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t H
I N' TCCLLUU DD II N
NG
G
1y
B a n k & Q u o t a t io n S e ctio n
R a ilw a y & In d u s tr ia l S e c tio n
E le c t r ic R a ilw a y S e c tio n
R a ilw a y E a r n in g s S e ctio n
B a n k e r s ’ C o n v e n t io n S e c tio n
S ta te a n d C it y S e c tio n
V O L . 115.
SA TU R D A Y , AUGUST
19, 1922
N O . 2982
m itt e e o f in q u ir y , o f m e n “ o f c o m m a n d in g p u b lic r e p
% \ it © f t r m i d d j e
u t a t io n f o r c h a r a c t e r a n d a b i li t y ,” a n d a ls o a p p r o v e d
P U B L IS H E D W E E K L Y
T erm s
of
by
S u b s c r ip tio n — P a y a b le
in
th e P r e s id e n t.
T h is
c o m m itte e
s h a ll
be
ch arged
A dvance
w ith p r o m p t ly d e v e lo p in g “ a ll th e p e r tin e n t f a c t s in
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th e
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th e m i n e w o r k e r s ,”
th e
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q u ir y to in c lu d e e v e r y m a t e r ia l p h a s e a n d to b e a id e d
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of any
v a c a n c ie s , h e s h a ll
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th o s e , th e n u m b e r in th e c o m m itte e , h o w e v e r , n o t b e
in g s t a t e d in th is p r e s e n t a g r e e m e n t .
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W IL L IA M
B. D AN A
C O M P A N Y , P u b lis h e r s ,
F r o n t , P in e a n d D ep ey ste r S tre e ts , N ew Y o r k .
th e
p u b lic , th e o p e r a to r s , a n d
is
to
be
borne
e q u a lly
by
T h e c o st o f th e
th e
p a r tic ip a tin g
o p e r a to r s a n d th e U n ite d M in e W o r k e r s o f A m e r ic a .
A f t e r “ d e v e lo p in g ”
th e f a c t s , th is c o m m itte e s h a ll
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CLEARING HOUSE RETURNS.
R e tu rn s
of
B ank
C le a r in g s
h e r e to fo r e
“ T h e w a g e r a t e in a n y
g iv e n
on
t h is p a g e n o w a p p e a r in a s u b s e q u e n t p a r t o f th is p a
p er.
T h e y w ill b e fo u n d t o -d a y o n p a g e s 8 4 1 a n d 8 4 2 .
s o n a b le
be
p r o p e r ly
d is t r ic t s h a ll a s f a r a s r e a
c o m p e titiv e
w ith in
th e
m in in g
in d u s t r y a n d s h a ll a t th e s a m e tim e b e f u lly c o m p e n
sa to ry
o n ly
to
th e
m in e r s ,
b e in g
s u ffic ie n t
a liv in g w a g e , b u t a ls o
to
a llo w
to
a ffo r d
not
r e a s o n a b le
op
p o r tu n ity fo r a c c u m u la tin g s a v in g s ;
“ T h e en couragem en t
THE FINANCIAL SITUATION.
tio n
T h e s o f t c o a l s t r ik e h a s e n d e d o n c e h io r e a n d m a n y
of
th e
b itu m in o u s
m in e s
o ffic ia lly
“ reop en ed”
on
W e d n e s d a y ; th e p a r le y w h ic h w a s e x p e c te d to r e a c h
a n a g r e e m e n t b e tw e e n a n th r a c ite o p e r a to r s a n d m in
ers
h a s n o t p r o g r e sse d a lto g e th e r s m o o th ly
b e c o n tin u e d
and
w ill
and
to w a rd s
m ent
fo r
c o n tra ctu a l
of proper
prom pt
p o in ts
of
a
proper
s p ir it
o b lig a tio n s
m a c h in e r y , b o th
d e te r m in a tio n
o f d is p u te in
to
and
a b ility
to
m e n t o f a b o u t 1 0 m illio n
th ere b y
p u ttin g
th a t
fic ie n t
m ent
up
to
or even
sp eed
to
reached
a
is
im m e d ia te ly
th e
r a ilr o a d s
la r g e r
th e
o f w ork
ru n
s h ip
th e
p r o b le m
o u tp u t w ith
situ a tio n .
s u b s ta n tia lly
fo r c e , th a t s c a le to
b e g in
to n s o f b itu m in o u s w e e k ly ,
little
m o llify
a g o , a r e s u m p tio n
as
on
The
in d ic a te d
-w e e k
th e w a g e s c a le l a s t in
u n til th e en d
of M arch
m in e s ,
S ta te
1923.
in
b u t a ls o
th e
on
The
th u s
g a te s fr o m
tia l
to
b itu m in o u s
of
on
a p p o in t
o p e ra to rs
O cto b e r 2
a
op era
S t a t e s to s e n d r e p r e s e n t a t iv e d e le
c o a l-p r o d u c in g d is t r ic t s o r fr o m
grou ps
C le v e la n d
is
th e
to
a
n e x t.
c o m m itte e
jo in t
su b sta n
c o n fe r e n c e
in
T h a t jo in t c o n fe r e n c e
e q u a lly
d iv id e d
tw o
a
fe w
w eek s,
m e th o d ”
fo r
is
to
has
m ore
v e s tig a tin g c o m m itte e .
of
any
o r d is tr ic t
con
th e p a r t o f m in e
o p e r a tio n
of
th e
in d iv id u a l m in e r s
in
w o r k .”
m ade
th is
agreem en t
c o n fe r e n c e s
and
an
in
T h e f ir s t o f th e se , t o m e e t in
fo r m
r e a c h in g
a
a
c o m m itte e
w age
s c a le
to
to
be
d e v is e
u sed
“ a
a fte r
th e tr u c e e n d s w ith n e x t M a r c h a n d is to c o n s tr u c t a
je c t.
in v ite s ”
part of
w h ic h
fo r
“ and
c o n fe r e n c e
m e c h a n ic a l
th e
c o n fe r e n c e
p r o v id e s
c o m m it t e e t o lo o k
to rs o f th e U n ite d
n a tio n a l,
s tr ik q o r lo c k o u t ;
th e p e r fo r m a n c e o f th e ir d a ily
of
su f
agree
a
m anagem ent
T h e n e x t p o in t is th a t th e p a r tic ip a n ts a g r e e to se n d
th is
e s ta b lis h
s e ttle m e n t
e ffic ie n c y o f o p e r a tio n , n o t o n ly o n
m o v in g
th e
lo c a l a n d
and
a n y lo c a l,
tr a c t w ith o u t r e s o r tin g
to -d a y .
m eans
o b lig a
“ T h e d e te r m in a tio n o f a p r o p e r p o lic y to e n c o u r a g e
T h is a c tio n , s a y s th e h e a d o f th e N a tio n a l C o a l A s
so c ia tio n ,
of
r e s p o n s ib ility o n th e p a r t o f a ll th e p a r tie s
H ere
is
in to a n d
c e r ta in ly
r in g p ro p o se d , a n d
broad
a
“ d e v e lo p ”
lib e r a l
a c c o r d in g
c o n s tr u c tiv e
p r e m is e
s u b s ta n tia l h o p e fo r a
to
M r.
w h ic h
m a te r ia l
th e w h o le s u b
am ount
of
c o n fe r
L e w is , it
c a r r ie s
is
w ith
im p r o v e m e n t in
“a
it
th e
m e th o d s o f c o lle c tiv e b a r g a in in g in th e in d u s tr y a n d
b e tw e e n
g iv e s a s s u r a n c e th a t c o n s tr u c tiv e r e fo r m s w ill b e in
r e p r e s e n t a t iv e o p e r a t o r s a n d m in e r s , w h ic h s h a ll f o r
s titu te d , e lim in a tin g so m e o f th e o r g a n ic a ilm e n ts o f
m u la te fo r th e b itu m in o u s c o a l in d u s tr y a m e th o d to
th e b itu m in o u s c o a l in d u s t r y ; su c h
b e fo llo w e d
o n ly o p e r a te a s a p r e v e n tiv e o f fu tu r e c o n flic ts o f th e
fe c tiv e
p o rte d
n e x t.
in
A p r il
n e g o tia tin g w a g e s c a le s
1
n e x t,
and
su ch
to
m e th o d
to a j o i n t c o n fe r e n c e t o b e h e ld
b eco m e e f
s h a ll
be
re
on J a n u a ry 2
T h e O c to b e r c o n fe r e n c e s h a ll a ls o s e le c t a c o m
m a g n itu d e
o f th is
r e fo r m s w ill n o t
o n e , b u t w ill se rv e
to
p ro te c t
th e
p u b lic in t e r e s t a n d r e s to r e m u t u a l c o n fid e n c e a n d r e
sp e c t b e tw e e n
th e c o a l o p e r a to r s a n d
th e m in e w o r k
[ V o l . 115.
e r s .”
H e
d o u b tle s s
sees
“ o r g a n ic
a ilm e n ts ’’
in
th e
i m p r o v e m e n t ,”
never
be
e n te r ta in
s in c e
hope
abandoned,
but
“ h o p e fo r
is
a
th a t
g ift
a
m a te r ia l
w h ic h
th e re
is
s h o u ld
any
“ assu r
a n c e ” w h ic h c a n b e tr u s t e d in a ll th is in v o lv e s d o u b ts .
T h e a g r e e m e n t is s m o o t h ly w r it t e n a n d is a c le v e r b it
o f c o m p o s itio n , b u t it is f u ll o f g e n e r a litie s .
th in g
it se e m s
tiv e s
of
to rs,
e n c o u r a g in g : it
d is tr ic ts
th u s,
t a in a b le
at
or
of
le a s t,
lo o k in g
fo r
fu lly
A n d
“ a fin a l a n d
co m p e n sa to ry
u n a t
arrange
a tru ce te rm
of
o b s e r v e th e p o in ts s u g
prop er
w ith in
to
one
d e te r m in a tio n
o f th e
th e
(h e r e
s h a ll b e
in d u s tr y
and
a ls o
th e m in e r s , in c lu d in g a liv in g
o p p o r tu n ity
fo r
a c c u m u la tio n .
W h a t
is a
p r o p e r ly c o m p e t it iv e s c a le , a n d w h a t is a w a g e “ f u lly
c o m p e n s a t o r y ,”
room
fo r
c o v e r in g
a
a c c u m u la tin g ;
a n d w h o s h a ll d e c id e i t ?
w h ic h
m ay
w e ll
been
be
so
as
fo r
of
liv in g
and
upon
th is ,
agree
th e p a r t o f a la b o r
in s is tin g
n o t p e r m it
to
th e p r o v is io n s
regard
been
d o u b te d , a n d
in se r te d
w ith
s c a le o n
has
a g r e e m e n ts a n d w o u ld
s h a ll
T h e g e n u in e n e s s o f th e d e
s ir e fo r a “ c o m p e titiv e ”
o r g a n iz a tio n
sta n d a rd
w ho
n a tio n a l
S ta te a g re e m e n ts,
th e p h ra se
su ggest
on
has
s e e m in g
d o u b tle s s
c o m p lia n c e
o f th e a n ti-tr u s t la w .
c o n tra c tu a l
o b lig a tio n s ,
A
proper
e s ta b lis h in g
or
lo c k o u t,
c h a n ic a l
and
p r o p r ia te ,
and
en couragem en t
in d iv id u a l
yet
th e
of
e ffic ie n c y — a ll
peace
b o th
th is
agreem en t
m e
is
has
ap
tu c k e d
in
it
c o n s id e r a b le
m a te r ia l
p o te n tia lly
15
C o m m is s io n
paym ent
of
d e c id e d
5 0 ,0 0 0 ,0 0 0
P r e m ie r s a t th e ir m e e tin g in
to
g o ld
L o n d o n .”
T h e a c tio n w a s s a id to h a v e b ee n u n a n im o u s .
It w as
a d d e d th a t “ th is a c tio n w a s ta k e n b y th e C o m m is s io n
in v ie w
c is io n
w as
o f th e fa c t th a t G e r m a n y w a s p r o m is e d
r e g a r d in g a fo r m a l m o r a to r iu m
a p p a r e n tly
London
th a t
p o in ts
in
th e
a
c o m p le te .
ress
a
w eek
P r e m ie r s
r e p a r a tio n s
w as
m ade
fo r
th e
t o -n ig h t
w h ic h
P r e m ie r s .”
e x p e rts
on
th e
it
had
m a in
w as
not
2 6 %
R e p a r a tio n s
be
a
th e
te n ta tiv e ly b y th e
“ H e r a ld ”
c u sto m s
le v y
C o m m is s io n
b e lie v e
to
corresp on d en t
th e s a m e m o r n in g t h a t “ a s u b
e x p o rts
le v y
to
d ir e c t
B r itis h
m o r e e ffe c tiv e th a n
su m m on ed
to p a s s a n o p in
m o d ific a tio n s o f th e B r it
Y ork
h a d c a b le d
a
to
h a d b ee n a g re e d to
a g re e m e n t fo r
of
F rench
m o r n in g
a lth o u g h
[la s t S a tu rd a y ]
The N ew
in L o n d o n
c a tio n
th is
agreed
p la n ,
io n o n th e e ffe c t o f c e r ta in
s ta n tia l
ago
had
S t ill, it w a s c la im e d th a t “ s u ffic ie n t p r o g
m e e t a g a in
is h p la n
a de
to -d a y , w h ic h
i m p o s s ib le .”
d is p a tc h e s
sta te d
th e
and
w ere
a llo
of
th e
reach ed .
s u g g e s tio n
t h e i r o w n .”
th e
c o ffe r s
on
The
th is
H e sta te d
p o in t
a ls o
th a t
“ th e F r e n c h h a v e p r a c t ic a lly a b a n d o n e d , fo r th e p u r
p o s e o f th e c o n fe r e n c e , th e ir p la n
fo r a c u sto m s b a r
r ie r a r o u n d th e R u h r V a lle y a n d b e y o n d th e o c c u p ie d
r e g io n .
T h e y h a v e c o m e to
b a r r ie r s
c o u ld
not
be
th e c o n c lu s io n
e n fo r c e d
w ith o u t
th a t such
th e
h e lp
of
th e o th e r A lli e s , a n d th e r e is n o h o p e o f in d u c in g th e
o t h e r s to a g r e e .”
_
T h e v e r y n e x t d a y t h e c a b le a d v ic e s f r o m
th e B r it
is h c a p i t a l i n d i c a t e d t h a t t h e o u t l o o k f o r r e a c h i n g a n
a g re e m e n t w a s n o t a s b r ig h t a s h a d b een re p re se n te d .
The
corresp on d en t
th a t
aw ay
A u g.
b y th e A llie d
p r o p e r m a c h in e r y to d is p o s e o f a n y d is p u te s w ith o u t
s tr ik e
th e
m a r k s b y G e r m a n y u n t il a d e c is io n h a s b e e n r e a c h e d
op era
th a t
a g e n e r a l s u g g e s tio n )
c o m p e titiv e
w age and
to w a rd s
of
T h e w a g e s c a le “ in a n y d is t r ic t ”
is a lo c a l r a th e r th a n
p r o p e r ly
grou ps
Y e t it s ta r ts w ith
le s s th a n e ig h t m o n th s .
g este d
In
re p re se n ta
c e n t r a l o r c o u n tr y -w id e
m e n t o f in d u s tr y .
c o n t r o v e r s y .”
prop oses
su b s ta n tia l
not
t r o u b le , a
d a y , “ th e R e p a r a tio n s
p o stp o n e
a n th r a c it e in d u s t r y a s w e ll.
O f cou rse, w e m a y
sam e
“ th e
French
of
th e A s s o c ia te d
d e le g a t io n
to
P ress
th e
a sse rte d
c o n fe re n c e
on
ex
G erm an
p lo s iv e .
a ffa ir s w a s a m a ze d
B r itis h
to le a r n
G overn m en t p rop oses
and
to -d a y
in sists
th a t th e
a
re
p a y m e n ts
upon
to
A f t e r a w a r lik e a ttitu d e o f se v e ra l m o n th s , in v o lv
d u c tio n
in g
d is tu r b a n c e
of
b u s in e s s
c a lc u la tio n s
and
a ll
m u rd erou s
a s s a u lt s
th ro u g h
th e
p u b lic ,
th e
G erm an
r e p a r a tio n s
m uch
about
u n e a s in e s s
of
to g e th e r
o n e -t h ir d
th e
a m o u n ts
fix e d
by
th e
London
w ith
s c h e d u le o f p a y m e n t s o f M a y 1 9 2 1 — t h a t is , to c a n c e l
of
w h ic h
th e
p r im itiv e
I n d ia n
a lt o g e t h e r th e a n n u a l c a s h p a y m e n t s o f 2 ,0 0 0 ,0 0 0 ,0 0 0
m ig h t
be
ash am ed,
b e tte r th a n
w e
have
w hat
cannot
o n e m o r e tr u c e b y w h ic h
be
c a lle d
r e a l s e ttle m e n t
g o ld
m a r k s a n d to le a v e o n ly th e 2 6 %
G erm an
is
a g a in
fo o lis h
p o stp o n e d .
to
assu m e
Y et
th a t
it
th is
w o u ld
be
c o u n try
ig n o b le
is
e x p o r t s .”
real
s e ttle m e n t.
have “ fa t” and
and
th o se
A s
“ le a n ”
r e q u ir e
in
th e
case
of
in c a p a b le
r a ilr o a d s ,
n a tu r a l d e p o s its to
of
h e s a id
a g a in
c o r r e s p o n d in g
sh ow s
d e a l w ith ,
tr e a tm e n t,
th e in e x p e d ie n c y
and
fo r m e d p a r t o f th e te n th
a
fa c t
m an
at
c o u n t r y -w id e
fu t ilit y
u n ifo r m ity — w h ic h
“ S u b je c t
G overn m ent
th e R e p a r a tio n s
assessm en t on
fo llo w in g ,
w h ic h
to
p o in t o f th e B r it is h
a cc e p ta n c e
o f th ese g u a ra n te e s,
by
th e
G er
C o m m is s io n
r e s p e c t to a ll c a sh
it w ill b e
fo r
to
g r a n t a m o r a to r iu m
p a y m e n ts
r e m a in in g d u e fr o m
of
G erm an y
a tte m p ts
th e
w e
in
w h ic h
q u o te d
and
m em oran du m :
a
H e
up
to
th e 3 1 s t
of D ecem ber
1922
an d , fu r
any
th e r , th e C o m m is s io n s h a ll a s so o n a s p o s s ib le f i x th e
w a y a r e in
d ir e c t c o n tr a v e n tio n
to th e p r o v is io n s
of
annual
th e
a n ti-tr u s t
la w .
The
coal
in d u s tr y ,
in
b o th
tre a ty
great
d iv is io n s ,
has
lo n g
su ffe r e d
fro m
b e in g
p a y m e n ts
in
cash
in
ch arges
fo r
th e
s u c c e e d in g
s o m e p la c e s a n d
tim e s , fr o m
to
p e r io d
a ll
peace
a t su ch
of
th e v a lu e
of G erm an
ir r e g u la r ity
e x p o r ts , a s th e y m a y fin d to b e p r o p e r w ith a v ie w
of w ork
and
e m p lo y m e n t,
fro m
a
la c k
m eans
of
m o v in g
and
d is tr ib u tin g ;
it
has
not
flo ta tio n
o f a lo a n
and
s m o o th ly -m o v in g
by
w h ic h
c h a r a c te r iz e
th e
best
of
our
o f w h ic h
served
s h o u ld
th a t
th e F r e n c h
im p r o v e
upon
a ll
th is ,
and
w e
A
r e a lly
“ c o n s e q u e n tly
a n d B r itis h
th e
n e g o tia tio n s
a r e a t a s t a n d s t ill.”
t h a t “ th e m e m b e r s o f th e F r e n c h
u n b ia s e d
in q u ir y in to
H e add
d e le g a t io n
w ere
com pe
g r e a tly su r p r is e d th a t M r . L lo y d
te n t an d
b e tw e e n
s h o u ld
ed
n e v e r a d m it a d o u b t t h a t w e s h a ll.
s h a ll b e d e v o te d to
T h e corresp on d en t ob
m e c h a n ic a l
p r o d u c tio n .
W e
G overn
m e th
th e p a y m e n t o f r e p a r a t i o n s .”
ods
th e G e r m a n
yet
m e n t, th e m a jo r p o r tio n
o f th e o r g a n iz e d
to
o f su ffic ie n t
th e e a r ly
enough
an
over
a m o u n t, n o t e x c e e d in g 2 6 %
m a n n e d in
resp ect
its
G e o r g e s h o u ld se n d
th e s u b je c t o u g h t a t
w o r d to M . P o in c a r e th a t h e w a s le a v in g L o n d o n o v e r
le a s t t o m a k e a .b e g in n in g .
S u n d a y , th u s c a u s in g
A nnouncem ent
e v e n in g
th a t
th e
en ce fo r a w eek
w as
m ade
P r e m ie r s
on
in
th a t
th e G e rm a n
London
had
on
been
in
M onday
c o n fe r
r e p a r a t io n s q u e s tio n
h a d a d jo u r n e d w ith o u t h a v in g r e a c h e d a n a g r e e m e n t.
It
w as
a sse rte d ,
h ow ever,
th a t
“ th e re
r u p t u r e in th e A n g lo -F r e n c h E n t e n t e .”
had
In
been
no
P a r is , th e
th e lo s s o f o n e d a y , w h e n
o n ly
tw o r e m a in b e fo r e th e e x p ir a t io n o f th e d a te o n w h ic h
th e
next
G erm an
m o r a to r iu m
The
c ia l
A llie d
now
due
under
th e p a r tia l
o p e r a t io n .”
P r e m ie r s
r e s id e n c e , 1 0
a t 1 1 o ’c lo c k .
p a y m e n t is
in
m et
D o w n in g
at
L lo y d
G e o r g e ’s
S tre e t, M o n d a y
o ffi
m o r n in g
I t w a s e x p e c te d t h a t a p le n a r y s e s s io n
o f th e c o n fe r e n c e w o u ld
w as
h e ld
sta te d ,
at
5
w ith o u t
an
w ith o u t m a k in g
in g .”
S ig n o r
b e h e ld la t e r in
o ’c lo c k ,
but
agreem en t
any
b e in g
of
Ita ly
They
It
P r e m ie r
a lr e a d y
h is r e t u r n
“ and
a n o th e r
m eet
prep ared
p r o p o s a ls , w h ic h , i t w a s h o p e d , w o u ld
sis fo r a s e ttle m e n t.
as
reach ed ,
a rra n g e m e n t fo r
Schanzer
th e d a y .
a d jo u r n e d ,
t h e 'f i n a l
w ere as fo llo w s :
m is s io n ;
read y
and
to
dem anded
agree
by
th e
th a t
on
to m a k e n o c la im
a l
G u a ra n te e s
G reat
be
B r ita in
o f in te r e s t o r o f c a p ita l
to
h is
sum m er
w hat
great
o v a tio n
in
P a r is
h e ld
hom e
a c tio n
th e
of
next
day
P r e s id e n t
s h o u ld
a t th a t tim e
g r a n tin g a m o r a to r iu m
upon
e v e n i n g a t G .3 5 o ’ c l o c k .
C a b in e t w a s
th e
c o n s id e r
e x p e cte d
be
G o v e r n m e n t s h o u ld
im m e d ia te ly , a n d , th ir d , th a t
u n d e rta k e
ran d ,
“ F ir s t,
g u a ra n te e s
C o m m itte e
a cc cep ted b y th e G e rm a n
a p p lie d
th e
of
a
T u esd ay
be
at
M ille -
ta k e n
lo w in g th e fa ilu r e o f th e L o n d o n c o n fe r e n c e .
to b e d e c id e d b y th e R e p a r a t io n s C o m
seco n d ,
m e e tin g
r e c e iv e d
P a r is
R a m b o u ille t,
serve a s a b a
to le a v e th e q u e s tio n w h e th e r o r n o t th e r e s h o u ld
a m o r a to r iu m
A
P o in c a r e
to
fo l
It w as
t h a t “ th e q u e s tio n
of
to G e r m a n y w o u ld b e s h ifte d
to th e s h o u ld e r s o f th e R e p a r a tio n s C o m m is s io n . T h e
u n d e r s t a n d i n g w a s t h a t a m e e t i n g o f t h a t b o d y w m u ld
b e h e ld
d u r in g
th e w eek .
The
F rench
d e le g a tio n
is
s u e d a lo n g s t a t e m e n t in w h ic h it s m e m b e r s d e fe n d e d
th e ir p o lic y
and
and
th e G e r m a n s fo r fin a n c ia l c o n d itio n s
b la m e d
p rocedu re
at
th e L o n d o n
g a th e r in g
in
u p o n A llie d
d e b to r s p e n d in g th e m e e tin g o f a c o n fe r
th e ir o w n c o u n t r y .” T h e A s s o c i a t e d P r e s s c o r r e s p o n d
ence
end
e n t in B e r lin
at
th e
of
a
y e a r .”
It
w as
e x p la in e d
th a t
c a b le d
th a t “ n e w s o f th e b r e a k d o w n
“ th e se p r o p o s a ls w e re s u b m itte d to th e c o n fe r e n c e b y
th e
L lo y d G e o r g e a n d w e r e s t r o n g ly s u p p o r te d b y a ll th e
th r o u g h p o litic a l a n d
A llie d
c e llo r
th a t
d e le g a te s
e x c e p t M . P o in c a r e ,
th e p o s itio n
r iu m
o f h is
c o u ld n o t b e g r a n t e d
g u a ra n te e s.
‘g a g e s ’
It
m eant
m o r n in g
w as
n e t, a n d
h is
th e
th a t
The
sam e day
th a t
c a b le
“ P r e m ie r
to
a d v ic e s
a sse rte d
T u esd ay
re tu rn s
c o n s u lt w ith
P r e m ie r L lo y d
m i s u n d e r s t a n d e a c h o t h e r .”
‘g a g e s ’ a n d
P o in c a r e
T h e ‘F ren ch
P r im e
“ th e
sta rts
M in is te r
w as
a n a c c o r d to
Y ork
rock
“ T im e s ”
upon
w h ic h
th e c o n fe r e n c e h a s th u s ig n o m in io u s ly
c o m e to g r ie f
w ith
w as
n o th in g
d e fin ite ly
c a r e ’s r e f u s a l
m o r a to r iu m
to
a c c o m p lis h e d
accept any
q u e s tio n
s o lu tio n
sh ort
of
M .
o f th e
new
P o in
G erm an
g u a ra n te e s
of
w h a t th e F r e n c h c a ll a p r o te c tiv e , a n d w h a t th e B r it
is h
and
m ost
ch a ra cte r.
o f th e
S p e a k in g
m i n o r i t y o f o n e .”
la tte r
w ill
o th e r
d e le g a t e s
c a ll a
b r o a d ly , M . P o in c a r e
h is in s tr u c tio n s
to
w a s in
The
P a r is
a ld ,” in
by
o u tlin in g
reason
sa id :
m o r a to r iu m
L o u is D u b o is ,
“ It
c e s s io n s
f o r G e r m a n y .”
r e p r e s e n ta tiv e
of
th e
of
th e
th e p o s itio n
fa ilu r e
of
P r im e
Y ork
London
a p p e a r s im p o s s ib le to
fro m
M in is te r
“ H er
P o in c a r e ,
c o n fe r e n c e ,
o b ta in
L lo y d
fu r th e r co n
G eorge,
and
h r a n e e m u s t fa c e th e a lte r n a tiv e o f o u s tin g h e r p r e s
en t
le a d e r s
or
a tte m p tin g
to
e n fo r c e
th e
T re a ty
of
V e r s a ille s w ith o u t th e s lig h te s t c h a n c e o f E n g la n d ’s
a id .
T h e la tte r
cannot
m e n t’s c o n s e n t, w h ic h
be o b ta in e d
th e P o in c a r e
r e a d y a r e s p lit tin g o n th is p o in t.
c a re c a n n o t w ith d r a w
F rench
R e p a r a tio n s C o m m is s io n
tic e .
w ith o u t P a r lia
is a d o u b tfu l q u a n tity
a s th e b u s in e s s e le m e n t a n d
to -d a y ,
fa c tio n
a l
M o re o v e r, M . P o in
m e m b e r s h ip
fr o m
th e
u n le s s h e g iv e s a y e a r ’s n o
R e a liz in g th is , th e F r e n c h
in te n d , a c c o r d in g to
r e p o r ts , to fo llo w a p o lic y w h ic h w ill le a v e G e r m a n y ’s
r e q u e s t fo r a m o r a to r iu m
m is s io n
r e fu s in g to v o te , th u s p r e v e n tin g a m a jo r ity
u n til
b a s is
f o u n d .”
of
c o m p r o m is e
The N ew
London
c a b le d
fu rth e r
m e e tin g
Y ork
“ H e r a ld ”
E n g la n d
w ill
be
c a lle d
m is s io n s
u n til
re tu rn
T h e re is, to o , s o m e h o p e a m o n g
ees th a t
th e A m e r ic a n
e le c tio n s
can
r e p r e s e n ta tiv e
t h a t “ th e p r e s e n t p r o g r a m
tio n s ’ d e b t fu n d in g
to n .
w ith
th e
fro m
a ll
be
in
is t h a t n o
several
na
W a s h in g
th e c o n fe r
th is N o v e m b e r
m ay
p r o d u c e a c h a n g e in th e a ttitu d e o f th e U n ite d S ta te s
to w a rd
A llie d
i n d e b t e d n e s s .”
w as
le ft
w ave
of
as
s a y in g
w e a re th ro u g h
u se it to
of
d e p r e s s io n
f i n a n c i a l c i r c l e s h e r e .”
q u o te d
th e n a tio n ’s b r e a d
a fte r
w e w ill
a
th a t
C han
“ w e
s u p p ly , a n d
p a y in g
fo r
m u st
if an y
fo r e ig n
m e e t o u r r e p a r a tio n s o b lig a
t io n s .”
The
a ld ”
P a r is
r e p r e s e n ta tiv e
c a b le d
W ed n esd ay
of
of
B e lg iu m
is
th e
N ew
m o r n in g
fo r m e d c ir c le s i t w a s a s s e r te d
w o r k in g
Y ork
th a t
“ in
s u b je c t o f d is c u s s io n
e ffe c t
upon
w ill
m a k e u n u su a l e ffo r ts
to
in
th a t P r e m ie r T h e u n y s
fo r
r e p a r a tio n s.
“H er
w e ll
a n o th e r
c o n fe r e n c e
B r u s s e ls in th e im m e d ia t e fu t u r e , a t w h ic h
be
A llie d
F rance
o b ta in
d e b ts
and
and
th e ir
B e lg iu m
A m e r ic a n
in
th e c h ie f
w ill
a s s is ta n c e
a t th is c o n fe r e n c e b y p le d g in g t h a t n o d e c is io n s s h a ll
b e ta k e n , b u t d e c la r in g t h a t it is n e c e s s a r y to
h e a r t -t o -h e a r t t a lk
th e E u r o p e a n
o n th e s o le
s u b je c t lik e ly
h o ld
a
to s o lv e
p r o b le m .”
A t
its
m e e tin g
“ u n a n im o u s ly
W edn esday
ap p roved
o f th e P r e m ie r a n d
sta n d
lie
to o k
th a t
at
th e
th e
th e
p o lic y
F rench
G erm an
c o n g r a tu la te d
London
C a b in e t
r e p a r a tio n s
h im
c o n fe re n c e
on
of
th e
A llie d
T h e A s s o c ia te d P r e s s c o rr e sp o n d e n t s a id
i t w a s d e c id e d t h e G o v e r n m e n t d id n o t n e e d to
c a ll
P a r lia m e n t,
as
th e
G overn m ent
had
m a k e d e c is i o n s in f u r t h e r p r o c e d u r e .”
pow er
to
It w as added
th a t “ th e e n tir e m o r n in g C a b in e t se s s io n w a s d e v o te d
to
P r e m ie r
P o in c a r e ’s
corresp on d en t
T h u rsd ay
h ren ch
of
th e
p r e s e n t a t io n .”
N ew
Y ork
The
m o r n in g t h a t “ th e d e c is io n
P a r lia m e n t
in
s p e c ia l
London
“ H e r a ld ”
c a b le d
n o t to c a ll th e
se s s io n
cau sed
great
r e lie f in L o n d o n .
T h e r e is n o d is p o s it io n to m in im iz e
th e
w h ic h
g r a v ity
w ith
se p a ra te
a g a in s t G e r m a n y , ir r e s p e c tiv e
R e p a r a tio n s
C o m m is s io n ,
a c tio n
by
France
o f th e d e c is io n
w o u ld
be
o f th e
regarded
h ere.
O n e o f f i c i a l, c o g n i z a n t o f th e G o v e r n m e n t ’s a t t i t u d e ,
to ld
th e
N ew
Y ork
‘H e r a ld ’
corresp on d en t
th a t
it
v o u ld b e r e g a r d e d p r a c t ic a lly a s a h o s tile a c t , d e fin
i t e !}
in su s p e n s e in d e fin ite ly b y
b o th B e lg ia n a n d F r e n c h r e p r e s e n ta tiv e s o n th e C o m
a
is
P r e m ie r s .”
N ew
o f P r e m ie r
th e
g o ld
g r a in
a
P r e s id e n t o f th e R e p a r a tio n s C o m m is s io n , to o p p o se
th e p r o p o se d
W ir tli
sen t
p u n itiv e ,
A c c o r d in g to a P a r is d is p a tc h , th e
“ ren ew
c o n fe re n c e
fir s t sa fe g u a rd
to
h is C a b i
G eorge
The N ew
th a t
m o ra to
th e e x p r e s s io n
q u o te d a s s a y in g th a t “ w e h a v e re a c h e d
eorrespon den t
e x p la in e d
th a t a
w ith o u t fr e sh
m o r n in g
h o lid a y .”
w as
u n d e rsto o d
‘l i e n s .’ ”
sta te d
P a r is W e d n e s d a y
on
co u n try
w ho
London
r u p t u r in g t h e E n t e n t e .”
The
R e p a r a tio n s
C o m m is s io n
w as
to
have
had
a
f o r m a l m e e t in g in P a r is o n T h u r s d a y , b u t, a c c o r d in g
to a d is p a tc h
o n ly
c e p ta b le to
r e g u la r
m ade
fro m
in fo r m a lly
in
B r ita in
m e e tin g
th e
D u b o is,
and
to
sam e
la s t [W e d n e s d a y ]
M .
th a t c ity , “ it s m e m b e r s d is c u s s e d
th e p r o b a b ility
y e ste rd a y .
d is p a tc h
F rench
The
p o stp o n e d
a s s e r tio n
“ P r e m ie r
r e p r e s e n ta tiv e
is u n d e r s to o d
to r e sig n
s h o u ld B e lg iu m
an
th a t
c o m p r o m is e a c
and
th e
w as
P o in c a r e
n ig h t h a d a lo n g c o n v e r s a tio n w ith
s io n , a n d
m o r a to r iu m
of a
F r a n c e ,”
q u e s t io n .”
on
th e
to h a v e in s tr u c te d
C o m m is
th e la tte r
v o te a g a in s t F r a n c e o n th e
It
w as
su g g e ste d
th a t
“on
e v e n ly d iv id e d v o te th e P r e s id e n t o f th e C o m m is -
7 9 4
s io n , w h o is F r e n c h , w o u ld c a s t th e d e c id in g v o te , b u t
a
v o te b y
B e lg iu m
a g a in s t
ta k e th e d e c is io n f r o m
W o rd
cam e
T h u rsd ay
b o th
a fte rn o o n
p a tc h e s
w o u ld
fr o m
c o r d in g
to
e v e n in g ,
b o th
to
an
“ a
p r o b le m
w as
b le d
W a s h in g to n
has
or
th a t
th e
in
P ress
on
a c c e p ta b le b o th
d is
C o m m is s io n
th e
fa ll.
d is p a tc h
s e ttle m e n t
in
T h u rsd ay
th e
to
A c
G erm an
France
a s p r o b a b le b y
and
R epara
P ress
la s t e v e n in g
th a t
corresp on d en t
“ S ir J o h n
in
P a r is
B radbu ry,
ca
B r itis h
m e m b e r o f th e R e p a r a tio n s C o m m is s io n , a n d E u g e n e
M a u c le r e ,
P r e s id e n t
of
th e
te e s , w i ll le a v e P a r is f o r
th e
p u rp ose
th e
of
G erm an
d itio n
to
C o m m itte e
B e r lin
o b ta in in g
a r r a n g e d .”
w h ic h
th e
by
tw o
G u aran
n ig h t fo r
in fo r m a tio n
a ls o
fr o m
g u a r a n te e s in
C o m m is s io n
I t w a s a ls o s ta te d
c o m p a n ie d
on
t o -m o r r o w
c e r ta in
G overn m ent and
th o se
ad
a lr e a d y
has
th a t “ th e y w ill b e a c
e x p e r t s .”
th a t “ th e c r u s h in g d e fe a ts
S ir
John
B radbu ry
is
e r s a t th e b e g in n in g o f th is w e e k
M ic h a e l C o llin s , h e a d o f th e I r is h P r o v is io n a l G o v
e rn m e n t, w a s q u o te d
a fe w
days
a n n o u n c in g
g o ld
in
B e r lin
m ark s,
on
W edn esday
“ p a id
to -d a y
on
th a t
c o u ld
d e li v e r ,”
d o n ’t w a n t to b e to o
th in g
H e
to
sta n d
d e c la r e d
co m e fro m
p r o v id e
S o u th
of
Ir e la n d
f o r t n i g h t .”
m eet
m e n ts
d e a th b e d
t h e o n ly fu n d
of a
tu rn e d
c a lle d
in to
fo r
by
“ I
a te r r ib le
g r e a t c o u n t r y .”
to -d a y h a d
th e G o v e r n m e n t h a d le ft to
f o r th e p e o p le th r o u g h
H e rr W ir th
sa id
th e
F ederal
g r a in
th a t “ ta x e s n o lo n g e r
enough
g o ld
to
r e p a r a tio n s
m eet th e
pay
s c h e d u le .”
H e
a d d e d t h a t “ n o t o n ly th e g o ld p a y m e n t s w ill f a il, b u t
a ls o
th e
w ith
p a y m en ts
in
k in d .
The
th ir d
p h ase
w h ic h n o G o v e r n m e n t, b u t h is to r ia n s
d e a l.
A n d
is
one
o n ly , c a n
t h e y w i ll b e a b le to te ll o f a g r e a t r e v o lu
at
any
w ill b e c o m p le te d
tim e
The
if
th e
m ilita r y
D u b lin
d e lp h ia “ P u b lic
w as
m ade
in
London
la s t
S a tu r d a y th a t th e N a t io n a l tr o o p s h a d e n te r e d C o r k ,
and
th a t
th ey
w ere
in
“ fu ll
p o s s e s s io n
o f f i c e a n d t h e c u s t o m s h o u s e .”
of
th e
p ost
O w in g to th e la c k
of
te le g r a p h ic c o m m u n ic a tio n w ith C o r k , th e re h a d b e e n
n o d e fin ite o ffic ia l s ta te m e n t p r e v io u s ly a s to w h e th
er th e c ity
th e
a c tu a lly
ir r e g u la r s .
D u b lin
m a te d
p assed
A c c c o r d in g
th e p r o p e r ty lo s s in
at
£ 2 ,0 0 0 ,0 0 0 .
c o n ta c t w ith
and
had
th a t
tio n s .
C ork
th e
The
It
had
c ity
a d v ic e s
C o rk fr o m
w as
r e c e iv e d
in
fir e s w a s e s ti
rep o rted
th a t
a ll
r a il
been cu t o ff fo r several d a y s,
w as
r e g u la r s
o u t o f th e c o n tr o l o f
to
s a id
m et
to
w ith
a
be
on
reverse
sh ort
on
ra
M onday
A v lie n “ a l a r g e f o r c e o f R e p u b l i c a n s e n t e r e d D u n d a l k
a t 3 o ’c lo c k
th is m o r n in g , ta k in g th e N a t io n a l g a r r i
s o n c o m p le te ly b y s u r p r is e .
fu l
and
tro o p s
th e
p a tr o llin g
G overn m en t
fo rc e s
fr o m
to w n
at
to o k
to
tro o p s
in g
th e
in
T h e a tta c k w a s su c ce ss
is o la te d , w ith
s t r e e t s .”
It
on
T h u rsd ay.
th e
o ffe n s iv e
D ragh eda.
c o r r e s p o n d e n t in
d ic a tio n
now
th e
tro o p s
once
D u b lin
is
D u b lin
The
c a b le d
w as
The
and
N ew
R e p u b lic a n
re ta k e n
by
G overn m ent
ru sh ed
Y ork
tro o p s
“ T im e s ”
th a t “ th e re is n o in
th a t th e ir r e g u la r s w ill a tte m p t to m e e t th e
open
D u b lin
c o m b a t .”
In
a
r e p r e s e n ta tiv e
c a b le g r a m
of
th e n e x t
situ a tio n
corresp on d en t o f
L edger”
ist fo rc e s
and
str o y in g
to
th e
th e
a sse rte d
ir r e g u la r s
tre a ty
m ade
th e
it
P h ila
th a t “ th e d e a th
of
th e
w ho
dead
th e s u p p o r t o f w h ic h
th e
are ben t u p on
le a d e r
de
n e g o tia te d , a n d
h e g a v e h is lif e ’s
s t r e n g t h .”
H e a ls o s a id th a t “ w h ile th e u n tim e ly p a s s in g o f A r
th u r G r iffith
s itu a tio n
at
o v e r s h a d o w s th e p o lit ic a l a n d
th e
m o m e n t,
th o se
to s h o u ld e r w ith
h im
te r
ir r e g u la r s
aw ay
te e d
to
th e
Ir e la n d
by
w ho
a re fir m ly
th e F r e e
m ilita r y
sto o d
d is p o s e d
any
s h o u ld e r
n o t to b a r
a d v a n ta g e s
S ta te
trea ty ,
o v e r w h e lm in g m a jo r it y
gu aran
a lr e a d y
o f Ir ish m e n
r a ti
in
re
*
W ith in
th e la s t w e e k
p r o m in e n t m e n
to
A r th u r
G r iffith ,
P r e s id e n t
d e a th
have
of
th e
appears
to
la s t ev e n
P h ila d e lp h ia
tw o
o f G r e a t B r ita in ’s m o st
p assed
on.
fo u n d e r
of
new
D a il
have
m ade
R e fe r e n c e
th e
S in n
E ir e a n n
a
is
m ade
F e in ,
and
C a b in e t.
p r o fo u n d
in E n g la n d a s w e ll a s in I r e la n d .
H is
im p r e s s io n
H e w a s spoken
of
a s a m a r t y r to th e c a u s e w h ic h h e so a r d e n tly c h a m
p io n e d .
I t is fe a r e d th a t h is g o in g w ill p r o v e a g r e a t
draw b ack
in
to
th e
Ir e la n d .
to
rest
m any
in
O n
fa m o u s
in
in
G la s n e v in
p a tr io ts
siv e s o le m n ity
m a c u la te
e s ta b lis h m e n t
W edn esday
h is to r ic
lie ,
of
perm an en t
D u b lin
he w as
C e m e te ry ,
a fte r
se r v ic e s
peace
“ la id
w here
of
so
im p r e s
th e b e a u tifu l C a th e d r a l o f th e
C o n c e p t io n .”
T h o u s a n d s , a c c o r d in g
Im
to a n
A s s o c ia t e d P r e s s d is p a tc h , p a id a la s t tr ib u te to th e ir
V is c o u n t N o r t h c liffe is th e o th e r p r o m
in e n t B r itis h e r
announcem ent
w ith in
h a v e little or n o e ffe c t u p o n p e a ce b e tw e e n N a tio n a l
d e a d le a d e r .
t io n .”
O ffic ia l
as
H e a d d e d t h a t th e n e w P a r li a m e n t c o u ld
n ecessary.
of
sa id :
s e n tim e n ta l, b u t it is
a t th e
bread
be
W ir th
th a t “ th e m o n e y tr a n s fe r r e d
p u r c h a s e s .”
c o u ld
C h a n c e llo r
L im e r ic k
th e
account
p r i v a t e p r e -w a r d e b t c la im s , w a s th e la s t p a y m e n t th e
co u n try
a g o in
e x p r e s s in g th e b e lie f th a t “ m ilit a r y o p e r a tio n s in th e
c e n t e le c t i o n s .”
In
th o u g h t m ig h t co n
tin u e a n o t h e r f o r t n i g h t .”
fie d b y a n
e x p e c te d to r e tu r n to P a r is n e x t w eek .
1 0 ,0 0 0 ,0 0 0
s o u th w ith in
A r t h u r G r iffit h , P r e s id e n t o f th e D a il E ir e a n n , w ill
o f f i c ia ls t o -n ig h t .”
A s s o c ia te d
a sse rte d
la p s e o f th e ir r e g u la r m o v e m e n t, w h ic h m ilit a r y le a d
W a s h in g to n
exp ressed
S ta te s
regard ed
tio n s C o m m is s io n
The
w as
ce n tre s
th e U n ite d
A s s o c ia te d
G r e a t B r ita in
and
to P a r is fr o m
c o m p r o m is e
re p a r a tio n s
P a r is
o p in io n
L edger”
o f th e ir r e g u la r fo r c e s in th e n o r th a n d
t h e l a s t 2 4 h o u r s f o r e c a s t th e e a r ly a n d c o m p le te c o l
th a t “ P r e m ie r P o in c a r e
The
re tu rn
w o u ld
D e b t C o m m is s io n , h e a d e d b y J e a n
Y . P a r m e n tie r , to r e tu r n
i m m e d i a t e ly .”
p o lic y
F r a n c e .”
fr o m
d ered th e F r e n c h
th e F r e n c h
“ P u b lic
fe lt , in
w h o se d e a th
p o litic a l a ffa ir s
in
is c e r ta in
to
b e g r e a tly
G r e a t B r ita in , a s
w e ll a s
in th e d ir e c t in g o f th e 1 0 0 o r m o r e p u b lic a t io n s w h ic h
lie
w as
s a id
to
have
ow ned.
b e e n m u c h s p e c u la tio n
N a tu r a lly ,
in E n g l a n d
th ere
has
a s to w h e th e r h is
le w s p a p e r s w o u ld c o n tin u e t h e ir p o lic y o f a n ta g o n is m
a g a in s t th e L lo y d G e o r g e M in is tr y , o r in o th e r w o r d s,
w h e th e r h is
p a s s in g
to it g e n e r a lly in
w o u ld
r e s u lt
G r e a t B r ita in .
in
le s s
o p p o s itio n
I t w ill b e in te r e s t
in g to see w h a t th e P r im e M in is t e r s a y s in h is fo r t h
c o m in g b o o k
tic u la r ly
v ic e in
a b o u t h is fo r m e r c h ie f a n ta g o n is t , p a r
now
th a t he has p a ssed
m em ory
noon
T h u rsd ay
a te d
P ress
th e
la s t
T h e fin a l
ser
w a s h e ld
in W e s t m i n s t e r A b b e y .
T h e A s s o c i
corresp on d en t
tr ib u te
on.
o f V is c o u n t N o r th c liffe
to
any
c a b le d
th a t
E n g lis h m a n
“ s e ld o m
w h ose
at
has
p o s itio n
w a s w h o lly p e r s o n a l a n d u n o ffic ia l g a th e r e d su c h a n
a s s e m b la g e .”
H e a d d e d th a t “ th e D e a n
s te r u n d o u b te d ly e x p r e s s e d
o f W e s tm in
th e p u b lic w is h
w hen
lie
a s k e d L a d y N o r t h c li f fe to p e r m it th e r it e s to b e c e le
b r a te d in
th e A b b e y .
T h e g r e a t c o m p a n y o f e m in e n t
p e o p le g a th e r e d w ith in
th e c r o w d s in
t h i s .”
th e fa m o u s e d ific e , a s w e ll a s
th e stre e ts
o u ts id e , g a v e
T h e b u r ia l to o k p la c e in
e te r y in
te s tim o n y
to
S t . M a r y le b o n e C e m
F in c h le y , a n o r th w e s te r n s u b u r b o f L o n d o n .
H ie
announcem ent
lia s
been
m ade
th a t
P r e m ie r
2 8 1 ,0 0 0 ,
so
th a t
to ta l
reserve
expanded
£ 1 ,2 8 9 ,0 0 0 ,
L lo y d G e o r g e is a lr e a d y a t w o r k o n m e m o ir s t h a t w ill
w h ile t h e p r o p o r t io n o f r e s e r v e t o lia b ilit ie s a d v a n c e d
y ie ld
h im
in
a lly ,
th is
a ttra cte d
th e
n e ig h b o r h o o d
o f $ 1 5 0 ,0 0 0 .
N a tu r
to
w id e
a tte n tio n .
The
1 7 .1 7 % , fr o m
fe ll
sta tem en t
w as
m ade
in
London
th a t
1 6 .3 4 %
la s t w e e k .
P u b lic d e p o s its
d e fin ite
S ir
o ff
£ 2 ,0 7 0 ,0 0 0 .
“ O th e r ”
d e p o s its ,
how ever,
W illia m
in e i e a s e d
B e r r y h a d se c u re d th e s e r ia l r ig h ts in
G r e a t B r ita in
fo r
and
£ 7 ,0 8 8 ,0 0 0 .
A
s m a ll r e d u c tio n
w as sh ow n
in lo a n s o n G o v e r n m e n t s e c u r itie s , n a m e ly
th e
Sunday
“ T im e s ”
of
London,
th e
b u t lo a n s o n
lig h ts
in
G reat
B r ita in
fo r
th e
H ou se
of
£ 4 0 4 ,0 0 0 ,
book
o th e r s e c u r itie s
w ere
£ 4 ,1 6 8 ,0 0 0
la r g e r .
C a s s e ll.
The
B a n k ’s s t o c k
o f g o ld
now
a g g reg a tes
£ 1 2 7 ,4 0 7 ,
T h e “ P e tit P a r is ie n ” h a s th e s e r ia l r ig h ts fo r F r a n c e ,
w h ile th e N e w
have
s im ila r
have
th e
Y ork
“ T im e s ” a n d
r ig h ts
book
fo r
r ig h ts
A m e r ic a ;
in
th is
660.
C h ic a g o “ T r ib u n e ”
Funk
&
c o u n try .
W a g n a lls
The
a ti\ e
to
th e
P r e m ie r ’s
tim e :
“ W e
pu rpose
in
u n d e rsta n d
w r itin g
th a t
th e
th e
book
th e P r im e
M in
th a t th e re h a v e b ee n d u r in g r e c e n t m o n th s
a su cces
s u b m it th e fa c ts
to
th e
w r itin g
of
th e
book
to
h is
days
w a s h is o r ig in a l in te n tio n .
w ith
of
Its
c h ie f
a ttr a c tio n
d e lin e a tio n
o f s c e n e s in
w h ic h
w ill
in
th e
and
to
h e r e w ith
ite m s
a
of
year
sta tem en t
fo r
J u ly ,
ago
and
in
£ 7 6 ,-
a t £ 1 2 4 .2 6 1 ,0 0 0 , a s
and
£ 1 2 4 ,8 4 4 ,9 1 0
r e s p e c tiv e ly .
N o
one
ch ange
has
th e L o n d o n b a n k s fo r th e
T h is c o m p a r e s w ith £ 6 0 1
£ 6 1 5 ,2 9 4 ,0 0 0 la s t y e a r .
sta te m e n t
th e
B ank
£
of
of
c o m p a r is o n s
-
W e
of
th e
E n g la n d ’s r e tu r n s :
£
£
£
£
.m” ' 111’ 586,000 ,22’546’67C 117,134,568 95,219,451 135,996,495
J „ ? tlCS- 42 ’ 628 ’0°0 57,740.435 58,508,475 26,418,356 58,422,014
Otlie. securities----- 79,619,000 79,525,372 76,116,925 83,014,743 98,950 731
C° ln 21-595-00° 20 ’ 62 l-995 16,686,566 27,217,910 30,366,098
v iv id
a
B
a n krate..................
'r a T 08..........
Bans
tra d e
£ 1 6 ,6 8 6 ,5 6 6
£ 7 9 ,6 1 9 ,0 0 0 ,
S o r o n T ^ e 127' 407'660 m '407’ 120 123' ° 8M 7C
B iitis h
in
........ 124,261,000 126,235,125 124,844,910 79,500,770 56,748,580
Publicdcpcsltfl------- 14,171,000 17,285,264 16,114,575 23,397,012 33,697 898
le a d in g a c t o r .”
The
and
BANK OF ENGLAND’S COMPARATIVE STATEMENT
19221921.
1920.
1919.
' 1918.
Aaff. 16.
Aug. 17.
Aug. 18.
Aug. 20.
Aug. 21.
be
th e a u th o r h a s been
ago,
a w eek ago an d
append
r e tir e m e n t,
be
a
c ir c u la tio n
C le a r in g s t h r o u g h
p r in c ip a l
a m is ta k e to a s s u m e t h a t it w ill b e m a in ly p o le m ic in
c h a ra cte r.
1921
£ 1 2 6 ,2 3 5 ,1 2 5
years
0 2 2 ,0 0 0
w ith
S t ill, it w o u ld
in
£ 7 9 ,5 2 5 ,3 7 2
1 9 2 0 , w ith
o u t fu r th e r d e la y ; o th e r w is e h e w o u ld h a v e d e fe r r e d
w h ic h
w ith
£ 1 2 8 ,4 0 7 ,1 2 0
am ount
v e e k to ta l £ 6 7 2 ,6 2 7 ,0 0 0 .
h im s e lf, h e s h o u ld
th e ju d g m e n t o f th e p u b lic
Loans
1 1 6 , J 2 o in
tw o
w as
£ 2 0 ,6 2 1 ,9 9 5
b e fo r e .
at 3 % .
c ise d , a n d h e h a s fe lt th a t in th e in te r e s t o f h is to r ic a l
ju s tic e to
to ta l
T o ta l re se r v e s ta n d s a t £ 2 1 ,5 9 5 ,
b e e n m a d e in t h e o f f ic ia l d i s c o u n t r a t e , w h ic h r e m a in s
o fte n s c a n t fo u n d a
a n d e v e n a c r im o n io u s ly c r iti
a c c u r a c y , a s w e ll a s in
th e
co n tra ste d
and
tio n o f a c t u a l k n o w le d g e , h is p o lic y a n d a c t io n s h a v e
b e e n s h a r p ly c r itic is e d
year
com p an son
i s t e r ’s d e c i s i o n f o r e a r l y p u b l i c a t i o n i s d u e t o t h e f a c t
s io n o f w a r b o o k s in w h ic h , w ith
year
0 0 0 , a s a g a in s t
Sunday
“ T i m e s ” o f L o n d o n m a d e t h e f o l l o w i n g s t a t e m e n t r e l-
a t th is
L ast
1 9 2 0 £ 1 2 3 ,0 8 1 ,4 7 6 .
Ub'A%
‘75%
3%
88^
1 2 57
2%
BS°
68’664'678
2290%
4™ 0 %
com p ared
w ith J u n e o f th is y e a r , d is c lo s e s a n in c r e a s e in e x p o r t s
Ih e
o f B r itis h
p r o d u c ts o f £ 8 ,2 6 4 ,0 4 9
g a in s
of
£ 7 ,8 5 3 ,9 4 0 .
Im p o rts
B ank
d ecreased
£ 2 ,5 1 8 ,1 6 9
in
its
excess
o f im p o r ts
w as
£ 1 0 ,3 7 2 ,0 0 9
le s s
th a n
th e
p r e v io u s m o n t h .
of
w as
an
In
in c r e a s e
£ 1 7 ,2 3 7 ,6 0 1 ;
in
in
c o m p a r is o n
ex p o rts
to ta l
w ith
J u ly
o f B r itis h
ex p o rts
a n d in i m p o r t s o f £ 1 , 0 2 2 , 8 2 6 .
of
th e
£ 1 5 ,1 5 3 ,2 1 9 .
r e s u lt s
th is
year
fo r
J u ly
com p ared
w ith
fir s t
th e
fig u r e s
seven
c o r r e s p o n d in g
-J u ly-
of
p e r io d s
1
1922.
31
1921.
£
£
-J a n .
19 21.
to
J u ly
-------............................81,780,000 80,757,174 569,042 611 652 348 038
British exports...................... 60,410.000 43,172.399 412 171 805 112 o S S
R(M5XPOrtS...........................- 8 '31Q’0°0 9,361,556 e s i o s l S
Jg.’S S S
T otal e x p orts ..................... 68.720,000 52,533,955 476,153,325 471,114.671
B ank
of
had
been
of
N orw ay
d is c o u n t
ch ange
in
has
le a d in g
3^
of
e ffe c t
been
181,233.367
in
Sw eden;
B e lg iu m
and
S w itz e r la n d
and
count
in
now
ra te s
ran ge
as
a g a in s t
at
th e
q u o te d
In
at
fr o m
in
4 %
2 7 -1 6 @ 2 % %
2 % ,
ce n tre
c o m p a r in g
open
la s t
m ark et
in S w i t z e r la n d
w eek.
at
a
ra te
fu r th e r g a in
o f £ 7 ,7 8 0 in g o ld
a m o u n ts
1 ,9 4 8 ,3 6 7 ,0 5 6
d is
m oney
b e in g
w eek
M oreover,
n o te
c ir c u la tio n
w eek
s ilv e r
gen eral
D u r in g
d e p o s its
w ere
B a n k ’s
a g g re g a te
fr a n c s , c o m p a r in g
w ere
h e ld
abroad
in
1 ,9 7 8 ,2 7 8 ,4 1 6 fr a n c s in
1920.
th e
g a in e d
w h ile
fra n c s.
B ills
ago.
1 6 8 ,0 0 0
a u g m e n te d
d is c o u n te d ,
on
fr a n c s,
by
th e
1 8 ,8 5 4 ,0 0 0
o th e r
hand,
de
c r e a s e d 4 1 ,8 6 1 ,0 0 0 f r a n c s ; a d v a n c e s fe ll o f f 1 9 ,7 1 2 ,0 0 0
fr a n c s ; a n d
000
T reasu ry
fra n c s.
A
occurred
in
s ta n d in g
dow n
in g
d a te
n o te
d e p o s its
red uced
of
c ir c u la tio n ,
b r in g in g
to
3 6 ,9 8 3 ,2 5 2 ,8 3 0
th e
th e
fr a n c s
to ta l
o u t
T h is
con
corresp on d
3 7 ,8 9 9 ,7 7 6 ,1 9 5
f r a n c s in
1 9 1 4 , ju s t p r io r t o th e o u tb r e a k o f w a r , t h e
v a r io u s
sta te m e n t
b o th
th e
fr a n c s .
fr a n c s o n
w ith
1 5 ,1 1 8 ,
2 2 8 ,5 3 8 ,0 0 0
3 6 ,2 2 1 ,3 4 0 ,0 0 0
la s t y e a r a n d
In
w ere
c o n tr a c tio n
a m o u n t w a s o n ly 6 ,6 8 3 ,1 8 4 ,7 8 5 fr a n c s .
of
1921
of
ite m s
la s t
and
C o m p a r is o n s
in
th is
w e e k ’s
w eek
and
c o r r e s p o n d in g
1920
are
as
re tu rn
w ith
th e
d a te s
in
fo llo w s :
BANK OF FRANCE’S COMPARATIVE STATEMENT.
Changes
for Week.
Francs.
Gold Holdings—
In France— .............inc.
124,000
Abroad----------------No change
Aug. 17 1922.
Francs.
-Status as ofAug. 18 1921.
Francs.
Aug. 19 1920.
Francs.
3,582,347,019
1,948,367,056
3,573,501,716
1,948,367,056
3,611,758,564
1,978,278,416
T0,al.....................- Inc124,000 5,530,714,075
----- InC’
168’000
285,577,495
I illsdLcounted-------Dec. 41,861,000 1,952,196,000
5,521,868,773 5,590,036,980
276,192,906
254,202,329
2,442,623,648 1,980,083,369
Advances
......... Dec. 19.712,000 2,167,745,000 2,1S1,949,135 1,963,580,122
Note circulation...D ec2 2 8,538,000 36,221,340,000 36,983,252,830 37,899,776,195
Treasury deposits. _Dec . 15,118,000
58,547.000
44,329,633
129,838,835
General deposits...inc. 18,854,000 2,229,497,000 2,761,754,737 3,203,750,551
c o n tin u e s
w ith o u t c h a n g e .
w as sh o w n
w as
fra n c s
1922 and 1921 and
and
by
th e
B a n k o f E n g la n d s ta te m e n t fo r th e w e e k e n d in g A u g .
17.
th e
fr a n c s la s t y e a r a t th is t im e , a n d
A n a ly s is
is s u e d
A
b r in g s
5 ,5 3 0 ,7 1 4 ,0 7 5
fr a n c s th e y e a r p r e v io u s ; o f th e se
in
s h o r t 'b i l l s ?
fir m e r ,
1 M %
d is c o u n t
up
C a ll
lik e w is e
1 }4 % ,
m ark et
and
to
5 ,5 2 1 ,8 6 8 ,7 7 3
and
3 ^ %
m ark ed
lo n g
w ith
no
ra te s
F ran ce
O pen
T h is
up
5 ,5 9 0 ,0 3 6 ,9 8 0
G erm an y; 4 3 ^ %
H o lla n d ;
a g a in
fo r
w as
in
in
its
ra te
O th e r w is e
5 %
in
5 ^ %
d is c o u n t
London.
w ere
3 -1 6 %
th e
and
3 %
London
B r itis h
P a r is
at 4 % ,
at
18.
M a d r id ; 6 %
red u ced
T he
o ffic ia l
c e n tre s
in
5 % .
M a y
in
D enm ark; 5 ]^ %
T h u rsd ay
to
s in c e
n o te d
E u rop ean
on
1 %
b e in g
w ith
1920.
T he
s m a ll
w eek
w ith
tr a sts w ith
Excess im ports.......................13.060.000 28.223.219 _92,889^286
ra te
rep ort
th is
sh ow
m o n th s
o f la s t y e a r :
1922.
to
in c r e a se
1921
£ 1 6 ,1 8 6 ,0 4 5 ,
fo llo w in g
th e
c o n tin u e s
th e
p r o d u c ts
T h e e x c e ss o f im p o r ts
The
and
fra n c s.
h o ld in g s
b o th
decreased
F ran ce
ite m ,
fo r
g o ld
th e re
g o ld
and
1 2 4 ,0 0 0
th e
of
a n d in t o t a l e x p o r ts
red uced
£ 1 ,-
g o ld
reserves
reserve
as
a
of
th e
Ih u rsd a y
r a tio s ,
w h o le
as
F ederal
w e ll
lo c a lly
sh ow s
R eserve
a fte rn o o n ,
a
as
a
and
d e c lin e
B ank
r e v e a ls
s lig h t
s c a lin g
n a tio n a lly .
in
g o ld
sta te m e n t,
som e
lo s s
in
dow n
in
T he
h o ld in g s
S y ste m
of
$5
-
0 0 0 ,0 0 0 ,
w h ile
th e
$ 2 1 ,0 0 0 ,0 0 0 .
w hat
N ew
Y ork
R e d is c o u n tin g
la r g e r
fo r
th e
R eserve
B ank
o p e r a tio n s
c o m b in e d
w ere
ban k s,
p u r e ly fr o m
lo s t
som e
to ta l
been
b ill
h a v in g
in c re a se d
$ 3 ,0 0 0 ,0 0 0 )
w h ile
in
secu red
an
in c r e a se
paper
in
d is c o u n ts
brought
about
fo r
cou rse,
d ir e c tio n s ,
m ore
w ill
c o a l m in e s
th a n
be
a
fo u r
fa c to r
and
in
$ 7 ,6 0 0 ,0 0 0 ,
to
$ 6 7 ,7 5 9 ,0 0 0 ,
an
w h ic h
o n e -h a lf
in d u str y
and
m ay
e a s ily
be
fe lt,
at
in
le a s t
in
th e
m oney
m a rk et.
D o m e s tic
fin a n c
e x p a n s io n
in g h a s b e e n o n o n ly a m o d e r a t e s c a le .
of
The
th a t h a ve
of G overn
in d ir e c tly ,
m ent
id le
of
th e
th e
m any
lo c a l in s t itu t io n
e n d in g o f th e s h o p m e n ’s s tr ik e .
o f a c tiv itie s * a t
la r g e ly
m o n th s,
h o ld in g s
an
r e s u m p tio n
com p ares
T h e ren ew ed
w ith
d e m a n d f o r b o n d s is l ik e ly t o r e s u lt in la r g e r o f f e r in g s
$ 3 8 8 ,4 0 5 ,0 0 0
at
th e
c o r r e sp o n d in g
d a te
la s t
year.
of
B ills o n h a n d fo r th e S y s te m
new
se c u r itie s
m u n ic ip a litie s
as
com p ared
w ith
$ 1 ,5 5 4 ,0 2 7 ,0 0 0
a
year
ago.
in
th e
d o m e s tic
near
c o r p o r a tio n s
and
p a r tic u la r ly
w ith
fu tu re ,
In
th e
th e
fo r
a g g r e g a te $ 5 3 2 ,0 8 5 ,0 0 0 ,
coal
and
r a ilr o a d
str ik e s
p r a c t ic a lly
at
an
end.
m e m b e r b a n k s r e se r v e s a c c o u n t th e r e w a s a g a in
T he
of
$ 7 ,0 0 0 ,0 0 0 ,
to
$ 1 ,7 9 0 ,2 6 0 ,0 0 0 ,
a lth o u g h
p la c in g
Y ork
bank
re p o rte d
in d ic a tin g
a
a s h r in k a g e
s h iftin g
of
b e tw e e n
sh ow ed
o n ly
fo r
th e
th e
la b o r c o n d i
in
E u rope.
on
th is s id e ,
G overn m ent
w ith
E a r n in g a sse ts fo r th e
m in o r
tw e lv e
im p r o v e d
a k e e n e r in v e s tm e n t d e m a n d
g re a te r s ta b ility
ch an ges,
w h ile
th is
r e p o r tin g
w eek
fr o m
lo c a l
in s titu tio n s
w ere
not
to ta l
la r g e .
d e p o s its
in
th e
d r a w a ls
S y ste m
se c u r itie s
o f $ 9 ,0 0 0 ,0 0 0 ;
fu n d s
and
v a r io u s R e s e r v e in s titu tio n s .
fo r e ig n
m a r k e t h a s a w a ite d
tio n s , a n d
th u s
a d d itio n a l
th e
A m e r ic a n
N ew
of
banks
A c c o r d i n g t o r e p o r t s in c ir c u la t io n y e s t e r d a y ,
g a in e d
lo c a l
$ 1 1 ,0 0 0 ,0 0 0 a n d d e c lin e d $ 8 ,0 0 0 ,0 0 0 lo c a lly .
ban kers
are
p la n n in g
to
o ffe r
a
C uban
lo a n
in
F ederal
th e
n e ig h b o r h o o d
of
$ 5 0 ,0 0 0 ,0 0 0
in
th e
n ear fu tu re .
R e s e r v e n o te s in a c t u a l c ir c u la t io n fe ll a b o u t $ 7 ,6 0 0 ,
S u c h fin a n c in g h a s b e e n u n d e r c o n s id e r a tio n , o ff a n d
000
fo r
th e
N ew
Y ork
B ank
tw e lv e b a n k s c o m b in e d .
th e
reserve
r a tio
of
and
$ 5 ,0 0 0 ,0 0 0
fo r
th e
o n , fo r so m e
A s a r e s u lt o f th e s e c h a n g e s ,
th e
S y ste m
d e c lin e d
0 .2 % ,
m o n th s.
to
R e fe r r in g
8 0 .2 % ,
and
fo r
N ew
Y ork ,
0 .6 % ,
to
8 7 .2 % .
th is
w eek
pares
A
ren ew al
of
th e
m ovem ent
of
fu n d s
to w a rd
to
s p e c ific
have
w ith
ra tes
ran ged
3 )4 @ 5 %
fo r
b e tw e e n
la s t
m oney,
3 @ 4 % ,
w eek.
O n
c a ll
lo a n s
w h ic h
com
M on d ay
th e
in
h ig h
w as
4 % ,
th e
lo w
3 %
and
r e n e w a ls
at
4 % .
te r io r p o in ts a s w e ll a s h e a v y G o v e r n m e n t o p e r a tio n s
T u esd ay
brought
about
sta te m e n t
of
sharp
th e
changes
N ew
Y ork
in
la s t
C le a r in g
Loans
d e c lin e d
$ 5 2 ,2 0 5 ,0 0 0 .
crease
occu rred
in
A
th e re
o ff
$ 5 3 ,9 9 4 ,0 0 0 ,
to
dem and
H ou se
ban k s.
c o r r e sp o n d in g
d e p o s its ,
$ 3 ,8 8 6 ,7 2 1 ,0 0 0 .
a
fa llin g
of
o ff
w eek.
in
O n
panded
v a u lts
th e
th e
o th e r
m em bers
A n
a ls o
T h is
th e
ren ew al
of
v a u lts
and
hand,
to
to
fe ll
to ta l
net
tim e
$ 5 0 5 ,9 2 4 ,0 0 0 .
of
$ 3 5 ,0 0 0
and
r e d u c tio n
of
a
fo r
th e
d e p o s its
ex
C ash
F ed eral R eserve
banks
in
ow n
B ank
de
(n o t
c o u n te d
as
w as
re p o rte d
in
tru st
th e
m a x im u m ,
3 % .
In c r e a s e d e a se d e v e lo p e d
c o m p a n ie s
$ 2 8 6 ,0 0 0
in
on
lo w
w as
W ed n esd ay
s till
w hen
and
ren ew ed
th e lo w
at
3 % .
3 )4 % -
O n
T he
T h u rsd ay
h ig h
th e re
w as
3 )4 % ,
w as no ran ge,
is
d e p o s its ,
$ 1 2 ,1 9 7 ,0 0 0
$ 5 5 ,5 0 9 ,0 0 0
S ta te
a
of
3 )4 % ,
de
w h ic h
G overn m ent
ite m
in c r e a s e
reserves
in
o f th e
$ 6 7 8 ,0 0 0 ,
re se r v e ).
ow n
la tte r
$ 1 7 ,5 7 4 ,0 0 0 ,
of
creased
th e
$ 6 1 ,2 5 2 ,0 0 0
to
b a s is ;
w as
a fla t ra te o f 3 ) 4 %
e x c lu s iv e
d e c lin e
w h ic h
c a ll fu n d s
net
w as
S a tu r d a y ’s
in
th e
fir m e r
to n e
b e in g
be
3 )4 % ,
3 % ,
T he
w as
th e
s itu a tio n
b u s in e s s
are
a lik e .
w as
th e
put
fo r
For
r e m a in e d
a ll d a y .
F r id a y ,
th e
A
s lig h tly
ren ew al
m in im u m
m a x im u m
fig u r e s
a ll-in d u s t r ia l
q u o te d
on
a lth o u g h
and
above
b e in g
n o te d
b a sis
c o n tin u e d
q u o ta tio n
w as
to
3 )4 % •
b o th
m ix e d
c o lla te r a l
and
fix e d
d a te
m a tu r itie s
th e
q u ie t,
th ro u g h
a lth o u g h
fo r
th e
c o n s id e r a b le
sh ort
m a tu r itie s .
T o w a r d th e en d
o f th e w e e k m o n e y lo a n e d fo r th ir ty
days
w h ile
re
at
3 )4 % ,
s ix ty
day
lo a n s
w ere
q u o te d
s e r v e o f th e s e in s t it u t io n s k e p t in o th e r d e p o s it o r ie s .
at
M em ber
banks
d rew
dow n
th e ir
reserve
c r e d its
3 % @ 4 % ,
and
n in e ty
days
at
4 % ,
as
a g a in s t
at
a
ran ge
of
4 @ 4 )4 %
la s t
w eek.
Four
and
fiv e
th e R e s e r v e B a n k $ 7 ,1 1 4 ,0 0 0 , a n d t h is , th o u g h la r g e ly
m o n th s
o ffse t
by
th e
c o n tr a c tio n
in
c o n tin u e d
lo s s
in
su r p lu s
reserves
4 @ 4 )4 %
and
six
m o n th s
d e p o s its , b r o u g h t a b o u t
4 )4 @ 4 )4 % ,
a
at
of
$ 8 1 9 ,9 9 0 ,
unchanged.
N o
very
la r g e
in d iv id u a l
s till le a v in g ,
tr a n s a c tio n s w e re n o te d .
h ow ever,
th e
to ta l
of
excess
reserves
$ 5 0 ,0 0 1 ,0 2 0 .
M e r c a n tile
T h e
fig u r e s
h ere
g iv e n
fo r
s u r p lu s
are
on
th e
4 %
of
reserves
above
le g a l
r e q u ir e m e n ts
of
1 3 %
fo r
s ix ty
banks
but
in c lu d in g
of
th e
F ederal
R eserve
$ 5 5 ,5 0 9 ,0 0 0
cash
h e ld
by
in
v a u lt
th e se
to
th e
banks
am ount
fe a tu r e s
been
of
fre e
th e
m oney
o ffe r in g s ,
on
m ark et
at
p a r tic u la r ly
and
th e
ra te s.
In
p r e v a ile d
c ir c le s .
w eek
th a n
had
N on e
c o u ld
w a s s a id
about
p r e p a r a tio n
th e y
th is
on
c e n tre
c a ll,
anc
been
e x p e cte d
O r d in a r ily
b e fo u n d .
th e y
fo r
E ven
som e
been
P r a c t ic a lly n o th in g
m id -m o n th
a r e n o t s p e c ia lly
w e re n o t th is y e a r .
in
have
d is b u r s e
la r g e , a n d
if t h e y h a d
been
th e
s u p p ly o f lo a n a b le fu n d s w a s o f s u c h p r o p o r tio n s t h a t
th e
m oney
c o u ld
not
d is tu r b e d .
S o m e a u th o r itie s
changes
th e
s itu a tio n s
'
m ark et
in
upon
th e
m ade
to
and
th e
th a t
near
exert
m oney
th e
la r g e r
fre e r
at 3 )4 @
o f c h o ic e
b ills
re
ch a ra cte r,
b u lk
o f th e
b u s in e s s
p a s s in g
E n g la n d
paper,
tr a n s a c tio n s ,
a t th e
m a in ly
o u tsid e
fo r
N ew
S a tu rd a y
s p e c ia l o r n o v e l e x p la n a tio n s
o ffe re d .
m e n ts.
q u o te d
en dorsed
so
w ere
w e ll
cam e
know n
r e str ic te d ;
in
fo r
s t ill
hence
th e
lo w e r r a t e .
r e q u ir e
tr a d in g
4 )4 % •
w as
N am es
S u p p lie s
q u ie t.
C o u n try
b a n k s w e re t h e p r in c ip a l b u y e r s .
and
ban k ers’
a cce p ta n c e s
r u le d
ste a d y
f a c t , m a t e r ia lly e a s ie r c o n d itio n s h a v e
th is
N o
m o n th s’ n a m es
O c c a s io n a l
B an ks’
lo w
six
fig u r e .
not
T h e
be
d ays,
of
la s t.
have
n in e ty
S y ste m ,
w ith
not
and
fo r
c e iv a b le
m em ber
p a p e r c o n tin u e s t o
b a s is
fu tu r e
a
and
p o te n t
o r d in a r ily .
th a t
is
g r e a tly
to
resp ect
season al m o v e m e n t
m ovem ent
been
a r e in c lin e d
w ith
d ir e c t
m ark et
have
lo o k
to
in flu e n c e
R e fe re n c e
o f th e
c e r ta in
fo r
several
to
is
crop s,
r e s u lt
and
w ith o u t
to n e
w as
la r g e r
b o th
th e
la s t
e a sie r .
lo c a lly
s u p p ly
and
fro m
a cce p ta n c e s
A c ce p ta n ce
of
to w n
lig h t.
th e
C o u n c il
T h e
re p o rte d
out
w as
a lth o u g h
a cce p ta n c e s
B rok ers
o f b ills
w eek.
change,
P r im e
tu rn o v e r.
b an k ers’
can
q u o ta b le
For
p o ste d
is
now
A c ce p ta n ce
th e
un der
fig u r e d
a
b e tte r
fo r
a
in q u ir y
in s titu tio n s ; b u t
c a ll lo a n s a g a in s t
ra te
of
3 % ,
a g a in s t
C o u n c il
th e
A m e r i
3 )4 %
m akes
th e
d isc o u n t r a te s o n
p r im e b a n k e r s ’ a c c e p ta n c e s e lig ib le
fo r
th e
p u rch ase
b id
and
120
days
r u n n in g
by
3 )4 %
and
fro m
F ederal
ask ed
3 )4 %
30
to
R eserve
banks
fo r
b ills
r u n n in g
h id
and
3 %
90
t a t io n s w e re a s fo llo w s :
d ays.
fo r
ask ed
3 )4 %
150
or
fo r
b ills
O pen^ m ark et
quo
SPOT DELIVERY.
90 Days.
Prime eligible bills....................................... 3 4 @ 3
60 Days.
3K @ 3
30 Days.
34@ 3
FOR DELIVERY W ITHIN TH IR TY DAYS.
Eligible member banks........... ....................................... ............... _................... 3 4 bid
Eligible non-member banks___________ __________ ____________ __________ 3 4 bid
Ineligible bank bills.................................... ............. ......... ............................... _3 bid
a d v ic e s
of
dem ands
on
co n sen t to
of
and
th e
th e
F ederal
F ederal
R eserve
B ank
R eserve
of
B ank
K an sas
of
C ity
abroad
tim e
th e
at
and
of
paper
fr o m
to
4 % % .
of
th e
is
G erm an
s o lu tio n
as
grou nd
s im p ly
her
r e p a r a tio n s
and
in t h e m a t t e r
of
th e
p r o b le m .
h a v in g
th a t
a
m o d ify
w ith B r ita in
c o n fe re n c e
ta k e
it
w ill
been
b e fo r e
con
th e
b r ie f
M in n e a p o lis
th e ir r e d is c o u n t r a te o n
5
th a t
F rance
p r a c tic a l
th e
m o r a to r iu m
th is w e e k r e d u c e d
s u b je c t
a
regard
s tr u c tiv e
in tim a te
b e fo r e
w o r k in a c c o r d
a r r iv in g
Som e
B o th
fr o m
q u e s tio n
A c tio n
a ll c la s s e s
by
th e
have
g ra n te d
been
m ade
has
fo r
e x p ir e d
a n o th e r
a rra n g em en ts
c o n fe r e n c e .
w ill
For
th e
fir s tp r e s e n t a t le a s t L o n d o n is t o a ll i n t e n t s a n d p u r p o s e s
nam ed
bank
r e d u c tio n
w as
cam e
by
m ade
th e
on
on
th e
1 4 th
M in n e a p o lis
th e
1 5 th
i n s t .,
w h ile
F ed eral R eserve
in s t.
In
a ll c a s e s
th e
B ank
a llo w in g
th e
N ew
th e o ry
F ederal
R eserve
banks
of
B o sto n ,
N ew
San
F r a n c is c o ,
w h ere
a
4 %
ra te
p r e v a ils ,
ra te
th e
an
a ll c la s s e s
v a r io u s
o f p a p e r is n o w
F ederal
R eserve
is
is t h e
s c h e d u le
o f ra te s
now
in
th a t
a
r e a c tio n a r y
b e lie v e d
The
c la s s e s
of
paper
at
th e
exchange,
coal
in
v a lu e s .
th is
In
m ovem ent
s h o u ld
th e
set
th a t
London
ban kers
w o u ld
at
in ,
once
e ffe c t
d iffe r e n t
p reven t un due w eak n ess.
A s a r e s u lt
fo l
fo r
th e
u n s e ttle d
c o n d itio n s
p r e v a ilin g ,
m any
d e a le r s
buy
s te r lin g
th e
c la im
v a r io u s
in
of
m a in ta in e d
ban k s.
of
lo w in g
le a d
w ill e a s i l y s u p p o r t s t e r l i n g
ta k e a h a n d to
by
th e
m ovem ent
a
it
4 % %
ta k e
th e
Y ork
event
and
to
th a t
o th e r th a n
d ir e c tio n
th e
Y ork
b e in g
th a t
it
is
next
to
im p o s s ib le
to
R eserve
in t h i s m a r k e t in a n y
c o n s id e r a b le a m o u n t .
H o ld e r s
b an k s:
are
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT AUGUST 18 1922.
of
Discounted bills maturing
within 90 days (Incl. mem
ber banks’ 15-day collateral
notes) secured by—
Bankers’
Agricul
accep
Trade tural and
Treasury
tances
accep live-stock
Other
notes and Liberty
dlsc’ted
paper
tances
certifi
bonds
for
wise
maturing maturing
cates of
and
secured member
within 91 to 180
Victory
Indebt
and
banks
days
90 days
notes unsecured
edness
Federal Reserve
Bank of—
4
Boston..... .........................
New York_____________
Philadelphia_____ _____
Cleveland..........................
Richmond_____________
A tlan ta .............................
Chicago_______________
St. Louis.................... ......
Minneapolis....................
K an sasC lty....................
Dallas.................................
San Francisco__________
4
4)4
414
44
4'4
4)4
44
44
44
44
4
4
4
4
4
4
44
44
44
44
44
44
44
44
44
44
44
44
44
44
44
44
44
44
44
44
44
44
44
44
44
4
44
44
44
44
44
44
44
44
44
4
44
4
44
4
4
4
4
r e fu s in g
4
4
44
44
44
44
44
44
44
44
any
4
P r ic e
m o v e m e n ts
w eek
m ent
w ere
to
a
th o se
w ho
h ig h e r le v e ls fo r
th e
ap paren t
q u o te d
w ere
above
June,
fo r
p e cte d
to
act
a ffa ir s
and
to
le v e ls ,
th is
m ark ed
th a t
it
w as
due
fo r
c o m m itm e n ts
and
norm al
and
of
c a u tio n ,
e le m e n t
th e
a c tiv ity
w h ile
are
or
le s s
51
a
to
a
to
a ll
of
c o m p le te ly
p r ic e s
ago,
eased
n a tu r a l r e a c tio n
fr o m
th e se
th is
fo r
m ore
w as
co u n try
a
g re a te r
s p e c u la tiv e
of
e x tre m e
c o n s e r v a tiv e
m a rk e t.
th e
a
coal
sh o rt
but
o ff,
to
of
p r a c t ic a lly
o f th e
fr o m
w as
cover
a ttitu d e
th e
of
s c a r c ity
of
m ade
out
The
tr a d in g
b e tw e e n
an
in
pronou nced
A s id e
w eek
e x h ib it
1 -1 6 .
in c id e n ta l
n o te d .
n a tu r a lly
to
of
3
th e
w eek
exch an ges,
r e q u ir e m e n ts ,
th a n
c lo s e
fa c e
in q u ir y
th a n
e x p la n a t io n
R e s to r a tio n
n e a r ly
s till
4
part
c o m m u n ic a tio n
c o n tin u e
to
a tte m p ts
a ls o
B r ita in
e x tre m e
m ore
an
e s s e n tia l
c a b le
in te r e s ts
and
th e
m ost
fe a t u r e le s s .
G reat
degree
th e
w ere
and
up
m oved
and
second
C o n tin e n ta l
In te r m itte n t
r o u tin e
q u o ta tio n
th e
got
in
le a d in g
b ills
to p
but
is m o r e
g e n e r a lly a c c e p te d
fir m n e ss
C o n fe r e n c e ,
m a in ta in e d ,
3 -1 6 , w h ic h
b ills
p r e d ic te d
N o tw ith s ta n d in g
London
sin c e
th e
im p o r ts .
d u ll
o n ly
in
c o m m e r c ia l
c o n fid e n tly
th e
w e e k ’s
m o s t p la u s ib le a n d
w eak n ess
of
reached
dem and
so
m ark et
r e s u lt
to o
A t
of
r a p id
s ix ty -d a y
b ills
in a c tiv e .
O n
b u t th e u n d e r to n e r e m a in e d fir m .
Though
b a n k e r s g e n e r a lly
d is a p p o in te d
tia tio n s
over
b e tw e e n
w e ll-d e fin e d
fe e lin g
d e la y
in
It
a d m itte d
is
rou n ded
a r r iv in g
by
th e
a
at
th a t
good
A llie d
in
a
e n d in g
fin a n c ia l
s e ttle m e n t
th e
deal
of
P r e m ie r s ,
im m e d ia te
th e
th a t
is
a
th e
tem p o ra ry .
o u tlo o k
o f u n c e r ta in ty ,
nego
th e re
c ir c le s
is o n l y
k e e n ly
but
is
su r
p r iv a te
stea d y
of
at
ran ge
n ew s,
r u le d
@ 4
E u ropean
w as
fo r
dem and
p o lit ic a l
at
w as
4 4 6 % @ 4
4 4 % ;
4 4 5 % @ 4
and
s m a ll
4 8 6 %
8 1 34;
w ere
fo r
c a b le
s ix ty
a
at
at
tra n s-
4 4 4 % @
A lth o u g h
ra te s
new
w ere
h ig h ;
tr a n sfe r s
days
s till
u n fa v o r
c a b le
days
dem and,
fo r
w as
m a in ta in e d
4 6 % ,
s ix ty
on
w h ile
and
and
tr a d in g
le v e ls
on
4 4 5 % @
4 6 %
n o tw ith s ta n d in g
p r ic e
4 6 %
4 8 5 % ,
4 8 6 3 /$ @ 4
be
ex
unchanged
T u esday,
lo w
to
be
s te r lin g
p r a c t ic a lly
w a s n o te d .
to
a n o th e r
m ay
q u o ta tio n s ,
tr a n sfe r s
w ere
up
are
near
seem s
tia n s a c tio n s
m ark ed
su f
or
w hen
B e lie f
s te r lin g
at
M on d ay,
4 6 %
r u le
m ore,
on,
is
P r e d ic tio n s
4 4 4 % ; n o in c r e a s e in a c t i v i t y
th e
ran ged
4 4 4 % @ 4
at
4 5 % .
O n W e d n e s d a y th e re w a s a fu r th e r a d v a n c e to 4 4 6 %
@ 4
4 7 %
tr a n sfe r s
fo r
dem and,
4 4 6 % @ 4
4 7 %
fo r
and
4 4 4 % @ 4
4 5 %
s ix ty
d ays;
fo r
c a b le
th e
s tr e n g th w a s a t t r ib u t e d t o s h o r t c o v e r in g , lig h t o ffe r
in g s
and
a
D e a lin g s
som e
4 49
s ix ty
w as
b e tte r
on
tim e , a n d
3 -1 6 ,
to
but
4 8 %
tr a n sfe r s
a
sh a d e
fo r
dem and
s ig h t
w ere
b ills
fin is h e d
co a l im p o r ts .
la r g e r
up
49
w ith
th e
4 4 7 % @ 4
7 -1 6
d a y ’s
49
six ty
d ays,
4 4 7 % ,
s ix ty
and
m ark et
ran ge
fo r
4734? fo r s ix ty d a y s .
fo r
fo r
4 4 7 % @
F r id a y ’s
fo r c a b le tr a n s fe r s .
at
th a n
to
4 4 7 % @ 4
1 5 -1 6 .
e a s ie r ,
4 4 5 %
and 4 4 7 %
to
47
dem and,
tr a n sfe r s a n d 4 4 5 % @ 4
q u o ta tio n s
ra th e r
ra te s m o v e d
4 4 5 % @ 4
q u ie t
in c id e n ta l to
w ere
dem and
c a b le
days
in q u ir y
T h u rsd ay
4 4 7 % @ 4
c a b le
C lo s in g
4 4 7 %
fo r
C o m m e r c ia l
days
at
4 4 5 % ,
n in e ty d a y s a t 4 4 4 % , d o c u m e n ts fo r p a y m e n t (s ix ty
d a y s),
4 4 5 %
C o tto n
and
and
g r a in
s e v e n -d a y
fo r
g r a in
b ills ,
p a y m e n t c lo s e d
4 4 6 % .
at 4 4 7 % .
T h e w e e k ’s g o ld a r r iv a ls w e re a g a in lig h t in v o lu m e .
A
c o n s ig n m e n t
of
a re u n d o u b te d ly
abrupt
th e
dem and
now
4 4 4 % @ 4
E u ropean
a t .4
a
r ise ,
th e
and
or
o ffe r in g s
b id d in g
w ill
ord er.
d e ta ile d
w as
c a b le
fe is
in
of
tr o u b le s .
m ore
fo r
lim ite d
m o n th
be
absen ce
ad van ces.
in d e p e n d e n tly
la s t
and
th e
m ark et
fr o m
debt
th e
4 4 6 % ,
en cou rage
next
th a t
in
even
th e
s h o u ld
sp r e a d in g
A s
and
sh arp
th a t
th e
r is e
S a tu rd a y
44
4
exchange
c o n s id e r a b le
cu rren cy.
4 49
la s t
p o in t
w hen
have
not
to
s te r lin g
of
B r itis h
s h a r p ly u p w a r d ,
c e n ts
th e
fa ilu r e
ra te s
h ig h e s t
in
sou rce
cau se
m ade
50
a b le
th is
to
sh a rp
s e ll
d e s c r ip tio n ,
fic ie n t
b e in g
to
8 9 0 0 ,0 0 0
S t.
Paul
(r e c e iv e d
w as
brou gh t
S o u th a m p to n );
th e
fro m
F rance,
th e
fro m
Sw eden,
A m e r ic a n
and
46
g o ld
C o lo m b ia ,
and
p o in ts
and
and
3
at
re p o rte d
th e
on
8 3 9 0 ,0 0 0
L a fa y e tte
c lo s e
th e
(b o th
8 2 4 3 ,0 0 0
c o m p r is e d :
s ilv e r
bars
cases
of
in
s p e c ie
w eek)
th e
4
S o u th
of
M e te p a n
v a lu e d
at
bars
$ 5 0 ,0 0 0
fr o m
cases
th e
fro m
g o ld
about
c o n s ig n m e n ts
w h ic h
on
la s t
c o m in g
D r o ttn in g h o lm
s m a lle r
of
M a u r e ta n ia ;
g o ld
fro m
$ 2 4 ,1 5 0
.
on
th e
is
H a iti fr o m
sa id
ta n ia
to
be
and
on
s te r lin g ,
o ff o f th e
lo s s e s
in
to
L lo y d
th a n
5
to
on
th e
8 .1 3 ;
$ 2 ,3 5 0 ,0 0 0
ste a m e rs
fr o m
th e
th e
by
a
th e
to
ch ecks,
c lo s in g
la s t
of
th e
fa ilu r e
an
added
e a r ly
in
of
a
w eek
p r ic e
drop
a
re fu sa l
of
in
th e
o th e r
p la c e s
th e ir
norm al
as
d e p lo r a b le
su ffe re d
s e llin g
and
as
in
fo r
u su al
o th e r
litic a l
near
th e
fu r th e r
p o in ts .
50
o n ly
and
th o u g h
to
w as
u n s e ttle d , w ith
heard
B e r lin
of
to
upon
cu rren t
fo r
w ith
at
of
p a n ic
n ew s.
H ope
d e v e lo p m e n ts ,
F rance
th is
by
it
w eek.
F rench
r e c e s s io n s
T h is
v ie w
a u th o r itie s
is
w ho
at
days
sh ort
n e u tra l
fir m n e s s ,
sp u rts
m ark ed
and
fo r
of
up,
fra n c s,
th e
w eek.
p e se ta s,
each
Scan
w ere
fin is h e d
and
at
fir m ly
1 9 .0 4
and
fo r
at
a g a in s t 2 1 .4 7
c lo s e d
at
2 6 .4 4
2 6 .1 3
at
and
at
a
and
and
c a b le
th e
and
C hecks
tra n sfe r s
at
ch ecks
on
r e m itta n c e s
p r e v io u s
ch ecks
1 5 .4 8
c a b le
2 1 .5 2 .
w h ile
1 7 .2 3
e a r lie r .
and
c a b le
2 6 .1 8 ,
fo r
w eek
and
and
1 5 .5 6
w ere
tra n sfe r s,
2 1 .6 1
1 7 .3 7
1 7 .1 8
3 8 .3 7
fr a n c s
c a b le
1 9 .0 6
fin is h e d
3 8 .7 3 ,
a g a in s t
S w is s
1 9 .0 6
3 8 .8 3 ,
a g a in s t
a g a in s t
3 8 .4 2 ,
fo r
at
3 8 .8 8 ,
3 8 .7 8 ,
at
ra te s
ch ecks
c lo s e d
and
fo r
and
1 5 .5 3
tra n sfe r s,
a g a in s t
1 3 .6 0 ,
at
w eek.
1 5 .6 1
fo r
r e s p e c tiv e ly
in
th e
to
at
a g a in s t
P eru
fo r
a
c lo s e d
w as
h ow ever,
ch ecks
1 3 .5 0
w as
and
lo s t
1 3 .4 5
and
1 3 .5 5
stro n g ,
at
w eak er,
th e
exchange
p r ic e
fin is h e d
at
of
stro n g
so
5 8 % @ 5 8 %
7 7 % @ 7 7 % ,
4 8 @ 4 8 %
w as
s ilv e r ,
la s t
1 3 .6 5
d e c lin in g
(u n c h a n g e d );
b ay,
2 9 @ 2 9 %
2 9 %
(u n c h a n g e d ).
(u n c h a n g e d )
o w in g
th a t
to
M a n ila ,
an
K ong
5 7 % @ 5 8 ;
7 6 % @ 7 7 % ;
and
to
H ong
a g a in s t
a g a in s t
( u n c h a n g e d ) ;S i n g a p o r e , 5 2 @ 5 2 %
v e h e m e n tly
ch ecks
3 6 % , a g a in s t 3 6 .1 2 %
B r a z il,
1 3 .4 0
exchange
but
q u o ta tio n s ,
A r g e n tin e
1 0 a w e e k e a r lie r .
E a ste rn
ham a,
A m e r ic a n
and
e a r lie r .
d e c lin e d
C h ile a n
S h a n g h a i,
k in d
in s is t
c a b le
cu rrency
c o n d itio n s
th e
and
in c r e a s e
is
S o u th
w eek
w eek.
Far
be
th ro u g h
th a t
a
4 0 0 , a g a in s t 4
of
to
p r e v a ile d
a n d c a b le tr a n s fe r s
3 6 .2 5
grou n d ,
th e
to
regard
to n e
at 3 6 %
ex ch a n g e to
of
sig h t
ch ecks
w ith
g a in s
tr a n sfe r s
s ix ty
fin is h e d
W ith
T a lk
su r p r is e
c la im e d
fo r m e r
w ere
g u ild e r s
A m ste rd a m
C lo s in g
a g a in s t
fir m e r
and
of
s a id
e c o n o m ic
tra n s
th e p r e v io u s w e e k .
m a rk e t,
o b ta in e d
at
im p o r ta n t c h a n g e .
on
c a b le t r a n s fe r s , a g a in s t
R u
event
now
of F rench
and
prevent
th e
P o la n d
c a b le
in c r e a s e d
p r ic e s
of
c a b le
a g a in s t
P e se ta s
hand,
nervous
Som e
b e in g
fin a n c ia l
s h o u ld
e x p e r ie n c e d
d is p u te d
in
is
or
q u o ta tio n
c lo s in g
in
r e lie f b e in g
C o m m is s io n .
a t th e v u ln e r a b ility
im p r o v e m e n t
th e
case
s ig h t
Sw eden
1 7 .4 2 ,
0 .0 0 1 3 5 .
The
tim e
a g a in s t
on
F in la n d
fo r
s p o r a d ic ,
a s w e ll a s
fo r
N orw ay
due
c o n flic tin g q u o t a t io n s .
p reven t
p o s s ib le
th e
fo r
th a t
o th e r
ch eck s.
and
a d v is a b ility
R e p a r a tio n s
exp ressed
in
3 .2 0
e r r a tic
u n fa v o r a b le
c e n tr in g
th e
fir m ,
s h a r p ly
th e
B ou rse
fu rth e r
r u le d
as
in
o ff to
th e
of
net
w eek.
2 6 .4 9 -
r e g is
m a n ip u la tio n .
m a rk s sagged
on
po
at
w as
d u ln e s s ,
tra n sfe r s a t 2 1 .6 6 ,
advance
c o n d itio n s
th e
4 .5 2
G reek exchange
on
e s ta b lis h e d
C openhagen
The
ste a d y
regarded
on
and
0 .0 0 2 0
tra n sfe r s,
2 .8 8 ,
on
3 .2 5
q u o ta tio n s ,
c o m p a r in g
m ark et
an
and
d ir e c tio n
c o m m e r c ia l
1 9 .0 5
pre
w e e k ’s
or
at
at
and
exchange
th e
c o m m e r c ia l
la s t
A n t
cu rren cy
3 .0 0 ,
w as
exchange,
P o lis h
up,
d u ll,
to
s p e c u la tiv e
exchange
about
fin a n c ia l
F in n is h
fr a c tio n a lly
h e ld
h ow ever,
b e tte r
w e re e a s ie r , a n d
G reek
L ir e
th e
C z e c h d s lo v a k ia n
to
and
m o v in g
exchange
by
and
0 .8 5 ;
w eek b e fo r e .
checks
th e
3 8 .7 8 ;
3 8 .8 3 ;
25
exchange.
E u ropean
a ffe c te d
7 .4 9 ,
in
w h ic h
a g a in s t
advances
b o tto m .
P a r is
w eek.
ch ecks
c a b le
a g a in s t
0 .0 0 1 4 5 ,
tr a d in g
B an k ers’
a ls o
ch eck s,
in
in
h e ld , b u t w ith o u t
is r e g a r d e d
w eak n ess
and
fo r
c lo s e d
0 .7 4 ,
th e
fo r
pron ou n ced
d in a v ia n
and
exchange
th e
7 .7 4
w ith
th e
T h is ,
but
m a n ia n
of
m ark s
G eneva
a lte r n a te
near
im p r o v e m e n t
to
co u n try ,
is
c lo s e
b e tw e e n
4 .5 5 .
of
w ith
3 .2 0
w ere
e s p e c ia lly
m e r e s t fr a c tio n
I r r e g u la r
w eek
d e v e lo p m e n ts .
to
G erm an
fo r
at
at
a g a in s t
th o u g h
of
c r e d it
de
7 .8 8 %
p r e v io u s
fo r
fo r
com
fe v e r is h a c t iv it y b e in g s u c c e e d e d b y r e g u la r in t e r v a ls
th e
un
s itu a tio n
C z e c h o s lo v a k ia
0 .0 0 1 3 5 ,
and
q u o ta tio n
S in c e
th a t
F rench
to
w eek.
s e n s a tio n a lly
4 .5 0
th e
on
B u ch arest
ce n tre s
e a r ly in t h e w e e k , u n d e r h e a v y
sy m p a th y
te re d
not
and
on
M o v e m e n ts
ste r
upon
th e
0 .0 7 %
T h is
w eek
4 .5 3
fo r
fe r s , u n c h a n g e d .
sta tu s
in
streets a t
th e
of
The
in
w ere
th e
th e
and
A n t
7 .6 4
a w e e k e a r lie r .
tr a n sfe r s.
0 .0 0 1 5
fin is h e d
b ills
fin is h e d
b o r d e r in g
s o ld
L ir e
s ig h t
and
th e
pound
th e
ago.
and
lo w e s t
a d d itio n a l
th a t
b e in g
s lu m p e d
branches
le s s
be
le a r n e d
ran ged
in
and
w eek
7 .7 1
com
c o m m e r c ia l
tr a n s fe r s , a g a in s t 0 .0 0 1 5
T he
on
th e
0 .0 0 1 4 .
an
e x tre m e .
th e
th e
c o n d itio n s
to
are
th e
and
fr a n c s
w ere
is
th ro u g h o u t
d e c lin e s
w erp
sa id
s e v e r e ly a n d
o ff
v a ile d
gran t
v a lu e ,
pressu re,
p o in ts
to
a b o u t th e
of
as
th a t
to
day.
w orse,
lo w
crow n s
to
one
as
A u s tr ia ,
It
A u s tr ia n
broke
a
ch ecks
0 .1 2 %
at
8 .1 4 ;
and
m ark s
c a b le
and
2 .1 4 , a g a in s t 2 .1 5
abroad,
sta te d
m ark s
in
ow ed.
fr o m
a d v ic e s
even
are
m o r a liz a tio n .
and
is
to
to
c o u n try
cam e
p o in ts
A llie s
£ 1 5 ,0 0 0 ,0 0 0
$ 1 0 ,0 0 0 ,0 0 0
h is to r y — 4 ,4 8 0
890
w ent
of
happy
c a b le
kron e
tim e
th e
s e llin g
G erm an
of
A u s tr ia n
fo r
of
th e
m ark et
record ed
lin g ,
p la c e
th e
London
G e r m a n y o f $ 2 ,5 0 0 ,0 0 0 , th e a m o u n t
of
8 .0 8
B e r lin
fo r
c lo s e d
fo r c a b le
E xchange
at
in
a g a in s t
8 .1 1 ,
in c o m p a r is o n w ith 4 .5 9 a n d 4 .6 0 th e w e e k p r e c e d in g .
th e p a y m e n t b y
part
fo r
0 .1 2
w eek.
2 .5 0 ;
s tip u la te d
at
0 .0 7 %
k ron e
ban kers’
c a u s e in t h e d e c lin e w a s t h e p e r s is t e n t s e llin g a g a in s t
g re a te r
and
w ith
a n o th er
a g re e m e n t,
a g a in s t
fin is h e d
q u o ta tio n s
of
la s t.
7 .8 8 ,
7 .9 4 ,
a g a in s t
and
lo s s
m ore
at
at
7 .9 1 ,
c a b le t r a n s fe r s , a g a in s t 7 .7 0
A u s tr ia n
a tte m p ts
at
fo r
pares
le d
F r id a y
tr a n sfe r s
7 .6 3
s till
on
in flu e n c e
r e p a r a tio n s
fr a n c s
0 .0 0 1 7
a
p r ic e
days
w erp
checks
heavy
n a tu r a lly
s ix ty
F in a l
b r e a k in g
ren ew ed
drop
fo r
fir m n e s s
th e
c a b le
m e r c ia l s ig h t
A q u i-
m e e tin g a n d
and
s e n tim e n ta l
a
to
R e ic h s m a r k s
brou gh t
fro m
at
a ffe c te d
m ovem ent
m ark s
a r r iv e
op p osed
G e o r g e -P o in c a r e
record — 0 .0 7 %
p o in ts
A s id e
as
su s ta in e d .
u n lo a d
lo w
here
a d v e r s e ly
dow n w ard
new
w ay
exchange,
w as
w ere
th e
its
A p p r o x im a te ly
M a je s tic .
C o n tin e n ta l
in
H a iti.
Y ok o
4 9 % @ 4 9 %
(u n c h a n g e d ); B o m
C a lc u tta ,
2 9 % @
th a t
P u r s u a n t to th e r e q u ir e m e n ts o f S e c tio n 4 0 3 o f th e
real
p r o s p e r ity
m u st
of
n e c e s s ity
depend
upon
th e
E m ergen cy
a b ility
to
c o lle c t
at
le a s t
som e
p o i tio n
of
T a r iff
A ct
of
M ay
27
1921,
th e
F ederal
m uch
R e se r v e B a n k is n o w c e r tify in g d a ily to th e S e c r e ta r y
n e e d e d in d e m n ity fu n d s .
T h e
as
London
a g a in s t
B ills
on
ch eck
5 5 .9 3
th e
ra te
la s t
F rench
.
in
w eek.
ce n tre
P a r is fin is h e d
In
c lo s e d
N ew
at
a t 5 6 .6 3 ,
Y ork
7 .9 3 ,
s ig h t
a g a in s t
o f t h e T r e a s u r y th e b u y in g r a t e f o r c a b le t r a n s f e r s o n
th e d iffe r e n t c o u n tr ie s o f th e w o r ld .
th e re c o r d fo r th e w eek ju s t p a s t :
W e
g iv e b e lo w
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANK TO TREASURY UNDER EMERGENCY TARIFF ACT,
___________
AUG. 12 TO AUG. 18 1922, INCLUSIVE.
N o o n B u y in g R a le f o r C a b le T r a n s fe r s i n N e w Y o r k .
V a lu e in U n ite d S ta les M o n e y .
C o u n try a n d M o n eta ry U n it.
Aug.
EUROPE—
Austria, krone..................
Belgium, franc__________
Bulgaria, lev.................. .
Czechoslovakia, krone___
Denmark, krone...............
England, pound________
Finland, markka________
France, franc....................
Germany, reichsmark___
Greece, drachma............._
Holland, guilder...............
Hungary, krone..............
Italy, lire........................
Jugoslavia, krone.............
Norway, krone.................
Poland, Polish mark..........
Portugal, escuda...............
Rumania, leu....................
Serbia, dinar............... .
Spain, peseta....................
Sweden, krona.................
Swltzeiland, franc___ __
ASIA—
China, Chefoo tael_____
’’ Hankow tael_____
"
Shanghai tael___
"
Tientsin tael__
“
Hong Kong dollar.
’ ’ Mexican dollar__
Tientsin or Pelyang
dollar...........
'■ Yuan dollar____
India, rupee.............
Japan, yen____ ____
Slnga pore, dollar___
NORTH AMERICA—
Canada, dollar__ __
Cuba, peso...........
Mexico, peso.........
Newfoundland, dollar
SOUTH AMERICA—
Argentina, peso (gold)__
Brazil, mllreals__ __
Uruguay, peso...........
Chile, peso (paper)........
12.
Aug.
S
14.
A ug.
S
15.
Aug.
16.
Aug.
17.
Aug.
18.
s
.000020 .000020 .000020 .000017 .000015 .000014
.0776
.0765
.006367 .006073
.025394 .0268
.2152
.2153
4.4639 4.4622
.021275 .021238
.0819
.0806
.001342 .001201
.0308
.0311
.3885
.3882
.000735 .000744
.0462
.0457
.003053 .003046
.1724
.1729
.000148 .000142
.0705
.0710
.008025 .008019
.012471 .012164
.1553
.1554
.2625
.2623
.1903
.1904
.0761
.006142
.028606
.2154
4.4643
.021294
.0803
.000992
.0311
.3882
.000724
.0456
.003039
.1735
.000140
.0710
.006793
.012186
.1557
.2628
.1905
.0754
.0756
.00603 .006504
.029894 .028203
.2158
.2163
4.4724 4.4831
.021288 .021394
.0794
.0797
.000995 .000944
.0315
.0317
.3885
.3893
.000714 .000683
.0456
.0453
.003035 .003026
.1744
.1739
.000137 .000137
.0703
.0710
.0066
.0068
.012164 .01215
.1563
.1565
.2632
.2645
.1906
.1907
.0758
.006417
.028561
.2159
4,4813
.021406
.0797
.000809
.0319
.3899
.000664
.0453
.003003
.1739
.000135
.0697
.007331
.012036
.1565
.2647
.1908
.7958
.7892
.7616
.8008
.5728
.5555
.7988
.7921
.7630
.8029
.5724
.5590
.8038
.7971
.7680
.8088
.5763
.5619
.8050
.7983
.7692
.8100
.5747
.5623
.8088
.8021
.7711
.8138
.5768
.5645
.8058
.7992
.7745
.8100
.5781
.5640
.5692
.5658
.2907
.4770
.5117
.5625
.5675
.2906
.4767
.5083
.5642
.5713
.2907
.4768
.5121
.5625
.5683
.2910
.4769
.5129
.5650
.5725
.2909
.4770
.5129
.5750
.5700
.2912
.4781
.5100
.996806
.999125
.48725
.994844
.997951
.998938
.487188
.995703
.999055
.998688
.486375
.996484
.998875
.999063
.4860
.99625
.998861
.999188
.485375
.996528
.997972
.99925
.4850
.995938
.8184
.1339
.8129
.1355
.8221
.1339
.8121
.1351
.8233
.1343
.8128
.1355
.8257
.1338
,8108
.1354
.8246
.1331
.8118
.1357
.8239
.1334
.8108
.1358
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $3,131,840 net in cash as a result of the cur
rency movements for the week ending Aug. 17.
Their receipts from the interior have aggregated
$4,355,140, while the shipments have reached $1,223,
300, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
W e ek e n d in g A u g .
G a in o r L o ss
to B a n k s .
In to
B a nks.
O ut o f
B anks.
$4,355,140
SI,223,300 Gain 83,131,84
17.
Banks' Interior movement
As the Sub-Treasury was taken over by the Fed
eral Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government opera
tions on the Clearing House institutions. The Fed
eral 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.
S a tu r d a y ,
A u g . 12.
M onday,
A u g . 14.
T u esd a y,
A u g . 15.
W e d n e s d 'y ,
A u g . 16.
T h u rsd a y,
A u g . 17.
F r id a y ,
A u g . 18.
s
S
$
S
S
S
40,800,000 54,500,000 42,900,000 55,300,000 60,400,000 48,700,000
A g g re g a te
fo r W eek .
C r.
s
308,600,000
r5 <^
Thf/°L
hea«Bank
y f e,dlts
theofhug0
mass o t checks
which come
to Athe
New
Yorke!??lng
Reserve
from renlect
all parts
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 checks
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 bul
lion in the principal European banks:
Aug.
G o ld .
|
17 1922.
Aug.
S ilv er.
T o ta l.
G o ld .
£
£
£
£
|
18 1921.
S ilv er.
|
T o ta l.
£
127,407,660 128,407,080
£
England - - 127,407,660
128,407,080
France, a. 143,294,381 11.400.000 154,694,381 142,940,073 11.040.000 153,980,073
976,650
51,088,030 54,577,550
Germany . 59,111,380
731,100 55,308,650
Aus.-IIun. 10.944.000 2.369.000 13.313.000 10.944.000 2.369.000 13.313.000
Spain____ 100,934,000 26.020.000 126,954,000 99.744.000 24.929.000 124,673,000
Italy____ 34.568.000 3.049.000 37.617.000 33.141.000 3.001.000 36.142.000
687.000 51.183.000 50.497.000
Netherl' ds 50.496.000
899,000 51.396.000
Nat. Belg. 10.664.000 1.829.000 12.493.000 10.663.000 1.606.000 12.269.000
Swltz'land 20.721.000 4.634.000 25.355.000 21.778.000 4,428,000 26.206.000
15.218.000 15.838.000
Sweden__ 15.218.000
15.838.000
Denmark _ 12.683.000
218.000 12.901.000 12.646.000
206,666 12.852.000
Norway __ 8,183,000
8,183,000 8,115,000
8,115,000
Total weck'585,224,421 51.182.650 636,407,071 589,290,703 49,209,100 638,499,803
Prev. week585,266.731 51.094.650 636,361.381 590,972,543 49,221,250638,160,793
a Gold holdings of the Bank of France this year are exclusive of £ 7 7 934 182
held abroad.
’
*
UNBALANCED NATIONAL BUDGETS—FOR
EIGN AND THE UNITED STATES.
Recent reports from abroad give some interesting
figures on deficits in the budgets of the leading for
eign Governments. Exception, however, must be
made as to Great Britain, whose strong financial
system and whose tradition for sound business prac
tices in Government has enabled her to weather the
violent storm arising out of the war. At the other
extreme is Russia, deluging herself with paper
money—resorting to the printing press for revenue,
although her potential resources are perhaps greater
than those of any country in the world. The deficit
in the Russian budget for 1922, as officially pub
lished, is 138 trillion Soviet rubles.
Ninety-eight per cent of the expenditures for 1921
were met by new issues of paper currency. Since
January of this year it is reported that 280 trillion
paper rubles have been issued. No nation in the
past, not even in its wildest orgies of inflation, has
ever approximated such fantastic figures.
Hie French budget for 1923 shows a prospective
deficit of 3,900,000,000 francs out of a total expendi
ture of 23,000,000,000 francs. This deficit is about
equal to the interest on the amount of money spent
by France in restoring the devastated regions. It is
the theory of the French budget that this sum will be
collected from Germany, and that, therefore, the
above mentioned deficit is apparent only. In the
meantime, however, in view of the present economic
and financial condition of Germany, it must be
tieated as a real deficit to be met by an increase in
the public debt.
The excess of the expenditures of the Italian Gov
ernment over the receipts for 1922 will apparently
run between five and six billion lire, about one bil
lion of which is due to losses incurred in the opera
tion of the State owned railways. The Spanish
budget deficit is, for 1922, about 800,000,000 pesetas.
1 or 1923, in the budget recently approved, it is re
duced to 427,000,000 pesetas out of a total expendi
ture of 3,044,000,000 pesetas. The Swedish budget
lor 1923 shows a deficit of 70,000,000 crowns out of a
total expenditure of about 744,000,000 crowns. The
Danish budget for 1922-23 indicates a deficit of 29,
200,000 crowns, a decrease of 27,300,000 crowns from
the deficit for 1921-1922.
Not only are deficits the general rule in all Euro
pean budgets, but also in those of Latin America.
Everywhere there are post-war increases in the pub
lic debt and the consequent inflation and increased
cost of living. It is a depressing picture. The ele
ments, economic and political, that enter into it are
so diverse and complex that no simple remedy can be
applied, but the homely truth must be recognized by
all that fundamental to any true economic recovery
are industry and thrift properly organized and pro
tected.
Turning to the Government of the United States
v e find that we completed the fiscal year 1922 with
a surplus of $313,000,000, according to figures given
out by the President on July 11. On the other hand,
for the current fiscal year 1923 we face a prospective
deficit of $425,000,000 on the basis of estimated ex
penditures of $3,771,000,000. The President pro
poses to meet this apparent deficit not by asking Con
gress for authority further to increase the public
debt, but by the exercise of a close control over all
current expenditures, making reductions here and
800
THE
C H R O N IC L E
[Vol. 1 1 5 .
there through the employment of strictly business thorough-going and extensive, of winch many are not
methods, with the consequent elimination of extrav aware, and Avkicli goes far to justify our optimism.
The agencies Avkicli have produced these changes
agance and Avaste.
are
numerous and reflect the advantages derived by
In this herculean task the President needs the
the
farmer from progress in invention and science.
hearty co-operation and support of Congress. If
Most
important of all perhaps has been the
Congress makes neAV appropriations for the current
change
Avrougkt by the unrecognized but immediate
year the President, with his Bureau of the Budget,
and
revolutionary
effect of the investment of capi
will face an impossible situation. The Treasury can
not bear another dollar of additional expenditure at tal in Avkat in general may be called “modern im
this time. Yet it is apparent to all that the soldiers’ provements.” First came the bicycle, releasing at
bonus bill is about to pass the Senate Avith a majority once the young people and older children from the
relatively as large as that by which it passed the restriction and repression of life on the farm. They
House. Even if the President vetoes it, the bill Avill, could with exhilarating speed visit their neighbors,
probably become a lavvT, notAvithstanding his disap and on occasion see the town. Then folloAved the
proval. Where is the money coming from ? Are Ave trolley car, climbing the hills and bounding along
drifting into the economic position of the European the levels, offering the Avornen folk the excitement of
nations who are meeting their current expenses by a ride and the convenience of shopping at an incon
increasing the public debt? The keenest student of siderable expense; beyond that, enabling them to
public finance cannot suggest any neAV sources of drop their Avork and leave home for a bit Avithout call
taxation Avkicli Avould not disrupt our economic and ing the men from the field on considering Avkether
social life. The Government has reached the limit of the horse could be spared.
Before long the telephone joined together the scat
its resources in raising money by taxation. To go
tered
and solitary homes, starting the stream of gos
further would kill the goose that laid the golden egg.
sip
and
chat Avhicli is the bond of neighborliness and
To borroAv money Avould not only disturb the bond
giving
to
all the sense of being in touch Avith the
market, but would destroy the plans of the Treasury
for the redemption of the public debt. It Avould, by Avorld. All this at an expense that Avas nominal
increasing the annual interest charge on the public when the homes Avere in the woods and the farmers
strung the Avires themselves. Meanwhile, the motor
debt, also add to the current expenditures.
For the fiscal year 1924 the President has openly car Avas developing. Now it is everywhere, annihi
avoAved his determination not to submit to Congress lating distance, never daunted by loads of people or
a budget carrying a prospective deficit. He is going of produce, transforming itself to every use, ploAving,
to compel the departments to estimate their expen seeding, Aveeding, harvesting, furnishing power at
ditures Avithin the total of the estimated revenues. need for any service, always the engine that shoves
But Avliat avails this sound economic policy if Con aside man’s strength, challenges his intelligence, ap
gress, which under the Constitution controls the peals to his emotions, arouses his energy, and, while
purse strings, is not in accord Avith it? The Presi being his docile servant, makes him a new man by
dent is teaching the departmental officials to think the release of his powers.
To this we are to add the new machines of endless
nationally rather than departmentally. There is a
still greater need for Congress and for the people variety which in the field have swept away the an
themselves to think in terms of the nation as a Avhole cient implements, the spade, the hoe and the scythe
Avhen they direct their minds towards the funds in and in the house have transformed the kitchen and
emancipated the women from the milk pail and the
the public Treasury.
churn. The chemical fertilizer and the wire that
TEE AMERICAN FARMER—ELEMENTS IN takes the place of the fence rail, as well as all the ma
chines, from the bicycle to the motor and the sepa
HIS PROGRESS AND IMPROVEMENT.
We recently called attention to the fact that the rator, are the direct product of capital invested in
neAV Census reports our farm population as 31,614, great corporations and manufactories which now
269, of Avlioin all but 255,629 Avere in “rural terri supply them in a quantity and at prices which would
tory” ; and Ave gave Avkat many doubtless regarded a otherwise have been impossible. Indeed, it is incon
ceivable that without this aid they would ever have
very optimistic picture of the farmer and his life.
Many are aAvare of the number of abandoned farms been produced; for the implements of the farmer had
in NeAV England, say 20 years ago, and of the con before this changed hardly at all through the centu
dition of life in the back country districts of New ries. Invention may almost be regarded a modern
England and the Middle States at that time. A form of inspiration, and now it is apparent in all we
group of able writers, natives of the region, have do or use; and money, accumulated in the amounts
given us vivid stories of the men and Avornen avIio we recognize as capital, has taken up its creations
went West to open farms in Avliat are noAV the great and made them render tribute of comfort and pros
Central States, and of those avIio have folloAved the perity to all.
Knowledge acquired by searching all lands to-day
Frontier in its onward course ever since. Their ex
confronts
the farmer at his barn door. The form,
perience Avas less severe and exhausting than that of
the
color,
the
size of his stock, remind him that men
the mountain Avliites of Kentucky and Tennessee, and
of the poor whites of the hill country of the South of keen intelligence have been at work discovering,
ern States, only because they fell upon better condi importing, breeding the best that other countries pos
tions and could maintain undying hope. The chil sess that now, often in improved form, they may be
dren of those homes have in mind no rosy picture of his. His fields proclaim to every passer that he has
farm life, and compose the stream of youths who, learned the value of diversified crops, that chemists
deserting the farm, have gone forth to be the chief have furnished him fertilizers adapted to the soil of
builders of the bright young cities Avhich to-day con his fields, that science has brought to him improved
tain approximately one-half of our population. varieties of seed, and that he has but to await the
But Avithin recent years a change has come about, harvesting to receive his reward. The quality and
quantity of the produce of his fields, his orchards, his ing at San Francisco. Sometimes when we consider
garden and his barnyard, beyond the money they the multiplicity of our statutes and the technical
bring, testify to his intelligent skill, no less than to pleas in our courts our minds turn to questioning
his industry. He is a man among men, the peer of the power of Law to establish justice. But the pa
any in his appreciation of the importance of know! pers read at this meeting, the able men that are here
edge and his growing intelligence; and the superior gathered, the profound respect here evinced for the
of most in the consciousness that his fortunes are great primal principles embodied in the instrumen
linked up with the earth beneath his feet from which tality of law, convince us that in the majesty of this
they cannot be severed, and that they have been won profession and in the operation of this agency, our
by his own toil as he worked together with Nature. civilization and true progress have an impregnable
Indeed,* the forces of the universe, in the rain, and defense. In the highest sense these professionals ap
the sun, and the earth, have, in the measureless pear in this assembly as officers of the courts and as
bounty of an all wise Providence, collaborated with counsellors of the law in behalf of the American
him.
people.
An officer in a great bank said recently to a friend:
It is gratifying to note that repeatedly our Consti
“I wish you could tell me how to awaken in my son tution, as the supreme and comprehensive law of the
an interest in the bank. I have tried in vain.” ‘‘Why land, is upheld as the wise covenant of a united peo
should he have any interest ?” was the response. “He ple, as the universal contract by which we insure to
has the money for everything he wants. He knows ourselves and to posterity, our rights and liberties.
that as your only son he will have still more by and That great document, conceived in a time when sim
by. His idea of your bank is as a great money making plicity ruled the relations of life, when a new and
machine for you and its other owners. Why should unlike Government was launched in the world, un
he drop polo and yachting and his friends, the joys hampered by class and divisional interests and con
of his youth when he will be young but once? Look flicts, expresses the all-in-all of our national life.
upon your bank as a potential helper of men, a chief A.nd we gather from reading the pronouncements of
promoter of civilization, reaching far and wide to en the Bar Association, that it has lost none of its dig
courage industry and reward honesty and help all nity, wisdom and strength as a guide by which our
who are striving to sustain the State and promote feet are to be led in the complexities of this later day.
well-being. Try that, and making it manifest, then
That Constitution defines our government as a whole.
challenge him to find any occupation to which he can
It not only constitutes but it limits government. Be
devote his life better worth while or more of a man’s
fore it stands an imperishable Bill of Rights. And
job than that, if he will only join you in it; and then
after, comes the detailed procedures of the civil and
see what will be his response.”
criminal laws and courts. And while in the original
Cannot the American farmer to-day justly take the
conception of the whole scheme of “liberty under
same view of his job, if he will? And if he does, will
law, it provides for its own interpreter in the Suhe not win his sons to take their place at his side and
join to make them farm the “ancestral home,” which, theTntent t h
States’
"'e doubt
110t that
t e intent to bring U,nited
this august
tribunal
within
the
with us, it has so rarely become, the source and the
w 11 ^ lGaSt °f the Written instrument is
permanent centre of so many of life’s sweetest memo c W
ries and joys?
lav idea th T tu - lf WG may exPress 0llr own
ay idea, that this interpretative body, so made
An up-State banker told, some little time ago, the
and provided, cannot permit to go unchallenged a
story of a couple of young men who came to borrow
law that would clearly break down the divisional
several thousand dollars to enable them to buy a
p(n\ers o this peculiar form of government, or persmall orchard. They had graduated from Cornell’s
ini
e people to override it by the passage of an
Agricultural Department, had worked a year on a
meii ment contrary to the spirit of its principles,
large fruit farm, and wanted to begin for themselves.
He liked their looks and lent them the money. The t e r i t s e l / continued supremacy of the Charnext year they came back and said they could pay
Ihe 'weight of opinion expressed in the papers
part of the loan, but would like to buy an adjoining
rea
an addresses delivered, put into our own lan
20 acres instead. He agreed. The second year they
guage, is in behalf of a greater popular reverence for
came in to pay half the loan, saying they could pay
more but they wanted to take $1,000 for a winter’s aw* ot iaws—Petty statutes regulatory of com
mon i e, not constitutional amendments attempting
trip in the South, and to keep $1,000 for their work
o isc ose, permit, or restrict the natural, inevitable,
in the spring. He already saw in them valuable de
inseparable
rights that attach to free citizens and the
positors of the bank in the near future.
°.Wners
*P
of
Property; but reverence for and submis
The wife in the Canadian wilds, in that beautiful
sion o the will of a people as first evolved and now
story, “Maria Chapdelaine,” amid all the hardships of
sus ained in the concept of a form of government,
her life can say, “There is no better life than the life
un i e any other on earth, in which all powers not
of a farmer who has good health and owes no debts.
speci ically delegated to the nation are reserved to
He is a free man, has no loss, owns his beasts, works
for his own profit. . . . The finest life is there.” ie, a*es anc* the people. Mention is repeatedly
ma e o the tendency toward bureaucracy; of the
This is testimony taken on the spot by one who knew
fi
se* UP a Congress with power to override
whereof he spoke.
ie ecisions of the Supreme Court; of the loud deTHE AMERICAN BAR ASSOCIATION__ A VAL ma s y classes, such as the American Federation of
a or, of the righteousness of the decisions, in cerIANT CHAMPION OF THE CONSTITUTION.
ain
cases, of the Supreme Court; of the secret propOne must be a careless, even a listless, observer
a*
?
aa
a evolutionary in tendency too little heeded;
who does not find intellectual and ethical encourage
o
e
oo great severance of equity and law in the
ment in the published proceedings of the American
esser ields of administrative justice; all showing
Bar Association which lately held its annual meetie need of a return to the spirit of our fundamentals.
We have many vocations and professions in our
interacting life. The citadels of our faith in the abil
ity of man to govern himself are everywhere being
sorely tried. Our own “experiment” is not yet ended.
Each man and each part of our material and intellec
tual life is now called upon to rise to the heights of
self-abnegation. As said by one speaker, our per
sonal views of government and law and of what they
should be must be subjected to this spirit and body
of Law that we have. To trifle with it for petty pur
poses is to weaken it. And to deny the Charter of
our national life in its essential being and perpetual
rule is to hasten the downfall of the Republic.
TILE TARIFF, NEWSPAPERS, AND DEPART
MENT STORES.
Something new under the sun after all! We do
not, at least, recall, in the ancient history of the tar
iff, any linking together of these three potential ele
ments in our affairs. The Tariff, true to its chame
leon character, takes on the color of the times; and
arguments pro and con are likewise expected to be
variegated in hue and tone; but this sudden ava
lanche of denunciation upon department stores as
agencies, through paid advertising control over met
ropolitan newspapers, of the destiny of the whole
American people, by assailing a high protective tar
iff—this is the latest freakishness in a special legis
lation that, whatever befall the country, has the nine
lives of a cat. One might imagine a world war would,
at the very least, make a dent in the tariff embargoes,
but it would be a vain dream—one of those hallucina
tions that follow in the wake of delirium. Wars may
come and wars may go, but the tariff goes on forever.
We may conquer the air in flight, we may by radio
broadcast the best thought of the “intellectuals”
throughout the world, without charge, but a news
paper cannot publish, in the ordinary course of busi
ness, the advertisements of department stores with
out surrendering its soul to the sordid advocacy of
lower tariffs and lowered costs of living. These de
partment stores being large importers want to buy
cheap goods and slip them past the Custom House at
a nominal duty, and for what reason? Namely that
they may sell cheaper to the people than the little
stores who are not big enough to be importers; and
note that in order to sell cheaper to the American
purchaser than anyone else, these department stores
are willing to wreck the country and the Republican
Party on the rock of cheap goods to the largest num
ber. Truly a heinous crime! And the devilish inge
nuity with which they practice their nefarious call
ing ! Being advertisers on a large scale—advertisers
who daily present long lists of “specials,” each striv
ing to outdo the other in presenting his own bargains
to buyers, each careless of the amount of space con
sumed by his own offered attractions, each competing
against all by every skill in the presentation of his
own leading line of goods—these zealous advocates
of their own individual commercial interests, by the
dark and devious ways of combination (where no
possible unity of interest can exist considering the
bewildering schedules of the tariff bill), conspire to
coerce newspapers, and by chance good old Republi
can newspapers, to advocate the defeat of the “pro
tective principle” that has its logical end in embar
goes !
How in the name of common sense can anyone be
lieve such stuff? In a recent reorganization intended
to enlarge the business and offer a profit-sharing
plan to employees, one of the largest department
stores in New York City (with branches in other
large cities) makes the following statement: “In the
past twelve years we have spent more than $19,000,
000 in newspaper advertising, with the result that we
have to-day a well-established and far-reaching good
will.” Can this huge sum be traced by any Sherlock
Holmes to bringing a pressure to bear on newspapers
as to the tariff duties applying to leading articles
sold by this growing firm ? Can any special account
ant show that this expenditure, hitherto indiscrim
inately paid to Democratic and Republican newspa
pers, has all been covertly designed to build up a
power that, at the opportune moment, in the wake of
war, when the world is crying for cheaper goods and
more of them, could crush a few Republican newspa
pers, brave enough editorially to criticize a tariff bill
in Congress? In the lexicon of anathema “Wall
Street” has a new rival, “The Department Store” !
The rational demand of the reader is—tell us how
this thing can be done ? How would these stores com
bine to go about this iniquity of “threatening a with
drawal of patronage” unless these editors proceed to
turn and lambast the tariff? There is not a man liv
ing can tell how it could be done—the actual modus
operandi of bringing this pressure to bear—or can
assert that the attempt, if partially it might succeed,
would not be more disastrous to the stores than to
the newspapers. Why, the fact is that the several
moves, in the advertising field, in these columns open
to all, regardless of race, religion or politics, are as
carefully prepared and thought out as to effects as
those in a game of chess. The newspaper force does
uot write the ads. It does not concern itself in be
half of one or the other as to space, save in the ful
fillment of contracts, open to be made by all reputa
ble firms. How could the newspaper steer a safe
course between this body of patronage if it undertook
to favor one line of goods in tariff rates as against
another? How could it justify itself in espousal or
rejection of a tariff bill if the owners of these stores
were themselves Democrats or Republicans before
they are shrewd and competent business men ? But
why continue? A mere pin prick will dispose of a
bubble!
LORD NORTHCLIFFE.
in the passing of this man the world of to-day
loses a unique figure. His father was a barrister,
and desired the boy to follow him in the law, but the
scent of printers’ ink caught him, and he determined
upon journalism. Still early in his teens, he ob
tained his first job, that of conducting the “corre
spondence” column of a weekly journal. So many
persons wanted to know so many things that he de
cided that this life is itself one protracted interroga
tion and the people who have questions to ask are nu
merous enough to form a forgotten but fertile field
for culture. He would cultivate it, and he began by
starting, in 1888, at the age of 23, a weekly called
“Answers.” It succeeded from the first, fixing him
and advancing him so that in about seven years he
was a joint owner of one daily in London and in the
following year he started another. A list of more
than 100 publications owned by him is now given, his
greatest achievement being the acquisition of the
control and subsequently of nearly all the stock of
“The Times.”
When he obtained his title, it has even been said,
lie chose the name because of the initial and the op-
portunity of sprawling the “N” boldly when he wrote
Meanwhile buying power of those employed in the
it, deeming himself a sort of reincarnated Napoleon manufacture of goods is kept low, partly as a conse
and man of destiny. At least, he apparently read and quence of the high returns still enjoyed by the work
worked with what seems to have been destiny for ers in raw material production and transportation,
himself, for he was the colossus of publishers, show
llie Canadian mining industry offers a good illustra
ing lespect for proprieties but little for precedents.
tion. The wage scales in Western Canada show that
In man} iespects he resembled the founder of the
between 1915 and 1920 the hourly pay of the miners
Heiald of this city, for he was bold to the extreme,
increased anywhere from 115 to 300%, with the gen
had an e}e for the spectacular, deemed the straight
eral rule between 200 and 250%. In face of such
line the shortest path, was quick as speech itself in
facts, it is little wonder that the recent cuts in rail
decisions, was not invariably just or consistent in
way freights had practically no visible effect on the
them, and was perhaps the last example in his coun
market and offered no stimulus to business.
try, as “Marse Henry” Watterson was the last here
Crop reports from all but a few sections of the
ol peisonality running through journalism.
"
est
are excellent, and while sensational yields are
He is ci edited with having been one of the very few
unlikely
the farmers’ returns should be substantial^
persons who foresaw the Great War, for in Septem
ahead
of
last year. Ontario and Quebec have been
ber of 1909 he declared that Germany was preparing
equal!}
fortunate
as a result of a perfect combina
for it and he tried to use the Zeppelin for stirring the
tion
ol
weather.
Sheep breeding has been revived
ntish public to alarm. Soon after the war began he
a ter the unhappy slump of two years ago, and wool
began condemning the censorship, declaring that the
leal truth did not come from the front, that the shells has advanced from 15 cents to 22 and 25 cents a
pound, nearly all of it being sold in the Canadian
were short in both quantity and quality, and that
field, although the finer grades are leaping the
01*d Kitchener was making mistakes. These open
American tariff and successfully competing on the
and unpleasantly-received criticisms were followed
1
b} the appointment of Lloyd George as the first Min lnladelphia market. Improvement in quality and
ister of Munitions. Just as vigorously, he urged grading of Canadian w^ools is shutting out Austra
conscription, and strove to bring the country to a full lian products from the domestic Avoolen mills and re
sense of its task. Later, he was at odds with the sulting in a remarkable activity on the part of a score
strong man and opportunist whom he had so ad ol these comparatively juvenile factories. Indeed
vanced, and this difference, never quite healed, is re Canadian homespuns have been exported to New
garded by some as perhaps the climax of over-exer or v tailoring houses in large shipments of late, and
have established a profitable vogue.
tion which brought him too soon to his end.
Hie pnjp and paper industry is workin t 97%
With a chain of newspapers at his command he
sought to coerce the Government, and met with sig
j p
i many immediate orders and probably
nal defeat. ^And it is well he did. In a free country
a power within the State, more powerful than the This is in iTCt renewaIs about the “ d of this year
State itself, and accountable to no one, would con i„ t h e n '
-means the haPPiest industrial situation
stitute an obvious menace. But he failed just when in the Dominion at the present time. The lumber in
he seemed most powerful. He hounded the Lloyd
tb6iHetha^ behind, but in the
»coige Administration with a malice suggestive of neratiL Jn7tlf 86 mimbe1' ° f tbem>^ “ cial recn\
take years. Large inventories of costlv
the malevolence of the Hearst newspapers-with
v nch his own papers had much in common—but at “
t“ :nketed be,10" ’ C0St b -e not been cleared
.. ' 1Ui= 011 the banks and in many instances
cvei} test in the House of Commons Mr. Lloyd i
?anf are charged against future operations,
George secured an overwhelming triumph. And this
happened again and again.
ie ex i e industries, in particular the cotton
it is too early to measure him justly, as it is to companies, have had an excellent year and extra
measure justly any man who has been among the ( ivi en s on common are being freely predicted.
duel actors m the terrible drama which we are all . i°,, i G ^eas^ interesting and significant of the
trying to bring to a close so as to leave the world wec vs <e\elopments has been the total failure of the
more safe. That Lord Northcliffe was a friend to <om iiiGf Dominion and prairie province GovernAmerica and one who studied us, we know. But that men s o secure representative grain men to sit on a
should not blind us to his faults and defects which pioposed A heat Board, a Government machine to
were manv.
( on io Die marketing of the wheat crop. Although
the salary offered was said to be $100,000, the lead<is o ie grain industry in Western Canada turned
BUSINESS REVIVING IN GANA D A -W E E AT <own ie invitation, one after another. The collapse
BOARD UNABLE TO FUNCTION.
° .ie e“ 01’i is understood to be due to the opinion
?
r ,ie )os^informed grain men that national market
Ottmca, Canada, Aug. 18 1922.
ing
in the present state of wmrld markets would only
With the threatened strike of Canadian railroad
lm
i
t disaster, and that the fear of political interfer
men deferred, if not permanently prevented by the
ence
in itself was enough to scare awrav self-respect
reference of the controversy to arbitration this week,
ing
nisiness
leaders. Accordingly, the Wheat Board
one ol the ugly goblins on the business horizon has
goes at once into hibernation.
ducked its head. The soft coal strike in Nova Scotia
hoes not, of course, help matters, and there
lomains the major menace of a shortage in TEE RAILROAD STRIKE AND TEE RESORT
ie essential coal supplies from the United States,
r
TO VIOLENCE.
mi
^problem Canada is a helpless observer,
t he seventh week of the raihvay strike has borne
nf tiln IS li eas^ ^ie consolation that about one-third it swiftly towards its end, the final stage of violence
been covered^'^ 1166(18 °f
C° Untry W alrea^ ha\ing been reached. Mr. Undeiwvood of the Erie
coins the phrase “mental sabotage” for the terrorism
iT,sr K :vithi>ricesduef°r »“
«vel!
Since seniority is the crux of the matter, we should
to which loyal employees are subjected, and he ex
observe
how simply and effectually Mr. Sheppard,
presses the opinion that but for this and the. physical
head
of
the
conductors, would dispose of it. We hold,
sabotage the public would not know a strike had
he
says,
that
the men now out “have not been dis
been attempted; yet it is this very sabotage (both
missed
from
the
service; that they have not resigned
forms of it) which will ultimately curb unionism by
by
striking,
but
that
they await a settlement of their
reaction against enslaving and criminal excesses.
difficulties
and
that
all
their rights as employees are
On Saturday last, the railway executives had a
suspended,
only
contingent
upon their going back to
long session with President Harding, informing him
work
or
leaving
the
service;
this issue applies to the
of their action at the meeting here on the previous
right
to
strike
under
the
law,
the status of their pen
day, at which every effort was made to reach assent
sions
and
insurance,
as
well
as seniority.” But if
to his conciliatory proposals. The majority, repre
this
is
accepted
it
fails
to
cover
the entire truth, since
senting a total mileage of 141,824, accepted his call
it
means
that
the
old
word
“strike” should be
to assign returning strikers to work and pass senior
dropped
from
use;
that
there
is
no such thing as
ity on to the Labor Board, with the reservation that
“leaving
the
service,”
but
that
men
take a vacation
this is not understood as any surrender of the posi
of
varying
length
when
they
feel
like
it, return when
tion taken on August 1 and recognizing that the
they
feel
like
returning,
and
while
they
are not work
Board is to pass on “the relative seniority” of loyal
ing
in
fact,
they
are
workers
in
suspension.
It is not
men who stood by and of the new who have come in,
yet
said
that
their
pay
should
go
on
just
the
same,
and that the rights of both will be defended* before
but
they
can
run
from
and
back
to
their
jobs
at
will.
the Board. Further, it was resolved that all em
Observe
how
this
agrees
with
and
confirms
the
doc
ployees not guilty of proven violence against em
trine that men once on a job own that job and may
ployees or property “shall be assigned to their for
expel, even by the Herrin method, any interlopers
mer positions where vacancies exist” ; that where
places have been filled other employment of the same they find meddling with it.
In their note to the President, these eight men
class will be found for returning men who have not
pleasantly
assure us that “railroad employees are
been guilty of lawless conduct; that seniority ques
tions which cannot be settled locally shall go before ever mindful of the public interest.” But Mr. Jewell
the Board, also that the strike shall be called off, himself only a few weeks ago- pointed out that the
with the understanding and agreement by all parties public need, in this instance, was labor’s great op
that no oppression or intimidation shall be practiced portunity. His statement on that occasion may be
against any employees. The minority report, by summed up thus: business is rapidly reviving all
roads having a mileage of 57,322, accepted the first through the country; the coal strike means that a
point of the majority as to reassignment of innocent tremendous coal movement soon is necessary in order
strikers to their old places where still open; ac to supply utilities and other consumers; railroad re
cepted, without change, the majority- point that se ports show a heavy percentage of locomotives and
niority questions incapable of local settlement might cars in bad order; this repair work cannot be han
go to the Board; but added a proviso that such refer dled by outside contract, for the outside labor de
ence shall not be a waiver, by either roads or men, “of mand is sharply rising, so that the roads cannot get
the right to review by the courts of such decisions if men to replace those on strike; therefore, “all this
they affect agreements in existence between any road means that time is with us,” and we can now grip the
country so stiflingly by the throat that the roads will
-.aiid its employees.”
be
compelled to surrender.
It suffices to say of this action of the meeting that
The
sympathetic outsider has also been increas
it places with the Board the utmost confidence in its
ingly
busy.
Bombs are thrown at railroad property
justice and steadfastness and consistency which any
in
California;
locomotives are destroyed in incen
mair can reasonably feel; that it goes to the very last
diary
fires;
ears
are shattered by explosives while
stand upon the question of joint principle and expe
diency involved in seniority; and that it proves the crossing a bridge close to this city, with the intent of
‘earnest desire of the executives to reach an honest blocking the lines of two roads at once; and trains
of helpless passengers are stalled in a desert in Ari
and genuii.3 peace.
zona,
by abandonment, leaving very aged persons and
On the other hand, the reply made to the President
infants
to escape with others as best they might, on
by Mr. Jewell and the heads of seven minor craft
a
spot
arid
under a heat which even persons inured
unions was both a. rid and rude. They reject his
to
it
cannot
long endure. Tim veteran William A.
offer, declaring it inconsistent with the earlier one
White
of
Kansas,
who defiantly put placards in his
and saying that it was “impracticable and would
create a chaotic condition because of the undeter windows declaring his sympathy with strikers, found
mined seniority status of the employees.” They in this outrage too much for him and lavished fierce
sinuate anew that “the campaign against the organ adjectives upon it, although seemingly more dis
ized railroad employees is a part of the general open turbed because of its effect in turning public opinion
shop drive” ; they deny that seniority is or has been against strikers than because it was an attack upon
by right an issue and they declare that “this strike innocent travelers. Sympathy, forsooth! It is pos
cannot be, and no other railroad strike has been, set sible to recognize desperate courage, even in a bad
tled until agreement is reached that all employees on cause, and one could have a sort of respect for him
strike are to be returned to work and their former who commits a crime against society and confesses
positions with seniority and other rights unim and takes the pose of martyr; but what of the cow
paired”—a statement which is in direct contraven ards who set explosives under trains and then plead
tion to the facts, as will be seen by reference to an that unionism disapproves lawlessness and that evil
item, which appears on a subsequent page (page 838) persons from the outside are at work ?
As it happens, the heads of the main brotherhoods
where numerous instances are cited of past railroad
realize
that some settlement must soon be reached or
strikes, all of which ended with the complete loss of
even
the
secret plan of bringing about the deliriously
seniority rights.
fr e e s ta g e o f p u b lic o w n e r s h ip
Lee
of
th e
tr a in m e n
th o r ity , a n d
m a y b e im p e r ile d . M r .
condem ns
tr ie s u n a v a ilin g ly
s tr ik e s
w ith o u t
to b r in g
m en
au
back
to
fo llo w s
w e ll
th e y
m u st
hoods
to
w orkers
fo o lis h
ch eck
th e
r e v o lt ,
ten d en cy
w h e th e r
s h o u ld
and
T h e s e c h ie fs se e t h a t
out
of
th e
of
a
p u ll to g e th e r o r in
s in is te r
s u g g e s tio n
m a in
fe e lin g
m en
b ro th e r
and
a
th a t
c u m sta n ce s
to
w ho
exp en se
and
w ere
six
o b e d ie n c e
th a t
T h ere
th e
a ll
th e
hand
nu m erou s
m o n th s
fa llin g
th e
is
fe lt
p r e s s io n
w ith
of
o ff
in
w as
a
th e
p e r io d
d u r in g
of
in
back s,
b u s in e s s
th e m s e lv e s w h e th e r
to
th e §e
m a in
heads
of
th e
in c u r
th e
m ig h t
r is k
u n io n s
d e c id e
or
have
fo r
re fu se .
been
So
fe e lin g
it
and
m e r c h a n d is e
th e
v o lu m e
tio u s ly , w ith
g e s tio n
fo r
th e y
approach ed
th e r e s u lt t h a t
a
c o n fe re n c e ,
th e
th e y
to
be
e x e c u tiv e s
agreed
h e ld
to
on
cau
th e
su g
T h u rsd ay,
w ith th e h e a d s o f a n u m b e r o f m in o r u n io n s to a w a it
th e
event
m e e tin g ,
o u ts id e
c a r r ie d
c o n c lu s io n
w ith in
over
to
easy
c a ll.
y e ste rd a y ,
A
p ro tr a c te d
had
reached
a t a d jo u r n m e n t la s t e v e n in g a n d
no
th e c o n
fe r e n c e is to b e c o n tin u e d n e x t w e e k .
P r e s id e n t
day.
H a r d in g
A fte r
ad d ressed
r e la tin g
s e ttle m e n t o f b o th
h is
C on gress
e ffo r ts
to
y e ste r
b r in g
about
s tr ik e s , h e r e c o m m e n d e d
a
im m e d i
a te p r o v is io n fo r a te m p o r a r y a g e n c y fo r p u r c h a s in g
and
d is tr ib u tin g
B oard,
he
c o a l.
s a id ,
is
The
la w
in a d e q u a te ,
c r e a tin g
g iv in g
th e
th a t
Labor
body
no
of
in d u s tr y
tra d e
is
tra d e
t e d .”
The
B o a r d ’s
d e c is io n s
m u st be
a b le a n d e ffe c tiv e a s to b o th
s ir e
to
w o r k , w h ile
to
deal
p r o b le m s ,
a g a in s t
and
he
at
he does
th is
c o n s p ir a c ie s
“ la w s
to
assu re
w ith
th a t
to
su ch
th e re
h in d e r
th e
person s w h o de
n ot p rop ose
tim e
rem ark ed
m a d e e n fo r c e
c a r r ie r s a n d e m p lo y e e s .
A s fo r s tr ik e s a n d in te r fe r e n c e w ith
gress
o m it
to
C on
are
a lr e a d y
la w s
com m erce
p o s s ib le
s a fe ty
in
c r im in a l,
a g a in s t
a ll
o f
f e n d e r s a li k e .”
and
th ree
and
an
u n io n
m u st— a n d
p r o b a b ly e re lo n g
tr a n sp o r ta tio n
is
th e ir s
to
d iv id e
is m
th e
w ill— u n d e r s ta n d
and
th a t a ll a tte m p ts to d ra w
p e o p le c e r ta in ly
th e
road s
are
th a t
th e ir s ;
c la s s lin e s a r e lik e a tte m p ts
a tm o sp h ere
in to
se c tio n s ;
th a t
u n io n
h a s d e v e lo p e d in t o c o n s p ir a c y a n d th e r e a r e la w s
w h ic h
can
and
s h o u ld
a g a in s t c o n s p ir a to r s .
b e tw e e n
th r o ttlin g
be
in v o k e d
and
e n fo r c e d
F in a lly , th a t w e m u s t ch o o se
th is
e v il
w h ic h
w e
have
w e a k ly
n o u r is h e d b y fe a r in g it o r m a k in g a la s t a n d d e s tr u c
of
in
of
th e ir
q u it
w ork
on
and
th e
ste e l
m a r v e lo u s
in
of
th a t
th e
steel
fu r th e r
expan
sp u rt
a
1.
th e
T h is
th e
31
U n ite d
in
la s t
W ith
M arch
th e
and
th e
d raw b ack
d im e n s io n s .
on
th e
th e a lm o s t
d u r in g
y ea r, proved
th e
in
th e
S ta te s,
a n th r a c ite
le ft
o n ly
th e
produ ct
n o m e a n s in c o n s id e r a b le , th e s te p
e n o r m o u s ly
p roved
th e
th ro u g h o u t
m in in g ,
A p r il
w ith
a ls o
h is to r y
th e o th e r h a n d
fie ld s
draw
of
o p e r a t io n ; a n d w h ile t h e
o f t h e s e la t t e r is b y
served
th e
th ro u g h o u t
m in e s in
of
and
ir o n
th e
agreem en t
b itu m in o u s
In
g ro w th
and
r e v iv a l
la r g e
o ld
m in e r s
th e
th e
u p w ard
th e h a lf
o b s t a c le
coal
b o th
of
of
de
c u sto m a ry
The
fr e sh
tra d e
b r in g in g
r a ilr o a d s ,
its
c ir
1921.
of
v o lu m e
o p e r a tio n s
c e s s a tio n
e x p ir a tio n
th e
r e fle c te d
th e
m o n th s
to
d e tr im e n ta l
c u r ta il
to
th e
th e
o u tp u t
c a r r ie r s
and
in
a
th is
d o u b le
w ay.
