
June 15 1923._
Dec. 151025..

434%
434%
434%
334%
444%

101
102
100
100%
1001%

101
102
10 eg
wog.

100%

Foreign Exchange.-Sterling
exchange business was
virtually at a standstill and quotations nominal, at previous
leve's. Continental exchange was nervous, unsettled and
weak, on very light transactions.
To-day's (Friday's) actual rates
for sterling exchange were 4 43 13-16@
4 4434 for sixty days, 4 45 7-16@4
4 467% for cables. Commercial on 4634 for cheques, and 4 45 13-16@
sight, 4 45 3-1604 4534. sixty
days 442 1-1604 427%, ninety daysbanks
payment (sixty days), 442 7-16@4 4 41 5-1604 42, and documents for
4334. Cotten for payment, 4 453-16
@)4 4534, and grain for payment, 445
3-1604 4534.
To-day's (Friday's) actual rates
for Paris bankers' francs were 8.00@
8.11 for long and 8.03@8.14 for
yet quoted for long and shcrt short. Germany bankers' marks are not
bills. Amsterdam
38.35038.39 for long and 38.17@38.75 for short. bankers' guilders were
Exchange at Paris on London.
:
.93
5
.
.5t
Cab
4
loles
al;
The range for foreign exchange55.93: ran:
for the week follows:
Sterling. Actual55
an
.
ques
1ligh
54
D:s
d.
ehe
8
High for the week
4 46%
4 44
4 46%
Low for the week
4 45
4 43
Paris Bankers' FrancsHigh for the week
. 8.15
8.20%
8.21%
Low for the week
7.87
7.92
7.93
Germany Banker's MarksHigh for the week
_ __ _
0.1314
0.14X
Low for the week
0.10x
0.1134
- -- Amsterdam Bankers' GuildersHigh for the week
38.80
38:8
73
5
Low for the week
Domestic Exchange.-Chicago, par.
. per $1,000
@2
8
.
6
L
5c
5
15
u
.
3
is,
o
t
49
3388S
:
23
d
pr
ie
sco
mu
iunm
t.. Boston,
S
San Francisco, par. Montreal, $2 50 per $1,0
00
Cincinnati, per.
The Curb Market,-Business in the Curb Market this

week was light and prices, with some few exceptions, moved
without definite trend. A better tone was in evidence today and prices showed fractional improvement. Stutz
Motor Car Co. stock has been more active than for a long
time. Statements that new interests have secured control
have affected the stock favorably and it rose from 18 to •
25%, but reacted to-day to 23. It recovered finally to 24.
Peerless Truck & Motor advanced from 52,to 553, with the
final sale to-day at 55. Mesabi Iron Co., traded in for the
first time, was active and weakened from 133/2 to 12% and
closed to-day at 12%. Gimbel Bros., also made its first
3
appearance, the common selling down from 463. to 44%,
then back to 46 to-day. The preferred fluctuated between
102 and 102%. Goldwyn Pictures has been a weak feature,
dropping from 6% to 5, with the close to-day at 53.. Goodyear Tire & Rubber common was off from 10 to 8%, but re- .
covered to-day to 10% and finished at 103.. Southern
Coal & Iron broke from 34 to 30, with the final transaction
to-day at 33. Oils were quiet and with little price change.
Standard Oil (Indiana) from 110% dropped to 108, then recovered to 110% and ends the week at 1093/2. Prairie Oil
& Gas lost 15 points to 555. Standard Oil of N. Y.advanced
from 417 to 428. Southern States Oil was a firm feature and
sold up from 123/i to 13%. Maracaibo Oil Exploration declined from 223
4 to 203', sold up to-day to 23 and reacted
finally to 21. Elsewhere changes were without significance. -

New York Stock Exchange-Stock Record, Daily, Weekly arid Yearly

740

OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page.

HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Aug. 5.

Monday,
Aug. 7.

Tuesday,
Aug. 8.

Wednesday
Aug. 9.

Thursday.
Aug. 10.

Friday,
Aug. 11.

Per share S per share
per share $ per share
S per share $ per share
1712 *15
1712 *15
17
1712 *15
1712 *15
1712 *14
.15
*43
46
*43
46
414 *4312 46
*4214 4412 4412 4412 44
10178 10238 10134 10212 102 10212 1018 10212 10153 10214
10112 102
93
9312 93
93
93
9334
93
93
9212 9212 9212 93
37
31
37
37
33
33
312 312 *38 312
3,2 312
11314 11334
113 11434 11314 114
11438 115
11312 11412 11312 115
3
5714
4
583
4
/
573
581
578
4
/
5734 5858 5734 584 571
5718 577
63
6334 6334
6378 6334 6378 6312 6312 6314 6314 63
*63
*63
70
*63
70
70
*6212
70
*6212
70
*64
70
*64
2412 2458 2412 248 2438 2534 2512 26
2512 2434 25
*25
*2034 2112 2034 2134 2133 21 7
2118 2034 21
2134 21
*21
140 14134 14134 14212 141 14212
141 14134 14134 14212 14012 142
195 195 *185 195 *185 195 *185 195
*185 200 *192 195
7614 771
8
4
/
747
7334 7518 7418 77
7418
75
7318
8
733
73
1112 1134 1114 1114
1178 1178
1112 1112 1112 12
1158 12
19 I 19
19
1938 1934 1914 1934 1918 1918 *1812 1914 19
38 I 3612 367
3614 3614 *36
3534 36
37
*38
36
36
56 1 56
57
5512 *55
5512 55
55
5512 5512 558 557
853 87s
8% 878
858 88
858 878
878 9
9
9
2178 21% 21
2134
2034 2112 *2114 22
22
21
22
21
3278 3138 3213 31% 3214 31% 32
32
308 3112 3112 327
4914
4938 4812 4958 478 4834 4813 49% 49
4712 4814 48
85
8714 8614 8714
7912 8073 8058 8212 8218 8434 8318 86
11412 115 *114 119 *114 119 *114 119 *114 119
114 114
45%
4514 4638 4438 4538 4434 45% 45
4538 46
4412 48
4 9618 9614 97
/
9612 9612 9612 9613 9612 981
9612 *96
*96
8414 84% 8438 8438 8334 8412
8412 85
847
84
84
84
7012 7112 70% 7214 7218 73
6918 71
6634 6634 *6714 69
80
*77
80
*7713 7912 *77
79
78
*77
*7818 7912 78
98
98
*97
99
9814 9814 *9614 98
9734 98
97
97
477k 484 4812 49
4914 4958 4912 4958 4912 4934
4934 50
62
*61
62
*61
62
*61
62
*61
62
*61
62
*61
12612 12612 12612 12612 12612 12612 12534 126 *125 127
126 126
13234 13314
12912 12912 13034 13112 13134 13212 13114 13212 13112 133
5
5
*4
412 *4
*4
4
4
434
418 418
*4
9
*7
9
*7
9
812 *7
*512 812 *7
9
*8
1753 18
1712 1773 1712 1778 1712 17%
1712 1734 1712 18
4 2718
1
2612 2673 26/
2612 2678 2634 2718 2634 2714 2633 27
19%
19
1813 19
19
19
19
1834 1873 187 1914 19
8412 8853 8714 8633 874 8653 8912 8814 9012 8934 90%
84
39%
4
40
393
40
4
393
4
393
40
8
397
40
4
393
4014
4018
17
*14
17
*14
1678 1434 16
*16
16
16
18
*16
42
*3912 42
*39
*3912 41
*3812 41
40
*38
*3812 40
109 1097 108 10318 109 109
1094 110
109 110
*10812 109
114 138 138 138 114 114 1% 112
133 138
138 138
313 418
338 338
314 338
338 338
314 358
314 333
4 2613
/
2512 2514 2558 2638 261
27
2618
267
2618
3
285
2658
58 .56
58
5734 5734 5712 5712 5678 5578 *56
57
57
10
10
*5
*5
10
*5
10
*5
10
*5
10
*5
32
32
*31
*30
32
*31
33
*31
31
3712 31
*31
68
67
*66
67
67
*66
67
67
68
*66
68
*65
6512 66
6534 804
6518 6613 6534 6634 6534 6612 5512 66
13218 13218
13318 13412 133 13312 134 134
13434 135
13314 135
46
46
4714 4634 4634 4612 4512 4418 45
4714 4714 47
8
8
758
753 758
714
734
*618 734 *6
6
6
36
37
37
3538 3612 36
33
33
35
35 .32
.32
6112 6112 6314 6214 6314 63
4
/
631
*5878 5913 6934 6012 61
22
2114 22
17
227
2334
17
1738 1738 *16
23
.16
1013 1112 1034 1113 Ws 1114
1214 117 12
12
12
12
6614 *6512 6612
6658 66
6714 66
6514 *64
65
*63 65
1134 12
1214 1238
*1112 12
12
12
12
12
*1112 12
1734 1814 18
18
1813
4 1818 1758 1814 1773 1814 18
/
181
4338 431
4 4354
4212 4253 4353 4273 4313 43
/
42
42
42
4 2273 22% 2312
/
2312 2234 2358 2218 2234 221
2214 2312 23
57
57
56
5634 57%
5712 5658 5733 5678 5734 57
56
43
434
4% 412
534 434
452 518
412 413
452 453
68
68
67
6812 6812 6812
68 68 .67 69
68
*66
9813 9718 9814 9714 98%
97 9734 9712 9812 9758 984 97
78
7934 7973 8134 82
80
*78
79
83
7912 79
*78
84
84
8414 8534 86
83
83
86
83 83
83
*80
3158 31
3134 3118 3178
3134 3212 3114 3218 31
3114 317
26
2614 2614 2612 2634
2612 2612 2714 26
26
26
26
19
*1812 20
19
*1812 20
1914 1914
*1812 20
20
*18
4 11778 *116 11712 11512 11614 116 11612
/
1161
11658 117
11614 117
78
*75
*75
78
76
*75
7878 7878
78
80 .75
*76
8212 8112 8318 8213 8318
78% 804 8053 8218 80
7814 79
4612 4678 4638 4658 4614 4612
4653 4634 4658 4672 4658 47
2218 2214 2214
2218
2218 22
4
273
4
*213
22
22
*2112 2212
3934
3512 3612 3614 3734 3734 388 3713 3858 378 3958 39
*78
79
79
79
*78
78
80
78
78
78
78
*77
6912 6912 6934 6934 70
70
70
6912 6934 694 70
69
4
3
4012 39
404 4013 41
4034 4114 4078 4132 4052 4152 40
12 9012 9012 9
9012
*89
312
(
90
9012
*89
93
9014 9014 *90
7678 7512 7634 7612 76%
7638 7712 76
77
7612 76
76
5212
*5112 5212 *5112 5234 52
52
52
53
*52
*5112 53
5418 *5113 5212 *5113 5212 5212 5212
5412 *52
*52
*5112 53
48
47
*44
*44
*44
47
47
4514 4514 *44
46
*42
3138 3118 3158
3078 2934 3014 30
30
2934 3033 3014 31
5412 54
5212
331z
5312
5414
54
5414
5414
5373 5333 53
3512
34
3112 3258 3214 34
33
3212 3278 32
33
32
5114 5134 51
52
5034 5034 5053 508 4912 5033
5053 51
712 712
712
712
758
712
,i
73
4
73
778 78
784 8
1212 1212 1258 1212 12%
12
1318 1234 13
13
1212 13
9173 9234 9218 92%
9112 93
93
3
917
9214
9158
9112 9158
4 2614 2678 2612 2672 2658 2673
/
271
2558 2634 2653 2714 2612 6112 598 6034 6014 61
6134
61
6118 5912
5912 6034 60
304 3258 3232 33
8 3012 31
315
3012
3214
31
*3012 31
23
2212
23
2212
*2112
23
2212 2214 231s 22% 2278 *50
*22
53
0
5214
52
*50
4973 50
50
50
51
51
8 14414 145%
1455
144
14314
14533
145
14418
14313 14312 14312 14412
7712 7818 *76
80
80
7612 7634 764 *76
7612 *76
*76
14% 1514 1512 1614
1414 1458 13% 15
1338 14
13
13
3178 32
30
32
29
3212
20%
29%
*2814 2812 2834 30
13
1212 1313 13
1312
1313 1234 1358 1214 33
13
1278 13
3232 3312 3312 34%
3212
3312
8
325
3234 3314 3234 3312
24
2314 *22
2312 23%
*2212 2314 *22
2314 *2212 24
*21
1114 1134 1134 12%
1158 1218 1118 12
1173 12
.1178 12
21
21
21
2034 21
2134
2034 21
*1934 2012 2012 21
19
19
19
1914 19
1934 19
1914 1914 1912 1934 1912 628
61
6212 *6134 6234 61
4
603
6212
6273
62
6178 62
14
14
1414
1333 14
1414 1378 1414 1312 2412 2512 2558 25/
1372 1414 14
4 2614
1
2412
2614 2612 2612 2873 2614 2614
31
31
*30
31
31
31
31
31
31
*29
31
30

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

Shares
100
300
15,300
1,60)
1,809
4,900
36,5001
535

Par
Railroads
100
Ann Arbor
100
Preferred
Atch Topeka & Santa Fe_ .100
100
Do pref
Atlanta Birm & Atlantic...100
Atlantic Coast Line RR_ _ _ 100
100
Baltimore & Ohio
100
Do pref
100
Buffalo Roch & Pitts
,rooklvn Rapid Transit_ _ _100
Certificates of deposit
100
Canadian Pacific
100
Central RR of N J
100
Chesapeake & Ohio
100
Chicago & Alton
100
Preferred
Chic & East III RR (new)
Do pref
Chicago Great Western_..100
100
Do pref _
Chicago Milw & St Paul__ 100
100
Do prof
Chicago & North Western_100
100
Do p'ef
100
Chic Rock Isl & Pac
100
7% preferred
100
6% preterred
Chic St P Minn & Ona_ _ _100
Clev Cln Chic & St Louis..100
100
Do prof
100
Colorado & Southern
100
Do 1st pref
100
Delaware & Hudlon
Delaware Lack & Western_ 50
100
Duluth S S & Atlantic
100
Do prof
100
Erie
100
Do 1st Prof
100
Do 28 prof
100
Great Northern pref
Iron Ore properties_No par

5,300
2,300
6,100
100
27,500
5.200
2,100
1,200
3,900
7,600
11,400
42,300
37.800
37,300
700
34.800
1,000
2,100
3,400
300
500
1,600
900
3,900
200

PER SHARE
Thnge since Jan. 11922.
On basis of 100-share lots
Lowest

17,800
13,700
2,000
43,600
2,100
400 Gulf Mob & Nor tr etts_ _ _100
100
Do pre(
10(1
3,050 Illinois Central
4,000 Interboto Cons Corp__No par
100
Do pref
3,800
100
5,900 Kansas City Southern
100
Do pref
1,600
100
Keokuk & Des Moines
100
200 Lake Erie & Western
100
Do pref
200
50
13,300 Lehigh Valley
100
2,500 Louisville & Nashville
100
1,200 Manhattan Ry guar
100
1,000 Market Street RY
100
Do pref
1,300
100
Do prior prof
3,000
100
Do 2d prof
2,700
5.400 3,1lnneap & St L (new)_ _ _100
100
900 Minn St P & SS Marle
1,000 Missouri Kansas & Texas_.100
Texas
(new)
&
Kan
Mo
22,800
Do pref (new)
9,700
16,400 Missouri Pacific trust ctfs_190
100
Do pref trust offs
12,500
1,600 Nat Rys of Moe 2d pref_..100
500 New On Tex & Mee v t c_ _100
100
26,700 New York Central
3,300 N Y Chicago & St Louis__ _100
100
Do 2d prof
1,400
100
26,800 N Y N II & Ifartford
1,500 N Y Ontario & Western_..100
100
200 Norfolk Southern
100
4,000 Norfolk & Western
100
Do pref
100
100
Pacific
Northern
49,400
50
15,775 Pennsylvania
100
500 Peru la & Eastern
100
e
t
v
Marquette
36,000 Pere
Do prior pref v t c__ _ _ 100
400
100
Do prof v to
600
8,500 Pittsburgh Jr West Va_ _ _ _ 100
100
Do pref
350
50
15,900 Reading
50
Do 1st prof
500
50
Do 2d pref
200
100
100 Rutland RR prof
20,900 St Louis-San Fran tr ctfs 100
100
Do pref A trust ctfs
1,800
22,000 St L01113 Southwestern_ _ _ _ 100
100
Do pref
8,600
100
3,800 Seaboard Air Line
100
pref
Do
4,500
100
30,200 Southern Pacific Co
100
40,700 Southern Railway
100
Do prof
12,200
100
11,700 Texas & Pacific
100
2,200 Third Avenue
400 Twin City Rapid Transit_ _ 100
100
14,300 Union Pacific
100
Do pref
300
3,100 United Railways Invest._ _100
100
Do pref
3.700
100
19,600 Wabash
100
Do prof A
30,500
100
Do pref B
300
7,000 Western Maryland (new)...100
100
Do 2d prof
4,580
100
2,400 Western Pacific
100
Do pref
3,100
3,300 Wheeling & Lake Erie Ry_100
100
Do pref
2,000
100
700 Wisconsin Central

$ per share
10 Jan 3
2878 Jan 26
9134 Jan 3
845s Jan 3
84 Jan 14
83 Jan 9
3312 Jan 27
5212 Jan 11
50 Jan 4
6 Jan 4
558 Jan 11
11918 Jan 6
184 Mar 31
54 Jan 10
138 Jan 24
318 Jan 25
12% Jan 25
32 Jan 30
553 Jan II
1412 Jan 31
1714 Jan 9
29 Jan 10
59 Jan 9
100 Jan 9
3034 Jan 11
8314 Jan 10
7014 Jan 9
51 Jan 10
54 Jan 4
7234 Jan 3
38 Jan 10
55 Jan 16
10134 Jan 4
108 Feb 14
258 Jan 27
334 Jan 7
7 Jan 9
111s Jan 9
71s Jan 10
7014 Jan 10
3138 Jan 6
5 Jan 4
16 Jan 5
9712 Jan 3
1 Jan 10
314June 20
2218 Jan 11
5234 Jan 5
5 Jan 17
10 Feb 2
2618 Feb 8
.5658 Jan 3
108 Jan 9
35 Jan 6
318 Jan 28
17 Jan 9
3512 Jan 7
553 Jan 9
5 Jan 6
55 June 29
33 Jan 16
712 Jan 11
2412 Jan 27
16 Jan 10
44 Jan 10
3 Jan 28
5473 Jan 10
7234 Jan 4
5118 Jan 5
6134 Jan 5
1212 Jan 5
1934 Jan 9
834 Jan 3
9614 Jan 9
72 Jan 9
7334June 19
3314 Jan 3
1034 Jan 14
19 Jan 10
63 Jan 17
5013 Jan 6
23 Jan 27
76 Jan 13
7118 Jan 3
43 Mar 27
45 Jan 27
1712 Feb 6
2058 Jan 15
36 Feb 1
2038 Jan 3
32% Jan 10
258 Jan 4
418 Jan 13
7818 Jan 10
1714 Jan 10
46 Jan 10
24 June 16
14 Jan 5
34 Jan 12
125 Jan 10
7114 Jan 7
712 Jan 6
2014 Jan 9
6 Jan 30
19 Tan 25
1234 Jan 25
814 Jan 30
13 Jan 17
1412 Jan 30
5153 Feb 1
'6 Feb 2
914 Jan 4
25 Jan 10

Highest

PER SHARE
Range for precious
year 1921
Lowest

Highest

$ per share $ per share IS per share
8 Mar 1234 Feb
2078 Mar 6
20 Apr 3211 Dec
5114 Mar 24
7718 June 94 Dec
10278July 27
7512 Jan 88 Nov
9334 Aug 11
712 Jan
1 Dec
512 Apr 17
77 Apr 91 Nov
115 Aug 7
3038 Mar 4238 May
58% Aug 1
47 Mar 5638 Nov
64 July 28
4912 Dee 7231 Mar
68 May 25
6 Dec 1473 Jan
29 June 30
312 Sept 10 Jan
30
8June
247
145 Apr 17 101 June 1237 Nov
197 July 31 186 Oct 209 Mar
46 June 6512 May
4 Aug 11
/
771
834 Jan
4 Nov
1234May 26
618 Dec 12 Apr
2078May 25
1312 Dec 1678 Nov
3978May 8
3312 Dec 37 Nov
59 Apr 28
918 MaY
614 Dec
1034May 27
14 June 2078 May
2412May 29
Jan
1714 Dec 31
3278 Aug 7
2912 Dec 4612 Jan
4933 Aug 8
Jan
601s Apr 71
7912July 31
Jan
95 July 110
11514June 27
2253 Mar 35 Sept
4814 Apr 20
6834 Mar 8934 Dec
9812June 7
5612 June 77 Dec
85 Aug 8
Jan
50 June 63
73 Aug 11
32 June 5712 Dec
78 July 28
75 Dec
60 Feb
4 Aug 8
/
981
27 Jan 4673 Nov
5312 Apr 24
49 Jan 59 Dec
66 Mar 23
127 July 31
90 Apr 11012 Nov
93 Aug 249 May
13314 Aug 11
412 Jan
133 Mar
6 Apr 25
73 Jan
333 Nov
1012 Apr 18
10 Dec 1514 May
1831May 23
1518 Dec 223. May
2734May 23
10 Dee 1578 Jan
2014May 23
60 June 7914 Dec
9012 Aug 10
25% June 3412 Nov
4558 Apr 13
1112 MO:,
434 Der
19 May 22
15 Dec 26 Fe;',
41 July 19
No,.;
10012
Mar
7
8512
110 Aug
578 Ja,,,"
118 Dec
5 Apr 8
Ja.,"
314 Dec 16
1234 Apr 8
1812 Feb 2878 MaY
3014 Apr 25
4512 Jan 55 Nov
5912 Apr 26
612 MaY
412 Nov
934fune 6
10 Mar 1412 Jan
3978June
1758 Aug 30 Dec
67 Aug 8
4718 June 6034 Dec
6738May 29
97 Apr 118 July
13612July 6
32 Dec 5812 Jan
5578May 3
7 May
234 Dec
11 Mar 14
12 Aug 1812 May
5014 Apr 11
27 Aug 4512 May
67 Mar 14
833 May
411 Aug
32 Apr 10
518 Dec 1434 May
1412 Apr 29
63 Aug 7412 Nov
7134 Feb 27
318 Nov
1 Dec
14 May 23
978 Dec
8 Dec
1912May 22
2234 Dec 2638 Dec
4334 Aug 11
16 Mar 2314 May
2514 Apr 18
3312 Mar 4918 Nor,
5934 Apr 17
658 Feb
234 Dec
714May 27
46 June 7712 Fe
70 June 23
6412 June 76 Dec
9834July 31
39 June 6138 Sept
83 Aug 11
54 June 6812 Sept
86 Aug 11
12 Nov 2312 Jan
3514May 20
16 Mar 2314 Sept
2912 Apr 10
814 Sept 1314 May
2212June 6
8858 June 10478 Feb
11812 Aug 2
62 June 7434 Dec
7878 Aug 11
4 June 88 Jan
/
611
831s Aug 10
3214 June 4134 Jan
4778July 31
Jan
8 Nov 12
2478June 6
1534 Mar 237s May
3934 Aug 11
79 Aug 9
50 Apr 6512 Dec
Jun 6634 Dec
35
71 July 31
Jan
4158 Aug 8
23 Oct 32
9012 Apr 25
70 Mar 80 Dec
6034 June 8914 Jan
8278May 29
57 May 31
3612 June 55 Feb
5912May 31
3818 Aug 5734 Jan
5314June 1
1918 Mar 2534 Aug
3158 Aug 11
5412 Aug 10
2773 June 3912 Nov
1912 June 3012 May
3512 Aug 11
Jan
52 Aug 11
28 June 41
714 May
218 Oct
10 Apr 15
3 Dec 1212 May
1434 Apr 15
Jan
6712 June 101
9338May 29
2714 Aug 7
1738 June 2478 Jan
42 June 60 Jan
6134 Aug 11
161s Jan 2734 Dec
36 Apr 21
1212 Aug 2038 Mar
2538 Apr 25
Dec 5512 Apr
3118
10
5612June
14558 Aug 10 111 June 13178 Nov
6214 July 7412 Dec
7818 Aug 10
6 Aug 1214 Mar
1978 Apr 11
17 Aug 26 Mar
3612 Apr 11
9 May
638 Dec
1438May 26
18 Mar 2412 May
3458 Apr 17
1258 Mar 1578 Nov
24 May 26
838 Dec 1112 May
1312June 6
1414 Dec 21 May
24 June 6
15 Dec 30% May
2478 Apr 24
5112 Dec 7012 Jan
6412 Apr 21
614 Dec 1113 May
1612June 7
1212 Dec 1912 May
2958.1une 7
Oct 3712 May
23
3314 Mar 13

Industrial & Miscellaneous
100 48 Jan 12 78 Aug 11
2612 Jan 5334 Dec
75
75
76
78
75
6,600 Adams Express
1012 Dec 1934 Jan
100 10% Jan 19 2058 Aug 11
4 1834 19
/
181
2053 4,000 Advance Homely
19
Dec 5218 Feb
100
11
3112
4914
315
4812
8
Jan
Aug
12
6314
4912
4812
Do Prof
4,600
5314
30 June 50 Dec
5612 *55
57
55% *55
1,400 Air Reduction, Inc__ __No par 4512 Jan 3 5714 Mar 28
50
1514 Dec 3912 Jan
912 July 28 1834 Apr 25
1113 1178 11% 1134 3,600 Ajax Rubber. Inc
12
14 Dec
112 Feb
10
8838
14 Jan 13 ' 72May 10
38
38
900 Alaska Gold Mines
%
134 Feb
12 Oct
10
138 *138 112
2 May 17
114
38 Jan 24
114 I%
700 Alaska Juneau Gold Min
1,2
*114
Dec
5914
Aug
34
par
.No
_
_
Dye_
7314
&
5538
7252
31
Jan
Chem
3
7472July
73
73
Allied
7,800
7412 7312 7334
73
4 Dec
1033
June
3
83
100 101 Jan
110 June 14
108 108 *10712 108
Do pt ef
900
10818 10814 *10712 108
Aug 3934 Dec
Mfg
100
4
373
4
19
Allis-Chalmers
Jan
July
4
56
53
5312
281
5414
5312
53
53
3,000
3278 5312
6712 Aug 90 Dec
100 8612 Jan 5 100 Apr 21
*9812
9812 9812
Do pr f
200
*9734 9812 9812 9812 3634 100
2612 Aug 6512 Jan
37
3634 3634 2,200 Amer Agricultural Chem_ _100 2934 Jan 3 42%June 1
3714
3758 37
37
51 Aug 90 Jan
100 56 Jan 16 69 Mar 10
prof
8
*625
63
Do
*6212
63
62%
6212
700
6234 6312
Jan 5612 Dee
4612
50
Note
5812 Jan 7 7712 Apr 7
75
*70
*70
75
75
500 American Bank
*69
70
70
4312 Jan 5012 Dec
50 52 Jan 12 54 Mar 3
Note pref
52
Bank
*5012
*51
52
52
Am
100
*5012
52
*5012
Oct 51 Feb
2412
Sugar
100
3
9
Beet
Jan
4
June
313
49
47%
48
AD:IC[1(12D
463
8
4714 4,500
4634 4634 4712 49
5434 Dec 7473 Jan
100 61 Jan 11 77 June 24
*7512 80
Do pref
*7512 80
80
*74
80
*74
291s Aug 6510 May
Bosch Magneto..No par 3114 Jan 31 49 Apr 11
8
385
385s
Amer
3812
3812
3712
500
36
3512 36
Lees than 100 shares. a Ex-dlvIdend and rights g Ex-dividend. b Ex-rights (June 15) to subscrib b
this day. 8 Ex-rights.
•Bid and asked prices; no sales onCoal Co. at $5 per share and ex-dlvldend 100% in stook (Aug. 22).
"flare for share to stock of Glen Alden
71
71
*18
1812
*4812 4912
55
*54
4
/
1213 121
12
*a,
114
114
73%
73
*108 10812
5312
*53
*9734 98%
37% 3734
*6312 6412
69
*65
53
*52
4712 4712
*7312 80
3612
*35

74
70
1834 19
*4812 4912
6318 54
1153 2178
12
*33
4.114 112
7338
73
4
/
108 1081
5312
53
*9754 9833
3712 3712
6314 6312
69
68
52
52
4714 4714
*7312 80
36
*35




7273
*18
49
5514
1158

7312
19
49
55%
1218

7312
4
/
181
4812
5512
11%

New York Stock Record-Continued-Page 2

741

For sales during the week of stocks usually inactive, see second page preceding.
PER SHARE
PER SHARE
Range for previous
Range since Jan. 1 1922.
Sales
STOCKS
year 1921
for
NEW YORK STOCK
On basis of 103-share lots
the
EXCHANGE
Friday,
Tuesday, Wednesday. Thursday
Monday,
Saturday,
Highest
Lowest
Highest
Lowest
Weet.
Aug. 11.
Aug. 9.
Aug. 10.
Aug. 8.
Aug. 5.
Aug. 7.
---------------per share
per
share
$
share
$
$
per
tt
per
share
(Con.)
Par
Miscell.
Indus.
&
Shares
share
S
per
per
share
per
share
$
$
share
$ per share $ per share $ per
Jan 5638 Dec
42
698 7214 5,900 Am Brake Shoe &F___No par 51 Jan 4 7214 Aug 11
*651
/
4 6178 6.314 6714 6738 70
65
65
65 65
8834 Jan 100 Dec
Do pref
100 9814 Jan 18 109 June 14
*106 10812 *105 108 *105 10834 *105 10314 *105 10334 *105 103
2312 June 3512 Dec
100 3214 Jan 5 6118 July 31
5918 5912 5812 5914 5814 4834 5812 498 5334 598 5712 88 17,175 American Can
,June 97 Dec
763
Do pref
100
100 9314 Jan 3 10912J ilY 28
10914 10914 *10914 110 *109 110 *109 110
*109 110 *108 110
June 15114 Dec
American
Car
&
9
11514
Aug
Foundry_
1,500
100
141
Jan
10
173
17314
*1723
4
173
173
172
173
*170
172
1723
4
172 172
17138
May 11612 Dec
pref
108
Do
Aug
9
200
100
124
11512
Jan
6
121 124 *121 120 *121 125
123 123 *123 125 *123 125
Jan
612 Nov 29
303 American Chicle
7 Jan 27 14 May 5
No Par
98 *958 978 *958 98
934 934 *91
*934 1014 *934 9%
June
2434 Nov
157
8
910
American
Cotton
011
100
31
2612
1914
Jan
10
3912May
26
2512
2658
268
2512
2612 2612 *26
2658 2512 2.312
3512 July 67 Apr
Do pref
200
100 41 Jan 11 61 May 31
*51
54
*51
4
53
51
5112 *5012 51
*51
51
*50
834 Jan
4 June
55
612 Jan 23
412 Jan 13
1,703 Amer Druggists Syndicate__ 10
534 6
514 534
558
538 512
*514 5%
58 55
600 American Ucptess
100 126 June 23 14312 Apr 22 114 July 137 Dec
137 137
139 139 *135 133
13312 139
13812 13812 *138 139
8 Apr 16 Dec
700 American Hide & Leather 100 12 Jan 18 17% Apr 13
*1334 14
1418 14
11
14
*1312 14
*1312 14
*1312 14
4012 Feb 6258 Dec
Do prof
3,100
100 58 Jan 3 73 May 31
*6914 70
6914 7138 70
70
70
697 70
70
*6912 71
Jan 8312 Dec
42
100 78 Jan 12 11412 Mar 22
11114 11114 111 11212 2,800 American Ice
*11212 113
11112 11314 11012 11112 11014 112
Do pref
Jan 7314 Nov
1,200
57
100 72 Jan 13 9514 Aug 4
93
91
91
9134 9312 9312 93
948 948 9412 9112 91
Amer
International
31,200
Corp
Aug
5338 May
8June
2
2114
100
315
8
Aug
8
503
37
361
/
4
3618
40
4014 3834 3934 318 388 3134 3514 35
930 American La France F E__10
918 Jan 16 14 July 26
778 Aug 1138 Apr
1278 13
13
13
13
13
13
12% 12% 12% 128 13
300 American Linseed
100 293 Jan 10 4014 Tune 1
1714 Aug 6212 Jan
35
3334 3334 337 33% 3334 34 •33
*3334 3414 .*3378 34
7251 Do Prof
Jan
100 51 June 22 6078 Tune 1
/
4 5214 52
5214
398 Aug 93
5212 5212 521
*52
55
56
453
*53
56
7312 June 110 Dec
100 102 Jan 5 12112 Aug 8
119 12112 11914 12038 11814 11934 1188 11912 24,700 American Locomotive
11918 120
1198 121
Do pref
200
100 112 Jan 12 118 Mar 13
9814 June 115 Dec
118 118 1'1'118 119
118 118 *11712 118 *118 119 *118 119
7,600 American Radiator
25 82 Jan 30 115 Aug 11
66% Jan 91 NON
114 115
107 10934 110 114
10334 10334 104 10112 105 107
Jar
312 Aug 10
25
334 Jan 31
71
/
4 738 27,300 American SAfetY Razor
7
738
714 712
88 Apr 6
6% 6%
612 7
634
63
7,900 Am Ship & Comm.____No par
Jar
414 Aug 14
512 Jan 3 2414May 31
/
4 1712 1718 17141 1714 18
1838 171
1812 19
1838 1838 17
2958 Aug 4714 Dec
6018 6012 6018 60% 4,635 Amer Smelting & Refining_100 4338 Jan 6 6712May 19
61
6114 60
6134 6058 618 6058 61
Do pref
1,400
100 8118 Jan 4 9918 Jaly 15
6314 Aug 90 Dec
93
9814 9814 9812 9812 9812 9812 9812 9812 9812 9312 98
103 Am Smelt Secur pref ser A _100 87 Feb 8 9514 Aug 11
63 Jan 88 Dec
9514 9514
*9112 95
*9112 95
95
*9412 95
*91
95
*94
1,000 American Snuff
100 10912 Jan 3 13878 Aug 9
95 Jan 11434 Dec
*136 13512 13512 13512 13578 13578 137 13878 *135 139 *135 139
31,200 Am Steel Fdry tem ct1s_33 1-3 3034 Jan 26 42 Aug 11
18 Aug 35 Dec
4138 4014 41
4012 42
39
4014 40
38% 38% 3834 39
Do pref tern ctfs
78 Aug 9514 Dec
100 91 Feb 8 100 Apr 24
998 *99
9953 *9912 99% *9912 9958 *9912 100
*98
.98 100
475 Oct 96
Jan
8i78 8058 8138 8012 8 % 8038 808 2,600, American Sugar RefIning 100 5418 Jan 4 8238July 28
8112 8112 81
82
82
400
Do pref
100 81 Jan 3 10918 Aug 11
6712 Oct 10714 Jar
108 108 *108 108% 10838 10358 10918 10918
107% 1078 108 103
700 Amer Sumatra Tobacco__ _100 2314 Fab 14 47 May 29
39
2812 Dec 88 Mai
3914 39
3912 39
*3934 4012 398 4018 3912 3912 *39
6434 Nov 9134 Feb
Do pref
200
61
100 5212 Jan 27 71 Jan 16
*63
61
6414 6414 *6314 65
*63
64
*63
65
*62
9534 Jan 11912 Nov
122 12214 12218 12214 12214 12212 12214 12258 1228 12212 12212 12212 20,210 Amer Telephone & Teleg 100 11412 Jan 4 12112 Mar 11
Aug
8
18112
15218
American
5
June 13634 Dec
14814
Tobacco
100
Jan
8,700
12918
14314
143
15218
151
8
15178
x1477
15012
152
14914 1508 150
86 Aug 9912 Dec
Do pref (new)
109 9612 Jan 3 105 J'ily 31
*103 105 *102 105 *102 105 *10212 105 *10212 105 *102 105
Do common Class B
Jan 13112 Dec
100 125 Jan 3 14812 Aug 8 110
14814 14812 14718 11812 x141 14512 14512 14512 6,800
14412 1468 14534 148
4 Sept
109
612 Oct
900 Am Wat Wks & El v t c
6 Jan 7 1758J fly 7
1658 1658 167 17
1678 168 17
17
17
1714 17
17
48 Sept 6658 Dec
Do 1st prof (7%) v t c_100 67 Jan 4 88 July 5
100
1
4
*8514 8534 *8514 8534 *8514 8534 *8514 8534 *8514 8534 8514 85/
8/
1
4 Sept 20 Dec
Do Partic pf(6%) v t c 100 1714 Jan 4 43 July 11
4014 40
4018 1,830
4114 3912 4012 40
40
*41
4112 *4012 41
57 Feb 8312 Dec
100 7814 Jan 10 9518 Apr 17
7,830 Amer Woolen
9058 91
9038 9112 9058 91
91
92
9078 908 9058 907
93 Feb 10412 Dec
100 10212 Jan 11 109 June 21
Do pref
203
•108 10812 *108 109 *10712 10812 *10712 10812 *10712 10312 103 10318
2012 Aug 3912 Jan
7 /0, Amer Writing Paper pref_ _100 2212 Jan 13 3718 Apr 15
30
32
*2814 30
29
29
31
30
30
*29
*29
30
634 Sept 1438 Dec
*1712 1812 1714 1838 1714 1712 1712 1712 1714 1714 1712 1734 1,400 Amer Zinc, Lead & Smelt___25 1218 Jan 3 2038June 1
228 Aug 4078 Dec
25 35 Jan 18 4814May 19
Do pref
/
4 *46
200
47
*4314 448 *43
471
4612 *45
*4512 4618 46
448
3134 Aug 5038 Dec
19,700 Anaconda Copper Mining__50 47 Jan 31 57 May 31
5318 5312 5338 5414 5338 5438 5338 5418 5338 518 5338 54
21
Jan 5012 Dec
4,500 Associated Dry Goods__ 100 43 Jan 5 5712 Mar 17
56
5618 5558 56
5558 5558 5558 5634 5634 5738 553 567
5534 Jan 7634 Dec
Da 1st prof_
100 75 Jan 6 8312 Apr 19
*8112 82
*8112 82
*8112 82
*8112 8212
82
82
*81
*81
Jan 78 Dec
45
9
May
pref
17
86
2d
100
76
Jan
Do
*8312
84
*83
85
*8312
86
86
*83
86
*83
86
*8312
91 Sept 10712 Mar
100 99 Jan 31 13512May 3
600 Associated 011
113 116 *110 114 *110 115 *110 115 *110 115
*10934 111
9 Jan
134 Oct
512 Apr 17
212 212
212 212 1,500 Atlantic Fruit
No par
214 Jan 3
212 212
212 234
234 234
212 212
Jan
18 June 76
3218 2958 3138 2912 3014 3018 3038 31
3212 3234 31
3112 6,900 All Gulf & W I S S Line__ ,.100 2312 Mar 2 4314May 29
1534 June 4412 Jan
Do pref
100 1812 Mar 6 3114May 29
23
*23
2412 *21
*21
23
*23
25
25
26
*23
*23
Atlantic Refining
100 900 Mar 7 1145 May 1 a820 June a1125 May
*970 1000 *970 1000 .970 1000 *970 1000 *975 1000 *975 1000
Do pref
100 113 Jan 9 11878June 30 10338 July 11312 Nov
100
11712 11712 *116 118 *116 118 *116 118 *116 118
*116 118
1238 Dec 20 Apr
1814 *17
100 Atlas Tack
1714 17
No par 1312 Feb 28 2212May 4
17
1814 *17
•1612 1814 *1612 1814 *17
818 June 1314 Jan
Austin
Nichols
&
Co
No
1,400
par
914 Jan 5 3378lline 8
*2612
2712
271
/
4
2712
28
*2612
27
255
277
2712
288 2878
Jan
5058 Aug 70
Do pref
100 68 Jan 9 90 June 1
100
85
*81
85
*84
85
8418 8418 *84
*8312 85 *8312 85
212 Sept
514 Dec
*312 414 *312 414 *312 414
312 Jan 3
7 Mar 17
100 Auto Sales Corp
50
312 312 *3
312 *3
312
Jan
10 Apr 15
50 1012July 27 1512 Mar 16
*912 12
Do prat
*912 12
*912 12
*912 12
*912 12
*9
12
6214 June 10038 Dee
120 12078 120 12234 12212 12512 123 12518 123 12414 12312 12134 66,500 Baldwin Locomotive Wks_100 9312 Jan 13 12512 Aug 8
95 June z105 Dec
100 101 Jan 13 11412 June 11
Do pref
*11214 11412 *112 115 *110 115 *112 11412 *112 114 *112 114
Jan 41 Aug
29
Barnet Leather
No par 40 Jan 19 60 July 12
59
*56
59
*56
59
*56
*56
59
.56
59
*56
59
70 Jan 86 Dec
Do pret
100 89 Apr 12 9618June 23
9712 *91
9712 *94
*94
98
*94
9712 *94
9712 *94
9712
20 Dec 27 Mag
3112 3,400 Barnsdall Corp, Class A____25 1958 Jan 16 5614 Apr 28
*32
33
1
4 30
3112 3112 3014 3212 3112 3112 2914 30/
Jan
1434 June 35
25 1914 Jan 9 39 Apr 27
Do Class B
100
26
*24
26
*26
27
25
*24
*24
26
26
*2434 25
12 Aug
4,78 1
Jan
12 Jan 14
1
20
158 Mar 23
303 BatoPilas Mining
78
*31
34
*34
78
34
78
78
78
78
27 June 29 June
No par 33 Apr 28 557 Aug 7
300 Bayuk Bros
56
5512 5512 5412 557 *54
5514 *51
*51
5514 *51
55
100 51 Jan 10 79 May 12
3912 June 6212 Mag
100 Bethlehem Steel Corp
75
761
/
4 75
•73
76
*74
*73
76
*73
76
*7312 76
Da Class B common_ 100 5512 Jan 3 8214May 12
4112 June 85 Ma3
5,600
77
77
7718 7718 77% 777
7718 78
7718 7734 7758 78
100 9078 Mar 7 101 Apr 15
1
4 Jan
Do pref
87 June 93/
900
977 978 *96
*96
98
9734 9734 9712 9712
9734 *96
98
90 June 112 Sep'
Do cum cony 8% pref_100 104 Jan 4 11658June 14
330
114 114
1147 11478 *11312 115 *11314 115 *11314 115 *113 114
712 Dec
No par
434 Jan 10
938 Feb 10
3 Aug
*8/
1
4 918 3,800 Booth Fisheries
9
9
812 812
812 834 *814 834
812 918
100
9 Dec
812 Jan 9 1414June 6
100 British Empire Steel
814 Dec
.1012 12
1012
*10
1038 *10
11
1014 1014 *10
1012 *10
100 58 Mar 2 7634 Apr 15
Do 1st pref
55 Dec 5858 Dec
100
75
74
74
*70
74
*70
73
*70
73
*6714 7234 *67
Do 28 pref
100 1918 Mar 17 3512May 31
22 Dec 2338 Dec
500
.30
32
3034
*30
3038 30
*2978 30
3014 3014 *30
31
Dec
100 100 Jan 3 11778 Aug 11
88 Jan 101
11412 115
11714 1178 4,000 Brooklyn Edison, Inc
11514 11578 11512 116
1155 11638 11578 117
Jan 7612 NON
51
800 Brooklyn Union Gas
100 70 Jan 31 119 June 9
*11012 112
11112 11112 112 11258 11312 11414 11334 11334 *113 114
33 Feb 453 NON
52
100 42 Jan 16 5418July 20
52
52
52
52
5238 52
54
5312 5312 5312 5312 2,500 Brown Shoe Inc
514 Jan
212 Aug
100 Brunswick Term & Ry Sec 100
*3
4
*212 4
*3
4
*3
4
218 Mar 3
538June 6
*3
4
3
3
*13412 135
8114 Jan 12212 Dec
13478 13478 134 13614 13514 13614 135 1367 13612 13678 11,300 Burns Bros
100 11312 Jan 10 13912June 5
333
4 Dec
Dec
new
31
18
24,900
4612 4638 50
Do
Class
B
corn
3
*1438 4534 46
49
4838
49
4812
50
June
19
50
283
8
Jan
4934
Bush Term Bldg% pref____100 8714 Jan 3 9758May 1 x8734 Dec 90 Nov
*9214 9412 *9214 9414 *93
*9214 9414 *92
95
9414 *93
95
614 Dec
314 Aug
712 712
718 71z *738 712
814June 7
738 738
514 Mar 1
71
/
4 7/
1
4
7/
1
4 7/
1
4 1,200 Butte Copper & Zinc v t c__ _ 5
*21
2212 *21
22
21
1412 Jan 3334 Dec
21
600 Butterick
2012 2034 20
20
2012 2012
100 18 July 27 34 Feb 3
*30
3012 3012 31
1014 June 22 Dec
3012 3058 30
297 30'8J 1,600 Butte & Superior Mining___10 2018 Jan 4 3334May 18
3012 30
30
*1034 1118 11
11
1034 1034 1034 1078 1058 1034 1012 1012 1,900 Caddo Central Oil&Ref No par 1014 Jan 11
1518 Apr 15
734 Aug 1938 API
535 July 74 Nov
7938 7912 80
8112 81
No par 68 Jan 11 8312 Aug 10
82
811
/
4 8212 8212 8312 8234 8338 6,300 California Packing
58
5612
57
5712 5614 5712 5618 5714 561
58
25 Jan 5058 Dec
58
4,700 California Petroleum
/
4 57
100 4318 Jan 10 717eJune 2
97
*93
*93
97
6812 Jan 88 Dec
97
93
Do pref
93
*8912 94
300
'
093
90
90
100 83 Jan 3 9812 Apr 17
814 814
818 814
712 Jan
8
8
8
81
/
4 81
8
/
4
334 Aug
818 8/
1
4 1,200 Callahan Zinc-Lead
10
514 Feb 14 1138May 27
6212 6018 691
4112 Jan 60 Dec
100 Calumet Arizona Mining.._10 5734 Apr 5 6612June 1
/
4 *6014 6118 *6014 62
*6012 6138 *6012 6118 *60
*912 103 *10
11
Carson Hill Gold
1012 *97 1034 *938 12
*10
11 Dec 1512 Nov
*10
11
1 1014 Aug 4 1638 Mar 29
634
634 '6
6
*6
638 7
6
700 Case (J 1) Plow
6
3 Nov 1014 Apr
6
7
7
912June 6
No par
3 Mar 8
4,84
90
1,700 case (J I) Thresh M,pf ctf 100 68 Feb 21 88 May 1
*84
00
87
87
92
*84
90
*84
63 Dec 8538 Feb
*84
90
/
4 3878 3812 3914 38
39
8,100 Central Leather
3838 385
2218 Aug 9314 Jan
3814 3838 3734 3858 381
100 2938 Jan 10 42 July 20
Jan
Do pref
1,400
72
72
5718 Aug 96
7034 7034 *7114 7134 7158 7214 7112 72
72
*71
100 6338 Jan 6 7438May 31
6,900 Cerro de Pasco Copper_No par 3234 Jan 4 4078May 26
23 Mar 3612 Dec
*38
3838 3814 39% 3812 4018 3834 3914 3854 3014 3812 39
*46
50
50
*46
*46
50
50
Certain-Teed Prod__..No par 34 Feb 14 5318June 7
Jan
*45
*46
22 Aug 44
50
50
*45
5712 5918 26,200 Chandler Motor Car_ No par 4734 Jan 5 7914 Apr 6
5914 5934 5712 5912 5634 5812 5634 5814 5634 58
381
/
4 Oct 86 Apt
698 7034 *7012 71
*7012 71
500 Chicago Pneumatic Tool_
*7034 71
47 Aug 7014 Jan
*7012 71
71
71
_100 60 Jan 14 7158July 24
9 Mar 1678 Dec
2218 2218 2134 2214 2218 22% 2178 2218 2158 22141 2178 228 11,800 Chile Copper
25 1518 Jan 5 2518May 29
3053 2912 295
2912 2912 2,200 Chino Copper
3038 3014 3034 30
/
4 Mar 2912 Dec
191
*2912 2934 30
5 2512 Feb 21 3338June 1
700 Cluett. Peabody & Co__.,100 43 Jan 11 6012 Feb 3
5612 5634 5612 56121 5812 5812
*5612 5812 *5612 5812 *5612 58
361s June 6212 Jan
9,900 Coca Cola
6912 708 6912 70,2 6958 70341 69% 70
19 Feb 1312 Dec
6958 70
698 71
No par 41 Jan 5 7412July 5
30
30
30
30
2934 2934
700 Colorado Fuel & Iron
29% 30
31
22 July 3234 Ma3
*30
3078 *30
9612 8,600 Columbia Gas & Electric 100 24 Jan 10 3578May 19
9412 9358 9.438 94
52 June 6734 Dec
9238 9212 9258 9234 9212 9234 9212
100 6434 Jan 4 9612 Aug 11
312 4
312 4
358 334 16,100 Columbia Graphophone No par
418
4
418 418
418
4
238 Aug 1234 Jar
534June 5
114 Jan 26
1518 1158 1434 14
14
3,300
Do pref
*1518 1612 13
16
1614 16
812 Dec 6214 Feb
16
100
5 Feb 9 2034June 2
68
2,100 Computing-Tab-RecordNo par 5514 Jan 4,, 7934 Apr 26
6878 6612 68 I *66
69% 68
6938 69
69
6858 69
2834 June 588 Dec
36 1 *35
3612 3612 36
37
700 Consolidated Cigar_ _ __No par 1858 Feb 10 3812June 29
3612 3658 37
37
3714 37
1312 Dec 5914 Jar
*67
75
75
*67
75
Do pref
*67
76
*37
*6634 75
*6634 73
53 Dec 80 Feb
100 47 Feb 27 7212June 20
1,100
Consol Distributors,Inc No par
12
*3
8
12
*3
8
3
8
3
8
12
12
12 Sept 10 Mal
*58
54
58
58
14 Feb 17
214 Mar 16
1
4
1217
8
122
12,600,
312114
12412
1213
Consolidated Gas (N Y) 100
12414 12434 12412 125
1234
12414 125
7712 Jan 95 NON
July 14
/
4 1012 10,400' Consolidated Textile___No par 8512 Jan 30 1257s
10141 101
1014 104 10
11
978 101, 10
10
10
1234 Aug 21% Jar
9 July 25 1538 Apr 19
76
7714 1,700 Continental Can, Inc
Jar
47614 7634 7534 7614 7634 7714 *7612 7712 7614 77
3438 Aug 66
100 4534 Jan 4 7714 Aug 8
*8612 8912 *86
400 Continental Insurance
90
*8512 87
86
8634 87
8634 8634 86
25
5858 Aug 73 Dec
Jan 20 87 Aug 5
/
4 114 11434 32,350 Corn Products Reflning___100 66
1133 1151
11012 11112 11034 11618 1131
/
4 1168 114 116
59 June 9914 Dec
9114 Jan 4 1168 Aug 8
*118
120
*118
500
120
Do
prof
120
11818 11812 i1818 11812 119 119 *118
96 June 112 Dec
100 111 Jan 10 119 Aug 8
4312 44
14,500 Cosden & Co
437 4418 4312 44
425 4314 4218 44
4212 44
2212 Aug 4334 Api
No par 3138 Jan 10 5314June 7
9053 9214 9038 9158 9078 9278 28,300 Crucible Steel of Amarica_100 5234 Feb 27 9412July 31
9212 9314 9112 927
49 Aug 107/
93
1
4 Jar
91
9312
*92
*92
9312
300
Do pref
Jar
93
*9212 93
77 June 91
*9212 93
*9212 9312 93
100 80 Jan 17 95 May 2
15
151
/
4 6,800 Cuba Cane Sugar
55 Oct 26 Feb
1638 1512 1614 168 1514 1612 1518 1658 1458 15
15
No par
Mar
11
193
4
Ws Jan
3812
3818
5,100
38
3814
Do
prof
Feb
7
39
1318
Dec
/
4
4014 40
681
4014 3812
4018 4078 39
100 1514 Jan 3 4178July 27
2614
22,700
2558
Cuban-American Sugar__ __10 1412 Jan 3 28 Aug 4
2712 2778 2738 2778 27
2678 2514 26
2.3
28
108 Oct 3334 Feb
93
1,600
Do pref
*92
68 Oct 95 Feb
9434 9134 9314 9314 93
95
*92
9412 95
95
100 7818 Jan 17 95 Aug 2
471
/
4 4738 6,400 Davison Chemical v t c_No par 43 June 13 6558 Apr 6
48
23 Mar 5958 Nov
49
4714 4734 4712 48
4834 4938 48
49
Jan
400 De Beers Cons Mlnes__No par
2134 2134 *2114 22
2218 2218 *2134 2258 2238 2238 22
1358 June 21
22
1512 Jan 3 2838May 2
Oci
11034 11118 2,100 Detroit Edison
10612 10612 10712 10914 111 11178 11012 1107g 110 110
9312 Nov 100
100 10038 Jan 11 11178 Aug 8
31
1018 Jan 213 Apr
31
3354 tug 10
3114 32
3218 3312 3314 3334 3314 3312 10,000 Dome Mines, Ltd
3112 32
10 1812 Jan 4
7614 7614 7612 4,700 Eastman Kodak Co__ __No par 70 July 3 7712MaY 15 ---- ---- ---- ---7558 7534 757 7612 7534 7618 76
7618 76
1,700 E I du Pont de Nem & Co 100 115 May 27 150 July 5
13478 13478 13318 1343 *131 110
131 13214 *130 133
13214 133
85
100
*8212 8312 *83
6% cumul preferred__ Ma RP June 12 85 June 2 _--- ---- ---- ---*8212 84
*821* 81
85
831* 8312 *33
Bid and asked prioco: no sales on this_day. a Ex-dividend and rights s Assessment paid. x Ex-rights. s Ex-dividend. s Par value $10 Per share.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT




3
t
New York Stock Record--_Oh.iniied-Page

742

For sales during the week of 8tucks usually Inactive. see third page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CE.VT
Saturday,
Aug. 5.

Monday,
Aug. 7.

Tuesday,
Aug. 8.

Wednesday. Thursday, I Friday,
Au;. 9.
A ug. 10.
dug. 11.

Sales
.
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range since Jan. 11922.
On Oasis of 100-share iota
Lowest

Highest

$ per share $ per share $ per share $ Per Share $ per share $ per share Shares Indus. &1111scell.(Con.) Par 3 per share $ per share
4633 4634 465 .4638 4814 4612 3,000 Electric Storage BatteryNo par 4012June 17 48 June 2
4658 4678 4584 47
4658 467
50 1414 Jan 25 2314June 14
3,700 Elk Horn Coal Corp
1814 1958 1934 1978 1912 217
20
2018 2014 1912 201a 20
253 Jan 4 11181une 5
*712 9
100 Emerson-BrantIngham_ _ _ _100
9
*712 9
9
*712 9
*712 9
*712 9
50 7614 Jan 10 8712 Apr 19
8214 8318 83% 8312 8412 8334 8412 *8314 8434 2,700 Endicott-Johnson
8134 8134 82
100 104 Jan 5 115 July 31
Do pref
300
113 113 *11312 11412 11312 11312
•113 114 *111 114 *111 114
8234 8434 83
8412 8334 8434 837 8478 14,300 Famous Piayers-Lasky_No par 7518 Jan 10 8713May 29
8414 8438 8412 851
Do preferred (8%)_ _ _ _100 9112 Jan 28 99 Jan 14
9458 9458 9458 9458 1,300
9434 9134 9434 9412 9434 948 947
*94
9 Jan 3 1612May 17
14
14
*12
1512
100 Federal Mining & Smelting 100
1512 - 4'12
*14
15
15
*1212
*1212 15
100 3712 Mar 14 547 Aug 7
Do prat
2,520
5418 5312 5312 5378 537
5414 54
5334 5334 54
548 54
No par 75 Jan 5 12712 Apr 20
JO Fisher Body Corp
110% 11018 11038 11012 11012 11012 *110 115 *110 115
*110 112
*86
87
88
8758 *87
89
00 Fisher Body Ohio, pref._ _ 100 7612 Jan 5 10314June 14
85% 87
89 *8614 87
*87
25 1138 Jan 10 1913 Apr 25
125.3 1234 1212 1212 1258 1278 1212 1212 3,200 Fisk Rubber
1212 1234 1212 127
No par 1214 Jan 24 2678June 3
Freeport Texas Co
2114
2034
20.2
2138
21
2053
20
7,000
2014
3
3
20
20
214
*21
No par 4534 Jan 14 6778MaY 8
*60 6212 6212 6212 63
62
62
6314 1,400 Gen Am Tank Car
611a 6113 62
*61
100 5518 Jan 26 7334July 20
6812 7 12 8934 7034 32,200 General Asphalt
7118 681! 7012 6858 70
7014 7013 70
100 90 Jan 10 111 July 20
Do prat
103 103 *106 108
106 106
300
106 109 *106 109 *101 109
100 65 Mar 3 78801113'20
7938 7612 *76
i7
78 . 7612 7612 *
500 General Cigar, Inc
,e
77
77
100 94 Jan 4 10214 Jan 18
Debenture prof
._ *101%
_ *10178 103 *101 103
*10112 ...._ *10112 ___ *10178
100 136 Jan 9 18012Ju1y 28
179 1793
178 17834 179 179
-1;500 General Electric
179 1-71
*17912 180 *17912 180
1312 1338 1318 1312 1313 13381 13
814 Jan 5 1514 July 15
1334 33,0001 General Motors Corp_No par
318 13
1314 13
100 69 Jan 24 83 June 6
82 I 81
8112 807 8078 *80
Do prof
800
81
8212 8112 8112 82
*81
8112
34 Mar 6 84 June 28
81)2
67
-100
Dab
Do
stock
(6%)__
8113
82
1,3)0
8118
8112
813
*81
8113
8112
4
8113 8112
I
Do Dab stook (7%)-100 7914 Mar 8 97 June 28
1,600
9134 9514 9512 95% *9434 9514 *91
98
9334 9334 9178 95
No par 1358J ity 1 1814June 2
1412 147sI 15
1412 1412 *14
1473 1478 *1114 15
15
1,300 Glidden Co
15
3338 3112 3378 3434 3414 35
No par 3218 Aug 7 4478May 31
*3612 3714 3218 3718 3312 31
19,100 Goodrich Co (B F)
100 8334 Aug 7 91 Apr 22
*85
86
Do prof
894 8334 85 *85
8518 8518 8514 86
8.3 I *85
1,200
32 I 3158 3238 3112 32
2958 2958 31
*2934 31
6,200 Granby Cons M.Sm & Pow100 25 Apr 3 35 May 24
3114 317
No pa? 12 Jan 3 1978May 31
1538 1558 1558 1618 1514 157
1558 16
*1512 1614 10,400 Gray & DAVIS Inc
1533 16
3018 3018 1,300 Greene Canan ea Copper_ _100 2534 Feb 27 3458May 29
3038 3038 *31
33
*3014 31
31
30% 31
31
7 Feb 16 1438 Mar 15
1314 1378 1313 1334 1318 131:1 131 131i 1212 1318 1214 1234 2,800 Glantanamo Sugar_ _No par
*8238 83 *82
447 Jan 9 9012 Jan 20
80% 8134 801 814 2,000 Gulf States Steel tr ctts_100
8112 8234 8034 81
83
37 Mar 16
34 Jan 20
*214 213 *214 212
213 214
214 238
214 214
2
2
600 Harbishaw Elea Cab_ _No par
22
22
900 Hendee Manufacturing.._100 15 Jan 12 2.312June 1
217
22
22
22 i 2112 2112 *21
*21
22
100 .55 Jan 14 75 Apr 11
*69
100 frornestake Mining
70
70
*69
70
*691s 7012 *6918 711 *6912 70 I 70
751 *73
100 70 Jan 9 85 June 3
7518 76
*73
2,200 Houston Oil of Texas
76
76
76
*74
7634 7438 76
1712 1758 .01758 18
17
17
6,000 Hupp Motor Car Corp__ 10 107 Jan 6 2114May 17
1718 1753 1638 1713 1612 17
312 Feb 9 14 June 2
No par
9
918
812 873 3,900 Hydraulic Steel
834 914
858 9 I
812 88
814 9
37
37g *338 4
37
37
3% Jan 27
558MaY 2'3
5
4
6,300 Indlahorna Refining
418
4
378 37
38
10
5 Jan 20 1158June 7
930 tridian Refining
9
9
*7
*812 9
9
8
9
*7
834 *734 9
20 3712 Feb 11 45 June 1
4114 4058 4138 4058 405
41
*4034 41
40% 4034 40% 4114 2,300 In viration Cons Copper
*838 9
758 Jan 6 1134May 4
100, Internat Agricul Corp...i00
*818 9
9
9
*813 9
*812 9 J *81s 9
Mar 15
33 Jan 16 43 M
385001 Do pref
37
37
37 I *37
3712 3758 37381 37
3712 3712 *37
1,0001 International Cement_No par 26 Jan 23 3834May 8
3012 301
3214 3214 311 32
31
3114 3114 3012 31
31
April
22
Co
4July
par
n'aus
No
218
Inter
Eag
2312
2838
1,200
2312 2358 2353 2332 2314 23% 2314 2314 2314 2314 23%
)r (new)._ 100 7958 Jan 3 1117 Aug 11
ete
itarrne
rnatprfe
eo
5,9001 Intp
10934 1117
107 110
10112 10.378 105 10578 107 107
*10313 105
100 10512 Feb 14 117 July 6
•116 118 *116 418 *115 118 *115 118 *115 118 *115 118
100 1313 Aug 9 2712May 3
1314 14
1413 15
10,400 tot Mercantile Marine
1518 1538 14
1514 1358 1413 131 14
Da prof
100 6214 Jan 4 8738May 3
20,400
6314 6458 6312 64
6414 66
6534 661
6134 6614 6312 65
8,100 International Nickel (The) 25 1114 Jan 9 1934 Apr 24
1734 1814 177 18
1734 18
1714 1712 1714 1713 1734 18
Prete:rod
I
100 60 Jan 4 85 Jan 20
8212 *St
8214 *81
83
83
*81
82% *80
8214 *81
*80
*5414 547
100 4312 Mw 8 5788 Aug 11
5312 5558 5512 5758 17,703 International Paper
5334 54
54% 5113 5338 54
Do stamped prat
100 59 Mar 9 73 Aug 11
72
1,400
72
7234 73
72
717 7178 71
73
7112 7112 *71
50 1218July 24 2014 Apr 17
9,7031 Invincible 011 Corp
1212 128
1238 1.278 1238 1212 1212 1334 13
_ _No par 24 Jan 19 357 July 6
13
31's
31
600 Iron Products Corp._._No
33
131413
3112 3112
3258 *31
*3238 3312 *32% 3312 32
3 Jan 25
58 Apr 6
10
34
78
34
34
78 13,403 Island 011 & Tramp v t a
34
78
34
78
84
34
84
100 10 Jan 4 2212May 2
*1714 18
18
184 *1712 18
*1712 18 *1738 18
300 Jewel Tea, Ina
*17
18
100 3813 Jan 4 7312May 26
*66
68 68
70
*6512 68
68
*68
68
0
30
1,20
63 *68
70
req1'''''' Ina
1113 317
b 11 47 July 20
eg
1 leu
:
Deos BPro
fon
45
4514 4533 4513 4512 *45
45
4514 44% 4533
4558 45
9 • 712 Jan 3
4
418
4
4%
4
418
4
418
373 418
418 17,030 K limas & Gulf
4
4558 4812 4584 4814 4512 4612 4512 4512 45
45
46
4312 3,403 K Lys& (J) Co. (now) __No par 31 M iy 1 4858 Aug 3
91 May 1 10512June 9
•102 104 *102 101 *102 10312 *102 10334 *102 105 *102 105
1st preferred (nao).._No par
Jan 4 5334 W ay 5
2 jan
lrreer____1gg 11;4
nrgyfIArp
4378 44
4284 41
pporria
425 4312 4214 437
4273 4314 4213 4312 10,100 Ke41.1.:
4 10734May 9
*98 100
*9812 10012 *9814 10012 *99 101
7112 Jan 3 86 June 5
6% preferred
88 *84
86
86 *84
*84
*84
86
*84
88
*84
88
100 61 Feb 9 111 Apr 6
*95 100
*95 100
98
*95 100
*95
Kelsey Wheel. Inc.
*95 100
*95 100
No par 2512 Jan 4 39%May 31
3578 3613 36
3678 3614 3718 3634 37
361s 3634 3618 3684 11,900' Kennecott Copper
818 Aug 11 2438May 4
834 958
8% 912
912
812 878
9
838 9
818 858 8,600 Keystone Tiro & Rubber_ 10
100 110 Jan 10 172347une 2
150% 15514 15514 161% 158 16212 160 160
15812 159
4,200 Kresge(S 8) Co
159 159
100 4412 Jan 4 8158May 16
76
77
7634 7514 7.314 7512 76
77
76
2,600 Lackawanna Steel
77
77
78
89 8914 8834 8834 88 89
8834 8984 8834 8834 *88
1,800 Laclede Gas (St Louts)_ _ _100 43 Jan 13 • 90 Aug 2
90
27
*2612 2712 2718 2738 2718 2734 2,300 Leo Rubber & Tire.__No par 26% Jan 6 3518 Mar 16
2734 2734 27% 2733 27
*175 179
179 180 182 182 *180 193 *179 185 *179 185
400 Liggett & Myers Tobacco_100 1534 Feb 18 182 Aug 8
100 108 Jan 10 118 July 18
11714 11714 *11512 118
*115% 117 *11512 117 *115 117
Do prat
200
118 118
5538 56
5514 5584 5434 55% 5434 557 '
5514 5534 5518 5514 14,900; Lima LocoWkstempctfsNo par 5354 Aug 3 56 Aug 9
100
93 Jan 30 z117 May 26
11284 11234 *11214 113 'Iii 113 *111 113
Preferred
*111 113 *111 113
100
1114 Jan 26 1858 Apr 17
1614 1638 1614 1812 1658 1634 1578 1612 1614 1614 1534 16
9,400 Loew's Incorporated_ _ _ No pat
No par
9 Jan 9 1414May 3
1214 12% *1213 1233 *1218 1258 12
12
12
800 Lott Incorporated
1218 12
12
14714
100
Jan 6 16514 Aug 1
164
10312
*163
Lorillard
(P)
165 *16212 16312 *162 165
164 164
163 163
400
100 109 Jan 13 115 Mar 16
Preferred
*110 116 •110 116 *110 116 *110 117 *110 116 1'110 116
100 72 Jan 5 105 July 12
10012 1001 *997 10012 10078 10078 *100 101
300 Mackay Companies
100 100 *10018 101
100 57 Jan 13 69 June 1
Do prof
70
*6638 6712 *66
67% *6138 6714 *66
*66
68
6712 *66
No par 2512 Jan 13 60 July 22
5612 5714 5,
358 5538 5518 5612 5412 55
5512 5578 7,000 Mack Trucks, Inc
56% 57
100
6812 Feb 27 90 June 9
pre(
1st
Do
89
87
87
.
87
*878
4
700
8914
8814
8812 8812
*8712 8914 88
100 51 Jan 6 8378June 9
8034 *8034 82
801
100, Do 26 prat
81
: 8012 *80
*80
82
*80
*8018 82
355 3712 3514 35% 3314 358 34
3412 41,800 Mallinson(H It) & Co_ _No par 1512 Jan 16 3914 Aug 4
36
3812 3512 37
100 30% Jan 3 52 Mar 13
49
*47
47
47
*4212 47
48
*42
300 Manati Sugar
47
48 *47
48
100 7314 Apr 3 82 Mar 2(1
8014 8014 *80
83
100; Preferred
82
*80
82
*&) 82
82 *80
*80
54
par 41 Mar 13 6934 Apr 24
Elea
No
Supply
Manhattan
*5918
54
*50
55
403,
*5012
*5012
5312
*50
53
*51% 59
Shirt
25 32 Mar 6 42% Feb 6
Manhattan
38
38
3812
38
3814
900:
3814
381 3812
*3612 3812 3812 3812
Oil
No par 22% Jan 6 4638June 19
3312 38
3818 3814 38% 3814 3812 3814 3812 38
38
3814 6,000 Marland
No par
*14
512 Mar 4 26% Mar 27
17
13
17
*14
14
17
11
1253 2,500 Marlin-Rockwell
1612 *14
*14
28
2812 2834 2812 2812
700 Martin-Parry Corp_ _ _.No par 2014 Jan 4 3614June 3
2878 28% 2834 2884 28
29
29
47
47
48
1,00 Mathieson Alkali Works__ 50 22 Jan 11 49 Aug 4
4714 4714 47
47
46% 401
47
48
48
5512 5414 55 I 55
55
100 48 Mar 17 7484May 17
5512 8,700 Maxwell Mot Clam A
59% 59% 5712 5914 56% 58
18% 1912 1812 1858 8,500 Maxwell Mot Class B..No par 11 Feb 15 2578June 8
1938 19% 1912 1912 18% 1912 1814 19
126 12914 12812 12812 12634 12712 • 5.400 may Department Stores. 100 101 Jan 3 12914 Aug 9
125% 128
12212 127
121 121
10% Jan 10 2158 Mar 23
1914 18% 19
1873 1914 19
1914 15,800 meietyre Por Mines
1758 1812 18% 1912 19
100 10684 Jan 10 20412June 26
94,208 Mexican Petroleum
17214 17514 17214 17414 166 174% 166 17134 168 17212 17112 176
Preferred
*95
96
100 7914 Jan 12 97 June 26
97
100
96
*95
9514 9514 *94
97
9514 *94
*94
2112 2234 22
23
23
221 23 42,900 Mexican Saaboard Oil_ _No par 20 July 27 3412July 13
22% 2314 22
2234 24
Voting trust ctts
16 July 27 3218July 13
1988 20
20
1978 19
8,200
19% 20
2014 19
1934 20% 19
b 2584 Feb 15 3138May 31
2,100 Miami Copper_
30
*2913 29% 2918 29% 2914 2934 2932 29% 2914 2938 *29
States Oil Corp.._ 10 11% Jan 11 16 Apr 17
4234 12% 1253 12% 1258 1234 1214 1234 1213 1234 1212 1234 15,400 Middle
33% 3412 3414 34% 3334 3414 3354 34 I 34
3412 9,900 Midvale Steel & Ordnance. 50 26/2 Jan 6 4514May 17
34
34
*72
100 63 Jan 4 75 May 15
7312 *72
73
73
*72
100 Montana Power
73
71
7214
*7212 7312 *72
24% 2473 2418 2434 237 2413 2413 2534 51,000 MontWard&Co1lLsCorpNo par 12 Feb 11 2534 Aug 11
2312 2414 24% 25
No par 1912 Jan 7 34 Mar 31
22
*2232 2614 2212 22% 22
*20
600 Mullins Body
28
23
*18
27% *18
50 10% Jan 9 2114 Apr 25
16
*1612 17
167
*1612 17
1212 1534 2,500 National Acme
17
*1612 1712 17
150 151
100 12314 Jan 4 157 May 1
15012 15078 1,000 National Biscuit
151 15278 151 151 *151 155
*150 151
pref
*125
100
125
Do
124
____
*123
11312 Jan 4 125 July 7
400
124%
4
3
*125
123
*122
123 123
100 26 Jan 17 50 Aug 11
4712 4634 4634 *4634 4712 47
*47
700 National Cloak dr Sult
46
50
*4534 4712 *45
dt
Conduit
Cable_
par
.No
212 212 *212 3
118 Jan 16
418 Apr 13
213 212
300 Nat
*213 234
*212 234 *212 3
6,000 Nat Enam'g & Stamp's-100 3034 Jan 11 58 Aug 11
5512 557s 5518 5558 5412 56% 55% 5614 56
58
*5512 56
100 85 Jan 12 1031:July 19
100 10034 100 10014 09 100
101) 100
1,600 National Lead
99 101
*9934 10134 .
prof
113 113 •110 113
100 108 Jan 10 11314 Feb 23
Do
300
11134 11154 *11114 113 *11134 113
*111 113
5 1314 Feb 16 1918June 1
16% 1878 167 1678 1,800 Nevada.Consol Conner-17
1678 17% 17
4,1678 17
*1678 17
100 58 Jan 3 8212July 19
*78
77
7912 .78
*76
79
80
300 New York Air Brake
*78
78
76
80
*76
100 28 Mar 10 46 June 9
36 .
*34
*3412 36
New York Dock
38
*3412 36
34
*3512 37
37
*35
100 5314 Jan 17 6812June 6
60
*59
61
*59
61
Do prat
*59
80
60
*59
*59
60
*59
No par 13 Jan 3 25 Feb 28
17
•1614 20
*16
200 N Y Shipbuilding
20
1612 1612 1614 1614 *16
*1612 20
50 4418 Jan 4 76 Aug 11
North American Co
8 75% 7418 74% 7434 76
743
4
743
13,700
7314
74
7112
7112 7152
50 38 Jan 7 45 July 13
Do prof
2,600
4434 44% 4434 4434 4434 44% 447 45
4412 4412 4414 45
14
318 Jan 13 1412 Aug 11
Rights
14
1412 4,500
1312 1378 1418 1414 14
13
13
12
12
Scotia Steel & Coal_ _100 2034 Feb 28 3854 Apr 12
31
31
4
31
*303
Nova
31
200
*30
31
31
32
*30
32
*31
*0'2 8% *9% 978
8 July 14 1234 Mar 30
1,000 Nunnally Co(rtie)_ _ _ _ No par
984 10
934 934 *912 9% *812 us
*918 10
6 Aug 5 1414 Apr 17
612 7
1,900 Ohio Body & Blow_ _ _.No par
6% 6%
*612 7
7
712 *6
3
214 Feb 24
2% 258
2% 258
238 258 3,600 Oklahoma Prod & Ref of Am 5
438June 2
2% 234
258 258
258 2%
712
*7
*7
412 Jan 6
8
*7
7
7
938 Mar 25
100 Ontario Silver Mining__ 100
8
*7
*7
8
1
Circuit, Inc
1258 Jan 6 2112May 4
19
19
Orpheum
1912
*1834
19%
1914
20
1,300
1934
104
19%
*1912 20
100 11.3 Jan 4 14334 Mar 30
136
138 13934
800 Otis Elevator
135 135 *132 13612 *13212 13612 10% 137
•132 135
par
No
9% Jan 7 1612 Apr 11
11
*1078 11
1)34 103
1,100 Otis Steel
11
11
1078 11
*1078 11
25 2478 Jan 27 3878June 5
*3512 3612 3512 3512 35% 3814 1,800 Owens Bottle
3614 3512 36
3613 36
36
6 July 18 1418 Apr 27
7
7
7
7
6% 634 1,600, Pacific Development
713
7
7% 7%
7% 7%
100 60 Jan 30 75 Aug 11
7358 72% 7314 7312 7
5,800 Pacific Gas & Electric
7078 70% 7078 7114 7112 71% 72
Less than 100 shares. a Ex-dividend and rights. a Hz-dividend. •• ex-rlab's
• Bid and sated pilaw no sates on tnia day.




al

PER SHAltEr-et
Range for previous
year 1921
Lowest

Highest

$ per share $ per shard

16-

Jan 258 May
212 Dec
9% May
52 Jan 81 Dec
87 Jan 10612 Dec
. 4458 July 8212 Apr
7434 July 97 Dec
518 June 13% Dec
21 Sept 4312 Dec
75 June 00 Jan
57 Sept 84 Dec
834 Aug 19% May
912 Aug 2013 Jan
39% Oct 5912 Dec
391s Aug 78% May
77 Aug 117% May
54 Jan 70% Dec
8018 Apr 9512 Dec
10912 Aug 14334 Dec
938 Aug 1614 Jan
63 June 75 Dec
60 Aug 7312 Dec
69 Aug 85 Dec
_ -- - -2653 June 4418 Jan
62% June 86 Dec
15 Aug 3412 Nov
9% Jan 1684 Mar
19 July 2912 Dec
5% Dec 16% Jan
25 June 5078 Dec
13 Nov 1358 Jan
13 June 25% Apr
4913 Mar 61 May
4012 Aug 86 May
16% May
1012 Jun
6 Dec 2034 Jan
2 Jun
738 Jan
612 Dec 1534 Jan
4214 Dec
29% M
6 Aug 13% Jan
31 Dec 57 Jan.
21 June 29 Nov
Aug 1661 WI;
9914 June 110 Jan
7% Aug 1714 Jam
36 Aug 6718 Dec
1113 Aug 17 May
60 Dec 85 May
38% Aug 73% MAY
67 Aug 75% Nov
512 Aug 26 Jan
2212 Sept 40 Jan
484 Jan
2 Sept
4 Jan 1212 Dec
812 Jan 4654 Nov
1412 Jan 3884 Dec
9 Nov
4% Oct
_
- - --

"tifi

3212 Aug 347 May
7014 May 94 Jan
70 May 80 June
35 Mar 69 Nov
16 Mar 27% Dec
814 Jan 17% May
130 Jan 177 Dec
32 June 5812 Jan
40 Jan 5713 May
1713 Jan 30 Dec
13814 Jan 164 Dec
97% Jan 110 Nov
871 Aug
10 June
7% Aug
136 Feb
100 Jan
5912 Jan
55 June
2513 Oct
63% Oct
54 Oct
10 Jan
21
Oct
92 Jan
- _18 June
12% Aug
5 Oct
13 Sept
1112 Aug
38 June
8 June
6512 Jan

1161-4 Dec
2112 Mar
1284 Jan
16418 Feb
111 Dec
72 Dec
62 Dec
42 May
Jan
76
6412 Apr
18 Sent
8912 Feb
93 Jan
_
-3634 Dec
30% Nov
19% Jan
22 Dec
24 Nov
4512 Dee
15% Dec
114 Dee

; Jan
71
-E-I413 Aug i(3_
_
183; Jan 28 Dec
1612 Nov
10 July
22 June 3312 Jan
43 Aug 6438 Dec
1258 Dec 25 May
1734 July 28% Jan
Jan
1018 Dec 30
Jan 12812 Dec
102
105 Aug 120 Jan
15 Sept 3553 Jan
5 Jan
58 Sept
26 Aug 65 Feb
6734 July 87 Deo
100 June 108 May
9 Mar 15% Dec
4713 Aug 89 Feb
20% Feb 39 May
45 Jan 5712 May
13 Dec 33 Fob
3214 Aug 46 Dec
3173 Aug 4112 Nov
Is Dec
is Dec
20% Nov 39 Mar
Jan
12%
Mar
812
714 Nov 11% Dec
4 Jan
134 May
6 May
312 Aug
14 Dec 30% Apr
87 Aug 148 May
16 Jan
8 Nov
2434 Nov 5458 Jan
4 Dec 1984 Jan
4614 Jan 68 Dee.

New York Stock
111011 AND LOW SALE PRICE:-PER SHARE, NOT PER CENT
Saturday,
Aug. 5.

Monday,
Aug. 7.

Tuesday,
Aug. 8.

Wednesday, Thursday,
Aug. 9.
Aug. 10.

Friday,
Aug. 11.

743

RMOr ci -Concluded-Page
w ove.

Pnr •sIes durovg the "fee:, of
Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range for previous
year 1921

PER SHARE
Range since Jan. 11922.
On basis of 100-share lots

Highest
Lowest
Highest
Lowest
Aare $ IgrItehltarne
$ per share $ per share $ per share $ per share $ per share $ per share Shares Indus.& Miscell.(Con.) Par 8 per share $1persre3 $ per sh
5 11 Jan 18
9 June
.12
14
*12
13
12
12
*12% 13
1112 1112 124 1212
600 Pacific Mail SS
Dec
4458 .1a
Jan
au 11 i9
13is
5458 5358 5412 527 54
5212 527
521: 53% 38,703 Paelfic Oil
5458 5458 54
42,700 Pan-Am Pet & Trans
7412 7514 73
75
7258 748 737 7412 74
745 755
76
Ei
l'a
Class
B
Do
78
54
9,100
R
69
693
4
6718
70
6712 6818 6814 6878 6834 70%
6934 7012
6 Aug 13,2
400 Panhandle Prod At Ref_No par
512July 25 1212 Jan 4
*7
8
7
712 *7
8
71s
7
712
7
r4
9% June 1512 Apr
409 Parish & Bingham
No par 1012 Aug 10 17 Apr 12
*1012 11
*1012 11
11
*1012 1212 *1012 11
1012 1034 *10
June
712
7
6% Feb 27
7
734
7
634 714
7
7
7%
7
712 51.600 Penn-Seaboard St'l v t c No pat
67
4%
31:8
uuau
annYeY
e
g 2!)
13
2;8
222A
*8612 87
871s 89,4 8612 8934 90
9012 9,000 People's G. L (fe C (Chic)_ _100 5934 Jan 4 9
9212 89% 9112. 90
Jan
Philadelphla
Co
11,700
(Pittsb)__
Jan
4
1407
1
8
44
:Eu
a
l
i
l
4058
40
50
3112
13
1
N1
1
2
I!
.
4018
4034
408
403
4
403
4
3858 388 39
4058
408
Phillip-Jones Corp
No par 75 Aug 3 05
*73
82
*7314 82
.733 83 *7338 83 *7312 83 *7314 82
16 June 44.11i
No par 2814 Jan 11 5914June 7
9,600 Phillips Petroleum
4312 44% 4338 4334 4234 4312 42,4 4278 4212 4334 4334 44
914 Aug 4214 May
2,600 Pierce-Arrow M Car
No par
8 July 24 2458 Apr 25
10
1014 1058 1058 1034 1018 1014
10
958 1014
98 10
Oct 88 Mar
21
Do pref
2,200
2478 25
*2312 2412 2412 2434 2312 2538 2312 24
2412 25
1178.11e
,
1Jlg•". 49 Apr 15
Nov
714 714
714 712
7
7i2 712
712
712 712
7
__
714 8,600 Pierce Oil Corporation __19205
23
Do
prof
410
41
41
100 39 Mar 2
41
41
42
42
41
41
*40
41
41
41
IP
12
912Jj
taannne 1i.
4234 43
4318 433
4234 43% 4234 4234 1 2.000 Plg; Wlgg Stores Inc....No par 3978July 4 4
*4214 4212 4258 43
100 58% Jan 30 68 June 6 62- -.1-u-li 66 Dec
65% 6514 6.534 65
65
6512 6512 6678 4,300 Pittsburgh Coal of Pa
*6312 6412 6412 65
Do prof
100 9018 Feb 3 98 June 10
827g Jan . 93 Dec
*9314 97
*9614 97
*96
97
*9614 97
*9614 97 .09614 97
10 1414 Feb 2 24343une 22
2,509 Pond Creek Coal
1212 Mar 1612 May
217s 2114 2114 21% 2114 21
228
2018 2012 2012 2034 21
No par 655 Apr 19 89 Aug 7 -- - - ---- --- -8634 88
8614 8612 89
87
8712 8 34 878
8612 87% 13,300 Poetum Cereal
85
preferred
.
100
10512
Apr
29
8%
900
11118June 2
10712 10712
109 10958 *10712 109 *10712 109 *107 109
.10712 109
100 63 Jan 12 8334 Apr 22 -ii- Aug -96- -iiii
600 Pressed Steel Car
81
8214 8214 8212 8214 82
82
81
80
80
82
*81
Do pref
100 91 Feb 16 10078May 9
100
1007 10078 *9812 101
*9812 101
83 June 104 Jan
*98 100
*98 100
*100 101
1
Producers
&
Refiners
Corp_
50 2418 Jan 10 50 June 2
2038 Oct 3412 Dec
3734 3634 37 4 .36
3714 9,200
38
37
3734 3734 3714 3734 37
54 Jan 7014 May
8834 8914 8858 8912 8812 8834 8812 8914 89
8934 8812 8812 1,900 Public Service Corp of N J-100 66 Jan 7 9158Ju1y 31
100 10512 Jan 6 12918 Apr 24
8918 Aug 11414 Nov
12038 1213s 8,700 Pullman Company
12012 12112 12014 1228 121 12214 12014 12112 12012 121
50 2938July 14 5314June 9
2434 Oct 5112 Jan
5233 51
521a 508 5112 498 5012 50
5112 5233 52
5034 7,700 Punta Alegre Sugar
25 2834July 21 38% Jan 3
2912 29
2914 2918 2958 29
2113 Aug 4033 Dec
2912 2858 291s 5,900 Pure 011 (The)
2934 29
29
100 94 July 20 10234 Apr 25
8% preferred
100
97
*06
97
*9512 97
*9612 97
9612 9612 *9.3
*9612 97
100 91 Jan 10 110 Aug 8 "Cif - July 'lit; Dec
109 109
109 110 *109 10912 109 109 .109 10934 1,000 Railway Steel Spring
.107 110
No par 191 Jan 26 3112 Aug 5
32
3118 3118 3014 3014 *3014 32
19 Apr 2658 Sept
300 Rand Mines Ltd
3112 3112 *31
*3014 32
11 Mar 16 May
*1638 1658 1614 1612 1614 1658 1614 1638 1618 1614 1618 1614 3,500 Ray Consolidated Copper_ 10 135 Feb 11 19 May 31
17% June 3834 May
3714 37
6,900 Remington Typewriter v t 0100 24 Jan 6 42 Mar 14
38
37
38
3714 3714 37
3814 3712 3734 *37
100 55 Jan 12 80 Aug 8
1st preferred v t c
4714 Nov 80 Jan
900
80
80
*78
82
*78
82
80
7734 7738 7812 7812 80
100 5012 Feb 23 63 Mar 14
4734 Nov 75 May
2d preferred
*59
72
62
82
*59
62
*58
*60
*58 62
*58
62
18 June 3912 Jan
No par 2512 Jan 3 3812May 18
32
34
324 32
33
*32
3134 3134 3134 3134 32
3212 1,600 Replogle Steel
100 4614 Feb 25 7812May 29
4118 June 7314 Jan
72
72
717s 72% 5,709, Republic Iron & Steel
7112 7112 7112 72
7234 7134 7212 71
100 74 Feb 24 9512 Tune 2
Do prof
7514 Oct 9614 Mar
93
*9138 9212 9212 9212 9133 9133 9112 9112
300
*92
93 "92
212 Aug 7 1438June 2
818 538
315
3
312 3%
5 Dec 2412 Jan
212 512
212 314
338 4
21,600 Republic MotorTruck_No par
4814 6,500, Reynolds(R J) Tob Cl B. 25 43 Mar 27 49% Aug 4
4814 49
4818 49
4814 484 48
4814 48
484 48
100 11118 April 1616631114MAauyg 34 _
188; 7% preferred
11614 *115 117 *11512 116,4 *115 117
11512 11512 *115 117
May*152
i012 Oct -iiii
24.303 Royal Dutch Co(N Y shares)., 4712 Feb 1
5058 53
5214 528
521 53
53 5312 5234 53
5034 527
1
10
1233 Jan 9 1578May 4
200 St Joseph Lead
1512 *15
16
1912 Aug 141 Dec
15
1512 *15
16
*15
*15
15% 1514 15
51 Feb
37
112 Jan 10
614 Mar 21
114 Oct
1,600 San Cecilia Sugar v t c_No par
414
4
4
*334 4
334 334
314 33
312 3%
100 Ills Jan 4 248 Apr 1
88 Oct 2333 Jan
*13
14
*12
1412 *12
15
13
13
*124 1412
100 Savage Arms Corp
14
*13
814
June
Motor
Car
par
118
2
218
Oct
684
Apr
Corp_No
Feb
Saxon
23
4
4
4
414
6,700
418 4%
3% 414
418 4%
4% 4%
100 6058 Jan 27 8938 Aug 11
5414 Dec 98% Jan
8134 8412 8358 84
8734 8934 26,300 Sears, Roebuck & Co
8112 82
84
8578 843 88
Preferred
85 Nov 104 June
100 91 Jan 5 110 Aug 9
300
110 110 *108 110 *108 110
108 108 *1062 110
*10712 108
1234 Mar 2512 Nov
No par
10% Feb 20 2314 Jan 3
800 Seam Copper
*12
1212 117 12
1178 117s 12
12
12
12
12
1214
47 Jan
938 Dec
1018 1018 *10
700 Shattuck Arizona Copper__ 10
1112
758 Feb 28 12 June 2
12
10
1012 1012 *10
*10
1012 10
3078 Oct 49 May
900 Shell Transp & Tiading_ _ £2 3558 Jan 30 4812May 3
3638 3712 3712
*363 3778 3612 3612 3638 3658 361 361a *36
1618 Aug 2838 May
1834 Jan 10 38341une 9
3034 3014 30% 49,400 Sinclair Cons 011 Corp_No par
3038 304 3038 307s 3038 3118 3014 3058 30
94 012
10
9% Aug 3 10 July 27
918 914 5,900 Skelly Oil Co
958 938
958 912
938 934
934 934
16 -iiii
8
100 Sloss-Sheitield Stecl dr Iron 100 3512 Mar 7 5412May 13 -3-2l*44
48
*44
4712 4712 *44
48
*44
48
48
*47
49
Do pref
6814 June 75 Nov
100 66 Mar 21 7712May 24
75
*65
*65
75
*65
75
*55
7
*65
70
*65
75
Jan
300 So Porto Rico Sugar
26
Oct 103
100 43 Jan 9 5714 Mar 3
54
5313 5312 *51
54
*51
54
55
*51
5412 5412 *54
3,300 Spicer Mfg Co
No par
17 Apr 27 24 June 5
1812 1934 1912 195
19
187& 1912 1818 1812 1812 1912 19
Preferred
300
100 84 Apr 28 9212June 10
*88
90
*88
90
*88 90
89
887s 90
*88 89 *88
100 Standard Milling
100 11012 Jan 26 12534 Apr 27
88 Aug 119 Dec
119 119 *118 120
*116 121 *116 121 .118 121 *118 121
25 9158 Jan 10 121 May 3
6734 June 9812 Dec
10533 10638 10514 10614 10878 10614 10112 10514 105 10512 10512 10512 6,500 Standatd Oil of Cal
700 Standard 011 of N J
25 16914 Jan 5 19834June 6 1241 June 192% Dec
180 180
183 183 *180 183 179% 180 '17834 1788 180 180
Do prof non voting_100 11338 Jan 7 11734 Aug 3 10518 Jan 11412 Dec
117 11734 1,000
1178 11718 117% 11738 •117 11758 11714 11714 117 117
100 Steel & Tube of Am prof_ _100 68 Mar 10 90 May 25
66 Sept 8514 Dec
82
82
*81
84 *81
84 *8138 84
8178 818 *81
*81
900 Sterling Products
No par 4518May 4 5513 July 7
5214
52
52
52
5
5112 5112 521s 52
*5012 5212 "51
100 Stern Bros pref(8%)
100 81 Jan 3 106 May 4
Oct 119 Aug
*97 102
81
*97 102
*97 102
*9812 100
9812 9812 *97 102
21 June 37 Jan
4314 4312 1,300, Stewart-Warn Sp Corp_No par 2412 Jan 5 4534May 31
43
4312 4312 4358 4314 431 4312 4312 4334 43
4638 1,8 0. Stromberg Carburetor_No par 3514 Jan 5 5958 Apr 12
437 44
46
2514 Aug 46 Apr
45
45
44
44
4418 4418 44% 45
129 13114 z12312 12518 123 12438 106,100' Studebaker Corp (The) -100 7918 Jan 5 13912July 18
13012 13134 13114 13278 12912 131
4258 Jan 9314 Apr
100 100 Feb 17 118 June 21
83 Jan 10384 Dec
116 116 *11414 1177s 11414 11414 1,7001 Do pref
*116 117% 116 116
116 115
No par
312 Jan 31
614 614 1,700, Submarine Boat
612 612
834June 30
3 Oct 1053 Jan
61's 658
62 012
653 658
633 68
No par
38 Aug 131 Jan
812 518
538 512 2,300! Superior 011
812 84
5 Feb 20 1014June 7
558 558
5% 55
*5% 534
300 Superior Steel
100 26 Jan 3 3912 Apr 7
33
*30
26 June 48 Jan
*3012 33
*3014 33
32
32
*30
33
32 '32
Coot
Sweets
600
America
10
27
8
27
2
212
Mar
14
212
Aug
3
5
212
*258 234
212 258
212
233 258
17s 212 1,6001 Temtor C & F P. Ci A_ _No par
514 Feb 1
- Dec 2558 Jan
112 18
*112 17
*112 2
*112 2
12 Aug 10
*112 2
97 10
1,700; Tenn Copp & C It ctts_No par
98 Jan 13 1234May 19
97 101g *97g 1018
653 Aug 11 Dec
1014 1014 1018 1014 1018 1014
487 4718 4612 4714 4614 4718 451 41312 46
25 4214 Jan 10 5012May 4
4614 4612 4634 12,000; Texas Company (The)
29 June 48 Dec
4814 2,400, Texas Gulf Sulphur
10 3812 Jan 4 52 June
48
*48
4838 48
481s 481 4834 4814 4858 4712 48
x3258 Dec 4218 Dec
5.900 Texas Pacific Coal az 011
23
10 23 Jan 9 323 June 3
2478 2478 2412 2478 24
2518 2358 24
153 Aug 367 Jan
2334 2334 23
5412 5478 53
54
5314 537
-531s 54
5314 5334 5312 5433 10,• 00 Tobacco Ploducts Corp.. 100 k5234 Aug 2 k5714 July 17
Do CIA (since July 15) 100 767 Aug 2 8114July 19
--78% 7938 788 79
7812 78% 7812 79
7814 7878 7858 7914 21,6J0
Do pref
2,209
100 88 Mar 2 10912June 9
*104 106 *104 106 *104 10(1
Jan
Ion 1077g 11,100
105 105
105 108
7612 June 91
Transcontinental 011___No par
14
14
1314
6 Aug 13 Apr
1334 14
1318 13
1338 13
712 Mar 3 2018May 22
1334 1358 13
100 Transue & Williams St_No par 33 Jan 16 4518 Apr 4
*3712 39 .3814 39 .3814 39
28 June 4412 Apr
*38
40 •3814 387k 3814 3814
'.6112 63
*61
6134 1,600 Union Bag & Paper Corp_100 55 Mar 2' 7133 Jan 5
63
57 Sept 75 Jan
6012 6012 *61
63
112 6112 63
11,100 Union Oil
1978 20
20
20
1934 20
No par 1714 Mar 4 25 June 3
203 2138 2033 21
151g Aug 253 May
1958 211
Union Tank Car
*9814 10018 *99 10018 *99 100% *99 100
100 96 Jan 13 103 Apr 24
8712 Sept 107 Mar
*99 100
*99 100
Preferred •
200
*10714 10712 *107 109
108 108 *107 110
109 109 *109 110
92 Oct 104 Nov
100 102 Feb 9 109 Aug 10
'38
3884 372 38
3712 3712 37% 3714 37113 371s 3712 3712 1,200 United Alloy Steel
19 June 34 Jan
No par 25 Jan 11 4114May 13
2,500 United Drug
81
79
80
80
*80
81
78
79
79
79
46 Sept 106 Jan
79 .78
Mar 3 82 July 20
100
1st preferred
raupe
*4814 50
50
*48
50
July 47 Fe
*48
50
3658
50
50 4118 Feb 18 50 Aug 5
112
"1.1g78 11834 1:078
14712 14712 14712 14712 148 14812 *148 150
7 0 gn
or
dF
P It
z9534 Jun 207 Ja
14938 Aug
Paperboard Co_ _ _ _1" "78
*1612 17
108 1678 *1612 17
*1612 17
200
*16
17
17
17
6234 6312 6278 6334 6318 6418 6333 64
4 ills-a;
8 Aug -6216314 64
6413 6514 15,800 United Retail Stores_ __No par 43
-4671613 i'jaugnual
*3312 3412 3412 3412 34
500 U S Cast Iron Pipe dr Fdy_100
34
34
*3412 35
34
34
34
1112 Jan 19 May
a
18
*71
73
73
7012 7012 *72
73
*72
73
*7012 7312 *71
100 50 Jan 11 73 July 31
38 Aug 5712 Nov
us
I 0ff r 0dac
U
7% 75s *712 8
Lag u
714 8
*714 8100
7 Jan
712 7%
534 June
712 7,2
5 Feb 1
733 Aug 8
8
758 734
8
712 712
000Fooducts
ExpressoProducts Corp_ _100
818 81s
712 712
712 734
82 Sept 2714 Jan
234 Feb 8 10% Jan 3
24
*22
ma M hCorP NO Par 2158June 17 2578May 27
25
23% *22
*21
22
*21
23
*2112 2314 *22
62% 6212 6232 6338 6218 638 6218 627
6312 6534 14,400 U El Industrial Alcohol_ _ 100 37 Jan 6 65% Aug 11 15-16212 627
4 Nov 742 May
96
*94
96
9514 9514 95
95
*9412 9634 *9412 968 *94
84 July 102 Mar
70
7012 637 70
1.100
7014 7014 7012 713s 70% 71
*7012 77
Mar 6312 Dec
a
;
g
gi2Za
4158
8
573
5614 5534 57
55
55
57
57
5738 27,003 United States Rubber
5638 5634 5533
4012 Aug 793 Apr
100 5158 Jan 9 6712 Apr 17
104 104
Do 1st pref
50
10312 10312
10612 10612 105 106 *105 106 *105 107
74 Aug 10378 Jan
107 July
*40
41
41
*40
*40
U
:S
ed
m
e
s
It
t
4112
100
u
41
4112
*40
41
42
*40
26 Apr 388 Dec
29
Febe
*45
50
50
4812 4812 *48
Do pref
200
50
*48
4858 4858 4834 *48
4jAu:
un 12 37 Aug 4412 Jan
u g 131112
tip Feb
a
intg.
es R
61,700
10038 101
Steefe&
I :o1007s 10112 100% 10138 101 10134 10078 10112 10018 101
rp1:183
7014 June 8612 May
120
120
120
11912
120
Do pref
11938 11938
800
1197 120 *119
*11912 120
100 11414 Jan 3 122 July 8 105 June 115 Dec
647s 6512 651 6514 6512 6534 4,1 0 Utah Copper
65% 66
66
6412 6412 65
10 6058 Jan 5 6914May 29
41% Aug 668* Dec
163 1634 1634 1634 1638 1612 3, 0 Utah Securities v t c
17
1758 1712 1712 171s 178
100
7 Aug 1258 Mar
98 Jan 18 1978May 4
7
498
4812
4812 49
19,800 Vanadium Corp
Jan
*491 50
4834 4834 4834 5034 487s 49
No par 3014 Jan 10 53 May 18
2518 June 41
9212 *90
*90
93
9212 *90
*90
100 Van Raalte 1st pref
93
93
93
93
*92
100 92 Jan 17 .9612June 7
72 Mar 8812 Dec
800 Virginia-Carolina Chem._ _100 2612July 29 3678 Mar 13
28
2712 2714 2712 273 274 2738 2733 27% 2714 *27
1
*27
Jan
42
2034 JulY
62
*61
62
62
621
Do prof
*61
6734 July 10234 Jan
62 62500
62
*6112 6212 *61
100 58 July 28 82 Apr 10
*52
54
55
*5158 54
5512 5512 5512
300 Virginia Iron, C dr C
.515a 5312 *515a 54
59 Aug 95 Jan
100 43 Mar 27 9412 Jan 18
*80
81
80
80
81
*80
vebaeur uauiveI)
*80
81
81
*80
100 vw Preferred
81
*80
100 66 Mar 13 80 Aug 2
1212 1134 1214 1134 1133 *1112 12
12
91 May
5,800
10% 1114 1114 12
8 Mar
-652§0
or
at
, 43
148 J
*12
13
*12
13
13
*12
13
700 Weber
84 Jan 1312 Oct
1234 1233 1358 13
*12
lbroner__ _
:
269
2
a
PrY/:
amp
80
81
*80
83
84
81
Wells
*80
8118
2,200
81
Fargo
80
83
11
83
Express
491 Jan 72 Jan
1F
01
7
3
8
Feb
tre
pg
2
15
1
.
11761
aaaaaeanngr
111
110 11014 10918 10912 2,510000
i
j
ughUounr eBleragkraep_h 18g
110% 11112 11058 11114 109 10314 *109
76 Aug 94 Apr
94
94
94
94
*93
94
*93
94
*93
94
94
Westinghouse
811, Sept 967s Jan
*93
50 8
M 1
61
61% 611,8 6158 6,300 Westinghouse Air
38% Aug 5212 Dec
61% 6112 6112 6218 6113 6178 61,4 6112
Elec & Mfg.. 50 49's Jan: gi2jA
r
11;
ugu
goo mr
wh
uit
2512 2534 2514 2534
2614 2614 2534 253
re
*2512 26
u Eagle
*2512 26
No par
47
47
47
44 May
48
47
4712 1,400
Motor
47
le°il
4812 4814 4814 47
29'4 Jun
*48
354 Jan
• 6 5134June 2
77
73
78
78
758 77
8
8
8
778
2,200 WhiteCorporation_No par
7 July 17% Jan
814 814
2 Jan 20 12 May
y
188 Dec
15
15% 157
812
Nov
1612 1512 1512 15
1,900 Wickwire Spencer Steel__ 5
16% 1612 157 1612 18
12
2178May
38 Mar 22
534 7
578 612 29,200 Willys-Overland
678 714
67s 814
81s
433 Nov 1012 May
8
*8
81s
41. Fob
(The)____ 25
10 M y 2
Do Preferred (neu)_ __ _100 24 Feb 17 4912July 19
23 Aug 42 May
44
*43
3734 4233 38% 3912 3512 3812 3618 3834 16,700
4434 *43
4312 43
4714 3.400 Wilson & Co, Inc, v t c-No par
*42
43
*42
2712 Nov 47 Jan
42
4312 4312 *4212 4313 42
n 4 4938
2714
88
90
90
. 400
65 Oct 8978 Feb
88
88 *86
88
87
87
Preferred
88. *86
*86
100 66 Jan 10 90 Aug 11 105
Aug 1393 Dec
800 Woolworth Co 0, W)_ _
1933 19334 *190 195 *180 188 *180 188
193 194
185 185
7
194
Aug
6
Jan
137
495 497
3,900 Worthington P dz M v t c_ _100 43% Jan 4 8878June 2
302 Aug 5514 May
51% 5214 4914 51
5112 5112 *5134 52% 51% 52
703 Aug 85 Dec
93
*89
93
Do pref A
9212 *89
93
93 *89
*89
*89
9312 *89
100 83 Mar 31
54 Aug 70 Nov
.7512 77
*76
77
100 64% Jan 9 79 May 9
*73
77
*7
4% 9
95 Nov
)
3
1
7SI,
"1
4
612 June
7g.38
99412M:11:174
WZ
o
ht
p
Ar
t?.
f
o
B
TI V Meal_ _ No var
87s 87s
91s
9
9
91s
6 Jan 27
II t,....s cnau 101) Attare3. :Ex-rigins. a Ex-dividend and rights x Ex-dividend. s Reduced to basis of $25 1241,
3 Sid and aaXed 'vices. no sales on ,nis •fav
k Range since merger (July 15) with United Retail Stores Corp.

7.8




L'annn

38142 Aug

..Kiiie

LIS 1M

u 4IeaPifyef.improvement Ng 22 Jan• 3
128 33 J

213769014

„900

21

744

New York Stock Exchange-Bond Record, Friday, Weekly and Yearly

Jan. 1 1909 the Exchange maiwa of quoting bonds was changed and prices are now-"and inierest"-excepi far income and defaulted bonds.
Price
Friday
Aug. 11

BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 11

Week's
Range or
Last Sale

Range
Since
Jan. 1

BONDS
N. Y. STOCK EXCHANGE
Week ending Aug 11

Price
Friday
Aug. 11

Ask Low
Bid
High No. Low High
U. S. Government.
First Liberty Loan.100.92 101.24 3028 94.84 101.26
J D 100.94 Sale
3%% of 1932-1947
101.00 101.28 10 95.70 101.68
J D
Cony 4% of 1932-1947
14 101.36 NO 96.04 101 78
J D i0-1-2-6
Cony 4% of 1932-1947
10--2d cony 4X% of 1932-1947.._-- J D --__ ---- 101.00 101.70
2 '196.82 102.00
Second Liberty Loan100.38 100 50 36195.78 100.80
MN
4% 0( 1927-1942
Cony 4% of 1927-1942
MN 1675-2 eili 100.40 100.59 3121 95.32 101 50
Third Liberty Loan4X% of 1928
M S 100.54 Sale 100.38 100.58 6349 96.74 101.98
Fourth Liberty LoanA 0 101.26 Sale 101.77 101.36 8331 95.86 101.86
43% of 1933-1938
Victory Liberty Loan4X% Notes of 1922-1923
J D 100.84 Sale 100.42 100 86 1853 100.02 101.00
3X% Notes of 1922-1923
99.93 June'22 ---- 99.96 100.30
.1 D
28 consol registered
---- 102/
1
4 Apr'22 d1930 Q J
10214 10334
38 consol coupon
d1930 Q J
10314 Mar'22 __. 10314 10314
4s registered
1925 Q F -___ ---- 1051
/
4 Mar'22 ---. 105 105
48 coupon
---- 1051
1925 Q F
/
4 Feb'22 104 10512
Panama Canal 10-30-yr 2s_ _k1936 Q F
---- 100 July'21 --Panama Canal Is gold
1961Q M
83 Dee21 --.
Registered
1961 Q M
79 Feb'22 79's
79

Week's
11211
Range or
,...4;3
Last Sale
I

Range
Since
Jan. 1

Bid
Ask Low
High No. Low High
Buffalo R & P gen gold 5s.. __1937 M S 102 105 10014 June'22 -9854 1004
93 I 24 8812 9418
93 -__ 9234
Conso1405s
O 8458 ---- 8218 Mar'22 ----11 8218 8214
A N
Alleg & West 1st g 42 gu...1998 M
9012 Jan'22 --- 9012 9358
Clear!& Mah 1st gu g 5s 1913 J J 9512
Roch & Pitts Con Ist g 63_1022 J D 10014 10012 10014 Aug'22 --..„ 9978 10013
Canada Sou cons gu A 5s___ _1962 A 0 100 10012 997
102 1 12 93 102
Canadian North deb 8 f 78_1940 J D 11212 113 11212 113
23 1081
/
4 115
25-year a f deb 6%s
/
4 1113
40 10712 114
1946 J J 11134 Sale 1111
8012 118 77 81
Canadian Pac Ry deb 45 stock__ J J 8014 Sale 80
Car Clinch & Ohio 1st 3-yr 55 1938 .1 D 9114 Sale 8934
91141 15 83 94
Central of Ga 1st gold 5s..p1945 F A 10138 ____ 102 July'22 ____ 9512 10218
Consol gold 55
99
100 1 11 89% 100
1945 M N 99 100
25 94 101
101
10-year temp secur 6s_June 1929 J D 10014 101 100
Chatt Div pur money g 4.9_1951 J D 8018 ---- 781
/
4 June'22 ___ 7412 8158
1
4 Mar'22 _ _ 93 9612
Mac & Nor Div 1st g 5s__ _1946 .1 J 9558 ___ 96/
/
4
Mid Ga & All Div 5s
9512 June'22 ____ 95
9512
1947 J J 951
Cent RR & B of Ga coil g 5sh
1
4 Aug'22 -_-- 8812 955
_19
33
87 Q
M N
J 9358 9534 93/
Central of N J gen gold 5s
B87 J J 10918 110 109 July'22 ___ 10378 11012
Registered
05
1 19
/
4 107141
10818 ____ 1071
8 19
07
114
91 July'22
N Y & Long Br gen g 4s _1941 M 5 881
/
4 93
9612
1 90/
/
4 9612
1
4 98
Ches & Ohio fund & impt 5s_ _1929 J J 9612 971
8 9412 10318
10318
1st consol gold 58
1939 M N 10318 104 10318
Registered
1939 M N ____ ---- 100 May'22
100 100
8914 --4.4. 82% 8914
Foreign Government.
General gold 4%8
1992 M S 89 Sale 8812
Argentine (Govt) 78
249 99 10214
1927 F A 10034 Sale 100
Nov
8'2
938
1 _1_58
4
Registered
tl_
a
_
_
e
1992 M S i6,...
_
8
6
9
5s
101
86
Argentine Internat 58 of 1909_ _ __ M S 84 8518 5412
10 77 8714
-iiii -if"
20-year convertible 4%8_1930 F A
Belgium 25-yr ext s f 73s g..1945 J D 10538 Sale 105
977 834 8414 978
30-year cony secured 58
1946 A 0 0778 Sale 9512
10818 72 10384 10912
5-year 6% notes
83 941
Jan 1925 .) J 9934 Sale 9918 100
1944 .1 D 85 ---- 84 July'22 ___- 7612 84
Big Sandy 1st 4s
/
4 104%
20-year 8 f 8s
10412 Sale 10334 10514 66 1041
82
Coal River Ry 1st gu 45_ _1945 .2 D 87 ---- 811z June'22 - 78
/
4 10838
Bergen (Norway)8 f 8.1
1945 M N 109 10912 109
109
Craig Valley 1st g 58
4 105 112
1940 J J .9258 ---_ 88% June'22 ---- 88% 8878
Berne (City of) s f 8s
44
1945 M N 110 113 112
115
79
Potts Creek Branch 1st 48_1946 J J 8112.... 79 June'22 ___ 71
Bolivia (Republic of) 8s
08
788 10
15
112
83 I
R dr A Div 1st con g 4s_ _ _1989 .1 J 8318 85 83
1
1947 M N 9814 Sale 1 97%
9812 146 19
Bordeaux (City of) 15-yr 6s_ 1934 M N 8214 Sale 8214
80 8012 May'22 __-- 8
1989 J J 78
75%
2d consol gold 4s
214 8
830158
8313 52 8012 90
2
Brazil, U S external 881
91934 It: 10014
194113 D 810
10134 252 9978 108
Greenbrier Ry 1st gu g 4s_..1940 M N 8318 ---- 69 Apr'21 Canada (Dominion of) g 58_1926 A 0
9912
9978 143 96 10114
Warm Springs V Ist g 52
1941 M S 9212 -- ._ 80,4 Dee'21 -----------do
do
96 945,4 101
do
6312 55 -5215s_.I931 1 A 0 99% Sale 9912 101
Chic & Alton RR ref g 3s__1949 A 0 6212 Sale 62
11 -6312
10-year 5%2
/
4 10314 175 9538 1031
52
355 371z 52
1929,F A , 10212 ial, 1021
1950 3 J 5134 Sale 5058
/
4
Railway 1st lien 3%s
Chile (Republic) ext s f 8s_ 19411F A' 10318 Sale 10214
8318 13 7714 85
Chic Burl & Q-111 Div 3%8_1949 J .1 8318 Sale 8218
10312 62 1004 106
External 5-year 8 f 85
19261 A 0 102 10214 102
6 87/
1
4 93
Illinois Division 4s
1949 J J
10214 49 9812 103%
25-year 8 f 88
96
15%
8 _9_3
_ 96
158
12
9
965
28
9 93 96%
1946 MN 103 10312 10212 10334 52 100 1061
/
4
Nebraska Extension 4.5....„1927 M N 9
Chinese (Hukuang Ry) 55 of 1911IJ D 2 525 5312 52
54
1927 M N
Registered
25 44
57
Christiania (City) 8 f 85
19
00
9312
1'
12 43s9.1119
2 -23 -8
8 106 11212
1945A 0 1909134
4
-6
-18 -9
-3
-General 48
1958 M S -66- -6113 90
19
12
0%
Copenhagen 25
Sale
70 8518 93/
-years t 5%s_ _1944 J J
10114 146 96% 1C1178
1
4
Temporary 5s
1971 F A 10118 Sale ,101
Cuba-External debt 5s of 1904 M 5 94
98
9812
.. ..--- I 3414 Dec'21 ___.
5 8412 99
Chic & E Ill ref dr imp 4s g
99
1955 J J
Exter debt of 5s 1914 Ser A_ 1949 F A' ---. 90 898 June'22 ---- 77 9034
1st consol gold 8s
1934 A 0 106 --__ 10534 Aug'22 ____ fed- iW1-2
External loan 4%s
2 76 82
96 July'22 ____ 96
I949,F A .811-4 82 8112
9812
8114
General consol 1st 5s
1937 M N
2.83 8214
176 9352 10034 C & E 111 RR (new co) gen 58_1951 MN -911Czechoslovak (Repub of) 8s_ _195I1A 0 951
83
169 68
96
84
/
4 Sale 65
Danish Con Municipal fis "A"1946 F A 10912 110 109
18 10512 114
6
.0
238
11z ..1.
110
.
48
_3 9
59
978 106
6438
/
1
4
Chicago Great West 1st 4s....1959 M S 60 Sale 60 Del:
10912
Series 13
22 10,5 113
Sale 1081
/
4 110
107
8 101 107
Chic Ind dr Loulsv-Ref 68_1947 J ./ 107 -- _ _ 107
Denmark externals f 8s
Sale 199
164
058,8
A
s
Refunding gold 58
5F
A 0
9714 20 8712 9812
19
946
11090
:
L511f
1443 72 10712 11212
1947 J J 974 Sale 9718
20-year 6s
.1
1!
52 9
8112
80
5142 99
5%
Refunding 42 Series C
1942 J J
1946 J .1 8218 ---- 77 July'22 __ 75
Dominican Rep Cons Adm is f 58'58 F A 90 Sale 9414
77
Ind & Louisville 1st gu 48 1956 J J 764 Sale 7614
7 75
77
9434
Dutch East Indies ext 6s_ _ 1947 J 3 9512 Sale 94%
/
4 June'22 ....- 861
Chic Ind & Sou 50-year 4s.._1956 J J 8412 8634 831
96
/
4 85
190 94 97
40-year 6s
399 934 97
__ 88 9014
1962 M
Chic L S & East 1st 43,58._ 1969 .1 D 9038 9112 9018 July'22
French Republic 25-yr ext 8s_1945 M S 1
Sale 00
80
261 994 10834 ChM dr St P gen g 48 Ser A_e1989 J .1 794 Sale 1 7812
96 7112 80
20-year external loan 7%2_1941 J D 9914 Sale 9818
9912 394 94 106
128 8
773112
2 691
/
4
6978
General gold 34s Ser B__e1989 J J 6:
7 64 69%
Gret Brit dr Ireland (U K of)861
/
4
8814
7 79 88,4
General 432 Series C____e1989 J .1
20-year gold bond 5%s_ _ _ _1937 F A 10434 Sale 1043
67% 521 5412 68
297 96 10514
Gen & ref Series A 4jis__ _a2014 A 0 674 sale 6614
10-year cony 5Lis
/
4
771
/
4 142 62
187 9834 111
7712
Gen ref cony Ser B 5s_ _ _ _a2014 F A 7634 Sale 751
1929 F A 10934 Sale 101,33 110
3-year cony 5%s
182 100 1105s
7314 650 60
73
2 F A 109% Sale 10934 110
Convertible 41,58
925
1932 J D 7318 Sale 7018
319
Italy (Kingdom of) Ser A 63.6/2
96 9613 9814
8414 985 69/
9612 54 9212 9634
Permanent 48
1
4 82%
1925 J D 8358 Sale 8234
apanese Govt-.£ loan 4%8_1925 F A t 93/
6818 105 54 6818
1
4 Sale , 93's
9312 63 8858 9312
1934 J .1 6712 Sale 6634
25-year debenture 4s
77
7
Second series 4%s
31s 9
_7_ 6
89
'2
5,2
2 _ _2
558 -..
74
.78
_ 9
7438
4 Jun;
94
7,511 8
720
61
9212
8 90,
6734
9314 1,31
25
1
1
19
,3
Chic & Mo Riv Div 58
1926 J J 7
8
712
Sterling loan 4s
73
814 Sale
e 'Li12
.1
.J 1°
C M & Puget Sd 1st gu 4s_ _1949 J J
Lyons (City of) 15-year 6s_ _ _1934 M N 8212 Sale
915
23 84/
1
4 91%
Milw & Nor 1st ext 4%s__ _1934 .1 D 8834 ---- 90
Marseilles (City of) 15-yr 6s_1934 M N 8284 Sale 8212
90
8% July'22:
8,312 18 8012 90
34_ .......___ 8
...
8_6
8_38
_ -2:. 822
97514 8
1934 .1 D _9
Cons extended 4%s
896
8
11
Mexico-Extern loan £ 58 of 1899.Q J 1 58
2
56
,
8 5
5814
39
434 0
70
212 Chic & N'west Ext 48._ _1886-1926 F A
6012 18
Gold debt 4s of 1904
931
/
4 Apr'22
934 934
451
/
4
1954 J D 4512 46
461
/
4
1886-1926 F A
tgoldered3 ,i8
Netherlands s f (is
78
9758 26
1972 M S 9718 Sale 9678
3
134
7 19
04
1987 M N 7712 7834 78
17324 19
General
0155
814
Norway externals f 88
1940 A 0 11078 Sale 11014 111
Registered
p1987 Q F
Porto Alegre (City of) 88.. _ _1961 J D 100 Sale 100
130
8312
5
10 -8
1987 M N
(12;1-2
4 -8
.
.8
General 4s
1/10014
Queensland (State) ext s f 78_1941 A 0 109 10912 1081
/
4 109% 42 10578 111%
1987 M N
Stamped 4s
8876
25-year 6s
488%
1: Sa
ii9lie- 1788
0:8
5%
1947 F A 103 Sale 10218 103
54 gg 103
1987 M N :0
General 58 stamped
Rio Grande Do Sul 8s
.
4 103
0178 JAuD
10112 1061
lyr:22:::: 10
1946 A 0 99 Sale 99
100
1879-1929 A 0 .
02
1 101378
Sinking fund 68
4
53
2 99
812 105
0514
Rio de Janeiro 25-year 8 f 88_ _1946 A 0 99 Sale 9812 100,
1879-1929 A 0
38
4
8s
Eiale 9
s 9918 sa
104
104
A O
7M
1 9612 104
42
99
814 1U0
195
121 9812 104%
1879-1929 A 0
ed
d 5s
00
SinRkeignigs1feurn
San Paulo (City) 8 f 88
00
034;
17
7: 10
90%
80 4 ma1y010,0
230
24 _2.
1 9
1879-1929 A 0 19
9068
5:8
2 100
Registered
51 99 106%
San Paulo (State) ext 8 1 88..1936 J J 100 10012 100
1933 M N
Sinking fund deb 5s
37 100 108
Seine (France) ext 78
1942 J J 91 Sale 90
101 8934 98
1933 M N
92
Registered
100
0 1114
S
Sweden 20-year 68
1939 J D 104 105 104
10412 83 94 1041
1930 J D iiii3-4 108 10734 10814 13 105
09
/
4
10-year secured 7s g
Swiss Conferer'n 20-yr 8 f 8s 1940 J .1 11912 Sale 119
11078 ---- 1111
/
4 1111s
11958 114 11212 12012
2 106 1114
15-year secured 64s g_ _ _ _1936 M S 19
10
1
3
3
44
Tokyo City 5s loan of 1912
7134 7134
________ 11
MS 71
0101
3 A
Oe
ugt:2
12
9 ........:: Ii6i78
74
.. if
Des Plaines Val 1st gu 4%151947 NI S
,
a8
761
/
4
39 67
Uruguay Republic ext 8s_ _..1946 F A 10512 Sale 10414 10558 6
Frem Elk & Mo V 1st 6s 1933 A 0
08 8
4 102
00/
1
4 1155
33
Zurich (City of) 2 f 8s
4 .........: 6
76
018
1945 A 0 110 114 113
115
Man G B & N W 1st 3%8_1941 J J 79;8
(These are prices on the basis of $.5 le I)
M
Auar
g:2
21 ,:::- ---- -Aillw & S L 1st gu 3%s___ _1941 J .1
995
2 -ii5j -gijii
Milw L 5 & West imp g 5s_ 1999 F A 100 ---- 995
State and City Securities.
Ashland Div 1st g 6s___ _1935 m s
N Y City-4Xs Corp stock_ _1960 M S 101 10134 101
10112 19 98 10312
N
m
ia
a
r
Mich Div 1st gold (is_ _ _ _1924 J J 10178 ------ i9
9
v4
e
l
o
:::: i6114 fOila
4Xs Corporate stock
1
1964 M 5 103 1034 10314 Aug'22
"
Mil Spar & N W 1st gu 4s_ _1947 M S 8858 803-4
9712 1033
8514 90
43's Corporate stock
1966 A 0 103 - _ __ 10334 Aug'22 ____ 99 10334
10434 --i.,-1 95 10434
St L Peo & N W 1st gu 5s_ _1948 .0 ./ 10414 10454 10414
.1 D 10718 10818
43-5s Corporate stock
845
8
8512
8434
85121
7 79
&
Chic R I P-Railway gen 4s 19883 J
851z
7
1
9
0
10714
7
107
7114
2 JAuug
ly:22:-_-_-_-_ 103512
4%8 Corporate stock_ _July 196
77
1 J .1
82 July 22 __
1988'J .0 82 8 11°087%
82/
1
4
78
1965 J D 10714 10734 10734
4%s Corporate stock
goludis4
10738i ' 103 108
8314 221 7512 84
dg
red
,L
gridk
1934 A 0 83 Wale 8258
sitne
f
i ueAn
IteR
R
10738
4
1013
10712
10714
S
4s Corporate stock
1963 M
19 103 10712
s
Ist 4%s_ _1934 M S 83% Sale 83
84
53 7614 84
10012
10018
10014
4% Corporate stock
1959 M N 10018
8 9312 10012
Burl C R dr, Nor 1st 58
6 90 100
1934 A 0 99 ---- 9912 100
1958 M N 10018 10012 10018
10018
4% Corporate stock
1 9334 10018
98 July'22 -ia 89 98
Choc Okla & Gulf cons 5s_ _1952 M N 967 99
/
4 100,4 1001/4 10053 11 WI 10053
19571 M N 1001
4% Corporate stock
Keok & Des Moines 1st 58.1923A 0 92 Sale 91
72 92
N 998 100 9958 July'22 ___ 94
4% Corporate stock reg_ _ 1956M_
St Paul Sr K C Sh L 1st 4%81941 F A 83 831
/
4 8212
9953
8312 70 76
85
g.22 _______ 10318 10734 Chic St PM &0cons 6s
New 4%s
1957IM N 10814 107 11006,1122 A u'
19301J D 108 109 1u8 Aug'22
104/
1
4 108
107
10614
4%% Corporate stock__ _ _1957 M N
_ 87
Cons 82 reduced to 33,58-..1930 J D 9018 91
87 Apr'22
/
4
10314 1071
9012
vie
sc0
58
n
‘
ur
96
35i% Corporate stock_ _ _ _ 1954 M N 9018 914 90 July'22
rtehnt
961
6
/
4
9512
9512
D
ola
Ne
84% 901z
1930
M 5
9114 9612
1961,M 5 ---- 90 Dee'20
New York State-4s
sin 1st 6s._ _ _1930 J 3 1051
/
4 ..-- 118 Nov'16
19611J 3 -------- 102 June'22
Canal Improvement 4s
S.uperior Short L Ist 58g e1930 M S 96 _ .. 95 May'18
i6i- 1.6i10912 Apr'22
81
Highway Improv't 45s_..1963 M S
Chic T H & So East 1st 5s_ _ _1960 J D 81 Sale 81
7 -ii310912 110
4 -ii12
10418 Apr'22
9212
Highway Improv't 4X8__.1965 M S
921
/
4 911
10412 10412
Chic Un Stan 1st gu 4%s A_ _1963 J J 92
2 Aug
17
15
5:3
7'2
6 12
2 _6
3
1st Ser C 6ge (ctfs)
_0
1
_ 16
8
17
7
158: 17
9
18
5
3
19633 J 171661122
:2
Railroad,
/
4 MaY'221Chic & West Ind gen g 6s.,..e1932 Q M 105 ---- 761
103 1041
/
4
7014 6818 July'22
Sale 75'3
k1995 Q .1 68
Ann Arbor 1st g 4s
Consol 50-year 45
5814 80
10523 .1
-/
4
9318 167 85 95/
Atch Top dr 5 Fe--Gen g 48.._1995 A 0 9234 Sale 921
1 s
15-years f 7.6
1
4
1935 M S 10214 10212 10214 10212 23 997 1027
__
92
88
0
A
June'22
1995
Registered
Cin H & D 2d gold 43-js
--- - 8714 88,4
1937 J J 9012 91
91
6 85 91
61 1
- Sale 84
86
k1995 Nov -8512
10 7712 86
Adjustment gold 48
C Find & Ft W 1st gu 4s g_1923 MN
86
k1995 Nov 8512 Sale 8512
20 78i2 86
Au
234 M
ar
g:2
98
Day & Mich 1st cons 4.158_1931 J J -6258 _,------ 8
Stamped
17
2 _---- 9014 95
837
8
837
8
D
83%
824
8312 33 7612 8312
1955 J
Cony gold 42
10
4 9
71614 10
84
4
Cleve Ciu Ch & St L gen 43_1993 1 D 8312 sale
104
1960 J D 101 105 103
92
Cony 4s issue of 1910
29 85
20-year deb 432
92
1931 J .1 92 Sale 9012
9414 July'22 _ _ 9114 941
.2 10118 ---- 10118
j
es
eriB
es A _ _ _ _ 1929
10118
East Okla Div 1st g 4s.._ _ _1928 M S 9412 95
c ailiii5pstStlesris
/
4
R
Gefnesr
1 8614 101,8
1993
.1
D
Rocky Mtn Div 1st 4s_ _ _ _1965 J J 8234 83'2 83 July'22 -78 85
1021
1018 102 101
/
4 65 95 10234
8714
6 7934 88
871
Trans-Con Short L 1st 4s_.1958 J .3 87 Sale 87
Cairo Div 1st gold 4s
35 7931 8758
1939 ./ J 8734 Sale 8738
31%8.
212 A„
Cal-Ariz 1st Jr ref 4%s"A" 1962 M S 9312 ____ 9278 July'22 ---- 8618 93
.
8.
1.
12 83
ug'22 ...! 76
Cin W & M Div 1st g 4s_ _ _1091 J .1 80
7718 8
82'*
312
2
907 9118 908
91,8 15
8
Atl Coast Line 1st gold 48..k1952 M S 10712
St L Div 1st coll tr g 48_ _ _ _1990 M N 83
10712
107
N
,
2
10718
M
1930
Div
1st
g
10-year secured 7s
4s
Spr & Col
10
94
8512,
512 10983
104011 5 8558 -7-- 8512
1 8518 8512
8912
90
90
90
1964 J D
18 8312 90
8314 June'22__ 8314 84
General unified 43s
W W Val Div 1st g 4s
1940 I J 8434 85
100
1 98N 100
Ala Mid 1st guar gold 58._ _ _1928 M N 100 - -. 100
/
4
8912
C I St L & C Ist g 4s
1 83 8912
k1936 Q F 8912 ---- 891
eriec
dons 1st g
istc
May'22 __ 8618 8612
CITLI.esg&
Bruns & W let gu gold 48_1938 i J 90 93 8858 May'22 -- - - 88 88%
8612
k1936
9
F
a1952 M N 844 Sale 845
8512 173 78 8512
L&Ncoljgold4s
5s_ _ _1928 J J 9778 ---- 964 July'22 ____ 94
968
9412 209 888 947
1925 J J 9414 Sale 94
Bait & Ohio prior 33s
C C C & I gen consg 68____1934 J .1 10658 ---- 10518 May'22 ___ 104 1054
9158
k1925 Q J 9138 9278 9138
1 91
Registered
Ind B & W 1st prof 48
1940 A 0 88% ---- 90 June'22
90 90
92
1
4 8578
8638 17 781
k1948 A 0 8412 87/
83 I
Peoria & East 1st cons 48_1940 A 0 81
1st 50-year gold 4s
823s 81
3 7058 83
/
4 8638
81 July'22 k1948 0 J 8114 83
Income 48
3512 66 2278 3913
75 81
Registered
1990 Apr. 341
/
4 3514 35
8634 211 74
1933 M S 8638 Sale 85%
Shor Line 1st gu 4%8_1961 A 0 951
10-year cony 43,58
__ - I 96 Aug'22 ___I 90
9814
Cleve
86%
/
4
89
94 1 45 8414 94
Colorado & South 1st g 48_1929 F A 9312 9378' 9312
Refund & gen 5s Series A_ _1995 J D 89 Sale 8818
96 77 89
/
4 10112 204 9413 1011
1929 J J 10118 Sale 1001
Refunding dr exten 45,03_1935 m N 9034 Sale I 8934
91 I 80 3118 91
Temporary 10-year fis
/
4
P June & M Div 1st g 3048-1925 M N 9138 9334 9211 July'22 --- 87
Ft W & Den C 1st g 5%s_ _1961 J D 10518 -7 10512 Aug'22'_ .I 10118 10612
935a
8134 8112
8212 22 72% 83
PLE& W Va Sys ref 4s_ _ _1941 M N 81
; 84,8
Cuba RR 1st 50-year .5s g
/
4 847
87
85 I 13 77
1952 .1 .1 - 841
9318 116 88
924 9314 9258
10618
Southw Div 1st gold 33,58 1925 J
1st ref 7349
9318
9 100 10812
1936 J D 10618 Sale 10414
--I 98 June'22 --- 92 99
D L & W-M & E 1st gu 334s 2000 J D 7712 7912 7714 Aug'22 ____ 774 8012
Clev Lor & W con 1st g 58_ _1933 A 0 9818
9818
---1
985
8
Aug'22
D
-_-- 9658 9858
Ohio River RR 1st g 5s___ _1936 J
N Y Luck & Western 55-._1023 F A 9978 10014 10014 Aug'22 __ 9818 10378
1937 A 0 963, 9712 98 July'22
Terminal & improve% 43_1923 M N 9834 100 1 98% July'22 ____ 97
General gold 5s
90 96%
9912
7014 70
70
Warren 1st ref gu g 3 qs__ _2000 F A 7918 79
67, 82% 70
Tol & Cin Div 1st ref 4s A 1959 J J 70
7414 Apr'22, __ 7414 7412
1
1
I-*No price Friday; latest bid and asked. a Due Jan. elDue Anr11. sDue May. eDue June. bDue July. kDue Aug. oDue Oat. yLue Nov. zDue Dec. sOptIon eale.0




iiie ,

:891::