On
m o s t r o a d s t h e c o a l t r a ffic is
s in g le
ite m s
p asses
a ll o t h e r i t e m s .
of
tr a ffic
and
on
one
m any
S u s p e n s io n
o f th e
la r g e s t
road s
it
o f m in in g
su r
con se
q u e n t ly m e a n t a n e n o r m o u s s h r in k a g e in th e v o lu m e
th e
coal
coal
to
not
in te r fe r e
b u s in e s s
s im p ly
on
it
re ta rd
T he
su ch
it
and
agreem en t
in
of
of
but
m any
coal
m in e r s
th e
th e ir
to
on
a
th ey
in a b ility
a
to
new
c o n d itio n s .
in a b ility
r e s u m p tio n
in
act
v ie w
w o r k in g
th e
tu rn
r e v iv a l,
o p e ra to rs
th a t
th e
th is
su s
s c a le
te rm
o w in g
th e
te rm s
added
fo r
In
w ork
w ith
new
be
not
w as.
fr o m
and
fu n c tio n in g
d id
th e
en orm ou s
u n io n
1
p la c e
an
b u s in e s s
norm al
A p r il
agreem en t
s h o u ld
secon d
su ch
s u p p lie s
to
th e
a b s ta in e d
s c a le
A nd
an
w ork
an
w age
w ith
th o u g h
reach
fu e l
o n ly
th e
on
e n te r p r is e s .
q u ittin g
s tr ik e ,
In
m in in g
r e s tr ic t
o p e ra te d ,
to
to n n a g e.
of
served
O n e th in g r e m a in s : th e A m e r ic a n
r e p le te .
th e se
c o m p a r is o n
o b s ta c le s
w h ic h
coal
p e n s io n
and
of
w ith
On
voke
c iv il
one
in
ste a d y
w h ile
a u to m o b ile in d u s t r y .
of
la w s ,
d u r in g
r e v iv e d ,
th e
c o m p le te
r a i l w a y s e r v i c e ,” a n d h e s a i d i t is h is p u r p o s e “ to i n
th ese
over
b u ild in g
co u n try
fu n d a m e n ta l
in te r s ta te
h ig h e s t
ask
th e
im p o r ta n c e ,
th o u g h
to
fr e ig h t,
tu rn
of
n o n -u n io n
“ d e lib e r a t e ly
fa c to r s
la r g e
a
v a r io u s
s lo w ly
a c tiv ity
so
r e g io n s ,
been
tr a ffic
in
sio n
of
gen eral
of
p u ls o r y
h a v in g
a g a in
of
m o n th s
w as
a c c e s s io n s
e n jo y e d
r e v iv a ls
p o w e r to e n fo r c e its o w n d e c is io n s , e n a c t m e n t o f c o m
a r b itr a tio n
la s t
u n e x a m p le d
s ix
th e re
fa c e
c o n s id e r a b le
a r o u n d fo r a s e ttle m e n t, a n d a fte r a g a in t a lk in g w ith
P r e s id e n t
at
co n tro l
e a r n in g s
even
fir s t
c o n fid e n c e ,
cars
a ffa ir s
of
gross
a lm o s t
th e
out
or
are
th e
som e
in e v ita b le
in d u s tr ia l
lo c o m o tiv e s
to
u n fa v o r a b le
1922,
t h a t th e y w e r e a sk e d to r is k th e ir o w n liv e s b y ta k in g
d e fe c tiv e
a c c o u n ts
a m e n a b le
m an agers.
th e ir d u ty , r e a liz in g o n c e m o r e th a t it is e a s y to s ta r t
fir e s a n d h a rd to c o n tr o l th e m .
th a t
in
of
to
reach
w ork
con
tiv e su rre n d e r.
tin u e d
year,
R A IL R O A D
T H E
A
of
S IX
U n ite d
30
S ta te s
v ie w
of
s itu a tio n
year,
th e
la b o r
had
to
th e
gross
fo r
th e
net
h a lf
th e
on
FOR
30.
J U N E
and
w ith
p re se n ts
year
e n d in g
c o r r e s p o n d in g
th e
w h o le
in
la te
t r o u b le s
c o n te n d .
w h ic h
been
w ith
Ih e
th e
w h o le
sh ro u d ed
w h ic h
by
th e
som e
r a ilr o a d
reason
c a r r ie r s
c o n s p ic u o u s ly
of
have
e n c o u r a g in g
f e a t u r e in t h e r e t u r n s fo r t h e h a lf y e a r is t h e d e c id e d
im p r o v e m e n t
tr a c tio n
in
in
th e
th e
net
gross
r e s u lt s
reven u es,
in
fa c e
and
of
th is
a
th e
but
con
im p r o v e
le a d
to
coal
th e
fir st
h a lf
of
1921.
T he
im p r o v e m e n t
in fe r e n c e
in
n e c e s s a r ily
r e g io n s
n o n -u n io n
m in e s
th e ir
fa r
at
coal
kept
at
product
w ork
up
to
in te r fe r e n c e
occu rred
w ith
a ll
has
and
h a lf
up
th e
m ay
w h o le
been
p ro
a ls o
m in e s
in
co u n try .
and
w ere
th e
The
g r a d u a lly
advent
o n J u ly
to
con
v ir tu a lly
th e
th e
th e
and
o p e ra to rs
u n io n iz e d
th ro u g h o u t
th e
w e e k ’s
D u r in g
at
r e g io n s
th e
th is
and
m in in g .
no
of
o f J u ly
as
m in e r s
of
s tr ik e o f th e r a ilr o a d s h o p m e n
of
th ^
1 , a fte r w h ic h
s u p p ly
of
cars
to
m o v e th e c o a l.
It
w as know n
u n io n
m in e s
creased
n o te w o rth y
coal
in c r e a s in g
fa c t
e q u a lly
th e
r e m a in d e r
m o n th
so
a n th r a c ite
b itu m in o u s
so ft
th e
a b s o lu t e ly
th e
th e
except
b e tw e e n
in
m e n t c a r r ie s a d d e d w e ig h t a n d s ig n ific a n c e in a s m u c h
fo llo w s
th ro u g h
tim e
tim e
duced
as
it
a ls o
th ro u g h
a r e s u m p tio n
o f th is
no
o n ly
p resen t
fe re n c e s
e a r n in g s
T h e s e a ttr a c t th e m o re a tte n tio n
g lo o m
of
E A R N IN G S
E N D IN G
th e
c o m p a r is o n
la s t
has
of
r a ilr o a d s
1 9 2 2 , in
m o n th s
N E T
M O N T H S
g r a tify in g a s p e c ts .
in
A N D
c o n te m p la tio n
June
six
GROSS
not
th e
a
c e r ta in ty
in
lo n g
w o u ld
th e
F ebru ary
e x tr a o r d in a r y
in
cease
advance
on
o u tp u t
and
lo w
of
of
1,
coal
M arch
le v e l
th a t
A p r il
w as
(a s
th e
m in in g
and
at
th e
w ith
th a t
g r e a tly
com p ared
p r e v io u s
in
w ith
year
at
th e
n a d ir
of
b u s in e s s
d e p r e s s io n ),
but
n e v e r th e le s s
to
th e
fo r th e six m o n t h s o f 1 9 2 2 t o J u n e 3 0 th e p r o d u c tio n
d id
of
o th e r
s o ft
coal
w as
o n ly
1 8 7 ,8 3 3 ,0 0 0
to n s,
as
a g a in s t
r e s u lt s
not
hand,
1 9 6 .4 6 4 .0 0 0 t o n s in t h e s ix m o n t h s o f 1 9 2 1 , w h ile th e
Jan.
1
o u tp u t o f a n th r a c ite
ra te s
fo r
a g a in s t
4 7 ,5 4 7 ,0 0 0
w as no
m ore
to n s— fro m
th a n
a ll
of
2 2 ,9 2 3 ,0 0 0 ,
w h ic h
an
id e a
th e
cern ed,
r a ilr o a d s
A p r il
o ff
1
w as
of
to
June
e m p h a tic ,
c u r ta ile d
as
a
product
of
th e u n io n
th e
we
30.
m ay
O r,
n o te
to
m ake
th a t
o f th e
s tr ik e
tu rn e d
out
o n ly
5 8 ,5 5 1 ,0 0 0
9 1 .6 8 1 .0 0 0
to n s
by
in
p e r io d
to
June
fo r
30
in
th e
fa c t
th re e
n o n -u n io n
of
coal as
a ll m in e s , u n io n
T h is
m in e s
a g a in s t
a n d n o n -u n io n ,
has
r e fe re n c e
to
m o n th s
2 4 ,1 4 3 ,0 0 0
of
1922
to n s
in
w as
th e
a b s o lu t e ly
th re e
m o n th s
lo ss
in
o ffse t
th e
th e
to
coal
th e
v o lu m e
r e v iv a l
tr a ffic
g a in
of
of
in
served
th e
gen eral
tra d e ,
a lm o s t
as
m e r c h a n d is e
fr e ig h t
w h ile
on
a
r e s u ltin g
th e
W ith
and
fr o m
o ff
in
and
is
th e
L ackaw anna
th e
c o m p le te
in
to n n a g e
and
and
th e
c e s s a tio n
a lo n g s id e
th e
C e n tra l
o f m in in g
w h ic h
th e
L e h ig h
of
N ew
cau sed
g a in
in
V a lle y ,
Jersey—
a sh r in k a g e
m e r c h a n d is e
g e n e r a l fr e ig h t w a s d e c id e d ly in s ig n ific a n t.
have
a llu d e d
above
to
th e
m a r v e lo u s
W e
r e v iv a l in
in
th e
th e
e x tre m e
p r e v io u s
en orm ou s
th e
tim e ,
secon d
to n s,
h a lf
as
a g a in s t
1921
of
and
1921.
The
I n s t it u t e h a s a ls o g iv e n
p r o d u c tio n
1921
th a t
as
m ade
year
of
8 7 % %
th ese
9 ,5 3 0 ,9 8 1
7 ,1 5 7 ,1 4 5
A m e r ic a n
to n s
to n s
Iro n
in
&
in
th e
S te e l
o u t s ta tis tic s r e g a r d in g s te e l
fu r n is h e d
and
o n ly
but
by
th e
30
c o m p a n ie s
steel
fu r n is h
in g o t
even
w h ic h
in
p r o d u c tio n
of
m ore
p o s itiv e
e v i
th e
to n s
of
T h e
part
th a t
coal
in d ic a te d
in
m o n th
of
c o m p ile d
w h ic h
1922
th e
a
b y
one
of
of
of
th e
th e
fiv e
been
and
th e
th e
2 0 % ,
sam e
m o n th
th e
co u n try ,
th is
by
b e in g
an
W e ste rn
in
w h ic h
o f th e
w e e k s ’ p e r io d
1921.
w as
tu rn e d
in c r e a se
c o a l str ik e
June
In
of
a c t u a lly
in to
in
th e
a
in c r e a se s
road s,
w as
lo a d in g s
w ith
of
th e
a ll
sam e
o th e r
p e r io d
le v e l.
T o
/h e
a
m in o r
in flu e n c e
ex ten t
in
h o r iz o n ta l
p r o m u lg a te d
m is s io n
on
r e d u c tio n
by
th e
M a y
24,
r e d u c tio n
r e d u c in g
gross
of
28
u n til
w h ile
o th e r
th a n
ra tes
w as
of
revenues
1 0 %
I n t e r -S ta te
has
in
in
in
fr e ig h t
C om m erce
cou rse
no
fr o m
to
th e
o ffse t
ra te
tim e s
advances
p o in te d
at
out
in
th e
$ 1 2 5 ,0 0 0 ,0 0 0
of
H ow
le v e l
of
tr a ffic
fa r
is
it
on
fe ll
in c r e a s e
th a t
in
in
th e
b e in g
r e s u ltin g
fr o m
th e
th e
1920
m a in ta in e d
an
at
in s te a d
fo r
of
th e
a c t u a l fa llin g
th e
lo s s in
th e
m easu re
th e
th a t
e a r n in g s
w as
add
of
e s tim a te
on
th a t
b r ie f, th e n ,
great
id e a
fa c t
and
ra te
w o u ld
T h is
gross
b a sis th e r e
In
year
of
th e
car
th e se
revenues
m a in ta in e d
fr o m
th o se
th e
baggage
th e y
gross
on
be
and
w hen
m o n th .
cou rse,
sh ort
$ 7 5 0 ,0 0 0 ,0 0 0
m o n th s
per
w o u ld
e v id e n t
excess
th a t
annual
to p
p a s s e n g e r fa r e s
e s tim a te d
a u th o r iz e d
to
(o n
S o u th e rn
w h ic h
advance
and
th e
2 5 % ,
b e s id e s
g ra n te d
4 0 %
in
grou ps
to
w as
ra te s
th o se
3 5 % ,
5 0 %
It
h a v in g b e e n
gross
b u s in e s s
c o n c e a le d
de
b y
th e
T h e
c o n tr a c tio n
s titu te s , a s n o te d
fe a tu re
fa r
of
th e
o u tr a n
in
th e
a t th e
retu rn s.
th e
fa llin g
exp en se
a cc o u n ts
con
o u ts e t a b o v e , th e g r a tify in g
T h e
o ff
r e d u c tio n
in
gross
in
exp en ses
r e c e ip ts ,
le a d in g
t o th e im p r o v e m e n t in n e t e a r n in g s t o w h ic h a llu s io n
has
a lr e a d y
tio n s ,
gross
as
been
a g a in s t
reven u es,
le s s
th e
coal
a ls o
1922.
ra tes
C om
a p p lic a tio n
in
th a n
m ade.
th e
th e
A c c o r d in g
d ecrease
sa v in g
in
exact
$ 2 8 1 ,7 3 1 ,7 2 5 ,
of
to
our
$ 6 3 ,3 9 9 ,7 0 1
exp en ses
fig u r e s,
am ount
ta x e s)
fo r
of
1922
$ 3 1 2 ,0 8 8 ,6 2 7
seen
by
th e
th e
$ 2 1 8 ,3 3 2 ,0 2 4 .
net
sta n d s
in
th e
a ffo r d in g ,
ta b u la
in
th e
a g g re g a te d
no
in c r e a s e d 2 3 . 2 0 % .
n
g a in
part
h ig h e r r a t e s .
th e
la s t y e a r ,
th e
g ra n te d
th e g r e a t sh r in k a g e
fr e ig h t
P a c ific
ra te s
p r e d ic a te d ,
th a t
or,
c o m m o d itie s
as
been
g a in in n e t e a r n in g s o f c o n s id e r a b ly o v e r $ 2 0 0 ,0 0 0 ,0 0 0
in
.J u n e 3 0 r e c o r d e d a f a l li n g o f f o f n o le s s t h a n 3 9 . 3 1 %
com p ared
of
to
and
2 1 % .
M a y
in a s m u c h
T h ese
m any
ex ten t
in c id e n t
had
th e
or
w ith
$ 6 7 ,4 7 6 ,0 9 0
th e
c o n s id e r a b le
p e r m is s io n
w ere
or
v o lu m e
M ore
fr o m
of
tim e
and
The
com pared
lo ss
te r r ito r y
grou p
$ 1 ,5 0 0 ,0 0 0 ,0 0 0
c o a l lo a d in g s d u r in g
e x te n d in g
ta b u la tio n s .
fr e ig h t
th e
1 0 %
g a in
w ill
fa llin g
above.
r e fle c t
tra d e ,
ra te s
th e ir
2 0 % .
w as
c o m p r is e s
th e re
d is tr ic t
in
ra te s
p r e s s io n
o f fr e ig h t
in
been
M o u n ta in
P u llm a n
m ilk
fig u r e s
in c re a se
th e
$ 6 7 ,4 7 6 ,0 9 0 ,
as
th a t
a d v a n c e s ),
W e ste rn
th e
E x e c u tiv e s
o f to n s
an
d is tr ic t o f a p p r o x im a te ly
o v e r, b ecau se
th e
R a ilw a y
h ow ever,
r e s u lt
in
S o u th e rn
of
of
has
p r e v io u s
w as
th e
at
tr a ffic .
r a is e
la s t
fo r
c e r ta in
of
T h is
in
E a ste rn
e a r n in g s
at
tr a ffic
e a r n in g s
c ite d
num ber
had
w ork
r e d u c in g
th e
we
th e
th e
5 .3 % ,
gen eral
m ovem ent
th e
over
c o a l fie ld s
th e
in
th e re
d is tr ic t,
decrease
of
w h ic h
th a t
fr o m
in
A s s o c ia tio n
m ile
3 .2 %
p la y e d
r e v ie w
in
th e
E a ste rn
la r g e r
in
our
June
sh ow ed
m oved
a b s te n tio n
m in e s
c la s s
reader
fo r
our
of
r a ilr o a d s
in
o ff o f $ 6 7 ,4 7 6 ,0 9 0 .
s te e l in 1 9 2 2 a s a g a in s t o n ly 9 ,0 0 6 ,8 5 5 to n s in 1 9 2 1 .
u n io n iz e d
th e
in
six
1 3 ,4 9 9 ,3 8 6
1921
to
th a t
produced
h a lf
road s
th e
c o m p a n ie s
to
con
lim ite d
in d ic a te d
o ff
a u th o r ity
d e n c e o f th e r e v iv a l in th e tr a d e , sh o w in g a s th e y d o
th e se
of
th e se c o lu m n s , w ere o f v e r y e x c e p tio n a l p r o p o r tio n s ,
th e
h a lf o f
w ay
tr a ffic
of
as
S te e l I n s t it u t e , sh o w in g th a t th e
fir s t
in
v o lu m e
&
1 2 ,1 9 1 ,0 1 1
a
th e
b y
t h e lo s s in r e v e n u e r e s u ltin g fr o m
in
th e
case
W e ste rn
im p o r ta n t
reason
fa llin g
served
r ie r s r e c e iv e d
m a k e o f p ig ir o n
th e
s in c e
im m e d ia te ly
rem ark s
th e
h ow ever,
advances
ra te s
th e s ta tis tic s ju s t p u b lis h e d b y
S t a t e s in t h e fir s t h a lf o f 1 9 2 2 r e a c h e d
in
and
r e v e a le d
d e p r e s s io n
in
U n ite d
fie ld
1920.
n o t,
su m m er
in
Iro n
of
d id
ir o n a n d s te e l t r a d e , a n d th e e v id e n c e o f th is is fo u n d
th e A m e r ic a n
m ost
of
th e
a
fir s t
h a lf
th e
h ig h e r
in
fo llo w s
s h r in k a g e
th a t
R e a d in g ,
e a r n in g s
th e
— as,
th e
th e
w h ile
cu t
O n
fo rce
in
th is
lim ite d
in
hay
and
p r e lim in a r y
e x p la in e d
2 .4 6 % ,
in
in s ta n c e ,
gross
decrease
c a r r y in g r o a d s , p a r tic u la r ly in th e a n th r a c ite r e g io n s
fo r
a
been
1 6 % %
se c tio n s
r e d u c tio n
1.
T h e fa llin g o f f r e a c h e s $ 6 3 ,3 9 9 ,7 0 1 , o r r o u g h ly 2 1 - 3 % ,
year
c o a l
has
of
th e
J u ly
p ro d u c ts
u n d e r s ta n d in g
fir s t
in
th e
th ese
an
th e
th e
d is tin c tiv e ly
have
la s t
c o m p le te
tr a ffic
in
covered
of
A s f a r a s t h e c o u n t r y a s a w h o le is c o n c e r n e d , t h i s
r e d u c tio n
g r a in
s in c e
u n til
th e re
H ow ever,
road s
n il
1921.
h a lf y e a r ,
e ffe c tiv e
o f to n n a g e.
m ore
m o n th s
T h e p r o d u c t o f th e a n th r a c ite m in e s
th re e
a g a in s t
th e
o f th e
m in e s fr o m
th e
th e
to n s
th e th re e m o n th s o f 1 9 2 1 .
s o ft c o a l a lo n e .
con sequ en ce
a
g r a in ,
te r r ito r y .
th e
th e
h ow ever,
1922
c a n b e g a in e d o f th e e x t e n t to w h ic h c o a l tr a ffic o v e r
c u ttin g
fo r
becom e
at
h a lf
(b e fo re
In
th e
th e r e fo r e ,
o th e r
year
of
w ord s,
d e d u c tio n
$ 5 3 0 ,4 2 0 ,6 5 1 ,
1921,
a
of
as
a g a in s t
as
w ill
be
fo llo w in g :
Jan.lto June 30(201 roads) .
1922.
1921.
Inc(.+)orDec(—)
%
Miles of road....................
235,403
+ 1,544 0.66
233,859
Gross earnings.................. $2,602,347,511 $2,665,747,212 —$63,399,701
2.38
Operating expenses........... 2.071,926,860 2,353,658,585 —281,731,725 11.97
Net earnings................. $530,420,651
$312,088,627 + $218,332,024 69.96
T h e p a r tic u la r ly s ig n ific a n t fe a tu r e o f th e r e d u c t io n
in e x p e n s e s in
w o rth y
1 9 2 2 is t h a t i t f o llo w s a n e q u a l l y n o t e
r e d u c tio n
in
th e
p r e c e d in g
year.
In
th is
p r e c e d in g
a lr e a d y
year
a tte n d e d
th e
th e
n o te d ,
by
su m
lo ss
w as
a
in
th e
gross
$ 6 7 ,4 7 6 ,0 9 0 .
c u r ta ilm e n t
o f $ 2 0 9 ,2 8 4 ,1 2 0 ,
in
or
reven u es,
2 .4 6 % .
o p e r a tin g
or 8 .1 4 % ,
It
as
w as
exp en ses
and
in
a c c o r d in g ly
but
be
in
1920
th e
s a id
to
have
m any
of
th e
exp en ses.
m o v e m e n t,
reach ed
road s
In
u n q u e s tio n a b ly ,
its
fa ilin g
c lim a x
to
and
earn
m ig h t
its
bare
apex,
o p e r a tin g
F eb ru a ry an d a part of M a rch
o f th a t
th e r e w a s a n im p r o v e m e n t in t h e n e t o f $ 1 4 1 ,8 0 8 ,0 3 0 .
y e a r (a n d in le sse r d e g re e th e la t t e r p a r t o f J a n u a r y )
The
p r e s e n t y e a r ’ s in c r e a s e
tio n a l
The
to
th is
1921
in c r e a s e
r e d u c tio n
of
of
in
$ 2 1 8 ,3 3 2 ,0 2 4
a d d i
th e s e v e r ity o f th e w in te r w e a th e r e x p e r ie n c e d w a s a n
la s t
year.
ad verse
have
been
$ 1 4 1 ,8 0 8 ,0 3 0
exp en ses
w o u ld
is
in flu e n c e
of
la r g e
m o m e n t.
O n
account
of
th e d e p t h o f th e s n o w o v e r la r g e a r e a s e m b a r g o e s h a d
v e r y m u c h g r e a te r t h a n a c t u a lly r e c o r d e d e x c e p t t h a t
to
th e
u n d e r w h ic h t r a n s p o r t a t io n h a d t o b e c a r r ie d o n w e r e
r a ilr o a d s
w ere
w age
s c a le s ,
1920
aw ard ed
1922
r e d u c tio n
r e d u c tio n s
w h ic h
th e
in
U .
S.
in c r e a s e
in
exp en ses
is
A s
con cern ed,
th e
L abor
o f r a ilr o a d
h ig h e r
h a v in g
2 0 % .
b y
c o n te s tin g , d id
m uch
B oard
of
m ade
c la s s e s
under
Labor
an
w ages
c e r ta in
s tr e n u o u s ly
o p e r a tin g
la b o r
n o t p la y
in
J u ly
fa r
as
th e
th e
recen t
B oard,
have
any
and
been
so
p a r t in
th e
be
q u ite
new
to
of
th e
ever,
h a lf
of
J u ly
1
year.
1 2 %
T h e
m ade
1 9 2 1 , d id
1922.
o p e r a tiv e
The
by
is
a fte r
a n te c e d e n t
th e
c o u n t in
fa c t
u n til
Labor
d u r in g
th ro u g h
th e
e ffic ie n c y
th e
of
— in fa c t g r e w
in
th e
m a in
e m p lo y e e s
and
of
ren dered
o f b e tte r
cou rse
a ls o
th e
th o se
of
in d o le n t
th e
to
of p roved
and
e ffic ie n c y
a ll
s la c k e r s .
te n a n ce
lu te
o u tla y s
c o n tin u e d
to
of
th e r e te n tio n
and
b e t r u e , t o o , t h a t r e p a ir s a n d
am ong
person n el
th e fo r c e h a s b e e n g r e a tly im p r o v e d b y
o f o n ly
p o s s ib le
d is c ip lin e
by
w o u ld
seem
r e n e w a ls a n d
m a in
be
It
g e t t in g r id
r e s tr ic te d
to
abso
so
p r e v io u s to
1 9 2 1 e x p e n s e s h a d b e e n m o u n t in g u p in a
th e
p o r ta tio n
A ct
of
A lto g e th e r
in flu e n c e s
our
to
m e n tio n
ta x e s
a n d fix e d
ch arges.
p r o d ig io u s ly in fla te d e x p e n se
A n d
a cc o u n ts
not
i t is t h e s e
th a t
fu r n is h
th e b a s is fo r th e s a v in g s a n d e c o n o m ie s t h a t h a v e b e e n
e ffe c te d
in
1921
and
t h e r o a d s in b o t h
ta g e
In
of
m uch
1921
w in te r
rem ark
of
not
s e v e r ity
w ith
be
w e a th e r
T h is
m ild
as
m ade
la s t,
th e
m ost
exp en ses
of
been
of
th e
fo r
th e
w ith
c o n d itio n s .
perhap s
of
c o u n try
1921,
th o u g h
a
one
hard
as
rem oval
th e
in
to
of
w as
not
sn ow
is
th e
not
at
s p e c ia l
to
se c tio n s—
te r r ito r y .
In
1920,
u n u s u a lly
o th e r
on
th e
ad verse
o th e r
one.
hand,
N o t
in flu e n c e s
and
t h e t im e , a ll c o m b in in g t o
our
r e v ie w
w e w ere
we
w o u ld
any
h a lf
b y
ever
1920.
w age
th is
th e
upon
o f six
m o n th s
R is in g
and
a cc o u n ts
th a n
c o sts
of
a d v a n c in g
e v e r y th in g
of
e x is te d
record
th e
p e r io d
a
of
one
k in d
or
th a t
poorer
fo r
th e
fir st
o p e r a tio n — in d u c e d
p r ic e s
e ls e
fo r
m a te r ia l,
e n te r in g
r a ilr o a d s ,
and
in to
b y
a n o th e r— it
w as
th e
heavy
e x t r a e x p e n s e s a r is in g o u t o f s p e c ia l u n fa v o r a b le
cu m sta n ce s
at
S t a t e s r a ilr o a d s
th a t
c ir
sta te d
h a d b e e n a fe a tu r e o f r a ilr o a d a ffa ir s fo r m a n y y e a r s ,
bad
T h e
fr e ig h t
th ro u g h o u t
A p r il
m o n th
(M a y
2 0 ),
on
th e
C o m m is s io n
e x e r c is e d
th e
and
u n d e rto o k
th e
w ith o u t
r e s u lt
of
th is
in
th e
e a r n in g s
to
r e g u la te
regard
to
array
of
fir s t
th e
d is
o w n e r s h ip .
u n fa v o r a b le
h a lf
of
1920
w as
sh ow ed
an
a d d itio n
to
exp en ses
of
in a m o u n t o f $ 6 7 ,4 4 6 ,5 8 4 .
s h o u ld
o ff in
n e t in
lo s s e s
in
be
n e t.
ra te s
th e
n o te d ,
1920
In
th e n
th e
in
fir s t
fo rc e
tr a n s p o r ta tio n
s u ffic e d
to
o u r c o m p ila tio n s
to
fu r th e r m o r e ,
w a s m e r e ly
gross
th e n
e a r n in g s ,
six
great
sh ow ed
a
th e
fa llin g
s e r ie s o f
of
com pared
1919
w ith
passen gers
th e
w ith
th a t
o f a lo n g
m o n th s
(a s
of
m eet
one
and
r is e
in
fr e ig h t
exp en ses;
$ 2 6 5 ,6 3 5 ,8 7 0
c o in c id e n t
th e
1918)
a d d itio n
in c r e a s e
in
e x p e n s e s o f $ 2 6 5 ,9 5 2 ,8 5 5 , le a v in g n e t s lig h tly s m a lle r ,
n a m e ly b y $ 3 1 6 ,9 8 5 .
r e s u lts w e r e
I n th e p r e c e d in g tw o y e a r s th e
e q u a lly
bad ,
huge
in c r e a s e s in
a c t in g t o c a u s e h e a v y lo s s e s in th e n e t .
in
1 9 1 8 th e
th e
a d d itio n
p r o d ig io u s
su m
to
of
exp en ses
(o v e r
$ 4 5 7 ,0 5 4 ,2 6 5 ,
exp en ses
F o r in s ta n c e ,
1917)
or
reached
about
th e
th e
n e t,
a g a in
an
r e s u lt
or
over
of
b in e d
of
(1 9 2 0 ,
g a in
5 0 % .
of
N o t
in
in
1919,
n e t.
1918
re p resen ts
1921
th e
o n ly
to
and
3 4 % ,
recovery
a n te c e d e n t
lo s s .
In
th e
h a lf-y e a r ly
c o m p a r is o n s
th e
th e
now
of
of
fo u r
th e
g a in
to
in
gross
1917
w ith
le a v in g
years
lo ss
in
net
of
$ 2 1 8 ,3 3 2 ,0 2 4
in
a
we
in
a
com
net
o n ly
fo llo w in g
back
but
in
con cu rren t
exp en ses,
1917)
and
and
th a t,
w as
For
$ 3 5 0 ,1 2 4 ,9 0 0 ,
in
$ 1 8 1 ,8 4 8 ,6 8 2
gross
$ 2 1 2 ,2 2 2 ,1 5 5
$ 7 ,1 5 5 ,7 4 8
a g g re g a te d
1922
a
o f $ 2 0 5 ,0 6 6 ,4 0 7
a d d itio n
lo ss
th a t
part
of
th is
fu r n is h
th e
1906.
n e t , t h a t in
h a lf-y e a r
to
an
m any
th a t it w a s n o t lik e ly
c a lle d
in c r e a s e s ,
s u p p lie s
o p e r a tin g
be
say
fo r
w as
b u t so
c o n d itio n s
cut dow n
e a r n in g s
to
w in te r
th a t,
o f n e t e a r n in g s o f U n it e d
p e r io d
of
fu e l,
th e
p ro m p te d
sta tem en t
fo r
of
th e
o n ly
next
C om m erce
cars
on
$ 1 4 1 ,8 0 8 ,0 3 0
severe
o r ig in a te d .
w a s t u r n e d in t o a lo s s o f n o le s s t h a n $ 2 7 5 ,2 0 5 ,5 8 3 in
in W y o m i n g a n d M o n t a n a , fo r in s t a n c e , a n d c o n t ig u
ous
str ik e
a ll
th e
d e c la r e d
“ o u tla w ”
w ith
heavy
and
th e
add
It w as
so
o f su ch
e n ta il
w in te r
c e r ta in
and m uch
re fe re n c e to
w h ile
w in te r
tra c k s,
1920
a ls o h a d t h e a d v a n
o f u n u s u a l s e v e r ity — a t le a s t
in
c le a r in g
have
com p ared
1922
fa v o r a b le
m ay
1922.
e x c e p tio n a lly
ex tra
m ore
A s
and
th e w in te r w a s e x c e p tio n a lly m ild
th e sa m e
e v e n ts
1922.
1921
th a t
e x t r e m e ly
th e
c o m p ila tio n s
b a r e ly
exp en ses,
year
fu r th e r to
m an ager.
n o le s s t h a n $ 4 2 5 ,4 6 1 ,9 4 1 , le a v in g th e n e t d im in is h e d
fo r
r u n n in g
th a t served
t h a t a s a g a in s t a g a in in g r o ss e a r n in g s o f $ 3 5 8 ,0 1 5 ,3 5 7
e v e n th e s tr o n g e s t a n d b e s t m a n a g e d p r o p e r tie s w e re
o r d in a r y
th a t
tr ib u tio n
b a r e ly
m eet
in
s te a d ily w o rse a n d e v e n tu a lly b e c a m e
I n te r -S ta te
h ig h e r
to
im p r o v e d
em erg en cy p o w ers g ra n te d to it u n d er th e n ew T r a n s
fr ig h t fu l w a y , u n t il in 1 9 2 0 a p o in t w a s r e a c h e d w h e r e
a b le
th a t
c o n tin u e d
d e sp e ra te
It
m u s t b e p a r tic u la r ly r e m e m b e r e d , h o w e v e r , t h a t
g r e a tly
c o n d itio n s
r e c o m m e n d a tio n o f th e r a ilw a y e x e c u tiv e s th e m s e lv e s ,
n e c e s s itie s .
It
ap peared
tr a n s p o r ta tio n
how
th a t
o p e r a tio n s ,
m a in te n a n c e
r a ilr o a d
d ecrease,
e ffe c tiv e
s itu a tio n
lo t o f th e r a ilr o a d
of
s itu a tio n
th e r e d u c tio n in e x p e n s e s m u s t b e ta k e n t o r e p r e s e n t
in c r e a se d
A p r il
c lo s e
B oard,
The
d iffic u ltie s
th e
th e h a lf-y e a r o p e r a tio n s o f
n e v e r th e le s s
u n u s u a l.
a lto g e th e r th e
w h ic h h a d s u c h a p a r a ly z in g e ffe c t o n r a ilr o a d tr a ffic
and
becom e
tr a ffic a n d
th e u n h a p p y
o p e r a tio n s o f th e fir s t h a lf o f 1 9 2 2 , sin c e th e s e r e d u c
not
on
t h a t p a r tic u la r t h e la t t e r p a r t o f M a r c h , b u t in A p r il
tio n s
d id
p la c e d
Net Earnings.
Gross Earnings.
Year.
Year
Given.
Year
Preceding.
Increase or
Decrease.
Year
Given.
Year
Preceding.
Increase or
Decrease.
S
$
$
S
S
S
Jan. 1 to June 30.
1906. 923,554,268 815,486,025 + 10S,068,243 272,101,047 226,345,855 + 45,755,192
1907. 999,082,691 884,426,163 + 114,656,528 280,697,496 201,423.946 + 19,273,550
1908. 863,860.965 1036,729,560 —172,868,595 231,254,071 204,738,973 —63,484,902
1909. 1172,185,403 1051,853,195 + 120,332,208 371,591,341 294,951,102 + 76,640,239
1910. 1351,570.837 1172,481,315 + 179,089,522 408,380,483 371,562.668 + 36,817,815
1911. 1310,580,765 1339,539,563 —28,958,798 378,852,053 404,569.430 —25,717,377
1912. 1365,355,859 1309,006.353 + 56,349,506 373,370.171 375,407,648 —2,037,477
1913. 1502,472,942 1366,304.199 + 136,168,743 400,242,544 373.442,875 + 26,799,669
1914. 1401,010,280 14S6.043.706 —85,033,426 343,835,677 394,495,885 —50,660,208
1915. 1407,465,982 1447,464,542 —39,998,560 394,683,548 347,068,207 +47,615,343
1916. 1731,460,912 1403,448,334 + 328,012,578 559,476,894 393,225,507 + 166151381
1917. 1946,395,684 1741,329,277 + 205,066,407 555,683,025 562,838,773 —7,155,747
1918. 2071,337,977 1889,489,295 + 181,848,682 265,705,922 540,911,505 -275,205,588
1919. 2339,750,126 2074,114,256 + 265,635,870 265,007,159 265,324,144 —316,985
1920. 2684,672,507 2326,057,150 +358,015,357 195,582,649 263,029,233 —67,446,584
1921. 2671,369,048 2738,845,13S —67,476,090 310,890,385 169,082,335 + 141808030
1922. 2602,347.511 2665,747,212 —63,399.701 530,420,651 312,088,627 + 218332 024
W e
g iv e t h e r e s u lt s j u s t
as
r e g iste r e d
by
our
ta b le s
e a c h y e a r , b u t it s h o u ld b e b o r n e in m in d t h a t
and
p r io r
years
a
p o r tio n
of
th e
in 1 9 0 8
r a ilr o a d
m ile a g e
o f th e c o u n tr y w a s a lw a y s u n r e p r e se n te d in th e to t a ls ,
o w in g
days
to
to
A s
th e
r e fu sa l
fu r n is h
w o u ld
be
p r e v a ilin g ,
in
of
som e
of
th e
road s
in
th o se
m o n t h ly fig u r e s fo r p u b lic a tio n .
e x p e cte d
th e
case
in
of
v ie w
th e
of
th e
se p a ra te
is s o m e w id e d i s p a r i t y in t h e r e s u lt s .
c o n d itio n s
road s
A
th e re
c o n s id e r a b le
b o d y o f r o a d s is a b le t o s h o w im p r o v e d g r o s s e a r n in g s
and
to
a
yet
th e
a ls o
la r g e r
nu m erou s
T h e
L e h ig h
V a lle y ,
th e
of
lo s s e s
th e
in
lo s s
b o th
cou rse
th e
in
th e
B u t
gross
th e
fo rm e r
th e
m ean
C e n tra l
th e
very
e a r n in g s
tr a n s -c o n tin e n ta l
and
in
net
exp en ses.
c a r r ie r s — w e
L ackaw anna
sp ic u o u s
im p r o v e d
of
S o u th w e ste rn
a n th r a c ite
fo r
body
c u r ta ilm e n t
of
D e la w a r e
s im p le .
of
It
n e t.
and
th e
th e
J ersey,
th e
H u d s o n — are
con
The
th e
are
th e
R e a d in g ,
N ew
&
re sp e ct.
gross
and
road s
th e
o w in g
th e re
e x p la n a t io n
a n th r a c ite
is f o u n d
in
th e
road s
s in c e A p r . 1 .
tr a ffic
fe w
In
lik e m a n n e r , w h ile t h e s o f t c o a l r o a d s
su ffe r e d
a
reason
of
by
road s
d e r iv e d
road s
are
on
a
th e
w h ic h
&
one
a
th a n
m e n tio n e d
of
road s
th e ir
heavy
th is
b ecau se
w ere
tr a ffic
th e
a b le
and
th e
g u lf
v a r ia n c e
th o u g h
N ew
th e
coal
Y ork
and
no
la te s
to
tr a ffic
C e n tra l
le s s
th a n
th e
th e
b u s in e s s
has
re p o rts
been
Y ork
g a in
fa llin g
th e
b ig
in
n e t.
it s e lf.
even
o f f ___ t h e
g a in
in
C e n tra l
as
a
th e
r e v iv a l,
$ 9 7 8 ,2 7 1
$ 8 ,6 5 1 ,4 4 3
N ew
fa r
is
in
t r u n k lin e s a r e c o n c e r n e d — w h ic h h a v e b e e n
of
A s
to
th o se
E a ste rn
reason
n e t.
&
V ir g in ia n
b o th
by
and
The
ca te g o ry
r e s u lt s ,
p r o sp e r in g
gross
m in in g w a s
th e
th a t
a
th e y
C h esap eak e
c o n tr a c tio n ,
e x p la in s
coal
m in e s ,
th a t
and
coal
th e ir
th e
b e fo r e .
in
th e
N a s h v ille ,
th e
v o lu m e
and
s c a le
W e ste rn ,
&
B e tw e e n
th e
su ffe r e d
w id e
be
L o u is v ille
R a ilw a y .
e n la r g e
of
at
c o a l m in e s , a t w h ic h
to
N o r fo lk
th e
d im in u tio n
sh u td o w n
g re a te r
p a r tic u la r ly
O h io ,
th e
e x c e p tio n a l b e n e fits
se r v e th e n o n -u n io n
p ro se cu te d
heavy
gross
T h is
re
In c lu d in g
t h e v a r io u s a u x ilia r y a n d c o n t r o lle d r o a d s , t h e r e s u lt
is
a
g a in
in
th e
o th e r
te m
of
$ 2 ,9 4 5 ,8 0 5
n e t.
The
hand,
in
w h ic h
th e
in
gross
and
of
$ 1 8 ,6 0 9 ,3 6 4
P e n n s y lv a n ia
R a ilr o a d ,
is
coal
th e
co u n try ,
la r g e s t
sh ow s
on
th e
c a r r y in g
sys
$ 9 ,0 8 0 ,0 8 3
d ecrease
Decreases.
Colorado & Southern (2) $1,013,120
Chicago & East Illinois. .
947,664
Western M arylan d______
889,295
V Y Ontario & W e s t____
888,587
3t Louis San Francisco(3)
8 4 2 ,35l
El Paso & Southwestern.
793,621
Kanawha & M ichigan—
720,322
M obile & O hio___________
718,688
Duluth Missabo & N orth
652,383
Denver & Salt Lake______
605,445
Central o f N ew England .
598,417
Pittsburgh & Lake E r ie ._
559,939
New Orl Tex & M ex ( 3 ) .
552,126
Galveston W h a r f------------538,307
514,062
Los Angeles & Salt L a k e.
Representing 57 roads
___ ___ 2__ 77(1
N ote.— All the figures in the above are on the basis o f the returns filed
■with the Inter-State Commerce Com m ission. W here, however, these
returns do not show the total for any system , we have combined the separate
roads so as to m ake the results conform as nearly as possible to those given
in the statements furnished b y the companies themselves.
a This is the result for the Pennsylvania R R . (including th e former
Pennsylvania Company) and the Pittsburgh Cincinnati Chicago & S t. Louis
combined, the Pennsylvania R R . reporting $8,423,859 decrease and the
Pittsburgh Cincinnati Chicago & St. Louis $656,224 decrease. For the
entire Pennsylvania System , including all roads owned and controlled, the
result is a decrease in gross o f $7,386,259.
b These figures cover merely the operations o f the N ew Y o rk Centra
itself. Including th e various auxiliary and controlled roads, like the
M ichigan C entral, the “ B ig Four,” & c., the whole going to form the
N ew Y o rk Central System, the result is a gain o f $2,9 4 6 ,0 7 5 .
is
u tte r an d
c o m p le te c e s s a tio n o f m in in g in th e a n th r a c ite r e g io n s
g e n e r a lly
Decreases
Pennsylvania R R (2 )___ o$9,080,08?
Chicago R I & Pacific (2) 7 ,1 1 2 ,0 0 f
Delaware Lack & W e s t ..
6,397,177
Lehigh Valley____________
5,9 0 0 ,1 4 f
Erie (3 )----------------------------- 4,984,830
Missouri K an & Texas (2) 4,496,533
Philadelphia & R eading. 4,061,606
Missouri Pacific__________ 3,876,519
Chicago Burl & Q u in c y .. 3,761,963
Delaware & H udson____
3,544,827
Texas & Pacific.............
3.469,686
Union Pacific (3 )________
3,367,145
Internat & Great N o r th . 2,732,294
Central R R o f N ew Jers. 1,949,856
Toledo & Ohio C e n tra l..
1,309,608
Y azoo & M iss V alley____
1,265,561
Kansas C ity Southern___
1,263,850
Bessemer & Lake Erie___
1,263,520
in
E A R N IN G S FOR S IX M O N T H S
Increases
Indiana Harbor B e lt____ $1,068,308
Virginian R ailw ay_______
1,055,202
St Louis San Francisco(3)
1,025,611
Chicago Ind & Louisville 1 ,020,686
Florida E ast C oast______
1,018,133
Central Verm ont________
954,750
Grand Trunk W e s t e r n ..
921,836
Toledo St Louis & W e s t .
891,889
Detroit Toledo & Ironton
882,465
Richm Fred & Potom ac.
867,185
Union R R o f P e n n s y lv ..
848,384
Alabama Great Southern
846,030
D et Grd Haven & M ilw .
815,304
W est .Tersoy & Seashore.
705,952
Atlanta Birm & A tlan tic.
696,816
684,775
W heeling & Lake Erie___
Georgia Southern & F la .
675,559
D uluth & Iron Rango—
616,795
D et & Tol Shore Lino—
597,641
Caro Clinch & Ohio------588,163
Cine Ind & W estern------587,034
N Y Phila & N orfolk------584,241
580,267
M idland Valley..................
Bessemer & Lake Erie----549,918
Charleston & W est C a ro .
548,282
G ulf M obile & N orthern.
546,649
Internat & Great N o r th .
523,470
Belt Railway o f C hicago.
507.133
P R IN C IP A L C H A N G E S IN N E T
Increases.
Pennsvlvania R R (2)_ _a $ 2 9 ,6 3 5 ,205
Louisville & N a s h v i lle ... 12,277,722
N Y N H & n a r t f o r d ... 12,082,513
Chicasro & North W est - 10,126,709
Norfolk & W estern_____
9,703,940
N ew Y o rk C en tra l.6 ____
8,651,443
Baltimore & Ohio_______
8,182,065
Southern Railw ay_______
7 ,117,458
7,012,613
Boston & M ain e_________
Clove Cine Chic & St L . .
6,113,955
Atlantic Coast Line______ 5 ,594,120
Chicago M ilw & St P a u l. 5,120,314
Illinois C entral___________
4 ,611.579
M ichigan C e n tr a l_______
4 ,254,846
Great Northern__________ 4,25 4 ,3 1 8
4 ,203.453
Northern Pacific________
Southern Pacific (8 )____
4,148.327
Chesaneake & O hio______ 3,55 6 ,3 2 6
Erie (31___________________ 3 ,265,576
M inn St Paul A S S M _ .
3 ,018,473
Missouri K an & Texas(2) 2 ,992,580
Philadelphia & R eading. 2,907,557
Lehigh V a lley____________
2,819,226
Missouri Pacific__________ 2,-123.347
Long Island_____________
2,319,191
Seaboard Air Line----------2,17 9 ,2 6 6
Hocking V alley__________ 2,129,292
W abash Railw ay________
2,049,617
Pere M arqu ette__________
1,917,713
Chicago & East Illin o is ..
1,827,112
Denver A R io Grande—
1,729,265
Chic St Paul M inn & Om 1,728,354
Chicago Burl & Q u in c y ..
1 ,705,089
N Y Chicago & St L o u is.
1 ,635,372
1 ,5 9 5 ,582
Central o f Georgia----------M aine Central................
1.581,014
Elgin Joliet & Eastern—
1,561,644
N ashv C hatt & St L o u is.
1,342,291
M obile & Ohio........ ............ 1,316,944
1,211.481
Chicago & A lto n ------------Bangor & Aroostook____
1,142,901
M inneapolis A St L o u is ..
1,100.994
Cine N O & Texas Pacific 1,084,684
Representing 84 roads
in our com pilation.$216 ,43 9,94 9
Decreases.
Atch T o p & Santa Fe (3) $ 5 ,169,457
Central R R o f N ew Jers. 1,242,666
Pittsburgh & Lake E r i e ..
1,206,487
Delaware & H udson____
986,751
678,807
Toledo & Ohio C e n tr a l..
Galveston W h a rf________
520,340
515,234
Kansas C ity Southern___
Representing 9 roads
In our com pilation..$ 1 0 ,3 1 9 ,7 4 2
a This is the result for the Pennsylvania R R . (including the former
Pennsylvania Company) and the Pittsburgh Cincinnati Chicago & S t. Louis
combined, the Pennsylvania R R . reporting $ 2 2,689 ,847 increase and the
Pittsburgh Cincinnati Chicago & St. Louis $ 6 ,945,358 increase. For the
entire Pennsylvania System, including all roads owned and controlled, the
result is an increase in net o f $ 33,222 ,945 .
6
These figures merely cover the operations o f the N ew Y o rk Central
Itself. Including the various auxiliary and controlled roads, like the
M ichigan Central, the “ Big F our,” & c .( the result is a gain o f $ 1 8 ,6 0 9 ,3 6 4 .
g r o s s o n t h e lin e s d ir e c t ly o p e r a t e d , b u t a c c o m p a n ie d
by
a g a in
o f $ 2 9 ,6 3 5 ,2 0 5
P e n n s y lv a n ia
and
in
th e
n e t.
in c lu d in g
a ll
For
th e
road s
gross,
T h e
but
an
in c r e a se
B a lt im o r e
&
of
$ 3 3 ,2 2 2 ,9 4 5
O h io
sh ow s
A s
e n tir e
ow ned
c o n t r o lle d , t h e r e s u lt is a d e c r e a s e o f $ 7 ,3 8 6 ,2 5 9
th e
n e t.
S y ste m ,
in
in
th e
$ 2 ,4 4 8 ,2 0 8
con cern s
b o th
of
a
la r g e r
hand
to
th e
Y ork
co tto n
gross
and
$ 8 ,1 8 2 ,0 6 5
a d d itio n
to
N ew
H aven
&
H a r tfo r d ,
g r a in
E a ste rn
m o v e m e n t,
road s h ad
m o v e m e n t.
of
w heat
o f th e le a d in g s t a p le s ,
road s h ad
to
For
at
co n te n d
th e
th e
th e
w h ile
26
th e
w ith
a
w eeks
W e ste rn
a d v a n ta g e
on
of
o th e r
s m a lle r
1922
p r im a r y
th e
m a rk e ts
n e t;
w ere
N ew
and
S o u th e rn
r e c e ip ts
a d d itio n
th e m o v e m e n ts
W e ste rn
o n ly
1 2 4 ,4 9 4 ,0 0 0
b u s h e ls ,
as
a g a in s t
1 4 6 ,
$ 2 ,7 9 2 ,2 2 6
3 2 6 ,0 0 0
b u s h e ls
in
th e
sam e
p e r io d
of
19 2 1 , b u t,
on
in c r e a s e in g r o s s a n d $ 1 2 ,0 8 2 ,5 1 3 in c r e a s e in n e t , a n d
th e
th e
E r ie
(w h ic h
c a r r ie s
m uch
a n th r a c ite
o th e r
d ecrease
in
gross
w ith
$ 3 ,2 6 5 ,5 7 6
n e t.
In th e
fo llo w in g
wc
sh ow
rye
th a t
th e
se p a ra te
road s
fo r
a m o u n ts
in
w ere
$ 5 0 0 ,0 0 0 ,
gross
w h e th e r
and
in c r e a s e s
or
excess
corn ,
in
th e
o a ts,
b a r le y
a g g re g a te
th a n
of
th e
p r e v io u s y e a r ,
r e c e ip ts
c o m b in e d
decreases,
and
in
th e
h a lf
year
fo r
of
th e
1922
fiv e
w as
of
b u s h e ls ,
as
a g a in s t
4 2 0 ,9 4 5 ,0 0 0
b u s h e ls
1921.
d e ta ils
in
in
th e
c o r r e s p o n d in g
p e r io d
of
th e
W e ste rn
m ovem ent
of
The
n e t.
P R IN C IP A L C H A N G E S IN G R O SS E A R N IN G S FOR S IX M O N T H S
icreases.
Increases.
820,280 Illinois Central___
Norfolk & W estern--------§896,374
445,986 Virginian R a ilw a y .il
Louisville & Nashville—
888,549
Great
N
orthern.
.
387,195
Chicago M ilw & St P a u l.
826,408
953,524 D et Grd Haven & M ifw "
M ichigan C e n t r a l----------743,464
'
792,226 Bangor & Aroostook
N Y N H & H a r t f o r d ...
712.227
448,208 Boston & M a i n e ..
""
Baltimore & O hio_______
698.953
289,713 D et & T o l Shore Line " "
Chesapeake & Ohio______
604,944
822,387 Toledo St Louis & W e s t"
Detroit Toledo & Ironton
548,369
494,883
Northern Pacific________
Representing 22 roads
235,872
C leve Cin Chic & St Louis
197,295
in
our
compilation_$
40
042,4
Long Island_____________
155,037
Pere M arquette__________
102,264 Southern Pacific (8 )____ $10 63ff2
N Y Chicago & St L ouis.
978,271 A tch Topeka & S Fe (3)_ 101477 '£
N ew Y o rk Central_______
a ll h e a v ie r
th e
4 6 3 ,3 6 1 ,0 0 0
b o th
of
a ll c h a n g e s
c e r e a ls
fo r
r e c e ip ts
in
so
c re a se in
th e
c o a l),
and
$ 4 ,9 8 4 ,8 3 0
hand,
g r a in
a p p e a r in th e ta b le w e n o w
J a n .1 to
July 1.
Flour.
(fibls.)
Chicaao—
Wheat.
(bush.)
in
our
u su al
fo r m
in tro d u c e :
Corn.
(bush.)
Oats.
(bush.)
Barley.
(bush.)
Bye.
(bush.)
1922 . . . 5,403,000
1921 . . . 5,035,000
17,197,000 101,915,000 35.088,000 3,904,000
10,220,000 85,419,000 35,368,000 4,112,000
1922 . . .
1921 . . .
587,000 15,271,000 10,535,000 4,601,000 1,122,000
10,026,000 10,196,000 5,827,000 4,300,000 2,114.000
12,162,000 17,254,000 13,233.000
364,000
276,000
18,892,000 15,308,000 14,240,000
311,000
111.000
MilwauKee—
St. Louts—
784,000
662,000
1922 . . . 2,172,000
1921 . . . 2,040,000
Toledo—
1922 . . .
1921 . . .
_____
...................
1,194.000
1,210,000
2,167,000
1,424,000
1,516,000
1,771,000
6,000
..........
1,581,000
1,418,000
90,000
Flour.
(bbls.)
Detroit—
1922 ...
1921 . . .
Wheat.
(bush.)
Corn.
(bush.)
802,000
825,000
------- -
Peoria—
1922 . . . 1,386,000
1921 . . . 1,207,000
Oats.
(bush.)
1,505,000
725,000
672,000
393,000
13,056.000
8,269,000
7,188,000
4,144,000
11,590,000
11,473,000
8,865,000
1,822,000
2,785,000
3,482,000
Duluth—
1922 . . .
1921 . . .
Minneapolis—
1922 . . .
1920 . . .
______ 3S,054,000 10,919,000
120,000 39,452,000 8,324,000
3,362,000
2,345,000
8,163,000 28,302,000
10,931,000 21,273,000
9,930,000
9,613,000
St. Joseph—
1922 . . .
1921 . . .
3,431,000
5.798,000
46,000
355,000
176,000
396,000
3,000
50,000
1922 . . . 9,750,000 124.494,000 215,944,000 96,070,000 15,077,000 11,776,000
1921 1.. 10,070,000 146,326,000 102,058,000 S6,201,000 14,909,000 11,448,000
The
to
seab oard
la s t
th e
year
In
year
g r a in
and,
W e ste rn
com es
o th e r
b a r le y
in
th e
p r im a r y
on
to p
w ord s,
and
m ovem ent
as
rye
a
la r g e
r e c e ip ts
c o m b in e d
th e
h e a v ie r
m ovem ent
in c re a se
th is
is
E n g la n d
la tte r
57,421,605
76,706,840
113,468,843
80,514,943
92,931,565
109,445,113
28,331,956
21,824,020
58,831,644
57,474,860
64,866,637
80,455,435
of
road s
th e
corn ,
o a ts,
e a r n in g s .
o n ly
In
o th e r h a n d ,
im p r o v e m e n t
s h o w in g
in
1920,
a s w ill b e
1921
seen
by
and
th e
1 1 8 ,6 4 2 ,0 0 0
b u s h e ls
Wheat............bush. 91,293,000
C orn ......................... 89,348,000
Oats........................... 35,339,000
Barley....................... 8,251,000
R ye............................ 16,170,000
97,169,000 65,681,000 102,845,000 13 977 000
40,725,000 8,940,000
6,965,000 13,811 000
23,452,000 10,270,000 36,197,000 55,796,000
8.289,000
5,728,000
17,682,000 6,760,000
12,341,000 27,845,000 22,460,000 2,730,000
Total grain.......... 240,401,000 181,976,000 118.642,000 186,149,000 93,080,000
The
hand,
of
W estern
fo r
th e
six
Y ards
car
th e
at
m o v e m e n t,
m o n th s
m o n th s
of
C h ic a g o
lo a d s ,
th ey
liv e s t o c k
six
w e re 5 1 ,5 8 1
not
1921.
th e
a g a in s t
d id
th e
r e c e ip ts
1 3 5 ,9 9 6
in
on
th e
q u ite
A t
o th e r
equal
U n io n
c o m p r is e d
1921;
at
c a r s , a g a in s t 5 2 ,9 8 8
th a t
A s
regards
w ere
th e
S o u th e rn
o v e r la n d
7 7 8 ,0 4 8
fo r
b a le s ,
co tto n
th e
six
C ity
at O m aha
a g a in s t
m o v e m e n t,
m o n th s
of
1 ,2 4 5 ,1 6 5
th e
1922
b a le s
1921;
1 ,1 0 5 ,5 3 4
b a le s
in
1920;
1 ,2 5 0 ,9 9 5
b a le s
in
1 ,2 9 3 ,5 7 0
b a le s
in
1918;
1 ,1 0 6 ,6 9 8
b a le s
in
1917
and
six
1 ,3 0 8 ,9 9 4
th e
m o n th s
1921;
in
of
lu ll
in
1916.
w ere
1922,
2 ,8 3 6 ,2 6 6
1919.
b a le s
r e c e ip ts
as
b a le s
a g a in s t
in
d e ta ils
A t
th e
2 ,3 8 1 ,8 6 1
1920
2 ,8 1 6 ,0 4 2
and
appear
S o u th e rn
b a le s
in
in
b a le s
2 ,7 7 5 ,3 1 2
th e
th e
ta b le
now
s u b jo in :
RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JAN. 1 TO JUNE 30.
Since January
Ports.
1922.
Galveston .......... bales
Texas City, &c........ .
New Orleans________
Mobile_____________
Pensacola, &c.......... .
Savannah___________
Brunswick...................
Charleston__________
Wilmington............ .
Norfolk______ ______
Newport News, A c .. .
1921.
876,815 1,291,142
243,966 234,725
538,726 676,483
79,692
49,030
8,663
14,397
344,906 310,549
4,316
14,098
45,863
106,633
41,239
40,833
127,531 147,269
1,023
1.
1920.
1919.
1918.
1917.
860,567
208,943
713,368
86,856
15,864
439,601
65,327
265,185
47,208
130,620
2,727
879,398
114,985
790,569
67.629
7,713
488,015
86,230
101,973
81,347
186,124
1,329
537,718
72^822
784,002
35.460
21,437
406,700
41,100
45,908
35,081
105,900
3,035
846,706
61,529
486,033
29,915
24,333
164,674
65,670
39,341
9,009
177.657
3,738
Total_____________ 2,381,861 2,816,042 2,836,266 2,775,312 2.089,163 1,909,205
W hen
by
in
th e
gross
(w h e n
of
th e
th e
w o u ld
g a in
of
w e e x a m in e th e
m o n th s,
th e
coal
of
th e
r e v iv a l
and
th e ta b le
m o n th ly
w as
and
m o n th
w h ic h
M a y
o p e ra te d
th e
to
coal
except
heavy
each
it w a s o f la r g e d im e n s io n s in
we now
a n n e x w e fu r n is h
to ta ls o f g ro ss a n d
in
v ie w
know n
June w hen
th e
o ff
M arch
w as
by
th e
reason
fa llin g
tr a ffic .
in
e a r n in g s
fa llin g
fr e ig h t
o ffse t
im p r o v e m e n t
a
it
and
gen eral
1922
w as
u n u s u a lly
m in in g
in
o f th e
th e re
every
1) a n d in
sh r in k a g e
record ed
record
th a t
in
tr a ffic
m e r c h a n d is e
e a r n in g s
In
fo u n d
e a r n in g s
c o m e A p r il
tra d e
m o n th
is
s u sp e n sio n
in
fr o m
it
The
and
a ll
of
o ff
net
every
th e m .
a su m m ary
n e t e a r n in g s :
29.089.649
54,882,820
54,637,199
23,040,083
28,064,928
28,989,678
case
of
th e
to
sh ow
th a t,
in
each
m a stery
of
o f th e
steel
net
(th e se
r e v iv a l
in d u s tr y )
gross
e a r n in g s , o n
and
it
N ew
e n la r g e d
and
th e
geo
th e
W e ste rn
and
th e
cr
lo c a tio n ,
w ith
reason
is i m p r o v e m e n t ,
at
by
grou p,
by
a b le
"r o u p s
th e ir
M id d le
tra d e
th e
in
to
th e
v e r y .n o t a b l e
every
exp en se
grou p ,
a cc o u n ts.
g r o u p s fo llo w s .
Jan. 1 to June 30—
Section or Group—
Group 1 (9 roads), New England..
Group 2 (36 roads) East & Middle.
Group 3 (32 roads) Middle W e st...
Groups 4 & 5 (34 roads), Southern
Groups 6 & 7 (28 roads). Northwest
Groups 8 & 9 (50 roads), Southwest
Group 10 (12 roads), Pacific C oast..’
1922.
$
120,485.419
759,813,605
277,278,193
383,528,809
525,443,791
394,512,002
141,285,692
-Gross Earnings---------------------1921.
Inc. (+ )o r Dec.(— )
S
S
%
117,296,235 +3,189,184 2.72
794,459,247 — 34,645,642 4.36
269,222,306 +8,055,887 2.99
369,883,882 +13,644,027 3.68
527,812,416 — 2,368,625 0.45
434,684,344 — 40,172,342 9.24
152,388,782 — 11,103,090 7.28
lotal (201 roads).......................... 2,602,347,511 2,605,747,212 — 63,399,701 2.38
------Mileage------1922.
1921.
- 7,332
7.3S5
- 30,743 30,623
- 19,347 19,305
- 39,074 38,567
- 66,817 66,301
- 55,268 54,951
- a>,822 16,727
Group 1___
Group 2 ___
Group 3___
Groups 4 & 5.
Groups 6 A 7
Groups 8 & 9.
Group 10___
Total........ .
-Net Earnings1922.
Inc. ( + ) or Dei•• (— )•
1921.
§
S
S
%
22,225,111 def555,370 + 22.780,481 ____
145,374,005 93,829,956 + 51,544,049 54.93
60,978,473 27,721,063 + 33,257,410 119.97
93,310,273 37,643,181 + 55,667,092 147.83
99,278,429 55,462,768 + 43,815,661 79.18
76,764,555 69,331,433
+ 7,433,122 10.72
32,489,805 28,655,596
+ 3,834,209 13.38
.235,403 233,859 530,420,651 112,088,627 + 218,332,024
69.96
••“ '"uuca an oi uio iNtJw nmgiana oiiatra.
,
lnclu(les all of New York and Pennsylvania except that portion west
o
s iurg and Buffalo, also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group 1 11 . Includes all of Ohio and Indiana, all of Michigan except the northern
pen nsu a, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
'
in
b a le s
we
Inc. or Dec.
+
+
+
+
+
+
SUM MARY BY GROUPS.
in
1919;
o u tp o rts
th e
grou ps
gen eral
1 3 3 ,6 1 1
K an sas
and
and
S to c k
5 4 ,0 3 3 , a g a in s t 5 5 ,7 7 8 .
s h ip m e n ts
a
O ur su m m ary
fo llo w in g :
RECEIPTS OF FLOUR AND GRAIN AT SEABOARD JAN. 1 TO JULY 1.
Receipts of—
1922.
1921.
1920.
1919.
1918.
F lo u r ............ bbls. 12,049,000 11,789,000 10,195,000 19,970,000 12,948,000
S o u th e rn
p r e s u m a b ly
th e re
1 8 1 ,9 7 6 ,0 0 0
arranged
a c c o r d in g
a u to m o b ile
th e
s ix m o n t h s o f 1 9 2 2 w e r e 2 4 0 ,4 0 1 ,0 0 0 b u s h e ls , a g a in s t
b u s h e ls in
are
th e
grou p
w h e a t,
th e
— 75,303.279
— 4,772,834
+ 16,059,426
— 15,866,410
+ 4,069,751
+ 12,376,822
p r o fitin g
are
fo r
1921.
469,195,808
405,203.414
457,374,660
432,106,647
443,229,399
460,007,081
th a t
year.
seab oard
1922.
d iv is io n s ,
fo u n d
la s t
th e
Inc. or Dec.
th e
g r a p h ic a l
in c re a se
of
at
ran
o f th e
m a rk e ts,
of
th e
a ls o
case
Net Earnings.
1921.
Note. Percentage of Increase or decrease In net for the above months has been:
January, 102.68% Increase: February, 251.48% Increase: March, 92.85% Increase:
April, 40.09% increase; May, 43.27% increase; June, 36.03% Increase. In Januray
the length of road covered was 235,395 miles in 1922, against 234,636 miles in 1921; in
February, 235,625 miles against 234,880 miles; in March, 234,986 miles against
234,202 miles; in April, 234,955 miles against 234,338 miles; in May, 234,931 miles
miles against 234.051 miles; in June. 235,310 miles against 234.568 miles.
W hen
Total—
th a n
Jan . . 393,892,529
F eb.. 400,430,580
M ar.. 473,433,886
April. 416,240,237
May . 447,299,150
June . 472,383,903
609,000
..........
Gross Earnings.
Month
1922.
1,063,000 7,055,000
1,118,000 4,687,000
10,892,000
9,298,000
Omaha & Indianapolis—
1922 . . .
1921 . . .
Me
(bush.)
10,858,000 4,960,000 1,606,000
7,820,000 4,622,000 2,763,000
Kansas City—
5,000 30,642,000
1922 . . .
1921 . . . 1,000,000 42,904,000
Barley.
(bush.)
960.000
1,588,000
of
Groups IV . and V. combined Include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and V II. combined Include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois, all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City, also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups V III. and I X . combined Include nil of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City, Colorado south
of Denver, the whole of Texas and the bulk of Louisiana, and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group x . Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona, and the western Dart of New Mexico.
W e
year.
now
It
g iv e
our
sh o w s th e
d e ta ile d
sta te m e n t
r e s u lts fo r e a c h
fo r
th e
h a lf
ro a d s e p a r a te ly .
EARNINGS OF UNITED STATES RAILWAYS JAN. 1 TO JUNE 30.
-Net■ GrossGroup I .
1921.
Inc. or Dec.
1922.
1922.
1921.
Vew England.
s
$
S
$
S
antic & St. Lawr.
def42,372
+56,588
14,216
1,573,471
ngor
igor &
<s Aroostook
A r o o s t o o k 4 4 S8 ’ 3 S 7
529,774 +1,142,901
1,672,675
3,776,160
5 445 964def 1,566,649 +7,012,613
t o n * M a i n e . . . . 37 848 763 37,149,810
’•>77 058 def677,692
+954,750
tral V e r m o n t . . .
3 168 3*>8
3.0S6.836
260,638
179,232
+81,406
‘r n a t R y o f Me__
1 508 504
•
1,599,810
1
605
177
24,163
+1,581,014
'N H & ilartr'H r10'.126’,725 16.476+72 n ’776'4U def306,102+12,082.513
55,055,001
ConnlcMng.0^ 57'847’727
055 001
’—
1,259,355 — 317,785
941,570
1,391,125 “ 1,783,733
tland
44,921
+186,481
231,402
2,740,961
2,794,642
otal (9 roads).. . 120 ,485,419 117,296,235
Group I I
last & Middle
-Gross1922.
1921.
antic City
tlmore
unore &
& Ohio
O hio.. 98 67 o 'l 59
m E D Terminal
797.420
.aI 0 &, s dsqueh-.
731,747
trafnf New
NTPltr?“
tr‘“
Eng
Iware
? Hudson
i.acK & Western
--------
ew Jersey& N Y
S
22,225,111
__ ______________
1922
157,819
1,865,233
96,230,951 20 980.235
322,303
661,067
def22,365
1,035,466
451,454
7,128,024
6,942,958
3 511 orm 4,109,667
1 032,120
3 462,145
23’ 19^ 0 8 0 2JU49;836
1 969,729
18.866,430 22,411,257
6,937.261
35,882.808 42 279,985
4,805,916
44,435,306 49,596,485
72 s
710000
def555,370+22,780,481
-Net1921.
Inc. or Dec.
S
$
def5l,855 +209,674
12,798,170 +8,182,065
187,109 +135,194
def273,428 +251,063
150.122 +301,332
1,100,295
— 68,175
4,704,811 — 1,242,666
2,956,480 — 986,751
6,613,996 +323,265
2,649,203 +2,156,713
1922.
S
260,237
124,057
3,126,701
215,391
def59,604
34,916,246
737,436
173,023
49,228,065
dei83,224
2,9S7,114
defl01,311
717,156
251,927
502,812
246,757
8,197,985
def98,7S5
defl23,919
487,256
defl09,678
39,377
1,425,542
2,027,050
87,900
—NetInc.or Dec.
1921
S
393,306 — 133,069
424,484 — 300.427
307,475 +2,819,226
def27,588
+242,979
def7,462
— 52,142
26,264,803 +8,651,443
504,193
+233,243
84,286
+88,737
26,538,218 + 22,689,847
def82,888
— 336
667,923 +2,319,191
def59,010
— 42,301
277,636
+439,520
def332,314 +584,241
def203,140 +705,952
332,256
— 85,499
5,290,428 +2,907,557
def99,272
+487
def227,401
+103,482
575,755
— 88,499
def51,4S8
— 58,190
def68,040 +107,417
577,158
+848,384
1,563,609 +463,441
272,051 — 184,151
Total (36 roads)..759,813,605 794,459,247 145,374,005
93,829,956 + 51,544,049
-Gross1921.
1922
S
S
1,594,706
Lehigh & Hudson.. 1,200 236
2,210,735
Lehigh & New Eng. 1,987 ,365
Lehigh Valley______ 30,941 ,221 36,841.367
370,065
Monong Connecting
832 ,985
803,784
Montour__________
348 ,006
New York Central. .158,557 ,783 157,579,512
6,479,855
N Y Ont & Western. 5,591 ,268
2,157,441
N Y Susq & Western 1,975 ,019
Pennsylvania______240,161 ,064 248,584,923
719,259
Balt Ches & Atl__
667 ,302
Long Island------- 13,964 ,429 12,767,134
539,666
Mary Del & V a._
483 ,500
1,885,174
Monongahela------ 1,730 ,964
3,072,357
N Y Phil & N orf. 3,483 .385
5,543,978
West Jersey & Sea 5,725 ,940
646,297
Perkiomen________
585 ,458
Phlla & R eading... 38,260 ,119 42,321,725
617,230
510 ,067
Pitta & Shawmut. . .
598,212
523 ,890
Pitts Shaw & North.
1,206,703
993 ,840
Port Reading--------1,197,108
Staten Isl Rap Tran 1,151 ,808
6S4.579
713 ,527
Ulster & Delaware..
4,985,184
Union R R o fP e n n .. 5,071 ,267
9,133,334
West Maryland----- 8,244 039
732,958
453 ,318
Cumb Val & Martins
------Net-------------------Grosi
1921.
1922.
1921.
1922.
Group III.
S
Middle West.
S
S
S
656,192
130,130
482,131
Ak Can & Youngst. 1,071,614
511,838
190,56S
Ann Arbor________ 2,413,075
2,304,447
371,551 defl78,367
5,928,169
Bessemer & L Erie . 4,664,649
1,859,647
838,961
Chic Ind & Louis. . 7,757,916
7,313,189
1,697,748
214,493 def372,536
Cine Ind & W est... 2,043,584
def36,848
1,890
916,795
Detroit & Mackinac
815,311
968,368
370,727
1,204,187
Det Tol & Sh Line.. 1,809,131
442,940
1,325,405
Det Tol & Ironton.. 4,477,923
2,655,536
Erie System— See Group II.
290,918
5,325,183
1,377,979
Chicago* E rie... 5,492,774
Qrand Trunk System—
Atlantic & St Lawrence— See Group I.
328,473
526,421
969,681
Chi Det C G T J 1,124,376
1,792,541
598,129 def217,175
Dot Gr Hav & Mil 2,536,005
351,725
1,273,561
6.849,328
Grand Trunk We3t 7,343,633
def75,927
6,380,872
2,053,365
Hocking Valley___ 6,350,410
74,139
def21,136 def233,929
247,681
Lake Sup & Ishpem.
49,004
180,864
551,559
697,620
Lake Terminal____
51,753
648,942
336,118
997,496
Newburgh & So Sh.
New York Central System—See Group II
411,142
452,988
Cine Northern... 1,750,311
1,752,663
5,684,454
Cle cm Chi & St L 40,829,638 39,593,766 11,798,409
def28,468
Kanawha & Mich 1,560,542
2,280,864 defl41,859
532,981
55,330
Lake Erie & West 4,588,921
4,454,359
Michigan C e n t... 37,437,749 34,484,225 10,440,886
6,186,040
def52,826
1,153,661
Pitts & Lake Erie. 11,800,206 12,360,145
Tol A Ohio Cent. 3,684,921
4,994,529 defl29,923
548,884
N Y Chic * St Louts 14,222,570 13,120,306
4,306,003
2,670,631
Pennsylvania Lines West of Pittsburgh A Eric—
94,519
3,993
Cin Leb A North.
100,082
def4,031
4,086,038
def62,121
Gr Rapids of Ind. 4,125,809
66,813
8,689,532
Pitts ClnChi&StL 47,521,417 48,177,641
1,744,174
4,292.964
Pere Marquette___ 18,207,976 17,052,939
2,375,251
1,416,662
P itts* West Va___
1,391,143
328,023
16,776
Tol St L & West. . . 4,906,257
4,357,888
1,612,062
720,173
Wabash R y_______ 28,630,584 28,832,268
5,161,476
3,111,859
6,748,925
1,723,994
Wheeling & L Erie. 6,822,930
1,039,219
Inc. or Dec.
S
+ 352,001
+ 321,270
+ 549,918
+ 1,020,686
+ 5S7.034
—38,738
+ 597,641
+882,465
+ 1,0S7,061
+197,948
+815,304
+921,836
+2,129,292
+212,793
+131,860
+284,365
+41,846
+6,113,955
— 113,391
+477,651
+4,254,846
— 1,206,487
— 678,807
+1,635,372
+8,024
— 128,934
+6,945,358
+1,917,713
+311.247
+891,889
+2,049,617
+684,775
Total (32 roads)..277,278,193 269,222,306 60,978,473 27,721,063 + 33,257.410
Groups IV . & V.
Southern.
Alabama & Vicks—
Atlanta & West P t..
Atlanta Birm & Atl.
Atlantic Coast Line.
Caro Clinch & OhioCentral of Georgia..
Charles & W C aro..
Chesapeake & Ohio.
Florida East Coast.
Georgia & Florida..
Georgia....................
Gulf & Ship Island..
Gulf Mobile * Nor.
Louisville & Nashv.
Louis Hend * St L.
Mississippi CentralMobile & Ohio.........
Colum & Greensv..
Nash Chatt & St L.
New Orl Gt N orth..
Norfolk & Western.
Norfolk Southern..
Rich Fred & Potom.
Seaboard Air Line..
Southern R y ---------Alabama Gt S o ..
Cin N O & Tex P .
Georgia So&Flor
New Orl & N East
North Alabama..
Tennessee Central..
Virginian........ .........
West R y of Ala----Yazoo & Miss V al..
-Gross-Wei1921.
1922
1922.
1921.
Inc. or Dec.
S
S
S
$
$
1,598,223
1,575, 090
281,166
def33,984
+315,150
1,254,772
1,147 232
173,439
125,190
+48,249
1,489,894 def211,559 def908,375
1,842 846
+693,816
37,095. 580 36,732,035 11,178,063
5,583,943 + 5.514,120
3,581,721
3,863, 255
1,311,694
723,531
+538,163
10,747 ,997 11,132,682
2,188,296
592,714 +1,505,58 3
1,690,322
1,724 ,476
457,128
def91,164
+548,292
44,172 859 41,883,140 10,899,467
7,343,141 +3,556,3 26
8,295,665
8,065 ,238
3,226,607
2,208,474 +1,018,133
691,403
665 ,104
101,267
def63,655 +164,922
2,636,263
328,570
2,367 ,734
def63,368
+391,942
1,391,474
401,388
1,437 ,784
170,174
+231,214
2,049,326
622,438
2,259 ,011
75,789
+546,649
62,050 ,125 57,604,139 12,194,657
defS3,06 5 +12,277,722
1,406,985
371,774
1,531 ,388
201,943
+169.831
513,416
100,542
739 ,741
def26,717
+127,250
9,241,562
1,930,946
8,522 ,874
614,002 +1,316,944
116,591 defl 19,382
769,812
714 ,658
+235,973
997,341 def344,950 +1,342,291
10,143 ,436 10,096,138
1,260,648
359,942
1,267 ,449
182,426
+177,516
46,011 ,351 39,191,071 15,126,054
5,422,114 +9,703,940
819,349
3,931,407
4,200 225
421,478
+397,871
1,822,404
,
’
635
5,397,385
5,407
955,219
+867.185
4,697,683
22,426 ,507 22,178,211
2,518,417 +2.179,266
61,915 ,456 02,416,785 13,716,364
6,598,906 +7,117,453
4,704,441
1,235,956
4,711 467
389,926
+846,030
2,150,653
8,827,258
9.119 ',251
1,065,969 +1,084,684
418,298 def257,261
2,228,122
2,371 ,004
+675,559
498,476
3,261,387
3.120 824
224,164
+274,312
225,659 , 47,788
444,843
628 932
+177,871
60i,880
1,178,396
1.193 ,731
defl 02,008
+ 162,888
4,410,789
9,596,649
10,485 ,198
3,355,587 +1,055,202
1,214,118
232,777
1.194 ,732
93,102
+139,675
865,168
9,994,180
8,728 ,619
823,111
+42,057
Total (34 road3)..383,528 ,809 369,883,882
-Gross1921
Groups V I. & V II.
1922
$
Northwest.
S
1,20S ,657
B & O Chic Term—
1,477,424
2,503 ,441
Belt Ry of Chicago- 2,890,726
Chicago & Alton— 14,132,672 14,467 ,083
Chic & East Illinois- 11,903,154 12,850 ,818
Chic & North West 67,680,629 67,603 ,35S
Chic Burl & Quincy . 74,635.952 73,397,,915
Chic Great Western. 11,323,144 11,659 .886
Chic Milw & St Paul 71,156,775 67,769,,5S0
959,,619
Chic Peoria & St L . . 1,133,185
Chic St P Minn & 0 . 13,056,451 13,046 .969
2,128, 259
Dul & Iron Range.. 2,176,549
4,497 ,117
Dul Missabe & Nor. 3,844,734
2,252, 068
Dul So Shore & Atl. 1,934,781
1,390 ,987
Dul Winn & Pacific.
972,664
SOS.487
East St Louis Conn. 1,011,166
Elgin Joliet & East. 10,507,235 10,414 ,300
Great Northern----- 42,730,19o 41,903 ,787
690 ,293
GreenBay & W est..
688,695
68,876 .747
Illinois Central.........69,773,121
4,402 ,755
Indiana Harbor Belt 4,638,822
7,692 033
Minneap & St Louis 7,469,918
Minn St P * S S M . 19,254,928 19,378 742
Northern Pacific— 41,922,104 40,427 ,221
830 ,612
Peoria* Pekin U n ..
891,0o4
628 233
Quincy O m & K C ..
315
807,
Toledo Peor & West
791,224
Union Pacific______ 45,402,182 43,705, 977
1,510, 122
St Jos & Grd Isl. . 1,505,620
93,310,273
1922.
S
157,513
963,860
2,448,735
1,804,200
10,953,160
17,912,058
1,117,807
8,611,901
def56,790
2,017,091
254,372
801,471
def.53,132
81,308
529,445
4,130,339
6.949,516
164,464
16,930,373
1,663,406
974,913
2,218,326
5,213.206
200,271
defl7,525
dsf29,532
13,136.931
200,682
37,643 ,181 + 55,667,092
----- Wet1921 .
Inc. or Dec.
S
S
defl79, 013 +337,426
456 727 +507,133
1,237 254 +1,211,481
def22 912 +1,827,112
826 451 + 10,126.709
16,200 969 +1,705.039
1,355 402
""
— 237.595
3,491 887 +5,120,314
def310 600
+253,810
288 737 +1,728,354
def362 423
+616,795
442 119 +359,352
def243, 044 +189,912
107 679
— 20,371
222 851
+300,594
2,568 695 +1,561,644
2,695 198 +4,254,318
124 254
+40,210
12,318 794 +4,611,579
595 158 +1,068,308
defl26 081 +1,100.994
def800 147 +3,018,473
1,009, 753 +4,203.453
def8, 824 +209,095
def49, “
+31,932
def2S6,
+ 237,397
13,776,
—639,760
103,
+ 91.909
Total (28 roads).-525,443,791 527,812,416 99,278,429 55,462,768 + 43,815.661
1922.
Groups V III. & I X
Southwest.
Atch Top & SantaFe
Gulf C o lo * S F c.
Panhandle & S Fe.
C hlcR I * Pacific..
Chicago R I & Gulf.
Colo A Southern . . .
Ft Worth & DcnC
Trin * Brazos Val
Wichita V a lle y...
Denv A Rio Grande.
Denver * Salt Lake.
Ft Smith A Western
Galveston Wharf__
Internat * Grt Nor.
K C M e x * Orient..
K O M cxA O rofT ex.
Kan Citv Southern.
Texark * FtSmtth
Kansas City Term ..
Kansas Ok'a * Gulf.
Louisiana A Arkan.
Louisiana R v * Nav
Midland Valiev___
M o * North Arkan
Mo Kansas A Texas
Mo K A Tex of Tex.
Missouri Pa"ific____
New 0-1 Tex & Mex
Beaum S L * W .
S tL B row ns& M .
St Louis San Fran..
Ft Worth A Rio G
St L S F o f Texas.
St Louis Southwest.
St L S W of Texas
St Louis Transfer. . .
San Ant * Aran Pass
San Ant Uvalde * G
South Pae Svstem—
Galv Harris * S A
Hous * Tex Cent.
Hons E * W Tex.
Louisiana Western
Mnrg T,a R R * N
Texas * New Orl.
Term R R Assn of St L
St T, tier BUge Tc
Texas A Pa-iflc___
$
3,471,006
56,053,682
2,716,060
6,059,966
4,362,143
1,580.058
571.445
14.456,211
555.823
730.608
706.854
6,741.669
665.313
740.236
8.732.517
977.860
1.341.614
1.633.284
1.607.901
2,281.809
115,262
14.603.965
10,008.850
48,524.436
1.319.005
1.015.176
2.602.675
39,420.419
595.052
780.825
8,351.238
3,433,201
370,574
2,483,789
514,432
Inc. or Dec.
1921.
1922.
1921.
S
S
S
S
89,200,128 16,962,334 19,810,336 ■
2,620,847
■
757,892
14,011,192
517,514
59,014
4,133,565
9,133,201
9,609,090
62,313,356
611.490
3,568.395 ’ " 416.527
1,107,660
1,239.491
6,196,755
1,516,120
1,410,534
5,238,474
44,399
186,494
1,297,283
199,103
141,622
786.843
1,637,572
3,366,837
14,240.766
def64.870 defl55,504
1,161.268
de(37,776
87,653
913.912
555,811
35.471
1,245.161
553,501
1,076.971
9,473.963
dcf236,103
defO 1,873
.833,332
def335,461
defl88,514
1.016,538
2,617.041
2.101.807
9.996.367
349,070
346,601
1,090,731
91
17
de(8,688
352,459
1.147.873
255,622
441.060
1.683.880
225.428
143.747
1.846.387
338.739
919,006
2,251,298
13,670
2,284,431
5,148,902
16,004,242
2.256,344
2.384.453
13,209,106
4,964.568
7.387,915
52,400,955
369,400
399,850
1,385,215
249.045
1.111,034
278.970
565,589
842,258
2.992.733
9,576.263
39.950,387 10.437.556
832.494 def 161.798 defl38.646
36.704 defl 50.766
855,767
2.749,735
3,010,805
8,294,988
3,613,713 def774,246 dcf708.647
238,860
76,491
566,072
2,813,338 dsfl91,792 def298,883
120.573
96,999
619,498
10,593.166 12.831,852
6,971,872
6,904.226
1,353.630
1,413.013
2 097,288
2.108.193
4.295.347
3.850.216
4.253.707
4.346.660
2.176.331
2.283.855
1,781.546
1.742.584
14.370.805 17,810.491
760.531
Utah............ ..........
Vicks Shreve * Bac 1.88 1.3 16I 2.047.288
1,124.994
683,682
Wichita Falls & N W
1,540.345
1,329.017
166,707
502.125
229.292
493.658
807.653
502,110
2,281.121
233.731
350.901
31,878
1,738,690
468.684
104.471
394.235
def33.878
def219.046
535.542
217,927
2,250,936
55.004
294.770
196,219
i 434,684,344
■ross------------1921.
76,764,555
09,331,433
Net —
Total (50 roads)-.394,512,1
1922.
1922.
S
8
s
103,495 deflOl .935
83 ,380
1.507,084
5 .2 0 9 ,396
6.003.017
1.360.776
9,964.066
9,450 094
50 937
207.743
186. 150
84.5.701
3.557 385
3.690.774
83.205 310 91.967.339 21,974.776
594.836
1,586,998
1,494 .068
143.336
633.117
541 .334
1,168,141
3,530,877
3,390 ,108
Inc. or Dec.
%
8
+ 19.890
dof121,825
+ 305.040
1,202.044
1,545.454 — 184,678
+ 73,731
def22.794
+ 186,969
658,732
19,990.153 + 1.984,623
+ 355,716
239.120
— 31,815
175.151
+ 206,611
961,530
3 927.699
383.504
634.950
2.706.742 +1,220.957
835.424 — 451,920
485,865 +149,085
32,489,805
28,655,596 +3,834,209
Group \ .
psrlflc Const.
r>Ingham * Garfield
El Paso * Southwest
Los Ange'es * Salt L
Nevada Northern..
Northwest Pa/dflc.South^rn R v ific —
Arizona East----Snokane-Tnternat. . .
«nok Port * Seattle.
Un'on Pacific R v—
Oregon Short Line 16.380 589 15.652.677
Ore-Wash R.R AN 12 698, 727 13.409.989
5,555.690
Western Padflc----- 5,090 ,241
Total (12 roads)..141,285,692 1.52,388,782
Grand total (201 rds)260234751I 266.5747,212 530,420,651 312,088,627 +218332024
C u r r e n t
W E E K L Y
'E x t e n t s
RETURN
OF
m iff
J H s a t s s i m
FEDERAL
RESERVE
t s
BAN KS.
U n c h a n g e d t o t a l e a r n in g a s s e t s , a n in c r e a s e o f $ 1 1 ,2 0 0 ,0 0 0
in
t o t a l d e p o sits a n d
reserve
n o te
a r e d u c tio n o f $ 4 ,9 0 0 ,0 0 0
c ir c u la t io n a r e s h o w n in
in F e d e r a l
th e F e d e ra l R e se rv e
B o a r d ’ s w e e k l v h a n k s t a t e m e n t i s s u e d a s a t c l o s e o f b u s in e s s
on A u g.
tw e lv e
Id
1 9 2 2 , a n d w h i c h d e a ls w i t h
F ed eral
decreased
3 0 0 .0 0 0 :
by
th e
R eserve
$ 5 ,2 0 0 ,0 0 0
reserve
banks
and
r a tio
t h e r e s u lt s f o r t h e
c o m b in e d .
to ta l
d e c li n e d
cash
fr o m
G o ld
reserves
8 0 .4
to
reserves
by
$ 4 ,
8 0 .2 % .
A ft e r n o tin g th e se fa c t s , th e F e d e r a l R e so rv o B o a r d p ro ceed s
as fo llo w s :
Federal Reservo Bank holdings o f bills secured by United States Govern
m ent obligations increased by .87,700,000 during the week, while other
discounts declined b y 5 7 ,3 0 0 ,0 0 0 and bills purchased in the open market
increased by $ 2 ,8 0 0 ,0 0 0 . As against an increase o f $ 3 ,2 0 0 ,0 0 0 in United
States bonds and notes, the banks report a reduction o f $ 1 ,5 0 0 ,0 0 0 in
Pittm an certificates and o f $ 4 ,8 0 0 ,0 0 0 in other Treasury certificates.
The largest declino in Federal Reserve note circulation, am ounting to
$7,600,000, is shown for the N ew York Reserve B ank, most o f (ho other
Reserve banks reporting slight additions to their note circulation. The
banks’ liability on Federal Reserve bank notes in circulation shows a
reduction o f $ 2 ,4 0 0 ,0 0 0 for the week.
Shifts in gold reserves during the week included a loss o f $ 2 1,200 ,000
by the N ew Y o rk bank and gains o f $ 1 1 ,1 0 0 ,0 0 0 by the Chicago bank
and o f $ 8 ,0 0 0 ,0 0 0 b y the Boston bank.
Holdings o f paper secured by Government obligations show an increase
from $1 1 7 ,8 0 0 ,0 0 0 to $12 5 ,4 0 0 ,0 0 0 . O f the total held $100 ,7 0 0 ,0 0 0 ,
or 8 0 .3 % . were secured b y Liberty and other U . S. bonds, $ 3 ,5 0 0 ,0 0 0 ,
or 2 . 8 % , b y Victory notes, $ 1 6 ,2 0 0 ,0 0 0 or 1 2 .9 % , b y Treasury notes
and $ 5 ,0 0 0 ,0 0 0 , or 4 % , by Treasury certificates, compared with $ 9 5 ,
9 0 0 ,0 0 0 , $ 3 ,7 0 0 ,0 0 0 , $13,7 0 0 ,0 0 0 and $ 4 ,5 0 0 ,0 0 0 reported the week beforo.
The statement in full in comparison with preceding weeks
and with tho corresponding date last year, will bo found on
subsequent pages, namely pages 847 and 848. A summary
of changes in the principal assets and liability items of tho
Reserve banks, as compared with a weolc and a year ago,
follows:
Increase ( + ) or Decrease (— )
Since
A u g . 9 1922.
Aug. 17 1921.
T otal reserves.................. ....................................— $4,300,000
+$452,400,000
G old reserves-----------------------------------------------— 5,200,000
+466,100,000
T otal earning assets________________________
_________
— 773,600,000
Discounted bills, tota l___________________
+ 3 0 0 ,0 0 0 — 1,129,600,000
Secured b y U. S. G ov t, obligations___+ 7 ,6 00 ,0 0 0
— 134,200,000
Other bills discounted__________________ — 7,300,000
— 695,400,000
Purchased bills------------------------------------------ + 2 ,8 00 ,0 0 0
+ 107,700.000
United States securities, tota l___________ — 3,100,000
+243,300,000
Bonds and notes------------------------------------ + 3 ,2 0 0 ,0 0 0
+168,900,000
Pittm an certificates_____________________— 1,500,000
— 135,900,000
Other Treasury certificates____________ —-4,80o!oOO
+210,300,000
T otal deposits......... ........ .................~ ...............+ 11,20 0 ,0 0 0
+ 175,700,000
M em bers’ reserve deposits_______________ + 6 ,7 00 ,0 0 0
+ 168,700,000
Governm ent deposits-------------------------------- + 5 ,1 00 ,0 0 0
+ 13,900,000
Other deposits------------------------------------------— 600,000
— 6,900,000
Federal Reserve notes in circulation_________ —4,900,000
— 361,300,000
F . R . Bank notes in circulation, net lia b ility . — 2,400,000
— 56,400,000
WEEKLY RETURN OF THE MEMBER BANKS OF THE
FEDERAL RESERVE SYSTEM.
Liquidation of $11,000,000 of loans and of $12,000,000 of
investments and a reduction of $154,000,000 in net demand
deposits are shown in the Federal Reserve Board’s weekly
statement of .condition on Aug. 9, 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 nad discounts of member
banks in New York City declined by $34,000,000 and their
investments by $6,000,000.
Loans secured by United States Government obligations
show an increase of $6,000,000 for the week, as against re
ductions of $14,000,000 in loans secured by stocks and bonds
and of $3,000,000 in all other, largely commercial, loans.
For the member banks in New York City an increase of
$4,000,000 in loans secured by Government obligations and
decreases of $27,000,000 in loans secured by stocks and bonds
and of $11,000,000 in commercial loans are shown. Changes
in the investment account are relatively moderate. Holdings
of Government securities declined by $13,000,000, while
holdings of corporate obligations show but a nominal change.
Total loans and investments of all reporting institutions show
a reduction of $23,000,000 for the week, the decrease for the
New York City banks alone being $40,000,000.
Accommodation of the reporting banks at Federal Reserve
banks declined from $116,000,000 to $105,000,000 and the
ratio of accommodation to total loans and investments of
these banks was reduced from 0.8 to 0.7% . Accommodation
of tho New York City banks at the local Reserve bank
declined from $16,000,000 to $13,000,000, the ratio of ac
commodation remaining unchanged at 0.3% .
Government deposits increased by $2,000,000, while other
demand deposits (net) declined by $154,000,000, partly as
a result of withdrawals of bank deposits to the interior of
the country. Time deposits increased by $63,000,000. Now
York City banks show reductions of Government deposits
by $13,000,000 and of all other demand deposits (net) by
$141,000,000, as against an increaso of $35,000,000 in time
deposits.
Reserve balances of tho reporting institutions with the
Federal Reserve banks show a decline of $52,000,000, while
cash on hand increased by $6,000,000. On a subsequent
page— that is, on page 848— we give tho figures in full con
tained in this latest weekly return of the member banks of the
Reserve System. In tho following is furnished a summary
of the changes in tho principal items as compared with a
week and a year ago:
Increase ( + ) or Decrease (— )
Since
Aug. 2 1922.
Aug. 10 1921.
Loans and discounts— total------------ ----------+$11,000.000
— $798,000,000
Secured by U. S. Government obligations +6,000.000
— 352,000.000
Secured by stocks and bonds------— 14,000,000
+537,000.000
A llother_____________________ ________ — 3,000,000
— 983,000,000
Investments, total________________ — 12,000,000
+ 1,184,000.000
U. S. bonds_______________________ — . +14,000,000
+467,000.000
Victory notes___________________ — 8,000,000
— 127,000,000
U. S. Treasury notes___________
+2,000,000
+588,000.000
Treasury certificates____________— 21,000,000
— 15,000,000
Other stocks and bonds------------+1,000,000
+271,000,000
Reserve balances with Fed. Reserve banks. — 52,000,000
+ 152,000,000
Cash in vault-------------------------------- +6,000,000
— 34,000.000
Government deposits-------------------+2,000,000
— 182.000,000
Net demand deposits-------------------- — 154,000,000
+ 1.085,000,000
Time deposits------------------------------ +63,000,000
+671,000,000
Total accommodation at Fed Reserve banks — 11,000,000
— 893,000,000
FRENCH DEBT COMMISSION TO UNITED STATES
RECALLED TO PARIS.
Tho recall to France of Jean V. Parmentier. head of tho
French Financial Commission which has been in the United
States for a month past conferring with the World War
Foreign Debt Commission, was announced on the 17th inst.
Secretary of the Treasury Mellon, in an official communique,
issued on that day, said:
M . Parmentier and his associate, M . Le Neveu, conferred informally to
day with the Chairman o f tho World War Foreign Debt Commission
M . Parmentier informed the Commission that he had consulted with his
Government by cable as to the results of previous conferences with the
Commission and that his Government had asked him to return to Paris for
a full discussion of the situation as it had developed.
The Chairman o f the Commission expressed to M . Parmantier his belief
that it could only be beneficial to have a complete statement made in
personal conference to the French Government as to the conversations
that have taken place between M . Parmentier and the Commission.
The “ Journal of Commerce,” in special advices from its
Washington bureau on the 17th inst., said:
An interval in the negotiations for tho refunding o f the $3,500,000,000
French debt was assured to-day when Secretary of the Treasury Mellon,
chairman o f the World War Debt Refunding Commission, announced that
Jean V. Parmentier, head o f tho French delegation, had been recalled to
I aris by Premier Poincare. His departure does not mean that there has
at a^ y break m tbe negotiations, it was learned officially.
M . Parmentier did not come to Washington authorized to make any de
finite proposals for the refunding o f the French debt. The whole object
of his visit was to make an exposition o f France’s financial condition, give
assurances that the French Government intended to pay and learn the views
of tne American commission.
Hears United States Viewpoint.
The American Commission at the last conference asked the French to
take the initiative and submit a proposition for the payment of interest ofc
the principal o f the debt. Lacking the power to make any proposals o f this
nature, M . Parmentier informed the commission that he would transmit the
suggestion to his Government and bo governed by its instructions. He
said to-day ho had informed the French officials o f the American point of
view, but he was not willing to elaborate as to what this was
Secretary Mellon has indicated definitely that the commission’s objective
in the present negotiations was to devise a plan acceptable to the French
for the start of interest payments, after agreeing to forego any revenue for
two or possibly three years.
tu*
Franco has sought to show to the Debt Commission that her ability to
pay the American Government is dependent upon the amount which Ger
many may be made to turn over in reparations. Tax officials o f the
Treasury, however, have reported the belief that Franco could increase her
rate o f taxation in the agricultural regions. M . Parmentier is of the opinion
that the point of saturation has been reached on internal taxes and that it
wou d be useless to place surtaxes on largo incomes because the number of
large fortunes is negligible.
in the negotiations is not at all contrary to the expectations of
knnwri thT v? commissioners. Upon arriving here, M . Parmentier made
known that he planned to sail for Paris on August 22.
to W m E
! indications are that France will send her spokesmen back
be able to tt ” d t’ nK
, atG fal1 or winter’ The Commission will hardly
sentathre
busmess durinK the next month, because RepreJAneiro onB w
abr° af ’ Secrctary of State Hughes sails for Rio de
the tariff
8 ’ ^ anc* Senator Smoot will be one of the conferees on
refundthe P pI ^ 680^ ^ 011.8 with Ambassador Cartier de Marchienne to
refund the Belgian debt will be started shortly, it is understood.
Un the same date Associated Press cablegrams from
Pans stated in part:
mission^nrnformed quarters it was stated that the results of the Parmentier
considerable surnrGe° 0<\ as was expected. It is declared that there was
was reouesled W ^ a" d ann°yance in official circles when M . Parmentier
France rm,i l i y - b° Refunding Commission to name a definite date when
France could begin to liquidate the debt.
”
*,<U l<laro s attitude had been defined in a speech to the Senate
l,
Parmentier’s sailing early in July. The Premier then
f
v*e Allies had profited equally by the use of the money borrowed
. . .. A5 iuted States. France did not repudiate her share, he declared,
. 1 A ance was expected to pay fully, she in turn expected to be paid
o on j he sums she lent to other Allies, but also the reparations due her
from Germany.
The Premier referred to tho fact that the international bankers interrup ed their recent deliberations concerning an international loan for
ermany when France announced that she could not abandon any part
oi her reparations claims.
France, as was intimated by M . Poincare at that time, feels that any
se ement of the interallied debt situation must be a general one, in which
she is not the only loser.
M.
Parmentier’s arrival here was referred to in our issue
of July 15, page 248. Last week (page 705) we made men
tion of the report that negotiations for the funding of the
French war debt had been temporarily suspended on Aug. 10
pending further instructions from Paris to the French
financial representatives hero.
GERMANY PAYS ONLY PART OF INSTALLMENT.
Berlin Associated Press advices Aug. 15 stated:
‘ ,Wa. l Se^li.^fficiany announced to-day that £500,000 had been paid toay o tho British and French clearing offices on account of debts to Allied
nat oneis, as had been foreshadowed in the German note o f Aug. 5 to
* ranee would be paid.
l 1. b° German Government addresses a note to tho British, French, Italian
ana neigian Governments declaring that in consequence of the demand for
oreign currency to pay for urgently needed necessaries o f life, and in
consequence o f the fall in the value of the mark, it could not meet the
clearing house installment o f £2,000 000 due to-day in payment o f pre-war
debts to Allied nationals.
h
Commenting on the above, the New York “ Times” said:
At the meeting o f the Allied delegates in London on Monday, after it
nad tailed to reach an agreement on the question of a moratorium for
Germany, Sir Robert Stevenson Horne, the British Chancellor o f the
Lxchequer, announced that tho Allied experts had agreed unanimously
that Germany must make her next payment of £2,000,000 on pre-war debts,
da0 yAs - 15- within a month, but that thereafter the various Governments
should make separate arrangements with Germany, subject, in every case,
to the approval o f the Reparations Commission.
The conference of Allied Premiers, which occurred on
Aug. 14, without results, will be referred to further by us
another week.
________________ _
NO JAPANESE LOAN TO CHINA DURING UNSETTLED
CONDITIONS.
The Associated Press reports the following advices from
Tokio under date of Aug. 14:
The Foreign Office has issued a statement that no money will be loaned
the Chinese Government during the present unsettled conditions in China.
Japan is adhering strictly to a policy o f non-interference in Chinese domestic
affairs, the statement says, and is acting in harmony with the Washington
agreements.
Financial aid given now might result in greater chaos, it says; but when,
as it is hoped and believed, a unified government has been established in
China, representing the will o f the whole Chinese people. Japan will
gladly give financial support if circumstances permit.
RAYMOND RECOULY URGES CO-OPERATION OF U. S.
IN EUROPEAN PROBLEMS—SITUATION
IN FRANCE.
The situation in France at the present moment was de
scribed before the Institute of Politics at Williams College,
Williamstown, Mass., on Aug. 10 by Raymond Recouly, for
eign editor of “ Figaro” and “Le Temps,” during the “ round
table” discussion of reparations and the rehabilitation of
Europe. According to Mr. Recouly, “a solution of the ques
tion of reparations in which France and Germany would be
left alone facing each other risks a bad one.” With the col
laboration of England, he said, the chances of a good solu
tion are greater. With the active co-operation of the United
States the chances become much greater still.” Declaring
that it is “ the business of Americans to decide whether they
will leave Europe in the melting pot” or will “ deliberately
and speedily come to its rescue,” M. Recouly asserted that
“ with the active co-operation of America, all the problems
which seem extremely difficult, almost impossible to solve,
become relatively easy.” In his discussion, M. Recouly said:
First of all, the situation of France at the present moment. We have since
the war spent 93,000,000,000 francs for the reconstruction of devastated re
gions. That enormous amount of money has been, of course, borrowed from
the people. As a whole it may be said that the entire resources of the French
market— and you know that the French are the most saving people in the
world—have been since the armistice entirely devoted to the reconstruction
of the devastated regions. We are nearing the time when the French public
will be no longer in a position to provide the money which is continuously
asked from it. If we do not receive, either from Germany or through the
form of an international loan, the sums needed for the reconstruction of
France, we will soon be obliged to stop the work of reconstruction, and you
ail know what that would mean for us.
If we stock their reconstruction, then we close the most productive source
of wealth for the future of our country. We deliberately throw ourselves into
a state of inferiority as far as international economic competition is con
cerned.
This is the first phase of the dilemma; and let us now look at the second.
If we decide by any means in our power to go in the matter of reconstruction,
whatever might be the consequences, that means during four or five years to
come a continual expense, which will bring a return to inflation and corre
sponding depreciation of our currency.
You know that for two years, while the German Government was increas
ing by leaps and bounds its inflation, we in France, on the contrary, have
absolutely stopped ours. For that reason the franc, instead of following the
fall of the mark, has been kept steady. But if we are obliged to increase our
inflation, I don’t see how we can continue to keep the franc steady. If we
do not receive some amount of money from Germany, the franc will certainly
go down. The depreciation of the franc, perhaps the increase of the deficit,
the impossibility for the Government of paying the dividends to the State
bondholders, will bring a considerable increase in the cost of living, and, it
may be, social disorders.
That is the exact situation of France, and it may be said without any exag
geration that it is a very tragic one. The French are, I think, the people in
the world who most hate a deficit, and who have a horror of bankruptcy.
Rather than face that extremity they will be ready to enforce upon Germany
the penalties which, according to the Treaty of Versailles, they are perfectly
entitled to enforce. They will use the rights which they derived from the
treaty, which was signed not only by their Allies—England and America—
but also by the Germans themselves. The Treaty gives France the right of
seizing German property in case the German Government does not fulfill its
obligations.
That will be, of course, a bad solution of the question of reparations. Not
a single sane Frenchman doubts it. But we will certainly try that solution
before letting ourselves go into bankruptcy.
In other words, it can be said that a solution of the question of reparations
in which France and Germany would be left alone facing each other risks be
ing a bad one. The solution, if there is one, which I very much hope, must
be found and enforced by all the Allies together.
With the collaboration o f England, the chances of a good solution are
greater. With the active co-operation of the United States the chances be
come much greater still.
Of course, with the active co-operation of America all the problems which
seem extremely difficult, almost impossible to solve, become relatively easy.
It is the business of Americans, it is up to them,” as I should say, to decide
whether they will leave Europe in the melting pot, continue acting as pure
observers, or will deliberately and speedily come to its rescue.
The state of Germany, difficult as it may appear as far as the financial sit
uation is concerned, is far from being desperate. For many reasons for which
the German Government is strictly responsible, the German currency has col
lapsed, but the matter of the economic condition of a country cannot be meas
ured by its currency only. While the mark has gone down, the economic
power of Germany, its productive possibility, the capacity of its factories,
the discipline and seriousness of its working people, its gift for organization,
remain unaltered. All these capacities may very soon become a source of
considerable wealth.
If Germany cannot pay now what she must pay, and what she is bound to
pay, she might perfectly pay in the long run. The co-operation of the United
States might greatly help to find a scheme to support an international loan,
which would enable France to wait until the moment when Germany is able
to resume her payments. It is not only from the material and economic point
of view that the collaboratory of the United States is strongly needed, but
also from a moral point of view, which is perhaps more important, for you
know that at the present time all the material and moral problems are inti
mately mixed together. The collaboration of the United States could and
should have the effect of making Germany understand that it is not only her
duty to fulfill her obligations, but that it is also her interest to do so. As
soon as Germany understands that very important fact, as soon as she under
stands that people would be ready to assist her, in that case I am sure that
the chances of the reconstruction of Europe will be increased enormously.
As far as France is concerned, I may assure you that we are absolutely
ready to do our best in order to make possible this collaboration. We are
ready, if not to forgive, at least to forget, the past.
OTTO H. KAHN’S SUGGESTION AS TO WAR DEBTS—
CONDITIONS IN AUSTRIA.
In venturing some constructive suggestions, with his re
turn from Europe on Aug. 13, Otto H. Kahn, of Kuhn, Loeb
& Co., advanced the opinion that “ we should deal in a largevisioned and liberal maner with the debts due us from the
Allied nations.” Mr. Kahn urged the discrimination between
advances for direct war-making purposes and those used
otherwise during the war and after the armistice, and advo
cated that the first portion of those debts be utilized “ to aid
in bringing about that change of attitude and conditions in
Europe which is indispensable if the world is to be again on
an even keel.” Referring to the peace treaties and conditions
in Austria, Mr. Kahn stated that “no more short-sighted and
destructive ‘settlement’ was ever inflicted upon the world,
from the point of view alike of friend and foe, than the socalled peace treaties with Germany, Austria, Turkey, Hun
gary and Bulgaria.” Continuing he said in part:
I had occasion, during my stay In Europe, to visit Austria. Whatever
the degree of punishment and atonement justly due for the crime of their
Government in unchaining the war, nothing more tragic can bo imagined
than the utter misery of that gifted and amiable people who have been one
of the civilizing forces among the nations, and to whom the world owes so
much in the field of science, music and literature. It is appalling to con
template, especially, the dreadful conditions among the middle classes, their
semi-starvation and, in some cases, actual starvation.
Forced, by tho treaty of St. Germain, into economically almost impos
sible frontiers, hampered and crippled by its terms (even though some of
these have since been mitigated or suspended) the Austrian people are singled
out, less, really, by design than by bungling on tho part of the treaty makers,
for particularly cruel and hopeless suffering. Forbidden, in defiance of
tho famous doctrine of self-determination, to measurably relieve their
economic conditions by affiliation with their neighbor, Germany— a pro
hibition defensible in itself, but vitiated by a treaty which has rendered
Austria impotent to stand alone: harassed, humiliated and maltreated by
other adjoining states on whom they depend for their trade and for some
of the very necessities of existence, they are deprived even of the possi
bility to escape from their wretchedness by emigration, because they can
not afford tho means to emigrate over-seas, and the doors of the neighbor
ing Danube States are closed to them. At the same time, millions of their
brothers— again in defiance of that assumedly sacrosanct doctrine of self
determination— have been torn away from their Austrian allegiance and
placed under the domination of Czechoslovaks, Rumanians or Italians.
And yet there are still persons of professedly liberal tendencies to be found
in America, who prate about the “ liberal” spirit of the peace treaties and
who unctuously give thanks that the treaty-makers of Versailles, St.
Germain, Sevres, etc., departed so benificently from tho ways of old
diplomacy. Presumably, such defenders, like my good friend, M r. W . L.
Saunders, who recently in a published statement charged me with “ tory”
tendencies in my attitude toward the treaties, are not fully acquainted
either with the general purport of these treaties, their deviation from
solemn declarations repeatedly mado during tho war by the allied spokes
men, their nonconformance of the plighted faith of tho armistice terms, or
the calculated meanness of their details.
As against such persons, I have not met a liberal in Europe— however
sweeping in his condemnation o f tho guilt of Germany, however insistent
on the very limit of just and feasible atonement for the past and security
for the future; however appreciative of and sympathetic with the rightful
claims o f the heroic defenders of right and liberty, on whom the war imposed
such unspeakable suffering and sacrifices, foremost among them France,
with all o f which sentiments I associate myself wholly— I have not met a
liberal in Europe who does not denounce tho treaties and look upon them as
nothing less than a calamity.
Tho tragedy is that President Wilson had both tho true vision of a wise
and just peaco and the power to enforce it, but failed deplorably in realizing
that vision.
__ .
,
However, it is little use to indulge in lamentations over what has been
done, except in tho hope o f aiding to bring about a recognition of the facts,
and from and through that recognition, remedial action, as far as still posSibSuch as Europe is today, America has been a strong factor to make her,
through our participation in tho war and through President Wilson’s part
in the peace negotiations. We cannot, in decency or in wisdom, disre
gard that responsibility. The European nations—both our comrades in
tho war and our former enemies— have confidence in our disinterestedness
and well-meaningness. They have got themselves into a snarl which,
hampered, as they are, by racial animosities, jealousies, apprehensions,
considerations o f domestic policy, and so forth, they find the Utmost
difficulty in disentangling. They urgently need and ask our co-operation,
less even in a material sense, than as helpful counsellors and guides. It
seems to me both our duty and our advantage to heed that call.
That does not mean giving up our enviable position of freedom from en
tanglements in Europe. I have always been opposed, and am opposed now,
to our joining the League of Nations in the form and meaning in which it
came to us from Versailles. Tho League ought to have been a matter of
growth, of evolution, of elastic adaptability, instead of tho rigid, cumber
some, pedantic, complex code which, by tho fiat of a fow men, emerged from
tho conclave in Paris in the summer of 1919. It ought to have been en-
tirely separate and distinct from the war-settlement, instead of being
made an instrument to guarantee and execute ill-conceived peace terms.
Owing to the inherent faultiness o f its conception and the disingenu
ousness which taints its very creation, it has proved itself impotent to deal
with the most pressing and vital problems for which the world craves a
remedy, and to aid, even measurably, in bringing about that spirit and
fact o f peace and settlement and fairness and reconciliation among nations,
which it was ostensibly destined to promote. In the single important
matter which it was called upon to adjudicate since it came into being ,i.e.
the settlement o f the German-Silesian frontier, its proceedings and verdict
are open to question on the score o f the method o f procedure and of judicial
impartiality.
Venturing, in all modesty, to offer some constructive suggestions, I
would say that what it seems to mo we could and should do, consistent with
American traditional policies, with the spirit o f the verdict o f the last
Presidential election and with altruism, duty and self-interest, is this:
1. I believe it would bo well if we were officially represented on the
Reparations Commission (on which we have always had, and now have,
an admirably qualified but unofficial delegate) and on kindred commis
sions destined to settle controversial questions and to aid the recuperation
o f Europe, but involving no tangible commitment to America
2. While opposed to our joining the League o f Nations in its present
form, I wonder whether we could see our way— with all due reservations—
to being represented informally and unofficially in the meetings of the
League o f Nations and its various committees. It is conceivable that from
such contact there might result such a readjustment o f the constitution
and nature o f the League as to give it the character o f an association with
which wo should bo justified in establishing official connection.
3. We should deal in a large-visioned and liberal manner with the debts
due us from the Allied nations. We might begin, it seems to me, by dis
criminating between, on the one hand, the advances made by us for direct
war-making purposes and, on the other hand, those used otherwise during
the war and those made after the armistice. I would utilize at least the
first portion o f those debts to aid in bringing about that change of attitude
and conditions in Europe, which is indespensable if the world is to be again
on an even keel. ^ I would not relinquish any o f our claims as a free gift,
but only in consideration of, and in return for, measures leading to the
elimination, as far as possible, or at least the prompt and essential mitiga
tion, o f the circumstances and conditions which keep Europe in unsettled
ness and turmoil.
I feel convinced that such a bargain would be a good and profitable in
vestment and would not only result in securing a valuable moral asset for
America, but would be of distinct material benefit to us. The purchasing
power of the European market may not, for a certain length o f time, be
wholly indispensable to our manufacturers— though it undoubtedly is to
some of them— but it is absolutely indispensable to the prosperity of our
farmers, because they have no other market for their surplus.
This whole matter of debts and claims and demands between the various
nations, is interrelated. The recently published note of Lord Balfour has
set forth the real situation with commendable frankness and perfect luci
dity. It asks nothing from us; it simply points out the facts. It is for us
alone to draw conclusions from undeniable premises.
These reciprocal debts and claims, in their undiminished magnitude,
hang like a millstone round the neck of Europe. Their effect, unless the
situation is alleviated, will be progressively troublesome to all nations con
cerned, the claimants only less than the debtors.
.
I realize that this is a problem from tackling which the timidity and
opportunism o f the political mind recoils. It calls for the pressure of en
lightened public opinion. I am convinced, when the moral and practical
eloments of that problem come to bo fully understood by the American
people, that their verdict will be in favor o f helpful, constructive and
generous action all round. To aid in restoring the consuming and purchasng power o f Europe, is to aid the prosperity o f America.
NOV. 11 MADE NATIONAL HOLIDAY IN BELGIUM.
It was announced from Brussels on July 11 that the Bel
gian Parliament had fixed Nov. 11 as the national holiday in
place of Aug. 4, because “ Nov. 11 was the day of liberation
from the war and from the enemy.”
WAGES IN
GREAT BRITAIN READJUSTED TO A
LOWER BASIS.
Wage readjustments in Great Britain during the first five
months of 1922 resulted in a reduction of £2 316 700 in the
amount* paid to 6,980,000 workers in the final’ week of May,
compared to the amount paid in the first week of the year.
The largest group of workers affected by the reductions was
in the engineering and shipbuilding industry, while the larg
est reductions were sustained by workers in the iron and
steel industry. British Labor Ministry figures received by
the Bankers Trust Company from its English ’ Information
Service, indicate the principal reductions to have been as
follow s:
Decrease in
Weekly Wages
Jan.-May 1922.
£338,200
'-'- :::i:o 7 i:o o o
333.300
361,600
301.300
b u» i i n v : : : : : : : : : : : : : : : : : : : : : : : : : ................. M o o
241,700
Clothing__________________________ _______ - 522,000
113.300
Public utility........................ ............... 1............... 505,000
121,800
Iron and steel------------234,000
. 172,300
Trade Group—
Engineering and shipbuilding_________
.............—
N u m b er o f
W ork ers
A ffe c te d .
Wages of 17,500 workers were increased, principally in
coe,rni? inl af d ? Uar7 ing indUStry’ the total increase being
£3,190 in the last week of May, compared to the weekly wage
at the first of the year.
taining its army on the Rhine under the terms o f a plan which is now
being worked out by the American Government with the aid o f the Repara
tions Commission. All that remains to put the plan into effect is the
final approval of some of the Allied Powers. This approval is expected
within several weeks.
Tho Reparations Commission regards the plan as a successful solu
tion o f how the United States is to be paid for keeping its forces on the
Rhine, and it is indicated that the American Government has endorsed
t e plan. It was said to-day that this method of payment, which would
nsure immediate cash, would not interfere with more extensive arrange
ments which the Allies might see fit to make for the payment of the total
costs of the Rhine forces.
Proposed scheme the American Government probably would
., ? 0 ,
,m oney for dyes which is now paid the Reparations Com
mission by the Textile Alliance o f America. The Alliance is the medium
.n —
/ ! 1, 011 textil° interests obtain German dyes. It has also been
con
. la* fcbe American Government receive the dyes direct and
to the textile concerns, but this has not yet been approved.
OPERATIONS OF SOUTH MANCHURIA RAILWAY.
According to J. P. McMullin, reporting in behalf of the
South Manchuria Railway, economy in operations resulted
m net profits of 31,386,000 yen ($15,693,000) for the South
Manchuria Railway for the year ended March 311922. This
g r e a s e in profits of 3,990,000 yen when compared with
•- . The financial statement of the company was received
here yesterday by Yozo Tamura, American representative
of the company. The regular 10% dividend to public shareauthorized by the directors. The following 2 foimation is also furnished:
1 1 ?71 4 000 r
ingA,A tht yl ar t0taled 147’ 10°.000 yen and expenditures
11j ,714,000 yen. Although the receipts for the year decreased in com
b e d S t ? 84 year’ eC° nomics in expenditures accounted for the int
Ch° sen LIno- o p ia te d by the South Manchuria Railway for the
^070 000 v en T a T 611*’
a Pr° m ° f 606’000 yen as g a in st a loss of
si« °h Z S u S f S w a y
'
a°
01U>” n Ll” ° 60 10
expended 45.000.000 yen in improvements during the year.
O new equipment and extension of double tracking 14,000 000 yen was
H* rirT8011’! wharves- 4,000,000 yen; mining properties, 10,000 000 yenmises 3n000US n atS’ 910'00.0 yen; steel mills- 1.310,000 yon; electrical enterSTay S T
S
gasplant' 500,000 ycn; '°™ l public service within the
cha^e o f land T s n n ™n Pita' S' roads’ water systems- *"™ ge and pur3 000,000 yen. ’
’° 00 yen> and in stru ction of employees' residences,
establishment' ^TT kaoWa I" addrcsslnK the stockholders said; “ Since the
caS tal W h ^ ,
S° Uth Manchuria 1{ailway fifteen years ago. the
vestm Lts whhW. ,” Creased from 200,000,000 to 440,000.000 yen, and infrom 100 100 000 t!?
company’s business have been increased
S d e T t w l l S S
000 yCT In additl° n to this’ ^vestments
amount of c a n it* u “ I ° tal apProximately 50,000,000 yen. This large
roads, workshops
^vested in economic enterprises, such as railplants and hotels and in
"lining. steel mills, gas and electric
roads, and water and sewage s ^ t S ^
W k ^
"
SCh° ° 1S' h° SpitalS'
great* ben efiT t^ M an ^ f
1 say that these improvements have been a
One of the most
^hurla from both an economic and civic standpoint.
th° fUtUr° iS the devel°Pment of
in the prosDeritv nf t w ^ ” SOhan border which will automatically result
power to advance
Sectlon- W° have decided to do everything in our
Mongolia as the sn^t*300” 011110 and S0Cial welfaro o f both Manchuria and
China mH
U "rest means o f cementing friendship between Japan and
the on'en
Promote the economic interests o f the world by adhering to
ajjty
policy with equal opportunities to all, irrespective of nation-
EMPOWERS SUDANESE LOAN.
..
,a<?vices from Cairo July 25 were published by
the New York “ Times’” as follow s:
P
n ------- mo uovernm em i oi wiu ouuu.ii says m a t unt
. „
° r encf al bas authorized an English bank or banks to float a
wni.|rei°n ) i K? j ng £7,000,000 to facilitate the completion o f irrigation
Th
b0 , dan which have been held up on account o f lack o f money.
T.
. ®y Is tbo Properties and Income o f the Sudanese Government.
, ®°n , ions o f the loan require tho approval o f the Brtiish Treasurer
and Foreign Secretary.
KWAN TUNG NOTES MADE LEGAL TENDER.
The Department of Commerce at Washington July 3 an
nounced the following advices from Commercial Attache
Julean Arnold, at Shanghai, May 23 1922:
While the reported South China financial difficulties did not affect
Chinese foreign trade, the Chinese Chamber o f Commerce o f Canton,
anticipating serious results from the proclamation o f M ay 3 making
lvwantung Government notes legal tender and desirous o f restoring con
fidence requested the Canton Government to adopt measures for the
protection of the merchants and general public. Accordingly M ay 5 a
proclamation was issued by the Commissioner o f Finance, Canton Govern
ment, to the effect that “ all business transactions, buying and selling,
o f more than $1 shall be paid in coins or notes according to the standard
currency at par value, and those o f less than $1 may be paid in small
° ° “ ? or ln notes concurrently at the option of the parties. All payments
to the Government organizations shall be in notes and not in coins, as
heretofore. The parties shall not be allowed to accept or pay notes other
than those issued by the Provincial Bank o f Kwantung, and the laws
f ° e x f recognize any other form o f payment.” Severe punishment is
to follow any breach o f the law in accordance with the proclamation of
U. S. TO ACCEPT DYES AS PART PAY FOR RHINE
ARMY EXPENSES.
The following Associated Press advices came from Paris,
July 20:
AUSTRALIA REFUSES CONSENT TO APPOINTMENT
OF GERMAN CONSULS.
A London cablegram July 22 to the daily papers said:
quota o f German dyes,
part payment for main-
The Australian Federal Government has refused to agree to the ap
pointment o f German consuls in Australia, says a Reuter dispatch from
Melbourne.
Premier W . M . Hughes, while not asserting that trade never can be
resumed with Germany, declares that the Australian Ministry does not
feel called upon to “ grease the wheels for German trade.
j\ p. MORGAN MANSION I N LONDON NOW TAKEN
OVER AS EMBASSY.
A copyright cablegram to the New York “ Times” from
London July 31 had the following to say:
The London mansion of the late J. P. Morgan in Prince’s Gate, which
he left to tho United States Government, for its London Embassy, has
now been taken over.
Plans for its preparation as an Embassy are nearing completion and
tho work will bo hastened so that Ambassador Harvey can occupy it in
the fall. Ho is going to Scotland for his vacation and has consequently
relinquished the Embassy building which he had personally rented in
Chesham Place.
All communications for him should now be addressed to the Chancery
of the American Embassy, 4 Grosvcnor Gardens.
GREAT BRITAIN CUTS FOOD COST.
The New York “ Times” printed the following from
London Aug. 17:
The index figure for the cost o f living in tho month of July, just an
nounced by the Labor Ministry, is 81 above the pre-war level, a drop of
3 points from that of June. The reduction is ascribed entirely to the
heavy drop in the price o f potatoes.
Employment, though still bad generally, has shown a further slight
improvement. The number o f unemployed on July 31 was approximately
1,400,000, as compared with 1,455,000 at the end o f June.
AUSTRALIA SUBSIDIZES BEEF.
On Aug. 9 a Washington press dispatch said:
The Australian Federal Government has decided to grant a subsidy
of one-fourth pence a pound on all beef raised, according to cabled advices
received by the Department of Commerce. This subsidy, together with
a reduction in ocean freight rates and a wage scale averaging two shillings
a day less than last year, is expected to enable tho Queensland meat packing
plants, which for the most part have been closed or working part time for
months, to resume active operations.
The meat industry of Australia, according to all reports from the island
continent, has been in a bad way for tho past year. Australia’s best
customer, Great Britain, was heavily overstocked with beef, mutton and
lamb, and was obliged to reduce purchases considerably. To make condi
tions worse the competition from Argentina, aided by lower freight costs,
cut in on the Australian markets both in Great Britain and in the United
States.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _
PERCY H. JOHNSTON INDICATES IIOW
TO HELP EUROPE.
Percy H. Johnston, President of the Chemical National
Bank of Now York, returned on the Homeric on Thursday
from Europe where he spent two months studying economic
and financial conditions, visiting eleven countries. He was
accompanied by C. P Hunt, the Chemical Bank’s Vice
President in charge of tho Foreign Department, and Frederic
Stevens Allen, one of the bank’s special representatives.
In an interview M r. Johnston expressed himself very
freely on the present European situation, and gives it as
his view that “ if Europe would agree to a sound program
of debt readjustment and a wiping out of worthless curren
cies, both America and England could well afford to agree
to an indefinite postponement of the large amounts due
each on account of the loans made to the respective coun
tries during the late war.” M r. Johnston’s comments in
full are as follows:
T o give a comprehensive resume of the financial and economic situation In
Europe is a difficult undertaking, notwithstanding the fact that one may
havo covered the principal countries, interviewed and conferred with many
o f the leading bankers and men engaged in other pursuits.
It is practically Impossible to treat with any degree of accuracy In an
interview such as this the political situation as a whole— for changes are
being made almost from day to day. M y observations, therefore, are based
upon the financial and economic status of the several principal European
countries including Great Britain.
It is strange that the great mass of tho peoples of all the belligerent
nations should have conceived the idea that after the war better times and
a different world would exist— that labor hours would be shorter and easier
and that the remuneration would be greater, in fact, that their future
state would be much better than their past.
During the great struggle propaganda of every description ran rampant
in every war-engaged nation; the people listened to and drank in such rose
tinted phrases as “ making the world safe for democracy” and “ tho self
determination o f peoples.” Countless other statements and promises
no doubt in a large way contributed to their being lulled into an expectancy
and belief, tho fulfilment of which was as absurd as the story of the pot
o f gold at the end of the rainbow.
The Awakening.
The sad awakening has now taken place. The peoples have come out
o f the trance to find that their situation is far worse instead of the expected
better__^ a t their Governments are burdened with crushing debts and that
their tax bills are overwhelmingly heavy and beyond what anyone prior
to the war had thought people would or could endure.
History is but again repeating itself— war has been the great retarding
influence of tho human race since the earliest recorded events of civilization.
And now almost four years after tho ending of the great conflict we find
England alone able to balance her budget. The debts of other belligerent
nations have vastly grown and in some instances more than doubled since
There caT be but one end to an ever widening circle of debt and cur
rency inflation, namely, national bankruptcy.
Is it Worth While for Us?
No world stability can exist under these conditions. It is essential and
proper for America to take cognizance of this situation and for us to ask
ourselves the question— is it worth whllo for us to take part in a
world rehabilitation— to take part not from an altruistic impluse, but
from a hard headed and, if you like, from a dollar and cent viewpoint?
Europe's Inability To Pay.
From a careful study of tho underlying conditions, I am fully convinced
that Europe owes more than it can ever hope to pay. I am also strongly
of the opinion that the peoples of Europe want above everything else
peace and an opportunity to work and to pursue gainful occupations.
If by the waving of a magic wand some fairy could wipe out tho crushing
governmental debts, conditions would become normal almost overnight.^
I do not believe the people as a rule want charity, but they now realize
that the load is far too heavy for them to carry and thoy earnestly desire
help.
IIow To Help Europe?
Except in the case of England, the situation with the belligerent nations
is not unlike that of an American company whose creditors discover that
reverses have been met and that tho company is indebted for more than
it can pay.
The common sense procedure under such a circumstance is for tne
creditors to meet, to agree to an extension of the debts or in a bad case
to effect a composition settlement, always arranging the settlement whore
possible so as to let the business continue.
The European situation sooner or later will require a composition settle
ment and at such time the external and internal debts together with
currency inflation will all have to be taken into account.
If Europe would agree to a sound program of debt readjustment and a
wiping out of worthless currencies, both America and England could well
afford to agree to an indefinite postponement of the largo amounts duo
each on account of the loans made to the respective countries during the
late war. If such a program were agroed upon and put into operation,
trade and commerce between nations would soon revive, and thereby
America and England would indirectly recover their principal in this
manner much sooner than they can from debtors who are totally unable
to pay and who are getting weaker year by year.
It Is futile to discuss the details of such a settlement unless we can
agree on the principle by which it is to be made.
The world is looking to America to take the load. Tho opportunity
is great for us to do a constructive job and in a truly American businesslike
way. Shall we meet tho situation squarely or shall we continuo to be
timid and hold back?
Tho settlement has to do with business rather than politics, lh e
problem is national and not sectional. Our best informed business men
should be delegated to the task and clothed with all necessary powers.
Congress should in this Instance delegate these powers to tho men best
qualified to exercise them and to men unhampered by reason of poUtical
affiliations.
,
The day of settlement is Inoxorable, a prompt adjustment is essential,
and the sooner made the better. Tho world will continuo in turmoil and
uncertainty so long as wo drift as at present. ______
DEPARTMENT OF SEINE (FRANCE) BONDS— PERMA
NENT CERTIFICATES READY.
The Equitable Trust Co. of New York announces that
permanent certificates for the $25,000,000 20-Year 7%
Department of the Seine (France) gold bonds are ready for
delivery at the trust department of the company. The
bonds, which mature Jan. 1 1942, were referred to in these
columns Jan. 28, page 356; Feb. 4, page 460, and Feb. 11,
page 566.
_______________
C A N A D IA N DOLLAR A T PAR.
[From the “ Wall Street Journal” of Aug. 16.]
Canadian exchange is practically at par. Discount of 1-32 of 1% rep
resents little more than labor and loss of interest involved in transfer of
funds, and is analagous to discount or premium on New York drafts in
various other centres which often prevailed beforo establishment of Federal
Reserve System. Canadian exchange is now highest since 1915.
Traders account for recent strength of Canadian dollar mainly by demand
for funds to movo tho Dominion’s crops, which are unusually largo this year.
As New York is largest market for Canadian dollars, many European wheat
buyers take care of their requirements here.
Owing to coal strike, there is also a demand for Canadian coal. Halifax
and othor fields are disposing of a fair portion of their putput in tho United
States.
Other causes for strength in exchange are increasing Amorlcan invest
ments in Canadian corporate, provincial and Government securities.
American market absorbed $9,982,470 of a total of $21,199,105 new offer
ings floated during July. There has also been considerable Amorican
buying on Montreal and Toronto stock exchanges.
MONEY ORDERS BETWEEN GRENADA AND U. S. ON
DOLLAR BASIS INSTEAD OF POUND STERLING.
The Post Office Department at Washington on Aug. 16
issued the following statement:
The American dollar advances one more stop toward supremacy as a
medium of international cxchango with ttio receipt at tho Post Office De
partment to-day of tho acceptance by Grenada, a British colony in tho
West Indies, of a modification of tho 1904 Postal Convention, putting money
order transactions between tho United States and tho colony on a dollar
Instead of a pound sterling basis. The Governor of Grenada signed tho
modification to be effective Oct.. 1.
This is the culmination of the first step taken by tho Post Office Depart
ment some time ago with a view to placing all the British West India colo
nies on the same basis. The communication from Grenada accepting tho
modification indicated that the islands of St. Vincent and St. Lucia would
execute separate conventions in the near future.
Other British colonies in the West Indies which have been asked to make
a similar change are Jamaica, Barbados, Bermuda, Bahama, Antigua,
St. Kitts, Nevis, Trinidad and Tobago, and the British Virgin Islands.
The change will mean that money orders may be purchased in the United
States for these countries payable in American dollars, which will be con
vertible into English currency by tho colonial authorities at the market rate
instead of the old pre-war rate of $4 87 per pound sterling.
This is calculated to stimulate not only the sale of money orders between
this country and the colonies but to stimulate trade relations as a direct
result o f the stabilization o f exchange.
VALUE OF RUPEE FIXED BY LONDON STOCK E X
CHANGE COMMITTEE.
The stock committee of the London Stock Exchange, it was
reported in cablegrams this week, has fixed the exchange
value of the Indian rupee at Is. 4d. for the purpose of deal
ing in rupee securities on the exchange. The Indian Govern
ment rupee quoted in the official list will not, it is an
nounced, be affected by this ruling and will remain based on
a two-shilling rupee.
There is no more important move than that which aims to make scientific
study directly applicable to practical life and to this it would seem that our
first thought should be directed. We find a general acknowledgement
that education is essential to business, as it is to other departments of life,
and viewing the subject from that standpoint it becomes apparent that the
necessity exists for training our young element in the early stages o f their
development for business and labors which will devolve upon them when at
manhood they enter upon an active career.
The business world today is highly interested in this problem, for no
organization can succeed in a material way whose workers are not efficient.
The foundation of national prosperity clearly rests upon the result accom
plished by its people to serve real purposes in sympathy with industry,
science and government. If we can encourage early, direct business train
ing, the usefulness o f the American people will secure for this country both
trading power and wealth.
Educational proficiency in the widest sense of the word stands out as the
key to industry, without which the best meant efforts to reform and our
most earnest desire to grow will be of little avail. New methods as well as
new leaders are to be chosen. Timely preparation, therefore, with welldirected studies of the fundamentals of business, are an absolute necessity
and stand for success.
DISCOUNT ON MEXICAN SILVER MONEY.
The Department of Commerce at Washington on July 17
made public the following from Assistant Trade Commis
OVER 100 MILLION DOLLARS ADVANCED BY WAR FI
sioner J. P. Bushnell, at Mexico City, June 15:
Considerable interest in Mexican banking circles has centred around the
NANCE CORPORATION ON ACCOUNT OF MAR
recent high discount rate against silver. As a result of the report by the
KETING OF AGRICULTURAL PRODUCTS.
Government that, during the month of May, 4,200,000 pesos had been coined
in silver and 2,000,000 pesos in gold, the discount rate against silver jumped
Under date of Aug. 10 the War Finance Corporation stated
immediately to 4% , where it remained for two days. The Government, how
that the advances to co-operative marketing associations,
ever, has now publicly stated that it will cease the coinage of silver for the
tentatively or finally approved by the War Finance Corpora
time being and the rate has dropped to 2 1/£%.
One of the causes of this situation is the fact that there is more silver coin tion to date, for the purpose of assisting in financing the
than is necessary for current transactions, and that the intrinsic value of the
orderly marketing of agricultural products during the com
silver coin is out of proportion to its nominal value. Some business men
claim that the adverse rate is due to lack of free acceptance of silver in the ing season, total $104,000,000.
payment of obligations due the Government. The legal tender for silver coins
has been established at 20 pesos. Customs dues and railway bills must be
paid in gold and postal money orders must be purchased with gold, but pay
ment in silver must be accepted if tendered and the Government is paying
all its obligations in silver when possible.
Banking interests consider this to be the normal application of the eco
nomic law that where two moneys are in circulation, the cheaper will drive
out the more costly.
PHILADELPHIA MINT TO REPLACE PART OF 300,000,
000 SILVER DOLLARS SOLD DURING WAR.
A press dispatch from Philadelphia July 15 stated:
Orders to speed up the coinage of silver dollars to replace part of the $300,
000,000 sold during the World War as bullion to Britain have been received
at the Philadelphia mint. Fifty thousand are to be coined daily and shipped
to Washington for deposit in the Treasury vaults. Silver certificates wiU be
issued against them.
The mint has approximately 45,000,000 ounces of silver bullion on hand.
Out of a total coinage of 81,093,075 ounces of silver in the fiscal year
closed June 30 there was a wastage of only 1,689 ounces, officials announced
to-day. This was but 2% of the wastage permissible under the law.
ADVANCES BY WAR FINANCE CORPORATION TO
WHEAT AND COTTON GROWERS' ASSOCIATIONS.
The War Finance Corporation announced on Aug. 10 that
it had tentatively approved the application of the Staple Cot
ton Growers’ Co-operative Association of Mississippi' for an
advance of not to exceed $7,000,000 to assist in the orderly
marketing of cotton. The Association has received proposi
tions from banks to assist in financing its operations and it
is expected that private banking resources will finance a
large part of its requirements. The Corporation announced
also that it has tentatively approved the following advances
to assist in the orderly marketing of wheat:
Washington Wheat Growers’ Association_____________________ $2,000,000
Idaho Wheat Growers' Association_____________________________ 1,500,000
Montana Wheat Growers’ A ssociation..._______ ____________’ ^ 500 ,000
North Dakota Wheat Growers’ Association................................... sioooiooo
These four associations, the Corporation states, now have
under negotiation, or have completed, arrangements for con
siderable advances from the banks in their respective States.
The Oregon Wheat Growers’ Co-operative Association has
already arranged to finance all its requirements through
private banking channels in Oregon. Previous references to
advances to the Washington, Idaho, Montana and North Da
kota Wheat Growers’ Associations tentatively approved by
the War Finance Corporation, was made In these columns
July 29, page 493.
COMMERCIAL TRAINING THE KEY TO INDUSTRY,
SAYS JOHN CLAUSEN.
According to John Clausen, Vice-President and Director of
the Mexico City Banking Corporation, S. A., there can be lit
tle doubt that several years will pass before the nations of
Europe can be expected to arrive at anything near normalcy,
and while, on the other hand, he says, it is to be assumed
that the United States will retain and improve its commer
cial and financial advantage, introducing into practice new
and improved methods, it will not suffice to only prophecy
possibilities. Mr. Clausen adds:
IS The general prosperity of our country, resulting from domestic and foreign
trade alike, can only be guaranteed by a ready coordination of all the ele
ments of our national and commercial strength.
J. H. TREGOE OF NATIONAL ASSOCIATION OF CREDIT
MEN ATTACKS SECRET ASSIGNMENT OF
RECEIVABLES.
Finance companies that lend money on secretly assigned
accounts receivable are vigorously attacked by J. H. Tregoe,
the executive head of the National Association of Credit Men
in his August letter. According to Mr. Tregoe, “ the credit
strain, out of which we have now passed, brought into being
a great many finance companies, organized to loan on the
principles of the secret assignment and transfer of accounts.”
Mr. Tregoe continues:
Long ago it was deemed a matter of public policy and a legitimate protec
tion to creditors that chattels be not subject to a valid lien holding good
against creditors except as the arrangement was recorded, and therefore a
matter of public knowledge. In a businses enterprise the accounts receivable
are just as valuable as the chattels, and public policy demands equally that
this part of the assets be not subject to a lien that will hold good against cred
itors except upon some record of the loan arrangement that is open to all in
quirers.
Credit safety demands the elimination of all secrecy in the treatment of
accounts receivable, particularly when these receivables are not the absolute
property of the borrower. After the commodities furnished by a creditor have
been exchanged by the debtor into accounts receivable, they should be held
as giving reasonable assurance of the satisfaction of the debt. For the debtor
to transfer them to some finance company as a security for a loan without no
tice to the creditors is a bad practice and contrary to public interests. That
transactions of this type should be guarded by the utmost secrecy cannot be
defended on any grounds.
In a year of construction, such as we are passing through, this subject
should receive careful attention. If the promoters of the finance companies
are sincere in their claim that they do not want to be out of line with mod
ern business practice, they will not hesitate to permit the elimination of the
secret practice. We challenge the secrecy system. We contend that the ar
guments and excuses offered in its defense are those of financial quackery.
OFFERING OF $500,000 STOCK OF FINANCE SERVICE
COMPANY OF BALTIMORE.
Hambleton & Co., of Baltimore, New York, Philadelphia
and Washington, this week (Aug. 10) announced an offering
of $500,000 of stock of the Finance Service Company of Bal
timore, Md. The offering consists of 37,500 shares of 1%
cumulative preferred stock and 12,500 shares of Class A
common stock; the offering price, on the basis of three
shares of cumulative preferred and one share of Class A
common stock is $41 per unit and accrued dividend on the
preferred stock. The capitalization of the company, includ
ing the present issue, is as follows: 7% cumulative pre
ferred stock, authorized $1,000,000; outstanding, $736,660;
Class A common, authorized, $300,000; outstanding $125,000;
Class B common, authorized $200,000; outstanding, $200,000.
The par value of all the issues is $10 per share. From a let
ter and other information supplied by W. H. Crane, Presi
dent of the Finance Service Co., Hambleton & Co. furnish a
summary from which we take the following:
Business.— The Company specializes in the purchase of notes receivable
of reliable furniture dealers. These notes are secured by the assignment of
conditional sales contracts for at least double the amount o f said notes.
The accounts assigned, are fully guaranteed by the sellers.
While at present the Company confines itself to this character of business,
they are permitted under their charter and are fully equipped to purchase
open accounts from manufacturers, wholesalers and jobbers, and generally
to do a “ commercial banking” business.
Assets.— The assets of the Company are self-liquidating, consisting of
cash and notes receivable secured by conditional sales contracts. The
Company differs from most so-called commercial banking companies.
inasmuch that in addition to taking the note o f tho seller, collateral in the
form of fully guaranteed conditional sales contracts is pledged.
Earnings.— From January 1st, 1919 to June 30th, 1922, dividend charges
have been earned more than four times on tho Preferred Stock, from time
to time outstanding. Since January, 1919, cash dividends at the rate of
10% have bejn paid on tho Common Stock outstanding. Extra dividends
were paid in Preferred Stock o f 10% in 1920 and 1921, and 5% in Common
Stock in April, 1922.
Dividends.— Tho 7% Cumulative Preferred Stock is preferred as to divi
dends over both Class “ A ” and Class “ B ” Common Stocks.
Class “ A ” Common Stock shall receive dividends at the rate of 8% per
annum, before any dividends shall be declared on class “ B” Common Stock.
After Class “ B ” Common Stock has received dividends at the rate of 8%
per annum, both Class “ A ” and Class “ B ” Common Stock shall share
equally in any further distribution.'
Restrictions.— The 7% Cumulative Preferred Stock shall have exclusive
voting power, should four consecutive quarterly dividends be passed.
It is preferred as to principal and accrued dividends in event of liquida
tion, and may bo called on any dividend date upon 60 days’ notice, at $11.00
per share and accrued dividend.
Class “ A ” Common Stock is entitled to priority over Class “ B ” Common,
in event of liquidation, up to its par value, and its pro-rata share to any
surplus available after the liquidation of Class “ B” Common at par.
The total assets of the Finance Service Company on June
30 1922 are reported as $1,563,072. An analysis of the opera
tions of the company for the year ended Dec. 311921, as com
pared with the six months ended June 30 1922, is furnished
as follow s:
6 Mos. End. Year Ended
June 30 ’22. Dec. 31 ’21.
.$152,403 90 $280,455 70
Deductions from Earnings—
Other income charges-
. $52,213 37
. 27,387 49
1,833 39
$97,542 60
57,263 87
34,822 92
$81,434 25 $189,629 39
D istrib u te d
. S70.969 65
. 24,185 90
$90,826 31
1,426 34
5 $95,155 55
$92,252 65
.
.
$12X13 12
45,500 00
8,298 27
$18,419 68
20,000 00
5,903 44
.
.
11.152 41
18,191 75
17,713 78
30,215 75
. $95,155 55
$92,252 65
a s F o llo w s -
For Dividends
—
IMPROVED BUSINESS CONDITIONS IN CLEVELAND.
Fundamental business conditions continue to improve, de
spite some mid-summer dulness and the unfavorable effects
of the coal and railroad strikes, says the Cleveland Trust Co.
in its mid-month “ Business Bulletin” for August. There are
many indications that the present hesitation is temporary
and that many months of better business are ahead, accord
ing to the bank. The “ Bulletin” says:
The volume of manufacturing output is back to or near normal in a grow
ing list of important lines. There is a little involuntary unemployment. The
building boom continues. Automobile production is going forward in unpre
cedented volume. The outlook for good crops is promising. There are few
reports of wage cuts and some of advances. Prices are relatively stable.
One of the best evidences that trade recovery has not ended is to be found
in the action of the security markets. Since the middle of last summer the
prices of stocks and bonds have been rising. The advance was interrupted in
June but strength returned in July.
The securities market is our best business barometer and when it acts this
way it is almost certain that it is registering a passing storm rather than
foretelling trouble to come. There are two reasons for the sustained strength
in securities. One is the prospect for better business, together with the ac
tual improvement that has taken place. The other is a case of low interest
rates. When interest rates have begun to move up, it will be time to look for
a turn down in the stock market and the near approach of a slowing down of
business. The latter developments appear to be still well in the future.
Automobile production continues to break records. In June passenger cars
and trucks manufactured in this country numbered 288,000, and the July fig
ures will be nearly as high. In no year up to 1912 were as many motor ve
hicles made in this country as in any one of the past three months. The past
few weeks have been marked by the surprising development of new price cuts.
Since many makes of cars represent distinctly greater real values than they
did at the higher prices of the last two years, the new lower prices mean that
genuine economics have been introduced by manufacturers.
The threatened railroad car shortage and the continuing building boom
probably will result in greater demand for heavy trucks in the fall, and truck
makers are practically assured of an exceptionally good year.
In recent months the steady expansion of business has not been accompanied
by a corresponding increase in the volume of commercial loans of most banks.
This is due to the fact that many industrial concerns had accumulated large
resources which have enabled them largely to finance their own needs. This
cannot continue indefinitely and bank loans probably will begin to expand as
further expansion of business takes place. Meanwhile we are in a period of
low interest rates that furnishes a constant stimulus to business enterprise, to
building operations and to rising security markets.
Never before in recent times have there been two years in succession with
as relatively low records of activity in Great Lakes shipping as 1921 was and
1922 promises to be. Next year will almost surely be one of marked recov
ery f and it should call for shipments of coal and iron ore of the proportions
of those carried during the war.
,
.
, ,,
Present prospects are that crops will be of good volume and sold at fairly
good prices. This does not mean an immediate return of prosperity for the
farmer because the prices that he pays for what he buys are still high in com
parison with those he gets for what he sells. The farmers are still worse off
than they were in 1914, but they are far better off than they were in 1921.
HOEY, TILDEN & CO., NEW YORK, IN HANDS OF
RECEIVER.
An involuntary petition in bankruptcy was filed on
Aug. 15 in the Federal District Court against the New
York Stock Exchange house of Hoey, Tilden & Co. of 100
Broadway, this city. The firm was organized early this
year as successor to M . J. Hoey & Co. and consisted of
Matthew J. Hoey and Edward Tilden, the first named
being the floor member of the Exchange. The petition in
bankruptcy was brought by Wilbur L. Ball of Rosenberg &
Ball, 74 Broadway, acting on behalf of the receiver of
Kriebel & Co. of Chicago (whose failure on March 7 last
was reported by us in our issue of March 11, p. 1014).
Kriebel & Co. base their claims, it is understood, on three
notes made by Edward Tilden, payable to Kriebel & Co.
and endorsed by M . J. Hoey and M . J. Hoey & Co. The
petition declares that Hoey, Tilden & Co. assumed re
sponsibility for the debts of Kriebel & Co.; that the three
notes aggregate $160,000, and that, while none is yet due,
the defendant firm is insolvent. Following a petition for
a receiver for the firm, Judge Julius M . Mayer appointed
Harry H. Kaufman receiver under a bond of $10,000.