I

9614 100.2

____

745

New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 11

3

Price
Friday
Aug. 11

Week's
Range or
Last Sale

14c'74 I

Range
2in
nce i

High No. Low High
Ask Low
Bid
II
Delaware & Hudson9114 291 83% 9112
1943 M N 9012 9112 9114
1st & ref 45
9878 641 8934 99
1935 A 0 9818 9878 98
30-year cony bs
31 99 103
102
1937 M N 1018 102 1017g
55.6s
7 107 11112
1930 J D 111 ____ 11118 11112
10-year secured 7s
82 June 22 ----1 7658 82
1946 A 0 8058 85
Alb & Susq cony 3;is
Renns & Saratoga 20-yr 6s..1941 M N 10814
-78
60 73 -81.
7712 77
78
Den & R Gr-lst cons g 4s 1936 J J 77
1 7612 84
82
1936 .1 J 814 82 82
Conaold gold 4s
8114 52 7412 85
1928 J D 8014 8034 80
Improvement gold 58
47% 72 42 5212
1955 F A 4718 Sale 4512
1st & refunding 55
46
42
49 4014 47
50
43
Trust Co certifs of deposit__ _
1939 TY, 8312 87 87 July'22 ___- 8012 89
Rio Gr June 1st gu 5s
1712 614 Apr'll -- ____ -5
Rio Or Sou 1st gold 4s_1940 J J
1940 J J 1078 --- 1018 Feb'22 _-- 104 1018
Guaranteed
4 7334 8012
7912
Rio Or West 1st gold 48_1939 2 .1 7912 Sale 7912
38 62% 70
69
Mtge & coil trust 4s A1949,A 0 674 68 6712
199512 D 70 ____ 78 June'22 ---Det & Mack-lst lien g 4s
67
7478
1995.2 D 6712 70 67 May'22 ---71 67
Gold 4s
8734
1961 MN 877 Sale 8734
3, 82 93
Det Riv Ter Tun 4;is
9934 9912 July'22 ---I 9538 100
Dul Missabe & Nor gen 5s_1941 J J 99
1937 A 0 98, 1001 9838
9838
1 9514 1004
Dul & Iron Range 1st 58
_ 0512 Mar'08 -------1937 A 0 ---- ----1
Registered
1937 2j 8212 8378 81% July'22 ____ g1 8
Dul Sou Shore & All g 5s
95 100
__-,
05
078 99 Aug'22
09
53
,4
2 10
Elgin Joliet & East 1st g 5s 1941 M N 19
10512 106
6 10058 107
Erie let consold gold 7s ext_ 1930 M S
N Y & Erie 1st ext g 4s__I947 MN 8912 ____ 87 July'22 ____ 8088 87
1943 al S 9812 ____ 9838 June'22 ---- 9634 9912
3rd ext gold 4;is
9514 June'22 ---- 9012 954
1930 A 0 9534 100
4th ext gold 5s
5th ext gold 45
1928 J D 8412 _ 943 Nov'15 ---- _ _ _
10218 Aug'22 -10218 102,8
1930 M $ 10218
N Y L E & W 1st 78 ext
6938 40 5414 6938
Erie 1st cons g 48 prior. .19911 2 j 6812 6938 68
57
39
714 5
2 -273757 5
5612
55
778 Mar'2
Registered
1996 J J 5612 66
1st consol gen lien g 4s 1996 J J 5638 Sale
51
51
1
51
51
Registered
1996 2 J ---- 51
8814
2 79 91
Penn coil trust gold 4s_ _1951 F A 8814 897 884
5312 63 3414 57
5212
50-year cony 48 Ser A
1953 A 0 5212 53
537
Sate
32
53
5212
39
53
Series
B
do
19:33 A 0
5718 94 3484 5738
Gen cony 4s Series D
_1953 A 0 5638 Sale 5612
9734
5 80 9734
Chic & Erie 1st gold 5s
1982 M N 9714 ____ 9718
Cleve & Mahon Vali g 5s 1938 j j 9318 ____ 9038 Jan'22 ----1 9012 90%
4 7312 9814
94
Erie & Jersey 1st s f 6s_
1955 J .1 9318 Sale 9318
9318
3 7938 97
Genessee River 1st s f 65_ 1957 j 2 93 9412 93
Long Dock consol g 6s
1935 A 0 1084 109 109 June'22 ---- 109 109
Dock & Impt 1st ext 5s
1943 J J 9438 .-- 8312 Dee'21 ---- .- -- ---N Y & Green L gu g 5s_..__1946 M N 8978 ____ 88 Feb'22 --7- 88 88
7014
70
72 68
11 54
NY SIMI & W 1st ref 5s
1937 .1 J 71
52 May'22 -7-1 4712 52
2d gold 4 s
1937 F A 5218 56
17 38% 60
General gold 58
1940 F A 5412 55
86
58
4% May5'22
5
1943 m N 878 ____ 8
Terminal 1st gold 5s
---1 8312
Mid of NJ 1st ext 5s
1940 A 0 9038 94 93 July'22 ---- 93 9412
Wilk & East 1st gu g 5s
1942 J D 70 Sale 70
88 Apr'21
7112
Evans & T H 1st gen g 5s
1942 A
3 ____
53 ---73
6912 Apr'21
Mt Vernon 1st gold 6s923 A
69% Apr'21 ---7
1930 A
Sul Co Branch 1st g 5s
-ciii!
!
i-.
:g6
i
1959 .1 113 1 8878 90%
Florida E Coast 1st 410
6
86
873 ApS
r'8
27s
1
1
Fort St U D Co 1st g 416s1941 J J1 80
ii
Ft Worth & Rio Or 1st g 4s 1928 .7 .1 807 ---- 8038 July'22 ---7 i
8938
8734
88 874
2 83
Galv Hous & Hend 1st 5s_ _ _1933 A 0 85
Grand Trunk of Can deb 75 1940 A 0 11214 11234 11218 11278 17 10812 11478
39 100 105
1936 m s 104 Sale 10312 104
15-year s f Os
1936 j j 11118 Sale 11038
11114 80 10718 1114
Great Nor Gen 78 ser A
__ 92 Aug'22 ----I 88 934
1961 2 j, 9318
1st & ref 448 Series A
824 Oce21 -7771 --- :::.
Registered
1961 J
1
10313 190 9612 103.4
1952 2 j 10312 Bale 102
Temporary 55s
1 9014 9238
9238
9238
St Paul M & Man 4s
1 105% 111
12 iii- 11038 11038
,21 1 19
1st consol g (38
10
1
99 Elept'20 ---5.1 -.7,;-.- ,,ri.Registered
1933 2 2
Reduced to gold 43.48_1933 j j 99 100 100
100
. 153% ....-,
97
114 j
Auuly
212
22
2 7_7_ 1 95
Registered
1933 2
97
Mont ext 1st. gold 4s
1937 J D , 91% 92%
Registered
1937 J 13, -------- 80 Mar'211---- ....... ---Pacific ext guar 4s
r:- -9
g6
2::
1940 J J --------83 Mar'20 ----I -S
4 9238 8934 June'22 ---- 88
E Minn Nor Div 1st g 48..1948 A 0
1937 j j 11212 11414 113 Aug'22 ---- 1094 113
Mont C 1st gu g 6s
- 4
Registered
1937 J .1 --------13614 May'061 -- __,,- i0611937 j j
10014 June'22 ---- Y11
4 18 __
1st guar gold bs
Will & S F 1st gold 55_ _1935 J D 10214 ____ 10214 July'22 --- 994 10214
Green Bay & W Deb ctfs "A"____ Feb 60 70 I 704 Apr22.77, 6712 70,2
5834052 j
Feb
i 7
1278 113 612 127
16
2%
12 7
11%
Debenture ctfs "Er_
16
23
78
4 5
0
5 72 80
80
Gulf & S 1 1st ref & t g
14 8112 8812
88
Hocking Val 1st cons g 4s 19119 J 2 _8_8_8
.
9_ 8712
Registered
17312 June'18,---1999 2 j
Col & H V 1st ext g 45
8012 June'22 ---- -fg- -i012
1948 A 0 8418
Col & Tol 1st ext 48
8414 7912 Mar'22 -7, 7812 792
1955 F A 83
Houston Belt & Term 1st 5s_1937 J .1 96 Sale 94
96 1 13 8934 96
86 1 294 75 8614
Hud & Manhat 5s ser A
1957 F A 854 8534 85
64121 51 4712 6612
Adjust income 5s
1957 A 0 64 6412 64
N Y & Jersey 1st 65
9534 July'22 ---96
1932 F A 9612
92 95
Illinois Central 1st gold 48.__1051 J J 934 ---: 95 May'22 ----1 834
-Registered
8318 Sept'21 -1951 .1 J
1st gold 3 •68
84
27s July'22 - --- 741.41 J J -gi5s -if 8
8 -ii71;
Registered
1951 J J
Nov'15 ..___
-------Extended 1st gold 3jis__ _1951 A 072
-E3- -ii --... ---:
Oct'21
Registered
1951 A 0 -----------1st
_gr
Eiz_
gold 3s sterling
(
1951 M 5
Jul-y-1-))
S- ---Collateral trust gold 4s
86
1.2
1952 M S
1-2 -i
651_..1(i.
6 86
Registered
1£1o2 A 0 ---- 82 9538 Sept'19 ---1st refunding 43
1955 M N 90 Bale 8912
91
38 8214
1 7655 on.
Purchased lines 3145
1952 2 J 7858 8038 8038
8038
%
8312 108 7818 0.'2
1953 M N 838 Sale 83
L N 0& Texas gold 4s
Registered
82 68 Dec'20 --..I
1953 M N
1934 2 J f131-53 Sale 1013s
963
15-year secured 51.45
4 foil4
102 I 116 11658
1936 J 2 111 _
15-year secured 6;is g
111
1
1950 J 12 00
Cairo Bridge gold 48
134
ti3
758
34 1i9
Litchfield Div 181 gold 38_1951 J J i
1
Louisv Div & Term g 31-s.1953 J J 77 ---_ 79 Ang'22,---- 7334 79
6918'
1 66 6918
6918
1951 F A 6918 71
Omaha Div 1st gold 3s_
t Louis Div & Term g 38_1951 J .1 7214 --- 7212 Aug'22 ---- 6338 7212
1951 J J 79
80
7812 July'22 ---- 7612 7812
Gold 3).s
7812 July'22 ---- 7812 784
1951 .1 J 777
-'prIngf Div 1st g 3Sts
1951 F A ..
86
.
% -_....-_-_ 85 July'22 ---- 82 854
Western Lines 1st g 4s
92 Nov'10 ---1951 F A
Registered
8ellev & Car 1st 6s
1923 .1 13 10018 10018 July'22 ---- -iiiii4 10(118
73 Mar'19 ---Carb d: Shaw tat gold 4s_1932 M 5 8638 90
4
Chic St L & N 0 gold 5s_1951 J D 103,8 105 10212 June'22 -- -66* - 1021
1951 .1 D --__ ___ 99 Aug'21 ---- --.... ---Registered
6534 Dee'21 --- Gold 31-45
1051 .1 I) 75
Joint 1st ref 5s Series A.19113 J D 9812 100 9912 100
57 -66-1-2 id0 1 7834 82
1951 J D 81 ____ 82 May'22---Memph Div let g 4s
St Louis Sou 1st. gu g 4s
9078 80 Sept'21 ---1931 M S 86
Ind Ill & Iowa let g 4s
88 July'22 ---- ig - -gi1950 J J 8712
97 101
Int & Great Nor 1st g ext 7s_1922 MN 10038 10034 1008 100%
2 504 554
52
Adjust 6s
1952 J J *5178 5214 5112
.
2..
8
75
.
2.
01
8_.3
James Frank & Clear let 4s 1959 J D 8534 _ _ _1 8412 July'22 -- 6
_740
Kansas City Sou 1st gold 3s..1950 A 0 70
705 70
Registered
0
9
0c7
t1
1950 A 0 --------- -78
Ref & impt 55
89% 107 -84- 8-9%
Apr 1950 J J
1 34 stale 894
8478 42 7938 85.
Kansas City Term 1st 4s_ e_ _1960 J J 8414 Sale 84
94.2
Lake Erie& West 1st g 5s__1937 J J 94 10018 94
1, 85
94
2d gold 5s
5, 77 87%
87%
1941 J .1 8538 8734 875
North Ohio 1st guar g 5s._1945 A 0 7418 ---_ 7318 July'22 --1
76
8
90
838 9
-61 6

7if

:
.65
ff3-4 Nasiut2:-

Registered
9621 ----I - - -----.1 *
1916 .1
Leh
80 July'
J .195
Vat N V 1"gu g 4" 1940
-9
-5 - 96
Lehigh Val (Pa) cons g 48-2003
14 7734 WU
83
8214
,V1 N 8212 83
General cons 41-s
5 85 93
9184
2003 M N 8912 9214 9112
Leh V Tenn Ry 1st gu g bs1941 A 0 102 __- 1015 June'22 --I 984 102
Regi.'ered
1941 A 0 *995a
_1113 Mar*121----1 ---- ----

Price
Friday
Aug. 11

BONDS
N.Y.STOCK EXCHANGE.
Week ending Aug. 11

Week's
Range or
Last Sale

High N1o9
Ask Low
Bid
Laj1:11103T2
S 104 108 10278 103%
9052 100
J 1004 10114 100 July'22
____
Oet'13 --------J
--t.
:.
21 ____ isi1,42 _iii
A
0e
ug
inn
im iii
Lets & N Y 1st guar gold 4s__1945 M
22
‘,
lig85 July'‘,
100
I
l
Lo1nsgt soltdred
lstucced
onstogo4lsd 5s_17,
11;3
33
1
83% 88
1st consol gold 4s
__ 8914 June'22 ---7
8934
1 77
85
General gold 4s
1938 J D 8412 8612 85
4
Gold 4s
8414 Aug'22 ---- 8212 84,
July'22
Unified gold 4s
19E gl 12 81112
3 Sale
7
8
T4
Debenture gold 5a
95
D
s 92
85
4:
20-year p in deb 5s
8412 ..... 9
753
514
8 9
1
8414 8412 8412
8212
Guar refunding gold 4s1
8212 12 72
8114 Sale 8118
9933
44
9
7M
M2 N 955
119
8
_
__ 9512 June'22
NYB&MB1steong 58_1935 A 0
N I' & R B 1st gold 5s____1927 M 5 97% 99 83
Apr'21 ---2
Nor Sh 13 la con g gu 5s_a1932 Q J 94 ____ 9438 July'22 ____ *gvii, -£13-5Louisiana dr Ark 1st g 53
9212 45 78
1927 M S 9012 9234 91
94
Louisville & NashvilleGold 58
8 mii 98% 10212
e'
3212
_3_1_2 10
0318 _9
,2
234 Jun9
1937 M N 19
Unified gold 4s
88
1940 J J
71: 9
$)
0
51s
Registered
2 10612 109/
1
4
1940 J J *88,4 ---- 9018 June'22 ---6 pst, 98%
Collateral trust gold 5s_1931 M N 988 ____ 988
987
10-year secured 7s__
108
1930 M N 10718 10778 107
1st ref 550
,
12
7
07
2003 A 0 10714 10734 10712 10712
98
11s :0
10
L On & Lox gold 4%8
19311M N 9812 100 1 9538 July'22 -- -- 9334 98
N0
2d &
goM
ld 6
1sst gold 6s __ _ _1930 J J 106 10712 10534 July'22 -- -- 102% 10573
193012 .1 10112 ____ 101 July'22 ____
Paducah & Mem Div 45
1946IF A 848 --__ 86 July'22 ---- 80 9112
St Louis Div 2d gold 3s
79
22
85
854 6
2 ________ 5
638
14 A 0
ug:2
1980 M S 664 67 6
56
_
71
%
2
Atl Knoxv & Cm Div 4s
1955 M N 8614 8734
Atl Knox & Nor 1st g 58_19464 D 1014 ----1 9914 May'22 ---- 9834 99
'
4
Hender Bdge 1st s f g 6s_ 19311M 5 10
83
238
78
July'22 7:: 103 104
Kentucky Central gold Is. _1987 J J
84
-8
-4-78
- 104
795* 8434
Lex & East 1st 50-yr 58 gu_1965 A 0 9838 99 1 981s Aug'22,---- 93
100
L&N&M&Mlstg4y6s_1945 M S 9418 97
2
9418 Aug'22'---- 9
843118
412 9
72
L & N South NI joint 4s_..._1952 J .1 8112 8212i 9
85
212 A
lis
ub
g
'
.0
25
21::-- ___ Registered
h1952 Q J
N Fla & S let gu g 5s
ii
-12
101 1101 May'22 -- j6,5ii 1612;
1937 F A
N & C Bdge gen gu 454s_ _ _1945 J .1 9412 9534 9312 Aug'22 -- -- 89
9312
S & N Ala cons gu g 5s__1936 F A
8 ____ 0
July'22 ---- 96 102
9814
_
Gen cons guar 50-yr 5s_ _1963 A 0
07 July'22 ____ 9512 0012
Lou &. Jeff Bdge Co gu g 4s-1945 M S 83
8314 22 77
8318 8234
834
Mex Internal 1st cons g 4s___197751 S
N7
Stamped guaranteed
1977151 S
Midland Term-lst s f g 5s19251 J 0
---- 99 J
M
Sv
y
r.:2
11°
°
0 ---:- --- --Minn & St Louis 1st 75
3-i-2 ___ 104 June'22 ---192712 D 10
Mi1st consol gold 5s
80
807
; 80
8038 n 6958 83
.,..
1st & refunding gold 4s
8 31 au%
4534
4712
39
4M
M NS 45% 47
194
46
Ref & ext 50-yr 5s Ser A_19621 Q F
4784 47
7 30 80
4712
Des NI & Ft 1) 1st gu 4s
1 36 62
5712
1935 J J 5712 60
5712
Iowa Central 1st gold 5s
8012 80
1938 J D 80
80
11 70 8312
46
Refunding gold 48
Sale 4578
51
48
MStP &SS M cong 4sintgul19
8914
M S
J 8938 90
1J
93
89% 20
58
1st cons 5s
100 10212 10112 July'22 ---- 964 105
1938
10-year coll trust 61is
06
3:4
8 10
93
7162
8 19
06
3714
26 W
8
1931 Ivi-i 19
0
83558
212 1591854
1st Chicago Term s f 4s
__I 8912 Ju110
1941 51 N 91
y3
'212
2 ---7 8812 8934
Ni 5 S M & A 1st g 4s lot gu.1926 .1 2
9678
1 9414 97%
Mississippi Central 1st 5s_
1949 J J 8712 ____ I 8538
Mo Kan & Tex-lst gold 4s 1990 J D *82% 854 8234 1%1'137
4 --Li 1134
83
'2
2d gold 48
F A 24 __. 684
Trust Co certifs of deposgir_9_6_
---- ---- 6613 ZtiZ -------1st ext gold 58
iiii
May'221---- 3512 85114
1st & refunding 48
8614 Apr'22 ---- 73 0614
Trust Co certifs of deposit_ _ _
Aug'22 ---- 68
84
Gen sinking fund 4Yis
____ 6412 June'22,---- 8214 641k
211°99
94
36
44 1--3
M S
Trust Co certifs of deposit_
July'22 ---- 5214 6714
- - 63
St Louis Div 1st ref 4s2001 A44 June'22---- 27 44
0
5% secured notes "ext"__
76 June'22 ----,-, ii
Dallas & Waco 1st gu g 5s_ _1940 ---8 --__ 9018 May'22 ---M N 911Kan City & Pac 1st g 4s
1990 F A 7834 ____ 7778 July'22,---- S
70
8
08'12
2 977177
1
Mo K & E 1st gu g 5
1942 A 0 •:r
83
Mar'22I---- 77
NI K & Okla 1st guar 5s
1942 M N 914 ---- 9138 Aug'22 ---- 7814 91511
M K & T of T 1st gu g 5s1942 NI 5 .z.7
July'22---- 77 9752
Sher
T
4
is I
Sh&05kolsstt
g 58211943
s 60 ____ 3418 July'22 --__ 3418 344
g5s_
942 Jm D
3214 45
36 May'22 ---gu
754 3012
Mo K & T Ry-Pr 15s Ser A I962 J J *854 8512 848
11142 302 7634 8612
8
75
40-year 4s Series B
7012
j
77 62
*977034
7112
10-year as Series C
167 89 9712
Sale 9612
-1932 J J
97
Corn adjust 5s Series A__ 1967 J J 594
068
69
4 9
60 1389"
43138
Sale 59
Missouri Pacific (reorg Co)
1st & refunding 55 Ser A_1965 F A 8812 89 8712
89
89
let & refunding 58 Ser B__a1923 F A --------997 July'22 ---- 9712 100
1st & refunding 5s Ser C
76 9012 100
9734 96%
97
1926 F A 97
s, Series D
_ . 10012 10112 271
___, Sale
s, 101
F A
9 1,4
19
945
General 4s
6784 66. 5934 67%
1975 M S 6714 Sale 6612
Missouri Pacific 40-year 4s
53
3d 78 extended at 4%
Cent Br U P 1st g 4,8
Pac RR of Mo let ext g 4s_1938 F A
2d extended gold 5s
199
11943
38 J
2M DN
.1' 9511;8
!
-87
-1 9181854 ji:uunn9Yeet8.:211::-E-:1 -1.N91.8
St L Er M & S gen con g 58.1931 A 0
9812I
9812 9834 98
8 944 987a
Gen con stamp gu g 5s 1931
102 July'14 ---Unified & ref gold 4s__1929 .1A 0
;-ir
88% 43 -fi7
J -iii5 &Ye- 88
Rh,& G Div 1st g 481933 M N 8418 Sale 83%
8412 192 7538 8412
Verdi V I & W 1st g 5s_
93 Mar'22 ---- 907 93
1926 M S 9618 98
Mobile & Ohio new gold 6s_ „19271.1 D
10434 106 10434 July'22 ---- 10112 105
1st ext gold Os
h19271Q J 9978 ____ 100 May'22 ---- 9712 100
General gold 48
_ 75 July'22 ---- 675* 76
7414
Montgomery Div 1st g 58_1
8812 89,
97 8912 Apr'22 --.
2
M 1 95
37
gF
19
94
St Louis Div 5s
94
13 8738 94
St L & Cairo guar g
93
3 81
93
1n13.1 -6.-- ?):1
'1
.1 DJ 9
27
1
9
3
4s_1
19
Nashv Chatt & St L 1st 5s
10034
2 97 10352
1928 A 0 1098 10112 100
Jasper Branch 1st Os.
4
J J 1004 ____ 1004 July'22 - -.77 100 100,
Nat Rys of Mex pr lien 45i-s-_:1957 J J
3512 30
30
10 2118 45
Guaranteed general 48
2912 Feb'221----I 2912 33
1977 A 0 2i1-2 43
Nat of Mex prior lien 4%8_ _ _1926 J J *28 ___
32
31% Mar'22 ---- 28
1st consul 4s
25 July'22 ---- 2113 333s
1 A 0 --------I. - ,,
3
55
86
79
N 0& N E 1st ref & imp 4y6s A9
13
8412
4
833
'52 2 J ai 6418
New Orleans Term 1st 4s__
5 7012 80
79
J J 78% 79% 79
8 9512 10112
N 0 Texas & Mexico 1st 6s _ _1953
100
1925 2 D 100 10014 100
30
62 7258
Non-curn income 51 A
A 0
11
72's 265 98 10812
N Y Cent RR cony deb 6s
1084,
aleu 10771778s
8% Su
02
1935 M N 17
10-year colt trust 7s
108
10514'
105
138
105,
8
Sale
10518
1930 M 5
8584, 21 7878 8534
Consol 4s Series A
1998 F A 85 Sale 85
Ref & impt 4 iis "A"
88 1 13 8514 90
8752
20131A 0 88 89
9778 152 8348 977i
Temp ref & Impt 5s
2013 A 0 97% Sale 97,8
N Y Central & Hudson River79 1 31 7412 8034
7812 ____
Mortgage 3 yis
Sale 7812
J 77
J j
97 j
199
77 Aug'22'---- 76
7712
Registered
8934
91141 38 84
9214
Debenture gold 4s
1934 M N 8978 91
Jtuze'201
____
____
6612
6612
Registered
74%
N
A
M
F
4
99
38
19
91
30-year debenture 4s
9
75
1121 14 83
8
79
514
1942 J J 8912 91
,
28 6914 76
Lake Shore coil gold 350..1998 F A 7512 7614
74121
4 72
74%
Registered
74
7% ..7_9__ 7412
Mich Cent coil gold 3;•58_1998 F A
79 I
78
2 714 79
7413
4 ________ 7412 July'22'_-- 72
Registered
5
70
7:8
Battle Cr & Stur 1st gu 3s1998 J D
60 July'22.---- 60 62
Beeeh Creek 1st go g 4s
88
Apr'22 ---- 84% 88
J 89% _
81JF A
36
199
Registered
_
_ ii1-4 7612 July'21 --- _..... --..-66.2d guar gold 5s
g
715
.
1-,
14 _it.3.. 104 May'18 ---Beech Cr Ext 1st g 3)is_b11199
60 July'22 --- 60
1
111jj
A 0
933
569
Cart & Ad 1st gu g 4s
8212 Mar'22 ---- 9212 90
Ka A & G R 1st gu g 58_19
,- -J‘z83
J 9112 ..,
-g6- --ii -,i6
98
35
1J D
.1; -ii12
Lake Shore gold 3 iri
70
914 _8_0._ 0u
19972 D 5
79 July'22 ---- 74% 7012
Registered
1997.3 D
95% 94%
9512 77 894 9512
Debenture gold 4s
1928 M S 9,5
25-year gold 4s
938 22 8812 9372
1931 M N 9334 sale 9334
8512 July'211---1
Registered
1931 NI N
Va
all C
itoR
L
Le
eh
tt V
al 1
C0(3Yr
1steg
ou
ll 8
6'3
5-s:719
92
38
3 MJ
Registered
1933 J

342 _ _ _ _ _ __ 1 4
,
s833,,

--------105

-- --

(jd lj

13

Vi%

--

-- --

________

• No price Friday; latest D19 and asked this week. a Due Jan. b Due Feb. o Due June, 3 Due July. 18.Due Sept. a Due Oct. • Option eale.




Range
Since
Jan. 1

131.4
IP, 21'

14;
2 1-n::
::

New York Bond Record--continued-Page 3

746
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 11

Price
Friday
Aug. 11

Week's
Range or
Last Sale

11 1

Range
Since
Jan. 1

BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 11

gc53

Price
Friday
Aug. 11

Week's
Range or
Last Sale

•Range

Since
Jan. 1

Ask Low
High No, Low High
Ask Low
Bid
High No. Low High
Bid
-"ST Y Cent & H R RR (Con)8512 237 80 8734
Jan'22
8213 8212 Reading Co gen gold 48
1997 .1 .1 85 Sale 8478
Mob & Mal 1st gu g 4s____1991 M S 83; 8512 8212
977
8312
---i 82
July'22
8312
Juue'22
977
96
1997 J J
Registered
1934 J J 9912 -Mahon Cl RR 1st 5s
8614 Aug'22 ----" 8112 88
1951 AO 85
Jersey Central coil g 4s
86
1931 M S 98% -- 9018 June'21
Michigan Central 5s
76
8
657
2
7534
4
9812
753
-___
4
Nov'18
753
&
4s
g
Sties
1st
lel
Grand
1947
j
j
1931
Registered
8218 88z St Louis dr San Fran (reorg Co)1940 j J 8812 8912 8812 May'22
4s
7412 334 68 7434
7414 Sept'20
Prior lien Ser A 4s
1950 J J 7378 Sale 7312
1940
Registered
6618 Mar'20
8734 76 82 8812
Prior lien Ser B 5s
1950 33 8712 Sale 87
3 L & 8 1st gold 33•62.____1951 MS 777s ---95 I 72 93 9512
1942 .1 J 9434 947 9412
1942 m N 8112 8412 816 July'22
-7634
536.2
1st gold 3362
1
674 9434 10034
10012
9312
4
023
sale
100
10034
9312
8638
9312
Prior
6s
C
Ser
1928
lien
93
0
A
1929
4s
debenture
J
J
20-year
8212 322 71
8234
51955 AO 8218 Sale 8112
Cum adjust Ser A 6s
NJ June RR guar 1s148.__1986 F A 783s ---- 7034 Apr'21
75
492 54
75
7434 Sale 7234
51960 Oct
Income Series A 6s
8
ii52000M N 784 ---- 78% May'22
N Yet Harlem g 33•62
104
104.,___1014
95
104
____
10378
Dec'21
St
Fran
San
&
_1931
6s_
--ssLouis
gen
99'4
0
A
ii
N Y & Northern 1st g 52._1927
9913
95
1
8312
Aug'22
7712 84
1931 J .1 99 ____ 99
85
General gold 53
N Y& Pu 1st cons gu g 4s_1998 A 0 83
78; Apr'22
6714 Oct'20
St L & S F RR cons g 4s1996 J J 735
78 83
Rutland 1st con g 4368..-1941 J J 811:
3 66
75
Feb'22
75
Southw Div 1st g 5s__1947 A0 898 ____ 90
7513
Og & L Chem let gu 4s g_1948 J J 7312 80
K C Ft S & M cons g (32_ _ _1928 MN 10313 104 10312 Aug'22 ---_' 101 104
Rut-Canada 1st gu g 4s_1949 J .J 70% 7314 50 Feb'21
80341 96 7234 82
8914
98
90
:
May'22
8014
8034
891
8034
M
S&
8912
Ft
4s_
g
ref
Ry
3
_1936
KC
1998
5s
g
1st
ji
Adis
&
A0
St Laws
_II 8814 92
_
KC&MR&B 1st gu 52_ _1929 A0 9212 ____ 92 Apr'22
1990 A 0 97311 ---- 103 Nov'16
2d gold 88
27,1 7234 80
80
Apr'22
`•7
97
St LS W 1st g 42 bond ctfs__ _1989 MN 78 Sale 79;
Pitts & L Erie 2d g 5s____a1928 A 0 9814 ---- 97
641 70
109
5
89
69
Sale
69
Aug'22
109
11114
109
4s
g
2d
110.2
bond
income
ctfs_p1989
Pltts hicK dc Y 1st gu 6s 1932 J J
J J
:
7812 132 6812 781
9514 June'21)
1932 3D 7814 7812 77
Consol gold 4s
1934 J J 9
812 ,,,.
_
2d guaranteed 6s
84
27 7812 85
821: 21' 71
85
8334
1st terminal & unifying 5s_ _1952 .1 J 8118 8112 8134
West Shore 1st 4s guar2361 J .1 5413 ba
8114
24
70
96:
821
:
8234
--__
7714
8114
4
803
8114
1943 J
7658 8234 S A & A Pass 1st gu g 42
23613 3 8214
Registered
I 50 64
9912 Febelir Seaboard Air Line g 48
1950 AO 6012 64 6018 Aug 22
NYC' Lines eq tr 5s__ _1920-22
--16 48 61
671zJune'20
61
1950 AO 59% Sale 6012
Gold 4s stamped
Equip trust 43,6K...1920-1925
1312 30
5
144'
90%
29
9018
9018
8234 9O4
01949 FA 2813 Sale 28
Adjustment 52
1937 A 0 90
.N Y Chic & St L 1st g 4s
8812 June'22
4512 218' 3118 46
8012 8612
1959 A0 4518 Sale 44
1937 A 0
Refunding 4s
Reghtered
6412
41
8
318
s
1
.
1119
8
I
W65%
8712
63;
8712
8712
64%
Sale
80
1st & cons 6s Series A
1945 MS
1931 M N
Debenture 49
16 8112 92
5912 7512
90
Atl & Birm 30-yr 1st g 4s_e1933 MS 6778 69 6718 July'22
• N Y Connect 1st gu 43,68 A 1953 F A 90 Sale 88
83 63
NY•
1949
N H & HartfordCaro Cent 1st con g 4s
J 6838 6912 63 Feb'22
96
96
96
Jan'22
8314
45
Non-cony deben 45
Fla Cent & Pen 1st ext 6s 1923 J J 9914
1947 M S 47 _ _ 63% Aug'22
9312
89
9312
9312
66
44
1st land grant ext g 5,9 1930 ii 94 __
Non-cony deben 33,62
1947 M S 50 53 53 July 22 ---2
90
8212
50
51
5512
3814
50
52
July'22
90
90%
j
j
Non-cony deben 3gs
1943
55
gold
Consol
1954 A 0
2
78
71
_-_78 July'22
5714
4012 80%
Non-cony deben 4s
Ga & Ala Ry 1st con 52___01945 J j 8014
1955 3 J 5514 5738 5714
3 41
91
8718 June'22 _-_- 84
5714
80
Non-cony deben 42
Ga Car & No 1st gu g 5s__ _1929 J j
1956 M N 57% 60 57%
65
4
3
84
95
60
_-_50
__
July'22
8
913
50
____
92
Cony debenture 3gs
37% 534
Seaboard & Roan 1st 5s
1926 J j
19563 J
: 244 57 85
821
112 Sale 81
.
• Cony debenture 68
Southern Pacific Co1948 .1 J 6
9412
50
8834 17 78
Oct'17
Gold 42(Cent Pee coll)k1949 J D 8812 8834 8812
Cons Ry non-cony 42
1930 F A
94
97 86
60
94
July'18 ---Non-cony deben 48
81929 M S 9312 Sale 93
20-year cony 4s
19553 J
95% 104
53 June'22
10312 July'22
53
-3813
Non-cony deben 45
20-year cony 58
19343 D
1956 J J
8114
91%
9
59
51
89;
5134
Sale
OOi
9012
52
50
57
31
• 4% debentures
Cent Pac 1st ref gu g 4s_ _1949 F A
1957 M N
9218 10 86 92%
9218
80
Mort guar gold 336s ___k1929 J D 91%
Harlem R-Pr Chas 1st 4s.._1954 M N 7978 83 7918 Aug'22 -- -- 71
13 7814 8714
86
85
73
B & N Y Air Line 1st 4s
Through St L 1st gu 4s 1954 A 0 8112 85
1955 F A 7212 ____ 73 July'22 ----, 59
9414 9918
4
511,
9812
6812
673
9812
Aug
4
68
22
6734
6734
• Cent New Eng 1st gu 4s__ _1981 J .1
GH&SAM&P 1st 52_1931MN
92 98
•••••.••
2d exten 5s guar
1931J J 94% ___ 94% Aug'22
Housatonic Ry cons g 5s 1937 MN 8734 ---- 80 Dee'24
97 9918
2
9918
9918
9918
87
July'14
5
681
Gila
-V
N
M
&
G
N
1924
1st gu g 5s
Naugatuck RR 1st 4s
1954 M N
94
9412
Hous E & W T 1st g 52___ _1933 M N 9634 ____ 9412 May'22
-N Y Prov & Boston 45
1942 A 0 77 _._ 83 Aug'13
5513 48 33 59I
---- -86 Mar'21
let guar 58 red
N YW'ches& B lst Ser I 4gs'46 J J 55 Sale 5412
1933 M N 9834 -4
935
4
933
-•
Apr'22
93;
93
89
II
T
&
9814
C
1st g 52 int gu_1937 J J
New England cons 58
1945 J J
8634 98
98 May'22
70 Sept'17
A & N W 1st gu g 5s
1941J J 9512
Consol 4s
1945 J .1 74%
96 10312
5012 July'22 -- "id- -id Apr'22
01
No of Cal gu.” g 5s
1938 A 0 9838
Providence &cur deb 4s
1957 M N 4778 54
17 9514 101
10038
- 8858 Feb'18
Ore & Cal 1st guar g 5s
1927 J J 99% 10012 100
Providence Term 1st 48
1956 M S 7634
100% 10312
-66 - -6E
So Pac of Cal-Co g 52
W dc Con East 1st 4gs__1943 .1 J 60 6712 65 May'22
1937 M N 10238
- 10312 July'22
8812 9218
77
69
May'22
90
7718
_
So
89%
Pac
Coast
gu
1st
42
-N Y 0 & W ref lst g 43__81992 M 8 7_9_
gI937 J J
89 9614
_7
_9
2!
5
7
912
7
9614 May'22
Nov'20
Tex & N 0 con gold 58
1943 J .1 94% 98
Registered $5.000 only- _ _g1992 M S
129 8338 92
70 Aug'22
91
90
91
So Pac RR 1st ref 4s
90
6512
J
.1
1955
1955 .1 D -684 70
General 4s
:
30 50
85
8513 13 80 851
San Fran Term! let 4s..
70
69
1950 A 0 85% 86
Norfolk Sou 1st & ref A 5s
1961 F A 6812 70 68
7914 887s Southern-1st cons g 58
9812 211 8718 9812
1994 J J 9814 Sale 9734
Norfolk dc Sou 1st gold 5s
1941 M N
8814 90
90 Apr'22
-9
834 1
96
4 f
8
0,
0
- 18
-9
l
Mu
104 1077a
Registered
1994 J J
Norf & West gen gold 62........1931 M N 10
218 6114 70
--•
70
;Sale 6912
109 109
Develop dr gen 42 Ser A
1956 A 0 -(367
Improvement & extg
1934 F A 1,84
9414 10278
jj..1 .10434 Mar 22 --6i 10434 10514
Temporary 8gs
1958 A 0 102% Sale 10212 102% 137 6614 7634
New River 1st gold
1932 A 0
7812
7634 20
,
8478 9412
32! 9
Mob & Ohio coil tr g 4s
N & W Ry 1st cons g 4s
743 oc9t325,3,
1938 M S 7514 84
1996 A 0 _9_2_34_ 2
89 97
98
July'22
____
92%
Mem Div 1st g 436s-52_1996 .1 J
Registered
1996 A 0
3 73 89
83
8312 90
8812
DWI 1st lien & gen g 48.1944 J .1 ___ 90 8812
St Louis div 1st g 4s
1951 J .1 77% 83 83
6412 97
97 June'22
10-25 year cony 4s
Ala Gt Sou let cons A 5s._1943 J D 9734 99
1932 J D
2 87 9334
93
93
9(2
8
)34 F
Aepbr:2
24
1
10-20 year cony 42
AtI & Cheri A L 1st A 43,63_1944 J .1 93 95
8_9- -8- -°
1932 M S
9 91 100
9978
10012 July'22 ---: -92(
2 106
1944 J J 99 9934 9912
10-25 year cony 4gs
1st 30-year 52 Ser 13
1938 M S
1 72 78
771e
7718
11512
7812
7718
117
.1
I
J
1948
)
8.10-year cony 68
4s
g
1st
11712
Deny
103%
11129 M S
Atl &
66 June'22 • ___ 60 661s
-8-6- 87 July'22 --- 84
Pocah C & C joint 4s_1941 J D:
1948J J 60% 67
2d 45
8812
7534 82
7912
1949 A 0 7913 80% 7913
C C & T 1st guar gold 5s1922 J J:
AU dr Yad 1st g guar 4s
9334 9712
9714 June'22
1930J .1 9912
Seto V & N E 1st gu g 4s 1989 M Ni -91- -921; 8918 July-'22
ETVa&GaDivg5s
93 9812
9814 July'22
1956 M N 99
Northern Pacific prior lien rail-I
Cone 1st gold 52
9514
1938 M S 9514 -- 9512 July'22 -_- 93%
way & land grant g 4s
8912
1997Q J 8834 Sale 8812
E Tenn reorg lien g 58
6114 Aug 22 _-_- 58 63
8a,sJune'22 -6
- 84 8
-3
95
1946 A 0 6114 63
Registered
1997 Q J
1
91
Ga Midland 1st 3s
98% 10034
Wile- 637 65 I 25 60 65
1925 J J 100% 10112 10034 July'22 --_General lien gold 33
02047 Q F,
Knoxv & Ohio 1st g Se
_.
1538 star '21
62 June'22
60 62
a2047 Q F:
Registered
Mob & Bit prior lien g 5s_ _1945 J J 93%
2 75
-fi1e- 10838 10834 - 410 10534 110
1945 J J 82 ___. 74% May'21
Ref & impt 6s ser B
2047 J J i(13; giMortgaze gold 4s
66 88
8914
3 88 9014
1948 M N 73% - - _ 68 May'2:
2047J .1. 89 8913 891.1
Ref dc imp 43ss Ser A
Rich & Meek 1st g 58
94 101
24
802
191
9912
8418
99
9734
N
M
7914
May'22
s413
536s-1929
St Paul-Duluth Div g 42_1096 J D
So Car & Ga 1st ext
9914
9914 Aug'22 _ _ 97
___ 10338 July'22 -- --• 10334 109
1936 J J
N P-Gt Nor joint 6gs
Virginia Mid Ser E 52 _1926 M S 9912
,s 9513 905;4
1936 M N 99 99%
10014 101
1923 F A' 1501-2 --__ 10014 June'22
Gezeral 5s
St P dc N P gen gold 62
___
100
Aden
2003.8
--- 80 97
May'21.---Registered certifIcates 1923 Q A' Ws;
Vs & So'w'n 1st gu 52
.
____ 100 June'22
83 .01111013
as
74
1958 A 0 81
1st cons 59-year 5s
St Paul & Duluth 1st 5s_1931 Q F
I thilz 100
, 9412 83
97
86 May'22 ---- I 8234 86
---1968 J D 8512
W 0 W let cy gu 42___ _1924 F A 97 --- _
1st consol gold 4s
7718 771n
7718
__
May'22
1955 J J 8218
82 8514 Spokane Internet 1st g 5s_
1948 Q M
Wash Cent 1st gold 42
9778
92
432 June'22 --,-- 107 10834 Term Assn of t L 1st g 43,0_1939 A 0 9414 _. 977* July'Z -08
2 18
942381
03
Nor Pac Term Co 1st g 6s_1933 J J 19
5, 88% 9913
9912
84 • ,0 77 84
1944 F A 9812 9912 9912
1st cons gold 55
Oregon-Wash 1st & ref 4s_1961 J J 8338 Bale 83
5 764 8313
8112
19533 J 8218 8212 8112
1946 J DI 821: 83 83 Aug'22---- 75 8388
Gen refund 8 f g 4s
Pacific Coast Co 1st g 58
: 93
9334 94t
11 4313 9738
9718
971s
108
971s
93
0
A
10
00
5s_1930
g
gu
Ter
Bridge
Ji
93
J
1955
M
L
St
gs
4
f
a
1st
Paducah & Ills
7812 29, 76 85
77
4 8713 0100
98
96
2000 3 D 96% 97
Texas dt Pas 1st gold 52
1958 F A'
Paris-Lyons-Med RR Os
50
SO
991: 9934 9938
9938
8 9834 tr9;
82000 Mar 58 ___ 59 Feb'22
2d gold income 5s
Pennsylvania RR 1st g 48.-1923 M NI
791s 99
90
90
90
19313 J 8812 ____ 90
2 8712 921s
La Div B L 1st g 58
1943 M N 93 95
Consol gold 48
88
88
93
9312 93
Apr'22
8212 88
9334 35 851s 93;
W Min W & N W 1st gu 52_1930 F A 78
1948 M NI
Consolgold 4s
gs
91
10034 48
, 92125103
1980 F A! 100 10012 100
Tol & Ohio Cent 1st gu 52_1935 J J 97 9712 97 July'22 ..--- 90
Consol 4gs
95
9434 LA 9012 9438
927.3 May'22 - -Western Div 1st g 58
1935 A 0 942 97
1965 J D' 9312 Sale 93
General 4gs
19353 D 88 8912 8812 July'22 -- 813s 8812
General gold 52
1968 J D 10234 Sale 10178 10314 1.5 9312 10314
General 58
2 7512 93
111 I 23 10512 Ill
8112
Kan & M 1st gu g 4s
1990 A 0 97% 991: 8112
1930 A 0 110 Sale 11018
10-year secured 79
97
97 Aug'22 - - - 91
2d 20-year 5s
1927 J .1
• 1936 F A 110 Sale 10913 110341 2,19 10338 1104
15-year secured 6s
84
9212
9112'
1 86
9112 Tol St L& W pr lien g3321925 J .1 9014 9212 91 July'22
1942 M S 9112 9213 91%
Alleg Val gen guar g 4s
7134
87
56
29
8934---7112
4.
:
701
gold
Sale
May'22I
50-year
711:
0
A
A
87
87
1950
D R RR dr Bdgelst gu 4s g_1936 F
151 June'21
Coll trust 48 g Ser A
1917 F A
Pennsylvania Co-- -3134
8134 July'22 ---- 8134 8134
---82%
ctfs
3134
to
of
Feb'22
Trust
deposit__________
S
M
A_1937
reg
trust
Guar 3s coil
7712 85
8518 83
8478
-gil; 84; 8318
Tor Ham & Buff let g 4s___ki946
7214 83
Guar 33.'s coil trust Ser 13_1941 F A 85 . - 83 Aug'22
89 92
1928 j D 91%
9112 July'22
Ulster dr Del 1st cons g 58
July'221---- 75% 83
1942 J D 83
Guar 3362 trust ctfs C
6011
82 Aug'22
2 65
80%
6614
6614
42
g
refunding
0
Sale
A
82
1st
6614
82
1952
J
D__1944
Guar 33s trust etta
9634
88
92 Aug'22
9514 126 88
84% 9212 Union Pacific 1st g 4s
1947 J J 94% Sale 94%
1931 A 0 9113
Guar 15-25- year gold 4s
90
87 July'22 ---- 80 8814
June'22
Registered
8512
4
923
.1
J
1947
N
M
1952
E
Ser
ctfs
4s
guar
40-year
96
89
36'
867
8814
8538
4
95%
9512
May'22
95
cony
Sale
-year
J
J
1927
20
8012
8678
1942 M N
Chi Leb & Nor gu 4s g
8112
8912
8812
46'
8912
Dee'21
1st & refunding 48
82008 M S 8912 Sale 8915
1935 M N 9378 -CI & Mar 1st gu g 43,6s
13 192 105
91 Nov'21
---98
4
1043
perm
10411
Sale
10
-year
10412
secured
J
6s___1928
J
J
1942
A
Ser
CI & P gen gu 4362
4 834 8934
8918
8918
Ore RR & Nay con g 4s_ 1946.8 D 8918
1942 A 0 98 --- 104 De0.15 98 .004
Series B
9978 Apr'22
Ore Short Line 1st g Gs__ _1922 F A
1942 A 0 T712 ____ 9614 Feb'12 ---Int reduced to 336s
271 9012 10512
7938 -- 9012 Dec'12
105
104
5s
g
consol
J
1st
J
1916
sale
1041.
N
M
1948
Series C 31-12
. 10514
7
28
87
-7934
105
con
Guar
58
Jan'21
105 - Sale 105
1946.8
1950 F A
•
Series D 3s
9334 56' 584 9334
: -- 85
9212 Sale 9212
Apr'20
Guar refund 48
1929 J
1940 J .1 911
Erie & Pitts go g 3s B
9914
064
2
88
82
79%
99
gold
May'19
Nor
99
&
58
J
Utah
1926
10012
99
J
1940J
86
Series C
91% 95
9114 July'22 ---- 88
864 Feb'22 -- 8612
1st extended 42
1933 J
91%
9112
GrR & Tex lstgug 4gs_1941 J J 97 --- 98 June'22
784 8612
--Apr'22
4s
g
cons
Ser
F
88
A__1955
A
____
Vandalla
8533
98
98
N
M
1927
5s
Pitts Y & Ash 1st cons
_
:
oil
94
May'22
B
Jan'21
Series
7219
1957 M
Congo! 48
8533
92% 94
1931 J J
Tol W V & 0 gu 4362 A
-4714
3912 3812 3512 July'22 -- 15::
Vera Cruz & P 1st gu 4 Vol__ _1934 J
1933 J J 9334 ---- 82 Dee'20
Series B 4A
64 .45,4 99
99
Virginian 1st 5s Series A_ _1962 M N 98 Sale 9054
1942 M S 83 ---- 77 Sepe21
Series C 43
98
9 93% 1(10
3
98
9532 -9912
1939 M N 9912 Sale 9912
Wabash 1st gold .58
-681-2 98
PC C& St L gu 4 gs A_1940 A 0 9538 - 8112
98
1 88% 98
9012
98
1939 F A 89% 9012 9038
903s
5. 6712 6711
2d gold Ss
1942 A 0
Series B 436s guar
672 July 22
8918 91%
1st lien 50-yr g term 4s___ _1954 J J
1942 M N 9538 9712 91% Apr'22
9614
91
Series C 4s guar
J J
90 /slay'22 ---- 74
8414 9112
Det & Ch Ext 1st g 5s_
1945 M N 8918 _--- 8812 Apr'22
74
Series D 48 guar
91 ---- 91 Aug'22 -- 8913 91
Des Moines Div 1st g 4s_1939 J J 7538 ____ 74 May'22 ---Series E 330 guar gold 1949 F A 91%
66%
38
6
6n
.
8914
3362
0
June'22
g
A
1st
1941
6618 69 6634 July'22 -84
021s
Om Div
Series F guar 43 gold ,..,1053 J D 9134 - - -- 80
79%
1
7712
g 4a
7712
1941 M S 7618 80
Tol & Ch
May'211---1957 M N
4 81
1
72/
Series G 4s guar
96
90 Aug'22
95
1945 F A 81118
- 8912 96
8034 July'22 -- 85
Wash Term 1st gu 3363
85
Series I cons guar 430_1963 F A 99 Sale 99
48
9918
1945 F A 8812 _ _ _ 8690 99%
1st 40-year guar 4s
1970 J D
General 59 Series A
- 100 May'22
1952 A 0 6638 6(112 66
6612! 4 5811 6714
:
99 10018 'Vest Maryla• d 1st g 42
1932 A 0 1001
C St L & P 1st cons g Ser
19373 J 98 99% 08 July'22,-- -- 95 190
92 ---- 897 June'22
89% 92
est N Y & Pa 1st g 52
Phil:I Bait & W 1st g -0_1943 M N ---801s
1943;A 0 78% 80 1 78 July'22,--„ 724
- 8012 June'21
4s
gold
S
M
Gen
1944
4s
84% 9844
gen
Can
&
RR
J
N
U
9712
99
24 -96% 99
.: 21 92% 99
1946 M 8 8578 8812' gg
4 99
Western Pat 1st Ser A 5s
Pere Marquette 1st Ser A 52..1956 J J 973
1
8218
861-I
98
2
843
%
811
93
0
1926IA
55
2
g
98 ____I 98
AVheelins & L E 1st
76
83
1956 J J
4 9742
1st Series 13 42
511, Sale 81'2
g3 Aug'22 -- 893
15 4118 69
52
93%
Wheeling Div 1st gold 5s 1928,J
Philippine Ry 1st 30-yr s I 4s 1927 J J 97 ---- 100
92
89
1930 F A 935 _ __ 92 June'22
Mar22
Esten & Impt gold 58
9534 1(10
1940 A 0
694
52
Pitts Sh & L E 1st g 52
40
69141
6834 691. 69
Refunding 436s Series A_ _ _1966 M
1943 J J 99 ---- 9714 Deo'17,---764
1st consol gold 55
3 g2
76;
1949 M St 75
761s 70
1
RR 1st consol

itifs

-a.;

•No Moo Friday; latest bid and asked this week. a Due JAIL




Due Feb. eDna June. ilDno July. k Due Aug. oDus Oct. soDue Nov. 42 Duo Leo. @Option sale

New York Bond Record—Concluded—Page 4
Price
Friday
Aug. 11

BONDS
N. Y. STOCK EXCHANGE
Week ending Aug.4
Winston-Salem S B let 45_ _ -1960'S J
WM Cent 50-yr 1st gen 4s_ _ _ _1949 J J
Sup & Dui div & term 1st 4s '361M N

81d
Ask
8112 _--83
85
8014 __--

Week's
Range or
Last Sale

t*I

Range
Since
Jan. 1

Low
High No. Low
814 July'22
77
82
11 7412
83
8014
8014
7518

High
80
83
81

Street Railway
63
Brooklyn Rapid Tran g 53_ _1945 A 0 62 64 63
2 31
6478
57
5578 Aug'22
let refund cony gold 48_ _ _ _2002 J .1 56
3512 64
3-yr 7% secured notes_ _ __k1921iJ .1 83 Sale 83
8312
58
88
Certificates of deposit82 8212 82
8212 10 5812 87
78
7914 79
Certfs of deposit stamped_ _ _ _I
5 54
7934
8378
Bklyn Un El 1st g 4-58_ _ _1950 F—A 8358 84 84 Aug'22
75 8612
1950 F A 8334 8478 84 Aug'22 _ _ 7512 86
Stamped guar 4-5s
77
7412
Kings County E 1st g 4s 1949 F A 74
7412
1 64
75
76
1949 F A 75
Stamped guar 48
73 Aug 22 __ _ _ 66
76
Nassau Elec guar gold 4s_ _1651 J J 5034 5112 5012
5112 11 27
5312
1927 F A 8178 Sale 7958
Chicago Rys 1st 5s
8212 354 87 85
7612 June'22
Conn Ry & L 1st & ref g 4Hs 19513 J 8078
7612
75
1951 J J 81
73 Apr'22
Stamped guar 4 -is
_ 7034 73
1932 J J 83
8378 83
8334 21 8312 85
Dot United 1st cons g 41-ss
58
Ft Smith Lt & Tr 1st g 5s_ _ _1936 M S 56
Jan'20 --- --1212 26 --gra 21
Interboro Metrop coil 4 hs_1956 A 0 1212 Sale 1238
13
12
1214
Certificates of deposit
1212 35
734 1834
Interboro Rap Tran 1st 53__ _196613 J 6912 Sale 69
7014 452 54
753s
79 Sale 79
7912 23 76,4 7912
10-year 05
9612 9614
1932 __ 96
78
9638 27 9312 97
Nlanhat Ry(N
69
cons g 4s 1990 A—0 665s 6838 68
17 5712 70
1990 A 0
Stamped tax exempt
6758 May'22
'
1 712 6752
s013 J D 56
60 60 July'22 2d 45
4834 67
4 6412 84
84
Manila Elec Ry & Lt 5 f 58_1953 M S 7818 84 84
89
Market St Ry 1st cons 5s_ _ _ _1924 M S 89 Sale 8734
61 81
92
1924 A 0 94 Sale 93
94
5-year 6% notes
18 9034 97
Metropolitan Street Ry—
1
B'way 3.s. 7th Av 1st c g 55_1943 J D 7312 7712 72
72
72
71 50
22
20 July'22 ___ 1712 25
Col & 9th Av 1st gu g 5s_1992 M S 20
49
20 39 50
Lex Av & P F 1st gu g 5s1993 MS 4818 53 49
9714 July'22
Milw Elec Ry & Lt cons g 58_1926 F A 9714 _
9714 9714
Refunding & exten 4 Hs_ _ _1931 J J 90 Sale 8634
90
90
Montreal Tram let & ref 5s 1941 J J 8713 8812 88
8884 10 11 4
New Or! Ry & Lt gen 4 Hs_ _1935 J J 61 • -- 50 Feb'21
34 Dec'21
N Y Munic Ry 1st s f 5s A_1900 J J 63
3812 Aug'22
N Y 'Ors 1st R E& ref 4s__ _1942 J J 3738 38
.
16.1; -4-41-2
3012 Sale 3612
37
Certificates of deposit
27 24
44
9
11
11
18 512 15
al9421 A 0 10
30-year adj Inc 5s
934 814
Certificates of deposit
9
9
15 434 1312
68
2 6112 72,8
N Y State Rys let cons 4 Hs_1962 M N 6818 7078 68
9512 37, 95 9712
9512 Sale 95
Nor Ohio Trac & Light 0s_ _ _1947 M
Portland Ry 1st & ref 5s_ _ _1930 M N 83 8812 8612 July'22 ..— _1 81 88
86
87
87
3 7812 90
Portland Ry Lt & P 1st ref 55 1942 F A 86
103
10 102 106
1st & refund 7 Hs Ser A _ _ _1946 IN N 154 Sale 103
- 8812 June'22
_1 8812 8812
Portland Gen Elec 1st 5s...1935 J J 8834
8512 38 73
Pub Serv Corp of N J gen 5s_1959 A 0' 85 Safe 85
8512
6438
(3412 34 5818 68
1900 J 51 6413 66
Third Ave 1st ref 4s
Sale
64
6412 70 444 65
al960 A 01 64
AdjIncome 5s
9514 95
95
2 88 96
1937 J J 95
Third Ave Ry 1st g 55
1923 A O 100 1004 100 Aug'22 ____ 98 10034
Tr' City Ry & Lt lets f 5s
85 ---- 73
Jan'22
73 73
Undergr of London 4 Hs_ _ _ _1933 J
64 June'22 ____ 80 6418
1948 J J
Income 6s
8812
6 75
8712
87
United Rys Inv 5s Pitts issue 1926 M N 87 88
514 63
United Rys St L let g 4s_ _ _1934 J ji 6034 6112 63 Aug'22
58
May'22
6912
5618
____
O
58
58
A
_1924
St Louis Transit cu 5s_ _ _
787
5 72 8012
1934'S J 7718 80121 7884
Va Ry Pow 1st & ref ris
Gas and Electric Light
1934 A O
Am Wat Wks & Elec 5s
Bklyn Edison Inc gen 58 A 1949 J .5
1930 J J
General 6s series 11
1930 J J
General 7s series C
D
General 7s series D
1940
N
Bklyn Un Gas 1st cons g 53_1945
A
1942
Canada Gen Elec. Co Os
Cincin Gas & Elec 1st & ref 5s 1956 A O
Columbia G & E 1st 55
1927
Stamped
1027 J .1
Columbus Gas 1st gold 55_ l932 J J
F
Consol Gas 5-yr eons,78
1925
Detroit City Gas gold 55_ _ _ _1923 J
Detroit Edison Ist coil tr 5e.1933 J J
let & ref 5s ser A
k194(i M S
let & ref 65 series B
k1940 M S
Duquesne Lt 1st & coil 6s_ _.1949 J J
Debenture 7s
1930 J J
Empire Gas & Fuel 7 qs_ _ _ 1937 M N
Great Falls Power 1st s f 5s...1940 M N
Havana Elec consol g 5s
1952 F A
Hudson Co Gas 1st g 5s
1949 M N
Kings Co El L& P g 58
1937,A 0
Purchase money 6s
1997 A 0
Convertible deb Os
1925 M 5
Ed El III Mtn 1st con g 43_1939
Lac Gas L of St L ref & ext 5s 1934 A 0
Milwaukee Gas L 1st 45
1927 M N
Montana Power 1st 5e i_ _ _1943 J J
N Y Edison 1st & ref 6 tss A _1941 A 0
NYGEL&Pg 5s
1948J 13
Purchase money g 45
1949 F A
Ed Elec III 1st cons s 5s_ _A995 J J
Niagara Falls Power 1st 5s_ _1932 J J
al932 A 0
Ref & gen 65
Mae Lock & 0 Pow 1st 53_ _194 M N
Nor States Power 25-yr 5s A _1941 A 0
1937 M N
No Amer Edison (is
Ontario Power N F let 5s_ _ _ _1943 F A
1945 M N
Transmission
5s_
_
_
_
Ontario
Paclfle G & IS Co—Cal G & E—
Corp unifying & ref 5s___ _1937 M N
Pacific 0& El gen & ref 5s_ _1942 J J
Pac Pow& Lt 1st & ref 20-yr 5s'30 F A
Poop Gas & C 1st cons g 6s.. _1943 A 0
1947 M S
Refunding gold 58
Ch G L & Coke 1st go g 5s_19371J J
Con G Co of Ch 1st gu g 53.19361J J
Mu Fuel Gas 1st cu g 53_ _1947 M N
1944 F A
Philadelphia Co 6s A
Stand Gas & El cons,s f6s_ _ _1926,5 D
Syracuse Lighting 1st g 55_ _1951 .1 D
1949 IN S
Trenton G & El 1st g 5s
Union Elec Lt & P let g 5s__ _1932 M S
United Fuel Gas let s 1 6s_ _ _1936 J J
Utah Power & Lt 1st 55
1944 F A
Utica Gas & Eke ref Se
1957 .1 .1
Wash Wat Power s 1 5s,
1030 J J
West Penn Power Ber A 5s_ _ _1946 M S
1st series D is
c1946 F A

81121 81
8114
6I 70 8234
81
18 897s 96
90
96
9614 9414
7 100 10312
102 10212 10238 10238
105 106 105
10578
3 102 10712
10758 10778 10712 10712
2 10612 10878
11 8712 99
98
98 Sale 1 97
17 101 10334
10134 102 110114 102
9712 96
9814 15 92 9814
97
sale 9534
9534 S
96
97
9512
96
16
8 j 884 9
8534 ____ 75 Elapt'21
_ 12412 Aug'22 ____' 103 125
5 93 10038
10038
11/038 1011-4 1003/1
2 93 9978
9838
9838
9858 99
9712 17 8914 9712
9612 95
96
42 9912 104
104
103 10358 103
10312 104 103
103711 62 100 104
10678 107 10652 10734 31 10434 10784
9812 9838 9812
9858 151 98 9884
100 Sale 100
100
13 9412 100
9112 85
8512 27 7714 92
90
89,90 Aug'22 --__• 8512 90
9734 ___71 9758
9758
4 9112 98
109 110 110
110
1 10612 11112
10538 ____ 10514 Apr'22 __ 98 107
_ 11 8118 8312
8658 -„-1 8314 May'22
92
1 ' 86
9214 93 1 92
9314
9212 9278. 927.3
7 874 93
9278
98 Sale , 9712
99
35 OS
98
11134 Sale J11034
112
62 10534 112
99
9914 9918
9914
4 9258 9934
8214 8234
82
83
8312
2 78
10118 -___ 10112 Aug'22 ___• 10012 10153
100 10012 100
10014
7 94 101
10418 Sale 10418
7 10012 10444
10418
9538 7- -_ 9534 June'22
95
953,
9112 sale 91
9112 13 8812 93
9234 Sale 9212
93
280 90 93
9512 ____ 9512
99
9512
1 90
79
91 12 ---- 9112 July'22
9112
9658 9758 95
9778
7 93 9778
9114 Sale 9078
9134 921 87 9214
9018 9012 90 Aug'22 ___1 8734 94
104 105 105 July'22 ___110114 105
9118 92
9012
91
5 85 92
95 May'22
89 95
95 97
92 May'22 ____ 92 92
9014
7812 7812
8758 ---- 7812 June'22 _ _
994 Sale 9918
9912 98 9612 9912
1 924 9812
96
97 96
90
85
92
921s -- 91 July'22 _
8312
_ 73 June'21
4 -901.2 -961;
9614
9314 -- - 9614
9 9314 9834
9714
9034 9714 9658
9114 30 8712 9384
9114 9012
91
91 June'22
8434 91
9012 _
9054
95
9612 _ _ _ 9634 June'22
4 89 9334
9338
94 - - 9328
104 10412 10438 July'22 ____1103% 10152

BONDS
N. Y STOCK EXCHANGE
Week ending Aug. 11
Cent Leather 20-year g 5s__.._1925 AO
Computing-Tab-flee s f 0s_.1941 J 3
Corn Prod Refg s f g 58
1931 MN
1st 25-year s f 55
1934 MN
Cuba Cane Sugar cony 7s_ _1930
_
3J
Cony deben stamped 8%
Cuban Am Sugar 1st coll 88_ _1931 1-17
Diamond Match 5 f deb 7%8_1936 M N
Distill Sec Cor cony let g 58_1927 A 0
E I du Pont Powder 4Hs_ _ _ _1930 3D
du Pont de Nemours & Co 7e'31 MN
Fisk Rubber lets f 88
1941 MS
Frametic Ind & Dev 20-yr 73.s'42 35
General Baking 1st 25-yr 68_ _1936 3D
Gen Electric deb g 35s,
1942 FA
Debenture 5s
1952 MS
20-year deb (3s
Feb 1940 FA
Goodyear Tire & Rub let s I 8s'41 MN
10-y.ar f deb g 8s
e1931 FA
Holland-American Line 6s _1947 MN
Jot Agric Corp 1st 20-yr 55_ _1932 MN
Internet Cement cony 8s____1926 3D
Inter Mercan Marine e f 6s_ _1941 A0
International Paper 55
1047 35
1st & ref 55 B
1947 35
Kayser & Co 78
1942 FA
Kelly-Springfield Tire 8s
1931 MN
Kinney Co 7348
1936 S D
Liggett & Myers Tobac 7s__ _1944 AO
5
.
1951 FA
Lorillard Co (P) 78
1944 AO
5s
1951 FA
Manati Sugar 7Hs
1942 AO
Morris & Co lets f 4s
1939 J 3
Nat Enam & Stampg let 5s_ _1929 3D
Nat Starch 20-year deb 5s__ _1930 53
N Y Air Brake 1st cony 6s__ _1928 MN
N Y Dock 50-yr 1st g 4s
1951 FA
Packard Motor Car 10-yr 8s_ _1931 AO
Porto Rican Am Tob 8s
1931
N
South Porto Rico Sugar 7s__ _1941 J D
Standard Milling let 5s
1930 MN
Tobacco Products 5 f 7s
1931 S D
Union Bag & Paper 1st 5s_ ,.1930• J
Union Tank Car equip 7s_ __ _1930 FA
United Drug cony 88
1941 3D
U S Realty & I cony deb g 58_1924 5 .1
U S Rubber 5-year sec 7s___ _1923 S D
let & ref 55 series A
1947 35
10-year 73-is
1930 FA
Va-Caro Chem 1st 15-yr 55_ _1923 S D
Cony deb Os
e1924 AO
7s
1947 S D
12-year s I 730
1932 MN
Warner Sugar 7s
1941 S D
Electric
West
let 5s_ _Dec 1922 J J
Westinghouse E & M 7s
1931 MN
Wilson & Co 1st 25-yr s f 6s_ _1941 AO
10-year cony s I 6s
1928 S D
Temporary 71-e
1931 FA

747
Price
Friday
Aug. 11

Week's
Range or
Last Bale

c,

Range
Since

1:1 I

h No, L9
ow
3i, H
H
98
igks
9ig
91h
4
51
27 89
97 Sale 9O1e
97l
9712
9912 ....„ 994 Aug'22 ___- 95
99
10134 -__- 1014 July'2_ ---- 96 10138
218 60 91
91
894 Sale 89711
5413 95
93 Sale 512
107 Sale 105% 10
95
712 13073 10112 1071
:
10734 10818 10784 10823 43 107 11012
lj 33
48
5312
4518 46 1 40
11
8711
95
95
____1
95
9018
10734 1077s 10712 10813 97110318 10812
10
97
7
5
45
0061
3 99
106 10634 19
578 108
214
3
,
-(1978 100 1 97 Apr'22 --9312 97
2 7034 81
8012
7918 81 1 8012
10114 103 10114 102 • 18 95 102
107 108 107
1081s 26 103 109
11814 132 1104 117
11312 11334 11212
9834 99 , 98/2 10112 3831 9784 10314
40 88 9414
90
89 Sale1. 89
8012 10 • 7212 82
80 8012 80
110 108
110 102 11634
108
9614 Sale 9534
97
1721 89 9912
Sale 87
8734 29 88 8812
887182
71 Salle 8612
8712 143 834 88
104 105 104
105 1 20 102 108
108 Sale j108
109 1 39 10178 110
9834
3 9684 9834
9711 98 1 9834
11612 119 '11612 117
34 112 117
100 - --- 100
10038 32 j 914 10038
11312 11612 11514
116
71'112 11612
99
9934 9958
100
41 921s 100
9878 Sale 9812
9918 72 9718 1004
861s 87 8612
87
11' 78
8784
9612 ____ 9634 July'22 ----I 924 97
9218 ____ 95 Aug'22 ---- 95 95
101 101 12 10118
10114 10 97 1014
8058 Sale • 7934
8058' 2 76
8058
10714 Sale 10714
10712' 16 98 10814
10312 saie 1034 10334 .
1
10214 Sale 101
1024 42 9
94
9 41
10
02 4
9714 -___ 9714
9714
1 96
9712
10612 Sale 10312 107
231 971 107
102 -___ 10434 June'22 -881s 1047s
10312 Sale 10312 ' 104
23 10134 105
11014 111 11014
11118 33 104 112
41 , 92 97
9634 97
9634
97
10214 10238 10214
10238
4 10012 10412
9034 Sals • 9012
907s 168 1 86 91
10814 10812 1074
10812 28 104 10934
10014 10038 100
10014 19 93 10112
100 Sale 100
100 J 26, 92 102
985 Sale 1 98
s
10558 10534 10512 11915
8711
34 34
75
1 98012 19
09
54
7
103 Sale .103
104 1 23 9912 104
10018
10018' 10 99 10012
i0814 Sale 11077s
10812 72 105 10812
100 Sale 9934 10914 106 93 100,4
9414 9484 93
9018 '242 84
961,
10634 217 9412 10712
1054 Sale 1104

Bid
981s sa
Ale
sk Lose
,734

Oils
Atlantic Refg deb 63s
103121 59 1027s 105
1931 MS 10314 10384 102
Invincible 01188
9634
9634 9314
3, 90 9853
1931
S 95
!garland Oils f 8s with war'ts 1931 AO 119 Sale 119 Aug'22
8434 126
Mexican Petroleum s f 8s_
24. 99 10712
I 06
1936
N 10538 Sale 10554
Pan-Amer P & T 1st 113-yr 7s_1930 FA 101 Sale 10034
10114 10 9412 103
Pierce 011 5 1 8s
1931 J D 9634 98 96
98
9 944 10258
Prod & Ref s I 8s(withwarts11931 S D 1102 Sale 10834 10834
5, 99 11578
Sinclair Con Oil cony 75is_1925
10438 259 98 1083s
N 10418 Sale 104
15-year 7s
1937 MS 99 Sale 9834
994 228 98 10012
Sinclair Crude Oil 534s
239 98 9934
1925 AO 9878 Sale 9838
99
Standard 011 of Cal 78
a1931 FA 100 Sale 106
10614, 38 10514 1074
Tide Water Oil 13H5
10384 116 100 1013s
1931 FA 10314 10312 10314
Mining
Alaska Gold M deb Os A
1925 M S
Cony deb 6s series B
1926 M S
Am.Sm & R 1st 30-yr 5s ser A 1947 A 0
Braden Cop M coil tr s f 6s_ _1931 F A
Cerro de Pasco Cop 8s
1931 .1 .1
Chile Copper 10-yr cony 73_ _1923 al N
Coll tr & eons,Os ser A.._ _ _1932 A 0
Granby Cons M S& Peon 6s A '28 M N
Stamped
1926 1W N
Cony deben 88
1925 1W N
Tennessee Cop 1st cony 6s
1925 81 N
U S Smelt Ref & M cony 6s_1920 '
11 A
Coal, Iron and Steel
Beth Steel 1st ext ef 5s
1920 J
1st & ref 5s goat A
1942 M N
20-yr p m & imps 1 5s
19363 J
Os A
1948 F A
Buff & Susq Iron s f 58
1932.8 D
Debenture 5s
al926 1•1
Colo F & 1 Co gen s f 5s
1943 F A
Col Indus 1st & coil 5s gu_ _ _ _1934'F A
Cons Coal of Md 1st & ref 5s_1950 J D
Elk Horn Coal cony Os
1925'5 D
Illinois Steel deb 4Hs
1940 A 0
Indiana Steel 1st 58
1952 M N
Lackawanna Steel 1st g 5s__ _1923 A 0
1st cons 55 series A
1950 M
Lehigh C & Nav s f 4 Hs A _ _ 19543
J
Midvsle Steel & 0 eonv s f 5s_1936JM S
National Tube 1st 55
1952 M N
Otis Steel 8s
1941IF A
Pocah Con Colliers 1st s f 58_19574
J
Reimb I & S 10-30-yr 5s s f_..1940, A 0
St L Rock Mt & P 5s strand_ _1955`.1
Sharon Steel Hoop 1st 8s ser A1941,M S
Steel & Tube gen s f 78 ser C_195I1J J
Tenn Coal I & RR gen 5s_ _ _19511J J
US Steel Corp I C0110______ d1963 M N
5 10-60-yr 551reg
61963 M
Va Iron Coal & Coke ia g -58_1949 M
Wickwire Spen Steel let 7s_ _19351-Telegraph and Telephone
Adams Express con tr g 4s
1948 m S
Am Telep & Teleg coll tr 4s_ _1029 J
Convertible 4s
1936 M S
20-year eons, 4Hs
1933 ni s
30-year temp coil tr 5s
1946,3
7-year convertible 6s
1925F A
Bell Teleph of Pa s f 7s A _ _19451 A 0
Cent Dist Tel 1st 30-year 58_ _1943,J D
Commercial Cable 1st g 48.., 2397Q
Cumb T & T 1st & sen
Mich State Teleph 1st 5s_ _ _ _1924 F A
N Y Telep let & gen s f 4148_1939 M N
30-year deben 5 1 6s_ _ -Feb 1949,F A
213-year refunding gold 6s_ _194I,A
Northwest'n Bell T 1st 7s A..1941 1F A
Pacific Tel & Tel 1st 5s.
193715 J
5.
1952 MN
South Bell Tel & T lets f 5s_1941'5
Western Union coil tr cur 5s.._1938
J,
Fund & real estate g 47's _195() M NJ
15-year 654s a
1936 F A

912
912
10
9
1 9
1212
613 878 612
612
2 6
107„
944 9514 9414
9312 51 13812 954.
9914 100 9914
99ss 32 93 10018
12712 105 110 12712
125 126 12158
10412 105 10438 10512 33 99 1074
93 1 65 84
92"si 93 9218
93
86 July'22 ----I 87 90
8558 90
- 87 99
8734 94 94 June'22
9912 100 99
9912 39, 86 102
9912 100 100 July'21 ----' 9212 101
11 9512 10358
101
10188 102 101

9914 34 9518 100
9914 Sale 99
95
9612 96
9612 19 8912 100
9258 29 86
9258 Sale 9178
94%
92 , 98 100
100
100 Sale 99
___
_00
- -_-_-_1 1
:2
21 .
0 A upgr.
78
_9_0_ _ :
. ::
.7 10

sm. ___.. ma

90121

7712
990778

78 1

785
77
91
9782 Iil_a_l_e_

loci -

1 82 9112
13 71
7912
92
14
_80_1 90
8612 10

Aug'22
9134 13
9118 9134 9118
101 1 97 j
10012 Sale 10014
100121 34
100 Sale 100
90 1 33
90 Sale 8912
95 -___ 94 June'22 --I
8912 34
89 Sale 8884
10912 22
10014 10034 100
44
101
100 101 100

8812 93
964 10112
9334 10012
82 9272
90 94
83 9224
9458 10012
964 103

94
92
114 33
7
1 8
1
99
0 9
le 93
94
1114
8 S9
a2
8218 8013 82 July'22 .._ II 73 8772
9834 13 934 100
9834 Sale 9812
10114 Sale 10012 10118 25 97 102
100 1004 100 Aug'22
il 9612 100
10418 Sale 10378 10412 86 9912 10412
103 1
11139 103
-- _ _ _ 103
9478 9212 July'22,,_ 11 87
93
9234
9454
9934 Sale 9954 100 14 97 10114
1
80,2
804
7 75
6014 8078 8012
93 9312 9212
9378 173 8614 9378
8758
8714 8734 8 84
3 8014 87
101 12
10112 Sale 10018
3 9534 1113
904 188 9112 9924
9934 Sale 9918
116
184 101; 1164
11558 sale 115
10814 35 107 112
108 Sale 107
9934
9, 9718 100
9934 Sale 9958
70
7514 75
75
7512 12' 72
94
11 8812 9414
9438 94
94
6_1, 9
884
4,
34 9
99
5134
9834 9914 9814 Aug'22 __0
9534
9512 95
95
10712 24 10131 108
107 108 107
17
35 199
19
08
634 131
34
8
0117
7s 1;6;
07812
9aIe 10
73
14 8
19
06
62 10512 10834
103 Sale 1077s 108

Manufacturing & Industrial'
9912
11 9914 10314
Ajax Rubber 89
1936 J ID 9912 9934 9912
9812
5 814 9812
Am Aerie Chem 1st
I928 A 0 9512 ____ 98
10434 22 100 105
1st ref s f 730 g
1941 F A 1044 sale 104
93
14 81
91
Arn Cot 011 debenture 5s_ _ 1931 M N 89
8934 8913
Am Dock & Impt en (is
1, 107 107
10818
. 107 Mar 22
1936 J
104
137 9712 10414
American Sugar Refining 6s_ _1937 J J 10334 Sale 10314
Am Writ Papers f 7-6s
884 13 8078 88
1939 3 J 8614 8612 8512
Armour & Co 1st real est 4 Hs 1939 .3 D 9078 Sale 90
9114 177 864 94
Atlantic Fruit cony deb 78 A_1934 J D 3812 39
17 2312 504
381.
39
Atlas Powder cony 7s g
1 102 1097s
1044
10418
1930 F A
Baldw Loco Wen Its 1st 5s
10312
6 9918 10312
1940 M N 10358 Sale 10314
Bush Terminal 1st 45
— 1952 A 0 8414 8518 8278 July'22 ___11 774 854
4
9
09
088
31s
024 19
92
2
5 8
2 10
9
999
978
Consul 58
%34
9 '2
S-:11-e- 1
3
8S
912
.1919831
8878 Aug'22 ____ 8214 924
1955 J .1 89 91
Building 5s guar tax ex_
9334
9312 95 934
7 8614 93
94 1
SO
1960 A 0 9312 96
21
10612
112
112
1104
Cent Foundry lets 1 Os
Sale
88
76
5
11214
1
84
8312
1931 A 0 83 84
•No nriee Friday: latest bid and asked. aDue Jan. dDue April. eDee Mar. eDue May. gi Due June. hDue July. kDue Aug. oDue Oct. eDue Dee.•OntInn sale.




BOSTON STOCK EXCHANGE-Stock Record sere,?tspage

748

HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT
Saturday,
Aug. 5.

Monday,
Aug. 7.

Tuesday,
Aug. 8.

Wednesday,1 Thursday,
Aug. 9.
Aug. 10.

Friday,
Aug. 11.

Sales
for
the
Week.

STOCKS
BOSTON STOCK
EXCHANGE

Railroads
Boston & Albany
100
146 146
146 147
147 148
146 14612 14612 14613 14512 146
Boston Elevated
100
8312
8312 83
83 834 83 8312 83 8312 8314 8312 83
*99 100
*99 100
100
Co pref
*99 100
*99 100
99
99
*99 100
100
117 117 *117 118 *117 118
Do 1st pref
117 117
118 119
*117 119
10312 104
Do 2d pref
100
104 104
104 104
104 10412
*103 104 *103 104
4 27
Boston & Maine
100
26,
4 26,
2712 26,
2614 264 27
27,
4 2612 2714
4 27
100
Do pref
33
31
31
34
34
334 3312 *31
*31
34
*32
*33
38
3912 *3814 40
100
39
Do Series A 1st pref
39
40
*3814 40
*39
3912 *39
57
56
58 *56
_ *56
Do Series B 1st pref_ _ _ 100
57
____
5412 55
*54
58
5014 5014 5012 5012 _--- ---Do Series C 1st pref_._100
52
*5014
*5014 - --- *51
Do Series D 1st pref..100
70
71
70
70
71
70
70
72
70
*70
*162
Boston & Providence
100
162 162
*160
*160
•160
East Mass Street Ry Co 100
2412 2412 2312 2-41i 24 -24-14 2312 24
-ii- 13-1;
*2412 15
69
69
100
69
*69
Do 1st pref
69
70
70
*69
70
70
5612 *55
5612 *55
Do pref B
Last Sale 5534 -Aug'22
62
100
564 *55
*56
4012 41
42
4012 41
100
42
*40
42
Do adjustment
42
4214
116
42
*39
4138 4312 *41
*41
44
100
*42
40 Maine Central
4312 *41
*42
45
4312
3112 32
31 -3-1-14 31
100
1,157i N Y N H & Hartford
3134
31% 31% 3112 32
*78
77
*76
77
*76
77
77
5, Northern New Hampshire_ 100
77 ;76- -ii-I
80
*76
96
94
*94
9512 9513 96
95
96
1221 Norwich & Worcester pref_ 100
*95
,
4 97
*94
96
100
91
90
90
90
90
*8812 90
90
90
90
69 Old Colony
90
90
*42
*43
*4212 47
Rutland pref
100
45
47
Last Sale 43 July'22
*42
46
9912 9912
100 100 *10312 104
*98 100
14 Vermont & Massachusetts_100
Miscellaneous
10
Amer Oil Engineering
Last Sale .04 July'22
25
-33-4 --A -;3i4
490 Amer Pneumatic Service
- -178 -312 --3-5; --334 -I34 *358 378 *358 378
50
*19
20
20
20
*19
20
19
19
Do pref
19
415
2014 -- -12218 12214 12218 12212 1223 1228 12212 12278 12212 12234 12212 112-34 3,075 Amer Telephone & Teleg_ _ 100
113 113
11312 11312 113 11314 113 113
No par
113 113
170 A moskeag Mfg
113 113
*8612 ___
86
8518 *8612
864 8612 *8614
Do pref
No par
*8612
13
*16
1711 *15
1712 *15
1712 *1512 17
Art Metal Construe Inc.. 10
Last Sale 15 July'22
____ __
*1612 18
*1612 1712 16
17
17
17
No par
60 Atlas Tack Corp
.25 .25
10
Beacon Chocolate
'
1 .25 .30 - - - - - - - - 30 *.25 .35 -*-13 --;.-30 --.io --.25 -Tin -;.-2-5 --.5L '
.36 2,000 Boston Mex Pet Trus_.No par
_
Last Sale .15 July'22
Century Steel of Amer Inc_ 10
2514 *24
;24-34 -2512 2514 2514 *24
25
*24
2514 2414 244
10
40 Connor (John T)
Last Sale 4
10
East Boston Land
*34 44 *312 414 *312 414 *312 414
July'22
*712 8
712 8
*712 8
*712 8
*712 8
Eastern
Manufacturing_
_
_
5
30
65
5
2
4
6g1
12
4
67
83
6912 70
69
69
70
70
70
70
70
70
25
Eastern SS Lines Inc
457
*45
Last Sale 457 Aug'22
4578 *45
4578 45
4578 45
Do pref
50
179 180
180 180
180 180 180 18012 17912 180
154 Edison Electric Ilium
100
179 17912
12
*1212 1278 *1212 1278 1234 1234 1212 1212 12
345 Elder Corporation
No par
*35
36
354 3512 *36 ____ *36
____ 364 3612 -5i- -thi.143 Galveston-Houston Elee_ _ 100
*1012 11
11
1114 11
11
1014 11
555 Gardner Motor
*1034 11
No par
1012 1012
19
272 Greenfield Tap & Die
*181,3 20
1834 1918 .1812 1834 1814 1834 19
19
1914
*4712 4812 *47
314
112 04
2
49
420 Hood Rubber
par
50
50
48
4818 48 4812 48
31
314 3112 31
32
499 tnternat Cement Corp_NNoo
32
3314 3314 3158 32
___
M
29 *__ __ 29
28
5 Internat Cotton ills
* __
29
29
50
28
Do pref
-6212 ---64
60- 60
*60 62
81
6212 64
6212 -.- _ _ _ _
Last Sale 314 July'22
_88 Inteo
rnatToental Products_No par
5
*3
412 *3
412 *al2 5
*3
Last Sale 912 July'22
Do pref
*914 15
100
*914 15
*912 15
*912 15
.75 .75 _ i..
.75 .80
.75 .75
7.8 __i_
1,525 Island Oil & Transp Corp__ 10
.75 .80
.80 .80
77
8
734 78
8
8
7
,
4 7%
162 Libby, McNeill & Libby__ 10
78 77
*914 10
914 912 *914 10
914 10
110 Loew's Theatres
25
914 912
78
79
78
78
7734 78
78
79
78% 79
328 Massachusetts Gas Cos .100
-'7§- -i6*68
69
Do pref
6814 69
100
68 69
68 69
6712 69
6814 70122
15112 15112 153 153 *151 15234 15212 15212 *1514 15212
•15112 153
60 Mergenthaler Linotype__ _100
10
22
2214 *2113 2212 *21
22
1912 2012 2034 2034 20
385 Mexican Investment Inc
20
*29
2912 2934 3012 304 30,
4 30
3034 30; 3034 3014 3038
545 Mississippi River Power_ 100
100
81 8167 Do stamped prof
81
81
*80
81
80
81
*80
81
10
734 812 -- :-1.4 --i7738 8
773 778
8
8
8
812
670 National Leather
8
*112 2
*112 2
*112 2
158 158 *112 2
100 Now England Oil Corp
*112 2
117 11712 117 11712 11712 11712 117 11712 117 11712 11712 11712
184 New England Telephone...100
Ohio Body & Blower_.No par
*658 74 *638 74 *6
Last Szle 1238 May'22
7
*6
7
1
*1914 20
1934 1978 1934 2018 1914 1914 1914 1978
577 Orpheum Circuit Inc
_ ____
*160 162 *160 162
162 162
162 162
162 162
45! Pacific Mills
____ __ _ _
Hole
10
1512
Button
*15
1512 *15
1512 *15
1512 *15
Reece
Last Sa e15 Aug'22
*312 412 *312 412 *312 412 *312 412
5
Simms Magneto
Last Sale 312 July'22
100
10112 102
10158 102
102 1037s 10358 10512 104 105
10512 106
1,829 Swift & Co
4212 4312 44
25
4414 44
4412 4312 4412 4432 4412 4412 46
463 Torrington
*11
1112 *11
5
114 .11
Union Twist Drill
1112 *11
1112
Last Sale 11 July'22
3812 3912 3912 4012 40
40% 4014 40,
2,556 United Shoe Mach Corp__ 25
4 4058 40% 4058 41
pref
*26
2658 26
26
26
26
26
2612 26
26
2638 263
r niol Oil Fields_ 5
298 2912 29
298 29
30
125
36 VenturaVe to
2912 3014 30
30
30
304 3,5
10
2912 2912 2912 2912 29
483 Waldorf System Inc
2934 29
2912 2912 2912 2912 2958
100
10
10
934 934 *94 1012 *912 1014 *9,
26
40 Waltham Watch
10
4 1014 10
100
37,12 38
3712
3712 *35
3712 *35
3712 *35
3712
1 ofManufacturing_ 20
!*11 4 12% •-1.- 12
12
o or1:1;
1238 1234 1238 *1218 1238 12
715 Wirilw
121s
50
*32
33
3214 3234 3218 3218 *32
205 Warren Bros
3212 32
32
3214 32
50
retf
s
t
it prii.e
3612 3612 3612 3612 3612 3612 3612 3612
0
o
*3612 37
1
3
64
50
45
*39
42
*39
45
*39
*39
42
Last Sale 4--Jul-:?ii
Wickwire Spencer Steel... 5
1612 *1614 1634 *1513 16
*16
1612 *16
Last Sale 1634 A g'22
ii
nading
5
Wollaston L5a
Last Sale .80 Juno'22
Shares
273
523
7
130
178
568
107
143
133
107
69
27
285
34

Range since Jan. 1.
Lowest

Highest

Range for previous
year 1921
Lowest

Highest

13014 Jan 4
73 Feb 20
9414 Mar 1
116 June 22
102 June 10
14 Jan 10
20 Jan 9
22 Jan 5
36 Jan 17
30 Jan 9
40 Jan 12
125 Jan 12
18 July 13
69 Aug 8
51 July 13
28 July 14
2712 Jan 30
1214 Jan 3
69 Jan 10
58 Jan 17
57 Jan 6
15 Jan 20
78 Jan 23

152 May 22
8458May 2
104 June 14
120 June 10
10412 Aug 11
3112May 20
37 Apr 8
4412 Apr 26
62 May 20
54 May 25
7712May 1
163 July 17
26%July 31
77 July 14
57 Aug 1
44 July 31
48 Apr 15
34%May 22
96 July 19
100 June 1

.02 Feb 8
4 Feb 4
2,
13 Feb 20
114% Jan 3
104 Jan 10
28012 Jan 17
1412 Feb 20
13 Jan 7
.25 Jan 20
.15 Apr 27
.05 Jan 20
15,
4 Jan 4
3 Jan 4
714July 28
3812 Jan 4
42 Jan 7
156 Mar 2
3 Mar 14
33 July 11
10 Jan 12
1814 Aug 9
43 M4r 9
26 Jan 20
28 Mar 25
60 Aug 5
314 Jan 9
7 Jan 5
.62 Apr 15
1% Apr 24
8 July 1
63 Jan 3
62 Jan 3
130 Jan 3
1912 Aug 9
13 Jan (1
724 Jan 9
712June 28
1 July 17
109 Jan 4
11 May 18
13 Jan 10
160 July 3
1212 Apr 18
3 Feb 20
9214 Jan 3
r39 July 3
8 Mar 29
34 Mar 3
25 Jan 3
2178 Jan 27
2612 Jan 4
7 Jan 3
34 Feb 15
712 Feb 7
1712 Jan 3
3012 Jan 4
3312 Feb 18
1334 Mar 27
.80June 16

.04 Aug
3 Jan
.05 Jan 25
414 Jan 27
5,
4 Dec
2 Jan
2014 Aug 10
812 Jan 15% Nov
12434 Mar 14
96% Jan 11912 Nov
Jan 109 Dec
117 Jan 24
74
864 Aug 8
78 Feb 844 Dec
2012May 19
12
Jan 16 Sept
22 May 4
12,
4 Dee 20 Apr
4 Jan
.75 Feb 21
.15 Dec
.50May 4
.95 Jan
.15 July
.20July 17 .0812 Oct
1% Jan
2512July 31
912 July 17% Dec
6 Apr 21
44 Feb
3 Oct
1414 Feb 10
Jan
91s Oct 23
7334June 22
Jan 42 Dec
16
42 Nov 45 Dec
4712 Apr 18
18112.July 21 14214 Oct 16512 Dec
13 May 17
17 Jan
3 Nov
38 Aug 11
1614 Apr 6
958 Sept 2314 Apr
1914 Dec 29 Nov
2714 Feb 27
5314 Mar 20
8
- Dec
19 July
3712May 13
32 Dec 4112 Feb
32 Jan 27
74 Dec 86 Mar
7812 Jan 6
612 Mar 25
2 Sept 13 Jan
Jan
5 Nov 32
17 Apr 1
478 Mar
2 Sept
3 Jan 24
Jan
1112June 3
518 Dec 13
r814 Dec 18 June
13 Jan 16
53
,
4 Sept 85 Jan
79;July 20
May
5812 Oct 64
70 Aug 1
156 May 10 117 Sept 136 Nov
1312 Sept 3518 Apr
2738.June 26
3)34 VIA* 8
11 Sept 1412 Mar
32 Feb 25
60 June 84 Apr
214 Dec
11% Jan 21
914 Jan
4 Aug
6 Aug
5 Jan 28
4 Dec
9512 Jan 112,
118 Apr 13
4 Dec
14 Mar 16
7 July 11,
1412 1)ec 3014 Apr
2134May 3
Jan 171 Dec
17412 Mar 11 146
1212 Apr 14 Jan
16 July 17
718 Apr 5
3 Dec
914 May
8812 July 10534 Jan
10878 Feb 23
8112June 5
47 June 61 Feb
10 Dec 22 Jan
1414 Feb 3
45 Mar 24
33 Sept 3914 Jan
2214 Apr 2512 Dec
27'2 July 15
3312June 2
1614 July 2412 Dec
16% Jan 29% Dec
3112June 2
1434 Apr 26
6 Dec 17 Jan
49 Apr 25
36 Sept 75
Jan
1234June 15
8 Sept 17 Feb
35 May 29
11
Apr
2212 Apr
3734June 14
17 Aug 3312 Dec
4434July 12
16
Oct 35,
4 Dec
21 May 13
8 July 1814 Jan
1,
4 Jan 4
.35 Oct
134 Dec

9814May 23
527sJune 5
994 Aug 10

119 Apr 133 Nov
61% Jan 79 Nov
78 Jan 100 Dec
----1314 Dec 2534 Feb
1612 Nov 30 Jan
19 Aug 33 Jan
27 Nov 47 Feb
24 Nov 40 Jan
36 Nov 58 Jan
110 June 133
Jan
_------ ---____
--3-612
60
51
50
15
69

Dec
Dec
Apr
Nov
Oct
Apr
Nov

4312

2314
75
76
75
21
78

Feb
Jan
Feb
Jan
Jan
Jan
Dec

-287

1 Apr 15
.50 Jan 31
Adventure Consolidated.... _ 25
.4 Mar
.75 Mar
Last Sale 60 Aug'22
*.60 .80 *.60 .80 *.60 .80
25 59 May 11 66 May 29
40 Aug 63 Dee
64
*6312 6412 *6312 6412 *63
63
6412' *63
64 -- --615 Ahmeek
25
Algomah Mining
.20 Jan 13
.50 Apr 17
.15 July
.50 Apr
Last Sale 20 July'22
*.20 .50 *.20 .50 *.20 .50
z25 22 Jan 9 3212 Jan 26
2512 2512 25
16 Apr 2412 Nov
2512 2515 26
25
25
*25
26
312 354 *312 334
312 372 *388 334
2 Mar 10
458May 23
312 312
krlic°audian Consolidated.... 25
4 Jan
A
118 Sept
3,
6
19
55 .
Arizona Commercial
5
81 1 Feb 20 1012June 5
912
912 *9
673 Jan 10 Apr
Last Sale 85
Aug'22
*8
,
47914 *834 914 *9
Bingham Mines
10 13 Jan 5 1614June 6
Oct
4 *1414 14; *1414 14,
4
8 Mar 14
Last Sale 1412 July'22
4 *1414 14,
*1414 14,
Geo
clid
a
25 265 Jan 5 298 May 31 210 Apr 280 Dec
290 295
13
5 CalrsuomaetHtilll
294 295
74
287 289 *285 289 288 288 289 294
1 10 June 19 1634 Mar 29
1034 *10
1034 1058 1038 *101s 1012
11 Dec 1618 Jan
1012 *10
10
10
10
*9
10
*9
10
Centennial
*9
25
912 *9
914 Aug 2 1312 Feb 1
912
Last Sale 914 Aug'22
7 Jan 10 Jan
eycoappp
Cpeoerrmiining. 25 3712 Jan 3 4634May 31
,
4 Dec
27 Jan 40
4314 4314 4334 4314 4358 4234 4312 43
387 Copper Range
42% 4278 43
4312
77
77
712 Jan
77
612
Davis-Daly
Jan
3
Jan
2E3
914
77
8
78
78
8
78
514 Mar
78
713
734 734
4 Deo
11(0) 10 Mar 27 1214 Jan 26
7 Aug 11,
5 b13alti413- I C
g5
7
C18
10
,
4 1034 1034 10; 1034 1034 1012 1012 1012 1034 1034 11
314 Jan
138 Apr
3Franklin25
1 Apr 11
3% Apr 15
238 2% *218 258 *218 24
218 28
2
214 *2% 23
312 Jan
lk
a Consolidated_ _ _ _ 25
112 Sept
2 Jan 13
ttinvceotc
312 Mar 16
2
*112 2
I
Hro
212
2
*112 2
2
2
212 *2
*2
2% Igov
1 June
25
114 *118 114 *1
.99July 13
214 Apr 17
114
114 *118
*114
112 *114 112
112
100
75
48 Jan 8812 Dec
1 8112 Jan 10 11658June 21
105 10512 1054 106
1057 10714 1,455 Island Creek Coal
104 10434 104 10578 105 106
75 Jan 9012 Dec
1 88 Feb 14 96 June 15
Do prof
9312 9312 94
94
9312 9312
19
*9312
94
*93
*9312 95
164 Jan 2412 Dec
25 22 Aug 9 2634May 31
24
24
2412 25
439 Isle Royale Copper
2418 2418 Iil-s 22
25
2
25
*24
4 Sept
2% Mar
5
4% Apr 17
3 Feb 6
*314 4
378 378 *334 4
4
4
175 Kerr Lake
*3% 4
*378 4
5
2 Dec
578May
.98 Sept
)p
a
per
et
C
C
(
25
1
Feb
24
3
212 212 *24 2 4 *24 234
*214 2
,
4 *212 3
3
3
312 Dec
Jan
2
4May 31
25
5,
214 Feb 18
0
412 458 *412 4,
4
4
4% 4,
4 *3,
2N taTeeaaPw
*41.2 4,
4 *412 4,
4 4
214 Feb
114 Jan
25
112 Feb 6
214 Apr 17
2
112 2
*134 18
112 :
17
1714
2 21,4
*184 178 *184 178 *134
Jan
114
2
Sept
a
lleT7
sr
i
line
4
C
5
Jan
234May
1%
19
n
soa"T
53 f,TaS
*134 214 *178 2,
4 *1% 214 *178 214
2
.55 Apr
3% Jan
4,
4 Apr 13
25
2 Mar 24
318 318
3
Mass
318
318 318
3
3
318 3%
*3% 314
Aug
2%
22
Jan
May
i
d
a
C
ted
6
3
rs
-o
0
11
olony_
214
Jan
20
514
e
n
_
_
N
414
w
o
412
Myflo
C
*414
4
414
4
434
4
74
0
*412 6
412
414
5
39
458
312 may
114 Aug
7 Apr 13
.75 July 10
*214 212
212 212
147 Michigan
*2141 3
234 234
234 3
212 2511
4312 Jan 59 Dee
25 5312 Jan 7 68 June 5
6212 6212 6112 6234 61
63
61
81
6014 6212 63
242 Mohawk
62
1214 Sept 18,
4 Dec
17 Feb 21 2012June 2
19% 19% 19
19
New Cornelia
4 1912 1912 19
194 1912 1912 19,
19
.40 Nov
218 Mar 23
2 Dec
_ _ _ _ 105
0
.10July 7
iCop erc
.15
Last Sale 15 Aug'22
Te l%orrinaeQuicksilver..
•__ _ _
.15
.15 *
.15
765 New
40 Feb 57 May
37 Jan 6 40 Feb 9
NeDwaRipvreertComPany
Last Sale 37 June'22
*3512 37
*3534 37
*35
37
*3412 37
74 Dec 95 Mar
100 73 Jan 7 7812 Apr 7
*7212 75
Last Sale 75 July'22
75
4 July
7 Jan 4
5 July 8
812 Jan
5
512 512
534 512
534 58 *538 512
54 51; -- izt - -512
8 Mar 1414 Dec
15 11 Feb 15 15 May 29
tein"
ygutM
lP
iritrB
irs,71jo
1212 1238 1314 1234 1314 1258 1278 1234 1234 *1278 1314 1,011
10g o
12
418
Apr
212 Dee
15
1 Aug
25
Jan
20
218
Mining
212 212
2
,
234 2%
b
4 2% *212 2%
*258 3
0
*258 3
15
,
8 Jan 25,
25 23 Jan 4 27 Jan 25
4 Nov
*2512 26
2512 26
*2512 26
*2512 26
122 Old DominionCo
*2512 28
1 *2512 26
21
Aug
Jan
5
38
May
31
25
3012
3512
Dec
3
36
3712
3712
3612
*364
36
37
36
4
3714 38
*36 , 3612
3312 Aug 46 Dec
25 42 Feb 20 50 May 31
44
45
44
4414 4312 4414 *4314 4414
44
411 Quincy
' 4312 4312 44
28 Jan 45 Dec
/3 4158 Jan 9 4812May 31
48
48
*46
47
47
48
47
47
*46
48
47
100
55 sShtaMatiaarts Mineral Land
E*45
134May 18
.75 Jan 1% Dec
.25 Mar 10
0.80 .90
.85 .85 *.80 .90 '
,'
1%80 .95 ..80 .95
114May 18
.35 Nov
25
.50 Jan 31
2 Jan
Lake
*.95 11,3 *.95
Last Sale 1 *.8°
118 *.95 14
118 *.95
July'22South
.66
434 July 13
2 Sept
2
Mar
29
25
412 Feb
412
Last
412
*41s
Sale
*418
412
414
July'22
*418
*418 412
2 Apr 15
1 June
.90 Mar 31
214 Feb
114 2Superior
138
114 *118 114
170 Superior& Boston Copper_ 12
114 *114
114
114 114 *118 138
1%, July
114June 5
318 Apr 3
412 Nov
2
218
*21
/
6
28
11
,f,
*2
,
1
f,
21
/
4
/
6
21
214
24
21s
.2
.49 Mar 7
.34 Aug
5
.92May 22
rrp
r pCeo
ep
&
.85 Dec
neop
.70 .73 *.70 .75 2,M1 To
riunilutnaC
.70 .74 *.71 .34
.73 .75
*.70 .74
4 Mar 22
1,
5
212 Jan 19
4 Aug
p
8
1178
2 r
78
4 *ra8
312 Oct
258 *258 27
2% Utah-Apex Mining
25
*258 28 *258 278
Feb
21
5
1
1
112
312June
Nov
5 Jan
ConsolidatedApex
I
'
Utah
*25
4
3
3
3
234 234 *2 4
*234 3
1
1 Feb 15
212 Apr 13
.95 Jan 24 Jan
1 ,1 16 118 1
h
ogetal & Tunnel
1 44 1
255505
1314
8
1 'Xs *1'4 Its
1
1
1X
1 8
1
1
212 Jan 30
.40 May
25 134. Jan 5
214 Feb
2
Victoria
*13
4
2
*13
4
,
3
4
1
,
14
4
4
1%
1'34:(
2
5
*184 2
25
.25 Jan 16
23.1 Apr 15
.35 Jan
112 138 *114
Winona
.80 Mar
*114
1;
112
112 1
*114 112
25 10 Feb 10 16 May 31
812 July 14 Feb
12
*1112 12
N
'•1112 1214 *1112 1212 1214 1214 111s 11 18 11
-dividends.
•B1d and asked prime: no sales on Ole day. g Ex-rights. 0 Ex-dividend and MOW x Ex-dividend. •Ex-etook dividend. z Ex
*.60 .80
*6312 64
*.20 .50
*25
27
312 312




AUG. 12 1922.]

THE CHRONICLE

Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Aug. 5 to Aug. 11, both inclusive:
Bonds-

Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low. High. Shares.

.Amer Tel & Tel 4s_ _ _ _1929
Ati G & W 188 L 5s_1959 60
Chic June Ry & US Y 5o340
4s
1940
Co Azucarera Bar 74s 1937
East Mass Ser 13 5s_ _ A948
Hood Rubber 78
1936
Internat Cement 8s_ _ _1926 108
Miss River Power 5s_ _1951
N E Telephone 5s___ _1952 98
5s
1932
Punta Alegre Sugar 7s_1937
Swift & Co 55
1944 97
Warren Bros 734s_..-1937 114
Western Tel & Tel 58_1932

93% 9331
60
6054
97
97
814 81%
10054 10034
7034 704
9914 99%
108 108%
94
94%
98
984
98
98%
109% 1114
96
97
11254 114
96
96%

Range since Jan. 1.
Low.

$1,000 86%
91,500 47
1,000 894
10,000 744
10,000 100
1,000 69
31,000 95%
9,000 101
4,000 88
6,000 97%
2,000 93
24,000 104%
12,000 91
27,000 9754
12,000 90

High.

Jan 934 Aug
Mar 65 May
Jan 97
Aug
Feb 82% June
July 1004 Aug
Aug 71
Aug
Jan 99% Aug
June 114 May
Jan 94% Aug
June 97% July
Jan 99 May
July 11134 Aug
Jan 97% June
Feb 11514 May
Jan 96
May

749

Friday
Sales
Last Week's Range for
Sale.
of Prices
Week.
Bonds (Conclud,ed) Par. Price. Low. High. Shares.

Range since Jan. 1.
Low.

High.

Penna RR gen 5s
1968
102% 102% 2,000 97
Mar 10254 Aug
Phila Electric 1st 5s_ A966 1004 100 101
34,000 93
Jan 101
July
Do do small _ _ _ _1966
1004 101
2,800 94
Feb 101
July
545
1947 101% 101 1014 39,000 99% June 10234 Aug
65.
1941 104
1034 104
44,500 100% Jan 1044 May
Do do small
105 105
500 1004 Jan 106
July
Reading gen 4s
1997
85
85
1,000 80% Jan 8714 July
Registered 4s
1997
84
84
1,000 84
Aug 84
Aug
Spanish Am Iron 6s_ _ _1927
10034 10014 1,000 100
Jan 101% July
Southern Ry gen 634s_1956
1024 1024 1,000 102% Aug 102% Aug
United Rys g tr ctf 4s_1949
60
60
1,000 55
Jan 60
Aug
(5)No par value.

Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Aug. 5 to Aug. 11, both inclusive,
compiled from official sales lists:
Stocks-

Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.

Range since Jan. 1.
Low.

Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Aug. 5 to Aug. 11, both inclusive;*compiled from official sales lists:

High.

American Pub Serv, pref__
85
87
July 87
118 83
July
American Radiator_
100
1064 114
Jan 114
290 83
Aug
American Shipbuilding _100 72
71
260 60 June 96
Mar
7214
Armour & Co, pref_ _ _ _100 100
9934 100
Jan 99% Aug
564 91
Armour Leather
15
1234 1236
Feb 124 Feb
70 12
'
,
may
Sales
Preferred
100
873.4 874
2 83
Mar 102% May
Last Week's Range for
Beaver Board certificates _*
Range since Jan. 1.
5
5
554
5
Apr
840
74 May
Sale.
of Prices.
Week.
First preferred certifs_ _ _
27
27
Feb 30
15 20
Mar
StocksPar. Price. Low. High. Shares.
Booth Fisheries, new
Low.
High.
814 9
140
5
Jan
July
9
Preferred
100
4934 49%
33 34
Mar 50
Aug
Arundel Sand & Gravel_100
*
81 26
3634 3754
Jan 44 June Case (J I)
•
73-4
74
257
3
Jan
9 June
Preferred
100
94
94
2 86
Mar 96
First preferred
July
100
20
20
July 294 Mar
50 20
Benesch (I)
No par 3334 3334 3334
20 25
Mar 354 June Chicago City & Con RyPreferred
100 2534 2534 26
375 24
Profit sharing com
Jan 26
Aug
I%
114
54 Jan
100
214 Feb
Celestine Oil
1
.50 .50
100
.35 Jan
Preferred
.74May
*
6
6
8
1,125
454 Jan
9% Feb
Cent Teresa Sugar
10
114 134
110
Jan
1
234 Aug Chicago Elev Ry, pref_100
6
6%
14
Jan
1,050
12
May
Preferred
10
214
214 234
4
372
234 Jan
Mar Chic Rys Part Ctf Series 1
1434 143-4
30 104 Jan 22 May
C dr P Tel of Balt pref__ _25 110
108 110
193 105 June 110
Part Ctf Series 2
3
314
Aug
1% Jan
537
6 !Mar
Commercial Credit
25 61
60
6134
Mar 65
121 49
July Commonwealth Edison.100 13034 130 13014
409 1144 Feb 132% Feb
Preferred
25 2654 2634 27
160 25
Jan 28
Apr Continental Motors_ _10
7% 754
9
785
5
Apr
Feb
Preferred B
25 274 274 2734
77 254 Jan 28
Apr Crane Co, preferred
10934 1094 10954
Mar 110 rJuly
215 85
Consol Gas E L de Pow_100
10634 11234
1,819 91
Jan 11214 Aug Cudahy Pack Co, com_100
63
62
85
68
Jan
55
Feb
7% preferred
100 104
1034 104
440 102
July 104
Aug Deere & Co preferred_ A00 774 77
78
Feb 7954rJune
25 60
8% preferred
100 11614 1144 11634
418 105
Jan 11634 June Diamond Match
100
11514 116
Jan 118
55 105
May
Consolidation Coal_ _100 87
8614 87
213 80
Jan 87 May Earl Motors
24
254
Jan
1,250
23-6
Jan
6
2%
Cosden & Co preferred_ _5
454 454
35
434 Apr Gimbel Bros, Inc,com w 1_ 45
434 Jan
44
464
985 44
Aug 4614 Aug
Eastern Rolling Mill
25
25
10 25
Aug 25
Preferred
Aug
1014
Aug
Aug
1014
100
1036
1034
Houston 011pref tr etfs_100 90
89
57 78
90
Feb 92
July Godchaux Sugar coin_ _ _ _* 1514 1436 16
Mar
985 10
Feb 18
Manufacturers Finance 100 5514 5534 5536
34 41
Jan 5534 Aug Gossard, H W, pref _..100 2634 2514 2614
July 2814 may
220 25
First preferred
25
26
2634
79 24
Jan 2634 June Great Lakes D & D_ _ _ _100 87
87
106
87
81%
Feb
Jan
15
MtV-WoodbMilispfvtr100 51
50
17 44
5134
Jan 5534 Apr Hartman Corporation_ _100 8336 833-4 8354
Mar
25 7714 Jan 103
Northern Central
50
7634 77
68 72 June 78 June Hart.Shalt &Marx corn 100
7634
Jan
85
7614
Jan
73
10
Pennsyl Wat& Power_ _100
108 109
51 9214 Jan 108 June
Preferred
100 106
Apr 106
106 106
Aug
5 102
United Ry & Electric_ _ _50 2034 20
2034 4,077
9
Jan 21
Aug Haytian-American Corp _*
74 June
' 514
50
41.1
Jan
Wash Balt & Annap_ _ _ _50 15
15
16
148 144 Jan 19
Apr Hupp Motor
10 17
1654 18
1,950
Jan 2114 May
Preferred
50
75 29
3234 33
Jan 3434 Apr Illinois Brick
74
100 74
74
25 56
Feb 75% June
BondsInland Steel
5014 5014
100
15 484 Mar 5814 May
Consolidated Gas 5s_ _1939
100 100
1,000 93
Jan 10034 Apr Libby, McNeil dc Libby_10
7% Aug
2
1% 2%
539
1% Aug
General44s
1954 88
88
88
5,000 8154 Mar 88 May
New
81.4 July
7% 7%
402
7% Aug
Cons Gas E L & P 414s_'35 9034 90
9054 12,000 8514 Jan 903
/j Aug Lindsay Light
10
44
Mar
1,180
454
Mar
474
6
354
754s
1945
10914 10934 14.000 106
Jan 10934 Apr
Middle West Util com _100
4814
47
Jan 53% May
595 27
75
1931 106
106 106
20.000 1014 Jan 106
May
Preferred
100 7634 76
July
7654
78
Jan
53
290
6s Series A
1949 10134 10114 1013-4 64.000 100 ' July 10134 July
Prior preferred
97
Apr
9614 97
Jan 99
197 82
Consol Coal ref 434s_ _ 1934
89
8914 2,000 8514 Jan 8914 Aug
*
5
Mitchell Motor Co
5
6
714 June
620
314 Feb
Refunding 5s
1950 90
90
904 3,000 86
Feb 904 Aug
Nat Carbon pref(new)_100
115
11834
11214
85
11814
Feb
Aug
Convertible as
1923
1004 10054 17,000 964 Jan 1004 Jun( National Leather
10
754 8
1,168
7% July 11% Jan
Cosden & Co 6s
1054 10554 16.000 984 Mar 107 Jun( Orpheum Circuit, Inc_ _ I 19
19
19
10 1236 May 21
May
Elkhorn Coal Corp 68_1925 9854 9834 9854 7.000 9414 Mar
People's Gas L & Coke..100 91
Aug
9894
864
92
77
Aug
Jan 92
624
Macon Dub & Say 53_1947
5814 5834 1,000 384 Feb 5834 July
Pick (Albert) & Co
* 2634 2614 2714
Jan 28% Apr
750 19
Memphis St Ry 5s_ _ _ _1945
764 7614 2,000 73 May 764 Aug
Wig Stores Inc "A"_
Pig
424
424
43%
3,233
5454
May
Mar
23%
Monon V Trac 5s
1942
80
8034 15,000 75
Feb 824 Api
Pub Serv of Nor Ill,com100 9834 9814 99
Mar
895 804 Jan 101
75
1923
99
Jan 994 Aui
9934 11,000 95
Preferred
100 92
9134 92
87 8814 Jan 9834 June
United E L & P 44s_ _1929
94
94
11,000 894 Jan 94
Aug
Rights
34
%
•
13,279
54
34
July
July
United Ry & E 4s_ _.._1949 74
74
7454 17,000 6634 Jan 7534 Juno
Quaker Oats Co, pref_ _100 99
98
99
July
205 93% Mar 99
Income 45
1949 574 574 58
7.000 46
Jan 5834 Mit3
Reo Motor
10 1334 13
13% 2,265 1234 July 2834 July
Funding 5s
1936
79
7914 23,300 66
Mar 80
Jul] Sears-Roebuck, com__ _100 8834 8434 8854
Aug
265 59% Feb 86
6s notes
1927 98
98
9814 23,000 98
Aug 9814 Am
Standard Gas & Elec... 50
20
20
Jan 2034 June
100 13
Os (w 1)
1949 1014 10034 1014 37,000 984 Apr 1014 Au
Preferred
50 4934 49
July
49%
4914
Jan
42
40
Wash Batt dr Annan Ra '41
21 1.4
21
RI IX
R min
7R 1.6 Mar
24
'Mal
Stew War Speed,com_ _100 434 4314 44
Jan 45% May
1,640 24
& Co
100 106
1014 106% 3,928 9114 Jan 108% Feb
Philadelphia Stock Exchange.-Record of transactions Swift
Swift International
15 2036 1936 204 4,684 17
Apr 23% Feb
at Philadelphia Stock Exchange Aug. 5 to Aug. 11, both Temtor Prod C & F"A"_ _* 234 1% 24 350 1 May 514 Feb
Thompson, J R, corn__ _25 5134 5134 52
July
Jan 53
975 40
inclusive, compiled from official sales lists:
Union Carbide & Carb _ _10 58
Jan 59% Mar
574 58
4,498 43
United Iron Works v t c_50
Jan
634
93-4 Feb
614 714
6
390
Friday
Sales
United Light & Ry___ _100
Jan 694 May
52
225 29
53
Last Week's Range for
Range since Jan. 1.
Preferred
Mar 8114 May
7534 764
270 70
Sale.
of Prices.
Week.
Rights
Stocks18 1051 Aug 104 Aug
Par. Price. Low. High. Shares.
104
1034
Low.
High.
335 Gypsum
53% 54
54
350 53% Aug 57 June
Vesta Battery Corp,com_ _
Apr
Aug 40
Alliance Insurance
26
100 26
26
10
25
25
12 19
Jan 25
July Wahl Co
3 59
• 8834 57%
Jan 7114 Apr
50
American Gas of N J_ -100
1,110
69
69
10 47
Jan 75 May Ward,Artg'y&Co, pref
101
Aug
100
Jan
76
21
American Milling
101
101
10
734 734
100
54 Mar
734 June
When issued
254 2394 2554 14,299 12% Jan 254 May
American Railways
50
14
1414
220
4
Jan 17 June Western Knitting Mills 20
*
Jan 1034 May
7
5
7%
170
Preferred
100
59
60
161 26
Jan 63 June Wrigley Jr, com
Mar 110% Feb
25 10434 105 10714 3,120 97
American Stores
* 14334 1334 15534 8,932 83
Jan 15534 Aug Yellow Mfg
Feb
Mar 246
10 144
132
453
143
50
Cambria Iron
145
41
41
15 3714 Apr 41
Aug Yellow Taxi
Jan 72% Auy
Consol Trac of N J___ _100
7254 2,015 50
49
49
7234 71
20 44
Jan 5634 Apr
BondsElee Storage Battery_ _ _ _* 4654 464 4734 1.060 3734 Mar 4794 July
Beav Board 1st ref 7413'30 993/ 997-4 99% $ 1,000 99% July 100
July
*
25
26
Erie Lighting, pref
350 25
July 27 May
City & Con Rys 55'27
48
0934 704
100
4914 17,000 464 Aug 5314 Apr
General Asphalt
20 5534 Jan 7334 July Chic
Chicago Railways 5s_ A927
Jan 844 Apr
81
38
8234 36,000 67
Insurance Co of N A_ _ __10
3814
64 30
Jan 384 June
4s. Series"B"
Jan 52% May
1927 484 474 48% 9,000 33
41
59
100 52
J G Brill Co
2,520 36
Mar 39
Aug
Purchase money 5s
90
5014 53% 5.000 334 Feb 54 May
100
90
Preferred
35 75
Mar 90
Aug Chicago Telephone
Aug
1,000 984 Jan 100
100 100
Keystone Telephone_ _50
10
874 834
7
Jan 1234 Mar Commonw'th Elec 53..1923
5s _1943 98% 98% 99
July
8,000 934 Jan 99
934
916 915
565
Lake Superior Corp_ _ _ _100
64 Jan 1234 May Metr W Side
Elev 1st 48'38 594 5714 59% 16,000 52
Jan 844 May
75
754
373 664 Feb 7734 Apr Sutter
Lehigh Navigation
50
Basin
15-yr 6s_ _1937
July
July 97
14,000 97
97
6436 6674
61 57
97
50
Lehigh Valley
Jan 674 May Swift & Co ist
s f g 68_1944
96
964 10,000 90% Feb 9754 July
31
31
65 27
10
Lit Brothers
Apr 31
Aug W Va Wat& Elec64s
May
1942
794 7914
994 9954 2,000 99 June 100
10 73
North Pennsylvania_ _ _ _50
Jan 8034 June
42 6914 Jan 754 July
Pennsyl Salt Mfg
50 753-4 75
7534
* No par value.
4,133 3334 Jan 4754 July
464 47
Pennsylvania
50
53
53
5 484 Jan 5514 May
Penn Cent Lt dr Pr, pref_ *
Philadelphia Co(Pitts)_ _50
3936 4014
605 3274 Jan 404 Aug
Pittsburgh Stock Exchange.-This week's record on the
3214 3254
17 2934 Apr 324 Aug Pittsburgh
Preferred (5%)
50
Stock Exchange will be found on page 733.
393-4 4034
Pref(cumulative 8%)_50
580 36
Jan 40
Aug
Electric
of Pa
Phila
304 31
2.612 23
25 31
Feb 303-4 Aug
Preferred
314
548 2734 Jan 3134 July
25 3134 31
New York Curb Market.-Official transactions in the
Phila Insul Wire
37
37
* 37
20 30 May 5034 Jan New
York Curb Market from Aug.5 to Aug. 11,inclusive:
Phil(' Rapid TranFit_ _ _ _50 324 304 33
8.458 1754 Jan 354 June
Philadelphia Traction_ _ _50 66
6554 66
255 58
Jan 684 Apr
Friday
Sales
Radio Corp of Amer
• 454 494
25
4
Aug
634 May
Week ending Aug. 11.
Range since Jan. 1.
Last Week's Range for
Reading
7636 7734
50
235 72
Jan 814 May
Week.
Sale.
Prices.
of
Tono-13elmont Devel
154
_1
154
200
14 July
1-IrkiJune
StocksLow.
Par.
High.
Shares.
Low.
Price.
High.
pref_
_50 40
Union Trac $1714
3914 40
333 34
Jan 43 May
200 200
100
United Cos of N J
51 177
Jan 200 June
Industrial & Miscell.
5114 5234 1,493 38
50 52
United Gas Impt
Jan 54 June Acme Coal Mining
1% Apr
1 80c
51c 80c 54,400 50c Aug
Preferred
50 55
554 5514
290 38
Jan 5534 July Acme Packing
74 Mar
_ 10
358 43c 11,000 20c Mar
10
Warwick Iron & S
9
9
9
590
714 Feb
954 Jure Aluminum Mfrs, corn _ _* 36c
Jan
June
25
15
200
2114
214
Shore_50
Sea
Jersey
38
&
West
38
158 2734 Jan 39
3836
Aug Amalgam Leather,com__*
754 Feb 14% Apr
600
1014
10
27
York Railways
50
27
350
9
Jan 29 June Amer Drug Stores, Class A 10
2% May
500 63c July
7541
75e
BondsAmer Gas & Elec, pref 50
10 42 June 4514 Apr
45
45
90
Amer Gas dr Elec 5s_ _ _2007
90
2,000 81
Jan 904 July Am Light & Trac, com _100 131
30 113% Feb 165 June
131 134
88
Do do small ___ _2007
88
500 82
July Atlantic Fruit. when iss'd _*
Jan 88
3 June
2 June
1,700
214
23.4
234
Consol Trac N J 1st 55 1932
81
81
1,000 71
Jan 8434 Apr Brit-Amer Tob ord bear _£1
1914 19
19% 5,900 12% Feb 1934 July
Elec & Peoples tr ctfs 4s _'45 6934 6834 70
25,400 64
Apr
Jan 72
Ordinary
.£1 19% 184 19% 1,500 12% June 19% Aug
Lehigh V gen consol 4s 2003
824 8234 4.000 77
Brooklyn
Jan 8234 Aug
City RR
9% May
4% Jan
300
10
854 814
rim.,Ra
1092 1021.4 10234 1 PR 1.4
F111111 1111 ts' _Titna Ulf/
Ant' Buddy-Buds.Inc
2,
,f6 Apr
Jan
1,
4 1% 88.500 45e
134




lon

Stocks (Concluded)-

Sales
Friday
Last Week's Range for
1Veek.
of Prices.
Sale.
Price. Low. High. Shares.

!

Car Lighting & Power_ _25 65o
Carlisle Tire
134
Cent Teresa Sugar. corn _10
Chic Nipple Mfg, Cl A _ _10
Cities Service, corn_ _ _ _100 180%
100 6794
Preferred
6
119
Preferred B
Cities Serv, Bankers' sh_ _* 18%
Cleveland Automobile_ *
..100
Preferred
700
Colombian Emerald Synd
2
Colombian Syndicate
4
Columbia Motor Corp_ Com'l Solvents Corp Cl A.* 46
• 41
Class B stock
Conley Tin Foil
7%
Continental Motors_ _10
Cuban-Dominican Sug w *
1194
Daniels Motor, corn
Davies(Wm A) Co,Inc *
Denver dr Rio Gr. pref.100 550
Dietograph Prod, corn _10
Dubller Condenser&Radlo*
• 39
Durant Motors, Inc
Durant Motors of Ind__ _10 13%
Federal Lt& Trac,coin.100
Federal Tel az Tel
5
58%
Gardner Motor Co
Gibson-Howell Co. corn _10 19
Gillette Safety Razor__ _ _* 222
Gimbel Bros, corn, w I__ _* 46
Preferred
100 102
• 5534
Glen Alden Coal
Goldwyn Pictures
5%
Goodyear T R,eom_ _100 10%
100
Preferred
Prior preferred
100 60
Grant Motor Car
10
Griffith(D W)Co. Cl A..*
3,4
Hayes Wheel when Issued.
29%
•
Hayden Chemical
100 17%
Hudson Cos,pref
Hud& Manh RR.com _In°
Imp.Tob.ofGt.Brit.&Ire El 14%
25
Inland Steel
4
Intercontinental Rnbb _100
Lehigh Power Securities_ _* 15%
Lehigh Valley Coal Salaa.50
LibbyM'Nelll&Libb, nawlO
Lima Locom full pd rota w 1 54
Part paid rects w
1%
Lincoln Motor, Class A .50
25e
Locomobile Co
3
:Vforcer Motors
2%
Vothig trust certifs
• 12%
Mere'! Iron Co
• 10%
Moon Motor Car
Morris(Phillp)Co, Ltd_ _10, 2034
National Leather, new..10
2
New Mexico & Ariz Land_ 1
N Y Tel 634% pf w i_ _100 107%
North Amer Pulp & Paper *
Packard Motor Car,com.10 13%
100
Preferred
Peerless Trk az Mot Corp 50 55
Perfection Tire & Rubber _*
Pyrene Manufacturing_ _10
4%
Radio Corp of America__
374
5
Preferred
10 13%
Reo Motor Car
• 550
Republic Rubber
Royal Baking Powd, pf.100
36
Schulte natal!Stores
Southern Coal & Iron__ .; 330
24
Stutz Motor Car
100
Swift & Co.
16
Swift International.
691
Technical Prod Corp
Tenn Elee Pow, corn. WI.*
24
Tenn Ry.L& P.corn..100
27%
Timken Detroit Axle
7%
Tob Prod Exports
Todd Shipyards Corp__ _ _• 67%
*
Torbenson Axle, corn_
Union Carbide & Carbon *
6%
United Profit Shar'g, new.1
6%
Un Retail Stores Candy_ _*
S Distrib Corp. corn_ _50
1114
US Light & Heat,corn..10
10
Preferred
10
U S Ship Corp
10
U S Steamship
Utah-Idaho Sugar
Van Raalte Co,Inc
5
134
Wayne Coal
1
West End Chemical_
Willys Corp. 1st prat__ _100
1st pref certifs of denoslt
Youngstown Sheet& Tube*
RightsCuba Cane Sugar
Lima locomotive
Former Standard 011
Subsillaries
Anglo-American 011_ _ _ _ El 1834
Buckeye Pipe Line__50 97
50
Crescent Pipe Line
Galena-Signal Oil, corn .100 52
100
Illinois Pipe Line
50 90
Indiana Pipe Line
National Transit_ _ _ _ 12.50
Northern Pipe Line_ _..100 100
aa
Ohio 011
25 25
Penn-Max Fuel
100
Prairie 011 it Gas
100 250
Prairie Pipe Line
Standard Oil (Indiana)_ _25 109%
Stand 011(Ky)new w 1_100 9531
Standard 011 of N Y.. _100 428
Standard 011 (Ohlo)__ .100
10"
Preferred
Vacuum Oil _____ .--100 425
Other Oil Stocks
294
Aetna Consol Oil
2%
6
Alcan 011 Corp
4e
1
Allied 011
American Fuel OIL oom _10
10
Preferred
Arkansas Nat Gas, corn _10
Atlantic Gulf 011
Atiant1e Lobos 011, corn •
120
Boone 011
Boston-Wyoming Oil_ _ _ _I 800
1%
Brazos 011 Corp
.25
Brit-Amer 011. Ltd
British Cons Oil Field.....
7%
Carib Syndicate
114
Columbia Petroleum
8
Creole Syndicate_
Darby Petroleum
395
Duquesne Oil




[Wu 115.

THE CHRONICLE

750

1,700
550 610
1% 1% 1,000
300
1% 1%
800
4% 5
176 18134 1,497
650
67%
67
100
6
17% 18% 3,700
300
2631
25
10
78
78
4,000
700 72e
600
2%
2
100
4
4
1,600
47
46
600
41. 41
100
14
14
7% 7% 1,300
500
834 9
11% 11% 1,200
100
328% 32%
600
55e 60e
200
1% 1%
834 934 9,300
800
39%
39
13% 14% 1,500
100
33
38
300
591 531
300
10% 1134
1,400
19
18
190
221 223
44% 46% 6.100
102 102% 3,144
54% 55% 1,600
6% 32,020
5
7% 10% 3,400
23
3034 1,700
125
64
60
300
750 750
300
3%
3
29% 30% 3,500
1% 1% 1,800
200
17% 18
100
12
12
200
14% 1496
100
51
51
334 434 5,200
300
15% 15%
65
78% 81
300
7% 8
54% 3,100
54
100
2934 29%
231 2,000
3,000
25c 35e
900
2% 3%
2% 291 1,500
12% 13% 33,800
log 1051 1,500
19% 2131 6,400
200
7% 8
500
2% 2%
107 10734 3,305
100
131
700
13% 1334
65
85
84
55% 1,600
52
500
2% 2%
200
8% 98%
4% 431 77,420
4 3% 8,600
3,
al3
26% 1,500
500
550 55c
10
97
97
300
35
36
300 34e 33,100
18
2531 38,600
130
102 106
300
19% 20
5% 6% 12.900
14
14% 1,900
200
2% 2%
2734 28%
200
5% 7% 8,800
250
68
66
25% 25%
100
100
58
58
6% 6% 1,100
634 4,000
6
19% 19%
300
1% 1,5,18 12,725
1% 1%
800
12e 13c 20,000
90 lie
6,000
300
23-1 3
51
51
100
7,000
111 2
50e 55e
1,300
29%
26
300
2434 24%
100
65
100
65
40e 40c
2% 2%

1,000
100

Range since Jan. 1.
Low.
50e July
1% Aug
1% Aug
1% Apr
1.58
Jan
51
Jan
4% Jan
17
Jan
20
Jan
50
Jan
50e Apr
114 June
334 Aug
4434 June
38% June
10
Feb
5% Feb
8 May
10% May
25
Jan
38e
Jan
134 Aug
734 June
22% Jan
8% Jan
19% Apr
5% Mar
10% Aug
1531 Jan
169
Jan
44% Aug
102
Aug
42
Jan
4
Jan
79,4 Aug
24
Jan
64
Aug
500 Feb
3
Aug
27% Aug
800 Feb
7% Feb
334 Feb
log Jan
Mar
49
334 Aug
15% Aug
Feb
66
7% Aug
53% Aug
29
Aug
750 Feb
10e July
1% Apr
Feb
2
12% Aug
10 June
5% Jan
7% July
1% Feb
July
106
1% June
5% Feb
63% Mar
33% Feb
2% Aug
831 July
234 Jan
2
Jan
al3
Aug
200 Feb
97
Aug
Apr
33
30e July
11
July
95
Jan
17% Apr
Aug
5
10 June
1
Feb
27% Aug
3
Jan
Aug
65
24% Apr
44
Jan
Mar
5
4% Jan
12% Feb
750 Jan
96e Feb
4o Mar
4c June
2% Aug
40
Jan
85c Mar
50c July
Mar
6
13
Apr
64% July
40e
2

3,000 161%
1831 19
90 8434
97
95
10 28
35
5
120 40
55
52
70 160
162 165
26 84
90
89
200 26
26
26
20 90
100 100
10 257
275 275
27
25
500 17
55 520
555 570
10 224
250 250
103 110% 40,900 83%
1,900 78
9534 96
845 341
417 428
20 390
455 455
100 115
118 118
120 299
422 423
3
2
1,000
3
6,000
2
50
40
5,000
19c 20c
2,000
1% 2
400
8% 994
500
8
8
100
9% 9%
300
12c 140 18,000
750 820 11,500
1%
100
3034 31
200
1% 1%
500
7% 7,8 6,100
1
1318 1,600
600
2% 2%
134
400
131
334 3%
100

Aug
July
Jan
Jan
Jan
Jan
Aug
Jan
July
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Feb
Jan

1
June
2
Aug
20
Jan
15e July
1 June
8% Feb
Aug
8
791 July
8e May
57c Mar
1 June
29
Jan
4 July
2,
3% Jan
1
June
I% Jan
191 Aug
2% Jan

High.

1% May
Jan
2
334 Feb
6% July
May
242
72 June
631 June
24% Apr
35 June
83% May
6 May
13,
3% July
534 June
Aug
47
Aug
41
Mar
15
9% May
12% May
14% June
Feb
34
750 Apr
2% May
9% May
July
43
16% Apr
Aug
38
731 Apr
16% Apr
20% July
July
225
46% Aug
102% Aug
568% July
9% May
15% May
40 June
73 June
1% June
7% Jan
32% July
1% Jan
May
21
15% May
14% July
May
58
11% Feb
May
18
82 June
10 May
54% Aug
29% Aug
8% Jan
Jan
69e
5% May
4% May
13% Aug
12% July
23% July
11% Jan
334 May
108% July
391 Jan
16% June
90% May
July
59
4% Mar
14% May
6% Apr
394 May
July
29
1
May
Aug
97
40 May
2% Jan
45 June
Feb
109
23% Feb
Aug
14% June
334 June
29% Aug
10% May
80% Feb
30
Aug
5934 Mar
9
May
895 May
20% Feb
4 Apr
22
1% Apr
130 Aug
Jan
15c
3% Apr
Mar
61
231 May
Jan
87e
July
31
July
30
72 May
50c Aug
434 July
25
100
36%
62
198
106
31%
110
332
44%
648
270
124%
108
443
472
118
450

Juno
Apr
May
May
A pr
Mar
Apr
May
May
July
June
Juno
May
Juno
June
Apr
May
June

Aug
3
1534 July
50 July
48e Feb
Jan
3
Apr
13
17 June
12% May
Jan
290
990 June
2% Feb
35 ..une
2% June
9% June
Mar
2
394 Apr
1% July
4% June

1

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Other Oil
Stocks (Concluded) Par. Price. Low. High. Shares.
Engineers Petrol Co _ _ _ _ _1
Equity Petrol Corp, pref__
5
Federal 011
Fensland 011
Gilliland Oil, corn..
10
Glenroek 011
Granada 011 Corp, Cl A _10
1
Hudson 011
Imperial Oil (Canada) coup
International Petroleum *
Keystone Ranger Devel 1
Kirby Petroleum
Livingston Petroleum__ *
Lyons Petroleum.
1
Magna 011 dc Ref _
Maracaibo 011 Explor_ _ _ _*
Margay Oil Corporation_ *
1
Marine Oil
Marland 011
.5
Marland Refining
Meridian 011 Corp ....10
10
Merritt Oil Corp
_5
Mexican Eagle 011 _
Mexican Panuco 011._ _10
10
Mexico Oil Corp
Mountain Producers_....10
Mutual Oil
National Oil of NJ,corn 10
New England Fuel 011_ _ _ _
New York Oil
1
Noble 011 & Gas
Preferred
Noco Petroleum, corn__ _10
5
North American 011
10
Omar Oil & Gas
10
Pennock 011
Red Bank Oil
Ryan Consolidated
Salt Creek Consol Oil
Salt Creek Producers__ _10
5
Sapulpa Refining
Shell Union Oil, prat, w 1_
Petroleum
Simms
South Petrol & Refining _ _
Southern States Oil Corp_
Southern States 011
Spencer Petrol Corp_ _ _ _10
5
Stanton 011
5
Texas Ranger
1
Taxon 011 & Land
Tidal Osage 011
1
Turman Oil
5
Wilcox Oil & Gas
Woodburn Oil Corp
Woodly Petroleum
1
"Y" 011 & Gas
Minim* Stocks
Alaska Brit-Col Metals_ _10
Amer Corn M & M
American Exploration _ _1
Anglo-Amer Corp of So Air
10e
Belcher Extension
Big Ledge Copper Co__ - _5
Booth
Boston & Montana Corp.25
Boston & Montana Day- _5
1
Caledonia Mining
Calumet & Jerome Copp _1
5
Canada Copper Co
Canarlo Copper
Candalarla Silver...1
Cash Boy Consolidated_ _1
Combination Traction_
Consol Copper Mines_ _..5
Consol Nevada-Utah_ _ _ _1
Copper Canyon
Cortez Silver...1
Cresson Con Gold M dr M.1
10
Davis-Daly Mining
1
Divide Extension
5
Dolores Esperanza
El Salvador Silver Mines_l
1
Emma Silver
1
Eureka Croesus
Florence Silver
Fortuna Cons Mining.....
Gadsden Copper_
Golden State Mining
Goldfield Consol Mines _10
Goldfield Deep
Goldfield Development...
1
Goldfield Florence
Goldfield Oro Mining
1
Gold Zone Divide_
1
Hard Shell Mining
10c
Harmill Divide
25e
Heels Mining
Hilltop-Nevada Mining -Hollinger Cons Gold Min _5
1
Howe Sound Co.
Hull Copper
Independence Lead Mining
.1
Jerome Verde Devel
5
Kerr Lake
10e
Knox Divide
Lake Shore Mines
La Rose Consol Mines_ _5
1
Lone Star Consol
1
McNamara Mining
Magma Copper..5
1
Marsh Mining
Mason Valley Mines__ .- _5
Morington
•
Mothoriode Coalition
10
Motheriode Copper
Nabob Consol Mining....
National Tin Corp--- _50o
1
Nevada Ophlr
Nevada Silver Hills
New Cornelia
New Dominion Copper__ _ _
100
New Jersey Zinc
5
Nil-awing Mines_
Park Utah Mining
Peterson Lake
Ray Hercules. Inc
Rex Consolidated Mining _1
Scratch Gravel Gold Min_ _
Sheldon Mining
Sliver Horn M & D
1
Silver Pick Consol
South Amer Gold dz Fiat..
Spearhead
Standard Silver Lead_ _1
1
Stewart Mining
_1
Success Mining
Teck Hughes
Tonopah Belmont Dev _ _ _1
1
Tonopah Divide
1
Tonopah Extension
Tarionah Ng'dams'

290
1491
1(
43-4
l'318
13e

2034
.4%
1%
640
134
21
1
43,4
851
13%
14
9%
603.4
18e
65e
3%
1%
1%
%
15
3%
83,4
8c
1331
434
le
640
12%
134
47-4
14e
2%
1%
7c
9c
30
1%
17o
8e
30e
6o
50c
60

114
2%
ho
2%
3c
32c
23e
440
30
18e

73-4
1%
11%
3
30e
52c
3%
331
50
10e
7c
12e
1%
1794
35e
180
19
2%
144%
534
134
8e

90
4%
le
37c
70c
64e

Range since Jan. 1.
Low.

High.