Liabilities were stated in the latter petition as $250,000
with assets of $120,000. Formal announcement of the sus
pension of the firm was made from the rostrum of the
New York Stock Exchange on Wednesday, Aug. 16. The
New York Curb Market Association has also announced the
suspension of the firm from associate membership in that
body. The failed firm maintained a branch office in Chicago.
H. A. MASSEY & CO., CHICAGO, INSOLVENT.
On Aug. 12 an involuntary petition in bankruptcy was
filed in the United States District Court against the Chicago
brokerage firm of H. A. Massey & Co., with offices in the
Rookery Building, 209 South La Salle Street. The Chicago
Title & Trust Co. was appointed receiver and immediately
took charge of the failed firm’s offices. According to the
Chicago “ Tribune” of the 13th inst., the embarrassment
of the firm is the result of the failure of Nast & Co. of Chi
cago, which occurred on July 14. When the latter company
failed, it is said, it was indebted to II. A. Massey & Co.
to the extent of about $350,000. “ The receivership of Nast
& Co. resulted in depleting the working capital of Massey
& Co. to an extent that the firm technically was insolvent.”
The assets of the failed firm are said to total $1,200,000,
while the liabilities exceed that figure by $140,000. The
Chicago Stock Exchange on Aug. 12 suspended the failed
firm for five days.
ANNUAL
MEETING OF AMERICAN ASSOCIATION
OF JOINT STOCK LAND BANKS.
The American Association of Joint Stock Land Banks will
hold its fourth convention at the Hotel La Salle, Chicago,
next week, August 21 to 23. The speakers will include
Guy Huston, President of the Association; Charles E.
Lobdell, Federal Farm Loan Commissioner; C. W .
Pugsley, Assistant Secretary of Agriculture; James R. Haward President, American Farm Bureau Federation; A. J.
Glover, Editor, “ Hoard’s Dairyman;” II. H . Charles, the
Charles Advertising Agency; Eugene M oyer, Jr., Director
of the War Finance Corporation, and A. F. Lever, former
member Farm Loan Board.
REDISCOUNT RATE OF 3 'A % ON AGRICULTURAL
PAPER UNDER CONSIDERATION BY FEDERAL
RESERVE BOARD.
In reporting that tho establishment of a special rate of
3 M % on agricultural paper was under consideration by the
Federal Reserve Board, press dispatches from Washington
Aug. 15 added:
Tho proposal has been laid before the Federal Reservo banks, it was
exnlained and action by tho Board is being withheld ponding their replies
alth ough .’ officials indicated, the suggestion was not meeting with favor
8°A^suggosted, officials explained, the special farm rate would enable banks
which made loans for agricultural purposes— upon tho security of farm prod
__to rediscount at 3 H % which is )4% below tho lowest reserve rate
now in effect, if the rate charged by tho banks to tho original borrower did
not exceed 6 % . A special farm products rate, officials recalled, was in
effect in 1915. but was discontinued.
Board officials apparently differed as to the advisability of tho farm com
modity rate being revived under present conditions. Some declared that,
in view of the present low borrowings from reserve banks, little could be
expected under tho propsed rate and that the banks probably would not take
advantage of tho privilege o f rediscounting farm paper at 3)4 % , if required
to limit their interest charges of 6% . On the other hand, others assorted
that by making a special agricultural rate available farmers in some sections
where banks would make the necessary loans would benefit.
Replies from the Federal Reserve banks so far received, officials declared,
for the most part part have been in disfavor with the proposed rate. When
all the banks have been heard from. Secretary Mellon, ex-officio Chairman of
the Board, will go over the matter before it is brought up for finaljaction.
REDUCTION IN DISCOUNT RATE OF FEDERAL
RESERVE BANKS OF KANSAS CITY AND
MINNEAPOLIS.
The Federal Reserve Bank of Kansas City, and the Fed
eral Reserve Bank of Minneaplois, this week reduced the
rediscount rate onall classes of paper from 5% to 4M>%.
Announcement of the reduction by the Kansas City Fe ireal
Reserve Bank was made on August 14, while the cut in the
case of the Minneaplois Bank was announced on the 15th
inst. A 4 H % rate is now maintained by all of the Federal
Reserve Banks, with the exception of Boston, New York
ami San Francisco, where a 4 % rate prevails for all classes
of paper.
STATE
INSTITUTIONS A DM ITTED TO FEDERAL
RESERVE SYSTEM.
The following institution was admitted to the Federal
Reserve System in the week ending Aug. 11:
District No. 2—
Capital.
The Bank of New York, New York,
N. Y ...............................................$2,000,000
Surplus.
Total
Resources.
$6,000,000 $72,730,995
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
The
First National Bank, Clifton, N. J.
Merchants’ National Bank, Newton, N. J.
First National Bank, Dolgeville, N. Y'.
Mount Kisco National Bank, Mount Kisco, N. Y.
Public National Bank, Now York, N. Y.
Citizens National Bank, Emporia, Va.
American National Bank, Frankfort, lnd.
EXCHANGES OF 4 % % VICTORY NOTES FOR
TREASURY NOTES.
It was announced by Secretary Mellon on Aug. 1G that
the Treasury Department had issued 8141,515,700 new
4 }4 % four-year Tresaury notes in exchange for the out
standing 4 % % Victory notes. The aggregate allotments
for notes of this series were 8480,940,700, taking into
account the primary offering of 8345,425,000. The ex
change subscriptions, received and allotted by districts, were:
Boston_____
Now York__
Philadelphia
Cleveland . Richm ond..
Atlanta____
Chicago___
St. Louis__
$7,091,600
79,625,300
8,402,500
14,316,000
1,826,800
1,317,200
.10,807,200
. 3,261,500
M inneapolis..
Kansas C ity..
Dallas_______
San Francisco.
Treasury____
Total
$141,515,700
Reference to the subscriptions to the new issue of Treasury
notes was made in these columns last week, page 711.
8275,000,000 LIBERTY BONDS AND VICTORY NOTES
RETIRED.
The Secretary of the Treasury announced on Aug. 13
that the second fiscal year’s operations under the cumulative
sinking fund established by the Act approved March 3
1919 were completed June 30 1922, and that 8275,896,000
face amount of Liberty bonds and Victory notes were
purchased and retired for account of the sinking fund
during the fiscal year. The total principal cost of the
bonds and notes purchased was 8274,481,902. Secretary
Mellon also announced that during the fiscal year ended
June 30 1922, 804,837,900 face amount of Liberty bonds
■ were purchased and retired by the Treasury out of repay
ments of principal by foreign Governments. With regard
thereto ho said:
These purchases were made pursuant to Section 3 of the Second Liberty
Bond Act, as amended, which provides that the Secretary of the Treasury
is authorized to apply any payments received from foreign Governments
on account of the principal of their obligations to tho redemption or pur
chase at not more than par and accrued interest of any outstanding Liberty
bonds. The foreign repayments from which the purchases in question
were made comprise $32,511,994 26 of repayments by the French Govern
ment; $30,500,000 by tho British Government on obligations deemed to
have been given on account of Pittman silver; $878,500 by tho Cuban
Government; $440,552 83 by the Belgian Government; $48,564 63 by
tho Serbian Government; a total of $64,379,611 72 of repayments. For
tho most part, these payments were on special account, or by way of
adjustment of accounts, and should not be taken to indicate that any
general program of repayment of tho foreign obligations has begun.
The Liberty bonds retired on this account were Third 4>is, and the
total principal cost was $64,367,997 22.
SIGNING OF AGREEMENT BY UNITED STATES AND
GERMANY FOR ADJUSTMENT OF U. S. CLAIMS.
The signiug of an agreement by representatives of the
United States and Germany whereby the question of deter
mining the amount of American war claims to be paid by
Germany will be lodged with a mixed commission, was an
nounced by Secretary of State Hughes on Aug. 10. In our
issue of July 29 (page 49S) we referred to a bill introduced
by Senator Underwood to provide for an All-American Com
mission to adjust the American claims against Germany. At
the hearings on this bill last month, when it was made known
that negotiations were pending with Germany for an agree
ment looking to the settlement of the claims, Senator Under
wood warned that he would oppose the negotiations and in
sist upon his bill. In a letter to Senator Cummins on the
lis t inst., following the announcement of the signing of the
agreement, Senator Underwood said, “Assuming that the
President enjoys authority to negotiate Executive agreements
under usual circumstances, I am doubtful if he has such au
thority at the present time with respect to the claims of our
nation and its citizens against the former enemy Govern
ments.” Of the mixed commission of two which the agree
ment provides for, one is to be named by the United States
and the other by the German Government, and provision is
made for the selection of an umpire to decide upon any
points of difference that may arise. Associate Justice Day,
of the United States Supreme Court, it is announced, has
been selected by President Harding as umpire. The selection
of Justice Day, it is said, was made after the German Gov
ernment expressed a desire to have an American citizen ap
pointed as umpire. The name of the American commissioner
will be announced later. The State Department announce
ment of the signing of the agreement follow s:
An agreement between the United States and Germany, providing for
the determination of the amount of the claims against Germany, was
signed to-day in Berlin. This agreement provides for a claims commission
composed of two commissioners and an umpire. One commissioner is
to be namod by each Government and the two Governments are to agree
upon an umpire. The umpire is to decide finally upon any question as
to which the commissioners may disagree.
Simultaneously with the signing of the agreement the German Govern
ment expressed its desire to have an American citizen appointed as tho
umpire and requested the President of the United States to make the
designation accordingly. Pursuant to this request, the President lias
named as umpire William R. Day, Associated Justice of the United States
Supreme Court. The name of the American commissioner will be an
nounced later.
The following is the text of the agreement as made public
by Secretary Hughes on Aug. 10:
The United States of America and Germany being desirous of determining
the amount to be paid by Germany in satisfaction of Germany’s financial
obligations under the treaty concluded by the two Governments on Aug. 25
1921, vhich secures to the United States and its nationals rights specified
under the resolution of the Congress of the Untied States of July 2 1921,
including rights under the Treaty of Versailles, have resolved to submit the
question for decsion to a mixed commission and have appointed as their
plenipotentiaries for the purpose of concluding the following agreement:
The President of the United States of America . . . : and
The President of the German Empire . . . ;
Who, having communicated their full powers, found to be in good and
due form, have agreed as follows:
ARTICLE I.
The commission shall pass upon the following categories of claims, which
are more particularly defined in tho treaty of Aug. 25 1921, and in the
Treaty of Versailles:
1. Claims of American citizens, arising since July 31 1914, in respect of
damage to, or seizure of, their property, rights and interests, including
any company or association in which they are interested, within German
territory as it existed on Aug. 1 1914;
2. Other claims for loss or damage to which the United States or its
nationals have been subjected with respect to injuries to persons, or to prop
erty, rights and interests, including any company or association in which
American nationals are interested, since July 31 1914, as a consequence of
the war;
3. Debts owing to American citizens by the German Government or by
German nationals.
ARTICLE II.
The Government of United States and the Government of Germany shall
each appoint one Commissioner. The two Governments shall, by agree
ment, select an umpire to decide upon any cases concerning which the Com
missioners may disagree, or upon any points of difference that may arise in
the course of thier proceedings. Should the umpire or any of the Commiss
ioners die or retire, or be unable for any reason to discharge his functions,
the same procedure shall be followed for filling the vacancy as was followed
in appointing him.
.
ARTICLE III.
- .
The Commissioners shall meet at Washington within two months after
the coming into force of the present agreement. They may fix the time
and the place of their subsequent meetings according to convenience.
ARTICLE IV.
The Commissioners shall keep an accurate record of the questions and
cases submitted and correct minutes of their proceedings. To this end each
of the'Governments may appoint a Secretary, and these secretaries shall
act together as joint secretaries of the Commission and shall be subject to its
direction.
The Commission may also appoint and employ any other necessary officer
or officers to assist in the performance of its duties. The compensation
to be paid to any such officer or officers shall be subject to the approval
o f the two Governments.
A R TICLE V.
Each Government shall pay its own expenses, including compensation of
its own Commissioner, agent or counsel. All other expenses which by their
nature are a charge on both Governments, including the honorarium of
the umpire, shall be borne by the two Governments in equal moieties.
A R TICLE VI.
The two Governments may designate agents and counsel who may pre
sent oral or written arguments to the Commission.
The Commission shall receive and consider all written statements or
documents which may be presented to It by or on behalf of the respective
Governments in support o f or in answer to any claim.
The decisions o f the Commission and those of the umpire (in case there
may be any) shall be accepted as final and binding upon the two Govern
ments.
A R TICLE VII.
The present agreement shall come into force on the date of its signature.
The note requesting the President of the United States to
designate the umpire, which was addressed to Ambassador
Houghton, is as follow s:
M r. Ambassador:—
The agreement concluded to-day for the settlement o f the amount of
American claims for damages provided by Article II, that on the basis of an
agreement between the two Governments concerned an umpire shall be
chosen. The German Government is convinced of the intention of the
American Government to carry out in an accommodating and just manner
the setttlement o f the questions still to be solved between the two States
concerned, the way to which is opened by the signature o f the agreement.
It is still further strengthened in this belief by the assurances received from
your Excellency. The German Government believes that the distrust
o f nations toward one another brought about by the war and the severe
economic damages which it caused to all countries concerned can be most
certainly done away with if these countries decide to approach the solution
o f the questions which have arisen between them as a consequence of the
war in a generous manner and in the spirit o f mutual accommodation. The
German Government welcomes the fact that the American Government
intends to take the initiative in this connection.
In order to make this possible and in order to give the American Govern
ment a proof o f its confidence, the German Government has the honor to
request the President o f the United States to causo an American person,
seeming to him suited for this responsible office, to accept the position of
umpire such as is contemplated in the above-mentioned agreement. I
should be grateful to your Excellency if you would transmit this proposal
of the German Government to the President o f the United States. At the
same time I take the advantage o f this occasion to renew to you, M r. Am
bassador, the assurance o f my most distinguished consideration.
(Signed) W IR T H .
On Aug. 11 Associated Press advices from Washington
said:
Despite the contrary opinion expressed by some minority leaders in Con
gress, it was asserted at the White House to-day that the Administration
did not think it necessary to ask for specific Congressional approval of the
claims agreement concluded yesterday with Germany.
Officials close to President Harding declared that approval of the settle
ment would not be sought from the legislative branch, except in so far as
appropriations were necessary to carry on the work of the Claims Com
mission.
The authority o f the Executive to negotiate such an agreement without
Senatorial sanction was said to be regarded by the President and by the State
Department as boyond question. The same plan, it was asserted b y an
Administration spokesman, had been followed frequently in the past and
there were no elements in the present situation which would make it an
exception to what were termed well established precedents.
In another item we refer to the hearing on Senator Under
wood’s bill, and the opposition voiced thereat by Secretary
Hughes to the proposed measure.
GERMAN PRESS COMMENT ON AGREEMENT FOR
SETTLEMENT OF AMERICAN CLAIMS.
The Associated Press Berlin advices Aug. 11 said:
The agreement signed here yesterday for the appointment o f a commis
sion to settle American claims against Germany marks a significant step
forward for Germany and represents dealings noticeably in contrast with
the methods o f the Entente in negotiating with Germany, according to the
unanimous opinion to-day o f the Berlin press.
The newspapers were virtually a unit in emphasizing the significance o f
the pact as evidence o f friendliness existing in German-American relations.
The "Boersen Zeitung” finds the agreement equally favorable with the
separate peace treaty between the United States and Germany and, like
a number o f other newspapers, it expresses appreciation o f the fact that
America Is not requiring reparations for military damages, such as army
pensions.
The “ Germania” calls attention to the mixed commission provided for,
whereas Germany Is not allowed to participate in the Entente Reparations
Commission. This feature, according to the “ Tagelicbe Rundschau.” is
especially noteworthy as coming at the same time as “ the London quarreling
over continuance o f one-sided dictation in the reparations question.”
The "Vorwaerts” notes with satisfaction the friendly tone characterizing
the text o f the agreement, to which other journals also call attention.
Several o f them point out the probability o f early restitution o f confiscated
German property in America.
SECRETARY OF STATE HUGHES IN OPPOSITION TO
SENATOR UNDERWOOD’S BILL FOR ALL-AMERI
CAN COMMISSION TO ADJUST AMERICAN
CLAIMS AGAINST GERMANY.
The opposition of the Harding Administration to the bill
o f Senator Underwood providing for the appointment of an
all-American commission to adjust American claims against
Germany was indicated by Secretary of State Hughes with
the opening of the hearings on the measure on July 27 before
a sub-committee of the Senate Judiciary Committee. The
hearing developed that negotiations with Germany for an
agreement bearing on the settlement of the American war
claims against Germany were pending, and on August 10
its signing was made known by Secretary of State Hughes.
Details of this are given in another item in this issue. Sena
tor Underwood at the hearing last month warned that he
would oppose these negotiations and insist upon his bill.
Regarding Senator Underwood’s declarations, the New York
“Times” in a special Washington dispatch said:
Ho declared at a meeting of a sub-committee of the Senate Committee
on Judiciary that Congress should set up the commission proposed in his
bUl before the end of the present session and that if, on the other hand,
the Administration endeavored to force through a claims treaty there would
be serious delay and the treaty would probably not be ratified.
Senator Underwood’s statement that the State Department was con
templating such a treaty was confirmed from Administration sources
when Alien Property Custodian Miller admitted the fact, but stoutly
maintained that the Administration expected to protect American claims
in every way possible. M r. Miller refused to take a stand either for or
against the Underwood bill, saying that the State and Justice Departments
were fully as much concerned as his own and that he preferred to obtain
their views before expressing his.
Chairman Cummins, of the sub-committee, announced in
opening the hearings on July 27 that they would be limited
to the two propositions in the Underwood bill— creation of a
claims commission and disposition of seized enemy property.
“ We are not going into any investigation of the former or
present Alien Property Custodians,” said Chairman Cum
mins, and Senator Underwood indicated that he approved
the inquiry being thus limited. The Underwood bill received
the indorsement on July 27 before the committee of A. Mitch
ell Palmer, former Attorney-General and Alien Property Cus
todian, Francis P. Garvan, also formerly Alien Property
Custodian and now head of the Chemical Foundation, and
the present Alien Property Custodian also appeared before
the sub-committee. Details of the statements presented to
the committee at the hearing on July 27 are taken as fol
lows from the New York “ Times” :
33,000 Trusts Administered.
In his testimony Colonel MUler said that the Alien Property Custodian’s
office was now administering 33,000 trusts, which had been reduced from an
original 50,000 trusts, involving former enemy property extending over the
American domain from the Philippines to New England. He charged
that despite the provision in the Knox resolution which is embodied in the
separate peace treaty directing that alien enemy property should bo re
tained intact until American claims are satisfied, ho was subjected to con
stant onslaught from members of Congress, especially House members,
who demanded that the property should bo returned in numerous instances.
“ Finally,” continued Colonel Miller, “ in order to meet this Insistent
pressure from Congress and lay down a policy, we asked for the intro
duction of what is known as the Winslow bill. On investigation we found
that 93% of the trusts now held were property valued at $10,000 and under,
the average value being $984, and the whole amounting to about $23,000,000
to $24,000,000. Roughly speaking, we have today assets of about $345,
000,000, and if the Winslow bill were passed our funds would not be reduced
below $300,000,000.
“ I can say that this Administration, headed by the President, is desirous
and will see to it that American claims against Germany and other enemy
countries are adequately settled without damage to the American interests.”
Senator Underwood asked if under the Winslow bill all German patents
would not bo returned. In reply Colonel Miller said that the patent situa
tion would undoubtedly receive the attention of the House and Senate
when the Winslow bill came up for hearings. He proceeded:
“ I do know as a small spokesman for the Administration that the Adminis
tration will do everything possible to safeguard American claims and that
nothing will be done to destroy the present guarantees in their behalf.”
Suggests a 2% Basis.
“ I understand that the American claims in all will amount to $500,000,000
to $600,000,000,” interjected Senator Underwood. “ Then if you have
only $300,000,000 in your office to pay them, they can’t be paid.”
M r. Miller said that a good many of the American claims were tort or
death claims, which in former wars had been settled on a basis of 2% .
“ You would not suggest that we settle the Lusitania claims on a basis
of 2% ?” asked Senator Underwood.
ISO
M
“ I certainly do not, but I only stated what has happened In former wars,”
replied Colonel Miller.
*«K0l|fi|
Colonel Miller confirmed a statement by Mr. Palmer that German
interests were now endeavoring to settle American claims with depreciated
currency. He said this would amount to “ confiscation,” and that “ a high
authority” in the Government had told him that these claims would “ be
high up on the list” when it came to demanding settlements from Germany.
He said the aggregate claims now ponding in his office, “ which might be
allowed,” and which were brought by citizens of the former Central Em
pires, amounted to about six or seven million dollars.
Palmer Supports the Bill.
Several amendments to the Underwood bill were suggested by Mr. Palmer
chiefly intended to fix it so that Germany should not only pay the American
claims but restore the American property. He supported the bill.
“ I can’t for the life o f me see why we should be restrained or impeded by
the fancied consideration that the rights o f somebody may be confiscated,”
he said. “ After all, we aro only taking the property o f the German nationals
by agreement, and we are taking this property to pay American citizens who
are entitled to first consideration.
“ Germany did not take American property through confiscation, but
through piracy. The personal claims which Americans bring did not come
through German confiscation, but through murder.
“ Germany is now sending into this country 50,000 copies o f her Alien
Property Custodian’s report, boasting from first to last o f her generosity
n returning American property. As a matter o f fact thero was only one
dollar’s worth o f American property in Germany to fifty dollar's worth of
German property in the United States. She is trying to build up sentiment
here for the return o f her property. In a great many individual cases Amer
ican property has not been turned over by Germany.
t#
"On my responsibility as the former Alien Property Custodian, I charge
that Germany made her original investments here with hostile intent,
in order to further her well-laid plans to conquer the world by commerce
and if necessary by arms. She filled this country with spies, many of them
heads o f industrial concerns. Why, the head o f one industrial concern in
New York had a number in the German secret service. He was a natural
ized American citizen— naturalized under instructions from the German
Foreign Office.
“ Wo should have no compunction in carrying out our agreement as to
property under the treaty. I think we could almost say to them that they
have violated their agreement, and say as I understand it is said in Great
Britain, ‘There are no German patents; take the patents and use them.’ ”
Propaganda Active, Garvan Says.
The testimony o f Mr. Garvan was short.
“ I suggest that the commission have power to investigate any alleged un
fairness on the part of the Alien Property Custodian in any transaction
whatever,” he said. "German propaganda is now rampant in the United
States. She is spending hundreds o f thousands o f dollars in an effort to
get Congress to return this property. There is no way to disclose this ex
cept by summoning wtinesses.
“ I think that former officials should have the opportunity to meet their
German accusers. It is impossible for individuals to spend enough money
to combat the German intrigue, so we should have our day in court. To
day the departments are honeycombed with German spies and representa
tives anti she is seeking to spread her propaganda through tho newspapers.”
Another suggestion by Mr. Garvan was that the commission under the
Underwood bill should be authorized to find out the actual value of German
property held by Americans and how much had been realized on this through
swollen war profits.
The Administration’s stand relative to the bill was indicat
ed in a letter which Secretary Hughes addressed to Senator
Nelson, Chairman of the Committee on Judiciary, made pub
lic July 29. The letter was written in response to a request
by Senator Nelson for an expression of opinion by Secretary
Hughes relative to the Underwood bill. In this letter Secre
tary Hughes referred to the fact that following the conclusion
of the treaty with German negotiations were entered into
with that country looking to the adjustment of the claims of
citizens of the United States, these negotiations contemplat
ing a mixed commission on which Germany will have repre
sentation. Despite the recent difficulties in Germany, he
stated, “gratifying progress has been made and I believe that
a satisfactory convention will shortly be signed.” Definite
announcement of the signing of the agreement came on Aug.
10, as noted above. Secretary Hughes also said in his letter,
“ it is manifest that legislation such as that contemplated in
the bill in question would be embarrassing to the Executive
in dealing with the matter of these claims, since the enact
ment of the bill into law would make it necessary to aban
don present plans.” In a statement answering Secretary
Hughes. Senator Underwood asserted that it was clear “that
in the treaty contracts now existing Germany agreed to an
American commission.” The proposal to “ appoint a mixed
commission, without Germany sitting on it, to determine the
validity of American claims” appeared, he said, “ to be an
entire surrender not only of the treaty contract,” but “ of the
principles that we fought for in the wa».” The following is
the letter of Secretary Hughes addressed to Senator Nelson:
Dear Senator Nelson:— I beg to acknowledge the receipt of your letter of
July 21 1922 enclosing a copy of a bill (S. 3852) “ to amend an Act entitled
‘An Act to Define, Regulate and Punish Trading With tho Enemy and for
Other Purposes,’ approved Oct. 6 1917, as amended,” and requesting in
behalf o f tho Committee on the Judiciary of the Senate an expression of
my opinion as to the advisability o f the legislation contemplated by this
measure.
For the purpose o f indicating my views regarding the bill, it is unneces
sary at this time to enter into a detailed discussion of its provisions. I
understand that its general purpose is to provide for a commission composed
of American citizens which is to pass on certain classes o f claims of American
citizens, and also on claims of the Government of the United States, for
damages sustained as a result of the acts, during periods described in the
bill, of either the former German Government or the former Austro-Hun
garian Government or their authorltes, respectively.
•
In addition to the claims of the citizens o f the United States, the bill
embracos provision for claims made by tho Government o f the United
States for “ all its pensions or compensation in the nature o f pensions to
its naval and military victims o f war (including members o f its air forces),
whothor mutilated, wounded, sick or invalided, and to the dependents of
such victims” ; also for “ the cost o f assistance” by tho Government of the
United States “ to prisoners o f war and to their families and dependents,”
and also for “ allowances” by tho Government o f tho United States “ to
tho families and dependents o f mobilized persons or persons serving with
its forces.”
Provision is made for tho satisfaction o f these claims, in accordance
with a stated order of priority out o f the property o f German and Austrian
nationals held by the Allen Property Custodian.
It is hardly necessary for mo to say that I am most anxious that a
settlement of the claims of American citizens should be promptly effected.
You undoubtedly appreciate that, in addition to tho difficulties which,
as a result o f political and economic conditions, have confronted the
nations with which tho United States was associated in the war in effecting
settlement o f claims against the former enemy countries, the Government
o f tho United States was obliged to deal with conditions incident to tho
conclusion o f treaties with Germany, Austria and Hungary to re-establish
friendly relations with those nations.
Following the conclusion o f such treaties, negotiations were entered
into with Germany looking to tho adjustment o f the claims o f our citizens,
pursuant to the rights o f tho United States recognizod under the treaty
concluded Aug. 25 1921 with that country. It is contemplated that a
mixed commission on which Germany will have representation will bo
established to determine tho amounts o f these claims in accordance with the
procedure usually governing matters o f this kind.
I am glad to say that, despite the recent difficulties in Germany whicti
apparently have delayed tho completion of the arrangement, gratifying:
progress has been made, and I believe that a satisfactory conventioni
•will shortly bo signed. Tho negotiations with the German Government*,
indicate a desire on its part to move as expeditiously as possible wftlt ai
view to the consummation of the plans under consideration. It is manifest
that legislation such as that contemplated by tho bill in question would be
embarrassing to the Executive in dealing with the matter of these claims,
since the enactment o f the bill into law would make it necessary to abandon
present plans.
Apart from this effect o f the passage of the bill, I may say that it seems
to me entirely appropriate that the usual practice should be followed in
the determination o f international claims, and that Germany should have
appropriate representation upon a mixed claims commission by which the
amount of thees claims shall bo assessed.
The bill seems to deal ■with the settlement of claims as if it were purely
a domestic affair.
But the claims are those of American citizens against Germany, Austria
and Hungary, and it has hitherto been contemplated, as tho Joint Resolution
of Congress approved July2 1921, makes clear, that these Governments shall
make suitable provision for tho satisfaction of these claims.
But if these Governments are to make such provision, I should regard it
as proper that they chould have the opportunity of being represented on tho
Claims Commission, by which the amount of the claims is to be fixed.
I do riot see that any different principle should bo applied because we hold
the personal property of former enemies in pledge, but this situation, 1
should suppose, would rather make the courso to which 1 have referred. If
possible, still more important before resort were had to such property for
satisfaction.
To undertake to exclude a nation in a case like the present from any par
ticipation or voice in matters thus vitally affecting its interests and to deal
with such matters by ex parte action would bo, in my judgment, at variancewith the principles and practice generally observed by nations in their rela
tions with each other, and I should think it unfortunate if such a course
were initiated by this Government.
I do not speak of the situation which would be disclosed if Germanyrefused to make an arrangement for a commission to act in the assessment o f
claims in a manner which would be reasonable and satisfactory to our Gov*
ernment. I am, however, speaking of the present situation in which nego
tiations are pending, and where there is every reason to believe that they
will shortly be concluded.
I shall not discuss the plan which tho bill sets forth of confiscating the
property in the hands of the American property custodian by providing for
its application not only to the payment of the claims of American citizens,
but also to the claims of this Government for pensions and allowances, as
described in the bill. While the latter class of claims is to be postponed in
payment to the former, all .are to be satisfied under the provisions o f the bill,
and it is manifest that tho private property of former enemy nationals in th e
hand of the Alien Property Custodian will not bo sufficient for the pur
poses stated.
Up to this timo Congress has not committed itself to a confiscatory pol
icy. In tho joint resolution of July 2 1921, Congress provided that the prop
erty should be retained by the United States and no disposition thoreof
should be made except as had been or might be provided by law, until such
time as Germany and Austria and Hungary “ shall have respectively made
suitable provision for the satisfaction of all claims against said Governments
respectively” of American citizens who have been damaged through the
action of these Governments as stated, and until compliance with the other
provisions of the resolution. In other words, so far as tho claims of Ameri
can citizens are concerned, tho properties in tho hands of tho Alien Property
Custodian, or their proceeds if liquidated, are to be held virtually in pledge
until Germany, Austria and Hungary respectively make suitable provision
for the satisfaction of their claims.
As I have said, this implies a fair opportunity to make tho required pro
vision.
■\\hen the amount of these claims has been determined, the question of the
satisfaction can be taken up at once, Congress, of course, reserving its
authority to deal with the question in the light of tho event. I am of the
opinion that this course can bo followed quitod as expeditiously as the course
contemplated by the bill, and I should hope that in any case no measure o f
confiscation would be adopted until thero had been a failure, after reasonable
opportunity to provide for tho satisfaction of the claims of American citi
zens, duly ascertained.
I remain, my dear Senator Nelson,
Very sincerely yours,
CHARLES E. HUGHES.
Senator Underwood’s statement in reply to the views of
Secretary Hughes, follow s:
I have not seen tho text of the letter sent to Senator Nelson by Secretary
Hughes objecting to the favorable consideration of the bill I introduced
appointing an American Commission to adjust American claims against Ger
many, I understand from those who have read the letter that the Secretary
bases his objection to the bill on tho ground that “ the bill seems to deal with
tho settlement of claims as if they were purely a domestic affair,” and that
tho Secretary seems to think that the action of Congress would embarrass the
State Department in negotiating another treaty with Germany to appoint a
mixed commission, on which tho Germans would have representation, tosettle these claims.
I regrest very much that tho Secretary of State has taken this position,
especially as it is in direct contravention of the treaty o f peace that he
negotiated with Germany and that was signed at Berlin. This separate
treaty of peace embraces all o f the terms o f settlement that wore Included in
the Versailles Treaty In regard to the property in the hands of the Alien
Property Custodian and the settlement of American claims.
In the first place, these two treaties, which are one so far as this ques
tion is concerned, especially declared that the settlement of the matter should
be left to Congress. Tho Secretary seems to have overlooked that proposi
tion in suggesting that action by the Congress would embarrass tho Ad
ministration.
It must be borne in mind that this is not an open question, unless the
Administration makes it one; that all of the issues involved were settled b y
an agreement in the German treaty, in which the German Government
agreed to requisition the property of her nationals in the hands of the Alien
Property Custodian and then to pay her own nationals for the vlauo of theproperty so requisitioned.
There is nothing unusual about this procedure. The American Govern
ment many times during tho war requisitioned the property of private citi
zens, allowing them merely a claim against the Government, Germany, in
order to settle the claims, has requisitioned this property and has agreed to
settle with her own citizens, under both the Versailles Treaty and the separ
ate treaty of peace signed at Berlin.
In both of these treaties she also agreed that our Government might
appoint its own commission to ajudlcate the amount of tho claims, and it
was further agreed in these treaties that, if there was any surplus left over
after the payment o f the American claims from the property now held by
the American Government, it might go to the Reparation Commission,
showing clearly that Germany made no further claims to this property, but
intended to take care o f her own nationals and leave the property for our
Government to reimburse our citizens.
It is, therefore, clear that in the treaty contracts now existing Germany
agreed to an American commission. The State Department is now offering
Germany to rescind the contract heretofore made, reopen the whole question,
and appoint a mixed commission, with Germans sitting on it, to determine
the validity o f American claims.
This appears to mo to be an entire surrender, not only of the treaty con
tract that was heretofore made, and of the principles that wo fought for in
the war, but also o f the rights o f the American citizens whose lives were
destroyed and whose property was taken by the Germans during the war.
I want to say further that at the time I introduced the bill in the Con
gress I did not know that the State Department was negotiating a treaty
with Germany. It certainly was not generally known at that time. We
had waited patiently for the Government to act for more than a year after
the signing of the German treaty, and it certainly was reasonable that a bill
should be Introduced to protect the rights o f American citizens.
Assuming that the President enjoys authority to negotiate executive
agreements under usual circumstances, I am doubtful if he has such authority
at the present time with respect to the claims of our nation and its citizens
against the former enemy governments.
It is impossible to divorce the disposition of the enemy property held
by the Alien Property Custodian and the settlement o f claims of our
citizens against the former enemy governments.
Congress in enacting the “ Trading With the Enemy Act” specifically
provided in Section 12 thereof that “ any claim of an enomy or ally of enemy
to any money or other property received and held by the Allen Property
Custodian or deposited in tho United States Treasury shall be settled as
Congress shall direct.” While this Congressional reservation refers to the
claims of the former owners of the property concerned, its purpose was to
insure the retention of such property as a pledge for the satisfaction of such
claims o f our citizens as might arise during the war in case Congress deter
mined to so apply it. The inseparable connection between the disposition
of enemy property and the settlement of such claims is further apparent
from the consideration given these two subjects in the treaties of Versailles,
Trianon, and St. German-en-Laye, the pertinent section o f tho first-named
treaty being Section 4, Part 10, from which I quote the following:
“ Article 297. ‘ (h) Except in cases where, by application o f paragraph (f) ,
On August 11, when announcement was made of the sign restitutions in specie have been made, the net proceeds o f sales of enemy
rights, or interests wherever situated, carried out either by virtue
ing of the agreement for the adjustment of American claims, property,
o f war legislation or by application of this article, and in general all cash
Senator Underwood addressed the following letter to Sena assets o f enemies, shall be dealt with as follows:
“ ‘ (1) As regards powers adopting Section 3 and the annex thereto, the
tor Cummins, in which he expressed doubt as to the authority
said proceeds and cash assets shall be credited to the power of which the
of the President to negotiate the agreement:
owner is a national, through the clearing office established thereunder;
M r. Underwood— Mr. President, some days ago I introduced a bill in and credit balance in favor o f Germany resulting therefrom shall be dealt
reference to appointing a commission to ascertain American claims against with as provided in Article 243.
Germany. Subsequently the President agreed with Germany on a com
*' ‘ (2) As regards powers not adopting Section 3 and the annex thereto,
mission to be appointed by the two Powers. The bill I introduced is now the proceeds o f the property, rights, and interests, and the cash assets o f
pending in the Judiciary Committee and under consideration by a sub the nationals o f Allied or Associated Powers held by Germany shall be
-committee o f which the senior Senator from Iowa [Mr. Cummins] is Chair paid immediately to the person entitled thereto or to his Government;
man. This morning I delivered to the Senator from Iowa a letter explaining the proceeds o f the property, rights, and interests and the cash assets o f
why I think it necessary to proceed with the legislation, and in order that German nationals received by an Allied or Associated Power shall be
m y colleagues may have an opportunity to see the precedents, and what I subject to disposal by such power in accordance with its laws and regula
have stated, I ask unanimous consent that the letter may be published , tions and may be applied in payment o f the claims and debts defined by
In the “ Record” in 8-point type.
this article or paragraph 4 o f the annex hereto. Any property, rights,
There being no objection, the letter was ordered to be printed in the and interests or proceeds thereof or cash assets not usfed as above provided
may be retained by tho said Allied or Associated Power and if retained the
“ Record” in 8-point type, as follows:
cash value thereof shall be dealt with as provided in Article 243.’ ” * *
August 11 1922.
Of course, in those treaties it was assumed that the various claims set
Hon. Albert B. Cummins, United States Senate, Washington, D . C.;
M y Dear Senator;— I sec in the press that the President has entered into forth as reparations claims would be taken care of through the Reparations
a claims agreement with Germany under which mixed commissioners will Commission. However, as such treaties confirmed to the United States
be appointed to adjudicate the claims o f the United States and its citizens the right to dispose o f enemy property as it saw f it, there can be no objection
specified therein and that the claims agreement will not be submitted to to the enforcement o f reparations claims against enemy property if the
the Senate for its advice and consent thereto as Article VII thereof provides: Congress should so elect.
When the Congress passed the joint resolution declaring war to be at
“ The present agreement shall come into force on the date o f its signature.”
I have been aware o f this suggested course for the past few days. While an end, which was approved by the President on July 2 1921, it carefully
I have not had the opportunity for an exhaustive search into the matter, reserved to itself all o f the rights as to the ultimate disposition o f enemy
I have given it careful thought and I am satisfied that the following should property that it had specified in tho “ Trading With the Enemy A ct” and
which had been confirmed to it by the treaties o f Versailles, Trianon and
be brought to your immediate attention:
I wish to say at the outset that I do not believe any precedent exists in St. Germain-en-Laye. Section 5 o f that resolution provides that all such
property
should be “ retained by the United States o f America and no
our history which may be termed applicable to the present situation.
Presumably the President has relied on the fact that representatives o f the disposition thereof made except as shall have been heretofore or specifically
State Department have at divers times in tho past entered into certain hereafter shall be provided by law until such time as the Imperial German
agreements for the adjustment of claims of American citizens against foreign Government and the Imperial and Royal Austro-Hungarian Government,
governments, which agreements were not submitted to the Senate for its or their successor or successors, shall have respectively made suitable
provision for the satisfaction o f all claims against said Governments,” as
ratification.
Passing over the question whether in general such agreements are binding specified therein, and shall have complied with the other conditions therein
upon this nation in the absence o f the Senate’s confirmation, I wish to set forth.
This section o f tho joint resolution was incorporated in the separate
point out that usually such agreements have covered only pecuniary claims
treaties o f peace with Germany, Austria, and Hungary, and it was stipulated
of individuals arising in times of peace, have met with the approval of the
in each o f said treaties o f peaco, respectively, that while tho United States
claimant, and have incolved no obligation on the part o f the United States
was privileged to participate in tho Reparations Commission and in any
other than the relinquishment o f the claim. President Buchanan in
other commission established under the treaties o f Versailles, St. Germainsubmitting the claims agreement with Venezuela, signed January 14 1859,
en-Laye,
and Trianon, or any agreements supplemental thereto, the United
to the Senate, said:
States was not bound to ♦participate in any such commission unless it so
“ Usually it is not deemed necessary to consult the Senate in regard elected. Nevertheless, the Senate in ratifying each o f theso treaties o f
to similar instruments relating to private claims of small amount when peace reserved for legislation by the Congress the matter o f tho disposal of
the aggrieved parties are satisfied with their terms.”
enemy property and the adjustment o f the claims o f the United States and
The principal executive agreements involving more than one claim its citizens by ratifying such treaties subject to the following understanding:
that have come to my attention are: The agreement with Spain of
“ That the United States shall not bo represented or participate in any
February 11-12 1871, for the adjustment of certain claims of citizens of body, agency, or commission, nor shall any person represent tho United
the United States on account o f wrongs and injuries committed by authori States as a member o f any body, agency, or commission in which the
ties of Spain in the island o f Cuba; the agreement with Venezuela of February United States is authorized to participate by this treaty unless and until
17 1903 for the adjustment o f ail claims owned by citizens of the United an Act o f the Congress o f the United States shall provide for such repre
States against Venezuela which had not at that time been settled by sentation or participation; * * * that the rights and advantages which
diplomatic agreement or by arbitration; and the protocol with China of the United States is entitled to have and enjoy under this treaty embrace
September 7 1901 for the adjustment o f claims growing out of tho so-called tho rights and advantages o f nationals o f tho United States specified in tho
Boxer troubles of 1900. No President, to my knowledge, has ever entered joint resolution or in the provisions o f tho Treaty o f Versailles to which
Into such an agreement providing for the adjudication of claims arising out this treaty refers.”
of war. Perhaps this is duo to the fact that the President, with but a few
To summarize: Both branches o f Congress by their action on the
nominal exceptions, has never entered into an agreement for the adjustment "Trading With the Enemy A ct” reserved to tho Congress the ultimate
o f a private claim o f a foreigner against the United States without securing disposition Of enemy property, and by tho joint resolution reasserted their
the approval o f the Senate, but I think that it is chiefly because the settle legislative authority over that subject; tho Senate by the exercise of its
ment o f war claims is necessarily part and parcel with the treaty of peaco treaty power has since reaffirmed these reservations o f tho "Trading
which, o f course, under our Constitution, must be submitted to the Senate With the Enemy Act” and tho joint resolution with an express proviso that,
except pursuant to an Act of the Congress, no representative of tho United
for its advice and consent.
For discussion on the foregoing, I respectfully refer you to “ Digest of States should sit on any body, agency, or commission dealing with matters
International Law,” by John B. Moore, volume 5, page 210; “ Treaties, covered by tho separate treaties o f peaco.
Therefore if the adjustment o f these American claims, so intimately
Their Making and Enforcement,” by Samuel B. Crandall, second edition,
page 108; “ Tho Treaty Making Powers Under tho Constitution,” by connected with the disposition of enemy property, is arranged by a purely
executive
agreement it is hardly necessary to point out tho possibility
John W. Foster, “ Yalo Law Journal,” December 1901; “ Treaties and
Executive Agreements,” by John B. Moore, “ Political Science Quarterly,” that tho Congress, when it comes to dispose o f enemy property, may
September 1905; and “ International Agreements Without the Advice and reopen the entire matter of the adjustment o f American claims.
In concluding I wish to emphasize that any such difficulty will be obviated
Consent of the Senate,” b y James F. Barnett, “ Yale Law Review,” Novem
by the passage of the bill I have introduced providing for a commission
ber and December 1905.
composed solely of American citizens to adjudicate such claims. The
An examination o f the agreements made in relation to private claims
commission would have jurisdiction to hear all claims against Germany,
against foreign governments disloses that the practice of their submission
Austria, and Hungary and does not contemplate a special commission to
or nonsubmission to the Senate has not been uniform. I am inclosing for
hear such claims as may be presented against each o f those nations respec
your information a list, as presented by tho Senate by Senator Lodge on tively. Further, this bill enables the Congress at one time to enact legisla
February 14 1905 o f 44 arbitration treaties and conventions submitted to tion not only caring for American claims but also providing for the ultimate
and acted upon by the Senate and o f 12 arbitration agreements not referred disposition o f the enemy properties. I take this opportunity of respectfully
to the Senate. While this list covers only arbitration agreements, I presume urging that you give the bill your favorable consideration.
It indicates the existing numerical proportion o f treaties and conventions
Very truly yours,
which tho Senate has acted upon relative to the settlement or arbitration
O. W. UNDERWOOD.
of claims, as compared to those which have not been submitted to it.
Mr. Underwood subsequently said;
However, as I said before, I do not think that wo can rely upon precedents
This morning soon after the assembling o f the Senate I asked unanimous
in the present situation for, needless to say, in none of theso cases, even
those submitted to the Senate, were there involved American claims running consent for tho printing o f a letter in the “ Record,” which was granted.
into hundreds o f millions o f dollars, secured by approximately $346,000,000 I ask now that a letter which I have from W illiam O. Armstrong, o f tho
firm o f Beekman, Menken & Griscom, of New Y ork, in regard to tho same
worth o f collateral.
subject, may be printed in connection with the other letter, all in 8-point
type.
The President pro temporo— Is there objection? The Chair hears none,
and it is so ordered, as requested by the Senator from Alabama.
The letter is as follows:
N ew
Y o r k A u g u s t 11 1922.
IIon .
O sca r
W .
U n d ertco o d ,
U n ited
S ta tes
S e n a te ,
W a s h in g to n ,
D .
C.
D e a r S i r :— As the attorney for the surviving dependent children of an
American drowned on the Lusitania I have read with great interest and
amazement the agreement signed yesterday in Berlin on behalf of our
Government and published in this morning’s newspapers.
It is evident that the Executive does not wish this agreement to be
regarded as a treaty, and that he expects to appoint commissioners under
the treaty, who need not be confirmed by the Senate, and to proceed quite
independently o f Congress. Had an act o f this character been taken by the
last President, cries o f tyranny and usurpation would have filled the
country. You will, o f course, have noticed that this apparently harmless
agreement amounts to the abandonment by the United States o f claims
amounting to many millions for reparations, which Germany agreed to pay
in those portions o f the Treaty o f Versailles, which were included in the
Berlin Treaty. Of course, the agreement does not state that these claims
are abandoned, but this commission has no authority to fix the amount of
those claims. Knowing that a new treaty which made no provision for
fixing the amount o f those claims would not be ratified by the Senate, the
Government is apparently attempting to give the rights away without the
Senate’s consent. It is no wonder that Germany is willing that two out
of three members o f the commission should be American citizens.
I take it that the reparations granted to the United States by the Berlin
Treaty are vested in the United States, and that those vested rights can not
bo divested except by the consent o f Congress. Senators Knox and M oCumber took that position on August 19 1919, when President Wilson was
asked if he had abandoned our claim for reparations. Ho said, “ I left
that question open, Senator, because I did not feel that I had any final
right to decide it.”
The Berlin Treaty, Article II, provides as follows: “ That the rights
and advantages stipulated in that treaty for the benefit o f the United
States which it is intended the United States shall have and enjoy are those
defined in Section I o f part 4 and parts 5, 6, 8, 9, 10, 11, 12, 14, and 15.”
The agreement states that “ the commission shall pass upon the following
categories of claims which are more particularly defined in the treaty of
August 25 1921, and in the Treaty of Versailles.”
An examination of the claims which are to be passed upon by the commis
sion shows that they are very strictly limited. The claims in respect of
property of American citizens which was in Germany and for debts owing
to American citizens by the German Government or by German nationals
is provided for and these claims aro to bo fixed by the commission.
The only other matter which the commission can consider is “ claims for
loss or damage to which the United States or its nationals have been sub
jected witli respect to injuries to persons, or to property rights * * * since
duly 31 1914, as a consequence o f the war.” I most respectfully submit
that the surviving dependents of an American citizen drowned on the
Lusitania could not under any circumstances bring themselves within
the above definition. You will observe that no mention is made of death
claims or of the claims of anyone who is not personally injured. This is
not an unintentional omission but is an absolute departure from the
language o f the Treaty of Versailles.
The Treaty of Versailles, which is actually part of the Treaty of Berlin,
provides as follows: “ Claims growing out o f acts committed by the
German Government or by any German authorities since July 31 1914, and
before that Allied or Associated Power entered into the war.” (Article 298,
Annex, paragraph 4.) And it further provided “ compensation may be
claimed from Germany under Article 232 in respect of the total damage
under the following categories: (1) Damage to injured persons and to
surviving dependents by personal injury to or death of civilians caused by
Acts of war, including bombardments or other attacks on land, on sea, or
from the air, and all tho direct consequences thereof, and o f all operations
of war by the two groups of belligerents wherever arising.” (Article 232,
Annex I.) These two clauses cover pre-war and war claims.
This language is plain and clear and it is quite evident that the surviving
dependents of Americans could establish a claim thereunder. It seems
proper to inquire why this language has been abandoned and a new class
of claims created.
It is well recognized in law that death claims for dependents are purely
statutory and our only right to assert a claim against Germany depends
upon the terms of the treaty which specifically grants such right to surviving
dependents of Americans. Wo do not believe that Justico Day, who is
mentioned as a member of the commission, would permit the commission
to fix the amount of death claims under the agreement in question. At
any rato, American rights are endangered thereby.
Aside from this point, wo would call your attention to the fact that every
other claim to which the United States is entitled under Part 8, Section 1,
Article 232, Annex 1 of the Treaty of Versailles, is abandoned. These
claims aro all provided for in Section 29 (a) 2, 3, 4, 5, and 0 and Section 29 (c)
1. 2, 3, 4, and 5 of your proposed bill. Tho Administration has therefore
apparently decided that the only claims that it will make against Germany
are for property damage on account of property seized in Germany for the
collection of ordinary civil debts due to American citizens and for injuries
to the person or property of American citizens. We believe that you will
agreo with us that this is not only untenable but illegal.
Furthermore, unless the creation of the commission in question was
provided for by the Berlin or Versailles treaties, the Government had no
power to create it. The Versailles Treaty seems to provide that the
amount of the claims for pre-war damages shall bo assessed by an arbitrator
appointed by the mixed arbitral tribunal provided for in Section 6 of Part 10.
The amount of reparations wras to be determined by the Reparation Commis
sion under the Treaty of Versailles, but under Article 2. Paragraph 4, of
tho Berlin Treaty it was provided that the. United States was not bound
to participate in the Reparation Commission, so that it would seem that
an American commission could legally be appointed to adjudicato repara
tions claims, oven if pre-war claims, such as the Lusitania, have to be
determined by an arbitrator.
As the proposed commission set up by the agreement o f August 10 1922
is not created by tho Berlin Treaty, and is not appointed either by Gustave
A d ororby the mixed arbitral tribunal, there is no authority for its creation
contained in any existing treaty with Germany.
There would seem to be no objection to having the amount of all the
claims which we aro entitled to under the Versailles Treaty, both by way
of reparations and on account of pre-war claims, fixed by a mixed commis
sion such as has been agreed upon, but we certainly hope that you will
continue your efforts to have the Congress finally determine its policy as
to the disposition of the funds in the hands of the Alien Pr< perty Custodian.
It will take some years for the amount of the claims to be determined.
The Germans will, undoubtedly, be glad to allow the matter to rest at
present and in the meantime by means of the Winslow resolution and other
future bills, to attempt to slowly recover as much of the property now held
as possible. We sincerely hope that you will see your way clear to forcing
action in Congress whereby the Alien Property Custodian will be directed
to hold all of the property seized from Germans now in his possession until
ail the American claims have been finally fixed, and further provide that
after they havo been fixed and after Germany has been given a reasonable
opportunity to satisfy the same that the property in question be used for
the payment of claims in the event that Germany fails to pay.
Tho State Department, in a letter to mo under date of June 3 1922, said
that “ the final disposition of property now in tho possession of the Alien
Property Custodian of the United States is under existing law a matter for
the determination of Congress.”
There is no doubt as to that matter, and we sincerely believe that this is
tho time for Congress to decide tho question definitely and finally.
It may be that the State Department intended to permit American
death claims to bo considered by the commission, although it undoubtedly
intended to exclude every other kind of claim; but tho State Department
admits that it knows of no provision for the payment of the claims by
Germany, and it certainly is necessary for us to hold all tbe property
pledged for the payment of these claims until such provision is made by
Germany.
If Germany knows that none of its citizens can recover any of the property
seized from them by the United States during the war until after the
American claims have been fixed and paid, tho work of the commission
will undoubtedly proceed very rapidly. Otherwise we nwiy expect the
fixing of the claims and their payment to be extended interminably. It
seems important to inquire what Chancellor Wirth meant when he said in
his letter to the American Ambassador, “ Tho German Government is
convinced of the intention of the American Government to carry out in
an accommodating and just manner the settlement of the questions still
to be solved between the two States concerned, tho way to which is opened
by the signature of tho agreement. It is still further strengthened in this
belief by the assurances received by your Excellency.” What assurances
have been given to the American Ambassador by the State Department?
Very respectfully yours,
W ILLIAM C. ARM STRONG.
COMPARISON BY SECRETARY OF AGRICULTURE
WALLACE OF WAGES OF FARMERS AND
OTHER WORKERS.
In a comparison of the wages of farmers with those of
other industries, Secretary of Agriculture Wallace on Aug.
14 stated that “ the wages of the farmer, as represented by
the prices paid for his crops, are lower than his wages were
before the war, measured in purchasing power, while the
wages of the workman, and especially in organized indus
tries, are considerably higher than they were before the war.
whether measured in dollars and cents or in purchasing
power,
'the purchasing power of the wages of the railway
employee in 1921, he says, “ was 51% greater than in 1913.
1lie purchasing power of the wages of the coal miner in 1921
was 30% greater than in 1913. The purchasing power of the
farm hand who works for wages in 1921 was 4% less than in
1913, while the purchasing power of the farmer himself, was.
on an average, from 25 to 45% less than in 1913.” The farm
ers of the country, said Secretary Wallace, “ have borne al
together the heaviest burden of deflation,” and, he added,
"they have endeavored to get relief by all lawful means.
They have appealed to the Administration, to Congress and
to every other agency which they thought might be able to
help them, but while making these efforts to avoid their
heavy losses they have not struck. They have not created
disorders. They have kept on producing and in the face of
extraordinarily low prices have this year grown one of the
largest crops in our entire history.” Continuing he said:
The farmer believes in law and order. He believes in government. He
believes in fairness between man and man. He believes in working hard
and producing efficiently.
If other groups would do as the farmer has done, our economic troubles
would soon be over. Prices would soon be adjusted to their normal re
lationships. There would be work for everybody and at just wages.
But there are too many people who seem to bo thinking only of them
selves and how they can profit at the expense of the community at large,
and especially at the expense of the farmer. The farmer is sick and tired
of this sort of business. He is disgusted with these recurring disputes be
tween capital and labor especially as connected with tho essential industries.
He sees no reason why such disputes cannot and should not be settled in
an orderly and lawful way and without the interruptions of service which
cost him so dearly.
The farmer recognizes his obligation to produce food, for people must
eat to live. He demands that both the owners of the coal mines and the
coal miners recognize their equal obligation to produce coal, and he demands
that tho management o f the railroads and tho railroad workmen recog
nize also their equal obligation to keep trains moving, for unless the food he
produces is moved promptly to market the people will starve.
If the various groups in this country are determined to prey upon one
another and abandon law and order for strong arm methods, the farmer
can take care of himself. He can reduce his production to his own needs.
He can follow the example of some others and refuse to sell what he pro
duces. But he does not believe in that sort of thing. He knows that
such a policy would bring about in this great Republic exactly the same
sort or conditions that exist in Russia.
The farmer calls upon capital and labor to cease their pett> bickerings
and resume production, trusting to American institutions and the American
sense o f fair play to see that justice is done to both ol them.
Secretary Wallace’s remarks were made before the Farm
Bureau at Leesburg, Ya.. and in submitting bis comparison,
he said:
It is worth while to compare wages in the organized industries with the
wages received by the farmer, as represented in the price he gets for the
things he grows. The value of income, whether it be in the form of wages
or o f money received for sales o f products, is represented not in dollars and
•cents but in what that income will buy by its purchasing power.
Take the average wage received by the coal miner for mining a ton of
coal. In 1913 this wage per ton would buy 1.1 bushels o f corn in Iowa;
in 1921 it would buy 2.5 bushels o f corn in Iowa. In 1913 the ton wage
would buy .7 o f a bushel o f wheat in North Dakota; in 1921 .9 of a bushel.
In 1913 it would buy 4.7 pounds o f cotton in Texas; in 1921 8.5 pounds.
In 1913 7 pounds of hog in Nebraska; in 1921 14 pounds. In 1913 .8 of a
bushel o f potatoos in New York; in 1921 1.2 bushel. In 1913 H pounds
o f sheep in Wyoming; in 1921 18 pounds. In 1913 1.6 bushel of oats in
Illinois, in 1921 3.1 bushels. In 1913 2.4 pounds of butter in Missouri;
in 1921 3.2 pounds.
Taking the average yearly earnings o f railroad employees, we find that
in 1913 the yearly wage would buy 1,492 bushels o f corn in Iowa, and in
1921 4,112 bushels. It would buy 1,028 bushels o f wheet in North Dakota
In 1913, in 1921 1,466 bushels. In 1913 it would buy 6,449 pounds of cot
ton in Texas; and in 1921 13,934 pounds. It would buy in 1913 102 hun
dredweight of hogs in Nebraska; and in 1921 237 hundredweight. It
would buy 148 hundredweight o f sheep in Wyoming in 1913; and in 1921
296 hundredweight. In 1913 it would buy 1,087 bushels of potatoes in
New \ ork; in 1921 1,916 bushels. In 1913 2,174 bushels of oats in Illinois;
cn 1921 5,109 bushels. In 1913 3,309 pounds o f butter in Missouri; in
1921 5,285 pounds.
In 1913 the freight revenue per ton mile received by the railroads would
■buy 1.4 bushels o f com in Iowa; in 1921 this revenue per ton mile would
buy 3.1 bushels o f corn in Iowa. In 1913 1 bushel of wheat in North
Dakota, in 1921 1.1 bushel. In 1913 6.1 pounds o f cotton in Texas; in
1921 10.5 pounds. In 1913 10 pounds o f hogs in Nebraska; in 1921 18
pounds. In 1913 1 bushel o f potatoes in New York; in 1921 1.5 bushels.
In 1913 14 pounds o f sheep in Wyoming; in 1921 22 pounds. In 1913
2.1 bushels o f oats in Illinois; in 1921 22 pounds. In 1913 2.1 bushels of
oats in Illinois; in 1921 3.9 bushels. In 1913 3.1 pounds of butter in
Missouri; in 1921 4 pounds.
In 1913 tho price of a ton o f coal f. o. b. the mine would buy 2.4 bushels
o f corn in Iowa; in 1921 6.2 bushels; in July 1922 9.3 bushels. It would
buy in 1913 1.7 bushels of wheat in North Dakota: in 1921 2.2 bushels;
in July 1922 4.4. bushels. In 1913 it would buy 10.4 pounds of cotton in
l exas; in 1921 21.1 pounds; in July 1922 22.9 pounds. In 1913 16 pounds
o f hogs in Nebraska; in 1921 36 pounds; in July 1922 53 pounds. In 1913
1-8 bushel of potatoes in New York; in 1921 2.9 bushels; in July 1922 4.7
bushels. In 1913 24 pounds o f sheep in Wyoming; in 1921 45 pounds; in
July 1922 70 pounds. In 1913 3.5 bushels o f oats in Illinois; in 1921 7.7
bushels; in July 1922 14.2 bushels. In 1913 5.4 pounds of butter in Miss
ouri; in 1921 9 pounds; in July 1922 16.1 pounds.
In fairness it should be noted that before the corn, wheat, hogs, sheep,
cotton, butter, or other farm products get to the consumer’s table, a good
deal has been added to the price the farmer receives. This margin be
tween the farmer and the consumer has considerably increased during tho
past eight years, but it is also fair to note that a good deal of this increase
has been due to the increase in tho wages paid the people who handle these
products.
CANADIAN CROP CONDITIONS VERY FAVORABLE.
The New York agency of the Canadian Bank of Commerce
has received the following telegram from the General Managei in Canada, dated Aug. 14, respecting the Canadian crop
situation:
Recent rams, particularly in districts which have suffered from drougl
this year, have improved crop prospects, and with continuation o f existir
favorable conditions, we estimate wheat crop three western provinc,
three hundred to three hundred twenty-five million bushels. Conditior
in i Southern Alberta and Southern Saskatchewan which have suffere
from drought past three years are quite promising and good ’ Cror
practically assured. This will help situation in these districts materially.
The bank on Aug. i made public
estern Canadian cro
reports as of July 29, prepared by the Divisional Superir
tendents of the bank for Manitoba, Saskatchewan and A j
berta. These reports are a digest of information receive
from individual branches throughout the three province;
and are prepared weekly during the growing and liarvestin
seasons.
WIIY COPPER REPORTS ARE WITHHELD.
The following from Boston appeared in the “ Wall Street
Journal” of Aug. 15 :
An official o f one o f the big copper companies queried as to why his
company with others had discontinued pulbication o f monthly production
reports, replies:
“ The furnishing o f production statistics was discontinued because of
the objection made by some o f the producers to the publication of the
figures. The basis stated for the objection o f these producers was that
the figures turned in to the statistical bureau immediately found their
way to publication, and that they objected to informing the producers
o f copper as to the exact position o f the metal without obtaining any
information relative to the consumption in return.
“ You can readily see that an argument can be made that it is unwise
for a seller to inform the buyer as to the condition o f his stock without
knowing tho necessity o f the purheaser. As soon as the stand was taken
by some o f the producers, o f course the others decided to withhold figures
■of their production.”
A national and world sales policy was adopted by unanimous vote. The
plan includes direct dealing between the cotton producer and the manufact
urer, eliminating overhead and tho middleman.
C. O. Moser, Secretary-Treasurer o f the Exchange, announced that
advances of $51,000,000 had been arranged with the War Finance Corpora
tion and that more than 250 banks of the Southeast and promised an equal
amount to insure the profitable marketing of the staple this year.
These actions were taken for the purpose of affording additional outlets for
tho cotton produced in the eight States represented in tho American Cotton
Growers’ Exchange.
The State cotton marketing associations in Alabama, Arkansas, Georgia,
Texas, Oklahoma, Arizona, North Carolina and South Carolina, composing
the national organization— the American Cotton Growers’ Exchange— are
represented each by three trustees and one member of the executive commit
tee.
The policies and principles of the American Cotton Growers' Exchange
are similar to the selling agencies of the California Fruit Growers’ organiza
tions, with necessary variations to accomodate tho differences in products.
Last year the Exchange represented Oklahoma, Texas and Arizona,
Arkansas, Georgia, North Carolina, South Carolina and Alabama came
in later. Campaigns are in progress in Tennessee, Mississippi and Louis
iana, and it is believed they will be members of the American Cotton
Growers’ Exchange in time to join in the marketing of the 1923 crop.
INTERNATIONAL
COTTON
CONGRESS — RESOLU
TIONS.
Regarding the International Cotton Congress, at Stock
holm in June, and the resolutions adopted, we quote the fol
lowing from “ Commerce Reports” of July 31, which credits
the information to Consul-General D. I. Murphy at Stock
holm June 22:
The Eleventh International Congress of Cotton Spinners and Manu"
facturers met in Stockholm, Sweden, on June 14 to 16. Delegates were
present from Belgium, Czechoslovakia, Denmark, E gypt, England, France.
Netherlands, India. Italy, Japan, Norway, Portugal, Spain, Sweden,
and Switzerland. By special invitation there were also present manu
facturers from Austria,Brazil, Finland, Germany, and Poland.
The principal topics discussed were; “ The Eight-hour Day in the
Textile Cotton Industry,” by M r. Beltrami, Italy; “ International Courts
of Arbitration,” by M r. Pozzi, Italy; “ International Cotton Credits,"
by Mr. Bankwitz, Czechoslovakia; “ Cotton Cultivation in the British
Colonies.” by M r. Thomas, England: "The Indian Central Cotton Com
mittee,” by Mr. Burt, England; “ International Arbitration on Commercial
Matters,” by M r. Sayrig, France: and “ Testing of Raw Cotton as Re
gards Humidity.” by Mr. Mabire, Franco. [Copies of these addresses
may be obtained from the Textile Division by referring to file N o. 61762.]
Resolutions Adopted.
The following resolutions were unanimously adopted by tho Congress:
Regarding the 40-11our Week.— The Congress, which has discussed the
information contained in the speeches made during its sessions regarding
the effect of the 48-hour week on the cotton industry, is convinced that
the 48-hour week, which has been accepted in different countries, either
by law to that effect or through agreements with labor organizations,
has proved to be injurious to the interests of both employers and workmen.
Concerning Cotton Growing in Brazil.— The opinion of tho International
Cotton Federation Congress is that a number of the Brazilian States,
especially Sao Paulo, Parahyba, and Rio Grande do Norte, are particularly
suitable for cotton growing. The Congress hopes that tho Brazilian
Government and the Governments of the different States will take neces
sary measures toward the improvement and development of the cotton
ndustry by way of establishing schools and distributing puro seeds (of
one variety only) in each district in order to insure homogeneity of fibre.
The Congress considers that the construction and uso of picking machines
in the northeastern States of Brazil should considerably improve tho
fibro and thereby result in higher prices being obtained. Brazilian cot
ton is not sufficiently known and the members of the federation are there
fore advised to test it.
The Settlement of Disputes.—The Congress reaffirms its opinion that
arbitration is the best way to settle disputes within the cotton industry
regarding agreements between persons in different countries; that it is
necessary, considering the importance of the question, that now statutes
be enacted by the International Federation which will bo suitable for
all countries; that a committee be appointed to discuss and propose such
statutes and that the International Federation givas its approval; that
suitable measures be taken by the congress toward the acknowledgment
of a certain clause which refers conflicts to arbitration and that the judg
ment given by such court be carried out in respective countries.
Percentage of Humidity in Cotton.— In order to enable cotton spinners
to decide the exact percentage of humidity in cotton, the congress requests
that samples bo sent to the official laboratories in each country, the
findings of the laboratory in Havre to be considered final.
BILL PASSED BY SENATE CALLING FOR PERIODIC
SURVEY OF WORLD COTTON SITUATION.
A bill authorizing the Department of Commerce to collect
and publish additional cotton statistics and information was
passed by the Senate on Aug. 10. In stating that the bill
“merely provides for securing statistics of cotton on hand in
the world on July 31 of each year,” Senator Harris on the
11th inst. also said that “ the bill has the approval of Secre
tary Hoover, of all Senators from the cotton-growing sec
tion, and has likewise been recommended by all the cotton
organizations of the South.” He added:
It is behoved by many who are in a position to know that tho supply on
is not as great as has been published. The publication of such erron
AMERICAN COTTON GROWERS' EXCHANGE ADOPTS hand
eous estimates has a tendency to depress tho market, and I believe that when
WORLD SALES POLICY — $51,000,000 OF AD
accurate information is given it will show a much smaller stock on hand and
thereby increase the price.
VANCES BY WAR FINANCE CORPORATION.
The resolution as adopted reads as follow s:
The following advices from Memphis Aug. 11 appeared in
Bo it enacted, &c., That, in addition to the cotton statistics now required
the “ Journal of Commerce” of this city on the 12th inst. :
by law to bo collected and published, the Secretary of Commerce is authorized
Chesley B. Iloward o f tho Inman-IIoward Cotton Co., Atlanta, yesterday
was selected as the national sales agent for the American Cotton Growers’
Exchange with headquarters at Atlanta, at a meeting of the trustees who
represent a membership o f 150,000 planters and who will produce 250,000
bales this season.
.
Opening o f a European sales office in Liverpool was authorized, and tho
■executive committee instructed to complete the arrangement immediately.
Other sales offices in the textile mill centers of tho Southeast also were
ordered and' branch managers are to begin operations without delay at
•Greenville, Spartanburg, S. C ., Greensboro and Charlotte, N. C.
and directed to have collected and published cotton statistics and informa
tion in the following manner:
( 1)
Tho Director of the Census shall collect Information showing the
quantities and grades of baled cotton on hand at cotton ginneries, com
presses, manufacturing establishments, warehouses, and other places
where cotton is ginned, manufactured, stored, or held. Such information
shall show the number of bales of cotton of the grades tonderablo under the
law on hand on July 31 of each year, and shall be published as soon as possi
ble after this date and be distributed in the same manner as other cotton
statistics are now required by law to bo distributed.
(2)
The director o f Foreign and Domestic Commerce shall cause peri Senator Harris's inquiry was prompted, he said, by many requests as to
odic surveys of the cotton situation in foreign countries, to be made through whether the boll weevil and abandoned acreage factors were subtracted in
representatives In such countries for the purpose o f summarizing the world considering the August 1 Government report.
"M any cotton growers,” said Senator Harris, "contend that failure to
cotton situation on July 31 of each year. 1'hese statistics and information
obtained from such surveys shall be published as soon as possible after make clear distinction in the reports has operated to depress the price of
this date, and the statistics shall include available facts and careful estimates cotton and fails to give an accurate prospect of a greater cotton shortage
of cotton production, cotton consumption, and of the quantities, kinds, than now anticipated.”
Mr. Estabrook informed Senator Harris that county agents in 295 out
and grades of cotton tenderable under the law, exclusive of linters.
Sec. 2. That the information furnished by any person under the pro of 846 cotton counties reported an average acreage abandonment of 7.1% .
"This 7.1% was not deducted and could not properly be deducted from
visions of this Act shall be considered strictly confidential and shall
be used only for the statistical purpose for which it is supplied. Any the 34,852,000 acres, reported to be in cultivation June 25,” said the crop
employee of the Bureau of the Census who, without the written authority reporting chief," because it is presumed that the abandonment occurred
of tho Director of the Census, or any employee of the Bureau of Foreign prior to that date and that any abandonment that may have occurred
and Domestic Commerce who, without the written authority of the Direc between June 25, the date of the department's estimate of acreage, and
tor o f Foreign and Domestic Commerce, shall publish or communicate July 1, the date of the county agents’ estimate, was negligible.
“ If wo assume that 7.1% of the planted acreage was abandoned before
any information given him under the provisions of this Act shall bo guilty
o f a misdemeanor and, upon conviction thereof, shall be punished by a June 25, and if the acreage remaining in cultivation on that date was cor
fine of not less than 8300 nor more than 81,000, or by imprisonment for rectly estimated at 34,852,000, the total planted acreage would be 37,
516,000, tho abondoned acreage would be 2,663,000, and the remainder
a period of not exceeding one year, or both such fine and imprisonment.
Sec. 3. That it shall be tho duty o f every owner, president, treasurer, would represent tho acreage in cultivation as estimated by the department.”
Regarding boll weevil damage, M r. Estabrook added:
secretary, director, or other officer or agent o f any cotton ginnery, manu
“ The supplementary report also shows that the county agents estimated
facturing establishment, warehouse, or other place where cotton is ginned,
manufactured, stored, or held, whether conducted as a corporation, firm, that 80.2% of the total cotton acreage was infested with tho boll weevil.
limited partnership, or by individuals, when requested by the Director As to damage to tho crop from boll weevil up to July 25, tho returns were
of the Census or by any employee of the Bureau of tho Census acting under so incomplete as to make a satisfactory estimate for the United States
the instructions of such Director, to furnish completely and correctly, impracticable. However, State commissioners of agriculture reported the
to the best of his knowledge, all of the information concerning the quanti damage as ranging from 1.4% in North Carolina to 60% in Georgia: county
agents report tho damage as nothing in Virginia and Missouri to 34.2% in
ties and grades of baled cotton held on July 31 or each year.
| .Sec. 4. That any owner, president, treasurer, secretary, director, or Georgia; cotton reporters, as nothing in Virginia and Missouri, to 48% in
other officer or agent of any cotton ginnery, manufacturing establishment, Florida; and field statisticians report a maximum damage of 28% in Georgia
warehouse, or other place where cotton Is ginned, manufactured, stored, or and Louisiana.”
held, who refuses or neglects to furnish the information requested under
Senator Harris’s resolution calling for a report on aban
the provisions of this Act, or who intentionally gives answers that are false,
shall be guilty of a misdemeanor and upon conviction thereof shall be pun doned cotton acreage was given on page 602 of our issue of
ished by a fine of not less than $300 nor more than 81,000, or by both such Aug. 5, where we also published the resolution calling for
fine and imprisonment.
__________________
SENATOR SMITH SEEKS INVESTIGATION OF COTTON
MARKET—J. S. WANNAMAKER CHARGES COM
BINE TO FORCE PRICES DOWN.
A resolution was introduced by Senator Smith (Democrat)
of South Carolina on Aug. 10, empowering the Agricultural
Committee of the Senate to investigate the subject of supply
and demand and marketing of cotton with a view to deter
mining whether any undue methods in restraint of trade
have been employed. The resolution, which was referred to
the Senate Committee on Agriculture and Forestry, follow s:
information regarding the ravages of the boll weevil. The
Agricultural Department’s report on cotton acreage and con
dition was published in the same issue, page 663.
CENSUS REPORT ON COTTON CONSUMED AND ON
HAND, ACTIVE SPINDLES AND EXPORTS
A N D IMPORTS.
Under date of Aug. 16 1922 the Census Bureau issued its
regular preliminary report showing cotton consumed, cotton
on hand, active cotton spindles and imports and exports of
cotton for the month of July 1921 and 1922, with statistics
Whereas, Tho carry over or present stock o f American cotton as given of cotton consumed, imported and exported for the twelve
by official statistics is less than tho normal carry over; and
The statistics of cotton in this re
fc Whereas, The present condition of the growing crop indicates a yield far months ending July 31.
below the world’s demand for American cotton; and
port are given in running bales, counting round as half
Ift Whereas, The entire carry over plus tho indicated yield would not meet
bales, except foreign cotton, which is in equivalent 500the world’s demand; and
Whereas, The ravages of the boll weevil are more extensive and severe pound bales.
than ever before in the history o f the ravages of this post, making the yield
entirely problematical; and
Whereas, The cost of producing cotton under these averse conditions has
been enormously increased; and
Whereas, The price of cotton in the markets has failed utterly to respond
to these conditions; and
Whereas, The consumption of American cotton, both at home and abroad,
has shown progressive Increase: Therefore be it
Resolved, That the Agricultural Committee o f the Senate be authorized
and empowered to investigate all matters pertaining to the subject of sup
ply and demand and marketing of cotton, with a view of determining
whether any undue methods or practices are being employed by the trade
in restraining tho natural operation o f the law o f supply and demand. Be
it further
Resolved, That tho Committee be empowered to vise such methods as In
its judgment are necessary to obtain the information desired.
Senator Smith made public a letter from J. S. Wannamaker, President of the American Cotton Association, re
porting that New York and English cotton speculators were
working together to beat down the market. Mr. Wannamaker is reported as stating:
“ Since the Government’s crop report was issuod— one o f the most bullish
reports over known— the market has gone down every day, and it is the gen
eral talk of the trade that a powerful combine has been formed for tho pur
pose o f beating cotton prices down, it being stated that this combine is
composed of some of the biggest financial interests in New York, some of
tho biggest speculators thore and some of the biggest speculators In England
and that they boast that they will beat the price o f cotton down to 15c.
Through some of tho most reliable sources, I am given this information.”
L. M. ESTABROOK OF DEPATMENT OF AGRICULTURE
SAYS ESTIMATE OF ABANDONED COTTON ACRE
AGE WAS NOT INCLUDED IN AUG. 1 REPORT.
A statement to the effect that estimates of cotton acreage
abandoned up to July 1 and the extent of the boll weevil
damage to July 25 were not included in the Aug. 1 cotton
crop report of the Department of Agriculture (apparently
because they had received previous consideration) is con
tained in a letter received on Aug. 10 by Senator Harris
(Democrat) of Georgia from Leon M. Estabrook, Chief of
the Crop Reporting Division of the Department. The Savan
nah “ News” of Aug. 11 in stating this, reports Mr. Estabrook’s further advices as follow s:
“ The percentage o f damage from boll weevil indicated by these (county)
reports was not deducted from the regular report of 70.8% of normal,” said
Mr. Estabrook, “ because in arriving at that estimate the factors likely
to affect the yield per acre, including boll weevil, were fully considered by
the statisticians and reporters.”
OTHER FSTAm
HAND IN SPINNING MILLS AND IN
UlHEK ESTABLISHMENTS AND ACTIVE COTTON SPINDLES.
(Linters Not Included.)
Colton Consumed
During (Bales
)—
Locality.
July.
Twelve
Months
ending
July 31.
Cotton on Hand
July 31 (Bales
Colton
Spindles
Active
In Public
In
During
Consuming Storage and
July
at Com (Number)
Establish
presses. X
ments.x
)—
.
United States.
1922 *458,548 *5,911,914 *1,215,103 *1,488,083 31,975,269
1921 410,142 4,892,672 1,111,147 3,723,213 32,371.013
Cotton-growing States. 1922 304,936 3,733,147
529,368 1,123,877 15,583,903
1921 244,843 2,997,471
458,817 3,254,432 14,499,256
All other States..
1922 153,612 2,178,767
364,206 16,391,366
685,735
1921 165,299 1,895,201
468,781 17,871,757
652.330
e Stated In bales.
T n L ,,
foreign, 5,919 Am.-Eg. and 633 sca-island consumed; 91,517
W io o ’f i l i 1 Am.-Eg. and 3,785 sea-island In consuming establishments, and
7 rin u ^
. ! 37,094 Am.-Eg. and 3,305 sca-island In public storage.
En
^ in * '^luded above were 55,424 bales consumed during July 1922 and
1 Q99
134’597 bales on hand in consuming establishments on July 31
ir, ,ooo -'“ 'A5;5 bales in 1921. and 54,587 bales In public storages and at compresses
It,hi™ a"d 234,926 bales in 1921. Linters consumed during the twelve months
ending July 31 amounted to 594,393 bales in 1922 and 516,307 bales in 1921.
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
—
Imports of Foreign Colton During
(500lb. Bales).
Country of Production.
12 Months end. July 31.
July.
1921.
1922.
Egypt------ -Peru___
Mexico .
All other countries
T ota l...
'
1922.
*292
“ 83
233,729
38,753
15,563
53,636
21,784
8,587
3,452
363,465
2,452
636
281
5,296
2,403
596
1921.
87,168
22,597
14,722
88,155
13,699
226,341
Exports of Domestic Cotton and Linters Durinff
(Running Bales
)—
Country to Which Exported.
12 Months end. July 31.
July.
Total__ , . L .
1921.
1921.
1922.
93,883
41,098
73,886
64,587
32,565
51,858
15,865
90,976
59,071
17,248
212,138
59,970
113,643
45,916
1,768,965
768,128
509,113
1,440.747
698,229
817,830
312,909
1,748,752
605,550
508,274
1,306,226
673,759
637,455
316,091
*373,742
*598,962
*6.316,621
*5.796,107
1922.
United Kingdom
France_______
Italy.......... I"~
Germany___ ’ *" * "'
Other Europe. _I "
Japan___________IIII]
All other countries]
* Figures include 9,100 bales of linters exported during July in 1922 and 3,700
bales In 1921, and 132 295 bales for the twelve months ended July 31 In 1922 and
51,409 bales In 192E The Xtrlbutlon for July 1922 follows: United Kingdom.
373 bales: France, 40 bales; Germany. 6,104 bales; Belgium, 562 bales; Nether
lands, 300 bales: Canada, 1,447 bales; Greece, 22 bales.
OYER ONE MILLION CHILDREN IN GAINFUL OCCU
PATIONS IN UNITED STATES IN 1920.
The Department of Commerce announces that the total
number of children 10 to 15 years of age, inclusive, engaged
in gainful occupations in the United States, as enumerated
at the Fourteenth Decennial Census, taken as of Jan. 1 1920,
was 1,000,858, comprising 714,248 boys and 346,610 girls. The
boys reported as gainfully occupied constituted 11.3% of the
total of 0,294.985 boys aged 10 to 15 years of age, inclusive;
and the girls reported as gainfully occupied represented 5.6%
of the 6,207,597 girls within the same age limits. The state
ment made public by the Department Aug. 11, further says:
definition of a farm extends somewhat beyond the ordinary meaning of the
term in that it includes any fruit or market garden, poultry yard, dairy, or
apiary which either yielded 5250 worth of products In 1919 or required for
its operation the continuous services of at least one person during that
year. The farm population comprises both farm operators and farm labor
ers and their families, including farm laborers and their families not actually
living on farms but not living in incorporated places.
The census of 1920 was the first at which the population living on farms
was tabulated separately from the rural population as a whole, and therefore
no comparative figures for earlier censuses can be given.
The white farm population of the South in 1920 constituted 48.6%
of the total white population of that section, 24,132,214; and the negro farm
population formed 56.6% of tho total Southern negro population, 8,912,231.
The negro farm population exceeded the white farm population in two
States— South Carolina and Mississippi. In tho former State the negro
farm population numbered 640,357, as against a white farm population of
only 434,131; and in the latter the corresponding numbers were 722,379 and
The “ gainfully occupied’’ children consist mainly of (1) those working on
547,087, respectively. The largest negro farm population, however, is
their own account, such as newsboys, and (2) employees working for salaries shown for Georgia, 757,205.
or wages or their equivalent.
In West Virginia, in which State the entire negro population constituted
The total number of children gainfully occupied was only slightly more
than half as large in 1920 as in 1910, the decrease having been 46 7% For nearly 6% of the total, the negro farm population, 4,049, represented a very
much smaller proportion of the total farm population— less than 1%.
the several broad groups of occupations, the rates of increase or decrease were
This is by far the smallest proportion of negro farm population shown for
as follows: Agricutlure, forestry and animal husbandry, decrease of 54 8% * any
Southern State.
extraction of minerals, decrease of 60.2% ; manufacturing and mechanical
The table which follows gives statistics for the white and negro farm
industries, decrease of 29% ; transportation, decrease of 9.1% • trade, population of the South in 1920, by divisions and States:
decrease of 10.4% ; public service (not elsewhere classified), increase of
W HITE AND NEGRO FARM POPULATION OF THE SOUTH: 1920.
110.4% ; professional service, decrease of 2.8% ; domestic and personal ser
vice, decrease of 51.9% ; clerical occupations, increase of 12.9%. The de
A ll Farm Population.*
creases m agriculture, forestry and animal husbandry, and in certain other
Division or State.
occupations of a seasonal character, were due in part to the change in the
T o ta l.
W h ite.
Negro.
All Other.
census date from April 15 in 1910 to January in 1920.
Total, for three Southern Di
The gainfully occupied children reported as engaged in agriculture, for
visions___________________ 16,827,834 11,730,848 5,044,489
52.497
estry and animal husbandry numbered 647,309, and those employed in manu
facturmg and mechanical industries, 185,337. These two groups constitute
,, '°
respectively, and together embraced nearly four-fifths of
the total number of gainfully occupied children.
,, T*'e
industries employed 54,649 children, or nearly three-tenths of
the total number reported for manufacturing and mechanical industries gen
erally. These were distributed as follows: In cotton mills, 21,875 : in knit
ting mills, 7,991; in silk mills, 10,023 ; in woolen and worsted mills 7 077
in other textile mills, 7,683. The total employed in textile industries showed
decrease of 29.9% as compared with 1910.
The table below shows by sex, the number of children 10 to 15 years of
age, inclusive, engaged in each broad group of occupations and the number in
each individual occupation or class of occupations in which as many as 5 000
tos' ,her with" " p" “ ni °f “
OB,S
T
C
° o ^ »
—
Occupation
OR DECREASE. 1910-1920!
Total population 10 to 15
Both
sexes.
—1920Male.
«• *
rINCREASE
Per cent of increase or
decrease, 1910 to 1920
Both
Female. sexes. Male. Female
South Atlantic_____________
Delaware__
. ________
M a r y l a n d _ ________
District o f Columbia______
Virginia_________ __
_
West Virginia____________
North Carolina. _ . . .
South Carolina_____
Georgia_______
Florida___ ______
6,416,698 4,066,843 2,338,343
51,212
42,250
8,961
279,225
216,231
62,989
91 8
804
676
1.064,417
755,190
308,590
477,924
473.872
4,049
1,501,227 1,023,111
467,648
1,074,093
434,131
640,357
1,685,213
927,909
757,205
281,893
193,473
88,326
East South Central.
Kentucky _ _ _
Tennessee____
Alabama___ .
M ississippi_______
5,182,937 3,666,573
1,304,802 1,231,434
1,271,708 1,068,030
1,335,885
820,022
1,270,482
547,087
1,515,039
73,413
203,653
515,594
722,379
11,512
1
5
637
3
10,408
205
99
94
1,325
15
25
269
1,016
West South Central_________ 5,228,199 3,997,432 1,191,107
39,660
Arkansas_______________
56
1,147,049
812,831
334,162
Louisiana__ _______
_. _
249
786,050
361,661
424,140
Oklahoma_____ . . ____ 1,017,327
38,161
78,189
900,977
Texas______ ________ __
1,194
2,277,773 1,859,484
417,095
* Includes farm population in urban territory, that is, within limits of
cities and other incorporated places having 2,500 inhabitants or moro.
INCREASE IN WHOLESALE PRICES IN JULY.
T o ^ N o ' gainfully occupied11 060’85S ® r f t ’I II 6’| M
+ 15'2 + 15 7
Agriculture, forestry and anl’
714.248 346,610 —46.7 —47.2 —45.6
mal husbandry, total... 647,309 459,238
Tho trend of wholesale prices of commodities continued
}$£-071
—54.8
—55.1
—54.1
Farm laborers, home farm. 569,824 396,191
33 ~ 1
50 8 —50.9 —50.4 upward through July, according to information gathered in
Farm laborers, work’g out.
63,990
51,000 17M
12-?90 —75.4 —74.6 —77.9
All other agriculture, &c_
13,495
12,047
M48 —11.8 — 14.3 +17.7 representative markets of the country by the United States
Extraction of minerals, total.
7,191
7,045
146 —60.2 —60.9
Coal-mine operatives____
5,850
Department of Labor through the Bureau of Labor Statis
5,743
107 —61.5 —62.2
All other extrac’n of min’ls
1,341
1,302
39 —53.4 —54.2 I . . .
Mfg. & mech m. Indus., total 185,337 104,335
tics. Based on 404 commodities, or series of quotations, the
81,002 —29.0 —31.0 —-26.2
Apprentices_________
19,323
15,924
3,399
a
a
,
Bureau’s weighted index number rose from 150 in June to
Laborers and semi-skilled
operatives (n. o. s. b ):
155 in July, a gain of 3 1-3% . The increase from M ay to
Building & hand trades.
7,476
7.009
467 —56.0 —57.4 —13.5
Clothing industries____
11,757
2,288
The Bureau also says, in its statement
9,469 —38.6 —33.0 —39.9 June was 1 1-3%.
Food industries_______
9,934
4,633
5,301 +23.0 +43.0 +9.7 made public Aug. 18:
Iron & steel Industries . .
12,904
10.617
?
’287
—10.2
—14.3
+15.4
Lumber <fcfurn. industr’s
10,585
9,159
1-426 —43.7 —46.6 — 13.2
Tho largest price increase was reported for the group of fuel and lighting
Shoe factories________
7,545
4,374
3,171 —10.1 —6.8 — 14.3 materials, in which the index number, computed in part from estimated
Textile industries_____
54,649
21,917
32-732 —29.9 —33.3 —27.4 prices, rose nearly 13%. Farm products advanced 3% and foodstuffs
Cotton mills...............
21,875
10,498
~ 461 —48-5 —43.7
Knitting mills______
7,991
2,087
£-904 —28.0 —30.0 —27.3 1 1 4 % in average price from June to July. In the group o f building materials
Silk mills__________
10,023
3,220
3-303 +13.2 +27.8 +7.4 prices advanced 1 3
A % • Increases o f less than 1% took place among cloths
Woolen & worst, mills
7,077
3.009
~ 9-3 —9.6 —9.0 and clothing and metals and metal products. House-furnishing goods, on
All other textile mills.
7,683
3,103
~,20'3 —14 9 —23.6 tho contrary, decreased \% % and chemicals and drugs % o f 1 % in average
All other industries______
21,519
12,112
, 9-497 t ? - 1 + 2-6 +3-7
Other mfg. & mechan. indus.
29,645
16,302
13’343 —24.0 —26.9 —20.2 price in tho period stated. No change was reported for the group o f mis
Transportation___________
18,912
15.617
, 3-295 “T9-1 — 15.6 +43.1 cellaneous commodities, including cattle feed, leather, paper and pulp, and
Trade, total______________
63,368
49,234
14-l34 — 104 — 14.9 +9.8 other articles.
Clerks In stores. c _______
15,049
9,139
5'?*9
t H — 174 + 27-6
Newsboys______________
20,706
20,513
193 + 1.3 + 1.2 +11.6
Of tho 404 commodities, or price series, for which comparable data for
Salesmen and saleswomen
Juno and July were obtained, increases were found to have occurred for 146
(stores)______ ____ __
15,321
8,569
9-752
—6.2
—
10.8
+0.4
commodities and decreases for 100 commodities. In the case of 158 com
All other trade occupat’ns.
12,292
11,013
1,279 —32.6 — 34.8 + 4.3
Public service (not elsewhere
modities no change in average prices was reported.
classified)______________
1,085
1,130
t
,
4
3
+
H0-4
+
105.9
____
Professional service_______
3,465
1,979
1,486 —2.8 — 3.7 — 1.0 IN D E X NUMBERS OF WHOLESALE PRICES, BY GROUPS OF
Domestic and personal serv
COM MODITIES. (1913=100.)
ice, total............. ........
16,082
54,006
30’ 57fi — 57.3o ~
340 —
— 59.1
56.8
Servants.... ............ ..........
1921
1922
7,604
38,180
30,576
—48.3
All other domestic and per
July Juno July
sonal service_________
8,478
15,826
131 135
7,3-18 —30.2 — 12.0 — 43 6 Farm products......................................................................... H 9
59,633
Clerical occupations, total__
80,140
+12.9 +2.1 +631)
F o o d s ...................................... .......... . ................. ............... 141
140
142
13,928
Clerks (except in stores)..
22,521
8,593 +77.5 +48.0+162.0
C lo th s a n d c lo th in g ........................................ _..................... 172
179
180
Messenger, bundle and of
43,721
48,028
fice boys and girls. d ___
186225254
4,307 —8.0 —6 8 _18 5 Fuel and lighting............................................
5,674
678
Stenographers & typists..
Metals
and
metal
products...................................................
124
120
121
|’?99
+
1996
+14.1
+
136.7
3,917
1,306
Other clerical occupations .
2,611 +14.7 — 13.6
■ B u ild in g m a te ria ls ------------------------------------------160167170
C h e m ic a ls a nd d ru g s .........................................
129122121
a Comparable figures for 1910 not available, ft Not otherwise specified
°f the "clerks in stores” probably are "salesmen and saleswomen ” d Except H o u s e -fu rn is h in g goods.....................................................
180 176 173
telegraph messengers.
_________________________
Miscellaneous............................................
123114114
All commodities..........................................
141 150 155
WHITE AND NEGRO FARM POPULATION OF THE
SOUTH I N 1920.
The Department of Commerce announced on Aug 14
that, according to the Fourteenth Decennial Census the
total farm population of the South on Jan. 1 192o' was
16,827,834, comprising 11,730,848 white persons, 5,044,489
negroes and 52,497 persons of other races. The Department
says:
The great majority o f those persons, o f course, were enumerated within
rural territory, but the total included 44,701 who were living on farms
located within the limits o f cities or other incorporated places having 2 r00
inhabitants or more; that is to say, in urban territory, according to th >
census definition. It may be noted in this connection that the census
Comparing prices in July with those of a year ago, as measured by changes
in the index numbers, it is seen that tho general level has risen 10%. Fuel
and lighting materials show by far the largest increase, 36H % . Fi m
products have increased 13}$% , building materials 6 H % , and cloT g
43
A % in price in the year. Food items show only a small increase. M c * b ,
chemicals and drugs, house-furnishing goods and miscellaneous commodities
all show- decreases compared with prices o f a year ago.
INCREASE IN RETAIL PRICES OF FOOD IN JULY.
The retail food index issued by the United States Depart
ment of Labor, through the Bureau of Labor Statistics, shows
that there was an increase of 1% in the retail cost of food
to the average family in July as compared with June. The
Bureau reports this in a statement made public Aug. 18, in
which it says:
Prices o f 43 food articles are reported to the Bureau o f Labor Statistics
each month by retail dealers in 51 important cities. In addition prices on
storage eggs are secured only for five months o f the year. From these
prices average prices aro made for each article. The average prices of the
43 articles on which prices aro secured each month are then “ weighted
according to the quantity o f each article consumed in the average working
man’s family. From January, 1913, to December, 1920, 22 articles of
food were used in this index, but from January, 1921, 43 articles are include
in the index number.
Changes in One Month.
During the month from June 15, 1922, to July 15, 1922, 18 articles on
which monthly prices are secured increased in price as follows: Granulated
sugar, 7% ; strictly fresh eggs, 6% ; navy beans, 5% : potatoes, 3% : sir
loin steak, round steak, fresh milk and butter, 2% ; rib roast, chuck roast,
pork chop's, ham, cheese, crisco, baked beans and prunes, 1% . Bacon
and coffee increased less than five-tenths of 1 %.
' Thirteen articles decreased in price as follows: Onions, 13%: cabbage,
10% ; hens, 3% : leg o f lamb and flour, 2% ; plate beef, canned corn, canned
tomatoes and bananas, 1% . Canned red salmon, nut margarine, raisins,
and oranges decreased less than five-tenths o f 1% . Prices remained un
changed for oleomargarine, lard, bread, corn meal, rolled oats, cornflakes,
cream o f wheat, macaroni, rice, canned peas and tea.
Changes in One Year.
For the year period, July 15, 1921, to July 15, 1922, the percentage
decrease in all articles o f food combined was 4% . Twenty-seven articles
decreased in price during the year as follows: Raisins, 22%: evaporated
milk and cornflakes, 19%: cabbage, 16%; strictly fresh eggs, 15%: canned
red salmon and cream o f wheat, 13%: rolled oats and bananas, 12%; cornmeal, 11%: flour, 10%; bread and fresh milk, 9% ; hens, 8% ; bacon, oleomargine and baked beans, 6% ; round steak, 4% ; plate beef, macaroni and
canned corn, 3 %; sirloin steak, rib roast, chuck roast, butter and tea, 2% ;
and nut margarine, 1%.
The prices of the other sixteen articles increased as follows: Navy beans,
41%; onions, 30%; oranges, 23%; canned tomatoes, 21%; prunes, 12%;
rice, 10%; crisco, 8% ; cheese and granulated sugar, 7% ; leg o f lamb and
potatoes, 6% ; lard, 3% ; ham, canned peas and coffee, 2% : and pork chops
increased less than five-tenths o f 1%.
Changes Since July, 1913.
For the 9-year period, July 15, 1913, to July 15. 1922, the increase in all
articles of food, combined, was 43% . The articles named showed increases
as follows; Leg of lamb, 90%; potatoes, 89%; ham, 86%; hens, 65%; pork
chops 59%; flour, 58%; bread, 57%; sirloin steak, 48% ; round steak,
47% •'bacon and fresh milk, 45%; cheese, 44% ; rib roast, 42%; granulated
sugar 38%; butter, 31% ; corn meal, 30% ; tea, 25%; chuck roast, 24%;
coffee, 21%; strictly fresh eggs, 20%; rice, 10%; lard, 8% ; and plate beef,
5%
The index numbers based on 1913 as 100, were 141 in June and 142 in
July, 1922.
----------
PIG I It OX PRODUCTION IN TIIE UNITED STATES IN
FIRST HALF OF 1922.
The American Iron and Steel Institute lias just issued a
special statistical bulletin (No. 4) which gives the produc
tion of pig iron in the United States for the first six months
of the present calendar year. The figures are of particular
interest as affording an indication of the extent to which re
covery in the iron trade has progressed. The output for the
first six months of 1922 is reported at 12,191,011 tons, as
against only 7,157,145 tons for the second half of 1921 and
9 530,981 tons for the first half of that year. In 1920, how
ever, the make of pig iron was 18,435,002 tons in the first six
months and 18,490,385 tons in the second half of the year. In
the following we show the half-yearly figures as reported
by the American Iron & Steel Institute back to 1900:
PRODUCTION OF PIG IRON IN HALF YEARLY PERIODS.
G ro ss T o n s
1900—
2d
1901—
9(i
1902— 1st
2d
1903—
1904—
1905 1st
19062(1
1907- lst
•>d
19082d
1 9 0926
19 102d
1911— 1st half____
2(1 half_______
1912— 1st half_____ .
2(1 half_____
1913—
1st half.
2d half_______
1914—
1st h a l f ... .
2d half____
1st half_
1st half.............. £'173,438 1915—
2(1 half____
1916— 1st h a l f ...
half..............; ; ; ; ; } l , 829:205
2(1 h a l f ...
Isthaif:::::::.------12.582.250
1917—
1st half.
2d h a lf ...
half
................. 12,724,941
h a l f : : - - ......... -13.478,044 1918— 1st half_____ .
2d h a lf..
half
_________ 12,303,317
1st half
1st half'—
....6 918.004 1919—
half.
half......... .............-JJ’n ioalc 1920— 2d 1st
half
1st half............... JI’ ttq’ io?
2d h a lf..
half
14,7(3,125
i s t S if::::.- --,- --- -i4 .« 7 8 ,71921—
38
1st half
2d half____
halt_____________ 12,324,829
1922—
1st half
1st half------ ----half....................... 6,146,673
1st half.---------half_____________ 8,203,741
half------------------ - 8.808,574
half.-------------------- o' 2„ 7 ’ o?7
1st h a lf.......- - - o’nnT’ooI
G ro ss T o n s.
...
.
11,666,996
11,982,551
14,072.274
15,654,663
16,488,602
.14,477,550
12,536,094
10,796,150
12,233,791
17,682,422
19,619,522
19,815,275
19,258,235
19,389,162
18,227,730
20,824,261
16,278,175
14,737,189
18,435.602
18,490,385
9,530,981
7,157,145
.12,191,011
Tlie “ Iron Age” of this city compiles monthly records of
pig iron production (exclusive of the small amount of char
coal iron produced) and from these figures it appears that
despite the coal strike and the increase in iron and steel
prices, the output of pig iron grew larger with each succeed
ing month. According to the record of the “ Iron Age,” the
make of pig (always excluding the insignificant amount of
charcoal iron produced) in January was 1,664,951 tons; in
February, 1,629,991 tons; in March, 2,035,920 tons; in April,
2,072,114 tons; in May, 2,306,679 tons, and in June 2,361,028
tons. In July 2,400,045 tons were produced. However, the
monthly totals just given do not furnish an absolutely reli
able test of the course of production since the number of
days in the months varies. The “ Iron Age” places the aver
age daily output in January at 53,063 tons; in February, 58,
214 tons; in March, 65,675; in April, 69,070 tons; in May,
74,409 tons, and in June, 78,701 tons. In July the daily aver
age production fell off slightly to 77,421 tons.
In view of the rise in prices which has occurred in 1922
we insert here the following table, which we have compiled
from quotations appearing in the “ Iron Age” and which
gives the prices of the various grades of pig iron at the be
ginning of January and the end of June for the last three
years:
Grade.
July 3 Jan. 3 June28 Jan. 4 June29 Jan. 6 July 1 Jan. 1
1922. 1922. 1921. 1921. 1920. 1920. 1919. 1919.
No. 2x, Philadelphia____
No. 2 Valley Furance___
No. 2 South, at Cincinnati
No. 2 Birmingham.___
Bessemer pig at Plttsb’gh.
Gray Forge Iron at Plttsb.
$27 64 $21 34 $25 50 $34 79 $47 15 $44 35 $29 00 S36 15
24 00 19 50 21 00 33 00 45 00 39 00 26 75 31 00
22 55 21 00 26 00 39 50 45 60 40 60 28 35 34 60
18 50 16 50 21 50 35 00 42 00 37 00 24 75 31 0
26 77 21 96 24 46 33 96 46 40 38 40 29 35 33 6a
25 27 20 96 21 96 33 96 44 40 38 40 27 15 314”
The increase in the pig iron output was common to all the
different sections of the country, as will appear from the fol
lowing tabulation prepared by the American Iron & Steel
Institute:
HALF-YEARLY OUTPUT OF PIG IRON BY STATES.
Half-Yearly Production of All K*nds of Pig Iron.
P r o d u c t io n —G ro ss T o n s .
( I n c l . S p ie g e le is e n , F e r r o -m a n y .,
F e r r o -s l l ., F e r r o -p h o s p h o r u s ,& .c .)
B la st F u r n a c e s *
S ta tes.
In
B la st
D e c . 31
1921.
Maine - . . ____
Massachusetts___
Connecticut_____
New York_______
New Jersey______
Pennsylvania____
Maryland.............
Virginia________
Alabama________
Georgia-------------Texas.
______
West Virginia____
Kentucky........ .....
Mississippi______
Tennessee_______
Ohio____________
Illinois__________
Indiana_________
Michigan..............
Wisconsin_______
Minnesota............
Missouri________
Iowa___________
Colorado. ____
Oregon_________
Washington..........
0
0
0
10
1
46
1
0
June
In .
O u t.
0
0
0
0
1
2
13
1
69
4
0
0
2
1
0
22
0
0
2
2
0
0
26
9
9
4
41
16
0
0
0
2
0
0
0
0
13
1
1
1
30 1922.
2
12
9
3
0
0
3
Total............. .
125
201
Completed and rebuilding.
14
3
92
3
17
1st h a lf
o f 1921.
T o ta l.
0
1
2
27
4
161
7
}•
1,537
605
J
l 506,113
462,547
833,488
/
3,577,570 2,675,196 4,339,560
75,130
72,059 l 140,885
13,720 1
53,519
659,225
548,183
963,019
3
3
5
1
5
7
1
1
1
1
J
1
15
39
10
4
4
4
1
3
0
2
1
17
80
26
16
13
7
3
3
0
5
0
1
0
249
450
1st h a l f
o f 1922.
1
17
43
3
21
2d h a lf
o f 1921.
117,215
}
147,544
240,822
1
7,110
12,369
17,585
2,081,847 1,717,766 2,898,846
1,030,801
581,232 1,237,877
\1.019,010
874,601 1,252,733
J
1 211,574
102,809
15,289
/
1
1
^ 185,071
|
j
41,293
163,387
9,530,981 7,157,145 12,191,011
PRESIDENT HARDING’ S MESSAGE TO CONGRESS ON
COAL A N D RAIL STRIKES.
The intention of President Harding to go before Congress
with a presentation of the rail and coal strike situation,
forecast some days ago, was carried out yesterday. While
it was understood that the President had planned to appear
before Congress earlier in the week, it was stated on the
16th that he would delay his proposed course in view of the
agreement between the railroad executives and railroad
labor organization leaders to take up anew on Thursday of
this week the question of the adjustment of their differences.
President Harding’s message to Congress yesterday deals
largely with the suspension of the coal industry and the
efforts of the Government to effect a settlement. Referring
to the Government’s invitation for “ a resumption of produc
tion, under the rights of all parties to the controversy, with
assurance of Government protection of each and every one
in his lawful pursuits,” the President says that “ but little or
no production has followed,” and that “ the simple and
significant truth was revealed that, except for such coal as
comes from the districts worked by non-organized miners,
the country is at the mercy of the United Mine Workers.”
“ Interrupted transportation, sorely broken employment,
t b a i l u r e to develop storage against enlarged demands
an<r’ inadequate carrying— all these present problems, he
says, "bear on righteous wage adjustment, and demand
constructive solution.” “ Because of the impressions of
many cases of unjustifiable profits in the industry, says
the President to Congress, “ and because public interest
demands investigation and demands the finding of facts be
given the public, I am asking at your hands authority to
create a commission to make a searching investigation into
the whole coal industry.” Immediate provision for a
temporary national coal agency, with needed capital to
purchase, sell and distribute coal which is carried in the inter
state shipment is also recommended by the President. In
his references to the shopmen’s strike, the President states
that "the public menace in the coal situation was made more
acute and more serious at the beginning of July by the
strike of the federated shopcrafts in the railroad service.
A strike against a wage decision made by the Railroad
Labor Board.” Declaring that the law creating the Board
is “ inadequate,” the President says, “ contrary to popular
impression, it has little or no power to enforce its decisions.
It can impose no penalties on either party disregarding its
decisions. It cannot halt a strike and manifestly Congress
deliberately omitted the enactment of compulsory arbitration.
The decisions of the Board must be made enforceable and
effective against carriers and employees alike.”
Stating that sympathetic railroad strikes have developed
seriously impairing inter-State commerce, the President said
that trains deserted in the desert regions of the Southwest
“ have revealed the cruelty and contempt for law on the part
of some railway employees who have conspired to paralyze
transportation, and lawlessness and violence in a hundred
places have revealed tho failure of the striking unions to
hold their forces to law observance.” Enactment of the
bill “ to provide for the better protection of aliens and for
tho enforcement of their treaty rights” was likewise recom
mended by the President, stating that his “ renewal of this
oft-made recommendation is impelled by a pitiable sense of
Federal impotence to deal with the shocking crime at Herrin
111., which so recently shamed and horrified the country.”
Tho following is his message:
Gentlemen o f the Congress:
It Is manifestly my duty to bring to your attention the industrial situ
ation which confronts tho country. The situation growing out of the pre
vailing railway and coal mining strikes is so serious, so menacing to the
nation’s welfare, that I should be remiss if I failed frankly to lay tho mat
ter before you and at the same time acquaint you and the whole people
with such efforts as the executive branch of the Government has made by
the voluntary exercise of its good offices to effect a settlement.
Tho suspension of the coal industry dates back to last April 1. when
the working agreement between mine operators and the United Mine Work
ers came to an end. Anticipating that expiration o f contract, which was
negotiated with the Government’s sanction in 1920, the present Administra
tion sought, as early as last October, conferences between the operators and
miners in order to facilitate either a new or extended agreement in order to
avoid any suspension of production when April 1 arrived. At that time
the mine workers declined to confer, though the operators were agree
able, tho mine workers excusing their declination on the ground that the
union officials could have no authority to negotiate until after their annual
convention.
A short time prior of tho expiration o f the working agreement the mine
workers invited a conference with tho operators in the central competitive
field, covering the States of Pennsylvania. Ohio, Indiana and Illinois and
in spite o f tho union declination o f tho Government’s informal suggestion
for the conference, five months before, the Government, informally but
sincerely, commended the conference, but it was declined by certain groups
or operators, and the coal mining controversy ended in the strike of April
1. It was Instantly made nation-wide, so far as the organized mine work
ers could control, and included many districts in the bituminous field
where there was neither grievance nor dispute, and effected a complete
tie-up of tho production in tho anthracite field.
It is to be noted that when the suspension began large stocks of coal
were on hand, mined at wages higher than those paid during the war; there
was only tho buying impelled by necessity and there was a belief that
coal must yield to the post-war re-adjustment. When tho stocks on hand
began to reach such diminution as to menace industry and hinder trans
portation, approximately June 1, overtures were initiated by the Gov
ernment in the hope o f expediting settlement. None of these availed.
Individual and district tenders o f settlement on the part of operators__in
some instances appeals for settlement— were whooly unavailing. The
dominant groups among the operators were insistent on having district
agreements, tho dominant mine workers were demanding a nation-wide
settlement. The Government, being without authority to enforce a strike
settlement in the coal industry, could only volunteer its good offices in find
ing a way of adjustment.
Accordingly, a conference o f tho coal operators’ associations and the
general and district officials o f the United Mine Workers was called to
meet in Washington on July 1. Tho designation o f representation was left
to the officials o f the various organizations, and there was nation-wide
representation, except from the non-union fields o f tho country. Before
tho joint meeting I expressed tho deep concern o f the country and invited
them to meet at*a conference table and end tho disputes between them.
The conference did not develop even a hope. The operators wero asking
for their district or territorial conferences, the workers demaded national
settlement on old bases.
Appraising correctly tho hopelessness o f the situation I again invited
both operators and workers to meet with me, and tendered a means of set
tlement so justly inspired that it was difficult to see how any one believing
in industrial peace and justice to all concerned could decline it In sub
stance, it called on the operators to open the mines, or tho mine workers
to resume work at the same pay and under tho same Working conditions as
prevailed at the time the strike began. In turn, the Government was to
create at once a coal commission, or two o f them, if preferred by all parties to
the dispute, so that one could deal with tho bituminous situation the other
with the problems in the anthracite field
Among tho commissioners were to be representatives of tho operators
representatives of the mine workers, and outstanding disinterested and able
representatives o f the American public. The commission was to be in
structed to direct its first inquiry to the rate o f wage to be paid for the
period ending next April 1, and then to enter upon a fact-finding inquiry
into every phase o f tho industry, and point tho way to avoid future suspen
sions in production. The disputants all indorsed the suggestion of a fact
finding commission. The anthracite operators promptly accepted the
entire proposal. The mine workers refused to resume work under the
arbitration plan. Tho majority o f the bituminous operators filed an accept
ance, but a considerable minority declined the proposal.
Under these circumstances, having no authority to demand compliance,
the Government had no other course than to invite a resumption o f produc
tion under the rights o f all parties to tho controversy, with assuranco of
Government protection o f each and every one in his lawful pursuits. This
fact was communicated to the Governors o f all coal-producing States, and
with two exceptions assurances of maintained law and order wero promptly
given. In somo instances concrete proof of effective readiness to protect all
men, strikers and non-striking workmen alike, was promptly given; but
little or no production followed. The simple but significant truth was
revealed that, except for such coal as comes from tho districts worked by
non-organized miners, tho country is at the mercy of tho United Mine
Workers.
Governors in various States reported that their operators and miners
had no dispute and were eager to resumo production. District loaders in
formed mo that their workmen wero anxious to return to their jobs, but
that they were not permitted to do so. Hundreds of wives of workmen have
addressed tho White House, beseeching a settlement, alleging that they
know no grievance, and there is an unending story of appeals for relief
where necessity or suffering were impelling, where a mere expression of
need ought to find ready compliance.
At every stage, tho Government has been a just neutral regarding wage
scales and working contracts. There are fundamental evils in our present
system o f producing and distribution which make the wage problem diffi
cult. In tho bituminous coal fields are vastly more mines than are requisite
to the country’s needs, and there are 200,000 more mine workers than are
needed to produce in continuous employment tho country’s normal require
ments.
By continuous employment I mean approximately 280 working days in the
year. In many instances last year men were employed less than 150 days,
in somo cases much fewer than that. In tho overmanned sections men di
vide the working time, and high wages are necessary to meet tho cost of the
barest living. Interrupted transportation, sorely broken employment, the
failure to develop storage against enlarged demands and inadequate carry
ing— all these present problems bear on righteous wage adjustment, and de
mand constructive solution.
Because o f these things, because o f the impressions o f many cases of un
justifiable profits in tho industry, and because public interest demands in
vestigation, and demands the finding o f facts bo given to the public, I am
asking at your hands the authority to create a commission to make a search
ing investigation into tho whole ooal industry with provisions for its lawful
activities and tho bestowal o f authority to reveal every phase o f coal pro
duction, sale and distribution. I am speaking now on behalf o f mine
workers, mine operators and the American public. It will bring protection
to all and point tho way to continuity o f production and the better economic
functioning o f the industry in the future.
Tho necessity for such a searching national investigation with constructive
recommendation is imperative. At the moment the coal skies are clearing,
but unless wo find a cure for tho economic ills which affect the industry and
therein find a basis for righteous relationship, we shall bo faced with a like
menacing situation on next April 1 on tho expiration o f tho wage contracts
which are now being made.
The need for such investigation and independent consideration is revealed
by both operators and mine workers in tho provision in the Cleveland agree
ment so recently made. Tho Government will gladly co-operate with the
industry in this program so far as it is tho public interest so to do, but I
have an unalterable conviction that no lasting satisfaction or worth-while
results will ensue unless wo may have a Government commission, inde
pendent o f tho industry, clothed with authority by the Congress to search
deeply, so that it may advise as to fair wages and as to conditions o f labor
and recommend the enactment o f laws to protect the public in the future.
The almost total exhaustion o f stocks of coal, tho crippled condition of the
railways, the distressed situation that has arisen and might grow worse in
our great cities due to tho shortage of anthracite, tho suffering which might
arise in the Northwest through failure to meet winter needs by lake trans
portation, all these added to tho possibility o f outrageous prico demands,
in spite o f the most zealous voluntary efforts o f the Government to restrain
them, make it necessary to ask you to consider at once somo form of tem
porary control of distribution and prices.
Tho Administration earnestly has sought to restrain profiteering and to
secure tho rightful distribution o f such coal as has been available in this
emergency. Thero were no legal powers for price control. There has
been cordial co-operaton in many fields, a fine revelation of business con
science stronger than the temptation to profit by a people’s misfortune.
Thero have been instances o f flat refusal. I rejoice to make grateful ack
nowledgment to those who preferred to contribute to national welfare
rather than profit by a nation’s distress.
If it may have your approval, I recommend immediate provision for a
temporary national coal agency, with needed capital, to purchase, sell and
distribute coal, which is carried in interstate shipment. I do not mean
that all interstate coal shall bo handled by such a Federal organization—
perhaps none will be necessary— but it will restore its capital to tho public
treasury and will be tho instrumentality o f guarding tho public interest
where private conscience is insensible to a public need.
This proposal does not relate to any possible employment in intra
state shipments. Price restraint and equitable distribution in intra-Staie
shipments is a responsibility of tho State’s own Government. In such
voluntary activities as have been carried on thus far tho Federal Govern
ment has endeavored to re-establish tho authority and responsibility in the
States which was undermined in the necessary centralization o f authority
during tho World War.
The public menace in the coal situation was made moro acute and more
serious at tho beginning of July by the strike of tho federated shop crafts in
the railroad service— a strike against a wago decision made by the Railroad
Labor Board, directly affecting approximately '100,000 men. Tho justice
of tho decision is not for discussion hero. Tho decision has been lost
sight of in subsequent developments. In any ovent, it was always possible
to appeal for rehearing and the submission of now evidence, and it is always
a safe assumption that a Government agency of adjustment deciding
unjustly will bo quick to make right any wrong.
The Railroad Labor Board wps created by Congress for the express
purpose o f hearing and deciding disputes between the carriers and their
employees, so that no controversy need lead to an interruption in inter
state transportation.
It was inevitable that many wago disputes should ariso, wages had
mounted upward, necessarily and justly, during the war upheaval, likewise
the cost of transportation, so that the higher wages might be paid. It
was inevitable that somo readjustment should follow. Naturally these
readjustments were resisted. The Administrative Government neither
advocated nor opposed. It only held that tho Labor Board was tho lawful
agency o f tho Government to hear and docido disputes and its authority
must be sustained, as the law contemplates. This must bo so, whether
tho carriers or the employees ignore its decisions.
Unhappily a number of decisions of this Board had been ignored by the
carriers. In only ®ne instance, however, had a decision, challenged by
a carrier, been brought to the attention of the Department of Justice, and
this decision was promptly carried to tho courts and has recently been
sustained in tho Federal Court of Appeals. Tho public or tho Executive
had no knowledge of the ignored decisions in other cases, because they did
not hinder transportation. When these failures of many of the carriers to
It is not my thought to ask Congress to deal with these fundamental
abide by decisions of the Board were brought to my attention, I could more
fairly appraise the feelings of the strikers, though they had a remedy problems at this time. N o hasty action would contribute to the solution
of the present critical situation. There is existing law by which to settle
without seeking to paralyze inter-State commerce.
The law creating the Railroad Labor Board is inadequate. Contrary to tho prevailing disputes. There aro statutes forbidding conspiracy to hin
popular impression, it has little or no power to enforce its decisions. It der interstate commerce. There aro laws to assure the highest possible
can imposo no penalties on either party disregarding its decisions. It safety in railway service. It is my purpose to invoke these laws, civil and
cannot halt a strike, and manifestly Congress deliberately omitted the criminal, against all offenders alike.
The legal safeguards against like menaces in tho future must be worked
enactment o f compulsory arbitration. The decisions o f tho Board must be
made enforceable and effective against carriers and employees alike. But out when no passion sways, when no prejudice influences, when the whole
the law is new, and no perfection o f it by Congress at this moment could be problem may bo appraised, and tho public welfare may be asserted against
every interest which assumes authority beyond that of the Government
helpful in the present threatened paralysis o f transportation.
ITappily. it is always lawful and ofttimes possible to settle disputes out itself.
One specific thing I must ask at your hands at the earliest possible mo
side of court, so, in a desire to serve public welfare, I ventured upon an
attempt at mediation. Those who had preceded me in attempted settle ment. There is pending a bill to provide for the better protection of aliens
ments had made some progress. I submitted to the officials o f the striking and for the enforcement of their treaty rights. It is a measure, in short,
employees and the chairman o f tho Association of Railway Executives, in to create a jurisdiction for tho Federal courts through which the National
writing, on the same day, a tentative proposal for settlement. Knowing Government will havo appropriate power to protect aliens in tho rights
that some o f tho carriers had offended by ignoring the decisions o f the Board secured to them under treaties and to deal with crimes which affect our
and the employees had struck when they had a remedy without the strike, foreign relations.
The matter has been before Congress on many previous occasions.
I felt it was best to start all over again, resume work, all to agree to abide
faithfully by the Board’s decisions, make it a real tribunal o f peace in President Taylor, in his first annual message, advised Congress that inas
transportation, and everybody serve tho public. Tho barrier to be sur much as tho Government is charged with tho maintenance of peace and the
mounted was tho question o f seniority. By the workmen these rights are preservation of amicable relations with tho nations of tho earth, it ought
held to bo sacred, and unsurrendered by a strike. By the carriers the pre to possess without question all the reasonable and proper means of main
servation o f seniority is a weapon o f discipline on the one hand and the re taining the one and preserving the other.
President Harrison asked for the same bestowal of jurisdiction, having
ward of faithful employees on the other. It has been an almost invariable
rule that when strikes have been lost seniority and its advantages have been encountered deop embarrassment which grew out of tho lynching of 11
aliens in New Orleans in 1891. President M cKinley, dealing with a like
surrendered; when strikes havo been settled seniority has been restored.
In the tentative proposal which I sponsored it was provided that every problem in 1899, asked tho conferring upon Federal courts jurisdiction in
body should go to work, with seniority rights unimpaired, that there should that class of international cases where tho ultimate responsibility of the Fed
be no discrimination by either workmen or carriers against workmen who eral Government may bo involved. President Roosevelt uttered a like re
did or who did not strike. I realized that the proposal must carry a dis quest to Congress in 1906, and President Taft pointed out tho defect in
appointment to employees who had inherited promotion by staying loyally the present Federal jurisdiction when ho made his inaugural address in 1909.
on tho job, and to such new men as had sought jobs looking to permanent n e declared that “ it puts our Government in a pusillanimous position to
employment, but I wanted tho fresh start and maintained transportation make definito engagement to protect aliens and then to excuse the failureservice, and I appraised tho disappointment o f the few to bo less impor to perform these engagements by an explanation that the duty to keeptant than tho impending misfortune to tho nation. It was not what I would them is in States or cities not within our control. If wo would promise,
ask ordinarily to be considered or concede, but at that moment of deep we must put ourselves in a position to perform our promise. W e cannot per
anxiety, with tho coal shortage gravely menacing, I was thinking of tho mit the possiblo failure of justice, due to local prejudice in any Stato or
pressing demands o f the welfare o f tho whole people. I belioved the municipal government, to expose us to tho risk of war which might to avoid
sacrifice brought to tho men involved could bo amply compensated for by ed if Federal jurisdiction were asserted by suitable legislation by Congress.
M y renewal of this oft-mado recommendation is impelled by a pitiable
the carriers in practical ways. I believed that tho matter o f transccdent
importance was tho acceptance of the proposal to respect tho Labor Board's sense of Federal impotenco to doal with tho shocking crime at Herrin, 111.,
which
so recently shamed and horrified the country. In that butchery o f
decisions on the questions which formed tho issue at the time o f tho strike.
Tho public compensation would bo complete in guarding by law against human beings, wrought in madness, it is alleged that two aliens were mur
dered. This act adds to the outraged sense of American justice, tho humili
recurrence.
ation which lies in tho Federal Government’s confessed lack of authority
Tho proposal was rejected by the carriers. Though the rejection did not
to punish that unutterable crime.
r
end all negotiation, it left tho Government only one course— to call the
Had it happened in any other land than our own, and the wrath o f right
striking workmen to return to work, to call the carriers to assign them to eous justice were not effectively expressed, we should have pitied the
work, and leave the dispute about seniority to the Labor Board for de civilization that would tolerate and sorrow for the Government unwilling
cision. When negotiation or mediation fails this is tho course contem
or unable to mete out just punishment.
I* ** b ■
plated by the law and the Government can have no chart for its courso ex
I have felt tho deep current o f popular resentment that the Federal
cept the law.
Government has not sought to efface this blot from our national shield;
To this call a majority of the carriers responded favorably, proposing that tho Federal Goverment has been tolerant o f tho mockery o f local in
to ro-employ all strikers except those guilty of violence against workmen or quiry and tho failure o f justice in Illinois.
property, to restore tho striking workmen to their old positions where va
It is the regrettable truth that the Federal Government cannot act under
cant or to like positions where vacancies aro filled, questions o f seniority tho law. But the bestowal o f tho jurisdiction necessary to enable Federal
which cannot bo settled between the employer and employees to go to the courts to act appropriately will open tho way to punish barbarity and
Labor Board for decision. The minority of tho carriers proposed to assign butchery at Herrin or elsewhere, no matter in whose name or for what
jobs to workmen on strike only where the positions where vacant. Neither purpose the insufferable outrage is committed.
proposal has been accepted.
It is deplorable that there are or can be American communities where
Thus the narrativo brings us to tho present moment, but it has not in even there are citizens, not to speak of public officials .who believe m ob
cluded the developments which have heightened tho Government’s concern. warfare is admissible to cure any situation. It is terrorizing to know
Sympathetic strikes have developed here and there, seriously impairing that such madness may bo directed against men merely for choosing to
interstate commerce. Deserted transcontinental trains hi the desert regions accept lawful employment. I wish the Federal Government to be able to
of tho Southwest have revealed tho cruelty and contempt for law on tho put an end to such crimes against civilization and punish those who sanc
»"
part of some railway employees, who have conspired to paralyze transporta tion them.
tion, and lawlessness and violence in a hundred places have revealed the
In the weeks of patient conference and attempts at settlement I have
failure of tho striking unions to hold their forces to law observance. Men come to appraiso another element in the engrossing industrial dispute o f
who refused to strike and who have braved insult and assault and risked which it is only fair to take cognizance. It is in some degree responsible
their lives to servo the public need have been cruelly attacked and wounded for the strikes and has hindered attempts at adjustment. I refer to tne
or killed. Men seeking work and guards attempting to protect lives and warfare o f the unions of labor. The Government has no sympathy or
property, even officers of the Federal Government, havo been assaulted, approval for this element of discord in the ranks o f the unions.
humiliated and hindered in their duties. Strikers have armed themselves
Any exchange in tho future must bo as free from this element o f trouble
and gathered in mobs about railroad shops to offer armed violence to any making as it is from labor extremists who strivo for class domination. We
man attempting to go to work. There is a state o f lawlessness shocking to recognize these organizations in tho law and we must accredit them with
every conception of American law and order and violating tho cherished incalculable contributions to labor’s uplift. It is of public interest to pre
guarantees of American freedom. At no time has the Federal Government serve them and profit by the good that is in them but we must check the
been unready or unwilling to give its support to maintain law and order abuses and the excesses which conflict with public interest, precisely as
and restrain vlolenco, but in no case has Stato authority confessed its ina wo havo been progressively legislating to prevent capitalistic, corporate, or
bility to cope with the situation and asked for Federal assistance.
managerial domination which is contrary to public welfare.
We also recognize tho right of employers and employees alike, within
Under these conditions of hindrance and intimidation there has been such
a lack of care of motive power that tho deterioration o f locomotives and the law, to establish their methods of conducting business, to choose their
employment
and to determine their relations with each other. Wo must
the non-compliance with the safety requirements o f the law are threaten
ing the breakdown of transportation. This very serious menace is magni reassert tho doctrino that in this republic-the first obligation and the first
fied by tho millions of losses to fruit growers and other producers of perish allegiance o f every citizen, high or low, is to his Government and to hold
able foodstuffs, and comparable losses to farmers who depend on trans that Government to be the just and unchallenged sponsor for public wel
portation to market their grains at harvest time. Even worse, it is hinder fare, and tho liberty, securtiy and rights of all its citizens.
No matter what clouds may gather; no matter what storms may ensue;
ing tho transport o f available coal when Industry is on the verge of paralysis
because of coal shortago, and life and health are menaced by coal famino in no matter what hardships may attend or what sacrifice may be necessary,
the great centres of population. Surely, the threatening conditions must government by law must and will be sustained.
Wherefore I am resolved to use all the power of the Government to main
impress tho Congress and tho country that no body of men, whether limited
in numbers and responsible for railway management or powerful in numbers tain transportation and sustain the right of men to work.
and the necessary forces in railroad operation, shall be permitted to chooso a
course which imperils public welfare. Neither organizations of employers BITUMINOUS MINERS AND OPERATORS ADOPT NEW
nor workingmen’s unions may escape responsibility. When related to a
AGREEMENT AT CLEVELAND CONFERENCEpublic service the mere fact of organization magnifies that responsibility
and public interest transcends that o f either grouped Capital or Organized
OPERATIONS TO BE RESUMED.
Labor.
With supplies of coal rapidly declining and the strike in
Another development is so significant that tho hardships' of tho mo its twenty-second week, certain miners and operators from
ment may well bo endured to rivit popular attention to necessary settle
ment. It is fundamental to all freedom that all men have unquestioned the bituminous regions, meeting at Cleveland in joint con
right to lawful pursuits to work and to live and chooso their own lawful ference, adopted and ratified on Aug. 15 an agreement on
ways to happiness. In these strikes these rights have been denied by aswages and working conditions, and immediate resumption
sult and violence, by armed lawlessness. In many communities the mu
nicipal authorities havo winked at these violations, until liberty is a mockery of mining operations was ordered on the same day in se\en
and the law a matter of community corftempt. It is fair to say that tho States. The agreement was reached after a break in the
great mass of organized workmen do not approve.
ranks of the operators, due to the refusal of the union o ffi
But they seem helpless to hinder. These conditions cannot remain in free
America. If free men cannot toil according to their own lawful choosing, cials to accept any provision for arbitration of w ages in the
all our Constitutional guaranties bom of democracy are surrendered to future. The Central Competitive Field, so-called, long the
mobocracy and tho freedom of a hundred millions is surrendered to the
basis of wage negotiations in the whole bituminous industry,
<mall minority which would have no law.
was represented at the Cleveland conference in part, but the
negotiations, contrary to custom, were conducted without re
gard to any particular section or district. The conference
was open to all fields. Any operator may sign the agree
ment. based on the terms adopted at the Cleveland confer
ence.
The reports say that all hope of separate State or district
agreements was wiped out by the action of the miners’ Policy
Committee in adopting a resolution declaring that the “ in
terstate agreement thus entered into and duly executed will
be recognized by the United Mine Workers as the basic scale
of the bituminous field and the officers of the several dis
tricts are hereby empowered to negotiate supplemental agree
ments with associated coal operators, groups of operators or
individual operating units, as circumstances may require.”
Miners were ordered back to work by their district officials
as fast as the operators signed the agreement, and it was ex
pected on the 15tli inst. that about 100,000 of the more than
600,000 striking co^il diggers would be back at work within
48 hours. Representatives of mining operations in West Vir
ginia, Pennsylvania, Ohio. Indiana, Michigan, Oklahoma and
Washington, with an annual output of 60,000,000 tons, had
accepted the union terms on the 15th, according to accounts
in the newspapers. While there was only a relatively small
amount of the union coal tonnage of the country represented
in the conference, union officials and operators said the
agreement would be the basis of future settlements. A num
ber of operators not present signed the peace pact by proxy,
telephoning and telegraphing friends who were in attendance
to sign for them.
The Cleveland agreement provides for :
Immediate resumption of mining operations at wage rates and working
conditions, including the “ check-off,” which were in effect prior to the
strike.
The calling of a joint conference in Cleveland for Oct. 2 next to appoint
a committee to formulate a method of negotiation for a new wage agree
ment to become effective on April 1 1923, when the present contract
expires.
The appointment o f a committee o f inquiry or “ fact-finding” com
mission to Investigate the industry and develop the facts for the benefit
o f all concerned, including the public.
The personnel o f the committee shall be approved by President Harding,
who is to appoint members if the miners and operators fail to agree on
them .
The establishment o f machinery to prevent future strikes. This ma
chinery to be created by a joint conference to bo called in Cleveland on
Jan. 3 1923. which shall present a new wage agreement not later than
Jan. 8.
With regard to the events immediately preceding the
working out of the new agreement, press dispatches°from
Cleveland on Aug. 15 had the following to say :
The general policy committees o f the miners and operators went into
conference shortly before noon, preparatory to meeting together and
effecting the final compromise.
Events moved rapidly in the coal conference after a sub-committee of
miners and mine owners came to a tentative agreement on the wage scale
shortly after midnight. This agreement, it was stated, provided for a
“ fact finding commission" to investigate conditions in the bituminous
fields after the return of the men to work and to make recommcndat ions.
Appointment o f a special committee to work out a tentative wage scale
came after Michael Gallagher, Manager of the Bituminous Mines lie
partment o f M . A. Hanna & Co., and Chairman o f the conference since
it convened on Aug. 7, and 8. H. Iiobbins, President, and W. I,. Robinson,
Vice-President and Treasurer o f the Youghiogheny & Ohio Coal Co.
decided to drop out o f the deliberations.
Their withdrawal, which followed the miners’ refusal to agree to arbitrate
the controversey which is feared when the proposed scale terminates April
1 1923, changed the entire outlook of the conference, and where the meetings
formerly represented Ohio, western Pennsylvania and a few operators in
Illinois and Indiana, the last conference was made up o f representatives
from Ohio, central and western Pennsylvania, West Virginia Indiana
Michigan, Illinois.
$ Gallagher, Robbins and Robinson bolted the conference when John L.
Lewis, President o f the United Mine Workers o f America, delivered an
ultimatum in which he declared no arbitration clause would be accepted
b y the unions.
"
V* With the withdrawal of these officers, the operators convened again and
reorganized with T. K. Maher, President o f the Maher Collieries Co
Cleveland, as Chairman, and W. H. Haskins, who represents northern and
central Ohio producers, as Assistant Secretary.
Announcement was then broadcast that any and all operators would be
welcomed in the conference. Immediately a great number of mine owners
who had been simply onlookers before, were signed up and the new and
wider field o f operations begun.
The first sign there had been a change in the complexion or the confer
ence was an order given out by Governor Davis postponing the proposed
conference of Governors scheduled for this morning.
began. Mr. Watkins in his statement had the following to
say with regard to the new agreement:
The central competitive field conference, to which we attribute most of
our past difficulties, was definitely broken up and abandoned yesterday
and the meetings were thrown open to operators and miners from every
district in the United States.
The method of renewing contracts expiring March 31 1923 is left to a
joint committee of miners and operators, which will report on Jan. 3 1923.
All parties have engaged themselves to exert every effort toward the amica
ble negotiations of equitable wage agreements next spring.
The outstanding feature of the new agreement is tho incorporation of a
clause providing for the selection of a commission of inquiry, composed of
prominent and unbiased citizens instructed to make a most exhaustive
investigation of the whole industry and to lay down recommendations upon
which future voluntary agreements can be negotiated on sound economic
lines between the operators and the miners.
For the first time in the coal industry important labor leaders and em
ployers have joined together in a crisis and voluntarily sot up the machine,
not only for a resumption of work but for the establishment of a public
tribunal before whom they engage themselves to appear with all the facts
of tho industrial activities' of both parties. The recommendations of this
commission are to be the guide for necessary steps toward a permanent
solution as well as for future agreements, negotiated without interference
or compulsion, except as both sides must bow to the powerful opinion of
a well-informed public.
The document means that reason has been restored to the coal industry.
The exercise of force, whether through strikes, compulsory awards or arbi
trary procedure, has no place in the program upon which wo have agreed.
Compulsory arbitration has failed too often in recent industrial crises to
offer any hope of effectiveness in a situation which requires a basic solution,
not merely a reconciliation of immediate differences.
We believe that the door has been opened to a new era in the coal in
dustry in which the consuming public, as well as those engaged in producing
coal, will have full access to the essential facts of industry and an influence
in guiding it into more peaceful and stable channels.
STATEMENT BY JOHN L. LEWIS ON THE RESULTS OF
THE CLEVELAND COAL CONFERENCE.
Declaring that the miners had emerged from the coal
strike “ with signal honors,” John L. Lewis, President of the
United Mine Workers, in a statement issued at Cleveland on
Aug. 15, following the adoption of the new wage and work
ing agreement between bitininous miners and operators, said
that the plan of settlement is based on a “ broad and con
structive promise which carries with it substantial hope for
improvement in the methods of collective bargaining in the
industry.” The statement issued by Mr. Lewis reads as fol
lows :
I esteem this termination of the Cleveland conference as especially
gratifying, not only to the mine workers, who have emerged from this
great industrial conflict with signal honors, but to the American people
as well.
Tho inter-State agreement executed hero to-day, representing upward
of 60,000,000 tons of annual production, will bccomo the basic agreement
of the bituminous coal industry throughout the country, and consequently
I anticipate within tho next few days that supplemental contracts with
groups of operators and individual operators will bo executed with a
majority of the operators of the mines on striko throughout the country.
The settlement is an honorable one to all concerned. It does not carry
any wage reductions, neither does it barter away the rights of the workers
by commitment to arbitration. A tremendous drive has been made against
the mine workers upon both these issues, but they have been successfully
resisted.
Tho miners may well be termed the shock troops of the American labor
movement, and this controversy their industrial Verdun. Tho plan of
settlement is based on a broad and constructive promise which carries
with it substantial hope for material improvement in the methods of
collective bargaining in the industry, and gives assurance that constructive
reforms will be inaugurated, eliminating organic ailments of the bitu
minous coal industry. Such reforms not only operate as a preventive of
future conflicts of this magnitude, but servo to protect tho public interests
and restore mutual confidence and respect between the coal operators
and tho miners.
I am sure that it is the intention of both parties to the agreement to
approach in tho most complete good faith the problem beforo them with
the intention of applying in every proper way the practical reforms which
probably will be later suggested.
An early acceptance of the agreement by operators in all parts of the
country will serve to allay much o f tho bitterness and passion which lias
been aroused in this conflict and permit of the rcapplication of the rule
of reason within tho coal industry.
STATEMENT 11V THOMAS 11. WATKINS ON CLEVE
LAND CONFERENCE.
Subsequently M r. Lewis on Aug. 16 issued a statement at
Cleveland before leaving for Philadelphia to confer with the
hard coal operators. “ It is the intention of the United
Mine Workers,” he stated, “ to exercise the full moral and
financial strength of the organization to sustain and protect
its members in their fight against powerful non-union inerests who may continue to fight the principles of collective
bargaining in the various producing fields. The same policy
will be applied as regards any coal company hitherto recog
nizing the union, which may decline to accept the basis of
settlement as negotiated in tho Cleveland conference.”
lie added:
At the conclusion of the Cleveland coal conference on Aug.
15, Thomas H. Watkins. President of the Pennsylvania Coal
& Coke Corporation, one of the largest mining concerns to
sign the new agreement drawn up at the conference, issued
a statement ascribing the settlement to the conciliatory ef
forts inaugurated by President Harding at the Washington
conference held a short time before the Cleveland meeting
The negotiation of the basic interstate agreement at the Cleveland meet
ing yesterday definitely determines the three main and principal issues
which have been involved in the strike of 650,000 miners in the anthracite
and bituminous mining industry. *
Acceptance of this agreement by 60,000,000 tons of annual production
represented in the conference and the execution of additional agreements
involving something more than 10,000,000 tons of additional production
gives the settlement an impetus that will be irresistible.
I predict within a short time general acceptance of similar agreements b
practically all operating units in the organized sections of the bitumin ou
industry. This constitutes an object lesson that will be especially helpful in
adjusting the strike in the anthracite coal fields.
The miners have won their contention against the idea of single State set
tlements with their union split up into thirty or more segregated groups.
The Cleveland agreement takes the place of the old central competitive field
agreement, and operators who are not yet partial to the contract will be
obliged to conform to the principles outlined in the basic settlem ent. D is
trict or group meetings, which will be held shortly in certain sections, will
be for the purpose o f executing supplementary contracts or executing
clauses o f the agreement.
The miners have won their fight against a reduction o f wages in the m in
ing industry. Th e much-heralded theory of deflation or liquidation of
labor has been diligently pressed throughout the long struggle. This theory
has now suffered another collapse as far as affecting the mining industry,
and the miners have demonstrated that they could not be beaten backward.
Dispite unfavorable economic conditions and with tremendous political
and financial influences raised against us, we are emerging from the conflict
victorious.
The miners have likewise won their fight for retention o f the principles of
collective bargaining, as against substitution o f arbitration for this principle.
Every interest opposed to labor was concentrated in a drive against our
position on this question and the attack was m ade with astonishing ferocity.
The agreement contained no commitment for arbitration, bu t, on the
other hand, has been written on a broad premise, which gives reasonable
assurance that machinery of collective bargaining will be strengthened and
improved.
The United M ine W orkers o f America, after participating in an industrial
convulsion covering a period of twenty weeks, is emerging with increased
membership and enhanced prestige and is a more potent influence in in
dustrial affairs than ever before in its history.
TEXT
OF THE BITUMINOUS COAL AGREEMENT
ADOPTED BY CLEVELAND CONFERENCE.
The text of the agreement on wages and working condi
tions for the bituminous coal industry adopted on Aug. 15 at
the Cleveland conference and referred to elsewhere in these
columns to-day, in full is as follow s:
1. A ll mines o f operators represented in this joint conference which are
now on strike are to be opened immediately upon the execution o f supple
m entary contracts extending to M arch 31 1923, on the term s, provisions
and conditions o f the contracts affecting such mines as they respectively
existed on M arch 31 1922, except as to renewal or continuation clauses in
such contracts.
2. The participants in this conference agree to send, and this conference
invites the bituminous coal operators o f the United States to send, repre
sentative delegates from coal-producing districts or from substantial groups
o f operators, which delegates shall, as far as possible, be representative
o f the bituminous coal industry o f the United States, such delegates to
assemble in joint conference in Cleveland, Ohio, O ct. 2 1922.
T h is joint conference shall appoint a committee o f equal numbers of
representatives o f operators and miners, which committee will formulate
a method to be followed b y the bituminous coal industry in the negotia
tion o f wage scale agreements to become effective April 1 1923, and the
method so formulated shall by the committee be reported to the joint con
ference to be held Jan. 3 1923, as hereinafter provided.
3 . The joint conference convening Oct. 2 shall further select a committee
o f inquiry, the members o f which shall be o f commanding public reputation
for character and ability, and whose personnel shall be approved by the
President o f the United States. The duty o f this com m ittee shall be to
develop prom ptly all o f the pertinent facts in regard to the industry for the
benefit alike o f the public, the operators and the mine workers. Such
investigation shall include every phase o f the industry deemed material
by the committee o f inquiry and such committee shall be furnished with
all information desired and aided in every manner possible b y the operators
and miners alike.
In the event such joint conference shall fail to agree upon the members
o f such committee o f inquiry by O ct. 10 1922 it shall petition the President
o f the United States to appoint the members thereof in his discretion and
in the event o f a vacancy the President is requested to fill same by appoint
m ent. The cost o f such committee o f inquiry shall be paid by the industry,
one-half by the operators participating in the joint conference and one-half
by the United M ine Workers o f America.
Such com m ittee, after developing all the facts, shall make such recom
mendations as it m ay deem proper and advisable and shall so far as possible
em body these recommendations in a report to be submitted to the joint
conference to be convened Jan. 3 1923, as hereinafter provided.
In order to reach a final and proper determination o f the controversy
in the bituminous coal industry, for the benefit o f the miners and operators,
and the public as well, the following principal points are presented for
consideration by the Committee o f Inquiry:
(а) The wage rate in any district shall, as far as reasonable, be properly
competitive within the mining industry and shall at the same time be fully
compensatory to the miners, being sufficient to afford not only a living
wago but also to allow reasonable opportunity for accumulating savings.
(б) The encouragement o f a proper spirit o f obligation and responsibility
on the part o f all parties toward contractual obligations and the establish
ment o f proper machinery, both local and national; for prompt determina
tion and settlement o f any points o f dispute in any local. State or district
contract without resorting to strike or lockout.
(c) The determination o f a proper policy to encourage efficiency o f opera
tion not only on the part o f mine management in the mercantile operation
o f the mine, but also on the part o f individual miners in the performance
o f their daily work.
4 . The participants of this conference agree to send and this confer
ence invites the bituminous coal operators of the United States to send,
representative delegates from coal producing districts of substantial groups
o f coal operators, which delegates shall as far as possible be representative of
the bituminous coal industry of the United States, such delegates to meet in
joint conference Jan. 3 1923, at such place as m ay be designated b y the joint
conference held O ct. 2 1922. This joint conference shall receive the report
o f the Com m ittee appointed in conformity with paragraph (2) and shall
finally determine the method to be followed b y the participants in the con
ference in the negotiation of wage scale agreements to become effective
April 1 1923.
T o the end that new wage scale agreements to be effective April 1 192 3,
shall be determined upon as speedily as practicable and further strikes be
thereby avertod, the method of negotiating the wage scale agreement which
shall be determined upon b y said joint conference shall provide that such
machinery as is created b y it to dovlop a new wage scale agreement shall
commence to function not later than Jan. 8 1923. The wago scale agree
ment Concluded b y such machinery shall be effective April 1 1923, and shall
be in effect during such time as it m ay determine.
ILLINOIS OPERATORS NOT IN FAVOR OF CLEVELAND
ARRANGEMENT.
That the Illinois operators are not agreeable to the ar
rangement entered into at Cleveland is evident from the fol
lowing statement issued by them:
__T h e signing o f a working agreement and wage scale at Cleveland to-day
b y a handful o f operators representing a m aximum annual production o f
25,0 0 0 ,0 0 0 tons represents an absolute surrender and greatly jeopardizes
the welfare o f the public.
Briefly, the settlement arrived at is this— mine owners and mine workers
are to resume operation with a status quo o f M arch 31st 1922— wage scales,
check-off, everything.
The fact finding or advisory committee agreed to contemplates no ac
complishment in the way of a bona fide arbitration and both parties to the
arrangement fully understand this.
A war is never over until someone surrenders. T h at part o f the Ohio
operators who are signing up with M r . Lewis to-day never were at war with
the miners’ union— in consequence they have not capitulated to the union.
Their course has been consistent from the start. I t has been one o f the
neutral districts in this strife. This is so b y reason o f the unusual conditions
that surround them in the way o f a ready m arket for their coal under or
dinary circumstances at an am ply adequate price to pay almost any wage
rate and still make m oney. In the crucial test of 1921, Eastern Ohio fields
suffered b y comparison not at all from non-union competition. T h ey could
continue to pay the highest rates to their m en and it would be no skin off
their knuckles if the consumer had to pay them in accordance for coal.
During the last six m onths of 1921, when other coal mines throughout the
country were almost universally losing m oney and competition for the sale
of coal was so keen that men ceased to be friends, Eastern Ohio operated at
the rate o f 5 2 .6 % o f full time. Her nearest union competitor. Southern
Ohio, managed to record 2 2 .9 % in that same period, while Illinois
averaged 4 0 % work time.
Is it an y wonder that Eastern Ohio has not been in favor of fighting it
out with the union? H ow can anyone call them quitters when they never
started? It cannot be heralded as victory for John Lewis that he has lined
up that group o f operators.
The question of supply o f fuel for homes, transportation and industry for
this winter has long since become so acute that the President virtually took
charge o f the situation. H e was after coal production for the people. H e
asked the contestents to forget their strife for a while and produce the
needed coal, meanwhile urging the submission o f tho points at issue to a
third party, an impartial tribunal. Th e Government in both the coal and
rail strikes is committed to the policy of establishing the principle o f ar
bitration in these industrial disputes.
Since the Cleveland settlement practically guarantees only a repetition
next Spring o f all tho extravagant demands b y the miners and another pro
longed strike, Illinois operators, regardless of some possible defections from
their ranks, will continue to urge bona fide arbitration as a condition
precedent to continuing the old wage scale until next M arch 31st.
N or m ay that part of the public that is unthinking and inclined to find
fault need to feel that such action on the part of the operators is willful,
arbitrary, selfishly conceived and to the very great detriment o f the public.
W e already note in the newspapers o f this morning a discussion b y the
Attorney-General of two ways in which the State can seize mines. This is
an idle contemplation since such seizure is not at all necessary if the public
is willing to pay to the miners all that they ask under their monopolistic
control o f coal mine labor o f the State.
M ere possession o f tho mines b y the State will in itself produce no coal.
Labor is essential. I f it refuses to work, to confer or to arbitrate and the
State m ay not compel it to do these things, then the price asked and the
conditions demanded m ust be granted b y the State. If and when the
public shall indicate their desire and willingness that Illinois operators shall,
as certain individual operators in Cleveland have done, grant full surrender
to the miners, it can be more readily done b y the operators and without tho
necessity o f any State interference.
I t is not the mine owners that stand in the way o f resumption o f mine
operation and at a mine cost that would permit o f lower prices than pre
vailed last year. T o the contrary it is the United M ine Workers of America
who have successfully resisted the operators and have so far defied both the
Federal Government, the State Government and the public.
The paramount question continues to be — shall the miners as well as
other organized groups o f labor bo made responsible for their acts and sub
ject to the will of the people expressed through fair arbitration.
F. C. H O N N O L D .
August 15 1922.
WILLIAM Z. FOSTER DEPORTED FROM COLORADO.
William Z. Foster, radical labor organizer, and one of the
principal figures in the steel strike of 1919, was forcibly
ejected from the State of Colorado on Aug. 6. AdjutantGeneral Hamrock in a statement issued at Denver on the
following day, declared that the action was “for the best in
terests of the State,” and “no law was consulted.” Foster,
who was characterized as a “ dangerous radical” by the Ad
jutant-General, was taken from a hotel after his arrival from
Salt Lake City, placed in an automobile and escorted to the
Kansas State line, General Hamrock announced. It had
been reported that he was placed on a train there.
COAL
OPERATORS OF SOUTHWEST DECLINE TO
ACCEPT CLEVELAND AGREEMENT.
Coal operators of the Southwest will not be bound by any
agreements reached at Cleveland in drawing up a wage
agreement for the Kansas, Missouri, Oklahoma and Arkansas
fields, Harry N . Taylor, President of the Southwestern
Operators’ Association, announced on Aug. 16, according
to the reports in the daily papers. He so notified union
officials in these fields in reply to telegrams from them seek
ing a conference. M r. Taylor said he had received from
Secretary Hoover a question as to what stand the South
western Operators’ Association would take on a conference
with the miners, and that he had replied that the question
•of wage scales in the Southwestern territory would be taken
up at a conference on Aug. 22.
PITTSBURGH OPERATORS REFUSE TO CONFER WITH
MINERS’ UNION ON BASIS OF CLEVELAND
AGREEMENT.
The Pittsburgh Coal Producers’ Association refused on
Aug. 16 to meet with the officers of District 5, United
Mine Workers, to negotiate a wage agreement “ in conformity
with the so-called basic agreement negotiated by the rump
convention at Cleveland last Tuesday.” The refusal was
sent in reply to an invitation from District President P. T.
Fagan and after a meeting of the Scale Committee, which
•considered the invitation. The letter of refusal said:
Y our telegram o f A ug. 16. requesting the operators of the Pittsburgh
•Coal Producers’ Association to m eet with your representatives to negotiate
a wage agreement in conformity with the so-called basic agreement negotiat
ed b y rump convention in Cleveland Tuesday last, received.
In reply, we desire to inform you that we will not meet with your repre
sentatives to negotiate a wage scale on such a basis. The operators of the
Association, as they have heretofore several times notified you, are still
ready and willing to negotiate with your district organization a wage scale
without the check-off.
COAL MINING RESUMED I N PENNSYLVANIA.
Actual mining of coal started on Aug. 15 in the Kimloch
and Valley Camp mines of the Valley Camp Coal Co. at
New Kensington, Pa.
Coal cutters were ordered into the mines by officials
of the company, who anticipated, it is said, by a few hours
the signing of the agreement between miners and operators
of the bituminous fields in Cleveland.
A. M. OGLE URGES PRESIDENT HARDING TO
APPOINT INVESTIGATING COMMISSION FOR
COAL INDUSTRY.
Appointment of a non-partisan tribunal to investigate
fairly every phase of the bituminous coal industry was
urged in a telegram sent this week to President Harding
"by A. M . Ogle, President of the National Coal Association.
*‘The immediate resumption of mining may be most im
portant in the minds of many,” said Mr. Ogle, “ but if we
sare to avoid further conflict in the mining industry beginning
April 1 1923, resulting in inconvenience to the consuming
public and an interference with industrial progress all the
essential facts must be investigated promptly and given
full consideration in order that a proper solution may be
determined.” M r. Ogle’s telegram in full was as follows;
purchase of coal which will be allotted by the Federal Gov
ernment to New York State. The agreement was reached
at a conference with Eugenius H. Outerbridge, Chairman of
the Commission. Reeve Schley, Vice-President of the Chase
National Bank, who was Federal Fuel Administrator for
the city during the war, was designated as Treasurer of the
pool. The statement in the “ Times” continued as follows:
A n unlimited amount o f money for the purchase o f coal will be available
to the Governor's Commission under the arrangement. M r . Outerbridge
said the bankers had agreed to furnish “ all that would be necessary."
Under the program adopted by tho Federal authorities, the Federal Fuel
Administrator will issue sight drafts upon the Governor’s Coal Commission
for all coal allocated to Now York State as soon as each shipment crosses
the State line. The bankers have agreed to honor these drafts, and the
Commission will receive reimbursement later from the municipalities,
public utilities and other firm s and persons to whom the coal will be
rationed.
The banks represented at the conference were the Chase National Bank,
National Park Bank, M echanics & M etals N ational B ank, National C ity
Bank, First National B ank, Irving National B ank,' Seaboard National
Bank, Bank o f the M anhattan Com pany, Guaranty Trust C o ., Bankers
Trust C o ., the American Exchange Naional Bank and the N ational Bank
of Com m erce. M r . Outerbridge explained that he had made a hasty selec
tion in inviting representatives o f those banking institutions to tho con
ference because o f the necessity for immediate action, and that other banks
m ight join the pool if they desired.
“ Representatives o f all the banks to whom notice was sent accepted the
invitation and were ready to come to the assistance o f th e State,” M r .
Outerbridgo said.
“ T h ey were to meet tho needs o f the Federal Adm inis
tration and o f Governor M iller, as represented by m yself. I m ay say
they are doing this largely as a matter of public d u ty, as they will receive
only simple interest on the m oney advanced.”
INDIANA COAL OPERATORS TO MEET MINERS’ REP
RESENTATIVES.
Decision to meet with miners’ representatives on Aug. 21
“ for the purpose of making a contract to permit the mines in
Indiana to resume operation” was reached by the scale com
mittee of the Indiana Bituminous Coal Operators’ Association
at a meeting held on Aug. 16.
GOVERNOR MILLER TO CALL SESSION OF LEGISLA
TURE TO ACT ON COAL SHORTAGE.
Notwithstanding the indications point to a complete set
tlement of the bituminous coal strike, Governor Miller an
nounced on Aug. 17 that he would call the Legislature in ex
traordinary session for Aug. 28 to consider means to relieve
the coal shortage in this State. He considered that even if
the coal strike was settled at once, five months’ production
had been lost and this would mean that a shortage would
still exist and an extra session be necessary.
The Governor said:
The strike in the bituminous coal fields emphatically has demonstrated
the immediate need of a non-partisan tribunal that will fairly investigate,
in the interest of all parties, every phase of the industry and mako public
at an early date its findings with such recommendations as it m ay deem
proper and advisable.
Coal mining is an involved and intricate industry and great confusion ex
ists concerning it, not only in the public mind but within the industry it
self. Th e immediate resumption o f mining m ay be most important in the
minds o f m any, but if we are to avoid furthor conflict in the mining industry
beginning April 1, 1923, resulting in inconvenience to the consuming public
and in interference with industrial progress, all the essential facts m ust be
investigated promptly and given full consideration in order that a proper
solution m ay be determined.
Accordingly, we urge upon you the advisability of appointing such a com
mission without delay, and I can assure you the fullest co-operation and
support in such action.
“ There Is anthracite coal to distribute at the m om ent only in very limited
quantities. I am satisfied, from the survey we have m ade, that it will bo
necessary to have some administration o f the distribution and price o f
anthracite coal this winter, not that there is any occasion for any one to be
alarmed, but we have practically lost five m onths o f production, and what
coal we do get from now on. if mining should be resumed, m ust be made to
go just as far as possible. AVithout some power to control tho situation, there
would be at least a sufficient shortage so that tho peoplo who can pay the
most would be the most likely to get the coal. W hile tho emergency is not
great enough to excite alarm, it is groat enough to require some action by
the State to protect the people, and at best we shall have to be very econo
mical, and wherever it is practical to reduce the consumption of anthracite
coal and to use substitutes. AVe undoubtedly will have to conserve all o f
the fuel that we have g ot.”
Endorsement of the proposed appointment of such a
fact-finding tribunal was given by E. H. Outerbridge,
Chairman of Governor Miller’s State Coal Commission.
M r. Outerbridge said:
MUNICIPAL DEPARTMENTS AUTHORIZED TO BUY
COAL IN OPEN MARKET.
Appropriations amounting to $1,242,000 were authorized
on Aug. 17 by the New York Board of Aldermen to make
purchases of coal during the present emergency. The appro
priations were made ivith the understanding that city de
partments could go into the open market and buy their sup
plies without public letting. The Board was asked to appro
priate $500,000 to buy coal for distribution at cost among
the needy. The resolution was referred to the Committee on
Itules and Finance. The resolution authorizing the city de
partments to purchase coal without public letting was based
on a request from Commissioner Grover A. Whalen, as
Chairman of the Board of Purchase, for an appropriation of
$300,000 to buy coal in the open market. In his letter to the
Aldermen Mr. Whalen said.
In the great industries which vitally affect the lives o f the people, such as
transportation and fuel, recurring periods of Interruption to production or
transportation are not infrequent, which seems to indicate that there m ust
be something fundamentally wrong in the economic conditions existing in
thoso fields o f endeavor.
I f an adjustment of a permanent character is to be arrived a t, it would
seem necessary to have a diagnosis, from an unassailable source, of what the
economic facts are, and remedies then applied that will be generally recog
nized b y public opinion as entirely equitable to both employer and employe.
A commission to study and determine the economic facts, if appointed by
the President, would have more authoritative influence with a better com
m and o f the confidence o f the people than any other agency.
There is one point, however, in which education must play its part.
T h ere m ust be a stronger conception that serving the public with essentials
is a service which cannot be interrupted at the whim or choice either of cor
porate management or o f employes.
Special protection or other advantageous conditions surround most em
ploym ents in public service corporations. I f men enlist in that work they
should recognize an obligation to the public equal if not superior to their
private interests: and eventually this idea m ust prevail.
TWELVE NE W YORK BANKS FORM POOL TO FINANCE
COAL PURCHASES OF GOVERNOR'S COMMISSION.
Twelve of the leading banking institutions of New York
•City formed a pool on Aug. 14, according to the New York
“ Times,” to finance the Governor’s Coal Commission in the
I t has been impossible to obtain bids on contracts for coal for tho different
city departments. The reason for this is that owing to tho present coal
situation tho coal dealers cannot put thomselves under contract obligations,
as they cannot be assured in any way that they will be able to m ake future
deliveries.
It m ay be possible to bu y lots o f coal which become available through
different sources from time to time. It is absolutely necessary that coal
be obtained for the operation of the ferries, tho pumping o f water supply,
hospitals and various other city institutions.
AVo therefore request that your honorable board grant permission to the
Board of Purchase to bu y coal in the open market in an amount not to ex
ceed $300 ,00 0.
At the request of Commissioner Whalen the Board of Al
dermen adopted the following resolution:
scale and demands o f the Shamokin convention, we will be glad to attend
a joint conference on any date designated b y the anthracite operators
representatives.
Resolved, T hat In pursuance o f the provisions o f Section 419 of the Greater
N ew York Charter, the Board of Purchase be and it hereby is authorized
and empowered to purchase coal without public letting, for the Departments
o f Bellevue and Allied Hospitals, Correction, D ocks, Fire, Health, Police,
Parks, W ater Supply, Gas and Electricity, Plant and Structures. Public
W elfare and Street Cleaning, and to expend such additional sums as m ay be
necessary for its inspection, transportation, towing, lightering, docking,
loading, hauling, unloading, bunkering, trimming and insurance to enable
the departments to get the coal to their respective receiving and storing
points, to an amount not to exceed $ 3 00 ,00 0.
In an announcement preceding the Philadelphia confer
ence this week the operators agreed to take back the miners
at the old wage scale, while the miners waived their demand
for a 20% increase. It was understood, however, that the
operators would only extend the old wage scale agreement
until next April, whereas the miners desired a long-term
contract if they agreed to resume work at the former rate.
The point was understood to have been made that if mining
were to be resumed with the old scale standing only until
ANTHRACITE COAL CONFERENCE IN PHILADELPHIA.
April another suspension then might have to be faced.
Following the settlement of the bituminous coal strike at Mine workers’ officials were said to be in favor of a two to
the Cleveland conference this week, anthracite miners and three year agreement.
operators began conferences on Thursday, Aug. 17, at Phila
delphia for the purpose of negotiating a new wage and work
PRESIDENT HARDING'S LETTER TO SENATOR PEP
ing agreement in the hard coal fields. The conference was
PER URGING EARLY SETTLEMENT OF
scheduled to start on Aug. 16, but was delayed a day at the
ANTHRACITE STRIKE.
request of John L. Lewis, President of the United Mine
S.
D.
Warriner,
Chairman of the General Policy Commit
Workers, who was unable to get away from Cleveland on
the 16th, it was said, due to work in connection with the tee of the anthracite operators, made public on Aug. 15 a
soft coal settlement. The invitation to the Philadelphia con copy of a letter sent by President Harding to Senator Pep
ference was sent on behalf of the operators by S. D. War- per of Pennsylvania, urging the necessity of an early settle
riner, Chairman of the General Policy Committee o f the an ment of the hard coal strike. “ No time is to be lost,” the
thracite industry, on Aug. 14. Mr. Warriner’s wire was as President said. “ Even if production is resumed at once the
future consequences of past delays must necessarily be se
follow s:
rious, but, if there is any further delay we shall be in dan
A ug. 13 1922.
ger of nothing short of a nation-wide disaster.” The Presi
John L . Leiois, Cleveland, Ohio.
On behalf o f the anthracite operators I extend to you a cordial invitation
dent’s letter read:
to m eet us in conference with a view to an early resumption of production
in the anthracite field. I suggest Philadelphia as a suitable place for con
ference and A ug. 16 as a convenient time.
Our conception of the conference is that we should meet for a friendly
discussion of the whole situation, including such specific proposals as either
o f us m ay desire to subm it. W e aro glad, however, to express in advance
our confident expectation that wo can devise in conference a m ethod of
wago adjustment such that upon our agreeing to it we shall be able then to
take the men back at the old wage scale until such adjustment actually
takes place.
W e are m oved to send this invitation not merely b y our own desires, but
because the President of the United States has communicated through
Senator Popper an expression both of his wish that we should do so and of
his hope that you will accept.
Let m e assure you that our invitation is sent without any underlying
reservations or conditions in full assurance when we meet wo can work
out a result at once protective of the public interest and satisfactory to the
mine workers. W o bespeak your acceptance in the same spirit. A n early
telegraphic reply will be appreciated.
g
D
W A R R IN E R
To the above Mr. Lewis replied with the follow ing:
S. D . Warriner, Philadelphia, Pa.
On behalf o f the United M ine Workers, as represented in the anthracite
field, I am most pleased to accept the cordial invitation which you have
extended to m eet with the anthracite operators in Philadelphia on W ednesday, A u g. 16. The broad premise upon which you have based your invi
tation is commendable and augurs well for the success of the conference.
I can assure you the representatives of the United M ine Workers will ap
proach the conference in the same broad spirit with the keen determination
to effectuate an adjustm ent m utually satisfactory to the public, the oper
ators and the miners. I am sure that such a settlem ent will be a tremendous
aid to our nation and its citizons in relieving public embarrassment and in
restoring mutual confidence and respect.
JO H N L . L E W IS .
The President’s communication to Senator Pepper is given
under a separate heading elsewhere in these columns to-day.
An anthracite conference, it will be remembered, was to
have taken place on Aug. 10, but due to the miners’ refusal
to respond to an invitation sent out by Mayor Durkan of
Scranton the conference failed to materialize at that time.
Subsequently spokesmen for the anthracito operators called
on President Harding and asked him to use his good offices
to bring about a separate settlement in the hard coal indus
try. At that timo the bituminous operators and miners
were conferring in Cleveland, and it appeared that the
union wished to make the anthracito settlement dependent
on that in the bituminous industry.
John L. Lewis, President of the United Mine Workers,
sent a telegram on Aug. 11 to the Scranton Board of Trade
indicating the willingness of the miners to confer with the
operators. Mr. Lewis’s telegram was in response to the
following from the Board of Trade:
There
already an overwhelming sentiment in this region in favor o f a
r i S o n
or a i a c i t o r a ln W . Th e feeling: to that after a b n o * five
months’ suspension the anthracito miners should bo permitted to compose
their own differences independent o f the bituminous field. This thought
is constantly voiced by working m en, business men and all elements o f this
com m unity, which is suffering from a prolongation of the strike situation,
which appears easily susceptible of adjustm ent. Cannot something be
done at once?
M r. Lewis’s reply was as follow's:
Replying to your wire, representatives of the United M ine W orkers are
not making anthracite negotiations secondary to bituminous negotiations,
dospito all reports to the contrary. W e have understood attitude of an
thracite operators to be that they would refuse to make any settlement
in advanco of base being made in bituminous. I f this is not now true,
and it is developed that anthracito operators aro ready to go into direct
negotiations with the United M ine Workers on the basis o f the old wage
M y Dear Senator Pepper;— I am told that M r . Lewis has indicated willing
ness to confer at once with the anthracite operators in case they invite him
to do so. I suggest to you , as the Senator from the State most directly
concerned, that the operators will be acting in the public interest if they
promptly send him a cordial invitation to attend a conference to be called
b y them at such time and place as they m ay choose, with a view to the
immediate resumption o f production in tho anthracito field. I feel justified
in making this suggestion, because these operators have manifested through
out a spirit o f co-operation with the Administration in seeking a fair basis
upon which to adjust the anthracite strike.
I understand that as a basis o f conference M r . Lewis stipulates for a
return of the men a t the old wage scale and the acceptance b y the operators
of the so-called Shamokin proposals. In extending their invitation I hope
the operators will indicate a willingness to take the men back at the old
scale till a commission or other agency has had an opportunity to examine
into the whole situation.
A s to the Shamokin proposals, I am hopeful that M r . Lewis will regard
them as proper for consideration a t the conference rather than subjects
o f commitment in advance. I am hopeful o f this because I credit both
operators and miners with a sincere desire to resume anthracite production,
and I am sure that neither will place any unnecessary obstacle in the way
of fair adjustm ent.
A s to the timo, I hope that the conference will take place in tho Imme
diate future.
N o time is to be lost. E ven if production is resumed at once, the future
consequences o f past delays m ust necessarily be serious, but if there Is
any further delay we shall be in danger o f northing short of nation-wide
disaster.
A s to place, I suppose that there m ay bo advantages in meeting som e
where in the anthracite region rather than iu Washington.
Tho M ayors o f several o f the important cities in that region have assured
m e of an intense public sentiment among their people in favor o f prompt
settlem ent. It m ay be that in such an atmosphere the prospect of quickly
reaching a fair adjustm ent would be bright. This, o f course, is a point
to be determined b y those whoso issue tho invitation.
Sincerely yours,
W A R R E N G . H A R D IN G .
COAL STRIKE IN NOVA SCOTIA.
A general strike of all miners of the Cape Breton district,
Nova Scotia, became effective Aug. 15, orders having been
sent out to all locals of the United Mine Workers, District
26, by President Baxter on the 14th. The message notified
miners that a previous message announcing the recall ^of
an order to strike on Aug. 15 had been rescinded. The strike
is directed against the British Empire Steel Corporation,
the men demanding a return to tho 1921 scale of wages.
After a long conference it had been announced that the
operators and miners had compromised their differences,
and it was a result of this meeting that the message calling
off the Aug. 15 strike order was sent out.
George P. Graham, Minister of Militia and Defense,
ordered on Aug. 16 a detachment of several hundred troops
sent into the Glace Bay, N . S., coal mining district, to quell
disturbances resulting from the strike of United Mine \\ orkers of America. Minor clashes between strikers and ■volun
teer workers had been frequent since the walkout, thirtysix hours ago, officials of the Glace Bay municipality re
ported to tho Minister in requesting troops.
Under the authority of the Militia Act, and in response
to a further requisition from tho officer commanding the dis
trict, the Department of the Militia planned to send oOO
additional troops to the disturbed mining areas in Nova
Scotia, it was announced on the 17th. This will make
approximately 1,000 members of the permanent force, it Angeles “ Times” fi'om Charles P. Reinger of this city, one
was said, sent to the strike area.
of those marooned. Several women passengers were ill,
Advices received from Calgary, Alberta, on the 17th inst. according to M r. Reinger’s telegram, and many babies and
stated that the Western Canada Coal Operators’ Association childrens were suffering from the extreme heat and from lack
had made a new offer to miners of District 18 to resume work of milk.
under the old working conditions at a reduction of 20%
At Ogden, Utah, a number of travelers stranded as a result
in wages. The agreement would run until March 1923, of the strike of Southern Pacific firemen sent the following
with the understanding that any schedule adopted subse telegram to President Harding on the lltli inst:
Limited trains tied up on account of strike, causing much distress to trav
quently by at least 80% of the United States coal operators
would supersede it. The miners are reported to have the elers, women and children. Civilized people have established courts to
adjust disputes among men and the time has com e to enforce their mandates
offer under consideration.
m ust bo prom ptly established to adjust industrial controversies among men.
W A L K OUT OF UNIONS ON THE SANTA FE SYSTEM
— PRESIDENT HARDING’ S CHARACTERIZATION
OF ACTION.
One of the most deplorable incidents growing out of the
shopmen’ s strike was the marooning of passengers of the
overland trains of the Santa Fe System, following notice
issued on the 10th inst. to the officials by local members
of the “ Big Four” Brotherhoods that until the road with
drew all guards from its property no more trains would bo
moved from Needles, Calif. On the 11th inst. it was
stated that paralysis of the entire western territory of the
system was imminent as a result of the sudden walkout
of engineers, firemen, conductors and brakemen. President
Harding took cognizance of the situation, when on the
13th inst. he addressed a telegram to Governor Campbell
of Arizona offering the assistance of the Federal Government
to relieve hardships among passengers on Santa Fe trains
marooned at junction points. It was then reported in
Washington press dispatches that some passengers, per
haps without the President’s knowledge, had already been
relieved by the movement of a Santa Fe train from Needles,
Calif, and Union Pacific trains from Caliente and Las
Vegas. The President’s telegram said:
I am informed that several passenger trains on the Santa Fe Railway
are marooned at junction points in your State because o f their abandon
ment by their crews. It is the obligation o f the Government to relieve
the people who are thus shamefully subjected to hardships. I f you have
not facilities for the relief which I know you will gladly bestow, then any
forces at the command of the Federal Government will be prom ptly
ordered to your assistance. K indly advise whether such assistance is
needed.
On the previous day (the 12th inst.) it was announced
that U. S. Attorney-General Daugherty had ordered the
Federal District Attorney in Southern California to investi
gate and ascertain whether the abandonment of trains was
the “ result of conspiracies by those operating them or
others to interfere with inter-State commerce and handling
of the mails.” In a statement regarding his action, the
Attorney-General said:
It has been reported to this department from certain places, especially
Southern California and Arizona on the Santa Fe system , that trains have
been and are being abandoned by trainmen and employes. This has oc
curred at places most inconvenient to the traveling public (Needles, Cal.
for instance), and not only results in interference with and obstruction to
interstate commerce and the transportation of the m ail, but in great suffer
ing and distress among m en, women and children who are passengers.
After conference with the President I have wired to the United States A ttor
ney at Los Angeles as follows:
‘ ‘ Report to United States District Judge any violations of injunctions
and institute proper proceedings to hold violators for contempt. Investi
gate quickly and ascertain if abandonment of trains was result of conspir
acies b y those operating them or others to interfere with interstate com
merce and handling o f the mails.
“ If proof sufficient present the matter to Grand Jury immediately.
“ I f Grand Jury not in session, present to court tho necessity of calling
special Grand Jury.
Department will givo you all necessary support and
assistance. The interference with and abandonment of trains strongly
indicate the existence of a conspiracy, and the Government will take all
necessary steps to prevent its continuation or like conspiracies elsewhere.
Advise me of results.
“ H . M . D A U G H E R T Y , Attorney General.
“ It is reported that twelve passenger and mail trains on the Santa Fe
line in Southern California are tied up because of the refusal of members of
the Big Four to m ove them . The reason given for such action was the
danger to members from armed guards and defective engines.
Seven
trains were held up at N eedles, three at Barstow, and two at Los Angeles.
Hand grenades were thrown into the Santa Fe stockade at San Bernardino
early this morning and an engine was run into a roundhouse turntable p it.”
On the 12th inst. a press dispatch from Los Angeles said:
The tie-up of passenger trains on the Union Pacific Railroad resulting from
tho walkout o f trainmen was broken this afternoon, according to an an
nouncement at the office o f W . II. C om stock, General Manager of tho Los
Angeles & Salt Lake Railroad. A ll trains were moving at 2 o-clock.
With the resumption of transcontinental train service on
the Union Pacific, the Associated Press advices from San
Francisco on the 12th inst reported the suspension of east
bound trains on the Western Pacific. It was stated in a
Los Angeles dispatch on the 12th that a plea that some
attempt be made to send a Red Cross relief train to Seligman, Ariz., to rescue women and children marooned there
as a result of the refusal of the big four brotherhood members
to move Sante Fe trains, had been received by the Los
Strike moans just what the word implies, force and violence, and the strikes
m ust be prevented b y law. W e trust you will use prompt and vigorous
means to protect the public welfare, oblige railroads to run and compel all
organizations o f capital and labor to adjust controversies in court.
A statement repudiating the developments on the Santa
Fe was issued as follows at Cleveland on the 12th, by W . G.
Lee, President of the Brotherhood of Railway Trainmen.
“ I have wired all local and general Chairmen filing complaints of unsafe
service with me to proceed as above outlined, and that m y permission would
be given for a peaceful withdrawal from service where, upon investigation
b y the general com m ittee, positive proof of unsafe conditions was found.
‘ T have not passed authority to tho individual members or local com
mittees to decido for themselves whether the servico as a result of the shop
m en’s strike was dangerous, bu t, instead, require tho General Com m ittee,
which consists o f at least one member from each terminal on a railroad, to
m eet and decide the question on the evidence furnished them , after which
full authority to quit work, as our laws provide, will be granted if the com
m ittee requests it.
“ M y understanding is that the laws of the other transportation organiza
tions in this respect are not as radical as the laws of the brotherhood, to the
extent that, instead of a majority o f the members of a general committee on
a railroad being permitted to decido tho question, tho laws of all of tho other
transportation brotherhoods require more than a majority of tho individual
membership on the railroad to vote in favor of such strike.
“ M y self and the entire membership of the brotherhood are as much in
sym pathy with the men on striko as aro the members of any other organiza
tion. However, I am unwilling to take the position that tho brotherhood
has a recognized law governing the organization and at the same timo give
instructions that mean that each individual member can do as ho pleases.
“ The General Com m ittee of the brotherhood for any railroad in the coun
try can be convened within 21 or 48 hours, and if just grievances exist or if
tho service is dangerous as a result of armed guards or defective locomotives
and equipment, such general committee can investigate and officially and
constitutionally handlo the subject as tho brotherhoods’ laws provide.”
The following by M r. Lee is taken from special advices
from Cleveland, Aug. 12 to the New York “ Times.”
M r . Leo said ho had ordered the trainmen who quit on the Santo Fe Rail
road in California and Arizona last night to return to work immediately. If
they want to strike they m ust get the sanction of two-thirds of the members
o f their Grievance Com m ittee and the Grand President, he said.
The brotherhood chief said tlie Grand Lodge had not sanctioned or ap
proved the Sante Fe strike and could not be held responsible in any way for
any delay in m oving o f United States mail trains. “ Tho responsibility rests
with the individual members , and then it is doubtful that there is sufficient
law even to prosecute th em ,” ho added.
Our men can quit work on mail trains as well as a freight or any other kind
of train,” said M r . Lee.
“ There is nothing in the laws to prevent a man from quitting work if he
wants to. O f course, there are penalties provided if our men abandon trains
between terminals or along the road, but they can take their trains into any
terminal where crews are changed and quit the job without fear of prosecu
tion.
“ W e aro not worried b y the Federal statutes affecting the operation of mail
trains. I f the men have a just grievance and find it necessary to strike, and
get proper approval, they will do so.
Has
Adjtistcd
M any
Grievances.
“ N o strikes have been authorized by me since tho shopmen's strike
began,” he added.
" I have had hundreds o f complaints, but these are being
adjusted. Tho men havo been restive, and m any o f them would quit in
sym pathy with the shopmen. B ut I am determined not to leave tho ques
tion of strike to the individual members or local committeemen. W h a t is
the use o f having a constitution or by-laws if we don’t live up to them .
“ I am determined to seo that this rule from our by-laws and constitution
is fully carried out: 'Failing to reach a satisfactory adjustment of griev
ances, the President of tho Grand I.odge and General Grievance Com m ittee
or Board of Adjustm ent shall have authority to sanction a strike, that is, to
approve o f a concerted and peaceful withdrawal from the servico o f all m em
bers of the brotherhood employed in train or yard service on all or part of the
road on which the grievance exists.’ ”
M r . Leo said if it was truo that tho Brotherhood of Locomotive Engineers
and Enginemen had issued orders to their members giving them tho right to
quit w’ork at their discretion because of danger from guards or troops on dut y
in connection with the shopmen’s strike, he would have “ to disagree with
th e m .”
“ I cannot approve such a policy,” ho added.
“ I believe it is up to the
trainmen to proceed along tho orderly course. But this action m ust not be
construed in any w ay as unsympathetic to the shopmen, as wo believe in
their cause and are backing them to a finish.”
M r . Lee said that every effort was being made to keep the trainmon on
the job.
H e said that complaints were numerous and that it was difficult,
but hoped to see the situation adjusted satisfactorily.
On the 10th inst. Mr. Lee in denying reports that he had
telegraphed general Chairmen of his organization not to
strike because of alleged abuses and insults to trainmen by
armed guards and defective equipment on railroads, gave
the following statement to the Associated Press at Cleveland:
The following telegraphic instructions havo been sent to general Chair
men T . S. Jackson, Illinois Central R R .; August W . Icks, Chicago &|North
Western R R ., and J. A . Colem an, Chicago Rock Island & Pacific R R .,
and will go forward to any and all general committees forwarding com
plaints to m e that our membership is in danger on their road as a result of
armed guards or defective locomotives and equipment.
I f employment on your lino is unbearable on account of conditions due
to the shopmen’s strike, your general committee should be convened, and
if a m ajority o f such com m ittee votes in favor o f a strike, authority of the
undersigned, as provided for in General Rule 9 of the constitution and gen
eral rules o f the Brotherhood will be given.
I will not pass such authority to the individual m em bers o f the brother
hood or to local committeeman on any line.
It was pointed out that General Rule 9, referred to above,
deals with procedure regarding adjustment of differences
and grievances and, in part, is as follows:
Failing to reach a satisfactory adjustment o f grievances the President of
the Grand Lodge and general grievance com m ittee or board of adjustment
shall have authority to sanction a strike; that is, to approve of a concerted
and peaceful withdrawal from the service o f all members o f the brotherhood
employed in train or yard service on all or part o f the road on which the
grievance exists.
According to a press dispatch from Los Angeles on Aug J 2
D . E. Crayne, General Chairman at Los Angeles of the Broth
erhood of Firemen and Enginemen, said in connection with
the telegram from President Lee of the Brotherhood of Rail
road Trainmen, that he “ could not and would not order the
men under his jurisdiction to return to work.” On the 13th
«inst. San Francisco press advices stated:
The railroad strike situation cleared somewhat in the W est to-day with
the m oving o f passengers who had been marooned on desert points at
Needles, C alif., and Caliente and Las Vegas, N e v ., and an announcement
b y the W estern Pacific R R . C o. here that there was a possibility of its
resuming operations in California to-night after an enforced suspension.
A demand that the chiefs of the “ Big Four” brotherhoods
take steps to immediately end what he denounced as the
lawless and inhuman violation of their contracts” by the
train service crews of the Atchison, Topeka & Santa Fe
Railway was made on the 14th inst, by A. G. Wells, Vice
President of the road. In telegrams addressed to Warren
S. Stone, head of the engineers; D. B. Robertson of the fire
men; W. G. Lee of the trainmen and L. E. Sheppard of the
conductors, Mr. Wells asked them whether they would get
their men back to work, supply other men to take"their places
or “ shall the company proceed at once to accept the only
alternative left in its duty to the public and engage the ser
vices of men to fill the places of those on strike?” M r
Wells’s telegram in full is as follows:
they vacated, or shall the com pany proceed at once to accept the onlv al
t h S c e s ^ f V b 11
you to-day ”
^
°“
pubHc and engagc thc services o f men to fill
1
a“ CXplicit answer on the Point from
Vice President Wells received at night the following an
swer to his telegram to W . G. Lee:
,
__
Cleveland, Ohio, A u g. 14 1922
Your wire date
D epu ty President M acK enzie left E l Paso to-day for
Albuquerque With instructions to go over coast lines to secure positive in
formation conditions of employment and require enforcement o f brother
hood laws. H ave instructed Vice President H arvey, now at Kansas C ity
to enforce compliance with brotherhood laws on Santa Fe proper
En
deavoring to start Vice President Bannon from Chicago to coast lines at
once.
^ H I QaV0TiWired ° fficc[ s Iodgcs at Albuquerque, Winslow., Gallup, Needles
? an Bernardino along same lines as wired D u ffy earlier. Instructing
Vice President and local officers our lodges on the coast lines to require m em
bership to Perform usual and regu.ar duties until authorized to quit accord
ing to constitution, and that failure to com ply with brotherhood laws and
working agreements means justifiable cancellation b y tbe com pany o f the
working agreement in efTect.
(Signed)
W . G . L E E .”
(( *n denouncing on Aug. 13th, the action of members of the
Big Four ^ brotherhoods in abandoning through passenger
trams at Needles and Barstow, Cal., and Seligman, Ariz.,
as a deliberate conspiracy, a violation of their solemn agree
ments with the railroad and an inhuman act. A. G. Wells,
Vice President of the Atchison, Topeka & Santa Fe Railroad
said:
i(
Chicago, A u g. 14, 1922.
“ Warren S. Stone, Grand Chief Engineer, Brotherhood of Locomotive
Engineers, Cleveland, Ohio.
N one o f the reasons given for theso lawless acts is valid. The Santa Fe
has asked no man to take out unsafe equipment. It lias no unsafe equip
ment and has been and is literally meeting all requirements o f the Safety
Appliance act. Inspectors o f the Bureau o f Safely o f the Interstate C om
merce Commission have made examinations recentlv of the Santa Fe power
and have given thc com pany a clean bill o f health.
The sympathetic strikers have given no specifications as to unsafe equip
ment or other unsafe conditions in the environment where the strike took
place. For justification o f their lawless and inhuman conduct at Needles
and other desert places th ey are driven to refer to some bom b throwing a
few days ago at San Bernardino, 250 miles away from Needles, where the
trouble has not been o f a sort to induce train service men to refuse to per
form their accustomed duties, and which incidentally occurred subsequent
to the calling o f the strike at Needles.
After abandoning trains filled with people, including the aged and infirm
^
Cb' ldren in the desert, with the mercury at 120 in the shade,
the Strike Com m ittee o f the Big Four in session at Needles received a com
mittee of five representing the marooned passengers, who asked them to
move the trains to help the suffers. T h ey were told that not a damned
“ D . B . Robertson, President. Brotherhood o f Locom otive Firemen and
Enginemen, Cleveland, Ohio.
“ W . G . Lee, President, Brotherhood of Railroad Trainm en, Cleveland,
Ohio.
WhirVHHi,H « n 'f n ^
Santa Fe removed the guards about its yar s.
r-nH na^nf norfv,
ind®fenslble treatment o f tho passengers, nearly 300
nther
habi e products belonging to farmers are standing at Needles
and other points and are fast deteriorating
L. E . Sheppard, President, Order of Railway Conductors, Cedar Rapids,
Iowa.
n l s ^ SthoutPtah e f lc f r Ke ° n the Santa Fe is not only a conspiracy, but it is
and 7s the I s n V T r bvftanu lal justificaG °n , actual conditions considered,
f fh T r l^
h brotherhood executives that men could leave their
I r f v ^ t o be t h T t n d ! ^ conditions were hazardous, leaving the men them nrirtieal invitnH
whether they would work or not , and in effect a
practical invitation to them to do what they have done. I am advised that
“ I have M r . Stone’s message yesterday in answer to mine o f the 12th,
joint to him and M r . Robertson, in which he refers to yours 13th, that it
advises that he has instructed his Chairman to get on the ground and take
charge of situation at Needles and also instruct Assistant Grand Chief M ont
gom ery, who is now at Laramie, W y o ., to go to Needles a t once, but no re
sponse from M r . Robertson.
I have also received advise from M r . Sheppard that he had wired his
general chairman, coast lines, to go where men are out and insist on their
returning to work where reasonable guard duty is being maintained, and a
ery satisfactory assurance from M r . Lee that he had advised general chair
man and representatives brotherhoods, Bakerfield, Needles and other points
oc ed, illegal or unauthorized strike would be not tolerated and that
aW )°h ®rgan*zat*on must be fully complied with before a cessation of work
“ 1‘
davo his appr°v a l and in the meantime his membership had been ined to return to duty and perform usual and regular service.
.. Pce m y telegram was sent to Messrs. Stone and Robertson the sym P
et c and illegal strike has spread, now involving all divisions west of
‘
uquerque, excepting Valley, where we have notice they will go out after
10 o clock evening o f A u g. 15.
A t 7 o ’clock last night our superintendent at W inslow , Arizona, was
handed the following:
Quote. Effective at 8 P. M ., A u g. 13, 1922— Owing to the general un
to 5 onditIons of efiuipment and Improper brake Inspections o f trains, of
which wo have sufficient individual protests on file and copies sent to our
general Chairman, we deem it necessary to withdraw our services from the
,*• T ' & s - F - Railway at this point until equipment is placed in safo con
dition and competent men placed on inspection o f trains satisfactory to the
ollowing general grievance committee of the coast lines, B . of L . F. and E .,
- of L . E ., O. R . C . and B . o f R . T ., and all men returned to work, with
full seniority rights.
“ (Signed)
. " For Brotherhood of Locomotive Firemen and Enginemen, C . J. W illey,
. . D - W i,o y ' George P. Sughruc.
“ For Brotherhood o f Locomotive Engineers, O . Ohohn, N . II. Sipe, F . C .
Her.
“ For Order o f Railroad Conductors, E . J. Howard, C . J . Bullock, B . F.
Evans.
“ For Brotherhood of Railroad Trainmen, Joe Voolker, L . II. Cockrum,
'V . V . Stanley. U nquote.”
It will be noted that in this ultimatum no reference is made to the ob
jection to guards, which was the main causes o f complaint in the Needles en
vironment, but a new element is introduced, that o f competent men to be
employed for inspection o f trains, which has no more foundation, in fact,
than the claim o f unsafe engines.
"Y o u r attention is called to- the language of the ultim atum delivered at
Winslow and above quoted. It stipulates that certain conditions must be
m et satisfactorily to the General Grievances Com m ittee o f the Big Four,
rhis warrants tho deduction that the committee at W inslow is acting under
the direction of tho General Chairman and certainly constitutes an unwar
ranted and sympathetic strike approved by tho four organizations in flagrant
violation o f your constituents’ obligations under the existing agreements
between this company and its train and engine service employes.
I ask you each to declare whether you will immediately order, and require
compliance with your order, that they shall return to work and perform
their accustomed duties, advising them that failure to com ply will result in
your co-operation with the company to supply men to take the places w hich
nt ° Z ? r s t , flCf ° f the Big FoUr brotherhoods has been on the ground
at Needles to learn true conditions.
? CeiVl d laSt week from its connections and moved over
,-s ihsntot1! I * ? 1 PV.m ber o f loaded freight cars in its whole history, which
•n
Pp ° ° ^ ° f 1 P€rfect Physical condition. The sympathetic and
illegal strike has been called because the Santa Fe had won against the strik
ing employes o f the shoperafts.
The people marooned at N eedles, including those whose destinations were
to eastern points, have been started back toward Los Angeles on a train
manned by officials, which left Needles at 8:40 this morning.
^The Associated Press, Washington dispatches, on August
15, in stating that heads of the brotherhoods of railroad
operating employes were declared today by Warren S. Stone,
Grand Chief of the Brotherhood of Engineers, to be “ en
deavoring to get the Santa Fe line opened up,” reported M r.
Stone as saying:
W e have told our men not to violate their contract in any way and to
continue serving on trains unless the equipment is unsafe. W e are trying
to help out there. I believe that the walkouts are due largelv t o local con
ditions. W e are having tho m atter investigated.”
The same advices stated:
M r. Stone said that W estern fruit growers had telegraphed a long protest
to the brotherhood organizations concerning the strikes on the Western
roads. H e also asserted a response had been sent to A . G . W ells, Vice
President o f tho Santa Fe, in his demands for the resumption of work bv
trainmen, but ho did not make public the telegram.
L.
E . Sheppard, chief o f thc Order o f Conductors, also sent messages to
his men in the A\ est, seeking to induce them to return.
. ^ th7 efT , nCe!,t0 th ° walkouts in tbe W est o f crabs not on national strike,
brotherhood leaders said all such walkouts were under investigation by
representatives of the national organizations. The conductors and train
men, it was explained, are not free to leave employment until committee
action has been taken locally b y their organizations, but the engineers
firemen and switchmen aro permitted under the present orders o f their
chiefs to leave employment individually wherever they consider their “ lives
in danger” b y the posting o f railroad guards or the operation o f equipment,
which they consider unsafe.
The following telegram from Mr. StoiF', chief of the
Brotherhood of Engineers, was received on Aug. 15 by
A. G. Wells, Vice-President of the S°ntr. FoIn reply to your message regarding situation on Santa Fe, I have wired
all divisions o f the B . o f L . on Santa Fe proper and Santa Fe coast lines
and to engineers’ Chairmen on these properties that men will be expected
to perform their usual duties and take out engines that they would have
taken out under normal conditions.
I have told them that unless the men return to work their places will be
filled. A ll concerned have been advised that there is no legal strike o f the
transportation brotherhoods.
the shopmen unanimously declined President Harding’s invi
tation to return to work and leave to the Labor Board the
questions of seniority. The railway executives presented
Under date o f Aug. 15 a press dispatch from Nevada their conclusions to President Harding on the 12tli inst., but
announcement as to their stand was not made public until the
stated:
13th inst. Two reports resulted from last Friday’s meeting
All passenger trains stalled on the lines o f the Santa Fe R y . by the walk
out o f members o f the B ig Four were reported m oving to-day, efforts were
of the railway executives; the majority report in agreeing
being made to m ove all freight tied u p on the same line, and tension follow
that the decision on the question of seniority be left with the
ing the railroad labor troubles in the Southwest were expected to be light
Labor Board further agreed that “all former employees who
ened, according to dispatches from San Bernardino, C alif., announcing the
end o f the brotherhood strike here on the Union Pacific System.
have not been guilty or proven violence . . • shall be as
Santa Fe officials planned to start at least one passenger train a day from
signed to their former positions where vacancies exist,” and
Los Angeles to Chicago.
Investigation by Federal officials o f the report that trains were aban
that “ where the positions they formerly held have been filled
doned at desert points, with resultant suffering to passengers, as a result
other employment of the same class will be found for such
o f a conspiracy, was said to be progressing. Department o f Justice agents
employees as have committed no acts of proven violence.”
were to begin an inquiry to-day at Needles, Calif.
Incidentally it may be noted that on the 11th inst. the The minority report, while agreeing to the submission of the
marooned passengers of the Santa Fe were subjected to seniority issue to the Labor Board, declared only for the re
unwonted discomforts when the temperature registered 120. employment of former employees not guilty of violence where
The denunciation of the train hands by the passengers is vacancies exist. The following is the statement issued on
dealt with in a special dispatch to the New York “ Times” Aug. 13 by Thomas De Witt Cuyler, Chairman of the Asso
ciation of Railway Executives, regarding the majority and
Aug. 14 from Los Angeles, which we quote herewith:
minority conclusions:
Exhausted and on the verge o f collapse from their enforced stay o f nearly
Grand Officer M ontgom ery has been unable to reach either Las Vegas
or Needles, and if possible I intend to assign another officer to cover that
territory
I will appreciate it if your office will keep me advised o f the
situation.
W A R R E N S. S T O N E .
four days on the desert at Needles, 125 passengers on Santa Fe train N o .
1. -which had been stalled b y the walk-out of the Big Four Brotherhoods,
arrived here last night.
.
W ith unanimity equalled only b y their bitterness, the passengers denoun
ced what they termed the inhumanity o f the railroad strikers who made the
innocent traveling public the sufferers in their dispute with the Santa Fe.
“ I am an old woman— too old to be made to suffer as I have on this trip
localise o f greedy workers,” Grandma M allisa W ood on, a 95-year-old pas
senger taken from the train and placed in a wheel chair, stated last night.
M atron Y o u n g o f the Santa Fe System assisted in carrying the elderly
woman from the train. Sho was taken immediately to a local hotel. W hen
she recovers sufficiently from heat prostration she will go to the home o f
relatives in Oakland.
J. N . Norris, 57 year's old, a resident o f Los Angeles, left here four days
ago for the E a s t, in search of better health. H e came homo worse than when
he left. A n ambulance m et him at the station. H e was too weak to w alk,
being carried out o f the coach on a stretcher and then transferred im m ediate
ly to his hom e, under the care o f a physician. Because o f his critical con
dition, due to the unbearable heat in N eedles, a nurse was obtained in San
Bernardino to accompany him on the remainder o f the trip.
“ It is horribly inhuman to inflict such suffering upon innocent peoplo,”
declared a sister o f the sick m an. “ H e was going East for his health, and
was made worse here in his own State because o f selfish people. It is cruel
and un ju st.”
“ H ospitality was offered by some o f the strikers,” said M rs. A . R . Vilven
o f Kansas C ity, who was delayed in Needles on her way here. “ Some of
the strikers opened up their homes to the passengers and invited them to
take what comforts they could,” M rs. Vilven said last night. “ I don’t
think any o f the passengers accepted their hospitality for fear tho train
might m ove out and they would be left. A n yw ay, we preferred to sleep in
the open, where it was perfectly safe and much cooler. I t certainly was
some experience, but still when I left home I never dreamed of experiencing
such a miserable episode in California.”
A t the meeting of the railroads in Now York on Friday, A u g. II 1922,
they with practical unanimity responded favorably to the President’s call
that the seniority question bo loft to the United States Railroad Labor
Temperature 130 in the Cars.
of the railroad.
“ (c) If, after these men have been assigned, questions of seniority arise
with them which cannot be settled locally, they will bo referred to the
United States Railroad Labor Board for review. Further
“ Resolved, T h at tho strike is to be called off, with tho understanding
and agreement b y all parties that no intimidation nor oppression shall be
practiced or permitted as against any o f tho employees who have remained
or have taken service, or against those who m ay return to service under
the proposal o f the President.”
The following minority report was supported b y roads having a mileage
o f 57 ,2 2 2 miles:
“ Resolved, T h at the Chairman bo authorized to reply to the President’s
telegram o f August 7 that tho railroads represented at this meeting are
willing that:
“ (a) A ll former employees who have not been guilty of violence against
the employees or the property of the railroads shall be assigned to their
former positions where vacancies exist.
“ (6) I f after these men have been assigned, questions of their seniority
arise which cannot bo settled locally, thoy shall be referred to the United
States Railroad Labor Board for review.
“ (c) In agreeing to submit questions of seniority as provided above to
tho United States Railroad Labor Board for review, it is understood that
neither the railroads nor the employees shall be deprived of the right of
review b y the courts of such decisions if they affect agreements in existence
between any railroad and its em ployees.”
N o one escaped the effects o f the terrible heat. For tho most part, the
mercury hovered around 120 outside, but inside tho cars it appeared to be
stationary at 130.
Sleep in the trains was virtually impossible. M o s t of
the passengers attem pted to catch a wink o f sleep on the lawn of a park
near the railway station.
A com m ittee composed o f tho R ev. J. Early, M . A . M cD on ald , George
W hitney, E . Artberg o f Stockholm, Sweden, and C . J. W olentarfky o f C in
cinnati, who was Chairm an, waited on J. A . Christie, Superintendent o f
the Arizona Division o f the Santa Fe, Saturday, and appealed for relief for
the stalled passengers. M r . Christie replied that tho men who had walked
out would do nothing to aid in remedying the situation.
Finally, a train with two engines was made up and J. A . Pullar, master
mechanic, o f Los Angeles, with headquarters in San Bernardino, volun
teered to act as engineer. George Anderson, railroad foreman o f engineers
at San Bernardino, voluntered to handle the throttle on the second engine.
“ Shorty” Underwood, an Arizona D ivision conductor, joined these two for
the trip from Needles to B agdad, a water tank station on the desert. A
guard, armed with a W inchester rifle, stood at the rear o f the train
A s
sistant General M anager J. H . Hitchcock o f the Santa Fe coast lines, who
went to Needles b y automobile on Saturday, accompanied the train as far
aSOthOT^assengers who suffered were M r . and M rs. L . S. Heine, Cincin
nati Ohio en route to Oakland with their three little daughters, and M rs.
Herring age 75, M rs. H eine’s m other. These six drove by automobile
from Ashfork, A riz., to B agdad, catching the train there. A t Needles the
three girls were taken ill, but had partly recovered upon their arrival here.
M r M cD onn ell, a member o f the committee who sought relief o f Superin
tendent Christie, and a com m ittee o f the Big Four Brotherhoods, upon ar
rival said- “ Th e railroad officials treated us all right, and did all in their
power to relieve the suffering from the heat, and finally secured a relief
train for which we thanked M r . Christie most sincerely. The striking
railroad men treated ns as outcasts. T h ey answered our requests to re
m ove the trains and relieve suffering with the reply: “ Go to hell.”
M r McDonnell said the attitude o f tho Big Four men was such that they
would not oven listen to the appeals o f the marooned passengers.
Jack R yan o f Los Angeles, who, though on his way to N ew Y o rk , re
turned to this city, declared: “ I am thoroughly disgusted with tho unions
and men who aro responsible for our inexcusable detention. Tho sanitary
conditions at Needles wore greatly ta x e d ,"___________
RAIL WAY EXECUTIVES’ ACCEPTANCE OF PRESI‘ DENT HARDING’S PROPOSAL FOR SUBMISSION
OF SENIORITY QUESTION TO RAILROAD
LABOR BOARD.
While the railway executives at their conference in this
city last Friday (Aug. 11) “ with practical unanimity iosponded favorably to the President s call that the senioi ity
question be left to the United States Railroad Labor Board ”
Board.
. . .
, ,
.
Approxim ately three-quarters of the mileage responded favorably to
his call that all striking shop craftsmen bo re-employed, and the balance
that all such strikers be re-employed as far as practicable.
The resolutions acted on b y tho meeting have been subm itted to the
President.
,
Th e following resolutions were adopted b y roads having a mileage oi
151,824 miles:
.
“ Tho telegram of the President, dated A u g. 7 1922, having been con
sidered, and in responso to his call to the carriers and tho striking work
m en, the following resolutions were adopted:
“ Resolved, T h at tho proposal of tho President to the striking workmen to
return to work, and to the carriers to assign them to work, leaving tho dis
puted question of seniority to tho Labor Board under the provisions of tho
Transportation A ct for decision, be accepted, understanding as wo do that
such acceptance involves no surrender of tho principles with respect to
seniority adopted b y tho carriers on A ug. 1 1922, but recognizes that tho
proposal of tho President invokes tho jurisdiction of the Labor Board under
the Transportation A ct to pass upon tho relative seniority of those loyal
employees who have remained at work and those new employees who have
since accepted service (the rights o f both of which classes to seniority we
feel bound in justice to defend before the Labor Board) with the strikers
who m ay re-enter the service under tho proposal of the President. There
fore, be it further
“ Resolved; (a) A ll former employees who have not been guilty of proven
violence against the employees or property of tho railroad shall bo assigned
to their former positions where vacancies exist.
“ (6) W here tho positions they formerly held have been filled, other
employment of the same class will be found for such employees as have
committed no acts o f proven violence against the employees or the property
On Aug. 14 the New York “ Times” said:
The principal and larger roads that voted for tho minority report in fa\ or
of limited acceptance were tho Atlantic Coast Line, the Delaware & I udson, the Central o f N ew Jersey, the Lackawanna, tho Lehigh Valley,
Louisvile & Nashville, the Missouri Kansas & Texas, the Missouri I actfic,
the Pennsylvania, the Nashvillo Chattanooga & St. Louis, the 1 ere M ar
quette. tho Richmond Fredericksburg & Potom ac, tho Texas & I.acm e and
the W abash. There wero a mimber o f smaller roads in the list.
Tho larger roads voting in favor of full acceptance of the 1 resident s
proposal were the Santa Fe, Baltimore & Ohio, Chesapeake & Ohio,
Chicago Sc N orth W estern, Burlington, Chicago M ilwaukee & . t. l a u l ,
Rock Island, Erie, Grand Trunk, Great Northern, Illinois Central New
York Central, N orfolk & W estern, Northern Pacific, I hiladelphia &
Reading, Frisco system , Southern Pacific and Union Pacific.
ere -were
a number of smaller roads also lining up with this position.
While it was stated in Associated Press dispatches from
Washington Aug. 14 that the railway executives indicated
through an authorized spokesman that they expected the
Government would not attempt further compromise in the
situation, the union leaders declared that mediation and
compromise efforts would still be continued with officials of
the four brotherhoods of train service men acting as a com
mittee to go between the striking shop craft representatives
o n th e o n e h a n d a n d th e G o v e r n m e n t o r th e r a ilr o a d s on th e
le a d e r s o f th e r a ilr o a d la b o r o r g a n iz a t io n s h a d w ith P r e s i
o th e r.
d en t H a r d in g .
E l s e w h e r e w e r e f e r t o t h e r e q u e s t m a d e b y t h e u n io n
I n d e c lin in g to s u b m it th e s e n io r it y is s u e to
le a d e r s f o r a c o n fe r e n c e a n e w w ith th e r a ilr o a d e x e c u tiv e s ,
th e R a ilr o a d L a b o r B o a r d
a n d w e a l s o g i v e in a n o t h e r i t e m t h e r e p ly o f t h e s h o p m e n to
o r it y w a s n o t a n d is n o t n o w a n is s u e o r a d is p u te in t h is
P r e s id e n t H a r d in g .
str ik e . ’
I n a W a s h in g t o n d is p a tc h A u g . 1 2 th e
N e w Y o r k “ T im e s ” h a d th e f o llo w in g to s a y r e g a r d in g la s t
F r id a y ’ s c o n fe r e n c e o f th e r a ilw a y e x e c u t i v e s :
I n c i d e n t a l l y i t m a y b e r e c o r d e d t h a t L . F . L o r e e , P r e s id e n t
o f th e D e la w a r e & H u d s o n R R ., s ta t e d l a s t w e e k p r io r to th e
c o n f e r e n c e o n t h e 1 1 t h i n s t ., t h a t “ t h e m e n w i t h w h o m I h a v e
th e P r e s id e n t’ s la t e s t p r o p o s a l fe e l
th e s a m e
re
g a r d i n g i t a s I d o , t h a t i s , t h a t i t d e m a n d s a c o m p le t e s u r
r e n d e r o f th e p o s it io n o f th e r a ilr o a d p r e s id e n t s a s s ta te d a t
t h e l a s t m e e t i n g .”
in g
M r. L o r e e w a s fu r th e r rep o rted a s s a y
th e o u tc o m e o f th e m e e t in g w ill d e p e n d o n w h e th e r o r
n o t th e s e e x e c u tiv e s h a v e th e c o u r a g e to m a in t a in th e sta n d
t h e y t o o k a t t h e p r e v i o u s m e e t i n g .”
S H O P M E N ’S
D E C L IN A T IO N
OF
P R E S ID E N T
H AR
D I N G ’S P R O P O S A L T O S U B M I T S E N I O R I T Y I S S U E
TO
R A IL R O A D
LABOR
BOARD.
C o in c i d e n t w i t h t h e i s s u a n c e o f t h e r e p l y o f t h e s t r i k i n g
s h o p m e n , in
w h ic h
th e y
“ u n a n im o u s ly
d e c lin e d ”
P r e s i d e n t H a r d i n g ’ s p r o p o s a l o f t h e 7 t li i n s t .
o u r issu e o f la s t w eek , p a g e 7 1 9 )
to
accept
( i n d i c a t e d in
t h a t th e s t r ik in g r a ilr o a d
e m p lo y e e s r e tu r n to w o r k a n d le a v e to th e R a ilr o a d
Labor
B o a r d t h e s e n i o r i t y q u e s t io n , i t w a s m a d e k n o w n t h a t t h e
le a d e r s o f th e
B ig I o u r” b ro th e rh o o d s h a d re q u e ste d th a t
th e r a ilw a y e x e c u t iv e s a g r e e to a c o n fe r e n c e f o r a s e ttle m e n t
o f th e s tr ik e is s u e s .
d e a lt w ith
T h i s c o n fe r e n c e , h e ld o n T h u r s d a y , is
in a n o t h e r i t e m .
The
o v e r tu r e s to th e r a ilw a y
e x e c u t iv e s b y th e b r o th e r h o o d le a d e r s c a m e a f t e r P r e s id e n t
H a r d i n g h a d o n A u g . 1 4 d e c li n e d t h e p e t i t i o n o f r e p r e s e n t a
tiv e s
b r in g
of
th e s t r ik in g
to g e th e r
u n io n s .
th e
u n io n s to
u se h is
r e p r e s e n ta tiv e s o f
in flu e n c e
to
a g a in
th e c a r r ie r s a n d
th e
T h e r e p ly o f t h e s h o p m e n r e j e c t i n g P r e s i d e n t H a r
d in g ’ s p r o p o s a l w a s m a d e p u b lic o n th e 1 5 t h in s t. b y B e r t M .
J e w e ll, P r e s id e n t o f th e R a i lw a y E m p lo y e e s D iv is io n o f th e
A m e r ic a n F e d e r a tio n o f L a b o r .
I t s issu a n c e h a d b een p re
c e d e d b y c o n f e r e n c e s in W a s h i n g t o n l a s t w e e k b e t w e e n r e p r e s e n ta tie v s
of
th e
s tr ik in g
sh o p
c r a fts an d
heads
o f th e
b r o th e r h o o d s a n d o th e r r a ilr o a d la b o r o r g a n iz a t io n s , b e sid e s
th e c o n fe re n c e s la s t
S a tu r d a y
and
su b seq u en t
T h e y c o n te n d t h a t th e a u th o r s o f th e T r a n s p o r t a -
i o n A c t h a v e “ s t a t e d t h a t t h e r e i s n o p e n a l t y in t h e T r a n s
p o r ta t io n A c t a g a in s t e m p lo y e e s w h o s tr ik e w h e n a n i n j u s
Something about what happened at the railway executives' meeting in
New York on Friday was revealed to-day when the committee of executives
m et President Harding this afternoon.
Am ong other things the fact came out that the vote o f the executives in
N ew York was 195 to 71 in favor of unconditional acceptance o f his proposal
o f Aug. 7 for settlement o f the strike.
This resulted in the preparation o f two reports which were handed today
to the President on behalf of the executives. Five members of the Execu
tive Committee joined in supporting the m ajority report, which was handed
to President Harding by Howard Elliott, Chairman of the Northern Pacific
Railroad Com pany.
The minority roport, on behalf o f those who voted against acceptance
o f the President’s call to take the strikers back to work, was signed by
two members o f the committee and was presented by W . W . Atterbury,
Vice-President o f the Pennsylvania Railroad.
The President was told on behalf o f the 195 who favored acceptance
• o f his proposal that the heads o f all the roads represented were willing
to give employment to the returning strikers on their roads, and stood
ready to have the seniority question handled by the Railway Labor Board.
On the other hand, the President was informed that the m inority, while
unwilling to furnish em ployment for all the strikers who had quit on their
roads, would give em ployment only to the extent that men are needed.
T h ey did not feel that they could take back all who had struck on their
roads, because there were not positions enough for them.
Practically all Western roads, including the Union Pacific, Southern
Pacific, Great Northern, Chicago & N o rth w estern , Chicago Milwaukee &
St. Paul, voted for acceptance o f the President’s proposal. Th e Southern
R ailway indicated that it would act in accord with the m ajority report
although that road was not a member o f the executives’ conference. The
B . & O. system likewise threw its strength in favor o f the m ajority.
The roads represented among the 71 in the negative included the N ew
England lines, Pennsylvania, the Lehigh Valley, Delaware & Hudson
and Central o f N ew Jersey. The M issouri Pacific was the only Western
line voting with the negatives.
Information furnished the correspondent o f the N ew Y o rk “ T im es"
is that the members o f the committee representing those who approved
the President’s proposal unconditionally were, besides M r . Elliott, President
Smith o f tho N ew York Central, President Krutsclinitt o f the Southern
Pacific, President Holden o f the Burlington, and President M arkham
o f the Illinois Central.
There is no foundation, according to a statem ent made to-night, for
the report that the m inority after being out-voted agreed to abide by the
action o f the m ajority. The fact is that the vote could not bind the railway
presidents as a body.
B ut the meaning o f the v o te 'is explained as being that all the roads
represented by the m ajority vote were ready to give em ployment for
returning strikers on their roads, regardless o f whether they had places
for them , while the roads represented by tho m inority did not feel that
they should discharge men to make way for returning strikers, or bear
the "extra expense o f giving positions to strikers beyond the extent to
which work could be found for them .
It was stated that those who represented the m ajority, provided the
settlement was reached, would be able to give positions to about twothirds o f tho strikers that return, and that roads voting in the minority
would find places for part o f the other third o f those who walked out.
d isc u sse d
t h e s h o p m e n d e c la r e t h a t “ s e n i
days
w h ic h
tic e is d o n e th r o u g h a d e c is io n o f th e R a ilr o a d L a b o r B o a r d .”
P r e s i d e n t H a r d i n g ’ s p r o p o s a l o f t h e 7 t h i n s t . i s d e c la r e d b y
th e s h o p m e n “ im p r a c t ic a b le a n d w o u ld c r e a te a c h a o tic c o n
d itio n b e c a u se o f th e
e m p l o y e e s .”
u n d e te r m in e d
s e n io r ity
sta tu s o f th e
T h e r e p ly in f u l l f o l l o w s :
R A IL W A Y
E M P L O Y E E S ’ D E P A R T M E N T OF T H E A M E R IC A N
F E D E R A T IO N OF L A B O R .
The President, the White H ouse, Washington, D . C.
A u g. 11 1922.
M u Dear M r . President:— W e are In receipt o f your telegram of August 7.
re erring to your message to us o f July 31, and our reply of August 2.
in your telegram o f A u g. 7 you request that striking railroad employees
T ° rk and leavo to the decision of the Railroad Labor Board,
‘ Tv •
a' e returned to work, the question o f seniority as covered in
the third paragraph of your telegram o f July 31.
This request has been fully considered b y tho Executive Council o f the
Railway Employees’ D epartm ent, who represent the railway employees
effected, and you are hereby advised that the proposal contained in your
telegram of A ug. / has been unanimously declined for, among others, the
following reasons:
1. On July 31 you subm itted to the representatives of the railway em
ployees in question and to the railway managers “ tho terms o f agreement
upon which the railway managers and United Shopcraft workers are to
unite preliminary to calling off the existing strike.”
Your terms o f agreement above referred to were accepted b y the repre
sentatives o f the employees. On the seniority question your terms of agree
ment were, all employees now on strike to be returned to work to their for
mer positions with seniority and other rights unimpaired. Th e representa
tives o f the carriers and the representatives o f the organizations, especially
agree that there will be no discrimination b y either party against the em
ployees who did or did not strike. This clearly provides that the seniority
question was to be settled before the employees returned to work. Y our
proposal o f A u g. 7 is that it be agreed to , or rather disposed of, only after
they have returned to work.
This strike cannot be, and no other railroad strike has been, settled until
it was agreed that all employees on strike are to be returned to work and to
then- former positions with seniority and other rights unimpaired.
.,7 /
b®mori^ was not, and is not now, b y right, an issue or a dispute in
®trik®’
authors o f the Transportation act have, on m any ocT
S S * thCre ls no Pena,ty in the Transportation act against
R a i k o a d V 'h 0 n k<3
an injustico is dono through a decision of the
therefore ^ h o f i
lXdmittcd1^ they have the right to strike and,
thev striko
°
for^eit ^ e i r standing as railroad employees because
n o r fi t l „ M A n y ,hCr in str u c tio n of the law would read into the Trans
portation act a penalty which is not contained therein.
dared to
' ' e. acfiuiesced in the terms of agreement which you deterest of nil nnn™ a 'T ‘T d reasonahlo, and we are willing now’ , in the intliat atrroemnnt ‘ Tv- ’ to settlc the strike in accordance with the terms o f
had acfeotoH
° are’ ° f C0Ursc’ UIlabl° to understand w hy. after we
accent a nr«r>«° i ‘T T T t0rnlS o f a8reement, you should now request us to
agreement 1 ° Sa " ^
1S d *recl*5’ in conflict with your former proposed
nniitiit iV.TiTT?*084 hroi1>osa* is impracticable and would create a chaotic
Ti-iiiron i
dT
t lC nnhetermined seniority status of the employees.
, ,c eml) eyees are ever mindful o f the public interest. T h ey have
t r ? ° Ur .*?" n terms o f agreement, which called for no sacrifice on the
‘ . °
16 ral'road executives, but which did require that the employees
, .,
a concession of practically every issue which brought about the
. ’
' 0 have repeatedly called attention to the fact that the campaign
„a ns
e organized railroad employees was a part of the general open
s op% cive, and, if press statem ents are correct, the managers of some of
ic t <u roads the last few days have frankly admitted that they do not de
sire a
his tim e to settle the strike, but hope to be permitted to continue
leir e orts to disintegrate the organizations o f railroad employees.
Sincerely and cordially yours,
W IL L IA M H . JO H N SO N ,
International President, International Association o f Machinists;
r
J- A . F R A N K L I N ,
n emotional President, International Brotherhood of Boilermakers, Iron
Shipbuilders and Helpers;
r
.
JA M E S W . K L IN E ,
enerai President, International Brotherhood o f Blacksmiths, Drop Forgers
and Helpers;
J- J- H Y N E S .
international President, Amalgamated Sheet Metal Workers' International
Alliance;
T
JAM ES P. N O O N A N ,
international President, International Brotherhood of Electrical Workers;
M A R T IN F. R Y A N ,
General President, Brotherhood o f Railway Carmen o f America;
p
t im o t h y h e a l y ,
I resident, International Brotherhood of Stationary Firemen and Oilers;
B . M . JEW ELL,
President, Railway Employees’ Department.
n o a b o v e r e p ly w a s a c c o m p a n i e d b y a s t a t e m e n t b y M r .
J e w e ll s a y i n g :
T b e Association o f Railw ay Executives have again, in their letter o f A u g.
11, declined to accept the President’s proposition of A ug. 7. They have not
° ' t i TKIT,'d 40 perm ’ t all employees now on strike to return to work.
th o railroad managements apparently intend to be the court, judge and
jury for tho trial and conviction o f those employees whom they do not intend
shall return to work.
O n t h e 8 t h i n s t ., i n r e p o r t i n g M r . J e w e l l a s s t a t i n g t h a t t h e
sh o p m e n w o u ld g o b a c k i f th e G o v e r n m e n t to o k o v e r a ll th e
road s, a
s a id :
W a s h in g to n
d is p a tc h
to th e N e w
Y ork
“ T r ib u n e ”
Even seizuro b y the Governm ent of the railroads which form the dis
tributing system for the coal fields, which President Harding is said to
contemplate if his attem pts to settle the rail strike fail, will not bring a
break in the shopmen’s walk-out on these roads, B ert M . Jewell, leader
of the strike, said to-night.
“ I f the Government should take over all the roads and offer all the
m en their old jobs, we would agree to end the strike,” he said. The
union, he declared, could not afford to break down its own strike b y
agreeing to a resumption o f work b y scattered groups o f employees on
individual roads. The pursuit of such a course b y the Government would
give it the role o f “ strike breaker,” he said.
“ It should be remembered that an engineer is a man who has worked up
to his position through long years o f effort. It means everything to him
to hold that position and not risk it through any hasty action. Therefore,
when an engineer says he is going to quit, it means that something very
big is pushing h im .”
O n t h e 9 t h in s t. a te le g r a m h a d b e e n s e n t to M r . J e w e ll b y
t h e W a s h i n g t o n m e e t i n g o n t h e 1 1 t h i n s t ., w e r e , a c c o r d i n g t o
D a v i d W i ll i a m s , S e c r e t a r y o f th e C e n t r a l S t r ik e C o m m itte e
in N e w Y o r k , e n d o r s in g th e s ta n d o f M r . J e w e ll “ in r e fu s in g
to a c c e p t th e c o m p r o m is e p r o p o s itio n o f P r e s id e n t H a r d i n g .’ ’
T h is te le g r a m r e a d :
Aug. 9 1922.
B. M . Jewell, care William II . Johnson, Machinists' Building,
Washington, D . C .:
In behalf o f thousands o f striking railway shopmen in the N ew York
district we endorse your stand in refusing to accept the compromise propo
sition o f President Harding. Located in a district directly exposed to the
poison gas as represented by the lying propaganda of the railway executives,
our members have stood the attack without faltering and the morale of
the strikers is perfect.
These men have witnessed our so-called American railway executives
hire cheap Chinese, Hindu and negro labor to try to break the strike, and
under no circumstances will these former soldiers agree to allow this con
glomeration o f unskilled foreign workmen to be considered as the favored
employees of the railroads in order to gratify the autocratic desire of the
American railway kaisers for a condition o f industrial slavery for railway
employees.
Let us assure you again we want no compromise, and urge that the
fight be fought to a finish right now on its merits, and the present A d
ministration in control o f our Government be forced to show whether
it stands for real Americanism or the brand o f Americanism represented
b y a few hard-boiled railroad officials who would wreck our entire country
In their lust for power.
D A V ID W IL L IA M S ,
Secretary for N ew York District Com m ittee.
A t th e s a m e t im e M r . W i l l i a m s is s u e d a s t a t e m e n t s a y i n g :
“ The com m ittee has been flooded with protests from strikers on all roads
in this district against any acceptance o f the President’s latest proposal for
a settlem ent. Th e men w on’t stand for a settlement that does not guarantee
their seniority. Th ey know the future o f their organization depends on
this point.
“ The President's first proposal protected the men on seniority. The
unions accepted it, but the executives turned it down.
"T h e latest proposal puts this issue up to the Labor Board. But the
board ruled against the men on this very point after the strike was called,
and cannot be expected now to reverse itself. The men can’t see why they
should be penalized because the executives set themselves against the
Government in rejecting the first proposal.
“ Even if we wanted to, we couldn’t drive the men back to the shops on
any such terms. The men are full o f fight. The last two days has con
vinced us o f th a t.”
T h at there is much concern among the strikers over reports that Congress
m ay be asked by the President to invest the Railroad Labor Board with
m andatory powers, was disclosed by John J. Dowd, Chairman o f the Cen
tral Strike C om m ittee. H e said:
“ Our position is stronger today than it has been at any time since the
strike began. The railroad executives are sitting on a volcano. The walk
out o f the train crews such as occurred on the Elgin, Joliet & Eastern
might happen day on several roads entering New York.
“ Both strike guards and defective equipment might precipitate a strike.
State militia are not used in this district. So-called private police and
United States marshals are on guard around local railroad property. But
a large number o f these men
. . . have already given train crews
considerable trouble in this district.
“ The walkout o f so-called maintenance of way men on the Jersey Central
at Ashley was not a strike o f roadway men, but firemen and oilers, who
happened to be members o f the M aintenance of W a y Union. These men
clean, fire and oil the engines between runs. Their absence will seriously
cripple service at this point.
“ Talk o f legislation at W ashington which will limit the right to strike or
turn the Labor Board into a compulsory arbitration board is causing a
great deal o f comment among strikers in this district. The men are ab
solutely opposed to any such un-American denial of freedom. The only
action b y Congress looked upon with favor by railroad workers would be a
bill empowering the President to take over the railroads and settle the dis
pute along the lines o f his original proposal."
O n t h e 1 1 t h i n s t . f o l l o w i n g m e e t i n g in W a s h i n g t o n o n t h a t
day
of
th e
heads
of
th e
r a ilr o a d
s ta te m e n t w a s m a d e b y M a r tin
la b o r
o r g a n iz a tio n s
th e
F . R y a n , h e a d o f th e C a r
m e n ’s B r o th e r h o o d , w h ic h a m o n g th e s tr ik in g o r g a n iz a tio n s
n u m b e rs, it is s a id , th e m o s t m e n , “ N o w th a t it ’ s co m e d o w n
to
a q u e s tio n
fig h t.
re te n tio n
it
isn ’t th e
sh o p m en ’s
T h e o n ly b r o th e r h o o d c h ie f o f f i c ia l m is s in g
th e g a th e r in g
w as
W .
G. Lee,
o f th e tr a in m e n .
H is
p la c e w a s ta k e n b y W . N . D o a k , a v ic e -p r e s id e n t o f th e o r d e r .
O n t h e l l t l i i n s t ., W a r r e n
S . S to n e, h e a d o f th e B r o th e r
h o o d o f L o c o m o t iv e E n g in e e r s , in s t a t in g t h a t th e d r a ft in g
o f t h e s h o p m e n ’ s r e p ly w o u l d b e l e f t t o M r . J e w e l l a n d h i s
a s s o c ia t e s , w a s a l^ o r e p o r te d
in a
W a s h in g to n
d is p a tc h
to
th e N e w Y o r k “ T im e s ” a s s t a t in g :
“ The situation is growing worse. Our men cannot be expected to put
up with guns placed against their stomachs b y armed guards in the railroad
yards
Three engineers already have been killed by guards. The cond*
tion of equipment is serious. A t least 5 0 % o f the locomotives now in use
are being operated in violation of safety ays,.
“ W e have had no policy o f intervening in this strike. Nor have we had
any policy of trying to help the shopmen win this strike b y joining it. W e
are only seeking to protect ourselves, but unless there is an improvement
in conditions, the numbers o f those quitting will increase. Thousands of
our men who are now working would have come out long ago if our officers
had not restrained them . These men are now reaching the limit of their
endurance, and unless conditions grow better it will be impossible for
anybody to restrain them from coming out for good.
a d d itio n to M e s s r s . J e w e ll a n d S to n e , th o s e a tte n d in g
th e N e w Y o r k “ T im e s ” :
D.
B . Robertson, President, Brotherhood o f Locom otive Firemen and
Enginemen; L . E . Sheppard, President, Order o f Railway Conductors;
J. W . K line, President, Brotherhood o f Blacksmiths: W . H . Johnston,
President, Association o f M achinists; J. A . Franklin, President, Brother
hood o f Boilermakers; James Burns, Vice-President, Sheet M etal Workers’
Alliance; James J. N oonan, President, Brotherhood of Electrical AVorkers;
M artin F . R yan , President, Brotherhood o f Railway Carmen: T . C . Cashen,
President, Switchmen’s Union; E . II. Fitzgerald, President, Brotherhood o f
Railway and Steamship Clerks; E . J. M anion, President, Order o f Railroad
Telegraphers; E . F . Grable, President, M aintenance o f W a y Em ployees;
D . W . H olt, President, Brotherhood of Railroad Signalmen; Tim othy
H ealy, President, Brotherhood o f Stationary Firemen and Oilers; and
W . N . D oak, Vice-President, Brotherhood o f Trainm en.
N E W
YORK
CONFERENCE
A N D
OF BROTHERHOOD
R A IL R O A D
H E A D S
E X E C U T IV E S .
F o l l o w i n g t h e f a i lu r e o f t h e W a s h i n g t o n c o n f e r e n c e s e a r l y
in th e w e e k t o e ffe c t a s e t t le m e n t o f th e d iffe r e n c e s o f t h e
s tr ik in g
sh op m en
and
th e
c a r r ie r s ,
d i s c u s s io n s
to w a rd
an
a d j u s t m e n t o f t h e d i s p u t e d is s u e s h a v e s i n c e t a k e n p l a c e i n
N ew
Y ork.
The
p r o p o sa ls fo r th e t a k in g u p
c o n fe r e n c e s c a m e , it is u n d e r s t o o d , f r o m
“ B ig
F our”
b ro th e rh o o d s,
w h ose
anew
o f th e
th e le a d e r s o f t h e
req u est
th e r e fo r
to
th e
e x e c u tiv e s c a m e a ft e r th e r e je c tio n b y th e s tr ik in g s h o p m e n
o f P r e s i d e n t H a r d i n g ’ s p r o p o s a l t o s u b m i t t h e s e n i o r i t y is s u e
t o t h e U . S . R a ilr o a d L a b o r B o a r d , a n d t h e P r e s id e n t ’ s s u b
s e q u e n t d e c li n a t io n o f t h e p e t i t i o n o f t h e r a i l r o a d l a b o r o r
g a n iz a tio n h e a d s t h a t h e b r in g a b o u t a n e w c o n fe r e n c e w ith
th e r a ilr o a d e x e c u t iv e s .
th e
p ro posed
in te n tio n
O n t h e 1 5 t h i n s t ., in it s r e fe r e n c e t o
o f P r e s id e n t H a r d in g
to
la y
b e fo r e
C o n g r e s s th e r a ilr o a d s tr ik e s it u a t io n , th e N e w Y o r k “ T i m e s ”
in
a W a s h in g to n
d is p a tc h
a ls o
a llu d e d
to
th e fu rth e r co n
fe r e n c e s o u g h t b y th e u n io n h e a d s , s a y in g :
Following an announcement at the W hite House to-day that President
Harding within the next forty-eight hours would lay the railway strike situa
tion before Congress and the country, the Administration began an effort
obviously designated to permit Government operation o f the railroads
which are unable to operate efficiently on account o f strike conditions.
A t the instance o f Government officials acting for the President, railroad
executives are to consider the advisability o f consenting to a proposal that
such railroads as are unable to operate effectively shall bo managed under
Government receiverships, which means that they would have the full pro
tection o f the Federal authorities. Full protection is to be promised also
to roads remaining under private control.
Practically coincident with these developments, announcement was made
b y Warren S. Stone, Grand Chief o f the Brotherhood o f Locomotive E n
gineers, one o f the peace intermediaries o f the non-striking organizations,
that the strike leaders and representatives o f the non-striking brotherhoods
had asked T . D e W itt Cuyler, Chairman o f the Association o f Railway
Executives, for another conference between the members o f the association
and the representatives o f railway workers. M r . Stone expressed the
opinion that M r . Cuyler would accept, and later it was announced th at
M r . Cuyler had accepted for his associates. The conference will be held
in N ew York on Thursday afternoon.
Unions submit a Proposal.
Acceptance o f the invitation to renew conferences between the railway
executives and the strike leaders and the fraternal advisers was dependent
upon tho latter subm itting some definite proposal for discussion. M r Stone had been assured that if this definite proposal was forthcoming from
tho representatives o f tho strikers the invitation would be accepted. In
that knowledge, the strike leaders decided to propose that tho troublesome
seniority question, which produced the deadlock between the executives and
the railway unions, be adjusted along the following lines:
1.
— M en on strike shall bo reinstated and shall take position with regard
to seniority rights immediately after employees who remained loyal to the
railroads.
2.
— N ew m en, employed to take tho places o f strikers, sliall take position
as to seniority rights immediately after the reinstated strikers.
AVhether this proposal w ill be acceptable to the railway executives cannot
be indicated with any accuracy until after the executives have had an op
portunity o f discussing it thoroughly.
I t ’ s t h e f i g h t o f e v e r y l a b o r o r g a n i z a t i o n in t h e r a i l
r o a d s e r v i c e .”
fr o m
o f s e n io r ity
In
T h e c o n fe r e n c e s in N e w Y o r k , w h ic h b e g a n o n T h u r s d a y ,
a d jo u r n e d
y esterd a y
T avo a n n o u n c e m e n t s
by
T .
De
W itt
(A u g .
18)
re g a r d in g
C u y le r ,
u n til
th e
C h a ir m a n
th e
c o m in g
c o n fe re n c e
of
th e
w eek.
w e re is s u e d
A s s o c ia tio n
of
R a ilw a y E x e c u t iv e s ; th e fir s t o n th e 1 7 t h i n s t . s a id :
A conference was held this afternoon between a committee of the carriers
and the heads of the five train service organiaztions, who wished it to be
distinctly understood that they appeared as mediators o f their own motion.
A discussion o f the present railroad situation, so far as it relates to the
shoperaft strike took place. The questions involved were discussed with
the earnest desire to arrive at a solution o f the problem, if possible. N o
definite conclusion was arrived at, and the conference was adjourned
until to-morrow morning.
T h e fo llo A v in g is y e s t e r d a y ’ s ( A u g . 1 8 ) s t a t e m e n t o f M r .
C u y le r :
Th e conferences between tho leaders of the five train service oragnizations acting as mediators, and a committee of railway executives, have
been adjourned until some day next week not yet designated. Prior
to further conferences the com m ittee of railway executives will consider
further tho suggestions made and consult with their associates. The
discussions which have taken place have been marked b y commendable
public spirit and frankness on both sides, and this recess is taken without,
any diminution o f this attitude.
R E S O L U T IO N
N EW
OF
YORK
M A IN T E N A N C E
FOR
W ALK O U T
OF
ON
W A Y
M EN
E R IE
A N D
^ ork State Farm Bureau federation believes those engaged in these occupa
tions should subm it to such government regulation and control as will
secure their continuance and operation on terms comparable with other
business. And if there is no efficient law to this end we believe congress
should consider the enactment of necessary legislation. The farmers
challenge all good citizens to join them in economical production and in
obedience to law.
IN
P E N N S Y L V A N IA .
A t a m e e tin g o f th e N e w Y o r k D is tr ic t
C o u n c il o f M a i n
te n a n c e o f w a y e m p lo y e e s , a r e s o lu tio n w a s a d o p t e d d e m a n d
in g th e is s u a n c e b y E . F . G r a b le , P r e s id e n t o f th e M a i n t e n
(Signed). S. L . S T R I V I N G S .
a n c e o f W a y E m p lo y e e s , o f a strik e o rd e r o n th e P e n n s y l
C o m m e n tin g
iiP'v r iireS° ^ lt^bin was signed b y five members o f the District Council— Les
lie M iller. T . J. Cremins, T . Kenison. A . Haas and T . J. Endean.
“ T r ib u n e ”
P U B L IC
on
th e
coal
AS
V IC T IM
OF
AN Y
CO AL S T R IK E .
s tr ik e
s e ttle m e n t,
th e
“ I n d e x ,”
" I f this happens, it may as well be admitted that the miners have suc
ceeded in their purpose, as the President of the United M ine W orkers
stated it at the beginning of the strike, ‘to exert their full economic strength
meaning, in plain English, that they have compelled 106,000,000 people
to surrender to 6 00,000 miners who decided that they alone should be
immune from the influences which have brought about wage reductions
in every' other basic industry.
" I f only a makeshift and emergency settlement is arrived at now with
no provision for avoiding another strike within the coming year, the public
a\ill have paid heavily and received nothing in return except an immediate
supply o f coal at an exorbitant price. It is scarcely believable with the
lessons o f the present strike so clearly before them , that nothing effective
will be done to avoid the next coal strike.”
press1 ’ d C° Py SPrCad Upon the minutPS and a copy given to the daily
Y ork
SEES
That the public the consumers— will be tho victim s of any settlement
that is arrived at is inevitable. The best that can be expected is that the
workers will go back to the mines on the basis o f the inflated scale of wages
paid prior to April 1, and that then— and before another strike becomes
menacing— some means will be found for the fixing of a wage scale and
working conditions fair alike to tho worker, to the operators and to those
who consume coal.
tu ^ v-0l-led’ 7 o at W‘,thoUt furthor request o f negotiations or compromise
the Erie and Pennsylvania employees be called out, with the understanding
above stated, and that a copy o f this resolution be sent to Grand President
14 th e N e w
CO.
i s s u e d o n A u g . 1 6 b y t h e N e w Y o r k T r u s t C o ., s a y s :
. Resolved, That this New 5 ork District Council composed of representa
tives of maintenance o f w ay men on all railroads entering N ew Y o rk, the
tidewaters, go on record as demanding that all enployees under our juris
diction on any railroad that refuses to com ply with the decisions of the board,
or the understanding arrived at with our Grand President Grable, be im
mediately called on strike and remain thus until all grievances o f all employees
now on strike or that m ay hereafter be called out in the same conflict are
returned to their present and former positions, with seniority and all other
rights unimpaired and be it further.
I n i f s isstm o f A u g .
TRUST
S E T T L E M E N T IN
11 liereas. In particular the Pennsylvania and Erie Railroads, have made
themselves conspicuous b y this arbitrary attitude in ignoring any and all
requests made to com ply with the laws of the land, i. e., the decision of the
board, therefore, be it
f
T.
N.
v a n ia a n d E r ie r a ilr o a d s .
T h e f o l l o w i n g is t h e r e s o l u t i o n :
Whereas, In the present labor crisis, various railroads throughout the
Eastern section o f the country have arbitrarily refused to abide b y the under
standing, arrived at between our Grand President E . F . Grable, the United
States Railroad Labor Board, and railway executives, or have ignored the
same, and
sa id :
IN T E R S T A T E
\ i
n
President of the Erie, denied that his road had re
, confer W1*h their employees, either before or after the strike. lie
ltd . however, that the Erie does not desire to confer with union officials
■who are not employed by the com pany.
COMMERCE
P R E S ID E N T H A R D IN G
C O M M IS S IO N
A D V IC E S
O N D E T E R IO R A T IO N
TO
OF
R A IL E Q U I P M E N T -P R E S I D E N T S R E P L Y .
A d v i c e s t o P r e s i d e n t H a r d i n g , in w h i c h i t i s s t a t e d t h a t t h e
, . If p ^ sident Grable issues a strike order our men will not go o u t ," was
his confident prediction.
I n t e r s t a t e C o m m e r c e C o m m is s io n h a s o b se rv e d w ith c o n c e rn
Union officers say that the total number o f maintenance of w ay workers
in the New York district total 75,0 0 0 .
On July i an agreement was reached between the union and the roads
for joint conferences on a revision o f wages and working conditions. In
case of failure to agree such cases were to be taken before the United States
o f th e im p o r ta n t c a r r ie r s o f th e c o u n tr y sin c e J u ly 1 1 9 2 2 .
Lab° r Board- and Pending negotiations strike orders were to be
withheld. This action on the part o f President Grable averted a nation
wide strike on Independence D a y .
Th e maintenance o f way men here say that the Erie and the Pennsylvan a system s have failed to observe this agreement and that the only
means left for them is to strike. T h ey want to go out to-day.
t h e c o n d i t i o n o f r a i l r o a d r o l l i n g s t o c k w a s h e ld a t t h e W h i t e
th e p r o g r e s s iv e d e te r io r a t io n o f m o t iv e p o w e r u p o n c e r t a in
\ t e ie c o n v e y e d b y C h a i r m a n M c C h o r d o f t h e C o m m i s s i o n t h i s
w e e k , th e le t t e r a n d P r e s id e n t H a r d in g ’ s a n s w e r b e in g m a d e
p u b l ic o n A u g . 1 5 .
H o u s e b e tw e e n
P r e s id e n t H a r d in g , S e c r e ta r y
H o o te r , C h a ir m a n
I t is s t a t e d t h a t t h e m a i n t e n a n c e o f w a v m e n o n t h e t w o
In tersta te
ro a d s n u m b e r a b o u t 2 0 ,0 0 0 .
O n th a t d a y , it is s ta te d , a c o n fe r e n c e o n
M cC h ord an d
C om m erce
o f C om m erce
C o m m is s io n e r C o x
C o m m is s io n .
P r e s id e n t
o f th e
H a r d in g ,
in
le p l.i i n g t o C h a i r m a n M c C h o r d , d e c la r e d f o r i n s i s t e n c e u p o n
t h e f u l l e n f o r c e m e n t o f t h e l a w , ” s t a t i n g t h a t in h i s j u d g
C O U N C IL
OF
CHURCHES
UPHOLDS
THE
S T R IK E R S
m ent
fFrom the N ew York "T i m e s ” of A u g. 16.1
1 he course taken b y the leaders o f the railroad shop crafts strike appareiitl> is upheld in a formal statem ent made public yesterday b y the Federa
Council of Churches o f Christ in Am erica, an organization which de
scribes itself as officially representing m ost o f the Protestant denomina
tions in the United States.” The statem ent was sent out b y the Researcli
Department o f the Commission on the Church and Social Service of the
moderation, with headquarters at 105 East 22d St. I t is one of tho first
statem ents on an industrial controversy to be made by a confederation
?nor> Urf .
.s!nce t,u‘ Interchurch W orld M ovem ent issued its report in
“ ’ a , ac*c ng
United States Steel Corporation and other large steel
omp.uni s and criticizing the press and the church generally in connection
with the steel strike of 1919.
, T o a<TcePt the President’s proposal and arbitrate seniority,” says the
statem ent, would be virtually to arbitrate the right to strike, which has
a t jn o time hitherto been called in question under the law. Seniority
carries with It so much in the w ay o f security of tenure and other privileges
connected with working rules that the structure o f the railroad unions
is in large measure dependent on it.
" T h e older and more powerful railroad brotherhoods are giving their
moral support to the strike in the belief that if the shop crafts should
be beaten every organization would in due course m eet the same fato.
Regardless o f their m otives, the policy of the companies has been such as
to reinforce these apprehensions.
" T h e arming o f undisciplined m en, who aro too ready to assert their
authority and to use their guns, is a further source o f bitterness and danger,
rile menace of the situation has caused a storm o f protest from train
service men and is undoubtedly responsible for m any temporary with
drawals from service.
"T h e r e has been a disposition on the part o f m any of the executives and
the press to insist that the issue be determined on the basis of promises
o f permanent employment given to the new men.
" T h e shopmen take quite a different view of the m atter. T h ey regard
these promises simply as a part o f the tactics o f the contest, and as in
evitably conditioned, in the mind of every one, on a victory for the
executives.”
N.
Y . S T A T E F A R M B U R E A U F E D E R A T IO N P E T IT 1 0 1
P R E S ID E N T
H A R D IN G
FOR
A C T IO N
B Y
it i s b e t t e r t o h a v e t h e s e r v i c e d i m i n i s h e d r a t h e r t h a n
a tte m p t th e m o v e m e n t o f tr a in s on w h ic h s a fe t y
M r . I resident
In tho administration and enforcement o f the Loconi° ive nspection and Related Safety Appliances Acts o f Congress, the
commission has observed with concern the progressive deterioration of
7 "!
,*!77<r upon certain o f the important carriers of the country since
'
I ’ 1922, and during the present strike.
f .
° * ^ oct °*" deferred repairs is cumulative and becomes increasingly
,c
aS,,,M 6 7oes on ' Th e acts which we are called upon to administer
erne it tie discretion with the Commission as to enforcement when vio11'.°!1S C?™ e to B^ht.
In the continuance of our enforcement of the law
" i are taking steps and will be compelled to continue to proceed in a manner
vn ic i must bring about serious withdrawals of motive power from service.
ertain violations o f the acts we report to the Attorney General for appropi late legal action. W ith a continuance of existing conditions these will
be increasingly frequent.
,
7\n° "
your interest in the m atter, we felt you should be advised of the
r
C . C . M c C H O R D , Chairman.
H i e r e p ly o f P r e s id e n t H a r d i n g f o llo w s :
M y dear Chairman M cC h ord— I have yours of even date, in which you
' ' , , ° fT ? attention the progressive deterioration of m otive power upon
S°7 •• -J- H’ m IK)rtant railroad linos of the country as the outgrowth o f the
prt \ai ng strike. This growing menace to maintained transportation has
1
7a cd to m y attention unofficially in various ways,
s is t
circumstar*ces, I know of nothing to be done except to inP°.n 10 fuB enforcement of the law. It is a very natural thing under
hi>h- if Sf 1" T "
ex'st at the present moment to waive the exactions in
. . ‘
° safety in seeking to maintain transportation. In m y judgment it
Sf /• * r ° Pave the service diminished rather than attem pt the movement
o
lam s on which safety is not assured so far as compliance with the lawm ay provide it.
!!'*P t7<>
• ^ trust that your inspection forces will exert themselves to the utm ost
in <,H cr to be able to pass upon safe equipment, because the official sancion o the Governm ent will rem ove all questions o f dispute.
CON
Very truly yours,
W A R R E N G. H A R D IN G .
G R E S S TO E N D C O A L A N D R A IL S T R IK E S .
A
te le g r a m
th e N e w
w a s s e n t to P r e s id e n t H a r d i n g o n A u g . 1 4 b y
Y ork
P r e s id e n t.
S.
S ta te F a rm
L.
S tr iv in g s ,
B u reau
w h ic h ,
F e d e r a tio n , th ro u g h
in
ta k in g
c o g n iz a n c e
its
of
SEN ATE
no
e ffic ie n t
la w
to
end
th ese
in te r r u p tio n s
to
b u s in e s s
“ C o n g r e s s s h o u ld c o n s id e r th e e n a c tm e n t o f n e c e s s a r y le g is
la tio n .
T h e te le g r a m f o l l o w s :
barren G. Harding, President— The general welfare is paramount.
M ining and transportation are vital to the general welfare. The New
R E S O L U T IO N
C A L L IN G
UPON
IN T E R S T A T E
C O M M E R C E C O M M IS S IO N TO R E P O R T O N Q U E S
T IO N
th e e f f e c t o f th e r a il a n d c o a l s tr ik e s , d e c la r e s th a t i f th e r e
is
is n o t a s
s u r e d .”
T h e fo llo w i n g is C h a ir m a n M c C h o r d ’ s le t t e r to th e
P r e s id e n t:
I 'h e u .
OF
R A IL R O A D
E Q U IP M E N T .
S . S e n a te on A u g . 7 a d o p te d a re so lu tio n c a llin g
u p o n th e I n t e r s t a t e C o m m e r c e C o m m is s io n to r e p o r t to th e
S e n a te a s to w h e th e r th e c a r r ie r s o f th e U n ite d
c o m p ly in g w it h th e l a w
S ta te s are
in e q u i p p i n g t h e i r l o c o m o t i v e s w i t h
s a f e a n d s u it a b le b o ile r s , etc.
T h e r e s o lu tio n s p o n s o r e d b y
S e n a to r K in g , o f U ta h , w a s p r o m p te d , it is s ta te d , b y re p re
s e n ta tio n s c o n c e r n in g r a ilr o a d e q u ip m e n t.
T h e f o llo w in g is
th e r e s o lu tio n a s a d o p te d b y t h e S e n a t e :
** Resolved, T hat the Inter-State Commerce Commission is hereby required
and directed to report to the Senate whether or not the provisions o f the
Act entitled “ A n A ct to promote the safety o f employees and travelers
upon raihoads b y compelling common carriers engaged in inter-State com
merce to equip their locomotives with safe and suitable boilers and appur
tenances thereto,” approved February 17 1911, and the amendment to said
A ct approved M arch 4 1915, is being violated; and if so, to report the extent
of such violation and to report specifically whether inspection o f locomo
tive boilers is presently being made in all Federal locom otive boiler inspec
tion districts and upon the roads oil com m on carriers engaged in inter
state commerce required by said A c t.
F IR S T d R E F . M T G E . B O N D S O F L O U IS V IL L E d N A S H
V IL L E
R A IL R O A D
FOR
NOT
A
C O N N E C T IC U T
LEGAL
IN V E S T M E N T
S A V IN G S
BANKS.
I n o u r is s u e o f A u g . 5 , u n d e r “ G e n e r a l I n v e s tm e n t N e w s ,”
w e r e p o r t e d t h a t in a n o p in io n i s s u e d b y F r a n k E . H e a l y , A t
t o r n e y -G e n e r a l o f t h e
R e fu n d in g
R a ilr o a d
m o rtg a g e
S ta te
bonds
o f C o n n e c tic u t,
of
th e
th e
L o u is v ille
&
F ir s t
and
N a s h v ille
a r e b a r r e d a s a l e g a l i n v e s t m e n t f , r C o n n e c t ic u t
sa v in g s b a n k s.
W e a r e n o w in r e c e ip t o f t h e t e x t o f h i s o p i n
io n , a s f o l l o w s :
Hartford, A u g. 2 1922.
M r . William P . London, Bank Commissioner's Department, Hartford, Conn.
Dear Sir; — I received from you the following letter:
s e n io r it y
h a s been
th e
in v a r ia b le
e x p e rie n c e .
M r.
R ig g s ’ s
s ta te m e n t is a s f o l l o w s :
M r . L . R . Sheppard. President o f tho Order o f Railway Conductors,
stated in his authorized interview in W ashington Sunday evening and
published in the newspapers M ond ay morning: “ Seniority, wo think, is
a word that has been worked overtime b y the other side. In all disputes
n tho past that wo have had with tho railroads, men usually have gone back
to work with the rights restored, and we see no reason why this precedent
should be changed.”
The following is an authentic statement from the records showing rail
road strikes where those re-employed were on tho basis o f now men with
entire loss o f seniority:
HRs. Involved—
Employees Involved—
Period.
General___________Shopmen and others
July 16 1877-A ug.
1 1877
Missouri P acific..S hop m en (Knights o f Labor) M a r. 6 1886-M ar. 29
1886
C . B . & Q. R R .-E n g in e e rs
1886
Buffalo yards____ Switchmen
Feb.
25 1888-M ar. 6 1888
A nn Arbor_______Engineers
M a r.
8 1893-June 8 1893
Lehigh V alley____ Train and enginemen
N ov.
181893-D ec. 6 1893
G eneral__________ A . R . U . (Debs)
June
26 1894-July 9 1894
M o . K an. & Tex.Telegraphers
1904
Santa Fe R R ____ Shopmen
1904
Missouri Pacific__Carman
M a y 28 1908-Sept. 14 1908
Illinois Central___Shopmen
1911
Union Pacific------ Shopmen
1911
M o . K an. & T ex.C arm en
1911 and 1912
Missouri P acific..M ain tenance of way
June 23 1916-Aug. 11 1916
Missouri Pacific.-M ain tenan ce of w ay
June 27 1917-A ug. 30 1917
M o . K an. & Tex.Telegraphers
1917
(Outlaw strikes o f switchmen,
1920
Various lines____ (marine workers at N ew Y o rk
(and various others
“ Your opinion is requested as to whether or not the First and Refunding
CLEVELAND BAN KER URGES R EPEAL OF ADAM SON
M ortgage bonds o f the Louisville & Nashvillo R R . aro a legal investment for
Connecticut savings banks. T h at tho mortgage complies with the law in
ACT.
all respects but ono is assumed. In the opinion of the writer, it does not
comply with Section 16 of the Connecticut law (Section 3972 , General
T h e r e p e a l o f th e A d a m s o n A c t “ a n d o f a ll le g is la tio n
Statutes), as it authorizes ‘a total issue of bonds which with all outstanding
w h i c h t e n d s a r t i f i c i a l l y t o s t i m u l a t e w a g e s , c o s t s a n d p r i c e s ,”
prior debts, & c., exceeds three times the capital stock outstanding.’
“ Th e amount o f ‘prior debt’ is tho subject o f controversy. The mortgage
w a s u r g e d b y I . C . R o b in s o n , F i r s t V ic e -P r e s id e n t o f th e
defines what tho company considers for their own purposes as ‘prior debt’
in Section 1 o f Article l o f tho mortgage (page 5 8 ), which am ount, S 176,G u a r d i a n S a v i n g s & T r u s t C o . o f C l e v e l a n d , O h i o , in a n a d
2 60,000 , is stated in Section 3 o f Article 3 . In addition to such bonds
reserved, tho mortgage authorizes S 39.739.500, making a total authorized
d r e s s on A u g . 9 b e fo r e th e c o n v e n tio n o f th e N a t io n a l A s s o
bond issue o f S21*t 0 00,000 . which is three times the capital stock of the
c ia tio n o f W i n d o w G la s s M a n u f a c t u r e r s a t C e d a r P o in t. R e
company outstanding at the present tim e.”
Tho sole question to be determined in relation to these bonds is whether
under existing law this particular bond issue is a legal investment for sav
ings banks in this State. The Bank Departm ent claim that “ prior debt”
as used in tho statute means pre-existing in point of time. The attorneys
for tho petitioners claim that tho words “ prior debt” as used in this statute
should be given tho generally accepted meaning of these words as used in
the financial world, namely “ superior.”
I have carefully considered the able brief submitted on behalf o f the
petitioners that these bonds be admitted as legal investments for savings
banks in this State, but I am unable to agree with the interpretation they
place on the language of the statute. The history of this legislation is
common knowledge. I t was tho practice of this State for a number of years
to adm it railroad bonds as legal investments for savings banks by special
legislation. In 1913 this policy was changed b y establishing certain re
quirements as the basis for admitting bonds o f this character as legal invest
m ents. Tho reason for this legislation is to protect the money of the
depositors in savings banks. Savings banks do not exist in this State for
the purpose of making m oney, and are, therefore, restricted from taking
ordinary business risks in the investment of their funds. Depositors in
savings banks having no voice or vote in its management, the law safeguards
their interests b y restricting the securities in which their funds can bo
Invested.
In drafting the present law, the services o f the well-known firm of W hite
& K em ble o f N ew York C ity were secured. In a letter before me dated
Feb. 10 1914, in speaking of the principles on which this statute was based,
they make the following statem ent:
“ Second, that the total am ount of all debts of such corporation shall
not exceed three times the outstanding capital stock.”
and during all the years this statute has been in force that interpretation
has been followed by the Banking Department of this State in administering
the law. T h at the framers of this legislation used “ prior” in the sense of
pre-existing seems perfectly clear to me b y the provisions of sub-division 21
o f this same statute, which provides:
“ N o equipment trust notes, bonds or certificates shall be made a legal
investment b y this section in case the series authorizes an amount which
added to the total debt as defined in sub-section sixteen * * * shall
exceed three times the capital stock o f said railroad com pany, & c .”
From m y examination o f tho statute, it was never tho intent o f tho Legis
lature to place the duty on the Bank Commissioner o f passing on various
bond issues o f a railroad company as being “ neither prior nor subsequent
in ran k.”
H is duty ends when he is satisfied that the authorized issue of
bonds comes within the definition of the statute.
I am unable to find any usage or custom in this State that convinces me
that the word “ prior” as used in the statute was intended b y the Legis
lature to have the same meaning as the word “ superior,” and, lacking such
usage or custom , the word “ prior” as used in the everyday speech of people
means “ antecedent.”
I therefore advise you that in m y opinion the Louisville & Nashville R R .
C o. First and Refunding M ortgage bonds are not a legal investment for
savings banks in this State. I am ,
Respectfully yours,
(Signed) F R A N K E . H E A L Y , Attorney-General.
R A IL R O A D
S T R IK E S
IN
S E N IO R IT Y
W H IC H
W AS
E N T IR E
LOSS
OF
p o r tin g M r . R o b in s o n a s s ta tin g th a t “ e c o n o m is ts b e lie v e th a t
th e m e n t a l a t t itu d e o f th e p u b lic is p a r t i a lly r e s p o n s ib le f o r
s u c c e s s i v e p e r i o d s o f p r o s p e r i t y a n d d e p r e s s i o n in b u s i n e s s ,”
th e C le v e la n d “ C o m m e r c ia l” o f A u g . 1 0 f u r t h e r r e p o r ts h im
a s s a y in g :
“ Economists aro not yet agreed as to just how much successive periods
of prosperity and depression are due to psychological causes; bu t they all
agree that the psychology o f the human factor is at least a contributing
cause. A s periods of prosperity approach tho time of fevorish activity,
men grow extravagant in business and personal expenditure, economy
lessens, tho spirit o f speculation becomes rife, standards of honesty and
morals become laxer, and efficiency is lessened. Thcso things in themsevles stimulate reaction and depression.
“ W hen depression is on, economy becomes essential, extravagance is cut
down, speculation decreases, standards of honesty and morals aro bettered,
and men and organizations become more industrious and more efficient.
These things stimulate recovery.
“ Thus each period produces the causes which stimulate, if they do
not actually bring about, tho succeeding period. Prosperity produces
weak traits which hasten depression; and depression, in turn stimulates
the thrift, industry and efficiency which hasten business recovery.”
M r . Robinson called attention to the revival of business in m any lines
and especially in building. lie said that homo building was in tho lead.
Tho United States Department o f Labor had estimated that in 1920-21
approximately 2 2 5,000 families were provided with homes. This year’s
record, it was expected, would practically double these figures. Even
with this, more than a half a million more homes were needed. M r .
Robinson said further:
Task Before the Nation.
“ Ought we not to determine, with profound analytical judgm ent,
whether this is the beginning of a lasting situation or whether there are
certain features which are only temporary and must o f necessity disappear
over a period o f time?
“ This is the most difficult part o f our task, because all of us like to
believe that we aro well out o f the depression period.
“ W o should certainly place our own house in order, so as to permit us
to produce, transport and sell our products in competition with those of
foreign lands. This includes the repeal of the Adamson A ct and of all
legislation which tends artificially to stimulate wages, costs and prices.
W e m ust materially reduce our governmental expenditures and taxes;
amend or supplement our shipping laws in such manner that our maritime
fleet m ay successfully compete with tho fleets of Great Britain and Japan;
provide for the establishment of through rail and water rates for the
exportation of merchandise to and from inland points, in order that such
business m ay be placed upon a favorable competitive basis with that of
coast-wise localities: and insist that the Government of tho United States
shall morally support all legitimate foreign investment and trade of
American citizens.
“ So far as our internal affairs are concerned, some w ay m ust be found
to bring labor and capital into more harmonious relation.”
d r
SUFFERED.
. w il l ia m s
b e in g
c ir c u la t e d
by
r a ilr o a d
la b o r w ith
regard
to
th e
h a r v a r d
u n iv e r s it y
b e l ie v e s
F O R E IG N B A L A N C E L E S S T H A N
B IL L IO N
A t th e p r e s e n t t im e , w h e n so m a n y m is le a d in g s ta te m e n ts
are
o f
UNFUNDED
DOLLARS.
I n a n a r tic le o n “ O u r U n fu n d e d
F o r e ig n
B a l a n c e ,”
John
p r e v a i l i n g p r a c t i c e in d e a l i n g w i t h t h e q u e s t io n o f s e n i o r i t y
I I . W i l l i a m s , P h .D . , o f H a r v a r d U n i v e r s i t y , r e p o r t s i t a s h i s
w h e r e e m p lo y e e s v o lu n t a r ily le a v e th e s e iv ic e o f th e r o a d s ,
c o n c lu sio n th a t “ th e c u r r e n t sh o rt te r m
it i s w e ll to h a v e a c c u r a t e a n d in d is p u t a b le e v id e n c e o n th e
w o r ld
m a tte r,
c o u n t s o f f o r e ig n e r s w h ic h a r e b e in g c a r r ie d b y o u r b a n k e r s
and
E.
G.
R ig g s , o f
th e
N ew
Y ork
N ew
Ila v e n
&
to
H a r t f o r d R R ., h a s g o n e to th e tr o u b le o f c o m p ilin g a s t a t e
and
m e n t s h o w in g th e c o u r s e p u r s u e d in p a s t s tr ik e s .
s t a t e d .”
I rom th is
s t a t e m e n t i t a p p e a r s t h a t in t h e c a s e s c i t e d c o m p le t e l o s s o f
th is
e x p o rte rs
In
co u n try ,
is
m uch
re p r e se n tin g
s m a lle r
c o n tra d ic tio n
to
th e
th a n
in d e b te d n e s s o f th e
u n p a id ,
has
re p e a te d
overdue
been
ac
fr e q u e n tly
sta te m e n ts
th a t
t h e w o r l d o w e s u s a n u n f u n d e d d e b t o f t h r e e t o f i v e b i l li o n
d o lla r s , D r . W i l l i a m s s a y s t h a t “ i t a p p e a r s c e r t a in t h a t th e
a m o u n t d o e s n o t e x c e e d a b i l li o n d o l l a r s a n d i n a l l p r o b a b i l
i t y i s c o n s id e r a b ly le s s .”
A c c o r d in g to ta b le s p re se n te d b y
D r . W i ll i a m s , “ th e a g g r e g a t e b a la n c e d u e f r o m a ll c o u n tr ie s
o n J u ly 1 1 9 2 1 to th e 6 6 4 m a n u fa c t u r in g a n d c o m m e r c ia l c o n
c e r n s , d o m e s t i c b a n k s a n d f o r e i g n b a n k a g e n c i e s , w a s $ 6 2 8 ,
0 0 0 ,0 0 0 , a g a i n s t w h i c h t h e b a l a n c e d u e t o a l l c o u n t r i e s w a s
$ 2 7 9 ,0 0 0 ,0 0 0 , l e a v i n g a n e t u n f u n d e d c r e d i t b a l a n c e o f $ 3 4 9 ,
0 0 0 ,0 0 0 .
000,
B a la n c e s d u e fr o m
E u r o p e a m o u n t e d t o $ 2 4 7 ,0 0 0 ,
a g a i n s t b a l a n c e s d u e t o E u r o p e o f $ 1 6 2 ,0 0 0 ,0 0 0 , g i v i n g a
n e t b a la n c e d u e f r o m
E u r o p e o f $ 8 5 ,0 0 0 ,0 0 0 .
B a la n c e s d u e
f r o m n o n - E u r o p e a n c o u n t r i e s a m o u n t e d t o $ 3 8 1 ,0 0 0 ,0 0 0 , a n ti
t h o s e d u e t o t h e s e c o u n t r i e s $ 1 1 7 ,0 0 0 ,0 0 0 , l e a v i n g a n e t b a l
a n c e d u e f r o m n o n - E u r o p e a n c o u n t r i e s o f $ 2 6 4 ,0 0 0 ,0 0 0 .”
W illia m s ’s
a r tic le
e n title d
“ N ew
L ig h t
on
Our
D r.
U n fu n d e d
F o r e i g n B a l a n c e ,” a p p e a r s i n t h e A u g u s t n u m b e r o f t h e J o u r
n a l o f th e A m e r ic a n B a n k e r s ’ A s s o c ia tio n , a n d w e re p ro d u ce
it h e r e w ith :
The American oxporter to-day needs to be convinced that foreign buyers
can pay for what they buy. So long as the statement continues to be
repeated that the world owes us an unfunded debt o f threo to five billion
dollars, our exporters will continue to be hesitant about pushing their
foreign sales. A s a result o f four annual studies o f this problem which
the writer has made for the Harvard Com m ittee on Economic Research
he has been for some time convinced that the current short-term indebted
ness o f the world to this country, representing unpaid, overdue accounts
o f foreigners which are being carried by our bankers and exporters is
much smaller than has been frequently stated. I t appears certain that
the amount does not exceed a billion dollars, and in all probability is
considerably less. I f this is the case the existence o f such an unfunded
balance ought not to constitute a serious obstacle to the promotion o f our
foreign trade.
Comparatively Small.
Tw o investigations, conducted b y a leading N ew Y ork bank, whose
results the writer has recently been permitted to publish,(e) throw new
light on the problem and support strikingly the conclusion that our un
funded foreign balance is comparatively small. One was an investigation
based on a questionnaire distributed to 41 leading banks and financial
houses, o f our imports o f securities since the armistice. This inquiry
showed that in addition to the foreign securities issued in this country,
accurato data on which are regularly published, wo imported in the three
years, 1919-21, $020 ,0 0 0 ,0 0 0 o f foreign stocks and bonds which had been
issued abroad, and $ 4 8 9 ,00 0,00 0 o f American securities formerly held
abroad. The combined import o f these two sorts o f securities, $ 1 ,1 0 9 ,
0 0 0 ,0 0 0 , was about two-thirds as much as the new issues o f foreign secu
rities floated on this side in the same three years ($ 1 ,6 0 7 ,0 0 0 ,0 0 0 ), but
exceeded the net am ount o f such flotations after subtracting maturing
issues ($ 1 ,341,000,000) by $ 7 63 ,00 0,00 0. In other words, it appears
from this survey th at, taking the three-year period, 1919-21, as a whole,
foreign currency securities issued abroad and sold for American account
and American securities returned to this side have been the m ost im
portant channels for the export o f American capital since the armistice. (/)
The reader will not need to bo told that this huge inflow o f securities,
much larger than had com m only been supposed, would servo to pay off
a considerable part o f our balanco o f merchandise exports and reduce
considerably the supposed incovered balance.
M ore direct evidence on the amount o f tho unfunded balance was
given by tho second investigation referred to. A questionnaire was sent
out to tho principal domestic banks, private bankers, and foreign banks
o f N ew Y o rk, two large banks o f Boston, and tho more representative
members o f the American Manufacturers Export Association and the
Exporters and Importers Association, asking them to report tho status
o f their balances with foreign countries. About a thousand replies were
received, o f which 644 reported either debit or credit balances, while the
remainder reported no balances. The totals were as given below.
Foreign Balances Reported by 664 American Exporters and Bankers as or Julu l 1 Q20
and July 1 1921— {Units of $1,000).
’
Manufacturing
and Commercial
Concerns.
July 1
1920.
July 1
1921.
Domestic
Banks.
July 1
1920.
Foreign Batik
Agencies.
Grand Total,
All Reporting.
July 1 July 1 July 1 July 1
1921. 1920. 1921.
1920.
July 1
1921.
Due from Eu
196,824 171,409 61,299 65,683 11,245 9,473 269,368 246,565
rope—
24,612 20,456 198,599 126,206 14,864 14,915 238,075 161,577
Due to Europe.
Balance due
from Europe .172,212 150,953 al37,300 060,523 a3,619 05,442 31,293
84,988
Due from all
othercountrles 184,804 209,074 50,961 123.421 61,639 048,554 297,404 381,049
Due to all other
10,739 111,353 23,774 129,532 82,735 262,367 117,248
21,482
countries-----Balance due
from all other
countries . . . 163,322 198,335 660,392 99,647 667,893 634,181 35,037 263,801
Due from all
countries com
381,628 380,483 112,260 189,104 72,884 58,027 566,772 627,614
bined —
Due to all coun
tries combined 46,094 31,195 309,952 149,980 144,39C 97,650 500,442 278,825
Net balance due
from all coun
tries combined. (2337,222 (2350,641 C197.692 39,124 c71,512 c39,623L66,330 d348,789
a Due to Europe.
6 Due to non-European countries.
c Due to all countries combined.
d Includes also figures of concerns which did not distinguish between European
balance and balances in other countries.
The Balance Due.
This table shows that the aggregate balance due from all countries on
July 1 1921 to the 664 manufacturing and commercial concerns, domestic
banks and foreign bank agencies was $628 ,0 0 0 ,0 0 0 , against which tho
balanco due all countries was $279 ,0 0 0 ,0 0 0 , leaving a net unfunded credit
balance o f $3 4 9 ,0 0 0 ,0 0 0 . Contrary to the impression o f m any , tho
e See the “ Harvard Review of Economic Statistics,” July 1922.
j
/ This, however, has not been the case in 1921 or 1922. See the "Review o
Ecnomic Statistics,” July 1922.
returns show that the greater part was due from non-European countries.
Balances due from Europe amounted to $ 2 4 7 ,0 0 0 ,0 0 0 , against balance9
due to Europe o f $162 ,0 0 0 ,0 0 0 , giving a net balance duo from Europe
o f $ 8 5 ,0 0 0 ,0 0 0 . Balances due from non-European countries am ounted
to $ 3 8 1 ,0 0 0 ,0 0 0 , and those due to these countries, $ 1 1 7 ,0 0 0 ,0 0 0 , leaving
a net balance due from non-European countries o f $264 ,0 0 0 ,0 0 0 .
It is especially interesting to note that the net balanco duo this country
pertained entirely to the exporting concerns. Taken as a whole, the
reporting banks appear to have had no net balance duo from abroad.
This was particularly true o f the earlier date, July 1 1920, when the com
bined domestic banks and foreign bank agencies had credit balances o f
$ 1 8 5 ,14 4,00 0 and debit balances o f $454 ,3 4 8 ,0 0 0 , giving a net debit on
current account o f $ 2 69 ,20 4,00 0. On July 1 1921, this had been reduced
to the negligible figure o f $ 499 ,00 0. B ut the change occurred principally
in the accounts with non-European countries. A s regards Europe, the
reporting banks showed sums due o f $75,1 5 6 ,0 0 0 , against sums payable
o f $141 ,1 2 1 ,0 0 0 . The large balances reported by the banks as owed to
European countries on current account, $ 2 1 3 ,00 0,00 0 on July 1 1920, and
$ 1 4 0 ,00 0,00 0 on July 1 1921, are not surprising in view o f the fact pre
viously mentioned, that the records o f the Division o f Foreign Exchange
o f tho Federal Reserve Board show that the net balance owed b y U nited
States banks to foreign countries was $882 ,0 0 0 ,0 0 0 on D ec. 31 1918,
and $ 6 4 3 ,00 0,00 0 on June 25 1919,(0) o f which $ 7 3 3 ,00 0,00 0 and $5 5 0 ,
000 ,0 0 0 respectively were due to European countries.
In drawing conclusions from this investigation some caution Is neces
sary. A more comprehensive inquiry would have included banks in other
cities than N ew York and B oston. One im portant group of exporters,
the packers, did not report; and their unpaid foreign accounts have un
doubtedly been considerable. Those in charge o f the investigation,
moreover, express some doubt concerning the reliability o f the returns
of “ balances due to foreign countries,” (h) though stating that “ there
seems to be good reason for regarding the figures under the items ‘ due
from foreign countries’ as fairly trustworthy, so far as the inquiry was
extended.”
Total D ue.
Even after allowing for such defects, however, and for conservatism
throwing out entirely the “ balances due to foreign countries,” the total
due, both from Europe and tho rest of the world, would be bu t $ 628 ,0 0 0 ,0 0 0 ,
representing the total credits in foreign countries on July 1 1921, o f m ost
o f the important N ew Y ork banks, two o f the largest banks o f B oston,
and a largo number o f representative exporters and manufacturers, including
many of the largest firms and corporations in the country. Even if we
double this am ount, to allow for the foreign credits o f non-reporting firms
and banks in other cities, we still have a sum not much below m ost of
tho estimates— which have gone as high as $4,0 0 0 ,0 0 0 ,0 0 0 or even higher
— that have been m ade in recent years.
Under present conditions one m ay draw conclusions about the am ount
o f the unfunded balance, which has accumulated to the credit o f this
country since tho armistice, quite as confidently from the probabilities of
the case as from the available data themselves. For the greater part
o f the period we have been passing through the liquidation phase of the
business cycle. A t such time merchants not only desire to collect their
accounts prom ptly, bu t are compelled to do so b y the higher cost of bank
credit and other charges. M oreover, during a period when exchange is
fluctuating any arrangement for deferred paym ent not covered b y for
ward exchange contracts involves speculative risk which has a strong
tendency to reduce the terms o f open accounts to a m inim um . For the
last two years there has thus been every incentive, both to the buyer
and to the seller, to conduct trade with this country upon as nearly a
cash basis as possible, with the exception o f those credits negotiated for
long enough periods to Justify the expectation that exchange would rec° ver;
ch cr®dits are in fact funded loans negotiated for the purpose
o f actua ly putting trade on a cash basis, and thus their tendency also is to
reduce the size o f the current account. Under these conditions, calling
or prom pt collection o f accounts and the avoidance of exchange risks,
wou a e impossible for m ost o f the foreign exchanges to show advances
ranging from 10 to 5 0 % , as they have done, if there existed an unfunded
indebtedness to this country o f some three or four billion dollars. Th e
pressure for dollars to pay the great volume of overdue accounts would
cause an appreciation o f the dollar In terms o f foreign currencies instead
or the appreciation o f foreign currencies in terms o f the dollar which we
^ ve ^ ? tnessed- The course o f the exchange market in the past year
thus offers the strongest possible refutation o f the esaggerated estimates
or our unfunded foreign balance. Allowance m ust be made, as well, for
the losses o f various sorts suffered b y American exporters— particularly
In the fall of 1920— exchange losses suffered b y speculators, particularly
in dealings in m arks, and other losses to which we have referred in this
and previous papers. Under the conditions it would be difficult to believe,
?v ®n, ' v('rc Plausible data adduced, that the present value o f the world’s
indebtedness to us on open account is large. From the new data that
have become available in the past year it appears certain that it does
not exceed a billion dollars, and in all probability is considerably less.
Overturn Improbable.
In conclusion, the question is always pertinent in a discussion of our
balance o f paym ents as to the probable effect of our changing international
position upon our balance o f trade. W e see no likelihood o f an overturn
of our balance o f trade to an excess o f impotrs until the interest, now
amounting to about $ 5 50 ,00 0,00 0 a year, begins to be paid upon the
indebtedness o f the Allied Governments to this Government.
Ho little headway has been made with this question, as yet, that it
seems idle in the present connection to discuss what the effect of the pa ym en tsw iH be, or when they will occur. I t is not improbable that the
British paym ents, which are about 4 0 % o f the whole, will begin in volume
within the next year. H ow they would affect the trade balance would
depend upon the changes which might occur in ether items o f our inter
national balance. For 1921 our balance table shows a slight excess of
debits over credits, amounting to $171 ,00 0,00 0. Such a balance would
call logically not for an excess of merchandise imports, but for an increased
excess o f exports. On tho other hand, it is not likely that we shall again
witness such a huge inflow o f gold, which, as was stated, last year served
t o p a y o ff about one-third o f the balance of merchandise exports.
0 When the Foreign Exchange Division concluded its activities.
t i ^ , ^ r f ° V rce of 80me confusion arose from the failure of the first form of ques„ J r guard specifically against such duplication as would occur should
™
, an“ eP ort bills be reported both by banks and by the firms upon which,
°L ‘
,of *bich, they were drawn. Such bills, of course, could be reported
O T , y ° “ y b y banks. While it is probable that most reports were made cor
5S2SK\n^ou? h uncertainty was expressed in some of the letters to indicate the
possibility of some amount of error
A more serious amount of confusion on the part of banks is suspected as to
just wnat items should be Included Under the item ‘balances due to foreign coun“ les- . We d0 not feel assured that all banks have acted uniformly in defining
the status of import bills purchased and paid for in American funds, and bills
sent nere on foreign funds either for collection or discount in the open market.”
Export of Capital.
* Probably of chief significance in deciding when the overturn o f the
trade balance will occur will be the future export o f American capital.
A s to this, expression of opinion is hazardous. A fter much hesitation
in 1919 and 1920, our market since the beginning o f 1921 has been markedly
receptive to foreign appeals for capital, and this year has already sur
passed last year’s total, so far as foreign bond flotations in this market
are concerned. H eavy exports of American capital would sustain a
substantial outgo of goods and postpone the overturn o f the trade balance.
It should be noted, however, that the counter movem ent of foreign pur
chase of American securities has been distinctly noticeablo within the
past year to those nearest the intem atinal capital m arket.
Friday, Oct. 13.
As far as formal entertainment for the day in San Francisco is concerned,
nothing has been planned b y the California Com m ittee. Automobiles
will be available for seeing San Francisco. G olf clubs will be open to those
desiring cards. There will be a dinner and “ Jinx” for men in the evening
at the Bohemian Club.
O n S u n d a y , O c t. 8 , th e r e w ill b e c o m m itte e m e e tin g s a n d
a m e e tin g o f th e B o a r d o f G o v e r n o r s .
P R E L IM IN A R Y
O f probably greater importance is the question whether foreign bond
flotations can be continued in this market at their recent volume under
the same conditions as have hitherto obtained. Until very recently the
flotations have been preponderantly in terms o f dollars. D oubt has
been felt b y m any whether this practice can be expected to continue.
Foreign business m en, and to a less extent foreign Governments, are
reported b y those who have been consulting them about new financing
to be strongly opposed to further borrowing in this market in terms of
dollars, or in foreign currencies at guaranteed rates of exchange, so long
as the exchange market remains subject to violent fluctuations.
1
** One of the significant developments of recent weeks is the increasing
effort of foreign corporations and Governments to borrow here in terms
o f their own currencies; and some authorities predict that the placement
of loans on a dollar basis will not go much further, except when the foreign
borrower finds himself forced b y downright necessity, the better bor
rowers placing their loans on the foreign currency basis. I f this should
prove to be the case, the American investor might find himself forced
to an unwelcome choice between the investment risk involved in new
dollar loans of poorer quality than those hitherto floated and the exchange
risk involved in new foreign currency loans.
W ithout minimizing such a possibility, we incline in general to the
belief that in the present state of the world, with the United States the
conspicuous reservoir of badly needed capital, it is not improbable that
the export for capital from this country will continue, though probably
not at the astonishing rate o f the past six m onths. So long as it does
continue it will exert a powerful influence for the maintenance of our
favorable balance o f trade.
PROGRAM
M EXT
The
FOR
ANNUAL
C O N V E N T IO N
B A N K E R S ' A S S O C IA T IO N
C a lifo r n ia
grou p
is
m a k in g
OF
IN V E S T -
O F A M E R IC A .
e x te n s iv e
p re p a r a tio n s
f o r th e e n te r ta in m e n t o f th o s e w h o w ill p a r tic ip a te
in t h e
e le v e n th a n n u a l c o n v e n tio n o f th e In v e s tm e n t B a n k e r s ’ A s
s o c ia tio n . w h ic h is to b e h e ld a t
1 0 , 11 a n d 12.
D e l M o n t e , C a l ., o n O c t . 9 ,
P r i o r t o t h e o p e n i n g o f t h e c o n v e n t i o n d e le
g a t e s w i l l h e t a k e n o n a t r i p w h i c h w i ll i n c l u d e m a n y o f t h e
im p o r ta n t
p o in ts
of
in te r e st
in
th e
S ta te .
V a r io u s
o th e r
p la n s f o r th e e n te r ta in m e n t o f th e v is ito r s h a v e b ee n m a d e .
T h e te n t a t iv e b u s in e s s p r o g r a m
o f t h e p r o c e e d in g s f o l l o w s :
M onday. Oct. 9.
9:30 a. m . Call to order.
Address o f welcome.
President’s address, Howard F. Beebe, Harris, Forbes & C o ., N ew Y o rk .
Secretary’s report. Frederick It. Fenton, Fenton, D avis & B oyle, Chicago.
Treasurer’s report, McPherson Browning, Detroit Trust Co.,’ Detroit.
Report o f Finance Com m ittee, Joseph A . Rushton, Chairman, B ab
cock, Rushton & C o ., Chicago.
Report of Membership Com m ittee, John G . Brogden, Chairman,
Strother, Brogden & C o ., Baltimore.
Report of Railroad Securities Com m ittee, Pierpont V . D avis, National
C ity C o ., N ew Y o rk .
Report o f Education Com m ittee, Lawrence Chamberlain, Chairman,
Lawrence Chamberlain & C o ., Inc., N ew York.
Report o f M arine Securities Com m ittee, E . G . Tillotson, Chairman,
Tillotson & W olcott C o ., Cleveland.
Report o f M unicipal Securities Com m ittee, Lyman E . W akefield,
Chairman, W ells-D ickey C o ., Minneapolis.
1 p . m . Recess.
Tuesday, Oct. 10.
9:30 a. m . Convene.
Municipal discussion.
Report of Public Service Securities Com m ittee, John A . Prescott,
Chairman, Prexcott & Snider, Kansas C ity.
► Report of Real Estate Securities Com m ittee, Morris F. Fox, Chairman,
M orris F . Fox & C o ., M ilw aukee.
^ R e p o r t o f Fraudulent Advertising Com m ittee, James C . Fenhagen,
Chairman, Robert Garrett & Sons, Baltimore.
’ Report of Publicity C om m ittee, John TV. M acGregor, Chairman, Glover
& M acG regor. Pittsburgh.
^ R e p o r t o f Irrigation Securities Com m ittee, J. TV. Harrison, Anglo
London Paris C o ., San Francisco.
* Report o f Foreign Securities Com m ittee, Albert E . TViggin, Chairman,
Chase Securities Corporation, N ew T ork.
Report o f Government Bond C om m ittee, J. R . Edwards, Chairman,
Fifth-Third National B ank, Cincinnati.
1 p. m . Recess.
Wednesday, Oct. 11.
9:30 a . m . Convene.
Report of Business Practice C om m ittee, W m . G . Baker Jr., Chairman
Baker, W a tts & C o ., Baltimore.
Report o f Industrial Securities Com m ittee, noward F. nansell Jr.,
Chairman, Redmond & C o .. Philadelphia.
California W ater and Power A c t.
Report o f Taxation C om m ittee. Eugene E . Thompson, Chairman
Crane, Parris & C o ., W ashington, D . C .
1 p. m . Recess.
„
Thursday, Oct. 12.
9:30 a . m . Convene.
Election.
Groups.
President elect.
Constitutional amendments.
1923
Convention invitations.
1 p . m . Adjournment o f convention.
PLANS
A N N IV E R S A R Y
Foreign Flotation.
FOR
C E L E B R A T IO N
O F A M E R IC A N
— C O M M IT T E E
TO
OF
5 0 th
B A N K E R S' ASSN.
M EET
AT
OCTOBER
C O N V E N T IO N .
A n nou ncem ent
w as
m ade
c o m m itte e o f b a n k e r s a n d
on
in a r y p la n s f o r th e c e le b r a tio n
th e
A m e r ic a n
Aug.
14
at
m en o f a ffa ir s
o f th e 50th
B a n k e r s ’ A s s o c ia tio n
has
an
o u ts ta n d in g
to m a k e p r e lim
a n n iv e r s a r y
been
a p p o in te d
T h o m a s B . M c A d a m s , P r e s id e n t o f th e A s s o c ia t io n .
of
by
E xecu
t i v e M a n a g e r F . X . S h e p h e r d , in m a k i n g t h i s a n n o u n c e m e n t ,
s a id :
Lewis E . Pierson, Chairman o f the Board, Irving National B ank, N ew
York C ity , heads the Com m ittee, and the membership includes M yron T .
Herrick, American Ambassador to France; W'alker H ill, Executive M anager,
First National Bank, St. Louis, M o .; George M . Reynolds, Chairman o f the
Board, Continental & Commercial National B ank, Chicago, 111.; Logan C
M urray, Commercial Executive, Harriman National B ank, N ew York;
Lym an J. Gage, Secretary o f the Treasury under President M cK in ley,
Point Lom a, C a l., and E . F . Swinney, President First National B ank,
Kansas C ity, M o . A ll o f these men are former presidents of the associa
tion, and Logan C . M urray was also one of the original organizers.
The first meeting o f the Fiftieth Anniversary Com m ittee will be called
during the convention o f the association which will take place in N ew Y ork,
October 2-6, and will bring together from all parts o f the country bankers
who have been identified with the history' o f the organization since its
formation in 1875.
Seventeen representative bankers m et at B am u m ’s H otel, in N ew Tork
C ity, M a y 24 1875, at the request o f James T . Ilowenstein o f the Valley
National Bank o f St. Louis. After short deliberation a call was prepared
for the first convention o f the American Bankers’ Association at Saratoga. •
It was held July 20 to 22, 1875, and a committee o f nine was appointed to
draft a constitution and by-law s. About 300 bankers attended this first
convention. Organization was completed the following year, and the new
mutual benfit. association, which now has a membership o f approximately
2 3 ,0 0 0 , was successfully launched.
A t the second convention which was held in Philadelphia in 1876. the
aim o f the association was definitely formulated as being to “ promote the
general welfare and usefulness o f banks and banking institutions, and to
secure uniformity o f action, together with the practical benefits to be de
rived from personal acquaintance and from the discussion o f subjects o f
importance to the banking and commercial interests o f the country, and
especially to secure the proper consideration o f questions regarding the
commercial and financial usages, customs and laws which affect the banking
interests o f the entire country.” The words “ and for protection against
loss by crime” were added to the foregoing at a later date.
The following were the seventeeen bankers who fostered the idea o f an
American Bankers’ Association: James T . Ilowenstein o f the Valley N a
tional B ank. St. Louis.; George F . Baker, Cashier, First N ational Bank o f
New Y o rk C ity; Arthur TV. Sherman, Cashier, D ry Goods Bank; Edward
Skillen, Cashier, Central National Bank: Edward H . Perkins, Jr., Cashier
Importers’ & Traders’ N ational Bank; George TV. Perkins, Cashier, H an
over N ational Bank; John M . Crane, Cashier. National Shoe & Leather
Bank; John S. Harburger, Cashier o f the M anhattan Com pany B ank, all
o f N ew York; Charles E . U pton, Cashier, C ity B ank, Rochester, N . Y . ;
John S. Leake, Cashier, First National Bank, Saratoga Springs; Am os P .
Palmer, Cashier, Albany C ity National Bank; Royal B . Conant, Cashier,
Eliot N ational Bank o f Boston; M orton M cM ichael, Jr., Cashier, First
National Bank o f Philadelphia; John D . Scully, Cashier, First National
Bank o f Pittsburgh: Joshua TV. Lockwood, Cashier, National Bank of
Virginia; Logan C . M urray, Cashier, Kentucky National B ank; Charles
C . Cadm an, Cashier, M erchants’ & M anufacturers’ Bank o f Detroit.
M ON ETARY REFORM
IN A L S A C E -L O R R A I N E .
C o m m e r c i a l A t t a c h e TV. C . H u n t i n g t o n a t P a r i s s e n d s t h e
f o llo w in g a d v ic e s to th e D e p a r t m e n t o f C o m m e r c e a t W a s h
in g t o n u n d e r d a t e o f J u n e 2 9 . a c c o r d i n g t o “ C o m m e r c e R e
p o rts” o f A u g . 7 :
A law has been passed b y the French Senate and Cham ber of Deputies,
and promulgated b y the President, authorizing the M inister of Finance
to advance to the banks o f Alsace-Lorraino tho funds required to complete
the conversion of their assets from marks into francs at the rate of 1.25
francs per mark, in accordance with Article 2 of the law of April 23 1919.
These loans will be made in 5 % 10-year national-defense bonds at the
rate of issue.
In 1918, shortly after the armistice, a decree subsequently sanctioned
b y the law of April 23 1922, stipulated that the marks holds b y citizens
of Alsace-Lorraine and tho allied countries would bo valued at the rate
of 1.25 francs per mark, in spite of the depreciation of the German cur
rency. On the other hand, the Treaty of Versailles decided that money
owed b y Germ any to citizens of Alsace-Lorraine would be reimbursed by
that country at tho rate of 0.81 franc per mark, which was the com
mercial exchange rate on the mark at Geneva one month before the
armistice.
As a result o f the conflicting decisions, banks in Alsace-Lorraino holding
deposits in marks, being creditors of G erm any, could only claim 0.81
franc per mark from that country, while their depositors could claim
1 25 francs per mark from them . The same situation existed for benev
olent institutions. Governm ent organizations, e tc., which had been forced
b y German legislation to invest all or part of their capital in Germany
proper.
The only solution for tho trouble was for the French Government to
pay tho difference between tho two evaluations o f tho mark. The authori
zation for this payment is the object of the law of June 22 1922, already
mentioned.
IT E M S
AB O U T
One
sh are
a u c tio n
th is
B AN K S,
of
TR U ST
C o lu m b ia
w eek.
No
T ru st
s a le s
C O M P A N IE S ,
C o.
of
sto ck
bank
w as
sto ck
h a s b e e n a s s o c i a t e d Avith t h e c o m p a n y s i n c e N o v .
ETC
s o ld
w ere
w hen
at
he
becam e
gen eral
so lic ito r ,
he
w as
la te r
15 1906,
e le c te d
a
V i c e - P r e s i d e n t a n d d i r e c t o r a n d t h e a s s o c ia t e g e n e r a l c o u n s e l .
m ade
e ith e r a t th e S t o c k E x c h a n g e o r a t a u c t io n .
BAN K L ow .
1 Columbia Trust C o-------------- 267
Shores.
H ig h .
Close.
267
267
Last Previous Sale.
O n A u g . 2 th e N o r th w e s te r n N a tio n a l B a n k o f M in n e a p o lis
June 1921— 280
( w it h w h i c h
pu rch a sed
G eorge
W .
E ly ,
fo r m e r ly
S e cre ta ry
of
th e
N ew
Y ork
Y .,
on A u g .
10.
M r.
E ly ,
w h o w a s e ig h ty -tw o
in
1 8 7 4 , r e tir in g in
1919.
o f th a t c ity
years
o f a g o , j o i n e d t h e E x c h a n g e in 1 8 6 9 a n d b e c a m e S e c r e t a r y
H e w a s a r e c o g n iz e d a u th o r ity
o n th e r u le s o f th e N e w Y o r k S t o c k E x c h a n g e .
L in c o ln N a t io n a l B a n k ,
b e in g
iioav
of
th e
( t h e f i r s t t w o b e i n g a f f i li a t e d ) t h e s e i n s t i t u t i o n s
o p e ra te d
as
N o rth w estern
th e
L in c o ln
N a tio n a l.
Ir v in 2
N a tio n a l
B u lla r d ,
B ank,
V ic e -P r e s id e n t
B o sto n ,
M a s s .,
of
and
liq u id a tio n .
th e
M e rch a n ts
R u d o lp h
S.
P r e s id e n t o f th e H ib e r n ia B a n k & T r u s t C o ., N e w
L a .,
have
been
a p p o in te d
B a n k e r s A s s o c ia t io n to
C e n te n n ia l E x p o s itio n .
as
d e le g a te s
v is it
th e
of
th e
B r a z ilia n
T im
s ta ffs
of
th e
a n d d ir e c to r o f th e L in c o ln
H echt
L in c o ln
O r le a n s ’
A m e r ic a n
In te r n a tio n a l
and
The
S o u th
S id e o ffic e s
c o r p o r a tio n s
w h ic h
o p e r a t e d t h e a b s o r b e d b a n k s a r e n o w in p r o c e s s o f v o l u n t a r y
l o t a i n e d i n t a c t Avith G e o r g e F .
*’ W -
th e
L in c o ln T r u s t & S a v in g s B a n k a n d th e S o u t h S id e S t a t e B a n k
S t o c k E x c h a n g e , d ie d in O n t e o r a P a r k , n e a r T a n n e r s v ille ,
N .
t h e M i n n e s o t a L o a n & T r u s t C o . is a f f i li a t e d )
t h e b u s in e s s o f th e
ic e -
o ffic e ,
re sid e n t o f
o f th a t o ffic e .
and
th e
m erged
O rd e,
banks
have
been
t h e f o r m e r P r e s id e n t
N a tio n a l B a n k , as m a n a g e r o f
O.
O.
S o u th
E r lin g ,
S id e
th e
S ta te
fo r m e r
B ank,
as
Second
m anager
P la n s a re u n d e r w a y fo r th e e r e c tio n
of
a
neAv b u i l d i n g f o r t h e e n la r g e d N o r t h w e s t e r n N a t i o n a l B a n k
at
th e
corn er
of
M a rq u e tte
and
S ix th
S t.
The
L in c o ln
N a t i o n a l B a n k Avas e s t a b l i s h e d in 1 9 1 8 a n d h a d a c o m b i n e d
A t a m e e t in g o f th e d ir e c to r s o f th e B a n k o f A m e r ic a , o f
th is c i t y , o n A u g .
1 0 , P h in e a s C .
L o u n s b u r y , e x -G o v e r n o r
c a p ita l,
s u r p lu s
and
u n d iv id e d
p r o fits
of
$ 6 4 0 ,0 0 0 ;
th e
L i n c o l n T r u s t & S a v i n g s B a n k Avas f o u n d e d in 1 9 1 9 a n d h a d
o f C o n n e t i c u t t ; K im b a ll C . A t w o o d , P r e s id e n t o f t h e P r e -
a c o m b in e d c a p it a l, s u r p lu s a n d u n d iv id e d p r o fit s o f $ 3 4 0 ,
fe r ie d A c c id e n t In su ra n c e C o .; G ilb e r t I I .
0 0 0 , w h ile t h e S o u t h S i d e S t a t e B a n k w a s e s t a b l i s h e d in 1 8 9 9
J o h n so n o f Isa a c
G . J o h n s o n & C o . , i r o n f o u n d e r s ; D a v i d L . L u k e , P r e s id e n t
a n d h a d a c o m b in e d c a p it a l, s u r p lu s a n d u n d iv id e d p r o fits
o f t h e V i r g i n i a P u l p & P a p e r C o . , a n d E d w a r d I v . C h e r r i l l,
o f $ 2 2 5 ,0 0 0 .
a V ic e -P r e s id e n t o f t h e B a n k o f A m e r ic a , w e r e e le c te d d ir e c
in 1 8 7 2 a n d is o n e o f t h e l a r g e s t a n d m o s t i m p o r t a n t b a n k s
tors o f
th e
m M in n e a p o lis .
K o u n tz
of
N a tio n a l
in s titu tio n .
K o u n tz
B ank
T h ese,
B r o s .,
w h ic h
B a n k o f A m e r ic a .
has
to g e t h e r w ith
w ere
d ir e c to r s
r e c e n tly
been
H erm an
of
th e
m erged
D .
A tla n tic
w ith
th e
M r . L o u n s b u r y w a s fo r m e r ly C h a ir m a n
o f th e B o a r d o f th e A tla n tic N a tio n a l B a n k a n d M r . K o u n tz
its P r e s id e n t .
R e fe re n c e
to
th e c o n s o lid a tio n a p p e a r e d
and
T h e N o r t h A v e s t e r n N a t i o n a l B a n k Avas f o u n d e d
u n d iv id e d
I t h a s a c a p it a l o f $ 4 ,0 0 0 , 0 0 0 w ith s u r p lu s
p r o fits
o f $ 3 ,1 6 5 ,8 0 9 .
E d w ard
W .
D ecker
is P r e s i d e n t , J h e o d o r e W o l d , J a m e s A . L a t t a , A l e x a n d e r A .
M cR ae,
W illia m
E.
V i c e -P r e s i d e n t s a n d
B r ig g s
and
S co tt H .
R obert
P lu m m e r ,
E.
M acgregor,
C a sh ie r .
in
o u r issu e o f J u n e 1 7 a n d o n s u b s e q u e n t d a te s .
COURSE
T h ere
T h e E q u ita b le T r u st C o m p a n y o f N e w \ o r k , h as a n n o u n c
is n o
c le a r in g s .
OF B A N K
in te r r u p tio n
to
C L E A R IN G S .
th e u p w a rd
cou rse o f b a n k
P r e lim in a r y fig u r e s c o m p ile d b y u s , b a s e d u p o n
e d a p p o in t m e n t o f R ic h a r d E . H a n s o n a s its C o r r e s p o n d e n t
te le g r a p h ic
fo r
i n d i c a t e t h a t f o r t h e Aveek e n d i n g S a t u r d a y A u g . 1 9 a g g r e g a t e
P h ila d e lp h ia .
A r th u r H a in e s .
1886.
M r.
M r.
H an son
w i ll
be
a ssiste d
by
M r.
H a n s o n Avas b o r n i n P h i l a d e l p h i a , in
H i s f i r s t a s s o c i a t i o n Avith t h e w o r l d o f f i n a n c e c a m e
a d v ic e s
fro m
th e
c h ie f
b a n k c l e a r i n g s f o r a ll t h e c i t i e s
a\ h ic li
it is p o s s i b le
in th e U n it e d
co u n try ,
S ta te s fro m
w e e k l y r e t u r n s w i ll s h o w a n
in c re a se o f
T h e to ta l s ta n d s a t $ 6 ,6 1 4 ,5 8 6 ,6 2 1 , a g a in s t $ 5 ,8 6 5 ,0 6 0 ,6 4 6
c o n tin u in g
in
th a t
c a p a c ity
u n til
1917,
th e
th e
p h ia
hou se,
over
of
in 1 9 1 2 , Avhen h e w a s e n g a g e d a s s a l e s m a n w i t h a P h i l a d e l
bond
1 2 .7 %
to o b ta in
c i t ie s
c o r r e s p o n d in g
Aveek l a s t y e a r .
w h e n h e j o i n e d t h e f o r c e s o f t h e G u a r a n t y T r u s t C o . in N eA v
i o r t h e s a m e Aveek i n 1 9 2 1 .
Y ork.
H e Avas e v e n t u a l l y p l a c e d in c h a r g e o f t h e B a l t i m o r e
Aveek i n w h i c h o u r A v eek ly a g g r e g a t e s haAre s h o w n a n i m p r o v e
o ffic e .
Tn F e b r u a r y , 1 9 2 0 , M r . H a n s o n r e s i g n e d t o b e c o m e
a v i c e - p r e s i d e n t o f t h e F i d e l i t y T r u s t C o . o f B a l t i m o r e , in
c h a r g e o f t h e neAv b u s i n e s s d e p a r t m e n t .
H e re sig n e d
m e n t a s c o n t r a s t e d Avith l a s t y e a r .
N ew
Y ork,
< ont m
su
as a ssista n t to
Jam es
I.
B u sh ,
th is
V ic e -P r e s i-
c h a r g e o f t h e neAv b u s i n e s s d e p a r t m e n t .
st q u e n t a m a d e A s s i s t a n t S e c r e t a r y .
m e n t b r in g s h im
b e e n fa m ilia r .
W illia m
in to
a
te r r ito r y
w ith
S lo a n , h e a d o f th e fir m
H e Avas
H is rece n t a p p o in t
w h ic h
of W .
&
he
J.
has
lo n g
S lo a n , d ie d
°r\ i
a V 1 1 ! 111 hlS f i f t i e t h y e a r Th G d ir e c to r s o f th e B a n k
o f th e M a n h a t t a n C o . o f th is c i t y o n th e 1 7 t h in s t . a d o p t e d
a r e s o l u t i o n e x p r e s s i n g t h e s e n s e o f t h e lo s s s u f f e r e d i n M r .
Clearings— Returns by Telegraph.
Week ending Aug. 19.
1922.
1921.
Per
Cent.
New York___
Chicago_____
Philadelphia..
Boston______
Kansas C ity ..
St. Louis____
San Francisco.
Pittsburgh__
Detroit______
Baltimore____
New Orleans..
$3,027,100,000
433,664,224
352,000,000
234,000,000
118,116,508
$2,620,200,000
433,715,425
302,000,000
211,722,808
134,527,240
+ 15.5
— 0.1
+ 16.5
+ 10.5
— 12.2
125,800,000
*140,000,000
101,124,956
71,588,919
38,874,224
104,520,000
112,000,000
96,826,247
53,727,367
34,367,436
+ 20.3
+25.0
+ 4.1
+ 33.2
+ 13.1
Ten cities, 5 days.
Other cities, 5 days..
$4,642,268,831
869,886,687
$4,103,606,503
783,944,036
+ 13.1
+ 10.9
Total all cities, 5 days
All cities, 1 day_______
S5,512,155,518
1,102,431,103
$4,887,550,539
977,510,107
+ 12.7
+ 12.7
$6,614,586,621
Refuses to furnish figures.
$5,865,060,646
+ 12.7
Total all cities for week.
th e M a n h a t t a n
•Estimated,
a
tru stee
of
th e
U n ite d
S ta te s
1905.
T ru st
H e had
C o .,
th e
a ls o b e e n
B ank
w h ic h
he
Avas
S e c re ta ry ,
and
a
d ir e c to r
of
th e
a
B urke
C o m p l e t e a n d e x a c t d e t a i l s f o r t h e Aveek c o v e r e d b y t h e
f o r e g o in g w ill a p p e a r in o u r i s s u e o f n e x t A veek.
and
th e S a tu r d a y
f i g u r e s w i ll
n o t b e a v a ila b le u n til n o o n
t o - d a y , w h i l e Ave g o t o p r e s s l a t e F r i d a y n i g h t .
F o r r e s t F . D r y d e n r e s i g n e d a s P r e s i d e n t o f t h e P r u d e n t ia l
In su ra n ce
Co.
at
of
A m e r ic a ,
N eA vark
on
at
a
Aug.
m e e tin g
14.
of
E d w ard
W e cannot
f u r n is h t h e m t o - d a y , i n a s m u c h a s t h e Aveek e n d s o n S a t u r d a y
I o u n d a tio n a n d a m e m b e r o f th e C h a m b e r o f C o m m e r c e
d ir e c to r s
a
fo r
S a v in g s , th e P r o v id e n t L o a n S o c ie ty a n d th e P u b lic L ib r a r y ,
of
a
a
S l o a n s d e a t h ; h e h a d s u c c e e d e d h is f a t h e r a s a d i r e c t o r o f
c o m p a n y in D e c .
O u r c o m p a r a t i A re s u m
m a r y f o r t h e Aveek i s a s folIoA vs:
p o s i t m n in M a r c h , 1 9 2 1 , c o m i n g t o t h e E q u i t a b l e T r u s t C o .
ot
T h i s is t h e t w e n t y - f i r s t s u c c e s s i v e
th e
board
D .
D u ffie ld ,
of
A c c o r d in g ly ,
in t h e a b o A 'e t h e l a s t d a y o f t h e w e e k h a s in a ll c a s e s h a d
to b e e s t i m a t e d .