July 72c
Jan,
June 14% June
2,
4 May
Jan
Mar 19% June
9% Apr
June
Feb
131 June
July
0C4 M
ar
Ap
Jan 53
Mar 127% May
y
an
ja
14 M
Mar 27
July
4, NF
;4
er
7%
1
u b
Aug 26
14 Mar
July
Jan
1% Jan
Apr
Aug
234 Jan
Mar
2 May
Feb
Jan 10 June
496 June
Jan
July 200 Mar
July 1434 May
July 19% Feb
July
Maal*291 M
4
Jan
Jan 1814 May
Jan 12 June3eb
Aug 62
Aug
May
Mar 38 June
Jan 35e Mar
Mar 90e Mar
Mar
5
Apr
31,', June
Apr
e
uaaann:
mju
ms
3 J
Mar 9237075c3;
Jan
July
Nfa3.
8 June
Feb 15%
Apr
May
Jan
5 June
Feb
May
June 12% Jan
Jan
5
Aug
July
3:
jal11
% JulyJu
50
14
June 3
Feb
Jan 40e June
70 May
Mar
1
MAY
Jan
Jan 14% Juno
1,14 Apr
July
July
7
Jan
Feb
1
Aug
Apr 16 June
Jan
July 38e

25e 29e 37,000
500
1434 14%
1% 1% 25,600
400
14% 1434
494 1,600
4
1% 19i 9,000
300
1% 1%
13o 16c 102,000
465
109 11134
14,600
20% 21
6,000
46e 50e
400
494 4%
134 134 2,900
64e 70e 12,500
1% 1% 7,500
12,100
2031 23
200
1% 1%
1
600
1
2,000
534 6
100
494 434
40 16,000
30
600
834
900
12% 13%
854
100
74e 740
1114 11% 5,500
1434 2,700
14
994 20,500
9
1,000
20e 200
2,900
5934 62
22% 24%
300
6,000
18e 19c
200
65o 650
300
3% 3%
100
134
134
1,1(8 22,300
200
6% 6%
120 150
9,000
491 794 16,100
11
700
11
15
1594 3,600
3% 3% 1,400
96
96
500
8% 834 5,900
6c lie 69,000
2.000
23e 23e
12% 13% 2.000
1,700
434 531
1,000
15e 15c
le
2,000
lo
62e 700 79,800
800
12% 12%
1.4 1% 1,100
16,600
496 5
500
50e 500
200
1434 14%
14e 160 23,000

20o
12%
1
9
3%
83e
1%
7c
9734
14
400
4
1
58c
50e
15%
1
1
1
2
20
8
12
51e
191
9%
5%
20e
40
11%
130
350
1%
131
670
434
11c
4
10
12%
234
9531
8%
6c
18
12%
750
3c
he
40e
10
1
'234
500
12%
9c

2,000
4c 3.600
40
3,000
1% 2
19
19% 1,100
843 158,300
30
110 50,100
8o
Sc 1.000
30
4 1% 49,200
15
160
18c 66,100
80
8c 1,000
20c
20e 1.000
18c 79,000
70
1,500
27-4
27c
32e 82.000
6c
8e 9,000
2e
2c 1,000
60e 11,600
50o
Sc
6c 4,000
200
80e
71e
1
4 14,100
1,
7
24
2% 3.000
300
791 73.4
tic 11,100
100
2
296 2,800
30
3c 1,000
20
3c 5,000
31e
34c 86,000
340
100
34c
190
24e 75,200
80e
400
82c
44e
45c 8,000
6e
7c 2,300
3c
3e 6,000
90
200 386.000
12e
12e (LOGO
le
lc 7,000
80
8c 2,000
8e
100 3,000
70
9c 5,000
11,200
634
134 1% 15,000
1034 1234 2,700
3
3
1,700
30e
300 5,000
50o
56c 48,600
1,500
900
334 4
40
Sc 10,000
100
234 2%
30e
300 1,000
Ile 196,000
fie
7e
Sc 9,000
700
28
2834
14e 24,000
lle
2,600
1% 2
120
14c 23,000
29,300
9% 11
200
16% 17%
Sc 3,000
8c
31e
400 51,200
170
18o 6,000
Sc
flo 2,000
300
19
1934
23/ 234 2,000
20
144% 144%
4,400
534 5% 1,100
15e 4,000
14e
154 1% 1,900
70
10c 20,000
9e
9c 3,000
4 1,100
17
5c
Sc 2,000
80
100 5,000
434 4% 2,900
lc
lc 8,000
18e
19e 2,000
70
70 5,000
34e
430 46,700
65e
700 20,300
4 4,600
1% 11,
63e
72c 25,800
1% 1",1
1,600
7e
Sc 3.300

174 Jan
30 July
134 May
1191 Apr
20 Mar
8e July
3e May
730 July
130 July
4e Feb
130
Jan
7c
Aug
134 July
190
Jan
40 Feb
lc July
200 July
2e Feb
71c Aug
84e
Jun
2% June
694 Jan
10e
Aug
82c Feb
20 Mar
lc Mar
Jan
18c
15c Feb
Ine July
590 Mar
24e May
30
Jan
lc
Jan
30 June
9c July
lc Juno
7e May
6e July
70 June
434 Jan
750 June
794 Jan
234 Jan
Jan
300
Jan
6o
2% Jan
Mar
3
Jan
3e
2% May
250 Jan
Jan
le
Jan
5e
26% Jan
4e
Jan
7% Jan
10e May
6% Jan
11% Jan
Apr
5e
27c Mar
13c Aug
2c
Jan
1731 Jan
2
Jan
141 June
5
July
5% July
30 Mar
Feb
1
50 Jan
9c Aug
1% May
5o May
3c
Jan
431 Apr
lc May
100
Jan
2c
Jan
lo Mar
20e
Jan
ail Jan
46e Mar
134 Feb
50 Feb

596 MAY
be Apr
3% Apr
2434 Mar
80 Aug
Jan
29e
4c Mar
Jan
5
94e
Jan
10e May
30e Feb
65c Apr
334 July
35c May
8e July
20 Apr
2% Apr
9c May
Mar
1
1118 June
3
Jan
8% June
21c
Jan
2% May
8e Mar
40 Mar
41e July
35e July
24e June
1.38 Apr
45e June
12c Apr
Sc Apr
20e Aug
30e Apr
4e July
Apr
15c
48e Mar
18e May
714 Aug
194 July
123,6 Aug
394 May
33e Mar
76e May
Feb
5
43,4 Apr
(lc Mar
234 Aug
63c Mar
110 Aug
140 Mar
32% Feb
31e May
334 May
16c Juno
11
Aug
1734 Aug
Ile June
67e May
52e Mar
14e May
20 Juno
234 Jan
147% Mar
694 Mar
534 July
150 Aug
2% June
12e May
Dc Aug
136 June
12e June
23c Mar
5% Jan
Ile June
24e May
16e Apr
43e Aug
70e Aug
194 Juno
870 June
194 June
14e
Apr

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Mining )concluded( Par. Price. Low. High. Shares.
1
Tonopah Mining
_5
&D
Trinity Copper
1
Tuolumne Copper
United Eastern Mining__ A
-United Zinc Smelting
5
Unity Gold Mines
Volcano Mining
West End Consolidated _
White Caps Mining_ _ _ _10e
White Knob Copp, pref_10
1
Wilbert Mining5
Yukon Gold Co

2
lie
72c
1%

331
114
90c
92c

Bonds
Allied Pack cony deb 6s'39 8134
Certificates of deposit ___ 6434
Allied Pack 88 Ser B w 1'39 9434
Aluminum Mfrs 7s.._ _1925 1044
1933 106
7t3
Amer Cotton Oil 68-- _1924 0934
Amer Light & Trac 6s _1925
Withotft warrants
Amer Repub Corp 68 w '37
Amer Tel & Tel 68__ .1922
19241 10134
6s
American Tobacco 78_1)231
Anaconda Cop Min 78.1929 104
6% notes Series A_ _1929 10134
Anglo-Amer Oil 7368_ _1925 1034
Armour & Co 7% notee1930
Atl Gulf& W I SS L 58 1959
Baragua Sugar 748-1939 100
Bethlehem Steel 78.. _1923 106
1935 10434
Equipment 7s
Bklyn Union Gas 78w 11932
1947
6swi
1929 ___ _-Cony 7s
Canada SS Lines 78 w 11947 944
Canadian Nat Rys 78_1935 11134
..1925 9954
5s w
Canadian Pac Ry 6s_ _ 1924 10156
1941
Central Steel 8s
!Charcoal Iron of Am 851931 9434
Chic Un Stat 58 Ber B.1963 10034
Cities Serv deb 70 Ser C 'en
Colum Graphophone8s 1925
Certificates of deposit
1
Com'w'th Pow Corp 6s1947 8834
Consol Gas N Y 7s_ _1922
Cons GEL&P Bait 7s'31
6s Series A w 1_ _ _1949 10131
1941
Consol Textile 8s
Copper Export Ass'n 8s'24 1024
8% notes__ _Feb 15 1925 1044
Cuban Tel 1st 73.48...1941 105
Cudahy Packing 7s_ _ _1933 10131
1931 10231
Deere & Co 7345
East Cuba Sug736s w 1 '37 10494
Empire Gas & Fuel 65_1924 10154
Freeport Texas Co 75_1937
Gair (Robert) Co 7s._1937 9831
Galena-Signal Oil 78_ _1930
General Asphalt 58.. _1930
Goodrich (B F)Co 7s.1925 10334
Grand Trunk Ry 63-48.1936 106
_ _ 932 100
Gray & Davis 7s
Gulf 011 Corp 7s.....1933 104
Hood Rubber 7% notes '36 9934
Humble Oil & Ref 75_ _1923 10031
9034
Interb R T ils J P M rects
• 90
Certificates of deposit
1921
7% notes
Kansas Gas& El68w 11925 1963.1
Kennecott Copper 75.1930
Kings County Ltg 636s w 1 _
101
Laclede Gas Light 78_ _
Libby M cNeill &Libby7s'31 100
Liggett-Winchester7s.1942
Magma Copper 7s w 1.1932 108
Manitoba Power 75._ _1941
Merch & Mfrs Exch 7s 1942 9936
Morris Sr Co 7Hs _ _ A930
Nat Acme Co 734s__ _1931 974
National Leather 8s_ _1925 983.4
Y N II & Hartf 4s__1922
500 franc bonds
1925
7s w 1
Otis Steel 734s w L.....1947 9534
Phila Electric 534 w 1_1947 10134
1941
1st lien 6s
Phillips Petrol 7348__ _1931
Without warrants
Public Berv Corp 7s w 11941 103
!Sears, Roebuck & Co 70'22
7% serial notes Oct 15'23 10134
Shawsheen Mills 7s_ _ _1931 10434
1927 10634
Solvay & Cie 8s
Southw Bell Telep 78_1925 1033-4
'Stand Oil of N Y deb645'33
7% serial gold deb_ -1925
7% serial gold deb__1926 1064
77 serial gold deb._1927
77: serial gold deb_ _1928
77 serial gold deb _ _1929
°
0 serial gold deb_ -1930
77
7% serial gold deb_ _1931
•Stewart Warner 88_ _ _ _1926 103
1931 102
Sun Co 7s
1929
6s
1925 10254
!Swift & Co 78
Aug 15 1931 10334
78
'Tidal Osage 0117s._ _ _1931 103
Union Oil of Calif 6s..1942
United 011Produc 8s_ _1931 10034
United Rye of Hav'7 As'36 10535
Vacuum 011 7s_
1936 108
Valvoline 0116s Ser A wi'37
'Western Elec cony 75.1925 106
'Winch Repeat Arms745'41 10131

134
11c
234
72c
1116
136
334
30c
1
7c
70e
Sc
92c

2
2,300
lie 2,000
234
200
75c 4,200
1114 12,810
1%
500
3% 1,400
350 2,000
154 11,000
8c 17,000
90c
700
8c 2,000
92e
300

8134 83
$9,000
6434 65
8,000
9434 95
38,000
104 104% 33,000
105% 106
10,000
99% 99% 7.000
106% 10654 16,000
100% 10136 94,000
93
93
16,000
1003( 1004 19,000
101% 101% 21,000
10231 10234 5,000
10331 104% 35,000
1004 101% 36,000
10334 1034 32,000
52,000
10434 105
6034 60% 11,000
99 10036 42,000
63,000
105 106
94,000
1034 105
89,000
109% 110
104 104% 24,000
110 11036 29,000
94
94% 34,000
11036 11134 18,000
9934 9954 37,000
1013.4 10134 3,000
9,000
10554 107
94
94% 9,000
100 10054 71,000
3,000
94
94
1,000
39
39
34
3434 4,000
8834 8836 10,000
10036 10034 4,000
106 10631 2,000
42,000
10134 102
97
9831 35,000
1024 1024 4,000
104 10436 10,000
105% 106% 10,000
1014 101% 2,000
10231 10234 24,000
104% 1054 14,000
101% 1014 13,000
1,000
123 123
9731 9831 57,000
10536 105% 20,000
6,000
105 105
103% 103% 106,000
6,000
106 106
10,000
100 100
104 10434 13,000
99% 47,000
99
1004 10034 22,000
904 924 164,000
21,000
91
90
1,000
98
98
95% 9634 80,000
105 10534 44,000
974 9834 3,000
101 101% 115,000
9936 100
25,000
8,000
10034 102
107 10836 80,000
4,000
9536 96
9934 9931 16,000
10534 10536 6,000
964 97% 46,000
98% 99
23,000
90
90
19,000
87
60,000
86
954 9534 1,000
1014 1014 32,000
5,000
103% 104
102 102
10234 104
10034 loon
1014 1014
104% 105
106 1064
103% 10436
10936 10931
10534 10534
106% 10634
106% 106%
106% 10634
10734 10754
10734 107%
109% 109%
108 109
1014 102
97% 9734
102 10234
10234 10334
1014 10334
1004 101
1004 10134
10534 10554
107% 108
9934
99
105 10634
101% 101%

1,000
59,000
4,000
11,000
16,000
20,000
95,000
25,000
1,000
12,000
2,000
10,000
2,000
1,000
10,000
16,000
23,000
1,000
55,000
41,000
30,000
18,000
40,000
20,000
25,000
14,000
433,000
3,000

Range since Jan. 1.
Low.

High.

17
4 Jan
Sc Mar
134 July
45c Mar
134 Apr
75c June
24 May
30c July
700 Feb
3c Feb
31c May
lc
Jan
80c June

2
Aug
26c May
3
.,an
1
May
234 Jan
131 May
534 Feb
55c Mar
113c6 Mar
9c Apr
90c June
15c July
14 June

Jan
59
50% Jan
76
Feb
100% Jan
102% Feb
93
Feb
Jan
96
100 May
93
July
99% Jan
99% Jan
101% Jan
100% Jan
9651 Jan
102% Jan
101% Jan
574 Apr
99
Aug
1004 Jan
1004 Jan
10534 May
104 June
109 June
94
July
104% Feb
98% June
99% Jan
98
Feb
9236 Mar
994 June
87
Feb
2236 Jan
31
Apr
88
July
100% Aug
102% Jan
9931 June!
94
Feb'
102 May
103% Feb
102% Jan
100% Jan
95
Feb
104% Aug
92% May
1004 Apr
95
Feb
10036 Jan
102
Jan
964 Jan
102
Jan
100
Aug
1024 Jan
95
Jan
99% Jan
72
Jan
8954 July
76
Jan
95 June
101% Jan
96% Mar
9436 Feb
98% Apr
9836 Mar
106
May
89
Jan
99% June
1024 Jan
92
Mar
95% Jan
6836 Jan
72% Apr
77
Mar
95% Aug
99 June
100% Jan
101
Feb
99
Apr
9694 Feb
9834 Jan
97
Jan
101
Jan
10234 Jan
10034 Jan
10554 Mar
104
Jan
104
Jan
10454 Feb
105
Feb
10534 Mar
106
Apr
10734 Mar
10054 Jan
08% Jan
9434 Feb
10034 Jan
101
Jan
9934 Jan
10054 June
90
Feb
100
Jan
106
Jan
983,4 July
103% Jan
9531 Mar

Apr
90
65 May
9934 May
10494 Aug
Apr
106
9954 July
10794 May
10154 Aug
9334 Aug
Mar
101
10134 Apr
103 May
10414 June
10154 Aug
10454 Aug
10594 July
6614 May
10034 July
Aug
106
Aug
105
11236 June
10534 May
11056 Aug
9656 May
11134 Aug
9994 Mar
10194 Jan
107
Aug
9934 Apr
1004 Aug
9734 June
Mar
49
Mar
40
9034 May
1014 Jan
10636 June
Aug
102
10034 June
10336 Apr
Mar
105
10734 June
July
102
10214 July
10555 Aug
10154 July
156 June
100 May
10534 Aug
Apr
107
10354 July
107
Aug
100
Aug
10431 May
Apr
100
10154 May
95 May
9234 July
9934 June
9714 Apr
10634 Apr
9931 May
nu% Aug
10134 Apr
Aug
102
11034 June
100 May
10034 May
May
107
9834 Apr
Apr
101
10134 July
90
Aug
9234 May
9536 Aug
1014 July
10434 May
May
126
1044 May
Apr
104
10174 Apr
Apr
102
Apr
105
10734 July
10474 Aug
10936 July
Apr
106
10634 July
107 May
Jan
107
July
108
109 June
July
111
11431 July
102
Aug
9734 Aug
10236 July
10334 Apr
1044 Apr
102 May
Apr
110
Apr
108
108
Aug
10031 May
1094 Mar
10236 July

Foreign Government
and Municipalities
Jan 10031 May
100 10031 $71,000 97
Argentine Nation 7s_ _1923 100
531 Jan
14 Aug
Verlin 4s
134
13.1 9165000
Jan 613.4 Apr
25,000 46
51
51
French Govt 4s
1943 51
Apr
524
38
June
205,300
3754
40
Mexico 4s
1945 38
9334 95 228,000 9234 Aug 9736 June
Montevideo(City)7s w 1 '52
July 9634 July
9654 107,000 96
Netherlands(Kingd)6sB'72 98
95
July 10031 July
Peru (Rep of) Its w 1_ _1932 100
99% 1004 27,000 100
Russian Govt 654s_ _ _1919
1536 6,000 1334 Jan 304 Apr
15
264 Apr
July
13
1,000
Certificates
1336
1334
Apr
534s
3,000 • 1336 Jan 28
1921
15
15
Serbs, Croats and Slovenes
Aug
July 96
(Kingdom of)8s wi_1026 9534 9554 06 199,000 95
Switzerland Govt 536s 19291 10351 10334 103% 67,000 9534 Jan 10734 Mar
t Odd lots. * No par value. I Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. w When issued. z Exdividend. yEx-righta. g Ex-stock dividend. a Dollars per 1,000 lire, flat. IDollars
!per 1,000 marks. g Marks. 8 Correction. a Fx-100% stock dividend.




751

THE CHRONICLE

AuG. 12 1922.]

Quotations for Sundry Securities.
AU bonds prices are "and interest" except where marked "f."
Standard Oil Stocks Par ma. I Ask Joint Stk. Land Bk. Bonds
Anglo-American Oil new_ £11 1834 19 Chic Jt Stk Laud lik 50_1939 9934110012
10238 103
Atlantic Refining
100 975 1000
fie 1951 opt 1931
1 10211 10314
Preferred
5s 1952 opt 1932
1 105 1106
16 4
115
8
Borne Scrymeer Co
100 4
100
550 1951 opt 1931
Buckeye Pipe Line Co__.50 .96
97
RR. Equipments-Per CI Batas.
Cheeebrough Mfg new..100190 200 etch Topeka & Banta Fe 68. 5 30 5.05
Preferred new
100 108 111
Atlan Coast Line 68 & 654e 540 5.15
5.5
20 5 10
33 143 Baltimore & Ohio 43.4s & 6e. 5
.1,37
Continental 011
4.90
35 Buff Roob & Pitts 4e & 4948
Crescent Pipe Line Co_ _1650
5.30 5.00
Cumberland Pipe Line_100 135 140
Equipment 68.
5.
.00
30 5..5
00
Eureka Pipe Line Co.,..100 88
90 Canadian Pacific 4348& 6e-- 6
Galena Signal Oil corn__ _100 101 105 Caro Clinchfield & Ohio As.
00
.6
30 5.25
Preferred old
165
152
2
568
20 1
100 10
of Georgia 44a_ - 5.
Preferred new
100
Central RR of N J de
5.1
10
0
50
0 5
Illinois Pipe Line
Chen peake & Oblo 6e & 6545 5.5
Indiana Pipe Line Co
90
50 *89
Equipment 5e.
600 5.50
International Petrol (no par) *2014 2012 Chicago & Alton 68
National Transit Co..12.50 •21:114 2634 Chicago Burl & Quincy 65.._ 5.30 5.65
New York Transit Co__ _100 163 167 Chicago & Eastern Ill 554e.._ 5 90 5,41i
Northern Pipe Line Co_100 98 100 Chicago Ind & Loulev 434e.. 5.60 5.15
01:0(3011C°
70
7 Chicago St Louis & N 055.. 5.35 5.00
25•273 23
5.25 5.00
85 526552 Chicago& NW 4548
Penn Mex Fuel Co
2525
1100
2
05
0 *45
Prairie 011 dt Gas
Equipment 6. & 634e---- 5 40 5.15
Prairie Pipe Line
Chic R 1 & Par 454e, 58. 65 5.651 5.26
Solar Refining
24
9
140
5 Colorado & Southern As. Os. 5.60 5.20
0
2 3
23
95
100 3
Southern Pipe Line Co....100
5 401 5.10
Delaware& Hudson 68
South Penn Oil_
5.85, 5.20
100
Erie 451s. Se&Ce
Southwest Pa Pipe Lines.100 60 82 Great Northern (Se
5.40, 5.10
Standard 011 (California) 25 *10434 10512 Hocking Valley 4548. 5e & 68 5.601 5.30
Standard 011 (Indiana)._ 25 1091z 10934 Illinois Central 44e. 56 & dB 5.35, 5.10
Standard 011 (Kansas)._100 535 540 11 Equipment 78 & 63485.35' 5.10
Standard Oil (Kentucky) 25 5954z 96 Kanawha & Mich 41414 611
5.501 5.20
Standard Oil (Nebraska)100 175 185 ,Loulsville & Nash% ille 5e....
5.25. 5.00
Standard Oil of New Jer_ 25 .17934 181 .1 Equipment (is & °Hs
5.35 5.15
Preferred
100 11634 11714 Michigan Central te, Cs.... 5.30 5.00
Standard Oil of New Irk.100 427 630 Minn St P & S M 43484k be 5.45 5.10
Standard Oil (Ohio)
5.60 5.30
100 155 465
Equipment 650 & 7e_
Preferred
100•117 419 Missouri Kansas & Texas 55 6.00 5.50
35 Missouri Pacific Sc'
5.75 6.25
Swan h. Finch
100 32
5.70 5.30
Union Tank Car Co....100 9812 10012
Equipment 68 & 6315
:110 Mobile & Ohio 454P,
5.90 5.25
Preferred
100 1081
As
Vacuum 011
100 423 1427 New York central 4548, As. 5.30 490
27
5 35 5.10
Washington Oil
10 .22
Equipment6s & 78
N Y Ontario & Western 450 6 00 5.50
Other Oil Stocks
Norfolk & Western 494s._.. 5.25 5.00
5.30 5.00
Atlantic Lobos 011 (no par) *04 012
Equipment(is
43 Northern Pacific 7s
5.30 5.15
Preferred
50 *38
535 545 Pacific Fruit Express 7e.... 5.30 5.10
Gulf 11
Humble Oil A Refining__ _ _ 233 238 Pennsylvania RR 48 & 434e_ 5.25 5.00
5.40 5.20
Imperial 011
25 *109 111
Equipment C.
Magnolia Petroleum_...100 175 180 Pittab & Lake Erie 13e & 6345 5.411 5.20
5.35 5.10
Merritt 011 Corporation_ 10 *812 834 Reading Co 454e
5.75 5.20
Mexican Eagle Oil
•13
15 !St Louie Iron Mt & Sou
1515 153s 'St Louis & San Pranolsoo 55.. 5.70 5.20
Salt Creek Producers
Seaboard Air Line 4348 et As. 6.00 650
5.25 5.00
Tobacco Stocks
SouthernPa. Mc Co 4 He70
5 30 5.05
American Cigar common.100 66
Equipment 78
86 South< rn Ry 4548. As & Os... 5.60 5.20
Prefer?ed
100 83
5 4u 5.20
Amer Mbehlne & Fdry- _100 225 250 Toledo& Ohio Central 68..
139 141 Union Pacific?.
5.2 5.00
American robacco scrip_
British-Amer Tobac ord. £1 *1812 19 Virginian Ry 68
5.70 5.15
Brit-Amer Tobac, bearer El *1812 19
14
Conley Foil (new)- (no par) •12
Helme (Geo W)Co,com.100 154 160
Preferred
100 109 113
Public Utilities
Imperial Tob of0B & Ire. *1412 15 Amer Gas & Elm coin_ 50"
55 158
Johnson Tin Foil & Met_100 85 95 I Prefer'ed_
14 312 4412
.150 •
MacAndrews dt Forbes_ _100 102 104 'Amer Light & Tree, corn 00 29 132
Preferred..
98
100 97 100
,
--100, 0
96
30 Amerw
Mengel Co
100 27
Power & Lt. oom_1001 14.1
Pre
er fPerr"l
Porto Rican-Amer Tob....100 52 57
88
Preferred
1001 85
1
oom_
*65
75 Amer Pubic Util.
Scrip
19
100
5
80
Reynolds(HI)Tobacco_ 25 *65
35
Preferred
Schulte Ret. Stores(no par) .3412 36 BlacksteneValOAE.comir50 d 7
7212
.
30
Universal Leaf Tob coin _100 120 123 Carolina Pow & Lt,corn.100 4"
Preferred
100 98 162 Cities Service Co. oom_ _100 180
86
Young (J 5) Co
100 81
Preferred
100 6748 6778
Preferred
22
100 93 99 Colorado Power. cam_ 100 20
s,
n
Rubber Stocks (Glevet and pi tee
90
Preferred_
100
85
Flreetone Tire& R ub.com-10 76
32
Com'veth Pow.Ry & Lt_100 30
6% preferred
64
100 90
Preferred
911
,4
100 6
..1
7% preferred
100 84 85'3 Elec Bond & Share, pref..100 9512 97
39
Gen'l Tire di Rub,com_100 250 -6g - Federal Light & Trao
100 47
71;
Preferred
100 72
100 93
Preferred
31
Goodyear Tire & R,com.100
9,
4 10 Mississippi Riv Pow.com100 30
Preferred
83
100 2834 2912
Preferred
Ice 81
70 •
Prior preferred
95
100 65
First Mtge 5e, 1951_ _Jaz.; 94
Goodyear TAR of Can pf 100 78 84
El f g deb 75 1935._ _MAN 100 102
Miller Rubber
11
100 63 68 Northern Ohio Eleo.(no par) '
9
92 9414
Preferred
100 32 36
Preferred
Mohawk Rubber
93
loo
Nortn'n States Pow.00ra.100 89
-i6
Swinehart Tire & R.com-100 22
115
100 92
Preferred
Preferred
90
Nor Texas Elea Co.com_100' 87
sugar Stocks
85
Preferred_ _
Caracas Sugar
50
Pacific Gas & El. let pref
.100 883
_811'
14
1
8137 Puget Bound Pow & Lt._100 01
Cent Aguirre Sugar coin_ 20 :8
53
_
Central Sugar Corp.(no par) $._ _ _12
b4
- - -6% prpreferredre
frr
eed
0
112
Preferred
100
104
7% preferred
Cupey Sugar common-_ _100
M 731s iii41„-M T
053
21 105
1 10
IN
*
25
6559 'Republic Ry & Light__ _100 13
Preferred
100 4
16
Fajardo Sugar
100
49
7
17
7 1 Preferred
7
16
4
45 --__ South Calif Edison.comA
Federal Sugar Ref, core _100 10
07
3 105
160
00 14
Preferred
100
122
Preferred
Godchaux Bug Inc_ _(no par)
21
- --- 'Standard Gan & El (Del) 151 1198
Preferred
100 76 80
50
Preferred__
. 50 *48
Great Western Bug,com_100 250 260 Tennessee Elec Pow (no par) 141.5 15
Preferred
106
110
100
2d preferred
(no par) 36
Holly Bug Corp,com(no par) *25
30 United Lt & Rye.com_ ..i00 52
Preferred
100 65 70
let preferred
74
72e
,34n4
100,„
Juncos Central Sugar._ _100
Western Power Corp.
National Sugar Refining_100 169
52 IN
18
:
7349
!
15.
Preferred
1oo
,,,79
11
14
SantaCeciliaSugCorp,p1.100
Short Term Securities-Ps'
Savannah Bug.com..(no par) 48
52 Am Cot 0116s 1924_ _M&S2 991
9954
/
4
Preferred
100 95 100 Amer Tel& Tel Os 1924_F&A 10112
West India Bug Fin.com.100 60 100
100
2i14 100%
8% notes 1922
Preferred_
100 52 56 Am Tob 7% notes '23.M
A:N
°
134
12
Industrial&Miscellaneous
AnacondaCopMinds'29..JAJ 10118 2
American Hardware.._100 188 192
J&J 10375
75 1929 Series B
Amer Typefounders.com.100
1033
15
A&O
Anglo-Amer 0117 He'25
Preferred
100
Arm'r&Co7sJ uly 15'30J&J 15 10434
Atlas Powder
524 1:5'1-58
2
100 1259
Deb 6e J ne 15'23 J&D15 lb0
Bliss(EW)Co.new-(no par) .31
32
Deb de J'ne 15 '24...i&D15 100
Preferred
50 115005607
Beth St 7% July 15'23J&J15 10578 1(71614
Borden Company.oorn 100
if; Canadian Pao 681924-MA82 10112 10134
Preferred
100
Federal Bug Ref 68'24_M&N
Celluloid Company
0;4
8:
1
11110
1
3
15413134
12
84
100 92 98 Goodrich(BF)Co 78'25-AA° 10°
Childs Co, corn
09
1 10114
n 19
100 108 112 i
2tga
99
Hnoc
tek
rlng
boroVR
ey76
8811
allT
Preferred
100 106 108
Hercules Powder
59
012
4
01138
34 10
10 160 168 K C Term ay 65'23.M&N15 10
Preferred
J&J 103 104
100 100 102
International Salt
100 65 68 LatIldse
1an '29..F&A
6133J
.1G
ulas
Y 17
International Silver. reef 100 •102 105 Lehigh Pow Sec 65'27_F&A 90 9034
Lehigh Valley Coal Sales. 50 *79 82 Sloss nett S & I ea'29.F&A 9814 9834
Phelps Dodge Corp
100 160 175 Swift & Co 7% 1925_Adc015 102 110214
Royal Baking Pow,00m-100 108 112
7% notee Aug 151931_ _ _ 1027m 10318
Preferred
100 98 101 .7 El Rubber 7945 1930-F&A 108 10812
Singer Manufacturing__ -100 94
06 West Elec conv7s1925.A&0 106 10614
e New stock.
•Per share. b
d Purchaser also pays accrued dividend
/Flat price. It Last sale. n Nominal
Ex-et0011 div.
g Ex-dtv. y Ex-rig11la

5

DU'

2

752

butesintent and

ailreqa intelligenct.

RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
. can be obtained. The first two columns of figures give the gross earaings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.

Current
Year.

Jan. 1 to Latest Date.

Previous
Year.

Latest Gross Earnings.
ROADS.

Current
Year.

Previous
Year.

Week or
Month.

Current
Year.

Previous
Year.

Jan. 1 to Latest Date.
Current
Year.

I)reviou3
Year.

Alabama & Vicksb_ June
281.735 247,211 1,575,090 1,598,223 Mississippi Central_ June
739.741
97.200
129,211
513,416
Amer By Express_ _ April
12945965 17403473 51,737,855 70,123.003 Mo & North Arkan_ June
115,262
76,953
AkrCanton&Youngs June
198,848 142.445 1,071,614
656,192 Missouri Kan & Tex June
2,747,099 2,670,216 14,698,965 16,004,242
4th wkJuly 128,153 131,680 2,816,979 2;708,339 Mo K & T By of Tex June
Ann Arbor
1,816.892 2,017,792 10.008.850 13,200,106Atch Topeka & S Fe June
15524584 14850226 83.402,328 89.200,128
Total system...... June
4.669.393 4,840.601 25,391,496 30.329.342
Panhandle S Fe June
574.661 737,824 3,471,006 4.133.565 Missouri Pacific__ June
8,584,383 48,524,436 52,400,955
8,663,836
Colo
& S Fe._ June
Gulf
1.892.718 2.437.915 9,994.276 14,011.192 Mobile & Ohio—
Atlanta Birm & Atl_ June
312.517 261.610 1.842,846 1.489,894
Colum & Greens_ June
714,658
96,258
769.812
126,183
Atlanta & West Pt.. June
207.363 196.055 1.147.232. 1.254.772 Monongahela
June
129.932 307,540 1,730,964 1,885.174
Atlantic City
June
467.594 448.789 1,874,969 1,865,233 Monongahela Conn.. June
370.065,
155,429
832.985
51,769
Atlantic Coast Line_ June
5,571,036 4,955,101 37.095,580 36.732,035 Montour
June
803,784
348.006
21.802 144,361
Baltimore & Ohio_ June
17580 515 16316024 98,079.159 96,230.951 Nevada-Cal-Oregon 4th wkJuly
190,160
7,220
143,105
13,172
B & 0 Ch Term June
290,213 195,443 1,477.424 1.208,657 Nevada-Cal-Oregon 3d wk July
177,088
135,343
4,496
9,227
Bangor & Aroostook June
562.672 438.983 4,488.3871 3,776,160 Nevada Northern. June
207,743
186.150
14.446
46,078
Bellefonte Central.._ June
9,102
5,209
46,895
June
Sou
Sh
Newburgh
648.942
&
997.496
36.403
178.888
99.775
Belt Ry of Chicago.. June
501.780 457.235 2,890,776. 2,503.441 New Orb Great Nor.. June
213.954 217,405 1.267.449 1,260,648
Bessemer & L Erie_ June
1,389,042 1.656.893 4.664,649 5.928.169 N 0 Texas & Mex June
197.823 209,565 1,319.005 1,385.215
Bingham & Garfield June
23.625
11.425
82.380
June
W
106,495
S
L
&
148.020 13
1,015,176 1,111,034
Beaum
Boston & Maine
June
6 523.383 6,440.900 37.848,763 37,149.810
316,856 388,508 2,602.675 2,992,733
StL Brownsv & M June
Bklyn E D Term_ June
127,723
96.103
797,4201
29462
408
June
Central
New
27868
York
661,067
783 157579512
173
158557
Buff Roch & Pittsb_ 1st wk Aug 202,305 301,443 8,375,486 9,128,122
822.389 722.324 4,638,822 4,402,755
Ind Harbor Belt.. June
Buffalo & Susq_ _ June
68,622 130,268. 731.749 1.035.466
June
West
856,905
Erie
4.454,359
&
4,588,921
Lake
774.517
Canadian Nat Rys_ 1st wk Aug 2,181.198 2,384,012 62,666,15269,876 270
7,224,128 6.331.52537,437.749 34,484,225
Michigan Central June
Canadian Pacific_ _ _ 1st wk Aug 3,285,000 3,673,000 91,324,000,
7.613.870 6.942.887 40,829.638 39.593.766
Clev C0& St L_ _ June
100764000
Caro Clinch & Ohio.. June
699,220 609.085 3,863.255 3.581.721
317,7541 368,045 1,750,311 1,752,663
Cincinnati North.. June
Central of Georgia.._ June
1,993,095 1,941.432 10.747.997 11.132,682
2,061,173 1,639.711 11,800.206 12,360.145
Pitts & Lake Erie June
Centra. RR of NJ.... June
3.443.405 4,426.928 23.199.980 25,149.836
401.560 922,950 3.684.921 4,994,529
Cent._ June
Tol
&
Ohio
Cent New England_ June
458.678 684,374 3.511.250, 4.109.667
203.839 458,243 1,560,542 2,280.864
Kanawha & Mich June
Central Vermont.._ _ June
542,133 533,235 3,168.328; 3,086,836 N Y Chic & St Louis June
2.606.879 2.209.246 14.222,570 13,120.306
Charleston & W Car June
.725 231,025 1,724.476 1.690.322 N Y Connecting
209,726 330,484 1.391,125 1,783.733
June
Ches & Ohio Lines.... June
8.870.114 8.564,712 44.172.859 41.883,146 NYNH& Hartf June
10249837 9.772,686 57,847.727 55,055.001
Chicago & Alton_ _ _ June
2.306,082 2,580,089 14,132.672 14.467.083 N Y Ont & Western June
888.365 1,323,626 5,591,268 6,479,855
Chic Burl & Quincy.. June
13084755 13343856 74,635.952 78.379,915 N Y Suso & West June
324.241 458,992 1.975.049 2,157.441
Chicago & East III June
2.010.422 2,101.847 11.903 154 12,850,818 Norfolk Southern June
752,968 704,163 4.200.225 3.931.407
Chicago Great West June
2.038,200 2,004.593 11.323.144 11,659.886 Norfolk & Western_ June
9.473,091 7.050,018 46,011,351 39,191,071
Chic Ind & Louisv June
1.358.651 1,286.639 7,757,9161 7.313.189 Northern Pacific_ _ _ June
8.300,557 7,408,685 41,922,104 40,427,221
Chicago Junction__ May
292.669 409,419 2.045.9551 2,042.576 Northwestern Pac_ .. June
719.158 834,554 3,557,385 3,690,774
Chic Milw & St Paul June
13513554 12353001 71,156.775167.769.580 Pennsylv RR & Co.. June
40260248 43268 215 240161 064 248584923
Chic & North West_ June
13665322 11864 185 67.660.629 67.606,358
Bait Ches & AU June
719.259
148,510 156.936' 667.302
Chic Peoria & St L.. June
168.092 160.589 1.133,1851 956.619
530.080
Cinc Leb & Nor June
94,5191 519,111
100,082
Chicago River & Ind June
594,994
Grand Rap & Ind June
712,602 617,668 4,125,809 4,086,038
792,2631
Chic R I & Pacific June
10733758 11106855 56,053,682 62,313.356
Long Island
June
2,917,091 2,792,777113,964.429 12.767.134
Chic R I & Gulf_ _1June
516.269 646.349 2.716,0601 3.568.395
539,666483,500
Mary Del & Va.... June
107.654 113,033
Chic St P M & Om June._
2,466,833 2,145.519 13.056,451 13,046.969
N Y Phila & Norf June
659,842 621,100 3,483,385 3,072,357
Cinc Ind & Western June
376.757 288.806 2.043,584 1.697.748
807,315
791,224
Tol Peor & West.. June
145.712 110,619
Colo & Southern__ 4th wkJuly 600,406 748.341 13,104,974 14,656,024
W Jersey & Seash June
1,090,194 1,105.933 5.725,940 5,543.978
Ft W & Den City_ June
784,649 789.072 4.362,1431 5.238,474
Pitts C C & St L_ June
8,910,749 7,942,514 47.521,417 48,177,641
Trin & Brazos Val June
139.785 228.571 1,580,058, 1,297.283
Pennsylv System._ June
55367 758 57184018 319078076 326464335
Wichita Valley..__IJune
89,779 102.306
830,612
891,054
129.845' 125,121
571.4451 786,343 Peoria & Pekin Un_ June
Cumb V & Martin_ _ June
J
60.211 147,897
3.304,9933,151,544 18,207.976 17.052,939
732,958 Pere Marquette.... June
453.318
Delaware & Hudson June
2.296.018 3.723,608 18.866 430,22.411,257 Perkiomen
646,297
585,458
June
122,1081 105,195
Del Lack & Western June
5.501,267 7.566,132 35.882.80842,279.985 Phila & Reading
June
5,673,491 7,215,001 38,260.119 42,321,725
Deny & Rio Grande June
2,737,227 1.858.507.14,456,211 14.240.766 Pittsb & Shawmut_.June
617,230
510.067
81,871
55,345
Denver & Salt Lake June
41,963 298,097
596.212
523,890
96,884
72,413
Pitts Shaw & North June
1,161,268
555,823
Detroit & Mackinac June
185,535 177.363
228,343 367,276 1,391,143 1,416,662
Pittsb & West Va June
815.311
916,795
Detroit To & Iront_ June
904,632 578,245 4.477,923 2,655,536 Port Reading
998,840 1,206.703
92,507 157,734
June
Det & Tol Shore L__,June
310.025 222.784 1.809,131 1,204.187 Quincy Om & K C.... June
530.687
628,263
98,873 109,145
Dul & Iron Range__ June
1.317.150 701,531 2,176,549 2,128,259 Rich Fred & Potom_ June
960,332 792.254 5,407,635 5,397,385
Dub Missabe & Nor_ June
2.679.074 1.993,538 3,844,734 4.497.117 Rutland
June
234.919 254,390 1,505,620 1,510,122
Dub Sou Shore & Atl 4th wkJuly . 162,810 117,016 2,379.697 2,618,534 St Jos & Grand led June
234.919 254,390 1,505,620 1,510,122
Duluth Winn & Pac June
194,909 119,575
7.566.589 6,406,079 39.420,419 39,950,387
972.664 1.390,987 St Louis San Fran.... June
East St Louis Conn.. June
173,377 128,885 1,011,166
104.4241 145,122
595.052
832,494
W & Rio Gran_ June
Ft
808.487
Eastern SS Lines__ May
480.300 416.136 1,585,195 1.259.123
141.489 154,121
780,826
855.767
St L-S F of Texas June
Elgin Joliet & East.. June
1.731.845 1.311,078 10.507.235 10,414.300 St Louis Southwest_ June
1,449.634 1,351,086 8,351,238 8.294,989
El Paso & Sou West June
1.066,440 1.025.721 5.209,396 6,003.017
634.760 594.587 3,438,201 3,613,713
St L S W of Texas June
Erie Railroad
June
6,911.866 8.112.296 44.433.306 49.596.485
4th wkJuly 634.992 609,371
Total system_
Chicago & Erie June
903.500 748,409 5.492.774 5,325,183 St Louis Transfer.... June
62..1551 88.057
566,072
370,574
NJ&NY RR June
123.401 124,023
416.187 524.403 2,483,789 2,813.338
728.748
719.990 San Ant & Ara nPass June
Florida East Coast_ June
813.138 874.874 8.065,238 8,295,665 San Ant Uvakle & 0 June
69,044
514,482
96.957
Fonds Johns & Glov June
101.380 109.747
3,600,199 3.056.711 22,426:507 22,178,211
684.008
667.413 Seaboard Air Line June
Ft Smith & Western June
142.073 109.467
16740374 17131280 83,205,310 91,967,339
730,608
913.912 Southern Pacific_ *June
98.602 199.839
Galveston Wharf._ June
22897098 23044 227 120127 219 130248364
Southern Pacific Co June
706.854,
421.356 412,195 2,367,734 2,636.266
Georgia Railroad.. June
843.427 761,680 5,635,528 5,149.520
Atlantic S S Line..1June
138.050 127.938
Georgia & Florida June
281,019 180,730 1.491.068 1,586,998
Arizona Eastern.. June
665.104
691,403
Grand Trunk Syst 4th wk July 3,267.785 3,748,903 57.326,245 56.571.719
1,860.437 1,932,907 10,506,166 12,831,852
Galv Harris & S.... June
June
164.862 154,999 1,364.899 1,573.471
At! & St Lawr
1,091,774 1,074,835 6,904,221 6.071,872
Hoes & Tex Con.. June
155.448 132.006 1,124.376
Ch Det Can G TJet June
281,942 240.650 1,413,01
Hous E & W Tex_ June
1,353,630
969.681
553.815 362,982 2,536,005 1,792,541
Louisiana Western June
Det G H & Milw_ June
310.701 298,168 2,108,19 2,097,288
1,683,523 1.333.438 7.343,633 6.8.19.328
Grand Trk West_ June
627,443 569,585 3,850,21
Morg La & Tex June
,.295.347
9,242,241
June
Orl_
June
New
System
North
8,448.603 42,730,195 41,903,787
6,41,184 749,643 4,34P,66
Great
Texas &
1,253.797
125,040 106,916
Green Bay & West.. June
686.695
690.298 Southern Railway.... 3d wk July 2,768,738 3,057,919 90.998,44 01,128,745
417.466 306.017 2,259.011 2,049.326
Gulf Mobile & Nor.. June
861,026 753,124 4.711,46
Ala Great South_ June
1,704,441
259.108
225.263 1.437,784 1,391,474
Gulf & Ship Island.. June
1,821.509 1,400.327 9,119.25 8,827,258
Cin N 0& Tex P.. June
1,178.018 1,520.863 6.350.410 6,380,872
Georgia Sou & Fla June
Hocking Valley_ _ _ .. June
406,800 338,726 2,371,00 2,228,121
June
12355745 114 )4 595 69.773,121 68,876.747
Central
New Orl & Nor E.. June
558„572 474.809 3,120.82: 3,261.386
13780720 12917 300 78.501.739 78.870.926
Northern Ala..
Total system..... June
June
444,843
122,001
628,93';
63,714
1.090.186 1,461,262 6,741.669 9,473,963 Spokane Internat'l_ June
Internat & Grt Nor.. June
633,117
96.547 101,541
541,33201,647 149,742 1,508.504 1,599,810 Spok Port1 & Wattle June
Internat Ry of Me. June
646.532 679,148 3,390.100 3,530,877
123.182 116.059
Kan City Mex & Or June
202,266 216,099 1,151.80 1,197.108
665,313
833,332 Staten Island R T.._ June
135.325 134,656
KC Mex & 0 of Tex June
219,061 196,047 1,193,731 1,178,396
740.236 1,016.538 Tennessee Central.. _ June
1.518.100 1.631.238 8.732,517 9.996.367 Term RRsAsnofStL June
Kansas City South.. June
383.404 346.118 2.283,851 2,176.331
183.464 150,132
Texark & Ft Sm.. June
278.309 274.955 1,781.546 1.742.584
St L Mer Bdge T.. June
977.860 1,090.731
June
1.701.563 1.780,800 9.710.377 11,056.319 Texas & Pacific.... _ _ 4th wk July 764,034 865,232 16,663.562 20.551,607
Total system
June
250.799 142.921 1,341,614 1,147,873 Toledo St L & West Juno
Kan Okla & Golf
917.607 740.3531 4,906.257 4,357.888
684,579
177.980
26.311
713,527
Lake Sup & Ishpem June
154.490 164.408
247.681
74.139 Ulster & Delaware.... June
84.266
'June
94.005
Lake Terminal Hy June
8,401,925 8,785,175 45,402.183 18.705,977
551.559
697.620 Union Pacific
160,126 269.240 1,200.236 1,594,706
Oregon Short Line June
2.804.310 2,621,95g 16.380,589 15.652.677
Lehigh & Ilud Riv_ June
June
240,118 431,181 1.987.365 2.210,735
15394 264 15604 253 83,931.504 87.812.711
Total system
Lehigh & New Eng.. June
4.682.192 6.579.729 30.941,221 36.841.367
June
2,343,050 2,447,510 12,698,727 13,489,989
Lehigh Valley
Ore-Wash RR & N June
1,844,979 1.749.608 9.450.004 9,964.066 Union RR (Penn) :June
1,192,118 859,255, 5,071,267 4,985,188
Los Ang & Salt Lake June
760,531
'June
320.341 264.640 1,633,284 1.683.880 Utah
59,292
560,861
159,033
Louisiana & Arkan_ June
281,851 274,399 1,607,991 1.846,387 Vicks Shreve & Pac_ June
350,342 339.915 1,881,316 2.047,288.
Louisiana Ry & Nay June
11882969 9.829.545 62.050,125 57.604.139 Virginian Railroad.. June
2,069,254 2,004,240 10,485.198 9,596,649
Louisville & Nashv_ June
June
5,362.371 4,738.996 28,630.584 28,832,260
297.736 218,403 1,531.388 1,406.985 Wabash RR
Louisv Hend & St L June
1.699,621 1,595.842,10,126.725 10.476,772 Western Maryland_ June
1.271,571 1,451,225 8,244.039 9.133.334
Maine Central
June
....._
Pacific
1.064.742 963.152 5,090,241 5,555.690
June
434.5971
320.8141
Western
Valley
2,281,899
Midland
2.251,298
213.381 204.405, 1,194.732 1,214,118.
9,5661
4th wkJuly
5,816; 154,204
Mineral Range
203,790 Western Ry of Ala.... June
1,346.652 1,484,823 6,822,930 6,748.925
Minneap & St Louis 4th wk July 294.45.3 255,735, 8,609.073 8.820.974 Wheel & Lake Erie_ June
105.402 152,594
583.582 1.124,994
4,204,331 3,281,1581 19,254,928 19.378,742 Wichita Falls & NW June
Minn St P & S S 1VI_ June
1.424,976 1,512.706 8,729.619 9.094.180
o it vil A V Alev June
Nra ,

AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
Weekly Summaries.
roads)____
4th week May (15 roads)____
1st week June (17
roads)---..
(18
June
2d week
3d week June (13 roads)..--4th week June (16 roads)---1st . week July (18 roads)..--2d week July (16 roads)3d week July (17 roads)..--4th week July ( 8 roads).—




Current
Year.
17,398,247
12.953,923
12.971.059
12,985.740
17.624,246
13.154,413
12.880,105
12.354.5101
10.800.549

Previous
Year.
16.502,052
12,404.769
12.740.850
12.798.352
16.810.702
13.056.097
13,090,802
12.969.484
11.115.739
1/ n-m

Increase or
Decrease.
+896,195
+549,154
+230.209
+187.388
+813.544
+98.316
—210,697
—614,974
—314,830

Monthly Summaries.
5.43
4.43
1.81
1.46
4.84
0.75
1.61
4.74
2.8:3

Curr.Yr.
Mileage.
September —235,155
October ..___235.228
November —236,043
December.,__225,619
January ____235,395
February —235.625
234.986
March
234.955
tpril
234.931
ay
•
n"-

Current
C
Year.

Previous
Year.

Increase or
Decrease.

Prev.Yr.
3
234,559 496.784,097 617.537.676 -120,753,579 19.55
234.686 534.332.833 640.255.203 —105922430 16.54
234.972 464,440,498 590,468,164 —126027666 21.34
224.784 406,864.055 527.480,047 -120,615,992 22.87
234,636 393.892.529 469.195.808 —75.303.279 16.05
234.880 400.430,580 405,203 414 —4,772,834 1.18
234.202 473.433,896 457.374.460 +16.059.426 3.51
234.338 416.240.237 . . ,
—15.866.410 3.67
234.051 447.299.150 443.229.399 +4.069.751 0.92
nqi ec7 f.
,
")^Q
,nnq 4/10 nn, nRi
/7,1 R‘,2 °69

AUG. 12 1922.]

THE CHRONICLE

Latest Gross Earnings by Weeks.-In the•table which
follows we sum up separately the earnings for the fourth week
of July. The table covers 6 roads and shows 4.09% decrease
in the aggregate over the same week last year.
Fourth Week of July.

1922.

Increase. Decrease.

1921.

$
•1
8 roads reported last week
10,800,549 11,115,379
Ann Arbor
128,154
131,680
Buffalo Rochester & Pittsburgh_
296,055
370,752
Colorado & Southern
600,406
748,341
Duluth So Shore & Atlantic..__I 162,810
117,016
Mineral Range
9,566
5,816
Nevada California Oregon
7,220
13.172
St Louis Southwestern
634,992
609,371
Texas & Pacific
764,034
865,232
Total (16 roads)
Net decrease (4.09%)

13,403,786 13,976,759

314,830
3,526
74,697
147,935
45,794
3,750

5,952

25,621
101,198
75,165

648,138
572,973

Net Earnings Monthly to Latest Dates.-In our "Railway Earnings' Section or Supplement, which accompanies
to-day's issue of the "Chronicle," we give the June figures of
earnings of all steam railroads which make it a practice to issue
monthly.returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that Supplement for full details regarding the June results for all the
separate companies.
In the following we give all statements that have come
in the present week. We also add the returns of the industrial companies received this week.
-Grossfrom Railway- -Net from
1922.
1921.
1922.
$
$
$
Bellefonte CentralJune
9.102
5,209
2,932
From Jan 1
48,895
36,403
7,721
Chesapeake & Ohio RRJune
8,870.114 8,564,712 2,678,371
From Jan 144,172,859 41,883,146 10,899,467
Chicago & A ltonJune
2,308,082 2,580,089
291,874
From Jan 1 14,132,672 14,487,083 2,448,735
Detroit Toledo & Ironton904,632
June
578,245
255,895
From Jan 1 4,477,923 2,655,536 1,325,405
Louisiana Ry Az Navigation274,399
281,851
June
27,827
From Jan 1 1,807,991 1,846,387
143,747
Missouri & North Arkansas78.953
15,245
June
115,262
From Jan 1
13,670

Railway- -Net after Taxes
1912.
1922.
1921.
$
S
$
-1,473
-10,269

2,812
7,001

-1,674
-11,475

2,343,636 2,410,053 2,113,520
7,343,141 9,288,282 3,956,247
217,318
216,576
1,237,254 1,996,603

141,803
743,349

201,862
253,839
442,940 1,249,921

191,720
382,651

58,409
225,428

40,225
128,698

11,477
45,494
11,045
6,218

ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S.
Latest Gross Earnings.
Name of Road
or Company.

Month.

Adirondack Pow & Lt June
Alabama Power & Lt_ June
Amer Power & Light.. June
American Rys('o
March
Amer Water Wks Elec June
Appalachian Pow Co_ June
Arkansas Lt & Power June
Asheville Pow & Light June'
Associated Gas & Elec June'
Atlantic Shore Ry__ . March
Bangor By & Elec Co May
kBarcelona Tr Lt & P June
Baton Rouge Elec Co June
Beaver Valley Trac__ June 1
Binghamton Lt H & P June!'
Blackstone Val G & E Junej
Brazilian Tr. Lt & P_ Juno
Bklyn Rapid Transit.. Junep
.Gklyn City RR__ JuneI
;(i ye Heights(Rec) May
Bklyn Qu Co & Sub May
Coney Isl & Bklyn_ May,
Coney Is! & Grave.. May
Nassau Electric__ _ May
N Y Consolidated_ Mayi
South Brooklyn__ _ May.t
Cape Breton Elec Co.. Junal
Carolina Pow & Light Junel
Central Illinois Lt___ Mayl
Central Mirs Val Elec bine f
Chattanooga Ry & Lt May3
City Gas Co. Norfolk Marcni
Cities Service Co_ _ __ May
Citizens Trac &subs.. _ May
Cleve Paines & East_ June'
Junel
Colorado Power
Columbia Gas & Elec June
Columbus Electric__ _ Junel
Com'w'lth Pr,Ry&Lt June
Connecticut Power.. _ June
Consumers Power Co June
Cumb Co Pow & Lt Mall
Dayton Power & Lt June
:lune*
Detroit Edison Co
Detroit United Hy_. March'
Duluth-Superior Trac Juno
Duquesne Lt Co subs
light and power cos June
East St Louis & Sub_ May
Eastern ShoreGas& El May
Eastern Texas Elec June
Edison El Ill of Brock Juno
Juno
El Paso Electric
Elec L & Pow of Abington & Rockland.. June
Erie Lt Co & subsid May
Fall Riv Gas Workg Juno
Federal Lt & Trac Co Juno
Ft Worth Pow & Lt Juno
Galv-Houston Eloc Juno
Gen G & El & Sub Cos Juno
Georgia Ry & Power_ Juno
Great Western Power June
Harrisburg Railway March
Havana El Ry,Lt&Pr May
Haverhill Gas Light.._ June
Honolulu Rap Trans_ June
Houghton Co El Lt June
Hudson & Manhattan May
Hunting'n Dev & Gas May
June
Idaho Power Co
May
Illinois Traction
Indiana Power Co.. June




Current
Year.

Prerious
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

433,733 351,185 2,650.175 2,281.895
445.707 351,253 2.506.311 2.238.591
1935,950 1866,662 *24527586 *24142158
hhh 159r..7s5 4.717.101 4..32 092
1638,301 1600,861 19,911,688 20,008,680
246.088 213,19(1 1.428,249 1.192.957
132.939 125,411 *1,107.341 *l.187,4C,3
74,765 72,641 *871,359 *848,991
149.865 148,457 *1,933,605 *1,619,642
53,673
58,667
20.259 20.715
575,561
111,111 106,551
601,859
3617.712 2912,556 22,515,219 18,100,834
50.983 43.562 *570 261 *521,224
352,265
312,368
49.565 52.187
84,946 67,663 *980,522 *860.115
307 811 284,315 *3,889,726 *3,387,984
16266000 14257000 92.515.000 80,199,000
3017,256 2888,155 *34544 093 *30972086
1044,852 1011,502 11,848,701 10,549,104
8.218
30,431
6,150
36,466
232,157 228,558 1,067,298
864.644
269,566 251.853 1,109,733 1,046,007
10,139
29,613
9,687
30,518
466,068 413,656 2,052,439 1,877,624
2074,299 1954,490 9,733,022 9,144,559
99,299 74.213
353,627
418.470
46.053 52,196 *666.487 *681.900
154,959 130,102 1,791,711 1,656,107
222.766 210.222 1,274,875 1.186.199
43.123 41.565 *534,492 *506.043
125.931 111,845 *1,461,798 *1,345,769
85.251 88.443
280.636
266.350
1435,322 1198,110 6,608.135 7,143,785
78,385 76,110
417,256
395.520
67.811 72.188
371,240
339,741
81.927 81,177 *963.588 *1,126.688
1299.155 1059,518 9.485,184 7,864.628
158.350 145.773 *1.896,555 *1,622,536
2531.029 2491,036 15,832.836 15.773,822
138 774 112.204 *1,617.512 *1.469489
1189,201 1095.801 7,261,780 7,135,353
259.084 246,130 *259,084
246,130
320.212 299,181 2,196,505 2,085,024
1964,358 1728,216 12,876,744 11,624,400
17ng 129 2084.196 4.990,099 5.917,675
137,368 148,552
849.457
905,176
1279,245 1242,578 8,193,990 8,304.839
277,919 308.148 *3.665,903 *4.390,311
43.795 40,347
230,092
208,672
156,024 141,865 *1,683,682 *1,719,110
99,711 93,471 *1,312,945 *1,240,265
185,464 189,499 *2,289.586 *2,162,333
25,913 27.762 *358,178 *356,473
469,885
81,819 75.311
462,149
83.978 85,778 *1.003,610 *977,619
379,687 369,470 2,492,346 2.431,369
193,458 192,836 1,206.594 1,'282,8b5
287,438 321,689 *3,453,652 *3,927,858
944,480 898,822 5,869,428 6,664,747
1170.184 1128,736 *14554948 *14020023
617.327 580.479 3.660.507 3,633,414
410,021
140,450 144.350
422.958
1087,916 1100.117 5,959.542 5.341.730
47,571 44,966 *539,685 *479,739
478,795
80,662 79,717
461,808
41,056 39,878 *550,350 *599,573
928,071 881,451 4,618.889 4.8C43.1
508.168
106.566 86,452
486,4
222,081 208.044 1,131.349 1,070.6
1753,198 1761.290 9.353.546 9.211,294
846.303
763,318
58,632 60.590

Nameof Road
or Company.

753
Latest Gross Earnings.
Month.

Current Previous
Year.
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

$
$
$
S
Indiana Service Corp_ May
247.986 238,617 1,225.052 1,250,030
Interboro R T System May
4702.854 4730,491 949218379 y50644542
Keokuk Electric__ _ __ June
30,933 30,330 *381.173 *366,107
Kentucky Trac & Ter June
197,052 157,430 1.692,294 1.614,871
Keystone Telephone.. July
967.058 1,011,454
140,920 143,177
Key WeA Elec Co...... June
19,438 21.483 *249.514 *268.112
Lake Shore Electric..... June
205,629 213,149 1,144,604 1,250,035
Lexington Util & Ice_ June
103.074 113.088 *1,099,114 *1,051,829
Long Island Electric_ May
133,341
145.960
36,824 35.854
Lowell Elec Corp.._ _ _ June
100,116 92,398 *1,228.264 *1,208,520
Manhat Bdge 3c Line May
118,783
117,795
25,560 25,093
Manhattan & Queens May
136,257
148,766
36,973 38,337
Manila Electric Corp. March
284.315 298.158
t Market Street Ry__ June
814,563 763.56" 4675.809
Metropolitan Edison_ June
211,825 209,075 1,374,772 1.322.476
Milw El By & Light.._ June
1488,027 1433,005 *18640964 19,702.286
Miss River Power Co.. June
259.423 221,700 *2,836,657 *2,821,167
Municipal Sem,& sub May
213.889 194,809 1.089.643 1.050.053
Nashville Ry & Lt Co May
337,146 321,392 1,707,447 1,604,763
Nebraska Power Co__ June
280.540 213.149 1,680,855 1,523,440
Nevada Calif Electric June
473.806 348,316 1,703,372 1,570.340
New Eng Power Sys.. June
441.563 427,406 2,725,318 2,587,061
NJ Pr & Lt Sub Cos.. June
46,940 33,776
315,100
219.340
N'p't N & Hemp Ry_ June
187,593 240,283
997,263 1,352,448
New York Dock Co__ June
355.576 448.089 2.026.767 2,891.073
Nor Ohio Elec Corp.._ June
761.204 699.343 4,459.235 4,440.579
Nor Ohio Trac & Lt__ Juno
752,120 690,635 4,405,803 4.408,531
Nor W Ohio Ry & Pow June
41,698 38,223 *462,714 *496.225
Northern Texas Elec_ June
240,156 287.091 *3.207.311 *3,892,281
Ocean Electric
May
29.793 23,231
94,525
72,229
Pacific Pow & Lt
June
249,259 235,187 1,426,278 1,366,709
Paducah Electric_ _ _ _ June
43,674 41,826 *540.616 *508,520
Palmetto Power & Lt June
46,352 44.656 *578.261 *570.675
Penn Cent Lt& P&sub May
185,215 185.353 1,015.262
976,891
Penn Edison & Sub June
196.877 197,008 *2470,542 *2,518,606
Philadelphia Co and
Natural Gas Cos June
988,202 552.907 7,342,073 6,172.083
Philadelphia Oil Co.._ June
93.158 63.039
501.711
661,269
Phila & Western
June
67,995 67.911
390.319
390.181
Phila. Rapid Transit June
3525,734 3566.337 21,118.783 21,544.039
Pine Bluff Co
June
74,355 69,453
367,366
359,717
Portland Gas & Coke_ June
268.611 262,337 1,710,519 1,871,640
Portland Ry. Lt & P_ May
851.305 830,907 *9.887.392 10.094,477
Puge, Sd Pow & Lt June
785,174 751,871 *10138086 *10203 194
Read Tr & LtCo&Sub June
239,658 249,005 1.436,604 1,474,159
Republic By & Lt...... June
643,386 565.694
Richmond Lt & RR May
67.388 68.350
301,669
318,471
Rutland Ry Lt & Pr.. June
45.946 43,676 *563,489 *584,741
St L Rocky Mt & Pac June
423,634 277.037 1.522,444 1,912,798
Sandusky Gas & El June
58,290 48,312
404.339 *367,922
Savannah Elec & Pow June
133.551
1,083,291
Sayre Electric Co____ June
10,032 13,667
*89.350
*96,484
Second Avenue
May
90.365 85,017
394,366
366,176
17th St Incl Plane
June
3,556
4,209
18.392
20.849
Sierra Pacific
June
73.304 79,821 *887,504 *818,497
Southern Calif Edison June
1436,839 1375,812 7,870,569 7,656,149
City of Los Angeles
Wholesale Basis.. June
1406,466 1251,691 7.238,812 6,916.100
South Canada Power_ May
65,663 59.835
1Southwest P & Lt Co June
743,914 754,828 *9.665,730 *10172231
Tampa Electric
June
138,608 138.145 *1.755,007 *1,607,689
Texas Electric By...... June
208.436 229,478 1.687,521 1.873,091
TexLs Power & Light.. June
356 579 359,010
Third Ave By Sys
June
1235.861 1225,484 7,009.890 6.757,269
Twin City Rapid Tran June
793,542 844.890 6,998,654 7,015,22
United Gas & El Corp June
976,477 895.414 6.272,910 5.811,614
Utah Power & Light_ June
549,694 519,609 3,350,571 3,341,891
Utah Securities Corp.. June
696.068 667.910 *8,447.160 *8,757,391
Vermont Hy-El Corp June
39.715 36,155
249.319
245.691
Winnipeg Electric Ry June
417.754 446.209 .2753,488 2,856,71/
Yadkin River Power_ June
97.080 84,914 *1,160.368 *996.62,:i
a The Brooklyn City RR.Is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having,
with the
approval of the Court. declined to continue payment of the rental; therefore
since Oct. 18 1919 the Brooklyn City RR has been operated by its owners.
b The Eighth Avenue and Ninth Avenue RR. companies were formerly
leased to the New York Railways Co., but these
were terminated
on July 11 1919. respectively, since which dates leases
roads have been
operated separately. f Earnings given in milreis. gthese
Subsidiary companies
only. i Includes both subway and elevated lines. j Of Abington
& Rockland (Mass.). k Given in pesetas. 1 These were the earnings from
operation of the properties of subsidiary companies. * Earnings for twelve
months. t Started operations April 1 1921. z Earnings for ten months.
y Earnings for 11 months.

Electric Railway and Other Public Utility Net
Earnings.-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
Companies.

-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.

Amer Power & Light (subsid
cos only)
June 1,935,950 1,866,662
742.633
July 1 '21 to June 30 '22....24,527.586
24,142.158 10.001.726
Indiana Power Co
June
58,632
60,590
28.902
Jan 1 to June 30
846,304
763,318
447,363
Southwestern Pow & Light
(subsid cos only)
June 743,914
754,828
328,807
July 1 '21 to June 30 '22._ 9,665,730
10,172,235 4,657,193
Gross
Net after
Fixed
Earnings.
Taxes.
Charges.
Duluth-Superior
June '22
137.368
z20,478
14.396
Traction
'21
148,552
z16,378
14.291
6 mos ending June 30 '22
859.457 z100.102
87,278
'21
905,176 z101,445
87.288
Federal Lt &
June '22
379,687
134,659
56,941
Traction
'21
369,470
105,913
55.959
6 mos ending June 30 '22 2,492,346
838,402
331,104
'21 2,431,369
750,020
332,565
Georgia By &
June '22 1,170,184 • • 408,055
234,047
& Power
'21 1,128,736
440,328
233,344
12 mos ending June 30 '22 14,554,9.18 4,942,144 3,093.205
'21 14,020.023 4.707,317 2,770,659
Idaho Power
June '22
222,081 z118,324
Company
'21
208,044 x127,000
12 mos ending June 30'22 2,359,485 z1,404,869
(3i
64
7:
.(5
1
069
31
'21 2,320.679 z1,326.823
631,550
Keystone TeleJuly '22
140,920
57,243
42,575
phone Co
'21
143,177
59.394
40,559
7 mos ending July 31 '22
967,058 • 384,462
290,695
'21 1,011.454
328,648
271,947
Twin City
June '22
193,542
320,105
194,573
Rapid Transit
'21
844,890
294,654
191,156
6 mos ending June 30 '22 6,998,654 1,968,709
793.869
'21 7,015,223 1,490,581
338,763
Utah Power
June '22
549.694 x290,627
167.421
& Light
519,609 z242.769
'21
141,521
12 mos ending June 30'22 6,755,045 x3.459,230 1,762,239
'21 6,870,906 23.386,568 1,722.174

659,552
7,975,406
26,348
350,542
316,740
3.729,412
Balance,
Surplus.
6
2:008
87
2
12,824
14,157
77,718
49,954
507,298
417,455
154,008
206,984
1,849,939
1,936,658
823
570
73
72
668
91,8
695,273
14,668
18,835
93,677
56,701
124,532
103,4981,174,840
1,151,818
123.206
101,248
1.696,991
1,664,394

754

THE CHRONICLE

[vol.. 115.

Control Act, and for under-maintenance during period of Federal control.
Claim is now being investigated by the Director-General
The company is prepared to negotiate a settlement as soon as the DirectorGeneral has completed investigation of claim
Federal
Valuatton.-During July 1921 tentative valuation of each comFinancial Reports.-An index to annual reports of steam pany comprising
the St. Louis Southwestern By. System was served by
C. Commission.
railroads, street railway and miscellaneous companies which the
reported by the Commission as of June 30 1915
The
tentative
valuation
have been published during the preceding month will be given [V. 113,p. 534j did not take
into account investments in jointly owned and
amount of capital
on the last Saturday of each month. This index will not operated bridge, terminal and union depot companiestonorallow
proper credit
in
1915. It also failed
since
the
property
invested
include reports in the issue of the "Chronicle" in which it is for other values to which the company
is entitled under the law.
published. The latest index will be found in the issue of
Protests for each company have been filed within the time limit prescribed
by law and the officers in charge of valuation are engaged in completing
July 29. The next will appear in that of August 26.
the preparation of evidence in support of the value claimed. Date for
hearing has not been set by the Commission.
St. Louis Southwestern Ry. ("Cotton Belt Route ".)
Abandonment of Operations by Eastern Texas RR.-This line extending
from Lufkin, Tex., to Kennard, Tex.. a distance of 30.30 miles, was con(Annual Report-Year ended Dec. 31 1921.)
structed in 1900 to develop a large tract of yellow pine timber. On Sept. 1
1906 the entire capital stock was acquired by the St. Louis Southwestern
Pres. J. M.Herbert, St. Louis, May 15, reports in subst.:
Railway.
Results.-Financial results for 1921 were very gratifying in view of the
Saw mill operations were abandoned in 1917 on account of the timber
continued business depression throughout the year. Railway operating having been cut. This deprived the railroad company of its primary source
revenues amounted to $25,140,164, compared with $31,020,958 for 1920, of revenue and its operation from that time was conducted at a loss.
a decrease of $5.880,794. or 18.96%. The decrease was due to indastrial
Immediately after the effective date of the Tr insportation Act. 1920.
depression, which was effective throughout the entire year 1921. While application was made to the I.-S. C. Commission for permission to abandon
this decrease is substantial, it should be borne in mind that during the owration of this line and salvage the property.
year 1920 the company moved the greatest volume of business in its history.
On Dec. 2 1920 the Commission issuad a crrtificate of public convenience
'Eliminating comparison with that year, the volume of business handled and necessity, granting this permission. The State of Texas, however,
attiring 1921 was greater than any preceding year.
brought two injunction suits against the company to restrain abandonment
The net revenue from railway operations for 1921 amounted to $6.050,605. of the property under this certificate. Judgments were rendered in favor
as against $5,134,902 for 1920, an increase of $915,703. or 17.83%•
of the company by the lower courts in both cases and operation of the
Railway tax accruals for 1921 were $1,119,056. compared with $1,247,677 property ceased on May 1 1921.
for 1920, a decrease of $128.621, or 10.31%, due to a decrease in Federal
The State of Texas appealed both cases to the U. S. Supreme Court,
Income taxes, as the result of reduced net income.
which Court held that the company under the certificate of the I.-S. C.
After deducting taxes and uncollectible railway revenues from net Commission had the right to abandon operation of the property as to
revenue railway operating income amounted to $4,927,841, contrasted inter-State commerce, but that its operation as to intra-State commerce
with $3,885,448 In 1920, an increase of $1,042.393, or 26.83%.
was under the jurisdiction of the State of Texas, except as limited by the
Other income •during 1921 amounted to $962,610, against $1,836,952 provisions of the Federal Constitution.
in 1920, a decrease of $874,341. This income was chiefly made up of
In the opinion of our law depirtment the State of Texas will not be
rent received from other carriers for use of freight cars and for joint use of able to compel resumption of operation of this lino
parts of our lines. The former amount was greatly reduced for the reason
Agricultural.-Fruit and truck crops of Eastern Texas were very good
that an unusually large proportion of the owned equipment was at home and were marketed at a profit to the growers, largely through the efforts
$589,500.
to
amounted
during 1921. The decrease in this item alone
of our agricultural department. This department took an active part in
The remaining decrease in non-operating income was made up of uniform effecting organizations of growers of the different commodities in each
decreases in nearly all items embraced in this group of accounts. Adding community, thus permitting the marketing of their crops through one
non-operating income to $4,927,841 railway operating income produces agency and insuring a better price than could otherwise have been obtained.
gross income of $5,890.452, compared with $5,722.400 in 1920.
This dep trtment has also stressed the importance of grading, selecting and
Deductions from gross income amounting to $3.396,970, compared with standardizing products, of better shipping containers, as well as the proper
33,298,656 in 1920. Deducting these totals from gross income leaves a packing and bracing in cars. The effect of this campaign was apparent
net income for 1921 of $2,493.482, compared with 82,423.743 in 1920, or both in the better return to growers and in decreased number of damage
an increase from operations alone of $69,738, but this comparison does not claims.
include $536,093 received from U. S. RR. Administration on account of
Demonstration work was conducted on 5() acres of the company's demonrent for use of property In 1920, not included in any of the figures quoted stration farm at Brunswick, Tex., where along with other work tomato
above. Adding this to the 1920 net income from operations gives $2,959,836 plants were grown and sold to farmers at cost, thus insuring the planting
net income during 1920. All of the net income in 1921 was appropriated of much acreage that otherwise would not have been cultivated.
for investment in physical property.
New Industries.-Our Industrial department has been successful in
Cotton Crop.-While the cotton crop of 1921 was subnormal, cotton locating a number of now industries on our rails, which promise a subtonnage handled during the year increased 9.20%. brought about entirely stantial addition to our revenues through their business.
by shipping cotton held over from previous year. The market price of
cotton in 1921 was materially higher than in 1920, and by careful economy
The comparative income account was given in V.115,p.641.
on the n,rt 'if the planters, it was possible for them to realize a small amount
the
CHARACTER OF STEEL RAIL IN MAIN TRACK.
during
of profit this year, contrasted with severe losses sustained
Total.
75-lb. 70-lb. 60-lb. 56-lb.
85-lb.
previous year.
Miles200.95 863,95 30.67 47.11 384 98 1,539.57
Other Products.-We have been successful in securing an increased move- Dec. 31 1921
1,539.57
33
386
47.10
revenue
182.46 881.10 30.67
ment of grain amounting to 14%. This long haul traffic produces
Dec. 31 1920
106.70 950.02 30.67 44.15 395.27 1,538.72
per ton mile considerably in excess of the average of all commodities. The Dec. 31 1919
75.41 981.33 30.67 44.15 407.07 1,538.63
rice movement from Arkansas producing _points was more than 40% in Dec. 31 1918
excess of the movement during 1920. These increases were offset by
BRIDGES IN MAIN TRACK.
AND
BALLAST
substantial decreases in lum.b.r, refined petroleum products, cotton seed
Total.
Gravel. Cinders. Burn Clay. Soil.Tres.&c.
Rock.
Milesproducts, fruits and vegetables, manufactured iron articles and mer1,554.55
205.65
Dec. 31 1921_*210.31 544.97 108.20
chandise.
*1,554.55
205.65
Memphis Freight Traffic.-Arrangements were made effective Feb. 28 Dec. 31 1920_*210 31 544.97 108.20
*1,552.40
212.18
1921 whereby we operated our trains over the tracks of the Chicago Roca Dec. 31 1919-*222.54 584.58 100.66
*1,553.65
434.39
211.58
Island & Pacific Ry. between Brinkley and Memphis and used terminals Dec. 31 1918_*221.98 583.65 102.05
*1,527.92
411.43
211.58
of the Illinois Oentr..I RR. at Memphis. The results obtained are highly Dec. 31 1917-*199.57 612.42 92.92
terminals,
our
own
trains
into and out of these
satisfactory. Running
* Includes 14.44 miles in second main track.
with our own power and crews, has greatly expedited handling of traffic
through the Ntempnis gateway.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
Operating Expenses.-Total operating expenses for the year amounted to
1918.
1919.
1920.
1921.
$19.089,559, comp trod with $25,886,056 for 1920. a decrease of $6,796,496.
1,754
1,783
1,776
1,806
or 26.26%. It is estimated that decrease In wages authorized by the Average miles operated_
Operations
U.S. RR.Labor Bo trd, effective July 1 1921, caused a decrease in operating
2,592,292 3,939,032 3,731,930 3,181,26.
expenses of approximately $385.000. Deducting this amount from decrease Passengers carried1 mile 89.876,499
137,513,447 140,477.148 166,683,999
carried
shown above, leaves 36,411,497, representing decrease in expenses through Passengers
2.54 cts.
2.72 cts.
2.93 cts.
3.44 cts.
per mile
adjusting forces and other economies made effective to meet the decrease Rate per pass.moved_
4.872,201
4,7132.210
a5,147,912 a6,356.708
Tons freight
in revenues.
1240619003
1140439526
1815775668
810
mile_1296385
1
do
do
Notwithstanding reduced expendlinres during the year, the property
1.16 cts.
1.39 cts.
1.39 cts.
1.61 cts.
ton per mile
was adequately maintained. Part of the decrease in expenditures for Rate per
$1.917
$1.921
32.149
$1.5958
pISS. train m..
maintenance of way and structures and for maintenance of equipment E.irns. per
$5•2133
$6.4219
$7
2756
$7.4770
m
train
fgt.
per
iras.
resulted from decre ises in prices of material and reductions in wages. The E
$10,984
$11,776
$17,467
$14,156
per mile_
largest and most commendable saving was in the item of transportation, Gross earnings
brought about by close and competent supervision, a tremendously improved
a Not including company's freight.
morale and increased efficiency, all of which have be in easily apparent and
extend throughout the entire organization, resulting in material benefit CLASSIFICATION OF REVENUE TONNAGE FOR CALENDAR YEARS.
1920.
1918.
1919.
1921.
to the company.
141,904
60,765
239,125
189,433
E & BETTERMENT AGGREGATING Cotton sd.& prod. ex. oil
MAJOR ITEMS OF MAINTENANC
984,276
898.321
793,305
784,479
Other agric. products_
$2,911,120 IN 1921.
130,712
107,341
66,450
49,497
of animals._
Products
purchase of 377 sets
327,725
221,092
344.969
232,299
Purchase of 684,231 cross ties. $861.790;
Bituminous coal
152,738
292,416
535,442
994,191
of switch ties,$66,094; purchase of 10,924 bridge ties,$24,903; $1,298,652 City ,gravel ,sand&stone
481,544
142.6451
408,592
331,559
labor applying ties, $345,866
Crude petroleum, &c__ _
to soft wood ties, $16,345;
8.883J
46,600
58,536
Application of 58,044 tie plates
Other mineral products_
yds. ballast, $92,400; renewing
1,696,819
1,624,958
forests
1,821,727
1,210,017
of
Products
-Application of 50.980 cu.abandoning
726 ft. in connection
219,505
&
224,362
496,668
409,137
Refined petroleum, &c
23,112 linear ft. trestle
linear ft. of trestle with
1,064,703
1,179,427
1,603,830
888,764
mfot products_ _
therewith, $461,841; replacing 2,357
$39,692
610,278 Other
concrete culverts & pipes & filling,
of new 85-pd. rail, replacing
4,872,201
4.760,210
6,356.708
5,147,912
Total
Laying 19.13 miles (incl. turnouts)
installing drain tile in wet cuts,
worn 75-1b. rail, $88,169;
additional shop machineryCONDENSED BALANCE SHEET (ENTIRE SYSTEM) DEC. 31.
widening cuts & fills, $88,452;
1920.
1921.
paving streets-Sherman,
1921.
1920.
Tyles and Hodge Tex., $19.751;
226,961
0
Liabilities------580
AssetsWaco and IlillsbOro, Tex.,
131,087 Road & equip _111,835,994 100,611,316 Common stock_ 16,356,100 16,356,100
Important work on structures
19,893,650 19,893,650
644,140 Inv.in:Mi.cos_ 2,590,061 7,425,250 Pref. stock
Rehabilitation of freight equipment
419,252
619,251 Bonds (see "Ry.
locomotives were delivered by Other investm'ts
Eguipinent.-Eleven consolidation freight
Sec.) 58,078,910 53,573,250
Ind."
&
49.214
46,574
all
Investmts
the
year
at
during
$695,300,
cost
of
Works
Misc.
the Baldwin Locomotive
1,930,262 1,498,799 Accts. & wages_ 2,310,019 3,106,668
delivered during 1920 Cash
paid through income. Ten similar locomotives were
875,814
528,965
415,958 Traffic ,&c. ,bals
467,038
was paid in cash at time Special deposits_
at a contract price of $513,320 of which $128,330 of
801,383
203,175
.bal
432,079 Int.& diva.due_ 1,017,438
1921
cond
by
issuance
notes. During
Agts.&
of delivery and $384,990 financed the
683,906
317,308
accts__
563,946
825,822 Miscell.
principal of these notes, leaving Traffic ate.,bal_
on
$128,330 was paid through income
252,157
305,344
25,712
cost of 21 locomotives. Additional Loans & bills me
13,390 Int., &c., accr__
664,544
$256.660 yet to be paid on the total
695,101
1,123,420 2,027,698 Taxes accrued__
to $209,000 were paid through income aliscell. accts
equipment trust notes amountingfor
Accrued deprec_ 5,160,026 4,691,586
rec_
505,698
666,960
increase
diva.
locomotives
for
the
account
&
issued
Int.
Notes
during year 1921.
94,715
72,365 U. S. Govt.
Insur. funds, &c
In funded debt during the year of $47,660.
unadj. cred__ 3,422,993 3,790,978
, & supplies 5,031,528 5,131,946
'
much maintenance and improvement mat
Work in Progress -In May 1922
991,186
421,599
Unadja&c.,accts
miles
s
ass'
6,000,997
for
a
laying
provides
5,999,612
of
U.S.Goyt.dt.
06.93
total
program
work is under way. The
10,837,109 10,651.550
U.S.Govt.dtilab
rail.
Govt.
releasing worn 75-1b.
U. S.
.of new 85-1b. rail in main line during 1922,
68,766
22,170
5,185,104 4,985,223 Other def. nab__
unadj.sects
Heavy work is being done in renewal and replacement of bridges and
693,316
988,418 Add'ns to prop.
Unita). accounts
trestles with permanent structures.
2,853,162
5,427,773
income_
thro.
A modern ditcher and spreader is at work accomplishing extraordinary
412,860
412,860
Sinking fund_ _ _
cuts.
results in improving drainage of the line, andinwidening banks and
Appro. surplus_ 1,350,955 1,417,648
An unusually heavy program is in operation connection with rehabilita10,514,392
10,322,373
Profit and loss__
tion of freight car equipment made necessary by the dilapidated condition
depression in latter
in which equipment was returned to our rails during
136,880,695 131,599,400
Total
RR.
136,880,695 131,599,400
Total
part of 1920 and during year 1921 in consequence of failure of U. S.
above stated, repreNote.-The consolldated general balance sheet, as the
Administration to approach a normal maintenance performance during
St. Louis Southof
Government control.
sents a consolidation of the general balance sheets
the St. Louis SouthIncluding
and
affiliated
Co.
companies,
Ry.
western
CO.
TRAIN
MILE,
INCLUDING
PER
Terminal Ry.,
Point
. AVERAGE LOAD IN TONSMATERIAL.
Gray's
Ry.,
Valley
Texas,
Terminal
of
western By.
Pine Bluff Arkansas
Paragould S.-E. By., Central Arkansas & Eastern RR.,
1921. 1920. 1919. 1918. 1917. 1916.. 1915-16. 1914-15. 1913-14. 1912-13. River By.. Shreveport Bridge & Terminal Co., DalLis Terminal By. and
345
Eastern Texas RR.
386
349
338
576 517 500 474 390
518
Depot Co., Stephenville N. & S. Texas Ry. and
Decrease in car and train loading in 1921 as compared with 1920 was Union
the holdings of the St. L.
In stating the assets and liabilities of the lines,
afffiliated
companies,
traffic.
the
freight
of
reduced
and
stock
of
capital
bonds
to
volume
the
in
due
.
s.-W. By.
-Claim has been filed with the U. S. together
Settlement With U. S. Government.
with loans and advances made as between the several companies.
RR. Administration for "just compensation" under terms of the Federal




FINANCIAL REPORTS.

AUG. 12 1922.1

THE CHRC NICLE

have been eliminated from the liabilities, and a like reduction made in the
assets pertaining thereto. The figures shown therefore, represent the
assets and liabilities of the lines without duplication. In making the
eliminations there has been omitted from asset accounts,"road and equipment" $511,079, "investment in affiliated companies" $150,167, and
liability account "capital stock" $661,245, representing difference
between
par value of capital stock as carried on books of affiliated companies and
as carried on books of St. L. S.-W. Ry. Co.
Securities issued, assumod or pledged (deducted from book liability, per
contra), funded debt 331,413.833.-Vol. 115, p. 641.

Vicksburg Shreveport & Pacific Ry. Co.
Annual Report-Year ended Dec. 311921.)

(22d

Pres. Larz A. Jones, New Orleans, La., Apr. 7, reports:
Equipment.-Company owns 38 locomotives, 34 passenger train cars
and 873 freight and other cars. Of these 7 locomotives and 100 box cars
are being purchased under equipment trusts.
During the year 15 box cars, 8 flat cars, 13 coal cars and 1 caboose
were retired and 60 box cars were destroyed and 61 rebuilt.
Results.-There is a decrease of 287,890. or 6.48%, in operating revenues:
a decrease of $566.881, or 14.67%, in operating expenses; an increase of
$37.555 in taxes and an increase of $241,435 in net operating revenue.
Taxes absorb 5.09% of the gross operating revenue.
The general depression in business which prevailed throughout the year
is reflected in earnings from all sources notwithstanding the increased
traffic rates prevailing
Additions & Betterments.-Additions and betterments for the year
amounted to $78,010. of which $23,582 was incurred by the
United States
Railroad Administration while the property was under Federal
control.
Equipment Trusts.-Equipment trust bonds, series "C," covering
100
box cars and maturing in June 1923 were reduced by payment of $14,000
during the year, leaving $21,000 outstanding.
Equipment trust, series "D." maturing in December 1922, covering
2 passenger locomotives and 1 freight locomotive, were reduced by payment
during the year of $36.364. The amount outstanding at the close of
the
year is $36,364.
Equipment trust, series "E." maturing in May 1923, covering 4
freight
locomotives, were reduced by payment during the year
amount outstanding at the close of the year is $72,216. of $48,144. The
No Settlement Yet with the Government -Schedules have been filed with
the U. S. Railroad Administration and with the I.-S. C. Commisio
n
covering amount due from the U. S. Government for the Federal
period and under the guaranty furnished by the Transportation control
Act of
1920. for the 6 months' operation from March 1 to Aug. 31 1920, but
no
settlement has yet been had.

755

Inrentory.-The inventory account of materials and supplies on
hand and
work in progress on June 30 1922 amounted
to $5,997,611, as compared
with $4,751,900 on Dec. 311921.
Current Assets.-The net current assets on June 3() 1922
amounted to
$39.113,392 after providing a reserve of $795,213 for shrinkage
in value of
notes and discount on Canadian funds, and a reserve
of $868.917 for
United States and Canadian income and profits taxes.
No Loans Payable-Marketab
Securities.-The company on June 30
had no loans payable and hadle
its treasury on that date in cash and
marketable securities $24,448,30in
4.
Additions, &c.-During
six months ended June 30 1922 there was
expended for additions and the
s to the plants $368,615, which has
been charged to the reservesbetterment
from surplus of previous years.
Unfilled Orders.-The totalcreated
unfilled orders on June 30 1922 was $9,067,980, of which domestic business
92.7% and foreign business 7.3%,
compared with total unfilled orderswas
on Dec. 31 1921 of $3,344,300, of which
96.2% was domestic and 3.8%
unfilled orders on hand on Juneforeign business. The largest part of the
30 1922 was not received until the latter
part of April and during June
and earnings on same will be included in the
last half of this year.
There has been a very material increase
in business since June 30, the
amount of unfilled orders now
on hand being about 1007 greater than on
that date. We believe additional
domestic
business will be obtained, but
at present there is very little attractive
foreign business offered.
INCOME ACCOUNT OF COMPAN
Y AND SUBSIDIARIES FOR HALF
YEAR ENDED JUNE 30 1922, &c.
Six Months ending- June 30'22.
June 30'21. Dec. 31 '20. June 30'20.
Gross earnings
Mfg., maint. and admin. $7,399,934 $25,989,781 $45,114,934 $21,769,679
exp. and depreciation_ 8,323,500
21,390.554 39.409,404 18.633,768
Gross profit
def.$923,566 $4,599,227 $5.705,530 $3,135.911
Int. on bonds of constit,
uent companies, &c__
43,214
43,184
45,036
U. S. and Canadian inc.
49,265
and profits taxes
655,000
1,326,567
Divs. on Pref. stock*(3% %)875,000
309,447
875,000
875,000
Divs. on Common stk.*(3%)750,0
875,000
00
750,000
750.000
Nes. for add'ns & bett'ts
750,000
2,000,000
Surplus
def.$2,591,780 $2,276,043
$708,927 $1.152,199
*Paid from previously accumulated profits.
-V. 115, p. 648, 311.

The Goodyear Tire & Rubber Co.,
Akron, 0.
(Semi-Annual Report-6 Months Ending June
30

1922.)
STATISTICS FOR CALENDAR YEARS.
The remarks of President E. G.
Wilmer, together with
1921.
1920.
1919.
1918.
comparative income account tables
No. of passengers carried
695,107
and balance sheet, will
937,696
851.211
661,589
No. of pass. carried 1 m- 31,792.817 40,734,053 34,102.321 27,809,495
be found under "Reports and Documen
ts" on subsequent
Avge. rev, per passenger
$1 56
$1 27
1
$
17
pages.
22
$1
Avg°. rev. per pas per m
3.40 cts.
2.93 cts.
2.85 cts.
2.91 cts
Total no of tons carried_ 1,644.397
1,843,264
1,431,044
1,124,046 INCOME ACCOUNT FOR SIX MONTHS ENDING
Total number of tons
TEN MONTHS ENDING DEC. 31 JUNE 30 1922 AND
carried 1 mile
162,842,160 184,245,161 142,502,213 109,127,483
1921.
Average rev. per ton...._..
$1 72
$1 70
$1 45
$140
6 los. end. 10 Mos. end.
Avge. rev, per ton per m. 1.74 cts.
1.70 cts.
1.46 cts.
1.45 cts.
June
30'22. Dec.31 '21.
PeriodCOMBINED FED. & CORP. INCOME ACCOUNT FOR CAL. YEARS Net sales (less returns,disc'ts &
freights),incl.ship1918, 1919 AND 1920, CORPORATE FOR 1921.
ments to subsid. cos. and foreign
branches
$51,410,240 $82.195.550
[Road operated by U. S. RR. Admin. from Jan. 1 1918 to Feb. 29 1920, Deduct manufacturing cost of sales
x48,118,803 62.351.301
with guaranty to Aug 30 1920.1
1918.
1919.
1920.
$3,291.437 $19.844.249
1921.
other
Add
income
171.5
Miles of road operated__
171.5
$_,210.356 $2.074,747
171.5
171.5
Rev. from OperationTogether
Passenger
$809.357
$998.789 $1,193.489 $1.081.475 Deduct selling,
administrative and general expenses $5,501,793 $21.918,996
1.577.515
Freight
2,075.838
2,833,058
(See x)
3,135.399
12,278,761
302,232
Mall, express, &c
248.702
353,522
237,019
Balance,surplus
$5.501,79
Deduct
3 $9,640,236
-Interest
on bonds (including premium)
Total oper. revenues__ $2,689.104 $3,323,329 $4,682,410 $4,151,552
Interest on debentures
1.302.801
1,714.862
Operating ExpensesOther interest
1,090,959
1,308.598
$374.841
Maint. of way & struc__
$542.331
$704.477
$907,644
Proportion of bond and debenture
6,345
506,163
634.456
Maint. of equipment__
722.051
discount,
reor734.117
945,344
ganization and other expenses
46.031
Traffic
written off
54.681
98.045
119.490
1,185,799
Subsidiary
629.018
company inventory adjustmen
1,029,125
Transportation
1,223.695
t
1.897,482
1,542.419 Loss on liquidated properties
1,508.820
50.075
Miscel. operations
32.571
44,521
32.466
352,733
89,079
General
118.091
164,546
154,496
Balance,surplus
Cr.250
Transp. for investment_
Cr 36
Cr.259
$1,915,890 $3,620,043
132.587
Taxes
149,127
17598
x211,928
x Includes manufacturing cost,
selling,administrative and general expense
$2,355.944 $2,842,511 $4,225,130 $3,509,184 and reserve charges.
Total
RESULTS FOR SIX MONTHS
Railway operating income
$642,369
YEARS ENDED OCT. 31 OF 1922, TEN MONTHS IN 1921, AND
1918-19 AND 1919-20. INCLUSIVE.
Non-operating income
92.917
6 Mos.ended 10 Months -Years Ended
Oct. 31Gross inco
$735,286
June 30'22.
1921.
1919-20.
1918-19.
Deduct Hire of freight cars, deb. bal.. $177,617: rent for equip$
Net sales
ment, $60.668; Joint facility rents. $2,194: int. on fund. debt,
51.410,240 82,195,550 188,866,024 158.258,892
Gross profits on sales
$172,044; int. on unfunded debt. $1,365; discount on funded
3.291,437 19,844.249 34,857,406 41,298.131
debt, $2,728; miscellaneous, $706
417,323 Other income
2,210,356
2,074,747
1,831,678
873.581
Total
Income balance transferred to profit and loss
income
$317,963 Selling &
5,501,793 21.918,996 36,689,084 42,169.712
* Includes uncollectible railway revenues amounting to $644.
general exp.. See
x above 12,278,761 26,304.176 18,409,723
BALANCE SHEET DEC. 31.
Net income for interest,
taxes, &c
1921.
1920.
5,501,793
9,640,236 10,384.908 23.759.989
1921.
1920.
AssetsLiabilities$
BALANCE SHEET JUNE
Investment in road
Common stock__ 2,856,500 2,856,500
30 1922 AND DECEMBER 31 1921.
equipment_
9,753,362
9,675,352
and
Preferred stock__ 2,142,800 2.142.800
June 30'22. Dec. 31 '21.
10,837
9,450 Prior lien bonds__ 1,323.000 1,323,000
Misc. phys. prop
Assets$
175,800 Gen. mtge. bonds_ 1,922,000 1,922.000 Properties and plants
$
Inv. in affil. co s__ 175,800
(less
52.431,516 53,126,735
on)
90.000
90,000 Equipment trusts_ 129.579
Other investments
228,087 Investments in and advancesdepreciati
to subsid. companies:
425,360
366,102 Traffic, &e., bah
Cash
(1)
Interest
169.966
in net capital assets
119,345
15.952.367 16,461,739
3,255
1,580 Audited accts, and
Special deposits
(2) Interest in net current
assets
15,980,687 13,228,518
179,771
122,507
Traffic, &e., bal
wages payable__ 343,658
Note.-Cumulative dividends
636,274
accrued
from
have
Misc. accts. pay__
Net bal. receivable
Oct. 1 1920 on outstanding 7% Preferred stock
36,012
48,970
62,013
99,360 Int. matur. unpaid
from agents_
of Goodyear Tire
1,580
3,255
& Rubber Co. of California
199,450 Divs. mat. unpaid
Misc.accts.reedy. 160,027
of a par value of $7,995.800
20
690,230
469,806
supplies
Material &
Unmat. int. accr__
27,107 Inventories on basis of commitme.nt values as ad27,081
29,177 Other eurr.Habil__
26,306
Other cure. assetsjusted at Feb. 28
29,940
17,412
and subsequent costs
32,756,663 32,232,778
Work. fund adv
158 U.S.RR. Admin._ 2,353,243 2,344,289 Accounts and notes1921
164
receivable
14,603.402 10,194,500
U.S.RR. Admin 2,334,620 2,320,989 Other def. liabil__
Marketable securities:
17.624
U.S. Government_ 259,010
United States Treasury Certificate
Tax liability
130,749
188,327
}
8.590,9561 8,975.R38
&c
s,
Other def. assets
82,703 Operating reserves 168,516
487
Bankers'acceptance
60,110
ta
s
1
493.312
Insur. prem. prep_
1,789 Accr. depr.,equip- 485,813
5,087
470,703 Cash__________ 9,560,137 14,423.640
Disct. on fund. dt_
54,104 Other unadj. cred_
Other
51,376
165,519
assets (incl,spec. ace t St-A61,232
RR.
Co.
Y__.
Other unadj.debits 131,658
& other securs. held therein, goodwill. patets,&c.) 12,500,000
175,373 Add'ns to property
12,500.000
thro. inc. & Burp_ 127,825
127.825 Disc,on bonds & deb,debt,less amt. written off
6,43a,999I 5.370.983
Profit & loss, bal. 1,745,477 1,478,866 Reorganization expense, prepaid
insurance. Stc..
1 1,447.702
Total
Total __
14,081,677 14,151,388
Total
14,081,677 14,151,388
____________________________ 168,811,727 168,455.77
5
-V. 111, p. 1847.
LiabilitiesPrior Preferred stock, 8% cumulativ
b29,902.5
e
00
29,662,90
0
Management stock,
American Locomotive Company, New York.
cumulative
c10.000
10,000
Preferred stock, 7%6%
cumulative
d65.079.600 65,079.600
stock (no par value)
(Semi-Annual Statement for Half Year ending June 30 1922.) Common
x1.000.000
1.000,000
First Mortgage 20-Year 8s
28.500,000 29.250,000
Ten-Year 8% Sinking Fund
President Andrew Fletcher Aug. 5 wrote in substance:
27,500,000 27.500,000
Accounts and notes payable Debentures
4,878,221
Results.-The gross earnings for the six months amounted to $7,399,934 Accrued interest
4.838.655
and premium on bonds
1.345.334
and were the lowest of any six months' period since the early part
1.371.574
of 1915.
5,060.139
After allowing for cost of manufacturing, maintenance administra
6.123.003
tive
Surplus
5,535,933
expenses, interest on bonds of constituent companies and 746,191 for de3,620,043
preciation on all classes of
Total__________ 168.811,72
June 30 1922 of $966,780. property there was a loss for the period ended
7 168,455.775
Note.-Contingent-fiiiaE3162-ie;f3ZCt. of guarantors on notes,
Dividends.-The strong cash position of the company due to conservation $320,000.
secured,
of its net earnings during
years of greater earnings, warranted the payment
x Common stock authorized 1,500.000 shares of no par
In the six months' period
value; issued,
from
previously
two
accumulat
profits
of
ed
approxima
tely
886,000 shares:carried in balance at $1,000.000.
quarterly dividends each of 1 h 7
° on its Preferred stock, and two quarterly
Ii Dividends
dividends each of 1%%
its Common stock, a total of dividends paid authorized and accrued from Jan. 1 1921. c Management stock 6% cum.,
of $1,625,000 during the on
issued, 10,000 shares (par value $1). d Dividends accrued
six months.
from Oct. 1 1920.-V. 114. p. 1412, 1402.




756

[VOL. 115.

THE CHRONICLE

Virginia-Carolina Chemical Co.
(Report for Fiscal Year ending May 31 1922.)
The President's remarks will be cited later, when issued.
For offering of $25,000,000 1st Mtge. 7% gold bonds
and $12,500,000 15-Year 73'% Sinking Fund Convertible
gold bonds see V. 114, p. 2251, and V. 115, P. 554.
CONSOLIDATED RESULTS FOR YEARS ENDING MAY 31.
1918-19.
1919-20.
1920-21.
192--22.
$4,909.790 loss37719198 316,259,322.816,2 • 3,592
Total net profits
3,696,401
3,461,038
2,787,609
Repairs & maintenance_ 1,237,598
Res've for doubtful debts
and cash discounts on
1,18e,325
1,434,569
2,446,069
unsettled accounts_.._ 1,987,411
2,111,969 2,397,531
Federal taxes
200,0001
200,000
depreciation
Reserve for
Balance, net profit..__ $1,484,781 /oss13152876 $9,251,746 $8.933,335
Less Int. Dirs., ttc.$607.500
$592,500
$577,500
Int. on 1st M.5% bonds $562,500
262.209
187,454
539,454
Interest on debentures__ 1,040,065
1,398,370
1,119,746
1,364,525
Interest and discount...... 1,501,661
1,604,164
1,682,043
1,721,747
Preferred dividend (8%)
(5)1,399,220(6)1,679,064 (6)1,679,064
Common dividend
Consumers' Chem. Corp.28,875
28,000
Pref. dividend (7%)_ _
Cr.*115,176
Surplus
Cr.10,182
Prem. on cony. of deben.
333,122
Comm.on revolving cred
$3,465,348 $5,505.963 $5.260.807 $5,551.308
Total deductions
Balance,surplus
def$1.980,567df$18658,839 $3,990.939 $3,382,027
Profit and loss
a$6,295,449 $8,776,016 $27,434.856 $24,109,233
*Not previously consolidated. a After deducting $500,000 special provision for doubtful bills and accounts receivable applicable to period prior
to May 31 1921.
CONSOLIDATED BALANCE SHEET MAY 31, INCLUDING SUB. COS.
1919.
1920.
1921.
1922.
3
Assets$
Real estate, plants, Sze__ 51,710.738 *51,235,093 48,491,314 46,352,081
7,484.912 8,241,625
Invest.in sub. cos., &c__ 7,340,543 7,198,678
Cash
8.162,096 7,407.814 8,467,583 7,202,091
Mfd.prod.. mat.& supp. 10,195.660 15,534,370 21,189,109 18,594,077
Accts. & bills receivable _ a29,656.635 32,692,116 33,873,892 31,961.182
803,425
856,274
Int.,ins.,&c.,paid in adv 1,733,389 2,393.759
192,949
274,264
281,912
289,133
Miscellaneous investm'ts
1,277,090
364,247
Liberty bonds
30,000
Insurance fund investm't
238.748
1st M.15-yr. 5s purch'd_

Union Natural Gas Corporation, Pittsburgh.
(Semi-Annual Report-Six Months ending June 30 1922.)
CONSOLIDATED INCOME ACCOUNT (INCL. AFFILIATED COS.).
1919.
1920.
1921.
1922.
Gross earnings, gas, &c.. $4,210,864 $3,915,727 $4,021,785 $3,762,649
372,553
425,499
217,425
Oil
173,769
12,778
7.760
15,169
Miscellaneous
8,122
Total earnings
$4,392,756 $4,148,320 $4,455,045 $4,147,980
Taxes, drilling, rentals,
$282,509 $1,472.440
$384.498
royalties, &c
$301,415
803.135
Gas purch.,op. exp., &c. 1,969,762 2.094,382 2.012,221
636,000
650,250
Depreciation
851,948
Net earnings
$1,269,631 31.019.190 81.524,315 $1,872.405
117,584
162,919
232,118
Int., divs., &c., received
251,002
Gross income
$1,520,633 $1,251,308 $1,687,234 $1,989,989
$130,966
$103,835
Interest on bonds, &c_ _ _
374,154
349.990
492.000
492.000
492,000
Divs.(10% per ann.)
492,000
Cr.240
Cr.499
2,634
Miscellaneous
8,084
$622,726
$595,366
Total deductions
$568,788
$550,074
Balance, surplus
$682,520 $1.091.899 $1,367,263
$970,559
CONSOLIDATED BALANCE SHEET JUNE 30.
1922.
1922.
1921.
LiabilitiesAssets$
9,840,000
Property invest't_35,293,999 34,664,780 Capital stock
*817,000
Bonds, "Union"
Liberty Loan bonds
*297,000
Affil'd co. bonds
and other secu26,230
4,926,021 4,805,969 Mat'd bds.(lc coup.
rities
882,585 Notes payable..___ 200.000
765,386
Warehouse mat'l
Consumer's depos_ 156,255
Notes & accounts
996,174 1,145,524 Accounts payable.. 304,065
receivable
790,589 Dividends July 15.. 248,000
897,714
Cash
Accr. int. & taxes_ 392,576
Prepaid rents, roy45,485
120,592 Deferred credits....
153,083
alties, &c
Reserve for deprec.11,058,279
Special dep., sink23,485 Plant invent. adj.. 7,888,941
37,230
ing fund, &c.._ _ _
45,659
77,709 Other reserves_ _ _ _
96,190
Deferred charges._
12,048,306
Surplus
Total

42,965,795 42,491,191

Total

1921.
9,840,000
888,000
589,000
11,985
330,000
156,326
730,183
246,000
786,557
18,384
9,939,507
7,818,397
35,097
11,305,775

42,965,795 42,491,191

* Union Corporation bonds,$1,995.000; less in treasury, $1,378,000; since
Jan. 1 1922, bonds amounting to $270,000 have been retired. Affiliated
companies' bonds, $387,000, less in treasury, $90,000.-V. 114, p. 1417.

Canton Company of Baltimore.
(Report for Fiscal Year ending May 31 1922.) "
President W. B. Brooks on June 22 wrote in substance:

Dividends.-During the fiscal year there have been two dividends deTotal
109,088,193 116,743,743 121,240,343 114,654,520 clared,. viz.: July 1 1921 $3 per share and an additional dividend of 50
Liabilities31 1921, $3 per share.
cents per share; and Dec.'
Capital stock, preferred.. 21,568,536 y21,568,573 21,466,791 20,425.891
Bustness.-Since the last annual report, the changes we all hoped for, an
Capital stock, common_ 27,984,400 27,984,400 27,984,400 27,984,400 Increase of business, have in most instances been disappointing, especially
Consumers'Chem.Corp.
in the storage of manufactured products. The warehouses have not shown
400,000
z387,500
Preferred stock
the returns we had hoped for, but the bulk business coming over our prop1st M. 15-yr. 5% bonds.. 11,100,000 11,400,000 11,700,000 12,000,000 erty has greatly increased, which, to a large extent, is responsible for the
10-yr.6% s. f. cony. deb. 2,551,000 2,617,000 2,799,137 4,029,440 very excellent showing we have been able to make in the net results.
% s. f. deben_ 11,750,000 12.250,000
12-yr.
The ore pier has greatly increased our revenue, due to the fact that the
23,661,650 27,421,703 22,507,473 17,317,500 bulk business over that pier, both ore and sulphur, has been a great benefit,
Bills payable
5,785,150
1,611.349
1,001,481
5,021,950
Accounts payable
not only to the company but also to the company's railroad, having put the
606.660
1,445.022 railroad in a position of being able to earn interest on the money invested
602.879
Contingent accounts._ _ _
1,755,988
1,082,480 and to begin to pay us a fair rental on the ground which it occupies with the
1,953,838
Deprec'n reserve, &c_
1,569,448
475,404 buildings necessary to accommodate it and the room for the approaches
352,053
231,460
Insurance. &c.,reserves..
517,539
the extension of the ore
Liabil, acct. of 1st M 5s
to the terminals. We have under contemplation
that is being offered.
purchased in advance
238,748
pier so as to accommodate the vast increase of business
of a large building
Surplus
6,295.449 8,776.016 27,434,856 24,109,233
New Building.-We have just completed the erection of
purpose handling the oils
of solid reinforced concrete construction for the has
been entirely completed
Total
109,088,193 116,743,743 121,240,343 114,654,520 produced from seeds and nuts. This building
has leased it, and is hopeful
* Includes item of $309,278 for real estate, &c., of Consumers' Chemical and is now in the hands of the company which
its output within the next month.
of beginning actual production ofsheds
Corp. as at May 31 1920 (not previously consolidated).
by fire. We have
destroyed
was
warehouse
Fire.-One of our
a Includes accounts receivable, $13,640,276; bills receivable, $18,466,029,
this site of a type of building that
less reserves for doubtful debts, and price adjustments allowable on accounts under consideration the replacement on
thoroughly covered
was
building
The
risks.
fire
to
exposed
so
be
not
would
receivable, $1.309,756.
y Includes $101,782 Preferred stock Issued for 6% Convertible debentures. by insurance.
final settlement in regard
Port Development.-The city has not madetoany
z Dividends and principal guaranteed by Virginia-Carolina Chemical Co.
complete its reports and its
except
Note.-The above balance sheets include the Southern Cotton Oil Co. and to its plan a developing the port,
same opportunity of availing
studies on the necessities. We will have the
other directly operated subsidiary companies.-V. 115, p. 555, 84.
or individual.
ourselves of the money to be expended as any other company
New Industries.-Three industries settled on our property within the
Tide Water Oil Company.
•
past year, all of them from the Western section of the country.
(Results for Six Months ended June 30 1922.)
RECEIPTS AND EXPENDITURES-YEARS ENDING MAY 31.
1918-19.
1919-20.
1920-21.
1921-22.
CONSOL. INCOME ACCOUNT (INCL. SUBS.) 6 MOS. END. JUNE 30.
Income from- -$57,389
355,939
$56,173
$59,449
rents
1922.
Ground
1921.
1920.
46,581
20,730
20,156
17,254
Farm and lot rents
84,376
84,557
91,575
89,993
rents
Wharf
23.483,921
business
20,638,534
of
volume
31,005,869
x Total
2,022
1,891
1,967
1,986
rents
y Total expenses incident to opera'ns_ 20,050,236 22,082,026 20,517,933 House
17,429
13,185
20,175
10,825
Factory rents
309,486
&c_
338,723
359,940
229,076
wareh'se,
Wharfage,
3,433,685loss1.443.492 10,487.936
Operating income
48,235
65,111
37,979
86,002
436.708
538,746
233,087 Interest
Other income
644
51,730
Norfolk-storage
1,383
638
323
ezc
852
gravel,
3,870,392
1055904,746 10.721.023 Sand,
Total income
44,646
24,012
21,945
36,300
1,750,090 2,412,646 2,019,850 Sundry exp., refunded
Deprec. & deple. charged off
941
refunded..
23
138
40,452
impts.
_
taxes_
Perm't
prof.
excess
1,880.860
Federal income &
84,903
38,568 loss13,780
16,035 Bills receivable
Outside stockholders' proportion.._ _ _
1,502
installments
Bond
Tide Water Oil Co. stockholders'
153,417
205,596
21,008
469,885
ofreal estate
6,804,277 Sales
2.081,734loss3,303.612
proportion of total net income_
6,750
11,063
2,104
6,719
12,067,825 18,660,087 17,659,919 Sales of annuities
Surplus, beginning of year
14.334
def.2,862
35,205
Surplus adjustments
$793,137
$960,374
Total income
$583,013 $1,078,652
Deductions14,163,893 15,353,613 24,499,402
Total surplus
PermaneA irnpt, account
Deduct-Through acquisition of out579
new imildings, grading,
def.8,892
190,664
side interests of sub. companies_
$343,544
$483,905
$314,933
real estate purch., &c._ $481,272
2,383,570 2,646,960
Dividends paid in cash
5,556
1,327
streets & sewers_
3,453
3,076
Roads,
14,164,472 12.961,150 21,661,778
126,942
223,796
Surplus, end of period
repairs....
&
188,503
4,386
subsidiaries as represented by the com- Sundry exp.
36,944
38,170
x The Tide Water Oil Co. and
exp.,
office
&c..
40,038
34,224
Salaries,
of
inter
-company sales and trans63,168
81,082
bined gross sales and earnings, exclusive
84912
94,038
State,city & county tax_
maintenance, pensions, administration
actions. y Including repairs,
($6%)143,000($6M)14000 ($6)132,000 (86)132,000
charges, exclusive a depreciation and deple- Dividends
76,039
75,518
insurance, costs and all other excess
interest
75,305
75,000
Bond
profits taxes.
2,793
tion and Federal income and
91,769
181,323
Miscel. deductions
SHEET
BAL.
(INCL.
GEN.
.
SUBSIDIARIES)
CONSOL.
COMPARATIVE
$786,987
$1,035,799
deductions
$941,914
Total
$1,016,319
J'ne 30'22, Mar,31'22.
J'ne 30'22. Mar.31'22.
$6,150
3136,738 def.$75,425
Balance for year
def.$433,306
$
Assets10-year gold 63.4s-12,000,000 12,000,000
$498,604
Refining properties17,178,355 16,966,090
of
$423,180
year
end
at
bank
$559,918
$126,613
In
8,000,000 8,000,000
10,780,561 10,726,558 Bank loans
Pipe lines
__ _ 1,494,479 3,079,451 -v. 114, p. 2828.
Notes
011 produc prop's_26,885,649 28,707,075 Acc'ts payable_
payableGasoline prop. and
Inspiration Consolidated Copper Co.
2,328,266 1,946,998
7,034,562 8,940,669 Trade
equipment
Wages & raise 1,386,575 1,228,284
(Report for Fiscal Year ending Dec. 31 1921.)
RR. & lighterage
213,036
1,510,031 1,509,585 Accrued taxes.. _ _ _ 107,218
properties
Due to cos. OBI
34,057
93,177
Pres. Cornelius F. Kelley, N. Y., April 1, reports as follows:
Marketing prop... 4,549.801 4,493,680
1,399,904 Payments on stock
Timber properties_ 1,408,054 4,264,430
Results.-The year was a difficult period for the copper industry because
subscriptions......
539,888
503,234
4,270,440
pressure of war
Tank steamships
Deferred liabilities 1,059,005 1,104,072 of (a) the abnormal stocks of metal accumulated under the
domestic business
Less-Res. for defor contin 3,641,193 3,735,309 demand and never liquidated, (b) the rapid decline offoreign
market too
prec. & deple__ _16,609,667 15,764,525 Res've
first
(0
quarter,
a
combined domestic and
Capital stock
49,872,100 49,671,500 during theabsorb current
production, (d) the dumping of large quantities
Surplus
14,184,472 12,112,226 narrow toboth of copper and
at prices
market.
Tot. prop.&equip_56,985,787 57,243,466
unstable
an
brass,
upon
scrap,
of
Minority int. inOther investments 2,809,431 2,809,431
of producing new copper, (e) labor and supply costs above
Sub. co. stock
361,433
388,683 below the cost
under existinability,
Inv. In aril. cos__ 6,332,782 6,328,282
excessive
the
(g)
(f)
charges,
transportation
normal,
Sub.co.int.&sur,
35,489
9,722
1,498,007 2,026,111
Cash..
ing laws, to take any constructive action.
2,537,747
on March 24
Gov't bonds, &c 1,508,237 8,111,892
To avoid serious loss your directors ordered a close-down
of the year. The
Acc'ts & notes rec.. 6,083,152 13,847,931
1921. Mining ceased on March 31 for the remainder
prods_16,401,735
down
to weekly
officers
&
oil
Crude
salaries of the entire organization from executive
20% on higher
Materials & suppl. 1,492,406 1,585,389
wage employees engaged in minor capacities were reduced
proper
was
economy
Due from cos. aril. 1,078,204 1,088,456
Every
to
10%
on
employees
the
paid.
lesser
paid
705.079
Deferred Items...... 636,413
put into effect.
a
upon
when
operations
1922,
down
continued
until
15
Feb.
closeThe
Total
94,804,153 94,083,783
94,804,153 94,063,783
Total
reduced scale were resumed.
115, D. 554.




AUG. 12 1922.]

THE CHRONICLE

Mining Department.-During the first quarter of 1921 there were extracted from an undercutting area of 1.542 acres, 898,823 tons of ore,
averaging 1.135% copper.
Development.-Development work was continued throughout the year.
The incline shaft was extended 426 feet from the 600 level. Work was
started opening up the old Montgomery workings of the Warrior group,
during the progress of which 1,932 tons of ore averaging 3.72% Cu were
extracted.
At the Live Oak property shaft No. 2 was sunk art additional 75 feet;
the 600 main haulage level was repaired and connected with the same level
of the Porphyry property, which was acquired on May 10 1921. This
property will be developed by a three compartment shaft, to be 1,405 feet
deep, which was started Nov. 14 and by Dec. 31 had reached a depth of
148 feet. The total openings to Dec. 31 1921 had aggregated 71.28 miles.
Copper Production.-The output for the year was 15,174,768 lbs., obtained
from the treatment of 918,114 tons of ore, of which 912,280 tons were concentrating ore, the latter affording 14,935.424 lbs. of copper.
Cost.-The cost of fine copper produced during the period of operation,
Including depreciation but excluding depletion. Federal taxes and shutdown expenses, amounted to 15.208 cents per lb.
Excessive freight rates on blister copper and on all supplies are still the
greatest obstacle to low cost of production of copper. The increase averages
about 52% above pre-war charges and has increased this item to about
2.4 cents per lb. of copper.
Power Plant.-The addition to the plant, begun in 1920, was not operated
until Nov. 17, at which time operations were resumed, so that the waste
heat steam generated by the furnaces of the International Smelting Co.
which had been started to treat an accumulation of concentrates shipped
by the Miami Copper Co. might be utilized.
Investments.-The company acquired certain property of the Porphyry
Copper Co. and the Porphyry Consolidated Copper Co., consisting of 33
full and two fractional patented lode mining claims and one unpatented
claim, aggregating 561.567 acres. This ground is adjacent to the property
of your company and is believed to contain bodies of good grade ore. Its
acquisition permits the economical development and extraction of the Keystone and Live Oak ore bodies, which it adjoins. The purchase price was
$1,000,000. half of which has been paid, the balance being due in two equal
payments May 10 1922 and May 10 1923.
It having been decided to increase the capacity of the Apache Powder Co.'s
plant from 12 to 18 million lbs. per year, your company increased proportionately its subscription to the stock of that company from $60,000 to
$103.000.
During the year the Arizona Oil Co. produced 328,574 bbls. of oil. Production was lower than in 1920, due to strike of employees throughout the
California oil fields. Dividends of $13 70 per share were paid, your company receiving $111.792 from this source.
The Zonia Copper Co. was organized to undertake the development and
exploitation of a group of mining claims in Iavapal County, Ariz., upon
which options had been secured for your company, the Anaconda Copper
Mining Co. and certain individuals. There were issued 39,000 shares of
the stock at par ($10 each), of which amount your company subscribed
for 15,600 shares. A shaft was sunk 874 feet and cross-cut run. The
/Twilit was disappointing; work was stopped and the options on the property
surrendered. After all expenses have been paid, there will remain about
$20,000, which, together with the salvage value of the equipment, machinery, supplies, &c., to be disposed, will be returned pro rata to the stockholders.
Copper Export Association.-On Feb. 15 1921 your company became a
party to an agreement with the Copper Export Association, under which
the latter purchased from a number of producing companies 200,000 ton
of copper for export trade. Your company sold of this amount 16,900
tons, or 8.45% of the total. By the terms of the agreement the mining
companies sold the copper to the Copper Export Association at a price to
be determined by its subsequent resale abroad. The Copper Export
Association borrowed 10c. per lb. on the copper, issuing its notes to that
amount, and advanced the same to the mining companies as a part of the
purchase price. In addition to the copper itself as collateral, the notes
were guaranteed by the various mining companies individually to the extent of their participation in the sale. (V. 112, p. 654.)
Research, &c.-1 our company also became a member of the Copper &
Brass Research Association, an organization embracing the principal producers and fabricators of copper, the purpose of which is to endeavor to
enlarge the scope of uses of copper and to bring to popular notice the merits
of the metal.
INCOME ACCOUNT FOR YEARS ENDING DECEMBER 31.
1918.
1921.
1919.
1920.
Sales of copper
$8,636,498 $10,033,706 $11,045,222 $17,516,323
DeductionsMining exp. & develop't $728,919 $3,701,140 $3,222,261 $3,743,032
Ore transportation, &c_ _
4,673,143
3,615,690
850,720
4,385,209
Depreciation
750,000
348,633
166,593
648,718
Trans.of metals,refining
and selling expenses_ _
2,323,404
492,628
2,777,416
2,151,796
Federal corp. taxes
1,065,743
272,523
166,224
809,189
Admin. expenses, &c....
Copper on hand (not inc)/:)r6947,456 Cr3,628,145 Cr3,140,233 Cr2,978,099
Interest, &c
97,415
Cr1,769 Cr237,698 Cr290,063
Income from investment Cr112,101 Cr326,708
Suspension expenditures 1,089,066
Dividends paid
9,455.736
7,091,802
4,136,884
Dividend rate
(40%)
($3.50 sh.)
Total deductions
$10,539,021 811,876,314 813,950,395 $18,742,896
Balance, deficit
df1,790,421 df1.842,608 d12,905,173 df1,226,573
Total surplus
6,246,230 8,036,651
9,879,259 12,784,433
BALANCE SHEET DECEMBER 31.

1921.

'
Assets$
Mines, min. claims
and lands
16,934,268
Bldgs.& equipm.t. 9,519,619
Bopp.& prep. exp. 2,092,078
Accts. receivable__ 1,511.541
Cash & cash assets 652.833
Copper on hand__ 2,799.021
Inv.In sundry cos_ 902.670

1920.
$

15,577,730
9,267,411
1,947,930
381,591
75,541
9,746,477
859,670
34,412,031 37.856,351

Liabilities-

1921.
$

1920.
s

Capital stock ($20
per share)
23,639,340 23,639,340
Accounts dr wages
payable and accrued taxes_._ _ 1,112,516 2,933,009
Depreciation
3,413,945 3,247,352
Surplus
6,246,230 8,036,650

Total
Total
34,412,031 37,856,351
Note.-Tho balance sheet and income statement are made up on the same
basis as heretofore. In order, however, to comply with the Government
income tax requirements for the purpose of computing depletion, an additional valuation of mining property as of March 1 1913 has been recorded
upon the books of the company; but, for the sake of uniformity, the result
of those entires has been omitted from the current statements.-V. 114, p.
1658.

Nevada Consolidated Copper Co.
(15th Annual Report-Year ended Dec. 31 1921.)
President D. C. Jackling, April 14, wrote in substance:
Operations.-Operations were entirely suspended and the production o
copper discontinued on Mar. 31 1921 (V. 112, p. 1350), with the result that
only 9,362,325 pounds of copper were made marketable during the year,
This output for the first quarter of the year, on a basis of about 40% el
the average normal capacity of the properties, is compared with 48,311,985
pounds produced in the four quarters of the preceding year.
The general industrial depression which made it necessary to close down
the mines at the end of the first quarter prevailed thrnnehout the year,
the metal market continuing inactive.
Copper Sales.-As a result of no production having been made after the
first quarter. the sales of metal during the year exceeded the output, and
the surplus of unsold copper was materially reduced. The copper inventories at the end of the year totaled 18,096,000 pounds, of which 8,000,000
pounds had been sold for delivery during the first quarter of 1922, leaving a,
balance unsold of about 10,000,000 pounds. This is exclusive of the company's equity in the copper remaining unsold at Dec. 31 1921 and in the
hands of the Copper Export Association for re-sale in export trade.
Resultsfor 1921.-Total net operating loss for the year 1921 was $775,E23..
approximately 39 cents per share of stock. The regular charges for del re;
elation of plant and equipment were made direct against surplus, insteat of
being carried through current operating costa, and resulted in a further el,licit of $857,341, or a total for both items of $1,633,164 (see income account
below).
tt.t




757

No Dividends in 1921.-The total of dividend and capital distributions to
stockholders from the beginning of operations up to the end of the year
1920 amounted in the aggregate to $46,768,617. There were no distributions to stockholders during 1921.
Excellent Cash Position.-As a result of this policy of deferring dividends,
the company is in an excellent cash position to finance operations
for such
period after resumption as may be necessary to bring new production of
copper to market and make returns available for further working capital.
Costs.-The cost of refined copper, excluding charges to operations for
depreciation of plant and equipment, but including all local taxes, overhead
and general expenses up to the time operations ceased, and after crediting
precious metal values and miscellaneous earnings, was 12.34 cents per
pound, as compared with a similarly computed per pound cost of 15.67
cents for the year 1920, and of 14.44 cents for 1919. .The reduction
of
costs by credit of miscellaneous earnings during the period of production
was negligible.
No Nevada Northern Ry. earnings were distributed, and the major portion of the miscellaneous income for the year from rentals and other sources,
usually credited against production costs, was applied towards reduction of
shut-down expenses.
Notwithstanding the fact that the small amount of copper produced carried an unusually heavy burden of overhead expense, as well as all of the
early post-war costs of fuel, freights and supplies, the unit cost for the year
shows a decided improvement as compared to the costs for the two preceding years. This cost, however, does not reflect the full measure of reduction which will be attained when the properties are producing regularly,
even at limited capacity, under present day costs of labor and supplies, in
company with the operating and metallurgical improvements which will be
effective when operations are resumed.
Reserves.-The total reserves of developed ore, 63,401,209 tons, of an
average copper tenor of 1.58%, does not include the 800.000 tons, averaging 2.4% copper, developed and partially blocked out in three outlying
groups of claims in the district owned by the company.
Development.-The most important feature of the year's record is the development of the additional tonnages of high-grade direct-smelting ore along
the margin of the Ruth concentrating ore body. The discovery of this
body of ore on the porphyry-limestone contract on the 700 level of the mine
was made known to stockholders in 1920.
Continued prospecting and development of the zone during the period of
shut-down has brought in, as fully developed at the close of the year, over
400,000 tons of direct-smelting ore averaging above 7%. In stating this
tonnage, no allowance is made for exploration workings, drifts or drill holes
penetrating the ore body which do not actually block out ore to a definitely
measurable degree, but which do prove a continuation of this new deposit.
Additions, &c.-Work on a limited scale was continued practically
throughout the year on improvements and betterments at the concentrator
and departments of the Steptoo plans, in the prosecution of which $291,000
was expended. Taking advantage of the shut-down of the mill, extensive
repairs were accomplished throughout the plant and at the roaster and reverberatory plants a number of alterations, intended to increase the efficiency
of these operations, were made.
Acquisitions.-During the ye- negotiations were concluded for the purchase of several mining claims lying south of and adjacent to the Ruth
group. The area purchased consists of seven patented lode claims, 92.42
acres, and an unpatented claim of 9.78 acres. There was also purchased
an 80-acre tract of land adjoining the company's holdings in Steptoe Valley,
at McGill, below the concentrator, to be made available for disposal of
mill tailings.
Operations Resumed.-After a year of enforced idleness, operations were
resumed on a limited scale early in April(V. 114, p. 1418). The mines and
all of the plants and equipment are in excellent condition and can be put
into commission quickly.
Nevada Northern Ry.-Due to the suspension of production by the Nevada
Consolidated Copper Co. and the resultant decrease of general commercial
traffic, the road was operated at a loss for the year. The gross operating
ralway revenue for 1921 amounted to $345.067, as compared with $1,588,639 for 1920. Total charge to surplus account was $72,784, an average of
about $6,000 per month. Excluding taxes and operating charges for depreciation of roadway.and equipment, however, and including credits for
joint facility rentals and miscellaneous earnings, the surplus account would
show a credit for the year of $53,547.
INCOME ACCOUNT FOR CALENDAR YEARS.
1921.
1920.
1919.
1918.
Copper produced (lbs.)_ 9,362,325 48,311,985 43,971,892 76,607,062
Avge.revenue per lb_ _ _ _ 12.535 cis. 17.767 eta. 18.666 cis. 21.049 eta.
Revenue from copper___ $1,173,596 $8,583,357 $8,208,049 $16,124,961
do from gold,sil.,&c.
106,551
483,668
327,680
662,695
Total revenues
81,280,147 $9,067,025 $8,535,728 $16,787,657
Operating ExpensesMining,stripping, &c_ _ _
$375,292 $2,388,728 $2,061,971 $4,171,478
Freight
80,786
776,949
687,908
1,243,257
Milling and smelting_ _ _
639,022 4,253,162
3,945,968 6,521,385
Depreciation
787,713
857,341
822,540
733,819
Freight and refining__ _ _
640,943
167,329
943,700
1,641,371
Selling commission
75,199
76,364
125,968
1,315
Income from oper___def.$840,938def.$194,418
$336,024 $2.350,376
Dividends on investm'ts$350,000
$700,000
$700.000
Int. & misc. income__ _ _}
74,382
351.694
34,1211
80,322
Adjustments
114,950
Balance, surplus_ __ _def.$806,817
$235,904
/9„?,•9.4,1
Previous surplus
6.51R.a02
no gq1
Total surplus
656.184
4$5,131,i55
Capital distribution.._ _ _
$1,499,592 $2„
Shut-down expenses_ _ _ _
826,348
Dividends
1,199,674
Additional taxes (1917)358,242
Red Cross contributions
150.000
Profit & loss surplus
$4,905,438 86,538.602 $8,160,533 $9,934,361
CONSOLIDATED BALANCE SHEET DEC. 31.
(Nevada Consolidated Copper Co. and Nevada Northern Ry. Co.)
1921.
1921.
1920.
1920.
AssetsLiabilities$
Prop., equip., &c_x8,531,546 9,171,862 Capital stock
9,997,285 9,997,285
Investment
58,599
58,5£9 Surplus(from capiDeferred charges 5,620,701 5,655,536
tal stock and seCorp. Exp. Assn.
curities sold in
CUSP
524,794
excess of par
Materials, &c.._ _ _ 1,540.028 2,124,540
value or cost)__ 7,071.850 7,071,850
Accts.& notes coll. 656,855
814,568
446,298 Accounts payable_ 456,650
Deferred accounts. 179.816
96,708 Unpaid treatment
Metals on hand &
343.172
metals
548,240
on
in tran.sit
73,744
2,644,689 7,017,302 Deierred accounts.
66,538
Marketable secur_ 235.534
235,534 Surplus from oper_ 5,469,312 7,175,261
Cash
3,419,452
867,364
Total
23,412.014 25.673,792
23,412.014 25.673,742
Total
x After deducting $12,858,048 in 1921 and $11,915,323 in 1920 for over
extinguishment and depreciation
. 114 le • 2124.