In t h e e la b o r a t e d e ta ile d
s t a t e m e n t , h o A v e v e r, w h i c h w e
A c t i n g P r e s i d e n t f o r t h e l a s t s i x m o n t h s , Avas c h o s e n a s M r .
p r e s e n t f u r t h e r b elo A v , Ave a r e a b l e t o g i v e f i n a l a n d c o m p l e t e
D r y d e n ’s su c c e sso r.
r e s u lt s f o r th e w eek p r e v io u s — t h e Aveek e n d i n g A u g . 1 2 .
e ffe c tiv e S e p t. 1 .
M r . D r y d e n ’ s r e s i g n a t i o n w ill b e c o m e
H i s r e t i r e m e n t is o c c a s i o n e d b y ill h e a l t h .
I aao y e a r s a g o h e u n d e n v e n t a n o p e r a t i o n f o r m a s t o i d i t i s
a n d e a r l y in t h e p r e s e n t y e a r h e o b t a i n e d a s i x m o n t h s l e a v e
o f a b s e n c e a s h e a d o f t h e P r u d e n t i a l , h is p l a c e b e i n g f i ll e d
te m p o r a r ily b y M r . D u f f ie l d .
M r . D r y d e n Avas f o r a t i m e
i n t h e B e r m u d a s , a n d is n o w , i t is s a i d , in t h e m o u n t a i n s in
N cav E n g l a n d .
.J o h n F .
M r.
D ryden
su cceed e d
h is f a t h e r , S e n a t o r
D r y d e n , a s h e a d o f th e P r u d e n tia l L ife In su ra n c e
C o . o n J a n . 8 1 9 1 2 , Avhen h e Avas f o r t y - s e v e n y e a r s o l d .
He
h a d s t a r t e d a s a c le r k in t h e o f f i c e s o f t h e P r u d e n t i a l a n d
advanced
D ic k e n s o n
by
su c c e ssiv e
D u ffie ld ,
th e
step s
new
to
th e
p r e s id e n c y .
P r e s id e n t o f
th e
E d A v a rd
P r u d e n tia l,
For
t h a t w e e k t h e i n c r e a s e is 1 3 . 4 % , t h e 1 9 2 2 a g g r e g a t e o f t h e
c le a r in g s
b e in g
$ 5 ,7 9 1 ,0 3 7 ,1 4 7 .
is o n l y
1 2 .3 % ,
$ 6 ,5 6 7 ,7 3 2 ,6 0 0
and
th e
1921
a g g reg a te
O u t s id e o f th is c i t y , h o w e v e r , th e in c r e a se
th e
bank
re co rd e d a g a in o f 1 4 . 3 % .
exchanges
at
th is c e n tr e
h a v in g
W e g r o u p t h e c i t ie s n o iv a c c o r d
i n g t o t h e F e d e r a l R e s e r v e d i s t r i c t s in Avhich t h e y a r e l o c a t e d ,
a n d f r o m t h i s i t a p p e a r s t h a t in t h e B o s t o n R e s e r v e D i s t r i c t
th e
i n c r e a s e is
(in c lu d in g
th is
1 2 .7 % ,
c ity )
in
th e N e w
1 4 .5 % ,
in
th e
Y ork
R eserve
D is tr ic t
P h ila d e lp h ia
R eserve
D i s t r i c t 1 3 . 6 % a n d in t h e C l e v e l a n d R e s e r v e D i s t r i c t 2 0 . 5 % .
T h e R ic h m o n d
R e s e r v e D is t r ic t m a k e s th e b e s t s h o w in g o f
a ll Avith a n i n c r e a s e o f 2 6 . 7 % ; t h e A t l a n t a R e s e r v e D i s t r i c t
sh o w s a g a in o f 1 4 . 6 % , th e C h ic a g o R e s e r v e D is t r ic t 1 0 . 7 %
a n d th e S t . L o u is R e s e r v e D is t r ic t 1 1 . 5 % .
T h e M in n e a p o lis
Week ending Aug. 12.
Clearings at—
1921.
R e s e r v e D is t r i c t r e c o r d s a n in c r e a s e , t h o u g h v e r y s m a l l , it
b e in g o n ly
1 .2 % .
th e
R eserve
The
K an sas
C ity
R eserve
D is tr ic t a n d
S
%
S
S even th Feder al Reserve D lstrict— Chi cago —
Mich.— Adrian. .
Ann Arbor-----Detroit___
Grand Raplds.
Lanslng----Ind.— Ft. Wayne
Indianapolis—
South Bend.
Wls.— Milwaukee
l a — Ced. Rapids
Des M oines..
Sioux City-----Waterloo . .
111.—Bloomington
Chicago . . .
Danville—
Decatur—
Peoria------Rockford —
Springfield------
195,886
693,151
98,507,836
6,492,700
1,853,000
1,867,781
e l6 ,902,000
2,429,189
30,923,513
1,922,596
9,309,195
5,650.282
1,348,675
1,237,769
521,782,746
Total (19 cities)
710,897,384
Grand total......... .. .118 cities 6,567,732,600 5,791,037,147 + 13.4 7,571,884,180 7,884,302,501
Outside New York City_______ 2,893,693,410 2,581,506,684 + 12.3 3,491,383,288 3,315,677,610
Ind.— Evansville
M o.— St. Louis..
Ky.— Louisville .
Owensboro----Tenn.— Memphis
Ark.— Little Rock
111.— Jacksonville
Quincy............
e4,324,369
a
23,380,460
356,349
14,044,605
7.474,095
320,001
1,395,020
247,958,587 286,411,384 —13.4 369,564,486 308,446,127
Total (7cities).
51,295,499
D a lla s
D is tr ic t
b o th
sh ow
d im in ish e d
th o u g h th e d e crea ses a re s m a ll, b e in g 3 . 4 %
and
1 .1 %
fo r
th e
la tte r .
The
San
to ta ls ,
fo r th e fo r m e r
F r a n c is c o
R eserve
D is t r ic t e n jo y s a g a in o f 1 5 . 7 % .
I n th e fo llo w in g w e fu r n is h a s u m m a r y b y F e d e r a l R e s e r v e
d istr ic ts:
SUMMARY OF BANK CLEARINGS.
In c.or
Week ending Aug. 12.
1922.
1921.
Dec.
1920.
1919.
$
S
Federal Reserve Districts
S
S
%
(1st) Boston_______ ..1 0 cities 308,682,931 273,863,896 + 12.7 368,690,667 380,602,780
3,729,793,838 3,258,602,396 + 14.5 4,145,057,129 4,624,620,419
(2nd) New York____ . . 9 “
407,772,338 358,959,595 + 13.6 492,743,869 454,530,046
(3rd) Philadelphia- - 1 0 ••
346,157,722 287,223,523 + 20.5 403,036,117 349,401,099
(4th) Cleveland____ — 9 "
158,376,970 125,048,811 + 26.7 181,820,047 171,325,191
(5tb) Richmond____ . . 6 ’’
130,966,507 114,269,235 + 14.6 177,098,219 154,121,927
(6th) Atlanta......... .. — 11 "
710,897,384 642,161,063 + 10.7 827,500,660 818,854,481
(7 th) Chicago______ — 19 "
51,295,499 46,003,843 + 11.5 64,552,996 50,294,790
(8th) St. Louis_____ — 7 "
(9th) Minneapolis.. — 7 ”
102,956,112 101,757,300 + 1.2 128,570,673 77,500,184
236,932,354 245,258,465 —3.4 360,320,514 403,245,183
(10th) Kansas C ity.. - 1 1
’*
(11th) D allas......... .. — 5 "
40,884,023 41,321,704 —1.1 61,222,882 62,598,043
(12th) San Francisco. — 14 "
343,016,822 296,567,266 + 15.7 361,270,407 337,208,358
Canada........................
W e n o w a d d o u r d e ta ile d s t a t e m e n t , s h o w in g la s t w e e k ’ s
fi g u r e s f o r e a c h c i t y s e p a r a t e l y , f o r t h e f o u r y e a r s :
Week ending Aug. 12.
Clearings at—
1922.
$
1921.
S
First Federal Reserve Dist rict—Boston
Maine— Bangor. .
764,692
700,855
Portland____
3,000,000
3,337,510
Mass.— Boston.
278,000,000 247,558,359
1,288,766
Fall River___
1,655,396
a
a
Holyoke.
1,029,652
942,186
Lowell—
a
a
Lynn___
1,362,552
1,543,575
New Bedford..
3,417,221
4,137,116
Springfield__
3,508,829
3,103,139
Worcester___
8,962,289
5,743,922
New Haven—
a
308,682,981
Total (10 cities)
Inc.or
Dec.
%
+ 9.1
+ 11.3
+ 12.3
+ 28.4
a
+ 9.3
a
+ 13.3
+ 21.1
+ 10.9
7,320,301 + 22.4
5,110,517 + 12.4
a
a
273,863,896 + 12.7
1920.
1919.
S
S
946,319
2,850,000
334,893,326
2,013,726
a
1,200,000
a
1.886,032
4,466,855
4,581,051
8,903,358
6,950,000
a
368,690,687
7S7.236
2,625,000
350,007,349
2,289,606
a
1.093,356
a
1,872,002
3,956,120
3,631,632
7,628,190
6,652,283
a
380,602,780
al Reserve D istrict—New York—
3,658,185
3,306,597 + 10.6
4,559,229
4,600,537
f l ,183,925
1,033,082 + 14.6
1,389.700
1,037,900
e38,750,985
31,342,204 + 23.6
Buffalo______
42,744,467
35,754,620
599,498 Not lncl. In t otal.
Elm ira______
Jamestown___
d l,715,257
926,836 + 85.1
3,669,039,190 3,209,530,463 + 14.3 4,0S0,500,892 4,568,624,891
e8,933,000
7,055,608 + 26.6
10,678,438
10,268.982
3.727.445
3,033,911 + 22.9
Syracuse.
4,633,477
3,939,810
d2,477,211
2,051,813 + 20.7
308,690
321,882 —4.1
550,926
393,679
Total (9 cities). 3,729,793.888 3,258,602,396 + 14.5 4,145,057,129 4,624,620,419
Reserve Dist rict— Philad
1,084,997
995,223
2,070,519
2,462,026
903,808
1,000,000
Chester...
2,529,154
2,278,286
Lancaster.
387,000.000 339,000,000
2,445,672
2,662,433
Reading .
4,197,499
e3,759,804
Scranton.
2,762,738
e2,443,047
1,128,399
1,221,750
York................
3,081,259
3,725,319
N. J.—Trenton..
a
a
Total (10 cities)
407,772,338
elphia __
+ 7.0
1,167,994
+ 18.9
3,767,820
—9.6
1,417,190
+ 11.0
2,814,587
+ 14.2 467,902,936
+ 8.9
2,650,000
— 10.4
4,986,508
— 11.6
2,821,089
+ 8.3
1,426,168
+ 20.9
3,789,577
a
358,959,595 + 13.6
al Reserve D istrict— Clev eland6,561,000 — 11.3
e5.817.000
3,037,878 + 29.7
3,940,861
49,733,662 + 4.9
52,187,296
73,340.951 + 23.3
e90,397,000
11,534,700 + 20.2
13,886,000
a
a
a
790,627 + 18.5
936,884
c
c
a
a
a
a
a
a
3,273,328 — 16.7
e2,728,122
a
a
a
Ohio— Akron..
Canton____
Cleveland.
Columbus .
D a y ton ..Lima____
Mansfleld.
Sprlngfield
Toledo —
c
Pa.— Erie.
c
bl72,800,000
c
c
a
492,743,869
9,558,000
5,205,470
62,951,576
129,241,433
16,112,500
a
887,783
c
a
a
4,577.585
a
c
1,003,731
1.461.240
2,700,000
435,607,724
2,741,067
4,406,342
2,000.000
1,529,753
3,080,189
a
454,530,046
9,576,000
4,507,906
60,456,903
110,390.617
14,689,300
1,182,306
c
a
6,002,426
a
3.484,559
135,640,000 + 27.4
3,311.377 + 5.2
164,197,218
5,304,552
137,136,741
5,398.900
346,157,722
287,223,523 + 20.5
403,036,117
349,401,099
F ifth Federal Reserve Dist rict—Rlchm ond—
1,363,263 + 11.9
1,525,947
W\ Va.— Hun’toi
6,088,244 + 3.3
e6,290,25C
Va.— Norfolk—
36,302,010 + 23.5
44,845,974
R i c h m o n d -----2,080,610 — 15.6
e l,754.825
S .C .— Charlestoia
64,298,251 + 33.9
86,074,271
M d — Baltimore
14.916,433 + 19.9
17.885,703
D . C.— Wash’n.
1.943,423
10,968,516
51,355,031
4,200,000
97,583,474
15,769,603
9,402,224
55,131,429
3,000,000
89,369,353
14,422,185
125,048,811 + 26.7
181,820,047
171,325,191
7.791,32C
3,463,832
23,093,564
52.962,936
2,892.15?
1,250,000
a
10,810,115
16,149,573
5,870,621
3,256,681
15,529,592
52,918,042
3,082,515
1,500,000
596,905
348,836
57,738,927
479,778
308,212
50,848,626
177,098,21£
154,121,927
Total (9 cities).
158,378,970
Total (6 cities)
Knoxville.
Augusta . .
Macon—
Savannah.
Reserve Dist rict—Atlant a—
4,935,005 —2.1
e4,830,442
2,827.682 + 7.7
3,044,586
14,192,593 + 22.7
17,419,775
34.244,680 + 3.2
35,328,892
1,555.843 — 16.4
1,300,964
1,067,919 + 2.8
1,098,291
a
a
+ 14.3
7,380,644
e
8,435,746
13,263,988 + 43.8
~ el9,076,000
c
702,320 —6.0
660,001
269,502 — 1.1
266 433
33.829,109 + 16.8
39,505,372
Total (11 cities)
130,966,507
114,269,285 + 14.0
c
6,966,217
13,331,643
c
Inc. or
Dec.
1,173,133
4,207,023
1,964,179
2,436,730
+30.6
+ 15.7
+ 14.5
95,511
456,826
116,508,057
6,545,079
a
1,386,648 — 15.4
3,248,896 + 29.5
1,773,931 + 10.7
+ 2.7
2,373,238
235,060
628,975
119,511,231
7.293.174
1.500.000
2,185,963
20,889,000
2,119,477
34,776,357
3.323.174
10,604,507
7,980,024
1,863,428
1,729,835
599,439.095
a
1,761,832
5.500.000
2,545,927
3,613,601
642, 161,063
+ 10.7
827,500,660
818,854,481
4, 166,870
a
,175,446
319,034
,389,505
,502,863
326,042
,124,083
+ 3.8
a
+ 10.4
+ 11.7
+ 23.3
— 0.4
— 1.9
+ 24.1
4,942,332
a
28,399,134
566,206
18,087,286
10,044,609
715,561
1,797,868
4,763.242
a
16,843.031
707,952
17,363,902
8,316.095
611,170
1,689,398
46,003,843
+ 11.5
64,552,996
50,294,790
5,809,461 — 8.4
60,456,096 — 0.8
+ 7.3
28,499,740
2,050,965 — 3.4
1,283,075 + 14.2
661,076 — 12.3
+ 2.1
2,996,887
7,859,812
73,996,048
39,043,170
3,000,000
1,863,144
1,202,707
1,605,792
6,887,175
44,467,329
18.192.699
3,097,097
1,809,135
1,258,034
1,788,715
150,000
598,963
86,047,690
6,426,223
2,387,0(0
1,848,563
16,552,000
2,142,719
28,405.229
1,895,933
7,602.874
5,530,443
1,206,515
1,148,364
471,435,834
+ 1.0
—22.4
+ 1.0
+ 2.1
+ 13.4
+ 8 .9
+ 1.4
+ 22.4
+ 2.2
+ 11.8
+ 7.8
+ 10.7
E ig h th Federa 1Reserve Dis trlct- —St. Lo uls—
N in th Federal Reserve Dis trlct— Minn ea polls
1,200,000
1,807,162
18,718,000
1,100,000
27,753,824
2,733,129
10,198,968
9,062,265
1,917,876
1,581,614
608,769,098
a
1,424,557
4,383,378
2,000,000
2,599,137
Minn.— Duluth..
Minneapolis...
St. P a u l---------N. D.— Fargo...
S. D.— Aberdeen
Mont.— Billings .
Helena______
e5,319,241
59,971,851
30,578,880
1,980,597
1,465,357
579,779
3,060,407
T o t a l (7 c it ie s ).
102,956.112
101,757,300
+ 1.2
128,570,673
77,500,184
e391,868
591,057
4,036,366
37,825,265
e3,587,903
e l l , 227,309
136,659,161
550,767 — 28.9
+ 4.5
565,368
3,261,690 + 24.1
+ 2.3
36,966,970
3,096,060 + 15.9
11,764,598 — 4.6
145,954,598 — 6.4
823.222
885,818
5,387,536
50,750,024
3,497,072
15,690,591
228,947,119
973,884
725,023
5,830,458
63,245,301
3,804,901
16,370,796
272,969,09
14,294,255
Tenth Federal Reserve Dis trict— Kans as City
N e b .— F r e m o n t ..
H a s t i n g s .. .
L in c o ln ____
O m a h a ................
K a n .— T o p e k a . .
W ic h ita ----------M o .— K a n . C it y
S t. J o se p h ____
O k la .— M u sk og ee
O k la h om a C it y
T u ls a ______
C o l.— C o l .S p g s . .
D e n v e r ------P u e b lo -------------
e20,704,282
a
1,380,278
19,725,252
f803,613
23,728,861
a
1,515,210
17,030,290
834,047
— 8.9
+ 15.8
— 3.6
31,587,581
a
1,275.782
20,424,674
1,051,095
1,362.303
22,922,757
746,414
T o t a l (11 cities)
236,932,354
245,258,465
403,245,183
a
— 3.4
360,320,514
1,200.000 — 14.7
18,301,477 + 12.0
10,301,157 — 1.0
8,031,297 — 33.5
a
+ 9.7
3,487,773
1,400.000
28,533,878
21,075,807
5,766,157
a
4,447,040
41,321,704 — 1.1
40,884,023
Twelfth Feder al Reserve D (strict— San Francl
+ 9.1
27,874,355
30,418,156
W a sh .— Sea ttle -
61,222,882
62,598,043
39,443,438
44,287,444
— 0.7
+ 8.7
+ 25.0
1,305,801
36,710,150
14,326.189
1,656,258
38,000,000
15,602,769
3,849,626 — 7.0
3,459,199 + 44.2
76,364,000 + 24.4
10,811,896 + 14.6
2,941,407 + 23.9
5,724,214
+ 3.6
a
a
117,000,000 + 15.0
1,745,365 + 39.4
864,837 + 10.1
4,662,000 — 41.2
4,058,525
3,271,972
78,288,000
11,043,500
2,550,793
7,000,000
a
153,000,000
2,576,833
1,157,806
5,937,400
3,867,701
1,776,246
47,101,000
10,180,970
1,477,097
6,550,537
a
161,551,558
2,291,703
296,567,266 + 15.7
361,270,407
337,208,358
Eleventh Fede ral Reserve District— Da lias—
T e x a s— A u s tin —
D a lla s ...............
F ort W o rth . .
G a lv e s to n ..........
H o u s to n —
L a .— S h re v e p o rt.
1,023,347
e20,500,000
elO,195,712
5,339,993
a
3,824,971
T o t a l (5 c i t ie s ).
S pok ane—
T a c o m a -----Y a k i m a .............
O re.— P ortla n d - .
U ta h — S. L . C it y
N evada— R e n o .
A r iz .— P h o e n ix .
C a lif.— F r e s n o ..
L on g B ea ch —
L o s A n geles .
O a k la n d ------P asad en a —
S a cra m en to.
San D ie g o -----San F ra n cis co .
San J o s e .............
S a n ta B a rb a r a .
S t o c k to n . . .
T o t a l (14 cities)
G ra n d to ta l (118
citie s ) ..................
O u tsid e N . Y —
1,112,858
32,307,372
13,036,661
e3,579,338
4,989,105
94,980,000
12,394,386
3,644,404
e5,928,613
134,500,000
2,433,346
952,083
2,740,500
343,016,822
1,120,375
29,724,047
10,425,945
1921.
Vancouver--------
O tt a w a ...............
Quebec--------------Halifax..................
Hamilton-----------St. John------------Calgary................
London........... —
Victoria................
Edmonton----------
Regina...............
Brandon------------Saskatoon---------Moose Jaw---------Lethbridge............
Brantford----------Fort William-----New Westminster
Medicine H a t ...
Peterborough-----
Sherbrooke.........
Kitchener.............
Windsor...............
Prince Albert----M oncton......... ..
Kingston-----------
3,181,172
2,865,075
6.567,732,600 5,791,037,147 + 13.4 7,571,884,180 7,884.302,501
2.898,693,410 2,581,506.684 + 12.3 3.491.383,288 3,315.677,610
Week ending Aug. 10.
Clearings al—
Canada—
Montreal----------Toronto------------Winnipeg..............
2,000,000
25,000,000
21,858,471
10,558,400
98,225,078
79,657,331
68,896,901
69,501,882
31,757,784
40,663,606
13,439,484
18,878,185
5,711,610
6,817,033
5,902,324
5,687,961
5,682,032
3,209,873
5,652,755
4,897,450
2,533,825
3,020,244
5,429,335
3,905,432
2,132,014
2,821,295
2,260,777
1,809,510
4,763,150
3,603,423
3,851,334
2,979,271
663,574
976,801
1,942,857
1,771,522
1,305,762
974,532
664,219
438,410
952,610
813.586
774,489
665,730
544,446
631,990
446,454
302.586
702,400
594,379
1,601,444
820,756
901,972
891,547
3,354,602
3,570,053
299,553 Not Incl. In to
1,054,504
1,818,300
832,735
606,812
Inc. or
Dec.
%
139,417,800
102.250,813
41,163,138
18,290,502
7,788,325
7,009,590
5,109.044
7,571,971
3,480,257
6,558,078
3,624,342
2,494,144
— 20.0
4,470,920
— 24.3
4,510,223
— 22.6
771,101
— 32.1
2,142,727
— 8.8
1,520,955
— 25.4
844,062
—34.0
1,325,785
— 14.6
774,427
— 14.0
077,339
+ 16.1
— 32.2
419,697
— 15.4
829,533
1,472,747
— 48.7
1,213,302
— 7.3
3,004,948
+64
tal
+ 72.4
816,716
-27.1
— 18.9
— 0.9
— 21.9
— 28.8
— 16.2
+ 3.8
+ 77.0
— 13.4
+ 19.2
— 28.1
— 24.4
115,864,215
79,218,814
39,715,315
12,483,287
10,217,931
5,633,402
5,582,330
6,171,825
2,687.541
5,935,901
3,076,911
2,804,153
4,050,836
3,799,028
688,536
2,093,427
1,372,878
653,938
838,104
730,378
641,656
436,626
691,837
1,074,990
965,144
2,017,124
247,958,587 286,411,384 — 13.4 369,564,486 308.446,127
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 comnarative figures of debits; we apply to last year’s clearings the same ratio of decrease
increase) as shown by the debits, c Do not respond to requests for figures,
d Week ending Aug. 9. e Week ending Aug. 10. t Week ending Aug. 11.
* Estimated.
Total Canada.
f c m
M o v e m e n t o f g o l d a n d s i lv e r f o r t h e
r a u r c i a l a rt (lim it s c c l l a n c o u s
12 m o n th s:
Gold Movement at New York.
P i t t s b u r g h S t o c k E x c h a n g e .— R e c o r d o f tr a n s a c tio n s a t
P i t t s b u r g h S t o c k E x c h a n g e A u g . 1 2 t o A u g . 1 8 , b o t h in c lu
s i v o , c o m p i l e d f r o m o f f i c ia l s a le s l i s t s :
Stocks—
Friday
Sales
Last Week’s Range for
Sale.
of Prices
Week.
Par. Price. Low.
High Shares.
Range since Jan. 1.
Low-
High.
Am Vitrified Prod, com .25
9
9}*
24}*
120
fi
Feb
Am Wind Glass M ach.. 100 80
79 Vi 80
375
90
64)* Jan
Preferred.............. ..... 100
90
90
90
84
Jan 91}*
195
Arkansas Nat Gas. com . 10
9
9}*
95*
85* Mar
942
125*
Carnegie Lead A Zinc___ 5
4H
5
100
6 )*
2)* Jan
Consolidated Ice, c o m ..50 ” 35*
35*
3?*
4
25* Apr
30
Harb-Walk Refrac, preflOO
101
101
50
70
Jan 103
Hazelwood Sav & T r— 100
130
130
5 130
Aug 130
Indep Brewing, com----- 50
3)*
3}*
3}*
1}* Jan
450
314
Preferred......................50
12
10)* 12
713
6 }* Feb
12
Lone Star Gas........ ........ 25
22 J* 29
1,090
20
Jan
315*
Mfrs Light & Heat----- 100
54
51H 54}*
1,615
45
Jan
543*
Nat Fireproofing, c o m ..50
8}*
7}*
8 )*
395
614 Jan
95*
Preferred____________ 50 20 X
19
20}*
1,415
21
15
Jan
Ohio Fuel O i l .. .............. -1
15)* 16}*
23
175
15}* Aug
Ohio Fuel Supply-----------25 53}*
53
54
44}* Jan 55
240
Oklahoma Natural Gas. .25
22
22
22?*
585
19
Jan
265*
Oklahoma Prod A Refln__5
25*
2 }<j Feb
25*
4
150
Pittsburgh Brew, pref — 50
7
7}*
7}*
175
8 J*
5
Feb
Pittsburgh Coal, pref.. 100
96
96
97
90)* May
10
Plttsb & M t Shasta C o p .. 1 22c
22c
23c
31c
19c May
4,500
Pittsburgh Oil A Gas — 100
9?* 10}*
855
6
Feb
115*
Pittsburgh Plate Glass.. 10 1 7 8 " 178 178
20 130
Jan 180
Salt Creek Cons________ 10
I D * 11}*
260
85* Jan
14}*
San Toy Mining_________ 1
4c
4c
4c
9c
900
3e Mar
Tidal-Osage Oil__________
13}*
13
13?*
279
11
Jan
14}*
Union Natural Gas___ 100
146
147J*
68 115}* Jan 147}*
U S Glass.....................100
50
50
10
40
Jan
55
West’house Air Brake__ 50
94
93
94
417
80 }s Mar 1001*
W’house El & Mfg, com .50 62
61)* 62
49}* Jan 69)*
120
West Penn Rys, pref__ 100
79}* 79}*
15 69}* Jan
80
WestPennTrAWP, com 100 35}*
31}* 36
1,505
18
Jan 36
Bonds—
Indep Brewing 6s___ 1955
72
72
72
$36,000
67
June 75
Apr
May
June
Apr
June
Apr
July
Aug
July
Aug
June
Aug
Apr
Apr
June
May
Apr
June
June
June
Mar
June
Aug
May
Apr
Apr
Aug
May
Feb
Apr
Apr
Aug
Jan
B A N K N O T E S — C H A N G E S IN T O T A L S O F A N D IN
D E P O S IT E D B O N D S
& C . - W e g iv e b e lo w t a b le s w h ic h
s h o w a ll t h e m o n t h l y c h a n g e s in n a t i o n a l b a n k n o t e s a n d in
b o n d s a n d le g a l te n d e r s o n d e p o s it th e r e fo r .
Amt. Bds. on Deposit to
Secure Circulation for—
National Bank Circulation
Afloat on—
National
Fed. Res.
Bank Notes. Bank Notes.
Legal
Tenders.
$
735.160.690
734,546,300
733,876,590
731.693.690
730.016,940
729.702.240
729,425,740
728.523.240
728.351.240
727.512.490
727.002.490
724.770.490
723.675.190
Bonds.
Total.
S
80.518.700
84.218.700
87.218.700
95.568.700
102.393.700
110.359.700
126.393.700
126.393.700
139.393.700
149,768,600
155.768.700
208.355.200
224.105.200
$
S
S
July 31 1922..
732,467,585 25,603,977 758,071,562
June 30 1922..
732.585,640 25,616,387 758,202,027
May 31 1922..
730,203,870 25,690,832 755,900,702
Apr. 30 1922..
729,526,135 25,096,414 754,622,549
Mar. 31 1922..
727,838,900 24,840,522 752,679,422
Feb. 28 1922..
727,465.523 24,569,959 752,035,482
Jan. 31 1922..
724,480.758 25,130,609 749,611,367
Dec. 31 1921..
724,235,815 25,932,109 750,167.924
Nov. 30 1921..
723.023,965 26,283,132 749,307,097
Oct. 31 1921 —
716,304,820 26.984,017 743,288,847
Sept. 30 1921..
795,836.355 27,402.759 743,239,113
Aug. 31 1921..
711,000,205 24,148,669 739,148,874
July 31 1921..
702.570.407 29,570,407 732.419,179
$75,866,400 Federal Reserve bank notes outstanding July 31 Cof which S70 021 400
200A0O JulyU 3W928L teS b° ndS ^
55’846’000 by « 1
T h e f o l lo w i n g show s^ t h e a m o u n t o f e a c h c l a s s o f U n i t e d
S ta te s b o n d s a n d c e r tific a te s o n d e p o s it to se cu re F e d e ra l
U. S. Bonds Held July 31 to Secure—
Bonds on Deposit
July 31 1922.
2s,
4s,
2s,
28,
2s,
U.
U.
U.
U.
U.
On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes.
Notes.
8 . Consols of 1930................
S. Loan of 1925....................
8 . Panama of 1936..... ..........
S. Panama of 1938________
8 . 1-Ycar Certlfs. of Indebtedness
Total
Held.
S
7,863,400
1,768.000
257,000
130,300
70,500,000
$
579,990,950
81,459,400
48,153,240
25,557,100
$
587,854,350
83.227.400
48,410,240
25.687.400
70,500,000
80,518,700
735,160,690
815,679,390
T h e fo llo w in g s h o w s th e a m o u n t o f n a tio n a l b a n k n o te s
a flo a t a n d th e a m o u n t o f le g a l-te n d e r d e p o s its J u ly 1 a n d
A u g . 1 a n d th e ir in c r e a s e o r d e c r e a s e d u r in g th e m o n t h o f J u ly
National Bank Notes— Total Afloat—
Amount afloat July 1 1922..................................................
. 7ro om n?>7
Net decrease during July......................................................- - _ III1 1 IIIII_
130,465
Amount of bank notes afloat Aug. 1 1922.................................
« 75o
562
Legal Tender Notes—
Amount on deposit to redeem national bank notes July l 1922
$25 616 387
Net amount of bank notes retired In July...............................
... ............
’ 12 410
Amount on deposit to redeem national bank notes Aug. l 1922
F O R E IG N
TR A D E
ST A T E M E N T .
OF
N E W
Y O R K ___M O N T H L Y
Merchandise Movement at New York.
Month.
Imports.
Exports.'
1921-22.
July______
August. .
September
October...
November
December.
January .
February .
March____
April.........
M a y ..........
June--------
S
$
104,648 783 323.427 .245
111,371 ,583 265,399 334
106,610 .350 184,623 .524
108,483 ,456 179,929 .909
117,798 ,720 172,054 ,642
113,117 ,989 126,251 ,896
100,106 930 108,651 ,387
115,222, 960 103.427 293
135,648, 795 123,996 ,959
113,193,
124,926 117
110,004, 302
117,438,
100,048, 763
122,369,
$25 603 977
1920-21.
$
.583,284 200 ,319,661
218.873160 ,316,294
.338,972,174 ,781,030
153,764)267 ,317,672
618,132289 ,529,108,
422,349
------------345,
,414,165
097,239 356,,457,600)
484.633 237,,794,460'
504,549 167,,836,305)
760,933 132.,460,324)
522,172
502,231)
550,713 107, 506,523
Customs Receipts
at New York.
1921-22. I 1920-21.
13,443,167
18,237,808,
15,203,273
15,657,373;
17,078,066)
16,799,063)
19,322,717)
21,620,780
24,650,403
20,639,380
20,909,658
23,181,882
21,468,214
18,392,047
16,140,524
16,845,472
15,335,704
12,190,679
12,265,070
14,154,349
18.615,006
26,838,089
17.221,670
16,397,034
Total.. .11366010388 192274137B1318255613 •2548235373l'226,743.570 205.863.858
Month.
1921-22.
July____
August.
September
October...
November
December.
January . .
February .
March____
M a y _____
June_____
|
Imports.
S
1920-21. | 1921-22.
57,338,204
78,990,700
60,805,467
44,137,381
47.133,681
25,517.561
21.126,622
24,034,770
31.300,604
8,440.457
6,660,364
11.462,982
$
I
10.945,005
12,454,509
34,228,556
114,561.653
54.248,571)
53,324,215
31,328,278
18,439,803
81,335,005
74,173.373
29,701,157
37,152.786
$
2,943,013
................
200
1.124,000
................
55,583
286,000
1,041,057
237,728
806,748
2,645,834
136,321
T o ta l... 416,948,793!551,892,9111 9,276.484
N ew
Y ork
Silver— New York.
Exports.
1920-21.
$
246.300
4,212,285
274,003
130.000
53.000
350.043
124.300
234.300
100.000
300,000
Bid
565
152
210
260
403
500
150
329
125
550
300
448
295
295
230
285
200
250
160
325
420
Brooklyn
Coney Island*
First_________
Mechanics’ * .
Montauk * ___
Nassau______
People’s _____
155
255
110
125
225
160
Exports.
1921-22.
1921-22.
S
1,060,799
4,830.670
1,773,797
3,270,065
2.055,487
1,241,925
2,344,016
827,421
2,816,134
887,751
2,445,822
1,842,829
3
622,262
1,071,362
3,109,125
1,110,636
1,308,259
503.885
132,213
3,899,518
3.044,763
2,152,224
1.632,368
1,265,490
6,024,231 25,396,716 19,852,105
C ity B a n k s a n d T r u s t
All prices dollars per share.
Banks— N. Y.
America *___
Amer Exch.
Battery Park.
Bowery*..
Broadway Cei
Bronx Boro*
Bronx N a t ..
Bryant Park*
Butch A Drov
Cent Mercan.
Chase____
Chat A Phen.
Chelsea Exch*
Chemical___
Coal A Iron..
Colonial *____
Columbia*___
Commerce___
Com’nwealth
Continental.
Corn Exch*..
Cosmop’tan*.
East River__
Fifth Avenue*
Fifth................
First................
Garfield..........
Gotham..........
Greenwich * . .
Hanover.........
Harrlman. . .
Imports.
Ask
575
157
C o m p a n ie s .
Trust C o.’s
New York
American____
Bankers Trust
Central Union
Columbia____
Commercial..
Empire______
Equitable Tr.
Farm L A Tr.
Fidelity Inter.
375
396
327
105
295
160
292
332
453
135
208
245
___
240
453
170
305 Law Tit A Tr 185
305 Metropolitan. 290
260 Mutual (West
295
Chester)___ 115
Y Life Ins
270
A T r u st..
655
170
353
395
305
1090
665
358
400
315
1125
165
265
450
213
270
407
Brooklyn
Brooklyn Tr.
Kings County
Manufacturer
People’s_____
—
430
750
235
325
380
402
332
125
305
295
213 *
255
250
193 *
300
130
* Banks marked with (*) are State banks. (New stock. * Ex-dlvldend. y Ex-rights
N e w Y o r k C ity R e a lty a n d
_________ _____________ All prices dollars per
Bid
Ask
Bid
90
95 Lawyers Mtge ’.78
74
77 Mtge Bond.
115
25S
264 Nat Surety.
215
60
63 N Y Title A
Preferred . .
88
91
M ortgage.. 158
S u re ty
share.
Ask
185
125
220
164
C o m p a n ie s .
Realty Assoc
(Brooklyn).
U 8 Casualty.
U 8 Title Guar
West Chester
Title A M G
Bid
155
160
105
A sit
160
175
A u c t i o n S a le s .
A m o n g o th e r se c u r itie s , th e f o llo w in g ,
it u s u a l l y d ea lt i n at th e S tock E x c h a n g e , w e r e r e c e n t l y s o l d
a t a u c t io n in N e w Y o r k , B o s t o n a n d P h ila d e lp h ia :
~
B > M e s s r s . A d r ia n H . M u lle r & S o n s , N e w Y o r k :
Shares. Slocks.
Pr, . .
Bonds.
Per cent.
6 Chic., St. P „ Minn. &
$5,000 Nat. Employment Exch.
Omaha Ry. pref----- $98 per sh.
certlf. of contribution______ $1,025 ot
1 Columbia T rust..
$267 $2,500 Hicks Parrett Tractor)
8s, 1924................................... |
! 65
65 t
S S E S " Paving
nav!ns Brick
B rtck.'pfjio
ot
Tidewater
S3 lot
$5,000 Hicks Parrett Tractorj
4 Cent. RR. Co. Of N. J $188 nor sh
8s, 1925.................................. |
5 The Babcock A Wilcox
P
S4.000 Hicks Parrett Tractorl
8s, 1926.......................................... >$1,000lot
3,605 Stutz Motor Car,'nonpar ^ PPr ®b $3,500 Hicks Parrett Tractor)
8s, 1927_________
I
™ nStedB Mnlng Piano,pf.'$^,700 lot $10,000 Hicks Parrett Tractor)
8s, 1931......................
J
$12,500 Producers Coal Co. 8s,
1931...........................
$3,000lot
150 m K ° j erM' ^ ’ olirocfs26o"lot $30,000 Durham Coal A Iron)
Wilson,Roberts. AM onroe/
Co. 1st M . 5s, 25-yr. 8. F., ’36 >$260 lot
305 Slate Creek Mining Co
$5 1
$3,000 Durham Coal A Iron Co. |
won w
3 360 Durham Coal A Iron
6s scrip ctfs, 1918------------------ )
5,000 Little Cottonwood Trans')
°
90 7.50 T l^ ' ’^
e.rrecl- - - - - - - - - >*50 lot
ma
« S
cH
W ; $3lot
•‘^Stocks.
e?srs‘ ^
Shares. ■
Se’ H o b b s & A r n o ld , B o s t o n
$ per sh. Shares. Stocks.
$ per sh.
1,000 Fravel-Paymaster Mining Co.
5 f “ ercanU anufacturin g ..I I 98)*
25c.
par, $1......
3 American M fg., pref.
82
3 Fall River Gas Works.............. 197
10 Southern Calif. Edison_______104)*
3
Z h ................
..
10 Newburyport
Gas A Electric. 65}*
15 York Manufacturing_____ 203
S h £ j. ^ o T rS- R * L - D a y
C o ., B o s to n
Bonds.
Per cent.
$2,000 LynnABostonRR.5s,1924,
stamped____________ _______94}* A int.
575 UaS Uu
i Pre’ -------"-TOO Adiv. $2,000 North Packing A Provision
5s, 1945_________ __________ 97}*-975*
30 nbh'ts v lfv T 1' par 510 ........... 8c.-9c.
'i2 « > n t s N ashawena M Ills______ 75* 34 Eastern Mass. St. Ry.adj.scrip. 39
7 W m . Whitman, pref
inn 5^ jt. hi} $20 Eastern Mass. St. R y. 5s, 1948,
10 Corning Glass Wo?ks!'pref * t o 9‘ *
Scries B ..... ............................. .......... 74}*
f ct“ f®taS,0Und Pow•& L i g h t ! 543* $175 Graton A Knight pref. div.scr. 54
1 State Street Exchange_____
46
$60 Eastern Mass. St. Ry. adj.scrip. 39
$2,000 Milford A Uxbridge St. R y.,
............58 y,
1923 - - - - - - - - - - - 0 £ T riC,ai‘. Trust • Poston. . . .
2 I ederal 1 rust, Boston.
&
jj I gw
101 ^
B v M e s s r s . B a r n e s & L o fla n d , P h ila d e lp h ia :
Shares. Stocks.
Price.
Price. Shares. Stocks.
100 First; Nat. Bank of Patton Pa 100
100 Camden Fire Ins. Assn., par $5. 11)*
6 }* The Girard Water Co------------- $1 lot
S
S
11*
'
Bank
226
!*
20 Penn National Bank
•tra
6 Phila. Life Ins. Co., par $ 1 0 . . . 10}*
6 Hare A Chase, Inc., pref. B ___102
20 P e om £xlty
1 Second A Third Sts. Pass_____ 196
2lGRaPrd%Tr ^ V C p ’ parS50 - Bonds.
Per cent.
In HleSiti ? ncl Trust C o !!
152}* 51.000 Union R y., Gas A Elec. 5s,
Series " A , ” 1939------ -------------------76
14 rnn . Sta.te Tltle ,ns- & Tr'ust.'441
$1,000 United Railways Investment
15 i s T n
Passenger R y--------81
i ; f ’Hua. & Darby Pass Rv
on
Co. 5s, 1926..................................... 865*
1 ] y S f n 0 Central R R . '
78 }* $2,000 Consolidated Trac. 5s, 1933. 81
At£t=hT>Pennsylvanla R R 80}* 51.000 Philadelphia Co. 5s, 1 9 4 9 ...1 0 0 }*
6 Atlas Powder, pref
........85
$2,000 Philadelphia Co. 5s, 1951___87}*
$ 1,000 Public Service Corp., N . J.,
’ J° h
4 n ' Stetson Co. com., par
6s, perpetual. May A Nov. 1___94 }*
6 Fire Assn, of Phtia., par $56! .. 3 2 4
$1,000PulicService Corp. N .J .:5s,
1959.................................................... 85 5*
N a t i o n a l B a n k s . — T h e f o llo w in g in fo r m a t io n r e g a r d in g
n a tio n a l b a n k s is f r o m th e o ffic e o f t h e C o m p t r o lle r o f th e
C u rren cy, T rea su ry D e p a rtm e n t:
A P P L IC A T IO N S T O O R G A N I Z E R E C E I V E D .
Au°Aug
Aug
Aug
Aug.
Capital.
9— The United States N ational Bank o f Chicago, 111-----------$ 200 ,00 0
Correspondent, H erm an Elenbogen, c-o W est Side
National B ank, 1600 W . Roosevelt Rd , Chicago, 111.
9— The Perth A m boy N ational Bank, Perth Am b oy, N . J . 100,000
Correspondent, K alm an M indszenthy, 167 Hall A v e .,
Perth A m b oy, N . J.
„„„
11— The First National Bank o f Phoebus, V a -----------------------50,000
Correspondent, W . J. H . Tennis, Phoebus, Va.
A P P L IC A T IO N S TO O R G A N IZ E A P P R O V E D .
8— The First N ational Bank o f Donnybrook, N . D ------------ $25,000
Correspondent, Fred W hite, Donnybrook, N . D .
8— The Terminal N ational Bank o f Youngstown, Ohio____ 2 50,000
Succeeds the International Bank of Youngstown, Ohio.
Correspondent, Joseph V . Starrs, Youngstown, Ohio.
A P P L IC A T IO N S T O C O N V E R T R E C E I V E D .
8— The Rockwood National Bank, R ockw ood, T enn_______ $50,000
Conversion o f The Rockwood Bank & Trust C o .,
Rockwood, Tenn.
Correspondent, J. D . Farmer, Rockwood, Tenn.
A u g. 12— The N inth National Bank o f Atlanta, G a ----------------------- 325,000
Conversion of the Fourth State Bank o f A tlan ta, Ga.
Correspondent, H . T . Kilpatrick, 208 Lee S t.,
A tlan ta , Ga.
A P P L IC A T IO N TO C O N V E R T A P P R O V E D .
A u g. 12— The First National Bank o f Leaksville, N . C -------------------$40,000
Conversion o f the Peoples Bank, Leaksville, N . C .
Correspondent, A . E . M illner, Cashier, Peoples Bank,
Leaksville, N . C .
C H A R T E R IS S U E D .
Aug. 10— 12243 The Citizens N ational Bank o f Harlan, K y ---------$100,000
President, C . E . B all; Cashier, G . G . W hitcom b.
A u g.
A u g.
Aug.
V O L U N T A R Y L I Q U ID A T I O N S .
8— 1393 The Bank o f N ew Y ork N ational Banking Associa
tion, N ew Y ork, N . Y __________________________ $ 2 ,000,000
Effective July 27 1922.
Liquidating Agent, P. D . M etz, Bank o f New
Y o rk , N . Y .
Succeeded b y the Bank o f N ew Y o rk , N . Y .
9— 414 The Second N ational Bank of Baltim ore, M d ____ 500,000
Effective July 24 1922.
Liquidating A gent, Second Assets Liquidation
Corporation, Baltimore, M d .
Absorbed b y the Merchants N ational Bank of
Baltim ore, M d .
Liability for circulation not assumed under
Section 5223 , U . S. R . S.
D IV ID E N D S .
D iv id e n d s a re g r o u p e d in t w o s e p a r a te t a b le s .
I n th e
fir s t w e b r in g t o g e th e r a ll th e d iv id e n d s a n n o u n c e d th o c u r
ren t w eek .
T h e n w e fo llo w w ith a s e c o n d t a b le , in w h ic h
w e sh o w th e d iv id e n d s p r e v io u s ly a n n o u n c e d , b u t w h ic h
h a v e n o t y e t b e e n p a id .
T h e d iv id e n d s a n n o u n c e d th is w e e k a re :
Same of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Canadian Pacific, common (quar.)-------Preferred______________________ _____
Chestnut Hill (quar.)------- --------------------Fonda Johnstown & Glov., pref. (quar.).
2K
*2
75c.
IK
Sept.30
Sept.30
Sept. 5
Sept. 15
Holders of rec.
■Holders of rec.
Aug. 20
to
Holders of rec.
Sept.
Sept.
Sept.
Sept.
Street and Electric Railways.
Eastern Wisconsin Elec. Co., pref. (qu.)
El Paso Electric C o.. com. (quar.)--------Galveston-Houston Elec. Co., p r e f----.
United L ig h t* Rys.. partic. pref. (qu.).
First preferred (quar.)------------------------
*1K
*2K
♦3
IK
IK
Sept. 1
Sept.15
Sept.15
Oct. 2
Oct. 2
♦Holders of rec.
♦Holders of rec.
Sept. 16 to
Sept. 16 to
Sept,
Sept.
Sept.
Sept.
Banks.
Chemical National (bt-monthly).
Grace (W R) & Co’s Bank---------
*4
♦4
Sept. 1 'Holders of rec. Aug. 22
Aug. 15 ‘Holders of rec. Aug. 12
IK
2K
3K
5
3K
IK
♦4
Sept. 1
Oct. 16
Sept. 1
Sept. 15
Sept.15
Sept. 1
Miscellaneous.
American Felt, preferred (quar.) - - - -
American Telephone & Telegraph (quar.)
American Window Glass Co., pref--------Atlantic & Pacific Steamship, c o m -._ -Preferred------------------------------------------Boott Mills (quar.)--------- --------------------Brltish-American Tobacco (Interim)-----Burroughs Adding Machine (quar.)
_
Carter (William) Co., preferred (quar.).
Chesebrough M fg., common (quar.)-----Preferred (quar.)------------------
Colonial Finance Gorp., com. (quar.) - - Preferred (quar.)
. - ------ --------------Crucible Steel, preferred (quar.)------- - - Cuban-Amerlcan Sugar, pref. (q u a r.).-DictographProductsCorp., prof (quar.)
Dominion Glass, common (quar.)--------Preferred ( q u a r .) -----........
Erie Lighting, preferred (quar.). . - -------Fairbanks-Morse Co., pref. (quar. ) - . - FamousPlayers-Lasky Corp., com. (qu.)
Fay (J. A.) & Egan Co., prof, (quar.)
Federal Mining & Smelting, pref. (quar.)
Gold & Stock Telegraph (quar.)------------Humphreys O il.-----------------------------------Imperial Oil. Ltd--------- --------- -------------International Salt (Quar.)----------- - -------Lake of the Woods Milling, com. (quar.)
Preferred (quar.)---------------- - - - - - - Mascouma Lt. & Pow„ com & P »-<«“ •
McCrory Stores Corp., com. (in com .stk.)
Mergenthaler Linotype (quar.). . . --------Merrimack M fg., common (quar.)
M Wdfe West Ut il It les. prior l ien stk. (qu.)
Montreal Cottons, common (quar.)-----Preferred (quar.)------ - - - - ; ---------------National Candy. 1st & 2d pref--------------National Surety (quar.) -------- - New England Telep. A "1 cleg. (quar.) -Ogilvie Flour Mills, preferred (quar.) - - Ohio Oil (quar.)- - - ......... - - .......... ........
E xtra___________________ _____ ,
Philadelphia Electric, com. & prer. (qu.)
Procter* Gamble, 6% pref. (quar.)
Rand Mines____________________________
St. Joseph Lead Co. (quar.) ------- - - - - - :
Southwestern Power * Light, pref. (qu.)
Standard Oil of New Jersey, com. (quar.)
Preferred (quar_______________________
Texas Gulf Sulphur (quar.)---------Tidal-Osage OH, preferred (quar.)
Tonopah Extension Mining (quar.)--------
la
1
17
17
Holders of rec.
Holders of rec.
Aug. 24
to
Holders of rec.
Holders of rec.
Holders of rec.
Aug. 15a
Sept. 20a
Aug. 31
Sept. 15a
Sept.15a
Aug. 15
Sept.30 ♦Holders of rec.
IK Sept. 15 Holders of rec.
♦3K Sept. 30 ♦Holders of rec.
*1K Sept. 30 ♦Holders of rce.
25c. Oct. 1 Holders of rec.
Oct. 1 Holders of rec.
2
IK Sept.30 Holders of rec.
IK Sept. 30 Holders of rec.
Sept. 15 Holders of rec.
2
I K Oct. 2 Holders of rec.
1K Oct. 2 Holders of rec.
50c. Oct. 2 Holders of rec.
♦IK Sept. 1 ♦Holders of-rec.
Oct. 2 Holders of rec.
$2
to
IK Aug. 21 Aug. 9
♦1K Sept. 15 ♦Holders of rec.
♦IK Oct. 2 ♦Holders of rec.
Sept.15 Holders of rcc.
5
*75c. Sept. 1 Aug. 16 to
♦IK Oct. 2 ♦Holders of rec.
Sept. 1 ♦Holders of rec.
*3
♦IK Sept. 1 ♦Holders of rec.
IK Sept. 1 Holders of rec.
Sept. 1 Holders of rec.
/l
2K Sept. 30 Holders of rec.
IK Sept. 1 Holders of rec.
2K Sept. 1 Holders of rec.
♦IK Sept. 15 ♦Holders of rec.
IK Sept. 15 Holders of rec.
IK Sept. 15 Holders of rec.
3K Sept.13 Aug. 23 to
Oct. 2 Holders of rec.
3
Sept. 30 ♦Holders of rec.
•2
IK Sept. 1 Holders of rec
♦SI.25 Sept.30 ♦Aug. 27
to
♦75c. Sept.30 ♦Aug. 27
to
*50c. Sept.15 ♦Holders of rec.
♦IK Sept. 15 ♦Holders of rec.
♦55c. Aug. 24 ♦Holders of rec.
25c. Sept. 20 Sept. 10 to
IK Sept. 1 Holders of rec.
♦SI.25 Sept. 15 ♦Holders of rec!
♦IK Sept. 15 ♦Holders of rec.
Sept. 15
♦$1
♦IK Sept. 1
♦5c. Oct. 2
Sept. 21
Sept. 9
Sept. 9
Sept. 9
Sept. 1
Sept. 1
Sept.15a
Sept. 2a
Aug. 31a
Sept. 15
Sept. 15
Sept. 15
Aug. 21
Sept. 15a
Aug. 21
Aug. 26
Sept. 30
Aug. 31
Aug. 31
Sept. 15
Aug. 26
Aug. 26
Aug. 21
Aug. 21
Sept. 6a
Aug. 11
Aug. 11
Aug. 31
Aug. 31
Aug. 31
Aug. 29
Sept. 20a
Sept. 13
Aug. 22a
Sept. 24
Sept.24
Aug. 21
Aug. 25
Aug. 19
Sept.20
Aug. 17
Aug. 25
Aug. 25
Sept. 1
Aug. 24
Sept. 11
Name of Company.
Per When
Cent. Payable.
Miscellaneous (Concluded)
United States Envelope, common--------- ♦4
Preferred____________________________
♦3K
2
U. S. Title Guaranty (quar.)..................
Wabasso Cotton (quar.)......... ................... *1
White Motor (quar.)----------------------------- SI
Williams (E. T .) Oil (q u a r,)-................... ♦lK c.
3
Wilmington Gas, preferred......... ..............
Woods Manufacturing, com. (quar.)____ *2
Books Closed.
Days Inclusive.
♦Holders of rec
Holders of rec
Holders of rec,
♦Holders of rec
Holders of rec,
Holders of rec,
Aug. 20 to
♦Holders of rec.
Sept.
Sept.
Sept.
Oct.
Sept.
Sept.
Sept.
Sept.
Aug. 17
Aug. 17
Aug. 31
Sept. 15
Sept. 20
Aug. 20
Aug. 31
Aug. 28
B e lo w w e g iv e th e d iv id e n d s a n n o u n c e d in p r e v io u s w e e k s
a n d n o t y e t p a id .
T h is lis t d oes n ot in c lu d e d iv id e n d s
a n n o u n c e d th is w e e k .
Name of Company.
Railroads (Steam).
Atch. Top. & Santa Fe, com. (quar.)...
Baltimore & Ohio, preferred............. .
Buffalo & Susquehanna, com. (quar.)...
Chic. St. Paul Minn. & Omaha, com___
Preferred------ ------- ---------------------Cin. N. 0.&Texas Pac., pref. (quar.)..
Cleveland & Pittsburgh, guar. (quar.)..
Special guaranteed (quar.)-------------Cripple Creek Central, pref. (quar.)----Cuba RR., preferred............. ................
Delaware & Bound Brook (quar.)-------Delaware & Hudson Co. (quar.)---------Illinois Central, common (quar.)---------Preferred (No. 1)_______ _______ —
Louisiana & North West (No. 1)---------New York Chicago & St. Louis,
First preferred (quar.)-------------------First preferred (quar.)-------------------Second preferred (quar.)----------------Second preferred (quar.)----------------Norfolk & Western, common (quar.)----North Pennsylvania (quar.)--------------Pennsylvania (quar.)------ ---------------Phila. Germantown* Norristown (qu.).
Plttsb. & West Virginia, pref. (quar.)..
Preferred (quar.)_________ _____
Plttsb. Youngst. & Ashtab., pref. (quar.)
Reading Company first, pref.(quar.)----Southern Pacific Co. (quar.)...............
Union Pacific, common (quar.) — ........
Preferred................ ..........................
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
IK
2
IK
2K
3K
' IK
87K c
50c.
1
3
2
2K
IK
S I .10
*1K
Sept. 1
SeDt. 1
Sept.:30
A u g .:21
A u g .:21
Sept. 1
Sept. 1
Sept. 1
Sept. 1
Feb 15'23
Aug.21
Sept.:20
Sept. 1
Sept. 1
Oct. 1
Holders of rec
Holders of rec,
to
Sep t.16
Holders of rec
Holders of rec
Holders of rec
Holders of rec,
Holders of rec,
Holders of rec,
Holders of rec.
to
Aug. 12
Holders of rec.
Holders of rec.
Holders of rec.
July
July
Oct.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
July
Aug.
Aug.
Aug.
Aug.
28a
15a
1
la
la
18a
10a
10a
15
20a
20
28a
4a
4a
IK
IK
IK
IK
IK
SI
50c.
SI.50
IK
IK
IK
50c.
IK
212
2
Sept. 30
Deo. ;30
Sept.:30
Dec. :30
Sept. 19
A u g .:25
A u g .;31
Sept. 5
A u g .:31
N o v .:29
Sept. 1
Sept. 14
Oct. 2
Oct. 2
Oct. 2
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Aug. 10
to
Holders of rec.
Aug. 20
to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Sept. 19a
Dec. 19a
Sept. 19a
Dec. 19a
Aug. 31a
Aug. 20
Aug. la
Sept. 4
Aug. la
Nov. la
Aug. 21a
Aug. 29a
Aug. 31a
Sept, la
Sept, la
Street and Electric Railways.
Brazilian Trac.. Light & Pow.. ordinary. 1
Central Arkansas Ity. & Light, pref.(qu.)
IK
Cent. Miss. Vail. Elec. Prop., pref. (qu.)
IK
Federal Light & Traction, pref. (quar.).
IK
Northern Texas Elec. Co., com. (quar.). 2
Preferred.................... ....................... 3
Philadelphia Co..preferred.................. $1.25
Philadelphia Traction............................ S2
Washington (D. C.) Ry. & Elec., pf.(qu.) ♦IK
IK
West Penn Rys.. pref. (quar.)...............
Sept. 1 Holders of rec. July 31
Sept. 1 Holders of rec. Aug. 15a
Sept. 1 Holders of rec. Aug. 15a
Sept. 1 Holders of rec. Aug. 15a
Sept. 1 Holders of rec. Aug. 21a
Sept. 1 Holders of rec. Aug. 21a
Sept. 1 Holders of rec. Aug. 10a
Oct. 2 Holders of rec. Sept. 9a
Aug. 21
to
Sept. 1 ♦Aug. 20
Sept,. 1 5 Holders of rec . Sept. 1
Trust Companies.
Lawyers Title & Trust Co. (quar.)........
Oct.
Miscellaneous.
Acme Tea. 1st & 2d pref. (quar.).........
American Art Works, com. & pref. (qu.)
American Bank Note, pref. (quar.)----American Beet Sugar, preferred (quar.).
American Locomotive, com. (quar.)----Preferred (quar.)............. .................
American Mfg., pref. (quar.).................
Preferred (quar.)...............................
American Metal, common-----------------Preferred (quar.)........— ............ - -
American Power* Light, com. (quar.)..
AmerlcanRadiator, common (quar.) . . .
American Safety Razor Corp. (No. 1 )-..
Am. Sales Book, pref.(acct.accum.d!vs.).
American Shipbuilding, common (quar.)
Common (quar.)---------------------------Common (quar.).................................
Common (q u ar.)...--------- - ------- . . .
Amcr. Smelt. & Refining, pref. (quar.)..
Amer. SmeltersSecur., pref. A (quar.)..
Preferred B (quar.)............................
American Stores, common (quar.).........
Amer. Sugar Refg., pref. (quar.).........
American Sumatra Tobacco, pref-------American Telegraph & Cable (quar.)...
Amer. Tobacco, com. & com. B (quar.).
Associated Dry Goods. 1st pref. (quar.).
Second preferred (quar.)....................
Atlantic Refining, common (quar.)-----Atlas Powder, common (quar.).............
Beldlng-Cortlcelli, Ltd., pref. (quar.)...
Bethlehem Steel, com. & com. B (quar.)
Preferred (quar.)___ ____ ________
Eight per cent preferred (quar.)..........
Borden Co., preferred (quar.)...............
Brandram-Henderaon, Ltd., common..
Brooklyn Edison (quar.)........................
Buckeye Pipe Line (quar.)....................
California Packing Corpoiatlon (quar.).
California Wine Assn., common.............
Cities Service—
,
Common (monthly, payabloin cash)..
Common (pay. in com. stock scrip)...
Pref & pf. B (mthly., pay. in scrip)..
Cleveland Elec. Ilium., pref. (quar.)...
Colorado Fuel * Iron. pref. (quar.)........
Columbia Petroleum (monthly)----------Commercial Solvents. Class A, pref .(qu.)
Connor (John T .), common (quar.)-----Consolidated Gas of New York (quar.). .
Consumers Company, preferred.............
Continental Oil (quar.)......................
Cosdcn & Co., pref. (quar.)..................
Crane Co., common (quar.)..................
Preferred (quar.)..................... .......
Credent Pipe Line (quar.). ............. Crow's Nest Pass Coal (quar.)...............
Davis Mills (quar.)............. - ................
Deere* Co., preferred (quar.)...............
Diamond Match (quar.)..................... .
Eastern Shore Gas & Elec., pref. (quar.)
Eastman Kodak, common (quar.)-------Preferred (quar.) . --------- . . . . . . . . .
Electric Investment Corp., pref. (quar.).
Elk Horn Coal Corp.. pref. (quar.)-----Federal Utilities, preferred (quar.)........
General Asphalt, preferred (quar.)........
General Cigar, preferred (quar.)...........
Debenture preierred (quar.)...............
General Development (quar.)......... —
Gillette Safety Razor (quar.)........
Stock dividend..........................
Goodrich (B. F.) Co., pref. (quar.)
Great Western Sugar, pref. (quar.)
IK
IK
IK
75c.
IK
IK
IK
IK
IK
75c.
S1.75
2
SI
25c.
ftlK
2
2 F
2 M
2 A
IK
IK
IK
IK
IK
♦3K
IK
3
IK
IK
5
3
IK
IK
IK
2
♦IK
IK
2
$2
IK
6
*K
♦glK
*?K
♦2
2
1
♦SI
*25c.
2
3K
♦2
IK
1
IK
75c.
IK
IK
75c.
2
2
$1.25
IK
IK
IK
IK
IK
IK
IK
25c.
S3
eb
IK
IK
2 Holders of rec. Sept.22a
Sept. 1
Oct. 15
Oct. 2
Oct. 3
Sept.:30
Sept.:30
Oct.
1
Dec. 31
Sept. 1
Sept. 1
Sept. 1
Sept. 30
Oct. 2
Sept. 1
Nov. 1
eb. 1’ 23
ay 1’23
ug. r 23
Sept. 1
Oct. 1
Oct. 1
Oct. i22
Oct. 2
Sept. 1
Sept. 1
Sept. 1
Sept. 1
Sept. 1
Sept.:16
Sept. 11
Sept. 15
Oct. 2
Oct. 2
Oct. 2
Sept. 15
Dec. 1
Sept. 1
Sept. 15
Sept. 15
Aug. :21
Holders of reci. Aug. 12a
Holders of rec:. Sept. 30a
Holders of reci. Sept. 12a
Holders of rec:. Sept. 9a
Holders of rec:. Sept. 13a
Holders of rec:. Sept. 13a
Sept. 17 to Oct. 1
Dec. 30
Dec. 17 to
Holders of reci. Aug. 19a
Holders of rec!. Aug. 21a
Holders of rec . Aug. 18
Holders of rec . Sept. 15a
Holders of rec . Sept. 12a
Holders of rec . Aug. 15
Holders of rec . Oct. 15
Holders of rec., Jan.15'23
Holders of rec. Apr.14'23
Holders of rec. July 14'23
Aug. 12
to Aug. 20
Sept. 16
to Sept. 24
Sept. 16
to Sept. 24
Sept. 21
to Oct. 2
Holders of reo . Sept, la
♦Holders of rec . Aug. 15
Holders of rec:. Aug. 31a
Holders of rec . Aug. 10a
Holders of rec;. Aug. 12
Holders of rec Aug. 12
Holders of rec Aug. 21a
Holders of rec Aug. 31a
Holders of rec Sept, la
Holders of rec Sept. 15a
Holders of rec Sept. 15a
Holders of rec Sept. 15a
■Holders, of rec Sept. 1
Holders of rec Nov. la
Holders of rec Aug. 18a
Holders of rec . Aug. 21
Holders of rec:. Aug. 31a
Holders of rec Aug. 15
Sept. 1 ♦Holders of rec.
Sept. 1 ♦Holders of rec.
Sept. 1 ♦Holders of rec.
Sept. 1 ♦Holders of rec
Aug. 25 Holders of rec.
Sept. 1 Holders of rec,
1 ♦Holders of rec.
Oct.
Oct. 2 ♦Holders of rec
Sept. 15 Holders of rec,
Aug. 20 Holders of rec.
to
Sept. 15 ♦Aug. 20
Sept. 1 Holders of rec,
Sept. 15 Holders of rec,
Sept. 15 Holders of rec
to
Sept. 15 Aug. 20
Sept. 1 Holders of rec,
Sept. 23 Holders of rec.
Sept. 1 Holders of rec,
Sept. 15 Holders of reo
Sept. 1 Holders of rec
Oct. 2 Holders of rec
Oct. 2 Holders of rec
AUg. 22 Holders of rec
Sept. 11 Holders of rec
Sept. 1 Holders of rec
Sept. 1 Holders of rcc
Sept. 1 Holders of rec
Oct. 2 Holdei s oi rec
AUg. 21 Holders of rec
Sept. 1 Holders of rec
Dec. 1 Holders of rec
Oct. 2 Holders of reo
Oct. 2 Holders of rec
Aug. 15
Aug. 15
Aug. 15
Aug. 15
Aug. 10a
Aug. 20
Sept. 20
Sept. 20
Aug. 10a
Aug. 10a
Sept. 15
Aug. 15a
Sept. 1
Sept. 1
Sept. 15
Aug. 12
Sept. 9a
Aug. 15a
Aug. 31a
Aug. 15
Aug. 31a
Aug. 31a
Aug. 12a
Sept, la
Aug. 15
Aug. 15a
Aug. 24a
Sept. 25a
Aug. 10a
Aug. I
Nov. 1
Sept. 22a
Sept. 15a
Per
Cent.
N a m e o f C om pany.
M i s c e ll a n e o u s (.Concluded)
G u a n ta n a m o S ugar, pref. (q u a r.)_
H a rb ls on -W a lk er R e fr a c ., c o m . ((
P referred (q u a r .)______________
H a rtm a n C o r p o ra tio n (q u a r .)____
W hen
Payable.
Books Closed.
D ays Inclu sive.
W e e k ly
of
Banks
__
2
1X
S ep t. 30 H old ers o f rec. S ep t. I5a
S e p t. 1 H old ers o f rec. A u g . 21
O ct. 20 H old ers o f rec. O ct. 10a
__
S ep t. 1 H old ers o f rec. A u g . 18a
A u g . 31 H old ers o f rec. A u g . 18a
)1
..
*2
H i g b e e C o ., 2d p ref. ( q u a r . ) . . .
S e p t. 1 ‘ H old ers o f r e c . A u g . 21
H om es ta k e M in in g (m o n t h ly ).
2 5c A u g . 25 H old ers o f rec. A u g . 19a
*7X S ep t. 1
In la n d S teel (q u a r .)_______________
__ *2 5c S e p t. 1 ♦H olders o f r e c . A u g . 10
In tern a tion a l C o t t o n M ills, p ref. (
.)
I X S ep t. 1 H old ers o f rec. A u g . 21
In te rn a t. H a rv ester, p ref. (q u a r .).
1% S e p t. 1 H old ers o f rec. A u g . 10a
Isle R o y a le C op p er C o ____________
_
50 c A u g . 31 H old ers o f rec. A u g . 17
L a c le d e G as L ig h t, c o m m o n _______
-I X S e p t. 15 H old ers o f rec. S ep t, la
L an caster M ills, co m m o n (q u a r .).
2 A S e p t. 1 H old ers o f rec. A u g . 20
L a n ston M o n o t y p e M a ch in e (q u a r
-l x A u g . 31 H old ers o f rec. A u g . 21a
L ee R u b b e r <fc T ir e C o r p . ( q u a r . ) . .
50c. S ep t. 1 H old ers o f rec. A u g . 15a
L eh ig h C oa l & N a v ig a tion (q u a r .).
2
A u g . 31 H old ers o f rec. J u ly 31a
L lb b e y -O w e n s S heet G la ss.......... ..
5 0 c. S e p t. 10 H old ers o f rec. S ep t. 1
S e p t. 1 H old ers o f r e c . A u g . 15a
L)
3
L im a L o c o m o t iv e W ork s, p r e f.
. . 2 1-3 S ep t. 1 H old ers o f rec. A u g . 16a
L it B r o s _________________________
50c A u g . 21 H old ers o f rec. A u g . 10
E x t r a _________ ______ _________
25c A u g . 21 H old ers o f r e c . A u g . 10
L u d lo w M a n u fa ctu rin g A ssn. ((
S ep t. 1 H old ers o f r e c . A u g . 2
- - S2
..
S1.5C S e p t. 1 H old e r s o f r e c . A u g . 23
M a rla n d O il (N o . 1 )_________________
$1
S ep t. 30 H olders o f rec. A u g . 31a
M a rtin -P a r ry C o r p . (q u a r .)________
50c. S ep t. 1 H old ers o f rec. A u g . 15a
M a n h a tta n Shirt, co m m o n (q u a r.) I
S ep t. 1 H old ers o f rec. A u g . 14a
S ep t. 1 H old ers o f rec. A u g . 14a
_
2 5c A u g . 21 H olders o f rec. A u g . 1
..
2
S ep t. 1 H olders o f rec. A u g . 15a
C o m m o n (q u a r .)______ _________
D e c . 1 H olders o f rec. N o v . 15a
P referred (q u a r .)_____________ "
O ct.
2 H olders o f rec. S ep t. 15a
M e x ica n S ea boa rd O il (m o n t h ly )'
..
50c A u g . 21 H o ld e r s o f rec. A u g . 14a
M c ln t y r e -P o r c u p ln e M in es, L t d l
S e p t. 1 H old ers o f rec. A u g . la
M u tu a l OH (q u a r .)____________
S e p t. 15 ♦ H olders o f rec. S ep t. 1
.
I X O ct. 14 H old ers o f rec. S ep t. 30a
P referred (q u a r .)___________~~~
A u g . 31 H old ers o f rec. A u g . 17a
N a tion a l C loa k & Suit, p ref. (q u a r.)
I X S ep t. 1 H old ers o f rec. A u g . 25a
N a t. Enam eling & S tp g ., p ref. (quar
S ep t. 30 H olders o f rec. S ept. Sa
Preferred (q u a r .).......................... _
.
I X D ec. 30 H olders o f rec. D e c. 9a
N a tio n a l L ead , com m on (q u a r )
.
I X S e p t. 30 H old ers o f rec. S e p t. 15a
""
P referred (q u a r .)____
S e p t. 15 H old ers o f r e c . A u g . 25a
N a tio n a l S ugar R efin in g (q u a r.)
.
I X O ct. 2 H old ers o f r e c . S ep t. 11
N eb ra sk a P ow er, preferred (q u a r.) I I
.
I X S ep t. 1 H old ers o f rec. A u g . 19
N ew C orn elia C o p p e r (q u a r .)_______~
2 5 c. A u g . 21 H old ers o f rec. A u g . 4a
I X A u g . 21 H old ers o f r e c . A u g . 9a
N o r th A m erica n C o ., c o m . (q u a r .).
2 H old ers o f rec. S e p t. 5a
_ $ 1 .2 5 O c t .
P ie fe r re d (q u a r .)__________
O ct.
2 H old e r s o f r e c . S e p t. 5 a
S ept. 1 H old ers o f rec. A u g . 18a
)
2
Peerless T ru ck * M o to r (q u a r.)
.
750. S ep t. 30 H olders o f rec. Sept
la
Peerless T ru ck A M o t o r (q u a r.) "
.
75c. D e c . 31 H olders o f reo. D eo.
la
P h illips P etroleu m (q u a r.)
S ep t. 30 H old ers o f rec. S ep t. 15a
P ig g ly W ig g ly S tores, C lass A ..........
■S e p t. 1 H old ers o f rec. A u g . 15a
_ SI
P ittsb u rg h Steel, p ref. ( q u a r . ) . . .
I X S e p t. 1 H old ers o f rec. A u g . 15a
P ra tt A W h itn ey C o ., p ref. ( q u a r . ) . . I X A u g . 21 H old ers o f rec. A u g . 9a
P ressed Steel C a r, preferred ( q u a r .) .. I X A u g . 29 H old ers o f rec. A u g . 8a
P u re O il, co m m o n (q u a r .)_________ '
S ep t. 1 H olders o f r c c. A u g . 15a
Q u ak er O ats, co m m o n ( q u a r . ) I I I I H " . *2
O ct. 16 ♦ H olders o f rec. O ct.
1
P referred (q u a r .)____________I I I "
N o v . 30 H old ers o f re c . N o v . 1
P referred ( q u a r . ) ......................
A u g . 31 H old ers o f rec. A u g . la
S a lm on F alls M a n u f a c t u r i n g " " " " 2 X S ep t. 1 H old ers o f rec. A u g . 21
)
I X S e p t . 15 H old ers o f r e c . A u g . 31
P rior preferred (q u a r .).
S e p t. 15 H old ers o f r e c . A u g . 31
S h a rp M fg . (q u a r .)______
A ug. 22 H old ers o f rec. A u g . 2
_
2
_ *2 5c. S e p t .30 ♦H olders o f rec. S ep t. 20
S in cla ir C o n s . OH C o r p ., p ref. (q u a r ) .
A u g . 31 H old ers o f rec. A u g . 15a
2
S ou th ern P ip e L in e (q u a r.)
S e p t. 1 H old ers o f rec. A u g . 15
S outhern Sta tes O il C o r p .............Y
A u g . 20 H old ers o f rec. A u g . 1
^
1VI [UU, (QUdl ./ . . 2
S ep t. 15 H old ers o f r e c . A u g . 31
S ta n d a rd M illin g , co m m o n (q u a r.)
A u g . 31 H old ers o f rec. A u g . 21a
.
2
P referred (q u a r.)
A u g . 31 H old ers o f rec. A u g . 2 1a
S ta n d a rd Oil (C alifornia)' q u a r .) III” '
S e p t. 15 H old ers o f rec. A u g . 19a
S ta n d a rd O il (In d ia n a ) ( q u a r . ) ______ . *$1
S e p t. 15 *♦ H olders o f re c . A u g . 17
S ta n d a rd O il (K a n sa s) (q u a r )
S ep t. 15 H old ers o f re c . A u g . 31a
.
3
S ta n d a rd O il o f N ew Y ork ( q u a r ) ' ”
S ep t. 15 H old ers o f r e c . A u g . 25a
.
4
S ta n d a rd O il (O h io) (q u a r.)
' "
O ct.
2 H old ers o f rec. A u g . 25
E x t r a _____________
O ct.
2 H old ers o f r e c . A u g . 25
.
1
P referred ( q u a r . ) . . '. '................................ - ' 1 X S ep t. 1 ♦ H olders o f rec. Ju ly 28
Sept-. 1 H olders o f rec. A u g . 15a
_
2
S tu d eb a k er C o r p o ra tio n , co in , (q u a r )"
2 X S e p t. 1 H old ers o f rec. A u g . 10a
C o m m o n (e x t r a ).
I X S ep t. 1 H old ers o f rec. A u g . 10a
P referred ( q u a r . ) . " ! " ........................ .
I X S ep t. 1 H old ers o f rec. A u g . 10a
T h o m p so n -S ta r re tt C o ., p r e f e r r e d "
4
O ct.
2 H old ers o f rec. S e p t. 20
T lm k e n -D e tr o lt A x le, p ref. (q u a r )
*1X S e p t. 1 ♦ H olders o f rec. A u g . 20
T u rm a n O il (m o n t h ly ).
_
* olders o f rec. J u ly 31a
♦ lc . A u g . 21 ♦H
M o n t h l y ______________
* l c . S e p t .20 ♦H
♦ olders o f rec. A u g . 31a
M o n t h l y ________ IIIIIIII
♦ lc . O ct. 20 ♦H olders o f re c . S ep t. 30a
U n d e rw o o d T y p e w rite r , c o m .T q u a r ) "
2 X O c t . 1 H old ers o f rec. S ep t. 2a
P referred (q u a r.)
I X O ct. 1 H olders o f rec. Sept,. 2a
U n ion C a rb id e A C a r b o n '( 'q 'u a f . ) I I '"
♦SI
O ct.
2 ♦H
♦ olders o f r e c . S e p t. 6
Co r ’ c o m - * P ref. (q u a r .).
I X S e p t. 1 H old ers o f rec. A u g . 5a
U n ited C ig a r S tores, com m on
2
S ep t, l H old ers o f rec. A u g . 15a
P referred (q u a r .)__________ !
* I X S ep t. 15 *♦H olders o f rec. A u g . 31
I X O ct. 2 H old ers o f rec. S ep t. 15
P referred (q u a r .)_________’
1 H old ers o f r e c . S e p t. 15a
I X O ct.
U n ited G as Im p t. p ref. ( q u a r . ) '"
50c.
Sept. 15 H old ers o f r e c . A u g . 31a
U n ited P ro fit S haring (q u a r.)
"
2 H old ers o f r e c . S e p t , la
15c. Dct.
U . S . G y p su m , co m m o n ( q u a r . ) ! ! !
♦1
3ept. 30 *♦ H olders o f rec. S ep t. 15
P referred (q u a r .)...........................
*1 X Sept. 30 ♦ H olders o f r e c . S ep t. 15
*$1
Sept. 30 ♦ H olders o f rec. S e p t. 1
P referred (q u a r .) ........................ .......
* I X Sept. 30 *♦ H olders o f r e c . S e p t. 1
U . S . Steel C o r p o ra tio n , c o m . ( q u a r . ) "
I X Sept. 29
A u g . 30
P referred (q u a r .)____________________'
I X Vug. 30
Aug. 1
♦ H olders o f r e c . S e p t. 8
*2 X Sept. 15 *1
H old ers o f r e c . A u g . 18a
I X Sept. 1 J
W a h l C o ., co m m o n (m o n t h ly )__________
50c. Sept. 1 H olders o f rec. A u g . 23a
C o m m o n (m o n t h ly )..................................
50c. O ct.
1 :H olders o f rec. S ep t. 22a
Preferred (q u a r .)_____________________
n et.
1 1
H olders o f rec. S ep t. 22a
IX
W a m su tta M ills ( q u a r .)_______ __________
2
Sept. 15 H old ers o f r e c . A u g . 8
W elch G ra p e J u ice, preferred (q u a r .). .
l u g . 31 1
A u g . 20
to
A u g . 31
IX
VVhlte (J . G .) A C o ., I n c., p ref. (q u a r .).
Sept. 1 IH old ers o f rec. A u g . 1 5
IX
W h ltc(J .G .)E n g in e e r in g C o r p ., p f. (q u .)
Sept. 1 1
H old ers o f rec. A u g . 15
IX
W h ite (J . O .) M ’ g ’ n t C o r p ., p ref. (q u a r.)
Sept. 1 IH old ers o f rec. A u g . 15
IX
W iscon sin R iv e r P ow er, pref. (q u a r .)___
l u g . 19 IH old ers o f r e c . J u ly 3 1
IX
W o o lw o r th (F . W .) C o ., c o m . ( q u a r . ) . .
2
Sept. 1 H
I old ers o f rec. A u g . 10a
W o o lw o r th (F . W .) C o ., prof. (q u a r.)__
1 old ers o f rec. S e p t. 11a
I X 13 ct. 2 H
W rig h t A e ron a u tica l C o r p o ra tio n _______
25c. V u g .31 H
I old ers i ’ rec. A u g . 15 a
W rlg ley (W m .) C o ., corn, (m o n t h ly )____
Sept. 1 A
t u g . 26
50c.
to
A u g . 31
C om m on (m o n t h l y )..
3 ct.
1 S
5 0c.
to
S ept. 30
C om m on (m o n t h ly )_____
5 0 c . :■Jov. 1 (
to
O ct. 31
C om m on (m o n t h ly )_____
5 0 c . : J ec. 1 >
to
N o v . 30
C o m m o n (m on th ly )
1 1
50c. Jan.
to
D e c . 31
W u rlltz er (R u d o lp h ) C o . C o m m o n (m on th ly )
7 5 c . 7lu g . 25 .
C o m m o n (m on th ly )
7 5 c. Se p t. 25 .
E ig h t per ce n t preferred (q u a r.)
.
2
8 e p t. 1 I
E igh t p e r c e n t preferred ( q u a r . ) . ' '
2
1Dec. 1 I
E igh t per cen t preferred (q u a r .).
2
Jl a r l ’23 H
E igh t per cen t preferred (q u a r.) ' '
2
. ’n e l ’ 23 H
S even per cen t preferred (q u a r.)
1 I
I X < let.
S even per cen t preferred (q u a r .)..........
• a n l ’ 23 I
Seven per cen t preferred (q u a r .)_____
I X / L p rl’23 I
)-
- ix
- ix
ix
win nnt IKi,uno,[ ci ttl 90urc«®- t T h e N ew Y o r k S to ck E x ch a n g e has ruled that stook
bnnkn
cx -d iv id en d on th is d a te and n ot u n til further n otice, a T ra n sfer
t closed for this d iv id e n d , b Less British Incom e ta x . d C o r re ctio n
aocnnn3fa<Hl o , ln 9t<?c k ' / P a y a b l e In co m m o n s to c k , t P ay a ble In scrip
h On
accu m u la ted d iv id en d s. i P a y a b le In L ib e rty o r V ic t o r y L oan b o n d s.
J P ay a ble *n N ew Y ork fu n d s, t P a y a b le In C a n a d ia n fu n d s.
t M a d e up o f tw o q uarterly d iv id e n d s o f 75 cen ts ea ch.
N ew
and
Y ork
T ru st
C ity
C le a r in g
H ou se
C o m p a n ie s .
T h e f o l lo w i n g s h o w s t h e c o n d i t i o n o f t h e N e w
Y o r k C ity
C le a r i n g H o u s e m e m b e r s f o r t h e w e e k e n d i n g A u g . 1 2 .
IX
IX
fix
R e tu rn
The
f i g u r e s f o r t h e s e p a r a t e b a n k s a r e t h e a v era g es o f t h e d a i l y
r e s u lt s .
In
th e c a s e o f th e g r a n d t o t a ls , w e a ls o s h o w
th e
a ctu a l f i g u r e s o f c o n d i t i o n a t t h e e n d o f t h e w e e k .
NEW
YORK
W EEKLY
C L E A R IN G
H OU SE
RETURNS.
(Slated In thousands o f d ollars— that Is. three ciphers [000] om itted.)
Capital.
W e e k e n d in g
A u g . 12 1922 N a t ’ l,
S ta te ,
(0 0 0 om itted.) |Tr.Cos,
I N et
P rofits.
M em b ers o f F e d . R es.
B k Of N Y , N B A
B k o f M a n h a t'n
M ech & M etN a t
B ank o f A m erica
N a t ’ l C it y B ank
C h em ica l N a t . .
N a t B u tch & D r
A m er E x ch N a t
N a t B k o f C om m
P a c ific B a n k ___
C h a t& P h e n N a t
H a n o v e r N a t 'l .
C orn E x ch a n g e
I m p & T ra d N a t
N a t P ark Bank
E ast R iv e r N a t .
F irst N a t B a n k .
Irv in g N a t Bank
C on tin en ta l Bk
C h a se N a t B ank
F ifth A v e B a n k.
C om m on w ea lth .
G a rfield N a t B k
F ifth N a t B a n k.
S ea boa rd N a t . .
C o a l & Iron N at
B ankers T r C o
U S M tg e & T r
G u a ra n ty T r C o
F id e l-I n t e r n T r .
C o lu m b ia T r C o
N Y T ru s t C o
M e tr o p o lita n T r
F arm L oan & T r
C o lu m b ia B ank
E q u ita b le T r C o
T o t a l o f averages
T o t a ls , actual co
T o t a ls , actual co
T o ta ls , actual co
T ru st C om pan
T itle G u ar & T r
L aw y ers T & T r
T o t a l o f averages
&.C.
R eserve
Cash
with
N et
in
Legal
D em and
Vault. D ep osl- D ep osits.
fortes.
■\ A verage Average Average
$
$
$
41,3 43
59:
3,9 8 6
125,197
2,135 14,394
165,215
7 ,6 2 ' 2 1,5 75
66,921
1,49S
8 ,716
472 ,84 4
7,27! 58,261
125,714
1,162 14,051
5,013
75
52 £
101,220
1,087 11,088
3 43 ,86 7
1,051 36,698
22,2 09
07s
3,136
151,239
5,317 17,053
117,227
399 13,712
166,242
6,47C 22.171
3 5,206
481
3,648
158,660
85S 16,839
5
12,686
341
1,538
) 279,979
381 24,0 55
192,340
3,991 24,4 36
2|
6 ,8 5 4
136
898
322 ,74 6
5 ,877 4 0 ,9 88
5
2 0 ,3 65
537
2 ,7 0 0
8 ,2 2 5
45£
1,114
14,735
431
1,879
5
17,492
26C
1,794
5!
76,674
1,062
9 ,5 8 3
1
14,457
551
1,650
304 ,20 2
89£ 3 6,4 88
)| 5 6,4 98
656
6,5 0 9
3 93 ,17 9
1,325 4 4,5 18
19,652
357
2,5 4 2
81.016
691
9,5 3 8
153,113
487 17,455
42,187
494
4 ,9 7 4
134,415
54£ 13,646
2 6,4 07
486
3,5 4 6
170,758
1,367 2 2,9 05
S
2,000
2
7|
6:
SI
0
7
1
0
5
2
5
9
7
9
5.0 0 0
10,000
5 .5 0 0
4 0 .0 00
4 .5 0 0
500
5.0 0 0
25.0 00
1.000
10.500
5 .0 0 0
8 ,2 5 0
1.500
10.000
1.000
10,000
1 2.500
1.000
20.000
500
400
1.000
1.200
4 .0 0 0
1.500
20,000
3.0 0 0
2 5.0 00
1.500
5.0 0 0
10.000
2.000
5.0 0 0
2.000
12,000
T o t a l o f averages 272,350 4 32,09
T o ta ls , actual co
T o t a ls , actual co
T o ta ls , actual co
S ta te B an k s
G reen w ich B ank
B ow ery B a n k ..
S ta te B a n k ____
L oa n s,
Discount
Invest
m ents,
Ju n c3 0
June30
J u ne30
4 ,4 4 6,0 97
n d itlon
n d ition A u g .
nd itlon
N ot Me
1,000
3,7 5 0
7 ,193
A verage
S
29,006
101,929
160,380
65,705
♦527,866
101.188
3,598
83,160
276,88^
22,14<
123,44:
103,071
150,786
27.1SS
128,286
10,92s
171,993
183,252
5,406
2 95 ,23 6
20,74£
8,501
13,684
13,675
7 2,123
12,449
♦ 285,048
4 7 ,9 2 6
♦ 414,256
18,672
72,5 45
127,433
36,6 37
*9 4,0 68
26,5 07
*1 97 ,08 9
Bank
Ctrculalion .
Average Avge.
$
$
2 ,9 9 0 1,750
17,4431 ____
4,2 6 6
9 97
2,69,S; ____
4 1 ,9 86 1,825
16.805
3 47
5:
2 99
10,390: 4 ,9 7 7
31,877) ____
599
____
2 2 ,1 9 9 5 .6 4 0
100
21.925: ____
658
51
4 ,983 5,4 7 5
1,893
50
57,306 7,5 0 5
9,151 2,521
380
2 9,071 1,095
S7
806
1,670|
597:
2 2 ,3 72
6,954
5 1,152
700
7 ,419
17.553
3 ,6 5 6'
32,7 02
1,364
17,758
3 98
249
69
413
____
—
58,320 518,503 c 3 , 805,749 441,415 33,761
4 ,4 2 2 ,2 5 2 5 5,509
4 .4 7 2 .7 9 0 56,1 87
4 ,4 6 2,9 31 5 6,536
o f F e d ’ l R e s ’ ve
18,068
1.539
5,4 2 9
313
7 8,814
3,221
250
2 ,5 0 0
T im e
D eposits.
102,311
5 55 ,9 0 3 'c 3 ,790.466
5 6 3 ,0 1 7 :c3 ,842,603
553 ,75 9 c 3 , 856,605
Bank.
1,736
18,143
352
2 ,5 6 9
1,733
2 6,5 72
452,684 33,7 75
435,251 33,845
444,686 33,7 38
50
2,2 0 4
4 9 ,0 9 2
—
5,0 7 3
3,821
47,2 84
51,346
—
| 101,988
5 ,0 3 5
j 102,613
5,021
101.397
5 ,0 8 7
rs o f F ed 1 R e s ’ v
5 0 ,8 18
1,316
2 5 ,0 5 o
853
i
11,500 20.224:
75,8 68
2,1 6 9
3 ,7 8 8
3.7 5 2
3.9 7 7
47,021
4 7,4 09
47,3 32
51,336
51.2 83
51.3 36
____
3.8171
1 ,639
3 4.0 63
16,080
1,096
735
—
5,4 5 6
50,123
1,831
—
5,3 5 3
5,675;
6,068j
4 9,2 34
50,7 03
53,9 43
1,904
1,816
1,878
—
n d itlon
n d ition A u g .
n dition
ies N o t
7,5 0 0
4,0 0 0
T o ta ls , actual co n d itlon
T o t a ls , actual co n d itlon A u g .
T o t a ls , actual co n d itlon
75,1 00
7 6,1 40
79,2 66
2 ,112
2,091
2,0 4 3
G r ’d a g g r., avge 2S7.600
4 ,6 2 4 ,2 7 6 6 5,5 62 527,780 3 ,9 0 3 ,1 5 6
C om p a rison wit h prev w e e k . .
32,uSt)j + 812 — 13236: — 69,141
G r’ d a g g r., a a 'l c o n d ’ n A u g . 12
C om p a rison w it h prev w e e k . . 4 ,5 9 9 ,3 3 8 6 2 ,6 56 565,044 3,88 6,7 21
— 52,205 — 643 — 7 ,400 — 53,994
G r ’ d a g g r ., act’ l c o n d 'n
G r ’ d a g g r., act’l c o n d ’ n Ju ly 29 4 ,6 5 1,5 43 6 3 ,2 9 9 572,444 3 ,9 4 0 ,7 1 5
4 ,6 4 3 ,5 9 4 63,6 66 563,804| 3 ,9 5 7 ,8 8 0
G r ’ d a g g r., a a ’ l c o n d ’ n
4 ,6 1 0 ,6 4 9 6 4,0 79 569 ,24 0 ! 3 ,9 7 5 ,6 2 0
G r’ d a g g r., act'l c o n d ’ n
4 ,6 9 4 ,6 7 8 65,3 69 550,232| 4 ,0 7 1,2 20
G r ’d a g g r., a a ’l c o n d ’ n IJ u ly 8 4,'
4 ,6 8 9,5 43 : 70,4 96 570,279, 4 ,0 3 5 ,0 5 8
494,592 33,761
+ 12439
+ 25
505,924 33,7 75
+ 17574 — 70
488,350
497,900
157,124
162,022
452.204
33,845
33,738
S3,703
33,686
34.021
a b o ve^werY 11 Vn! m u-1,! *Is deciuctefi fr o m n et d em a n d dep osits In th e general t o t a l *
S 6 E 25 2 000^A ug T 8 7 g VaCI o Koeofn0 rTWf ek
12’ 5 66 ,62 3,0 00 : a ctu a l to ta ls A u g . 12
S 2 8 !4 6 5 000
mi l s ’
JuI y 2 6 ’ S 2 5 .7 9 0 ,00° : J id y 2 2,$ 2 S .4 4 4 ,0 0 0 ; J u ly 15,
for th e w eek of A u g P 12 «aa'i 7orSS ntS’ a ccep ta n ces a n d oth er lia b ilities, a verag e
onm Jirx « « « i .
1, / 25 .000: AfttllAl tntnlfa Ancr 19 SSfaft SAP. nOft* An tr K
$ 36 1 ,4 1 9 ,0 0 0 ; J u ly 20 S 3 78 3 7 o l 2nAn0°,: ? Ct„UaI t0talS AUK’ 12’ S 3 50 .34 6.0 00 : A u g .
♦ In clu des d en n sllV in » ^ 7? 8 '° 2 0 : J u ly 2 2 ' 5 3 6 4 ,9 6 0 ,0 0 0 ; J u ly 15, S3 25 ,5 9 7 ,0 0 0 .
N a t io m l c i t v R a n t
b ra n ch es n ot in clu d ed in to ta l fo o tin g as follow s:
C o $ 92 215 non p .;.S®6 ’ 0.2x5 ’ 0 00 : “ ankers T ru st C o ., $ 11 ,85 1,0 00 ; G u a r a n ty T ru s t
8 7 4 ,0 0 0 . f f i u K S ! ? ? ,L o;a n * T t a s t C o ., S9 5.0 00 ; E q u ita b le T r u s t C o ., $ 2 6 .•c- N a tion 'll Y u ?,,Cai>r e[ n b an k s in foreig n cou n tries as reserve fo r such d ep osit
is t C o
* 2 0 « s £ ankJ 5 2 5 ,6 5 7 .0 0 0 ; B ankers T ru s t C o .. $ 44 2,0 00 : G u a ra n ty
$2 6 i'2 nnn
„
F arm ers’ L oa n & T ru st C o ., $ 9 5 ,0 0 0 ; E q u ita b le T ru st
., w , o i . . , 000. c D e p o sits In foreig n b ra n ch es n ot in clu d ed .
! ie ^ n se rv e ‘ p o s i t i o n o f t h e d i f f e r e n t g r o u p s o f i n s t i t u t i o n s
.
r t - b a s i f ° .f b o t h t h e a v e r a g e s f o r t h e w e e k a n d t h e a c t u a l
ta b le s ’
11
" 1G e n t ^
t h e w e e k is s h o w n i n t h e f o l l o w i n g t w o
S T A T E M E N T O F R E S E R V E P O S IT IO N O F C L E A R IN G
HOU SE B A N K 8
A N D T R U S T C O M P A N IE S .
Cash
Reserve
in Vault.
M e m b e rs F ederal
R eserv e banks
S ta te ban k s*
T ru st co m p a n ie s.
T otal
T otal
T ota l
T ota l
A u g. 1 2 ..
Aug. 5 . ! ! '
J u ly 29_
J u ly 2 2 1 H I
Reserve
in
D epositaries
Total
Reserve.
a
Reserve
Required.
$
S
S
S
518 ,50 3,0 00 5 18 ,50 3,0 00 507.9S9.S20
3 .8 2 1 .0 0 0
7 ,6 2 5,0 00
7 ,5 1 8 ,4 5 0
2 ,1 6 9 ,0 0 0
5 .4 5 6 .0 0 0
7 .2 4 2 .0 0 0
7 .0 1 6 .0 0 0
7 .9 7 8 .0 0 0
6 .9 5 0 .0 0 0
527 .78 0.0 00
5 4 1 .01 6.0 00
5 39 .49 3.0 00
5 43 .6 2 1 .0 0 0
535 .02 2.0 00
5 48.032.000
546 .57 1.0 00
550 .57 1.0 00
5 24 ,01 9,3 90
5 3 2 ,6 4 7 ,0 6 0
5 2 9 ,9 7 8 ,8 5 0
5 3 7 ,5 9 9 ,0 5 0
S urplus
Reserve.
$
1 0,5 13 ,18 0
3 82 ,88 0
106,550
11,0 02 ,61 0
1 5 ,3 84 ,94 0
1 6,5 92 ,15 0
1 2 ,9 7 1 ,9 5 0
a T h k il6t i bera o f F ed eral R es erv e B a n k .
.n,
reserv e re q u ire d on net dem and d ep osits in th e ca se o f S ta te b an k s
?iiu ioa 7,, “ oorai)anies, b u t In th e ca se o f m em bers o f th e F ederal R eserv e B a n k in A ,,,, i o
ln reserve req u ired on net tim e d ep osits, w h ich w as a3 follo w s:
l A u g . 1 2 , $ 13 ,24 2,4 50 ; A u g . 5, $ 12 ,86 9,4 00 ; J u ly 2 9 , $ 1 2 ,5 9 4 ,6 9 0 ;J u ly 22, $ 1 2 ,1 2 5 ,7 6 0 .
B o s t o n C le a r in g H o u s e W e e k ly R e t u r n s .— In th e fo l
l o w i n g w e f u r n is h a s u m m a r y o f a ll t h e i t e m s i n t h e B o s t o n
C le a r i n g H o u s e w e e k l y s t a t e m e n t f o r a s e r ie s o f w e e k s :
Actual Figures.
Cash
Reserve
in Vault.
Members Federal
Reserve banks____
Trust companies------
Reserve
in
Depositaries
b
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
BOSTON CLEARING HOUSE M EM B ER S.
S
S
$
S
555,903,000 555,903,000 506,341,100 49,561,900
359,220
8.823.000
8,463,780
3.788.000
5,035,666
79,900
7.465.000
7,385,100
5.353.000
2,112,000
$
7.147.000 565.044.000 572.191.000 522.189.989 50,001,020
Total Aug. 12-----7.112.000 572.444.000 579.556.000 528.734.990 50,821,910
Total Aug. 5 ____
7.130.000 563.804.000 570.934.000 531,310,440 39,623,560
Total July 29____
7.015.000 589,240,009 576.255.000 532,374,220 43,880,780
Total July 22-----* Not members of Federal Reserve Bank.
b This Is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank in
cludes also amount of reserve required on net time deposits, which was as follows:
Aug. 12, $13,580,520: Aug.5, $13,057,530; July 29, 513,340,580; July 22, S12,116,010.
S t a t e B a n k s a n d T r u s t C o m p a n ie s N o t in C le a r in g
H o u s e . — T h e S t a t e B a n k in g D e p a r t m e n t r e p o r ts w e e k ly
fig u r e s s h o w in g th e c o n d itio n o f S t a t e b a n k s a n d tr u s t c o m
p a n i e s i n N e w Y o r k C i t y n o t i n th e C le a r in g H o u s e a s f o l l o w s :
SU M M AR Y OF STATE BANKS A N D TRUST COMPANIES IN GREATER
N E W YO R K , N OT INCLUDED IN CLEARING HOUSE ST AT EM E N T .
(Figures Furnished by Stale Banking Department.)
Differences from
Aug. 12.
previous week.
Inc. $8,908,110
Loans and investments..._________ _______________$759,156,700
67,600
G old......................................
5,675,100 Inc.
575,300
Currency and bank notes__________________________
18,166,500 Inc.
136,100
Deposits with Federal Reserve Bank of New York.
64,404,300 Dec.
Total deposits______________
795,059,400 Inc. 5,823,300
Deposits, eliminating amounts due from reserve de
positaries and from other banks and trust com
panies in N . Y . City exchanges and U. S. deposits 743,698,700 Inc. 1,181,400
468,800
118,239,000 Inc.
Reserve on deposits__________
Percentage of reserve, 19.9% .
RESERVE.
-------- State Banks--------- -----Trust Companies----$62,411,200 14.38%
Cash In vault........... ........................... *$25,834,700 16.27%
22,246,600 05.11%
Deposits in banks and trust cos___
7,746,500 04.88%
$33,581,200
Total.
$84,657,800
21.15%
19.49%
♦Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Aug. 12 were $64,404,300.
B a n k s a n d T r u s t C o m p a n ie s in N e w Y o r k C it y .— T h e
a v e r a g e s o f th e N e w Y o r k C i t y C le a r in g H o u s e b a n k s a n d
t r u s t c o m p a n i e s c o m b in e d w i t h t h o s e f o r t h e S t a t e b a n k s
a n d t r u s t c o m p a n ie s in G r e a t e r N o w Y o r k C i t y o u ts id e o f
t h e C le a r i n g H o u s e a r e a s f o l l o w s :
COM BINED
Week ended—
April 22......................
April 29____________
May 6 ................ .
May 13____________
May 20____________
May 27___________ June 3 ..................
June 10____________
June 17_______ _____
Aug. 9
1922.
Aug. 2
1922.
s
59.520.000
84.665.000
822.234.000
594.315.000
113.408.000
111.050.000
11.722.000
18.486.000
66.926.000
69.795.000
9.736.000
$
$
59.520.000
84.665.000
819.228.000
598.738.000
117.386.000
104.093.000
9.406.000
23.759.000
63.365.000
71.241.000
9.594.000
4.494.000
Dec.
Inc.
Dec.
Inc.
Dec.
Dec.
Inc.
Dec.
Inc.
2,089,000
2.032,000
2,591,000
6,222,000
2,021,000
34,000
5,634,000
1,253,000
106,000
s
59.520.000
84.665.000
824.323.000
592.283.000
115.999.000
104.828.000
13.743.000
18.520.000
61.292.000
71.048.000
9.630.000
3.497.000 Dec.
793,000
4.290.000
P h i l a d e l p h i a B a n k s . — T h e P h ila d e lp h ia C le a r in g H o u s e
re tu r n fo r t h e w e e k e n d in g A u g . 1 2 , w ith c o m p a r a t iv e fig u r e s
f o r t h e t w o w e e k s p r e c e d i n g , is g i v e n b e l o w .
R eserve
r e q u ir e m e n ts fo r m e m b e r s o f th e F e d e r a l R e s e r v e S y s te m
a re 1 0 % o n d e m a n d d e p o s its a n d 3 % o n t im e d e p o s it s , a ll
to b e k e p t w ith th e F e d e ra l R e s e r v e B a n k .
“ C a s h in
v a u l t s ” is n o t a p a r t o f l e g a l r e s e r v e .
F o r tru st c o m p a n ie s
n o t m e m b e r s o f th e F e d e ra l R e s e r v e S y s te m th e re se rv e
r e q u i r e d is 1 0 % o n d e m a n d d e p o s i t s a n d i n c l u d e s “ R e s e r v e
w i t h l e g a l d e p o s i t a r i e s ” a n d “ C a s h in v a u l t s . ”
Week ending Aug. 12 1922.
Trust
Two Ciphers (00) omitted. Membersol
F.R.System Companies
$4,500,0 $39,675,0
14,083,0 110,226,0
38,639,0 673,377,0
23.682.0
496,0
87.233.0
19,0
540,0 119.010.0
24,357,0 530.686.0
19,102,0
529,0
25,426,0 668,798,0
9.624.0
9.624.0
3.563.0
3.563.0
53,119,0
9.946.0
l,Yl2,6
66,628,0
4.675.0
57,030,0
3.683.0
9,598,0
992.0
$35,175,0
96,143,0
Loans, dlsc'ts & investm’ts 634,738,0
23.186.0
Exchanges for Clear.House
87.214.0
118.470.0
Bank deposits_____ ______
506.329.0
18,573,0
Time deposits____________
643,372,0
U. 8. deposits (not in cl.)..
Rcs've with legal deposit's.
53,119,0
Reserve with F. R . Bank..
8,834,0
61.953.0
Total reserve and cash held
53.347.0
Reserve required__________
8,606,0
Excess res. & cash in vault.
July 29
1922.
Aug. 5
1922.
Total.
$39,675,0
110,226,0
668,565,0
27.391.0
89.258.0
118.064.0
534.156.0
18,015,0
670,235,0
10.189.0
3.870.0
55.627.0
9.756.0
69.253.0
57.086.0
12.167.0
$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
Demand
Deposits.
*Tolal Cash
In Vaults.
Reserve in
Depositaries.
C o n d itio n o f th e F e d era l R eserve B a n k o f N ew Y o r k .
___T h e f o l l o w i n g s h o w s t h e c o n d i t i o n o f t h e F e d e r a l R e s e r v e
$
$
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
89.403.600
$
623.404.900
011,583,000
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
622.177.400
B a n k o f N e w Y o r k a t t h e c l o s e o f b u s in e s s A u g . 1 6 1 9 2 2 i n
c o m p a r is o n w ith th e p re v io u s w e e k a n d th e c o r r e s p o n d in g
$
6,141,226,100
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
24____________ 5,491,415,000
5,370,259,900
July 1....................
July 8 ....................... 5,457,357,300
July 15....................... 5,421,565,700
July 22....................... 5,408,203,300
July 2 9 .............. ....... 5,350,876,600
5 ____________ 5,406,610,600
Aug. 12...................... 5,383,432,700
Changes from
previous week.
• Cash lu vaults not couuted as reserve for Federal Reserve members.
RESULTS OF BANKS AN D TRUST COMPANIES IN
GREATER N E W YO RK.
Loans and
Investments.
Surplus and profits--------------Loans, disc’ts & Investments.
Individual deposits, lncl. U.S.
Due to banks_______________
Time deposits.............................
United States deposits--------Exchanges for Clearing House
Due from other banks..............
Reserve in Fed. Res. B ank..
Cash in bank and F. R. Bank
Reserve excess In bank and
Federal Reserve Bank------
Aug. 16
1922.
4,619,860,900
4,657,698,400
4,694,822,600
4,738,487,800
4,807,891,800
4,827,593,600
4,853,005,100
4,852,544,100
4,853,005,100
4,9S0,544,500
4,816,507,000
4,808,047,500
4,792,536,500
4,762,119,600
4,700,542,500
4,714,814,300
4,646,854,700
* This item Includes gold, silver, legal tenders, national bank notes and Federal
Reserve notes.
N e w Y o r k C ity N o n -M e m b e r B a n k s a n d T r u s t C o m
p a n i e s . — T h e fo llo w in g a r e th e r e tu r n s to th o C le a r in g H o u s e
b y c le a r in g n o n -m e m b e r in s t itu t io n s a n d w h ic h a re n o t in
c l u d e d i n t h e “ C l e a r i n g H o u s e R e t u r n s ” in t h e f o r e g o i n g :
R ETUR N OF N O N -M E M B E R INSTITUTIO N S OF N EW YO R K CLEAR IN G
HOUSE.
d a te la s t y e a r :
Aug. 1G 1922. Aug. 9 1922. Aug. 17 1921.
$
S
$
318,093,000
195,829,317
204,149,340
39,771,000
44,365,858
61,349,871
265,499,218
863,021,698
3,360,827
357.864.000
472.526.000
20,000,000
1,110,640,526 1,131,887,744
35,228,280
35,536,473
850,390,000
61,969,000
.1,145,868,786 1,167,424,218
Bills discounted: Secured by U. 8. Gov
15,529,634
ernment obligations— for members.... 21,851,653
For other F. R. banks-----------------------19,072,872
18,230,009
All other— For members-------------------For other F. R. Banks..........................
. 26,835,099
20,358,772
912,359,000
240,195,175
862,831,298
7,614,052
Total gold held
Gold with Federal
Gold redemption :
.
.
U. S. certificates of Indebtedness—
One-year certificates (Pittman Aot)._.
.
Bank premises--------------------------------------5% redemp. fund agst. F. R . bank notes..
.
| Net Loans,
Reserve
Net
Net
Nal'l
Capital. Profits. Dis
C LEARING
with Demand Time
counts, Cash
Bank
N O N -M EM BERS
In
Legal
De
Nat.bks.June30 Invest
De
Circu
Vault.
Deposi
posits. posits. lation.
Week ending StatebksJune30 ments,
tories.
Aug. 12 1922. Tr. cos. June 30 &c.
140.099.000
27.862.000
195.440.000
4,735,000
20.269.000
67,759,625
42,302,750
60,118,410
42,017,050
388,405,000
1,005,000
17,500,000
94,839,000
17.500.000
96.861.000
52,276,000
5,522,000
222,401,375
9,262,450
799,060
135,983,704
3,157,995
216,498,466
9,015,009
799,060
118,390,072
3,192,474
447.208.000
5.515.000
1.659.000
120.167.000
2.615.000
.1,517,473,373 1,515,317,901 1,489,523,000
Liabilities—
.
27,664,150
60,197,127
27,685,150
60,197,127
26.983.000
59.318.000
Deposits:
Members of
Fed’l Res. Bank.
Battery Park N at.
W R G race* C o ..
Average Average Average Average Average Average
$
$
S
%
$
$
S
149 1,245
8,271
1,190 10,543
351
199
21
509
1,245 10,233
1,573 7,263
.
$
1,500
500
7,563,168
682,551,787
9,647,856
7,106,878
691,612,891
9,478,307
283,000
610,152,000
15,132,000
Total___________
2,000
2,435 20,776
1,754
y
699,762,812
013,644,677
13,499,200
98,142,964
4,562,443
708,198,077
621,277,936
13,641,200
79,890,832
4,421,577
625.567.000
637.645.000
28.492.000
88.663.000
22.855.000
State Banks
Bank of Wash. Hts
Colonial Bank------
170
Not Me mbers of Fed. Res’vc Bank
601
2,221
263
1,421
4,382
18,240
500j
1,000
2,030 21,675
2,822
1,684
22,622
500
3,482
5,581
3,482
5,581
3,200
3.400
3.400
3.600
5,072
5,870
5,889
6,702
Excess reserve, $2,750 Increase.
50,725
51,453
70,266
69,535
401
139
199
.
315 4,410
1,715 17,265
9,113
606
200
Total___________
3,200 5,072 51,564
Grand aggregate..
Comparison with p revious week - - + 839
aggr. Aug. 5
aggr. July 29
aggr. July 22
aggr. July 15
7,614'
200
800
Total....................
Res’ve Bank
Trust Companies Not Me mbers o f Fed.
139
401
606 9,113
200
Mech.Tr.,Bayonne
Gr’d
Gr'd
Gr'd
Gr'd
9,844
....
.1,517,473,373 1,515,317,901 1,489,523,000
—
3,577j a35,948 13,695
+ 139 +1,948| — 3 i0|
199
+1
3,239
3,366
3,941
4,052
3,438'
3,267|
4,969
5,182
198
197
198
198
14,005!
14,820
25,154'
24,444'
87.2%
87.8%
72.2%
10,993,659
10,992,015
15,297,969
—
3,393
+ 154
a34,000
a34,725
n44,578
a44,713l
Ratio of total reserves to deposit and
F R . note liabilities oomblned............
Contingent liability on bills purchased
for foreign correspondents-----------------
C U R R E N T
N O T I C E S
__ M cC lu re. Jones & Reed, 115 Broadway, have just Issued a book
“ Investm ent in Bank Stocks” by Lindsay Russell, M em ber o f the New
Y o rk Bar.
__\ tabulation showing tho range in prices of New York bank and trust
company stocks, together with details o f capital, surplus and undivided
profits, dividends and deposits, is contained in this book.
WEEKLY RETURN OF THE FEDERAL RESERVE BOARD
T h e f o l l o w i n g is t h e r e t u r n i s s u e d b y t h e F e d e r a l T?p<?prve R n i r r l e v .M o , .
o f t h e t w e l v e R e s e r v e B a n k s a t t h e c l o s e o f b u s in e s s t h e p r e v i o u s d a v
*
In t h l f w
T hT
a s a w h o l e in c o m p a r i s o n w i t h t h e f i g u r e s f o r t h e s e v e n S e l X J w e ^ a n d w f t h t S
T h e se c o n d ta b le sh o w s th e re so u rce s a n d l i a b i l i t i e s s e n a r a t e l v K ^ S h S I i
^
A c c o u n t s ( t h i r d t a b l e f o l l o w i n g ) g i v e s d e t a i l s r e " a r d i n " t r a n s a c t i o n s in F W i o r -,i t? VG
R e se rv e A g e n ts a n d b etw een th e la tte r a n d F e d e r a lR e fe r v e b a n k s
T
,k f
*
eT
’ A u g ‘ 1 8 , an1d s h o w i n S t h e c o n d i t i o n
t h ° r e f-u l t s f o r t h e s y s t e m
o f , t l l e c^
es^ ° ? d i n g w e e k l a s t y e a r .
^ h e Federal R eserve A g e n ts’
n ? S ™ * ™ '
n ° tGS b e t w e e n t h o C o m p t r o l l e r a n d
Aug. 17 1921.
RESOURCES.
Gold and gold certificates__
Gold settlement, F. R. Board
Total gold held by bank3................ .
■ Gold with Federal Reserve agents_____
Gold redemption fund________________
Total gold reserves_________________
Legal tender notes, sliver, &c__________
Total reserves-------------------- ------------Bills discounted:
Secured by U. S. Govt, obligations__
All oth er.._________________________
Bills bought In open market___________
Total bills on hand_________________
U. 8. bonds and notes_____________ **"
U. S. certificates of Indebtedness:
One-year certificates (Pittman A c t )..
All other___ _________ ___________
Municipal warrants......................
Total earning assets______________
Bank premises.________________ ~
5% redemp. fund agst. F. R. bank notes
Uncollected Items_________________
All other resources...... ...............1111111
Total resources............ ..... ............. .....
LIABILITIES.
Capital paid In................ ...........
Surplus........ .............................. H I ”
Reserved for Govt, franchise tax____H I
Deposits— Government__________ H i l l
Member banks—reserve account!
.H I
Another.......... ............
Total______________________________
F. R. notes In actual circulation!!
F.R.bank notes In circulation— net llab"
Deferred availability Items........ ..
All other liabilities..................
Total liabilities............ ............ .
Ratio of gold reserves to deposit "and
F. R. note liabilities combined..
RaUo of total reserves to deposit and
F. R. note liabilities combined
Distribution by Maturities—
1-15 days bill bought In open market
1-15 days bills discounted__
1-15 days U. 8 . certif. of Indebtedness!
1-15 days municipal warrants_____
16-30 days bills bought in open market
16-30 days bills discounted._ _ _
certif. of indebtedness
16-30 days municipal warrants________ "
31-60 days bills bought In open market
31-00 days bills discounted
3}i60 days U. S certif. of Indebtedness
31-60 days municipal warrants
61-90 days bills bought in openTnirkct
61-90 days bills discounted
61-90 days U. S. certif. of indebtedn'ess"
61-90 days municipal warrants
'
Over 90 days bills bought In open'market
Over 90 days bills discounted
Over 90 days certif. of indebtedness!!!!
Federal Reserve Notes—
Outstanding.
Held by banks.
In actual circulation.
Amount chargeable to Fed. Res. Agent
In hands of Federal Reserve Agent__
Issued to Federal Reserve banks___
IIow Secured—
By gold and gold certificates
By eligible paper-------Gold redemption fund
With Federal Reserve Board....... ............
Total_____
Eligible paper delivered to F. R. Agent
W EEKLY STATEMENT OF RESOURCES A N n i m , , .
606,648,000 1,506.343,000
QF
ERAL RE
N ew Y ork .
RESOURCES.
Gold and gold certificates____
Gold settlement fund— F. R . B ’d
>
Total gold held by banks_____
Gold with F. R. agents....... ..........
Gold redemption fund___________
Total gold reserves......... ............
Legal tender notes, silver, &c____
P h ila .
C le v e la n d
R ich m o n d
S
13.442.0
50.329.0
$
3,498,0
33,979,0
S
S
5,390,0 24,989,0
21,389,0 137,272.0
240.195.0 47,052,0 63,771,0
862.831.0 152,467,0 169,463,0
7,614,0
5,541,0
2,684,0
37.477.0
58.637.0
3,292,0
26.779.0 162,261,0
97.342.0 378.641,0
1,046,0
9,474,0
s
195,829,0
44,366,0
S
5,658,0
41,394,0
1,110,640,0 205,060,0 235,918,0
35,228,0 10,999,0 10,116,0
7 0 ,9 9 3
q
222,402.0
C h ic a g o .
99,406,0 125,167,0 550.376.0
8,884,0
6,219,0 22,082,0
S t. L o u is
S
4,060,
13,182,
M in n e a p . K a n .C ity
8
7,348,0
2,655,0
29,829,0 28,722,0
37.177.0
28.763.0
1,598,0
31.377.0
55.581.0
1,358,0
San F ran
S
S
8.912.0 20.285.0
3.232.0 35.042.0
T o ta l.
306.286.0
474.662.0
12.144.0 55,327,0 780,948 0
19.851.0 195,119,0 2.238,893,0
918,0
2,946,0
46,593.0
75.518.0 67,538,0 88,316,0 32,913,0 253,392,0 3,066,434,0
11.761.0
729,0
4,464,0
6,916,0
5,701,0
131,424,0
246,034,0 108.290.0 131.386.0 572.458.0
87.279.0 68.267.0 92.780.0 39.829.0 259,093,0 3.197,858,0
9,358,0
21,861,0
1.795.0 15.509.0
4,764,0
2,229,0
8,205,0 26.003.0 27.391.0 35.783.0
1,287,0
1.252.0 10.113.0 125.440.0
334,0
27,655,0
1.071.0 14.247.0 11.135.0 24.701.0 15.796.0 33.784.0 33.275.0 257.045.0
15.524.0
3.615.0 17.702.0 149.600.0
75,0
57.721.0 35,695.0 30,257,0 65.539.0
1.241.0
27.593.0
207,0 10.180.0 31.423.0 26,930,0 17.158.0 38,651,0 61.090.0 532.085.0
16.182.0
2,816,0 37.682.0 202.973.0
4.382.0 28.181.0
4,500,0
3.560.0
5.699.0
8,667,0
3.571.0
4,321,0
1.900.0
3.500.0
36.062.0
4,832,0
2.031.0 17,138,0
67,500,0
5.393.0
1.265.0 11,463,0 218.144.0
1.781.0 13.000,0
9,0
9.0
99,691,0 125,876,0 40.496,0 38,194.0
101,524.0 56,569,0 36,602,0 62,660,0 44,632,0
115.067,0 ,020,711.0
Total reserves........................
230,515,0 1.145,868,0 216,059,0
Bills discounted: Secured by
U. S. Govt, obligations_____
21.852.0 27.602.0
All other____________________
19.073.0
8,284,0
Bills bought In open market____
26.835.0 30.132.0
Total bills on hand________
67.760.0 66,018,0
U. S. bonds and notes..............
42.303.0 23,768,0
U . S. certificates of Indebtedness
One-year ctfs. (Pittman Act)
4,950,0
17.500.0
4.500.0
All other_____________ _______
29,767,0
94.839.0
5.405.0
Municipal warrants..... .................
Total earning assets___________
A tla n ta .
R E S O U R C E S (C o n c lu d e d )—
T w o c i p h e r s (00) o m i t t e d .
Bank premises---------- --------------5 % redemption fund against FedAll other resources— ....................
S
5,251,0
422,0
57,542,0
697,0
A tla n ta .
R ic h m o n d
9,262,0
S
5,966,0
S
2,571,0
S
1,599,0
S
7,678,0
S
944,0
S
936,0
799,0
135,984,0
3,158,0
250,0
49,016.0
641,0
239,0
58,126,0
1 ,2 1 0 ,0
188,0
48.040,0
465,0
468,0
20,910,0
131,0
703,0
74.421,0
747,0
2,023,0
32,739,0
575,0
207,0
14,427,0
1,294,0
P h ila .
$
San F ran .
D a lla s .
S t. L o u i s . M i n n e a p . K a n .C i t y .
C h ic a g o .
C le v e la n d
S
603,0
N ew Y ork .
B o s to n .
T o ta l.
5,018,0
S
2,094,0
s
1,374,0
S
43,296,0
916,0
41,166,0
863,0
146,0
22,645,0
1,796,0
279,0
38,914,0
5,089,0
6,640,0
593,930,0
16,666,0
s
Total resources------------------------ 371,425,0 1,517,473,0 366,260,0 437,451,0 200,050,0 192.688,0 757,531,0 180,129,0 121,733,0 203,403,0 111,142,0 419,816,0 4,879,101,0
L IA B IL IT IE S .
7,590,0
105,983,0
4,197,0
4,565,0
4,310,0 14,733,0
4,767,0
3,576,0
8,107,0
27,664,0
9,181,0 11,689,0
5,604,0
7,394,0 15,199,0 215(398|0
9,646,0
9,114,0 29,025,0
9,388,0
7,468,0
00,197,0 17,945,0 22.509,0 11,030,0
16,483,0
6,392,0
32,935,0
1,918,0
2,821,0
2,519,0
1,503,0
1,842,0
1,153,0
7,563,0
1,606,0
1,671,0
2,081,0
1 ,8 6 6 ,0
122,484,0 682,552,0 108,117,0 146,547,0 56,374,0 45,872,0 274,321,0 59,773,0 44,092,0 78,086,0 45,049.0 126,993,0 1,790,260,0
23,770,0
7,923,0
191,0
511,0
1,285,0
659,0
182,0
308,0
419,0
9,648,0
24S.0
1,256,0
1,140,0
All other---------------------------------
Capital paid in----------- ---------------Surplus__________________________
Deposits: Government---------------
124,056,0
F. R. notes in actual circulation. 172,307,0
F. R . bank notes in circulation..
4,096,0
Deferred liability items---- ---------- 45.001,0
1,375,0
All other liabilities----------------------
699,763,0 111,454,0 149,553,0
613,644,0 179,274,0 197,278,0
13,499,0
3,958,0
98,143,0 42,962,0
4,563,0
1,486,0
58,293,0 48,573,0 277,109,0
79,588,0 110,032,0 369,231,0
62,274,0
68.493,0
46,006,0
48,749.0
81,418,0
60,461,0
47,158,0 141,308,0 1,846,965,0
27,233,0 216,013,0 2,142,303,0
7,573,0
56,561,0
3,299,0
3,307,0
31,062,0
838,0
2,362,0
12,169,0
1,403,0
7,885,0
38,376,0
1,052,0
2,482,0
20,992,0
1 ,6 8 6 ,0
3,864,0
15,661,0
1,134,0
2,681,0
41,703,0
1,151,0
3,874,0
50,811,0
1,737,0
58,130,0
488,613,0
21,709,0
2,549,0
35,172,0
1,985,0
Total liabilities....... ..................... 371,425,0 1,517,473,0 366,260,0 437,451,0 200,050,0 192.68S.0 757,531,0 180,129,0 121,733,0 203,403,0 111,142,0 419,816,0 4,879,101,0
M em ora n d a .
Ratio of total reserves to deposit
and F. R . note liabilities combined, per cent — --------------Contingent liability on bills purchased for foreign correspondt's
77.8
87.2
74.3
70.9
78.5
82.8
8 8 .6
66.7
72.0
65.4
53.5
72.5
80.2
2,173,0
10,994,0
2,382,0
2,441,0
1,459,0
1,098,0
3,543,0
1,399,0
804,0
1,42£T,0
774,0
1,369,0
29,865,0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS AUGUST 16 1922.
F e d e r a l R e s e r v e A g e n t a t—
B o sto n . N ew Y ork
$
Federal Reserve notes on hand______ ______ _ . ------ 98,550
Federal Reserve notes outstanding. . ........... ................... 189,635
Collateral security for Federal Reserve notes outstanding
5,300
Gold and gold certificates..................................... _______
Gold redemption fund_______
. . __________________ 20,398
Gold fund— Federal Reserve Board__________________ 138,000
Eligible paper/Amount required____________________ 25,937
7,906
(Excess amount held___________________
R esou rces—
C le v e .
P h ila .
R ic h m 'd A t l a n t a
S t. L o u i s
C h ic a g o .
K . C it y .^ D a lla s . S a n F r .
M in n .
T o ta l.
$
S
286,350 47,420 30,740
885,102 200,215 215,781
S
S
31,660 72,984
87,736 114,278
S
84,240
411,876
$
26,750
83,184
S
13,655
51,519
8
S
S
S
14,300 19,663 57,030 783,342
71,318 30,012 249,431 2,590,069
363,184! _____ 13,275
38,647 12,578 11,188
461,000 139,889 145,000
22,271, 47,748 46,318
8,615
40,498
8,894
1,842
56,795
29,099
6,050
2,400
4,442
90,500
16,936
13,157
14,997
363,644
33,235
32,190
11,610
3,090
41,800
26,684
4,738
13,052
1,711
14,000
22,756
3,882
4,221
51,360
15,737
1,415
j
8
( I n T h ou sa n d s o f D o lla r s)
416,522
15,267 130,531
179.852 1,691,840
10,161 54,294 351,176
5,948 161,751
28.45S
7,701
2,150
1 0 ,0 0 0
940,182 197.856,120,575 158,351 108,145 561,804 6.125,231
Total______________________________________________ 485,726 2,097,052,456,744 470,917 213,182 314,697
L ia b ilitie s —
Net amount of Federal Reserve notes received from
Comptroller of the Currency_________________________ 288,185 1,171,452 247,635 246,521^119,396 187,262
Collateral received from/Gold —
----------------------------- 163,698; 862,831 152,467 169,463 58,637 97,342
Federal Reserve Bank (Eligible paper-------------------------- 33,843 1 62,769 56,642 54,933! 35,149 30,093
496,116 109,934! 65,174
378,641 56,500, 28,763
65,425 31,422 26,638
49,675 306,443 3,373,411
19,851 195,119 2,238,893
512,927
38,619 60,242
940,182 197,856,120,575 158,351 108,145 561,804 6,125,231
485,726 2,097,052 456,744 470,917 213,182,314,6971
Total_____________________________________ ________
85,618
55,581
17,152
30,012 249,413 2,590,069
2,779 33,400 447,766
Federal Reserve notes outstanding - ..................................... 189,635
Federal Reserve notes held by banks......... ............ ............ 17,328
885,102 200,215 215,781
271,458 20,9411 18,503
87,736'114,278
8,148, 4,246
411,876
42,645
S3,1841 51,519
14,6911 2,770
71,318
10,857
. . 172,307
613,644 179,274 197,278
79,588 110,032
369,231
68,493
60,46ll 27,233 216,013 2,142,303
Federal Reserve notes in actual circulation
48,749
WEEKLY RETURN FOR THE MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM.
F o l l o w i n g is t h e w e e k l y s t a t e m e n t i s s u e d b y t h e F e d e r a l R e s e r v e B o a r d , g i v i n g t h e p r i n c i p a l i t e m s o f t h o r e s o u r c e s a n d
lia b ilitie s o f th e 7 9 4 m e m b e r b a n k s , fr o m w h ic h w e e k ly r e tu r n s a r e o b t a i n e d .
fo r th o R e s e r v e B a n k s th e m s e lv e s .
1 9 1 7 , p u b l i s h e d in t h o “ C h r o n i c l e ” D e c . 2 9 1 9 1 7 , p a g e 2 5 2 3 .
w eek a p p e a r in
ou r
T h e s e fig u r e s a r e a lw a y s a w e e k b e h in d th o s e
D e f i n i t i o n s o f t h e d i f f e r e n t i t e m s i n t h e s t a t e m e n t w e r e g i v e n in t h e s t a t e m e n t o f D e c . 1 4
D e p a r tm e n t o f “ C u rren t E v e n ts a n d
T h e c o m m e n t o f th e R e ser v e B o a rd
D is c u s s io n s
1. Data for all reporting member banks In each Federal Reserve District at close of business August 9 1922.
F ed era l R eserve D istrict.
R ic h m 'd .
N e w Y o r k P h ila d e l.
49
u p o n
th e fi g u r e s f o r
th e la te s t
” on page 810.
C h ic a g o .
A tla n ta .
42
79
Three ciphers (000) omitted.
S t . L o u i s . M i n n e a p ^ K a n . C ity\
D a lla s .
San F ra n .
T o ta l.
794
109
37
35
78
52
$
14,487
123,395
274,916
S
9,320
35,669
186,806
S
10,989
67,588
346,007|
$
4,414
42,046
191,889
S
$
15,966
262,863
146,992 3,491,676
703,563 7,038,699
238,349
34,668
556
8,529
6,736
7,367
866,521 10,793,238
116,861 1,335,070
7,395
38,275
24,512
646,645
21,340
225,423
164,447 2,294,084
68
Number of reporting banks-------------------Loans and discounts, including bills re
discounted with F. R . bank:
Loans sec. by U. S. Govt, obligations.
Loans secured by stocks and bonds—
All other loans and discounts-------------
$
S
13,868
84,150
207,726 1 ,606,975
568,233 2 ,227.386
S
15,924
239,972i
311,103
S
31,871
334,241
632,962
S
11,433
118,037
296,277
$
S
42,753
7,688
60,596 508,459
287,334 ,012,223
Total loans and discounts----------------U. S. bonds-------------------------------------------U . S. Victory notes.-...................................
U. S. Treasury n o te s .................... ............
U . S. certificates of indebtedness............
Other bonds, stocks and securities---------
789,827 ,918,511
94,161 556,892
745
12,540
25,904 400,081
6,542 100,534
170,144 815,397
566,999 999,074
56:352! 149,621
4,738
2,130
41,654
30,1971
7,253
10,181
187,015 286,639
425,747
56,920
300
7,352
3,926
55,657
355,618 1,,563,435
27,782 130,555
4,262
987
73,148
3,679
32,035
8,164
33,896 407,671
412,798
31,898
3,320
11,453
7,497
82,726
231,795
24,191
305
9,501
6,790
23,839
424,564
55,169
997
10,635
14,425
59,286,
,211,106
191,749
51,483
,435,973
693,425
27,833
5,703
549,692
42,285
6,715
323,565
168,128
4,620
296,421^
19,553
6,126
188,053
76,135
6,700
565,076 296,205 1,201,076 15,332,735
46,922
22,429
85,023 1,351,778
276,150
19,911
11,952
9,443
444,103 206,982 623,793 10,979,835
116,619
65,123 515,139 3,569,485
198,871
15,553
4,942
6,689(
3,786
............
2 ,6 6 8
575
______ I
423
............|
922
1,247
40
1,899
105
84
56
1
Total loans, disc'ts & investments, incl.
bills rediscounted with F. R. B a n k ... 1,087,323 5,803,955 852,5541,489,299
84,740 627,075
67,426
9S.33S
Reserve balance with F. R. Bank----------18,513
87,086
14,350
28,337)
Cash in vault-----------------------------------------794,215 4,838,036 685,221 856,538;
Net demand deposits----------------------------53,890 502,799.
Time deposits------------------------------------------ 231,929 820,201
14,495,
76,556
12,718
16,986|
Government deposits------------------- - - - -
I
Bills payable with Federal Reserve Bank:
2,114
7,205
9,458
7,232
Secured by U. S. Govt, obligations—
150,
All other----------------------------- --------------—
Bills rediscounted with F. R. Bank.
40
55
Secured by U. S. Govt, obligations.
15,403
13,154
3,225
4,792
AU other--------------------------------------------
549,902
35,184
13,126
334,880
141,870
6,076|
31,051;
9,108
2,395
42
4,047i
57|
6,132
7
1,050
3,889
............
6
3,384
5,705
163
41,561
313
69
3,425
1,238
61,647
2. Data of reporting member banks In Federal Reserve Bank and branch cities and all other reporting hanks.
N ew
T h r e e c ip h e r s
^
(000)
o m itte d .
Aug.
_AJ__l-v-»wilra
Y o r k C ity .
9.
64
64
Aug.
9.
50
Aug.
T o ta l.
A U F . R . B a n k C it ie s . F . R . B r a n c h C it ie s . A ll O th er R e p o r l .B k s .
C ity o f C h ic a g o .
Aug. 2.
2.
50
A ug.
Aug.
9.
271
2.
Aug.
271
9.
210
Aug.
2.
210
Aug.
9.
313
Aug.
2.
313
Aug.
9 '22.
794
A uy.
2
* 2 2 .'A u g .\ W 2 \ .
794
813
Loans and discounts, incl. bills redis
$
$
S
S
$
S
$
$
S
S
S
$
S
counted with F. R . Bank:
615,211
257,257
202,863
41,240
41,039
52,021
52,866
163,996
74,326
69,908
32,782
168,958
33,039
Loans sec. by U . S. Govt, bblik ns
3,505,288
3,491,670
2,954,916
439,225
432,771
494,782
499,671
2,571,281
Loans secured by stocks & bonds - 1,439,610 1,467,045 382,191 374,751 2,559,234 4,418,463 1,359,260 1,367,476 1,260,005 1,255,794 7,038,699 7,041,733 8,021,419
1,959,759 642,146 631,990 4,419,434
All other loans and discounts------ 1,948,707
3,462,643 3,496,712 1,057,119 1,039,780 7,147,626 7,153,740 1,911.797 1,914,279 1,733,815 1,733,257 10,793,238 10,804,278 11,591,546
Total loans and discounts............
868,072
773,042 285,449 280,116 269,699 267,95/1 1,335,070 1,321,115.
492,727 487,998
779,922
59,768
57,590
33,716
12, 227
10,657
3,679
26,007
5,242
644[515
640 f i 15
U. S. Victory notes ............................. 383.378 379,091
58,804
47|518
73,106
47,931
78,900
523,861
49,117
519,814
61,443
20,725
51,068
173,142
4 / , soy
96.0S6 102,696
15,799
156,829
19,008
U. S. certificates of indebtedness-2,294,084
2,294,832
412,331
2.022,935
411,705
626,295
1,256,206
625,968
621,995 180,940 176,472 1,256,411
Other bonds, stocks and securities. - 615,295
Total loans & disc’ts & inY®st
9,913,707 2,957,702 2,952,010 2,488,424 2,490,699 15,332,735 15,356,416 14,947,241
incl. bills redisc’ted with I*. R- |ik •5,060,786 5,100,7191,366,422 1,359,535 9,886,609 1,029,478 212,997 217,024 158,442 157,564 1,351,778 1,404,086 1,199,941
635,344 132,657 136,963
980,339
Reserve balance with F. R- B ank.. 581,622
270,409
09,976
276,150
71,972
310,480
54,486
146,007!
55,934
74,285
72,645
28,329
28,223'
148,244
Cash In vault----------------- -------------- " 4,349,829 4,490,784 977,393 976,355 7.645.65S 7,782,701 1,765,430 1,779,977 1,568,747 1,571,400 10,979,835 11,134,078 9,895,403
Net demand deposits---------------------606,166 571,168 330,253 325.832 1,795,196 1,743,208 1,023,236 1,016,405 751,053 746,929 3,589,485 3,508,542 2,898,858
71,338
148,570
956
Bills payable with F. R. Bank:
9,564
8,987
41,531
15,634
51,108
272,933
12,387
26,487
8,530
4,098
710
19,610
495
Sec’d by U. S. Govt, obligations.313
150
165
105
163
1,183
Bills rediscounted with I . K. lianK.
Sec’d by U. S. Govt, obligations.Ratio of bills payable <fc rediscounts
with F. R. Bank to total loans
and Investments. no” cent,------------
'V , 109
.
.3
'7 ,5 8 3
” 2 ',6 2 0
" 2 ,6 6 6
793
34,855
156
37,952
427
10,731
246
11,517
18
16,061
15,439
1,238
61,617
424
64,903
78,660
644,553
.3
.2
.2
.6
.7
.8
.9
1 .0
1 .0
.7
.8
6.7
22
D A ILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Sales
for
Week.
Range for Week.
Lowest.
Par Shares S per share
Range since Jan. 1.
Highest.
$ per share
Lowest.
Highest.
Stocks.
Week ending
Aug. 18 1922.
Shares.
282,925 $22,604,000
557,530 40.624.500
540,100 37.500.000
658,685 55.143.000
663,055 56.784.500
638,000 52.190.000
Saturday............
M onday..............
T u esd a y............
Wednesday____
Thursday............
F rid a y................
Total................
Par Value.
Railroad,
A
rr
(xL.,
Bonds.
State, Mun.
and Foreign
Bonds.
$2,767,500
5.899.000
4,830,500
6.717.000
7.327.000
9.027.000
Jan
July
Aug
Aug
June
Aug
July
Aug
June
June
Aug
Aug
Aug
Aug
Aug
Mar
June
July
July
Aug
Mar
Feb
Aug
June
May
May
Aug
June
June
Aug
May
July
Apr
Aug
Aug
Aug
July
Apr
Aug
July
July
Aug
Apr
July
AUg
Mar
May
Apr
June
Aug
May
Aug
May
July
Aug
Aug
June
June
c
U. o.
Bonds.
rr
$739,500 $1,201,500
1.624.500 4.578.800
1.470.000 3.163.800
1.821.500 2,928,200
1.435.000 3,636,500
1.308.000 2,767,000
3,340,295 $264,846,000! $36,569,000 $8,398,500 $18,275,800
Sales at
\T6jso
b OlOCK
QInrle
N
Wn V
lOnTr K
Exchange.
Week ending Aug. 18.
1922.
|
1921.
Jan. 1 to Aug. 18.
1922.
1921.
3,340,295*
2,235,654
160,187,250
109,351,017
Stocks— No. shares.._
Par value__________ $264,846,000 $178,508,567 $14,123,349,389 $8,171,801,526
1
Bonds.
Government bonds— $18,275,800 $24,851,400 $1,155,379,702 $1,175,377,010
8,398,500!
5,126,500
392,509,500
191,197,400
State, mun., &c., bonds
36,569,000] 12,392,500 1,353,494,850
573,448,100
R R. and mlsc. bonds..
Total bonds________
$63,243,300 $42,370,400 $2,901,384,052 $1,940,022,510
Saturday_____
M onday_______
Tuesday_____
W ednesday..........
Thursday_______
F rid ay_______
6,919!
8,186
6,969
7,647
13,925
14,268
$12,400
34,650
17,750
23,250
49,400
33,000
Total_______
57,914
$170,450
Shares
Baltimore
Bond Sales
4,451
74,«7
Q71
1A
512,600
6,742
7,135
6,110
59,300
38,650
38,500
39,984
$231,750
Shares IBond Sales
©in non
« 7 non
40 CAA
^y,ouu
1 ,Ulu
019!
X
7Q91
4a4
21 200
74fOt
*7*
O
4.R7
I1 ,^o
4i
1,127
1,045
1,163
hi
400
78,500
64,000
6,626
$344,400
! Aug. 14 Aug. 15 Aug. 16 Aug. 17 Aug. IS
Flr«t Liberty Loan
(High
3>5% bonds of 1932-47..(Low.
tFirst 3 15s)
(Close
Total sales in $1,000 units
Converted 4% bonds of (High
1932-47 (First 4s)___ (Low.
_
(Close
Total sales in $1,000 units
Converted 4 15 % bonds(Hl‘ gh
of 1932-47 (First 415s)(Low.
_
(Close
Total sales in $1,000 units .
Second Converted 415% (High
bonds of 1932-47 (FIrst(Low.
Second 415s)________(Close
Total sales in $1,000 units
Second Liberty Loan
(High
4% bonds of 1927-42___ (Low.
(Second 4s)__________ (Close
Total sales in $1,000 units .
Converted 4)5% bondsfHigh
of 1927-42 (Second (Low.
415 s ) ------- ----------------- (Close
Total sales in $1,000 u n its...
Third Liberty Loan
(High
415% bonds of 1928___ (Low.
(Third 415s)
(Close
Total sales in S1.000 units. .
Fourth Liberty Loan
(High
415% bonds of 1933-38..(Low
(Fourth 415s)
(Close
Total sales in $1,000 u n its...
Victory Liberty Loan
(High
455% notes of 1922-23..(L ow .
(Victory 455s)
(Close
Total sales in $1,000 un its...
$ per share $ per share
10 51)6 Aug 17 5115 Aug 17 51
Canada Southern___ 100
Feb 53
C St P M <fcO, pref..100
100 99 Aug 15 99 Aug 15 83
Feb 103
Illinois Central, pref___
700 110)6 Aug 14 11215 Aug 17 104)4 June 113)4
Leased line stock.. 100
10 75 Aug 18 75 Aug 18 71
Jan 75
Int & Gt No Ry (w i) 100
700 23 Aug 18 2315 Aug 18 22)6 June 26)5
ManRyEqTrCoofjNYcd
500 46 Aug 14 4715 Aug 16 44
July 47)4
Michigan C entral,..100
900 215 Aug 12 217 Aug 14 120
Feb 220
M K &T pt war 3d ast pd 1,100 32)6 Aug 16 3215 Aug 16 30)5 July 32)4
N Y Ch & St L 1st pf. 100
200 96 Aug 16 96 Aug 16 72
Jan 96)4
Tol St L & W Series B _. 2,200 51 Aug 14 5315 Aug 18 14
Jan 55)6
Preferred Series B ___ 1,800 49 )6 Aug 14 51J5 Aug 16 22)4 Jan 51)6
Amalg Sugar 1st pf. . 100
100 74 Aug 14 74 Aug 14 66
Jan 74
Am Metal temp c tfa ...* 1,500 45 Aug 15 45J5 Aug 12 45
Aug 47
Am Meta tern c t fp f.. 100
400 107 Aug 17 10715 Aug 15 107
Aug 108)4
Am Sum Tob rights___ 2,300
)6 Aug 16 1 Aug 16
J6 Aug 1
A m T eleg * Cable...10 0
325 58)6 Aug 12 6015 Aug 18 54
Feb 70
Assets Realization___ 10
500 1)6 Aug 15 115 Aug 14
H Jan 3
A tlF ru ltC olT C octfdcp 2.000 1 . Aug 14 2 Aug 15
Aug 2%
Beech-Nut Packing.. .20
600 33 Aug 12 33)5 Aug 18 1 30
July 36)5
Brown Shoe Inc, pref 100
200 94'A Aug 17 95 Aug 18 1 89
May 95
Burns Bros pref........ 100
100 97 Aug 16 97 Aug 16 94
Feb 99 )£
Prior preferred___ 100
200 114 Aug IS 115 Aug 18 112
Jan 116
Case (J I) Thr M ach .. .* 7,600 41 Aug 12 43 % Atlg 18 41
Aug 43)6
Cosden & Co pref............
100 95 Aug 17 95 Aug 17 93)6 July 97)5
Crex Carpet________ 100
100 24 Aug 12 24 Aug 12 28
Aug 35)6
Deere & Co pref____ 100
300 75)6 Aug 17 77J5 Aug 14 61
Feb 80
Elk Horn Coal Corp pf 50
4( 0 39 Aug 18 39 Aug 18 34
Mar 39
Emerson-Brant pref. 100
800 39)6 Aug 18 4115 Aug 14 23
Feb 44)4
Fairbanks Co (The). _25
200 16 Aug 16 1715 Aug 17 15 May 20)5
Gen Am Tk Car 6 % pf 100
500 102 Aug 17 10255 Aug 18 96
June 102)6
Hartman Corp_____ 100 4,900 83 Aug 14 8615 Aug 15 80)5 July 103
Hudson Mot Car .no par\ 9,800 20)6 Aug 12 2115 Aug 18 19)4 Aug 23)6
Kress, S H & Co____ 100
100 105 Aug 15 105 i
105
Aug 115
Lima Loco Wkslnc rlghtsi 5,000 3)6 Aug 14 5J5 Aug 16 3
July 6)6
Loose-Wiles Biscuit__
100 44 Aug 15 44 Aug 15 30
Aug 44
1st prefe red_____ 100
200 102 Aug 15 102 Aug 15 I 97
Jan 102
Malllnson(HR) &Copfl00
100 90)6 Aug 17 9015 Aug 17 62)5 Jan 93
May Dept Stores p i. 100
100 109 Aug 17 109 Aug 17 106
Feb 115
Mother Lode Coa no par 22,900 10J4 Aug 12 11 Aug 18 101? Aug 11
Nash Motors C o_____ *
5 475 Aug 15 475 Aug 15 453
July 525
Nat Enam & Stpg pf .100
200 9315 Aug 17 94 Aug 16 81
Mar 94)5
Ohio Fuel Supply___ 25
200 53 H Aug 14 5315 Aug 14 47
Jan 53)6
Otis Steel pref_____ 100
100 53 Aug 12 53 Aug 12 42)4 Jan 66)6
Pac Tel & Tel pref. ..100
200 8715 Aug 12 8715 Aug 12 86)4 July 87)5
Phi la Co. 6 ‘ „, pref____
100 42 Aug lh 42 Aug 18 42
Aug 42 ,
Phillips Jones Corp pflOO
200 90 Aug 16 90 Aug 16 88)6 Jan 93)4
Prod & Ref Corp pref. 50
400 42 Aug 17 43 Aug 18 39
Jan 47)5
Reis (Robt) & Co------- *i
200 1815 Aug 18 1815 Aug 18 8)4 Jan 21
Reynolds Spring C o__.» 3,000 2415 Aug 14 2815 Aug 18 24)4 Aug 50)5
Standard Milling, pf.100
300 92H Aug 16 9315 Aug 18 83)4 Jan 93)6
Tidewater Oil_______ 100
400 12315 Aug 14 12615 Aug 18 109)5 Mar 137)4
Tobac Prod, rights____ 2,700 23 Aug 15 2455 Aug 12 22)5 July 25)5
United Cigar Stores. 190
100 140 Aug 15 140 Aug 15 130
Feb 159
Un Retail Stores rights.. 9,007
15 Aug 15
15 Aug 12
X Aug 4)5
US T obacco,.................*
100 60 Aug 15 60 Aug 15 45)5 May 60
Va-Caro Chem, Cl B . . .
200 25 Aug 16 2555 Aug 18 25
Aug 25)5
West Elec 7% cum pf 100 3,900 107 Aug 14 10755 Aug 18 107
Aug 112
Woolworth (F W ), pf. 100| 200 12015 Aug 15 121 Aug 16 117)4 Apr 121
*No par value.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Philadelphia
Shares |Bond Sales
N o te
bon ds.
5
1
36
2
: 100.98 100.94 100.80 100.76 101.28
100.92 100.80 100.72 100.50 100.50
100.94 100.92 100.80 100.72 100.56 101.28
15
70
201
131
212
762
101.30 10L20 10L20 IOY.22
101.24 101.16 101.16 101.16
101.24 101.20 101.16 101.18
119
105
47
75
____ 101.50
101.60
____ 101.50
101.60
101.60
—
101.50
10
5
100.46 100.38 100.46 100.44
100.42 100.38 100.46 100.44
100.42 100.38 100.46 100.44
11
1
2
8
100.54 100.56 100.56 100.54
100.52 100.50 100.46 100.46
100.52 100.56 100.46 100.54
96
542
748
1,375
100.56 100.56 100.54 100.50
100.50 100.50 100.46 100.46
100.56 100.52 100.48 100.50
131
210
520
459
101.28 101.28 101.26 101.20
101.24 101.22 101.16 101.16
101.24 101.24 101.20 101.18
258 2,938
906
444
100.86 100.84 100.88 100.82
100.80 100.82 100.80 100.80
100.84 100.84 100.821 100.80
94
259
352'
115
.— T h e a b o v e t a b l e i n c l u d e s o n l y s a le s
T r a n s a c t io n s in r e g iste re d b o n d s w e re :
10Y .16
101.02 100.94
101.06 100.94
90
21
lo Y ie
____
____
—
100.54
100.46
100.46
817
100.54
100.48
100.481
713;
101.20.
101.02i
101.02
1,238]
100.82
100.74
100.74;
250
of
1st 3)48...................... 100.46 to 100.84 53 2d 4 ) 5 s .. ... i ..........100.30
1st 4 s.........................
101.00
177 3d 4)5s___________ 100.24
1st 4)4s------------------ 100.86 to 101.10 100 4th 4J5s____ _____ 100.86
2d 4s----------------------100.00 to 100.02 158 Victory 455s_______100.52
M a tu r ity .
Sept.
Sept.
June
Sept.
Dec.
15
15
15
15
15
In t.
R a te.
1 922... 5 X %
1 922... 4 ) 1%
1 924... s « %
1924... 5) 6%
1 922... 4)6%
____
100.40
100.38
100.40
5
100.50
100.44
100.46
414
100.52
100.44
100.46
287
101.02
101.00
101.06
690
100.78
100.68
100.74
142
cou pon
to
to
to
to
Q u o ta tio n s fo r U . S. T re a s. C tfs. o f In d e b te d n e s s ,
100.3 6
100.48
101.1^
100.62
& c.
Int.
B id .
100 %,
100 Me
103 ^
102 Vi
100 '%
A sked .
ococooo
STOCKS.
Week ending Aug. 18.
Boston
Week ending
Aug. 18 1922.
OOOOO
W a l l S t r e e t , F r i d a y N i g h t , A u g . 1.8.
R a ilr o a d a n d M is c e lla n e o u s S t o c k s .— N o tw ith s ta n d in g
t h e s e r io u s n e s s o f t h e p r o b l e m s w i t h w h i c h t h r e e o f t h e m o s t
i m p o r t a n t i n d u s t r ie s o f t h e c o u n t r y a r e s t r u g g l i n g , W a l l
S t r e e t , is d e c i d e d l y h o p e f u l a s t o t h e o u t c o m e a n d t h e s e c u r i t y
m a r k e ts h a v e b e e n r e la tiv e ly a c tiv e a n d s tr o n g th r o u g h o u t
th e w e e k , e x c e p t o n M o n d a y .