Utah Copper Company.
(17th Annual Report-Year ended Dec. 31 1921.)
Pres. C. M.MacNeill, N. Y., April 15, wrote in substance:
Operations.-For the first three months of 1921 operations were conducted
at less than 50% of normal output. On April 4, owing to the dulness of
the copper metal market, the mines and plants of the company were closed
down (V. 112, p. 1350). As a result of this shut-down, the gross production
of copper in concentrates and other shipping products was limited to 25,503,545 pounds. After smelter deductions, the net output of refined copper
was 24,511,593 pounds, resulting in an operating revenue of $3,169,057.
The gold and silver recovered during
the stated period of operations added
8206.510 to income.
The cost of producing copper from all sources was 12.72 cents per pound.
This is exclusive ofdepreciation and before applying credit for precious metal
values and miscellaneous earnings. Reduced by these credits, the net cost

ft

758

THE CHRONICLE

per pound is shown to be 11.57 cents, as compared with an average cost of
12.21 cents for the previous year, similarly computed with respect to elimination of credits.
amounted to $257,902
Results for 1921.-Net earnings from production
during the year from int., rentals and
and miscellaneous income accruedtotal
mately
of
$782,088-approxi
income
a
making
$524,186,
other sources,
with $3 03 per share earned during the
41 cents per share-as contrasted
has been charged $2,840,197
revious year. Against this incomeinthere
of
see income account below),resulting a net decrease in surplus account
2,058,109.
during the year aggregated $2 50 per
Dividends.-Disbursements madethe
total so distributed to Doc. 31 1921
share, or $4,061,225, which brings
to 4115,570,888. •
offlotation process patents,
infringement
alleged
for
suits
-The
Litigation.
by Minerals Separation, are still pending.
brought against the company-Copper
sales reduced the unsold stock on
Copper Export Association.
31 1921, aside from the company's
hand to 12,106,000 pounds at Dec.to
the Copper Export Association.
equity in unsold copper transferred
in the copper industry, the
situation
the
of
view
Re-open.-ln
Mines
scale on April 4 1922, after
limited
a
on
again
company began operations
114, p. 1418). The output will be increased
one whole year's shut-down (V.
market.
metal
the
by
as may be warranted
Nevada Consolidated Copper Co.-The report of this company ($5,002,500
of whose $9,997,285 capital stock is owned by Utah Copper Co.) is cited
below.
and General Manager,
Extracts from Report of Managing Director
New York, April 15 1922.
five additional churn
year
the
-During
Reserves.
Ore
and
Developments
determine the maxidrill holes, aggregating 2.113 ft. were drilled In order to
mum depth of the ore in the northwesterly portion of the deposit. Drilling
The
combined
progress.
footage of the 118
in
still
is
In three of these holes
holes drilled from the beginning of the property's development to the end
of 1921 was 73,170 ft., corresponding to an average depth of 620 ft.
While churn drill prospecting during the past two years has proven the
existence of important additional tonnages, of ore of good commercial
reserves. The ore
grade, this is not yet formally added to fully
shipped during 1921, all of which was mined in the first quarter of the year,
totaled 1,220,700 tons, leaving by difference 362,910,100 tons of ore, averaging 1.35% copper.
Operations.-No carbonate ore was mined or shipped to the leaching plant.
Concentrating ore to the amount of 1,220.700 tons was mined in the porphyry ore body by steam shovels. There was extracted from the entire
property prior to Jan. 1 1922 a total of 91,697,600 tons of concentrating ore,
averaging 1.371% copper.
The average cost of mining concentrating ore, including the proper apportionment of fixed and general charges, Federal taxes and depreciation
excepted, was 49.98 cents per ton, of which 12.50 cents represented charges
for stripping. The direct cost was 37.48 cents per ton, 26.76 cents per ton
representing all charges at the time and 10.72 cents all fixed and general
charges.
The Magna plant was idle throughout the year. No ore was received at
the leaching plant, but treatment of 43,551 tons in process of leaching at
the beginning of the year was completed and the copper recovered from the
leach solution, totaling 590,642 pounds, was shipped to the smelter.
The Arthur plant was operated continuously up to and including April 4,
when operations were discontinued. The ore milled to that date totaled
as compared with a total
1.220,700 tons, or a daily average of 12,986 tons,tons
for the year 1920.
of 5,556,800 tons and a daily average of 14.858 being
copper,
the same as for the
1.16%
was
ore
the
of
grade
average
The
83.87%, corresponding to 19.44
previous year. The average recovery was
pounds ofcopper per ton of ore treated, as compared with 81.38% and 18.83
pounds of copper per ton for the year 1920. The average mliling cost was
$1 17 per ton, a decrease of8 cents per ton, as compared with the previous
year.
There was produced a total of 55.666 dry tons of concentrates, averaging
21.32% copper. and yielding 23,730,798 pounds, as compared with 16.45%
copper and 104,616,988 pounds,respectively, for the year 1920. There was
also shipped to the smelter 2,359 tons of concentrates, containing 1,099,789
pounds of copper from clean-up, that is, copper contained in ores and concentrates locked up In settling tanks and otherwise under normal operating
conditions. In addition, there was produced 656,292 pounds of copper
contained in precipitates, of which 65,687 pounds were olatained from precipitates shipped from the mine. The average cost per pound of net copper
produced from concentrates only was 12.88 cents.
Gross Production of Copper from All Sources-Gross Pounds.
In Precipitates.
In Concentrates.
Total.
24.830,587
656,229
25,486.816
1921
104,616,988
2,055,299
106,672,287
1920
Cost of Copper, etc.-The average cost of total net (copper) production
was 12.72 cents, exclusive of charges for depreciation of plant and equipment,as compared with 14.30 cents for the previous year, with depreciation
also excluded. This decrease was due to reduction in the costs of ore delivery; of labor and supplies; and to an increased metallurgical recovery.
These costs for both periods include all expenses of smelting, transportation,
refining, selling, maintenance, and all fixed and general charges, except
depreciation, which for 1921 is stated separately as a charge against income,
and is therefore deducted from the 1920 cost for this comparison. No credits are applied in the above stated cost for income derived from gold and
silver or miscellaneous sources.
recovered, and the proportion of
The net value of the gold and silver
the limited period of production, is
miscellaneous income earned duringand
the net cost for 1921 production,
pound.
per
cents
equivalent to 1.15
after applying this credit, becomes 11.57 cents per pound.
Concentrating
Including All Fixed, General
on
Per Ton Operating Costs and Maintenance Ore,
Charges,
Ore
Delivery.
Mining.
Total.
Milling.
Tonnages.
Year.
40.2978
$0.4097
30.4663
81.1738
4,340.245
1910
0.2781
0.2441
0.8624
0.3402
8,494,300
1915
0.2794
0.4446
0.6930
1.4170
12,542.000
1917
0.2983
0.5370
1.7630
0.9277
12.160,700
1918
0.3040
2.0002
0.4900
1.2062
5,538.700
1919
0.2591
1.9886
0.4823
1.2472
5,556,800
1920
0.1921
0.4998
1.8598
1.1679
1,220.700
1921
INCOME ACCOUNT YEARS ENDING DEC. 31,
1920.
1919.
1921.
1918.
Sales of24,511.593 101,897,758 105,088,740 188,092,405
Copper, lbs
1,2.929 cts. 17.737 cts. 17.776 cts. 22.876 cts.
Averageprice.
27,410
28,907
7,041
50,928
Gold,ounces (at $20)--257,515
65.928
489,484
263,721
•
Silver, ounces
$1.09165
3.97561
$.99646
$1.1203
price
Average
Operating Revenue$3,169,057 $18,073,591 $18,680,969 $43,029.021
Sales of copper
548.217
140.815
1,018,564
578,133
Sales of gold
65,695
281,116
477,544
295,440
Sales of silver

/

$3,375.568 $18,902,925 $19,554,541 $44,525,129
Total income
ExpensesMining & milling exps x$2,052,915 $9,256,739 $8,756,667 $17,076,993
234,455
Ore delivery
35.392
1,590
Mine development
694,600
x
692,338 1,235,058
&c
stripping,
Ore
151.764
303.919
23,954
180,313
Selling commission
5,423,168 5,233,762 12,066,466
806.341
Treatment & refining_ _ _
$3,117,666 $15,526,271 $14,864,669 $30.717,827
Total expenses
$257,902 $3,376,654 $4,689,872 113,807,303
Net operating revenue
Other Income524,187 1$450.000
350,000 $1,600,300
Dividend on investmentl
1 852.704
886,852
745,791
Int. & rentals received_ j
750,375
1,500,750 2,651,325
Cap. distrib. Nev. Cons_
Dr.505,234
965,983
Adjustments
$782,089 $4,924,498 $8,252,396 $18,945,780
Total net profits
1,019.758
Depreciation
1,124,726
Shut-down expenses
695,713
Miscellaneous
500,000
Red Cross, &c., funds_ _
2,342,943
12,589,798
(earnings)
Dividends
7,403,997 9,746.940 3,655,102
4,061,225
distribution)
Divs. (cap.
(60%)
(60%)
(25%)
(100%)
Total rate per cent_

[voi,. 115.

BALANCE SHEET OF UTAH COPPER CO. DEC. 31.
1921.
1920.
1921.
1920.
LiabilitiesAssets-$
$
16,244,900 16,244.900.
Capital stock
Mining & milling
properties.x _ .._ _23.421,679 24,413,603 Accounts payable_ 1,565,448 2,328,362
13,337,860 13,337,860 Reserve for taxes,
Investments
/14
accident insuryDeferred charges. 0,931,461 9,853,333
1,969,346 1,974,150
ance,(tc
Copp. Exp. Assn.
Treatment, &c.,
977,936
(suspense);
62,920 1,126,012
charges
Materials & supp_ 3,405,322 3,421,406
411,756 Surplus fromAcc'ts receiv., &c_ 173,555
Sale of securities 8,290,620 8,290,620.
Copper in transit_ 3,347.492 10,590,116
38,058,089 44.177,422
Operations
6,987
3,202
Ore in mill bins
Marketable secur_ 7,199,918 10,148,370
Cash.
3,570,262 1,603,305
354,731
Due for cop. deliv _ 822,634
68,191,323 74,141,467'
Total
66,191,323 74,141,467
Total
Bingham & Garfield Ry.-The company reports total assets of$9,128,782,Including investment in road and equipment, 16,913.894; current assets,
$2.203,089, and unadjusted debits of $11,799, and offsetting the same, capital stock, $7,500,000; accounts payable, $45,560; reserve for taxes, accident insurance, &c., $220,633; reserve for depreciation, $1,271,740; profitand loss surplus $90,849.-V. 114. p. 2368,2024, 1418,207.

GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high pointa
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discusscons."

Details about the Strike Will Be Found under "Current Events" in This
Issue and in the Daily Papers.
Condition of Railroad Equipment.-On July 1, the day the shopmen's
str ke began, there were 50,003. or 77% of the total number of 64,341 locowere
motives in the country in good order and serviceable, while 6,332
serviceable and held in reserve, according to figures compiled by the
American Railway Association.
Car Loadings.-Loading of revenue freight totaled 859,733 cars, week
ended July 29, compared with 861,124 cars week ended July 22, a reduction
of 1,391 cars.
Principal changes compared with week ended July 22 were: Coal, 76,374
cars, increase of 314 (a decrease of 73,065 compared with the corresponding
week in 1921 and a decrease of 109,418 cars compared with the corresponding
week in 1920);coke, 9,112 cars, decrease 837; ore, 64,146 cars, decrease, 270;
grain and grain products, 59.170 cars increase 1,604; live stock, 27,104
cars, decrease, 351; merchandise and miscellaneous freight (including manufactured products), 565,629 cars, decrease, 1,536; forest products, 58.197
cars, decrease, 315.
Idle Cars.-Freight cars idle totaled 387,322 on July 23, compared with
417.029 cars on July 15, a decrease of 29.707.
the remaining
Of the total, 203,322 were serviceable freight cars, while
number unfit for service.
184.000 were in bad order In excess of the normal since
July 15; coal cars.
Idle box cars totaled 35,145; decrease, 16,538
141,430, decrease 10,297; coke cars, 3,610, decrease 292; stock cars, 9,216.
decrease 1,389, within the same period.
Idle Cars on or about 1st of Month, and on July 23 1922 (in Thousands).
1
July 23. July 1. June 1. May 1. Apr. 1.Mar. 1. Feb. 1.Jan.
471
331
245
207
372
305
239
Good order_ _ _ 203
159
148
173
161
158
175
166
Bad order_ ___ 184
Three railroads put embargo
Matters Covered in "Chronicle" Aug. 5.-(a)
Fuel I istributor Spencer explains
on general freight, p. 606. (b) Federal
coal to railroads, p. 606.
supplying
and
States
with
co-operation
plans for
to railroads under Transportation Act.
(c) Repayment of loans advanced
railway executives to President Harding's proposals
p. 609. (d) Reply by
seniority proposal rejected, p. 610. (e)
for railroad strike settlement;
shopmen's strike, p. 611. (f)
President Harding's proposals forofsettling
President Harding's proposals for adAcceptance by striking shopmen President
Harding's telegram to B. M.
(g)
612.
p.
justment of strike,
adjusting railroad strike, p. 613.
Jewell regarding proposal formember
S.
Railroad Labor Board, says
U.
of
labor
Wharton,
0.
(h) A.
with group rejecting peace
responsibility for continuance of strike rests
Committee on Public Relations
proposals, p. 613. (i) Western Presidents'
other
bodies on seniority issue in
and
Executives,
Railway
of
of Association
not on strike asked to meet
shopmen's strike, p. 613. (j) Railroad unions
Ry. invites striking
Southern
(k)
613.
p.
strike.
shopmen's
discuss
to
shopmen to return on basis of President Harding's proposals. p. 613. (1)
life of railroad
Locomotive firemen in message to President Harding say(m)
strike, p. 614.
Hearing of
unions depends on outcome of shopmen's
maintenance of way men before U. S. Railroad Labor Board to be held
Aug. 28, p. 614. •

Alabama & Mississippi RR.-Sold.-from Vinegar Bend, Ala., to Pasacola, Miss., 76 miles,
This road,running
on orders of the U. S. District Court to J. W. Blackstrom

was sold July 31
of Leakesville, Miss., and H. C. Turner of Mobile for 4142,365.-V. 115.
p. 182.

Algoma Eastern Ry.-Bondholders to Form Joint Comm.
1st
An invitation has been extended to the holders of the $2,500,000
defaulted in
Mtge. 5% bonds of the company, the interest on which was
March 1922, to join the committee of bondholders of the Algoma Central
& Hudson Bay Ry. for the protection of their interests.
to take.
The members of the committee say that they would not hesitate
guaranteed
action against the Lake Superior Corp., which they state has
its
guarantees,
under
payments
compel
to
both
railways,
of
bonds
the
were there any reasonable prospect of these obligations being met. At
the moment they think that there is nothing to gain by such an action.
(Toronto "Globe.")-V. 113, p. 959.

American Cities Co.-Exchange of Securities.-

Newman, Saunders & Co., Inc., successor to Isidore Newman & Son;
deposit for 5-6% Collateral Trust
in a notice to holders of certificates of
into the new securities of
bonds who have not converted their certificates
commencing Aug. 3 1922 the price
that
state
Co.,
National Power & Light
for the new securities will be: Income
at which fractions may be adjusted
stock at 32. These prices
bonds at 86; Preferred stock at 66; Common
present market prices and are subject
have been changed to conform with Holders
are requested to present their
notice.
without
change
further
to
St.,
certificates of deposit at office of the aboveofbankers, 212 Carondelet
the new securities National Power & Light Co.
New Orleans, and receivecheck.
2115.
p.
114,
-V.
interest
1922
1
July
and

Baltimore & Ohio RR.-Final Settlement.-

See U. S. Railroad Administration below.-V. 115. P. 542, 434.

Boston & Maine RR.-Equip. Trusts Sold.-Equitable
Trust Co. of New York, Paine, Webber & Co., West & Co.
and Edward Lowber Stokes & Co. have sold $3,926,000
6% Equip. Trust Gold Notes, maturing Jan.15 192 to
Jan. 15 1935, at prices to yield from 4.75 to 5.75%, accord(See advertising pages.)
ing to maturity.
1920. Red. as a whole on any int. date at 103 and

int.
Dated Jan. 15
Int. payable J. & J. In New York City. Denom.
on 60 days' notice. notes
are a direct obligation of the company under an
$1.000 (c5)• These
equipment trust agreement between the Director-General of Railroads,
Trust Co., trustee. Testtitle to the equipthe company and toe Guaranty
ment under tne agreement remains in the trustee until all of the notes
have been paid.
Through supplemental agreement, 33 1-3% of the notes of each maturity
119,334df$4,822,442df$1.494.544sr$2.200,880
held by the Director-General will be stamped so as to give preference and
Bal., sur. or def___def.$6,
included in mining & milling expenses.
x Stripping expense in 1921 is




THE CHRONICLE

AUG. 12 1922.]

-priority to the above offered unstamped notes out of any moneys received
or collected by the trustee in case of default. Upon the execution of the
supplemental agreement the unstamped notes will be outstanding to the
extent of only about 58% of the original cost ofthe equipment, viz.,$6,813,000, on which they are secured.
Original issue, $6,813,000; paid off. $908,400; amount outstanding
35,904.600: held by Director-General, one third of each maturity to be
subordinated to notes now offered,$1,978,600; notes now offered,$3,926,000.
The equipment consists of 1,500 steel underframe 50-ton composite
gondola cars, 500 double-sheathed, steel underframe, 40-ton box cars; 20
Santa Fe type locomotives.-V. 115, p. 644, 542.

Boston Elevated Ry.-Report of Trustees.-

759

Duluth Street Ry.-Straight 6-Cent Fare.Federal Judges Sanborn, Morris and Booth of the U. S. District Court
have handed down an injunction restraining the Minnesota RR. & Warehouse Commission from enforcing its recant street-car fare order of 6 cents
cash fare or 5 tickets for 25 cents. City attorney J. B. Richards has urged
an appeal from the order of the Federal Court.
Pending final settlement, the company is allowed to charge a straight
6-cent fare, effective Aug. 1.-V. 115, p. 543.

Grand Rapids & Indiana Ry.-Toleen Over.See Pennsylvania RR. below, and V. 115. p. 645.

Grand Trunk Western Ry.-Definitive Notes Ready.-

Results for Four Years of Public Control.
Dillon, Read & Co., N. Y. City, are now prepared to deliver definitive
6% Equip. notes, due 1923-1935. in exchange for outstanding interim
June 30 Years1921-22.
1920-21.
1918-19.
1919-20.
Revenue passengers____345.545,009 337,381,994 324.192,374 331.348,124 receipts. (See offering in V. 114, p. 1765.)-V. 115, p. 436.
Rate offare (cents)
5 & 10
10
5, 7 & 8
10
Illinois Central RR.-Orders New Equipment.Revenue from fares
$31,690.852 $33,122.199 $31,899.320 $24,472,429
The company on
10 announced that it had ordered 65 locomotives
Other income (net)
1,090.641
751.066 and 3.000 compositeAug.
1,101,950
789,780
gondola cars. Of the locomotives ordered, 25 will be
built
by
the
Lima
Works, Inc.; 25 by the American Locomotive
Locomotive
Total receipts
$32.781,493 334,224,149 332.689,200 $25,223.495 Co., and 15 by the Baldwin Locomotive
Works.
Wages
$14.920,406 $16.753.667 $16,381,206 $13,554,684
Orders
for
cars
were
placed
with
the following manufacturers: 1,000 with
Materials and supplies
3,056,520
2,899,983 3,321,672 4,096.53g the Pullman Co.; 500 with the Bettendorf Co.; 500 with the Mount Vernon
Injuries and damages
476.844
627,629
805,353 Car Mfg. Co.;500 with the Western Steel Car & Foundry Co.; and 500 with
627.626
Depreciation
2,004.000 2,004,000 2,004,000
2,004.000 the
American Car & Foundry Co.-V. 115, p. 645.
Fuel
1,656,012
1,901.597
2,399.277
1,996,717
Taxes
1.610,096
941,612
1,306,736
1.075.497
Illinois
'Power Co.-Fares.Rent ofleased lines
2,549.625
2,673.166
2,587,129
2,607,565
Under the new fare schedule to become effective in Springfield,
Subway & tunnel rentals 1,974.141
1,947.963
1,491.999 Sept. 1. 40-ride tickets will be sold for $2: single cash fares will be 10 cents,
1,591,324
Int. on Dorrowed money 1,483,786
1,423.142
1,483,625
1,593.258
or 4 tokens for 25 cents. The present cash fare is 7 cents with 4 tokens
Miscellaneous items
58,475
37.373 for 25 cents.-V. 114. p. 1540.
54.479
69,285
Dividends
1.606,371
1,360,220
1,523.367
1,403,970
Profit
Back pay

$1.385,211

$550,253

$17,080 *34,980,152
435,348

Balance
$1,385,211
* Loss.-V. 115, p. 542.

$550,253

$17,080 *35,415,500

Indianapolis & Cincinnati Traction Co.-Fares.--

The Indiana P. S. Commission has approved orders, effective July 1,
establishing a 10-cent fare for city passengers on the Indianapolis & Cincinnati Traction Co., the Terre Haute Indianapolis & Eastern and the
Interstate Public Service Co. ("Electric By. Journal" Aug. 5.)-V.
114, p. 1890.

Brazilian Traction, Light & Power Co., Ltd.-ReInterborough Rapid Transit Co.-Receivership Likely
demption of Notes-Dividend Outlook.Unless Plan Declared Operative.-

Vice-President E. R. Wood on Aug. 3 stated that of the $7,500,000 notes
In a statement issued to stockholders of the Manhattan By.. Alvin W.
maturing in November,$2,000,000 have already been redeemed and that the Krech, Pres. of the Equitable Trust Co. and Chairman of the Manhattan
company has sufficient cash in the hands of the trustee to pay off the bal- Stockholders' Committee, plainly asserts that the Interborough-Manhattan
ance at maturity. He also assured the stockholders that another quarterly readjustment plan is in grave danger of being abandoned. He gives as a
dividend of 1% would be paid Dec. 1 on the Common stock, which will be reason the failure of the Manhattan stockholders to agree with unanimity
the second distribution to be paid on this issue since March 1917.-V. 115. to the plan which provides for their receiving a smaller dividend rental.
p. 541, 431.
He points out that stockholders should realize the grave consequences of
the refusal of the remaining 20% to deposit their stock as the other 80%
Chicago Elevated Rys.-Consolidation--Wages, &c.done. He adds that such refusal will be likely to result in a receivership
have
The stockholders will vote Aug. 29 on the proposal to take over the Oak for the Interborough, as bondholders might decide to take judgment.
Park lines. (See V. 114, p. 2358.)
Any party to the agreement now has the power to declare it abandoned at
After a tie-up of 6 days, caused by a strike of the
elevated any time.-V. 115, p. 645. 543.
and street car service was resumed Aug. 6. The "L"employees,
employees voted to
accept a flat cut of 10 cents an hour, effective Sept. 1, under the
International & Great Northern Ry.-Chqrter Denied.
working conditions prevailing during the last year. The new wage same
scale
The Attorney-General's Department of Texas has denied the application
follows:
for charter for reorganization of the road, because it provided for moving
Motormen.
Conductors, Extra Guards the general offices from Palestine to Houston.-V. 115, p. 645, 183, 176.
First three months
66 cents
65 cents
62 cents
Next nine months
67 cents
International Ry., Buffalo.-Jitney Decision.65 cents
63 cents
Thereafter
72 cents
86 cents
Justice Charles A. Pooley in the Supreme Court Aug. 7 issued an order
of the comRegular guards will receive 65 cents an hour after one year's 6
ene.
s directing the removal of all jitneys from the streets. The lines
s4
erevict
Pay of towermen will range from 75 to 79 cents an hour. All other classes pany have been tied up since July 1, owing to a strike of the employees.will receive a cut of 12.2%.-V. 115, p. 644.
V. 115, p. 183.

Chicago Surface Lines.-Operations Resumed-Wages Cut.

Interstate Public Service Co.-Fares.---

Street car and elevated service was resumed Aug. 6. The lines were
See Indianapolis & Cincinnati Traction Co. above.-V. 114, p. 2580.
tied up for 6 days owing to a strike of the employees.
Lake Champlain & Moriah RR.-Equipment Notes.The street car employees voted to accept a flat reduction of 10 cents an
hour under the same conditions prevailing during the last year. The new
The 1.-S. C. Commission has authorized the company to issue $50,000
rate provides for 70 cents an hour for motormen and conductors.-V. 7% equipment gold notes at not less than par. The company has arranged
115, p. 644.
to purchase 10 new 50-ton steel-centre dump cars, and 12 rebuilt 50-ton
steel hopper cars, and to have one unserviceable Mikado type locomotive
Cincinnati Traction Co.-Equip. Trusts Offered.- rebuilt at a total net cost, chargeable to capital account, of approximately
of which $50,000 is to be provided through the issue of the proposed
Halsey, Stuart & Co. are offering at prices ranging from $51,513,.
notes.-V. 94, p. 559.

96.92 and int. to 100.48 and int. to yield from 5% to 6M%2
according to maturity, $725,060 6% Equip. Trust Gold
Certificates Series H-1, issued under the Philadelphia plan.

Dated July 11922, payable $72,500 annually July 1 1923 to 1932, both
incl. Denom. $1,000. $500and 8100. Divs. payable J. & J. in Chicago or
New York without deduction for normal Federal income taxes not in
excess of 2%. Penna. 4 mills tax refundable. Northern Trust Co.,
Chicago, trustee. Red all or part on 30 days' notice at 101 and div. for
certificates having more than .we years to run from date of redemption,
and at 10034 and divs. for certificates having five years or less to run.
Issuance.-Authorized by the Ohio P. U. Commission and the Director
of Street Railroads of Cincinnati.
These $725,000 certificates will represent about 75% of the cost of 75 new
double truck motor cars, including their electrical
other equipment.
The company supplies street railway service toand
the city of Cincinnati,
0., leasing by long term lease the tracks and other
railway properties.
The franchise under which company now
operates is thoroughly modern
and is believed to protect alike the city,
the public and the investor.
Fares automatically adjust themselves to produce
a sufficient income to
cover operating expenses, depreciation, taxes, fixed charges
the return
on the investment, and a bonus provision rewards efficientand
management.
Under the terms of the franchise. In the opinion of counsel, the yearly
maturing principal of these certificates is chargeable directly to operating
expenses.-V. 115, p. 435.

Colorado & Southern Ry.-Branch Line.-

C.Commission has denied the company's application to abandon
The
a branch line in Chaffee County, Colo. The branch line
in question extends
from Buena Vista in a southerly and westerly direction
to Romley, and
includes certain trackage extending westerly from Romley
to the Flora
Bell Mine and Hancock, a total distance of 29.42 miles. It has
no connection with any of the company's other operated lines.-V. 115,
p. 499.

Death Valtey ER.-Capital Stock.-

The 1.-S. C. Commission, upon consideration of company's supplemental
application, denied the proposed issue of capital stock. The company
applied for authority to issue and sell at not less than par, either (1) such
an amount of its capital stock, from time to time, as may be necessary,
when the proceeds thereof are used in conjunction with its sinking fund, to
retire all of its outstanding first mortgage 5% sinking fund bonds as they
become due and payable; or (2) such an amount of its capital stock as may
be required, when the proceeds thereof are used in conjunction with the
sinking fund, to retire 100 of those bonds which matured on March 1 1922.
-V. 112, p. 2536.

Denver & Rio Grande RR.-Rehabilitation of Road.-

The Federal Court at Denver has proceeded to carry out its intention expressed at time of appointment of receiver that the protection of public
interest through the rehabilitation of the road would be the first consideration. Judge Lewis has authorized the receiver to complete improvements
under way at time of appointment at estimated cost of 3210,000, with other
Improvements to cost $300,000 and further work to cost $1,000,000, apparently including purchase of 20,000 tons of rails. Receiver stated it
was essential all such work should be done within three months. Court
also directed receiver to file within 30 days program for more extended
expenditures and for issuance of receiver's certificates, on which special
master is directed to take evidence.
Court indicated its wish that master's report be filed within 30 days after
filing of receiver's program. Court said it had in mind issuance of receiver's
certificates totaling $5,000,000, which would at least come ahead of the
1st & Ref. bonds and Adjustment bonds. ("Wall Street Journal.")V. 115, P. 644, 542.

Detroit United Ry.-Motor Bus Service.-

It is stated that the company proposes to start interurban motor bus
freight and passenger lines in Michigan within a year to supplement its
electric interurban lines.-V. 115. P. 645.




Maine Central RR.-Fival Settlement-See U. S. Railroad Administration below.-V. 115. P. 177.
Manhattan Ry.-Deposits Urged-Plan in Danger.See Interborough Rapid Transit Co. above.-V. 115, p. 543, 436.

Market Street Ry.-To Reconsider Purchase.-

The Board of Supervisors of San Francisco has called a meeting for
Aug. 15. to reconsider the purchase of the properties of the company by the
municipality. The action of the committee appointed to consider the
matter, which indicated that it would suspend negotiations toward purchase,
has met with considerable opposition. The San Francisco Chamber of
Commerce, the Civic League and other bodies request further negotiations.
A charter amendment has also been presented by which the municipality
could own and operate part of Market Street traction lines lying outside the
city limits.-V. 115, p. 436, 74.

Memphis Dallas

Gulf RR.-Will Attempt to Keep Line.

The Attorney-General of Arkansas has been instructed by the Arkansas
Railroad Commission to be in readiness, as soon as the sale of the road is
effected, to file suits to prevent the dismantling of any part of the road.
The 1.-S. C. Commission recently granted permission to the receivers to
abandon the Arkansas Commission, which denied a like petition several
months ago after extensive hearings. The Arkansas Commission contends
that the road operates only in intra-State traffic and that, therefore, the
I.-S. C. Commission has no jurisdiction. The sale will be held In St. Louis,
Mo., Aug. 18.-V. 115, p. 436.

Missouri Kansas & Texas ItY.-Approves Plan.-

The Missouri P. S. Commission has authorized the newly incorporated
Missouri-Kansas-Texas By. to acquire and operate the lines now owned and
rated
v. 1by
b1.
o
Rpye.
p. 54336.
therailway
and the Wichita Falls & Northwestern
436.

Missouri Pacific RR.-Listing-Earnings.-

The New York Stock Exchange has autnorized the listing of $18,000.000
1st & Ref. Mtge. 6% Geld Bonds, Series D, due Feb. 1 1949, making the
total 1st & Ref. Mtge. bonds applied for: $24,238,000 Series A (5%), due
Feb. 1 1965; $13,641,000 Series B (5%), due Jan. 1 1923; $9,044,000
Series C (5%), due Aug. 1 1926, and $18,000,000 Series D (6%), due
Feb. 1 1949 (see offering of Series D in V. 114, p. 1287)•
Ry. operh.
.
Account for Fire Months Ending May 31 1922.
Net rev, from ry. oper__ $5,898,338
Revs,Freight
$29,872,764 Railway tax accruals__ _ _ 1,892,669
13,282
Passenger
6,609,406 Uncollect. ry. revenues__ 3,992.388
Mail
1,057,825 Total operating income__
Express
1,068,739 Non-operating income__
Miscellaneous
763,502
-Hire
iree of freight
nctim
ctiIncidental
446,711 Deduct
956,381
-Debit balance__
Joint facility
69,551
975,254
Mteriessetelo.ntafxuanederiediadles6t.:
T
Ru
o.
tao
lp
$39,888,499
36
2
4,76
16
110
Interest on
er. Expenses22,275
Maint. of way & struc
$6,686,058 Int. on unfunded debt_ _ _
33,842
Maint. of equipment..., 8,742,184 Miscellaneous
Traffic
760,179
Transport-Rail line_ ___ 16 360,731
Miscellaneous operations '
207,363
General
1,318,312
Transp. for invest.-Cr_
84,666
$6.765.793
Total deductions
$1,633,314
Total
$33,990,161 Net deficit
-V.115, p.645.

kj.12,21

Minneapolis St. Paul & Sault Ste. Marie Ry:-Dividend
Payment on Common Stock Not Yet Made.-

760

THE CHRONICLE

We are informed that the payment of the semi-annual dividend of 2%.
which was declared on the Common stock in March last, and which was to
have been paid (out of undivided surplus accumulated between 1909 and
1919) on April 15, has not as yet been made. Payment of this dividend
was temporarily enjoined through the action of a large holder of Preferred
stock who brought suit, claiming that directors had no right to reduce the
Pref. rate to 4% a year and give Common stockholders any dividend.
(See V. 114, p. 2360.) Federal Judge Booth in June, however, upheld the
declaration of the 2% semi-annual dividend on the Common stock. The
payment of the div., it is understood, is being held up pending an appeal
(made, or to be made) from the ruling of Judge Booth.—V. 115, p. 74.

Muscatine Burlington & Southern Ry.—Foreclosure.

[VOL. 115.

Pittsburgh (Pa.) Railways.—Claims—Improvements.—
The U. S. District Court has issued an order directing the receivers of the
company to show cause why they should not pay claims totaling $749,274,
arising from rentals the railways company, it is alleged, contracted to pay.
Petitioners are the Consolidated Traction Co. and the United Traction Co..
the alleged obligations having been incurred by the Pittsburgh Railways Co..
when mergers were effected with the petitioning concerns, which are subsidiaries.
Special Master Henry G. Wasson has filed a report in the U. S. District
Court recommending that the receivers be authorized to expend $640,125
for improvements.—V. 115, p. 544.

Public Service Corp. of N. J.—Tenders.—

Foreclosure proceedings broughragainst tie company by the Continental
& Commercial Trust & Savings Bank, Chicago, have come to a halt, as
attorneys for the bank were unable to produce the original mortgage and
bond in the District Court, as is insisted by the intervenors.—V. 115, p.544.

The Fidelity Union Trust Co., trustee, Newark, N. J., will until Aug. 21
receive bids for the sale to it of 50-Year 5% Gen. Mtge. Sinking Fund gold
bonds of 1909, to an amount sufficient to exhaust $209,500.—V. 114, p.2718.

New Orleans Texas & Mexico RR.—Authority to Acquire
Control of Dayton-Goose Creek RR. Denied.—Bonds.—

President E. A. Robert says in substance: "We will put into effect at
once a reduction in the price of gas from $1.75 to $1 55 per 1,000 cubic
feet, with a minimum charge of 75c. per month for each consumer, and
should the coal strike be settled shortly we hope to be able to make a still
further slight reduction. These reductions are, of course, being made
without prejudice and are of a temporary nature."—V. 115, p. 544.

The I.-S. C. Commission Aug. 2, in denying the application of the company to acquire control of the Dayton-Goose Creek Ry. by purchase of its
capital stock, held such acquisition "not to be in the public interest."
The report of the Commission said in part:
The entire $25,000 capital stock of the Dayton company is owned or
controlled by R. S. Sterling. On May 9 1922 the applicant contracted to
purchase this stock from Sterling for.$750,000 in cash and $250,000 of applicant's 5% income bonds. By a supplemental contract the applicant agrees
to pay $175.000 in cash in lieu of the $250,000 of bonds called for by the
original agreement, and the application was amended accordingly. The
contract provides that upon our approval of the transaction the stock shall,
be immediately delivered and the entire purchase price paid, less such
reasonable amount as may be necessary for the applicant to retain to protect
itself against the payment of such debts as the Dayton company may then
owe,and that the accounts of the Dayton company, both debits and credits,
shall be based for settlement as between the parties upon 12:01 o'clock a. m.,
on the first day of the next succeeding calendar month. As of that date
Sterling agrees to pay all debts of the Dayton company, and is to receive all
amounts owed to it, and all cash on hand or on deposit.
The applicant states that the price to be paid for the capital stock was
arrived at by considering the earning capacity of the road and the benefits
that would accrue to the Gulf Coast Lines from the additional traffic they
would secure through control of the Dayton company.
The I.-S. C. Commission has authorized the company: (1) to pledge
$141,500 1st Mtge. bonds, Series A, with the Secretary of the Treasury in
substitution for certain securities now held by him:and(2)to pledge $230,000
1st Mtge. bonds, Series A, with the Guaranty Trust Co., New York, in
substitution for certain securities now held by it as collateral security under
an equipment trust.—V. 115, p. 183.

N. Y. Lackawanna & Western Ry.—Stock and Bonds.—
The I.-S. C. Commission has authorized the company: (1) to issue not
exceeding $13,639,000 1st & Ref. Mtge. bonds; said laonds to be delivered
to the Delaware Lackawanna & Western RR.in reimbursement of advances
made, or to be made, by that company, and in payment of a note for
$1,639,336; (2) to issue not exceeding $10,000,000 1st & Ref. Mtge. bonds
or not exceeding $5,000,000 of common capital stock and such amount of
said bonds as together with said stock, will aggregate $10,000,000; said
bonds, or said bonds and stock, to be sold at not less than par or to be
exchanged, for the purpose of redeeming, paying or refunding certain construction-mortgage bonds and certain terminal and improved mortgage
bonds. The Commission granted authority to the Delaware Lackawanna
& Western RR. to assume obligation and liability, as guarantor, in respect
of said bonds and of said stock.—V. 114, p. 2825.

New York State Railways.—Fares—Earnings.—

The company, pending a rehearing before the New York P. S. Commission as to the rate of fare for Utica, has asked the Board for an immediate
increase in rate to 7 cents for so-called Utica territory.
Vice-Pres. B. E. Tilton states that during the 10 months"which we have
been operating under the Commission's decision we have sustained a net
loss of $158,760."—V. 114, p. 2825.

Norfolk Southern RR.—Authority to Issue Equip. Notes.

The I.-S. C. Commission has authorized the company to issue $375,000
1st Lien Equip. notes; said notes to be delivered, at par, to the Equitable
Trust Co., New York, and pledged with the Secretary of the Treasury as
collateral security for a loan from the United States.—V. 114, p. 2236.

Northampton Traction Co.—Successor Company.—

The company has been reorganized and is now the Northampton Transit
Co. The property and assets of the old company was purchased under
date of June 1 1921 at foreclosure sale (which sale was confirmed by the
Court on July 11921) by the Committee for the 1st Mtge. 5s.
The certificate holders of the 5% bonds received for each $1,000 or
multiple thereof a like amount of new Northampton Transit Co. 1st Mtge.
6% bonds, dated July 1 1921, maturing July 1 1941, bearing int. from
Jan. 1 1922, together with a check covering int. from July 1 1919 to Jan. 1
1922, at the rate of 5% per annum. The coupon on the new bonds, which
matured Jan. 1 1922, at the rate of 6% per annum, was paid to the Committee in cash, and out of this the Committee retained an amount equal to
$5 on each bond of $1,000, in order partially to reimburse itself for expenses
and legal fees, balance having been obtained from the parties interested
in the new company.
The Bondholders'Committee for the 1st Mtge. 5s consisted of Theodore J.
Lewis, Charles L. Serrill, Jay Gates, C. S. Newhall (Chairman), with
W. B. Reed, Sec., 517 Chestnut St., Phila., and Penna. Co. for Ins. on
depositary.
Lives & Granting Annuities,
In addition to the $400,000 1st Mtge. 6s, due July 1 1941 all held by
' held by
the public, there will be an issue of 3250,000 2d Mtge. bonds
Chester Snyder (former receiver and now President of the new company)
and a few friends.—V. 115, p. 437.

Northampton Transit Co.—New Company.—

See Northampton Traction Co. above.

Northern Ohio Traction & Light Co.—Fare-S-7=M

The company has been granted a straight street carfare of 5 cents on its
lines in Akron, Ohio, by the voters who approved a franchise amendment
granting this fare at a referendum election. Approval of voters is the
culmination of 4 years' effort by the company to obtain a 5-cent fare.—V.
115, p. 183.

Pennsylvania RR.—Operates Grand Rapids & Indiana Ry.
The company has taken over and assumed the actual operation of the
Grand Rapids & Indiana Ry.. in accordance with its lease of that property.
See V. 115, p. 645, 544.

Quebec Ry. Light Heat & Power Co., Ltd.—Gas Rates.

St. Louis Southwestern Ry.—Obituary.-President James M. Herbert died Aug. 5.—V. 115. p. 641.

South Carolina Light, Power & Rys.—Reorg. Plan.—
The entire property of the company was purchased at receiver's sale on
July 31 for $1,000,000 by the bondholders' committee. A reorganization
committee, consisting of Charles C. Hood, Chairman; Thomas L. Robinson
and James T. Monahan, has prepared a plan of reorganization (outlined
briefly below), and it is proposed to trasnfer the property as a going concern to a new company, the South Carolina Gas de Electric Co. The Metropolitan Trust Co., New York, is depositary under the plan.
Brief Outline of Reorganization Plan Dated April 10 1922.
The bonds and the bank loans of the present company will be paid or
refunded by an issue of 1st M.20-yr. gold 6% bonds, and the 7% notes will
be paid or refunded by 10-yr. mtge. 6% bonds.
The unpaid interest and the unsecured claims will be paid or refunded
by scrip to be issued by the new company. For the purpose of refunding
the obligations described securities of the new company which are to be
issued may be delivered in exchange for cancellation of such obligations,
or any part of such securities may be sold and such obligations paid with the
proceeds. The holders of a large part of such obligations have already
agreed to the proposed exchange.
Holders of Pref. stock of the present company will be entitled to receive
share for share of the Pref. stock of the new company in exchange for the
stock of the present company now held by them, and holders of the Common
stock will receive one-half share of the no par value ('common stock to be
issued by the new company for one share of the old Common stock.
Securities to be Issues by New Company.—(a) New company will execute
a mortgage authorizing the issue of 6% 20-year bonds. The mortgage will
contain suitable restrictions against the issue of additional bonds which
may be issued at about 80% of the cost of additional property at such interest rates as the directors shall determine, and only when net earnings
during 12 months ended shall have been equal to at least 1% times all interest charges on bonds, including the bonds then to be issued. Such amount
of bonds will be issued as may be necessary to refund the outstanding 5%
bonds and the bank loans of the present company. (b) The new company
will also authorize an issue of scrip as may be necessary to finance or refund
the balance of the obligations of the present company.
(c) The new company will issue $1,000,000 6% Pref. stock and 12,500
shares no par value Common stock—same will be offered for exchange for
the Preferred and Common stock of the present company, and the balance
of the Pref. stock will remain in the treasury of the new company.
(d) There will also be authorized $2,000,000 prior Preference 7% stock,
same to be held in the treasury of the company subject to the conversion
therein at any interest date of the 6% Gen. M. bonds at 90% and for such
further financing as the directors find necesswy.
Table of Exchange of Old for New Securities.
OutstandWill Receive
Existing
ing. alst6.9'42 Gen.M.6s'32 6%Pf.Stk. Coni.shs. yScrip
Securities—
$3,497,000$3,497,000
1st 5s, 1937
Secured bank loans 176,000 176,000
650,000
$650,000
5-yr. 7% notes_ _ _
700,000
$700,000
Preferred stock _ __
12,500shs._
Common stock_ _ _ 2,500,000
87,000
$87,000
General creditors_
320,000
x Coupons, &c_ _ _ 320,000
a Interest on the new 1st M.and Gen. M. bonds will accrue from the date
contemplated
It
is
that
a
effect.
sinking
takes
fund
will
be prothe plan
vided under the new 1st M. beginning after five years from date of bonds
amounting to 1% annually for the retirement of bonds, which fund at the
be
used
for improvements instead, providing the
company's options may
sum specified is doubled. There will also be suitable provisions restricting
the issuance of additional bonds to about 80% of the cost of new property,
and improvements and only if earnings show a rat:o of 13i times total interest charges on the 1st M. bonds Including bonds to be issued.
x Coupons representing deferred interest on bonds and notes. y Non'.
interest bearing scrip maturing in annual installments not exceeding 5 years.
Expenses, &c.—It is expected that all expenses of the reorganization will
be met with funds in the hands of the company.
Owing to the fact that it has not paid the interest on its obligations for a
period of over a year and because of operating under the prevailing increased
rates, the company has been able to accumulate a cash balance which will
be devoted to making necessary improvements and extensions to its properties. Earnings of the company under these rates show a satisfactory
ration above fixed charges imposed by the new capitalization and it is believed that this improved status can be mainteined.—V. 115, p. 309.
Springfield Street Ry.—Earnings.—
The company reports a decrease in operating revenue of $58503 for the
6 months ended June 30 1922, as compared with the same period in 1921.
Receipts during the past 6 months totaled S1,692,038; operating expenses.
$1,338,211; taxes, $54.113; interest on bonds and notes,
There
$74,883.24,738,was a surplus of $136,546. Revenue passengers carried numbered
911, or 641,833 less than during the first 6 months of 1921.—V 114,p. 1064.

Tennessee Electric Power Co.—Preferred Stock Offered.—
Bonbright & Co. are offering, at 90 and div., to yield about
734%, $3,000,000 7% Cumul. 1st Pref. (a. & d.) stock, par
$100. A circular shows:

Dividends Q.-J. Redeemable as a whole only on any dividend date,
upon at least sixty days' notice at 110 and divs. This stock has full voting
power.
Company controls one of the most extensive and important systems of
properties in the United States engaged in the generation, transmission and
distribution of electric energy, largely from water power. During tne past
four years the hydro-electric stations have supplied 96% of the total electrical output of the system. Electric generating stations of the system
Dated Aug. 15 1922. Due in equal semi-annual installments Feb. 15 have an installed capacity of 157,000 electrical it. p., of which 108.000 is in
$1,000
and
Denom.
$500
(c*)
.
incl.
Divs.
payable
water-power plants, the most important being the Males Bar station, with
1932
1923 to Aug. 15
F. & A. at office of Fidelity Trust Co., Philadelphia, trustee. Authorized, a capacity of 50,000 h. p.
$3,000,000. To be presently issued, $2,150,000.
Earnings Entire System Years ended—Dec.31 '20 Dec. 31 '21 June 30'22
$7.422,864 $7,525,194 $7,625,266
Data from Letter of W. C. Dunbar, Vice-President of the Company. Gross earnings
after oper. exp., incl. maint. & tax$2,860,458 $3,400,264 $3,582,206
against
trustee
Net,
the
standard
street railway
Certificates are issued by
int. charges on $29,955,600 outstanding bonds and
equipment, comprising 600 cars, with a present deprechted value appraised Annual
annual divs. on $1,458,800 Nashville Ry. & Light Co. 5%
by the builders, the J. G. Brill Co., at $4,684,359, and represent 46%
Preferred Stock not yet acquired
1,745,871
of such value.
Tne equipment, ownership of which is now being vested in the trustee,
Balance for dividends, depreciation, &c
$1,836,155
was purchased in 1913 and 1918 at costs which aggregated 83% in excess
requirements
on
$6,000,000
7%
1st
Pref. stock
of the amount of these certificates. It has been adequately maintained Annual div.
and 33,283,800 6% First Preferred stock
617,028
and comprises an essential portion of the company's rolling stock. The
Purpose.—Sale of this First Pref. stock and of tho recent issue of $12,
remaining $850,000 certificates of the total authorized are issuable only by
Ref. Mtge. bonds has provided for certain maturing obligathe trustee against 110 additional standard street railway cars, constructed 150,000 First &
tions and all floating debt of the properties, and has made possible the
in 1919 at a cost of $1,553,880.
During the 11 years 1911-1921 under the present continuing management acquisition of the Hales Bar station.—V. 115, p. 546. 309.
the company earned a surplus of $11,595,494. Ofthis total $5,846,514 has
Terre Haute Indianapolis & Eastern Trac. Co.—Fares,
been paid in dividends and $5,748,980 has been put back into tne property
See Indianapolis & Cincinnati Traction Co. above.—V. 114, p. 2117.
—V. 115, p. 437.

Philadelphia Rapid Transit Co.—Equip. Trusts Sold.—
Dillon, Read & Co. have sold at prices to yield from 5 to 6%,
according to maturity, $2,150,000 6% Equip. Trust Certif.
Series F. Issued under the Phila. plan., (See adv. pages.)




AUG. 121922.]

THE CHRONICLE

761

West was the hardest hit, as the movement of smokeless coal off the N. &
Toledo St. Louis & Western RR.-Listing.W.
which did not take in the retail
The New York Stock Exchange has authorized restored to the list coalwas shut off except to preferred users, supply,
however, the most serimerchants. From the standpoint of
$9,913,000 (authorized $10.000,000) Non-Cumul. 4% Preferred stock, ous situation
grades at the Supar $100, and $9,877,300 (authorized $10,000,000) Common stock, par perior-Duluthis that in the Northwest. Receipts of all
docks up to Aug. 1 totaled only 397,210 tons, against 6.233,$100, upon official notice of exchange for outstanding Series A and Series B 635 for the
worse, 219.500
matters
make
To
corresponding
year.
period
last
certificates of deposit of Empire Trust Co. of New York, and also restored tons of the
Superior-Duluth reserves have been reshipped to Lake Michigan
to the list $87,000 Preferred stock and $122,700 Common stock now issued destinations.
Due to the fact that it appeared impossible to contract for
and outstanding, which were never deposited and for which no certificates early
deliveries there was a lull in the buying of British coal on the seaboard.
of deposit were issued.-V. 115, P. 184.
"The anthracite situation daily grows more critical, as every week that
the big mines are down deficiencies that cannot be made up increase. BeeTulsa (Okla.) Street Ry.-New Wage Scale.The new wage agreement affecting. trainmen, which became effective in hive coke production is steadily gaining. During the last week of July the
was nearly two and one-half times as great as a year ago."
April last, provides the following rates of pay: 1st 3 mos.,40 cents an hour; output
The U. S. Geological Survey on Aug. 5 reported in brief as follows:
next 9 mos.. 42 cents; next 6 months,45 cents; next 6 mos., 48 cents; there"A slight increase in output has marked the 18th week of the coal strike
after, 50 cents.-V.112. p. 563.
(July 31-Aug. 5). Preliminary returns indicate a production of 4,250,000
tons of soft coal, against 3,933,000 tons in the week before. The increase
United Lir-ht & Railways.-Notes Called.is due to improved car supply in the Middle Appalachian fields rather than
Notes,
Series
All of the outstanding $1,483,000 7% Bond Secured Gold
to reopening of mines hitherto closed by the strike.
"B," due April 11923, have been called for redemption Oct. 1 at 100 and
"In spite of the increase, production is still about 1,100.000 tons short of
- the level reached before
interest at the New York Trust Co., trustee, 100 Broadway, N. Y. City.
the shopmen's strike, for in the week ending June
V. 115, p. 184.
24 5,337,000 tons were raised.
"Production of anthracite in the 18th week will be barely 30.000 tons.
U. S. Railroad Administration.-Final Settlements.
The total output of all coal, anthracite and bituminous, is, therefore, in
The U. S. Railroad Administration announces that final settlements of round numbers, 4.280,000
tons. In the corresponding week of 1921,
all claims growing out of Federal control have been made with the following 7,320,000 tons of bituminous
1,750,000 tons of anthracite were produced.
Maine
Central,
roads:
$850.000; Portland Terminal, $850; Southern Pacific making a total of 9,070.000 and
tons;
and the year before that the total of all
Terminal, $412,000; San Francisco & Portland Steamship Co., 54,000; coal produced was 11,283,000
tons. The present rate of output is thereTroy Union, $42,000; Leetonia. $4,600; Okmulgee Northern, ,$1.
fore from five to six million tons below normal.
The Baltimore & Ohio, as result of final settlement, gave DirectorESTIMATED UNITED STATES PRODUCTION IN NET TONS.
General its obligation, on account of additions and betterments, for $9,000,000.
1922
1921
The Railroad Administration has also issued a quarterly summary of its
BituminousWeek. Cal. Yr.to Date.
Week. Cal.Yr.toDate
settlements, which shows that up to June 30 final settlements had been July 15
4,123,000 195,653,000
7,401,000 210,030,000
made with 252 railroads, which received a total of $152,259,147. Ten com- July 22
3,682,000 199,345,000
7,380,000 217,410,000
panies had paid the Director-General a total of $11,181,142.-V. 115, p. July 29
3,933,000 203,279,000
7,319,000 224,729,000
546, 647.
AnthraciteJuly 15
31,000
22,977,000
1,876,000
50,948,000
Wabash Railway.-Guaranty Period Settlement.July 22
27,000
23,004,000
1,837.000
52,785,000
The I.-S. C. Commission has certified to the Secretary of the Treasury July 29
27,000
23,031,000
1,750,000
54,535,000
final payment of $618,287 to the company under six months' guarantee
Beehive Cokesection of the Transportation Act. The total amount paid the road by the July 15
100,000
3,410,000
44,000
3,476,000
Government on account of guarantee will be $7,195,287.-V. 115, .p 647, July 22
105,000
3,515,000
41,000
3,517,000
184.
July 29
110,000
3,625,000
45,000
3,563,000

INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important developments in the industrial world during the past week, together with a summary of similar news published in full
detail in last week's "Chronicle" either under "Editorial
Comment" or "Current Events and Discussions."
Steel and Iron Production, Prices, Etc.
The "Iron Age" Aug. 10 says in brief:
More Shut-Downs.-"The fuel stringency has become much more pronounced at iron and steel works. In the Chicago. Cleveland, Youngstown,
Pittsburgh and Buffalo districts a dozen more blast furnaces have been
forced to suspend. As many more are likely to be thrown idle by another
week,and indications are that in two weeks several steel plants willbe forced
to stop.
"Chicago steel companies have led for many weeks in percentage of active
capacity, but the operating situation there is now approaching a crisis.
Shortage of open-top cars and congestion and embargoes on the railroads
have been serious complications. Yet for a leading Chicago mill the week
has been one of the largest of the year in new orders booked.
"In the Pittsburgh district the Carnegie Steel Co. has been meeting the
situation by concentrating in its Monongahela River plants and slowing
down at outlying plants, which it is more difficult to supply with fuel.
The closing of the Farrell, Pa. steel works means a reduction in the allotment of sheet bars to nearby mills of the American Sheet & Tin Plate Co.
"Some steel companies are increasing their scrap charge in making steel,
while using,up pig iron in stock and doing more melting with natural gas
and fuel oil.'
Demand.-"There is no excitement among consumers, and little of the
scramble for material that is often seen in time of scarcity. Railroads, car
builders and automobile works have been the most active buyers, much of
the business being placed despite the fact that definite delivery cannot be
promised.
"Coming eastward from Chicago, less pressure upon the mills appears,
and in eastern Pennsylvania new inquiry is small, consumers being not
disposed to pay present high prices when there is no assurance of coal with
which to operate. More is heard of curtailed output by steel users because
of shortage of various other raw materials and in some cases labor scarcity.
Output.-"July output of steel ingots showed an expected decrease from
June, but it was not large. The estimated daily rate for the country was
113,700 tons, as compared with 115,800 tons in June and 114,700 tons in
May. The July rate represented about 35,350,000 tons per year; that of
June about 36,000,000 tons. August will show a pronounced falling off.
Prices.-"With rising prices for coke and pig iron, finished steel, where
bought for early delivery, is from $2 to $3 per ton higher. No formal advances have been made by the Steel Corporation, but on plates, shapes and
bars a quotation below 1.80c., Pittsburgh, is rare. Independent makers
have been freely quoting 2c. and from that to 2.15c.
The market is being largely made by the smaller consumers who have
been able, in many cases, to struggle along with better success than some
larger ones.
"The common belief that an early ending of both coal and railroad strikes
would not avert the more serious shutdowns the steel trade sees ahead
has been laid formally before the Commerce Commission. The Associated
General Contractors of America protest that unless the priorities plan is
modified, much construction work will be stopped. It is pointed out that
with 291,000 cars per week taken for coal movement, only 33,000 open-top
cars weekly would be available for all other purposes.
"That contract buying has not been halted by high prices appears from
further new car and car repair orders. Locomotives bought in July numbered 353. the largest month in the year. At Cleveland 10,000 tons of
plates and shapes were placed with the Carnegie Steel Co. for two new
Detroit and Cleveland passenger boats and 4,600 tons for a new ore freighter.
Standard Oil Co. tank plates amount to 15,000 tons.
"Rail mills are having little to do, but the Southern Pacific has placed
about 47,000 tons for 1923 with the Alabama mill.
"More blast furnaces have had to withdraw from the pig iron market and
again advances have been made of $1 and $2 per ton. Most foundries
have iron on hand or on contract and the present buying is to provide against
a more acute scarcity expected in the fall. Blast furnaces are counting on
high fuel costs, even though not at the present extreme, throughout the
year.
Coal Production, Prices, &c.
The "Coal Trade Journal" Aug. 9 says in brief:
"More definite results from the Government program of distribution were
registered in spot prices on 'bituminous coal last week. Reductions outnumbered advances in the ratio of 2.5 to 1. Comparing spot quotations
for the week ended last Saturday with the range for the preceding week,
changes were shown in 56.79% of the figures. Of these changes, 71.73%
represented reductions of from 10 cents to $4 50 per ton; the average reduction was $1 66. Advances ranged from 50 cents to $4 25 and averaged
$139 per ton.
"In so far as the general buyer was concerned,however, the heaviest reductions were purely paper figures, since the coal dragged down to the
Hoover levels in Kentucky went to the railroads and public utilities. The
ultimate effect of the priority orders must be unfavorable to the general
consumer. Before that order went into effect upwards of 90% of the tonnage was moving on contract or open orders booked at prices below the
Hoover maxima. The priority system must inevitably deprive these contract customers of a large part of their allotments. While the open market
buyer under priority will be benefited, therefore, other classes of consumers
will suffer.
"Trading as a whole was active, but fluctuations were both rapid and
violent, because of the uncertainties surrounding the application of the
Government's control program. The result was wide range in price with
pronounced dips and curves. On top of transportation congestion, which
appears to be gradually clearing up,came railroad embargoes. The Middle




Oil Production, Prices, &c.
The American Petroleum Institute estimates daily average gross production as follows:
In Barrels)Aug. 5'22. July 29'22. July 22'22. Aug.6'21.
Oklahoma
405,500
411,850
414.500
316.500
Kansas
86,200
85.800
84,550
94,050
North Texas
49,550
49,650
49,900
66,750
Central Texas
144,900
148,700
146,900
108,040
North Louisiana & Arkansas.._ 125.400
125,100
126,450
130.000
Gulf Coast
106,850
104.800
99,750
97,900
Eastern
120,500
120.000
117,000
120,500
Wyoming and Montana
85.200
79,250
84,450
45,600
California
375,000
375,000
375.000
336,500
Total
1,499,100 1,500,150 1,498,500 1,315,840
Further Reduction in Gasoline Price.-Standard Oil Co. (Louisiana) announced cut of 2 cents a gallon retail and 1 cent wholesale, making tank
wagon price 20 cents and filling station 22 cents a gallon. "Boston News
Bureau" Aug. 8, p. 11.
Fuel Oil Price Reduced.-Standard Oil Co. (Calif.) reduced fuel oil 25c.
a barrel. "Financial America" Aug. 9, p. 1.
Export Gasoline and Naphtha Price Reduced 1% Cents a Gallon by Standard
Oil of New Jersey.-"Wall St. Journal" Aug. 5, p. 4.
Canadian Gasoline Reduced 1 3 Cents a Gallon.-Price now 34c. a gallon
wholesale and 38c. retail.
Senate Committee Investigation of Oil Industry.-Now investigating price
fluctuations, competition and other phases of the industry. "Times"
Aug. 8, p. 31; Aug. 10, p. 6, and Aug. 11, p. 4.
Prices, Wages and Other Trade Matters.
Commodity Prices.-Wholesale cash prices in New York reached the
following high points for the week ended Aug. 10: Wheat, Aug. 4, 1.29;
corn, Aug. 4,.82; coffee, Aug. 10, .10; lard, Aug. 5, 12.00; iron, Aug. 7,
31.00; cotton, Aug. 4, 21,45.
Brass Price Advances.-American Brass Co.announces advance on finished
products from
cent to 3 cent a pound, and on high brass rods 1 cent a
pound.
Motor Price Reductions.-In addition to the decreases noted last week,
the following companies have announced reductions: Chalmers Motor Car
(ranging from $150 to 3400), Dort
Motor(from $20 to $60)on closed models,
Haynes Automobile ($100 on open, $200
on closed models), Hupp Motor
Car (from $100 to $200; see company below), Paige-Detroit Motor Car ($70
on Jewett models), Reo Motor ($110 on open models; see company below),
and the Signal Motor Truck Co.($500 on all models).
Further Reductions in Tire Prices.-Ajax Rubber Co. reduces cords (size
35x5) $5 45 to $49 30, and fabric (size 32x43.I) $7 60 to $26 90.
Garment Union Strike Over.-45,000 Back at Work.- "Boston News
Bureau" Aug. 8, p. 3.
One Thousand Silk Weavers of Paterson Strike for 20% Wage Increase.
"Times" Aug. 9, p. 1.
Situation in Shoe Industry,-Lynn (Mass.) arbitration committee awarded
cuts ranging from 10% to 44% to workers, the latter cut affecting only about
1,000"trimming cutters,"some of whom struck Aug.8 but returned Aug.10.
Shoe Proauction Falis.-Report of U. S. Census Bureau shows 25,559,094
pairs of boots and
shoes were produced in U. S. during June, against
26,901,540 pairs in May.
Devaopments in Textile Situation.-(a) Employees of Union Cotton Mills
(Aldrich Mfg. Co.) at Moosup, Conn., return-basis unknown. (b) 111
Lawrence (Mass.) conferences are being held Aug. 11 which it is hoped will
end strike; Pacific mills is taking
lead; Everett mill is still closed, but Acadia,
Monomac, Katama, Methuen and Pemberton are operating as much as
possible; Arlington (where no wage cut was announced) has been shut down
ispLuatwr
e. ence American Legion offer services to Governor Cox to.
h
menlp
ee sMetatrlecild
Nilo Federation to Aia Textile Strikers.-Delegates representing 150,000
textile workers in Eastern and Southern States signed Aug.
, 3 the constitution of the new "Federated Textile Unions of America, and announced
support of New England strikers. "Post" Aug. 4, n• 3.
.,,rRe
im
de
usct,,ioA
nu
sgi
.n11E
.m
pp
.
Liability Insurance Rates Averaging 20%.1°
22
y.s'
er
Output of Dyes in U. S. Exceeas 39,000,000 Pounas, But Falls 56% Below
1920 Production.-"Times" Aug. 11, p. 4.
Paris and New York Linkea by New Wireless in Direct Communication."Times" Aug. 8, P. 21.
Legal Matters, Legislation, Taxation, &c.
Intend to Force Date,for Vote on Ford's Muscle Shoals Offer When HouseReconvenes Aug. 15.-Times"
'
Aug. 11, P. 3.
War Department to Sell Munition Plants, Chicago Storage Depot and
Rochester Gun Plant.-"Times" Aug. 10, 1)• 20.
American Bar Association Wants Sale of Pistols Forbidden by Law.
Recommends such prohibition "except for Governmental and official use
under proper regulation and control," because "present laws forbidding
carrying,of firearms work more for benefit of criminal than for law-abiding
citizen.' "Times" Aug. 11, p. 21.
Chief Justice Taft Urges Steps to Speed Up Justice.-' Times" Aug.11,p.12.
Matters Covered in "Chronicle" Aug. 5.-(a) Course of the miners' strike
(editorial), p. 590; (b) John L. Lewis asks coal operators to conference on
strike; some refuse to accept, p. 604. (o) Reply of National Coal Association to Unions' invitation to conference; "attempt to dictate ill-timed,"
p.604. (d)Secretary Davis of Department ofLabor comments on John L.
Lewis's invitation to operators for conference, p. 604. (e) Outbreak in
Indiana as State troops take over mines, p. 604.
(f) Governor of Minnesota says Government may be asked to take over
coal-carrying roads unless threatened coal famine in Northwest is averted,
p. 605. (g) Government's plan for distribution of coal-H. B. Spencer.
Federal Fuel Distributor p.605. (h) Casualties in Herrin massacre exceed
70; National Coal Association asks for State inquiry, p. 605. (i) Plans of
New York State Coal Commission for distribution of coal, p.607. (3) Governor of Indiana declares martial law in mining districts and calls for volunteer workers, p. 607.

762

(k) Statement by A. M.Ogle, President of National Coal Association, in
reply to union leaders on contract violations, p. 607. (1) Million tons of
coal coming from Britain. p. 608. (m) Committee named by Canadian
Government to supervise fuel supplies, p. 608. (n) Anthracite operators
ready to reopen negotiations with miners. p. 608. (o) National Civic
Federation urges President to take steps to end anthracite strike, p. 608.
(P) Chamber of Commerce Coal Bureau on issues in coal strike, p. 608.
(q) Australia plans 75% tariff to prevent dumping of German commodities,
P. 593. (r) Offering of $2,100,000 5% Farm Loan bonds of the Kansas
City Joint Stock Land Bank, p. 598. (s) Livestock producers' organizations complain of unjust charges. p. 598. (t) Loan of $4,600,000 to raisin
growers of San Joaquin Valley. p. 599.
(u) Guaranty Trust Co. bids in practically all Allan A. Ryan collateral,
p.599. (v) Refinery production of gold and silver in United States in 1921,
p. 601. (w) U. S. Treasury notes oversubscribed; books for exchange
of
43 % Victory Notes still open, p.601. (x) Treasury circular detailing plans
respecting redemption of 43
,% Victory Notes, p. 601.
(y) Senate resolutions calling for report on abandoned cotton acreage
and on ravages of boll-weevil, p. 602. (z) Proposed resolution calling for
inquiry into New England cotton industry, p.602. (aa) Revisions of Government crop estimates by U. S. Department of Agriculture, p. 602.
(bb) Attorney-General Daugherty in reply to Senate resolution on proposed
steel mergers, says they would not violate anti-trust laws, p. 602.

Acadia Sugar Refining Co., Ltd.-Plan Enjoined.-

Justice Mellish at Halifax, N. S.. Aug. 7 granted an injunction against
the carrying out of the company's finance plan. The application for the
restraining order was made by James Imbrie, William Imbrie, Oswald C.
Tripp, Charles G. West and David F. Wells of New York. See V. 114.
p. 648, 439.

Adirondack Power & Light Corp.-Franchises.-

The company has been granted a franchise to extend the transmission
lines of the Northern Adirondack Power Co., Keeseville to Peru Township,
and furnish electrical service in Peru, N. Y. For capital increase and
classification of capital stock see V. 115. p. 648.

Ajax Rubber Co., Inc.-Earnings,

The net profit for the six months ended June 30 1922 amounts to $191,536.
Balance Sheet June 30 1922 and Dec. 31 1921.
June 30'22 Dec. 31'21.
June 3021 Dec. 31'21
AssetsLiabilitiesS
Land, bldgs, &c__ 4,351,611 4,392,782 Capital
x9,373,798 6,682,264
Cash
603,355
584,994 1st Mtge. bonds__ 2,925,000
Accts.& notes rec_ 3,211,420 3,046,237 Notes payable__ __ 800,000 5,002,500
Inventories
2,875,261 2,375,596 Accounts payable_ 341,914
628,628
Misc. accts. rec. &
Accrued liabilities_ 120,565
183,642
advances
131,453
145,106
Goodwill & pats_.. 1,874,875 1,874.875
Deferred charges_ _ 513.303
Tot.(each side)_ 13,561.278 12.497,032
77.442
x Capital, represented by 500,000 shares of no par value, of which
425,000 shares have been issued; stated value of capital, $10,000,000;
less deficit at Dec. 311921. $3,317,738, $0.682,262; add proceeds of 200,000
shares capital stock sold in Jan. 1922. $2,500,000; add net profits for the
6 months ended June 30 1922, total, $9,373,798.
The company has made reductions in prices of cord tires ranging from
1 60 to $5 45.-V. 115, p. 547.

Allegheny Steel Co.-Stock Dividend.-

A stock dividend was recently declared, payable in Preferred stock, on
tjje basis of one share of Preferred for each share of Common
stoek outiltanding. The amount of the Preferred stock which is to be issued, representing the amount of the dividend, is $3,152,700.
In Nov. 1921 the authorized Canital stock was increased from $3,51-0m00
to $7,000,000. consisting of $3,500,000 of 7% Cumul. Pref. stock and
$3,500,000 of Common stock, par value $100.-V. 115, p. 439.

American Glue Co.-Notes Called.-

Three hundred fifty ($350.000) 10-year 8% debenture
dated April
1 1921, have been called for payment Oct. 1 at par and notes,
plus a premium
of 34 of 1% for each year or fraction of year of theint.,
unexpired term to
maturity (April 1 1931) at the Fourth Aitantic National
Bank, Boston.
Mass.-V. 115, p. 433.

American Locomotive Co.-Orders.--

The company has received the following orders for
locomotives: N. Y.
Central Lines, 75 Mikado type engines, weighing 340,000
lbs. each; Detroit
Terminal RR. Co., 2 8-wheel switching engines; Public
Service Co. of No.
Ill., 1 4-wheel switching engine; E. S. Tubarao a Ararangua
(Brazil),
1 Mikado type engine, weighing 115.000 lbs.; Wheeling Steel & Iron
Co.,
1 6-wheel switching engine.
See also Illinois Central RR. above.-V. 115, p. 648.

American Power & Light Co.-Dividend Increased.-

A quarterly dividend of 2% has been declared on the
stock,
payable Sept. 1 to holders of record Aug. 18. Dividends atCommon
the rate of 49
per annum were paid regularly from March 1 1913
to March 1 1922, when
the rate was increased to 1 % quarterly; this same
rate was paid on
June 1 last.
An official statement says:"Earnings have increased substantially during
the last few years. For the 12 months ended June 30 1922, earnings for the
Common stock after all charges of every kind,
including all depreciation of
subsidiaries, were in excess of 24%.
"For the 12 months ended June 30 1922, gross earnings of the subsidiaries
aggregated $24,527,586, while net earnings aggregated $10,001,726."V. 114, p. 2016.

American Rolling Mills Co.-New Financing.-

It was reported in the financial district this week that the company is
negotiating with New York bankers for an issue of approximately $6,000,000 bonds.-V. 114. p. 2472.

American Safety Razor Corp.-Initial Div.-Earnings.

An initial dividend of 25e. per share has been declared on the capital
stock (no par value), payable Oct. 2 to holders of record Sept. 12.
, The company rep ins for the 6 months ended June 30 1922, net earnings
of $412.787 after all charges, including depreciation and deferred charges,
but before Federal taxes. Total profit and loss, as of Juno 30 1922,
amounted to 81.503,080.-V. 114, p. 2113.

American Sales Book Co., Ltd.-Back Dividends.-

A dividend of 1%% on account of arrears (covering quarter ending
Juno 30 1916). has been declared on the Preferred stock, payable Sept. 1
to holders of record Aug. 15. This payment, it is understood, will reduce
the arrears outstanding to P%%.-V. 114. p. 2016.

American Steel Foundries.-Plant Resumes.The company's plant at East Chicago. it is announced, put its No. 2 unit
back into operation Aug. 7 after a shut-down of 2 years.-V. 115, p. 648.