T h i s h o p e f u l n e s s is d u e l a r g e l y
t o t h e f a c t t h a t a ll p a r t i e s t o t h e c o a l a n d r a i l w a y s t r i k e s a r e
h e a r t i l y t i r e d o f t h e c o n t r o v e r s y a n d p u b l i c f e e l i n g is g e t t i n g
so im p a tie n t th a t a se ttle m e n t c a n n o t, it se e m s, b e m u c h
lo n g e r d e la y e d .
A lr e a d y th e t o ta l s te e l p r o d u c tio n h a s b e e n
r e d u c e d , f r o m 8 0 % o f c a p a c it y in J u ly to f r o m 5 0 to 6 0 %
a t la te s t re p o r ts , b e c a u se o f th e c o a l sh o rta g e a n d th e a d
v a n c in g sea so n w a rn s t h a t if n o t s ta r te d s o o n th e c o u n tr y ’s
w i n t e r f u e l s u p p l y w i ll b e i n a d e q u a t e .
W i t h th e str ik e s
s e ttle d a n d o u t o f th e w a y i t s e e m s lik e ly t h a t th e im p o r ta n c e
o f t h e e n o r m o u s c r o p s , s o o n t o b e h a r v e s t e d , w i ll b e m o r e
fu lly a p p r e c ia te d .
O n e e v id e n c e o f th e im p o r ta n c e o f th is
m a t t e r is s e e n i n a d r o p i n t h e p r i c e o f w h e a t in t h e C h i c a g o
m a r k e t th is )y o e k to S I 0 1 p e r b u s h e l.
O t h e r r e s u lt s w i ll
s o o n b e s e e n in a l a r g e a d d i t i o n a l d e m a n d u p o n t h e t r a n s
p o r t a t i o n f a c i l it i e s o f t h e c o u n t r y a n d a n in c r e a s e i n g e n e r a l
b u s in e s s t h r o u g h o u t t h e a g r i c u l t u r a l d i s t r i c t s .
T h e f o r e i g n e x c h a n g e s h a v e b e e n s o m e w h a t i r r e g u la r ,
o w in g p e r h a p s t o a n a d jo u r n m e n t o f th e L o n d o n c o n fe r e n c e
w ith o u t a c c o m p lis h in g th e o b je c t f o r w h ic h it w a s c a lle d .
G e r m a n m a r k s h a v e b e e n q u o t e d a t 8 % o n e -h u n d r e d t h s o f a
c e n t , w h i le e x c h a n g e o n P a r is a d v a n c e d a n d s t e r l i n g w e n t
v e r y c lo s e to it s r e c e n t h ig h e s t r e c o r d .
T h e f o l lo w i n g a r e s a le s m a d e a t t h e S t o c k E x c h a n g e t h i s
w e e k o f sh a re s n o t r e p r e s e n te d in o u r d e ta ile d lis t o n th e
p a g e s w h ic h fo llo w :
Maturity.
Mar.
Mar.
Mar.
June
Dec.
15
15
15
15
15
1 925...
192 6 ...
192 3 ...
1 923...
192 5 ...
Rate.
455%
455 %
A sked.
4)5 %
101H.
102 *
ioo11
355%
ioovj
4V%%
lOO'Hi
100%
100)5
1001)6
F o r e i g n E x c h a n g e .— S te r lin g e x c h a n g e w ith a m o d e r a te
v o lu m e o f b u s in e s s , r u le d s t r o n g a n d m a t e r ia lly h ig h e r .
T h e C o n tin e n ta l e x c h a n g e s , o n th e o th e r h a n d , w ere w e a k ,
n e w lo w re c o rd s b e in g e s ta b lis h e d in se v e ra l in sta n c e s.
T o -d a y ’s (Friday’s) actual rates for sterling exchange -were 4 45 55 @ 4 4 7 %
for sixty days, 4 4 7 56© 4 4855 for chocks and 4 4 7 ) 6 @ 4 49 for cables.
Commercial on banks, sight, 4 4 7 @ 4 4856; sixty days, 4 4 5 @ 4 4656;
n in ety ,<3ays’ 4 44)4(314 4 5 )4 , and documents for paym ent, 60 da ys, 4 45)6
® 4 16 K . cotton for paym ent, 4 4 7 @ 4 4 8 )6 . and grain for paym ent,
4 4 7 @ 4 48)6.
T o -d a y ’s (Friday’s) actual rates for Paris bankers’ francs were 7 .8 8 @ 7 .9 7
for long and 7.91 @ 8 .0 0 5 5 for short. Germany bankers’ marks are not yet
quoted for long and short bills. Amsterdam bankers’ guilders were 3 8 .4 2 @
3 8 .5 7 for long and 3 8 .7 8 @ 3 S .9 3 for short.
Exchange at Paris on London, 56.63 fr .; week’s range, 5 6.07 fr. high and
56.63 fr. low.
The range for foreign exchange for the week follows:
Sterling Actual—
Sixi
Sixty Days.
Checks.
Cables.
High for the week-------------1___________ .4 4 47 15-16
4 49 3-16
4 49 7-16
Low for the week________________
. 4 44 X
4 45%
4 4 6 )6
Paris Bankers' Francs—
. 8 .1 4
8.19
8 .2 0
- 7 .8 5
7 .8 8 H
7 .8 9 )6
Germany Bankers' Marks—
High for the week_________________
0 .1 3 %
0 .1 3 )g
Low for the week__________________
0 .0 7 )6
0 .0 7 )6
Amsterdam Bankers' Guilders—
.38.57
3 8.98
3 9.03
.38.36
3 8.77
3 8.82
D o m e s tic E x c h a n g e .— Chicago, par. St. Louis, 1 5 @ 2 5 c . per $ 1 ,000
discount. Boston, par. San Francisco, par. M ontreal, $1 875 per $ 1,0 0 0
premium. Cincinnati, par.
T h e C u r b M a r k e t . — B u s in e s s in t h e C u r b M a r k e t th is
w eek
opened
c o m p a r a tiv e ly
lig h t,
w ith
n o m in a l
p r ic e
ch an ges.
A s th e w e e k p ro g re sse d , h o w e v e r , tr a d in g im
p r o v e d u n t i l t h e c l o s e , w h e n t h e v o l u m e o f b u s in e s s w a s
h e a v y a n d a s tr o n g to n e in e v id e n c e .
M o s t o f th e a c tiv ity
i n o ils w a s c o n f i n e d t o a f e w i s s u e s .
S t a n d a r d O il ( I n d i a n a )
e a se d o f f a t fir s t fr o m 1 0 9 % t o 1 0 8 % , th e n s o ld u p to 1 1 5 % .
S t a n d a r d O il o f N e w Y o r k g a in e d a b o u t 3 4 p o in ts t o 4 5 7 a n d
s o ld f in a lly a t 4 5 0 .
V a c u u m O il r o s e f r o m 4 2 9 t o 4 6 5 .
O h io O il a d v a n c e d f r o m 2 7 5 t o 2 9 6 .
I n th e o th e r o il s t o c k s
N e w E n g l a n d F u e l O il w a s c o n s p i c u o u s f o r a r is e o f 1 4 p o i n t s
t o 7 4 % w it h fin a l tr a n s a c tio n a t 7 1 % .
M u t u a l O il m o v e d
u p f r o m 9 % t o 11 % a n d c lo s e d t o -d a y a t 1 1 .
C it ie s S e r v ic e
c o m . a d v a n c e d fr o m 1 8 0 to 1 9 6 a n d e n d s th e w eek a t 1 9 5 % .
I n d u s t r i a l s w e r e f i r m , t h o u g h p r ic e c h a n g e s w e r e n o t s o
p r o n o u n c e d a s in o il s t o c k s .
G o ld w y n P ic tu r e s g a in e d a
p o in t t o 6 % a n d fin is h e d t o -d a y a t 6 3 4 N e w B e th le h e m
S te e l sh a re s w e re tr a d e d in t o -d a y fo r th e fir s t t im e , th e c o m .
d o w n f r o m 8 2 t o 7 8 % a n d th e p r e fe r r e d f r o m 1 0 0 u p t o 1 0 0 % ,
th e n d o w n to 9 6 .
H a y e s W h e e l w a s a c tiv e a n d g a in e d o v e r
a p o in t t o 3 0 % .
R . H . M a c y & C o . s to c k s w e re tr a d e d in
fo r th e fir s t t im e , th e c o m . fr o m 6 1 u p t o 6 1 % , th e n d o w n
to 5 6 ; i t m o v e d u p a g a in , re a c h in g 5 8 , b u t t o -d a y r e a c te d to
5 5 , c lo s in g a t 5 5 % .
T h e p r e f. a d v a n c e d fr o m 1 0 6 to 1 0 8
a n d c lo s e d t o -d a y a t 1 0 6 % .
B o n d s w ere s te a d y .
B r o o k ly n
U n io n G a s 7 s o f 1 9 2 9 a d v a n c e d fr o m 1 1 0 % to 1 1 4 .
NewYork Stock Exchange—Stock Record, Daily, Weekly arid Yearly
8 5 0
OCCUPYING FOUR PAGES
For sales during the week of stocks usually Inactive, see preceding page.
HIGH AN D LOW SALE PRICE—PER SHARE, NOT PER CENT.
Saturday,
Aug. 12.
Monday,
Aug. 14.
Tuesday,
Aug. 15.
Wednesday
Aug. 16.
Thursday,
Aug. 17.
Friday,
Aug. 18.
$ per share $ per share $ per share $ per share $ per share $ per share
16% *14% 15*4 *14% 15% *14% 15%
16% *15
*15
16% *15
*43% 45
*43
45
44
44% *43% 44% 44
44
46
*43
100% 101% 100% 101% 101*4 102*8 102% 102% 102% 102%
100% 101
95
9434 95%
92% 92% 9312 94% 95
93
93
92
92
3%
3% 3%
3% 3*4 *3
3% 3%
*3% 3*4
3% 3%
11212 113*4 114 114% 114 114%
112% 113
*112% 113% 112 112
57% 58
57*4 58%
56% 57% 57% 58
57% 57% 55% 57
63% 63% 63% 63% 63%
63% 63% *63
64
*63
63*4 *63
*62% 70
*62% 70
*62% 70
*62% 70
*62% 70
*62% 70
25% 25% 25% 24% 25% 24% 25%
24% 24*4 24*4 25% *25
2114 21 >i 21% 21*4 21% 21%
21
21% 20% 21% 21
*21
142% 143
141 141% 140% 141% 140% 141*4 142% 1427a 142% 143
190 191 *188 193 *185 193 *185 193 *185 193
*185 196
75% 76*4 76% 76% 76% 77% 76% 77%
75% 76% 74% 76
11% 11%
“
11% 11%
11% 11% 11% 11*4 *11% 1134 11% 12
19
19
*18
19
19% 19% 19
*18*4 19*8 *18% 19% 19
37
37% 37% 41%
37
*35% 36% 35% 35% 35% 35% 37
*57
58
57% 59%
55
56*4 57
55% 55% 55
6% 57
8% 8*4 *8% 8%
8% 8%
8% 8%
8% 8% *8% 8%
22
21
21% 21% 21% *21
*21
21
21
21% 21% 21
31% 32% 31% 32%
30% 31% 30% 31*4 31% 32
31% 32
49%
48% 49
46*4 48% 46% 48*4 48% 49*8 48*4 49% 49
86%
86% 87%
84% 86% 86% 87
85% 86% 83% 85
■122% 124%
120 122
119 119
117 117 *116 120
*116 118
44% 45*8 43% 44% 43% 44% 44% 45% 44% 45% 44% 45%
*96% 97% 96% 96%
97
97
97
97«-» *96
*96
97% *96
84% 85
84
85
83% 83% 83% 84
83*4 83*4 *83% 84
73
73
73
73
72
72
70*4 72% 71*4 71*4 71*4 72
79
*77
79%
79% 79% *76
79
79% 79
*76% 79% *76
98% 98% 98%
*96% 98% *96% 98% *96% 98% 98% 98% *95
50
50
49% 49*4
49*4 50
49
*48% 49
49*4 49*4 49
62
62
*61% 62
62
*61
62
62
*61
*61
62
*61
127% 128%
127 127
127 127
125 125
125 125 *122 125
131*4 132% 131*4 132
131 132
133 133
132 133% 131*4 132
4% *3% 4
4
4% 4% *4% 5
*4
4% *4
4%
9
*7
9
*7
9
*7
9
*7
9
*7
*7% 9
17*4 18
17*8 17*4 16*4 17% 16*4 17% 17% 17% 17% 18
26% 26% 26% 26% 26*4 26%
26% 25% 26
26*8 26% 25
*19% 19%
20
1912 *19
19% 19% 18% 18*4 18% 18% 19
89% 88*4 89*4 89% 90% 89*4 90%
86
88% 87
88% 90
42*8
41% 40% 41% 41
40
40
*39% 40
39*4 40% 40
*15
16
15
15
*15
16
16
16
*15
*15
*15
16
40% 40
40
40% 40% *39% 39*4 39% 39% *39% 40% *40
109*4 109*4 109*4 109*4
109% 109*8 108 .03% 108% 109*4 108% 109
1% 1%
1%
1*8
1% 1%
1% 1%
1% 1%
1% 1%
4% 4%
4% 4%
5%
3*4 434
4% 4%
4*4
4% 4%
25% 26% 26% 26% 26% 26%
26
25% 25% 25*4 26
26
*57% 58% 58
58
58
*57*4 58% 56*4 57% 56*4 56*4 58
10
*5
*5
10
*5
10
*5
10
10
*5
*5
10
31% 31% *31% 33
*31% 32
31
31
31
31% 31% 31
67
67
68
66
68
68
70
*66
67
68
*66
*66
66% 66*4 64% 657s 65*2 65&8 65% 66% 66% 68% 67*4 68%
132 132% 133% 133% 134 134%
131 131
132 132 *130 131
46% 47% 46% 46% 46*4 46*4
47
46% 46% *44
8
'7
8
8
*6
8
*7% 8
7% K
8
8
39% *37
43
39% *35% 38*8 *36
*36% 39% *36
37*8 38
64
6412
64% 63% 64% 64
*63
64
*63
64
64% *60
23*4 23% 23% 23% 23%
23% 23% 23% *23
*23% 23*4 23
11%
11% 11% 11% 11%
11
11
*10% 11% *10% 11% 11
66*4 *65
*66
66*4 *66
66
70
*65
68
66
66
*65
*11% 12% *11% 13
12
12% 12% *11% 12% *11% 12% 12
18% 17% 18% 18% 18% 18
18%
18% 17% 18% 18
18
42% 43% 43
43% 43
43
43%
42% 43
43% 43% 42
22% 23%
23
22*4 23% 22% 23% 22*4 22% 22*4 23
23
57% 57% 57*4 57% 57*8
57% 57
57
57*4 55% 56% 57
*4% 5
4*4 434 *4% 4*4
4*4
4% 4% *4% 5
4*4
69% 69*4 71% 71
68
72*4 71*4 72
68
68% 68% 66
98% 98
98% 98
98%
97% 97% 96% 97% 97% 97% 98
84
84% 84% 85
83
84% 88%
84% 83
*81
83
83
90
*84
86% 87% 87% 88% 88% 88% 88% 89
87
86
31% 31% 30% 31% 30% 31% 31% 31% 31% 31% 31% 31%
27
27
27
27
27
27
27
28
*26% 26*4 27
*26
20
19
19
*19
20
18% 18% 19*4 19*4 *18
*18% 20
115% 116% 116% 117% 117% 117*4 117% 117*4
115*4 116% 114 115
*72
80
*72
*72
80
80
*72
80
80
*75
*75
80
82% 82*4 83% 83% 83%
82% 82
81% 80
82% 80
81
46% 46% 45*4 46% 45% 46% 46% 46% 46% 46*4 46% 46*4
*21% 23
22
*21
*22
23
22% 22%
22
*21% 22% *21
38% 39
38% 39% 3834 39%
38% 39
38*8 39% 37% 39
*79%
80
80
*78
80
80
80% 81
80
*78%
80
*78
73% *72% 73%
70% 70% 70*4 *70*4 73% *71
70
70
70
40% 41% 40% 40*4
40% 40% 39% 40% 39% 40% 40% 41
90% *89% 90% *89% 91*4 *89% 91*8
90% *89
*89% 90% *89
76% 77% •77% 77*4 77% 78
76% 76% 74% 76% 75*4 76% *52%
53
53
52%
63
52%
53
53
53
*52
*52
52*4
53%
*51% 54% 52% 52% *51% 54% *52% 54% *52
53
*52
*44
48
*45
45
48
*40
48
46*4 45
*45
48
*46
31
31% 30% 31% 30*4 31%
30% 31
31
31% 30
31
*53
*53
55
53
55
55
*53
52% 53% 53
54
54
34% 33% 34% 33% 34 % 33*4 34% 34% 34% 34% 34*4
34
51
50*4
50*4
50*4
50*4
50%
50%
51
51%
51
51%
51%
7%. 7%
7% 7%
7% 7U
7%
7%
7% 7%
7% 7%
12
12% 12% 12*8
12% 12% 12% 11% 12% 11% 12
12
91% 92% 92% 92% 92% 92% 92*4 93
92% 91% 92
92
26%
26%
26%
26%
26% 27
26% 26*4 25*4 26% 25% 26*4 61% 61*4 61%
61*4 61% 62
60% 59*4 61%
61% 60
61
32% 31*4 32% 31% 32%
31% 31% 32
32
32% 31
32
22% 22% *22% 23
22% 22%
23
23% *22
23% 22
*23
52
54
52
*51
54*2 *51
*50*4 54
55
*50% 52% *45
146 147% 146% 147% 146% 147%
144% 144% 143% 141% 145 146
77% 78
78
‘ 78
79%
77% 77% 77% 77% 77% 77 % *77
15
15% 15
15
15
15
15
15% 15% 15% 15% 15
30
30% 30
30%
29% 30
30% 31
31
31% 32% 31
13% 13*8 13% 13%
13% 13% 12% 13% 12% 13% 13% 13% 34
33*4 34%
34%
34
34%
33*4 34% 32% 33*4 32% 33% *23
23% 23% *23% 24
25
23%
*23
24
*21
*23% 24
12*8 13% 12% 13%
12%
11% 11% 12
12
11*4 12% 12
22% 22%
21% 21% 20% 20*4 20% 20% 21% 21% 21*4 23
18%
18% 18% 18% 18% 18% 18% 18% 18*s 18
19
19
61
60% 60*4 61
60% 60%
*59% 61
61
*59
*60% 61
13*4 14% 14%; 14% 14% 14%
13% 14
14% 13% 14
14
27%
*25% 26% 25% 25% 25% 25% 25% 26% 26% 27% 27
*29
31
♦30
30*4 30*4 31
31
*30
31
30% *29
*30
77% 78
20% 21%
53*4 55*4
56
*54
11*4 11*4
*3s
%
*Vi
1%
72*4 73
*108 109
531A 53%
*97*4 100
37% 37%
*62% 63
75
*70
*50% 52
46%
46
80
*75
38
38
77%
21%
55
*55
11%
%
*1%
73%
108%
52*4
*97*4
38%
64%
*70
*51
45%
*75
*38
78
22%
57%
56
11%
%
1%
75
109
53 %
100
77%
*21
55 %
*55 %
* 11 %
77%
22
55 %
56
11*2
” i% “ 1%
74 %
74
109 109
53% 53%
38*4
64% 65%
66
*72% 76
76
*50% 52
52
45% 45% 46
80
*75
80
39
38
41
39
*76
78
78
76% 77
22% 22
22% 22% 23
57% 59% 59*4 60%
66
56
56
57*8 57% 58*8
11% 11
11% 11% 11%
**8
%
%
*8
*8
1% *1%
1*8
1*8 1*8
77% 77%. 77% 77*4 78%
109% 109% 109*4 109% 110
54% 54% 55
54*8 55%
*98% 100
100
*99 100
40% 40% 41*4 41% 42
68
68
65*4
68% 68%
*73
75
74
*73
75
*51
52
52
*51% 52
47
47%
*46%
47% 47%
*74% 80
*75
*75
80
39
41
*38%
41% 42
78
22%
56
56
11%
**8
1%
75
'109%
53*4
*97*1
39%
Sales
for
the
STOCKS
NEW YORK STOCK
EXCHANGE
Week.
Shares
500
10,000
1,000
700
1,200
25,100
400
5,000
1,100
3.800
200
11,300
3.300
700
3.800
2,500
1 ,6 0 0
5 ,2 0 0
2 ,8 0 0
2 ,6 0 0
5 ,6 0 0
309
800
2 4 ,6 0 0
1 .4 0 0
4 ,7 0 0
3,400
1,500
100
100
1,000
1,100
PER SHARE
Range for previous
year 1921
5*8
14%
17%
29
59
100
30*4
83%
70%
Jan 1
Jan 31
Jan 9
Jan 10
Jan 9
Jan
Jan 11
Jan 10
Jan
51
Jan 10
54
Jan
72*4 Jan
38
55
106*4
108
2*8
Jan 10
Jan 16
Jan
Feb 14
Jan 27
3*4 Jan
7 Jan
11% Jan 9
7% Jan 10
70% Jan 10
31*8 Jan ‘
5 Jan
16 Jan
97% Jan
I Jan 10
3%June 20
22% Jan 11
52*4 Jan 5
5 Jan 17
10 Feb 2
26% Feb 8
56*8 Jan 3
108 Jan 9
35 Jan 6
3% Jan 28
17 Jan 9
35% Jan 7
5*s Jan 9
5 Jan 6
55 June 29
*8 Jan 16
7% Jan 11
24% Jan 27
16 Jan 10
44 Jan 10
3 Jan 28
54% Jan 10
72*4 Jan 4
51% Jan 5
61*4 Jan 5
12% Jan 5
19*4 Jan 9
8*4 Jan 3
96% Jan 9
72 Jan 9
73*4June 19
33% Jan 3
10*4 Jan 14
19 Jan 10
63 Jan 17
50% Jan 6
23 Jan 27
76 Jan 13
71% Jan 3
43 Mar 27
45 Jan 27
17% Feb 6
20*8 Jan 15
36 Feb 1
20*8 Jan 3
32*8 Jan 10
2% Jan 1
4% Jan 13
78% Jan 10
17% Jan 10
46 Jan 10
24 June 16
14 Jan 5
34 Jan 12
125 Jan 10
71% Jan 7
7% Jan 6
20% Jan 9
6 Jan 30
19 Jan 25
12*4 Jan 25
8% Jan 30
13 Jan 17
14% Jan 30
51*8 Feb 1
6 Feb 2
9% Jan 4
25 Jan 10
Lowest
Highest
$ per share
20% Mar '
51% Mar 24
102% July 27
95% A ug‘ "
5% Apr
115 Aug
58*4 Aug .
64 July 28
68 May
29 June 30
24%June 30
145 Apr
197 July 31
77*8 Aug 17
12*4May 26
20%May 25
41% Aug 18
59% Aug 18
10*4May 27
24%May 29
32% Aug
49*8 Aug
87*8 Aug 17
122 Aug 17
48% Apr 20
98%June
85 Aug
73 Aug 1.
79% Aug 16
98% Aug 18
53% Apr 24
66 Mar 23
128% Aug 18
133% Aug 1‘
6 Apr 25
10% Apr 18
18*4May 23
27*4 May 23
20% May 23
90% Aug 10
45*s Apr 13
19 May 22
41 July 19
110 Aug 7
5 Apr 8
12*4 Apr 8
30% Apr 25
59% Apr 26
9*4June 6
39%June 6
70 Aug 18
68% Aug 18
136% July 6
55% May 3
11 Mar 14
50% Apr 11
67 Mar 14
32 Apr 10
14% Apr 29
71*4 Feb 27
14 May 23
19%May 22
43*4 Aug 11
25% Apr 18
59*4 Apr 17
7%May 27
72*4 Aug 17
98% Aug 18
88% Aug 18
90 Aug 18
35% May 20
29% Apr 10
22%June 6
118% Aug 2
78% Aug 11
83% Aug 18
47% July 31
24%Juno 6
39*4 Aug 11
81 Aug 18
71 July 31
41*8 Aug 8
90% Apr 25
82%Mny 29
57 May 31
59%May 31
63%June 1
31*8 Aug 11
54% Aug 10
35% Aug 11
52 Aug 11
10 Apr 15
14*4 Apr 15
93*8May 29
27% Aug 7
62 Aug 18
36 Apr 21
25*8 Apr 25
56%June 10
147% Aug 18
78'8 Aug 10
19% Apr 11
36% Apr 11
14*sMay 26
34% Apr 17
24 May 26
13%June 6
24 June 6
24% Apr 24
64% Apr 21
16%June 7
29*8June 7
33% Mar 13
Highest
$ per share $ per share
8 Mar
12*4 Feb
Industrial & Miscellaneous
Adams Express...................100 48 Jan 12 78 Aug 11
10% Jan 19 23 Aug 18
Advance Rumely............ - -100
Do p r o f ........................ 100 31*8 Jan 12 60% Aug 18
Air Reduction, Inc----- No par 45% Jan 3 58*8 Aug 18
9% July 28 18*4 Apr 25
Ajax Rubber, Inc.................50
% Jan 13
%May 10
Alaska Gold Minos............ 10
*3 Jan 24
2 May 17
Alaska Juneau Gold M in .. 10
55% Jan 3 78% Aug 18
Allied Chem & Dye----- No par
Do ptef................... — 100 101 Jan 3 110 June 14
56 July 19
37*4 Jan 4
Albs-Chalraers M fg ........... 100
100 Apr 21
Do pr f_______________100 86 % Jan
Amer Agricultural Chem .. 100 29*4 Jan 3 42%Juno
Do pref........ ..................100 56 Jan 16 69 Mar 10
58% Jan 7 77% Apr
American Bank Note------- 50
Am Bank Note pref............. 50 52 Jan 12 54 Mar
31*4 Jan 3 49 June
American Beet Sugar------- 100
Do pref____ __________100 61 Jan 11 77 June 24
Am»r Bo;ch Magneto..No par 31% Jan 31 49 A p r il
1 Ex-dividend. 6 Ex-rlghts
* Hid ami asked prices1no sales on this day. t Ex-rlghts. § Less than 100 shares, a Ex-dividend and rights.
“ “ on Goal Go. at *5 nor «h,r« Jnd .r-H.vldend 100% In »to<k fA.ig. 99).
Lowest
S per share
Railroads
Par
10 Jan ;
Ann Arbor............................. 100
28% Jan 26
Preferred________
-.1 0 0
Atch Topeka & Santa Fe.-lOO
91*4 Jan
84*8 Jan .
Do p re f........................... 100
34 Jan 14
Atlanta Blrm & Atlantic.. 100
83 Jan 9
Atlantic Coast Line R R ...1 0 0
33% Jan 27
Baltimore A Ohio........... ..1 0 0
52% Jan 1
Do pref________________ 100
50 Jan
Buffalo Roch A Pitts......... 100
6 Jan
Brooklyn Rapid Transit___100
5*8 Jan 1
Certificates of deposit—
Canadian Pacific__________ 100 119% Jan
Central RR of N J........... ..1 0 0 184 Mar 31
54 Jan 10
Chesapeake A Ohio......... ..1 0 0
l*s Jan 24
Chicago A A lto n ........... -.1 0 0
3% Jan 25
Preferred________________ 100
12*8 Jan 25
Chic & East 111 RR (new )..
32 Jan 30
Do pref_______________
1,200 Chicago Great Western__ 100
Do pref______________ 100
800
18,200 Chicago Mllw & St P aul.. 100
Do pref_______________100
23.000
19,100 Chicago & North Western. 100
Do pref........ ................. 100
600
15,500 Chic Rock Isl & Pac...........100
7% preferred...................100
200
6% preierred__________ 100
1,400
900 Chic St P Minn * Ora___ 100
200 Clev Cln Chic A St Louis.. 100
Do p r e f ........................ 100
200
1.300 Colorado & Southern........ 100
Do 1st p r e f ................ 100
100
700 Delaware & Hudson_____ 100
1,700 Delaware Lack A Western. 50
200 Duluth S 3 * Atlantic___ 100
Do pref.---------------------100
16,400 Erie...................................-.100
Do 1st pref__________ 100
10.500
Do 2d pref___________ 100
1,000
26,800 Great Northern pref---------100
Iron Ore properties.N» par
28.500
100 Gulf Mob A Nor tr ctfs._.100
Do pref_______________100
300
1,900 Illinois Central..................... 100
800 Interboro Cons Corp..N o par
Do pref...........................100
7,200
3,100 Kansas City Southern___ 100
Do pref................ ......... 100
600
Keokuk A Des Moines__ 100
800 Lake Erie A Western........ 100
Do pref............ ............. 100
500
21,000 Lehigh Valley..................... 50
1,000 Louisville A Nashville___ 100
1,200 Manhattan Ry guar_____ 100
900 Market Street R y............. .100
Do pref...........................100
400
Do prior pref_________ 100
1,000
Do 2d prof..................... 100
600
1,100 Mlnneap A St L (new)----- 100
100 Minn St P A S S Marie___ 100
500 Missouri Kansas A Texas.. 100
13,100 Mo Kan A Texas (new)............
Do pref (new).......... .........
4.000
3,400 Missouri Pacific trust ctfs. 190
Do pref trust ctfs------- 100
5,800
1.000 Nat Rys of Mex 2d p r e f...100
3,900 New Orl Tex A Mex v t c.,1 00
9,600 New York Central............. 100
2,000 N Y Chicago A St Louis.. . 100
100
Do 2d pref.............
1,200
19,300 N Y N II & Hartford.........100
900 N Y Ontario * Western__ 100
400 Norfolk Southern............... 100
5,300 Norfolk A Western_______ 100
Do pref_______________100
24.600 Northern Pacific-------------- 100
15.600 Pennsylvania---------------------50
200 Peoila A Eastern-------------- 100
16,319 Pero Marquette v t c------- 100
Do prior pref v t 0 ------ 100
800
Do pref v t c ................. 100
100
6,900 Pittsburgh A West Va----- 100
Do pref...........................100
18.400 R eading................................ 50
Do 1st pref.....................50
500
Do 2d pref...............
50
200
100 Rutland RR pref........ ........ 100
St
Louls-San
Fran
tr
ctfs..
100
8.500
Do pref A trust ctfs__ 100
400
7.200 St Louis Southwestern___ 100
Do p r e f ........................ 100
2,900
1.300 Seaboard Air Line............... 100
Do pref_______
100
2.200
13,300 Southern Pacific Co.......... 100
17,100 Southern Railway............... 100
Do pref.................
100
8.500
3,200 Texas A Pacific__________ 100
1,000 Third Avenue..................... 100
200 Twin City Rapid Transit.. 100
9.000 Union Pacific................... ..100
Do pref...........................100
1,100
1.300 United Railways In v est... 100
Do pref...... ..........
100
1.500
6,600 W ab a sh ..............................100
Do pref A .......................100
15.400
Do pref B ........ ..............100
100
21.400 Western Maryland (new).. 100
Do 2d pref..................... 100
4.500
3,100 Western Pacific........ .......... 100
Do pref_______________100
700
4,600 Wheeling A Lake Erie Ry.100
Do pref.......... - ..............100
4.000
200 Wisconsin Central............... 100
____________
PER SHARE
Range since Jan. 1 1922.
On basis of 100-*»ar« lots
20 Apr
77% June
75% Jan
1 Dec
77 Apr
30*8 Mar
47 Mar
49% Dec
6
Dec
3% Sept
101 June
186 Oct
46 June
4 Nov
6 % Dec
13% Dec
33% Dec
6 % Dec
14 June
17% Dec
29% Dec
60% Apr
95 July
22*8 Mar
68*4 Mar
66 % June
50 June
32 June
Feb
60
Jan
27
Jan
49
Apr
90
- Aug
93
1*8 Mar
3*8 Nov
10 Dec
15% Dec
10 Dec
60 June
25*8 June
4*4 Dec
15 Dec
85% Mar
1% Dec
3% Dec
18% Feb
45% Jan
4% Nov
10 Mar
17*s Aug
47% June
97
Apr
32 Dec
2*4 Dec
12 Aug
27 Aug
4% Aug
5% Doc
83 Aug
1 Dec
8 Dec
22*4 Dec
16 Mar
33% Mar
2*4 Dec
46 June
64% June
39 June
54 June
12 Nov
16 Mar
8 % Sept
88 *s June
62 June
61% June
32% June
8 Nov
15*4 Mar
50 Apr
35
Jan
23
Oct
70 Mar
60*4 June
36% June
38% Aug
32% Deo
94
Deo
88 Nov
7% Jan
91 Nov
42*8 May
56*8 Nov
72*4 Mar
14% Jan
10
Jan
123% Nov
209 Mar
65% May
8*4 Jan
12 Apr
16% Nov
37 Nov
9% May
20% May
31
Jan
46% Jan
71
Jan
110
Jan
35 Sept
89*4 Dec
77 Dec
63
Jan
57% Dec
75 Dec
46% Nov
59 Dec
110% Nov
249 May
4% Jan
7*8 Jan
15% May
22*4 May
15% Jan
79% Dec
34% N ov
11 % M ay
26 Feb
100% N ov
5% Jan
16
Jan
28% M ay
55 N ov
6 % May
14% Jan
30 Dec
60*4 Dec
118 July
58% Jan
7 May
18% May
45% May
8*8 May
14*4 May
74% Nov
3% Nov
9% Dec
26*8 Dec
23% May
49% Nov
6*8 Feb
77% Feb
76 Dec
61*8 Sept
68 % Sept
23% Jan
23% Sept
13% May
104% Feb
74*4 Dec
88
Jan
41*4 Jan
12
Jan
23% May
65% Dec
66*4 Dec
32
Jan
80 Dec
89% Jan
55 Feb
57*4 Jan
19% Mar
25*4 Aug
27% June 39% Nov
30% May
19% June
Jan
28 June 41
7% May
2% Oct
12% May
3
Dec
67% June 101
Jan
24% Jan
17*8 June
60
Jan
42 June
16% Jan
27*4 Dec
12% Aug
20*8 Mar
55% Apr
31% Dec
111 June 131% Nov
74% Dec
62% July
12% Mar
6 Aug
26 Mar
17 Aug
9 May
6*8 Dec
24% May
18 Mar
15% Nov
12*8 Mar
11% May
8*8 Dec
21 May
14% Dec
30% May
15 Dec
70% Jan
51% Dec
6% Dec
12% Dec
23
Oct
11% May
19% May
37% May
26% Jan 53*4 Deo
19*4 Jan
10% Dec
31% Dec 52% Feb
30 June 50 Dec
15% Dec 39% Jan
1% Feb
% Dec
1*4 Feb
% Oct
34 Aug 59% Dec
83 June 103*4 Dec
28% Aug 39*4 Dec
67% Aug 90 Dec
26% Aug 65% Jan
Jan
51 Aug 90
46% Jan 56% Deo
43% Jan 50% Dec
Feb
24% Oct 51
74% Jan
5434 Dec
29% Aug 6su May
(June 15) to subscribe
HIGH AND LOW SALE PRICE—PER SHARE, NOT PER CENT
Saturday,
Aug. 12.
Monday,
Aug. 14.
Tuesday,
Aug. 15.
Wednesday. Thursday
Aug. 16.
Aug. 17.
Friday,
Aug. 18.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1922.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for previous
year 1921
Lowest
Highest
$ per share S per share $ per share
$ per share S per share S per share S per share S per share S per share Shares Indus. & Miscell. (Con.) Par $ per share
42
Jan 56% Dec
51 Jan 4 72% Aug 11
1,800 Am Brake Shoe & F __ No par
71
71
72
7012 72% 70% 70% *70% 72% 71% 71% 72
88% Jan 100 Dec
109
June 14
Do
98%
Jan
18
pref________
100
*105 10834 *106 108% *106 108% *106% 108% *106% 108-% *106% 10834
23% June 35% Dec
58% 22,500 American Can___________ 100 32% Jan 5 61% July 31
56% 57% 56% 5812 58% 58% 58% 58% 57
57% 58
76% June 97 Dec
93% Jan 3 109% Aug 16
Do pref________
.100
200
109% 109% *109 110 *109 110
109% 109% *109 110
*10912 110
1,800 American Car & Foundry. 100 141 Jan 10 175 Aug 18 115% June 151% Dec
172 173
173% 175
172l2 17212 171% 172% 171% 172% 173 173
Do pref______________ 100 115% Jan 6 125 Aug 17 108 May 116% Doc
300
125 125 *122 125
125
124 124
122% 122% *121
*121 124
Jan
6% Nov 29
7 Jan 27 14 May 5
9
9%
9% 9% 1,300 American Chicle_____ No par
9
9%
9% 9%
9% 9%
*9% 9%
15% June 24% Nov
19% Jan 10 30 %May 31
28% 4,000 American Cotton Oil____ 100
28
28
2612 26l2 26% 27% 27% 28% 27% 28% 28
35% July 67 Apr
61
May
31
Do
pref_________
100
41
Jan
11
600
55
*52
55
*51
55
55%
54
55%
53%
53%
*51
54
8% Jan
4 June
6% Aug 17
4% Jan 13
6%
6%
6 % 6 % 7,700 Amer Druggists Syndicate. .10
7
6
71.1
6%
5% 5%
534 57g
American Express________ 100 126 June 23 143% Apr 22 114 July 137 Dec
*136 139 *135 139 *133 139 *135 139 *132 139 *132 139
16 Dec
8 Apr
American
Hide
&
Leather.
100
17%
Apr
13
12
Jan
18
1,000
14%
14%
*14%
14%
14%
14%
14%
14%
14%
14
14U 14%
40% Feb 62% Dec
Do pref______________ 100 58 Jan 3 73 May 31
72% 1,800
*72
72
71% 72% 72
72
71
7112 71% 72% 72
42
Jan 83% Dec
78 Jan 12 114% Mar 22
110 110 % *109% 111% 2,700 American Ice____________ 100
11112 11H2 108% 111% 110 111% 111 111
57
Jan 73% Nov
Do
pref______________
100
95%
Aug
4
72
Jan
13
1,100
92%
92%
*91
*91
92
93
93
92% 92% 93
*9234 94
21% Aug 53% May
34% Aug 8 50%June 2
37% 6,200 Amer International Corp_.l00
37
35% 36% 37
37% 36% 38
37
37 lg 36% 37
7% Aug 11% Apr
American
La
Franco
F
E
..1
0
14
July
26
9%
Jan
16
1.400
13%
13
13
13%
13
13
13
13
13
13
*13
13U
17% Aug 62% Jan
36
36% 6,500 American Linseed________ 100 29% Jan 10 40%June 1
33% 36% 36% 37% 36% 37% 36% 37
34
34
Jan
39% Aug 93
Do pref________
100 52% Aug 14 60%June
56% 56% 5658 *56% 57% 56% 46% 2,200
52% 54% 56
*52U 54
73% June 110 Deo
Locom otive___ 100 102 Jan 5 121% Aug 8
11812 118% 117% 118% 118% 118% 119 119% 119 119% 119% 120% 8,300 American
98% June 115 Dec
Do pref____ __________ 100 112 Jan 12 118% Aug 17
300
118% 11.8 % 11S% 118% 118% 118%
116 11812 *115 118 *118 119
66% Jan 91 Nov
114% 115% 110% 112% 112% 113% 112% 114% 114% 114% 2.400 American Radiator________ 25 82 Jan 30 115% Aug 14
11512 116
Jan
10
3% Aug
3% Jan 31
8% Apr 6
7,800 American Safety Razor____ 25
7
6%
7
7
7
6%
7
7%
7%
7
7% 7U
14
Jau
Am
Ship
&
Comm____
No
par
4% Aug
5%
Jan
3
24%
May
31
2,000
18
*17%
17% 17%
18
18
17% 18
17% 1734 17% 18
29% Aug 47% Dec
4,600 Amer Smelting & Refining. 100 43% Jan 6 67%May 19
60% 607g 60% 60% 60% 60% 60% 61% 61% 61% 61% 63
Dec
90
Do
pref_______________100
86%
Jan
4
99%
July
15
63%
Aug
900
99
99
99
98
9S
*98
98
98%
98%
98%
*97 - -
63
Jan
88 Dec
600 Am Smelt Secur pref ser A . 100 87 Feb 8 97 Aug 17
97
97
97
97
*95% 96% *95% 96% 96
96
96
96
95
Jan 11434 Dec
100 American Snuff__________ 100 109% Jan 3 139 Aug 17
139 139 *136 139
*13712 139 *137 139 *133 139 *132 139
Am
Steel
Fdry
tem
ctfs.33
1-3
42
Aug
11
18
Aug
35 Dec
30%
Jan
26
24,600
42
41%
41%
41%
41%
42
41%
41%
40%
41lg 415g 40%
Do preftem ctfs_______100 91 Feb 8 100% Aug 14
78 Aug 95% Dec
*99% 100% *99% 100%
99% 99% *99% 100% *99% 100% 99% 100
Jan
96
47% Oct
81% 82% 82% 83% 83% 84% 12,600 American Sugar Refining.. 100 54% Jan 4 84% Aug 18
8034 8034 80% 80% 80% 82
67% Oct 107% Jan
Do pref......... ........... ..100
84 Jan 3 112 Aug 18
300
112 112
109 110
110 110 *110 112
*108 109 *108 110
28% Dec
88 Mar
23% Feb 14 47 May 29
38% 1,100 Amer Sumatra Tobacco__ 100
38% 37% 38% 38% 38% *37% 38% 38
38
*38
39
64% Nov 91*4 Feb
Do pref_______________100 52% Jan 27 71 Jan 16
300
65
65
64
*60% 65
63
63
*61
*61
65
*63
64
95% Jan 119% Nov
123% 123% 25,100 Amer Telephone & Teleg-.lOO 114% Jan 4 124% Mar 14
122% 122% 122% 122% 122% 122% 122% 122% 122% 123
June 13634 Dec
150% 150% 149 149% 148% 149% 5.700 American Tobacco_______ 100 129% Jan 5 152% Aug 8 111%
149% 149% 149 150% 148% 150
86 Au
9973 Dec
Do pref (new)________ 100 96% Jan 3 105 July 31
100
103 103 *103 105 *103 105 *103 105
*102% 105 *102 105
110
Jan 131% Dec
Do
common
Class
B_
_
100
14S%
Aug
16
126
Jan
3
1.500
147 147
148 148% 148 148
146% 146% 147 147% *147 148
4 Sept
6% Oct
6 Jan 7 19% Aug 17
4,600 Am Wat VVks <&El v t c __ 100
19
19% 19
19
18% 18% 18% 18% 19
17
17% 18
48 Sept 66% Deo
Do 1st prof (7%) v t c.lOO 67 Jan 4 88 July
900
*85% 87%
85% 85% *85% 8534 85% 86
85% 85% *84% 86
8%
Sept
Dec
Do
nartic
pf
(6%)
v
t
c
100
17%
Jan
4
20
43
July
11
4,200
41% 41% •41% 41%
42
40
4034 40% 41% 40% 41% 41
57 Feb 83% Dec
78% Jan 10 95% Apr 17
11,000 Amer Woolen____________ 100
92% 91% 92% 91% 91% 91% 92
90% 91% 90% 91% 91
93 Feb 104% Dec
Do pref_______________100 102% Jan 11 109 June 21
300
108 108 *107% 108% *107% 108% *107% 108%
*107% 108% 108 108
20% Aug 39% Jan
1.700 Amer Writing Paper p ref.. 100 22% Jan 13 37% Apr 15
33
33
33% 32% 33
31% 32% 32% 32% 32
31% 33
6% Sept 143g Dec
12% Jan 3 20%June 1
600 Amer Zinc, Lead & Smelt__ 25
173g 17%
1734 17% *17% 18
*17% 18
17
17% 1734 17
22% Aug 407g Dec
Do pref.............. ........... 25
36 Jan 18 48% May 19
400
46%
46
*46
46
46
4634 4634 47
*46
47
46
47
Anaconda
Copper
M
ining..50
31%
Aug 503g Dec
57
May
31
47
Jan
31
14,300
53% 53% 5234 53% 52% 53% 533g 54% 53% 53% 53% 54%
24
Jan 50% Dec
43 Jan 5 57% Mar 17
1.500 Associated Dry Goods___ 100
56
553g 55
55% *55
56% 55
55
55
55
56
56
55%
J an 7634 Dec
Do
1st
pref__________
100
83%
Apr
19
75
Jan
6
200
81%
*81
82
81%
81% 81%
*80
81
*81% 82
81
*80
Do 2d pref____________100 76 Jan 17 86 May 9
45
Jan 78 Dec
*82% 84
*82% 84
*82% 84
82% *81% 84
*80
*81% 84
91
Sept
Associated
Oil___________
100
107% Mar
135%May
3
200
99
Jan
31
11334
113
%
116
116
*112
*113
117
115
115
*100
115
*110
Jan
Atlantic
Fruit_________
No
par
1%
Oct
9
5%
Apr
17
2%
Jan
3
2,600
2
%
2%
2 % 2 % *2 %
2
2
2%
2%
2
2
2%
Jan
18 June 76
33% 5,400 Atl Gulf & W I S S Line.. . 100 23% Mar 2 43%May 29
31% 31% 32% 31% 333g 33
30% 3034 30
31% 32
44%
Jan
Do
pref_______________100
15%
June
18%
Mar
6
31%May
29
400
23%
22
%
22
%
23%
24%
*
22
%
*21
24
25
*21
24% *21
10 Atlantic Relining________ 100 900 Mar 7 1145 May 1 a820 June a!125 May
976 976 *970 1000 *980 1000 *985 1000
*975 1000 *975 1000
Do p r e f............ ........... 100 113 Jan 9 118%June 30 103% July 113% Nov
*116 118 *116 118 *116 118 *116 118 *116 118 *116 118
Atlas T ack.................. No par
12% Dec 20 Apr
13% Feb 28 22%May 4
*16% 18
*16% 18
*16% 18% *16% 18% *16% 18% *16% 18
8% June
13% Jan
9% Jan 5 33%June 8
30% 1,200 Austin Nichols & Co___No par
29
28% 27% 27% 27% 27% *27% 27% 27% 29
28
Do pref.......................... 100 68 Jan 9 90 June 1
Jan
100
50%
Aug 70
86
*S4
85
85
*83%
85%
*84
85
*84
85
*84
86
Auto
Sales
Corp........
............
50
100
2%
Sept
7
Mar
17
5% Dec
3%
Jan
3
4
*3
*2 % 4
*2 % 4
*2 % 4
*2 % 4
3
3
Do pref.____ _________ 50
Jan
10 Apr 15
10% July 27 15% Mar 16
*9% 12 % *9% 12
*9% 12
*9% 12
*9% 12
*9% 12
Baldwin Locomotive Wks.100
62% June 100% Dec
93% Jan 13 125% Aug 18
121% 124% 122% 123% 123% 125% 124 125% 124% 125% 32,200
124
Do pref....................... ..100 104 Jan 13 114%June 11
100
95 June *105 Deo
114 114 *113 115 *113 115 *113 115 *113 115
*112
Barnet Leather______ No par
Jan 41 Aug
40 Jan 19 60 July 12
29
60
*56
60
*56
*56
60
*56
60
60
*56
*56
60
100
Do pref...................
Jan 86 Dec
97%
89 Apr 12 96%June 23
70
97% *94
97% *94
*94
97% *94
97% *94
*94
Barnsdall
Corp.
Class
A
___
25
21,800
27 May
19%
Jan
16
35
3234
20
Dec
56% Apr 28
31% 30% 34
30% 30
31% 31
*30% 30%
Do Class B___________ 25
2,200
Jan
19% Jan 9 39 Apr 27
14% June 35
27
27
24% 26
24% *23% 26
23
*24% 26
25
*23
Batopllas
Mining__________
20
7
300
*34
1 Jan
%
Jan
14
%
Aug
1%
Mar
23
*%
7
8
*%
%
*%
%
%
%
*4
■
100 Bayuk Bros_________ No par
54
33 Apr 28 55% Aug 7
27 June 29 June
54
*49
*50
54
54
*45% 53% *49
*54
55% 54
78% 2,800 Bethlehem Steel Corp____ 100
51 Jan 10 79 May 12
39% June 62% May
77 % 77
77
*76% 77% 77
*74% 77
77
75% 77
Do Class B common__ 100
55% Jan
41% June 65 May
7934 40,600
82% May 12
78% 79 % 78
78% 80
78% 79% 79% 80
77% 80
Do pref_______________ 100 90% Mar 7 101 Apr 15
1,000
99
87 June 93% Jan
99
98
*96
98
*96
98
97% 98-% 98
*96
99
Do cum conv 8 % pref.100 104 Jan 4 116%June 14
90 June 112 Sept
*114 115 '114 115 *114 115 *114 114% *114 114% *114 114% 1,700 Booth
Fisheries___________Nopar 4% Jan 10
3 Aug
7% Doc
8%
8%
9% Feb 10
8%
8*2
8%
8%
8%
7% 8% *8% 8% *8
900 British Empire Steel______ 100
9 Dec
8% Dec
8% Jan 9 14%June 6
11
*11% 11% 11
11
11
12
10% 11
*10% 1034 11
Do 1st p re f............... .100
100
55 Dec 58% Doc
*72
75
58 Mar 2 76% Apr 15
75
74
*70
75
*67
72% 72% *70
*67
74
Do 2d pref..................... 100
Dec 23% Dec
33*4 4,200
19% Mar 17 36%May 31
31% 32% 31% 32
31% 33% 33
*30% 3034 30% 31
2.300 Brooklyn Edbon, Inc____ 100 100 Jan 3 117% Aug 11
Jan 101 Dec
117% 11734 117% 117% 117 117% 116 116% 115% 116% 114% 115
200 Brooklyn Union Gas______100
Jan 76% Nov
70 Jan 31 119 June 9
115 115 *114 116
*112% 114% 114 114 *112 114 *112% 115
46% Nov
Feb
42 Jan 16 55% Aug 18
54
54% 54
54% *53% 54% *53% 54*2 54% 55% 1,400 Brown Shoe Inc_________ '1 0 0
53
53
100 Brunswick Term & Ry Sec" 100
5% Jan
2% Aug
*2% 4
5%June 6
2% Mar
*2% 4
3
*3
3%
3
*2% 4
*2% 4
7.300 Burns Bros_______
..100 113% Jan 10 139%June 5
81% Jan 122% Deo
136% 136s4 136% 137% 136 136% 135% 136% 136 136% 135% 136
Do new Class B com .I
31% Dec 33% Deo
49% 49% 493g 51% 48% 50% 48% 49% 48% 49% 48% 49% 19,900
28% Jan 19 51% Aug 18
Bush Term Bldgs. p r e f... "io6
*92% 98
97%May 1 z87% Doc 90 Nov
*92% 98
*92% 98
*92% 98
“
*92% 98
87% Jan
*92% 98
300 Butte Copper & zinc v t c
6% Dec
5
3% Aui
8%June
*7
5% Mar 1
7% 7% *7% 7%
7%
7% 7%
7% 7% *7% 7%
400 Butterick______________ j 5o 18 July 27 34 Feb
14% Jan 33% Dec
20
*19% 20
19% 19% *19% 21
*19% 22
20
*19% 20
10% June 22 Dec
29
29
29% 30% 5,100 Butte & Superior Mining” 10 20% Jan 4 33%May 18
28% 29% 28% 29% 29
29
30
30
700 Caddo Central Oil&Ref No par
7% Aug 19% Apr
15% Apr 15
10% 10% 10% 10% 10% 1034 *10% 11
10% 10% *10% 10%
10% Jan 11
53% July 74 Nov
82% 2,400 California Packing____No par
82% 80% 81% 82
82% 82% 81
82% 82% 82% 82
68 Jan 11 83% Aug 10
25
Jan 50% Dec
100
57% 58% 57% 58% 59
61% 61% 62% 11,300 California Petroleum
56% 57
60% 60
43% Jan 10 71%June
100
68% Jan 88 Deo
Do pref.................. ” ” lOO 83 Jan 3 98% Apr 17
94
95
*91
94
*91
94
91% 91% *92
94
*92
*90
1,800 Callahan Zinc-Lead___
7% Jan
3% Aug
10
8
8
8
8%
8
8% 8%
8
8%
8%
8%
5% Feb 14 ll% M ay 27
8%
41% Jan 60 Dec
300 Calumet Arizona Mining” " 10 57% Apr 5 66%June 1
61% 60
60
59% 5912 *5912 61% *60
61%
*60% 61% *60
15%
Nov
11
Dec
Carson
Hill
Gold.........!
”
I
_1
11
11
*10
*10
*10
11
*10
11
11
16%
Mar
29
*10
11
*10
10% Aug 4
1.900 Case (J I) Plow______ No par
3 Nov
10% Apr
7
7
*634 7%
6% 634 *634 7
9%June 6
6%
7%
7
3 Mar 8
7
85% Feb
63 Dec
93
90% 90% *87
92
91
91
*86
91% 9134 3.900 Case (J I) Thresh M, pf ctf 100 68 Feb 21 91% Aug 18
90
*84
2218 Aug 43% Jan
100
3934 39% 40% 40% 41% 40% 41% 40% 40% 40% 40% 13,500 Central Leather__
39
29% Jan 10 42 July 20
Jan
57% Aug 96
74% 74
74% 7334 74% 4.800
Do pref---------- -IIIIIIlO O
72% 73% 73% 74% 73% 74% 74
63% Jan 6 74% Aug 14
23 Mar 36% Dec
4,600
38%
39
39%
Cerro
de
Pasco
Copper
No
par
38%
39%
39%
40%May
26
39%
40%
38%
38%
39%
32%
Jan
4
39
Jan
22 Aug 44
1.300 Certain-Teed Prod___ No par
49
*47% 49
4S% 51
*46
*48
50
*46% 49
50
34 Feb 14 53%June
*46
38% Oct 86 Apr
62% 14.800 Chandler Motor C ar..Iw o par 47% Jan 5 79% Apr 6
59% 58% 59
591- 60% 60% 61% 62
58% 593g 58
70%
Jan
47
Aug
900
71%
July
24
69%
68%
*69
68%
*69
70%
69%
*69
70%
69%
Chicago
Pneumatic
Tool
100
60 Jan 14
69% 69%
9 Mar
16% Dec
25
22% 22
22% 22% 22% 10,000 Chile Copper________
215; 22% 21% 22% 22
22% 22%
15% Jan 5 25 %May 29
19% Mar 29% Dec
29% 30% 3.400 Chino Copper__ 5
29
28% 29% 29% 29% 29% 30
29% 29% 29
25% Feb 21 33%June ‘
62%
Jan
36%
June
900
56%
58%
55%
56%
46%
58%
58
60%
Feb
3
Cluett,
Peabody
&
Co
100
56%
*55%
56% 56
56
43 Jan 11
19 Feb 43% Dec
70
72% 72% 73% 72% 7334 24,300 Coca C o la ............ . . . . N o par
69% 70% 69% 70
69% 70
41 Jan 5 74% July 5
22 July 32% May
30
30% *30% 30% 30% 31% 1.800 Colorado Fuel & iron.........100
30
29% 29% *29
30
24 Jan 10 36 %May 19
30
52 June 67% Dee
15.800 Columbia Gas & Electric.. 100 64% Jan 4 99% Aug 16
99% 98% 99% 98% 99
97% 98
96% 97«g 95% 96% 95
2% Aug 12% Jan
334
3% 3.300 Columbia GraphophoueNo par
3% 4
37g 4%
5 %June ’
3% 3%
3% 334 *334 4
1% Jan 26
8% Dec 62% Feb
14% 1.400
*13% 14% *14
Do pref............
100
20%June
2
*13% 13% 12% 12% 12% 13% 13% 14
5 Feb 9
28% June 58% Dec
68% 67% 67% 67% 67% 1,500 Computing-Tab-RecorcLVo" par 55% Jan 3 79% Apr 26
67% 67% 67% 67% 68
68%
*68
13%
Dec 59% Jan
100
*36%
37% 37% 37%
37% *3612 37%
Consolidated Cigar.. No par 18% Feb 10 38%June29
37% *36
37% *36
*36
53 Dec 80 Feb
*67
Do pref....................
100
75
75
75
*67
*67
75
*67
*67
76
75
*67
47 Feb 27 72 %June 20
%
Sept.
10 Mar
800
l!
12
3g
2%
Mar
16
3
g
%
%
Consol Distributors,Inc No par
*%
*%
% Feb 17
*%
%
77% Jan 95 Nov
17,800 Consolidated Gas (N Y) 100 85% Jan 30 125% July 14
121 121% 122 122% 122% 124% 12334 125
120% 122
122 122
21%
Jan
12%
Aug
9%
7,000
10
%
9%
10
10
10
15%
Apr
19
10%
Consolidated
Textile_
_
No
par
10
10%
9 July 25
10
10% 10%
34% Aug 66
Jan
78
78
*77% 7834 1,100 Continental Can, Inc____ 100
78% 79
78
79% 78
45% Jan 4 79% Aug 14
77% 79%
58% Aug 73 Dec
200 Continental Insurance " 25
*90
93
91
*92
95
66 Jan 20 91 Aug 16
88t-» 89% 89% 91
*87
88 %
59
June
99%
Dec
11434
114
114%
12,500
114
115%
114
116%
Aug
8
Corn
Products
Refinlng"""IoO
115% 113% 114%
91% Jan 4
114% 114%
96 June 112 Deo
100
Do pref.................
” 100 111 Jan 10 119% Aug 14
119% *117'2 120 *117 120 *118 120 ■112% 120
*118% 119
22% Aug 43% Apr
43% 44% 43*2 45U 44% 45% 29,700 Cosden & Co________ pgj
31% Jan 10 53 %June 7
43% 4334 42% 43% 42% 44
93
49 Aug 107% Jan
92%
91
%
43,600
93%
95
92%
95
Aug
16
Crucible Steel of America 100 52% Feb 27
92% 90% 921- 91% 94%
92
Jan
94
94
77 June 91
2,200
Do pref..................
100
93% 93% 93% 93*2 94
9310 *93
80 Jan 17 95 May 2
*93
93
93
15%
5% Oct 26 Feb
15%
4,500
1512
15%
15*2
19%
Mar
15
15%
Cuba
Cane
Sugar____'.'.No
par
15%
15%
8%
Jan
11
15% 15% 15
13% Feb
68% Dec
38% 39% 2.900
41% July 27
3914 38%
Do pref...........................fog
15%
Jan
3
38% 3834 38
38*2 38% 38% 38
263s 26% 27% 11,400 Cuban-American Sugar " 10 14% Jan 3 28 Aug 4
10% Oct 33% Feb
26% 25% 26% 26
26% 26% 25% 2G38 26
68
Oct 95 Feb
95
95
95
95
300
*93% 95
Do pref.................. " ” I00 78% Jan 17 95 Aug 2
*93% 95
*93% 95
*93% 95
23 Mar 59% Nov
49% 49% 6,300 Davison Chemical v t c.N o par 43 June 13 65% Apr 6
48% 50
49
48
48
48% 48% 4734 48*2 48
Jan
21
13% June 21
21% 21%
500 De Beers Cons Mines..Wo par
*21
15% Jan 3 28 %May 2
21%
21 % *20% 21% *20% 21% 21
Oct
93% Nov 100
•110 111
720 Detroit Edison___
11U'8 H I
1107s 111
100 100% Jan 11 111% Aug 8
111 111
111% *110% 111
10% Jan 21% Apr
2 34% 34%
6.900 Dome Mines, Ltd”
337g 34% 34 %
10
3234 33% 32% 33
34
18% Jan 4 34% Aug 18
33
76% 76% 76% 76*2 76
76% 76% 76% 76% 773g 76% 77% 4,600 Eastman Kodak Co.'.V. No par 70 July 3 77 %May 15
131% 131% 135 135
600 E l
*132 139
p ont de Nem & C o .. 100 115 May 27 150 July 5
13218 131 131 *131 133
500
85 June *2 ................
cumnl preferred___
preferred . 100
100
*822
82%
80 June 12
in 00
83% *82% 83% 82% 8
2-'V> 82% 82% 82% 0<6‘2 83% 83%
"6 %o cumin
•.Bid and asked prices; oosalea on thladay.
d Ex-dlvldend and rights,
t Assessment paid,
x
Ex-rights,
s Ex-dlvldend.
» Par value *10 £>“
s&are.
HIGH AND LOW SALE PRICE— PER SHARE, NOT PER CENT
Saturday,
Aug. 12.
Monday,
Aug. 14.
Tuesday,
Aug. 15.
Wednesday.
Aug. 16.
Aug. 17.
Friday,
Aug. 18.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1922.
On basis of 100-share lots
PER SHARE
Range for previous
year 1921
Highest
Lowest
Highest
S per share S ver share S per share S per share $ ver share S ver share Shares Indus. &MiscclI. (Con.) Par S per share S per share 3 per share $ per share
*46
47
46% 46% 46% 47% 48
48% 48l2 49% 48% 49'% 21.900 Electric Storage BatteryWo par 40%June 17 49% Aug 17
21 %
19
20 % 20 % 20
19% 1912 20 l2 20% 21% 3.500 Elk Horn Coal Corp_______ 50 14% Jan 25 23%June 14
20 % 20
16
Jan 25*4 May
8
*9
*9
9
9 • *8% 10
8
10
*8 % 10
10
200 Emerson-Brantingham____ 100
ll%June 5
2% Jan 4
2% Dec
9% May
83
84% *83% 84% 84
84l4 8414 84i4 84% 2.300 Endicott-Johnson_________ 50 76% Jan 10 87% Apr 19
83
83
84
52
Jan 81 Dec
*113 113% 113% 113% 113% 113% 113% 113% *113i8 114U *113% 114%
400
D o pref_____________ 100
104 Jan 5 115 July 31
87
Jan 106% Dec
84*4 86 % 85% 88 I.1 87% 88 % 87% 88*4 86l2 88
86% 89% 33,600 Famous Players-Lasky.Wo par 75% Jan 10 89% Aug 18
44% July 82% Apr
94% 95% 95% 95% 96
96*4 96% 96% 96*4 97
97
98
Do preferred (8% )_100
3.300
74*4 July 97 Dec
91% Jan 28 99 Jan 14
* 12% 15
14
14
* 12% 15
* 12% 14
* 12 l2 15
*12% 15
100 Federal Mining & Smelting 100
9 Jan 3 16%May 17
5% June 13*4 Dec
54%
54
53 % 53% 53%
53%
54% 54% 53l2 54
53% 54
1.500
Do pref_____________ 100
37% Mar 14 51% Aug 7
21 Sept 43% Dec
* 110% 112 % 113 113 * 110% 115 * 110% 115 ♦111 115 *110% 115
100 Fisher Body Corp.........No par
75 Jan 5 127% Apr 20
75 June 90
Jan
89% *87
88
88
*86
89% *89
91
*90
91
400 Fisher Body Ohio, pref____ 100 76% Jan 5 103%June 14
90
90
57 Sept 84 Dec
12% 13
12% 12%
12% 12%
12% 13%
13
1234 13
3,800 Fisk Rubber______________ 25
11% Jan 10 19% Apr 25
19% May
8*4 Aug
*20 % 20 % 20 % 20 % 20 % 21
21 % 21*4 21% 21%
2134 22
4,900 Freeport Texas Co_____No par 12% Jan 21 26%June 3
9% Aug 20% Jan
63% 63% 62
63
63
62
62
62
*62
63
*6134 63
500 Gen Am Tank Car_____No par 45% Jan 14 67% May 8
39% Oct 59% Dec
64
68 % 69%
68 % 64*4 66 % 63% 66 % 63% 6534 64% 65% 60,800 General Asphalt.............
100 55% Jan 26 7334 July 20
39% Aug 78% May
100 102
98% 100
*104 106
99
99
99
99% *98
99%
1.500
Do pref_____________ 100
90 Jan 10 111 July 20
77 Aug 117% May
76% 75% 75% *75% 76% 76% 76% 76% 76%
*76% 76*4 76
800 General Cigar, Inc_______ 100 65 Mar 3 78% July 20
54
Jan 70% Dec
102*4 102*4 102*4 102% *101 102*4 *101 102*4 101 10234 *101 10234
200
Debenture pref_________ 100 94 Jan 4 10234 Aug 12
80% Apr 95% Dec
179 179
*178% 179
178 178
179 179
179% 180
General Electric__________ 100 136 Jan 9 182% Aug 18 109% Aug 143*4 Dec
13% 13
13% 12% 13% 13
13% 12% 13% 13% 13% 42,200 General Motors Corp..N o
8% Jan 5
16% Jan
15% July 15
9% Aug
80% 7912 79% 81
81
81
81
*80% 82
80% 80%
700
Do pref______________ 100
69 Jan 24 83 June 6
63 June 75 Dec
81% 81
81% *81
81% 81
81
80% 80% *80
Do Deb stock (6 % )_100
600
80l->
67% Mar 6 84 June 28
60 Aug 73% Dec
94*4 *94 % 95% 94% 94% *94
*94
95
95
94
94
Do Deb stock (7 % )_100
400
79% Mar 8 97 June 28
69 Aug 85 Dec
15
*14% 15
141j 14% *14% 15
14% 14% 14% 14%
600 Glldden Co___________ No par
13% July 1 18%June 2
36
*35
35% 35% 35*4 35% 35% 36% 36% 36% 37% 1,600 Goodrich Co (B F )___ No par
32%
Aug
7
26%
June 44% Jan
44%
May
31
86
*85
86
86
86
*85
89% *86% 89% *87
89%
100
Do pref______________ 100
83% Aug 7 91 Apr 22
62% June 86 Dec
31% 30% 31*4 31% 32% 32% 32% 32% 32% 32
32
2,200 Granby Cons M. Sm & PowlOO 26 Apr 3 35 May 24
15 Aug 34% N ov
15*8 14*4 15% 13
15% 13% 15% 15
15% 15
15% 13,800 Gray & Davis Inc____ No par
12 Jan 3 19%May 31
9% Jan
16*4 Mar
30% *30% 32
*30% 32
*31% 33
*31% 32
31% 32
200 Greene Cananea Copper.. 100 2534 Feb 27 34%May 29
19 July 29% Dec
13
13
*12% 13
12% 12% 12% 12% 12*4 12*4 13
13
800 Guantanamo Sugar___ No par
7 Feb 16 14% Mar 15
5% Dec
16% Jan
82% 82% *80% 82% 81
83
83
84
83
84
83% 84% 2,600 Gulf States Steel tr ctfs__ 100
44% Jan 9 90% Jan 20
25 June 50% Dec
2
2
2
2
2
2% *2
2%
2
2% *2
2% 2,700 Harbishaw Elec C ab..W o par
34 Jan 20
3% Mar 16
% Nov
13% Jan
*21
22
21% 21% *21
22
21*4 21*4 22
22
*21
21%
300 Hendee Manufacturing__ 100
15
Jan
12
26%Juno
1
13 June 25% Apr
*69
70
70
70
*69
70
*69
70
70
70
*68% 70
200 Homestake Mining_______100
55 Jan 14 75 A p r il
49% Mar 61 May
75
75
73% 75% 73% 75% 75% 76
76
76% 76% 77% 4,600 Houston Oil of Texas_____100
70 Jan 9 85 June
40% Aug 86 May
17ls 18% 17% 17% 17% 17% 17% 17% 17% 17% *17% 18% 2,300 Hupp Motor Car Corp___ 10
10% Jan 6 21%May 17
10% June
16*4 May
8%
8%
8% 8-%
8% 8*4
8% 9
8% 8%
9
9% 5,500 Hydraulic Steel.............No par
3% Feb 9 14 June 2
6 Dec 20*4 Jan
3*4 3%
*3% 3*4
3% 3%
3%
3*4 3*4
3*4 *3*4 3% 1,700 Indiahoma Refining______ 5
3% Jan 27
5%May
26
2
June
7% Jan
*8
9
*8% 9
*8% 8*4
9
*8% 9
9
*8
9
500 Indian R efining............... 10
5 Jan 20
ll%June 7
6% Dec
15*4 Jan
41% 40% 40% 40% 40% 40% 41
40% 41
41*4 41% 3,000 Inspiration Cons Copper.. 20 37% Feb 11 45 June 1
29% Mar 42% Deo
*8l2 9%
9% 9%
9% 9%
9% 10
9% 10
*10
11% 1,300 Internat Agricul Corp___ 100
7% Jan 6
l l 34May
6 Aug
13*4 Jan
37% 38% 39
37«4 39
39% 39% 39*4 39% 39*4 39% 39%
Do pref_______________100 33 Jan 16 43 Mar 15
(?)
31 Dec 57
Jan
31
31
32% 33
33
33
33% 33% 33% 33% *33% 3334 1,200 International Cement..N o par 26 Jan 23 38%May 8
21 June 29 N ov
23
23U 2314
23% 23% 23% 23% 23% 2334 25
25
25% 7,600 Inter Combus Eng____ No par
21 34 July 22
28% Apr 11
111 1141.1 11234 115% 112% 114% 113 114
112% 113
112% 113% 10,500 Internat Harvester (new).. 100 79% Jan 3 115% Aug 14
67% Aug 100% Feb
*116 11714 *114 117% *114 117% *116 117% "116 117% '116 117%
Do pref (new)............... 100 105% Feb 14 117 July 6
99% June 110
Jan
14l2 145s 14% 1434 1434 14% 15
14%
1
15%
15% 15% 3,900 Int Mercantile Marine___ 100
13% Aug 9 27%May 3
7% Aug
17% Jan
65% 65*4 64% 65% *6434
‘ 65% 60*4 66% 63% 66% 64
6 434 7,800
Do p re f........... ............. 100 62% Jan 4 87%May 3
36 Aug 67*4 Dec
17% 17% 17% 17% 17% 17% 17% 1734 17% 17% 17% 18
9,600' International Nickel (The) 25
11 % Jan 9
11% Aug
17 May
1934 Apr 24
*81
82% *81
82% *81
82% *81
82% 81% 81% *81
82%
lOOi Preferred_______________ 100 60 Jan 4 85 Jan 20
60 Dec
85 May
56% 57% 55% 57% 56% 5S% 57% 59% 58% 59% 563,i 59
22,100 International Paper_______100 43% Mar 8 59% Aug 17
38% Aug 73*4 May
74% 74% 73% 74% 74
74
74
74
73% 74
74% 74% 2,800| Do stamped pref............ 100 59 Mar 9 74% Aug 14
67 Aug 75% Nov
12% 13% 12% 13
13
13% 13% 13% 13% 13% 1334 14
10,800 Invincible Oil Corp________ 50
12% July 24 20% Apr 17
5% Aug 26
Jan
*31% 32
*31% 31% 31% 32
32
32
*31% 32
32
32
500 Iron Products Corp___ No par
24 Jan 19 35% July 6
22% Sept 40
Jan
%
‘
%
%
_
34
%
12,200 Island Oil & Transp v t c . . 10
% Apr 6
2
Sept
4*4 Jan
3
Jan
25
‘8
*17%
17% 17% *17% 17% 17% 17% 17% 17% *17
17%
800 Jewel Tea, Inc___________ 109 10 Jan 4 22%May 2
4
Jan
12% Dec
*66
*67
68
68
*67
*67
68
67
68'
Do pref_______________100 38% Jan 4 73% May 26
*66
68
200
8% Jan 46*4 Nov
*44% 45% *44% 45
*44% 45
45
45% *44% 45% 44% 44%
34% Feb 11 47 July 20
750 Jones Bros Tea. Inc_____ 100
14% Jan 38*4 Dec
4
4%
4
4%
4
4% 4%
4%
4% 4%
4% 4% 9,900 Kansas & Gulf___________ 10
3% Aug 9
4% Oct
7% Jan 3
9 Nov
46
44% 45% 45
46
46
45% 46
45% 4534 46
34 May 1 48% Aug 3
46% 2,600 Kaysor (J) Co. (new) ..N o par
*103 103% ‘ 103 103% ‘ 103 103% *103 103% 103% 103% *103% 104
1st preferred (n°w) ..N o par
94 May 1 106%June 9
100
43% 43% 4234 4334 43% 44% 44% 45% 43% 45
34% Jan 4 5334 May 5
41% 45% 5,400 Kelly-SprlngfieldTlre____ 25
32% Au:
54% May
*99 100% *99% 100% *99% 100% *99% 100% *99% 100% 100 100%
Temporary 8% pref_____ 100 90% Jan 4 107%May 9
70% May 94
Jan
*84
86
*84
86
*84% 88
*84% 88
6% preferred---------------71% Jan 3 86 June 5
*84
86
70 May
80 June
*95 100
*95 100
*95 100
*95 100
*95
98
Kelsey Wheel, Inc________ 100 61 Feb 9 111 Apr 6
35 Mar 69 Nov
*95 100
36% 36*
36
36% 35% 35% 36
36% 36% 36% 36% 37
25% Jan
39%May 31
16 Mar 27% Dec
10,100 Kennecott Copper......... No par
8
8 *>
8
8
8%
8%
8% 8*4
8%
8%
8% Aug 11 24% May 4
8% Jan
8%
8% 14,000 Keystone Tire & R ubber.. 10
17% May
160 162*4 168 168
169 170 *166 170
166 166 *164 169
Kresgo (S S) Co................... 100 110 Jan 10 172%Iune 2 130 Jan 177 Dec
1,300
78*4 80%
77
80
78*4 79% 79% 80% 79% 8034 80
32 June 58% Jan
81% 37,200 Lackawanna Steel............... 100 44% Jan 4 8I%May 16
*88 % 89% *88
89
*88
89% 88*4 8834 89
89
40
Jan 57% May
300 Laclede Ga3 (St Louis)------ 100 43 Jan 13 90 Aug 2
S0%
27% 27% 27% 27% 26% 26% *26% 2734 27% 27% *80%
26% Jan 6 35% Mar 16
2634 26% 1,000 Leo Rubber * Tire----- No par
17% Jan 30 Deo
*180 185 *170 185 *175 185 *177 185 *178 185 *178 185
Liggett & Myers Tobacco. 100 153% Feb 18 182 Aug 8 138% Jan 164 Dec
*118 122 *118 122 *118 122 *118 122 ‘118 123 *118 123
Do pref_______________100 108 Jan 10 118 July 18
97% Jan 110 Nov
55
52% 54
54% 54 % 55
55% 53% 55
55% 55% 58% 22,600 Lima LocoWkstempctfsWo par 5334 Aug 3 56 Aug 9
*112% 113
112% 112% 112% 112% 110 % 110% ‘111 113% 113% 115
Preferred_______________100 93 Jan 30 z ll 7 May 26
87% Aug 100% Dec
600
15% 16% 16% 16% 16% 17% 17
17% 17% 18
11% Jan 26 18% Apr 17
17% 1734 22,300 Loew’s Incorporated...Wo par
10 June 21% Mar
12
12
12
12 %
12% 12
12
12
*12% 12%
9 Jan 9 14%May 3
12% 12%
7*4 Aug
1,300 Loft Incorporated_____No par
12*4 Jan
*162 165 *162 163 *162 163% *162 164
163 163 *163% 164
100 Lorillnrd (P)......................... 100 147% Jan 6 165% Aug 1 136
Feb 164% Feb
116 116 *110 117 '110 117 *110 117
*110 116 *110 116
Preferred_______________100 109 Jan 13 116 Aug 15 100 Jan 111 Dec
100
* 100% 101
101% 102
101 101% * 101% 103
102 102 *101% 103
Mackay
Companies..........
100
72
Jan
5
105 July 12
800
59% Jan 72 Dec
67% *66
67% *66% 67% *65% 67%
*66 % 671? *65
67% *65
Do pref_______________100 57 Jan 13 69 June 1
55 June 62 Dec56% 57% 5734 57% 5734 56
55% 5oj2 55*4 56*4 56
57
4,500 Mack Trucks, Inc.........No par 25% Jan 13 60 July 22
25% Oct 42 May
*87% 88*4 *88
8834 88% 88% 88
88
*88 % 88*4 88
Do 1st pref.................... 100 68% Feb 27 90 June 9
88
300
63% Oct 76
Jan
82
*81
*81
82
82
*81
81
81% 81
*80*4 82
Do 2d pref___________ 100 54 Jan 6 83%June 9
81
300
54
Oct 64% Apr
35
36% 35% 36% 36% 37% 21,500 Malllnson (H R) & C o ..N o par
34
34% 34% 34*4 34% 35
15% Jan 16 39% Aug 4
10 Jan
18
Sept
47%
*43%
46
*43%
46
46
*42
47%
47
*43
46
47%
700 Manati Sugar........ .............. 100 30% Jan 3 52 Mar 13
21
Oct 89% Feb
80
*79% 81% *79% 81% *46
*79
82
80
*80
80
Preferred_______________100 73% Apr 3 82 Mar 26
47
300
92
Jan 93
Jan
*50% 59
*50% 58
*50% 59
59
*50% 59
*50
Manhattan Elec Supply No par 41 Mar 13 6934 Apr 24
*50% 59
38% 38% *36% 37% *37% 37*4 37% 37% 37% 37% *35
37
500 Manhattan Shirt----------------25 32 Mar 6 42% Feb 6
18
June
36*4
Dec
36
37% 37% 38
38% 38% 38% 38% 36% 39
37% 38% 26,400 Mariand Oil......................... Nopar22% Jan 6 4638June 19
12% Aug 30% Nov
17
*14
15% 15% 15%
12 % 12% *13
*13
17
17
*13
5% Mar 4 26% Mar 27
200 Marlln-Rockwell______ No par
5
Oct
19% Jan
*2834 29% *29
29
*28
30
29
29% *29% 29% 29
29%
700 Martin-Parry Corp------No par 20% Jan 4 36%Junc 3
13 Sept 22 Dec
46% 46% 48% 4834 49% 3,100 Mathleson Alkali W orks.. 50 22 Jan 11 49% Aug 18
46% 46% 46
*46
47
47
*46
11% Aug 24 Nov
60
59% 59*4 5934 60% 60
55*4 57*s 57% 59
Maxwell
Mot
Class
A
........
100
5934 60% 4,900
48 Mar 17 74»4May 17
38 June 45% Dec20
20%
18*4 19% 18% 19% 19% 19*4 19% 20
20% 20%
7,000 Maxwell Mot Class B._Wo par
11 Feb 15 25%Junc 8
8 June 15% Dec
127 127
126 127
126% 127
128% 129% 128% 129
127 130% 3,400 May Department Stores.. 100 101 Jan 3 129% Aug 9
65% Jan 114 Dec
18
19%
18%
19
20
18%
19
19
19
18%
1934 20
1,500 McIntyre Por Mines______
10% Jan 10 21% Mar 23
172 174% 173% 175% 17234 175
175 177% 170% 176
171% 174% 69,800 Mexican Petroleum............. 100 IO634 Jan 10 204%June 26
84% Aug 167% Jan96% *94
96% *94
96i.i *94
*94
96% *94
96% *94
Preferred...........................100 79% Jan 12 97 June 26
96%
19% 21% 19% 20% 19
20 % 21*4
22 % 22 % 20*4 22
20
77,600 Mexican Seaboard Oil..Wo par 20 July 27 34% July 13
18% 18*4 1738 18% 17% 17%. 16% 17% 20,200
Voting trust c t f s . . . ............
20
20
18% 19
16 July 27 32% July 13
29% 29% 29% 29% 29% 29% 29%
5 25a4 Feb 15 31%May 31
29% 29% 29% 29% 29
1,600 Miami Copper...............
15*4 Jan 28 Dec
12% 1234 12% 13
12 % 12*4
12% 12*4
12 % 12*4
12% -13
22,200 Middle States Oil Corp___ 10
11% Jan 11
16 Apr 17
10 July
16% Nov
3534 35% 36
34% 35% 35
34% 35% 34
35
35% 36% 19.000 Midvale Steel & Ordnance. 50 26% Jan 6 45% May 17
22 June 33% Jan
71%
72%
71
71%
71
71
72% 73% 1,900 Montana Power................... 100 63 Jan 4 75 May 15
71
71
71
71
64% Dec
43
Aug
25% 25*4 24% 25% 24% 24*4 23% 24% 23% 24% 2334 24 % 55.000 Mont WardACoIllsCorpWo par 12 Feb 11 25% Aug 11
12% Dec 25 May
*22
25
*20% 25
*20 % 25
*23
25
Mullins Body....................... Nopar 19% Jan 7 34 Mar 31
25
*22
*22
25
17*4 July 28% Jan,
*16
17
15% 14% 17
*14
National Acme------------------- 50 10% Jan 9 21% Apr 25
16
*16% 17
*14
14% *14
10% Dec 30
Jan
151 151 ‘ 150 152%
*148 152% 151% 151% *148 152% 152 152
300 National B iscu it............. 100 123% Jan 4 157 May 1 102
Jan 128% Deo
*120 123 '115 124
*122% 125
Do pref.......................... 100 113% Jan 4 125 July 7 105 Aug 120 Jan
*122
* 122%
52%
53
53% 53% 53% 5334
52% 53
52% 54
51
51
26 Jan 17 54 Aug 14
1,500 National Cloak A Suit----- 100
15 Sept 35% Jan
234 234
2%
234
*2 % 2*4 *2 % 2 % *2 % 2*4 *2% 234
1% Jan 16
200 Nat Conduit & Cable..N o par
4% Apr 13
% Sept
5
Jan
56% 5734 5734 58% 58% 59
58% 58% 9,100 Nat Enam'g & Stamp’s . . .100 3034 Jan 11 59 Aug 17
57% 58% 56% 58
26 Aug 65 Feb
99% 99% 99% 99*1 101 103% 103% 104% 102 103% 4,400 National Lead------------------100 85 Jan 12 104% Aug 17
*99% 100
67*4
July
87
Deo
113% 114
113% 113% 113 114
114 114
Do pref...........................100 108 Jan 10 114 Aug 18 100 June 108 May
*113 114 *113 114
200
16*4 16% 16% 16% 16% 16% 16% 16*4 1684 16% 16% 16% 2,200 Nevada Consol Copper------ 5 13% Feb 16 19%June 1
9 Mar
15% Dec
74% 76
78
79% *76
*76
74% 75
78
58 Jan 3 82% July 19
78
78
70
1,600 New York Air Brake.......... 100
47% Aug 89 Feb
*36
3734 *35
37
36% *35% 36% 36% 37
*34% 36% *35
200 New York Dock---------------- 100 28 M a rio
46 June 9
20% Feb 39 May
*59
61
*59
61
60%
*59
*59
61
Do pref---------------------- 100 53% Jan 17 68%June 6
60
60% *59
*59
45
Jan 57% May
*16
18
18
*16
*16% 20
N Y Shipbuilding......... No par
13 Jan 3 25 Feb 28
*16
18
*16% 20
*16% 20
13 Dec 33 Feb
77% 78% 78
79
75% 77% 78
78% 14.000 North American Co-------------50 44% Jan 4 79 Aug 16
76
75% 76*4 75
32% Aug 46 Dec
44%
45
4434
45%
44%
45% 45% 2,700
Do pref_______________ 50 38 Jan 7 45% Aug 18
44 *i 44% 44*4 4478 44%
31% Aug 41% Nov
17
17% 17
16% 17
16
3% Jan 13 17% Aug 16
Rights....................................
15% 15%
14% 16
3,100
% Dec
% Dec
34% 34% 34% 34 %
35
33% 33% *33
35
400 Nova Scotia Steel & C oal.. 100 20% Feb 28 38% Apr 12
31% 34% *33
20% Nov 39 Mar
10
10
10%
10% *10
8 July 14 12*4 Mar 30
*10% 10%
11
*9% 10% *10
100 Nunnally Co (The)----- No par
*10
8% Mar
12% Jan
6%
6%
6%
6%
7
6 Aug 5 14% Apr 17
Ohio Body & Blow----- No par
6%
6%
*6% 7
6% 6% *6%
900
7% Nov
11% Dec
2%
234
2%
2%
2% Feb 24
2% 2 H
2% 3
4%June 2
*2% 2*4
5.000 Oklahoma P rod * Ref of Am 5
2% 2*4
1*4 May
4
Jan
6%
6%
7%
*7
* 6% 710
7
4% Jan 6
7
9% Mar 25
7%
200 Ontario Silver Mining----- 100
*7
7% *7
3% Aug
6 May
19%
19%
19%
19%
12%
Jan
6
19%
*19%
20
"
Orpheum
Circuit,
Inc........
1
19%
21%May
4
4.000
*19% 19% 19% 19*4
14 Dec 30% Apr
150
150
142%
148%
147% 147% 2,300 Otis Elevator....................... 100 116 Jan 4 150 Aug 17
138% 138% 140 141%
139 139
87 Aug 148 May
11% 11%
11
11
11
11
11
11%
53
1,900 Otis Steel............................. Wopar 938 Jan 7 16% Apr 11
53
*10*4 10%
8 Nov
16
Jan
36% 37
36% *36
37%
*35% 36% *36
900 Owens Bottle---------------------25 24% Jan 27 38%June 5
36% 36% *35% 36
24*4 Nov
54% Jan
6%
6%
6% 7
6%
6%
6 July 18
14% Apr 27
6% 6% *6*4 7
2.000 Pacific Development................
6% 6%
4 Dec
19*4 Jan
74% 74%
77% 7738 79 % 17.000 Pacific Gas A Electric........ 100
60 Jan 30 79% Aug 18
74
74% 74% 74% 74*4 74
40% Jan
68 Dec ■
* Bidand asked prices: no sales on this day. I Less than 100 shares, a Ex-dividend and rights. 1 Ex-dlvldend. •• Ex-rights,
H IG H
AND
S a tu r d a y ,
A u g . 12.
LOW
M onday,
A u g . 14.
SALE
P R IC E — P E R
T u esd a y ,
A u g . 15.
SH ARE,
W ednesday.
A u g . 16.
NOT
PER
T h u rsd a y,
A u g . 17.
CENT
F r id a y ,
A u g . 18.
th e
W eek .
STOCKS
NEW YORK STOCK
EXCHANGE
PER SH AR E
R a n g e s in c e J a n . 1 1922.
O n b a s is o f 100-sftare lo ts
L ow est
H ig h e s t
S p e r s h a r e $ p e r sh a re S p e r sh a r e S p e r sh a r e S p e r sh a re S h a res Indus. & Miscell. (Con.) P a r $ p e r s h a re S p e r sh a r e
*13
14 *13
5 11 Jan 18 19 June 3
14
100 Pacific Mail S S ______
13
*12
15 *12% 15 *12% 15
13
52% 53% 52% 53% 5234
54% 56
55% 57% 56% 57% 38,300 Pacific Oil___________
44% Jan 10 69%May 4
74% 76
75% 76
50 48% Jan 11 86%June 26
74% 7534 75% 76% 75% 76% 74% 76% 34,000 Pan-Am Pet & Trans
69% 71
Do Class B_______
70
71
50 44 Jan 10 82%June26
70
71% 71% 71% 70% 71% 7,700
70% 71
*7
7%
7
7
6% 6%
6% 6% *6% 7
800 Panhandle Prod & Ref .Wo p a r
7
7
5% July 25 12% Jan 4
10% 10% *934 10% 10% 10% 11
11% 11% 11% 12% 13% 1,100 Parish & Bingham____ N o p a r
10% Aug 10 17 Apr 12
7
7%
7
6% 7%
738
7
7
7
7%
7%
7% 16,300 Penn-Seaboard St’l v t c N o p a r
6% Feb 27 13%May 24
91
91
90
91
92%
92
91
93% 92
92% 4,500 People’s G. L & C (Chic)..100 59% Jan 4 93% Aug 17
90% 91
40% 40‘8 40% 41
40% 40% 4034 41% 41% 41% 41% 41% 5,600 Philadelphia Co (Pittsb)
50 31% Jan 4 41% Aug 18
*73ti 82
*73% 82
*73% 83
*73% 82
*73% 82
75 Aug 3 105% Jan 3
*73U 82
43% 42% 44% 44% 46% 46% 48*4 48% 49% 38,300 Phillips Petroleum____ N o p a r
43% 43% 43
28% Jan 11 59%June 7
9% 13% 1134 13
10
10%
12% 13
12% 12% 12
12% 20,400 Pierce-Arrow M Car__ N o p a r
8 July 24 24% Apr 25
35
25% 25% 26
30% 34% 32% 33% 32
Do pref_____________ 100
33% 30
31% 7,300
18% July 24 49 Apr 15
7
7% 7%
7%
7
7% 7%
7% 7%
7%
7
7% 5,400 Pierce Oil Corporation___ 25
7 Feb 23 12 Jan 12
*41% 41% 41% 43% 42
*41% 43
42
42% 42% *42% 44
Do pref_______ ____ 100 39 Mar 2 71 Jan
600
42% 43
*41% 43% 40% 41% 41% 41% 40% 40% 1,100 Pigg Wigg Stores Inc..Wo p a r 39% July 14 49%June
43
43
67% 67% 68% 67% 68
66% 67% 66
67% 67% 67% 68
18,300 Pittsburgh Coal of Pa____ 100 58% Jan 30 68% Aug 15
*96% 96% 96% 96% *96% 97
97
Do pref--------- ------- ..100
97
97
97
400
*97
97%
90% Feb
98 June 10
21% 22% *21% 21% 21% 22% 22
22% 21% 22
22
1,900 Pond Creek Coal_______ 10 14% Feb
22
24%June 22
S8
86% 87
86% 87% 87% 90
87
90
91% 91% 91% 10,200 Postum Cereal.... .........N o p a r
65% Apr 19 91% Aug 18
*107 108% *108 108% *108 109 *10S% 109 *108% 109 *10811 109
8% preferred............. ioo 105% Apr 29 lll%June 2
81
81
*80
80% 80% *S0
81
81
80% 81% 81% 81% 1,000 Pressed Steel Car_______ 100 63 Jan 12 83% Apr 22
*99 101
99% 99% *98% 101
*99 101
Do pref______ ____ 100 91 Feb 16 100%May 9
*99 101
100
*99 101
37% 37% 36% 3/% 37% 38% 38
38% 38% 40% 41% 41% 16,600 Producers & Refiners Corp. 50 24% Jan 10 50 June 2
*88% 8S34 88% 89
88% 89
89% 92
91% 93
92% 93% 15,300 Public Service Corp of N J 100 66 Jan 7 93% Aug 18
121 121% 120 120% 120% 121% 121% 123 122% 123% 123 123% 8,400 Pullman Company______ 100 105% Jan 6 129% Apr24
49% 50
51
49% 50
*50
49% 50
50% 50% 50% 51% 3,700 Punta Alegre Sugar______ 50
29% July 14 53%June 9
28% 29
29% 29% 28% 29% 28% 29% 29% 30% 30
30% 11,300 Pure Oil (The)_____ _____25
26% July 21 38% Jan 3
*96
97
*96
97 *96% 97
8% preferred____ ____ 100
*96% 97
97
98
300
94 July 20 102% Apr 25
*97% 98%
*108 109% *108 109 *107 109
Railway
Steel
Spring___
100
109 109 *103 109
200
94 Jan 10 110 Aug 8
109 109
30% 32
*31
33
*29% 32
32
*31
19% Jau 26 31% Aug
*30% 32
*3058 32
16 % 16% 16% 16% 16% 16% 16% 16% 16% 16% 16% 16% 1,400 Ray Consolidated Copper. 10 13% Feb 11 19 May 31
36% 36% 35% 35% *35% 35% 35% 35% 35*4 36% 36
36% 2,600 Remington Typewriter v t clOO 24 Jan 6 42 Mar 14
*79
85
*77
85
*79
85
85
*79
55 Jan 12 80 Aug 8
*75
*80
80
*63% 66
*62% 66% *63 67
*65
69
*66
50% Feb 23 63 Mar 14
*65
69
*32% 32% 31% 32
31% 32
25% Jan 3 38%May 18
32% 32% 32% 33% 2,900 Replogle Steel_______ N o p a r
32% 33
72% 73% 71% 73
72% 73% 73% 74 % 73
74% 73% 74% 9,700 Republic Iron & Steel____ 100
46% Feb 25 78%May 29
92
92
*91
92% *91% 92% *92
74 Feb 24 95%June 2
Do prof_____________ 100
900
92% 92% 93% 93% 93%
3% 4
2% Aug 7 14%June 2
3% 4%
3
4
3% 3%
3% 3*4
3 % 3% 10,400 Republic Motor Truck. N o p a r
48% 4S% 4734 48ti 47% 48% 48% 48% 48% 48% 48% 49% 12,300 Reynolds (R Jl Tob Cl B_. 25 43 Mar 27 49% Aug 18
*115% 116% *115% 116% *115% 116% *115% 116 *115% 116
7% preferred_____ ___ 100 111% Apr 11 116% Aug 4
116 116
100
53% 53% 53% 53% 52% 53% 53% 54% 54% 55% 54% 55% 16,000 Royal Dutch Co (N Y shares).
47% Feb 1 66%May 3
*15
15% 15% 15% *15% 15% 15% 15% 15*4 1534 1534 15% 1,500 St Joseph Load__________ 10 12% Jan 9 15%May 4
3% 35s
*3°8 4
1% Jan 10
3% 3%
900 San Cecilia Sugar v t c .N o par
3% 3%
3% 3% *3% 3%
6% Mar 21
14 *13
*13
14 *12% 14% *12
1134 11%
14 *12% 14
100 Savage Arms Corp_______ 100 11% Jan
24% Apr 1
>4
4
4
*3% 4
4%
1% Feb 23
3% 3%
3% 3% *3% 3% 1,000 Saxon Motor Car Corp.N o par
5%June 2
88% 92% 91% 94% 89
93% 89% 91% 90
91% 90% 92% 43,700 Sears, Roebuck & Co........100 60% Jan 27 94% Aug 14
*108 115 *108 .15 *10S .15 *108 :i5 *100
Preferred..................
100 91 Jan _ 110 Aug 9
15 *110
15
*11% 12
11% 11% 11% 11% 11*8 11% 11% 11% 11% 11% 2,100 Seneca Copper----------------- N o par 107g Feb 20 23% Jan 3
*9% 10%
9
9%
8% 9%
9
8I4 8%
7% Feb 28 12 June 2
93g 4,100 Shattuck Arizona Copper.. 10
8% 9
*37% 38
*38% 38% *37% 39
900 Shell Transp & Trading__ £2
38*8 38*8 38% 38% 38% 39
35% Jan 30 48%May 3
323g 32% 32% 46,300 Sinclair Cons Oil Corp.N o par 18% Jan 10 38%June 9
30% 31
30% 30% 30% 30% 30% 31% 31
*9% 9%
9% 10% 10% a
9% 9%
9% 9%
10% 11% 32,000 Skelly Oil Co_____________xo
9% Aug
11% Aug 18
*44
44% *43% 46
*44
800 Sloss-Sheffleld Steel & Iron 100 34% Mar
48
49
48
*45
47 *45
47
54%May 13
Do p ref...................... 100 66 Mar 21 77%May 24
♦65 75
*68
75
*65
74
75 *65
75 *65
75
*70
800 So Porto Rico Sugar_____ 100
*52
54 *52
54
52
52% 52% 52% 52% 52% 5234 53
43 Jan
57% Mar 3
3,700 Spicer Mfg Co.........._.Wo par
19% 20
20% 20% 20% 20% 20
20% 20% 20% 20% 21
17 Apr 27 24 June
200 Preferred_____________ ioo 84 Apr 28 92%June 10
91
91
91
*89
91
91
93% *91
93%
*90
93% *89
950 Standard Milling.........._Il00 110% Jan 26 125% Apr 27
122% 122% 122% 122%
121 121 *119 122 *120 :22
122% 123
105% 105% 104% 105% 1043S 106% 106% 108% 107*8 108% 107% 108% 23,300 Standatd Oil of Cal_____ I 25 91% Jan 10 121 May 3
179% 179% 177% 178% 178% 180
ISO 182 182 :s3% 182% 1853g 5.400 Standard Oil of N J_____ 25 169% Jan
198%June 6
1.400
Do pref non voting___ 100 113% Jan
*116% 117% 117% 117% 116% 117% 117% 117% 116% 117% 116% 117
117% Aug 3
100 Steel & Tube of Am pref. 100 68 Mar 10 90 May 25
*81
*81
84
*81
82
82
*S1
82
*81
82
82
82
52% 52% 52% 52% 52% 52% 52j4 52% 52% 5238 52% 52% 3.400 Sterling Products_____ N o par 45%May
55% July 7
100 Stern Bros pref (8%)_____ 100 81 Jan
95
95
*97 98% *97
98% *95 100 *95 100 *95 100
106 May 4
2,300 Stewart-Warn Sp Corp. Wo par 24% Jan 5 45%May 31
*42% 44
*42% 44
42% 43% 4338 43% 43% 44% 44% 45
49% 54% 52% 54’s 6,000 Stromberg Carburetor.Wo par 35% Jan 5 59% Apr 12
*47% 47% 47
47% 47
49
47% 48
124% 125% 123% 126
124% 125% 125% 126% 126% 12734 126% 127% 43,400 Studebaker Corp (The)__ 100
79% Jan 5 139% July 18
100
Do pref.........................loo 100 Feb 17 118 June 21
*114% 117% *114% 117% *114% 117% *114% 117% *114% 117% 114% 114%
6% 6% 2,720 Submarine Boat.......... _No par
6% 6%
634 6%
634 6%
6% 6%
6*8 6%
3% Jan 31
8%June 30
4,900 Superior Oil......... ....... N o par
5% 6
5% 5%
5% 5%
5U 5%
5% 5%
5% 5%
5 Feb 20 10%June
Superior Steel____________ioo 26 Jan 3 39%
34
34
*32
*31
35
*31% 34
*30
*30% 34
*30% 34
Apr
*2% 2%
2% 2% 2.300 Sweets Co of America__ I 10
2% 2%
2% 2%
2% 2%
2% 2%
2 Aug 3
5 Mar 14
1,000 TemtorC* F P, Cl A . .N o par
21o 2%
2
2
2% 2%
2% 2% *23g 2*2
1% 2
1% Aug 10
5%
Feb
1
10
10% 10% 10% 4,200 Tenn Copp & C tr ctfs.Wo par
10% 10% 10% 10% 10% 10% 10% 10
9% Jan 13 12%May 19
48% 40,400 Texas Company (The)___ 25
46% 46% 4638 46% 46% 47% 46% 47
47% 48% 48
42% Jan 10 50%May 4
21,800
Texas
Gulf
Sulphur______
lo
49%
48% 48% 47% 483s 48
49
49
52
49% 49% 51
38% Jan 4
June 5
6,700 Texas Pacific Coal A OH.. 10 23 Jan 9 52
24
24% 23% 24% 23% 24% 24% 24% 25% 25% 25% 26
32%June 3
58% 48% 54
5438 54% 55% 55% 56% 55% 56% 56% 56% 18,000 Tobacco Pioducts Corp___l00 *52% Aug 2 58% Aug 12
79
31,600
79% 7834 79% 78% 80
Do
Cl
A
(since
July
15)
100
82
80% 81% 81%
81
80
76% Aug 2 82 Aug 18
•105 106 106 106% 107 107% *105% 107% *105% 107% *105% 107%
500
Do pref--------- ---------- ioo
88 Mar 2 109%June 9
13
13% 13
13% 13% 13% 14
14% 143)) 14% 9.300 Transcontinental Oil__ N o par
14% 14
7% Mar 3 20%May 22
*37% 40
*3434 38% *343i 38% *3434 37
*3434 38
*34% 38
Transue & Williams St.Wo par 33 Jan 16
Apr
64% 6434 65
7,800 Union Bag & Paper Corp ioo 55 Mar 25 45%
66% 66
72
69% 69
72% 72
70*8 71
72% Aug 17
21
21% 2034 21
15,300
Union
Oil...........................
f
f
o
par
20% 20% 21
19%
19%
21%
20
21*8
17%
Mar
4
25
June
100% 101 % 102 103
1,500 Union Tank Car_______ ioo 96 Jan 13 103 Apr 24
101% 101% *101% 103
101 102 *101 103
*108 110 *108 110 *108 110 *10S 110 *108 110 *108 n o
Preferred.____ ______ *100 102 Feb 9 109 Aug 10
31% 32
1,100 United Alloy Steel...” wo' par 25 Jan 11 41%May 13
37% 373s 36% 37% 37% 38
38% 38% 38% 39
*79
80
79
6,100
79
*79% 80
United Drug_________
jqo
80
80% 83
81
81% 83
60% Mar 3 83 Aug 17
*48% 50
*48% 49% *48% 49% 48% 48% *48% 49
1 st preferred...........
50
200
49
49
41% Feb 18 50 Aug 5
147% 147% 147% 147% *147% 149% *14734 149% 148 148% 148% 149% 1,400 United Fruit_________
iqo 119% Jan 4 149% Aug 3
19 20% 18
900 United Paperboard Co
20
20
18
*14% 20
100 14% Apr 21 20% Aug 14
*14% 19%
653g 65% 65% 65% 68
65
67% 70
69
70% 69% 70% 20,900 United Retail Stores. . . N o par 43% Feb 28 71%May 29
34
34% 33
33% 33
33% 33% 34*8 34% 34% 34% 35% 3,800 U S Cast Iron Pipe & Fdy 100 16% Jan 13 38% Mar 15
*72
*71% 72
300
*72
73
73
*71
Do pref................
" ioo 50 Jan 11 73 July 31
73 *71
73
72
72
" iqq
200 U S Express_____
8
8
*7% 8% *7% 8% *7% 8% *7% 8
*714 8
8 Aug 14
5 Feb
7,900 U S Food Products'Corn” 100
7% 7%
7% 7%
7% 7%
7% 8%
8% 9
7% 7%
2% Feb 8 10% Jan 3
100 USHoffmanMachCorp N o par 21%Juue17 25%May 27
*21% 22% *21% 23
*21
21% 21% *21% 23
23
*21% 22%
663S 67% 65% 67 27,500 U S Industrial Alcohol
65% 66% 65% 67% 66% 67% 65*4 67
100
37 Jan 6 67% Aug 17
100
*94% 96
*94% 96% *94% 97
Do pref......... ........... ” l00
*94% 96% 95% 9538 *94% 96
Jan 9 97 May 27
9,500 U S Realty & Improvement 100 90
72% 741.1 73
74% 73% 73% 73% 74
70% 72
70
70
56 Jan 3 74% Aug 15
10,300
5734
5734
583s
57
57*4
58%
58
58%
United
States
Rubber.
ioo
57%
57%
57% 5734
51%
Jan 9 67% Apr 17
350
104 104
Do 1st pref..
mo 99 Feb 7 107 July 11
105 105 *104% 105% 106 106
*104 105 *10334 105
900 U S Smelting, Ref & M
41
40
40% 40% 41
41
*40 41% *40 41
*40
42
50
33 Feb 27 45%May 29
600
Do
pref_____
5
q
49
*48% 49
*48% 49% 48% 48%
49
*48% 49% *4834 49
42% Feb 9 49 Aug 16
102% 104% 106,400 United States Steel'Corpl'lbo 82 Jan 6 104% Aug 18
100% 101% 100% 100% 100% 101*8 101*4 102% 102 103
Do pref----------top 114% Jan 3 122 July 8
120 120% *119% 120% 120 120% 1,150
119% 119% 11934 119% 119% 120
5,200
Utah Copper......
jn
653S 66
67
66
64% 65% 65% 66
65% 66
64% 06
Jan 5 69%May 29
1,300 Utah Securities v't c..........100 60%
17
17
16% 16% 16% 16% 16% 16% 16% 16% *16% 17
9% Jan 18 19%May 4
48% 50
49% 50% 13,800 Vanadium C orp... ' " N o p a r
48% 49% 47% 48% 47% 49
49*8 50
30% Jan 10 53 May 18
97
*92
97
*90
Van Raalte 1st pref.
inn 92 Jan 17 96%June 7
*92
*92
*92
97
97
97 *92
97
.100
29% 31% 30% 31% 30% 30% 3.900 Vlrglnla-Carollna Chcm. .100 26% July 29 36% Mar 13
*20
24
28% 29
27% 28
5.400
Do
pref----------jno 58 July 28 82 Apr 10
73
69%
68%
62% 64
68
71
71%
66
65
64
63%
200 Virginia Iron, C & c
*54 , 54% 55% 56
*53% 55% *53% 55% *53% 55% *54% 55%
43 Mar 27 94% Jan 18
100
Preferred...
lftn 66 Mar 13 80 Aug 2
81
*77% 81
*77
*80
80
80
81
81
*80
*80
81
500 vivaudou < v ) ._ _ :::;- - j f c " ~
12
*11
12
12 *11
11% 11% *11% 12% 11% 11% 12
6% Jan 6 14 May 8
400 Weber & Hcllbroner Wo p a r
12% 12%
13% 13% *12% 13
12% 12% 12% 12% *12% 13
10% Jan 16 17 Apr 24
200 Wells Fargo Express.'.'....?00 66%
*78% 81
*79% 81
*79
*80% 81% 79% 80% *78% 81
81
Jan 4 85% Feb 15
1,100
n
o
no
*107 111
108% 108% 110 110% 110 110% *109 n o
!^ ? rn„Unton TeIesraph_100 89 Feb 8 111% Aug 4
500 w
95
*94
95% 95
Westlnghouso Air Brake
50 80 Mar 16 100 Feb 21
94 1 94
94
94
94
94
*92% 95
61% 61% 61% 61% 61% 62% 61% 62% 61% 623a 61% 62«4 12.300 Westinghouse Elec & Mfg 50 49% Jan 4 04 Apr 10
1.900 White Eagle O il...
m va r
26
26
25% 251: 25% 25% 25% 25% 25% 25% 2534 26
25%May 4 29%June 7
*48% 4834 2,800 White M otor.............
47 3] 48% 47% 47% 47% 47% 48
48% 48% 49
Jan 6 51%June 2
900 5™ ‘‘ e P 11 CorporationJivo' p a r 35%
8
*77
g
7
7
)
7%
*7% 7%
7% 7%
7% 7%
7% 7%
7% Jan 20 12 May 5
2.900
15
15% 15
15
Wckwire Spencer Steel... 5 13% Mar 22 21%May 12
15% 15% *15% 15% 14% 15% 15
16
7 10.300 Willys-Overland (The)
7
25
6% 7
6% 7
G7s 7
«% 7
6% 7
4% Feb 17 10 May 29
37
40
39% 40% 40% 40% 40% 4034 40% 40% 4.400
39
Do Preferred U rc ).'.'” 100 24 Feb 17 49%July 19
45
2,600
45
46
*45
46% 48
46
44% *43
Co. Inc, v t c . N o p a r 27% Jan 4 49% Apr 26
47
*43
47
92
*90
92
*88
Preferred__
♦89
j 0(1 66 Jan 10 90 Aug 11
95
92
*89
95
*90 100 *90
*177 (187 *180 187 *185 190 *185 190 *185 190 *180 193
Wool worth Co (F W)........loo
Jan 6 194 Aug 7
45% 50% 8,500 Worthington P <t M v't c” 100 137
50% 51
49% 49% 493g 49% 49% 50% 50% 51
43% Jan 4 55%June 2
93
*89
*89
93
93
Do pref A____
""inn 83 Mar 31 94 May 4
*89
*89
*89
93
93
*73
76
77
*74
*73% 76% *73
Do pref B____
inn 64% Jan 9 79 May 9
*74
77
76
77
*73
9% 978
938 934
9% 9%
9% 9%
Wright Aeronautical
Nn v n r
9% 9%
9?s Aug 18
9% 9%
6 Jan 27
WUU IMIVOU pi IbOT, UU 3UUF1 V#U
1 Ex-Ulvldend. < Reduced
It Range since merger (July 15) with United Retail Stores Corp.
$ p e r sh are
PER SH AR E
R a n g e f o r p r e v io u s
y e a r 1921
L ow est
p e r sh a re
H ig h e s t
-
p e r sh a r e
8 Aug 17% Jan
27% Mar 50% Dec
38% Aug 79% Feb
34% Aug 71% Jan
6 Aug 13% Dec
9% June 15% Apr
6% June 17 Jan
33% Jan 64% Dec
26% Aug 35% Jan
37% Apr 105% Dec
16 June 34% Dec
9% Aug 42% May
21 Oct 88 Mar
5% Aug 14% Nov
30% Aug 78 Jan
52 July
82% Jan
12% Mar
66 Dec
93 Dec
16% May
48 Aug 96 Jan
83 June 104 Jan
20% Oct 34% Dec
54 Jan 70% May
89% Aug 114% Nov
24% Oct 51% Jan
21% Aug 40% Dec
67 July
19 Apr
11 Mar
17% June
47% Nov
47% Nov
18 June
41% June
75% Oct
5 Dec
99% Dec
26% Sept
16 May
38% May
80 Jan
75 May
39% Jan
73% Jan
96% Mar
24% Jan
40% Oct 69% May
10% Aug 14% De°
1% Oct
5% Feb
8% Oct 23% Jan
2% Oct
6% A pr
54% Dec 98% Jan
85 Nov 104 June
12% Mar 25% Nov
4% Jan
9% Dec
30% Oct 49 May
16% Aug 283g May
32% June 56
68% June 75
26 Oct 103
Jan
Nov
Jan
88 Aug 119
67®4 June 98%
124% June 192%
105% Jan 114%
66 Sept 85%
Dec
Dec
Dec
Dec
Dec
81 Oct 119
21 June 37
25% Aug 46
42s8 Jan 93%
83 Jan 10334
3 Oct 103s
334 Aug 13%
26 June 48
Aug
Jan
Apr
Apr
Dec
Jan
Jan
Jan
2534
11
48
42%
36%
Jan
Dec
Dec
Dec
Jan
2 Dec
6% Aug
29 June
z32% Dec
1534 Aug
76% June
6 Aug
28 June
57 Sept
15% Aug
87% Sept
92 Oct
19 June
46 Sept
36% July
*9534 June
91 Jan
13 Apr
44% Apr
75 Jan
25% May
107 Mar
104 N o,
34 J*n
106 Jan
47 Feb
207 Jan
4673 Aug
11% Jan
38 Aug
53g June
8% Sept
62% May
19 May
57% Nov
7 Jan
27% Jan
35% Nov
84 July
41*8 Mar
40% Aug
74 Aug
26 Apr
37 Aug
70% June
105 June
41% Aug
7 Aug
25% June
72 Mar
2034 July
5734 July
59 Aug
74% May
102 Mar
63% Deo
7934 Apr
103% Jan
38% Dec
44% Jan
86% May
115 Dec
66% Deo
12% Mar
41 Jan
88% Dec
42% Jan
10234 Jan
95 Jan
5% Mar
8% Jan
49% Jan
76 Aug
81% Sept
38% Aug
9% May
13% Oct
72 Jan
94 Apr
96% Jan
52% Dec
29% June 44 May
7 July 17% Jan
8% Nov 1834 Dec
4% Nov 10% May
23 Aug 42 May
27% Nov 47 Jan
65 Oct 89% Feb
105 Aug 13934 Dec
30% Aug 55U May
70% Aug 85 Dec
54 Aug 70 Nov
6% June
93g Nov
to basis of 125 par.
. _ .
Y o r k
_
.
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 18
S to c k
..
.
Price
Friday
Aug. 18
E x c h a n g e —
Week’s
Range or
Ask
Bid
U. S. Government.
First Liberty Loan—
101.28 Sale 100.50
3M% of 1932-1947....................
Conv 4% or 1932-1947.............
100.94 Sale 100.94
Conv 4X % or 1932-1947..........
101.50
2d conv 4K% or 1932-1947----Second Liberty Loan—
4% ol 1927-1942........................ M N 100.40 Sale 100.38
Conv 4M% or 1927-1942.......... M N 100.46 Sale 100.44
Third Liberty Loan—
100.46 Sale 100.44
4M% or 1928...........................
Fourth Liberty Loan—
4M% ol 1933-1938.................... A O 101.06 Sale 101.00
Victory Liberty Loan—
4%% Notes or 1922-1923.......... J D 100.74 Sale 100.68
3H% Notes ot 1922-1923.......... J D
2s consol registered..............<11930 Q
3s consol coupon__________<21930 Q
4s registered__________
1925 Q F
4s coupon_________________ 1925 Q F
100
Panama Canal 10-30-yr 2s..*1936 Q F
83
Panama Canal 3s gold_____ 1961 QM
79
Registered......................... 1961 QM
Foreign Government.
Argentine (Govt) 7s..............1927 F A 100% Sale 100l2
Argentine Internat 5s ol 1909___ M S 84 Sale 84
Belgium 25-yr ext s f 7Ms g . . 1945 J D 10434 Sale 104
5-year 6% notes......... Jan 1925 J J 9934 Sale 99l2
20-year s r 8s...............
1941 F A 10312 Sale 103
Bergen (Norway) s f8s_____ 1945 M N 109 HO 109
Berne (City ol) s r 8s______ 1945 M N 113 Sale 112
Bolivia (Republic or) 8s____ 1947 IVI N 977s Sale 9734
Bordeaux (City or) 15-yr 6s__1934 MN 8212 Sale 82
Brazil, U S external 8s_____ 1941 J D 10114 Sale 10034
Canada (Dominion ol) g 5s.. 1926 A O 997g 100 99
99% Sale 99*g
do
do
do
5s.. 1931
102 Sale 102
10-year 5Ms.......................1929
10314 Sale 10234
Chile (Republic) ext s r 8 s... 1941
101% 102% 101%
Externa] 5-year s f 8s____ 1926
25-year s i 8s.......................1946 M N 104 Sale 10312
Chinese (Hukuang Ry) 5s or 1911 J D t 5212 5312 53
10812 ------ 109
Christiania (City) s f 8s........1945 A
92 Sale 9114
Copenhagen 25-year s f5>£s_. 1944 J
____ 96
Cuba—External debt 5s ol 1904 M
____ 90
Exter debt ol 5s 1914 Ser A . 1949 F
80 82 81
External loan 4Hs_______ 1949 F
95 Sale 94
Czechoslovak (Repub o0 8s.. 1951 A
1097s Sale 109*2
Danish Con Municipal 8s "A” 1946 F
110 in 10912
Series B..............................1946 F
110 Sale IIOI4
Denmark external s 1 8s........1945 A
9918 Sale 9S34
20-year 6s________
1942 J
94 Sale 94
Dominican Rep Cons Adm s 15s'58 F
395)8 Sale 95
Dutch East Indies ext 6s___ 1947 J
40-year 6s.................
1962 IVI S 9434 Sale 9412
French Republic 25-yr ext 8s. 1945 M S 100% Sale 10012
98I2 Salo 98
20-year external loan 7 Ms. 1941
Great Brit & Ireland (UK of)—
105U Sale 10434
20-year gold bond 5Ms___ 1937
10-year conv 5^3.............1929
n o ’s Sa'e 10912
1097g Sale 109
3-year conv 5Ms.... .........pl922
96 9612 96i4
Italy (Kingdom ot) Ser A 6Msl925
t 941g Sale 93i8
_
Japanese Govt—£ loan 4^8.1925
t 9312 937s 9314
Second series 4Ms__ _
1925
t 79l2 Sale I 78*4
Sterling loan 4s................... 1931
Lyons (City or) 15-year 6s__ 1934 M N 82 82% 82
Marseilles (City ot) 15-yr 6s. 1934 M N 8214 Sale 8214
Mexico—Extern loan £ 5s or 1899 Q J t 57 Sale 56
Gold debt 4s or 1904.......... 1954 J D t 44 45 45
Netherlands s t 6s_________ 1972 M S 97i2 Sale 96*4
Norway external s r 8s____ .1940 A O 111*8 Sale 11034
100 10012 99>2
Porto Alegre (City or) 8s___ 1961
111 Sale 109l»
Queensland (State) ext s f 7s. 1941
1027g Sale 1021a
25-year 6s_______
1947
99is Sale 99
Rio Grande Do Sul 8s_______1946
98i2 Sale 98U
Rio de Janeiro 25-year s r 8s. .1946
9834 Sale 98*2
8s........ .........
1947
San Paulo (City) s f 8s..........1952 IVI s 9934 Sale 9914
100%
Sale 100
J
J
San Paulo (State) ext s 1 8s.. 1936
Seine (France) ext 7s_______ 1942 J J 90 Sale 89i2
Sweden 20-year 6s...............1939 J D 104l2 Sale 10418
Swiss Conrerer’n 20-yr s r 8s.. 1940 J J 119i2 Sale 11912
M S 7134 72 72
Tokyo City 5s loan or 1912..
Uruguay Republic ext 8s___ 1946 F A 10414 1047s 10412
Zurich (City ol) s I 8s..........1945 A O 114U Sale 113
(These are prices on the basis oj $5 to £)
State and City Securities.
N Y City—4Ks Corp stock.. 1960 M S
4}fs Corporate stock..........1964 IVI
4 Ms Corporate stock_____ 1966 A O
4Ms Corporate stock..........1971 J D
4Ms Corporate stock..July 1967 J
4>$s Corporate stock_____ 1965 J D
4Ks Corporate stock______1963 IVI s
4% Corporate stock.......... 1959 IVI N
4% Corporate stock_____ 1958 M N
4% Corporate stock______1957 M N
4% Corporate stock r e g ...1956 MN
New4J$s_______________ 1957 M N
4M% Corporate stock___ 1957 IVI N
3M% Corporate stock___ 1954 IVI N
New York State—4s_______ 1961 IVI S
Canal Improvement 43____1961 J
Highway Improv’t 4M3___1963 M S
Highway Improv’t 4Ms__ 1965 IVI S
Railroad.
Ann Arbor 1st g 4s________ *1995 Q
Atch Top & S Fe—Gen g 4s.. 1995 A O
Registered...... .........
1995 A O
Adjustment gold 4s_____ *1995 Nov
Stamped_____________ *1995 Nov
Conv gold 4s____________ 1955 J I)
Conv 4s issue of 1910_____ 1960 J D
East Okla Dlv 1st g 4s-----1928 IVI S
Rocky Mtn Dlv 1st 4s----- 7965 J J
Trans-Con Short L 1st 4s.. 1958 J J
Cal-Ariz 1st & ref 4Ms "A” 1962 IVI s
Atl Coast Line 1st gold 4s. .*1952 M S
10-year secured 7s----------- 1930 IVI N
General unified 4>£s-------- 1964 J D
Ala Mid 1st guar gold 5s ...1928 M N
Bruns & W 1st gu gold 4s .. 1938 J J
L & N coll gold 4s----------al952 MN
Balt & Ohio prior 3 Ms..........1925 J J
Registered.........................*1925 Q J
1st 50-year gold 4s........... *1948 A O
Registere d .................. *194° Q J
10-year conv 4Ms------------1933 M S
Refund & gen 5s Series A..199o J D
Temporary 10-year 6s------ 1929 J J
P June & M Div 1st g 3Ms. 1925 M N
P L E & W Va Sys ref 4 s ...1941 M N
Southw Dlv 1st gold 3^3—1925 J J
Clev Lor & W con 1st g 5s.. 1933 A O
Ohio River RR 1st g 5s___ 1936 J D
General gold 5s............... 1937 A O
J
Tol & Cln Div 1st ref 4s A .. 1959
101 101*s
103 103U
103 -----10712 108
10714 107%
107U 10734 1073g
10714 107*4
100 100*2 100
100 100*2 100%
100 100*2
99*8 100
10G*8 107
1063s 1067s
91 92 90*2
90
102 .
70*4
9214
88 .
85*4
85*2
84
102*4 105 102
95
94*8-----8234 83l2 82*4
88I2 Sale 86l2
9378 ------ 9334
91% Sale 91*8
107*2 Sale 107lg
90*8 Sale 90*8
100 ------ 100
90 93 88*s 1
847s 85i4 84*8
95 Sale 94U
94*s 95 91*8
86 Sale 8434
83*4 84 81
867s Sale 80
86 Sale 8834
102 Sale lOlU
92 93*2 92
8214 Sale 81*4
91
93*8 94
9914 100*2 98 .
98*8------ 98*8
96*8 97*2 98
71 Sale 70
68
70i4
93U Sale
____ 92
84*8 85
85*s 86
84is ------
B o n d
j
Sold
N ew
1
I Bonds
854
1
j
Range
Since
Jan. 1
R e c o r d ,
y
„ —
F rid a y , W e e k ly
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 18
a n d
Y e a rly
4mer/\*n* nnt\ ApfaultPft hr
Price
Friday
Aug. 18
Range
Since
Jan. 1
Week's
Range or
Last Sale
High No. Low High
Bid
Ask Low
102
88*s 102
Buffalo R & P gen gold 5s___ 1937 M S 102% 103% 102
94
88% 94%
Consol 4 Ms.... .......... ........ 1957 IVI N 94 Sale 93%
82% 82%
Alleg & West 1st g 4s gu...l998 A O 84%------ 82% Mar’22
90% 93*8
95*4------- 90% Jan’22
Clearf & Mah 1st gu g 5s.. 1943 J
99% 100%
Roch & Pitts Con 1st g 6s. . 1922 J
100‘4 ------ 100% Aug’22
93 102
103%
100% Sale 100
Canada Sou cons gu A 5s___ 1962 A
108% 115
113 Sale 112% 113
46 27 95.76 100.80 Canadian North deb s f 7s...1940 J
107% 114
112 Sale 111*8 112
25-year s f deb 6 Ms......... 1946 J
56 3992 9532 101.50
77 81
80%
Canadian Pac Ry deb 4s stock... J
80% Sale 79%
83 94
90%
89% 91 90%
56 232C 96.74 101.08 Car Clinch & Ohio 1st 3-yr 5s 1938 J
95% 102%
101%------ 102 July’22
Central of Ga 1st gold 5s__ pl945 F
89*8 100
99%
Consol gold 5s.................. 1945 M N 99% 99% 98
28 6166 95.86 101.86
94 101
10-year temp secur 6s. June 1929 J D 100% 101% 100*8 101
74% 81*s
Chatt Dlv pur money g 4s. 1951 J D 80%------ 78% June’22
86 1212 100.02 101.00
93 96%
Mac & Nor Dlv 1st g 5s...1946 J
95%____ 96% Mar ’22
2 2 ----- 99.96 100.30
95 95%
Mid Ga & Atl Dlv 5s......... 1947 J J 95%____ 95% June’22
2 2 ___ 102% 103*4
88
% 95%
93%
Aug’22
93%
96
RR
&
B
of
Ga
coll
g
5S.1937
IV
I
N
Cent
2 2 ----- 103% 103%
103% 110%
110
Central of N J gen gold 5s__ 1987 J J 109% 110 110
2 2 ----- 105 105
105 107%
Registered___________ *1987 Q J 108%___ 107% Aug’22
2 2 ----- 104 105%
91 91
N Y 4 Long Br gen g 4s...1941 M S 89% 93 91 July’22
21___
90% 98
Ches <feOhio fund&impt 53—1929 J J 96% 98 96% Aug’22
21___
94%
103%
103%
103%
103%
104
1939
IV
I
N
1st
consol
gold
5s________
79
79%
22
1
100 100
100 May’22
Registered.................. —1939 M N
82*8 90*4
90%
General gold 4Ms_______ 1992 IVI S 89% Sale 88%
86 Nov ’21
Registered______
1992 IVI S
183 99 102%
82% 91
90%
20-year convertible 4 >48. . .1930 F A 90% 91% 89%
%
3 77 87%
84% 99%
99%
30-year conv secured 5 s... 1946 A O 99% Sale 96%
% 69 103*4 109%
76%
84
84
July
’22
85
-----Big
Sandy
1st
4s...............1944
J
D
% 33 94% 104**
78 87%
87%
Coal River Ry 1st gu 4s— 1945 J D 86 ____ 87
% 111 103% 108*8
88% 88%
1 105 112
Craig Valley 1st g 5s_____ 1940 J J 92%------ 88% June’22
71 79
81% 84 79 June’22
Potts Creek Branch 1st 4s. 1946 J
47 106 115
82% 84
84
83% 84 83%
R & A Div 1st con g 4s___ 1989 J
% 189 97*s 101%
80%
May’22
____
80
75*8 80%
J
J
2d
consol
gold
4s............
19S9
% 48 80% 90
Greenbrier Ry 1st gu g 4s.. 1940 M N 83%____ 69 Apr’21
% 188 99% 108
Warm Springs V 1st g 5s__ 1941 IVI S 92%____ 80 ‘4 Dec’21
110 90 101%
52% 63**
63*8
61 94*4 101 ! Jhic & Alton RR ref g 3s___ 1949 A O 62% 63% 62
100
37% 52
52
Railway 1st Hen 3Ms..........1950 J J 51% Sale 50%
1033*8 83 95% 103*8
82%
82%
82%
83%
77% 85
J
J
!hic
Burl
&
Q—1
1
1
Dlv
3^3.1949
64
104
100% 106
87% 93
91*8
Illinois Division 4s______ 1949 J J 91% 93 91*8
% 53 98% 103%
93 96*8
96*8
Nebraska Extension 4s___ 1927 IWN 96% 96% 96*s
27 100 106%
104
90%
Oct’
19
IV
I
N
Registered____________ 1927
67
2 13 44
91% 90
91
86% 93
General 4s______________ 1958 IVI s
*s 12 106 H 2%
Sale 100*4 101%
96*8 101%
Temporary 5s___________ 1971 F A
86 85% 93%
92
34%
Dec’21
!hic & E 111ref & Imp 4s g. —1955 J J
2 ___ 84% 99
102 109%
1st consol gold 6s_______ 1934 A O 110 -------- 109% 109%
90*4
2 ----- 77
96 July’22
96 96%
General consol 1st 5s_____ 1937 M N
20 76
82
82
84%
68 84%
MN '84% Sale' 82*s
2 152 93% 100*4
60*8
59 64%
M S 60% Sale 69
8 14 105% l l 4
101 107
J J 1 0 6 % ------- 107 Aug’22
14 105 113
110
97% 98% 97% Aug’22
87% 98%
J
Refunding gold 5s_______ 1947
55 107% 112%
111
75 81%
77
July’22
82%____
J
Refunding
4s
Series
C___
1946
90%
99%
4 167
77
Aug’22
76%
78
78
77
J
Ind & Louisville lstgu 4s.. 1956
4 31 85% 95
86% 85
J 85% 87% 83% June’22
2 169 94
97
1
90*8
90%
88
90*8
90%-----D
237 93% 97
95
7938 18 71% 80
J 78% 78% 78%
101 407 99% 108*4
J 70% 73% 69% Aug’22 ___I 64 69%
General gold 3Hs Ser B..el989
2 575 94 106
87%
88% 33 79 88%
88
%
Salo
J
General 4Ms Scries C___ «1989
68
186; 54% 68
O 67% Sale 66%
Gen & ref Series A 4 H3—.02014
7S 257 96 106%
77% 93 62 77*4
A 77% Sale 76*8
Gen ref conv Ser B 5s___ a2014
2 341 98*4 HI
72%
75
461
60 75
75
Salo
Convertible 4Ms________ 1932 D
2 471 100 110%
84% 275 69% 84%
Permanent 4s. ..........
1925 D 84% Sale 83%
2 14 92% 96*4
67%
67%
54 68%
67%
Sal
6
J
25-year
debenture
4s_____
1934
2 276 86*8 95%
- - I 89 97
J 95%------ 94*8 June’22
Chic * Mo Rlv Div 5s___ 1926
4 108 80*8 94%
75% 103 03% 77
J 75 SaleJ 74%
C M & Puget Sd 1st gu 4s.. 1949
% 303 72*8 79*8
841- 91*8
91*8
Aug’22
89%-----D
Mllw
&
Nor
1st
ext
4M
s...
1934
77 80% ?0
86 88%
D 90%------ 88% July’22
Cons extended 4Ms____ 1934
2 37 80% 90
92% 96%
A 96%------ 96 Aug’22
!hic& N’west E xt4 s... 1886-1926
2 72 54
70%
93%
Apr’22
93%
93%
F
A
Registered..............1886-1926
2 35 39*4 62
78%
78%
72 81
General gold 3}$s------------- 1987 M N 78% 78% 70
2 276 94
98%
Dee’21
Q
F
Registered----------------j>1987
2 40 107*4 115
89
88% 89% 89
82% 89
General 4s______________ 1987 M N 88
*8
7 99% 105
% 89% 88 Aug’22
81% 88
Stamped 4s___________ 1987 M N
44 105% HI3*
111
106*8 Aug’22
106%----99%
106*8
M
N
General
5s
stamped............
1987
45 99 103
103
101% 106% 103 July’22
102 103
Sinking fund 6s..........1879-1929 A O •99
991.4 36 99 105%
100 101% Apr’22
101 10 1 %
Registered_______ 1879-1929 A O
99
72 98% 105%
100%
90% }04
Sinking fund 53-------- 1879-1929 A O 100% 100% 100%
99
136 981- 104-8
100 Aug’22
95% 10°
Registered_______ 1879-1929 A O
22 99 106*8
100
Aug’22
96 101%
Sinking fund deb 5s______ 1933 IVI N 97% 100 100%
1003% 39! 100 106
98% May’22
98% 100%
Registered— ........
1933 IVI N
1821 89*4 98
91
107
108%
107%
108
105 * 109
10-year secured 7s g ......... 1930 J D
105
55^ 94 105
115
106 115
15-year secured 6Ms g------1936 IVI s 111%------ 115
120
58 112% 120%
Dcs Plaines Val 1st gu 4Ms 1947 IVI s 91%------ 101*2 Oot’19
76%
2 171 07
1057; iiw*
Frem Elk & Mo V 1st 6s .. 1933 A O 111%------ 110% Aug’22
105 '
10 ’102% 108*8
Man O B 4 N W 1st 3>$S—1941 J J 79%------ 70 Mar’21
h 53 106 115
Mllw & S L 1st gu3Ms-----1941 J J 79%------ 66 % Aug’21
Mllw L S & West Imp g 5s. 1929 F A 100 -------- 99*8 Aug’22
98*s 99%
Ashland Dlv 1st g 6s___ 1925 IVI S 100%------ 99 Mar’21
Mich Div 1st gold 6s------1924 J J 100%------ 101% Mar’22
10 1 % 10 1 %
98 103%
89*8
90
69 85% 90
Mil Spar & N W 1st gu 4s. . 1947 M S 89% 91
2 ___ 97% 103*4
St L Peo & N W 1st gu 5s.. 1948 J J 104% 105 104% Aug 22
95 104*4
2 ------ 99 103*4
85*8
85%
79 85%
Ihlc It I & P—Railway gen 4s 1988 J J 85% 86
2 ___ 103*8 103*4
Registered..............
1988 J J 82 ___ 82 July 22
78 82%
2 ___ 103% 107%
85%
Refunding gold 4s,........... 1934 A O 83% Sale 82%
76% 85%
%
2 103 108
85
76% 85
R I Ark & Louis 1st 4Hs—1934 IVI s 84% Sale 83
2 ___ 103 107%
99
99%
100
Aug’22
90 100
Burl C R & Nor 1st 5s___ 1934 A O
8
7 93% 100%
97
89 98
Choc Okla & Gulf cons 5s.. 1952 IVI N 90% 99 97
8
2 9384 100%
92%
72 92%
ICeok & Des Moines 1st 5s. 1923 A O 92% 93 92
2 ___ 93% 100*8
84%
76 85
St Paul & K C Sh L 1st 4 Ks 1941 F A 84% Sale 83
2 ___ 94
99*8
108
!04% 108
J D 108%------ 108
2 ___ 103% 107*4
87 90%
2 ___ 103% 107%
Cons 5s reduced to 3 M s... 1930 J D 90 91 87 Apr’22
91% 06%
Debenture 5s................... 1930 IVI S 95*8 96*s 90 Aug’22
4 12 84% 90%
North Wisconsin 1st 6s___1930 J J 108 ------ 118 N ov’ 16
Superior Short L 1st 5sg__el930 M S 90 ------ 95 M ay’ 18
2 ___ fdi” 102"'
80
7334 86%
J D 81 82% 80
2 ___ 109% HO
93
87% 93
J J 93%------ 92%
2 ___ 104% 104%
111*8 n ? s*
1st Ser C 6 Hs (ctfs)......... 1963 J J 117 ------ 116% 116%
105
103 X25,
QM 105% 106 105
77%
67% 77%
Consol 50-year 4s________ 1952 J J 77% Sale 76
4
2 68U 80 l
99% 102%
15-year s f 7 Hs--------------- 1935 M S 102% 102% 102% 102%|
8 178 85
95%
85 91
J J 90 ------ 91 Aug’22
2 ___ 87% 88%
88 Mar’ 17
C Find & Ft W 1st gu 4s g. 1923 M N
4
4 77% 86
Aug’22
90% 95
Day & Mich 1st cons 4){s.l931 J J 92*8------ 92%
20 78% 86
84%
76% 84%
llcve Cln Ch & St L gen 4s. .1993 J D 83% 84 83%
4 70 34
92
85 92
20‘-year deb 4Ms------------- 1931 J J 92%------ 92
4 52 91% 104
101%
Aug’22
101%-----86%
101%
J
D
General
5s
Series
B............
1993
1 91% 95
101*8
102
101%
102%
95
102*4
J
J
Ref & impt 6s Series A___ 1929
2
9 78 85
92
92
92
79*4 87*4
Cairo Dlv 1st gold 4s........ 1939 J J 90
87 79*4 90
Aug’22
76 82%
Cin W & M Dlv 1st g 4 s ...1991 J J 80% 82% 82%
14 86% 94
83
83
77% 83%
St L Dlv 1st coll tr g 4s___ 1990 M N 8 3 “ 84 85%
2 31 86
93
^Aug’22 ._ 85% 85%
*8---Spr & Col Div 1st g 4s........1940 M S 85
2 10 104% 108
83%
June’22|___
85%
87
83% 84
J
J
W W Val Div 1st g 4s........ 1940
8
4 83% 90*8
89% Aug’22, ' l l 83 89%
2 ___ 98*4 100
C I St L & C 1st g 4s........*1936 Q F 89*8------ 86
% May’22
86% 86%
Registered.....................*1936
2 ___
80 88*s
99 " 1 94 99
98% 100- 99
Cin S& Cl cons 1st g 5 s...1928
4 99 78 85%
106*8 107% 105% May’22
104 105%
C C C & I gen cons g 6s-----1934
55 88*4 95
88*s------ 90 June'22
90 90
Ind B & W 1st pref 4s------- 1940
2 ..
91 92
82 Sale 81% 84 " 1 3
70*8 84
Peoria & East 1st cons 4s.. 1940
8 107 76% 86%
46 22% 39%
35% Sale 34% 36
Income 4s____________ 1990 Apr
I 90 96%
A O 95%------ 96 Aug’22
8 222 74
87%
93%
8 84% 94
F A 93% 93% 93%
4 59 77
89*4
102
Refunding & exten 4 K s ...1935 M N 92 92%. 90% 92 | 24 31% 92
115. 94% 102
Aug’22
101% 106%
5 87 93*8
92
Ft W & Den C 1st g 5HS—1961 J D 105*8____105%
84% 84% 84% 84%
3 77
87
J J
2 52 72*4 83
.1936 J D 105% 108 1105% 106 j 14 100 106%
94
105 86 94
1st ref 7Ms.
I 77% 81%
J D •77*8 79% 77% Aug’22
2 ___ 92
99
2 ___ 96*8 98*8
N Y Lack & Western 5s. —1923 F A 99% 100% 100% Aug’22 . . . . 98% 103%
2 ___ 90
Terminal & lmprove't 4s. 1923 IVI N 9S% 100 I 98% July’2 2 ___ 97 99%
98
71
21 02% 71
Warren 1st ref gu g 3 Hs— 2000 F A 76% 79 74% Apr’2 2 ___ 74% 74%
Oh No Low High
28 1391 94.84 101.28
2 2 ___ 95.70 101.68
30 367 190.04 101 78
60 IS 96.82 102.00
I
I
Bid
.1943 IV! N
30-year conv 5a------------
.1937 M N
.1930 J D
.1946 A O
.1941 !V3 N
.1936 J J
.1936 J J
1928 J D
.1955 F A
1939 J D
.1939 J J
.1949 A O
.1995 J D
.1995 J D
.1901 M N
.1941 J J
1937 A O
.1937
.1941
.1930
N Y & Erie 1st ext g 4s_.. .1947
.1943
.1930
.1928
N Y L E & W 1st 7s oxt._ .1930
Erie 1st cons g 4s prior. _. .1996
.1996
1st consol gen lien g 4s. .1996
.1996
Penn coll trust gold 4s_ .1951
J J
MN
MS
MN
IV1 S
A O
J D
M S
J J
J J
J J
J J
F A
1953
Gen conv 4s Series D __ .1953 A O
.1982 IV2 N
.1938 J J
.1955 J J
Long Dock consol g 6 s... 1935 A O
.1946
.1937
.1937
.1940
.1943
.1940
.1942
Evans & T II 1st gen g 5s._ .1942
IV! N
.1930
.1959
Fort St U D Co 1st g 4 ^ 8. _
Ft Worth & Rio Gr 1st g 43. .1928
.1933
A O
1D
F A
F A
MN
A O
J D
A O
Ask Low
High No. Low High
91 ------ 91U Aug’22 ___
yy7g 16
OSig 9S12 9814
102 Sale 10112 10234 38
2
111 Sale li0 7a 111
8078 85 82 June’ 22 . . . .
lOSti-----85i
78 78U 77
78
2
82
81% 8312 8DS
8034
82
8 H2 82
45
4718 86
46% Sale 45i2
41*8 44 43*8
44
11
84% 8612 87 July'22 . . . .
1284___
79l2 80l2
69 Sale
7u ___
10's Feb’22
5
79i2
80
17
07
69
17
78 June’22 ___
67 May’22 ___
89 90
3
9934
99 9984 9934
4
98% IOOI4 983s
3
98»s
I05i2 Mar’Ob
83 8312 82i2
82i2
2
98i2 100
5
107 Sale 106
107
56
87 July’22
9812 ____ 9S38 June’22
96% 100 95U June'22 ___
84 % ___ 9434 Nov*15 ___
10238 . . . 10218 Aug’22
69
68 Sale 68
82
56i2 66 57 Mar’22 ___
57
57 Sale 55i2
168
____56
51 Aug'22 —
1
89%
88I4 897s 89'8
5312 29
53*8 Sale 5o
53s4 Sale 5234
53I4 18
5714 105
5714 Sale 57
97U 98*i 9<34 Aug’22
938a___ 90% jan’22 . . . .
95
7
95 Sale 95
95
12
93 9414 93l2
109
3
IO8I4 109 109
83*2 Dec'21
8973 ____ 88 Feb’22 ___
72
70 72 69i2
10
52is 56 52 Mny’22
55
16
5412 54^ 54i2
8Sis 90 86 May’22 —
90% 94 93 July’22
67 71
7H2 Aug’22 ___
88 Apr’21
69i2 Apr’21
09i2 Apr’21
8914 90 88% Aug’22 ___
807s ____ 803s July’22 ___
88i2
88 89 8512
3
23
11214 112% H 2I4 113
10312
104lS
104
Sale
4S
.1936
111 Sale h o 58 n i 'i 94
91%
9378 ____ 937s
s
82% Oct’2i
10334 269
1031.1 Sale 103
.1952
9338 ------ 9258 Aug’22
.1933
1103s 111 11038 Aug'22
99 BnnC20
.1933 J 1 99% 99% 100 Aug’2 2 ___
92i2
4
J D 92 92% 92
80 Mar’2 i;__ _
83 Mar’20'___
S934 923s 8934 June’2 2 ___
.1948
113 ____ 113 Aug’22
.1937
1361s May’Ot)
1
100% 103 100% 10018
.1937
102U____ 102% July’22
W ill* S F 1st gold 5s._ .1938
70ia Apr’22
60 70
13% 113
13l2 Sale 12%
Debenture ctfs ” B” ____
7634 7812 80 Aug'22
51052
88
87i2
88
3
Hocking Vnl 1st cons g 4>48. .1999
85ig____ 80i2 June'22
Col & H V 1st ext g 4s
83
2
83 ___ 83
Col & Tol 1st ext 4s_____ .1955
96 100 96 Aug'22 . .
Houston Belt & Term 1st 5s.1937
8534 136
Hud & Manbat 5s ser A ___ .1957 F A 85l2 86 85i4
64i2 121
Adjust Income 5s_______ .1957 A O G4l2 65 64
N Y A Jersey 1st 6s____ .1932 F A 96%____ 9o34 July’22
Illinois Central 1st gold 4s._.1951 J J 93U____ 95 May’22
83ia 8ept'21
1st gold 3Ha........... ........ .1 j 51 J j 825a 87 827S July’22
84 Nov'15
.1951
83% ___ 72 Oct’21
.1951
J J
A O
.1951
Collateral trust gold 4s__ .1952 M S
80
80 July’09
____ 85i2
86
A O
113
Mar’ 12
831s 91lS
89% 09
99 103
107 1111!
765s 82
73
7612
74>2
42
40*4
80'!
81%
8*
85
52%
47
89
l'o’ls 10's
73*4 S0l2
621S 70
74 78
67 67
82 93
953s 100
9514 100%
8Us , 87
05 100
1005s 107
ad’s 87
9034 9912
90% 95%
___ ___ _
1021s 102's
54% 69%
57 o7
3914 57
51
79 91
34U ?7.
32 5378
3434 £'%
90>2
uvu
7Sl2 98U
793s °7
109 109
88 ~ 88
51
47'
J £n
3S12
60
83,2
93 94'!
53
73
8d2 91’4
78 86
83 114 8
108l2
100 }U5
107% ‘ I* 8
88 fl4'2
_ ---9612 10334
90U , ? f s
1051s 111
—
9314 199
95
88 92%
_ ----....
88 “ 934
109% 113
__ - - - 99 100%
991* 1024
67’! ? $ !
“ ‘2 i;
81% sal2
_ —- 78 80'2
78'2 83
s95j 90
75 8(i'4
47,. 601!
92 98
83% 95
7‘8SS 827g
....
....
2 8 OI2 95
9012 13
.1955 M N 8912 90i2 703s
Purchased lines 3 ^ s ------ .1952 J J 7714 80% 80;>8 Aug’22
S3i2 12S
L N O & Texas gold 4s.. . .1953 M N 83i2 Sale 8314
82
82
82
.1953 M N ____ 82
101s4 Sale 10112 102
_1934
37
5
.1936 J J IIH4 ____ IIH 4 lllU
195(1 J D 913S 9234 87 July’22
Litchfield Dlv 1st gold 3s. .1951 J .1 70 72 693a June’22
.1953 J J 7712 ------ 79 Aug’22
.1951 F A 0918 71 6918 Aug '22
.1951 J J 72i4 7318 72*2 Aug'22
79's
1
.1951 J J 79 79l2 79's
.1951 J J 775S ------ 7S*a July’22
.1951 F A 80 ____ 85 July’22
92 Nov’ lC
.1923 1 D lOOVs____ 10018 July’22
873s 90
Chic St, I, & N 0 Bold 53.. .1951 J D 10518 Sale 102i2 Junc’22
9B A ub’21
Registered___________ .1951 J D —
1951 J D
Gold 3Ms____
9934
6
.1963 J D 99 993s 9912
8 H4 ___ 82 May’22
80 ____ 80 Bept'21
.1950 J J 93 ...... 88 July’22
.1922 M N lOOfy 10(134 100 ’8 Aug 22
51% 179
Adjust 6s______________ .1952 J J 5112 Sale 51
S412 July’22
1959 J D
70*s
717s 168
Kansas City Sou 1st gold 3s. .1950 A O 70i2 71
78 Oct’Oy
90
9234 90
50,
86
Kansas city Term 1st 4s.
I960 J J S5«s Sale 84*2
94%
l!
Lake Erie & West 1st g 5 s... .1937 J J 9484 100U 94%
2d gold 5s. .............
J 1 85% 8734 87*8 Aug’22
....j
.1945 A O 74'8-----1940 J J 9512 90 95i2 “ “ 95%
Registered.
80 July’21
83
Lehigh Val (Pa) cons g 4s.. .2003 IV1 N 82% 83 82%
4
General cons 4J^s
92i4
6
.2003 M N 91*8 9214 92i4
Registered. _
Range
Since
Jan. 1
S2"ls 91!2
765s 80^8
78‘s 83‘*
82 82.
9634 10234
99S4 lUU
81,1 r6934
h
635s
7334
66
635s
76‘2
7Sl2
82
69ls
724
7S|2
78 2
65%
9934 100%
99
___
102%
90'l2 100
7834 82
____
85 80
97
60%
55%
8012 85
63 72
84
793s
85
77
9234
86
94%
87%
904 96
7734 90
85 03
98is 192
BONDS
N. Y. STOCK EXCHANGE.
Week ending Aug. 18
Price
Friday
Aug. 18
Week's
Range or
Last Sale
Bonds
Sold
Week's
Range or
Last Sale
2________________________ 5 5 5
Interest
Period
Price
Friday
Aug. 18
Bonds
Sold
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 18
Interest
i Period
N e w Y o r k B o n d R e c o r d — Continued— Page
High No
Bid
Ask Low
Leh Val r r 10-yr coll 6a__nl928 M S 1037s 108 102% 103% 13
Leh Val Coal Co 1st gu g 5s.. 1933 J J 100% 100% 100 July’22 —
105 Oct’ 13
1st lnt reduced to 4s_____ 1933 J J 86%____ 83% Oct’21
Leh & N Y 1st guar gold 4s. .1945 M S 83%' 86 85 July’22 —
4
100
Long laid 1st cons gold 5s__/il931 Q J 98%____ 100
1st consol gold 4s______ 7*1931 Q J 90%___ 89% June’ 22 - - - —
85
Aug’22
General gold 4s_............. __1938 1 D 84% 86%
Gold 4 s ............................. 1932 J D 85%____ 84% Aug’22 —
Unified gold 4s_______ _ 1949 IVI S 79%___ 79 July’22
Debenture gold 5s............. 1934 J D 92 95 93 July’22 ___
84% 10,
(VI N 84% 85 84%
33
83
Guar refunding gold 4s___ 1949 rvi s 81% 81% 81
Nor Sh B 1st con g gu 5s..al932
Louisiana & Ark 1st g 5s........1927
Louisville & Nashville—
Cold 5s........... ............... 1937
Unified gold 4s................. 1940
Q J
M S
Range
Since
Jan. 1
Low High
100%103%
90% 100
83% 85
95% 100
89% 90
77 8934
8212 S4U
73% 80%
88 94
7534 8412
72 82%
97% 99
94 ____ 94% July’22 ___ 89% 93%
5 78 94
92% 93% 93%
93%
M N 1031s 107 102 June’22 ___
93
93% 34
J J 93% 94
J J
Collateral trust gold 5s___ 1931 M N 99%___ 98% Aug’22
4
10S% 109
1
1st re! 5KS--- .................2003 A O 106% 107 106% 106%
M N 98%____ 95% July’22 ___
___
1003s
107*2
105%
July’22
N O & M 1st gold 6 s ____ 1930 J J
2d gold 6s______ _____ 1930 J J 101%___ 101 July’22 __ _
84%___ 86 July’22
66%
St I.ouls Dlv 2d Bold 3s__ 1980 IV! R 66% 66% 66%
87% 12
Atl Knoxv & Cin Dlv 4 s... 1955 IVI N 87% 88 87%
A tl Knox & Nor 1st g 5s_ .1946 .1 D 101%____ 9914 May'2a
Render Bdse 1st s I g 6 s ...1931 M S 102%____ 104 July’22 ___
1
'86
Kentucky Central gold ls__19S7 J J 86 ___ 86
l ex & East 1st 50-yr 5s gu.1905 A O 98% 99% 98% Aug’22
1
95
L & N & M & M 1st g 4%!s_in45 M S 93% 97 95
82% 19
L N South M joint 4s
1952 J J 81% Sale 81%
Q J
101 May’ 22
N Fla & S lstgu g 5a_.
1937 F A 97% __
N & C Bdge gen gu 4H8---1945 J J 04>4 9534 93% Aug’22 ___
S <t N Ala cons gu g 5s__ 1936 I'1 A 102%____ 102 July'22 ___
Gen cons guar 50-yr 5s. .1963 A O 99 ___ 97 July’22
5
83
Lou & Jeff Bdge Co gu g 4s__1945 IV! R 82% 83 83
Stamped guaranteed.........1977 M S
75
Minn & St Louis 1st 7s........1927 J D 103% . . .
1st consol gold 5s_______ 1934 M n 80 81
1st & refunding gold 4s.
1949 !Y1 S 46% 47
Ref & ext 50-yr 5s Ser A. .1962 Q F 47% Sale
Dcs M & Ft D lstgu 4s. ..1035 J J 57% 60
Iowa Central 1st gold 5s. _193S J D 8034 sale
Refunding gold 4s_____ 1951 M S 45% 46%
M StP & SSM cong4slntgul938 J J 90% 92%
100
10-year coll trust 6Hs.
1931 M S 103% 104
1st Chicago Term s f 4s
1941 M N 91%____
9812 10212
87% 95
88U 90ls
95'2 987*
1061* 109%
101 1077s
9334 93
102% 105%
98% 101
80 91%
5S 66%
79% 87%
98*4 99%
103 104
79% 86
93 10(1
92% 95
74 83%
100% 101%
89 93%
90 102
95% 99%
77
83%
Nov’ 10
104 June’22
7
80%
81
45%
47% 33
46
47% 20
57% Aug’22 —
7
S0%
80%
46%
46% 40
33
89%
91
11
103% 103%
89% July’22 . . . .
101 104"
09% 83
31 50%
30 50
36 62
70 83%
32 50%
85% 91
100% 102%
88% 89%
87%____ 85% May’22
82% 88%
8234 8312 83
83>2 119 73 83%
48% 68%
9 48% 68
07
67
86% Apr’22
73 86%
80 Aug’22
68 84
62% 64%
64% June’22
63“ ____ 67 July’2 2 ----- 52% 67%
44 June’22
27 44
80 ____
58% 77
90% May’22
80 90%
77% July’22
70% 77%
77 83
91% 92%
78% 91%
77 97%
42
Texas & Okla 1st g u V ls' 1943 M S 32% 45 36 May’22
7% 36%
M oK A T Ity—Prl 5s Ser A . .1962 J J 85% Sale 85
8G 330 76% 86%
40-year 4s Series B_.
1962 J J 71
71% 71
71% GO 62 71%
10-year 6s Series C__
1Q39 J .T 97% Sale 96%
97% 290 89 97%
GO 945 43% 60
Cum adjust 5s Series A
19671J J 60 Sale 58%
Missouri Pacific (reorg Co)—
119 84% 90
1st A refunding 5s Ser A. 1965 F A 89% Sale 8Sla
90
1st & refunding 5s Ser B. al923 F A
97% 100
99% July’22
10 95% 100
1st 4 refunding 5s Ser C
1926 F A 97 97% 97
97
6s, Series D _____
1949 F A 101 Sale 100% 101% 149 9S 101%
68 548 59% 68
67% Sale 66%
Missouri Pacific—
1 76% 84%
3d 7s extended at 4%
1 93K M 14 84%____ 83%
84%
Cent Br u P 1st g 4s! " 1948 J D 74% 78i.i 74U June’22 ___ 74 74%
88% 10 83% 88%
Pac RRot Mo 1st extg4s.l938 F A 88% 89% 88%
2d extended gold 5s........ 1933 J J 84% 85% 98 Aug’22 ___ 92 97%
12 94% 99
St L Ir M A S gen con g 5s. 1931 A O 99 99% 98%
99
Mississippi Central 1st 5s
1949 J J
Mo Kan & Tex— 1st gold 4s 1990 J D
2d gold 4s......... .
piano F A
Trust Co certlts ol denosit.
1st & refunding 4s
9nru
Trust Co certlts ol deposit
Gen sinking lund 4 12s
i oso J J
Trust Co certlts ol deposit
St I.ouls Div 1st ref 4s
2001 A 6
5% secured notes “ext”
Dallas & Waco 1st gu g 5s 1940 M N
Kan City & Pac 1st g 4s “ 1990 F A
A O
(VI N
M K & T of T 1st gu g 5s. 1942 M S
Unified A ref gold 4s. ” 1929 J J
90 Sale
88%
90
Verdi V I A W 1st. r r ,o '" ,no ivi *
96% 98
96%
96%
General gold 4s” : ........... A} ^ r'm S
7 5 % ....
75
115
167
1
1
July’22 —
78% 90
75% 86%
90% 96%
101% 105
97% 100
07% 76
95
95 ”" 6 87% 95
95 96
5 81
93
91
91 ____ 91
Nashv Chatt * St L 1st 5s
toys A O 100% 101% 100 Aug’22 . . . . 97 103%
100 155%
Jasper Branch 1st g 6s.
1923 J J 100%____ 100% July’22
21% 45
29% 33
29% Feb’22
Guaranteed general 4s
" ^977 A O 28% 43
28 32
Nat or Mex prior lien 4Us
i 99fi J J *28 ____ 31% Mar’22
21>2 333*
1st consol 4 s . i n t i A O
25 July’22
84
85% 60 79 86
N O M E 1st ref & I m p ijjs A ’52 J J
19 701* 80
80
New Orleans Term 1st 4s ' 1953 J J SO Sale 79
1 9512 10112
100
N O T oxas & Mexico 1st 6s 1925 J D 100 100% 100
74% 67 62 74%
Non-cum income 5s A
io?5 jV o 74% 75 72%
N Y Cent RR conv deb 6s” 1035 rr. n 108 Sale 107% 108% 190 98 108%
10-year coll trust 7s
i o^n M s 105 Sale 105
105% 51 105 108
6 787s 858*
85
85%
100 85% 90
88
90
Ref * Impt 414s " a "I ” ” 2013 A O 89% Sale
9si2 1772 93% 98%
A O 98% 8aie 9712
.\ Y ucntrai A Hudson River
79% 01 7412 80*4
Mortgage 3Ks
1007 J J 79
79% 7S%
J J
90%
9134 56 84 92%
91%
Sale
Debenture gold 4 s
” '1934 M N
66% June'2l> . . . . G6% 74%
Registered...
'i o ?4 IVI N
2 83
91
91
30-year debenture 4s
1049 J J 90%____ 91
79% 43 69% 79%
7634 847s 75%
L & K e snore coll gold 3 J^s. 1998 F A
74% Aug’22 —
72
747s
, Registered................... ]gg8 F A
75% 79
71U 79
Mien cent coll gold 3Ka 1898 F A 78% SO 78 Aug’22 —
T, Registered.................. 19q8 F A 75%------ 74% Juiy’22 -- — 72 74*2
60 62
Battle u r*stu r 1st gu 3s.. 1998 J D 59%------ 60 July’22 —
8434 88
88 Apr’22
S978 91
Registered..
'
88% 76% July’21
_________
2d guar gold 5s......... . 1936 J J 85%----- 104 May’ lH —
60 60
g ee?b Or Ext 1st g 3 Ms. 51951 A O 72 76 60 July’22 —
82% 90
J D 83 Sale 82% Mar’22
Lake Shore gold 3Ms' ‘ ”
Debenture gold 4s
25-year gold 4s.
1907 J D
io->« M S
iooi M N
79U 79'2 80 Aug'22
79 July’22
95%
95% 96 95%
94
94 Sale 93%
85% July’21
76% 80%
747* 7912
36 89% 95%
43 S8% 94
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 18
N e w Y o r k B o n d R e c o r d — Continued— Page 3
Price
Friday
Aug. 18
Week’s
Range or
Last Sale
Bonds
Sold
856
Range
Since
Jan. 1
No. Low High
Bid
Ask
N Y Cent 4 H R R R (Con)—
—
Moh & Mai 1st gu g 4s____ 1991 M S 85 ____
8212 82*2
. . . . 96 977*
Mahon C’l RR 1st 53......... 1934
JJ 9912____
Michigan Central 5s........... 1931 IW S 99i8 ____ 90*8 June’21
___
Registered______
1931 QIVI
. . . . 82U 88*2
4s..............
1940
JJ
__
Registered................... 1940
JJ
___
J L & S 1st gold 3Ha____ 1951 M S 781* 797*
. . . - 76*4 815*
1st gold 3Ha....................1942 IWN 811* 8412
46 863* 93*2
20-year debenture 4s____1929 A O 9312 Sale
N J June RR guar 1st 4s___ 1986 F A 781*____
—
785* 787*
NY&Harlemg3Ha......... -2000 M N 80 ____
99U ___
N Y & Northern 1st g 5s.. 1927 A
83 88
. . . . 771* 84
N Y & Pu 1st cons gu g 4s. 1998 A
_____ 78 83
8H2 ____
Rutland 1st con g 4 Ha___ 1941 J
74 77 75 .
Og <&L Cham 1st gu 4s g . 1948 J
60 75*2
701* 73% 50
Rut-Canada lstgu g 4s. 1949 J
9 H4 96
89I4 I
St Lawr & Adlr 1st g 5s. __ 1996' J
89*2 89*2
973*___
103 1 ____
2d gold 6s____________ 1996 A
9812___ 97 Apr’22
Pitts & L Erie 2d g 5s___ 01928 A
97 P7
109
.
110
IIII
4
____
Pitts McK & Y 1st gu 6s .. 1932 J
1— - 109__109
9812
___
2d guaranteed 6 s______ 1934 J
95U June’20
8412 847* 84*4
18 78*2 85
85
West Shore 1st 4s guar___ 2361 J
825* 847* 82l2 Aug’22
Registered................... ..2361 J
76*8 82*4
N Y C Lines eq tr 5s__ 1920-22 M N
99*2 Feb’19 . . . .
67% June’20
Equip trust 4 Ha. . . 1920-1925 J J
905*
N Y Chic <fc St L 1st g 4s___ 1937 A O 9012____ 90*8
1 82*4 90s*
Registered.........................1937 A O
8612 8612
871*
Debenture 4s___________1931 IVI N 88*4 897* 871*
i 80 87*2
9214
N Y Connect 1st gu 4Ha A .. 1953 F A 90 Sale 92
5 81*2 92*4
N Y N H & Hartford—
Non-conv deben 4s______1947 IVI S 47 ____ 6314 Aug’22
45 63*4
.
Non-conv deben 3 Ha____1947 IW S 50 53 53
44 56
Non-conv deben 3'As____1954 A O 491* 51 50 Aug’22
38*4 55*2
06
9 40*2 601*
Non-conv deben 4s...........1955 »J _J 55*4 5712 553*
Non-conv deben 4s...........19561ft! N 5712 60 5714 Aug’22
41 60
Conv debenture 3 Ha......... 19561J J 5112 52 50 Aug’22
37** 531*
89 57 85
Conv debenture 6s........... 1948 J .1 8212 Sale 8112 83
50 oct'17
Cons Ry non-conv 4s....... 1930 F A
Non-conv deben 4s____ 1955 J J ------ 567* 60 July’18 —
53 June’22
Non-conv deben 4s....... 1956lj J
38l2 53*
26 31 57
62*4
4% debentures.................. 1957 IVI N 525* 5234 52
Harlem R-Pr Ches 1st 4s.. 1954,M N 79V* 83 791* Aug’22
71 80
B & N Y Air Line 1st 4s__ 1955IF A 721* 75 73 July’22
59 73
8 51*4 68*2
68
Cent New Eng lstgu 4s...I96l|j J 05 68 67
80 Dec’21
Housatonlc Ry cons g 5s..l937lMN 855*
87 July'14
Naugatuck RR 1st 4s........1954jlW N 681*
83 Aug’ 13
N Y Prov & Boston 4s___ 1942 A O 77
5514 70 33
N Y W ’ches&B lstSerI4Hs’46 J J 55 Sale 5414
69*2
New England cons 5s........1945 J J 89 93
70 sept’ 17
Consol 4s.................... ..1945 J J 76
Providence Secur deb 4s__ 1957 IVI N 50 54 50'* July’22 . . . . 26" 56
885* Feb’ is
Providence Term 1st 4s__ 1956 IVI S 76U
W <fe Con East 1st 4Ha___ 1943!j J 60 67'% 65 May’22
60 65
15 69 79
79
N Y O & W ref 1st g 4s___ ?1992 M S 77 Sale 76i2
59i* Nov’20
Registered $5,000 only__ gl992 M S
3 05% 70
70
General 4s______________ 1955 J D 68*4 75 70
34 60 70
70
Norfolk Sou 1st & ref A 5s...1961 F A 70 70i4 69
Norfolk & Sou 1st gold 5s___ 1941 IVI N 943* 100 88 May’22 . . . . 79U 887*
104 Aug’22 __ _ 104 1077*
Norf & West gen gold 6s___ 1931 IWN 1083*
1091* 113% 109 Aug.22 — 109 109
Improvement & extg_____ 1934
1091*
New River 1st gold..........1932
104*4 Mar 22
104*4 105U
cj2*4 41 8-17* 94>2
9214 9212 92
N & W Ry 1st cons g 4s__ 1996
Registered.......................1996
74 Oct’20
__ ____
90
1 83i2 90
Div’l 1st Hen & gen g 4s. 1944
87*4 897* 90
10-25 year conv 4Hs___ 1938 M S 1015*
1001* July’22 . . . . 92>2 106
10-year conv 6s_______ 1029 M S 117 Sale 113*4 117*4 93 103U 117*2
Pocah C & C joint 4s...1941 J D 87*2 S912 87 July'22 —
84 8812
C C & T l3t guar gold 5s.. 1922 J J
99 Deo’21
SclO V & N E 1st gu g 4s.. 1989 M N 91 92>* 89>* July’22 . . . . 83*4 89*8
Northern Pacific prior lien rail
way & land grant g 4s____ 1997
88i2 8912 88
89*4 161 84 90*2
87
Registered.......................1997
85>2 June’22
84 85i2
General lien gold 3s_____ a2047
63*4 637* 63%
64 , 13 60 65
Registered.....................«2047
62 June’ 221.
60 62
Ref & Impt 6s ser B______ 2047
109i2 Sale 1083*
12l9 105*4 HO
89** Sale 8914
Ref & Imp 4Ha SerA____ 2047
25 86 90U
5s___________________ 2047
98i2 Sale 97%
394 965* 98l2
St Paul-Duluth Dlv g 4s.. 1996
8612___ 841*
79U *412
N P-Gt Nor Joint 6Hs___ 1936
1033* July’22
103% 109
1001*___ 100*4 June’221
St P & N P gen gold 6s___ 1923
100*4 101
Registered certificates. .1923
100 May’2lj
_____
1005*----- 100 June’22,
St Paul & Duluth 1st 5 s ... 1931
99% 100
85i2 ------ 86 May’22,
1st consol gold 4s______ 1968
82*4 86
84 May’22'.
Wash Cent 1st gold 4s----- 1948 Q IW
82 85*4
Nor Pac Term Co 1st g 6s__ 1933 J J 108**___ 1085* June’2r . . . . 107 108*4
84
166 77 84
Oregon-Wash 1st & ref 4s___ 1961 J J 84 Sale 83
Pacific Coast Co 1st g 5s----- 1946 J D 82i2 83 83 Aug’21 __"" 75 K37ft
Paducah & Ills 1st s f 4H3—-1955 J J 9334 9414 93 Aug’2;
90 93
77
781, 160 76 85
A
Paris-Lyons-Med RR 6s------ 1958
. . . . 9634 99%
Pennsylvania RR 1st g 4s— 1923 iw N, 99i2 ____
. . . . 87% 92**
Consol gold 4s___________ 1943 iwN; 90 95
7 85% 93*4
93
Consol gold 4s...... ..............1948 iwX, 92 9212 93
3 92*2 *103
9912
Consol4Hs............. .......... 1960 F A' 99i2 Sale 991*
94l2 101 90*2 94*2
General 4Ha...................... 1965 j D 1 9412 Sale 93U
103 179 9312 103%
General 5s._____ ________1968|j D 103 Sale 102
11014 22 105*2 111
10-year secured 7s_______ 1930 A O 10912 Sale 109
15-year secured 6Ha_____ 1930 F A| 110 1107* 110
110*4 107 103% 110*4
2 86
Alleg Val gen guar g 4s----- 1942 m S 92 ____ 94
- 94
94
D R RR & Bdgelst gu 4s g.1936 F A 897*___ 87 May’22 —
87 87
Pennsylvania Co—
Guar 3Ha coll trust reg A.1937|M S 831*___ 81*4 July’22 . . . . 81*4 81*4
2 72*4 85
85
Guar 3Ha coll trust Ser B.1941iF A| 85 Sale 85
83 . .. 83 July’22 --- - 75%
Guar 3 Ha trust ctfs C___ 1942 j D
83
80**------ 82 Aug'22 « . . . 82 8 2
Guar 3Ha trust ctfs D ___ 1944|j D
5 84% 92*4
92*4
Guar 15-25-year gold 4 s... 19311A O 92 Sale 92
-- July’22 . . . . 80 88%
40-year guar 4s ctfs Ser E..1952 M N 85*4___ 87
Cin Leb & Nor gu 4s g----- 1942 M N 853* 88 867* May’22 —
80** 867*
941*------ 88** Dec’21
Cl & Mar 1st gu g4H s----- 1935 M N
98 9912 91 Nov’21
Cl & P gen gu 4Hs Ser A .. 1942 j j
9912
98
104 Dec’ 15
Series B..........................1942 a O
Int reduced to 3Ha— 1942 a O 771*___ 96 4 Feb’ 12
Series C 3Hs..................1»48 M N 795*___ 901* xiec’ 12
797*
.
.
.
07 Jan’21
Scries D 3 Ha..................I960 F A
Erie <fc Pitts g u g 3 H s B ... 1940 J J 81*4 91 85 Apr’20
Series C...........................1940 j J 82 . . . 79*4 May’ 19
G r R * lex lstgu g4Ha..l941 J J 92 95 91*4 July’22 —
86
91*2
Pitts Y & Ash 1st cons 5s.. 1927iM N 97**____ 98 June’22 . . . . 98 98
9612 ___ 94 May’22 —
Tol W V & O gu 4H8 A — 1931 J J 947*____
92% 94
82 Dec’20
Series B 4 H B --............ } 9^ J J
77 Sept’21
Series C 4s.................... *
P C C * S t L g u 4 H a A ...1 9 4 0 A O 96% *98' 98 Aug’22 . . . 88% 98
Series B 4Ha Ruar..........1942 A O 96% 9712 98 Aug’22 « . . . 88% 98
Series C 4 Ha guar..........1942 M N 9614------ 915* Apr'22 . . . . 89% 91%
Series D 4s guar------ . . . 1945 M N 891*___ 881* Apr’22 . . . . 84% 91*2
Series E 3Ha guar gold.. 1949 F A 91 ------ 91 Aug’22 . . . . 89% 91
91'4____ 8914 June'22 —
Series F guar 4s gold----- 1953 J p
84 92%
Series G 4s g u a r...........1957 M N 9U4____ 80 May’2I
Series 1 cons guar 4H 9--1963 1 A 951*___ 96 Aug’22
89% 96
99i* 100 99
100
6 90 100
General 5s Series A-------1970 J D
C St L & P 1st consg 5S-.-1932 A O 1001*------ 100 May’22
99 100*4
92 ____
897* 92
S 887*------ 80*2 June’21
99
Sale
98*2
45
99
J
88% 99
Pere Marquette 1st Ser A 5s.. 1956 J
821*
21 75
85
85
1st Series B 4s...................1956 J J 83»* 84 52
5312 20 41% 59
Philippine Ry 1st 30-yr s f 4s 1927 J J 53*2 54 100
995*____
—
Mar’22
O
95*4
100
1st consol gold 5s............. .19431J J 987*____ 97*4 Deo’ 17
BONDS
N. Y. STOCK EXCHANGE
Week ending Ang. 18
Reading Co gen gold 4s_____ 1997 j
Registered........................ .1997 j
Jersey Central coll g 4s___ 1951 a
St Jos & Grand Isl 1st g 4s.. . 1947 j
St Louis & San Fran (reorg Co)—
Prior lien Ser A 4s_______ 1950 j
Prior lien Ser B 5s_______ 1950 j
5H s............................
1942 j
Prior lien Ser C 6s_______ 1928 j
Cum adjqst Ser A 6s........A1955 a
Income Series A 6s........... A1960 Oct
St Louis & San Fran gen 6s.. 1931 j j
General gold 5s................... 1931 j j
St L & S F RR cons g 4s.. .1996 j j
Southw Dlv 1st g 5s___ 1947 a O
K C Ft S & M cons g 6s__ 1928 m N
K C Ft S & M Ry ref g 4s.. 1936 a O
IC C & M R * B 1st gu 5s. .1929 A O
StLS W 1st g 4s bond ctfs... 1989 m N
2d g 4s income bond ctfs.pl989 j j
Consol gold 4s____ _____ .1932 D
1st terminal & unifying 5s.. 1952
J
S A & A Pass 1st gu g 4s____ 1943
J
Seaboard Air Line g 4s_____ 1950
O
Gold 4s stamped............... 1950 O
Adjustment 5 s..........
ol949
A
Refunding 4s___________ 1959 A O
1st & cons 6s Series A......... 1945 M S
Atl & Blrm 30-yr 1st g 4s.el933 M S
Caro Cent 1st con g 4s___ 1949 J J
Fla Cent & Pen 1st ext 6s.. 1923 J J
1st land grant ext g 5s.. 1930 J J
Consol gold 5s................. 1943 J J
Ga & Ala Ry 1st con 5s...ol945 J J
Ga Car & No 1st gu g 5s__ 1929 J J
Seaboard & Roan 1st 5 s... 1926 J J
Southern Pacific Co—
Gold 4s (Cent Pac co ll)...*1949 J D
20-year conv 4s_________ yl929|M S
20-year conv 5s__________ 1934 J D
Cent Pac 1st ref gu g 4s__ 1949,F A
Mort guar gold 3Hs__ *1929 J D
Through St L 1st gu 4S..1954 A O
G H & S A M & P 1st 5 s..1931 M N
2d exten 5s guar_______ 1931 J J
Glia V G & N 1st gu g 5s .. 1924 M N
Hous E & W T 1st g 5s___ 1933 M N
1st guar 5s red________ 1933 M N
H & T C 1st g 5slnt gu___ 1937 J J
A & N W 1st gu g 5s____ 1941 J J
No of Cal gu«- g 5s______ 1938 A O
Ore & Cal 1st guar g 5s
1927 J J
So Pac of Cal—Gu g 5s
1937 M N
So Pac Coast 1st gu 4s g
1937 J J
Tex & N O con gold 5s___ 1943
So Pac RR 1st ref 4s_____ 1955
San Fran Terml 1st 4s___ 1950
Southern—1st cons g 5s........1994
Registered_____ _______ 1994
Develop & gen 4s Ser A ... 1956
Temporary 6Ha.- ........
1956
Mob & Ohio coll tr g 4s___ 1938 M S
Mem Dlv 1st g 4Hs-5a___ 1996 J J
St Louis dlv 1st g 4s_____ 1951
Ala Gt Sou 1st cons A 5s.. 1943
Atl & Chari A L 1st A 4Ha. 1944
1st 30-year 5s Ser B........ 1944
Atl & Danv 1st g 4s......... . 1948
2d 4s___________
1948
Atl & Yad 1st g guar 4s__ 1949
E T Va & Ga Dlv g 5s........ 1930
Cons 1st gold 5s..............1956 M N
E Tenn reorg lien g 5s____ 1938 IW S
Ga Midland 1st 3s_______ 1946 A O
Knoxv&Ohlo 1st g 6s.........1925 J J
Mob <fc Blr prior lien g 5s. .1945 J J
Mortgage gold 4s______ 1945 J J
Rich & Meek 1st g 5s........ 1948 M N
So Car & Ga 1st ext 5H8..1929 M N
Virginia Mid Ser E 5s . . . 1926 M S
General 5s. ............
1936 M N
Va A So’w’n 1st gu 5s........ 2003 J J
1st cons 50-year 5s_____ 1958
W O & W 1st cy gu 4s___ 1924
Spokane Internat 1st g 5s___ 1955
Term Assn of .-4 L 1st g 4HS.1939
1st cons gold 5s ..................1944
Gen refund s f g 4s..............1953
St L M Bridge Ter gu g 5s. 1930
Texas & Pac 1st gold 5s........ 2000
2d gold Income 5s_______ ?2000 M a r
La Dlv B L 1st g 5s........... 1931
W Min W & N W 1st gu 5s. 1930
Tol & Ohio Cent 1st gu 5 s... 1935
Western Dlv 1st g 5s____ 1935
General gold 5s................. 1935
Kan A M 1st gu g 4s.......... 1990
2d 20-year 5s............... 1927
Tol St LA W pr lien g 3 H s --1925
50-year gold 4s................... 1950
Coll trust 4s g Ser A.......... 1917
Trust co ctfs of deposit
..
D
Tor Ham A Buff let g 4 s ...*1946
D
Ulster A Del 1st cons g 5s___ 1928
O
1st refundingg4s......... . 1952
J
Union Pacific 1st g 4s............ 1947
Registered.................... 1947
J
20-year conv 4 ..s _______ 1927
J
1st A refunding 4s..........02008 M S
10-year perm secured 6s__ 1928 J J
Ore RR A Nav con g 4 s... 1946 J
Ote Short Line—
1st consol g 5s............... ..1946 J
Guar con 5s......................1946 J
Guar refund 4s_____ _____ 1929 J
Utah A Nor gold 5s............ 1926 J
1st extended 4s_______ 1933 J
Vandalla cons g 4s Ser A___ 1955 F
Consol 4s Series B______ 1957 M N
Vera Cruz A P 1st gu 4Ha__ 1934 J J
Virginian 1st 5s Series A___ 1962 M N
Wabash 1st gold 5s............... 1939 M N
2d gold 5s_______________ 1939 F A’
J
1st lien 50-yr g term 4s-----1954
J
Det A Ch Ext 1st g 5s___ 1941
Des Moines Dlv 1st g 4s__ 1939 J J
Om Dlv 1st g 3Ha..............1941 A O
Tol A Ch Dlv g 4s..............1941 M S
Wash Term 1st gu 3Ha------- 1945 F A
1st 40-year guar 4s............ 1945 F
West Maryland 1st g 4s.....1952 A
West N Y A Pa 1st g 5s........1937 J
Gen gold 4s......... ..............1943 A
Western Pac 1st Ser A 5s____1946 IW s
Wheeling A L E 1st g 5s------- 1926 A O
Wheeling Dlv 1st gold 5s..l928|J J
Exten A Impt gold 5s........1930, F A
Refunding 4 Ha Series A__ 1966|M S
RR 1st consol 4s._______ 1949 M S
Price
Friday
Aug. 18
Week's
Range or
Last Sale
Range
Since
Jan. 1
Bid
Ask Low
High No. Low High
85i2 213 80 87*4
85** Sale 84*4
82 831*
83i2 July’22
8634
86
86** 85
81*2 88
657* 76
75*4____ 75*4 Aug’22
7412
74i2 Sale 731*
88
87»* Sale 8684
947*
9518 Sale 9434
100l2
100** Sale 100
8312
83i4 Sale 81*4
75
75 Sale 7414
1037*____ 104 Aug’22
99 ____ 99 Aug’22
73%____ 67*4 Oct’20
901*___ 90 Feb’22
103i2 103*4 103*2 103i2
82
81*4 Sale 80U
92*4 96 92 Apr’22
80 807* 79*4
80
70
70** 81 70
79
78 78U 78
8U2 Sale 81U
82*2
80*2
80 80*2 80
59*2
59i2
60's 65
61
59l2 60 59*2
2912
29 Sale 27*2
451* Sale 44
4512
67
65i2 Sale 63*4
677* 69 671* July’22
68** 7212 63 Feb’22
99U 99i2 96 Jan’22
94 ____ 93*2 Aug’22
901*____ 90 July'22
8OI4
8014___ 80'4
883*___ 90
90
921*____ 91** July’22
74*4
82 88*2
93 95*2
945* 1005*
71 83ia
54 75
. . . 101U 104
. . . 95 99i2
68
90 90
1 101 104
217, 72*4 82
88U 92
" l 7 7234 80
6 6412 70
129 68l2 79
19 71 84
33 70 81*4
50 64
36| 48 61
169! 131* 30
129 3U* 46
221 41 67
591* 751*
63 63
90 90
89 93i2
821* 90
71 78
1 ! 84 91
84*4 95
29, 78 94%
89
88% Sale 88%
94 379 80 94
94 Sale 92*4
104%
104% Sale 104
8 05% 104%
91
45 81% 917*
90*4 Sale 90
92%
92%___ 92%
92%
2 86
82 85% 85 Aug’22 ___ 78% 87%
98%____ 98% Aug 22 ___ 94% 99%
9534 ____ 94% Aug’22 ___ 92 98
99%___ 99% Aug’22 ___ 97 99%
90*4 ___ 94% May’22 . . . . 04 94%
967* 100 80 Mar'21
98%____ 93*4 Apr’22 ___ 93*4 93*4
86*4 98
95%___ 98 May’22
90 103%
98%___ 101 Apr’22
100*4 *82 95% 101
100% 101 100*8
102% ____ 103% July’22 . . . . 100*2 103%
88% 92%
90 ____ 90 May'22
94% 98 96*4 May’22 ___ 89 96%
138 83% 92
91
90% Sale 90%
85% 15 SO 85%
84*4 85 845*
9934 94 87% 9934
99 Sale 98
88% 90
90 Apr’22
199 01% 70
70
70 Sale 69%
103% Sale 102% 103% 118 94% 103%
757* 80 76*4 Aug'22 ___ 60% 7634
93% 97% 96 July’22 ___ 89 97
1 73 89
82*4
78% 82*4 82*4
98% 99 97 June’22 ___ 64*2 97
93 Aug’22
87 93%
93 95
u97*
4 91 100
99*4 100 995*
77% 80 77% Aug’22 . . . . 72 78
1 60 66%
07
67 Sale 67
79% 807* 79% Aug’22 . . . . 75*4 82
99%____ 07% June’22 . . . . 93*4 97%
99
6 93 99
99 ____ 99
95%____ 95% July’22 ___ 93% 95%
2 68 63
63
63
61% 63
101%___ , 100*4 July’22 ___ 987* 100*4
____
93%____ 75% Aug '21 . . .
82 ____ 74% May’22 . . . - 73** 75
78
78
9 66
75% 78 | 76%
99% 100 101 Aug’22 . . . . 94 101
99% 99*4 99% Aug’22, ___ 97 99%
99 99% 99 Aug'22! . . . . 95% 99%
95 ___ 93*2 July’22 . . . . 80 97
82 83 82 July’22' ___ 74 83
97%____ 97 Aug 22' ___ 94% 97
82%____ 77% Mar'22| ___ 77*8 77%
94% 98 977* July’22; __
977*
92
95% "I 88** 09%
99 99*4 95%
82 82% 82%
82%
7 70*2 83%
96%
97% 108 96
1 43*2 97%
97
96% 98 90%
30 87% *100
58 ___ 50 Feb’22 _mm 50 50
89 ___ 90 Aug'22
79% 90
76 82% 88 Apr’22 __ 88 88
97 ____ 97
97
97
0 91
947*___ 927* May’22 . . . . 90 95
88 90
88*2 July’22 __ 81% 88%
80%
80%
1 751* 83
97% 99% 97 Aug’22 ___ 91 97
11 84 03
93
91% 92% 93
8 50
71*4
70
70*2
70% 72
15% june’2i
24 '31%
31% Feb’22
84*4 ' " 3 77% 83
84*4 85% 8434
92%____ 91% July’22 . . . 89 92
3 65
70
70
06*4 68 68
i n 80 90%
95
95 Sale 94%
92*4 Juno’22 ___ 88 90
95*4 101 89 96
95% Sale 95
49, 81% 89%
89
88% 89% 88*4
20 102 105
104*2
104*4
104% 104*4
89%
83% 89*4
89% Salo I 89%
3,
104% 104% •104% 1047* 39 90% 105%
25 97 105%
105
104% 105 105
95% 98 86% 95**
94 97 92*4
99 100% 99 Aug’22 . . . . 90** 09%
91%___ 86% Feb’22 . . . . 80% 80
85%___ 80 Apr'22 —
78*4 86%
.85% . . 72% Jan’21
35*2 July’22
20 47*4
31% 38
97%
99%
69
98% Sale
88% 99%
99% 997* 99*2 100
10 937* 100
91% 96
90*2
03
43 81% 93
___
70%____ 67% July 22
67** 677*
96 ___ 96 May'22 ___ 91 96%
75%____ 74 May’22
74 74
66% 06%
66% 69 66% July'22
78 r 5 69
78% 79*4 78
797*
82%
81% 82% 82%
2 72% 82%
88%___ 85 Feb’22
i 85 85
077* ’ 168 68*2 677*
67% Sale 6534
99% 99% 98 July’22
| 95 100
79 80
78 July’22
1 72*2 80%
86 86% 80
86*4|r "34 84% 88%
98%____ 98 Aug'22
| 92% 98
937*____ 93 Aug’22
89% 97%
94%____ 92 June’2 2 ___ I 80
92
71% 73
69*i
707* 5o1 52 707*
74% 70%, 75
76%' 16 02
76%
JV g w Y o r k B o n d R s c o r d — C o n c i u d e d ^ P a g e
BONDS
N. Y . STOCK EXCHANGE
Week ending Aug 18
Price
Friday
Aug. 18
Week'3
Range or
Last Sale
Bid
As* Low
High
81%____ 811? July’22 .
83 Sale 83
83
80% 81% 8 Us
81%
BONDS
Y STOCK EXCHANGE
Week ending Aug. 18
4
857
Price
Friday
Aug. 18
Week’s
Range or
Last Sale
Range
Since
Jan. 1
Bid
Ask Low High No. Low High
Cent Leather 20-year g 5s
1925 A O 97*4 98
9734
98i2 24 93*4 99*4
Q1. Computing-Tab-Ree s f Os"11941 J J 9678 Sale 9G78
97
10 89 97%
751s 81(8 Corn Prod Refg s f g 5s.
1931 rvi n
99i2 ___ 99*4 Aug’22
95 99
1st 25-year s f 5s____ I I I I 1934 M N 101*4___ 101*4 July’22
Street Railway
96 1018s
Cuba
Cane Sugar conv 7s. 111930 J J 9H* 92
89
90
Brooklyn Rapid Tran g 5s___1945 A O 62 65 62
60
91
62i4
64%
Conv deben stamped 8 %
92 Sale 90*4
1st refund conv gold 4s___ 2002 J J 56 57 67
925s
57
54*2 95
Cuban Am Sugar 1st coll 8s" ’ 1931 IV! S 10678 Sale 10612 107 |
3-yr 7% secured notes___ fciy21 J J 82% 83 8214
83
101*2
107*2
Diamond Match a t deb 7Ms 1936 M N I07i2 108*8 1071* 10734
82 82I2 82
Certificates of deposit___
82l2
107 110*2
Distill Sec Cor conv 1st g 5s11927 A O 45 451* 45
79U 80 7934 Aug’22 .
Certfs of deposit stamped
40
33 53*2
E I au Pont Powder 4 Ms
1936 J D 90*8 ------ 95 Aug’22
Bklyn Un El 1st g 4-5s___ 1950 F A 84 Sale 8334
84%
87*2 95
75
86
lj
du Pont de Nemours A Co 7Ms ’31 IV! N 107*4 Sale 107
10778
Stamped guar 4-5s_____ 1956 F A 83% 85 85
85
103*8 108*2
75*2 86
Fisk
Rubber
1st
s
f
8
s..........11941
106
Sale
Kings County E 1st g 4s. .1949 F A 75 77
105
107
M S
74% Aug 22’ .
99% 108*2
Frameilc Ind A Dev 20-yr 7Ms '4° J J 95*4 Sale 9ol2
Stamped guar 4s______ 1949 F A 75 76
745a
76
96l2
95 102*4
General Baking 1st 25-yr 6s. .1936 J D ___ 100*8 97 Apr’ 22
541.,
Nassau Elec guar gold 4s. .1951 J J 5034 5434 fill*
93*2 97
Gen Electric deb g 3Ms____ 1942 F A 79*8 81 80*2
Chicago Rys 1st 5s________ 1927 F A 82i2 Sale 82
82i2
70*4 81
80*2
Debenture 53__ __
1952 M S 102** 103 102
85
Conn Ry A L 1st A ref g 4Ms 1951 J J 81
76i2 June'22 .
10212
95 102*2
20-year deb 63.7,7.'.'Feb" 1940 F A 107 107*2 107
Stamped guar 4Ms______ 1951 J J 807s 85 73 Apr’22 .
10878 32 103 109
Goodyear Tire & Rub 1st s I 8- ’41 M N 115i8 Sale 114*8
8318
Det United 1st cons g 4 ^ s ... 1932 J J 83is 83i2 S278
11538 73 110*4 117
Ft Smith Lt A Tr 1st g 5s__ 1936 fVl S 56 ____ 58 Jan’20 .
„ 1,?"ySar. 8 1 deb e 8s-------- el031 F A 100*8 Sale 99
100*2 211 97*4 103*4
Holland-American Line 6s. 1947 MN 89*2 Sale 89*s
1234
Interboro Metrop coll 4MS-.1956 A O 12% Sale 1238
8934 30 88 94*4
Int Agric Corp 1st 20-yr 5sIIl932 IV! N
1234 Sale 11%
Certificates of deposit__________
1234
80
80*. 16 72*2 82
Internat Cement conv 8s__ 1926 J D 107*4 Sale 10734 10734
70 Sale 6834
Interboro Rap Tran 1st 5s...1966 J
70
3 102 116*4
Inter
Mercan
Marine
s
f
6sIIl941
79 7984 79i2 Aug’22 .
10-year 6a____________________
A O 95*2 9578 95i2
9614 114 89 99*2
International PaDer 5s
1047 J J 89
95i2 9612 9512
89*4 87*2
7s____ _________________1932 ..
9638
8878 14 86 88%
1st A ref 5s B..........IIII I I 1947 J J 887g Sale 87*2
Manhat Ry (N Y) consg 4s. .1990 A O 66% 67i2 67
67i2
90 280 83*4 90
Kayser A Co 7s..
" 194° F A 104i2 Sale 1041* 105
Stamped ta*exempt_____ 1990 A O
29 102 108
675s May’22 .
Kelly-Springfield Tire’ 8s
1931 IVI N 108 Sale 107
2d 4s.........
2013 J D 56 60
60 July’22 .
108i2 16 101% 110
Kinney Co 7Ms________ ' "1936
Manila Elec Ry A I.t s f 5a.. 1953 fVl S 7818 84 84 Aug'22 .
..7*4
.
2 96*4 98*4
D 97*4 97*2 9
97*8
Liggett A Myers Tobac 7sI_Il944
Market St Ry 1st cons 5s___ 1924 M S 89 Sale 8834 8914
117*2 119 (1161
2 112 117*2
11 7*2
5-year 0% notes_________ 1924 A O 94 Sale 937s 9412!
100 100*4 100
t 5n V V r ;............................ 1951
100*4 23 9l7g 100%
Lorillard
Co
(P)
7s................
1944
Metropolitan Street Ry—
114 116 116
116*l 14 112 110*2
5s----------------------- HI
1951
B’way A 7th Av 1st c g 5s. 1943 J D 76% 77i2 72 Aug’22 .
99*2 Sale 99
3 92*8 100
99*2
Manatl Sugar 7Ms._.............. 1942
Col A 9th Av 1st gu g 5s.1992 M S 23 24
22
22
98'8 Sale 98*2
9914 69 97*8 100%
87 Sale 86*4
Morris A Co 1st s f 4 M sIIIIIl 939
Lex Av A P F 1st gu g 5s. .1993 M s' 48% 55 49 Aug’22 .
27 78 87*4
87
Nat Enam A Stampg 1st 5s_.1929
96*2_____ 96*4 July’22
Mllvv Elec Ry & Lt cons g 5s. 1926 F A 97% 98 9714 July’22 _
02*2 97
Nat Starch 20-year deb 5s__ 1930 J J 95 97
Refunding A exten 4 Ms. __ 1931 J J
89l2 89i2
95 Aug’22
95 95
N Y Air Brake 1st conv 6s ... 1928 rvi n 101 101*4 101
Montreal Tram 1st & ref 5s. .1941 J J 8812 _8S34 88
101
8834
97 101*4
N Y Dock 50-yr 1st g 4s__ _ 1951 F A 80*4___ 80*8
New Orl Ry & Lt gen 4 Ms. .1935 J J 65 . . .
50 Feb’21 .
807s
76 80%
Packard Motor Car 10-yr 8s. .1931 A O 107*4 107*2 107*4 1073s
N Y Munlc Ry 1st s f 5s A . 1966 J J 63 . _ 34 Dec‘21 .
98 108*4
Porto Rican Am Tob 8s____ 1931 IVI N 103l2 ------103*4 Aug’22
N Y Rys 1st R E A ref 4s.. . 1942 J J 373* 38 37i2 37i2
99 104
25_% 441; South
Porto
Rico
Sugar
7s
1941
Certificates of deposit_____
35i2 ___ 3614 3612
102&
8
Sale
102*4
103
J D
94 103
24 44
Standard Milling 1st 5s.
1930 M N 97*s 99
30-year adj Inc 5s______ al942 A 6
9^8 10i2 10
97*4 Aug’22
10
90 97%
Tobacco Products s f 7s_____1931 J D 106*2 107 1061* 108
Certlllcntes of deposit.... ...............
8% 9
9 Aug’22 _
97% 108
102
Union Bag A Paper 1st 5s__ 1930
N Y State Rys 1st cons 4MH.1962 M N G758 69 67% d8 %;
104*4 June’22
88% 104%
103*2 104 103*2 104
Union Tank Car equip 7s.
1930
Nor Ohio Trae A Light 6s . . . 1947 M S 95% Sale 95
95% |
101*4 105
United Drug conv 8s......... 1941
Portland Ry 1st A- ref 5s___ 1930 M N 84 8S>2 8Q12 July’ 22 *
111 111*8 11C
“ '
111*2
104 112
9G
34
97
07
U
S
Realty
A
I
conv
deb
g
5s.
1924
Portland Ry Lt & P 1st ref 5s 1942 F A 86 87
97
86
86
92 97
10234 Salo 102% 10234 46 100% 104%
U S Rubber 5-year sec 7s___ 1923
105341
1st & refund 7Ms Ser A...1946 (VI N 10534Sale 104
1st A ref 5s series A ..
1947
90*2 Sale 90*8
Portland Gen Elec 1st 5s.. 1935 J J 91 ____ 88 (2 Juno’22 .
9034 571 86 91
10-year 7M8------------------- 1930
1083s Sale 108
Pub Serv Corp of N J gen 5s. 1959 A O 8614 Sale 85% 86%'
108% 45 [04 109*4
861;
Va-Caro Chem 1st 15-yr 5s 1923
Third Avo 1st ref 4s_______ i960 J J 03i2 61% 64
64 &8
100*4 100% 16 93 101%
Conv deb 6s.....................el924
100
Adj income 5s__________ <zl960 A O 64 Sale 63
641*
92 102
Third Ave Ry 1st g 5s______ 1937 J J 96 97
97
97
9834 182 98 99%
..........- - - - .............. ."” .1947
D 98*2 Sale 98%
97
12-year a f 7 Ms___
1932 M N 105*2 Sale 105
Trl City Ry A Lt 1st s f 5s. . .1923
105% 100 90*2 105*4
O 100 100% 100 Aug’22 .
1003
4
Warner
Sugar
7s___
1941
Undergr of London 4Ms___ 1933
J 85 __
73 Jan'22 .
J D 103 Sale 102% 103% 18 99% 104
73
Electric 1st 5s. I ’ ’ Deo’ 1922 J J
Income 6s.......................... 1948 J J
100% 100*8 10 99 100%
64 June’22
64i8 West
E A M 7s........1931 M N 108 Sale 108
United Rys Inv 5s Pitts issue 1926 (VI N 87 88
8634
87 I
108*2 26 05 108*2
8812 Westlnghouse
Wilson A Co 1st 25-yr s f 6s" 1941 A O 100*2 Sale 100
United Rys St L 1st g 4s___ 1934 J J G078 62
61
61
101
103 93 101
10-year conv s f 6s
"" 1905 J D 96 Sale 95
St Louft Transit gu 5s___ 1921 A O 57 69l2 58 May’22 _
96
157 84 96%
Temporary 7Ms........III I I l 93l F A
105% 107% 428 94% 107*2
Va Ry Pow 1st & ref 5s......... 1934 J J 80% 8218 80i4
80i4
Oils
Gas and Electric Light
Refg deb 6 Ms
1os 1
80
81% 81
Am Wat Wks & Elec 5s____ 1934 A
103% 57
S 103*8 Sale 103%
5 70 8234 Atlantic
9434
Invincible Oil 8s .........IIIIII 1931 M
97 Sale 95i2
95
Bklyn Edison Inc gen 5s A .. 1949 J
16 90 98%
16 8978 «7
I R
Marland
Oil
s
f
8
s
with
war’ts
1931 (V
119
1025s 103 1021.1
119
General 68 scries B________ 1930 J
1 8434 126
7 100 103i2
A
O
1936 IVI N 10534 106 105% 10534
106% 1057s 105i2
General 7s series C________ 1930 J
9 99 107%
1, 102 107i2 Mexican Petroleum s f 8s
10778 Sale [10734
General 7s series D _______ 1940 J
101% 38 94% 103
12 ,100% 10878 Pan-Amor P A T 1st 10-yr 7s’ 1930 F A 101*4 Sale 101
Pierce
Oil
s
f
8
s.........
1931
94%
Bklyn Un Gas 1st cons g 5s__1945 IVI N 9812 99 98
97
32 94% 102%
D 95% Sale 10834
Prod A Ref s f 8s(withwarts*) 1931 J D
102 Sale
102 10234 101%
Canada Gen Elec Co 6s___ 1942 F
Aug’22 _
99
1157a
Sinclair Con Oil conv 7Ms. 1925 J
104i4 Sale 10334 104*8 299 98 106%
98l4 ____| 98
Cincln Gas & Elec 1st & ref 5s 1956 A
IV
I
N
1937 IVI S 9934 Sale 98%
15-year 7s-------9512 96% 95
Columbia G & E 1st 5s..........1927 J
99% 278 98 100%
Sinclair Crude Oil 5 Ms.......... 1925 A O 99 Sale 98%
9512 96% 951*
Stamped............................ 1927 J
193 98 99*4
99
Standard Oil of Cal 7s
^ion
Columbus Gas 1st gold 5s...1932 J
89
93 I 75 8ept’21
A 105% Sale 10o34 106*4 46
Tide Water Oil 6M S.IIIIII. 1931 F
Consol Gas 5-yr conv 7s____ 1925 Q
10212 ------jl24% Aug’22
103 125
F A 103% Sale 103% 10334 20
Detroit City Gas gold 5s___ 1923 J
1003s____' 100*8
10038
93 100%
Mining
99
9978 9912
9912
Detroit Edison 1st coll tr 5s. 1933 J
93 9978
1995 IVI S
1st A ref 5s scr A............ .*1940 M S 97 Sale | 96%
9
9
1
89% 97l2 Alaska Gold M deb 6s A
12*2
Conv
deb
6s
series B .._ I H ib26 M
6*2 87;
1st & ref fis series B_____ *1940 M S 104 10478 103 <4
6*2 Aug’22
99i2 106
8
10%
6
Duquesnc Lt 1st A coll 6s .. . 1949 J
78
96
100 1041* Am. Sm A R Ist30-yr5sser A 1947 A O 95*2 Sale 94%
Debenture 7Ms...........
1936 J
1U484 107*4 Braden Cop M coll tr s i 6s_ 1931 F A 99 991; 99
99% 15 93 100%
Cerro
de
Pasco
Cop
8s___
III
931
Empire Gas & Fuel 7Ms___ 1937 M N
98 9834
127% 50 1
127%
J 126 Sale 124
Chile Copper 10-yr conv 7s__l923 J
Great Falls Power 1st s f 5s__1940 M N
9412 100
107
I N 105 Sale 104% 105*4 47
Coll tr A conv 6s ser A ..I I 1939 IV
Havana Elec consol g 5s___ 1952 F A
93*8 Sale 92*8
93*2 21a
7714 92
93%
A
O
Hudson Co Gas 1st g 5s____ 1949 IV! N
Granby Cons M S A P con 6s A ’28 IVI N
86 July’22
___| 85% 90
90
Stamped.................
1Q9g
Kings Co El L & P g 5s........1937! A O
—
fill* 98
99
IVI N 90 94 94 June’22
r'nnir H
nKnn 8s.
C.
——
——
—
Conv
deben
Purchase money 6s______ 1997 A O
21)
102
.1925 IVI N 98 100 99% 100
106*2 111*2
Convertible deb 6s______ 1925 M S
Tennessee Cop 1st conv 6s’ " " 1925 xT m
100 July’21
___ 98 107
__ _ 101
Ed El 111 Bkn 1st con g 4s. 1939 J .1
90
U S Smelt Iter * M conv 6b! 11926 p % 102 Sale 101% 102
I i 81*8 90
95*2 103%
Ijic Gas L of St L ref A ext 5s 1934 A O
Coal, Iron and Steel
A
93 «8
4 86 9314
Milwaukee Gas L 1st 4s____ 1927 (VI N
Beth Steel 1st ext s f 5s
102ft'. ^
9278
99
98 98% 98
6 87*2 93
95% 100
Montana Power 1st 5s A___ 1943 J J
9734
1st & rel 5s guar A. _......... 1942 i w
96%
46 93 99
96 Sale 94
89% 100
N Y Edison 1st & ref 6 Ma A. 1941 A O
93%
11178
93 93% 92%
35 105*4 112*2
86 94*4
2o-yr
p
m
&
im
p
Sr5S:::;:l9
3
6
?
^
N Y G E L & P g 5 s ..............1948 J D ______ _ 98i2
100% Sale 100
101%
I I 92*8 99*4
98 101*4
Purchase money g 4s_____ 1949 F A
83
8312 7938
Buff
&
"s'usq
iron's"/5s..........f
5
78 Aug’21
20 76 83*2
87
Ed Elec III 1st cons g 5s._. 1995 J J 101>8------101% Aug’22 ---- 100*2 101%
Debenture fis...
........; I om i , ^
100 Apr ’22
100 100
Niagara Falls Power 1st 5S..1932 J J 100 ------1100*4
10034
Colo F & 1 Co gen s I S — “ }S S p ? 91 92
91
91
1 i 94 101
82 91*2
Ref A gen 6s..............
a!932 A
103 i8 10412 104
1041*
Col Indus 1st i coll 5s gG
^ 78% 79% 77
82%
9
1001*
104*4
71 82%
Niag Lock & O Pow 1st 5s. .1954 M N 96i2 ------ 1 95*4 June’22
92
95 95*4 ConsCoaloIMd Istire fS s 19501 n 90*4 Salt 90
86 92
Nor States Power 25-yr 5s A. 1941 A O 93
93% 91*4
93
97%
Aug’22
234
Kilt Horn Coal conv 0s
, 925!^ 5 97*2-----96% 102*4
% 93
933, 142 88
No Amer Edison 6s............... 1937 M N 93U 93i2 92
93%
93% Sale 91*4
90 9334 Illinois Steel deb 4 U s ..........Join1! 5
86% 93%
Ontario Power N F 1st 5s___ 1943 F A 97*8 97*4 95% Aug’22
Indiana Steel 1st 5s . ....................... « 101 Sale 100*4 101
90 99
96% 101%
Ontario Transmission 5s___ 1945 (VI N
» 1»2------ 1 91i2 July’22
100%
91% LacKawanna Steel 1st s"5s " "iQ 2a A O 100 100% 100
79
93*4 100*2
—
Pacific G & E Co—Cal G & E—
92
1st eons fis series A
lonii I s 91l2 Sale 90
82 927a
Corp unifying & ref 53___ 1937 M N 96i2 97l2 96*2 97%
94
June’22
4 93 97% Lehigh C A N a v sf 4 Ms A ” l 954 IV
90 94
J
J
Pacific G A El gen A ref 5s.. . 1942 J J 93 i2 Sale 91
94
105 87 91
Midvale Steel A O coni s f 5s‘ 1936 M S 90*2 Sale 8834
91%
83 92*4
Pao Pow A Lt 1st A ref 20-yr 5s ’30 F A 9214 Sale 9012 92l4
National Tube 1st 5s
41 87*4 94
100% 100*2
94% 100%
IVI N
Peop Gas A C 1st cons g 6s..1943 A O 105
105
10538
.............
1007s
3 101*4 105*8 Otis Steel 8s ...
100 100*4 99*4
96*2 103
F
A
95
Refunding gold 5s......... ..1947 M S
92
94i2j 2 86 91*2 Pocah Con Colliers 1st V f 5a 1957
87%
87%
91
93
87%
92
J
Ch G L & Coke 1st gu g 5s. 1937 J J 96
98
98
95%
3 80 98
Repub I ct S 10-30-yr 5s s f 1040 J
94*2 95% 95%
90 97
A
O
96 ____ 92 May’22
Con G Co of Ch 1st gu g 5s. 1936 J
84
St L Rock Mt A P 5s stmpd 11955 J J 82's SG12 84
92 92
78 87%
92l2
___
Mu Fuel Gas 1st cu g 5s__1947 M N
78*2 Juno’ 22 ' __ 78% 78*2 Sharon Steel Hoop 1st 8s ser A 1041
99
93*2 100
98*2 88st 98*2
Philadelphia Co 6s A_______ 1944 F A 101 Sale 99>4 101%' 82] 96*2 101% Steel A Tube gen s f 7s ser n 1951 IM S 101
101%
101
97 102
J J 90 Sale
Stand Gas A El conv s f 6s__ 1926 J D 96 97
96
96 I 11 92% 96% Tenn Coal I A RR Ren
Aug’22
100
100’j
96*2 100
J
Syracuse Lighting 1st g 5 s ... 1951 J D 92is ____ 91 July’ 22 '
104%
85 92
99% 104%
u 9f
Corp^C°UD. . . ’ " ’ d!963 M N 104 Sale 103*4 Aug’22
Trenton G A El 1st g 5s........1949 (VI S 89 ___ 73 Juno’ 2 ll —
103
s f 10-60-yr 5s\re«__ 113:5 i 963!kJ
99 103
Union Elec Lt A P 1st g 5s.. . 1932 M S 955,,____ 96*4 Aug’22
90*2 96U Va Iron Coal A Coke 1st g 5s 1949 rvi
93 94% 92*8 July’22;
87 92*4
United Fuel Gas 1st s f Gs... 1936 J J 97i2 98 97
97%'
99%
93U 98*4 Wickwlre Spen Steel 1st 7s. 1935!
99% 99%
97 101%
Utah Power A Lt 1st 5s....... 1944 F A 92i2 Sale 91
92 i4|
87*2 93*4
Telegraph and Telephone
Utlea Gas & Elec ref 5s....... 1957 J J 90*4__
91 June’22 ,
8434 91
41 75 80*2
Adams Express coll tr jr 4s
1946 m s 80 Sale 80*4 80%I
Wash Wat Power s f 5s......... 1939 -I J 9712 ___ 96*4 June’221
93% 263 86% 93%
95 96*4 Am Telep * Tcleg coll tr 4 s " 029 I J 93*2 Sale 92*4
West Penn Power Ser A 5a__1946 M S 9314 931* 931*
93*2
89 93*4
Convertible
4s..
'
^
S
88*4 Sale 87% Aug’2a . . . . 80% 87
IstscrJes D 7s.................. cl946 F A 1041* 10484 104*2 104i2!
103*8 104&
8
20-year conv 4 ^ 3 ............. 1933 „ I 100*4 102*; 100*8 Aug'22
95*4 103
9934 115 91% 9934
99*2 Sale 99
30-year temp coll tr s i " " 1940
Manufacturing & Industrial
7-year convertible 6s
100”
115% Sale 115% 116 , 37 108 116%
D 991* 100 99l2
Ajax Rubber 8s.....................1936
99l2
108%
108*8
41
99U
10314
Bell Teleph ot Pa s I 7sA I" ' 1945
108% 10S><
107 112
O 99 100 98*8
Am Agric Chcm 1st 5s______ 1928
99
8 U1 99
Cent Dlst Tel 1st 30-year 5s 1043
99% 100 9934 100 , 9..11 971« 100
1st ref s f 7 Ms R---------------1941 F A 104*8 104*4 104
2 72 76
75%'
104*41
100 105
Commercial Cable 1st a 4 s 2307
75*8 77 75%
A\
Am Cot Oil debenture 5s____1931 (VI N 90 90U 89
89*4
Aug’22
94
81 93
95 96
Comb T & T 1st & Ron 5s " : 1937
88*2 94%
Am Dock A Imptgu 6s ......... 1936
J 108ia ___ 107 Mar 22 ,
107 107 Mich State Telepb 1st 5s__ 1924
9S*4 99 9S*4 99%
94*4 99%
103*4 104 10338 104
American Sugar Refining 6s..1937
95*4
97*2 104*4 N ^ TeleI’ ,1'8t & gen s f 4 HsI 1939 M N 95*4 953s 95%
88% 9534
Am Writ Paper s f 7-6s_____ 1939
861.1 Sale 85*4
807« 88
86*4
30-year deben s f 6s .Feb 1949 F A 107 108 10G*4 108 I
101*4 108
Armour A Co 1st real est 4Ms 1939
91*8 Sale 90*2
10634'
86*2 94
91781
20-year refunding gold 6s 1941 A O 107 1073s 106%
101% 106*4
Atlant ic Fruit conv deb 7s A. 1934
38 39 38*2
39 7s
23*2 50*2 NorthwesFn Bell T 1st 7s A" 1941 F A 107% Sale 107% 108 I
10512 108*4
Atlas Powder conv 7Ms R___ 1936
I04is Aug'22;.
102 10978 Pacific Tel & Tel 1st 5s. . . . . " 1937 J J 98 Sale 9734
9S%
91% 98%
Baldw Loco Works 1st 5s___ 1940 M N 10314 ___ 103l2 Aug’22|.
94%
99*8 103*2
59 - -------------------------1952 MN 94*8 Sale 93%
91 95
Bush Terminal 1st 4s............ 1952 A O 82*8 8518 8278 July’22 .
77*4 85>g South Boll Tel & T 1st a"f"Bill941 J J 98*8------ 99 Aug’22 .
93 99
Consol 5s_______
1955 J J 89 90 S878 Aug’22 .
82U 9214 " estern Union coll tr our 5s 1938
90*4 100
J 99%------ 99% 100
Building ud
5s Pguar
. tit.I tax
uthA ex___
----- w1960 A O 93 94
S312
95 ,
93%
86U 95
88*2 94%
I<und A real estate g 4 M8. 1950 M N 93 93% 93*2
Cent Foundry 1st s f 6s_____ 1931|A O 82 84
84
84 I
76 88
112%
~ "inafilF a 112%------H2%
106*2 112%
15-year 6 ‘<s g-----•No price Friday; latest bid and asked. aDue Jan. dDua April. cDue Mar. «Due May. <?Due June. ftDue July. jfcDue Aug. oDue Oct. #Due Deo. # Option sgle.
Winston-Salem S B 1st 4s__ 1960 J J
Wia Cent 50-yr 1st gen 4s___ 1949 J J
Sup & Dul div A term 1st 4s ’36 (VI N
858
BOSTON STOCK EXCHANGE— S to c k R e c o r d
HIGH AND LOW SALE PRICE—PER SHARE, NOT PBR CENT
Saturday,
Aug. 12.
Aug. 14.
Aug. 15.
147
148 148
*147 149
83% 83’ 2 8234 83i2 S3
*99
99
99
101 101
10'
*263.1 2712 30
147
83
100
Aug. 16.
148
82
100
14S
83
100
Thursday,
Aug. 17.
146
83
99
*263.t 27% 26*4
*2634 27
31^4
34
*31
391. 39
*39
40
3912 *39
40
39% 40
54l» 58i2 57
57 *57
57
*56
*56
*50
50%
*50%
5014 50’4 *50U 51
*71%
7212 *71
71
*7H2
*71
*160 162 *160 162
160
*160
2434 25 U 24%
24
23>2 25
2312 23<2 *23
*42
311s
77
95
*89
*43
*99
43l2 42
311s 31
77 *77
96
95
90
90
47
♦42U
9912
*3% 3%
*19% 20
1225s 1223.1
•112i4 113
*88 ___
*15l2 16lg
*1012 18
*.25
.30
*30
42 " 42
*3034
31
*77
96
*95
90
88
47
*42
*98i2
*35S 334
*19
1934
1225s 122%
112i2 113
*88
*15i2 16ls
*17
18
*.25
.30
42
42 lg 421.
31ig *311-4 311.
*77
79
97
*95
97
89U *87
90
*44
47
47
9912 *98'2 100
*312 3%
*1918 1934
1225g 122%
112 113
*88
*15l2 17l2
*17
18
*.20
.30
146
83
99
*.20
.30
STOCKS
BOSTON STOCK
EXCHANGE
Range since Jan. 1.
Friday,
Aug. 18.
Sales
for
the
Week.
147
83
99
It all roads
Shares
52 Boston <fc Albany...............IOC 130% Jan 4 152 May 22
355 Boston Elevated________ IOC 73 Feb 20 84%May 2
Do pref_____________ IOC 94% Mar 1 104 June 14
25
147
84
99
2634 *26 ___
31 Aug’22
40U
58 *57
58
50%
74 *71% 74
160
160 160
25
24*4 25
*42 42% *42
42%
31% 31U 30*4 30*4
*76
79
*76
79
*95 96% *95
96%!
*88% 90
90 91
45U 45U
Last Sale 99% Aug’22
.04 July’22
3% 3%
334 334
3 % ' 3%
*19ig 1934 *19% 1934 19% 19%
122*4 123
122% 12334 *123% 123*4
113 113 113% 114
113 113%
90
90
*8Si2
Last Sale 15 July’22
*15l» 17%
*17
18
17 Aug’22
2412 24l2 *24
25 *2412 25
*24
25
*312 4U *3i2 4% *3^2 414 *31*> 4i2
*734 8 I4
75S 734
714 73.4
7>2 715
68
6712 68i2 *68
70
68% 69U 70*4
*45 4578 *
4512 45
*44
45
178 17912 17912 180
178 178
1787s 17934
12
12U *12
13 *12
13
12
12
s ^ ,D
tsp»*e
Last Sale .25 Aug’22
15 Julv’22
25
*24 25
4
July’22
*7% 8
*7% '8
70
70
*44 45
*44
45
178% 178% 178*4 179%
*12
12% 12
12
*24
*10l2 11 *1012 IH4 *10i2 11U *1012 m 4 *10% 11% 10U 10%
*1834 19U *18l2 19l2 1884 1834 *1812 i9u *18% 19 *18% 19
*47
*31
32
32
32
33
*30>2 3112 3212 32% 33
*
29 *
29 *
29 *
29
*64
*62
*64
67
70
*62i2
70
75
Last Sale 3% July’22
*2i2 5
*2t4 5
*212 5
*312 5
♦Oil 15
*914 15
*9i2 15
Last Sale 9% July'22
*9U 15
.75 .75
.75 .75
*734 8
8
8
7% 8
8
8
8
8's *734 8
91.4 9U *9% 9*4 *9% 9*4
9l2 *934 10
9i2 9% *9
7884 79
7834 79
78*4 79
79
785s 785g 79
79
79%
69
69
68 • 68
68i2 63l2 6SU 69
*6SU 70
68
63
*151l2 152i2 *15H2 15212 *15112 1521. 152U 152*2 152% 152% 152% 153
*18
20
*18
*18
*18
Last Sale 20 Aug’22
20
20
20
303g 30*s 30l2 30's 30% 30U 30U 30% 30*4 30% 31
30
♦81 83
83
83
81
*80
81
81
82
83
8
8
8
8
734 8
7% 8%
7>2 8
*112 2
2
2%
1%
l'l
1*8 2
17S 178
1% 2%
118 118
119 119
•11712 118
H 7I3 118 118 119
119% 119%
*6
7
*6
7
*6
7
*6
7
195g
19%
1934
*19U
1984
*19U 20
20
*19% 20
*19% '20
*160 162 162 163 *160 162 *160 162 *160 162 *160 162
•15
15>2 1512 15i2 15
16
15l2 *15
15
15
15
15
*3U 4
*312 412 *3l2 4
*3^2 4
106 106i2 105 106% 105% 106U 1055g 106 105% 106% 1051* 106
45 4514 44% 45
45 45
45U 45%
45% 45%
*11
11% *11
IH4 *11
11U *11
HU
407g 41
40% 41
40U 4012 40U 40*4 40% 41
26
26
26'2 2684 2634 2684 *26U 2634 26% 26*4 *26i« 267*
2934 2978 297g 30*8 30
30
2978 3OI4 30
30*4 30
3034
*29l2 30
30
SOU 297g 30U 297g 30U 30 30% 30U 31*4
*912 10
10
10
*912 10
*9*2 101. *10
10%
9i2 10 "
38
34
*35
37
35 *35 38
2612 26'2 *35
331j> 34
1134 1134 1134 12
12
12
12
12
12
12
12
12
32U 32
32
*32
3212 3234 33% 35
32l2 32
34
3434
♦3512 3612 *3512 36i2 *3512 36l2 *35*2 36% 35 35
36% 36%
*39
42
45
*38
42
42
*39
*39
44 July’22
*14l2 15l2 *15U 16
16
*15
*15% 16
Last Sale .80 June’22
*.50 .80 *.50 .80 *.50 .80 *.50 .80
63
63
63% 63% 63% 63%
64i2 6312 63i2 625g 63
64
Last Sale 20 July’22
*.20 .50 *.20 .50 *.20 .56 *.20 .50
26 *25 27
25
*25
25l2 25
26
25 25
*25
33g
35S
3%
31
2
3%
3%
3%
33g 3%
31
2
312 312
9
9
8*4 9
938 *9
912
9
9<g 9%
9
9
*14U 15
*14U 15
Last Sale 14% July'22
*14U 15 *14U 15
*290 295 *290 295 290 292 291 294 *290 293 292 295
10U 10
10% 10
10% 10% 10U
io>2 10'2 10ig 10% 10
10
9>2 91. *9
10
*9
10
*9
9>2 *9
9
10
4234 4334 4234 43U 4234 43l2 43% 43% 43% 43% 43% 43%
734 734
7*4 7*4
*734 8
734 734
7% 7% *734 8
105s 10*8 10'2 10% 1034 1034 *10% 1 1 '
1012 1034 *1058 11
2
2
2
2
2'4 2U
*2lg 23g
2ig 2%
2U 2*4
*2
2
2
21?
2
2
1'2 1%
*ll2 2
1% 1%
1% *1
n 2 *1
1'2
107 108% 10734 109U 1081. 109 U 108*4 109% 109% 110
106 107
*94
95 *94
95 *94 95
95
95
94l2 95
94
24U 24*4 x‘2 i
24
25
*24% 25
2412 2434 *24
24
24
*3i2 4
*3% 4
*3U 4
*3% 4
3% 3%
*3*4 4
23S 2% *2% 2%
2U 212
214 212 *2l4 3
2% 2%
*4
4
4
4%
4
412
4% 4%
*4
4*2
l-34 *112 134 *11. 1%
2U *m
*l7g 2
*234 3
*1% 2
1% 1% *17S 2
*1% “ 2
234 234
2*4 2*4 *2*4 3
25$ 234
234 234
2% 3%
4U 414 *41a 412 *4% 4%
4's 414
4j8 4l8
4*8 4*8
3
3
2%, 25g
234 234 *234 3
2*4 3%
3U 3U
62
62
62
61%
61
61
61
62
62%
61
62 62
185S
19
19
19
1834 19
19
19U 19U 19
19% 19%
*
.15
Last Sale
.15 *
.15 *
.15 *
3512 37
*35% 37
*3534 37
♦
75
75
♦7534 77
77
6%
55g 55g
6ig 6>8
6ig 6i2
6>8 6% *6
6
6
1234 1234 12i2 1234 12% 12% 12% 12*4 12% 13
12% 13
2i2 2i2
23t 2*4 *1% 2
2% 21?
2i2 212
2*4 2%
*25 26
26
25l2 25U *25
*25i.i 26
*2512 26
25% 25%
*36'2 37U *36% 37% 37% 37*4
3612 3612 3512 36*8 *3612 37
44
43
43% 441. 43
42*4 43
43% 43% 4334 4334 *43
47
4678 47U *47% 48
47l2 4712 *46
48
*46
48 48
.82 .90
.90 .90 *.80 ■9(J *.80 .95 *.80 .90
.85 .90
.95 .95 *■95 1%
*.95 1>8 *.95 11* *.95 H*
.95 .95
4% *4% 4%
4U *4ig 4*2 *4% 41. *4
3
*418
l's
1% 1%
1‘4
Us 1*8
1% 1%
l'Je 1%, *113 11.1
2Mi 2Mi
2
2 Mi 2M» 2%, 2 Mi 2 Mi
*2%, 2%
2
2 Mi
fi'o .70 *.68 .75 *.68 .75 *.70 .73 *.70 .73 *•70 .73
2>2 2% *2% 234
25g 2*8 *2l2 25g
*2U 284
2*4 3
*2%
3
21.
2%
212
2%
3
23.1
*2% 3
2
1*8 1*8
II4 13S lMi 1%
IJs 1%
II4
IMi 1%
*1*4 2
*1*4 2%
2
134 l 3i *1 'is l'A, *184 2
U2 1%
1U 1%
1% 1%
1>8 1U
1U 1U
11
11
11
HU 11
11
*11
12
♦Hi* 1 2 " 12 ~ 12
Lowest
Highest
105 Aug 14
14 Jan 10 31%May 20
20 Jan f
Do Series A 1st prof__ 100 22 Jan 5 44% Apr 26
Do Series B 1st pref__ IOC
36 Jan 17 62 May 20
30 Jan 9 54 May 25
Do Series C 1st pref__ IOC
Do Series D 1st pref__ IOC 40 Jan 12 77%May 1
Boston 3s Providence____ IOC 125 Jan 12 163 July 17
East Mass Street Ry C o.. 100 18 July K 26% July 31
77 July 11
57 Auk 1
34 Boston & Maine________ 100
182
2C
46
5(
6C
1,719
40
118
5
15
171
20
Maine Central--------------- 100
N Y N H & Hartrord____ IOC
Northern New Hampshire. IOC
Norwich & Worcester pref. 100
Old Colony.... ................... 100
Rutland pref...... ..............100
Vermont & Massachusetts. 100
Miscellaneous
27% Jan 30 48 Apr 15
34%May 22
12% Jan :
96 July 19
69 Jan If
58 Jan 17 100 June 1
57 Jan 6 98%May 23
15 Jan 20 52%June 5
78 Jan 23 99% Aug 10
.02 Feb 8
2*4 Feb 4
4% Jan 27
130 Amer Pneumatic Service.. 25
13 Feb 20 20% Aug 10
Do pref_____________ 50
10
3,385 Amer Telephone & Tele?.. 100 114% Jan 3 121*4 Mar 14
121 Amo3kcag Mfg______ No par 104 Jan 10 117 Jan 24
Do pref__________No par z80% Jan 17 90 Aug 17
20
14% Feb 20 20%May 19
Art Metal Construe Inc__ 10
13 Jan 7 22 May 4
.25 Jan 20
.75 Feb 21
.15 Apr 27
.50May 4
Boston Mex Pet Trus.-Afo par
.05 Jan 20
.20 July 17
50 Connor (John T ).... .......... 10 1534 Jan 4 25% July 31
3 Jan 4
6 Apr 21
7% July 28 14% Feb 10
5
250 Eastern Manufacturing—
38% Jan 4 73*4Juno 22
1,145 Eastern SS Lines Inc........ 25
42 Jan 7 47% Apr 18
25
Do pref............. .........50
126 Edison Electric Ilium____ 100 156 Mar 2 181% July 21
3 Mar 14 13 May 17
486 Elder Corporation____ No par
250 Gardner Motor______ No par
10 Groenfleld Tap & Die........25
148
127 Internat Cement Corp.Wo par
402
Do pref.......................100
International Products..Vo par
10 Jan 12
1S% Aug 9
26 Jan 20
28 Mar 25
60 Aug 5
3% Jan 9
16U Apr f>
27% Feb 27
Range for previous
year 1921
Lowest
Highest
119 Apr 133
61% Jan 79
78 Jan 100
Nov
Nov
Dec
13% Dec 25*4
16% Nov 30
19 Aug 33
27 Nov 47
24 Nov 40
30 Nov 58
110 June 133
Feb
Jan
Jan
Feb
Jan
Jan
Jan
30 Dec
12 Dec
60 Apr
51 Nov
50 Oct
15 Apr
69 Nor
Feb
Jan
Feb
Jan
Jan
Jan
Dec
43*2
23U
75
76
75
21
78
3 Jan
.04 Aug
5*4 Dec
2 Jan
8% Jan 15*8 Nov
96% Jan 119% Nov
74 Jan 109 Dec
78 Feb 84% Dec
12 Jan 16 Sept
12*4 Dec 20 Apr
4 Jan
.15 Dec
.95 Jan
.15 July
1% Jan
.08% Oct
9% July 17% Dec
4% Feb
3 Oct
9% Oct 23 Jan
16 Jan 42 Dec
42 Nov 45 Dec
142% Oct 165% Dec
3 Nov 17 Jan
9% Sept
19% Dec
23% Apr
29 Nov
19 July 28% Dec
37%May 13
32 Jan 27 .32 Dec 41% Feb
74 Dec 86 Mar
78% Jan 6
2 Sept 13 Jan
6% Mar 25
5 Nov 32 Jan
17 Apr 1
4% Mar
2 Sept
3 Jan 24
5j8 Dec 13 Jan
ll%June 3
r8% Dec 18 June
13 Jan 16
53*4 Sept 85 Jan
79»4July 20
70 Aug 1 58% Oct . 64 May
156 May 10 117 Sept 130 Nov
13*2 Sept 35% Apr
27%June 26
11 Sept 14% Mar
31 Aug 18
60 June 84 Apr
83 Aug 14
9% Jan
2% Dec
11% Jan 21
6 Aug
4 Aug
5 Jan 28
95% Jan 112*4 Dec
119% Aug 18
7 July 11*4 Dec
14 Mar 16
14% Dec 30% Apr
21*4May 3
174% Mar 11 146 Jan 171 Deo
12% Apr 14 Jan
16 July 17
3 Dec
9% May
7% Apr 5
88% July 105*4 Jan
108% Feb 23
47 June 61 Feb
81%June 5
14% Feb 3
10 Dec 22 Jan
45 Mar 24
33 Sept 39% Jan
22% Apr 25% Dec
27% July 15
16% July 24% Dec
33%June 2
10% Jan 29% Deo
31*4 Aug 18
6 Dec 17 Jan
14*4 Apr 26
30 Sept 75 Jan
49 Apr 25
8 Sept 17 Feb
12*4June 15
11 Apr 22% Apr
35 May 29
17 Aug 33% Dec
37*4June 14
44*4 July 12
16 Oct 35*4 Dec
21 May 13
8 July 18% Jan
1*4 Jan 4
.35 Oct
1*4 Dec
Island Oil &TranspCorp_. 10
.62 Apr 15
Libby. McNeill & Libby.. 10
1% Apr 24
Loew’s Theatres________ 25
8 July 1
Massachusetts Gas Cos__ 100 63 Jan 3
Do pref........................100 62 Jan 3
Mergcnthaler Linotype__ 100 130 Jan 3
Moxloan Investment Inc.. 10 19% Aug 9
13 Jan 6
142 Mississippi River Power__ 100
Do stamped pref......... 100 72% Jan 9
110
7%June 28
744 National Leather......... ..... 10
1 July 17
1,760 Now England Oil Corp--------71 Now England Telephone.. 100 109 Jan 4
Ohio Body <fe Blower..Vo par 11 May 18
475 Orpheum Circuit Inc------ 1 13 Jan 10
45 Pacific Mills......... ................. 160 July 3
73 Roeco Button Hole........... 10 12% Apr 18
3 Feb 20
92% Jan 3
998 Swift & C o ..................-.100
r39 July 3
458 Torrlngton-------------------- 25
8 Mar 29
Union Twist Drill........— 5
2,164 United Shoe Mach Corp.. 25 34 Mar 3
25 Jan 3
Do pref_______ ____ 25
121
3,850 Ventura Consol Oil Fields. 5 21% Jan 27
26% Jan 4
2,228 Waldorf System Inc--------10
7 Jan 3
125 Waltham Watch........... ..100
26% Aug 14
Do pref................ .......100
155
7% Feb 7
760 Walworth Manufacturing. 20
17% Jan 3
2,924 Warren Bros..................... 50
30% Jan 4
Do 1st pref................. 50
13
33% Feb 18
Do 2d pref------ ---------50
Wlckwire Spencer Steel— 5 13*4 Mar 27
.80June 16
Wollaston Land-------------- 5
Mining
Adventure Consolidated— 25
1 Apr 15
.4 Mar
.50 Jan 31
.75 Mar
59 May 11 66 May 29
40 Aug 63 Deo
170 Ahmeck.................... .........25
.50 Apr 17
.20 Jan 13
.15 July
Algomah Mining...............25
.50 Apr
22 Jan 9 32% Jan 26
10 Apr 24% Nov
87 Allouz.............. .................25
4%May 23
1% Sept
3*4 Jan
2 Mar 10
9651 Arcadian Consolidated___ 25
6% Jan 10 Apr
8% Feb 20 10%Juno 5
590 Arizona Commercial......... 5
8 Mar 14 Oct
Bingham Minos......... .......10
13 Jan 5 16%Juno 6
32 Calumet & Hecla------------ 25 265 Jan 5 298 May 31 210 Apr 280 Dec
11 Dec 16*8 Jan
495 Carson Hill Gold------------ 1 10 June 19 16*4 Mar 29
7 Jan 10 Jan
9 Aug 18 13% Feb 1
131 Centennial.........................25
27 Jan 4034 Dec
37% Jan 3 46*4May 31
352 Copper Range Co............. 25
9%
Jan
26
5% Mar
7% Jan
Da’vis-Daly
Copper...........
10
6%
Jan
3
805
7 Aug 11*4 Dec
754 East Butte Copper Mining. 10 10 Mar 27 12% Jan 26
1% Apr
3% Jan
3% Apr 15
1 A pril
390 Franklin----------------------- 25
1% Sept
3% Mar 16
3% Jan
1% Aug 18
321 Hancock Consolidated___ 25
1 June
2% Nov
2% Apr 17
.99 July 13
48 Jan 88% Deo
1,660 Island Creek C oal............ l 81% Jan 10 116%June21
75 Jan 90% Deo
Do pref........................ 1 88 Feb 14 96 June 15
50
16% Jan 24% Doc
22 Aug 9 26*4May 31
185 Isle Royale Copper..........25
4 Sept
2% Mar
4% Apr 17
3 Feb 6
25 Kerr Lake......................... 5
.98 Sept
2 Dec
5%May 5
1 Fob 24
265 Keweenaw Copper........... 25
2 Jan
3% Dec
5*.»May 31
2% Feb 18
106 Lake Copper C o ............ 25
2% Feb
1% Jan
La Salle Copper--------,___ 25
\U Feb fi
1% Jan
2 Sept
2*4May 19
35 Mason Valley Mine______ 5
1*8 Jan 4
.55 Apr
3% Jan
4*4 Apr 13
2 Mar 24
695 Mass Consolidated........... 25
5% Jan
2% Aug
6 May 22
74 Mayflower-Old Colony___ 25
2% Jan 20
3% May
1% Aug
7 Apr 13
785 Michigan-.........................25
.75 July 10
43% Jan 59 Dec
164 Mohawk........ ..................25
53% Jan 7 68 June 5
New
Cornelia
Copper-----5
188
4 Dec
12% Sept
17 Feb 21 20%June 2
665
New Idrla Quicksilver------ 5
2 Dec
.40 Nov
.10 July 7
2% Mar 23
New River Company-------100
40 Feb 57 May
40 Feb 9
8% Jan
5 July 8
4 July
7 Jan 4
405 Niplssing Mines...... ........ . 5
8 Mar 14% Dec
563 North Butte...................... 15 11 Feb 15 15 May 29
2% Deo
2% Jan 20
1 Aug
283 Ojibway Mining............. 25
4% Apr 15
23 Jan 4 27 Jan 25
110 Old Dominion Co----------- 25
15*8 Jan 25*4 Nov
30% Jan 5 38 May 31
21 Aug 35% Dec
71 Osceola-------------------------25
42 Feb 20 50 May 31
348 Quincy.............................. 25
33% Aug 46 Dec
28 Jan 45 Deo
140 St Mary’s Mineral Land.. 25 41% Jan 9 48%May 31
.25 Mar 10
.75 Jan 1% Deo
l*4May 18
450 Shannon............................ 10
2 Jan
.50 Jan 31
l%May 18
.35 Nov
25 South Lake.......................25
2 Mar 29
4% Feb
2 Sept
4*4 July 13
96 Superior________________25
2% Feb
.90 Mar 31
1 June
2 Apr 15
1,285 Superior & Boston Copper. 10
Trinity
Copper
Corp-------5
4%
Nov
l%June
5
3%
Apr
3
l
X
’
»
July
560
.85 Dec
.49 Mar 7
.34 Aug
.92May 22
500 Toulumno Copper----------- 5
2% Jan 19
3% Oct
1*4 Aug
4 Mar 22
750 Utah-Apex Mining......... . 5
5 Jan
1% Nov
1 Feb 21
3%June 5
171 Utah Consolidated......... . 1
X, Jan
.95 Jan 2 7
1 Feb 15
2% Apr 13
3,515 Utah Metal & Tunnel------ 1
2% Fob
l'At Jan 5
.40 May
2% Jan 30
50 Victoria________________ 25
.80 Mar
.35 Jan
.25 Jan 16
2*4 Apr 15
434 Winona..........—.......... — 25
10 Feb 10 16 May 31
8% July 14 Feb
339 Wolverine--------------------- 2 zn
• Bid and asked prices: no sales on this day. i Ex-rights. 4 Ex-dlvldcnd and rights. * Ex-dlvldend. rEx-stook dividend. * Ex-dlvldends.
15
312
250
356
48
102
___ Outside Stock Exchanges
TFeei’s
Amer Tel & Tel 5s___ 1946
Atl G & W IS S L 5s.. 1959 60
Chic Jet Ry& US Y 4s 1940 82
East Mass Ser B 5s__ 1948
Hood Rubber 7s_____ 1936 100*
Internat Cement 8s__ 1926
Mass Gas 4 * s ______ 1929
Miss River Power 5s.. 1951 95
N E Telephone 5s___ 1932
98*
5s_______________ 1952
Swift* Co 5s_______ 1944
Warren Bros 7 * s ___ 1937 115
Western Tel & Tel 5s. 1932
99
59*
82
69^
99*
107*
93*
94*
98
99
97
114
96*
R a n g e s in c e J a n .
Low .
99
S2.000 94
60* 18,000 47
82
5,000 74*
70*
600 69
100*
17,000 95 *
107*
500 101
93*
1,000
86
95
5,500 88
98*
4,000 93
99
1,000
97*
98
11,500 91
116
63,000 9 7 *
96* 6,000 90
1.
H ig h .
Feb 99
Aug
Mar 65 May
Feb 82 * June
Aug 71
Aug
Jan 100* Aug
June 114 May
Jan 94
July
Jan 95
Aug
Jan 99 May
June 99
Aug
Jan 98 June
Feb 116
Aug
Jan 96 * Aug
B a l t i m o r e S t o c k E x c h a n g e . — R e c o r d o f tr a n s a c tio n s a t
B a lt im o r e S to c k E x c h a n g e A u g . 1 2 to A u g . 1 8 , b o t h in -
Stocks-
F r id a y
S a les
L ast
W e e k 's R a n g e
fo r
S a le.
o f P r ice s.
W eek .
P r ice . L o w .
H ig h . S h a r e s .
P ar.
Alabama Co___________ 100
1st preferred..... ........... 100
Baltimore Brick, pref._100
*
Bencsch (I)________
Preferred____________ 100
Celestine Oil________
1
Cent Teresa Sugar______ 10
Preferred..... .............
10
C & P Tel of Balt, pref_.25
Commercial Credit......... 25
Preferred...................
25
Preferred B _____ ______25
Consol Gas E I . & Pr__100
7% preferred...............100
8% preferred________100
Consolidation Coal____100
Cosdcn * Co, prof______ 5
Eastern Rolling M ill____
Houston Oil, pfd trctfs.100
Manufacturers Finance.25
Preferred......................... 25
Monon Val Trac, pref_.25
MtV-WoodbMlllspfvtrlOO
Norfolk Ry & Light__ 100
Northern Central........... 50
Pennsyl Wat & Power.. 100
United Ry & Electric___50
Wash B & Annap.......... 50
Preferred._____ _______ 50
Bonds—Ala Cons C & I 5s____1933
Atlan & Charlotte 1st 5s '44
Balt & Sparr P & C 4 * s '53
Balt Traction 1st 5 s .. 1929
Central Ry cons 5 s . . . 1932
Consolidated Gas 5 s .. 1939
General 4 M s ________1954
Consol G E L & P 4 * s . ’35
5% notes..... .......................
7s________
1931
6s, scries A . . . .......... 1949
Consol Coal ref 4*s__1954
Refunding 5s........... 1950
Convertible 6s......... 1923
Cosdcn & Co 6s___________
Davison Sulphur 6s. . . 1927
Elkhorn Coal Corp 6s. 1925
Georgia & Ala cons 5s. 1945
Ga Car & Nor 1st 5 s .. 1929
HoustonOHdlvctfs6s’23-25
Lexington Ry 5s_____ 1949
Macon Dub * Sav 5s. 1947
Monon V Trac 7s_____ 1923
Penney W & P 5s_____1940
United Ry & E 4s____1949
Income 4s...................1949
Funding 5s........... ..193 6
6 s ..............................1 9 2 7
6s (w 1)....................... 1949
Wash B & A 5s........... .1941
95*
30*
25*
108*
60
27
27*
112
105
116*
87
—
____- - _____
55
—
110*
21
65
95*
27*
30
25*
.45
1*
2*
108*
59*
26*
27*
111*
104
115*
86 *
4*
23*
89*
55
26
17*
50
22 *
77
no*
65
95*
28
30*
25*
.45
1*
2*
109
61
27
27*
112 *
105
116*
87
4*
23*
90
55*
26
17*
50
22 *
77
no*
20
21
15
32*
90
09*
89*
97*
98*
91*
110
103*
91
100*
105*
99
100
88
90*
109
106*
101*
89
90*
100 *
105*
98*
98*
81*
90
100
60
74*
57*
98
101*
81
83
59
98*
97*
74
56*
78
98
101
81
R a n g e s in c e J a n .
40
17
117
45
100
30
50
22 *
25
24
.35
188
1
80
2*
37 105
49
221
114 25
444 25*
375 91
215 102
50 105
90 SO
125
4*
35 23*
50 78
80 41
39 24
10
17*
5 44
25 20
4 72
230 92*
2,170
9
120
14*
95 29
90
99*
89*
97*
98*
51,000
1,000
2,000
1,000
1,000
3,000
100
88
1,000
91*
83
99*
80*
91
96*
93
81*
85*
106
101*
13,000
22,500
106* 29,000
103* 45,000 100
89
85*
1,000
91
5,000 86
100 *
4,000 96*
105* 19,000 98*
99
2,000
96*
99* 21,000 94*
2,000
70*
81*
90
1,000
83*
110
100
1,000
83
60
99
98*
74*
57*
79
98
3,090
3,000
31,500
9,000
16,000
10,000
2.300
5,000
47,000
30.000
102
81*
rt
rwvi
„ Pf*' _' 1
Stocks—
American Stores.
1
i•
F r id a y
S a les
L ast
W e e k 's R a n g e
fo r
S a le.
o f P r ice s.
W eek .
P r ice . L o w .
H ig h . S h a r es .
25
24
______
............
68
148
52
—
—
50*
49*
...........
...........
Hunt & Brd Top. pref.
Insurance Co of N A__
J G Brill Co................
Pennsy1v Salt M fg......... 50
39*
48
87*
9
76*
79*
14
140
52
90
110
25
68
15
148
52
90
110
50*
46*
25*
63*
98*
51
49*
25*
70
102*
38*
47
89*
9*
75*
65
76*
45*
52*
40*
32*
10 *
31
31*
37
32
65*
34
74*
1*
39*
53
90
9*
77
67*
V0 *
40*
53
41*
33
41*
32*
32*
37
33
66*
34
77*
1*
1*
41
Penn Cent L & P, pref..
—
Philadelphia Co (Pitts).. 50 41*
Preferred (5 % ).......... 50 33
Pref (cumulative6%).50 41*
Phlla Electric of Pa........25 32*
Preferred................... 25 32*
______
Phlla Insulated Wire----Phlla Rapid Transit-----50 32*
Philadelphia Tract ion . . . 50 66 *
Phlla* Western, p re f...50 ______
Reading..........— .........50
Tono-Belmont Devel___ 1 ______
Tonopah Mining_______ 1
1*
Union Trac, S17* paid.50 40* 40*
200
200
United Cos of N J____ 100
United Gas Improv't__ 50 52*
51* 52*
54* 55
Preferred..............
50 54*
9
9
Warwick Iron & Steel__ 10 ______
37
38
West Jersey & Sea Shore.50
100
80*
38*
95
92
66 *
46
66
98
98*
78*
Apr
May
Apr
Mar
Jan
Jan
Jan
Jan
June
Mar
Jan
Jan
Jan
July
Jan
Jan
Jan
Aug
Feb
Jan
Jan
July
Jan
Jan
June
Jan
Jan
Jan
Jan
Mar
Aug
Jan
Mar
Mar
Jan
Mar
Jan
Jan
Jan
July
Jan
Feb
Jan
Mar
Jan
Mar
Feb
Mar
Mar
May
Feb
Jan
Jan
Jan
Jan
Mar
Aug
Apr
Mar
80
95*
30
35*
26
.74
2*
4
110
65
28
28
112*
104
116 *
87
4*
25
92
55*
26*
20
55*
22 *
78
no*
21
19
34*
90
99*
89*
98
99
100 *
88
91*
110
108*
103*
89*
91
100*
107
104
99*
82*
96
100
81*
60
99*
99
75*
58*
80
98*
102
84
July
Aug
May
June
Aug
May
Aug
Mar
Aug
July
Apr
Apr
Aug
Aug
June
May
Apr
Aug
July
Aug
June
May
Apr
Aug
June
Aug
Aug
Apr
Apr
July
Aug
July
Apr
May
Apr
May
Aug
Aug
Aug
Aug
Aug
Aug
June
June
Feb
Aug
June
June
Mar
July
Aug
Aug
May
June
May
July
Aug
Aug
May
j
R a n g e s in c e J a n .
Low .
1.
H ig h .
Jan 39* Aug
Mar 59
Aug
Mar 90
Aug
Jan 12* May
Feb 77* Apr
Jan 67 * May
Jan 79* Aug
Jan 47* July
Jan 55* May
Jan 41 * Aug
Apr 33
Aug
Jan
Feb 32* Aug
Jan 32 * Aug
May
Jan 35* June
Jan 68 * Apr
Jan 34* June
Jan 81* May
July 1 15-16 June
655 34
13 177
1,792 38
459 38
10
7*
120
27*
Jan 43 Mav
Jan 200 June
Jan 54 June
Jan 5 5 * July
Feb
9 * June
Jan 39
Aug
IK
Jan 25
July
Jan 75 May
Jan
Jan 155* Aug
F'cb 55
Apr
Apr 90 May
Aug 110
Aug
Jan 56* Apr
Mar 4 9 * Aug
July 27 May
Jan 73* July
Mar 110* July
89* 92*
89
88
97* 97*
81
81
69* 69*
134 104
81
81
35
35
94* 94*
86 * 89*
4,000
600
5,000
1,000
10,000
500
2,000
1,000
2.030
15,000
31,500
2,700
25,000
105
25,000
106*
400
85* 85*
1,000
85* 85*
1,000
100
100
101
101
101
101 *
100
100
84*
99 *
84*
99*
2,000
2,000
200
E x c h a n g e .— R e co rd
F r id a y
S a les
L ast
R ange
fo r
S a le.
o f P r ice s.
W eek .
P r ice . L o w .
H ig h . S h a r es .
TVect’s
P ar.
H ig h .
116 19
11
47
1,337
4
1.53C 83
1C 47*
1C 73*
7 110
240 44
1,927 37*
20
25
470 55*
120
90
236 10
93 30
380 36
200
75
470
6*
66 *
210
325 57
130 69*
4,833 33*
15 48*
875 32*
330 29*
845 36
6.626 23
2,317 27*
25 30
5,549 17*
545 58
160 29
140 72
500
1*
20
S to c k
1.
P h i l a d e l p h i a S t o c k E x c h a n g e . — R e c o r d o f tr a n s a c tio n s
a t P h ila d e lp h ia S t o c k E x c h a n g e A u g . 1 2 to A u g . 1 8 , b o t h
irm inoitrA
C h ic a g o
Stocks—
L ow .
20
15*
32*
small.
H ig h .
S a les
fo r
W eek .
S h a res.
CTi^
Bonds-
.2007 92*
.2007
5s’ 52
Cons Trac N J 1st 5s. .1932
.1945
.1930
J. 1935 81
s.1924
.1965
5s ’51 89*
.1966 101
do
. 1966
5* s - 101*
6s___
104*
do
small.
.1959
.1997
.1933
as ’34
.1930
do
R ange
O O
P ar.
B o s t o n B o n d R e c o r d . — T r a n s a c t i o n s in b o n d s a t B o s t o n
F r id a y
S a les
L ast
W e e k 's R a n g e
fo r
S a le.
o f P r ice s.
W eek .
P r ice . L o w .
H ig h . S h a r e s .
F rid a y
L ast
S a le.
P r ice . L o w .
American Radiator___ 100
American Shipbuilding. 100
Armour & Co, p r e f... 100
Armour Leather............. 15
Amer Pub Serv, pref..........
Beaver Board certificates..
Booth Fisheries, new__ *
Preferred........ ............ 100
Case (J I), 2d pref____ 100
Chicago City & Con Ry—
Profit sharing com____ *
Preferred_____________ *
Chicago Elev R y, pref.ioo
Chicago Rys Part Ctf Ser 2
Part Ctf Series 3_____
Commonw’th Edison.. 100
Consumers Co, com__ 100
Preferred___________ 100
Continental Motors___ 10
Cudahy Pack Co, com . 100
Earl Motors____________ *
Godchaux Sugar, com. . I~ »
Great Lakes D & D ___ 160
Hartman Corporation. 100
Holland-Amer Sugar___ 10
H uppMotor__________ "i0
Illinois Brick________ ^ioo
Libby ,M cNeill*Llbby, new
Lindsay Light .............. io
Preferred.......... ....... ~ i o
Middle West Util, com lioo
Preferred................ joo
Prior preferred . . . I I I __
Mitchell Motor Co______*
National Leather___
" io
Pick (Albert) & Co
*
PIgg Wlgg Stores Ine A "»
Pub Serv of N 111, com ioo
Preferred........
ioo
Rights..................
Quaker Oats C o ..........lio o
Preferred................ 2 100
Rco Motor............ I I I I . 10
Sears-Roebuck, com T io o
Standard Gas & Electric 50
Preferred______
so
Stc Warner Speed, comllOO
Swift & Co___________ ioo
Swift International. 111.15
Temtor Prod C & F "A ” »
Thompson (J R ), com
25
Union Carbide & Carbon 10
United Iron Wks v t c
50
United Paper Bd, com .ioo
United Lt & Rys, pref
Rights___________
Wahl Co............ ....... I I ” *
Ward, Mont & C o lw i ~~20
Western Knitting Mills" *
Western Stone.
ioo
Wrlgley Jr, com . . 111' " o 5
Yellow M fg___
~in
Yellow Taxi___ I_H H
Bonds—
Armour & Co 4 * s
1939
Chicago City Ry 53I H 1927
Adjust Income 4s__ 1927
Commonw Edison 5s 1943
Pub Serv Co 1st ref g 5s. -50
South Side Elev 4 * s_ .1924
Swift & Co 1st s f g 5s. 1944
P itts b u r g h
115 115
72
72
?9Ji 100
12*
12*
85
86
5
5K
7*
8*
46
48
8*
8*
*
*
5*
2*
*
130*
6K
2
130
*
6
67
7
*
2*
15*
83 *
’ l7 *
74
7*
5
76 *
7
*
27
42 X
98 *
13*
49
44 *
105
20*
54*
58 *
7*
24*
7
147*
78
6*
62
2*
14*
85*
83*
5
17*
73*
7*
4*
5
47
76
97
4
7*
26*
41
98*
92
*
185
98*
13
89*
19K
48 K
42*
104*
20
1*
3
*
130*
6*
67
7*
62
2*
16
87
85*
6
18*
74
8
5
5*
47*
76*
97
5
8
27*
43
100
92*
1*
185
99*
13*
94*
20
49*
45
107
21
2*
54*
59
7*
19
76*
10
10 *
56* 58*
23* 25*
7
7*
7
7
104 105
141 149
71* 79
51*
56*
7
18
76
91
80*
25 *
99
87*
88 *
97
S to c k
*
6
6*
25
140
465
425
190
200
125
235
125
R a n g e s in c e J a n .
Low .
81
82
97*
74
64
104
72*
30
88 *
85
93
94
99*
100 *
100*
77*
80*
Jan
Jan
Aug
Jan
Jan
Aug
Jan
Jan
Apr
July
Jan
Feb
June
Jan
Jan
Jan
Jan
Aug
100
84* Aug
97* Jan
of
92*
89
97*
84*
72
104
81
39*
94*
93
101
101
102*
105
108*
85*
87*
100
84*
99*
Aug
Aug
Aug
Apr
Apr
Aug
May
June
Aug
May
July
July
Aug
Aug
Aug
Aug
July
Aug
Aug
Aug
t r a n s a c t io n s
R a n g e s in c e J a n .
Low .
1.
H ig h .
83
60
91
Jan 115
Aug
June 96
Mar
Jan 100
Aug
12
Feb 12 * Feb
83
July 87 July
5
Apr
7 * May
5
Jan
9 July
34
Mar 50
7 * June 10
Mar
728
* Jan
2*
430
4 * Jan
9*
370
Jan 12
1*
543
6
1 * Jan
175
* Aug
1*
397 114* Feb 132*
160
5
Feb
9
125 59* Feb
2,475
5
Feb
9
30 55
Jan 68
2,230
2*
Jan
6
250 10
Feb 18
137 81* Jan 106
1,264 77* Jan 103
275
4 * Jan
7*
1,100
10 *
Jan 21*
90 56
Feb 75*
1,314
7 * Aug
8*
1,675
3 * Mar
6
860
5
Apr
5*
450 27
Jan 53*
95 53
Jan 78
10
82
Jan 99
210
3 * Feb
7*
1,466
7 * July 11 *
1,322 19
Jan 28*
7,837 23* Mar 54*
665 80* Jan 101
120
88 *
Jan 98*
4,283
* July
1*
20 143
Jan 185
120
93* Mar 99*
1,730 12 * July 28*
175 59* Feb 94*
560 13
Jan 20 *
675 42
Jan 49*
9,200 24
Jan 45*
1,910 91* Jan 108*
8,652 17
Apr 23*
May
500
1
5*
6,435 40
Jan 54*
Jan 59*
13,085 43
Jan
200
6
9*
175 13* Feb 19
Mar 81 *
90 70
Aug
85 10
10 *
Jan 71*
2,615 50
9,184 12 * Jan 25 *
Jan 10*
5
830
1
Feb
385
7
Mar n o *
810 97
Mar 246
1,904 132
Jan 79
21,607 50
5,000
91
SO* 2,000
25* 2,000
11,000
99
87* 6,000
2,000
88*
5,000
97
I.
H ig h .
87* Jan
Jan
67
Jan
17
93* Jan
87* Aug
77* Feb
90* Feb
91
84
32
99
87*
89*
97*
Feb
Feb
May
Mar
Feb
Feb
Apr
Feb
Jan
Feb
Mar
June
May
June
July
Mar
Apr
May
July
Apr
Juno
Jan
Apr
May
Mar
June
Aug
Apr
Aug
July
Aug
June
July
May
Feb
Feb
Feb
Aug
Mar
Feb
Aug
May
Aug
Apr
May
May
Aug
Feb
Feb
Aug
Aug
Apr
Apr
July
Aug
June
July
E x c h a n g e .— See p a ge 8 4 3 .
N e w Y o r k C u r b M a r k e t .— O ffic ia l tr a n s a c t io n s in i
rsicw i o r k C u r b M a r k e t f r o m A u g . 1 2 t o A u g . 1 8 , i n c l u s i v
W eek
en d in g
Stocks—
A ug.
is .
P ar.
F r id a y
L ast
S a le.
P r ice .
S a les
R ange fo r
W eek .
o f P r ice s.
L o w . H ig h . S h a r e s .
Weet’s
Industrial & Mlscell.
Acme Coal Mining___ 1 93c
70c
Acme Packing__
{n
44c
36c
AlHed Packers, prior "pref
30
Aluminum Mfrs, com___ *
22
Amalgam Leather, coni " "*
10 *
Preferred.....................
36
36
Amer Gas & Elec, prefI .so
44
Am Light & Trac, com .100 138" 134
Amer Pub Util, pref__ ioo
29*
Atlantic Fruit, when iss’d *
1*
Bethlehem Steel, new w 1’
78*
78*
New preferred w 1___ I"
96
96
Borden Co., common ioo 107
103
g a lle y Flrep'f Prod, com 1
20c
19*
Uril':^,mer
Tob ord hear .£1 19*
Ordinary___
19*
Brooklyn City r r ..........i 0
S*
8*
Buddy-Buds, Inc. 111111 .*
1*
£ ar,.Ll8htlng & Power. . 25 98c
720
Carlisle Tire...............
*
1*
Celluloid Co, com
94
94
1*
>*T?rcsa Susar, comlio
1*
ChlcNipplq Mfg, Cl A ..10
4*
4*
Clsss B ...............
jq
3*
Cities Service, com
100 195* 180
Preferred___
""inn 67* 67
Preferred B____ IIII. 10
6*
* No par value.
95c
47c
30
22
10 *
36
44
138
29*
2
82
100*
107*
20c
19*
19*
8*
1*
ik
2*
94
1%
5*
3*
196
67*
6*
87,800
9,000
100
100
300
100
20
70
100
1,200
800
1,600
400
1,000
2,700
600
1,000
7,200
14,800
SOO
25
800
4,600
900
2,511
900
300
R a n ge s in c e J a n .
L ow .
50c
20 c
25
15
7*
33
42
113*
29 *
1*
78*
96
94
20 c
12 *
12 *
4*
45c
50c
1*
90
1*
1*
1*
158
51
4*
Aug
Mar
Apr
Jan
Feb
Mar
June
Feb
Aug
Aug
AUg
Aug
Feb
Aug
Feb
June
Jan
Jan
July
Aug
June
Aug
Apr
May
Jan
Jan
Jan
1.
H ig h .
1 * Apr
7 * Mar
42
Jan
25 June
14* Apr
43 May
45* Apr
165 June
2 9 * Aug
3 June
82
Aug
100* Aug
no
Apr
1 * June
19* Aug
19* Aug
9 * May
2 >/f« Apr
May
m
Jan
2*
107 May
3 * Feb
6 * July
5 * July
242 May
72 June
6 * June
Sales
Friday
Last Week’s Ranye for
of Prices.
Week.
Sale.
High. Shares
Stocks (Concludes) Par. Price. Low.
Cities Serv, Bankers’ sh
Cleveland Automobile.
Columbln Motor Corp___
Colombian Emerald Synd
Colombian Syndicate___
Colorado Power, com. .100
Com'l Solvents Corp Cl A.*
Class B stock______
Com’w’th Pow, Ry & L.100
Continental Motors___ 10
Cosgrave Breweries_____
Cuban-Dominlcan Sug w 1
Daniels Motor, com____ *
Dictograph Prod, com..10
Dubllcr Condenser&Radio*
Durant Motors, Inc____ *
Durant Motors of Ind__ 10
Earl Motors, Inc_____
Federal Tel & Tel______ 5
Gibson-Howell Co, com.10
Gillette Safety Razor___ *
Glmbel Bros, com, w 1..
Preferred_____ _____ 100
Glen Alden Coal.........
Goldwyn Pictures____
GoodyearT & R, com..100
Preferred__________ 100
Prior preferred_____ 100
Grant Motor Car............ 10
Haye3 Wheel when issued
Heyden Chemical_____
Hudson Cos, prof_____ 100
Hud & Manh RR, com. 100
Imp Tob of Gt Brit & Ire £1
Inland Steel...................25
Intercontinental Rubb.100
International Carbon..
Lake Torpedo Boat, p f.. 10
Lehigh Power Securities..*
Lehigh Valley Coal Sales.50
Lima Locom full pd rets w 1
Part paid rects w 1__
Lincoln Motor, Class A .50
Locomobile Co...... ......... .*
MacAnd & Forbes.com. 100
Macy(RII)& Co,Inc,com.
Preferred____ ______ 100
Mercer Motors_________ *
Voting trust certlfs.......
Mcsabl Iron C o________ *
Moon Motor Car______ *
Morris (Philip)Co, Ltd. .10
N Y Tel 6%% Pf w 1..100
Packard Motor Car.com. 10
Preferred__________ 100
Peerless Trk & Mot Corp50
Phllllpsborn’s, Inc., com.*
Preferred__________ loo
Pub Serv Corp of NJ, pflOO
Radio Corp of America__ *
Preferred____________ 5
Reo Motor Car_______ io
Republic Ry & Lt, com. 100
St Lawrence Feldspar__ 10
Schulte Retail Stores____ *
Southern Coal & Iron___ 5
Standard Motor Constr.10
Stutz Motor Car_____
Swift International____ 15
Technical Prod Corp..
Tenn Elec Pow, com, w 1.*
Second preferred_____ *
Timken Detroit Axle___
Tob Prod Exports Corp..
Todd Shipyards Corp___
Torbenson Axle, com___ *
Union Carbide & Carbon .*
United Profit Shar’g, new.l
Un Retail Stores Candy.. *
U S Light* Heat, com .. 10
Preferred.... .........
10
Van Raalte Co, Inc_____ *
Wayne Coal___________ 5
West End Chemical___ .1
Willys Corp, 1st pref ..100
Youngstown Sheet & Tube*
Rights—
Cuba Cane Sugar............
Union Oil______________
Former Standard Oil
Subsidiaries
Anglo-American Oil___ £1
Buckeye Pipe Line____.50
Crescent Pipe Line____ 50
Galena-Signal Oil, com. 100
Preferred__________ 100
Illinois Pipe Line_____ 100
Indiana Pipe Line_____ 50
National Transit___ 12.50
Ohio O il_____________ 25
Pen-Mex Fuel________ 25
Prairie Pipe Line.........100
Southern Pipe Line___ 100
South Penn Oil_______ 100
Standard OH (Indiana)..25
Stand Oil (Ky) new w 1. 100
Standard Oil of N Y._ .100
Vacuum Oil................100
Other Oil Stocks
Aetna Consol Oil..........
Alcan Oil Corp_________ 5
Allen Oil............
.1
American Fuel Oil, com .10
Preferred___________ io
Arkansas Nat Gas, com. 10
Atlantic Gulf Oil______
Atlantic Lobos Oil, com.
Boone Oil_____________ 5
Boston-Wyoming Oil___ 1
Brit-Amer Oil, Ltd____ 25
Carlb Syndicate...........
Columbia Petroleum___
Continental Petroleum__ 5
Continental Refining..
Creole Syndicate_______ 5
Cushing Petroleum Corp .5
Denny Oil— ............. — 1
Engineers Petrol Co........1
Equity Petrol Corp, pref..
Federal Oil............
5
Fensland Oil.............
*
Gilliland Oil, com............ *
Glenrock Oil............
10
Granada Oil Corp, Cl A .10
Hudson Oil —---------------- 1
Imperial OH (Canada) coup
International Petroleum.. *
Keystone Ranger Dovel._l
Kirby Petroleum............. *
Livingston Petroleum----- *
Lyons Petroleum...............
20%
"3 %
18% 20%
25% 26
3% 3%
75c
66 c
2
47 %
41
23
47%
41
30%
7%
7
8%
11
1%
8%
10
11%
1%
8%
7%
11 %
""£%
2
23
45%
41
30%
2%
5%
19% 21
222 225
45 % 44% 45%
55
6 Vs
32
66 %
75c
30%
1%
102
102
54% 55
5% 6%
10
10%
31
32
66%
66%
1%
1%
75c 76c
29% 30%
17
12%
15
50%
17
13
15%
50%
4%
9%
15%
78%
57%
32
15%
78 *
52%
28
15%
79
58%
32
2%
1%
20 c
12%
15%
4%
105
55% 55
106% 106
2%
3
12
10%
2%
11%
10 %
19%
107% 107%
13%
14
85%
58
58
40%
41
100%
100
102
103
4%
4%
3%
3%,
13% 13%
14
8%
9%
35%
37
32c
39c
4%
23% 22%
20%
6
13%
36%
26%
6%
66 %
25%
56
6%
6%
6%
6
1%
1%
49%
2%
54c
24%
100
20
1.600
300
100
1.500
100
2,100
900
100
400
35% 39% 1,600
13% 15% 10.400
7%
102
5,360
400
500
4.600
1%
54c
24%
2
2%
200
5.800
1,650
450
3.200
1,601
400
9.000
1.200
200
100
700
3,300
1.500
100
1.000
400
100
600
100
100
300
75
3.100
1,200
2,200
30c
2,000
106
35
61% 14,600
108
9.600
1.400
300
5.500
12%
10% 1.400
20% 5.400
107% 1,575
14% 1.700
85%
30
58
100
42
4.000
100%
600
104
1.000
4% 22.900
3% 12,100
13% 5.200
14
50
9% 4.200
37
700
49c 109,000
4%
400
24% 17.900
20%
300
6%
2.400
14
1.700
37%
200
29
400
7% 1.800
69
650
25%
100
58
200
7
800
6 % 5.600
1%
4.100
1
300
49%
100
2%
9,000
55c
1.400
24%
100
100
25c
19c
30c
19c
3.000
1.000
Range since Jan.
Low.
17
20
3%
50c
High.
Other Oil
Stocks (Concluded)
Sales
Friday
Last Week’s Range for
of Prices.
Week.
Sale.
High. Shares.
Price. Low.
24% Apr
35 June Maracaibo Oil Explor___ *
5% June Margay Oil Corporation.. * ” "i%
1% May
5%
3% July
23
Aug Marland Refining..........5
47% Aug Meridian Petroleum___ 1C
9
41
Aug Merritt Oil Corp--------- 10
32
July Mexican Eagle O il..........5 13%
9% May
7
Aug Mexico Oil Corp--------- 10
1%
12% May Mountain Producers-----10 14%
11
14% June
71%
2% May New England Fuel Oil----9% May
43
July Noble Oil & Gas_______ 1 19c
3%
16% Apr Noco Petroleum, com__ 1C
6 % Jan North American Oil____ 5
7% Aug
21
Aug Omar Oil & Gas-----------10
I'We
7
225
July Pennock OH--------------- 10
19c
46% Aug
— *
7%
102% Aug Ryan Consolidated
56% July
9% May Sait Creek Producers__ 10 15%
3%
15% May Sapulpa Refining----------- 5
40 June Seaboard OH * Gas--------5
13%
73% June Shell Union Oil, com, w 1..
1% June
8%
32% July Slmms Petroleum........... *
6%
1% Jan
21 May
15% May Southern States Cons Corp 24c
14
15% Aug
4%
58 May Spencer Petrol Corp-----10
11% Feb
2c
13% July Texas Ranger — ........— 5
2
Aug Texon Oil & Land--------- 1 52c
18% May Tidal Osage OH------------ * 12 %
82 June
1%
58% Aug Turman O il.....................1
32
Aug Ventura Cons OH Fields..5
8 % Jan Wilcox Oil <fc G as............5 " "5 %
69c Jan Woodbum Oil Corp--------* 50c
108
Jan “ Y" Oil & Gas_________ 1 14c
61% Aug
Mining Stocks
108
Aug
2%
5% May Alaska Brlt-Col Metals.-lO
4c
4% May
1%
13% Aug American Exploration— 1
12% July
23% July
7c
108% July Belcher Extension.__ 10c
16% June Big Ledge Copper Co___ 5 10c
1%
90% May Boston & Montana Corp.25
59
July Boston & Montana Dev..5 17c
42
Aug Calumet & Jerome Copp.l 21c
7c
100% Aug Canada Copper Co--------5
107% June
Candalarla S ilv e r..------ 1 31c
6 % ^pr
3% May Cash Boy Consolidated.. 1
29
July
14
Aug Consol Copper Mines-----5 40c
Certificates of deposit...
2%
9% Aug
40 May Consol Nevada-Utah----- 1
2% Jan
Apr Cork Province Mines----- 1 19c
6
lWe
45 June Cortez Silver--------------- 1
2%
23% Feb Cresson Con Gold M & M . 1
7%
6% Aug Davis-Daly Mining........10
14% June
2%
40% June Dolores Esperanza-------- 5
9c
29% Aug El Salvador Silver Mines. 1 10
c
10% May
3c
Emma
Silver..................
1
80% Feb
30
Aug Eureka Croesus...............1 33c
59% Mar
25c
9 May
8 % May
2%, Apr
44c
1% Apr
Mar
61
9c
Goidfieid
Consol
Mines.10
2% May
3c
87c Jan
26c
31
July Goidfieid Development---72 May
2c
Goidfieid Oro Mining.......
Aug 50c Auf
Aug 19c Aut
12c
Green Monster Mining.50c
Jan
Jan
Aug
Apr
1%6 June
13% Mar
44% June
38% June
20% Mar
5% Feb
7
Aug
8
May
10% May
1% Aug
7% June
22% Jan
8 % Jan
2
Jan
5% Mar
15% Jan
169
Jan
44% Aug
102
Aug
42
Jan
4
Jan
7% Aug
24
Jan
64
Aug
50c Feb
27% Aug
80c Feb
7% Feb
3% Feb
10% Jan
49
Mar
3% Aug
9% Au,
1
Feb
15% Aug
66
Feb
52% Aug
28
Aug
75c Feb
10c July
105
Aug
55
Aug
106
Aug
1% Apr
2
Feb
11% Aug
10 June
5% Jan
106 July
5% Feb
63% Mar
33% Feb
40% Aug
100
Aug
99
Mar
2% Jan
2
Jan
al3
Aug
14
Aug
8 % Aug
33
Apr
30c July
3% Jan
11 July
17% Apr
5
Aug
10 June
36 June
26% Aug
3
Jan
65
Aug
24 % Aug
44
Jan
5 Mar
4% Jan
75c Jan
96o Feb
40
Jan
85c Mar
50c July
6
Mar
64
Aug
25c
19c
18% 19% 3.300 16%
97% 98%
180 84%
34
34
25 28
51% 52%
160 40
52
105 105
10 105
160 160
165" 165 166
90
91
495 84
26% 26%
100 26
275 296
40 257
296
29
29
100
29
17
243 250
285 224
250
95
95
10
95
77
20 173
215 215
215
115% 108% 115% 81,000 83%
98% 6,700 76
97% 95
423 457
975 341
450
429 465
350 299
465
1,600
2
2%
2%
1
3
3,500
2%
2%
2
25c 25c
1,000
25c
21 c
21c
1,000
15c
100
2
2
1
700
9% 9%
8%
100
10% 10%
8
9% 9%
700
9%
7%
13c 15.100
12c
12c
8c
80c 87c 16,600 57c
83c
400 29
31% 31% 31%
9,900
6%
7%
3%
iu
100
1
%«. 1%6
1
10
10
100
5%
1
600
1%
1
2%
2%
2%
4.300
1%
5c
5c
1,000
3c
5c
5c
1,000
3c
26c 29c 23.100 20c
14% 14%
200
12%
1 % 111,900
1%
1%6
1
15%
15% 15
200
9
4
4%
300
3%
1 % 13,700 83c
1%
1%
100
1%
1%
1%
13c 18c 58,000
17c
7c
1,435 97 %
115% 108 117
23% 2 0 % 23% 16,900 14
45c 46c
6,000
46c
40c
4% 4%
900
4
3.300
1%
1%
1%
1
63c 66c
9.100 58c
64c
19%
1.
Jan
Jan
Jan
Jan
Aug
Aug
Jan
July
Jan
Jan
Jan
Jan
Feb
Jan
Apr
Jan
Jan
25
100
36%
62
112
198
106
31%
332
44%
270
104
249
124%
108
457
465
June
Apr
May
May
July
Apr
Mar
Apr
May
July
June
May
June
May
June
Aug
Aug
June
3
Aug
Aug 15% July
Aug 60cJ Mar
July 48c Feb
June
3
Jan
Feb 13
Apr
Aug 17 June
July 12% May
Mav 29c Jan
Mar 99c June
Jan 35 June
Jan
9% june
June
2% Mar
Jan 17
Mar
Aug
4
Mar
jan
3% Apr
Jan 12c Mar
Jan 10c Jan
July 72c Jan
June 14% Aug
Jan
2We May
Mar 19% June
June
9% Apr
Feb
1% June
July
3% Apr
Jan 50c Mar
Mar *27% May
Mar 27% May
July
l We Jan
Aug 26% Feb
July
1% Mar
Jan
1% June
Hecla Mining........... ..25c
Hilltop-Nevada Mining...
Holllnger Cons Gold Min .5
Howe Sound C o------------ 1
Independence Lead Mining
Jerome Verde Devel........1
Jim Butler, Tonopah-----1
3
53c
La Rose Consol Mines__ 5
Lone Star Consol............ 1
McNamara Mining......... 1
30c
lie
Marsh Mining--------------1
Mason Valley Mines.. — 5
McKInley-Darragh-Sav. . 1
National" Tin Corp-----50c
Nevada Ophir................ 1
7%
1%
12
13c
2
29c
13c
31c
14c
19
2%
New Dominion Copper----New Jersey Zinc.........100 145%
Nipissing Mines...............5
5%
8c
Ohio Copper................ .10
Pittsb-Mt Shas C. M & M . 1 22 C
1%
Rex Consolidated Mining. 1
10c
2c
Mt
10c
South Amer Gold & Plat.. 1
Standard Silver Lead-----1
Stewart Mining------------ 1
Success Mining-------- — 1
Tonopah Belmont D ev.. .1
Tonopah Divide.............. 1
Tonopah Extension......... 1
2c
19c
7c
40c
72c
1%
67c
1%
600
1%
21% 5,60C
1% 1,700
400
1
1,600
6
300
4%
3c
1,000
9% 2,500
1,100
14
800
12
1% 7,700
14% 4,200
11% 92,200
74% 9,800
100
22%
7,000
19c
300
3%
100
2
1,000
20c
42,580
l ‘ %6
600
7
19c 15,000
7% 6,500
700
12
15% 5,200
3% 2,900
80c
200
200
13%
450
96%
8% 6,500
500
6%
10c 14,000
4,000
24c
14
5,800
6,300
5
18c
7,000
2c
3,000
65c 167,400
200
12%
100
12%
1% 2,900
300
30%
30
4% 5% 16,700
2,400
50c 50c
11c 15c 13,000
1%
19%
1%
1
5%
4%
3c
8%
13%
12
1%
14
9%
60%
22%
19o
3%
2
20c
1%
6%
14c
6%
11%
15
3%
80c
13%
96
8%
5%
7c
23c
13
2%
17c
2c
50c
12%
12%
Range since Jan.
50c
15%
1
1
1
2
2c
8
12
12
1%
9%
5%
40
11%
13c
1%
1%
15c
67c
4%
lie
4
10
12%
2%
80c
13%
95%
8%
1%
6c
18
12%
75c
3c
lc
40c
10
10
1
23
2%
50c
9c
700
1%
2%
3c
2,000
4c
800
1%
i%
lc
1,000
lc
lc
1,000
3c
3c
2c
9C 111,400
7c
8c
13c 46,000
99c
1% 44,000 73c
16c 17c 79,000 13c
3,000 13c
21c 22c
6c
9c 83,500
400
1%
2% 2%
30c 33c 54,000 19c
4c
2,000
8c
7c
lc
2,000
3c
3c
40c 52c 13,900 20c
2
2% 1,300
2
2c
1,000
4c
2,200 71c
75c 83c
2,000 19c
19c 19c
1
1Wo 15,500 S4c
2%
1,800
2 'Wt 2 'Ws
6 Vjj
600
7% 8
13c 10,000 10c
lie
2% 3,500 82c
2
2c
9c 22,000
5c
3c
5c 10c 20,000
lc
5C 15,000
2c
32c 35c 72,000 18c
24c 27c 83,000 15c
25c 26c 11,000 10c
600 59c
80c 82c
1,000 20c
28c 28c
7,000 24c
44c 45c
lc
2c 11,000
lc
3c
9c 10,000
8c
lc
5c 112,000
3c
3c
19c 27c 280,000
9c
5,000
12c 13c
2c
8,000
4c
5c
lc
2c 19,000
lo
7c
7,000
8c
8c
1,000 10c
12c 12c
6c
9c 12,000
7c
7c
7c
8c 76,000
10,500
4%
7% 8
1
1% 14,700 75c
12,100
7%
11% 12
500
2%
3
3
6c
49c 54c 65,200
2%
200
3% 3%
4c
5,000
6c
6c
2c
1,000
0c
6c
3
300
3% 3%
3c
5,000
5c
5c
2%
200
2% 2%
4,000 25c
30c 32c
lc
12c 176,500
5C
6,000
9c
7c
2c
2,000
2c
2c
27% 13,000 26%
27
4c
10c 15c 26,000
1.900
7%
1% 2%
8c
9,000
22c 29c
10c 13c 20,000 10c
5c
1,000
7c
7c
30c 35c 51,800 27c
9,000 12c
12c 18c
2c
16,000
5c
200 17%
18% 18%
2
2% 3,300
2%
135 141
144 145%
5%
5% 6% 7,200
7c
3,000
9c
6,000 21c
22c 23c
1
1% 1% 5,200
lc
2c
3c 24,000
5c
9c 12c 127,500
1,000 15c
15c 15c
lc
2c 16,500
lc
4c
1,000
4c
4c
9c
1,000
lie
lie
1%
1% 1,200
1W
5C
6c lie 34,500
3c
3,000
8c 15c
800
4%
4% 4%
lc
3c 14,000
3c
5,000 10c
18c 19c
2c
9,000
7c
6c
lc
37c 41c 47,800
67c 73c 22,200 20c
1% 1*W» 4,400
1*6
64c 68c 23,300 46c
1We
1% 1% 3,800
2%
4c
i%
1.
High.
Apr
Aug
Mar
Feb
Jan
Jan
July
July
July
Aug
Jan
Jan
Jan
May
Mar
Jan
Apr
Apr
Jan
Mar
Jan
July
Feb
Apr
Jan
Feb
Mar
Aug
May
June
Mar
Aug
July
June
Feb
Jan
Mar
Jan
Jan
Apr
July
Jan
Jan
Aug
July
1 % Jan
27% Mar
2% Jan
May
2
10
June
4% June
20c Mar
14% May
19% Feb
16% Jan
4% Mar
18% May
12
June
74% Aug
38
June
35c Mar
Mar
5
3% June
35c May
June
3
7% June
Jan
35c
8% June
May
15
20% May
June
5
1% May
13% Aug
97% May
12% Jan
Apr
12
Jan
5
Jan
35c
14% July
July
7
40c June
7c May
May
1
14% June
May
14
l'Wc Apr
June
34
July
7
Feb
1
Jan
38c
5% May
Jan
July 10c Apr
3% Apr
May
lc Aug
Aug
3C July
Jan
9c Aug
Mar
July 29c Jan
Jan
5
July
July 94c Jan
Jan 30c Feb
Aug 65c Apr
3% July
July
Jan 35c May
8c July
Feb
2c Apr
July
2% Apr
July
2% Aug
Aug
9c May
Feb
i
Mar
Aug
Aug 19c Aug
1We June
Jan
Jan
3
June
8% June
Jan
Aug 21c Jan
2% May
Feb
8c Mar
Mar
Mar 10c June
5c Aug
Mar
Jan 41c July
Feb 35c July
July 26c Aug
1.3S Apr
Mar
June 37c May
May 45c June
2c Aug
Aug
Jan 12c Apr
5C Aug
Jan
June 27c Aug
July 30c Apr
5c Aug
Jan
4c July
June
May 15c Apr
Jan 22c Mar
July 48c Mar
June 18c May
Aug
8
Jan
1% July
June
Jan 12% Aug
3% May
Jan
Jan 76c May
Feb
5
Jan
July 10c Feb
6C May
Jan
4% Apr
Mar
6c Mar
Jan
2% Aug
May
Jan 63C Mar
Jan 12c Aug
Jan 14c Mar
7c Feb
June
Jan 32% Feb
Jan 31c May
3% May
Jan
June 40c Apr
May 16c June
Apr 11c June
Mar 67c May
Aug 52c Mar
Jan 14c May
Jan 20 Juno
2% Jan
Jan
June 147% Mar
6% Mar
July
Mar 14c Apr
June 29c Jan
Feb
2% Juno
3c Aug
July
Jan 12c May
Aug 15c Aug
2c Aug
Aug
May 10c Mar
Aug 11c Aug
May
1% Aug
May 12c June
Jan 23c Mar
Apr
5% Jan
May 11c June
Jan 24c May
Jan 16c Apr
Mar 43c Aug
Jan 73c Aug
Jan
1% June
Mar 87c June
Feb
1% June
Mining
( C o n c l u d e d .)
F r id a y
W eek ’s R ange
L ast
o f P rices.
S a le.
H ig h .
P a r. P r ice . L ow .
Tonopah Mining...........
Tonapah North Star___
Trl-Bulllon S & D ________5
Tularosa Copper Mines.
Tuolumne Copper_______ 1
United Eastern Mining___1
United Verde Exten___50c
United Zinc Smelting_____
Unity Gold Mines------------5
Volcano Mining----------------West Dome Cons--------------West End Consolidated. . .
White Caps Mining------10c
White Caps Extension. 10c
White Knob Copp, pref.10
Wilbert Mining----------------1
Yerrlngton Cons--------------Yukon Gold Co------------ - .5
Bonds
Allied Pack conv deb 6s ’39
Certificates of deposit. . .
Allied Pack 8s Ser B w 1 ’ 39
Aluminum Mfrs 7s— 1925
7 s . . . .......................... 1933
Amer Cotton Oil 6s — 1924
Amer Light & Trac 6s .1925
Without warrants...
Amer Repub Corp 6s w 1’ 37
Amer Tel & Tel 6 s .. .1922
6 s __________________1924
American Tobacco 7s. 1923
Anaconda Cop M in7s.l929
6% notes Series A . . 1929
Anglo-Amer Oil 7 H s .. 1925
Armour & Co 7% notesl930
Atl Gulf & W I SS L 5s 1959
Baragua Sugar 7H S..1939
Bethlehem Steel 7s___1923
Equipment 7s........... 1935
Bklyn Union Gas 6s w 1. ’47
Conv 7s_____ _______ 1929
Canada SS Lines 7s w 11947
Canadian Nat Rys 7 s .1935
5s w i ______ _______ .1925
Canadian Pac Ry 6s..192 4
Central Steel 8s______ 1941
Charcoal Iron of Am 8sl931
Chic Un Stat 5s Ser B .1963
Cities Serv deb 7s Ser D '66
Colum Graphopbone8s 1925
Certificates of deposit
Com’w’th Pow Corp 6sl947
Consol Gas N Y 7s__ 1922
Cons G E L & P Balt 7s '31
6s Series A t l . . ...1 9 4 9
Consol Textile 8 s_____1941
Copper Export Ass’n 8s '24
8% notes.. .Feb 15 1925
Cuban Tel 1st 71^s.. .1941
Cudahy Packing 7 s .. . 1933
Deere & Co 714s.......... 1931
East Cuba Sug7?<Js w I '37
Gair (Robert) Co 7s. .1937
Galena-Signal Oil 7s__1930
General Asphalt 8 s .. .1930
Goodrich (B F) Co 7s. 1925
Grand Trunk Ry 6 14s. 1936
Gray & Davis 7s w 1. . . 1932
Gulf Oil Corp 7s_____ 1933
Hcrsbey Choc 7 1 4 s ... 1930
Hood Rubber 7% notes '36
Humble Oil & Ref 7 s .. 1923
Interb R T 8s J P M rects.
Certificates of deposit__
7% notes___________ 1921
Kansas Gas & El 6s w 11925
Kennecott Copper 7s. 1930
Kings County Ltg 6 14s w 1.
Laclede Gas Light 7 s .. . . .
Libby McNeill & Llbby7s’3 1
Liggett-Winchester 7s .1942
Magma Copper 7s w 1.1932
Manitoba Power 7s___1941
Merch & Mfrs Exch 7s 1942
Morris & Co 714s____ 1930
Nat Acme Co 714s___ 1931
Nat Cloak & Suit 8s. .1930
National Leather 8 s .. 1925
N Y N H 4 Hartf 4 s .. 1922
7s w 1............................1925
Certificates of deposit.
500 franc bonds______
Otis Steel 714s w i ____1947
Phlla Electric 5 14s w 1.1947
Phillips Petrol 714s.. .1931
Without warrants...........
Public Scrv Corp 7s w 11941
Sears, Roebuck & Co 7s ’ 22
7% serial notes Oct 15 ’ 23
Shawsheen Mills 7 s .. .1931
Solvay & Cie 8s______ 1927
Southw Bell Telcp 7 s .1925
•Stand Oil of N Y deb 6 14s’33
7% serial gold deb..1925
7% serial gold d eb.. 1927
7% serial gold d e b .. 1928
7% serial gold deb..1929
7 % serial gold deb. . 1930
7% serial gold d e b .. 1931
Stewart Warner 8s------1926
Sun Co 7 s____________ 1931
S w ift* C o 7 s_________ 1925
7 s _________ Aug 15 1931
Tidal Osage Oil 7s____1931
Union Oil of Calif 6 s .. 1942
United Oil Produc 8s. . 1931
United Rys of Hav 7)4s ’36
U S Rubber 1st ref 5s. 1947
Vacuum Oil 7s..............1936
Valvoline Oil 6s Ser A w i’37
Western Elec conv 7s. 1925
Winch Repeat Arms7>4a’41
71c
1J4
28
30c
16c
U4
12c
114
93 J4
106
107
101
9314
i o ili
10414
102?4
10314
10414
6414
100 M
10614
104
114
9534
11134
9954
66
88
10334
102 34
104
10334
99
103 'i
10634
10434
10034
10034
9134
9034
9634
105)4
101?
1005
108)4
97 H
10454
99
9514
10154
102
103
101J4
105
103
10914
108
108
110
11114
100
105H
109
9814
10614
Foreign Government
and Municipalities
Argentine Nation 7 s .. 1923 10014
SElberfeld 5s______ 1932-52
114
1
{Hamburg 4)4s___________
Mexico 4 s.................. ..1 9 4 5
3714
3 s ......... ..
.
1114
Netherlands(K"ingd)6s B ’72 9614
Peru (Rep of) 8s w I . .1932 10014
Philippine Govt 4 >4s.. 1952
Russian Govt 5*4s . . . 1921
16
Serbs, Croats and Slovenes
(Kingdom of) 8s w 1.1926
9514
•Switzerland Govt 5 14s 1929 104
S a les
fo r
W eek .
S h a res
R a n g e s in c e J a n .
1.
H ig h .
L ow .
life
2c
5c
3c
45c
154
27
75c
254
30c
11c
70c
3c
lc
31c
lc
2c
80c
Jan
Feb
Mar
Aug
Mar
Apr
Mar
June
May
July
June
Feb
Feb
June
May
Jan
Apr
June
2
12c
26c
3c
1
254
3054
154
5 54
55c
16c
1
13c
3c
154
15c
5c
154
AUg
June
May
Aug
May
Jan
Jan
May
Feb
Mar
Aug
Mar
Aug
Apr
Aug
July
May
June
$3,000
8114 82
6414 6454 24.000
9214 9414 27.000
104
10414 25.000
14.000
10514 106
9914 9914 10.000
3.000
10614 107
100J4 10114 22,000
93
9314 23.000
10014 10014 13.000
10114 10114 51.000
4.000
10254 10214
104
10414 72.000
10114 10254 21.000
10314 10314 33.000
10414 105
52.000
2.000
6414 6414
100
10014 30,000
106
10614 70.000
104
10434 32.000
8,000
104
10454
24.000
110.14 114
9434 9534 43.000
110J4 11134 24.000
99 ?4 9934 57.000
4.000
10134 10134
10634 10734 16.000
94
9534 20,000
10034 10034 19.000
3.000
90
90
1.000
3934 39)4
1,000
33
33
88
8834 26.000
100 34 100)4 25.000
2,000
10634 10634
10134 10334 72.000
97
9834 13.000
1023-4 10254 12.000
104
10434 23.000
6,000
100 34 10634
10134 10134 11.000
6,000
10234 10234
36.000
10334 104
98 J-4 993-4 48.000
5.000
105
106
7.000
105
105)4
10334 10354 105.000
10634 10834 18.000
10034 40.000
100
10134 10134 13.000
8.000
10334 104
9934 10034 34.000
10034 10034 13.000
90)4 9234 413.000
6,000
90
9034
2,000
97
97
9534 9634 20.000
105
10534 11,000
5.000
98
9854
101
10114 42.000
100
10054 27.000
2.000
10114 102
103
10814 36.000
9654 9714 15.000
5.000
9914 9954
105 H 10514 14.000
97
9714 21.000
104
5.000
10454
99
9914 12,000
102
1.000
102
86
21,000
865
18,000
8654 86?
7414 7414 50.000
95
95
13.000
10154 102
32.000
119
119
1,000
25.000
10114 102
10214 10314 26.000
10054 10154
8,000
10114 10114 34.000
10414 105
22.000
7.000
10614 10614
103
10354 30.000
10914 10914 14.000
10514 106
3.000
106
10614
7.000
10654 107
9.000
10714 109
11.000
12,000
10754 108
10954 11014 13.000
107
112
61.000
10114 10114 12,000
102
10214 88,000
10214 10314 26,000
10214 102 'A 5.000
101
10114 58.000
43.000
100
101
10454 10554 32.000
9014 9054 67.000
19.000
109
108
4.000
9854 99
10514 10614 412.000
13.000
10154 102
59
5054
76
10054
10254
93
96
100
93
9954
9954
10154
10054
9654
102 54
10154
5754
99
10054
10054
104
109
94
10454
9854
9954
98
9254
9954
85
2254
31
88
10054
10254
99 54
94
102
10354
10254
10054
95
10354
95
10034
102
9654
102
100
10254
100 54
95
9954
72
8954
76
95
10154
96 54
94 54
9854
9854
106
89
9954
10214
92
95
9554
6854
77
8654
6454
95
99
101
99
965-4
9854
97
101
10254
10034
10554
104
10454
105
10554
106
10754
10054
9854
10054
101
99 54
10054
90
100
9054
106
9854
10354
9554
Jan
Jan
Feb
Jan
Feb
Feb
Jan
May
July
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Aug
Jan
Jan
June
June
July
Feb
June
Jan
Feb
Mar
June
Mar
Jan
Apr
July
Aug
Jan
June
Feb
May
Feb
Jan
Jan
Feb
Aug
Feb
Jan
Jan
Jan
Jan
Aug
Jan
Feb
Jan
Jan
Jan
July
Jan
June
Jan
Mar
Feb
Apr
Mar
May
Jan
June
Jan
Mar
Jan
Jan
Jan
Mar
Aug
Mar
Aug
June
Feb
Apr
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Feb
Mar
Apr
Mar
Jan
Jan
Jan
Jan
Jan
June
Feb
Jan
Aug
Jan
July
Jan
Mar
90
65
9954
10454
106
9954
10754
10154
9354
101
10154
103
10454
10254
10454
10554
6654
10054
10654
105
105 %
114
9654
11154
9954
10154
10754
9954
10054
9154
49
40
9054
10154
10654
10354
10054
10354
105
10754
102
10254
105J4
100
106
107
10354
107
100
104J4
104
10054
10154
95
9254
9954
9734
10654
9954
10154
10154
102
11054
100
100 34
107
9854
10454
101
102
9254
8654
78
9554
102
126
10454
104
10154
102
105
107 54
10454
10954
106
107
107
109
109
111
11454
102
10254
10354
10454
102
110
108
9054
109
10054
10954
10254
Apr
May
May
Aug
Apr
July
May
Aug
Aug
Mar
Apr
May
Aug
Aug
Aug
July
May
Aug
Aug
Aug
May
Aug
May
Aug
Mar
Jan
Aug
Apr
Aug
June
Mar
Mar
May
Jan
Aug
Aug
June
Apr
Mar
Juno
July
Aug
Aug
May
Aug
Apr
July
Aug
Aug
May
June
Aug
May
May
July
June
Apr
Apr
May
Aug
Apr
Aug
June
May
May
May
Apr
Aug
Apr
Aug
May
Aug
May
Aug
Aug
May
May
Apr
Apr
Apr
Apr
July
Aug
July
Apr
May
Jan
Aug
June
July
July
Aug
July
Apr
Apr
May
Apr
.
Apr
Aug
Aug
May
Mar
Aug
174.000
p50,000
0135000
130.000
5.000
36,000
4.000
1.000
3,000
97
2
154
3754
1154
96
100
99
1354
Jan
Aug
Aug
Aug
Aug
July
July
Aug
Jan
10054
634
554
5234
1254
9634
10054
99
28
May
Apr
May
Apr
July
July
July
Aug
Apr
114
6c
9c
3c
70c
114
2754
114
314
30c
13c
1
10c
lc
99c
5c
2c
90c
10014
154
1
3754
1114
96
100
99
15
1%
8c
12c
3c
73c
lHfe
28
114
314
30c
16c
114
13c
2c
114
8c
3c
95c
10054
2
114
3854
1U4
9614
10014
99
16
500
6,000
5.000
1.000
4,300
17,100
500
100
1,100
1,000
50.000
30,900
34.000
2,000
2,700
5.000
600
2,200
9514 9514 110.000
10354 10414 140,000
95
July
9554 Jan
96
Aug
10754 Mar
t Odd lots. * No par value. { Dollar per 1,000 marks, a Ex-100% stock divi
dend. 0 Marks. * Correction. I Dollars per 1,000 lire flat. I Listed on the Stock
FJxchange this week, where additional transactions will be found, o New stock.
•WWhen Issued. x Ex-dlvidend. v Ex-rights, z Ex-stock dividend.
Q u o ta tio n s fo r
Sundry
S e c u r itie s
All bonds prices are “ and Interest” excepr whore marked "*
siaiKlvn) Oil Stocks Furl Bid At*
Anglo-American Oil new. £]l 19i2 1934
Atlantic Refining_______ loo] 985 1000
Preferred........................ 100' 116 118
Borne Scrymser Co_____ 100 400 415
Buckeye Pipe Line C o .. . 50 *98
99
Chesebrough Mfg new..100 190 200
Preferred new................100 108 111
Continental OH......... ...... loo 137 142
Crescent Pipe Line C o .. 50 *34
35
Cumberland Pipe Line.. 100 135 140
92
90
Eureka Pipe Line C o .. . 100
Galena Signal Oil com .. . 100 51
53
Preferred old................. 100 108 112
Preferred new................ 100 101 105
Illinois Pipe Line.............. 100 164 166
*89
Indiana Pipe Line Co___60
91
International Petrol, (no par) *2278 23lg
27
National Transit C o .. 12.50 *26
New York Transit C o .. . 100 163 167
99 101
Northern Pipe Line C o .. 100
Ohio Oil Co...........................25 *290 294
*26
30
Penn Mex Fuel Co_____ 25
Prairie O il* Gas________100 580 590
Prairie Pipe L in e............ 1001 247 250
Solar Refining......... ......... 100 330 340
94
96
Southern Pipe Line C o .. 100
South Penn Oil........... ..1 0 0 213 218
60
62
Southwest Pa Pipe Lines.100
Standard Oil (California) 25 TO8I4 108!2
Standard Oil (Indiana).. 25 115 115U
Standard Oil (Kansas). .100 520 540
Standard Oil (Kentucky) 25 •97>2 98l2
Standard Oil (Nebraska) 100 175 185
Standard Oil of New Jer. 25 185 185*4
Preferred........... ............. 100 116*4 1171s’
Standard Ol 1of New Y ’k. 100 449 452
Standard Oil (Ohio)____ 100 155 460
Preferred........... ............. 100 *117 119
35
Swan * Finch___________ 100 32
Union Tank Car Co____100 101 103
Preferred................
100 108 110
Vacuum Oil____________ 100 460 465
27
Washington Oil________ 10 *22
Joint Stk. Land Bk. Bonds
Chic JtStk Land Bk 58.1939
6s 1951 opt 1931...............
6s 1952 opt 1932...............
6?4s 1951 opt 1931_____
HR. Equipments— Per Cl
Atch Topeka * Santa Fe 6s.
Atlan Coast Line «s * 634*
Baltimore * Ohio 434" * 6s.
Buff Roch A Pitts 4s * 434*
Equipment 6s____________
Canadian Pacific 4 34s * 6 s ..
Caro CUnchfleld 4 Ohio 6s..
Central of Georgia 434s___
Central RR of N J 8s.........
Chesapeake * O h lo 6 s * 6 3 4 »
Equipment 6s_________
Chicago * Alton 6s.........
Chicago Burl A Quincy 8 s ..
Chicago * Eastern 111 634s..
Chicago Ind * Loulsv 434s.
Chlcago St Louis * N O 6 s ..
Chicago* N W 434S_______
Equipment 6s * 634s____
Chic R I * Pac 4 34s. 5s, 6s
Colorado * Southern 6s, 6s.
Delaware 4 Hudson 6s_____
Erie 434s, 5 s * 6s__________
Great Northern 6s_________
Hocking Valley 434s, 5s * 6s
Illinois Central 434e, 5o * 6s
Equipment 7s A 834s___
Kanawha * Mich 434s, 6 s ..
Louisville A Nashville 5s__
Equipment 6s * 6 Ms___
uy*4 100t2
102*g 103
10212 10314
105 106
Basis.
5 30 6 00
6.40 6 00
5 50 5 00
5.20 4.90
6.30 5 00
6.30 5.00
6.00 5.50
5 50 6 00
5.3u 5 00
6.50 6.00
5.50 5 00
6.00 5 50
6.30 5.00
5.90 5.40
5.60 5.10
5.35 6.00
5.25 5 00
6.40 5 00
5.65 5.00
6.60 6.10
6 35 6.00
5.85 5 20
6.40 6.10
5.60i 6.20
6.35; 6 10
5.35 6.10
5.50 5 00
5.251 6.00
5.35 5 10
5.30 6.00
5.45 5.10
6.60 5 20
Equipment 634s * 7s____
Missouri Kansas * Texas 5a 5.75 5 25
Missouri Pacific 6s_____
I 5 60 6 10
Equipment 6s * 634e____; 6 6u 6 20
M obile* Ohio 434s, 6s......... I 5.90 5.25
New York Central 434a, 6 s .! £.30 4 90
Equipment 6s & 7s......... . 1 5 3o 6.10
N Y Ontario * Western 434 s 6 ')u 5 50
Other Oil Stocks
! Norfolk & Western 434e____ 1 5.15 4 80
*9
Atlantic Loboa Oil (no par)
9U
Equipment 6s_____ _____ _
5.30 o.OO
45
Preferred.........................50 *40
5.30 5.10
Northern Paclflo 7s
525 535
Gulf Oil..................
5.30 6.10
Pacific Fruit Express 7s____
232
238
Humble Oil & Refining____
5.15 4 85
Pennsylvania RR Is & 4>4s.
imperial Oil______ _______ 25 *115 116
5.35 3.15
Equipment 6s..... ................
Magnolia Petroleum____100 175 180
5.4b 5.20
Plttsb
*
Lake
Erie
6s
&
634
s
•914 912 Reading Co 434s
Merritt Oil Corporation. 10
5.20 4 80
6 *13i2 14l2
Mexican Eagle Oil______
5.75 6.20
Salt Creek Producers
15*8 15*8 j
5.70 6.20
5.90 6 40
Seaboard Air Line 434 s * 5s.
Tobacco Stocks
5.15 4 85
Southern Paclflo Co 434b. . .
70
72
American Cigar common.100
6.30 6 05
Equipment 7s........... ..........
88 Southern Ry 434s, 5s * 6 s .. 5.60 5 20
Preferred.................
100 83
Amer Maohlne & Fdry._100 225 250
6 4o 6 20
Toledo & Ohio Central 6s___
141 143
American Tobacco scrip___
6.20 6.00
Union Pacific 7s____________
Brltlsh-Amer Tobac ord. £1 *19
19>2 Virginian Ry 6s........... ..
6.70 5.15
Brlt-Amer Tobac, bearer £] •19
19>2
14 1
Conley Foil (new)..(no par) *12
Helme (Geo W) Co. com.100 157 165
Preferred_____________ 100 111 115 |
Public Utilities
•15
Imperial Tob of G B & ire
15*8'
, *159 162
Johnson Tin Foil & M et. 100
85
95
Preferred.
..............691 *43l2 44l2
MacAndrews & Forbes 100 110 112
Amer Light * Trao, com.100 ' 138 140
Preferred....... ................. 100 U9 102
98
Preferred......................... 100, 96
27
Mengel Co......................... 100
30
Amer Power * Lt, com .. 100 *125 129
63
Porto Rlcan-Amer T o b .. 100
68
8812
Preferred........... ............. 1001, 86
Scrip.................................
*65
75
19
Amer Public Util, com .. 1001 15
Reynolds (RJ) Tobacco. 25 *65
80
35
Preferred......................100 1 30
Schulte Ret. Stores (no par) *35
37
,d 70
7212
BlackstoneValG.AE.com
50
Universal Leal Tob com. 100 117 122
46
Carolina Pow * Lt, com. 100
Preferred....................... _ joo
98 102
Cities Service Co, com .. 1001 193 195"
82
Young (J S) Oo.................IOC
88
677g
Preferred....... .........