American Sugar Refining Co.-New Factory.-

The new refinery at Baltimore was completed early in June last. This
establishes the latest link in the chain of plant service which extends from
the refinery in New Orleans to Baltimore, through Philadelphia and New
York to Boston. The labor of construction is over and the wheels of production are turning. Stone & Webster, Inc., throughout the construction
period of two years, had charge of the engineering design of the boiler
house and coal handling facilities and the construction of the entire plant.
-V.114, p. 2828.

American Sumatra Tobacco Co.-Sale of Cons. Cigar Stk.

The stockholders Aug. 7 ratified the plan to dispose of its controlling
Interest of 52,900 shares of Common stock of Consolidated Cigar Corp
Under the plan the Consolidated Cigar stock will be offered to Pref. and
Common stockholders of the American Sumatra Co. for subscription at
of Consolidated stock for 100 shares
$36 Per share in the ratio of 32 shares
of American Sumatra Pref. or Common. See also Consolidated Cigar
548,
77.
115,
Li.
V.
compare
Corp. below and

American Telephone & Telegraph Co.-Stock Taken.-

More than 5,000 subscribers in amounts of five shares and less have applied for approximately $4.000.000 stock. The stock was taken under the
plan proposed to those applicants for the recent offering of $25,000.000
New York Telephone Preferred stock who did not get their allotments.
American Telephone Sz Telegraph stock was at the market on the same in-




[voL. 115.

THE CHRONICLE

stallment plan as outlined in the New York Telephone offering. Approximately 40% of the American Telephone & Telegraph subscriptions are fully
paid for.
The Philadelphia Stock Exchange on Aug. 5 listed $1.312,900 additional
Capital stock-$2.900 in exchange for $3,000 Cony. 4 % bonds, due 1933;
3187,400 in exchange for $187.400 7-year 6% Cony, bonds, due 1925,
canceled and stricken from the list; $391,500 being balance of 100.000 shares
offered under employees' stock plan, dated May 1 1921, and $731,000
account of 100.000 shares to be issued to employees under resolution of the
board of directors, adopted Feb. 14 1922, to be listed upon official notice of
issuance and payment in full, making the total amount of said stock listed
$581,800,300, and reducing the amount of Cony. 44% bonds listed to
$9,991,900, and the amount of Cony. 6% bonds listed to $20,378,500.V. 115, p. 648, 311.

Ames Holden Felt Co., Ltd.-Reorganization Plan.See Ames Holden McCready Co., Ltd.-V. 114, p. 2472.

Ames Holden-McCready Co., Ltd.-Reorganization Plan.
The shareholders of this company and the Ames Holden Felt Co., Ltd.,
were to vote Aug.10 on a plan of reorganization for both companies. Under
the plan a new company, the Ames Holden, Ltd., will be formed to acquire
both properties. The Ames Holden Tire Co., Ltd., is not going into the
consolidation.
Under the proposed plan the $3,500.000 Common shares of Ames HoldenMcCready will be wiped out, being loft only "rights" to subscribe to a new
issue of First Mtge. bonds at 95, carrying with it a bonus of 100% of Common stock in the new company.
The Preferred shareholders will receive 25% of their holdings in the
Common stock of the new company with the same rights as the Common
shareholders to subscribe to the new bonds.
Holders of the present First Mortgage bonds of Ames Holden-McCready
(about $1,296.693 outstanding) will receive amounts equivalent to their
present holdings in the bonds of the new company, together with a bonus
of 20% of their holdings in Common stock.
The $375,000 Second Mortgage bondholders will receive Preferred stock
to the amount of 100% of their present holdings, together with a bonus of
40% in new Common.
Ordinary creditors will receive 100% of the face value of their claim in
new Preferred stock and 40% in Common.
Holders of the $375,000 First Mortgage bonds of Ames Ifolden Felt Co.
will receive 60% of the face value of their holdings in First Mortgage bonds,
40% in Preferred stock and 20% in Common,
The $500,000 Common shareholders of the Felt Company will receive
only 20% of the face value in the Common stock of the new company.
Working capital for the new company will be provided by an issue of
$1,000,000 of bonds sold at $95, on which there will be a bonus of Common
stock of 100%. It is understood that D. Lorne McGibbon is to underwrite
this issue, but has agreed to offer the holders of the Preferred and Common
stock of the two companies the right to subscribe for these new bonds in the
proportion of their holdings on the same terms as he himself has underwritten these new securities.
Under the new arrangement the total capitalization will be $7,405,380,
in addition to which there will be 10-year 6% notes amounting to $297,835.
Comparisons of the new capitalization with the old are:
New.
Old.
$3,017.760 $2,481,960
Bonds (both companies)
2,147,800
2,500,000
Preferred stock
2.775,520
4.000,000
Common stock (both companies)
89.517.760 $7.405.280
Total
Bank loans at present amount to $2,331,000 to Ames Holden-McCready
and $21,000 to Ames Holden Felt Co.-V. 115, p. 648.

Ames Holden Tire Co., Ltd.-Not in Merger.-

See Ames Holden McCready Co., Ltd., above.-V. 114, p. 2472.

Art Metal Construction Co.-Listing.--

The Now York Stock Exchange has authorized the listing of $1,606,430
capital stock, par $10, on official notice of issuance in exchange for present
outstanding voting trust certificates, making the total amount applied for
$3,205,700.
Income Account for Stated Periods.
Calendar Years
5 Mos. end.
1919.
1920.
1921.
May311922.
Net shipments for year__ $2,156,319 $4,661.492 $6,204,335 $4,565.556
2,778,242
5,226,757
4,058,303
Less cost of goods shipped 1,483,338
Gross profit
Admin. and selling oxp
Inventory depreciation_
Int. and discount earned
Taxes
Dividends
Balance, surplus
115, p. 648, 439.

$672,980
$414,045
Cr.14,584
46,500
160,285
$66,734

$603,189

8977,577 81.787,313
$754,024

$561,721
$129,617
Cr.15,158 Deb.19,242
70,000
75.000
276,853
320,570

Cr.28,476
300,000
233,139

$49,759

8528,626

$93,160

Atlantic Gulf Oil Corp.-Oil Production (in Barrels).Feb.'22. Mar. '22.
884,976
660.325
115, p. 186.

April '22.
1,055,325

May '22.
695,532

June '22.
596.220

July '22.
043,158

Atlas Crucible Steel Co.-New Chairman, &c.-Merger.

W. A. Thomas, T. J. Bray, L. J. Campbell and J. A. Campbell, all of
Youngstown and all directors of the Electric Alloy Steel Co., Youngstown,
have been elected directors of the Atlas Crucible Steel Co. of Dunkirk, N. Y.
L. J. Campbell, President of the Electric Alloy Steel Co., has been named
Chairman and chief executive officer of the Atlas Crucible Steel Co.
Mr. Campbell states that merger negotiations between the two companies
have been virtually completed and that for the sake of operating economies
and efficiency, until the combination shall have been legally effected, the
two units will be operated as one as far as possible.-V. 114, p. 2473.
Automatic Electric Co.-Earnings.The company for the year ended Dec. 31 1921 reports gross profits of
$3,212,144 as compared with 81,650,217 in the previous year. Net loss
for the year amounted to $356.518. after expenses, depreciation and taxes,
against a net profit of $422,456 in 1920.-V. 113, p. 290.

Avalon Telephone Co., Ltd., St. John's, Newfoundland.-Bonds Offered.-Royal Securities Corp., Ltd., Montreal, are offering at 98 and int. to yield about 6.70%,
Sinking Fund Gold Bonds,
$115,000 63/2% 1st Mtge. 20-Year '
Series "A.' A circular shows:
Dated April 1 1922, due April 1 1942. Callable all or part on any int.
and $500 (c5).
date on 60 days' notice at 105 and int. Donom. $1,000
Int. payable A. & 0. In Canadian gold coin of or equal to present standard
at the Royal Bank of Canada, Montreal, Halifax, Toronto or St. John's,
Newfoundland. Montreal Trust Co., trustee.
Authorized. Outstanding.
Capitalization
$300,000
$230,000
Preferred stock
300.000
300,000
150,000
115,000
mcbonds, Sec."A," due 1942 (this issue)
suto
.
M
tC
637%
7C Nm°1os
nnCompany.-Organized in 1919 for the purpose of reconstructing and
extending along modern lines the telephone system of St. John's, Newfoundland, and surrounding country. Company has an exclusive franchise
subject to the rights of the Angio-American Telegraph Co., Ltd., which
system it immediately acquired. Company has exclusive right for 30 years
from Sept. 2 1919 to operate a telephone service in the electoral districts
Belle Island), Harbor
of Ferryland, St. John's East and West (except
Main. Port de Grave, Carbonear and Bay de Verde. In Sept. 1921 company
completed its telephone system in the city of St. John's, provision having
been made for ultimate capacity of 10,000 lines. The company also has
telephone exchanges at other points, including Manuels, Holyrood, Brigus,
Avondale, Bay Roberts, Harbor Grace and Carbonear.
Sinking Fund.-Annual cumulative sinking fund of 2% of issued bonds.
plus amount of annual interest on bonds redeemed, commencing Oct.
1924, will provide for redemption of over 50% of the issue at or before
-For
05. the year end
ended Dec. 31 1921 net earnings after deducting
maintenance charges, available for bond interest, deprecial
ing
as and
prrenirtjayntg
Btau
a
mllao

AUG. 121922.]

THE CHRONICLE

763

Mon and taxes. amounted to 316.539-over twice the amount of annual
interest on the present issue.

to obtain satisfactory railroad rates, power rates, and smelting,
refining
and marketing contracts.
The committee has been assured of the deposit, under the plan,
Baldwin Locomotive Works.-Business on Hand, &c.- proportion
of the bonds, so that foreclosure proceedings may be of a large
commenced
President Samuel M. Vauclain says in substance: "The company has immediately.
$15,000.000 of unfilled orders on hand and new business is coming faster
Reorganization Committee.-Esdras L. Gruver (Chairman),
Herbert G.
than we want to see it. Operations are now running at 40% of capacity and Moulton and Edmond N. Skinner, committee,
with
H. Eggleston.
500 new men are being added to the pay-roll each week."
Sec., 42 Broadway, New York, and Chadbourne,Richard
Babbitt & Wallace.
The company has received an order for 25 consolidation type locomotives Beekman, Menken & Griscom, counsel.
from Poland, valued at approximately $1.000,000.
Digest of Reorganization Plan Dated Aug. 1 1922.
See also Illinois Central RR. above.-V. 115. p. 311.
Security Holders Entitled to Participate in the Plan.-(1)
$2,500,000 1st
Beacon Chocolate Co., Boston.-Refinancing Plan.- Mtge. 6% Convertible gold bonds with coupons
maturing Jan. 11921. and
The stockholders will vote Aug. 28 on approving a plan of refinancing all subsequent coupons attached. (Interest due to July 1 1922 on above
bonds
aggregates
formulated by directors. The plan provides for creation of $550,000
$300.000.)
(2) $710,000 5-Year 6% gold debentures with coupons maturing
20-Year 6% Mortgage bond issue, of which the banks, to whom $450,000
April 1
Is owed, take $375,000. The stockholders .are to take $175,000 at par, 1921. and all subsequent coupons attached.
(3)
$5.441.045
stock (par $5).
and the cash proceeds will be used to retire the present $175.000 mortgage.
To Foreclose 1st Mtge -It is proposed to foreclose the present
An issue of 7,500 shares 7% Prior Preference stock is to be authorized.
1st Mtge.
All First Preferred stockholders subscribing to bonds are allowed to convert and to incorporate a new company in the Dominion of Canada, or one of its
Into Prior Preference stock. Any share holders not converting will hold provinces, which shall acquire the properties covered by such mortgage
present stock. Present Preferred shareholders get an equal amount of and such other assets as may be bid in on such foreclosure sale.
Capital of New Company -The new company will have
new Common stock. Present Common stockholders get right to suban authorized
scribe to one new share of Common for every ten held, price to be nominal, capital of 700.000 shares of no par value (or of a par value of $10 each).
No funded or bonded debt will be authorized in connection with
probably $1 a share.
the plan.
Participation
in Plan.-Bonds must be deposited with Equitable
The authorized capital of new company will consist of $550,000 6%
Trust
Co., 37 ,all St., New York, depositary, and subscription
bonds, 7.500 shares Prior Preference stock of no par value. 75,000 shares
s by bondholders,
debenture
par,
Preferred
q(.$10
holders
and
First
and stockholders must be sent with the first
175,000 shares Common, or such amounts
installment
of subscription in New York funds payable to
as may be necessary to carry out the plan.-V. 114, p. 2523.
the order of
Equitable Trust Co., New York, accompanied
by the necessary amount of
bonds, debentures or stock, as the
Beaver Board Comp911ies.-Transfer Agent.case may be, to the depositary on or
The Chatham & Phoenix National Bank has been appointed transfer before Sept. 15 1922.
(1) Bondholders may (but are not required to) subscribe
agent for the voting trust certificates representing $10.000.000 Preferred
pro rata at $5
stock, $610,000 Class "A" Common and 150,078 shares of no par value per share to all or any part of 200.000 shares of stock of the new company
to be sold for cash. Whether they so subscribe or not
Class "B' Common stock.-V. 114, p. 2721.
their present holdings, par and int. to July 1 1922 in they will receive for
stock of the new company at $10 per share For example for every .1100
Beech Nut Packing Co.-Earnings.face
bonds
The company reports for the six months ended June 30 1922 net profits deposited, depositing bondholders are entitled to 11 shares. value ofholders
'without provision for 1922 Federal taxes) of $961.562: cash dividends paid, may subscribe to 8 additional shares at t5 per share or a totalBond
of $40. No
bondholders
will be entitled to any rights or benefits
107,773: surplus, $853,789; previous surplus, $5.258,158; total surplus,
hereunder
unless he
6.111,947; stock dividends, $4,000,000;final surplus, $2,111,947.-V. 115. deposits his bonds as herein provided.
(2) Debenture holders must subscribe at $5 per share to
p. 312.
such portion, not
exceeding 142,000 shares (I e., 20 shares
for every $100 principal amount
of debentures) of said 200,000 shares available to bondholders
(J. G.) Brill Co., Phila.-Car Orders.as are not
An order has been booked by the company for 100 cars for the Detroit taken by the bondholders. If they so subscribe and pay for all stock
allotted
on subscription, they will receive in addition to the stock
Municipal Railways and for 100 cars for the New Orleans Railways
Co. on subscription and
allotted to them
without further payment, the full principal
The Detroit order, it is stated, involves $1,000.000.-V. 114, p. 742.
amount of
their present debentures (but not interest), in stock of the
new company
at $10 per share. No debenture holder will be entitled
Butte Copper & Zinc Co.-Mire Resumes.to any rights or
benefits
unless he subscribed to stock of the new
The company has resumed mining at its Emma property at Butte. deposits hereunder
company
and
his debentures as herein provided.
[The mine -has been closed since 'Jan. 1 1921.] Normal production is
(3) Stockholders are entitled to subscribe
a pro rata of 100.000 shares
expected by Aug. 15.-V. 114, p. 742.
of stock of the new company at $65 per share;to
I. e., for every 11 or part of 11
shares of stock owned, stockholders may subscribe
Butte & Superior Mining Co.-Earnings.for one share of stock of
the new company.
who do not subscribe for stock of the
Period (1922)2d Quar.
1st Quar. Six Months. new company receiveStockholders
nothing hereunder.
Net value of zinc concentrates
$651,077
$496,966 $1,148,043
Terms of Payment on Subscription.-31
share for each share of stock of
Miscellaneous income
32,002
16,805
48,807 the new company subscribed shall be due per
payable at the time of making
subscription on or before Sept. 15 and theand
balance
shall be due and payable
$683,079
$513.771 $1,196,850 as and when called for by tile committee
or the new company, as the case
Operating costs
644,809
511,476
1,156,285 may be. All payments made under the plan
are
to
to the order of Equitable Trust Co., 37 Wall St., N.be in New York funds
Operating profit
Y. City.
$38,269
$2,295
Distribution of Stock of New Company.-If
$40,564
Shutdown expenses, depreciation, &c_
the plan be consummated,
105.114
186,845
291,959 700.030 shares of stock of the new
company
will
be
distributed ultimately
as follows: (a) To depositing First Mtge.
bondholders, 280,000; (b) to
Net to surplus
def$66,845 def$184,550 def$251.395 subscribing bondholders
or debenture holders, 200,000; (c)
Note.-No provision has been made in the above figures for depletion.
to subscribing
debenture holders, 71,000; (d)
to subscribing stockholders, 100.000: (e) to
Tonnage Production and Values.
be employed in carrying out the
plan
reorganization, or reserved for the
2d Quar. 1922. 1st Quar. 1922. new company's corporate purposes, of
as the committee may determine,
Dry tons of ore milled
80,048 tons
66.716 tons 49.000.-V. 111, p. 2328.
Average silver content
5.000z.
5.000z.
Canada
Average zinc content
Steamshi
15.17 %
p Lines, Ltd.-Tenders.15.86 %
Zinc concentrates produced
The Prudential Trust Co., Ltd., 9
20,664 tons
17.863 tons
St. John St., Montreal, Canada,
Average silver content
trustees, will until Aug. 15 receive
16.90 oz.
15.92 oz.
bids for the sale to it of 5% 1st M.
Average zinc content
debenture
bonds to an amount sufficient
54.20 %
53.57 %
to exhaust 3255,000.-V. 115, P.
Total zinc in concentrates
22,40J,039 lbs. 19,139.416 lbs.
78.
Carpente
r
Jackling
Aug.
1
Steel
says
in
Pres. D. C.
Co., Reading. Pa.-Merger Denied.substance:
In connection with reports recently
Development work during the period consisted of 3,045 ft. of drifting and
circulated, declaring that the comeama-cutting, 1,248 ft. of raises, and 147 ft. of station-cutting and skip pany might be merged with one or more
other steel concerns, Chairman
W. H. Kunhardt, Aug. 10, said
chutes, or a total of 4.440 ft.
that no such proposition whatsoever is
Development of the copper vein on the 2.000. 2,200 and 2,600 levels has being considered by the company
or
stockholders. (See also Penn
been slowly progressing and the showing continues to be promising and satis- Seaboard Steel Co. below.)-V. 115, p. its
649.
factory.
(J. I.) Case Threshing Machine
The average price used in estimating income for the second quarter was
Co.-Listing.-The New York Stock Exchange has
5.13 cents per pound. The operating profit for the second quarter shows
authorized the listing of $13,000,000
a substantial increase over the first quarter, due mainly to the increased Common stock (authorized $20,000,000), par 3100.-V. 114, P.
1173.
price of zinc, as the operating charges still include unusual expenditures due
Central Illinois Light Co.-Permanent Bonds
to the resumption of operations after the long shutdown.
Ready.Hardy & Co.
The price of zinc has been steadily advancing, and at the present time is forHodenpyl,
nnounce
that
interim
the
certificates
1st & Ref. (now 1st) Aftge.
quoted around 6.25 cents per pound. From all indications it would appear
Inc.,OA bonds, due April 1 1943, can now be
for permanent coupon
that a priee of 6 cents or better can be reasonably expected to continue for exchanged
bonds at the Bankers Trust Co. 16 Wall
St., N. Y. City. (For offering
the near future.
see V. 113, p. 1679.)-V. 114, p. 2'828.
The litigation in which the company was involved with Minerals SepaCertain-teed Products Corp.-Six Months Statemenf
ration, Ltd., has been settled out of court to the satisfaction of both sides,
.It is understood
and company is now a licensee under the patents of Minerals Separation 1922 will soon be that the statement for the six months ending June 30
ready for publication and will show a very satisfactorY
North American Corp.-V. 115, p. 78.
condition as to current assets
over current liabilities.-V. 114. P. 1656.

Caddo Central Oil & Refining Co.-Earnings.-

The company reports for the six months ended June 30 1922 sales of
$3,527,579; gross profits. $557,690; operating income, $554,778; and net
operating income, after interest and taxes, of $337,836.-V. 115, p. 312

Cheboygan(Mich.) Paper Co.-Bonds Called.-

All of the outstanding
been called for payment 1st M.5% gold bonds, dated Nov. 20 1916, have
Nov. 1 at par and int. at the Empire Trust Co.,
trustee, 120 Broadway, N.
Y. City.-V. 107. p. 1483.

Cities Fuel & Power Co.-Tenders.Canada Copper Corp., Ltd.-Reorganization Plan.-The
The
Trust Co. of
York, trustee, will, until Aug. 25. receive
reorganization committee named below has prepared a plan tendersBankers
for the sale on Oct. 2New
to it of $48,440 3-year 6% secured gold notes.
of reorganization and will receive deposits for the 1st Mtge. dated Nov. 1 1919, at not exceeding 100M and
int.-V. 114, P. 2245.
bonds, debentures and stock thereunder at Equitable Trust
Coatesville (Pa.) Boiler Works.-Bonds Offered.Co., 37 Wall St., New York, on or before Sept. 15. No Harvey Fisk & Sons, New York, are offering at 100 and
funded or bonded debt will be authorized in connection interest, $300,000 1st (Closed) Mtge. 7% Sinking Fund
Gold bonds.
with the plan.
The stock of the new company has not been underwritten and the plan
will not become effective unless 160.000 shares or a total of $800,000 is
subscribed. Holders of stock of the old Virginia company which was
reorganized in 1920 are not entitled to any rights or benefits under the plan.
Digest of Statement by Reorganization Committee Dated Aug. 1.
The company, formed under the laws of the Dominion of Canada, acquired the properties of the Virginia Company, subject to the bonds and
debentures of said company. and assumed all of the obligations of the
Virginia Company thereunder. Default has been made in the payment of
the interest due Jan. 1 1921 on the bonds; the payment of the sum of
$150,000 into the sinking fund, due March 2 1921, under the terms of the
First Mortgage; the payment of the interest on the debentures due April 1
1921, and the committee is advised that the company is without funds to
resume operations from which it might derive earnings to relieve such defaults or any subsequent defaults.
The committee is advised that the moneys received under the plan of
readjustment of July 1 1920 (V. ill, p 694) were exhausted in meeting.
outstanding obligations of the Virginia Company, paying off interest then
due on the bonds and debentures, placing the properties in operation, and
in since maintaining them.
The committee is advised that the principal property covered by the
mortgage situate at Copper Mountain, B C., Can., estimated
contain
10000,1000 tons of developed ore and 2,000,000 tonsisof probable to
ore, averaging 1.74% copper; that there are good prospects of developing additional
tonnage, and that some alterations and additions are necessary to bring the
concentrating mill, which was operated for a short period in the autumn of
1920, up to a capacity
a0
d
day, and later up to a capacity of
6 tons per day if of 2e 00
:
vt s
b er.
The committee believes that,
with suitable railroad rates, power rates
and smelting, refining and marketing
contracts, the cost of operation
should be low enough to permit the
new company to earn a satisfactory
return on its proposed stock at normal
prices for copper metal. The plan
will not become operative, however, unless
and until the committee is able




Dated Aug. 1 1922. Due
Aug. 11942. Int. payable P. & A. without
deduction of normal Federal
income tax up to 2% at Guaranty Trust Co.
of New York. Denom
$1,000. $500 and $100 (c*)• Red. upon 30 days'
notice on any interest date
at 107 and interest. Exempt from Pennsylvania
AnnuitiesSta,
ter.
iP
peunia
ns
.y
ste
nin
tl
ru
a. Co for Insurance on Lives and Granting
ya
Data from Letter of Pres.
Edgerton,Coatesville, Pa., July 31.
Charles
Company -Established
and incorp. in 1890.
Manufactures steel tanks,in Coatesville in 1886.
boilers,
stacks
and heavy steel plate work of
all' kinds. Is the largest general
plate metal manufacturer east of the
Allegheny Mountains.
Company owns a plot
over 36 acres of land on both sides of the main
line of the PennsylvaniaofRR.,
on which tract its foundry and machine
shops are located.
Earnings.-During the 32
years
of existence, company has never had an
unprofitable year until 1921 when
the adjustment of accumulated inventory to market price resulted
'
in
Net earnings after depreciation
available for interest and Federal a loss. for
past 7 years, $141.939, or
taxes
almost
past
sesweirne
charges
im ino
ts
tenretshtis
sr
su
cnia
ges.. Average earnings for the
years
three
Since 1892 up to and
1920. company has uninterruptedly
every year paid dividendsincluding
on its capital stock of never less than 8%,
except in the year 1897, when
3%
was paid. In that 29-year period
a total of 577% cash dividends were declared.
Sinking Fund.-Indenture provides
a sinking fund beginning Aug.
1 1928 of $20.000 a year to be used to for
purchase bonds in the open market
up to 107 and interest. If not
obtainable
at this price, bon are to be
called by lot.
Purpose.-Proceeds will be used
to liquidate loans, to provide additional
working capital and to purchase
additional equipment.

Collingswood (N. J.) Sewerage Co.-Sale to Borough.-

The sale of the company
Collingswood Borough for $225,000 was
approved Aug. 4 by the Newto
Jersey P. U. Commission.

THE CHRONICLE

764

Commercial Solvents Corp.-Earnings-Dividend.-

[VOL. 115.

Du-ant Motors, Inc.-To Manufacture New Truck.-

l vehicle
President W. C. Durant announces the addition of a commercia
Road King."
to the line of Durant enterprises, to be known as the"Mason
C.
by
Arthur
built
and
designed
wagon,"
"speed
This is a one-ten truck, or
1903.
Mason, who has been associated with Mr. Durant since
Motor Truck
Mason
the
by
red
manufactu
be
will
King
Road
Mason
The
ed.
Connecticut Mills Co., Inc.-Committee Discharg
at Flint, Mich., and in the plant of the truck division
com- Co., in its own plant
Conn., the latter for
The creditor's committee that took charge of the affairs of the
of the Locomobile Co. of America at Bridgeport,The
to
over
turned
chassis,completely
business
the
and
discharged
been
n in the Eastern market.
has
ce
of
distributio
1921
2
pany May
convenien
Standard types of
Mich.
will retail at $1.200 f. o. b. Flint,
the shareholders.
reported to be at equipped,
and bus bodies, will be furnished from the
stake,
delivery
including
It is stated that the bank and merchandise debt, any
bodies,
new financing factory.
$8,000,000, has been completely liquidated without
to be
The Flint plant is ready for immediate production, distribution
of any description.
consisting of Daniel Burke, handled
.through Durant dealers.-V. 115, p. 650, 549.
For the present an executive committee
in
are
S.
Davis,
Howland
and
Rice,
Preston
Pres., Charles Walcott, J.
the establishment of a
Durant Motors of Canada, Ltd.-New Plant.
actual charge of the company's affairs pending
on of new buildnew and permanent management-V. 114, p. 2722.
The company has awarded a contract for the constructi
has already
Work
.
ings at Leaside, to cost approximately $1,000,000 1. The
new plant
(John T.) Connor Co.-Earnings, dec.and the contract calls for completion by Dec.
115, p.
-V.
6 Mos. End. Year End. started
car.
"Star"
the
of
re
y for the manufactu
July 11922. Mar. 31 '22. will be used exclusivel
Period187.
$563.272
$119.348
profit
operating
Gross
.149,470
inventory vatues
English Sewing Cotton Co., Ltd.-Report
Less-Weekly charge-offs on deci.of
1918-19.
& to
1919-20.
1920-21.
Res. for possible losses, for adj. contracts,
Year end. March 31- 1921-22.
£598,105
which
market,
£794,136
or
cost
to
invent,
present
£254,242
£41
,
,915
reduce
Trading profits
217,880
64,363
64,012
64,497
66,754
ever is lower
27,788 Dep. and deb. int
23.837
Reserve for taxes and interest
£533,742
Cr5.065
£730,124
£189,745
£348,161
Liberty bond profit
Net p_ofit
17.500
191,416
4,375
193,563
*358,608
198,353
Preferred dividends paid
87,786 Brought forward
21,902
Common dividends paid
£725,158
£923,687
£548,353
Amount available_ __ - £546,514
$62,848
50,000
$74,299
50,000
50,000
50,000
Balance. surplus
Preference dividend__ __
250,000
300,000
300,000
300,000
Ordinary dividend
Balance Sheet June 30 1922 and March 31 1922.
(25%)
(15%)
(15%)
paid
Mar.31'22.
(15%)
rate
do
June30'22.
Liabilities
Mar.31'22.
J'ne 30'22.
231,595
Assets415,307
$90,497 Notes payable_ _ _ _ $200,000 $300,000 Reserves, &c
$244,543
Cash
193,563
158,608
198,353
196,514
212,286 Carried forward
47,597 Accounts payable_ 279,535
39,928
Accts. receivable
ies reserve.-V.
contingenc
stock
from
tr
ansferred
29,000
£200.000
*
Includes
39,972
taxes_
for
900,573 Reserve
1,009,611
Merchandise
65,330
68,580
113, p. 854.
49,028 Empl. inv. ctfs__ _
48,690
Investments
2,658
7,014
111,806 Empl.extra comp.res
Notes receivable_ _ 108,568
Electric Alloy Steel Co.-Merger Negotiations.900,000
288,172 Capital stock, corn 900,000
298,990
Equipment
250,000
See Atlas Crucible Steel Co. above.-V. 114, p. 2475.
23,122 Capital stock, pfd_ 250,000
23,122
Cora. stk. for empl
548
508
res
'benefits
Empl.
19,804
15,938
Prepaid expenses_
Erie (Pa.) City Iron Works.-Officers.-660,127
734,416
690,633 Surplus
690,633
officers
Good-will
4,375
Owing to the death of President Geo. D. Selden, the following
203,000 Div.reserve
& Treas.;
U. S. Ott. of indebt
were elected: E. P. Belden, President; Edw.0. Moore, Vice-Pres.
$2,480,027 $2,424,325 Geo. T. Bliss, Sec.Y.
Total
$2,480,027 $2,424,325
Total
-V. 115, p. 187.
Filer Fibre Co., Filer City, Mich.-Bonds Offered.Net earnings for the first 6 months of 1922 were $251,000.
The regular quarterly dividend of $1 a share has been declared on the
Class"A"stock, paybale Oct. 1 to holders ofrecord Sept.30.-V.114,p.2828.

Consolidated Cigar Corp.-New Financing.-

shares
The stockholders Aug. 8 authorized the sale of 46,500 additional
up to 150.000
of Common stock, bringing the total outstanding amount
at $25
shares. Of the new stock authorized 41.400 shares will be offered
of new stock
per share to present shareholders in the proportion of 2 shares
for sale from time
for each 5 shares owned and 5,100 shares will be reserved$25
per share.
to time to employees of the company at not less than
The American Sumatra Tobacco Co. stockholders who exercise their
right to purchase Consolidated Cigar Corp. stock owned by thetoAmerican
the new
subscribing
Sumatra at $36 a share will secure the privilege ofalso
American Sumatra
Consolidated Cigar stock at $25 a share. See
Tobacco Co. above.-V. 115, p. 650, 549.

Hyney, Emerson & Co., Chicago, and Howe, Snow, Corrigan & Bertles, Grand Rapids, are offering at 100 and int.
$500,000 1st M.7% Serial Gold bonds. A circular shows:
serially

Due
Denom. $1,000, $500 and $100 c*. Dated July 1 1922.
Trust Co., Grand
July 1 1925 to 1935. Int. (J. & J.) payable at Michigan
Chicago. Red.,
Rapids, Mich., trustee, or at First Trust & Savings Bank,
and int. up to and
all or part, on any int. date upon 30 days' notice at 105
of 1% for each full
incl. July 1 1927 and thereafter at 105 and int. less 3iand
date of redempyear or fraction thereof remaining between July 1 1927
2%. Penntion. Free from normal Federal income tax not exceeding
sylvania State tax of 4 mills refunded.
producers of
Company.-Organized in Michigan. Is one of therelargest
of Kraft wrapping
sulphate pulp required in the manufactu with
Consolidated Gas Electric Light & Power Co. of Bait' high-grade
a paid-in capiin Jan. 1918
paper. Began manufacturing operations capital
It is understood that $1,258,000 7% Cony, gold notes, due Aug. 1 1922,
Properties
$688,650.
is
g
outstandin
Present
1949.
1
$300.000.
Feb.
6s,
due
of
Ref.
Mtge.
1st
tal
concrete conhad been converted Into a like amount of
and
steel
of
mill,
pulp
fireproof
large, modern,
per day,
(For offering see V. 114. p. 2584.) The exchange was made through Alex- consist of a
dry tons of sulphate (Kraft) fibrelands
50
of
capacity
a
with
struction,
.
of
Baltimore
in
&
Sons
ander Brown
timber
approximately 20,000 acres of valuablebuilding,
a cost
at
Application has been made to list the 1st Ref. Mtge. 6s on the Baltimore together with western
is
company
addition,
Ontario. In
Michigan and
paper
Stock Exchange.-V. 115. p. 73.
modern
highly
new power plant and
of approximately $561,000, acapacity
of 45 tons of Kraft wrapping paper.
which will have a daily
Consolidated Textile Corp.-Semi-Annual Report.- mill
of this entire bond issue
Purpose.-An amount substantially in excess
on which will provide additional
constructi
plant
new
in
President Frederick K. Rupprecht, Aug. 3, says in subst.:
expended
be
will
of the business.
capacity
earning
the
increasing
On Jan. 22 we found it necessary in our New England plants to reduce facilities for largely
inception of the business in Jan.
Earnings.-For the 3 years from thebefore
wages 20%. This reduction was not generally accepted by our employees,
Federal taxes, but after all
earnings
net
1920
31
Dec.
reuntil
period,
1918
$152,410
which necessitated the closing of many of our mills for a long
including heavy annual depreciation, averaged
business desulting in a severe loss to the company. Operations were gradually re- operating expenses,
Operations did not show a profit in 1921 due to
sumed during May with the result that at the present time our New England per annum. readjustm
business is now experibut
values,
inventory
of
ent
and
plants are running in excess of 70% of normal capacity with the exception pression
improvement and sales for the 5 months ended May 31.
of Natick Mill, which will not be operated until market conditions for its encing a decided
after all operating expenses.
1922 resulted in a substantial profit
product enable merchandising on a profitable basis.
The Southern Mills and tne Windsor Print Works Division a North
Sheet June 30.e
-Balanc
Co.
Fisk Rubber
Adams, Mass., have been operating to capacity and on a profitable basis.
the six months ended June 30 1922
The comparative income account for
The new cash received on JulY 1 1922 from tne proceeds of stock offered
651.
p.
for subscription (V. 114, p. 2722, 2474) has materially increased working was given in V. 115,
1921.
1922.
1921.
1922.
capital and is reflected by a substantial decrease in current liabilities as
$
Liabilities8
Assetsshown by the balance sneet.
7% Cum. 1st Pref_18,951,500 18,951,500
In summary, tne financial condition of the company is greatly improved, Land, buildings,
15,000
15,000
Managem't stock_
machinery and
the strike in New England is practically settled and the industry is gradually
21,670,456 21,030,133 7% Cum.2d Pref.. 2,125,100 2,135,100
equipment
returning to a normal condition.
stock_ _ _y6,397,905 6,115,545
1
Common
1
Good-will
and
Dec. 311921.
Consolidated Balance Sheet July 1 1922
Cap. nab,in res. of
&
July 1 '22. Dec. 31'21 Investments in
July 1 '22. Dec.31'21
of cash pay'ts by
advances to anti$
Liabilities$
$
8
empl.on subs. to
1,931,950
2,972,993
Assetscompanies
(no
stock
Capital
264,586
50,596
capital stock_
ma731,703
Land, bidgs.,
Miscellaneous Inv. 753,044
par value) and
_1st M. 20-yr. 8%
149,345
chin.& equip._ n33,495,866 34,683,701
Treasury stock_
capitalsurp.(see
10,000,000
z9,568,000
bonds_
Fd.
Sink.
18,832,839
13,131,529
Goodwill, tradeNote b)
500,002
30,382,347 25,830,044 Inventories
c3,277,475
1,047,758 Pureh. cont., Pawmarks, &c
Advances
588,380
1,775,444 1,669,485 1st M.8% bonds,
tucket plant......205,980
Miscel.inv
& notes
1941
due
2,907,778
4,875,000 5,000,000 Accounts
f
7,045,000 15,050,185
e.
Raw mat.,sup.,&
(less res.)_ _10.472,777 11,279,036 Loans payable_ _ _ _ 2,437,270
rec.
&
R.
B.
B.
Knight,
2,050,462
1,980,680
payable_ _ _
Accts.
952,803
623,378
Work in process__ 8,040,446( 3,420,514
receivable
Notes
Inc.:
Accr, bond int__ __ 255,146
Finished stock__ _)
Coll. notes from
1st Pref.stk,8%
129,530
31,307 Federal taxes
Adv. to outside
employees
Cum
511,927
2,500,000 2,500,000
n res_ _ 4,485,736 3,818,293
Depreciatio
3,229,695
mills ag invent__
3,682,748
Cash
2d Pref.stk.,7%
493,719
liab.
ins.
for
Res.
1,437,564
1,537,091
.Securities
non-cum
120,000
2,325,000 2,325,000 Deferred charges
assumed by co_ _ 120,000
Inv.in stks.ofout154,641
1st M. 7% bonds,
_ 151,993
Contingency
side textile cos.
due 1930
7,500,000
475,008
7,500,000
&
res.rubber
for
Res.
(at cost)
notes,
1,140,086
8%
2-yr.
6,185,049
fabric comm_
Accts.& notes ree_ 7,840,306 2,816,408
due 1923
700,000
700,000
1,301,135
Res. for cancel, of
Cash
140,790
Notes payable
5,968,500
mach. contracts
Dlsct. & prems.
payable
Bills
11,826,000
2,984,608
1,770,959
unamortized_ __ _
Tot.(each side) 54,793,835 60,604,318 Surplus
s
263,420
Acceptance
65,877
269,158
'
employees
459,521
of
on
.
cancellati
.,int.&c
Prepd. Ins
x 1,944 shares of Common stock acquired by
2,367,188 1,916,940
600,954 Accts. payable_
c
.
'Org.exp.& mIscel_
subscription contracts and held for sale or re-allocation
ng
outstandi
value;
par
no
of
shares
Total
y Common stock: auth., 1,250.000
56,683,912 57,861,405
743,949 shares;
56,683,912 57,861,405
Total__
1921, 670,618 shares; outstanding June 30 1922,
are in escrow
dwelling houses, machinery, and equipment June 30above
outstanding shares of Common stock, 50,000
a Lana, buildings, and values
the
of
for retireto
4;
purchased
less,
plus
or
additions
$28,727,39
and
retired
water power at appraised reserve, $1,002,133, for depreciation.
under option of $250,000. z Less bonds
651.
p.
115,
-V.
$432,000.
properties, $5,770,605; less
ment,
of
no
g,
par
shares
value;
outstandin
2,000,000
capital,
b Authorized
-New Plant.nominal or par value, representing capital and
Ford Motor Co. of Detroit.
1,274,264 shares without
purchased for $1,000,000 a site for
7.
is reported that Henry Ford hasThe
-capital surplus, $30,382,34
It
on
1
1922,
July
include
organizati
at
&c.,
plant to be erected, it is stated,
s,
in East Chicago.
c Good-will, trademark
an assembling plant00.-V.
550.
78.
p.
651,
p.
115,
115,
-V.
$10,000,0
&c.
cost
will
'expenses,

Glass Casket Co.-Indicted for Fraud.-

Crystal
Glass Casket Co. of Washington and 18
Five directors of the Crystal
in the selling of the stock of the Birmingham
persons said to be interested
with using the mails to defraud by the
charged
5
Aug.
were
Motors Co.
Grand Jury. Indictments were returned in
Washington (D. C.) Federal
the case of the Motors company the Grand
in
but
case,
Glass
Crystal
the
in court.
Jury merely filed its presentment

Fort William (Int.) Paper Co.-Bonds Offered.-Peanc., Chicago, are offering at par
body, Houghteling &
Co.,Mtge. 7% Serial Gold bonds. A
and int. $2,100,000 1st
circular shows:
1 1925 to 1937. Red.

series Aug.
Dated Aug. 1 1922. Due in annual
order at par and int., together with a premium
In reverse of their numerical
fraction tnereof of unexpiri d term of bonds so
or
year
each
for
1%
of
of
Int. payable in U. S. funds at
redeemed. Denom. $1,000 and $500(0).
Chicago, and American Exchange National Bank,
First National Bank,
income tax not in excess of 2%.
Federal
for
deduction
without
York,
New
Trust Co., Montreal, trustee.
to submit certain information required by the Royal
Because the company failed
Purpose.-To refund $1,000,000 8% bonds and to complete a 160-ton
Public Utilities, in a finding made public
of
nt
Departme
mill.
the
on,
Commissi
securiltes by this company in Massachusetts newsprint paper
the property now or hereSecurity.-Secured by first mortgage upon all
Aug. 3, ruled that the sale of in fraud.-V. 111, p. 1953.
200 acres of land owned in fee simple, with full riparincluding
owned,
Is fraudulent or would result
after
d pulp mill with an angToundwoo
William,
Fort
of
ian rights on the harbor
Sub. Co.tons, and newsprint paper mill with an annual caDuquesne Light Co.-New
Bellevue Light Co. as a subsidiary to take nual capacity of 40,000
The company is organizing theof the Southern Heat Light & Power Co. pacity of 50,000 tons, now in the course of construction, together with val.over and operate the properties
uable timber and power rights, and rights under a certain agreement with
-V.115, p. 650.

tion.--Davis Daly Copper Co.-Produc
18,668 tons of ore.-V.114, p. 2246.
The company in July last produced
Duesenberg Automobile & Motors, Inc., Indianapolis.




AUG. 12 1922.]

THE CHRONICLE

the City of Fort William, all documents evidencing these rights having been
assigned to and deposited with the trustee for the benefit of the bondholders.
Estimated Earnings -50,000 tons of newsprint paper at $20 per ton,
$1.000,000. Maximum annual interest charge on this issue of bonds.
$147,000. Annual reserve necessary to pay both principal and interest of
this entire issue, $239.890.
Company.-Incorporated under charter of Dominion of Canada on Aug.
20 1920 and acquired timber leases, power contract and mill site and immediately erected a 120-ton groundwood pulp mill. Has now under construction a newsprint paper plant with capacity of 160 tons per day of finished paper.-V. 115, p. 651..

Freeport Texas Co. & Subsidiaries.-Report.The comparative income account for 6 months ending May 31 was given
In V. 115, p. 651.
Consolidated Balance Sheet May 31.
1922.
1921.
1921.
1922.
AssetsCapital stock
4,158,561 3,500,000
Real est., bldgs.,
4,831,401 4,543,566 Vouchers payable..
35,663
mach., &c
60,165
11,803
62,956
Floating equip_ _ _ _ 3,901,341 3,906,778 Accts. payable__
1,223
1,080
Sulphur deposits_ _21,363,107 28,523,307 Meter deposits_ __
118,244 Accr. val. of sul__ 114,083
Investments
38,765
35,516
phur deposits_ _ _21,363,107 28,523,307
Furn. & fixtures__
416,395
23,556 Bonded indebt_ *3,315,028
Cash
1,750,000
Notes payable_
2,244,800
Call loans
604,270
291,365 Bills payable
Accounts rec
750,000
66,640 Interest accrued
21,335
Bills receivable39,744
173
Merch.&supplies_ 1,972,494 3,747,751 Res. for taxes_
57,772
836,449 Depreciation res 1,879,382 1,540,343
Deferred assets__ 1,005,310
Other reserves_ _ _ _ 425,161 1,165,822
Surplus
4,634,067 4,298,846
35,997.166 42,093,173
Total
Total
35,997,166 42,093,173
*Note.-July 31 1922 bonds converted, $3,889,000; bonds outstanding,
$110,528.-V. 115, p. 651.

Frontenac Motor Co. of America, Inc.-Off Curb List.
The New York Curb Exchange has removed from trading the capital
stock of this company, when and as if issued. Referring to the ruling
issued by the Committee on Listing and Securities, under date of June
19 1922, suspending transactions in the capital stock of the company,
when and as if issued until further notice, the Committee further rules
that all contracts when issued in the capital stock of the company which
have been previously made are hereby declared null and void as a certificate
of dissolution of the corporation has been issued by the Secretary of the
State of Delaware.

General American Tank Car Co.-Orders.-Orders received by the corporation during the first six months of 1922,
it is stated, represented an aggregate volume of business of approximately
$21,000,000, compared with an aggregate of approximately $14,900,000
for the entire year 1921.
The company has received substantial orders from many of the largest
railroad systems of the country, the total cars ordered from it during the
first half of 1922 totalling 10,530 as follows: Southern Pacific RR. 2,700:
Union Pacific 1,000; Northern Pacific 1,000; Wabash 2,050; Illinois Central
950; Chicago Burlington & Quincy 900; New York Central 500; Great
Northern 500; Chicago Milwaukee & St. Paul 500; Rock Island 200; Missouri Kansas & Texas 200, and Florida East Coast 30.-V. 115, p. 442.

General Electrin Co.-Orders-Cash-Div. Outlook.A statement understood by the "Chronicle" to be correct says: "Bookings in the second quarter of this year were at the annual rate of $260.000,000, against $235,000,000 for the first half of this year and $209,000,000
for the first quarter. Billings are not yet up to bookings, but it requires
about a year to complete large apparatus, a considerable amount of which
has been booked at the close of 1921.
"The company has about $96,000,000 in csah and U. S. Govt. securities.
Actual cash approximates $60,000,000.
"About the middle of October the stockholders will receive 7%, in dividends(2% in cash and 5% in stock). This will be the first stock dividend
to be paid under the new plan of paying 5% in new $10 stock in lieu of
2% in semi-annual stock dividends formerly paid in Common stock."V. 115, p. 651.

General Motors Acceptance Corp.-6 Months' Statement.-An official statement says:
Business transacted during the first six months of this year exceeded
the volume in any corresponding period since the organization of this
Institution, which finances the wholesale and retail sales of General Motors
products in this country and abroad. (These products include Buick,
Cadillac, Chevrolet, Oldsmobile, Oakland, GMC Truck, Delco Lighting
System for the farm-to mention some of the principal ones.)
From inception early in 1919, to June 30 1922 there have been financed
under the GMAC retail plan a total of 186,161 cars, trucks and tractors,
and under the wholeslae plan 126,920 cars, trucks and tractors. This does
not include other General Motors products financed,.nor the operations
of the Foreign Department.
Total Amount of Financial Accommodation Extended from Inception to
June 30 1922.
Foreign --CiMAC Plan
Total
Department.
Retail.
Business.
Wholesale.
1919
$3,256,192
$9,989,019
$7,635,777 $20,880,988
1920
19,830,994
46,693,170
37,578,470 104,102,634
1921
3,361,881
77.457,028
39.725,007
34,370,140
1922 (6 mos.)
3,303,479
68.251,586
36,339,750
28,608.357
Totals
$29,752.546 $132,746,946 $108,192,744 $270,692,236
Sales.-Through a comprehensive sales organization the obligations
arising from the sale of General Motors products under these financing
plans are sold directly to banking institutions. From inception to June
30 1922 tota. sales of obligations have been $267,257,000, representing
over 5,600 individual sales to over 1,100 banks and trust companies. This
record by years follows:
No. of Sales. Amt.0 Sales.
1919
258
$13.O18,000
1920
2,078
92,389,000
1921
96,741.000
1,646
1922 (6 mos.)
1,690
65,109.000
Totals
$267.257,000
5.672
Comparative Balance Sheet.
J'ne 30'22. Dec. 31'21.
AssetsJ'ne 30'22. Dec. 31'21.
Cash
$2,790,285 $2,659,596 Capital stock
$4,000,000 $4,000,000
Notes & accept's_ _39,693,625 26,199,685 Surplus
1,132,636 1,010,551
816,611 Collat. gold notes_33,930,500 21,038,000
Cash in trust
3,284,866
For'n bills of exch_ 1,973,527 1,061,958 Domed notes sec 2,464,956 1,387,583
Acc'ts due from
Wholesale notes,
132,039
sale of notes_
508,954
&c., redisc'ted_ _ 4,111,449 2,347,408
Acc'ts rec.affil.cos. 120,505
113,419 For'n bills of exch.
Other acc'ts reciev. 193,212
169,317 discounted _
841,637
1,752,407
Int. earned not rec.
7,296
2,782 Accounts payable,
Furniture & equip.
24,159
affiliated corps..
5,829
less deprecia'n
312,608
343,879 Other acc'ts paY._ 219,015
153,670
Investments
6,000
6,000 Cash & sec pledged
Cash&sec. pledged
221,98a
(see contra)
173,390
by for. cue. (see
482,952
Int. rec'd in adv.... 1,016,751
173,390
contra)221,989 Reserves
4243,016
598,725
Deferred charges
341,391
206,689
Tot.(each side)349,405.658331.933,966
-V. 114, p. 2009.

General Refractories • Co.-Bonds Sold.-Lee, Hignson & Co., New York, have sold at 95
and mt.
yielding over 6.30%,$4,000,000 1st Mtge.6% Sinking Fund
Gold bonds, Series A (see advertising pages).
Dated Aug. 1 1922. Due Aug. 1 1952. Interest (F. & A.) and sinking
fund payable at offices of Lee, Higginson & Co. in New York, Boston and
Chicago. Denom. $1.000 and $500 (c* & 1'5), $1,000 and authorized
multiples. Caliable all or part on 30 days' notice at 1073 during first 10
years,and at 105 during the next 10 years,the premium thereafter decreasing
annually to maturity. Free of Pennsylvania State tax. Int. payable
without deduction for normal Federal income tax up to 2%. Present




765

Maryland 434 mills securities tax refunded. Commercial Trust Co.,
Philadelphia, trustee.
Data from Letter of Pres. Wm. C. Sproul, Aug. 7 1922.
Company.-Incorp. in Pennsylvania in 1921. Is to acquire, directly or
through substantially entire stock ownership, the assets and business of
General Refractories Co. of W. Va., incorp. in 1911, and of Standard
Refractories Co. (V. 108, p. 2027), Hayes Run Fire Brick Co. and Pennsylvania Fire Brick Co., incorporated in Pennsylvania in 1913, 1903
and 1900. respectively. Business is the manufacture and sale of refractory
or fire brick, including clay, silica and magnesite brick. Company will
have a manufacturing capacity of 247,000.000 brick a year.
Purpose.-Proceeds (a) will retire 16725.000 Gen. Refractories Co. 1st
Mtge. Os. due seriahy to Oct. 1 1936, and $416,000 1st Mtge. Os of Standard
Refractories Co., due April 1 1929; (b) will reimburse company for expenditures made in the acquisition of Standard Refractories Co.. Pennsylvania Fire Brick Co. and Hayes Run Fire Brick Co.; and (c) will provide
additional working capital.
Capitalization upon Completion of Present Financing.
1st Mtge.6% Sinking Fund Gold bonds, Series A (this issue, fur$4,000,000
ther series issuable under restrictions of mortgage)
Capital stock, 180,000 shares, no par value, representing (after
12,350,592
deducting funded debt) net assets of
Sales and Net Earnings, after Depreciation and All Inventory, &c., Adjustments, Calendar Years.
1921.
1920.
1919.
1916.
1918.
1917.
$
Sales
4,373.853 9,805,877 10,773,724 6,433.537 9.606,063 4,069.907
Net earns_ 950.383 3.342,944 2,680,704 891.804 1,271.636 -421.152
Sinking Fund.-Mortgage will provide for a cumulative sinking fund
for the benefit of Series A bonds, payable semi-annually, first payment
Dec. 1 1922, at the rate of 1 3 % per annum of the total amount of Series A
bonds issued; plus amounts equal to interest at rate of 6% per annum,
to be added at the regular semi-annual interest dates on bonds retired.
The sinking fund is to be applied to the retirement of Series A bonds,
through purchase or call.
Properties.-Properties will include 12 manufacturing plants, situated
at Mount Union, Sproul, Mill Hall, Sandy Ridge. West Decatur, Karthaus,
Beech Creek. Orviston. and Claysburg, Pa.; Olive Hill and Hitchins,
Ky.; and Joliet, Ill. Company will also have, through ownership in fee
or mineral rights, extensive and well-located clay and ganister lands in
Pennsylvania, clay lands in Kentucky, and ganister lands in Wisconsin.
with adequate quarrying equipment and machinery in each case. Total
owned available raw material supplies for the manufacture of clay and
silica brick are sufficient to provide for the company's requirements at
to
its present production capacity for more than 80 years. In addition
its clay and ganister lands the company will have available coal lands
equipment.
and
machinery
mining
In Pennsylvania with
owning
Through ownership of stock in the Generaa Magnesite Co.,material
properties in Czechoslovakia, company will have supp.ies of rawproducin.g
States
United
the
available for Ls manufacturing plants in
magnesite brick.
Consolidated Balance Sheet as of Dec. 31 1921, after this Financing.
LiabilitiesAssets$4,000,000
Real estate, plants, &c__$12.844.578 1st Mtge. 6s
66,628
77,896 Accounts payable
Investments
1,969
liabilities......
941,152 Miscel. cur.
Cash
65 453
387,626 Accrued accounts
Bills & accts. receivable_
Inventories
1,408.857 Equity for capital stock
(180,000 shares of no
345,218
U. S. securities
12,350,592
par value)
Accrued int.,rentals. &c..
7.491
Loans & advances
28,772
Claims for refund of Fed.
taxes
323,652
$16,484,642
Deferred accounts
Total (each side)
118,500

Gimbel Brothers, New York City.-Pref. Stock Sold.
-Goldman, Sachs & Co. and Lehman Brothers, New York,
have sold at 102 and div. $12,000,000 7% Cumulative
Preferred (a. & d.) stock (see advertising pages).

Redeemable, all or part, at 115 and divs. On or before Aug. 1 1927,
and annually thereafter,from out of surplus and net earnings, at least 3%
of the largest amount in par value of the Preferred stock that shall have
been at any one time outstanding shall be acquired by the company by redemption or by purchase at not to exceed 115 and dividends. Application
has been or will be made to list both the Preferred and Common stock on
the New York Stock Exchange.
Data from Letter of Pres. Isaac Gimbel New York, Aug. 1.
History. &c.-To be presently incorporated. The Gimbel business was
founded 80 years ago by Adam Gimbel. It started as a small dry goods
store in Vincennes, Ind., in 1842. This business grew until in 1887 there
was opened in Milwaukee, Wis., the first large store. The business in Milwaukee developed rapidly and this soon became one of the large stores of
the Middle West. In 1894 established the Philadelphia store. This store
likewise grew from the date of its inception and soon became one of the
fgreat stores of Philadelphia.
In 1910 entered New York,and opened a large store at the outset. Business in New York has also grown from the beginning, and recently company
made arrangements to lease the adjacent property, which is now occupied
by Saks & Co.,so that on getting possession of that property in May, 1924,
company will have a Broadway frontage of two whole blocks.
Management.-The Gimbel business has been managed for three generations by one family and will continue to be so. Gimbel Brothers have established a well-equipped foreign organization, with resident management in
Paris and London, and with buying forces in China, Japan and the Philippines. The board of directors of the new company will be composed entirely of members of the Gimbel family, in addition to two members of the
firms offering the stock.
Store Facilities.-At the present time the New York store has 27 acres of
floor space, Philadelphia store 24 acres, and Milwaukee store 17 acres, and
each store is located in the heart of the shopping district, with the best
possible locations for a department store business.
Net Sales and Profits, Years Ended Jan. 31.
1921-22.
1920-21.
1919-20.
Net sales
$58,346,215 $66,070,497 $66,773,566
3,511,299
2,838,988
x Net profits
5,286,429
x Net profits before deducting income and profits taxes paid, but after
giving effect to taxes at 1922 rates.
The average annual net profits for the three years ending Jan. 31 1922,
before deducting income and profits taxes paid, but after giving effect to
taxes at 1922 rates, were $3,878,905, or more than 3 times the annual dividend requirements on the total issue of $15,000,000 of Preferred stock.
The' sales for the five months ended June 30 1922 amounted to $28,568,374, as compared with $27,013.349 for the similar period of the previous
year. Each of our stores is now showing consistent and satisfactory profits.
We expect our sales for this year will be upwards of $70,000,000, and confidently believe that with normal growth and the improvements and extensions we have in contemplation, they will constantly mount to still larger
figures.
Proposed Consolidated Balance Sheet as at Jan. 31 1922.
[Introducing assets and liabilities as at Jan. 311922of GimbelBrothers.
Inc. (Pa.), at Philadelphia and Milwaukee; Gimbel Brothers, N. Y.. Inc.;
9th Ward Realty Co. (Pa.), and Broadway & 33d St. Realty Co., N. Y.1
Assets.
Cash,incl. U. S. Treas. ctfs__ $3,040,616 Accounts payable
$4,967,267
Marketable securities
10
9 Notes payable In connection
7
4;6
84
Merchandise (cost or market) 10,371
with real estate purchase._ 1,000,000
Sundry supplies
and
Trade debtors, net after res
202,969
6,2
ilcears
ted
'
'interests-net
142
21:0
83
16
0 Ofrfe
Sundry debtors
9411 Reserve for taxes and contin4
175
67
Land, bldgs. dr limns., at cost
1,120,451
gencies
less depreciation
Preferred stock 7% cum's, 15,000,000
x6.
Leaseholds, appraised values
tive (par $100)
amortized..
415,00( Common stock (500,000 abs.,
Real estate leased to others.... y872,283
no par value) and surplus__ 7,048,009
Furniture, fixtures, &c., less
depreciation..
1,436,956
Prepaid expenses
165,552
Goodwill
$29,338,696
side)
x Taken at cost less depreciation 1(butTaoptaplra(eiaeehd tdeh
higher values), $17,855.691. less mortgage indebtedness of $11,679,750. y Appraised value.
$1,228,283, less mortgage indebtedness of $356,000.

766

1Vor4. 115.

THE CHRONTGLE

Listing.-The New York Curb Exchange has admitted to trading new
common stock, no par value, w. L. and new cumulative preferred stock, par
value $100 w. I. The Chicago Stock Exchange has also admitted the
stock "when issued."

Stock for Faithful Employees.-

ion
A statement issued Aug. 9 stated: When informed of the oversubscriptMr.
gratification.
of the issue of stock, President Is.aac Gimbel expressed
the new stock was to
Gimbel said that one of the prime reasons in issuing
establishment to
enable the elder executives, buyers and employees ofathe
large block Of stock
become shareholders in the company. He said thatpurpose
of taking care
had been set aside prior to the public issue for the its
upbuilding.
helped in
of the members of the organization who had
Mr. Gimbel
When questioned as to the details of his profit-sharing plan,
divided between
said that the block of stock would be at least $1.000,000, had
yet been
not
of
distribution
method
the
preferred and common, but that
determined but probably would be announced within a few days' time.V. 115, p. 651.

Gloucester Electric Co.-Stock Petition.-

Public
The company has applied to the Massachusetts Department of
stock from $366,500
Utilities for authority to increase its authorized Capital
stockto
be
to
are
offered
shares
additional
916
The
$100.
par
to $458.100.
of
holders pro rata at $110 per share, the proceeds to be used for payment
additions to plant and property.

Goodyear Tire & Rubber Co.-Suit Filed Attacking
Legality of Financing Plan-Full Court Review Acceptable
to Management.-Four suits attacking from different angles
the legality of the refinancing of the company, which
became effective May 1 1921, were filed in Common Pleas
Court at Akron, Ohio, Aug. 9.
The suits were brought by Laura Weiss of' Cleveland, a stockholder, on
behalf of herself and other stockholders.,
The first suit asks for the canceling and annulling of 10,000 shares of
management stock issued at the time of the refinancing to John Sherwin,
Chairman of Union Trust Co : Clarence Dillon of Dillon, Read & Co.,
New York, and Owen Young, of General Electric Co., New York.
Under the terms of the contract, the petition asserts, the above mentioned holders of management stock are entitled to select the majority
of the board of directors so long as any of the corporation's 1st Mtge. 20-Year
bonds or 10-Year Debenture bonds shall be outstanding.
In the second suit.filed against the Leonard Kennedy Sr Co., New York,
and directors of the company, the court is asked to annul the contract
with Leonard Kennedy & Co. by which It was to provide a President
and a Treasurer and such other operating supervision as it should deem
that the Goodyear company and subsidiaries required. Those officials
were to serve during the pleasure of the board.
For service rendered Leonard Kennedy & Co. were to receive from
the Goodyear company $250,000 a year and, should the Goodyear net
profits exceed $10,000,000 per annum, Leonard Kennedy & Co. were to
got 5% of such excess up to $20,000.000, but no more.
The third suits asks for the canceling and annulling of 275,000 shares
of Common stock issued to the investment syndicate in connection with
the flotation of $27,500.000 8% debenture bonds for which the Goodyear
corporation received no consideration, it is alleged.
In the fourth suit the court is asked to enjoin the present plan for redeeming the $30,000,000 1st Mtge 8% bonds at $120 for each $100 bond,
the petition alleging that in so doing the company is paying in excess
of the 8% rate of interest.

The following announcement was issued by the company:

"The action Just instituted by Weiss against the company and others
is a stockholders' proceeding to test the legality of the Goodyear reorganization which was consummated over a year ago.
Last month the plaintiff served upon the directors a notice attacking
practically all features of the Goodyear reorganization and demanding
that legal action be Instituted accordingly.
On Friday last the board of directors formally declined to take the
action demanded and the present suit follows as a natural sequence.
This plan to secure a full and complete court review of all proceedings
had in connection with the reorganization is entirely acceptable to the
management, and the action will be adequately defended by the company
and no doubt tried in duo course.-V. 114, p. 1402. 1412.

Granby Consol. Mining, Smelting & Power Co.Copper Output (In Pounds) In 1922.
April.
March.
May.
February.
January.
1,922,462
2,675,912
955,038
2,522,000
1,974.162
-V. 115, p. 442, p. 79.

June.
2,450,477

Great Lakes Transportation Co., Ltd.-Bonds Offered.
-Newman, Sweeney & Co., Ltd., and McLeod, Young,
Weir & Co., Ltd., Montreal, are offering at par and int.
$1,000,000 7% 10-Year Serial 1st Mtge. bonds.

largely given over to the manufacture of munitions and the readjustment
period found its regular business in a disorganized state. To remedy this,
on Aug. 1 1920 the company entered into a 15-year contract with the
American Bosch Magneto Corp., whereby the latter company became the
sales agent for substantially its entire product on a commission basis.
Mainplant at Cambridge, Mass., has a floor area of 120,645 sq. ft.. also
owns a small pint at t me buy Mass.
Earnings.-During the first 18 months the present management has
been in control, there was a severe business depression and in 1921 the
company incurred a loss. In spite of the adverse conditions, however,
great improvements were made, costs reduced and sales Increased and for
the 6 months ended June 30 1922 net earnings, before depreciation, Federal
taxes and interest charges, amounted to $208,562, or at the annual rate of
5% times the annual interest requirements of $70,000 on this issue.
For the first 6 months of the present year gross sales amounted to $1,The plant is of sufficient
801,489, or at the annual rate of over $3..500,000.unfilled
orders now on the
capacity to double this amount of business and
books amount to over $3.000,000.
together with
bonds,
of
issue
this
Purpose.-Proceeds from the sale of
$750,000 8% Preferred stock and 20.000 shares of Common stock, will be
applied toward the reduction of the floating debt and will provide working
capital for present and future operations.
Capitalization Outstanding Upon Completion of This Financing.
First Mtge. 7% Cony, bonds, due Aug. 1 1932 (auth. $1,500,000)$1,000,000
750.000
Preferred stock 8% Cumulative
134,182 shs.
Common stock (no par value)
Financing).
Balance Sheet as of June 30 1922 (After This
Liabiliti,sAssets$750,000
$284,164 8% Preferred stock
Cash
Notes &:wets rec., less res 189.772 Corn stock-134,182 shs.
1,556.497
1,542.862 (no par value)
Inventories
1,000.000
80,000 1st Mtge. 7s
Investments
570,000
75.255 Notes payable
Miscel notes & accts rec_
193.612
Accounts payable
Land. bidgs , mach., &e.,
29,217
1,461.551 Accrued accounts
less depreciation
300.8.10
Good-will & patents
$4,099,326
164,882 Total (each side)
Deferred charges
Note.-As of June 30 1922 the company was contingently liable as
endorser on customers' notes receivable discounted in the sum of $26;261
and as endorser on a note of the Unit Railway Car Co. in the amount of
$25,000. Compare V. 115, p. 651.

HAbirshew Electric Cable Co.-Deposits.--

Thomas C. Perkins, Chairman of the stockholders' protective committee,
states that the committee holds proxies from more than 75% of the outstanding stock.-V. 115, p. 550.

Hendee Mfg. Co.-Large Order Closed-Officers.-

The company has closed an order for 1,200 motorcycles for shipment to
Australia. This is one of the largest foreign orders received in some time.
The company has no bonds or funded indebtedness.
Effective Aug. 1 the company announces a new schedule of prices for the
ensuing selling year, as follows: The Indian Scout at $250. a reduction of
$310.
$60; the Indian Chief at $325, a reduction of $90: the Standard
Colonel Lindley D. Hubbell, Vice-President in charge of factory operawho has
tion, has resigned on account of ill-health and Frank J. Weschler, accountbeen Treasurer and Vice-President in charge of sales, finance andManager.
General
as
factory
the
of
in
full
charge
placed
been
ing, has
John D. Stevens. Assistant Treasurer, has been elected Treasurer, to succeed Mr. Weschler.-V. 115. p. 314.

Car Co.-Earnings-Balance Sheet.-

Hudson Motor
provision for
Net income for the 7 months ending June 30 1922, after one month's
only
Federal taxes, amounted to S3,041,744. This includescompany
was not
earnings of the Essex Motors Co., as the stock of that
114, p. 1896)•
acquired by *he Hudson Motors until the close of May (V.
of
equivalent
the
or
$1.264.071,
totaled
June earnings of both companies
more than $1 a share on the 1,200.000 shares outstanding.
30
1922.
June
Sheet
Balance
Consolidated
Assets.
$2,501,000
stock
Land, buildings, mach'y, &c 88.803,036 Capital
4,060.315
4,050.195 Accounts payable
Cash
1,050.763
&e
accounts,
Accrued
1,963.882
Sight drafts
445,000
576,494 rst. Fed. taxes pay. dur. 1923
Acc'ts rec'le (net of reserves)_ 4,970,13R
12,511,884
Surplus_
Inventories
50.510
Investments
520,568,962
Total (each side)
154,657
Deferred charges
-V. 115.1). 188.
Motor Car Corp.-Prices Cut.-

Hupp
to $200 a
The company has made price reductions ranging from $100
car.-V. 115. P. 189.
Hurlev Machine Co.-Earnings.-

after all deductions,
Net profits for the 6 months ended June 30 last, an
increase of 25%
were $268.810. Sales amounted to $2,173,530, or
over 1921.-V. 114, p. 2585.

Dated July 1 1922. Maturing $100,000 annually July 1 1923 to July
Indiana General Service Co.-Application.1 1932, incl. Interest payable at B tnk of Hamilton. Montreal, Toronto
for authority
$500