100 67
Preferred_____________ 100 90
96
l' 20
22
Rubber Stocks (Clr.tei aud in (CCS)
ll 85
90
76
Firestone Tire & Rub.com . 10
80
3U 2
Com’w’th Pow, Ry * Lt. 100I1 30
6 % preferred_________ 100 90
00U
1' 61
83
7% preferred..............1100 z84i2 80
96
98
Elec Bond & Share, pref. 100
Gcn'l Tire & Rub, com .. 100 250 .
41
Federal Light * True.._ 1001' 39
Preferred____________ !ioo
93
98
75
1, 72
Goodyear Tire & B , com. 10C
10
1012 Mississippi Rlv Pow.eomlOOi1 29*4 30*4
Preferred........................ 100
32
33
I 83
Preferred_____________ 1001. 81 |
65
Prior preferred......... '100
9414 95 14
70
First Mtge 5s, liiS l_.JA j
Goodyear T&R of Can pf 100
8 f g deb 7s 1 9 3 6 ..-M A N 1 100 , 102
Miller Rubber.............. 100
68lg 73 Northern Ohio EItc.(no par) 1 *9 ; a
Preferred____________
95
35
SS
96
Preferred.........................100
Mohawk Rubier__
100
93
North’n States Tow .com.ICO11 89
Swlnehart Tire & R.com* 10C " 22 ' *29"
94
91
Preferred______________ICO
Preferred______ ___
90
Nor Texas Elec Co, com. J00 ' 87
Sugar S to c k !,.........
85
Preferred_____ ________ ICO 83
Caracas Sugar........... ..
g(l •15
88
18
Pacific Gas * El. 1st pref 100 | 87
Cent Aguirre Sugar coni' 20 *80
53
82
55
Puget Sound Pow A Lt__J00
Central Sugar Corp. (no par)
* >2
84
1>2
6 % preferred_________100 ■ 81
Preferred........... ..
i 0(
*1
3
7% preferred............. 109 102 104
Cupey Sugar common! ” 10(
25
50
Ger, M 734s 1941...M & N j 104 105
Preferred___________
45
16
65
Republic Ry * Light— 100 1 14
Fajardo S u g a r ...!
jo(
75
50
77
Preferred_____________ 100 ! 48
Federal Sugar Ref, com" km 104
South Calif Edison, com. 100 103 106
Preferred................
" 100 104 _ _
Preferred......... ............... 100 118 122
Godchaux Bug In c.. (no par) *15
17
Standard Gas * E) fDel). 60 *19 I 21
Preferred.................
106 76
80
Preferred______________ 50 *48 I 4912
Great Western Sug, com" 100 245 255
13>2 14U
Tennessee Elec Pow (no par)
Preferred_______
"
35 I 37
106 110
2d preferred------- (no par)
52
55
Holly Sug Corp.com(no par) •20
25
United Lt * Rys, c o m ... 100
Preferred____
74
77
58
64
1st preferred--------------- 100
3212 34
50 100
Western Power Corp------ 100
? £ ntral 8 » s « ! ! ! i o o
78 I 8012
National Sugar Refining. 100 145 150
Preferred_____________ 100
11
14
8antaCecllla8ugCorp,pf.ioo
Short Term Securities— Pe ’ Cent
9 9V 99*8
Savannah Sug, com. (no Dar)
52
55
Am Cot Oil 8s 1 9 2 4 ..M&S2
Preferred................
10X 97 100
Amer T e l* Tel 6s 1924.F&A 101*8 10178
West India Sug Fin, com'.ioo
60 100
6% notes 1922--------- AAO 10O‘g 1003s
Preferred____
jqg
56
60
Am Tob 7% notes ’23.MAN 102*8 102-8
Anaconda CopM!n8s’29-J*J 101*4 102
Indus tria l* Miscellaneous
American Hardware____ 100 187 190
7s 1929 Series B ......... J4J 104*8 104*4
Anglo-Amer OU734«’25 AAO 103i8 103l2
55
Amer Ty pefoundem.com.100 52
Preferred.........
lno
ArmT*Co7sJulyl6’30J*JI5 10478 105 ig
94
98
Atlas Powder____! ! ! ! ! 100 128 135
Deb 6s J ne 15 ’23 JAD15 1G0 I____
Bliss (EW) Co, new.(no par) *31
Deb 6s J'ne 15 ’24.JAD15 100 ____
32
Preferred.........
59 *57
_ Beth St 7% July 15’23JAJ16 106 106*8
Borden Company, c o m !!i 00 107 109
Canadian Pac 6s 1924.MAS2 101*sl01*8
Preferred....................
]00 100 102 Federal Sug Rel 6s '2 4 .M 4 N 101 110 *8
Celluloid Company
ion
Goodrich(BF)Co 7s’25.A&0 103'4 l01l2
92
98
Childs Co. com
.......... 100 108 112
Hocking Valley 0s 1924 .MAS 101 aui*8
Preferred____
i 00 106 108
9812 100
Intcrboro R T 7s 1921.MAS
Hercules Pow der........... inn 164 170
K C Term Ry 6s '23.MAN16 101*8 i01*8
Preferred__________ ! ” l00 100 102
6 H« July 1931----------- J&J 103 1041.
International S a lt..
100 61
68 Laclede Gas 7s Jan ’29.F&A IOU4 101*8
90*4 91l2
Lehigh Pow Sec 6s ’27.FAA
International Sliver! pref 100 *102 105
98U 99
gloss Sheff S * I 6s ’29.F&A
Lehigh Valley Coal Sales. 50 *80
82
Phelps Dodge Corp
100 160 175 Sw ift* Co 7% 1925.A&016 102*8 102*8
7% notes Aug 15 1931------ 1037g 103U
Royal Baking Pow, com !l00 108 112
Preferred____________ __
U S Rubber 734s 1930.FAA 108 108U
98 101
West Eleo conv7s 1925. AAO 106 106U
Singer Manufacturing! ! ! 100 94
96
• Per share. 6 Basis, d Purchaser also pays accrued dividend.
« New stuck.
/Flat price. ILast tale. oNomlnal. xEx-dlv. i/Ex-rights. fEx-stook div.
863
\ n m s tm m t
and ^axlraad
R A IL R O A D
G R O S S
'p x U l l x Q m t z .
E A R N IN G S
T h e fo llo w in g t a b le s h o w s th e g r o s s e a r n in g s o f v a r io u s S T E A M r o a d s f r o m w h ic h r e g u la r w e e k ly o r m o n t h ly r e tu r n s
ca n be o b ta in e d .
T h e f i r s t t w o c o l u m n s o f f i g u r e s g i v e t h e g r o s s e a r n i n g s f o r t h e l a t e s t w e e lc o r m o n t h , a n d t h e l a s t t w o
c o l u m n s t h e e a r n i n g s f o r t h e p e r io d f r o m J a n . 1 t o a n d i n c l u d i n g t h e l a t e s t w e e k o r m o n t h .
T h e r e t u r n s o f e lec tric r a i l w a y s
a re b r o u g h t to g e th e r s e p a r a t e l y o n a s u b s e q u e n t p a g e .
Latest Gross Earnings.
ROADS.
Week or
M onth.
Current
Year.
Previous
Year.
J a n . 1 to Latest Date.
Previous
Year.
$
$
Alabam a & V ick sb. June
281.735
247,211 1.575,090 1,598,223
Am er R y Express. . April
12945965 17403473 51,737,855 70,123,003
AkrCanton& Youngs June
198,848
142.445 1.071,614
656,192
1st wk Aug
A nn A rb o r. .
95,966
106,806 2,912,945 2 ,815,145
A tch Topeka & S Fe June
15524584 14850226 83,402,328 89,200,128
Panhandle S F e . . June
574,661
737,824 3.471,006 4 ,133,565
G ulf Colo & S F e . June
1,892,718 2.437,915 9,994.276 14,011,192
A tlanta Birm & A t l . June
312.517
261,610 1,842,846 1,489,894
A tlanta & W est P t . June
207.363
196.055 1.147,232 1,254,772
June
Atlantic C ity
467,594
448.789 1,874,969 1,865,233
A tlantic Coast Lin e. June
5,571.036 4,955,101 37.095,580
_________ 3 6 .732,035
Baltimore & O h i o .. June
17580 515 16316024 98,079,159 96,230,951
B & O Ch T e r m .. June
290,213
195.443 1,477,424 1,208,657
Bangor & Aroostook June
562,672
438.983 4,488,387 3,77 6 ,1 6 0
Bellefonte C entral. . July
9,259
4,573
56,155
40,976
Belt R y of C hicago. June
501,780
457.235 2.890,776 2,503,441
Bessemer Sc L E rie. June
1,389,042 1,656.893 4,664,649 5,928,169
Bingham & Garfield June
23,625
11.425
82,380
106,495
Boston & M ain e___ June
6,523,383 6,440.900 37,848,763 3 7,149,810
Bklyn E D Term ___ Tune
127,723
96.103
797,420
661.067
B u ff Roch & Pittsb . 2d wk Aug 213,009
301.443 8 ,588,495 9 ,429,564
Buffalo & Susq____ June
68,622
130,268
731,7491 1,035,466
Canadian N at R y s . 1st wk Aug 2,181.198 2.384,012
Canadian Pacific___ 2d wk Aug 3 ’511,000 3 Y 4 5 [6 0 0 9 4 :835:000 104509 000
Caro Clinch & O hio. June
£99.220: 609,085 3,8 6 3 .2 5 5 3.581,721
Central of Georgia__ June
1-993,095 1,941.432 10,747,997:11.132,682
Centra. R R o f N J _ . June
3 ’443.405 4,4 2 6 .9 2 8 23.199.980 25,149.836
Cent N ew E n gland. June
458,678; 684,374 3,511.250, 4.10 9 .6 6 7
Central Verm ont___ :_____
June
542,133; 533,235 3,168.3281 3 ,086,836
Charleston & W Car June
O
„ 231.025 1,724.476! 1,690.322
Ches & Ohio Lines. . [June
8,870,114 8,564.712 44.172,859 41,883,146
Chicago & A lton ___ June
2 .306 082 2 ,5 80.089,14,132,672 14,467,083
Chic Burl & Q uincy. June
Chicago & E ast 111.. June
2 ,010.422 2,101.847 11.903,154 12,850,818
Chicago Great W est June
2 ,038,290 2,004.593 11.323,144 11,659,886
Chic Ind & L o u isv. J June
1,358,651! 1,280,639 7,757,916 7 ,3 1 3 .1S9
Chicago J u n ctio n .. M a y
292,669
409,419 2,045,955 2 ,042,576
Chic M ilw & St Paul’June
13513 5 5 4 112353 001 71,156.775 67,769,580
Chic & North W e s t , jJune
13665322 11864185 67,660,629 6 7 ,606,358
Chic Peoria & St L .'J u n e
168,092; 160.5891 1,133,185
956:619
Chicago River & Ind June
.............
792.2 6 3 1
594.994
Chic R I & Pacific. 'June
10733758! 11106855 56,053.682 62,313,356
Chic R I & G u lf. J June
9 f r l S I o 646.3491 2.716.0601 3,56 8 ,3 9 5
Chic St P M & O m . jJune
2,466,833 2,145,519.13,056,451 13,046,909
Cine Ind & Western June
376.757
cts. -rr-T
288,806; 2 ,0 4 3 ,5 8 4 [ 1.697.748
Colo & Southern___ 1st wk Aug
448,083
6 1 2 ,292 i 3 ,5 5 3 ,0 5 7 : 15,168.316
Ft W & Den C it y . IJune
784,649
789,0(21 4.362,143! 5,238,474
Trin & Brazos Vai; June
139.785
228.571 1,58 0 ,0 5 8 j 1,297,283
W ichita V alley___ 'June
89,779
102.306
571.445
786 343
Oumb V & M a r tin --i June
60.211
147,8971 _ 453,31S|
732,958
Delaware & Hudson June
D el Lack Sc Western June
D env & Rio Grande June
Denver & Salt Lake June
Detroit Sc M ackinac June
185,535
177,363
815:311
916,795
Detroit Tol & Iront.jJune
904,632
578,245! 4.477:923 2 ,655,536
D et & Tol Shore L .J J u n e
310.025
1,204,187
Dul & Iron R a n g e ..;J u n e
1,317,150
2 ,128,259
Dul M lssabe Sc N or.'Ju n e
2,679.074
4,49 7 ,1 1 7
D ul Sou Shore & Atl 4th wkJuly
162,810
2,379,697 2 ,618,534
Duluth W inn & Pac Juno
194,909
119,575
972,664 1,390.987
East St Louis Conn.[June
173.377
128,885 1.011,166
808.487
Eastern SS Lines— jM ay
480.300
416,136 1,585,195 1.259,123
Elgin Joliet Sc E a st. [June
1.731,845 1.311,078 10,507,235 10,414,300
E l Paso & Sou W est June
1.066,440 1.025,721 5.209,396 6 ,003.017
Erie Railroad_______ jJune
6.911,866 8,112.296 44,433.306 49.596.485
Chicago & E r i e .. June
903.500
748.409 5.492.774 5,325,183
N J & N Y H R . . June
123,401
124.023
728.748
719,990
Florida East C o a st. June
813,138
874.874 8.065,238 8 ,295,665
Fonda Johns & G lov July
110,479
111,633
794,487
779,047
Ft Smith & W estern June
142.073! 109,467
730.608
913.912
Galveston W h arf___ June
98,602
199.839
706,854 1,245,161
Georgia Railroad — June
421.356
412,195 2,367.734 2,636.266
Georgia & F lo rid a .. June
138,050
127,938
665.104
691,403
Grand Trunk S y st. . 2 d wk Aug 2,29 9 ,7 3 8 2,291,882 61,926,114 61,009,737
A tl & St Law r— June
164,862: 154 [999 1,364,899 1,573.471
Ch Det Can G T Jct June
155,448
132,006 1.124,376
969,681
D et G H Sc M ilw . June
553.815
362,982 2,536,005 1,792,541
1,683,523 1,333.438
Grand Trk W e s t . June
6,84 9 ,3 2 8
9,242,241 S :448;603 42,730; 195 41,903,787
Great North System June
125,040
Green B ay & W e s t . June
690.298
417.466
G ulf M obile & N o r . June
306:017 2,259:011 2 ,049,326
259.108
G ulf & Ship Island. June
225,2631 i:4 3 7 :7 8 4 1,391,474
Hocking Valley____ June
872
1-uirioi.s C entral____ June
747
T otal system ____ June
926
June
Internal & Grt N o r .
1,090.186,1,461.282; 6,741,669 9,473,963
Internal R y o f M e . June
201,647
149,742 1,508 504 1,599,810
K an C ity M ex & Or June
123,182
116.059'
665 313
833,332
K C M ex & O o f Tex'June
135,325
134,656
740 236 1,016,538
Kansas C ity South. |June
9.996,367
Texark & F t S m . June
1.090,731
T otal system -------July
12,859,406
Kan Okla & G u lf...[J u n e
250.799: 142.921i 1,341,614 1,147,873
177,980!
26,311
247 681
Lake Sup Sc Ishpem June
74,139
84.266
94,005
551,559
Lake Terminal R y . . June
697.620
160,126; 269,240! 1,200,236 1,594,706
Lehigh & Hud R iv .'J u n e
240,1181 431,181 1.987 365 2,210,735
Lehigh & N ew E n g . June
4 .682.192 6,579,729 30.941 221 36,841.367
Lehigh Valley.......... Juno
1,844,979 1.749,6081 9,450 004 9,964,066
Los Ang Sc Salt Lake June
320,341
264,640 1,633.284 1,683,880
Louisiana Sc A rk an . June
281.8511 274,399 1,607 991 1,846,387
Louisiana R y & N a v June
11882 969,9,829,515 62,050 125 57,604,139
Louisville Sc N a sh v . June
297,736! 218,403 1.531,388 1,406,985
Louisv Hend & St L June
1.699,62111,595,842 10.126.725 10,476,772
M aine Central---------June
434,597
320,814 2,281,899 2 ,251,298
M idland Valley-------June
9.566;
5,816
Mineral Range______4th wkJuly
154.204
203,790
283,9451 3 32,482
M inneap & St Louis 1st wk Aug
M inn St P & S S M . June
4,204:331 3.28i;i58 19:254:928|l9:378:742
, ji® | I M l
Week or
M onth.
4th
1st
2d
3d
4th
1st
2d
3d
4th
1st
week M a y
week June
week June
week June
week June
week July
week July
week July
week July
week Aug.
(15 roads)------(17 roads)------(18roa d s)------(13 road s)------(16 roads)------118 roads)------(16 roads)------(17 roads)------(16 roads)------(14 roads)-------
Current
Year.
Previous
Year.
S
i
$
17,398.247 16,502,052
12,953,923 12.401.769
12,971.059 12,740,850
12,985.740 12,798.352
17.624,246 16,810,702
13.154,413 13,056,097
12.880.105 13,090,802
12,354.510 12.969,484
13,403,786 13,976,759
9.800,291 10.603.153
Increase or
Decrease.
S
+ 8 9 6 ,1 9 5
+ 5 4 9 ,1 5 4
+ 2 3 0 ,2 0 9
+ 187.388
+ 8 1 3 ,5 4 4
+ 9 8 ,3 1 6
— 210,697
— 614.974
— 572,973
— 802.862
%
5.43
4.43
1.81
1.46
4.84
0 .7 5
1.61
4.74
4.09
7.57
Current
Year.
Previous
Year.
!J a n . 1 to Latest Date.
Current
Year.
Previous
Year.
?
S
$
Mississippi C entral. June
739.741
97.200
129.211
513,416
M o & N orth A rk an . June
115,262
76,953
M issouri K an & Tex Juno
2,747,099 2 ,670,216 14,698,965 16,004"242
M o K & T R y o f Tex June
1,816,892 2,017,792 10,008,850 13,200,106
Total system ____ June
4.669,393 4,840,601 25,391,496 30,329.342
Missouri Pacific___ Juno
8,663,836 8,584,383 48,524,436 52,400,955
M obile Sc Ohio—
Colum & Greens. June
769,812
96.258!
714,658
126,183
M onongahela_______ June
129,932
307,540; 1,730,964 1,885,174
Monongahela C on n . June
155.429
51.769;
832.985
370.065
M on tou r____________ June
803,784
348.006
21,802
144.3611
N evada-C al-O regon 1st wk Aug
149,437
6,332
200 ,1 5 8
9,8971
N evada Northern. . June
207,743
186,150
46,078
14,446
Newburgh & Sou Sh June
648,942
997.496
178.888
99,775
N ew Orl Great N o r . June
213,954
217,405! 1,267.449 1,260,648
N O Texas Sc M e x . . June
197,823
209,565 1,319,005 1,385,215
June
Beaum S L & W _ _ ,-------148,020
137,008 1,015,176 1,111.034
StL Brownsv & M June
316,856
388,508 2,602,675 2 .992.733
N ew York C e n tr a l.. June
29462408 2786 8173 158557 783 157579512
Ind Harbor B e lt. June
822,389
722,324; 4,638,822 4,40 2 ,7 5 5
Lake Erie & W e s t 1June
856,905
774,517 4,588,921 4,45 4 ,3 5 9
Michigan Central June
7,224,128 6,331,525 37,437,749 3 4 ,484,225
C lev C C & St L . . |June
7,613,870 6,942,887,40,829,638 39,593.766
317,754
Cincinnati N o rth . June
308,045 1,750.311 1,752,663
2,061,173 1 ,639,711! 11,800,206 12,360,145
Pitts & Lake Erie June
401,560
Tol & Ohio Cent.[June
922,950 3,684,921 4 ,994,529
203,839
Kanawha Sc Mich'June
458,243 1,560,542 2 ,280,864
2,606,879 2,20.9,246 14,222,570 13,120.306
N Y Chic & St Louis'June
209,726
N Y Connecting— June
330.4S4 1,391,125 1.783.733
10249837 9,772.686 57,847,727 55,055,001
N Y N H & H a r t f .. June
l 888,365 1,323,6261 5,591,268 6 ,479,855
N Y Ont Sc Western[June
324,241
N Y Susq & W e s t .. June
458,992, 1,975.049 2,157,441
752,968
Norfolk Southern .. June
704,163 4 ,200,225 3 .931,407
N orfolk & W estern. June
9.473.091 7.050,018 46,011.351 39,191,071
Northern Pacific___ June
8,300,557 7 ,408,685 41,922,104 40,427,221
Northwestern P a c .. June
719,158
834,554 3,557,385 3,69 0 ,7 7 4
io a q o k
f\a.A
Pennsylv R R & C o . Juno
4026 0248 4326
8215 240161064
2 485 84923
Balt Ches & A t l . . June
667,302
156,936
148,510
719.259
Cine Leb & N o r .. Juno
100,082
94,519
530.080
519,111
Grand Rap & Ind'June
617.66S 4,125,809 4.0S0.038
712,602
Long Island______June
2.917.091 2,792,777 13,964,429 12,767,134
M a ry Del & V a ._ June
483,500
107,654
539,666
113,033
N Y Phila & N orf June
659,842
621,100 3.48 3 ,3 8 5 3,07 2 ,3 5 7
Tol Peor & W e s t. June
791.224
145,712
110,619
807,315
W Jersey & Seash June
1,090,194 1,105,933 5 ,725,940 5,54 3 ,9 7 8
Pitts C C & St L . June
8,910,749 7,942,514 47. 521,417 48,177,641
Pennsylv System . June
55367 758 5718 4018 319078076 3264 64335
Peoria & Pekin U n . June
891,054
125.121
830,612
129,845
Pere M arquette------- June
3,304,993 3,151,544 18,207,976 17,052,939
P erk lom en _________ June
646,297
585,458
105.195
122,108
Phila & Reading. . . June
5,673,491 7.215,001 38,260.119 42,321,725
Pittsb & Shaw m ut. - June
510,067
81,871
617,230
55,345
Pitts Shaw & North June
596,212
523,890
96,884
72,413
Pittsb & W est V a . . June
367,276 1,391,143 1,416,662
228,343
June
Port Reading
998,840 1,206,703
157,734
92,507
Quincy Om & K C . . June
109,145
9S.873
628,263
530,087
960,332
Rich Fred & P o to m . June
792,254 5,407,635 5 .397.385
June
254.390 1.505.620 1.510.122
234.919
Rutland
254.390 1.505.620 1.510.122
234.919
St Jos & Grand Isl d June
7,566,589 6,406,079 39,420,419 39,950,387
St Louis San F r a n .. June
145.122
104,424
F t W & Rio G ran. June
595,052
832,494
St L -S F o f Texas June
154,121
141.489
780,826
855,767
St Louis Southwest. June
1,449.634 1,351,086 8,351.238 8,29 4 ,9 8 8
St L S W o f Texas June
634,760
594,587 3.438.201 3,613.713
436,253
T otal system ------- 1st wk Aug
451,620 10,733,580 10,720,561
St Louis T ransfer.. June
62,45t>
88,057
370.574
560,072
416,187
San A n t & AranPass June
524,403 2 .483,789 2,81 3 ,3 3 8
69,044
San A n t Uvalde & G June
96,957
514,482
619,498
Seaboard Air L i n e .. June
3,600,199 3,056.711 22,426,507 22,178,211
Southern P a c i fi c ... June
16740374 17131280 83,205,310 91,967.339
Southern Pacific C o ,June
22897098 23044 227 120127 219 130248364
A tlantic S S Line. June
883,427
761,680 5 ,635,528 5 ,149.520
Arizona Eastern. Juno
281,019
180,730 1.494,068 1,586,998
G alv Harris & S__ June
1,860,437 1.932,907 10,506,166 12,831,852
Ho us & Tex C en . June
1,094,774 1.074,835 6,904,226 6,07 1 ,8 7 2
IIous E & W T e x . June
281,942
240,650 1,413,013 1,353,630
Louisiana Western June
310,701
298.168 2.108,193 2 ,0 9 7 ,2 8 8
M org La & T e x .. June
627,443
569,585 3,850,216 1,295,347
Texas & N ew O rl. June
686,184
749,643 4,34^,660 4,25 3 ,7 9 7
Southern R a ilw a y .. 3d wk July 2,768,738 3,057,919 90,998,449 91,128,745
A la Great South. June
861,026
753,124 4,711,466 4,704.441
Cin N O & Tex P . June
1,821,509 1,400,327 9,119,251 8 ,8 2 7 ,2 5 8
Georgia Sou & Fla June
406,800
338,726 2,371,003 2,228,121
N ew Orl Sc N or E . June
558,572
474,809 3,120,822 3.26 1 .3 8 6
Northern A la ------- June
122,001
63,714
628,932
444,843
Spokane Internat l . June
96,547
101,541
541,334
633,117
Spok Portl & Seattle June
646.532
679,148 3 ,390,108 3 ,530.877
<
.......
.
■
„
i?
'r
Staton Island R T . _ June
202,266
216,099 1,151,808 1,197,108
Tennessee C e n tra l.. June
219,064
196,047 1,193.731 1,178,396
Term R R sA sn ofS t L June
383,404
346,118 2 ,283,855 2,176,331
St L M er Bdge T . June
278.309
274.955 1,781.546 1,742.584
Texas & Pacific------------1st wk Aug
561,078
685,466 17,224,640 21,237,073
Toledo St L & WestiJune
617,607
740,353 4,906,257 4 ,3 5 7 ,8 8 8
Ulster & D elaw are.. June
164,408
154.490
713,527
684,579
Union Pacific---------- June
785,175 45.402.183 48,705,977
8,401,925
Oregon Short Lino June
2 ,8 0 4 ,3 1 0 2 ,6 2 1 ,9 5 8 16,380,589 15.652.677
T o ta l system ____ June
15394264 15604253 83,931.504 87.812,711
O re-W ash R K & N June
2,343,050 2,447,510 12.69S.727 13.489.989
Union R R (P e n n ).. Juno
1,192,118
859,255 5,071,267 4 ,9 8 5 ,1 8 8
U t a h --------------- - - — June
159,033
59,292
760,531
560,861
Vicks Shreve & Pac. June
350,342
339,915 1,881.316 2 ,0 4 7 ,2 8 8
Virginian Iiailroad. June
2,069,254 2,004,240 10,485,198 9,59 6 ,6 4 9
Wal>ash R R ............. June
5,362,371 4 ,738,996 28,630,584 28,832,260
W estern M arylan d . June
1,271,571 1,451,225 8 ,244,039 9,13 3 .3 3 4
Western Pacific------ June
1,064,742
963,152 5,090,241 5,555,690
W estern R y o f Ala . . June
213,381
204,405 1,194,732 1,214,118
W heel & Lake Erie. June
1,346,65211,484,823 6 ,8 2 2 ,9 3 0 6 ,748,925
W ichita Falls Sc N W June
105,402| 152,594
583,582 1,124,994
Y azoo & M iss Valley Juno
1.424,976 1,512,706 8,728,619 9,99 4 ,1 8 0
1
1111
A G G R E G A T E OF GR O SS E A R N IN G S —
Weekly Summaries.
Latest Gross Earnings.
ROADS.
Current
Year.
W e e k ly
and
M o n th ly .
Monthly Summaries.
Curr.Yr.
Mileage.
September ..2 3 5 ,1 5 5
October . . ..2 3 5 ,2 2 8
Novem ber ..2 3 6 ,0 4 3
December. ..2 2 5 ,6 1 9
..2 3 5 ,3 9 5
January
February . ..2 3 5 ,6 2 5
M a r c h ___ ..2 3 4 ,9 8 6
April---------- .2 3 4 .9 5 5
M a y --------- ..2 3 4 ,9 3 1
June_______ .2 3 5 ,3 1 0
Prev.Yr.
234.559
234,686
234.972
224,784
234.636
234,880
234,202
234,338
234,051
2 34,568
Current
Year.
496
534
464
406
393
400
473
416
447
472
,784,097
332,833
,440.498
,864.055
892.529
,430.580
433.886
240,237
,299.150
383,903
Previous
Year.
Increase or
Decrease.
*
617.537,676 -1 2 0 ,7 5 3 ,5 7 9
040.255.203 — 105922 430
590,468.164 — 126027 666
527,480,047 -1 2 0 .6 1 5 .9 9 2
469.195,808 — 7 5 .303,279
405.203
414
— 4.772.834
457,374,460 4-16.059.426
432.106,647 — 15,866,410
443,229,399 + 4.069,751
460.007.081 + 12,376.822
19.55
10.84
21.3*
22.87
1605
1.18
3.51
3.67
0.92
2.69
L a te st
G r o s s E a r n i n g s b y W e e k s . — I n t h e ta b le w h ic h
f o l lo w s w e s u m u p s e p a r a t e l y t h o e a r n i n g s f o r t h e f i r s t w e e k
of A u g u st.
T h e ta b le c o v e rs 1 4 ro a d s a n d sh o w s 7 . 5 7 %
Latest Gross Earnings.
Name o f Road
or Company.
1 Current
M onth.
de
c re a se in th e a g g r e g a t e o v e r th o s a m e w e e k la s t y e a r .
First Week of August.
1922.
1921.
S
95,966
202,305
2.181,198
3,285,000
448,083
S
106,805
301,443
2 ,384,012
3 ,673,000
512,292
Ann A rbor________________
Buffalo Rochester & Pittsburgh
Canadian National R ailw ays---Canadian P acific----------------------Colorado & Southern............—
Grand Trunk o f Canada---------- 1
Grand Trunk W estern-----------1 2,300,131
D etroit Grd Haven & M ilw .
Canada A tlantic— -------------- j
Minneapolis & St Louis-------------1
283,945
Iowa Central------------------------- /
N evada California & Oregon—
6,332
436,253
St Louis Southwestern------------561,078
Texas & P acific------------------------
E a r n in g s
2.146,136
M o n th ly
to
8
$
10,839
99,138
202,814
388.000
64,209
153,995
332,482
48.537
9,897
451,620
685,466
3,565
15,367
124.388
9,800,291 10,603,153
N et decrease (7 .5 7 % )N et
Increase. Decrease.
L a te st
956,857
802.862
153,995
D a t e s .— T h e
ta b le
fo llo w in g s h o w s th e g r o s s a n d n e t e a r n in g s w ith c h a r g e s a n d
s u r p lu s
of
STEAM
r a ilr o a d
and
in d u s tr ia l
c o m p a n ie s
r e p o r te d th is w e e k :
— Gross from Railway—■ —Net from Railway— —Net after Taxes-----1922.
1921.
1022.
1021.
1922.
1921.
S
S
$
S
S
S
Bellefonte Central R R —
July............
9.259
4,572
2,045
1,925
— 1.4S9
— 1,288
From Jan 1
56,155
40,976
9,766 — 11,558
8,926 — 12,965
Fonda Jons & Gloversville—
July______
110,479
111,633
40,895
40,547
35,120
34,972
From Jan 1
794,487
779,047
323,114
218,815
257,840
282,6S8
Kansas City Southern System—
July______ 1,506,357 1,803,086
379,254
526,943
273,504
442,757
From Jan 1 11,216,734 12,859,406 2.827,662 3,438,616 2,077,144 2,849,314
.
E L E C T R IC
R A IL W A Y
AND
P U B L IC
Latest Gross Earnings.
Name of Road
or Company.
M onth.
Adirondack Pow & Lt July
Alaoam a Power & L t . June
Am er Power & L igh t. Juno
American Rys C o ------- M arch
Amer W ater W k s Elec June
Appalachian Pow C o . June
Arkansas Lt & Power June
Asheville Pow & Light Juno !
Associated Gas & Elec Junoi
Atlantic Shore R y ___ March
Bangor R y & Elec Co Juno
^Barcelona Tr Lt & P Juno
Baton Kongo Elec Co June
Beaver Valley T r a c _. June 1
Binghamton Lt H & P Junel
Blackstone Val G & E June]
/Brazilian Tr, Lt & P . June
B klyn Rapid Transit. June
Bklyn C ity R R . . June
TSch n IIeights(Reci M a y
Bklyn Qu C o & Sub M a y
Coney lsl & B k ly n . M ay
Coney lsl & Graves M a y
Nassau Electric___ M a y
N Y Consolidated. M a y
South Brooklyn— M a y l
Cape Breton Elec C o . June]
Carolina Pow & Light June]
Central Illinois L t — M a y >
Central M iss Val Elec June]
Chattanooga R y & Lt May}}
C ity Gas Co. Norfolk Marcn
Cities Service C o -------July
Citizens Trac & su b s. Juno
Cleve Paines & E a st. Juno
Colorado Power_____ June
Columbia Gas & Elec July
Columbus Electric— Juno1,
C om ’w ’lth P r,R y& L t Juno
Connecticut Power - . June
Consumers Power C o June
C um b Co Pow & L t . . June
D ayton Power & L t . . June
Detroit Edison C o — June '
Detroit United R y — March
Duluth-Superior Trac Juno
Duquesuo Lt C o subs
light and power cos June
East St Louis & Sub- - June
Eastern Shore Gas & El June
Eastern Texas E l e c .. June
Edison E l 111 of Brock June
E l Paso Electric-------- Juno
Elec L & Pow of A b ington & Rockland- Juno
Erie Lt Co & s u b sid -- June
Fall Iilv Gas W orks. - June
Federal L t & Trac Co June
F t W orth Pow & L t _ . June
Galv-H ouston E lec. - June
Gen G & El & Sub Cos June
Georgia R y & Power. June
Great Western Power Juno
Harrisburg R a ilw a y .. M arch
Havana El R y.L t& P r M ay
Haverhill Gas L ig h t .. Juno
Honolulu Rap T ran s. Juno
Houghton Co E l L t__ Juno
Hudson & M anhattan M ay
Hunting’n D ev & Gas M a y
H unting’ll D ev & Gas June
Idaho Power C o ______June
Illinois Traction.......... M a y
Indiana Power C o ___ Juno
Indiana Service C orp. M a y
Interborough Rap Tr June
Keokuk E lectric.- ......Tune
Kentucky Trac & Ter June
Keystone Telephone. July
K ev W est Elec C o . . . Juno
Lake Shore E lec tric.. Juno
Lexington Util & Ice. June
Long Island Electric. M a y
Lowell Elec C orp-------Juno
M anliat Bdgo 3c Line M a y
Current
Year.
$
438,488
445,707
1935,950
15X7,SS8
163S.301
246,088
132,939
74,765
149.865
20,259
115.958
3617,712
50,983
49.565
84.946
307.811
16266000
3017,256
1044,852
8,218
232,157
269.566
10,139
466,068
2074,299
99,299
46,053
154.959
222,766
43,123
125.931
85.251
1060,862
76.946
67,811
81.927
1271,228
158,350
2 531 ,o29
138.
1189,201
280,611
320,212
1964,358
1758.129
137,368
Previous
Year.
$
358,925
351,253
1866,662
1598.785
1600,861
213,19(1
125,411
72,641
148,457
20.715
105,226
2912,556
43,562
52.187
67,663
284,315
14257000
2888.155
1011,502
6,150
228,558
251,853
9,687
413.656
1954,490
74.213
52,196
130,102
210,222
41,565
111,845
88,443
698,671
75,724
72.188
81,177
978,746
145,773
2491,036
112.204
1095.801
275,034
299,181
1728.216
2084,196
148,552
U T IL IT Y
G O ’ S.
J a n . 1 to Latest Date.
Current
Year.
Previous
Year.
*5,265,455
2,506.311
*24527586
4.717.101
19,911,688
1,428,249
*1,107,341
*871,359
*1,933,605
58,667
*1,457,502
22,515,219
*570,261
312,368
*980,522
3,S89,726
92.515.000
*34544093
11,848,701
36,406
1,067,298
1,109,733
30,518
2,052,439
9 ,733,022
418,470
*666,487
1,791,711
1.274,875
*534,492
*1,461,798
266.350
*13844852
472,466
339,741
*963,588
10,756,412
*1,896,555
15,832.836
*1,617,512
7,261,780
*3,377,098
2,190,505
12,876,744
4.990,099
849.457
$
*4,782,001
2,238.591
*24142158
4.832.092
20,008,680
1,192,957
*1,187,493
*848,991
*1,619,642
53,673
*1,366,246
18.100.834
*521,224
352,265
*860,115
*3,387,984
80.199,000
*30972 086
10,549,104
30,431
864,644
1,046,007
29,613
1,877,624
9,144,559
353,627
*681,900
1,656,107
1.186,199
*506,043
*1.345,769
280.636
*18503064
492,982
371,240
*1,126,688
8,843,134
*1,622,536
15,773.822
*1,469,489
7,135,353
*3,264,120
2,085,024
11,624.400
5.917.675
905.176
1279,245 1242,578 S, 193,990 8.304.834
251,608 297,290 *3,620,221 *4,371,085
43,231
39,422
248,094
273,323
156,024 141,865 1,683,082 *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
83,275
83.978
379,687
193,458
287,438
944,480
1170.184
617,327
140,450
1087,916
47,571
80,662
41,056
928,071
106.566
82.927
222,081
1753,198
58.632
247,986
4322 ,48 0
30,933
147.052
140,920
19,438
205,629
103.074
36,824
100,116
25.560
27,762
68,638
85,778
369,470
192,836
321,689
898,822
1128,736
580.479
144,350
1100,117
44 ,9 6 6
79,717
39,878
881.451
86,452
6 8,428
208,044
1761,290
60,590
*356,473
*358.178
530,787
553,160
*977,619
*1,003,610
2 ,492,346 2 ,431,369
1,206,594 1,282,865
*3,453,652 *3,927,858
5,869,428 6,664,747
*14554948 ‘14020023
3,600.507 3,633.414
422,958
410,021
5 ,459,542 5,341,730
*479,739
*539,685
461,808
478,795
*599,573
*550,350
4 ,618.889 4 ,343,186
486,475
508,108
*1,102,282 *1,212,461
1,131,349 1,070.606
9,353,546 9,211,294
763,318
846,303
238,617 1,225,052 1,250,030
4387,398
*366 ,167
30,330
*381
1,614 ,871
157,430 1,592
1,011 454
967.
143,177
*268 ,112
*249,
21,483
1,250 035
213,149 1,144,
*1,051 829
113,088 *1,099,
133 341
35,854
145,
*1,208 520
9 2,398 *1,228,
118 783
25,093
117,
M anhattan & Queens M a y
M anila Electric C orp . M arch
t M arket Street R y . . Juno
Metropolitan Edison. June
M ilw El R y & L igh t. . June
M iss River Power C o . June
M unic Serv Co & subs June
Nashville R y & Lt. Co June
Nebraska Power C o . _ June
Nevada C alif Electric June
New Eng Power Sy s. June
N J Pr & L t Sub C o s . June
N ’p ’t N & H am p R y . June
N ew York D ock C o . . June
New York R ailw ays. M a y
((Eighth Avenue R R . M a y
/(Ninth Avenue R R . M a y
Nor Caro Public Serv April
N Y & Harlem _______ M a y
N Y & Long Island. . M a y
N Y
Queens County M a y
Nor Ohio Elec C o r p .. June
N or Ohio Trac & L t . . June
Nor W Ohio R y & Pow June
Northern Texas E lec . June
Ocean Electric_______ M a y
Pacific Pow & L t ____ June
Paducah Electric____ June
Palmetto Power & Lt June
Penn Central Lt & P June
Penn Edison & S u b .. June
Philadelphia C o ana
Natural Gas C o s .. June
Philadelphia Oil C o . . June
Phila & W estern______ June
Phila Rapid Transit
June
Pine B luff C o ________ July
Portland Gas & C oke. June
Portland R y , Lt & P . June
Puget Sd Pow & L t . June
Read Tr & Lt Co & Sub June
Republic R y & L t ___ June
Richmond Lt & R R . . M a y
Rutland R y Lt & P r . June
St L Rocky M t & Pac June
Sandusky Gas & E l . _ June
Savannah Elec & Pow June
Sayre Electric C o ____ June
Second Avenue_____
M ay
17th St Incl P l a n e ... Juno
Sierra Pacific________ June
Southern C alif Edison June
C ity o f Los Angeles
Wholesale B asis. June
South Canada Power M a y
l Southwest P & L t C o June
Tam pa Electric___
June
Tennessee Power C o . M a y
Tennessee R y , Lt & P M a y
Texas Electric R y ___ June
Texas Power & Light June
Third A v e R y S y s .. June
Tw in C ity Rapid Tran June
United Gas & El Corp Juno
U tah Power & Light June
Utah Securities Corp June
Vermont H y -E l Corn June
Virginia R y & Power March
Western Union Tel Co April
Winnipeg Electric R y June
Yadkin River Power. June
| Year.
Previous
Year.
J a n . 1 to Latest Date.
Current
Year.
Previous
Year.
S
$
36,973
33,337
148,766
136,257
284,315 298.158
814.563 763.569
4675.809
211,825 209,075 1,374,772 1,322,476
1488,027 1433.005 *18640964 19,702.286
259,423 221,700 *2,836,657 *2.821,167
220,533 197,838 1,310,176 1,247,891
325,355 310,854 *3,975,128 *3,743,143
280,540 213,149 1,680,855 1,523,440
473.806 348,316 1,703,372 1,570.340
441.563 427,406 2.725,318 2,587,061
315,100
46,940
219.340
33.776
187,593 240,283
997,263 1,352,448
355.576 448,089 2.026,767 2.S 91.073
825,369 807,633 3,774,287 3,8 6 2 ,2 8 7
111,653 108.772
507,115
490,628
44,091
226,144
218,941
48,246
98.862
372,418
407,619
94,094
731,308
140,035 148,498
675,566
54,064
224.341
54,849
224,573
87,002 119,720
502,053
518,000
761,204 699,343 4,459,235 4 ,440,579
752,120 690,635 4,405,803 4.408,531
41,698
*462,714
38,223
*496,225
240,156 2S7.091 *3,207,311 *3,892,281
29,793
23,231
72,224
94,525
249,259 235,187 1.426,278 1,366,704
43,674
41,826
*540.616
♦50S.520
46,352
44,656
*578,261
*570,675
190,960 183,078 1,206,222 1,159,969
196,877 197,008 *2,470,542 *2,518,606
988,202 552,907 7 ,342,073 6,172,083
93,158
63,039
501.711
661,269
67,995
67.911
390,319
390,181
3525.734 3566,337 21,118,783 2 1 ,544.034
81,183
75.776
448,549
435,493
268,611 262,337 1,710.519 1,871,640
836,856 815,862 *9.908.387 *10103 606
785,174 751,871 *10138086 *10203 194
239,658 249.005 1,436,604 1,474,159
643,386 565,694
6 7,388
68,350
301,669
318,471
45,946
43,676
*563,489
*584,741
423,634 277,037 1.522,444 1.912,798
58,290
4S.312
404,339
*367,922
133,551
1,083,291
10,032
13,667
*S9,350
*96,484
90,365
85,017
394,366
3 66,176
3,556
4,209
18.392
2 0,844
73,304
79,821
*887,504
*818.497
1436,839 1375,812 7,870,569 7,656,149
1406,466 1251,691 7,238.812 6,916,100
65,663
59,835
743,914 754,828 * 9,665,730 *10172235
138,608 138,145 *1,755,007 *1,607,684
220,342 205.272 1,039,277 1,031.378
576,837 558.256 2,881.441 2,8 6 1 ,3 6 6
208,436 229,478 1.687,521 1.873,095
356,579 359,010
1235.861 1225,484 7,009,896 6,7 5 7 ,2 6 4
793,542 844,890 6 ,998,654 7 ,015,223
976,477 895,414 6,272,910 5.811,614
549,694 519,609 3,350,571 3 ,341,897
696,068 667,910 *8,447,160 *8,757,397
39,715
36,155
249.319
245,692
713,693 851,734 2,078.328 2,5 7 8 ,2 0 0
8091,170 8475,281 31.789.301 3 4 ,360,958
417,754 446.209 .2753,488 2 .8 5 6 ,7 1 5
97.080
84 914 *1.160.368
*996.623
System0 the°reeei^er nf V h' iSi,no 'p^Ker part o f the Brooklyn Rapid Transit
anoroval o f tlm C ^ r t
Brooklyn Heights R R . C o . having, with the
sinceOut i s T o Vo ?££’ n ecll,n,ed b> continue paym ent of the rental; therefore
1 The Ktehth1K
, . B. rA
n C ity R R . has been operated by its owners,
leased to the N e w Y n r i i n
th AA euu^ R R - companies were formerly
on Tulv l i i o i o Wr } ^ f ^ a Waj^s C ° . t but these leases were terminated
oriented senar-lfpl
vely. since which dates these roads have been
operated Mparately. / Earnings given in milreis. g Subsidiary companies
HNd‘ ( M a s s l det
s,.lbw ay and elevated lines, j O f Ablngton & R ockHnn o f H ia
n, Pesetas. I These were the earnings from operamonths
•? Q%?Pi!T:e s o f .subsidiary companies.
‘ Earnings for twelve
y Earnings for 11 m o S . 0118 AprU 1 1921 ’
E le c tr ic
R a ilw a y
and
O th e r
* Earllings for ten m onths’
P u b lic
U tility
N et
•— T h e
fo llo w in g
ta b le
g iv e s
th e
retu rn s
of
K L i 'A L K I C r a i l w a y a n d o t h e r p u b l i c u t i l i t y g r o s s a n d n e t
e a r n in g s w ith c h a r g e s a n d s u r p lu s r e p o r te d th is w e e k :
Gross
N et after
Fixed
Balance,
Earnings.
Taxes.
Charges.
Surplus.
S
S
S
S
Adirondack Power Julv ’22
43 8 ,4 8 8
124,285
84,678
39,607
& Light Corp
J of
73,716
104,873
358,925
31.157
12 mos ending July 31 ‘22 5,265,455
1,521,572 1,011,593
509,979
8 98,498
’21 4,782,001
1,390,948
492.450
Bangor Ry & ELc
June ’22
23,465
48,5 3 2
25,067
115,958
22,4 2 8
15,849
38,277
105,226
12 mos ending June 30 ’22 1 457 502
2 84,804
28 8 ,1 7 8
572,982
273,768
247,401
521,169
’21 1,366’, 246
Cities Service Co
July ’22 1,060,862 1,024,278
191,952
832,326
191,925
4 64,092
656.017
_____
12 m os end July 31 ’§ 2 13 844 852 13.402,254
2 ,166,067 11,236,187
’21 18,503! o64 17,’8 78.378 2 ,0 2 0 ,4 4 4 15,857,934
9,219
9,521
18,740
C S b s M aCt ° °
J u n e.'|2
76,946
9,062
10,539
19,601
12 mos ending June 30 ’22
930.131
109,344
203,258
312,602
105,026
178.500
283,526
’21 1,029,078
Columbia G & E le c . July ’22 1,271,228
478,059
239,750
*717,809
431,211
184,245
,.
’21
978,746
26 15,456
7 mos ending July 31 ’22 10,756,412 *6,554,351 3 ,299,009 3,255,342
’21 8 ,843,434 *5,892,334 3 ,060,408 2 ,831,926
Cumberland C o
June ’22
58,400
45,301
103,701
280,611
lo w er & Light
’21
5 9,225
32,595
9 1 ,8 2 0
275,034
12 mos ending June 30 ’22 3 ,377,098 1,101,505
706,132
395,373
677,929
454,437
1,132,366
’21 3,2 6 4 ,1 2 0
8,675
E x te r n Shore Gas Juno ’ 22
2 ,2 6 8
10,943
43,231
& r*l & subsid
*21
7,991
1,242
9,233
39,422
12 m os ending June 30 ’22
99,621
64,133
163,754
549,255
86,950
32,511
119,461
„
’21
519,193
East St Louis
j une ’22
53,045
155
53,200
251,608
55,126
450
55,576
fk® dburban System
’21
297,290
646,122
863,776
217,654
12 mos ending June 30 ’22 3,620,221
653,189
945,675
29 2 ,4 8 6
_ .
’21 4,371,085
13.954
Erie L t Co & Subsid June ’22
83,275
33,559
19,605
*2i
gg 038
15,379
22,162
6,783
180.555
420,056
239.501
42 mos ending June 30 ’22 1 .0 3 3 J 8 5
182,105
398,456
216,351
tT ..
’21 1,181,025
29,597
19,027
10,574
Huntington Devel June
’22
82,927
cc ufts
»2 j
gg 428
17,412
21,306
3 ,8 9 0
381,518
224,760
156,758
12 mos ending June 3 0 ’22 1 , 102!282
523,331
197,456
325,876
’21 1,242,461
Interborough Rap June ’22
Transit
’21
M unicipal Service June ’22
C o & Subsid
’21
12 m os ending June 30 ’22
’21
Nashville R ailJune ’22
w ay & Light
’21
12 mos ending June 30 ’22
’21
N Y Consolidated J u n e’22
RR
’21
Penn Central Lt. & June ’22
Pow & Subsid
’21
12 mos ending June 30 22
’21
Pine B lu ff Co
July ’22
’21
12 mos end July 31 22
’21
Portland R y,
June ’22
Light & Power
’21
12 m os ending June 30 ’22
’21
Gross
N et after
Earnings.
Taxes.
$
S
4,3 2 2 ,4 8 0 xl ,467,272
4,38 7 ,3 9 8 x l ,331,935
220,553
*71,953
197,838
*60.774
2,53 8 ,5 0 3
*922,041
2 ,6 2 5 ,4 2 9
*728,591
325,355
61,719
3 10,854
57,030
3,97 5 ,1 2 8
995,528
3,743.143
676,799
1,955,669
*552,545
1,896,157
*465.586
190,960
66,488
183,078
71,360
2,402,651
947,638
2,42 1 ,5 3 9
800,897
81,183
29,491
75,776
29,001
803,093
3 20,988
792,260
286,362
836,856
244,554
815,862
236,818
9 ,908,387 2 ,9 5 5 ,2 8 2
10,103,606 3,113,652
F IN A N C IA L
Fixed
Charges.
S
1,827.989
1.799,760
37,994
37,962
466,532
447,694
36,168
38,750
449,223
4 68,280
466,750
463,937
30,109
29,244
359,306
340.920
9,767
9,768
118,434
113,422
178,623
175,637
2,140.664
2,079.496
Balance,
Surplus.
S
— 360,717
— 4 67.825
33,959
22,812
455,509
280,897
25,551
18,280
546,305
208,519
85,795
1,649
36,379
42,116
588,332
459,977
19,724
19,233
202,554
172,940
65,931
61,181
814,618
1,034,156
R E P O R T S .
T h e a n n u a l r e p o r t s ig n e d b y P r e s id e n t W . B . M c K i n l e y ,
C h a m p a i g n , 111., a n d H . E . C h u b b u c k , V i c e - P r e s . E x e c u t i v e ,
P e o r i a , 111., is c i t e d i n f u l l u n d e r “ R e p o r t s a n d D o c u m e n t s ”
o n s u b s e q u e n t p a g e s o f th is is s u e .
T h e u su a l c o m p a r a tiv e
ta b le s o f in c o m e a c c o u n t a n d b a la n c e s h e e t w e r e g iv e n
in V . 1 1 5 , p . 5 3 9 .
United States Rubber Co., New York.
S ix M o n t h s o f 1 9 2 2 .)
C h a ir m a n C . B . S e g e r, N e w Y o r k , A u g . 1 4 1 9 2 2 , w r o te :
Business o f Company Subject to Seasonal Conditions.— 'T ho following state
ment Is submitted with respect to the first 6 months o f the calendar year
1922. Attention is again called to the fact that the business o f this com
pany, b y reason o f the nature o f the commodities handled, is subject to
seasonal conditions, and is necessarily conducted and must bo considered
on a yearly basis, and that, therefore, the results for any period o f less than
a year are not conclusive.
N et Sales.— The volume o f business expressed in tonnage or units has
shown a steady improvement since the close o f last year. The net sales for
the first six months o f 1922 amounted to $ 73,933 ,771 , which is considered
satisfactory in view o f the lower level o f selling prices compared with pre
vious years resulting from changes in general business conditions
Net Profits.— The net income for the 6 months ended Juno ',30 1922.
before interest, amounted to $0,305,113; interest on the funded debt
amounted to $ 2,445,610, and all other interest amounted to $806,585,
making a tota of $3,2 5 2 ,1 9 5 , thus leaving net profits for the period, after
interest and all other charges, amounting to $3,052,918
Current Assets, & c.— The total current assets at June 30 192‘> amounted
t ° c o n s i s t i n g of $56,752,000 in cash and accounts receivable
and $ 7 5 ,993 ,000 in inventories of finished goods and raw m aterials^ Total
current liabilities amounted to 46,352,000, consisting of $11 362 000 in
cu^ e n t accounts payable, including acceptances for importation o f crude
aud $34,990 000 in notes and loans payable
R ef^M tge6
tiono°f f e o O O i n t$h l m nded debt'.^ % g ° ‘ d n° teS’ thUS makin" a rcdu<>
Contractual Liabilities. Contractual liabilities representing commitments
for purchase of raw materials and supplies covered only e w e n t remfirem ents, and as to prices were at or below current markets
4
Final Surplus.— 'T he com pany's surplus at June 30 1922 (exclusive of
fixed surpluses o f sub. co s) amounted to $30 231 456
Arrangement to Retire Notes.— Tho company 'has’ arranged to retire on
D ec 1 1922 all o f its $6,000,000 5-year 7% PSe?ured G o l d T o L d u l d I c 1
1923, and in order to provide the funds for this purnoso has completed
arrangements for the sale o f $7,000,000 1st & R e f .^ t g e 5 % golT bonds
Series “ A , ” due Jan. 1 1947 [see offering by Kuhn, Loeb & C ofon asubsiv
quent page], being part of the bonds now deposited as security for tho 5-year
7 % notes, which are to be retired. This will effect a reduction o f $70 000
In the annual interest charges.— V . 114, p. 1774.
United Paperboard Co., Inc.
(9th A n n u a l R ep o rt— F isc a l Y e a r en d in g M a y 2 7 1 9 2 2 .)
P r e s id e n t S id n e y M i t c h e l l r e p o r ts in b r ie f:
This is the first annual report in the existence o f the company showing
a loss.
The demand for paperboard products during the year was not sufficient
to operate our mills anywhere near their capacity, and prices were lower
than the cost o f production, and to such an extent that assuming mills
could have operated continuously, it was more economical to assume a
shut-down expense than a very high operating loss. This policy was
followed up to a point where it did not affect our customers dependent
upon us.
The portion o f your m ill at Peoria 111., which was destroyed bv fire
has been rebuilt with m any additional improvements, both as to buildings
and equipment.
,
,
Inventories taken at cost or market value, whichever was lower.
I N C O M E A C C O U N T FOR Y E A R S E N D IN G :
M a y 28
M a y 27
M a y 31
M a y 31
1920-21.
1921-22.
1919-20.
$731,041 $1,664,731 1918-19.
M ill earnings___________ loss$155.559
$686,170
101,600
Taxes and insurance____
95,070
224,377
106,107
115,117
Adm inistration expenses
130,726
loss$381,355
$514,324
49,229
$1,341,334
8,722
$486,640
18.722
loss$381,355
$563,553
$6,885
100,000
88,140
$1,350,056
$10,046
500,000
94,633
(2)183,636
$505,362
$17,251
300,000
94,616
(1)91,811
Other IncomeInterest charges.
Depreciation_____
.
100.000
______
Common d iv s.
(4 % )3 6 7 .2 7 8
$561,741
-1 ,6 8 4
B A L A N C E SHEET.
M ay 2 7 ’22 May 28*21
May 27 ’22 May 28 *21
Liabilities—
%
Assets—
$
$
$
Real estate, plants,
_ Preferred sto ck ... 1,327 871 1,500,000
equipment, & c.l0,533,125 10,284,783 Common sto ck ... 10,055!ouo 12,000,000
136,011
______
2,058,529 Accts. payable...
Treasury stock___
362,808
Other securities___
350,918
486,868 Contracts for lmprov’ts & replac.
Cash...............
198,102
422,474
342,583
343,519
Notes <fc accts’ rec.
486,102
567,966 Reserve for accrued
364,437
Interest, Ac-----104,310
Insurance fun d--.
101,181
874,042 Surplus....................
335,434
Mdse. & supplies.
698,901
774,719
79
Deferred charges..
25,990
23,049
Suspended assets .
8,071
Total....................12,301,209 15,082,227
— V . 114, p. 406.
C h ic a g o .
Auxiliary oper., not re v .
$ 1 ,046,968
4 ,285
$995,073
def2,021
$584,494 def$807,951
29,662
55,322
Taxes accrued___________
$1,051,253
270,367
$993,052
272.138
’ $639,816 def$778,289
1,628,470
1 .637,755
Operating income____
$780,886
Seat (revenue p a ss.)____
$1,914,271
1,072,270
Total revenue pass___ $2,986,541
N o . o f non-revenue pass.
53,573
R ev. pass, per car p. day
1,327
Revenue per berth pass.
$3.24
Revenue per seat p a s s ..
$ 0.75
Car miles per car d a y ___
33,517
— V . 114, p. 1898, 1773.
&
G a m b le
$720,913 def $988,654 df$2,4 1 6 ,0 4 4
$ 1,776,285
997,892
$9,193,569
5 ,729,078
Total.....................12,301,209 15 082 227
’
$ 9,575,204
5 ,794,226
$ 2 ,774,177 $ 1 4,922 ,647 $ 1 5 ,369 ,430
2 77,513
294,142
48,343
1,268
1,218
1,363
$3.21
$3.13
$3.25
$ 0 .7 5
$0.74
$ 0.77
32.436
32,830
32,446
C o .,
C in c in n a ti,
O h io .
( A n n u a l R ep o rt— F is c a l Y e a r en d ed J u n e 3 0
(18<A A n n u a l R e p o r t— Y e a r e n d e d D e c . 3 1 1 9 2 1 .)
bhas'retired ssincei D ec. 31 f f i l , l790?000 o"f its
C om pany,
T h e I . - S . C . C o m m i s s i o n r e p o r t s c a r - o p e r a t i n g r e s u lt s o f
th e P u llm a n S e r v ic e (n o t in c lu d in g th e c a r m a n u fa c t u r in g
b u s in e s s ) f o r th e m o n t h a n d s ix m o n t h s e n d in g J u n e 3 0 , a s
fo llo w s :
.
1922— June— 1921.
1922— 6 M o s .— 1921.
Sleeping car total r e v s .. $6,452,534 $5,665,551 $31,450 ,350 $32,678 ,665
Sleeping car total e x p s ..
5,405,566
4 ,6 7 0 .4 7 7 3 0 ,865.856 3 3,486,616
P ro cte r
Illinois Traction Company.
( R e s u lt s o f O p e r a t i o n s F i r s t
P u llm a n
(R e s u lts f o r J u n e a n d S i x M o n t h s e n d i n g J u n e 3 0 1 9 2 2 .)
1 9 2 2 .)
P r e s . W m . C o o p e r P r o c t e r , C in c in n a t i, O ., A u g . 1 5 ,
r e p o r ts in b r ie f:
Our total volum e o f sales amounted to $ 1 05 ,65 5,38 6. The net earnings
or the fiscal year just ended, after making adequate provision for deprecia
tion losses, taxes, etc ., am ounted to $ 7 ,3 4 0 ,3 2 7 .
W ith the close o f its fiscal year June 30 1922, we feel that our company
has passed the m ost acute phase o f that period o f readjustment and recon
struction which has so disturbed business conditions throughout the country
during the past three years.
The volume o f our soap business shows a satisfactory increase over the
previous year, whereas, our oil business, on account o f the general lowering
o f prices o f all fats, taken in conjunction with a short cotton crop, shows
a decrease.
V O L U M E OF B U S IN E S S A N D N E T E A R N IN G S Y E A R S E N D . J U N E 3 0
1921-22.
1920-21.
1919-20.
1918-19.
Volum e o f business, incl.
subsidiary cos---------- $ 1 0 5 ,6 5 5 ,386$120,019,727$1 88,8 00,668$19 3,3 92,044
Operating profit (see V .
113, p. 8 4 5 )--------------------------3 ,7 2 9 ,5 5 9
.........................................
N et earns, aft. prov. for
deproc. losses, taxes
(incl. Fed. taxes) & in
1919-20 reduction in
value o f in ven tories..
7,34 0 ,3 2 7 not stated
4 ,1 9 1 ,0 5 7
7 ,325,532
C O N S O L ID A T E D B A L A N C E S H E E T J U N E 30.
1922.
1921.
1922.
1921.
Assets—
$
S
Liabll'tles—
«
S
Common stock___ 21,341,672 20,521,167
Real estate, bldgs..
Preferred stocks.. 12,181,100 12,181,100
machine plant &
equipment_____ 35,677,890 34,494,886 7% Ser. G notes..x5,000,000 10,000,000
Notes payable____ 2,000,000
---------Good-will, patents,
884,646 1,048,264
licenses, &c____ 2,883,055 2,883,055 Accts. payable...
Mcbdse. & mat’l. .24,365,355 24,819,086 Deprec. of bldgs.,]
plants,mack.,&c.)15719 845/13,378,863
Debtors & bills rec 5,945,630 7,602,581
( 3,288,155
Other Investments. 1,413,386 2,361,938 Mlsc.res.,Incl.tax.J
Loans against sec’y 4,761,098 3,348,821 Sur. & undlv. prof21,645,485 20,125,350
Cash______________ 2,425,323 3,689,193
Deferred charges.. 1,301,009 1,343,838
T o ta l......... ........ 78,772,747 80,543,398
T o ta l....... .......... 78,772,747 80.543,398
xC alled for paym ent Sept. 1 at G uaranty Trust C o ., New Y o rk , at
100M! and in t.— V. 115, p. 553.
P a c ific D e v e lo p m e n t C o r p o r a tio n , N e w
(5 th
Annual
R ep o rt— Y e a r
en d ed
D ec.
Y ork
31
C ity .
1 9 2 1 .)
P r e s . E d w a r d B . B f u e e , N . Y . , A u g . 1 5 , r e p o r i s in s u b s t . :
Capitalization.— There has been no change in the stock during the year,
the total amount o f stock issued D ec. 31 1921 being 321,905 shares o f no
par value.
, „ .
1921 Earnings and Balance Sheet.— On the basis o f a consolidated state
m ent it has been considered necessary, after absorbing the reserve set up
on D ec. 31 1920, to write o ff an additional $ 6,547,239, making the net
worth o f the corporation on D ec. 31 1921 $952,761. This additional loss,
over and above the loss taken on the D ec. 31 1920 balance sheet, is due alm ost
entirely to the very heavy losses which the Philippine and Chinese subsidi
aries have had to take as a result o f the further fall in com m odity prices and
the depression which has continued in both countries and from which neither
country has as yet emerged.
Inventories have been written down to replacement or local m arket,
whichever was lower, and what is believed to be ample provision for bad
and doubtful debts has been made.
A s reported in the 1920 annual report, since tho collapse o f com m odity
prices and general depression o f 1920 tho corporation has concentrated its
activities in an endeavor to maintain its oriental trado and all other activities
o f the corporation have been suspended so far as new business is concerned,
although continued effort and heavy expense have been necessary In con
nection with the liquidation o f old business.
Present Active Subsidiaries.— The present active subsidiaries are Pacific
Commercial Co., operating in tho Philippine Islands, having discontinued
its activities on the mainland o f Asia and in Australia: Andersen, M eyer &
C o., Ltd., operating in China; tho United States I aiific Co., In c., operating
as a service company for these two companies in the United States, and
IF. G. Pratt
Co. Ltd. of London, operating as a service company for these
companies in Europe.
Chinese Government Loan.— O f the other activities o f tho corporation, the
m ost serious problem is presented in connection with tho $ 5,500,000 loan
made in 1919 to the Chinese Government. Against this loan the corpora
tion has loans outstanding o f $ 4,900,000. The loan became duo on Dac. 1
1921, was extended to June 1 1922 on payment o f interest by the Chinese
Government, and on June 1 1922 tho Chinese Government defaulted both
on principal and on interest.
Civil War in China.— During the entire period o f 1921 and up to date in
1922, civil war has been going on in China in more or less aggravated form,
which culminated in tho spring o f 1922 In the campaign between the armies
o f W u Pei-fu and Chang Tso-lin. This situation has not only completely
demoralized the Chinese Government but has had a paralyzing effect on
trade throughout China.
,
W hile it is too early to make any definite statement as to the results o f
the civil war in China, it is the general belief o f those best informed on the
Chinese situation, and which is shared by this corporation, that substantial
progress has been made within the last few months in unifying China and
providing it with the essence o f a strong central Government. The officials
now in power seem to be giving earnest consideration to an endeavor to
bring order out o f the chaos o f Chineso Government finance and conversa
tions are now in progress looking toward an effort on the part o f the Chinese
Government to relieve the corporation o f the necessity o f further carrying
its overdue obligations from the Chineso Government.
Hartmann Bros.— The final liquidation of the losses incurred in connec
tion with the Hartmann Bros, business will be slow and difficult and the
exact outcome o f this liquidation will depend very largely upon tho response
o f foreign debtors o f the company whose ability to pay will depend more on
the future progress of their business than on their present financial strength
Pacific Commercial Co.— The position o f this company on D ec. 31 1921
was as follows: After writing down o f inventories to market or replacement.
whichever was lower, and making suitable reserves for bad and doubtful
accounts, tho net worth was $998,460. The corporation’s proportionate
ownership o f this company amounts to $803,073. In addition to this net
worth, it is our belief that there is a substantial hidden value in the Pacific
Commercial Co. The company owns valuable office and warehouse prop
erties in the Philippines. An appraisement recently made shows a value
in these properties of $ 1,075.000 in excess o f the value at which they are
carried on the books. Aside from these tangible values there is a very sub
stantial value in tho good-will o f the Pacific Commercial Co. which bas
shown a profit in every year except 1921 and 1922. Tho company has
received loyal support from its banking connections and its regular trade is
being carried forward on a basis which it is believed will allow it to break
even if not to show a small profit for 1922.
Andersen, Meyer i% Co., Ltd.— Tho losses suffered by this company have
been much heavier than anticipated, due to the stagnation o f business
throughout China as the result o f tho civil war. These losses have been
exclusively incurred in connection with the general import and export busi
ness, and on its machinery, engineering and contract business the com
pany has even in 1921 made substantia] profits. Without taking into con
sideration any profits on engineering business not completed, tho net worth
of the company on Dec. 31 1921 was approximately $500,000 and it had on
its books on April 1 1922 approximately $12,000,000 worth o f business
taken at a substantial margin o f gross profit.
The demand for machinery in China in connection with industrial develop
ment of that country has kept up surprisingly well in spite o f the general
depression there and is likely to show a large expansion with the return of
stable conditions. Andersen, Meyer & C o.’s position in China is such that
the company is assured of a substantial participation in any increased
business which is offered.
Both tho United States Pacific Co. Inc. and W. O. Pratt <<c Co. Ltd. are
substantially liquidated and in a position to render the necessary service
in the United States and Europe for our Oriental trading subsidiaries.
Oriental Trade-Negotiations and Arrangement with Creditors.— It is the
opinion o f the directors that the Oriental trading business o f this corporatjon should be continued and negotiations are in progress looking toward
tho strengthening o f the financial position o f the corporation and suitabe
?£^alvFeiPerdSrWltE 5s creditors which will enable the corporation to carry
this business forward. We regret that these negotiations have not as yet
reached the point where they may be definitely stated in this report.
However, thts report will be supplemented by a further report on tho com
pletion o f these negotiations,
INCOME ACCOUNT FOR CALENDAR YEARS.
Net profits sub. cos. after 192L
1920‘
1919’
1918’
estimated war taxes
Not shown Not shown $1,331,452 *81,606,660
JJivs., &c., incl. Pacific
Development C o r p ... $514,779
$701,233
$697,718
$627,299
Expenses, &c...................
681,148
447.187
244,509
281,095
D ividen d s.a------------------------ (6%)490,370(7^)443,025 (7)330,391
Balance, surplus..-dof.x$166,369def.$236,324
$10,184
$15,813
x Net loss for 1921, $166,369; add bad debts and other losses written off
subsidiary and affil. cos. $13,306,039 (consisting of current accts., $3,328,n .fi^ eSteconao,Q^9 /8 1/1,? 17: acct!U rec., $43,087; employees’ stock sub
scriptions , $89,423);.deductpreserve Dec. 31 1920, $6,898,668; misc. adjust
ments, $26,502; leaving a deficit at Dec. 31 1921, $6 547 239
* This figure is given in place o f $1,736,905, due to the fact that in the
preparation of the 1918 figures tho amount of excess profits taxes payable
was underastimated by $130,245.
a In 1920 the November dividend was omitted (seo V. I l l , p. 1667).
BALANCE SHEET DEC. 31.
1921.
1920.
1921.
1920.
Assets—
S
S
Liabilities—
$
$
I n v e stm e n ts.a . . . 3 ,3 6 5 ,1 8 8 10,233,802
C h ln .-A m e r . B ank
o f C o m m e rc e ___
735,250
735 ,91 7
M is c . in vestm en ts
4 2 ,6 96
64,1 22
R e p .o f C h in a n o te .b 5 ,0 05 ,00 0 5 ,0 0 5,0 00
A d v a n c e s _________
_______
6 8 ,4 3 9
D u e from su b . c o s . 3 ,8 5 7 ,8 2 5 4 ,1 4 9 ,2 6 0
A ccru ed in t .r e c c lv .
136,667
2 7 ,5 00
N o te s & a ccts . r e c .
76,0 85
1 09,057
F u rn itu re & fi x t ’s .
4 ,2 9 4
_______
S u b s, t o c a p . sto c k
_______c l , 6 0 9 ,7 0 0
C a s h ...........................
168,181
6 9 2 ,9 9 4
E m p l. stk . s u b s c r .
4 7 ,6 36
165,665
D eferred c h a r g e s ..
18,065
3 0 2 ,4 9 8
D e f i c i t ....................... 6 ,5 4 7 ,2 3 9
T o t a l ....................2 0,9 0 4 ,1 2 5
______
2 3 ,1 6 3 ,9 5 3
N e t op er. earnings 2 .914,921 3 ,9 7 5,2 72
C a p ita l s t o c k . d . _ 7 ,5 0 0,0 00 7 ,5 0 0,0 00
Interest & t a x e s ..
205 ,41 9
323 ,97 5
N o te s p a y a b le ____ 5,10 1,0 87 e 3 ,0 00,000
J o in t n o te s p a y
N et ea rn in gs.......... x2 ,709,502 x 3 ,6 5 1 ,2 9 8
a b le .......................... 2 ,3 0 9 ,3 3 4
..........................
D e d u c t reserves—
5 ,0 0 0,0 00
D e p le tio n _______
L oan p a y a b le ____ f 4 , 900,000
9 2 9 ,2 6 5 1 ,4 2 4,5 50
A c cru e d in t e r e s t ..
6 2 ,9 56
33,250
D e p r e cia tio n ___
6 0 9 ,7 6 7 1,227,061
D u e t o su b sid iary
T ax es & licen se.
5 0 ,0 58
84,0 00
c o m p a n ie s ______
14,630
D o u b tfu l a c c ts .
37,706
1 9,405
4 6 ,5 90
A c co u n ts, & c ., p a y
A m o r tiz a tio n ___
417
27,6 38
93,0 43
717,406
a b le _____________
D e v e lo p m e n t___
.............
1 ,1 7 9,5 16
.............g 6,8 9S ,6 68
R e s e r v e ___________
T o t a l...................... 1,60 8,9 12 3 ,9 8 9 ,3 5 4
T otal...............20,004,125 23,163,953
,„.a Investments at cost includo tho capital stock of the following companies:
W- G. Pratt & C? ’ L t d - 843,306; Sun Cheong Milling Co., $315,000.
Subsidiary companies, tho capital stocks of which have been deposited
as collateral security for notes payable (see contra): Andersen, Meyer &
Co., Ltd.. $522,030; International Vegetable Oil Co., $1,424,242; Pacific
Commercial C o .,_$803,073; United States Pacific Co., $257,537.
_
° f.^ k ma. S5,500,000, deposited as collateral to loan.
am r n n
nnn ' » nce received, d Capital stock of no par value:
ST^'nrwin’n 00 sliares; issued or issuable, 321,905 shares; declared
yaluo^ $i ,500,000. e Secured by capital stocks of subsidiary companies
rnHnn? nv L ^ h u ! Caii £ ank
Comili°rco and Pref. stock of tho InterohVnn r!,rV«r ^nn nno h C o- .an.d note $1,500,000. f Note of Republic of
China for $o,o00,000 deposited as collateral, g Represents difference bcS6
qTr,0r‘rnC‘lless
!is ^
r °«C8o:rtransferred
^ df0clai;?dfrom
, valu0
o f capital
stock of
par
$6,985,oo0,
$86,882
surplus
account.—
V. no
114,
p. value.
2725.
Skelly Oil Co., Tulsa, Okla.
(Semi-Annual Report— Six Months ended June 30 1922.)
Pres. W . G. Skelly, Tulsa, Okla., Aug. 5, reports in subst.:
Results. 1 ho business and earnings improved progressively during
the half-year. Net earnings for the period, available for su rp lusand.
reserves, were $2,558,581, which figure is 72% greater than the corre
sponding earnings o f $1,489,892 in tho first six months o f 1921 Of these
not earnings o f $2,558,581, available for surplus and reserves in the first
half of 1922, we have allocated $1,608,912 to the various reserve accounts
in which provision is made for depletion, depreciation and tho like leaving
a clear net surplus of earnings, after all costs, losses, expenses depreciation
depletion and charges o f every kind, o f $1,100,589 for the half-year period
under roview.
Nearly two-thirds o f tho net earnings o f $2,558,581 accrued during the
last three months o f tho half-year, tho accrual by quarters o f the year
having been:
First quarter (Jan., Feb. & March)------------------------------------------ $868,128
Second quarter (April, May & Juno)----------------------------------- _ Rggo 453
while the inontns o f May and Juno successively established new nigh
records o f monthly net earnings, the May figure having been $638,363.
and tho Juno figuro $704,056.
Business Expanding.— The business is thriving and expanding at an
unprecedented rate and with fine energy in every department. This is
well exemplified by tho growth o f the business in tho department o f crude
oil production. Not production o f crudo oil in Juno averaged 10 638
barrels per day, which was a now high monthly record for the company,
and was in contrast with a net daily average o f 7,785 barrels in the year
1921, and 4,480 barrels in tho year 1920. Preliminary reports in hand
for July indicate that daily averago net production o f oil in that month
has exceeded 11,000 barrels, again establishing a new high mark.
Gasoline Manufacturing Plants.— The other departments aro equally
thriving. Our four casinghead gasoline manufacturing plants are operating
with efficiency and profit. We aro now projecting tho installation o f two.
and possibly three, additional plants, all in Oklahoma, at places whore
wo have undor ownership and control adequate volumes o f casinghead
high gasolino content.
. which means the refining o f approximately 7,500 barrels o f crude
on daily. Being modern and efficient, and being served by their own
system o f pipe lines for the transportation o f their crude material and
by their own fleet o f 415 tank cars for the movement o f their refined
products, our refineries are making a very substantial contribution to
the aggregate o f the company’s earnings.
«
A large part o f our refined products is now being marketed through
our own system o f filling stations and bulk stations, direct to the con
suming public in 73 cities and towns in the States o f Minnesota, Iowa,
Nebraska, Missouri and Kansas. Too much emphasis cannot bo laid
upon the importance o f these refining and marketing interests in tne
corporate structure o f the company, because they form a reliable stabilizer
Psmess, and a constant and active factor if strength and safety.
With them, our cycle o f activity in the industry, from the production of
crudo oil to the retail sale o f the refined product to the consumer, is complete.
R e c e n t P r i c e I t c d u c t i o n T r a n s i t o r y . — We regard tho recent reduction in tho
base price or Mid-Continent crude oil as an event of superficial and tran
sitory significance. Our belief is that this “ depression” is a flurry on the
surface and will bo o f short duration, because fundamentally the position
ot tne petroleum industry now is stronger than it has been in many years.
I he severe depression that came upon the oil industry in Jan. 1921 and
lasted during the greater part o f that vear, was real and basic; but now
tn9atro^-D1° 1S altogether superficia 1, consisting merely o f temporary flush
109<9nK. ’ otPortAtion o f crudo il in excess of immediate requirements,
i„ t
. demand o f ever increasing consumption, and the current
tvtS” f!.r . a„/lt li5,lrtcr ° f . a dtillion barrels per day of light oil production in
, oo as the result o f the intrusion of salt water into the Toteco-Ccrro
P °°l; aad the fact that domestic production (which, without imports
s o f 100,000 barrels per day o f meeting tho domestic
d§fjbne, as.U10 result o f the curtailment of drilling that always
m.u h.e pr,1C0 o f tnc product— all these conditions make
“ Jfl
m tbc Position ° f the oil industry, and warrant
OUrE K t^
L°nDS£tne Present "depression” as a flurry on tho surface,
txi
r V
o n C u r r e n t E a r n i n g s . — Tho current earnings wili
nri£e hot iM c S?, temiwrarily by. his marking down of the crude
oil price, but it is doubted whether the company will sustain anv Tier„ 7 noe“ h ^ e d ? a t e d r f , l ^ nt- We ^ a ll reire^ch^to a V ^ s o n a b le le l^ e
markrt
program in the face of the lowered crude oil
rcf'irds’ tiio Hovr in m m i again halts our normal increase of income, and
that we X not
?h0f 9F, Properties, yet it must be borne in mind
that we are not losing the oil but are keeping it in the ground and aro
merely holding it back for production and tale upon a better market®
and, therefore, it can reasonably be said that the loss wo sustain for the
tiuned^nto a°profit.S CaUS6 1S apparent rather than real, and will be later
We intend to store a large quantity o f oil in steel tankage, the amount
9 PT *he duration of the depression in the crude market.
\\ 0 a.re prepared and disposed to run as much oil into storage as the
economic situation may seem to require and justify, and on whatever
oil we store we shall reap a handsome profit. The company is ik very
strong position to meet the exigencies o f the situation as they exist now
or as they may hereafter develop, and to turn them to its profit and
ftch untcige •
C a s h P o s i t i o n , etc.— We have large lines o f banking credit that are
CleaL ^ . «Tnnn nnntlVZatl?,n lf Y® sbould find l t Profitable to use them;
we have $1,000,000 o f cash on hand: our current position is clean and
clear, with all permissible cash discounts taken, wnilo our current assets
exceed our current liabilities in the ratio o f more than 214 to 1.
L i s t i n g o f S t o c k . — The stock has been formally listed on the New Y ork
Stock Excnange, and trading began July 27 1922.
CONSOLIDATED STATEMENT OF INCOME A N D SURPLUS.
6 Mos.
C a l. Y e a r
6 Mos.
Cal. Year.
1922.
1921.
1922.
1921.
5
$
$
$
Gross earnings----- 6,657,178 12,160,344
Costs, oper. exp. &
Net surplu3___ . . 1 .1 0 0,5 89
d ef33 8 ,0 5 8
losses................ 3,742,258 8.185,072 “
1 89,716
1 ,6 2 7,4 28
Deduct—
- y l , 2 9 0 ,3 0 5
1,289,371
*8
cash dlv__
aland O il C
cash div__
’s
’s
300,000
2 5 ,4 0 4
3 3 8 ,70 0
i- y l ,29 0 ,3 0 5
y 6 2 5 ,2 6 8
x The interest o f Skelly Oil Co. i:
minority stockhnldpT«7,f o’, iv
respectively, wnne tne interest
of
and $303,555, L spectivcly
f subsidiary companies in same is $150,921
is S l ^ l ^ e f a n d ^
t}}° sui? lus o f s i ,290,305 and $625,268
stockholders of subsid/n^J respectively, while the interest o f the minority
$3099^respecUvc^y
ry C° nipanies in samc * §68,338 and a deficit of
CONSOLIDATED BALANCE SHEET JUNE 30 1922 AND DEC. 31 1921
June 30’22 Dec. 3 1 ’ 21
June 3 0 ’ 22 Dec. 3 1 ’21
Liabilities—
S
$
P r o p ., p l’ t & eq u ip 3 1 ,7 92 ,81 6 28 347 679
A SSe * -
O ther in vestm en ts
994 a ,o
C a p ital s t o c k _____ 18,3 39 ,03 0 1 8 ,3 39 ,03 0
C a p . stk . o f su b .
co s . o w n e d _____
687 ,13 5
831,205
7 A % M tg e . b on d s 3 ,3 3 3 ,0 0 0 3,500,000
A c cts . & bills p a y . 2 ,2 0 3 ,7 2 4
1,709,369
352,574 A ccru ed I n te r e s t..
22,551
2 1,260
791,901 A cer. gr. p r o d , tax
29,7 57
287
D eferred n o t e s ___ 1 ,545,963
508,503
C on tin g . liabilities
213.221
197,389
D eferred c r e d i t s ..
74,786
61,528.
689 ,30 8 Surplus ow ned b y
Skelly O il C o . . . 1 ,2 2 1,9 67
628,367
Surplus ow ned b y
m in . st’kholders
68,338
def3,099
2 90 ,66 0
R eserv es_________ x ll ,2 3 9 ,1 6 2
9,934,284
R7 n a « 7
- .........._ 916:382 2,286loot
A c cts. & bills r e c . _ 2 , 7 4 7 ,5 2 3
M erch
(cru d e &
refined o il )--------8 83 ,05 4
M a t ’l & s u p p lie s ..
744 630
C ash a d v . fo r d r ill.,
’
fo r p u r. o f p r o d .
& u n d ev . leases,
* ° ...........r —
T rea su ry s t o c k . . .
Sinking fu n d _____
D eferred c h a r g e s ..
453 ,53 8
48,1 80
7 82
396,081
2 ,3 0 0 ,9 1 9
TotaI................ 38,977,344 35,729.413
Total.................38,977,344 35,729,413
;V' , f , ^ ^ i er-Company current obligations, aggregating $368,340, omitted,
depreciating?
e J r follows: For development, for depletion, and for
®p?rQooatl? p ’,®10'685,802; taxes and license, $145,315; doubtful accounts,
AfCar 1rentals, $28,250 amortization of facilities, $288,224.
amortization o f undeveloped leases, $26,638.— V. 115. p. 554, 317.
C ertain-Teed P roducts C orporation.
(Semi-Annual Report— 6 Mos. ended June 30 1922.)
President Geo. M . Brown, New York, reports in brief:
w
very slow in Practically all lines at the beginning of the year.
hoengtvnrmr,„ ^Provement followed and all plants, with one exception, have
B at capacity since about June 15. Our total volume for the
very creditable. The gross and net margins, however, were
ovrAA i J Afi Pcrccntage due to competitive selling and cost conditions. We
5
l 'Bga'n a normal condition in these items during the second half
finder,™ ™ There were no inventory readjustments necessary, as the price
^ raT Products has been upward and all inventories and con
tracts are at or below the present market
. 1ai statement is in a very satisfactory condition, the ratio of
CUin ™ „ass.?ts to current liabilities being 3.41 to 1.
wic i f 0ordanee with sinking fund requirements $120,000 1st Pref. stock
datanSed rSPd canceled as of April 1, making a total of $620,000 rePrifpr^d
, The records o f the Preferred stocks show that the original 8%
In Tan 1000^ (o,f the General Roofing Manufacturing Co.) was exchanged
in Jan. 1909 on the basis o f $114 29 Der share, and a new 7% Pref. stock
formationdo f ?hCh Was called at $ 115 per share in 1917 at the time of the
no^inV=fanfa-he present company and the issuance of the Preferred stocks
“ e^PPtetanding. The present 1st Pref. is callable at $120 and the 2d Pref.
dividend d ^ e Eave an unbroken record of prompt payment on regular
d'.ydcud dates of all dividends on both 1st and 2d Pref. stocks of the
outstanding issues.
bpJ ecords o f the Common stock show that the Common stock of the
General Roofing Manufacturing Co. was an unusually profitable invest“ ent for its holders and the present outstanding Common stock has paid
since its issue in 1917 a total o f $9 per share in cash and in addition has put
into surplus $13 50 per share This is equivalent to $4 09 per share aver
age earnings yearly on the present outstanding Common stock. The last •
half o f each year is generally our best earning period, and for the 12 months’ deficit in the colonial budget, and the Dutch East Indian Government
.......................
period ending June 30 1922, the net earnings, after all expenses and adjust was actually in favour of this idea.
The Minister of the Colonial did not go so far as that, but still he included
ments, were $4 63 per share on the Common stock.
The big demand for buildings and repairs with the present active condi petroleum amongst those products on which, according to his proposal,
tions o f the business, coupled with the fact that we have our expense ac the export duties could be raised by 25 % . Objections were raised not only
counts within our budgets and no further adjustments in prospect, lead us by us but from numerous other quarters, but all this was not sufficient to
provent the Second Chamber passing the bill, albeit with the smallest pos
to believe that the company’s outlook Is very satisfactory.
sible majority. Fortunately the First Chamber refused to ratify it and,
INCOME ACCOUNT FOR STATED PERIODS.
supported by members of nearly all political parties, adopted a motion
deprecating all these export duties and all special taxes on particular mdus6 Mos. end. ---------------- Calendar Years---------------tries, and recommending that they be repealed before the end ot the year.
Period—
1922.
1921.
1920.
1919.
Operating profit............ $1,605,192 $3,620,091 $5,116,771 $3,637,125 The Government finally expressed their full agreement.
Commission To Advise Government.— An Important step in the right direc
Other in co m e .............
al0,511
a38,676
98,31329,735
tion is seen in the appointment of a permanent commission whose task It
Gross income_________ $1,615,703 $3,658,767 $5,215,081 $3,666,860 is to advise the Government on all petroleum matters. Entering Into an
idea expressed in the First Chamber that competent men outside political
Less— Selling, adm., gen
eral expenses and in t .. $1,316,570 $2,885,055 $3,631,054 $2,562,261 circles should give their opinion in regard to the question of export duties,
43,000
126,444(est.)205,000 the Minister of the Colonies appointed on March 8 1922 a committee of
Federal taxes-----------35,700
..........
6,544 6 members, consisting of the three members of the Board of directors of the
Add’lFed.taxes,’ 17-18
--------315,598
622,032
........... Netherlands Indian Mineral Oil Co , appointed by 1the Government, viz.
Deprec’n o f inventory
--------1st Pref. divs____(3% %) 126,000 (7)211,750 (7)219.188 (7)225,750 H. J. E. Wenckebach. Dr. J. Limburg and Ir. E. Middelberg, and further
2d Pref. divs______ (3>*%)93,625 (7)187,250 (7)147,875 (7)134,750 Drs. R. J. H. Patijn, J. B. van der Houven van Oordt and A. van Rijcke($4)362,000
Common dividends—
--------vorsel, to whom Mr. C. C P. Vigelius was assigned as Secretary, it being
28,120 Intended that this committee should be of a permanent charactCT■
5,904
War donations, A c-----------30,146
Industrial Council for Netherlands India.— Our East Indian business is
37,331
E m pl. stock pur. plan.
--------still of sufficient importance to us to have warranted our entertaining a
$43,809
$63,252
$474,289 suggestion emanating from groups of other Dutch East 1ndlan concerns
Balance, surplus.
$16,114
to the effect that all engaged in any branch of business there should closely
a Other income is after adding in 1922 $7,350 and in 1921 $16,717 for co-operate and that an organ should be founded In which their mutual
sundry surplus adjustments credit.
interests could be studied, discussed and promoted. Their object was chief
ly the protection of their Interests in matters of legislation, taxation ana
COMPARATIVE BALANCE SHEET.
June30’22. Dec. 31 ’21
Jwi«30'22. Dec. 31’22. la The outcome of that idea was, that an association was formed in the
Liabilities—
S
S
Assets—
$
second half of 1921. under the name of Industrial Council for Netherlands
Land, bldgs., Ac.,
1st Pref. 7% stock 3,540,000 3,660,000 India, which, with one or two exceptions, practically all enterprises or
less deprec’n . . . 4,729,028 4,749,310 2d Pref. 7% stock. 2,675,000 2,675,000 associations of enterprises of any importance operating there joined, these
Water pow. rights. 289,630
289,630 Common stock...x2,720,000 2,723,000 included industrial and agricultural enterprises as well asj shipping, rail
1st Pref. stk.sk. fd.
1,151 Purchase money
_____
way and tram companies, banking houses and export and import firms^
Good-will, trade
obligations..y_.
1,540,000
1,540,000
Much influence for the good may be expected from this association, on me
marks & patents 3,916,301 3,916,301 Fed. taxes (1922).
35,700
__ daily committee of which we are also represented.
...
.
88,538 Notes payable___
Invest, in oth. cos.
75,775
420,000
New Fields.— Among the most important events of last year with regard
Exp. paid in adv.. 117,952
501,406 632,058 to production may certainly be mentioned the discovery of new and rich
62,988 Accounts payable.
53,110 oilfields in the United States and the amalgamation, after en^ h y nego
Employees’ stock
Fed. tax for 1921. .
21,9031
purchase accts.. 655,740
5,474)
689,175 Acer, local taxes..
tiations of our North American interests with those of the Union Oil Co
Inventories_____ 1,606,145 1,775,244 Divs. payable on
of Dele ware, which rendered it possible to increase the production avail
99,313 able to us in the United States to double the former quantity and by which
pref. stocks___
108,763
359,331
Cash______ ____
400,641
67,342 Surplus_________ 1,821,344 1,777,535 we have entered into close co-operation with a group of A^ r ic a n oil nterNotes receivable..
49,264
Accts. receivable.. 1,540,112 1,158.006
ests and have established our business in that country on a still firmer
footing. (Compare Shell Union Oil Corp. In V. 114, p 637, 745, 2125 ana
T otal________ 13,389,589 13,157,015
T otal...............13.389.589 13.157,015
Two facts worthy of mention are the increase of the production c f the
x Common stock (no par value) at value declared under the laws of ■“C’ orona’ ’ our subsfdiary company in Mexico, which for fa la m o u n te d to
Maryland or at issue price, y Purchase money obligations with respect three times that of the previous year and the completion of our pipe lines
to purchase o f capital stock, business and good-will o f Thomas Potter.
Sons & C o., Inc., Philadelphia, maturing in equal annual installments from thSpecial mention should also be made of the considerable increase o f
1925 to 1931.— V. 115, p. 763.
production in Sarawak (in that part of N W Borneo which is not Dutch)
which was all the more welcomo as it coincided with the increase of the
.
.
Stew art-W arner Speedom eter Corp. and Subsidiaries. Dutch East Indian export duties
The result of our geological investigations in various countries was nega
(Semi-Annual Report— Six Months Ended June 30 1922.)
tive, in so far that prospects did not appear to bo sufficiently^yorable to
justify the commencement of permanent operations
On the otner nana
RESULTS FOR STATED PERIODS.
we have acquired valuable concessions in the Argentine Republic and elsePeriod Ending—
6 Mos
— — ------ Calendar YearsW*As°regards*Russhv^we shall have to await political deveI°pments b^ore
1922.
1921.
1920
1919
Profit & income (see note)$2,122,050 $1,106,573 $3,092,384 $3,161,634 we can again enter into possession of our former properties, all tine rumors
______
______
363,912
______
Adjust, o f inventories,Ac.
to the effect that special agreements have been made by our I3 ^ * ™ “
the Soviet Government, which have not always been spread with the purest
Dividends received______
______
______
Cr.79,267
___
Federal taxes___________
265,526
67,000
517,544
368,341
m^efirieriesr— i^ur^efineH ^fnvarious countries have been ^ p r o v e d a n d
Dividends paid................
579,373
1,172,105
1,674.267
900,000
enlarged: in Mexico the new refinery with a capacity of over 45,000 barrels
Surplus net income----- $1,277,151 def$132,532
$615,927 $1,893,293
a & M
hM f t h ^ o f T r X aM I-Y a T iou S new methods were studied
Deduct— Adjust of claims
and s K put into operation. W e also participated to the extent of one
against U. S. G ovt.......
...........
..........
...........de&.$829,719
half in the capital and the management or a company established at The
A d j. in re royalties & tax. •_.........deb.$410,079
__
__
----------------- deb $88,444
____ Hague viz: the International Bergen C o ., who have acquired f™m a German
Adj. o f 1919 depr. p ro v ..
8,041,938
7,514,454
6,450,880 irmiri the natent rights for a new process of obtaining light products from
Add— Previous surplus.. 7,652,200
lea v v hyd?tcarbons by means of high pressure and the Introduction of
Apprec’n from appraisal--------137,908
.
..
hvdroge^ and of converting coal Into motor fuel. This work is still for
Total unapprop.surp._$8,929,351 $7,637,235 $8,041,937 $7,514,454 the greater part in an experimental stage and no decisive opinion can yet
Note — “Profits and income” are shown, ’ ’ after deducting all manufac ho e^nre ®se<F as regards Its profitableness would have upon our business
turing, selling and administrative expenses, including adequate provisions i f we ar^succeMful in achieving on a commercial scale the results which
for discounts and losses on doubtful accounts, depreciation on plant equip have already been obtained with our experimental plant.
^TWnnsnortation.— During the past year we have also not been Inactive
ment, A c.”
is regards the transportation of our products: the tonnage of our fleet has
BALANCE SHEET JUNE 30 1922 A N D DEC 31 1921.
been increased by more than 100.000 tons and with the exception of a few
June 30 ’22 Dec. 31 '211
j une 30/22 Dec. 31 ’21 months a tth e beginning of the year, when, in consequence of the general
Assets
$
S
I Liabilities
$
$
impression we were obliged to lay up a few vessels, we have been able to
Lands, bldgs., Ac.c5.664,719 5,792,176 Common stock..al2,644,422 12,459,127 keen our flllt continuously and successfully employed The serious
Pat’ts, trade-mks.,
_
JPreferred stock... b271,500
280,200 decline in the freight market was an unfavorable factor, affecting us the
tradenames, Ac.10,731,725 10,602,159 8%conv goldnotes 1,667,000 2,000,000 more because we had a considerable number of charters running which had
Cash
___
927,341
465,460 Def. liab. in re of
been taken out in 1920 at the much higher rates then ruling. By far the
U. S ctfs. of indeb. 2,002,945 1,253,125 Van Slcklen lnv.
424,752
501,744 greater part of these charters have now expired.
75,000
265,526
67,000 B Distribution.— The distributing branch of our business was extended dur
475 000 Federal taxes-----Funds on call
873,690 Acc’ts Avouch.pay
472,218 324,373 ing the period under review especially in Europe. As regards countries
Marketable securs. 755,898
Wages, comm.,royAccounts A notes
outside Europe the retail trade in California especially was energetically
277,611 600,561
receivable......... 2,439,029 1,475,0111 altles, A c ., a c c ’d
8,929,351 7,637,235 de£hlic^eUasi Indies, &c.— During 1921 5 now concessions of minor imporInventories........ - 2 A77.§80 2,625,431 Surplus...........
308,188
Deferred charges
177,843
taThe^assingnof ethe Bill creating a community of interests between the
T otal............... 24,952,381 23,870,2401 T otal............... 24,952,381 23,870,240 Dutch East Indies Indian Government and De Bataafscho Petroleum
Maatchappij with regard to the oil fields in Djambi, led to the formation
of the “ Nederlandsch-Indische Aardolie Maatschappij (N. I. A. M.
Pref. of Stewart JVitg. uorp
s w u i u , ouuaings, machinery
and equipment balance at March 31 1922,$ 7,983,637; additions since (net). OI1Owing to the*" important increase of the export duties on petroleum pro
$81,092: total, $8,064,729: deduct, reserve for depreciation, balance Mar. 31 ducts which took effect on M ay 18 1921. the great plans for increasing
1922, $2,280,328; provided out of profits for 3 mos. ending June 30 1922, the production could for the greater part not be executed. On the con
$119,682; leaving as shown above. $5,664,719.— V. 115, p. 554 , 445.
trary the activities on fields where a smaller and thus more c0StdY Pro
duction was anticipated, had to be curtailed or even stopped; some of these
R oyal D u tch C om pany fo r th e W orking of Petroleum fields which under the circumstances were no longer profitable were sur
Wells in N etherlands India.
(Report for Fiscal Year ending Dec. 31 1921.)
The managing directors, The Hague, June 1922, report
in brief:
Trading Results.— As already set forth above, the results of the trade
have been satisfactory in spite of numerous unfavorable factors. The
reowing to the extension of our activities commenced before the eroort
duties were increased, we are this year again able to report a record figure
for the total production in spite of the curtailment above mentioned.
1921
I 920
Sumatra
_________ ________ ..564,717 KG. ton
496.351 KG. ton
: : : : : : : : : : : « » * : ! iS
~
2°&°
f «
co V i? .7 S c « ju d, r . r ' in j“ '
1921 “
•*
1921 Unfavorable for C o m p a n y — A year such as 1921 could not possiblv have been favorable for our company. The world, impoverished
and disorganized, which for its recovery, needed nothing so much as uni
versal reconciliation and co-operation, has been kept in a state of confusion,
in which peace in the actual sense o f the word has been totally lacking.
Industry and shipping have been in a condition of great depression; prices
and freights declined entailing losses which resulted m the rapid disappear
ance o f the abnoraml profits made during the war. Rates of exchange so
declined as a result o f which entire nations lost the greater part of their
$ ea r
m Dnetopmen?onhe%am%i Fields — On April 29 1921 the Second Chamber
Dassed tlie bill relating to the development of the pjam bi fields; on July 1,
J g ffg s t C h ^ b e r r a tifie d this disefeion and on July 5 1921 the bill was
signed C It now remains for us to show . ^ f ^ e coitfidence reposed by the
State in co-ooeration with our companies has not been misplaced.
StDuties on Petroleum Products ExP°S‘ *dd/S?J!t £ £ etv^s
qM<f*
tion which has o f late caused us
r^gard t0
the duties on netroleum products exported irom Dutch East Indes.
Following upon a considerable increase which was introduced on May 1
(un to FI 7 50 per ton for light and FI. 1 50 for heavy products) a still more
drastic increased this pernicious taxaUon aiipeared to becontemplated both
In the Netherlands and in the Dutch East Indies
,'h“
(Na
tional Council) constituted as it then was, adopted a motion the object of
which was to use the petroleum industry as a means o f meeting the immense
”
Total
............................ 2,295,538 K G . ton 2,284.136 KG. ton
Pine 'Lines'— The crude oil pipe lines and the tank installation of the
m lik Papan Administration were extended where necessary. At the end
vear under review a beginning was mado with the laying o f a l 60 KM .
6 ” gas-line from the drilling field Loentar to Pladjoe. which will make it
^
in fntun* to use Kcis instead of residue in the factory.
— The exploration and exploitation of the fields of the ‘‘Sarawak
nimelds L t d /’ was vigorously extended during the past year, with the
, 1/ that the production considerably increased and continues to do so.
^ “ motiun amounted to : 199,858 E. tons as against 144.412 E. tons in 1920.
^ ^ . - - m p d u c t i o n amounted to: 181.231 E. tons as against 148.901
E. tons in 1920- properties in European Countries.
— No alteration has been taken place as regards to the position
of the interests o f the companies formerly operating in Russia and controlled
byAccordlng to unofficial reports, tho Soviet Government are producing
•1
the fields to which reference is made above and treating this oil as
o n o n ju e d
left ln storage in 1917 at the refineries at Baku and Grozny.
milk of the products obtained will no doubt be consumed in Russia
itself while only a small portion finds its way to tho world market via the
B1»»rnnn1a —A sfa r as Rumania is concerned the year 1921 has not seen
S i work of reconstruction as for the good of the oil Industry in that
country might have been desirable.
The considerable depreciation of the Rumania currency greatly hampered
the purchase of the necessary drilling materials, whilst the slow progress
in recovery is chiefly to be attributed to the inadequate supply of electric
power.
Neither the question o f the indemnification for the properties destroyed
in 1916 nor the taxation problem has yet been definitely arranged.
Nevertheless, the general crude oil production showed some increase,
which, however, just as in the previous year, is due to a few gushers having
come.in.
The production of the Astra Romana fields amounted to: 333,645 KG.
tons as compared with 327,891 KG. tons in 1920.
The quantity treated during 1921 shows an increase o f no less than 67%
as compared with 1920. This Increase is attributable to the fact that the
considerable reduction of the export duties resulted in a brisk export trade
which rendered it unnecessary for the Astra to dispose of a considerable
portion of their crude oil production, as had been the case in 1920, owing
to lack o f storage capacity.
Poland.— In Poland we have an interest in the production of the “ Nafta,"
an affiliated company of the Nederlandsche Photogen, which moreover
possesses refineries and distributing organizations both in Poland and in
some o f the States which formerly constituted the Austrian Monarchy.
Jugoslavia.— The exploration boring on the vast territory on which we
have obtained exploration licenses, has not yet reached the depth at which
oil may be anticipated. Operations are proceeding energetically.
Properties In North America.
Amalgamation.— The amalgamation of the greater part of our interests
in the United States and those o f the Union Oil Corp. of Deleware, as well
as of the formation o f the Shell Union Oil Corporation, was fully con
cluded. (Compare V. 114, p. 637, 745, 2,125, 2,726.)
In M ay of this year the production o f this combine had already reached
a total of over 35,000 barrels a day in California and o f 13,000 barrels a
day in the Mid Continent territory, the total daily production thus amount
ing to over 48,000 barrels, exclusive o f a production of 3,000 barrels held
in reserve for the future in view of the condition o f the market.
Mid Continent.-—The Roaxana Petroleum Corp. has considerably strength
ened its position in the Mid Continent by entering into two agreements for
the joint exploitation o f fields which were already partly productive and
partly still being explored.
They succeeded in appreciably increasing the production of the former
and in proving paying production on the latter.
The above mentioned amalgamation with the Union of Deleware resulted
in a considerable extension of our Group’s territory in the Mid Continent.
During 1921 the main pipeline from Cushing to St. Louis belonging to
the Ozark / ipeline Corp., transported less crude for outside companies but
more o f our own production as compared with the previous year. The
feed lines from Waurika to Healdton and Healdton-Cushing gave satis
factory results during the year under review.
California. During the past year the Shell Co. of California, have con
siderably increased their reserve production territory by the acquisition of
producing and exploration fields as well as by taking over the territories
of the Union of Deleware.
It is an important fact that new borings on the fields brought in by our
own organization and on those taken over from the Union o f Deleware
have proved these fields to be o f far greater value than was supposed when
the combine was formed.
At the end of 1921 the exploitation of 3 wells had already been started in
the Los Angeles territory, in the field o f Signal Hill opened up by the Shell
C o. of California, while several even richer wells have since been struck iu
this area. At present the production of this field is 17,500 barrels a day.
In view of the large stock of crude oil and products and in connection with
the position o f the market, the production of the Coalinga field was for the
time being considerably reduced to cover immediate requirements.
The Shell Co. of California sells direct to the consumers through its selling
and distributing organization.
In order to meet the growing demand for products the distributing facili
ties in the second half of the year under review were being considerably
increased by building a great number of Sales Depots.
Operation of the fleet.of tankers fomerly belonging to the Shell Co. of
California, and recen-ly transferred to the Asiatic Petroleum Co. of Dele
ware, is seriously hampered by the onerous regulations of the American
Shipping Act, which excludes these vessels from the American coasting
trade. This opposition on tho part of the American authorities affects
us all tho more, since we have also been refused permission to sell these
vessels to a fareign company.
Two vessels were laid up for a short time.
New Orleans Refining Co.— The extension of the refinery of the New
Orleans Refining Co. at Goodhope, near New Orleans, where exclusively
Mexican Crude is treated, was completed.
Properties In Mexico.
Although the development of the industry has been seriously impeded
by legislation and administrative decrees the petroleum production showed
a considerable increase during 1921 and reached 200 million barrels, i. e.
about a quarter o f the world’s production.
As :.1 rpKU,t
the more peaceful conditions in the interior of Mexico our
aI*Jliated companies have been able to extend their exploration work.
rhe business of the Dutch Co., Petroleum Maatschappij “ La Corona,”
was transferred in 1921, to a new Mexican company, “ Cia. Mexicana Ilolandesa La Corona.
territory owned or leased by tho company has been largely increased
1"~1 • Several borings outside our old Panuco fields became probarrels6 of''light*
t*le Cnt* of tl10 ycar’ produced a quantity of 5,355,000
^he Zacamixtle field, where the various companies were
ivn during the year, showed traces o f salt water and soon afteri 1! 116 wells,S?d
b0 closed in. Since then the Corona has
been the only company with a largo production o f light oil from this field,
from which they have already obtained 8,500.000 barrels. On a newly
developed field, Chiconcilio, N. E. of Zacamixtle, a gusher was struck
yielding a daily production of 10,000 bbls.
On the plot Cacalilao. north of Panuco, the first well drilled produced a
daily quantity of 5,000 barrels.
*
4 ‘>66 OOO*1? " °U m Corona in 1921 amount°d to 12,863,000 barrels against
On Dec. 31 1921 the stock of crude oil in steel storage amounted to rather
more than 5,265.000 barrels as against 919,000 barrels on Dec 31 1920.
The two pipelines for tho transport of the Zacamixtle oil to Chyol have
been completed and have both been put into operation, whilst the new tank
farm in the neighborhood of Chyol, on tho Panuco river near Tampico,
was likewise finished. Pipelines, pumping stations as well as the storage
installations fully come up to expectations. At the end o f the year under
review tho refinery at Chyol started treating our considerable stocks of
light oil, at the rate of 30,000 barrels per day, which has since been Increased
to over 45,000 bbls. Pipeline installations and shipping facilities are now
capablo of handling about 3,000,0000 barrels per month.
Mexican Eagle Oil Co., Ltd. (El Aguila) .— During tho year under review
the total crude oil deliveries to the storage installations amounted to 38,
665,000 barrels. Tho daily pumping capacity was increased from 110,000
bbls. to 150,000 barrels.
The refineries are now able to treat 130,000 barrels daily
The scheme
for tho construction of steel storage has been carried out, the storage capac
ity thus having been increased from 5,500,000 barrels to 12,000,000 barrels.
Venezuela, Curacao, Trinidad and South Africa.
Venezuela.— Carribean Petroleum Co. During 1921 as a result of tho
delivery of a number of vessels which we had ordered with a view to extend
ing the transporting capacity, it was possible considerably to increase the
production.
The production amounted to 241,130 KG. tons against 78,570 KG. tons
in 1920Tho refinery at San Lorenzo was continuously in operation, which enabled
us to supply tho greater part of the petroleum products consumed in VeneIn spite of the general depression which was also strongly felt in Venezula,
the Company s business showed a marked improvement.
Curacao. Thanks to the increased crude oil supplies from Venezuela,
the refinery could be kept in operation fairly regularly, and it was even
decided to extend the factory so as to be ablo to turn out various new pro
ducts.
Trinidad.— At the request o f the United British West Indies Petr. Syn
dicate, Do Bataafsche Petroleum M ij. took over, as from May 1 1921,
management of the fields of tho companies belonging to the above Syndicate.
The wells which have so far been drilled under our supervision have, on
the whole, failed to give the results anticipated.
Tho quantities produced were: 51,970 E. tons in 1921 against 49,500 E.
tons in 1920.
In the remaining part of South America, where we have up to this time
not yet operated, extensive exploration fields were acquired by us.
South Africa.— A geological expedition was dent out to South Africa
(The Transvaal) in order to examine the oil-shale deposits occuring there.
Under the present circumstances plans for further exploration and exploita
tion of the fields offered will probably have to be abondonod.
Further the Societe pour l’Exploitation des Petroles in which we are
interested possesses a great number of “ permis de recherche” in Tunis.
On none of these fields have drilling operations yet been started.
Fleet and Freights.— The decline in freight rates of the general carrying
trade as well as the fall in the tank freights has continued during 1921.
We regret to state that as yet there is by no means a proportionate
decrease in the working expenses. On the contrary, owing to the high
wages and large outlays for repairs, working expenses are still such as to
make It advisable to lay up some of our oldest vessels.
Having made several long-time charters at the old rates, which had not
yet expired, we were not yet in a position to derive the full benefit of the
decline in freight rates as far as the outside tonnage was concerned. As a
result ot the delivery of a number of new vessels, the carrying capacity of
our fleet Increased considerably, the total tonnage at the disposal of our
group at the end of 1921 amounting to 1,144,000 toas.
/ nccs.— The fall in prices which commenced in the beginning of the past
year, still continued in the course of 1921 owing to there being no improvey10! u. tae general economic conditions and also to a further decline in
ireight rates.
[Signed by II. \V. A. Deterding, General Managing Director; J. E. F.
De Kok, B. C. De Jonge and J. Th. Erb, Managing Directors ]
The annual comparative tables of income account and
balance sheet were given in V. 115, p. 655, 769.
M ontreal L igh t Heat & Pow er C onsolidated.
(Fifth Annual Report— Year Ended Dec. 31 1921.)
Pres. II. S. Holt, Montreal, Jan. 19 1922 reports in subst.:
Revenue.—1The recovery is gratifying so far as it goes, but we continue to
suffer in our Gas Department, where the revenues are still insufficient to
adequately meet expenses. The principal trouble is that the rate for gas is
too low, but it is to be hoped that improved conditions will enable us to
carry on without increasing the present rate.
to
The costs for equipment, supplies and labor are still abnormally high
Taxation is more burdensome than ever and is in certain respects discrimThe company enjoys an unrivalled position for minimum rates in respect
of both gas and electricity throughout the continent o f America— notwith
standing we are farther afield than others from raw materials, and have a
climate adverse to operating conditions.
nave a
Dividends.— Quarterly dividends have lieen paid on the stock at rate o f 5 %
Bonds.— There was redeemed during the year $486,667 o f matured bonds
o f Montreal Gas Co. $34,000 Montreal Light Heat & Power Co. Lachino
Division and $^4,000 1 rovincial L. H. & Power Oo. sinking fund
We issued $487,000 ? f Montreal Light Heat & Power Co. Collateral Trust
4Hs. due 1932 (against retirement o f the Gas Co. bonds) and added the
sal?
* ose *n ° H investment securities account available for sale
? c - S?,0. ? ddi,ti9n^ to tbu Lasalle Gas Works and the installa
tion o f the two additional hydro-electric units with the accompanying
extensions to power and transformer houses at Cedars and transmission
leted, except for the generators, which should be
completed within the next two months. With this installation the Cedars
plant is complete for 160,000 h. p. with provision for 60,000 h. p. additional
capacity involving hydro-electric equipment only.
In 1922 we shall have considerable capital outlay for cables to eauip the
underground conduit system as extended, etc.
9 P
7°«Rfi 1 ;T T .here was exP«nbcd during the year on maintenance account
reserve86-! to n l nf
SI ,328.997 for depreciation and renewal
reserve, a total o f $2,026,883. An amount o f $873,438 was charged to
depreciation account to partially take care o f depreciatedanddisSrd£d
plant by our various subsidiary companies, whose securities we h o ld /
INCOME ACCOUNT YEARS^g N M N C D E U 31 1921 A N D 1920 AND
Gross revenue................3^289 <W5
4 W sV l/qfo 27^’8*1^390 6S4
Expenses and taxes. - - - 6,549.933
6.810,287 * 5:357 493 $ 4 767 869
Deprec. & renewai res ve 1,328,996
1,055,167
943 927
1 039 069
Fixed c h a r g e s .............. 1.188.293
1.078:450
l.r a lw o
995,022
Net earnings________
S3,804,506
$3,605,182
S3.588.724
Dividends________(5%)" 3 ’227,689 (5)3,220,739 (4)2,562,291 (4)2,556,025
Pension fund_______
20,000
20,000
20,000
20,000
Balance, surplus, sub
ject to income t a x ..
$975,053
$563,767 $1,022,891 $1,012,699
BALANCE SHEET DECEMBER 31.
1921.
1920.
1921.
1920.
A ssets—
s
S
Liabilities—
S
S
Property............... 223,767
223,767 Capital stock____ 64,553,800 64,475,500
Cash.................... 2,338.507 2,222,325 Accounts payable 1,691,928 1,518,634
Investments_____ 4,273,839 4,642,633 Customers’ depos
342,182
275,543
Bills receivable
186! 196
44,130
228,543 Accrued Interest.
45,292
Acc’ts receivable.. 1,142 688 1,532,926 Dividend accrued
Advances............ 6,751,863 4,712,486
537,948
(not declared).
537,296
Stocks, bonds and
491,956
Insurance reserve
384,248
Interest In other
Contingent reserve 374,304
374,304
companies........62,896,361 63,495,650 Deprec’n reserve. 7,234,234 6.778,675
Stores...............
315,287
692,214
323,622 Suspense account
673,389
Coal, tar and coke 1,290 079
924,583 Surplus............... a3,455,891 3,243,653
T otal...............79,418,588 78,306,534
78,306,534
T otal.... .......... 79,418.588 78.306.534
a Subject to income taxes.— V. 115, p. 315
U nion S tk .Y d s.C o. o f Omaha, Ltd. (So. Omaha, Neb.)
(Report for Fiscal Year ending Dec. 31 1921.)
Calendar YearsStatistics— N o.—
1921
1919.
1920.
1,874,996
Receipts of stock— Cattle 1,340,492
1,524,121
C a lv es..................
osn
su
100,240
78,678
98,084
Hogs
3,179.116
2,708,482
2,665,276
3,789,188
2,890,748
SteSS- - 2[752!962
Horses’-and m ules.II
25,201
18,751
6,779
765,561
Shipments—Cattle___ I
545:510
644,363
Calves
51,085
37,201
60,056
Hogs
648,283
________
709,977
691,865
2,128,009
S h e e p . . . ------1 ,014 ’,928
1,467’,392
____
Horses
m ulesIIII
22,600
" ------ --and —
j
-----16,619
4,851
Gross earnings.............._ $2,846:095 $3,732,791 $4,108,295
3,301,472
Dross expenses________ 2,220,190
3,078,302
-Nov. 30
1917-18.
1,993,366
3,429,533
3,385,696
22,212
812,116
885,970
1,891,565
20,139
$3,710,180
2,911,345
_ N e t earnings..............
Dividends (8% p. a .)__
$625,906
599,704
$654,489
599,704
$806,823
599,704
$798,835
599.704
Balance, surplus.........
$26,202
$54,785
$207,119
$199,131
BALANCE SHEET DECEMBER 31.
1921.
1920.
. ,
1921.
1920.
Assets—
$
_S
Liabilities—
$
S
Real estate & plant 10,104,734 10,02'l,345 Capital stock____ 7,496,300 7,496,30
700,000
700,00
Accounts recelv’le.
88,118
108,578 Bonded debt____
Deprec’n
reserve..
1,435,371
1,195,37
Inventories..........
148,062
223,464
11,556
25,72
Investments____
561,152
422,829 Accounts payable7,163
7,16
Deferred charges..
5L548
19,001 Contingent res’ve.
110,491
151,65
Cash.....................
58,556
15,426 Reserve lor taxes.
Surplus................ 1,251,289 1,234,43
T °t a l............... 11,012,169 10,810.643
—V. 112, p. 2532.
Total...............11.012,169 10.810.643
GENERAL INVESTMENT NEWS.
RAILROADS, IN CLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last week’s
“ Chronicle” either under “ Editorial Comment” or “ Current
Events and Discussions.”
Strike Matters.— See “ Current Events” In this Issue and the daily newsPaEamidian Railroads Cut Wages of Shopmen.— Semi-monthly wages of
37,000 shopmen cut about $200,000 Aug. 15, in spite o f threats to strike.
“ Post” Aug. 5, p. 1.
Average Street Car Fare 7.37 Cents.— American Electric Railway Associa
tion reports average for 275 cities in United States, 140 cities charging 10
cents, 28 five cents, while remainder charge various amounts from 5 to 9
cents, transfer extra.
Cars Loaded.— Loading o f revenue freight totaled 851,351 cars during
week ended Aug 5, compared with 859,733 cars during preceding week, or a
reduction o f 8,382 cars. This was an Increase o f 65,173 cars over the cor
responding week last year, but a decrease o f 84,379 cars under the same
week in 1920.
Principal changes compared with the week ending July 29 were: Coal,
79,246 cars, increase 2,872 (a decrease, however, of 66,849 cars compared
with the same week last year, and a decrease of 119,483 compared with the
corresponding week two years ago); ore, 66,218 cars, increase 2,071; mer
chandise and miscellaneous freight (including manufactured products),
556,528 cars, decrease 9,101; grain and grain products, 58.512 cars, decrease
658; live stock, 26,507 cars, decrease 597; coke, 8,442 cars, decresae 670;
forest products, 55,898 cars, decrease 2,299.
Idle Cars.— On July 31 there were 174,927 serviceable freight cars, a de
crease o f 28,395 cars since July 23Idle coal cars (compared with week ended July 23) totaled 131,267 cars,
decrease 10,163; box cars, 21,367 cars, decrease 13,778; coke cars, 3,933
cars, increase 323; stock cars, 7,402, decrease 1,814.
Matters Covered in “ Chronicle” Aug. 12.— (a) Railroad gross and net
earnings for month o f June, p. 696-699. (b) Developments in railway shop
men’s strike, p. 718. (c) President Harding’s telegrams to Messrs. Cuyler
and Jewell calling for submission o f seniority dispute to U S Railroad
Labor Board, p. 719 (d) Resolution o f U. S. Railroad Labor Board,
inviting carriers and strikers to hearing on seniority issue, p. 719. (e) Rail
way executives to reply Aug. 12 to President Harding’s proposal for refer
ence of seniority issue to U. S. Railroad Labor Board, p. 720.
(f) Secretary o f Commerce Hoover’s statement regarding reports of
ressure on bankers in railroad strike conference, p. 720. (g) Robert S.
inkerd, Assistant to Chairman o f Association of Railway Executives,
explains seniority rights of railroad workers, p. 720. (h) Pension privileges
not involved in seniority issue— the Pennsylvania case, p. 721. (i) Associ
ation of Railway Executives’ reply to charges o f bad equipment, p. 721
(j) National Industrial Traffic League endorses action of Association of
Railway Executives in strike situation, p. 721.
(k) Atlantic Coast Line RR. on conditions existing on its lines, p. 721.
(1) Death o f Glenn E Plumb, p. 721. (m) American Petroleum Institute
urges substitution of “ petroleum and its products” for "fuel oil” in I.-S.
C. C. priority orders, p. 722. (n) S. M . Felton says labor leaders in shop
men’s strike reserve right to strike in future— seniority issue, p. 722. (o)
Gompers proposes inquiry into reports o f railroad wrecks, p 722. (p)
Analysis of Federal control of railroads, p. 723. (q) Bill for Federal incor
poration o f National Railway Service Corporation, p. 723.
g
B rooklyn Rapid Transit Co.— Respite on New Cars.—
The Transit Commission has suspended its order requiring the company
to improve the service on its lines by the addition of 100 trains daily
This
order was to have become effective Aug. 15, but because of the coal shortage
the Commission was of the opinion that it would not bo wise for the com
pany to operate more cars at the present time. The order is suspended
until Sept. 18 unless the Commission at an earlier date finds the situation
improved. Then two weeks’ notice will be given to the company.— V.
115, p. 542, 435.
B uffalo R och ester & P ittsburgh R y.— Bonds Called —
.C erta in 4M % Equip. Trust bonds, series F, due April 1 1927, aggregating
$137,000, have been called for payment Oct. 1 at par and int. at the
Guaranty Trust Co., trustee, 140 Broadway, N. Y . City.— V. 115, p. 72.
C entral R R . Co. o f New Jersey.— Denies Charges.—
The dismissal o f the petition o f Isaac T. and Mary T W Starr in the
Lehigh & Wilkes-Barre coal case was asked Aug. 11 by the company in
filing an answer in the U S. District Court at Phila. to the Starr allegations
that the stock o f the coal company had been sold to the Reynolds syndicate
at a price less than that bid by another company. The railroad denied in
its answer that it had refused to give prospective bidders information or
that Robert W. De Forest had refused Duncan Holmes copies of the report
or other information.— V. 115, p. 644. 182.
C hicago A urora & Elgin R R .— Int. & Sink. Fund.—
The interest due April 15 1922 on the Aurora Elgin & Chicago Ry.
(V. 115, p. 307) 1st 5s of 1941 has been deposited with the Continental
& Commercial Trust & Savings Bank, Chicago, trustee. There has also
been deposited $50,000 for tho sinking fund with the trustee, which has
been Instructed to call for offers o f bonds to be retired. These arrange
ments were effected by the Chicago Aurora & Elgin R R ., which has been
in possession o f the property since July 1 1922, and announces its intention
to meet all future interest payments promptly.— V. 114, p. 2716.
C hicago Elevated R ys.— New Wage Contract.—
Officials and employees have signed a 22-months’ contract governing
wages. Until M ay 31 1923 the agreement is cancellable on 30-days’ notice
by either signatory and unless made void before that time ruas until M ay 31
1924. It provides for a horizontal reduction of 10c. an hour in wagos
and does not alter working conditions.
The company intends to apply to the Illinois Commerce Commission for
permission to reduce fares in proportion to the wage cut of 10c. an hour
accepted by tho trainmen.— V. 115, p. 759, 644.
C hicago & In d ian a Coal R y.— Cincinnati Indianapolis
& Western RR. May Purchase Part of Road.—
See that company below.— V. 115, p. 307.
C hicago N orth Shore & Milwaukee R R.—Equip.
Trusts Offered.— Halsey, Stuart & Co., Inc., and National
City C o., are offering at prices ranging from 95.42 and div.
to 100.47 and div., to yield from 5 % % to 6 % % according
to maturity, $500,000 6 % Equip. Trust Gold Certificates
Series C -l (Philadelphia plan.)
Dated July 1 1922. Payable serially $50,000 July 1 1923 to 1932.
Denom. $1,000, $500 and $100. Divs. payable J. & J. in Chicago or
New York without deduction for normal Federal income taxes not in
excess o f 2% . Penna. 4 mills tax refundable. Red. all or part on 30 days’
notice at 101 and div. for certificates having more than 5 years to run from
date o f redemption and at 100 K and divs. for certificates having 5 years
nr Ipss to run
Northern Trust C o., Chicago, trustee.
6
Issuance.— Authorized by the Illinois Commerce Commission and the
^SecurUt/ — Certificates will represent about 75% o f the cost of new
cars, as follow s, Jncluding t h e i r ^ l e c t r i c a ^
Mer-
New Line to Lake Geneva.—
The company Aug. 12 put into service a line connecting Chicago and
Milwaukee with Lake Geneva by way of Kenosha. Passengers go to
Kenosha over the main line where they take an omnibus to Lake Geneva,
31 miles. There are three busses, making 8 trips each way a day.—
V. 114, p. 1062.
C hicago U nion Station Co.— Guaranty Not Applicable.—
The I.-S. C. Commission has rendered a decision that the provisions of
Section 209 of the Transportation Act providing for the guaranty for the
6 months’ period of 1920 are not applicable to this company on tho ground
that its revenues were covered by those of the tenant lines. The property
was operated during the guaranty period by the Pennsylvania RR. as agent
for the tenant companies.— V. 115, p. 542, 72.
Cin. Indianap. & W estern R R .— Bonds Authorized.—
The I.-S. C. Commission has authorized the company to issue not ex
ceeding $1,000,000 1st Mtge. 5% gold bonds, to be sold at not less than 70
and int., and the proceeds used for corporate purposes. The report of the
commission says in part:
The applicant states that no contracts for the sale or underwriting of the
bonds have been entered into, but it proposes to sell them at the best price
obtainable, not less than 70 and interest. On this basis the applicant would
realize proceeds of approximately $700,000 on which the annual cost to it
would be approximately 7.28%. It is further stated by the applicant that
it is vitally necessary that the bonds be sold in order to provide working
capital and to meet past due and maturing obligations in the amount o f
$1,086,088. Funds necessary for these purposes in excess of the proceeds
from the sale of the bonds will be provided by the applicant from other
sources. Included in the obligations to be liquidated is an amount of
$137,500 which the applicant has contracted to pay as the purchase price for
approximately 25.76 miles of the Chicago & Indiana Coal R R . Our author
ization o f the issue and sale of bonds in this proceeding Is not to be construed
as approval of the acquisition by the applicant of this mileage.— V. 115, p.
70, 307.
D ayton T oledo & C hicago R R .— Would Buy Railroad.—
Business men from practically every city along the route of the road,
running between Dayton and Delphos, have signified their intentions o f
purchasing the road at receiver’s sale in Dayton Aug. 24. A court order
ordered operations of the road suspended July 31, due to continued losses.
It is stated that $300,000 would be necessary to purchase the road.—
V. 115, p. 542.
Eastern M assachusetts Street R y.— Status, &c.—
Haydon, Stone & C o., In their market letter Aug. 11, say in brief:
"T h e recovery of the company has been one of the remarkable features
o f the improvement in public utility earnings. Organized in 1919, to
succeed tho hoplelessly bankrupt Massachusetts Electric Companies and
Bay State Street Railway, the management of the new corporation was
placed in tho hands of fivo public trustees, appointed by the Governor or
Massachusetts, who in the short space of throe years have not only restored
tho credit of the company, but have brought it to a point where dividends
are being paid on two classes of Preferred stock, and a sizable balance Is
beaing earned on the Common stock.
T„
The public trustees are to manage the property for ten years from Jan.
15 1919, and are to have absolute power to fix rates and fares, so m to
produco an income sufficient to pay all expenses, interest, Preferred divi
dends and 6% on the Common stock.
^ , ,
.__ _
The record of earnings since the public trustees took control has oeen
as follows.
6 Months -----Calendar Years------6 Months
June 30 ’22.
1921.
1920.
Drc. 31 19.
Total revenue__________ $5,252,803 $11,318,264 $13,195,275 $7,953,779
Expenses & taxes______ 3,962,690
8,802,953 12,267,665 7.179,861
Gross incom e........... $1,290,113
Interest & rents...............
783,921
Net in c o m e ..............
— V. 115. p. 645.
$506,191
$2,515,411
1,623,021-
$927,610
1,588,145
*773,918
826.467
$892,390 def$660,535 def $52,549
.
Eastern Texas R R .— To Cease Operations.—
The company has been granted authority to discontinue operations and
dismantle its tracks in a decision handed down in tho Federal Court at
Austin, Tex.— V. 113, p. 1772.
F onda Joh n stow n & Gloversville R R .— Bonds Auth —
The 1 -9 . C. Commission has authorized the company to issue not ex
ceeding $550,000 1st Consol Gen. Ref. Mtge. 4 k s ; said bonds to be sold
at not less than 75 and int.; or said bonds or any part thereof, to be p edged
and reoledged, from time to time until otherwise ordered, as collateral
security for any note or notes which may bo issued under paragraph 9 .o f
o f Section 20a o f the Inter-State Commerce Act.
The report o f the Commission says in brief:
The ap dicant represents that the $200,000 bonds o f the company, which
matured on April 1 1921, remain unpaid and are still outstanding. Of the
«T50 000 bonds o f the Cayudutta Electric R R . which mature on Oct. 1
1922! $11,000 have been paid and retired out o f funds received through the
sale o f certain real estate.
c The applicant now proposes to issue and sell or pledge $550,000 of the
refunding bonds above for the purpose of paying and retiring the bonds
which matured Ap il 1 1921. and those which mature Oct. 1 1922, and to
reimburse the applicant’s treasury for expenditures made in retirement o f
the $11,000 of the Cayudutta bonds which have already been retired.
The applicant represents that no negotiations or contracts pertaining to
the sale of the bonds have been had or entered into, and that it will sell the
bonds at the best possible price, but in no event at less than 75 and interest.
In the event that It is impossible for the applicant to disposo of tho bonds at
a favorable figure, it proposes to pledge them as collateral security for any
note or notes which it may issue within the limitations o f paragraph (9) o f
o f Section 20a of tho Inter-State Commerce Act. See v . 115, P- 436
Grand T runk R y.— Resignation— New Officer.—
Major Graham Bell, Deputy Minister of Railways, has been elected a
director and \V. D. Robb has boon appointed ranking V.-Pres. <& G0n*
M gr., succeeding Howard G. Kelley, who has resigned as director ana
President.— V. 115, p. 436.
In terb orou g h R apid T ransit Co.— Deposits Go On^—
Although the timo set for making deposits of Interborough-Manhattan
securities under the plan for a readjustment o f these companies expirea
Aug. 15, deposits are still being accepted by all the comm!itteses. Ap
proximately 90 % of the Interborough-Metropolitan 4 Vi %
Eonds, about 85% of Manhattan stock, 65% of tho Intorborough 5% bonds
and 70% of the Secured Convertible gold notes have been deposited.
__V . 115 , p. 759.
In tern ation al & Great N orthern R y.— Charter Granted.
Amendments to the charter, changing tho name o f the company to
International-Great Northern Rg.. have been approved by Attorney-General
Keeling
Houston, has been elected President of the reorganized
company and R. E. Williams, Houston, has been chosen Sec,— V. 115, p.759.
“ In te rn a tio n a rR y s., B u ffa lo.— Jitneys Allowed.—
Tustice Kruse of Olean Aug. 14 granted an automatic stay in tho case
o f the company against the Jitney Owners’ Association which permits
Utneys to operate in Buffalo until tho case is argued before the Appellate
Division The Appellate Division does not meet until Sept. 29. Justice
Pooley Aug. 7 issued an order directing the removal of the jitneys from the
streets. The lines of the company have been tiod up since July 1 owing
t0 In the opinion Justice Kruse says: “ This stay is not a license for unlawful
litney service, nor does It lessen tho duty of the Mayor to enforce the law.
It merely suspends during the pendency of tho appeal tho specific directions
contained in the mandamus order, leaving tho Mayor unhampered in the
discharge of his official duties, which he has sworn faithfully to discharge.”
— V. 115. P- 759, 183.
Kansas City Mexico & Orient R R .— Increase in Rates.—
The company owns and operates the electric railroad extending through
a succession o f cities and towns along the shore of Lake Michigan from
Evanston 111 to Milwaukee, Wis., including a branch line to Area. 111.
B y lease and trackage agreements the company renders a complete inter
urban service between its centrally located terminal stations in the business
centres o f Chicago and Milwaukee.
Transcontinental and other railroads connecting with this line were
ordered Aug. 14 to increase that road’s proportion of joint freight rates by
amounts ranging from 15 to 30% . The I.-S. O. Commission, which has
inined with State Railroad Commissions in trying to prevent tho company
from suspending service, declared that the increased revenues for tho carrier
were necessary and reasonable.— Y. 115, p. 183, 73.
on tho legality of the issue. This means that no dividend will bo paid at
Kansas City N orthw estern R R .— Plan Electric Cars.—• least
until Dec. 4, when the Circuit Court meets in St. Louis.
It is reported that business men living in towns along this line, which
suspended operations N ov . 1 1919, are considering operating electric cars
over the road.— V . 114, p. 738.
Kansas Oklahom a & G u lf R R .— Extension.—
T lio I -S. C . Commission has authorized the com pany to construct an
extension 614 miles long in Cherokee C ounty, ICan., but has denied permis
sion to retain excess earnings.— V . 114, p. 2013.
Kansas & Oklahom a Southern R y.— Securities Auth.—
T he I.-S . C . Commission has authorized the com pany (1) to issue
S310 000 o f prom issory notes bearing interest at a rate o f not exceeding
7 H % per annum and maturing not later than tw o years after date, the
proceeds to be used for construction, and (2) to pledge $310,000 1st M tge.
bonds as collateral security therefor. The com pany proposes to construct
and operate 10 miles o f railway line extending northwestward from vinita,
Okla.
Lake Erie & W estern R R .— Control by Nickel Plate.—
T he I.-S . C . Commission Aug. 12 approved and authorized the acquisi
tion b y the New Y ork Chicago & St. Louis R R . o f control o f the property
b y means o f an operating contract. R oport o f Commission says in brief:
“ T he Nickel Plate owns and operates a line o f road extending from B uf
falo to Chicago. At b oth termini it interchanges a largo volum e o f through
traffic, m uch o f which m oves over its entire lino. T he W estern owns and
operates 980.54 miles o f main lin etra ck in Illinois, Indiana and Ohio. A
portion o f this mileage, in Indiana, is owned b y the F ort W ayne Cincinnati
& St. Louis R R ., the entire capital stock o f which is owned b y tho Western.
T he principal termini o f the lines o f the Western are Peoria. 111., Indianap
olis, In d ., M ichigan C ity, Ind., and Sandusky, O.; at Peoria traffic m ay be
interchanged with the Burlington, R ock Island, Alton, M inneapolis &
St. Louis, and T oledo Peoria & Western lines. T ho Nickel Plate and the
Western are under com m on control and have certain com m on officers and
directors. The properties d o not parallel or com pete with each other,
and the only points o f physical contact between them are Fostoria, O.,
and F ort W ayne and Argos, Ind.
‘ ‘T he applicants have entered into a contract, subject to our approval,
providing for the control b y the Nickel Plate o f the operation o f the Western
for a period ending Dec. 31 1926, unless sooner term inated b y mutual
agreement. This contract providos that ‘the railroads and properties o f
the parties hereto shall be operated, managed and controlled b y the Nickel
Plato and all receipts, incom e, disbursements, expenses and charges o f
every kind shall, as o f D ec. 31 in each year, bo divided between the parties
hereto on tho same basis as nearly as m ay bo determined as such income
and expenses would have been divided under separate operation and
management o f the properties.’
“ T he contract further recites that ‘ the intention o f this agreement is to
secure the unified control and management b y the N ickel Plate com pany
o f all the lines, property and business now owned or controlled b y both
companies parties hereto.’ ” — V . 115, p. 308.
Lehigh Valley R R .— Offer to Cede Morris Canal &
Banking Co. to State of New Jersey.— The company has sub
mitted its views on how the Morris CansJ should bo disposed
of to the New Jersey State Commission authorized by the
1922 Legislature to negotiate in an endeavor to abandon the
canal. Tho Newark “ News” Aug. 10, states in brief:
The com pany wants to hold on to four parcels o f the canal property valued
b y it at $5,056,200, and estimates that the State's interest in these is worth
$298,112, this being tho amount the State would have to put out at 6 % ,
com pound interest, in order to earn b y 1974 tho valuo o f tho parcels.
T he intent o f tho com pany, under the plan it submits, is to retain theso
four parcels forever, giving the Stato in return the remainder o f the canal
property, valued b y it at $17,672,081. This is made up o f physical valua
tion o f $2,500,000; water rights estimated at a minimum o f $12,500,000. and
stock, bonds and scrip valued at par at $2,672,080 50.
T he com pany intends to retain what is known as the B ig Basin property
in Jersey C ity, valued b y tho com pany at $2,793,275, its assessed valuation;
tho Littlo Basin property, also in Jersey C ity , valued b y the com pany at
$2,208,800; a strip along the east bank o f tho Hackensack River containing
65.1 acres estimated to bo worth $976,500, and the Phillipsburg terminal
said to be worth S75.000.
In consideration o f retaining these four tracts, the com pany offers to sur
render 93 miles o f canal property, all the 9,921 shares o f consolidated
stock owned by the com pany in the M orris Canal & Banking C o ., and 11.3 J J
shares o f preferred stock, $500,000 bonds o f the canal com pany owned by
the com pany, and $42,081 preferred scrip o f the canal com pany owned by
the com pany.
„
,
,
There are 329 shares o f consolidated stock and 351 shares o f preferred
stock in tho M orris Canal & Banking C o. owned b y others than the railroad
com pany.
.
T he properties the com pany would retain, in which it claims the State nas
an interest o f only $298,112, and their estimated worth, are as follows:
B ig Basin_____ _____ _______1___________________________________ S2 -7? ? ‘? I §
Land between basins and Hackensack R iv er__________________
Land at Phillipsburg................ . ............................................................
976,500
75,000
Total.............
$5,056,200
Tho properties tho company would give the State in return, with their
estimated value, aro:
__
Water rights________________________________________________$12,500,000
Other real property______________ ;_________________________
2,500,000
Company shares____________________________________________
2,132,000
Company bonds____________________________________________
500,000
40,081
Company scrip_____________________________________________
ManioattanTRailw ay C o. — Deposits Still Accented —
p Seo Interborough Rapid Transit Co. above.— V. 115, p. 759, 543.
Mexico Tramways Co.— interest,.—
On and after Sept. 1 1922, Coupon No. 19, dated March 1 1916, detached
from tho General Consol. 1st Mtge. 50-Year 5% Gold Bonds, will be paid
at tho Bank o f Montreal, Toronto, Montreal or London, Eng., or at the
agency of tho Bank of Montreal, New York, N. Y ., at the holder’s option.—
V. 114, P- 854.
Midland Valley R R .— Interest on Bonds.—
Tho directors have determined and declared that for tho year ended
June 30 1922 5% has been earned and is payable upon the adjustment mort
gage Series "A v’ bonds, and will bo paid upon presentation o f Coupon No. 6
at Fidelity Trust C o., Philadelphia, on or after Sept. 1. Interest of 5%
will also be paid on the adjustment mortgage. Series “ B ," bonds, upon
presentation o f Coupon N o. 2.— V. 114, p. 2116.
M inneapolis & St. Louis R R .— To Issue Pref. Stock—
Interest Rate to Be Raised on Ref. & Ext. Bonds from, 5 % to 6%,
|TAn increaso in interest rate from 5% to 6% on its Ref. & Ext. Mtge
bonds and authority to create a now issuo o f Pref. stock are asked by the
company of tho I.-S. C. Commission.
iv. The road is planning to modify its existing mortgage o f 1913. through a
supplemental mortgage, and issuo the bonds as occasion requires for addi
tions betterments and equipment payments.
K It is also planned to authorize an issuo o f $2,500,000 7% Cumul. Pref
stock (par $100) in exchange for a like amount of tho 5% Ref. & Ext. Mtge,
bonds. The management is to apply 20% of tho net surplus revenue each
year after interest charges and taxos and depreciation to tho retirement of
the outstanding Preferred shares.
kr Tho application states that of $4,300,000 bonds now in the hands of tho
nubile tho holders of a majority havo offered to exchange them for a like
amount of the proposed Preferred stock. Through this operation there is
to ho nlacod in tho treasury o f tho railroad $2,500,000 5% bonds, which are
then to bo reissued as 6s.— V. 114, p. 2786.
pi M inneapolis St. Paul & Sault Ste Marie R y.— Dividend
fJ u d g e Booth in Fedoral Court at Minneapolis Aug. 15 issued a restrain
ing order directing that tho dividend of 2% on tho Common stock declared
last March cannot bo paid until tho U. S. Circuit Court o f Appeals passes
Judge Booth issued his order following a notice of an appeal by the Con
tinental Insurance Co. and tho Fidelity Fire Insurance Co. from the de
cision that the directors were within their rights in voting the dividend.
— V. 115, p. 759, 74.
Missouri Kansas & Texas R y.— Reorganization.—
Tho plans for the reorganization of the road were presented Aug. 14 to
the I.-S. C. Commission for approval.— V. 115, p. 759, 543.
M onm outh C punty (N. J.) Electric Co.— Sale.—
For the second time since March 1 1922, when the company ceased
business, the tracks, rolling stock, wires, real estate. &c., were sold at
public auction Aug. 8 by order of tho U. S. District Court. At the first
sale, held M ay 31 last, the property brought $33,000, and when it lacked
confirmation, R. L. Marshall, New York, offered S36.000. The court or
dered a resale and Aug. 8 it brought $42,000.
The real estato brought $18,000. The tracks, wires, copper and poles
brought $15,600, the purchasers of the latter being Samuel Altman, Long
Branch, and E. Gelb & Son, Newark.
Gelb & Son paid $4,200 for the tracks between Mecca Inn, Red Bank, and
Long Branch, and $8,500 for the copper and overhead wires, 21 miles of feed
wire and 10 miles of copper wire. Altman paid $2,500 for the Red Bank
loop and $1,400 for the Rumson branch of the road.
The road originally cost about $1,000,000. The stockholders ($325,000
outstanding) will lose all. The holders of the $16,500 receivers’ certificates
will share first in the receipts. There are also $500,000 1st mtge. 4s due
April 1 1951, outstanding. All the municipalities will lose their tax charges,
which will total more than the sale receipts.— V. 115, p. 74.
M onongahela Power & R y.— Stricken from the List.—
The New York Stock Exchange has stricken the common stock from the
list. A substantial controlling interest in the company was recently ac
quired by the West Penn Co. (formerly the West Penn Traction & Water
Power Co.). See V. 114, p. 2116, 271S, 2823; V. 115, p. 436.
New Orleans Rv. & L igh t C o.— Sale.—
G. II. Dahl, of Chase National Bank, New York, was the sole bidder for
the property when it was offered at public sale at New Orleans Aug. 17.
The purchase prico was S14,500,000. M r. Dahl acted in behalf o f the
reorganization committee.
Charles K. Bealmum, New York, bid $620,000 for the $958,000 4 H %
bonds of the company and got them as the sole bidder. See reorganiza
tion plan in V. 114, p. 2823.— V. 115, p. 544, 308.
New Y ork C hicago & St. Louis R R .— Bonds Authorized.
The I.-S. C. Commission has authorized the company to issue $8,663,000
2d & Imp. Mtge. 6% bonds. The bonds included consist of the following:
Series A, dated May 1 1918, $2,044,000; Series B. dated Nov. 1 1921,
$3 027.000; Series B, to be dated Nov. 1 1921, $1,973,000; Series C, to be
dated M ay 1 1922, $1,619,000.
The proceeds of the $2,044,000 of Series A bonds and $3,027,000 of
Series B bonds will be used to pay off and discharge a note for $1,000,000
issued by the company to tho Director-General of Railroads and for reim
bursing tho treasury for expenditures for additions and betterments to road
and equipment andretirement of funded debt, made prior to Sept. 30 1921,
from income or other moneys not procured by the issue of stock, bonds,
notes or other evidences of indebtedness.
_ .
Part of the proceeds of $1,973,000 of Sories B bonds and $1,619,000 of
Series C bonds will be used to reimburse tho treasury for expenditures of
$598,783 for additions and betterment to its property and $269,000 for the
retirement of funded debt made between Oct. 1 1921 and April 30 1922
from income or other moneys in tho treasury. Tho remaining proceeds
are to be similarly used in reimbursement of expenditures made and to be
made from M ay 1 1922 to Jan. 1 1923, consisting of $2,484,354 for additions
and betterments to road and equipment and $240,000 for retirement of
funded debt. The details of tho expenditures aro set forth in the application.
Tho company represents that no contracts, underwritings or other ar
rangements have yet been made for the sale of these bonds. It proposes
to sell them at the best price available, but in no event at less than par.
Operating Contract of Lake Erie & Western RR. Approved.—
See Lake Erie & Western R R . above.— V. 115, p. 308.
Q gdensburg (N. Y .) Street R y.— Receiver.—
J. E. Kelly, Pres, of the St. Lawrence County Savings Bank. Ogdensburg.
N. Y ., has been appointed receiver by Supreme Court Justice J. C. Crapser,
on application of tho trustee for the $150,000 1st mtge. 6s, due 1925.—
Ohio E lectric R ailw ay.— Sale.—
The company, including the holdings in Lima, O.. was sold
at public auction Aug. 15 for $2,000,000 to Thomas Newhail, Phila
delphia, representing the bondholders. The holdings include tho street
car system in Lima, tho power and electric light plants of that city and the
interurban lino operating between Toledo and Lima.—-V. 115, p. 437.
P ennsylvania R R .— To Lease Lines.—
The company has applied to tho I.-S. C . Commission for authority to
lease the railroad and property o f the following roads for 999 years from
Jan. 1 1921: Toledo Columbus & Ohio River R R ., Cleveland Acton &
Cincinnati R y., Cincinnati Lebanon & Northern R y., Pittsburgh Ohio Val
ley & Cincinnati R R ., Englewood Connecting Ry.. South Chicago &
Southern R R ., Wheeling Terminal R y., Ohio Connecting R y., Indianapolis
& Frankfort R R . and Louisville Bridge & Terminal Ry.— V . llo , p. 760, 645.
P hiladelphia R apid T ransit Co.— How Proceeds from
Certificate Sale VJill Be Applied.— The company has issued
the following statement covering the recent sale of §2,150,000
equipment trust (V. 115, p. 760):
J
P.
R. T. Equipment Trust series “ F " was created primarily for the
purpose of providing funds for the purchase of the cars, power equipment
track extensions and other facilities leased to P. R. 1 - by tho United
States Government during the war.
in
Series‘ ‘ F ’’ will cover 500 near side or center exit cars a^d a\,
of the 210 Government cars furnished during the war. All of these 710
cars are now in operation on tho lines of P- R- rf*•
,... ,
,,
The proceeds of tho $2,150,000 Equipment Trust certificates now sold
will bo applied approximately as follows:
, . _
To retire Equipment Trust certificates now outstanding against
the 500 near side or centre exit cars-------------------- -■ Vfnn
*500,000
For the purchase from the United States Government of 100 cars
fac'diUe°tlle total of 210) power equipment, track and other^
Available for “further improve’ments and" additions to p rop erty ... 450,000
Survey o f C om pany’s P osition by President M itten.
In response to a recent inquiry from a prominent Philadelphia stock
brokerage house. Pres. T. E Mitten, inado a comprehensive survey of
R efraction corporation’s situation. The statement says.
.
" P . R. T. is a public utilitv operated under Public Service Commission
Law, which provides in effect a service at cost- plan, under which a fair
return upon the property used and useful is provided, with extra allowance
for efficiency.
__ , ,
,
.
“ P. R. T ., to insure continued payment of its 6% dividend requires
not only the au th orityof the P .S . Commission to meet the distribution,
but must also continue by economic accomplishment, to produce the
requisite net income, as any further increaso in fare would be followed
y-pOcreased p atr^ m a^
Commission in valuation pro
ceedings. has’s h ^ p r e s e n tlr e p r o d u c tio n cost far m excess of the amount
reciuk’ed to^justify a continuation of the present dividend
or M o W t e 0" ? 6it°T So’S o ? » i hove a l S j S a t th» loS
S™
10% or
b „ ?ald tS them only atterC%divldeih3s are
earned mmn
t? . t stock
in
R. T. employees_are
operating
upon T
P> r
10 nnn
000 P
P. Remployees are co
co-operating
for efficiency in operation which evidences the fact that the interest
of tho public would\iot be best served by such a valuation as would inter
o p " ’1™1 continued dividends.
.
t0 of far0, meet the present
i • K. I . gross revenues, with existing raw w
’ , f „ maAp the
revenue requirements, and, under the statement heretofore maae tno
amount collected must, under tho law and tho facts, bei continuea in
order to provido for operating expenses, reserve f£rhod° P ^ 'ta>°^dedsfon
and a fair return on the used and useful property, lh e valuation decision
will, it is believed, fully recognize these facts, and be such as to justify
P. R. T. acceptance, otherwise final determination can be reached only
after appeal and judgment o f the courts. Meantime, the present fare
is, under the law. assured o f continuance.
"Replying more specifically to your inquiry as to the continuation
o f the present fare, ft must be understood that the present 7-cent cash,
4 tickets for 25 cents fare, is 25% lower than the l0-cash-3 tickets for
25 cent fare now in force at Pittsburgh, where property values have already
been determined by the Commission.— V. 115, p. 760, 437.
P ittsbu rgh R ailw ays.— Reorganization Postponed.—
The Pennsylvania P. S. Commission has extended the
@FedFRASER